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BSP slashes rates to counter virus

People stockpile groceries at a supermarket in Quezon City, amid a Luzon-wide lockdown. — REUTERS

THE Bangko Sentral ng Pilipinas (BSP) fired a widely expected rate cut on Thursday to shield the economy against the impact of the coronavirus disease 2019 (COVID-19) outbreak, joining central banks around the world that have eased to help boost activity amid an expected slowdown.

The central bank also imposed additional regulatory relief measures to prop up the banking system amid business disruptions due to the enhanced community quarantine in Luzon meant to contain the spread of the virus.

On Thursday, the BSP’s Monetary Board (MB) slashed policy rates by 50 basis points, reducing the overnight reverse repurchase rate to 3.25%. Overnight lending and deposit rates have likewise been trimmed to 3.75%, and 2.75%, respectively.

“With a manageable inflation environment and stable inflation expectations, the Monetary Board sees enough policy space for an assertive reduction in the policy rate at this juncture to cushion the country’s growth momentum and uplift market confidence amid stronger headwinds,” BSP Governor Benjamin E. Diokno said in a statement on Thursday.

“The monetary policy easing is also aimed at mitigating the risk of financial sector volatility in light of unfolding global developments by ensuring adequate domestic liquidity and credit in the financial system as well as lowering borrowing costs for affected firms and households,” Mr. Diokno added.

A BusinessWorld poll last week saw 12 out of thirteen economists expecting a rate cut of at least 25 bps, with some also penciling in a 50-bp reduction amid heightened economic risks due to the spread of COVID-19.

This latest rate cut follows the 25-bp reduction in February. This means the central bank has already slashed rates by a total of 150 bps since 2019, almost completely unwinding the 175 bps in hikes implemented in 2018.

Aside from the rate cut, Mr. Diokno said the MB also “authorized the time-bound, temporary relaxation of BSP regulations on compliance reporting by banks, calculation of penalties on required reserves, and single borrower limits (SBL).

The central bank has a 25% SBL for big banks to manage their loan exposure.

“The Monetary Board also approved a temporary reduction in the term spread on rediscounting loans relative to the overnight lending rate to zero,” Mr. Diokno added.

The central bank chief said they will be “data-driven” in assessing the need to roll out more initiatives “to support non-inflationary and sustainable growth over the medium term.”

He assured that the BSP is prepared to use its range of monetary tools and deploy regulatory relief measures in line with their mandate to support price and financial stability.

“These supplemental actions may include, but are not limited to, recalibrating the interest rate corridor settings; reducing the reserve requirement ratios (RRR), suspending the term deposit facility (TDF) auctions; and ensuring access to liquidity-enhancing facilities such as the rediscounting windows,” Mr. Diokno said.

The BSP has previously made off-cycle reductions in the RRRs of lenders. Currently, the reserve ratio for big banks is at 14%, while those of thrift and rural banks are at four percent and three percent, respectively.

In a note sent to reporters on Thursday, ING Bank N.V.-Manila Senior Economist Nicholas Antonio T. Mapa said the month-long enhanced community quarantine covering Luzon affects 74% of gross domestic product, which could dim the growth outlook in the coming months.

“Given the imminent downturn in economic activity and the softening of the inflation outlook due to the drop in global crude oil, the BSP was afforded even more scope to cut policy rates,” Mr. Mapa said.

“Lower rates would do little to ignite loan demand given that more than half of the workforce is holed up in their homes given strict curfews and restrictions for movement,” he added.

Meanwhile, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the rate cut is a welcome development and a move in the right direction, but said this is “not the only weapon to quash the symptoms of the virus spread.”

“Thus, the BSP has to be ready, and generally, the government, in coordinating policy moves, both monetary and fiscal ones,” Mr. Asuncion said in an e-mail.

Security Bank Corp. Chief Economist Robert Dan J. Roces, meanwhile, noted the regulatory relief measures from the BSP will help lenders “roll out transmission into the financial system much faster, especially with the latest cut.”

“A heavy fiscal response to match the monetary stimulus is being readied by the authorities, and that will prove to be ample as a response to this pandemic,” he added.

