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Philippine capital to remain under relaxed lockdown

By Gilian M. Cortez, Reporter

Manila and nearby cities, where the coronavirus is largely concentrated, will remain under a relaxed lockdown until June 30, President Rodrigo R. Duterte said late last night.

In a televised address, the President also said the cities of Cebu and Talisay in central Philippines would revert to stricter quarantine measures starting June 16 after a spike in infections.

Cebu City was placed under an enhanced community quarantine, while Talisay will be under a modified enhanced quarantine.

Mr. Duterte made the decision based on recommendations from an inter-agency task force made up of Cabinet secretaries.

Aside from Metro Manila, also kept under a general quarantine were the northern provinces of Cagayan, Isabela, Nueva Vizcaya, Quirino, Santiago City, Aurora, Bataan, Bulacan, Tarlac and Olongapo City.

Joining them were the provinces of Cavite, Laguna, Batangas, Rizal, Quezon, Occidental Mindoro, Bohol, Cebu, Negros Oriental, Siquijor, and the cities of Mandaue, Lapu-Lapu, Davao and Zamboanga.

The rest of the country, where the coronavirus has sickened more than 26,000 and killed at least 1,098 people, remains under a modified general community quarantine, presidential spokesman Harry L. Roque said.

Car sales plunge during lockdown

Car sales slumped in April and May, as the lockdown continued in Metro Manila. — REUTERS

AUTOMOTIVE sales plunged to just over a hundred units in April, before recovering in May as lockdown restrictions began easing around the country.

Data from the joint report of Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed total vehicle sales plummeted 99.5% to 133 units in April from the 25,799 vehicles in the same month last year.

Vehicle sales slightly recovered in May, with 4,788 units sold. However, this is still 85% lower than 30,998 units sold in May 2019.

Car dealerships were shut from mid-March to mid-April due to the Luzon-wide lockdown. Some dealerships started reopening in mid-May after lockdown restrictions were relaxed.

For January to May, car sales slumped 51.1% to 69,463 units, compared to 142,185 units in the same period last year.

CAMPI President Rommel R. Gutierrez said in a statement the industry expects low demand to continue in the coming months because vehicles are considered big-ticket investments.

However, he said the industry projects a gradual recovery in the fourth quarter.

“While May figures are still way below the industry’s monthly average sales performance, we welcome any positive signs of recovery amid the pandemic and this season of new normal where dealerships have resumed operations at a reduced level and stringent safety protocols are being implemented at all times,” he said.

Commercial vehicle sales, accounting for 70% of auto sales, slid 84.5% to 3,399 units in May from 21,945 in the same month last year. However, this was still a significant improvement from the 107 units sold in April.

Broken down, Asian utility vehicle sales dropped 79.4% year on year to 659 units in May, while light commercial vehicle sales slipped 85.8% to 2,511 units.

On the other hand, passenger car sales in May declined 84.7% to 1,389 units. In April, only 26 passenger cars were sold.

Year to date, commercial vehicle sales slumped 49.4% to 50,262 units, while passenger vehicle sales fell 55.2% to 19,201 units.

Toyota Motor Philippines (TMP) remained the market leader with 50.77% market share, while sales tumbled 82.5% year on year to 2,431 units in May. In April, TMP sold 36 vehicles.

Mitsubishi Motors Philippines’ sales sank 88% to 608 units in May, giving it a 12.7% share. It sold 22 vehicles in April.

Ford Motor Co. Philippines clinched 10.57% market share, with sales declining 72.5% to 506 units. Isuzu Philippines sold 302 units in May, 75% lower year on year but enough to give it a 6.3% market share.

Fifteen companies reported no sales in April, while eight continued to report zero sales in May.

Car manufacturers including Toyota Motor Philippines have launched digital tools in an effort to reach customers as their dealerships reopen. TMP introduced digital tools for service maintenance booking and an online car showroom. Honda Cars Philippines also plans to launch an online dealership platform.

Toyota also launched its new Wigo model online on June 15. TMP President Atsuhiro Okamoto said in the online press conference that they plan to sell 8,000 Wigo units for 2020, or around 1,400 per month.

As sales dried up during the lockdown, some dealerships have been permanently shut.

