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BoP excess widest in 15 months

THE COUNTRY’S balance of payments (BoP) position ended at a wider surplus in April amid inflows from government loans secured to respond to the coronavirus crisis.

Bangko Sentral ng Pilipinas (BSP) data released Thursday showed the country’s BoP position stood at a surplus of $1.666 billion in April, marking its third consecutive month in surfeit. This is wider than both the April 2019 surplus of $467 million as well as the $448-million surfeit in March.

The April surplus is also the biggest since the $2.704 billion booked in January 2019.

The BoP shows the country’s economic transactions with the rest of the world within a given period.

The BSP said on Thursday it now sees the country’s BoP position hitting a surplus of $600 million this year, down from the $3 billion estimate given in November last year. The new projection is 0.2% of the country’s gross domestic product from 0.7% for the November forecast.

“The BoP surplus in April 2020 reflected mainly the inflows arising from the national government’s deposits with the BSP of its foreign loan proceeds as well as the BSP’s foreign exchange operations and income from its investments abroad,” the central bank said in a statement on Thursday.

Inflows were partially offset by foreign currency withdrawals made by the government to pay its debt obligations that month.

For the first four months, the country’s BoP position stood at a surplus of $1.598 billion, thinner than the $4.265-billion surfeit seen in the same period last year.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said the BoP surplus may have been due to loans secured by the government for its fight against the pandemic.

“BoP remained in surplus in April even as we noted some capital flight with successive days of net foreign selling in the bond market. These outflows were likely offset by incoming dollars linked to the government’s loans from multi national institutions and foreign issuance,” Mr. Mapa said in an e-mail.

RECORD-HIGH RESERVES
At the current level, the end-April BoP position reflects final gross international reserves (GIR) of an all-time high $90.942 billion, the BSP said.

This is higher than the $88.861 billion at end-March and the $83.613 billion seen as of April 2019.

At this level, the GIR can cover eight months of imports of goods and services. It also represents about 5.5 times the country’s short-term external debt based on original maturity and four times based on residual maturity.

Data showed the BSP’s gold reserves, which form part of the country’s reserve buffer, totaled $8.015 billion for the eleventh consecutive month or since end-June 2019. This was, however, lower than the $8.123 billion seen in April last year.

Special drawing rights or the amount that the country can tap from the International Monetary Fund (IMF) stood at $1.171 billion, lower than the $1.182 billion seen at end-April 2019 but beyond the $1.167 billion as of March.

Gains from foreign investments stood at $77.886 billion, up from the $76.48 billion in the preceding month as well as the $71.847 million logged a year ago.

Meanwhile, the country’s reserve position stored with the IMF stood at $580.4 million as of April, higher than the $524.3 million at end-April 2019 as well as the $578.5 million in the previous month.

Foreign currency deposits totaled $3.288 billion, surpassing the $2.2 billion a year ago and the $2.619 billion as of March.

The BSP expects reserves to reach $91 billion by end-2020, slightly higher than the $90 billion projection it gave in November.

Security Bank Corp. Chief Economist Robert Dan J. Roces said the GIR has been one of the country’s strengths even before the pandemic and has continued to support market confidence, as seen in the peso.

“Record high GIR solidifies BSP’s ability and credibility to provide dollar liquidity and tame currency speculation especially now amidst the pandemic,” Mr. Roces said.

“The sustained build up on GIR is proof that we can continue to enjoy foreign exchange stability and GIR levels without needing to keep interest rates elevated to attract foreign inflows,” ING’s Mr. Mapa added. — L.W.T. Noble

Lilly COVID-19 treatment could be authorized for use as soon as September — chief scientist

ELI LILLY and Co. could have a drug specifically designed to treat COVID-19 (coronavirus disease 2019) authorized for use as early as September if all goes well with either of two antibody therapies it is testing, its chief scientist told Reuters on Wednesday.

Lilly is also doing preclinical studies of a third antibody treatment for the illness caused by the new coronavirus that could enter human clinical trials in the coming weeks, Chief Scientific Officer Daniel Skovronsky said in an interview.

Lilly has already launched human trials with two of the experimental therapies.

The drugs belong to a class of biotech medicines called monoclonal antibodies widely used to treat cancer, rheumatoid arthritis and many other conditions. A monoclonal antibody drug developed against COVID-19 is likely to be more effective than repurposed medicines currently being tested against the virus.

Mr. Skovronsky said the therapies — which may also be used to prevent the disease — could beat a vaccine to widespread use as a COVID-19 treatment, if they prove effective.

“For the treatment indication, particularly, this could go pretty fast,” he said in an interview. “If in August or September we’re seeing the people who got treated are not progressing to hospitalization, that would be powerful data and could lead to emergency use authorization.”

“So that puts you in the fall time: September, October, November is not unreasonable,” he said.

Coronavirus vaccines being developed and tested at unprecedented speed are not likely to be ready before the end of the year at the earliest.

Earlier this month, Lilly announced it had initiated patient testing for two separate antibody treatments. One currently designated LY-CoV555 is being developed in partnership with Canadian biotech AbCellera. The other, JS016, is being developed with Chinese drugmaker Shanghai Junshi Biosciences.

Both work by blocking part of the virus’ so-called spike protein that it uses to enter human cells and replicate.

Lilly’s third antibody treatment candidate acts on a different part of the virus and will most likely be tested in combination with one or both of the others, Mr. Skovronsky said.

The drugmaker, however, said it has a strong preference to develop a treatment that can work well in COVID-19 patients as a stand alone, as manufacturing these types of drugs, which are typically administered by infusion, is a complex process and capacity is limited.

“It’s good to have two antibodies. The downside is that manufacturing is precious. We have limited manufacturing capacity. If two antibodies are required, half as many people will get treated,” Mr. Skovronsky said. “So our goal is to see if we can do one antibody at as low a dose as possible.”

