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New Philippine tax adds more pain to pandemic-hit online casinos

Online casinos are already reeling from months of shutdown amid the pandemic-induced lockdown, with 40% of operators still closed. Image via BagoGames / CC BY 2.0

China-centric online casinos in the Philippines will incur more losses and more are expected to shut after a pandemic relief law imposed a new tax on the industry, a gaming authority official said.

The law, signed by President Rodrigo R. Duterte earlier this month, imposes a 5% franchise tax on offshore gaming operators’ gross bets. That’s a change from the current franchise tax imposed on gross gaming revenue, Philippine Amusement and Gaming Corp. (PAGCOR) assistant vice-president Jose S. Tria, Jr. said.

“This new formula will surely result in serious losses for Philippine offshore gaming operators,” Mr. Tria said in a mobile-phone message. “We expect them to close shop.”

Online casinos are already reeling from months of shutdown amid the pandemic-induced lockdown, with 40% of operators still closed, based on a list from the gaming authority. Demand for office spaces could take a “short-lived” hit as offshore gaming operators leave, the Philippine central bank said. — Andreo Calonzo/Bloomberg

Moderna COVID-19 vaccine appears safe, shows signs of working in older adults — study

Overall, the team found that in older adults who received two injections of the 100 microgram dose 28 days apart, the Moderna vaccine produced immune responses roughly in line with those seen in younger adults.

CHICAGO — Results from an early safety study of Moderna Inc.’s coronavirus vaccine candidate in older adults showed that it produced virus-neutralizing antibodies at levels similar to those seen in younger adults, with side effects roughly on par with high-dose flu shots, researchers said on Tuesday.

The study, published in the New England Journal of Medicine, offers a more complete picture of the vaccine’s safety in older adults, a group at increased risk of severe complications from COVID-19.

The findings are reassuring because immunity tends to weaken with age, Dr. Evan Anderson, one of the study’s lead researchers from Emory University in Atlanta, said in a phone interview.

The study was an extension of Moderna’s Phase I safety trial, first conducted in individuals aged 18–55. It tested two doses of Moderna’s vaccine—25 micrograms and 100 micrograms—in 40 adults aged 56 to 70, and 71 and older.

Overall, the team found that in older adults who received two injections of the 100 microgram dose 28 days apart, the vaccine produced immune responses roughly in line with those seen in younger adults.

Moderna is already testing the higher dose in a large Phase III trial, the final stage before seeking emergency authorization or approval.

Side effects, which included headache, fatigue, body aches, chills, and injection site pain, were deemed mainly mild to moderate.

In at least two cases, however, volunteers had severe reactions.

One developed a grade three fever, which is classified as 39°C or above, after receiving the lower vaccine dose. Another developed fatigue so severe it temporarily prevented daily activities, Mr. Anderson said.

Typically, side effects occurred soon after receiving the vaccine and resolved quickly, he said.

“This is similar to what a lot of older adults are going to experience with the high-dose influenza vaccine,” Mr. Anderson said. “They might feel off or have a fever.”

Norman Hulme, a 65-year-old senior multimedia developer at Emory who took the lower dose of the vaccine, said he felt compelled to take part in the trial after watching first responders in New York and Washington State fight the virus.

“I really had no side effects at all,” said Mr. Hulme, who grew up in the New York area.

Mr. Hulme said he was aware Moderna’s vaccine employed a new technology, and that there might be a risk in taking it, but said, “somebody had to do it.” — Julie Steenhuysen/Reuters

Touchless lattes and self-service kiosks: office break rooms go virus-proof

Out with grimy microwaves and sticky coffee machines with worn-out buttons, in with stylus pens, QR codes, no-touch water coolers and mobile apps that pick what brew the machine will make for you.

From the headquarters of Ford in Dearborn, Michigan, and Goldman Sachs in New York, to Fedex facilities across the United States, workers are returning after months of lockdowns to the new reality of social distancing, hybrid remote and office work schedules, and strict hygiene protocols.

