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Taiwan semiconductor firm seeking nearly 800 Filipino workers

A semiconductor manufacturer in Taiwan has opened its hiring to nearly 800 qualified qualified Filipino workers, the Department of Labor and Employment said Friday.

Silicon Precision Industries Co. Ltd. (SPIL) In Taichung City, Taiwan submitted a job order to the Philippine Overseas Labor Office (POLO) outlining its personnel needs.

“The vacancies are contained in the Job Orders of SPIL that were submitted to POLO-Taichung in the middle of this week,” Labor Attaché Fidel A. Macauyag said in a statement Friday.

The labor office in Taichung has directed potential applicants to the following recruitment agencies: Grand Placement & General Services Corp., MIP International Manpower Services, Inc., and JS Contractor Inc.

SPIL, a leading provider of semiconductor assembly and test services, produces advanced leadframe and substrate-based packages used in computers, tablets, mobile phones, set-top boxes and LCD monitors.

It also manufactures wearable devices, smart appliances, smart cars, drones, fingerprint sensors, digital cameras, smart speakers and video consoles.

The department noted that POLO in Taichung recently estimated that SPIL employed more than 3,500 overseas Filipino workers (OFWs).

Mr. Macauyag also said he is hoping for “early easing of travel protocols and limitations on the number of inbound passengers in Taiwan so that the prospective OFWs awaiting deployment in the Philippines may immediately work in Taiwan.” — Charmaine A. Tadalan

DBM allots P3,000 hazard pay for gov’t health workers, P5,000 for all staff at COVID facilities

The Department of Budget and Management (DBM) said it will grant government health care workers a hazardous-duty allowance of P3,000 per month for work performed starting Sept. 15 until the expiration of a special law authorizing the funding.

The allowance was detailed in Joint Circular (JC) No. 1, s. 2020 issued with the Health department on Friday. It covers government medical staff assigned to hospitals, laboratories, medical and quarantine facilities directly involved in the government’s pandemic containment effort.

A separate joint circular, JC No. 2, s. 2020, also issued Friday, calls for a special risk allowance of P5,000 a month for medical personnel, public and private, assigned to facilities designated for COVID-19 patients.

The hazard pay and special risk allowances are authorized by Republic Act No. 11494, or the Bayanihan to Recover as One Act (Bayanihan II), and will be sourced from budget savings, subject to their availability.

Both allowances will be based on the number of days the health workers reported for duty between Sept. 15 and Dec. 19. It is possible for a government health care worker assigned to COVID duty to receive both allowances.

They do not cover frontliners who do not have employer-employee relationships, and whose salaries were sourced from non-personnel services budgets, except consultants engaged for a limited period; laborers hired through job contracts; student workers and apprentices; and those who were employed through contracts of service or job order who were not assigned to hospitals, laboratories or quarantine facilities.

According to budget documents seen by BusinessWorld, P92.35 billion or 66% of the P140 billion Bayanihan II budget has been released as of Monday. The law, signed on Sept. 19, will expire on Dec. 19. — Beatrice M. Laforga

BIR, BoC ordered to investigate cooperatives allegedly fronting for rice traders

Finance Secretary Carlos G. Dominguez III ordered the Bureaus of Internal Revenue (BIR) and Customs (BoC) to help the Agriculture department investigate alleged use by private rice traders of cooperatives to import rice as a tax-avoidance measure.

In a statement Friday, the Finance department said Mr. Dominguez issued the order after Agriculture Secretary William D. Dar last month released Administrative Order (AO) No. 34, suspending the issuance of permits and the application process for sanitary and phytosanitary import clearances (SPSICs) to farmers’ cooperatives and irrigators’ associations, after some were allegedly used as dummies by traders.

“There’s this question now as to why traders are using co-ops to import rice …. Let’s look into that because they might be using the tax advantage on rice imports,” Mr. Dominguez told BIR Commissioner Caesar R. Dulay and BoC Commissioner Rey Leonardo B. Guerrero in a recent meeting.

