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Powering Valenzuela City’s increased COVID-19 response

Sustaining continued support to the government and private sector’s fight against COVID-19, Meralco energizes the new DPWH-sponsored Quarantine Facility housed at ArkongBato National High School in Valenzuela City. Twelve container vans were repurposed and converted into 44 air-conditioned rooms, two (2) nurses’ stations, one (1) radiology room, and one (1) x-ray room for this facility. Each of the 44 rooms has a hospital bed, a table, a chair, and a private comfort room. Meralco’s energization project augmented this development with the installation of a new metering facility, one (1) concrete pole, and two (2) 75-kVA Distribution transformers. The ArkongBato Quarantine Facility is one of the many vital hospitals and COVID-19 treatment and isolation centers in the Meralco franchise area that are given the highest priority in terms of delivery of safe, adequate, and reliable supply of electricity.

Biscuit sticks teach children how to code

Japanese food company Glico uses Pocky—its brand of chocolate-covered biscuit sticks—to teach children how to code. 

Yuko Takatani, regional PR manager of Glico Asia Pacific, shared that the company is considering conducting special lessons in the Philippines at elementary schools and at places where parents and children gather. “We hope this will be a happy learning experience for them,” she said.

Children need a free edutainment app called GLICODE (a portmanteau of “Glico” and “code”), Pocky biscuit sticks, and a clean white placemat to play the game. Players line up their Pocky sticks in the right order on the placemat, then use a phone camera to take a photo of the sequence they created. They then hit the app’s play button to see their sequence’s code instruct a character named Hug Hug as it moves through the course. Players who figure out the correct sequence get to move on to the next level. There are a total of 39 stages in the mobile app. 

By arranging the Pocky sticks in varying sequences, children learn three coding fundamentals: sequences, loops, and “if” statements. An early introduction to the basics of programming and algorithmic thinking improves a child’s problem-solving ability.

Coding, said Apple CEO Tim Cook, is the best foreign language that a student in any country can learn. “This is a language you can express to seven billion people in the world. I think coding should be required in every public school in the world,” he said in an interview with French outlet Konbini.

In the Philippines, schools such as STI and AMA specialize in computer science. The Department of Education (DepEd)’s K-to-12 program also has a Science, Technology, Engineering and Math strand. Senior high school students who choose this strand typically enroll in university courses related to mathematics, engineering, computer studies, or information technology upon graduation. According to DepEd data from September 2016, 228,621 Filipino students have enrolled in this strand.

Edutainment apps such as GLICODE are educational apps that aim to make learning enjoyable. American illustrator Peter Catalanotto is credited for coining the term “edutainment” in the 1990s while teaching students about writing and illustration. Educators today engage classes by using novels, movies, interactive museums, board games, and toys to teach a specific subject. 

In the aforementioned Konbini interview, Mr. Cook said, “Creativity is the goal. Coding is just to allow that. It’s the blend of both of these that you can do such powerful things now.” — Patricia B. Mirasol

Regeneron says its COVID-19 antibody treatment cut medical visits in trial

Regeneron Pharmaceuticals Inc. said on Wednesday its coronavirus antibody cocktail—the experimental treatment that US President Donald J. Trump received—significantly reduced medical visits in a trial of nearly 800 patients with mild-to-moderate COVID-19.

Regeneron said patients given the treatment, REGN-COV2, made around 57% fewer COVID-19 related medical visits than those given a placebo over a 29 day period.

The drop was around 72% in patients with one or more risk factors such as being over age 50; obesity; cardiovascular, metabolic, lung, liver, or kidney disease; or an immunocompromised status.

Last month, the company released early data from the trial showing the treatment reduced viral levels and improved symptoms in non-hospitalized COVID-19 patients. The new data confirm the initial findings, the company said.

Regeneron’s drug is a cocktail of two monoclonal antibodies—manufactured copies of antibodies that are one of the main weapons the immune system generates to fight infections.

Mr. Trump has credited the Regeneron therapy for his recovery from COVID-19 and said he would push for emergency use authorization (EUA) of that treatment and others like it. He also said he wanted it to be provided at no cost to Americans.

The company earlier this month filed with the US Food and Drug Administration seeking an EUA for the dual-antibody therapy. It said it has shared the new data with the regulator as part of the review of its request.

