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Barangay Ginebra takes Game One in OT

By Michael Angelo S. Murillo, Senior Reporter

THE Barangay Ginebra San Miguel Kings drew first blood in their best-of-seven PBA Philippine Cup finals series with the TNT Tropang Giga, winning, 100-94, in overtime in the series opener on Sunday at the Angeles University Foundation Sports Arena in Pampanga. 

Had themselves a fight all throughout the contest, the Kings hung tough in the end game to hack out the victory to move closer to a first Philippine Basketball Association All-Filipino title in more than a decade. 

The opening half was tightly fought with TNT taking a five-point cushion, 27-22, at the end of the first quarter before Barangay Ginebra made its move to level the count at 41-all  at the half.

The Kings continued with their charge to begin the third quarter, racing to a 60-51 advantage by the 6:55 mark.

On the lead of Ray Parks Jr. though, TNT went on an 8-0 run in the next three minutes, to narrow the gap at 60-59.

The Tropang Giga completed their recovery as they were on top, 71-66, with one quarter left to play.

In the fourth, Barangay Ginebra made another strong push early with Japeth Aguilar showing the way, reclaiming the lead, 72-71, inside the first two minutes.

The two teams went back-and-forth after, fighting to an 82-all count with four minutes remaining on the game clock.

The Kings created a four-point separation, 86-82, entering the last two minutes before a Jay Washington triple with 1:45 left made it a one-point game, 86-85.

Mr. Pringle answered with a deuce to extend their lead back to three points, 88-85, in the next 20 seconds only to be countered by Mr. Washington with another trey to level the score at 88-all with 1:07 remaining.

The Kings went up by two, 90-88, after a basket by Mr. Pringle, which TNT answered anew by way of a Jayson Castro triple to make it a 91-90 game in their favor at the 36-second mark.

Off a timeout, Barangay Ginebra went to Mr. Pringle to create a play but the latter turned the ball over.

They were then forced to foul Mr. Parks with 12 seconds to go.

But the TNT forward split his free throws to still open the door for Barangay Ginebra, 92-90.

The Kings sued for time after, which paid dividends as rookie Arvin Tolentino saw a lane for a drive off a pass from LA Tenorio to tie the knot at 92-all with five seconds remaining.

TNT still had a chance to win the game in regulation but Mr. Castro missed his shot in the paint as the game buzzer sounded, sending the game to overtime.

Barangay Ginebra jump-started things in the extra time with four straight points to take a 96-92 advantage with 3:27 to go.

Roger Pogoy broke the silence for TNT at the 1:20 mark to make it just a two-point deficit, 96-94.

Barangay Ginebra, however, got added breathing room, 98-94, 25 seconds later with an Aljon Mariano looper.

The Tropang Giga tried to respond after but Mr. Parks’ drive to the basket failed to produce.

 The Kings made them pay for that with the former adding to their lead, 100-94, with 19 seconds remaining off a slam from Mr. Aguilar.

It was a hole the Tropang Giga could not recover from, leaving the Kings to notch the hard-earned win.

Mr. Aguilar top-scored for Barangay Ginebra with 25 points, partnering it with 16 rebounds. Mr. Pringle had 24 points, seven rebounds and seven assists.

Scottie Thompson and Mr. Tolentino had 15 and 14 points, respectively, while Mr. Tenorio had a double-double of 12 points and 10 assists.

For TNT, Mr. Parks had 20 points before fouling out, with Mr. Pogoy adding 19.

Game Two of the finals is on Wednesday.

Coronavirus infections nearing 430,000 — DoH

THE DEPARTMENT of Health (DoH) reported 2,076 coronavirus infections on Sunday, bringing the total to 429,864.

The death toll rose by 40 to 8,373, while recoveries increased by 10,579 to 398,624.

There were 22,867 active cases, 82.9% of which were mild, 7.4% did not show symptoms, 6.1% were critical, 3.2% were severe and 0.34% were moderate.

Quezon City reported the highest number of new cases at 137, followed by Laguna at 122, Cavite at 103, Batangas at 96 and Angeles City at 79.

DoH said two duplicates and seven recovered cases found to be negative after validation were removed from the tally. Eight recovered cases were reclassified as deaths. Seven laboratories failed to submit their data on Nov. 28.

The coronavirus has sickened about 62.6 million and killed 1.5 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization (WHO).

