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Fans past the halfway point of The Last Dance cannot be faulted for deeming it a gift that keeps on giving. Episodes Five and Six, released Monday, come with the air of inevitability that permeates all documentaries chronicling the past, and yet proves continually compelling all the same. The series’ microscopic look at the 1997-98 season all and sundry know the ending to benefits from the willing, even enthusiastic, participation of its principal protagonist. Indeed, Michael Jordan, whose voice invariably carries heft because of his status as the best of the best of all time, opens his thoughts and feelings in a manner that sheds new light on history. It’s his light, granted, but one that unveils a unique perspective on already-established facts.

That Jordan is the fulcrum of The Last Dance cannot be understated. It makes use of a forward-and-back narrative style in telling his ascent to the top of the sport through two timelines, and the methodology may well be confusing to follow were it not anchored on his present-day participation. Following both his pre-stardom life and reign at the top becomes easier with his informed takes, enabling a holistic view to those from the outside looking in. The fifth and sixth parts cover a lot of potentially overwhelming ground — from his relationship with an upstart Kobe Bryant to the Dream Team to his Association with shady characters to the end of the first three-peat to the middle of the second. Nonetheless, the by-product offers clarity and discernment.

Significantly, the Jordan in the latest episodes of The Last Dance is humanized. He’s unparalleled on the court, but frail off it — consumed by ego, admittedly selfish, domineering, and, on the flipside, helpful, committed, determined. He loves to be part of a group, but not really just one of the guys; instead, he needs to assert his status as first among equals, and, just as importantly, to make everybody around him acknowledge it. And if his abrasive, in-your-face leadership style works, it’s because he puts in the effort to hone his craft, and then produces results.

The figure Jordan cuts is alternately sympathetic, irritating, pitiful, despicable. It is also spellbinding, authoritative, candid. Which, in the final analysis, is why the fifth and sixth parts of The Last Dance manage to enthrall from start to finish. Armed with his vantage point, they reveal themselves to be insightful revisits of seminal stories. Crucially, they reveal a side of him few have seen: He craves for companionship, but demands respect to a point where lasting ties are made only on his terms. He believes he has earned the right to dictate them.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

alcuaycong@bworldonline.com

Project ARK conducts pilot run at Mayor Isko’s Manila

Project ARK has officially started its pilot run in the City of Manila. Launched last April 24, the massive rapid testing initiative in Sampaloc successfully conducted 854 tests out of the target 1,500 sampling size, and had consequently identified 31 persons as potential cases of Covid-19. A similar activity was conducted in Tondo, while the community went under a two-day hard lockdown last Sunday, May 3. A total of 1,409 successful tests were done utilizing the antibody rapid test kits donated by Angkas. Of these, 109 tests were potential cases.

Those identified are immediately directed to the appropriate hospital facilities for confirmatory testing.

Project ARK, an initiative led by Presidential Adviser for Entrepreneurship Joey Concepcion bands together the country’s biggest economic and business players to ramp up mass testing in order to safely and gradually reopen the economy. The gathered data will be used so everyone can gain a better visibility of—and formulate better strategies to combat—the virus.

Barangay-level implementation

“On behalf of the people of the City of Manila, thank you very much for your efforts,” said Manila Mayor aisko Moreno. “Malaking bagay ito sa amin. It was very timely when Project ARK was introduced to us because we had to address two districts of Manila: District 4 which is Sampaloc, and District 1 which is Tondo. We are very grateful to our donor Angkas, Presidential Adviser Joey Concepcion, and all the groups who are part of this project kasi we were able to take the opportunity to do mass testing by rapid tests.”

Barangay implementation is part of the project’s bayanihan core. In addition to encouraging the regular screening of employees to ensure safety at work, Project ARK is shorter by companies that are funding the voluntary testing of barangay residents.

Rapid testing protocol

In a May 3 press briefing, Dr. Minguita Padilla, Medical Team Leader and Clinical Associate Professor at the UP College of Medicine, noted that there are no hard and fast rules when it comes to how often one should test employees and residents. Those who are tested to be positive for the IgG antibody, for instance, may have some immunity to the coronavirus already and thus do not have to be tested as frequently as those who have never had the disease (i.e., those who are negative for the IgG and IgM antibodies) and are thus more vulnerable. Those who belong to high-risk groups (such as client-facing staff and the elderly) and/or go home to barangays that have been identified as hot zones, on the other hand, may have to be tested with more regularity.

“This is a new virus. We are learning a lot of things,” Dr. Padilla explains. “We are changing our protocol depending on what we learn everyday. It is a living protocol. So the possibility is every two weeks. If you’re high-risk or if you develop symptoms, then by all means test, even if wala pang two weeks.”

