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ACETC expands branch network, product lineup

FARM equipment distributor All Certified Equipment Trading Corp. (ACETC) expanded its branch network and the Massey Ferguson product lineup it offers in the country.

“In the past 24 months, ACETC expanded the Massey Ferguson model range here in the Philippines and along with that, we expanded our branch network to 11 to assure that all farm tractors and combine harvesters in the hands of our valued clients receive quality after-sales and spare parts,” Benigno P. Limcumpao, ACETC president and chairman, said in a statement on Monday.

ACETC is the exclusive distributor of Massey Ferguson products in the Philippines. The products it offers under the brand include small farm tractors, medium-sized tractors, large farm tractors, and combine harvester for rice and corn.

Mr. Limcumpao said the company is looking into the possibility of adding more branches in the future.

“Despite the pandemic, ACETC maintained its current lineup of Massey Ferguson farm tractors, with a model range catering to a wide market segment in the agriculture sector, including agribusiness firms ranging from small cooperatives to large multinationals,” he added.

Bhong Amoroso, ACETC vice-president and general manager, said the company was able to expand the Massey Ferguson lineup in the country since it started operations in June 2011, as part of its objective to become one of the leaders in the Philippine farm machinery industry.

“The quality after-sales service and spare parts we delivered to our valued clients of Massey Ferguson served as our word-of-mouth advertising, which also led to ACETC expanding its product lineup for the Philippines,” Mr. Amoroso said.

He added the company also carries two brands of spare parts for Massey Ferguson products, namely: AGCO and Sparex.

“We make sure that all the spare parts we supply to our valued clients are the ones recommended exclusively for Massey Ferguson farm equipment. And that has helped build more trust and confidence towards Massey Ferguson and ACETC over the past 10 years,” Mr. Amoroso said.

According to Mr. Limcumpao, the company’s clients include Dole Philippines, San Carlos Biopower, Del Monte Philippines, Department of Agriculture, Philippine Center for Postharvest Development and Mechanization, International Rice Research Institute, Department of Agrarian Reform, and Land Transportation Office.

Currently, it has 130 employees and distributes farm machines and related equipment from 26 international brands. — Revin Mikhael D. Ochave

Entertainment News (09/14/21)

Sagip Pelikula Fest presents restored film    

ABS-CBN Film Restoration premieres the digitally restored and remastered version of the movie Way Back Home, starring Kathryn Bernardo and Julia Montes in the Sagip Pelikula Festival on ktx.ph. Directed by Jerry Lopez-Sineneng, Star Cinema’s 2011 film follows the story of long-lost sisters who fine each other. Way Back Home premieres on Sept. 14, 7:30 p.m. on the Sagip Pelikula Festival on ktx.ph. 

Parenting webinar tackles kids’ internet safety 

GOOGLE, in collaboration with the parenting resource and community Mommy Mundo, is launching the “Internet Awesome Parents” webinar series. It aims to equip parents and guardians with the knowledge and tools of educating their children about internet safety and digital responsibility. The series will begin on Sept. 15, 8 p.m., via the Mommy Mundo Facebook page which will be streamed as well on Google Philippines’ Facebook account and YouTube channel. The topics that will be discussed are grounded on Google’s Internet Awesome Parents, an educational resource that encourages healthy family conversations on how to best take advantage of technology in a safe, fun, and productive way. The webinars will run for three consecutive weeks until Sept. 29. 

GMA Now upgrades features   

GMA Now users can now save and share clips of their favorite shows with the new “Screen Recording” feature. To activate, tap the record button on the TV player and allow the required permissions. Recorded clips will automatically be stored in the phone’s Gallery. The smartphone requires at least 100MB of free storage to record. Another new feature is the “Picture-in-Picture (PIP) Mode” that allows users to multitask while watching GMA’s shows. As users switch to other apps while watching, the GMA Now TV player automatically floats above the other apps, allowing continuous digital TV viewing. This feature requires Android 8.0 Oreo and above. Aside from the new features, GMA Now also enhanced its existing features. Full episode videos of GMA shows are now available on the newly redesigned Videos tab while Groupee Chat is more interactive with new Groupee stickers. Users can enjoy these new features by updating their GMA Now app on the Google Play Store. GMA Now is a mobile digital TV receiver that allows Android smartphone users to watch the live broadcast of GMA Network channels GMA, GTV, Heart of Asia, Hallypop, I Heart Movies, and DepEd TV as well as other free-to-air channels accessible in their area. GMA Now is available for P599 until Oct. 27.   

