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Philam Life gives 60-day grace period for payment of policies as relief for clients

AIA Philippine American Life and General Insurance Co. Inc. (Philam Life) gave a 60-day grace period for payments of policies due between March 1 and May 31 as a relief to its customers amid the coronavirus disease 2019 (COVID-19) pandemic.

Philiam Life, a member of the AIA Group Ltd., said in a press release on Monday that processing of claims has also been simplified for faster transactions while its digital channels including its online customer portal, ePlan, remain open for customer support operations.

“We would like to reassure our people and customers that AIA Philam Life is with them throughout this difficult time. As the world continues to battle Covid-19, we will do our share by taking care of matters that are within our capacity to do so. For our customers, we will continue to fulfill our commitments and provide continuous service,” AIA Philam Life Chief Executive Officer Kelvin Ang was quoted as saying.

“For our people, which includes our agency force and our third-party service providers on top of our regular employees, we have various programs in place to help address their needs,” Mr. Ang added.

Philiam Life said it provided a cash advance support program to its financial advisors, advance payout of training allowance for those under the Elite Advisor Development Program (EADP) as well as a one-month extension for agents hitting their targets for the sales incentives.

The insurer added that its employees will continue receiving scheduled benefits and bonuses while its “marginalized” third-party employees will also be included in their programs.

“We heed the call of government through the Insurance Commission (IC), and will do what we can from the private sector to contribute and mitigate the impact of the situation the best way we can,” Mr. Ang said.

The IC had ordered insurance firms and health maintenance organizations (HMOs) to extend for at least 30 days current policies and agreements expiring during the enhanced community quarantine period.

Several life insurance companies have also adopted general relief measures for policyholders, such as grace periods for premium payments and the inclusion of COVID-19 under the critical illnesses covered.

The enhanced community quarantine period in Luzon was extended until April 30 from the initial schedule of April 12. — Beatrice M. Laforga

ABS-CBN launches new music label

YOUNG JV

ABS-CBN MUSIC INTERNATIONAL launches its new label Not So Famous (NSF), focusing on urban pop and hip-hop music by budding artists in the Philippines and Asia.

The label was founded a year ago by hip-hop artist Eduardo “Young JV” Kapunan in order to help “aspiring artists achieve their recording dreams, and later on as his way of giving back to the industry,” according to a company release.

The label has now partnered with ABS-CBN Music International to produce music for local and global audiences.

Not So Famous currently has Mr. Kapunan, Pau Palacio, Yeliee, King Murph in its roster.

Last February, Young JV released “Close To Me,” a song written by international hitmaker August Rigo who wrote Justin Bieber’s “U Smile” (2009), among others.

“Close To Me” is a song about not wasting time and just wanting to be close to the person that you love. Its music video, featuring Diana Mackey, premieres on April 20.

Meanwhile, actress-singer Pau Palacio will drop her single “Used To Do” on April 17. The music video features Delly Flay, an American singer-songwriter who co-wrote the song with Canadian singer-songwriter Andrew Pederson.

“The bouncy track talks about a couple trying to save their failing affair by finding their own identities within the confines of the relationship,” said the release. The song’s music video will be released on April 27.

Also in the label’s roster is 22-year-old Yeliee Moran, the younger sister of actress/singer Lovi Poe, who works as a pastry chef and actively advocates mental health. Her debut release “Wave,” mixed and mastered in Canada, tackles getting back on one’s feet after hitting rock bottom.

Finally, King Murph is a singer-songwriter, dancer, and choreographer. His self-penned song, “Lungkot,” depicts the sadness he now feels over someone that used to make him happy.

The Not So Famous singers will be performing on April 16, 8 p.m., as part of Star Music’s All Music: Artists At Home Sessions on Star Music’s Facebook page. — ZBC

Wuhan rent protest shows unrest brewing after lockdown

DOZENS of small shop owners protested outside one of Wuhan’s biggest shopping malls to demand a cut in rent, in one of the first signs of unrest since authorities lifted a lockdown at the epicenter of the coronavirus disease 2019 (COVID-19) outbreak.

Sitting down about one meter apart, the shop owners on Friday sat or kneeled outside the Grand Ocean Department Store, wearing masks and holding placards as police monitored. A day earlier they chanted “Exempt rental for a year, or refund the lease” in videos uploaded on the Chinese social media platform Sina Weibo that were quickly censored.

“Can’t survive” said a sign held by one woman who rented a stall at Grand Ocean, which also called on the landlord to return the rent and security deposit during the period of the lockdown.

