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Peso drops vs dollar on news of vaccine progress

THE PESO weakened versus the dollar on Tuesday despite news of progress in vaccine candidates against the coronavirus disease 2019 (COVID-19) and amid bargain hunting in the local stock market.

The local unit closed at P48.24 versus the dollar on Tuesday, declining by 1.5 centavos from its P48.225 finish on Monday, data from the Bankers Association of the Philippines showed.

The peso opened Tuesday’s session at P48.20 against the dollar, which was also its intraday best. Meanwhile, it hit a low of P48.26 versus the greenback.

Dollars traded rose to $705.82 million on Tuesday from $565 million previously.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso weakened versus the dollar following the increase in global oil prices and improved sentiment on the back of vaccine hopes.

“The peso was slightly weaker after global oil prices recently went up amid better economic prospects on COVID-19 vaccines with Moderna,” Mr. Ricafort said in a text message.

Moderna, Inc.’s experimental vaccine is 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial, the company said on Monday, becoming the second US drug maker to report results that far exceed expectations, Reuters reported.

Together with Pfizer, Inc.’s vaccine, which is also more than 90% effective, and pending more safety data and regulatory review, the United States could have two vaccines authorized for emergency use in December with as many as 60 million doses of vaccine available this year.

The vaccines, both developed with new technology known as messenger RNA, represent powerful tools to fight a pandemic that has infected 54 million people worldwide and killed 1.3 million.

Meanwhile, a trader said the peso declined after investors in the stock market took profits.

“The peso weakened amid bargain hunting following the recent strength of the local currency,” the trader said in an e-mail.

For today, Mr. Ricafort sees the peso moving from P48.18 to 48.28 versus the dollar, while the trader expects a range of P48.15 to P48.35. — KKTJ with Reuters

Fresh vaccine hopes end PHL stocks’ losing streak

By Denise A. Valdez, Senior Reporter

PHILIPPINE SHARES bounced back on Tuesday to snap a three-day losing skid following positive news on another coronavirus disease 2019 (COVID-19) vaccine candidate.

The 30-member Philippine Stock Exchange index (PSEi) grew 41.09 points or 0.59% to close at 6,959.14. The broader all shares index also increased 30.37 points or 0.74% to end at 4,103.74.

The index stayed in green territory all throughout Tuesday’s trading. It opened at 6,950.52 and hit a low of 6,921.12—still higher than Monday’s close of 6,918.05. It peaked at 6,971.60 before settling a little lower in the last minutes of the session.

“The bourse, along with other Asian markets, followed the performances of the US indices after Moderna reported preliminary phase three trial data showed that its COVID-19 vaccine is 94.5% effective in preventing the coronavirus,” Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a text message.

Moderna Inc.’s experimental vaccine is 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial, the company said on Monday, becoming the second US drugmaker to report results that far exceed expectations, Reuters reported.

Together with Pfizer Inc.’s vaccine, which is also more than 90% effective, and pending more safety data and regulatory review, the United States could have two vaccines authorized for emergency use in December with as many as 60 million doses of vaccine available this year.

“The PSEi along with other regional markets jumped after preliminary coronavirus vaccine data from Moderna further lifted expectations of a strong economic recovery,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.

However, Ms. Alviar of Philstocks noted the PSEi’s rally is relatively weaker compared to how it reacted when Pfizer and BioNTech came out with its vaccine news.

“Also, some investors have priced in the COVID-19 vaccine news after Pfizer’s vaccine development,” she added.

All sectoral indices closed higher on Tuesday: financials by 15.46 points or 1.16% to 1,343.61; property by 33.94 points or 0.97% to 3,513.11; services by 9.92 points or 0.64% to 1,543.61; holding firms by 29.06 points or 0.4% to 7,181.43; industrials by 30.51 points or 0.33% to 9,139.74; and mining and oil by 11.67 points or 0.14% to close the session at 8,170.77.

Value turnover stood at P10.25 billion on Tuesday with 2.49 billion issues switching hands, improving from the previous day’s P8.77 billion with 2.36 billion issues.

Advancers outpaced decliners, 126 against 98. Some 41 names ended unchanged.

Foreign investors remained net sellers, but the net outflows were trimmed to P723.78 million on Tuesday against P1 billion in the last session.

Congress to probe dam operators after floods

LAWMAKERS on Tuesday sought an investigation of dam operations in Marikina and Cagayan Valley and logging activities in the Sierra Madre that supposedly caused heavy flooding when Typhoon Vamco hit Luzon last week, killing at least 73 people.

