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PHL seen to benefit from slump in oil prices

THE Philippines as a net oil importer would be a “big beneficiary” of the continued slump in global oil prices, although lower prices and plunging demand would likely translate into lower tax collections for the government.

“We will be a big beneficiary of the oil price crash. We import $10 billion of petrol products per year. Our domestic production of oil, all for export, is minimal and production drops every year,” Finance Undersecretary and Chief Economist Gil S. Beltran said in a mobile phone message.

US crude oil futures sank below $0 for the first time in history on Monday, amid a coronavirus-induced supply glut, Reuters reported.

The international benchmark, Brent crude, also slid but not as steep, dipping 9% to end at $25.57 a barrel.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said a slump in oil prices is still “net positive,” as ultra-low pump prices will help the Philippines jumpstart its economy once the lockdown is lifted.

However, he noted for Southeast Asian markets, including the Philippines, the benchmark Mean of Platts Singapore (MoPS) “has not suffered the recent fate of the WTI (West Texas Intermediate).”

The government expects to see a decline in tax collections from petroleum products, as pump prices and demand continue to slide amid the coronavirus pandemic.

In a Viber message, Bureau of Customs Assistant Commissioner and Spokesperson Vincent Philip C. Maronilla said that the volume and value of oil imports are down so far in April.

This threatens Customs collections as imported oil is the bureau’s biggest revenue generator.

“There will be [a] lower collection of VAT due to lesser value of petroleum products… and lesser excise tax due to lesser volume of importation,” Rino E. Abad, Department of Energy Oil Industry Management Bureau director, told BusinessWorld.

In the first quarter of 2020, he said that the volume of Philippine oil imports decreased by as much as 460 million liters to 3.3 billion liters from 3.7 billion liters during the same period a year ago.

Mr. Abad noted that from January-to-date, gasoline prices have fallen by P14.52 per liter (L), diesel by P13.94/L, kerosene by P19.15/L and liquified petroleum gas (LPG) by P9.25 per kilogram.

Consumers can expect lower pump prices, although most cannot take advantage of this as Luzon remains under enhanced community quarantine.

“As we follow and reflect oil prices in the world market, these decreases definitely will drive local pump prices down. These were manifested in the numerous rollbacks in the recent weeks,” said Phoenix Petroleum Philippines, Inc. Senior Vice-President Raymond T. Zorrilla.

“As oil companies import its petroleum requirements abroad, [t]axes levied thereon will be dependent on the volume imported by the oil companies,” he added.

Until consumer demand is restored “oil prices will remain weak for the rest of the year,” according to Eastern Petroleum Corp. Chairman and Chief Executive Officer Fernando L. Martinez.

Mr. Martinez estimated demand for petroleum products declined by as much as 60% in the past month, noting this “will certainly impact both on VAT and specific tax collection for the first six months of the year, with possible recovery for the second half of 2020.”

Unioil Petroleum Philippines, Inc. President Kenneth C. Pundanera said the historic crash in US oil futures does not have a significant impact on the Philippine market.

“The price of WTI does not have any impact on demand except for maybe if this eventually is reflected on the retail prices in the US and consumers decide to travel more. But given the current situation consumers will not be able to take advantage so much of the low fuel prices because of the travel restrictions,” Mr. Pundanera said.

Mr. Martinez, who also heads the Independent Philippine Petroleum Companies Association (IPPCA), said the government should take advantage of the low oil prices to boost infrastructure activities in the country.

“These massive collapse[s] in interventional oil price[s] can benefit local construction, transport, and logistics industry as soon as the government decides to resume and gradually normalize these industries,” Mr. Martinez said.

“Provided that the necessary safety protocols for workers and employees are in place and strictly observed, IPPCA supports the phased lifting per area of the transport, construction, manufacturing, hospitality, and real estate industry,” he added. — Beatrice M. Laforga and Adam J. Ang

Virus threatens world’s most crowded jail

By Norman P. Aquino Special Reports Editor
and Vann Marlo M. Villegas Reporter

ADELBERTO A. SILVA, 72, has been languishing in a jail near the Philippine capital for one-and-a-half years, while being tried for illegal gun possession.

Now, he wants to get out of jail to escape a brewing coronavirus outbreak that threatens the lives of inmates, jail workers and surrounding communities in the most overcrowded incarceration system in the world.

At least 40 inmates and jail workers mostly in Metro Manila have been infected with the virus so far with one death, prompting Human Rights Watch (HRW) to urge the government of President Rodrigo R. Duterte to act fast and release some detainees to prevent a major health catastrophe.

“Everyone acknowledges that jails in the Philippines are obscenely overcrowded, with people living right on top of each other, and recognizes that COVID-19 is an incredibly contagious disease that can spread like wildfire through crowds,” Phil Robertson, deputy Asia director at HRW, said in an e-mailed reply to questions.

“So it is astonishing that the government is being so obtuse and refusing to reduce prison populations by releasing those inmates held for nonviolent, relatively minor offenses,” he said.

“Without quick action to significantly reduce overcrowding, the Bureau of Corrections (BuCor) could find itself facing thousands of seriously sick prisoners and no way to quarantine or care for them,” he added.

Nine inmates and nine staff members at a jail in Quezon City — a highly urbanized and the Philippines’ most populous city — have the coronavirus, according to the local jail bureau.

The city jail was built for 800 prisoners but housed 3,800 inmates as of 2016, making social distancing as a control measure simply impossible.

Meanwhile, at least 19 convicts and a staff member at the Correctional Institute for Women in Mandaluyong City have also been infected, according to the BuCor.

Two inmates at the Cebu City Jail were also infected, one of them dying before he could get his test result, ABS-CBN News reported on Tuesday, citing the mayor.

With 215,000 prisoners nationwide, Philippine jails and prisons are overfilled more than five times their official capacity, making it the most overcrowded prison system in the world, according to the World Prison Brief (WPB).

