Home 2020 May 19

Daily Archives: May 19, 2020 | 9:00 pm

Peso climbs on vaccine news

THE PESO strengthened against the greenback on Tuesday on positive market sentiment due to prospects of a vaccine that could help prevent further spread of the virus.
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PHL stocks rebound on news of antiviral drug

LOCAL SHARES recovered on Tuesday as prospects of an antiviral drug against the coronavirus disease 2019 (COVID-19) sparked optimism among investors.

Small firms can’t afford testing, PCCI says

THE Philippine Chamber of Commerce and Industry (PCCI) said the government must help the private sector cover the costs of testing for the coronavirus disease 2019 (COVID-19), which it said was unaffordable for micro, small, and medium-sized enterprises (MSME).

MRT-3 train speed, capacity expected to double by December

THE Transportation department said Tuesday that the operating speed and capacity of trains on Metro Rail Transit Line 3 (MRT-3) is expected to increase to 60 kilometers per hour (kph) from the current 30 kph by December with the completion of rail replacement works by September.

DICT’s Rio opposes abolition of NTC, supports overhaul of telecom law

INFORMATION and Communications Technology Undersecretary Eliseo M. Rio, Jr. said the National Telecommunications Commission (NTC) should not be abolished but proposed instead that telecommunications regulations be modernized.
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Competition body resumes merger evaluations under relaxed lockdown

THE Philippine Competition Commission (PCC) said it is resuming some mergers and acquisitions evaluations during the modified enhanced community quarantine (MECQ).
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Palay farmgate price rises 0.75% in early May

THE average farmgate price of palay, or unmilled rice, rose 0.75% week on week to P18.81 per kilogram in the first week of May, with prices climbing 1.95% year on year, the Philippine Statistics Authority (PSA) said.

Health dep’t seeks P68B more to fight coronavirus pandemic

HEALTH authorities are seeking P67.62 billion in additional budget in the battle against a novel coronavirus pandemic, as infections neared 13,000.

Unneeded travel prohibited under altered lockdown

PEOPLE in areas that have been locked down will be barred from crossing over places without restrictions, the presidential palace said on Tuesday.

#COVID-19 Regional Updates (05/19/20)

CEBU province is transitioning to the general community quarantine (GCQ) policy on Wednesday, with public transport expected to be back on the roads while restaurants and beaches will reopen with limitations.
Herminio L. Roque, Jr.

Nationwide round-up

PALACE Spokesperson Harry L. Roque on Tuesday explained that an “expanded targeted testing” is a priority measure to curb coronavirus disease 2019 (COVID-19) transmissions after receiving public backlash on his Monday statement that the government will not be conducting mass testing.

Lessons toward a health-anchored recovery

The Stratbase ADR Institute, in cooperation with consumer advocacy group CitizenWatch Philippines, held last Friday a virtual roundtable discussion (vRTD) entitled, “The Philippine Health Care Systems: Emergent and Pressing Issues, Approaches and Perspectives amid the COVID-19 Crisis,” a new series of online forums that will tackle strategic issues and solutions as the country now ventures into a gradual reopening of economic activities.

For whom is the press?

For the third time, I watched, intensely engrossed, the Steven Spielberg movie The Post. Aside from the truly award-winning performances by the cast led by Meryl Streep, Tom Hanks, Sarah Paulson and others, what struck the deepest chord in me was a quotation cited towards the end of the film. US Supreme Court Justice Hugo Black was quoted as saying in his majority opinion allowing the Washington Post and the New York Times to publish their Pentagon Papers stories that “the press is to serve the governed, not the governors.”

Shareholders’ approval on sale of corporate assets

Under Section 39 of the Revised Corporation Code (RCC), a corporation may, by a majority vote of its board of directors or trustees, sell or otherwise dispose of its property and assets, upon such terms and conditions and for such consideration as its board of directors or trustees may deem expedient. However, if the sale involves a sale of all or substantially all of the corporation’s properties and assets, including its goodwill, the vote of the stockholders representing at least two-thirds of the outstanding capital stock, or at least two-thirds of the members shall also be required.

Choosing to be someone in life is key, says Schrock

PHILIPPINES Football League (PFL) star and national team player Stephan Schrock did not have it easy in his younger years but his desire to make something out of his life led him to where he is now.

F1 champion Alonso said to be ready to return in 2021

LONDON -- Two-time world champion Fernando Alonso is ready for a Formula One (F1) comeback, his longtime adviser and former Renault team boss Flavio Briatore said amid increasing speculation about a return to Renault.

MMA and pro wrestling had strong online audience last year — data

MIXED MARTIAL ARTS (MMA) and professional wrestling had a solid showing in online viewership in 2019, this, according to statistics released by independent global data and online video analytics provider Tubular Labs.

UP opens CHK annex as COVID-19 isolation facility

EFFORTS to deal with the coronavirus disease 2019 (COVID-19) pandemic in the country got further legs with the University of the Philippines (UP) opening its College of Human Kinetics Gym (CHK)as a step-down isolation facility for cases of the highly contagious respiratory disease.

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Jordan’s vision

Even without the foreknowledge that the ninth and 10th episodes of The Last Dance were completed extremely close to their airing date, the countless viewers who have tuned in to see them since they became available over the weekend would have noticed the documentary series’ weary legs. In stark contrast to the back-and-forth narrative style that permeated previous episodes, they mostly stuck to one that focused on the Bulls’ last two seasons, and particularly in the playoffs. Which, interestingly enough, made for compelling drama despite the obvious denouement. If nothing else, the focus served to overcome the unavoidable handicaps of the story being told in snippets and ultimately enhance the vicarious experience.