Lilly will have the capacity to make hundreds of thousands of doses by the end of the year if it can treat COVID-19 patients using a single antibody drug rather than with a combination, he said.

Preventing the disease with these types of drugs presents a different manufacturing challenge entirely.

“Global capacity for antibodies is just not high enough that we could ever think about adequate doses” for “billions of people in the prophylactic setting,” Mr. Skovronsky said.

The better solution is to widely inoculate people with COVID-19 vaccines when available, and reserve antibody treatments for people who have the disease or were recently exposed to it.

They could also help vulnerable populations where vaccines are less effective, such as nursing home patients, he said.

Lilly hopes to conduct a COVID-19 prevention clinical trial in nursing home patients later this year, he added.

The Indianapolis-based drugmaker plans to produce the medicines in plants in Kinsale, Ireland and New Jersey, and is willing to use its capacity to help manufacture another company’s successful treatment, should Lilly fail in clinical trials.

Lilly is continuing to screen for antibodies through its partnership with AbCellera, which is working with the US National Institutes of Health to identify promising compounds, Mr. Skovronsky said. — Reuters

Filinvest Land to expand rental business through 2024

GOTIANUN-LED Filinvest Land, Inc. (FLI) is looking to expand its rental business with a target of reaching 2.146 million square meters (sq. m.) of gross leasable area (GLA) by 2024.

In the company’s annual stockholders’ meeting held virtually on Thursday, FLI President and CEO L. Josephine Gotianun-Yap said the company’s rental business already accounted for 48% of its net income in 2019, larger than the 46% that came from its residential business.

FLI’s plan is to expand its GLA further until 2024, which would translate to a five-year compound annual growth rate (CAGR) of 23%.

“Close to half of our revenues come from our rental or investment properties. We will continue to grow this segment,” Ms. Yap said in a statement. “Based on an international appraisal company, our existing investment portfolio and those under construction are valued at P190 billion.”

The company earlier announced a capital expenditure (capex) allocation of P16 billion for 2020. Of this budget, P7.3 billion will be spent on its rental business, while the balance will go to its residential trading business.

FLI said it is approaching the post-lockdown future with a two-pronged strategy: expanding its rental business or investment property portfolio with a more diversified mix, and prudently expanding its residential portfolio in new territories.

On the rental business, Ms. Yap said FLI has 94,379 sq. m. of office GLA currently under construction. The plan is for the office segment to have 1.235 million sq. m. of GLA by 2024. “Our investment strategy will focus primarily on office and logistic products,” Ms. Yap said. These will be distributed in Metro Manila, Cebu and Clark.

Aside from the office segment, the target GLA for retail will reach 471,000 sq. m., for warehouse 400,000 sq. m. and for dormitel 40,000 sq. m. by 2024.

For the residential business, Ms. Yap said the plan is to focus on the end user, affordable and middle income markets. The company is also geared towards low- and mid-rise buildings to manage construction risk.

“In 2020, (FLI) will be offering more (mid-rise building) developments as we believe it is a preferred product of families for convenience and accessibility, as well as because of the presence of bigger and inspiring open spaces in the development,” Ms. Yap said.

“(FLI) will continue to focus on landed housing and provide value-for-money homes in safe and accessible locations,” she added.

These new projects will be in secondary cities in Greater Metro Manila and provinces such as Zamboanga.

Ms. Yap said the company decided to reduce by half its residential launches this year from the original P30-billion target due to dampened demand. But should recovery be quick, she noted FLI is ready to proceed with the projects as needed. “In the second half, our construction focus will be to catch up on project completion,” she said.

Earnings of FLI fell 25% to P1.35 billion in the first quarter due to disruptions amid the coronavirus disease 2019 (COVID-19) pandemic. Ms. Yap said the company will be treading more cautiously and will keep reassessing its lineup of projects as the situation develops.

Shares in FLI at the stock exchange dipped one centavo or 0.96% to close at P1.03 each on Thursday. — Denise A. Valdez

EastWest Bank looking to hike loan provisions

EAST WEST Banking Corp. (EastWest Bank) is targeting to set aside loan loss provisions worth P10 billion this year as the pandemic continues to hit the economy.

“The bank reported to its shareholders that as of April 2020, it is almost halfway to its target with total provisions at P4.5 billion,” the bank said in a filing with the local bourse on Thursday.

“This year is supposed to be even much better, but it was not to be due to the pandemic. We are nevertheless happy that our balance sheet is resilient and could churn good profits that we can face this pandemic squarely,” said EastWest Bank Chairman Jonathan T. Gotianun.

EastWest Bank’s income hit P2.7 billion from January to April, the bank said in its filing.

EastWest Bank President Antonio C. Moncupa, Jr. said it was originally eyeing record profits of P12 billion this year, supported by the expansion in its core deposits and loan businesses, better economies of scale and trading gains from government bonds.

However, with the coronavirus disease 2019, the bank opted to set aside higher provisions amid a possible increase in soured loans due to the worsening economic fallout from the pandemic.

“We stand ready to assist our borrowers to get through these challenging times,” Mr. Moncupa said.

The lender’s net income ballooned by 75% year on year to P2.3 billion in the first quarter, despite allotting provisions worth P2.4 billion which is 2.8 times higher than last year.

Its shares ended trading at P7.68 apiece on Thursday, up by a centavo or by 0.13% from its previous close. — L.W.T. Noble

Grammy Awards organizers tighten conflict of interest rules, say show to go ahead in January

LOS ANGELES — Organizers of the annual Grammy Awards on Wednesday announced tighter rules regarding conflicts of interest after claims that nominations for the highest honors in the music industry were rigged.

They also said the next Grammy Awards show would go ahead as planned in January 2021, despite the coronavirus epidemic that has sidelined multiple cultural events.

Under the new rules, released by the Recording Academy, members of the committees that nominate artists for the Grammys must declare in advance whether they have any financial, family or other ties to artists being considered.

A failure to voluntarily disclose such ties will result in the person being barred from taking part in the process in the future.

