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Angkas starts food delivery service to help bikers

RIDE-HAILING platform Angkas now has a food delivery service to help its bikers during the government-imposed quarantine period.

This was after the motorcycle taxi pilot run officially ended last Monday.

Angkas (DBDOYC, Inc.) introduced late Monday night via social media its new food delivery service.

Gagawin namin ito para may pagkakitaan ng pera ‘yung mga biker namin kahit pano, at sa kagustuhan din naming tumulong magdala ng mga pangangailangan ng ating komunidad na naka-quarantine,” Angkas said.

(We are doing this so that our bikers will somehow earn money, and it is also our desire to serve communities under quarantine.)

According to Angkas, it will not take any commission from the said initiative.

Angkas charges P60 (cash only) for the first three kilometers and additional P10 per kilometer for up to five kilometers.

The motorcycle taxi company also stressed that it will strictly observe the physical distancing rule.

“As part of maintaining social distancing, a no-touch interaction will be implemented. Upon the biker’s arrival, he/she will place the items on the seat of the motorcycle (or your doorstep) before moving back to a safe distance,” it said.

The Transportation department has said its technical working group will discuss the fate of the motorcycle taxi pilot run after the month-long quarantine period imposed in the entire Luzon island.

Before the expiration of the pilot run, the government had suspended public transportation, including the operations of motorcycle taxis in Metro Manila.

The Land Transportation and Traffic Code does not allow single motorcycles to operate for public transport. — Arjay L. Balinbin

Now, Time to Sit

By Joseph L. Garcia, Reporter

THE various details that were once mere facts of life become major decisions when you’ve been forcibly locked inside the house by a virus. New developments everyday force us ever more to retreat inwards, but inside a space filled with dread. Maybe a touch of true silence will make that place a little better.

BusinessWorld interviewed Zen sensei (teacher) Rollie del Rosario. In an e-mail, he said, “Zen is not a philosophy, nor a religion, nor a belief system. It is a practice to realize the True Self. Zen is a discipline in which we silence the body and mind using our breath and thus come to know our True Self. Another way of saying ‘knowing the True Self’ is achieving enlightenment. This knowing is not an intellectual understanding but an experiential awakening. As we become more and more attuned to our True Self, we naturally find genuine serenity, clarity of thought and propriety of action.”

Mr. Del Rosario is part of the Zen Center for Oriental Spirituality in the Philippines, more commonly known as Zen Center Philippines or ZCP in short. According to their website, The Center is a “lay Zen sangha — a community of spiritual seekers practicing the way of Zen in order to realize wisdom, compassion and wholeness in our lives and in the larger context of society.” The center provides a setting that enables members to practice zazen (sitting meditation) and to sustain the Zen experience in daily life. In light of recent practices of social distancing, the ZCP has also taken measures to hold online sitting meditation sessions.

According to Mr. Del Rosario, the community (sangha) took shape when Sr. Elaine MacInnes, a Canadian Catholic nun, established the Manila San’unZendo with the blessings of her teacher Yamada Ko’unRoshi, the second abbot of the Sanbo Zen lineage of Kamakura, Japan. In its early days, zazenkai (meditation sessions) were conducted on Sunday mornings in a temporary zendo (meditation hall) in the chapel of St. Bridget’s School at the Religious of the Good Shepherd (RGS) compound in Quezon City. In 1984, they were able to acquire a property in Provident Village, Marikina and this is where the main zendo, the Marikina San’unZendo, stands. Today, ZCP also conducts regular meditation sessions in two other zendo in Metro Manila — the Full Circle Zendo in the RGS compound in Quezon City, and the St. Scholastica Zendo in the St. Scholastica Archives and Museum compound in Manila.

In the same e-mail, Mr. Del Rosario expounded on the origins of Zen, as well as its various schools. The ZCP belongs to the Sanbo Zen International (Three Treasures Zen) lineage of Kamakura, Japan. The Sanbo Zen lineage combines the best practices of the Soto (sustained zazen) and the Rinzai (koan studies) schools of zen. According to him, “Unlike most other schools of zen, Sanbo Zen does not require its followers to embrace monastic life or to convert to Buddhism. Some of the Sanbo Zen masters, associate Zen masters and Zen teachers are in fact Christian priests, pastors or nuns.”