The break room, where employees used to get their daily fix of caffeine and office gossip, is a big part of that reboot as coffee companies, such as Keurig Dr. Pepper, Lavazza, and Nestle roll out new technology for the COVID-19 era.

Nestle says it has worked with manufacturers to add a function to its coffeemakers that lets users make a selection just by hovering a finger over the menu and has been delivering those to clients since June.

Lavazza lauched a new model in September that works with a mobile app to whip up those cappuccinos and lattes without having to touch the machine.

US coffee machine manufacturer Bunn has chosen a different approach, retrofitting its machines with a QR code that lets users order drinks through a webpage.

Last year, supplying offices with beans and brewers was a $5.7 billion business in the United States alone, according to research firm Packaged Facts. Coffee companies, which saw lockdowns wipe out so-called professional sales that also include the hospitality industry, bet they can revive that business by addressing workers’ and employers’ concerns.

DASH FOR AN APP
Lavazza had a new brewer slated to debut at a trade show in May, but started redesigning it to add a touchless function when the pandemic struck in March, Bruce Williamson, vice-president of innovation and marketing at Lavazza Professional said.

“We had to very quickly use the weeks (we had) preparing for an app.”

Mr. Williamson said a survey of about 170 consumers across the United States Lavazza commissioned in August validated its decision. It showed 40% of employees expected to leave the building less often to get a drink and to rely more on office supplies, but were nervous about infection risks.

“What they are telling us is… ‘I’m going to come back to the office but I’m nervous about touching the machine.’”

Employers, suppliers, and designers are also experimenting with a one-stop service that allows office workers to refuel without going outside, while those working remotely can do it from the comfort of their home.

K-cup pod maker Keurig is supplying coffee for “mini-marts” set up to replace office cafeterias and offering fresh fruit, vegetables, dairy, meat, coffee, and other staples. It has also signed deals with several companies that have classified K-cup pods and brewers essential work items and pay for their deliveries to staff working remotely, said  Phil Drapeau, the company’s general manager for the ‘Away from Home’ business.

Ford said more than 100,000 people out of its global workforce of 190,000 have returned to its facilities since May, but cafe service remains suspended and it offers pre-packaged meals and beverages instead. The carmaker is also testing onsite grocery kiosks selling locally sourced dairy, produce, and meal prep kits.

Goldman Sachs told Reuters that 15% of its New York workforce is back with standard precautions in place—mandatory masks in all areas except employee desks and limits on the number of people in conference rooms and common areas.

RETHINK AND RECALIBRATE
Surveys and official guidelines suggest offices will fill up only gradually and might even never return to pre-pandemic capacity.

GoodFirms, a Washington, DC-based research firm, said this month its international survey of 168 businesses showed nearly a third of workers had already returned and nearly 60% wanted to do so, but more than half remained concerned about their safety.

A makeover of office catering was important for addressing such concerns, says Alicia LeBeouf, marketing and retail strategy executive at food service company Canteen, which counts FedEx, Pinterest, Target, and UPS among its clients.

Buffets and chefs preparing meals on-demand are replaced by grab-and-go food stations at Verizon and UnitedHealth Group Inc.; contactless coffee machines get rolled out at Microsoft Corp; fridges get pedal-operated doors at Mohawk Industries and individually wrapped plastic utensils replace cutlery.

At several FedEx facilities, Canteen has replaced card payment terminals at its grab-and-go stations with Canteen’s “Connect & Pay” app, which allows consumers to scan and pay with their mobile device, and access nutritional information on products.

The layout also needs to change, says Tom Vecchione, workplace strategist at New York architecture firm Vocon. The company is knocking down doors and removing screens for its clients to create more spacious common areas that make social distancing easier while replacing chairs with stools to discourage people from lingering for too long.

Canteen’s Ms. LeBeouf said employers were banking on workers coming back, but they would not be returning to the same office they left before the pandemic.

