Elton John’s coronavirus ‘living room’ show raises $8 million for US charities

April 1, 2020 | 12:02 am

LOS ANGELES — A weekend benefit broadcast featuring recording stars performing live music online from home raised nearly $8 million for two charities serving first responders and Americans facing economic hardship amid the coronavirus crisis, sponsors said on Monday.

The Sunday night show, hosted by Elton John from his kitchen, featured Billie Eilish, the Backstreet Boys, Lizzo, Alicia Keys, Mariah Carey, Lady Gaga and Tim McGraw — all appearing by way of smartphones, home cameras, or online platforms.

The Fox broadcast network carried the hour-long show, dubbed the iHeart Living Room Concert for America, live without commercial interruption, drawing 8.7 million television viewers, Fox said.

The songs were interspersed with short personal stories from nurses, doctors, truckers, grocery staff, and other essential workers as millions of Americans entered a second full week subjected to stay-at-home orders designed to curb the spread of the coronavirus that causes COVID-19.

The concert, also broadcast on iHeart radio stations nationwide, urged listeners to donate to two charities, Feeding America and First Responders Children’s Foundation.

As of Monday evening, the benefit special had raised nearly $8 million for the two organizations, including $500,000 donated by household products giant Procter & Gamble and a matching sum from Fox.

YouTube, which also made a donation in support of the cause, will continue streaming the benefit show through Wednesday on iHeart Radio’s YouTube channel. — Reuters

Nickel Asia units suspend operations

April 1, 2020 | 12:02 am

TWO SUBSIDIARIES of mining company Nickel Asia Corp. (NAC) announced the temporary suspension of their mining operations, amid the coronavirus disease 2019 (COVID-19) pandemic.

In a statement yesterday, Surigao Del Norte based mining companies Taganito Mining Corp. and Hinatuan Mining Corp. have temporarily suspended their mining and mineral processing plant operations, in accordance with the executive order issued by Governor Francisco T. Matugas on March 28.

Effective April 1, the executive order issued by the Surigao Del Norte local government will also temporarily ban the entry of foreign vessels except for those carrying basic necessities.

Nickel Asia projected that the temporary suspension may have adverse effects on its two subsidiaries depending on its duration. It may affect their revenues for the second quarter of this year and disturb the schedule of ore shipments for the two mining companies.

The two mining subsidiaries are implementing necessary measures to protect their employees. Both companies also assured the public that adjustments will be made to lessen the effects of the suspension.

Taganito and Hinatuan accounted for 59% of Nickel Asia’s total nickel ore shipments for 2019. — Revin Mikhael D. Ochave

Stuff to do at home (04/01/20)

April 1, 2020 | 12:01 am

One Night Stand cabaret

One Night Stand, in partnership with Open House, presents an online concert called Bedroom Voices on April 1, 8 p.m. Hosted by Joaquin Pedro Valdes and Missy Maramara, it features Reb Atadero, Tanya Manalang, Kim Molina, Jerald Napoles, Rissey Reyes, Vic Robinson, with Red Concepcion, and Aynrand Ferrer. For more information, visit https://www.facebook.com/onenightstandcabaret/. The project aims to help members of the performing arts community that have been displaced by COVID-19. To donate, visit http://bit.ly/DonateOpenHouse.

Educational TV shows return to ABS-CBN

ABS-CBN brings back 1990s educational TV shows every Saturday. Sineskwela (8:30 a.m.) explains topics on science, Bayani (9 a.m.) is about historical figures and events, and Hiraya Manawari (9:30 a.m.) focuses on values.

Cirque Du Soleil online

Enjoy free 60-minute specials from shows such as Kurios — Cabinet of Curiosities, O, and Luzia. To watch, visit https://www.cirquedusoleil.com/cirqueconnect.

Ayala Museum online

Continue learning at home with the Ayala Museum’s resources available online. Enjoy previous exhibitions and performances, coloring pages, and playlists. Visit here.

E-books for kids

Expand your kids’ library at home through the BuriBooks app. Titles include books from publisher Adarna House, reviewers, and Filipino textbooks. Access the app via iOS, Android, or a web browser. Sign-up via https://buribooks.com/. Enjoy it free for 30 days.

National Gallery of Victoria virtual tours

The National Gallery of Victoria has developed several virtual tours. Audiences can view exhibitions such as Companionship In The Age Of Loneliness of New York-based artist Brian Donnelly, a.k.a. KAWS; and the world premiere of Crossing Lines, featuring the works of Keith Haring and Jean-Michel Basquiat. Visit https://www.ngv.vic.gov.au/channel/.

Banks’ foreign currency loans inch up on firms’ capital requirements

April 1, 2020 | 12:01 am

FOREIGN CURRENCY loans disbursed by local banks inched up in the last quarter of 2019 on the back of borrowing firms’ higher working capital requirements.