George Royeca, Chief Transport Advocate of Angkas, also points out the other ways to mitigate risks. Employers, he says, can consider work-from-home schemes or shifting schedules for those who really need to report for work at a physical office. “We really have to change this mindset na pansamantala lang po ito… This is our new normal. Cost of doing business na ito ngayon sa ating ekonomiya.”

A delicate balancing act

Concepcion emphasizes the importance of both life and livelihood and of mass testing as a prerequisite to safely reopening the economy. Moreno agrees with the sentiment: “Binabalanse talaga namin. If we are to lock it down, magugutom ang lahat. I-address ang Covid-19, i-address ang kabuhayan ng tao pero we should impose and follow regulations…” The mayor adds that his city could not afford another ECQ. “We may have different approaches but we must act in synchronicity. Flattening the curve is the minimum goal of every government unit… There is no right formula, but we have to try.”

To date, Project ARK has secured close to one million Antibody Rapid Test kits and is already prepping the cities of Makati and Antipolo for their own massive rapid testing endeavors this week. They are currently in talks with the local governments of Quezon City, Pasig City, and Region 4A in Batangas for possible collaboration.

Improve your Remote Work Experience with Dell Unified Workspace

Dell Technologies understands that ensuring business continuity is the top priority for organizations today. During these uncertain times, IT professionals face the challenge of rapidly deploying and supporting a growing number of home-based users who need consistent access to corporate applications.

Companies can rely on Dell Technologies to help them quickly enable and support a significantly expanded remote workforce through Dell Unified Workspace.

Designed with a multi-OS, multi-device world in mind, Dell Technologies’ Unified Workspace modernizes the end-user experience. It is regarded as the industry’s most comprehensive solution to deploy, secure, manage, and support devices of employees directly from the cloud.

Ready to Work Devices

Dell Technologies’ Award Winning Devices provide easier, faster and more seamless user experiences, enabling people to be more productive, faster.

Recognized as the world’s smallest 14″ commercial 2-in-1, the Latitude 7400 features the Dell ExpressSign-in, the first PC proximity sensor enabled by Intel® Context Sensing Technology.

Dell also offers a new kind of Chromebook with the Latitude 5400 Chromebook Enterprise, which puts the design, performance, and trusted features of its Latitude portfolio in a brand new package.

The OptiPlex 7070 Ultra, meanwhile, is a commercial desktop solution that has a one-of-a-kind modular design delivering the aesthetics of an all-in-one and the flexibility of a traditional desktop.

Deploy PCs fast

With Dell Unified Workspace, offices can deploy computers with greater speed and less effort.

Its ProDeploy component simplifies deployment for IT teams and provides end-users with day-one productivity.

With ProDeploy Client Suite, offices can get end-to-end deployment designed to address specific needs such as imaging, migration of user data, installation at multiple sites for remote users, and securing intellectual property and personal information.

Ensure secure collaborations

 Dell Unified Workspace also assures offices of security that does not get in the way of productivity.

Dell Technologies is highly recognized for delivering comprehensive and built-in endpoint security solutions that help protect the endpoint ecosystem, giving IT teams the confidence that information remains secure, threats stay off of devices and attacks are thwarted.

These include the built-in security in Dell devices, strong multi-factor authentication from VMware Workspace ONE, company data encryption from Dell SafeData, and malware prevention at the endpoint from Dell SafeGuard and Response

Manage smarter

Dell Unified Workspace through VMware Workspace ONE also assures simplified and flexible management. An intelligence-driven digital workspace platform that simply and securely delivers and manages any app on any device, Dell Unified Workspace integrates access control, application management, and multi-platform endpoint management.

Workspace ONE reduces the time to deliver core applications to end-users from two hours to just over 12 minutes — providing smarter, faster experiences for the workforce.

Backed-up with reliable support

Predictive and proactive support is also offered by Dell Unified Workspace. Through Dell ProSupport for PCs, IT departments can maintain control and take action with telemetry-driven insights.

Dell Technologies’ predictive technology detects issues before they become problems, so they can be fixed before end-users lose productivity.

In addition, telemetry-driven recommendations and insights allow teams to remotely act on developing IT issues, anticipate end-user needs, and reduce resolution time.

Learn more about Dell Unified Workspace by talking to your contact person at Integrated Computer Systems, Inc., a Dell Technologies Titanium partner in the Philippines.

 

E-mail them at info@ics.com.ph, or visit the ICS website, www.ics.com.ph.

Ramadan 2020: Practicing Muslim faith in the time of COVID-19

By Michaela Tangan
Features Writer, The Philippine STAR

Muslims are now in the midst of month-long fasting, prayer and reflection.

Ramadan, one of the holiest periods in the Islamic calendar, is a social and spiritual time of the year — a holy month of fasting that reminds Muslims of the sufferings of the less fortunate and brings them closer to God through prayer and reflection.