Allegations that the Grammy nominations process is tainted were made in a complaint filed in January by the former chief executive of the Recording Academy, Deborah Dugan.

The academy at that time described Dugan’s claims that its members pushed artists they have relationships with as “categorically false, misleading and wrong.” Dugan was later fired.

All the changes and the rules for the Grammy Awards will be published on the Recording Academy’s website to reflect an “ongoing commitment to evolve with the musical landscape and to ensure that the GRAMMY Awards nominating process and rules are more transparent and fair,” the academy said in a statement.

Recording Academy interim president Harvey Mason, Jr. told Variety in an interview on Wednesday that planning for the 2021 Grammys on Jan. 31 was underway, with three options being considered.

“One is the traditional show with the full crowd, two is a limited crowd, and three is no crowd, and there’s creative around all three of those ideas: how and where we would film it. But none of them involve changing or postponing the date,” Mason said. — Reuters

Stuff to do at home (06/12/20)

TP’s Mabining Mandirigma

Tanghalang Pilipino, through the Pantawid ng Tanghalan fundraising project, presents the award-winning steampunk musical Mabining Mandirigma beginning June 12 on iWant. To donate, visit https://bit.ly/KTXPantawidNgTanghalan. For more information, visit https://www.facebook.com/tanghalangpilipino/.

Ang Huling Cha-Cha ni Anita

iWant is streaming a roster of LGBTQ+ films for Pride month. This week’s featured film is Sigrid Andrea Bernardo’s Ang Huling Cha-Cha ni Anita on June 15, 2 p.m. It follows 13-year-old Anita as she goes through puberty and self-discovery. She meets Pilar, a newcomer in town, who becomes the center of her affection. A Q&A session with the director will be held after the screening.

Hele Sa Hiwagang Hapis

Lav Diaz’s eight hour-long film, Hele Sa Hiwagang Hapis (A Lullaby To The Sorrowful Mystery), will screen for free from June 12 to 14 on TEN17P’s YouTube channel (/bit.ly/ten17phele). The film stars Piolo Pascual as Crisostomo Ibarra/Simoun and John Lloyd Cruz as Isagani.

Livin’ La Vida Imelda

Catch the late Carlos Celdran’s one-man show Livin’ La Vida Imelda, directed by Ralph B. Peña, for a limited free streaming from June 17 to 30 at the Ma-Yi Theater Company’s website (www.ma-yitheatre.org).

The Madness of King George III

The UK National Theater will stream its adaptation of Alan Bennett’s The Madness of King George III at its YouTube channel (https://www.youtube.com/channel/UCUDq1XzCY0NIOYVJvEMQjqw) this weekend. Mark Gatiss stars as King George III while Adrian Scarborough plays the Prince of Wales, Debra Gillett is Queen Charlotte; and Sara Powell is Lady Pembroke. The show is available until June 18.

PETA’s Storytelling Sundays

This month, PETA family-oriented Storytelling Sundays series focuses on themes of nationalism and heroism in celebration of Independence Day. On June 14 (7 p.m.), the series will feature stories about Andres Bonifacio and Gregoria De Jesus such as Ngumiti si Andoy by Xi Zuq and Ang Lakambini at Ako by Becky Bravo. To watch, visit PETA’s Facebook page www.facebook.com/petatheater and YouTube Channel www.youtube.com/petatheateronline.

Ayala Museum online

The Ayala Museum and the Filipinas Heritage Library extends its commemoration of the Declaration of Philippine Independence beyond June 12. The museum will offer Spotify playlists, virtual tours and online exhibitions about the battles of past generations for independence. For more information, visit https://www.facebook.com/ayalamuseum/. For more online content, visit ayalamuseum.org/online-resources.

Virgin Labfest online

THE Cultural Center of the Philippines (CCP), Tanghalang Pilipino and Writers’ Bloc present the special online edition of Virgin Labfest (VLF), the theater festival of untried, unstaged and untested works, from June 10 to 28. Dubbed VLF 2020 Kapit, 10 main featured plays, as well as staged readings and revisited plays will be performed live online during the first week of the festival. Live performances are free to view on CCP Facebook live. The recorded versions will then be streamed on Vimeo website and/or app from June 14 to 28. For the full schedule, visit the CCP website (www.culturalcenter.gov.ph), CCP official social media account in Facebook, Instagram and Twitter and the Tanghalang Pilipino and VLF pages. There are also free sessions of the Playwright’s Fair and CoLab, the discussions with collaborators (including festival directors, designers, stage and production managers, and directors). Join the online Tambayan (Hangout place) at Facebook (https://www.facebook.com/groups/VLFTambayan/) for conversation or interaction with the VLF artists and staff. To create a Vimeo account, go to vimeo.com/ondemand and join. Once the account is set up, search for Cultural Center of the Philippines or VLF Kapit, and browse through the page to read the full description, watch the trailer, and make a purchase.

4 exhibits at Vinyl on Vinyl

AFTER being shut for three months, Vinyl on Vinyl reopened on June 6 with four new exhibits. Because of the ongoing COVID-19 pandemic, viewing is by appointment and the gallery will only allow three to four people to enter at a time. On view are Denis Bato’s exhibit A Line Starts and Ends with a Point; For/Ages by Anjo Bolarda, which features an army of human-faced spoons; Forest of Agencies by Isola Tong, where the artist considers the relationship between queerness and the forest; and Faye Pamintuan’s gestural paintings in oil on canvas in Ugh. The gallery is at the La Fuerza Compound 1, Chino Roces Ave., Makati. For details contact info@vinylonvinylgallery.com.

New show at BenCab Museum

JOHN Frank Sabado’s solo show, Distinction, which is up at BenCab Museum’s Gallery Indigo until Aug. 2, can be viewed online at the museum’s exhibit Facebook page (https://web.facebook.com/pg/bencabmuseum/photos/?tab=album&album_id=3113556848702650). The exhibit features Mr. Sabado’s new series of intricate pen and ink drawings that take a deeper look into the distinct ethnic markers of the peoples of the Philippine Cordillera.

