Distressed airlines seek mobility for vaxxed By Lorenz S. Marasigan @lorenzmarasigan
L
OCAL carriers have urged the government to ease mobility for vaccinated Filipinos to spur travel demand and help airlines recoup their losses due to the pandemic. In a joint statement sent to the media by Philippine Airlines (PAL), aviation players PAL, Cebu Pacific, and AirAsia said they have met with Department of Health (DOH) Adviser Edsel Salvana with Presidential Adviser for Entrepreneurship Joey Concepcion to air their concerns about the industry. Collectively, they are asking for “increased mobility among the vaccinated within the transport sector.” Among these rules that they hope
can be done away with are the multiple requirements for traveling, especially for domestic destinations, and expensive testing as most destinations require an RT-PCR test and the long quarantines for arriving passengers from international flights. PAL said in the statement that vaccinated international travelers are discouraged from traveling due to the “burdensome” requirements of local and national governments. “Travelers consider requirements such as testing and the quarantine periods very burdensome, forcing them to put off their travel plans,” the Tan-led carrier said. The airline also proposed a new protocol to reduce risk and cost to passengers of international flights. Under PAL’s proposal, passengers
will be tested 72 hours before departure and will undergo quarantine upon arrival and take an RT-PCR test on the third day. If the result is negative, they can go out of the quarantine facility on the 5th day and continue home quarantine. Based on the data presented, testing before departure helps reduce positivity rate and risk. The proposal would also enable passengers to save as much as P25,000 aside from enjoying a more comfortable quarantine in the comfort of their own home.
Cebu Pacific
CEBU Pacific VP Alex Reyes added that the Inter-Agency Task Force for the Management of Emerging Infectious Diseases has to release specific guidelines for fully vaccinated Fili-
pinos to travel locally. This, he said, will jumpstart tourism and economic activities in various destinations. “They only must present a vaccination card or DICT vaccination certificate as sole requirement” said Reyes, adding local government units may require RT-PCR test for unvaccinated travelers. For his part, AirAsia CEO Ricky Isla proposed the use of antigen testing if testing will still be required as it is more convenient and cheaper. Salvana said he supports the reopening of businesses, but insisted that it be done safely. “I understand the plight of the airline industry. I promise to put all of their concerns and proposals on the table in our next meeting,” he was quoted as saying in the same statement.
BIZ GROUPS DISMAYED BY WB’S REPORT FIASCO
w
n
Monday, September 20, 2021 Vol. 16 No. 341
P25.00 nationwide | 2 sections 18 pages |
AS INFLATION BITES, OIL, POWER FIRMS EYE WAYS TO EASE PUBLIC WOES
By Lenie Lectura @llectura
A
THE Manila Bay skyline, as seen from the Cultural Center of the Philippines Complex at the weekend, seems to portend bleak days ahead for the country struggling to outrace Covid’s Delta variant while helping the economy recover. At right is the Bangko Sentral ng Pilipinas (BSP) Complex. BERNARD TESTA
T
By Tyrone Jasper C. Piad @Tyronepiad
HE “data irregularities” due to potential manipulation in the World Bank’s (WB) Doing Business report have tainted the credibility of the primary reference for global rankings in terms of ease of setting up businesses, a private sector leader said.
George T. Barcelon, Philippine Exporters Confederation I nc . ( Ph i le x p or t) c h a i r m a n , noted that the WB’s decision to discontinue the Doing Business research was due to “undue influence” during the publishing of some of the reports. “This has cast doubt on the credibility of its report,” Barcelon told
the BusinessMirror. The international financial institution, in a recent statement, revealed there were “data irregularities” in the Doing Business 2018 and 2020 reports that raised ethical issues, referring to the conduct of some officials while doing the research. Continued on A2
PESO EXCHANGE RATES n US 49.8520
FTER inflation spiked to 4.9 percent last month, stakeholders in the energy sector are reassessing how they could keep up in this challenging time when consumers are very cautious in their spending. Inflation affects the overall buying power of the consumer. In its view, Pilipinas Shell Petroleum Corp., the country’s second largest oil firm with a market share of 15.5 percent at end-June this year, said the disposable income of the consumer has not changed. As such, in a basket of goods with increasing prices, customers will prioritize expenses according to their needs, especially during pandemic.
“Shell, for its part, recognizes all those factors. Hence, we make sure that the overall products and services offered are of great value to our customers,” the company replied via e-mail when sought for comment. Among these include “exciting promotions to fully stretch the wallets of our customers; on-demand deliveries; and expansion of our products in convenience retail, Shell Select, vehicle servicing and other services to cover for the majority of our customers needs via our mobility stations.” Shell assured the public that its fuel products bring extra kilometers for its customers. “We further assure that our customers get the right quantity of fuel every time they load up,” a Shell official said. See “Inflation,” A2
‘Phuket Sandbox’ model for PHL tourism? By Ma. Stella F. Arnaldo
@akosistellaBM Special to the BusinessMirror
D
IFFERENT government travel requirements across the globe continue to be an obstacle to the recovery of international tourism amid the Covid-19 pandemic. James Kaplan, CEO of Destination Capital said, “Inconsistent government policy and regulations around the world is causing this sort of paralysis of travel…. And unfortunately, each government
has sort of taken the high ground that, you know, their way is the best way.” He added, “What we’re hoping for 2022 is for governments to finally recognize that keeping people in jail, isn’t the way to grow an economy. We’re hopeful that in the middle of 2022, different governments will look at things like the ‘Phuket Sandbox’ and see it worked, and there is a way to move forward. It’s a model that people [in the Philippines] are looking at. I think it’s a good model and that it can expand elsewhere.”
Under the Phuket Sandbox model, vaccinated tourists may enter the island (or Koh Samui or Krabi) quarantine-free, but they have to stay there for 14 days before entering mainland Thailand and its other destinations. Speaking from Phuket, Bill Barnett, Managing Director of C9 Hotelworks said about 50 percent of the recent arrivals in Phuket are via international carriers. Since the Phuket experiment started in July, “for the first 60 days, we’ve seen about 26,000 travelers and about US$ 50 million in revenue
directly generated from that.” Prior to the pandemic, Phuket received about 175,000 travelers a week.
Not just about tourism
MORE importantly, he underscored, the experiment is not just about tourism. “We’ve seen business people coming back in the country. The same people transacting and flying in and having business meetings, our partners flying in from Bangkok as well. You’re seeing families get back together. Continued on A4
n JAPAN 0.4544 n UK 68.7758 n HK 6.4051 n CHINA 7.7220 n SINGAPORE 37.0785 n AUSTRALIA 36.3620 n EU 58.6808 n SAUDI ARABIA 13.2956
Source: BSP (September 17, 2021)
News
BusinessMirror
A2 Monday, September 20, 2021
www.businessmirror.com.ph
DOLE keeping jurisdiction over ecozone labor disputes P
Duterte to pitch vaccine access in UNGA address
T
By Samuel P. Medenilla
the groups that DOLE will remain the lead agency in handling laborrelated cases in economic zones even under the proposed Aippo. “We maintain our jurisdiction over labor disputes in Peza considering jurisdiction is conferred by law. Under the LC [Labor Code] it’s DOLE who has jurisdiction over labor disputes,” Bello told Business-
Mirror in a SMS. “Whatever alliance that will be formed, DOLE will still have jurisdiction over labor cases,” he added. At the weekend, labor coalition Nagkaisa expressed alarm over the Aippo being proposed by PNP and the Philippine Economic Zone Authority (Peza) as a threat to trade union rights. “It will also lead to massive profiling of EPZ workers. In short, the MOA will institute a totalitarian regime ruled by the PNP,” Joshua Mata, secretary general of Sentro ng mga Nagkakaisa at Progresibong Manggagawa said in a statement. Nagkaisa chair and Federation of Free Workers (FFW) president Sonny Matula said the implementation of the Aippo will only worsen the working conditions of workers in EPZs.
“The real ‘industrial crimes’ which the Aippo purportedly wants to prevent are those perpetrated by Ecozone locators who violate workers’ rights to unionize, give low wages, provide slave-like conditions, disregard occupational safety and health and do not pay the right taxes,” Matula said. Partido Manggagawa (PM) chairman and Nagkaisa spokesperson Renato Magtubo said they are now demanding that government discard the proposed Aippo and respect existing laws, which respect labor rights. “DOLE, Peza and labor and employers groups should endeavor to realize and implement Peza laws pertaining to the formation of mechanisms aimed at attaining industrial peace and harmony in the ecozones,” Magtubo said.
all vaccinated customers at select stations nationwide. Customers can also avail themselves of free antibacterial treatment for their vehicle for a minimum fuel purchase. “We want to offer more value for their hard-earned money,” commented Petron president Ramon Ang. Apart from offering discounts, Phoenix Petroleum wants to make sure that customers feel safe when they gas up in all of its 680 stations. Already 97 percent of its entire workforce will get vaccinated this
month, with 60 percent being fully vaccinated. The third largest oil company in the country also said that there are 15 service stations served by fully vaccinated staff. “As employers of a nationwide workforce of 5,000, we have the responsibility to educate and share accurate and understandable information on the proven facts and benefits of vaccines,” said Phoenix’s Corporate Health, Safety and Environment head Ronaldo Ulep. Phoenix recognized that sus-
tained increases in prices might dampen consumer sentiment and eventually demand, especially if mobility continues to be restricted by the rising Covid cases and delays in vaccinating the population. “That’s why, apart from all promotional discounts, we want to convey a message that we support the government and the nationwide Covid-19 response in any way we can,” he added. Eastern Petroleum Corp. noted that with intense competition, oil companies also offer added services like putting up retail outlets to add to their bottom line. “Cost cutting was similarly resorted to just like other retail businesses. Fair and competitive pricing will always be the mantra of the industry, otherwise motorist will always have other options,” said company chairman Fer Martinez in a text message. Hopefully, Martinez said, the lifting of the quarantine and implementation of “granular lockdowns” would help improve mobility and business activity, and in turn, fuel demand.
@sam_medenilla
HE removal of the jurisdiction of the Department of Labor and Employment (DOLE) in handling labor-related cases in economic zones is considered illegal. The Department of Labor and Employment made the clarification amid concerns of labor groups that the proposed Alliance for Industrial Peace and Program Office (Aippo) will transfer the jurisdiction to the Philippine National Police (PNP). Labor and Employment Secretary Silvestre H. Bello III assured
Inflation... Continued from A1
Demand for petroleum products
plunges whenever strict community quarantine is imposed, thus fuel sales are affected. And when sales plunge, oil firms have to think out of the box to cope up during difficult times. For instance, Petron Corporation offers discounts of P3 per liter for gas and P2 per liter for diesel to
Power sector
POWER firms, meanwhile, had to cut on expenses as well while continuing to invest in the health of its workforce. “Costs, in general, trend in line with inflation, and the pandemic is no exception. Protocols that we have put in place like regular testing, facility quarantines and vaccination programs, make it even more challenging. We’re navigating this difficult situation by ensuring that our expenditures are focused on what really matters,” said Aboitiz Power Corp. president Emmanuel Rubio in a text message. Rubio noted the attention given to the safety of its team members, for instance. “We make sure that we manage issues associated with working from home, and also provide all the necessary support for our field and on-site teams. We also have various efficiency improvement mechanisms in place, which allow us to optimize our limited resources, streamline our processes, and as a result, deliver more with less.” The Manila Electric Company (Meralco) is also affected but rates, it pointed out, are mitigated by the supply deals that underwent competitive biddings. “With Meralco’s 2019 CSPs (Competitive Selection Process), however, the fuel price and FOREX (foreign exchange) risk were transferred to the suppliers, aside from the outage risk. Hence, 1,700 megawatts of capacity contracted by Meralco are no longer affected by fuel and FOREX movements, protecting Meralco consumers. “As a result, even with the recent fuel price increases and FOREX depreciation, Meralco rates today are lower than in 2019 or even in 2018,” said Meralco spokesman Joe Zaldarriaga. Early predictions for the next monthly inflation rate point to more than 5 percent. Industry stakeholders said the direction is to continue doing what they do best—to meet customer needs while staying afloat until the crisis passes.
RESIDENT Duterte is set to join in the High-Level General Debate of the 76th Session of the United Nations General Assembly (UNGA) this week to push for universal access to Covid-19 vaccines and other international policies. In a statement on Sunday, Malacañang confirmed Duterte's participation—virtually—in the event to be held from September 21 to 27, 2021. Duterte will speak before 193 representatives of UN member states at 4 a.m. to 6 a.m. on September 22, 2021. Aside from the issue of vaccines, he is also expected to talk about climate change, human rights, including the situation of
migrant workers and refugees, and international and regional security developments. The President had raised the same issues during his first ever appearance at the 75th virtual UNGA last year. This year, the event will be held in hybrid format of in-person and virtual attendance of delegates. It will be presided over by the incoming president of the 76th UNGA, H.E. Abdulla Shahid of Maldives. The theme for this year's UNGA is "Building resilience through hope —to recover from Covid-19, rebuild sustainably, respond to the needs of the planet, respect the rights of people, and revitalize the United Nations." Samuel P. Medenilla
BIZ GROUPS DISMAYED BY WB’S REPORT FIASCO Continued from A1
An external investigation concluded that former World Bank chief executive Kristalina Georgieva and former World Bank president Jim Yong Kim applied “undue pressure” to boost the data points of China. “After reviewing all the information available to date on Doing Business, including the findings of past reviews, audits, and the report the Bank released today on behalf of the Board of Executive Directors, World Bank Group management has taken the decision to discontinue the Doing Business report,” WB said. “The World Bank Group rem a i ns f i r m ly com m itted to advancing the role of the private sector in development and providing support to governments to design the regulatory environment that supports this. Going forward, we will be working on a new approach to assessing the business and investment climate,” it added. The institution stressed that “trust” in the Doing Business research is crucial as many stakeholders—including the private sector, academe and journalists—use it as a reference. As such, Barcelon said the WB should do a thorough review or even overhaul of the current methodologies. The new procedure should then be approved by all the member countries, he added. Rizalina Mantaring, Management Association of the Philippines (MAP) national issues committee chairperson, said the findings of the investigation are “disturbing and a disappointment to countries like us which rely on the World Bank for guidance.” “The World Bank acted correctly to discontinue the report until it can review its processes and institute appropriate safeguards or come up with a credible alternative, as its validity will now be questioned,” Mantaring told the BusinessMirror. Makati Business Club Executive Director Francisco Alcuaz Jr., in an interview with the BusinessMirror, also pitched the inclusion of the impact of cutting red tape on sustainability and inclusivity in the new assessment metrics. He said that the WB report might have been “too focused on EODB [ease of doing busi-
ness] at the expense of sustainability and inclusivity.” In the current methodology, the international financial institution considers the following indicators: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
New, improved version
“WE would welcome a new, improved version,” Alcuaz added. The Anti-Red Tape Authority (Arta), for its part, said that it will continue its streamlining and automation efforts to improve the EODB in the country even without the rankings. “The work for government efficiency and the battle against bureaucratic red tape is much greater than what any survey or competition could ever quantify. Rather, Arta gives more premium on improving the customer experience of our stakeholders for every government process,” Arta Director General Jeremiah Belgica said in a statement over the weekend. The Ease of Doing Business and Anti-Red Tape Advisory Council, along with private sector representatives, is set to meet today (September 20) to discuss further steps after the development. Belgica said they are considering the possibility of producing a localized Doing Business ranking in the country “to nurture healthy competition and recognized good initiatives of local government units.” The anti-red tape agency is also eyeing to launch a Report Card Survey, which seeks to measures the EODB compliance of government agencies, this year. The Philippines scored 62.8 in the last year’s Doing Business survey, which put the country at the 95th spot. This is an improvement from when the country ranked in 57.68 in 2019 and sat at 124th rank out of 190 countries. EODB is among the factors an investor looks at when deciding on a venture in a specific country. Ranking highly in the sur vey signals that the country’s regulatory environment is business-friendly.
The Nation BusinessMirror
www.businessmirror.com.ph
Editor: Vittorio V. Vitug • Monday, September 20, 2021 A3
Pimentel advises Duterte vs shutting door on ICC
T
By Butch Fernandez
@butchfBM
HE chairman of the Senate Foreign Relations Committee has urged the Duterte government not to shut the door on investigators from the International Criminal Court (ICC), saying such would irreparably ruin the image the Philippines projects as a “responsible” member of the international community.
At the same time, Sen. Aquilino “Koko” Pimentel III suggested several avenues “of defense are available” to the Philippine government—and the individuals named in the report of a special prosecutor, for which an ICC pre-trial unit gave clearance to proceed last week. “As a responsible member of the international community, let’s cooperate and not say outright we will not allow them in,” Pimentel said in a radio interview last Sunday. “That’s the image we want to cultivate, right? That we are a responsible and cooperative member: we are not a rogue state; we honor international treaties. So, let us cooperate, especially if we have nothing to hide,” Pimentel said in a mix of English and Filipino. At the same time, Pimentel, a bar
topnotcher, suggested that there are defenses available to those named in the ICC prosecutor’s report that named, besides Duterte, several other individuals for their respective roles in his administration’s war on drugs. Among them is Pimentel’s peer, Sen. Ronald “Bato” dela Rosa, who was the president’s first National Police chief, tasked with presiding over the anti-drugs campaign, before he was elected to the Senate in 2019. Invoking these lines of defense, added Pimentel, is better than rejecting entry to international probers outright, thus damaging the country’s image in the global community. The first line of defense that they may raise is that, being a penal statute, the Rome Statute should have
been published as required by the Philippine Constitution. It was not, Presidential Legal Counsel Salvador S.B. Panelo had pointed out last week. The second line of defense deals with the substance of the treaty. It lists “piracy, crimes against humanity, genocide,” Pimentel said, noting that the accused can state that the acts cited in prosecutor’s complaint don’t fall under these. The solon added “the third line of defense that may be invoked is that the treaty only comes into play if courts no longer function in a country.” Pimentel suggests “they can invoke that the judicial system is still functioning in the country.” Asked for a reaction on Presidential Spokesman Harry Roque’s remark
that Duterte would rather die than face international judges, Pimentel does not see it likely so soon. “Malayo pa ’yun, kasi nga imbestigasyon pa lang [That’s still remote because this is just the investigation stage].” He added that “even if we are no longer ICC member, we should still cooperate. The persons named there should still be available.” In seeking clearance to proceed with an investigation, ICC prosecutor Fatou Bensouda has said she found probable evidence that “crimes against humanity” were committed by state actors in the deaths of thousands in Duterte’s war on drugs, for which the government lists a total of some 6,000 deaths—a number that other quarters insist could reach up to 20,000.
Colleagues mourn Soliman’s passing, extol Dinky’s lifelong work with poor
F
ORMER colleagues in the Aquino presidency on Sunday paid tribute to former Social Welfare and Development Secretary Corazon “Dinky” Juliano-Soliman, who died of reported renal complications weeks after recovering from Covid-19. Abigail dela Fuente Valte, former deputy spokesperson of then-President Benigno “Noynoy” Aquino, described her as one of the public servants looked up to by the youth. Her dedication and selflessness will always be remembered by those who worked with her in and out of government, Valte said.
For his part, Liberal Party President Sen. Francis “Kiko” N. Pangilinan described Soliman, a lifelong social worker, as someone who never rested from her work in helping others. Soliman’s death was announced by Vice President Maria Leonor “Leni” G. Robredo in her Sunday morning radio show. Both Robredo and Soliman were staunch supporters of the late-President Aquino, whose Liberal Party fielded Robredo for vice president in 2016. Robredo was seen in public in June when she condoled with the
Aquino family after the former president succumbed to renal failure at the age of 61. In August, Soliman got infected with Covid and recovered, but was said to have struggled with complications from her comorbidities. “Rest in peace, my dear classmate. Hanggang sa huli, wala kang kapaguran sa mga laban para sa kapwa. Pahinga ka na sa gitna ng malawak at magandang bukid ng sunflowers sa langit. [Until the end you never tired in the fight for others. Rest now in the wide and beautiful field of sunflowers in heaven],” Pangilinan said in a statement, referring to Soli-
man’s known love for the vibrantly yellow huge flowers. The senator said he and wife Sharon Cuneta deeply mourned her passing. “You lived and loved with all of your heart, devoting all of your time, effort and strength in helping uplift millions from poverty. You gave your all without measure,” he added. Sen. Ana Theresia Navarro “Risa” Hontiveros, for her part, issued this statement: “Dinky led a life full of love, sacrifice, courage, and of course, commitment to service. She is a remarkable hero and a comrade
to me. I am truly sorry to hear about her passing.” Soliman, according to Hontiveros, had devoted “so much time to public service, because she appreciated the distinct capacity of our countrymen to surmount poverty, if they are given the tools and the opportunities to do so.” The Pantawid Pamilyang Pilipino Program, “which paved the way for more opportunities for the poor and powerless, is her greatest gift to this nation,” the solon added. Soliman served first in the Gloria Macapagal Arroyo administration, but resigned in 2005 along
with the so-called “Hyatt Ten,” in protest over alleged fraud in the 2004 polls. She rejoined the Cabinet in Aquino’s presidency, where she pushed the same advocacy she had begun—the so-called “4Ps” that embodied conditional cash transfers to millions of poor families as long as they ensure their children’s regular health examinations and schooling. Pangilinan extended condolences to Soliman’s husband Hector and children Sandino and Marikit, as well as the Soliman and Juliano families. Butch Fernandez
Economy BusinessMirror
A4 Monday, September 20, 2021 • Editor: Vittorio V. Vitug
Adviser seeks higher indoor capacity for establishments By Tyrone Jasper C. Piad @TyronePiad
P
R E S I DE N T I A L A d v i s e r for Entrepreneurship Jose Maria A. Concepcion III is hoping to eventually increase the current 10-percent indoor capacity for commercial establishments to 30 percent, allowing further mobility under the Alert Level System (ALS). Conce pc ion s a id du r i ng a briefing over the weekend he believes the pilot testing of the ALS in the National Capital Region (NCR) will provide insights as to how much operational capacity can be allowed in the future given the current Covid-19 situation. Based on latest guidelines, restaurants and personal-care services are allowed 10-percent indoor capacity for the vaccinated population. Outdoor capacit y, meanwhile, is capped at 30 percent regardless of the
vaccination status. “Baby steps lang ang kailangang gawin dito so hopefully tataas ‘yan if everything goes smoothly; tataas ‘yan to 20 percent and eventually 30 percent,” [Baby steps are needed here so we can hopefully increase the indoor capacity if everything goes smoothly; it will increase to 20 percent and eventually 30 percent,” he explained. In addition, Concepcion also proposed the opening of gyms even at 10-percent capacity. Under Alert 4 in NCR, indoor sports, courts or venues, fitness studies, gyms, swimming pools and other indoor leisure centers or facilities are not allowed. However, those conducting a bubbletype setup as provided by relevant guidelines are permitted. The RFM Corp. CEO explained that increasing the indoor capacity will help the revenue flow of the commercial establishments, noting that maintaining 10-percent indoor dine-in capacity for restau-
rants will likely result in losses in the long run. Meanwhile, Concepcion shared that the vaccination by the private sector is still ongoing, adding that about 1.2 million Covid-19 doses are arriving monthly. Majority of 80 percent of the shipments are allocated to the local government units while the remaining is for the private sector, he explained.
Discrimination
IN a recent statement, business leaders opposed the policy seen to discriminate against the unvaccinated population, even noting its impact on the reopening of the economy. “The policy of discrimination is a half measure that could complicate the early opening of the entire economy, since the elusive herd immunity according to medical experts is impossible to achieve even if the entire population is fully vaccinated,” Philip-
Phuket Sandbox’ model for PHL tourism? continued from a1 You’re seeing people who actually want to invest in the country as well.” He added, the Phuket Sandbox can be replicated in Cebu, “because you need direct airlift to be able to fly in otherwise, it’s extremely complicated.” The Department of Tourism (DOT) is considering adopting the Phuket Sandbox template for Bohol’s Panglao Island or Boracay Island, which is why it’s rushing on getting many tourism workers in both destinations to get vaccinated. In Phuket, about 75 percent of the island’s population have been vaccinated, or at least received their first vaccine dose. Kaplan and Barnett spoke at a recent tourism webinar hosted by real
estate agency Santos Knight Frank and the British Chamber of Commerce.