NO TOILETS
As of 2017, it had 933 jails — seven national prisons and 926 city, district, municipal and provincial jails, which are not enough to contain inmates, three-quarters of whom are at the pretrial stage, WPB said on its website.

Many jails in the Philippines fail to meet the minimum United Nations standards given inadequate food, poor nutrition and unsanitary conditions.

“So many inmates die of diseases while in jail,” Hannah Glimpse Nario-Lopez, an assistant professor at the University of the Philippines’ Department of Sociology, said by telephone.

“There’s tuberculosis, boils and diarrhea. There’s not enough food and water, and facilities are dirty,” she said. “They don’t even have toilets there. Sometimes they defecate in cans — it’s really, really terrible. The coronavirus pandemic heightens the concern.”

While people often use “prison” and “jail” interchangeably, these are not the same.

The local jails house inmates charged with crimes but are not yet convicted, waiting to pay bail to be released until trial or can’t afford bail, as well as those with a jail sentence of three years or less.

These are managed by the BJMP under the Department of Interior and Local Government.

On the other hand, the seven national prisons and penal farms hold prisoners convicted of crimes with sentences of more than three years and are managed by the Bureau of Corrections under the Department of Justice.

The local Commission on Human Rights has repeatedly flagged the worsening congestion in the country’s jails, more recently because of the high and sudden influx of arrested suspects in connection with Mr. Duterte’s war on drugs that has killed several thousands.

“There are also other reasons such as delays in the issuance of commitment orders, slow disposition of cases or protracted trials, small lock-up cells and the inability of detainees to post bail,” it said.

Tens of thousands of inmates are often detained far longer without ever seeing a judge. About 75% of the country’s 215,000 prisoners are in the pretrial stage.

Police have suspended anti-drug operations while the main Philippine island of Luzon is on lockdown until April 30, spokesman Brigadier General Bernard Banac said in a mobile phone message.

“All activities are geared toward prevention of the spread of COVID-19 under the enhanced community quarantine,” he said. The government has also banned visitations at the country’s jails and prisons.

‘FAIR CHANCE’
Mr. Silva, one of 22 political prisoners who have sought judicial relief on humanitarian grounds, claims to be hypertensive and at high risk of dying in case he gets infected with the virus that has sickened more than 6,000 and killed about 400 people in the Philippines.

“The petitioners are praying for a fair chance at surviving the devastating impact of the COVID-19 outbreak in spaces that are not blighted with overcrowding and lack of access to hygiene measures and medical care,” according to a copy of their pleading.

Gabriel Chaklag, a spokesman for the BuCor, said on April 17 there were no confirmed COVID-19 cases at the national penitentiary in Muntinlupa City but nine inmates were being monitored.

“If ever infections arise, we have mechanisms in place to deal with that situation,” Mr. Chaklag said in a mobile phone message. “Firstly, we have isolation areas for quarantine purposes.”

He also said the bureau has partnered with hospitals in case prisoners need to be treated and hospitalized. “That is on top of our prevention measures in place.”

Justice Secretary Menardo I. Guevarra said the BuCor had taken “the necessary precautionary measures early on.”

“That’s why there have been only a few reported cases there. The DoJ is closely monitoring the situation there, and has recommended more stringent measures should there be any sign of a developing contagion,” he said in a mobile phone message.

Mr. Robertson noted that in countries like Thailand, Sri Lanka and the US, prisoners have rioted because they thought authorities were refusing to protect them from the virus that has sickened 2.5 million and killed more than 170,000 people worldwide.

He said the government should release prisoners only if they are detained for non-serious or nonviolent offenses.

“Top priority should go to older prisoners, particularly over the age of 60, and sick prisoners with underlying medical conditions such as cardiovascular disease, diabetes, chronic respiratory disease and cancer,” he said.

The government should also release inmates in pretrial detention and find alternatives to make sure they appear for trial, the HRW director said.

“Prisoners with relatively short sentences of less than two years, and those with one year or less left to serve are also good candidates for release,” he said.

“Of course, those detained for political reasons, peacefully asserting their rights and all others detained without sufficient legal basis should also be immediately released,” he added.

The Justice department, one of three agencies in charge of the country’s jail system, declined to say whether there was a push to release some prisoners.

“The issue on the release of inmates with pending cases is sub judice,” Mr. Guevarra said in a mobile phone message, citing the pending case at the Supreme Court.

“As for persons deprived of liberty who are already serving their final sentence, their release is governed by existing rules on good conduct and special time credits, parole and executive clemency,” he added.

The tribunal has ordered the government to comment on the lawsuit that seeks to allow the release of the 22 inmates through bail on humanitarian grounds.

Several groups including a congressional bloc and judicial reform lobbyists have also called on the court to order the release of the prisoners.

The tribunal’s court administrator this week also asked trial judges to enforce a six-year-old rule allowing the release of detainees who have been jailed for a time equal to the minimum of the penalty charged, amid the pandemic.

Mr. Robertson criticized the Justice chief for “making such an inane comment.” “Hiding behind court procedures at a time of crisis is hardly an indication of effective leadership,” he said.

“Instead of ducking the issue, the Justice secretary should be implementing plans for alternatives to incarceration for persons in pretrial detention for nonviolent crimes — including bail, electronic monitoring and other similar mechanisms,” he added.

The HRW director said the Philippines has “painted itself into a corner” by failing to address the massive crowding in its prisons.

“Now that there is a crisis, they can’t just snap their fingers and expect new prison space to appear out of thin air,” Mr. Robertson said.

“Urgently reviewing cases of inmates and releasing prisoners based on clear, publicly pronounced criteria is really the only way forward. Should the government fail to act, they will be effectively sentencing some of these prisoners to death by COVID-19,” he added.

