Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 8146

PSALM 2019 collections over P98-billion debt reduction effort ahead of target

STATE-OWNED Power Sector Assets and Liabilities Management Corp. (PSALM) collected P98.37 billion in revenue and receivables last year, allowing it to slash its debt by P27.18 billion, exceeding targets.

Citing a report by PSALM President Irene Joy J. Besido-Garcia, the Department of Finance (DoF) said P11.76 billion of collections last year were from the state-owned firm’s power customers, P4.32 billion from overdue and delinquent accounts, P74.66 billion from its privatization efforts, and another P7.63 billion were sourced from the universal charge (UC) for stranded contract costs and stranded debt.

“These flexible payment schemes encouraged entities and electric cooperatives to viably settle their outstanding obligations,” Ms. Garcia was quoted as saying in a statement Tuesday.

Last year’s revenue helped reduce PSALM’s principal obligations by 6.05% to P422.011 billion last year. The state-owned firm had set a debt-reduction target of P15.211 billion last year.

PSALM plans to reduce debt further by P11.943 billion this year, she said.

According to Ms. Garcia, PSALM reduced overhead in 2019 to 4.67% of revenue, compared to the 8.92% target set for the year.

She said PSALM’s earnings before interest, taxes, depreciation and amortization (EBITDA) margin improved to 14.07% last year, surpassing its 4.88% target, while it collected P20.115 billion worth UC remittances out of the P20.51-billion total, translating to a 98.07% efficiency rate.

It also disbursed all the proceeds of the UC-Missionary Electrification Charge worth P13.241 billion to the National Power Corp.’s small power utilities group and another P18 million to renewable energy developers.

In 2020, PSALM hopes to collect P10.47 billion from power sales, P754 million from overdue and delinquent accounts and P30.59 billion from UCs.

“PSALM will also diligently comply with the implementing rules and regulations (IRR) of the Murang Kuryente Act, once they are promulgated, including the submission of requirements to oversight agencies to ensure adequate annual allocation from the P208 billion Malampaya Fund for stranded contract costs and stranded debts, including anticipated shortfalls,” Ms. Garcia said.

It is also set to dispose this year of 81 lots with a combined area of over 1 million square meters, privatize Malaya Thermal Power Plant in Pililla, Rizal and begin privatization efforts for the Caliraya-Botocan-Kalayaan Hydroelectric Power Complex in Kalayaan, Laguna. — Beatrice M. Laforga

Magallanes at 500

MACROVECTOR_OFFICIAL/FREEPIK

By Marian Pastor Roces

MADRID, SPAIN. The city brings to mind the buzz in Philippine culture, academic, tourism, and diplomatic circles about the forthcoming quincentenario of the arrival of navigator Fernando Magallanes in Samar. Five hundred years seems something: perhaps like a comet returning, lighting up the past in the sky.

But what it means is entirely up to what people see in any given time and place.

Should a Filipino try for a sighting of Fernando Magallanes in Madrid, center of the empire that agreed to send him off to see if the world is round, it will not be a matter-of-fact pastime.

Magallanes is not exactly a big deal here, in Spain, and while of course known, he is quaint and dusty. Even if the 500th anniversary of the circumnavigation of the world is a few months from now, his name belongs to background music, so to speak. The man is not the biggest star in the firmament.

An exhibition on the first circumnavigation of the world has been open at the Museo Naval for a few months now. It is one of Spain’s lesser endowed museums. (Compared to, say, the Prado or the Reina Sofia Contemporary Art Museum.) It is evidently off the high-end design, intellectual, and curatorial circuits. The designers attempted jazzy graphics and video, but it looks passé.

The Museo Naval is the most obvious place to find Magallanes. It holds the faded-grandeur naval memorabilia of a maritime empire that lasted four centuries. It would have been expected to initiate the commemorative exhibit. And in fact Fuimos Los Primeros: Magallanes, Elcano y la Vuelta al Mundo (We Were the First: Magallanes, Elcano, and the Trip Around the World) nests perfectly, if somewhat forlornly, amidst this museum’s miscellany of mastheads, ship models, and ancient navigation equipment.

The museum and the temporary exhibition show Magallanes as part but not the whole of the story that is valuable to Spain: the circumnavigation. It was the same order of business in the 16th century as sending a human to the moon in the 20th century. But the achievement is not a matter of central importance to a Spain that today is more than a century removed from empire and its culture of privilege and entitlements.

Among other dire stuff on its plate, Spain has to deal with being part of a world engulfed in nasty populism. Spain is also committed to the European Union, and this community-building project does not encourage exceptionalist breast-beating. Europe had other empire builders. European identities are being constructed on the basis of qualities of response to apocalyptic times.

On the other hand, in the Philippines the name Magellan remains in the national imagination as the genesis story itself. “The Philippines” in the school books began in 1521. March 16, as wit and singer Yoyoy Villame makes indelible in popular culture. And so it is that the event unfortunately persists as a Filipino origin myth, despite the efforts of academics and a few policy makers to replace the meanings and upend the centrality of this first encounter of locals with a literally other-worldly force.