The Yuchengco-led House of Investments in May announced that it was closing four Honda and one Isuzu dealership in Metro Manila to “ensure overall greater efficiency.” These outlets represent almost half of its 11 dealerships. — Jenina P. Ibañez

MerryMart shares soar in PSE debut

By Denise A. Valdez, Reporter

SHARES in grocery operator MerryMart Consumer Corp. rose by 50% on Monday on its first day of trading at the Philippine Stock Exchange (PSE), as investors were optimistic over the country’s first initial public offering (IPO) for the year.

The company led by businessman Edgar “Injap” J. Sia II, which offered 1.59 billion shares to the public at P1 each, closed its maiden trading session at P1.50 per share.

MerryMart shares were listed on the small, medium and emerging board of the PSE.

MerryMart’s P1.6-billion IPO was two times oversubscribed and its market capitalization stood at P7.59 billion. PNB Capital and Investment Corp. was its lead underwriter, issue manager and bookrunner for the offering.

“MerryMart surprisingly hit its ceiling price of P1.50 on its debut, with almost none posting to sell shares. We think that traders were on its excitement phase since this is the first company to list this year,” Philstocks Research Associate Claire T. Alviar said in a text message.

Most companies have delayed their IPO plans this year as the market volatility remains high. The PSE index started the year at 7,742.53 on Jan. 2, hit a low of 4,623.42 on March 19, and has since started recovery. It closed at 6,163.82 yesterday.

During MerryMart’s listing ceremony streamed live on Monday morning, Mr. Sia said he believes doing an IPO in the middle of the coronavirus disease 2019 (COVID-19) pandemic shows the economy “is alive and ready to begin bouncing back.”

“(M)any of the most successful businesses around the world was either started during a crisis, or has deepened its market grip during the crisis period. Because actually, during a highly challenging period like where we are now, the large established players’ huge size and heaviness, suddenly becomes a disadvantage, and natural to a major crisis comes the repositioning of elements, such as, a major change of customer behavior, which suddenly, the pile of money alone, can not solve,” Mr. Sia said.

“This is the reason why we continued to conduct an IPO during this global pandemic. Because this is such a rare window for the company to compete well. A rare chance for a new player to quickly grow in a shorter span of time than during good times,” he added.

MerryMart has plans to put up 1,200 branches across the country by 2030, where the first hundred branches would be open as early as the fourth quarter of 2021. It believes it will be resilient despite the crisis as its business is in the non-discretionary basic essential retail category.

PSE President and CEO Ramon S. Monzon said he hopes MerryMart’s IPO encourages more entrepreneurs to do the same. He noted 7.78% of MerryMart’s IPO shares were availed by 3,473 local small investors, which is the biggest number of local small investors that subscribed to an IPO to date.

Finance Secretary Carlos G. Dominguez III, who attended the listing ceremony at the PSE Tower, said MerryMart’s IPO is a good sign for the Philippines’ economic recovery.

“This initial public offering signals trust in our good economic prospects. It shares in the optimism that, notwithstanding the global downturn engulfing us today, the Philippine economy has the fundamentals to rise quickly from the devastation wrought by the pandemic,” Mr. Dominguez said.

Aniceto K. Pangan, equity trader at Diversified Securities, Inc., said the performance of MerryMart on its debut also shows investor confidence in Mr. Sia and his team.

MerryMart is under Injap Investments, Inc., which is the founder of Mang Inasal Philippines, Inc. and a key shareholder of DoubleDragon Properties Corp.

“With their proven track record in franchising thru (Mang) Inasal and property leasing at DoubleDragon, investors see that they could carry on this business with success as they have synergies with their other businesses,” Mr. Pangan said in a text message.

But Philstocks’ Ms. Alviar warned MerryMart is at risk of profit taking after Monday’s surge in share price.

“[R]isk of profit taking has increased so traders must cautiously trade this stock. But as long as demand remains, there’s still a potential upside. And we still think that fundamental value would take over in the long run,” she said.

‘Indulgent’ purchases seen to recover as quarantine eases

CONSUMERS may soon start buying “indulgent” products as lockdown restrictions ease around the country, Nielsen Philippines Managing Director John Patrick Cua said.

Nielsen, which interviewed partner-retailers on their experiences during the lockdown, noted their challenges in procuring ample stocks and in shipping goods to rural areas.

Mr. Cua in a webinar on Thursday said more consumers are shifting to shopping online and in nearby neighborhood stores, as movement of people was restricted and public transportation was unavailable during the lockdown.