Traditionally, Muslims would come together to prayer in mosques and hold Iftar gatherings with families and friends afterwards. However, the coronavirus disease 2019 (COVID-19) is now transforming how the holy month is celebrated.

To save lives, large social gatherings are restricted and prayer halls are closed. Imams are calling their brothers and sisters to stay home and keep the faith and tradition alive in their homes.

Joining the Muslim community in prayer and celebration, Department of Health (DOH) and the World Health Organization (WHO) listed down the following tips to safely maintain the sanctity of Ramadan:

Attend prayer gatherings online

Along with dawn-to-dusk fasting, Muslims would say the Taraweeh prayer along with the community inside the mosque to seek forgiveness and bring themselves closer to Allah.

Since mosques are closed, Imams are encouraging their brothers and sisters to say their prayers with immediate family members within the comforts of their homes. To deepen their faith, they may also join the rest of the community via live-streamed or broadcasted prayer gatherings or seminars.

 Send Zakat al-Fitr through online transactions

One crucial aspect of Zakat al-Fitr is showing charity to others, usually in the form of food donation drives. Here, the faithful gather to prepare and distribute meals to those in need.

As we face a global health crisis, Muslims may donate their Zakat al-Fitr to their chosen causes via online transactions. Families may also opt to prepare packed foods in their respective kitchens. Instead of going out in groups, a designated member of the family may deliver the food to a trusted institution for safe and centralized distribution.

 Use prayers and meditations to fortify mental and psychosocial health

Ramadan is a special opportunity to lift up to Allah any fears and worries.

Since we are going through a storm, lean on to prayer and meditation to ease the burdens within us. This will also help us cope with the symptoms of anxiety, depression or other mental health problems.

The community may also offer their prayers to comfort the distressed, guide the frontline workers, and heal the sick.

Although the COVID-19 pandemic suddenly changed the way we worship, people’s faith will remain intact. This will serve the community’s guiding light toward a safe, faithful and meaningful celebration of the Ramadan.

Filipino startups step up, harness the power of tech to help combat COVID-19

The impact of COVID-19 left many businesses navigating the digital space. Some are caught off guard while others utilize their expertise in technology. Take it from Filipino startups who have been stepping up to help combat COVID-19 in their own ways. To provide tips on how they’re doing it, startup founders gathered for a QLITAN, a bi-weekly networking event hosted by QBO Philippines since 2016.

But this time, QLITAN was held online. In this virtual event, founders shared how they are responding to the crisis. Headlining the session titled “Startup Survival Guide — Adapting to the New Norm” are Moritz Gastl, vice-president of Growth of First Circle, a startup which provides business financing and access to credit; Shahab Shabibi, co-founder of MyKuya, an app that allows on-demand services such as grocery deliveries; Gabby Dizon, CEO and cofounder of mobile and blockchain game studio Altitude Games; Stefano Fazzini, CEO of online grocery delivery service MetroMart; and Bonnie Factor, founder of Leading with Success.

These startups are now using this opportunity to create a lasting difference — banding together and using technology not only to ease people’s burdens but even potentially save lives.

“Startups are called to do what they do best — they are rising up to this challenge by deploying innovative solutions, moving quickly, and showing us how we can harness the power of technology for the greater good. We are seeing startups from different industries working hard at this time, from logistics to ecommerce to fintech and edutech,” said Katrina Chan, director of QBO.

Startups aiding the government on the battle against COVID-19

Now more than ever, the tech capability of startups can help the government in a number of ways. The Department of Science and Technology with Developers Connect helped launch the RapidPass system where frontliners manning checkpoints can easily inspect vehicles and individuals by scanning QR codes.

Senti, a startup specializing in artificial intelligence and machine learning, provides the knowledge-base for the chatbots that the Department of Health deploys in different channels to address COVID-19-related inquiries. Local tech company Multisys, on the other hand, developed the online and mobile platform StaySafe.ph which aims to help the government in conducting efficient contact tracing.

To enable faster response from local government units (LGUs) in the fight against COVID-19, Limitless Lab, in partnership with The Asia Foundation, developed LGU vs COVID PH. The platform is an easy-to-use, updated, and reliable dashboard of all COVID-19 related information which LGUs can use and refer to.

Startups offering convenience, on-demand services

Unknown to many, some of the essential needs met at this time are also powered by startups. MetroMart enables people who are stuck at home to have their goods delivered right at their doorstep. To further harness its capability, MetroMart launched MetroMart Cares, a special online store for grocery donations in partnership with World Vision and Gawad Kalinga. Another startup, Zagana, helps bridge the gap for local farmers and consumers in need of fresh fruits and vegetables.

MyKuya also provides convenience during the quarantine by helping run errands for those stuck at home and vulnerable to COVID-19. Some of its services include meal delivery, bills payment, and pharmacy and grocery runs. AIDE, a home healthcare platform, connects patients and medical professionals straight from their smartphones.

