BusinessMirror September 28, 2020 by BusinessMirror

8-MONTH BORROWINGS HIT 16-YR HIGH OF P2.47T

Monday, September 28, 2020 Vol. 15 No. 354

P25.00 nationwide | 2 sections 16 pages |

A bespectacled Santa Claus strikes a pensive pose—much like the man seated in this store for Christmas displays in Dapitan, Manila—both perhaps pondering how to spend the holidays this year with as little disruption and gloom as possible. With the Philippines’s Christmas celebration being the world’s longest, industries that had thrived on it want to mitigate the pandemic’s impact on sales. Vendors, like this masked woman, said they lowered price ranges to encourage consumers to buy and to keep their business alive. Private-sector leaders think the government can use the season to boost the economy by putting cash in people’s hands so they will spend. See boxed story, below. NONIE REYES

By Bernadette D. Nicolas

@BNicolasBM

ROSS borrowings of the national government from January to August have risen to P2.47 trillion, the highest in 16 years.

Latest data from the Bureau of the Treasury showed the endAugust figure surpassing the government’s annual borrowing levels since 2004. The amount the government borrowed in eight months is already equivalent to over 80 percent of the all-time high P3-trillion borrow-

ing program the economic managers have set this year to cover the 2020 budget deficit and finance its spending needs amid the Covid-19 pandemic. From only P916.271 billion in the same period last year, government’s gross borrowings as of end-August this year surged by 169.6 percent.

This, as government’s gross borrowings for the month of August alone rose eightfold to P612.913 billion from only P76.524 billion in the same month in 2019 following the record-high sale of P516.3 billion in Retail Treasury Bonds (RTBs). From January to August this year, 79 percent of the borrowings were sourced locally and the remaining 21 percent, from foreign sources. Gross domestic borrowings have ballooned to P1.96 trillion during the eight-month period, triple last year’s P640.725 billion. The government was able to borrow mostly from the local debt market through its issuance of RTBs (P827.107 billion), Fixed Rate Treasury Bonds (P447.859

billion), Treasury Bills (P385.297 billion), and domestic loans under the repurchase agreement with the Bangko Sentral ng Pilipinas (P300 billion). On the other hand, gross foreign borrowings for the same period jumped to P509.691 billion, nearly an 85-percent increase from P275.546 billion last year. The government borrowed money from foreign lenders through program loans (P306.536 billion), global bonds (P118.735 billion), Euro Bonds (P67.329 billion) and project loans (P17.091 billion). For the month of August, gross domestic bor row ings jumped 19-fold to P584.374 from just P29.670 billion in the same month last year. Continued on A4

New PSA estimates improve PHL trade profile By Cai U. Ordinario @caiordinario

ITH imports posting a bigger decline in the first semester of the year, the country’s total external trade improved under the revised estimates made by the Philippine Statistics Authority (PSA). Based on the International Merchandise Trade Statistics of the Philippines for the first semester, PSA said the country’s

total external trade contracted 24.5 percent in the first semester of 2020, better than the initial estimate of a contraction of 24.7 percent released in August. The country’s trade deficit also dropped at a faster rate of 47.7 percent as imports posted a higher contraction of 28.8 percent in the January-to-June period. “The country’s total external trade in goods plunged to $67.64 billion in the first semester of 2020, from $89.58 billion in

PESO exchange rates n US 48.5450

the same semester of 2019. This indicates an annual decline of 24.5 percent in the first semester of 2020 which was faster than the annual decline of 1.3 percent in the second semester of 2019,” PSA said. “In the first semester of the previous year, total trade grew by 1.8 percent. Of the total external trade, 57.9 percent were imported goods and the rest were exported goods,” it added. The country’s trade deficit also

contracted 47.7 percent, better than the 48.1 percent estimated in August. The Balance of trade in goods (BOT-G), the difference between the value of exports and imports, reached 10.67 billion in the first semester based on the latest estimates. Exports in the first semester, based on the latest estimates of PSA, contracted 17.6 percent, better than the initial estimate of 17.8 percent.

SHOULD GOVT SERVE AS PEOPLE’S ‘NINONG?’ BIZ LEADERS THINK SO By Elijah Felice E. Rosales

@alyasjah

HOULD the government serve as the poor’s ninong and ninang this year? Industry leaders have called on policy-makers to distribute a Christmas round of social amelioration to poor families to boost their spending during the holidays. Private sector leaders polled by the BusinessMirror asserted that the government can save Christmas by giving out subsidy, whether in cash or in kind, to poor households. Likewise, they said this will inject additional cash into the economy; thereby, expediting business recovery and raising consumer confidence at the same time. George T. Barcelon, the private sector representative at the Legislative-Executive Development Advisory Council, pitched the legislation of a bill mandating the rollout of social amelioration for families below the poverty line in time for Christmas.

“I’m in favor of government giving SAP [social amelioration program] during Christmas season. First, it is our Filipino tradition during the season of giving; the amount need not be big, but the thought behind it counts a lot to the marginalized,” Barcelon said. He also pointed out whatever cash will be spent for this holiday package will be circulated to the benefit of an economy in recession. A mer ican Chamber of Com me rce of t he Ph i l ip pines Executive Director Ebb Hinchliffe proposed the government to provide the poor with product vouchers that they can use to buy Christmas staples. Like Barcelon, Hinchliffe argued a Christmas round of social amelioration will assist in accelerating economic recovery. “Perhaps giving store or product vouchers might be better than cash,” Hinchliffe replied, when sought for his view on subsidizing the poor’s Christmas spending.

Continued on A2

Continued on A4

n japan 0.4606 n UK 61.9337 n HK 6.2640 n CHINA 7.1102 n singapore 35.2849 n australia 34.1902 n EU 56.6569 n SAUDI arabia 12.9439

Source: BSP (September 25, 2020)

News

BusinessMirror

A2 Monday, September 28, 2020

Former gas plants at Recto Bank eyed as Navy stations By Rene Acosta

@reneacostaBM

HE Ph i l ippi ne Nav y plans to convert Nido and Matinloc, the two recently retired gas plants in Recto Bank, into floating monitoring stations due to their strategic locations. The plan was bared by Navy chief Vice Admiral Giovanni Carlo Bacordo, who flew to the two former gas platforms in northwest Palawan on Saturday via naval helicopter AW109. “This inspection intends to look at the viability of these retired gas platforms to be converted to observation posts for Recto Bank and Malampaya gas platform,” Bacordo said. “This will further enhance our capability to protect our maritime interests in these strategic locations,” he added. The Department of Energy (DOE) stopped last year the operations of the two gas fields after more than 40 years of gas production for the country. According to Navy Public Affairs Office chief Lt. Cmdr. Maria Christina Roxas, the DOE has offered the transfer of ownership of the two former gas platforms to the military through several meetings of the National Task Force in the West Philippine Sea. “It is the DND’s position to acquire said platforms and expeditiously transfer it to the

Armed Forces of the Philippines [AFP],” she said. Before proceeding to Nido and Matinloc, Bacordo visited the headquarters of the Joint Task Force (JTF) Malampaya in El Nido, Palawan, where he was accorded with a foyer honotr upon arrival. The visit was joined by Naval Forces West commander Commo. Renato David and 3rd Marine Brigade commander Brig. Gen. Nestor Herico. Bacordo was accompanied to Nido and Matinloc by JTF Malampaya commander Navy Captain Donn Anthony Miraflor and Naval Staff for C4ISR Capt. Marcos Imperio. Roxas said the military has plans to convert the two retired gas platforms into a Littoral Monitoring Stations (LMS) for the Navy. “The platforms’ location is deemed to be ‘strategic and vital’ due to its proximity to Recto Bank, Malampaya and Galoc Gas Fields,” Roxas said. The Malampaya Gas Field is located 820 meters deep, 80 kms off the coast of Palawan which falls under the area of responsibility of Naval Forces West. “The future LMS of the Philippine Navy is a welcome addition to the Navy’s improving capabilities to better serve our maritime nation especially in its critical location near the nation’s source of natural gas,” Roxas said.

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8-month excise tax take declines 13.5% to ₧164.9B on lockdowns

By Bernadette D. Nicolas

@BNicolasBM

XCISE taxes collected by the national government from “sin” products from January to August are still down by 13.5 percent year-on-year to P164.9 billion as economic activities were halted during the enhanced community quarantine (ECQ).

Latest preliminary data obtained by the BusinessMirror showed that the sin tax collection of Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC) for the eight-month period this year fell short of its P190.5-billion take last year. This, despite BIR’s and BOC’s sin tax haul for the month of August reaching P26.9 billion, 19.2 percent above its P22.6-billion collection in the same period last year. Finance Assistant Secretary Ma-

ria Teresa Habitan told the BusinessMirror the January to August figure still reflected the impact of the lockdown from March to May. “Down pa rin year-on-year because of ECQ from March until May when most of the factories manufacturing sin products were closed or, in the case of alcohol products, shifted to manufacturing rubbing alcohol instead of alcoholic drinks,” Habitan said. Nonetheless, Habitan expressed optimism that the government’s

main collecting agencies can hit the P235.3 billion revised full-year target for sin tax collection this year. The new target approved by the Cabinet-level Development Budget Coordination Committee (DBCC) is 12.6 percent below the government’s 2019 sin tax haul of P269.1 billion. “It’s good that collections are increasing, and hopefully, no more severe lockdowns are imposed hereinafter,” she said. Of all the sin products, collections from sweetened beverages incurred the biggest decline in the eight-month period, reaching only P24.7 billion, 14.1 percent down from last year’s P28.8 billion. Meanwhile, excise taxes from tobacco for the same period also slid by 14 percent year-on-year to P95.7 billion from P111.3 billion in 2019. Tax from alcohol products hit P44.4 billion, falling by 12 percent from P50.5 billion in the same period a year ago. For August alone, the bulk of the government’s sin tax take came from tobacco at P18 billion, followed by alcohol at P6.2 billion,

and sweetened beverages at P2.7 billion. Government’s collections from tobacco and alcohol for the month posted year-on-year increases of 35.9 percent and 2.5 percent, respectively. In August last year, BIR and BOC took P13.3 billion in revenues from excise taxes on tobacco and P6 billion from excise taxes on alcohol. Among the sin products, it was only on sweetened beverages that the government recorded a yearon-year decline to P2.7 billion in August this year from P3.2 billion in the same month last year. Due to base effect, the government expects sin tax collection to rebound next year by 54.6 percent to P363.6 billion, and to further increase by 23.5 percent to P449.2 billion in 2022. In January 2020, President Duterte signed into law Republic Act 11467, hiking the excise taxes on alcohol and imposing new duties on heated tobacco and vapor products, in a bid to raise more revenues for the implementation of the Universal Health Care law.

Arta, Senate eye measures to boost drive vs red tape Continued from A8

The Anti-Red Tape Advisory Council, for its part, endorsed not only amending the enforcement

powers of the Arta, but vesting emergency powers in President Duterte as well. Senators last week first floated the idea of granting the President with temporary authority to cut red tape and penalize erring officials to attract foreign investments into the country. If granted, Duterte will be authorized to trim the working time to process licenses and permits, as well as to waive the requirements to secure business papers. The Chief Executive will also be permitted to suspend and sack public officials involved in red tape. This will lift the due process given to government executives to explain themselves to and be investigated by the Civil Service Commission and the Office of the Ombudsman before an action is taken against them.

Not emergency powers—Sotto

Senate President Vicente Sotto III said at the weekend what are contemplated are special powers for President Duterte to deal with red tape during national crises like a pandemic. In an interview with DWIZ host Jarius Bondoc at the weekend, Sotto declined to call it “emergency powers,” clarifying that what they have in mind is further boosting the existing anti-red tape law in order to expedite delivery of services and protect businesses from needless barriers that impede their operations. “Technically, we are giving him authority to streamline the present system when it comes to the grant of permits, processes, procedures, applications, licenses, clearances,

certifications, authorizations. The simple transactions in government, whether local, national...whatever that is, those simple transactions must be done in a short period. There are also what are deemed medium up to longer time transactions, which is, about 40 to 45 days.” Violations of these, Sotto explained, lie at the heart of Duterte’s recent complaint against red tape. Recalling the discussions when Duterte called him, Speaker Alan Peter Cayetano and a few others to a meeting at the Palace last week, Sotto said, the president’s “number one” complaint and concern was, how to stamp out corruption in government. “Until now, he says he gets complaints from people who have to wait several days just to get a simple permit. We made ease of doing business into a law, like an amendment to the Arta [Anti-Red Tape Act], but the President still feels it’s not enough,” Sotto added, in a mix of English and Filipino. Sotto noted it is the red tape that is feeding corruption, in Duterte’s view. “So, this authority we are going to give him, I consulted the Senate leadership about it, which include Senate President Pro Tempore Ralph Recto, Majority Leader Miguel Zubiri, Minority Leader Frank Drilon and then of course, Senator Panfilo Lacson who was the principal author of the antired tape bill,” Sotto added. The ease of doing business is seen to center on “ high-level types” of investors to attract them to take up stakes in the country. The planned new powers being

granted to the President, meanwhile, will “give him the authority during times of emergency,” so as to expedite essential transactions with government that are not yet covered under the ease of doing business law as it stands. Sotto said the President had received reports that “many foreign investors are choosing between Vietnam, Thailand, Philippines .... Our only disadvantage here, our weak point, which is killing investor appetite, is really just corruption.” From the barangay level up, people are pestered with needless requirements, which are often apparent ways for enticing the public to simply come across just to get their business done, the Senate leader said. He also pointed to new burdens, arising from novel procedures imposed by some government agencies during the pandemic, that some businessmen have complained of. As many agencies have had to migrate mainly to online transactions, deploying only skeletal staff with many State workers doing work from home, these offices have imposed new burdens, Sotto added. “For example, if you make a tiny typographical error in the entry you submitted to Customs, there could be a $100 fine right away, or P5,000. If you get fined daily, that piles up,” the Senate chief added. Malacañang recently extended until September 2021 the period of national emergency caused by the Covid-19 pandemic, in order to allow government to respond more effectively to the crisis.

SHOULD GOVT SERVE AS PEOPLE’S ‘NINONG?’ BIZ LEADERS THINK SO Continued from A1

However, the government will need to generate about P90 billion should it decide to distribute social amelioration during the season of giving, Barcelon said. He argued the allocation for SAP in the second Bayanihan to Recover As One Act fails to cover all 18 million poor households. “There was an allocation in the Bayanihan 2 but not much,” Barcelon said. “Going by past SAP to 18 million families, at P5,000 each, it’s about P90 billion. The government has to dip into its coffers to cover the unbudgeted portion.” Under Bayanihan 2, an emergency subsidy of P5,000 to P8,000 may be granted to low-income families in

areas under lockdown, as well as to repatriated overseas Filipino workers. Similarly, workers displaced by the Covid-19 pandemic may avail themselves of the financial assistance. Filipino families, especially the poor, plan to spend less for Christmas this year, painting how grave the health crisis flushed the cash out of people’s wallets. In a poll, financial technology firm Finder reported 52 percent of Filipino adults look to trim their Christmas spending in the time of Covid-19. According to the survey, over half plan to reduce holiday payouts by 31 percent; in real numbers, that means Christmas spending could plunge to P11,781, from P17,000, on an average.

Finder assessed retailers and service providers then may lose around P95 billion in revenue as people decide to decrease their Christmas spending. In a previous interview with the BusinessM irror, Trade Undersecretary Ruth B. Castelo admitted prices of noche buena items, particularly hams, will likely increase this year. As such, this may just be the year when families will be substituting ham with luncheon meat, queso de bola with cheese food and ground meat with corned beef as pasta ingredient. To keep up with the changes in spending pattern, supermarket owners look to promote noche buena alternatives that buyers may find value for their money.

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Editor: Vittorio V. Vitug • Monday, September 28, 2020 A3

More women taking contraceptive pills–Popcom

By Cai U. Ordinario

@caiordinario

ORE women are taking contraceptive pills as their preferred modern family planning method, according to the Commission on Population and Development (Popcom).

The Popcom said in a statement that data from the Pharmaceutical Management Information System between 2018 and 2019 reveal an increase in the consumption of both the combined oral contraceptive (COC) at 85 percent and progestogen-only

pill (POP) at 42 percent. Popcom said the National Demographic and Health Survey (NDHS) showed that 1 out of 5 Filipinas take pills as their preferred modern family planning method. “As we observe WCD [World Con-

traception Day], we highly encourage couples and individuals to consider the various methods of contraception that are suited to one’s needs and preferences,” Undersecretary Juan Antonio A. Perez III said. “It could be the best decision they can make for themselves and for their families, especially during the pandemic, as family planning can protect them from the long-term adverse impacts of this health crisis,” the Popcom head added. The contraceptive pill, which turns “60” this year, has enabled women all over the world to prevent pregnancies. Popcom said the pill is considered a revolutionary method of family planning. The United Nations estimates that, currently, 151 million women around the globe between 15 years old and 49 years old resort

to the pill as their chosen modern contraceptive method. The call for the greater use of contraception has been on high demand given that younger women are getting pregnant. Perez said based on the NDHS 2017, around 1 out of 10 women aged 15 to 19 have already started their “sexual debut” and already given birth. In terms of development, Perez explained that unintended pregnancies borne from the series of lockdowns and quarantines may obstruct women of reproductive age to reach their full potential and to contribute to their family’s development. “Curiously, Covid-19 has not only taken lives; it is also producing new lives—albeit mistimed,” Perez said. “There are hindrances being caused by the virus in getting across critical

items that couples and individuals need at this time, and these might very well include family planning methods and contraceptives.” Meanwhile, Popcom believes that correct information and right choices among Filipino couples and individuals will be vital in countering unplanned pregnancies. It said these will be necessary to prevent unintended births in the coming months and a projected population boom in the country, especially during this period that the pandemic still plagues the nation and the global community. Perez said with the current scenario of the pandemic, the limited access for couples and individuals to family planning services and commodities may result in 214,000 more births on top of the initially estimated 1.7

million deliveries by end of the year. While 3 out of 10 pregnancies are unplanned, the NDHS of 2017 estimated that the trend will cause the Philippine population to swell by an additional 2 million-plus Filipinos in 2021. “There are obstacles in health and medical service delivery brought about by Covid-19 [coronavirus disease 2019]—including the provision of essential family planning information and supplies. This is the reality we are now facing as a nation,” Perez said. “That is why considering and availing of contraception will be vital during these days,” he added. “It will help keep our population numbers in check, particularly at this time of the pandemic, where we anticipate limited resources at the household and macro levels.”

Families, barangays more prepared than government vs typhoons, floodings

AMILIES and barangays are more prepared than national governments against typhoons and flooding, according to an online survey on disaster preparedness. Based on survey results on “Statistically Speaking,” former National Statistical Coordination Board (NSCB) Secretary-General Romulo A. Virola said, however, that the municipality/city government and the national government are best prepared against fire. The survey was conducted to

measure the level of preparedness of online respondents to all disasters— fire, earthquake, typhoons/flooding, and bombings/terrorist attacks and across statistical units: the family, barangay, municipality/city government and national government. “The average level of preparedness across all disasters and across all statistical units is less than 60 percent [rating given is less than 6 out of 10]. If this is indicative of the actual situation, surely the NDRRMC [National Disaster Risk Reduction and Man-

agement Council] and the LGU [local government unit] top officials ought to do something,” Virola said. Of all disasters, Virola said, the level of preparedness of online respondents against bombings/terrorist attacks is lowest with average levels below 40 percent and modal rating of 0 or “Very Unprepared” across all statistical units. Data also showed that at least 5 percent of the respondents did not know the level of preparedness against bombings/terrorist attacks

also across all statistical units. Virola said the modal rating given by respondents is generally 5, except against bombings/terrorist and against fire for which the respondents gave a modal rating of 7 for the municipality/city government and tied modal ratings of 5 and 8 for the national government. “This should alert the NDRRMC as to what intervention programs may be needed,” Virola said. “But this makes me wonder if in fact, the NDRRMC and the LGUS have done

anything significant at all to motivate our kababayan [compatriot] to prepare better for major disasters?” The survey drew a total of 119 responses over 29 days from August 18 to September 15, 2020. The survey asked the question “At this point in time and on a scale of 0 to 10, how would you rate the preparedness of [family, barangay, municipality/city, national government] in case of a major disaster.” Data showed that close to 7 out of 10 respondents or 70.3 percent are

female and no one from the LGBTQ+ community responded. Almost 9 out of 10 respondents or 86.6 percent are below 65 years old and less than 30 percent of the samples were Millennials. More than 9 out of 10 or 95.7 percent of respondents have at least a four-year college degree with a high 63.2 percent having at least a Master’s degree. At least 8 out of 10 respondents or 85.7 percent have income much higher than the per-capita poverty threshold of P2,246.40 per month for 2020. Cai U. Ordinario

Agriculture/Commodities BusinessMirror

A4 Monday, September 28, 2020 • Editor: Jennifer A. Ng

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‘PHL to cut rice imports due to higher output’ By Jasper Emmanuel Y. Arcalas @jearcalas

ESPITE the downward revision to the projected rice imports of the Philippines, the country’s purchases in the current market year (MY) will still exceed 2 million metric tons (MMT), according to a Global Agricultural Information Network (Gain) report. The rice import forecast for the Philippines in MY 2020-2021 was adjusted downward to 2.6 MMT, from 3 MMT, in the Gain report due to expectations of higher unmilled rice output from July 2020 to June 2021. The Gain report was prepared by the United States Department of Agriculture’s (USDA) Foreign Agricultural Service in Manila. “Post lowers its forecast for MY20/21 rice imports by 13.3 percent [compared to USDA Official] to 2.6 million MT, as increased domestic production will meet a larger share of consumption. Sources note

that higher prices for rice from Vietnam, the Philippines’s largest supplier, will likely bring down overall imports,” the report read. The report hiked its projected milled rice production for the Philippines in MY 2020-2021 by 6.3 percent to 11.7 MMT from its previous estimate of 11 MMT. However, despite the upward revision, the projection is still 1.9 percent lower than the 11.927 MMT recorded in the previous market year. It also increased its estimate for total rice harvested area to 4.55 million hectares from 4.45 million hectares. However, the new projected area is 1.87 percent lower than the previous market year’s 4.637 million hectares, according to the report. “The revised forecast will still mark a decline in area and production compared to MY19/20, as some farmers take advantage of crop diversification programs to grow high-value crops,” the report read. “Land conversion of rice farms to

A FARMER in Pangasinan is preparing to plant rice in this BusinessMirror file photo.