Outstanding loans by foreign currency deposit units (FCDU) of banks inched up to $18 billion as of end-December 2019, up by 1.2% from the end-June 2019 level of $17.8 billion, according to data from the Bangko Sentral ng Pilipinas (BSP).

FCDU loans also climbed by 8.7% year-on-year from the $16.1 billion logged at end-December 2018.

“The growth in loans may be attributed to borrowing firms’ higher working capital requirements,” the central bank said on Tuesday.

FCDUs are central bank-approved bank units which performs transactions involving foreign currencies, mainly by accepting deposits and handing out loans.

According to BSP data, the biggest chunk of outstanding loans went to power generation companies (17.8%); merchandise and service exporters (14%); public utility firms (8.1%); towing, tanker, trucking, forwarding, personal and other industries (5.9%); and producers/manufacturers, including oil companies (5.2%).

Gross credit disbursed during the October to December period dropped 23.5% to $13.5 billion due to a decrease in funding requirements of a foreign bank unit.

Likewise, loan repayments went down 22.9% which resulted in overall net disbursements.

BSP data showed that FCDU deposit liabilities stood at $41.1 billion as of end-December 2019, unchanged from its third- quarter level.

Sy group allots P170M to fight virus

April 1, 2020 | 12:01 am

THE SM GROUP is increasing its donations to more than P170 million to aid the country in fighting the spread of the coronavirus disease 2019 (COVID-19).

In a statement yesterday, the Sy-led group said the fund will prioritize the procurement of personal protective equipment (PPEs) for health workers, acquisition of locally developed test kits to widen testing, and purchase of ventilators for hospitals with patients in severe conditions.

The SM Group earlier announced a P100-million allocation to support COVID-19 mitigation efforts. It said it has so far distributed PPEs in hospitals such as the Philippine General Hospital, Lung Center of the Philippines and Jose N. Rodriguez Memorial Hospital.

Other major government hospitals have also been recipients of the group’s assistance, such as the Research Institute for Tropical Medicine, National Kidney and Transplant Institute, San Lazaro Hospital, East Avenue Medical Center and Philippine Heart Center.

Aside from those located in Metro Manila, the SM Group said it is also sending PPEs to hospitals in Rizal, Pampanga, Bataan, Quezon, Pangasinan, Catanduanes, Cebu, Iloilo, Samar, Tacloban, Surigao del Sur, Cagayan de Oro, Davao, Marawi and Zamboanga, among others.

“SM has committed to be of service to the Filipino public, its hospitals, and its government, in ensuring that we all contain and overcome the COVID-19 crisis together,” it said.

SM Investments Corp., the holding family of the SM Group, booked a 20% jump in earnings last year to P44.6 billion. Its shares at the stock exchange gained 48 centavos or 6.23% to P818 apiece yesterday. — Denise A. Valdez

Growth forecasts for select East Asia and Pacific economies

April 1, 2020 | 12:00 am

How PSEi member stocks performed — March 31, 2020

April 1, 2020 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Tuesday, March 31, 2020.

Government preparing package to aid small firms

March 31, 2020 | 9:21 pm

THE economic team is working on an economic package and rehabilitation plan to keep small and medium-sized enterprises (MSMEs) afloat after the quarantine period, which shut down most economic activity.

“This planned stimulus package is already being crafted and will be responsive to the uncertainties of the situation. At this point, nobody knows how bad this pandemic will get or how long it will last,” Finance Secretary Dominguez said in a statement released Tuesday.

In a Viber message, Mr. Dominguez told reporters that the draft package is expected to be ready “by the end of the week.”

“I think the package to be rolled out will focus on keeping SMEs alive and viable after the lockdown,” Finance Assistant Secretary Maria Teresa S. Habitan told BusinessWorld in a mobile phone message Tuesday.

Ms. Habitan said the package will tap the P275 billion freed up under Republic Act No. 11469, or the “Bayanihan to Heal as One Act,” which allowed the government to realign funds from the national budget and make off-budget outlays for relief measures in response to the coronavirus disease 2019 (COVID-19) outbreak.

The size the new economic package is not yet determined.

The P200 billion funding package that the government allocated for emergency subsidies to 18 million low-income households will also be sourced from the funds that could be freed up under the Bayanihan to Heal as One Act.

Mr. Dominguez said so far, the government has more than P200 billion at its disposal to fund the emergency subsidy, “more than P100 billion-worth of cash and cash equivalents in various GOCC (government owned and controlled corporation) accounts and another P100 billion more in various national government accounts outside the Treasury Single Account (TSA).”

“We will urgently deliver this emergency subsidy to millions of our fellow Filipinos who live day-to-day on subsistence earnings or ‘no-work, no-pay’ arrangements,” he said.