BM and AM (Before Magellan and After Magellan) is still how Filipinos segment pre-history from history. Magellan stands for the moment prehistory is thought to slip into history — domain of written records — even if today Filipinos ought know better than to believe in such neat divisions.

Besides, prehistory remains a field of outdated (actually, outright wrong) science about the archipelago’s people. The figure of Magellan is hence a curtain drawn against that vagueness, and that therefore highlights colonial experience.

Unhappily, Filipino efforts to rethink Magallanes often consists of replacing him with Lapu-Lapu, the small island chief whose warriors killed the navigator for entangling himself in local rivalries. The aspiration hopes to retroactively produce a nationalistic narrative of early anti-colonial resistance.

Or: Magallanes be damned, to solemnly protest that the Philippines had an a priori civilization that European conquest eclipsed.

Neither desire is liberating for a Philippines that badly needs a postcolonial imagination. Especially not if the desire needs inaccuracies in order to thrive.

Accuracy — to the full extent possible in any given time and place — will animate this imagination. Lapu-Lapu was a village head who did not suffer a meddler in his violent tiffs with Humabon of Cebu. Recasting Lapu-Lapu as anti-colonial firebrand is a stretch, because the context was inter-village warfare.

As for assertions of the colonial theft of the precolonial, well, that is best rectified by updating the scientific content of school books.

Accuracy is a pleasure in the exhibition in Spain, and made up for its shortcomings. Juan Sebastián Elcano gets proper billing for completing the expedition from the Philippines to Sanlucar de Barrameda, Spain, proving for good that the world is round. The 16th Century Catholic Church was ready to accept a heliocentric cosmos.

The exhibition title in English — “We were the first” — is, too, the accurate claim. It can be made in the name of science rather than retroactive hubris.

In the run-up to the 500th milestone, Spanish diplomats are encouraging contacts around the world to undertake simultaneous commemorations. The Philippine government and academia have plans. The Spanish exhibition’s focus on an expedition to update knowledge — that is to say, the circumnavigability of the earth — is valuable today, a time of wanton falsehoods and angry ignorance.

It should be a mark of a mature, postcolonial Filipino to commemorate, with the rest of the world, the effort to acquire scientific verity. Such effort has larger import today than merely knocking down icons of conquest.

 

Marian Pastor Roces is an independent curator and critic whose research interests include international art events, museums, identity politics, cities, and clothing. She is the founder and principal of TAO, Inc., a museum and exhibition development corporation.

A climate of doublespeak

When the President says one thing and his apologists say another, quickly adding that we should not take Duterte’s word literally, you’ve probably heard that many times before.

As soon as the dust settled on his election, President Duterte made known his threat against ABS-CBN, saying that he would block the renewal of its legislative franchise for not airing his political advertisement which he paid for. Later on it would surface that the release of the anti-Duterte campaign ad of Senator Antonio Trillanes IV was the other reason why the President was irked with the media company. Last December, the President advised the company to just sell itself. He added that “I will make sure that you will remember this episode of our times forever.”

Mid-February this year, the Vice-Chairperson of the House Committee on Legislative Franchises Antonio Albano said they were feeling pressured “by no less than the President.” Yet, presidential spokesperson Salvador Panelo denied that the President had interfered with the work of Congress, saying that the President “absolutely is not lobbying.”

But Panelo — President Duterte’s meaning translator par excellence — knows only too well that the President has lobbied and put pressure on Congress, perhaps not literally. When the chief executive publicly makes known his strong negative sentiments towards the company, any member of Congress who would not recognize the message is either too dense or is flat out lying — and we do have a lot of these sorts on both sides of this fence. But how can you get the message of the President wrong? In law, such concepts exist as in the case of a “constructive notice” where a person who should have known, but actually does not, is presumed to have known being a reasonable person. It is “as if” the person was actually notified. President Duterte’s public pronouncements might as well be “constructive pressure.”

The plot thickens as erstwhile presidential sidekick-turned-Senator Bong Go tries his political hand in appearing as the knight in shining armor for ABS-CBN by appealing to the President to grant the franchise renewal. Depending on whose side you are rooting for, Go’s antics have muddled the issue even more or, actually, he unwittingly betrayed what Panelo has been trying to cover up — that it is President Duterte indeed calling the shots.

But of all of them, House of Representatives Speaker Alan Peter Cayetano stands out as the most pitiful yet skillful — trying his best in buying enough time to figure out where this is all leading to — like a graceful dancer (no compliment intended) swaying to President Duterte’s tune. Poor Cayetano — constantly vacillating to and from different sides — had to sound coherent and consistent. He even came up with a cockamamie smokescreen before this observation got too much traction in the media.

But, all this rigmarole is because ABS-CBN did not air President Duterte’s political advertisement and, instead, aired the counter-Duterte ad? But he won anyway. If at all, his victory should serve as evidence that the influence of ABS-CBN is grossly exaggerated. There is therefore more to all this than meets the eye. The President feels defeated in that, for all his power — real and imagined — to crush ABS-CBN, he has not succeeded in the same way that his proclaimed idol, Ferdinand Marcos, did. The closest thing to a takeover now is through a buy-out by a presidential friend or dummy. Why else would he suggest that the company sell itself? And what better way to drive down the market value than to create uncertainty about the company’s operations? Manila Water and Maynilad too?

