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SEC shuts down Payasian

By Denise A. Valdez
Reporter

THE SECURITIES and Exchange Commission (SEC) has ordered the shut down of cryptocurrency investment operator Payasian Pte. Ltd. Corp. for supposedly running the Paya platform without a license.

In a statement over the weekend, the corporate regulator said it issued a cease and desist order to Payasian on March 20, including anyone representing it such as partners, operators, directors, officers, salesmen agents, representatives, promoters and subsidiaries.

The order commands Payasian to “immediately cease and desist under pain of contempt from further engaging in, promoting and facilitating selling and/or offering for sale securities in the form of investment contracts and/or other activities/transactions.” It also restricts Payasian from transactions with funds in its depository banks.

The SEC said while Payasian is registered as a corporation, it does not have the secondary license needed to sell or offer securities.

Payasian allegedly operates an investment scheme by inviting the public to put their money in the company in exchange of getting passive and active income, through Paya tokens and recruitment bonuses. The SEC said this is considered offering and selling “securities in the form of investment contracts.”

The Securities Regulation Code (SRC) requires that companies selling securities obtain from the SEC a separate license to do so, and to register the securities before distribution.

“Without the registration statement duly filed with and approved by this Commission, Payasian’s act of selling/offering ‘Sharer Packages’ which are securities in the form of investment contracts constitutes a clear violation of (the SRC). This warrants and justifies the immediate issuance of a cease and desist order,” the SEC said, quoting the cease and desist order.

The SEC said Payasian offers “Sharer Packages” priced as low as P8,145 for 1,040 Paya tokens, equivalent to a maximum commission of P500 a day. An individual may invest up to P5.8 million to buy 740,749 Paya tokens, in exchange for getting a maximum commission of P10,000 a day.

In November 2019, the SEC has already issued an advisory against investing in Payasian, saying then that its operators claim to be connected to a certain Payasian Solutions Pte. Ltd. located in Singapore.

The known website of Payasian was no longer accessible as of Sunday morning.

Energy dep’t clears country’s first offshore wind energy projects

THE PHILIPPINES will soon be powered by new wind energy sources, as the Department of Energy has awarded a contract to develop the country’s first offshore wind energy projects.

On Sunday, the Triconti Windkraft Group of Companies, a group of Filipino, Swiss and German companies focused on developing wind energy sources in the Philippines, said it had secured an exclusive service contract to develop the country’s pioneering renewable energy projects.

The Guimaras Strait and Aparri Bay projects have a combined potential output of 1,200 megawatts (MW) or 1.2 gigawatts (GW).

The two wind ventures, according to Triconti Windkraft Group President Lila Rosenberger, “showcase excellent, consistent wind speeds and are very accessible from the foreshore in terms of grid connectivity and maintenance.”

“With the quickly evolving wind turbine and off-shore technology, it is quite realistic to expect that these projects can bring more than 1.2 GW of much needed clean and affordable power into the market,” she added.

“With its scale and efficiencies, we believe that it offers a cost-competitive and greener alternative to conventional fuel power plants,” said Stefan Simon, a group partner and the managing director of Switzerland-based Stream Invest Holding AG.

Currently, Triconti Windkraft Group has 1.7 GW of onshore wind energy projects around Luzon and the Visayas, including its first project in Nabas, Aklan set to go online by 2022. — Adam J. Ang

PLDT ‘intact’ as pandemic boosts data services demand

By Marissa Mae M. Ramos
Researcher

PLDT, INC. was one of the most actively traded stocks last week as investors expected the company’s earnings to at least be sustained amid the enhanced community quarantine (ECQ) by way of higher demand for data services among households.

A total of 1.35 million PLDT shares worth P1.35 billion exchanged hands last week, according to data from the Philippine Stock Exchange.

Shares in the Pangilinan-led company closed on Friday at P1,070 apiece, up 24.3% from the previous week’s P860.50. Year to date, the stock gained 7.6%.

“The slowdown in business activities could hit PLDT particularly its corporate data front. Nonetheless, PLDT could still remain strong amid the pressing times…,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in an e-mail.

RCBC Securities, Inc. Research Analyst Frances Nicole L. Samorano said PLDT’s fundamentals will “remain intact” given firm demand for telecommunication services amid the ECQ.

