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New York City warehouse storing million-dollar art to shut down

MANHATTAN’s first freeport, a windowless five-story warehouse in Harlem designed to store $2.5 billion worth of blue-chip art, is closing after two years.

Named Arcis, which means stronghold or citadel in Latin, the building was developed by Cayre Equities at a cost of more than $40 million and includes 110,000 square-foot of space and security features such as retina scanning. It was built on a lot designated as a foreign-trade zone, meaning that the merchandise inside isn’t subject to US duty or excise tax.

“After careful consideration we have decided to close Arcis permanently,” Executive Director Roxanna Zarnegar said in a letter to clients, a copy of which was viewed by Bloomberg. She didn’t specify a reason, but asked customers to make arrangements to remove items from storage immediately. The final day of operations will be Oct. 31.

Zarnegar didn’t respond to an e-mail and calls seeking comment.

Freeports have become essential to the global $64 billion art trade, creating a legal way for dealers and collectors to avoid paying duties and taxes on artworks, whose prices can routinely run into millions of dollars. These high-security warehouses operate from Geneva to Delaware to Singapore, helping the rich stash their valuables.

The coronavirus pandemic has hit the art industry hard, with fairs postponed, galleries closed and auction sales declining dramatically. Organizers last week canceled Art Basel Miami Beach, the largest contemporary art fair in the US that was scheduled for December.

The freeport on West 146th Street stood out in the neighborhood, located next door to the Greater Hood Memorial A.M.E. Zion Church and across the street from a bus depot.

Cayre was marketing the building last year, valuing it at about $60 million, or $545 a square foot, Real Estate Alert said in March 2019. The industry newsletter said the developer would consider proposals for an outright sale, a recapitalization or the sale of a leasehold interest.

James Coakley, president of Treasure Island Management, another company controlled by the Cayre family, said Arcis isn’t currently listed for sale, but declined further comment. Cayre Equities specializes in self-storage buildings and retail in New York and New Jersey. — Bloomberg

Aboitiz Construction looks for more skilled workers

ABOITIZ CONSTRUCTION, Inc. continues to hire more skilled workers as it resumes operations in construction sites across the country.

In a statement Tuesday, the company said it was looking for about 1,200 skilled workers to jumpstart work in sites in Surigao, Cebu, Iligan, Davao, Sarangani and Subic, after work was disrupted by the coronavirus pandemic.

Aside from common construction workers such as engineers, pipefitters, welders, scaffolders and crane operators, Aboitiz Construction is also looking for health workers to ensure the well-being of its employees.

“Amidst the massive disruption in the labor market caused by the global pandemic, we are still fortunate to be able to offer jobs to a sector of Filipino workers who need livelihood the most,” Aboitiz Construction Vice-President Nina Ylagan-Pedro said in the statement.

Aboitiz Construction is part of the Aboitiz Group of Companies. The group’s listed holding company, Aboitiz Equity Ventures, Inc. (AEV), reported a 55% income decline to P4 billion in the first semester due to the impact of the coronavirus pandemic.

Shares in AEV fell 45 centavos or 0.91% to P48.95 apiece on Tuesday. — Denise A. Valdez

Art Basel cancels Miami Beach show in December, citing pandemic

ART BASEL Miami Beach, the largest contemporary art fair in the US was canceled for this year, the latest blow to an already reeling industry.

MCH Group, which owns the brand and earlier had to cancel editions in Hong Kong and Basel, Switzerland, blamed the pandemic in a statement last week. MCH, which is partly owned by billionaire media scion James Murdoch, cited limitations and uncertainty about the staging of large-scale events, international travel restrictions and quarantine regulations.

“It is with great regret and disappointment that we announce the cancellation of our December show in Miami Beach,” said Noah Horowitz, the fair’s director in the Americas.

The event has become the year’s grand finale for the market, attracting billionaires from around the world, who snapped up art and partied with celebrities and models. For galleries, it represented a significant amount of business, and for wealth managers, a chance to woo potential clients. Last year’s fair, which drew more than 80,000 visitors, became an international sensation after someone paid $120,000 for a peeled banana stuck to a wall with duct tape. — Bloomberg

Gov’t makes full award of fresh 3-year bonds on strong appetite

THE GOVERNMENT made a full award of fresh three-year Treasury bonds (T-bonds) it offered on Tuesday as rates declined as investors prefer shorter tenors amid an unstable economic environment.