8-month borrowings hit 16-yr high of P2.47T Meanwhile, gross foreign borrowings for the month sank by 39.1 percent to P28.539 billion from P46.854 billion in August 2019. The government has yet to release the data on the national government’s outstanding debt as of endAugust but as of end-July, the country’s debt stock soared 17.4 percent to P9.16 trillion from P7.8 trillion in

the same period year ago. The Development Budget Coordination Committee (DBCC) also expects the country’s debt-to-GDP ratio this year to increase to 53.91 percent of GDP—a level it has not seen in over a decade—from a record low of 39.6 percent of GDP last year. By the end of this year, the national government expects its out-

nonagricultural uses is also expected to continue,” it added. The country’s unmilled rice production in the third quarter could rise by 16.4 percent to 3.551 MMT, from last year’s 3.051 MMT due to the expansion in harvest area, the Philippine Statistics Authority (PSA) said. In its latest production forecast report, the PSA revised upward its palay harvest estimate for the Julyto-September period from the previous 3.545 MMT. PSA said harvest area during the third quarter may go up by almost 16 percent to 860,000 hectares, from last year’s 742,870 hectares. “Yield per hectare may rise to 4.13 metric tons, from 4.11 metric tons in the same period of previous year,” it said in the report published recently. Agriculture Secretary William D. Dar told the BusinessMirror via SMS that the “gain” in rice production is a “welcome development.” Darattributedtheprojectedincrease in rice production to “good weather.”

continued from a1

standing debt to reach P10.16 trillion, up by 31.42 percent from last year’s amount. As tax collections are down amid the pandemic, the DBCC projects the country’s budget deficit to more than double to 9.6 percent of GDP or P1.815 trillion from only 3.4 percent of GDP or P660.2 billion last year.

Manila urged to invest in biosecurity measures, staff to keep TADs at bay

HE Philippines must continue investing in biosecurity measures and its technical staff to improve its capacity to fight transboundary animal diseases (TADs), such as African swine fever (ASF), the chief of the US Defense Threat Reduction Agency (US-DTR A) said. US-DTRA Chief Major Brian W. Smith said maintaining “well-trained individuals” is a major challenge for the government in terms of combating TADs as he noted that big corporations are willing to offer a higher pay to the government’s technical staff. Smith said having trained individuals, not just veterinarians but also farmers and local government officials, is the “most critical component of an active prevention strategy” against TADs. He said this problem could be addressed if the government ensures that there is an “effective internal training program at every level to ensure continuity.” TADs are epidemic diseases that are highly contagious or transmissible and have the potential for very rapid spread, irrespective of national borders, causing serious socioeconomic and possibly public health consequences, according to the UN’s Food and Agriculture Organization. “Training, beyond key laboratory staff to include local farmers and producers, and LGU leadership on the importance of remaining vigilant against the threat posed by zoonotic and other transboundary diseases is the most critical component of

an active prevention strategy,” Smith told the BusinessMirror in an e-mail interview. “We believe that the effects we are seeing from ASF/Avian Influenza will reinforce the need for continued emphasis on funding and staffing at the national level to ensure that these capabilities will remain effective into the future,” he added. Smith said the US-DTRA has been working with the Philippine government, particularly the Department of Agriculture and the Bureau of Animal Industry, in developing local skill sets to combat zoonotic diseases and TADs. “Luckily, there are many motivated, hardworking people in the Philippines, so if we can keep them trained, certified and equipped, the Philippines has a bright future in combating these devastating diseases,” he said. Smith lauded the DA and the Department of Health’s efforts in addressing the dreaded ASF outbreaks and the Covid-19 pandemic. He noted that the ASF outbreaks and the spread of Covid-19 did not escalate due to the “hard work ” and “sacrifice” of the DA, DOH, LGUs and stakeholders in the local farm sector. “DTRA is proud to provide some of the equipment and training necessary for these brave frontliners to continue their dangerous work,” he said. Recently the DTRA turned over an animal disease diagnostic laboratory in Tarlac City to the DA worth $643,000 to boost the country’s biosecurity efforts and measures (See, “US-DTRA turns over

$643,000 animal diseases diagnostic laboratory to DA,” in the BusinessMirror, September 16, 2020). “DTRA’s mission is to reduce the risk posed by especially dangerous pathogens and emerging diseases, to include zoonotic [crossing human and animals],” Smith said. “DTRA believes that by assisting our partners with the ability to detect and prevent the spread of especially dangerous pathogens and other zoonotic diseases, we can do a better job of preventing them from devastating local economies and possibly jumping to humans,” he added. The latest laboratory was part of a long-term partnership between the US-DTR A and DA under the former’s Biological Threat Reduction Program (BTRP). US-DTRA’s BTRP chief Dr. Ada Bacetty said the program has invested about $25 million in the Philippines, which has been spent on the construction of new laboratories, supported trainings and for the provision of biorisk management subject matter expertise. “These joint efforts improved biosafety and biosecurity practices and will strengthen the Department of Agriculture’s preparedness capabilities to prevent and respond to dangerous diseases and combat the negative impacts on the Filipino people,” Bacetty said. “BTRP values this important relationship with the Republic of the Philippines and looks forward to continuing our partnership on these topics in the years to come.”

New PSA estimates improve PHL trade profile The country’s total export sales in the first semester of 2020 declined to $28.48 billion from the $34.58 billion total export sales in the same semester of 2019. Imports in the January-to-June period, meanwhile, contracted 28.8 percent. This was an improvement from the decline of 29 percent initially estimated by the PSA. The total imported goods in the first semester of 2020 declined to $39.16 billion from the $55 billion posted in the same period last year.

Japan export market

MEANWHILE, in the first semester of 2020, Japan was the country’s

top export market with $4.58 billion, or a share of 16.1 percent of total export earnings in the first semester of 2020. Completing the top 5 major export trading partners with their export values and percent shares in total exports were Hong Kong with $4.29 billion or 15.1 percent of the total; and the United States of America (USA) with $4.02 billion or 14.1 percent of the total. Other top markets were the People’s Republic of China with $3.94 billion or 13.8 percent of total export earnings in the first semester; and Singapore with $1.75 billion or 6.2 percent of total.

Jasper Emmanuel Y. Arcalas

continued from a1

In terms of imports, the PROC was the country’s biggest supplier of goods valued at $8.22 billion, or 21 percent of the total imports in the first semester of 2020. The country’s other top import sources were Japan which accounted for $3.67 billion or 9.4 percent of total import receipts, and the Republic of Korea with $3.33 billion or 8.5 percent of the total. This was followed by the US which accounted for $3.14 billion or 8 percent of total import receipts, and Singapore with $2.49 billion or 6.4 percent of total imports.

The World BusinessMirror

Editor: Angel R. Calso

Fauci sees antibody-based early treatments as ‘bridge’ to vaccine

ntibodies that stop the coronavirus from spreading in the body are among promising strategies for averting severe illness from Covid-19 before vaccines arrive, according to Anthony Fauci, director of the US National Institute of Allergy and Infectious Diseases. Antibody-based medications, other blood products from recovered patients and antivirals are being investigated as early treatments, Fauci said. The aim is to prevent patients from developing the serious lung damage for which Gilead Sciences Inc.’s remdesivir and the anti-inflammatory drug dexamethasone are administered. “We are focusing very heavily now on treatment of early infection and prevention of infection,” Fauci told the Journal of the American Medical Association in an interview on Friday. “And that’s the bridge to the vaccine.” Meanwhile, the US added 55,074 cases, a 0.8 percent gain above the average 0.6 percent increase in the previous seven days, according to data from Johns Hopkins University and Bloomberg. Total cases are now 7,032,595. Another 948 people died, the fourth straight day over 900. Total fatalities are 203,746. California added 4,197 new

cases, bringing the total to 798,237. An additional 134 deaths were reported, with the fatality count at 15,532. The oneday increase in cases and deaths exceed the 14-day average. The state said Friday it’s seeing early signs of rising virus case counts and emergency-room visits after several weeks of improvement, with forecasts showing that hospitalizations may jump 89 percent in a month. California has 2,717 ICU beds available— about 900 more than its low two months ago. New York, which contained the nation’s worst Covid-19 outbreak, reported more than 1,000 new cases for the first time since early June. New US infections crept above the pace of recent days.

Key developments: Hawaii care home operator ousted after veterans’ deaths

A state-owned health-care

organization in Hawaii will take over a veterans care home where 26 residents have reportedly died of Covid-19. Hawaii’s Health Systems Corp will become the operator of the Yukio Okutsu Veterans State Home in Hilo on the Big Island, taking over from Avalon Health Care, based in Salt Lake City, Utah, the Associated Press and local media reported. The veterans home deaths comprise a large proportion of the state’s total coronavirus fatalities. Hawaii has had over 12,000 cases. A federal team from the US Department of Veterans Affairs, along with the Hawaii Emergency Management Agency, revealed failures to take proper precautions to prevent the spread of the virus, Hawaii News Now reported this week. Most of the 89 residents living at the home before the outbreak have contracted the virus, along with dozens of employees.

UK adds more than 6,000 cases for fourth day

The UK added more than 6,000 cases for a fourth consecutive day. Another 6,042 people tested positive, about 800 fewer than reported on Friday, and 34 people died. The number of people needing hospital care also increased by 266 to 1,727. Of those, 262 are on ventilators.

Dutch deaths rise by most since May

Deaths caused by Covid-19 rose by 38 on Friday in the Netherlands, the highest jump since May 15, national press agency ANP reported on Saturday. The infection rate has also been

At U.N., India vows to help produce vaccine for world

NITED NATIONS—Indian Prime Minister Narendra Modi pledged to help the world produce and deliver potential coronavirus vaccines while making no mention Saturday of the heavy toll the pandemic has taken on his own country, where the enormous population has suffered among the highest numbers of cases and deaths in the world. Modi’s remarks to the UN General Assembly—pre-recorded because the gathering is virtual this year—also said nothing about growing tensions with neighboring Pakistan, whose prime minister, Imran Khan, devoted much of his speech on Friday to assailing India, leading to a sharp exchange between the two countries’ diplomats in the Assembly hall. Nor did Modi discuss India's dispute with China over the border region of Ladakh, where a months-long standoff has seen the deadliest violence between the two sides in decades. Instead, Modi cast India as a country that treats “the whole world as one family,” emphasized the country's push for a bigger role at the UN, and touted domestic initiatives in areas from technology to sewage sanitation. And he promised that the country’s robust pharmaceutical industry would be an international asset in the pandemic. “India’s vaccine production and delivery capacity will be used to help all humanity in

fighting this crisis,” Modi said, adding that his country would also help others boost their capacity to provide cold storage for the potential inoculations. India, the world’s second-most populous country, has reported over 93,000 deaths from Covid-19, fewer only than the US and Brazil, according to figures collected by Johns Hopkins University. India also is behind only the US in number of cases, with 5.9 million reported so far. However, India's daily number of new cases has been declining, with recoveries exceeding reported new cases this week. Modi said the UN hadn’t done enough in the virus fight—“where is its effective response?” Saying the world body has fallen short on other issues over its 75 years, he used the anniversary to press for change. “For how long will India be kept out of the decision-making structures of the United Nations?” asked Modi, whose country has long sought a permanent seat on the Security Council, the UN’s most powerful body. India starts a term as a non-permanent member in January. He made no reference to India's increasingly heated relations with neighbors China and Pakistan. India and Pakistan split control over Kashmir, a Muslim-majority Himalayan area claimed by both. The nuclear-armed neigh-

bors have fought two wars over the territory. India accuses Pakistan of arming and training insurgents fighting for Kashmir's independence from India. Pakistan denies the charge and says it offers only diplomatic and moral support to the rebels. The tension hit a new turning point in August 2019, when Modi's Hindu nationalist-led government stripped the Indian-controlled part of Kashmir and the neighboring Jammu district of their semi-autonomy, removed inherited protections on land and jobs and cracked down on security and communications. An Internet and social media blackout lasted until March. Residents of the Indian-controlled area say security forces have arrested thousands of young men, raided people’s homes, inflicted beatings and electric shocks, and threatened to take away and marry their female relatives. Thousands of protesters have been wounded by shotgun pellets over the past year. UN-appointed independent human rights experts have called the situation “alarming.” Khan, in his pre-recorded speech shown Friday, urged the international community to investigate and “prosecute the Indian civil and military personnel involved in state terrorism and serious crimes against humanity,” and he called India a state sponsor of antiMuslim hatred and prejudice. AP

US puts export curbs on Chinese chipmaker SMIC–Financial Times

he US imposed export curbs on Semiconductor Manufacturing International Corp., the Financial Times reported, delivering a new blow to China’s technology industry and sharpening tensions over intellectual property and national security. US firms will now need a license to export certain products to China’s largest chipmaker because of an “unacceptable risk” that the goods could be used for military purposes, the Financial Times said on Saturday, citing a letter the Commerce Department sent to the company. The Commerce Department wouldn’t immediately confirm the contents of the letter. SMIC has not received an official notice of the sanctions, has no relationship with

the Chinese armed forces and does not manufacture goods for any military endusers or uses, the Shanghai-based company said in an e-mailed statement. Restrictions against SMIC would mark yet another escalation in the rising tensions between the world’s two most powerful countries. The US and China have clashed on issues from trade to the coronavirus pandemic to a rigid new security law in Hong Kong, imposed by Beijing. The Trump administration first blacklisted Huawei Technologies Co., preventing the giant telecommunications provider from buying components from American suppliers and pressured allies to follow suit. Then President Donald Trump threatened to ban the video app TikTok from China’s

ByteDance Ltd. if the service wasn’t sold to American owners. The US move against SMIC doesn’t appear to go as far as sanctions used against Huawei and some other Chinese firms. The US has said it was mulling further measures, including adding SMIC to the Commerce Department’s so-called entity list, which would affect exports from a broader set of companies. “The military end-use rules only apply to a subset of listed US origin items. The Entity List rules apply to all US origin and some foreign-origin items,” said Kevin Wolf, an export control lawyer at Akin Gump and senior Commerce Department official in the Obama administration. Bloomberg News

increasing recently, with capital Amsterdam as one of the biggest contributors. Dutch Prime Minister Mark Rutte said on Friday the new surge is “worrisome” and extra regional measures in cities Amsterdam, Rotterdam and The Hague are likely needed. Soccer stadiums risk a ban on supporters again if visitors don’t adhere to the rules, Tamara van Ark, minister for Sport and Medical Care, said on Saturday.

Italy vows no national lockdown

Italian Prime Minister Giuseppe Conte said there won’t be a new national lockdown as the country is “in a completely different situation” compared with the beginning of the year. Saying that the government has strengthened the health system, he added that there may be more stringent measures in specific clusters or areas “but in a limited, circumscribed way.”

France cases fall again

France reported a drop in the number of new cases for the second day to 14,412, retreating from a record 16,096 set on Thursday. The seven-day average rose to 12,179. Another 39 fatalities were reported, for a total of 31,700.

Emiratis shut entertainment early

The United Arab Emirates reported 1,078 new coronavirus cases on Saturday, marking the fourth day in a row of infections rising above 1,000. The country’s fatality rate remains among the lowest globally, according to data from Johns Hopkins University. Dubai, a sheikdom in the UAE, issued a circular on Thursday directing entertainment activities in the city to conclude by 1 a.m. as a new measure to curb the spread of the virus, according to a report in the Khaleej Times. Bloomberg News

Monday, September 28, 2020

Norway asks U.N. to help free 800,000 stranded seafarers

orway’s Prime Minister Erna Solberg warned of a humanitarian and trade crisis if the roughly 800,000 seafarers stranded around the globe due to the coronavirus pandemic aren’t offered similar protections and rights to other essential workers. Solberg is using her speech at the United Nations General Assembly on Saturday to draw global attention to the issue. In an interview with Bloomberg News shortly before she was due to address the assembly, Solberg said she was calling on “all member-states to say that seafarers are essential workers,” and asking that the International Maritime Organization’s protocol for crew changes be enforced. “Large parts of the world’s trade is in ships, in terms of medicines, energy and food,” Solberg said. If no effort is made to free the stranded seafarers, “then shipping will eventually stop, which could have major repercussions for the world economy.” The pandemic has left the shipping industry facing a trade and humanitarian crisis as crew members are often prevented from disembarking, in some cases for up to a year, according to Solberg. The current situation ignores IMO requirements, with reports suggesting that some of those affected have been stranded without pay. “It’s awful for the sailors who experience this, and it’s awful for their families back home,” Solberg said. “I expect the world community to look into this,” she said. “We expect greater action to be taken from both UN member-states and other countries.” Bloomberg News

Monday, September 28, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Why isn’t it working?

overnments around the world have had at their disposal unlimited money, unlimited human resources, and unlimited legal authority and yet have not been able to protect the people from the pandemic. Is it a matter of incompetence, a hidden and sinister agenda, or something else? To start with, believing that we have a genuine picture of what is truly going on is foolish. For example, note firstly that the official name for the virus that causes Covid-19 is “SARS-CoV-2.” Secondly, “SARS” stands for “Severe Acute Respiratory Syndrome,” the key word being respiratory. According to reports, Singapore is only counting as death from Covid-19 those patients that die from pneumonia and does not include non-pneumonia fatalities in its records. The United States includes just about anyone who ever tested positive for Covid-19 as a pandemic death. These have included as Covid deaths the anomalies of a man who committed suicide, one who died in a motorcycle accident, and another who was murdered because sometime before or after death, they tested positive. Another consideration is that there is no common policy for success of failure. Vietnam pursued a policy of “hamletization,” a Vietnam War era term of totally isolating small areas when a Covid case was discovered. Sweden did not close bars, restaurants, or higher education institutions, and cautioned senior citizens to be careful and take extra care for their health. Belgium has the second highest per capita deaths after Peru and implemented total lockdown about the same time as the Philippines. The virus is neither playing favorites among regions nor considering wealth among nations. Argentina’s economy was a “basket case” before the illness and this past two weeks has marched into number nine globally for total cases and number 19 for total deaths. Its population is 60 million. Rich or poor, lockdown or open, and “populist” or “traditional” government (regardless of what some local political experts say), all are affected, and some catastrophically within those categories. You might have a better argument on female versus male heads of government as long as you ignore Belgium’s Prime Minister Sophie Wilmès, Bolivia’s President Jeanine Áñez, and Finland Prime Minister Sanna Marin, all with per capita numbers much worse than the Philippines and the global average. However, new research may provide a critical clue. Interferons are a group of signaling proteins made and released by host cells in response to the presence of viruses. In a typical scenario, a virusinfected cell will release interferons, causing nearby cells to heighten their anti-viral defenses. Two brothers go critical from Covid-19 around the same time in March. Both are in their early 30s and healthy. One dies; the other lives. Two weeks later, a second pair of Covid-stricken brothers, both in their 20s, appeared in the Netherlands and geneticists were called in to investigate. What they found was a potential genetic “variation.” Two studies published last week in the journal Science showed that insufficient interferon may prowl at a dangerous turning point in SARS-CoV-2 infections. If your genetic make-up is designed to immediately respond with a load of interferon early in the illness, you are less likely to have a severe case. Interferon therapy has been used to treat and control multiple sclerosis, an autoimmune disorder. Shakespeare’s Cassius, a Roman nobleman, said, “The fault, dear Brutus, is not in our stars but in ourselves.” In this case, “our government” and “our genes.” Since 2005

More on the Bayanihan 2 law Atty. Jose Ferdinand M. Rojas II

RISING SUN

ast week in this column I presented a discussion on the allocation of the P165.5 billion Bayanihan 2 funds. This week I would like to briefly touch on the other provisions of the Bayanihan 2 law (Bayanihan to Recover as One Act or Republic Act 11494), which was signed by President Duterte on September 11. In the said law, all banks, financing companies, lending companies, real-estate developers, insurance companies, pre-need companies, and other private and public financial institutions are being directed to grant a one-time 60-day grace period for the payment of loans, including credit-card payments, falling due on or before December 31, 2020 without having to pay any interests, penalties and other charges. The financial institutions and non-bank financial institutions agreeing to loan term extensions or restructuring will be entitled to regulatory relief to be determined

The Manila Bay sand trap

BusinessMirror A broader look at today’s business

Thomas M. Orbos

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by the Bangko Sentral ng Pilipinas. The Government Service Insurance System, Social Security System, and Home Development Mutual Fund (Pag-IBIG Fund) are also covered by the new law. Bayanihan 2 also allows the extension of the maturity of existing, current and outstanding loans, including but not limited to salary, personal, housing, commercial, and motor vehicle loans, amortizations, financial lease payments, and creditcard payments. Interbank loans and bank borrowings are, however, not covered in the provision. Many families will be happy to

N the game of golf, landing your golf ball on a sand trap is a most unfortunate event. It would test not only your skill but also your fortitude while all eyes are on you. Such is the case of the Manila Bay white sand project. Now, everyone is watching what is going to happen—whether it will get caught deeper into the sand trap or it will get out and prove its validity and viability to the total rehabilitation of the bay.