Eli Lilly and Co makes a similar drug and also filed for an EUA. The company signed a $375 million contract to provide 300,000 doses of its treatment to the US government on Wednesday

Regeneron said earlier this month it had around 50,000 doses of its treatment ready for distribution.

The US government agreed in June to buy up to 300,000 doses of the antibody cocktail for $450 million. — Michael Erman/Reuters

BusinessWorld Insights: Reducing Carbon Emissions for a Sustainable Future

How is the Philippines doing in terms of achieving a low-carbon economy?

How do locally-based firms take action in reducing their carbon footprint?

Join the second session of BusinessWorld Insights’ Sustaining Sustainability Series with the topic “Reducing Carbon Emissions for a Sustainable Future” with speakers Meralco Chief Sustainability Officer Raymond Ravelo, Electric Vehicle Association of the Philippines President Edmund Araga, First Philippine Holdings Corp. Chief Sustainability Officer Agnes de Jesus, Globe Telecom, Inc. Director of Technology Strategy Gerhard Tan; and moderator BusinessWorld Special Reports Editor Norman Aquino.

#BUSINESSWORLDINSIGHTS Sustainability Series is made possible by Globe, Energy Development Corporation, Meralco, First Gen Corp., The Philippine STAR, and Olern; with the support of the Management Association of the Philippines, Bank Marketing Association of the Philippines, British Chamber of Commerce Philippines, Financial Executives Institute of the Philippines, and Philippine Chamber of Commerce and Industry.

New coral species discovered on seabed prized for mining potential

JOHANNESBURG — Three species of black coral have been discovered on the seabed of the northern Pacific Ocean, an area where several countries have contracts to explore for metals including cobalt and nickel as they race to find new supplies of the key battery elements.

The corals were discovered on deep seamounts and ridges in the mineral-rich Prime Crust Zone, which stretches from the Mariana Trench to the Hawaiian islands, according to a paper published in scientific journal Zootaxa on Thursday.

Authors Dennis Opresko of the Smithsonian Institute and Daniel Wagner of Conservation International said they aimed to identify deep-sea habitats in the zone which holds the highest concentrations on Earth of cobalt-rich ferromanganese crusts.

“These long-living corals are much like the redwoods of the ocean. They’re not only slow-growing and long-lived, but also provide important habitat for many other species,” Mr. Wagner said.

“Mining their habitat could potentially wipe them out before we know their true value.”

China, Japan, Russia, and South Korea all hold exploration contracts in the Prime Crust Zone, according to the International Seabed Authority (ISA), a UN body in charge of regulating the ocean floors.

Environmentalists have called for a ban on deep-sea mining which would extract prized resources including cobalt, copper, nickel, and manganese from seabed nodules and crusts.

Deep-sea mining could destroy as yet undiscovered species, the Ocean Panel said in June. Only around 20% of the ocean floor has been mapped to date, according to Conservation International.

The new black coral species are so named because of their black skeletons, but they can appear pink, white, or various other colors because of the living tissues growing over the skeleton.

Previous studies have found a black coral species more than 4,250 years old, Conservation International said.

The Jamaica-headquartered ISA has drawn up regulations on exploration but has yet to establish the rules for exploitation needed for deep-sea mining to go ahead.

An in-person ISA assembly was postponed from July due to the COVID-19 pandemic, and would now “most likely” take place in early December, according to the ISA website. — Helen Reid/Reuters

Global economic rebound at risk from rising coronavirus cases — poll

BENGALURU — There is a high risk the resurgence in coronavirus cases halts the global economic recovery by year-end, according to Reuters polls of around 500 economists, a majority of whom expected the rebound next year to be weaker than previously thought.

Governments and central banks around the world have pledged trillions of dollars of stimulus, helping most economies out of deep recessions. But a second wave of infections in places that eased lockdowns is now underway, leading to more restrictions.

That was a top risk repeatedly highlighted by Reuters surveys of economists, FX analysts, bond and equity strategists, as well as global fund managers since the start of the pandemic.

The Oct. 6–27 Reuters polls of economists across Asia, Europe, and the Americas covering 46 economies showed scant sign of activity recovering to pre-COVID-19 levels anytime soon.

Nearly three-quarters of 150 analysts who responded to an additional question said the resurgence in coronavirus cases posed a high risk of halting the current global economic recovery as early as this year.

“Even before the renewed lockdowns there was already a broad acceptance that many countries will see a permanently lower level of GDP than they would have done in the absence of the pandemic,” noted Janet Henry, global chief economist at HSBC.

