Barcelona sacks coach Setien following Bayern drubbing, calls elections

August 18, 2020 | 5:13 pm

BARCELONA — Barcelona have sacked coach Quique Setien and brought presidential elections forward to March 2021, the club said on Monday, three days after the Spanish side were hammered 8-2 by Bayern Munich in the Champions League quarter-finals.

Setien, 61, was appointed in January after the club sacked two-time league winner Ernesto Valverde despite his side sitting top of the La Liga standings on goal difference.

But after Barca were condemned to their heaviest defeat in European competition on Friday, Setien was also sacked after only seven months in charge, after overseeing the club’s first trophy-less season in 12 years.

Barca finished second in La Liga behind champions Real Madrid and were knocked out of the Copa del Rey at the quarter-final stage by Athletic Bilbao.

“This is the first decision within a wider restructuring of the first team which will be agreed between the current technical secretary and the new coach, who will be announced in the coming days,” added Barca’s statement on Setien.

According to widespread Spanish media reports, Netherlands coach and former Barca defender Ronald Koeman is set to be named as Setien’s successor.

The statement, which was released more than nine hours after president Josep Maria Bartomeu and directors had begun a board meeting, also said the club’s hierarchy had decided against calling an election imminently in the wake of the Bayern defeat, as many fans and influential voices had demanded.

“The board understand that an immediate call for elections is not feasible, given that the league season will begin on the weekend of Sept. 12, 2020, and the situation arising from the COVID-19 crisis — both economically and socially,” added the statement.

“Consequently, the club will continue to implement the plan to reverse the sporting and economic situation, based on profound changes to the first team, plus a redefined budget to deal with the new situation caused by COVID-19, before the end of the current mandate.”

As at Real Madrid, Athletic Bilbao and Osasuna, Barcelona presidents are voted for by club members.

Bartomeu won the last election, held in 2015, but is barred from running in the next round of elections as he has already served two consecutive mandates, having been named president in 2014 after the resignation of Sandro Rosell.

Victor Font is the front-runner for the election, while former president Joan Laporta has also declared his intention to run. — Reuters

Martinez dazzles as Inter demolishes Shakhtar to reach Europa League final

August 18, 2020 | 5:13 pm

DUESSELDORF, Germany — Lautaro Martinez played chief tormentor as Inter Milan claimed an emphatic 5-0 victory against Shakhtar Donetsk to reach the Europa League final and come closer to a first title in nine years on Monday.

Argentine striker Martinez, who scored twice, was the pinnacle of a perfect tactical display as Antonio Conte’s team set up a clash with five-time champions Sevilla, also thanks to a goal by Danilo D’Ambrosio and a Romelu Lukaku brace.

Shakhtar had their share of possession but failed to threaten a compact Inter side, who eventually completely overwhelmed their opponents.

Sevilla beat Manchester United 2-1 on Sunday to book their place in Friday’s showdown.

“It’s an incredible night, the kind we dreamed of. It has been a long time since I had played such a match and we have shown that Inter are ready for the big matches,” Martinez told Sky Sport Italia.

“I am very happy for the team, which is playing well and growing match after match.”

Shakhtar dominated possession as expected but were toothless up front and Inter opened the scoring with their first chance after 19 minutes.

Nicolo Barella collected a woeful clearance from goalkeeper Andriy Pyatov and raced down the right flank before crossing for Martinez, whose perfectly-timed header went into the back of the net.

Seeking their first trophy since a 2011 Coppa Italia triumph, Inter controlled Shakhtar, who pinged the ball around without being able to bring it forward before the 43rd minute, when Marcos Antonio fired a shot just over the bar.

Pyatov made up for his earlier mistake with a superb save four minutes into the second half, tipping the ball wide to deny Martinez who had attempted a fine loop from 30 metres.

Shakhtar, who had not mustered a single shot on target in the first half, still failed to threaten after the break until the 62^nd minute when Junior Morales headed the ball straight at Samir Handanovic.

