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Recipients of funds stolen from bank accounts identified

OWNERS of the recipient accounts of illicit fund transfers involving two lenders over the weekend have already been identified, according to a central bank official.

Individuals claiming to be BDO Unibank, Inc. account holders posted on social media proof that their funds were supposedly transferred to a certain Mark Nagoyo’s accounts with UnionBank of the Philippines, Inc.

“The real persons behind the Mark Nagoyo have already been identified so I think the other institutions, UnionBank, will definitely file charges if these persons allowed their accounts to be used for fraudulent activities,” Melchor T. Plabasan, Technology Risk and Innovation supervision director at the Bangko Sentral ng Pilipinas (BSP), said in an interview with The Chiefs at One News.

Mr. Plabasan said two or more UnionBank accounts received the unauthorized fund transfers from BDO clients.

“I think they are not bank employees and they just opened their account recently. Some of them opened their account last October,” Mr. Plabasan said.

He said the central bank is checking whether there were gaps in the concerned banks’ security measures.

“It’s still premature to say it right now, but if we find out that there is non-compliance to our expectations when it comes to managing cybersecurity and anti-money laundering case, then we can always resort to imposing sanctions or penalties,” Mr. Plabasan said.

BDO on Tuesday said it is already processing the reimbursement claims of about 700 clients that were affected by the fraud incident over the weekend.

UnionBank Chief Technology and Operations Officer Henry Rhoel R. Aguda also confirmed they have already identified the owners of the accounts involved in the incident. 

“We’ve already identified persons of interest and we have already filed the necessary information with the PNP (Philippine National Police) and the NBI (National Bureau of Investigation), as well as to the BSP,” Mr. Aguda said at an online briefing on Thursday.

“It’s just a handful. If my information is correct, there’s about six individuals right now,” he added.

Mr. Aguda earlier said they have already frozen P5 million in the accounts involved in the incident.

Amid the rise in fraudulent online transactions, Mr. Aguda urged the public to report money mule activities as these are criminal offenses.

“If you know anyone selling bank accounts, buying bank accounts, or trying to open bank accounts and fraudulent bank accounts, please do report that to us as well and we will coordinate with the necessary authorities,” Mr. Aguda said.

He said an update to the InstaPay by next year will require identity verification from the part of the receiver as well, which will make fund transfers more secure.

Cybersecurity firm Kaspersky said the incident is a proof that financial institutions remain of interest to cybercriminals whose main goal is to steal money.

“Groups that prey on the financial sector find vulnerabilities within the IT infrastructure of their target organizations to carry out their attacks,” Yeo Siang Tiong, General Manager for Southeast Asia at Kaspersky, said in a statement.

“From our experience investigating cyber incidents, we know that there are cyber gangs that are professionals and can really resist detection,” he added.

An earlier study by Kaspersky showed the Philippines had the highest number of users in the Asia-Pacific attacked by banking Trojans, a type of malicious software. — L.W.T. Noble

Samsung appoints new president for PHL unit

SAMSUNG Electronics Co. Ltd. has appointed a new president for its Philippine unit, it said on Wednesday.

The company said Minsu Chu will head Samsung Electronics Philippines Corp. (SEPCO), succeeding its previous president James Jung.

“With over two decades of experience including 11 years in Samsung, Mr. Chu most recently held the role of President of Samsung Electronics New Zealand. Having been the business director of the Mobile business in SEPCO from 2014 to 2018, he will return to the Philippines to head Samsung’s local subsidiary,” Samsung said in a statement.

“I am very pleased to return to Philippines which I have long considered as my second home. This country has immense potential with its dynamic economy and a large and young population,” Mr. Chu was quoted as saying.

“Even with the unprecedented global crisis, the country has remained resilient and has already shown signs of strong recovery, putting economic growth back on track,” he said.

Samsung said as new SEPCO president, Mr. Chu wants to have “stronger synergy” between the company’ different business units, namely mobile, visual display and digital appliances.

“We need to strengthen our capabilities and operations to be more responsive to the changing consumer sentiments and habits in order to cement our leadership in the local consumer electronics industry,” Mr. Chu said. — BVR

How PSEi member stocks performed — December 15, 2021

Here’s a quick glance at how PSEi stocks fared on Wednesday, December 15, 2021.


Overseas Filipinos’ cash remittances (Oct. 2021)

MONEY SENT HOME by overseas Filipino workers (OFWs) increased anew in October to mark the ninth straight month of annual growth in inflows, as more economies reopen and holiday season approaches. Read the full story.