Price-led recovery
BARNETT also said competitive pricing will be the mark of the tourism recovery in Southeast Asia: “We’re at the beginning of a new cycle, a new trajectory of recovery. It’s obviously going to take three or four years for broad tourism to come back in these markets. We talked to hotels across the region, they’re expecting that rates are going to be floating, trying to get business. There’s a lot of competition out there as well. So it’s going to be a price-led recovery and that can take longer than we thought it [would]. Some markets will perform
Bongbong backs SRA for nonmedical frontliners continued from a10
“Do our frontliners need to make a ruckus just to be noticed by the government? It shouldn’t be like this. Agencies such as DOH should ensure that their welfare is being looked after,” Marcos said. “The government should prioritize the bills that will expand the coverage of SRAs, hazard pay, and other benefits for healthcare workers. They are deemed heroes, that’s why we should show our appreciation for their sacrifices by giving them the benefits they rightfully deserve,” Marcos said. Two separate bills from the Senate and the House of Representatives seeking to give SRA to all public and private health workers during the pandemic were filed last week. Marcos also noted the growing number of hospitals experiencing staffing problems as more health workers either get sick with Covid-19 or resign due to the tremendous workload. Dr. Jonas Del Rosario from the UP-PGH reported last week that 11 volunteer doctors decided not to renew their contracts with the institution. He added that their manpower is overstretched and that they now resort to “task sharing” among departments to sustain the operation of their Covid-19 wards. Health workers groups have mounted protests and walkouts in private and government-run institutions to denounce the unreleased benefits. Pressed by the congressional inquiries, DOH said last week that up to 100,000 healthcare workers will now be able to receive their delayed SRAs and other benefits after the DBM issued two allotment orders to cover its release.
better than others but airlift, will determine everything. You can’t stay there if you can’t get there.” He added that resorts will likely lead the industry’s recovery. “Urban hotels will be harder to sell right now. For a business traveler, you’ll combine business trips with resort trips. I think resort destinations will come back quicker.” Prior to the pandemic, the Philippines received some 8.26 million international travelers who generated revenue of $9.1 billion (P455 billion) in 2019. Due to international travel restrictions, the Philippines received only 1.48 million international tourists in 2020, with visitor receipts falling to $1.6 billion (P80 billion).
pine Chamber of Commerce and Industry Acting President Edgardo G. Lacson said. “Many of the vaccinated people are senior citizens and those with co-morbidities, while the unvaccinated youth, the bulk of consumers, may not even be allowed to go out.” Sergio R. Ortiz-Luis Jr., president of the Employers Confederation of the Philippines and the Philippine Exporters Confederation, Inc., said that businesses would not opt to open shops given the fewer number of customers are allowed to go out. “Discriminating against the unvaccinated is not only unfair, illogical and hard to implement, but also expensive for our entrepreneurs who may even have to hire a person just to check the vaccination cards and manage another queue just for this group,” he added. The business leaders urged the government to accelerate the vaccination program rollout and Covid-19 testing.
www.businessmirror.com.ph
Congress allots ₧1.8B to drug rehab centers By Jovee Marie N. Dela Cruz @joveemarie
A
TOTAL of 22 public residential drug treatment and rehabilitation centers (TRCs) run by the Department of Health (DOH) will be getting a total of P1.8 billion next year. To sustain their operations and increase their bed capacities, Rep. Michael Defensor of Anakalusugan said the operating budget of these 22 TRCs is included in the proposed P5.024-trillion General Appropriations Act of 2022. Citing Dangerous Drugs Board (DDB) statistics, Defensor said in a statement last Sunday that over 5,000 new drug abusers without counting readmissions and outpatients are being admitted to TRCs every year. Under the law, Defensor said that with the help of their families, drug abusers may voluntarily seek admission to any of the DOH-run centers as long as they pass a dependency test. “Families also have the option to petition for the compulsory rehabilitation of household members who are known drug abusers,” he said. Drug abusers apprehended with small quantities of illegal substances
may also be subjected to compulsory rehabilitation in lieu of a jail term, which may be suspended by a trial judge pending treatment, according to Defensor. The TRCs that have secured budget next year include the following: Argao, Cebu RC (P84.8 million); Bataan RC (P68 million); Bauko, Mountain (Province TRC (P4.4 million); Bicutan RC (P193 million); Cagayan de Oro RC (P77.3 million); Camarines Sur RC (P74.1 million); Caraga RC (P66.3 million); Cebu City RC (P58.7 million); and, Central Luzon Centers for Health Development (P73.7 million). Others are: Dagupan RC (P98.4 million); Dulag, Leyte RC (P73.2 million); Isabela RC (P62.4 million); Las Piñas Drug Abuse TRC (P6.4 million); Malagos, Davao TRC (P13 million); Malaybalay, Bukidnon TRC (P17.5 million); and, the Malinao, Albay RC (P69 million). More centers are: Pototan, Iloilo RC (P67.6 million); San Fernando, La Union TRC (P13 million); San Francisco, Agusan del Sur TRC (P17 million); Soccsksargen Drug Abuse TRC (P13 million); Tagaytay RC (P108.7 million); and, the Zamboanga City TRC (P8.4 million).
Marawi public infra rehab at 80%—exec By Bernadette D. Nicolas @BNicolasBM
F
OUR years after the Marawi siege in 2017, the rehabilitation of public infrastructures in the war-torn Islamic city is now about 80-percent complete, according to Task Force Bangon Marawi (TFBM) Chairman Secretary Eduardo D. del Rosario. Del Rosario said the government is on track to complete all infrastructure projects in the master development plan before the end of President Duterte’s term. This is despite the challenges brought by the Covid-19 pandemic and the
prevailing rainy weather in Marawi City, he added. Del Rosario said during his latest 3-day inspection in the city that the 20-percent remaining portion of the rehabilitation project would be completed by 2022. “All projects will be completed by June 30 of 2022 within the term of the President; as promised.” Two mosques and four barangay complexes were inaugurated on Thursday. Del Rosario and Marawi City Mayor Majul Gandamra inaugurated the White Mosque and Masjid Marinaut and the complexes for Barangays Datu Naga, Datu sa Dansalan, Moncado Kadingilan
and West Marinaut. According to Del Rosario, each complex comes with a health station and a madrasah (school). “These are solid testament that we are moving forward,” Del Rosario, also Secretary of the Department of Human Settlements and Urban Development, said. He added that they prioritized the rebuilding of mosques upon the President’s instruction. Some 2,800 permanent housing units are also expected to be completed by yearend, according to Del Rosario. Meanwhile, more than 600 permanent shelters had been completed, of which 300 are now occupied.
PDP-Laban picks Pacquiao for President in ’22 polls continued from a10 Also in attendance—physically— was Deputy Speaker Lito Atienza, a long-time friend of Pacquiao whom the boxing icon has considered a trusted mentor.
Cusi group issues CONA to bets
THE Pimentel-led National Assembly came a day after the so-called Cusi wing of PDP-Laban announced it has started issuing Certificates of Nomination and Acceptance (CONA) to their official candidates in the 2022 national elections.
“As we have promised our party mates during our national convention on 08 September in Pampanga, we will be processing their CONA as soon as possible to enable them to file their certificate of candidacy (COC) within the deadline specified by the Commission on Elections,” said PDPLaban Secretary General Atty. Melvin Matibag on Saturday (September 18). The Comelec will start accepting COCs from October 1 to 8, 2021. During its convention, the Cusi wing said PDP-Laban unanimous-
ly adopted Sen. Christopher Lawrence “Bong” Go as their official candidate for President, with President Duterte as his vice presidential running mate. President Duterte has accepted the nomination, but Go has declined. Matibag said the CONA is important becauseonlycandidateswithvalid CONA areconsideredofficialcandidatesoftheir respectivepoliticalpartyorcoalitionotherwise, they will be considered merely as independent candidates. Under Comelec Resolution No. 10717 promulgated on August 18,
2021, the CONA is valid if signed by authorized signatories, including the Chairperson, President, or Secretary General of the concerned political party or coalition. Last September 7, the PDP-Laban wing led by Alfonso Cusi, as president, filed a petition asking Comelec to declare the group led by Senators Pacquiao and Pimentel as illegitimate. Pacquiao’s group earlier said it ousted Cusi, Matibag and even President Duterte from their respective positions in the ruling party.
30 foreign, local experts to grace 3-day Franchise Asia PHL virtual forum continued from a10 Franchise panel sessions
THE Franchise Panel Sessions will showcase successful franchisors Michael Liew from MarryBrown (Malaysia), Minodh De Sylva from Island Tea Company (Philippines) and Ernie Koh from Commune Lifestyle Pte Ltd, (Singapore) and franchisees Cynthia A. Aliño of 7-Eleven, Jess Nicdao of Jollibee, Chowking and Mang Inasal and Joana Marie De Jesus Valeriano of Nails Dot Glow. They will share their unique experiences, practical insights and strategies on how they sail through these trying times, bounce back, and ignite resiliency towards future growth.
Concurrent C-Suite Forum
THE C-Suite Forum is specially designed to tackle area-focused tracks about important business operations happening in concurrent breakout sessions. This is the first time that PFA will be doing this. Participants will be able to meet and exchange insights with renowned C-level industry experts sharing their thought-leadership, strategies and best practices. These sessions are moderated by equally experienced industry leaders
so open discussions will definitely have empowering exchange of ideas and sharing of valuable insights. Among the topics are: 1) Resilient Leadership – Moving to Post-Pandemic Era by Jose Victor Paterno of 7-Eleven 2) Staying Competitive While Managing Your CashFlow by TG Limcaoco of BPI; 3) Driving Operational Excellence in the Next Normal by Ariel Fermin of Max’s Group Inc.; 4) Shaping the Future of Work by Angelina Mukhi, FPM of People Management Association of the Philippines (PMAP) and Paulo Campos of Zalora Philippines; 5) The Future of Supply Chain: Coping with the Retail Revolution by Pierre Carlo Curay of Supply Chain Management Association of the Philippines (SCMAP) and Charlie Villaseñor, CISCP, CPSM, CSCP, CLTD of Procurement & Supply Institute of Asia (PASIA); 6) Growing Your Brand Globally: Strategies and Opportunities by Jose Magsaysay, Jr., CFE of Potato Corner; 7) Franchise Development in the
New Normal: How to Succeed! By Chris Lim, CFE of Francorp Philippines; 8) Pivoting Your Marketing in a Disruptive World by Dr. Donald Patrick Lim of Udenna Corporation and Raul Castro of McCann Worldgroup Philippines; 9) Digital Transformation Moving Forward by Marie-Anne Lezoraine of Kantar Philippines; 10) The Future of E-Commerce by Martin Yu of Shopee Philippines; 11) Driving Operational Excellence in the Next Normal by Eric Dee of Foodee Global Concepts; 12) Developing a Growth Mindset for Franchisees with A Panel of Franchisees from the Franchisee of McDonald’s and Mister Donut.
NextGen in Franchising!
THE Top 3 Finalists of the NextGen will make their Final Pitch, as these entrepreneurs introduce their highly franchisable brands and talk about why they deserve to be the next winner of the NextGen in Franchising 2021. Franchise Asia Philippines 2021 Virtual Conference and Expo is made possible through the strong support
of BPI, PLDT Enterprise, InLife Insular Health Care as diamond partners; 7-Eleven, Seaoil Phils. Inc., Phoenix Petroleum, TGP Pharma as platinum partners; LT&G Credit Line Corp., Francorp as gold partners; Oryspa, Max’s Group, Megaworld, SM Supermalls as silver partners; Bibingkinitan!, Potato Corner, International Workplace Group, Ilaw Atbp, K2 Pharmacy, Jollibee, Pure Nectar, Shawarma Shack, Mister Donut, KFC, Tokyo Tokyo, Meralco, Araneta Center, Robinsons Malls, Vista Mall as bronze partners; Bench, CBRC Vice, Chowking, Greenwich, Living Water, Mang Inasal, Red Ribbon, Shakey’s, Wendy’s, UFranchise, Blooming Ventures, Coolaire Consolidated, Zoom Lab as event partners; Philippine Star, Business World, Manila Bulletin, Philippine Daily Inquirer, Business Mirror, Malaya Business Insight, Manila Times, Daily Tribune, Manila Standard, ABS CBN, Teleradyo, ANC as media partners; and Media Blitz Group as the official PR partner. Details on the conference program and speakers may visit Franchise Asia Philippines.
The World BusinessMirror
Editor: Angel R. Calso
Monday, September 20, 2021 A5
Top US doctors say not so fast to Biden’s boosters-for-all plan W A SHINGTON—Just one month ago, President Joe Biden and his health advisers announced big plans to soon deliver a booster shot of the coronavirus vaccine
to all Americans. But after campaigning for the White House on a pledge to “follow the science,” Biden found himself uncharacteristically ahead of it with that lofty pronouncement.
Some of the nation’s top medical advisers on Friday delivered a stinging rebuke of the idea, in essence telling the White House: not so fast. A key government advisor y
panel overwhelmingly rejected Biden’s plan to give Cov id-19 booster shots across the board and instead recommended the extra vaccine dose only for those who are age 65 or older or who run a
high risk of severe disease. Biden’s Aug. 18 announcement that the federal government was preparing to shore up nearly all Americans’ protection had been made with great fanfare. It was
meant to calm the nerves of millions of Americans fearful of a new, more transmissible strain of the coronavirus. Continued on A6
A6
Monday, September 20, 2021
The World BusinessMirror
US nears deal for 500 million Pfizer doses to give abroad
T
he Biden administration is negotiating with Pfizer Inc. to buy an additional 500 million Covid-19 vaccines to donate globally, a person familiar with the matter said, doubling the government’s commitment to helping less-wealthy countries. A deal is expected to be announced in the coming days, ahead of an international Covid summit Biden has called for on the sidelines of the United Nations General Assembly, according to the person, who spoke on condition of anonymity because the information isn’t yet public. The Biden administration struck a nearly identical agreement with the company in August, and Pfizer has been shipping those doses to the international vaccine program Covax. The program has been slow to get doses to participant countries, leaving many less-wealthy nations having vaccinated only a tiny percentage of their populations. “The president has been clear that we will do more and more to help lead the world in getting the world vaccinated,” Jeff Zients, the White House Covid response coordinator, said Sept. 17. The New York Times reported details of the agreement earlier. While the donations are an important diplomatic gesture by the US, broad vaccination of the global population would also help reduce the chances of mutations that could escape the vaccines protecting Americans. A large donation would also help deflect criticism that the US is hoarding vaccines to give its citizens booster shots while some lower-income parts of the world wait to be inoculated. A Food and Drug Administration decision on whether to clear booster shots for use could happen within days, after an outside panel of experts recommended the FDA authorize vaccines for people 65 and above, and those at high risk. California Governor Gavin Newsom, who survived a recall election partly on his handling of the pandemic, tweeted on Saturday that California now has the lowest infection rate among US states. The most populous US state had rate of 113 cases per 100,000 people, over the last seven days, according to the latest data from the Centers for Disease Control and Prevention. The next closest state was Connecticut, almost 126 cases per 100,000. Florida
had 353 per 100,000, CDC data show. He also said that California had crossed the milestone of administering at least one dose to 70% of the population. “Vaccines are how we end this pandemic,” he tweeted. Meanwhile, more than 650,000 white flags are being placed on the National Mall in Washington this month in a reminder of the lives the US has lost to Covid-19. The installation by artist Suzanne Brennan Firstenberg, called “In America: Remember,” is on display through Oct. 3. People can write in to dedicate a flag to the memory of someone they lost to Covid, Firstenberg said on Twitter. Interior Secretary Deb Haaland, whose department oversees the Mall, said the project expresses “our collective loss.”
Key developments: Singapore cases surge to 2020 lockdown levels
Singapore added 1,009 cases on Saturday, the most since April 2020, when the city-state imposed a lockdown. The bulk of the cases were infections within the local community, with five detected in those arriving from overseas. A total of 863 people were hospitalized, and 18 in ICU, the Health Ministry said. It also announced its 60th death -- an unvaccinated 90-year-old man who had a history of cancer, heart disease and pneumonia. A total of 82% of the population have been fully vaccinated and it’s starting to offer booster shots to those over 60, as well as immunocompromised patients.
Hong Kong vaccine bookings at record low
Bookings for vaccinations in Hong Kong hit the lowest on Saturday since the city started its inoculation program in February. The number of people making reservations for shots of vaccines produced by Sinovac Biotech Ltd. and BioNTech SE fell to 700 and 3,200, respectively, from 2,200 and 8,000 four weeks ago.
Bloomberg photo
With only 54% of its population fully vaccinated, the city is far from being able to reopen its economy and society. Hong Kong won’t consider shifting its zero-tolerance Covid-19 strategy to one of “living with the virus” until the vaccination rate is 80% to 90%, according to a top virus adviser to the government.
Brazil adds 92,614 backlogged cases
Brazil reported 150,106 new Covid cases on Saturday, which included 92,614 previously unreported infections. The Health Ministry provided no details except to say the backlogged cases were from Rio de Janeiro state, going back to 2020. The number, the highest one-day tally on record, pushed total infections to 21,230,325, the ministry reported. Deaths rose by 935 in the last 24 hours, totaling 590,508. With the previously unreported cases, the daily count of roughly 60,000 is far higher than the sevenday average of about 15,000. The ministry did not explain why the number of infections still appeared to spike.
UK told to block vaccine data to EU
Jonathan Van-Tam, UK’s deputy chief medical officer, asked ministers to hold onto all clinical trial data from the EU if countries continue to deny entry for UK vaccine trial volunteers, The Guardian reported, without citing where it obtained the information. UK officials have spoken to EU leaders about recognizing trial vaccines and a secondary option would be for volunteers to get a vaccine approved by the NHS, the Guardian said. “We are clear that volunteers in formally approved Covid-19 vaccine trials in the UK should not be disadvantaged in relation to vaccine certification policies, and we are committed to taking action on this issue,
including reviewing guidance on additional vaccination for this group,” a UK government spokesman told The Guardian.
Russia cases surge
Russia reported more than 20,000 new cases in the past day for the first time since Aug. 22 as the country holds tightly controlled parliamentary elections. The daily death toll rose to 799. Health authorities are warning of a “fourth wave” in Moscow, where new cases have climbed for the past five days. President Vladimir Putin is self-isolating for at least a week after dozens of people working close to him tested positive.
Europe looks to vaccinate children: La Repubblica
The European Medicines Agency will evaluate the possibility of giving Covid-19 vaccines to children aged 6 to 11 in November, Marco Cavaleri, head of biological health threats and vaccines strategy at the agency, said in an interview with La Repubblica on Saturday. “Pfizer will send us some data at the beginning of October, Moderna should follow early November. Our evaluation will take three to four weeks,” Cavaleri told the Italian daily.
India may restart vaccine exports: Mint
India may resume exporting Covid-19 vaccines by the year-end as its stocks are nearing levels that can meet its own immunization drive, the Mint newspaper reported, citing Adar Poonawalla, chief executive officer of vaccine maker Serum Institute of India Ltd. “The export restrictions were there temporarily to take care of our nation. In the next month or two, we expect it will ease,” Poonawalla said in an interview, adding that the decision on overseas sales remains with the Indian government. Bloomberg News
French minister decries ‘duplicity’ in US-Australia submarine contract
P
ARIS —France’s foreign minister on Saturday denounced what he called the “duplicity, disdain and lies” surrounding the sudden rupture of France’s lucrative contract to make submarines for Australia in favor of a US deal and declared that a crisis is at hand among the Western allies. A day after France recalled its ambassadors to the United States and Australia, French Foreign Minister Jean-Yves Le Drian pummeled what he suggested was a backroom deal that betrayed France. The recalling of its ambassadors “signifies the force of the crisis today” between the French government and Washington and Canberra, he said in an interview on France 2 television. He said it was the first time ever that France, the United States’ oldest ally, has recalled its ambassador to the US. The announcement by President Joe Biden of the deal, alongside the leaders of Australia and Britain, for at least eight nuclear-powered submarines has set France in a fury. The French had signed a contract in 2016 for a dozen conventional dieselelectric submarines and the work to make them was already underway. The deal with French majority stateowned Naval Group was worth at least $66 billion.
Diplomatic niceties have gone out the window as French authorities seek to make their anger known. Le Drian denied reports that there had been advance consultations with France ahead of the announcement, saying “this isn’t true.” Allies “don’t treat each other with such brutality, such unpredictability, a major partner like France... So there really is a crisis,” Le Drian said. “There are reasons for us to question the strength of our alliance,” Le Drian said. Earlier, France’s ambassador to Australia also strayed from diplomatic language when describing what has been widely billed in France as the “contract of the century.” “This has been a huge mistake, a very, very bad handling of the partnership,” French Ambassador JeanPierre Thebault said before flying home to France. The arms agreement between France and Australia, signed in 2016, was supposed to be based “on trust, mutual understanding and sincerity,” a fuming Thebault said. “I would like to be able to run into a time machine and be in a situation where we don’t end up in such an incredible, clumsy, inadequate, un-Australian situation.” He said he found out about the canceled contract in the Australian press.