The subsidy program will provide P5,000 to P8,000 per month to some 18 million families for two months to be computed based on the rate of minimum daily wages per region. A “top-up amount or additional support” will be given to the 4.3 million families receiving an average of P2,150 a month from the government’s conditional cash transfer program.

The Department of Finance (DoF) estimates that around P97.4 billion will be needed per month for the subsidy or around P194.8 billion for two months, and additional administrative costs of around P5.1 billion.

The gvernment’s initial package was worth P27.1 billion to help affected sectors and boost the government’s ability to respond to COVID-19.

Mr. Dominguez said the government will also work on programs for businesses affected by the lockdown so the “economy can bounce back as soon as we beat this lethal virus.”

“For the moment, the government must attend to dislocated families and keep Filipino workers healthy so they are ready for the subsequent resurgence in economic activity,” he said.

So far, the government has received $3 million from the Asian Development Bank (ADB) and a $100 million loan facility from the World Bank.

“We are in talks with the World Bank and the ADB for concessional financing of up to $2 billion. More will be financed from loan syndications from the banks,” he added. — Beatrice M. Laforga

SEIPI seeking clarity on logistics curbs

March 31, 2020 | 9:20 pm

ELECTRONICS EXPORTERS asked for movement restrictions on people and cargo to be eased, with companies also starting to plan to move some production out of the Philippines until the logistics situation clears up.

Semiconductors and Electronics Industries in the Philippines Incorporated (SEIPI) President Danilo C. Lachica added in a mobile message Tuesday that he supports the finance department’s appeal to banks not to increase interest rates on loans as businesses struggle to deal with the impact of the coronavirus disease 2019 (COVID-19) outbreak and lockdown.

“Other ideas would be to extend the due dates on business loans and financial assistance to qualified companies which are at risk if the pandemic lasts longer,” he said, noting that the industry is facing an order backlog especially for medical electronics.

He told ANC Tuesday that many SEIPI companies produce integrated circuits and other components for equipment that help address COVID-19, including ventilators and diagnostic equipment.

Mr. Lachica said in the mobile message that there is too much uncertainty on when the pandemic will be controlled.

“Some companies have thought of moving volumes out of the Philippines. I hope we get these back after normal manufacturing resumes. Companies and employees need lifelines to survive and recover,” he said.

He said SEIPI also supports the transition from an enhanced community quarantine (ECQ) in Luzon to a modified community quarantine, based on suggestions from Presidential Adviser (PA) for Entrepreneurship Jose Ma. A. Concepcion III.

Under ECQ, export-oriented businesses may continue operations but with a minimal workforce provided with accommodations.

“We support PA Concepcion’s suggestion to allow manufacturers to resume operations once we have confidence that the COVID case curve has flattened. We still need to ensure that our workers are safe, but we need to improve cargo and people movement,” Mr. Lachica said, adding that he supports 100% or as many employees as possible to be allowed to come to work.

SEIPI is looking for demand-driven resumption of manufacturing that simultaneously ensures the safety of workers, free movement of cargo and consistent implementation of guidelines among local government, and the removal of checkpoints.

“Remove the checkpoints but focus on consistent testing and monitoring (at) Barangay level,” Mr. Lachica said. — Jenina P. Ibañez

Manila ports choked by unclaimed cargo, shutdown looms

March 31, 2020 | 9:19 pm

THE Philippine Ports Authority (PPA) said Tuesday that cargo congestion at the Manila ports due to failure to withdraw cargoes may cause the terminals to shut down.

PPA General Manager Jay Daniel R. Santiago said in a statement that the shutdown of Manila port terminals is possible if cargo owners and consignees do not heed the agency’s request to immediately remove their ready-for-delivery and overstaying cargoes.

“Despite efforts to transfer cleared and overstaying containers from the Manila International Container Terminal (MICT) to a facility inside the Manila North Harbor, there is still not enough breathing space for the Manila port terminals to operate efficiently and productively,” PPA said in a statement.

It noted that yard utilization at the Manila international ports, composed of the MICT and the Manila South Harbor is near capacity as most cargoes “remained idle after the implementation of the Community Quarantine some two weeks ago.”

Mr. Santiago said: “Ports, specifically the Manila ports, are the lungs of the country’s commerce and trade. These lungs right now are not functioning efficiently due to congestion.”

“If we continue to ignore calls to withdraw even only those cleared, ready for delivery, and overstaying cargoes, these lungs are in danger of total collapse, resulting in full-blown port congestion, or worse, a shutdown, and consequently a shortage in the much-needed goods and supplies which are expected to address the demands of the market,” he added.

On Friday, International Container Terminal Services, Inc. (ICTSI) appealed to its consignees to withdraw their refrigerated containers immediately.

ICTSI offered an option for businesses that are unable to take delivery at their own facilities.

“Please utilize our offsite facilities in Laguna, Bulacan, or Cavite. Special accommodations are available for anyone who utilizes these facilities,” it said.

