Metrobank recognized as strongest Philippine lender

October 27, 2021 | 12:01 am

METROPOLITAN BANK & Trust Co. (Metrobank) was recognized as the strongest bank in the Philippines for 2021, with The Asian Banker citing its relatively strong capitalization and liquidity compared with its peers.

The Strongest Banks ranking of The Asian Banker is based on indicators such as scalability, balance sheet growth, risk profile, profitability, asset quality, and liquidity. Metrobank’s financial strength stood out for its asset quality and liquidity during the crisis.

“Compared to its peers in the Philippines, the winning bank showed stronger performance in capitalization and liquidity,” The Asian Banker was quoted as saying in a filing by Metrobank with the Philippine Stock Exchange.

“Its capital adequacy ratio improved further from 17.5% in 2019 to 20.2% in 2020, while its liquid assets to total deposits and borrowings ratio rose to 54.5% from 31.5%,” it noted.

The bank had the highest loss reserves to nonperforming loans ratio in the industry, and also had the second-lowest gross non-performing loan ratio at 2.4%, it added. Metrobank set aside P40.8 billion in provisions in 2020.

Metrobank President Fabian S. Dee said their proactive strategy helped the bank amid the pandemic.

“We knew we had to be prudent and practical during these uncertain times, so we took steps to ensure strong capital levels and to keep a healthy balance sheet with best-in-class asset quality,” Mr. Dee was quoted as saying.

The Ty-led lender was also recently recognized as the Best Domestic Bank in the Philippines at the Asiamoney Best Bank Awards 2021, where its “sheer resilience during tough times” was mentioned as its defining trait.

“On behalf of all Metrobankers, especially those who are at the frontlines, ensuring that the flow of financial activity remains uninterrupted at the height of a global pandemic, we would like to thank our valued clients for their trust and confidence throughout our almost six decades of service,” Mr. Dee said.

Metrobank’s net profit increased 29.9% year on year to P3.9 billion in the second quarter on improved fee-based income and lower operational costs.

This brought its net income in the first semester to P11.687 billion, 28% higher year on year.

Metrobank’s shares went up by 50 centavos or 1.02% to close at P49.50 apiece on Tuesday. — Luz Wendy T. Noble

There is no health without mental health

October 27, 2021 | 12:01 am

For the second consecutive year, we celebrated World Mental Health Day on Oct. 10 and Mental Health Week from Oct. 11 to 17 in the shadow of the coronavirus disease 2019 (COVID-19) pandemic. Our continuing struggle to cope with the pandemic makes the preservation of our mental health that much more important.

“More than the absence of mental disorders, mental health is an integral part of health; indeed, there is no health without mental health,” according to the World Health Organization (WHO).

The WHO defines mental health as a state of well-being in which an individual realizes their own abilities, can cope with the normal stresses of life, can work productively, and is able to make a contribution to his or her community.

It is normal and understandable to experience fear, worry, and stress during these challenging times. Aside from dealing with the fear of getting infected with the novel coronavirus, all of us have had to cope with unprecedented and significant changes in our lives brought about by the pandemic.

Dr. Hans Kluge, WHO regional director for Europe, recognized that many have made huge sacrifices to contain COVID-19. “It [the pandemic] has come at an extraordinary cost, which has exhausted all of us, regardless of where we live, or what we do. In such circumstances it is easy and natural to feel apathetic and demotivated, to experience fatigue.”

Some people have even experienced pandemic fatigue which refers to feeling overwhelmed with still having to maintain a state of constant vigilance, and a weariness to abide by restrictions, the GAVI Alliance explained.

Some common signs of pandemic fatigue include lack of motivation, changes in eating or sleeping habits, irritability, stress over tasks that would normally be handled well, difficulty concentrating, and feelings of hopelessness among others, said an article on How to Beat Pandemic Fatigue.

The WHO shared tips to help the people cope with the pandemic and care for one’s mental health. One approach is to minimize watching, reading, or listening to news about COVID-19 that causes you to feel anxious or distressed. In this age where information is just a click away, it is important to seek trusted sources that will enable us to take practical steps to protect ourselves and loved ones from getting sick.

The WHO added that facts gathered from credible sources can help minimize fears. Instead of dwelling on negative stories, one may look for and amplify inspiring narratives such as people who have recovered from COVID-19 or those who have helped others during the pandemic.