Le Drian said in a written statement Friday that the French decision to recall its ambassadors—at the request of President Emmanuel Macron—“is justified by the exceptional seriousness of the announcements” made by Australia and the United States. What French officials have called a complex, multi-layered contract was about more than submarines. It was the underpinning for France’s vision of the critical Indo-Pacific region, where France has a presence and China is looking to bolster its influence. The Naval Group said in a statement that consequences of the contract cancelation would be analyzed with Australia “in the coming days.” It noted that teams in France and Australia have been at work on the project for the past five years. Australian employees working with Naval Group and their families have set up home in the Normandy port of Cherbourg. A union official, David Robin, told BFMTV that employees were informed there may be an option to keep them on. Australian Foreign Minister Marise Payne’s office earlier had issued a statement responding to the diplomat’s recall and noting Canberra’s “regret” over its ally’s withdrawal
of its representative. “Australia understands France’s deep disappointment with our decision, which was taken in accordance with our clear and communicated national security interests,” the statement said. It added that Australia values its relationship with France and looked forward to future engagements together. Payne and Defense Minister Peter Dutton are currently in the United States for annual talks with their US counterparts and their first with Biden’s administration. After the US deal was made public this week, Australian Prime Minister Scott Morrison said he told Macron in June that there were “very real issues about whether a conventional submarine capability” would address Australia’s strategic security needs in the Indo-Pacific. Morrison has not specifically referred to China’s massive military buildup, which has gained pace in recent years. Morrison was in Paris on his way home from a Group of Seven nations summit in Britain where he had talks with soon-to-be-alliance partners Biden and British Prime Minister Boris Johnson. Thebault said he had also been at the meeting with Macron and Morrison. AP
www.businessmirror.com.ph
Top US doctors say not so fast to Biden’s boosters-for-all plan Continued from A5
“The plan is for every adult to get a booster shot eight months after you got your second shot,” Biden said, noting that his administration would be ready to begin the program on Sept. 20. Biden added the qualification that third doses would require the signoff of health officials at the Food and Drug Administration and the Centers for Disease Control and Prevention, but his public message glossed over the nuance. “Just remember,” he said, “as a simple rule: Eight months after your second shot, get a booster shot.” Biden’s plan drew immediate outrage from global health groups that encouraged the United States and other well-off nations to refrain from administering boosters until poorer countries could provide first doses to their most vulnerable citizens. “Viewed from a global perspective, this is a squandering of a scarce global resource, as a consequence of which people will die,” said Dr. Peter Lurie, president of the Center for Science in the Public Interest. “I feel completely comfortable saying this,” he added, acknowledging that domestic political considerations weigh differently on presidents. The Biden plan was criticized, too, by medical professionals, who cited a lack of safety data on extra doses and raised doubts about the value of mass boosters, rather than ones targeted to specific groups. “It created enormous pressure on the agency to go along with what the White House wanted,” said Lurie, who characterized the FDA panel’s decision as a “rebuke” of Biden’s efforts to circumvent standard procedures. “That’s what we’re trying to get beyond after the Trump era.” “Following them has served FDA very well when they’ve done that,” he added. He contrasted the expeditious authorization of the vaccines to the agency’s brief flirtation with unproven Covid-19 treatments such as the malaria drug hydroxychloroquine during the Trump administration. “When they’ve strayed from it, they’ve got in trouble.” The nonbinding recommendation from the outside experts who advise the FDA is not the last word. The FDA will consider the group’s advice and make its own decision, probably within days. The CDC is set to weigh in next week. One of the FDA’s advisers, Dr. Paul Offit of Children’s Hospital of Philadelphia, told reporters after the meeting that while the Biden administration had planned for boosters for the general population, “that’s not this. This is, ‘We’re going to test the water one foot at a time.’’’ The committee “parked all of that stuff and did their job,” said Norman Baylor, former director of the FDA’s office of vaccine review. “I’ll be very
frank here: I think this meeting was rushed. I would say it should have happened later,” so that the FDA had more data to make the decision. White House allies defended the administration’s aggressive preparation for the boosters, which has included regular messaging from doctors about their necessity and bolstering the federal stockpile of doses. They argue that the American people elect a president, not a scientist, to act in their best interests. They reason that the alternative— holding off on preparing for boosters until federal health officials give the green light—could have cost lives. The US surgeon general, Dr. Vivek Murthy, told reporters before the panel’s vote that the administration was aiming to be transparent with the public about the promise of boosters providing enduring protection and was not trying to pressure regulators to act. He said the administration also wanted to be prepared in the event the boosters were approved. “We have always said that this initial plan would be contingent on the FDA and the CDC’s independent evaluation,” Murthy said. “We will follow that evaluation and their recommendations, we will make sure our final plan reflects it.” “What we were doing in August and we continue to do there is really prioritizing transparency and preparation,” he added. Administration officials noted that the experts’ recommendation Friday probably would result in boosters for people most likely to get them anyway had the entire population been given the go-ahead. Seniors were in the first group of Americans to be eligible for vaccination after their authorization last December, followed by those with preexisting conditions that put them at higher risk for serious disease. Those populations account for tens of millions of Americans, officials said. After Friday’s voting, the White House tried to put the advisory panel’s action in a positive light. “Today was an important step forward in providing better protection to Americans from Covid-19,” said White House spokesman Kevin Munoz. “We stand ready to provide booster shots to eligible Americans once the process concludes at the end of next week.” Dr. Leana Wen, a former Baltimore health commissioner who comments regularly on the pandemic, said the decision about boosters “is not just one of science. It’s one of values.” “Because when we’re considering issues like should additional doses go to Americans or people around the world, that is not the right decision for a scientific regulatory committee,” she said. “That is up to the president of the United States.” AP
Malaysia: AUKUS alliance may lead to arms race, provocation
M
alaysia joined Indonesia in expressing concern that a new security pact involving Australia, the US and the U.K. may spark a nuclear arms race in the IndoPacific region. Australia’s Prime Minister Scott Morrison called his Malaysian counterpart Ismail Sabri Yaakob on Friday to explain that the formation of the tripartite group—known as AUKUS—was to help it acquire nuclear-powered submarines, according to a statement from the Malaysian government. Ismail told Morrison he was concerned AUKUS could provoke other powers to act more aggressively in the region, especially in the South China Sea. The two leaders renewed commitments to ensure peace, especially in the Indo-Pacific, according to the statement. Indonesia earlier said it was “deeply concerned” over the continuing arms race and power projection in the region, and
called on Australia to meet its nuclear non-proliferation obligations and to uphold the rule of law as set out in the United Nations Convention on the Law of the Sea 1982, or UNCLOS. Singapore struck a neutral tone, with the city-state saying it hopes the deal “would contribute constructively to the peace and stability of the region and complement the regional architecture.” The AUKUS alliance will see Australia, the US and the UK exchanging technology and intelligence. The agreement, announced Wednesday, canceled a 2016 deal that Australia sealed with France to acquire 12 diesel-powered subs from French shipbuilder Naval Group, a move viewed in Paris as a betrayal that damaged trans-Atlantic ties. France recalled its ambassadors to the US and Australia in a diplomatic slap intended to convey its anger over the loss of the multi-billion dollar submarine contract. Bloomberg News
Agriculture/Commodities BusinessMirror
www.businessmirror.com.ph
D.A. FORMS TEAMS TO FAST-TRACK CRAFTING OF COMMODITY ROADMAPS
T
HE Department of Agriculture (DA) has formed teams led by the private sector to fast-track the completion of the government’s commodity roadmaps. Agriculture Secretary William D. Dar issued special order (SO) 654 which authorized the creation of agriculture and fishery commodity industry roadmap development teams (CIR-RDTs) and focal persons to accelerate the finalization of the government’s various commodity blueprints. “In the exigency of the service, the following Roadmap Development Teams and Focal Persons are hereby created and designated to spearhead, facilitate, and fast track the crafting, updating, and finalization of the various commodity industry roadmaps,” Dar said in the document dated September 7. The commodity industry roadmaps will cover swine, broiler, layer, duck dairy, beef cattle, carabao, small ruminants, yellow corn, mango, banana, vegetable, coffee, cacao, onion, shrimp, tilapia, milk, and shellfish. Each CIR-RDT is composed of team leaders—who are mostly private sector representatives—co-team lead-
ers, technical experts, consultants, technical writers and industry experts. The DA has been conducting online meetings with industry players and experts to discuss the finalization of the commodity roadmaps. Under the SO, the CIR-RDTs will spearhead the drafting of the different agriculture and fisheries commodity industry roadmaps in close coordination with concerned DA banner programs, agencies and focal persons. “TheRoadmapDevelopmentteams shall craft an action plan for each RDT including tasks to undertake, member/s responsible, schedules of meetings and submissions of deliverables,” the SO read. “Discuss the identified strategies and recommendations generated during the National Food Security Summit can be incorporated in the respective CIRs,” the SO added. The CIR-RDTs will finalize and present completed CIRs to the concerned National Banner Program Committee for approval and endorsement to the DA, according to the SO. The endorsed CIRs will be presented to theDAmanagement committee for the approval of the agriculture secretary, the SO added. Jasper Emmanuel Y. Arcalas
Editor: Jennifer A. Ng • Monday, September 20, 2021 A7
US sets PHL sugar allocation for FY 2022 By Jasper Emmanuel Y. Arcalas @jearcalas
T
HE United States has maintained the Philippines’s sugar allocation of 142,160 metric tons raw value (MTRV) under Washington’s import program for fiscal year (FY) 2022, according to the US Trade Representative (USTR). The USTR recently announced the in-quota allocations under the tariff-rate quotas (TRQ) on imported raw cane sugar, refined and specialty sugar and sugar-containing products for FY 2022, which will start on October 1. Under the TRQ system, countries like the Philippines can export to the US specified quantities of products at a relatively low tariff. “On September 13, 2021, the Administrator of the Foreign Agricultural Service of the US Department of Agriculture (Administrator) announced the establishment of the in-quota quantity for raw cane sugar for FY 2022,” the USTR said in a recent statement. “The in-quota quantity for the TRQ on raw cane sugar for FY 2022
YELLOW sugar granules. PHOTOGRAPHER: ANDREY RUDAKOV/BLOOMBERG
is 1,117,195 metric tons raw value (MTRV), which is the minimum amount to which the United States is committed under the World Trade Organization (WTO) Agreement.” The Philippines kept its historical US sugar import allocation, making it the country with the third biggest volume out of the 40 countries that are allowed to export the sweetener under the TRQ scheme. This is the
fifth straight year that the US “These allocations are based on the countries’ historical shipments to the United States,” the USTR said. “Raw cane sugar, refined and specialty sugar, and sugar-containing products for FY 2022 TRQs may enter the United States as of October 1, 2021.” Latest available Sugar Regulatory Administration (SRA) data
showed that the Philippines exported 104,012 MT commercial weight (MTCW) of raw sugar to the United States out of its 138,154 MTCW (142,160 MTRV) allocation for fiscal year 2021. For crop year 2021-2022 which began on September 1, the SRA board allocated the country’s entire sugar production for the domestic market to ensure the sufficient supply of the sweetener as bad weather affected sugarcane. The SRA board made the decision following the announcement of the state weather bureau that the reemergence of La Niña will coincide with the harvest and peak milling season in key production areas. The SRA’s initial pre-milling estimate for raw sugar production in CY 2021-2022 stands at 2.099 million metric tons (MMT), almost two percent lower than the 2.138 MMT recorded in the previous CY. Last month, the Philippine Sugar Millers Association said the SRA must explain its decision not to allocate sugar for the US market to maintain the country’s sugar quota.
Govt aims to improve data on PHL Newtech Pulp, Lake Lanao abaca planters forge partnership via DENR program fiber crop industry via survey
T
HE Philippine Fiber Industry Development Authority (PhilFida) will conduct a nationwide survey to improve the country’s data on the fiber crop industry and update statistics on abaca hectarage and the registry of farmers planting fiber crops. The Philippine Statistics Authority (PSA) has recently cleared the conduct of the National Fibercrop Survey and Mapping Project (NFSMP) by the PhilFida, an attached agency of the Department of Agriculture. The PSA said the national survey will be conducted starting this month until September next year. It seeks to collect information “as necessary inputs to come up with a comprehensive and strategic plan for the growth and development of the fiber crop industry.” “ This will be accomplished
through interview with the fiber crop farmers using a mobile application and geotagging of fiber crop areas in the country,” the PSA said in a recent statement. The national survey has three objectives: update the actual are planted to abaca and other fiber crops, come up with a comprehensive geographical information system map, and update the registry of fiber crop farmers. The information that will be collected include demographic characteristics and other pertinent information about fiber crop farmers, such as educational attainment and affiliation, as well as the profile of fiber crop farms, including farm area, yield and other productionrelated data. The PSA said the national survey has a budget of P25 million. Its
By Jonathan L. Mayuga
results will be released in April to June 2023. “This undertaking was reviewed and cleared for conduct under the Statistical Survey Review and Clearance System, a mechanism being implemented by the PSA by virtue of Rule 28 of Implementing Rules and Regulations of Republic Act 10625,” it said. The PSA reviewed the survey to ensure sound design for data collection, minimize the burden placed upon residents, effect economy in statistical data collection, eliminate unnecessary duplication of statistical data and achieve better coordination of government statistical activities. “In line with this, the PSA enjoins fiber crop farmers in the country to support and participate in the survey by providing the required information,” it said. Jasper Emmanuel Y. Arcalas
@jonlmayuga
T
HE Department of Environment and Natural Resources (DENR) has linked forest communities in Lake Lanao with abaca exporter Newtech Pulp Inc. for the supply of abaca. The move brings hope of sustained livelihood to forest communities while conserving Mindanao’s important watershed that is also the largest hydroelectric source in Mindanao. Three people’s organizations (POs)—Sunrise Producer Association, WAto Balindong Farmers’ Cooperative and Sania Farmers Association—are now partners of Newtech Pulp in the supply of abaca fiber. Newtech Pulp has an abaca pulp manufacturing plant in Maria Cristina Balo, Lanao del Norte. These POs operate in Piagapo, Balindong, and Maguing all in the Province of Lanao del Sur. Newtech Pulp is sourcing abaca fiber from an estimated 200 hectares of abaca plantation that are under DENR’s Integrated Natural Resources and Environmental Management Project (INREMP). “These people’s organization used to harvest rice and other crops like abaca, and banana just once a year. Their production in abaca is being sustained because they are now supplying directly to Newtech Pulp Inc.,” Samsodin Taha, operations manager at INREMP’s Lake Lanao River Basin (LLRB), said in a statement. The LLRB within the Bangsam-
Indonesia’s halt to palm oil expansion is set to expire soon
oro Autonomous Region in Muslim Mindanao is the largest lake in Mindanao. It is also known to be one of 15 ancient lakes of the world. Lake Lanao’s hydroelectric facilities provide 65 percent of Mindanao’s power demand. INREMP has integrated a Maranao Ethnic Development Plan in its natural resources program in LLRB. The Maranaos have kept their own culture in keeping with the environment as stewards of nature. However, due to poverty, some residents have resorted to illegal resource extraction and conversion of forests into farm lands. To address the challenges, the DENR has carried out extensive natural resource management or NRM in LLRB. As of the end-May, NRM includes a reforestation area of 145 hectares and an agroforestry area of 1,300 hectares. Commercial tree plantation (CTP) covers 527 hectares while conservation farming covers 110 hectares. Forest trees planted under CTP include falcata and mahogany. For conservation farming, fruit trees, such as durian, rambutan, lanzones are planted, together with cash crops and root crops. Agroforestry areas are planted with rice, corn, banana, and palapa or white dallion (a root crop used as appetizer) and fruit trees and forest trees. Reforestation areas are planted with narra and lauan. The NRM at Lake Lanao has a total budget of P78 million. DENR is looking at partnering
with the Ministry of Agriculture, Fisheries and Agrarian Reform (MAFAR-LDS), Ministry of Environment, Natural Resources and Energy (MENRE-LDS), and the Department of Agriculture (DA) for the future expansion of the abaca plantation. If these three agencies will infuse investment into the abaca project, the LLRB abaca area may be expanded, Taha said. INREMP covers rehabilitation of six subwatersheds in LLRB. These are the subwatersheds of MarawiSaguiaran, Ramain, Malaig, West, Taraka, and Gata. It is jointly funded by the Asian Development Bank and the Philippine government. INREMP’s livelihood enhancement includes provision of turmeric processing machine for the Mapantao-Saguiaran People’s Organization and its mini warehouse. A solar drying pavement has also been put up for Dimapatoy Farmers Association while an abaca stripping machine has been provided for the Harith Tree Planting Farmers Association. There are six rural infrastructure projects in the LLRB site and 29 Livelihood Enhancement Support projects. Beneficiaries are a total of 41 people’s organizations involved in NRM. It has a total budget of P97 million. An ADB project profile indicated that the rural infrastructure projects include access roads, farm-to-market access facilities, and potable water supply.
BLOOMBERG NEWS
UN report calls for repurposing of $470B of agri support
I
NDONESIA’S moratorium on new oil palm plantation permits is set to expire this week as the industry awaits clarity on whether the government will extend the policy. President Joko Widodo ordered a stop to permit issuance for new plantations and expansion of existing ones for three years in a decree signed Sept. 19, 2018. That order expanded on an earlier ban on permits for plantations on primary forest and peat land. As palm prices surge almost 50 percent in the past year due to tight supply, the government has given few
signs on whether the moratorium would remain. The breakneck expansion of plantations through Southeast Asia has come at the expense of vast swathes of tropical rainforest. An extension could lead prices to climb higher as there’s been slow replanting of old oil palm trees, said Christopher Andre Benas, an analyst at RHB Sekuritas. Since the moratorium, the government has found about 3 million hectares of palm oil plantation operating without permits in forest areas. The Southeast Asian country has identified about
16.4 million hectares of land planted with the crop, of which 6.72 million hectares belong to smallholders. Crude palm oil production is set to rise but land expansion could grow slower as existing plantations take advantage of their land bank, said Sathia Varqa, owner of Palm Oil Analytics in Singapore. He expects Indonesia’s output to rise by 2 million tons to 48 million tons this year as production increases in frontier areas like Kalimantan. The policy makes a difference in deforestation if it’s well implemented, he added. Bloomberg News
G
LOBAL support to producers in the agricultural sector amounts to $540 billion per year, making up 15 percent of total agricultural production value. By 2030, this is projected to soar up more than three times to $1.759 trillion. Yet 87 percent of this support, approximately $470 billion, is price distorting and environmentally and socially harmful. These are findings of a new United Nations report calling for repurposing damaging incentives to achieve more of the 2030 Sustainable Development Goals and realize the UN Decade of Ecosystem Restoration. The report, A multi-billion-dollar opportunity: Repurposing agricultural support to transform food systems, launched by the Food and Agriculture Organisation (FAO), the UN Development Programme (UNDP) and the UN Environment Programme (UNEP)
finds that current support to producers mostly consists of price incentives, such as import tariffs and export subsidies, as well as fiscal subsidies which are tied to the production of a specific commodity or input. These are inefficient, distort food prices, hurt people’s health, degrade the environment, and are often inequitable, putting big agri-business ahead of smallholder farmers, a large share of whom are women. In 2020, up to 811 million people in the world faced chronic hunger and nearly one in three people in the world (2.37 billion) did not have year-round access to adequate food. In 2019, around three billion people, in every region of the world, could not afford a healthy diet. While the majority of agricultural support today has negative effects, about $110 billion supports
infrastructure, research and development, and benefits the general food and agriculture sector. Reconfiguring agricultural producer support, rather than eliminating it, will help end poverty, eradicate hunger, achieve food security, improve nutrition, promote sustainable agriculture, foster sustainable consumption and production, mitigate the climate crisis, restore nature, limit pollution, and reduce inequalities. The Director-General of FAO, QU Dongyu, said: “This report, released on the eve of the UN Food Systems Summit, is a wake-up call for governments around the world to rethink agricultural support schemes to make them fit for purpose to transform our agri-food systems and contribute to the Four Betters: Better nutrition, better production, better environment and a better life.”
A8
Monday, September 20, 2021 • Editor: Angel R. Calso
Opinion BusinessMirror
www.businessmirror.com.ph
editorial
Talking about corruption
P
erhaps the first written record of corruption comes from Egypt around 4,000 years ago. “The Eloquent Peasant” is an Ancient Egyptian story that tells the tale of Khun-Anup whose donkeys and goods are “confiscated” by Nemtynakht, a subordinate of the high steward. Khun-Anup files a complaint. However, the mayor and the magistrates let Nemtynakht go free. Khun-Anup tells the mayor that the magistrates have been bribed and “Your [the mayor’s] portion—a jug of beer and three loaves—is in your house. The magistrates give and you take.” The historical examples of corruption are unlimited, from the guards at the Great Wall being bribed to allow raiders inside to William “Boss” Tweed, head of the New York City Democratic Party. Tweed once bought 300 park benches for $5 each, then sold them to the city for $600 a piece. Tweed’s illicit profits were said to be in the range of $200 million and that was in 1860s money value. Transparency International repeatedly ranks Bangladesh near the top of the world’s most corrupt nations. You pay the postman to get your mail; doctors take bribes to dispense medicine, and even electricity meter readers get their palms greased for keeping energy bills low. Certain bribes paid abroad were technically tax deductible for German companies until 1999. They could simply categorize them as “useful expenditures,” if those expenses were not incurred in Germany and there were no foreign state officials involved. In the Philippines, companies note these expenses as “representation fees.” Authorities estimate that more than $4 billion was embezzled in one of the world’s biggest corruption schemes from 1MDB, a Malaysian development fund, chaired by the former prime minister Najib Razak, who was sentenced to 70 years in prison. He is out on bail pending his appeal. The World Bank Ease of Doing Business index has been published since 2003 and is carefully watched globally. After all, it is a study from the World Bank. Who would question its validity? The World Bank announced last week that it would be discontinuing the Doing Business report. “Chinese officials in 2017 and 2018 were eager to see their ranking improve, and then World Bank President Jim Yong Kim and Kristalina Georgieva [the Bank’s CEO] held a series of meetings to discuss ways that the report’s methodology could be altered to improve China’s rankings, according to the investigative report by the law firm WilmerHale. The World Bank was in negotiations to receive a $13 billion capital increase. Beijing was eager to see its power increased as part of a deal for more funding.” But there is no such thing as “Onli in da Pilipins.” The UK Good Law Project revealed the four companies awarded Covid-related contracts through the “VIP lane.” “P14 Medical, run by a Tory (the ruling party) councilor was awarded £276m in PPE contracts. Meller Designs, run by a large Tory donor was given more than £160m in PPE contracts. Luxe Lifestyle was awarded a £26m contract despite appearing to be insolvent and without any employees. Clandeboye Agencies, registered as a ‘wholesaler of sugar, chocolate and sugar confectionery’ was awarded £108m in PPE contracts.” As the election season rolls around—and not only in the Philippines— candidates bring out their “I am not corrupt, but my opponent is” playbook. For example: Jimmy Morales, a Guatemalan comedian, was elected president in 2016 on the slogan “Neither corrupt, nor a thief.” In January 2017, Morales’ brother and close adviser, and one of Morales’ sons were arrested on corruption and money laundering charges. Morales returned $60,000 in “not illegal” monthly bonuses from the Ministry of Defense. “The vice of greed is a grievous sickness without cure,” said Ptah-Hotep, ancient Egyptian vizier during the late 25th century BC. Since 2005
BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor
O
ne of the sectors gravely affected by the current pandemic is the creative sector—this includes the entertainment industry, specifically live entertainment, among others. Numerous workers in this industry lost their jobs, clients, income, and sidelines as businesses and establishments shuttered their operations. And yet actual figures would show that the work of artists and other creatives is crucial to the country’s economic recovery. According to data, the country generates $4.1 billion worth of creative exports, making it the fifth largest and most valuable creative economy in the whole of Asean, and that the Filipino market for creative services is the largest in Asean at $3.2 billion. The creative sector is a large category that is somehow difficult to pin down, partly due to the lack of a governing or regulating body, and because the industry players— along with their products and services—are wide ranging, among other reasons. In a nutshell, this sector includes the following workers: artists, cul-
tural workers, freelance writers, designers, chefs, architects, art dealers, advertising professionals, painters, musicians, couturiers, digital creatives, animators, photographers, film industry professionals, live entertainment professionals, arts and culture professors, make-up artists, e-sports gamers, furniture makers, beauty industry professionals, owners of businesses like production studios, organizations that support the arts and the abovementioned sub-sectors, and many more. The available definition reads: “The creative industries consist of any line of work involving the creation and consumption of knowledge and expertise.” And as people navigate their way around
Ruben M. Cruz Jr. Eduardo A. Davad Nonilon G. Reyes D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan
BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.
www.businessmirror.com.ph
Printed by brown madonna Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila
In a nutshell, this sector includes the following workers: artists, cultural workers, freelance writers, designers, chefs, architects, art dealers, advertising professionals, painters, musicians, couturiers, digital creatives, animators, photographers, film industry professionals, live entertainment professionals, arts and culture professors, make-up artists, e-sports gamers, furniture makers, beauty industry professionals, owners of businesses like production studios, organizations that support the arts and the abovementioned sub-sectors, and many more. this new normal world, it wouldn’t be surprising to see more Filipinos working from home as creative freelancers. Given this reality, one lawmaker seems to believe that the sector needs both protection and regulation by way of a new law, which is the Creative Industries Development Bill. The congressman is no other than Pangasinan’s 4th District representative and chairman of the Special Committee of Creative Industry and Performing Arts in the House
of Representatives, Rep. Christopher “Toff” de Venecia. The Bill aims to centralize and address the welfare of the Filipino creative economy. The recognition of the creative sector also means the recognition of its potential and needs, and the importance of making it part of the government’s national development plans. Part of the creative industry is the freelance writing sector. One would assume that due to the limitations imposed by the pandemic, more professional writers are now working as freelancers—and their number is seen increasing in the months to come. One good thing going for our Filipino freelance writers is the existence of a DOLE-recognized workers’ association serving this particular group—the Freelance Writers’ Guild of the Philippines (FWGP). Being part of an organized group makes it easier to lend one’s voice to the collective message; air grievances, recommendations and needs; and take part in shaping the policies that govern the profession. FWGP is currently accepting membership applications from professional Filipino freelance writers until October 4, 2021. Send an e-mail to fwgp2011@gmail.com if you are interested in becoming part of this professional writers’ association.
Why we continue to see rising pandemic numbers
W
We can help stop virus transmissions with a lot of common sense. Bring out more transport to address commuter demands, therefore lessening the lines; utilizing those open spaces for businesses and then spreading out operating hours. These are non-expensive solutions that can be easily implemented and have more chances of success.
Just look at our public transport. I still do not get it why we continue limiting public transport when there is an apparent lack of it to accommodate our commuters. Is it to discourage people from going out and therefore limiting the possibil-
are mandated in Cebu, will protect you from a possible spread in such a crowded space. Why not just allow all public transport to operate, and then you will have bigger chances of commuters actually practicing social distancing; not to mention helping the transport sector make enough income in these difficult times. Then you have the retail businesses. Understood that we need to allow them to operate, especially the food outlets. We need to keep the economy afloat and closing them would only bring us down further. But look at how they operate. Most are still in their pre-pandemic brick and mortar phase, with many still caught up in serving dine-in guests indoors. Even
Thomas M. Orbos
STREET TALK
Jennifer A. Ng Vittorio V. Vitug
Online Editor
MEMBER OF
RISING SUN
Lourdes M. Fernandez
Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso
Chairman of the Board President Advertising Sales Manager Group Circulation Manager
Atty. Jose Ferdinand M. Rojas II
T. Anthony C. Cabangon
Senior Editors
Creative Director Chief Photographer
Protecting PHL’s creative industries
E are now close to two years in this pandemic and seeing how our situation has developed, it seems we have not learned to live fully with the virus. There were adjustments of course—wearing of masks, social distancing and washing of hands became our mantra. Our shift to everything online—to work, study, shop, etc.—is now part of our way of life. Then there is that longest ever imposition of lockdowns, with levels that are, I am sure, as confusing to most of us. But apparently all of these are still not enough for us to prevent the spread of the virus. In fact, the numbers are growing, though we have the Delta variant to blame for the increasing surge of infections. The truth is, we are also at fault for the high cases that we have. Yes, we are fully aware of the dangers of Covid; we know what to do, but the way we live our lives in the pandemic remains to be halfhearted as far as bringing down those numbers is concerned. ity of spreading the virus? I agree with this, but look at the result. Long, unbelievable lines of commuters can be seen every day, with no social distancing whatsoever. No amount of face mask or face shield, even the personal air purifiers that
with the IATF-imposed 30 percent capacity, there is no science that will say one cannot get infected while dining because people have to remove their face masks. It’s good that in some areas you have al-fresco dining available. This should be the norm. If this is the case, why not expand our al-fresco outlets by utilizing the open spaces nearby. For example, why not open streets in front of those malls or even their currently underutilized parking lots. Closing these streets for al-fresco outlets or taking over those parking lots and giving them to food and retail outlets would result in helping these entrepreneurs have a better chance of economically surviving this pandemic. Then we see the insistence of many businesses operating at prepandemic operating hours. Yes, there is that digital shift with most of us working at home. But most businesses still follow the 9-5 schedule. For those who need to work physically, they need to crowd it out with others on the same schedule as before. Why not spread operating hours until evenings. Then you could give people more time to do their business. Even government See “Orbos,” A9
Opinion BusinessMirror
www.businessmirror.com.ph
Musings on the amendments of the Accountancy Law Joel L. Tan-Torres
DEBIT CREDIT Fourteenth of a series
W
hat is the status of the initiative of the accountancy community, led by the Professional Regulatory Board of Accountancy, in moving forward the proposed amendments to Republic Act (RA 9298), or the Accountancy Act of 2004? Public consultations by the BOA started sometime in March 2021. There were several online meetings and discussions conducted in the past months. I understand that the BOA is presently seeking for some legislators to sponsor the bill that they have drafted.