Adding to his agony is that the company continues to haunt him with criticism about his governance, and will most likely continue to do so unfettered if given a new franchise. As has been keenly observed, President Duterte is not the type who can take criticism. Despite all his pronouncements that people are welcome to call him out, the truth is he is just too sensitive to negative feedback. President Duterte feels he is entitled to make life difficult for ABS-CBN, saying that he has a right to criticize back. Obviously, he missed the lesson on the role of the media in a democratic society.

And, not wont to precision in his battles, President Duterte called on his attack dogs — Bato dela Rosa, Bong Go, Alan Cayetano, Jose Calida, and many others — to throw everything at ABS-CBN, including the proverbial kitchen sink, and, of course, the petition for quo warranto. This legal action had been introduced in the President’s political arsenal and has removed a sitting Chief Justice. There is looming danger that it can be used as a template in forcing individuals and companies that earn the displeasure of President Duterte to bend the knee. In truth, it is nothing but a poor attempt to mask abuse of power with legalities. We certainly are being duped by our national leaders into thinking that they are preserving the rule of law. Seemingly, they agree with political scientist Thomas Hobbes who wrote The Leviathan, published in 1621, about the all-powerful mythical creature who will establish a rule of law and protect us from each other. But who will protect us from the Leviathan?

For the entirety of the blissfully utopian theory of Hobbes about needing an absolute monarchy, there was no hint about using it to protect the interests of the ruling leader and the favored few. President Duterte seems to be using his presidency to aid and abet China as it takes over our territories and ruthlessly runs roughshod over our laws, people, and culture. The Philippine Offshore Gaming Operators (POGO) and their employees have obviously become a national nuisance. Despite all the challenges the presence of POGOs bring, President Duterte has welcomed them with open arms and unabashed admiration. Now, as it is turning out, even the taxes that they pay — the very reason why we prostituted our country to them in the first place — are meager.

Shouldn’t President Duterte, Calida, and company be running after them rather than harassing legitimate listed companies that are already highly regulated?

 

Edwin P. Santiago is a Fellow and Member of the Editorial Board of Stratbase ADR Institute

A virus in the White House?

There’s a new epidemic being posted in social media. Moronavirus. The root word is “moron” as in idiot, stupid or nincompoop. A more charitable synonym is “incompetent.”

An indication of moronavirus is the assertion by President Donald Trump that people could go to work in spite of showing symptoms of coronavirus or of being actually infected.

Said Trump: “So if, you know, we have thousands or hundreds of thousands of people that get better just by, you know, sitting around and even going to work… some of them go to work, but they get better.”

Trump also added, “They’ll get better very rapidly, they don’t even see a doctor, they don’t even call a doctor.”

In a telephone interview with Fox News talk show host, Sean Hannity, Trump also said he doubted the coronavirus death rate of 3.4% estimated by the World Health Organization (WHO), calling it “a really false number.”

Trump gave no logical or coherent explanation for his doubts except to say that he based his comment on a “hunch” (in other words, guesswork), as well as on “conversations with a lot of people” — a usual Trump tactic of attributing his own weird views to unspecified sources. He is usually his own source, although his other sources of misinformation are folks like Sean Hannity and others at Fox News.

Trump’s remarks are not only moronic but dangerous. If his supporters take him seriously (as they apparently do), that could exponentially aggravate the health crisis in America. Medical professionals have protested what Trump said. Said Dr. Kathie Allen, a California family physician: “Am a doctor. Don’t go to work with coronavirus. Don’t listen to Stupid.”

It’s obvious whom she meant.

Contradicting Trump, the Centers for Disease Control and Prevention (CDC) urged people to stay at home if they are sick. However, the moronavirus appears to have also infected even the CDC. The executive director of a national organization of US nurses reported on network TV the complaint of a nurse who had contracted coronavirus after attending to afflicted patients. Her superiors recommended testing. State health authorities endorsed this. But the CDC disapproved the test ostensibly because if the nurse had been wearing protective gear, she should not have been infected.

But the fact was that the nurse had already been infected! One wonders if moronavirus is as dangerous as coronavirus.

That’s not all. Pressed to conduct widespread nationwide testing of citizens for the virus, the White House claimed that the Trump administration has arranged for one million tests to be conducted “within a few days.” Sensible quarters, including members of Congress, don’t believe this is possible.

“I’m hearing from people who are sick, who want to get tested, and don’t know where to go,” said Senator Patty Murray of Washington. Her state has been one of the hardest hit by the virus in the US.

It appears, however, that the Trump White House is not the only presidential quarters afflicted by the moronavirus. Malacañang seems to be similarly afflicted. According to Manila media, “the government has faced intense criticism over its handling of the outbreak, and its decision to allow direct flights from China despite the lockdown in Hubei province, the epicenter of the epidemic.”