In separate resolutions, senators and congressmen said the probe would determine the accountability of dam and illegal logging operators for the deaths.

The typhoon, locally named Ulysses also hurt 24 people, while 19 were still missing, the local disaster agency said in a Nov. 17 bulletin.

“We need to study the gaps and fill them immediately,” Senator Risa N. Hontiveros-Baraquel said in a statement. “This can’t keep on happening.”

She said climate disasters in the middle of a coronavirus pandemic have created unique problems never before seen in the country.

She added that logging and land-grabbing activities in the Upper Marikina Watershed and in Sierra Madre mountain range had contributed to the severe flooding.

Party-list Rep. Bernadette Herrera-Dy said opening seven dams in various parts of Luzon island — Angat, Ipo, La Mesa, Ambuklao, Binga, San Roque and Magat dams — caused heavy flooding in Isabela, Pangasinan, Benguet, Isabela, Cagayan and Metro Manila.

Typhoon Vamco, the 21st typhoon to hit the country this year, brought rainfall ranging from 271 millimeters to 356 millimeters, far below the 455 millimeters of rainfall brought by Tropical Storm Ketsana, locally named Ondoy, in 2009.

Ms. Dy cited reports that the dams had released water “not in a gradual manner, but rather in a hasty and rushed manner.”  Magat dam alone opened seven gates, on Nov. 12, discharging 6,244 cubic meters of water per second, she added.

‘IRRESPONSIBLE’
“This irresponsible release of millions of cubic meters of water resulted in further aggravating the flash floods, leading to loss of life and millions in property damage,” she said.

Two to three days before Typhoon Vamco struck, Magat failed to make sufficient water drawdown in violation of its own protocol, Ms. Herrera-Dy said, citing a report by Infrawatch PH.

These dam and catch basin operators function independently and did not coordinate with the local disaster agency, she said. “The management of these dams and catch basins must be called to account.”

Vamco was the fifth typhoon to hit the country in less than three weeks, submerging many parts of Luzon island and leaving half-a-million people without electricity.

The storm, locally named Ulysses, made landfall in Quezon province on Nov. 11 and crossed Central Luzon, according to the local weather bureau.

It weakened into a severe tropical storm over the South China Sea, but strengthened into a typhoon just as it left the Philippine area of responsibility, it added.

Senator Francis N. Pangilinan said there is a protocol on the Magat dam discharge and flood warning that should involve the local weather bureau and local government units.

“Inspections should also have been made or checkups on warning stations and equipment,” he said in a statement in Filipino. People should also have been warned through text, radio and local television, he added.

Mr. Pangilinan said Magat dam was supposed to have made sufficient water drawdown two to three days before the typhoon made landfall. The gates of the dam, however, remained close three to four days before the landfall, he pointed out, citing Infrawatch PH.

Mr. Pangilinan, a former chairman of the National Irrigation Administration, said the Senate probe would look into the compliance of dam operators with such protocols.

The National Disaster Risk Reduction and Management Council (NDRRMC)on Tuesday said dams would have broken if they had not released water to prevent overtopping, spokesman Mark Timbal told ABS-CBN Teleradyo.

He said releasing water from dams is supposed to mitigate disasters, noting that unreleased water could break structures and flood nearby communities.

Cagayan Governor Manuel Mamba earlier blamed the heavily silted Cagayan River, Typhoon Vamco’s rainfall and water from Magat Dam for the floods that submerged the province.

Mr. Timbal said they are studying a proposal from mayors to be the authority in deciding dams’ water release. — Kyle Aristophere T. Atienza and Charmaine A. Tadalan

SolGen threatened with contempt after seeking to oust judge

THE SUPREME Court has threatened to hold Solicitor General Jose C. Calida in contempt for seeking to oust a magistrate he had accused of bias in the election protest of losing vice presidential candidate Ferdinand R. Marcos, Jr.

The court, sitting as the Presidential Electoral Tribunal, ordered him why he should not be cited in contempt for seeking the inhibition of Associate Justice Mario Victor F. Leonen.

It rejected separate inhibition pleas by the top government lawyer and Mr. Marcos, the court’s Public Information Office said in a statement on Tuesday. Mr. Marcos and Mr. Calida in their motions had cited news articles alleging bias on the part of Mr. Leonen.