Passing a law is generally a tedious and long process. When I was the Commissioner of the Bureau of Internal Revenue in 2010, I was able to move forward into law the Philippine Tax Academy Act in the last few months of my term as head of the BIR. I recall the efforts that my staff and I exerted to move, in the halls of Congress, this proposal that we drafted. There was a lot of time and activities expended in drafting the legislative proposal, engaging with the various stakeholders, using my network to make progress, interacting with the legislators and their staff, and a host of other imperatives. Finally, after about six months of focused attention, the PTA bill was finally passed by the House of Representatives and the Senate on February 1, 2010 and June 4, 2010, respectively. The measure, lapsed into law—Republic Act 10143—on July 31, 2010 without the signature of the President, in accordance with Article VI, Section 27 (1) of the Constitution. It was an exhausting, but exhilarating experience, to be able to accomplish a milestone of being involved and instrumental in the passage of a law. This ongoing process of amending the Accountancy Law is not a novel one. During my term as Chairman of the BOA, I launched in 2015 an initiative to amend this charter of the accountancy profession that needed updating with the passage of time since its passage in 2014. The BOA, under my helm, started deliberations on the contents of the amendments sometime in July 2015. We came up with several proposals on six major
Orbos. . .
continued from A8
should adjust accordingly. In this regard, I dread thinking how we will be voting next year. No assurances by the Comelec can actually guarantee those lines and indoor polling places are indeed safe given the expected influx of voters. Very simple. Why not extend the voting hours, make it 24/7 on election day? We can help stop virus transmissions with a lot of common sense. Bring out more transport to ad-
areas pertaining to (1) Structural changes; (2) Mandate of the Accountancy Regulatory Office and BOA; (3) Practice of Accountancy; (4) Accountancy Examination and Program Matters, including the three additional competencies for the Certified Accountant and Certified Professional or Public Accountants; (5) Special Provisions, including the Accountant “branding” and title; and, (6) Penalties and Sanctions. The BOA conducted several stakeholders’ consultations and liaison meetings with legislators and their staff for about three years until late 2018. Unfortunately, the legislation process was not completed when I, the principal mover of the initiative, was replaced as Chairman of the BOA in August 2018. Alas, the time-tested fate has again arisen where the departure of the champion of a certain advocacy results in the discontinuation of such champion’s initiative. I hope that the initiative of the present BOA will result in a different positive outcome. To be continued. Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. This column accepts articles for publication from the business and academic community. Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.
dress commuter demands, therefore lessening the lines; utilizing those open spaces for businesses and then spreading out operating hours. These are non-expensive solutions that can be easily implemented and have more chances of success. At least, these solutions the government need not purchase. Unlike those face shields that, apparently, make us the only country using them, not to mention the absence of real science that say they work in the first place. The author may be reached at: thomas_orbos@sloan.mit.edu
U.L.O.L na U.L.O.L Siegfred Bueno Mison, Esq.
THE PATRIOT
I
N the vernacular, the title suggests something very negative as it denotes craziness or insanity. Media can come up with some U.L.O.L headline or tag lines to increase viewership or readership. After all, a crazy title will almost always catch our interest. In a typical social-media strategy, advertisers rely heavily on the number of likes and comments, which in turn, depend on how the page or brand attract viewer attention. These days, some government officials, in their attempt to maintain a brand image or keep up with the culture of “not so comedic sarcasm,” have resorted to all kinds of attention-grabbing remarks. At times, it can be funny. At times, it can be downright insulting. Either way, it catches the attention of the reader or listener.
When it comes to crazy, I know of a friend who can talk smack and trash talk all day, owing to his gangster background during his younger years. He was a gang member and did some drugs before. Gifted with a good physique and talented voice, women would go gaga or “U.L.O.L” over him instantly. As such, he has fathered 22 children from 17 different women. When the long arm of the law finally caught up with him and brought him to prison, he became U.L.O.L over the Word of God. I guess much alone time confined in a small space made him reflect upon his life of being a gang member, womanizer and drug user. He eventually studied the Bible while in prison. Upon his release, he still carried his U.L.O.L ways... but this time, more about sharing his faith with others. In his capacity as a pastor, he is not your typical soft-spoken and levelheaded person as he can go ballistic every time he teaches the Law of the Lord. Of course, as a friend, he still show signs of some of his U.L.O.L way back in the old days, but more for fun or friendly banter! He can be downright obnoxious, in a good way, to make sure he keeps the attention of his students or mentees. When asked for advice, he can be brutally
candid as he shares what the Bible says in various topics such as relationships and behavioral doctrines. So, when the idea of sharing biblical principles not from the pulpit or any of the typical platforms came about, my pastor friend Gary Galvez went U.L.O.L and came up with the concept of telling stories that exemplifies what the law of the land and what the law of the Lord would say. Laws, by God or by men, were meant to be obeyed, whether one espouses absolutism, humanism, relativism or utilitarianism. If Congress and all other legislative bodies are the sources of the laws of men, the Bible is the best, if not the only, source of the Law of God. Hence, the first episode of U.L.O.L na U.L.O.L (Usapang Law of the Lord and Usapang Law of the Land) will be premiering on Sunday, September 26 on DZXL 558 MHz or Radio Mindanao Network (RMN News Manila). As Pastor Gary Galvez will be sharing the law of the Lord, yours truly will be explaining the law of the land in issues that we all experience in our daily lives. Our mutual objective is to correlate these seemingly contradictory legal foundations with the hope that our listeners and viewers will understand that they are not so
Monday, September 20, 2021
So, when the idea of sharing biblical principles not from the pulpit or any of the typical platforms came about, my pastor friend Gary Galvez went U.L.O.L and came up with the concept of telling stories that exemplifies what the law of the land and what the law of the Lord would say. different after all. For instance, praying is very much prescribed in the Law of the Lord as provided in 1 Thessalonians 5:16-18, which says, “Always be full of joy. Never stop praying. Whatever happens, always be thankful. This is how God wants you to live in Christ Jesus.” Under the law of the land, President Ferdinand Marcos (Proclamation 2242, 1982), President Corazon Aquino (Proclamation 44, 1986), and President Fidel Ramos (Proclamation 1067, 1997) prescribed a certain period in a year as “National Bible Week.” Ironically, despite his muchpublicized attacks on God and the Church, President Duterte turned the Bible Week into a Bible Month (Proclamation 124, 2017). January was officially declared as National Bible Month with its last week as the National Bible Week. Recent history has shown that government pronouncements have incorporated the Bible and any activities related thereto in government activities. Proclamation 24 reinforced that the term “Almighty God,” only found in the 1987 Constitution, is a reality that runs in the veins of each and every Filipino. The Bible tells us that it is through prayers that we communicate with our Almighty God. The Preamble unequivocally expressed that Filipinos ought to implore the aid of the Almighty God in pursuing their lofty objectives in the Constitution. By law, therefore, Filipinos should communicate with our Almighty God, by way of prayers in every situation. While different religious groups prescribe varying forms of prayers, the fact remains that believers all
M
OSCOW—The head of Russia’s Communist Party, the country’s second-largest political party, is alleging widespread violations in the election for a new national parliament in which his party is widely expected to gain seats. Late Saturday, a YouTube video in which associates of imprisoned opposition leader Alexei Navalny recommended whom to vote for in order to undermine the dominant United Russia party was blocked in Russia. The video remained accessible through non-Russian servers. Communist Party chief Gennady Zyuganov said Saturday—the second of three days of voting in the election— that police and the national elections
commission must respond to reports of “a number of absolutely egregious facts” including ballot-stuffing in several regions. The Golos election-monitoring movement and independent media also reported violations including vote-buying and lax measures for guarding ballots at polling stations. Central Elections Commission head Ella Pamfilova said later Saturday that more than 6,200 ballots have been annulled in five regions for procedural violations and ballot-stuffing. The United Russia party, which is diligently loyal to President Vladimir Putin, appears certain to retain its dominance in the State Duma, the lower house of parliament. Still, some projections suggest the party could lose
over the country acknowledge praying as a communication channel to God. Both the Bible and our government, the latter recently in the light of calamities, have recognized the power of prayers! Filipinos, with little or no eternal perspective, will not have a clear definition of what is just and what is right in the eyes of God. For public servants to especially understand that compliance to their sworn duties can be as simple as serving others with love, they need to study the Bible. Whether required by regulation or strongly encouraged by their superiors, public servants must have a continuing presence of God’s ultimate law of loving others. In their oaths, where they swore to uphold the law and defend our Constitution, public servants need to marry the concept of justice with God’s righteousness if they are truly to understand it, biblically speaking. In the words of author Cindy Jacobs, “Law without an ultimate judge and lawgiver can only deteriorate into anarchy or tyranny. Law without the fear of the Lord turns our cities into police states.” Without the values of “truth, justice, freedom, love, equality, and peace” as provided in the Preamble (Law of the Land) which are aligned with “love, joy, peace, forbearance, kindness, goodness, faithfulness, gentleness and self-control” as found in the Bible (Law of the Lord), the sins of corruption will persist and prevail in our society. With programs like Usapang LOL, “crazy” Pastor Gary and I aim to make others crazy to learn both the Law of the Lord and the Law of the Land. A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.
Climate change–A risk that must not be ignored
By Reynaldo A. de Dios
P
resently the focus of the world is battling the coronavirus pandemic and the disruption it is causing in all aspects of life. Surprisingly, most people are still unaware that climate change or global warming will be more devastating than the Covid-19. This was reported in a United Nations Intergovernmental Panel on Climate Change (IPCC), stating that the world will not be able to avoid the disastrous impacts of climate change. The report also concluded that humans have caused so much emission of carbon dioxide and other greenhouse gasses into the atmosphere. Human-induced climate change is already affecting many weather and climate extremes in every region across the globe. Examples are the recent record-breaking hurricanes in the United States and the heat waves in Europe. The Panel also predicted that the enormous ice sheets in Greenland and West Antarctica will continue to melt and global sea levels will continue to rise. The IPCC experts project that in the coming decades, climate changes will increase in all regions and
for 1.5°C of global warming, there will be increasing heat waves, longer warm seasons and shorter cold seasons. At 2°C of global warming, heat extremes are more likely to reach critical tolerance thresholds for agriculture and health. But what is even more alarming is its impact on the production of water, which is vital for the farmers. The series of climate disasters occurring are all the evidence we need to validate the warnings enumerated in the IPCC report, although some
The series of climate disasters occurring are all the evidence we need to validate the warnings enumerated in the IPCC report, although some scientists deplore the fear mongering on climate change. Nevertheless, unless governments take concerted action to reduce greenhouse gas emissions in accordance with the Paris Agreement, the world will have to suffer the consequences.
scientists deplore the fear mongering on climate change. Nevertheless, unless governments take concerted action to reduce greenhouse gas emissions in accordance with the Paris Agreement, the world will have to suffer the consequences. The private sector should also help and this campaign being done by a number of banks and financial institutions that have refrained from financing the fossil-fuel industry.
Communists, observers report violations in Russian election By Jim Heintz | Associated Press
A9
its current two-thirds majority, which is enough to change the constitution. The Communists are expected to pick up the biggest share of any seats lost by United Russia. Although the Communists generally support Kremlin initiatives in the parliament, their gaining seats would be a loss of face for United Russia. The Communists are seen as potentially benefiting from the “Smart Voting” program promoted by Navalny and his team, which aims to weaken United Russia by advising voters on which candidates are in the strongest position to defeat United Russia’s candidates. However, it’s unclear how effective the program will be after the YouTube blockage, which came a day after Apple and Google removed Smart Voting
apps from their stores under Kremlin pressure. Navalny’s organizations have been declared extremist, blocking anyone associated with them from running for office. The Telegram messaging app, founded by Russian-born entrepreneur Pavel Durov, also blocked Smart Voting. Durov said Saturday that the service was blocking all election-related bots in order to conform with laws banning campaigning once voting starts. In St. Petersburg, voter Pavel Ivanov said he had access to Smart Voting and followed its advice to vote for a small party that “does not meet my preferences to the full extent but [will] present a certain opposition to the ruling party.” Zyuganov said the party has tallied
at least 44 incidents of voting violations and the Communists have applied for permits to hold protests next week after the voting ends Sunday. On Saturday, the news website Znak said a resident of the Moscow region was offering 1,000 rubles ($15) to people who voted for United Russia. The publication said it called the man, who said the payment would come if the caller provided evidence of their vote through a messaging app. The Golos movement cited reports from its observers and local news media of an array of apparent violations, including ballots being stored overnight in a cabinet with a broken door and of envelopes for storing ballot tallies appearing to have been opened and then resealed. On the first day of voting Friday,
On the part of the insurance industry, they have the support of the House of Representatives in requiring environmental insurance coverage for environmentally critical projects in order to protect the country’s ecology and natural resources. Deputy Speaker Rodante D. Marcoleta authored the bill. It was approved by the House and forwarded to the Senate, which was then taken up as Senate Bill 2358 sponsored by Senator Bong Go. Under the measure when signed into law, owners and operators of projects that have high potential for significant negative environmental impact are required to secure mandatory environmental insurance to compensate for damages to health and property, environmental rehabilitation, remediation and clean up costs resulting from impairment or damage to resources triggered by the projects.
The author is a risk management consultant and Editor of Insurance Philippines magazine.
unexpectedly long lines formed at some polling places, and independent media suggested this could show that state institutions and companies were forcing employees to vote. But despite those lines, overall turnout appeared to be desultory. Pamfilova, the elections commission head, said about 25% of the electorate had cast ballots by 3 p.m. Saturday, about halfway through the voting. Some voters participated, but with little sense of involvement. “I vote every year. What is happening in the end does not depend on us, nothing depends on us,” Nikolai Martemyanov, a resident of the Siberian village of Desyatove, told The Associated Press.
Irina Titova in St. Petersburg and Yulya Alekseeva in Desyatovo contributed to this story
A10 Monday, September 20, 2021
PHL pushes maritime law change to cover pandemic
T
By Samuel P. Medenilla
@sam_medenilla
HE Department of Labor and Employment (DOLE) is now pushing for the amendment of the Maritime Labour Convention (MLC) of 2006 to include provisions which will protect seafarers amid the Covid-19 crisis.
Labor and Employment Secretary Silvestre H. Bello III said he wants the MLC to be more responsive to the challenges now faced by seafarers worldwide so they could cope with the effects of the pandemic. “We must chart strategic and appropriate measures to continuously protect our seafarers in dealing with fresh opportunities as the world faces a new normal,” Bello said in his address before maritime
leaders during the virtual meeting of the International Maritime Organization (IMO) recently. Crafted in 2006 by maritime stakeholders during the International Labour Conference (ILC) of the International Labour Organization (ILO), the MLC serves as the seafarers’ bill of rights. Bello noted that currently, the MLC, which took effect in 2013, remains ambiguous in “providing fair treatment and protection to
“We fully recognize our seafarers as essential workers who play a vital role in the economy which is why they are among the priority recipients in the government’s national Covid vaccination rollout.”
BM
SILVESTRE BELLO III Labor and Employment Secretary
seafarers.” Bello said, “[The Convention] only encourages the member-states to cooperate to facilitate the investigation of serious marine casualties. We need to act to correct such ambiguities in the code.” The International Labour Organization (ILO), he said, may consider the measures adopted by the government during the pandemic to address the needs of seafarers. Among these measures is the Philippine Green Lane for seafarers, which facilitates their safe and swift disembarkation as well as crew change during the pandemic. The labor chief also cited the government’s guidelines for the
repatriation and deployment of seafarers during emergencies, which includes exempting them from travel restrictions and prioritizing them in the Covid-19 vaccination rollout. “We fully recognize our seafarers as essential workers who play a vital role in the economy which is why they are among the priority recipients in the government’s national Covid vaccination rollout,” Bello said. DOLE issued the statement after the country formally took over the chairmanship of the government body of the ILO last July, which will allow it to influence the agenda of the next ILC.
PDP-LABAN PICKS PACQUIAO FOR PRESIDENT IN‘22 POLLS By Butch Fernandez @butchfBM
T
HE Partido Demokratiko Pilipino-Lakas ng Bayan (PDP- Laban) on Sunday declared Senator Emmanuel “Manny” Pacquiao standard bearer for the 2022 national elections, with party chairman Sen. Koko Pimentel declaring their bid to “fight back against the hijackers,” referring to the faction of the ruling party led by Energy Secretary Alfonso Cusi. In accepting the nomination, Pacquiao said in Filipino that he dedicated “this day to our countrymen who seek real change,” adding, “With courage and humility I trust in your support. I accept your nomination” as the party’s presidential candidate. As announced earlier by party chairman Pimentel, the party assembly will not pick a vice-presidential candidate but leave it to Pacquiao to choose his running mate. In a national assembly held just days before a Comelec-mandated deadline for all registered parties, Pimentel said thousands of grassroots members in chapters across the regions, along with partner organizations, are determined to keep the original spirit of the party founders. “Today we will formally fight
30 foreign, local experts to grace 3-day Franchise Asia PHL virtual forum
M
ORE than 30 international and local experts will present fresh ideas to help the local franchising industry recover from the pandemic at the three-day Franchise Asia Philippines (FAPHL) 2021 Virtual Conference slated on September 21 to 23. Aptly themed “Igniting Recovery: The Future of Franchising,” the Philippine Franchise Association (PFA) seeks to fuel the drive of the Philippine franchising sector rather than merely wait on the sidelines and let the pandemic deal more crippling blows to the industry. “We put together more than 30 of the most sought-after industry experts and renowned leaders who will be featured in over 20 highly dynamic and curated sessions compressed in three full days from September 21 to 23,” PFA Chairman Richard V. Sanz said. “We fully believe that the Philippine franchising sector is still headed to more opportunities.... That is why we have pushed through the holding of Franchise Asia Philippines 2021.” PFA President Sherill R. Quintana said the PFA leadership decided to adapt to the situation and find ways to serve the members, opting not to cower in fear and merely wait for “normalcy.“ “We added new and exciting session formats to make sure the FAPHL 2021 Virtual Conference will unravel the roadblocks and complexities of the unendingdisruptionsinthebusinesslandscape. Through empowering contents andthought-provokingdiscussions,the virtual conference will be able to unlock
back against the hijackers. We will not allow the party to be hijacked. We have been ignoring them but resisting them,” stressed Pimentel in his opening remarks, and likened the latecomers to the party to hitchhikers who so enjoyed the ride they are now wresting the car from the true owners. Pimentel noted that, despite the sheer logistical difficulty of bringing together thousands of members while respecting health protocols, the PDP-Laban mounted the assembly, which he called a “constitutionally protected political gathering.” Pacquiao’s nomination as PDPLaban bet for president in the May 2022 polls was widely expected, and comes days after the Cusi wing declared its own tandem—Sen. Bong Go as president and President Duterte as his runningmate. Duterte accepted the nomination, but Go has declined. The party gave Pacquiao a free hand in choosing his running mate. Pimentel earlier explained it was crucial to ensure the two nominees had “chemistry,” because it did not make sense to have two top leaders not on good terms. Beside PDP-Laban members, the gathering was participated in by various regional and national organizations. Continued on A4
Bongbong backs SRA for non-medical frontliners
T
TRADE and Industry Secretary Ramon Lopez and Tourism Secretary Bernadette Romulo Puyat will lead the keynote presentations, discussing relevant and timely contents about the future of business, economy, and industry updates to help everyone in this world of disruption. The Plenary Sessions will feature influential speakers and renowned leaders such as Al Panlilio of the PLDT Group, Jos Ortega of Havas Ortega and International Speakers from Canada and USA, Matthew Haller from International Franchise Association (IFA USA), Brad Sugars from ActionCOACH (USA), Robert Locascio from LivePerson (USA), Dr. Ben Litalien, CFE from Franchise Well Consulting (USA), Dr. Rajagopal Raghunathan, the author of the award-winning book “If you’re So Smart, Why Aren’t you Happy?” and Ira Bernard Teich of The Teich Group (Canada).
HE national government and lawmakers have been urged to prioritize the inclusion of non-medical frontline staff serving in hospitals and quarantine facilities among those eligible to receive Special Risk Allowance (SRA), Hazard Pay and other benefits. The latest to add his voice to this advocacy was former Sen. Ferdinand “Bongbong” Marcos, Jr. The move to include them, underscored in a series of congressional hearings on delays in the release of pandemic-related benefits, was made by health-care workers’ representatives who noted that thousands among them, including ambulance drivers, staff in nonCovid wards and janitors, were not covered by the SRA and hazard pay. Several senators supported that move, but health and budget officials said while they wanted to give the benefits to all medical workers, the resources were limited. “When it comes to benefits like SRA and Hazard Pay—SANA ALL,” Marcos said in a statement, referring to the viral public-service reminders for people to complete all health protocols—face mask, shield, social distancing, washing hands—against Covid-19. “I keep repeating this and will fight for it. This has always been my advocacy because everyone working in hospitals and quarantine facilities are exposed to the same risks,” Marcos said, partly in Filipino. Marcos lamented the delays in releasing the benefits to non-medical and outsourced staff considered essential frontline workers. “Guards, janitors, non-medical staff in laboratories and other support staff are considered frontline workers but how come they are also experiencing delays in their benefits?” Marcos added. Marcos was also saddened by the fact that health-care workers had to resort to extreme measures just for their plight to be noticed by authorities.
Continued on A4
Continued on A4
opportunities and provide exceptional learnings,” Quintana stressed. The Virtual Conference sessions and topics are specially curated to help craft a roadmap for the future of Philippine franchising. It will feature: Highly-dynamic and curated sessions through: ■ Keynote Presentations ■ Plenary Sessions ■ Franchise Panel Sessions ■ Concurrent C-Suite Forum featuring 10 Area-Focused Tracks ■ A Special Session on the Next Gen in Franchising
Keynote presentations, plenary
Editor: Jennifer A. Ng
Companies BusinessMirror
Monday, September 20, 2021
B1
Aboitiz to focus on floating solar projects in Isabela
A
By Lenie Lectura
@llectura
boitiz Power Corp., the largest owner and operator of renewable energy projects in the Philippines, has ruled out floating solar power investments in Laguna de Bay. “I am already expecting that there would be (problems) in Laguna de Bay so we did not even consider it as an area where we would apply service contracts for. You’d be competing
with fish pens, I think. We didn’t even investigate. We have our reservoirs in Magat, Ambuklao and Binga anyway. So, let’s focus on those,” said AboitizPower President Emmanuel Rubio.
Earlier, SN Aboitiz Power (SNAP) Group Vice President Jason Soberano cited water rights as one of the challenges in putting up floating solar projects. The government owns most of the country’s water surfaces. SNAP is a joint venture between AboitizPower and Norwegian firm Scatec (previously SN Power). SNAP is proceeding with the expansion of its pilot 200-kilowatt (kW) floating solar power project over the Magat reservoir in Isabela province. The expansion plan involves the construction of at least 67-megawatt (MW) floating solar power project also on the Magat reservoir.
“The existing project is just a pilot. It is small, close to 300kW actually. It’s one pod. What we are going to do is just multiply the pods. It’s not going to be launched, but we are going to start the feasibility study in order to prepare for the tender process. But what we have proven is that this technology, a solar film that floats on water, without a gap between the film and water. It’s a Norwegian technology and we are ready to execute that project within six months. It can withstand typhoons that pass through Isabela. We tested it with one, or at least two; it worked,” said Rubio.
SNAP earlier switched on its first 200 kilowatt floating solar project over the Magat reservoir in Isabela. This was the first non-hydro renewable energy project of SNAP, which was looking at other renewables and complementary technologies to expand its portfolio. The 200kW floating solar project, which costs around P24 million, is
made up of 720 solar panels held in place by four mooring systems over the reservoir in Isabela. SNAP also owns and operates the 388-MW Magat hydro on the borders of Isabela and Ifugao, the 8.5-MW Maris hydro in Isabela, the 105-MW Ambuklao hydro in Benguet, and the 140-MW Binga hydro also in Benguet.
SM Group gives Covid shots to 94% of eligible employees T he SM Group said it was able to vaccinate most of its eligible employees just weeks after the arrival of the vaccines it ordered. The company ordered more than half a million doses of vaccines for its employees and for donation to the national government.
The company’s units include holding firm SM Investments Corp., shopping mall operator SM Prime Holdings Inc., SM Retail Inc., BDO Unibank Inc., China Banking Corp. and portfolio companies such as 2GO Group Inc., Atlas Consolidated Mining and Development Corp. and Goldilocks Bakeshop.