“Higher unemployment and higher debt appear inevitable but there are also implications for equality, long-term growth potential, and financial stability.”

Median growth forecasts for over 65% of those 46 economies were downgraded or left unchanged for 2020 and nearly 60% of those for 2021. The range of forecasts also reveals mostly lower lows and lower highs.

In the meantime, there is no sign of the pandemic letting up anytime soon. The United States, Russia, France and many other countries have registered record numbers of cases in recent days, and European governments introduced new curbs.

The global economy was expected to grow 5.3% next year after shrinking 4.0% this year, a touch higher than the International Monetary Fund’s projection of 5.2% for 2021.

But nearly 80% of economists, or 119 of 150, said a weaker global recovery than previously thought was the greater risk in 2021, rather than a vigorous rebound or a renewed downturn.

For many major economies, it’s been whiplash: plunging into the deepest contraction on record, then growing at the fastest pace ever, only to face trouble once again during the current quarter.

“For economies, it has literally been a roller coaster, from the blissful ignorance and denial in Q1, to the lockdowns and economic implosion in Q2 and the reversal of restrictions fuelling a rebound in economic activity in Q3,” said Stefan Koopman, senior market economist at Rabobank.

“Unfortunately Q4 also comes with renewed virus challenges. Economically speaking, we might have to bridge another 6 months or more before a vaccine can offer substantial relief and should weigh heavily on activity in the near term. Particularly as we may face some fatigue in terms of offsetting stimulus measures.”

Despite expectations for further monetary stimulus in the euro zone and Britain, and another round of US fiscal support, the economic outlook was subdued in the latest polls, with the fresh rise in coronavirus cases the biggest risk to their recoveries.

For Japan, economists said the government needs to pledge a third stimulus package to shore up an economy hammered by the pandemic, while the Australian and Canadian economies were predicted to grow at a much weaker pace than previously thought.

China, the world’s second-largest economy, was projected to grow 8.4% in 2021, in stark contrast to much weaker recoveries everywhere else. But some economists outside China expected a much lower figure and said many forecasts do not capture the real extent of the economic hit.

Most other emerging market economies were expected to struggle this year and next.

“Emerging market economies are leaving behind the worst of their COVID-19-related economic contractions, even if infection cases continue to increase in a number of countries, notably India,” noted Ajay Rajadhyaksha, head of macro research at Barclays.

“In aggregate, EM economies no longer have a growth advantage over the advanced economies.” — Shrutee Sarkar/Reuters

BusinessWorld Insights: The Philippines’ Sustainability State and COVID-19

Where is the Philippines headed in terms of achieving the country’s Sustainable Development Goals amid the COVID-19 crisis?

Join the first session of BusinessWorld Insights’ Sustaining Sustainability series with the topic, “The Philippines’ Sustainability State and COVID-19”, with speakers Enrico Gaveglia, deputy resident representative of UNDP Philippines; Senen Perlada, director of DTI Export Marketing Bureau; and Timothy Daniels, investor relations consultant of SM Investments Corp.; and moderator Leo Uy, research head of BusinessWorld.

#BUSINESSWORLDINSIGHTS Sustainability Series is made possible by Energy Development Corporation, Globe, First Gen Corporation, Merlaco, The Philippine STAR, and Olern; with the support of the Management Association of the Philippines, Bank Marketing Association of the Philippines, British Chamber of Commerce Philippines, Financial Executives Institute of the Philippines, and Philippine Chamber of Commerce and Industry.

Understanding economic indicators for investment

Talking about the investment market and the economy can be daunting for any first-time investor. But it does not need to be. Understanding how the economy works in tandem with the market is a valuable skill that any interested investor can develop and cultivate.

First, we need to start by understanding what investing means. Investopedia.com defines investing as the act of allocating your resources, usually money, into assets or endeavors that you expect will generate income or profit for you in the future. But the basic idea is that rather than you working for your money, investing lets your money work for you.

How hard you want your money to work for you then becomes the next question. Just like everything else in life, the higher the expected reward, the greater the risk you’ll likely have to take. When it comes to investments, a lot of things can go wrong, and the best way to protect yourself from things going wrong is to do your homework. You need to understand what you plan to own and the risks associated with owning them.