Cooperatives are not exempt from paying duties on rice imports but some are registered with the BIR for income tax exemptions on their activities, according to Finance Undersecretary Antonette C. Tionko.

Duties collected from rice imports rose 25% year on year to P630 million in October on the back of greater import volumes, which were up 18% at 98 million kilograms, according to the BoC.

In the year to date, rice imports generated P14.31 billion in tariffs for the government. Of these collections, the government must provide P10 billion a year to support the Rice Competitiveness Enhancement Fund (RCEF).

The BoC earlier reported rice traders were found to have underpaid P1.417 billion worth of customs duties, plus penalties and other charges, because of undervalued rice imports between March and June 2019. — Beatrice M. Laforga

Boracay dev’t authority bill filed in Senate

A bill creating the Boracay Island Development Authority (BIDA) has been filed in the Senate, with the stated intent of moving ahead with the resort island’s rehabilitation.

Senate Bill No. 1914 was filed upon the request of Environment Secretary Roy A. Cimatu, ahead of the expiration of the Boracay Inter-Agency Task Force’s (BIATF) mandate in May 2021.

The task force pushed for the creation of the authority to “promote and accelerate sustainable development and balanced growth of Boracay Island,” Senator Cynthia A. Villar said in the bill’s explanatory note.

President Rodrigo R. Duterte in 2018 ordered the closure of the island for six months for rehabilitation. He also created the BIATF to lead the process.

It reopened in October 2018 but with a capacity limit of 19,200 tourists per day or 6,405 arrivals per day, on the assumption that tourists will stay an average of three days.

The proposed BIDA will seat 11 members, led by a General Manager appointed by the President.

Aside from the environment secretary, its members are the secretaries of the Department of Interior and Local Government, Department of Tourism, Department of Public Works and Highways, Department of Health and the Department of Justice.

The governor of Aklan, mayor of the municiplity of Malay and two representatives from the private sector will also join the authority.

BIDA will operate, manage and develop the island and draft short-term and long-term plans for its eco-tourism development. It will also be required to update the carrying capacity of the island every three years.

If the bill is passed, the government will support the agency with funding of P150 million a year.

The island was also closed after the coronavirus outbreak and the rsulting lockdown in March. It was reopened to tourists from areas under general community quarantine, starting October. — Charmaine A. Tadalan

DBP P5 billion second-tranche bond issue to fund more environmental projects

The Development Bank of the Philippines (DBP) said it hopes to raise at least P5 billion from the second tranche of its P50-billion bond program, with the proceeds supporting various environmental projects.

In a statement Friday, the state-run bank said the so-called sustainability bonds will fund renewable energy, green building, clean transportation, energy efficiency, pollution prevention and control, and climate change adaptation projects.

The bonds mature in two years and are priced at 2.500%. The offer period is set to run between Nov. 24 and Dec. 4.

“Even before the onset of the pandemic, we had planned to raise additional funds from our bond program to augment our funding requirements as DBP pushes to lend more to its priority sectors, especially in the wake of the pandemic and the recent typhoons that have struck the country,” DBP President and Chief Executive Officer Emmanuel G. Herbosa said.

Last year, the DBP issued P18.125 billion worth of bonds in the first tranche of the bond program. From these proceeds, 83% supported 15 sustainable and renewable energy projects, while the remainder funded water supply and health care projects.

“Our successful issuance of sustainability bonds last year has further strengthened our resolve to support endeavors that have an impact not only on communities but also on our environment,” Mr. Herbosa said.

The bonds are part of the DBP’s Sustainable Financing Framework which provides guidelines for funding basic infrastructure, housing, employment generation, food security, and socioeconomic empowerment initiatives.

“Apart from offering a safe haven for investment especially during uncertain times, the bonds also provide the public an opportunity to partake in the larger goal of nation-building,” DBP First Vice President for Corporate Finance Francis Nicolas M. Chua said.