“The origins of Zen are shrouded in the mists of time but it would be safe to say that the practice of one-pointed concentration and absorption are deeply rooted in ancient contemplative yogic practices,” said Mr. Del Rosario. The first human in recorded history who is believed to have used the method of Zazen to come to enlightenment is Siddharta Gautama, otherwise known as Shakyamuni Buddha. The word Buddha means “Enlightened On” or “Awakened One.” So one could say that without Zazen, there would have been no enlightenment for Siddharta Gautama and thus no Buddha. Mr. Del Rosario thus outlines the difference between Zen and Buddhism. “First of all, Zen and Buddhism are two different things. Zen is a spiritual practice, a method to realize our True Nature. The classic definition of Zen attributed to Boddhidharma is ‘a special, living transmission outside scriptures, not relying on words and letters, pointings directly to the nature of mind, and seeing into one’s True Nature, i.e., “achieving enlightenment”,’” he said. “Buddhism is usually seen as a religion. However, this is a term that gained traction after Western explorers encountered the followers of the Buddha Dharma (literally the Way of the Enlightened) during the colonial expansion of Europe during the 17th to the 20th centuries.”

The ZCP’s members today are described by Mr. Del Rosario as coming from all walks of life, different age groups, and social strata. “Most are professionals and belong to a more mature bracket,” he says. According to him, “The common denominator among the expectations of people attracted to Zen is an existential thirst for genuine peace of mind. Zen practice results in wisdom, compassion, harmony and wholeness in our lives.”

A normal session with the ZCP would entail a series of 25-minute periods of zazen (sitting meditation) punctuated by five-minute periods of kinhin (walking meditation). There is also teisho, loosely translated as “public teaching,” during which a teacher delivers a presentation of the Dharma. More periods of zazen follow after teisho. During the zazen periods, dokusan, which is a one-to-one encounter, takes place between the teacher and students. The ZCP also holds sesshin, which is a Zen retreat. A sesshin usually lasts anywhere from two to seven days. A sesshin affords practitioners plenty of time for zazen — eight to nine hours on average. The intensive sitting is punctuated by kinhin (walking meditation), work periods, meals and rest periods. There are also teisho and dokusan. In their community, they include one hour of group exercises as part of the daily sesshin schedule.

Since the beginning of the “enhanced community quarantine,” of course, the ZCP has taken it upon itself no longer to gather. They did find an alternative by holding zazenkai online. “We chose to ensure the well-being of our members but in doing so, we had to give up one of the main elements of our practice — meditating together as a community. The suspension of the two sesshin and the weekly zazenkai brought about plenty of pain and regret,” said Mr. Del Rosario.

Virtual zazenkai is a communal activity that takes place in each of the participant’s houses. “The Virtual Zendo itself has no walls — it exists in cyberspace,” said Mr. Del Rosario. “The thread that keeps the sitters together are their common meditation practice and the synchronous timing of the sits, wherever the participants are.” The invitation, registration, and coordination of the sitting periods and their timing are done through e-mail and Viber.

Absolutely anyone can participate in the Virtual Zazenkai. Those who wish to participate are requested to become a member of the Zen Zazenkai and Sesshin Viber group. The members are informed through Viber and e-mail when the Virtual Zazenkai will be held and the schedule of the sits. The participants sign in by sending a “Ready to sit” message just before they start to sit. “We ask for their names, as it would inspire our sangha members to know who else are sitting with us. This is more than just a formality. Seeing the names of the other participants will give a boost to each member, and will help make everyone feel that they are part of a greater community, benefitting from the ineffable web of wisdom, compassion and healing,” said Mr. Del Rosario. The participants, whether they are seasoned sitters or newbies, may sit for as long as they are disposed, according to him — and trust us, these days, you’ll find the time. “Even if someone sits with us virtually for only 10 minutes, those 10 minutes of sitting with us are priceless and we would be deeply grateful for each of those minutes.”