“We’ve had to recalibrate and … rethink everything.” — Nivedita Balu and Siddharth Cavale/Reuters

Globe calls for support to vulnerable communities amid the pandemic

Support Walang Iwanan Alliance through Globe Rewards points

Despite this debilitating COVID-19 pandemic that affects many countries around the world, Globe continues to find ways to empower every Filipino to help provide support to the marginalized and most vulnerable communities in the country, starting with Metro Manila.

Globe has partnered with Walang Iwanan Alliance, a new citizen-led initiative that seeks to mitigate the effects of poverty and hunger among communities amid the current situation. This is part of Globe’s ongoing initiatives to assist those whose means of livelihood were gravely affected by COVID-19.

“We’re already well into the sixth month of community quarantines and still, many don’t see yet the end of this pandemic in sight, thus, Globe does not stop helping the government and the rest of the nation in combating the lack of access to healthcare, education and livelihood, particularly among disadvantaged communities. More and more Filipinos are in need of support so we hope that those who can still share their points will still do so,” says Joey Kilayko, Head of Globe Rewards.

The most basic problem among the disadvantaged communities when it came to the direct effects of COVID-19 was not just about the threat of the virus but about having food on the table for their family, especially the children, since many heads of families are unable to work due to the community quarantine.

According to the latest surveys conducted by SWS, hunger incidence doubled in early July to around 20% of the population, particularly in Metro Manila. With a 15 million population, this means about three million are experiencing involuntary hunger.

“Many people are still hungry as their means of livelihood disappeared because of the lockdowns, and the number is still growing. As many businesses closed shop, it meant lesser chances for employment. No work means no money to buy food, and no food means families go hungry. It’s a simple and basic equation but a hard and bitter pill to swallow,” Jose Ma. Montelibano, Spokesperson of Walang Iwanan Alliance, pointed out.

The partnership between Globe and Walang Iwanan Alliance does not seek to solve the hunger problem but to mitigate it by empowering every Filipino to contribute in providing food to those who badly need it. The aim is to help 100,000 families with two rounds of meal support.

Walang Iwanan Alliance will take care of identifying the most vulnerable communities within the National Capital Region (NCR) and then coordinate with the local government units and affected barangays for efficient distribution.

Initial target areas in NCR are mostly the densely populated ones with identified vulnerable and underserved communities, which includes, Mandaluyong, Parañaque, Quezon City, Pasig (plus adjacent portions of Marikina City), Pateros, Caloocan and Manila.

Globe will support 5,000 families starting with Mandaluyong and Parañaque – two of the seven identified areas by Walang Iwanan Alliance. Globe also enjoins its subscribers to donate their Globe Rewards points to Walang Iwanan Alliance starting September 17, 2020. Each point donated is equivalent to Php1. The amount collected will then be used to buy meals worth approximately Php25 each or PhP875 per family of five, good for 1 week of meal support. To donate, open or download the Globe Rewards App through this link http://glbe.co/GRewardsApp and click on the Walang Iwanan Alliance badge to redeem with points.

Walang Iwanan Alliance is more than just a simple feeding program but a platform that supports and expands existing efforts, including distribution by barangays. By optimizing existing networks and consolidating inputs (donations) and outputs (feeding of vulnerable communities), the Alliance can reach economies of scale to give it a fighting chance to mitigate the hunger that the 3 million people currently feel.

As a purpose-led organization, Globe combines innovation with the power of collaboration to achieve inclusive and sustainable development for all. The company commits to contribute to ten (10) UN Sustainable Development Goals (UNSDGs) www.globe.com.ph/about-us/sustainability.html.

For more about Globe Telecom, visit www.globe.com.ph.

Giant robot moving in Japan harbor entrances millions on Twitter

TOKYO — Videos showing an 18-meter robot in the Japanese harbor city of Yokohama have entranced the Twitterverse, pulling in more than 6 million views in the past week.