“People will, if they can, they will shop less often and they will prioritize things for their safety. So rubbing alcohol, household cleaners, air fresheners. That’s what’s in their basket at the start of the (lockdown),” he said, noting that consumers focused on buying shelf-stable food and non-essential personal care products.

As the lockdown eases, consumers are expected to indulge in some retail therapy.

“We are coming out of lockdown and what we’re seeing in the other markets is slowly the indulgent products will recover and the other personal care will eventually recover because the consumer will look to reward themselves,” Mr. Cua said.

He said that retailers need to understand how shopping habits have changed due to the lockdown.

“Before, we always think it’s the head of the household, the mother that goes to shop. But during the time, kung sino ang may quarantine pass. It could be the father or the male shopper. We usually have the female shopper,” he said.

Mr. Cua said that supermarket shopping frequency has also changed, shifting from weekly shopping to payday or bi-monthly shopping.

He said retailers must improve supply chain inventory and digital presence, including on social media and Google Maps.

“Communicate that their store is safe for people to go,” he said.

Shopping mall operators have ramped up their health and safety protocols to reassure consumers who are still wary of going outside out of fear of getting the coronavirus disease 2019 (COVID-19).

Philippine Amalgamated Supermarkets Association President Steven T. Cua in May noted the strong demand for baking and cooking goods, as well as rubbing alcohol, disinfectants, and hair trimmers, during the lockdown.

He said inventories had been improving after initial logistics challenges as the transport of goods was hampered at checkpoints at the start of the lockdown. — J.P.Ibañez

Record debt bill pushes firms back to bond market

THE biggest companies in the Philippines need to repay the most debt ever next year, and they’re lining up for fresh funds while interest rates are still low.

Three corporate groups — Ayala Corp., JG Summit Holdings, Inc. and San Miguel Corp. — are looking to raise a total of $2.5 billion with bonds, based on regulatory filings. They are among the first firms to return to the debt market after a lockdown caused issuance to plunge to a four-year low of $540 million in the second quarter, Bloomberg-compiled data show.

Philippine firms are set to join the global rush to borrow funds as they prepare for a massive debt bill: about $8.3 billion in corporate bonds and loans will mature in the second half of the year, before that pile climbs to a record $16.4 billion in 2021, according to data compiled by Bloomberg.

They are keen to borrow while rates are still low, amid signs the central bank is moving to absorb excess funds as the economy gradually reopens this month.

“We expect to have a very busy next couple of months, and hopefully the second half of the year will retain the momentum,” said Ryan Martin Tapia, president of China Bank Capital Corp., one of the country’s most active bond arrangers. Still, lingering pandemic uncertainty is making tenors shorter and credit spreads wider, he said.

In the latest possible Philippine debt deal, PLDT, Inc. hired Credit Suisse Group AG and UBS Group AG for a series of investor calls starting June 15. They may be followed by an offering of 10- and 30-year dollar bonds, the telecommunications company told the stock exchange on Monday.

Port operator International Container Terminal Services, Inc. priced $400 million of 10-year bonds on June 10, one of only two Philippine debt issuers in the second quarter along with a peso deal by Rizal Commercial Banking Corp., Bloomberg-compiled data show. Developer Robinsons Land Corp. also has notes in the pipeline.

Falling interest rates may spur increased demand for Philippine corporate securities.

Peso-denominated five-year government bond yields dropped to a seven-year low this month after policy makers pumped cash into the market. The virus outbreak caused the nation’s economy to shrink for the first time since 1998 and its unemployment rate to rise to a record.

“With interest rates moving down, some investors will be thinking of locking in their yields,” said Robert Ramos, chief investment officer at East West Banking Corp. “Of course, this will be dependent on investors being satisfied with the credit spreads over the government benchmark.”

The easy money won’t be around forever.

In a move to mop up extra funds in the market, the Philippine central bank said on June 8 it would gradually resume offering term deposits to financial firms and increase the volumes in its reverse repurchase facility. An estimated P1.1 trillion ($22 billion) were released into the financial system, equivalent to about 25% of the first quarter’s gross domestic product, through a series of steps including cuts in the benchmark interest rate and the reserve requirement ratio. — Bloomberg

SM Prime allots P100M for e-commerce

By Denise A. Valdez, Reporter

SM Prime Holdings, Inc. is investing P100 million to enhance its online platforms as it faces changing consumer behavior brought about by the coronavirus disease 2019 (COVID-19) pandemic.

