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Philippines signs RCEP, world’s biggest trade deal

By Jenina P. Ibañez, Reporter

FIFTEEN Asia-Pacific economies, including the Philippines, signed the world’s largest free trade deal on Sunday, with observers saying the deal could boost Philippine market access while others believe it would worsen the trade balance.

The Regional Comprehensive Economic Partnership (RCEP) is a trade pact that includes China, Australia, New Zealand, Japan, South Korea and all 10 ASEAN member countries. This is the first time that China, Japan and South Korea are all in a single free trade agreement.

The deal was signed in a virtual ceremony as part of the annual ASEAN summit in Hanoi, Vietnam.

“The RCEP will further broaden the Philippines’ economic engagements with its trading partners through improved trade and investment, enhanced transparency, integrated regional supply chains, and strengthened economic cooperation,” Trade Secretary Ramon M. Lopez, who signed a copy of the agreement during the virtual ceremony, said in a statement on Sunday.

“This agreement will also complement ongoing programs and policies to make the country a manufacturing and investment hub in the region.”

The prospective free trade area accounts for around a third of the global population and economy, and builds on existing bilateral and multilateral agreements in the region. It also allows for a common “rules of origin” in the region, which means it simplifies the regulations identifying if products are “made in” a country.

Talks on the China-backed trade pact began in 2012.

Mr. Lopez, calling the deal a “modern” free trade agreement, said that it covers issues surrounding intellectual property, e-commerce, small business, government procurement, and competition.

The RCEP is expected to enhance market access for key Philippine products including garments, automotive parts, and agricultural products like canned food and preserved fruits, Trade Assistant Secretary Allan B. Gepty said in a statement.

“(It is) also a platform for more investments in the country in vital sectors such as manufacturing, research and development, financial services, game development, e-commerce, and the IT-BPO (information technology-business process outsourcing) sector,” Mr. Gepty said.

The deal has also been seen as a way to jump-start trade as Asian economies reel from the effects of US-China trade tensions and the ongoing coronavirus disease 2019 (COVID-19) pandemic.

“The RCEP will definitely help faster recovery of the global economy from COVID-19 and a welcome development in spurring export and imports,” Rizal Commercial Banking Corp. Economist Michael L. Ricafort said in a mobile message.

RISKS AND BENEFITS
But Trade Justice Pilipinas, a campaign for equitable trade, criticized the lack of transparency during the RCEP negotiations.

Trade Justice Pilipinas said that the deal does not give enough flexibility for least-developed ASEAN member states, which could lead to a widening of the gap between the richer and poorer economies. It added that strict enforcement of intellectual property rights could block access to affordable medicines and agricultural seeds.

Citing a report by United Nations Conference on Trade and Development Senior Economist Dr. Rashmi Banga, Trade Justice said that the Philippines would see the cost of imports rise by as much as $908 million while the value of exports to RCEP countries is expected to increase by around $4.4 million.

“RCEP will only deepen inequalities that already exist and were exacerbated further by the pandemic. It will further undermine the livelihoods of farmers, fishers, indigenous peoples and rural women, and threaten jobs for workers,” the group said.

George N. Manzano, University of Asia and the Pacific economist and former tariff commissioner, said that the stakes are now lower as nations shift their policy focus to domestic economic and employment recovery amid the pandemic, noting that there could be less resistance to RCEP.

“I think the policy attention right now is how to stimulate economies, and how to get economies to tide over until the (COVID-19) vaccine,” he said in a phone interview on Sunday.

Mr. Manzano said pandemic-related disruption influenced a rethink of the traditional efficiency and low cost-based global value chain in favor of reliability.

“So basically there’s a lot of pressure now to rethink having very far-flung global value chain networks. They’d rather have something which is close by,” he added.

RCEP could also create a framework for trade facilitation and digital trade.

“Digital trade will take up a bigger transmission of trade in the future as we’re experiencing now, so the earlier transition in getting comfortable in getting into agreements involving digital trade. It will help us at least, policy-wise,” Mr. Manzano said.

He added that the agreement could help facilitate the trade and distribution of vaccines and personal protective equipment.

“Small countries, those who don’t have much bargaining power in the world, the only way you can do that is by signing into an international cooperation, because it’s difficult for you to bargain with China or the US,” Mr. Manzano said.

Last year, University of the Philippines Professor of Economics and Finance Epictetus E. Patalinghug said domestic high-cost industries that are protected by tariffs and safeguards will not survive against RCEP competition, noting that advantages and risks to Philippine industry will depend on which sectors are finally included in the agreement.

He had said that trade in labor-intensive outsourcing services stands to benefit.

The agreement will be implemented after a ratification process, which could take up to two years.

India had backed out of the RCEP negotiations last year, but ASEAN leaders are still open to the country’s participation.

The United States is not part of the RCEP, as well as the Obama-led trade pact Trans-Pacific Partnership (TPP). US President Donald Trump pulled out of the TPP in 2017.

PHL economic outlook dims

By Beatrice M. Laforga, Reporter

CREDIT RATING agencies and other institutions are likely to further cut their gross domestic product (GDP) outlook for the Philippines this year, after third-quarter data showed a slower-than-expected pace of recovery and the country continues to struggle to contain the coronavirus disease 2019 (COVID-19) pandemic.

“The third-quarter outturn for real GDP growth of -11.5% year on year reinforces the downside risks to our current forecasts. While the quarter-on-quarter rebound is one of the largest that we’ve seen in the region, the continued contraction in year-on-year terms highlights the magnitude of the negative impact of the ECQ earlier in the year,” said Christian de Guzman, senior vice-president of Sovereign Risk Group at Moody’s Investors Service in an e-mail last week.

The economy shrank by 11.5% in the third quarter, easing from the 16.9% slump in the second quarter. Economic output fell 10% in the first nine months of the year, exceeding the government’s projected 4.5-6.6% contraction for the full year.

Mr. De Guzman said recovery prospects will depend on the country’s ability to contain the spread of COVID-19 without resorting to a strict lockdown.

