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How PSEi member stocks performed — June 1, 2020

Here’s a quick glance at how PSEi stocks fared on Monday, June 1, 2020.

Peso rallies vs dollar on S&P move, manufacturing PMI

THE PESO rallied against the greenback on Monday fueled by positive market sentiment due to the affirmation of the country’s credit rating as well as the recovery in the local manufacturing sector.

The local unit finished trading at P50.32 per dollar on Monday, strengthening by 29 centavos from its P50.61 finish on Friday, according to data from the Bankers Association of the Philippines.

The peso opened the session at P50.50 per dollar on Monday. Its weakest was at P50.53 while its intraday best was at P50.315 against the greenback.

Dollars traded rose to $699.75 million on Monday from the $633.93 million on Friday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the stronger peso came after S&P Global Ratings affirmed its grade for the country on Saturday.

“[This is] a sign of resilience amid some credit rating and outlook downgrades in many countries, a positive signal for the Philippines especially on economic and credit fundamentals,” he said in a text message.

S&P on Friday said it affirmed its “BBB+” long-term credit rating and its “stable” outlook for the Philippines, citing expectations that the country is likely to bounce back from the pandemic by 2021.

Given by S&P in 2019, a “BBB+” rating is only a step away from the country’s coveted “A”-level grade. Meanwhile, a “stable” outlook suggests the rating will likely be maintained over the next six months to two years.

Another factor that boosted market sentiment on Monday was the release of local manufacturing data, Mr. Ricafort added.

“The peso was also stronger after the pickup in Philippine manufacturing gauge for the month of May as lockdowns in some areas already eased,” he said.

The Philippines Manufacturing Purchasing Managers’ Index (PMI) reading rose to 40.1 in May, still a contraction but better than the record low 31.6 seen in April as some regions already eased restrictions on some business activities.

Meanwhile, a trader attributed the peso’s appreciation to some risk-off sentiment on the dollar following unrest in the United States, as well as positive sentiment on the transition to general community quarantine (GCQ).

“The peso appreciated from broad dollar weakness amid the continuing unrest in various US states and local optimism over the transition of Metro Manila and nearby regions to GCQ today,” the trader said in an e-mail.

For today, Mr. Ricafort gave a forecast range of P50.20 to P50.45 per dollar, while the trader sees the peso moving around the P50.20 to P50.40 band. — L.W.T. Noble

Shares climb on first day of relaxed quarantine

PHILIPPINE SHARES sustained their upward momentum on Monday as Metro Manila embarked on the first day of a relaxed lockdown.

The bellwether Philippine Stock Exchange index (PSEi) rose 91.33 points or 1.56% to close at 5,930.17, while the broader all shares index increased 52.52 points or 1.51% to 3,510.22.

“Local shares continued their rise close to the 6,000 territory as investors grew optimistic with businesses returning closer to normal during GCQ (general community quarantine),” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.

The GCQ in Metro Manila — the government’s formal term for a relaxed lockdown — allowed more business sectors to reopen therefore pushing people out of their homes to report for work.

While there have been concerns raised by government officials and the public about health repercussions given the coronavirus disease 2019 (COVID-19) pandemic, investors chose to look at the bright side that this relaxed lockdown allows the economy to restart.

“The selling pressure was extremely light as most investors were optimistic with the lifting of restrictive quarantine measures,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

Timson Securities, Inc. Trader Darren T. Pangan also noted the local bourse improved with the backdrop of anti-racism protests in the United States over the weekend.

Wall Street ended Friday’s session mixed: the Dow Jones Industrial Average index dipped 0.7% while the S&P 500 and Nasdaq Composite indices increased 0.48% and 1.29%, respectively.

“The country is being perceived as a less risky asset with investors awaiting Trump’s response to a Chinese national security law for Hong Kong and its potential impact on an already fragile global economy,” Regina Capital’s Mr. Limlingan said.