New NEDA chief lays out priorities

THE new chief of the National Economic and Development Authority (NEDA) will prioritize finishing the economic recovery plan and frontloading the registration of five million people to the national ID system.

NEDA Acting Secretary Karl Kendrick T. Chua, who assumed office on Tuesday, said the target is to register five million people to the national ID system this year, which will help the government’s distribution of relief measures amid the coronavirus disease 2019 (COVID-19) pandemic. The ID system will be “slowly” ramped up to 40 million next year and 40 million more in 2022.

“The marching orders that were given to me upon my appointment, one is to prepare the recovery plan and second is to accelerate the implementation of the national ID,” Mr. Chua said in an online press briefing yesterday.

He said they will register five million people from different households to the national ID system this year for wider coverage.

Mr. Chua said the Philippine Statistics Authority (PSA), an attached agency of NEDA and the main implementing agency of the national ID program, will use the next two months to finish procurement and other preparations so registration could begin by June or July, “once the lockdown is relaxed or modified.”

The official, however, did not elaborate on his position on the possible extension of the enhanced community quarantine (ECQ) after April 30, saying he will remain dependent on data and assess tradeoffs.

“I will base my recommendations, if asked, on the evidence coming from the scientific community, in particular those contracted to model the epidemic curve of the virus. From there, once we see the cost of changing our decision on the ECQ and the benefit in the economic gain, then we will be able to make a decision. I have no preference, I will look at the data and make my recommendation based on that,” he said when asked on his recommendation regarding the lockdown.

Mr. Chua, who was appointed last Friday following the resignation of Ernesto M. Pernia, also said he did “not covet” the position but will answer the “call of duty.”

He said he ordered his fellow NEDA officials that there be “no movement until the end of May” for organizational changes so the agency will not be “bogged down” internally as it responds to the economic challenges of the health crisis.

PRIORITY PROJECTS
Meanwhile, Mr. Chua said there are no firm details yet on the “Anticipatory and Forward Planning” report the NEDA will submit to the Inter-Agency Task Force on Emerging Infectious Diseases (IATF) as this is still a “working plan.”

“The uncertainty is the reality and we will have to be very flexible. We indeed will submit the report to the IATF but it is a working draft, working paper. Maybe next week we can increase the testing capacity and that will change a lot of what is happening today. ECQ only buys us time. It does not solve the problem. We have to look at it from a day-to-day basis…from there we will assess where our recovery plan should be headed,” he said.

He, however, said the government will determine infrastructure projects under the Duterte administration’s “Build, Build, Build” program that will be prioritized once the situation normalizes.

“We will be entering a new normal and we will have to determine which of the ‘Build, Build, Build’ (projects) will have the maximum impact,” he said.

The acting NEDA chief noted the government needs to better assess the risks from the pandemic as well as the results of earlier relief measures before it can review the projects and decide which will be prioritized.

Without going into details, Mr. Chua said resuming the implementation and construction of infrastructure projects under the administration’s P8-trillion flagship program will be the main growth driver for the economy as this will spur job growth, on top of its multiplier effects.

However, he said continuing the “Build, Build, Build” program will only start once agencies are “allowed to continue and it is safe to go out and work.”

The NEDA chief said the Development Budget Coordination Committee (DBCC) will soon revise their macroeconomic targets following the rebasing and revision of the gross domestic product (GDP) base year to 2018, as well as to incorporate the impact of the COVID-19 pandemic.

Before the crisis, the government targeted 6.5-7.5% GDP growth for this year.

Meanwhile, using 2018 as the base, Philippine GDP growth averaged six percent in 2019, a tad faster than the 5.9% previously reported in January that used 2000 prices. — B.M. Laforga

Allow makers of non-essential goods to open — industry group

FPI recommends a calibrated opening of the manufacturing sectors. — VICTOR V. SAULON

By Jenina P. Ibañez, Reporter

THE Federation of Philippines Industries (FPI) has recommended a set of conditions for the reopening of non-essential manufacturing operations.

FPI Chairman Jesus Lim Arranza in a letter to government officials on Monday said there will be a need to meet demand for products after the enhanced community quarantine is lifted, including materials for home and auto repair and maintenance.

“A gravely affected manufacturer may no longer have the resources, efficiency, and inertia to re-start its operation,” he said.

The letter, in which the group recommended a “calibrated” opening of manufacturing operations, was addressed to the secretaries of the finance, trade, health, foreign affairs, local government, justice, labor, tourism, and transportation departments.

Mr. Arranza said that manufacturers of non-essential goods must now be allowed to operate if companies are willing to restart operations immediately, and conduct sanitation measures before doing so.

The companies must also have employee housing close to their facilities, and offer transportation. FPI said that workers should not be allowed to return to their respective homes, and companies must present an action plan in case of emergencies.

“All personnel who will work must be tested with a legitimate testing kit for COVID-19 (coronavirus disease 2019) at the outset and at the expense of the company, and that only those tested negative will be allowed to return to work,” Mr. Arranza said.

The group also recommended the creation of a committee, with government and manufacturing private sector representatives, to coordinate restarting operations.

Manufacturing operations of essential goods like food and healthcare products are currently allowed during the enhanced community quarantine, along with the manufacturing of pet food and hygiene products.

For work premises, Mr. Arranza said social distancing must be implemented and employees must be given personal protective equipment.

He also said the companies must identify the groups included in their supply chain, including hardware and logistics, so that they may be allowed to operate and support the needs of manufacturing.

The companies’ Inter-Agency Task Force for Emerging Infectious Diseases (IATF) IDs, he said, should be distinct from workers producing food products.

“Once a manufacturer re-opens, it will jumpstart the economic movement of practically all of its entire supply chain that will save the government and companies from subsidizing these affected people who will now be earning salaries and income, thereby allowing both private and the government to focus more of these resources to the more pressing matters it is facing,” Mr. Arranza said, noting that most manufacturing plants are in isolated or secure areas.

