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COVID-19 pandemic may cut global corporate technology spending 4.1% in 2020: ETR survey

NEW YORK — Global companies whose revenues have taken a hit during the coronavirus pandemic plan to cut technology spending this year by as much as 4.1%, according to the latest survey from US-based Enterprise Technology Research (ETR).

But that forecast drop in tech budgets would be less than initially feared because many companies actually intend to accelerate spending to support thousands of employees that now have to work from home as majority of governments around the world ordered national lockdowns.

Corporate revenue has taken a hit from broken supply chains, less demand from consumers and businesses and productivity losses with most employees working from home.

The fallout from the virus outbreak will result in a cut of between 3.7% to 4.1% in IT spending for 2020, based on ETR’s poll this month of about 1,300 of global chief information officers and other senior tech executives.

ETR regularly polls large numbers of CIOs and other senior tech executives about spending intentions.

Going into the year, global tech officials planned to raise spending 4% in 2020.

Sagar Kadakia, ETR’s director of research, told Reuters in an interview that considering that the pandemic has ravaged the global economy amid a worldwide shutdown and the evaporation of consumer demand, the decline in tech spending was not as bad as many initially thought.

That was because a number of organizations indicated an increase in tech spending as they ramp up their “work-from-home” infrastructure, from an increase of 1% to more than 30% to their annual IT budget, Kadakia added.

About 21% of organizations in ETR’s survey thus far have indicated an increase in spending due to the virus.

Global companies that have indicated their intentions to increase spending include those in healthcare, education, and finance.

“With a move to more remote work, we are shifting some spending to mobile devices for users to work remotely,” said an information security officer in the education sector in North America. He declined to be named because details about survey participants are confidential.

“This increased our laptop and tablet spend, but we are having issues getting new devices in fast enough from our suppliers.” — Reuters

There will be no World’s Best Restaurant this year

ON MARCH 30, the World’s 50 Best Restaurants awards entirely abandoned plans for rankings for 2020 and pledged instead to focus on efforts to help the hospitality industry face the challenges of the novel coronavirus.

The awards ceremony, scheduled for June 2 in Antwerp, Belgium, will be postponed until next year. The voting on the world’s best restaurant, though already completed, won’t be revealed, even online.

“It was a difficult decision, but it doesn’t seem the right time when the hospitality and restaurant sectors are suffering,” says Will Drew, director of content for the World’s 50 Best Restaurants organization.

“We still want to bring the leaders of the world of gastronomy together in a virtual world in order to help each other and exchange ideas and find ways to help each other,” he says. “We’ll be working to try and see what we can do, how we can connect people, and how we can use our global audience to assist and put restaurants in a better place to recover.”

The London-based organization faced some criticism in social media last week when it proceeded to publish the Asia’s 50 Best Restaurants rankings. Drew says those went ahead because it was what the chefs wanted, whereas it was a different situation for the global industry.

CHANGING PRIORITIES
“They understood that we have to think about those that suffer the most, not about those who are the most successful. The strongest have to speak for the weakest, and that is the real essence of being No. 1, or No. 2, or No. 4.” says Massimo Bottura, whose Osteria Francescana in Modena northern Italy won the title of world’s Best Restaurant twice, in 2016 and 2018. “These kind of awards, this recognition, are not our priority at this time. It’s about the community, not about individual restaurants.”

Will Guidara, former co-owner of Eleven Madison Park in New York, which was named the world’s No. 1 restaurant in 2017, agrees, but he mourns the loss it brings to the community that the awards have fostered among chefs. “It’s tough,” he says. “Every time something gets canceled, it’s even longer before we get back to normal.”

“Winning was a game changer,” he continues. “They have been the most impactful restaurant award in the world. If the Olympics are canceled, you have to think 50 Best is not far behind.”

That sense of the bottom completely falling out hits hard for Slovenian chef Ana Ros, whose Hisa Franko placed No. 38 last year and like much of the world is under government shutdown orders. “My team are crying,” she says. “We’ve been looking forward to this so much. At this time, we need support more than ever. Gastronomy is not a cemetery. Michelin just canceled the stars for Slovenia, and now 50 Best? We’ve worked so hard this year, and now we will never know how we did. How am I supposed to motivate my team now?”

BOOSTING MORALE
“The thing about the awards, and part of our calculus — they’re great morale boosters,” admits Mitchell Davis, the academy chair for North America East for the World’s 50 Best. “They’re good for the industry and get global attention.”

The 50 Best are famous for spurring, among other things, a gigantic jump in reservations and revenue. El Cellar de Can Roca in Spain reported getting 2 million reservation requests within 24 hours after it was named No. 1 restaurant in 2013.

But when the question is about how restaurants will survive, he adds, “the elation of winning would be misplaced, considering how many people have so much to lose.” Davis, who’s also chief strategy officer for the James Beard Foundation, says they haven’t yet determined what will happen with the 2020 James Beard Awards for restaurants.