Nearly all sectoral indices at the PSE ended Monday’s session in green territory. Property gained 101.71 points or 3.54% to 2,972.78; industrials accelerated 184.94 points or 2.53% to 7,496.03; mining and oil improved 74.85 points or 1.71% to 4,437.57; financials added 15.88 points or 1.35% to 1,192.30; and holding firms rose 73.25 points or 1.23% to 6,019.77.

The sole declining index was services, which slid 9.33 points or 0.68% to close at 1,353.11 at the end of Monday’s session.

Value turnover stood at P6.98 billion with 820.04 million issues switching hands, lower than Friday’s P20.39 billion with 1.97 billion issues switching hands.

Advancers outran decliners, 127 against 63, while 37 names ended unchanged.

Foreign investors recorded a net buying of P268.58 million on Monday, down from Friday’s P955.39 million.

“The main index ended the day a few points away from its resistance at 5,950. If it breaks above this level in the coming days, this will begin a new uptrend,” AAA Southeast Equities’s Mr. Mangun said. — Denise A. Valdez

Government details guidelines on travel after eased lockdown

THE PRESIDENTIAL palace on Monday detailed the rules on local travel under a relaxed lockdown for much of the country, saying people’s movements would remain restricted to contain a coronavirus pandemic.

Nonessential travel outside one’s province or region would require permission from one’s local government, presidential spokesman Harry L. Roque said at a news briefing.

A traveler must have a medical certificate before getting a travel authority to ensure he has not developed any symptoms of the coronavirus disease 2019 in the past two weeks, he added.

People traveling for medical and family emergencies and workers with company IDs and allowed to cross borders are exempted from the restrictions, Mr. Roque said.

People may travel within their cities or provinces under a general community quarantine without a pass, he said, but advised the public to stay home just the same. Those below 21 years old, pregnant women, people with comorbidities and other illnesses; and those older than 60 years must stay home.

Leisure travel is prohibited, Mr. Roque said.

Last week, an inter-agency task force composed of Cabinet secretaries eased the lockdown in Metro Manila, Pangasinan, Cagayan Valley, Central Luzon, Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon), Central Visayas and the cities of Zamboanga and Davao to a general community quarantine. The rest of the country will be under a modified general quarantine starting June 1.

President Rodrigo R. Duterte locked down the entire Luzon island in mid-March, suspending work, classes and public transportation to contain the pandemic. People should stay home except to buy food and other basic goods, he said.

He extended the lockdown for the island twice and thrice for Manila and nearby cities where COVID-19 infections have been mostly concentrated.

Meanwhile, public transportation in the capital region will resume operations gradually as it reboots its economy after more than two months of strict lockdown, Interior Secretary Eduardo M. Año said at a news briefing. More public vehicles would be allowed to operate by June 21, he added.

Many workers in the metro were supposed to start working again on Monday but they had difficulty commuting to work for lack of public transportation.

“We will phase it,” Mr. Año said, adding that crowding in public vehicles could lead to a spike in infections and force the government to order a return to a strict lockdown.

Jeepneys and buses are still banned under a general community quarantine.

The government including the military deployed vehicles yesterday to help stranded workers.

Under the relaxed lockdown, trains have been allowed to operate as long as passengers observe social distancing. Point-to-point buses, taxis and ride-hailing services are now allowed. — Gillian M. Cortez

No delay in reporting coronavirus deaths, health authorities say

THE DEPARTMENT of Health on Monday ruled out any delays in reporting coronavirus deaths in the country, saying the backlog had been limited to the number of infections.

“We have not been delayed in reporting deaths,” Health Undersecretary Maria Rosario S. Vergeire told DZBB radio.

The agency has reported a spike in new cases, with the record daily increase hitting 1,046 on May 29.

The report included “fresh cases” or test results released in the past three days, and “late cases” or results released four days ago or more.

Ms. Vergeire traced the recent increase to reinforced validation capacity through automated recording of cases using an app. There is a backlog of about 6,800 cases for validation, she said.

The agency on Sunday reported 862 new cases, bringing the total to 18,086. Of the new cases, 16 were fresh while 846 were late.