The Manila Bay rehabilitation project started in 2019 with the President ordering the cleanup, right after the successful environmental turn-around of Boracay. With multiagency and private sector participation, the next few months saw a garbage-less Manila Bay shoreline, never seen before, giving Metro Manilans a ray of hope that in due time, the bay will regain its past glory. There were no expectations that miracles would happen overnight. It was enough that we were moving in the right direction. Then came the white sand makeover, catching everyone off guard amid the pandemic. The project is now in a sand trap, with an almost equal division of public opinion at play. Those in favor highlight the resulting aesthetic value of the project, as well as its ben-

efits to local commerce and tourism. This is accompanied by a narrative of the failure of the past six administrations in such a cleanup, and bolstered by the selfies posted on social media of the thousands who flocked to the site. Indeed, the hope of another Boracay miracle is occurring right before our eyes. On the other side of the spectrum are those who are against it for a variety of reasons. First on their table is the nature of the sand material itself, made up of crushed dolomite, eliciting questions about its extraction, not to mention how this would impact Manila Bay itself, with some environmental advocates planning to seek judicial remedy on the matter. The project’s funding has also been raised though the initial report of P389 million project cost

It is worth noting that the law also has an anti-discrimination provision, which protects individuals who have been declared, confirmed, suspected, probable, exposed, or recovered from Covid-19, including returning OFWs, health workers, frontliners, other service workers, and indigents. Punishment for people who will violate the law is six-month imprisonment and a fine of P100,000. know that, under the new law, there is also a 30-day reprieve for the payment of water, electric, telecommunication and other utility bills in areas covered by the enhanced community quarantine and the modified enhanced community quarantine— without additional charges. Unpaid utility bills after the grace period may be settled on an installment basis for a period of not less than three months. Meralco recently announced that there will be no service disconnections until the end of October. Home and commercial renters will likewise be relieved to know that

The project’s success depends on ensuring that all the adjacent bodies of water, including the Pasig River, Laguna de Bay, and the waters off Cavite, Laguna, Bulacan and Bataan are also prioritized. And as the garbage flows from the Metro Manila tributaries, then a more stringent enforcement needs to be undertaken metro-wide. was refuted recently by the project proponents, countering that only P28 million was spent. Nevertheless, as these are public funds, questions on proper dispensation as well as proper accountability are being raised, especially as these were spent during the pandemic. So, how can the government get out of this sand trap? My suggestion: Just like in golf, what matters is the long game. The government needs to present the whole rehabilitation plan, which I am sure they have, to the public. Presenting the complete picture puts rationale and appreciation to the small portion that we only see now. Ignore the politics. A good, sound project survives political fighting no matter what. The second step would be to make the cleanup participative. Open areas where the public can share responsibility. Bring in private sector funding, expertise, and most especially the academe and the environmental advocates. Have regular multi-sectoral cleanup events. Let the public be part of the

rent dues covered within the period of the community quarantine will also be given a 30-day grace period, without incurring interests, penalties, and other charges. The payments will be amortized in equal monthly payments until the end of this year. The law also prohibits the owners to impose any rent increase during the same period. It is worth noting that the law also has an anti-discrimination provision, which protects individuals who have been declared, confirmed, suspected, probable, exposed, or recovered from Covid-19, including returning overseas Filipino workers, health workers, frontliners, other service workers, and indigents. Punishment for people who will violate the law is six-month imprisonment and a fine of P100,000. It would be easy to overlook—but I hope that we do not—that the new law also includes a provision promoting the use of bicycles and the development of bike lanes. Additionally, the law offers an added form of direct assistance to farmers, fisherfolk and agri cooperatives by allowing national and local government agencies to directly purchase agricultural and fishery products from them.

fight and the eventual victory. When people participate in public projects, half of the success is already gained. Third would be to expand the scope of the project beyond Manila Bay. The project’s success depends on ensuring that all the adjacent bodies of water, including the Pasig River, Laguna de Bay, and the waters off Cavite, Laguna, Bulacan and Bataan are also prioritized. And as the garbage flows from the Metro Manila tributaries, then a more stringent enforcement needs to be undertaken metro-wide. Lastly, to ensure the longevity of the environmental mindset, the importance of environmental conservation needs to be hammered into the consciousness of the public, most especially to our youth to whom we will pass the torch of responsibility of preserving what we have for the future. Fixing the environmental problem can never be a one-off and a stand-alone effort. As we have seen worldwide with issues on global warming, environmental cleanups need to be holistic, long-term and participated by everyone. Just like the game of golf, winning is about the whole 18 rounds. The government just needs to get out of its present sand trap and play the long game on. Thomas “Tim” Orbos was formerly with the DOTr and the MMDA. He has completed his graduate studies at the McCourt School of Public Policy of Georgetown University and is an alumnus of the MIT Sloan School of Management. He can be reached via e-mail at thomas_orbos@sloan.mit.edu

Opinion BusinessMirror

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Regulatory compliance ecosystem

The House on fire Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Fifth of a series

ow that I am back in the academe as Dean of the University of the Philippines Virata School of Business (UP VSB), I can continue my crusade for improving the regulatory enforcement and compliance ecosystem in the Philippines. When I was appointed Dean of the UP Business School in October 2019, one of my plans in the “Looking in, Reaching out” agenda is promoting thought leadership and advocacies. Over time, I was able to focus, among others, on the government regulatory landscape. It is essential that UP VSB is able to mold and produce graduates that are able to render service to their various communities to bring out outcomes that will benefit the general public. Our business school has been in existence for over 100 years and has been training tens of thousands of students who have since then made their mark in industry and government. Presently, our alumni are placed prominently in the corporate world and in the government bureaucracy, with quite a great number of them in the highest of places. Thus, these UP trained leaders are in the best position to improve the regulatory ecosystem. I have gained a lot of insights in my long career in both government, professional practice and private enterprise. In the past months, I was able to add to my learning and experience on the best practices and relevant developments in the area of business and public administration. I am fortunate to be in this vantage position as Dean of the UP Business school and student of the Doctoral program in public administration in the National College of Public Administration and Governance in UP. What I can say is that from my current perspective, I am very optimistic, if not excited, of the bright future for a transformed regulatory ecosystem where the government regulators and their clients and stakeholders will be harmoniously and efficiently co-existing. I like to present some quick notes on the matter of molding the future government regulators and business owners and leaders who will be put to task in transforming the regulatory ecosystem. The students of today should be taught the key mindsets and competencies. Aside from the technical and academic courses of their chosen programs, the students should be imbued with the values of good governance, ethics, innovation, collaboration, corporate responsibility, consciousness of one’s rights and remedies. T he teachers and students should also refocus on how certain business courses are learned. There should be more emphasis on an integrated manner of piecing together the various lessons and elements of engaging in profitable but ethical business and dealing with the government regulatory authorities and the rules and procedures that are essential in doing business in the Philippines. What should be taught and learned are not only the Whys and Whats of business, but equally, if not more important, the practical and essential way of

The teachers and students should also refocus on how certain business courses are learned. There should be more emphasis on an integrated manner of piecing together the various lessons and elements of engaging in profitable but ethical business and dealing with the government regulatory authorities and the rules and procedures that are essential in doing business in the Philippines.

iscord. Or so it was alleged. The “week that was” displayed a sequence of events demonstrating what appeared to be a form of friction on the imminent change of leadership in the House of Representatives. Some held their breath for another coup, others were edgy for a possible vacancy on all leadership posts, and still a few remained unperturbed. Before the week ended though, the current Speaker retained his headship. Last year, the Speaker-of-theHouse position was hotly coveted, with three primary contenders: Rep. Alan Peter Cayetano (Taguig-Pateros), Rep. Lord Allan Velasco (Marinduque) and Rep. Martin Romualdez (Leyte). It took the participation (upon demand) of President Duterte to end the rivalry as he “brokered a deal” of term-sharing for the speakership role: the first 15 months for Rep. Cayetano (“Alan”), and the remaining 21 months for Rep. Velasco (“Allan”). Leyte Rep. Romualdez became the Majority Floor Leader—quite a settlement, indeed, to still the troubled waters in the House. The ballyhooed Alan vs Allan contest did not actually end there. Neither did the infighting amongst the rest of the House members. For the early quarter of this year, a coup or at least a rumor of it, was imputed to “Allan” by the sitting Speaker “Alan” whereby the post was to be wrested by one from the other. The former de-

To be continued Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. This column accepts contributions from the business community. Articles not exceeding 600 words can be e-mailed to boa.secretariat.@gmail. com.

Now it is out in the open that Budget and Speakership are elements that come in concert, like a tandem. And the Speaker acts like the conductor of an orchestra, wielding the wand of fund allocations for the districts and constituents of the respective congressmen-members. This, as it should, is meant to align with the legislative agenda of the President. But with the current remonstration of unhappy congressmen anent their allotments for the 2021 national budget, the speakership issue is rekindled, and the House is back on fire, its members speaking in different tongues as if possessed by inexplicable spirits. With less than two years for this 18th Congress, I think this internal strife will strike a chord of societal corrosion, rendering the House unresponsive to the needs of the nation. If disagreements can be healthy, let the end-result be for the common good. After all, factionalism can be utilized in a positive way, as in any genuine democracy. As daunting as this House controversy may look like, part of my wishful thinking, presumably shared by most, is the coming of the day when our legislators will strip themselves off their very parochial interests and their selfish family empire-building. May current and future members of this House be reminded of what the Bible tells us in James 4: 1-3, which says, “What causes quarrels and what causes fights among you? Is it not this, that your passions are at war within you? You desire and do not have, so you murder. You covet and cannot obtain, so you fight and quar-

India needs to copy China better By Reuben Abraham Bloomberg Opinion

reaching win-win outcomes for the business persons dealing with the government regulators. I am very confident of the good developments forthcoming in the business-government regulatory ecosystem. I am sure that a finished product will be attained with the right ingredients of appropriate training of the stakeholders entering the ecosystem, the retooling and resetting of mindsets of the leaders who are now encroached in the system, the use of technology in overhauling the antiquated and inefficient regulatory processes and the promulgation of finely-tuned legislation. Are you one with me on my optimism?

nied it, the latter pounded on it. One media outfit even sniffed the news and released a front-page, doubleedged account entitled “Coup” Pals in a House Drama (pun for the Filipino term “Kupals”?). And days before the supposed turn-over in October, the House was shaken anew with a buzz that Rep. Velasco may not be able to sit on the speakership throne because Rep. Cayetano holds the membership magic numbers. It was even touted that if an election was to be held, “Alan” was prognosticated to win over “Allan” notwithstanding the term-sharing agreement. As if the pot isn’t hot enough, word circulated clandestinely that Rep. Paolo Duterte was to lodge a motion at the House declaring the leadership posts, including the speakership, vacant— all these at the height of the deliberations for the national budget bill for the year 2021. Spectators (like us) nervously await which type of water could douse the fire.

Monday, September 28, 2020

f India only reforms when under pressure, then now should be a moment for big changes: Gross domestic product contracted nearly 24 percent in the second quarter, more than any other large economy; tens of millions have lost jobs in the formal and informal sectors; and the country is adding over 85,000 confirmed coronavirus cases each day. There’s an obvious place for the government to start, too: fixing India’s failed special economic zones. China, of course, pioneered the idea of testing politically difficult economic and legal reforms in a few such areas before rolling them out more widely. The experiment proved wildly successful. Shenzhen, one of the mainland’s first SEZs, grew from a population of 310,000 and a gross domestic product of $160 million in 1981 to a population of 12.5 million, a GDP of $388 billion and per capita income in excess of $30,000 by 2019—surely the fastest-ever increase in human prosperity. The model is even more appealing in a messy democracy such as India, where vested interests and a risk-averse bureaucracy have stymied previous attempts at radical economic reforms. Not surpris-

ingly, the country is home to 238 such zones. The results have been underwhelming, however, for several reasons. For one thing, there are simply too many SEZs. Indian state capacity is already limited. Asking the government to provide even a basic suite of services in so many places is futile. (India is running into similar problems in trying to develop a multitude of “smart cities.”) China’s experiment began with just four such zones in Shenzhen, Shantou, Xiamen and Zhuhai. India should do the same. Moreover, whereas the Shenzhen agglomeration alone sprawls across 2,000 square kilometers, all of India’s SEZs put together occupy less than 500 square kilometers. Larger zones benefit from several spillover effects: They attract clusters of businesses, encourage knowledge transfers from foreign to domestic companies, and spread employment, infrastructure and development to neighboring regions. India’s zones are too small to do the same. Most important, the supposed “reforms” India has implemented in its SEZs have been anything but. They’ve largely centered around concessions to favored businesses — tax sops and cheap real estate — rather than a fundamental reset of India’s convoluted and restrictive rules for

Of course, success will create its own political headaches, as a few regions get richer than others. But compared to the alternative—a future in which India never embeds itself fully into global supply chains and can’t create the millions of salaried jobs its young and growing population demands—that’s a problem the government should welcome. doing business. If low taxes were all that mattered for attracting investment, any poor country could entice global manufacturers by slashing taxes. Clearly, good governance and strong rule of law matter a great deal more to such businesses. The government, which is reportedly mulling a $23 billion package of incentives to attract global manufacturers to India, wisely sees an opportunity. The pandemic has exposed the fragility of critical global supply chains. No country wants to concentrate risks in any one jurisdiction, especially given rising trade and geopolitical tensions between China and the West. To lure manufacturers away from the mainland, though, India is going to have to convince them that they’ll be able to operate just as easily and efficiently as they can

Sharing a sustainable future together–Embracing Taiwan MAIL

his year marks the 75th anniversary of the founding of the United Nations, the world’s most renowned intergovernmental organization. The UN is now convening its annual General Assembly at its Headquarters in New York City until September 30, 2020.

The theme for this year’s General Assembly is “The future we want, the UN we need: Reaffirming our collective commitment to multilateralism” in response to the global impact caused by the Covid-19 pandemic. The UN has called for solidarity among nations and a “whole-of-theworld approach” as the international community faces one of the most devastating global crises of the 21st century. During this very trying time, Taiwan has been able to successfully contain the spread of the Covid-19, with around 509 confirmed cases and seven deaths, through its proactive and timely approach without having to resort to drastic measures or lockdowns. Taiwan was also quick to respond to the

needs of other countries through the donation of countless medical equipment and supplies. By the end of June, it had already donated 51 million surgical masks, 1.16 million N95 masks, 600,000 isolation gowns, 35,000 forehead thermometers, and other medical materials to more than 80 countries. Taiwan has proven itself to be one of the most valuable global partners in combating the Covid-19. However, despite its willingness to take part and to share its experiences in combating the pandemic, Taiwan remains excluded from the UN system due to political consideration and China’s constant objection. The UN has “pledged to leave no one behind as the world looks to recover from the pandemic” while

it continuously works to achieve its Sustainable Development Goals (SDGs). It is therefore ironic that this vision does not include Taiwan, a vibrant model of democracy and a model for handling the Covid-19 pandemic. The UN’s discriminatory policy against Taiwan has prevented the country from making significant contributions to the welfare of the international community and providing valuable information to the UN system and its members. Despite the years of discrimination and isolation, Taiwan is always ready and willing to lend a helping hand wherever it is needed. Taiwan is also playing a major role in spearheading development-centered initiatives that are very much

in line with the SDGs. Through its partnerships with many other countries and organizations, Taiwan has joined forces with likeminded democracies, including the Philippines, to explore the development of Covid-19 vaccines. With a positive economic projection, coupled with its proven pandemic response and the resilience to showcase its value as a global stakeholder, Taiwan is willing and able to join hands with the global community in facing current and future challenges. Taiwan and the Philippines are close neighbors and long-standing partners. We share an abundance of similarities and uphold the values of freedom, democracy, and the rule of law. Therefore, we urge all of

rel. You do not have, because you do not ask. You ask and do not receive, because you ask wrongly, to spend it on your passions.” Passion for oneself is evil; passion for country is noble; passion to love others as Jesus Christ told us is next to divine! Any house will be or remain on fire; prone to destruction and instability, if those living within are not in harmony. People’s interests will inevitably clash but the purpose behind those interests should be in unison. Actions of public servants may appear in conflict but, in truth, they are one and united when grounded in love. Let any leader of the House or any house imbibe the value of leadership. In the Bible, Joshua 24:15, tells us “as for me and my house, we will serve the lord.” Whether the House will be led by Alan or Allan, God-aided leadership, as what our Preamble tells all Filipinos, is the kind of water that douses any and all fires. Much thanks to Raphael Legazpi (not a real name), a Spirit-filled lawyer with much love for the Philippines and the Filipino, who contributed this article—House on Fire. A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.

in China. A few big zones should be located either near deepwater ports or around large airports. They can be greenfield or brownfield sites, depending on whether the focus is on manufacturing or services. The latter could exploit underutilized public lands, such as the eastern waterfront of Mumbai. Of course, they all need to offer reliable water and power, affordable housing, and excellent transport connectivity. Above all, these zones must provide the kind of governance and clarity that’s in short supply across the rest of India. Local administrators must be empowered to make radical changes to labor laws, for instance. Fast-track courts to resolve disputes are critical, as is eliminating most restrictions on foreign investment. The point is not just to make production cheaper, but also to create a fundamentally different atmosphere for doing business than companies would find elsewhere on the subcontinent. Of course, success will create its own political headaches, as a few regions get richer than others. But compared to the alternative—a future in which India never embeds itself fully into global supply chains and can’t create the millions of salaried jobs its young and growing population demands—that’s a problem the government should welcome.

our Filipino brothers and sisters to voice out your support for Taiwan’s equal and dignified participation in the UN system and its related meetings, mechanisms and activities related to the implementation of the UN SDGs. The world needs the spirit of collaboration, once again we call on the United Nations to take prompt action to accept Taiwan’s 23.5 million people into its fold so as to create a brighter, more inclusive, and more sustainable post-pandemic era. Taiwan can help, and Taiwan is helping! Peiyung Hsu Representative Taipei Economic and Cultural Office in the Philippines

A8 Monday, September 28, 2020

Arta, Senate eye measures to boost drive vs red tape By Elijah Felice E. Rosales @alyasjah

& Butch Fernandez @butchfBM

HE Anti-Red Tape Authority (Arta) has sought to expand its powers to mandate state agencies to comply with its policies and require them to allocate funding for programs on ease of doing business (EODB). This, as Senate leaders confirmed at the weekend they are seriously considering amendatory legislation to give the President special powers to tweak the antired tape reglamentary framework in a time of crisis like the Covid-19 pandemic. Arta Director General Jeremiah B. Belgica last week disclosed his agency will ask Congress to revise its charter under the EODB law. One of the amendments it will seek is the improvement of its authority as approved by the Anti-Red Tape Advisory Council, headed by Trade Secretary Ramon M. Lopez. The Arta will ask lawmakers to make it mandatory for state agencies to comply with the issuances on streamlining procedures. At present, government bodies can choose to ignore Arta policies on simplifying processes, as these are just recommendatory under

the EODB law. Belgica argued that mandating state agencies to act on his agency’s issuances will address red tape issues. In the proposed changes, if a policy to streamline procedure is approved by the Anti-Red Tape Advisory Council, then the agency in question should be compelled to follow. “Making Arta’s findings on suggested changes in the different agencies’ processes mandatory for implementation will definitely solve a lot of red tape problems,” Belgica said in a statement. “The real lasting solution is enforced streamlining and not just a mere recommendation.” The Arta also wants legislators to turn noncompliance with its directives a punishable act, administratively and criminally. It will seek the power to issue subpoena against public officials, and to cite them in contempt. The agency will ask Congress that it be deputized to investigate government bodies and executives for possible violation of the EODB law. The Arta will also appeal to require state agencies to set aside a certain amount of their budget for EODB programs similar to the mandatory 5 percent allocation for gender and development projects. Continued on A2

House opens floor debates on ₧4.5-T national budget

By Jovee Marie N. dela Cruz

@joveemarie

HE House of Representatives will start on Monday the plenary deliberations of House Bill 7727 or the proposed P4.5 trillion General Appropriations Act of 2021.

Sponsoring the 2021 national budget on Monday are House Committee on Appropriations Chairman and ACT-CIS Rep. Eric Go Yap, Albay Rep. Joey Sarte Salceda, Sultan Kudarat Rep. Horacio Suansing, Quirino Rep. Junie Cua and Rizal Rep. Michael John Duavit. Yap said the plenary deliberations on the budget will start at 10 a.m. Based on the schedule of sponsorship and floor deliberations, the sponsorship will be finished by October 7. “The next few weeks will be very challenging and I appeal to our

colleagues for their cooperation, unity, and professionalism. This is the people’s budget and it is our obligation to make sure that the national budget will not only be passed on time, but ultimately, it will respond to the growing needs of our countrymen. More work needs to be done and it is my hope that the entire budget process will not be delayed by whatever issue that the Congress may face in the coming days,” Yap added. The House is looking to transmit to the Senate the 2021 national budget before the 18th Congress takes its break on October 17.

Deputy Speaker Raneo Abu said the House of Representatives is very much prepared to start and finish in record time the passage of next year’s national budget, like what they did last year in approving the P4.1-trillion GA A for 2020. “The timely passage of the national budget is very crucial to our economic recovery from the effects of coronavirus disease-19 [Covid-19] pandemic. We are united with the common goal to get the country back on its feet,” said Abu. “There is not much in the agenda. We have been working very hard in the last few weeks to approve all important bills to ensure another record time passage of the national budget and productive House of Representatives,” said Abu. With the theme “Reset, Rebound, and Recover: Investing for Resiliency and Sustainability,” the 2021 expenditure plan is higher than this year’s budget by 9.9 percent and equivalent to 21.8 percent of gross domestic product (GDP). By expense class, personnel services will receive the bulk of

the next year’s allocation at 29.2 percent, reaching P1.32 trillion. This level considers the huge additional hiring of health workers under the Human Resource for Health Program of the Department of Health (DOH), the second tranche implementation of the Salary Standardization Law of 2019, and the increased pension requirements of military and uniformed personnel. Capital Outlays will come in second with P920.5 billion, accounting for 20.4 percent of the proposed budget and growing by 12.9 percent. The increase in Capital Outlays from this year’s budget is owed mainly to the increase in infrastructure programs of the Department of Public Works and Highways (DPWH, 14.7 percent) and Department of Transportation (DOTr, 42.6 percent). Meanwhile, Maintenance, Operating and Other Expenditures will amount to P699.4 billion, Debt Burden with P560.2 billion, Support to Government-Owned and -Controlled Corporations with P157.5 billion, and Tax Expenditures with P14.5 billion.

www.businessmirror.com.ph

Companies BusinessMirror

Monday, September 28, 2020

Vivant to hike investments in renewables, bulk water

By VG Cabuag

@villygc

ublicly listed Cebu-based Vivant Corp. said it will invest further in energy and water infrastructure, including bulk water supply and wastewater treatment.

Vivant President Arlo A.G. Sarmiento said the company will look into new technologies and improvements into existing technologies that would help it grow its presence in the industry while promoting more sustainable energy. Vivant Energy COO Emil Andre Garcia said the company will invest over P2 billion in renewable and energy storage technologies, as well as in the hybridization of existing power plants. “Despite the challenges presented

by the pandemic, we are well-situated to carry on and thrive by adapting and future-proofing our investments in power. To continue supporting Vivant’s mission of bringing excellence to industries that improve everyday living, Vivant Energy will continue to grow its position in the power industry so Vivant can endeavor to enter into new waters,” Garcia said. In 2019, Vivant reported an attributable net income of P2.34 billion, a 35-percent increase from the previous year's P1.73 billion. Vivant’s

income is driven mainly by its power generation business. Vivant Energy is the holding arm of power-related investments of the publicly listed firm. With Vivant Energy focusing on growing the power business, its parent firm has been active in looking for opportunities in water-related industries. Jess Anthony Garcia, the company's SVP-Business Development for Infrastructure said the company is looking at providing water supply solutions, particularly in waterparched Cebu, and in other key areas in the country. “We are looking at different aspects of the water industry value chain. We intend to address the water problems in Cebu and other key areas in the country by looking at opportunities for bulk water supply, water distribution, waste water treatment, and water engineering and solutions,” he said. Vivant's wholly owned subsidiary, Vivant Hydrocore Holdings Inc., has

partnered with Israeli company Watermatic International to develop solutions for bulk water supply and water treatment for industry and agriculture. One of the projects that the group is developing with its partners is a wastewater treatment facility in Puerto Princesa City, Palawan. Vivant chairman and CEO Ramontito E. Garcia said that while the group may not be biggest player in the energy sector and is new to water, its track record as a reliable partner precedes it in whatever industry it chooses to venture into. “Our partners and communities know that we keep our word. This is why time and time again, they come back to us with new projects, new opportunities,” he said. “While we pride ourselves as a future-facing company, our integrity is built on values cemented in our history, where promises are kept. We reject the notion that you have to sacrifice honor in the name of profit,” he said.

