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PSC beefing up measures heading into the new normal

ACKNOWLEDGING that local sports has been changed considerably by the coronavirus disease 2019 (COVID-19) pandemic, the Philippine Sports Commission (PSC) is working and strengthening its legs heading into the “new normal” of doing things.

Led by Chairman William Ramirez, the PSC held a board meeting online on Tuesday where it discussed measures to be taken by the body as COVID-19 continues to be a concern at the moment and moving forward.

Foremost of the measures was establishing a health and safety committee that would oversee the handling of related matters in the agency in accordance with the occupational and health safety standards for public sector issued by the Department of Health, Civil Service Commission of the Philippines and Department of Labor and Employment.

Executive Director Merly Ibay was named head of the committee, with Deputy Executive Directors Dennis Rivera and Atty. Guillermo Iroy, and Chief of Staff Marc Velasco serving as deputies.

Also tackled was the creation of a framework for the reintroduction of outdoor physical activities and sports in coordination with the DoH, something Mr. Ramirez said is important in slowly opening up things for the sporting community.

The PSC also underscored that it is committed to dispensing its duties even in these trying times, including ensuring that their budget is at par to whatever direction they are going to take and carrying out its oversight functions over grassroots programs and national sports associations.

“The whole sporting world, national sports has to change. It has to shape its direction moving forward…There has to be adjustments. We cannot be complacent and just return to what we were doing before…” said Mr. Ramirez of how things will be in the new normal brought about by COVID-19.

Meanwhile, the PSC lauded the Senate’s ratification of the bicameral report on the establishment of a National Academy for Sports early this week.

The PSC said the turn of events is a welcome development in line with the vision of shoring up sports development in the country and providing opportunities for the youth to have a career in sports.

“The Board is unanimous in saying that this is a welcome development. Anything that supports the development of sports in the country is a great boost to the country’s efforts to build a deeper grassroots sports program which feed our elite sports programs,” said Mr. Ramirez in a statement.

“The National Academy of Sports (NAS) is a welcome development in the institutionalization of sports in the Philippines. This will be an avenue for us to produce world-class Filipino athletes. Moreover, the athletes will also be academically adept while pursuing their dreams for sports excellence,” PSC Commissioner Celia Kiram, for her part, said.

The envisioned academy looks to jointly push for world-class sports training and quality secondary education for the young people of the country. — Michael Angelo S. Murillo

London mayor opposes Premier League’s June restart

BENGALURU — London Mayor Sadiq Khan is opposed to the idea of the Premier League resuming in the capital next month while the COVID-19 pandemic continues to cause hundreds of deaths in the UK each day, a spokesperson for the mayor’s office has said.

The possibility of a restart next month was given a boost when the government said elite sport could return behind closed doors after June 1.

“Sadiq is extremely keen for the Premier League and professional sport in general to resume,” the spokesperson told the Evening Standard.

“However, with the country still in the grips of this crisis, and hundreds of people dying every day, he believes that it is too early to be discussing the resumption of the Premier League and top-flight sport in the capital.”

Five Premier League clubs are based in London — including Arsenal, Chelsea and Tottenham Hotspur.

“As a Liverpool fan, Sadiq of course wants the Premier League to return,” the spokesperson added. “But it can only happen when it is safe to do so, and it cannot place any extra burden on the NHS and emergency services.”

Liverpool leads the league with nine rounds remaining and needs only six points to seal the title.

An official protocol sent to Premier League players and managers outlining conditions for returning to training said pitches, corner flags, cones and goal posts would have to be disinfected after each session.

Players will be tested twice per week for the virus and take a daily temperature check, while they will also be forbidden from congregating together or travelling to or from training with teammates.

The United Kingdom is the worst-affected country in Europe with over 32,000 deaths reported due to the new coronavirus while there are more than 223,000 confirmed cases. — Reuters

Tests await players as PGA Tour prepares for return

TORONTO — Golfers and caddies returning to the PGA Tour next month will face a battery of tests and safety measures as they adjust to tournament golf in the era of novel coronavirus.

Golf Channel said on Tuesday it had seen the 37-page health and safety document being sent to players as the PGA Tour, shut down since mid-March by the COVID-19 pandemic, prepares for a June 11-14 return at the Charles Schwab Challenge in Fort Worth, Texas.