About 43.2 million people have recovered, it said.

An expert panel from the Science and Technology department has approved Chinese drug maker Clover Biopharmaceuticals’ application for clinical trials of its coronavirus vaccine, the agency said on Friday.

A separate ethics review committee and the local Food and Drug Administration (FDA) must also approve the application, said Jaime Montoya, executive director of the agency’s Philippine Council for Health Research and Development.

The Clover application was the second application approved after China’s Sinovac Biotech Ltd.

Three other drug makers have applied for clinical trials — Russia’s Gamaleya Research Institute of Epidemiology and Microbiology, Janssen Pharmaceutical Companies of Johnson & Johnson and AstraZeneca,

he said.

Mr. Montoya said the clinical trials for both companies might start by late December at the earliest. Their applications have been forwarded to the local FDA for regulatory review.

Gamaleya is still completing some documents while the panel is still reviewing responses from Janssen. AstraZeneca was the last to submit an application.

The presidential palace has said President Rodrigo R. Duterte would allow the emergency use of coronavirus vaccines, which would cut the approval process for drugs approved in countries where these were developed.

The President would issue an executive order for the emergency vaccine use, which allows local use after 21 days, shorter than the usual six months required for verification.

Mr. Duterte had also approved advanced orders for COVID-19 vaccines to ensure there is supply for the Philippines, said vaccine czar  Carlito G. Galvez, Jr.

Mr. Duterte last month said the government had funds to buy coronavirus vaccines, but it needs more so the entire population of more than 100 million could be inoculated.

He said he would look for more funds so all Filipinos could be vaccinated. The President said he was okay with vaccines developed either by Russia or China.

FDA Director-General Rolando Enrique D. Domingo earlier said drug makers don’t have to conduct clinical trials here. They just have to register for product approval by the FDA.

Moderna, Inc. had informed Science and Technology officials that it does not plan to hold clinical trials here for a coronavirus vaccine it was developing. The company claims the drug is 94.5% effective.

Pfizer, which claims its vaccine is 95% effective, also does not plan to conduct clinical trials in the Philippines.

Mr. Duterte said he had spoken with outgoing Russian Ambassador Igor A. Khovaev and was told that Russia intends to set up a pharmaceutical company in the Philippines that will make the vaccines available here.

He said soldiers and the police will be among the first ones to be vaccinated, along with poor Filipinos.

Misamis Oriental Rep. Juliette T. Uy on Friday said the Phividec Industrial Estate Authority could lead the local production of vaccines under license from original manufacturers.

The country would also need safe places where enough vaccines and supplies can be stored for future needs, she said.

Ms. Uy urged the Department of Trade and Industry (DTI) to “find ways to manufacture the vaccines and cold containers on a massive scale, along with the production of tens of millions of syringes and other supplies needed.”

She said the government must anticipate vaccination of migrant workers, returning overseas Filipino workers, foreign tourists, and crews of international airlines, passenger ships, cargo ships, personnel of foreign embassies and international regional headquarters, and visiting foreign troops. — Vann Marlo M. Villegas

House leader backs declaration of climate emergency

THE DECLARATION of a climate emergency in the Philippines would encourage swift action to combat climate change and ease its impacts, the Speaker of the House of Representatives said on Sunday.

The declaration would compel the government, including Congress and other stakeholders to place climate change at the center of their policy and planning decisions, Speaker Lord Allan Q. Velasco said in a statement.

“Declaring a climate emergency means recognizing that the climate crisis is the fight of our lives and that there is an urgent need for a massive-scale mobilization to protect Filipinos and the environment from climate change and its devastating impacts,” Mr. Velasco said after the House adopted a resolution declaring such emergency.

The resolution sought to mobilize government agencies and local governments “to effectively implement environmental, climate change adaptation and mitigation measures” and enforce environmental management laws.

The House committee on disaster resilience has also adopted a separate resolution calling for a nationwide policy response to halt, reduce and reverse the effects of climate change.

Mr. Velasco said the Philippines had been facing a climate emergency for decades, now “with millions of Filipinos left to suffer the catastrophic effects of extreme weather events made stronger and more deadly by climate change.”

He said the devastation caused by recent typhoons — including Typhoon Goni and Typhoon Vamco, locally named Rolly and Ulysses respectively — showed the need to pursue stronger climate-adaptive and -resilient measures.