PT&T eyes foray into 5G broadband By Lorenz S. Marasigan @lorenzmarasigan

hilippine Telegraph and Telephone Corp. (PT&T) will soon test 5G fixed wireless broadband “on a proof of concept basis,” making use of the 200 megahertz (MHz) of high band spectrum that was allocated to it by the government, its president said. James Velasquez, the company’s president, said “this is in line with the company’s initiative to get into 5G broadband services in the near future.” He did not elaborate. Velasquez noted that his group is now in a better financial position, after it booked a 22-percent growth in broadband connections, which boosted revenues by 23 percent in the first half. “We are now benefiting from having spent the past two years transforming both PT&T’s operations and product offerings to be relevant in

the digital age. This makes us even more resilient during these times as the requirement for high speed internet and digital services becomes a priority,” he said. Velasquez added that his group has partnered with Go Philippines, a community-driven social enterprise, to help in the distance learning initiatives in the country. Through the tie-up, the partners will offer broadband internet solutions for the academe. Currently, PT&T has a network reach of 13,500 fiber kilometers in high-growth areas and covering almost 40 percent of the total Philippine population. The company reported in August that its revenues in the first half rose by nearly 23 percent to P207.67 million, from P169.29 million during the same period last year. This has allowed the company to narrow its net losses to P19.5 million during the period, from last year’s P35.7 million, which it said

SMC: Design of Bulacan airport to address flooding

an Miguel Corp. (SMC) said the design of the multibillion peso Bulacan airport, dubbed the New Manila International Airport, has taken into account the needed measures to mitigate the risks of flooding. “The airport’s design fully takes this into account and we have actually started implementing sustainable measures to address flooding in Bulacan that has existed for several decades and has been made worse by clogged waterways and drainages,” Ramon S. Ang, the company's president and COO said. “We are humbled and grateful for the expression of support from majority of Senators and stakeholders present at the Senate hearing on the proposed franchise to construct an international airport in Bulacan." Ang said the company agrees with the observation of Dr. Renato Solidum, officer-in-charge of Philippine Institute of Volcanology and Seismology, that proper engineering intervention measures are needed to mitigate risks such as flooding. San Miguel said it tapped three major global airport construction firms: Groupe ADP (Aeroports de Paris), Meinhardt Group, and Jacobs Engineering Group. Among the airports these firms have worked on are Singapore’s famous Changi Airport, voted as World’s Best

Airport for the 8th consecutive year this year; Charles de Gaulle Airport in France and Hartsfield-Jackson Atlanta International airport in the United States. “This airport is perhaps the largest, most ambitious, and most game-changing infrastructure projects by Filipinos for Filipinos. An effort of this magnitude requires the cooperation and support of many stakeholders. As such, we remain committed to engaging the public as we move to make this vision a reality—and make this right,” Ang said. The Senate is conducting hearings on the 50-year franchise of the Bulacan airport after the House of Representatives approved its franchise and transmitted it to the upper chamber. The said airport is proposed to be built on a 2,500-hectare coastal property in Bulakan, Bulacan as part of an envisioned 12,000 hectare township that features a residential zone, government center, seaport and an industrial zone. The P735.63-billion airport development will cover the passenger terminal building with airside and landside facilities as well as an airport toll road and railway. It will have 4 runways, 8 taxiways and 3 passenger terminals. It also has provisions for future expansion to sport six runways and to accommodate 200 million passengers per year. VG Cabuag

was mainly due to the depreciation of fiber network-based investments PT&T made in recent years. The company noted that demand for wireless connectivity surged dur-

ing the lockdown period as Filipinos stayed home and engaged in online activities like telecommuting, e-commerce, digital play, online learning, and online banking.

3 firms keen on PSALM property By Lenie Lectura @llectura

hree firms have signified interest to bid for the Power Sector Assets and Liabilities Management Corp.'s (PSALM) real-estate asset in Pampanga worth P803 million. These are United Ascent Holdings, Inc., Panasia Energy Inc. and Pan Pacific Renewable Power Philippines Corp. They participated in last week’s pre-bid conference as part of the process for the sale of PSALM’s 50,447 sq. meter property in Barangay Lagundi, Mexico, Pampanga. PSALM has set the bid submission deadline for this asset on October 20 at 2:00 PM. It has set the minimum bid price at P803,151,000.00 This pre-bid conference gave prospective bidders the opportunity to clarify issues and concerns

they may have on the terms of the sale. “This is a prime real property of PSALM, in a good location with a clean title. It can be utilized for various commercial purposes. PSALM is selling this property on an as-is-where-is basis,” said PSALM President and CEO Irene Besido Garcia. The property is within Barangay Lagundi, Mexico, Pampanga along Jose Abad Santos Avenue and 2.5 kilometers from the North Luzon Expressway. The Mexico Property is suitable for residential and commercial land development. Only parties who paid the participation fee and submitted duly executed Form of Acceptance of the Bidding Procedures will be allowed to participate in the sale of the real estate asset. Proceeds of the sale will be used to augment collections needed to settle PSALM's financial obligations.

Companies BusinessMirror

Monday, September 28, 2020

PSE STOCK QUOTATIONS

September 25, 2020

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

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

44.15 87 63.5 21.75 8.2 37.5 9.35 23.3 51 16.5 91.75 54.1 0.75 25.6 2.9 7.32 1.28 0.285 0.57 154.7 1868

45 87.35 63.85 21.85 8.25 37.6 9.46 23.4 52 16.6 91.8 54.35 0.81 26 3.02 8.31 1.29 0.295 0.6 157 1888

44.05 86.2 64 21.65 8.18 36.5 9.46 23.25 52.4 16.48 92.1 54.2 0.75 25.45 3.05 8.33 1.3 0.285 0.62 157.8 1919

45.25 87.65 64.35 21.85 8.24 37.65 9.46 23.4 52.4 16.6 92.1 54.4 0.75 26.55 3.05 8.33 1.34 0.285 0.62 157.8 1919

44.05 85.85 63.5 21.5 8.13 36.3 9.3 23.25 51 16.48 91.75 54.05 0.75 25.2 2.86 8.31 1.25 0.285 0.62 154.6 1888

45.1 87 63.5 21.85 8.2 37.6 9.46 23.3 52 16.5 91.8 54.1 0.75 25.6 3.04 8.31 1.29 0.285 0.62 157 1888

300 1746230 2112810 540900 329500 6274400 7500 78100 550 142700 501690 33920 5000 222100 25000 700 280000 120000 1000 200 30

13440 151728286.5 134794911 11632040 2690451 234227125 70822 1824045 28623.5 2358566 46077852 1839834.5 3750 5734745 74190 5819 357880 34200 620 31384 56950

-4525 -74885383.5 -72174656 -10750000 -1033405 114548945 -154410 -1762812 -16672092.5 -630992.5 -1773200 -19200 -

INDUSTRIAL

AC ENERGY ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PHX PETROLEUM PILIPINAS SHELL SPC POWER AGRINURTURE AXELUM CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT FRUITAS HLDG GINEBRA JOLLIBEE MACAY HLDG MAXS GROUP MG HLDG SHAKEYS PIZZA ROXAS AND CO RFM CORP ROXAS HLDG SWIFT FOODS UNIV ROBINA VITARICH CONCRETE A CONCRETE B CEMEX HLDG DAVINCI CAPITAL EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CHEMPHIL CROWN ASIA EUROMED PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS SFA SEMICON CIRTEK HLDG

3.13 1.24 26.1 0.16 23.6 59.85 275.8 14.86 3.04 10.74 16.82 9.66 7.8 2.66 11.46 17.1 4.68 5.7 9.85 63.5 0.63 1.2 49.1 138 7.75 5 0.127 5.89 1.14 4.61 1.75 0.107 133 0.76 52 52.7 1.44 3.12 14 6.67 5.35 7.41 8.46 0.72 0.7 120 1.89 1.9 4.05 21.05 2.13 6.16 0.98 1.41 5.79

3.14 1.25 26.25 0.161 23.75 61.8 276 14.88 3.05 10.94 16.86 9.7 7.9 2.67 12.44 17.16 4.82 5.72 9.89 63.95 0.65 1.21 50 138.1 8.09 5.04 0.131 5.9 1.15 4.79 1.76 0.111 134 0.77 54 56 1.45 3.35 14.06 6.68 5.37 7.43 8.6 0.75 0.73 166 1.93 1.91 4.17 21.5 2.15 6.19 0.99 1.42 5.8

3.14 1.26 25.9 0.161 23.9 60.65 276.6 15.02 3.08 10.96 16.98 9.9 7.9 2.57 12.46 16.98 4.69 5.51 9.91 63.5 0.65 1.2 50.3 138 8 5.04 0.128 5.82 1.14 4.8 1.76 0.111 134.7 0.78 52.5 53 1.48 3.35 13.72 6.47 5.28 7.31 8.5 0.74 0.75 112.2 1.93 1.88 4.07 21.75 2.15 6.25 1 1.38 5.89

3.25 1.26 26.45 0.161 23.9 61.8 279.8 15.2 3.08 10.98 16.98 9.9 7.98 2.67 12.46 17.16 4.84 5.71 9.91 64.85 0.65 1.21 50.35 138.4 8.1 5.05 0.128 5.9 1.15 4.8 1.76 0.111 134.7 0.78 52.5 56 1.48 3.35 14 6.67 5.38 7.44 8.6 0.75 0.75 120 1.93 1.9 4.07 21.75 2.16 6.39 1 1.41 5.89

3.12 1.22 25.8 0.16 23.1 60.65 273 14.86 3.04 10.92 16.82 9.62 7.8 2.55 12.44 16.96 4.63 5.48 9.8 63.45 0.63 1.18 49 137 8 5 0.127 5.8 1.14 4.79 1.75 0.11 133 0.75 52 51.75 1.44 3.35 13.72 6.47 5.28 7.22 8.46 0.71 0.7 112.2 1.89 1.85 4.05 21.5 2.13 6.16 0.98 1.38 5.79

3.14 1.25 26.1 0.16 23.6 61.8 275.8 14.88 3.05 10.98 16.84 9.7 7.94 2.67 12.44 17.1 4.68 5.7 9.89 63.5 0.64 1.21 50 138 8.1 5 0.127 5.9 1.15 4.79 1.76 0.11 133 0.76 52 56 1.44 3.35 14 6.67 5.35 7.43 8.6 0.75 0.7 120 1.89 1.9 4.05 21.5 2.15 6.16 0.99 1.41 5.8

29445000 1132000 408000 90000 2422500 140 206300 2913800 174000 70300 155300 263100 25700 4041000 2700 1002800 105000 8431700 108000 72150 458000 7805000 33880 505510 1100 373300 700000 152100 876000 14000 18000 120000 412070 21095000 150 22620 5899000 3000 525300 1001300 286900 822900 3300 359000 2176000 20 14000 345000 9000 1600 4271000 618700 84000 402000 782900

94027290 4734760 1407890 -588340 10659265 -30880 14410 56970235 -47283095 8617.5 56814114 -30068380 43627256 -6353626 529280 769804 -277368 2618016 -1281664 2549728 203552 5586 10620980 -319960 33602 17113798 -239064 493120 -89070 46956375 -22298299 1064016 -295750 4589337.5 -1394104.5 289170 9302110 1688393 675948 69682616 456714 8810 1869392 88990 895149 -27616 998940 67190 31620 13220 -11000 55,063,388( 41,746,326.0003) 16305500 8360 7815 1177785 8544150 1207340 10050 7321966 -1631532 6614649 1531180 -3222 6010985 28012 258700 1537640 2322 26660 642340 36490 34515 -32340 9172800 -50680 3868676 -1099067 82560 16830 562460 4553243 275704

HOLDING & FRIMS ABACORE CAPITAL 0.465 0.47 0.47 0.47 0.465 0.465 1890000 885100 ASIABEST GROUP 7.52 7.96 8.07 8.07 7.6 7.8 47100 363809 AYALA CORP 692.5 700 702 702.5 692.5 692.5 132680 92425045 ABOITIZ EQUITY 45.9 45.95 46.5 46.7 45.95 45.95 374600 17242585 ALLIANCE GLOBAL 7.07 7.08 7.12 7.15 7.07 7.07 5126500 36333380 AYALA LAND LOG 2.41 2.43 2.44 2.45 2.35 2.43 2198000 5314420 ANSCOR 6.38 6.7 6.38 6.42 6.38 6.42 300 1918 ANGLO PHIL HLDG 0.55 0.57 0.58 0.58 0.54 0.57 194000 106280 ATN HLDG A 0.57 0.58 0.58 0.58 0.57 0.57 195000 112140 ATN HLDG B 0.57 0.58 0.57 0.58 0.57 0.58 287000 166090 COSCO CAPITAL 5.1 5.11 5.18 5.18 5.06 5.1 191800 977404 DMCI HLDG 4.04 4.06 4.1 4.1 4.03 4.05 2509000 10175670 FILINVEST DEV 8.6 8.75 8.75 8.75 8.75 8.75 7100 62125 FJ PRINCE A 3.06 3.33 3.05 3.05 3.05 3.05 5000 15250 FORUM PACIFIC 0.188 0.204 0.188 0.188 0.188 0.188 440000 82720 GT CAPITAL 394.8 395 393.6 395 388.8 395 132590 52257402 JG SUMMIT 60.55 61 61 61.35 60.55 60.55 564430 34331334.5 JOLLIVILLE HLDG 4.32 4.86 4.3 4.3 4.3 4.3 1000 4300 0.62 0.63 0.64 0.64 0.61 0.62 10000 6240 LODESTAR LOPEZ HLDG 2.3 2.39 2.3 2.3 2.29 2.3 58000 133070 8.92 8.95 9 9 8.92 8.95 828400 7422960 LT GROUP 0.47 0.49 0.49 0.49 0.47 0.49 14000 6740 MABUHAY HLDG MJC INVESTMENTS 1.74 2.3 1.74 1.74 1.74 1.74 1000 1740 METRO PAC INV 3.42 3.44 3.4 3.5 3.38 3.44 11493000 39706840 0.77 0.79 0.76 0.79 0.76 0.79 25000 19310 PRIME MEDIA SOLID GROUP 0.98 0.99 0.97 0.98 0.97 0.98 30000 29210 SM INVESTMENTS 869 880 872 881 865 869 155450 135613560 98.4 98.5 98.75 99 98.4 98.5 143180 14111367 SAN MIGUEL CORP 123 128 128 128 128 128 10 1280 TOP FRONTIER WELLEX INDUS 0.19 0.192 0.19 0.19 0.19 0.19 270000 51300 ZEUS HLDG 0.132 0.133 0.133 0.135 0.132 0.133 1270000 168400

-93100 -66862095 -14542660 -2241178 1883570 1276 -550 21090 442786 -7468890 -21865554 -26584933.5 -4570.0001 -6637406 -4594300 -66840395 -793309 -

PROPERTY ARTHALAND CORP 0.52 0.53 0.53 0.53 0.52 0.52 1229000 639220 AYALA LAND 30.2 30.25 29.5 30.65 29.5 30.25 14439600 437799175 ARANETA PROP 0.96 0.99 0.99 0.99 0.99 0.99 50000 49500 AREIT RT 25.5 25.55 25.6 25.65 25.5 25.55 1698700 43430045 BELLE CORP 1.36 1.37 1.35 1.37 1.35 1.37 37000 50060 A BROWN 0.77 0.78 0.76 0.78 0.76 0.77 401000 307970 CITYLAND DEVT 0.76 0.79 0.76 0.76 0.76 0.76 41000 31160 CROWN EQUITIES 0.128 0.133 0.134 0.134 0.134 0.134 60000 8040 CEBU HLDG 5.78 5.99 6 6 5.76 5.99 32100 185166 CEB LANDMASTERS 4.83 4.93 4.89 4.93 4.83 4.93 55000 270810 CENTURY PROP 0.375 0.38 0.37 0.405 0.37 0.38 31860000 12294500 CYBER BAY 0.265 0.28 0.27 0.275 0.27 0.27 130000 35150 DOUBLEDRAGON 14.06 14.14 14.2 14.28 14.02 14.14 1782700 25289232 DM WENCESLAO 5.48 5.5 5.7 5.7 5.38 5.5 171200 930264 EMPIRE EAST 0.255 0.26 0.255 0.26 0.255 0.26 660000 169100 EVER GOTESCO 0.085 0.09 0.085 0.085 0.085 0.085 130000 11050 FILINVEST LAND 0.91 0.92 0.91 0.92 0.91 0.91 5485000 5011710 GLOBAL ESTATE 0.75 0.76 0.74 0.77 0.74 0.77 38000 29050 6.79 6.91 6.8 6.93 6.75 6.91 51100 346856 8990 HLDG 1.12 1.13 1.13 1.16 1.12 1.12 970000 1097570 PHIL INFRADEV 0.69 0.72 0.66 0.72 0.66 0.72 3000 2040 CITY AND LAND MEGAWORLD 2.93 2.95 2.93 2.97 2.91 2.93 24691000 72425050 0.23 0.231 0.234 0.235 0.23 0.23 6470000 1493210 MRC ALLIED 1.18 1.21 1.14 1.25 1.14 1.21 1390000 1665130 PRIMEX CORP ROBINSONS LAND 14.62 14.64 14.7 14.78 14.56 14.64 2180500 32022050 0.207 0.216 0.218 0.218 0.218 0.218 90000 19620 PHIL REALTY ROCKWELL 1.5 1.52 1.5 1.5 1.5 1.5 270000 405000 STA LUCIA LAND 1.94 1.95 1.94 1.95 1.9 1.95 123000 238640 SM PRIME HLDG 28.5 28.75 28.75 29 28.4 28.5 4005700 114744300 3.75 3.83 3.8 3.8 3.75 3.75 22000 82580 VISTAMALLS SUNTRUST HOME 1.16 1.17 1.16 1.18 1.15 1.18 646000 744130 VISTA LAND 3.5 3.51 3.49 3.51 3.4 3.51 1686000 5834550

-318840 -39133750 -41860 -764900 -19933848 -546671 10200 -2275750 -180921 -6839.9999 -62957910 18440 -12972480 -4731200 -1295670

SERVICES ABS CBN 7.05 7.08 7.07 7.2 7.05 7.08 706800 5016356 GMA NETWORK 5.07 5.08 5.06 5.09 5.06 5.07 288700 1464102 MANILA BULLETIN 0.39 0.395 0.39 0.39 0.39 0.39 20000 7800 MLA BRDCASTING 10.8 11.46 10.52 11.46 10.52 11.46 1300 13850 GLOBE TELECOM 2114 2120 2120 2136 2090 2120 45095 95507930 PLDT 1355 1356 1365 1373 1356 1356 79715 108672965 APOLLO GLOBAL 0.056 0.057 0.056 0.057 0.055 0.057 14280000 797860 DFNN INC 2.91 3.04 3.02 3.1 2.91 3.1 25000 75070 DITO CME HLDG 4.2 4.21 4.13 4.2 4.08 4.2 24928000 103069050 IMPERIAL 1.31 1.39 1.4 1.4 1.4 1.4 1000 1400 ISLAND INFO 0.08 0.081 0.075 0.08 0.075 0.08 4580000 358730 JACKSTONES 1.58 1.66 1.68 1.7 1.56 1.66 93000 148630 NOW CORP 2.93 2.95 3.1 3.15 2.93 2.93 22468000 67077760 TRANSPACIFIC BR 0.192 0.193 0.193 0.193 0.188 0.192 2510000 479480 PHILWEB 2.18 2.2 2.14 2.27 2.12 2.2 529000 1153250 2GO GROUP 8.4 8.5 8.55 8.55 8.4 8.4 20200 171500 ASIAN TERMINALS 15.3 16.58 15.3 15.3 15.3 15.3 600 9180 CHELSEA 3.89 3.9 3.93 3.93 3.86 3.89 509000 1977250 36.95 37.15 36.55 37.4 36.55 36.95 275600 10,242,040( CEBU AIR 106.5 107 107.1 107.4 106.3 107 733420 78466891 INTL CONTAINER 4.7 4.71 4.69 4.74 4.66 4.71 1321000 6205740 MACROASIA 2.15 2.17 2 2.19 1.93 2.17 3256000 6725330 METROALLIANCE A METROALLIANCE B 2.09 2.19 2.05 2.09 1.92 2.09 42000 86270 5.72 5.76 5.76 5.78 5.72 5.72 29100 166776 PAL HLDG 1.02 1.04 1.02 1.04 1 1.04 1057000 1072090 HARBOR STAR ACESITE HOTEL 1.1 1.23 1.1 1.1 1.1 1.1 1000 1100 BOULEVARD HLDG 0.028 0.029 0.027 0.029 0.026 0.029 147900000 4170800 0.395 0.415 0.39 0.425 0.385 0.415 13070000 5308100 WATERFRONT 510.5 555 555 555 555 555 20 11100 FAR EASTERN U IPEOPLE 7.05 7.64 7.5 7.64 7.5 7.64 1000 7542 STI HLDG 0.34 0.345 0.325 0.345 0.325 0.345 9390000 3185300 2.91 3 2.96 3.04 2.8 3 1639000 4727700 BERJAYA 7.03 7.08 6.9 7.08 6.88 7.08 5954100 41827407 BLOOMBERRY 1.9 1.95 1.88 1.95 1.87 1.95 42000 79410 PACIFIC ONLINE 1.29 1.3 1.31 1.31 1.29 1.29 25000 32290 LEISURE AND RES PH RESORTS GRP 2.23 2.32 2.32 2.32 2.31 2.31 17000 39310 PREMIUM LEISURE 0.31 0.315 0.315 0.32 0.31 0.315 8150000 2559850 ALLHOME 5.81 5.86 5.8 5.89 5.78 5.85 688200 4006865 METRO RETAIL 1.4 1.41 1.39 1.41 1.38 1.41 1671000 2336260 PUREGOLD 48.05 48.1 49.45 49.45 48.1 48.1 852700 41513360 ROBINSONS RTL 66.85 67 67.6 67.6 66.2 67 125790 8424961.5 PHIL SEVEN CORP 112 112.5 112.5 112.5 108 112 90520 10135553 SSI GROUP 1.17 1.18 1.16 1.17 1.14 1.17 2684000 3123350 WILCON DEPOT 15.72 15.8 15.8 15.8 15.7 15.8 1062900 16742638 APC GROUP 0.3 0.305 0.305 0.305 0.3 0.305 810000 246900 EASYCALL 6.6 6.67 6.6 6.6 6.5 6.6 16600 108846 PRMIERE HORIZON 0.224 0.226 0.227 0.227 0.224 0.226 2770000 625240 SBS PHIL CORP 3.99 4.16 4.17 4.17 4.17 4.17 2000 8340