“The increase in demand for data may stick even after the ECQ is lifted as more online consumer habits (ex. food/grocery delivery) form during the quarantine period, while businesses may be persuaded to adopt work-from-home policies,” Ms. Samorano said in a separate e-mail.

President Rodrigo R. Duterte placed the entire island of Luzon under ECQ on March 16 to contain the spread of the coronavirus disease 2019 (COVID-19) pandemic, thereby limiting business activity.

Philstocks’ Mr. Tantiango said the “systematic risk” brought by COVID-19 brought the PLDT’s closing share price on March 20 to P860.5 that day, with a price-to-earnings (P/E) ratio of 8.28 times.

“This was more than 49% below its five-year P/E average. Investors took the opportunity out of this bargain which in turn increased trading activity for PLDT,” he said.

PLDT reported a 19.1% growth in its attributable net income to P22.52 billion last year from P18.92 billion in 2018. Its telco core income, which excludes the impact of asset sales and Voyager Innovations, rose 12.6% to P27.08 billion from P24.05 billion the previous year.

Service revenues, the majority of which are from its data services, grew 7.4% to P157.7 billion in 2019.

“For 2020, it’s possible that PLDT would continue to grow as it has just gained traction on its growth path but headwinds will be the extent of the negative effects of the pandemic virus on the economy as a whole and how Dito [Telecommunity Corp.] could prove itself as a worthy competitor in the telco business,” said Aniceto K. Pangan, equity trader at Diversified Securities, Inc., in a mobile message.

Philstocks’ Mr. Tantiangco said PLDT’s core income was initially projected to increase by about 9% this year, but this may change once the “real impact” of the ECQ on earnings is accounted for in the first- and second-quarter reports.

“In the coming weeks, PLDT’s shares could move in accordance with the general market sentiment. At P1,070, it is trading at a P/E of 10.29 times, which is still about 37% below its five-year P/E ratio average, so there’s still room for bargain hunting,” he said.

“[W]hether the bargain hunting would continue depends on the overall market narrative… Positive developments would spur more rallies while negative ones would lead to profit-taking,” he added.

Mr. Tantiagco placed PLDT’s support and resistance ranges at P980-P990 and P1,090-P1,120, respectively.

Diversified Securities’ Mr. Pangan pegged the stock’s short-term support at P839 and resistance at P1,095.

Making PPEs: donations sought

A SHORTAGE of PPE (Personal Protection Equipment) for medical frontliners can put our healthcare workers at risk during the pandemic. Following is a list of how you can help the effort by donating either materials or cash to aid in the effort of closing the PPE gap.

MANILA PROTECTIVE GEAR SEWING CLUB
Fashion designer and milliner Mich Dulce and her team have spearheaded an effort to provide PPEs to frontline healthcare workers in hospitals via her Facebook group, Manila Protective Gear Sewing Club. She clarifies, however, that the isolation suits the team works on are not of medical grade. In a Facebook post, she said, “We are making suits as a layer of protection for healthcare workers, as some of them are now reduced to using raincoats and garbage bags. These suits are a more durable alternative to that, but not medical grade, and as I’ve been saying from the beginning, should be distributed accordingly.” The team accepts cash donations for purchasing materials, and one can donate via BPI Savings (Account No.: 4169591143, under Stephanie Tan), or through GCash (Mobile no.: 0906-474-6084, under Ms. Tan, as well). As for donations for materials, one can call or contact Cynthia Diaz at 0917-866-2496. They are currently accepting donations of water-repellent fabrics, non-woven material of 50 gsm up, zippers of 26 or longer, garters, and elastics. The group has resources on the appropriate materials, as well as patterns for home sewing, sign-up sheets for sewing volunteers, and even information on everything from getting assistance to securing necessary permits.

HAPPY ANDRADA
Fashion designer Happy Andrada is selling accessories and a few gorgeous pieces for the fight against COVID-19. One-hundred percent of the proceeds will go on to purchase PPE suits, face masks, shoe covers, gloves, head covers, and scrub suits for medical frontliners. The items for sale are available at shophappyandrada.bigcartel.com.