ALCOHOLIC BEVERAGES
Meanwhile, Trade Secretary Ramon M. Lopez replied to the Center for Alcohol Research and Development Foundation Inc. (CARD) after it asked for the lifting of the ban on alcoholic beverages.

Mr. Lopez said that directives banning alcohol were decided by some local government units, and is not covered by the limitations on manufacturing companies that are allowed to operate during the lockdown, which is set until end-April.

Manufacturing is permitted only for basic food, essential products, and their value chain to limit the movement of people and stop the spread of COVID-19.

“It must be limited to these very essential products that the people cannot live without. It is unfortunate that your sector is not part of the permitted sector,” he said.

“Nevertheless, we would like to further clarify that the directive concerning the permitted establishments covers the manufacturing operations and not the selling of these products from the retailers. Products that are in the supermarkets and retail stores and the movement of cargoes have not been prohibited by the IATF (Inter-Agency Task Force on Emerging Infectious Diseases) nor any of the agencies thereof.”

Mr. Lopez sent his reply to CARD Chairman Gerardo Tan Tee on April 17, a day after the original letter.

In Metro Manila, the local governments of Mandaluyong, Manila, Muntinlupa, and Quezon City have imposed a ban on the sale of alcoholic beverages.

WFH during the ECQ: Lazada’s Neil Trinidad

IT is more than a month into the Luzon-wide quarantine and while many people still go to work as essential workers and frontliners, even more employees have had to adjust to a work from home lifestyle where video conferencing is the name of the game.

For Neil Trinidad, the chief marketing officer of e-commerce platform Lazada Philippines, it came as a surprise just how productive the company could be even without employees being physically present in an office. It says a lot about the importance of more companies going digital, he told BusinessWorld in an e-mail interview on April 21.

He also discussed how it’s important for him to keep a routine and shift into “work mode” at home — which means wearing linen shirts and pants and house slippers, and learning how to cut his own hair.

The interview has been edited for clarity.

WHAT IS YOUR PREFERRED MEETING METHOD AND WHY?
We use Dingtalk, which is [the Alibaba Group’s] enterprise communication and collaboration platform. Lazada is a regional company, so working remotely is not something new.

Daily, our communication tools enable me to stay connected with my team, make fast decisions, run multiple workstreams, and do quick work turnarounds. We also have video conferencing tools to stay engaged — we do weekly coffee sessions with the marketing team, dress up according to a theme, and share positive focus — things we’re grateful for or new things we’ve learned.

We also utilize the software to conduct company-wide livestreams for our employees, alternately hosted by our executive team, keeping them up-to-date on what’s happening with the business and staying connected even as we all work apart in our homes.

WHERE IS YOUR HOME OFFICE LOCATED?
My home office is in our study room/guest room. I have a great view of [Bonifacio Global City] with lots of natural light and fresh air. I realized early on how important it is to create an inspiring workspace at home. I set up my desk with a plant, an aromatherapy diffuser, a lamp, and a Google Home Mini for ambient music, which I turn on in between calls.

WHAT TIME DO YOU START YOUR WORKDAY NOW COMPARED TO BACK WHEN YOU ACTUALLY WENT TO THE OFFICE?

My day starts before 9 a.m., answering messages from the various teams and catching up on e-mails. Like many others, I have back-to-back meetings and calls throughout the day. I also always make sure that I do regular alignments with the team so we’re all aligned on things that need to be accomplished for the week.

I’ve been amazed at how productive work from home can be for us at Lazada. During the ECQ, we’ve been: able to resume operations of essential goods on our e-commerce platform; start a digital giving fundraiser for frontliners through LazadaForGood; created and operated new livestream shows, like our LazadaForGood #RadioGives Charity Concert Series, and a brand-new show, Sing It! with Mimiyuuuh, all of which were written, produced, and streamed from home.

DO YOU TAKE BREAKS?
In between meetings, I play with my dogs and catch up on social media. In the afternoon, I grab myself a cup of Nespresso and play blinks from Blinkist. I’ve been wanting to read more, but I haven’t had the time, so I catch up on the books I’ve wanted to read by listening to 15-minute blinks.

DO YOU STILL DRESS UP FOR WORK OR ARE YOU MORE CASUAL IN THE WORK FROM HOME SET UP?

It’s really important for me to mentally and physically transition to work mode. I still maintain my morning routine and I try to “dress up” for work, which now means linen shirts and pants and house slippers. And I learned how to cut my own hair, an [enhanced community quarantine] skill unlocked!

WHAT IS THE MOST IMPORTANT LESSON YOU LEARNED ABOUT WORKING FROM HOME? HOW WILL THE “NEW NORMAL” AFTER THE QUARANTINE ENDS AFFECT THE WORLD OF WORK?

From a personal view, working from home during ECQ has underscored the importance of empathy and staying connected. With so much uncertainty, I learned that you can never go wrong when you over-communicate with your team. It’s important to constantly reassure them, to clarify directions, and to keep them motivated.

From a business view, what’s clearer to me is that in this “new normal” all businesses need to be digital businesses and that all businesses need to do good. COVID-19 has been a disruptor for many SMEs (small-medium enterprises), but it’s also shown that it’s not too late to reposition your business and find new opportunities online.

Besides putting together consumer experiences as people stay indoors more, we also rallied the teams to develop a P100-million incentive seller package — the Lazada Bounce Back Together program — to help businesses have an easy, convenient [way], and the knowledge to tap into online selling for business continuity.

As I’ve mentioned, one important lesson that I share with the team was how we are able to pull off major campaigns and initiatives while working remotely. With the unprecedented circumstances, we were able to quickly rethink our strategies on what is badly needed during this time — help out in every way you can. And the only way to pull this off, it’s communication, communication, communication!