The company led by the Sy family was able to inoculate 94 percent of its workforce, it said. “Our goal is to support broad vaccination efforts and not just to focus on our own people or those connected with our business. We are here for the good of the community and to support vaccination
as a national priority,” Frederic C. DyBuncio, SMIC president and CEO, said. Lender BDO was among the pioneers in the private sector to source vaccines and provided vaccines through a tripartite agreement it signed with the government and vaccine manufacturers, while SM
malls teamed up with Go Negosyo to open shared vaccination sites for around 300 small and medium firms with more than 170,000 employees as part of Go Negosyo’s “A Dose of Hope” program. In addition, over 3.3 million doses of the Covid-19 vaccine have been administered in 69 malls
around the country that have been used as vaccination hubs by various local government units. Pasay, for instance, has partnered with SM to open one of the country’s largest vaccination sites at The Galeon at the Mall of Asia which could accommodate over 3,000 individuals daily. VG Cabuag
B2
Companies BusinessMirror
Monday, September 20, 2021
SEC creates office to help SMEs tap capital markets
T
By VG Cabuag
@villygc
he Securities and Exchange Commission (SEC) has created an office which will help small and medium enterprises (SMEs) raise funds through various modes being employed by large companies. SEC Chairman Emilio B. Aquino said the agency is encouraging more SMEs to go public. The agency hopes to provide the necessary assistance they need to reach their goal by establishing the Office for the Advancement of Strategic Investments in SMEs (OASIS). “[It is] an OASIS not to draw water from, but capital, and certainly not watered stocks. The formation of OASIS is dedicated to promoting the interests of SMEs,” Aquino said during an online forum organized by the Philippine Stock Exchange (PSE). Aquino said OASIS will help, among others, set up the capital market as a viable alternative to raising capital for SMEs, simplify the capitalraising products and streamline the registration processes for SMEs and encourage the investment houses
and other financial institutions to conceive and implement an SMEfriendly underwriting and advisory program. It hopes to engage with multilateral agencies, such as the Asian Development Bank and International Finance Corp. of the World Bank, in launching SME-focused investment funds. It also aims to collaborate with the other agencies and the private sector in developing the appropriate ecosystem for SMEs, both developmental and regulatory. “We challenge ourselves that by the time we celebrate our 88th year anniversary on November 11, 2024, at least 888 companies would have already tapped the capital market for their capital-raising activities,” Aquino said. Some 99 percent of the total
Speakers at The Road to IPO: SME forum held on September 16 and 17. (From left, by row): Philippine Stock Exchange (PSE) President and CEO Ramon S. Monzon, Trade Secretary Ramon M. Lopez, Securities and Exchange Commission (SEC) Chairman Emilio B. Aquino, MerryMart Consumer Corp. Chairman Edgar J. Sia II, PSE COO Roel A. Refran; Asian Development Bank Senior Economist Shigehiro Shinozaki, Unicapital, Inc. First Vice President Pamela Louise Q. Victoriano, SEC Markets and Securities Regulation Department Director Vicente Graciano P. Felizmenio, Jr., KPMG R.G. Manabat Audit and Assurance Director Karlo Eleazar V. Baral, Picazo Buyco Tan Fider & Santos Managing Partner Atty. Gabriel A. Dee, and D&L Industries Investor Relations Manager Crissa Marie Bondad-Mendoza. Contributed Photo
business enterprises operating in the country as of 2020 are SMEs, and these firms generated 62 percent of the country’s total employment. “This prolonged pandemic made it more difficult for MSMEs [micro, small and medium enterprises] to raise funds from formal financial institutions and to survive the crisis. Although, the sector’s ability to access finance faces constraints even during non-crisis periods,” Aquino said. “As some areas are moving to the recovery stage, MSMEs continue to confront a sharp drop in demand and
revenue as we deal with the continuing threats of Covid-19.” The PSE last week held an online forum to discuss with the SMEs the process of going public. “We are pleased to see keen interest from business owners in the provinces. It is important for us to impart that capital raising in the PSE is not exclusive for big and established firms or for businesses based in Metro Manila. The stock market is open to SME companies who need capital to take the next step in growing their business,” PSE President and CEO Ramon S. Monzon said.
STOCK-MARKET OUTLOOK Last week
Share prices fell last week due to profit taking after the benchmark Philippine Stock Exchange index (PSEi) reached the 7,000-point mark for the first time since July. The PSEi slipped 57.66 points to close at 6,912.85 points. The main index also fell after Moody’s Investors Service trimmed its Philippine economic growth projection for 2021 to 4.8 percent due to the reimposition of strict lockdowns and slow vaccine rollout. Average value of trade for the week was at P7.93 billion after a trading surge on Friday. The listing of RL Commercial Reit Inc. on Tuesday also contributed a huge volume. Foreign investors, which made up only 31 percent of the trades for the week, were net buyers at P2.6 billion. With the exception of the Services index that rose 10.64 points to close at 1,830.50 points, all other sub-indices closed lower. The broader All Shares index fell 6.95 to 4,295.84, the Financials index declined 5.20 to 1,442.46, the Industrial index shed 51.35 to 10.171.96, the Holding Firms index was down 53 to 6,987.06, the Property index lost 68.08 to 3,039.91 and the Mining and Oil index plunged 359.06 to 9,446.88. For the week, losers edged gainers 151 to 74 and 28 shares were unchanged. Top gainers for the week were Chemical Industries of the Philippines Inc., Aboitiz Power Corp., Monde Nissin Corp., Manila Mining Corp. A, Philodrill Corp., Pacifica Holdings Inc. and Aboitiz Equity Ventures Inc. Top losers were Concrete Aggregates Corp. B, Ever-Gotesco Resources and Holdings Inc., Boulevard Holdings Inc., Global-Estate Resorts Inc., Prime Media Holdings Inc. and Basic Energy Corp.
This week
Share prices may continue to decline this week due to the lingering concerns over the pandemic which will weigh on the local bourse. “Adding to the global concerns that may also dampen sentiment is the Federal Reserve’s possible tapering of its monetary stimulus soon. With this, investors are expected to watch out for next week’s United States Federal Reserve meeting for clues on how the US monetary authority will proceed with their bond purchases,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said. “While our daily Covid-19 case counts have not reached a new peak, it remains elevated averaging 19,805 per day. Moving forward, if our case counts will still be elevated, much worse, if new peaks are reached, then our Covid-19 situation may continue to cloud our economic prospects.” Investors will also watch out for the Bangko Sentral ng Pilipinas’ (BSP) policy meeting this week, though many expect key interest rates to remain unchanged. Some investors may still watch out for the BSP’s inflation expectations to gain clues on whether consumer price pressures will still be a big problem for the economy moving forward. Broker 2TradeAsia said the main index’s retreat to the 6,900-point level does not imply that the 7,000-point level is too tough of a resistance to crack. “However, pending catalysts that can push market conviction to a higher terrain, such as the macro stimulus programs from the fiscal side…the bias is for the market to go sideways.” Support level for the main index is seen at 6,800 points and resistance at 7,100 points.
Stock picks
Broker Regina Capital Development Corp. advised to take profits on the stock of Emperador Inc. (EMP) after the stock traded at levels it has not seen in over 8 years. “After more than a week of sideways consolidation, EMP’s price soared by more than 6 percent during Thursday’s trading and even reached an intra-day high of P18.10,” the broker said. “The one-day uptick strengthened the indicators’ buying momentum. The strong one-day uptick and historical highs that EMP is traversing could inspire some profit-taking over the next couple of days,” the broker said, giving a weekly target of P17.80 for the stock. Emperador shares closed last week at P18.30 apiece. Meanwhile, it gave a buy recommendation on the stock of BDO Unibank Inc. but only when its support price of P110 holds. “[Last week’s] movement could have arrested BDO’s decline, and it would likely keep its position above the key short- and long-term moving averages at least until next week,” it said. BDO shares closed last week at P114.80 apiece. VG Cabuag
www.businessmirror.com.ph
PSE STOCK QUOTATIONS
September 17, 2021
Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALs
ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG NTL REINSURANCE PHIL STOCK EXCH
43.55 113.6 83 24.1 9.02 45.1 9.63 18.46 20.1 55.6 19.5 108.3 84.2 1.03 4.28 3.25 0.66 230.4
44 114.8 83.2 24.2 9.1 45.35 10 18.5 20.15 56.25 19.8 110.5 85.3 1.1 4.32 3.37 0.67 233.8
44 112 83.5 24.2 9.1 44.85 9.62 18.5 20 55.5 19.9 112.6 85.5 1.04 4.3 3.39 0.66 230.2
44 114.8 83.5 24.2 9.1 45.7 9.62 18.5 20.15 56.25 19.9 112.6 85.5 1.04 4.32 3.39 0.66 235
43.5 112 82.8 24.05 9 44.8 9.62 18.5 20 55.5 19.5 108.3 83.2 1.04 4.28 3.35 0.65 230.2
44 114.8 83.2 24.2 9.01 45.1 9.62 18.5 20.1 56.25 19.8 108.3 85.3 1.04 4.32 3.38 0.65 230.2
13,400 2,564,150 1,450,510 116,400 264,600 3,101,000 2,300 3,000 267,900 2,590 54,500 1,344,490 13,820 1,000 277,000 50,000 49,000 1,520
589,275 292,676,730 120,659,880 2,804,905 2,387,465 140,205,220 22,126 55,500 5,376,200 145,073.50 1,074,902 146,451,562 1,170,431 1,040 1,191,430 168,670 32,330 355,764
-440,000 48,054,022 -3,826,641.50 -31,265 -12,423,375 -76,705 106,517.50 -103,335,615 -55,232 -86,000 235,000
INDUSTRIAL AC ENERGY 10.34 10.36 10.5 10.68 10.32 10.36 133,860,300 1,393,855,046 ALSONS CONS 1.17 1.18 1.16 1.18 1.15 1.18 190,000 219,630 ABOITIZ POWER 32.65 32.7 31.75 33.25 31.75 32.65 12,481,300 408,313,455 BASIC ENERGY 0.54 0.55 0.56 0.56 0.53 0.55 13,173,000 7,167,970 FIRST GEN 31.65 31.7 31.5 31.75 31.5 31.7 754,900 23,930,200 FIRST PHIL HLDG 77.5 77.65 77.5 77.65 77.5 77.5 73,760 5,717,134.50 MERALCO 295 296 296 297.8 294 296 272,630 80,662,940 MANILA WATER 17.58 17.66 17.7 17.7 17.58 17.58 1,356,600 23,911,990 PETRON 3.09 3.1 3.11 3.12 3.09 3.09 1,324,000 4,111,700 PETROENERGY 3.96 4.04 4.04 4.04 4.04 4.04 4,000 16,160 PHX PETROLEUM 12.52 12.72 12.52 12.72 12.52 12.72 8,300 104,966 PILIPINAS SHELL 19.96 20 19.86 20.2 19.5 20 198,900 3,991,372 13.72 13.74 13.8 13.8 13.68 13.74 103,000 1,414,130 SPC POWER 4.99 5.1 5.12 5.12 4.96 5.1 191,600 960,868 AGRINURTURE 2.53 2.73 2.75 2.75 2.53 2.53 2,062,000 5,285,850 AXELUM 13.6 14.4 13.58 13.6 13.58 13.6 3,300 44,836 CNTRL AZUCARERA CENTURY FOOD 28.5 28.65 28.2 29 28.2 28.5 1,947,500 55,720,885 15.34 15.36 15.86 15.86 15.2 15.34 238,500 3,677,264 DEL MONTE 7.96 8.05 8.05 8.06 7.9 8.05 4,197,400 33,366,439 DNL INDUS 18.26 18.3 18.12 18.36 18 18.3 9,092,700 166,244,858 EMPERADOR 78.1 78.55 80.9 80.95 78.55 78.55 368,460 29,038,959 SMC FOODANDBEV 0.64 0.65 0.65 0.65 0.64 0.64 133,000 85,130 ALLIANCE SELECT FRUITAS HLDG 1.31 1.32 1.32 1.33 1.29 1.32 8,935,000 11,724,730 GINEBRA 102.1 102.2 104 106.5 102 102.1 96,340 9,979,382 JOLLIBEE 197 200.8 204 204 197 197 1,010,660 199,834,934 MAXS GROUP 6.53 6.55 6.6 6.67 6.57 6.57 82,600 547,447 MG HLDG 0.209 0.212 0.213 0.213 0.209 0.212 1,800,000 378,610 MONDE NISSIN 19.48 19.5 19 19.84 18.88 19.5 47,457,500 918,824,310 SHAKEYS PIZZA 7.95 8 8.1 8.1 7.91 8 643,700 5,149,143 ROXAS AND CO 0.87 0.88 0.88 0.9 0.87 0.87 1,203,000 1,050,690 RFM CORP 4.52 4.66 4.65 4.65 4.65 4.65 11,000 51,150 ROXAS HLDG 1.29 1.4 1.29 1.29 1.29 1.29 1,000 1,290 SWIFT FOODS 0.126 0.127 0.127 0.129 0.127 0.127 2,690,000 341,910 UNIV ROBINA 135.9 137.8 138 139.6 135.9 135.9 1,162,360 158,708,206 0.78 0.79 0.79 0.8 0.79 0.79 785,000 620,170 VITARICH VICTORIAS 2.34 2.5 2.33 2.46 2.33 2.46 205,000 502,870 CEMEX HLDG 1.24 1.25 1.23 1.25 1.23 1.25 2,569,000 3,182,120 14.12 14.16 14.2 14.2 14.1 14.16 11,600 164,056 EAGLE CEMENT EEI CORP 7.6 7.7 7.76 7.78 7.6 7.6 233,400 1,799,703 HOLCIM 6.34 6.59 6.58 6.7 6.34 6.34 765,600 4,893,292 6.05 6.11 6.17 6.24 6.05 6.05 1,603,200 9,833,156 MEGAWIDE 14.38 14.4 14.5 14.5 14.4 14.4 35,100 506,250 PHINMA 0.98 0.99 0.96 0.99 0.96 0.99 130,000 126,010 TKC METALS VULCAN INDL 1.16 1.17 1.18 1.21 1.13 1.17 5,718,000 6,725,480 1.7 1.71 1.69 1.69 1.69 1.69 27,000 45,630 CROWN ASIA EUROMED 1.64 1.68 1.65 1.68 1.65 1.65 276,000 456,020 LMG CORP 4.4 4.55 4.36 4.5 4.36 4.5 32,000 143,130 MABUHAY VINYL 5.35 5.45 5.39 5.45 5.39 5.45 3,100 16,805 PRYCE CORP 5.41 5.46 5.41 5.41 5.4 5.41 40,100 216,641 CONCEPCION 24 24.2 23.5 24 23.5 24 18,600 444,300 GREENERGY 2.61 2.62 2.66 2.68 2.6 2.62 3,248,000 8,534,100 INTEGRATED MICR 8.48 8.49 8.5 8.6 8.48 8.49 276,100 2,347,588 IONICS 0.91 0.92 0.92 0.93 0.9 0.91 208,000 189,130 PANASONIC 5.84 6 5.81 6 5.8 6 7,300 42,806 SFA SEMICON 1.17 1.19 1.18 1.19 1.17 1.19 308,000 362,250 CIRTEK HLDG 4.66 4.7 4.68 4.78 4.65 4.7 1,730,000 8,143,940
66,063,960 10,276,555 83,450 -4,855,075 659,434.50 26,380,898 -8,637,962 77,200 1,339,010 -39,916 264,630 -3,656,160.00 -5,736,825 -272,070 -14,196,402 5,507,736 -15,882,179 -299,760 537,731 -77,084,924 13,200 73,685,758 1,897,200 76,400 -63,500 -85,153,830 447,360 -3,210,325 -3,488,924 14,400 -97,090 8,250 413,600 -159,790 -54,865 26,270 -34,700 -450,870
HOLDING & FRIMS ABACORE CAPITAL 1.02 1.03 1.04 1.05 1.02 1.03 1,306,000 1,347,860 ASIABEST GROUP 6.07 6.15 6.07 6.07 6.07 6.07 1,200 7,284 AYALA CORP 811.5 812 808.5 815 805.5 811.5 646,350 524,588,205 ABOITIZ EQUITY 48.25 50 47.35 50 46.05 50 3,766,500 182,062,360 ALLIANCE GLOBAL 10.78 10.8 10.86 11.12 10.74 10.78 9,305,500 101,967,982 AYALA LAND LOG 5.16 5.2 5.16 5.24 5.08 5.2 3,834,900 19,871,861 ANSCOR 7.1 7.2 7.09 7.19 7.09 7.19 77,300 548,756 ANGLO PHIL HLDG 0.97 0.99 1.01 1.01 0.97 0.99 1,366,000 1,331,480 ATN HLDG A 0.56 0.57 0.56 0.57 0.53 0.57 1,204,000 673,520 ATN HLDG B 0.55 0.58 0.54 0.58 0.54 0.58 263,000 146,540 COSCO CAPITAL 5.04 5.05 5.08 5.12 5.05 5.05 635,400 3,223,801 DMCI HLDG 7.08 7.11 7.07 7.25 7.07 7.08 20,834,100 149,088,916 7.58 7.74 7.6 7.74 7.6 7.6 159,400 1,211,930 FILINVEST DEV FJ PRINCE A 2.69 2.8 2.67 2.67 2.67 2.67 1,000 2,670 FORUM PACIFIC 0.3 0.31 0.29 0.31 0.29 0.31 800,000 235,850 GT CAPITAL 529.5 530 538 549.5 530 530 303,710 162,013,775 64.6 64.8 66.8 66.95 64.8 64.8 2,447,570 159,143,279 JG SUMMIT 5.52 5.7 5.35 5.35 5.35 5.35 100 535 JOLLIVILLE HLDG KEPPEL HLDG A 6.06 6.18 5.99 6.06 5.95 6.06 37,800 228,206 LODESTAR 0.71 0.72 0.7 0.76 0.7 0.72 897,000 644,320 LOPEZ HLDG 3.28 3.32 3.3 3.31 3.3 3.3 1,232,000 4,065,800 9.14 9.32 9.05 9.36 9.05 9.14 18,270,800 168,113,797 LT GROUP 3.84 3.85 3.79 3.84 3.78 3.84 14,635,000 56,061,580 METRO PAC INV PACIFICA HLDG 3.15 3.23 3.15 3.29 3.15 3.29 9,000 29,240 PRIME MEDIA 1.92 1.98 2.03 2.03 1.9 1.98 516,000 996,750 REPUBLIC GLASS 2.53 2.77 2.52 2.52 2.52 2.52 1,000 2,520 SOLID GROUP 1.18 1.23 1.22 1.23 1.18 1.23 168,000 202,340 SM INVESTMENTS 994 994.5 995.5 1,000 989 994 300,370 298,578,737.50 SAN MIGUEL CORP 110 112 114.5 115 110 110 1,725,100 191,484,859 SOC RESOURCES 0.66 0.7 0.67 0.7 0.65 0.65 218,000 142,920 TOP FRONTIER 130.3 135.9 130.3 130.3 130.3 130.3 20 2,606 WELLEX INDUS 0.27 0.275 0.275 0.275 0.275 0.275 20,000 5,500 ZEUS HLDG 0.192 0.198 0.194 0.194 0.194 0.194 150,000 29,100
623,410 130,551,620 13,478,410 -837,522 9,171,707 532,431 -697,667 20,637,054 -44,935,060 -3,011,473.50 -59,580 -64,643,901 4,522,970 -26,933,982.50 -2,943,099 -
PROPERTY ARTHALAND CORP 0.65 0.67 0.67 0.67 0.65 0.65 1,002,000 656,110 AYALA LAND 33.2 33.5 33.3 33.5 32.65 33.5 17,989,400 598,135,430 AREIT RT 36.7 38.1 38 38.4 36.7 36.7 2,940,500 108,633,425 BELLE CORP 1.35 1.36 1.37 1.39 1.35 1.35 647,000 880,630 A BROWN 0.83 0.85 0.85 0.85 0.82 0.85 258,000 216,050 CITYLAND DEVT 0.77 0.78 0.77 0.79 0.77 0.78 272,000 211,530 CROWN EQUITIES 0.119 0.123 0.125 0.125 0.119 0.119 3,420,000 408,230 CEB LANDMASTERS 3.01 3.03 3 3.04 3 3.01 976,000 2,942,060 CENTURY PROP 0.46 0.47 0.475 0.48 0.46 0.47 83,320,000 38,785,850 DOUBLEDRAGON 9.98 10 10.16 10.18 10 10 623,900 6,286,264 DDMP RT 1.78 1.82 1.8 1.83 1.78 1.78 39,718,000 71,019,860 DM WENCESLAO 6.69 6.7 6.7 6.7 6.68 6.69 46,800 313,524 0.275 0.28 0.28 0.28 0.27 0.27 2,410,000 663,550 EMPIRE EAST 0.405 0.41 0.425 0.435 0.41 0.41 44,250,000 18,529,400 EVER GOTESCO 7.22 7.23 7.25 7.25 7.19 7.23 8,457,600 60,947,582 FILINVEST RT 1.1 1.11 1.1 1.11 1.1 1.11 4,608,000 5,108,130 FILINVEST LAND 0.99 1.01 1.01 1.06 0.98 0.99 4,509,000 4,556,940 GLOBAL ESTATE 7.51 7.55 7.49 7.55 7.25 7.51 90,100 673,738 8990 HLDG 1.2 1.21 1.23 1.23 1.21 1.21 1,661,000 2,017,730 PHIL INFRADEV 1.12 1.14 1.15 1.16 1.12 1.14 204,000 233,430 CITY AND LAND MEGAWORLD 2.92 2.93 2.98 2.98 2.92 2.92 33,210,000 97,231,170 0.295 0.3 0.295 0.3 0.295 0.3 7,600,000 2,263,050 MRC ALLIED 0.51 0.52 0.52 0.53 0.51 0.52 5,673,000 2,935,650 PHIL ESTATES PRIMEX CORP 1.84 1.85 1.91 1.91 1.84 1.85 90,000 166,970 RL COMM RT 6.45 6.46 6.46 6.46 6.45 6.45 12,388,900 79,970,339 ROBINSONS LAND 15.92 15.94 15.96 16.16 15.88 15.94 2,838,700 45,230,454 PHIL REALTY 0.25 0.26 0.26 0.26 0.25 0.26 1,400,000 354,350 ROCKWELL 1.52 1.53 1.51 1.53 1.51 1.53 69,000 105,490 SHANG PROP 2.68 2.7 2.68 2.7 2.67 2.7 244,000 653,560 STA LUCIA LAND 2.85 2.88 2.87 2.9 2.87 2.88 182,000 525,060 SM PRIME HLDG 33 33.05 33.75 33.8 32.8 33 11,887,500 393,622,495 VISTAMALLS 3.69 3.8 3.7 3.7 3.7 3.7 25,000 92,500 SUNTRUST HOME 1.54 1.55 1.55 1.57 1.53 1.55 1,270,000 1,965,410 VISTA LAND 3.6 3.67 3.67 3.7 3.6 3.6 1,547,000 5,621,580 SERVICES ABS CBN 11.84 11.86 11.98 11.98 11.8 11.84 71,600 848,830 GMA NETWORK 13.98 14 13.46 14 13.46 14 6,582,800 90,591,820 MANILA BULLETIN 0.405 0.42 0.42 0.42 0.4 0.4 80,000 32,450 MLA BRDCASTING 9 10.5 9 9 9 9 1,000 9,000 GLOBE TELECOM 3,000 3,020 3,194 3,194 3,000 3,000 285,650 872,276,400 PLDT 1,472 1,500 1,511 1,511 1,472 1,472 266,445 394,508,075 APOLLO GLOBAL 0.101 0.102 0.103 0.104 0.1 0.101 393,690,000 39,952,720 CONVERGE 34.45 34.5 35.6 36.7 34.5 34.5 77,172,800 2,699,500,910 DFNN INC 3.99 4.01 3.74 4.01 3.74 4.01 792,000 3,089,540 DITO CME HLDG 8.12 8.17 8.12 8.26 8.09 8.17 7,318,400 59,910,809 IMPERIAL 1.46 1.55 1.45 1.47 1.45 1.47 13,000 19,050 NOW CORP 2.01 2.02 2.03 2.03 2.01 2.01 990,000 1,996,070 0.36 0.365 0.37 0.37 0.36 0.36 7,010,000 2,530,250 TRANSPACIFIC BR 2.2 2.25 2.22 2.27 2.2 2.25 317,000 711,950 PHILWEB 8.1 8.11 8.38 8.4 8.06 8.11 43,900 358,412 2GO GROUP 13.8 14.1 14 14 14 14 20,000 280,000 ASIAN TERMINALS CHELSEA 2.4 2.43 2.45 2.45 2.4 2.43 464,000 1,116,700 CEBU AIR 39.95 40 40.8 41.75 40 40 1,098,900 44,651,660 188 191.5 192 199 188 188 4,003,010 761,379,108 INTL CONTAINER 16.2 16.76 16.2 16.2 16.2 16.2 5,200 84,240 LBC EXPRESS MACROASIA 4.27 4.42 4.52 4.52 4.27 4.27 2,498,000 10,973,500 1.6 1.63 1.6 1.6 1.6 1.6 184,000 294,400 METROALLIANCE A HARBOR STAR 1.03 1.06 1.03 1.06 1.03 1.06 265,000 277,570 ACESITE HOTEL 1.6 1.63 1.61 1.63 1.6 1.63 281,000 451,780 BOULEVARD HLDG 0.079 0.08 0.084 0.085 0.078 0.08 166,810,000 13,371,120 DISCOVERY WORLD 2.19 2.28 2.2 2.32 2.16 2.19 197,000 434,130 WATERFRONT 0.53 0.54 0.53 0.54 0.52 0.53 1,407,000 745,410 CENTRO ESCOLAR 6.62 6.79 6.79 6.79 6.79 6.79 1,500 10,185 FAR EASTERN U 530 594.5 550 550 550 550 200 110,000 IPEOPLE 6.8 7.08 6.88 7.13 6.8 7.08 93,800 642,867 STI HLDG 0.365 0.37 0.36 0.365 0.36 0.365 1,530,000 557,050 BERJAYA 5.69 5.7 5.59 5.75 5.59 5.7 119,600 676,314 BLOOMBERRY 5.93 5.96 6.05 6.24 5.78 5.96 8,868,800 52,819,499 PACIFIC ONLINE 2.03 2.08 2.08 2.09 2.03 2.08 60,000 124,000 1.75 1.78 1.74 1.8 1.72 1.78 477,000 829,510 LEISURE AND RES 1.98 2.26 1.96 1.98 1.96 1.98 8,000 15,780 MANILA JOCKEY PH RESORTS GRP 1.37 1.38 1.41 1.43 1.33 1.38 5,929,000 8,088,830 0.415 0.42 0.43 0.435 0.415 0.42 4,390,000 1,852,000 PREMIUM LEISURE 5.8 5.95 5.8 5.8 5.8 5.8 1,000 5,800 PHIL RACING ALLHOME 8.6 8.65 8.86 8.86 8.56 8.65 2,366,300 20,463,157 1.24 1.28 1.26 1.27 1.24 1.24 1,752,000 2,189,700 METRO RETAIL PUREGOLD 41.95 42.9 43 43.2 41.95 41.95 805,800 34,194,820 49.7 49.8 49.35 50.3 49.35 49.8 1,424,500 71,032,205 ROBINSONS RTL 85 89 90 90 85 85 13,540 1,169,780.50 PHIL SEVEN CORP 1.13 1.14 1.15 1.15 1.12 1.13 1,208,000 1,358,170 SSI GROUP WILCON DEPOT 27.95 28.3 27 28.3 27 28.3 4,444,100 124,666,870 APC GROUP 0.315 0.325 0.3 0.325 0.3 0.315 1,330,000 405,500 EASYCALL 5.1 5.25 5.12 5.15 5.12 5.12 27,000 138,373 GOLDEN MV 463.8 490 490 490 490 490 5,200 2,548,000 IPM HLDG 7 7.05 7.03 7.05 7.03 7.05 6,500 45,775 PAXYS 2.3 2.48 2.3 2.3 2.3 2.3 4,000 9,200 PRMIERE HORIZON 0.98 0.99 1.02 1.04 0.98 0.98 19,833,000 19,769,600 SBS PHIL CORP 4.23 4.35 4.25 4.35 4.25 4.35 130,000 555,500 MINING & OIL
ATOK 6.85 7.04 7.08 7.08 6.85 7.05 169,700 1,197,623 APEX MINING 1.43 1.44 1.44 1.45 1.42 1.44 1,214,000 1,734,230 ATLAS MINING 6.16 6.18 6.35 6.35 6.16 6.16 958,700 5,944,378 BENGUET A 5.22 5.3 5.3 5.3 5.3 5.3 2,100 11,130 COAL ASIA HLDG 0.29 0.3 0.295 0.3 0.29 0.3 1,310,000 390,100 CENTURY PEAK 2.7 2.75 2.8 2.8 2.75 2.75 225,000 619,750 DIZON MINES 6.01 6.02 6.02 6.02 6.02 6.02 2,700 16,254 FERRONICKEL 2.28 2.3 2.26 2.3 2.23 2.3 2,093,000 4,746,830 GEOGRACE 0.25 0.255 0.25 0.255 0.25 0.255 320,000 81,500 LEPANTO A 0.134 0.136 0.136 0.138 0.134 0.136 14,310,000 1,928,260 MANILA MINING A 0.01 0.011 0.011 0.011 0.011 0.011 200,000 2,200 0.01 0.011 0.01 0.011 0.01 0.011 66,100,000 661,200 MANILA MINING B MARCVENTURES 0.94 0.97 0.96 0.98 0.93 0.97 885,000 838,990 1.15 1.17 1.15 1.17 1.15 1.17 53,000 61,340 NIHAO NICKEL ASIA 5.61 5.84 5.81 5.89 5.61 5.61 10,246,500 58,134,819 0.88 0.89 0.88 0.9 0.88 0.89 148,000 131,910 ORNTL PENINSULA PX MINING 5.35 5.4 5.38 5.46 5.3 5.35 782,100 4,176,283 19.12 19.2 19.4 19.48 19.12 19.2 5,683,000 109,159,120 SEMIRARA MINING 0.0074 0.0075 0.0075 0.0075 0.0073 0.0075 5,000,000 37,100 UNITED PARAGON ACE ENEXOR 15.02 15.2 15 15.2 15 15.2 24,600 372,816 0.01 0.011 0.011 0.011 0.01 0.011 84,700,000 867,700 ORNTL PETROL A ORNTL PETROL B 0.011 0.012 0.011 0.011 0.011 0.011 2,200,000 24,200 PHILODRILL 0.01 0.011 0.01 0.011 0.01 0.011 198,400,000 1,984,200 PXP ENERGY 6.06 6.38 6.21 6.45 6.06 6.06 824,000 5,075,416 PREFFERED HOUSE PREF A 100.8 101 102 102 102 102 10 1,020 AC PREF B1 506.5 525 525 525 525 525 10 5,250 ALCO PREF B 101 101.2 101.2 101.2 101.2 101.2 500 50,600 CEB PREF 40.3 40.5 41 41 40.3 40.4 125,200 5,091,530 CPG PREF A 102 102.9 102.9 102.9 102.9 102.9 3,500 360,150 DD PREF 101 102 101 101 101 101 2,020 204,020 GTCAP PREF A 1,000 1,020 1,020 1,020 1,020 1,020 20 20,400 GTCAP PREF B 1,020 1,039 1,022 1,022 1,020 1,020 8,040 8,203,410 MWIDE PREF 100.6 101.1 100.6 101.2 100.6 101.1 1,250 125,895 PNX PREF 3B 105 106.4 104.8 106.5 104.8 106.5 3,800 400,282 PNX PREF 4 1,007 1,010 1,006 1,010 1,006 1,010 305 307,250 PCOR PREF 2B 1,020 1,024 1,020 1,024 1,020 1,024 300 306,120 1,085 1,092 1,046 1,092 1,046 1,085 2,240 2,427,995 PCOR PREF 3A PCOR PREF 3B 1,135 1,160 1,160 1,160 1,160 1,160 1,910 2,215,600 78.4 79.8 79.8 79.8 78.4 79.8 1,000 78,540 SMC PREF 2F SMC PREF 2J 75.9 76 76 76 75.9 76 843,290 64,089,490 SMC PREF 2K 75.15 76.45 75.15 75.15 75.15 75.15 1,000 75,150 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 10.9 11.3 11.3 11.3 11.3 11.3 6,000 67,800 GMA HLDG PDR 12.9 12.96 12.5 12.96 12.5 12.9 300,000 3,844,380 WARRANTS TECH WARRANT 1.64 1.65 1.62 1.68 1.59 1.65 12,968,000 21,365,230