PATRICIA PASCUAL DESIGNS
Wedding dress designer Patricia Pascual is looking for material donations for making PPE suits: umbrella and raincoat material, thread, and garters. Donations may be dropped off at Granwood Villas, BF Homes, Quezon City. Cash donations are also accepted via Ms. Pascual’s accounts at BPI (0279102185 — Patricia Pascual), BDO (006540130618 — Patricia Pascual), and GCash (09178022016).

ATENEO DE MANILA UNIVERSITY
Meanwhile, the Ateneo Areté Makerspace is looking for material donations to make face shields (namely: acetate films, non-foam double-sided tape, garters at 3/4”-1/2” width; acrylic sheets 2mm thick, rubber/EVA foam sheets 2mm-4mm thick). For donations, fill out google form bit.ly/Made4Frontliners, or send an e-mail to arete@ateneo.edu, The face shields created in Areté are passed on to the Ateneo School of Medicine and Public Health (ASMPH) for distribution to hospitals. “What we are manufacturing are not medical grade PPEs, but they have been approved by doctors as an alternative low-risk PPE.” Speaking of the ASMPH, a group of medical interns are also making face shields, with some donations already forwarded to The Medical City, Ospital ng Makati, Rizal Community Center, and partner community health centers in Payatas. To donate, contact 0905-325-2001 or e-mail janellegagelonia@obf.ateneo.edu.

The Ateneo de Manila University is also raising funds to provide food, shelter, and hygiene items for communities through the Tanging Yaman Foundation (Metrobank, Account: Tanging Yaman Foundation; 448-7-44800988-9; Tanong, Marikina Branch) and through giving.ateneo.edu (under the Disaster Response and Management Team).

Technology companies reduce streaming bitrates

THE NATIONAL Telecommunications Commission (NTC) said multinational technology company Google LLC, online entertainment services provider iflix Sdn. Bhd. and ABS-CBN Corp.’s iWant have agreed to reduce their streaming bitrates to help ease data congestion in the country as more people are now working and studying from home due to the government-imposed community quarantine period.

The NTC said in a statement issued over the weekend that iflix, iWant, and Google, which operates online video-sharing platform Youtube, heeded its call for video streaming companies to work with the government during the lockdown period “by effectively and efficiently managing their streaming bitrates.”

“This means more bandwidth will be freed-up to ease data congestion due to the work from home arrangements as well as increased government, private and education demands during the Enhanced Community Quarantine [period],” it added.

It said Google will shift YouTube’s default definition setting “from High Definition (HD) to Standard Definition (SD) on all types of network connections — mobile or broadband.”

As for iflix, the NTC said: “No content is now being streamed at 4k resolution.”

“iflix also claimed that it has one of the least (if not the least) amount of data usage per streaming minute relative to all other platforms,” it added.

ABS-CBN’s iWant will reduce its streaming bitrate by 33% beginning March 27, the NTC also said.

Last week, the NTC said US media-services provider Netflix Pte Ltd. conveyed “solidarity and support to the Philippine government’s efforts, recognizing that the Internet should continue to run smoothly at this time.”

It said Netflix developed a way to reduce its traffic on telecommunications networks “by 25% while maintaining the quality” of its service.

“Netflix’s move will provide significant relief to congested networks for the next 30 days,” the NTC said.

Department of Information and Communications Technology (DICT) Undersecretary Eliseo M. Rio, Jr. has said the improved services by telecommunications companies have helped cushion the impact of the pandemic on their operations.

The DICT official noted the Philippines has one of the lowest tower densities in Asia, which means Internet congestion is normal during the lockdown period.

Telco service providers have been seeking to ensure continuity of operations to handle the surge of users working from home during the lockdown period. — Arjay L. Balinbin

Beauty waits for no virus

By Zsarlerne B. Chua
Reporter

IT’S BEEN two weeks since the official start of the community quarantine (I understand that there are people who have stayed at home longer than that), and it is important to take this time to take care of one’s self — and that includes skincare. Here are some of the products I’ve been using during (and even before) quarantine. Maybe after this is all over, you can also try them out for yourselves.