The Health department reported 1,530 new cases of COVID-19, bringing the total to 407,838, as of Sunday.

For Fitch Ratings, the third-quarter GDP result was weaker than expected but is unlikely to affect the Philippines’ recovery prospects for 2021. Fitch expects the Philippine economy to shrink by 8% this year before growing by 9% in 2021.

“The Q3 GDP outturn was weaker than we expected, and together with the downward revision to Q2, we see some modest downside risk to our existing -8% GDP growth projection for 2020. That said, the Q3 outturn does not alter our view of the Philippines’ recovery prospects for 2021 which remain intact despite ongoing risks from the virus, both domestically and globally,” Sagarika Chandra, associate director for Asia-Pacific sovereigns at Fitch Ratings said in an e-mail on Friday.

Ms. Chandra said they will look at the government’s fiscal consolidation plans and its medium-term policy framework post-crisis in deciding on its rating outlook for the country.

The debt watcher in May downgraded its outlook for the Philippines to “stable” from “positive,” and affirmed the country’s “BBB” credit rating.

“We will also assess the extent to which the crisis may affect the Philippines’ otherwise strong medium-term growth potential, which has supported the country’s BBB sovereign rating,” she added.

Meanwhile, the ASEAN+3 Macroeconomic Research Office’s (AMRO) is likely to lower its forecast for the Philippine economy this year.

“In view of recently released Q3 GDP growth, which is lower than our expectation, we are likely to revise our forecast downward in the next round of our economic outlook updates,” Zhiwen Jiao, AMRO country economist for the Philippines, said in an e-mail last week.

AMRO projected the economy will drop by 7.6% this year, considering the rising number of coronavirus cases and two-week lockdown in August. It expects Philippine GDP to grow by 6.6% in 2021.

“We will continue to closely monitor the country’s COVID-19 pandemic situation and lockdown policies, economic conditions both domestically and internationally, as well as stimulus policies for households and businesses,” Mr. Jiao said.

The Organization for Economic Cooperation and Development (OECD) on Friday said it expects the Philippine economy to shrink by 8.4% this year, from the previous 3.2% drop it gave in July.

OECD Development Centre Head of Asia Desk Kensuke Tanaka said policy support from both fiscal and monetary measures will have to continue to boost the Philippines’ recovery prospects amid weak investment, consumption, job market and remittances.

“In particular, the special attention will be needed for financial market stability. Delay of infrastructure investment will also be another downside risk,” he said.

PLDT, Smart to deal with users’ concerns via ‘virtual meeting’

PLDT, Inc. and its wireless arm Smart Communications, Inc. are launching a virtual meeting service for their customers to accommodate their queries or concerns, as the public health crisis continues.

“Beginning on November 16, 2020, Smart subscribers can visit stay.smart” to book a virtual appointment with their preferred retail outlet,” PLDT and Smart said in a joint statement at the weekend.

PLDT customers can visit pldthome.com to schedule a virtual appointment, they added.

The telcos also said their customers will receive an MS Teams meeting link via their e-mails, which they can open on their browsers or through the MS Teams app.

Both PLDT and Smart are also launching a booking service for in-store visits, especially for concerns or services that require a personal appearance.

“This would allow them and an assigned PLDT-Smart store frontliner to meet safely in the store premises, following strict health guidelines set by the government and the company,” the companies said.

PLDT and Smart said further they would make available their online appointment service on their official social media pages.

Alex O. Caeg, senior vice president and head of consumer sales group at PLDT and Smart, said: “With this online booking system, we hope to give them a more convenient experience whenever they need to do business with our stores nationwide. We would also like to encourage them to shift to digital transactions in the safety of their homes, especially during a time when people should practice physical distancing in the pandemic.”

“This is part of… PLDT’s efforts to ramp up its digital services, help in the recovery of the economy, and at the same time, promote the health and safety of employees and customers as we navigate the next normal,” Mr. Caeg added.

PLDT saw its attributable net income for the third quarter surge 95% to P7.41 billion versus the P3.79 billion it generated in the same period last year.

The company attributed its growth for the quarter to the spike in customer demand for digital or online services triggered by the ongoing coronavirus pandemic.

PLDT saw a 10% increase in its total revenues to P46.49 billion. The company’s service revenues grew 9% to P44.37 billion while its non-service revenues increased 18% to P2.12 billion.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Filinvest Group posts profit growth as bank, sugar units improve

EARNINGS of listed conglomerate Filinvest Development Corp. inched up 3% to P8.9 billion in the three quarters through September, supported by its robust banking and sugar businesses despite the coronavirus pandemic.

In a statement over the weekend, the Gotianun family-led company said its total revenues and other income fell 9% to P57.1 billion during the nine-month period.

However, the topline decline was offset by its efforts to temper direct costs, which stood at P15.6 billion, or down 36% from the same period last year.

By business segment, its banking operations through East West Banking Corp. generated a net income of P5.8 billion, rising 32% from its contribution a year ago. The company attributed this growth to improved margins in its core lending and deposit-taking businesses and higher gains from trading.

The real estate business, represented by Filinvest Land, Inc. and Filinvest Alabang, Inc., continued suffering from the lockdown to contain the coronavirus outbreak. Its net income contribution dropped 15% to P5.1 billion, as sales and rental revenues both declined during the period.

Revenues from selling lots, condominium and residential units dropped 55% to P7.2 billion, as some of its projects were delayed by the suspension of construction work in mid-March. It also rolled out a grace period for payments to buyers, and generally recorded lower take-up than last year.

Revenues from rent were likewise 4% lower at P5.1 billion, as the company endured mall closures and waived payments for tenants.

FDC Utilities, Inc., the group’s power subsidiary, recorded a net income growth of 3% to P1.8 billion. While its revenues for the nine months fell 17% to P6.4 billion, it said it controlled its operating expenses to decline 29% to P1.52 billion.

While the other segments remained profitable, the group’s hotel business, through Filinvest Hospitality Corp., swung to a P487-million net loss from a P266-million net income last year. Its revenues slid 59% to P981 million due to a dampened tourism industry because of the pandemic.