Even outside the Metro, startups continue to thrive. Pandalivery, an on-demand food delivery service available in Camarines Sur and Albay, expanded its service by including groceries and medicines to help amidst the quarantine. Streetby, an app that allows different merchants to continue to reach households in areas in Mindanao including Bukidnon, Cagayan de Oro, Camiguin, Davao, General Santos, and Iligan.

Startups connecting the world, bringing communities together

Aside from providing essentials, startups are also mobilizing their resources and skills to aid in addressing challenges brought about by COVID-19. QBO incubatees Container Living and Kumu are harnessing the power of their community.

Container Living, a startup which converts containers to buildings in its effort to lower carbon footprint and costs, saw the opportunity to pivot their innovation to address the overcrowding of medical facilities brought by the COVID-19 pandemic. Container Living CEO Mac Evangelista spearheaded Rapid Deployment (RAD) Hospitals alongside its team of local architects, professionals and engineers to build scalable, easy-to-deploy, isolation and intensive care facilities for COVID-19 patients.

Livestreaming app Kumu launched Kumu Lives Streaming Service which conducts private live streams for free in an effort to enable Filipino communities, here and around the world, to hold events and gatherings online amid the quarantine, and Social DistanSING, a livestreaming initiative for a cause which brought together artists and celebrities online to share their talents and help raise funds for families affected by COVID-19. To date, Kumu’s cause has raised an estimate of P1.2 million pesos for charity.

“At a time when most of us are relying on technology to stay connected and keep working, these startups are showing us how it can be done. They are, in a way, frontliners in their own rights, taking initiative to tackle this crisis by leveraging their strengths in technology to help our country move forward despite the challenges brought by this pandemic,” added Ms. Chan.

“Our mantra at QBO is ‘Filipino Startups Changing the World’. We have always believed that our homegrown ventures and innovators can make a meaningful contribution to solving critical challenges and create impact. Now, our startups are showing what they’re capable of, and we hope that everyone will take notice, and recognize the crucial role that Filipino startups can play in bringing fresh ideas into action and will continue to support them in future,” she added.

For its part, QBO also harnesses the power of tech by continuously providing support and learning opportunities to Filipino startups, making sure they are equipped with the knowledge and tools they need to push forward despite the threat of COVID-19. For more information, visit facebook.com/QBOphilippines/ and qbo.com.ph/.

5 tips to help startups and SMEs navigate the COVID-19 pandemic

While the current pandemic has been a major challenge for businesses at large, it’s been especially tough for startups and SMEs. Keeping up with shrinking revenues and rapidly changing operational restrictions, these small firms need all the help they can get.

Speakers from “Unlocking the Lockdown: Startup and SME Challenges and Opportunities Amid the Pandemic”, a webinar held last April 17 organized by regtech startup UNAWA, share some tips on navigating through these difficulties—and hopefully also unearthing new opportunities in the process.

1. It’s time to face the music—or rather, the numbers.

With revenues of many startups and SMEs greatly affected since the lockdown, it may not be so palatable to look at one’s books. But for Reese Fernandez-Ruiz, president and co-founder of fashion social enterprise Rags2Riches (R2R), it must be done or it could make things worse in the long term.

One measure is to conduct daily cash flow planning and management. “Every time something goes in and out, check it. I created this Google Sheet that I track every single day and have a list of all the payables and receivables.”

It’s also important to check how far your runway is. “What I do is stretch it out up to two months, so that I have a two-month [window] at any given point in time. It’s stressful because you can see, ‘At this time, if nothing comes in, I’m in a bad place.’ But you have to know it so that you can find ways to stop it.”

2. Listen to your customers.

Unusual times create unusual situations, and therefore, unusual consumer needs. As a startup or SME, this is your chance to help address them.

Rommel Ng, president and co-founder of Buffalo Wings N’ Things, cited an example from the restaurant industry. “Aside from disposing of the inventory, the reason the big [restaurant] players are starting to sell ready-to-cook [products] is because people are confined in their homes, and it’s cheaper if they cook it.

“What drives our businesses now is what the customers need…We’re so blessed now because… [consumer] behaviors are being broadcasted by people. You’ll get a clue, and you have to adjust.”

3. Think of the future.

With the current situation making the present already so difficult as it is, it may be easy to raise one’s eyebrows on this piece of advice. But the actions of now determine the results in the future.

“You can’t pivot anymore ‘after this’, ‘when things go back to normal’, ‘when this is all over’. All of those sentences don’t apply because you have to think about the things that you can do now,” said Fernandez-Ruiz.

“If you do have cash, go on the offense also… investing in a little bit of R&D, designing things for use in the future. And by ‘future’, I mean the next two weeks, because that’s what the future is during these times.”