The death toll rose to 957 after seven more patients died, it said in a bulletin. One hundred one more patients have gotten well, bringing the total recoveries to 3,909. — Vann Marlo M. Villegas

House approves bill increasing limit on campaign expenses

THE HOUSE of Representatives on Monday approved on third and final reading a bill increasing the limit on campaign expenses of candidates and political parties.

There were 213 affirmative and six negative votes, and one abstention.

The bill will increase the expenses of candidates to P50 from P10 per voter for President, vice president and senators; and to P30 from P3 per voter for other candidates.

The bill also increases the authorized expenses of political parties to P50 from P5 per voter for national candidates and to P30 per voter for local candidates.

The measure orders the Commission on Elections (Comelec), Bangko Sentral ng Pilipinas, National Economic and Development Authority and Philippine Statistics Authority to adjust the amounts every six years for inflation.

“The loud and growing clamor to adjust the poll spending cap did not only come from the candidates, political parties, and Comelec, but from international election observers,” House Deputy Speaker and Misamis Occidental Rep. Henry S. Oaminal said in the bill’s explanatory note.

Gabriela Party-List Rep. Arlene D. Brosas, who voted against the measure, said the bill “distorts the already skewed election playing field to the benefit of rich and powerful political families who have the means to max out their campaign expenses, while eligible ordinary Filipinos had to make do with limited exposure.” — Genshen L. Espedido

Business chamber seeks faster medical procurement

THE EUROPEAN Chamber of Commerce of the Philippines (ECCP) asked the government to fast-track medical procurement to help pharmaceutical and medical device companies address the coronavirus crisis.

In a statement, the chamber said the Philippine government should help healthcare companies improve access to medical products by providing guidelines on the entry, use and distribution of the goods.

“We prescribe the implementation of a set of procurement guidelines that adapts to the ongoing health crisis, allowing for the expedited channel in purchasing and acquiring diagnostics and medicines used to treat COVID-19,” it said.

ECCP said the government should expand pooled procurement and multi-year contracts to increase the volume of healthcare products in the country.

It also said the government should give real data and projections on product demand to pharmaceutical and medical device companies.

Incentives should also be given to encourage public-private partnerships to drive research in medical companies, ECCP said.

The chamber said it supports a temporary price freeze on certain drugs and medicines given the public health emergency. — Jenina P. Ibañez

#COVID-19 Regional Updates (06/01/20)

Dagupan revokes eased lockdown rules as 14 frontliners test positive for COVID-19

DAGUPAN CITY, the main economic center in Pangasinan, did not shift to relaxed quarantine rules on June 1 as scheduled after 14 new COVID-19 cases were reported on Sunday, all frontliners working in the city but two are residents of other towns. The supposed reopening of restaurants, salons, hotels, and tourist spots with the required health safety standards starting Monday has been suspended. “There is a need anew to restrict the movement of people in Dagupan, given this supervening event in order to contain the spread of COVID-19,” Mayor Brian C. Lim said in a streamed briefing Sunday afternoon. The new test results for COVID-19, or coronavirus disease 2019, were part of the 728 samples taken from frontline workers such as medical staff, city government employees, and police officers on May 21–30. The city is still awaiting about 200 results from the Philippine Red Cross. “It is possible that there will be more positive cases among those who were tested,” Mr. Lim said. City Health Officer Ophelia T. Rivera, the COVID-19 focal person, said all the new patients, all asymptomatic, have been placed in isolation and given medical care. She also said contact tracing is ongoing. Prior to the May 31 results, the city’s COVID-19 count stood at 11 since April 24, with 10 recoveries and one death. — MSJ

Cebu drops PCR confirmatory testing to adapt 21-day discharge policy for COVID-19 patients