Special screening of Tao Po 

AFTER its successful run at Cinemalaya 2021, the documentary Tao Po, directed and produced by artist-activist Mae Paner, makes a comeback from Sept. 17 to 19 at ktx.ph. Tao Po follows the social awakening of a photojournalist when he covers the tokhang beat. After several immersion trips and in-depth interviews conducted by Ms. Paner and playwright Maynard Manansala, four monologues were developed that give faces to the issue of extra-judicial killings. Tickets are priced at P199. 

Celebrating Batman Day throughout Sept. 

THROUGHOUT September, DC and Warner Bros. are recognizing the Batman’s longevity and impact across comics, film, TV, and more, with a collection of partnerships, special releases and initiatives in honor of the Dark Knight, culminating on Batman Day, Sept. 18. HBO Asia is hosting an AR filter on its Instagram page. Post a shot with the Bat-Mobile AR filter, tag @HBOASIA on Instagram or @DCASIAOFFICIAL on Facebook and use the hashtags #HBOASIA, #DCASIAOFFICIAL and #BATMANMONTH to enter the contest which is ongoing until Sept. 24. Then there is the AR app DC: Batman Bat-Tech Edition which was launched in August. On Batman Day, a new mission will drop, continuing the Bat-Tech app storyline. The app is available on both the Play Store and on the App Store. There is also Batman-themed merchandise available including Goldwing’s Batman shirt designs, available at the online store; Spin Master’s Batman toys on its online store; McFarlane’s new collectibles including fan-favorite lines of DC Designer Series on Lazada; a range of DC Batman bricks from Lego, including limited edition releases, on Lego’s Lazada store; and Funko Pop Batman figures at the Funko Pop Lazada store. Lazada and SM on Lazada are also celebrating Batman Month until Sept. 30 with deals, offers, discounts, and vouchers to given every week and raffle prizes to be won.  Animation fans can catch up on Batman-led crime-fighting action over the weekends with special programming on Cartoon Network at 7:45 p.m. throughout the month. There will be more Dark Knight action on HBO GO, including two seasons of Pennyworth and two seasons of Batwoman. Nine Batman movies are on offer, along with animated Batman titles from the DC Universe also available to stream. Finally, save the date for DC FanDome 2021 on Oct. 17.    

Brit filmmaker headlines free online workshops  

CRAIG Lines, award-winning British filmmaker, writer and director, will discuss the origins of storytelling and reveal a template in creating successful characters in free interactive workshops entitled “We are all Legendary Heroes.” The public lectures are designed for young creatives who wish to explore the fundamental techniques in developing memorable narratives and protagonists. The classes will feature exercises that challenge the participants to think outside the box and find inspiration from seemingly mundane things. Mr. Lines has been in the industry for over 30 years and has earned several TV and film accolades including three BAFTA Awards and two Royal Television Society Awards. Hosted by the Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde, “We are all Legendary Heroes” is the latest program under MCAD Platforms, which seeks to promote contemporary art and design through workshops, lectures, and events. It will be conducted in two parts via Zoom on Saturdays, Sept. 18 and 25, from 2 to 5 p.m. Interested participants may e-mail mcad@benilde.edu.ph until Sept. 15.  

Spotify holds NCT 127’s 3rd album launch  

IN CELEBRATION of NCT 127’s third studio album, Sticker, Spotify will launch the Spotify Enhanced Album in tandem with the studio album on Sept. 17 at noon. The Enhanced Album will include exclusive, intimate content from the band. The Enhanced Album will have 11 brand new tracks from NCT 127, featuring slick hip hop and R&B beats. Fans will also enjoy content that brings them up close and personal with their group’s members, including virtual boyfriend POV experiences.    