Overseas Filipinos’ Cash Remittances (Oct. 2021)

DoF confident 2021 GDP goal ‘doable’ with 7% fourth quarter

DOF.GOV.PH

THE Department of Finance (DoF) said it is confident that the economy’s performance in the fourth quarter will be sufficient to help achieve the government’s growth target for 2021.

DoF Chief Economist Gil S. Beltran said the 7% fourth-quarter growth needed to hit the revised 5%-5.5% full-year gross domestic product (GDP) target is “doable” and “within range.”

In a briefing Wednesday, he noted that the volume of manufacturing output in October improved.

“Because we have further opened the markets, I think the growth rate will be sustained.”

Factory output, as measured by the volume of production index, grew 24.7% year on year in October, according to preliminary government data.

Third-quarter GDP grew 7.1%, lower than the 12% expansion in the preceding three months, after the government reintroduced lockdowns to curb a coronavirus disease 2019 (COVID-19) surge led by the Delta variant of the virus.

Third-quarter growth was still stronger than expected, prompting both the World Bank and the Asian Development Bank to raise their full-year economic growth forecasts for the Philippines.

On Tuesday, economic managers raised the government GDP growth projection to 5-5.5% for this year from the downgraded 4-5% goal issued in August.

“Our year-to-date growth is presently — up to the end of September — 4.9%. So there’s a greater likelihood that our full-year growth will hit the revised target of our GDP growth ranging from 5-5.5% this year,” Finance Secretary Carlos G. Dominguez III said at the briefing.

“Backed by a stronger healthcare system and the massive rollout of the vaccination program, we will solidify our recovery by reopening the economy to alert level 1 in January 2022. At the same time, to avert long-term productivity losses and restore more employment, we will resume face-to-face schooling most likely in January 2022.”

The government maintained its medium-term growth targets at 7-9% for 2022, and 6-7% for 2023 and 2024.

The Health department reported 237 new coronavirus cases on Wednesday, bringing the total number of active cases to 10,193. — Jenina P. Ibañez

Agri dep’t says meat, hog industries will have their say in final MAV policy

PHILSTAR FILE PHOTO

THE MEAT and hog industries can still influence the final form of a policy governing pork imports when the Department of Agriculture consults them on a proposal to expand the import quota, officials said.

“We will go through the same process in considering the proposal of NEDA, as per Secretary William D. Dar,” Assistant Secretary Noel O. Reyes said in a text message. “That entails consultations with industry stakeholders.”

The National Economic and Development Authority (NEDA) proposed to extend an expanded pork import quota — known as the Minimum Access Volume (MAV) — to next year, due to rising pork prices.

The government had temporarily expanded the pork MAV in May via Executive Order (EO) 133, citing inflation pressures due to the hog shortage resulting from the African Swine Fever (ASF) outbreak.

The EO expanded the MAV quota to 254,210 metric tons (MT) from 54,210 MT.

Industry representatives said rather than increasing imports, the government needs to focus on supporting producers to ensure adequate supply.

“We strongly oppose the plan to extend the MAV plus,” Pork Producers Federation of the Philippines President Rolando E. Tambago said in an e-mail.

“It is already very clear that the twin EOs 133 and 134 did not address its intention to reduce pork retail prices since their implementation. In fact, they did not (result in) tangible benefits to consumers, supposedly via low retail pork price, it’s only the importers and traders who gained from it,” he added.

While EO 133 expanded the MAV quota, EO 134, another measure intended to expand supply and keep prices under control, lowered tariff rates for fresh, frozen, or chilled pork imports.

Meat price inflation was 10.7% year on year and 2.4% month on month in November, according to the Philippine Statistics Authority.

Month on month, November retail prices for bone-in pork rose by P2.30 to P54.00 at a number of regional trading centers.

“It’s already eight months into the EO. If you look at the justification (that) this will lower the prices of pork, hindi nangyari obviously (it obviously did not happen),” Jayson H. Cainglet, executive director of Samahang Industriya ng Agrikultura (SINAG) said in a phone interview. “They’ve lost almost 4 billion in revenue (from foregone tariffs) … Sa side mismo ng government, may pag-admit na may revenue loss (the government is itself admitting that it has lost revenue),” he added.

Foregone revenue was estimated at P3.67 billion between April 9 and Dec. 10 due to the lower pork tariffs, according to customs data.