Joe Warwick, who co-founded the World’s 50 Best Restaurants awards and later the rival World Restaurant Awards, is happy with the decision: “I was critical when they ran the Asian list online last week, but they are doing the right thing now. Organizations like the 50 Best should be using their reach and their power to help the restaurant industry at this difficult time.”

“Undoubtedly, there will be casualties,” says Drew. “It is a tight-margin business, and this is a brutal and unprecedented situation. The restaurant world will change forever. We want to be a positive force.”

The World’s 50 Best Restaurants list is organized and compiled by William Reed Business Media. It’s created from the votes of 1,040 restaurateurs, chefs, food writers, and foodies. The awards started in 2002 as a feature in Restaurant, a UK publication, based on the picks of journalists and chefs. — Bloomberg

Miner asks for exemption

THE OPERATING arm of Global Ferronickel Holdings, Inc. has appealed to the local government of Surigao del Norte and the municipal mayor of Claver to issue an exemption from the temporary suspension of mining activities amid the coronavirus disease 2019 (COVID-19) pandemic.

In a disclosure yesterday, Platinum Group Metals Corp. (PGMC) submitted an appeal to exempt the loading of ores to foreign vessels that are already on-site.

On March 28, the Surigao del Norte local government issued an executive order that temporarily suspended mining operations in an effort to curtail the spread of the virus. Earlier on March 26, the COVID-19 Regional Task Force in CARAGA issued harmonized guidelines for regional community quarantine. The guidelines allowed the entry of vessels tasked to load ore, as long as all quarantine protocols are followed.

FNI President Dante R. Bravo said he was hoping that PGMC could continue operating as it falls under the category of businesses exempt from the closure.

“We are hoping that those in the export sector like us will be allowed to continue operations to lessen the impact of COVID-19 on the national economy,” he said. — Revin Mikhael D. Ochave

Creativity with a can

By Joseph L. Garcia, Reporter

AS WE enter the third week of quarantine, we understand that a few frazzled cooks may have already run out of ideas, or even fresh ingredients. We’re going to present a series of recipes featuring canned products from San Miguel to maximize your stock and prevent your ideas from going stale. These recipes are from San Miguel Foods Culinary Center’s Home Foodie. (If you have run out of fresh produce or it is hard to get in your area during the lockdown, see BusinessWorld’s listing on online vegetable delivery here: https://www.bworldonline.com/where-to-buy-veggies-and-fruit-online/)

We’ll start off with something easy and classic. This results in crispy corned beef flakes, which you can use for all the following recipes.

CORNED BEEF FLAKES

Ingredients:

1 tbsp Golden Fry palm oil

1 can Purefoods Corned Beef

Procedure:

In a non-stick pan, heat oil and add corned beef. Cook over moderate heat, stirring from time to time, for about 12 minutes or until dry and toasted.

Makes two to three servings

EASY CORNED BEEF CONGEE

As we mentioned, you can use the corned beef flakes from the recipe above to lend variety in texture. A friend advises to soak the rice beforehand for at least two hours so the congee can have a silky texture. Also consider using a whisk when stirring the congee, again to impart a silkier texture to it. This is best done ahead to allow time for the flavors to blend.

Ingredients:

9 cups water

1-¼ cups uncooked rice

1 carrot, grated

2 tbsp patis (fish sauce)

1/4 tsp white pepper

1 can Purefoods Corned Beef with Chunks

1 stalk green onion, chopped (optional)

5 Magnolia brown eggs, boiled and peeled (optional)

Procedure:

Boil water then add rice, carrot, patis and pepper. Stir continuously until mixture is boiling. Lower the heat then simmer covered, stirring occasionally, until rice is tender and mixture thickens. Adjust water and patis as needed.

Add corned beef. Simmer for another three minutes. Turn off heat.

Serve in bowls then top each bowl with green onion and egg.

Makes eight servings.

Tip: When the congee becomes too thick, dilute with beef or chicken stock and adjust seasoning as needed.

SPICY CORNED BEEF

IN SINIGANG GRAVY

You know that corned beef sinigang you can get in fancy restaurants? Well, this isn’t quite it, but it helps to stave away the cravings while we’re in quarantine.

Ingredients:

1 tbsp Cookbest Coconut oil

1 onion, sliced into rings

2 cans Purefoods Corned Beef Chili Garlic

Gravy:

1 tbsp instant sinigang powder mix

1 pack instant gravy mix, dilute according to package directions

Procedure:

Combine sinigang powder and diluted gravy. Heat and let simmer, stirring continuously until thick enough. Set aside.

Heat oil in a pan and sauté the onion until tender. Add corned beef and heat through. Pour gravy and simmer.

Makes five servings.