Players can expect a “layered testing approach” according to Golf Channel, which will start at their homes. They will receive a pre-travel screening test and be tested again on arrival at the tournament.

Testing will be required as a condition of competition.

Anyone testing positive will be removed from the competition and self-isolated for at least 10 days. A player who tests positive after making the cut at an event will receive last place earnings.

Players, caddies and tournament officials will be kept inside a tournament bubble at one or two hotels and a charter plane will take them to the next tournament to limit possible exposure.

Everybody must be tested again before boarding the charter.

Golfers are also encouraged to perform many of the tasks left for their caddies, such as selecting and replacing clubs or whatever they need from the bag.

“I don’t know what even to expect,” Brooks Koepka, winner of four majors, told Golf Channel. “I am assuming no fans, that’s been said, but I am kind of in the dark. I don’t know too much about it.

“Whatever restrictions they put on, I am going to be in the first three events, so whatever I need to do to play those three events I am going to make sure I do.”

In addition to the Charles Schwab Challenge the tournaments set to be held without fans are the RBC Heritage (June 18-21) in Hilton Head, South Carolina, the Travelers Championship (June 25-28) in Cromwell, Connecticut, and the Rocket Mortgage Classic (July 2-5) in Detroit.

The first tournament tentatively preparing for spectators is the July 6-12 John Deere Classic in Silvis, Illinois, followed by the Memorial. — Reuters

Globe employees volunteer as customer service reps during crisis

In a pandemic, how can a company continuously serve its millions of customers with the closure of Business Process Outsourcing (BPO) companies and other vendor partners? The answer is malasakit and volunteerism.

Globe put into action an employee volunteer program to  fill the void caused by the temporary shutdown of its outsourcing partners when the enhanced community quarantine took effect in Metro Manila last March 16.

The employees, belonging to different teams in Globe, were reskilled and trained to properly handle back office requirements and after sales support.  Some were tasked with responding to customer concerns sent through private chats and public posts on Globe’s official social media channels while a group was  assigned to process requests for broadband service, among others.

Jenny Kho-Villon, an employee volunteer, makes use of her experience as Retail Manager of  the Globe Store in J.Center Mall Mandaue City to perform her new role effectively.  “It’s a good thing I am from the Store as I have the background on how to do this. Also, Globe made sure that we undergo training prior to giving us applications to encode,” she said.

Although the current number of volunteer employees only represents a fraction of the company’s regular manpower requirement, the team works untiringly to deliver the necessary services.

“I welcomed the task. Before the ECQ, I had installed all the web tools required to work from home. I applied the agile mentality, made mistakes early and adapted quickly to become an expert encoder so I can help others by sharing my best practices,” said 39-year old Rainer del Rosario, an analyst for Customer Service Management Operations. “We were needed due to the backlogs so I made extra effort to give back to Globe for all the blessings I received.”

Jennifer Anne M. Misa, a Globe Assistant Retail Manager who has been with the company for 17 years, said:  “ I took on this job because I really wanted to help after I found out that there were a lot of pending wireline applications.  I saw this as an opportunity to give back, make good use of my time by using my stock knowledge in a productive way.  What was most rewarding is that this experience gave me a sense of fulfillment knowing that I was able to help other groups in the organization.”

Training employees as backup for different  business functions  is  part of the company’s business continuity plan in case unexpected events such as a pandemic occur.

“Knowing that telecommunications is an essential service especially at this time, we can’t afford not to be there for our customers.  We want to ensure that our customers are continued to be cared for by providing them with connectivity and by responding to their other needs.  We are thankful to our employees who selflessly offered their time and effort to keep our after sales services running despite the difficult situation that we are all in,” said Rebecca Eclipse, Globe Chief Customer Experience Officer.

Globe, for its part,  keeps the employees safe through various health protocols it is implementing and makes sure that employees have unlimited access to licensed doctors for medical advice and information.

Meanwhile, Globe encourages its customers to use self-service apps such as GlobeOne (https://www.globe.com.ph/apps-content/globeone.html) and TM App to keep track of data usage, pay bills, and subscribe to promos; Globe At Home https://www.globe.com.ph/apps-content/globe-at-home.html) for all account-related concerns; and GCash App (https://www.gcash.com/) to buy load, pay bills, send money, and book movies, among others.

