BusinessMirror September 25, 2020 by BusinessMirror

BROADER LOOK ON AGRI Here are the seven trophies bagged by the

BM’S BUMPER HARVEST AT 2019 ‘BINHI’ AWARDS

BusinessMirror at the PAJ-SMC Binhi Awards on Thursday. Besides winning the Best Agri Section of a Newspaper award, BM staffers won for reporting on agriculture as a sector, on environment and sustainability, and agri financing. NONIE REYES

HE “Broader Look” that the BusinessMirror promises has once again been delivered, if the outcome of the 2019 Philippine Agricultural Journalists-San Miguel Corp. Binhi Awards Excellence in Agriculture Journalism were any gauge. The newspaper won seven awards, including top prizes in two major categories, and two new special categories in rites held at the Department of Agriculture on Thursday. The paper’s Agriculture reporter Jasper Emmanuel Y. Arcalas was hailed the country’s Best See “Binhi,” A2

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year

GREAT HARVEST The BusinessMirror dominated anew the 2019 Philippine Agricultural Journalists-San Miguel

Corp. Binhi Awards Excellence in Agriculture Journalism after winning seven awards, including top prizes in two major categories. Flanking Agriculture Secretary William D. Dar (third from right) are Environment reporter Jonathan L. Mayuga, Agriculture reporter Jasper Emmanuel Y. Arcalas, PAJ President Fermin Diaz, Associate Editor Jennifer A. Ng, and macroeconomy reporter Cai Ordinario. NONILON REYES

BusinessMirror A broader look at today’s business

Friday, September 25, 2020 Vol. 15 No. 351

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR (2017, 2018)

DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

PHILIPPINE STATISTICS AUTHORITY

DATA CHAMPION

BIZ GROUPS BACK EASING OF QUARANTINES IN OCT www.businessmirror.com.ph

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

WITH the majestic Sierra Madre as a backdrop, Jigger Figuro, 38, serves hot goto to local tourists from his mobile cart at a roadside view deck in Sitio Cabading, Barangay San Jose, Antipolo City. Figuro used to be a construction painter, but has been out of work since the lockdowns in March. With the P6,500 he received in cash aid from the government, he built the cart and started selling goto to local tourists, making at least P600 a day. He said he gives his leftover to the street kids in his community in Sitio Paenaan, Barangay San Jose, gratitude for a day’s work. “Bilang Pilipino, tayo lang din ang pwede tumulong sa isa’t-isa para umangat ulit ang mga tao. Suportahan natin ang isa’t-isa,” he said. BERNARD TESTA

By Cai U. Ordinario

HILIPPINE businesses expressed “strong support” for moves to place areas of the country under modified general community quarantine (MGCQ) by next month.

In a press briefing on Thursday, Philippine Chamber of Commerce and Industry (PCCI) President Emeritus George Barcelon said loosening restrictions will be the “key to injecting life” into the economy. Last Monday, Malacañang said some areas of the country would be placed under MGCQ given that these areas would have low or no coronavirus 2019 (Covid-19) transmissions.

“The business community has realized that’s the key to really injecting life into the economy. In the past month or so, as Chairman Treasurer Mr. Ortiz [Sergio Ortiz-Luis] mentioned, there was a meeting attended by many business groups and primarily the consensus is that, you know, having the protocols that was arrived at, the seven commandments, those we think are Continued on A2

PHL migrant workers retrain for life at home By Andreo Calonzo & Siegfrid Alegado | Bloomberg

HE Philippine government is trying to retrain hundreds of thousands of Filipino workers who are returning jobless from overseas as the pandemic batters economies around the globe. Already struggling with unemployment that spiked to record levels when the pandemic hit, the Southeast Asian nation is bracing for nearly 300,000

overseas Filipino workers—like caretakers, maids and seamen—to return home this year. The government is offering free programs to reskill these workers for jobs such as call-center agents, teachers and contact tracers. More than 5,000 returnees have already applied for the training, with health care, technology and tourism courses the top choices. Among the returning workers is Marlon Gabitano, 51, a history teacher who was placed on unpaid leave from

PESO EXCHANGE RATES n US 48.5080

a school in Qatar. Back in the Philippines, where he has a wife and three sons to support in Pampanga province, Gabitano has been attending government-backed online seminars to look for a temporary job or the means to set up a business. “I’m looking for anything that can help tide us over, because life here in the Philippines is hard,” he said.

Teachers, tracers

FOR decades, waves of college-educated

Filipinos have left the country in search of better-paying work abroad. The money sent home by this diaspora of about 10 million people has helped fuel what until this year was one of the world’s fastest-growing economies, but is headed this year for a sharp contraction. “Returning workers will have to compete with local job seekers, but many sectors want to prioritize them,” Labor Assistant Secretary Dominique Tutay said in an interview. “It’s perhaps

SPEx: NO MALAMPAYA SALE UNLESS WE FIND MOST QUALIFIED BUYER By Lenie Lectura

HELL Philippines Exploration B.V. (SPEx), the operator of the Malampaya gas field in offshore Palawan, said Thursday that, while it has announced a decision to sell its entire 45-percent stake in the vital energy project, it would do so only to a “suitable, financially and technically competent” firm. While the upstream development arm of the Royal Shell Group has yet to name interested firms, SPEx said it would not sell until it finds the most qualified buyer. “Our priority is to make sure we have safe and reliable operations. We are committed to continue with the operations until a suitable, financially and technically competent buyer is found,” the company said in an e-mail reply to the BusinessMirror. SPEx announced late Monday that the decision to divest its Malampaya stake is part of an ongoing portfolio rationalization to simplify and increase the resilience of its business. Continued on A2

See “Migrant,” A2

n JAPAN 0.4606 n UK 61.7361 n HK 6.2594 n CHINA 7.1241 n SINGAPORE 35.3454 n AUSTRALIA 34.3097 n EU 56.5652 n SAUDI ARABIA 12.9341

Source: BSP (September 24, 2020)

News BusinessMirror

A2 Friday, September 25, 2020

www.businessmirror.com.ph

SEC approves ₧41-billion IPO of Converge ICT Solutions

By VG Cabuag

HE Securities and Exchange Commission (SEC) has approved the P41.55-billion initial public offering of Converge Information and Communications Technology Solutions Inc.

The SEC approved Converge’s registration statement during its en banc meeting on Thursday. The telecom firm led by Pampanga businessman Dennis Anthony H. Uy (as distinguished from Davao’s Dennis Uy), will sell some 480.83 million as its primary offering, 1.02 billion shares for secondary offering and 225.79 million shares as its overallotment at a maximum price of P24 apiece. Its shares will be listed at the main board of the Philippine Stock

Exchange. From the primary offer, Converge expects to raise about P11.07 billion. Approximately 90 percent of the net proceeds will be used to fund capital expenditures for the purpose of accelerating its nationwide fiber network rollout. Morgan Stanley Asia (Singapore) Pte. and UBS AG Singapore Branch will serve as joint global coordinators and joint bookrunners for the offer, together with Credit

Suisse (Singapore) Ltd. and Merrill Lynch (Singapore) Pte. Ltd. as international joint bookrunners. BPI Capital Corp. was its sole local coordinator and joint local underwriter and joint bookrunner with BDO Capital and Investment Corp. Asia United Bank Corp., First Metro Investment Corp., Maybank ATR Kim Eng Capital Partners Inc., PNB Capital and Investment Corp. and RCBC Capital Corp. were also tapped as local participating underwriters.

Biz groups back easing of quarantines in Oct Continued from A1

really good enough to protect the commuters,” Barcelon said. He explained that these seven commandments are the minimum health standards recommended by the national government, topped by the wearing of face masks and face shields. The list also includes social distancing; having open ventilation in transportation; and keeping on hand cleaning solutions like alcohol and hand sanitizers, among others. Barcelon added that the MGCQ should go with allowing mass transport to resume operations. He said jeepneys should be allowed to ply the roads to bring commuters from secondary roads to main thoroughfares where they can board mass transport facilities like buses and trains.

He said that if the government only allowed 50 percent of the ridership of mass transport such as jeepneys and buses, the drivers will again be employed and more Filipinos will be able to go to work.

Satellite technology

THE PCCI is also pushing for the liberalization of access to satellite technology to provide Internet connection to all Filipinos. In a press briefing on Thursday, PCCI President Benedicto Yujuico said 15 satellites are currently available to be used to expand Internet access for all. However, the government mandates that using these satellites requires a franchise which is stated in Executive Order 467 signed and issued by former President Fidel V. Ramos. “We will continue to pur-

CHARTERED PAL PLANE TO FERRY BEIRUT OFWs, BRING LTG DONATIONS

HE Department of Foreign Affairs (DFA) has chartered a Philippine Airlines (PAL) plane to bring home on Friday (September 25) 300 distressed Filipinos in Beirut and carry donations from the Lucio Tan Group (LTG) for the benefit of Filipinos residing in Lebanon’s capital city. DFA officials will turn over the donations to the Philippine Embassy in Beirut. PAL President and Chief Operating Officer Gilbert Santa Maria turned over Tan’s donations to Migrant Workers Affairs Undersecretary Sarah Arriola at the PAL Cargo Complex on Thursday. The Lucio Tan Group donations include 27,500 face shields, 3,000 boxes of disposable masks and 1,000 boxes of vitamin C. These donations will be added to the 5,000 boxes of relief goods from the DFA. The Lucio Tan Group will also distribute 100 cases of Cobra Energy drinks, 100 cases of bottled iced tea, 1,870 cases of Bifrutas pineapple mango, 50 cases of Vitamilk Banana, 50 cases of Summit bottled water to arriving OFWs of PAL repatriation flights. Earlier this month, LTG donated to OFWs in Papua New Guinea—through the DFA—1,000 boxes of face masks, 20,000 pieces of face shields and 1,000 boxes of vitamin C.

sue our advocacy for the liberalization of access to satellite technology through the amendment of EO 467. The amendment will remove the franchise requirement in the access of international satellite systems in unserved and underserved areas,” Yujuico said. “There are currently 15 satellites that cover the country today ready to deliver broadband. However, the use of satellites for the Internet has been negligible due to restrictions that limit their use to telecommunication companies with congressional franchise under EO 467,” he explained. Yujuico said 40 percent of the population, 57 percent of households and 52 percent of public schools nationwide still have zero access to Internet facilities. The absence of Internet connection, he added, means many offices, businesses, workers, students and citizens will be excluded and left behind. Essential government and commercial transactions can shift to digital modes, especially under the new normal, if the infrastructure

problem is addressed, he said.. The National Economic and Development Authority (Neda) earlier said Filipinos should brace for a digital new normal and that local government units (LGUs) need to step up in bridging the digital divide, beginning in their localities. “We are now pursuing this by urging the signing of a new Executive Order on satellite access liberalization—to effect an immediate expanded Internet coverage and to improve connectivity, and the enactment of the Open Access in Data Technology Act or the Better Internet Act, to enforce a simple expeditious administrative process for new market entrants, as well as fasttrack and lower the cost of broadband network rollout,” Yujuico said.

Shop All

THE PCCI, in the upcoming Philippine Business Conference (PBC), will focus on innovations and the need to prioritize local products and services. PCCI chairman for the 46th Philippine Business Conference and Expo (PBC&E) Enunina Mangio said

the PCCI will launch during the conference and expo its very own online mall—Shop All. This online portal will initially showcase the best of Philippine products to encourage more Filipinos to buy local. Eventually, the site will also feature international goods. Mangio said Shop All is the brainchild of Yujuico and PCCI Chairman Emeritus and Director Francis C. Chua. It will be an e-market platform for all PCCI members. The PCCI worked with fintech firms Pearl Pay and LeenTech to create the site. Shop All will be launched on October 8, the second day of the PBC&E. Yujuico also said the PCCI aims to make entrepreneurs and firms the dominant force in innovation through its Innovation Center. The Center will provide information and education materials, lectures, workshops, and advice or mentoring to its members. The Center will also provide resource allocation, technical service and technical evaluation to enable entrepreneurs/innovators to commercialize technologies faster.

SPEx: No Malampaya sale unless we find most qualified buyer Continued from A1

The company has informed the Department of Energy (DOE) about this. “Shell informed us that they are looking for a buyer in their Malampaya share. What I know is they are realigning their business strategy and have to sell some assets,” said Energy Secretary Alfonso G. Cusi in a text message when sought for comment. The DOE had assured the public that gas supply would not be affected by the decision of SPEx to sell its stake. “In case it’s sold, it won’t affect our gas supply for the power plants drawing from it,” said Cusi. The Malampaya gas field fuels five power plants with a combined capacity of 3,211 megawatts (MW). It also supplies roughly 40 percent of Luzon’s power requirements. SPEx, which has poured an investment of $4.5 billion in the gas field, said a team is handling the “marketing of our shares in Malampaya.” “We have not yet started to market the Malampaya shares. Before we do that, we need to inform the relevant stakeholders like the DOE,” said SPEx managing director Don Paulino in a television interview.

Udenna, PNOC-EC

THE DOE, through the Philippine National Oil Co. Exploration Corp. (PNOC-EC), holds a 10-percent interest in the gas field project. The remaining 45 percent is held by Udenna Corp. (UC). UC, which is led by Davao businessman Dennis Uy, earlier bought the Malampaya stake from Chevron Malampaya Llc. Cusi said UC and PNOC-EC may exercise their right of first refusal. “But will they exercise it? That I can-

MALAMPAYA Deep Water Gas-to-Power facility in Palawan PHOTO COURTESY OF SHELL

not answer,” he said. If and when the sale is successful, Shell Philippines said it would continue to have significant presence through its 1,100 retail sites, Tabangao and Northern Mindanao Import Terminals and 4,000-strong Shell Business Operations (SBO). “It’s a big no,” said Pilipinas Shell Petroleum Corp. spokesperson Cesar Abarcia when asked if Shell Philippines will eventually exit the country. “We still have the new import facility, retail stations, commercial business, lubricants, aviation, bitumen, SBO, etc…” Shell Philippines will continue to pursue opportunities where it can leverage its global expertise in line with its strategy. “There are still many opportunities.… We all know that Covid has affected our economy. We lost $18 billion the past six months,” he said in a mix of English and Filipino. The $18-billion loss pertains to the mother company Royal Dutch Shell, not just the Philippine company. “We are now preparing to build

up savings anew to fund our future projects,” Paulino said. SPEx, UC and PNOC-EC form a consortium that operates Service Contract 38. They have a pending application before the DOE to extend the contract. “There’s a pending application by the consortium for renewal and we are evaluating it regardless Shell’s share is sold or not. What we want to make sure is gas supply will not be disrupted or affect gencos’ operation,” added Cusi in a text message. SPEx did not say if it will withdraw its application to extend SC 38 (Malampaya), saying its priority is “to make sure that we can continue to supply the energy supply to the country safely and reliably. This includes progressing our application [together with the other JV] and discussion with the DOE.” The consortium has so far remitted a total of $11.7 billion to the national government. The amount, said SPEx, represents the 60-percent government share from the start of the Malampaya operations to the present.

Binhi… Continued from A1

Agricultural Journalist of the Year for the third consecutive year. Arcalas, 24, was also adjudged as this year’s Best Agribeat Reporter, the second time in three years that he won the award. The BusinessMirror’s AgriCommodities page, edited by Associate Editor Jennifer A. Ng, won the Best Agriculture Page of a Newspaper back-to-back. Environment reporter Jonathan L. Mayuga bagged second place in the Best Environment Journalist of the Year. Mayuga also won for writing the Best Water Sustainability Story. The BusinessMirror Broader Look Team bagged the SL Agritech Best in Rice Reporting award for its investigative piece titled “Preand post-rice trade liberalization law, big traders gaming farmer groups.” The story, published in October 2019, exposed how unscrupulous traders are using cooperatives and farmers groups as their “dummies” to import rice and game the market post-RTL. It became the subject of an interagency investigation led by the DA. The story was written by Arcalas and macroeconomy reporter Cai U. Ordinario, and edited by Senior Editor Dennis D. Estopace. Arcalas and banking reporter Bianca Cuaresma won the award for Best Agri-Financing Story for their Broader Look piece titled “Real transformation seen to boost efforts to finance PHL’s agriculture sector.” The awards come a few weeks before the BusinessMirror celebrates its 15th year.

Migrant… Continued from A1

because of the difficult experience of leaving the country, then having to return after losing their jobs.” Retraining these workers will likely be a “bumpy process,” said Jessie Lu, an economist at Continuum Economics in Singapore. So far, government support for displaced workers is “insufficient to offset the loss of income,” she said. Some of them can be tapped as teachers, while seafarers can be hired for construction work, Tutay said. Returning migrants will be prioritized in hiring 50,000 contract tracers to help control Covid-19 infections, Interior Secretary Eduardo Año said at a briefing last week. Business-process outsourcing, one of the few parts of the Philippine economy to escape the downturn, could be promising as a landing pad, with call centers willing to absorb returning workers with no background in the field, the Labor Department’s Tutay said. Jobs in telehealth—where agents answer customers’ health-related queries—are particularly in demand, she said.

Short-term fix

STILL, the reskilling effort may be only a short-term fix. “At least it’s helping them stay productive,” said Nicholas Mapa, senior economist at ING Groep NV in Manila. But many are likely to head back overseas when better-paying work becomes available again. While helping repatriated workers find jobs at home, officials aren’t abandoning the decadeslong labor export policy. The government is seeking alternative labor markets for Filipino workers, including China and eastern Europe, Labor Secretary Silvestre Bello said in a recent online forum. Gabitano, for his part, hopes to be part of that exodus again— despite the hardship of being separated from his loved ones. “I will leave the Philippines again the first chance I have,” he said. “It’s hard to see my family suffering here every day.”

The Nation BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Friday, September 25, 2020 A3

Police, military protest closure of FB accounts

By Rene Acosta

@reneacostaBM

HE military has expressed its disappointment over the decision of Facebook (FB) to shut down the page of the “Hands Off Our Children,” HOOC, which, it said, was a legitimate and anti-violent extremism campaign account.

Facebook disclosed that it had taken down HOOC’s page along with more than 150 other pages, accounts and groups which are linked to Filipino military and police officials allegedly for misleading people by

Bulacan newsman seeks PNP chief’s intervention after police raid in home

HILIPPINE National Police (PNP) chief General Camilo Pancratius Cascolan was asked on Thursday to order an investigation into the alleged “gestapo-like” raid by policemen into the home of newsman Orlan Mauricio in Malolos City, Bulacan. The fully armed policemen, believed to be from the Bulacan Provincial Police Office, donning bullet proof vests but were not wearing police uniforms, reportedly barged into Mauricio’s residence, purportedly in search of guns allegedly owned by his son who is no longer living with him. “Mauricio said at about 5 p.m. on Wednesday, more than 20 raiders claiming to be members of the Bulacan PNP, with two policewomen who allegedly acted as videographers, none of them wearing police uniform, all heavily armed and wearing bulletproof vest and bandanas, forcibly entered his home without identifying themselves and their mission,” said Romie Evangelista, Mauricio’s colleague at the Bulacan Press Club. Evangelista, a former reporter of the Manila Standard and a former president of the Camp Crame-based PNP Press Corps, said the raid was backed by a search warrant issued by a court in Bulacan. “We were herded for two hours and held incommunicado, seized our phones, with guns pointed at me and my wife. It’s only [then] that they showed me the search warrant, after searching our home for almost two hours,” Evangelista quoted Mauricio as saying. Mauricio claimed the raiding team only showed the warrant after barangay officials, who were summoned by their neighbors, arrived at their residence. The National Press Club (NPC) through its president Paul Gutierrez, denounced the raid, hinting that it was a police raid “orchestrated by certain ranking provincial officials whom he got entangled with because of his news reports.” Rene Acosta

engaging in malicious behavior. It had also shut down FB accounts originating from China, which, it said, are allegedly promoting President Duterte and the supposed presidential ambitions

of his daughter, Davao City Mayor Sara Duterte-Carpio. “The Armed Forces of the Philippines [AFP] regrets the decision of Facebook to take down the page of Hands Off Our Children, a campaign launched by a group of parents who are fighting to protect their children against violent extremism,” said chief of staff Lt. Gen. Gilbert Gapay. “Their grievances are legitimate, and their calls urgent. The recruitment machinery of the communist terrorist group has long been found to victimize students, conditioning them to become cadres and armed members of the New People’s Army,” he stressed. FB said the accounts, which also included the military’s Kalinaw News, were engaged in “coordinated

courtesy call and share FB’s global efforts to counterterrorism and in dealing with “harmful” content on the platform. FB is a member of the Global Internet Forum to Counter Terrorism (GIFCT) which was established in 2017 and is now a consortium of companies dedicated to disrupting terrorist abuse of members’ digital platforms. At the Philippine National Police, its spokesman Col. Ysmael Yu, said they would continue to adhere to the PNP’s institutional policy that promotes observance of cyber etiquette and proper decorum in all public engagements, including social-media platforms, chatgroups and private sites. “We recognize social media as an effective tool that technology

can offer, especially at this period of health emergency, to establish proactive information and awareness activities, as well as to build harmonious relationship with the community. As far as we are concerned, official Facebook pages of the PNP and those of our lower units remain compliant with standards and continue to serve its purpose along these objectives,” he said. Yu said “all comments and opinions of individual personnel, associations and sectoral groups on matters that are not related to the organization’s activities are hereby disowned by the PNP as unofficial and unauthorized.” The PNP spokesman said they respect the action taken by Facebook on what it perceived as violations of its terms of use.

DOLE repatriates 15,000 more displaced OFWs By Samuel P. Medenilla @sam_medenilla

N additional 15,000 overseas Filipino workers (OFWs) were repatriated by the government this week amid the Covid-19 pandemic, the Department of Labor and Employment (DOLE) reported on Thursday. Citing the latest report from the Overseas Workers Welfare

Administration (OW WA), Labor Secretary Silvestre H. Bello III said the number of OFWs brought home rose to 218,205 from 205,000 last week. “Over 40,000 OFWs tested negative for Covid-19 were sent to their provinces this month alone, including the latest batch of 1,440 OFWs who were transported on September 23,” Bello said. As of September 5, the govern-

2.5K Porac families affected by ’91 Mt. Pinatubo eruption may finally own their homes By Ashley Manabat Correspondent

NGELES CITY—The National Housing Authority (NHA) has filed a petition for the surrender of the titles to some 50 hectares of land in Barangay Pio New Model Community in Porac, Pampanga. The NHA filed the petition at the Regional Trial Court (RTC) here versus Ciriaco Reyes, or any person holding the owner’s duplicate of Transfer Certificate of Title (TCT) No. 382955-R, covering the resettlement site of 2,500 families who were victims of the eruption of Mount Pinatubo in June 1991. Porac Councilor Mike Tapang said the families who were affected by the 1991 eruption were resettled under the government program Mt. Pinatubo Housing Project called Porac Resettlement on a land donated by Ciriaco Reyes who has since passed away. Reyes’s heirs allegedly refused to honor the deed of donation which left the resettled families without titles to their lands despite paying the full amortization of their lands to NHA. The petition to surrender the owner’s duplicate Transfer Certificate of Title No. 382955-R of the office of the Register of Deeds (RD) of Porac, Pampanga was filed on Wednesday by NHA Central Luzon Regional Director Roderick Ibanez.