The court also ordered the news reporter to explain why he should not be held in contempt. A copy of the order had not been released.

Mr. Marcos last week accused Mr. Leonen, who presides over the case, of being biased against his family. He also accused the justice at an online briefing of trying to delay the case.

Mr. Calida, in a separate motion, said Mr. Leonen had failed to act on the electoral protest for 11 months.

The PET warned both parties last week not to discuss the case to the media and observe the so-called sub judice rule, which bars anyone from issuing comments that could interfere with the court’s handling of the suit. Mr. Marcos, son of the late dictator Ferdinand E. Marcos, filed the protest in June 2016 after narrowly losing to Ms. Robredo, alleging massive fraud.

A resolution released in October last year showed that Vice President Maria Leonor G. Robredo’s lead against Mr. Marcos in three provinces where fraud allegedly took place — had risen by about 15,000 votes after the initial recount. — Vann Marlo M. Villegas

Coronavirus deaths nearing 8,000 — DoH

THE DEPARTMENT of Health (DoH) reported 1,148 coronavirus infections on Tuesday, bringing the total to 410,718.

The death toll rose to 7,862 after 23 more patients died, while recoveries increased by 186 to 374,543, it said in a bulletin. There were 28,313 active cases, 83.6% of which were mild, 8.2% did not show symptoms, 5.1% were critical, 2.9% were severe and 0.22% were moderate.

Cavite reported the highest number of new cases at 88, followed by Quezon City at 52, Rizal at 46, and Baguio City and Manila at 44 each.

Four duplicates were removed from the tally, while eight previously tagged as recovered were reclassified as deaths, the agency said.

The coronavirus has sickened about 55.4 million and killed 1.3 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization (WHO).

About 38.6 million people have recovered, it said.

Philippine Ambassador to Russia Carlos D. Sorreta this week said Russia could start producing coronavirus vaccines for the Philippines as early as January.

The Department of Health (DoH) and Department of Science and Technology (DoST) are in talks with the Russian government about vaccine development, he told an online news briefing.

Coronavirus disease 2019 (COVID-19) vaccines in Russia were being used during emergencies, Mr. Sorreta said, adding that the vaccines were under third stage trials and have 40,000 participants. There have been no reports of any adverse effects in patients who got their first and second shots of the vaccine, he said.

President Rodrigo R. Duterte last month said the government had funds to buy coronavirus vaccines, but it needs more so the entire population of more than 100 million could be inoculated.

Mr. Duterte said he had spoken with outgoing Russian Ambassador Igor A. Khovaev and was told that Russia intends to set up a pharmaceutical company in the Philippines that will make the vaccines available here. — VMMV

House body to push tax on off-site betting involving cockfights

A HOUSE of Representatives committee on Tuesday approved in principle a bill that seeks to tax off-site betting involving cockfights and other electronic gambling to fund the government’s pandemic response.

“The operations of online betting on cockfighting are authorized by local ordinances,” Albay Rep. Jose Maria Clemente Salceda, who authored the bill and heads the ways and means committee, said in a statement.

“Because of the digital shift, there are now electronic betting operations on such games. But the electronic aspect of it is a gray area, even though the airwaves are national property,” he added.

Mr. Salceda said national taxes had not been levied on the practice because of the ambiguity. His House Bill 7919 will change the National Internal Revenue Code of 1997.

Under the measure, gross revenue from off-site betting activities would be taxed 5%, in lieu of taxes required by local governments and regulatory fees imposed by government agencies.

The measure excludes games and activities allowed by law to be performed by government gaming authorities such as the Philippine Amusement and Gaming Corp. and Philippine Charity Sweepstakes Office.

The Local Government Code allows local governments to regulate cockpit operations and commercial breeding of game fowls.

Mr. Salceda earlier said the code did not anticipate the limits of these powers in the case of electronic betting on such activities. — Kyle Aristophere T. Atienza

Nationwide round-up (11/17/20)

P200-M quick response fund for police, fire bureau eyed in 2021 budget

AN additional P200 million has been proposed for inclusion in the 2021 budgets of the police and the Bureau of Fire Protection (BFP) to serve as quick response fund (QRF) during calamities. At Tuesday’s Senate plenary session, Senator Panfilo M. Lacson noted that these two agencies do not have a QRF allocation despite the police and firefighters serving as front-liners during emergency response such as in the Taal Volcano eruption early this year and the coronavirus pandemic. Mr. Lacson said the 2016 National Budget provided for a QRF, but were removed in succeeding years. Senator Juan Edgardo M. Angara pointed out that despite the allocation, the QRF was not released. “It was never released, according to the PNP (Philippine National Police)… The requirements were quite stringent,” said Mr. Angara, speaking as sponsor of the 2021 budget of the Department of Interior and Local Government where the two agencies are attached. Of the proposed QRF budget, P125 million will be allocated to the police and the remaining P75 million to the BFP. Mr. Lacson committed to augment the agencies’ budget during the period of amendments.

