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A British nurse is the chosen superhero in new Banksy artwork

LONDON — A young boy chooses a nurse as the superhero he wants to play with over Batman and Spiderman in a new artwork by Banksy that encapsulates the gratitude Britons have felt toward the country’s National Health Service during the coronavirus crisis.

The painting by the secretive street artist was unveiled at University Hospital Southampton, in south England, on Wednesday.

An image of the work was also posted on Banksy’s Instagram page with the caption “Game Changer.”

Hospital chief executive Paula Head said: “So proud to reveal this amazing piece of art Painting for Saints, created by #Banksy as a thank you to all those who work with and for the NHS and our hospital.

“An inspirational backdrop to pause and reflect in these unprecedented times,” she added on Twitter.

It is not the first Banksy work inspired by COVID-19. He posted scenes of his trademark stencilled rats running amok in a bathroom last month, accompanied by the comment: “My wife hates it when I work from home.”

His existing Girl with a Pierced Eardrum mural was also updated with the addition of a blue surgical mask, although the update was not confirmed to be his work on Instagram.

The new painting will be on display at the hospital until after the lockdown and it will then be auctioned for NHS charities, according to the BBC. — Reuters

ICTSI net income plunges 18%

RAZON-LED International Container Terminal Services, Inc. (ICTSI) saw its net income attributable to equity holders drop by 18% to $59.6 million in the first quarter due to lower operating income, increase in concession interest, and pandemic-related expenses.

In a regulatory filing Thursday, the listed firm said the net income decrease was partially tapered by the 10% decrease in equity in net loss of its joint ventures and an associate to $5.5 million from $6.1 million for the same quarter in 2019.

The decline in loss came as the company increased its share in the net income of Manila North Harbour Port, Inc. in April last year, while it decreased its share in net loss at Sociedad Puerto Industrial Aguadulce S.A., ICTSI’s joint venture project with PSA International Pte Ltd. (PSA) in Buenaventura, Colombia.

The global port developer and operator saw its gross revenues from port operations fell by 2% to $375.8 million in the January-March period from $383.8 million posted in the same quarter last year, dragged down by lockdowns and decline in trade activities, no thanks to the global coronavirus disease 2019 (COVID-19) pandemic, as well as lower revenues from storage.

ICTSI’s total consolidated throughout for the quarter grew slightly by 1% to 2,508,986 twenty-foot equivalent units (TEUs), driven by the contribution of its new terminal in Rio de Janeiro in Brazil and new services at certain terminals.

Excluding the contribution of its Rio de Janeiro business, the company’s consolidated organic gross revenues would have decreased by five percent and its consolidated organic volume by 1%.

Consolidated financing charges and other expenses for the quarter grew by 17% to $33.2 million from $28.3 million in 2019 primarily due to COVID19-related expenses and the absence of capitalized borrowing costs related to the Phase 2 expansion project in Basra, Iraq last year.

“The effect of the virus was felt in the latter part of the first quarter and our volumes compared to the previous year were largely flat,” ICTSI Chairman and President Enrique K. Razon, Jr. said.

Mr. Razon noted that its Asia business delivered lower volumes compared to a year ago, while its EMEA (Europe, Middle East, and Africa) and America segments registered positive volume growth for the quarter, though, showed signs of weakness in March.

Considering the impact of the global health crisis, ICTSI has reduced its capital expenditure plan for the rest of the year to $100 million, mainly for the completion of ongoing expansion projects.

For the quarter, it spent $59.7 million for project expansions in the Philippines, Mexico, and the Democratic Republic of Congo.

“We have taken significant measures which include reducing our cost base and capital expenditure while seeking ways to increase our market share in certain markets. We continue to monitor the situation carefully so we can adapt our responses,” he said.

On Thursday, shares in ICTSI inched down 0.54% to close at P82.55 each. — Adam J. Ang

Musicals out, one-man plays in: Broadway gets creative waiting for show to go on

TELEVISION can fake it, movie audiences can wear masks, but a live theater performance like Romeo and Juliet needs real actors kissing and fighting rivals in front of real people.

