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Life insurers extend grace period due to COVID-19

LIFE INSURANCE FIRMS extended the grace period for premium payments to up to 91 days to give relief to clients amid the coronavirus disease 2019 (COVID-19) outbreak.

In separate press releases yesterday, Insular Life Assurance Co, Ltd. (InLife), Sun Life of Canada (Philippines), Inc. and Manulife Philippines said they are extending the grace period for premium payments for their clients.

Sun Life said the extended grace period for premium payments due from Feb. 15 to May 31 is applicable for all holders of its traditional life insurance policies, variable universal life insurance policies and pre-need plans.

For Inlife, it further extended the grace period to 91 days from the 60 days it previously announced for InLife policyholders with individual insurance with payment due dates falling within the said period.

”As the country and the whole world are gripped with urgent challenges caused by the COVID-19 pandemic, we strive to respond as quickly as we can to lessen our customers’ worries and let them focus on their health and well-being,” announced InLife President and CEO Mona Lisa B. Dela Cruz.

Manulife Philippines, in a statement yesterday, said it will also extend its premium payment period to 60 days for those due on March 16 to April 30.

The life insurance firms also reiterated that their policies will cover COVID-19.

Manulife Philippines said its policyholders who will be diagnosed with COVID-19 until June 30 will receive additional hospitalization benefit coverage of P1,500 per day up to 10 days. For those with critical illness coverage, clients could avail of the one-time diagnosis benefit of P10,000 if they tested positive for the disease.

“We are closely monitoring this situation and continuously looking for ways to make lives better for our customers during these unprecedented times. By offering COVID-19 coverage benefits, we hope to lessen our customers’ worries about its potential financial burden on their families, so they can focus instead on recovering and getting better,” said Manulife Philippines President and CEO Richard Bates.

For Inlife, COVID-19 coverage will be available for all of its policyholders, both with individual and group life policies, except for those who only availed of an accident-only policy.

It said the daily cash benefit when confined due to COVID-19 will be available to holders of its I-Heal plan, Premium Protect Series (InLife Premium Protect 1000, InLife Premium Protect, and InLife Premium Protect Plus “or any individual insurance plans with hospitalization riders.”

“Likewise, hospitalization of members of group hospitalization plans due to COVID-19 will be paid based on terms earlier announced to our corporate clients,” Ms. Dela Cruz said.

Its health maintenance organization subsidiary, Insular Health Care (IHC), will also cover claims of COVID-19 cases, despite the health agreements excluding diseases that were declared as epidemic and should not be coverable.

“IHC has basis to invoke epidemic exclusion clause. But we decided to continue to cover COVID-19 cases, setting higher limits to how much we can cover. We are inspired by the feedback we are receiving from our members who have benefited from the COVID-19 health care coverage. This is an affirmation of our positive impact on society,” IHC President and CEO Noemi G. Azura said.

Meanwhile, Sun Life said daily hospitalization benefits can be availed by policyholders of Sun First Aid and Sun First Aid Plus, including those with Hospital Income Benefit rider in their policies, if diagnosed and confined due to COVID-19.

“Those who file claims that meet the definition of a covered critical illness (CI) caused by COVID-19 will enjoy prioritized claim status,” it said in a statement.

“Beneficiaries of an insured client under a Sun Life insurance plan could also file for death benefit claim if the latter will succumb to the COVID-19 “or any of its complications,” it said.

These may be uncertain times but our country has prevailed through many challenges before. We are one with the entire Filipino nation as we forge ahead through these trying times. Let us all stay strong and keep believing that brighter days are in the horizon,” Sun Life CEO and Country Head Benedicto C. Sison was quoted as saying.

The life insurer also urged all of its policyholders to review their agreements and “if they are entitled to benefits relating to COVID-19.”

The firms have also opened its digital facilities to expedite processing. For Sun Life, it said it will accept digital copies of requirements when making insurance claims but will be subjected to verifications while InLife has its individual “customer portal” to do their transactions, including request for “policy loans, claims, maturities, top-ups, fund withdrawals, fund switching and premium payment.”