The Bureau of the Treasury (BTr) borrowed P30 billion as planned via the three-year T-bonds on Tuesday as the offer was almost thrice oversubscribed, with bids amounting to P87.963 billion.

The strong demand prompted the Treasury to open its tap facility to offer another P15 billion in three-year papers. Offers were accepted until 4 p.m. yesterday.

The fresh bond issue fetched a coupon rate of 2.375% and an average rate of 2.279%. The BTr said the coupon was lower than the 4.75% fetched the last time it issued fresh three-year bonds, which was in July 2019.

The Treasury last offered the three-year tenor in January where it partially awarded the reissued T-bonds as rates climbed.

The BTr raised just P16.586 billion via the three-year T-bonds on Jan. 7, failing to fill the P30-billion program even as the tenor attracted bids worth P37.35 billion, as the average rate for the three-year papers jumped 27.2 bps to 4.014%.

Meanwhile, the Treasury on June 9 offered reissued seven-year bonds with a remaining life of two years and 10 months. It borrowed P30 billion as planned as the papers fetched an average rate of 2.558%.

National Treasurer Rosalia V. de Leon said the yield fetched for the three-year bonds on Tuesday fell close to PHP Bloomberg Valuation (BVAL) Service Reference Rates at the secondary market.

“It was a coupon-setting rate since [three-year tenor] was a new bond [offer]. The BVAL for three-year bonds is 2.35%, so it’s within secondary pricing. Three years is a sweet spot with lower duration risk,” Ms. De Leon told reporters in a Viber message after the auction.

She added that they opened the tap facility as there was strong appetite for the three-year tenor.

The three-year T-bonds fetched 2.38% at the secondary market on Tuesday, data from the Philippine Dealing System’s website showed.

Meanwhile, a trader said there was strong demand as investors continue to prefer shorter bond tenors as the coronavirus pandemic clouds the global economic outlook.

“As expected, good volume participation was noted as investors continue to pick bonds at the short end of the curve to put their excess cash to work while waiting for fresh developments surrounding the COVID-19 global pandemic,” the trader said via Viber.

“It was quite expected when it comes to the coupon. This morning, market was expecting bids to range from 2.125% to 2.375%. The auction result was great as both investors and the BTr got what they wanted,” the second trader said via Viber on Tuesday.

The Treasury is looking to raise P160 billion from the domestic market this month: P100 billion via weekly auctions of T-bills and P60 billion via T-bonds to be offered fortnightly.

The government is looking to borrow around P3 trillion this year from local and foreign lenders to help fund its budget deficit expected to hit 9.6% of the country’s gross domestic product. — K.K.T. Jose

AirAsia expects ‘buy 1 take 1’ promo to boost 2021 bookings

PHILIPPINES AirAsia, Inc. is offering a “buy 1 take 1” promotion on all domestic and international flights to further boost advanced bookings for 2021, it said on Tuesday.

The announcement came after the low-cost airline saw a 140% increase in seats sold in the last week of August compared with the previous week’s 42%.

“A third of bookings registered were for 2021 reflecting a demand for future travel,” AirAsia said in an e-mailed statement.

The airline’s Chief Executive Officer Ricardo P. Isla said a “stronger” AirAsia can be expected as it prepares for a “busy” fourth quarter.

“We have noticed an increase in advanced bookings with guests looking forward to travel next year. AirAsia is pleased to offer amazing deals so everyone can fly affordably once travel restrictions relax. We are also prepared to increase flight frequencies, launch new destinations, while utilizing all four hubs flying to both domestic and international destinations,” he said.

The budget carrier offers one-way fares from P1,022 for two tickets.

The promotion is available starting Sept. 8 to Sept. 13 for travels from Jan. 1 to Oct. 31 next year. The promo seats are limited and subject to availability.

Customers of AirAsia who are scheduled to travel up to December 2020 can also change their flight dates for free.

The airline said health policies from local government units, civil aviation authorities, and global and local  health agencies will be followed.

It added that it continues to implement “enhanced safety measures” throughout the entire journey, which means pre-flight, in-flight, and arrival.

Last week, the airline announced it would start to operate General Santos-Manila and Zamboanga-Manila flights next month, as part of its strategy to launch more destinations and gradually restore its domestic network.