“We are pleased with the strength and resilience of the Filinvest Group. Our banking and sugar businesses covered the gap caused by the hospitality and real estate businesses, which are the most affected by the pandemic-related government restrictions,” Filinvest President and CEO L. Josephine G. Yap said in the statement.

“[W]e are confident that our balanced portfolio can withstand the current crisis and we are prepared to take advantage of opportunities when the current situation turns around,” she added.

Filinvest’s debt-to-equity stood at 0.94:1 at the end of the nine months, while its net debt-to-equity was at 0.39:1.

Shares in the company closed at P9.48 each on Friday, up 35 centavos or 3.83% from the earlier day. — Denise A. Valdez

Rates of T-bills, bonds to move sideways on inflation outlook

TREASURY BILLS and bonds on offer this week will likely see their rates remain steady or inch higher. — BW FILE PHOTO

RATES of government securities on offer this week may end flat or inch higher as investors expect inflation to remain benign and as US Treasury yields rise further.

The Bureau of the Treasury (BTr) will offer P20 billion in Treasury bills (T-bills) on Monday: P5 billion each in 91-day and 182-day papers and P10 billion in 364-day securities.

On Tuesday, the government will auction off reissued 10-year Treasury bonds (T-bonds) worth P30 billion. The papers have a remaining life of four years and nine months.

A trader said T-bill rates may remain unchanged at Monday’s auction amid strong liquidity among investors.

“The market is still awash with cash. Inflation is also expected to remain within the government’s target despite a faster but still manageable rate in October,” the trader said in a text message.

Another trader said the rates of the T-bills on offer may increase slightly as more consumers are encouraged to spend with the continued gradual reopening of the economy.

The overall year-on-year increase in prices of widely used goods rose to its fastest pace in three months in October, the government reported earlier this month.

Preliminary data from the Philippine Statistics Authority (PSA) showed headline inflation at 2.5% in October, picking up from the 2.3% pace the month before.

The October inflation result marked the fastest pace in three months or since the 2.7% reading in July 2020.

The latest headline figure is higher than the 2.4% median in a BusinessWorld poll conducted late last week and falls within the 1.9-2.7% estimate given by the Bangko Sentral ng Pilipinas (BSP) for October.

Year to date, inflation settled at 2.5%, still within the BSP’s 2-4% target this year, but above its 2.3% forecast for the entire year.

Meanwhile, the second trader said the rates of the 10-year T-bonds may increase to track US Treasuries following the result of the US presidential election.

The US Treasury yield curve steepened on Friday as upbeat earnings and US President-elect Joe Biden’s COVID advisory team helped reassure investors about the threat of new pandemic-related lockdowns to combat record spikes in coronavirus infections, Reuters reported.

Mr. Biden solidified his election victory as Arizona’s 11 electoral college votes were added to his column, but the official transition remains in limbo as President Donald Trump persists with his refusal to concede.

Still, Mr. Biden’s pandemic advisory board provided a glimpse into the next president’s coronavirus plan, and said there was no plan to enact a nationwide shutdown.

US Treasury yields were mixed as investors consolidated positions ahead of the weekend and remained cautious given the surge in coronavirus cases. But the yield curve steepened on Friday, after flattening the previous session.

Benchmark 10-year notes last fell 2/32 in price to yield 0.893%, from 0.886% late on Thursday.

The 30-year bond last rose 5/32 in price to yield 1.6455%, from 1.652% late on Thursday.

The Treasury upsized its award of T-bills last week as yields declined across the board amid strong liquidity in the market.

The BTr borrowed P24 billion via the T-bills on Monday, bigger than its P20-billion program, as the offer was nearly six times oversubscribed, with bids amounting to P112.101 billion.

The government accepted more bids from non-competitive investors for the three-month and six-month tenors to take advantage of the lower yields fetched for these papers.

Broken down, the BTr awarded P7 billion in 91-day papers, higher than the P5-billion program, as tenders reached P33.058 billion. The three-month debt fetched an average rate of 1.024%, down by 3.4 basis points (bps) from the 1.058% seen in the previous auction.

The Treasury likewise awarded P7 billion in 182-day papers, more than the planned P5 billion, as bids amounted to P37.548 billion. The six-month T-bills were quoted at an average rate of 1.453%, 4.6 bps lower than the 1.499% logged in the previous offering.

Meanwhile, the government borrowed P10 billion as planned from the 364-day T-bills, with tenders reaching P41.495 billion. The one-year securities fetched an average rate of 1.745%, inching down by 1.4 bps from the 1.759% quoted in the previous week’s offering.

On the other hand, the government awarded P30 billion as planned in reissued 10-year bonds when they were last offered on Oct. 20 at an average rate of 2.782%, down from the 3.182% in the June 23 auction.

The bonds on offer were originally issued on Sept. 9, 2015 with a coupon of 3.625%.

At the secondary market on Friday, the 91-day, 182-day and 364-day T-bills were quoted at 1.104%, 1.472% and 1.768%, respectively, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

Meanwhile, the five-year T-bonds — the tenor closest to the remaining life of the 10-year bonds to be offered on Tuesday — were quoted at 2.738% at the secondary market.

The Treasury plans to borrow P140 billion from the domestic market this month: P80 billion in weekly T-bill auctions and P60 billion in fortnightly Treasury bond auctions.

It is also offering another tranche of Premyo bonds to raise at least P3 billion. The offer period is set to run from Nov. 11 to Dec. 18.

Premyo bonds are part of the government’s bid to attract more small investors to invest in government securities. Last year, the BTr raised P4.961 billion from the sale of one-year peso-denominated Premyo bonds, up from its initial offer of P3 billion.

Premyo bonds are government securities that have corresponding raffle numbers for cash and non-cash prizes, aside from earning interest. The minimum investment for the bonds stands at just P500 and can be bought in multiples. One Premyo bond is equivalent to one raffle ticket.