THE Cebu provincial government will no longer use PCR testing as criteria for releasing patients who have recovered from the coronavirus disease 2019 (COVID-19), Governor Gwendolyn F. Garcia announced. In a statement released Sunday evening, Ms. Garcia cited the World Health Organization’s recommendation for the adoption of a time-based discharge criterion, which is being clinically well by day 21 from the onset of illness. “Testing, testing, testing is illogical,” Ms. Garcia said, noting that Singapore is already using the 21-day discharge policy. “We will adopt the Singapore method,” she said. The Singapore Ministry of Health, in a May 28 post on its site, said, “The Multi-Ministry Taskforce has studied and evaluated the latest local and international clinical and scientific evidence which show that viable virus was not found in COVID-19 patients after the second week of illness despite the persistence of polymerase chain reaction (PCR) detection of ribonucleic acid (RNA). This means that COVID-19 patients are not likely to be infectious after Day 14 of illness and are not infectious by Day 21 of illness.” — MSJ

Mother, daughter arrested for illegal selling of rapid test kits, estafa

STATE agents arrested a mother and daughter in an entrapment operation for unauthorized selling of rapid test kits and estafa. National Bureau of Investigation Officer-in-Charge Eric B. Distor identified the two as Glorina Juliana Carandang and her daughter, Avi Siwa, who were charged for violation of the Food and Drug Administration Act of 2009 and estafa. Mr. Distor, in a statement, said the case stemmed from a complaint against Ms. Siwa, who allegedly required the complainant to pay a P4.6 million downpayment for 10,000 sacks of rice in Cebu City early this month, which was never delivered. Upon instruction of the bureau, the complainant used a different name and contacted Ms. Siwa anew, who was then selling test kits through Facebook. The entrapment took place in Manila on May 29. “Subjects were arrested upon their receipt of the payment for the 120 pieces of Rapid Test Kits,” NBI said. — Vann Marlo M. Villegas

Nationwide round-up

CHED asks colleges, universities to reconsider tuition hike


THE Commission on Higher Education (CHED) called on colleges and universities to review their proposed tuition increases amid the coronavirus disease 2019 (COVID-19) crisis.

In a briefing Monday, CHED Chairman Prospero E. De Vera said schools submitted their tuition adjustment applications to the CHED earlier this year, before the outbreak.

“Ang utos ng komisyon, i-review iyong application nila in the light of flexible learning at magkonsulta ulit sa mga magulang at sa mga estudyante at ipaliwanag iyong application ng tuition sa konteskto ng flexible learning (The Commission has directed them to review their application in light of flexible learning, and to consult with the parents and the students and explain the application of tuition fees in the context of flexible learning),” he said.

Mr. De Vera added that some universities have already announced the suspension of tuition fee hikes for this year.

Classes for tertiary education will begin August, but private universities have the option to open later. — Gillian M. Cortez

Senate president says P12B contact tracer budget better used for treatment

SENATE President Vicente C. Sotto III on Monday asked the health department to redirect its P11.7 billion budget towards the treatment of coronavirus disease 2019 (COVID-19) patients instead of employing contact tracers.

“It will be wiser and more practical to divert the P11.7 billion for the treatment of patients,” Mr. Sotto said in a statement. “We need funds to treat our sick kababayans (countrymen).”

The allocation is intended to hire 130,000 contact tracers for three months, which is among the recommendations of state economic managers to help workers displaced by the lockdown.

Mr. Sotto raised concern over using a multi-billion funding for employing people who are not trained for contact tracing, which may just delay processes.

“If the DoH (Department of Health) hires people who have no experience in investigation, then the program is practically useless,” he said.

Contact tracing efforts are currently being undertaken mainly by local governments through their health units and regional DoH offices with assistance from the police and other departments.

Finance Secretary Carlos G. Dominguez had said the mass hiring is seen to offset the estimated 1.2 million to 1.5 million job losses when Luzon was locked down since mid-March.

This comes as the government eases restrictions in Metro Manila, allowing select businesses and public transportation to partially resume operations.

Meanwhile, Senate Minority Leader Franklin M. Drilon questioned the DoH for modifying the manner of reporting confirmed COVID-19 cases.

“What is the basis for disaggregating cases and how does that affect our interpretation of flattening of the curve?” Mr. Drilon said in a statement on Monday.