Warnings have been given by members of Congress about thousands of Chinese workers entering the Philippines and about millions in funds being laundered by China in the country. Estimates are as high as 500,000 Chinese workers, many of them suspected to be members of the Chinese military (this makes you wonder what China’s game plan is).

But President Rodrigo Duterte does not seem bothered by these red flags.

The Duterte government has either no idea or won’t reveal how many Chinese nationals are working in the Philippines. The Senate committee on Labor, Employment and Human Resources has expressed exasperation at the inability of the Bureau of Immigration (BI) and the Department of Labor and Employment (DoLE) to come up with credible figures on the number of Chinese nationals working “legally or illegally” in the country.

Senator Joel Villanueva, Senate committee chairman, reportedly lambasted the BI and DoLE: “It’s glaring. Your records show you are issuing few alien employment permits, but there’s a flood of Chinese workers, and from their numbers, it’s clear there are illegal workers.”

The situation has become so moronic (a symptom of moronavirus) that ridiculous statements have been unkindly attributed in social media to known Duterte lieutenants like Senator Ronald “Bato” de la Rosa (“’Yung mga illegal Chinese workers, gawin nating legal!” Lets make illegal Chinese workers legal.) and Senator Bong Go (“Bigyan ng civil service eligibility ang mga Chinese workers.” Lets give Chinese workers civil service eligibility.).

There is no proof that the senators actually made those bizarre suggestions. But Senator Frank Drilon was quoted in media, asking with unveiled sarcasm, whether the Philippines has become a province of China.

There has also been public outrage over a 44-year-old Chinese man from Wuhan and his female companion who had reportedly visited the provinces before being tested in Manila and being found positive for coronavirus. One of them subsequently died. Wuhan was where the coronavirus began to spread.

Is the Philippines prepared to cope with the epidemic? Opinions of the medical sector and knowledgeable officials are not reassuring. In a Senate hearing, the Department of Health (DoH) was asked about how it identifies and tracks down people who may have come in contact with the infected couple from Wuhan. No clear answer was given.

While the DoH claims that it is “prepared” to cope with the epidemic, that may simply be posturing or an attempt to prevent panic among the public. Privately, health professionals and hospital personnel have admitted that they are “ill-prepared,” due to the lack of transparency among health authorities, understaffing, and the shortage of protective medical equipment.

The dire state of the Philippine healthcare system has been made worse by health budget cuts of P2.25 billion announced by Duterte. This means limited funds for protective gear urgently needed by health workers.

At this point, we can only pray that Duterte will not listen to another one of Trump’s theories on coronavirus, namely, that it cannot survive in warm weather. Trump is said to have theorized that when the cold season in America is over and summer sets in, the virus will disappear.

Since it is always a hot season in the Philippines, does it mean the virus won’t spread in the country? If so, how come people have already been infected?

Rather than listen to those afflicted with moronavirus, let’s follow what clear-headed authorities have suggested to minimize the risk of being infected, until a vaccine can be made widely available:

Observe impeccable hygiene. Always wash your hands thoroughly with soap and warm water, as well as with a disinfectant, especially after coming from public places. Avoid touching your face and eyes before washing your hands. Use a tissue for coughing or sneezing and dispose of it properly. Stay home and work at home if you don’t feel well (don’t believe Stupid). And minimize exposure to big crowds.

Most of all, don’t panic and don’t spread panicky rumors. Life must go on.

 

Greg B. Macabenta is an advertising and communications man shuttling between San Francisco and Manila and providing unique insights on issues from both perspectives.

gregmacabenta@hotmail.com

Refusing to turn a blind eye: Implementing the Philippine Marrakesh Regulations to benefit the blind

The 1987 Constitution requires the State to protect and promote the right of all citizens to quality education at all levels, and to take appropriate steps to make such education accessible to all. It reflects the State’s policy to adopt a more inclusive educational institution that does not discriminate against the underprivileged and persons with special needs.

In line with the said policy, the Philippines had taken a step forward when it deposited its instrument of accession to the Marrakesh Treaty to Facilitate Access to Published Works for Persons Who Are Blind, Visually Impaired or Otherwise Print Disabled on Dec. 18, 2018. The said Treaty entered into force on March 18, 2019, and now has a total of 64 Contracting Parties.

This treaty binds State Parties to adopt limitations and exceptions to their copyright laws to facilitate the production and cross-border exchange of published works in formats designed to be accessible to people with blindness or visual impairments. Moreover, the treaty obliges State Parties to allow cross-border exchange of public works by organizations. In the Philippines, the treaty limits the territorial nature of copyright laws to some extent.

True to its commitment, the Philippines, through the Intellectual Property Office (IPO), recently published the Philippine Marrakesh Regulations or IPOPHL Memorandum Circular No. 2019-025, Series of 2019, on Feb. 27. Said rules shall take effect 15 days from its publication.