Vamco killed at least 73 people and caused the worst flooding in Metro Manila and Cagayan Valley in recent years.

“There will be more typhoons that will come our way, and we have to become better at preparations and in handling situations that call for sound judgment to prevent devastating death tolls and economic costs of future calamities,” Mr. Velasco said. 

He added that the declaration of a climate emergency would amplify the country’s demand for climate justice from developed nations and help achieve its goals under the landmark Paris Agreement on Climate Change.

The declaration would show “the world our resolve to pursue low carbon development, as well as the support we need from developed countries in terms of climate finance, capacity building and technology transfer in the context of climate justice and in accordance with the Paris Agreement on Climate Change.”

“We need to address gaps in climate action and the implementation of our climate change laws and policies,” he added.

Mr. Velasco, along with Senate President Vicente C. Sotto III, Antique Rep. Loren B. Legarda, and Bohol Rep. Edgar M. Chatto earlier represented the Philippines in a virtual conference of lawmakers from the 48-member nation Climate Vulnerable Forum.

Meanwhile, Quezon City Rep. Precious H. Castelo urged the government to start a flood summit.

The summit should involve the Office of the President, Office of Civil Defense and other government agencies, she said in a statement. — Kyle Aristophere T. Atienza

House committee eyes stiffer penalties versus game-fixing

A HOUSE of Representatives committee has approved a bill that seeks to impose stiffer penalties against game-fixers in Philippine sports.

The bill will amend Presidential Decree 482 by redefining and penalizing attempts to commit game-fixing.

People and syndicates behind game-fixing activities earn millions of pesos at the expense of athletes and the games, Manila Rep. John Marvin C. Nieto, who heads the House committee on youth and sports development, said in a statement.

He said the penalty under the present law is just P2,000, he added.

The measure imposes stiffer penalties on mere proposal, attempt, and conspiracy to perform game-fixing. It raises the penalty on violators to P1 million.

The actual payment or receipt of money is no longer required for the crime, according to the bill.

The measure empowers the Games and Amusements Board to suspend or revoke the license of an athlete accused of game-fixing.

It also authorizes the Philippine Sports Commission to remove athletes, coaches and sports officials involved in the crime from the national team, and ban them from amateur sports competitions and disqualify them from awards.

Mr. Nieto said he is coordinating with his Senator Christopher Lawrence T. Go to ensure the passage of a counterpart bill at the Senate. — Kyle Aristophere T. Atienza

Nationwide round-up (11/29/20)

Audit agency says technology, citizen support ensure government accountability amid pandemic

THE Commission on Audit (CoA) has adopted innovative technologies and encouraged citizen participation to ensure government accountability amid a coronavirus pandemic, its chairman said Friday. During an online webinar conducted by Stratbase Albert Del Rosario Institute, CoA Chairman Michael G. Aguinaldo said the new environment had opened opportunities for more creative ways of performing the audit function. Mr. Aguinaldo said the commission has created a task force to lead its Audit Modernization Program, which is intended to enhance the commission’s “resilience in times of crises or emergency, by optimizing the use of science, technology, and innovation.” The task force has also been testing the use of artificial intelligence to detect statistical anomalies in transactions, he added. “CoA auditors adapted to these changes, in a manner that, while there is a recognition of a certain level of leniency since agencies need to be creative to ensure effectiveness, efficiency, and economy in providing services; and, to ensure the safety of their personnel, the receipt from all sources and utilization of COVID-19 funds and other resources, in cash and in-kind, are still expected to be fully and properly accounted for,” Mr. Aguinaldo said. The commission’s Citizen Participatory Audit also enabled state auditors to “come face-to-face with representatives of civil society to know each other better, co-create goals and objectives, and obtain feedback on possible audit topics and issues that the CoA can address.” This platform may be later expanded for citizen-partnership engagements. “The CoA will partner with civil society organizations in validating the compliance of procuring entities with the publication requirements. CSO members who are authorized by the COA to be citizen-auditors, will do this in the safety of their homes,” he said. — Kyle Aristophere T. Atienza