The value of investments reflects many things, foremost among them being the economy, or more specifically, the outlook of the economy. What’s happening now has made this more important than ever.

The current COVID-19 pandemic and the negative impact it has had on our economy is a living, breathing, and sadly, still an ongoing example of things going very wrong. The pandemic forced an unprecedented nationwide lockdown for 75 days in the country, ceasing any form of normal social activity, like going to school or seeing friends and family, and in turn grinding the economy to a halt. This meant lost income for many businesses and companies, leading to permanent business closures and job losses. This abrupt slowdown in the economy resulted in a sharp fall in the value of assets held by investors, particularly the stock market, which fell as much as -40% in a matter of days.

While no one really could have anticipated a shock like this, we can and should use this experience to develop a better understanding and appreciation of the economy’s impact on investments. We saw first-hand that when the outlook for the economy turned bad, the value of investment assets fell. It stands to reason therefore that when the economy stabilizes and begins showing signs of recovery, the value of assets should then rise.

Important economic indicators

Understanding the health and outlook of the economy is therefore a vital part of any investment decision-making process. Studying three of the most important “economic indicators”, namely the country’s Gross Domestic Product (GDP), inflation, and unemployment, would be a good start. Looking at these economic indicators will tell you the general state of the economy at that point in time while tracking changes in these indicators over different periods will help you identify “economic trends”, and in turn, the overall direction and outlook of the economy.

GDP, or the total monetary value of all goods and services produced in a country within a specific period, is the most commonly-used measure of the size of the economy. Positive growth is therefore good, while negative growth, or GDP contraction, is not. Because of the health crisis, the Philippines’ economy is set to experience economic contraction for the first time in 22 years.

INFLATION is the increase in the average prices of a fixed basket of basic goods and services in an economy. Rising prices of goods might be viewed as a bad thing, but some inflation in the economy is actually healthy because it indicates strong demand for goods and services in the economy, which of course is positive.

is a measure of joblessness, expressed as the percentage of people in the labor force without a job. Clearly, the lower this number is, the better.

Once we have developed a firm grasp of how these key indicators affect the Philippine economy as a whole, then we can relate it to how it affects the stock market.

The stock market and financial markets

The stock market is made up of the country’s largest companies in the country. When the economy is doing well, that is, when GDP is growing reasonably fast, inflation is stable, and unemployment is relatively low, then these companies should be doing well

and should experience robust sales of their products and services, and in turn, strong earnings, all else being equal. This should then mean that the company is growing and hence is becoming more valuable.

When you buy a stock of a company from the stock market, you become an owner of a part or “share” in that company, so the more valuable the company gets, the higher the price of that share goes.

The savvy investor must therefore be able to read signs and anticipate changes in economic trends, that is, when things are about to turn bad, and vice versa, as these trends will likely impact the business of a company in which you own a share, and ultimately, the value of that share.

You can think of financial markets, like the stock and bond markets, as a superpowerful computer that processes the expectations of all the buyers and sellers out there, based on everything that is happening in the world, and then spits out a market value or price for a particular stock or bond instantly.

Because people have different views and opinions of what to expect in the future, these market prices are in perpetual motion, always moving as each new expectation is “priced-in”. Sometimes, they move a lot, especially in times of great uncertainty, just like what happened when the pandemic was announced. These changes in prices over time is what is referred to as volatility.

Savvy and successful investors

During periods of high volatility, when prices are swinging around rapidly, the savvy investor is someone who stays level-headed and doesn’t give in to emotions. This is easier said than done, because we are only human, and the forces of greed and fear, euphoria and panic, are indeed very strong.

How do you do this? By starting with a deep knowledge base before you invest your hard-earned money. You need to know the risks involved and understand the level of risk you’re willing to accept and tolerate. Again, the greater the expected reward, the greater the risk you must be willing to take. Successful investors tend to be those who are always learning and planning and are usually a patient bunch.

When you are armed with this knowledge, then you can make better decisions about your investments, even when markets are volatile. This continuous learning process should involve regular discussions with a trusted investment adviser with a strong handle on very complicated markets. In Metrobank, we call them Investment Specialists. Another alternative to consider is to engage the expertise of a professional investor, such as a fund manager from Metrobank Trust, whose main job is to maximize investment returns while managing risks.