The woman said the property developer in charge of the mall, which translates to World City, should exempt rent for them because 99% of protesters are small shop owners and they haven’t had any business since the virus outbreak. Most neighborhoods in the city are still facing string restrictions on movement and there’s little business traffic.

Another protester said the government didn’t respond after their protest yesterday, and said the police had assaulted people on Wednesday. None of the protesters Bloomberg spoke with revealed their names due to concern of retribution.

A woman who answered the phone at World City said they haven’t restarted work and couldn’t answer questions. A call to Grand Ocean’s general office was not answered.

Wuhan officially emerged on Wednesday from a mass quarantine put in place on Jan. 23. The strict restrictions helped China stem the outbreak of the deadly disease known as Covid-19, but it also led to a deep slump in investment and consumption that pushed the economy into its most dire situation in decades.

The demonstration, however small, shows the challenges President Xi Jinping now faces in getting millions of people back to work all while preventing a second wave of infections. Early in the crisis, Xi warned the virus posed a threat to “social stability” in China, and since then he’s seen tensions flare both within the country and with the US, its main export market.

The protest in Wuhan this week comes after earlier violent clashes on the border of surrounding Hubei province and neighboring Jiangxi province in late March. Scenes captured on videos posted on social media showed Hubei police clashing with officers from Jiangxi who wanted to keep the border closed.

China has recently signaled its desire to deal with any signs of dissent harshly. Earlier this week, Chinese authorities placed outspoken property tycoon Ren Zhiqiang under investigation after a copy of an essay widely attributed to him criticizing the government’s virus response was circulated on social media. — Bloomberg

PhilJet tapped to help bring stranded French and German nationals home

PHILJETS Aero Charter Corp. said the embassies of France and Germany in Manila had partnered with the business aviation company to evacuate their citizens who were stranded in different tourist destinations in the Philippines due to the lockdown.

In a statement e-mailed to reporters on Monday, PhilJets said it had mobilized its team and coordinated with its network to fly 144 tourists who were stranded in some provinces in the Philippines back to Manila where they would board chartered international flights to return to their respective home countries.

PhilJets said the flights were “mandated by the French Embassy and German Embassy” in Manila.

The foreign passengers were stranded in Boracay, Siargao, Cagayan de Oro, Butuan, Davao, PhilJets said.

It said all passengers were able to connect with their corresponding flights to Frankfurt and Paris on April 8.

Geoffroy Cahen, PhilJets commercial director who was involved in the planning, coordination and operation of the mission, was quoted as saying: “We are all delighted to have contributed to support this initiative and assist hundreds of tourists in need and we are happy they were able to reach their homes safely.”

PhilJets said it also tapped its industry partners to carry out the mission such as flag carrier Philippine Airlines (PAL), Platinum Skies Aviation, and Asian Aerospace.

“We extend our gratitude to everyone involved in the missions in providing the stranded families a solution to get back home to their loved ones. We will continue to assist and provide our support to customers, partners and the community, to the best of our capabilities. We hope that together, we will manage to get through these difficult times,” PhilJets Chief Executive Officer Robert Reguero said.

PhilJets offers general aviation services including air transport, aircraft management, chartered flights, and tourism flights.

PAL, operated by PAL Holdings, Inc., announced recently that the British Embassy in Manila had arranged special flights to London scheduled on April 7 for stranded British travelers.

PAL, Cebu Air, Inc. (Cebu Pacific), Philippines AirAsia, Inc., Air Philippines Corp. (PAL Express), and Cebgo, Inc. have temporarily shut down their passenger operations after Luzon was placed under an enhanced community quarantine.

Over 30,000 flights were canceled, affecting nearly five million passengers, according to the Air Carriers Association of the Philippines. — Arjay L. Balinbin

Gov’t fully awards T-bill offering

THE GOVERNMENT fully awarded the Treasury bills (T-bills) it auctioned off on Monday as rates mostly declined amid strong liquidity and expectations of a policy rate cut, even opening the tap facility to raise another P10 billion to accommodate strong demand.

The Bureau of the Treasury (BTr) raised P20 billion as planned via T-bills yesterday as the offer was more than twice oversubscribed, with total tenders reaching P50.6 billion.

National Treasurer Rosalia V. de Leon said the BTr also opened its tap facility to offer P5 billion each in 182- and 364-day papers to accommodate strong demand at low rates.