Mr. Tambago said that if the government wants to address high pork retail prices, “the sustainable way of doing it is to ramp up local pork production. Importation is not a viable solution to the problem.”

The agricultural trade deficit in October was driven by import growth of 15.8% to $4.16 billion. The value of meat and edible meat offal imports accounted for 11.6% of overall agricultural imports, from 7.4% a year earlier. 

“The industry is actually very capable of resolving the supply gap to satisfy the demand if only the government would give us that window of confidence through a long-term policy that favors local producers,” Mr. Tambago said.

“Take a look at the (National Meat Inspection Service) weekly (report) on cold storage warehouses in Regions III, IV-A, and the National Capital Region (NCR),” he said. “Why is the retail pork price in those areas still high? This means Filipino consumers still prefer to consume Pinoy pork. Note that those are only the areas where there is a huge supply gap due to effects of ASF.”

In the first week of December, the NMIS estimated that frozen pork in accredited cold storage facilities in Region IV-A amounted to 603.29 MT, including imports of 21,292.74 MT. In the NCR the equivalent amounts were 340.91 MT and 25,611.25 MT, respectively, while in Region III the totals were 313.69 MT and 22,549.97 MT.

Mr. Cainglet said the problem with pork is mainly on the demand side because of weakened consumer purchasing power and follow-on weakness in the institutional users of meat, like restaurants, which are reluctant to place large orders because dining out is still limited.

Mr. Cainglet said that the government should also look for ways to subsidize feed, as input costs continue to rise.

Tumataas ang cost of production because tumaas ang presyo ng langis. Ang feeds, isang byproduct ng oil ’yan, at 50% ng cost of production ng livestock nasa feeds.” (The cost of production keeps getting higher because the price of oil is rising. Pig feed is a byproduct of oil, and 50% of the cost of production for livestock is spent on feed.)

Mr. Tambago urged the government to reconsider the extension and redirect funds to investing in the sector.

“If by default the policy of the government is always favoring importation, then the confidence of the industry to re-invest to increase production will be very low,” he said.

“By importing or lowering tariffs, you’re subsidizing foreign hog raisers,” Mr. Cainglet said. “Baliktad mo naman ’yung priority mo. The government’s priorities need to be reversed) Don’t incentivize importers.” — Luisa Maria Jacinta C. Jocson

ADB approves $175-M loan for three bridges across Marikina River

PHILSTAR

THE Asian Development Bank (ADB) said it approved a $175-million loan to help build three flood-resistant bridges over the Marikina River to improve road traffic.

The bank said the bridges spanning over 3,000 meters will connect Metro Manila’s arterial roads. Climate- and disaster-resilient features will reduce flood risk and absorb shocks from earthquakes.

“This project is part of the country’s flagship ‘Build, Build, Build’ infrastructure development program and the government’s integrated transport strategy to decongest Metro Manila, and promote development in the regions,” ADB Transport Specialist for Southeast Asia Chaorin Shim said in a statement on Wednesday.

The Metro Manila Bridges Project aims to build the Marcos Highway-St. Mary Avenue Bridge, Homeowner’s Drive-A. Bonifacio Bridge, and Kabayani Street-Matandang Balara Bridge over the Marikina River.

The ADB said the project is part of a partnership prioritizing infrastructure investment in the Philippines from 2018 to 2023.

“The project is ADB’s first focused on bridge construction in the Philippines and will help in the country’s economic recovery from the COVID-19 pandemic by creating jobs, improving the living conditions of residents near the river, and providing them with better access to the rest of Metro Manila,” Mr. Shim said.

The ADB also supports other big-ticket infrastructure projects, including the Malolos-Clark Railway Project, the EDSA Greenways Project, and the Angat Water Transmission Improvement Project. 

The bank said on Monday that it approved a $250-million loan to help the government buy 40 million coronavirus disease 2019 (COVID-19) vaccine doses for eligible children and booster shots for adults. — Jenina P. Ibañez

Cebu province invites rival bids for P9.6-million solid waste plant

PHILSTAR

CEBU PROVINCE is inviting bidders to challenge a P9.6-million proposal for an Integrated Solid Waste Collection and Waste-to-Energy Facility.

The facility has the capacity to process 1,500 metric tons per day. It will be constructed at a government-owned site in barangay Tina-an, Naga, Cebu.

The proponent to be subjected to a bid challenge is a consortium of Waste Management, Inc. and Amsterdam Waste Environmental Consulting & Technology B.V.