Insight Music launches singer-composer Jelry  

FILIPINO record label Insight Music presents singer-songwriter Jelry’s debut single, titled “Rosas,” a catchy pop acoustic ballad with bouncy, sweet sounds. Jelry’s music debut has been a long time coming. The young man (whose real name is John Lloyd Reyes) first learned to play the guitar with just two chords that his father taught him. This sparked an interest that inspired Jelry to hone his craft through online platforms, soaking up everything he could about music theory, production, and songwriting. Finally, Jelry began writing his own music, which led to his first record deal with Insight Music. Meanwhile, Insight Music is primed to release three new mood playlist albums: Sexy Time: Make Out Music, My Study Companion, and Burn: The Workout Playlist. These themed albums were crafted to get individuals “in the zone.” Sexy Time: Make Out Music is for intimate nights and steamy sessions under the covers; My Study Companion comes in handy when cramming for the finals, doing school research, and writing the thesis; and Burn: The Workout Album serves to drive health buffs towards the level of fitness they desire. The albums are all composed by producer Ian Joseph Tan, and reflect the vision Insight Music has for Original Pilipino Music. “We want to push music forward by bringing it back to its roots, which means getting talented artists and dropping music that connects instantly” says Insight Music president and chief creative head, Chris Cahilig. “Rosas” by Jelry, Sexy Time: Make Out Music, My Study Companion, and Burn: The Workout Album are all available for streaming on various global streaming platforms, including YouTube Music, Spotify, Apple Music, Amazon Music, Deezer, Tiktok, and iTunes 

High Class on iQiyi  

IQIYI’S suspense thriller High Class depicts the “perfect” lives of women in the top social strata, and their hidden lies and hypocrisies. The thriller follows a lawyer (played by Cho Yeo-jeong) who is framed for her husband’s murder and loses her wealth. High Class is directed by Choi Byeong-gil, and the cast includes Kim Ji-soo, Ha Jun, Park Se-jin, and Gong Hyun-joo. High Class airs new episodes at noon on Tuesdays and Wednesdays. Download the iQiyi app or log in to www.iQ.com for more Asian shows.    

‘Vaccine bubbles’ unfair, costly – business groups

THE private sector is split on “vaccine bubbles” as some business groups on Monday described as discriminatory the proposed measures to allow greater mobility for the vaccinated.

In a statement, the Philippine Chamber of Commerce and Industry (PCCI), Employers Confederation of the Philippines (ECOP) and the Philippine Exporters Confederation, Inc. (Philexport) said the proposed measures would discriminate against those who cannot be vaccinated due to medical and “practical” reasons. 

The business groups also expressed concerns about the costs of identifying vaccinated customers. 

“Discriminating against the unvaccinated is not only unfair, illogical and hard to implement, but also expensive for our entrepreneurs who may even have to hire a person just to check the vaccination cards and manage another queue just for this group,” ECOP and Philexport President Sergio R. Ortiz-Luis, Jr. said.

“The same will happen in transport hubs if we distinguish among passengers.”

The government has been putting strict lockdowns in place, especially in Metro Manila, as coronavirus disease 2019 (COVID-19) cases surge amid the spread of the more transmissible Delta variant. The Philippines recorded its highest single-day tally of 26,303 cases on Saturday.

Other business groups like the Management Association of the Philippines had supported more mobility for the fully vaccinated population to complement granular or localized lockdowns.

Presidential Adviser for Entrepreneurship Jose Ma. “Joey” A. Concepcion III has been advocating for the use of these vaccine bubbles, or areas where the vaccinated can move freely, gaining the support of various industry groups representing retailers, gyms, and salons.

In contrast, the PCCI has been pushing for full economic reopening whether or not the country reaches herd immunity against COVID-19.

“Many of the vaccinated people are senior citizens and those with co-morbidities, while the unvaccinated youth, the bulk of consumers, may not even be allowed to go out,” PCCI Acting President Edgardo G. Lacson said.

A study published in the Journal of Infectious Diseases in November found that region-wide mitigation strategies such as stay-at-home orders were linked to lower COVID-19 transmission rates.

Under 15% of the Philippine population has been fully vaccinated against COVID-19, the Johns Hopkins University COVID-19 tracker showed. — Jenina P. Ibañez

Deutsche Bank expands debt products with green repo

REUTERS

DEUTSCHE BANK AG has just completed its first green repurchase agreement (repo), marking another foray into a world of increasingly complex environmental, social and governance (ESG) instruments.

It’s the latest example of product proliferation in a market that’s moving much faster than regulators. JPMorgan Chase & Co. has already said it plans to attach ESG labels to all forms of finance, as ESG derivatives start to become a market fixture. Deutsche says it intends to continue expanding its offering of ESG instruments.