“We’ve had a great campaign in Europe but this result was a big disappointment. We couldn’t show our football. Their second goal destroyed us mentally,” said Shakhtar’s Davit Khocholava.

“Inter have two fantastic strikers. It was very hard to play against them in one-on-one situations.”

Inter were just more clinical.

Two minutes later, D’Ambrosio headed home from Barella’s corner to make it 2-0.

REMARKABLE MARTINEZ
Martinez curled in a perfect shot in the 74^th to cap a remarkable individual performance, dashing any hope of a comeback by Shakhtar.

Martinez, who before his brace had not previously scored in the competition, then turned provider releasing Lukaku on the right for the Belgian striker to make it 4-0 from inside the box.

Lukaku has now scored in 10 consecutive Europa League matches and by producing another cool finish at the end of powerful run seven minutes from time, he is now one short of Ronaldo’s mark of 34 goals in one season for Inter in 1997-98.

“We are a team that is growing day by day, there are both young and experienced players. This is fundamental in a team, so the less experienced can follow those who have more experience,” added Martinez.

“Sevilla are a strong team. We will try to prepare as best we can for this match, we hope that everything goes well and that the Cup can go to Inter.” — Reuters

Costly miscue

August 18, 2020 | 5:09 pm

Heading into the Jazz’s first-round series against the Nuggets, All-Star Donovan Mitchell knew he had to step up. The blue and gold were decided underdogs against the West third seeds even at full strength, so he needed to pick up the slack in the absence of erstwhile starters Mike Conley, Jr. and Bojan Bogdanovic. The good news was that he did, winding up with a whopping 57 markers (on 19-of-33 and perfect 13-of-13 shooting from the field and from the line, respectively) to go with nine boards and seven dimes. And, in so doing, he managed to take the measure of the opposition despite limited help.

To argue that Mitchell was spectacular, especially in light of how the fourth quarter unveiled, would be to understate the obvious. He wasn’t just directing the Jazz’s attack in the last nine minutes of the period; he was the Jazz’s attack, period. With the Nuggets keeping pace, he hit six of seven attempts from the floor and all six of his tries from the stripe. And in also dishing out two assists, he proved responsible for every single one of their last 27 points in regulation. As things turned out, though, his efforts weren’t enough — in part because of a costly miscue that could well have been avoided.

The Jazz would go on to lose yesterday’s set-to in overtime, with Mitchell acknowledging the impact of his eight-second violation on the outcome. They were then up by four, and his inability to keep track of the time he needed to clear the background gave the competition life with 1:46 left on the clock. Indeed, the Nuggets, courtesy of red-hot Jamal Murra, would hit a trey in the ensuing possession, then force extra time, and ultimately prevail pulling away. As he noted, “that’s my fault as a leader and as a point guard … That’s terrible on my part.” And he’s right. It didn’t occur to him that a couple of ticks were lopped off the time after the ball went out of bounds off a Rudy Robert rebound that was swatted away. He simply assumed he could walk up as he normally does, hence the easy whistle of referee Scott Foster.

It wouldn’t be fair to say the Jazz were deflated after the faux pas. They did battle until the very end, after all. They understood how close they came to victory, though, and once the Nuggets managed to get an advantage early in overtime, the disappointment was evident. “That really changed the entire game, that sequence right there,” Mitchell admitted. Still, he remained upbeat about their chances, and not just because Conley figures to return to the bubble at some point in the best-of-seven affair. “At the end of the day, we’re not overreacting. It’s one game.” Perhaps. In a sport where the capacity to seize momentum and the moment is key to success, they might well have seen their best opportunity already pass them by.

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

Disaster risk reduction programs are being updated, taking account of COVID-19

August 18, 2020 | 3:52 pm

The Philippines faced a string of disasters during the pandemic. In May, Typhoon Ambo forced 140,000 citizens to flee into evacuation centers. Photo by PhilStar/Miguel De Guzman.

By Mariel Alison L. Aguinaldo

Disaster risk reduction policies and measures are being updated to befit the COVID-19 situation, according to the Office of Civil Defense (OCD).