P3.45B released to OFWs
A TOTAL of P3.45 billion has been released as of November 28 to 338,900 overseas Filipino workers (OFWs) affected by the coronavirus pandemic, the Department of Labor and Employment (DoLE) reported on Sunday. These beneficiaries are part of the 389,996 applications approved by DoLE since April. The department initially had P3.5 billion allocated for its  Abot Kamay ang Pagtulong (AKAP) program, a one-time cash grant of P10,000 for each displaced OFW. Another P2 billion, which will benefit 200,000 OFWs, will be distributed for the AKAP program as provided under the Bayanihan to Recover as One Act. Starting Monday, OFWs who will be repatriated can already apply for the AKAP benefit before returning to the country. “In the new system, all new applications for AKAP will be accepted through the website oasis.owwa.gov.ph for displaced OFWs who are scheduled for repatriation. This will allow the offices of the Overseas Workers Welfare Administration to process and evaluate the applications in advance,” the DoLE said. — Gillian M. Cortez 

GSIS to release P3.3-B Christmas cash gift to old-age, disability pensioners

THE Government Service Insurance System (GSIS) will release P3.3 billion of Christmas cash gift to old-age and disability pensioners starting Dec. 1. The state agency for public sector workers said this will benefit 330,496 members. “Every year, our pensioners look forward to receiving the cash gift which they call their Christmas bonus. Thus, we made sure that the cash gift will be credited to their electronic card before Christmas this year to  somehow relieve them of the additional financial expenses during the Christmas season,” GSIS President and General Manager Rolando L. Macasaet said in a statement. Qualified pensioners include those who received their Christmas cash gift last year ranging from P10,000 to P12,600. Pensioners who resumed their regular monthly pension after Dec. 31 last year will also have a maximum cash gift of P10,000. Those with suspended pensions due to pending information revalidation requirement will receive the cash gift after reactivation on or before June 30, 2021. The Christmas cash gift is also not available to survivorship pensioners, dependent pensioners, pensioners under RA 7699 or the Portability Law, and those receiving pro-rata pension. New pensioners who availed of immediate pension in 2016 and this year, and those who resigned or separated from government service before reaching 60 years old and started receiving their regular monthly pension between 2016 and 2020 will start getting the Christmas cash benefit five years after the retirement date or the commencement of regular pension. — Kathryn Kristina T. Jose

Regional Updates (11/29/20)

Solon asks MMDA to reconsider closing U-turn slots along EDSA

A LAWMAKER has asked the Metro Manila Development Authority (MMDA) to reconsider the closure of all U-turn slots along EDSA, the capital region’s major thoroughfare. The MMDA plans to close all 13 slots by the end of the year or early 2021, with at least four implemented so far, to improve the flow of buses and ease traffic congestion. Quezon City Rep. Anthony Peter D. Crisologo, however, said the policy exacerbates the “already terrible” traffic congestion in Metro Manila. It also “had caused heavy build-up of U-Turning vehicles at Apolinario Samson and Quezon Avenue,” he said in his letter to MMDA Chairman Danilo D. Lim dated Nov. 9. The neophyte lawmaker said he already received complaints on  the closure of the U-turn slots in Trinoma, Quezon City Academy, Panorama, and Dario River. Mr. Crisologo also said that while he commends the MMDA’s objective to shorten the travel time of carousel buses along EDSA to 45-minutes, he believes that the plan to close the U-turn slots “will lead to no other result than exacerbate the traffic situation in the area.” He suggested that the MMDA and the Department of Transportation consider opening the intersection of Muñoz and let all vehicles “stop and go with no left turns even for buses plying EDSA.” He added that transportation authorities should also find time to hold talks with stakeholders to come up with “alternatives and solutions to the problem.” — Kyle Aristophere T. Atienza

Tourism dep’t vows continued support as Coron, Palawan reopen

THE Department of Tourism (DoT) has committed to continue supporting the local government in Coron, Palawan as the popular island destination reopens to domestic tourists on December 1. “We’re grateful for the decision of the local government officials and tourism stakeholders of Coron to finally welcome local visitors from all over the country. This will further help the tourism community of Palawan thrive during this time and bring back lost jobs to tourism workers,” Tourism Secretary Bernadette Romulo-Puyat said in a statement on Sunday. The DoT has so far certified 10 hotels and resorts in Coron, which will be regularly checked by the department’s regional office for consistent compliance with health and safety standards. Ms. Puyat also reminded tourists to respect and follow the town’s protocols. Local tourists from ages 15 to 65 years old are allowed to enter the island under a test-before-travel policy. For more information and to register before travel, go to www.corontourism.ph and app.philippines.travel. All tourists will undergo health assessment at the triage area of the Busuanga Airport.