It designated as selling agents for the bonds Amalgamated Investment Bancorporation, China Banking Corp., China Bank Capital Corp., and Standard Chartered Bank. — Kathryn Kristina T. Jose

Pag-IBIG mortgage disbursements down 38% in first 9 months

The Home Development Mutual Fund, which operates under the trade name Pag-IBIG Fund, said home loan disbursements declined 38% to P36.43 billion the nine months to September, with the housing market hindered by the lockdown.

In a briefing Friday, the fund reported that its mortgages in the nine months funded 35,938 housing units, well below the targeted 100,000 units and mortgage volume of P100-billion.

“The restrictions themselves imposed to contain (the coronavirus) had a huge impact on our operations. For our partner developers, you know how difficult it was to conduct borrower validations and credit investigations,” Pag-IBIG said.

Loan releases peaked at P6.1 billion in February before hitting a low of P0.88 billion in April, at the height of the lockdown. In September, loan releases rebounded to P6.53 billion from P4.21 billion in August.

Pag-IBIG’s net profit was P21.65 billion in the nine months to September. In 2019, its profit was P34.37 billion, the highest in seven years. — Kathryn Kristina T. Jose

Philippines cited for ASEAN green-finance leadership

The Philippines was cited as a regional leader in sustainable finance thanks to the combined efforts of the government, banks, and businesses, according to a report issued by the international non-profit Climate Bonds Initiative (CBI).

“The Philippines is a leader in green finance in ASEAN. (It) has been increasingly exploring the use of green debt as well as equity instruments and has been expanding credit enhancement mechanisms and risk sharing options,” according to the Green Infrastructure Investment Opportunities (GIIO) Report 2020.

It cited Philippine initiatives in green bonds, green loans, and funds for green infrastructure and renewable energy, among others.

The report said the Philippine government helped develop “national and regional policies for facilitating further growth in green finance.”

“In 2019, the Philippines became members to the new Coalition of Finance Ministers for Climate Action and its Helsinki Principles, which promote national climate action through fiscal policy and the use of public finance. Prior to this commitment, the government and regulators had long been moving in this direction,” according to the GIIO Report.

The Department of Finance (DoF) said it is working on leading an inter-agency group called the Green Force to help coordinate green policy and regulations, Finance Assistant Secretary Paola A. Alvarez said during the GIIO report’s virtual launch Thursday.

“What we wanted to do is to harmonize definitions so that when investors come in, and they talk about green projects or sustainable projects, whatever government department they talk to- the Department of Energy, Public Works, the Securities and Exchange Commission, the Central bank or other banks….All of us would be talking about the same thing,” Ms. Alvarez, the Head of the Green Force, said.

According to the CBI, the Philippines had the third-most investments in the region in the green bond market, at around $2.6 billion as of August. Singapore invetment totaled $6.20 billion, and Indonesia $2.88 billion.

“To date, four domestic banks, the Bank of the Philippine Islands (BPI), Rizal Commercial Banking Corp. (RCBC), China Bank and BDO Unibank, have issued green bonds in three currencies: dollar, peso and Swiss Franc, with issuance in each currency amounting to $600 million, P15 billion, and CHF100 million ($108.6 million) worth of green bonds,” it wrote.

Meanwhile, eight firms- including Ayala Corp., Manila Water and Aboitiz Equity Ventures- have also issued green bonds to finance their various projects, according to the CBI Green Bond Database.

“The largest issuer of green bonds in the Philippines is (Ayala unit) AC Energy, with four green bonds outstanding, ranging in size from $ 75 million to $ 400 million,” according to the GIIO.

During the report’s launch, State Street Asia-Pacific Head of Fixed Income Kheng Siang Ng pointed out that the “supply of green bonds in the market is currently less than the demand.”

Securities and Exchange Commission (SEC) Commissioner Ephyro Luis B. Amatong said green bond issuers need to do more to assure invstors that they “adhere to international best practices.”