COVID-19 has also shown us that businesses and brands have the power to do good — whether it’s in helping frontliners, helping the community, or making it easier for people to transact and “live online.” Moving forward, I think all businesses and brands need to activate “purpose” as part of their business as usual. — Zsarlene B. Chua

PSALM provides grace period, staggered fees for energy sector

THE GOVERNMENT-owned Power Sector Assets and Liabilities Management Corp. (PSALM) is providing power stakeholders with a grace period of paying their fees which due dates fall during the period of the enhanced community quarantine (ECQ), as well as it is allowing them to pay their dues in installments in the next four billing months.

On Tuesday, PSALM released its latest advisory adhering to the recent orders by the Department of Energy and the Energy Regulatory Commission on the payments of dues and obligations within the energy sector, as the ECQ, which was originally set to end on April 14, was extended up to the end of April.

Payments of PSALM’s fees on power billings and ancillary services that fall within the quarantine period from March 15 to April 30 were put on hold.

The order covers payments of distribution utilities, industries, ecozones and government entities of regular power bills, deferred accounting adjustments (DAA) on GRAM (generation rate adjustment mechanism) and ICERA (incremental currency exchange rate adjustment), ACRM (automatic cost recovery mechanism) true-up adjustments, remittances entitled to prompt payment discount (PPD), restructured accounts on power, and ancillary services payments due from the National Grid Corporation of the Philippines (NGCP).

Also, a deadline extension is given to independent power producers (IPP) administrators for their capacity and energy payments to PSALM. They are also allowed to pay their deferred dues in installments, provided that IPPs and fuel suppliers adopt the same due date extension and payment scheme.

Entities collecting universal charges are expected to provide a grace period and a staggered bills payment scheme to electricity consumers, while PSALM also grants the collecting entities (CE) with the same extension for their remittances of universal charges to the agency.

These universal charges include missionary electrification charge, environmental charge for watershed rehabilitation and management and stranded debts.

The agency tasked to privatize the government’s power assets has been given a grace period to disburse funds from these payments to its beneficiaries.

“PSALM strongly reiterates its requirement to power customers, CEs, NGCP and IPPAs to immediately remit to PSALM any proportionate amounts that they may have already collected from their own customers, if any, without awaiting the extended due dates,” it said in the advisory.

“Customers who have the ability to pay are encouraged to continue to timely settle their bills with PSALM within the original due dates,” it added.

In a separate statement, PSALM said on Tuesday that it had again moved the deadline for the submission of bids for the third round of public bidding for the Malaya thermal power plant and its underlying land.

It set the new deadline at 12:00 noon on June 30 from May 30, citing the extension of the enhanced community quarantine.

PSALM said the dates of the other bidding activities were also adjusted. The new deadline for the filing of a request to bid as a consortium is on May 11. The submission of documentary deliverables is rescheduled to May 15, while the release of asset purchase agreement to qualified bidders is set to happen on June 16 or not later than seven days before the bid submission deadline.

PSALM said it would disclose the minimum bid price to qualified bidders immediately after it had secured the board’s decision on the matter. Its board is awaiting feedback from the Commission on Audit on the request of PSALM to allow a discounting mechanism that would lower the minimum bid price.

The agency said it was monitoring the coronavirus disease 2019 (COVID-19) pandemic and that it would issue appropriate supplemental bid bulletins to modify the dates of the bidding process should these are needed. — Adam J. Ang

Untried and untested: the festival of one-act plays goes online

ALREADY a hotbed of the new and cutting edge in theater, the 2020 Virgin Labfest theater festival does not disappoint this year. Instead of cancelling outright in the face of the COVID-19 pandemic, the festival will stage its new “untied and untested” plays online for the first time. The use of green screens, recorded material, and meeting platforms are all being considered in this unique staging of the festival.

This year’s Virgin Labfest (VLF) — a production of the Cultural Center of the Philippines (CCP) in collaboration with the Writers Bloc and Tanghalang Pilipino — will push through as originally scheduled and stream online from June 10 to 28 according to an April 12 announcement by festival director JK Anicoche, made via a Facebook video.

In a video interview with BusinessWorld, Mr. Anicoche noted that this year’s play directors were consulted about adjusting to an online medium.

“We had that good conversation with our directors, because to do it on a virtual stage is a lot of things to ask. I’m proud of this roster of directors because initially they just took the challenge and said, ‘Let’s do it.’”

When making the decision to go on in this manner, they considered the welfare of the artists and production teams, and the support for the livelihood of artists.

“For a lot of artists, it’s very important for them. That they’re looking forward to something that they’re doing on a regular basis. A lot of artists are looking forward to those rehearsals and they get to do what they do best, which is to perform,” Mr. Anicoche said.

The festival — this year titled Kapit (Hold On) — will feature nine new one-act plays, three restaged plays which had been performed at previous Labfests, and six new works for staged readings.

The new one-act plays are: Tyron Casumpang’s Blackpink, Dustin Celestino’s Doggy, Norman Boquiren’s Mayang Bubot sa Tag-araw, Jay Crisostomo’s Dapit Hapon, Juliene Mendoza’s Multiverse, Luis Nario’s Gin Bilog, Daryl Pasion’s Papaano Turuan ang Babae Humawak ng Baril, Floyd Tiogangco’s Pilot Episode, and Jobert Grey Landeza’s Teacher Kit.

The revisited plays are: UZ Eliserio’s Anak Ka Ng, Herlyn Alegre’s Fangirl, and Rick Patriarca’s Wanted: Male Boarders.

The new works for staged readings are: Nicko de Guzman’s Bagahe, Dingdong Novenario’s Dominador Gonzales-National Artist, Buch Dacanay’s Jenny Li, Rouchelle Dinglasan’s Lady Masters, Bernice Dacara’s Matira Matibay, and Claro De Los Reyes’ Mongoloida’s Casa de Pun.