The DoH on Friday started classifying cases into “fresh” and “late” cases, which Mr. Drilon asked should be justified as he suspects it is intended to point the backlog to laboratories.

“If the DoH could not provide logical explanations for this, except for putting the blame on laboratories, then there is a reason to believe that it is underreporting COVID-19 cases,” he said. — Charmaine A. Tadalan

2nd tranche of cash aid distribution awaits completion of first set

THE second round of the government’s cash aid program for poor households affected by the lockdown, originally planned for distribution in May, will start this month when the first set is fully distributed.

In a briefing on Monday, Interior Secretary Eduardo M. Año said they will be signing a joint memorandum soon on the social amelioration program’s (SAP) second tranche, with four million new household beneficiaries already validated.

He added they are waiting for the first tranche to be fully distributed before they can proceed with the second round.

“‘Yung five million na sinabi natin na di binigyan noong unang tranche uunahin natin sila. Ang naulat na samin ay four million names na ay na-validate sa ‘min (The five million we mentioned earlier who were not covered in the first tranche will be our first priority [for the second tranche]. What was reported to us is four million names are already validated),” Mr. Año said.

The five million beneficiaries are on top of the 12 million households who will again be included in the second tranche.

The SAP aims to help 18 million of the poorest households affected by the ongoing crisis due to the coronavirus disease 2019 (COVID-19).

The initial distribution started in April, but Mr. Año said this is still ongoing, particularly in remote areas.

The first round has been marred by alleged corruption and inefficiency in some local government units, which were designated to handle the distribution.

Mr. Año assured this won’t be the case for the second tranche, saying, “We will make sure mas mabilis na ito kasi combination na ito ng (this will be faster because this is a combination of) manual at e-payment.” — Gillian M. Cortez

LTO to release double plates for motorcycles by July

THE Land Transportation Office (LTO) will be able to start releasing the double plates for motorcycles by July, but the law relating to this requirement will already take effect June 6.

LTO Operations Division OIC Mercy Jane Paras-Leynes, in a briefing Monday, said the revised implementing rules and regulations for Republic Act 1235 or the Doble Plaka Law will already be effective by Saturday even without the front and back plates.

Ms. Leynes said they target to have all plates for registered motorbikes released by September. — Gillian M. Cortez

BI implements by-appointment policy at main office

THE Bureau of Immigration (BI) now requires clients to set an appointment online before transacting at its main office in Manila.

In a statement, Commissioner Jaime H. Morente said they started the online appointment system on June 1 as part of the “new normal” to observe physical distancing amid the continued risks of spreading the coronavirus.

“Henceforth, only clients with appointment code will be served during the specified date and time of their appointment,” Mr. Morente said.

Clients may still avail of the services of BI-accredited travel agencies and law offices, which will then be responsible for securing the online appointment.

Instructions and requirements are available at the bureau’s Website.

For complaints or inquiries, Mr. Morente said these can be coursed through the bureau’s social media platforms and hotlines.

Melvin P. Mabulac, BI’s officer-in-charge spokesperson, reiterated that foreigners who hold permanent resident visas are currently not allowed to enter the country based on the guidelines issued by the national task force.

Those allowed are foreign crew members of airlines, overseas Filipino workers, foreign spouses and dependents of Filipinos, and diplomats. — Vann Marlo M. Villegas

DoLE says over 24,000 OFWs sent home to their provinces

THE Department of Labor and Employment (DoLE) announced Monday it has facilitated the return home of more than the 24,000 overseas workers who have been languishing in quarantine facilities.

In a statement on Monday, DoLE said, “As of May 31, 2020, a total of 25,002 stranded OFWs (overseas Filipino workers) have been released from quarantine facilities.”

Last week, the Palace ordered DoLE, the Department of Health, and the Overseas Workers Welfare Administration (OWWA) to immediately send the OFWs to their respective hometowns after reports of thousands who were unable to leave quarantine facilities despite testing negative for the coronavirus disease 2019 (COVID-19) and completing the mandatory 14-day quarantine. — Gillian M. Cortez

Farmers get distribution help from US through online platform

THE United States government is providing assistance to Filipino farmers through a digital platform for directly selling their produce locally, its Embassy said on Monday.