The government wants to raise around P3 trillion this year from local and foreign lenders to help fund its budget deficit, which is expected to hit 9.6% of the country’s gross domestic product. — K.K.T. Jose with Reuters

AllHome records flat earnings, plans to open more stores

HOME improvement retailer AllHome Corp. posted an attributable net income of P312 million in the third quarter, flat from a year ago but 6,140% higher than the P5 million in the previous quarter.

In a statement over the weekend, the Villar-led company said the relaxation of quarantine rules helped it recover in July to September, recording an 11% sales growth to P3.47 billion against last year.

On a quarterly basis, the company’s sales likewise jumped more than double from P1.49 billion in the second quarter.

Year-to-date, AllHome’s attributable net income dropped 21% to P588 million, as sales growth slowed to 2% to P8.33 billion.

In its regulatory filing, the company linked much of its nine-month slowdown to the government’s lockdown to contain the coronavirus pandemic. It temporarily closed all 40 stores in Luzon for two months from mid-March to mid-May.

AllHome’s 46-store network as of end-September is up 70% from the 27 stores it had in the same period last year. It also expanded its net selling area by 43% to 308,530 square meters.

However, its net sales only inched up 2% because of the temporary store closures in the second quarter. Sales growth in existing stores dropped to 0.3% from 32% last year.

“We remain bullish with the home improvement industry for the remaining months of the year. The level of sales has greatly improved in the third quarter and in AllHome’s case, our fourth quarter sales historically are our highest, benefiting from the holiday season,” AllHome Chairman Manuel B. Villar, Jr. said in the statement.

“The improvement in our performance is driven primarily by the opening up of the economy, which resulted to more people visiting and buying at our stores across the country,” he added.

In October, AllHome had opened a new store in Las Piñas City, which raised its store count to 47 after the reporting period. The company said it plans to open two more stores as it heads into the last stretch of 2020, which would bring its total store count to 49 by yearend.

“We have seen marked improvements in our sales on a weekly basis, which gave management the confidence to open four new stores for the year. Our ability to quickly adjust our store expansion program is attributable to our collaboration with the Villar Group in terms of captive customer base, store locations, and execution capability,” AllHome President Benjamarie Therese N. Serrano said.

“Now that we see more people in our stores, our safety policies and guidelines are more important than ever, both for employees and customers. AllHome sees to it that basic health protocols are strictly followed,” AllHome Vice-Chairman Camille A. Villar added.

Shares in the company at the stock exchange closed flat on Friday at P7.75 apiece. — Denise A. Valdez

Policy makers to unwind stimulus measures with ‘delicate timing’

POLICY MAKERS in Asia discussed the need to be careful in exiting stimulus measures fired off in recent months amid the coronavirus pandemic. — BW FILE PHOTO

OFFICIALS FROM several Asian economies discussed strategies in unwinding stimulus measures fired off amid the coronavirus disease 2019 (COVID-19) pandemic to ensure the stability of their respective financial systems.

In a recent Regional Consultative Group for Asia (RCGA) meeting of the Basel-based Financial Stability Board (FSB) chaired by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno, policy makers from 17 jurisdictions in Asia discussed initiatives to ensure financial stability as the pandemic crisis stretches on.

“With the recent prognosis of a global recovery that play out well into 2021 and likely to be at a different pace across jurisdictions, the members weighed the delicate timing of any exit from expansionary policies and other regulatory relief measures,” the central bank said in a statement on Saturday.

Mr. Diokno earlier said the BSP will be careful in unwinding the monetary policy measures it employed in recent months to support the virus-stricken economy to ensure there will be no repercussions.

In the RCGA meeting, Mr. Diokno said authorities have learned from the 1997 Asian Financial Crisis and the Global Financial Crisis in 2007 and have, in recent years, ensured their financial systems have ample liquidity to serve as buffers versus any headwinds.

As the coronavirus pandemic continues to affect economies across the world, Mr. Diokno said assessing financial stability should remain a priority.

“[M]anaging systemic risk is at its most urgent…[as] no one in this meeting doubts that the financial market will be affected, at some point and in some form,” he said at the biannual meeting held online.

Officials have acknowledged that in the Philippines, systemic risks — or the potential for a company-level event to trigger severe instability in an entire industry or economy — is a possibility amid the global recession.

Mr. Diokno has said the Financial Stability Policy Committee has been monitoring several factors such as the country’s debt-to-gross domestic product ratio and the stability of the banking system, among others, to assess the possibility of systemic risks.

“We do not have a ready playbook for addressing the financial market spillovers but we are quite sure that risk aversion abounds and incomes have been lost. That only means that much more work is ahead of us and I encourage all the participants to keep our communication channels open,” he said at the meeting.

Mr. Diokno also said challenges to cross-border payments continue and need to be addressed.

Together with other consultative groups for the Americas, Commonwealth of Independent States, Europe, Middle East and North Africa, and Sub-Saharan Africa region, the RCGA was created by the FSB to further the standard-setting body’s dialogue and implementation of the global financial stability agenda. — LWTN

Court affirms P1.9-B tax ruling favoring Cebu Air

THE Court of Tax Appeals affirmed the cancellation of the alleged deficiency improperly accumulated earnings tax (IAET) of Cebu Air, Inc. for 2010 worth P1.87 billion.

In a three-page resolution dated Nov. 3, the court, sitting en banc, denied for lack of merit the motion for reconsideration of the Bureau of Internal Revenue.

The court said the claims of the bureau were “mere recapitulation” of its arguments in its petition for review.

“Moreover, these issues have been amply considered, weighed, and resolved in the Assailed Decision. Thus, to discuss anew the explanation of the court on these matters is superfluity,” it said.

The bureau claimed in its motion for reconsideration that the company’s evidence attached to its motion should not have been admitted and that the court erred in ruling in matters not raised in administrative level, as well as cancelling the compromise penalty.

The court in a decision in June affirmed the ruling of the special second division, cancelling the assessment for deficiency IAET against Cebu Air.

The second division in 2018 denied the petition for review of Cebu Air, holding it liable for IAET worth P49.3 million, inclusive of 25% surcharge, deficiency and delinquency interests.