The Transportation department said ICTSI has also appealed to the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) to facilitate the immediate approval of transfer or condemnation of a number of items through the Bureau of Customs.

These include more than 7,000 Twenty-foot equivalent (TEU) containers in the yard more than 30 days and more than 5,400 TEUs worth of uncleared, overstaying boxes.

It said all cleared boxes in the yard more than 30 days old should have approvals facilitated for the transfer to external facilities without delay. — Arjay L. Balinbin

BIR suspends audits during emergency period

March 31, 2020 | 9:18 pm

THE Bureau of Internal Revenue (BIR) has suspended audits due to the lockdown and plans to resume 60 days after the six-month state of emergency is lifted.

BIR Commissioner Caesar R. Dulay issued Revenue Memorandum Circular No. 34-2020 dated March 27, which also suspended the run time for the statute of limitations on assessing and collecting of taxes.

“The suspension of the running of the Statute of Limitations shall likewise apply with respect to the issuance and service of assessment notices, warrants and enforcement and/or collection of deficiency taxes,” according to the circular, published Tuesday.

“Under the law, the BIR has certain period only to issue a tax assessment, which is three years from date of filing of the return, and only has five years to initiate collection proceedings like filing a case in court,” Tax Management Association of the Philippines, Inc. (TMAP) President Romeo H. Duran said.

President Rodrigo R. Duterte earlier placed the entire country under a state of calamity and national emergency due to the coronavirus disease 2019 (COVID-19) outbreak.

Mr. Duran said the circular gives the BIR more time to audit taxpayers during the public health emergency.

Luzon has been placed under enhanced community quarantine until April 12 to contain the spread of the virus. — Beatrice M. Laforga

Inflation for poor households eases in February

March 31, 2020 | 9:18 pm

INFLATION, as experienced by low-income households, eased in February, the Philippine Statistics Authority (PSA) said Tuesday.

The inflation rate for households in the bottom 30% income range was 2.2% in February, less than the 2.3% recorded in January and the year-earlier 4.3%.

Headline inflation was 2.6% in February, which slowed from the 2.9% recorded in January and the year-earlier 3.8%.

The poor-households inflation indicator is weighted more towards the goods they are likely to consume, while the headline Consumer Price Index (CPI) measures price movements in a basket of goods used by a typical household.

The February reading brings year-to-date price growth for this income segment to 2.2%, well below the year-earlier growth of 4.8%.

This was the second time the bottom-30% index used 2012 as the base year, making it directly comparable with headline CPI. Prior to the rebasing, it used 2000 prices.

The PSA noted slowing price growth in food and non-alcoholic beverages (0.5% from 0.7% in January 2020); alcoholic beverages and tobacco (21.9% from 22.4%), transport (2.9% from 3.5%), and communication (0.3% from 0.4%).

“Food was likely the main reason for the dip in inflation with vegetables, rice and selected fruits experiencing slower inflation as food supply chains normalized after the storms in late 2019. Transport prices are also one reason for lower inflation in February as crude oil prices fell worldwide,” ING Bank N.V.-Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.

Food inflation for the poorest households was 0.4% in February, slowing from 0.6% the previous month.

Price growth eased in meat (2% from 2.1%); fish (8.1% from 8.7%); vegetables (5.3% from 6.6%); and food products “not elsewhere classified” (7.9% from 8.5%).

Prices continued to decline for rice (-6.3% from -6.5%); corn (-4.6% from -2.6%); and sugar, jam, honey, chocolate and confectionery (-2.8% from -3.3%).

Inflation for poor households in Metro Manila eased to 1.9% in February from 2.1% in January. Those living outside the capital experienced inflation of 2.2%, down from 2.3% previously.

ING’s Mr. Mapa noted these February prices do not yet reflect the enhanced community quarantine (ECQ) in Luzon, which was imposed in March. “[G]iven that the Department of Trade and Industry (DTI) has induced a price freeze, we are not sure if PSA will be able to accurately report inflation,” he said.

“In the past, inflation for areas under the state of calamity are excluded from the survey and given ECQ covers Luzon, we are not sure if it will continue given that interviews are conducted face to face,” he added.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion expects price growth in March to “soften further.”

“With the collapse of global oil prices and the corresponding price freeze implemented by government agencies concerned, annual increases may have slowed down further because of the ECQ on Luzon,” he said in a separate e-mail.

The DTI, along with the Agriculture and Health departments, issued on March 18 a joint memorandum circular announcing the price freeze on goods after the declaration of the state of calamity.

Prices of basic goods were frozen from March 16 to May 15, following President Rodrigo R. Duterte’s declaration of a six-month state of calamity on March 16 in response to the outbreak of coronavirus disease 2019.

An initial price freeze was put into place after a declaration of public health emergency on March 8. — Jobo E. Hernandez