Executive Judge Omar T. Viola of the RTC 3rd Judicial Region here received the petition which was docketed as case No. R-ANC-20-02563-CV. Viola immediately raffled off the case which was received in the sala of Judge Irineo P. Pangilinan Jr. of RTC Branch 58 but will be heard in the sala of Presiding Judge Ramon Corazon P. Blanco of Branch 115, as assisting judge. Ibanez said past officials of the NHA tried to negotiate with the Reyes’s heirs but to no avail which prompted NHA to file the petition. In the petition, the NHA is ordering the respondent Ciriaco Reyes to surrender the owner’s duplicate copy of TCT No. 382955-R to the RD, as well as ordering the RD to enter on said title the Deed of Donation dated February 5, 1996. The NHA is also enjoining the RD to issue a new TCT under NHA’s name. Should the holder fail or refuse to comply with the court’s directive, TCT No. 382955-R be declared null and void and a new TCT be issued in lieu thereof and enter the Deed of Donation under the name of the NHA. The NHA also wants to declare the respondent (Reyes’s heirs) liable to pay petitioner the cost of the suit and other related litigation expenses. The petition was signed by authority of the Office of the Government Corporate Counsel as counsel for the plaintiff NHA and other NHA officials.

DOE reports compliance of 23 govt agencies, state-run schools in power, fuel austerity order T least 23 government agencies and state-owned schools have voluntarily complied to reduce their monthly consumption of electricity and petroleum products by at least 10 percent. “The first resolution did not specify a hard deadline but there were already those that complied. We saw a compliance rate of 12 percent for those who received the notice in the first two months of the issuance of the resolution,” said DOE Director for Energy Utilization Management Bureau Pat-

inauthentic behavior,” which gave rise to violations, including the red tagging of human-rights defenders, peace advocates and even journalists. Gapay said HOOC’s page was instrumental to the group’s campaign to raise awareness on the vulnerability of children at the hands of communist front organizations. “Its arbitrary shutdown adds to the limited spaces afforded to them and the unsympathetic ears of some sectors,” he said. Gapay’s statement followed an earlier scheduled meeting between the military and FB officials led by their Philippines’s public policy head Clare Amador to discuss possible partnership in preventing terrorists’ exploitation of the Internet. Amador and her team reached out to Gapay in August to set the virtual

rick Aquino during a forum on Energy Efficiency and Conservation law held Thursday afternoon. These 23 firms are the Department of Budget and Management (DBM) Regional Office (RO) XIII, DBM RO V, DBM RO IV-A, Department of Public Works and Highways (DPWH) Davao City II, DPWH Davao del Sur, DPWH Davao Oriental, Technical Education and Skills Development Authority (Tesda)-Carmelo De los Cientos Sr., Wangan National Agriculture School, Southern Philippines Medi-

cal Center, Compostela Valley State College, Davao Oriental State College of Science, University of Southeastern Philippines, Department of Labor and Employment (DOLE) XII-North Cotabato Field Office, Davao del Norte State College, Davao Oriental Polytechnic Institute, Tesda-Davao RO, DOLEMimaropa, Department of EducationRegion VII, Professional Regulation Commission (PRC) Region XII, DBMMimaropa, National Wages and Productivity Commission, Quirino State University and PRC-Manila. Lenie Lectura

ment was already able to ferry back home some 185,750 OFWs, the labor chief added. Bello assured the returnees were tested for Covid-19 and were given accommodation, food, transportation aid upon their arrival. He said the returning OFWs could also avail of DOLE’s Abot Kamay ang Pagtulong (AKAP) program, which provides a one-time P10,000, or $200 cash aid, to OFWs affected by Covid-19.

DOLE said the displaced OFWs could also be redeployed to other destination countries, such as the Kingdom of Saudi Arabia, Qatar, Bahrain, China, Japan, Czech Republic and Taiwan.

Program guidelines

AS additional aid for the repatriated OFWs, OWWA Administrator Hans Leo J. Cacdac said they will also be coming out with the guidelines for

their Tulong Puso Group Livelihood Program (TPGLP) next week. “We had a board meeting today [September 24] and the board still has directives. We still need to polish the guidelines. We hope to issue it by next week,” Cacdac told the BusinessMirror in a phone interview. Under the TPGLP, organized OFWs could avail of P150,000 to P1 million livelihood grants.

A4 Friday, September 25, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

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House creates TWG to study bill to liberalize construction industry By Jovee Marie N. Dela Cruz @joveemarie

HE House Committee on Trade and Industry on Thursday created a technical working group (TWG) to further study a bill seeking to remove barriers to the entry of new foreign players in the construction contracting services industry, which is seen to attract $216.1 million in investments. Valenzuela Rep. Wes Gatchalian, panel chairman, said House Bill 7337 which he sponsored seeks to provide a level playing field and extend equal opportunities to eligible and qualified domestic and foreign contractors, while encouraging competition, transfer of technology and sharing of knowledge between Filipino and foreign contractors. The TWG will be chaired by former Philippine Competition Commission (PCC) commissioner and now Marikina Rep. Stella Luz Quimbo. “By having more industry players, there will be more competition that will lead to better quality workmanship, which benefits both contractors and their clients,” said Gatchalian in his sponsorship speech. “Our country badly needs more investments in the construction and real-estate industry during this time especially because FDI inflows have declined by 18.3 percent during the first semester of 2020,” he added. By amending the Contractors’ License Law and clarifying the

government’s position, Gatchalian said, the country is sending a clear signal to foreign investors that the Philippines is open and is a safe haven for business. Based on studies, the lawmaker said, the country expects foreign direct investment (FDI) inflows to increase from its current rate of $35.8 million to $216.1 million by opening up the construction sector. “As a result, the construction sector’s share to total FDI is projected increase from 0.36 percent to at least 2.2 percent. With these expected inflows, job generation is expected to rise as well. Currently, there are around 3.8 million Filipinos employed in the construction sector. The liberalization of this sector is seen to generate 154,000 to 284,000 more jobs for Filipinos,” he said. According to Gatchalian, the implementation of Republic Act 4566, or the Contractors’ License Law, was not able to promote competition because its implementing rules and regulations failed to properly translate the intent of the law. The IRR introduced nationality-based classifications, which are not found in the enabling law and acted as a barrier to the entry for foreign contractors. “This was the situation of the construction industry when I filed House Bill 7337 during this 18th Congress. However, recent events, particularly, the Supreme Court’s [SC] decision in PCAB [Philippine Contractors’ Board] v. Manila Water

Company, which was published only last August 28, 2020, changed the landscape completely,” he said. In the decision, the SC struck down certain provisions of Section 3.1 Rule 3 of the IRR of the Contractors’ License Law for unduly discriminating against foreign contractors. According to the Supreme Court, PCAB exceeded the confines of the delegating statute when it introduced nationality-based license types under Section 3.1. The Court ruled that an administrative rule cannot amend the law. PCAB had already filed a motion of reconsideration before SC last September 14. “This decision has overtaken the primary purpose of this bill. With the deletion of the nationalitybased license types, foreign contractors may now apply for a regular license with the PCAB because there is no law that prohibits foreign contractors from engaging in the construction business and the Constitution has not reserved the construction industry exclusively for Filipinos,” Gatchalian said. But for all intents and purposes, Gatchalian said, the bill seeks to institutionalize the majority decision of the SC for purposes of clarity. “By amending the law, we prevent any further misinterpretation that may occur and, in this regard, we will be able to give advantages to Filipino contractors by requiring foreign reciprocity before we welcome foreign contractors,” he added.

Under the proposal, Gatchalian said a foreign contractor would only be granted a license to practice construction contracting if its country of origin specifically permits Filipino contractors to practice within its territorial limits on the same basis as nationals of said foreign country. In addition, the bill will be requiring foreign contractors to duly establish their business in the Philippines and ensure technology transfer and capacity building of local contractors. With these amendments, the lawmaker said, the country will be able to generate more FDI in the construction industry to spur economic recovery amid the Covid-19 pandemic.

Support

FOR its part, PCC Legislative and Policy Officer Faye Condes de Sagon said the commission is fully supportive of the measure as it clarifies ambiguity created by the RA 4566’s IRR. She said nationality-based distinction hinders competition in the construction industry, creating an uneven playing field between local and foreign contractors. The PCC official said a foreign firm spends 12 times more for license applications compared to a local firm. With this, she added there were few special licenses being given, stunting the growth of an industry that can benefit from the foreign firms. “It would provide alternative options of consumers or the needs for

different kinds of construction projects. It will also invite new blood into the market,” Condes de Sagon added. As a foreign firm may undertake only one project specified under its special license, the PCC said, it will be costly for it to undertake several projects as compared with a local firm that has continuing authority to engage in multiple projects under a regular license. To illustrate, Condes de Sago said given an estimated potential cost of a license application of P147,301 and an average of 12 projects undertaken by a contractor in a year, a foreign firm will have to spend P176,760, which is 12 times the estimated potential cost for the application process alone to engage in the same level of activity as with the local firm. Also, National Economic and Development Authority Assistant Director Richard Emerson Ballester said the Neda is supporting the passage of the measure as it is fully consistent with the strategic policy direction of the country in liberalizing, lifting and easing restriction on certain sectors with limited foreign participation. Data on licenses issued annually by PCAB may indicate the restrictiveness of the nationality requirement on foreign firms, which showed that from 2013 to 2015, foreign participation in the industry remained limited, with new special licenses accounting for just 10 to 15 percent of total licenses issued during the period.

Rebalance

BUT PCAB Executive Director Herbert Matienzo said while the bill seeks to provide a level playing field, the proposal must be rebalanced to protect the country’s most vulnerable sector and work force particularly small and medium construction companies heavily impacted by the pandemic. Matienzo said the country’s current law already allowed foreign contractors to participate in local projects. “Also, foreign contractors are also allowed to participate in local project under a special license,” he added. “In 2019, we issued more than 3,000 [special] license to foreign contractors. They were able to participate to projects amounting to more than P860-billion projects in 2019 alone,” he added. For his part, Minority Leader Benny Abante said the bill will only open the floodgates to unregulated entry of foreign-owned construction companies. “This will kill the local construction industry and the entry of unqualified foreign contractors pose a danger to the public safety. In order to ensure protection not only of the local contractors but of the public as well, it is crucial that appropriate safeguards be put in place by way of additional requirements for accreditation for foreign contractors who wish to enter the Philippine market,” Abante said.

DA exec vows faster spending of ₧15-B RCEF fund this year By Jasper Emmanuel Y. Arcalas @jearcalas

HE Department of Agriculture (DA) has only disbursed 8.35 percent, or about P1.252 billion, of its P15-billion Rice Competitiveness Enhancement Fund (RCEF), which includes a P5 billion carryover from last year, this year, based on its latest presentation. Nonetheless, the DA vowed that the whole amount would be utilized this year with rice farmers reaping benefits from the second year of the rice trade liberalization (RTL) law-created RCEF. During Thursday’s news briefing, the DA presentation showed that it has obligated P5.618 billion, or about out 37.45 percent, of the P15-billion RCEF fund this year. RCEF is a six-year P10-billion rice production development program created under the RTL law, or Republic Act 11203, which deregulated the rice industry. The law mandates that P5 billion would be allocated for farm mechanization, P3 billion for inbred seed distribution, P1 billion for credit and P1

billion for extension. However, the DA had a P5 billion carryover this year since the amount, which was dedicated for farm mechanization, was untouched last year due to procurement problems. “This whole P15 billion would be used this year, especially that PhilMech [Philippine Center for Postharvest Development and Mechanization] has lined up everything for the procurement of machinery,” DA-Field Operations Service Director Roy M. Abaya said during the briefing. “There’s a huge hope that we will be able to deliver this P10 billion worth of machinery this year,” Abaya, who also heads the secretariat of the RCEF Program Steering Committee (PSC), added.

Breakdown

BASED on the DA’s presentation, P1.607 billion out of the P10-billion RCEF farm mechanization component this year has been obligated by PhilMech with zero disbursements so far. The Philippine Rice Research Institute (PhilRice) has obligated

P2.789 billion out of its P3-billion RCEF seed component fund this year. The PhilRice has disbursed about P1.15 billion of the budget, according to the DA’s presentation. The presentation also showed that P550.83 million out of the P1billion budget for extension this year has been obligated. About P385.528 million of the obligated fund has been disbursed. As for the credit component of RCEF, about P670.88 million out of the P1-billion budget this year has been obligated by the Land Bank of the Philippines (LandBank) and Development Bank of the Philippines (DBP), the mandated implementers of the program. DA presentation showed that LandBank has obligated P453.88 million out of its P500 million allocation while DBP was able to obligate P217 million out of its P500million fund. Further more, LandBank has been able to disburse P102.71 million of its obligated funds for the year while DBP has yet to disburse an amount, DA presentation showed.

Foreign workers seeking permits down by half since Covid lockdowns continued from a8

Some of the POGO firms ques-

tioned the requirement because they are now registered in the country. “Many were not able to comply with the franchise tax. This should be lauded by those who are against POGO,” Roque said in an online briefing on Thursday. Some lawmakers, as well as mem-

bers of the civil-society groups are against the POGOs in the country for several reasons, including non-payment of taxes, their alleged creation of an environment conducive to crimes, and their employment of FNs instead of Filipino workers. While many POGOs refuse to pay

franchise tax, Roque said many of them still have not totally abandoned their operations in the country. “There is only one [POGO] company, which left because it was suspected in mainland China of funding demonstrators. So I think the word exodus is not correct,” Roque said.

Senate vows competitive, fiscally sound CREATE The senator added: “And we have for the record investors in Peza—45 investors in Peza have been receiving these incentives for 26-30 years. There’s 207 and a total of 239, if I look at the other IPAs [investment promotion agencies] that have been receiving incentives for 21-25 years.

There are 333 that have been receiving incentives for 16-20 years. So again, I simply pose this to the body, for us to determine if we want this to continue or if we are prepared to provide the sunset provision that DOF has proposed, which is from 4-9 years.” The Executive branch, business

continued from a8

groups and lawmakers have been in general agreement on cutting the CIT, especially to give the pandemic-impacted economy a boost. However, the tax incentives, which some groups asked senators to keep, have been a bone of contention, delaying the bill. Butch Fernandez

The World BusinessMirror

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

ECB prepares to hand banks more ultra-cheap cash

uro-zone banks are gearing up for another dose of ultra-cheap funding as the European Central Bank gives them every possible incentive to lend to the pandemic-stricken economy. Thursday’s installment of targeted loans, known as TLTROs, will give banks long-term loans for an interest rate as low as minus 1 percent—meaning the ECB pays them to borrow—as long as they lend the cash onto companies and households. Attractive as the offer is, banks are already well funded after taking a record 1.3 trillion euros ($1.5 trillion) in the previous operation three months ago. Estimates this time range from 10 billion euros by Barclays Plc to 200 billion euros at NatWest Markets Plc. “More than 100 billion euros would mean we’re in business,” said Rishi Mishra, an analyst at Futures First. The TLTRO has become one of the ECB’s mostimportant tools because it more than compensates banks for the official policy rate of minus 0.5 percent. The policy rate is a charge on banks’ deposits, undercutting profitability and potentially dissuading them from lending. Some economists reckon the ECB has stumbled on a dual-rate system that allows it to cut borrowing costs with no practical limit without damaging the banking system. Still, the extraordinary access to cheap cash— combined with other monetary stimulus such as massive bond-buying programs—does raise the prospect of side effects such as elevated asset prices and risky lending. It could even undermine the ECB’s influence over short-term market rates. Three-month Euribor—the rate at which banks can theoretically borrow from one another—fell to a record low of minus 0.508 percent this week. When it dropped below the ECB’s policy rate last week, that was a phenomenon that had happened only once before, in August 2019, shortly before the central bank cut its deposit rate. Excess liquidity in the euro zone, the money over and above that needed to finance the economy, will probably soon pass 3 trillion euros for the first time. More stimulus could be ahead. The ECB projects that the economy will contract 8 percent this year, and the inflation rate has fallen below zero for the first time in four years. Rising coronavirus infections could worsen the outlook. Economists predict the 1.35 trillion-euro pandemic bond-buying program will be expanded again this year. Markets aren’t pricing another 10 basis-point rate cut until October 2021. Piet Christiansen, chief strategist at Danske Bank A/S in Copenhagen, estimates that excess liquidity will rise by another 600 billion euros to 800 billion euros by the summer of 2021. “We think this dovish view should and will prevail,” said Frederik Ducrozet, chief global strategist at Banque Pictet & Cie in Geneva. Bloomberg News

US experts vow ‘no cutting corners’ as coronavirus vaccine tests expand

ASHINGTON—A huge international study of a Covid-19 vaccine that aims to work with just one dose is getting underway as top US health officials sought on Wednesday to assure a skeptical Congress and public that they can trust any shots the government ultimately approves. Hopes are high that answers about at least one of several candidates being tested in the US could come by year’s end, maybe sooner. “We feel cautiously optimistic that we will be able to have a safe and effective vaccine, although there is never a guarantee of that,” Dr. Anthony Fauci, infectious disease chief at the National Institutes of Health, told a Senate committee. President Donald Trump is pushing for a faster timeline, which many experts say is risky and may not allow for adequate testing. On Wednesday he tweeted a link to news about the new Johnson & Johnson vaccine study and said the Food and Drug Administration “must move quickly!” “President Trump is still trying to sabotage the work of our scientists and public health experts for his own political ends,” Sen. Patty Murray, a Democrat from Washington state, said before ticking off examples of pressure on the FDA. FDA Commissioner Stephen Hahn pledged that career scientists, not politicians, will decide whether any coronavirus vaccine meets clearly stated standards that it works and is safe. Vaccine

Unilever, consumer giants push suppliers to rescue seafarers nilever Plc. and Procter & Gamble Co. are among consumer companies urging world leaders to resolve the plight of more than 300,000 seafarers stuck on commercial vessels, where forced labor and deteriorating working conditions threaten to disrupt the global supply chain. Chief executives of household consumer brands, from retailer Carrefour SA to food manufacturer Mondelez International Inc. and beverage maker Heineken NV, have signed an open letter calling for measures to allow more crew changes at ports, ensure the safety of overworked seafarers and make sure supply chains don’t use forced labor. The letter, which was sent to United Nations Secretary-General Antonio Guterres on Wednesday before a General Assembly web conference on seafarers, is the latest call to address a growing humanitarian crisis at sea brought about by the Covid-19 pandemic as cautious governments restrict access to borders and air travel remains curbed. An earlier Bloomberg investigation found numerous violations of international maritime law designed to protect seafarers, including wage and labor problems highlighted by interviews with more than 40 crewmembers globally. “We are coming to a tipping point if we don’t resolve the issue of crew changes,” Marc Engel, chief supply chain officer at Unilever, which spearheaded the letter, said in an interview. “There’s a huge risk that the global supply chain will start failing. It’s an inadvertent situation of forced labor because these seafarers are stuck on these ships. It’s a human rights issue.” The call to action by more than two dozen CEOs—members of the powerful Consumer Goods Forum that represents 400 of the biggest consumer retailers, manufacturers and service providers—is one of the strongest appeals by business titans to draw attention to the seafarer crisis. More than eight months since the pandemic unfolded, the backlog of crew swaps threatens to get worse. More than 120 countries or territories have stopped or limited access for ships to conduct seafarer changes in a bid to prevent the spread of the novel coronavirus that’s killed almost 1 million across the globe. “This has led to a major disruption of global supply chains, which are vital to manufacturers

Friday, September 25, 2020

and retailers and their ability to produce and offer essential consumer goods, including food and hygiene products,” the CEOs said in the letter. To ensure the supply of critical goods and protect seafarers’ human rights, the CEOs are calling for measures that include: n Introducing a robust test and trace regime to ensure the safety of seafarers and crew changes. n Limiting any unavoidable crew contract extensions to the next scheduled port where crew change is possible and/or diverting course to a port where crew changes can be arranged within the International Labor Organization’s guidelines. n Signatories communicating the request for the measures to their shippers, logistics providers and suppliers, and the Consumer Goods Forum will encourage all stakeholders to abide by labor principles. In Bloomberg interviews with more than 40 seafarers on as many ships, half said they didn’t have current contracts, and some said they hadn’t been paid in more than two months. Engel said violations of overtime and non-payment of wages are particularly concerning since they are basic protections that aren’t affected by pandemic restrictions. Unilever’s procurement staff recently star ted to question its supply chains about seafarers’ conditions, and are in discussions to ensure no infractions are occurring, he said.

Complicated system

Shipping companies and the industry benefit from a complicated and fragmented system that rewards on-time deliveries over the welfare of nearly invisible workers. Every ship is connected to a handful of separate entities. Typically, there’s the vessel’s owner, its operator, a staffing agency that recruits seafarers, and the charterer—the company that hires the boat to get goods from point A to point B. Those layers make it hard to hold anyone accountable for on-board working conditions, said Richard Meade, managing editor of UK shipping researcher Lloyd’s List. Efforts to resolve what’s come to be called the crew change crisis haven’t gained much traction, said Ruwan Subasinghe, legal director of the International Transport Workers’ Federation, and the situation will get worse as the pandemic drags on.