HEI POA MILLE FLEURS MONOI OIL (P695/100 ML)
Monoi Oil is basically coconut oil combined with the extract from Tahitian gardenia flowers. This is a multi-purpose oil used by the Polynesians in their hair and skincare — to moisturize their skin and strengthen their hair.

This was one of the new brands to hit Beauty Bar in late February and the Mille Fleurs variant not only includes gardenia flowers but also a host of others like White water lily, Roselle, and Ylang-ylang, so it smells really floral. For people who don’t like heavily fragranced oils, this may not be for you.

I use the oil mainly to keep my hair ends moisturized since I am not able to go out for a haircut, I need to maintain my hair as much as I can on my own before it gets too damaged. Once a week, I also use it as an overnight hair treatment before I shampoo.

I understand that there are those who use the product as a body oil or face oil but coconut oil never got along well with my skin, clogging my pores, so I use it for my hair.

In the month I’ve been using it, I noticed that my hair breaks less and looks shinier — but I’ve noticed the same thing when using regular coconut oil.

Do note though that this oil is basically coconut oil with fragrance, so if you don’t dislike the smell of pure coconut oil (my family hates it when I use pure coconut oil), it’s cheaper to use it than Monoi oil.

Hei Poa is available in Beauty Bar stores.

CELETEQUE HYDRATION ULTRA MOISTURIZING ESSENCE WITH HYALURONIC ACID (P499/50ML)
This is the latest addition to Celeteque’s Hydration line which includes a cleanser, toner, light moisturizer, and cream. It is said to provide hydration for tired skin and gives up to 48 hours “intense moisturization.”

I like Celeteque’s Hydration line because it works for my often dry and tired skin, and when I was starting out crafting my skincare routine, Celeteque’s affordable items were part of it, especially the cleanser, toner, and the light moisturizer (the last one I had to ditch because I soon realized that I needed more moisture on my skin). That’s why I was excited to get the essence, because I use essences to boost my creams.

I like this because, one, it has no fragrance, and, two, it has a thick enough consistency that one or two pumps go a long way. It also gives me enough moisture so that I can use less heavy creams and go for my night creams with active ingredients like niacinamide or vitamin e without layering another cream on top.

I’ve been using this consistently at night for more than a month now and I’m happy a bottle is more than enough for a month in quarantine.

Celeteque is available online via Celeteque.com, Watsons stores, and other online stores.

BIOSCIENCE BIO-WATER ENERGIZING WATER (P599/100 ML)
This facial mist is said to “moisturize and cool skin” and is ph-balanced, making it suitable for sensitive skin.

I like facial mists because in the middle of the day when I feel my skin is dry, as it was a few weeks ago during the amihan, I spray my face and feel the moisture entering my skin.

I used to use Evian and Avene, but since I ran out of both before quarantine, I was fortunate to get a can of BioScience during the launch a few weeks ago.

What I like about this is its sprayer is very fine and a few seconds of spritzing can moisturize the skin without drowning yourself like other mists are wont to do.

Looking at the ingredients, it has water (of course) on top of the ingredients list, with niacinamide second. Niacinamide is a form of vitamin B3, which keeps skin firm and helps keep the skin’s moisture barrier healthy.

I have been loving niacinamide lately because it also reduces skin inflammation, which I get whenever my skin’s sensitive. Therefore, I like this mist. It’s been a constant companion of mine for weeks now.

BioScience is available in Watsons and Lazada.

MIJU GLOW NIACINAMIDE CREAM (P99/10G)
And since we’re talking about Niacinamide, I discovered Miju Glow’s Niacinamide cream, which I have been fortunate to have purchased before the lockdown.

Miju Glow is a local skincare brand with affordable items and, looking at BeautyMNL, it seems their Vitamin C serum is a bestseller.

Anyway, I got into Miju Glow when I was looking for an anti-aging cream for my mother a few months back. At the time the anti-aging (Glutathione-Kojic) cream was buy-one-take-one for P99 so I purchased it. She came back to me a few months later saying she liked the cream and had me repurchase it, and since I was on BeautyMNL anyway, I purchased the niacinamide cream and the vitamin e cream for myself.

I just finished the niacinamide cream and my skin is in probably its best state right now — I get fewer breakouts and my skin is glowing. But I also have to note that staying inside also protects my skin from pollution which leads to much of my breakouts.