The robot is the centerpiece of the Gundam Factory Yokohama, a tourist attraction that was due to open in October, but was delayed due to the coronavirus pandemic. The park operator said on Tuesday it will open on Dec. 19.

The videos, shot by a telephoto lens from Twitter user @yoshi115t, show what appear to be motion tests of the white robot that dwarfs boats speeding by in the background. The 25-tonne Gundam makes a walking motion as it exits a storage area, before kneeling and then raising its right arm to point toward the sky.

The park’s Gundam-Lab will feature an exhibition area and cafe, while the Gundam-Dock Tower will allow visitors to view the robot’s face and body.

Mobile Suit Gundam debuted in Japan in the late 1970s as a cartoon about enormous battle robots piloted by humans. The series spawned multiple spinoffs and toys while gaining a worldwide following.

The Gundam franchise is operated by Bandai Namco Holdings Inc. Engineering company Yaskawa Electric Corp and industrial robot maker Nabtesco Corp are among companies making parts of the giant Gundam in Yokohama, according to the attraction’s website. — Reuters

Disney to lay off about 28,000 parks unit employees due to coronavirus hit

LOS ANGELES — Walt Disney Co. said on Tuesday it will lay off roughly 28,000 employees, mostly at its US theme parks, where attendance has been crushed by the coronavirus pandemic, especially in California where Disneyland remains closed.

About two-thirds of the laid-off employees will be part-time workers, the company said in a statement.

Disney shut its theme parks worldwide when the novel coronavirus began spreading this year. All but Disneyland—nicknamed the Happiest Place on Earth—reopened, though the company was forced to limit the number of visitors to allow for physical distancing.

“We have made the very difficult decision to begin the process of reducing our workforce at our Parks, Experiences and Products segment at all levels,” Josh D’Amaro, chairman of the parks unit, said in a statement.

He cited the parks’ limited capacity and uncertainty about the pandemic’s duration, which he said was “exacerbated in California by the state’s unwillingness to lift restrictions that would allow Disneyland to reopen.”

In a letter to employees, Mr. D’Amaro called the move “heartbreaking.” He said management had tried to avoid layoffs by cutting expenses, suspending projects and streamlining operations. The company had continued to pay health benefits for furloughed workers since April.

“However, we simply cannot responsibly stay fully staffed while operating at such limited capacity,” Mr. D’Amaro said.

Walt Disney World in Florida had employed 77,000 full- and part-time workers before the pandemic, while Disneyland in California employed 32,000.

Disney did not disclose how many other US employees work in the parks unit, which includes consumer products, cruise lines and other businesses.

Last week, Disney urged California officials to issue guidelines that would allow Disneyland to welcome visitors again .

On Tuesday, Dr. Mark Ghaly, California’s health secretary, said the state had taken a science-based approach to reopening that aimed to “minimize the health and economic risks that would be caused by opening and shutting repeatedly.” — Lisa Richwine/Reuters

Peso set for best quarterly performance in a decade

The Philippine peso is heading for its biggest quarterly gain in a decade and still has scope to appreciate due to positive fund flows, according to Credit Agricole SA and Nomura Holdings Inc.

The local currency has now strengthened 4.6% this year, beating all its developing-nation counterparts over the period except the Bulgarian lev, according to data compiled by Bloomberg. The rally has been driven by an expanding balance-of-payment surplus, increasing foreign reserves, and an unexpected rebound in remittances.

The peso has been at the vanguard of a rally in emerging-market currencies as they have bounced back from the coronavirus shock in March, aided by record stimulus from central banks around the world and a weakening dollar. That’s on top of recent economic data signaling that the worst of the impact from the pandemic may now be over.

“The balance-of-payments picture for the peso has turned a lot more positive,” said Eddie Cheung, an emerging-markets strategist at Credit Agricole in Hong Kong. “The trade deficit has narrowed, significantly boosting the current account. Combined with the resilience of remittances, these are factors leading us to think the peso has room to advance.”