Theater, especially large-scale musicals and romantic dramas on Broadway and in London’s West End, faces unique challenges in coming back during the coronavirus outbreak even as shutdowns and restrictions are beginning to ease around the world.

Expensive, risky, and involving scores of people backstage and in audience areas, live theater may be the last to bring up the curtain again, producers and actors say, and even then it will not be the same for some time.

“We are living real-life stories in real time, in cramped quarters, sometimes on small stages, sometimes with lots of people and figuring how to do that work in the age of COVID-19 is really the challenge that we are up against,” said Mary McColl, executive director of the actors union Equity in the United States.

“When we cry, there are tears, sometimes our noses run. Sometimes when we sing or are yelling, we spit and that lands on other actors, or it might land on the orchestra pit. And we are doing that eight times a week,” she said.

Broadway theaters went dark in mid-March and London’s West End followed a few days later. Almost no one expects them to reopen when the current closure period ends on June 7 and June 28 respectively.

“We are very tied to social distancing measures. As long as they are still in place, a mainstream return to theater and musical theater in particular looks pretty impossible,” said Jessica Koravos, president of Andrew Lloyd Webber’s Really Useful Group.

A Reuters/Ipsos poll in April found that only 27% of those questioned would go to a theater performance when venues reopen, while 51% said live theater should not resume at all before a vaccine is available.

However the theater world is eager to get going before then and the to-do list goes beyond hand sanitizers in theater foyers, seating audiences apart, and disposable programs.

CREATIVE PEOPLE, CREATIVE SOLUTIONS
The US branch of Equity has hired an epidemiologist to come up with protocols for actors, stagehands, and costume and make-up departments. Elsewhere, people are brainstorming about what kind of plays would work best or taking theater out of traditional spaces, including outdoors or into restaurants.

“I don’t think theater will go away. I just think it will be different when it comes back,” said Brian Moreland, producer of upcoming Broadway shows American Buffalo and Blue.

“For a small amount of time, it will be smaller casts. Those are going to be smaller budgeted shows. The returns can be lower, the ticket prices can probably be lower,” Moreland said.

Theaters may be dark, but online rehearsals are going ahead, dancers are keeping up routines, and actors are running lines on shared video platforms so they can be ready when protocols are in place for a return.

Broadway producer and investor Brisa Trinchero is among the optimists.

She said playwrights are writing new pieces that would cater to social distancing and some companies are looking to resume with one-person productions that would minimize both costs and risks to other performers.

“We are an industry of creative people,” Trinchero said.

“I think there will be an exciting resurgence of smaller performance pieces, cabaret, more intimate things that make sense financially but also allow for performers initially to be a little bit more remote and don’t require thousands of people in the audience to make the math work,” she said.

Musicals, which have large casts, musicians, and backstage crews and are the most expensive to mount, are likely to be the last to come back. The Really Useful Group, producers of shows like Cats and the planned new London musical Cinderella, had to shutter 28 musicals around the world before the pandemic.

The Seoul production of Phantom of the Opera is back up but only due to extensive coronavirus testing and contact tracing by South Korean authorities, Koravos said.

Shows with one or two actors, or limiting theaters to 50% capacity might work for some. But for big musicals “it wouldn’t be possible commercially to survive on those audience levels,” said Koravos.

Despite the tough outlook, the theater community is more hopeful than a month ago and convinced that the shutdowns have proved the value of human connection and live entertainment that theater offers.

“People are now talking about what it looks like on the other side and three to four weeks ago we weren’t prepared to have this conversation,” Moreland said. “So that makes me very hopeful.” — Reuters

Lockdown gives $3.4-billion boost to PLDT, Globe

WHILE the coronavirus grinds the $331 billion Philippine economy to almost a halt, a boom in mobile digital payments is reviving investor interest in the nation’s two telecom carriers.

Forced to stay at home since President Rodrigo Duterte ordered a lockdown in mid-March, millions of Filipinos are now using their smartphones to pay for items from bread to vegetables and meat, increasingly shunning cash transactions. Some employers are even paying salaries using phone apps.