Lawyers seek online preliminary conference on anti-terrorism law

LAWYERS asked the Supreme Court to conduct online the preliminary conference on the petitions against the Anti-Terrorism Act in consideration of the coronavirus pandemic. The high court has set the preliminary conference for the more than 30 petitions against the law expanding terror crimes in the country on Nov. 26 at the Supreme Court premises. The Free Legal Assistance Group, legal counsel of one of the petitioners, asked the court in its motion to instead use videoconference. “As to the conduct of the preliminary conference by videoconference, the petitioners submit that the said mode will best balance the urgent need for the speedy resolution of the consolidated petitions with the current public health realities arising from the COVID-19 (coronavirus disease 2019) pandemic,” the filing read. The group noted that the Supreme Court has allowed the lower courts to conduct their proceedings through videoconference. The group also noted that an online conference would better accommodate the counsels of the 37 petitioners who will be coming from different parts of the country, given current local travel restrictions and mandatory quarantine period imposed by local government units. “Petitioners respectfully submit that there need not be any tradeoff between public health and the speedy and orderly resolution of the petitions against the ATA,” the motion read. On the simplification of the issues raised, the motion noted the most common points raised by all the petitioners “that may benefit from the live questioning of the bench.” These are the “overbreadth” of the law, void for vagueness, and the need for the issuance of status quo ante order or similar preliminary injunction. Procedural issues may be addressed through memoranda as they are specific to various petitioners, it added. The date for oral arguments has yet to be set. — Vann Marlo M. Villegas

House resolution honoring calamity responders put forward

A RESOLUTION honoring first responders during calamities, particularly the recent typhoons that devastated large parts of Luzon, has been introduced in the House of Representatives. Las Piñas Lone District Rep. Camille A. Villar filed on Tuesday House Resolution No. 1354 calling on the chamber to express its “collective support and commendation to the men and women in uniform, local government units, nongovernment organizations and other private organizations and individuals for their valiant efforts in helping our countrymen in the rescue and relief operations during the recent typhoons that hit the Philippines.” Ms. Villar said these front-liners embody the Filipino tradition of bayanihan, which is the coming together of the community.

Regional Updates (11/17/20)

Duterte to decide soon on Luzon state of calamity

THE Palace on Tuesday said President Rodrigo R. Duterte has received the recommendation of the national disaster management council on declaring a state of calamity in the entire Luzon island and will announce a decision soon. At the same time, Palace Spokesperson Harry L. Roque said they are also evaluating the recommendation made by environmental group Greenpeace Philippines for a declaration of a “national climate emergency” in the Philippines following the devastation in the aftermath of a series of typhoons since October. “Pag-aaralan iyan ng Palasyo…Talagang binibigyan po ng prayoridad ng Presidente para magkaroon ng permanenteng solusyon dito sa climate change (the Palace will study this…the President is really giving priority to have a permanent solution on climate change,” he said in mixed English and Filipino. — Gillian M. Cortez 

Power infra damage from Ulysses climbs to P122M

DAMAGE from Typhoon Ulysses (international name: Vamco) on power distribution facilities owned by electric cooperatives has reached P121.97 million, the National Electrification Administration (NEA) reported on Tuesday. Restoration is still ongoing, but about 257 cities and municipalities in parts of Luzon now have full access to electricity, the NEA said. There are 160 areas where supply has been partially restored, and 59 areas that still don’t have access to electricity. In a separate announcement on Monday evening, the National Grid Corporation of the Philippines said it has restored all transmission lines affected by Ulysses. Meanwhile, the government said it is already conducting coronavirus tests in evacuation centers where thousands of families displaced by the recent series of typhoons are staying. “We are already doing that. What we use in evacuation centers are antigen test kits,” Palace Spokesperson Harry L. Roque said in mixed English and Filipino during a briefing on Tuesday. The OCTA Research Group earlier urged the government to conduct testing and contact tracing in evacuation facilities to avoid a potential outbreak, especially with the implementation of distancing and other health protocols a challenge in limited spaces. — Angelica Y. Yang and Gillian M. Cortez