Bloomberg News

development usually takes years but scientists have been racing to shorten that time, in part by manufacturing doses that will have to be thrown away if studies find they don’t work. “Science will guide our decisions. FDA will not permit any pressure from anyone to change that,” Hahn said. “I will put the interest of the American people above anything else.” FDA has faced criticism for allowing emergency use of some Covid-19 treatments backed by little evidence, but Hahn said if vaccine makers want that faster path to market, additional standards will be coming soon. Vaccines, unlike therapies, are given to healthy people and thus usually require more proof. But Trump made clear at a Wednesday evening White House news conference that he was skeptical of any regulatory changes that might delay a vaccine’s authorization, even if those changes are aimed at increasing public trust. Asked about the FDA considering stricter guidelines for emergency approval, Trump suggested the effort was politically motivated. “I think that was a political

move more than anything else,” he said, arguing that the companies testing the vaccines, such as Pfizer, Johnson & Johnson and Moderna, are capable of determining whether they work. “I have tremendous trust in these massive companies,” he said. A handful of vaccines already are in final testing in the US and other countries. In one of the largest studies yet, Johnson & Johnson aims to enroll 60,000 volunteers to test its single-dose approach in the US, South Africa, Argentina, Brazil, Chile, Colombia, Mexico and Peru. Other candidates in the US require two shots. J&J’s vaccine is made with slightly different technology than others in late-stage testing, modeled on an Ebola vaccine the company created. Final-stage testing of one experimental vaccine, made by AstraZeneca and Oxford University, remains on hold in the US as officials examine whether it poses a safety risk. As for the testing of vaccine candidates, Fauci added: “There is no cutting corners.” Beyond vaccines, Trump regularly undercuts confidence in his own public health agencies, such as falsely tweeting about a “deep state, or whoever at FDA”—and in recent weeks, some political appointees were forced out after allegations they interfered with scientific advice. Conspiracy theories are sapping the morale of disease fighters working 24/7 at the Centers for Disease Control and Prevention, Dr. Robert Redfield, its director, told the Senate committee on health, education, labor and pensions. “It’s offensive to me when I hear this type of comment,” said Redfield, noting that CDC, like the

military, strives to be nonpartisan. Yet Redfield struggled to defend against criticism that CDC bowed to political pressure with guidelines that discouraged testing of people without Covid-19 symptoms. Asymptomatic people do spread the virus and CDC, under fire, later changed the guidelines’ wording. Redfield insisted it all amounted to misinterpretation and stressed Wednesday: “More tests will actually lead to less cases.” More than 200,000 Americans have died from Covid-19 so far this year, and in many states, infections still are climbing. The US is confirming an average of 41,968 new daily cases, up 13% compared with the average two weeks ago. Fauci was blunt: More lives could have been saved if everyone in the country better followed recommendations to wear masks, avoid crowds and keep 6 feet apart. “We know some states did a good job. Some states did not so good a job. Some states tried to do a good job but people didn’t listen,” he said, singling out maskless crowds in bars. Going forward, “we need uniformity throughout the country.” In a testy exchange, Sen. Rand Paul of Kentucky insisted public health officials were wrong that a lockdown could change the course of the pandemic. A visibly angry Fauci accused the Republican of repeatedly misconstruing his statements. “I don’t regret saying that the only way we could have really stopped the explosion of infection was by essentially—I want to say shutting down,” he said. Fauci dismissed Paul’s contention that hard-hit New York has become largely immune because so many people were infected: “If

you believe 22% is herd immunity, I believe you’re alone in that.” Fauci also called attention to so-called “long-haulers,” Covid-19 survivors who continue to struggle with a range of symptoms such as pain, fatigue, even heart damage. He warned much remains unknown about the long-term effects of the virus. Democrats warned those survivors are at risk of being denied insurance if the Trump administration succeeds in overturning an Obama-era health law that forbids companies from turning down people with pre-existing health problems or charging them more. The death of Justice Ruth Bader Ginsburg means there are no longer five justices on the Supreme Court who have upheld the Affordable Care Act. “We will see rates skyrocket for anybody who has had Covid,” predicted Sen. Chris Murphy, D-Conn. A vaccine “will go a giant step” in controlling infection, but Fauci warned people still will need to take those precautions for a while after the first vaccine arrives because it won’t change conditions overnight. Why? It’s unusual for a vaccine to be 100% effective. There won’t be enough at first for everyone, and even once there is, it will take months to get the shots into the arms of every American who wants one—an effort CDC’s Redfield sees stretching into June or July. Because of the enormous logistical challenges, CDC wants states to get ready now and on Wednesday, announced they would get $200 million to help begin setting up those operations. “We want to do that the instant it is approved. Not the following day but the following moment,” Trump said. AP

World leaders who skipped past UN meetings get their moment

OGOTA, Colombia—He’s not recognized as a head of state by the country he’d be visiting. His diplomatic immunity is granted by the United Nations, not an unfriendly American administration that could decide to pick him up on drug-trafficking charges if he sets foot in the United States. Then there’s the $15 million US bounty for information leading to his arrest. Venezuelan President Nicolás Maduro has good reason not to travel to New York for the annual United Nations gathering of world leaders. But this year’s virtual UN General Assembly format means he can be heard without having to come to New York—or risk an uprising back home if he left the country. Instead, Maduro spoke from the comfort and safety of the presidential palace, renewing his place on the international stage after missing out on last year’s event. “This opens up an opportunity that Maduro doesn’t usually have,”Venezuelan analyst Luis Vicente Leon said. “On a net scale, he comes out winning.” He’s not alone. A virtual General Assembly knows no national borders, incurs no travel expenses and allows even the most cautious, prickly or paranoid leaders to have their say without leaving their athome security bubbles. Philippines President Duterte spoke to the General Assembly for the first time in his four years in office. Saudi Arabia’s King Salman’s speech marks only the second time in more than six decades that a sitting monarch from the kingdom addresses the gathering. And Tanzania’s populist president, who rarely leaves the country, will get his 15 minutes, too. Whether a short online speech will give them a leg up at home remains to be seen. After months of lockdown, much of the world is effectively Zoomed out. But these leaders’ voices will almost certainly travel farther than in years past. The opposite is true for their opposition foes, who generally rely on side events to get their message out as leaders came together in New York. “The virtual speeches do give an opening,” said Shannon O’Neil, a vice president at the Council on

Foreign Relations, said as the assembly got underway. “But the virtual format puts them on the same platform as your regular Zoom, too.” Venezuela’s situation is a case in point: The nation is in the midst of a power tug of war between Maduro and US-backed opposition leader Juan Guaidó. Last year, both men sent representatives who carefully avoided crossing paths at the UN. While Vice President Delcy Rodríguez got the main stage, the opposition commanded a powerful presence on the sidelines. US President Donald Trump personally hosted one of four high-level meetings on the country’s crisis. This year, Maduro gave his country’s official address and Guaidó delivered online remarks on a separate platform. Guaidó’s aides are attending some side UN events—none of which are specifically about Venezuela. The lack of face-to-face meetings is expected to make things more complicated for the opposition, which has been losing momentum over the last year. “Without a doubt this format makes it much more difficult to focus just on Venezuela,” said Miguel Pizarro, who represents the opposition’s humanitarian efforts in Washington.

The opposition’s lessened visibility also packs an emotional punch. “I think in general for Venezuelans every time that Maduro talks trying to represent us all, it’s an insult,” the exiled Venezuelan lawmaker said. But the online speech also is unlikely to win Maduro any new friends. A re ce nt U N H u m a n R i g ht s Co u n c i l commissioned report accuses Maduro’s government of committing crimes against humanity, including grisly cases of torture and killings supposedly carried out by security forces. Their method: electric shocks, genital mutilation, asphyxiation and more. The allegations are likely to be brought up repeatedly at the virtual assembly.

“I don’t believe he is going to have any added benefit,” said retired US Ambassador Nicholas Burns, a professor at the Harvard Kennedy School. “If he is speaking on Zoom it might as well attract additional criticism.” All leaders making an appearance on the UN screen could see diminished returns. “Most of the leaders are going to see this as a purely domestic exercise,” said Philip Alston, a law professor at New York University. “That is always the case to some extent, but given there is no opportunity for photo ops, for meetings with other presidents and so on, the only real value is getting speech out there which restates certain positions for domestic consumption.” AP

Friday, September 25, 2020 • Editor: Angel R. Calso

Opinion

BusinessMirror

www.businessmirror.com.ph

editorial

PSE into the 21st century...finally

N September 23 the Philippine Stock Exchange (PSE) released a Consultation Paper titled “Proposed Amendments to the Main Board and Small, Medium and Emerging Board Listing Rules.”

The document begins by acknowledging the fact that “the Philippine stock market lags behind other Asean exchanges in terms of number of new listings and total number of listed companies.” While trying not to be rude, we must ask, “What took you so long to figure that out?” There are two purposes to a stock exchange, neither of which is to be used as a propaganda tool to make politicians look good. The first is to provide a platform and facilities to allow companies to raise capital from public investors by selling company equity. The second purpose is to provide a fair and regulated environment for subsequent shareholders to buy and sell ownership in the listed companies. Think of it this way. The wet market or palengke does not sell you anything. It provides a venue for vendors and customers to come together to do business. However, the market has a moral if not legal obligation to make sure that if a stall has a sign that says “Pork for Sale,” it is pig and not horse or cat meat that is being sold. Further, the local government regulators expect the market owner to help insure that its vendors comply with all health and licensing rules. The PSE was still writing buy/sell postings on a blackboard with chalk when the London Stock Exchange and others had gone to eliminating their trading floors and executing all orders electronically. The listing requirements of the PSE have always favored “big companies,” which actually mirrored the New York Stock Exchange from 1900 to the 1980s. The proposed new listings requirements for the “Main Board” has the potential to immediately open the door to dozens if not more new public companies. Smaller companies—by capitalization and projected market capitalization size—will now be judged by their record of profitability. “PSE intends to use net income, instead of EBITDA, as measure of profitability, to ensure that companies admitted for listing on the Main Board have the ability to generate profits for the benefit of investors.” That is better common business sense and that’s good. Amazon Inc. went public in 1997 and is now “AMZN,” the third largest company in the world. The 1997 Amazon could not be listed on the PSE Main Board today, as it was not profitable. It lost $5.78 million that year. It would be lucky to qualify for the SME Board. But the past 30 years has been a period of incredible corporate innovation and risk-taking venture capital. Now the SME requirements will be based on what you look for in a not-yet-profitable start-up, which drives economies and investment. The proposal calls for “cumulative net sales or operating revenues of at least P150 million for the last 3 years or such shorter period as the company has been operating, with at least 20 percent average net sales or operating revenues growth rate over the last 2 years.” The proposed changes to the listing requirements should be adopted as quickly as possible so that we can move into 2021 on a positive note. These changes will not only bring in more public companies but will open different industry sectors that have not been available before to investors. Since 2005

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Better Days

eople are a nation’s key resource. The healthier, better educated and empowered a population is, the more likely a nation will be prosperous and developed. This is what the Human Capital Index is about. The HCI is a regular World Bank report that ranks countries according to how well they develop the economic and professional capabilities of their own population. It delves into many factors, such as health and education. Recently, the World Bank released its 2020 update to the HCI, stating that the Covid-19 pandemic has magnified some of the major shortfalls and gaps in the way many countries have supported their human capital. Our rating was at 0.52, which meant that children born in the country today would only have a 52 percent chance of achieving their maximum potential in terms of productivity, which is lower than the global average of 56 percent. One explanation is that we still need to double up on our investments in our people. For instance, according to the 2020 HCI, our country only spends 4.4 percent of its gross domestic product on health, and 3.5 percent on education. While spending has grown over the years for these two important sectors, we can definitely do better for the sake of our people. It’s imperative that we

urgently address the gaps—which have only been exacerbated by the pandemic. First, we should gather more information about our own population. Data gathering is usually a periodic project, such as the PSA’s ongoing Census of Population and Housing. However, we should also consider other methods. To this end, I sponsored Republic Act (RA) 11315, the Community-Based Monitoring System Act. This Act aims to establish and maintain a community-based and area-specific data collection system that will send population data to a nationwide databank, for use by government agencies in the formulation, implementation, and assessment of various programs and services. Ideally, the data collected should include community-level information on various things such as poverty, senior-age population, and

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PWDs. Fortunately, the CBMS Law’s implementing rules and regulations have been signed. Our colleague, Senator Win Gatchalian, has even urged the government to use the CBMS to efficiently distribute Social Amelioration Program funds. Indeed, if the system can be used in conjunction with the PhilSys national ID program, then all the better. The CBMS could also prove to be useful for the ongoing 2021 national budget hearings. This way, in crafting next year’s budget, we can refer to updated and accurate data. Then, for the health of future students, we have the First 1,000 Days Law, or RA 11148, which we co-sponsored. This Law aims to improve child survival and development, protecting the child and mother through health and nutrition programs that can prevent malnutrition and stunting—some of the key factors that will affect their educational performance. Then on the ongoing disruption of our youth’s education, I have filed SB 1633, the School Modernization, Connectivity, and Innovation Act of 2020. This is a version of an earlier bill we filed (SB 959), amended to include provisions for schools to supply students and teachers with ICT devices for distance education—a reaction to the Covid-19 pandemic. This measure could also complement RA 10929, which institutionalizes the Free Internet Access in Public Places Program and mandates the DICT to set up free Wi-Fi hot spots in all educational institutions. We

Shallow solutions to deep issues

T. Anthony C. Cabangon

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The 2020 Human Capital Index Report

rothers and sisters, the piling of white sand in a section of Manila Bay along Roxas Boulevard had elicited a lot of different reactions.

In the Department of Environment and Natural Resources’ defense, this was part of Manila Bay’s rehabilitation project initiated in January of the previous year. DENR said that the people need not worry because the sand used for the rehabilitation came from pulverized dolomite boulders from the province of Cebu that serve as artificial white sand. According to the department, this “white sand beach” sends a message of cleanliness that will encourage the public to care for their surroundings. Presidential Spokesman Harry Roque defended this. He said that sightseeing in the Manila Baywalk that is covered with white sand would help in the mental health of

the Filipinos. Meanwhile, from one media forum, the Department of Health’s spokesman said that the small grains of dolomite can cause negative effects in peoples’ health. This could cause respiratory illnesses, eye irritation, stomachaches, and diarrhea. But after two days, DOH revoked this claim. Many experts and groups worry about this government project. Greenpeace Philippines said that placing synthetic materials above an unclean environment wouldn’t help clean Manila Bay. This would further destroy Manila Bay’s natural ecosystem because it is not a natural part of the ocean. On another note, the president of the fishermen group

PAMALAKAYA said that it would be better to plant sea grasses because these would help restore the health of Manila Bay’s ecosystem. There are some who commented that there are no other benefits from this project aside from aesthetic purposes. The fake sand would just get washed away by strong waves during the rainy season. Aside from this, this project also caused damage to the mountains in Cebu due to the mining of dolomite. For Vice President Leni Robredo, dedicating a P389 million budget for “beach nourishment” of Manila Bay is insensitive. The fund could instead be used to fill the growling stomachs of almost 80,000 families during this pandemic. It’s not impossible for the budget to be realigned, given the tremendous problems caused by the pandemic. Like what Manila Archdiocese Apostolic Administrator Most Rev. Broderick Pabillo said in an interview, this project is “ill-timed” now that many of our fellowmen have lost jobs and are suffering. This government project is truly despicable, as this isn’t a precise and long-term solution for the severe pollution problem in Manila

should also revisit the Open Distance Learning Act, or RA 10650. While this Act encourages media and telecommunications networks as mediums for distance education, certainly amendments will be needed for modifications and expansions to address the pandemic situation. We should also address how to make government partnerships with private companies easier, specifically for the use of distance learning services in public schools. We do have programs and services that can address important issues brought up by the Human Capital Index report—not least of which is the Pantawid Pamilyang Pilipino Program (4Ps) under the Department of Social Welfare and Development. But to address these issues more effectively while responding to the exigencies of the pandemic, we need updated and accurate data to make better legislation, policies, programs, and services. This is even more important for multi-sectoral programs and actions, to make sure that all stakeholders can effectively use their resources. Our score in the Human Capital Index is a challenge to do better—one that all of us should rise to and integrate into our approach to the Next Normal. Sen. Sonny Angara has been in public service for 16 years—nine years as Representative of the Lone District of Aurora, and seven as Senator. He has authored and sponsored more than 200 laws. He is currently serving his second term in the Senate. E-mail: sensonnyangara@yahoo.com| Facebook, Twitter & Instagram: @sonnyangara

Bay. This is a shallow step to take for a problem with deep roots. The money and time dedicated for this is wasted, especially since there are a lot of people suffering from the pandemic. Our leaders must direct their attention to just and reasonable solutions for the more urgent problems of our fellowmen. A good reminder for our leaders can be seen in the book of Proverbs 27: 23-24, “Be sure you know the condition of your flocks, give careful attention to your herds; for riches do not endure forever, and a crown is not secure for all generations.” Brothers and sisters, like what Pope Francis said in Laudato Si, “halfway measures simply delay the inevitable disaster.” Projects like the “white sand beach” won’t solve the real problems of Manila Bay. Beautifying Manila Bay’s image can be compared to laying down an expensive carpet over a floor covered with dirt and dust. Make it a habit to listen to Radio Veritas 846 Ang Radyo ng Simbahan in the AM band, or through live streaming at www.veritas846.ph, and follow its Twitter and Instagram accounts @veritasph, and YouTube at veritas846.ph. For your comments, e-mail veritas846pr@gmail.com.

Opinion

BusinessMirror

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Building confidence is necessary for our economic recovery EAGLE WATCH

T is our belief at the Ateneo Center for Economic Research and Development (ACERD) that ending or easing lockdowns and quarantines alone will not restore confidence or growth. It is only when Covid-19 is under control will economic growth resume. Uncertainty due to this pandemic and related health risks has made many individuals, households, and businesses alter their behavior from their normal ways even without formal restrictions from government. Eradicating such uncertainty is key in building confidence for growth to resume. Countries that were able to bring back the confidence of firms and consumers have seen economic activities return or begin to return to their pre-pandemic levels. For every delay in getting the virus contained, economic recovery to pre-crisis levels could also be delayed.

One important measure of confidence is the behavior of the citizens in terms of their movement going to public spaces, transit stations and work‑ places. Google with its vast user data has provided the public with community mobility data for many countries of the world. What is seen in the table below are numbers compared to a baseline day which is the median value from the 5‑week period January 3 to February 6, 2020. The Philippine mobility data has improved gradually from March 29 to September 11 as seen on the table below.

However, if we compare the Philippine data with that of its Asean neighbors, the country is lagging behind (see the following table). Vietnam’s mobility traffic to retail and recreation, grocery and pharmacy has gone even higher than the baseline. The same is true with Thailand. It is not surprising then that these two countries have also performed better in terms of GDP growth rate in the past two quarters. And this also means that we have to improve our health protocols in public transportation and in work stations so that people feel safe to go outside of their homes. These are the locations where the improvement in mobility have been rather slow, from -82 percent to -61 percent for transit stations and -54 percent to -43percent in workplaces. In terms of the services sector, recovery can only be felt if mobility returns to near the baseline for retail & recreation and grocery and pharmacy—which is zero percent (see table above).

dividuals who lived under martial rule cling to: “But for the ordinary citizenry—almost all of you—whose primary concern is mainly to be left alone to pursue your lawful activity, this (his hand with his forefinger pointed down) is the guarantee of that freedom that you seek” (tran‑

not by truth but divination. It is said that the dictator favored the number “7” and “21” was divisible by “7.” Numerology or not, the many dates allowed the arrest of opposition leaders. By the morning of the 23rd, senators of the republic like Benigno S. Aquino Jr. and Jose Diokno, and members of the media, such as Joa‑ quin Roces and Armando Doronila, were all in Camp Crame. The camp was one of the many dreaded sites of interrogation in the martial law days. Bicutan was another place where those who were held “disappeared.” As the tales of tyrants tell us, divination, usurpation and abuse of power are threads weaving fate and strategies. And Marcos is believed to subscribe to destiny. Iginuhit ng Tadhana (Inscribed by Destiny) was the title of that film that helped popu‑ larize Marcos when it was released in 1965. With Marcos, there was an

scription and italics mine). If you lis‑ ten closely, the dictator at this point loses the long “e” and pronounces the word “seek” as “sick.” Does anyone recall how a young Francisco “Kit” Tatad read the procla‑ mation at 3 in the afternoon of Sep‑ tember 23, 1972? Tatad is a Bicolano from Catanduanes. The Official Gazette, already a written document, would bear wit‑ ness to more dates contradicting other dates. Compelling, however, is the imposed memory of September 21 as the important date supported

aspect of destiny that could be con‑ trolled, if not in the retelling then in the documenting. Who remembers the “Day of the Thanksgiving?” In 1973, Marcos is‑ sued Proclamation 1181 declaring September 21 “Thanksgiving Day.” The same date was observed for the establishment of the New Society or “Bagong Lipunan.” Generations of Filipinos therefore had to express their gratitude to the country for many years of oppression under Mar‑ cos every 21st of September. The Bagong Lipunan dominated

annotations

he journals and recollections are coming out: On the 22nd, in the late hours of the evening and early morning, opposition leaders were hearing knocks on their door and were being invited to the military camps. The arrest in the form of an invite would soon be an operative process in those years.