The Insurance Commission earlier allowed insurance firms to launch their own initiatives to provide additional benefits or coverage to clients affected by COVID-19, without the need to secure prior regulatory approval.

The regulator also urged all insurers, mutual benefit associations and health maintenance organizations to voluntarily waive some provisions on contracts and agreements to provide relief for clients during the public health emergency. — B.M. Laforga

RLC prioritizes welfare of its frontliners

ROBINSONS LAND CORPORATION (RLC) is ensuring the welfare of its security guards, engineering personnel, and housekeeping personnel in its properties amid the Luzon-wide lockdown.

The property developer has closed most of its hotels, office buildings, and residential properties, while still operating essential shops such as supermarkets and pharmacies.

In a statement, RLC said its frontliners, whom it described as “modern-day heroes,” that continue to work to ensure the properties are secure and clean despite the challenging times.

For instance, Robinsons Malls has provided sleeping quarters, shower rooms and food for those personnel who opt to stay inside the mall during the enhanced community quarantine.

“Choosing to work in this trying times is a difficult decision but for them, providing the necessary work is essential to themselves and the company. While they make sure everything is up to order, they give a sense of continuity, ensuring people that there’s still a safe place to come back to after the quarantine,” RLC said.

Metro Retail earnings fall 19.7%

METRO RETAIL Stores Group, Inc. (MRSGI) reported a 19.7% drop in net income last year due to the implementation of a new accounting standard.

In a statement, the Cebu-based retailer said its net income after tax for 2019 stood at P776 million, primarily due to the P363.7-million impact of implementing the Philippine Financial Reporting Standard (PFRS) 16 accounting standard.

PFRS 16 took effect on Jan. 1, 2019, requiring companies to “recognize all leases on their balance sheet except for relatively small-value assets and leases with terms of 12 months or less,” a guide from accounting firm PwC Philippines said.

MRSGI said without the effects of implementing PFRS 16, the company’s net income would have grown 18% last year.

Total sales in 2019 rose 11.3% to P36.8 billion, resulting in an operating income growth of 21.5% to P1.06 billion.

“MRSGI’s push to increase its store network to serve emerging cities and municipalities in Visayas, Central Luzon and the Bicol region was vital to the homegrown retailer’s strong performance,” the company said.

Suntrust extends share subscription with Fortune Noble

SUNTRUST Home Developers, Inc. is extending the period for concluding the share subscription of Fortune Noble Ltd. in the company and the fundraising period for its hotel casino project in Parañaque City.

The listed company told the stock exchange yesterday it entered two new supplemental agreements over the weekend in relation to its recent activities.

The first one is a supplement to the company’s share subscription agreement with Fortune Noble — a subsidiary of Hong Kong’s Suncity Group Holdings, Ltd., which bought a 51% stake in Suntrust in October.

Originally, the closing conditions and the conditions subsequent to the agreement were supposed to be fulfilled or waived by March 31. Under the newly signed supplemental agreement, this period is extended to July 31.

The other deal signed over the weekend is a supplement to Suntrust’s co-development agreement with Westside City Resorts World, Inc. for a hotel casino project in Parañaque. — Denise A. Valdez

Stuff to do at home (03/31/20)

Open House fundraising for the arts, workshops

FILIPINO freelancers, performers, and creatives have lost their income due to the enhanced community quarantine. Artist Welfare Project, Philstage, SPIT MNL, Third World Improv, and the Theater Actor’s Guild, in partnership with Ticket2Me, launched OPEN HOUSE, an online fundraising project, for the benefit of the performing arts community. The project also offers free live online classes, shows, and workshops to help raise funds for Filipino artists and creative workers. On March 30, 3 to 4 p.m., PETA Theater’s Jack Yabut will host “Asian Movement for You,” a movement vocabulary and martial arts conditioning workshop. On March 31, 3 to 4 p.m., actor Audie Gemora will host a song interpretation workshop. On April 1, 3 to 4 p.m., musical director and composer Rony Fortich will host an audition workshop. To support and donate, visit https://ticket2me.net/e/5778. To participate in live shows, visit https://www.facebook.com/OpenHouseFundraiser.