Silverlens’ online show

SILVERLENS gallery is holding an online exhibition, Anticipating the Day, which is on view until June 20. Instead of installing the works in the gallery, they are installed in the artist’s studios, in-situ. Showing a more raw, but also more alive and organic part of the process, the show is a melding of what the gallery showed during lockdown through its social media #athomewith series, and works that the artists have been making while on lockdown. It features works by Martha Atienza, Frank Callaghan, James Clar Chati Coronel, Nicole Coson, Corinne de San Jose, Patricia Perez Eustaquio, Dina Gadia, Gregory Halili, Mit Jai Inn, Pow Martinez, Wawi Navarroza, Elaine Navas, Renato Orara, Gina Osterloh, Bernardo Pacquing, Gary-Ross Pastrana, Hanna Pettyjohn, Norberto Roldan, Ryan Villamael, and Eric Zamuco. To view Anticipating the Day, visit www.silverlensgalleries.com.

PPO holds online ‘Instruments Petting Zoo’

THE Cultural Center of the Philippines presents the Philippine Philharmonic Orchestra (PPO) in a Musical Instruments Appreciation Series for Children and Families, a virtual “instruments petting zoo” to be held on Sundays, starting June 21 at 4 p.m., in celebration of Father’s Day. The series focuses on a different instrument every Sunday. Its maiden session will feature the violin with PPO violinist Christian Tan. The series will see one to two members of the PPO per session who will discuss their musical instrument and demonstrate how it is played. The series aims to promote an appreciation for the individual instruments of the orchestra and its music among children and families. The program is open to the public via Facebook live through the PPO Facebook page.

PETA’s online workshops

PETA launches its first paid and exclusive workshop Let’s Get Creative Plus. Courses include Children’s Theater, Musical Theater for Teens, Acting for Screen, and Acting for Stage. Classes will be conducted via Zoom. For more information and to register, visit http://bit.ly/PETAOnlineWorkshop.

Digital PRIDE week

Benilde Hive (BHIVE), the LGBTQIA+ student organization of the De La Salle-College of Saint Benilde, takes its Benilde Pride Week 2020 advocacy to its social media platforms. With the theme “Experiencing Love in Diversity,” the first online Benilde Pride will be held from June 8 to June 20. The Spectrum: Art Exhibit spotlights Benildean and non-Benildean artists who continue to promote self-expression through art. PRISM, an online spoken word event, will go on view on June 16 (4 p.m.). Benilde Hive Unfiltered: The Making of Pride is a podcast that discusses the establishment of the country’s first LGBTQIA+ student organization in a Lasallian setting. Hosted by Aica Sylianco and Jacko Ordoñez and facilitated by Justine Macachor, it will be on a pre-recorded Zoom conference on June 17 (2 p.m.). In the Ready, Set, Drag! webinar, guest drag performers will share their personal experiences, on June 20 (3 p.m.). Benilde Pride Week 2020 will be available on view at the organization’s official social media accounts: Facebook and Instagram @benildehive and Twitter @csbbenildehive. For inquiries, contact bhive@benilde.edu.ph.

Ballet Manila online

BALLET Manila is streaming Lisa Macuja-Elizalde’s favorite roles from her Swan Song Series at its official social media pages (www.facebook.com/balletmanilaofficial) and (www.youtube.com/c/balletmanilaofficial). The series opens with Swan Lake, which is available until June 12 (10 p.m.).

CAST Recording

CAST Recording’s third radio drama: Arnold Bennett’s A Question of Sex is now on Spotify (https://open.spotify.com/show/5bLSOsJPkZnIaEFDfSSHbl?si=ndUICgUUQj-UKIjxEGbW6w&fbclid=IwAR06k5DEB0zRa4b1jCqeglmtENl3lTwCAwlcOiLltwcNGjg84r8qHdhmL-M). Directed by Nelsito Gomez, the reading features Reb Atadero, Sarah Facuri, Cathy Azanza-Dy, and Jeremy Domingo.

National Museum of the Philippines

THE National Museum of the Philippines has released a new coloring set with Larry Dianco’s illustrations of endemic orchids such as the waling-waling. To download, visit https://www.facebook.com/nationalmuseumofthephilippines/photos/a.195151237175869/3282991451725150/?type=3&theater.

Landers online workshops for kids

LANDERS Superstore’s Mommy Club, in partnership with Child’s Home Educational Center, is offering free weekly online workshop classes. It is open to children of Landers members who are aged four to seven. Kids can learn about nature, science, animals, and health. There are storytelling, arts and crafts activities, science experiments, and games. The workshop classes are held every Tuesday, Thursday, and Friday at 11 a.m. and 4 p.m. and will run throughout June. Each class will be 45 to 60 minutes long and will be facilitated by two preschool teachers from Child’s Home Education Center. Participants are required to have a stable internet connection, as well as a phone, tablet, or laptop with the Zoom app. They will receive the Zoom meeting ID and list of materials needed on the day of their kid’s scheduled class. Sign up at https://www.landers.ph/lofcustomermembership/buy. After signing up, go to the Landers Mommy Club Facebook page @LandersMommyClub and join the group. Only 15 kids will be accepted for each class and registration is on a first-come, first-served basis. For more information, visit https://www.facebook.com/LandersPH/.

J.K. Rowling’s The Ickabog

Best-selling author J.K. Rowling is releasing her new children’s novel The Ickabog online. Ten chapters are currently available, with more chapters to be released over the next seven weeks. The book is set for full release in November. Read the chapters for free at https://www.theickabog.com/.