The first Virtual Zazenkai was held on March 14. Mr. Del Rosario was a bit cheerful about the response. “The response and the participation were overwhelming, totally exceeding our expectations. Aside from the more than 180 people who signed up, scores of Sanbo Zen sitters from other countries such as Australia, Canada, Japan, Germany, Singapore, Spain and the United States sat with us. Some of the overseas teachers sat with their respective sangha and we have no way of knowing the exact number of sitters in the first Virtual Zazenkai.”

We asked Mr. Del Rosario two more questions, which we think are very timely to ask in this climate.

Q: Why do you think the tenets of Zen more important right now, especially in a world filled with even more tension and worry than the levels we’ve been used to?

A: We have been deluged by fear and anxiety brought about by the COVID-19 pandemic. So many of us are seeking silence and peace of mind to help us find our lost selves amidst all the noise and confusion in our daily lives, our country, our world, as well as in mass and social media.

Zen is a vehicle that takes us to the innermost center of our being. With the discipline of Zazen, we silence the body and mind using our breath and thus come to know our True Self. As we become more and more attuned to our True Self, we naturally find genuine serenity, clarity of thought and propriety of action. The result is new heightened awareness can be summarized in two words, two states of mind that summarize the virtues that flow from sincere and earnest Zen practice: wisdom and compassion. In the present atmosphere of crisis, uncertainty and fear, wisdom cannot flourish is unless we realize what we really are, that everything that happens in one corner of creation affects all other parts of the whole. Compassion, the active counterpart of wisdom, manifests in appropriate action, responding to each situation with full awareness and commitment.

Q: What do you think can a world wracked with illness, both inside and out, learn from Zen?

A: Each individual, as well as society at large can surely benefit from the wisdom, compassion, harmony and wholeness that Zen brings to earnest practitioners.

It may be simplistic to say that all illness begins and ends with one’s self and a lot of people may debate this. But the interconnectedness of all creation becomes plainly obvious to someone who has seen what his or her True Nature really is. If this realization is genuine, that person cannot but act in ways that manifest True Nature, and this includes the profound seamless unity of all creation.

To learn more about the virtual zazenkai, e-mail virtual.sitting@gmail.com.

Eagle Cement profit up 25% to P6 billion

EAGLE Cement Corp. reported a 25% growth in its 2019 earnings, attributed to the full-year operation of its new production line in Bulacan.

In a presentation to investors submitted to the stock exchange yesterday, the cement manufacturer said its net income last year stood at P6.02 billion, driven by a 20% improvement in net sales to P19.82 billion.

Gross profit rose 20% to P8.67 billion, while operating expenses increased 19% to P1.87 billion.

It said among the factors that helped its bottomline last year was seeing the full-year commercial operations of its third production line in Bulacan. This increased the company’s annual production capacity by two million metric tons (MT).

The construction of its fourth production line in Cebu, which will increase annual capacity by 2 million MT, is set for completion by December 2022.

“Eagle continues to deliver solid growth, with double digit growth across the board… Aggressive expansion strongly positions Eagle to compete with existing and new market players in the industry,” it said.

It noted the company is maintaining limited operations while Luzon is under enhanced community quarantine to address urgent requirements.

It also expects an increase in construction activity this year and next year for the areas affected by the eruption of Taal Volcano in January.

Shares in Eagle at the stock exchange slipped two centavos or 0.30% to P6.68 each on Tuesday. — Denise A. Valdez

6Cyclemind project features fans’ cover songs

FILIPINO rock band 6Cyclemind has partnered with Sony Music Philippines to create a cover project featuring the fans’ rendition of songs from the band’s discography.

“Throughout our career, we have been touring different parts of the country. We are lucky to witness how our audience, even from far-flung areas, sing our songs with us. This is indeed a very magical feeling. Online, we can also view our fans cover our songs. This makes us feel that, somehow, through our music, we have touched their lives. This is the reason why we have decided to do this project,” Fortunato “Tutti” Caringal, the band’s vocalist, said in a statement.

The project, titled Sige I-Cover Mo Lang, saw the band asking its fans to submit their covers without setting specific criteria. Submissions came in the form of phone recordings or changing the song’s arrangement. The band chose three songs to include in the album.

“We gave them the freedom to interpret the song of their choice. While screening the entries, we followed our gut feel and looked for the cover that will move us,” Herbert Hernandez, 6Cyclemind’s lead guitarist, said in the statement.