“We acknowledge the growing popularity of e-commerce, especially during this pandemic, and SM Prime is allocating up to P100 million to accelerate our online presence with our e-commerce platform,” SM Prime President Jeffrey C. Lim said in the company’s annual stockholders’ meeting held virtually Monday.

The company will start by boosting its “Click & Collect” digital platform, which allows mall tenants to meet with customers virtually.

“We see e-commerce as a strategy to complement our malls business and connect our retail tenants to our customers,” Mr. Lim said.

SM Prime earlier said it was maintaining an P80-billion budget for capital expenditures (capex) this year despite a weaker performance in the first quarter. Its earnings slid 5% to P8.3 billion due to mall closures both in the Philippines and China.

In a phone call over the weekend, SM Prime Chief Financial Officer John Nai Peng C. Ong told BusinessWorld the company expects a bigger decline in its bottomline for the April-to-June period.

“We are still moving towards quarter end, but yes,” Mr. Ong said when asked about expecting the company’s profits to fall deeper.

“The quarantine started March 16 and significantly affected the second quarter. All of our malls were closed during that period… So you can have a sense kung ano ‘yung magiging financials natin (how our financials will look like),” he said.

Revenues from malls, which make up 86% of SM Prime’s total revenues, dropped 18% to P12.24 billion in the first quarter. Consolidated revenues stood at P12.78 billion, 14% lower from a year ago.

Despite this financial backdrop, SM Prime Chairman Henry T. Sy, Jr. said he expects SM Prime to maintain consumer demand in the coming weeks, especially with the easing of quarantine restrictions.

“SM, in the past, has faced a lot of challenges… During these times, we always see a trend in customer response. People continue to go to SM due to our flight to quality. We see the same trend today, even during the quarantine period,” he said in Monday’s meeting.

“Today, we are more prepared, responsive and resilient because we have people who continuously strategize for business growth. So as we face the new normal, we will provide facilities such as stronger Wi-Fi and safer malling areas. These will be suitable for the safety of our shareholders, and this will improve our business for the years to come,” Mr. Sy added.

The P80-billion capex this year will focus on projects that are ongoing and near completion, while projects in the pipeline will be subject to review, Mr. Ong said. SM Prime is also looking at an opportunistic land-banking for possible expansion.

While other companies have started a so-called workforce rightsizing to adapt to financial challenges, Mr. Ong said SM Prime’s direction is to support its employees and contractual partners.

“I think you can see yung ginagawa ng management (what the management is doing) is really to take care of, internally, employees, and externally, our partners. That has been the drive up to this point,” he said about the topic.

SM Prime and its subsidiaries have 11,695 regular employees as of end-2019. The whole SM Group, which includes SM Markets, BDO and the SM Store, reported some 157,288 employees in its 2019 sustainability report.

Shares in SM Prime at the stock exchange fell P2.60 or 7.82% to P30.65 each on Monday.

PLDT’s proposed US-dollar bonds gets S&P’s BBB+ rating

PLDT Inc. (PLDT) is proposing to issue US dollar-denominated senior unsecured notes, which S&P Global Ratings gave a BBB+ long-term issue rating.

On Monday, the telecommunications company told the stock exchange that it was offering investors 10- and 30-year dual tranches of the senior bonds subject to market conditions.

“We expect the company to use the proceeds to refinance debt maturing in 2020 and 2021, prepay outstanding loans, and partially finance capital expenditure,” the credit rating firm said.

As of end-March, PLDT has P205.3 billion worth of unsecured debts.

About 40% of these are held at the subsidiaries’ level. “This is below the 50% priority debt ratio threshold, over which we consider senior unsecured lenders at the parent level may be disadvantaged in the event of financial stress,” S&P noted.

With the credit rating, S&P sees a “limited” rating headroom for PLDT.

Capital expenditure is seen to remain elevated over the next few years as the company improves its network coverage, capacity to support higher mobile data traffic, and last-mile connectivity for home broadband services.

Moreover, S&P noted an increased competition in the Philippine telecommunications scene with the upcoming entry of a third-player, Dito Telecommunity Corp., in the first half of 2021.

The listed company tapped Credit Suisse and UBS as joint lead managers and joint bookrunners to arrange the investors’ call on June 15.

Meanwhile, PLDT’s enterprise group launched its latest package of connectivity and digital solutions for businesses resuming operations in the so-called “new normal.”