The US Centers for Disease Control and Prevention (CDC) also recommended that a person may connect with the people he trusts to talk about any concerns. The CDC explained that during periods of isolation, conversation is a powerful coping tool to relieve stress and promote resilience. It provided tips for having a meaningful conversation, which can be done over the phone, online or in person while observing physical distancing and health protocols.

Meanwhile, UNICEF sounded the alarm that the impact of the pandemic on children is significant and just a tip of the iceberg. “As COVID-19 heads into its third year, the impact on children and young people’s mental health and well-being continues to weigh heavily,” it said.

According to UNICEF, at least 1 in 7 children has been directly affected by lockdowns, while more than 1.6 billion children have suffered some loss of education. These disruptions “are leaving many young people feeling afraid, angry, and concerned for their future.” 

The CDC enumerated some things to watch out for among children or teens who may be under stress in this time of the pandemic.

These common signs are excessive crying or irritation in younger children; returning to behaviors they have outgrown; excessive worrying or sadness; unhealthy eating or sleeping habits; irritability, “acting out” behaviors in teens; and unexplained headaches or body pain among others.

The WHO is encouraging parents to help children find positive or creative ways to express feelings such as fear and sadness. These could be through good communication, playing or drawing, or sharing activities together. Parents may also maintain old routines or create new ones.

Beyond the support at home, UNICEF is calling for immediate investment in child and adolescent mental health across sectors to support a whole-of-society approach to prevention, promotion and care.

With no clear end yet for the pandemic in sight, it is important to continue staying vigilant to protect one’s self. This can only be sustained if mental well-being is taken seriously, remembering that mental health is fundamental to physical health.

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP), which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are at the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

How PSEi member stocks performed — October 26, 2021

October 27, 2021 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Tuesday, October 26, 2021.

London named world’s best student city, Manila near the bottom at 113^th

October 27, 2021 | 12:00 am

Peso weakens on PHL posts BoP deficit in September

October 26, 2021 | 9:00 pm

THE PESO retreated versus the greenback on Tuesday after the country recorded a balance of payments (BoP) deficit in September.

The local unit ended trading at P50.761 per dollar, shedding 8.1 centavos from its P50.68 close on Monday, based on data from the Bankers Association of the Philippines.

The peso opened Tuesday’s session slightly weaker at P50.70 versus the dollar. Its weakest showing was at P50.795, while its intraday best was at P50.63 against the greenback.

Dollars exchanged inched up to $956.38 million on Tuesday from $923.4 million on Monday.

The peso weakened from its previous close as the market factored in the BoP data released by the central bank on Monday evening, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The country’s BoP stood at a deficit of $412 million in September, a reversal from the surplus worth $2.104 billion a year earlier and the $1.044-billion surfeit in August, as the government paid its foreign obligations.

For the first nine months of the year, the country’s BoP position was at a deficit of $665 million, reversing the $6.878-billion surplus in the same period of 2020.

Meanwhile, a trader said the peso weakened as Democrat lawmakers are expected to reach agreement on a US social spending bill.

Bloomberg reported that President Joseph Biden and Democrat legislators are fast-tracking an agreement on a scaled-back version of his economic agenda.

For Wednesday, Mr. Ricafort gave a forecast range of P50.65 to P50.85 per dollar, while the trader expects the local unit to move within P50.65 to P50.90. — L.W.T. Noble with Bloomberg

Stocks rebound on Q3 earnings, bargain hunting

October 26, 2021 | 9:00 pm

PHILIPPINE shares rebounded on Tuesday as investors went bargain hunting and following the release of earnings reports of index-member firms.

The Philippine Stock Exchange index (PSEi) went up by 40.56 points or 0.56% to close at 7,252.10 on Tuesday, while the all shares index gained 19.68 points or 0.44% to end the session at 4,456.52.

“Corporate earnings [reports are] coming out strong and giving market a lift,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.

“Philippine shares rebounded on bargain hunting as investors digested new earnings from index names, with [BDO Unibank, Inc. (BDO) and Manila Electric Co. (Meralco)] being the latest to report, while awaiting the next batch companies reporting,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a separate Viber message.