The US Agency for International Development (USAID), in coordination with government agencies and technology startup Insight Supply Chain, established “DELIVER-e,” which connects farmers in Luzon to buyers.

“We are proud to work with the Philippine government and private sector to open new distribution channels for agricultural produce, which will restore farmers’ incomes and support food security,” American Ambassador to the Philippines Sung Y. Kim said in a statement.

The platform, launched in early April amid the lockdowns to contain the coronavirus spread, has helped in selling over 156,000 kilograms of fresh fruits and vegetables through its first two electronic marketplaces, Gulay ng Bayan and City Farms Philippines.

DELIVER-e is part of the United States’ P900-million initiative to support businesses affected by the coronavirus disease 2019 (COVID-19) pandemic, particularly micro, small, and medium enterprises (MSME).

The US government has so far provided a total of $15.5 million, or P780 million, financial assistance to the Philippines for the COVID-19 response.

This has helped in boosting testing capacity, training 7,000 health workers, and providing personal protective equipment to 14 health facilities across the country, among others. — Charmaine A. Tadalan

CoA flags NHA on overpayment to Smokey Mountain contractor

THE Commission on Audit (CoA) has warned the National Housing Authority (NHA) on its plan to pay P1.12-billion and transfer five hectares of government land to settle court cases with R-II Builders, Inc. (RBI), contractor of the Smokey Mountain Development and Reclamation Project.

In a May 12, 2020 audit memo addressed to NHA General Manager Marcelino P. Escalada, Jr. and his team, COA noted discrepancies between a court-approved P1.12-billion NHA-RBI compromise agreement and a 2019 NHA briefing paper submitted to Senator Juan Miguel F. Zubiri where the agency allegedly admitted that it already overpaid RBI by P301.7-million.

“While records disclose that NHA has not paid to RBI the court approved amount under the Compromise Agreement, the Management (NHA), as of to date, has not submitted to the Auditor the riposte or a copy of the comments, if any, of the OGCC (Office of the Government Corporate Counsel) to the AQM (Audit Query Memorandum) as well as the requested documents,” CoA said.

“As a consequence, evaluation of the validity of the transactions could not be had,” it added.

The state auditor also noted that a copy of the compromise agreement between NHA and RBI has yet to be submitted, which is “not in consonance with the freedom of information policy that recognizes and confirms the commitment of the Government to full public disclosure, transparency and accountability in public service.”

In a letter to Mr. Escalada dated October 16, 2018, Chief Government Corporate Counsel Elpidio J. Vega cautioned NHA about the supposed “variance” between its own computation and the proposed settlement with RBI amounting to P1.12-billion plus five hectares of government property in Vitas, Tondo.

Mr. Vega also urged NHA to defer its mediation with RBI, adding that any possible settlement should involve proper computation of interest as well as proper valuation of the properties to be given as payment to the firm.

RBI filed a complaint against NHA in September 2008 for “specific performance and damages” before the Quezon City Regional Trial Court.

In December 2011, the court ruled in favor of RBI, with the following orders: NHA to pay RBI P859 million plus legal interest until fully paid; NHA to convey ownership to RBI the five-hectare portion of Vitas Property, and additional two hectares; NHA to pay RBI P44 million in attorney’s fees and other litigation expenses, plus legal interest until fully paid; and dismissal of NHA’s compulsory counterclaims. — Genshen L. Espedido

Electronics firms still subject to supply issues despite demand

By Jenina P. Ibañez, Reporter

THE electronics industry reported continued disruption in their import supply chains, which is hindering their attempts to ramp up production to address pent-up demand as lockdown restrictions ease.

Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) President Danilo C. Lachica said in a phone interview Monday that the number of employees returning to their facilities has increased, but the industry continues to encounter problems with irregular air and sea shipments for their supplies.

“It’s a significant disruption because how can you plan normal work when the materials are not readily available?” he said.