Beyond Fiber is a set of curated digital tools ranging from productivity and collaboration tools to e-payments and e-commerce solutions, coupled with premium fiber Wi-Fi service.

“Digitalization has now become critical for businesses that want to survive and thrive under the challenging conditions created by the COVID (coronavirus disease 2019) pandemic,” Jovy I. Hernandez, ePLDT president and chief executive officer, said in a press statement.

He said Beyond Fiber was designed “to equip businesses with digital solutions tailor-fit to the growing needs of today’s enterprises.”

The business package offers a fiber link with speeds of up to 50 megabits per second. Customers can avail of two Wi-Fi routers for both business and private use.

It also offers productivity tools by Microsoft 365, collaboration tools via MS Teams, and appointments scheduling through MS Bookings.

Moreover, Beyond Fiber protects work devices from cyberattacks through ePLDT’s Endpoint Advanced Security and provides secure and private connections via Cisco Meraki Z3. It also enables online payments through PayMaya.

The new service package is priced at P2,500 a month.

“We will have more in the months to come,” Mr. Hernandez said about the solutions initially lined up under Beyond Fiber. — Adam J. Ang

Acciona turns over treatment plant to Maynilad

SPANISH FIRM Acciona, S.A. (Acciona) has turned over a water treatment plant worth $127 million to its client, west zone concessionaire Maynilad Water Services, Inc.

In a statement on Monday, Acciona said it turned over the P6.38-billion Putatan II drinking water treatment plant located in Muntinlupa to Maynilad, after being involved in the design, construction, operation, and maintenance for the first 12 months.

The new plant treats 150,000 cubic meters of raw water per day from Laguna de Bay through advanced reverse osmosis technology, and aims to provide clean and potable water to nearly 1.5 million people in the country.

Acciona Country Manager Ruben Camba said that one of the company’s goals is to supply clean drinking water to as many households as possible.

Meanwhile, Acciona said it had clinched another contract with Maynilad on the construction of a water plant with similar requirements in the Laguna Lake area

The firm said it had previously won a contract to build a 650-meter Cebu-Cordova cable-stayed bridge that will provide a faster connection between Cebu’s industrial zone and Mactan International Airport and to Cordova’s new urban developments on Mactan Island. — Revin Mikhael D. Ochave

PHL seen to benefit from falling solar power cost

By Adam J. Ang

THE falling cost of solar energy development leading to cheaper electricity may help the Philippines, where the cost of electricity remains to be among the highest in Southeast Asia, to move further away from fossil fuel use, according to renewable energy developers.

With the growing demand for power and the present climate crisis pushing the country to shun coal and gas, there is no doubt that the Philippines need to seek clean and cheap energy sources for energy security, according to leading solar manufacturer Trina Solar Ltd.

“There needs to be more solar farm developments in the Philippines to meet the country’s growing electricity needs and to reduce the country’s dependence on fossil fuels,” Trina Solar Asia Pacific Senior Sales Director Jun Heong Ku told BusinessWorld.

He cited the technical advancements and growing operational efficiencies of industries, which brought down prices of solar equipment, like modules, mounting systems, and inverters.

The renewable energy projects in the country still lag behind the development of coal and gas-fired power facilities, which are expanding at a “faster” pace, United States-based engineering firm Black & Veatch noted.

“The Philippines has enormous potential for renewable energy but the development of coal and gas-fired power stations in the Philippines is growing at a faster pace than the development of renewable energy, such as solar,” Mitesh Patel, director of Black & Veatch Asia’s renewables business, said.

He added that the lowered cost of putting up solar energy infrastructures allows it to be “financially attractive,” even without support from feed-in-tariffs (FiT), a component of power charges that boosts the development of renewable energy.

About 23 solar projects with a total capacity of 526 megawatts (MW) were endorsed by the Department of Energy (DoE) to the Energy Regulatory Commission for FiT eligibility. Among these is the 133-MW Cadiz Solar Power Plant, which is powered by Trina Solar’s modules.

The share of renewables sources in the country’s power generation mix dropped by 20% since it last peaked at 36% in 2006, Trina Solar noted.

Solar farms, Mr. Ku said, are “much quicker” to build than fossil fuel-fired plants. It also creates high-skilled jobs and may help the country power more off-grid communities through solar-powered microgrid systems.

Black & Veatch estimated an additional 3,700 MW in solar installation to power the country by 2024.