Broken down, the government raised P10 billion worth of 91-day T-bills as planned out of total bids of P15.48 billion. The three-month papers fetched an average rate of 3.471%, up 5.8 basis points (bps) from the 3.413% seen in the auction last week.

The Treasury also made a full award of its P5-billion offer of 182-day papers as the tenor attracted bids worth P16.193 billion. The average rate for six-month papers stood at 3.409%, 14.4 bps lower compared to the 3.553% fetched previously.

For the 364-day T-bills, it likewise accepted P5 billion as programmed out of P18.976 billion in bids at an average rate of 3.685%, down 16 bps from the previous rate of 3.845%.

Ms. De Leon told reporters that the government made a full award after the rates of the six-month and one-year papers declined and as the higher yield on the three-month T-bills was still within the acceptable range.

“Made full award as rates for both 182 and 364 declined. Also full award for 91-day since still within acceptable range. [We saw] strong liquidity onshore with maturity of P120 billion today and in anticipation of another RRR (reserve requirement ratio) cut as announced by Governor Diokno,” she said via Viber.

Ms. De Leon said investors priced in the possibility of another rate cut as hinted on by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno on Sunday.

A bond trader shared the same sentiment, saying the auction results were “quite expected given yesterday’s statement of Governor Diokno.”

The trader added that investors preferred to put their money in the 182- and 364-day T-bills to preserve these rates in anticipation of the BSP’s monetary easing.

“Because, if you invest in 91 days, there is what you call reinvestment risk. If nag-cut si BSP (If the BSP cuts rates) within that time frame, you will have to reinvest at a much lower rate, so you are locking it na sa (in the) six months and one year to preserve the rate,” the trader said via Viber.

Mr. Diokno on Sunday signaled a “deeper cut” in benchmark interest rates to support the economy amid an expected slowdown due to the coronavirus disease 2019 (COVID-19) pandemic.

The policy-setting Monetary Board has cut rates by a total of 150 bps since 2019, almost completely unwinding the 175 bps in hikes it implemented in 2018 amid multi-year high inflation.

Its latest move was a 50-bp reduction on March 19, which brought the overnight reverse repurchase rate to 3.25% and overnight lending and deposit rates to 3.75% and 2.75%, respectively, in a bid to shield the economy from the virus fallout.

The Monetary Board will meet to discuss policy anew on May 21.

While noting that monetary policy works with a lag and that they will remain “data dependent,” Mr. Diokno said governments worldwide need to ensure a “soft landing” for their economies in the aftermath of the pandemic.

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

Music to explore during quarantine

It’s almost a month into the enhanced community quarantine in Luzon. Since public events like music festivals and concerts have been canceled, we take our music fix on endless playlist repeats on Spotify and return to favorite music videos and live performances streamed on social media. As we endure another two-week quarantine extension indoors, here are some Nordic artists and albums, as well as performances by more familiar singers (think Neil Sedaka and Josh Groban) recorded at their homes to check out and give an interesting spin to your “quarantunes.”

AURORA
Prior to her role as the voice of the North Wind in Disney Frozen II, Norwegian singer-songwriter Aurora (Full name: Aurora Aksnes) released three studio albums — All My Demons Greeting Me as a Friend (2016), Infections of a Different Kind — Step 1 (2018), and A Different Kind of Human — Step 2 (2019). Aside from the singer’s impressive icy soprano vocals (listen to her version of David Bowie’s “Life on Mars”) and her music’s celestial sounds, her song’s themes include pain and grief (“The River”), ecological destruction (“The Seed”), gender equality (“Queendom”), and changes human behavior brought by technological advancements (“Winter Bird”). In March 2020, the singer released her version of “Into the Unknown” from Frozen II.

Her latest album: A Different Kind of Human — Step 2 (2019)

https://open.spotify.com/album/1ugl4nx9jaE3WF9eb0G1Mr

ASTRID S
Norwegian pop singer Astrid S (Full name: Astrid Smeplass) launched her music career after joining the Norwegian Pop Idol in 2013. She has released four EPs of techno pop tunes mostly dealing with love and relationships. Create a workout, or even a simple feel good playlist including “2AM” (2014), “Hurts So Good” (2016), “Breathe” (2017), and “Bloodstream” (2017).