Surallah-General Santos City bypass road 95% done

DPWH

THE P3.4 billion bypass road connecting Surallah town in South Cotabato to General Santos City is 95% done, the Department of Public Works and Highways (DPWH) reported on Sunday. The project connects the neighboring towns of Lake Sebu, Surallah, and T’boli to the commercial center, seaport, and airport in General Santos City, cutting travel time to an hour from the current two hours via the Banga-Polomolok highway. DPWH said ongoing construction work include the concreting of a 12.65-kilometer segment funded under 2019 and 2020 budgets, adding to the completed 25.41 kilometers since the project started in 2016. Funding for the remaining 6.69 kilometer road gap is included in the proposed 2021 budget while a 2,700 square-meter slope protection project is planned for implementation in 2022.

Indonesian officials prepare to reboot Davao-Manado connectivity

INDONESIAN officials are preparing to revive air and sea links between Manado and Davao City along with new platforms to strengthen connectivity among the business sector and other stakeholders. In a webinar earlier this month entitled Enhancing Manado-Davao City Connectivity for Sustainable Economic Interaction and Mutually Beneficial for the Two Countries, top Indonesian envoys recommended the creation of an online forum where representatives from both sides will meet regularly to discuss trade opportunities and other exchanges. “It will give more interactions of people from both countries in the business sector, academe, students, sports etc. that could boost trade, investment, tourism, and socio-cultural activities,” Davao City-based Indonesian Consul General Dicky Fabrian said in an email interview. Mr. Fabrian said they are also pushing for the revival of Davao–Manado flights of Garuda Indonesia, which was launched last year but halted in mid-March following the travel restrictions due to the coronavirus outbreak. “We hope after the pandemic, airlines from both countries could continue to serve the route,” he said. He added that the North Sulawesi Business Chamber is meeting with their Davao City counterparts before the end of the year to map out goods for trade and the viability of cargo flights. A direct Bitung-Davao sea transport is also being considered, which will be faster than the defunct Bitung-Surabaya/Jakarta-Manila-Davao route. — Maya M. Padillo

CREATE’s lower corporate tax rate to be applied retroactively

THE PROPOSED 25% corporate income tax (CIT) will be applied retroactively to July 1, 2020 if the Corporate Recovery and Tax Incentives for Enterprises (CREATE) legislation is signed, Finance Secretary Carlos G. Dominguez III said.

“This will allow taxpayers to properly adjust their books and returns for the filing season as the reduction of the CIT rate will be retroactively applied to July 1 of this year,” Mr. Dominguez said in a statement over the weekend.

The lower tax rate will thus cover half of 2020.

The Senate approved Senate Bill No. 1357 or the CREATE bill on third and final reading last week, cutting the corporate income tax to 25% from 30% currently, with further reductions of one percentage point each year starting 2023 until it falls to 20% by 2027.

The Senate version allows for small firms with assets of up to P100 million and up to P5 million in net taxable income to enjoy an expedited reduction to 20% this year.

The measure also seeks to reform the tax system and give more power to the Fiscal Incentives Review Board to give tailored incentives.

“These reforms in the fiscal incentives system are crucial for us to be able to compete for high-value investments, which are what we want to attract. The passage of CREATE is timely as many investors located in China are now looking for alternative destinations to avoid a repeat of the supply chain disruptions they encountered earlier,” Mr. Dominguez said.

A Bicameral Conference Committee will no longer be needed since the House of Representatives has agreed to adopt the Senate’s version, according to Albay Representative Jose M. Clemente S. Salceda.

The measure is revenue-negative and will result in P40 billion worth of foregone revenue this year, and P650 billion over the next five years.

The CREATE bill forms part of the government’s recovery package along with the P140-billion Bayanihan to Recover as One Act (Bayanihan II), or Republic Act 11494.

Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua has said the timely passage of the measure will help the economy bounce back faster from the recession, especially small- and medium-sized enterprises that were among the hardest hit by the crisis.

“With CREATE, the country will also be able to attract more foreign direct investment with an improved incentives menu, which will maximize desirable economic outcomes such as job creation, domestic value added, and technology transfer,” he said in a statement Friday. — Beatrice M. Laforga

Philguarantee could cover loans of up to P300M next year

PHILIPPINE GUARANTEE Corp. (Philguarantee) said it could cover loans of up to P300 million starting next year, with small-, medium-sized and large organizations eligible to apply.