World Bank sanctions Chinese engineering firms in Zambian power project

WASHINGTON — The World Bank said on Wednesday it has sanctioned a Chinese state electric engineering group and its subsidiary over fraudulent practices in a power project in Zambia, setting out new conditions for them to participate in bank-financed projects.

The action bars China Electric Design and Research Institute Co. Ltd. (CEDRI) from participating in World Bank projects for up to 18 months, with the ability to meet new compliance conditions and end the ban. The firm’s parent company, China National Electric Engineering Co. Ltd. (CNEEC), was allowed to continue to participate in projects under a settlement agreement, but could be banned if it fails to meet agreed conditions, the bank said.

The sanctioned firms are contractors on the $210 million Lusaka Transmission and Distribution Rehabilitation Project, which aims to reinforce and upgrade the power transmission and distribution network in Zambia’s capital.

“CEDRI engaged in fraudulent practices by failing to disclose a conflict of interest and by presenting false documents with CNEEC’s company name in order to meet the requirements of a contract under the project,” the World Bank said in a statement. “CNEEC, as a controlling affiliate of CEDRI, failed to oversee CEDRI’s misconduct.”

The debarment of CEDRI also disqualifies the firm from participating in projects of other multilateral development banks, the World Bank said.

The settlement agreements allow for the sanctions period to be reduced from 18 months if both companies cooperate and adhere to the World Bank’s integrity compliance guidelines. — Reuters

Loyal customer wins big in M Lhuillier’s cash away raffle promo

For Sampaloc Manila resident Wemilyn Lurica, M Lhuillier’s Avenida branch is her go-to place to send and receive money, apply for loans, and pay the monthly bills. However, she didn’t expect that her Kwarta Padala, Quick Cash Loans, and Bills Payment transactions would help her win P50,000 in cold hard cash.

Lurica is one of the grand prize winners of M Lhuillier’s Cash Away Raffle Promo in the Caraga Region. This is just one of the many promos and initiatives that M Lhuillier has successfully launched in various regions in recent years.

Wemilyn trusts M Lhuillier for its fast and reliable system. She says that she is always satisfied with her experience whenever she does transactions with the country’s most trusted non-bank financial services company.

Her loyalty surely paid off with this huge blessing. She reveals that she is beyond grateful for the prize money, which will be a big help for her family now that her husband still has an irregular work schedule.

Just like Wemilyn, you too can win big in one of M Lhuillier’s regional raffle promos just by availing of M Lhuillier’s wide range of services like KwartaPadala, Quick Cash Loans, Bills Payment.

Watch out for the latest updates on promotions by following M Lhuillier Financial Services, Inc. on Facebook. For more information about available services, visit www.mlhuillier.com. To get in touch with Customer Care, call the toll-free number 1-800-1-0572-3252 or email customercare@mlhuillier.com.

Gov’t plans to borrow P140B in Nov.

THE government is planning to borrow at least P140 billion from the domestic market through the sale of government securities in November, as investors remain liquid and cautious amid the pandemic.

In an online advisory posted on Wednesday, the Bureau of the Treasury (BTr) said it will borrow P80 billion in Treasury bills (T-bills) and P60 billion in Treasury bonds (T-bonds) next month.

Auctions for T-bills will be held weekly, while T-bonds will be offered fortnightly.

For the T-bills, the BTr will auction off 91-day and 182-day papers worth P5 billion each and 364-day papers worth P10 billion.

For the T-bonds, it will offer three-year papers and five-year papers worth P30 billion each on Nov. 5 and Nov. 19, respectively.

National Treasurer Rosalia V. de Leon said the new borrowing program matches the market preference for short- and medium-term debt.

“It is based on previous auction results with the intermediate part of the curve as the sweet spot,” she said in a Viber message on Wednesday.

Ms. De Leon attributed this to the central bank’s projections of benign inflation in the next two years and strong liquidity among investors.

The Bangko Sentral ng Pilipinas slashed inflation forecasts to 2.3% for this year, 2.8% for 2021, and 3% for 2022.

Economists said the pandemic increased demand for medium-term bonds.

“With domestic activity still hobbled by concerns about the virus and overall challenging job market, we do expect investors to park their excess cash on the belly of the curve,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.

“The market right now is still very liquid and it’s just prudent to put excess cash at the short-end of the curve amid ongoing uncertainties. Investors are also waiting for further guidance from the government to spur more economic activities,” a trader who asked not to be identified added via Viber.