With this, the Philippines can now export and import copyrighted works in accessible format copy to and from fellow State parties. “Accessible format copy” is defined by the regulations as “a copy of the work in an alternative or specialized manner or form, including Braille, audio books and other existing formats or ones that may be developed in the future, which gives a beneficiary person access to work, including to permit the person to have access as feasibly and comfortably as a person without visual impairment or other print disability.”

To recall, even as early as March 2013, an amendment to the Intellectual Property Code of the Philippines was introduced on the limitations of a copyright, allowing “the reproduction or distribution of published articles or materials in a specialized format exclusively for the use of the blind, visually- and reading-impaired persons: Provided, that such copies and distribution shall be made on a nonprofit basis and shall indicate the copyright owner and the date of the original publication.”

In the information age, having access to a wider array of knowledge through published articles and materials in accessible format copy, is primarily important for learners with visual impairments. Having wider access may translate to better quality of education and may level the playing field between sighted learners and learners with visual impairment, especially those enrolled in inclusive classrooms where both types of learners are taught at the same time. Indeed, the ripple effect is unimaginable.

However, the implementation of the Marrakesh Treaty may also face some challenges, to name a few:

• One, the source of funding. Budget must be allocated so these materials can be reproduced in sufficient copies and delivered to schools and communities catering to learners with visual impairments.

• Two, effective mobilization and coordination between government agencies and the private sector for the implementation of the regulations, including the conduct of information drives to stakeholders.

• Three, to improve the over-all attitude of the visually-impaired towards education. A number of these individuals, unfortunately, also belong to the underprivileged class. And getting an education may not be one of their priorities as they struggle for survival, trying to make ends meet, day in and day out.

With the implementation of the Philippine Marrakesh Regulations, the State should be mindful of addressing these obstacles. Only then can it be said that the State has opened its eyes to the needs of learners with visual impairment.

The views and opinions expressed in this article are those of the author. This article is for general informational and educational purposes, and not offered as, and does not constitute, legal advice or legal opinion.

 

Gerime Mae A. Basalo is an Associate of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW), Cebu Branch.

(6332) 231-4223

gabasalo@accralaw.com

Taking a bow

By Tony Samson

THEATER has a ritual calling back performers on stage after the end of the play to take a bow. The audience showers the cast with standing ovations, hoots, catcalls, and prolonged applause. The curtain call allows performers to be called back again and again to bask in the audience’s appreciation. They sometimes accommodate the audience (“more, more”) with an encore number greeted with even more enthusiasm. Those heading for the exits turn back and stay to the end.

Corporate executives too have their moment on the stage to take a bow when they retire, or leave even if just to migrate to another country without a virus scare. The despedida (or farewell) party is a tradition equivalent to the curtain call. This practice is an event to honor a departing executive with speeches and videos of appreciation, and a sumptuous buffet. It is given even for the dearly departed, as in the iconic athlete recently honored after an untimely death. The despedida allows people to express their friendships with the honoree — “he always asks me to do jobs he should be doing himself, and that’s how I also learned to take credit for the work done by others.” This parade of speakers may even include one known to be a vicious rival. He too is fulsome in his praise to make the honoree wonder why he was previously so secretive about his admiration.

When the honoree has been sacked or asked to take early retirement, which is now the preferred term for executives thrown out of a moving bus, the farewell party can have its awkward moments. (Why is the wife sobbing into her soup?)

Accolades tend to congregate around “niceness.” Note that this is different from making meaningful contributions to the success of the company or contributing to the rise in its market cap. So, anecdotes fall in the category of thoughtfulness — he brought me home one time during a typhoon. We had to stop somewhere to avoid the floods. (The garage door opened upward.) These heroic stories need not be work-related.

There may be a video presentation to lighten up the mood. Pictures of the honoree are shown, when he still had hair and his waistline did not require industrial-strength belts. Some triumphal moments include civic awards and cheer rallies to launch a product. Former colleagues also now retired may make a video appearance (with a dog barking in the background) — he was an efficient clerk.

If clients are invited, they are quietly relegated to a corner table attended to by the replacement of the departing executive. This transition move ensures that the servicing of a top account is seamless, and the exit of the honoree for his second career causes no undue interruption.

The tricky moment is always the “acceptance speech.” Like the loser in a reality show who still must render a final number and say positive things about the judges, the honoree rises to the occasion. The segment requires self-control and the attempt to be a good sport. (I didn’t want to be here tonight. But nobody else wanted my place.) Irony is acceptable if it does not go on too long — my boss took care of me… as you can see.

Political exits for appointive positions can offer surprising turns, sometimes ending less than a month after the announcement of an informal offer, surprisingly accepted. Is there even time to make a proper farewell or be given a send-off party? Maybe, an unsolicited report is a good way to say goodbye.

Elective posts have a defined term, as well as an exit process. These do not require curtain calls. Though there may be efforts to hang on after the play ends and the audience has left. It is an attempt to introduce a sequel featuring the butler in a leading role. (Of course, he did it.) Even in the case of term-sharing, as the agreed date of turnover nears, the hesitation on bowing out gracefully starts to surface with all sorts of excuses.