The infamous broadcast still ex‑ ists. Online it can be accessed and from there we are free to memorize Marcos on that day he announced Proclamation 1081. The broadcast started at 7:15 in the evening, or thereabouts. It was the 23rd of Sep‑ tember, a day he marked when he mentioned the day he declared Mar‑ tial Law: “Yesterday on September 22, 1972.” Marcos would also say he signed the proclamation on the 21st of September, 1972. Other pundits point to September 17 of the same year as the official beginning of that rule. Compared to the many speeches he would deliver in the decades he ruled the republic, Marcos did not speak strongly that night. His shoul‑ ders hunched, he was tentative in some aspects, almost brooding in some. Is it because the broadcast is old? Who can forget this man? Was he the man we feared for decades? The announcement is complex, and fraught with references to law and the constitution. He is declar‑ ing martial law “in accordance with the powers vested in the President under the constitution of the Phil‑ ippines.” Note how he did not say “vested in me.” Who remembers this assurance: “The proclamation of martial law is not a military takeover.” Who believed him? Many be‑ lieved him. Some still believe up to this day in the benevolence of the Marcos rule. Marcos goes on: “To those guilty of treason, insurrection, rebellion, it [referring to Martial Law] may pose a grave danger.” He proceeds to the caveat, the beloved lie that some in‑

The Game of the Generals Manny F. Dooc

TELLTALES The government has recently launched “Recalibrated Economic Recovery Program” or RECHARGE. The key trust of this intiative is to intensify the in‑ formation and education campaign and implementation of the Prevent, Detect, Isolate, Treat and Reintegration strategy. It also seeks the help of the “whole of society” to undertake this strategy. We think this is a critical component in building the confidence of businesses, consumers and workers to go back to their respective economic endeavors. It is imperative that the government provides this framework because confidence will only be back if the follow‑ ing indicators (as aptly enumerated mostly by Mckinsey and Company) are positively observed: n new case counts are low. n widespread testing for official counts to represent accurately actual con‑ ditions. n adequate number of facilities and health personnel to isolate confirmed cases. n number of serious cases requiring hospitalization are effectively handled by the health system. n effective, credible and consistent communication about health interven‑ tions by leaders such that the public and private sectors can plan accordingly. n public-health measures delivered effectively and sufficient to prevent increases in transmission, including the necessary health protocols in public transportation, workplaces and other important establishments. n public-health interventions, including those for high-risk and vulner‑ able populations, do not structurally prevent economic recovery. Even if there is adequate fiscal stimulus for assistance to firms, entrepre‑ neurs, workers and poor households, without the confidence built among them, no economic recovery program will succeed. Firms will not borrow from gov‑ ernment financial institutions because they are not assured that their mar‑ ket will return. Workers will not be willing to commute if their safety will be compromised. They will not report to their factories if health protocols are not in place. Consumers will not go to restaurants or malls if the proper regu‑ lations on social distancing are not being implemented in these places. Their confidence to do what they need to do must be there. For sure, we still have a lot to do and indeed everyone has a stake in this journey to economic recovery. The author is the Dean and Professor of Economics, School of Social Sciences at the Ateneo de Manila University.

21st of September: Who remembers? Who forgets? Tito Genova Valiente

Fernando T. Aldaba

Friday, September 25, 2020

he “Game of the Generals” played upon the concerned public since the current administration took the helm of government was again recently highlighted by the grim reminder of Martial Law. In a webinar last weekend to observe the 48th Anniversary of the promulgation of Martial Law in our country, Dr. Temario C. Rivera, the former chairman of the Political Science Department of the University of the Philippines, sounded the alarm of appointing former military and police officials in the government.

Such a practice, he warned, sets a dangerous trend, which is very similar to the ritual adopted during the regime of the former dictator Ferdinand Marcos. In the present cabinet of PRRD, about a third of the members came from the mili‑ tary. In fact, every Chief of Staff of the Armed Forces of the Philippines who has served during PRRD’s term has been given a top civilian post in his administration. Temario claimed that the retired military and police generals named by PRRD in sensitive government posts were those from Mindanao or those posted in Davao City during his term as mayor for more than two decades. He attrib‑ uted this to PRRD’s lack of political base, which limited his choices of worthy candidates for government positions. Outside of Mindanao and his Bedan friends from his old law school, the President “had no sig‑ nificant connections with the po‑ litical elites and the leading political families of Visayas and Luzon.” This

leaves the President to narrow down his selection to retired military of‑ ficers, mostly generals, who he con‑ sidered as disciplined subordinates and incorruptible. Soldiers, per our President, “know how to follow or‑ ders.” But are former men in uniform truly averse to graft and corruption? Maybe we should review and exam‑ ine his appointees from the military and the police ranks? How many of them have been involved in scandals and irregularities while in office? Who were removed and recycled to hold other posts? Who were banished completely from the public scene under questionable circumstances? Were appropriate criminal charges filed against them? What happened to their cases, if any? Are they still pending? Definitely, there are com‑ petent retirees from the military and police but there are equally, if not better, persons from the civilian sector who can fit the bill. The problem is that the milita‑ rization of the President’s cabinet

creates a growing concern among our citizens. This was palpable during the sporadic observance of the Martial Law this week. Filipinos saw a pattern in PRRD’s penchant to pick former military men to fill in sensitive govern‑ ment positions, which is no dif‑ ferent from Marcos’ action prior to September 21, 1972. The President turns to the mili‑ tary for almost every problem that hounds his presidency. We recall that he relied on former General Roy Cimatu and General Eduardo Ano to fix the Boracay mess. Now, the DENR under Cimatu is respon‑ sible for the clean up of Manila Bay and the ongoing beautification of Manila Bay by paving it with white sand. Leading figures to combat the coronavirus are mostly military men, and in fact the Chief Imple‑ menter of the Philippine Declared National Policy Against Covid-19, General Carlito Galvez, previously served as the Chief of Staff of the AFP. President Duterte also called on the military to cleanse the shabu-smuggling at the Bureau of Customs, which led to the over‑ haul of the organization. Heavily armed soldiers, and even military hardware like tanks, lined up the streets to enforced simple health protocols and quarantine orders is‑ sued by the IATF-IED. It was even proposed earlier for the police to conduct ‘house-to-house search’ for Covid-19 patients. It was ditched af‑ ter the militant groups complained that the government resorts to un‑ necessary use of power and undue reliance on police and militaristic solution to a public health problem. As one academician from Ateneo

the sloganeering of the Marcos dic‑ tatorship. It appeared as part of the name of a political party—the KBL or Kilusang Bagong Lipunan. When government agencies were asked to conduct free medical missions, a ploy to seduce the electorate, the program was bandied as Kalusugan sa Bagong Lipunan (KBL again). Who remembers the aftermath of the martial law declaration? Do‑ mestic and international flights were cancelled. Some recall how even those who had dual citizenship but carried a Philippine passport were not allowed to travel out of the country. There were also those who, caught by the proclamation while abroad, sought asylum somewhere. The military closed down all mass media offices. It was the day free information died. Was it Daily Express with its Expressweek Magazine that was re‑ tained? Who remembers those de‑ crees? Under General Order 1, s. 1972, a decree issued by Marcos caused the transfer of all powers to the President. Marcos was to rule by decree. In February 1981, Pope John Paul II came to the Phil‑ ippines. It is believed that to this pastoral visit could be ascribed the formal lifting of Martial Law. Through Procla‑ mation 2045, Marcos would end the said rule. No one knew if that act did impress the Pontiff, and to what end. The Philippines would remain a police state till Marcos was booted out in 1986. We remember how the Pope refused to stay in the Coconut Palace, one of the many examples of Imelda’s vaunted “edifice complex.” We cannot forget though that, in ending that broadcast on September 23, 1972, the dictator in his gentle voice declared: “I have prayed to God for guidance. Let us all continue to pray to him.” Presently, legal luminaries assure us the 1987 Constitution safeguards our institutions from a repeat of Martial Law regime. Who remem‑ bers this? Who shall forget all this?

E-mail: titovaliente@yahoo.com

de Manila University aptly observed, in times of crisis, President Duterte’s “default is the armed institutions, instead of civilian institutions.” Paraphrasing the President, a soldier does not debate with his superior; just obeys and does not complain. That may be true, but is it healthy to a democracy? nnn

IF you find no rhyme or reason in President Duterte’s appointments to the top positions in the govern‑ ment, wait till you read this. In Bra‑ zil, President Jair Bolsonaro, another populist head of state who is mired in controversy, has appointed an army general as his country’s Minister of Health. Bolsonaro permanently named General Eduardo Pazuello, a man without any medical training nor experience, as Brazil’s new health minister after Pazuello had served in an acting capacity for four months. It seems that Pazuello’s only qualifica‑ tion was that he has unconditionally endorsed Bolsonaro’s position on the current pandemic which is ravaging Brazil. For instance, Pazuello fully embraced Bolsonaro’s recommen‑ dation of hydroxychloroquine as a treatment of Covid-19 despite the absence of any medical evidence to support it. He boldly declared on his oath taking: “We had to learn on the job, change the wheel on the car while it was moving.” General Pazu‑ ello is the 11th military officer to be named by Bolsonaro in his cabinet. With over 4.5 million infected cases exceeded only by the US and India and close to 150,000 deaths from coronavirus, which is second only to the US, Pazuello’s getting the criti‑ cal portfolio is a catastrophe worse than the virus.

A8 Friday, September 25, 2020

PSE revising IPO rules with eye on SME boards, seeks feedback T By VG Cabuag

@villygc

HE Philippine Stock Exchange Inc. on Thursday said it wants to implement revisions to its listing rules for the main and small, medium and emerging (SME) boards in a bid to attract more companies to go public and align with the regional practice.

“We reviewed our listing rules alongside the listing rules of our peer exchanges. We noted that there are provisions in our rules that can be aligned to what is practiced in the region. There are also rules that can be relaxed so more companies can access the stock market for their capital requirements. When we did this exercise we also had to consider the impact of the pandemic to the economy and the capital market,” PSE President and CEO Ramon S. Monzon said. A company applying to list in the main board must satisfy the profit and market capitalization tests and meet shareholders’ equity requirement. In the proposed revisions, the

market capitalization test was removed but the applicant must satisfy both the profit and minimum total stockholders’ equity requirements. The current profit test considers the company’s earnings before interest, taxes, depreciation and amortization or ebitda, requiring at least P50 million for the last three years and a minimum ebitda of P10 million for each of the three years. The suggested rule amendment on profitability prescribes an aggregate net income of P75 million for the last three financial years and a net income of P50 million for the most recent financial year. The company must also have at least P500 million in stock-

holders’ equity on its most recent financial year. For the SME board, meanwhile, the profitability and operating history are among the criteria that are recommended to be relaxed. From a purely ebitda-based screening, the applicant now has the option to satisfy either the ebitda requirement or the net sales or operating revenue. The applicant will be required to have a cumulative net sales or operating revenues of at least P150 million for the last three years or such shorter period as the company has been operating, and show at least 20-percent average growth rate for net sales/operating revenues over the latest two years. The PSE also wants to reduce to at least two years, from the current three, the operating history requirement prior to listing. “While the rule revisions we are recommending are meant to make it easier for companies to go public, the PSE is keeping and will continue to enforce listing provisions pertaining to investor protection and suitability requirements,” Monzon said. One major changes being proposed to the SME listing rules is the adoption of the sponsor program

wherein companies w ith significant growth potential, but are unable to qualify using the new SME board requirements, may apply for listing through the sponsor model. The sponsor, an investment house which should pass PSE’s accreditation, will be responsible for hand-holding the company from its IPO preparation phase to three years after listing, to ensure that the company complies with listing and continuing listing and disclosure rules for all publicly listed companies. “This big brother model is adopted by various bourses in the region and we think that this will also work in our market. There are so many SMEs, even start-ups, with very promising business concepts and models that may still not qualify to list even with our proposed SME board rule revisions. But this should not deter these companies from tapping the stock market for their funding requirements. With

the Sponsor model, we hope to help and support more SMEs grow their businesses,” Monzon said. For companies planning to do an IPO in the main or SME board in 2021 and 2022 but whose operations or businesses were adversely affected by Covid-19, the PSE said it may consider the profitability of the applicant for any two fiscal years in the three most recent fiscal years, excluding the year of the impact. “This temporary relief is PSE’s way of supporting government’s initiative to ramp up the economy by assisting companies, including SMEs. We know that businesses need to access capital to revitalize their operations. By easing certain requirements, we hope to make a significant contribution to the country’s economic recovery process,” Monzon said. The PSE is seeking comments for its proposed revisions of rules through October 7.

FOREIGN WORKERS SEEKING PERMITS DOWN BY HALF SINCE COVID LOCKDOWNS By Samuel P. Medenilla

@sam_medenilla

HE shutdown of Philippine Offshore Gaming Operators (POGO) during the novel coronavirus disease (Covid-19) pandemic has cut down by almost half the number foreign nationals (FN), who applied for work permits. In its new report obtained by BusinessMirror, the Department of Labor and Employment (DOLE) said the number of Alien Employment Permit (AEP) it issued from January to September dropped to 73,640 from 158,710 in the same period last year. AEP is a document FNs must get from DOLE to be allowed to work in the country for more than six months. “This showed a substantial decrease of 49.69 percent or 61,453 AEPs compared to the total issuance in 2019,” DOLE said.

Distribution by nationality

Of the AEPs issued by DOLE this year, 84.46 percent or 62,196 are for FNs, who are employed in POGOs. Most or 89.03 percent or

55,371 of these AEP holders in the POGO industry are Chinese. Other nationals, who have the most number of participants in the country’s POGO industry, include the Vietnamese (1,986); Indonesian (1,130); and Malaysian (1,096).

Covid impact

It attributed the decline in the number of AEP applicants to the “inbound travel restrictions of FNs and limited operation of POGO-related establishments.” POGO operations were suspended on March 21, 2020, as the government started implementing community quarantine measures to stop the spread of Covid-19. The Philippine Amusement and Gaming Corp. (Pagcor) only allowed the partial resumption of POGO on May 1, 2020.

No exodus

Presidential spokesman Harry Roque said only 20 of the 60 licensed POGO operators in the country were able to resume operations after having paid the necessary tax to the Bureau of Internal Revenue (BIR). Continued on A4

PLDT to customers: No 5-day ‘net outage By Lorenz S. Marasigan @lorenzmarasigan

LDT Inc. assured customers on Thursday they will continue to have connectivity even as one of its international submarine cable lines undergoes maintenance over the next five days. In an advisory, the telco said it will reroute the traffic that usually passes through the Asia-America Gateway (AAG) to its other cable systems and employ local caching to ensure that its services will continue to run smoothly. Wednesday night saw PLDT announcing that the operator of the AAG, of which PLDT is a member of, will undergo “emergency maintenance activities” in the waters of Hong Kong from September 26 to September 30. The brief announcement caused customers to panic online, with the socialmedia accounts of PLDT receiving a good number of anxious queries from its subscribers, some of whom surmised there will be an Internet outage for five days. Internet connectivity has become more crucial than ever during the Covid-19 pandemic, as companies are now implementing remote work arrangements and schools, distance learning. “PLDT assures its customers that measures, such as traffic rerouting and local caching, are already in place to minimize this activity’s impact, and to ensure that communication and Internet services remain available to PLDT and Smart subscribers,” the advisory read. These measures, the advisory read, will allow PLDT and Smart to fully serve all customers at full capacity by using the spare and additional capacities on all other cable systems that support PLDT and Smart’s operations. The largest Filipino telco currently has a network of 17 international cable systems, some of which will be retired in the next few years, as they have already maxed out their capacities. “PLDT has been investing substantially in expanding and boosting the capacity of existing and new international submarine cable systems such as the Jupiter Cable and the Asia Direct Cable systems, to provide redundancy to ensure continuous service in situations like this. Such investments are vital because bulk of Internet content used by Filipinos comes from overseas,” the advisory read. It noted, however, that if there will be a drastic increase in Internet usage in the next five days, compared to the usual traffic recorded in the past few weeks, there might be effects in the overall Internet experience of its users. “Should there be Internet traffic spike beyond the traffic of the past weeks, some slowing down in the busiest hours for traffic going to Asia may be experienced, but no service will be denied, and Internet traffic within the Philippines and to the US will not be impacted,” the advisory read.

Senate vows competitive, fiscally sound CREATE

EN. Pia Cayetano, principal sponsor in the Senate of the Corporate Recovery and Tax Incentives for Enterprises (CREATE bill), has assured her colleagues that the final version they are crafting aims to provide a competitive set of incentives that can match those of the country’s neighbors. Under interpellation by senators during plenary deliberations on the long-delayed third batch of fiscal reforms, Cayetano clarified the CREATE bill that replaced the original Corporate Income Tax and Incentives Reform Act (Citira) includes provisions that will help existing investors fretting over the loss of incentives especially in a pandemic, while at the same time balancing the fiscal requirements of the cash-strapped government. Fielding questions from fellow senators on the revisions made by the Department of Finance on the

CREATE bill as it was passed by the House, Cayetano added: “I am just relaying to you the position of DOF and that is my job—to relay.” At the end of the day, she added, “it’s up to the body to decide. Because I don’t think it’s accurate to say that we are changing [rules] in the middle of the game. A lot of companies have been able to enjoy these incentives for 20 years or more. So if we still feel that that is not enough.... I am just putting forth the position of our government agencies.” At the same time, she acknowledged the inputs provided by Senate President Pro Tempore Ralph Recto and other senators in crafting the remedial legislation, adding: “.... I totally appreciate all the data and I totally understand his passion and desire to protect the jobs that are created in his province, as many here would. I have no issue with that. I totally understand.”

Recto had pushed for a longer “grandfathering” rule to allow current investors to stay competitive with the perks that had drawn them to make a stake here in the first place, but also to satisfy concerns by tax reformists against encouraging so-called forever incentives being blamed for the failure of businesses to grow, and depriving government of billions in forgone revenue. In a nutshell, Cayetano pointed out that “it is the sudden decrease in the corporate income tax that will be available immediately to every corporation invested in the Philippines regardless of whether they have incentives or not. And the second is the sunset provisions that were made more liberal in favor of the investors.” Referring to the contentious tax perks, she noted, however, that “the DOF position is, there is no such thing anymore happening in the world.” Continued on A4

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Two firms decline bidding for 650-MW Malaya power plant By Lenie Lectura

@llectura

n its third attempt, the Power Sector Assets and Liabilities Management Corp. (Psalm) failed anew to sell the 650-megawatt (MW) Malaya Thermal Power Plant (MTPP) and its underlying land in Pililla, Rizal. The state firm has declared the auction a failure after none of the prequalified bidders submitted a bid. The minimum bid price for the MTPP for this third round of public bidding is P2,188,400,000, 51-percent lower than the previous offer price set at P4,481,796,017. The two prequalified bidders were Panasia Energy Inc. (Panasia) and AC Energy Philippines Inc. (AC Energy). Panasia submitted to Psalm a letter indicating that it decided not to submit a financial bid. “Given the significant amount of the Reserve Price provided under SBB 11 dated September 11, 2020, the purchase of the Assets is not financially viable for Panasia,” Panasia told Psalm. AC Energy, meanwhile, submitted to Psalm a letter expressing regret that it will not be able to participate in bidding. “In our attempt to meet the Minimum Bid Price, we have factored in all the possible material considerations. Unfortunately, despite the said efforts, we are unable to meet the same,” it said. Psalm, according to its President and CEO Irene Besido-Garcia, will proceed to a negotiated bid process. “The Psalm Board already rationalized and lowered the minimum bid price of Malaya in the hope that the bidders would be encouraged to submit their bids. It is regrettable that despite the reduced minimum price, still no bidder submitted a bid,” Besido-Garcia said. “We will need to get Board approval to immediately commence the negotiated process of privatization. Psalm

must exhaust the available legal process to dispose Malaya because we are incurring substantial losses in continuously maintaining it,” BesidoGarcia added. Based on the losses from 2010 to 2019, the average annual net loss of Psalm in maintaining the Malaya facility is P1,207,000,000. It was declared a “must run unit” in 2014. The average annual net loss of Psalm if based on the years that it is running as a “must run unit” (2015 to 2019) is P556,200,000. As a “must run unit,” it is called by the National Grid Corp. of the Philippines to run and provide security capacity during shortage in electricity supply caused by power plant outages to ensure system reliability of the Luzon grid. The minimum bid price that the Psalm Board set for the third round considered various factors such as the book value of the plant and its underlying land, the zonal value of the land, the substantial losses continuously incurred by Psalm in maintaining the Malaya plant, marketability impacted by the Covid-19 pandemic and electricity demand. In 2019, Psalm conducted two rounds of bidding for the sale of said assets which were declared “failed” due to lack of interested bidders. It can be noted that Psalm proceeded to a negotiated sale with the lone bidder of the then-second round of bidding. But it was also declared a failure because the bid offer was below the minimum bid price set for the assets. Proceeds from the sales of all Psalm assets are utilized to settle maturing obligations and minimize borrowings.

Axelum coco water factory line to start By VG Cabuag @villygc

xelum Resources Corp., a manufacturer of coconut products, said on Thursday it has commissioned its new pressed coconut water processing plant and has started producing the product variant for Vita Coco. Axelum said it remains on track to meet its commitment of at least 25 million liters of coconut water to anchor client Vita Coco this year. “Despite the numerous challenges brought about by this ongoing pandemic, we continue to see improving performance and have returned to year-on-year revenue growth. We are confident of sustaining this uptrend through the end of the year and a sharp rebound in 2021,” Henry J. Raperoga, the company’s president and COO, said. Pressed coconut water offers a nuttier and sweeter taste than traditional coconut water without additional sugar content, the company said. It said the company will increase

its coconut water production volumes with the commencement of commercial operations of its pressed coconut water line. Axelum said it is also receiving increased orders of both organic and fair trade coconut products, generating higher selling prices and earning fair trade premiums that help coconut farmers enrolled in the fair trade program. Axelum is finalizing the completion of its new spray-drying facility, which will double the potential output of its organic coconut milk powder segment and support growth in 2021 and beyond. “Offshore, Axelum is in discussions with new distribution partners for both existing and unserved markets,” it said, adding it is on the lookout for possible acquisitions in the food manufacturing sector. “We have successfully adapted to this new normal environment. Notwithstanding all these prolonged uncertainties, we are staying focused and determined to attain our growth aspirations,” Raperoga said.