The solar business in the country, it said, will stay afloat with recent progress on the implementation of the renewable energy market rules, the DoE’s Green Energy Option Program, and the Bangko Sentral ng Pilipinas’ rules on sustainable finance.

The adoption of net metering, or the billing mechanism which credits solar panel users for contributing excess energy into a grid, as well as the use of energy storage systems or batteries, are yet to be promoted in the country to further secure its energy needs, Mr. Ku said.

Also, solar energy adoption may be bolstered with the recent creation of bifacial modules, which generate electricity from the front-side and the back-side of the module. These are coupled with trackers that help in maximizing the amount of light the modules absorb by moving the module to follow the movement of the sun.

“It is important for the Philippines to develop renewable energy sources, so it can be more energy independent and be less dependent on overseas [sources] for the supply of fossil fuels. This will in turn help to ensure energy security,” the senior official said.

Philippine energy companies are making efforts to cut back on fossil fuel and to roll out more renewables projects.

For example, Ayala-led AC Energy, Inc. has promised to divest from coal by 2030. In the next five years, the energy company aims to add 5,000 MW in its portfolio, with half of the generated power to be coming from renewable sources.

“To meet their sustainability targets, energy companies are tapping on industry leaders with global best practices and regional execution to rebalance their energy portfolio,” Mr. Patel noted.

Unsafe at home during the lockdown

WHILE the recent lockdown restrictions were necessary to slow the spread of the COVID-19 pandemic in the country and were meant to keep people safe within their homes, many people found themselves unsafe as they were locked in with their abusers with little recourse.

President Rodrigo Roa Duterte reported in early June that there were over 3,600 cases of violence against women and children since the lockdown started in March.

The harrowing statistic is what led Avon Philippines to create the “Isolated Not Alone” campaign to “give victims of domestic violence access to the support and safety resources they sorely need,” according to a release.

The campaign’s main event will be held on June 20, 4 p.m., on the She Talks Asia and Avon Philippines Facebook pages where She Talks Asia co-founder Iza Calzado and corporate social responsibility leader for Avon Philippines Ces Francisco will discuss the campaign and how important it is to end violence against women and girls

“Aside from being a very huge health crisis, COVID-19 has also become a humanitarian crisis, the lockdown, which is our solution to flattening the curve, has placed many women and girls in danger,” Ms. Francisco said in an online media event on June 11, highlighting the importance of the campaign.

Also joining the talk on June 20 is Avon’s ambassador for violence against women Ruffa Guttierez who will talk about the importance of speaking out.

“This is a very, very difficult situation and I cannot really imagine being that woman who is locked inside the house [with their abuser] and doesn’t have any means [to call for help], but I would like to encourage that person through this forum that they speak out, to reach out,” Ms. Calzado said during the event.

The June 20 event will also include a panel discussion that will present insights on the issue, possible courses of action, and proper channels to call for help and to help. The panel will include gender equality advocate and 2005 Nobel Prize nominee Senator Ana Theresia “Risa” Hontiveros-Baraquel, journalist and Pulitzer fellow Ana P. Santos, and Chair of the board of trustees of Luna Legal Resource for Women and Children Romeo Cabarde, Jr. She Talks Asia co-founder Lynn Pinugu will moderate the panel discussion.

In the forum Ms. Hontiveros-Baraquel will talk about what domestic violence survivors can expect “once they successfully contact the authorities,” she said during the media event, adding that she used “successfully” purposefully because she acknowledges that restrictions on movement affect whether someone can even contact the authorities.

“As a starter, we need to educate our women and make them believe that no woman deserves to be treated violently or in a very abusive way… so we have to make them believe that as a woman and as a person, they are entitled to all the human rights there is in the world and no one, even the person they love, has the right to hurt them, to violate them, or to abuse them,” Mr. Cabarde said.

He added that if “they can muster that belief” then it’s easier for them to “break the cycle of violence.”

Avon Philippines, through the Avon Foundation for Women, donated P4.5 million in May to support local non-government organizations providing front-line services such as helplines and refuges. The emergency grant recipients include Luna Legal Resource Center for Women and Children, Gender Watch Against Violence and Exploitation (GWAVE), Women’s Care Center Inc. (WCCI), and ING Mababaying Aksyon (IMA) Foundation. The donation is part of a $1-million fund that provides aid for over 250,000 at-risk women and children affected by rapidly rising domestic abuse rates in 37 countries.