Swans for Relief

Thirty-two premier ballerinas from 22 dance companies in 14 countries — including Ballet Philippines’ Denise Parungao and Jemima Reyes — dance in a video of Le Cygne (The Swan) to the music by Camille Saint-Saëns, performed by cellist Wade Davis. The video was done in support of Swans for Relief, a fundraising program organized by dancers Misty Copeland and Joseph Phillips. Funds will be distributed to participating dance companies as a COVID-19 relief fund. To watch performances, visit https://www.youtube.com/watch?v=PT14o5Wq7gE/. To donate, visit https://charity.gofundme.com/o/en/campaign/swansforrelief.

NCCA online

The National Commission for Culture and the Arts (NCCA) presents The National Artists series of Sagisag Kultura TV at the NCCA Youtube (https://tinyurl.com/NationalArtistSeries). Premiering episodes include videos of National Artist for Literature Nick Joaquin, National Artist for Dance Leonor Orosa-Gocquinco, and National Artist for Music Lucrecia Kalisag.

NHCP Museums

LEARN about Philippine history by visiting various National Historical Commission of the Philippines museums across the country online. To do so, visit https://www.facebook.com/historymuseumsPH/photos/a.474072142988822/769005046828862/?type=3&theater.

The Royal Opera House online

AS part of its #OurHousetoYourHouse, the Royal Opera is streaming Glacomo Puccini’s Suor Angelica at its official Facebook page at (https://www.facebook.com/royaloperahouse/). The show stars soprano Ermonela Jaho in the title role.

Foo Fighters at the Wembley Stadium

THE Foo Fighters’ concert film Live at the Wembley Stadium is now available online at the band’s YouTube channel (https://www.youtube.com/watch?v=jcwBsntqjmY&feature=emb_title). The show features guest performances by Jimmy Page, and John Paul Jones of Led Zeppelin.

Tanghalang Ateneo’s Lysistrata ng Bakwit

TANGHALANG Ateneo’s Lysistrata ng Bakwit (2018), an adaptation of Aristophanes’ Greek classic, is available for viewing online at https://www.youtube.com/watch?v=S8HhUJTXE2A&feature=emb_title. Directed by Ricardo Abad, the story is set in a fictional war-torn Philippine province and follows the revolt of women evacuees fighting their own wars concerning territory, familial ties, and tribal disputes.

Shelter fund’s photography

THE Shelter Fund gives freelance photographers a venue to exhibit their art for sale amidst the challenges posed by the quarantines. Each print is an original signed artwork specially selected by the photographer for the Shelter Fund, and printed on archival, heavyweight paper in A2, A3, A4 and A5 sizes through Shutterspace Studios. Visit the Shelter Fund on Instagram at https://www.instagram.com/shelterfund and on Facebook at https://www.facebook.com/shelterfundph.

Jerrold Tarog’s Senior Year

WRITTEN, directed, edited and scored by Jerrold Tarog, the film Senior Year (2010) is now streaming on Vimeo (https://vimeo.com/404089376). Set in a Catholic school the story follows the struggles and anxieties of students during their final year in high school.

Dulaang UP’s Adarna

DULAANG UP’s play Adarna (2013) is now streaming online. Adapted by Vlad Gonzales and directed by José Estrella, the story is based on the narrative poem about three princes’ quest to save their ailing father by capturing the Adarna bird which is believed to have curative powers. To watch, visit https://www.youtube.com/watch?time_continue=1&v=hV2UPXi1wMA&feature=emb_title.

National Library of the Philippines

THE National Library of the Philippines offers free scholarly eResources including research related to COVID-19. The list of resources come from the National Emergency Library, Cochrane Library (Medical & Health Science), De Gruyter — Journals (Multidisciplinary), and more. To view access links to eResources, visit https://www.facebook.com/NLP1901/photos/a.375779479606724/912930019224998/?type=3&theater.

Jenkins at Royal Albert Hall

WELSH mezzo-soprano Katherine Jenkins performed alone at The Royal Albert Hall. The online show is the first in a series of performances of the London Together initiative as a tribute to the COVID-19 frontliners. Watch the concert at The Royal Albert Hall’s YouTube channel at https://www.youtube.com/channel/UCugNt9gmBgZSFEv4lc4B6Zg.

Guggenheim artbooks

THE Solomon R. Guggenheim Museum offers downloadable items from its archives for free. Titles include modern and contemporary art books about Vincent Van Gogh, Pablo Picasso, Vassily Kandinsky, Gustav Klimt and more. The archive is searchable by artist, year, medium and artistic style or movement. Visit the archives, https://archive.org/details/guggenheimmuseum.

BioBalance Wellness consultation

THE BioBalance Wellness Institute offers the following services and features: free online consultation with its clinical nutritionist and nurse practitioners, wellness expert psychologist; online health and immunity risk assessment; and more payment options for availed services and products. For more information, contact 0917-521-4860 or concierge@biobalanceinstitute.com.

IkotMNL tour from home

THE Museo de Intramuros, Ayala Museum, and Presidential Museum and Library in Malacañang Palace have partnered with Google to put their works online. Learn new things at home and visit the museums through a virtual tour: https://artsandculture.google.com/partner/malacanang-presidential-museum-and-library; https://artsandculture.google.com/partner/ayala-museum; and https://artsandculture.google.com/partner/intramuros-administration.

Film masterclasses

LEARN film concepts through interviews and film retrospectives from more than 60 directors, producers, writers, and actors including Bong Joon-Ho, Abbas Kiarostami, Agnès Varda, Spike Lee, Werner Herzog (with Roger Ebert), Jane Campion, Jodie Foster, Todd Haynes, Ang Lee, Jessica Lange, and Clint Eastwood. To watch, visit https://walkerart.org/magazine/series/dialogues-film-retrospectives.

Radiohead Concerts

BRITISH rock band Radiohead has been uploading some of its concerts via its official YouTube page (https://www.youtube.com/user/radiohead). Fans of the Rock and Roll Hall of Fame band, known for songs like “Creep” (1992) and “Fake Plastic Trees” (1995), can watch the concerts Live from a Tent in Dublin (2000) and Live in Berlin (2006).