“For large firms, we are already entertaining inquiries. But actual applications may start early next year,” Philguarantee President and CEO Alberto E. Pascual said in a text message Friday.

The new facility expands the agency’s original P120-billion credit guarantee scheme for micro-, small-, and medium-sized enterprises (MSMEs) affected by the coronavirus crisis.

For applications by bigger firms requiring up to P300 million in loan cover, Mr. Pascual said the agency is still waiting for the Budget department to release P5 billion to service this segment of the market. He said the extra funds can be leveraged 15 times, effectively providing guarantee cover for P75 billion worth of loans.

Guidelines for the new scheme will be submitted to Philguarantee’s governing board on Tuesday, Dec. 1 for approval, he said.

“For 2021, we are targeting only an additional 8,000 MSMEs or gross loans of about P4 billion. For large firms, we have received inquiries for P1 billion, plus new loans for various projects,” he said.

Most of the large firms expressing interest in the upcoming facility are involved in food processing, information technology, healthcare, transport, agriculture production and post harvest facilities.

The additional capital will also be available for guarantee coverage of severely affected non-essential industries, low-cost housing and cooperative banks, he said.

The government launched the MSME credit guarantee program as part of the overall recovery package that will help the economy bounce back from recession. The scheme is intended as a relief measure for the private sector by encouraging lending among banks through state-backed guarantee coverage, as banks are still risk-averse when it comes to the MSME market.

Philguarantee has P23 billion worth of unimpaired capital, bringing its potential guarantee capacity to P345 billion, assuming leverage of 15 times.

Its outstanding guarantees declined 17% from the end of 2019  to P170 billion at the end of September. — Beatrice M. Laforga

Agility, adaptability cited as key attributes by employers during pandemic

THE disruption to workplace routine imposed by the pandemic has highlighted the need for employers to be agile and adaptive, Willis Towers Watson Philippines Managing Director James Matti said at BusinessWorld’s Virtual Economic Forum 2020 last week.

Mr. Matti cited the findings of his firm’s employer survey on readiness to reset enterprise operations, which concluded that agility was deemed crucial in handling business conditions that “suddenly change overnight,” as was the case during the pandemic.

“Sixty-three percent of companies (cited) agility to redeploy and reskill their workers for other functions and focus basically on their business. That is what basically happened in the last nine months,” he said.

Mr. Matti added that 20% of respondents repurposed people to other roles as demand receded and job descriptions shifted while settling into the new normal.

Learning and development were also cited by most businesses, with the virus fast-tracking the fourth industrial revolution, which will digitize many tasks. Companies have put more of a premium in reskilling workers by appointing “chief learning officers.”

“There will be a real study of redesigning work processes so it can become more efficient and more (appropriate) to the needs of the times,” he said.

Companies also started strengthening healthcare and wellbeing programs within the organization to secure the workers’ physical and mental health. Mr. Matti said pre-COVID-19, companies did not have packages covering mental health services but are increasingly offering them to relieve the stress experienced during the crisis.

Willis Towers Watson recommended that firms demonstrate their commitment to their employees’ best interests and welfare during the pandemic and the digitization process. The companies’ “medium term needs and long term aspirations” need to be balanced as the pandemic threatens divisions between labor and management. Employers and employees must see themselves as partners in the change, he added.  

“Resilience and agility are really a critical combination for success whether their people are open enough to embrace change at a rapid pace and accept the complexities and disruption which will essentially be an integral part of our environment here on,” Mr. Matti said. — Gillian M. Cortez

Assistance to shipping industry to take form of subsidized port fees

ICTSI

THE Philippine Ports Authority (PPA) said the shipping industry will receive assistance from the government’s second stimulus package in the form of subsidized port fees.

The aid to the industry is authorized by Republic Act. No. 11494, or the Bayanihan to Recover as One Act (Bayanihan II), signed by President Rodrigo R. Duterte on Sept. 11.

Under Bayanihan II, P9.5 billion was set aside for the recovery programs of the Department of Transportation (DoTr). Of that total, P2.6 billion was set aside for assistance to the transportation industry.

The aid is applicable to all Philippine-registered ships operating in the domestic trade and calling at government ports under the jurisdiction of the PPA, according to Memorandum Circular No. 42 issued by PPA General Manager Jay Daniel R. Santiago on Nov. 26.