AirAsia operated four domestic flights on Tuesday between Manila and Tacloban and Manila and Cebu. — Arjay L. Balinbin

Arts & Culture (09/09/20)

Rotary Club of Makati West holds art auction

THE ROTARY Club of Makati West (RCMW) will hold a virtual Alay Sining Art Auction from Sept. 14 to 18. To be auctioned are paintings and sculptures donated by several renowned artists in line with Alay Sining’s theme this year, “Life in the time of COVID-19 lockdown.” One of RCMW’s flagship projects, Alay Sining traditionally holds an annual exhibit for a cause that is aimed at raising funds for the Rotary International’s “Gift of Life” program, which benefits children with congenital heart disease through free heart surgeries and treatment. This year the proceeds will go to COVID-19 medical frontliners. Auction participants can choose from the works of Gus Albor, Jinggoy Buensuceso, Ferdinand Cacnio, Ernest Concepcion, Daniel Dela Cruz, Frederick Epistola, Egai Talusan Fernandez, Mark Laza, Arnel Natividad, Margie Organo, and Carlito Ortega. Proceeds of the art-for-charity auction will be used to fund the following RCMW COVID-19 related projects: Fashion for Frontliners that provides personal protective equipment (PPEs); Elmer’s Run that provides free transportation to our frontliners; and Masquerade that provides modified snorkel masks to healthcare providers. See the Art Auction Catalogue of Art Pieces and other details at the @AlaySiningByRCMW Facebook page:  https://www.facebook.com/media/set/?vanity=AlaySiningByRCMW&set=a.4565240486882160 Or watch the video catalogue at:  https://www.facebook.com/AlaySiningByRCMW/videos/220223539395401/.  

CCP presents limited edition print portfolio

THIS September, as the Cultural Center of the Philippines (CCP) marks the closing of its year-long anniversary celebration, the CCP Visual Arts and Museum Division, in partnership with the Association of Pinoyprintmakers, presents 20/30: A Limited Edition Print Portfolio in Celebration of the 50th Year Anniversary of CCP. 20/30 features prints by 40 artists who have contributed to the development of Philippine contemporary printmaking, namely National Artist BenCab, Ambie Abaño, Leonard Aguinaldo, Alfredo Juan Aquilizan, Virgilio Aviado, Elmer Borlongan, Mars Bugaoan, Benjamin Torrado Cabrera, Kristen Cain, Imelda Cajipe Endaya, Salvador Ching, Joey Cobcobo, Fil Delacruz, Janos Delacruz, Yas Doctor, Neil Doloricon, Noel EL Farol, Jess Flores, Ofelia Gelvezón-Téqui, Raul Isidro, Eugene Jarque, Villia Jefremovas, Lenore RS Lim, Angelo Magno, Hershey Malinis, Manuel Ocampo, Jonathan Olazo, Caroline Ongpin, Renan Ortiz, Henrielle Pagkaliwangan, Radel Paredes, Rod Paras-Perez, Christina Quisumbing Ramilo, Rhoda Recto, Rodolfo Samonte, Juvenal Sansó, Jun-Jun Sta. Ana, Suchin Teoh, Wesley Valenzuela, and Anton Villaruel. 20/30 will be offered to special patrons to raise funds for the programs of the CCP and the Association of Pinoyprintmakers. For inquiries, e-mail culturalcentershop@gmail.com. The CCP’s social media pages also feature a monthly online video series that highlights the printmaking processes and works of the participating artists.