The province, through its Economic Enterprise Council, has released the guidelines for parties interested in mounting a bid challenge.

Eligibility requirements include at least 60% Filipino ownership for Securities and Exchange Commission-registered entities. They must also have completed similar or related projects within 50% of the proposed project cost.

Other requirements included minimum equity of P100 million, and no pending cases, with the provincial government and no delinquent taxes.

The application period will run between Dec. 16 and Jan. 5. — Luisa Maria Jacinta C. Jocson

PHL outbound investment decline largest in Asia-Pacific

PHILIPPINE OUTBOUND investment in greenfield projects declined at a pace outstripping those of other Asia-Pacific economies in the first nine months, the United Nations said in a report.

The Asia-Pacific Trade and Investment Trends 2021/2022 report released Wednesday said outbound greenfield investment in the region has been falling since 2018.

In the report, the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) said outbound greenfield investment from Asia and the Pacific peaked at $282 billion in 2018, then declined by 58% to their 2020 level.

Investment declined further by 15% year on year in the first nine months of 2021.

“The largest declines in outbound investments were registered in the Philippines (95%), Malaysia (88%), and New Zealand (72%).”

Globally, greenfield foreign direct investment (FDI) started to improve in the first nine months of this year, but lockdowns declared to curb COVID-19 surges in the Asia-Pacific made investments vulnerable.

“Greenfield investments, which are an important indicator for future FDI trends, have globally and regionally been on a steep decline since 2018, and remain the most vulnerable type of FDI amid continued outbreaks of the COVID-19 pandemic,” UNESCAP said.

“Developing countries in the region have been disproportionately affected because sectors that have been severely affected by the pandemic, including the primary and manufacturing sectors, account for a larger share of their FDI than developed economies.”

However, the Philippines posted strong growth in attracting greenfield investment this year, the report said.

“The Lao People’s Democratic Republic, Malaysia, New Zealand, the Philippines, Singapore and the Russian Federation all saw strong growth in greenfield investments in 2021.”

But these gains were offset by significant declines in other economies, including in Australia, Cambodia, Nepal, and Vietnam. — Jenina P. Ibañez

BCDA seeks developers, locators for 36 hectares in New Clark City

THE Bases Conversion and Development Authority (BCDA) said it is offering a 36 hectares within New Clark City for long-term lease and development.

“The BCDA invites interested real estate developers, industrial park builders, solar power plant developer, and other market players to be part of the development of the selected ‘buffer zones’ on an ‘as-is, where-is’ basis within our premier development — New Clark City — in Central Luzon, Philippines,” it said in an announcement published in newspapers on Wednesday.

It said developers and locators can apply for some investment incentives, including the 20% to 25% levy on domestic corporations under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

They can also apply for tax and duty-free imports of raw materials and capital equipment under the CREATE Act.

BCDA said it aims to introduce development within the so-called “buffer zones” to maximize their use through 25-year leases, renewable for a further 25 years.

“Prospective proponents may submit their expression of interest to BCDA on or before Jan. 14, 2022,” it added.

The BCDA holds office at Bonifacio Technology Center, Bonifacio Global City, Taguig City.

New Clark City, which is being positioned as the first smart, green, sustainable, and disaster-resilient metropolis in the Philippines, is a 9,450-hectare master planned property within the Clark Special Economic Zone in Pampanga and Tarlac. — Arjay L. Balinbin

Unwrapping year-end accounting reminders

Just as everyone is busy observing Christmas traditions like wrapping up presents for loved ones, including Santa who must also be knee-deep finalizing his list, accountants are busy completing their accounting checklists and hustling to wrap up year-end requirements to close the books.

With barely a couple of weeks before the end of the year, accountants are occupied preparing their books of account and other documents for financial and tax reporting purposes. To manage the myriad of accounting activities at year-end, I’ve decided to share my own little list of guidelines to help ensure the punctual completion of tasks.

1. PREPARE A YEAR-END CLOSING CALENDAR

Accountants must define the timelines and activities for completion at year-end. For instance, the timelines should include data gathering, processing, review, reconciliations, and financial report deadlines. Then, the target dates should be marked on a calendar to ensure the timely completion of all required year-end accounting activities.

2. MAKE A LIST OF PERIOD-END ENTRIES

Period-end entries comprise transactions not usually taken up during regular processing. These include entries covering non-cash transactions, such as the conversion of foreign currency-denominated account balances, accrual of completed transactions without billings/sales invoices, depreciation of property, plant, and equipment, amortization of prepayments, adjustments to comply with accounting standards, and other period-end entries.