Panglao inaugurates new seaport as Bohol reopens to tourists

PANGLAO MUNICIPALITY—ABAGCAT/MLAGNASON

A new boardwalk at the seaport terminal in Panglao has been formally inaugurated in time for Bohol’s reopening this week to tourists. “The blessing that transpired was very timely as commercial travels both by sea and air are scheduled to resume today (Nov. 16),” the Panglao municipal government said in a statement. The local government under Mayor Leonila P. Montero also launched two new speedboats for coastal monitoring and ensuring the safety of guests. Bohol hosted the first hybrid Philippine Travel Exchange held in October, during which travel operators generated at least P17 million in bookings. Tourists are required to pre-register through the province’s site, www.bohol.gov.ph.

Bill calling for Bayanihan III adds funding for typhoon recovery

CAUAYAN-DRRMC

A MEASURE calling for a third package of economic stimulus programs — which would be known as Bayanihan III if passed — has been filed at the House of Representatives.

Marikina Representative Stella Luz A. Quimbo filed House Bill (HB) No. 8031, or the proposed Bayanihan to Arise as One Act of 2020, which takes into account the extensive damage caused by a series of typhoons late in the year, on top of the setbacks to the economy inflicted by the pandemic.

Ms. Quimbo, who chairs the House stimulus committee, said the government must also provide additional economic stimulus to rehabilitate typhoon-hit areas and mitigate future risk from such disasters.

“Additional funding and support are an utmost need for the victims in these areas to rise up from the deluge of crises that have hit them, and to help recover from the economic losses sustained,” she said.

Ms. Quimbo, a former University of the Philippines economist, said an additional P400-billion stimulus package is needed to rehabilitate areas damaged by natural calamities, sustain delivery of basic goods and services, implement high-impact infrastructure projects, assist businesses, and “bring the economy on the right track.”

The measure directs the National Economic Development Authority (NEDA) to draft a long-term plan that will render the Philippines “resilient (against) future shocks such as pandemics and typhoons.” It also requires NEDA to review the Flood Management Master Plan for Metro Manila and surrounding areas to improve disaster risk reduction and resilience.

The Philippine Statistics Authority (PSA) reported that the economy contracted 11.5% in the third quarter, with the industry and services sectors declining 17.2% and 10.6%, respectively. The agriculture sector grew 1.2%.

Ms. Quimbo noted that the PSA now considers official government projections for 2020 to no longer be achievable in the wake of the third-quarter data.

“The projections (are) highly unlikely considering the contraction of 11.5% in the third quarter and 16.9% in the second quarter,” she said.

Bayanihan III would ensure adequate funding for vaccine procurement and a steady stream of cash aid for low-income families, Ms. Quimbo said.

HB 8031 includes calamity intervention measures such as cash-for-work programs, emergency subsidies, and infrastructure funding for typhoon-hit areas.

The measure would provide incentives for businesses to preserve their staffing levels and subsidies for workers that require testing and sick leave in the event they contract COVID-19.

Bayanihan III also seeks to extend the effectivity of the Bayanihan to Recover as One Act, known as Bayanihan II, as its provisions remain critical for the economic recovery beyond December. — Kyle Aristophere T. Atienza

DoE evaluating renewables applications covering 1,479 megawatts

THE Department of Energy (DoE) said Tuesday that it has received 44 applications for renewables service and operating contracts linked to projects with the potential to generate 1,479 megawatts (MW).

The proposals cover solar, wind, hydro, biomass and geothermal projects, it said.

RE (renewable energy) operating contracts are service agreements between the DoE and the developer for biomass and solar projects that do not need to go through the pre-development stage. RE service contracts are service agreements giving the developer the exclusive right to explore, develop and use geothermal, hydro, wind and ocean resources in a defined area.

The project with the highest potential capacity was the 500-MW Balsa Pumped Storage Hydropower facility in San Jose, Tarlac, which was proposed by Strategic Power Development Corp.

Hydropower plants attracted 26 applications, solar 10, and wind five.

In a separate announcement, the DoE said it awarded a “for-own-use” wind project to the Department of Science and Technology’s Industrial Technology Development Institute in San Pablo City, Laguna.