Upon appeal of both parties, the second division issued an amended decision, canceling the assessed deficiency IAET for Cebu Air, saying the company sufficiently proved that it declared and paid cash dividends to its shareholders within a year since the close of taxable year 2010.

IAET is the income tax imposed at a 10% rate on the improperly accumulated taxable income of a corporation if its earnings are accumulated and not distributed to stockholders, the court said in its ruling in June.

The court en banc in its duling upheld the decision of the division that the company has no IAET after Cebu Air was able to “fully substantiate” that it declared and paid cash dividends to its stockholders and it was established that additional paid-in capital is part of paid-up capital of the corporation, which is used to compute the IAET.

The court also said in its previous ruling that the compromise penalty applies only in the settlement of criminal liability and there should be mutual agreement between the parties. It said that the compromise penalty should be deleted because the company did not consent to it.

The BIR in its petition claimed that the company did not prove that it paid cash dividends to its shareholders and the documents should not have been considered by the division and that paid-up capital should not include the additional paid-in capital, among others, according to the June ruling.

Cebu Air, on the other hand, claimed that the bureau failed to raise valid grounds to reverse the decision. — Vann Marlo M. Villegas

When complications are a good thing

Ref. 6301P Grande Sonnerie

WE now live in a world of endless complications, but a new wristwatch from Patek Philippe gives us a good kind of complication.

In timepieces, complications meant extra features that go beyond simply displaying time. During a presentation last week, Patek Philippe president Thierry Stern (the Sterns have owned the company since the 1930s) introduced the Ref. 6301P Grande Sonnerie, and their new building in Geneva. “Today, 2020, we are ready to produce, since June, and I’m really proud about really, all the work that has been done here. This is done for the future, and also for the present,” said Mr. Stern. “I believe that now, we should be ready for the next 20 years,” he said, but then noted “That’s also what we said with the other building. Four years later, we had to build another one. Who knows?”

The 6301P follows in the footsteps of a much grander older sister. Minute repeaters (essentially, miniature chimes that reminded one of the time) have been present in watches before, to mimic how church bells in town reminded people of the hour. Patek Philippe has made them since 1839. However, Philippe Barat, Head of Watch Development pointed to 2014, during the company’s 175th anniversary celebrations, when they had created the 6300G which had five different striking functions: a Grande Sonnerie, a Petite Sonnerie, a minute repeater, an alarm, and a date repeater. The new 6301 is a simpler sibling: one with a Grande Sonnerie, a Petite Sonnerie, and a minute repeater.

It has a manually wound mechanical movement, and the minute repeater works with a chime on three classic gongs (the presentation opened with the sound of the chimes; bringing to mind a call to supper during the Edwardian Era), jumping small seconds, a movement power reserve indicator, and a similar indicator for the strikework. The case has a resemblance to the 5370; masculine and refined. It’s made in platinum, with interchangeable solid and sapphire crystal case backs. It isn’t water-resistant, but it has protections against dust and humidity. It has a diameter of 44.8 mm and a height of 12mm.

“Patek Philippe has been working on Grande Sonneries for many, many years, but most of these were on pocket watches. This time, it’s a bracelet watch,” Mr. Stern pointed out.

He is confident that the company will weather through the ongoing COVID-19 pandemic. “Patek Philippe is still working very well; I’m quite confident. Of course, it’s not to be a record year; we all know that. At least, we are strong; we have a very strong reserve also. I think that the new products are also very nice, and I can only tell you that Patek Philippe is still very happy to create watches. I hope I can see you in a better world in 2021.” — Joseph L. Garcia

SSS, GSIS offering loans for victims of typhoons

THE SOCIAL SECURITY System (SSS) and Government Service Insurance System (GSIS) are extending loans to victims of typhoons Rolly and Ulysses, which affected many cities and provinces across the country.

SSS will offer loans under its calamity loan assistance program from Nov. 27 until Feb. 26 next year, it said in a statement on Sunday.

Meanwhile, credit under its direct house repair and improvement loan program will be offered for one year from the issuance of its corresponding circular.

The state pension fund said members can also tap its three-month advance pension for SS and employees’ compensation for calamity aid.

It has yet to release the complete guidelines for the program.

GSIS also opened its emergency loan program which allows members to borrow P20,000 at an interest rate of 6% per annum and equal payments for three years, it said in a separate statement on Sunday.

Qualified borrowers include those in active service, free of administrative or criminal cases, and members with a net take-home pay of not lower than  P5,000 after monthly obligations have been deducted.

Old-age and disability pensioners are also qualified to apply for an emergency loan if their resulting net monthly take-home pension after loan availment is at least 25% of their basic monthly pension.

Meanwhile, members with due and demandable loan accounts or those with arrears of over six months are allowed to renew their previous emergency loans from a different calamity, except the one under the COVID-19 Emergency Loan Program.

Members with only three months of paid premiums prior to application date may also apply. Previously, GSIS required six months’ worth of paid premiums.

The application form for the emergency loan can be downloaded from the GSIS website.

Members and pensioners can file their applications through contactless methods: via the pension fund’s web-based facility, the Electronic GSIS Member Online facility, through e-mail, or via drop boxes located in the lobbies of GSIS offices.

Borrowers, except pensioners, may also file their loan application through the GSIS Wireless Automated Processing System kiosks located in all GSIS branches, Department of Education offices, provincial capitols, city halls, Robinsons Malls and selected SM malls.

Vivant net profit dips as electricity sales fall

VIVANT Corp.’s net income for its parent equity holders fell by 40.6% to P425.10 million in the third quarter after a double-digit fall in its electricity sales while its other revenue sources also declined, the Cebu City-based power provider reported in a regulatory filing.

After-tax net earnings also went down by 35.9% to P522.21 million, according to its financial report submitted to Philippine Stock Exchange (PSE) during the three-month period when many parts of the country were on a relaxed lockdown restriction.

Total revenues of the firm decreased by 34.1% to P1.02 billion from July to September.