Is there a difference between “taking a bow” and simply “bowing out”? Only the applause. The former involves open cheering. The latter celebrates a secret delight from those who had a hand in the push. Both farewells lead to the exit… when it no longer matters which door was taken.

 

Tony Samson is Chairman and CEO, TOUCH xda.

ar.samson@yahoo.com

UAAP scraps volleyball activities until March 17

By Michael Angelo S. Murillo
Senior Reporter

FOR the second time this season the coronavirus disease 2019 (COVID-19) forced the University Athletic Association of the Philippines to make an adjustment in its volleyball calendar.

In accordance with the declaration of a State of Public Health Emergency by the government at the weekend as the number of people hit by the contagious COVID-19 considerably increased, the UAAP deemed it fit to cancel all scheduled activities for the week until March 17, including the marquee volleyball tournament.

Under the State of Public Health Emergency, President Rodrigo R. Duterte also suspended classes at all levels in Metro Manila from March 10 to 14.

As of this writing, the number of confirmed COVID-19 cases in the country was at 24.

Directly hit by decision was the showdown between the De La Salle Lady Spikers and University of the Philippines Fighting Maroons on Tuesday at the Mall of Asia Arena.

The Lady Spikers (1-0) were aiming to build on their impressive season debut last Saturday, where they defeated the defending champions Ateneo Lady Eagles in four sets, 25-17, 17-25, 25-17, 25-15.

They were also angling to get back at the Fighting Maroons after going winless against the latter in all of last season.

UP (1-1), meanwhile, was seeking to sustain its improved form after bouncing back in its last game on Saturday against the University of the East following a so-so performance in its season debut versus Ateneo last week.

Also set to play yesterday were the men’s teams of La Salle and UP.

Cancelled, too, were the matches (men’s and women’s) between Ateneo and UE and Adamson University and Far Eastern University today, that between FEU and Ateneo and UE and National University on March 14, La Salle versus University of Santo Tomas and UP against Adamson on March 15, and NU versus Ateneo on March 17.

Tournaments in UAAP football, softball, baseball, and high school girls’ basketball were also shut.

The UAAP said after the suspension it would take on things on a day-to-day basis, depending on the directives of the government and pertinent agencies.

NCAA ALSO SUSPENDS
Also taking into consideration the threat of COVID-19, the National Collegiate Athletic Association (NCAA) earlier this week suspended activities for its Season 95.

Done to ensure the safety and welfare of the students, athletes, fans and officials, the NCAA suspended all activities indefinitely.

It is also reportedly considering cancelling the remainder of the season all together.

What the oil price crash means for the climate

By David Fickling

FOR THOSE AWAITING more aggressive action on climate change, it may look like a breaking point has finally arrived.

A sudden collapse in fossil-fuel markets akin to the 2008 financial crisis has long been a scenario for how the world switches to a less carbon-intensive path. With Brent crude trading below $35 and the average yield on the US energy sector’s junk debt above 15% — nearly double its levels in mid-January — it looks very much like a credit crunch is upon us.

At the same time, there’s reason to be fearful, too. Russia’s finance ministry has said it could sustain oil prices below $30 for as long as a decade. Setting aside a brief dip in the late 1990s, dollar crude hasn’t been at those levels in real terms since the 1973 oil crisis. In theory, that should be bullish for consumers of oil and bearish for purported substitutes, such as electric vehicles.

The real impact is likely to be more nuanced — and positive for decarbonization.

A key factor to bear in mind is that global downturns almost always throttle back energy consumption. There have only been six periods in the past half-century when annual energy demand growth has fallen below 1% on a sustained basis, and four of them resulted from slowdowns like the one we currently seem to be witnessing.

That’s only going to be a temporary help, since recessions don’t so much slow the pace of emissions growth, as defer the pre-existing path for a few years. But there’s reason to think that this time really will be different.

For one thing, unlike the solar panels that Jimmy Carter installed on the White House roof after the 1979 oil crisis, decarbonized alternatives are viable substitutes for fossil-fired energy now.

Take electric vehicles. Intuitively, Monday’s 24% drop in crude prices looks like obvious bad news for battery-powered transport. That overestimates how sensitive car buyers are to the price of fuel rather than that of the vehicle itself, though.

Running costs for electric vehicles in the US are already less than half what they are for conventional cars — but as anyone who’s been into a Tesla showroom knows, not even subsidies have been enough to make drive-away prices competitive with equivalent gasoline- or diesel-powered vehicles.

We’re not likely to hit price parity on that front until battery packs drop below $100 per kilowatt-hour in the middle of this decade, according to BloombergNEF. Most people buying electric cars right now are either green consumers who aren’t likely to flip back to gas because the price of crude is low, or commercial users whose fuel and maintenance savings will be substantial enough that they’re unlikely to switch in a hurry.

Other segments of the oil barrel, such as the diesel and kerosene being used for powering ships and aircraft, as well as naphtha and ethane for making plastics, are likely to show even less response to the price crash. For several decades now, demand for oil has shown low and declining sensitivity to how much a barrel costs.