David Guetta: United at Home

FRENCH DJ David Guetta, the man behind the song “Titanium” (2011) featuring singer SIA, held a live concert fundraiser inside his Miami home benefiting the World Health Organization and other charities. The two-hour concert is currently available on his YouTube page (https://www.youtube.com/user/davidguettavevo).

Dior’s Designer of Dreams exhibition

DIOR’S exhibition titled Christian Dior: Designer of Dreams is now available to view online. Originally held at Paris’ Musée des Arts Décoratifs from 2017 to 2018, the exhibition traces the evolution of the house of Dior from post-war Paris to the present through a behind-the-scenes in-the-making of the exhibition, plus a virtual tour of its rooms. Visit Dior’s YouTube channel to watch the documentary (https://www.youtube.com/watch?time_continue=1521&v=FLWDWzMrkBE&feature=emb_title).

Frank Lloyd Wright virtual tours

THE Frank Lloyd Wright Building Conservancy, in partnership with the Frank Lloyd Wright Foundation and Unity Temple Restoration Foundation is offering #WrightVirtualVisits every Thursdays (1 p.m. Eastern/10 a.m. Pacific time) in participating sites. Check the participating sites at https://savewright.org/news/public-wright-sites-swap-virtual-visits/.

Color Tolkien characters

THE official Facebook page of the late author J.R.R. Tolkien has uploaded an illustration of Smaug the Magnificent from The Hobbit Movie Trilogy Colouring Book. Download the coloring sheet at https://bit.ly/2wKY3lp.

Print & Play activities for kids

KEEP kids entertained with new curated Print & Play activities from HP. The activities from craft making, mazes, dot-to-dot drawing and puzzles are suitable for ages two to 12. With HP Print & Play, parents can choose from a range of activities that are best suited to their children’s needs to achieve the best possible learning outcomes. To try the activities, visit https://www8.hp.com/ph/en/printers/printandplay/index.html?jumpid=va_u19mhncewr.

Harry Potter exhibit online

THE British Library’s Harry Potter: A History of Magic exhibition is available online through Google Arts and Culture. Its features include video clips and sketches, a Q&A with exhibit curator Julian Harrison. To view, visit https://artsandculture.google.com/project/harry-potter-a-history-of-magic.

Science experiments at home

ENJOY 44 science experiments with the kids at home with the James Dyson Foundation Challenge cards. To download the challenge cards, visit https://www.jamesdysonfoundation.co.uk/resources/challenge-cards.html.

Hogwarts online

HOGWARTS Is Here, an online version of the Harry Potter series’ magical school by Harry Potter fans that allows visitors to take courses like the characters from J.K. Rowling’s book series. Various courses include Astronomy, Herbology, History of Magic, and Transfiguration. The website also includes a forum, groups, and library feature. Visit http://www.hogwartsishere.com/.

Color Manolo Blahnik designs

MANOLO Blahnik shares a selection of his original sketches for coloring. The shoe designs are downloadable at https://www.manoloblahnik.com/gb/smile.html.

Palacio de Memoria virtual tour

ART and history enthusiasts can now go on a virtual tour of Palacio de Memoria, the resplendent Colonial Revival mansion, and marvel at its luxurious facilities and hundreds of Euro-Filipino paintings, sculptures, art displays, and historical pieces online. It features the showroom of Palacio de Memoria’s auction house, Casa de Memoria or the Casa, which houses the Lhuilliers’ unrivalled collection of antiques, the Mosphil Lounge, and a passenger plane that was refitted to be a lounge for special occasions. To view the complete Palacio de Memoria’s virtual tour, visit https://www.palaciodememoria.com/tours. For more updates, follow @thepalaciodememoria on Facebook and @palacio.de.memoria on Instagram.

E-coloring books

THE Getty Museum and the Getty Research Institute of Los Angeles offers the Color Our Collections edition for 2020. To view, visit http://library.nyam.org/colorourcollections/page/11/.

Vista Residences sets safety policy for residents

Leisure condominium developer Vista Residences, Inc. has worked with Globalland Property Management, Inc. to develop an extensive health and safety protocol to ensure the well-being of their community.

“Our residents, tenants, and employees’ health and safety are our utmost priority. We didn’t hesitate to tap into the expertise of Globalland Property Management to assist us in crafting and implementing precautionary measures to decrease the risk of disease transmission,” said Elizabeth M. Kalaw, chief operating officer of Vista Residences, in a statement.

The health and safety protocol comes as condo dwellers living in buildings with shared facilities and compact spaces face health challenges as the coronavirus disease 2019 (COVID-19) continues to sicken thousands of people worldwide,

Vista Residences, the vertical development arm of Vista Land & Lifescapes, Inc., said it is strictly observing physical and social distancing protocols as recommended by the Department of Health and the World Health Organization.

Vista Residences said its new guidelines on elevator etiquette call for a maximum of four people who can take the lift at a time to avoid overcrowding. It said markers had been put in place to serve as guides for those lining up for the elevator. Also, elevator buttons are covered with plastics that are regularly disinfected and sanitized.

“Sanitation and maintenance have always been a matter of great importance for Vista Residences, more so now than ever,” it said. “Hand sanitizers and alcohol dispensers can be found on the counter by the entrance. Globalland Property Management is on top of making sure that the building is cleaned and sanitized at all times.”

Louie G. Guillarte, operations head of Globalland Property, said: “Our maintenance team conduct a thorough and frequent cleaning and disinfection of the building premises every hour. We also make sure that our custodial staff are well-equipped and protected with masks and gloves to ensure their safety.”

For new tenants, move-ins, visitors and guests, a health declaration form must be filled out and a health certificate or quarantine clearance issued by the Inter-Agency Task Force on Emerging Infectious Diseases (IATF) may even be submitted if the conditions apply.

Another best practice that’s being exercised in all Vista Residences properties is the “no mask, no entry” policy.