Friday, September 25, 2020

Companies BusinessMirror

Friday, September 25, 2020

PSE STOCK QUOTATIONS

September 24, 2020

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

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

44.5 87.5 64.05 21.75 8.2 36.45 9.2 23.3 50 16.4 91.7 54.15 25.45 0.56 3.05 1.25 0.285 688 0.58 157 1878

46 88.3 64.1 21.8 8.22 36.5 9.47 23.45 50.05 16.48 91.8 54.2 25.8 0.59 3.1 1.36 0.3 720 0.6 157.5 1888

46.1 88.4 64.4 21.75 8.19 36.1 9.48 23.5 50 16.5 93.9 54.2 26 0.59 2.99 1.44 0.285 710 0.62 157.9 1875

46.1 88.6 65 21.8 8.24 36.65 9.49 23.5 54.85 16.5 93.9 54.3 26.5 0.59 3.05 1.44 0.285 710 0.62 157.9 1888

44.5 87.5 64.1 21.6 8.19 35.9 9.25 23.1 50 16.5 91.7 54.05 25.35 0.59 2.98 1.2 0.285 710 0.58 157 1700

44.5 87.5 64.1 21.75 8.2 36.5 9.47 23.45 50.05 16.5 91.7 54.2 25.45 0.59 3.05 1.36 0.285 710 0.6 157 1888

9400 1135030 1778980 15500 313700 4129200 38500 74500 730 200 623080 31480 73900 2000 43000 198000 430000 110 129000 90 335

424380 99862468.5 114467786 336865 2573323 150269555 362509 1739435 36553.5 3300 57483623.5 1706862.5 1882505 1180 129670 253180 122550 78100 75140 14139 592210

-280090 -25264859 -54485961.5 -41815 23282355 -574175 -24195669.5 1570 27280

INDUSTRIAL AC ENERGY 3.12 3.14 3.07 3.15 3.07 3.14 4635000 14418580 ALSONS CONS 1.26 1.27 1.24 1.28 1.24 1.26 355000 447510 ABOITIZ POWER 25.85 25.95 25.8 26 25.6 25.85 1048200 27098545 0.157 0.159 0.162 0.162 0.154 0.159 2680000 420080 BASIC ENERGY FIRST GEN 23.9 23.95 24.8 24.8 23.9 23.95 1846400 44762465 FIRST PHIL HLDG 59.85 60.65 59.85 59.9 59.85 59.85 39740 2378589 MERALCO 275 276.6 274 276.8 273 276.6 354060 97352694 15 15.02 15.42 15.64 14.8 15.02 3729100 56397046 MANILA WATER 3.03 3.06 3.04 3.05 3.02 3.03 1063000 3228900 PETRON 3.06 3.2 3.13 3.2 3.13 3.2 12000 38330 PETROENERGY PHX PETROLEUM 10.76 10.92 10.96 10.96 10.96 10.96 200 2192 PILIPINAS SHELL 16.82 16.84 16.96 17 16.82 16.84 387900 6541846 9.75 9.83 10 10.08 9.5 9.83 537400 5276527 SPC POWER 7.78 7.9 7.98 8 7.78 7.9 64400 512084 AGRINURTURE AXELUM 2.53 2.55 2.5 2.56 2.46 2.55 826000 2078710 BOGO MEDELLIN 75 76 76 76 76 76 160 12160 16.94 16.98 16.88 17.2 16.7 16.94 1987500 33669344 CENTURY FOOD 4.7 4.8 4.66 4.95 4.6 4.75 315000 1503920 DEL MONTE 5.51 5.53 5.54 5.55 5.48 5.51 5275100 29058062 DNL INDUS EMPERADOR 9.89 9.91 9.9 9.91 9.78 9.91 234100 2308302 SMC FOODANDBEV 63.6 63.7 64.5 64.5 63.5 63.7 6690 426302 0.64 0.65 0.63 0.65 0.63 0.65 34000 21480 ALLIANCE SELECT FRUITAS HLDG 1.2 1.21 1.21 1.21 1.18 1.21 5496000 6572860 GINEBRA 48.65 50.3 51.15 51.15 48.6 50.3 1020 50845 JOLLIBEE 138 138.1 138.3 139 136.6 138 465710 64326854 7.72 8 8 8 7.5 7.99 4900 37580 MACAY HLDG MAXS GROUP 5.03 5.04 5 5.05 5 5.04 263800 1325822 0.127 0.128 0.128 0.128 0.128 0.128 80000 10240 MG HLDG SHAKEYS PIZZA 5.82 5.9 5.98 5.98 5.82 5.82 97300 574475 ROXAS AND CO 1.14 1.15 1.15 1.15 1.14 1.14 517000 590710 4.65 4.8 4.65 4.7 4.65 4.7 17000 79740 RFM CORP ROXAS HLDG 1.76 1.81 1.78 1.78 1.76 1.76 17000 30040 SWIFT FOODS 0.105 0.11 0.104 0.11 0.104 0.11 510000 55060 UNIV ROBINA 135 136.2 133.5 136.9 133.5 135 1722760 231834478 VITARICH 0.76 0.77 0.77 0.77 0.76 0.77 6631000 5100950 2.23 2.34 2.23 2.23 2.23 2.23 3000 6690 VICTORIAS CONCRETE A 52.5 54.35 54.45 54.45 52 52 220 11709.5 CEMEX HLDG 1.46 1.47 1.47 1.47 1.44 1.46 3220000 4695850 EAGLE CEMENT 13.88 14 13.8 14.08 13.74 13.88 573900 7938784 6.45 6.49 6.36 6.49 6.36 6.45 213700 1376375 EEI CORP 5.3 5.34 5.32 5.35 5.25 5.3 883900 4687974 HOLCIM MEGAWIDE 7.29 7.33 7.48 7.48 7.26 7.33 1688800 12379128 PHINMA 8.41 8.65 8.65 8.65 8.5 8.65 3521700 29934805 TKC METALS 0.73 0.74 0.7 0.74 0.7 0.74 90000 66560 0.73 0.75 0.76 0.77 0.73 0.75 223000 166700 VULCAN INDL CROWN ASIA 1.89 1.94 1.88 1.88 1.88 1.88 7000 13160 EUROMED 1.9 1.91 1.96 1.96 1.86 1.91 320000 606220 MABUHAY VINYL 4.3 4.41 4.3 4.43 4.3 4.43 9000 38830 4.07 4.16 4.1 4.1 4.1 4.1 10000 41000 PRYCE CORP CONCEPCION 21.05 21.8 21 21.9 21 21.9 5700 122400 GREENERGY 2.16 2.17 2.15 2.17 2.12 2.17 3713000 7967420 INTEGRATED MICR 6.2 6.21 6.04 6.3 6.04 6.2 1163600 7195677 IONICS 0.97 0.98 0.99 1.02 0.97 0.98 464000 460280 1.38 1.39 1.38 1.4 1.37 1.39 330000 456520 SFA SEMICON CIRTEK HLDG 5.83 5.84 5.75 5.92 5.65 5.84 3373300 19555683

93010 -1071855 -19293335 -1392827 -45179020 254442 -2207490 -1787062 -15465 136662 64230 -2412186 -216870 -9320608 143462 -204597.5 -118800 -3069 20298303 501.9999 -152541 -7630 -79721362 1461030 -5161926 23693 24915 1568191 -29896200 -122400 406500 -3544878 -599852

HOLDING & FRIMS ABACORE CAPITAL 0.465 0.47 0.47 0.475 0.465 0.47 8140000 3800050 ASIABEST GROUP 7.81 8.07 8.08 8.08 7.81 8.07 1900 15320 AYALA CORP 700.5 703.5 714.5 714.5 700.5 700.5 128140 90618420 46 46.25 46.85 46.9 46 46 400100 18477770 ABOITIZ EQUITY 7.08 7.09 7.07 7.11 7.04 7.08 7445200 52716221 ALLIANCE GLOBAL AYALA LAND LOG 2.45 2.46 2.47 2.54 2.38 2.46 3595000 8900920 ANGLO PHIL HLDG 0.57 0.58 0.58 0.59 0.57 0.58 134000 76840 0.57 0.58 0.58 0.58 0.57 0.58 441000 252300 ATN HLDG A COSCO CAPITAL 5.08 5.09 5.07 5.09 5.04 5.09 235900 1190855 4.05 4.1 4.12 4.14 4.05 4.1 1717000 7018280 DMCI HLDG FILINVEST DEV 8.51 8.66 8.5 8.75 8.5 8.75 1500 13050 GT CAPITAL 390 394 393 394 390 390 106570 41652696 60.55 61.6 62.4 62.4 60.55 60.55 1187120 72588045 JG SUMMIT 0.61 0.63 0.62 0.64 0.61 0.62 27000 16930 LODESTAR LOPEZ HLDG 2.29 2.33 2.28 2.33 2.28 2.29 1091000 2497850 LT GROUP 8.95 9 9.04 9.04 8.95 9 377800 3397483 0.485 0.5 0.485 0.5 0.45 0.5 40000 19470 MABUHAY HLDG METRO PAC INV 3.4 3.41 3.41 3.42 3.35 3.4 12076000 40893220 0.97 0.99 0.98 1 0.96 1 441000 426620 SOLID GROUP SM INVESTMENTS 872 875.5 884.5 884.5 865 872 195270 170164330 SAN MIGUEL CORP 98.65 98.75 98.55 100 98.55 98.75 193780 19164529.5 0.62 0.65 0.62 0.62 0.62 0.62 4000 2480 SOC RESOURCES TOP FRONTIER 123 128.9 128 128 128 128 1650 211200 ZEUS HLDG 0.132 0.133 0.136 0.136 0.131 0.133 1860000 247070

-466450 -27204265 -12268620 33351440 2722690 -487529 -232880.0002 -12913628 -41856303 -2027740 -945328.0003 -8886220 -55770885 -3472575 -

PROPERTY ARTHALAND CORP 0.52 0.53 0.52 0.53 0.51 0.52 498000 258580 AYALA LAND 29.9 29.95 29.65 29.95 29.5 29.95 6078700 180536515 ARANETA PROP 0.96 0.99 0.94 0.99 0.94 0.99 49000 48330 25.55 25.6 25.65 26 25.55 25.6 1094500 28093975 AREIT RT 0.76 0.77 0.77 0.78 0.76 0.77 579000 444500 A BROWN CROWN EQUITIES 0.128 0.132 0.132 0.133 0.128 0.133 280000 36230 CEB LANDMASTERS 4.85 4.9 4.85 4.93 4.82 4.9 70000 341540 0.36 0.37 0.36 0.37 0.36 0.37 270000 97850 CENTURY PROP DOUBLEDRAGON 14.04 14.16 14.3 14.38 14.02 14.16 2075900 29504196 5.39 5.4 5.5 5.5 5.38 5.4 2461800 13510731 DM WENCESLAO EMPIRE EAST 0.26 0.265 0.26 0.265 0.26 0.265 270000 70300 EVER GOTESCO 0.09 0.092 0.085 0.085 0.084 0.085 320000 27080 0.91 0.92 0.92 0.92 0.91 0.91 5208000 4742810 FILINVEST LAND 0.76 0.77 0.76 0.78 0.76 0.77 74000 56950 GLOBAL ESTATE 8990 HLDG 6.82 6.95 6.8 6.97 6.8 6.95 37900 262147 PHIL INFRADEV 1.13 1.14 1.15 1.17 1.14 1.14 1807000 2083440 2.91 2.92 3 3.01 2.91 2.91 36781000 108508090 MEGAWORLD 0.232 0.233 0.235 0.235 0.231 0.232 7680000 1786030 MRC ALLIED PHIL ESTATES 0.295 0.31 0.29 0.295 0.29 0.295 150000 44000 PRIMEX CORP 1.12 1.14 1.12 1.14 1.12 1.14 26000 29140 ROBINSONS LAND 14.54 14.62 14.5 14.88 14.48 14.54 2200200 32116408 0.206 0.218 0.206 0.206 0.206 0.206 60000 12360 PHIL REALTY ROCKWELL 1.5 1.52 1.5 1.52 1.5 1.52 26000 39100 SHANG PROP 2.58 2.65 2.55 2.65 2.55 2.65 19000 48950 STA LUCIA LAND 1.85 1.92 1.86 1.95 1.86 1.9 17000 32420 SM PRIME HLDG 28.35 28.55 28.85 28.95 28.35 28.35 12733100 363598740 3.8 3.83 3.75 3.85 3.75 3.8 87000 327750 VISTAMALLS SUNTRUST HOME 1.15 1.17 1.18 1.18 1.14 1.17 1203000 1384620 VISTA LAND 3.49 3.5 3.53 3.55 3.44 3.49 1483000 5197450

-36573335 -17414980 -14640 -24018166 -12069047 -3375700 -241619 -57499.9998 -58869930 -43054 201039685 -388020

SERVICES ABS CBN 7.06 7.07 7.19 7.19 6.98 7.07 1651100 11638528 GMA NETWORK 5.09 5.1 5.08 5.09 5.06 5.09 249200 1263158 MANILA BULLETIN 0.385 0.39 0.385 0.385 0.38 0.385 90000 34600 11 11.48 11.48 11.48 11.48 11.48 100 1148 MLA BRDCASTING GLOBE TELECOM 2106 2120 2090 2120 2076 2120 20915 44138450 PLDT 1369 1370 1380 1380 1362 1370 156030 213932490 APOLLO GLOBAL 0.055 0.056 0.056 0.057 0.056 0.056 21820000 1222380 2.9 3.02 2.98 3.01 2.98 3.01 40000 120120 DFNN INC 4.1 4.11 4.15 4.18 4.04 4.1 22584000 92681610 DITO CME HLDG 1.31 1.4 1.31 1.4 1.31 1.4 14000 18820 IMPERIAL ISLAND INFO 0.075 0.077 0.07 0.076 0.07 0.075 1940000 144340 JACKSTONES 1.62 1.68 1.7 1.73 1.68 1.7 43000 73100 3.07 3.08 3.11 3.24 3.02 3.07 49593000 155419420 NOW CORP 0.19 0.191 0.19 0.191 0.186 0.19 2300000 435300 TRANSPACIFIC BR PHILWEB 2.12 2.14 2.11 2.16 2.08 2.14 307000 648010 2GO GROUP 8.35 8.49 8.35 8.5 8.35 8.49 8100 68795 3.86 3.88 3.95 3.96 3.85 3.86 1056000 4116660 CHELSEA CEBU AIR 36.5 36.55 36.1 37.4 36.1 36.55 80500 2951585 107 107.3 106 107.9 105.2 107.3 976150 104416641 INTL CONTAINER LBC EXPRESS 15.12 15.18 15.4 15.4 15.14 15.14 6600 100080 MACROASIA 4.68 4.69 4.8 4.8 4.6 4.69 2747000 12805380 2.04 2.05 2.17 2.17 2.01 2.04 3165000 6460690 METROALLIANCE A METROALLIANCE B 2.08 2.19 2.08 2.08 2.08 2.08 2000 4160 PAL HLDG 5.76 5.8 5.75 5.8 5.71 5.76 4800 27643 HARBOR STAR 1.03 1.04 1.03 1.04 1 1.03 1294000 1325000 BOULEVARD HLDG 0.026 0.027 0.027 0.027 0.026 0.026 15500000 405600 1.43 1.5 1.49 1.49 1.49 1.49 8000 11920 DISCOVERY WORLD WATERFRONT 0.385 0.395 0.39 0.39 0.39 0.39 80000 31200 FAR EASTERN U 555 570 555 560 555 560 50 27900 STI HLDG 0.325 0.33 0.325 0.335 0.325 0.325 3630000 1185900 2.96 3 3.06 3.07 2.9 2.96 1997000 5892300 BERJAYA 6.9 6.91 6.7 6.95 6.6 6.9 2276600 15581380 BLOOMBERRY PACIFIC ONLINE 1.87 1.96 1.92 1.97 1.87 1.87 110000 208360 LEISURE AND RES 1.26 1.29 1.3 1.3 1.25 1.29 84000 107420 PH RESORTS GRP 2.23 2.29 2.2 2.3 2.2 2.3 49000 111830 0.31 0.315 0.315 0.315 0.31 0.315 1480000 465950 PREMIUM LEISURE ALLHOME 5.79 5.88 5.8 5.88 5.77 5.88 864900 5026706 METRO RETAIL 1.38 1.39 1.4 1.4 1.39 1.39 838000 1168710 PUREGOLD 49.25 49.45 48.4 49.5 48.3 49.45 3231100 159373275 66.7 67.6 68.75 68.75 66 67.6 384990 26014379 ROBINSONS RTL 108 112.5 117 117 112.5 112.5 9440 1088827 PHIL SEVEN CORP SSI GROUP 1.16 1.17 1.18 1.19 1.14 1.17 4779000 5538990 WILCON DEPOT 15.8 15.9 15.8 15.9 15.7 15.8 1771200 27989258 APC GROUP 0.3 0.305 0.3 0.3 0.295 0.3 340000 101200 6.48 6.6 6.53 6.6 6.46 6.6 58900 384887 EASYCALL 0.225 0.227 0.22 0.227 0.219 0.227 5800000 1288450 PRMIERE HORIZON SBS PHIL CORP 3.98 4.16 4.16 4.16 4.16 4.16 3000 12480

1315220 -42738110 -17920 -30000 1810170 400 452730 93100 850 -1620310 11801278 -5925310 -1884 -29900 9293597 -56780 -17600 -505958 96234810 -15999519 -703154 -606079.9997 1215994 104800 13140 -

MINING & OIL ATOK 7.09 8 8 8 8 8 100 800 APEX MINING 1.34 1.35 1.4 1.4 1.33 1.35 24807000 33742620 -5569410 0.0008 0.0009 0.0008 0.0008 0.0008 0.0008 419000000 335200 4000 ABRA MINING 3.79 3.8 3.9 3.96 3.78 3.8 342000 1310400 23500 ATLAS MINING BENGUET A 2.55 2.6 2.65 2.65 2.5 2.55 46000 118150 BENGUET B 2.5 2.64 2.5 2.68 2.5 2.68 45000 118820 0.219 0.227 0.218 0.227 0.218 0.227 350000 76390 COAL ASIA HLDG CENTURY PEAK 2.49 2.57 2.5 2.5 2.5 2.5 20000 50000 50000 7.33 7.58 7.72 7.74 7.58 7.58 2600 19972 DIZON MINES FERRONICKEL 1.12 1.13 1.15 1.15 1.12 1.13 11795000 13339790 -523300.0002 GEOGRACE 0.228 0.23 0.231 0.231 0.228 0.229 540000 124190 0.126 0.127 0.13 0.13 0.126 0.126 31320000 4001800 LEPANTO A LEPANTO B 0.129 0.131 0.131 0.131 0.129 0.129 3170000 412560 MANILA MINING B 0.0098 0.011 0.01 0.01 0.0098 0.0098 30200000 298790 -2000 MARCVENTURES 0.85 0.86 0.86 0.86 0.81 0.85 1794000 1507790 1.97 2 2.02 2.04 1.97 1.99 989000 1974350 NIHAO NICKEL ASIA 3 3.01 3.05 3.05 2.96 3 7971000 23958920 -1487800 0.365 0.38 0.365 0.365 0.365 0.365 100000 36500 OMICO CORP ORNTL PENINSULA 0.53 0.54 0.54 0.55 0.54 0.55 62000 33500 PX MINING 3.82 3.83 3.91 3.91 3.78 3.82 5052000 19358270 6224740 9.95 9.96 10.1 10.1 9.92 9.95 1154700 11,531,989( 2,445,776.0003) SEMIRARA MINING 0.0046 0.0047 0.0046 0.0046 0.0045 0.0046 31000000 140300 UNITED PARAGON ACE ENEXOR 5.86 5.96 5.99 6.03 5.85 5.96 170400 1021140 ORNTL PETROL A 0.0083 0.0084 0.0084 0.0084 0.0084 0.0084 2000000 16800 PHILODRILL 0.0082 0.0083 0.0082 0.0083 0.0082 0.0083 12000000 98500 5.45 5.47 5.22 5.65 5.22 5.45 4125600 22440777 -809691 PXP ENERGY PREFFERED AC PREF B1 510.5 515 512 512 510.5 510.5 2010 1028520 ALCO PREF B 100.8 103.2 100.6 100.6 100.6 100.6 500 50300 CPG PREF A 102 102.3 102 102 102 102 100 10200 101.1 103 102.2 102.2 102.2 102.2 10 1022 DD PREF GTCAP PREF A 1001 1030 1002 1002 1002 1002 5 5010 GTCAP PREF B 1020 1030 1030 1030 1030 1030 5 5150 MWIDE PREF 101.3 101.5 101.5 101.5 101.5 101.5 50250 5100375 97.1 98.3 98 98 98 98 600 58800 PNX PREF 3A PNX PREF 3B 101 102.6 102.6 102.6 102 102 560 57126 PNX PREF 4 940.5 948 948 948 940 940 13010 12233725 SFI PREF 1.35 1.8 1.9 1.96 1.75 1.75 31000 57910 SMC PREF 2C 77.95 78 78 78 78 78 4000 312000 75.6 76 76 76 76 76 500 38000 -38000 SMC PREF 2E 76.85 77.5 77.5 77.5 77.5 77.5 15510 1202025 SMC PREF 2F SMC PREF 2G 76 76.45 76 76 76 76 10 760 SMC PREF 2H 76.15 77.5 77 77 77 77 1000 77000 77000 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 6.67 6.68 7 7.14 6.66 6.68 712900 4879199 -3120425 GMA HLDG PDR 4.75 5 5 5 5 5 220000 1100000 -1083000 WARRANTS LR WARRANT 0.62 0.65 - - - - - - SMALL & MEDIUM ENTERPRISES ALTUS PROP 10.06 10.12 10.4 10.4 10.06 10.12 417500 4230476 -1419620 ITALPINAS 1.98 1.99 2.09 2.09 1.96 1.99 5847000 11791540 58350 KEPWEALTH 5.16 5.23 5.24 5.24 5.09 5.16 11000 56433 3.12 3.13 3.2 3.34 3.12 3.13 121984000 395371520 4733740 MERRYMART EXHANGE TRADE FUNDS FIRST METRO ETF 88.5 89.65 89.2 89.5 88.5 88.5 25770 2290561.5 386450

www.businessmirror.com.ph

Del Monte incurs $3.2-M loss on higher financial expenses

By VG Cabuag

@villygc

ampos-led fruit canner Del Monte Pacific Ltd. said it incurred a $3.2-million loss in its fiscal first quarter for 2021 ending July, from last year’s recurring income of $4.2 million mainly on higher financial expenses.