Two memorandum circulars are being drafted by the members of the National Disaster Risk Reduction and Management Council (NDRRMC), which is administered by OCD.

Other government agencies involved in the process are the Department of Public Works and Highways; the Department of Social Welfare and Development; the Department of Health; the Philippine Institute of Volcanology and Seismology; and the Philippine Atmospheric, Geophysical and Astronomical Services Administration.

The first memorandum circular discusses the establishment and management of COVID-19-sensitive evacuation centers for typhoons, earthquakes, and other natural disasters. This includes the center’s design, the best locations for setup, and how to follow health and safety standards set by the Department of Health (DOH) and other involved government agencies.

The second memorandum circular sets interim guidelines on conducting a nationwide simultaneous earthquake drill during the pandemic, which the government plans to implement in the third quarter of the year. “Here, we’ll see how you should evacuate considering that people around you could have COVID-19,” said Susana G. Juangco, director for capacity building and training service at the OCD, during a session on disaster preparedness organized by the Department of Trade and Industry on August 18.

Once the NDRRMC is finished drafting the documents, a higher body will review them and give their final comments. These will then be passed back to the NDRRMC for final approval before public release, which they are aiming to do by the third quarter of the year as well.

The Philippines recently faced a string of disasters during the pandemic. In May, Typhoon Ambo forced 140,000 citizens to flee into evacuation centers. An earthquake with 6.6 magnitude also hit Masbate province on the morning of August 18, causing damage to houses made of light materials.

Aside from the memorandum circulars, the NDRRMC has been conducting webinars on relevant topics such as funding disaster preparedness amidst COVID-19. Resources on disaster risk management can be accessed online through the DRRM Knowledge Center.

The council is also conducting online courses for disaster risk management practitioners, which they are planning to shift into a blended learning style once the pandemic has become more manageable.

“There are some training which are skill-oriented… It’s hard to teach skills just by watching videos. You won’t be able to practice,” said Ms. Juangco.

Pandemic now driven by 20s, 30s, 40s group, many asymptomatic — WHO

August 18, 2020 | 2:22 pm

MANILA — The World Health Organization (WHO) said on Tuesday it was concerned that the novel coronavirus spread was being driven by people in their 20s, 30s, and 40s, many of whom were unaware they were infected, posing a danger to vulnerable groups.

WHO officials said this month the proportion of younger people among those infected had risen globally, putting at risk vulnerable sectors of the population worldwide, including the elderly and sick people in densely populated areas with weak health services.

“The epidemic is changing,” WHO Western Pacific regional director, Takeshi Kasai, told a virtual briefing. “People in their 20s, 30s and 40s are increasingly driving the spread. Many are unaware they are infected.”

“This increases the risk of spillovers to the more vulnerable,” he added.

A surge in new cases has prompted some countries to re-impose curbs as companies race to find a vaccine for a virus that has battered economies, killed more than 770,000 people and infected nearly 22 million, according to a Reuters tally.

Surges were reported in countries that had appeared to have the virus under control, including Vietnam, which until recently went three months without domestic transmission due to its aggressive mitigation efforts.

“What we are observing is not simply a resurgence. We believe it’s a signal that we have entered a new phase of pandemic in the Asia-Pacific,” Mr. Kasai said.

He said countries were better able to reduce disruption to lives and economies by combining early detection and response to manage infections.

While mutations had been observed, the WHO still saw the virus as “relatively stable,” Mr. Kasai said.

WHO also reminded drugmakers to follow all necessary research and development steps when creating a vaccine.

Socorro Escalante, its technical officer and medicines policy advisor, said the WHO was coordinating with Russia, which this month became the first country to grant regulatory approval for a COVID-19 vaccine.