The Philippine currency has rallied 2.9% this quarter to trade Wednesday at 48.41 per dollar after advancing to 48.350 on Sept. 16, the strongest level since November 2016. It will appreciate to 48 by year-end, according to Credit Agricole’s latest forecast.

The nation’s balance-of-payments surplus widened to $657 million in August, beating the average of $171 million for all months over the past five years, while foreign reserves jumped to a record $99 billion, from as low as $75 billion in October 2018. Remittances rose more than 7% for a second month in July, defying forecasts for a decline.

While there are plenty of peso positives, not everyone is optimistic. One of the major risks to further gains is potential central-bank intervention to curb the currency’s strength, according to Credit Suisse Group AG.

Policy makers seem to be becoming less comfortable with the peso’s strength as time goes by, said Julian Wee, a Singapore-based investment strategist at the bank, which predicts the currency will weaken to 48.8 per dollar by year-end. Increased intervention will help limit near-term outperformance, and most likely lead to some amount of depreciation, he said.

Strategists as a whole are also less than enthusiastic. The median forecast in a Bloomberg survey is for the peso to be little changed at 48.6 by the end of the year, and then weaken to 49.1 by the middle of 2021.

For Nomura’s Dushyant Padmanabhan, the main driver of short-term gains is the jump in remittances.

Funds sent home from abroad have been rising as overseas workers help families suffering from job losses amid the pandemic. Overseas cash remittances via banks climbed 7.8% in July from a year earlier to $2.78 billion. These were expected to fall 5.4%, according to a Bloomberg survey. Remittances are the nation’s largest source of foreign exchange after exports, and account for about 10% of the economy.

“The strong bounce in remittances is definitely a positive for the peso, and together with the weak dollar environment, it has room to appreciate more,” Mr. Padmanabhan in Singapore said, predicting the peso will end the year at 47.5 per dollar. — Karl Lester M. Yap/Bloomberg

Startup Pinay program supports Filipinas in tech startup ecosystem

QBO Innovation Hub recently partnered with Investing in Women, an Australian Government initiative that promotes women’s economic empowerment in South East Asia, to expand the Startup Pinay, a startup innovation platform that narrows the gender gap in the tech industry by fostering a community of female-led tech startups through funding, mentorship, and exposure. 

“The growth potential of the tech industry presents opportunities for women in tech as founders, leaders, and employees. It can lead to a more equitable distribution of the benefits in this area,” said Sheona McKenna, Counsellor of the Australian Embassy. “Women founders are more likely to address pressing issues that women face. But there’s still a lot of work to be done.” 

The three-year partnership between Investing in Women and QBO aims to improve workplace gender equality, and access to growth capital for women-owned and women-led enterprises in the country.

Created in 2019, Startup Pinay organizes events such as the She Loves Tech pitching competition and the idea validation course Bootqamp. The platform also creates ecosystem maps in key cities that identify co-working spaces, major industry players, and resources that are available specifically to support women founders. 

Startup Pinay’s upcoming initiatives fall under three core actions: exposure, network, and capacity building. They include sponsored participation in local and international, community meetups, and mentorship. 

“Pinays have had an indelible impact on social and economic spheres, and through our campaigns, we hope to inspire and continue to support the next generation of female leaders,” said QBO director Katrina Rausa Chan at a recent virtual brunch celebrating the program’s launch. 

Panelists agreed on the importance of building supportive communities and having role models. “When women in the audience see women on stage, they become more comfortable with that idea,” said Minette B. Navarrete, president of Kickstart Ventures. “Nobody was born knowing everything. Everything’s learned.”

Cathy Yap-Yang, PLDT’s head of corporate communications, advised seeking mentors by doing one’s best to get noticed and found by a mentor. She also advised being a mentor. “My best advice is to find a woman who’s come behind you— someone who’s getting started—and mentor her. It’s never too late to be a mentor. Your experience might be valuable to someone.” — Patricia B. Mirasol

Shell launches mentoring program for startups

Six local businesses will participate in Shell Livewire, a global enterprise development program by energy company Shell and its government partners. The program launched in the Philippines this September.