4. Always put your people first.

The pandemic and consequent lockdown have inflicted different kinds of stress on employees. Now more than ever, it’s vital to be there for them. “We prioritize people: taking care of their physical health, financial needs, and also their mental health, with the latter often being overlooked,”

This, of course, should also reflect on your cash allocations—even if it may mean making sacrifices. “Our team knows that I’d be the first not to get paid my salary before everybody else,” said Fernandez-Ruiz. “When your people understand that, the trust is being built. You don’t build trust during the good times; you build the trust during these times.”

5. Go beyond your business.

It’s also just as important to make your presence felt outside in the community. If you don’t have a lot to contribute materially as a small enterprise, there are other ways to help.

“We don’t have a lot of money. But I can contribute experience, knowledge, and insight,” said Ng. “It’s an opportunity to get intimate with people, the community, and all the stakeholders: the customers, your employees, and your investors.”

For Fernandez-Ruiz, it’s also about making a stand. “It’s very important to show your values right now… It’s easy to live our values when times are easy. But living your values during the crisis, it’s actually when values are most critical and most needed.”

Inflation decelerates in April

Inflation continued to slow down in April as the decline in transport and the deceleration in other non-food commodities offset the faster price adjustments in the heavily-weighted food and non-alcoholic beverages, data from the Philippine Statistics Authority (PSA) published earlier this morning showed. 
Preliminary results from the PSA showed April inflation at 2.2%, slower than 2.5% annual rate in March, and three percent in April 2019.
The April result was slower than the 2.1% median estimate in a BusinessWorld poll of 13 economists conducted last week. It was, however, within the 1.9%-2.7% forecast range given by the Bangko Sentral ng Pilipinas (BSP) Department of Economic Research for the month.
Year to date, inflation settled at 2.6%, still within the BSP’s 2%-4% target band and above the revised two-percent forecast for the entire 2020.

Core inflation, which excludes volatile food and energy prices, likewise slowed to 2.8% from three percent in March. So far, it averaged 3.1% for the year.

“Contributing to the downtrend in the headline inflation in April 2020 was the further decrease in the annual rate of transport index at 6.1% [from the decline of 1.8% in March]. This was the lowest inflation recorded in this group’s index since October 2015,” the PSA said in a statement. 

The PSA also noted slower annual increases in alcoholic beverages and tobacco (17.9% from 18% in March); clothing and footwear (2.6% from 2.7%); housing, water, electricity, gas, and other fuels (0.3% from 1.1%); health (2.8% from 2.9%); communication (0.3% from 0.5%); and restaurant and miscellaneous goods and services (2.4% from 2.6%).

On the other hand, the food and non-alcoholic beverages index accelerated to 3.4% in April from 2.6% in March. The food alone index also increased by 3.4% from 2.6% previously.

Price adjustments during the month were steady for furnishing, household equipment and routine maintenance of the house (4.2%); recreation and culture (1.6%); and education (4.7%). – Jobo E. Hernandez

How to help your child cope with the COVID-19 crisis

By Hannah Mallorca
Features Writer, The Philippine STAR

As the world grapples with the COVID-19 pandemic, social structures, such as the family and educational institutions, are shifting gears to adjust to the new normal.

Schools are directly affected by the crisis, and parents and caregivers are faced with the responsibility of helping children cope. Meanwhile, the children continue to process what is going on around them. Understanding COVID-19 through the innocence of a child is a big shoe to fill, but it doesn’t have to be hard. Here are some tips to help your children get by in these unusual times.

ALLOW YOUR CHILD TO LEARN THROUGH AGE-APPROPRIATE MEANS.
Children tend to ask a lot of questions — not only about the pandemic, but also about how to deal with it on their own. If you’re unsure how to teach them through age-appropriate ways, check out kid-friendly shows such as Sesame Street’s “Caring for Each Other” platform.

“During this time, there’s a lot of unknowns and parents don’t know how to actually talk to their children about what’s going on. (Sesame Street) is there to provide specific language on how to talk about this health crisis (and) give parents concrete ideas and tips on how to help their children learn,” Sesame Workshop SVP of curriculum and content Dr. Rosemarie Truglion said in another interview.

The platform includes tips such as maintaining healthy habits, soothing and comforting your loved ones, and proper handwashing techniques.

“We know that children learn best through play, so we try to help parents know that during playtime, you can incorporate learning as well,” Ms. Truglio added.

OFFER A LISTENING EAR AND A HELPING HAND.
Since children tend to be curious, they’re more prone to misinformation, even within their own environment.

According to the National Association of School Psychologists (NASP), discussing the pandemic with your children can help them understand what’s happening. It’s also the responsibility of grown-ups to assure them of their safety.

INFORM YOUR CHILD BUT SET LIMITATIONS.
Allow your child to speak up about what they feel during the pandemic. Despite this, it’s the parents or caregiver’s responsibility to assess what information to share.
The NASP advised grown-ups to set boundaries on what information to share to children. There’s nothing wrong in being honest with them, but don’t give unnecessary details since it might affect their well-being.