Workout with Chris Hemsworth’s team

ACTOR Chris Hemsworth is offering six weeks free of his workout course on his app Centr. It includes advice, recipes, sleep meditations, and workouts. New users are accepted until March 31 (PDT). Sign-up via http://Centr.com.

New free plays on Thursdays

THE National Theatre in London brings its shows to YouTube. Beginning April 2, and every Thursday thereafter (7 p.m. GMT/2 p.m. EST), the National Theatre at Home, will release a new play free to watch for one week. It includes cast and creative interviews and post-stream talks. The show starts with Richard Bean’s One Man, Two Guvnors on April 2, Jane Eyre on April 9, Treasure Island on April 16, and Twelfth Night on April 23. For more information, visit here.

Dulaang UP’s Ang Nawalang Kapatid on YouTube

DULAANG UP’s Ang Nawalang Kapatid — SCREEN GRAB FROM YOUTUBE

ENJOY Dulaang UP’s Ang Nawalang Kapatid, a musical adapted from the Indian epic The Mahabharata, on YouTube. Directed by Dexter M. Santos, the show is written by Floy Quintos (book and lyrics), with music by Ceejay Javier. To watch, visit https://www.youtube.com/watch?v=vISTL9hHTcc&feature=emb_title.

Ballets at the Bolshoi Theatre

THE BOLSHOI THEATRE in Russia showcases The Golden Series of classic opera and ballet performances via livestream on the theater’s YouTube channel. Livestreaming begins on April 1 with The Tsar’s Bride. To watch, visit https://www.youtube.com/user/bolshoi

Free Murakami books online

JAPANESE best-selling author Haruki Murakami’s stories are made available online for free at http://www.openculture.com/2014/08/read-five-stories-by-haruki-murakami-free-online.html. Titles include Kino, A Walk to Kobe, and Samsa in Love.

PETA’s free classes online


THE Philippine Educational Theater Association (PETA) continues this week with a fresh lineup of free classes. From March 30 to April 3 (3 to 4 p.m.), actor and designer John Moran returns with the Part II of his DIY Crafting Class, acting coach and actor Norbs Portales will conduct an Improv session, and director and actor Ian Segarra will hold his Storytelling Techniques class. For more information, visit https://www.facebook.com/PETATHEATER/posts/10157360402972799.

Realty office opens in Ortigas

GLOBAL REALTY COMPANY Keller Williams (KW) continues to expand in the Philippines where it currently has nine sub-franchises.

“When employees are compensated as much as what the company earns, they work towards a unified goal that results to increased productivity and success,” KW Philippines Regional Director Marla V. Naňadiego said in a statement.

In 2017, KW expanded in Asia, including in the Philippines.

KW Ortigas — 27C Realty, owned by Pauline Orillosa, recently opened its office at Robinsons Galleria.

“We need more brokers and sales agents to join our team to train, to handle our listings, and to grow with us,” she said.

KW agents undergo training and are given access to the company’s proprietary software that “assists in tracking clients or listings with ease, streamlining the selling process, and providing a wider network reach.”

How PSEi member stocks performed — March 30, 2020

Here’s a quick glance at how PSEi stocks fared on Monday, March 30, 2020.

How the Philippines ranks in ‘economic freedom’

How the Philippines ranks in ‘economic freedom’

Peso inches higher as oil prices drop sharply

THE PESO finished trading at P50.96 per dollar on Monday. — BW FILE PHOTO

THE PESO started the week slightly stronger against the dollar as oil prices hit an 18-year low and despite cautious trading due to market jitters over the enhanced community quarantine in Luzon.

The local unit finished trading at P50.96 per dollar on Monday, appreciating by four centavos from its P51 close on Friday, according to data from the Bankers Association of the Philippines.

The peso opened flat at P51 versus the dollar on Monday. Its weakest showing for the day was at P51.10, while its intraday best was at P50.85 against the greenback.

Dollars traded went down to $315.35 million from $456.2 million on Friday.