Regulators have yet to decide what a green repo is. The European Repo and Collateral Council has been consulting market participants on how best to define a sustainable repo deal, with a variety of different approaches emerging. In the meantime, the addition of more exotic products to the ESG market means an asset universe that already reached $35 trillion last year is set to grow at an even faster pace.

For its green repo, Deutsche transferred securities to London-based asset manager M&G Investments. In return, the German bank received cash to fund its green asset pool, which includes renewable energy projects such as wind and solar power plants, as well as the improvement of energy efficiency in commercial buildings.

Deutsche says the transaction is the first of its kind in Europe. BNP Paribas SA has completed a similar deal with Agricultural Bank of China Ltd.

Claire Coustar, Deutsche Bank’s global head of ESG for fixed-income and currencies, said the hope is that the green repo “will encourage more activity so that a new source of green finance can be developed for the industry, as well as a new asset class for investors.”

The multitrillion-dollar repo market is grappling with how best to adapt to the sustainable finance revolution. There are broadly three different approaches: using the proceeds from the cash leg of the transaction on green projects; using sustainable collateral, such as green bonds; and tying the repo rate to the achievement of sustainability goals.

The Deutsche-M&G repo uses the first of these. The bank completed a deal with Akbank TAS last month that tied the repo rate to the achievement of goals concerning gender balance, renewable energy use and avoidance of funding to coal power plants.

Chief Executive Officer Christian Sewing has made clear he intends for Deutsche Bank to gain a solid foothold in the rapidly expanding market for ESG, which Bloomberg Intelligence estimates will exceed $50 trillion by 2025. Overall, Deutsche Bank has set itself targets to facilitate €200 billion ($260 billion) in sustainable finance and investments by the end of 2023, and has also linked top executives’ pay to those targets.

Meanwhile, Deutsche’s asset management arm, DWS Group, is being investigated for allegedly inflating the value of its ESG holdings. The unit has vehemently rejected the claims, but the industry has taken note of the change in tone as regulators start to crack down on greenwashing.

Deutsche’s plan to introduce more ESG financial products in the coming months rests on its ambition “to be a market leader in ESG fixed income,” said Ms. Coustar. Given the bank’s experience “across the product spectrum,” the intention is “to leverage that expertise to help develop the sustainable finance market,” she said.

“Through this transaction, both parties have for the first time actively targeted ESG outcomes,” said Nina Moylett, Managing Director of Cash and Currency at M&G. “This demonstrates how capital can be allocated to drive innovation in markets that will open up new sustainable opportunities for investors over time.” — Bloomberg

Pueblo de Oro sees strong sales in Pampanga

PUEBLO DE ORO Development Corporation (PDO) is expanding its residential projects in Pampanga province, as the developer seeks to take advantage of strong demand.

“The real estate market in Pampanga has been performing well. Over the past year, we’ve experienced positive sales despite the pandemic,” PDO Senior Vice-President Leonardo B. Dayao, Jr. said in a statement.

Mr. Dayao pointed to the province’s economic development, supported by information technology and transportation infrastructure, that has made it an ideal place to do business.

“Ongoing projects such as the new passenger terminal at the Clark International Airport, the Metro Rail Transit (MRT) 7, the Central Luzon Link Expressway Phase I and II, and the Philippine National Rail North 1 and 2 are expected to further boost employment and growth in the province,” he said.

PDO launched the second phase of its Horizon Residences in Barangay Del Carmen, San Fernando, Pampanga. There are only 90 units within the three-hectare property. The developer is offering a single detached unit with floor area of 70 square meters (sq.m.) and single attached unit with 81 sq.m.

Also located within the same barangay is La Aldea Fernandina II Blue Series. The project has 181 three-storey units and 96 two-storey units.

Eton Centris gets ‘safety seal’

THE Quezon City local government recently granted a “safety seal” to the Eton Centris complex, reflecting Eton Properties’ efforts to maintain health and safety standards.

In a statement, Eton Properties said the safety seals were given to the commercial areas and office buildings within the Eton Centris complex, including Centris Walk, Centris Station, and Centris Cyberpods 1, 2, 3, and 5.

“We are committed to making sure that our customers are secure within Eton Centris’ premises.  With these Safety Seals, Eton Centris guarantees that we are following all the health and safety protocols and that they are strictly implemented,” Eton Properties Chief Operating Officer Karlu Tan Say said.