Her latest EP: Trust Issues (2019)

https://open.spotify.com/album/0p9VYdjKX7XgC7M3wm5R3E

EIVØR
Faroese soprano Eivør (Full name: Eivør Pálsdóttir) performs various genres, from European classical music and folk, to rock. Her operatic and enigmatic vocals give a unique color to her songs which are mostly in Faroese, Icelandic, and English. Tip: Listen to “Trøllabundin” (“Spellbound”) first, hopefully you will be mesmerized and curious enough to explore more of her music. The singer conducts one-hour live streamed performances via YouTube (www.youtube.com/user/eivormusic) every Saturday (Sundays at 1 a.m. in the Philippines) from her home in Denmark.

Her latest album: Slør (2017)

https://open.spotify.com/album/6M6BxPjj3WXxGCTXMP5gBA

HIGHASAKITE
The Norwegian folk band was formed by Ingrid Helene Håvik and drummer Trond Bersu while studying jazz at the Trondheim Jazz Conservatory. The duo later recruited Thomas Dahl for bass and guitar, and Øystein Skar for synthesizer. The band’s music has a harmonious combination of electronic vibe and folk roots. Curious to hear what it sounds like? Listen to “The Man on the Ferry” (2014), “Samurai Swords” (2016), “Someone Who’ll Get it” (2016), and “Egomaniac” (2019).

Its latest album: Uranium Heart (2019)

https://open.spotify.com/album/0XLCfcLsv31oEwcvEDC8v6

MÅNS ZELMERLÖW
Swedish pop singer Måns Zelmerlöw began his music career after completing the Swedish version of Idol in 2005. Fast forward to 2016 when he won the Eurovision Song Contest with the song “Heroes.” Since 2007, the singer has released eight studio albums with danceable pop tunes and ballads such as “Should’ve Gone Home” (2015), “Hanging on to Nothing” (2016), “Better Now” (2019), and a studio version of Eurovision Song Contest 2018 Cyprus representative Eleni Foureira’s “Fuego.”

His latest album: Time (2019)

https://open.spotify.com/album/43sYIQXfwy1c0cCDsE8GkP

Music events and performances online

EUROVISION HOME
Despite the competition’s cancelation this year, fans can still enjoy Eurovision songs with episodes of Eurovision Home Concerts via YouTube. New episodes air every Friday (11 p.m. Philippine time). The first episode featured Ireland’s Ryan O’Shaughnessy (Eurovision Song Contest 2018), Denmark’s Rasmussen (Eurovision Song Contest 2018), North Macedonia’s Tamara Todevska (Eurovision Song Contest 2019), and Montenegro’s Slavko Kalezic (Eurovision Song Contest 2017). On April 10, the second episode featured Eurovision Song Contest 2020 artists Daði from Iceland, Montaigne from Australia, Vasil from North Macedonia, Aksel from Finland, and Gjon’s Tears from Switzerland. It also featured past contestants Leonora from Denmark (Eurovision Song Contest 2019), and 2016 Eurovision Song Contest winner Jamala from Ukraine. To watch, visit www.youtube.com/channel/UCRpjHHu8ivVWs73uxHlWwFA. For more information, visit eurovision.tv/eurovision-home-concerts.

ROLLING STONE’S IN MY ROOM PLAYLIST

Rolling Stone magazine has invited artists to record performances from their homes for its In My Room playlist on YouTube at www.youtube.com/playlist?list=PLL0ooGQ0asg4YfzVbwUdIJiK_uHfahjfr. The series premiered on March 19 featuring The Beach Boys’ Brian Wilson singing songs in his home in California. Other artists include Creedence Clearwater Revival’s John Fogerty and Crosby, Stills and Nash’s Graham Nash.

VERFTET ONLINE MUSIC FESTIVAL
Revisit Bergen’s Verftet Online Music Festival. Featured artists include Aurora, Silja Sol, Datarock, KREAM, and iris. To watch, visit https://www.youtube.com/channel/UC7Wvnwd0n1O3l1dBj0z_Tlg.

CLASSIC FM
Explore this year’s 300 favorite classical compositions at the Classic FM’s Hall of Fame 2020 countdown at www.classicfm.com/radio/hall-of-fame/listen-2020-easter-weekend-countdown/. While under quarantine, listen to performances by musicians in Classic FM’s At Home series via YouTube at www.youtube.com/playlist?list=PL6_N0cjBTUruhYb-j3fGF4Sjm6dX2GVtB.

Here’s a list of artists who regularly upload performances from home via social media during quarantine.

NEIL SEDAKA
Singer Neil Sedaka, featuring his green parrot Basel in the background, performs a medley of his popular hits daily from his home in New York. Watch his daily medleys at www.facebook.com/neilsedakamusic/.