Another place where upfront expenditures are important is in the power industry. Wind and solar don’t use fuel, so the price of generation projects is unusually sensitive to one of the main early-stage costs — debt. One study last year comparing the drivers of solar power profitability in Europe found that lowering capital costs had almost as dramatic an effect as moving the project from Helsinki to Malaga, which gets about 50% more sunlight.

That’s good news for renewable project developers. The government bond prices that form the bedrock of borrowing costs are in uncharted territory, with 30-year US Treasuries yielding less than 1% Monday and the yield on 10-year German debt at a record-low minus 0.856%. Right now, that flight-to-quality trade is still causing yields on corporate debt to spike — but if low benchmark interest rates become sustained as central banks try to nurse economies back to health, the cost of developing renewable projects will likely be lower for longer.

The major risk to this picture is how governments respond to the economic crisis, particularly in China. As we’ve written, Beijing has a habit of reaching for dirty industrial stimulus whenever growth is looking weak. That’s largely what reversed an unusual period in 2014 and 2015 when global emissions declined in spite of economic growth.

The world will almost certainly need help from its governments to recover from the current crisis. If the medicine they use is as dirty as China’s attempts at stimulus over the past decade, the systemic crisis for fossil fuels won’t be so much averted, as deferred to a later date.

 

BLOOMBERG OPINION

Team success, continued improvement goals for Dyip’s CJ Perez in second year

By Michael Angelo S. Murillo
Senior Reporter

HAD ONE of the more stellar rookie seasons in recent Philippine Basketball Association history last year, Columbian Dyip star CJ Perez looks to have more team success and to continue his improvement as he embarks on his second year in the league.

Took the PBA by storm last season where he led the league in scoring with an average of 20.8 points per contest, former National Collegiate Athletic Association most valuable player Perez was accordingly rewarded in the annual PBA awards at the weekend.

Mr. Perez, 26, was adjudged PBA rookie of the year at the Leo Awards on Sunday at the Smart Araneta Coliseum.

He was also part of the PBA First Team Mythical Selection, along with league MVP June Mar Fajardo (San Miguel), Christian Standhardinger and Sean Anthony (Northport) and Jayson Castro (TNT), and of the All-Defensive Team with Messrs. Fajardo and Anthony, Japeth Aguilar (Barangay Ginebra) and Chris Ross (San Miguel).

The Gilas Pilipinas member was a strong contender as well for the MVP plum which Mr. Fajardo won for the sixth straight time.

Following the first season he had, Mr. Perez shared that for his second year among his goals is to help Columbian to have more success, even reach the finals if possible, while also continuing to improve as a player.

“Playoffs is something I would like to experience here in the PBA, and maybe finals if possible. I’m excited for this season,” said Mr. Perez after the Leo Awards ceremonies.

In his first year with the team, Mr. Perez made the Dyip more competitive with his all-around play but the team just could not gain much headway.

Columbian finished last year’s Philippine Cup at 10th place with a 4-7 record, before sliding to 11th spot in the Commissioner’s Cup (3-8). It ended at 10th place in the season-ending Governors’ Cup (4-7).

This season, Mr. Perez leads a Columbian squad boosted by top rookie pick Roosevelt Adams.

With the kind of rookie season he had, Mr. Perez said he recognizes that a lot is expected of him in his second year, something he is determined to live up to.

“It’s a challenge for me after the rookie season I had to sustain what I have done. I will continue to work on my game. I’m sure I’m scouted by the other teams so I’ll make the adjustments. I’ll take it one game at a time,” he said.

Mr. Perez and the Dyip are set to make their season debut on March 13 against the Alaska Aces.

SPECIAL PBA BOARD MEETING
Meanwhile, as of this writing, the PBA Board is in a special meeting to discuss the league’s affairs amid the lingering concern over the spread of the coronavirus disease 2019 (COVID-19) in the country.

PBA Commissioner Willie Marcial said that in the meeting he would present to the board the various scenarios they face and options they have, including the possibility of holding the games behind closed doors and even suspending the holding games for a certain time frame.

The country is now under a State of Public Health Emergency after the number of people hit by the contagious COVID-19 increased considerably in the last few days.

If game schedule today pushes through, the TNT KaTropa will take on the Phoenix Super LPG Fuel Masters at 4:30 p.m., with the NLEX Road Warriors facing off with the Northport Batang Pier at 7 p.m. Venue is the Smart Araneta Coliseum.

Philippine Azkals FIFA World Cup 2022 qualifying matches postponed

By Michael Angelo S. Murillo
Senior Reporter

LOCAL fans looking forward to seeing the Philippine men’s national football team back in action have to wait a little longer after scheduled matches of the “Azkals” in the FIFA World Cup Qatar 2022 Asian Qualifiers were postponed to a later date over concerns on the coronavirus disease 2019 (COVID-19).

The Philippine Football Federation (PFF) made the announcement on Monday, relaying communication from world-governing body International Football Federation (FIFA), the Asian Football Confederation and AFC member associations, which decided to postpone FIFA World Cup Qatar 2022/AFC Asian Cup China 2023 Preliminary Joint Qualification Round 2 matches scheduled on the FIFA International Window of March 23–31, and June 1–9 this year.