The six participants are NextPay, an inclusive banking platform for small businesses; Nanotronics, a production materials manufacturer that utilizes nanotechnology; uHoo, an air quality monitoring system; MagzWheel Furniture, a company that converts rubber tires into furniture and apparel; Green Factory by Oro Handmade Innovations Inc., a manufacturer of handmade paper products; and Eco Explorations PH, an eco-tourism business providing sustainable livelihood to locals while taking care of the environment and cultural heritage sites.

“In many cases, the resources are there, but they can be hard to find without the right connection. We want to help fill that gap … not only so that entrepreneurs can successfully execute their ideas, but also so that society can benefit from the solutions that they bring to the table,” said Serge C. Bernal, vice-president for external and government relations at Shell Philippines.

Shell Livewire supports businesses through mentorship, technical expertise, financial assistance, and inclusion in Shell’s supply chain. Since launching in 1982, the program has helped more than 1,300 businesses in 20 countries. 

Representatives from Shell’s government partners also discussed their efforts to support startups. The Department of Information and Communications Technology (DICT) will launch their Innovative Startups and Acceleration Program this year. It includes the development of the Startup Philippines Portal, a website that will serve as a central hub for projects and services for startups. Other efforts include building Innovation Studios across the country, where startups can work, and the establishment of a Philippine Startup Grant Fund.

The Department of Trade and Industry Philippine Trade Training Center (DTI-PTTC), the training arm of the said agency, offers an incubation program that includes skill-building and use of their spaces, facilities, and equipment. The center aims to help Overseas Filipino workers (OFWs), who had to come back home due to the pandemic, start their own businesses

“We have always been offering that enterprises, or becoming an entrepreneur, is one thing better than being employed. Because when you’re an entrepreneur, it’s not only helping yourself but you’re also helping other people. You’re also adding value to the very resources that are available in your area,” said Nelly N. Dillera, executive director of DTI-PTTC. — Mariel Alison L. Aguinaldo

Building financial confidence in times of crisis

THE COVID-19 pandemic has been a painful experience for many people. We lost a lot of good people in this pandemic, and many more lost their livelihoods as a result of the lockdowns. For many Filipinos, the idea of investing their money during this crisis, when they could use it for more immediate gains, is nothing but wishful thinking.

But as they say, when there is crisis, there is opportunity. The new world that will emerge from this crisis will be very different from the world that we had when we came into it. The skill sets that will be needed will also be different.

Investment is a process and not a single act. Before you convince yourself to invest during a crisis, you must convince yourself to invest. Investment is a mindset. It is a process of committing your assets now for growth so that you will have bigger assets in the future.

Investment can take many forms: placing in time deposits, buying stocks, investing in bonds. But it can also mean starting a business, buying a house, protecting yourself with insurance, or getting an education. Every time you forego consuming and put your resources to work for future gain, you are investing.

It is never too early or too late to invest. It is also never the wrong time to invest. Once you have the investors’ mindset, your eyes will be opened, and you will see opportunities all around you during a crisis as well as during normal times.

The most precious resource of all is time. If you do not have money to invest right now, use your time to learn and improve yourself. Learn about the stock market, the bond markets, the real estate market, or even the retail market. Learn how to program computers, learn how to sell, learn how to talk in front of large audiences, learn how to run a food business, learn a new language. Just like money, you can either consume time by using it in something that gives you present satisfaction, or you can invest it by using it to learn something new and better yourself. This is part of the investor’s mind.

You do not want to start learning about investments only when you do have money to invest. This is a sure way to wipe out your money. Prepare yourself now so that when you do have the money, you know what to do.

There are a few books I would recommend to get you started in your investment journey. The most influential books for Warren Buffet were the Intelligent Investor by Benjamin Graham and How to Win Friends and Influence People by Dale Carnegie. For a quick understanding about the market, I would recommend watching “How the Economic Machine Works” by Ray Dalio in YouTube and reading his book Principles.