Four highlights from the 2020 Philippine Startup Survey: COVID Edition

PwC Philippines, DTI, QBO, and IdeaSpace shared the 2020 Philippine Startup Survey: COVID Edition

Healthtech startup JoJoCare offers new telemedicine platform for Filipinos

First Shoshin launched its health tech app, JoJoCare, last April 6 as a response to the limited mobility imposed by the nationwide enhanced community quarantine.

Someone from the Philippines can become $274M richer

The American Mega Millions lottery currently offers the biggest jackpot prize in the world: $274 million USD. This huge amount has captured the attention...

Innovation’s potential in crisis: COVID-19 lessons from Israel

By Adrian Paul B. Conoza Special Features Writer, BusinessWorld Israeli diplomats share insights from their ‘startup’ nation’s COVID-19 response The global fight against the coronavirus disease 2019...

Virus 2nd wave to deepen contraction

THE Philippine economy may face a deeper contraction if a second or third wave of coronavirus infections emerges, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said on Monday.

IMF reviews forecasts for PHL economy

THE bigger-than-expected impact of lockdown measures on the economy is prompting the International Monetary Fund (IMF) to revisit its growth outlook for the Philippines.

Big-ticket projects safe from budget cut

BIG-TICKET projects of the Department of Public Works and Highways (DPWH) and the Department of Transportation (DoTr) will not be affected by budget cuts, officials said on Monday.

Recovery could drag through 2021 — Powell

THE US economy will recover from the coronavirus pandemic, but the process could stretch through until the end of next year and depend on the delivery of a vaccine, said Federal Reserve Chairman Jerome Powell.
electric meter

ERC to Meralco: explain high power bills

SWAMPED with complaints, the Energy Regulatory Commission (ERC) on Monday ordered Manila Electric Co. (Meralco) to explain its calculation for its past customers’ monthly billings from March to May.

ABS-CBN interim permit recalled

THE House of Representatives reconsidered the second reading approval of House Bill (HB) 6732, which seeks to grant provisional franchise to ABS-CBN Corp. until October 31, 2020.
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SEC orders shutdown of outsourcing firm CROWD1

THE Securities and Exchange Commission (SEC) has ordered the shutdown of CROWD1 Asia Pacific, Inc. for operating a “fraudulent investment scheme.”

Ty-led GT Capital’s earnings slump 26% on COVID-19 impact

GT Capital Holdings, Inc. (GT Capital) booked a 26% drop in net income for the first quarter as the coronavirus disease 2019 (COVID-19) pandemic took a heavy toll on the profits of nearly all its business units.

Del Monte raises $1.3B to boost balance sheet

THE American unit of Del Monte Pacific Ltd. has raised $1.3 billion from bond issuances to trim loan facilities and recapitalize its balance sheet.

Biogas project of MPIC unit, Dole receives Japanese gov’t subsidy

A waste-to-energy project by a unit of Metro Pacific Investment Corp. (MPIC) with Dole Philippines, Inc. received the first tranche of subsidy, which is up to 50% of its qualified capital cost, from the Japanese government.

LRTA allows Globe to erect cell sites along LRT-2 line

GLOBE Telecom, Inc. has obtained the go-signal from the Light Rail Transit Administration (LRTA) to build cell sites along the stretch of LRT-2’s line from Santolan Station in Quezon City to Recto Station in Manila.
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Century Properties profit up 32% in 2019

CENTURY Properties Group, Inc. (CPG) posted a 32.2% growth in net earnings for 2019, driven by higher contributions from its affordable housing and commercial leasing segments.

Nora Aunor makes her online debut

TANGHALANG Pilipino has released the “monovlog” Lola Doc starring award-winning actress Nora Aunor through its online platform PansamanTANGHALAN.

Real estate sector to be more ‘active’ once economy recovers

THE Philippine real estate sector may become more “active” next year, as the economy is anticipated to bounce back after the pandemic subsides.

WFH during the ECQ: CIMB Bank’s Vijay Manoharan

WHAT has it been like to be an expat in the Philippines during an extraordinary mandated work from home situation?

Gov’t upsizes award of T-bills

THE GOVERNMENT hiked the volume of Treasury bills (T-bills) it awarded on Monday as rates dropped across-the-board on strong demand.

AyalaLand Logistics posts 26% profit growth

THE logistics arm of Ayala Land, Inc. (ALI) reported a 26% increase in attributable profit in the first quarter, driven by higher industrial lot sales and warehouse leasing revenues.
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MPIC unit sells some stake in Indonesia firm

METRO PACIFIC Investments Corp. (MPIC) said its tollways unit Metro Pacific Tollways Corp.(MPTC) had completed the sale of a 10.32% stake in Indonesian infrastructure firm PT Margautama Nusantara (MUN) to a consortium of Japanese firms.

Ho Chi Minh faces extreme risk from floods by 2050

HO CHI MINH City, Vietnam’s biggest metropolis, faces an increasing risk of flood disasters given rapid infrastructure expansion driven by economic growth, according to McKinsey Global Institute.

Around the world in seven years… and counting

WHEN Danish traveler Torbjorn “Thor” Pedersen set out to travel the world and visit more than 200 countries getting on any airplanes in 2013, he never thought he’d be on the last leg of his journey and stranded in Hong Kong while a pandemic raged worldwide.

EastWest Bank income climbs 75% in 1st quarter

EAST WEST Banking Corp. (EastWest Bank) booked a 75% increase in net profit in the first three months of the year, supported by better margins from its core businesses as well as higher trading income.

Smart starts to reopen stores in select areas

SMART Communications, Inc. on Monday said it would reopen its stores in select areas under the more relaxed general community quarantine.