“We hope to get the response in terms of the evidence of this new vaccine,” Ms. Escalante said. — Reuters

Airlines, airports to push for COVID testing as quarantines hit traffic

August 18, 2020 | 1:30 pm

MONTREAL/SYDNEY — Airlines and airports will ask a United Nations-led task force meeting on Tuesday to recommend countries accept a negative COVID-19 test within 48 hours of travel as an alternative to quarantines that have decimated demand for travel, according to a document seen by Reuters.

The industry wants the task force to make the recommendation for passengers traveling from countries with high COVID-19 infection rates when it meets on Tuesday to review guidelines for international travel amid the pandemic.

“A test prior to departure could reduce the risk of importation by up to 90%, enabling air travel to be opened up between a large number of countries without a quarantine requirement,” said the proposal from Airports Council International (ACI) and airline trade group International Air Transport Association (IATA).

The push for testing comes as the industry’s hopes for a recovery were dealt a blow last week when Britain reintroduced quarantines on travelers from France and the Netherlands.

Airlines are forecasting a 55% decline in 2020 air traffic, according to IATA, which reported 85% of surveyed travelers expressed concerns about quarantine.

“We don’t support across-the-board mandatory testing,” IATA medical adviser Dr. David Powell told Reuters. “But if there are situations where there is a higher risk in the country of origin and it can avoid the need for quarantine, then we certainly support that and advocate for that concept.”

The proposal calls for the use of PCR (polymerase chain reaction) tests conducted outside of airports.

The task force did not raise testing as an alternative to quarantines in May when it recommended a uniform approach toward reviving flights, but it could do so after Tuesday’s meeting.

The International Civil Aviation Organization (ICAO) was not immediately available to comment.

Mr. Powell said the 48-hour period recommended by IATA and ACI was up for discussion and said it could make sense for some travelers to take a second test upon arrival at their destination.

While task force recommendations are voluntary, ICAO guidelines are typically adopted by its 193-member countries.

Requiring testing raises cost issues for travelers, given airlines are unlikely to bear the approximate $200 expense. The sector faces up to $314 billion in lost revenue in 2020, according to ICAO forecasts. — Bloomberg

Investors overlook Southeast Asia indexes because they lack tech stocks

August 18, 2020 | 1:04 pm

As markets around the world piggyback on technology shares to ride a startling rebound from their pandemic lows, stock investors in Southeast Asia are proving to be mere spectators.

Laden with so-called old-economy stocks such as those in the finance and real estate sectors, the MSCI Asean Index is down 19% in 2020 even as similar gauges for Asia Pacific and world equities have wiped out their year-to-date losses. The poor show has also put ASEAN shares on course for their worst annual performance relative to global peers since 2013, according to data compiled by Bloomberg.

“ASEAN is getting overlooked by some investors as it doesn’t have any big tech names like the US and China,” said Nirgunan Tiruchelvam, head of consumer equity research at Tellimer. “As long as tech rally lasts, Southeast Asia will continue to underperform due to a lack of those companies.”

Technology stocks have been at the forefront of the worldwide equity rally from March lows as the virus outbreak accelerated the global shift toward automation, and locked-down consumers fueled demand for everything from video games to e-commerce. ASEAN is missing out as the tech and communication sector accounts for just about 11% of the region’s MSCI gauge. That’s versus a weighting of more than a third in the S&P 500 Index and about a fourth in the MSCI Asia Pacific Index.

Further, excluding telecom firms leaves the technology space with just one company— Singapore’s Venture Corp.—with a less than 0.8% weight in the Southeast Asia measure. Financials and real estate make up about 42% of the index.

“Given the high representation of cyclical stocks in the mix, short-term under-performance could sustain,” said Jingyi Pan, a market strategist at IG Asia Pte. Investors will “go about cautiously with these names amid the uncertainties,” she said.

THE OUTLIERS

That said, the stark underperformance of the broader ASEAN market belies the meteoric gains in some individual names that count among the world’s hottest shares this year. Their weighting in the index, however, has been small.