Once you have acquired all the necessary knowledge, it’s time to diversify your investments. Divide your investment portfolio into two parts, a safe part and the aggressive part. Most people should invest at least part of your portfolio in some aggressive investments. Otherwise, you will never accumulate wealth. Putting all your money in the safest investment is the most certain way to wipe out your wealth. Remember that every year, inflation is eating away our money. Did you know that soft drinks used to cost 25 centavos and the dollar was worth seven pesos?

In general, the younger you are and the more time you have left to invest, the more of your assets you can allocate to the aggressive part of your portfolio. Of course, this is over-simplified and factors such as investment knowledge, personal circumstances, and life goals can change what is safe and what is aggressive. For example, for some people, time deposits are the safe part of their portfolio and stocks are the aggressive part of their investments. For others, stocks are the safe part of their investments while cryptocurrencies are their aggressive part. It really all depends.

Also, try to resist following the herd or unattributed sayings. I was once told that a person should invest 100 minus your age in the aggressive part of his portfolio. In general, following rules of thumb are not the best way to structure your investment portfolio. Do not follow “hot tips” unless you carefully study the investment. When in doubt, don’t! If it sounds too good to be true, it is.

It is best to consult investment professionals such as our Investment Distribution Desk or Specialists in Metrobank branches and Metrobank Trust. We follow a strict process to find suitable investments for you, and at the same time help you increase your investment knowledge.

Open your minds to the changes that are happening and do not insist that the world will return to what it was before. Be prepared to do things differently. We have to be comfortable with technology. We have to be able to communicate clearly even if we are not interacting face to face. We have to decipher what will be needed in the new economy and prepare ourselves for it. This is valid for businesses as well as people. You do not want to own the biggest candle making factory when Edison invented the lightbulb. Reinvent yourself and acquire new skill sets. Use the time you have on your hands to improve yourself.

FERNAND ANTONIO A. TANSINGCO, CFA (TOTO) is the senior executive vice-president and treasurer of Metropolitan Bank and Trust Company. He has oversight of the bank’s financial markets sector covering treasury, wealth management, private banking, institutional investors, and asset management. He also currently serves as the vice-chairman of the board for AXA Philippines, and advisor to the board of First Metro Investment Corporation, and Metrobank (China) limited.

This opinion article is part of Metrobank’s Financial Education campaign series.

Regional Updates (09/29/30)

Bill creating Basilan State University gets House nod

THE HOUSE of Representatives approved on third and final reading a bill that will upgrade the Basilan State College (BASSC) into a full state university. Voting 196-0 with no abstentions, congressmen approved House Bill 7697, the measure converting the BASSC in Isabela City, along with its extension campuses in different parts of Basilan, into the Basilan State University. “We are inching closer to the dream of many Basileños of having our own state university within our beloved province, which will offer more courses, take in more students and level up the academic performance of not only those in Basilan, but also those from nearby areas,” Deputy Speaker and Basilan Rep. Mujiv S. Hataman, one of the principal authors of the bill, said in a statement on Tuesday. A counterpart bill in the Senate is pending. Aside from the conversion of BASSC to a university, Mr. Hataman is also pushing for the creation of a Basilan Science High School, Sports Academy, and a Technical Education and Skills Development Authority office in Isabela City. — Kyle Aristophere T. Atienza