-4645720 -32714350 -15500 1694400 800 -1014180 6520 60610 5,957,789.9995) -20295024 -5660 -14629.9999 5760 -3000 -150 -733500 19600 348675 9400 804400 768563 -13419875 -5313782.5 -235522 482490 -2662918 -

MINING & OIL ATOK 7.31 8 8 8 8 8 3100 24800 APEX MINING 1.4 1.41 1.37 1.41 1.34 1.4 8825000 12219490 -116089.9997 ABRA MINING 0.0008 0.0009 0.0008 0.0008 0.0008 0.0008 725000000 580000 4000 ATLAS MINING 3.87 3.88 3.8 3.9 3.77 3.87 500000 1912150 BENGUET A 2.51 2.58 2.63 2.63 2.5 2.58 69000 174140 BENGUET B 2.4 2.57 2.48 2.63 2.39 2.57 71000 177070 124000 COAL ASIA HLDG 0.221 0.238 0.219 0.238 0.219 0.238 1200000 275790 -8760 CENTURY PEAK 2.49 2.55 2.5 2.55 2.5 2.55 26000 66250 DIZON MINES 7.33 7.65 7.74 7.74 7.5 7.5 2900 22025 FERRONICKEL 1.16 1.17 1.12 1.17 1.12 1.17 4472000 5164390 461800.0001 GEOGRACE 0.227 0.23 0.232 0.232 0.229 0.229 20000 4610 LEPANTO A 0.128 0.13 0.126 0.13 0.126 0.128 12000000 1543680 LEPANTO B 0.129 0.135 0.129 0.13 0.129 0.129 500000 64800 MANILA MINING A 0.009 0.0093 0.0091 0.0093 0.009 0.009 38000000 346400 MANILA MINING B 0.0096 0.01 0.011 0.011 0.01 0.01 17000000 176000 MARCVENTURES 0.85 0.87 0.85 0.87 0.85 0.87 1108000 946530 -12750 NIHAO 1.98 2 2.01 2.01 1.93 2 563000 1107960 -5970 3.01 3.02 3 3.03 2.99 3.01 2182000 6577840 698190 NICKEL ASIA 0.365 0.38 0.38 0.38 0.38 0.38 10000 3800 OMICO CORP ORNTL PENINSULA 0.53 0.55 0.54 0.55 0.53 0.54 157000 84770 PX MINING 3.89 3.91 3.82 3.91 3.79 3.91 1199000 4641370 551730 10 10.04 9.96 10.04 9.87 10 2421800 24207013 4398637 SEMIRARA MINING 0.0045 0.0046 0.0045 0.0045 0.0045 0.0045 1000000 4500 UNITED PARAGON ACE ENEXOR 5.96 6.01 5.96 6.1 5.8 6.01 333500 2008285 ORNTL PETROL A 0.0083 0.0084 0.0083 0.0083 0.0083 0.0083 2000000 16600 PHILODRILL 0.0081 0.0082 0.0081 0.0081 0.008 0.0081 24000000 193000 PXP ENERGY 5.31 5.32 5.6 5.6 5.28 5.32 970000 5212151 163141.9999 PREFFERED ALCO PREF B 100.7 100.8 100.8 100.8 100.7 100.8 8920 898936 -898936 AC PREF B2R 514 515 512 514 512 514 490 251060 DD PREF 102 102.9 103 103 103 103 50 5150 FGEN PREF G 106.5 107 106.5 106.5 106.5 106.5 13000 1384500 GLO PREF P 508 515 508 508 508 508 860 436880 MWIDE PREF 101.2 101.5 101.3 101.3 101.3 101.3 3700 374810 PNX PREF 3A 97.1 98.3 98.3 98.3 98 98 1460 143218 PNX PREF 3B 101.1 102 102.7 102.7 102.7 102.7 100 10270 PNX PREF 4 941 949 940.5 949 940 949 13150 12400130 PCOR PREF 3A 1050 1057 1057 1057 1057 1057 5 5285 SFI PREF 1.75 1.89 1.85 1.85 1.85 1.85 1000 1850 SMC PREF 2C 77.95 78 78 78 77.95 78 760 59273.5 SMC PREF 2E 75.7 75.95 75.7 75.7 75.7 75.7 1000 75700 SMC PREF 2F 76.9 77.5 78 78 77.5 77.5 1262470 97841450 SMC PREF 2G 76 76.5 76 76.5 76 76.5 95710 7273965 SMC PREF 2H 76.1 77.1 77 77.1 77 77.1 801530 61794510 62370 SMC PREF 2I 76 77.5 76.5 76.5 76 76 26700 2030100 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 6.7 7.13 7 7.14 6.67 6.7 867100 5861987 -4992853 GMA HLDG PDR 4.75 5 5 5 4.95 5 254800 1273800 -1244500 WARRANTS LR WARRANT 0.65 0.66 0.61 0.65 0.61 0.65 36000 23320 SMALL & MEDIUM ENTERPRISES ALTUS PROP 10.08 10.1 10.12 10.12 10.06 10.1 218000 2198234 -497110 ITALPINAS 2 2.01 1.99 2.01 1.94 2 2766000 5459260 100 KEPWEALTH 5.13 5.19 5.14 5.19 5.13 5.13 32200 165929 MERRYMART 3.05 3.06 3.13 3.18 3.04 3.05 29087000 89793860 2221480 EXHANGE TRADE FUNDS FIRST METRO ETF 88.5 89.25 89.6 89.6 88.5 88.5 10490 932005 44410.5

www.businessmirror.com.ph

First Gen to start building LNG terminal in Batangas

By Lenie Lectura

@llectura

irst Gen Corp. of the Lopez Group is set to start the construction of its LNG (liquefied natural gas) terminal in Batangas City following the Department of Energy’s (DOE) issuance of a permit. Its wholly-owned subsidiary, FGEN LNG Corp. (FGEN LNG), received last September 23 a Permit to Construct, Expand, Rehabilitate and Modify (PCERM) for the construction of an Interim Offshore LNG Terminal in the First Gen Clean Energy Complex in Batangas City. The company applied for a permit in March. A PCERM is a permit issued by the DOE under the Philippine Downstream Natural Gas Regulation that authorizes the construction of a Downstream Natural Gas

Facility such as an LNG Terminal. The PCERM received by FGEN LNG authorizes FGEN LNG to construct the project. Construction may begin by the end of September or early fourth quarter once preparations are complete, including the design and implementation of enhanced work and safety protocols and procedures required to minimize the impact of Covid-19 on construction personnel and the local community. The LNG project includes the modification of an existing jetty that will enable it to become a multi-

STOCK-MARKET OUTLOOK Last week

Share prices declined for the second straight week as investors were still unimpressed by the performance of the Philippine economy. The benchmark Philippine Stock Exchange index (PSEi) lost 70.24 points to close at 5,838.66 points. Trading was lackluster for almost the entire week, and Friday's trade value was only at P3.36 billion, way below the P5.81 billion average for the year. Average trading value for the week ended at P3.93 billion, as foreign investors continue to dump local shares with net sell of P2.22 billion. “There is no surprise that investors are cautious with constant flow of dismal economic data. The results of the Bangko Sentral ng Pilipinas Business Expectation Survey and the Consumer Expectation Survey were released last week. Consumer confidence for the third quarter plunged to all-time low,” Christopher Mangun, research head at AAA Securities Inc., said. “We saw a lot of action in second-line telco companies with Now Corp. ending as the top gainer for the week after it was granted an extension on its provisional license to operate mobile frequencies. However, it ended way below its high for the week,” Mangun added. Other subindices ended mixed with the broader All Shares index falling 32.95 points to close at 3,520.63 points, the Financials index declining 15.49 to 1,139.08, the Industrial index rising 27.53 to 7,872.50, the Holding Firms plunging 107.73 to 6,035.96, the Property index shedding 17.35 to 2,725.90, the Services index dipping 14.31 to 1,449.19 and the Mining and Oil index dropping 186.62 to 5,874.06. For the week, losers led gainers 145 to 79 and 25 shares were unchanged. Top gainers for the week were Now Corp., Metro Alliance Holdings and Equities Corp. A, Filipino Fund Inc., Philippine Trust Co., DITO CME Holdings Corp. and Island Information and Technology Inc. Top losers were F and J Prince Corp. A, Abra Mining and Industrial Corp., Lepanto Consolidated Mining Co. A and B shares, Berjaya Philippines Inc., Apex Mining Co. Inc. and Manila Mining A and B shares.

This week

Share prices may continue to decline this week, as it will test the major support level of 5,690 points, due to the lack of good news that will perk up investors. “This is still in line with our projection that the market will traded sideways with a negative bias as it builds momentum for a stronger move higher. The sentiment needs to improve significantly before we could see the market make progress. It could continue sideways for several weeks and the major move may come toward the end of the year,” Mangun said. “Although most believe that we have seen the worst, not enough investors are convinced that stock prices are undervalued,” he said. Meanwhile, broker 2TradeAsia said as September closes by mid-week, many are also expecting that Metro Manila and nearby provinces will shift to a more relaxed modified general community quarantine. With the upcoming third quarter reporting season, the broker said investors are still expecting that earnings will remain depressed. “Our base-case scenario on EPS [earnings per share] contraction for 2020 is at least 48 percent on core income. The silver lining is that investor psyche has been conditioned to find coal in a gold mine and it may take little to positively surprise markets,” it said. It sees immediate support for the main index at 5,700 points and resistance at 6,000 points.

Stock picks

Broker Regina Capital Development Corp. gave a buy recommendation when its support price of P2.47 and P2.80 hold for the stock of MerryMart Consumer Corp. as its indicators are still on the buy signs. “The sustained buy signs from indicators may dampen any selling momentum to come in the next few days. As such, it is possible that MM will start to consolidate sideways above the support at P2.80,” the broker said. MerryMart shares closed Friday at P3.05 apiece. Meanwhile, it gave a buy recommendation on breakout on the stock of Metropolitan Bank and Trust Co. after it sustained a two-day rally that reached an intra-day high of P36.65 per share last week “All indicators are showing increasing buying pressure, which supports a possible breakout past the said upper bound. Next resistance to watch out for is at P37.25,” the broker said. Metrobank shares closed last week at P37.60. VG Cabuag

purpose jetty and construction of an adjunct onshore gas receiving facility. First Gen said these represent the initial phase of the FGEN Batangas LNG Terminal. FGEN LNG is also preparing to issue a binding invitation to tender for a Floating Storage and Regasification Unit (FSRU) upon completion of its ongoing non-binding process. Three experienced FSRU providers, BW Gas Limited, GasLog LNG Services Ltd., and Hoegh LNG Asia Pte Ltd., have expressed interest in providing the FSRU that will provide LNG storage and regasification services to the project once constructed. The project was previously declared by the Energy Investment Coordinating Council through the DOE as an “Energy Project of National Significance” under Executive Order 30. “We are thankful to Secretary Cusi, and to the Downstream Natural Gas Review and Evaluation Committee of the DOE, for the support and guidance that they have provided during the evaluation process, especially given the difficult circum-

mutual funds

stances created by the Covid-19 pandemic, and for issuing the PCERM,” said Jonathan C. Russell, Executive Vice President and Chief Commercial Officer of First Gen. The said project will allow FGEN LNG to accelerate its ability to introduce LNG to the Philippines as early as third quarter of next year, to serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN LNG affiliates. FGEN LNG believes the project will play a critical role in ensuring the energy security of the Luzon Grid and the Philippines, particularly as the indigenous Malampaya gas resource is expected to be less reliable in producing and providing sufficient fuel supply for the country’s existing gasfired power plants, and even less so for additional gas-fired power plants. The entry of LNG is expected to encourage new power plant developments, as well as industrial and transport industries, to consider it as a replacement to more costly and polluting fuels.

September 25, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 192.77 -24.6% -12.25% -4.9% -23.46% ATRAM Alpha Opportunity Fund, Inc. -a 1.0735 -30.95% -13.32% -2.69% -22.32% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.5853 -34.85% -16.62% -6.83% -29.71% Climbs Share Capital Equity Investment Fund Corp. -a 0.6616 -30.54% -13.1% n.a. -26.33% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6764 -20.94% n.a. n.a. -20.36% First Metro Save and Learn Equity Fund,Inc. -a 4.1427 -23.67% -10.39% -4.67% -22.25% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.646 -25.62% -12.9% n.a. -24.32% MBG Equity Investment Fund, Inc. -a 82.04 -29.9% n.a. n.a. -20.52% PAMI Equity Index Fund, Inc. -a 38.5549 -25.8% -11.04% -3.85% -24.82% Philam Strategic Growth Fund, Inc. -a 415.36 -23.09% -10.27% -3.99% -22.04% Philequity Alpha One Fund, Inc. -a,d,5 0.8655 n.a. n.a. n.a. -15.98% Philequity Dividend Yield Fund, Inc. -a 0.9872 -24.4% -10.35% -3.51% -23.29% Philequity Fund, Inc. -a 28.9025 -24.85% -10.04% -3.16% -23.73% Philequity MSCI Philippine Index Fund, Inc. -a 0.7598 -26.28% n.a. n.a. -25.37% Philequity PSE Index Fund Inc. -a 3.9368 -25.44% -10.53% -3.12% -24.63% Philippine Stock Index Fund Corp. -a 658.16 -25.33% -10.53% -3.23% -24.52% Soldivo Strategic Growth Fund, Inc. -a 0.5969 -34.41% -14.19% -7.15% -29.89% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.0398 -28.94% -11.87% -4.56% -27.78% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.754 -25.55% -10.71% -3.32% -24.66% United Fund, Inc. -a 2.7609 -25.44% -9.61% -2.85% -24.43% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 88.3849 -25.19% -10.11% -2.44% -24.43% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0323 7.55% -1.08% 3.34% 0.38% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4796 14.24% 7.23% n.a. 7.32% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5376 -6.55% -5.63% -2.83% -1.61% ATRAM Philippine Balanced Fund, Inc. -a 2.0247 -11.45% -5.75% -1.25% -7.17% First Metro Save and Learn Balanced Fund Inc. -a 2.3685 -10.75% -4.42% -2.61% -9.99% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.171 n.a. n.a. n.a. -25.16% NCM Mutual Fund of the Phils., Inc. -a 1.8198 -7.07% -2.23% 0.25% -7.23% PAMI Horizon Fund, Inc. -a 3.4206 -9.55% -3.97% -1.05% -9.73% Philam Fund, Inc. -a 15.282 -9.83% -4.17% -1.16% -9.9% Solidaritas Fund, Inc. -a -5.14% -1.24% -11.1% 1.8866 -12.06% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2153 -17.09% -6.32% -2.39% -16.78% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9216 -9.43% n.a. n.a. -9.26% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8146 -19.04% n.a. n.a. -18.25% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.7907 -21.22% n.a. n.a. -20.39% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7857 -20.21% -7.66% -3.36% -19.4% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.0389 0.78% 2.5% 2.07% 1.83% PAMI Asia Balanced Fund, Inc. -b $1.0348 5.02% 3.26% 2.25% 0.25% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.0851 8.46% 5.11% 5.92% 4.46% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1544 3.99% 2.67% n.a. 2.28% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 367.84 3.87% 3.07% 2.59% 2.77% ATRAM Corporate Bond Fund, Inc. -a 1.9502 1.79% 0.85% 0.29% 2.53% Cocolife Fixed Income Fund, Inc. -a 3.2011 3.8% 4.8% 4.99% 2.67% Ekklesia Mutual Fund Inc. -a 2.289 3.89% 2.64% 2.19% 2.95% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4466 4.91% 3.33% 2.02% 3.71% Philam Bond Fund, Inc. -a 7.84% 4.17% 2.57% 5.77% 4.6254 Philam Managed Income Fund, Inc. -a,6 1.3103 5.9% 4.34% 2.45% 4.27% Philequity Peso Bond Fund, Inc. -a 3.9483 5.5% 4.1% 2.28% 4.23% Soldivo Bond Fund, Inc. -a 1.0344 9.03% 3.55% 1.87% 7.27% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1763 5.35% 4.68% 2.86% 3.27% Sun Life Prosperity GS Fund, Inc. -a 1.7394 4.22% 3.98% 2.3% 2.25% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $477.86 2.67% 2.45% 2.79% 2.03% ALFM Euro Bond Fund, Inc. -a Є217.12 -1.5% 0.79% 1.15% -1.21% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2382 3.25% 2.99% 2.57% 2.64% 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 $1.0855 -1.26% 0.16% 0.29% -0.74% Philam Dollar Bond Fund, Inc. -a $2.4865 2.79% 3.44% 3.28% 3.45% Philequity Dollar Income Fund Inc. -a $0.0612821 1.89% 2.2% 2.07% 1.63% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.175 0.06% 1.58% 2.3% -0.01% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.12 3.59% 3.3% 2.51% 2.61% First Metro Save and Learn Money Market Fund, Inc. -a 1.0449 2.19% n.a. n.a. 1.81% Sun Life Prosperity Money Market Fund, Inc. -a 1.2903 2.83% 3.03% 2.62% 2% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.049 1.57% 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 0.9968 n.a. n.a. n.a. n.a. Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.93 n.a. n.a. n.a. -6.06% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the

latest NAVPS/NAVPU."

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Banking&Finance BusinessMirror

Salceda eyes PHL as hub for fintechs fleeing HK, saturated Asian markets By Jovee Marie N. dela Cruz @joveemarie

leader of the House of Representatives is pushing for the development of a thriving financial technology sector in the country as the lawmaker said more fintech firms are fleeing Hong Kong’s regulatory jitters and saturated Asian markets. House Committee on Ways and Means Chairman Joey Sarte Salceda said he filed the proposed Financial Technology Industry Development Act or House Bill 7760 as the country’s bid for “asylum-seeking” fintech companies. “Make no mistake: We are in the game for fintech investments. We have 74 million smartphone users who spend 10 hours a day on the Internet. That is one of the biggest consumer markets for digital products in the world,” Salceda said. “For market-seeking firms, we are probably one of the most attractive.” The lawmaker said fintech firms are firms that use technology and innovation that aims to compete with or complement traditional financial methods in the delivery of financial services. Some examples include virtual banks, online lending facilities and cryptocurrencies and blockchain. Salceda has already filed HB 5913 or the Virtual Banking Act to develop virtual banking. Moreover, the lawmaker said fintech firms have been relocating from Hong Kong due to the imposition of laws that some perceive to be too stringent on data management. Other major centers of finance, such as Shanghai, are now saturated with other fintech companies. “Fintech is the future of money. I want the Philippines to be a leader in the area,” Salceda added. “If we are going to dream the future up, let’s dream big.” The fintech bill proposed by Salceda mandates the creation of a Financial Technology Office (FTO) in the Bangko Sentral ng Pilipinas (BSP) to promote the financial technology industry. The bill gives the office the

mandate to form a Financial Technology Industry Roadmap. The bill also extends the eligibility for a Special Investors Resident Visa (SIRV) to financial technology investors and management staff, regardless of investment size, provided that they are given a recommendation by the BSP Governor. The measure also includes the financial technology industry in the Investment Priorities Plan, for 10 years. This would make it qualified for tax incentives on offer by the Board of Investments. It mandates an annual review of policies and infrastructure for data management and security, to ensure that the country’s infrastructure and policies are compatible with basic standards for the development of a sophisticated financial technology sector. “The bill is comprehensive enough to cover all the major concerns of the fintech sector. At the same time, there is enough regulatory leverage for the BSP,” Salceda added. Earlier this month, the central bank also welcomed Salceda’s proposed regime for virtual-only banks. Salceda said the measure allows the proposed FTO to recommend regulatory sandboxing, or the practice of allowing fintech firms to pilot their innovations within a small but largely deregulated market. Salceda says this will allow fintech firms to fix glitches in their system with little risk, before they launch their services in the larger market. The bill also encourages financial inclusion initiatives among fintech firms. “Covid-19 shattered our imagined barriers about what we can aim for. Digital workplaces used to be stuff of the future,” he said. “The digital economy, while emerging, seemed to be still distant before Covid-19. Now, the digital economy is upon us.” Salceda believes the Philippines would be left behind “if we will not aim for things that are as big as the changes that are taking place.” “This opportunity to have big national ambitions is too significant, and has been too costly, to waste on small dreams,” the lawmaker added.

Banker sees economy returning to pre-Covid growth level in 3 years

ecurity Bank’s Trust Asset Management Group is seeing the economy returning to pre-pandemic growth of 6 percent by 2023 as it expects consumption spending to bounce back. Noel S. Reyes, the bank unit’s chief investment officer, said that the healthy amount of liquidity in the financial system is seen supporting the household spending. According to data from the Philippine Statistics Authority, household expenditure fell by over 5 percent to P6.47 trillion in the first half from P6.84 trillion year-on-year as spending on alcoholic beverages, tobacco, clothing and transport, among others, declined. “The good liquidity brought by the forceful response of the BSP [Bangko Sentral ng Pilipinas] and low interest rates put the country in a good position for consumption rebound,” Reyes explained. The series of key policy rate trimming—totaling 175 basis points— has infused liquidity amounting to over P1 trillion into the economy. Meanwhile, the overnight reverse repurchase facility currently stands at 2.25 percent. This year, however, the group said that the country’s gross domestic product (GDP) is expected to contract by 7.7 percent. The forecast was attributed to most Filipinos staying at home and limiting the purchases to essentials only. “[For] Covid-19, it was the decline

in consumption and business closures, because of lockdowns that bled into the financial system, which in return led us to negative GDP-growth territory,” Reyes said. The Philippine economy has entered a recession after declining in two consecutive quarters as businesses struggle to operate amid the lockdown measures due to the coronavirus pandemic. Security Bank said it anticipates a 3.5-percent year-on-year growth in 2021 due to base effect. Early this month, former Socioeconomic Planning Secretary Solita Monsod noted in a presentation at the General Membership Meeting of the Chamber of Thrift Banks, that “given the state of things, any hope of recovery would likely come in 2021 but mainly due to base effects.” Meanwhile, Security Bank President and CEO Sanjiv Vohra said that once a vaccine or cure for the coronavirus has been found, the consumer confidence is seen improving as well. “It’s a delicate balancing act for sure, and the key will be to strengthen our public health so that we make sure that our work force and thereby our economy will remain productive, and business and consumer confidence returns,” he said. “Locally, we have low-interest rates and good liquidity. We also have a forceful BSP response, resilient currency, and a strong potential for economic and consumption rebound,” Vohra added. Tyrone Jasper C. Piad

Monday, September 28, 2020 B3

Economist: Low interest rates pave way for credit-card cap

By Tyrone Jasper C. Piad

@Tyronepiad

he low interest rates allowed the Bangko Sentral ng Pilipinas (BSP) to put a ceiling on creditcard charges, an economist said. “Near record low interest rates provide a conducive environment that allows and somewhat justifies lower credit-card charges, on top of competition among banks and credit-card companies that further bring down credit charges,” RCBC Chief Economist Michael L. Ricafort said. The BSP has cut the key policy rates by 175 points so far this year, bringing the overnight reverse repurchase facility to 2.25 percent. Ricafort said that having low interest rates locally and globally is beneficial for the economy as it supports recovery prospects. At the same time, monetary easing measures are seen driving both the liquidity and demand for loans, helping the economy to bounce back, he said. “Liquidity infusion measures have led local interest benchmarks to new record lows…and correspondingly reduced borrowing costs that help spur greater demand for loans, generate more investments, create more jobs and greater business activities to mitigate the adverse

economic effects of Covid-19,” Ricafort explained. UnionBank Chief Economist Ruben Carlo O. Asuncion said that capping the credit-card charges can result into banks incurring opportunity costs. However, Asuncion underscored the need for a reprieve for bank clients as the country deals with the ongoing coronavirus pandemic. “It’s a difficult balancing act, but government has to do something and everybody, ideally, should pitch in to help the economy to stay afloat,” he added. Meanwhile, the Bankers Association of the Philippines (BAP) acknowledged in a recent statement the importance of pushing for a creditcard policy reform during a crisis. “We support this initiative by the Bangko Sentral ng Pilipinas,” BAP Managing Director Benjamin Castillo said. “This will help ease the burden of every household including businesses severely affected by the pandemic.” In addition, the bankers group said it appreciated the collaboration

Monetary authorities have said that putting a cap on interest-rate charged in using credit cards is aimed at helping businesses especially as the economy has slowed down. NONNIE REYES

between the industry and the regulator to fight the adverse impact of the pandemic. Last week, the Monetary Board greenlighted setting the annual interest rate ceiling on all credit-card transactions at 24 percent. This policy will be effective on November 3. The BSP said that the interest rates or finance charges on unpaid outstanding credit-card balance should only be 2 percent or lower monthly. The maximum rates are subject to review by the Central Bank every six months. BSP Governor Benjamin E.