STAR CORNED BEEF OMU RICE

Ingredients:

3 tbsp Magnolia Nutri Oil coconut vegetable oil

1/4 cup chopped onion

1/2 cup peas and carrots

1 can Purefoods Star Corned Beef

4 cups cooked rice

2 Magnolia brown eggs, beaten

1/4 tsp iodized fine salt

1/4 tsp pepper

3 tbsp catsup

3 tbsp Magnolia Real Mayonnaise

Procedure:

In a pan with hot oil, sauté onions, peas and carrots. Add beef and rice. Mix well. Season with salt and pepper. Transferring a round bowl. Set aside.

In another pan cook the egg like a crepe, large enough to cover a round bowl. Cook until the egg has set. Put it on top of the rice. Serve by drizzling catsup and mayonnaise on top.

Makes five servings.

These recipes use two of my new best friends: Purefoods Chicken (shredded chicken breast) and Purefoods Chorizo Bilbao-style. The canned chicken, of course, saves this frazzled home cook from having to boil and strain and shred a chicken, but I will warn you that this product is a lot saltier than if you did it yourself. The chorizos, meanwhile, have been a lifesaver. Coming to about six pieces in a can, they come packed with a lot of pearly lard that you can use for your sautes and stews. I can’t quite vouch for how close they come to something you buy at a deli, but just one of those babies can flavor a whole dish.

SPICY CHICKEN NOODLE POT

Ingredients:

2 tbsp Pure Oil vegetable cooking oil

1 onion, chopped

1 can of shitake mushroom

2 cans Purefoods Chicken Hot & Spicy

2 packs instant noodle soup

1 liter water

1 pc tofu, chopped

1/4 cup Magnolia Pure Fresh Milk

1/2 pack Magnolia Quickmelt Cheese, grated

1 stalk onion leeks

Procedure:

Heat oil in a pot and sauté the onions, mushrooms, and chicken.

Add the noodle soup pack and water. Cook for five minutes. Add tofu and milk. Simmer for another five minutes.

Serve in a bowl and top with cheese and leeks.

Makes six servings.

EASY CHICKEN A LA KING

Ingredients:

2 tbsp Magnolia Butter-licious

1 onion, sliced

6 cloves garlic, crushed

1 carrot, peeled and cubed

1/8 cup canned corn kernels, drained

1 can canned mushrooms pieces and stems, drained

2 cans Purefoods Chicken in Broth

1 pack Magnolia All-purpose cream

1 tsp iodized fine salt

1/2 tsp pepper

1 tbsp cornstarch, dissolved in 2 tbsp water

Procedure:

Melt Butterlicious in a saucepan and sauté the onion, garlic, carrots, corn, and mushrooms for three minutes.

Add the canned chicken and cream. Season with salt and pepper. Simmer for two minutes.

Pour cornstarch mixture while stirring continuously. Simmer until slightly thick.

Makes six servings.

CHORIZO AND GARBANZOS

Ingredients:

3 tbsp olive oil

1 can Purefoods Chorizo Bilbao-style, sliced diagonally

1 cup boiled garbanzos (chickpeas)

1/4 cup sliced mixed bell peppers

1/4 tsp iodized fine salt

1/8 tsp cayenne pepper

Procedure:

In a pan, heat olive oil and sauté the chorizo. Mix in the garbanzos and bell peppers, cook for two minutes.

Season with salt and cayenne pepper.

Makes five servings.

CHORIZO AND SCRAMBLED EGG RICE

Ingredients:

1 can Purefoods Chorizo Bilbao-style, cut into diagonal pieces, then pan fried in its own oil

3 tbsp Magnolia Nutri Oil coconut vegetable oil

1/4 cup minced garlic

6 cups cooked rice

3 tbsp soy sauce

3 Magnolia brown eggs, beaten and cooked as scrambled egg

1 stalk green onions, washed, dried, and chopped

1 tsp iodized fine salt

1/2 tsp pepper

Procedure:

Heat oil in a skillet over medium heat. Sauté the garlic and until light brown.

Add in rice and soy sauce. Mix well. Stir in chopped chorizo, scrambled egg, and green onions. Season with salt and pepper.

Makes five to six servings.

HEARTY CHICKEN AND CHORIZO SOUP

Ingredients:

3 cups chicken stock*

1 can Purefoods Chicken in Broth

2 can Purefoods Chorizo Bilbao-style, sliced

1 potato, cubed

1/2 cup garbanzos, boiled

1 bell pepper, sliced

*chicken stock: make by dissolving a bouillon cube in hot water or by boiling chicken bones

Procedure:

In a pot, simmer the stock with the chicken. Add the chorizo, potato, and garbanzos. Cook for 10 minutes or until potatoes are tender.

Add bell peppers and cook for two more minutes.

Makes four servings.

Local startups seek gov’t, private sector support

STARTUP COMPANIES are looking for government and private sector support as they deal with the effects of the Luzon enhanced community quarantine (ECQ).

Startup support platform QBO Innovation Hub Operations Head Natasha Dawn S. Bautista said Philippine startups are either racing to meet increased demand or pausing operations.

Live streaming and food delivery services companies are “overwhelmed with demand,” she said in an online interview on Friday.

“They’re definitely hiring…getting more people onboarded, but at the same time doing overtime.”

On the other hand, companies like AdMov that place advertising in ride-hailing app vehicles, can’t run their usual operations.

Luzon is currently under ECQ to limit the coronavirus disease 2019 (COVID-19) outbreak, limiting the movement of people, suspending public transport, and placing most businesses under work-from-home schemes.

While she said QBO has not yet seen any startups signalling possible closure or bankruptcy given the quarantine measures, Ms. Bautista said small companies are concerned.

“It is definitely a valid concern. There are some startup founders that are worried.”

Ms. Bautista said she is hoping bigger companies would collaborate with startups, such as partnering with car rental startups looking to help deliver necessities like personal protective equipment.

She explained that startups are able to execute quicker decision-making amid the outbreak as they are spared from the hierarchies of larger corporations.

Ms. Bautista is also asking that deferred utilities payments be staggered or flexible instead.

“Instead of deferring the entire payment to next month, why don’t we spread it out in the remaining of the year at zero percent instalment?”

Manila Electric Co. has granted its customers a 30-day extension for bills due between March 1 to April 14, while Maynilad Water Services Inc. and Manila Water Co. Inc. have announced a 30-day grace period for bills payments, as well as suspended meter readings.

Startups are looking for allowances and loans from government, Ms. Bautista said, noting that the Department of Trade and Industry (DTI) announced loans for micro and small businesses.

DTI last week said it is allotting P1 billion in an economic relief program for micro and small businesses affected by COVID-19.

Ms. Bautista added that she supports government’s call for companies to pay and offer incentives to employees regardless of their current work status under the quarantine. But startups are also looking for government support as they do so.

“Not all employers are rich, not all employers are able to provide for the next number of months, so what can the government do to also support the employers?” she said.

QBO is retaining its target of onboarding nearly 150 new startups in 2020 to reach 500 startups. As QBO switched to work-from-home arrangements, Ms. Bautista said they are noticing more startups as they become more active in promoting their products and services on social media.

QBO also moved its technology business innovation conference with the Department of Science and Technology online. — Jenina P. Ibañez

Britain’s top banks scrap dividend payments on coronavirus fears, pressure on bonuses

LONDON/HONG KONG — Britain’s top banks said on Tuesday they would suspend dividend payments after pressure from the regulator, saving their capital as a buffer against expected losses from the economic fallout from the coronavirus.

Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland, Standard Chartered and the British arm of Spain’s Santander all halted payouts.

The lenders had been due to pay out over 8 billion pounds ($9.93 billion) between them in 2019 dividends, with HSBC the biggest payer at $4.2 billion.

The move came in response to a request from the Prudential Regulatory Authority (PRA), which also asked banks and insurers not to pay senior staff bonuses this year.

Hong Kong shares of HSBC fell as much as 9.9% to their lowest since March 2009, while StanChart dropped 7.4% in the morning trade on Wednesday. The broader Hong Kong market index was down 0.4%.

The British lenders said they would not pay interim dividends for 2020 and scrapped planned 2019 payouts, but held off announcing changes to their executive pay policies.

The PRA said banks entered the epidemic, which has put Britain into lockdown, with strong capital positions, enough to withstand a severe UK and global recession.

“The bank has a strong capital base, but we think it is right and prudent, for the many businesses and people that we support, to take these steps now,” Barclays Chairman Nigel Higgins said.

Banks pay out dividends as a means of rewarding shareholders and disposing of excess profits, but they have the option to retain the earnings instead to preserve their capital levels.

FOLLOWING ECB’S LEAD
The statements from British lenders come after the European Central Bank (ECB) last week asked euro zone lenders to skip dividend payments and share buybacks until October at the earliest, and use their profits to support the economy.

Several of Europe’s largest lenders, including UniCredit, and Societe Generale, have already announced they will hold off paying 2019 dividends for now.

However, there are some hold outs. Swiss banking giants UBS and Credit Suisse have both said they plan to press ahead with 2019 dividends despite their home regulator urging caution over payouts.

The move to scrap 2019 shareholder distributions is expected to free up capital that banks can instead lend to businesses and consumers rocked by the coronavirus pandemic.

But some analysts believe cancelling dividends could actually harm the supply of credit to the real economy.

“We note that euro area bank market capitalization fell on 30 March by the same as the 30 billion euros ‘saved’ by its dividend ban on Friday 27 March,” analysts at Bank of America Merrill Lynch said in a note to clients, referring to the ECB’s move.

The European Union’s banking watchdog said earlier on Tuesday that banks should be “conservative” in how they award bonuses to preserve capital and keep lending during the coronavirus pandemic.

However it stopped short of calling on banks to stop bonuses altogether.

Italy’s UniCredit and Spain’s BBVA have both said this week that their top management will waive their 2020 bonuses.

Standard Chartered signaled in a memo on Monday that the bank would likely cut its 2020 executive payouts.

PRA Chief Executive Sam Woods also wrote to heads of insurers, saying they should pay “close attention” to the need to protect policyholders and maintain safety and soundness when considering bonuses or dividends.

HSBC signaled a gloomy first-quarter earnings season for British banks, warning in its statement that it would see bad loans rising and revenues falling as the economic impact of the pandemic hits.

The coronavirus has infected more than 850,000 people globally, and killed over 42,000, a Reuters tally shows. — Reuters

DFNN incorporates acquisition unit

GAMING COMPANY DFNN, Inc. is incorporating a new subsidiary that will function as a holding firm for future acquisitions.

In a disclosure to the stock exchange yesterday, the listed firm said its board of directors had approved forming a company with an authorized capital stock of P100 million and a subscription of P25 million. The stocks of the subsidiary will be fully subscribed by DFNN.

“The incorporation of this wholly-owned subsidiary is intended to be used as a holding vehicle for future asset acquisitions as may be deemed proper by the board,” it said.

Some of DFNN’s existing subsidiaries are Inter-active Entertainment Solutions Technologies, Inc.; Pacific Gaming Investments Pte. Ltd.; HatchAsia, Inc.; iWave, Inc.; and PGI Systems PTE Ltd.

While the company’s business is currently comprised largely of gaming operations, it also provides information technology solutions to corporate clients like financial institutions. — Denise A. Valdez

Alsons stays operating

THE POWER unit of Alsons Consolidated Resources, Inc. said it maintains its operations to supply energy in areas under enhanced community quarantine in Mindanao.

“Our operations are ongoing and we continue to dispatch power to our various customers in Mindanao,” Alsons Power Group Executive Vice-President Tirso G. Santillan, Jr. said in a statement on Wednesday.

The energy firm also said projects on its pipeline are well on track, including its first renewable energy project, a 14.5 megawatt (MW) hydroelectric power plant in Maasim, Sarangani Province, and the 105-MW San Ramon Power, Inc. coal-fired power plant in Zamboanga City.

In communities where it operates, the company has been providing food assistance as part of its initiative to help those affected by the quarantine. — Adam J. Ang

IBM developing AI tool to track virus infections

FILIPINOS will soon be able to track the spread of the coronavirus disease 2019 (COVID-19) in the country through an AI-enabled tool developed by the International Business Machines Corp. (IBM).

“The tool provides trend graphs, interactive mapping and details on confirmed cases and deaths by state and county in the US — Philippine data coming soon — as well as the latest news and video,” the US-based multinational technology company said in a statement emailed to reporters on Monday.

The IBM offers the tool through The Weather Channel mobile app and its website weather.com.

“The Weather Channel digital team knows how to cover severe events at a local level and is using that expertise to provide this data in a visual way to help people get trusted information related to specific locations they care most about,” it said.

IBM added that it has also designed an interactive dashboard based on IBM Cognos Analytics to help media organizations and data scientists conduct more in-depth analysis and filtering of regional data.

IBM’s The Weather Company General Manager Cameron Clayton was quoted as saying: “As the coronavirus causes uncertainty in our daily lives, we are all looking for data to help us make more informed decisions and check on our family and friends in different areas. With that in mind, we feel it’s critical to provide the most trusted information currently available to help people stay informed on the reach of COVID-19.”

“The Weather Channel is now providing COVID-19 data — so you can see why social distancing matters in your community and why it’s important to heed instructions from your local, state and national resources,” he added.

IBM said its tools provide localized data from the World Health Organization and national, state and local governments. Such data include confirmed cases, deaths, and recoveries, among others. — Arjay L. Balinbin

SC approves new rules on liquidation of banks

THE SUPREME COURT (SC) approved new rules on the liquidation of closed banks which will take effect on April 16.

Under A.M. No. 19-12-02-SC dated Feb. 18, the Supreme Court approved the proposed rules of the Philippine Deposit Insurance Corp. (PDIC), as reviewed by the Sub-committee on Commercial Courts, to assign as liquidation courts the regional trial courts designated as special commercial courts (SCC).

All pending petition for assistance in the liquidation (PAL) of closed banks that have not been given due course by regular courts will be transferred to SCCs.

“Other PALs which have been given due course shall continue to be heard by the courts where they are pending, but shall be governed by these Rules, unless the LC orders otherwise to prevent manifest injustice to the parties involved,” the resolution read.

Under the rules, the receiver, who will take over and liquidate the bank, will file a petition with the court within 180 days from the publication of the notice of the bank’s closure.

If the PAL is insufficient in form, the court shall order the receiver to comply with the requirements within 10 days from the receipt of the petition.

If the petition is sufficient, the court will issue an order setting for initial hearing in 60 days and direct claimants whose claims were denied by the receiver to file their claims with the court within 20 days from the date of publication of the order or 60 days from the receipt of notice of denial or disallowance of the claim, whichever is issued later.

The receiver will present proof of compliance with publication requirements and submit a formal offer of evidence before the court, submitting the petition for resolution. The court, within 10 days, shall issue an order giving due course to the petition.

The court, meanwhile, may dismiss a dispute claim on any applicable grounds under the Rules of Court or hold a pre-trial and trial before rendering a decision.

After the court gives due course to the petition, the receiver should file a liquidation report on the closed bank not later than the end of the third quarter of the succeeding year or as may be required by the court.

The partial or final asset distribution plan (ADP) of a closed bank for its creditors may be filed anytime after the submission of the liquidation report and the motion for approval for the final ADP will be filed within five years from the date of the closure but maybe extended to seven years based on compelling grounds.

A hearing will be set within 90 days from the receipt of the ADP and creditors will have to file their comments within 10 days.

The resolution approving the partial or final ADP must be published in a newspaper within five days and its finality will take effect after 30 days or after denial of motion for reconsideration. The receiver will implement the ADP.

“No temporary restraining order may be issued by any court, except the Court of Appeals when the matter is of extreme urgency, against the implementation of the Partial or Final ADP,” it said.

A final report on the implementation of the final ADP will be submitted by the receiver to the Monetary Board and Securities and Exchange Commission after expiration of winding-up period under the charter of the PDIC and submit a copy to the court.

The resolution also states the rule directing the receiver to file a motion for approval of plan within five years from closure should apply prospectively to banks which will close after the effectivity of the rules while for banks closed prior to this, receivers are given seven years from the effectivity of the rules to file a motion for approval of a final ADP. — V.M.M. Villegas

Stuff to do at home (04/02/20)

National Museum of the Philippines


The National Museum uploaded a coloring sheet of Juan Luna’s Spoliarium by Bryan Ferrer which may be physically or digitally colored. For more information, visit https://www.facebook.com/nationalmuseumofthephilippines/posts/3123148164376147.

Children’s books online

Enjoy digitized children’s book titles from the University of California (UCLA)’s children’s book collection at https://archive.org/details/yrlsc_childrens&tab=collection; and University of Florida’s digital collection of the Baldwin Library of Historical Children’s Literature at https://ufdc.ufl.edu/baldwin/all/thumbs.

Five-hour museum tour

Experience a five-hour tour in Russia’s Hermitage Museum, shot by filmmaker Axinya Gog on an iPhone 11 Pro. To watch, visit https://www.youtube.com/watch?time_continue=4&v=49YeFsx1rIw&feature=emb_title.

Guitar lessons with Fender

Fender is offering three months of free lessons for guitar, bass and ukelele. It includes high-resolution videos with teachers, and a progress tracker. Follow along to videos, and practise at your own pace with the adjustable scrolling tablature and a metronome. To sign up, visit https://try.fender.com/play/playthrough/?utm_source=bouncex&utm_medium=popup&utm_campaign=PlayThrough_BXPopup&utm_term=fender&src=emaill00DTplaypopup/

Toei anime on YouTube

Japanese animation studio Toei launches its YouTube channel that will stream shows for free. On April 6 it will release 70 shows with English subtitles; on April 13, it will release episode 3 and 4 of National Kid (updated on Mondays); and April 14, it will release episode 3 and 4 of Suki Suki Majo Sensei (updated on Tuesdays). To watch, visit https://www.youtube.com/user/ToeiAnimationUS.

Educational TV shows return to ABS-CBN

ABS-CBN brings back 1990s educational TV shows every Saturday. Sineskwela (8:30 a.m.) explains topics on science, Bayani (9 a.m.) is about historical figures and events, and Hiraya Manawari (9:30 a.m.) which focuses on values.

Cirque Du Soleil online

Enjoy free 60-minute specials from shows such as Kurios — Cabinet of Curiosities, O, and Luzia. To watch, visit https://www.cirquedusoleil.com/cirqueconnect.

Ayala Museum online

Continue learning at home with the Ayala Museum’s resources available online. Enjoy previous exhibitions and performances, coloring pages, and playlists. Visit https://www.ayalamuseum.org/online-resources/?fbclid=IwAR2psdA2kvBhhEC-iJs-seLvPXICAZ4zWO-bBIwvxjrhuTm18C_0zyOm3VE.

E-books for kids

Expand your kids’ library at home through the BuriBooks app. Titles include books from publisher Adarna House, reviewers, and Filipino textbooks. Access the app via iOS, Android, or a web browser. Sign up via https://buribooks.com/. Enjoy it free for 30 days.

National Gallery of Victoria virtual tours

The National Gallery of Victoria has developed several virtual tours. Audiences can view exhibitions such as Companionship In The Age Of Loneliness of New York-based artist Brian Donnelly, a.k.a. KAWS; and the world premiere of Crossing Lines, featuring the works of Keith Haring and Jean-Michel Basquiat. Visit https://www.ngv.vic.gov.au/channel/.

New free plays on Thursdays

The National Theatre in London brings its shows to YouTube. Beginning April 2, and every Thursday thereafter (7 p.m. GMT/2 p.m. EST),  National Theatre at Home will release a new play free to watch for one week. It includes cast and creative interviews and post-stream talks. The show starts with Richard Bean’s One Man, Two Guvnors on April 2, Jane Eyre on April 9, Treasure Island on April 16, and Twelfth Night on April 23. For information, visit https://www.nationaltheatre.org.uk/nt-at-home?queueittoken=e_safetyevent25mar20~q_b79a6e28-67d9-44de-88e6-29cedc812122~ts_1585490458~ce_true~rt_safetynet~h_8c7928d22caa971981f7edf53563d20e2fe8f68a3a3a1458b34b1cb17f11b50b.

Dulaang UP’s Ang Nawalang Kapatid on YouTube

Enjoy Dulaang UP’s Ang Nawalang Kapatid, a musical adapted from the Indian epic The Mahabharata, on YouTube. Directed by Dexter M. Santos, the show is written by Floy Quintos (book and lyrics), with music by Ceejay Javier. To watch, visit https://www.youtube.com/watch?v=vISTL9hHTcc&feature=emb_title.

Ballets at the Bolshoi Theatre

The Bolshoi Theatre in Russia showcases The Golden Series of classic opera and ballet performances via livestream on the theater’s YouTube channel. Livestreaming began on April 1 with The Tsar’s Bride. To watch, visit https://www.youtube.com/user/bolshoi

Free Murakami books online

Japanese best-selling author Haruki Murakami’s stories are made available online for free at http://www.openculture.com/2014/08/read-five-stories-by-haruki-murakami-free-online.html. Titles include Kino, A Walk to Kobe, and Samsa in Love.

PETA’s free classes online

Philippine Educational Theater Association (PETA) continues this week with a fresh lineup of free classes. From March 30 to April 3 (3 to 4 p.m.), actor and designer John Moran returns with the Part II of his DIY Crafting Class, acting coach and actor Norbs Portales will hold an Improv session, and director and actor Ian Segarra will conduct his Storytelling Techniques class. For more information, visit https://www.facebook.com/PETATHEATER/posts/10157360402972799.

Free books on modern art

Enjoy PDF and ePubs on modern art from the Guggenheim Museum’s archive. The collection includes books on Francis Bacon, Max Ernst, and Mark Rothko. Visit https://archive.org/details/guggenheimmuseum.

Free vet consultations online

Dr. Cyron Sarmiento opened his Facebook (https://www.facebook.com/mcejsarmiento) and Twitter (@Cyrooon) accounts for free online consultations.  For more inquiries, visit https://www.facebook.com/groups/648196199302932/. Consultations will run for the entire duration of the enhanced community quarantine.

Free Japanese courses

The Japan Foundation Manila launched an e-learning program of free Japanese courses. It includes six-month beginner and intermediate lessons on calligraphy, vocabulary, grammar, and conversation. Sign-up for your chosen course at https://minato-jf.jp/?fbclid=IwAR2SrhYV-9nH4Hbc9TbTspxg0t39DH6xtLQ-jz1n1uOkeGMK3bCdL022O8I.

Arts and Culture

Learn something new every day with Google Arts and Culture from virtual tours of sites, and museums to food, fashion, and design. Visit https://artsandculture.google.com/.

Frida Kahlo’s artworks online

View Frida Kahlo’s work online through the Google Arts & Culture platform. The website has 800 paintings, photographs, and objects by the Mexican artist from 33 international museums. To view the exhibition, visit https://artsandculture.google.com/project/frida-kahlo.

Scribd materials for free for 30 days

Enjoy free books, audiobooks, magazines, and documents for 30 days at Scribd. To view titles, visit https://www.scribd.com/readfree?fbclid=IwAR363ywNP9yoBbKJVQFYCtilfGfljPDGeOatqKJgWMV5Pj9-p7j-gkaGOb8.

Classic Pinoy films online

Director Mike de Leon uploaded classic Filipino films from the 1930s to 1960s on his vimeo account, Citizen Jake. Titles include Manuel Silos’ Pista sa Nayon (1948), Gregorio Fernandez’s Kung Ako’y Mahal Mo (1960), and Lamberto V. Avellana’s Aklat ng Buhay (1952). Watch films at https://vimeo.com/user83013343.

Free Neil Gaiman stories online

Best-selling author Neil Gaiman offers free essays, audiobooks, book excerpts, and videos at his official website under “Cool Stuff and Things.” Visit https://www.neilgaiman.com/Cool_Stuff.

Arts BGC at Home

Every Wednesday, Arts at BGC offers creative prompts at the Arts at BCG (https://www.facebook.com/artsatbgc/ and @artsatbgc) and BGC Art Center ( https://www.facebook.com/BGCArtsCenter/ and @bgcartscenter) Facebook and Instagram pages. Join the Arts at BGC Community to get in touch with other participants. https://www.facebook.com/groups/artsatbgc.

Ballet and opera free online

The Royal Opera House is showing its performances online through its Facebook (https://www.facebook.com/royaloperahouse/) and YouTube (https://www.youtube.com/user/RoyalOperaHouse) pages.  Performances include Handel’s Acis and Galatea opera on April 3; Mozart’s Così fan tutte on April 10; and the ballet The Metamorphosis on April 17.

Meg Cabot’s The Princess Diaries – Quarantine Edition online

Best-selling author of The Princess Diaries Meg Cabot offers The Princess Diaries – Quarantine Edition for free on her official website. Entries are updated daily. Visit https://www.megcabot.com/2020/03/corona-princess-diaries-day-1/?utm_content=122945851&utm_medium=social&utm_source=facebook&hss_channel=fbp-67512624694.

Bayanihan Musikahan

Bayanihan Musikahan gathers Pinoy musical artists online through marathon singing. The movement is aimed at raising funds to help urban poor communities in Metro Manila amidst COVID-19. For more information and live shows, visit https://www.facebook.com/pg/bayanihanmusikahan/about/?ref=page_internal. To donate, visit https://donate.paymaya.com/products/philippine-business-for-social-progress.

NHCP Documentaries on YouTube

The National Historical Commission of the Philippines (NHCP) makes Philippine history education accessible through documentaries on YouTube. For more information, visit https://www.facebook.com/historymuseumsPH/posts/997233837339314. Titles include: Jose Rizal: Sa Landas ng Paglaya, Apolinario Mabini: Talino at Paninindigan, Kababaihan ng Rebolusyon, and,  Gregoria de Jesus: Lakambini ng Katipunan.

Drawing lessons for kids with Mo Willems

Best-selling author and illustrator Mo Willems is hosting drawing lessons for kids called Lunch Doodles every weekday on YouTube. Each session will be between 20 to 28 minutes long. Mr. Willems is also welcome to questions (send to: LUNCHDOODLES@kennedy-center.org) which he will try to answer during sessions. For sessions of Lunch Doodles, visit https://www.youtube.com/playlist?list=PL14hRqd0PELGbKihHuTqx_pbvCLqGbOkF.

Paulo Coelho’s books online

Best-selling author Paulo Coelho has made his books available for free. Titles include: The Way of the Bow, The Manuscript Found in Accra, and Brida. Visit his blog at https://paulocoelhoblog.com/books-online/.

Shakespeare plays online

Shakespeare’s plays recorded at the Globe Theater are now available for online streaming. Titles include Hamlet and The Two Noble Kinsmen. To watch, visit https://globeplayer.tv/

Learn at home with Scholastic

Scholastic is offering free online courses for levels pre-kindergarten to Grade 6. Duration of the courses are approximately three hours per day. They include writing, research projects, and virtual field trips. The website is accessible on any device. Visit https://classroommagazines.scholastic.com/support/learnathome.html

Free opera streaming online

OperaWire will host Nightly Met Opera Streams of the Metropolitan Opera for free. The performances begin at 7:30 p.m. EST and will be available to stream for 20 hours. Visit https://operawire.com/metropolitan-opera-to-offer-up-nightly-met-opera-streams/. The Paris Opera is also streaming operas for free. Visit https://www.operadeparis.fr/.

Free films on YouTube

Catch Filipino films for free on the following channels: Regal Entertainment (https://www.youtube.com/user/regalcinema/featured); Cinema One Originals (https://www.youtube.com/channel/UCzggCZVkynvnjNV29L9EccA); and TBA Studios (https://www.youtube.com/channel/UChh0rmwGvToBd3owvN2vRMg).

Free online courses

Enjoy 1,500 free online courses from leading universities such as Stanford, Yale, Harvard, and more. Download the audio and video courses (from iTunes, YouTube, or university websites). Topics include archeology, art, finance, writing, law, health, religion, mathematics, and personality development. Visit http://www.openculture.com/freeonlinecourses.

Online yoga classes

YogaPlus offers daily yoga classes via Facebook live. For schedules, visit https://www.facebook.com/yogaplusph/.

Free Broadway performances online

Enjoy your favorite Broadway performances online for a limited time at https://www.broadwayhd.com/.

Virtual tours

Explore museums around the world through virtual tours: the Solomon R. Guggenheim (https://artsandculture.google.com/partner/solomon-r-guggenheim-museum?hl=en); the Smithsonian National Museum of Natural History (https://naturalhistory.si.edu/visit/virtual-tour/current-exhibits); the Louvre Museum (https://www.youvisit.com/tour/louvremuseum). View animals such as otters, penguins, turtles, and corals on live camera at https://www.montereybayaquarium.org/animals/live-cams.

How PSEi member stocks performed — April 1, 2020

Here’s a quick glance at how PSEi stocks fared on Wednesday, April 1, 2020.

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