The coronavirus disease 2019 (COVID-19) pandemic is breathing new life into phone-based payment systems that earlier failed to take off in the Southeast Asian country. While PLDT Inc. and Globe Telecom, Inc. introduced their platforms as far back as 2000, their apps started tasting success only after handsets and wireless data became more affordable.

“The days of people of wanting to hand cash over as their main means may be numbered,” Globe President Ernest L. Cu said, citing concerns that the coronavirus can stay on bills for a long period of time. Registration at its GCash payment system has more than doubled month-on-month since the lockdown, making it the third most downloaded free app behind Tiktok and Zoom, according to Maria Aurora Sy-Manalang, chief technology and operations officer at the carrier.

Transactions and total volume handled by PLDT’s PayMaya more than doubled from a year ago in the first quarter, and “this accelerated growth trajectory has been sustained,” PayMaya President Shailesh Baidwan said.

Shares of PLDT on Wednesday have rebounded 50% from a 16-year low touched on March 20, while those of Globe have jumped 37% from an almost two-year low. PLDT and Globe are two of the three stocks that are up in the 30-company benchmark Philippine Stock Exchange Index this year, with recent gains helping add a combined $3.4 billion to their market value. PLDT fell 3.8% on Thursday as it reported a 12% drop in first-quarter net income, while Globe slid 1.8%.

“Globe and PLDT have always said that fintech is a new leg of growth and the virus gave a glimpse of what can happen,” said Rachelle Cruz, an analyst at Manila-based AP Securities Inc.. “Fintech will be one of the megatrends post coronavirus. It will get higher market shares in money transfers and online payments that could lead to other financial services.”

The pandemic is spurring people in countries from India to Indonesia to switch to phone apps for payments as they avoid touching cash — the predominant mode of transactions. In the Philippines, the central bank says only 9% of the population uses credit cards. PLDT and Globe have about 160 million in combined wireless subscribers, exceeding the nation’s population of 108.7 million.

The leap toward technology — use of wireless data for payments — is among initiatives pursued by the carriers as widespread use of data and social media combined with crushing price wars have dented revenues from calls and texts. Building another source of revenue has also become more urgent as PLDT and Globe face the entry of a third major player.

While Globe and PLDT’s financial services aren’t likely to end 2020 with a profit, these initiatives could post narrower losses and turn cashflow positive over a shorter time as both carriers build on their gains from the lockdown, according to Ms. Cruz.

GCash transactions have doubled from a year ago, with money transfers and online payments during the lockdown growing at 20% to 25% over the previous quarter, and the average size of settlements during the lockdown rising 40% to about P1,000, Ms. Sy-Manalang said. Meanwhile, PayMaya’s transaction volumes for previously cash-heavy sectors such as pharmaceuticals and groceries are rising as Filipinos shop for essentials during the lockdown, Mr. Baidwan said.

“The virus has accelerated the acceptance of mobile phones as a mode of payment,” said Ms. Cruz at AP Securities. “The quarantine left many people no choice but to use the technology that’s easily available and ubiquitous.” — Bloomberg

A practical guide to staying hydrated during the pandemic

By Teddy S. Manansala

HIGH temperatures have been recorded across the country as the dry season continues amid COVID-19 pandemic. To keep up everyone’s health and wellness, hydration cannot be ignored.

The Food and Nutrition Research Institute (FNRI) recommends drinking six to eight glasses of water and other beverages per day. Yet, this requirement is higher when a person’s level of physical activity is increased such as in the case of exercise or sports activities. In addition, don’t forget to increase water and fluid intake these days when the heat index is so high in order to prevent heat stroke and dehydration.

You don’t have to wait to feel thirsty before taking your fluid. Thirst is the body’s signal to the brain that your cells are already dehydrated. Take note that our body cells are composed of 70% water or more of its total mass. Within our cells, water functions in facilitating physiological and biochemical processes such as energy production, the synthesis of hormones, elimination of wastes, blood pressure and heart rate regulation, body temperature or thermoregulation, and immune cells response, among many others.