Diokno said that the interest-rate cap on credit cards is aimed at helping the micro, small and medium enterprises amid the economic slowdown. “Amid the rising use of electronic platforms for payments, the issuance will enable credit-card holders to settle financial transactions under more affordable pricing terms,” Diokno said. As of end-July, the outstanding credit-card loans provided by the big banks for household consumption amounted to P409.05 billion, 27-percent higher than P321.06 billion year-on-year.

PayMongo secures $12M in Perspectives Series A financing led by Stripe New opportunities for promising technologies T he company behind the Filipino-owned online payment platform PayMongo recently secured $12 million in a Series A financing round led by Stripe with participation from the company’s other existing investors—Y Combinator, Global Founders Capital and a new investor, Bedrock Capital.

PayMongo Philippines Inc.

The fresh investment brings PayMongo’s total funding to almost $15 million, just a little over a year since the company launched in June 2019 with a seed round of $2.7 million, one of the largest among Philippine financial technology start-ups. “The Series A funding builds on an exceptional first year for PayMongo. We’re thrilled to have amazing investors to support our mission of building the digital economic infrastructure in the Philippines,” said Francis Plaza, PayMongo CEO and co-founder. The new capital enables PayMongo to further accelerate the rollout of new features and products in its aggressive road map and build up its product, design, and engineering teams. “We are committed to build the best payment experience for Filipino businesses,” Plaza said. Philippine digital transactions surged by 42 percent in value between January and April 2020, and would likely meet the targets set by the country’s central bank—a growth driven by the necessary shift online amid strict community quarantine measures. PayMongo’s transaction volume soared 15 times since the year started. By April, a month after the government imposed a nationwide lockdown, thousands of Filipino businesses, including small entrepreneurs, restaurants and fast-food chains, have signed up for its products and services. PayMongo’s userfriendly payment platform allowed them to transition to digital easily, continue operating online, as well as accept digital payments such as

credit and debit cards and e-wallets in a few simple steps. According to Noah Pepper, Stripe’s APAC Business Lead, “We’ve been impressed with the PayMongo team and the speed at which they’ve made digital payments more accessible for so many businesses across the Philippines. We fully support their vision to bring many more Filipino businesses online. Given the disruption caused by Covid-19, a service like theirs is simply vital for the country’s businesses and economic future.” PayMongo’s standard, easy-tointegrate PayMongo API accelerates Internet businesses by lowering integration time to a few lines of code. The company’s PayMongo Links product and e-commerce plugins power businesses without the need for development time. The company’s payment platform delivers stress-free onboarding, consistent checkout experience and worry-free fraud detection systems. “PayMongo is enabling businesses to meet rapidly growing online demand with intuitive, easy to use products,” said Spencer Peterson, Principal at New York-based Bedrock Capital. “We’re impressed by the pace at which this team executes and thrilled to support their vision for the future of digital payments and commerce.” PayMongo is the first Filipinoowned fintech start-up incubated by Silicon Valley-based Y Combinator, the premier seed accelerator in the world. Y Combinator and other Silicon Valley investors funded PayMongo’s seed round. They include Stripe, a technology company that builds economic infrastructure for the Internet; Founders Fund, the San Francisco-based venture capitalist that supports innovative technologies of many start-ups across the world; Founders Fund’s Peter Thiel, who is also the co-founder of PayPal and the first investor of Facebook; and with participation from Global Founders Capital and a number of other angel investors.

ith the global economy in recession and financial performance under threat, many enterprises are adopting a “do more with less” mentality, taking dollars away from experimental projects that may not deliver immediate payoff. Many businesses have put investments in cutting-edge technologies on hold, unless there is a specific case for acting right now. Investment reductions are expected in the near term for certain emerging technologies, such as 5G and edge computing, AI (artificial intelligence) and blockchain. At the same time, rapidly shifting business priorities are creating new opportunities and use cases for these technologies as the new reality progresses. Since Covid-19 hit, some technologies are being prioritized while others have seen short-term spending cuts.

Everywhere, anytime work: 5G and edge computing

The sudden work-at-home environment driven by the Covid-19 lockdown has driven even greater interest in 5G. 5G advocates say the next generation of Internet technology will bring about an exponential change in the speed, scale and security of the world’s digital connections, from people to products to enterprises. The first major shift, already underway, will be a new workplace paradigm: remote work models as productive and rewarding as in-office models. According to Alex Holt, Global Head of Telecoms and Media, KPMG International,

5G in combination with edge computing will be key to the global economic recovery after Covid-19. 5G provides the capability to support billions of connected devices transmitting huge volumes of data. Edge computing, which moves processing power closer to the user, has the potential to dramatically improve speed, bandwidth, and latency of applications. Together, these technologies have the potential to transform the way we work in a wide variety of industries. Employees can enjoy a better remote work experience, with increased access and enhanced functionality, which in turn will improve productivity. In addition, data intensive and other jobs that historically required a physical presence will also have virtual options. “Everywhere, anytime” work, just as effective as it is on site, will truly be possible. These converging technologies also hold promise to transform industry business models and outcomes. The value of 5G and edge computing across five key sectors is expected to reach more than $500 billion by 2023, according to recent research from IDC and KPMG in the US. (“The 5G edge computing value opportunity,” KPMG in the US, 2020)

The excerpt was taken from “KPMG Thought Leadership, Consumers and the New Reality.” © 2020 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG network of independent member-firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. Printed in the Philippines. For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

Monday, September 28, 2020 • Editor: Gerard S. Ramos

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An abundance of Catherines FIRST row: Catherine The Great (as played by Helen Mirren in Catherine The Great), Grand Duchess Catherine (played by Elle Fanning in The Great), Catherine de Medici, Katherine of Aragon (played by Charlotte Hope in The Spanish Princess); second row: Katharine Hepburn as Eleanor of Aquitaine in The Lion in Winter, Cate Blanchett as the title character in Elizabeth, Catriona Gray, Catherine Deneuve in Belle De Jour.

HAVE a winsome niece named Katherine Rose, the first-born of my sister Elizabeth. “My dad had a sister named Catherine who died when she was still a baby,” my niece said. “I just liked to match Katherine with our mother’s name, Rose,” my sister added. With the #stayathome directive still strictly enforced, all I do now is binge-watch and panic-read. The past weeks have been about anything Catherine/ Katherine. Not to be confused, though, with An Abundance of Katherines, the 2006 young adult novel by John Green which I haven’t read yet. The original must be Catherine of Alexandria (circa 287), the teenaged princess, virgin, martyr and saint. The most captivating of all, Catherine The Great, continues to be a fascinating persona. The empress, who ruled Russia from 1762-1796 after overthrowing her husband Peter III, was played by the British dame, Helen Mirren, in HBO’s Catherine The Great (2019). The historical drama focused on Catherine’s tumultuous reign and her equally combustible affair with Russian military leader Grigory Potemkin (Jason Clarke), just one of her many lovers, which shaped Russia into a global power. “She rewrote the rules of governance by a woman, and succeeded to the extent of having the word ‘Great’ attached to her name,” Mirren said. As with period epics, the costumes are essential to the narrative. Amid the fabulous imperial frocks, one ensemble stands out. Explains costume designer Maja Meschede: “[Catherine] was a military lady. She was the leader of one of the biggest armies ever. [She] would color-coordinate her military riding suit according to the uniforms of the regiment. In greeting the prestigious Preobrazhensky Guard—also the main military backers in her coup—she wears green, replicated from The Hermitage archives, to match their uniforms.” Elle Fanning plays Catherine as she was still a grand duchess in the 2020 Hulu series, The Great, a “fictionalized, fun and anachronistic story of an idealistic, romantic [German] young girl, who arrives in [backward] Russia for an arranged marriage to the mercurial Emperor Peter.” It’s historical revisionism, for sure, including some of the period fashion designed by Emma Fryer. When she was about to become an empress, Catherine was clad in pink. “Yeah, that was my idea! I love pink. I’ve worn something similar to an event. It was like a Vivienne Westwood dress that was in this electric pink. I just loved that dress and I thought, ‘Gosh, it’s Catherine’s birthday. And she’s like going to kill her husband. She can’t just wear blue, she’s changed, she has to be in this

electric pink,” Fanning told harpersbazaar.com. (Welsh actress Catherine Zeta-Jones starred in the TV movie Catherine The Great in 1995.) Catherine The Great was a Romanov, Russia’s most formidable dynasty, only by marriage. However, another namesake, Catherine de’ Medici (Italian: Caterina de’ Medici, 1519-1589), was to the manor born to the most powerful Renaissance family. Her uncle, Pope Cement VII, arranged her marriage to the Valois King Henry II of France, making her a queen consort. She later on became dowager queen when her sons Francis II, Charles IX and Henry III became kings. She exerted great influence in French politics during her time. She also raised Mary, Queen of Scots. A daughter, Margaret of Valois, became queen consort to Henry IV. Catherine’s elder daughter, Elisabeth, became queen of Spain as the second wife of Philip II, after whom the Philippines was named. Philip II’s first wife was Mary Tudor of England, the daughter of Henry VIII and Katherine of Aragon. (Spanish: Catalina; 1485-1536). Katherine was the daughter of Isabella I of Castile and Ferdinand II of Aragon. She was first married to Arthur, Prince of Wales and heir apparent to his father Henry VII, but Arthur died before ascending to the throne. This period in her life is the subject of the Starz TV series, The Spanish Princess (2019), where she is played by

English actress Charlotte Hope. Dreamy Irish actor Ruairi O’Connor plays Harry, Duke of York and the future Henry VIII, whose eight wives included the promiscuous Catherine Howard and the kindly Catherine Parr. Catherine, Duchess of Cambridge (born Catherine Elizabeth Middleton), popularly known as Kate Middleton, will be a likely queen consort. Eleanor of Aquitaine (c1122–c1202) was one of the wealthiest and most powerful women in the High Middle Ages. Her second husband was King Henry II of England. One of their sons was Richard the Lionheart. Their battle-of-the-sexes reign and marriage was the subject of The Lion in Winter (1968) with Katharine Hepburn and Peter O’Toole. Hepburn, the American Film Institute’s “greatest American female screen legend,” won her third Oscar for playing Eleanor, who was her 23rd great-grandmother according to the genealogy site Famous Kin. The Australian Cate Blanchett won a best supporting actress Oscar for portraying Katharine in The Aviator (2004). She also received nominations for portraying Elizabeth I in Elizabeth (1998) and Elizabeth: The Golden Age (2007), where she wore a stupendous piece: a gown of hand-dyed velvet applique and embroidery on woven damask (pictured) made by the theatrical outfitter Angels and commissioned by

costume designer Alexandra Byrne. Cate’s full name is Catherine Elise Blanchett. Catriona Elisa Gray, Miss Universe 2018, is Filipino-Australian. She was named after her paternal grandmother, Catherine Gray (née Ross), an immigrant to Western Australia from Scotland. A fellow beauty queen is Katarina (variations in Croatian, German, Hungarian, Lithuanian, Serbian, Slovene, Swedish) Rodriguez, Binibining PilipinasIntercontinental 2017 and Miss World Philippines 2018. Catriona is the Scottish Gaelic of Catherine. Catherine Deneuve, the queen of French cinema, solidified her legendary status in Luis Buñuel’s 1967 film Belle de Jour. As Séverine Serizy, Catherine plays a bored bourgeois housewife who moonlights as a high-class hooker in an exclusive brothel. Along with the controversial sexual theme, the film became unforgettable because of its fashionable outfits designed by Yves Saint Laurent. “Wearing Saint Laurent’s clothing, Séverine is at once fragile and seductive, especially in the legendary black vinyl trench coat with knit sleeves and the austere black dress with ivory satin cuffs and collar. The character of Séverine was reminiscent of the young Saint Laurent, a well-behaved and melancholic child tormented by inner demons,” noted the Musée YSL Paris. ■

Drinking my way to good health NUTRABLISS Lutein + Bilberry Capsules can help improve eye health

MY mom is 81 years old and the only maintenance medications she is on are for her borderline cholesterol level and her asthma. Up until the pandemic and the quarantine that followed, my mom was very active and would go out often. She also looks younger than her age so people have always asked me what her secret was. Honestly, I think it is the number of vitamins and supplements she takes everyday. Aside from her multivitamins and vitamin C, my mom takes other supplements like biotin, calcium + D, collagen, lutein, glucosamine, fish oil and others. Of course, she also eats well and wears sunscreen everyday, even when she is just indoors. My doctor said taking the right vitamins and supplements, assuming you don’t get them all from your diet, does not just ensure a healthy body but also helps skin look healthy and youthful. For my part, I’ve been drinking a multivitamin (Conzace), a vitamin C (Fern-C) and a supplement for my hair (Physiocap). I’ve also been enjoying supplements from Watsons health and lifestyle brand, Nutrabliss by Watsons. I received a range of wellness and beauty supplements from the brand that come in on-the-go, ready-to-drink and chewable formats. Nutrabliss Iron + Folic Acid Chewables help generate new red blood cells and carry oxygen to vital organs and muscles while Nutrabliss Mixed Berries + Vitamin C is for

daily skin and eye protection. The latter comes in a readyto-drink bottle. Nutrabliss Garcinia Cambogia + Gymnema Sylvestre Tablet burns fat and suppresses your appetite. This supplement is formulated with plant extracts. Nutrabliss Lutein + Bilberry Capsules can help protect the eyes from the harmful blue lights of digital devices. My favorites from the range are the supplements for the skin. Nutrabliss Collagen + Vitamin C gives you your daily dose of Collagen & Vitamin C in one tablet. This is a chewable in a passion fruit flavor. Nutrabliss Daily Collagen Sachet, which can be added to your breakfast smoothie, contains collagen, calcium, probiotics and vitamin C (this is my favorite from the bunch because I love smoothies). Meanhile, Nutrabliss Hyaluronic Acid + Collagen is low-calorie drink in a bottle that helps keep your skin moisturized. Nutrabliss also has a resealable pack of Collagen Tablets. Other wellness options include Nutrabliss Chamomile + Mint Tea for relaxation, Diges-tea for improved digestion, and Everynight Herbal Tea. Nutrabliss also has other tea variants which you can browse through at bit.ly/3i4GkXW. I know that the Nutrabliss line is available from select Watsons stores or online (bit.ly/3i7G7nz) but I got my refill of Nutrabliss Daily Collagen Sachet by simply calling the branch nearest to me, as I do for most of my Watsons orders. One thing I like about the Nutrabliss line is that they are all in colorful and aesthetically pleasing packaging. The packaging colors are in pink, green and lavender, among other colors. BASIC SKIN CARE FOR THE TIMES THE pandemic has changed our lifestyles in a way that many have gone back to basics in terms of skin care and grooming. Filipino skin-care brand Fresh Formula recently unveiled the latest addition to their skin-care line of easy basics: the Good Days Ahead Essentials Pack. The four new products in Fresh Formula’s skin-care line hope to help Filipinos overcome their new normal skin challenges. The Good Days

Ahead Essentials Pack (available on Shopee and Lazada) includes a low pH cleanser and toner, moisturizing hand and body wash, and a moisturizing hand sanitizer. The products have been formulated so that Filipinos can cleanse their skin multiple times a day without compromising the skin barrier. The Good Days Ahead Essentials Pack comes with a Fresh

Formula Pouch and retails for P999. The Daily Grind Low pH Duo is a low pH cleanser and toner duo that cleanses the face without disrupting the skin’s pH balance. With a pH level of 5 to 5.5, the two products are meant for after-PPE and post-mask cleansing. Clear As Day low pH toner further cleans and soothes the skin in order to prevent maskne. Fresh Formula CEO Nina Dizon-Cabrera (who also owns the Instagram- and TikTok-famous brand Colourette Cosmetics) said they observed an increase in stress breakouts and the prevalence of maskne during the onset of the pandemic. Dizon-Cabrera herself experienced breakouts so she wanted to provide a lasting solution to complement the brand’s anti-acne skin-care regimen. Fresh Formula sought a simple and affordable solution because Dizon-Cabera knows how acne can add to the stress people are experiencing right now. The Daily Dose Low pH Cleanser and Clear as Day Low pH Toner retail individually for P349 per 100 ml each. My favorite is the Daily Squeeze Moisturizing Hand and Body Wash, a dual-purpose product that cleans the hands and body and leaves it soft and moisturized no matter how many times you wash throughout the day. Your skin will never feel dry with its gentle formulation that has jojoba oil, aloe vera extract and glycerin. I love the melon scent. This retails individually for P299 per 300 ml. Meanwhile, the No Days Off Moisturizing Hand Sanitizer is 60 percent alcohol and also contains jojoba oil, aloe vera extract and glycerin. This retails individually for P129 per 50 ml. All products in The Good Days Ahead Essentials Pack is alcohol-free, paraben-free and triclosan-free. Fresh Formula does not test on animals and formulates vegan skin care. I love that local brands like Fresh Formula are now giving us good and affordable skin care. In the past, nearly everything from local brands involved whitening and exfoliating. I am happy that we now have options.

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Diverse Teams Feel Less Comfortable —and That’s Why They Perform Better By David Rock, Heidi Grant & Jacqui Grey

A 2016 analysis of more than 20,000 firms in 91 countries found that companies with more female executives were more profitable. In a 2011 study management teams exhibiting a wider range of educational and work backgrounds produced more innovative products. Under increasing scrutiny, and mindful of the benefits of diversity on the bottom line, many companies are trying to recruit and retain a more diverse workforce. Still, success has so far been marginal. Why aren’t these companies making more headway? One reason could be that homogenous teams just feel more effective. In addition, people believe that diverse teams breed greater conflict than they actually do. Bringing these biases to light may enable leaders to correct course. A study of fraternity and sorority members we conducted in 2009 offers a remarkable window into the workings of diverse and homogenous teams. In the experiment, participants were asked to solve a murder mystery. First, they were individually given 20 minutes to study the clues and pinpoint the likely suspect. Next, they were placed into teams of three with fellow members of the same Greek house and given 20 minutes to discuss the case and provide a joint answer. Five minutes into the discussion, however, they were joined by a fourth team member, someone

from either their own house or another one. After collectively naming their suspect, members individually rated aspects of the discussion. More diverse groups—those joined by someone from a different fraternity or sorority—judged the team interactions to be less effective than groups joined by insiders did. They were also less confident in their final decisions. Intuitively, this makes sense: On a homogenous team, people readily understand each other and collaboration flows smoothly, giving the sensation of progress. Dealing with outsiders causes friction, which feels counterproductive. But in this case their judgments were starkly wrong. Adding an outsider actually increased a group’s chance of arriving at the correct solution. The work felt harder, but the outcomes were better. In fact, working on diverse teams produces better outcomes precisely because it’s harder. The idea goes against many people’s intuitions, and this is because of a common bias that psychologists call the fluency heuristic: We prefer information that is processed more easily, or fluently, judging it to be truer or more beautiful. If information becomes more familiar without much effort, we feel that we’re learning. But that doesn’t mean we are. In a 2011 study students actually performed

Start stopping faster By Darrell K. Rigby, Sarah Elk & Steve Berez

usiness executives could learn a lot from cheetahs, Earth’s most agile land animals. Though their ancestors ran only about 20 miles per hour, today’s cats can accelerate from zero to 60 within three seconds— faster than a Corvette Twin Turbo. But speed alone is not what makes cheetahs such awesome hunters. Computer models show that the best predictor of a successful hunt is not a cheetah’s top speed; rather, it’s how fast the animal stops and turns. There is an important parallel to the executive hunt for innovations. Whether organizations are developing new products, processes or overhauling old ways of doing business, it’s not enough that they pursue new ideas faster. Unless companies develop new muscles for skillfully decelerating and adapting to unexpected twists and turns, their efforts are likely to come up short. It’s one of the most common laments of executives struggling to increase their organization’s adaptability: “We are terrible at stopping work, even when it’s obvious that the work is a complete waste of time and money.” The cost of this problem is higher than managers imagine. Gary Hamel

and Michele Zanini estimate the cost of bureaucratic waste has hit $10 trillion and is growing. Between 70 percent and 90 percent of innovations fail, and healthy operations grow weaker every day that they must subsidize foundering projects kept alive by political inertia rather than potential payoff. Since stopping things is very hard, executives make starting them even harder, dampening innovation. They raise investment hurdle rates, demand more detailed analyses and add layers of scrutiny. Sadly, these actions don’t improve decisions so much as they damage competitive positioning. There is another way. By focusing on three actions below, organizations can improve their own agility and start stopping things faster:

Make more decisions reversible

While researching our book Doing Agile Right: Transformation Without Chaos, we learned from Jason Goldberger, a former executive at Amazon.com, that in order to accelerate innovation the company’s founder, Jeff Bezos, purposefully encourages executives to make decisions reversible, which ensures that a company won’t have to live with bad consequences for very long. Such an approach thwarts risk aversion and accelerates experimentation.