“The funds that DoTr shall transfer to PPA are not in the form of subsidy to PPA’s operations but correspond to DoTr’s budget under Bayanihan Act II in the amount of P250 million, which shall be treated as financial assistance to be utilized in subsidizing the fees being collected from domestic shipping owners, specifically, dockage (domestic) and lay-up fee (domestic),” according to the circular.

Eligibility requirements for shipping companies or operators include a valid certificate of public convenience, provisional authority, or special permit from the Maritime Industry Authority, and a valid accreditation certificate issued by the PPA.

“Shipping companies or operators that have pending applications for accreditation are considered to have met this requirement unless otherwise said application has been denied by the PPA,” the circular said.

The subsidy will run between Dec. 1 and Dec. 19 “or until such time that the fund assistance shall have been depleted, whichever comes earlier,” it added.

Philippine Liner Shipping Association President Mark Matthew F. Parco has said the domestic shipping industry, like other industries, was “taken by surprise by the speed and breadth” of the impact of the coronavirus pandemic. — Arjay L. Balinbin

Labor dep’t employment listings to highlight ‘green’ jobs

ENVIRONMENTAL PRESERVATION jobs have been included in the Department of Labor and Employment’s career information system targeted for launch online early next year, a Labor official said Saturday.

“We have developed (a) career information system which contains relevant information on certain occupations which also include… green jobs” to address the interests in those seeking careers in “the green economy,” Bureau of Local Employment (BLE) Senior Labor and Employment Officer John Christopher P. Lapiz said during a webinar hosted by Reboot Philippines.

According to Mr. Lapiz, the Labor department had been looking to develop a database on green jobs, careers, skills, and emerging enterprises for some time.

He said the online launch is scheduled for early next year, while green career information will be accessible on the BLE’s webpage soon, he said.

According to Mr. Lapiz, the average monthly salaries for environmental impact assessment specialists, agricultural engineers, and environmental planners are P32,000, P43,000, and P50,000 respectively, on the high end of the scale, based on information provided by consultants.

He described the transition to clean energy as “inevitable because the public was highly conscious of the impact of climate change.” — Angelica Y. Yang

How CFOs can transform Finance in the Age of Disruption

Even before COVID-19, finance leaders across a range of sectors were already in the process of evaluating their operating models in response to a broad and well-documented set of drivers and challenges. These include delivering value, managing costs, making efficient use of technology and automation, and complying with new regulations.

The arrival of the pandemic, however, has accelerated the need to transform the finance function to meet current and upcoming disruptions. With most employees working from home, businesses were forced to run operations remotely, and had to swiftly deal with unexpected challenges. Pressing issues such as client payment delays became especially problematic due to cash flow drying up and supply chains coming under pressure.

It is not anymore a question of whether organizations should adopt new and emerging technologies, but a matter of how and when. With the exponential acceleration of digital adoption, finance organizations are no longer simply seeking an increase in efficiency and productivity. They are now looking for ways to adapt to shifting marketplace pressures as well as to expand and compete in new markets. The question on the minds of executives now is how quickly these technologies can be adopted so that their organizations do not lose their competitive advantage.

THE ROLE OF CFOS IN TRANSFORMATION
With the pandemic dictating the new normal and pushing organizations to reconsider their business continuity, chief financial officers (CFOs) play a significant role in supporting business during these uncertain times. Finance leaders must aid the business while keeping finance operations running, supporting the workforce, planning for possible scenarios, and managing cash and liquidity while focusing on stability and revival.

The finance function is gaining further importance while changing and expanding in scope. Historic reporting activity will continue to be vital but take less time, thanks to improved efficiency brought about by end-to-end reporting systems, consistent data and automation. Capacity will be available for more future-focused insights and analysis to support business units and decisions that drive increased stakeholder value. On the other hand, the need to satisfy regulatory information demands will continue and regulators may ask for more and possibly even real-time data, requiring finance teams to shape up their finance and business processes and leverage more advanced technology as an enabler.

The reality of unrelenting disruptive change brought about by the pandemic has placed CFOs at the forefront, balancing competing demands and driving future growth. CFOs who will build long-term value will have to cultivate a transformational mindset — one that starts from the future and defines where an organization wants to be, working its way back to where the organization is today. This is indicative of how transformation is designed and brought to life, guided by three key transformation drivers — technology at speed, humans at center, and innovating at scale.