The corporation’s sale of power, its main business, recorded a 31.4% decrease or P563.73 million. Equity in net earnings of associates and joint ventures saw a 35.2% decline to P412.03 million.

For the nine months through September, total revenues amounted to P2.82 billion, around 40% lower than its earnings during the same period last year.

The company’s net income went down by 35.3% to P1.34 billion.

Vivant, through its subsidiaries and affiliates, holds interests in electric power generation, power distribution and the retail electricity supply business. It currently owns and operates the 70-megawatt (MW) Delta P, Inc. in Cebu, the 16-MW diesel-run power plant and Palawan and the Cebu Energy Development Corp., which runs the 246-MW coal-fired power plant in Toledo.

Vivant’s shares on Friday inched down by 3.45% to P13.98 apiece. — Angelica Y. Yang

How You Can Help

AFTER THE devastation wrought by typhoon Rolly (international name: Goni) — the strongest typhoon to hit land this year — on Catanduanes and Bicol, it was followed up by typhoon Ulysses which swamped parts of Metro Manila, Rizal, and has turned the provinces of Cagayan and Isabella into landlocked seas.

Many people are asking how they can help those who have been badly affected by these disasters. Here is a list of organizations and individuals — from schools, to media giants, to party list groups, to NGOs, to a K-pop fans club, to artists — that are asking for donations to help the victims of Typhoon Rolly. The list will be updated as more information arrives.

ANGAT BUHAY
THE OFFICE of the Vice-President continues to accept donations for those affected by the numerous typhoons that hit the country. The office’s Angat Buhay program is accepting in kind donations. Those who want to donate, contact ovpresponse@gmail.com or call 0998-591-7388 or 0966-544-3889. The drop-off location is the Quezon City Reception House, 10th Street Barangay Mariana, New Manila, Quezon City. They are requesting donations of rice, canned goods (with easy-open cans), noodles, and other ready-to-eat items. They also accept hygiene kits, cooked meals, mattresses, blankets, pillows, first aid kits, and medicines.

YOUNG FEMINISTS COLLECTIVE
YOUNG Feminists Collective is collecting donations for areas affected by Typhoon Ulysses. Donations will go towards providing typhoon survivors with basic meals and snacks, hygiene kits, masks, milk, and essential medicines. They already have partners on the ground in Isabela, and they are focusing on hard-to-reach evacuation centers (such as those that have to be reached by boat). Donation channels are as follows: BDO (Dasha Uy, Account No. 005630499247, BPI (Brenda Pureza, Account No. 3089286912) and GCash (Dawn Marie Castro, 0998-980-7640).

TULONG KABATAAN NETWORK
TULONG Kabataan is a relief and rehabilitation network initiated by Kabataan Partylist to help victims of floods, typhoons, and other natural disasters. It is now collecting donations for areas affected by Typhoon Ulysses (a campaign for Bicol-based Typhoon Rolly victims is still under way). Donations will go  straight to the Tulong Kabataan Organization in Santiago City, Isabela. Donations can be coursed through BDO (Cheries Mae V. Bernaldo, Account No. 0067-8100-8209) and GCash (Keith Sheremai Jover, 0966-961-0510). Meanwhile, Tulong Kabataan, in partnership with BunnyWolf PH, Brightwin Nation, and Brights Philippines FC, is calling for donations for those affected by Typhoon Rolly. Donations can be sent via PayPal: brightsphilippinesfc@gmail.com or imsherlan24@gmail.com or via GCash: 0917-1557-610 (Sherlan S.) or 0936-911-8083 (Aiza Castillo).

DE LA SALLE UNIVERSITY NETWORK
DE LA SALLE University-Manila is collecting donations for families affected by the typhoons in the following areas: Bicol, Batangas, Marikina, and Rizal. Under the account name De La Salle Brothers, Inc., one can make donations through BDO (0021-980-159-37), BPI (3103-3749-86), and RCBC (7590-569-081). Over at De La Salle University- Dasmarinas, one can donate through BPI (0961-0041-44) under account name DLSU-Dasmariñas. One can also donate through the UnionBank Mobile App, choosing DLSU Dasmariñas Donation, with purpose “Disaster Relief Response” under the menu for Pay Bills.

IVAN REVERENTE ART PRINTS
ARTIST Ivan Reverente calls on people: “Tulong tayo guys!” He is selling prints of his works with 100% of the proceeds (after printing costs) to be donated to relief operations helping the victims of bagyong Ulysses. Available for Metro Manila orders only, with shipping via ride couriers for now. Prints range in price from P1,200 (plus shipping) to P3,550 (plus shipping). All prints are done with archival paper. Visit his Facebook page to see the images for sale and for details  on ordering.

KAPUSO FOUNDATION
THE GMA Kapuso Foundation calls for donations to give aid to people who may be affected by Typhoon Rolly. To donate online to GMA Kapuso Foundation, visit www.gmanetwork.com/kapusofoundation/donate.

ABS-CBN FOUNDATION
THE ABS-CBN Foundation is accepting cash donations as part of its Sagip Kapamilya program to reach out to Filipinos affected by Typhoon Rolly. Those interested may donate through the following accounts: BDO (Peso Account) 0039301-14199 Swift Code: BNORPHMM; BDO (Dollar Account) 1039300-81622 Swift Code: BNORPHMM; BPI 3051-1155-88 Swift Code: BOPIPHMM; Metrobank 636-3-636-08808-1 Swift Code: MBTCPHMM; PNB 1263-7000-4128 Swift Code: PNBMPHMM; Security Bank 000003312430-0 Swift Code: SETCPHMM.

ROBERT ALEJANDRO DONATION DRIVE
ARTIST and TV host Robert Alejandro is offering to create caricatures of your children in exchange for a donation to help victims of the typhoon. Those interested can send Mr. Alejandro a personal message with the photo of the child and their e-mail address via his personal Facebook page (https://www.facebook.com/kuya.robert) and upon donation, he will be sending the high-resolution photo to the e-mail address.