The band received “many entries that [they] really liked” which opens the possibility for them to have a second batch, Mr. Hernandez said.

The five-piece pop rock act started playing in Manila in 2001 and has so far released six studio albums, the most recent one in 2012 titled Good By Sunday. Some of the band’s biggest hits include “Biglaan” (2003), “Sandalan” (2005), and “Prinsesa” (2007).

Of the submissions, 16-year-old cover singer Bianca’s stripped-down version of “Biglaan,” was “one that stood out the most,” according to the release and earning a spot in the project.

“Whenever I want to cover songs, I usually just search for the chords and let myself feel the music. I was pretty melancholic during these times so my general approach was to make the song softer and downcast which is what I usually do to songs I usually sing,” Bianca said in the release.

The project “was such a great platform to thank the band’s fans and also give opportunities to artists [like her],” she added.

Her version of 6Cyclemind’s “Biglaan” can now be streamed on Spotify and Apple Music. — ZBC

Gov’t rejects bids for T-bonds

THE GOVERNMENT rejected all bids for the fresh seven-year Treasury bonds (T-bonds) it offered on Tuesday amid higher rates, amid uncertainties due to the coronavirus disease 2019 (COVID-19) pandemic.

The Bureau of the Treasury (BTr) yesterday rejected all tenders for the fresh seven-year T-bonds worth P31.35 billion as yields shot up, even as the total was more than the P30 billion on offer.

Had the BTr made a full P30-billion award, the notes would have fetched a coupon of seven percent and an average rate of 5.583%.

The last time the Treasury offered seven-year papers was on Jan. 21 where the BTr only awarded P27.2 billion out of the P30-billion program at an average rate of 4.732%, even as the offer was almost twice oversubscribed.

The BTr on Monday likewise chose not to award the P20-billion Treasury bills it offered due to high rates.

National Treasurer Rosalia V. de Leon said they decided to reject all T-bonds tenders yesterday as investors asked for rates higher than those at the secondary market and the BTr’s own estimates as “cash remains king” amid the virus outbreak.

“Rejected all bids. Submission too high from our internal estimates and BVAL (Bloomberg Valuation Service). Since original issue, coupon setting will land at 7%,” she told reporters in a Viber message yesterday.

The seven-year bonds ended at 4.9% on Monday, based on the PHP BVAL Reference Rates published on the Philippine Dealing System’s website.

A bond trader said the rejection is the Treasury’s way to help “calm the market” and reassure investors that the national government is in good fiscal standing and is “not panicking” even as COVID-19 continues to spread.

“BTr, in a way, is helping calm the markets, albeit maybe unintentionally. But rejecting at these levels reassure markets that BTr is not panicking,” the trader said in a Viber message.

The trader said had the Treasury awarded the offer at the high rates sought by investors, the market might think the government is running out of cash “and will do whatever it takes to borrow.”

To contain and slow the spread of COVID-19 in the country, the government gas put Luzon under a month-long lockdown and also announced several fiscal and monetary measures to help mitigate the impact of the virus on the economy.

On the fiscal side, the government has rolled out an initial P27.1-billion economic stimulus package to help affected sectors, while another package of over P200 billion is now being deliberated by the Congress.

On top of this, Finance Secretary Carlos G. Dominguez III said the economic team is mulling another set of stimulus packages, but declined to give more details.

This, even as the government is bracing for lower revenues due to business disruptions caused by the lockdown as well as the P145 billion worth of delayed tax payments as the deadline for the filing of income tax returns was extended to May 15.

Meanwhile, the Bangko Sentral ng Pilipinas last week cut policy rates by 50 basis points (bps) in a bid to support the economy. On Monday, it launched a bond buyback program with the Treasury worth P300 billion, and on Tuesday also cut big banks’ reserve ratio by 200 bps to inject more liquidity into the financial system.

As of Tuesday morning, COVID-19 cases in the Philippines totaled 501, with 33 deaths and 19 recoveries also recorded.