Sales for the period reached $413.1 million, higher by 10 percent from last year’s $375.9 million mainly driven by increased US and Philippines sales. Given the seasonality of the business, the first quarter is historically the lowest quarter of the group, the company said. The US subsidiary, Del Monte Foods Inc. generated $268.2 million or 65 percent of group sales. Its sales rose 11 percent from last year mainly driven by improved volume across almost all categories from the pandemic, partly offset by supply challenges on core vegetables and fruits. The principal categories experi-

enced strong growth as consumer behavior shifted to healthy, shelfstable products in response to covid-19, the company said. Revenues of Del Monte Philippines, meanwhile, grew 22 percent in peso terms and 18 percent in dollar terms to $18.7 million, driven by higher volume, favorable sales mix and buoyed by favorable peso-dollar exchange rate. Faster growth was seen across all categories, especially behind flagship Del Monte brands of Spaghetti Sauce, Quick ‘n Easy Meal Mixes and Pineapple Juice. “The relevance of these iconic Del Monte brands became magni-

fied in a pandemic environment where consumers turned to healthy food and cooked more meals at home with the company’s culinary products,” it said. “Our strategy is to strengthen the core business, expand the product portfolio, in line with market trends for health and wellness, and grow our branded business while reducing non-strategic business segments,” the company said. The company said it will return to profitability during its fiscal year 2021, which ends in April. Sales of the S&W branded business declined by 19 percent in the first quarter as higher sales of packaged products, such as canned pineapples, mixed fruits, beans and corn were offset by lower sales of fresh pineapples in China. Fresh pineapples sold through the foodservice channel such as restaurants, hotels and airlines, were impacted though there had been some improvements at the end of the first quarter. “The group expects its ‘Fresh’ business to grow in the remainder of the year,” it said. Meanwhi le, the company’s share in the FieldFresh joint venture in India incurred a $0.7-mil-

lion loss, higher than prior year quarter share in losses of $0.2 million, due to lower sales from branded packaged products. The pandemic significantly impacted the food service category which accounted for half of total sales in India. However, retail and e-commerce sales continued to surge, the company said. Its net debt fell to $1.2 billion from $1.6 billion last year and gearing ratio improved to 2.2 times from 2.8 times of equity last year. “We are encouraged by the sustained sales momentum in the first quarter which is a testament to the strength of our brands and product portfolio, offering health and nutrition to consumers. We recognize our own frontliners in the company who ensure a continuous supply of products,” Joselito D. Campos Jr., the company’s managing director and CEO, said. Del Monte Philippines in August applied for regulatory approval of its maiden bond issuance of up to P5 billion, with an option to upsize to P7.5 billion. The proposed offering consists of three and five-year maturity tranches. The proceeds of the offering will be used to refinance existing loans.

Megawide renews pre-cast certification M

egawide Construction Corp. on Thursday said it received a renewal of its certification from Accreditation of Indigenous Technologies for Housing for its precast operations. Megawide said its precast system has met the criteria for development of government-funded housing projects, such as Pag-Ibig Fund, subject to official bidding and awarding processes. “Megawide strives to be globally competitive by continuously seeking engineering innovations on top of adherence to world-class building standards,” company chairman Edgar. B Saavedra said. “Technologies such as precast forms the foundation of strong relationships with and trust from our partners as we mutually deliver excellent quality and exceptional value to our projects.” Megawide’s precast passed the evaluation of the Aitech committee for the manufacturing of its prefabricated concrete products for use in buildings residential, commercial, industrial horizontal

housing units, and water retaining structures. Precast systems offer higher standardization and customization, improved design, and more durable structural integrity than traditional construction methods and materials. Components are also manufactured with provisions for fixtures and pipings to achieve greater costefficiency. The company’s main precast facility is located in Taytay, Rizal and is considered to be one of the largest and most advanced facilities of its kind in Southeast Asia. Megawide said it will expand its precast capacity to accommodate market demands through plants located in key cities of Cebu and Batangas, and two more plants under way in Pandi, Bulacan and Calamba, Laguna. Aitech certifies contractors and developers utilizing technologies which are appropriate for housing and can serve as alternatives to traditional or conventional building technologies. VG Cabuag

East-West Seed one of firms ‘doing good’

orld leading vegetable seed company East-West Seed Co. Ltd. was ranked at No. 28 out of 53 in Fortune Media Group Holdings’s annual “Change the World” list of global companies that are “doing well by doing good.” The list is intended to showcase the power of capitalism to improve the human condition by identifying companies that have made an important social or environmental impact through their profit-making strategy and operations.  “Our focus is on smallholder farmers who play a critical role in ensuring the adequate supply of agricultural products. They produce 70 percent to 80 percent of the world’s food,” East-West Seed CEO Bert van der Feltz said. “They are vital to food security and nutrition, especially in developing countries.” “Our model at East-West Seed proves that you can make a real difference in people’s lives while also operating a successful business, the two do not need to be mutually exclusive,” van der Feltz added. Only for-profit businesses are eligible for the list, with Fortune evaluating and ranking each on four criteria including measurable social impact, business results, degree of innovation and corporate integration.

“The company, which has operations in Asia, Africa, and Latin America earns high marks for its local seed breeding efforts and the training it provides its customers,” Fortune said in the reasoning for East-West Seed’s ranking. East-West Seed has its roots in Lipa City, Batangas, Philippines. Founder Simon Groot started East-West Seed with Filipino seed trader Benito Domingo in 1982. Back then, many farmers were having a hard time growing good crops because of the lowquality, poorly adapted seeds they often saved from season to season. Low-quality seeds resulted in low yields, which translated into poverty and malnutrition for farmers and their families. Groot and Domingo sympathized with the farmers’ plight and saw a way to break the vicious cycle of poverty and help farmers prosper through diversification into high-value vegetable crops. Today, East-West Seed is one of the world’s leading vegetable seed companies. The privately owned company has played an important role in the development and improvement of tropical vegetable varieties that are adapted to tropical markets and growing conditions.

mutual funds

September 24, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 194.05 -23.9% -12.08% -4.77% -22.95% ATRAM Alpha Opportunity Fund, Inc. -a 1.08 -30.66% -13.44% -2.57% -21.85% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6029 -34.27% -16.49% -6.71% -29.23% Climbs Share Capital Equity Investment Fund Corp. -a 0.6647 -30.34% -12.97% n.a. -25.98% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6759 -20.44% n.a. n.a. -20.42% First Metro Save and Learn Equity Fund,Inc. -a 4.1725 -22.84% -10.19% -4.54% -21.69% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6512 -24.78% -12.68% n.a. -23.71% MBG Equity Investment Fund, Inc. -a 82.04 -30.16% n.a. n.a. -20.52% PAMI Equity Index Fund, Inc. -a 38.8623 -24.96% -10.83% -3.7% -24.22% Philam Strategic Growth Fund, Inc. -a 418.04 -22.28% -10.12% -3.87% -21.54% Philequity Alpha One Fund, Inc. -a,d,5 0.8698 n.a. n.a. n.a. -15.56% Philequity Dividend Yield Fund, Inc. -a 0.9934 -23.61% -10.21% -3.39% -22.81% Philequity Fund, Inc. -a 29.1019 -24.06% -9.88% -3.03% -23.21% Philequity MSCI Philippine Index Fund, Inc. -a 0.7657 -25.36% n.a. n.a. -24.79% Philequity PSE Index Fund Inc. -a 3.968 -24.6% -10.32% -2.97% -24.04% Philippine Stock Index Fund Corp. -a 663.41 -24.49% -10.31% -3.07% -23.92% Soldivo Strategic Growth Fund, Inc. -a 0.6003 -33.92% -14.06% -7.04% -29.49% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.0589 -28.2% -11.71% -4.44% -27.33% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7601 -24.7% -10.49% -3.16% -24.05% United Fund, Inc. -a 2.7764 -24.6% -9.43% -2.74% -24% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 89.1063 -24.33% -9.88% -2.29% -23.81% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0446 8.98% -0.64% 3.59% 1.58% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4818 13.81% 7.22% n.a. 7.48% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5468 -5.62% -5.45% -2.72% -1.02% ATRAM Philippine Balanced Fund, Inc. -a 2.0308 -11.05% -5.66% -1.19% -6.89% First Metro Save and Learn Balanced Fund Inc. -a 2.3775 -10.15% -4.3% -2.53% -9.65% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1717 n.a. n.a. n.a. -24.86% NCM Mutual Fund of the Phils., Inc. -a 1.8251 -6.68% -2.12% 0.31% -6.96% PAMI Horizon Fund, Inc. -a 3.4303 -9.05% -3.92% -1% -9.47% Philam Fund, Inc. -a 15.3179 -9.39% -4.11% -1.11% -9.69% Solidaritas Fund, Inc. -a -11.46% -4.95% -1.14% -10.68% 1.8955 Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.227 -16.55% -6.22% -2.32% -16.47% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9251 -8.88% n.a. n.a. -8.92% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8194 -18.31% n.a. n.a. -17.76% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.796 -20.44% n.a. n.a. -19.86% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7885 -19.76% -7.56% -3.29% -19.11% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03896 1.22% 2.6% 2.1% 1.99% PAMI Asia Balanced Fund, Inc. -b $1.0349 4.65% 3.27% 2.26% 0.24% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.0782 7.98% 4.99% 5.88% 4.28% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1542 3.96% 2.6% n.a. 2.26% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 367.87 3.92% 3.09% 2.59% 2.77% ATRAM Corporate Bond Fund, Inc. -a 1.9504 1.8% 0.95% 0.29% 2.54% Cocolife Fixed Income Fund, Inc. -a 3.2013 3.82% 4.82% 5% 2.67% Ekklesia Mutual Fund Inc. -a 2.2888 3.95% 2.68% 2.19% 2.94% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.446 4.92% 3.34% 2.01% 3.68% 7.66% Philam Bond Fund, Inc. -a 4.6151 4.12% 2.52% 5.54% Philam Managed Income Fund, Inc. -a, 6 1.3103 5.91% 4.35% 2.45% 4.27% Philequity Peso Bond Fund, Inc. -a 3.9457 5.51% 4.08% 2.27% 4.16% Soldivo Bond Fund, Inc. -a 1.0344 9.08% 3.53% 1.87% 7.27% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1763 5.41% 4.69% 2.86% 3.27% Sun Life Prosperity GS Fund, Inc. -a 1.7391 4.28% 3.99% 2.3% 2.23% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $478.18 2.74% 2.49% 2.81% 2.1% ALFM Euro Bond Fund, Inc. -a Є217.14 -1.41% 0.81% 1.15% -1.21% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2382 3.46% 2.99% 2.64% 2.57% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0263 1.54% 1.57% 1.59% 1.94% PAMI Global Bond Fund, Inc -b $1.0859 -1.12% 0.15% 0.29% -0.7% Philam Dollar Bond Fund, Inc. -a $2.4906 2.91% 3.5% 3.31% 3.62% Philequity Dollar Income Fund Inc. -a $0.0613013 1.91% 2.21% 2.08% 1.66% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1863 0.43% 1.74% 2.37% 0.35% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.1 3.59% 3.3% 2.51% 2.6% First Metro Save and Learn Money Market Fund, Inc. -a 1.0448 2.19% n.a. n.a. 1.8% Sun Life Prosperity Money Market Fund, Inc. -a 1.2903 2.85% 3.04% 2.62% 2% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.049 1.58% n.a. n.a. 1.03% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 0.9925 n.a. n.a. n.a. n.a. Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.94 n.a. n.a. n.a. -5.05% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the

latest NAVPS/NAVPU."

www.businessmirror.com.ph

Banking&Finance

SBF 50% stake-sale gets PCC approval By Tyrone Jasper C. Piad @Tyronepiad

ecurity Bank Corp. announced on Thursday that the sale of 50-percent stake in its consumer finance subsidiary to a Thai bank was approved by the competition authority. The listed bank said in a disclosure that the Philippine Competition Commission greenlighted the acquisition of half of the ownership in SB Finance Company Inc. (SBF) by Bank of Ayudhya Public Company Ltd., commonly known as Krungsri. “The PCC finds that the proposed transaction will not likely result in substantial lessening of competition,” Security Bank said. Security Bank saw its shares slide on Thursday by P2.25, or 2.39 percent, to settle at P91.70 each amid the 0.80-percent decline for the main index. Its value turnover reached P57.48 million for the day. In August last year, Security Bank disclosed that it sealed a strategic partnership with the Thai bank which involved the sale of SBF stake after securing regulatory approvals. The deal is seen resulting in SBF growing its loan portfolio and loan products being offered to its clients. “Both the Secur it y Bank ’s strength in unsecured personal loan segment and Bank of Ayudhya’s

expertise in the Asean [Association of Southeast Asian Nations] retail finance market are expected to aid the consumer finance product offering and service of SBF,” a statement said. In his earlier statement, Security Bank President Sanjiv Vohra said the partnership was aimed at expanding the retail offerings of the bank. “By localizing the strategies that propelled Krungsri to become Thailand’s market leader in consumer finance, SBF is well positioned to scale the business faster, launch better and more innovative product variants, serve more customers and, in effect, substantially grow its market share in retail business,” Vohra explained. Security Bank saw its first half earnings climb by 14 percent to P5.7 billion from P5 billion last year for the same period on the back of higher net interest income and trading gains. Total revenues, meanwhile, surged by 68 percent to P25.9 billion while total net interest income rose by 34 percent to P15.8 billion in the first six months. It earmarked P11-billion worth of buffer for potential credit losses, which is markedly higher than P639 million last year. Gross nonperforming loan ratio stood at 1.58 percent while NPL coverage ratio was at 174 percent.

What is your association’s North Star?

his was the question posed by Mary Byers, CAE, who spoke to 40 attendees of the webinar, “Strategy in an Uncertain Environment,” organized by the Philippine Council of Associations and Association Executives (Pcaae) last September 15, 2020. Mary is an Illinois, USAbased author of two bestselling books, “Race for Relevance: 5 Radical Changes for Associations” and “Road to Relevance: 5 Strategies for Competitive Associations.” The term “North Star” has different meanings to different people and cultures. Scientifically, according to EarthSky, the North Star or Pole Star (a.k.a. Polaris) is known for being nearly still in our sky while the entire northern sky moves around it. Travellers and explorers have relied on Polaris to navigate to their destination long before the GPS (Global Positioning System) was invented. Its unique position and visibility provide the direction of the true north. Metaphorically speaking, the North Star could be your association’s mission statement since it is a fixed destination that you can depend on even if the world changes around you. It could also be your orienting point–a fixed point in a spinning world–that helps you stay on track as a leader. In Mary’s presentation, the North Star was “what is most important to you right now.” Amid the pandemic, it could be the safety of your employees as much as it could also be the sustainability of your association. Balancing safety and sustainability is a primary task of an association leader. Here are a few takeaways I got from Mary’s session: Think “for now” versus “forever.” Mary suggests doing a decision filter where you can plot in your priority areas and plans within 3 months, 6 months, 6 months to a year, and one year and more. It will also help if you can list down what actions you can influence and those outside of your influence.

Association World Octavio Peralta Mary also provided an activity matrix on what you want to be true when this season of uncertainty is over. It is where you can write a “to don’t” (as opposed to a “to do”) list of actions you need to stop doing and don’t want to happen; what you need to pause or those that are uncertain; what to double down; and who to potentially collaborate with and on what issues. Collaboration is the new currency. Seek partnerships with like-minded associations to benefit from synergies and economies of scale. Short-term budget projections are the norm. Do three, six, and nine months projections and monitor constantly. Assess where your association is now. It is good if your association is coping and thriving and worse if it is struggling and drowning. Suffering leads to opportunities. Determine what are you uniquely positioned to do; what can you do for your members that they cannot do themselves; how you can help members work with less stress, more profitably, and more productively; and what members need now that they didn’t need before. Mary ended her session by posing another tough question, “How uncomfortable are you willing to be on behalf of the future of your association?” Will this poser be your North Star for now? The column contributor, Octavio “Bobby” Peralta, is concurrently the secretary-general of the Association of Development Financing Institutions in Asia and the Pacific and the Founder & CEO of the Philippine Council of Associations and Association Executives. PCAAE is holding the Associations Summit 8 on November 25 and 26, 2020 with the theme, “Leading with Agility.” The two-day virtual event is supported by Adfiap, the Tourism Promotions Board and the PICC. E-mail inquiries@adfiap.org for more details on AS8.

BusinessMirror

Friday, September 25, 2020 B3

Customs bureau activates color lane to cut ‘distortions’

By Bernadette D. Nicolas

@BNicolasBM

he Bureau of Customs (BOC) activated on Thursday a new color lane for medium-risk to high-risk cargoes in a bid to enhance trade facilitation while strengthening border protection and revenue collection. In a statement, the BOC said it launched the “Orange” Lane in its Universal Risk Management System (URMS) as a new selectivity color in addition to the “Green,” “Yellow” and “Red” lanes. Orange-tagged shipments shall pass through the x-ray scanning and once the image is found to be suspi-

cious it shall be subjected to physical examination. On the other hand, goods declarations tagged “Red,” covering high-risk cargoes, shall be mandatorily subject to both x-ray scanning and physical examination. The “Yellow” lane is intended for cargoes with low to medium risk subject to document-check and the

“Green” lane for cargoes with no to low risk. Customs Assistant Commissioner and spokesperson Vincent Philip C. Maronilla told the BusinessMirror their Risk Management Of f ice (RMO) recommended for a new lane to “prevent further distortion of ‘Red Lane’ shipments.” Maronilla added “there should be one clear rule for ‘Red Lane’ shipments and options as to the results of scanning should not be the determining factor as to whether or not red-tagged shipments should undergo physical examination.” The RMO also underscored the analytics-based selection process through the use of a memory-based reasoning feature that enables risk

and compliance prediction as an Artificial Intelligence tool promoting automation and lesser human intervention to assist traders. It added it has also been working to secure the pipeline of information and feedback mechanism through maximization of its data sources using modernized systems and upholding a viable structure of setting and updating Selectivity Screens in the thrust to sustain effective machine learning. To support the continuous improvement of the URMS, the Customs Risk Management Steering Committee is continuously developing action plans encompassing all the areas in the delivery of an enhanced risk management system of the Customs bureau.

Group urges Senate to scrap tax exemption for SMC

ocal think tank Action Economic Reforms (AER) urged the Senate to scrap the tax exemption provision under the bill granting San Miguel Corp. (SMC) a franchise for the construction of the “New Manila International Airport” in Bulacan. The AER made the call as it pointed out that “taxpayers should be spared from the burden” if a private sector decides to build a new airport. “San Miguel has the freedom to construct its airport if it wants to compete with Naia (Ninoy Aquino International Airport) and Clark [International Airport], but like any business or entrepreneurial activity, it must fully bear the risk,” the local think tank said in a statement on Thursday. “The executive branch of government has also made it clear that public funds should not bear the risk or costs. Clearly from his statement, Finance Secretary Carlos G. Dominguez will not agree to government and taxpayers being burdened by the costs, including tax expenditure, of this unsolicited private undertaking. The costs and risks have to be shouldered by [Ramon S.] Ang’s companies.” Earlier, Finance Assistant Secre-

tary Teresa S. Habitan rejected the proposal to grant tax incentives for the proposed Bulacan airport. Despite this, the House of Representatives early this month approved the bill on third and final reading. House Committee on Ways and Means Chairman Joey Sarte Salceda has also said his committee is looking at foregone revenues of around P38 billion in national revenues from the period of construction, and around P1.5 billion to P2 billion annually once the airport begins to operate. In the same statement, the AER also argued that fiscal incentives can only be justified whenever a market failure exists and that there is “no compelling reason” for the government to subsidize another airport since congestion will be prevented by the supply of air travel services that NAIA and Clark will provide. It explained market failure is absent because current and and future demand for air travel can be addressed by enhancing and expanding existing airports. “In the same vein, a new airport that is in close proximity to CRK [Clark International Airport] does not substantially provide additional public benefits. The service it provides, from a public good perspec-

tive, is redundant. Hence, government and the taxpayer should not shoulder the costs of this airport’s construction,” it added. It also warned that legislating another tax incentive under the franchise bill undermines the goal of the proposed Corporate Recovery and Tax Incentives for Enterprises Bill (Create), which seeks to “rationalize the system of providing fiscal incentives and improve the country’s competitiveness.” “It sets a dangerous precedent where individual corporations will just approach Congress for tax perks, instead of going through the systematic fiscal incentives criteria that Create offers. It opens the floodgates for more corporate lobbying for fiscal incentives. We thus propose that the San Miguel airport project, if it wants to pursue tax incentives despite our objection, be subject to the process and standards of Create, which will soon be passed,” it said. Under the franchise bill passed by the House, during the 10-year construction period, the grantee shall be exempt from any and all direct and indirect taxes and fees of any kind, nature or description, which emanates exclusively from the con-

UnionBank urges SMEs to use digital platform

nion Bank of the Philippines is urging small-scale and mediumscale enterprises (SMEs) to maximize the features of its “SME Banking” application amid lockdown measures against the coronavirus pandemic. In a statement on Thursday, the Aboitiz-led bank said that the digital platform is seen to provide help to SMEs by offering complete banking needs. Among them are digital account opening, mobile check deposits, issuance of bank certificates, real-time fund transfers to any other local bank, tax payments and payroll crediting. “Everything is all online, and the good thing about this is that it’s streamlined since as an e-commerce company, you’ll have a great end-to-end, integrated e-commerce solution,” said Alex Dizon, product innovator for SME Business Banking at UnionBank. UnionBank SME platforms head Jaypee Soliman, meanwhile, said that the SME Banking app shows that the bank has been exerting efforts to stay at the forefront of digital transformation. “Our customers who have been with us for a long time can attest to the countless changes that our interface has gone through since 1998, when we first introduced online banking,” Soliman said.

“And we still strive to innovate as much as we can, because our realization is that we have to provide the correct facilities and the correct technology so that customers can bank wherever they want to bank.” Recently, the UnionBank financial technology arm, UBX Philippines, said that the application volume in the firm’s multi-lender online marketplace for SME loans—SeekCap—rose by over 300 percent since the pandemic started. UBX President John Januszczak stressed the need to extend credit to SMEs because they comprise 99.5 percent of the businesses in the country and over 60 percent of the employment. To date, he said that SeekCap has received half a billion of loan applications. UnionBank saw its net earnings slide by 6 percent to P4.5 billion in the first half from P4.79 billion a year ago for the same period. Topline figures in the first six months, meanwhile, surged 55 percent to P22.1 billion year-on-year on the back of improved net interest income and higher trading gains. On Thursday, the shares of Unionbank ended flat at P54.20 each amid the 0.80-percent drop for the benchmark index. The amount of stocks traded for the day amounted to P1.71 million. Tyrone Jasper C. Piad

struction, development, establishment and operation of the airport and airport city, including income taxes, value-added taxes, percentage taxes, excise taxes, documentary stamp taxes, customs duties and tariffs, taxes on real estate, buildings and personal property, business taxes, franchise taxes, and supervision fees, levied, established or collected, or may be levied, established or collected, by any city, municipal, provincial or national authority. After the 10-year construction period and during the remaining term of the franchise, the grantee shall be exempt from income taxes and taxes on real estate, buildings and personal property, levied, established or collected, or may be levied, established or collected, by any city, municipal, provincial or national authority. However, such exemption shall expire as soon as it is determined by competent authority that the grantee has fully recovered its investment cost and expenses on the airport and on the Airport City, including financing and borrowing expenses. Then, the grantee shall be subjected to all taxes under the National Internal Revenue Code and Customs Modernization and Tariff Act. Bernadette D. Nicolas

EastWest bond named ’20 best managed fund

ast West Banking Corp. (EastWest) announced it was awarded by the Chartered Financial Analyst (CFA) Society Philippines as “Best Managed Funds of the Year 2020” in the Peso-Fair Value Profit and Loss Valuation (FVPL) category for its Peso Long Term B ond (PLTB) l ast S e ptem ber 15. T he bank said its PLTB has the highest risk-based returns over the past five years in its category. “This is a testament to our efforts in providing the best possible returns to our clients, and more importantly, practicing the highest possible standards of ethics and investment excellence,” Rafael S. Algarra Jr., EastWest senior executive v ice president and head of treasury, markets and off-balance sheet,

was quoted in a statement as saying. Robert R. Ramos, President a nd C h a i r m a n of CFA Society Philippines, congratulated all the winners and said “the best and most consistent riskbased returns are important for investors who put their h a rd - e a r ne d money in the hands of the fund managers.” E a stWest said its PLTB is one of its unit investment trust fund products, aiming to provide investors the potential to ea r n long-ter m ret u r ns h igher t h a n t rad it iona l bank deposits. The fund is invested in government securities, corporate bonds, various fixed income securities, and time deposit. It is available at any EastWest store nationw ide for an initial investment of only P50,000.