INFLATION TO DROP
Meanwhile, the BSP now forecasts headline inflation to average at 2.2% this year from 3% in the previous meeting. The 2021 view was likewise downgraded to 2.4% from 2.9% previously. Both are closer to the lower end of the 2-4% target of the BSP for both years.

“The latest forecasts are (substantially) below the February monetary policy meeting projections…due to lower-than-projected inflation outturns in recent months, a sharp decline in global crude oil prices, and the adverse effects of COVID-19 on global and domestic economic activity,” Mr. Diokno said.

Inflation averaged at 2.9% in 2019. In February, inflation eased to 2.6% from the 2.9% logged in January and the 3.8% seen a year ago on the back of lower food, transport, and utility prices.

Mr. Diokno said the balance of risks to the inflation outlook is still geared towards the downside for this year and next, as uncertainties caused by the “potentially protracted pandemic” could affect aggregate demand.

“The Monetary Board noted that while the enforcement of the quarantine measures could help in slowing the spread of the virus, the resulting disruptions to industries and private spending are likely to reduce economic growth in the near-term,” he said.

The central bank chief said COVID-19 has also dampened prospects for tourism and trade, remittances, and foreign investments.

The government targets economic growth of 6.5-7.5% after a below-target 5.9% expansion in 2019. However, Socioeconomic Planning Secretary Ernesto M. Pernia has already warned gross domestic product growth could drop by as much as 1.2 percentage points if the outbreak persists for a year.

There were 217 confirmed COVID-19 cases in the country and 17 reported deaths as of Thursday afternoon. — Luz Wendy T. Noble

PSEi hits lowest level year to date, wipes out P1.16 trillion in one day

THE Philippine Stock Exchange index (PSEi) plunged by a record 13.34% on Thursday, erasing P1.16 trillion in market value. Read the full story.

PSEi hits lowest level year to date, wipes out P1.16 trillion in one day

Stocks in free fall, erasing P1.16 trillion in market value

THE Philippine Stock Exchange index closed 711.95 points or 13.34% lower to 4,623.42 on Thursday. — PHILSTAR/KRIZ JOHN ROSALES

THE Philippine Stock Exchange index (PSEi) plunged by a record 13.34% on Thursday, erasing P1.16 trillion in market value.

Investors rushed to the exit once trading opened on Thursday morning, after a two-day closure due to the Luzon-wide lockdown meant to contain the coronavirus disease 2019 (COVID-19) outbreak.

The circuit breaker was triggered shortly after stocks slumped 12.4% immediately after the market opened. Since it is only triggered once a day, the PSEi went into free fall, plummeting as much as 24.29%.

The main index closed 711.95 points or 13.34% lower to 4,623.42 — its largest-ever one-day drop in both points and percentage. This was also the lowest close since Jan. 26, 2012 when it hit 4,611.68.

PSE Chief Operating Officer Roel A. Refran said the bourse operator is looking at revising its circuit breaker rules in an attempt to curb market volatility. He said in a text message they are looking at a multi-level circuit breaker, similar to other markets.

PSEi hits lowest level year to date, wipes out P1.16 trillion in one day

“The numbers show us the intensity of the pessimism in the volatile market today,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a text message.

He noted investor sentiment across the world is at a low amid fears of a recession in advanced economies, while in the Philippines, investors are concerned over the economic disruptions due to the Luzon-wide lockdown.

During Thursday’s shortened trading session, foreign net selling surged to P2.40 billion from P741.72 million on Monday.

Trading volume spiked to 1.25 billion issues valued at P9.42 billion from 618.19 million issues worth P6.44 billion in the last session.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun said investors rushed to sell after two days of no trading.

“This sell-off will continue until we see some improvement on the containment of the COVID-19 virus on our shores,” Mr. Mangun said in an e-mail.

Philstocks’ Mr. Tantiangco advised investors to “sell positions for now” and “wait for the local bourse to consolidate first or show a sustainable recovery before taking positions.”

For PNB Securities, Inc. President Manuel Antonio G. Lisbona, investors must remain on close watch for opportunities to benefit from the situation.