The government plans to raise P1.4 trillion this year from local and foreign lenders to plug its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product (GDP). However, the National Economic and Development Authority, in a report published Tuesday, said the budget deficit might balloon to 4.4-5.4% of GDP this year as the government spends aggressively to stem the economic fallout from the virus. — Beatrice M. Laforga

Microsoft boosts collaboration platform as more people work and learn from home

MULTINATIONAL technology company Microsoft Corp. has added new features to its unified communication and collaboration platform, Microsoft Teams, to further address the needs of an increasing number of people working and learning from home amid the coronavirus disease 2019 (COVID-19) pandemic.

In a recent virtual press briefing, Corporate Vice President for Microsoft 365 Jared Spataro said the app’s new noise suppression feature, which uses artificial intelligence (AI), removes all of the distracting background sounds as participants engage in an online discussion.

“We’ve all been in an online meeting where someone’s typing loudly or there’s a vacuum running in the background at somebody’s house. A new live noise suppression feature removes distracting background noise to help you hear what’s being said,” Mr. Spataro said.

Microsoft Teams is a three-year-old app for teamwork where participants can chat, edit files together, and store their output into the cloud.

Microsoft also added a new “raise hand” function, which allows participants to send a visual cue when they have something to say.

Mr. Spataro said Microsoft will be working with knowledge transfer company RealWear, Inc. to address industry-specific needs.

“The first is a new integration for Teams on RealWear headsets. RealWear makes wearables for workers in hardhat environments. These workers often need to communicate and collaborate effectively in industrial settings that can be loud and that require both hands for the job,” he said.

Microsoft has also upgraded Team’s chat feature. Mr. Spataro said the ability to pop out chats into a separate window will help participants streamline their workflow and more easily move between ongoing conversations.

“Offline and low bandwidth support lets you read chat messages and write responses, even without an Internet connection, making it easier for teams to collaborate in and outside of the office,” he added.

Teams now also has a booking app to ensure that appointments such as patient consultations, client meetings, and job interviews can be easily scheduled, managed and conducted.

The technology solutions company likewise offers Microsoft 365 Business Voice for small and midsized enterprises in the United States, making Teams a complete phone system.

Also at the briefing, Microsoft Chief Executive Officer Satya Narayana Nadella highlighted the important role of technology in supporting workers, entrepreneurs, and students during the community quarantine period.

“We also, of course, recognize the role of technology and how it can play a supporting role for those working tirelessly to reduce the impact of COVID-19, you know, from healthcare providers staying connected with telehealth solutions, schools and universities teaching via virtual classrooms and remote learning, to businesses of all sizes who are enabling their employees to work remotely, without sacrificing their ability to collaborate or be productive and staying secure,” he said. — Arjay L. Balinbin

Caritas Manila calls for donations

CARITAS MANILA Inc., the Roman Catholic Archdiocese of Manila’s social arm, is calling for cash donations for 6,000 poor communities in Metro Manila that are at risk in the midst of the COVID-19 pandemic.

The donations will be used to provide Caritas LIGTAS COVID-19 kits and Caritas Manna Food Bags. The Caritas LIGTAS COVID-19 kit, which cost P2,000, contain the following supplies: one liter of 70% ethyl alcohol; five bottles of 30 ml of alcohol; five washable face masks; one liter of antibacterial liquid soap; one box of 100 tablets of vitamin C with zinc; a pair of reusable gloves; one liter of liquid bleach; and three pieces of cleaning cloth. Meanwhile, the Caritas Manna Food Bag, which costs P700, contains five kilos of rice, mongo beans, nine pieces of assorted canned goods, two packs of Caritas Margins kalabasa/malunggay (pumpkin/moringa) noodles, and 1/4 pack of sugar and salt.

Online donations are welcome via Online bank transfer. The details are:

Savings Account Name: Caritas Manila, Inc.

Banco De Oro — Savings Account No.: 000-5600-45905

Bank of the Philippine Islands — Savings Account No.: 3063-5357-01

Metrobank — Savings Account No.: 175-3-17506954-3

For proper acknowledgment of the donations, fax a copy of the deposit slip to 8563-9306 or e-mail a scanned copy to donorcare@caritasmanila.org.ph. Indicate your name and address.