171,288,450 -41,980,020 36,190 -9,060 -392,750 -3,577,568 87,730 35,750 -307,550 -46,072,717 2,072,670 161,950 -24,242 244,000 -41,842,220 -177,000 -55,600 -25,940 -24,480,918 -1,568,064 -1,530 5,490 96,854,750 136,400 -1,350,210 -409,047,110 -171,873,940 1,153,460 -259,771,320 163,750 17,313,777.00 -920,100 -44,820 44,823 -33,116,410.00 -12,497,183 -2,717,330 48,000 -175,980 208,230 -102,200 25,510 -5,247,096 17,900 270,250 -26,200 9,985,887 -10,855,175 267,385 79,009.50 -319,470.00 16,714,130 -196,000 186,370 59,428 34,470 52,551 83,500 122,870 2,500 -5,760 -29,262,629 -34,308 25,441,098.00 -57,760 -11,000 -3,299,677 -3,274,180 -2,020 -580,000 - -655,000 -16,500
SMALL & MEDIUM ENTERPRISES
ALTUS PROP ITALPINAS KEPWEALTH MERRYMART
17.62 1.98 4.12 4.1
FIRST METRO ETF
105.1
18.28 2 4.28 4.12
EXHANGE TRADE FUNDS
105.4
17.52 1.99 4.22 4.09
18.3 2.03 4.22 4.18
17.52 1.98 4.22 4.07
17.62 1.99 4.22 4.12
70,000 178,000 3,000 4,638,000
1,234,566 353,210 12,660 19,127,910
141,120 -31,680 -688,700
105.2 105.5 105.1 105.1 6,500 684,651 74,576
www.businessmirror.com.ph
Banking&Finance
DOF eyes private sector role in crop reinsurance By Bernadette D. Nicolas @BNicolasBM
T
HE Department of Finance (DOF) is no longer keen on privatizing the Philippine Crop Insurance Corp. (PCIC) but it said it is mulling over involving the private sector for reinsurance. Days after President Duterte signed Executive Order (EO) 148 transferring the PCIC from the Department of Agriculture (DA) to the Department of Finance (DOF), Finance Secretary and now PCIC Board Chair Carlos G. Dominguez III said the privatization of PCIC is currently not on the table. “Privatization of PCIC is not being considered to this time. However involving the private sector through tools such as reinsurance of agriculture risks will be explored,” Dominguez told reporters last Sunday. He believes involving the private sector in reinsurance would bode well for farmers. “Re-insurance will most likely allow the expansion of coverage to more farmers; and more crops and livestock.” Finance Undersecretary Gil S. Beltran has said two years ago that the government has the option to either privatize the PCIC or transform the state-run firm into an entity that offers reinsurance. However, Dominguez said private sector involvement in reinsurance would have yet to be decided by the reorganized PCIC Board. “This will be determined by the reconstituted Board of Directors which now includes the president of the GSIS [Government Service Insurance System] and a representative of the private insurance industry,” he said.
Representation
EO 148 mandates the Secretary of Finance to nominate the representative from the private insurance industry in the PCIC Board. The reorganized PCIC Board will also have the Secretary of the Department of Agriculture (DA) as its vicechairman while its other members include the president of the PCIC, the president of the Land Bank of the Philippines and representative from the “subsistence” farmers’ sector. The latter is preferred to be representing agrarian reform beneficiaries and/ or cooperatives and/or associations, who shall be selected and nominated by the different farmers’ organizations and/or cooperatives. The transfer of the PCIC and the reorganization of its BOD were based on the recommendation of the DOF, DA and the Governance Commission for government-owned and controlled corporations to “ensure that the operations of PCIC are rationalized and monitored centrally in order that government assets and resources are used effectively and the government’s exposure to all forms of liabilities including subsidies is warranted and incurred through prudent measures.” But PCIC’s transfer did not sit well with the Federation of Free Farmers (FFF) who lamented the lack of consultation with farmers and concerned stakeholders. Apart from this, they also said the transfer resulted in the reduction in the number of seats for farmer representatives in the PCIC board to just one from three. The FFF expressed worries that the transfer of PCIC to the DOF would change the priorities of the state insurance firm toward “fiscal and monetary concerns” that may not be supportive of the needs of the farmers.
Stymied bond bears see spark for higher yields
B
OND bears, long frustrated by stubbornly low Treasury yields, are girding for a make-or-break week as the Federal Reserve is expected to start laying the groundwork for reducing stimulus. The bond market enters this potentially pivotal stretch at a crossroads: 10-year yields are testing the top of their range since early July as traders anticipate that the Federal Open Market Committee will hint in its September 22 decision at a plan to curb its bond buying. For the bearish contingent, which is the majority on Wall Street, this meeting represents one of the last prospective triggers this year for a decisive breakout in yields. Primary dealers surveyed by Bloomberg News predict on average that 10-year rates will be more than 30 basis points higher by year-end. Fed tapering signals are hardly the only focus. Strategists also see likely ammunition for bears in the central bank’s new forecasts for its benchmark rate. An unexpected hawkish shift in these projections in June jolted financial markets and flattened the yield curve by the most since the early days of the pandemic. Most primary dealers expect yields to rise. “My view has been that the September FOMC will be a potential catalyst to get things moving toward higher yields by year-end,” said Blake Gwinn, a strategist at RBC Capital Markets, who expects 10-year yields to rise to 1.75 percent next quarter. “If that fails to materialize, I am not sure if other catalysts will get us there, and we may be stuck in range-bound trading in Q4.” The average forecast in a Bloomberg survey of primary dealers is for benchmark 10year yields to climb to 1.69 per-
cent by year-end, from a bit under 1.4 percent now. Deutsche Bank AG was the most bearish, forecasting 2.25 percent. HSBC Holdings Plc’s Steven Major, known for his persistent bullish views, had the lowest forecast, at 1 percent. The Fed is likely to hint on Wednesday that it’s ready to taper soon with a formal announcement coming in November, according to a separate Bloomberg survey of economists. The central bank is also expected to hold rates near zero through 2022 before delivering two quarter-point increases in 2023 and three more the year after. The risk is that a hawkish shift in Fed projections known as the “dot plot” will prompt traders to recalibrate expectations for the central bank’s policy path, as happened in June. It will take just three officials to raise their dots for 2022 for a full hike to be the new median for next year, assuming everyone else keeps their forecasts where they were. Such a scenario would leave 5-year and 10-year Treasuries particularly vulnerable to a selloff, according to Subadra Rajappa, head of US rates strategy at Societe Generale. Expectations of such a shift have already contributed to shrinking the 5-year to 30-year yield spread to the smallest since August 2020, when the Fed unveiled its new inflation framework. In options, bets emerged Friday on even higher 5-year yields. “The dots in next week’s meeting is going to be very important, not just for 2024, but also for 2022,” said Rajappa, who sees 10year yields at 1.7 percent at yearend. “We believe this is an underpriced risk and bodes well for our call for higher yields.” Bloomberg News
BusinessMirror
Editor: Dennis D. Estopace • Monday, September 20, 2021
B3
BSP issues rules governing payment system operators
T
By Bianca Cuaresma
@BcuaresmaBM
he governance policy for money handlers have been issued by monetary authorities over the weekend.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said the issuance is part of their phased-in implementation of Republic Act 11127 or the National Payment Systems Act (NPSA) and is expected to support the adoption of the governance standards under the “Principles for Financial Market Infrastructures.” These are internationally-recognized standards jointly issued by the Bank for International Settlements
and the International Organization for Securities Commissions. They are applicable to financial market infrastructures that include payment systems. The governance policy provides the regulatory expectations on the governance arrangements and standards that all Operators of Payment System (OPS) must adhere to, the Central Bank said. The policy also provides the criteria for qualification and grounds for disqualifications of
individuals elected or appointed as directors or officers of an OPS. Among the more salient calls of the guidelines include rules prohibiting concurrent directorships among a clearing switch operator (CSO), its critical service provider and the payment system management body that governs the automated clearing house for which such CSO renders clearing services. The guidelines also set governance standards that prescribe the quality of stewardship among OPS given that these entities have critical roles in ensuring the smooth circulation of funds in the economy in a “safe, efficient, affordable and convenient manner.” “While the policy seeks to address governance concerns that are particularly applicable to entities conducting business as OPS, the principles espoused under the policy issuance
are broadly aligned with the governance standards applicable to BSPsupervised financial institutions (BSFIs) and the provisions of relevant domestic laws and regulations,” the BSP’s statement read. Also, the BSP said more stringent requirements shall apply to operators of designated payment systems (ODPS) in view of the potential of designated payment systems to pose systemic risks to the financial system, consistent with the BSP’s proportional and risk-based approach to payment system oversight. The BSP said the Circular gives OPS a period of six months to comply with general provisions of the issuance. However, the provisions on temporary disqualification of directors and/or officers of OPS take effect immediately, the monetary authorities said.
Metrobank at 59 promotes arts, auction bags award
G
EORGE S.K. Ty, Metropolitan Bank & Trust Co. (Metrobank) founder and philanthropist, is greatly renowned not just for his leadership in the banking industry but also for his passion in art collection and his devout support for the local art community. On Metrobank’s 59th anniversary, this legacy continues to live on through the Metrobank Art and Design Excellence (Made) program of the Metrobank Foundation Inc. With the set quarantine restrictions and border lockdowns since last year, a lot of community sectors was affected and has fallen into difficult times, and even the art community was not spared. Some local artists were on the brink of leaving their creative work just to augment their family income. It is in this light that Metrobank organized a client-nurturing art event exclusive to its ultrahigh-net-worth (UHNW) clientele. The bank saw the opportunity to engage with its UNHW clients whose discerning taste and love for the arts can potentially help society at large. Thus, the bank held a private auction. With more than a hundred attendees, the event brought solidarity among customers, the bank contemporary artists who are former awardees, as they banded together to raise funds for the struggling artists. As a result, 11 out of 13 paintings were sold and about P500,000-cash assistance was raised. The bank’s private auction was recently recognized as a winner of a “Bronze Stevie” award.
The meaningful participation of the bank’s customers enabled them to help struggling artists augment the medical and financial needs of their families. Moreover, by keeping customers attuned to the bank’s advocacies, they will have a more in-depth understanding of what the brand stands for.
Continuity of Made
AS part of Metrobank’s 59th anniversary celebrations, the “Made” program resumes its awarding ceremony this September. The country’s second largest private universal bank said guided by the theme “Spectrum: The Art of Possibilities,” the annual recognition program for the visual arts encourages Filipino artists to tap into the expansive realm of creativity and transpose their spectrum of ideas into works that mirror the human experience and reshape the world anew. Through this progressive initiative, Metrobank Foundation aims to sustain its mission in fostering Filipino artistry and creative excellence. Established in 1984, the “Made” program has served as a platform for discovery for the most passionate and persistent creative visionaries in the country. To date, more than 400 visual artists and design professionals have been recognized. Metrobank’s total capital adequacy ratio is at 20.4 percent and Common Equity Tier 1 (CET1) ratio at 19.5 percent. Consolidated assets stood at P2.5 trillion at the end of June.
This photo courtesy of the Metropolitan Bank & Trust Co. shows the awardees of the bank’s 2021 Painting and Sculpture Recognition program. CREDIT: Metrobank
Perspectives Strengthen the cybersecurity ecosystem
C
ISOs (chief information security officers) are acutely aware of the complexity and threats resulting from the increase in third parties accessing their data, whether it’s suppliers, outsourced providers, contractors or business partners. Vetting hundreds and possibly thousands of businesses and agreeing and monitoring strict contracts is great in theory but can be very difficult in practice. While there are plenty of ideas, the cyber security profession lacks a comprehensive solution to this conundrum, with all CISOs working to find ways to verify the reliability and continuing security of third parties.
Towards greater trust
AS they face the challenges of securing data across multiple parties, CISOs have a number of options.
Tightening up the supply chain
CONTRACTS and compliance are an obvious place to start, with clear guidelines on due diligence before signing a contract, and more con-
trolled and restricted access for third parties, if there’s a concern they can’t meet the required cyber security standards. Automation also has a role to play, building machine learning and establishing automated risk assessments, which is a good way to manage the scale of the problem, with many companies already facing a backlog of a thousand or more vendor assessments.
Intra-industry collaboration
THERE’S a broad acknowledgement that CISOs cannot solve this problem alone, a point emphasized by Greg Day, Palo Alto Networks vice president and CISO for Europe, the Middle East and Africa. “We need to build industry communities to allow data sharing, coordinating at an international level, with more sharing of key cyber threats, rather than just trend analysis,” Day said.
Working with a range of stakeholders
THERE’S no quick fix to the threats inherent in the complex web of rela-
tionships that characterize today’s supply chains and outsourcing environment. Industries like financial services have shown the value of collaboration across a number of common challenges. Working together to share intelligence and knowledge, to learn from others and present a united front, benefits all the players. Philipp Südmeyer, Group CISO, Munich Re, says: “A lot is about personal relationships; when you know and trust people, you can talk about x, y and z and build deeper relationships.” This extends to relationships with regulators, to work as a team to proactively manage cyber security issues and defend communities. In the United Kingdom, for instance, the Active Cyber Defence program’s stated aim is to “Protect the majority of people in the UK from the majority of harm caused by the majority of cyber-attacks the majority of the time”—a concept that could be applied to broader ecosystems to
defend against an increasingly aggressive and sophisticated threat landscape.
A new era of cooperation
CONVENTIONAL third-party security offers the illusion of confidence. Embedding security into contracts offers limited assurance, while point-in-time assessments don’t give a real-time view of thirdparty risks—and can become unmanageable as organizations begin to consider fourth, fifth and even sixth party providers. In addition to addressing in-house concerns, CISOs must turn their attention to playing their part in securing the wider ecosystem through collaborative action. The excerpt was taken from the KPMG Thought Leadership publication entitled “From Enforcer to Influencer: Shaping Tomorrow’s Security Team.” © 2021 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member-firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.
HarvardManagementUpdate www.businessmirror.com.ph Monday, September 20, 2021 b4
BusinessMirror BusinessMirror
Monday, July 13, 2020 B www.businessmirror.com.ph
Should your company implement
a vaccination mandate? M By Jeff Levin-Scherz & Mike Orszag
eligible for compensation through workers’ compensation or one of two government programs: the Countermeasures Injury Compensation Program or the National Vaccine Injur y Compensation Program. Employers considering offering on-site vaccination delivered by their own staff should check with their legal counsel to be sure that they would not incur additional liability.
any employers in the United States have been encouraging their employees to get vaccinated against Covid-19 to make their workplace safer and protect their communities. But the spread of the Delta variant and declining rates of new vaccinations brings new urgency to the effort to increase vaccination rates.
1. Evaluate the risk of workplace spread
Outbreaks of Covid-19 were initially more likely to be associated with social venues such as restaurants, fitness centers, cafes and religious organizations than work places. But some other kinds of workplaces had deadly outbreaks, including health-care facilities, food processing plants, prisons and nursing homes. That said, all employers are responsible for providing a safe working environment for employees and must protect the lives and health
of those they serve. Employees are most likely to accept vaccination mandates when there is strong evidence that they will protect the most vulnerable or have other clear business or public health benefits. Even for those companies with a lower risk of on-site transmission, mandates can increase employees’ and customers’ perceptions of safety. Employers may implement vaccination mandates for high-risk employees, such as for those who travel frequently for business, to avoid quarantines or illness away from home. Conversely, the case for mandating vaccination is much less compelling for employers that have only remote workers who do not have in-person contact with customers. The same is true for employers with work forces whose vaccination rate is already high.
2. Assess the likely impact of a vaccination mandate on talent
Some companies have expressed concern that employees who object to a mandate will take advantage of the tight labor market and move to their competitors. At the risk of stating the obvious, employers should consider the specific conditions in their particular industry. In some industries such as nursing homes, mandates are likely to be wide-
gustavo fring | PEXELS.COM
Earlier this year, employers focused on efforts to make it easy for their employees to get vaccinated. They offered flexible schedules, paid time off and modest financial incentives. Despite these initiatives, over a third of US adults remain unvaccinated. Consequently, some organizations have started mandating that their workers be vaccinated, and many others are trying to decide whether to follow suit. Those still deliberating should realize that their decision could have a significant impact on their short-term productivity and profits as well as their longterm ability to attract and retain needed talent. With that in mind, we recommend they take the following actions:
7. Measure the effectiveness of the mandate
spread. Therefore, the policy is unlikely to cause workers to jump ship. And some people worried about being exposed to Covid-19 might be more willing to return to work or take a new job if they are assured that vaccination rates for the site’s workforce are very high due to a mandate. Indeed, a recent poll showed that a majority of employees favor vaccination mandates to improve work place safety.
3. Calculate the economic impact of a mandate
Companies with higher rates of employee vaccination will have fewer cases of severe Covid-19 and incur lower medical costs. Employers implementing a vaccination mandate, however, will have to pay the administrative costs of tracking vaccination status, including safeguarding the privacy of employees’ personal health information.
4. Develop straightforward policies and procedures
Employers that mandate Co-
vid-19 vaccination should have clear and simple implementation policies addressing who is subject to the mandate, which vaccines are acceptable, what proof of vaccination is required, whether to require booster shots when different cohorts become eligible for them, criteria for granting exemptions and standards for those granted vaccination exemptions. The Equal Opportunity Employment Commission requires US employers to offer exemptions to vaccination mandates for religious or medical reasons. But it allows employers to reassign or terminate employees if their unvaccinated status would make the workplace unsafe and any accommodation would lead to “undue hardship” for the business. Employers that mandate vaccination can require those who are not vaccinated to have frequent tests to decrease the chance of Covid-19 entering the workplace. Companies with compulsory testing programs should bear the costs of testing and should budget accordingly.
5. Implement a comprehensive communication plan
Since it takes five to six weeks from the first injection for people who receive an mRNA vaccine requiring two injections to be considered fully vaccinated, employers must fully communicate plans to issue a vaccination mandate months before the implementation date. The best communications will include a clear statement about why the mandate is being put in place and its benefits for employees, family, the community and the company. To reach as many employees as possible, organizations should communicate the plan via multiple channels.