Relationships

Friday, September 25, 2020 • Editor: Gerard S. Ramos

BusinessMirror

Rise and help

www.businessmirror.com.ph

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Catherine ZetaJones, 51; Will Smith, 52; Michael Douglas, 76; Barbara Walters, 91.

Precious Gumpal (from left), Mau Aguasin, and Hideo Muraoka during Project Food Trunk LP’s distribution run in April 2020. Photo

Happy Birthday: Push yourself to the next level. Put the past behind you, and take on a schedule that will help you gain momentum. Stay focused on what’s important, and use your intelligence, charm and forceful persuasion to get what you want. The rewards will be great if you take control and do as you please. Stop giving in, and start taking over. Your numbers are 4, 11, 22, 24, 30, 39, 46.

courtesy Hideo Muraoka

HE Covid-19 pandemic has turned the world upside down, wreaking havoc on everyone’s daily lives, especially Filipinos already facing struggles well before the health crisis hit. On the other hand, this situation has also brought out the best in many Pinoys who are rising to all of today’s challenges—and are putting in the extra effort to uplift the lives of their fellow Filipinos. Photographer Mau Aguasin is one of those people who have stepped up to the plate, swatting at those Covid obstacles and hitting a home run with Project Food Trunk LP. She established this project in Las Piñas City during the enhanced community quarantine, after seeing how the lockdown badly affected people living in the streets. “In April, as I went around to finish essential errands, I saw homeless people exhausted and uncertain about where to get their next meal,” Agustin tells me. “I told my housemate, who is an amazing cook...I told my housemate about it and we decided to cook healthy meals for them. My thinking was, if we could secure their meals, they would be better equipped to respond to the crisis,” she explains. Project Food Trunk LP continues to be a daily task for Aguasin and her roommate—and their dream is that their actions also inspire others to open other food trunks in other parts of the country. “It would be amazing to raise funds for more families and give away more healthy grocery bags for them. We hope to provide for new moms, households with recently unemployed individuals or those whose family members have physical disabilities, and senior citizens for at least another month as they figure out how to adjust to the economical consequences of this pandemic,” explains Aguasin. As Project Food Trunk LP feeds the hungry among

ARIES (March 21-April 19): Keep moving. The less time you have to think about situations that irk you, the better. Anger and frustration will slow you down. Live in the moment, and focus on what you can accomplish, not the impossible. HH

TAURUS (April 20-May 20): Abide by the rules, and be forthright with information and documentation. Refuse to get involved in someone’s investment. Put your time and money into what will help you get ahead, and do not stop until you are happy with the results. HHHHH

GEMINI (May 21-June 20): Fix up your surroundings, and get in touch with mentally stimulating people. The ideas you come up with will lead to a joint venture that can bring in extra cash. Don’t share secrets someone trusted you to keep. HHH

us, Renz Abelita nourishes the minds of the youth. The security guard at a pawnshop in Manila has been conducting informal tutorial sessions on reading and writing for neighborhood kids amid the pandemic. Abelita has taken it upon himself to assume the role of educator to these children roaming the streets near his place of work, and is using his downtime to improve their literacy. “I thought of teaching the kids living nearby the basics of writing, so that they would learn how to write their own names. I also taught them how to count properly,” Abelita says in Filipino. The desire to teach comes from Abelita’s unfulfilled dream of becoming a teacher. “There was a time in my life when I wanted to be a teacher. However, life in the province was hard, so I decided to find any job that would enable me to help my family first,” asserts the 23-year-old native of Masbate. Abelita’s act of kindness went viral on the Internet after someone took a video of him conducting his

“classes” during lean hours at the pawnshop. He says this has inspired him to simply continue teaching his “students,” as doing so has helped him maintain a positive outlook despite the hardships brought about by the pandemic. When public transportation stopped, Abelita says it was difficult for him, at first, to get to work. Using his resourcefulness, and inspired to continue providing for his family, Abelita now borrows bicycles from friends to make it to his post every single day. “Helping my family and these children keeps me motivated to stay positive,” he avers. Now, he looks forward to teaching his students every day—and this good deed serves as inspiration, too. “Helping others is the least I can do, especially children who now find it hard to continue their education,” he says. Aguasin and Abelita show how many of us are

Continued on B5

safe spaces; and propose solutions that would strengthen safe spaces. Special focus was placed on processes that would allow students to report cases of sexual harassment without fear or judgment. Amb. Laura Quiambao-del Rosario, Miriam College president, said, “Recent developments opened our eyes to the need to listen and seek the truth behind the stories of harassment in our campus. The welfare of our students is paramount to us and the first step in our efforts to prevent similar incidents from happening in the future is to look inward and get the consensus of our community about causes and solutions to the past situation. The town hall meetings were crucial to hear out observations, opinions and recommendations to create and maintain a safe space in our institution moving forward.” In a letter to the MC community last June, Quiambao-del Rosario said the school will undergo a serious process of self-criticism to redefine more deeply the meaning of justice. Miriam College High School Assistant Principal for Student Affairs Sofia de Guzman said, “The town hall meetings were very helpful for us to express our ideas, emotions and perceptions on the issues

LEO (July 23-Aug. 22): Listen to what others have to offer, but when it comes to matters concerning business, reputation or position, take the most secure path. Risk is not an option. Make love a priority, and keep the peace. HHH

VIRGO (Aug. 23-Sept. 22): A change will lift your spirits. Do something you’ve never done. Reach out to someone who shares your interests. A shift in the way you live will lead to an unexpected opportunity. Older and younger people will offer insights. HHHHH

LIBRA (Sept. 23-Oct. 22): Deal with domestic problems quickly and efficiently, and move on to a matter that means more to you. Think and act fast before someone has a chance to come between you and what you want. Stay in control, and do what pleases you. HH

SCORPIO (Oct. 23-Nov. 21): Remain objective when dealing with colleagues, friends and relatives. You are best to be a mediator, not a disruptor. Size up if current trends are influencing whatever situation you face. HHHH

Miriam College holds community-wide meetings to strengthen safe spaces FOLLOWING its creation of an independent committee to look into complaints of sexual harassment in its high school, Miriam College (MC) held a series of town hall meetings (THMs) with its community in July to get more feedback and, formulate concrete programs and policies that would ensure safe spaces at every campus level. MC students and alumni shared stories and experiences of sexual harassment and inappropriate behavior by some faculty on social media last June. Miriam College responded by convening a Committee on Truth and Justice to review and resolve reported cases. The THMs were then conducted among Miriam College administrators, faculty, alumni, Student Council members from different academic levels, and office employees from both the Quezon City and Nuvali campuses. Initiated by the school’s Institutional Committee on Ethics and Protocol (ICEP), the THMs allowed community members to openly share and articulate their understanding of safe spaces; identify existing systems, culture, programs and activities in their respective units that either prevented or promoted

CANCER (June 21-July 22): Look for alternative ways to handle your financial, medical and contractual affairs. Use your imagination, and rely on your intuition to help you find solutions. Refuse to let your emotions stand between you and doing what’s right or best for everyone. HHH

surrounding safe spaces. The suggestions on how MC could do better highlighted transparency and promoted respect and inclusivity. It was not only a necessary exercise but also a clear demonstration of the school’s commitment to undergo a process of selfreflection and redirection.” The ICEP is now gathering and studying the results of the THMs to serve as basis for new school policies, processes, programs and practices that will be integrated into handbooks and other relevant platforms for students, faculty and employees. The ICEP has been tasked to ensure that the new policies are aligned with the Safe Space Act. On June 29, the school requested all aggrieved parties to report incidents of sexual harassment to safespaces@mc.edu.ph. The Truth and Justice Committee, chaired by lawyer and UP College of Law professor, Atty. Ma. Gabriela “Gaby” Concepcion, is now waiting for the complaints to be completed so they can act on the concerns while observing due process. The independent committee is mandated to recommend sanctions for those found guilty of inappropriate behavior.

SAGITTARIUS (Nov. 22-Dec. 21): Take advantage of social media, and expand your interests and circle of friends. Engage in intellectual changes, and enjoy the company of friends and family. Romance is on the rise and will bring you closer to the one you love. HHH

CAPRICORN (Dec. 22-Jan. 19): Don’t labor over what you can’t resolve or let anyone push you in a direction you don’t want to go. Make adjustments to your surroundings that will ensure you have a place to retreat. Make peace of mind your priority. HHH

AQUARIUS (Jan. 20-Feb. 18): Keep your thoughts and opinions to yourself. The less information you share, the better. Handle joint finances or ventures with care. Arguing will not help you resolve issues. Make personal improvements, and nurture meaningful relationships. HHH

PISCES (Feb. 19-March 20): Offer suggestions, hands-on help and your time, but don’t donate or pay for someone’s mistake. A change of plans will end up benefiting you if you remain calm. Finish what you start, and focus on health and fitness. HHHH Birthday Baby: You are intense, charismatic and helpful. You are determined and ambitious.

‘all wet’ by roland huget The Universal Crossword/Edited by David Steinberg

ACROSS 1 Singing voice, familiarly 6 Fried Southern pod 10 Watch sound 14 Over 21, say 15 Winter blanket? 16 Yemen neighbor 17 Circle of hues 19 Ritzy cracker spread 20 Bonanza find 21 Jessica of 2010’s The A-Team 22 Big ray in the ocean 23 Linguist Chomsky 25 Tripping concern at work 28 Airing in the wee hours 30 Alley-___ 31 Word before “whiz” 32 “I’m outta here!” 33 Fly without running the engine 35 Watermelon part, often 36 Certain skin spot 39 Artist Magritte 42 Alpo competitor 43 Thompson of Men in Black: International 47 Body spray brand

8 Chow down 4 49 Flowed slowly 50 Battery’s percentage 54 Sass, informally 55 Business casual, e.g. 56 Burden 58 Janitor’s tool 59 Reasons for overtime 60 Harbor area, or a hint to what can precede either half of each starred answer? 63 Brazilian berry 64 “I have something to say” 65 Punishment-related 66 Like an 1804 silver dollar 67 Indiana city near Chicago 68 Symbol of freshness DOWN 1 Pennsylvania resort region, with “the” 2 “If you ask me...” 3 India or American beverage 4 Freudian topic 5 Balkan native 6 Name that anagrams to “Hosea” 7 Mournful ring 8 Sturgeon product

9 Shoemaker’s tool 10 Yellow gem 11 Modest reply to “How do you do it all?” 12 Structure that may have a scratching post 13 Worked in a bakery? 18 Either spouse, perhaps 22 Amusement park freebie 24 Noncommittal answer 26 Rich soils 27 Israeli ring dance 29 ___ chi 33 International relations department 34 Resistance unit 35 Clay pigeon sport 37 Iranian money 38 Road with a no. 39 Cardi B, Ice-T or Jay-Z 40 Strange things 41 First time? 44 Italian dessert with layers of ice cream 45 Kia minivans 46 With skill 48 Before, in verse

49 Insulting remark 51 Borden spokescow 52 Election participant 53 Opponent in battle 57 Monk’s former squad in “Monk”: Abbr. 60 Happy tail movement 61 “Caught you!” 62 Stephen of V for Vendetta Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Friday, September 25, 2020

Meghan’s lawyers deny she cooperated with royal book authors

ALDEN RICHARDS in Lockdown: Food Diaries

Alden shares takeaways from latest docu special; GMA touts Viber community

Box-office sensation Alden Richards has been on a roll with various projects coming his way. But this does not mean that the star has not been affected by the Covid-19 pandemic himself. Like most celebrities and as a business owner, Alden has experienced how this invisible enemy is taking a toll on various industries. This is why Alden can relate to his upcoming project with GMA Public Affairs. Airing on September 27, Lockdown: Food Diaries is a documentary that offers a glimpse into the lives of various workers in the food sector, and highlights their courage and determination as they put their safety on the line just to keep the supply chain running. Lockdown: Food Diaries is Alden’s first project since the lockdown that involved on-location shoots. And since the special was shot after the Metro was placed under the modified enhanced community quarantine, Alden and the show’s production team had to deal with the challenges of shooting, making sure that they follow all the protocols of taping on location. Alden, who was recently named as Department of Health’s Anti-Covid-19 Awareness Campaign Ambassador, notes of everyone’s “new normal” way of preparing to go out: “Dati noon nung wala pang Covid, ’pag aalis ng bahay lagi lang nating sini-secure ang mga dadalhin—’yung pitaka natin, bag, susi ng kotse. Ngayon, nasanay na tayo na may face mask, face shield, alcohol.” In the docu, Alden features quarantine food trends. From burnt cheesecake to ube cheesecake and sushi bake, he samples these “quarantine-born” food items. But beyond taking a bite of these sumptuous food items, Alden looks at how the pandemic has made a dent on the food industry, taking note of how Filipino ingenuity rises amid adversity. Being a restaurant owner and a food-chain franchise owner, Alden also shares how his businesses suffered and how he has adapted to the changes. “Nagkaroon lang ng certain adjustments and scheduling,” he says. “Kasi para sa amin po, mas importante ’yung tao, ’yung staff more than income na magigi-generate ng mga restaurants namin. Kasi hindi naman po kami kikita kung hindi din dahil sa mga taong nagtatrabaho at naghihirap every day.” Alden takes viewers into his restaurant and shows them the changes they had to implement to deal with the new normal. These included making sure the area has foot mats, disinfection zones, logbook for contact tracing, checking of body temperature, providing guidelines to dine-in customers, and observing physical distancing. In doing Lockdown: Food Diaries, Alden also found inspiration from people who pivoted amid the pandemic. He said these people have shown him how no one should let the pandemic dictate our lives; instead, we should endeavor to push ourselves further so that we can rise above the situation. “Ako, ito ’yung quote ko every day: ‘The only difference between a good day and a bad day is your attitude,” he concludes. Lockdown: Food Diaries airs on September 27, 3:45 pm, on GMA. Meanwhile, the media giant also announced that fans of its stars and programs no longer have to miss out on the newest updates and opportunities for interaction with the GMA Entertainment Viber Community. Highlighting the special bond that fans and celebrities have created through similar interests and love for all things GMA, this Viber Community is another avenue where fans can get the latest showbiz news, trends, and behind-the-scenes stories about various GMA artists while gaining friends online. At the same time, the Kapuso Viber Chat feature treats fans to chat with their favorite artists. Also making daily conversations even more fun and colorful is the Proud to be Kapuso Sticker Pack which includes various stickers that showcase witty catchphrases from artists and references from well-loved GMA shows. These exclusive stickers will be downloadable soon.

Rise and help

By Jill Lawless The Associated Press

ONDON—Lawyers for a British newspaper publisher that’s being sued for invasion of privacy by the Duchess of Sussex argued on Monday that she made personal information public by cooperating with the authors of a book about her relationship with Prince Harry. Her lawyers deny the claim. The former Meghan Markle is suing the publisher of the Mail on Sunday and the MailOnline web site over five February 2019 articles that published portions of a handwritten letter she wrote to her estranged father, Thomas Markle, after her marriage to Harry in 2018. Meghan, 39, is seeking damages from publisher Associated Newspapers Ltd. for alleged misuse of private information, copyright infringement and data protection breaches. The publisher is contesting the claim. It argues that Meghan must have known the letter to her father would likely become public. Alexandra Marzec, a lawyer for Associated Newspapers, said on Monday that Meghan had a media strategy that involved “using her friends as, effectively, PR agents” to “influence the media” in the months before she sent the letter to her father. At a hearing on Monday at the High Court in London, the publisher sought to amend its defense in light of a book about Meghan and Harry that was published last month. It said the book—Finding Freedom—“contains a great deal of detailed information about [Meghan’s] personal life, including a number of passages referring to her relationship and communications with her father, and a section referring to the letter which is at the heart of this case.” Antony White, the senior lawyer for Associated Newspapers, said in written submissions that the book appeared to have been written with Meghan and Harry’s “extensive cooperation.” But Meghan’s lawyers denied that she cooperated with the authors of the book, Carolyn Durand and Omid Scobie. “The claimant and her husband did not collaborate with the authors on the book, nor were they interviewed for it, nor did they provide photographs to the authors for the book,” Meghan’s lawyer Justin Rushbrooke said in a written submission. Scobie said in a written witness

statement that “any suggestion that the Duke and Duchess collaborated on the book is false.” American actress Meghan Markle, star of TV legal drama Suits, married Harry, one of the grandsons of Queen Elizabeth II, in a lavish ceremony at Windsor Castle in May 2018. Their son, Archie, was born the following year. Early this year the couple announced they were quitting royal duties and moving to North America, citing what they said was the unbearable intrusions and racist attitudes of the British media. They recently bought a house in Santa Barbara, California. Judge Francesca Kays said she would rule on the publisher’s attempt to amend its defense at a later date. Monday’s court session was the latest preliminary hearing in the high-profile case. A full trial is scheduled to begin in January.

Following an earlier hearing in May, a judge dismissed parts of Meghan’s claim, including allegations that Associated Newspapers acted “dishonestly” by leaving out certain parts of her letter to her father. The judge also struck out allegations that the publisher deliberately stirred up issues between Meghan and her father and that it had an agenda in publishing intrusive articles about her. Last month a judge ruled that the duchess can keep secret the names of five close friends who defended her anonymously in People magazine against alleged UK media bullying. High Court judge Mark Warby agreed, “for the time being at least,” to grant Meghan’s request to protect the anonymity of friends who spoke to the magazine in order to spare them a “frenzy of publicity” before the case comes to a full trial. n

ABS-CBN continues to win awards

RABID DDS and anti-ABS-CBN fans undermine the network’s efforts to help amid the Covid-19 pandemic. “Di niyo naman pera ’yan eh!” they would post on their social-media accounts, not accounting that the Lopezes shelled out P100 million of their own money along with logistics and coordination, not to mention the airtime that was allotted to mount a telethon and air various plugs to encourage donations. Even Presidential Spokesman Harry Roque remarked one time that the efforts of the Lopez family and the network weren’t enough. Well, at least the international community has recognized ABS-CBN’s swift response and compassionate initiatives to help Filipinos impacted by the Covid-19 pandemic notwithstanding the uncertainties it faced over the renewal of its legislative

Continued from B4 rising to the challenges posed by Covid-19— all while helping others bounce back, too. Both epitomize the Cobra Mentality: the mindset that each Filipino should help his or her neighbor as we all face one of the greatest challenges in history. Because of their generosity in spirit and positive messaging, Aguasin and Abelita have been chosen by Cobra, the popular energy drink, as the heroes behind its

franchise. The network won a Silver Stevie for Most Valuable Corporate Response at the 17th International Business Awards (IBA), which will have its virtual awarding in December. The judges commended the network’s various response strategies to serve Filipinos when the Covid-19 crisis hit the country. “ABS-CBN nobly answered the call to respond to the pandemic through a variety of impactful initiatives. The network’s dedication to their community is noteworthy,” said one judge. “This entry is astounding due to the fact that ABS-CBN invested in assistance where needed, while continuing to employ and operate as a vital news channel,” another judge commented. ABS-CBN kept Filipinos updated on the pandemic through its newscasts and entertained Filipinos with its inspiring entertainment programs on multiple media platforms. Its Ligtas Pilipinas sa Covid-19 information campaign, meanwhile, helped the government educate citizens about the pandemic. Another effort that made a huge difference was ABS-CBN and ABS-CBN Foundation’s Pantawid ng Pag-ibig fund-raising campaign in cooperation with local governments and the private sector. The network donated P50 million as seed money to the cause that has raised over P448 million cash and in-kind donations as of August 14, and has delivered food and

“Bangon Campaign.” According to Hubert Tan, Cobra’s senior vice president for commercial division, the Bangon Campaign is an initiative that “aims to remind hardworking Pinoys to choose to survive and rise from their struggles.” Part of the campaign is also a partnership with an online job portal site, as well as e-learning portals, which mostly cater to blue-collar and administrative professions. The market leader in the energy

basic necessities to over 880,000 families affected by the community quarantine. Part of this effort was a groundbreaking digital concert featuring more than 100 celebrities from ABS-CBN that received 3.7 million views on Facebook and YouTube, plus ABS-CBN streaming services iWant and TFC.tv. While it has gone the extra mile to look after the welfare of the Filipino people, ABS-CBN also ensured the well-being of its staff, crew, artists and audiences by implementing safety protocols and work-fromhome schemes while also continuing to pay salaries and numerous benefits to help them cope with the pandemic. IBA, or the Stevie Awards, is considered as the world’s premiere business award-giving body that confers recognition for achievement and impactful contributions of companies worldwide. This year’s competition attracted over 3,800 nominations from 63 countries. Prior to this award, ABS-CBN was also recognized by this prestigious award-giving body for its business achievements and public service efforts in 2014, winning the Gold Stevie Award in the Company of the Year-Media & Entertainment category, as well as the People’s Choice Award for Favorite Company. It also won a Grand Stevie Award and a Gold Stevie Award in the Services Company of the Year category of the Asia Pacific Stevie Awards that same year.

drink brand category is also working on sponsoring trainings and seminars under the Technical Education and Skills Development Authority, or Tesda, that would help the country’s work force acquire new skills necessary for them to adapt to the new and next normal. “The impact of the pandemic has been felt in many areas and in different industries, with the economic crisis resulting in either loss of livelihood or restriction in mobility because of the

quarantine measures in place,” says Tan in an e-mail. “Cobra would like to be an instrument in bringing hope to Filipinos, and in inspiring solutions that will help empower their innovativeness and openness to learn lifelong learning skills.” Whatever our status in society, whether rich or poor, able or disabled, young or old, we can all rise and help each other deal with the challenges not just of Covid-19 but also with other difficulties life brings. n

Meghan, the Duchess of Sussex, and Prince Harry

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

Sports BusinessMirror

Friday, September 25, 2020

PBA GETS IATF’S NOD ON BUBBLE T

HE Philippine Basketball Association (PBA) is back. PBA Chairman Ricky Vargas relayed the good news on Thursday after the league secured a provisional approval from the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) to hold games inside a bubble in Pampanga. “They [IATF] just said that it was just provisional because the PBA protocols are a lot stricter than the protocols that have been set up by the joint committee [Joint Administrative Order],” Vargas told the BusinessMirror in a phone interview. The IATF gave the PBA the clearance to resume its shuttered 45th season’s Philippine Cup in a bubble setup in Clark and at the Angeles University Foundation Gym.