Here’s the thing though, it’s a bit thick — but it spreads around nicely. If you don’t like thick creams, combine it with a few drops of face oil (I used Kiehl’s Midnight Concentrate) and warm it up in your hands for a few seconds before applying.

And the price is affordable enough that even if it didn’t work, I won’t shed copious tears over it. Once this quarantine is over, I’m buying more jars.

Miju Glow is available in BeautyMNL.com

Toyota Motor shifts factories to face shields

TOYOTA MOTOR Corp.’s idled manufacturing facilities in the US will make much-needed face shields and masks, and the Japanese automaker is closing in on deals with medical-device makers to help them boost production.

The carmaker said Friday it will start mass production of face shields early next week to supply hospitals near its plants in Indiana, Kentucky, Michigan and Texas. Toyota also said it is finalizing pacts with at least two companies to make breathing ventilators and respirator hoods, and it’s looking for partners to make protective masks. The company on Thursday extended its shutdown of North American factories for two weeks.

“With our plants idled and our dealers focused on servicing customers, we are eager to contribute our expertise and know-how in order to help quickly bring to market the medical supplies and equipment needed to combat the COVID-19 crisis,” Ted Ogawa, Toyota’s newly appointed head of of North American operations, said in a statement. “Our message to the medical equipment community is we are here to help, please utilize our expertise.”

The company is the latest carmaker in the US to provide its manufacturing expertise to help stop the outbreak. Ford Motor Co. has paired with General Electric Co. and 3M Co. to make medical equipment, and General Motors Co. is trying to make ventilators at a plant in Indiana.

Fiat Chrysler Automobiles NV also aims to make 1 million masks a month at a plant in China to supply to US health workers. Tesla Inc. has donated masks and ventilators and held talks with Medtronic Plc on helping them boost production. — Bloomberg

Where to buy veggies and fruit online

IT’S IMPORTANT to take care of your health during this pandemic, but going to the palengke or supermarket to get fresh vegetables to do this may be difficult for some. It is also getting scary to go to such public places these days. Luckily, these days one can order one’s lettuce and broccoli, tomatoes and carrots online. Following is a list of stores and sellers from which you can buy fresh vegetables and fruits, and even some other treats. It also really helps the economy of local farming communities during this time since most of these sellers source their produce locally rather than importing them. (And for those who want ready-to-cook options, there are some resources listed at the bottom.)

BAYTOWN’S PRODUCE
Offering: All sorts of fruit
Services and Areas: Metro Manila
Contact: Viber 0977-811-5050, Facebook baytownsproduce, instagram @baytownsproduce

BONENA MULTIPURPOSE COOPERATIVE
Offering: Vegetables from Pangasinan and Nueva Ecija
Services and Areas: Available for pickup at FTI Cold Storage, Cucumber cor. Bagsakan Road, FTI Complex, Taguig, open daily from 6 a.m. to 7 p.m. (as of March 21). Deliveries may be arranged in advance.
Contact: Mary Ann Dela Rosa at 0917-835-0338

BUKID FRESH
Offering: A wide range of vegetables including kadyos, wombok, and alugbati, aside from the usual tomatoes, lettuce and carrots, plus, oddly enough, rock salt
Services and Areas: Muntinlupa, Parañaque, Las Piñas, Pasay, Manila, Taguig, Makati, Pateros, San Juan, Pasig, Mandaluyong, and Quezon City (Districts 1, 3, and 4 only)
Contact: 0927-818-5794, Facebook https://www.facebook.com/bukidfresh/ or its websites bukidfresh.ph or show at bukidfresh.ph/shop

ECHOSTORE
Offering: Fresh vegetables from its own farm, but also healthy snacks, supplements, and natural personal care products
Services and Areas: Available for delivery within Metro Manila (especially for Makati), or through metromart.com
Contact: Arwin or Jerry at EchoStore, Salcedo Village, Makati at 02-8869-1516, or through website echostore.ph, or through Facebook, facebook.com/echostore/