“It is hard to be optimistic especially after seeing declines of this magnitude day after day but in hindsight, it’s events like these are what provide golden opportunities for investors with the liquidity, fortitude and patience,” he said in a text message yesterday. — Denise A. Valdez

Tax filing deadline extended to May 15

THE DEADLINE for filing annual income tax returns has been moved to May 15 due to the Luzon-wide lockdown. — PHILIPPINE STAR/ KRIZ-JOHN ROSALES

THE Bureau of Internal Revenue (BIR) extended the deadline for the filing of income tax returns (ITR) by one month to May 15, but the Finance department said this may result in an “estimated delay and shortfall in tax collections of around P145 billion.”

BIR Commissioner Caesar R. Dulay issued Revenue Memorandum Circular (RMC) No. 28-2020 dated March 18 which moved the deadline of the filing of 2019 annual ITRs to May 15 from April 15, amid the Luzon-wide lockdown over the spread of the coronavirus disease 2019 (COVID-19).

“This emergency measure is being offered to provide relief to Filipino taxpayers who will not be able to prepare, let alone file, the necessary ITR documents on or before the original annual deadline of April 15 because of skeletal workforce arrangements and enhanced community quarantine rules that the national government has implemented to contain the pandemic,” the DoF said in a statement.

The government targets to collect P3.49 trillion this year to fund its P4.1-trillion spending plan, with the remaining funds to be sourced from its borrowing activities. The BIR is tasked to collect P2.576 trillion.

Asked if the delay in collecting P145 billion in taxes would affect the government’s spending plan, Finance Secretary Carlos G. Dominguez III said in a Viber message that there will be “no impact” to government expenditures.

The DoF urged those who are able to file their ITRs on or before the original April 15 deadline to still do so, to allow the government to raise funds for efforts to contain the COVID-19 outbreak and to help affected sectors.

Taxpayers who are enrolled in the electronic filing and payment system may settle their tax liabilities with authorized agent banks. Other payment options include over-the-counter payments through authorized agent banks and electronic/online payment platforms.

Digital payments firm Paymaya Philippines has waived its P20-convenience fee for BIR payments through the platform until May 31.

Also, the BIR, through RMC 27-2020, extended the deadline for filing applications for value-added tax (VAT) refunds for those falling due on March 31 to April 30.

The bureau also suspended the 90-day period processing of VAT refund claims for ongoing claims, and those received between March 16 to April 14. The counting of the number of processing days will resume after the lifting of the Luzon-wide lockdown.

BIR Deputy Commissioner for Operations Arnel S.D. Guballa said in a mobile phone message that the bureau is “rushing” to work on extending other tax deadlines.

Tax Management Association of the Philippines, Inc. (TMAP) has welcomed the 30-day extension of ITR filing and payment as this will give accountants ample time to prepare amid the Luzon lockdown.

TMAP President Romeo H. Duran said they will still appeal to the BIR for a 30-day extension to deadlines of other returns which will fall under the quarantine period.

“We are very much in favor of the extension… [as well as on the] VAT refund, processing of claims. It’s so difficult to meet the March 31 deadline… We’re also looking at asking the BIR for other tax types also whose due dates will fall during the quarantine period,” he said in a phone interview.

He said they will also request the BIR to revisit the deadlines on other filing requirements such as administrative protests and replies since preparing these requires sifting through documents and onsite operations.

RMC 26-2020 dated March 17 reminded taxpayers that other returns with deadlines falling during the 30-day quarantine period can file “tentative returns” and “tax payers are given 30 days… to file the final tax returns and pay taxes due thereon.”

The entire Luzon island has been placed under enhanced community quarantine until April 12 in the government’s attempt to slow the spread of the virus that infected 217 and killed 17 people in the country, as of Thursday. — Beatrice M. Laforga

Regulator makes it easier for companies to request extension of filing deadline

THE Securities and Exchange Commission (SEC) is further easing its requirements for companies that are seeking an extension of the deadline for filing of 2019 annual reports and audited financial statements.

In a notice on its website, the corporate regulator said it is dispensing with previously announced rules that a sworn statement is needed to be allowed to submit annual reports and audited financial statements beyond the deadline.

“In light of the implementation of an enhanced community quarantine for the entire Luzon…, the commission en banc…resolved to dispense (its) requirements, both for publicly listed and non-publicly listed companies,” it said.

One of these requirements is the submission of a sworn certificate signed by the company’s president and treasurer to confirm that the company was significantly affected by the coronavirus outbreak, whether through business operations or the preparation of the financial statements.

Another requirement is the sworn certification by the company’s external auditor.

These requirements were laid out in Memorandum Circular No. 5 issued last week. It sought to extend the filing period of annual reports and audited financial statements to the end of June.

In a statement, the SEC said the adjustment of the rules seeks to give more time to companies to prepare and file their reports as the island of Luzon has been placed under enhanced community quarantine until April 13.

Companies that operate domestically may submit their filings until June 30. Those that have both domestic and foreign operations may submit filings until June 30 or 60 days from the date of lifting of travel restrictions, whichever comes later.

The adjusted rules and deadline applies to companies that have fiscal years ending Dec. 31, 2019 and Nov. 30, 2019. — Denise A. Valdez

Toyota suspends operations

By Jenina P. Ibañez, Reporter

TOYOTA Motor Philippines Corp. (TMP), the largest automotive company in the country, has suspended its operations amid the Luzon-wide enhanced community quarantine.

The move is in line with the decision of global carmaker Toyota Motor Corp. to suspend operations in several vehicle plants, including those in Europe and Asia, as the new coronavirus disease 2019 (COVID-19) impacts businesses worldwide.

Philippine operations will remain suspended until mid-April, as the enhanced community quarantine is expected to be lifted on April 13.

“We follow government guidelines,” TMP First Vice-President Rommel R. Gutierrez said in a mobile message.

“For now, non-production team members follow a work-from-home scheme,” he said.

TMP head office and manufacturing plant are inside the 82-hectare Toyota Special Economic Zone (TSEZ) in Santa Rosa City, Laguna.

President Rodrigo R. Duterte on Monday announced an enhanced community quarantine on Luzon in response to the COVID-19, enforcing strict home quarantine and suspending public transportation.

The quarantine limits the private establishments that may remain open, sparing those that provide basic necessities such as supermarkets, hospitals, pharmacies, and banks. Business process outsourcing and export-oriented companies may also remain operational under minimized workforce arrangements.

Toyota halted operations at its plants in Britain and Poland on Wednesday, while operations in the Czech Republic and Turkey will also be suspended this week. Operations in Malaysia are suspended from next Monday until the end of March.

Toyota on Thursday also announced temporary suspension of North American automobile and components plants production, including facilities in the USA, Canada and Mexico, from March 23-24.

“This action is being taken to help ensure the health and safety of our employees, and due to an anticipated decline in market demand related to the economic impact of the COVID-19 pandemic,” the statement said.

“We will conduct a thorough cleaning at all of our manufacturing facilities during the shutdown. This also will allow Toyota employees to prepare and adjust family plans in relation to regional directives to close schools,” it added.

Ayalas’ IMI on ‘partial’ shutdown

AYALA-LED Integrated Micro-Electronics, Inc. (IMI) is suspending work at some of its facilities in Luzon due to the government’s month-long lockdown to contain the spread of the new coronavirus.

In a disclosure to the stock exchange yesterday, the electronics manufacturer said it will be implementing a “partial shutdown” of its plants from March 17 to April 13.

However, it will still be observing a skeletal workforce system in “critical business operations” in Luzon.

“Given the Philippine government’s approval for export-oriented companies to remain operational, IMI is collaborating with units in the local and national levels to explore the ability to maintain the appropriate production levels within its factories,” it said.

“IMI will continue to ensure the health, safety and welfare of its employees and will abide by the guidelines mandated by government,” it added.

Among the authorized persons to leave their residences during enhanced community quarantine are personnels of “export-oriented businesses,” based on the guidelines by the Joint Task Force Corona Virus Shield released Wednesday.

IMI is an exporter of electronic materials such as printed circuit board assembly, flip chip assemblies, electronic sub-assemblies, box build products and enclosure system. It has factories in the Philippines, China, Bulgaria, Czech Republic, Germany, Japan, Mexico, Serbia, the United Kingdom and the United States.

Before the Luzon-wide quarantine to fight the rising cases of coronavirus disease 2019 (COVID-19) in the Philippines, IMI’s facilities in China have shut down in late January when the country was hit with the outbreak.

IMI posted a net loss of $7.78 million in 2019, a turnaround from a net profit of $47.19 million a year ago, due to lower revenues from a declining market environment.

Shares in IMI at the stock exchange lost 82 centavos or 19.52% to P3.38 each on Thursday. — Denise A. Valdez

BPO firms try to stay open after quarantine

BUSINESS process outsourcing (BPO) companies are racing to comply with requirements to remain operational under minimal workforce arrangements amid the enhanced community quarantine in Luzon.

The country’s business process outsourcing group advised its member companies to continue operations under the conditions outlined by the government.

In a statement on Thursday, the Information Technology and Business Process Association of the Philippines (IBPAP) said it has circulated advisories released by the labor and transportation departments and the Interagency Task Force for the Management of Emerging Infectious Disease to member companies.

“These guidelines allow our sector to be more agile despite the restrictions imposed by the enhanced community quarantine — catering to the needs of our people, clients, and other stakeholders while taking preventive measures to protect them from COVID-19,” IBPAP Chief Executive Officer Rey C. Untal said.

President Rodrigo R. Duterte on Monday announced a month-long enhanced community quarantine on Luzon, enforcing strict home quarantine and suspending public transportation.

In addition to companies that provide basic necessities, business process outsourcing and export-oriented companies are allowed to remain operational under minimized workforce arrangements, and on the condition that the companies apply social distancing measures and provide temporary accommodation.

These arrangements need to be set up by March 20, according to a memorandum from the Office of the President released on Wednesday.

Concentrix Philippines, in an e-mailed response to questions, said on Thursday that the suspension of public transport has disrupted the mobility of majority of staff who rely on the services to reach work.

“We have various offices in Luzon that were all impacted,” it said.

The company said that a work-from-home model is “highly unusual” for the outsourcing industry, as its operations require complex tools and high-level data security.

“But we are working very fast with our staff and clients on enabling the work-at-home set up for those who are eligible,” it said.

Concentrix is working on giving the remaining on-site staff temporary accommodations, either in their offices or in nearby hotels.

The company is also releasing P1 billion in temporary support for the staff, including advanced provision of pro-rated 13th month pay, a zero-interest calamity loan for medical, house rental, utilities, and tuition fee expenses, and salary advances for Luzon staff who are unable to go to work.

Teleperformance Philippines in a statement on Wednesday said that the company is offering on-site accommodation, meals, and transport for as long as it is allowed.

The company is also releasing a portion of 13th month pay, offered enhanced premiums for on-site staff, and assured staff of access to health maintenance organization services.

Employees who are unable to report to work were advised to stay home.

Transcom Asia Philippines on Monday suspended its Metro Manila operations, and released pay in advance of two weeks to employees. The company said it will be “ready to resume work immediately within the given parameters.”

Accenture Philippines and Telus International Philippines declined to comment. — Jenina P. Ibañez

DTI ensures free movement of cargo

THE Department of Trade and Industry (DTI) released its memorandum ensuring the free movement of cargo amid the enhanced community quarantine in Luzon.

DTI said in a memorandum on Thursday that the free movement covers all types of cargo, whether food or non-food, in entire Luzon. Earlier reports said that non-food items had been barred at checkpoints.

“If subjected to random inspection (with cargo before delivery or empties after delivery), the movement of cargoes shall not be delayed, upon presentation of the cargo manifest or delivery receipt indicating the destination, nature and quantity of the loaded goods/cargoes,” the memorandum said.

As enterprises that manufacture food, essential hygiene products, medicine, and medical supplies are allowed to continue operations, the distribution and logistics operations supporting these may continue. This includes cargo handling, warehousing, trucking, and port operations.

The workforce at establishments in operation must present a valid company ID card, proof of residence, and certification of employment at checkpoints.

An official ID will be issued by the DTI, and must be presented at checkpoints starting on March 22, unless extended.

Export and business process outsourcing operations are allowed to continue under minimal staffing. Equipment transfer for work from home arrangements and movement of people arranging lodging for employees in these companies are allowed until March 20.

A copy of the memorandum circular will be presented to the Philippine National Police and Local Government Units at checkpoints.

The DTI in a separate memorandum is also limiting the sale and purchase of a set of goods to a quantity that meets their needs of up to seven days. These goods include face masks, medical devices, alcohol, hand sanitizers, and other disinfectants.

DTI also set limits to disinfectant alcohol, hand sanitizer disinfecting liquids, bath soap, toilet paper, face masks, locally produced instant noodles, locally produced canned sardines, canned regular milk, milk in sachet, instant coffee loaf bread, and mineral water.

The memorandum takes effect immediately. — Jenina P. Ibañez

Firms extend more support amid virus

MORE companies are giving back amid the Luzon-wide lockdown being implemented due to a new coronavirus disease.

Jollibee Foods Corp. told the stock exchange on Thursday that it was donating P100 million-worth of food products to health workers and checkpoint personnel.

The homegrown food giant is also allocating an emergency response fund amounting to P1 billion for its employees.

Meanwhile, Metropolitan Bank & Trust Co. and GT Capital Holdings, Inc. said they will provide assistance to their customers, employees, and partners.

“[Also], a pledge of a P200 million-fund will go towards initiatives that directly support the fight against the virus,” they said in a statement.

Fruitas Holdings, Inc. said it is donating 1,000 bottles of fresh buko juice daily to the frontliners battling the virus.

Cebu Landmasters, Inc. said it will provide additional financial support to its 5,000 construction workers in Cebu, Mandaue, Mactan, Davao, Cagayan de Oro, Dumaguete, Bacolod, Iloilo, Bohol and Ormoc as business activities continue in the said areas.

For its part, PayMaya Philippines, Inc. said it has partnered with the Philippine Red Cross to allow direct donations from any PayMaya Account via QR to the humanitarian organization.

San Miguel Corp. said it will distribute Nutribun, its vitamin-packed bread product, to charitable groups and critical communities in the capital. The company continues to deliver canned food, coffee and biscuits to local government units, checkpoints and hospitals within the metro.

GMA Network, Inc. said all its employees will receive their full salaries and the cash equivalent of their rice benefits. — Arjay L. Balinbin

AC Energy merges local and overseas entities

AYALA-LED AC Energy, Inc. is transferring its stake in renewable energy projects abroad to its Philippine-listed unit in exchange for more shares in the latter.

AC Energy Philippines, Inc. (ACEPH) said on Thursday that its board had agreed to inject additional primary shares to its parent company, which will own 85% of the former, in exchange for the latter’s shares in its international renewables unit, Presage Corp.

“This transaction will firmly establish the company as Ayala’s energy platform both in the Philippines and around the region,” AC Energy Chairman Fernando Zobel de Ayala said in a statement.

The combined platform is valued at approximately P97 billion with a perceived attributable capacity of around 1,500 megawatts (MW) in operating and under-construction power plant projects, 60% of which are renewables.

“The company shall continue to focus on renewables expansion, as we move towards our 2025 goal of reaching 5 GW (gigawatts) of renewables capacity,” AC Energy President and Chief Executive Officer Eric T. Francia said.

The listed firm said the deal is expected to close within the year.

Meanwhile, ACEPH’s board agreed to change the company name to AC Energy Corp. It is set to increase the energy platform’s authorized capital stock by P24 billion. It also approved a $200-million potential investment in the 160-MW Balaoi wind project in Pagudpud, Ilocos Norte, with partner UPC Renewables, which runs wind and solar projects globally.

The company is set to invest $100 million in new technologies and a renewable energy laboratory project in Mariveles, Bataan. — Adam J. Ang

SBS founder, chairman Sytengco dies

Necisto U. Sytengco, Chairman of SBS Philippines Corporation

NECISTO U. Sytengco, founder and chairman of chemical trading company SBS Philippines Corp., had passed away.

The company told the public of his death through a regulatory filing to the stock exchange on Wednesday.

Mr. Sytengco was chairman of the board of SBS at the time of his death. He built the company in the 1970s and served as its president from its incorporation in July 2001 until January 2016. He became chairman in March 2015.

Forbes named Mr. Sytengco the 39th richest man in the Philippines last year with a net worth of $210 million (about P10.75 billion) as of September 2019.

SBS was originally a single proprietorship merchandising firm that dealt with the import-wholesale trade of chemicals and other products. Mr. Sytengco led its growth and transformation. — Denise A. Valdez

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