TECHNOLOGY AT SPEED
According to an EY and Forbes Insights survey covering 564 executives in large global enterprises, 57% of CFOs believe that it will be critical for the finance function to deliver data and advanced analytics for business intelligence and management. Despite this, many organizations still struggle to apply the promise of data analytics into improved performance. Moreover, most admit they still do not have an effective strategy in place to compete in a digital world and struggle with getting business users to adopt analytics insights. Two-thirds of adoption leaders, comprising the top 10% of all enterprises, rate this change management as a vital component of their data and analytics objectives; yet only one-third of the broader cross-section of respondents see it this way.

As a role that spans across organizational silos, the CFO can extend the use of analytics from the traditional finance functions of budgeting and forecasting to the operational needs of the wider business. CFOs need to be the champions and drivers for the use of analytics in all current core financial processes under their responsibility, as financial data is one of the key inputs to many business decisions — whether in supply chain, procurement, operations or risk management.

By viewing data from the perspective of a data and money-conscious CFO, organizations will be able to act on the opportunities and insights that analytics can reveal as they occur before it’s too late. Without necessarily owning the area of analytics application, CFOs can act as a catalyst to help encourage and drive the use of analytics in business processes outside core finance.

HUMANS AT CENTER
Harnessing new and emerging technologies allows companies to more readily respond to or even anticipate changing customer behaviors and expectations. According to a recent EY study, Digital Deal Economy, 90% of companies are prioritizing an increase in capital allocation toward digital transformation, with a majority of global finance leaders saying artificial intelligence will be vital to the finance function of the future, while other finance leaders see blockchain as the most important technology in the function.

However, the pandemic has revealed that people aren’t merely anonymous elements of the many layers in an organization — they embody the organization and are its most critical asset. While it is undoubtedly a massive global crisis, the pandemic also serves as a live demonstration of how human resourcefulness, ingenuity, and diversity of experience can combine with the technology of today to create solutions and business models for the future, changing industries overnight and solving issues at scale.

The skills and expertise required from teams will change in a remodeled finance function. CFOs will need to build a finance function consisting of the right people with the right skills to complement and get the most of new technologies, playing an important role in the overall people strategy of the organization. Qualified accountants will still be needed within the central core to implement and understand the implications of evolving accounting standards and other legal and regulatory requirements, but alongside them will be a new breed of data scientists and business analysts. These individuals will understand how to use data, the IT systems that generate it and the questions that business units will want help in answering. It will be a complex blend of skills gained partly through education, training and certainly, through frontline experience across the organization.

Success will depend on combining the intelligence of smart technologies with the emotional intelligence and interpersonal skills of talented people. Companies that leverage technology and enable innovation at scale while placing humans at the center will be capable of accelerating long-term value.

INNOVATION AT SCALE
Though the world continues to evolve at an increasingly fast pace, many organizational structures and operating models remain unchanged. Digital initiatives are too often conducted within outdated frameworks — and superimposing 21st century technologies over 20th century structures and processes will likely result in suboptimal results, or even failure.

In addition, the resulting economic fallout from the impact of COVID-19 will likely worsen before it can improve, with possible recovery only seen well into 2022. CFOs will be expected to save costs wherever possible and as soon as possible, with significant economic disruption in the interim, all while balancing financial resilience and business continuity.

The finance function will need to become more agile in order to drive innovation with as little resistance as possible and be in a better position to create long-term value. It, like the rest of the organization, needs to become flatter, leaner, more fluid and globally integrated to become truly transformative.

REFRAMING FINANCE FOR THE FUTURE
The CFO will be one of the C-Suite’s most critical roles in reframing the future of the organization beyond the pandemic, according to the 2020 EY DNA of the CFO survey, with more than 800 senior finance executives and global CFOs as respondents.

How organizations create value in this increasingly hyperconnected world will shift from within company walls to out into network space. The finance function needs to become more open and work as part of an extended ecosystem, collaborating deeper within as well as beyond the organization. This poses the opportunity for CFOs not just to adapt to the new normal, but to reframe finance for this new reality.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinions expressed above are those of the author and do not necessarily represent the views of SGV & Co.

 

Evert De Bock is a Consulting Principal from SGV & Co.

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