These include Malaysia’s Top Glove Corp., which has jumped more than 400%, and Philippines’ largest telecom firm PLDT Inc., which has risen 40%. They carry a weighting of less than 2% each in the MSCI Asean index. Further, Sea Ltd., a Singapore-based gaming, e-commerce and payments company, whose New York-listed shares have more than tripled in 2020, isn’t a part of the gauge.

To be sure, the recent optimism around the development of a vaccine can provide some support to battered Southeast Asian markets. The region’s cyclical stocks can benefit from economic reopening and a potential rotation toward value style of investing.

“Once a viable vaccine is available for safe and mass global use, we believe that cyclical stocks will come back into focus,” said Carmen Lee, head of investment research at Oversea-Chinese Banking Corp. ASEAN’s financial stocks will recover as and when the economies do, she said.

For now, the Philippines and Singapore are hurting the most, with benchmark gauges in the nations each down more than 20% this year.

“The Philippines will remain a laggard” during the pandemic as the nation does not have significant technology and health-care stocks, said Rachelle Cruz, an analyst at AP Securities Inc. — Bloomberg

Pag-IBIG Fund cash loan application now online, execs say

August 18, 2020 | 12:05 pm

In a move to ease and fast-track loan applications, Pag-IBIG Fund has improved its online service portal to accept applications for its cash loan program.

According to top officials of the agency, several improvements were made to the Virtual Pag-IBIG during the quarantine period in the first half of the year to allow members to apply for a Multi-Purpose Loan (MPL) or a Calamity Loan, online.

“We heed the call of President Duterte to implement online systems to provide faster service to the public. The Virtual Pag-IBIG is one of the biggest projects undertaken by the Pag-IBIG Fund under his administration as we move as one towards the widespread use of e-governance to better serve the public, especially during extraordinary times such as these,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Launched in December 2019, the Virtual Pag-IBIG made it possible for members to transact with the agency online, with a live chat function available 24/7. Since its launch, the Virtual Pag-IBIG has been visited by 2.43 million members, which include overseas Filipinos from over 222 countries, who were able to secure a Pag-IBIG Fund Membership ID (MID) number, enroll for an MP2 Savings account, or access their savings and loan records online, without having to go to a Pag-IBIG Fund branch. The Virtual Pag-IBIG also features an online payment facility that allows members to pay for their loans and remit their monthly savings using their PayMaya wallet or their credit cards.

On June 1, the Virtual Pag-IBIG was enhanced to accept online applications for the agency’s MPL and Calamity Loan. Since then, the agency has already approved over P188.6 million from loan applications received online.

According to Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti, cash loan applications are processed, on average, in less than two days if these are submitted via their online service platform.

“The Virtual Pag-IBIG is a game-changer for us. While nobody was ready for this pandemic, the launch of the Virtual Pag-IBIG late last year was timely because it allowed us to continue serving our members even during the imposition of community quarantines. And, as we adapt to the new normal, we hope that our move to make cash loan applications available via the Virtual Pag-IBIG would allow our members to experience faster transactions without leaving the safety of their own homes,” Moti said.

Duterte relaxes lockdown in Metro Manila despite rising number of COVID-19 cases

August 18, 2020 | 11:37 am

Metro Manila will revert to a relaxed lockdown starting August 19 after being under strict quarantine measures for two weeks.

In a late address to the nation, the Palace confirmed the recommendation of the Inter-Agency Task Force for the Management on Emerging Infectious Diseases (IATF-EID) of reverting Metro Manila, Cavite, Laguna, Rizal, and Bulacan back to a general community quarantine (GCQ).

These areas were under a modified enhanced community quarantine (MECQ) from August 4 to August 18 due to the rise of coronavirus disease 2019 (COVID-19) cases which overwhelmed the healthcare capacities.

Palace Spokesperson Harry L. Roque said, “Kinakailangan buksan po natin ang ekonomiya sabay po ’yung tinatawag nating… ire-refresh natin ’yung mga responses natin sa COVID (We need to open the economy and at the same time do what we call refreshing on our responses on the COVID).”

President Rodrigo R. Duterte told the public, “Just be careful. Follow the safeguards… We want to ensure the safety of our people.”