6. Proactively address liability concerns
Some companies might be concerned that a vaccination mandate could lead to lawsuits seeking damages if an employee has a rare but severe complication from the vaccination. They can be reassured that those harmed by any of the authorized Covid-19 vaccinations in the United States would be
Employers that decide to require employees be vaccinated aga inst Cov id-19 can ensure that their program is beneficial to both public health and their business interests by evaluating the effectiveness of the mandate in real time. They can measure the changes in the rates of vaccinations, exemptions, employee turnover and the administrative resources expended. They can also analyze the impact on employee morale and satisfaction. A timely evaluation system can help employers change policies, procedures and communications in ways that improve vaccination rates and employee satisfaction. Since a high level of vaccinated employees decreases the risk of work place exposure to Covid-19, many companies are understandably seeking to push their unvaccinated workers to get vaccinated. While it may be impossible to get the entire workforce to get vaccinated, thoughtfully implemented mandates are likely to lead to higher levels of vaccination than other employer approaches. But mandates are not right for all employers. In deciding whether to implement one, companies should carefully consider whether this is the best approach to protect employees, customers and their communities. Jeff Levin-Scherz is a population health leader of the North American Health and Benefits Practice of Willis Towers Watson, where Mike Orszag is an economist and the managing director of research.
3 strategies for managing profit-draining customers By Jonathan Byrnes & John Wass
M
anagers today have a huge unaddressed opportunity to engage and manage their large, profit-draining customers, creating win-win relationships t hat rapid ly increase profits and lock in these key customer relationships. As yesterday’s mass markets fragment, managers must shift from broad-based product management to highly focused management of target customer segments—and even individual customers. In previous HBR articles, we described transaction-level profit metrics, an innovative new set of digital transformation metrics. When companies use these metrics (creating an all-in profit and loss statement for every invoice line), they quickly see that their customers fall into three broad profit segments: n Profit peaks: High-revenue, high-profit customers (typically about 20% of the customers that generate 150% of their profits); n Profit drains: High-revenue, low-profit/loss customers (typically about 30% of the customers that erode about 50% of these profits);
n Profit deserts: Low-revenue, low-profit customers that produce minimal profit. The potential profit increase from turning around money-losing customers is huge. Here’s how managers can turn their profit-draining customers into profit peaks:
1. Reduce costs on both sides
In our experience, customers are rarely profit drains because of below-market pricing; they’re profit drains because serving them entails an excessively high cost, generally caused by relatively minor factors that are unseen and unmanaged. The good news is that this is often relatively easy to fix: You can create a win-win solution for both companies, increasing the customers’ own profitability while converting many into profit peaks. We call this process of joint cost reduction (increasing profitability by lowering the cost to serve rather than raising prices) conditional pricing. For example, a distributor we’ll call Harbor Supplies (not its real name) recently decided to install vending machines loaded with its products in its large customers' spaces. Harbor’s financials showed that this business produced strong revenue growth and gross margins. When the company implemented its new digital transaction-level
profit metrics, however, the managers saw that the vending business was actually draining net profits. The vending segment’s detailed profit and loss statement clearly showed that the problem was that the customers were ordering replenishments several times a week. The cost of picking and shipping an order was higher than the gross margin—a common problem that went undetected by the traditional financials. This was just as costly for the customer as it was for Harbor. Fortunately, this was easy to remedy: The sales team inserted a replenishment frequency clause into the contracts and met with the customers to explain how this would lower the customers’ ordering and put-away cost, creating a win-win. Virtually all of these profit-drain customers became profit peaks.
2. Assign the right teams to the right customers
Once you’ve ident i f ied you r profit-draining customers, the next step is to engage and manage them with specialized teams focused solely on building ongoing relationships in order to lower the cost to serve them—and often lowering the customers’ costs in the process. Since the profitdraining problems are most often lower-level operating issues, such
as order patterns, the team should be comprised of specially trained operating managers. New digital transaction-level metrics are critical for identifying opportunities for win-win cost savings because virtually all of the operating cost improvements are not related to price. Most companies engage their large customers with the implicit objective of raising prices, creating a zero-sum relationship. Teams created to address profit-draining situations, on the other hand, have the explicit objective of lowering costs for both vendor and customer, creating a win-win relationship. For example, Natco Distributors (not its real name), a national industrial distribution company, had always provided next-day service to its customers. Many times, this involved costly expediting and shipping from a central warehouse if a local distribution center had run short of stock on a product. This was very costly and caused several major customers to be profit drains. When Natco assigned a specialized team to spend time with these customers, its members saw that in many cases the company didn’t need overnight service. The team partnered with counterpart managers from the customers to identify the shipments that really required overnight service.
This change reduced the expediting and cross-shipping costs for Natco, turning these customers into profit peaks. In return, Natco guaranteed 100% order fulfillment on the scheduled dates (which eliminated inefficient back orders).
3. Consider three cost items
In our experience, a small number of cost items offer many of the best opportunities for improvement:
n Order pattern: Like in the vending machine example, this factor is rarely managed. It’s relatively easy to change in most cases, and it offers important gains for both the supplier and the customer. n Product mix: In companies without digital transaction-level metrics, the sales and product managers don’t know each product’s actual net profit. Transaction-level metrics reveal each product’s net margins, enabling product managers and sales reps to optimize product mixes for profitability at no cost to the customer. n Order channel: Most companies are rapidly moving toward electronic data interchange, or EDI, because it offers significant cost saving. However, with EDI orders— essentially, electronic orders— you miss our on the opportunity
to cross sell, upsell and probe for important customer information. We suggest companies use EDI for small customers to lower the cost to serve, while selectively calling back the most important clients once the EDI order is received to cross-sell, upsell and keep the relationship close. In continuously working with profit draining customers, your teams will gain a deep understanding of the profile and development pathways of these customers—as well as the operating cost problems that can be fixed. This will enable you to identify which prospective customers are likely to become intractable profit drains. This knowledge is invaluable. Your teams need to partner with your sales managers to incorporate these profiles into your account selection and management processes. This will allow them to laser-focus on bringing in the accounts that will be profit peaks or that could be converted into profit peaks and avoid those that will be irreversible drains. Over time your sales representatives will learn to avoid customers who will irreversibly erode your hard-earned profit. And that is the biggest hidden profit lever of all. Jonathan Byrnes is founder and chairman of Profit Isle, where John Wass is CEO.
www.businessmirror.com.ph
Style
BusinessMirror
Editor: Gerard S. Ramos
• Monday, September 20, 2021
B5
The great eye cream debate
LESLEY MOBO for Ghost for Léa Seydoux in Spectre. SONY PICTURES
MICHAEL CINCO for Mila Kunis in Jupiter Ascending. WARNER BROS.
CLINT RAMOS for Jennifer Hudson in Respect. MGM STUDIOS
For designers, Hollywood is no longer just a dream ‘Y
OU shouldn’t stare,” Dr. Madeleine Swann (Léa Seydoux) says flirtatiously. “Well, you shouldn’t look like that,” a smitten James Bond (Daniel Craig) responds. It is a scene from Sam Mendes’ Spectre (2015). Madeleine is in an ethereal sea-foam bespoke dress, Bond in a white tuxedo. “She was traveling. That light green dress that she wore in the train was specially made for her. I wanted a dress that she could roll in and could be glamorous and where she could breathe,” costume designer Jany Temime (House of the Dragon, Judy, Harry Potter series) told Bloomberg.com, adding that of all Madeleine’s clothing, “I loved the green dress best, and the tuxedo,” she said. “She had that dress. He had that white tuxedo. They are in Morocco, in a train, which is an incredible look. Together they are like a dream couple.”
GHOSTLY. SPECTRAL.
THAT dress, one of the most unforgettable gowns ever worn by a Bond Girl, was designed by Lesley Mobo for Ghost, a British fashion label founded in 1984. The floor-length satin dress, called the Salma, features a cowl back, capped sleeves and boat neck. It heightened the Gallic allure of Seydoux, who played a sharpshooting psychiatrist and assassin’s daughter. “It was part of the Ghost classic collection. But we’ve been updating it when the new owner, Touker Suleyman from British Dragon’s Den, asked me to help me revive the brand,” says the Aklan-born, London-based Mobo. “So my first point was to redesign and revive the core collection. It took a lot of time to develop the collection because the fabrics were specially designed for Ghost as well. It used a particular technique of boiling a fabric to shrink it and give the dress that vintage feel of a bias-cut dress.” The brand’s in-house PR organized the whole marketing team to coordinate with the Spectre costume designer. “I
remember I was in Manila with my mother and brother when we saw the huge poster of Léa. I felt proud of myself and the whole team for that,” Mobo recalls. “It was like a dream come true, really. I made my brother and my mother proud but I wish my dad had been alive to see it then. I think he would have been so proud of me because he was a big James Bond fan. He introduced me to some old films, like You Only Live Once and Goldfinger.” Everything like that is just luck and a bit of PR magic, Mobo muses. “But what I love about it is that the dress was all over the world in massive posters and it was in the iconic train scene of the film. So it was good for Ghost in the end, and I felt I had done my job for the brand.” SCIENCE-FICTION. HIGH FASHION. THE impalpable Michael Cinco also had a stellar year in 2015. His haute-couture creations seen in Lana and Lilly Wachowski’s Jupiter Ascending, about “a young woman [Mila Kunis as Jupter Jones] who discovers her destiny as an heiress of intergalactic nobility and must fight to protect the inhabitants of Earth from an ancient and destructive industry;” and American Horror Story: Hotel, the horror anthology TV series created by Ryan Murphy and Brad Falchuk, where Lady Gaga plays The Countess, a bloodsucking fashionista. (In 2018, Cinco also dressed Kris Aquino as the haughty Malay Princess Intan in Crazy Rich Asians.) Cinco created the wedding gown of Jupiter in a climactic scene, where she is forced to marry Titus Abrasax (Douglas Booth) before Caine Wise (Channing Tatum) thwarts the ceremony. “Mila’s wedding gown was custom-made,” says the Samar-born, Dubai-based designer. “I was contacted by the costume designer Kym Barrett, who asked me if I could help her design the wedding gown costume. She saw my dress in Swarovski magazine and immediately looked for me from the Swarovski company files.” Of the designs that Cinco submitted, Barrett (ShangChi and the Legend of the Ten Rings, Aquaman, The Matrix and Romeo+ Juliet) selected three for the movie. “All the costumes I made were paid for. First, she asked me to create a dress in yellow for one scene. For the second one, she asked me to create the dress that she saw in the magazine [both dresses were ultimately not used]. The last one was the wedding gown but I didn’t make the headdress.” The ravishing creation is a Swarovski-encrusted nude illusion dress with swirling embroidery and huge floral appliques in the bodice and all over the hemline. “I was so excited and overwhelmed when I saw my dress in the movie,”
Cinco says. The photos Barrett saw in Swarovski magazine were from his 2011 “The Impalpable Dream of Aphrodite” collection: “I did the Red Charity Gala, then the next day I flew to New York to attend the WGSN Fashion Awards where I won the Breakthrough Designer Award, then the next day I went back to Manila to do my Philippine Fashion Week show. After two days, I did the Slim’s 50th anniversary tribute.” ‘RESPECT’ BEGETS RESPECT. Aretha Franklin, the Queen of Soul, was a larger-than-life genius. As entertainer and activist, she was the voice and embodiment of Black Excellence. She was also a tortured soul. So when Tony Award-winning costume designer Clint Ramos was tasked to dress up Oscar winner Jennifer Hudson for the Liesl Tommy-directed biopic Respect, he told Variety. com that he always kept in mind, “How did she use clothing as armor or as a distraction from her trauma?” The Cebu-born, New York-based Ramos is an alumnus of the Philippine High School for the Arts, University of the Philippines Diliman and New York University’s Tisch School of the Arts. He has done costume design and scenic design for several theater productions all over the world (including Tanghalang Pilipino), gaining nominations for his work. Respect is perhaps his most high-profile project to date, and Hudson (handpicked by Aretha) his most ardent collaborator. “Aretha was a very photographed star, but a lot of the film imagines what could have happened outside of that public persona. That was the biggest challenge. What did she wear when she was battling alcoholism or when she was really disappointed in her marriage? These were the things that kept me up at night—not the gowns and the glamour, although reimagining those beautiful outfits was really fun,” Ramos said to Vogue.com. One of Aretha’s favorite outfits that Ramos recreated is the “Amsterdam Dress,” a gold metallic number that she must have bought off-the-rack. It is also the one used in the movie’s poster. “This is one of the moments when you can appreciate that couture is [touched] by very little technology. Everything is done by hand. You see the labor and craftsmanship,” he told Variety.com. “I loved the geometric pattern and how it created a mesh around her body. I decided to do something softer and something that would cling to her curves better. That’s when we decided to bead it—but on the diagonal so it skims the body. It’s very heavy and weighs around 40 pounds. It’s very pale pink and champagne pearls with Swarovski crystals all over it.” n
Tom Ford wraps NY Fashion Week with a show of disco glam NEW YORK—The Champagne was cold and the front row star-studded Sunday night as Tom Ford closed New York Fashion Week at Lincoln Center with a spring-summer collection of hopeful, glitzy glam. His 120 guests—mandatory masks on—were seated on long, soft white couches at the David H. Koch Theater as Ford’s models walked in capris and jacket sets of electric blue and pink, purple sequined party looks and embellished gold crop jackets—some all at the same time as his soundtrack pushed the party along. Ford, in his show notes, called the splashy show of sporty evening color the “90s take of the 70s” that evokes the glossy casual vibe of Los Angeles, where he lives. “It’s an almost airbrushed kind of beauty that starts to permeate the mind,” he said. He described the collection as “simple in cut but not in impact.”
Ford, the chairman of the Council of Fashion Designers of America, significantly pared down his crowd to conclude New York’s first full in-person fashion week since the pandemic began. Dozens of designers spread out over Manhattan and Brooklyn to welcome generally smaller crowds with varying degrees of attention paid to Covid precautions. Jennifer Hudson, seated between Dan Levy and Julianne Moore, bounced to Aretha Franklin’s “Respect” as she took video of Ford’s show on her phone. Hudson plays Franklin in a new biopic of the same name as the mega hit. Gigi Hadid was among Ford’s models, dressed in slinky—and shiny—evening joggers of bright blue, a crop electric green tank and a bronze jacket. He carried the green into trousers and jackets in an animal print. There were all-black looks for men and women, including a couple of corset tops, parachute
pants and trench coats. Of his bold mix of color, Ford said he likes tones of one hue worn together or “hard clashes that shock a bit. A little bad taste is always good taste in my book.” One model carried a bouquet of white flowers in loose gold pants paired with a silver bra top and shirt coat that reached the ground. Ford didn’t explain his bride. He called the collection of mostly evening clothes heavily influenced by sportswear after struggling with his eight-year-old son’s desire to wear basketball silks to school. “I decided to embrace the trend but turn the sports look into evening wear for women,” Ford said. “Of course, I still won’t let him wear basketball silks to school but I suppose if he really, really begged me to wear a sequined pair from this collection I might make them for him.” AP
THERE is a debate in the beauty realm right now as to whether people need to use eye cream or not. One school of thought says no because they believe moisturizer does the work of an eye cream, which is just an additional expense and skin-care step. But many still believe eye cream is important. This is my take on eye creams: personally, I don’t use them a lot but that is because I am lazy and I believe the serums I apply (one from a Korean brand and the other from a Western brand) are enough to address my under-eye issues, mostly fine lines. But there are those with other concerns, such as puffiness and dark circles. For that, I say go to a boardcertified dermatologist who can give suggestions and make recommendations. For most people, the under-eye concern these days are dryness and puffiness caused by nonstop screentime. Because of the work-from-home set-up, we are glued to our computer and phone screens for over eight hours a day at least five times a week. The reformulated Estee Lauder Advanced Night Repair Eye Concentrate Matrix is an eye concentrate that promises to reduce the look of lines in multiple eye zones and improve the appearance of eye area concerns, including crow’s feet lines, under eye lines, eye area wrinkles, loss of firmness, puffy eyes and dark circles. The end-promise is the eye area will look more youthful, vibrant and healthy. To keep this promise, Estee Lauder has put in place some technologies that have resulted in this formula being patent-protected until 2033. Chronolux Power Signal Technology supports the natural purification process to help address cellular damage while the 360° Mesh Matrix Shock Absorber has a blend of a Visco-Elastic Polymer and multimolecular weight hyaluronic acids to help cushion the thin, delicate eye skin with “a critical plumping layer of moisture strength.” To address puffiness, Advanced Night Repair Eye Concentrate Matrix has a custom-designed applicator made from stainless steel that cools puffy eyes on contact. The cryo wand’s precision contour tip has a high-polish surface that massages and glides without tugging and provides cooling for up to five minutes. The eye serum is free of synthetic fragrance and mineral oil, and is dermatologist- and ophthalmologist-tested and noncomedogenic. A commonly asked question about eye cream is how early you can start using one and in my opinion, it is when you start having a serious skin-care routine, which should be about when in your early 20s and not before that. Having said that, reformulated Estee Lauder Advanced Night Repair Eye Concentrate Matrix is ideal for people of all ages. I have been using this eye serum on my lips and laugh lines mostly because, as I have said, I am not really an eye cream person. Is it working? On my lips, yes. On my laugh lines, it’s too early to tell. I like the cryo wand, I think it is a very innovative way of applying an eye cream. I also like the texture of the eye concentrate, which is a cross between a serum and a light cream. My only concern about this is the neck of the container. When the bottle is full, it’s sort of difficult to put back the wand. But it is a very minor concern. So the question still stands: Do we need an eye cream on top of all other products? My answer is it depends on you and your skin. An eye cream is an added expense and skin-care step for some people but for others, it is absolutely necessary.
A model walks the runway at the Tom Ford spring/summer 2022 fashion show at Lincoln Center during New York Fashion Week on September 12. AP
B6 Monday, September 20, 2021
Villarica Pawnshop celebrates 67 years of service to the Filipino
F
OR more than six decades, one of the country’s leading pawnshops, Villarica has continuously served the Filipino public with a host of services that have evolved with the changing times as well as the needs of the Filipinos. Boasting of having one of the highest, if not the highest appraisal rates in the industry, Villarica Pawnshop has made itself one of the most trusted go-to institutions especially in the time of the pandemic with more than 600 branches nationwide that have remained open to provide instant cash. Mr. Lester Villarica said, “From the beginning, my grandmother, Paz Villarica has always mentioned to us that the reason for the business was to be of service. Her guiding principle which she handed down to my father, Atty. Henry Villarica, has led us to push ourselves to create a balance of keeping the business healthy and at the same time ensure that our countrymen enjoy the best value, the greatest of benefits, and above all the best service that we can offer.” This guiding principle has led Villarica to establish internal control policies designed to safeguard the valuables of clients while under custodianship as it continued to employ a good number of security measures beyond those required by the Bangko Sentral ng Pilipinas, all in the name of better service. The top executive further explained that the core of the business is truly the desire to help customers get much needed funds in the most convenient way. This mission is evident in serving valued clients in a quick, convenient, and professional manner through expert valuation, reliable service, and accessible branches nationwide in order to support
Filipinos in providing for families and loved ones when needed most. “As we foresaw the need for our Overseas Filipino Workers to have a convenient way of sending money home to loved ones and for their loved ones to receive support reliably, in 2008 we began our remittance service as a partner of Western Union. And in 2013, we launched Villarica Cash Padala, a domestic money transfer service, and in the same year, began our foreign exchange services,” stressed Mr. Villarica. “The purpose of the pawnshop industry has transformed in the eyes of the Filipino public. Pawnshops have evolved to become quick access locations for cash especially in underserved areas by bank and financial institutions which is why our vision is to make our presence felt in major cities and towns in the Philippines especially in Luzon.” Mr. Villarica expounded further as he explained that Filipinos have to be
prepared for any eventuality and for any emergency. Unexpected expenses, the reduction of employment opportunities and security, coupled with keeping one’s family safe and in the peak of health during these uncertain times as we all face the pandemic, are reasons why Villarica Pawnshop, one of the country’s leading pawnshops remains steadfast in its commitment. “As we celebrate our 67th anniversary, we will continue to provide the highest appraisal rate and the best terms and conditions to our clients in the spirit of healthy competition with other major players in the pawnshop industry, and our commitment to serve the Filipino people remain,” ended Mr. Villarica. To learn more about Villarica Pawnshop and most especially how Villarica can help you especially in the time of the pandemic, visit www.villaricapawnshop.ph for more details on how best to access the services offered by Villarica.
Kaspersky LMP 2.0 speeds up regular license ordering for partners, distributors
T
HE Kaspersky License Management Portal (LMP) — which enables managed service providers (MSPs) to order and manage Kaspersky product licenses — has updated its capabilities to include regular license ordering. The process of renewals and new license ordering for partners and distributors is now automated and can be done in a few clicks instead of email correspondence taking hours or even days. A new step-by-step product configurator also significantly simplifies the selection of suitable Kaspersky offerings. Ease of doing business is an important consideration that partners look for when choosing vendors to work with. In fact, almost half of resellers in the US (45%) named it as their top benefit. This can be made up of various factors, one of which is the usability of the vendor's partner tools – including the portal, program, procurement process, etc. The fewer steps required in the process, the more the partner will be able to focus on the development of their business and sales. And this is ultimately beneficial to both parties. Thanks to the update, Kaspersky’s partners that use regular (annual, nonsubscription) licenses can now use LMP for
deal registration, renewals and placing new orders. For all these scenarios, the portal suggests a native experience with minimum actions, such as choosing required products from a configurator and making an order by clicking one button. As soon as the request is approved and licenses delivered, the partner receives an email notification to the address provided during the submission. No additional communication with the distributor or vendor is required – the approval process is fully automated and handled by the portal. A new configurator also enables a more convenient process for selecting products to order. Partners can follow a step-by-step process to choose and build a bundle of different products and services which can both fit together perfectly and increase the value of Kaspersky
View of the LMP dashboard
THE updated LMP also simplifies the experience for distributors. While their role remains the same – helping partners with sales expertise, development and financial programs – they can save time on routine approvals, focusing on developing their business. Instead of creating and
confirming orders in the vendor’s order management tool, distributors need just one click to confirm order placement via the LMP after checking the partner’s financial terms. The dashboard provides all necessary information about orders from a particular partner as well as the ability to contact Kaspersky or the partner if needed.
View of the quote
“WE want our partners to be successful, which is why we make it as easy as possible to do business with us. With updates to the License Management Portal, we aim to improve our partners’ experience when it comes to order placement,” comments Kirill Astrakhan, Global Head of Channel, Kaspersky. “The updated LMP is deeply integrated with Kaspersky’s United Partner Portal and allows our partners to instantly place an order for any B2B product, including expiring renewals and approved deal registrations, in just a few clicks. Alongside the LMP, we have also released an update for deal registration which increases the value of Kaspersky security products by offering properly configured product bundles to customers,” adds Astrakhan.
OPENING A BUSINESS DURING PANDEMIC. TE Manila Food Inc, the company behind YakiYaki – the first YakisobaTakoyaki-In-One-Serving concept in the Philippines, opened its first store last May 10, 2021. Just after 4 months they opened their 1st branch, they now have 4 st ores located in Taguig, Pasig, Paranaque, and Las Pinas. YakiYaki clicked in the market and captured the Filipino taste with its mission – SERVING BALLS OF HAPPINESS. From product quality, to safety and ease of purchase, to outstanding customer service, customers leave their stores with a smile on their face and looking forward to their next visit. The goal is to grow the brand and put YakiYaki in every community. If you are looking for an amazing business opportunity even during this time of pandemic, you may contact them through franchise.yakiyaki@ gmail.com or through 0956 779 1150.
AVID stays on course despite ‘Ghost Month’ slump
T
HE Association of Vehicle Importers and Distributors, Inc. (AVID) cruises along its recovery trend with a 33% Year-to-date (YTD) sales increase for the first eight months of 2021. AVID recorded total sales of 39,011 units compared to the 29,363 units sold in the same period last year. For August, AVID sales dipped by 18%, from 4,753 units sold last year to 3,919 units, this year. August sales also saw a 19% reduction from the recorded 4,862 units recorded from the previous month. This slowdown was mainly caused by the sporadic lockdown due to new highs in recorded COVID-19 cases. Despite the slight contraction, the Philippine automotive industry remains on track toward recovery. Light Commercial Vehicles (LCV) reign as the most purchased segment, maintaining 72% market share of total industry sales. LCV sales consistently improved with a 44% surge from 19,412 units sold in the first eight months of 2020 to 27,956 units sold in the same period this year. Ford continues to lead the segment with an eight-month high of 11,639 units sold, Suzuki at second place with 7,874 units, and Hyundai with 3,420 units sold. Commercial Vehicles (CV) champion the segment sales growth, maintaining the highest growth at 362% (YTD). Hyundai trucks and buses accounted for the bulk of sales in said segments with an impressive 99.7% growth of total CV sales. The brand continues to work hand-in-hand with the government’s Public Utility Vehicles Modernization Program with its steady introduction of next-gen Modern Jeepney models. The Korean brand sold a total of
AVID President Ma. Fe Perez-Agudo. 888 units this year, which is a significant improvement from the 193 units sold in the same period last year. The Passenger Cars (PC) segment sales saw minimal YTD growth at 4% from 9,758 units sold in 2020 to 10,164 units this year. PC Segment vehicles were the most affected by the lockdown, translating to a year-onyear drop of 43% and month-on-month decline of 18%. Suzuki steadily leads the segment with 5,080 units sold, followed by Hyundai with a respectable 3,300 units sold. “The entire industry hit a pot hole in August due to the necessary health restrictions. Despite this, we at AVID choose to be optimistic as we approach the final stretch of the year,” said AVID President Ma. Fe Perez-Agudo.