Accountants must list down all period-end entries as a guide in closing the books of account.

3. COLLECT ALL REMAINING DOCUMENTS

To facilitate the closing of books, accountants should gather all accounting documents, such as sales invoices, billings, statement of account, official receipts, purchase orders, delivery receipts, contracts, and others. All transactions transpiring up to the end of the fiscal year must be fully, accurately, and appropriately recorded in the books. Otherwise, unrecorded transactions may result in either understatement or overstatement of account balances, give rise to questions by regulatory bodies [e.g., Bureau of Internal Revenue (BIR) and Securities and Exchange Commission (SEC)] during the financial statements/books of account review.

4. REVIEW DETAILS OF ACCOUNT BALANCES

Transactions comprising the account balances must be sufficiently reviewed. Accountants must assess if all transactions are consistent with the applicable accounting framework: Philippine Financial Reporting Standards (PFRS), PFRS for Small- and Medium-sized Entities (SMEs) and PFRS for Small Entities (SEs).

Under the Revised Securities Regulation Code (SRC) Rule 68 of the SEC, PFRS applies to large and/or public interest entities. Large entities are those with total assets of more than P350 million or total liabilities of more than P250 million, while public interest entities are those that meet any of the following criteria:

i. are holders of secondary licensees issued by the regulatory agencies;

ii. are required to file financial statements under Part II of SRC Rule 68;

iii. are in the process of filing their financial statements for the purpose of issuing any class of instruments in a public market; and

iv. such other corporations that the SEC may consider in the future as imbued with public interest regardless of the lack of a requirement to obtain a secondary licensee from the SEC.

PFRS for SMEs must be used by medium-sized entities, which have total assets of more than P100 million but not more than P350 million or total liabilities of more than P100 million but not more than P250 million, while PFRS for SEs shall apply to small entities, which have total assets or total liabilities of between P3 million to P100 million. Further, they should not fall within the criteria under Items (i) to (iv) as mentioned above.

5. PERFORM RECONCILIATION OF ACCOUNTS

Account balances must reconcile with schedules and supporting documents. Some examples include: (i) bank reconciliation to match the cash book balance with the bank statements; (ii) accounts receivable reconciliation to match the book balance with the aging analysis; (iii) property, plant, and equipment reconciliation to match with the lapsing schedule; and (iv) reconciliations of other account balances. All reconciling items must be properly supported and adjusted, as necessary, in the books of account.

6. ORGANIZE THE BOOKS OF ACCOUNT FOR SUBMISSION TO THE BIR

There are three types of books: manual, loose-leaf, and computerized. Businesses using loose-leaf books of account as approved by the BIR are required to submit bound books for the taxable year within 15 days from the close of each fiscal year (on or before the 15th of January for taxpayers operating on a calendar year). On the other hand, businesses using computerized books of account as approved by the BIR are to submit their books for the taxable year within 30 days from the close of each fiscal year (on or before the 30th of January for calendar year taxpayers). For businesses using manual books, annual submission is not necessary. However, a new set of books must be registered when there are no remaining pages to write on.

7. READY THE BOOKS OF ACCOUNT FOR THE YEAR-END FINANCIAL AUDIT

For BIR purposes, under the Tax Reform for Acceleration and Inclusion (TRAIN) Law, books of all businesses with gross receipts of at least P3 million in a taxable year must be audited by an external auditor.

For SEC purposes, the following are the thresholds for the audit of books of account defined under the Revised SRC Rule 68:

i. Stock and nonstock corporations with total assets or total liabilities of at least P600 thousand;

ii. Branch/representative offices of stock foreign corporations with assigned capital of at least P1 million;

iii. Branch/representative offices of nonstock foreign corporations with total assets of at least P1 million; and

iv. Regional operating headquarters of foreign corporations with total revenues of at least P1 million.

Corporations with a fiscal year-end of Dec. 31 must submit their annual audited financial statements (AFS) with the SEC consistent with the annual schedule of AFS filing. For those with a fiscal year-end other than Dec. 31, the AFS is due within 120 days after the end of the fiscal year. Also, the AFS must be submitted with the BIR within 15 days from the deadline of annual income tax return electronic filing.