BDO’s net income declined by 10.6% in the third quarter to P11.033 billion. Still, its nine-month profit surged by 95.7% to P32.484 billion from P16.598 billion the year prior.

Meanwhile, Meralco reported a 29.7% growth in its core net income to P6.66 billion driven by higher energy sales as the country eased quarantine restrictions.

“On the other hand, the Philippine budget deficit rose 29.61% [year on year] to P1.14 trillion in [the nine-month period ending September], reflecting the accelerated borrowings to finance the [national government’s] COVID-19 (coronavirus disease 2019) response program,” Mr. Limlingan added.

The government’s budget deficit widened in September as spending outpaced a smaller increase in revenue collection, the Bureau of the Treasury reported on Monday.

The fiscal gap expanded by 30% to P180.9 billion in September from P138.5 billion a year earlier. The figure was also 49.6% higher than the P120.9-billion deficit in August.

The government runs on a budget deficit when it spends more than it makes to fund programs that support economic growth. It borrows from foreign and local sources to plug the gap.

Majority of sectoral indices posted gains on Tuesday except for property, which lost 40.12 points or 1.22% to end at 3,232.04.

Meanwhile, services rose by 35.60 points or 1.89% to 1,914.04; industrials climbed 106.79 points or 1% to 10,751.40; financials gained 8.14 points or 0.52% to 1,563.89; mining and oil improved by 50.38 points or 0.48% to close at 10,506.47; and holding firms went up by 25.17 points or 0.34% to 7,238.85.

Value turnover rose to P6.43 billion with 834.55 million shares switching hands on Tuesday, up from the P5.57 billion with 913.57 million issues traded the previous day.

Decliners outperformed advancers, 110 against 89, as 52 names closed unchanged.

Net foreign purchases surged to P127.74 million on Tuesday, higher than the P79.74 million seen on Monday. — Keren Concepcion G. Valmonte

Transport workers say return of 100% capacity long overdue

October 26, 2021 | 8:14 pm

By Arjay L. Balinbin, Senior Reporter

A TRANSPORT association said Tuesday that the Department of Transportation’s (DoTr) proposal to restore passenger capacity of public utility vehicles (PUVs) to 100% is long overdue, noting that some transport workers have been flouting the 50% limit for some time.

“Sobrang matagal na dapat na ginawa ng DoTr ’yan (The DoTr should have done this a long time ago),” Manibela National President Mar S. Valbuena told BusinessWorld in a phone interview. He was being asked to comment on the DoTr’s capacity proposal to the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF).

Mr. Valbuena said that “some” PUV drivers have not been following the 50% capacity limit set by the IATF.

“May mga iba na hindi talaga nakakasunod dahil nga sa hirap talaga ng byahe. Pangalawa ’yung kakulangan ng PUVs na masasakyan, naawa tayo doon sa ating mga pasahero na wala nang masakyan (Some transport workers have not been able to comply because of the difficulties they have encountered. They also take pity on passengers who cannot get rides because of the shortage of PUVs),” he said.

LTFRB Chairman Martin B. Delgra III said at a virtual briefing: “We are looking at having to address the viability of our public transport in light of the easing of the quarantine level, because we have to understand that we are still in the midst of a pandemic; therefore, any calibration or recalibration of the rules, in so far as capacity is concerned, will have to pass through and be discussed by the IATF.”

The DoTr is ready to pitch its 100% capacity proposal to the IATF Thursday, Transportation Assistant Secretary Mark Steven C. Pastor said in a statement.

“Pwedeng maging 100% (Capacity can rise to 100%) based on the medical literature that is available,” he said.

Mr. Valbuena said restoring capacity to 100% will help PUVs deal with rising fuel prices, because the government has not allowed fare increases.

“Metro Manila is the ideal place to test the proposal considering that 81.4% of its population is now fully vaccinated against COVID-19 (coronavirus disease 2019). In addition, public utility jeepneys and buses operating in Metro Manila are well-ventilated,” the DoTr said in a statement.

But Mr. Valbuena said more PUVs should operate to address demand.

“Ang total lang na nakakabyahe ngayon nasa 43,000 na (traditional) jeepneys, nasa 4,000 na modern jeepneys, and then ’yung UV Express nasa 6,000 pa lang (only 43,000 traditional jeepneys are operating, as well as 4,000 modern jeepneys and 6,000 UV Express units),” he said.