FARM TO TABLE
Offering: vegetables, fruit, eggs, fish
Services and Areas: NCR. Will deliver to villages as long as there is a total delivery amount of 100 kilos (5 kilos per person), while non-villagers can order 10 kilos for delivery by Lalamove
Contact: fill up an order form that can be found at https://web.facebook.com/Farm-To-Table-106899060933447/

FRESH BASKET BY HEALTHY MEALS PH
Offering: Fresh vegetables, fruits, eggs, but also meat and poultry
Services and Areas: Arrange pickup by Lalamove and Grab Assistant at H Cafe and Events Place, No. 2, Scout Limbaga, Diliman, Quezon City. Pickups are accommodated from 11 a.m. to 4 p.m., Mondays, Wednesdays, and Fridays.
Contact: facebook.com/healthymealsphBRT/ or 0915-957-4755

KAI FARMS
Offering: Fresh chemical-free fruits and vegetables from Silang, Cavite
Services and Areas: For delivery within Metro Manila
Contact: Cammiel or Yancy at numbers 0998-593-4832 or 0919-088-5008

THE MURANG GULAY SHOP
Offering: Fruits and vegetables (posts on its Facebook page when it is accepting orders)
Services and Areas: Manila, Pasig, Marikina, Quezon City, Makati
Contact: 0905-969-1837 or visit the Facebook page https://www.facebook.clom/The-Murang-Gulay-Shop

ONLINE PALENGKE
Offering: Straight-from-the-source vegetables, and fruits. Also check out their Homemade Products section for chili flakes and dark chocolate.
Services and Areas: Delivery around Metro Manila
Contact: onlinepalengke.com

SEEDS AND FRUITS MULTIPURPOSE COOPERATIVE
Offering: Fresh produce from Benguet and the Mountain Province
Services and Areas: Delivery to Metro Manila for bulk orders only;
Contact: 0906-382-4978, 0917-700-2007

SESSION GROCERIES
Offering: Vegetables
Services and Areas: NCR, Laguna, Rizal, Cavite, Bulacan, Pampanga. Currently accepting orders until April 1, 11:59 a.m. for delivery on April 4 and 5
Contact: 0917-501-0267, or Facebook Session Groceries https://www.facebook.com/sessiongroceriesph

SUNBRIGHT AGRIBUSINESS VENTURES
Offering: Vegetables, herbs, fresh mushrooms, and processed mushroom products like mushroom atsara (pickles), mushroom bagoong (fermented shrimp paste, but with mushrooms instead of shrimps), and mushroom adobo preserve
Services and Areas: Delivery through Lalamove or Happy Move around Metro Manila, or pickup at 5 Ballad, Las Piñas City.
Contact: facebook.com/sunbrightfoods/ or 0917-872-1734

TERAOKA FAMILY FARMS
Offering: Fresh organic fruits and vegetables from a family farm in Mangatarem, Pangasinan
Services and Areas: Delivery within Metro Manila
Contact: 0977-833-0657 or Facebook @teraokafamilyfarm

VEGAN OPTIONS
Offering: Vegan snacks, vegan canned goods, vegan noodles and pasta, and ready-made vegan meals
Services and Areas: Delivery around Metro Manila
Contact: facebook.com/vegan.options108

ZAGANA
Offering: Straight-from-the-source vegetables, fruits, rice, mushrooms, and eggs
Services and Areas: Delivery to Manila, Quezon City, Marikina, San Juan, Mandaluyong, Pasig, Pateros, Makati, Pasay, Taguig
Contact: Zagana.com, or through Zagana mobile app

READY-TO-COOK OPTIONS

Jollibee — If you’re missing some Filipino fast food goodness, Jollibee is offering ready-to-cook versions of its treats for pickup. These include fries, spicy marinated chicken, beef tapa, and a cult favorite, the Tuna Pie. To check where you can pick these up, check a store directory at stores.jfc.com.ph/jollibee.html.

Chowking — Chowking, under Jollibee Foods Corporation (JFC) umbrella, is also offering ready-to-cook options, including dimsum and meat products. To check where you can pick these up, check a store directory at stores.jfc.com.ph/chowking.html.

Mang Inasal — Another member of the JFC group, the chicken restaurant is offering ready-to-cook menu items. To check where you can pick these up, check a store directory at stores.jfc.com.ph/manginasal.html.