Having a safety seal means the establishment was inspected by the local government and deemed compliant with the minimum public health standards. The safety seal is valid for six months, but renewable as long as the establishment continues to comply with the standards.

Britney Spears announces engagement to boyfriend Sam Asghari 

LOS ANGELES — Pop superstar Britney Spears, who has been fighting a conservatorship that governs her personal life and finances, announced on Sunday that she is engaged to longtime boyfriend Sam Asghari. 

The “Stronger” singer posted a video of herself standing next to Mr. Asghari and showing off a shiny ring on her hand. “I can’t f***ing believe it,” she said in the caption, next to ring emojis. 

Mr. Asghari separately posted a photo of the pair kissing and Ms. Spears extending the finger with the ring. Mr. Asghari’s manager Brandon Cohen confirmed that the pair were engaged. 

 “The couple made their long-standing relationship official today and are deeply touched by the support, dedication and love expressed to them,” Mr. Cohen said via e-mail. 

Ms. Spears, 39, has been married twice before. She wed childhood friend Jason Alexander in Las Vegas in 2004, but that marriage was annulled a few days later. Later that year, she married dancer Kevin Federline, with whom she had two children, before the marriage ended in divorce in 2007. 

Iranian-born Mr. Asghari, 27, is a personal trainer and actor who has appeared on the Showtime series Black Monday. He and Ms. Spears began dating in 2016. 

In June, Ms. Spears told a Los Angeles court that the 13-year-old conservatorship partially controled by her father was abusive, saying “I just want my life back.” She said she hoped to marry and to have more children. 

Last week, Ms. Spears’ father, Jamie Spears said circumstances had changed and he filed a petition asking for the conservatorship to be ended. The next court hearing in the case is scheduled for Sept. 29. — Reuters 

Optimism among CEOs up, but concerns remain amid pandemic

ALMOST three-quarters of chief executive officers (CEOs) are confident about their organizations’ revenue growth over the next year, reflecting an improvement in their outlook even as the pandemic drags on, according to results of the PwC Philippines-Management Association of the Philippines survey. Read the full story.

Optimism among CEOs up, but concerns remain amid pandemic

How PSEi member stocks performed — September 13, 2021

Here’s a quick glance at how PSEi stocks fared on Monday, September 13, 2021.

Peso retreats on higher oil prices

BW FILE PHOTO
THE PESO dropped versus the dollar due to higher oil prices. — BW FILE PHOTO

THE PESO weakened versus the greenback on Monday due to cautious sentiment amid higher oil prices and faster US producer inflation.

The local closed at P49.975 per dollar on Monday, shedding 11 centavos from its P49.865 finish on Friday, based on data from the Bankers Association of the Philippines.

The peso opened Monday’s session at P49.97 per dollar. Its weakest showing was at P50.07, while its intraday best was at P49.95 against the greenback.

Dollars traded increased to $843.45 million on Monday from $774.19 million on Friday.

The peso weakened due to safe-haven demand for the dollar as oil prices rose, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Reuters reported that oil prices increased for a second session on Monday due to market concerns on reduced output amid the impact of Hurricane Ida in the US. Both the Brent crude and the US West Texas Intermediate (WTI) markets were at their highest since Sept. 3 earlier in the session.

Brent crude rose 67 cents or 0.9% to $73.59 a barrel, the US WTI crude increased 66 cents or 1% to $70.38 per barrel at 0633 GMT.

Meanwhile, a trader said faster-than-expected US producer inflation also caused risk-off sentiment and affected peso-dollar trading.

The producer price index (PPI) for final demand increased 0.7% in August after two straight monthly increases of 1%, the US Labor department said. In the 12 months through August, the index rose 8.3%, which is its fastest year-on-year rise since November 2010 when the series was revamped.

Both the monthly and year-on-year increase in the PPI are faster than estimates of economists in a Reuters poll at 0.6% and 8.2%, respectively.

For Tuesday, Mr. Ricafort gave a forecast range of P49.90 to P50.10 per dollar, while the trader expects the local unit to move within P49.85 to P50.10. — L.W.T. Noble with Reuters

PSEi drops as investors await gov’t guidelines

PHILIPPINE STAR/KRIZ JOHN ROSALES

STOCKS closed in the red on Monday as investors waited for the final guidelines for the government’s plan to implement localized coronavirus disease 2019 (COVID-19) lockdowns in the capital.