Everyone entering the building will also undergo a mandatory alcohol spraying and thermal scanning for temperature check. Guests who show signs or symptoms of cold, flu or the like will not be allowed entry.

Five formulas for the new workplace during COVID-19

With the pandemic massively changing our work set-up, what would you advise to help us in making an intelligent decision on the work-from-home program, retrenchment, reorganization, retirement, even the closure of our company? Are there specific formulas that should help us in rationalizing our decision? — King Philip.

A famous actress was asked her age by a nosy entertainment reporter. Without hesitation, she replied that she was 68. The reporter objected:

“But Madam, how can you be 68? I just asked your son about his age, and he replied that he’s 60.” The actress grudgingly replied: “My son lives his own life and I live my own!”

Anyone who supervises people has to consider their age to determine who among the employees is eligible for early retirement or retrenchment. That’s not all; you need to consider performance to come to a reasonable management decision. At first glance, the easiest way out is to identify the goof-offs, even the average workers who make a career out of doing as little as possible, just short of being kicked out of employment.

However, if you do that, you will be exposing yourself to legal trouble, unless the workers are clearly and properly informed of their job responsibilities. Goof-offs have to be warned about their poor work performance. First and foremost, you must review all the latest advisories of the Department of Labor and Employment so you can be guided.

Beyond that, let me help you with some important human resource measures that are supported here with formulas. Since it’s not easy to hire and fire workers, these formulas should also help you in convincing your management team, union and the labor department.

MEASURES AND FORMULAS
With or without the pandemic, these measures and formulas are useful to help you come up with an objective approach. Above all else, these should assist you in communicating openly with all stakeholders so that you can minimize the negative impact or even the rejection of whatever proposal you’re considering:

One, absenteeism and tardiness rate. This is easy to understand if you’re thinking of retaining a workforce on a work-from-home basis. If you have a high absenteeism or tardiness rate, given the almost perpetual heavy traffic and the poor condition of our mass transport system, you may as well consider going full-time with workers doing their work at home. The formula for computing the absenteeism and tardiness rate is this:

Absenteeism or tardiness rate =

No. of working days lost in a given period/Total workers in the same period

Two, competitor salary ratio. This allows an organization to determine the competitiveness of its salary compared to those offered by its competitors or industry standards. Knowing the ratio would help management determine the company’s potential and capability to attract new employees and retain them in the long-term compared to other organizations.

Competitor salary ratio = Salary paid by company/Average salary paid by competitors

Three, profit per employee. This should help you define the individual contribution of each worker or manager in your business operations. Therefore, it is advisable to do separate computations for managers, regular workers, casual and temporary workers, and subcontractors. Each computation could give you a good picture of the company’s labor productivity and how to best measure the efficiency of operating the business:

Profit per employee = Gross or net profit per year/No. of regular workers, temporary staff, subcontractors or their managers

Four, employee morale index. This is based on the company’s periodic or annual satisfaction survey. It’s an important tool to define the pulse of each employee and their motivation level. It has a strong connection with labor productivity and gives management an idea of the issues it is facing. To make it a reliable measure, it is suggested that at least 75% of the workers must participate in the anonymous survey:

Employee morale index = (No. of satisfied employees/No. of employee-respondents) x 100%

Five, employee turnover rate. You can make a distinction between those employees who are leaving for greener pastures in other organizations or those who are dismissed involuntarily due to violations of company policy. Involuntary dismissals include retirement, disability, and death. Knowing the turnover rate is connected with the high cost of replacement:

Employee turnover rate = Voluntary or involuntary separations/Total no. of workers in a given period

CORPORATE DASHBOARD
These formulas are not complete. But they are the basic tools that you may need in making a decision whether to offer a retirement program, retrench people, restructure or close the business. Having these formulas is like having a dashboard that tells you if your vehicle is overheating or malfunctioning. All managers must focus on measuring not only the costs of hiring but in determining the satisfaction level at work.

After all, if you can’t afford an above-average pay package in the midst of a difficult situation caused by the pandemic, then you have to make that painful decision. Inevitably, it will boil down to human resource expenditures, which are not an inexact science. But remember, if you decide to swallow the bitter pill now, how will you start again under favorable circumstances?

 

Send anonymous questions to elbonomics@gmail.com or via https://reyelbo.consulting

Prudential tops non-life insurers in 2019

Prudential Guarantee & Assurance, Inc. (PGA) remained as the top non-life insurer in 2019 in terms of net premiums written, according to the Insurance Commission (IC).

In a press release on Thursday, Insurance Commissioner Dennis B. Funa said Prudential’s net premiums written hit P5.03 billion last year, the highest among all non-life firms, followed by Pacific Cross Insurance, Inc. (Blue Cross Insurance, Inc.) with P4.88 billion.

IC ranked non-life insurance companies based on their 2019 unaudited quarterly financial statistics submitted to the regulator.

It said Malayan Insurance Co., Inc. claimed the third spot with net premiums of P3.98 billion, followed by Charter Ping An Insurance Corp.’s P3.61 billion and Pioneer Insurance & Surety Corp.’s P3.58 billion.

Mr. Funa said non-life firms’ net premiums written are their gross premiums written less reinsurance cessation.

“It represents how much of the premiums non-life insurers get for assuming risks,” the IC chief was quoted as saying.

In terms of gross premiums recorded, Malayan recorded the highest with P12.25 billion, followed by PGA with P10.11 billion, Pioneer Insurance & Surety Corp. with 10.08 billion, BPI/MS Insurance Corp. with P6.12 billion and Charter Ping An with P5.44 billion.

“Gross premiums written are computed by taking the sum of an insurance company’s premiums from direct business and assumed premiums before the effect of ceded reinsurance,” Mr. Funa said.

Meanwhile, Pioneer Insurance led the sector in terms of net worth with P16.60 billion last year, followed by Malayan Insurance with P4.7 billion, BPI/MS Insurance with P3.56 billion, Philippines First Insurance Co., Inc. with P2.91 billion and Standard Insurance Co., Inc. with P2.68 billion.