The Moment Group — The restaurant group behind beloved brands such as Manam, Ooma, and Mecha Uma are also offering some of their bestselling menu items, either ready-to-heat or ready-to-cook. These include the Crispy House Sisig, Sugar-glazed Corned Beef, and Watermelon Sinigang. Check the menu on their Facebook page (facebook.com/TheMomentGroup/)and call 0945-146-4184 or 0919-084-5719, and set up pick-up via either Grab Express or Lalamove, or if the option is available, one may personally pick up their order. Payments may be made via bank transfer or GCash.

PSE eases rules for trading firms’ work suspension

THE PHILIPPINE Stock Exchange, Inc. (PSE) is simplifying rules for trading participants that wish to suspend operations while Luzon is under quarantine.

In a memorandum issued last week and uploaded on its website, the operator of the local bourse said trading participants may now apply for voluntary suspension of operations by e-mailing the PSE and the Securities Clearing Corp. of the Philippines (SCCP).

The application must contain minimum information, namely the reason for the voluntary suspension, dates of non-operation, contact numbers for clients to call during the period, and the name of the successor broker or correspondent broker and their corresponding arrangements, as may be applicable.

The letter to the PSE and the SCCP must also contain proof that the trading participant has notified its clients of the voluntary suspension of operations, as outlined in the application.

Once the suspension takes effect, the PSE will disable the order posting of all trading accounts of the trading participant in the PSEtrade trading system. But during the period, the trading participant may still access market data in the system. — Denise A. Valdez

Guimaras turns to online selling to dispose of mango harvest

By Emme Rose S. Santiagudo
Correspondent

MANGO season in Guimaras finds growers denied their usual markets this year because COVID-19 has restricted tourist movements and cancelled fiestas and trade fairs.

“(Mango farmers) asked for our help because they have a rich supply of mangoes but they find it difficult to sell due to the community quarantine imposed in other provinces,” Lenny S. Gonzaga, economist at the Provincial Economic Development Office (PEDO), said by phone last week.

The island province’s mango growers’ cooperative has 150 members.

Earlier this month, the provincial government banned the entry of tourists and non-essential persons following the COVID-19 outbreak.

Iloilo City, the main gateway to the province, has also been placed under enhanced community quarantine to limit the movement of people.

“It has really had a huge impact on our farmers. Before the crisis, Guimaras mangoes were easy to sell and farmers had sure buyers. Now, many of their transactions were cancelled due to the travel restrictions,” Ms. Gonzaga said.

The Manggahan Festival, a month-long celebration held every May, has been cancelled this year.

“During these times, there were supposed to schedule promotional activities to market the mangoes for the festival,” Ms. Gonzaga added.

To help farmers sell their harvest, the PEDO office used its Facebook page — Choose Guimaras Philippines — to advertise and accept orders with scheduled delivery dates to Iloilo City.

“They can message us directly. Usually, we deliver every two days or depending on the order,” Ms. Gonzaga said.

So far, about 1.6 tons of mangoes, which were intended for the cancelled National Food Fair organized by the Department of Trade and Industry on March 12–15, have been sold.

On Thursday last week, Ms. Gonzaga said PEDO was able to deliver 852 kilograms of mangoes.

The average price has fallen to about P130 per kilo from the usual P200.

“It’s the least that we can do to help our mango growers earn income,” she said.

T-bill rates seen mixed on COVID-19 fears

RATES OF Treasury bills (T-bills) on offer this week will likely end mixed as the escalating coronavirus disease 2019 (COVID-19) outbreak and its impact on the economy raise uncertainties.

The Bureau of the Treasury (BTr) will offer P20 billion worth of T-bills on Monday, broken down into P10 billion in 91-day papers and P5 billion each for the 182- and 364-day securities.

On Tuesday, the government will auction off 35-day T-bills to raise P15 billion.

Jose Miguel B. Liboro, head of fixed income at ATRAM Trust Corp., said yields for the short-term papers on offer this week might come in lower as the stimulus measures introduced by the central bank over the past two weeks helped calm down financial markets.

“Yields on the T-bills likely to come in lower — recent BSP actions (liquidity injections via overnight and RRR cuts and limited support on 3yr-7yr rates) have been able to stabilize the market somewhat and may prove an effective backstop against further sharp sell-offs in the GS market,” Mr. Liboro said in an e-mailed response on Friday.