In a phone message to BusinessWorld, Transportation Assistant Secretary Goddes Hope O. Libiran said, citing data from the LTFRB, that 85% of PUVs are operating.

“’Yung mga hindi nakakabyahe, ‘yan ’yung may mga overlapping routes na (The ones not on the road may have not been counted due to overlapping routes),” she said.

“To be clear, hindi tayo nagbawas ng supply sa public transport. Lahat ng tumatakbo under General Community Quarantine (GCQ), tumatakbo ngayon (Public transport supply has not been reduced. Every vehicle eligible to operate under GCQ is now operating). Trains, buses, jeepneys, taxis, UV Express, tricycles, TNVS (transport network vehicle services), and even motorcycle taxis,” she said.

Ms. Libiran pointed out that the only challenge is the number of buses operating along the EDSA busway.

Last week, the LTFRB issued show-cause orders against two consortiums operating along the EDSA busway “for failing to deploy sufficient numbers of buses and amid ‘persistent reports’ of non-payment of drivers’ and conductors’ salaries despite having received payments for the Libreng Sakay Program,” the DoTr said in a recent statement.

“Nakikita natin sa EDSA, naghihintay ang mga pasahero at pagkahaba haba ng pila. Gusto natin makauwi ng maaga ang ating mga pasahero para maiwasan ang transmission. Kung mas maraming masasakyan mas maaga silang makakauwi (The lines of waiting passengers are very long on EDSA. What we also want is to bring people home early so transmission is avoided. The more people who can rise, the earlier they can get home),” Mr. Valbuena said.

Ms. Libiran said more than 550 buses are authorized to run along the EDSA busway; but at certain times last week, less than 200 were deployed.

After the agency’s warning to bus companies, Ms. Libiran said there are now 350 buses operating along EDSA.

FUEL SUBSIDY
The LTFRB’s Mr. Delgra also clarified Tuesday that only the drivers of public utility jeepneys or PUJs will benefit from the P1-billion cash aid to be released by the government in support of the transportation sector to offset the increasing prices of fuel products.

“Para sa PUJ sector lang po ito… Ibig sabihin mas malaki pa ang maibibigay sa kanilang hanay (We are limiting distribution to PUJs so they get bigger amounts),” he said.

“Pinakamalaking porsyento ng PUVs ay nasa PUJs… Mas malaki po ang ridership nila kasi predictable ang demand at malalaki ang kapasidad nila (PUJs make up the biggest share of PUVs, which have high ridership because demand is predictable and the units are high capacity),” Mr. Delgra said.

In a statement Monday, the DoTr said: “We assure the Development Budget Coordination Committee (DBCC) that the released amount pursuant to Section 82 of the TRAIN Law, will be distributed as cash grants to qualified and bona fide PUV drivers for the remaining months of this year.”

Global oil prices rose Monday due to strong fuel demand in the US and other economies rebounding from the pandemic, Reuters reported. Brent crude futures rose 56 cents or 0.7% to $86.09 a barrel.

Philippine pump prices rose for a ninth straight week as oil companies raised gasoline prices on Monday by P1.15 per liter (/L), with diesel prices rising P0.45/L.

DepEd seeking extra P2.58B to hire 10,000 teachers in 2022

October 26, 2021 | 8:14 pm

THE EDUCATION department is seeking an additional P2.58 billion in its proposed 2022 budget to hire 10,000 new teachers, which would fill close to a third of its current vacancies.

More than 30,000 teaching positions have yet to be filled as of September this year, leading to the hiring push, according to a statement issued by the chairman of the Senate Committee on Basic Education.

“The positions left unfilled could equate to P13 billion in funds that are not being disbursed,” Senator Sherwin T. Gatchalian said Tuesday.

He said that according to Congressional Policy and Budget Research Department (CPBRD) data, 71% or 33,260 of the department’s 46,901 vacancies are for teaching positions.

“This has been a recurring issue,” he added. “We have to, once for all, find ways to reduce the six-month turn-around time (for hiring) somehow.”

Education officials said the hiring process usually takes six months. Due to the pandemic restrictions and alternative work arrangements, the department has also had to work with limited staff.