TEAM #ROCKEDRELIEF
TEAM #RockEdRelief is collecting non-perishables to send to Bicol, and two barangays in Batangas. They are looking for: blankets, laundered clothes, towels, socks, pillows, sleeping mats, mosquito nets, canned food (for now), used tarpaulins (for floor coverings). Commune, Polaris St., Makati (Bgy Poblaciòn) is receiving donations in kind starting Nov. 4 from noon to 4 p.m. Labeled boxes or transparent bags are appreciated in order to avoid opening packages. For purchasing assistance (meant for brand new underwear, sanitary napkins, diapers, and hygiene kits), send donations to BPI 3080-0073-44 Rock Ed Philippines and send the amount and name for donor’s receipt recording.

TULONG KABATAAN
THE SAME Tulong Kabataan is also holding a separate donation drive for those affected by the typhoon in the Bicol Region and the National Capital Region (NCR). Donations can be made in cash and in kind. For cash donations, donate via the BPI Savings Account number 008339 4735 53 or BDO Savings Account number 012220 0134 36. Both are under the name of Thalia R. Villela. Those who want to donate in kind or via GCash can do so by contacting Joshua Marcial via 0195-268-3515. Paypal donations are also accepted via paypal.me/trvillela.

ANAKBAYAN PUP
AN ORGANIZATION from the Polytechnic University of the Philippines (PUP) is also holding a donation drive for those affected by the typhoon in Bicol and NCR. Donations can be made via GCash through Christine Franes (0918-348-3943) or via PayMaya through Jersey Mari Arante (0917-885-1280). Donations can also be made through the BPI Savings Account number 4869 1284 95 under the name Maria Czarina Mapili and via Paypal: josephscien@gmail.com

MYDAYS BICOL
THE BICOL fan group of K-Pop boy group Day6 is calling for donations to provide assistance to help Bicolanos affected by the super typhoon. The group is asking for cash and in kind donations and noted that they are prioritizing rice, non-perishable goods, clothes, and potable water. Those who want to donate in cash can do so via GCash (0905-4626-654), via PayMaya (0905-4626-654), via BPI Savings Account number 0669120168, and via PayPal at paypal.me/mydaysbicol. A copy of the deposit slip should be e-mailed to mydaysbicol@gmail.com. Those who want to donate in kind can drop off their donations at Sta. Rafaela Maria Students Home, Sagpon, Daraga, Albay, 4501. For more information, call 0999-4820-934 and 0951-5091-524.

KAYA NATIN
NON-PARTISAN, non-governmental organization based in Quezon City, Kaya Natin, is also holding a donation drive for typhoon victims and is asking for cash donations. Those who want to donate can do so via BPI Account number 3081-1173-72 under the name KN Movement for Good Governance and Ethical Leadership, Inc., or via Paypal at kayanatin.ph/donate. Send your deposit slips to kayanatinmovement@gmail.com. For inquiries contact Kaya Natin at 0917-822-6628 or e-mail kayanatinmovement@gmail.com.

TABANGAN TA ANG CATANDUANES
SEVERAL medical groups including the Association of Medical Doctors of Asia Philippines are asking for donations specifically for those in Catanduanes affected by the typhoon. Deposits can be made through GCash via Karen Martinez (0956-4211-832) or via the BDO Savings Account number 002650493646 under the name Marian Faye H. de Claro.

BANGON ORAGON
THE 6TH MEDICINE Student Council of the College of Medicine, Bicol University is doing a donation drive for Bicolanos affected by the typhoon. The donations can be made through BPI (1639-0764-89) and GCash (0965-4811-357) under the name Christian F. Picones. Donations are also accepted via LandBank of the Philippines (1496-249-530), PayMaya (0919-95403519), and Metrobank (677-3-677-07866-0) all under the name Irene C. Velasco. To confirm your donation, send a message to 0965-481-1357 via SMS Viber or Telegram.

UNIVERSITY OF THE PHILIPPINES LOS BANOS
THE STUDENT union of the University of the Philippines Los Baños is holding a donation drive to benefit the victims of the typhoon from the CALABARZON and Bicol Region. Those who want to donate can do so via Landbank (1896-3525-73) and GCash (0953-3081-839) both under the name Maria Joy D. Dela Providencia. Donations can also be made through Paypal at paypal.me/stpbuplb. For in kind donations contact 0953-3081-839. Those who want to volunteer their time can sign up via https://bit.ly/3fWlitu.

SINING BANWA
SINING Banwa, a community-based multi-arts organization based in Albay is calling for donations to help those affected in Barangay Busay in Daraga, Albay and other communities. Donations can be made in cash and in kind. Those who want to donate in kind can drop off their donations at Sining Banwa Harong Door 4, ALA Compound, Orange St., Sunrise Subdivision, Cruzada, Legazpi City. In cash donations can be made through BPI (0859-2548-45) under Jobert Landeza, Chinabank (108002036024; Swift code: CHBKPHMM) under Sining Banwa Albay Performance Collective Inc, GCash (0935-465-9359) under the name Jobert Landeza. For more information, contact 0975-981-4207.

TANGING YAMAN FOUNDATION
TANGING Yaman Foundation is asking for donations for those affected by the typhoon. In kind donations are requested to be in the form of canned goods, instant noodles, bottled water, rice, hygiene kits, diapers, sanitary napkins, and powdered milk. In kind donations can be dropped off at the ADMU (Ateneo de Manila University) LS Covered courts. Monetary donations can be made through the Metrobank account of the Tanging Yaman Foundation, Inc., at 448-7-44800988-9 or via GCash at 0947-565-9544. Checks should be made payable to Tanging Yaman Foundation, Inc. For more information contact the foundation via 0947-565-95244.

AKOBAKWIT
AKOBAKWIT, a non-governmental organization promoting and protecting the rights and welfare of the internally displaced, is also calling for donations for typhoon victims. Donations can be made through Ako Bakwit BPI Savings Account at 0293-0053-79, Paymaya at 0917-607-7718, PayPal at akobakwit@gmail.com, and GCash 0917-607-7718. In kind donations can be dropped off at Ziya Boutique, ground floor, Glorietta 3, Makati City.