For more information about the Caritas LIGTAS COVID-19 kits and the Caritas Manna bags, as well as other online payment options, contact 8562-0020 to 25, locals 118, 139, 135, or 0917-595-5083. The items are also available online at https://www.lazada.com.ph/shop/caritas-manila. — MAPS

Fed aims ‘bazooka’ to lift coronavirus-hit economy

THE FEDERAL RESERVE launched programs to cushion the US economy. — REUTERS

THE US FEDERAL Reserve on Monday rolled out an extraordinary array of programs to backstop an economy reeling from sweeping restrictions on commerce that scientists say are needed to slow the coronavirus pandemic and ultimately keep more people safe.

For the first time, the Fed will back purchases of corporate bonds, backstop direct loans to companies and “soon” will roll out a program to get credit to small and medium-sized business. It also said it will expand its asset purchases by as much as needed to stabilize financial markets.

The series of actions marks a massive intervention by the US central bank beyond the financial markets, where it has so far concentrated its firepower, into the real US economy.

“It’s their bazooka moment,” said Russell Price, chief economist at Ameriprise Financial Services in Troy, Michigan.

Nearly a third of the US population has been urged to stay indoors as governors from California to New York mandate “social distancing” and the shutdown of non-essential businesses to slow the person-to-person spread of the virus.

With customers disappearing rapidly, businesses starved of cash may be able to tap into the Fed’s “lifeline” to stay afloat while the shutdowns continue, said University of Oregon economics professor Tim Duy.

“The Fed is still working to maintain the flow of credit because they know what happened during the Depression (when) too many firms went under,” Mr. Duy said. “The more damage that happens, the harder it is going to be to restart the economy.”

Still, he said, without massive fiscal aid such efforts won’t be enough to stem the tide of what economists polled by Reuters estimate could be a million jobless claims logged across the nation inside of a week, with more to come.

US stocks slid Monday and yields on US Treasuries fell after the announcement, as US lawmakers struggled to reach agreement on a far-reaching coronavirus stimulus package on Monday after falling short on a deal over the weekend.

US corporate credit investors for their part welcomed the Fed’s move, sending up prices of US investment-grade corporate bond exchange-traded funds.

Under the new programs, the Fed will lend against student loans, credit card loans, and US government backed-loans to small businesses, and back loans to larger employers in what amounts to four years of bridge financing.

Hundreds of thousands of people have already filed for unemployment insurance in California alone, the state’s governor said at the weekend. Many analysts are projecting the US economy to shrink faster next quarter than it did in any quarter during the Great Recession.

In a statement the Fed said the effort, approved unanimously by members of the Federal Open Market Committee, was taken because “it has become clear that our economy will face severe disruptions” as a result of the health crisis. “Our nation’s first priority is to care for those afflicted and to limit the further spread of the virus.”

The Fed last week slashed borrowing costs to zero and took other emergency steps to keep the commercial paper, Treasury and foreign dollar funding markets functional.

“This is the Fed’s all-out effort to ensure that the business sector and households can continue on,” said Sam Bullard, senior economist for Wells Fargo Securities.

“The Fed is doing everything they can.” — Reuters

Transcom sets work plan during lockdown

THE local unit of business process outsourcing firm Transcom Worldwide AB has laid down the work arrangement for employees during the Luzon-wide enhanced community quarantine.

“Transcom has many selfless employees camping in on our sites as well as local accommodation as prescribed and in strict accordance with the DTI (Department of Trade and Industry), DoLE (Department of Labor and Employment) and City Government directives throughout the lockdown,” said Mark Lyndsell, chief executive officer of Transcom Global English Region.

The government ordered the lockdown on March 16 until April 12, 2020.

“In the course of the last few days we have also moved many hundreds of our employees to work at home,” Mr. Lyndsell said.

“All those working whether on site or from home will be paid as normal during the lockdown,” he added.

Mr. Lyndsell said for those not camping in, the company has authorized the payment of pre-planned time off in accordance with the directives from the Labor department.

DLSU serves as a sanctuary to the homeless during enhanced community quarantine

De La Salle University is now serving as a temporary sanctuary for the homeless in Manila during the enhanced community quarantine. Sixty-one people, among them women and elderly, are currently staying at the 2nd floor of the Enrique Razon Sports Center until the Luzon-wide lockdown is lifted. The initiative is in partnership with the Divine Word Missionaries (SVD) through their KAin, LIgo NG ayos (KALINGA) Program. SVD volunteers are looking after the basic needs of those who are taking shelter at the Sports Center. Financial donations to buy food, medicines, and health kits are accepted through the AJ KALINGA Foundation, Inc., Asia United Bank (AUB), AUB Peso Savings Account no.: 082-11-000496-2. For proper documentation, send deposit slips to lasallianmission@dlsu.edu.ph.