JOAN BAEZ
Folk singer and songwriter Joan Baez sits by the fireplace weekly as she records full performances of her songs. Watch her sing her versions of John Lennon’s “Imagine,” Bob Dylan’s “Forever Young,” Violet Verra’s “Thanks to Life,” and more at www.facebook.com/OfficialJoanBaez/?eid=ARA1KEw2R-WwZrcIHo6p-FZ56ScZoLUDk866Ie0N13eeObPuKlACB5Ar0HASTG1vcqviG-TjA3PixOh0.

PAUL SIMON
Folk singer and songwriter Paul Simon sings Simon and Garfulkel and Everly Brothers hits, and more at www.facebook.com/paulsimon/?__tn__=%2Cd%2CP-R&eid=ARAx-MTAWOY9Cpjo4Du_8fvKT-KxAF3TE6nBwncKkAjc9Byua7Jx1i3uj9KBuba9ub106ck5wUZt9DTI.

NORAH JONES
Singer and pianist Norah Jones sits in front of the piano and performs 15-minute concerts at www.facebook.com/norahjones/.

JOSH GROBAN
Singer Josh Groban takes songs requests and records his performances in a series called #ShowerSongs. The singer has previously covered “Somewhere Over the Rainbow” from The Wizard of Oz (1939) and “You’ll Never Walk Alone” from Carousel (1945). To watch, visit www.facebook.com/JoshGroban/. — Michelle Anne P. Soliman

AboitizLand offers contactless homebuying

ABOITIZLAND, Inc. is now offering digital-based home buying options to clients amid the enhanced community quarantine due to the coronavirus disease 2019 (COVID-19) pandemic.

“During these times, it’s truly better at home. We recognize the urgency of owning a house in a safe and secure neighborhood, which is why we intend to make the buying process easier and more attainable for our clients,” AboitizLand CEO and President David Rafael said in a statement.

Interested buyers can view AboitizLand’s projects through virtual tours on www.aboitizland.com. They can also check out the unit offerings by requesting actual videos of the houses.

Home buyers can also consult with property specialists using video chat apps.

To book appointments, they can schedule an online presentation through Facebook, or send an e-mail at aboitizland@aboitiz.com.

Reservations can also be made online. Home buyers can e-mail scanned copies of the reservation agreement, include one scanned or photographed copy of a valid government ID, and proof of online payment of reservation fee.

Parokya releases music video

Filipino band Parokya ni Edgar and rappers Gloc-9 and Shanti Dope have released their music video for “Pati Pato (Parokya Remix).”

The song, originally released in September 2019, is a collaboration of the band with Gloc-9 and Shanti Dope and DJ Klumcee but Parokya ni Edgar released a remixed version in April featuring band’s hallmark guitar riffs “that make it distinctly Parokya,” a statement said.

The music video was released on April 9 and has so far amassed more than 340,000 views and features “all members of the rock-infused hip-hop collab.” The song’s lyrics encourage people to persevere no matter their life story.

Parokya ni Edgar is a 27-year-old rock band composed of Chito Miranda (lead vocals), Darius Semana (lead guitars), Gab Chee Kee (rhythm guitars and backing vocals), Dindin Moreno (drum kit), and Buwi Meneses (bass guitar). It has had a multitude of hits including “Buloy” (1996), “Harana” (1997), and “This Guy’s In Love With You Pare” (2002) among others. It has so far produced nine studio albums, the latest of which, Pogi Years Old, was released in 2016.

Gloc-9 (real name: Aristotle Pollisco) is regarded as one of the most prominent rappers in the Philippines, known for his fast-flowing vocal style and social commentary in his rap songs. He has won numerous Awit Awards including 2010’s Song of the Year for “Upuan” which was the first rap song to have ever won the award.

Shanti Dope, a.k.a. Sean Patric Ramos, first rose to prominence in 2017 for his rap song “Nadarang,” which relates temptations felt by a person in life and in love. The song was the lead single off of his eponymous debut album. To date, he has released two extended play albums.

The “Pati Pato (Parokya Remix)” music video is now streaming on YouTube, with both versions of the track available for streaming on Spotify, Apple Music, YouTube Music, Amazon Music, and Deezer under Universal Records. — ZBC

PSALM raises power capacities of two electric utilities in Mindanao

State-led Power Sector Assets and Liabilities Management Corp. (PSALM) allotted more power capacities to two rural electric utilities in Mindanao to ensure a steady supply in their service areas under enhanced community quarantine (ECQ) to contain the coronavirus disease 2019 (COVID-19) pandemic.