ATENEO DE MANILA UNIVERSITY
THE OFFICIAL disaster response and management team of the Ateneo de Manila University is collecting donations for typhoon victims via the Ateneo de Manila University BPI Savings Account (Peso) at 3083-7210-56. More donation options are available at giving.ateneo.edu.

GABRIELA PHILIPPINES
GABRIELA Philippines, a non-governmental organization advocating for women’s rights, is also calling for donations for families affected by the typhoon. For cash donations, donate via the Lingap Gabriela, Inc. Chinabank Account (105002008935) with Swift Code: CHBKPHMM. For donations in kind, drop offs are at Lingap Gabriela Office at SATU Bldg., Blk 73, Lot 11, Don Mariano Marcos Ave., North Fairview, Quezon City, or at the Gabriela Women’s Party Office, #25 K-10 St., West Kamias, Quezon City, or at the Gabriela National Office at #35 Scout Delgado, Brgy. Laging Handa, Quezon City. For more information, contact 8464-2652 or 0977-6344808.

BAYAN MUNA PARTYLIST BAYANG MATULUNGIN RELIEF OPERATIONS
THE BAYAN Muna Partylist is asking for in kind donations — in the form of canned goods, bottled water, clothes, hygiene kits, and medicine — and cash donations for those affected by the typhoon. Those who want to donate in kind can drop off their donations at Block 31 Lot 13 A. Bonifacio St., New Capitol Estate 1, Brgy. Batasan Hills, District 2, Quezon City. Cash donations can be made through GCash (0917-168-6352), PayMaya (0917-168-6352), or PayPal paypal.me/leafullon. Contact Sarah Velasco at 0923-535-419 for inquiries.

JCI PHILIPPINES-OPLAN KAAGAPAY SUPER TYPHOON ROLLY
THE JUNIOR Chamber International (JCI) is asking for donations both in kind (canned goods, towels, hygiene kits, relief packages) and in cash. Donation drop-off point is located at the JCI Philippines Headquarters, 14 Don A. Roces Ave., Quezon City, Metro Manila. Contact NED Constantine Ignacio (0917-533-7474) for inquiries and for donations in-kind. Cash donations can be made through BDO, Quezon Avenue-Heroes Hills Branch (Junior Chamber International Phils., Inc. / Smart Checking Account No. 002018025076 / Swift Code BNORPHMM). To coordinate cash donations, contact NC John Joshua Cudia (0935-426-8718).

JUANSPARK YOUTH LEADERS
JUANSPARK Youth Leaders are asking for donations of at least P20 for the benefit of the typhoon victims. Donations can be made through BDO (Nanette Tagudar / 007960016388), BPI (Marielle Alemania / 0129399139) or GCash (Charmaine Gilo / 0977-455-3757). Contact Marielle Alemania at 0949-167-1154 for inquiries.

CAMPUS ALLIANCE FOR DEDICATED AND UNIFIED ACTION-UP BAGUIO
THE CAMPUS Alliance for Dedicated and Unified Action at University of the Philippines-Baguio is asking for monetary donations for typhoon victims. Those who want to donate can do so via BPI (1249249609), GCash (Cielo Madarang / 0915-884-8927), BDO (Laika Jezrel G. Mendoza / 005050274444), Land Bank (Airah Carhize Ami / 0226473556), PayMaya (Luianna Isabel Santos / 0927-256-9460), PayPal paypal.me/venicenieva.

UP CATANDUNGAN TABANG CATANDUANES
A UNIVERSITY of the Philippines Los Baños group is asking for donations in cash and in kind for those affected by the typhoon in Catanduanes. Cash donations can be made through Metrobank (Romeo Russel Ham Somido / 1813 1813 62996) BDO (Shilley Babe P. Sta. Rosa / 0060 3023 3660), GCash (Carla Angelica Tulipat / 0917-780-5158), PayMaya (Carla Angelica Tulipat / 0920-911-2805). For in-kind donations, coordinate with Ma. Arlene S. Borja (0917-307-9148) or Meyrick U. Tablizo (0947-614-3724).

KALINGA SA PANAHON NG PANDEMYA
THE DONATION drive focused on helping people through the pandemic is now also asking for donations for those affected by the typhoon. Donations can be in cash or in kind. In kind donations can be dropped off at SM Fairview, contact Maverick or Jemimah at 0977-219-0229. Cash donations can be made via PNB (Jemimah Keren R. Ladeza at 107910038784), GCash (Maverick Segismundo at 0977-219-0229) or PayPal paypal.me/MiguelAntonioLegaspi.

TAGANI PH
A COMMUNITY of advocates for Philippine Farmers, Tagani PH, is asking for cash donations to benefit their partner-farmers who have been affected by the typhoon. Donations can be made through PayPal paypal.me/TaganiPH and through GCash, UnionBank, and BPI. Details on those bank accounts can be accessed via https://twitter.com/TaganiPH/status/1323227774811693058/photo/1.

SAGIP KANAYUNAN-OPLAN RESCUE COUNTRYSIDE
SAGIP Kanayunan, a relief and rehabilitation effort of the Kilusang Magbubukid ng Pilipinas to benefit peasant communities affected by typhoons and other calamities, is now accepting donations for typhoon ravaged farmers and fisherfolks. The successive typhoons since Nika, Ofel, Pepito, and Quinta resulted in severe losses for palay farmers. The effort is asking for in kind donations such as common medicines, seeds, farm tools, and supplies. For cash donations, BPI (Kilusang Magbubukid ng Pilipinas/Peso Account 445-1001-286/Dollar Account 445-4002-488). To drop off in kind donations, contact the organization through its Twitter account https://twitter.com/kmp_phl.

IUPLIFT
IUPLIFT, a student-led initiative providing students with distance learning tools, is asking for donations for its partner communities in Labo and Basud, Camariñes Norte. One may donate through BPI (Zion Enrico Licup, 006216674918) or through GCash (Megumi Hosena, 0999-397-5745). They will also provide relief packs and hot meals to selected evacuation centers.

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