Other areas under GCQ are Nueva Ecija, Batangas, Quezon in Luzon; Iloilo City, Cebu City, Lapu Lapu City, Mandaue City, Talisay City, the municipalities of Minglanilla and Consolacion in Cebu province for the Visayas. The rest of the Philippines will be under a modified general community quarantine.

With Metro Manila in GCQ, the government said it will improve its mass targeted COVID-19 testing and boost its contact tracing and isolation efforts. — Gillian M. Corte

Strong quake strikes eastern Philippines, reports of damage

August 18, 2020 | 11:15 am

A magnitude 6.6 earthquake struck the Samar region of the eastern Philippines on Tuesday, the European Mediterranean Seismological Centre (EMSC) said, damaging some homes and property in a coastal community.

The Philippines’ seismology agency said there was no risk of a tsunami from the earthquake but warned of the risk of aftershocks.

“The possibility of a stronger magnitude aftershock cannot be discounted,” agency chief Renato Solidum told dZMM radio station.

The quake struck in the sea at a depth of 30 km, EMSC said.

There were no immediate reports of casualties, but Rodrigo Gonhuran, 30, a computer shop technician based near the epicenter, told Reuters it was the strongest quake he had felt in the area.

“My cabinet and other stuff at home fell down and my neighbors’ walls cracked and some collapsed,” he said, speaking from the town of Cataingan, which has a population of more than 50,000 people.

The Philippines, which has a population of 107 million, lies on the “Ring of Fire,” a belt of volcanoes circling the Pacific Ocean that is also prone to earthquakes. — Reuters

AppleOne Properties acquires two hospitals

August 18, 2020 | 9:48 am

Cebu-based developer expands its portfolio with VCMC and USMC

AppleOne Properties, Inc., a leading real estate and hotel developer in the Visayas and Mindanao regions, through its healthcare arm AppleOne Medical Group (AMG), signed into a joint venture with the United Church of Christ in the Philippines (UCCP) to acquire majority shares of two hospitals, the Visayas Community Medical Center (VCMC) in Cebu City and the United Shalom Medical Center (USMC) in Tacloban City.

AMG took an inaugural step in June with the joint venture partnership for VCMC, signified as AppleOne Visayas Medical Corporation. USMC was acquired in July. By the two joint ventures, AMG is taking the helm in developing and expanding VCMC and USMC.

VCMC was founded by UCCP in 1952 as a response to the medical needs from World War II. Since then, the hospital has stood as a well-regarded institution in Cebu. With an alignment in values and social mission stemming from the joint venture, VCMC will stand as a testament to both institutions’ mutual goal of transforming and uplifting Filipino communities through quality healthcare made accessible.

Formerly Bethany Hospital, USMC was a distinguished healthcare establishment in Tacloban until it experienced the devastations brought about by typhoon Yolanda. The hospital remains limited in its medical functions, operating as a medical laboratory for the time being. Under the partnership with AMG, USMC will undergo an expansion of its services and modernization of facilities to become a premier health and wellness facility in the Tacloban area.

AppleOne Properties recognizes healthcare as an industry in need of support yet with tremendous opportunity for growth. AMG was incorporated early this year from the desire to strengthen competencies in the field of health and wellness, provide better access to quality healthcare, and deliver quality medical services with compassion to the communities.

AppleOne Properties President and CEO Ray Go Manigsaca emphasizes this timely venture, “With our strength and expertise in development, and a keen foresight into the market, strengthened with our agile and dynamic approach to all our businesses, we are wholly committed to strengthening the foundation of our healthcare industry with well-equipped and well-supported hospitals around the region.”

Bishop Ermegencio Padillo, Chairman of VCMC, has this to say about the partnership, “Both VCMC and AMG initiated the likings of a strong partnership, characterized with trust, confidence and high spirits. VCMC saw it fit to partner with a group or institution with high moral and social standing, and indeed AppleOne Medical Group was the right choice. With that, I am personally looking forward to growing this partnership in order to provide for the needs of the Filipino people as a whole.”