In a statement on Monday, the agency tasked to privatize the government’s power assets said it increased the power allocation of Lanao del Sur Electric Cooperative, Inc. (Lasureco) to 42 megawatts (MW) from 16.8 MW and Maguindanao Electric Cooperative, Inc. (Magelco) to 17.88 MW from 10 MW.

The move was authorized by Republic Act No. 11469, or the Bayanihan to Heal as One Act, which orders government agencies to implement emergency measures to support the ECQ.

Specifically, PSALM has done this upon the order to conserve and regulate the distribution and use of electricity amid the public health crisis because of COVID-19.

PSALM serves 54 power stakeholders in Mindanao composed of electric cooperatives, industrial entities, and private and government corporations.

Lasureco serves 63,003 connected member-consumers, while Magelco attends to 44,156 member-consumers.

Recently, PSALM has extended the bills payments of distribution utilities, independent power producers (IPP) administrators and universal charge (UC) collecting entities up to 30 days from April 14, which was initially the end of the Luzon-wide lockdown period.

The bills deferment was ordered by the Department of Energy (DoE) and the Energy Regulatory Commission (ERC) which seek the unhampered delivery of energy services amid the quarantine period.

The DoE earlier clarified that power consumers should still pay their dues and obligations to PSALM due before the ECQ on March 15.

The quarantine period was extended until the end of April. — Adam J. Ang

Banks tap rediscount facility amid lockdown

BANKS TAPPED the rediscount facility again in March after the central bank cut policy rates amid the impact of the coronavirus disease 2019 (COVID-19) and the Luzon-wide lockdown.

Peso rediscount borrowings hit P6.858 billion in March, according to data released by the Bangko Sentral ng Pilipinas (BSP) on Monday.

This ended a drought in availments as the facility was last tapped by lenders in October, when peso rediscount loans totalled P3.493 billion.

However, last month’s peso rediscount loans were lower than the P17.406 billion seen in March 2019.

Through the rediscount window, the central bank lets banks secure additional money supply by posting their collectibles from clients as collaterals.

Lenders can use the fresh cash — whether in peso, dollar or yen — to disburse more loans for corporate or retail clients and service unexpected withdrawals.

According to the central bank, 74.08% of the loans secured were used for commercial, production, and other credits. These loans were channelled into permanent working capital (41.85%) and capital asset expenditures (32.23%).

Meanwhile, commercial credits made up 25.92% of total rediscounting loans and were funneled into bank loans for importation (17.3%) and trading of goods (8.62%).

On the other hand, the exporters’ dollar and yen rediscount facility (EDYRF) remained untapped.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the lower rates imposed may have attracted banks to tap into the BSP’s credit line.

“[The] BSP’s peso rediscounting facility may have been made attractive by the lower effective borrowing rates for banks as well as various monetary tools introduced that infuse more peso liquidity into the banking system and the broader economy to better service the requirements of bank clients amid the enhanced community quarantine (ECQ),” Mr. Ricafort said in an e-mailed response.

The BSP slashed rates by 50 basis points in March to provide support to the economy amid an expected slowdown due to the outbreak. This brought the overnight reverse repurchase, deposit and lending rates to 3.25%, 2.75% and 3.75%, respectively.

During a crisis, the peso rediscount facility is a safety valve for banks when a short-term fall in reserves occurs, according to UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion.

“This facility is specifically for COVID-19 induced situations and helps banks cope with extraordinary situations,” Mr. Asuncion said in an e-mailed response.

“I do expect that the banking sector will continue to access the rediscount facility and try to use the tool to help their daily reserve needs,” he added. “EDYRF remains untouched particularly because of the obvious weakness in the export sector during these times.”

APRIL RATES
Meanwhile, for this month, effective rediscount rates for peso loans have been maintained at 3.75%, which is the current overnight borrowing rate, regardless of loan maturity as part of the central bank’s regulatory relief for financial institutions in the midst of the outbreak and the Luzon lockdown. This will be applicable until May 19 unless extended by the Monetary Board (MB).

“Such is in accordance with the decision of the MB, in its meeting dated 19 March 2020, to temporarily reduce the term spread on peso rediscount loans relative to overnight lending rate to zero, among others,” the BSP said.

Meanwhile, dollar credit lines will have a rate of 3.88213% for those maturing at three months or less; 4.31413% for those maturing within a 91- to 180-day period; and 5.17813% for those with a tenor of 181-360 days.