Ms. De Leon said the November borrowing program is aligned with the government’s P3-trillion target this year from local and foreign lenders to help fund its budget deficit expected to hit 9.6% of the country’s gross domestic product.

The Treasury also plans to raise P3 billion from the issuance of Premyo bonds next month.

“As always, we continue to continuously scan good opportunities for financing. We prepare and get ready to strike,” Ms. De Leon said. — K.K.T.Jose

LGUs urged to maximize borrowing capacity

By Beatrice M. Laforga, Reporter

FINANCE SECRETARY Carlos G. Dominguez III said local government units (LGUs) should maximize their borrowing capacity to raise funds for programs that will help local economies bounce back from the coronavirus pandemic.

“I highly encourage the LGUs to make the best use of their borrowing capacity to bolster recovery programs. Under Bayanihan II, additional capital has been infused into our government banks to provide wholesale financing to rural banks and microfinance institutions so that they can expand lending to small enterprises,” Mr. Dominguez said in a speech during the webinar arranged by the Bureau of Local Government Finance (BLGF).

Republic Act 11494 or “Bayanihan to Recover as One Act (Bayanihan II) allots P1 billion each to the Land Bank of the Philippines (LANDBANK) and the Development Bank of the Philippines (DBP) to subsidize interest payments of new and existing loans obtained by LGUs. It also allocated another P6.5 billion to support DBP’s program on wholesale banking for low interest loans.

Mr. Dominguez said LGUs can also tap the Philippine Guarantee Corp. (Philguarantee) for credit, and the Municipal Development Fund Office (MDFO).

The Finance chief earlier flagged the low borrowing performance of LGUs that could have funded key projects.

The Development Budget Coordination Committee (DBCC) earlier estimated the majority of LGUs have more than 80% available borrowing capacity to date, while 653 out of 1,715 cities and municipalities do not have an outstanding balance as of 2019.

Tax collections by LGUs have been affected by weak demand due to lockdown restrictions and the economic slowdown. On the other hand, LGUs have been spending more to respond to the pandemic.

While the National Government has extended financial aid such as the one-time Bayanihan grant worth P37 billion for their emergency response, LGUs still need to implement programs that will aid in economic recovery.

“The LGUs are vital in the difficult task of rebuilding our economy. Closer to the ground, they are best positioned to help revive our enterprises hardest hit by the pandemic. They can help pump-prime the national economy through local public investments,” Mr. Dominguez said.

Politics may have been one factor that contributed to the low borrowing performance of LGUs, according to Union of Local Authorities of the Philippines (ULAP) National President Dakila Carlo E. Cua.

Mr. Cua, who is also the governor of Quirino province, said the accumulation of high loans ahead of an election can be used against a mayor or governor if the projects will not materialize.

“It (credit financing) becomes tricky kasi may halong politika (because of politics),” he said, rival politicians can raise issues over the loan amount and the use of the proceeds.

To avoid this, Mr. Cua said LGUs should ensure the proper implementation of a loan-funded project.

“Financing is really healthy as long as it is within your means, it is well-managed, and being a politician, make sure it is high-impact and it makes a difference,” he said.

Mr. Dominguez said the BLGF has already accelerated the process of issuing the certificates on net debt service ceiling and borrowing capacity to the LGUs through digital means so they can secure loans faster.

Meanwhile, Cecilia G. Soriano, a former Finance undersecretary, said LGUs that have been having a difficult time settling amortizations because of lower tax collections, can opt to refinance existing ones to take advantage of low interest rates and the interest rate subsidies.

“This is a good time to borrow and also a good time to refinance because of low interest rates and interest rate subsidy. Based on our computations, the bigger the difference of the interest rate they are paying now with the original loan and what is being offered by banks now with all these loosening up, maybe it’s a good time for LGUs to consider refinancing but only if the original loan is in the early stages, but if it has been paid up already, the benefits will not matter so much,” Ms. Soriano said in the same forum.

LANDBANK President and CEO Cecilia C. Borromeo said as of Sept. 30, the bank has extended P51.3 billion loans to 43 provinces, 83 cities and 513 municipalities.

The DBP also has several loan facilities that could offer long-term financing of up to 15 years for the LGUs.

The estimated revenues of LGUs for this year have been slashed to P193 billion from the pre-pandemic goal of P307.08 billion.

The total collections are expected to further decline next year to P102.01 billion coming from a weak base in 2020.

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