“On one hand, there’s a lot of demand but on the other hand, the supply chain and the manpower predictability are not stable.”

Mr. Lachica said that demand for some consumer products like mobile phones fell slightly, offset by demand in other areas. He added that he is not yet able to estimate possible product demand for the rest of the year.

Multinational companies have moved some manufacturing to other countries while facilities in the Philippines were on minimal operations.

“I hope that we can recover once supply chain and manpower are normalized,” he said.

He reiterated that the electronics industry needs an additional five years to recover from the pandemic before the four to seven-year sunset provision in the new Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which is designed to accelerate the reduction of corporate income taxes while rationalizing tax incentives.

DA seeks $200-million World Bank loan to modernize fisheries

THE Department of Agriculture (DA) said it requested a $200-million loan from the World Bank which will support the modernization of the fisheries industry.

In a statement Monday, Agriculture Secretary William D. Dar said the loan will help provide technical support and capital for the industry.

The loan will also support efforts to achieve sustainability of the resource, and address socio-economic conditions in coastal communities.

“The funds will directly contribute to achieving key outcomes in the DA’s Food Security Framework which is integral to the national goals of recovery and resiliency as we survive, reboot and grow in the wake of the pandemic,” Mr. Dar said.

Mr. Dar targets loan approval by mid-2021.

The DA tasked the Bureau of Fisheries and Aquatic Resources (BFAR) to implement the proposed fisheries project across the 12 Fisheries Management Areas nationwide.

“The management areas include the country’s major fishing grounds, lakes, bays, gulfs and other areas that may be delineated for fishery resource management purposes, approximate stock boundaries, range, distribution, and structure,” the DA said.

Mr. Dar directed the BFAR to submit a project feasibility study by November, in time for a presentation to World Bank officials in June 2021.

The fisheries project addresses fisheries and coastal-area resiliency planning, resource management, livelihood investment, and project management.

The DA said if the $200-million loan is approved, the target implementation date is October 2021. — Revin Mikhael D. Ochave

NEDA backs more investments in IT infrastructure, cashless processes

THE National Economic and Development Authority (NEDA) said it supports greater investments in the infrastructure supporting e-commerce and cashless transactions, which allowed many businesses and individuals to function during the lockdowns and beyond.

“Online shopping and marketing platforms will play a bigger role in the new normal as businesses and consumers increase the use of electronic transactions, including cashless payment systems and other financial technology platforms,” NEDA Acting Secretary Karl Kendrick T. Chua said in a statement Monday.

NEDA proposed to “revisit” Republic Act No. 8792 or the Electronic Commerce Act of 2000 in a recent report. It recommended tweaks to make it “more comprehensive in detailing transactions covered by the law, specifying the rights of consumers, and strengthening the penalties imposed on service providers.”

Mr. Chua said more investments are needed in information and communications technology infrastructure to meet the spike in online transactions and to meet heightened consumer expectations for reliable Internet access.

According to a NEDA consumer survey conducted in April, more than half of some 390,000 respondents said their incomes fell after losing their livelihoods while many reported difficulty in accessing goods and services due to business closures, curfews and the ban on public transportation.

NEDA said in its report that meeting the spike in demand for online transactions “will be a challenge” with distancing guidelines still in place and many employees working from home. More businesses are also seeking to expand their online presence as alternative, digital modes to shopping continue to emerge.

“Businesses need to innovate and make full use of technology to resume operations and cater to consumer needs and preferences while still managing risks of COVID-19 infection,” Mr. Chua said, adding that companies will also have to “make online shopping easy, affordable, and secure.”

According to NEDA, the government needs to help them by extending financial and livelihood support for online enterprises and those in the e-commerce supply chain.

Meanwhile, Mr. Chua said financial institutions will also need to improve cybersecurity measures and regulations for retail clients and other businesses as well.

“The passage of the Financial Consumer Protection bill will provide the regulatory framework to protect the interests of financial consumers and reinforce confidence in financial markets,” according to NEDA, which also supports an information and education campaign on the rights of insurance policyholders. — Beatrice M. Laforga

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