A bold, new look for the same iconic blends: Johnnie Walker launches limited edition 200th anniversary bottle design the Philippines and globally, as we have done for the past two centuries.”
Johnnie Walker x SYF
I
N celebration of its 200th anniversary, Johnnie Walker is unveiling a bold, brand new bottle design for three of its iconic blends. For a limited time only, Johnnie Walker Red Label, Black Label, and Gold Label Reserve will come in an eye-catching look to celebrate the iconic brand’s inspiring 200-year journey. In 1820, John Walker first threw open the doors to a small grocery store in rural Scotland. From its humble beginnings to its steady progress to the four corners of the world 200 years later, Johnnie Walker celebrates the incredible journey to being the world’s #1 Scotch whisky with the Johnnie Walker 200th Anniversary Limited Edition Design Bottles. “It’s been a remarkable journey for Johnnie Walker – an inspiring success story that will stand the test of time. But the path to progress doesn’t stop here,” shares Jam Penas, Brand Manager of Johnnie Walker at Diageo Philippines. “With the Johnnie Walker 200th Anniversary Limited Edition Design Bottles we also look forward to the next 200 years – more years of walking forward and inspiring progress, making our way to more big occasions and everyday celebrations around
AS part of its 200th year anniversary celebration, Johnnie Walker has partnered with popular local streetwear brand Support Your Friends (SYF) to produce limited edition merch inspired by the Johnnie Walker 200th Anniversary Limited Edition Bottle. Merging SYF’s aesthetics with Johnnie Walker’s timeless bottle and brand look, the result is a modern and eye-catching design that is not only interesting, but exciting to wear and bring as well. The Partnership has resulted in three merch items, a shirt, a tote bag, and a bucket hat, that fans of both Johnnie Walker and SYF dare not miss. “While we have continued to stand by the same ideals when it comes to the quality and craftsmanship of our blends, Johnnie Walker has kept its two-century legacy alive and fresh with its continued pursuit of innovation and collaboration,” shares Merell Beltran, Diageo Philippines Marketing Manager for Culture and Advocacy. “With this partnership with SYF, we want to pay tribute to our iconic blends in a modern, relatable, and wearable way.” Get the Johnnie Walker x SYF shirt at SRP PHP 1,200.00; the tote bag at PHP 850.00; and the bucket hat free with every purchase of the Johnnie Walker Black Label 200th Anniversary Limited Edition Design Bottle, all available only while stocks last at syf.ph. For more information, check out the Johnnie Walker Facebook page at Facebook. com/JohnnieWalkerPH. Visit Diageo’s global responsible drinking resource, www.DRINKIQ.com to learn more information, initiatives, and tips on responsible alcohol consumption. Take the Drink IQ quiz at http://bit.ly/DrinkIQPH
Marketing BusinessMirror
www.businessmirror.com.ph
Monday, September 20, 2021 B7
The coronavirus chronicles:
After meeting matters PR Matters By Millie F. Dizon
n Brand & Business: Fiber connects family as PLDT Home widens coverage in Central Luzon
MANILA, PHILIPPINES—For 74-yearold Narciso Cansino of Nonong in San Luis, Aurora Province, a ten-minute ride from the Aurora town capital of Baler, staying connected in a pandemic as a senior citizen has been key to staying safe and healthy. “We were really happy to find out that we already have PLDT fiber in the area. We could now connect to fast and reliable internet from the safety of our homes,” he said. “This has also enabled my son who is a nurse abroad to monitor my health. Even when he is far away, he could monitor my blood sugar, for example.” Prior to this, Narciso shared that his family found it difficult to contact him due to the scarce connectivity. Now, they are among thousands of Filipino families who have benefited from PLDT’s fiber network expansion in Central Luzon. The much-anticipated fiber connectivity in their neighborhood has also made online classes easier for his four grandchildren. “Even if they have simultaneous online classes, they could all connect with the help of fiber,” he said. “The internet has made life so easy for our household. It lets me access YouTube and websites about health,
WWW.FREEPIK.COM
M
ORE than ever, we’ve sudden ly found ourselves swamped w ith meetings—endless virtual meetings that leave you zoomed out; and from time to time, face to face meetings that seem to go on forever. Perhaps the fact that many of us are still working from home has given us the false sense of having more time on our hands, hence that tendency to schedule one zoom meeting after the other. While we certainly clock in many meeting hours, are these really productive? In an article in Inc.com, Peter Economy says that in a survey some years ago, “Microsoft found that people spend 5.6 hours a week in meetings and that 71 percent of American workers said that the meetings that they participate in aren’t very productive.” That’s because “if you’re especially busy, your meetings will be stacked. And if you’re rushing to different offices every hour, the time you have after one meeting is that much more important, as you may jet off to the next one and forget about the previous gettogether entirely. What we don’t seem to realize is that after every meeting it is good to relax and reflect on what has transpired, and do what has to be done. The time we spend after a meeting is more critical to your success than you recognize. And it is important not to waste a minute of it. Here, Economy shares with us “4 Essential Things to Do Right A fter an Important Business Meeting essential for maximum productivity.” After all, “when you effectively utilize the short period of time immediately after significant business discussions, you will be
destined for productivity and success,” he says.
1. Send out meeting notes right away
Meeting notes are helpful for us who have a full day or have to rush from one meeting to another. It is a record of what occurred and will guide attendees and non-attendees as they move forward. “Your notes should capture the conversation of the meeting, as well as document all crucial agreements made,” says Economy. “Sharing meeting notes makes those who were absent feel included. And inform all on what has to be accomplished.” He urges us though, to “allow meeting participants to move forward by sending meeting notes as soon as possible.” After all, “how helpful are meeting notes if they are shared a week or two later.”
religion and news about the pandemic. When we need something, we can easily go online to order things and have them delivered.” As a senior citizen, Narciso has also turned to the internet to stay active and entertained. “I play online chess and attend online church services. Life is less lonely that way,” he said, adding that while they used to have limited choices on local TV and radio for entertainment, these have been expanded now that they have access to online entertainment as well.
Fastest and preferred fiber network
In the first half of 2021, PLDT Home connected close to half a million new fiber customers, connecting 50% more homes on fiber than its nearest competitor. PLDT continues to grow its fiber footprint in Central Luzon, approaching 100% presence across the region’s cities and municipalities as of August, supporting the growth of subscribers in the area. PLDT is set to roll out fiber to cover more municipalities in the region this year. PLDT’s relentless push to provide cnnectivity for all is aligned with the group’s long-standing commitment to help the Philippines attain the UN’s Sustainable Development Goals, particularly SDG #9: Industry, Innovation, and Infrastructure.
n eSports: DITO Telecommunity supports first-ever ESKYUSI Mobile Legends Tournament
MANILA, PHILIPPINES—The country’s newest telco player, DITO Tele-
Perhaps the meeting host or an assigned secretary should take care of this.
2. Follow up
While a business meeting can be productive and have everyone excited about current and future projects, it certainly does not end there. For maximum productivity and follow through, Economy suggests to be sure to follow up after the meeting is done. Although you may be working with a group of self-starters, “remember that busy workers can be pulled in different directions, and may be working on other projects. If you want your projects finished in time, Economy suggests that we “consistently follow up with meeting members to ensure they are held accountable for their commitments and that their ideas and assigned actions do not fail
community, is the official telco partner of the first-ever E-SPORTS KYUSI (ESKYUSI) Mobile Legends Tournament. Organized by the Sangguniang Kabataan (SK) Federation of Quezon City and Grey Black Visual Synthesis (GBVS), the tournament aims to discover local gaming talents with prizes worth up to P500,000. “The SK Federation of Quezon City recognizes that gaming has become a passion for many of today’s youth. We hope to inspire young Filipinos by providing a formal venue where they can pursue and excel in their interests and be rewarded for it,” said SK Federation Chaiman Councilor Noe de la Fuente. “DITO has always been about serving different Filipino telecommunities, whatever their interests may be. We know gaming has become a major interest among the young, and we’re happy to be a partner of SK Federation of QC and Grey Visual Synthesis in the first-ever ESKYUSI Mobile Legends Tournament,” said DITO’s Brand and Marketing Director Jasper Evangelista. “We look forward to seeing Quezon City become a leading gaming hub in the country. In line with our core mission, DITO also commits to providing high-speed data for gamers all over the Philippines.” The Quezon City-wide event, composed of over 200 teams from 142 barangays, commenced last August 1, with the grand finals slated for October 24. To check the complete schedule and watch the livestream of the competitions, visit the GBVS page. Get the latest news about the tournament on the DITO Telecommunity Facebook page.
by the wayside.”
3. Organize minutes
While sending notes is crucial after every meeting, “it is equally wise to file away and organize copies of agendas and reports.” Organizing notes will assist us in recalling what was discussed, especially when we have to make decisions. This is especially crucial when you are working from home, and there is a possibility that office and personal notes may mix. It would be good to have digital or physical folders stored in a designated place for this purpose.
4. Stay available and open
Meetings do not really end when we stand up and leave the room (for face to face meetings), or click away (for virtual meetings). It’s important to keep in touch as
n Brand & Business: Awardwinning agency veterans drive automotive visualization forward with launch of Rideview
LOS ANGELES, US—Driven by a lifelong passion for cars and a desire to steer automotive content in thrilling new directions, award-winning agency standouts Yates Holley and John Kim have announced the launch of Los Angeles-based hybrid company, Rideview. Fueled by a mission to become a one-stop shop for automotive art direction and visualization, Rideview offers services including visual effects, production, virtual production, experience design, development, retouching, and strategy. Co-founder Yates Holley, Rideview’s Executive Producer/Partner, explains what makes the company unique: “Rideview is a hybrid agency model that merges interactive content with film production. We are as comfortable on set as we are in CG or a game engine.” “As we are heading towards the age of EV, manufacturers are ramping up pace with new products with totally different characteristics,” says John Kim, Rideview’s Creative Director/ Partner. “This means new strategies for agencies and visualizations are needed more and more. As car enthusiasts, it was an obvious move for us to participate in this new climate of automotive by providing what we do best—visualization.” While their creative partnership spans nearly a decade, beginning with interactive projects for Toyota at Saatchi & Saatchi Los Angeles, Holley and Kim have each showcased their individual
“communication is key for team and project success.” Economy urges us to “stay connected—answer e-mail and your phone, ask questions when needed.” We should communicate to let our team members know we are available for help should they need it. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chairman. We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.
talents and versatility for a collaborative three decades. During his lengthy career, Holley has not only worked with automotive clients, but for top-tier brands like Disney, Nike, Coca-Cola, Google, Apple, and Samsung, Holley has also contributed to award winning projects such as Where Cards Fall, Unity Awards’ 2019 Mobile Game of the Year. He is known as a veteran innovator that has earned multiple Cannes Gold Lions and AICP distinctions. Kim has established his technical prowess and creative expertise as a sought after CG artist, with projects including the first teaser for Marvel’s Avengers: Infinity War, the 5th highest-grossing film of all time. Transitioning to the agency side of the industry he has built extensive production skills. In the process, Kim has worked with industry leaders like Toyota, focusing on car configurators and other interactive content. Eventually, he was entrusted with overseeing creative direction on running footage. Even with their individual successes, it felt inevitable that their paths would once again converge—only this time for something they can truly call their own. And while Holley and Kim are certainly looking ahead with Rideview, their past experience has played an invaluable role in informing their vision for their venture. “Being on the agency side for a long time, I’ve noticed the importance of programmatic data generation for clients,” Kim notes. “Under Rideview, we have built and optimized a production platform where clients can place their products in a variety of settings that caters to all of their audiences.”
Sports
Slaughter lifts Batang Pier past Elasto Painters
S
BusinessMirror
By Josef T. Ramos
EVEN-FOOT Greg Slaughter and Northport bounced back from a frustrating defeat last time by nipping Rain or Shine in overtime, 91-88, to stay in the hunt for a quarterfinals spot in Season 46 Philippine Basketball Association (PBA) Philippine Cup on Sunday at the Don Honorio Ventura State University gym in Bacolor, Pampanga. Slaughter—removed by Northport Head Coach Pido Jarencio in the last play in an 89-90 loss to Magnolia allowing Calvin Abueva to hit the winning basket last Friday—swatted Gabe Norwood’s game-tying threepointer at the buzzer in the extension frame to preserve Northport’s fifth win against fifth loss. He also remained dominant though against the Elasto Painters, tallying 25 points on 12-of-19 shooting from the field, grabbing 11 rebounds, and blocking six enemy attempts to overtake Northern Luzon Expressway (5-5) for now at sixth place with both teams have one game left at the end of the elimination round. “I am very upset that we lost just like any other loss—and I am very happy that we won just like any other win,” Slaughter said when asked about his feelings after that frustrating setback to the Hotshots—where he finished with 21 points, pulled down eight rebounds and got five blocks. Sean Anthony, who had nine points and 10 rebounds, gave Northport a 90-86 lead with 52 ticks left in the extension frame. But Beau Belga hit both free throws to keep the game at striking distance before Northport’s Kevin Ferrer scored on a split free throw for a 91-88 advantage with 13 ticks left. Rain or Shine had a chance to force another extension but two-time Most Valuable Player James Yap bungled three free throws after being fouled by high-flying rookie Jamie Malonzo in the act of shooting beyond the threepoint zone with still five seconds to go. Malonzo secured the rebound and was sent to the foul line, but missed both. Rain or Shine called for a timeout with 2.5 seconds remaining to set up a play, but Slaughter anticipated Gabe Norwood’s attempt. “I was very apologetic to Greg [Slaughter] and the rest of the team. We patched things up. We’re here to work and they are professional enough,” Jarencio said, who had a message to his critics: “To all my bashers and to my haters, I played 17 years and coached for 12 years. I was never involved in any anomalies. I love you [bashers] all.” Robert Bolick racked up 24 points along with seven assists and six rebounds, while Malonzo collected 14 rebounds, five blocks and scored eight points also for the Batang Pier. After a game-tying basket by Slaughter in the regulation, 80-all, with 1:46 to go, both teams missed all their attempts, the following plays including Bolick’s lay-up with four ticks to go that sent the game to overtime. Jewel Ponferada led Rain or Shine with 17 points, but the Elasto Painters failed to get the win. Rain or Shine ended the elimination round with a 6-5 win-loss record and its placing depends on the results of the next week’s games. Former Phoenix Coach Ariel Vanguardia returned as interim coach of Blackwater, replacing coach Nash Racela, according to team owner Dioceldo Sy. Racela was replaced after the team suffered an embarrassing 19th consecutive defeat.
B8
| Monday, September 20, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao
MAKE WAY FOR BIADO! C
CARLO BIADO wears a green jacket, holds a unique trophy and has in his pocket $50,000.
ARLO BIADO rocked the world of pool when almost everyone else was asleep at dawn on Sunday, coming from 10 racks down to beat Singapore’s Aloysius Yapp, 13-8, to win the US Open Pool Championship at the Harrah’s Resort in Atlantic City, New Jersey. Biado’s conquest of one of the world’s most prestigious pool tournaments ended a 27-year drought since the living legend Efren “Bata” Reyes won the same trophy at the expense of Nick Varner in 1994 in Chesapeake, Virginia. “I’m very happy because this event is one of my dreams,” a teary-eyed Biado said after the match as reported by CNN Philippines. Biado, 37, and the 2017 World Games 9-ball champion, claimed the
green jacket, the unique trophy patterned after the US map and the top prize of $50,000. “I am lost for words. I feel grateful to be in the final and all the fans have been awesome so thank you,” Yapp, who banked the runner-up prize of $25,000, told the Singapore Straits Times. “I know I can do it. I am coming back stronger next year.” The 2017 Southeast Asian Games gold medalist was in a 3-8 hole when Yapp saw his streak end. Biado came up big by cleanuping all the 10 racks on the way to the crown. Biado survived two grueling matches—against compatriot Johann Chua in the quarterfinals, 11-10, and Japanese Naoyuki Oi in the semifinals, 11-9—on the way to the finals. Yapp, on the other hand, beat Filipino Dennis Orcollo in the semifinals, 11-6. Before that, the 2014 world junior 9-ball champion shoved aside five-time US Open champion and top-ranked Shane van Boening of the US in the last 16 and world No. 2 Joshua Filler of Germany in the third round.
The Billiards and Snookers Congress of the Philippines, according to its Secretary General Robert Mananquil, said in a statement that “Biado’s triumph after Efren [Reyes] in 1994 would encourage more Filipinos to bring out their cue sticks again.” “It’s a great and sweet victory for Biado and the Philippines despite the pandemic,” Mananquil told BusinessMirror. “He hardly had time to practice with his fellow pros because of global lockdown. He practiced all by himself at his pool table at home.” Malacañang lauded Biado’s victory and in a brief statement issued on Sunday, Presidential spokesperson Harry Roque thanked Biado for bringing pride and honor to the country. He said the government always believed in the world-class talent of Biado. “President Rodrigo Roa Duterte personally conferred Carlo a presidential citation for winning a gold medal in the 29th Southeast Asian Games (SEAG) in 2017,” Roque said. Josef Ramos
COMMEMORATIVE STAMPS
Tokyo Olympics gold medalist Hidilyn Diaz (right) and bronze medalist Eumir Felix Marcial (left) and silver medalists Carlo Paalam and Nesthy Petecio (second and fourth from left), join Philippine Olympic Committee President Rep. Abraham “Bambol” Tolentino (third from left), Philippine Sports Commission Commissioner Celia Kiram (second from right), Post Master General Norman Fulgencio (third from right) and Presidential Assistant for the Visayas Secretary Michael Lloyd Dino (fifth from left) during the launch of the Team Pilipinas Olympic Medalists Stamps and “Keep the Faith, Be a Hero, Vaccinated Stamps,” the first stamps issued by a postal administration that promotes vaccination as a way to fight Covid-19, at the Central Post Office at the Liwasang Bonifacio in Manila on Saturday. ROY DOMINGO
Up, down, Norwich we go THERE’S this old English nursery rhyme that goes, “The Man in the Moon came tumbling down, and asked the way to Norwich. He went by the south, and burnt his mouth while eating cold pease porridge.” And I thought of that rhyme after Norwich City Football Club lost to Watford, 3-1, its fifth consecutive loss to start out this Premier League 2021-22 season and 15th overall dating back to the 2019-20 season. Following that loss, the club dropped to 20th with no points.
IOC encourages members to ask for more vaccines
L
AUSANNE, Switzerland— Olympic teams were urged Friday to contact the International Olympic Committee (IOC) about getting more vaccines ahead of the 2022 Beijing Winter Games, which will be held in the country where the coronavirus outbreak started. The IOC first announced a vaccine rollout program with Chinese authorities for athletes and officials in March. Chinese vaccines were bought by the IOC and also made available for delegations heading to the Tokyo Olympics from countries which had approved them for use. In May, vaccine developers
Pfizer and BioNTech donated doses of their product to Tokyo Olympic teams. That scheme and potentially others could be added for Beijing, the IOC said Friday. About 100 countries are likely to compete at the Beijing Olympics, which open February 4. There were 205 national teams in Tokyo. Vaccination is encouraged but not mandatory. “I would like to encourage those National Olympic Committees who require additional vaccine doses…to inform our NOC relations department as soon as possible so that we can put the necessary arrangements in place,” IOC president Thomas Bach said Friday in a letter to Olympic teams. Health officials in China said this week that more than 1 billion people, or 72 percent of the country’s 1.4 billion citizens, have
been fully vaccinated. Still, the Beijing Games are expected to be organized within the same health security limits that applied for the Tokyo Olympics and Paralympics. Bach noted the “excellent cooperation that we are enjoying with our Chinese partners and friends, as well as the relevant Chinese health authorities.” Though Bach’s letter referred to “the athletes of these Olympic Games that will send this message of the unifying power of sport to the world.” It did not acknowledge global concerns about human rights issues in China. Activists have tried to brand it the “Genocide Games” because of China’s detention of Muslim minority Uyghur people in prison camps in Xinjiang province. AP
A CREW member fixes a logo for the 2022 Beijing Winter Olympics before a launch ceremony to reveal the motto for the Games in Beijing. AP
The Man in the Moon is definitely tumbling down, headed south in a young season, and burnt time and again. What hurts is Norwich lost to a team that finished second to them in the Championship. Furthermore, the other team that was promoted from the Championship, Brentford, is currently in ninth spot in the Premier League. They built this Norwich Canaries team into a better one with good signings and were expected to move upwards in the Premiership table. This early, there is massive disappointment and disenchantment. I know how teams struggle coming up from the first division that is known as The Championship but that is not true for all. Leeds did very well last season after its return to the top flight (although it had a lackluster second half to the last season and are currently in 17th spot—one spot above the relegation zone). After the Canaries’ last stint in the Premiership, it lost forward James Maddison to Leicester City. I wonder given its troubles if it will lose striker Teemu Pukki who has starred in the last four seasons, Argentine midfielders Emi Buendia and Todd Cantwell, and defender Max Aarons who are all being wooed away. Norwich have been tagged as the “yo-yo” team for
being promoted after which it is relegated. It wasn’t always nor has it always been like that. In the first year of the Premiership (1992-93), the team had its best ever finish as the Canaries placed third with a 21-9-12 record. However, after that, it slid down the tables to 12th and eventually 20th to drop down to the Championship. During the 2004-05 season, it found itself back in top-flight football only to finish dead last and was sent packing. The team managed to return for the 2011-12 season and did stay up for three seasons—with its best finish at 11th place in 2012-13. Norwich was promoted once more for the 2015-16 season but finished 19th and once more dropped. And it was the same in the 2019-20 season— promoted then relegated after a year. And from all indications—unless it miraculously turns things around this 2021-22 campaign it is headed south once more. Pinpointing its woes is like coming up with a grocery list. Its midfield has been unable to break through, it has suffered untimely injuries, it has been tactically inefficient, and the worst, it simply leaks goals. In 2019-20, Norwich conceded 75 goals—a league worst. In the 2016-16 season, it gave up 67 goals. This campaign, Norwich has scored only two goals but 14
EMMA RADUCANU visits the New York Stock Exchange and tours the trading floor in New York recently. AP
EMMA RADUCANU: ISN’T SHE LOVELY?
S
HE’S been on American talk shows, attended the Met Gala, ticked off a “bucket list” item by visiting the New York Stock Exchange, and chatted to Formula One champion Lewis Hamilton—a major deal for a big motorsports fan. As for top soccer coach Jurgen Klopp, who manages Premier League team Liverpool, he has described her as the “talent of the century.” Emma Raducanu’s life has been turned upside down since winning the US Open title as an 18-year-old qualifier and, nearly a week later, she’s still struggling to get to grips with what has happened. “Sometimes,” she said Friday, “I just have random bursts where I think, ‘Oh my God, I just won the US Open,’ and then I go about as normal as if nothing has happened.” Watching the final for the first time on Thursday—the day she returned to Britain after a whirlwind few days in New York— and trying to relive a few of the moments from her 6-4, 6-3 win over Filipino-Canadian opponent Leylah Fernandez made it all sink in a bit more. Almost. “When I was watching it, it almost feels like that that’s not me who is playing, who is pulling off some of those shots,” she told the BBC. Her win on Saturday turned her into a superstar overnight, putting her in demand in the United States. Everyone wanted a piece of her, with Chanel inviting her to the Met Gala, where she joined a throbbing crowd of celebrities and fashion designers in New York. That was her highlight of the past few days, especially since she met Hamilton there. “He is such a great inspiration,” she said. The same can now be said of the down-to-earth Raducanu, who had taken 18 months off from tennis to finish her high school education because her parents wanted her to have something to fall back on. One of the subjects she studied was economics and her parents work in finance, explaining why the trip to the NYSE meant so much. The message she wants to get across is: Dream big and work hard, no matter what your background is.
have found the back of its net. Several years ago, I got to watch Norwich at its home field of Carrow Road where it figured in a disappointing 1-1 draw with Roterham. I was there because my good friend, Craig Burrows, is a Norwich supporter. And I did want a close up look to celebrity chef Delia Smith’s selfsupported club. To be honest, I had a lot of fun soaking in the atmosphere at that game. Prior to kick-off, I wandered around the grounds eating sausages outside the stadium, buying merchandise at the team shop, and hobnobbing with the local fans in our seating area. It was great. The weather that day was horrible but Carrow Road was packed. I saw a comment from a Norwich fan following the loss to Watford that maybe it’s best it just stays in the Championship. It is a defeatist attitude because no one on the lower divisions wants to stay there. They want to be the top league in the entire world. In the case of Norwich, getting to the Premier League is easier than staying there. How it responds to this deep-rooted adversity is anyone’s guess. I think Norwich fans would rather sing, “E-I-E-I-O. Up the Premier League we go” rather thing be associated with a man tumbling down nursery rhyme.