Here are the “5 Cs” to increase your water and fluid intake:

1. Choose fresh foods that are high in moisture or water content. There are many kinds of locally available fresh produce from local farms and markets that are good such as watermelon, cantaloupe, citrus fruits, grapefruit, cucumber, celery, tomatoes, and coconut meat. They are also good sources of dietary fiber which helps flush out toxins from your body. A plus point — you may help our local farmers by purchasing their fresh produce online or by visiting the nearby markets.

2. Create dishes with more liquid. In meal planning and preparation, always include at least one menu item with more liquid or stock such as soups, stews, noodle dishes, soupy vegetables and seafood. You may include simmered, boiled, or braised meats. Don’t forget to make it even more nutritious by adding economical indigenous ingredients such as the leaves of malunggay, sili, camote tops, squash, amaranth, and fern.

3. Carry that reusable water tumbler with you. Having a personal water tumbler will aid you in keeping track of your daily water intake. In addition to that, drinking from your own bottle likewise helps the environment by limiting your use of single-use containers.

4. Chill with refreshing drinks. You can be creative with your beverages by making infused drinks and fruit shakes, using less table sugar in the latter. Personalize your infused drinks with citrus fruits such as lemon, oranges, tangerine, lime, and calamansi. Vegetables such as sliced cucumbers and fresh herbs such as mint may be used. Meanwhile, fruit shakes can be a combination of seasonal fruits made with less table sugar, and using low-fat milk, or made with yogurt for increased good bacteria in your guts.

5. Consume those highly caffeinated drinks in moderation. Beverages with high caffeine content such as coffee and teas may be consumed in moderation. To make them healthier, add a squeeze of lemon, lime, or calamansi. This reduces the bitter taste in coffee while the vitamin C content increases the absorption rate of the antioxidant catechins present in tea. Remember, use less table sugar to no sugar at all as both caffeine and simple sugars are dehydrating.

Teddy S. Manansala is a Registered Nutritionist-Dietitian and holds two master’s degrees from the University of the Philippines (UP) and the De La Salle-College of Saint Benilde, where he is an Assistant Professor at the School of Hotel, Restaurant and Institution Management (SHRIM).

Robinsons Land earnings up 82%, capex cut 11%

EARNINGS of Robinsons Land Corp. (RLC) ballooned 82% in the first quarter due to changes in its accounting policy which resulted in higher profits from its residential business.

The Gokongwei-led real estate company reported a net income of P3.34 billion in the January-to-March period, jumping from P1.8 billion in the same period last year. Consolidated revenue likewise rose 70% to P11.57 billion.

In a statement, the company said its new accounting policy resulted in a 241% leap in residential revenues to P6.7 billion, which made up 58% of its consolidated revenue. This is due to the recognition of revenue based on a buyer’s equity threshold of 10% from the previous 15%.

But the remainder of revenues which comprised those from RLC’s investment portfolio were flat because of operational disruptions from following lockdown measures implemented in mid-March.

Capital expenditures (capex) for local operations stood at P5.91 billion in the first quarter. For the full year, RLC said it is cutting capex to P24 billion from P27 billion as an effect of the enhanced community quarantine (ECQ).

“Due to the effects of the ECQ and the expected slow transition back to normal life, RLC has assessed its new projects pipeline. Projects that have not commenced will no longer be pursued for now,” it said.

By business segment, RLC’s mall business contributed revenues of P2.87 billion, down by 8% from a year ago. This is attributed to the closure of its 52-mall network across the country in compliance with government orders to mitigate the spread of the coronavirus.

The office segment added P1.43 billion, up by 27% from last year, due to the strong market reception of its new buildings in Quezon City and Tarlac. RLC now has 23 operational sites in its portfolio of office buildings.

Hotels and resorts raised P468 million in the first quarter, down by 10% from in 2019. The company said even before the lockdown, there have been frequent booking cancellations because of fear of the coronavirus and the eruption of Taal Volcano in January. The company’s average occupancy rate stood at 79% for its network of more than 3,000 rooms.