“There is no doubt that the investor appetite is there, and the funds are there, but… there is a requirement, there is some assurance that the issuers adhere to international best practice, (such as) having bonds certified by Climate Bonds Initiative. Another way is for the bonds to carry the ASEAN Green Social Sustainability Label (which) shows adherence to the ASEAN standards based on the green bond principles,” Mr. Amatong said.

Launched on Thursday, the CBI report was prepared with the support of the Securities and Exchange Commission (SEC), the Asian Development Bank (ADB), and the ASEAN Catalytic Green Finance Facility. — Angelica Y. Yang

AIA Philam Life launches investment fund targeting overseas stocks

AIA Philippine American Life and General Insurance Co. Inc. (Philam Life) said it launched Friday an investment fund geared towards overses stock markets.

The firm’s Elite Fund Portfolios Range invests in foreign markets with investment strategies tailored to clients’ risk appetite with the aid of group company AIA Investment Management Pte. Ltd. The strategies are classified as aggressive or adventurous, balanced, and conservative.

Philam Life said the fund will target industries such as technology, allowing investors to shift in and out of markets in various stages of growth across the world.

“By giving them more investment options, we are empowering them to achieve their long-term savings objective, thus bringing to life our brand purpose of helping Filipinos live healthier, longer and better lives,” AIA Philam Life Chief Investment Officer Arleen May S. Guevara said.

Separately, it said it has hit 67% of its target of 110,000 insured customers this year. While Philam Life said potential growth was dragged down by the pandemic, it plans to upgrade its digital channels to continue to deliver services during the pandemic.

“With our digitally enabled agency force, we are ready to continue addressing the protection needs of Filipinos, now at a faster rate. As we continue to adapt to the situation, this also means technology, digital and analytics will be at the center, becoming our enablers in the fulfillment of our mission,” AIA Philam Life Chief Executive Officer Kelvin Ang said.

“We remain confident of the opportunities ahead, with the low insurance penetration rate, and our strategy coupled with an increased awareness of health risks and the value of protection following the pandemic,” AIA Philam Life Chief Financial Officer Gary Ogilvie said.

The AIA Group serves 18 markets in the Asia-Pacific, including China, Hong Kong, Thailand, Singapore, Malaysia, Indonesia, Myanmar, Australia, and New Zealand. — Kathryn Kristina T. Jose

Peso strengthens after BoP, exports data

The peso continued to strengthen against the dollar Friday, buoyed by balance of payments and gross international reserves data.

The peso closed at P48.06 against the dollar, against its P48.115 finish Thursday, according to the Bankers Association of the Philippines.

The peso opened the session at P48.13, its low for th day. The high was P48.055.

Trading volume was $783.4 million, against $575.71 million Thursday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso further strengthened after the central bank on Thursday released October balance of payments (BoP) data.
“The peso was stronger after the highest BoP surplus in nearly a decade which supports new record high GIR (gross international reserves) at $103.8 billion and provides greater support for the peso exchange rate,” he said in a text message.

The Bangko Sentral ng Pilipinas (BSP) reported that the Philippines posted a BoP surplus of $3.44 billion last month, up significantly from the year-earlier $163 million and up 63% compared with September.

This was the biggest monthly surplus since the $3.95 billion recorded in November 2010.

Contributing to the October surplus were the BSP’s income from investments overseas, inflows from its foreign exchange operations and foreign currency deposits of the national government held with the central bank, the central bank said in a statement.

The BSP expects a BoP surplus of $8.1 billion by year’s end which is equivalent to 0.6% of gross domestic product.

The BSP also said GIR rose to $103.8 billion at the end of October from $100.44 billion a month earlier. The bank said the October tally was equivalent to about 10 months worth of imports and services payments which can serve as a buffer against external risk.

A trader said the BoP data increased demand for the peso while pointing to growing exports during the pandemic.

The Philippine Statistics Authority said September exports grew 2.2% to $6.22 billion, the first month of expansion since February. Meanwhile, imports declined 16.5% to $7.92 billion. — Kathryn Kristina T. Jose

Gov’t panel approves clinical trials for Clover vaccine

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 must also approve the application, Jaime Montoya, executive director of the agency’s Philippine Council for Health Research and Development, told an online news briefing.