The PBA, however, moved back its scheduled entry to the bubble by two days to Monday and the resumption of the Philippine Cup action to October 11 after initially experiencing delays in the swab testing of everyone involved in the bubble. The players, coaches and league staff will be housed at the Quest Hotel at the Clark Freeport and Special Economic Zone. The bubble will last for 49 days. “They [IATF] gave us the go ahead signal to move on with our plans,” said Vargas, noting the huge development is a relief to all Filipinos who missed the games for six months. The Philippine Cup opened with only one game in March after the league was ran over by the Covid-19 pandemic. “It’s a dream come true after six months of

Hoops fans’ long wait ends

HE Philippine Basketball Association (PBA) is well on its way to ending a six-month forced lull and on top of the players shaking off the rust of inactivity, the fans have all the reason to rejoice. For six months, reruns of the PBA’s games in the previous seasons and those in YouTube provided temporary relief to the rabid Filipino fans’ craving for homegrown hoops action.

Now, their wait is over. “I really miss the PBA since the lockdown especially the games of Barangay Ginebra San Miguel, my favorite team since when I was young,” 40-year-old Edgar

Alabang CC, Club 515 face govt sanctions

waiting. We never thought of this, but we never lost hope,” Vargas said. “The [PBA] board just kept on going and going and did their best. Now, we are here and we will start the scrimmages there [in Clark].” Vargas thanked the IATF member and Bases Conversion and Development Authority (BCDA) President and CEO Vivencio Dizon, Clark Development Corp. (CDC) President and Chief Executive Officer Noel Manankil and Sen. Christopher “Bong” Go for their all-out support to the league. Commissioner Willie Marcial was excited to hear the good news. “I am happy. The PBA is now here. Filipino fans are now able to watch games on their television sets,” said Marcial, adding swab testing of everyone who will be in the bubble is ongoing.

Cedilla, a supervisor at the Jentec Cold Storage in Pasig City, told BusinessMirror. Cedilla said the cancellation of the PBA’s 45th season because of the Covid-19 pandemic forced him to settle for Ginebra highlight games on YouTube. “The living legend, Robert Jaworski, Marlou Aquino and Mark Caguioa are my idols. I don’t get tired watching their

DIE-HARD Barangay Ginebra San Miguel fans Edgar Cedilla and Wilhelmer Fabul (47) miss the games on television.

HE Alabang Country Club and Club 515 could face severe sanctions from government after hosting and organizing a tournament during the general community quarantine. Games and Amusements Board (GAB) Chairman Baham Mitra said the case is already in the hands of the National Task Force Against Covid-19, the body designated to carry out decisions and sanctions for protocol violators. “Our group has forwarded the case to the IATF [Inter-Agency Task Force for the Management of Emerging Infectious Diseases] already and the National Task Force was already given instructions to implement the decision,” Mitra said. “But I am not at liberty to disclose anything,” he added. Based on details gathered by the GAB and the Philippine Sports Commission (PSC), Alabang Country Club hosted an intra-club tournament organized by Club 515 on August 28 and 29 at a time when Metro Manila was still under GCQ. Under General Guidelines No. 3 of the Joint Administrative Order No. 2020-0001, nonprofessional sporting events such as tournaments, competitive events and athletic meets shall not be permitted on certain quarantine levels. Sherwood Golf and Country Club in Trece Martires City, Cavite, was the latest on the list of organizations which defied rules with Cavite Gov. Juanito Victor “Jonvic” Remulla ordering for the club’s indefinite closure for holding an unauthorized tournament. Some of the participants in the 14th PEMCOR Cup hosted by Club 515 at Alabang Country Club allegedly did not wear face masks. “The JAO [Joint Agreement Order] group has finished its investigation and has submitted its findings to the IATF through the DOH [Department of Health].

YOUNG HERRO WAXES HOT FOR HEAT

AKE BUENA VISTA, Florida—Tyler Herro should still be in college. He’s not, but is still a student. He carries a red spiral-bound notebook with him at all times, jotting down notes when things pop into his head. What worked, what didn’t, where he thinks he can get better and how he’s feeling after a game. “It helps me get locked in, helps me focus,” Herro said. Whatever he read Wednesday night helped him put together the game of his life—and carry the Miami Heat a win away from the National Basketball Association (NBA) Finals. The 20-year-old Herro scored a Heat rookie-record 37 points and Miami beat the Boston, 112-109, on Wednesday night in Game Four of the Eastern Conference finals. “He has a great competitive humility about him,” Heat Coach Erik Spoelstra said. “He has a confidence. He has a fearlessness that is uncommon. But he’s humble enough to work, to be coachable, to take the mentorship from the veteran players that we have on our team, and he just continues to gain more confidence as we go.” Jimmy Butler scored 24 points, Goran Dragic added 22 and Bam Adebayo—dealing with a bit of shoulder soreness—had 20 points and 12 rebounds to help the Heat take a

3-1 lead in the best-of-seven series. They can close it out Friday night in Game Five. Jayson Tatum scored all 28 of his points in the second half for the Celtics. They erased a double-digit deficit to take a one-point lead in the fourth—then saw the Heat run away again. Jaylen Brown scored 21 points, Kemba Walker added 20, Gordon Hayward had 14 and Marcus Smart finished with 10 points and 11 assists. “I didn’t score in the first half. That’s unacceptable,” Tatum said. “I know I have to play better. That’s what I tried to do.” Brown’s 3-pointer with 16 seconds left cut Miami’s lead to 107-104. Herro went to the line 2.1 seconds later and coolly swished a pair, stretching the lead back to five. The Celtics got within two points twice, Butler made a free throw with 1.1 seconds remaining, and Boston—out of timeouts—never got a desperation shot off. “At the end of the day, we got to find a way,” Walker said. “That’s really all we can do. We can do it. It’s about pride. It’s about wanting to do it. Next game we got to come out and show that.” Herro made 14 of 21 shots from the floor, 5 for 10 from three-point range and became just the second 20-year-old in NBA playoff history to score at least 37 points in a game. The other: Magic Johnson, who had 42 in Game Six of the 1980 NBA Finals for the Los Angeles Lakers. AP

Air badminton reaches Phl soil

B PHILIPPINE Badminton Association Secretary-General Christopher “Epok” Quimpo (right) poses with (from left) Quezon City Athletic Association Secretary-General Jordan Tolentino and Directors Cecile Ronquillo and Dr. Wendell Lozano.

ADMINTON has gone from the wood or synthetic floors in indoor courts to an allsurface—sand, grass or cement—outdoor variant with the introduction of air badminton. The Badminton World Federation, the sport’s world governing body, developed a new variation in air badminton which the Philippine Badminton Association (PBA) looks to promote all over the country in the next few months. “If basketball has 3x3 and volleyball has beach volleyball, this is badminton’s answer,” PBA Secretary-General Christopher Quimpo said. “Air badminton can be played on cement, grass or sand, so the venue could be anywhere from the beach, football fields or even in parking lots.” The BWF launched the air shuttle, which compared to its feather counterpart is made of plastic. It weighs 3 grams heavier than the regular shuttle (8 gms.). The

design of the air shuttle goes with the wind, making the games faster and more dynamic. Traditional rackets are used in air badminton, but the string tension are increased over the recommended 18 to 20 pounds for optimum gameplay. With a faster game, air badminton tweaked the playing area a little bit. Although using the same dimensions as the indoor court, the front area of the court near the net will be a no-zone. With this, drop shots are strictly prohibited. Another addition to air badminton is a triples event, especially in the sand variation. “Air badminton is the newest game in badminton. It’s our outdoor game. Mainly, the purpose of this is to make badminton accessible to everyone,” Badminton Asia’s Regional Development Officer for Southeast Asia Ian Piencenaves said.

PHILIPPINE Basketball Association Chairman Ricky Vargas and Commissioner Willie Marcial are relieved to see the league back in action after six months.

The teams, Marcial said, have only until Friday to submit their roster for the bubble. “Scrimmages and games are already allowed. Teams will head to Clark on September 28 and 29 and they will be tested again,” Marcial said. “They will be under quarantine for 24 hours. Players are given until October 10 to enter the bubble.”

The Philippine Cup will now carry a single-round robin elimination with the top 4 teams earning a twice-to-beat advantage in the quarterfinals against the fifth to eighth squads. The semifinals will be best-of-five and finals will be a best-of-seven. The IATF, meanwhile, asked organizers of the

inaugural Chooks-to-Go Pilipinas 3x3 to revise its competition plan and was advised to hold its debut in a bubble similar to the PBA model. The 3x3 professional league, the first in the country, set an October 2 opening at the Inspire Academy in Calamba, Laguna, under a homevenue-home system.

games over and over again,” he said. Wilhelmer Fabul, 39, an Architecture graduate at the Manuel Luis Quezon University who now works as a designer, is also a die-hard Ginebra fan. “I always watch PBA games on TV— besides the NBA [National Basketball Association]. The excitement every game brings entertains me,” said Fabul, who goes to YouTube for his favorite games while on break from work. “I believe the return of the PBA will lessen the stress and sadness brought by this pandemic,” added Fabul, who is hoping

to see his idol Caguioa win a championship in his remaining years in the league. “I’m so excited to see the return of the PBA,” he stressed. A former national youth player in the 1090s, Allen John Deles, who worked as a field merchandiser before the pandemic, said he is longing for local basketball action. “It comforts me watching the PBA, you see the passion and heart of the players and the die-hard fans supporting their teams,” said Deles, who idolizes San Miguel Beer’s four-time Most Valuable

Player Ramon Fernandez and six-time Most Valuabe Player June Mar Fajardo. “I love to see a natural Filipino big man who can move fast and dribble the ball well,” he said, referring to the two PBA greats. For 42-year-old entrepreneur Juke Palanca, he missed the competitive nature of the game. “You go home from work and look forward to the games to remove your stress. But Covid-19 ruined this routine,” Palanca said. “I miss Paul Lee’s step back jumper.”

Motoring BusinessMirror

B8 Friday, September 25, 2020

Editor: Tet Andolong

Up and down sales swing; Toyota aggression

HO said it was all downhill? That the industry has suffered terrible sales blows continuously amid the pandemic? That several players have absorbed near-fatal damages that they almost closed shop because of sales setbacks so difficult to recover from? If data from Campi (Chamber of Automotive Manufacturers of the Philippines Inc.), TMA (Truck Manufacturers Association) and Avid (Association of Vehicle Importers and Distributors) are to be believed

(is there reason not to believe in the first place?), it is not as bleak and as nauseating as doomsayers would want us to think of the auto business since the Covid-19 scourge dawned upon mankind in March.

For, in a pleasant surprise, Campi and TMA said that July sales alone totaled 20,542 units. Quite amazing since the industry started to reel from the health scare three months into 2020. And in the same month of July, Avid recorded 5,100 units sold—labeled outright as a healthy performance considering that the market was still being buffeted seriously by the virus sting. Stunningly yet again, the July sales sum registered by Campi and TMA was a 31.9-percent increase from the June output of their combined sales of 15,578. And, not to be outdone, Avid’s July trading score was an astonishing 38-percent increase from its June sales of 3,697. What then would these figures tell us? Simple. The surge in July sales was a direct result of the change in government protocols from mainly lockdowns switched from strict to softer means—or more commonly known as from GCQ-ECQ (general community quarantine-enhanced community quarantine) to mecq (modified enhanced community quarantine).

The shift was, in layman’s terms, to loosen up restrictions on mobility to revive a gasping economy almost bludgeoned and virtually brought to its knees by a vicious virus seemingly out to decapitate the world. But with industry revival came a re-spike of Covid-19 cases, forcing a return to a serious lockdown resulting in another sales downswing in August—a 12.8-percent drop in sales for Campi-TMA and 7 percent for Avid. Said Campi President Rommel Gutierrez: “We are resorting to aggressive promotions now to boost trading even as we are forced to revise our sales forecast to at least 240,000 units sold this year. If we outperform this new target, so much the better. Otherwise, recovery will be doubly difficult.” All the best, Attorney.

Toyota web site enhanced

THE world is chang ing , has changed, so rapidly that we really need to be a bit of a tech-savvy (who said I know nothing about Steve Jobs the genius?) so that we don’t get lost easily in navigating/ surfing our way into the universe of Internet and the vagaries of new

Coco Martin is the new Chery brand ambassador Story by Randy S. Peregrino

NITED Asia Auto Group Inc. (UAAGI), the distributor of Chery Auto in the Philippines, has announced its new brand ambassador—Coco Martin. The television superstar is set to appear in various print ads, commercials, and billboards. His endorsements will focus on the Tiggo line of crossovers, particularly the flagship midsize seven-seater Tiggo 8 as his travel companion, both personal and work-related. Choosing the Cher y brand stemmed from his love for cars and motorcycles. “Nung unang nakita ko ung Chery, nagustuhan ko agad ung porma. It fits my personality. Lalo ko nagustuhan ang Chery nung nadrive ko siya. Chery is a new brand, pero nung nasakyan at na-drive ko na, nakita ko agad ung potential ng brand. Matagal ko na naririnig ang Chery brand, 12 years na. Masaya ako na nasa mabuting kamay na ang brand under the UAAGI Group,” said Martin. The actor also shared how he was impressed with the design, myriad of features, and luxurious interior. “And

Meet Chery’s new brand ambassador—Coco Martin. Chery Auto Philippines

you get all that at a very affordable price. It’s very practical, affordable, and has the best warranty. Sigurado ka sa Chery,” he added. When it comes to the Tiggo 8, he’s favorite is the Chery Smartwatch Key. “Kaya ng watch ko i-start yung car, unlock the doors, open the windows and turn on the aircon; kaya pag sakay ko, malamig na ung interior! It even monitors my health and pairs with my smartphone, kaya pati notifications ng phone ko, natatanggap

ko sa watch ko. Isa ko pang favorite is the comfort and the space. Perfect for long rides where I can rest and relax in the leather seats. Ang laki pa ng sunroof kaya luxurious talaga,” explained Martin. The actor also likes the overall driving impression of the Tiggo 8. Martin pointed out the turbocharged engine’s delivery. “Gusto ko ng malakas na kotse. May turbo yung makina ng Chery Tiggo 8 kaya malakas ang hatak kahit automatic transmission

siya. Perfect pag naghahabol kami sa oras dahil sa hectic schedule ko. Pero kahit malakas ang makina, matipid pa rin siya sa gas. Isa ko pang gusto ay yung comfortable ride niya. Malaki at maluwag sa loob ung Tiggo 8 pero ang riding comfort niya ay tulad ng mas malaki pang kotse.” Martin is also excited to see more Chery Tiggos on the road in the coming days. “Perfect yung brand for those who will buy their first car and even for those who want a bigger, more luxurious car than the one they have. May Chery Tiggo model for personal or family use—kahit students, fresh grads, working class, professionals, even top executives, there’s a Tiggo model for them. Bumisita kayo sa Chery dealer para malaman niyo bakit ito ang choice ko.” Martin is also thankful to UAAGI for letting him be a part of the Chery family. “Proud ako to be chosen as their Chery brand ambassador. Chery has all the qualities I appreciate—dependability, performance, value for money. I’m very excited about the future of this brand. With Chery, I’m ready to start my journey,” he concluded.

AC Motors introduces interactive web site for 6 brands

C Motors, the automotive and motorcycle distribution and retail group of Ayala subsidiary AC Industrials, has harnessed the power and potential of technology and digital revolution to create an online store for all of its six brands—Honda, Isuzu, Volkswagen, KTM, Kia, and Maxus with the ACMotors.com.ph web site. In light of the upcoming Christmas season, the buying public is now on the hunt for the best vehicle based on their own specific needs, and what better way to conveniently shop for your best match than in the comfort of your own home. A safer and more convenient alternative than a faceto-face dealer visit, ACMotors.com.ph is designed as an integrated webpage for vehicles under the six AC Motors’ brands that provides a comprehensive and interactive touchpoint for customers to gain information about its products, have their queries answered, offer feedback, and ultimately make reservations—all within the digital space, without the risk of actual physical contact. Simply by logging on to ACMotors.

com.ph, users can already accomplish the following: Shop by brand or body type; find a dealer; request for a quotation; apply for financing; request for a test drive; make a reservation; email inquiries, and interact through live chat. It’s practically an AC Motors’ dealership at your service, right in the palm of your hands or on your desktop!

The ACMotors.com.ph site is designed in a way that would guide the user into a helpful and informative online experience. The Home Page welcomes the users and presents the six global brands. When users click their brand of choice, the site then takes them to the brand’s vehicle landing page, where specifications and pricing of each

model’s variants are shown. Additionally, filtering options located at the leftmost portion is added for customer convenience of shortlisting their options by price, seating capacities, and even by body type in which brand filter preferences will be revealed. Other pertinent functions such as “Add to cart for reservation,” “Request a quote,” “Request a test drive,” “Apply for Financing,” and “links to test drive reviews” are also available. The “Find a dealer” page also helps users determine the nearest dealerships and their contact details. The ACMotors.com.ph site also features information and news about AC Motors, which helps customers and browsers gain a better appreciation of the company, its advocacies, and its achievements. It also features news and test drive reviews, gathered from various media platforms to help potential buyers make informed purchasing decisions. The site even has a Careers section for applicants who wish to join one of the country’s dynamic automotive and motorcycle companies.

platforms and telecoms. So that if you don’t have Netflix yet, get connected. And immediately watch Snowden. Now if you have the Netflix already, go view The Social Dilemma first. You will know what I mean. Of our major players fast becoming, endeavoring vigorously, to be closely connected to its customers is none other than Toyota Motor Philippines. It has not been holding back in its aggressive stance to unveil models, stunningly in almost rapid succession yet, despite the Covid-19. Has it not launched, virtually that is, four brands already in spite of the most trying times? The last two were simply engineering marvels: the Corolla Cross and the New Hilux. The first Toyota I bought was a Corolla, followed by the Hilux. Best decision each time. Ah, the new Corolla alone is now a wonder to behold. Its name alone—Cross—is a beautiful wordplay as it came, without a doubt, from “crossover.” From a sedan to an SUV can you believe that? That’s why whenever I drive my Corolla/ Altis these days, I feel I’m too far

behind in car technology already? And the Corolla has even become hybrid. Whew! How time flies? How times change? And so, from Toyota’s Elvin “The Big E” Luciano comes at least five new sites on digital solutions for a possible automobile purchase through mostly a virtual showroom. Check them out. They are www.toyota.com.ph/ showroom, www.facebook.com/toyotamotorphilippines, http.//m.me/ TMP, https://bit.ly/toyotaviber and TMP Chat - Google Drive. When will a robot replace the salesman? PEE STOP Toti Zara has left GT Capital of Toyota Motor Philippines for, reportedly, the Ayala Group. Good luck, Toti…. And Nicky Mariano has also bolted GAC? Where to this time, Nicky? Good luck, too… Comebacking Vernon B. Sarne is fast rebounding from his aneurysm bout. Well, I’ve always known Sean (that’s VBS to me) as a fighter that’s hardest to floor, as in like a grizzled warrior in the MMA/UFC wars. Nice to see you bouncing back—and way too darn fast at that, Sean. Cheers!

Suzuki’s New Online Feature

UZUKI Philippines Inc. (SPH), the country’s pioneer compact car distributor has introduced a new feature on their web site, www.suzuki.com.ph that will make booking service appointments more convenient. This much needed innovation is done through mobile phone or desktop that in our current situation, is the best route to take as it promotes less interaction between customers and sales representatives. With the aim to promote loyalty to Suzuki’s customers as the brand stays true to its mission of finding more ways to connect within the Suzuki community even during these trying times, Suzuki launches the new Service Appointment Feature. This new service found on the web site allows customers to request for a service appointment schedule with their preferred dealership by simply filling out an online booking form in the comfort and safety of their own homes. To ensure that the process has been successfully completed, customers who accomplish the online booking form will receive an e-mail that reflects the details of their requested service appointment. A reminder e-mail will be sent as well to the customer to provide them a heads up to confirm their request to secure their appointment service schedule. With the introduction of this newest feature on their web site, SPH is more than delighted to announce their latest promo offering, The All-In 4999 Heavy PMS package promo! The package includes products and essentials: Suzuki

Genuine Mineral Oil (5W30), Oil Filter, Drain Plug Gasket, Spark Plugs, Air Filter, Brake Fluid, Engine Coolant, Brake Cleaner, Manual or Automatic Transmission Fluid to make sure that your Suzuki reliable vehicle is able to perform at its optimum level! All these amazing inclusions for only P4,999 until September 30, 2020. This promo is applicable to all authorized Suzuki Authorized Automobile dealerships nationwide, customer vehicle owners due for Heavy PMS and Suzuki vehicles that are eligible for PMS with the required reached kilometers. For more information about the All-In Heavy 4999 Heavy PMS package promo, you may visit the Suzuki web site. The new Service Appointment Feature and the All-In 4999 Heavy PMS Package Promo are SPH’s latest efforts to reach their customers especially now when the community must take part in bouncing back as we face the new normal. Over the course of lockdowns and quarantines, the digital platform was embraced by the automobile company which allowed them to unlock new avenues to provide customers with the dedication they deserve from a brand they have grown to trust and love. These are just a few of the many more upcoming promos, deals, and digital leaps Suzuki Philippines has in store for its loyal and new customers. For more information about Suzuki Philippines and its automobiles, please visit www.suzuki.com. ph and like them on www.facebook. com/SuzukiAutoPH.