Aside from the stagings, the festival will include conversations with the directors and writers prior to the live streamed staging. There will also be talkback sessions, which Mr. Anicoche noted as a chance for audiences to “dig deeper into these narratives.”

The stories themselves will not be adapted to address COVID-19, they will retain their original premise.

“The selection of stories that we have for this year are the stories that present new perspectives into our understanding of history, into our way of looking at present day society, and, of course, how we are reimagining the future,” Mr. Anicoche said.

PREPARATIONS
In preparation for the online staging of the plays, some directors are making use of recorded material, exploring the use of green screen, and reflecting on how to stage the story while distanced.

“The CCP shall mobilize [a] budget to acquire the appropriate software, conduct re-tooling training for directors, playwrights, creatives, and actors to get ‘friendly’ with the online platform,” CCP Vice-President and Artistic Director Chris B. Millado told BusinessWorld in an online interview.

The VLF team is currently studying which streaming platforms — such as Open Broadcaster Software (OBS), Zoom, or Facebook — to use to present the online stagings.

As for the festival’s ticketing procedures, Mr. Millado said that it is “still an ongoing discussion” with the CCP’s marketing team.

“The creative challenge for all involved was to look for ways to implement a festival known for its intimate, face-to-face engagement between artists and audiences, while maintaining social distancing,” Mr. Millado said. “By delivering theater in an exciting new way, CCP’s VLF continues to inspire audiences and, at the same time, protects livelihoods of artists, creatives and technical staff during a time of vulnerability.”

Mr. Anicoche noted that the same lineup of works will be restaged in next year’s festival.

“We continue to gather, build a community, and then we create, even in most difficult times. The role of theater is to gather people, and the role of the theater is to make people listen to each other, and make sense of what is happening in our everyday lives,” Mr. Anicoche said.

For updates on the VLF, visit https://www.facebook.com/culturalcenterofthephilippines/. — Michelle Anne P. Soliman

PSE eases rules on Islamic finance

THE Philippine Stock Exchange, Inc. (PSE) is adjusting its guidelines in screening companies’ compliance with Islamic principles of finance, removing some previously imposed restrictions.

The PSE released an April 20 memorandum in line with the amended Shari’ah Rulebook. The new guidelines immediately took effect.

“This is to further align the PSE Shariah Guidelines with the recent change in the guidelines of our screening provider, IdealRatings Inc., to its Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shariah Rulebook,” it said.

For one, hotel operators that source their income from accommodations will now be accepted among Shari’ah-compliant securities. Only if a hotel business gets more than 5% of its income from pork, alcohol, gambling and casinos will it be considered non-compliant.

Businesses engaged in embryonic stem-cell research were also removed from the list of prohibited securities. The PSE said this was not covered in the amended AAOIFI Rulebook.

For financial screening, the PSE will no longer require that a company’s accounts receivables not exceed 67% of its 12-month trailing average market capitalization. It said the AAOIFI guidelines exclude cash and liquidity ratios from the financial screening requirements to be Shari’ah compliant.

These adjustments mean companies that used to have these characteristics may now be entertained by Muslim investors. If they follow all other requirements, these companies may be included in the PSE list of Shari’ah-compliant securities where Muslims refer to when investing in the local bourse.

The other requirements to be Shari’ah compliant are that a company has less than 5% of its income derived from businesses in adult entertainment, alcohol, cinema, defense and weapons, financial services (insurance, conventional banking, conventional financial institutions, derivatives, mortgage, among others), gambling, gold and silver hedging, interest-bearing investments, music, pork, and tobacco.

Its cash or interest-bearing deposits or investments must also not reach more than 30% of its market capitalization, and its interest-bearing debt must not go beyond 30% of its market capitalization.

The PSE releases the list of Shari’ah-compliant securities every quarter through a memorandum on its website. The latest was in early April, which included 52 listed securities. — Denise A. Valdez

Stress relief when you are stuck at home

During times of stress, an option for many people in normal times would be to go to a resort such as The Farm at San Benito. Under the extraordinary circumstances of a global pandemic however, we’re supposed to stay at home. Dr. Marian Alonzo, Medical Chief of The Farm at San Benito, gave a list of tips on what one can do to destress at home.

RHYTHMICAL SELF-WILLED SELF-CARE
In a statement, Dr. Alonzo said, “Doing activities rhythmically is a key principle in this endeavor for optimal health. When we think or work too much, at a certain point, mental fatigue or physical tiredness sets in. The opposite, prolonged rest/pause, is a recipe for boredom. Now, consider the quality of movement of our lungs and heart. The life-giving rhythm allows these organs to move unceasingly from the time of birth.”

STARTING YOUR DAY
Said Dr. Alonzo, “Before sleeping, imagine how will it look like, how will it feel like — if you are already living the future that you want for yourself, your loved ones and for the whole world. The theme or the mood of your last thought and feeling will help dictate the frequency by which your body vibrates as you sleep.” She continues, “Upon waking up, connect to the beauty of the last thought or feeling you had the night before. Appreciate the comfort of your linen, bed, pillows and in a mood of gratitude, gently stretch your body. Conscious stretching, especially at that moment of widely outstretched arms, signals to the cells of the body that you are building up the consciousness of victory. Think of your first and last thoughts as the ends of a necklace and imagine wearing this around your neck as energetic protection for the throat area. This body area is actually a protective gateway for the lungs.”

She also advises to gargle warm salt water — alternatively you can do oil pulling: swishing virgin cold-pressed coconut oil, sesame oil, or olive oil around your mouth and spitting it out into the toilet bowl or the garden. “Not onto the sink which might, later on, cause pipe clogging,” she says. She also says to drink warm water, and that you may also take probiotics around this time. “Take a shower (or wash your face) in the space of mindfulness,” said Dr. Alonzo.