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n numerous studies, diversity— both inherent (e.g., race and gender) and acquired (e.g., experience and cultural background)—is associated with business success. For example, a 2009 analysis of 506 companies found that firms with a greater degree of racial and gender diversity enjoyed higher sales revenues, more customers and greater profits.

better on a test after studying the text once and then trying to recall as much as they could, a strenuous task, than they did by repeatedly going over the text, a less demanding task. When discussing the intersection of diversity and productivity, there’s another bias at play, too: Research shows that people often overestimate the amount of conflict that actually exists on diverse teams. In one study, MBA students were asked to imagine that they were comanaging several four-person teams of interns, and that one team had asked for additional resources. They saw photos of the members, depicting four white men, four black men, or two of each. They then read a transcript of a discussion among

“If you tell people to innovate without making mistakes, you will kill innovation,” Goldberger explains. “But if you tell people to innovate and not worry about mistakes that are quickly reversible, you free them to test and learn in more agile ways.” Unfortunately, not many companies run this way. Far too many investment proposals plan for premature and irreversible scaling. They call for large upfront investments, and predict delayed, hockey-stick-shaped revenues and profits. When revenue and profit fail to materialize, it seems too late to stop. One way to break this habit is to run the business the way a savvy venture capitalist invests. Recognize business plans for what they really are: business experiments. Break large, risky gambles into a series of smaller, smarter tests. Clarify the hypotheses, the best ways to test them and the metrics that will signal whether to persist, pivot or pause. Avoid premature scaling—hiring too many people, building too much capacity, doing too much marketing—before key assumptions have been validated. Match costs to revenues. Start by confining experiments to affordable, adaptable and reversible microcosms of the ultimate solution by limiting

the group and rated the team on various factors. Teams of four white men and four black men were seen as having equal levels of relationship conflict, but the diverse teams were seen as having a higher level of relationship conflict than the homogeneous teams, even though everyone had read the same transcript. This type of unconscious bias can clearly have a significant impact not only on hiring but also on the ways in which leaders create teams and encourage collaboration. Without realizing it, they may be reluctant to add diversity to a team or to assign colleagues with different backgrounds to work together, in response to a fear of the tension and difficulty that could ensue. It’s critical to note that simply

geographies, customer segments or product lines.

Make work more visible

It’s hard to improve or stop unproductive work if you can’t see what work is being done and how well it’s going. Too many companies are flying blind, and the intangible work of technology and marketing departments is often invisible to leadership teams. Increasing visibility is good for everyone. It helps senior executives uncover valuable initiatives, recognize the people pushing them and accelerate progress. It allows employees to see projects related to their own jobs, learn from them and identify where workers’ expertise could solve perplexing problems or save time and money. It makes it easier for everyone to identify duplicative work and triggers discussions about whether overlapping teams should collaborate or compete. Imagine a system that enables authorized employees to see all work streams, who is on each team, what else they are working on, and how the work is progressing. Imagine tagging the work of each team with descriptors such as strategic priority, targeted customers, expected economic value and progress against plans. Such systems actually exist—project and portfolio

making a team more diverse is not necessarily enough to see the benefits. Diverse teams must find ways to work together productively, and often the best ways of working may seem counterintuitive. For example, research suggests that when people with different perspectives are brought together, people may seek to gloss over their differences in the interest of group harmony—when, in fact, differences should be taken seriously and highlighted. In a 2012 study, teams of three were tasked with generating a creative business plan for a theater. On some teams, members were assigned distinct roles (artistic, event and finance manager), thus increasing diversity of viewpoints. These teams came up with better ideas

management software, objectives and key results trackers, talent management systems and workforce analytics—and they are getting better.

Overpower fear

Astute leaders realize that fearful workers will cling to the current work no matter how unproductive. To overcome that fear, they can do several things. We’ve already discussed one of them: They reduce the cost of stopping projects (e.g., by conducting experiments). Another way to help workers let go of the fear of making mistakes is to reward people who learn valuable lessons by taking prudent risks, even if the immediate outcome was disappointing. In some cases, this may mean sticking to a bold objective but adapting the approach as conditions or capabilities change. When Bezos wanted to enable third-party vendors to sell new or used products on Amazon, the company initially failed: The 1999 launches of Amazon Auctions and zShops both fizzled. But Amazon Marketplace, launched soon after, was a success. It now accounts for more than half of all units sold by the company. Giving people more opportunities if their current project fails also reduces

than homogeneous teams—but only if they’d been explicitly told to try to take the perspectives of their teammates. They had to face up to their differences in order to benefit from them. Another way to take advantage of differing viewpoints is to highlight the value of multiculturalism. In a 2009 study, pairs of Canadian students, one white and one First Nations, were teamed up for a conversation. Prefacing the meeting with a message supporting multiculturalism (versus no message) made the meeting more positive, while a message endorsing colorblindness led the white students to take a negative stance toward their First Nations partners. Of course, diversity is not always a panacea, and it can at times produce corrosive conflict. When that happens, it is often because team members are bringing different values, rather than different ideas, to the table. It’s difficult to overcome differences in values, no matter how well-intentioned colleagues may be. In addition, diversity’s benefits are rarely obtained without a strong sense of team and organizational inclusion. The research presented above suggests that diversity initiatives may not be successful until we do more to address the way diversity is perceived. When leaders see it first and foremost as a social obligation that makes things difficult and slows progress, they will likely make decisions that undermine the organization’s diversity goals. If, however, they can recognize that the debate and unfamiliarity that come with diversity are an important catalyst for creativity and deep thinking, their organizations will reap great rewards. David Rock is a cofounder of the NeuroLeadership Institute, a consultant and author of Your Brain at Work. Heidi Grant is a social psychologist. She is global director of research and development at the NeuroLeadership Institute and serves as associate director of Columbia’s Motivation Science Center. Jacqui Grey is managing director, Europe for the NeuroLeadership Institute.

the likelihood that they’ll stick with a bad idea longer than they should. Successful companies build a strong and visible backlog of compelling opportunities. They make it clear that until existing projects that aren’t panning out have stopped, new initiatives can’t be launched. And they redeploy people from the former to the latter. In time, the fear of missing out on something better starts to overpower the fear of loss. In a world of increasingly unpredictable change running at higher speeds is not enough. Businesses must evolve to match their acceleration muscle with faster stopping and turning skills. As they do, their hunt for growth will grow more fruitful, their competitive capabilities will strengthen, and their position in the food chain will climb. Darrell K. Rigby is a partner in the Boston office of Bain & Company and heads the firm’s global innovation practice. Sarah Elk is a partner in Bain & Company’s Chicago office and heads its global operating model practice. Steve Berez is a partner in Bain & Company’s Boston office and a founder of its enterprise technology practice. Rigby, Elk and Berez are coauthors of Doing Agile Right: Transformation Without Chaos.

B6 Monday, September 28, 2020

Taiwan’s AI solutions and cyber security products flourish amid growing global trends

‘T

AIWAN Excellence,’ the international promotional campaign run by the Bureau of Foreign Trade (BOFT) and the Taiwan External Trade Development Council (TAITRA) held recently a live stream press conference that showcased Taiwan’s breakthrough solutions in Artificial Intelligence (AI) and Cyber Security. “Taiwan has a very solid foundation in ICT and semiconductor industries. AIoT and cybersecurity are two of the Six Core Strategic Industries which are important parts of Taiwan’s industrial technology policy. We believe our rapid responsive solutions such as the eMask App are evidence that Taiwan has the capability and potential to provide the best software and hardware products for AI and cybersecurity.” explains BOFT Director General Cynthia Kiang. Presented during the virtual conference were several Taiwanese ICT companies, three of which are winners of the Taiwan Excellence Awards, which generated a lot of excitement and buzz with the unveiling of their new products. iEi’s latest FLEX AIoT Dev Kit is designed with rich I/O and strong expansion capability and supports up to four accelerator cards to provide rock-solid computing performance. iEi also developed a palm-size AI embedded system, the ITG-100AI, pre-installed with two Intel Myriad X VPUs for AI deep learning, while consuming a minimal 7.5W of power. By adopting AI accelerator modules, it can run 20 times faster than Celeron CPUs and accelerate computer vision and deep learning inference on the edge. TSTi (Tatung System Technologies Inc.) is a new-generation Contact Center Cloud Solution called “ticc Contact Center

on Cloud” fusing decades of experience establishing enterprise-level call-centers with their Cloud technology capabilities. A great benefit of cloud technology is that business owners can operate the ticc contact center on cloud anytime and anywhere without further client system installation. Zyxel Networks, a leader in delivering secure business solutions, showcases USG FLEX, a new series of mid-range firewalls designed for small and mediumsized businesses (SMBs) to keep up with workplace mobility, connectivity and security requirements, post-pandemic. Definitely, the best solution for SMBs. Zyxel’s new USG FLEX 100/200/500 firewalls feature upgraded hardware and software power that level up SMB security with up to 125 percent of firewall performance and up to an additional 500 percent Unified Threat Management (UTM) performance. This provides robust, scalable network security and comprehensive hotspot functions to fulfill business needs in just one box. The Syscom Group's NETCenter is an integration and management application that assists with various management functions like fault identification, configuration, accounting, performance and security. NETCenter supports a variety of monitoring dashboards, through the simple and easy-to-understand dashboards to allow managers to master the quality of operations. All connections and network equipment are under control so you won’t be disconnected from any network connection and then have to figure out the problem yourself. It remotely manages via a Web Browser, with no need to install a front-end application or add-ons.

BankPro e-Service Technology Co., Ltd. showcased “BPAGS,” that combines “eLogistics” and "BPWMS" to provide one-stop integrated services, which cover full-temperature logistics (by targeting goods), data flow for warehousing (for site management), better distribution and even shipping including inventory management and more. “eLogistics” also provides a complete interface to integrate necessary data with the enterprise’s inhouse developed WMS, which support customers in having a more flexible and valuable platform to operate with excellence and efficiency. A member of Qisda, LaFresh Information Co., Ltd. has dedicated itself to developing an omni-channel system for ordering and providing integrated solutions for smart retail. The system can meet all kinds or type of industry, such as F&B, retail, or amusement parks and can provide different interface based on client demand. LaFresh provides the software system of POS, HQ Management, KDS, Kiosk, Tablet, online ordering, multiple mobile payment methods and other applications of Cloud services as well as IoT device integration, and is expanding the business scope to the AI field as well. Taiwan’s AI and cyber industry is seizing upon market trends and the opportunities they provide to develop more integrated, expandable and customized products that will make comprehensive smart information management and a smarter life reality. Taiwan Excellence intends to ride this wave and make “Everyday Excellence” more than just a slogan. For more information, please refer to https://sites.google.com/taitra.org.tw/ taiwan-ai-cyber/.

FDCP concludes PH Cinema Centennial Celebration on September 30

FTER 12 months of marking milestones, recognizing achievements, and honoring the heritage of the Filipino film industry, the year-long commemoration of One Hundred Years of Philippine Cinema will formally come to a close with “Sine Sandaan: The Next 100 Closing Ceremony,” a two-hour virtual event that will be hosted and streamed by the Film Development Council of the Philippines (FDCP) on September 30, Wednesday, at 8 p.m. “This celebratory event also serves as a venue for cooperation in the film industry. Just as we officially close the Philippine Cinema Centennial Celebration, we look forward to the next hundred years wherein the industry will aim to reach greater heights, cross borders, and explore uncharted territories,” said FDCP Chairperson and CEO Liza Diño. Since September 12, 2019, the FDCP has held events such as “Sine Sandaan: Celebrating the Luminaries of Philippine Cinema,” 3rd Pista ng Pelikulang Pilipino, Philippine Film Festival in Italy and Portugal, Luna Awards, and Film Ambassadors’ Night. It also took part in the Busan International Film Festival, QCinema International Film Festival, Tokyo International Film Festival, Southeast Asia Fiction Film Lab (SEAFIC),

Berlin International Film Festival, Cannes Docs Online, Locarno Open Doors, and Hong Kong FILMART Online. The FDCP also launched “Kwentong Sandaan,” a showcase of videos on the journey of actors, filmmakers, icons, and unsung heroes of Philippine Cinema. Other launches this month are for the Philippine Film Archive website, National Registry website and mobile app, and the CreatePHFilms funding program for development, production, and distribution, among many other initiatives despite the ongoing pandemic. The closing Ceremony will be streamed on the FDCP’s social media accounts on YouTube (youtube.com/ FilmDevelopmentCouncilPH) and Facebook (facebook.com/FDCP.ph). Meanwhile FDCP's fourth edition of its flagship event, the Pista ng Pelikulang Pilipino (PPP) pushes through from October 31 to November 15. The PPP, which aims to be a solidarity event, will screen more than 100 films online in an exclusive FDCP-sponsored platform (FDCPchannel.ph) from October 31 to November 15. For more information, visit www. facebook.com/FDCPPPP.

Villar cites growing number of volunteers, partners in Manila Bay clean up drive

EN. Cynthia Villar said the growing number of volunteers and partner organizations that take part in the clean-up and mangrove planting activities should be credited for the strides made in the Manila Bay rehabilitation campaign. Villar, chairperson of the Committee on Environment and Natural Resources, made this statement as the International Day of Coastal Cleanup was observed over the weekend. Villar said almost 12 years after the issuance of the Supreme Court mandamus compelling government agencies and local government units to clean up and rehabilitate Manila Bay, “we still have a long way to go before we restore the bay to its pristine condition.” Five years ago, Villar started a project in Baseco Compound. Together with the Department of Health, she initiated a project that will build toilet facilities for the residents and address the problem of open defecation in the area.

She also built livelihood projects such as mangrove planting, urban garden, recycling, and aquaculture. Baseco residents are now benefitting from these projects as a source of food or as a source of additional income. The lady senator also continues to be at the forefront of the fight against Manila Bay reclamation. The Las Pinas-Paranaque Wetland Park, a 175-hectare critical area situated south of Manila Bay, is a Wetland of International Importance that was accorded protection against the threat of reclamation through the Villar-authored Republic Act 11038 or the Expanded National Integrated Protected Areas System Act. “Ang rehabilitasyon ng Manila Bay ay hindi lamang para sa beautification. Napakaimportante na ma-preserve and biodiversity dito dahil maraming kabuhayan ang naka-depende dito. Umaasa sa fish supply ng Manila Bay ang may 300,000 na mangingisda,” Villar said.

CSC announces national winners of online photo contest

Celebrity gamer Mikael Daez is foodpanda's latest endorser

MIKAEL Daez

S a true blue gamer who used to go on 10-hour marathon computer sessions, playing DOTA 1 and going for “Beyond Godlike!” killstreaks with his friends during his teenage years, Mikael Daez knows that gaming and food go hand-in-hand. The model-turned-actor relates to how gamers often have to decide between food and play when one’s reallife energy bar runs low. By choosing to

defeat other players, upgrade items, or clear quests to advance in the storyline, Daez admits to making poor food choices in the past, such as going for instant noodles or canned goods and rice. As he is introduced as one of the newest endorsers of the country’s on-demand delivery service foodpanda, Daez has leveled up his food game. The go-to orders of Daez as of late have been pancakes and waffles. “It’s been a great experience with foodpanda as it enhances my gaming experience kasi tuloy tuloy na siya,” says Daez, who is currently playing a lot of Fallout Shelter Online, DOTA 2, and Ragnarok M: Eternal Love, or Ragnarok Mobile. “Foodpanda has been amazing in providing a seamless experience to be able to get food without disturbing my gaming. All it takes is just a few clicks on the foodpanda app, and my food is on the way,” the celebrity gamer says. With its lists of over 20,000 restaurant partners nationwide, it promises to deliver one’s favorite meals in just 25 minutes or less. Additionally, your home-bound lives are also now a little bit easier with shops, as it delivers daily essentials safely and securely. In the popular online role-playing

game, Daez, whose username is “Beefbelly,” married his wife Megan Young, who goes by “Boneezy,” for the third time this year, following their two intimate ceremonies in January. The couple shares a passion for gaming and says it even helps them forge a stronger relationship. “It’s been super cool because we support each other,” Daez says. “If I want to play my game solo, she doesn’t mind because she understands, then she plays her own game solo, too. When there’s a new game that’s intriguing, we’re excited to try it out with one another.” Like just any couple, gaming and food is one way they bring some order—and importantly—a sense of pleasure—into their lives. “Gaming and lots of comfort food,” he adds, “definitely gives us more avenue to interact and grow our relationship. Aside from this, I truly love how foodpanda, brings us closer to all the things that I need, all in one place.” Whether you’re like Daez who plays with a partner or flies solo, foopanda also allows you to enjoy delicious and irresistible deals like free delivery to 40 percent off throughout this month. From chicken, pasta, pizza, coffee, to milk tea, there’s surely no craving foodpanda can’t fix!

1ST PLACE (Keep Distance) Mara Katrina T. Panoy Davao City Water District

HREE government workers and photography enthusiasts emerged as the national winners of the Civil Service Commission’s (CSC) PCSA Online Photography Contest. The winners were Mara Katrina T. Panoy of Davao City Water District (1st place for “Keep Distance”), Chelcie A. Baratas of Social Security System Lapu-Lapu, Cebu Branch (2nd place for “Improvise, Adapt, Overcome), and Vidal Jun S. Riva of Ipag National High School in Bataan (3rd place for “Kalaro”). The winners received a cash prize of PHP15,000, PHP12,000, and PHP10,000, respectively. The national winners were selected from 704 entries from all over the country, 48 of which became regional winners. "We are happy that many government workers have shared their talent in photography. They have contributed their work toward helping us see the good side of

this crisis, the opportunities for change, and the many ways we have coped and succeeded in the process," said CSC Chairperson Alicia dela Rosa-Bala. The winning photos will grace the pages of CSC’s official publications as well as featured on its social media channels. Themed “Journey to the New Normal”, the contest encouraged photo entries that communicated new norms or behavior which may effectively inspire others on how to deal with the impact of the COVID-19 situation. The images must convey the beauty and importance of living despite the uncertainty and discomfort brought about by pandemic. It must also strongly attract the imagination of the viewer to ensure positive outlook in their hearts and minds. The PCSA Online Photography Contest ran from 1 July to 21 August. It is part of the 120th Philippine Civil Service Anniversary, which is observed every September.

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How these corporate women shifted from the boardroom to WFH (and even started home-based new businesses) H

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By Joy Lumawig-Buensalido

ALF a year after the deadly virus started ravaging our populace, the pandemic is shaping up to be a marathon—not a sprint. With the finish line not yet in sight, "work from home" has become the mode of survival for a great number of professionals. And we all have come to terms with it. Bosses who once resisted the idea of "telecommuting" have happily embraced it. And so have their staff. Everyone now savors more time for leisurely breakfasts and soaking in the morning sun instead of rushing through intolerable traffic. And what’s not to like about waking up a bit late or working beyond "office hours" as long as one keeps an eye on the bottom line? Still, WFH tends to blur the lines between the start of official work hours and the end— or when we can finally relax and call it a day. More often than not, this is when some difficulties arise. Here, four dynamic women achievers— and bosses all—that I am particularly close to relate how they successfully pivoted to WFH mode and share more useful insights than I asked for. These exceptionally creative, hardworking ladies were not just undaunted by the challenges they initially faced—they also found new opportunities or additional business ideas that make them even busier and more fulfilled. To top it all, they likewise found time to pursue their personal passion projects while working from home.

heart. Start from there and focus on one thing— whether it’s food, beverage, plants, photography or even pet grooming. When considering ideas for your own business, aim to fill a gap in the market that other competitors have not filled in yet. Don’t be a “me-too” just because everyone is doing it. Be kind to your suppliers, customers, and even noncustomers. You will need their support to grow your business. Finally, keep your focus, have a general plan, but keep your eyes peeled for opportunities along the way.

Faith Fernandez-Mondejar Former Director for Communication, Avon APAC and Philippines President and Owner of Good Faith PR and Formaggical Foods

Daisy Yunam Go Former President of Wrangler-Philippines Founder: Awedible Concepts Consultancy & Marketing Services Founder: Daisy's Corner

Coming from my former strictly corporate setup, here are some tips for adapting to workfrom-home routines that include zoom meetings as the new norm: Wake up with a grateful heart. If you are alive and healthy and still have work to do, you are one of the lucky few! Get yourself in the right mindset. Put on a comfortable but professional-looking top. And a little makeup won’t hurt. It’s not just about looking good; smelling good also stimulates positive vibes and makes you feel more confident. Go ahead and spritz on your favorite fragrance. Find a quiet corner in the house where you will not be disrupted by your kids or pets. Always give 10 to 15 minutes allowance. Go to your zoom meeting earlier in case there are some technical glitches. On the other hand, those who have or are migrating from corporate work to entrepreneurship need a different set of "survival tips" during the pandemic. Here are a few: Be self-reliant. You no longer have an executive assistant nor a messenger to run errands for you. Learn to organize your tasks and todo lists. Now is the time to acquire the digital skills that you never had the opportunity to learn. You will need these skills to manage your online business and to make life easier for you. Want to build a business but don’t know where to start? Look at things closest to your

Campaign Spotlight: Homonym refreshes Barbie’s Cradle hit “Money For Food” for Nissan Philippines

MANILA, PHILIPPINES—Homonym’s latest campaign for Nissan Philippines answers the question, “How do you stay creative during the quarantine?” featuring musicians Zsaris and Barbie Almalbis.