Hong Kong Book Fair moved to December

ORIGINALLY scheduled to run from July 15 to 21, the 31st Hong Kong Trade Development Council (HKTDC) Hong Kong Book Fair, including the HKTDC Hong Kong Sports and Leisure Expo, has been rescheduled to run from Dec. 16 to 22 at the Hong Kong Convention and Exhibition Centre, following discussions with the fair’s supporting organizations and relevant stakeholders. While preparing for the physical fair in December, the HKTDC has also been enhancing the Book Fair website and mobile app. As of Sept. 2, its Book Fair Online section had already aggregated more than 210 exhibitors’ online retail platforms with over 110,000 books available for sale. In view of the continuing uncertainties amidst the COVID-19 pandemic, public safety remains the HKTDC’s top priority. On Nov. 16, a month before the fair’s scheduled opening, the organizers will assess if the event should proceed in light of the prevailing situation and risks. This will be followed by a final evaluation and decision on Dec. 9, a week before the fair’s opening and shortly before the exhibitors move in, with a view to minimizing any extra expenditure that might be incurred by exhibitors, the HKTDC explained in a release. The rescheduled Book Fair will continue with its original theme, Inspirational and Motivational Reading, with the tagline “Reading the World, Inspiring the Mind and Refreshing the Soul.” The HKTDC will showcase a thematic exhibition in the Art Gallery titled Words to Warm the Heart. The Art Gallery will also feature another two exhibitions: Cherished Memories of the Children’s Paradise and The Dragon Never Dies — Bruce Lee @80 co-organised with the Bruce Lee Club. The Book Fair Online section has been introduced in the Book Fair website and mobile app, bringing together exhibitors’ online retail platforms in the Exhibitor Directory webpage, so that booklovers can conveniently browse and purchase exhibitors’ books and products. With the Buy Now function linked to corresponding exhibitors’ online retail platforms, booklovers can easily purchase books featured on the Exhibitors’ Favourites and New Book Releases webpages. The Hong Kong Book Fair website and mobile app are at www.hkbookfair.com,www.hkbookfair.com/HKBookfairApp.html. The online Book Fair Exhibitor Directory is at www.hkbookfair.com/exhibitordirectory .

BoJ loan program risks revival of ‘zombie’ firms

THE BANK OF Japan’s (BoJ) loan programs to help businesses ride out the recession run the risk of creating more zombie companies if they are kept in place for too long, analysts warn.

The central bank loan measures, worth almost $1 trillion, have so far fueled a record jump in lending that’s kept firms afloat during the nation’s worst economic slump. The challenge for policy makers is to turn off the tap before an apparently successful lifeline of support for otherwise healthy firms turns into an addictive supply of cash for habitual loss-makers.

While countries around the world face potential side effects from unprecedented steps to prop up companies hit by the pandemic, Japan is particularly vulnerable given that the potential for the economy to grow with a shrinking population and low productivity is already close to zero. It also has past experience of enabling inefficient firms to survive on life support.

“The longer the support goes on the greater the risk that zombie firms will be allowed to live for longer,” said economist Yuichi Kodama at Meiji Yasuda Research Institute. “Once the economy starts recovering, what used to be good policy can become overkill.”

The term “zombie company” was coined during Japan’s so-called lost decade in the 1990s, when banks’ continued support for unprofitable businesses crowded out investment in healthier firms. The legacy of that lives on, with the nation’s labor productivity ranked 21st among the members of the Organization for Economic Cooperation and Development, according to the Japan Productivity Center.

The BoJ has already extended the lending facilities for six months until March, and it may have to do so again given that the economy remains fragile and the pandemic shows little sign of abating, said Hiroaki Muto, an economist at Sumitomo Life Insurance Co. “A history of Japan’s economic policy shows that it’s hard to end a policy once you started,” he said.

Banks have about 35 trillion yen ($330 billion) in outstanding loans stemming from the emergency programs, which the central bank introduced in March. Government credit guarantees have also fueled the surge in lending.

“In the short term, the government and the Bank of Japan should support businesses, and they’re doing a good job,” said Rie Nishihara, a banking analyst at JPMorgan Chase & Co. “But after a year or so, they need to think about what to do next.”

BoJ Governor Haruhiko Kuroda has downplayed concerns about the emergence of zombie companies. The central bank will exit from the lending programs once demand for them fades, he said at a news briefing in July. Given the gradual pace of economic recovery, the BoJ must continue to support corporate funding for a long time, he said.

Already, the total lent under the facilities is more than four times the amount the BoJ deployed under the “monster operation,” a measure introduced in January 2009 to support companies during the global financial crisis. One reason is that the central bank is giving banks an incentive to use the new programs by effectively paying them 0.1% interest on the amount lent.

“They go beyond the monster operation,” Satoshi Osanai, a senior researcher at Daiwa Institute of Research, said of the latest effort. “It shows how actively banks are tapping them.”​

Much of the jump in bank loans has ended up in deposits, which grew a record 8.8% in August from a year earlier, suggesting companies are squirreling away the extra credit in case the downturn is prolonged. Bank deposits exceeded loans by an unprecedented 289 trillion yen last month, equivalent to the annual economic output of France, BoJ figures showed Tuesday.