The DoE on Tuesday also released the summary of its RE projects, announcing that the segment had an estimated generating capacity of 26.85 million MWh (megawatt-hour) as of the end of September.

Under the Renewable Energy Act of 2008, the government is required to accelerate the exploration and development of RE resources. — Angelica Y. Yang

HSBC sees further quarantine easing as trigger for rate cut

THE CENTRAL BANK will likely observe a pause in its rate easing with liquidity ample, but it could be keeping another reduction in reserve to boost growth pending a further easing in the quarantine sometime next year, HSBC (Hongkong and Shanghai Banking Corp. Ltd.) said.

“We expect the BSP (Bangko Sentral ng Pilipinas) to keep its policy rate steady for the rest of the year and forecast a 25-basis points (bps) rate cut to 2% in the first quarter of 2021, as mobility restrictions are loosened further and the BSP looks to provide a boost to growth,” Noelan Arbis, an HSBC economist said in a note.

Mr. Arbis’ view is in line with 11 out of 16 analysts polled by BusinessWorld who are also expecting a “prudent” pause when the Monetary Board meets Thursday.

So far, the BSP has reduced rates by 175 bps, bringing down the overnight reverse repurchase, lending, and deposit facilities to record lows of 2.25%, 2.75%, and 1.75%, respectively.

Despite the aggressive easing, Mr. Arbis said bank lending remains timid.

Lending growth in September was 2.8%, the lowest since the 2.4% increase in June 2007. Banks were cautious and tightened credit standards to minimize bad loans with the pandemic still hanging over the economy.

“We see a containment of the virus domestically and a re-opening of the economy as prerequisites before additional rate cuts could have their full effect,” Mr. Arbis said.

The central bank is also unlikely to lower the reserve requirement ratio (RRR) as well, Mr. Arbis said, despite recent signals from the BSP. Bloomberg reported last week that the central bank believes that benign inflation will give it room for further reducing the RRR.

In October, the consumer price index rose 2.5% — well within the 2-4% target set by the BSP.

Reserve requirements of major banks have been reduced by 200 bps this year to 12% while those of thrift and rural lenders are at 3% and 2%, respectively. The BSP is authorized to reduce the RRR by up to 400 bps this year.

“We believe the timing is not yet right to release additional liquidity. Banks have shown that they are more than willing to park their excess reserves in interest-bearing facilities (i.e. term-deposit facilities), which the BSP has to pay,” Mr. Arbis said. — Luz Wendy T. Noble

Agriculture credit council backs scheme for farmers setting up rural online businesses

THE Agricultural Credit Policy Council (ACPC) supports a bill establishing a credit facility for farmers seeking to become online entrepreneurs focused on agricultural products, according to a House of Representatives committee report.

“ACPC believes that (its) ongoing credit facilities and online initiatives are aligned with the proposals in the bill and thus could help in achieving its objective of making small online enterprises, including agri-based ones, regularize and operate their businesses efficiently under the ‘new normal’,” the House committee on micro, small and medium enterprise development said in its report Tuesday.

The report cited the ACPC’s concurrence that the credit facility and associated support services could help develop online enterprises in rural communities.

House Bill No. 7698, or the proposed Online Small Enterprise Support Services Act of 2020, seeks to provide capital and credit access for individuals seeking to operate online enterprises and tap government support services.

It tasks the ACPC to develop a credit facility for farmers and fisherfolk seeking to do business online, with the Department of Agriculture directed to help them find direct market access.

According to the report, the ACPC has an online portal for loan applications of small farmers and fisherfolk affected by the coronavirus crisis.

“The portal also enables interested borrowers to submit the required documents for the processing of their loans to ACPC’s partner lending conduits without face-to-face contact. The orientation on program loan details is also being conducted online,” the report said. “This online portal captures submissions from various regions and provinces. Nonetheless, a major challenge is the limited internet connectivity of farmers in many parts of the country which prevents them from accessing digital resources.”

The report noted that the Development Bank of the Philippines asked the committee to authorize the Small Business Corp. to establish loan products for online enterprises with annual sales not exceeding P1 million.

“To mitigate the risks involved in financing such enterprises, the participation of the Philippine Guarantee Corp. is likewise suggested,” the report said.

The House and Ways and Means Chairman, Representative Jose Maria Clemente S. Salceda, is the bill’s author. — Kyle Aristophere T. Atienza

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