The Philippine Stock Exchange index (PSEi) went down by 2.37 points or 0.03% to close at 6,968.14 on Monday, while the all shares index inched up by 2.07 points or 0.04% to end at 4,304.86.

“Local market moved sideways as it awaits how effective the government will contain the… virus going forward,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message.

First Metro Investment Corp. Head of Research Cristina S. Ulang said the market struggled to reach 7,000 due to cautiousness over the government’s plans.

“The question specifically is whether the shift to granular lockdown on uniform alert system of say 3 and 4 will enable ‘safe’ and ‘greater’ reopening of the economy,” Ms. Ulang said in a Viber message.

“For the most part of the day, the local bourse was in the negative territory as investors took a cautious stance while waiting for the final decision on the National Capital Region’s social restriction measures starting Sept. 16,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a separate Viber message.

Metro Manila is under the modified enhanced community quarantine until Sept. 15 and will shift to granular lockdowns beginning Sept. 16 until the end of the month.

The region will be under either an enhanced community quarantine or a general community quarantine, while areas will have specific alert levels depending on their exposure to COVID-19 cases. The government’s pandemic task force was expected to finalize guidelines for the pilot implementation of targeted lockdowns on Monday.

Philstocks Financial’s Mr. Tantiangco added that trading was “lethargic,” moving below the year-to-date average of P7.11 billion.

“This shows that many investors are staying out of the market due to the lingering uncertainties on the future of our social restriction measures, and on the overall COVID-19 and economic situation of the country,” he said.

Value turnover on Monday inched up to P5 billion with 1.75 billion shares switching hands from the P4.88 billion with 864.83 million issues traded on Friday.

Majority of sectoral indices started the week in the red except for services, which gained 28.35 points or 1.55% to finish at 1,848.21.

Meanwhile, property dipped 22.49 points or 0.72% to 3,085.50; mining and oil shaved off 49.55 points or 0.5% to 9,756.39; holding firms went down by 26.04 points or 0.37% to close at 7,014.02; financials inched down by 5.18 points or 0.35% to 1,442.48; and industrials lost 14.94 points or 0.14% to end at 10,208.37.

Decliners beat advancers, 119 against 76, while 49 names closed unchanged.

Net foreign selling surged to P164.38 million on Monday from the P53.32 million seen in the previous trading day. — K.C.G. Valmonte

Business associations seeking penalty waiver from Pag-IBIG

PHILSTAR

BUSINESS GROUPS are asking the Home Development Mutual Fund (Pag-IBIG Fund) to waive penalties for companies that were not able to remit employee savings within the past two years.

Three business groups wrote a letter to Pag-IBIG Chief Executive Officer Acmad Rizaldy P. Moti to ask for a “penalty condonation” to help industries recover from the effects of the pandemic.

The Philippine Chamber of Commerce and Industry (PCCI), Employers Confederation of the Philippines (ECoP) and the Philippine Exporters Confederation, Inc. (Philexport) in the letter dated Sept. 9 also asked for a longer payment plan to settle outstanding obligations.

The groups said they are hoping for assistance following a “myriad of burdens” they are facing during the public health crisis. They said 35,049 establishments have filed for closure since 2020, displacing over 700,000 workers.

“While we also recognize that majority of business owners were affected in the recent years, we humbly ask consideration from your office to extend the same to businesses who may still have outstanding penalties due for payment to Pag-IBIG prior 2020,” they said.

“Doing so may help keep our businesses afloat during these trying times.”

Pag-IBIG in a statement said that it “values feedback from its stakeholders, including employer-groups like ECoP.”

“We shall take their requests under serious consideration in our further study and review of our policies on penalty condonation. ECoP and the community of Filipino employers can rely on Pag-IBIG Fund for support.”

Pag-IBIG Fund last year gave employers more time to remit employee contributions and short-term loans due during the first lockdowns.

The state-run organization also offered grace periods on loan payments last year, and then initiated a loan restructuring program deferring and lowering payments for housing loan borrowers.

The letter was signed by PCCI Acting President Edgardo G. Lacson, ECoP President Sergio R. Ortiz-Luis, Jr., and Philexport Chairman George T. Barcelon. — Jenina P. Ibañez

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