Using everything that comes with the Nissan X-Trail including honking horns, turn signals, shutting doors and car hoods, doorlocks, footbrakes, and even just tapping on the seats, they proceed to do an updated version of Barbie’s tune from band Barbie’s Cradle, the 2007 hit “Money For Food.” “As we are all going through these challenging times, we felt there was a need to inspire creativity and inject positivity into our situation by doing the fun experiment with the Nissan X-Trail,” said Nissan Philippines in an interview. “We wanted to excite the market again, by showcasing the different in-

After 19 years of service, the last three as director for Communication, Asia-Pacific and Philippines, I left Avon in March 2019. While it was intentional on my part to spend time and travel with family, and not rush into anything as I determined the next leg of my career journey, I remained fully conscious of my desire to continue growing as a PR and Communication professional. This led me to set up my own PR consultancy, Good Faith PR. The first quarter of 2020 would have seen me working on my first two projects but alas, the pandemic struck and these projects got shelved. Life in quarantine, while it has shown the varying facets of crazy and challenging, became an opportunity for me to unleash a new passion—creating cheesecake desserts. After family and friends raved about my signature Peanut Butter Cheesecake, I realized I should spread this newfound love. This gave birth to Formaggical, my small online business offering artisanal cheesecakes. Our first customers were family and friends but word-of-mouth feedback helped spread the magic and sent new customers our way. Making cheesecakes for Formaggical and doing speaking engagements for Good Faith PR have certainly kept my calendar full. These are the things that I find complete joy in doing. With PR pen in one hand and a whisk in the other, I am living up to my name, keeping faith and staying hopeful during this time of great disruption. How do I manage to still look professional while working from home? During designated WFH days when I was still in corporate, I already espoused the practice of dressing up even while at home. Putting on pretty clothes or sleek corporate attire has always helped me transition from my home persona to my professional persona. When I retired, I made careful choices in what I would wear inside the house on “work days.” Having nowhere to go was no reason not

novations that can be explored while we all stay at home to stay safe by using the vehicle in the most unconventional way possible,” they added. For their part, Homonym Founder and President Mike Constantino bared that their collaboration had to go back to the drawing board because the lockdown rendered their original concept impossible to make. “Actually the original concept we had planned with EON and the artists was to use the unique sounds found in the Nissan X-Trail and in Nissan’s Intelligent Mobility and use it to perform live in their BGC showroom,” Mike shares. The shoot had to be canceled a

to dress up a little. Most of the time, a casual outfit that I felt comfortable in would do the trick. It could be a simple slip dress or a weekend top jazzed up with one or two accessories like a bangle or a nice pair of drop earrings. A practical side to dressing up is that my clothes are not going to waste. I get to use them, and let them spark a smidgen of muchneeded joy during this period of restrictions and troubling news. And at this time when a health crisis seems to have banished all sense of normalcy, I never underestimate the power of a bright lip color and the benefits of moisturizer on my skin.

pandemic and even beyond. The past six months have truly been a challenge for me but God has also taught me to look beyond the present and focus on Him and His promises for me. That’s what keeps me going. I take it one day, one hour at a time, and I am extremely grateful for the grace and favor that God has been showing us since the beginning of the lockdown. It hasn’t been a walk in the park but it sure has taught me that I can do more and be more for others.

Nikki Boncan Buensalido Design Ambassador, Associate Architect VP-Business Development, Buensalido+Architects

Cristina Ong-Cruz Director of Sales and Marketing Marco Polo Ortigas, Manila

It has been six months since the lockdown and it took a while for me to adjust and find my bearings again. One day, we all found ourselves in the dark figuring out how to operate our office and work from home. It was not an easy transition but with my husband leading the way, we figured out how to run our architectural firm remotely, taking it one day at a time. Before the pandemic, I helped run our architectural firm, Buensalido Architects, with my husband Jason but I was also a hands-on mom to our four-year-old daughter. Fast forward to six months later, my roles have changed. I still manage the business part of the firm while organizing our B+Abble community talks online. I have also become a full-time mom and teacher to my daughter. It has been quite a challenge to do both, but by God’s grace, I am able to work while cherishing every moment with my daughter. Moreover, I am more hands-on in running the household. I have started baking bread and pastries for my husband, and taking care of our small urban veggie garden. And to help farmers in Baguio, I recently started selling vegetables and fresh produce in our local community with the help of my mom and sister. My husband and I have also conceived of ways on how to help our office community. We are blessed with a team of talented architects and artists whom we encouraged to create art that inspires others to dream and imagine possibilities. We commissioned them to come up with playful art, digital artwork, paintings, and sculpture that we can sell to help them earn a little extra on the side. Artisanal Architecture, or AA, was born. Artisanal Architecture is an experimental, multi-disciplinary, digital platform designed to empower creatives to express themselves, showcase their artistic capabilities, and send meaningful and socially relevant messages through the production of optimistic, architecture-centric art (or in the future, artcentric architecture) that will hopefully inspire people to effect positive change toward a better built environment and, therefore, a better world. This initiative was meant to assist creatives in acquiring other sources of income during the challenging times of the

day before it was supposed to happen because of the general community quarantine that was imposed on Metro Manila. “Our friends from EON approached us and asked if we could help them come up with a campaign that marries music with cars,” Mike says. “Being the only music agency in the Philippines, we were excited to take on this project and are grateful to both Nissan and EON that they chose Homonym as their partner to come up with a creative idea.” “Through our research on music psychology and a process we call Sonic Identity and Strategy, we narrowed down the artist options to

Working from home has its gains and some challenges. We speak of gains when we realize that there are so many things you can do digitally in terms of meetings, calls, reports, and followthroughs from home. You simply need good Internet connection, adequate workspace, and a laptop that is equipped to access reports and data needed. Virtual meetings, virtual ocular inspection (amazingly done by the team), meeting minutes and slides can be shared in different platforms such as zoom, teams, and google meet. One advantage I have that I appreciate is a great view of the pool and the lush landscape of the community. I can play music I like through “hey Google,” which is like Alexa. This enhances my creativity. The disadvantage, of course, is time.You cannot simply log out when work is done. At home, work can extend until midnight—even on weekends—especially when clients are on a different time zone and when coordination of group arrivals is needed. On the plus side, quarantine measures have given me more time to develop other interests such as taking care and arranging small and medium-sized plants, stuff that give me joy. I also learned how to do online pasabuy of essentials such as vitamins. I have also started asking neighbors if they need to pasabuy. This allows me to get better volume discounts on the items I like. Even better, I have built stronger relationships in the community where I live. Overall, WFH has made me realize what incredible blessings I have and led me to learn new skills that I wouldn’t have thought of at any other time. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premiere association for senior communications professionals around the world. Joy Lumawig-Buensalido is the President and CEO of Buensalido & Associates Public Relations. PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com.

Barbie and Zsaris as they perfectly fit the Nissan X-Trail’s target market as well as the execution of the idea,” Mike adds. “We had found that our target audience are big fans of Barbie and her songs since they were released around the time their music personalities were being shaped,” according to Nissan. “With the interesting sounds of the Nissan X-Trail and Nissan Intelligent Mobility, we reached out to Zsaris to play around with the songs of the car to create the beautiful arrangement for the recreated version of ‘Money For Food.’” The ensuing collaboration between Barbie and Zsaris was a fresh

yet familiar take on the tune from the Music from the Buffet Table album of Barbie’s Cradle. “As the world goes through this challenging period, staying creative has become an integral to get by as we stay home to stay safe,” Nissan remarks. “It allows us to move beyond and think outside the box to pull inspiration from unconventional tools and items, like the Nissan X-Trail to create bold innovations even in tough situations.” “Creativity is a way for us to transform situations and break away from the norm to provide solutions or even just bring back the fun and positivity,” Mike notes.

Sports BusinessMirror

B8 Monday, September 28, 2020 | mirror_sports@yahoo.com.ph

PBA AVOIDS P532.7M TAX DUES

By Joel R. San Juan

covering the years 1988-1998, 1999 and 2000, “Upon review of the supporting documents attached to the joint motion and the joint verified compliance, the Court finds that petitioner PBA has fully settled the legally required minimum amounts for compromise settlement...,” the CTA ruling said. The PBA fully settled the amount under the agreement. The CTA noted that there is sufficient compliance with the law through the submission of the certificate of availment last February 12, 2020, which states that PBA’s applications for compromise agreement have

HE Philippine Basketball Association (PBA) escaped paying huge tax deficiencies amounting to P532.7 million after the Court of Tax Appeals (CTA) approved the compromised agreement it entered into with the Bureau of Internal Revenue (BIR). In a 12-page decision dated September 21, the tax court approved the PBA and BIR’s compromise agreement allowing the pro league to pay P48.5 million for settlement of its tax deficiencies worth more than P532.7 million, including interest and surcharges

Five teams head for Clark bubble

IVE teams head for the Philippine Basketball Association (PBA) bubble in Clark on Monday, signaling the official restart of the pro league after almost seven months of inactivity because of the Covid-19 pandemic. Terra Firma Dyip, Magnolia, Meralco, Phoenix Super LPG and TNT Tropang Giga will depart from different areas in Metro Manila aboard chartered buses. If the traffic in the metro is light, it should take the teams some two hours to reach their destination where they will be locked down for the next 49 days—at least for those who make the Finals of the shuttered Philippine Cup. “We are one of the first batches. We will be picked up by a chartered bus from Azur [Bicutan] at 1:30 p.m., so we will arrive there at around 3:30 p.m.,”Terra Firma coach John Cardel told the BusinessMirror on Sunday. TNT team manager Gabby Cui said the Katropa will depart at 3:30 p.m. also via a chartered bus from the Maynilad offices in Balara, Quezon City, while Magnolia will be the earliest to leave at 9 a.m. from the Ronac Center in Greenhills. “An advanced party is there in Clark to meet the teams,” PBA Commissioner Willie Marcial said. The team members will again be tested for the virus upon their arrival in Clark. They will be quarantined for two days at the Quest Hotel, their home during the bubble. The teams will start collective training or scrimmage starting on October 1 at the Angeles University Foundation Gym, a 10-minute ride from the hotel. The remaining seven teams—NorthPort, NLEX, San Miguel Beer, Rain or Shine, Barangay Ginebra San Miguel, Alaska and Blackwater—will depart on Tuesday.

been approved by the National Evaluation Board (NEB) together with other documents showing unanimous approval by the members of the NEB. The CTA described a compromise as a contract whereby the parties, by making reciprocal concessions, avoid litigation or put an end to one already commenced. “Judicial Compromise Agreement is hereby approved and this Judgment Based on Compromise Agreement is hereby rendered in accordance therewith. The parties are hereby enjoined to faithfully comply with all the terms and conditions of the aforesaid Judicial Compromise Agreement,” the ruling read. Under the compromise agreement, PBA offered and the BIR accepted in July 2019

OHN RIEL CASIMERO mixed confidence with sheer punching power to end Duke Micah’s unbeaten streak with a clinical third round technical knockout win and retain the World Boxing Organization (WBO) bantamweight belt on Sunday at the Mohegan Sun Casino in Connecticut. The pride of Ormoc City obviously vented his ire over a canceled unification bout with Japanese Naoya Inoue on the unwitting Ghanian, pummeling the London 2012 Olympian with crisp uppercuts and solid punches to prompt referee Steve Willis to jump in and stop the fight in the third round. Casimero celebrated his victory with onearm push-ups after the fight was halted. “Just like me, he [Micah] really wanted to finish the fight early, and that’s what’s inside our minds. But I was absolutely stronger and faster than him,” the 31-year-old Casimero told the BusinessMirror via overseas phone call minutes after his first title defense. “Right now, all my rivals are afraid of me,” added Casimero, noting Micah was a tough nut to

the second straight day but she failed to hit regulation six times after missing the greens seven times in her opening round 70. She birdied No. 13

Where will athletes train?

LLOWING national athletes to return to collective or face-to-face training is one thing, having them train at the Philippine Sports Commission’s (PSC) facilities in Manila and Pasig City is another. PSC Commissioner Ramon Fernandez said the agency still needs an approval from the Inter-Agency Task Force on the Management of Emerging Infectious Diseases if the Rizal Memorial Sports Complex in Manila and the PhilSports Complex in Pasig City would be restored as training and competition facilities. The IATF, particularly the Department of Health (DOH), have been using both complexes as quarantine and healing facilities for Covid-19 patients since March. “It depends on the IATF and DOH. They will be ones to give the go

The bureau denied the offer and the association raised the case to the court to cancel the warrant of distraint and/or levy issued in July 2016. The PBA submitted a Proposal for Amicable Settlement to the BIR which was eventually approved by the parties. The CTA has now deemed the case close and terminated. The decision was penned by Associate Justice Juanito Castañeda Jr. and concurred by Associate Justice Jean Marie BacorroVillena.

CASIMERO TKOS MICAH IN 3RD RD crack in the early rounds, but couldn’t match the intense speed and power of the world champion. “Micah was a good boxer and he withstood my punches earlier,” Casimero said. Casimero, however, was mincing respect for his Olympian foe. Casimero landed few but solid punches— including furious jabs he capped with a short left straight to the temple that floored the Ghanian. Down and wobbled, Micah still fought with a lot of heart despite missing a lot of shots in second round. Micah missed and slipped as he desperately tried to hit Casimero with a power punch. In third round, the three-weight division champion delivered the finishing touch—a crisp uppercut—before the referee stopped the bout at .54 seconds to save the 29-year-old Micah from further punishment. “I could put him to sleep but the referee saved him in the second round,” said Casimero, who improved his record to 30-4 won-lost with 21 knockouts.

Ardina makes cut, but trails leader by nine OTTIE ARDINA hardly checked a wobbly short game and scrambled for an even par 71 to safely make it to the final round of the IOA Classic, falling nine strokes behind new leader Min-G Kim of Korea in Longwood, Florida, on Saturday. Ardina hit all but two of 13 fairways after going 12-of-13 Friday and made 28 putts for

the total payment of P48.5 million or the net amount of 40 percent of all deficiency percentage taxes and 100 percent of all withholding taxes less than the more than P23.2 million previously paid in 2002 and 2003. Prior to the compromise agreement, the BIR issued formal assessment notices and letters of demand in January 2003 for the years 19881998, 1999 and 2000 over tax deficiencies worth more than P532.7 million inclusive of interests and surcharges, according to the agreement. The PBA availed itself of the voluntary assessment and abatement program in 2002 and paid P3 million in advance and offered a compromise settlement of 15 percent of basic deficiency taxes in 2003 and paid the amount of P20.2 million.

Editor: Jun Lomibao

signal if we can already use the facilities [for the athletes’ training],” Fernandez told the BusinessMirror on Sunday. The historic Rizal Memorial Coliseum and Ninoy Aquino Stadium in Manila catered to a total of 1,128 patients and according to PSC Security Supervisor Angel Dayag, 1,015 of them recovered and were sent home. The PhilSports Multi-purpose Arena, formerly Ultra, accommodated 510 patients and 493 have gone home. No deaths were recorded in both facilities. The Philippines’s chef de mission to the Tokyo Olympics, Mariano Araneta, said on Friday that Olympic-bound athletes and those who are still qualifying to qualify need to return to face-to-face training with the qualifiers set in the first half of 2021 and the Games scheduled for July 23 to August 8. “Our athletes are already cramming in their training,” Araneta said. The boxing and taekwondo associations, Araneta said, are looking at facilities in Sucat, Parañaque, which their Olympic hopefuls could use as temporary training centers. Annie Abad

in a backside start at the par-71 Alaqua Country Club but hit an errant approach shot on the par-4 14th and made a double-bogey. Though she recovered with back-to-back birdies from No. 4, the Canlubang pro bogeyed the eighth for a 34-37 card. With a 141 total, Ardina dropped to joint 38th, now nine shots off Kim, who took charge with a

Micah, who suffered his first loss in 25 fights with 19 knockouts, fought aggressively and was the more technicaboxer l in the first round. But he obviously didn’t have the endurance to box relentlessly in the fight staged without fans. According to CompuBox, Casimero made 140 thrown punches with 59 solidly hitting their mark. Micah registered 122 thrown punches and only 26 landed. After the bout, Casimero slammed the International Boxing Federation and World Boxing Association bantamweight champion Inoue for not fighting him. “I am the real monster. Naoya Inoue is scared of me. You are next. I would have knocked out anyone today,” Casimero told Showtime Sports. In London also on Sunday, Josh Taylor retained his WBA and IBF super lightweight belts after knocking out unbeaten challenger Apinun Khongsong in the first round. Taylor (17-0, 13 KO) caught the Thai (16-1, 13 KO) with a left-hand body shot to secure victory after two minutes and 41 seconds at

six-birdie, one-bogey round for a second 66 and a 132 in the 54-hole tournament of the Symetra Tour. South African Paula Reto shot the day’s best 65 to tie American Haylee Harford, who also fired a 66, at 133 while first-round leader Samantha Wagner of the US faded with a 72 and tumbled to a share of sixth at 138 with six others. Fil-Am Clariss Guce also advanced with a 70 but like Ardina, lay too far off at 142. The event serves as part of Ardina’s buildup for the LPGA Tour’s second major—the KPMG

York Hall. Apinun rolled off the canvas and left the arena on a stretcher. The title bout was Taylor’s first fight in 11 months, since winning the WBA title against Regis Prograis. Of his knockout punch, the Scot told BT Sport: “That sank right in. I felt it sinking in straight away. “I knew from watching him on videos, he swings on the break when you’re in close on the clinch, he swings straight away always with a hook and an uppercut. I sort of pressed in against him, smothered him up and pushed him against the ropes and as he threw the right hand, I hit him with a left hook which I felt sinking right in. With AP Professional Golfers’ Association Championship slated October 8 to 11 in Pennsylvania where tour rookie and current driving leader Bianca Pagdanganan is also scheduled to play. Ardina is also set to compete in another Symetra Tour event next week, the Symetra Classic, also in Florida, before the PGA Championship while Pagdanganan is in the reserved list of the next LPGA tournament, the Shoprite Classic, in New Jersey.

Van der Breggen sweeps women’s races at worlds

MOLA, Italy—Dutch rider Anna van der Breggen made it two wins out of two at the road cycling world championships, adding the women’s road race title on Saturday to her time trial gold medal. Van der Breggen became the first rider to win both races at the same championships since Jeannie Longo in 1995. “It’s incredible. It was a really hard race, fighting from the beginning,” she said. “The climbs were really tough and on the penultimate lap I felt strong and we discussed in front trying to make the race hard. We did it and I just went for it. “I thought that in the last lap everyone would be tired and that it would be difficult to make the difference on the climbs so I went but it was really far.” Van der Breggen’s compatriot, defending champion Annemiek van Vleuten, edged out Elisa Longo Borghini of Italy in the sprint for second. They were one minute and 20 seconds slower than Van der Breggen at the end of the 143-kilometer race which started and finished on Imola’s auto racing circuit. Van Vleuten was riding with a special brace after having a metal plate inserted into her wrist following a crash at the Giro Rosa nine days ago.

Van der Breggen won the women’s time trial on Thursday. She claimed gold in the road race two years ago but finished second to Van Vleuten last year. “I’m really happy. I never expected this,” Van der Breggen said. “It’s incredible. The season has been incredible so far.” On Saturday, Van der Breggen attacked with 41 kilometers remaining and rapidly built a significant advantage. She had a lead of more than one-and-ahalf minutes heading into the fifth and final lap of the circuit, which featured two steep climbs on each lap—the Mazzolano and the Cima Gallisterna. Van der Breggen stretched that by a minute as she crested the final climb, 12 kilometers from the finish. And she started smiling as she rode to the finish line, before sitting up and raising her arms over her head as she crossed. The worlds were moved to Imola after Swiss host Aigle-Martigny backed out because of a government ruling limiting mass gatherings amid the coronavirus pandemic. The revised event features only elite men’s and women’s categories, eliminating junior and under-23 races. The men’s road race is on Sunday—exactly a week after the Tour de France ended. AP

JAMES, LAKERS IN FINALS LEBRON JAMES punctuates his 27th postseason triple-double with a big fourth quarter in Game Five. AP

JOHN RIEL CASIMERO disposes of Ghanaian foe with ease, wants Japanese champion’s hide.

AKE BUENA VISTA, Florida—LeBron James is going to a 10th National Basketball Association (NBA) Finals—and for the first time in a decade, so are the Los Angeles Lakers. James punctuated his 27th postseason triple-double with a big fourth quarter, powering the Lakers to a 117-107 victory over the Denver Nuggets on Saturday night to win the Western Conference finals in five games.

James finished with 38 points, 16 rebounds and 10 assists to become the fourth player to reach 10 NBA Finals. It took him two seasons to make it with the Lakers, after falling short of the playoffs in an injury-plagued first season following eight consecutive trips with Miami and Cleveland. “My teammates said bring us home and it was my responsibility to try to make the right plays

DUTCH Anna van der Breggen annexes the women’s road race gold medal. AP

and do the right things on the floor to help us win ballgames,” James said during a trophy presentation in mostly empty arena at Disney World, instead of in front of their fans at Staples Center. The Lakers will face either Miami or Boston in their 32nd NBA Finals appearance, most in league history. They haven’t played for the title since beating the Celtics in 2010 for the last of their 16 titles. Anthony Davis added 27 points and will end his first season with Los Angeles by playing in his first NBA Finals. Nikola Jokic and Jerami Grant each scored

Rick Olivares bleachersbrew@gmail.com

Bleachers’ Brew

That handball conundrum DID you see that match between Everton and Crystal Palace last Saturday evening? I am not sure that Crystal Palace deserved to lose that match that saw Everton pull through, 2-1, seeing the undefeated in three matches thus far while the Roy Hodgson-managed side tumbled to their first loss in three fixtures. Palace defender Joel Ward was assessed with a handball inside the box after Everton’s Lucas Digne blasted a shot from almost point blank range. Ward never budged and the ball hardly traveled far as it struck his hand. Although referee Kevin Friend reviewed the incident on the monitor, he still called for a penalty. All pundits who followed and called the match thought it was an egregious call. Hodgson rightly bemoaned the call. “I predict what will happen is players will start flicking the ball onto a hand and screaming handball,” he decried. And I agree. The Football Association submitted a new interpretation of the handball law before the beginning of this Premier League season. Under these new rules, a player will be penalized for handball if: n The hand or the arm is clearly away from the body and outside the “body line.” n The player clearly leans into the path of the ball. n The ball travels some distance. n The ball touches a hand/arm that is clearly raised above the shoulder. n The player falls and the hand/arm is extended laterally or vertically away from the body. n A deflection clearly makes no difference to the ball touching a hand/arm that is clearly extended away from the body and/or above the shoulder. Digne’s shot didn’t have enough distance nor did Ward have enough time to void the shot. Former player and current pundit Gary Lineker went on Twitter to offer his thoughts about the matter. He posted a straightjacket with the caption, “Had a few ideas for a new football strip.” Last season the Virtual Assistant Referee or VAR was highly controversial. Now, for the second successive season, there is another controversial rule change. For me, the solution lies somewhere in between. The technology is there (VAR). The contention is in the interpretation. Incredible, isn’t it? Human error. I think the referee should consult whoever is manning VAR remotely and they have to come to an agreement along with either the fourth official or the linesman closest to the action. That way, they can also vote on it. Since the Premier League is investing so much on technology to improve the game, at the very least, they should come to the correct decision and nothing less. Let’s see how it plays out for the rest of the campaign. But let’s end this with the words of pundit Michael Owen who said it best when he said last Saturday afternoon: “Seems like the trouble with the handball is you can either have a very strict rule which maintains consistency but provides for situations like today, or you can allow more interpretation which leads to, ‘that same handball wasn’t given last week.’” Can we get this right?

20 points for the Nuggets, who had fought off elimination six times before the Lakers finally put them away. Jamal Murray added 19 points and eight assists but the star guard struggled with some leg or foot pain and lacked his usual explosiveness. The Nuggets had come back from 3-1 down in the first two rounds before being finally ousted a month since they would have departed the bubble had they lost the first time they faced elimination, in Game Five against Utah on August 25. Denver fell far behind one more time but James wouldn’t allow another comeback. AP