With proper planning, accountants can complete their financial reports on time, fully compliant with regulatory requirements. Having worked through a hectic schedule, accountants may finally wrap up the year by closing the books and start unwrapping holidays presents.

The views or opinions expressed in this article are solely those of the author and do not necessarily represent those of Isla Lipana & Co. The content is for general information purposes only, and should not be used as a substitute for specific advice.

 

Jane R. Alcause-Fabro is a director at the Client Accounting Services Department of Isla Lipana & Co., the Philippine member firm of the PwC network.

jane.r.alcause@pwc.com

Philippines reports first two cases of Omicron virus

PHILIPPINE STAR/ MICHAEL VARCAS

By Alyssa Nicole O. Tan

THE PHILIPPINES on Wednesday reported its first two cases of the highly mutated Omicron coronavirus variant, which the World Health Organization (WHO) said was spreading faster globally than any previous strain.

One was a returning migrant Filipino worker from Japan who arrived on Dec. 1 via Philippine Airlines, the Department of Health (DoH) said in a statement. The other was a Nigerian who arrived on Nov. 30 via Oman Air.

Both were currently not showing symptoms, but the Filipino had a cold and cough when he arrived.

The agency said it was tracing people who might have had close contact with the two travelers, who both had been quarantined.

“We assure our people that we will closely monitor developments of the two cases in light of existing protocols, as we continue to remind the public not to let their guard down,” acting presidential spokesman Karlo Alexei B. Nograles said in a separate statement.

He added that people should observe health protocols and get vaccinated as soon as possible to protect them from the coronavirus.

The two samples came from 48 that the Philippine Genome Center had sequenced on Tuesday, DoH said.

The Health department reported 237 coronavirus infections on Wednesday, bringing the total to 2.84 million.

The death toll hit 50,449 after 100 more patients died, while recoveries increased by 565 to 2.78 million, it said in a bulletin.

There were 10,193 active cases, 567 of which did not show symptoms, 3,876 were mild, 3,492 were moderate, 1,867 were severe and 391 were critical.

The agency said 91% of the reported cases occurred from Dec. 2 to 15. The top regions with cases in the past two weeks were Metro Manila with 43 cases, Northern Mindanao with 25 and Western Visayas with 22.

It added that 14% of the reported deaths occurred in December, 32% in November, 36% in October and 6% in September.

DoH said nine duplicates had been removed from the tally, six of which were reclassified as recoveries, while two recoveries were relisted as deaths.

It added that 181 patients had tested negative and were removed from the tally. Four laboratories did not operate on Dec. 13, while three failed to submit data.

The agency said 22% of intensive care units in the Philippines were occupied, while the rate for Metro Manila was 24%.

Meanwhile, the Philippines will remain under Alert Level 2 until the end of the year, the presidential palace said on Wednesday, amid the threat of a highly mutated Omicron variant of the coronavirus.

An inter-agency task force also announced a travel ban on eight territories — Andorra, France, Monaco, Northern Mariana Islands, Reunion, San Marino, South Africa and Switzerland.

Effective Dec. 16 to 31, vaccinated and unvaccinated travelers from these “high-risk” areas that are part of the so-called red list will be banned from entering the Philippines, Mr. Nograles said.

Only Filipinos who are being repatriated from these countries will be allowed entry.

Several countries were also written down under the green list to “release some pressure” on the number of days a person will be under a facility-based quarantine, as spaces are quickly being filled with the increasing number of migrant workers returning for the Christmas holiday, he said.

The Overseas Workers Welfare Administration last week said at least 100,000 migrant Filipino workers have come home for the holiday.

Airline passengers may only board a plane once they test negative three days before departure. Children aged three years and younger are exempted from the requirement.

Passengers from countries classified as safe must be quarantined until RT-PCR results taken on the third day upon arrival come out. Unvaccinated and partially vaccinated travelers will go through the same restrictions except that they should be tested on the seventh day.

For passengers coming from yellow list or moderate risk countries, the protocols are the same except that the test for the vaccinated will be done on the fifth day, while home quarantine will end on the 14th day.

Vaccinated and unvaccinated travelers from red list countries will undergo similar tests on the seventh day, but the latter must stay until the 10th day regardless of the test results. Both must also do home quarantine until the 14th day.

“We humbly request your patience as we and the Inter-Agency Task Force continue to make modifications to our protocols,” Mr. Nograles said. “These are all being done in response to evolving situations around the world.”

“At the end of the day, we want to keep our people safe and we will do what is necessary to achieve that,” he added.