NWRB reduces Metro Manila’s water allocation, but no impact on household supply

THE NATIONAL Water Resources Board (NWRB) again reduced the water allocation for Metro Manila to 44 cubic meters per second (cms) from 46 cms due to the lower water level of Angat Dam. In a radio interview on Tuesday, NWRB Executive Director Sevillo D. David Jr. said the reduction will help Angat Dam recover from its deteriorating water level. “While waiting for rainfall to arrive, we decided to reduce the water allocation for Metro Manila so that we can manage the current level of Angat Dam and prevent its further decline,” he said. Mr. David said the lower water allocation will not have any adverse effects on consumers, noting that there are other sources such as Ipo Dam and La Mesa Dam. Metro Manila’s two water concessionaires also assured that household supply will not be affected. “Our service levels won’t be affected because local rains at the Ipo watershed keep the water elevation in Ipo Dam high, and this augments the shortfall from Angat Dam,” Maynilad Water Services, Inc. Head of Corporate Communications Jennifer C. Rufo said in a mobile phone message. Manila Water Co. Inc. Corporate Strategic Affairs Head Nestor Jeric T. Sevilla, meanwhile, said they are ready to maximize their Cardona Treatment Plant in Rizal and other deepwells in case water supply needs to be augmented. “(W)e will continue to provide 24/7 supply to our customers except during emergency repairs and necessary maintenance activities,” he said. On Tuesday morning, Angat’s water level was at 177.94 meters, which is below the minimum operating level of 180 meters, based on data from the Philippine Atmospheric, Geophysical, and Astronomical Services Administration (PAGASA). The dam’s normal elevation is 212 meters. — Revin Mikhael D. Ochave

DCWD on track with expanded water distribution system project


THE DAVAO City Water District (DCWD) is almost done with the first phase of its expanded distribution system, which is needed for the bulk supply that will be delivered by the Aboitiz-controlled Apo Agua Infrastructura, Inc. “Almost all of the Phase 1 projects are already completed. These are crucial to the acceptance of water from Apo Agua and distribution to the customers,” DCWD Deputy Spokesperson Jovana Cresta T. Duhaylungsod said in a phone interview. The initial phase covers storage facilities and pipelines. Ms. Duhaylungsod said Phase 2 of the distribution project involves additional transmission lines that are targeted for completion in 2021. Apo Agua, a joint venture between Aboitiz Equity Ventures, Inc. and JV Angeles Construction Corp., recently reported that it has been ramping up construction work after quarantine restrictions were eased in May. “We are ramping up our construction activities while implementing the appropriate health protocols in our offices and project sites per government guidelines. As we confront the challenges brought by this pandemic, we are set on delivering this project by 2021 while keeping our people’s health and safety a priority,” Apo Agua Operations Head Shake A. Tuason said in a July 22 statement. The P12.6 billion bulk supply project will source water from the Tamugan River and deliver 300 million liters daily to DCWD. — Maya M. Padillo

Returning resident is Batanes’ 1st COVID-19 case

BATANES, the northernmost island province, reported its first coronavirus case on Tuesday, a returning resident who arrived on September 22 on board a Philippine Air Force repatriation flight. The provincial government assured that the 29-year old patient, with travel history from a quarantine facility in Sta. Rosa City in Laguna and asymptomatic, is already at the Batanes Resort, a designated isolation facility for coronavirus disease-2019 (COVID-19). The patient arrived along with 18 other stranded residents. “All identified close contacts and other LSIs (locally stranded individuals) under quarantine are being strictly monitored by the Provincial COVID-Task Group,” the provincial government said in a statement on its official Facebook page. Cesar Roldan A. Esdicul, provincial disaster risk reduction officer, said all incoming flights have now been suspended for two weeks to allow local authorities to manage the situation. “(Flights are) on hold po muna for the next 14 days,” he said over radion dzBB. The provincial government also appealed to residents to “avoid spreading fake and unverified information that creates fear and panic. Let us also avoid having prejudices and discrimination towards people who are under quarantine.” — Emmanuel Tupas/PHILSTAR 

Pandemic continues to dampen economic prospects in East Asia and the Pacific region

THE Philippines faces the prospect of an “uneven” and “volatile” economic recovery as it struggles to control the coronavirus disease 2019 (COVID-19) pandemic, the World Bank (WB) said after it slashed the country’s gross domestic product (GDP) forecast again this year. Read the full story.

Pandemic continues to dampen economic prospects in East Asia and the Pacific region

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