For yen-denominated credits, rates applicable will be 2.37883% for 1-90 day loans; 2.81083% for 91-180 day loans; and 3.67483% for 181-360 day loans.

Applicable rates for the EDYRF are based on the 90-day London Inter-Bank Offered Rate plus a spread depending on the term of the loan. — Luz Wendy T. Noble

Zen Rooms opens doors to frontliners

ZEN Rooms is supporting the country’s fight against the coronavirus disease 2019 (COVID-19) by providing safe and convenient accommodation for medical frontliners.

Zen offered its hotel in Quiapo as lodging for medical frontliners from the Philippine General Hospital (PGH), one of the designated COVID-19 referral centers. Doctors and nurses from the PGH Emergency Department are now staying at the hotel free of charge until the end of April.

“Zen understands the pressure and stress these medical frontliners feel as they battle against COVID-19. We want to be of service to them by giving them comfortable and safe accommodation where they can rest and recover, or isolate from their families,” Zen co-founder Nathan Boublil said in a statement.

Zen is expanding this initiative to other parts of Metro Manila.

Also, the company is partnering with the Philippine Red Cross for a donation drive on Zen’s website. All funds collected will go directly into the Red Cross GCash e-wallet.

Zen is also providing free accommodation for some Red Cross volunteers in Metro Manila.

An intense romp

Infliction: Extended Cut
Sony PlayStation 4
TT Isle of Man: Ride on the Edge
Sony PlayStation 4
Touring Karts
PlayStation VR

Infliction: Extended Cut is an horror title from independent developer Caustic Reality that’s not afraid to show its sources of inspiration. From its dark, depressing setting to its grim tale of family disputes, alcoholism, and abuse, there isn’t much new in the grounds that Infliction covers. That said, the paths it treads wind up worth taking, even if they do get a bit rocky from time to time. In this regard, it’s thankfully propelled by its competent defense of the argument that pain is felt in far worse ways when coming from loved ones as opposed to total strangers.

In Infliction: Extended Cut, players follow the story of a husband needing to return to his home to find a plane ticket his wife left behind. The setup is perfect, allowing gamers to become acquainted with the typical-’80s setting, not to mention the immensely interactive interface. What initially starts as a mundane trek through a dimly illuminated home turns into something far more sinister, as the setting warps into something that’s not quite right. Lights flicker on and off, whispers echo in the shadows, and movements appear stalked amid rattling in the darkness.

Clearly, Infliction: Extended Cut is at its best when it wraps gamers up in frightful anticipation. Its premise might not be revolutionary, but its intense atmosphere, introduced in its excellent opening parts, holds up well. The lived-in feeling the house gives off adds a familiar sense of horror to it as it is slowly unwrapped in distorted fashion, and the art and environmental story pieces found along the way can be unsettling. Even better, its sound design is top-notch, and the oppressive silence it uses, when punctuated by ghastly moans or tearful audio recordings, can be unnerving.

Make no mistake. Infliction: Extended Cut is far from flawless. It shows its indie roots on occasion, particularly in the death cuts it winds up repeating. And as if to add insult to injury, these are unskippable, invariably serving as transitions from one set of objectives to another. Whereas the animations hold interest at first, they do wear out their welcome soon enough; the novelty has most definitely worn off by the third or fourth instance they’re repeated. Gamers can stand to watch the same spirit rip out their heart only so many times before the moment loses shock value and instead becomes a source of irritation.

Another big issue is in how Infliction: Extended Cut presents itself as a series of glorified fetch quests, if nothing else an unnatural design decision in the face of its haunting atmosphere. Instead of letting gamers explore the house freely and taking in its oppressive air, it pushes them ever forward, encouraging them to rush ahead and, in the process, rendering immaterial much of the tension it hitherto built with care. Which is just too bad, because its best moments are when it’s most quiet, when it envelops itself in darkness and places the unknown just out of reach.

Infliction: Extended Cut ends up being a mixed bag. Its opening sequences are strong, but instead of building momentum and ramping up in intensity from then on, it eases up on the tension. Still and all, it provides more hits than misses. For all its stumbles, it succeeds in ingraining itself as an intense romp through a haunted homestead. In the final analysis, it proves its worth; it may not deliver the brand of horror with the consistency veterans of the genre expect, but it nonetheless manages to leave most other gamers with cold sweats they’re not likely to get over anytime soon.