Revenues from RLC’s industrial and integrated developments division, which accounts for its operations of warehouse facilities, grew 96% to P96.4 million. The company said it intends to build more warehouses to expand its portfolio.

“RLC continues to be optimistic about its growth outlook as it builds a larger and more diversified platform. Our strong fundamentals and solid balance sheet will help us navigate the challenges brought about by the new coronavirus,” RLC President and Chief Executive Officer Frederick D. Go said in the statement.

“As we emerge from the enhanced community quarantine, our priorities are the welfare and wellbeing of our employees, business partners, and patrons,” he added.

Shares in RLC at the stock exchange increased 58 centavos or 4.04% to P14.92 each on Thursday. — Denise A. Valdez

Sing along in special telecast of Disney music and High School Musical

BRING a little magic into your homes with The Disney Family Singalong and the full singalong telecast of the Emmy and Billboard Music Award-winning High School Musical on Tuesday, May 12, 7 p.m., on Disney Channels across Southeast Asia.

The star-studded The Disney Family Singalong special, hosted by Ryan Seacrest from his home, averaged 12.2 million viewers in its debut broadcast in the United States last month. It was widely acclaimed for its creativity and inventiveness, as stars offered messages of support and performed favorite Disney songs with their families, “quarantine” partners, or solo from their homes. The stars include Christina Aguilera, Erin Andrews, Bobby Bones, Michael Bublé, Kristin Chenoweth, Darren Criss, Luke Evans, Elle Fanning, Josh Gad, Ariana Grande, Josh Groban, Julianne Hough, Little Big Town, Demi Lovato, Alan Menken, Donny Osmond, Tracee Ellis Ross, and John Stamos.

James Monroe Iglehart and the Broadway Company of Disney’s Aladdin also reunited for a rendition of “Friend Like Me.’

For the finale, Kenny Ortega of High School Musical fame leads stars from High School Musical and more in a rousing version of “We’re All in This Together.” The stars include Vanessa Hudgens, Ashley Tisdale, Corbin Bleu, Monique Coleman, Lucas Grabeel, KayCee Stroh, Raven-Symoné, Dove Cameron, Sofia Carson, Booboo Stewart, Sarah Jeffery, Meg Donelly, Milo Manheim, Joshua Bassett, Olivia Rodrigo, Sofia Wylie, Matt Cornett, Dara Reneé, Julia Lester, Larry Saperstein, Frankie Rodriguez, Joe Serafini, and Tik Tok Sensations Charli D’Amelio and Dixie D’Amelio, Chucky Klapow, Jared Murillo, Ro Malaga, Britt Stewart, Kim Klapow and Bayli Baker Thompson.

Philippines tops economies for women in workplaces

THE Philippines topped 50 economies in having fairly represented women in workplaces last year, Mastercard said in its latest study on women’s advancement in business.

According to the global financial services firm, there are three key factors for pushing women to enter business: favorable entrepreneurial framework and conditions characterized by high levels of support for small enterprises; ease of doing business; and access to financial services and academic programs.

Based on The Mastercard Index of Women Entrepreneurs (MIWE) 2019, out of 58 nations representing nearly 80% of the world’s female labor force, the Philippines ranked first in the “Women’s Advancement Outcomes” index, which measures women’s progress and degree of marginalization as business leaders, professionals and technical workers, entrepreneurs, and labor force participants.

In the Philippine workplace, the report highlighted, 52% are women business leaders and 58.2% are female professional workers, indicating a fair representation. “Filipino women were also found to be just as likely as their male counterparts to go into entrepreneurship,” it added.

The country, however, lagged behind other Asia Pacific markets when it comes to having women as financial customers and students taking up higher education in colleges (rank 20).

It was also noted that the country’s financial support for small businesses is quite weak, evidenced by the gender gap in access to financial services, perception on physical infrastructure, as well as accessibility, range, and effectiveness of government programs.

Still, the Philippines remained to be one of the countries with the least gender divide when it comes to borrowing or saving for business.