He added that auction results last week showed the government has “flexibility in funding requirements” and could reject bids asking for “unreasonably high” rates.

The BTr rejected the P14.5 billion in bids out up for its P20-billion offer of T-bills last week due to higher rates.

Had it made a full award, the 91-day papers would have fetched an average rate of 3.841%, up from the previous yield of 3.024%.

For the 182-day T-bills, the average rate would have settled at 4.766%, up 136.8 bps, if all P4.12 billion bids were accepted, while yields on the 364-day securities would have reached 5.35%, up 179 bps, if the BTr made a full award of the P2.85 billion in tenders.

At the secondary market on Friday, rates of the one-, three- and six-month papers stood at 3.07%, 3.193% and 3.387%, respectively, while the one-year securities were quoted at 3.803%.

However, for ING Bank N.V.-Manila Senior Economist Nicholas Antonio T. Mapa, T-bills on offer this week may fetch higher rates as the rising number of positive cases in the country causes uncertainties in the market.

“In general, we may continue to expect higher yields during the T-bill auction until we may see some definitive turn in the number of cases of COVID-19, which at the moment continue to climb,” Mr. Mapa said in an e-mail on Friday.

Mr. Mapa said the reintroduced 35-day papers might “see some interest from players,” while bids for 91-, 182- and 364-day T-bills could expect subdued demand as investors prefer to hold on to their cash.

While the Bangko Sentral ng Pilipinas’ (BSP) “copious amounts of actions” recently gave relief to the markets, he said “sentiment remains susceptible to quick reversals.”

Offshore, Mr. Mapa said, “we’ve had a bit of a respite of late with the US passing their own fiscal response package but things over the weekend may tip the scales in the other direction.”

The central bank last week agreed to buy P300 billion in securities from the BTr through a repurchase agreement to support the government’s funding needs for its COVID-19 response.

This, on top of the 50-bp cut it delivered earlier this month, the 200-bp reduction in the reserve requirement ratio of universal and commercial banks, the P20 billion in dividends remitted to the Treasury last week, as well as the regulatory relief it gave to the lenders.

On the fiscal front, the economic team earlier this month also rolled out an initial P27.1-billion funding package to finance efforts against COVID-19 while Republic Act No. 11469 or the Bayanihan to Heal as One Act signed last week will allow the government to realign as much as P275 billion from the national budget and make off-budget outlays.

Finance Secretary Carlos G. Dominguez III has said the government plans to seek $1-2 billion worth of funding support from multilateral agencies.

The Asian Development Bank said another funding package worth at least $1.6 billion will be provided to the Philippines in the coming weeks, on top of the $3 million grant it gave earlier, while the World Bank pledged a $100-million loan to the country.

As of Saturday evening, the country’s confirmed COVID-19 cases reached 1,075, with 68 fatalities and 35 recoveries.

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

The government plans to raise P1.4 trillion this year from local and foreign lenders to plug its budget deficit, which is capped at 3.2% of gross domestic product. — Beatrice M. Laforga

Filipino Food Month activities postponed

PREPARATIONS for Filipino Food Month 2020 have been “temporarily postponed,” the Philippine Culinary Heritage Movement, the National Commission for Culture and the Arts (NCCA), and Department of Agriculture announced on March 26.

A statement, published on NCCA’s official Facebook page said: “The intention behind this pronouncement is to help prevent the spread of the virus and ensure the utmost safety of the public. This decision was made after an extensive and careful consideration of the current situation, alongside our commitment to cooperate with the government’s efforts to contain the spread of COVID- 19.”

“We assure all concerned that we will still continue to campaign for the appreciation and preservation of indigenous ingredients. And the Filipino culinary tradition through social media promotion subject, however, current situations, and that event will hopefully be held at a later date when the public safety can be assured,” the statement adds.

In April 2018, President Rodrigo Duterte signed Proclamation No. 469 declaring April as National Filipino Food Month. In 2019, the first celebration, which included exhibits, forums, and cooking competitions, was held in various cities nationwide. — Michelle Anne P. Soliman

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