 

Phase 1, 3rd Leg of BUSINESSWORLD INSIGHTS: COVID-19 and the Philippine Stock Market

As economies are put to a halt due to the COVID-19 pandemic, global markets and investments took a deep dive. Is there a silver lining ahead for the Philippine stock market?

Learn that and more at the third leg of the phase 1 of BUSINESSWORLD INSIGHTS: An Online Forum Series with the theme, “COVID-19 and the Philippine Stock Market: Uncertainties and Opportunities”, with Ramon Monzon, Philippine Stock Exchange Inc. president and CEO; April Lynn Tan, COL Financial VP and head of research; and Japhet Louis Tantiangco, Philstocks Financial, Inc. senior research analyst, moderated by Leo Uy, BusinessWorld research head.

#BUSINESSWORLDINSIGHTS is made possible by SM, Megaworld, Globe, PayMaya, National Home Mortgage Finance Corporation, Olern, and The Philippine STAR with the support of Management Association of the Philippines, Philippine Chamber of Commerce and Industry, Philippine Association of National Advertisers, Bank Marketing Association of the Philippines and CFA Society Philippines.

NASA, partners launch virtual hackathon to develop COVID-19 solutions

The U.S. space agency National Aeronautics Space Administration (NASA), European Space Agency (ESA), and Japan Aerospace Exploration Agency (JAXA) are inviting coders, entrepreneurs, scientists, designers, storytellers, makers, builders, artists, and technologists to participate in a virtual hackathon May 30-31 dedicated to putting open data to work in developing solutions to issues related to the COVID-19 pandemic.

Since the start of the global outbreak, Earth science specialists from each agency have been exploring ways to use unique Earth observation data to aid understanding of the interplay of the Earth system – on global to local scales – with aspects of the COVID-19 outbreak, including, potentially, our ability to combat it. The hackathon will also examine the human and economic response to the virus.

During the global Space Apps COVID-19 Challenge, participants from around the world will create virtual teams that – during a 48-hour period – will use Earth observation data to propose solutions to COVID-19-related challenges ranging from studying the coronavirus that causes COVID-19 and its spread to the impact the disease is having on the Earth system. Registration for this challenge opens in mid-May.

“There’s a tremendous need for our collective ingenuity right now,” said Thomas Zurbuchen, associate administrator for NASA’s Science Mission Directorate. “I can’t imagine a more worthy focus than COVID-19 on which to direct the energy and enthusiasm from around the world with the Space Apps Challenge that always generates such amazing solutions.”

The COVID-19 Challenge will be the program’s first global virtual hackathon. Space Apps 2019 included more than 29,000 participants at 225 events in 71 countries, developing more than 2,000 hackathon solutions over the course of one weekend.

Since 2016, many Filipinos have participated in this annual hackathon. Recently, a dengue mapping forecasting system was developed by data scientists from CirroLytix using satellite and climate data with the goal of addressing the sustainable development goals of the United Nations. This web application, called Project AEDES won globally for the best use of data. “Earth observation data has the potential to be used in fighting epidemics and outbreaks threatening humanity nowadays, as well as to analyze its socio-economic impact,” according to software developer Michael Lance M. Domagas, who led the Philippine hackathon in collaboration with De La Salle University, PLDT, Department of Science and Technology, United Nations Development Programme, and the U.S. embassy.

The very first Philippine winner used citizen science and environmental data to develop a smartphone application informing fishermen the right time to catch fish. ISDApp is currently being incubated at Animo Labs.

Space Apps is a NASA-led initiative organized globally in collaboration with Booz Allen Hamilton, Mindgrub and SecondMuse. The next annual Space Apps Challenge is scheduled for October 2-4.

Registration opens May 12. You can learn more about the event here.

Positioning the real estate industry for a post-pandemic world

By Bjorn Biel M. Beltran
Special Features Assistant Editor, BusinessWorld

The coronavirus pandemic has all but stopped the property industry in its tracks. For the past few months, real estate has essentially become a waiting game for both investors and developers as the nationwide quarantine put a stop to the growth of businesses everywhere.