Further, the country got its lowest evaluation (rank 38) for supporting entrepreneurial conditions that advance women’s ability to thrive in business. The index assesses the prevailing entrepreneurial conditions which can either be enablers or constraints for women to own businesses.

“By ensuring that all women in the country can access financial resources such as bank accounts, credit and insurance, and sufficient education, the Philippines will be able to foster a more supportive environment for entrepreneurship and empower women with the right tools and mindset to proactively pursue business,” the firm suggested.

Developed countries, such as the United States, New Zealand, Canada, Israel, Ireland, Taiwan, Switzerland, Singapore, the United Kingdom, and Poland were at the top 10 of the overall ranking for the MIWE.

This result reaffirmed the study’s assumption that markets with highly favorable business frameworks and conditions tend to drive women towards entrepreneurship.

The Mastercard study assessing women’s advancement in business first ran in 2017 and is currently in its third year. — Adam J. Ang

China Bank net profit rises

CHINA BANKING Corp. (China Bank) posted double-digit net income growth in the first quarter on the back of its strong core businesses.

In a disclosure to the local bourse on Thursday, China Bank said its net income jumped 19% year on year to P2.2 billion in the January-March period, translating to a return on equity of 9.15% and return on assets of 0.92%.

The lender’s net interest income surged 34% year on year to P7.9 billion in the first quarter while its net interest margin inched up to 3.82% from 3.32%, previously.

China Bank said the rise in its net interest income was mainly due to higher revenues it had from “earning assets and lower interest expense, which dropped 23%.”

Meanwhile, the bank’s fee income declined to P1.2 billion as weak market conditions affected its trading activities.

Its total operating income rose 26% to P9.1 billion in the first quarter from the year prior.

The bank said strong demand across all segments drove its gross loan portfolio rise to P592 billion in the first quarter, up 15% year on year.

Despite higher loans, China Bank’s nonperforming loan (NPL) ratio stood at 1.7% while the NPL cover was at 109%.

The bank increased its provisions by 51% on expectations of higher credit losses amid the coronavirus disease 2019 (COVID-19) pandemic.

On the funding side, China Bank saw total deposits rise nine percent to P785 billion, causing its loans-to-deposit ratio to improve to 74%.

Meanwhile, operating expenses increased 22% to P5.8 billion “as the bank continued to strengthen and expand its operations and provided for COVID-19 related expenses.”

Still, its cost-to-income ratio improved to 64% from 66% in the same period last year.

The bank’s total capital reached P97 billion as of the first quarter, “with regulatory capital ratios well above regulatory levels.”

Its total assets increased 10% to P984 billion even as it scaled down operations in some of its branches in Luzon starting mid-March or when the enhanced community quarantine was implemented.

“The impact of the COVID-19 pandemic on our customers, employees, and society as a whole is a great concern for China Bank. We are committed to extend the help, support, and flexibility that our stakeholders need in these challenging times to ease the negative economic consequences of this global health crisis. We are also very grateful to our hardworking and dedicated frontliners who enable us to deliver on this vital commitment,” China Bank President William C. Whang was quoted as saying.

China Bank’s shares closed at P19.70 apiece on Thursday, down 0.1% or two centavos. — Beatrice M. Laforga

Tom Cruise aims higher with movie shot on space station

LOS ANGELES — Action star Tom Cruise is working on a movie shot in outer space, the National Aeronautics and Space Administration said on Tuesday.

“NASA is excited to work with @TomCruise on a film aboard the @Space_Station!,” NASA administrator Jim Bridenstine wrote on Twitter.

“We need popular media to inspire a new generation of engineers and scientists to make @NASA’s ambitious plans a reality,” Bridenstine added.

He gave no details but the tweet followed a report in Hollywood trade outlet Deadline that Cruise was working with Tesla and SpaceX entrepreneur Elon Musk to make what would be the first feature film to be shot in space.

The proposed action adventure is in its early stages, Deadline reported on Monday.

Representatives for Cruise did not immediately return a request for comment.