A trader said the peso gained against the greenback despite cautious trading amid market fears over the recent enhanced community quarantine implemented in Luzon to prevent further spread of the outbreak.

“The peso strengthened a little bit pero (but) so far we’re really not seeing a lot of activities in dollar peso as prices are still very wide given this quarantine scenario,” the trader said in a phone call.

“I think the market is very cautious at the moment so positioning is very minimal,” the trader added.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the peso’s slight appreciation to the latest oil price slip.

“The peso closed stronger after the latest decline in global oil prices to among lowest levels in 17-18 years which could help ease inflation,” Mr. Ricafort said in a text message.

Reuters reported that crude oil benchmarks sharply dropped on Monday, with Brent succumbing to its lowest since November 2002, on the back of the escalating pandemic and as the price war between Saudi Arabia and Russia continues.

Brent futures were down by 6.7% to $23.25 a barrel as of 0249 GMT, after earlier dropping to $23.03, the lowest since November 2002.

Meanwhile, US West Texas Intermediate crude futures fell to as low as $19.92, near an 18-year low hit earlier this month, and was last trading down 5.4% or $1.17 at $20.34 a barrel.

On Friday, Saudi Arabia said it has not engaged in discussions with Russia about balancing oil markets despite pressures from the US to cease their price war given the current pandemic situation that has taken its toll on oil demand.

Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno has said March inflation could slow to 2.4% due to the continued drop in oil prices as well as the price freeze amid the lockdown.

If realized, this would be slower than the 2.6% print seen in February and the 3.3% seen in March last year.

For today, the trader gave a forecast range of P50.70 to P51.20 per dollar, while Mr. Ricafort sees the peso moving around the P50.80 to P51.10 levels. — Luz Wendy T. Noble with Reuters

Stocks drop on worries of recession due to virus

By Denise A. Valdez, Reporter

PHILIPPINE SHARES declined yesterday on mounting worries of a recession due to the coronavirus disease 2019 (COVID-19) pandemic.

The benchmark Philippine Stock Exchange index (PSEi) lost 135.46 points or 2.57% to close at 5,131.16 on Monday. The broader all shares index also fell 75.19 points or 2.33% to 3,144.31.

“Local stocks fell sharply, giving back some of the strong gains experienced in the previous days to kickstart what seems to be another volatile week,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message yesterday.

He noted COVID-19 worries continue to drag the market lower, especially as cases continue to rise both locally and abroad.

Records by the Coronavirus Resource Center of John Hopkins University show there were 723,700 confirmed COVID-19 cases across the world as of Monday afternoon. United States leads with more than 143,000 cases, followed by Italy with more than 97,600 and China with more than 82,100.

In the Philippines, the Health department reported 1,418 cases, 71 deaths and 42 recoveries from COVID-19 as of Sunday afternoon.

“The pandemic concerns compelled investors to take profits out of the market’s 10.21% week-on-week surge last week,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a text message.

He noted investors are reacting to the declaration of the International Monetary Fund that the global economy is now in recession, and the remarks of Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno that the Philippine economy could also suffer the same fate this year.

“The increase in cases is unabated. Its economic impact is worrisome… The latest developments are making the outlook dimmer and this is weighing on investors’ sentiment,” Mr. Tantiangco said.

All sectoral indices ended in red territory on Monday. Financials dropped 40.83 points or 3.35% to 1,176.45; holding firms lost 158.07 points or 3.07% to 4,984.04; industrials shaved off 132.91 points or 2.14% to 6,071.63; property trimmed 59.58 points or 2.14% to 2,721.57; mining and oil erased 54.92 points or 1.33% to 4,047.55; and services slipped 7.64 points or 0.64% to close Monday’s session at 1,169.63.

Some 535.84 million issues valued at P5.33 billion switched hands yesterday, down from Friday’s 696.58 million issues worth P7.95 billion.

Decliners outnumbered advancers, 134 against 49, with 37 names ending unchanged yesterday.

Net foreign selling grew to P887.40 million on Monday from the P23.35 million in net outflows recorded in the previous session.