UCCP Chairman Keith Quebral also shares his thoughts about partnering with AMG, “The partnership shall enable VCMC to perform its mission in accordance with the highest standards of excellence in providing quality healthcare services to those in need. The UCCP views this partnership agreement as a shared healing ministry of the Church that advocates health for all and promotes access to proper medical care.”

AppleOne Properties has over a decade of expertise under its belt. It has developed landmarks of strength and iconic partnerships, along with multi-awarded projects that compete on a global stage. Its subsidiaries include AppleOne Mactan, Inc., the developer of the five-star Sheraton Cebu Mactan Resort, The Residences at Sheraton Cebu Mactan Resort, and Mahi by AppleOne Properties, Inc., as well as Brickwall Construction & Development, the operator of Apple Tree Resort & Hotel, Boardwalk City Residences, and CityMallDanao. Sunsky Development Corp. and AppleOne Equicom Tower also fall under the AppleOne Properties wing. Sunsky is the developer of Diamond Suites & Residences and a forthcoming local brand of hotels while AppleOne Equicom Tower is the first mixed-use development in the premier business district in the Visayas. Recently, it signed a franchise partnership agreement with the International Workplace Group, formerly Regus and the world’s largest provider of workspace solutions, to acquire two existing centers and develop eight more in six cities in the Visayas region.

AppleOne Properties stays true to its commitment to innovation by keeping a portfolio that is diverse and relevant.

For more information AppleOne Properties, Inc., call (+6332) 231-5223.

Cash remittances rebound in June

August 18, 2020 | 12:35 am

A man counts a wad of Philippine peso bills at a money remittance center in Makati City, Sept.19, 2018. – REUTERS/ELOISA LOPEZ

By Luz Wendy T. Noble, Reporter

CASH REMITTANCES rebounded in June, as land-based overseas Filipino workers (OFWs) sent more money home as lockdown restrictions eased, the central bank data showed.

Bangko Sentral ng Pilipinas (BSP) reported cash remittances, which are coursed through banks, jumped 7.7% in June to $2.465 billion from $2.29 billion in the same month a year ago, “supported mainly by remittances from land-based workers.”

However, the BSP said there was a continued drop in sea-based workers’ remittances as many were repatriated amid the pandemic.

June saw a recovery in cash remittances, after three months of decline since March when lockdown restrictions were put in place to curb the spread of the coronavirus disease 2019 (COVID-19). Metro Manila was placed under a more relaxed general community quarantine starting June.

Month on month, inflows in June climbed 17% from the $2.106 billion logged in May.

However, for the first half, cash remittances slipped 4.2% to $14.019 billion from $14.638 billion a year ago.

By type of worker, cash remittances from land-based OFWs fell 4% year on year to $10.959 billion in the first semester from $11.411 billion a year ago. Remittances from OFWs working in ships and cruises dropped 5.2% to $3.06 billion.

The United States accounted for 39.7% of the inflows, followed by Singapore, Saudi Arabia, Japan, the United Kingdom, United Arab Emirates (UAE), Canada, Hong Kong (HK), Qatar, and Taiwan. Together, these countries make up 78.9% of the total cash remittances.

“Remittances for January-June from the United States, Japan, Singapore, Oman and Taiwan were among the countries that registered continued growth, while declines were noted in Saudi Arabia, UAE, Kuwait, Germany and the UK,” the BSP said.

The central bank in June said it is projecting cash remittances to shrink by 5%.

Meanwhile, personal remittances that also take into account inflows in kind also rose 7.6% to $2.737 billion in June from $2.545 a year ago. However, year-to-date flows decreased 4.2% to $15.573 billion from the $16.252 billion in the first six months of 2019.

Since the pandemic began, the number of repatriated OFWs reached more than 135,000 as of mid-August. More than 52,000 of them were employed in ships and cruises, while about 82,000 had land-based jobs, according to data from the Department of Foreign Affairs.