This is the second application approved by the Science and Technology department’s expert panel, aside from Sinovac Biotech Ltd.

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, he added.

Mr. Montoya said 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.

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

Meanwhile, Misamis Oriental Rep. Juliette T. Uy said the Phividec Industrial Estate Authority can 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, he said.
Ms. Uy urged the Department of Trade and Industry 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.”

“We 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,” she said. — Vann Marlo M. Villegas and Kyle Aristophere T. Atienza

COVID-19 infections nearing 430,000

The Department of Health (DoH) reported 1,631 coronavirus infections on Friday, bringing the total to 425,918.
The death toll rose by 46 to 8,255, while recoveries increased by 370 to 387,616, it said in a bulletin.

There were 30,047 active cases, 84.3% of which were mild, 8.3% did not show symptoms, 4.7% were critical, 2.5% were severe and 0.26% were moderate.

Quezon City reported the highest number of cases at 116, followed by Rizal at 101, Davao City at 95, Laguna at 89 and Manila at 65.

Ten duplicates were removed from the tally, while 25 cases reported as deaths were reclassified as active cases. Eight previous deaths were also tagged as recoveries, the agency said.

Thirteen cases reported as recoveries were reclassified as deaths. Ten laboratories failed to submit their data on Nov. 26, DoH said.

The coronavirus has sickened about 61.4 million and killed 1.4 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization.

About 42.4 million people have recovered, it said.

Meanwhile, the private sector under Go Negosyo, the government, and UK-based drug maker AstraZeneca signed a deal for the purchase of 2.6 million doses of vaccines the company is developing.

Half of the vaccines would be alloted to the private sector and the other half will be donated to the government, Joey A. Concepcion, presidential adviser for entrepreneurship and founder of Go Negosyo, told an online news briefing on Friday.

“Through this partnership, we’re thinking and acting ahead of the virus,” Vaccine czar Carlito Galvez, Jr. told the same briefing.

He said they are negotiating with AstraZeneca for a million more orders of the vaccines. AstraZeneca is applying for clinical trials in the country. — Vann Marlo M. Villegas

Senators back physical classes amid pandemic

Three senators on Friday urged the Department of Education (DepEd) to consider opening schools for face-to-face classes to improve learning amid a coronavirus pandemic.

“Educators can work safely in schools and schools can actually be the safest place for children during a pandemic,” Senator Imee R. Marcos said, citing data from other countries.

“Infection levels in schools merely reflect infection levels in their communities,” she told a hearing of the Senate committee on basic education.

President Rodrigo R. Duterte earlier banned face-to-face classes until a vaccine for the coronavirus is found. Virtual classes in both private and public schools started in September and October.

Ms. Marcos said online classes have caused learning gaps, not to mention the effects on student’s mental health, and the added burden on working parents.

She said school boards or Education authorities of local governments should decide whether to allow face-to-face classes.

Senator Maria Lourdes Nancy S. Binay backed face-to-face classes in some areas, noting that even the government had allowed travel to tourist destinations such as Boracay and Baguio.

“At the moment, students can travel and we allow them to go to Boracay, we allow them to go to Baguio, yet we don’t allow them to go to schools,” she told the hearing in mixed English and Filipino.

Senator Sherwin T. Gatchalian, who heads the committee, pushed for face-to-face classes at least in communities without COVID-19 cases.

Education Undersecretary Nepomuceno A. Malaluan said they would consider the recommendations when it submits its next report to the President.

Education Secretary Leonor M. Briones said face-to-face learning would remain limited and would depend on the advice of the Health department and the inter-agency task force.

“We will report to the President what has been our experience with the opening of classes on Oct. 5 and what issues came out,” she told a separate online news briefing in mixed English and Filipino. “One of these is the possibility of limited face-to-face classes,” she added. — Charmaine A. Tadalan

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