Oftentimes, oversharing might make children worry since it goes beyond what they can control. Children are more relaxed when they’re in control of what’s happening around them.

MAINTAIN A ROUTINE ALONG WITH KID-FRIENDLY ACTIVITIES.
It’s important for a child’s well-being to maintain their daily routines. Make it more fun by providing kid-friendly activities for them.

A fun activity to entertain your child is to show them the joy of reading. You can do this by reading storybooks or downloading Rivet. It’s a free reading app that offers over 2,000 topics that will suit your child.

TAKE CARE OF YOUR CHILD’S MENTAL HEALTH.
Nonprofit children’s health system Nemours emphasized that grown-ups should assure children that it’s okay to feel stressed out. Just like adults, children feel distress, too.
Allow your child to talk about their worries to help them recognize what they’re feeling. Making them feel comfortable gives them assurance that things will eventually be okay. It also helps them develop their stability and inner strength.

BE A GOOD ROLE MODEL.
At the end of the day, your child wouldn’t learn if you’re not a good role model. Children learn from what they see, and it’s your responsibility to apply what you’re teaching them.

Set a good example by washing your hands, eating healthy food and making sure that you’ve got things under control. You’ll be surprised to see how your child will adapt to what you do.

Despite the horrors of COVID-19, this is an opportunity for parents or caregivers to help children learn. It’s important to note that children rely on adults for guidance.
Teaching and talking to your children have a positive effect, as it will influence them to grow up into responsible members of society.

EDC’s carbon disclosure wins Bronze at Asia Sustainability Reporting Awards

Lopez-led geothermal leader Energy Development Corporation (EDC) has won a Bronze in the Asia’s Best Carbon Disclosure category at the 5th Asia Sustainability Reporting Awards (ASRA), the most prestigious awards for reporting.

“As global carbon emissions continue to go up, we strive to maintain our carbon neutral operation by investing only in low carbon energy sources like geothermal and through reforestation,” said EDC President and COO Richard B. Tantoco. “By sharing our environmental impact in our annual performance reports, we hope to encourage more companies to also find ways to lower their carbon footprint and be part of the world’s solution to climate change.”

As the Philippines’ pioneer and largest 100% renewable energy company that manages close to 1% of the country’s forests through its BINHI forest restoration program, EDC’s geothermal reservations absorb close to five times its emissions of a little over 800,000 tons of carbon dioxide equivalent every year. Its forest protection initiatives capture and store carbon at a rate of 3.9 million tons of carbon dioxide. This is equivalent to 8.8 million miles driven by an average passenger vehicle.

The winners were selected from 461 entries received from 16 countries in Asia. The 2019 ASRA saw 80 shortlisted companies from 13 countries competing in the finals across 19 awards categories.

In a live broadcast from Singapore, more than 200 senior business leaders and sustainability professionals from 15 countries attended the exclusive awards ceremony hosted virtually due to the Covid-19 pandemic. Attendees also included dignitaries from academia, embassies, trade associations and advocacy organizations.

The Swedish Ambassador H.E. NiclasKvarnström, the Swedish Ambassador, Singapore was the Guest of Honor at the awards ceremony hosted virtually this year due to the Coronavirus disease pandemic.

In his keynote address, Ambassador Kvarnström said, “The current times highlight the importance of transparency for solving global problems. Businesses that show investors and customers that they are sustainable and responsible also show that they are leaders.”

The awards ceremony started with the opening address by Ms. Alexandra McKenzie, Chargé d’Affaires of the British High Commission to Singapore.

“As institutional investors are getting more serious about a company’s sustainability performance, sustainability reporting has become an essential tool for communicating how the reporting organization manages its material economic, environmental and social impacts, risks and opportunities to build a sustainable business.”

Rajesh Chhabara, managing director of CSRWorks International and the founder of ASRA, said: “The unprecedented global pandemic caused by Covid-19 is a stark reminder that businesses, governments and societies need to work together to build mutual resilience. Adopting responsible environmental, social, and governance practices has become ever more essential to ensure corporate sustainability.”

EDC’s award-winning report demonstrates the organization’s leadership in sustainability reporting and its commitment to creating long-term value for stakeholders. Its 1,475MW total installed capacity generates 37% of the country’s total renewable energy, with its 1,181MW geothermal portfolio accounting for 61% of the country’s total installed geothermal capacity and putting the Philippines on the map as the world’s 3rd largest geothermal producer.

ASRA, the most prestigious recognition for sustainability reporting, has continuously raised the bar for quality and authenticity of reporting introducing a healthy competition among companies in Asia.