Manila seeks Chinese help in fight versus novel coronavirus

THE Philippines has sought China’s help in battling a coronavirus disease 2019 (COVID-19) outbreak that has sickened more than 1,500 people and killed 78 mostly in Manila, the capital.

“We want them to share their expertise with us,” Health Undersecretary Maria Rosario S. Vergeire told a news briefing in Filipino on Monday, noting how China had managed to tame the virus.

The Department of Health (DoH) yesterday reported 128 new coronavirus cases, bringing the total infections to 1,546.

Seven more patients aged 43 to 79 years died, while the number of those who have gotten well remained at 42, it said in a bulletin.

The Chinese Embassy and Foreign Affairs Secretary Teodoro L. Locsin, Jr. separately said earlier China would send a team of medical experts to Manila.

The Philippines has reported a spike in confirmed COVID-19 cases in the past week after China donated more than 100,000 COVID-19 test kits.

“That will be done soon,” Philippine Ambassador to China Jose Santiago L. Sta. Romana said at the same briefing, referring to China’s plan to send medical experts.

The envoy said details were being ironed out, including how many experts will come.

The Chinese city of Wuhan, where the coronavirus outbreak first emerged, started lifting a two-month lockdown on Saturday. Some services in the city have restarted while the borders were reopened to allow families to reunite.

Mr. Sta. Romana also said China had resumed operations of public transportation.

China also built temporary quarantine zones and exclusive facilities for treating COVID-19 patients and those under monitoring and investigation.

President Rodrigo R. Duterte locked down the entire Luzon island on March 16 to contain the virus, suspending classes, work and public transportation.

DoH yesterday traced the spike to expanded laboratory capacities.

The Research Institute for Tropical Medicine in Muntinlupa City can now test 900 to 1,000 samples daily, its director Celia C. Carlos said.

Ms. Vergeire said the laboratories in San Lazaro Hospital, Baguio General Hospital and Medical Center, Vicente Sotto Memorial Medical Center, Southern Philippines Medical Center, and University of the Philippines-National Institutes for Health can test up to 200 samples daily.

She also said they were waiting for the delivery of a million sets of personal protective equipment worth P1.8 billion.

Health workers in public hospitals would be prioritized but private hospitals will also get their share, Ms. Vergeire said at a news briefing. — Charmaine A. Tadalan and Vann Marlo M. Villegas

Work-from-home to drive telecom investment; returns uncertain — Fitch

THE SURGE in data traffic due to the coronavirus disease 2019 (COVID-19) pandemic will drive telecommunications companies in Asia-Pacific countries to ramp up their spending on additional network capacity, Fitch Ratings said.

But increasing the return on such investments will remain a challenge for them, Fitch said.

In a statement emailed to reporters on Monday, Fitch Ratings said: “The rising use of online connectivity and remote access technology from home is likely to drive the need for greater capacity to maintain network resilience.”

It said the Philippines, apart from India, ranks the highest in the countries it covers in terms of average capital expenditures (capex) intensity “at around 40%, compared with the mid-20s average for the region.”

The likelihood that the Philippines to spend more to improve its network capacity is even higher compared to South Korea and Singapore as the third-world country remains generally dependent on mobile for its broadband access.

“Fixed-broadband markets in Indonesia, India, and the Philippines are significantly under-served due to the limitations of fixed-line infrastructure,” Fitch noted.

Despite the increase in data consumption during the lockdowns due to the COVID-19 pandemic, telcos will still not be able to earn higher returns.

“Fitch expects the growth in telecom revenue to lag behind data consumption, as telcos are seldom able to price data to capitalize fully on the rapid growth in traffic,” Fitch explained.

It added: “Some telcos have offered larger data allowance while maintaining current price plans as part of their response efforts. This is despite declining roaming revenues due to curbs on overseas travel. Closure of retail outlets due to self-isolation and quarantine measures imposed in some countries could also lead to slower gross subscriber additions in prepaid markets reliant on traditional distribution networks.” — Arjay L. Balinbin

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