PRAY OR MEDITATE.
“There is available guided meditation on the net. Ocean breath or Ujayyi breathing densifies your energy not just for the throat but for the entire body. Doing this breathing for at least three to five minutes helps create an energetic shield. Do Qi-gong/Tai Chi/Shibashi, all of which are available through the net. The concept of rhythm as a healing factor cannot be overemphasized. This flowing movement brings the body — often hard-beaten by corporate deadlines — back to it’s healthy biological rhythm.”

ACTIVITIES THROUGHOUT THE DAY
Dr. Alonzo recommends doing the following activities throughout the day, advising that they should come “from a space of love and gratitude: these are the two emotions that bring your cells to a high vibration.” These include vocal warm-up and vocal resonance exercises — “This helps prevent stagnation in the throat and nasopharyngeal areas. Flow or movement in these areas creates a certain frequency that the virus will not want to live in. For those who are open to chanting, this even creates a higher vibration.” She also advises doing body warm-up and cool-down exercises. “In between, you can do cardio, and dance to the hits of your childhood or high school days, or yoga exercises. Special focus on the lower legs and feet area to ground oneself. The idea of grounding is another key healing principle; the higher the tree, the deeper the roots shall be,” she said. “The need for grounding (centeredness) is especially relevant to prevent tendencies for dizziness or anxiety during the lockdown. Gardening or joyfully doing household chores are grounding/centering activities.”

And, yes, you can tuck in with a nice book. “Welcome this as a time to catch up on your reading. While it is important to stay abreast of what’s happening outside, there’s a big difference between informing oneself and getting dragged into the low frequency of fear. Know when to stop and disengage before you are dragged or pulled into a place of despair and hopelessness. And if you catch yourself in that space, go back to praying and meditating (or shaking it off with upbeat music) to neutralize that momentum.” She also adds that one could “lovingly clean the house, organize your things or do gardening while listening to Solfeggio Healing Frequencies: 741 Hz cleansing toxins and anti-virus; 285 Hz for immune boosting.”

The statement goes on to say, “Enjoy creating healthy meals in the kitchen. Try including curry or ginger tea — without sugar — sometimes.” She also emphasizes to “hydrate, hydrate, hydrate.”

She also advises to learn new things like playing the piano or other musical instruments by taking advantage of online music tutorials, or doing artistic activities like painting, clay modeling, and knitting.

Dr. Alonzo, meanwhile, warns against being online for a long time. “Avoid too much screen time. The blue light of our smartphone/laptops blocks the melatonin release which later on will affect quality sleep. Could the global decline of Vitamin D levels in the human body, despite ample sunlight especially in the tropics, partly be due to too much blue light from our modern gadgets?”

AT THE END OF THE DAY
To end the day, Dr. Alonzo says, “Lastly, daydream about that beautiful life after the quarantine period. This interesting time of our history is the Universe shifting to a higher (from 3D to 5D) reality, and we co-create with the quality of our thoughts. Let our contribution count with imaginations of vitality and freedom rooted to that beautiful glow in our belly, magnified by the victorious flame in our hearts.” — JLG

Online hiring stays strong, survey says

ONLINE hiring demand in the Philippines remained strong in the first quarter despite the impact of the coronavirus disease 2019 (COVID-19), the Monster Employment Index (MEI) said.

MEI in a report said online hiring demand in the country saw 14% and 15% year-on-year growth in January and February, respectively, while March hiring demand grew by 10%.

The growth was led by demand in the outsourcing sector, with a 23% growth in January, 28% in February, and 25% in March.

Among specific roles, software, hardware, and telecom professionals saw demand growth of 14% over the quarter.

But some sectors are seeing declining demand.

Demand for jobs in the hospitality sector dropped 8%, while demand in the retail sector fell 5%.

MEI said that among specific roles, purchase, logistics, and supply chain jobs saw the steepest year-on-year declines of 5% in January and 7% in February. Demand for these jobs dropped by 19% by March.

Monster.com Asia Pacific and the Middle East Chief Executive Officer Krish Seshadri said that although hiring growth in the Philippines remains steady, challenges will come as the country sees more of the impacts of the pandemic.

“These are some truly unprecedented times, and it’s more important than ever for employers — particularly in hard-hit industries such as travel and retail — to do what they can to support their employees through this storm,” he said.

“Now is the time for employers to take a step back and think about how they can build agility and resilience in their teams, and ensure that their employees have the right skill-sets and support to navigate the changes that will be brought on by this adversity.”

The International Labour Organization projects a 6.7% loss in total job hours globally, or the equivalent of 195 million full-time workers, in the second quarter of 2020 as a result of the pandemic.

The National Economic and Development Authority said that 116,000 to 1.8 million Philippine jobs could be lost.

The MIE is a monthly analysis of online job postings done by Monster India, an online job search platform. MIE started collecting Philippine data in 2014. — Jenina P. Ibañez

Gov’t makes full award of 35-day Treasury bills as demand climbs

THE GOVERNMENT fully awarded the Treasury bills (T-bill) auctioned off on Tuesday and opened the tap facility for another P10-billion offer as investors holding excess cash flocked to safe-haven assets.

The Bureau of the Treasury (BTr) on Tuesday raised P15 billion as planned via the 35-day T-bills as its offer was more than four times oversubscribed, with total tenders reaching P62.2 billion.

The BTr also opened its tap facility to offer another P10 billion and take advantage of low rates offered and strong demand.

The 35-day papers fetched an average rate of 2.714%, 41.8 basis points (bps) lower than the 3.132% quoted at the secondary market yesterday.

This compares to the average rate of 3.39% this tenor would have fetched on March 31 had the BTr made a full award that time.