Life insurers to adopt special process for all COVID-19 claims

THE LIFE INSURANCE sector will adopt a special management process for claims related to the new coronavirus disease 2019 (COVID-19) to help policyholders get assistance faster.

“PLIA (Philippine Life Insurance Association, Inc.) in partnership with the Insurance Commission (IC) is adopting a special claims management process for COVID-19 related claims that will ensure relaxed requirements and expeditious settlement. This is the least our industry can do to provide assistance to our policyholders in their time of need,” PLIA said in a statement sent to reporters.

PLIA said companies in the life insurance sector have already implemented other general relief measures for policyholders such as a grace period for premium payments.

For instance, life insurer Manulife Philippines moved the deadline for filing COVID-19-related claims to June 30 from March 10 initially and extended the payment period for premiums to 60 days after due date.

Insular Life (InLife) also extended its grace period for premium payments due March to April 30 and assured all of its policyholders, except for those with accident-only policies, are covered against COVID-19.

“The life insurance industry is ready to respond to any eventualities that this outbreak may bring in terms of potential claim,” PLIA said in its statement.

It added that recently, they saw an “alarmingly” high mortality rate in the country at 8.5% on March 16 against the global average of 3.9%. However, PLIA said this went down to 6.5% as of March 23 “as the testing capacity of our health care network starts to expand with the increased availability of testing kits.”

“We remain confident that with the prudent regulations prescribed by the Insurance Commission to assure financial health of insurance companies we would continue to serve the industry and its policyholders well,” PLIA said.

Insurance Commissioner Dennis B. Funa issued Circular Letter (CL) 2020-18 “strongly” encouraging insurers to extend the grace period of premium payments of all insurance, pre-need and health maintenance organization policies by 31 days amid the ongoing crisis.

The IC also extended the filing of 2019 annual statement and audited financial statements of insurance companies until June 1 from the initial April 30 deadline to give relief to businesses whose operations were disrupted due to the month-long lockdown for the entire Luzon until April 12.

The IC, through CL 2020-21 published yesterday, also deferred the issuance of show cause order notices “until further notice” for insurance companies that failed to meet the minimum net worth requirement of P900 million last year.

“The show cause order shall be put on hold until further notice. Nonetheless, every company affected by the circular is hereby directed to comply with the minimum net worth requirement and the minimum capital investment requirement notwithstanding the suspension of the show cause order,” the document read. — BML

AC Energy completes stake purchase of Negros solar farms

AYALA-LED AC Energy Philippines, Inc. (ACEPH) on Tuesday announced that it has finished its purchase of controlling stakes in two Negros Occidental solar farms within its target date.

In November, the Ayala energy unit signed a share purchase agreement to acquire shares of Macquarie Infrastructure Holdings (Philippines) Pte. Ltd., Langoer Investments Holding B.V., and the Government Service Insurance System in both San Carlos Energy, Inc. (Sacasol) and Negros Island Solar Power, Inc. (Islasol).

AC Energy Philippines’s wholly-owned subsidiary Giga Ace 2, Inc. paid P2.981 billion to acquire the shares of the investors in Sacasol, an increase by P200 million from the earlier reported purchase price of P2.772 billion.

It acquired 6,996 common B shares and 36,246 redeemable B shares in the 45-megawatt solar farm, which operates under the feed-in-tariff regime of the Renewable Energy Act.

Meanwhile, Giga Ace 3, Inc., ACEPH’s other subsidiary, also bought the shares of the same group of investors in the 80 MW Islasol for P1.629 billion.

The share purchases were in part of the listed firm’s target of achieving at least 2 gigawatts of attributable renewable energy capacity by 2025.

The deals were expected to close on or before March 31.

On Tuesday, shares in ACEPH went up 1.32% to close at P1.53 apiece. — Adam J. Ang