According to Daiwa’s Osanai, continuing the latest BoJ and government stimulus for too long could raise the risk of moral hazard, in which unnecessary loans are extended under lax standards with little concern for incurring losses if they sour.

Thanks to the flood of lending, Japan has avoided a surge in business failures even as the economy shrank a record 28.1% in the second quarter. The number of bankruptcies fell 1.6% from a year earlier to 789 in July, according to Tokyo Shoko Research Ltd. That’s the fifth lowest for that month in the past 30 years.​

Switching from rescue mode to rekindling economic growth will be a key challenge for the replacement for Prime Minister Shinzo Abe, who is stepping down this month. Yoshihide Suga, the favorite for the role, has pledged to maintain the central bank’s monetary easing.

“The moves by the government and BoJ were well coordinated,” JPMorgan’s Nishihara said. “The problem is how long this public support will last.” — Bloomberg

How wide is the social security coverage in the Philippines?

How wide is the social security coverage in the Philippines?

How PSEi member stocks performed — September 8, 2020

Here’s a quick glance at how PSEi stocks fared on Tuesday, September 8, 2020.

Peso up as cases decline

THE PESO strengthened against the dollar on Tuesday as the country recorded fewer cases of coronavirus disease 2019 (COVID-19).

The local unit closed at P48.56 against the greenback on Tuesday, up 11 centavos from its P48.67-per-dollar finish on Monday, data from the Bankers Association of the Philippines showed.

The peso opened Tuesday’s session at P48.65 per dollar. It logged its best showing at P48.54, while its intraday low was at P48.68 versus the US currency.

Dollars traded declined to $687.37 million on Tuesday from $765.8 million on Monday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso went up as the country logged lower cases of the virus on Monday.

“The peso exchange rate was stronger versus the US dollar after the latest easing of new COVID-19 cases to new lows in nearly two months or since July 14 this year, which could help improve economic recovery prospects,” Mr. Ricafort said in a text message.

The Department of Health (DoH) on Monday reported 1,383 additional coronavirus infections. However, it said the data is based on just 88 out of 115 accredited testing laboratories as 27 laboratories failed to submit their results on time.

On Tuesday, the department reported 3,281 new cases, bringing the total to 241,987. Recoveries stood at 185,178 while deaths were at 3,916. The DoH said 34 laboratories did not submit results.

Mr. Ricafort added that the dollar weakened as US President Donald J. Trump made fresh threats about the world’s largest economy’s trade with China.

“President Trump’s mention of a possible COVID-19 vaccine by October 2020 supported the market sentiment, but it was offset by concerns over increased US-China tensions,” he said.

With the US election approaching, Mr. Trump on Monday again raised the idea of separating the US and Chinese economies, also known as decoupling, suggesting the United States would not lose money if the world’s two biggest economies no longer did business, Reuters reported.

Mr. Trump vowed that in future his administration would prohibit federal contracts with companies that outsource to China and hold Beijing accountable for allowing the coronavirus, which began in China, to spread around the world.

For today, Mr. Ricafort sees the peso moving within the P48.50 to P48.65 range against the dollar. — K.K.T. Jose with Reuters

Bargain hunters lift PSE index back to 6,000 level

By Denise A. Valdez, Senior Reporter

THE MAIN INDEX sustained its upward trajectory on Tuesday to break into the 6,000 level on bargain hunting as investors held on to hopes of an economic recovery.

The benchmark Philippine Stock Exchange index (PSEi) gained 98.18 points or 1.65% to close at 6,034.03. The broader all shares index also went up 46.57 points or 1.30% to end at 3,604.58.

“Last week’s decline became an opportunity for investors to hunt for bargains. Investors are now looking into the economic recovery,” said Claire T. Alviar, a research associate at Philstocks Financial, Inc.

The softening in the growth of new local coronavirus cases, which was at 1,383 on Monday, was a major factor in improving investor sentiment, Ms. Alviar said in a text message on Tuesday.

The total tally of cases in the Philippines stood at 238,727 as of Monday, where 49,931 are active and 3,890 have died. This helped support belief that the coronavirus curve may have already flattened, as claimed by a researcher from the University of the Philippines.

However, trading volume remained tepid as many remained wary of the continued growth of coronavirus cases. Value turnover stood at P4.57 billion with 1.19 billion issues switching hands, against the previous day’s P3.9 billion with 2.95 billion issues.