The department is considering accepting applicants with no prior experience, similar to other entry-level positions, to help ease the hiring backlog, Education Undersecretary Wilfredo E. Cabral said at an earlier finance hearing.

In its current budget, P1.82 billion was allocated to create 10,000 teaching positions.

While the Education department aiming for the same number of hires for the upcoming year, the higher P2.58-billion budget will account for the increase in basic salaries as called for by the Salary Standardization Law, Mr. Gatchalian said. “The increase in funds should push the department to accelerate its hiring process and fill the remaining vacancies.” — Alyssa Nicole O. Tan

Imported pork allowed for distribution in areas where prices are high

October 26, 2021 | 8:14 pm

IMPORTED PORK will be distributed to areas where prices are high, expanding their current market of the capital region and nearby provinces, while industrial users have also been cleared to use the imports, the Department of Agriculture said.

Memorandum Circular No. 23, issued on Oct. 25, will allow the distribution of imports “outside of the National Capital Region (NCR) Plus (Metro Manila, Bulacan, Rizal, Laguna, and Cavite) to areas with relatively high prices of pork meat,” Agriculture Secretary William D. Dar said.

Mr. Dar said the expanded pork import quota, known as the Minimum Access Volume (MAV), has not been fully utilized as a result on the limits on their area of distribution.

“This defeats the objectives of Executive Order (EO) No. 133, series of 2021 which are to address the supply gap in pork meat, provide consumers with adequate and affordable meat, and to lower inflation,” Mr. Dar said.

He said the circular now allows the selling of pork imports within the MAV plus to processors and institutional buyers.

“The global problems of transport and movement of imported goods due to the pandemic has affected the arrival of the 70% or 140,000 metric tons (MT) for July to October. From the usual 30-40 days after-shipment transit time, it has extended to 120 days. Hence, the arrival of the remaining 30% or 60,000 MT on January 2022 or the end of MAV year 2021 has to be fast-tracked,” he added.

On May 10, President Rodrigo R. Duterte issued EO 133 which increased the MAV allocation for pork imports in 2021 to 254,210 MT from the previous 54,210 MT in a bid to address thin pork inventories and rising prices due to the African Swine Fever outbreak.

Mr. Duterte also signed EO 134, which lowered the tariff rates on pork imports for one year period to help resolve supply and price issues.

Previously, the MAV Management Committee issued a resolution that divided the additional volume of MAV pork imports into two tranches.

The resolution directs that the first tranche, consisting of 140,000 MT or 70% of the total, arrive between July and October, with the remaining 60,000 MT or 30% landing between November and January. — Revin Mikhael D. Ochave

ARTA simplifies permit process for laying cable, wiring poles for internet

October 26, 2021 | 8:13 pm

THE Anti-Red Tape Authority (ARTA) said it has simplified the permit process for laying cable and wiring poles for internet projects in order to expand broadband coverage.

In a statement Tuesday, ARTA said Joint Memorandum Circular (JMC) No. 1, signed by various partner agencies on Oct. 25, simplifies the requirements for underground fiber ducts, above-ground cables, and other facilities.

“This is seen further expediting the rollout of telecommunication infrastructure and service projects, leading to faster internet connectivity,” ARTA said.

Jeremiah B. Belgica, ARTA director general, said the JMC will help the government improve internet speeds.

He noted that the Philippines was 72^nd out of 128 countries in terms of mobile download speed in September, according to network testing and analysis company Ookla.

“This is a notch higher from the country’s ranking in August and a huge leap from its initial rankings in August 2017, when Ookla first began, where the country was in the 100^th spot for mobile download speed,” Mr. Belgica said.

The Ookla report also found the Philippines to be 64^th out of 181 countries in terms of fixed broadband speeds that same month.

According to ARTA, the JMC requires a single excavation clearance for the installation of poles or construction of underground fiber ducts.

It added that all applicants should ensure that poles be tagged to indicate their owners, and that local government units (LGUs) must create a one-stop shop to process applications for permits to excavate, use the sidewalk, and manage traffic during digs.

“Applicants for cable laying works shall only be required to submit to the one-stop shop established by the LGU, an Affidavit of Undertaking and a copy of the authority from the owner of the physical infrastructure, undertaking to be liable for damages that may be caused by the cable laying works,” ARTA said.