According to Mr. Funa, the combined net worths of the top ten non-life insurers totalled P91.21 billion, accounting for nearly half or 44% of the industry’s overall net worth last year.

Based on assets, Pioneer Insurance claimed the top spot with P35.24 billion in 2019, switching places with Malayan Insurance which logged assets worth P28.31 billion.

PGA ranked third with P17 billion, followed by BPI/MS Insurance with P14.03 billion and Charter Ping An Insurance with P12.7 billion.

The whole non-life sector booked net premiums written of P58.82 billion last year, up 15.71% from P50.83 billion in 2018.

The sector’s total assets also climbed 10.26% year on year to P259.58 billion.

Meanwhile, the entire insurance industry’s premium income rose 5% in 2019 to P304.639 billion. — B.M. Laforga

Rehabilitation Philippines

As the government looks for measures that will allow the country to build up from the economic debacle brought about by the COVID-19 pandemic, the message of former President Manuel Roxas comes to mind. Allow me to share the statement of President Roxas on signing the Rehabilitation Finance Corporation (RFC) legislation on Oct. 29, 1946.

“In approving the three bills which together provide for the establishment and the capitalization of the Rehabilitation Finance Corporation, the government is moving forward with its program to overcome as much as possible the inherent inertia which is holding back full-scale rehabilitation and reconstruction. The government is moreover taking the lead in the planned expansion of the national economy.

Our goal is, of course, an independent and broad-gauge economy, geared primarily to meet the consumption needs of our people, and integrating our national resources and capabilities so as to make the maximum use of our national genius and potentialities — to produce most what we can produce, but to produce best what we need most.

The Rehabilitation Finance Corporation is designed to provide credit facilities for all who wish to undertake the rehabilitation of war-destroyed enterprises and the expansion of our industrial potential. Where private enterprise has neither the capacity nor the means of initiating these endeavors, government corporations and entities are given the authority in this legislation to take the lead in this vital work.

The whole purpose and function of the Rehabilitation Finance Corporation is to permit our own people the greatest possible opportunity and give them every encouragement to participate in the national economic life on every front and in every field. Every inducement will be given to Filipinos to take advantage of the facilities here made available by law.

But it is primarily the responsibility of the people themselves and of Philippine private enterprises to take advantage of the opportunities offered. The government cannot and will not engage in economic mollycoddling or wet-nursing beyond the limits of sound economic practice. Nor is this legislation intended to provide operating subsidies for any enterprise. Every undertaking financed by the Rehabilitation Finance Corporation must be self-liquidating and must hold forth promise of profit in the free market place of economic endeavor. Capital will be provided, but losses will not be subsidized. Every enterprise must be able to stand on its own feet under the hardy condition of free competition in a free and open market. The Rehabilitation Finance Corporation will not be a party to the protection of monopoly at the expense of the consuming public.

As I said when I processed this legislation to the Congress, we face a magnificent opportunity. It is up to us to see that this opportunity is realized. Everything will depend on the administration of this legislation. The men who will direct this vast enterprise must be above personal consideration as well as above politics. This is an acid test for our nation.” (Source: Presidential Museum and Library)

While today, the RFC continues to exist as it has been converted into the Development Bank of the Philippines (DBP), there are key distinctions that have to be considered. Today’s DBP is classified as a universal/commercial bank subject to all regular rules of the Bangko Sentral ng Pilipinas (BSP) for similar institutions. By and large, it is treated as just another bank. This ensures that the DBP must remain competitive and market oriented to be viable. But is the setup fully supportive of the original RFC mandate?

Historically, development finance institutions (DFIs) like the RFC have been created by governments around the world to promote economic growth and support social development. Although many such DFIs were closed in the 80s and 90s due to “mismanagement,” the 2008 Global Financial Crisis saw a more balanced appreciation of DFIs role and mandate.

Many of these played an important countercyclical role in many jurisdictions especially by scaling up lending operations when private financial institutions (under Central Bank rules) experienced temporary difficulties in granting credit. The loan portfolio of more than two-thirds of DFIs expanded at double-digit growth rates, contributing to global recovery efforts. And majority of these DFIs operated under a supervisory system separate from banks in consideration of their development mandate.

Will the DBP which is pressured to remain in the top tier of the Philippine banking system using traditional bank measures be able to operationalize its RFC-like mandate under its present supervisory regime? It is a risky activity to finance projects in strategic sectors and to small and medium enterprises of the economy where there is insufficient financing from the private sector. But is the risk appetite there considering how regulators and supervisory institutions, e.g. BSP, CoA, GCG, and SEC instill a multitude of control measures.

Of course, to be effective, the DFIs still need to have business models that enhance long-term financial sustainability. They need to have sound risk management tools. They need to install high corporate governance standards so that the DFI is insulated from undue political interference especially from appointing authorities. Finally, standards for selection of the Board and management team must be at its highest in terms of integrity and competence. When the CEO and the Board have very limited security, i.e. a one-year renewable term, aren’t they more exposed to political pressure?

I argue that the DBP must be under a separate regulatory system applicable to development-oriented institutions. The institution must have a well-defined mandate, be subject to high standards on corporate governance and transparency and still be supervised and regulated but under a modified set of rules that encourage high but socially oriented risk taking. The Board and management must have the ability to properly monitor the business operations, assess the social and economic impact or additionality of programs and compare interventions with other alternatives.

 

Benel Dela Paz Lagua was previously Executive Vice President and Chief Development Officer at the Development Bank of the Philippines. He is an active FINEX member and a long time advocate of risk-based lending for SMEs. The views expressed herein are his own and does not necessarily reflect the opinion of his office as well as FINEX.

How PSEi member stocks performed — June 11, 2020

Here’s a quick glance at how PSEi stocks fared on Thursday, June 11, 2020.

How does the Philippines fare in addressing environmental sustainability issues?

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