An independent judging panel determined gold, Silver and Bronze winners for 2019.  ASRA follows a rigorous multi-tier evaluation process. Evaluation of entries involves three rounds of assessments to select the very best in each award category. In addition to assessing the report quality, comprehensive due diligence is carried out to consider finalists’ reputation among their stakeholders as part of the judging process.

CSRWorks International, a Singapore-based firm focussed on sustainability consulting, training and thought leadership, has created non-profit Asia Sustainability Reporting Awards to inspire all companies to adopt sustainability reporting.

Manufacturing PMI falls to record low

FACTORY ACTIVITY slumped to a record low in April, as the extended lockdown continued to prevent manufacturers from operating at normal capacity.

IHS Markit reported on Monday that the Philippines Manufacturing Purchasing Managers’ Index (PMI) plunged to 31.6 in April from 39.7 in March, indicating another “steep decline in operating conditions across the manufacturing sector.”

Manufacturing purchasing managers’ index of select ASEAN economies, April (2020)

“The headline reading marked a new record low, with a deterioration recorded in all five sub-components of the index,” IHS Markit said.

April marked the second straight month of contraction. A PMI reading below 50 signals deterioration in operating conditions compared to the preceding month, while a reading above 50 denotes improvement.

The headline PMI measures manufacturing conditions through the weighted average of five indices: new orders (30%), output (25%), employment (20%), suppliers’ delivery times (15%) and stocks of purchases (10%).

Available data showed most of the seven ASEAN countries monitored saw deterioration in their PMI readings in April as well, with Vietnam topping the list at 32.7, down from 41.9 recorded in March. This was followed by the Philippines, Malaysia (31.3), Myanmar (29) and Indonesia (27.5). Data for Thailand and Singapore were not yet released.

“The Philippines Manufacturing PMI joined a chorus of data demonstrating the widespread and severe impact of lockdown measures on the global economy in April,” IHS Markit Economist David Owen was quoted as saying.

Production in the country “collapsed” last month to decline at the “quickest since the series began in January 2016,” as companies were unable to operate at full capacity during the Luzon-wide lockdown throughout April, IHS Markit said.

The strict lockdown measures also affected manufacturing demand after clients canceled orders due to restricted mobility, while consumers limited spending on essentials only.

Mr. Owen said the sharp decline in output signals that industrial production data could be “bleak” throughout the lockdown period. The enhanced community quarantine (ECQ) was extended until May 15 in Metro Manila and other high-risk areas while other parts of the country began a gradual easing to a general community quarantine.

Temporary shutdowns of companies and restrictive measures by governments abroad also pushed Philippine exports to fall “drastically.” IHS Markit said new orders plunged at the fastest pace in the series history.

Input buying declined “at a marked pace” last month from March as manufacturers “made large efforts to reduce purchasing” following the slump in demand, IHS Markit said.

Pre-production inventories and stock of finished products likewise declined significantly.

Philippine firms surveyed noted the slow delivery of stocks, as the lockdown hampered delivery of goods.

“Lead times increased for the ninth month running, with delays lengthening to the greatest extent in the series so far,” IHS Markit added.

Companies that were allowed to partially resume operations during the lockdown employed fewer people, while firms whose factories remained closed had to lay off “large numbers.”

Despite this, IHS Markit said the rate of job losses softened in April compared to the pace seen in March, indicating a slightly better outlook for future output.

The survey showed firms were “more upbeat” as easing of lockdown restrictions nears, saying that work on new products and completion of the pending orders will resume then. However, confidence “remained weaker.”

Meanwhile, input costs in April slipped for the second month in a row on dampened demand and the plunge in oil prices, but shortage in supply of raw materials still “weighed on cost burdens” for the manufacturers.

Businesses also lowered output charges last month in a bid to boost sales, with charges falling for the second consecutive month but at a softer pace from the month period.

As manufacturers were struggling with setbacks in overseas supply and demand, IHS Markit’s Mr. Owen said relaxation of lockdown protocols “may temper these issues, but they will likely remain in some form for the duration of this global crisis.”

He added that a quick return in factory activity could also mean a strong recovery of employment.

For Capital Economics, the broad contraction of PMIs among emerging Asian economies “are unlikely to have bottomed out yet in many places,” with the possibility of near-term recovery to be “very slow going.”

“The bad news is that the hit to industry in many places is unlikely to be passed the worst. Global demand has slumped and we don’t think it has bottomed out yet,” Capital Economics said in a note yesterday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the sharp contraction in manufacturing activity was also seen in other ASEAN countries and some economies in Europe that implemented strict lockdown measures.

Mr. Ricafort said the PMI reading will likely pick up starting May as more areas shift to a general community quarantine (GCQ) where more companies are allowed to resume operations. He noted that rebound will be gradual.