THE GOOD:

Decent title from a one-man operation

Sterling atmosphere and sound design

Interesting set pieces that provide the backdrop for decent scares

THE BAD:

Fairly short experience overall

Haunting look and feel conflict heavily with progression mechanics

Relies on fairly repetitive moments that feel more like padding than progress

RATING: 7.5/10

POSTSCRIPT: The Isle of Man TT has rightly been counted among the most dangerous races in the world. As an annual spectacle, it has no peer; held at the Snaefell Mountain Course, some 60 kilometers of public roads closed by an Act of Tynwald precisely for the purpose, it’s a set of time trials across race classes that dares to push the boundaries of how fast man can go in a motorcycle. It has been around since 1907, and, notwithstanding all the deaths that have occurred over time, it figures to continue for the foreseeable future. Not this year, though, and with reason; quarantine and social distancing measures aimed at containing the new coronavirus pandemic have led to the cancellation of its 2020 staging originally scheduled in late May and running through the middle of June.

In this regard, adrenaline junkies looking for a suitable alternative can do worse than turn to TT Isle of Man: Ride on the Edge. The PS4 offering from Paris, France-based Kylotonn Entertainment certainly tries to stay faithful to its real-life version, with 25 riders and 38 machines on tap to recreate the experience of negotiating all 264 bends of the course. The rendition is painstakingly done on a 1:1 scale, and gamers are required to go through the entire length, over 20 minutes or so, at speeds of up to 320 kilometers per hour, for the race proper.

The good news is that TT Isle of Man: Ride on the Edge’s controls are intuitive and easy to master. The bad news is that the course itself isn’t. Practice sessions (make that lots of practice sessions) are required, during which chunks of the layout can be memorized — first for survival, and then for success. As an aside, it boasts of a Career Mode that has gamers entering fictional races across the United Kingdom. The purpose is clear: repetition breeds familiarity and, hopefully, intuition, particularly with the interface and mechanics. In this regard, it doesn’t help that the artificial intelligence barely provides incentive; it’s either easily beaten as an opponent or infallible, and thus proves lacking or frustrating, or both, as an appetizer to the main dish. Indeed, multiplayer online races are where the meat can be found.

All told, the value of TT Isle of Man: Ride on the Edge depends on gamer preferences. If the intent is to experience the iconic race short of actually being in the British Dependency, then it’s a steal at $59.99. Casual gamers on the lookout for a quick arcade run would do well to look elsewhere, however. It’s not for the faint of heart or for those with short attention spans. It’s akin to a hothouse flower that asks for much with the promise of more. Invest time in it, and it will deliver. Benefits by way of extreme eye candy abound, from the starting line at TT Grandstand on Glencrutchery Road, along such villages as Braddan and Greeba, through countryside glens, to the highest point 422 meters above sea level, and then descending to the residential outskirts of Douglas for the finish.

THE GOOD:

A faithful recreation of the famed Snaefell Mountain Course

Excellent audio-visual presentation

Poetry in motion

THE BAD:

Extremely difficult to get the hang of, let alone master

AI is either very easy or very hard to beat

RATING: 7.5/10

THE LAST WORD: Touring Karts, from developer Ivanovich Games based out of Barcelona, Spain, tries to fill a void on the PlayStation VR. While seemingly absent competition as just the second kart racing game to be offered for the headset, it aims to please all the same. No less than 22 tracks and 30 fully customizable vehicles are on offer, with clearly defined objectives bent on moving the proceedings along at a heady pace. The animated look and humorous take on developments complement the simple, if engrossing, gameplay.

As with any other PS VR title, Touring Karts delivers much of the enjoyment in the way it presents the competition. Handling is quick and responsive regardless of choice of apparatus, and the visuals and sounds prove appropriately immersive. Up to eight players online can race, with nary any discernible lags. Meanwhile, all the little touches are appreciated; from busy backgrounds to obviously trivial but nonetheless fun options on tap, it aims to go the extra mile. The intent is to win, of course, but the extra effort in making the journey worthwhile becomes crucial to highlighting the destination.

There are certainly better racers in the market. But VR racers? Touring Karts takes the cake. It’s right at the $19.99 sweet spot for wacky combinations of power-ups and non-stop action. And trophy hunters will be glad to note that it’s generous in its supply of easily attainable achievements — in other words, exactly what is needed by way of incentive to stay home in the time of COVID-19.

THE GOOD:

Various VR and non-VR gameplay alternatives on tap

Superb handling

Excellent customization options

Online matches across platforms easy to set up

THE BAD:

Evident lack of visual sharpness

Audio mix could be better

Best taken in spurts

RATING: 7.5/10