National Treasurer Rosalia V. de Leon said they opened the tap facility to accommodate the strong demand.

Carlyn Therese X. Dulay, Security Bank Corp. first vice-president and head of Institutional Sales, said rates dropped due to high demand and following the 50-bp off-cycle cut fired off by the Bangko Sentral ng Pilipinas (BSP) last week.

“The lower rate is attributable to the extremely high demand, as well as the lower policy rate after the 50 basis point cut by the BSP last week,” Ms. Dulay said via e-mail.

A bond trader said demand was strong as most investors prefer bonds or cash “at these uncertain times,” with those holding excess cash try to park their funds in safer assets, or government securities.

The BSP Monetary Board, in an off-cycle meeting last Thursday, cut the key policy rate or the overnight reverse repurchase rate to 2.75%. Accordingly, interest rates for the central bank’s overnight deposit and lending facility have been trimmed to 3.25% and 2.25%, respectively.

These rates are the lowest on record and also since the BSP shifted to an interest rate corridor in 2016.

The cut came less than a month after the 50-bp reduction in a scheduled Monetary Board meeting on March 19, which took effect on March 20.

For this year alone, the central bank has slashed rates by a total of 125 bps after a 25-bp cut on Feb. 6. This followed 75 bps in cuts implemented in 2019. This means the BSP has completely unwound the 175 bps in hikes done in 2018.

The BSP also slashed the RRR of universal and commercial banks by 200 bps earlier this month, with analysts projecting another 200-bp cut to boost liquidity.

Ms. De Leon said they will see if the 35-day T-bills will be included in their borrowing plan for next month following strong demand seen in yesterday’s auction.

For Ms. Dulay, “the strong demand is an indication that the market is highly interested in the 35-day bills, so it would be nice if the BTr continues to offer it.”

“Expect rates to stay range bound in the next few days as market awaits further news,” Ms. Dulay added.

The BTr reintroduced 35-day T-bills in its April borrowing plan, scheduling two auctions worth P15 billion each. The Treasury is expected to release its May borrowing plan this week.

The Treasury has set a P190-billion local borrowing program for April, broken down into P130 billion in Treasury bills and P60 billion in Treasury bonds. — Beatrice M. Laforga

Order in the good stuff (or cook Ikea’s meatballs)

Here’s a mix of global and Filipino favorites you can order in or make at home during the quarantine. We really mean global: we’ve got Ikea’s recipe for meatballs, straight from their Twitter account.

CIBO
Italian favorite Cibo is open for delivery at the following branches (and the surrounding cities that they deliver to): Araneta City (Quezon City and San Juan), Ayala Malls The 30th (Pasig, Mandaluyong), Powerplant Mall (Makati, Pasay), SM Aura Premier (Taguig, Parañaque), and Alabang Town Center (Muntinlupa, Las Piñas). Available on the menu are soups, pastas, mains, pizzas, and desserts. Visit Cibo’s Facebook page, facebook.com/ciboPH/ for the phone numbers of each of the branches and a complete menu.

CHICKEN BACOLOD
Chicken Bacolod’s 25 Matalino St., Quezon City branch is now open for deliveries and pickups via Lalamove or Grab Delivery. The menu includes various parts of a chicken, grilled inasal-style (and a selection of different rice dishes; we suggest the crab fat one). Text or Viber 0917-537-4143 or 0939-842-0252 to place orders.

BROWN’S GOURMET
Craving for roasted chicken and adobo flakes pasta? Brown’s Gourmet is taking orders for delivery and pickup at Regis Center, Katipunan, Quezon City. A complete menu can be found at their Facebook page, facebook.com/BrownsGourmet/. Deliveries can be made via Lalamove, Grab, Happymove, or Food Panda, and one can pay via bank transfers, or cash for takeout and pickups.

PIZZAEXPRESS
BGC favorite PizzaExpress is back for deliveries. One can order via Food Panda, GrabFood, Grab Express, or LalaMove Pabili, or by giving them a call at 0917-710-1567. One can pay via Gcash or bank transfer. Check out a menu either at their Facebook page facebook.com/pizzaexpressph/ or through bit.ly/PizzaExpressDelivers.

IKEA
Furniture giant Ikea released its recipe for its signature meatballs for its customers in quarantine. This recipe is from Ikea UK’s twitter account (twitter.com/IKEAUK).

Ingredients:

500 grams beef mince

250 grams pork mince

1 onion, finely chopped

1 clove of garlic (crushed or minced)

100 grams breadcrumbs

1 egg

5 tbsp. of whole milk

Generous salt and pepper

Ingredients for the cream sauce:

Dash of oil

40 grams butter

40 grams plain flour

150 ml vegetable stock

150 ml beef stock

150 ml thick double cream

2 teaspoons soy sauce

1 teaspoon Dijon mustard

Procedure:

Combine beef and pork mince and mix thoroughly to break up any lumps. Add finely chopped onion, garlic, breadcrumbs, egg and mix. Add milk and season well with salt and pepper.

Shape mixture into small, round balls. Place on a clean plate, cover and store in the fridge for two hours (this will help them hold their shape while cooking).

In a frying pan, heat oil on medium heat. When hot, gently add your meatballs and brown on all sides.

When browned, add to an ovenproof dish and cover. Place in a hot oven, 180 degrees Celsius, and cook for a further 30 minutes.

Cream sauce:

Melt 40 gm of butter in a frying pan. Whisk in 40 gm of plain flour and continue cooking, and stir for two minutes.

Add 150 ml of vegetable stock and 150 ml of beef stock and continue to stir. Add 150 ml of thick double cream, two tsp. soy sauce and one tsp. of Dijon mustard.

Bring to a simmer and allow the sauce to thicken.

When ready to eat, serve with your favorite potatoes — either creamy mash or mini new boiled potatoes.

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