For Security Bank Corp. Chief Economist Robert Dan J. Roces, “timely deployment of policy tools by our economic managers will ensure a soft landing and quicker rebound,” while recovery in demand will drive PMI higher in the coming months. — B.M. Laforga

Manufacturing purchasing managers’ index of select ASEAN economies, April (2020)

FACTORY ACTIVITY slumped to a record low in April, as the extended lockdown continued to prevent manufacturers from operating at normal capacity. Read the full story.

Manufacturing purchasing managers’ index of select ASEAN economies, April (2020)

BSP allows banks to use excess capital

THE central bank is now allowing financial firms to tap their Basel III-mandated capital and liquidity buffers to mitigate the impact of the coronavirus disease 2019 (COVID-19) pandemic.

“A covered bank/quasi-bank (QB) which has built up its capital conservation buffer (CCB) and Liquidity Coverage Ratio (LCR) buffer is allowed to utilize the same during this state of health emergency,” the central bank said in Memorandum No. M-2020-039 signed by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier on May 4.

“[T]he BSP encourages a covered bank/QB to act along this principle for purposes of absorbing losses and supporting the financing requirements of the overall economy,” the BSP said. “In view of this, a covered bank/QB is expected to integrate these regulatory flexibilities into its internal policies and processes to ensure that the buffers are efficiently utilized, as necessary.”

The memorandum said banks will be given a “reasonable time period” to restore their capital positions to meet Basel III requirements after the crisis.

The Basel III framework contains measures that aim to improve banks’ risk management so they can withstand excessive financial stress. These came in the aftermath of the 2008 Global Financial Crisis.

Universal and commercial banks have been required to comply with standards under the Basel III framework as adopted by the BSP since 2014. In February, the BSP likewise imposed on standalone thrift and rural banks the Basel III requirements on capital adequacy.

The BSP requires banks to have a minimum CCB of 2.5% and LCR — which mandates big banks to hold high-quality, easily convertible assets to cover potential net cash outflows over a 30-day period — of 100%.

Meanwhile, lenders are also required to have a minimum capital adequacy ratio of 10% and a common equity Tier 1 (CET1) ratio of 7.5%, higher than the 8% and the 4.5% set under the Basel III framework. Banks are likewise mandated to maintain a net stable funding ratio (NSFR) — a measure of the ability of a bank to fund its liquidity needs over one year — of 100% on both solo and consolidated bases, as well as a countercyclical capital buffer set at a maximum of 0% to 2.5%.

The BSP memo said given the current situation, lenders that will draw down their minimum CCB requirement “will not be considered in breach of the Basel III risk-based capital adequacy framework.”

The CCB is computed in excess of the minimum CET1 ratio requirement of 6%.

“A covered bank/QB that utilizes its capital conservation buffer is restricted from making distributions in the form of dividends, profit remittance in the case of a foreign bank branch, share buybacks, discretionary payments on other Tier 1 capital instruments, or discretionary bonus payments to staff…,” the memorandum said.

The memorandum said the BSP is likewise relaxing the need to maintain a minimum LCR of 100% to allow banks to draw from their stock of liquid assets to meet demand for cash amid the current situation.

“A covered bank/QB may draw on its stock of liquid assets to meet liquidity demands to respond to the current circumstances, even if this may cause the covered bank/QB to maintain an LCR that is below the 100 percent minimum requirement,” it said.

“A covered bank/QB that has recorded a shortfall in the stock of its High-Quality Liquid Assets for three banking days within any two-week rolling calendar period, thereby causing the LCR to fall below the 100 percent must notify the BSP of such a breach on the banking day immediately following the occurrence of the third liquidity shortfall.”

Banks that will not be able to comply with other Basel III risk-based capital adequacy ratios and the minimum 100% NSFR due to the pandemic will be handled on a case-by-case basis, according to the BSP memo.

“A covered bank/QB will be provided by the BSP with enough time to address regulatory breaches taking into account a forward-looking assessment of macroeconomic and financial conditions of the system as a whole and their potential impact on the supervised institution,” the central bank said.

This follows earlier regulatory relief measures which include the imposition of a higher single borrower’s limit of 30% from the original 25% until September, the relaxation of maximum penalty impositions for reserve deficiencies, allowing banks to book credit losses in a staggered manner and the non-recognition of certain defaulted accounts as past due, among others.

CAPITAL SHOCKS
UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said this latest initiative is a welcome relief for banks that are already feeling the impact of COVID-19 on their operations.

“It will help banks in absorbing capital shocks due to COVID-19’s economic disruption and the liquidity measure will help financial institutions with their unusual liquidity requirements during this pandemic,” Mr. Asuncion said in an e-mail.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said these buffers were specifically designed to be tapped during challenging economic conditions, which the ongoing COVID-19 outbreak falls under.

“The use of these capital and economic buffers gives banks greater leeway in extending great assistance such as more credit to their respective clients, both retail and corporate,” Mr. Ricafort said. — L.W.T. Noble

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