The Isolated Not Alone discussion will be held on June 20, 4 p.m. and can be viewed on www.facebook.com/AvonPhilippines and www.facebook.com/SheTalksAsia.

Should you know or suspect anyone who may need support against domestic violence, especially during these uncertain times, contact the following NGOs:

LUNA LEGAL RESOURCE CENTER FOR WOMEN AND CHILDREN

GENDER WATCH AGAINST VIOLENCE AND EXPLOITATION (GWAVE)

WOMEN’S CARE CENTER INC. (WCCI)

ING MAKABABAYING AKSYON (IMA) FOUNDATION

— Zsarlene B. Chua

Cebu Pacific aims to fulfill at least 10% of flight schedules this month

BUDGET carrier Cebu Pacific expects to fulfill at least 10% of its flight schedules, traveling to and from 20 domestic destinations by the end of June.

The government has allowed the resumption of local flights in areas under general community quarantine with the approval of local government units.

Listed conglomerate JG Summit Holdings, Inc., parent of the airline company, said there might be some demand for air travel within the country as it saw flights in neighboring nations to have nearly resumed.

“Travel demand will return, maybe not back to previous levels that will take a couple of years, especially on the international side, but I think there is latent demand out there,” JG Summit President and Chief Executive Officer Lance Y. Gokongwei said in an ANC interview on Monday.

“It’s just a manner of assuring our partners in government and LGUs that the country and the airlines are prepared to support safe and convenient travel,” he added.

Currently, Cebu Pacific is flying about 10% of its schedules with 2% capacity. It introduced contactless booking and installed HEPA (high-efficiency particulate air) filters in part of its safety protocols.

“By the end of the month, we intend to be flying to about 20 domestic cities…We’ll start with that first; we’ll see how the demand goes,” Mr. Gokongwei said. The company aims to fulfill up to 15% of their flight schedules by end-June.

JG Summit, which earnings plunged by 71% to P1.9 billion in the first quarter, is expecting to see “more challenged” figures in the next quarter as physical distancing measures affect the operations of its businesses.

To bounce back, the conglomerate said its businesses “have to demonstrate the capability to move with agility and force” to address the changing consumer and channel behaviors caused by the pandemic.

Meanwhile, the country’s economy may not revert to the growth level seen at the start of the year until 2022, according to Mr. Gokongwei.

“I do expect that we should begin seeing recovery beginning third and fourth quarter. I don’t expect though [that] we would be back to January 2020 numbers until maybe… 2022,” he said.

JG Summit is optimistic about its own recovery in the coming years, saying it is “well-positioned to benefit from the so-called new normal and the return of the economic growth in this country” as it remains consumer-centric. — Adam J. Ang

Bob Dylan on new album: ‘The songs seem to write themselves’

LOS ANGELES — Bob Dylan gave a glimpse into his song-writing process, commented on the death of George Floyd and said in a rare interview published on Friday that he wished he had written the Rolling Stones ballad “Angie.”

Dylan’s wide-ranging conversation with the New York Times was his first major interview since 2017 and came a week ahead of the release of his first album of original music in eight years.

But the man regarded as one of the world’s most influential singer-songwriters gave few clues about what motivated his spurt of creativity or the meanings behind the new songs that are stuffed with pop culture references from the last five decades.

Rough and Rowdy Ways will be released June 19. Dylan, 79, released three singles earlier this year, including a 17-minute track, “Murder Most Foul,” inspired by the assassination in 1963 of US President John F. Kennedy.

Dylan said the songs came from a stream of consciousness. “Most of my recent songs are like that. The lyrics are the real thing, tangible, they’re not metaphors. The songs seem to know themselves and they know that I can sing them, vocally and rhythmically. They kind of write themselves and count on me to sing them,” he told US historian Douglas Brinkley in the interview.

Referring to the death of African American George Floyd who was pinned under the knee of a white police officer in May, Dylan said it “sickened me no end to see George tortured to death like that. It was beyond ugly. Let’s hope that justice comes swift for the Floyd family and for the nation.”

Dylan revealed that he enjoyed the work of the Eagles and the Rolling Stones, some of the many cultural references on his new album.

Asked which Stones songs Dylan wished he could have written, he replied, “Maybe ‘Angie,’ ‘Ventilator Blues’ and what else, let me see. Oh yeah, ‘Wild Horses’.” — Reuters

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