Mission: Impossible star Tom Cruise, 57, is renowned for his daredevil films and for doing his own stunts. He flew fighter jets for the upcoming Top Gun: Maverick, hung off the side of a plane as it took off in Mission: Impossible Rogue Nation in 2015, and climbed the Burj Khalifa skyscraper in Dubai — the tallest building in the world — for Mission: Impossible Ghost Protocol.

Filming on Mission: Impossible 7 was put on hold in February as the coronavirus epidemic took off in Italy. The disease later led to a worldwide shutdown of Hollywood movie and TV production and the closure of movie theaters. — Reuters

DoLE worker assistance disbursements top P5B

THE DEPARTMENT of Labor and Employment (DoLE) has disbursed more than P5 billion worth of cash assistance to over one million workers whose employment was affected by the coronavirus disease 2019 (COVID-19) emergency.

DoLE said in a statement Thursday that it “disbursed about P4.44 billion out of its regular budget and a separate P1.05 billion in emergency funds” to help workers who were displaced during the enhanced community quarantine (ECQ) imposed on March 17 in Luzon and in other areas.

A total of 1,059,387 workers have availed of the subsidies and assistance via the following channels: the COVID-19 Adjustment Measures Program (CAMP); the Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers, Barangay Ko Bahay Ko (TUPAD BKBK) program; and the DoLE AKAP program.

CAMP ceased accepting applications on April 15 after DoLE announced that funding was not sufficient to accommodate over 1.6 million applicants for the one-time cash subsidy to private sector workers displaced because of the ECQ. Some 618,722 formal sector workers from 31,972 establishments have received aid from CAMP while 35,723 workers are expected to receive their assistance this week before CAMP officially closes operations. Total disbursements are estimated at P3.093 billion.

Under the TUPAD BKBK program, 337,198 informal sector workers availed of emergency employment and assistance, on which the department spent P1.348 billion.

The AKAP program, which gives displaced and disadvantaged overseas Filipino workers (OFWs) one-time cash assistance of P10,000 or $200, has registered 103,467 OFW beneficiaries. DoLE added, “About P1.05 billion has been disbursed of the P1.5 billion special funds released for the program for an estimated 150,000 OFWs.”

DoLE requested an additional P2 billion to help other OFWs who applied for AKAP assistance. The program had 368,703 applications as of May 5. — Gillian M. Cortez

Canned food demand lifts Century Pacific’s income 31%

CANNED food manufacturer Century Pacific Food, Inc. (CNPF) recorded a 31% jump in net income in the first quarter due to a surge in local demand brought by the government’s quarantine measures in late March.

The listed company told the stock exchange yesterday its net income in the first three months stood at P1.04 billion, boosted by a 24% growth in consolidated revenues to P12.1 billion.

Its branded business comprised P10.1 billion of the revenues, higher by 31% from a year ago. The remainder are revenues from its commodity-linked export businesses which were flat as capacity focused on domestic operations.

“Growth was seen across all business units as majority of the company’s products are shelf-stable and consumed at home,” the company said.

CNPF is the manufacturer behind food brands such as Century Tuna, Argentina, 555, Angel and Birch Tree.

“During these challenging times, we recognize the importance of making our products as accessible as possible nationwide,” CNPF Chief Finance Officer Oscar A. Pobre said in the statement.

He noted despite logistical and operational challenges, CNPF continues to operate its facilities round the clock to supply the growing demand.

The company also posted a 46% increase in operating expenses to P1.71 billion due to additional costs that went to employee assistance programs and implementation of health and safety procedures.

“There are still a lot of uncertainties as to what the balance of year will look like, including what the pandemic’s effects will be on the broader economy and consumer demand,” Mr. Pobre said.

“Nonetheless, employee welfare and product availability will remain our top priorities and we are taking the necessary steps — including hiring additional personnel, increasing our logistic capabilities, and ramping up safety and security in our facilities — to help address the requirements as best we can,” he added.

Shares in CNPF at the stock exchange traded flat on Thursday to close at P14.30 apiece. — Denise A. Valdez