“The issuance also enumerated the documents that must not be required from applicants in securing appropriate notices and authorities for laying of cables on existing poles, underground fiber ducts, and other physical infrastructure such as the building permit, business or mayor’s permit,” it added.

Other agencies that signed the JMC were the Departments of Information and Communications Technology (DICT), Interior and Local Government (DILG), Human Settlements and Urban Development (DHSUD), Public Works and Highways (DPWH), as well as the Civil Aviation Authority of the Philippines, the National Telecommunications Commission, the National Electrification Commission, the Energy Regulatory Commission, and the Philippine Competition Commission. — Revin Mikhael D. Ochave

Lacson to consider alternatives to lockdown if elected President

October 26, 2021 | 8:13 pm

SENATOR Panfilo M. Lacson, a candidate for President, said Tuesday that he and his running mate, Senate President Vicente C. Sotto III, are consulting health experts to find alternatives to lockdowns, which he said have done major damage to the economy.

He said in a radio interview that lockdowns have “crippled the economy but failed to stop or even slow down the spread of COVID (coronavirus).”

“Vaccination is the number one solution,” he added, “because in other countries, economies will reopen if the vaccination rate is high, so that is what we need to focus on.”

Mr. Lacson, who was discussing his plans for restoring the economy’s growth path in the interview on DZRH radio, said one of his priorities is to further digitize the economy in order to enhance competitiveness.

“We have been left behind. Other countries have digitized their economies (to the point where) their national and local government units have interoperability,” Mr. Lacson said. He noted that the high cost of power and labor are also factors in the lack of progress on the digital front.

Mr. Lacson highlighted the importance of devoting resources to research and development, and added that he plans to attract more foreign investment to upgrade the state of Philippine technology via incentives.

Also on Tuesday, Mr. Lacson consulted with the Federation of Jeepney Operators and Drivers Association of the Philippines (FEJODAP) Calabarzon in Lipa City, amid allegations by transport organizations that the government has neglected to provide temporary livelihood to transport workers at the height of the lockdowns.

Jeepney drivers said movement restrictions have affected their income, which comes on top of the burdens imposed by the requirement to modernize the jeepney fleet.

FEJODAP President Solano Roxas said the association was prepared to hear solutions to their current predicament, noting that cash aid being provided was not ultimately what transport workers need.

“We are not looking for financial assistance,” Mr. Roxas said in Filipino during the consultation. “What we need is for our jobs to continue.”

Mr. Lacson, whose father was a jeepney driver, said a government under his leadership will do a better job preparing the industry before imposing modernization. — Alyssa Nicole O. Tan

Funding seen insufficient to meet climate commitments

October 26, 2021 | 8:13 pm

Climate-March-in-Brussels,-Belgium — REUTERS

THE government’s spending program for next year does not reflect the Philippines’ climate commitments, Deputy Speaker Lorna Regina B. Legarda said.

She said the national budget being discussed in Congress is a “business as usual budget” that does not reflect the goals of the Philippine nationally determined contributions (NDCs), or the country’s post-2020 climate actions under the Paris Agreement.

The Philippines will be sending a 19-member delegation to the 26^th United Nations Climate Change Conference, known as COP26, in Glasgow, Scotland next week.

“I would like to see a pandemic-recovery budget that is aligned and attuned to the climate pathway that mainstreams ecological integrity,” Ms. Legarda said at a pre-COP26 virtual briefing Tuesday.

Developed countries will discuss plans to improve climate financing after they failed to make good on a pledge to roll out $100 billion to help developing nations tackle climate change each year by 2020.

“If we cannot even secure what rich countries owe vulnerable nations, then we are only deluding ourselves,” Ms. Legarda said.

The Philippines, under the NDC, aims to reduce greenhouse gas emissions by 75% by 2030. Of the 75% target, around 72.29% will be contingent on support for climate financing and technology by developed countries.

The national budget should be used to mainstream climate change adaptation and mitigation, along with disaster risk resilience, Ms. Legarda added.

“It must not be just one government agency or a commission or a few agencies,” she said. “Every aspect in the budgetary process and all programs of government must be aligned with all the environmental laws.” — Jenina P. Ibañez