“There’s no risk yet of stricter lockdown measures, and businesses are gradually reopening, with the expected improvement in consumer and business confidence in the coming months that may increase demand for loans and improve consumption — very essential for economic recovery,” Ms. Alviar said.

The PSEi’s climb on Tuesday is also in anticipation of the reopening of US markets after their Labor Day holiday on Monday, Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.

Most Asian stocks were also faring in green territory when the local market closed.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4%. Japan’s Nikkei added 0.8%, even as revised data confirmed the nation had slumped into its worst postwar contraction, with business spending taking a bigger hit from the coronavirus pandemic than initially estimated.

Most sectoral indices in the PSE ended Tuesday’s session in green territory: industrials rose 176.71 points or 2.23% to 8,092.97; financials added 24.12 points or 2.10% to 1,171.13; property gained 44.73 points or 1.63% to 2,788.15; holding firms improved 82.60 points or 1.34% to 6,246.72; and services climbed 14.07 points or 0.95% to close the session at 1,491.22.

The sole declining index was mining and oil, which lost 44.99 points or 0.73% to 6,077.78 at the end of session.

Advancers outpaced decliners, 112 against 84, while 46 names ended unchanged.

Foreign investors were net sellers again, but net outflows were reduced to P647.32 million on Tuesday from P841.39 million on Monday. — with Reuters

Gov’t to ban home quarantine as coronavirus cases near 242,000

THE GOVERNMENT is looking at enforcing aggressive isolation measures and prohibiting home quarantine for coronavirus patients to bring down the infection rate further, according to Carlito G. Galvez, Jr., chief enforcer of the state’s anti-COVID-19 efforts.

Stricter isolation measures were needed to keep the virus in control, he told an online news briefing on Tuesday.

The government has been setting up more isolation centers for patients that don’t show symptoms and those with mild cases of the virus to contain the virus.

Mr. Galvez said he stood by his earlier remarks that home quarantine was to blame for the spread of the coronavirus. Cases have been decreasing in areas where home quarantine had been discouraged, he added.

He noted that while there are guidelines on home quarantine, he and Interior Secretary Eduardo M. Ano are discussing a plan for an inter-agency task force to issue an order banning home quarantine.

The Department of Health (DoH) reported 3,281 new coronavirus infections on Tuesday, bringing the total to 241,987.

The death toll rose to 3,916 after 26 more patients died, while recoveries increased by 286 to 185,178, it said in a bulletin.

There were 52,893 active cases, 88.6% of which were mild, 8.2% did not show symptoms, 1.3% were severe and 1.9% were critical.

Metro Manila had the highest number of new cases with 1,420, followed by Cavite with 263, Negros Occidental with 204, Laguna with 197 and Rizal with 196.

Of the new deaths, nine came from Metro Manila, four from Central Visayas, three from the Calabarzon region, and two each from Zamboanga Peninsula, Davao region and Mimaropa.

One death each was reported from the Bicol region, Western Visayas and Eastern Visayas, while one death was unknown.

The death rate was at 1.62%, lower than the 3.23% global rate, while the infection rate was at 10.62%, higher than the World Health Organization’s (WHO) less than 5% benchmark.

More than 2.6 million have been tested, DoH said.

The coronavirus has sickened 27.5 million and killed almost 900,000 people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization (WHO).

About 19.6 million people have recovered from the virus, it said.

The government on Monday said local coronavirus infections have slowed, while the country’s healthcare system has improved.

The virus reproductive rate stood at 0.94 from four in March, meaning an infected patient can infect one more person, he said.

Mr. Galvez earlier said new cases peaked on Aug. 10 with 6,958 and gradually decreased to 2,592 on Sept. 5. There was also a downtrend in Metro Manila, the Calabarzon region and Central Visayas, he said.

There were now 117 licensed laboratories that have conducted 2.7 million tests involving 2.6 million people.

Mr. Galvez urged the public to continue practicing minimum health standards by wearing face masks and shields, washing hands and practicing social distancing to prevent local transmission.

Defense Secretary Delfin Lorenzana, the head of the national task force, on Saturday said the Philippines was seeking to flatten the curve by the end of September.

In epidemiology, the idea of slowing a virus spread so that fewer people need to seek treatment at a time is known as flattening the curve.

The curve researchers are talking about refers to the projected number of people who will get infected over time. — Vann Marlo M. Villegas and Gillian M. Cortez

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