Affected by the postponement were the Philippines’ matches against Guam (March 26), China (June 4) and Maldives (June 9).

Said matches are to be rescheduled to a later date, the PFF said, as determined by discussions between FIFA and AFC.

The PFF underscored though that member associations, upon mutual agreement, may still hold the matches during the FIFA International Match Window, subject to approval from both FIFA and AFC.

The Azkals are currently in third spot in Group A of the joint qualifiers with seven points built on a 2-1-2 record.

Syria (5-0-0) is on top of the heap with 15 points, followed by China (2-1-1) with seven. Maldives (2-0-3) is fourth with six points while Guam (0-0-5) has no points and is already eliminated in the race.

The top teams in the groupings in round two advance to the third round of the World Cup qualifiers and earn a spot in the Asian Cup.

The Philippines last faced Syria in the qualifiers in November where it lost, 1-0.

Ceres faces Bali United behind closed doors at Rizal Memorial

By Michael Angelo S. Murillo
Senior Reporter

AMID concerns over the spread of the coronavirus disease 2019 (COVID-19), the AFC Cup Group G match between local club Ceres-Negros FC and visiting Bali United FC of Indonesia will be played behind closed doors today at the Rizal Memorial Football Stadium in Manila.

Set for 7:30 p.m., the decision to have the match played sans spectators was arrived at on Tuesday to “conform with the measures being adopted by the national and local governments to prevent the spread of the COVID-19 virus,” which as of this writing has been confirmed to have affected 33 individuals in the country.

The decision was made in careful consultation with the Philippine Football Federation and Philippine Sports Commission.

Despite the event now to be played behind closed doors, it can still be viewed live over One Sports PH and FOX Sports 1 channel.

Heading into the game, the “Busmen” are angling to bounce back after what they deemed to be a not-so-ideal showing in their last game on Feb. 25 that had them drawing against Vietnam’s Than Quang Nnh, 2-2.

“As it is, it’s still a good result. But, of course, you don’t want to end up with a draw at home. We didn’t play well today, especially in the first half. We did not create the opportunities that we needed,” said Ceres coach Risto Vidakovic after their last match.

“We have to improve for our next game. We have to be more focused. We have to play our best. All the team knows what they are up against when they play us so we have to play at a high level,” added the Ceres coach, whose team is currently on top of the groupings with four points and 1-1-0 record.

Looking to upset Ceres at home is Bali United (1-0-1), which is currently third in the group with three points.

Bali United is coming off a 2-1 loss at the hands of Cambodian champion Preah Khah Reach Svay Rieng FC in Phnom Penh also on Feb. 25.

Leader on the board after group play in the AFC Cup books a spot in the zonal semifinals.

Peso climbs vs dollar on positive PHL trade data

THE PESO continued to strengthen against the dollar on Tuesday despite more confirmed cases of the coronavirus disease 2019 (COVID-19) in the country on the back of positive market sentiment due to positive trade data.

The local unit closed at P50.50 per dollar on Tuesday, strengthening by eight centavos from its P50.58 finish on Monday, according to data from the Bankers Association of the Philippines.

The peso opened the session at P50.57 per dollar, which was also its weakest showing for the day. Meanwhile, its strongest intraday level was at P50.47 against the greenback.

Dollars traded went up to $879 million from $771.1 million on Monday.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort attributed the peso’s strength to the January trade deficit data.

“The peso exchange rate strengthened to reach among its strongest in two years, after the narrower trade deficit,” Mr. Ricafort said in a text message.

The positive trade data somehow shielded the peso despite the COVID-19 outbreak, according to UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion.

“The positive trade data help buoy the peso even as external headwinds and the local transmission of the COVID-19 continue to bring in uncertainties in the markets,” Mr. Asuncion said in a text message.

As of press time, confirmed cases of COVID-19 in the country totaled 33.

The country’s trade-in-goods deficit narrowed in January after merchandise export growth outpaced the increase in imports, the government reported yesterday.

Preliminary data released by the Philippine Statistics Authority on Tuesday showed earnings from the country’s merchandise sales abroad increased by 9.7% year on year to $5.79 billion at the start of 2020.

This was a turnaround from the 6.7% drop in January 2019, albeit slower than the 22% growth seen in December 2019.

Meanwhile, the country’s import bill went up by one percent to $9.29 billion in January. This marked a reversal from the 7.6% contraction in December, but was slower than the 3.6% import growth in January last year.

The January result marked the first time since March 2019 that imports grew year on year.

The country’s trade-in-goods deficit for January amounted to $3.5 billion, narrower than the $3.92-billion shortfall recorded in the same month last year.

For today, RCBC’s Mr. Ricafort expects the peso to move within P50.35 to P50.65 against the dollar, while UnionBank’s Mr. Asuncion sees the peso playing around P50.40 to P50.60. — LWTN

1...8,1458,1468,147...12,611Page 8,146 of 12,611
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube