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Foreigners banned from entering country

THE government is temporarily banning the entry of foreigners to the country to help contain the spread of the coronavirus disease 2019 (COVID-19).

In an advisory on Friday, the Department of Transportation (DoTr) said that starting on March 22, only overseas Filipino workers (OFWs), repatriating Filipinos and their foreign spouses and children will be allowed entry to the Philippines during the lockdown.

Foreign government and international organization officials accredited to the Philippines are also exempted from the ban.

This further expands the government’s move last week to extend the Philippine travel ban to people coming from countries that have localized transmission of COVID-19, excluding the mentioned exceptions.

DoTr also said that overseas Filipino workers, balikbayans, and foreign nationals leaving the country through any Luzon port will be allowed throughout the duration of the enhanced community quarantine. Filipino tourists planning to leave the country are not allowed to depart.

The Bureau of Immigration (BI) is also implementing restrictions on the entry of foreign nationals.

The BI said in a statement on Friday that it is following the Department of Foreign Affairs (DFA) circular suspending visa issuance and visa-free privileges for foreign nationals.

“We will be implementing it in 48 hours, or 12mn of March 22, 2020 to give ample time to the DFA to inform foreign posts and embassies,” BI Commissioner Jaime H. Morente said.

“We will likewise be temporarily restricting the entry of foreign nationals who have converted to both immigrant and non-immigrant visas, those under visa waiver agreements, as well as special visa holders.”

President Rodrigo R. Duterte on Monday announced a month-long” enhanced community quarantine” limiting the movement of people in Luzon.

The DoTr said uniformed personnel transporting medical supplies and laboratory specimens related to COVID-19 and other humanitarian assistance are allowed to travel by land, air, and sea.

The department said sweeper flights bringing foreign nationals to airports may continue. Only one person is allowed to bring or fetch a passenger to/from the airport.

“He/she must depart immediately after picking up/dropping off said person. The driver should carry with him/her a copy of the airline ticket of the passenger as proof of conveyance,” the advisory said.

Meanwhile, Philippine Airlines (PAL) will operate a limited number of international flights after the government lifted the 72-hour window for outbound international flights.

In a statement on Friday, PAL said it will operate these flights in response to the government’s call to help foreign tourists return home and overseas Filipino workers return to their place of work. — Jennina P. Ibanez

TAGS: DoTr, foreigners, BI, Immigration,

From March 20 to the end of the month, PAL will have flights between Manila and Los Angeles, San Francisco, Honolulu, Toronto, Vancouver, New York, London, Bangkok, Singapore, Kuala Lumpur, Tokyo, Nagoya, Osaka, Fukuoka, and Guam.

PAL said that it may add or reduce flights as needed, and will announce April flights based on developments related to the quarantine.

PAL said that a full restoration of international flights is not currently possible as the suspension of public transport has limited its airport manpower.

“Travel bans and restrictions imposed by various governments have forced the cancellation of some routes and significantly reduced actual travel between countries amid the COVID-19 situation.”

DoTr in a separate advisory on Friday said airport personnel will be allowed to cross Metro Manila checkpoints under the quarantine.

This includes pilots, flight crew, airline ground personnel who conduct airport operations, air traffic services personnel and other personnel of the Civil Aviation Authority of the Philippines (CAAP), and Civil Aeronautics Board (CAB) personnel who man the help desks.

This also includes airport personnel of the Manila International Airport Authority (MIAA), CAAP, and Luzon International Premiere Airport Development (LIPAD), including but not limited to those who conduct airport operations.

All courts physically closed thanks to pandemic

ALL COURTS nationwide, from the Supreme Court down to the first level courts, will be “physically closed” to all court users starting March 23 due to the coronavirus disease 2019 (COVID-19) pandemic.

“Due to the unabated rise of COVID-19 infection, and with the entire country now under a state of calamity… all courts nationwide, from the Supreme Court down to the first level courts, shall be physically closed to all court users and may be reached only through their respective hotlines, and e-mail addresses and Facebook accounts, if available, effective 23 March 2020, Monday,” the Supreme Court said in Administrative Circular 32-2020 which was released on Friday.

The Supreme Court noted that all calls and messages directed to courts will be entertained from 8:30 a.m. to 2 p.m., Monday to Friday.

In the case of urgent matters, only then will the justice or judge on-duty, together with a skeleton staff, go to court to receive and act on the said urgent matter, the High Court said.

Accordingly, all justices and judges on-duty, together with their skeleton staff, are directed by the Supreme Court to stay at their respective residences, and will only go to their courts “once it has been determined that an urgent matter has to be acted upon.”

Meanwhile, Court personnel who were previously authorized to report to their respective courts, such as those concerned with the payments and release of salaries and allowances in the Judiciary, will continue to report to their respective courts “as the need arises.”

The Supreme Court also urged law enforcement agents to let justices, judges and their respective skeleton-staff pass through checkpoints “as they all likewise have a constitutional mandate to perform.” — Genshen L. Espedido

NPA give COVID-19 truce offer the cold shoulder

THE Palace on Friday slammed the exiled founder of the Communist Party of the Philippines (CPP) Jose Maria C. Sison for not reciprocating a unilateral ceasefire with the government after this was declared last Wednesday, adding that the exiled militant rebel should show “patriotism” in agreeing with this peace.

Mr. Sison said on Thursday that the government’s call for a ceasefire because of the coronavirus disease 2019 (COVID-19) does not assure the rebels and he called it “premature” and “insincere.”

“At a time when all Filipinos, regardless of class, religion, or ideology, are united to prevent the spread of the coronavirus disease 2019 in the country, Mr. Sison, in these times of a national health emergency and calamity, would rather have a hostile environment where Filipinos argue with, if not kill, each other,” Presidential Spokesperson Salvador S. Panelo said.

Mr. Panelo added, “This circumstance is a golden opportunity for Mr. Sison to show his patriotism by extending his hands for peace, for the sake of the Filipino people.”

The unilateral ceasefire was declared after President Rodrigo R. Duterte announced an “enhanced community quarantine” covering the entire Luzon since community-transmission of the virus.

The quarantine calls for the suspension of most work and public transportation and requires everyone to undergo home quarantine unless they are health frontliners or are from exempted sectors that deliver basic goods and services.

Mr. Sison called the Luzon Lockdown “militarist,” adding that the quarantine is not meant to address concerns on the virus but to “intimidate the people, suppress democratic rights, commit human rights violations and prevent the working people from going to their workplaces, and immobilize even the health workers and people who wish to tested and treated for COVID-19 and serious ailments.” — Gillilan M. Cortez

SMC defers issuance of P60-B commercial papers

SAN MIGUEL Corp. (SMC) is delaying the issuance of P60 billion worth of commercial papers, as Luzon is under enhanced community quarantine until mid-April due to the coronavirus disease (COVID-19) outbreak.

In a disclosure to the stock exchange Friday, the listed conglomerate said it “will defer the processing of the registration statement and the issuance and listing of the commercial papers until such time that conditions stabilize.”

It also asked the Securities and Exchange Commission (SEC) to “hold off on further action in connection with the registration statement of the company.”

Last February 6, SMC filed for the shelf registration of P60 billion commercial papers with the SEC. The commercial papers received the highest credit rating of PRS Aaa (corp). by local debt watcher Philippine Ratings Services Corp.

The company said the decision to delay the plan is primarily due to the economic fallout from the spread of the coronavirus disease 2019 (COVID-19) in the country. The Philippine government has put the island of Luzon under enhanced community quarantine until April 12.

“In view of the foregoing, we hereby waive the 45-day review period under Section 12.6 of the Securities and Regulation Code. We shall advise the SEC once the company decides to continue with the registration of the commercial papers program,” it said.

SMC posted flat earnings in 2019 at P48.57 billion, on the back of lower sales from its oil and food segments. Its shares at the stock exchange grew P10.50 or 14.48% to P83 each on Friday. — Denise A. Valdez

Top PHL firms to support workers during lockdown

By Denise A. Valdez, Reporter

MORE listed companies are allocating emergency funds to support their workers during the month-long Luzon lockdown.

Jollibee Foods Corp. (JFC), the Aboitiz Group, SM Group and Wilcon Depot, Inc. on Friday announced financial assistance programs for employees who are affected by the work disruption arising from the enhanced community quarantine (ECQ) in Luzon.

In a statement, JFC said it is setting aside P1 billion as an emergency response fund to provide employees in its offices, stores, commissaries and logistics centers with financial support to help them cope during the ECQ.

Those under the joint employment program for senior citizens and persons with disabilities and the partner employers in JFC stores will also be included in the budget.

“In these times, we know how people are worrying about their safety and how to take care of their families. We want to help lessen their worries and we are setting up this fund to be able to help them through this difficult time,” JFC Founder and Chairman Tony Tan Caktiong said in the statement.

“We are moved by how different individuals and sectors are taking action to help one another and we are one with them in supporting the government…,” he added.

JFC committed to give its employees their full salary during the one-month lockdown period. Their 13th month pay will also be given in advance on April 30.

The Aboitiz Group in a separate statement said it has allocated P900 million for employee assistance, covering the early release of end-March salaries and the 13th or 14th month pay.

The company likewise committed to shoulder employees’ medical expenses that are related to the coronavirus disease 2019 (COVID-19).

“[D]uring these trying times, we understand financial security is critical for all… [W]e wish that you and your loved ones are safe and healthy in your homes,” Aboitiz Group President and Chief Executive Officer Sabin M. Aboitiz was quoted in a statement as saying.

Employees of the Aboitiz Group in Luzon and Visayas are now following a work-from-home scheme. The banking and financial services units are implementing a skeletal workforce, while the construction unit is on normal operations but operating with strict precautionary measures.

Golden Arches Development Corporation (McDonald’s Philippines) said it is releasing P500 million to provide assistance for its employees and workers. This covers restaurant crew and managers whether they are unable to come to work or not, while head office employees’ salaries will be given during the quarantine.

For the crew and managers who are manning selected open stores, they will get a special premium pay package and care kits that include face masks and alcohol.

The fund will also cover food to be donated to frontliners such as medical health workers, LGU workers, NGO volunteers, and the marginalized sector.

“Amidst any crisis, people must come first; we do what we can to ensure their welfare. We also have a responsibility to our partners to ensure that they can continue doing business and be able to care for their own people. Finally, as a Filipino company, we have a duty to be a partner of the government in serving the public in whatever way we can,” McDonald’s Philippines Chairman and Founder Dr. George Yang said in a statement.

WORKERS COMPENSATION
For the SM Group, the company said its employees will receive regular compensation with no deductions during one-month quarantine period until April 12.

SM Group will also give an extension of its emergency financial assistance to frontliners, security guards and janitorial staff: the frontliners will receive a “premium pay,” while security guards and janitorial staff will get P5,000 for the period.

“In these trying times, we are in uncharted territories… Let’s be mindful of our frontliners and help with their need to be alert so they can continue to do their best in working for the safety and health of our communities,” SM Prime Holdings, Inc. Executive Committee Chairman Hans T. Sy was quoted in a statement as saying.

Wilcon Depot said its affected workforce will receive financial assistance even as its corporate offices and stores are shuttered during the Luzon lockdown.

In a statement, Wilcon said its employees will receive their salaries in full during the duration of the ECQ.

Luzon is under enhanced community quarantine until 12 a.m. of Apr. 13. During the period, the whole island will observe “strict home quarantine” with some exemptions to help prevent the spread of COVID-19.

SEC releases rules on GIS filing during lockdown

THE Securities and Exchange Commission (SEC) is allowing corporations to submit their general information sheets (GIS) via different methods while Luzon is under quarantine.

In Memorandum Circular No. 9 uploaded on its website, the SEC outlined the guidelines for GIS filing whether or not corporations were able to conduct officer elections and annual meetings.

If a company was able to meet to elect directors, trustees and officers, its GIS must be submitted within 30 days from the actual meeting via mail, private courier or email. For email, the GIS may be sent to mlmliwanag@sec.gov.ph, mdtmabuyo@sec.gov.ph or cmdnotive@sec.gov.ph.

If a company is unable to elect its officers between March 1 and May 1 as scheduled due to safety concerns over the coronavirus disease (COVID0-19) outbreak and has no means for remote communication, the SEC must be notified within 30 days from its original meeting date. This may be done through mail, private courier or email, using the same email addresses above. The notice must specify the new date for the election, which should be within 60 days from the original schedule.

If a company is not able to meet for elections due to reasons unrelated to the COVID-19, it must notify the SEC within 30 days from the company’s original meeting date. The letter should inform the SEC of the new date for the election, which must be within 60 days from the original schedule.

If a company is unable to notify the SEC of failing to meet for elections, the results of the would-be elections must still be reported through the GIS, submitted to the SEC within 30 days from the date of its actual meeting. However, the GIS will “no longer enjoy the same forbearance from the penalty for late submission” as provided for others that complied.

These new rules on GIS filing are effective starting Mar. 18.

“We will closely monitor ensuing developments and make adjustments, if needed, to help corporations and other stakeholders mitigate the risks and negative impact of the COVID-19 outbreak,” SEC Chairperson Emilio B. Aquino said in a statement. — Denise A. Valdez

Green Cross working to restock alcohol amid hoarding

By Zsarlene B. Chua, Senior Reporter

GREEN CROSS Inc. said the company is working “round the clock” to produce and distribute its alcohol and hand sanitizing products amid “heightened” demand due to the coronavirus disease (COVID-19) pandemic.

“Our production lines are now practically running around the clock and we are working longer hours to increase output and meet the unprecedented demand, particularly for alcohol,” Green Cross President Michael Co said in a statement on Wednesday.

He also urged consumers “to do their part in ensuring the availability of alcohol” by not hoarding and limiting purchases to two bottles as recommended by the Department of Trade and Industry.

The company manufactures Green Cross alcohol and alcogel, Zonrox bleach, among others.

“Green Cross [has begun] running on extended hours and working very hard to restock shelves at the soonest possible time despite the challenges we face with limitations imposed by the quarantine and their implications on the entire supply chain,” the company told BusinessWorld in an e-mailed statement on Wednesday.

The company said that the production and transport of raw materials and manpower have been affected by the newly-imposed enhanced quarantine measures in Luzon.

Green Cross is also working with the local government units and “deploying their own resources” to ensure the safety of seamless mobility of their employees so they can continue production.

More products are expected to be delivered to hospitals, health centers, and stores in the coming days.

“We are all working hard to make sure that the supplies needed to combat the spread of the virus are readily and sufficiently available for all, especially for our tireless health workers and other front-liners,” Mr. Co said.

The company also allocated supplies for donation to hospitals and barangay health centers in Parañaque and Muntinlupa.

US investment firm raises stake in DoubleDragon

UNITED STATES-based investment firm The Capital Group Companies, Inc. is increasing its stake in DoubleDragon Properties Corp. to 5%.

In a regulatory filing sent in advance to reporters on Friday, the listed property firm said it sold 183,100 common shares to The Capital Group at P14.96 each. This increases the Capital Group’s investment and voting discretion in DoubleDragon to 118,495,700 common shares, equivalent to 5% of its total outstanding shares.

The investment is made through The Capital Group’s subsidiary Capital Research and Management Co. (CRMC). The transaction was done by CRMC on Mar. 12.

“The above mentioned shares were purchased and are held solely for the investment purposes in the ordinary course of business and not with the purpose or effect of changing or influencing control,” it said in the filing.

The Capital Group is the parent company of investment management firms CRMC and Capital Bank & Trust Co. On its website, it said it is managing more than $1.8 trillion in investments across the world.

As of end-2018, the owners of DoubleDragon that have shares reaching at least 5% of the total are Injap Investments, Inc. (34.85%), Honeystar Holdings Corp. (34.85%), BDO Securities Corp. (9.88%) and Deutsche Bank Manila-clients (5.24%).

The company booked an attributable net income of P2.45 billion in the first nine months of 2019, soaring from P966.02 in the same period a year ago, driven by a 47% jump in revenues to P6.93 billion

Shares in DoubleDragon at the stock exchange closed 30 centavos or 1.88% higher to P16.30 apiece on Friday. — Denise A. Valdez

Holcim, Cemex temporarily suspend production

SOME cement manufacturers are suspending work at their facilities as coronavirus disease 2019 (COVID-19) outbreak.

In disclosures to the stock exchange Friday, Holcim Philippines, Inc. and Cemex Holdings Philippines, Inc. said they are temporarily halting production in their respective cement plants for the mean time.

For Holcim, it said operations have been suspended in plants, terminals and offices since last Tuesday. This covers the company’s cement factories in Bacnotan and Norzagaray, terminals in Calaca, Mabini and Manila, and dry mix factory in Parañaque.

A work-from-home scheme is also in place for employees at its head office in Taguig City and offices in Luzon.

“These (work disruptions) will remain in effect until the government lifts the community quarantine protocols,” it said. “These are unprecedented actions but necessary and critical to support the government’s efforts to combat the disease.”

But Holcim noted its operations in plants and terminals in Visayas and Mindanao are still ongoing.

For Cemex, production at its Solid Cement Plant in Antipolo City is on hold, and the delivery of cement products from the same plant is suspended until further notice.

“(Cemex) believes that these measures are consistent with protecting the health and safety of (Cemex)’s employees, contractors, customers and community…,” it said.

For now, only the company’s APO Cement plant in Naga, Cebu will operate and under “extraordinary mitigating measures.”

“(Cemex) will continue to work with its employees, customers and suppliers on how to manage the temporary stoppage of production at the Solid Cement Plant,” it said.

Luzon is under enhanced community quarantine until midnight of Apr. 13. During the period, the public is required to stay at home with the exemption of employees in basic services, essential goods and utility sectors. — Denise A. Valdez

Meralco suspends meter reading, bill delivery

MANILA ELECTRIC Co. (Meralco) told its electricity customers on Friday that it deferred physical meter reading and bill delivery as Luzon is currently under an enhanced community quarantine to contain the spread of COVID-19 (novel coronavirus disease 2019).

Customers whose meters are scheduled to be read between March 17 to April 14, the monthly bill will be based on their average electricity usage for the past three months as per the advice of the Energy Regulatory Commission (ERC).

“The difference will be reflected on your next bill and corresponding charges will be adjusted,” Meralco’s advisory read.

On Monday, the distribution utility announced a 30-day payment extension for bills due from March 1 to April 14, as it assured its customers of its unimpeded services for the duration of the Luzon-wide total lockdown.

The Department of Energy (DoE) also asked all energy sector stakeholders to defer the payment of obligations and dues by customers by 30 days or until after the lockdown period ends on April 14.

The National Electrification Administration on Thursday also asked the 121 electric cooperatives operating mainly in rural areas across the country to also extend the deadline for customers’ bill payments by up to 30 days.

As businesses shut their operations at this time, the DoE noted in its latest monitoring of power supply that electricity demand fell by about 30%.

“The primordial concern right now is to defeat the (COVID-19) crisis,” DoE Secretary Alfonso G. Cusi said in a statement on late Wednesday. — Adam J. Ang

Philippine stocks veterans see more pain after record plunge

PHILIPPINE stocks investors, crushed by the steepest plunge on record, should brace for more pain, according to the country’s seasoned market watchers.

The Philippine Stock Exchange Index pared gains of as much as 6.8% to end 3.4% higher at the 1:00 p.m. close in Manila. Any rally from Thursday’s record 13% loss after a controversial two-day trading halt could just be a technical bounce and will likely be short lived, analysts say. Until the coronavirus outbreak subsides, the brutal sell-off that it triggered won’t stop even with valuations at the lowest in 11 years, according to Philequity Fund.

“I haven’t seen anything like this in my almost 50 years in the market,” says Wilson Sy, founder of the Philequity Fund, one of the nation’s oldest mutual funds. “Fundamentals are thrown out. Technicals are thrown out. The coronavirus has taken hold. Until this tapers off, this kind volatility will hit us.”

Philippine stocks plunge by most ever after resuming from two-day halt

The virus-fueled global equity sell-off pushed the Philippine stock index down through Thursday by almost 41% since the end of 2019, its worst start to a year, based on data going back to 1987. Its valuation, once among Asia’s highest, has tumbled to about 9 times earnings forecast for the next year, the cheapest in the region after benchmark indexes in Hong Kong, South Korea and Sri Lanka.

Philippine equities will keep retreating until a bottom is seen in overseas markets, particularly the U.S., according to April Lynn Lee-Tan, head of research at COL Financial Group Inc., whose more than 20 years of experience has encompassed the 1997-1998 Asian financial crisis. An escalation in infections and fears of a global recession will likely trigger further losses, exacerbated by programmed trading and the selling of positions that need to be undone as certain prices are hit, she said.

“Stocks are really cheaper now no matter how you look at it,” Tan said. “Now is exactly the time to be greedy when others are fearful. But if you come in, do it slowly and make sure you can hold on to those positions until things normalize.”

A U.S.-listed exchange-traded fund that tracks Philippine shares rose 2.7% on Thursday. The ETF plunged by a record 19% on Monday after the bourse announced it was shutting.

Foreigners are selling Philippine stocks at the fastest pace since 1999, when Bloomberg began tracking the data. They have pulled more than $527 million so far this year. The exodus, which has wiped out more than $105 billion in market value since December through Thursday, isn’t seen ending any time soon as investors continue to flee to havens.

Philippine stocks are trading at their cheapest levels since 2009

“Investors are having second thoughts about coming in because it seems fundamentals are taking a hit from the virus,” Tan said. “People aren’t thinking straight at this point, and the reason for selling is not really fundamentally driven — but fear.”

With no signs that the viral outbreak has peaked, the Philippine stock index may exceed its 56% peak-to-trough slump during the 2008 global financial crisis, according to Manny Cruz, a strategist at Papa Securities Corp. A dip below 4,000 — the gauge closed at 4,623.42 Thursday — is “within the realms of possibility given the fear out there,” he said.

“The bearish sentiment will escalate once infection cases ramp up in the coming days as countries intensify testing,” said Cruz, a two-decade veteran in the local stock market. “Don’t go against the herd. Stay aside, keep your cash until the panic has peaked.”

The market’s “uncharted territory” is an opportunity for two- to three-year investment horizons, said Philequity’s Sy, citing gains that followed previous crises.

“We are slowly nibbling but you must have a long-term view because it’s still a scary environment,” Sy said. “Go for the big caps because these have the balance sheet, liquidity and are first to go up when this blows over.

Since the month-long lockdown of the main Luzon island started, the bourse shortened stock trading hours to 1 p.m. from the previous 3:30 p.m. close. — Bloomberg

BSP outlines additional relief measures for banks

THE CENTRAL BANK is giving additional regulatory to financial institutions, including the imposition of a higher single borrower’s limit (SBL), removing penalties for reserve deficiencies, and providing leeway for some notification requirements amid disruptions caused by the coronavirus disease 2019 (COVID-19).

“The measures ease certain BSP (Bangko Sentral ng Pilipinas) regulatory requirements governing banking operations for the duration of the enhanced community quarantine and one month thereafter,” BSP Deputy Governor Chuchi G. Fonacier said in a memorandum signed on March 19.

“The period of eligibility may be extended depending on the developments related to the COVID-19 situation,” she added.

First of the measures is the hike in big banks’ SBL to 30% from 25% for a period of six months. The SBL helps banks manage their exposure to borrowers.

The BSP will also relax maximum penalty impositions for reserve deficiencies.

According to Ms. Fonacier, the maximum penalty the BSP can impose will be the rate on the overnight lending facility, which is currently at 3.75%, plus 50 basis points.

Banks can be exempt from the maximum penalty “provided that the maximum reserve deficiency of the BSP-supervised financial institution (BSFI) shall be 200 basis points above the reserve requirement.”

The reserve requirement ratio (RRR) of universal and commercial banks is at 14% and four percent and three percent for thrift and rural lenders, respectively.

Ms. Fonacier said they will also give banks some leeway in their notification requirements, such as in letting BSP know of a change in their banking hours and the temporary closure of some of their units in light of the Luzon-wide enhanced community quarantine (ECQ).

“A bank need not to inform the BSP of changes in its banking hours, as required under Section 108 of the Manual of Regulation for Banks, during the ECQ period,” Ms. Fonacier said.

However, BSFIs will be required to submit consolidated reports on the temporary closure of their bank branches on or before June 30.

The BSP will likewise postpone the deadline for required reports from BSFIs that have deadlines from March to May, except for the Financial Reporting Package for Banks, the Consolidated Foreign Exchange Position Report, as well as event-driven report requirements and reserve requirement-related reports.

Moreover, lenders will also be given a grace period to comply with BSP supervisory requirements with deadlines prior to March 8. These reports can be submitted until end-June.

Sought for comment, Rizal Commercial banking Corp. Chief Economist Michael L. Ricafort said the said relief measures will help banks during this period.

“These regulatory relief measures specifically the higher SBL and relaxed maximum penalty for reserve deficiencies will effectively give banks greater leeway to further increase lending to different borrowers such as businesses, consumers, and other institutions,” Mr. Ricafort said in an email. — L.W.T. Noble