Analysts at the property consultancy firm Colliers International predicted in an online webinar that land values in Metro Manila will drop by as much as 15% by end of the year, as rents and selling prices decline due to the pandemic, even in the country’s busiest business districts.

“For the first quarter of 2020, we’re seeing a 5-15% reduction in land values. We see this for the likes of Makati CBD, Fort Bonifacio, and the Manila Bay area,” Colliers Philippines Research Manager Joey Roi H. Bondoc said.

According to Colliers data, the Makati central business district is projected to see a 10% drop in land value to P773,000 per square meter (sq.m.) by the fourth quarter. Land values in Fort Bonifacio are also expected to decline 10% to P745,000 per sq.m.; in Manila Bay area by 15% to P332,000 per sq. m.; and in Ortigas Center by 5% to P337,000 per sq. m.

Contractions are expected to reverberate across the different real estate segments, from office space to retail, at least until 2021 or 2022. Colliers sees higher office vacancy in 2020 due to a slowdown in leasing activities following the adverse impacts of the pandemic and lockdown in Luzon.

Residential demand in the metro is also expected to soften this year due to the impact of the COVID-19 pandemic, with the only hope of recovery contingent on the successful containment of the virus within the first half of the year.

Meanwhile, retail demand faces the challenge of a marked slowdown of the country’s economy, erosion of consumer confidence as well as implementation of physical distancing measures post-pandemic.

Adapting to a post-pandemic world

To mitigate the impact of COVID-19, Dom Fredrick Andaya, Colliers Philippines director for office services, suggested that real estate developers take small, incremental steps to better position their businesses post-pandemic.

“We need to take incremental decisions during this period. Information, in terms of what’s going to happen or what the returns will be, will not be available. But we need to make decisions,” he said.

“By taking incremental actions during this period, we might see a rebound sooner rather than later. And we would avoid worst-case scenarios.”

Opportunities could lie in catering to the business process outsourcing industry, he added, as foreign companies take advantage of the lower costs of outsourcing to kickstart their operations abroad after the pandemic.

“BPOs thrive because of cost pressures. And because of COVID, doing business will even become more expensive. That’s applicable globally,” he said.

“Of course, there are technology solutions to address cost pressures, but outsourcing remains to be an effective way of addressing those cost pressures. Demand has slowed down, but we would see another surge of outsourcing eventually in the next several months, similar to what happened in the past.”

Richard Raymundo, Colliers Philippines managing director, also noted that the pandemic could also fast-track foreign investors’ plans to establish offices outside Metro Manila to create better resilience in their operations in the future.

“[Investors] want to have an office in the north and one in the south so that if something happens like this, their workforce is geographically diverse. It won’t be difficult for them to adjust. That could be one interesting trend that we’re gonna see after this,” he said.

Metro Manila lockdown extended

By Gillian M. Cortez and Jenina P. Ibañez
Reporters

THE government is keeping Metro Manila and two other areas under lockdown until the end of May, although some businesses will be allowed to resume partial operations.

Presidential Spokesperson Harry L. Roque said the modified enhanced community quarantine (ECQ) will be implemented in the National Capital Region, Laguna province and Cebu City from May 16 to 31.

In a televised briefing, Mr. Roque admitted the lockdown had a big impact on curbing the number of coronavirus disease 2019 (COVID-19) cases, but hurt the economy.

“Limitado ang government resources kaya kinakailangan natin na mag-generate ng resources para sa pang matagalang laban sa COVID… Sa hinaharap, kung walang economic interventions, ang mga kakalabasan ay mas makakadulot ng pinsala kaysa sa epekto ng COVID (Government resources are limited so we need to generate resources in the long-term fight against COVID… In the future, without economic interventions, the result would be worse than the effects of COVID),” Mr. Roque said in a televised briefing.

Metro Manila continues to be the epicenter of the country’s COVID-19 outbreak, accounting for more than half of the over 11,000 cases.

As of Tuesday, total deaths from COVID-19 reached 751, while confirmed infections stood at 11,350 and recoveries at 2,106.

Under a modified ECQ, selected manufacturing and processing plants will be allowed to operate with up to 50% of their workforce. Mr. Roque said the list of specific industries that will be allowed to operate will be released on Wednesday.

“Bubuksan natin unti-unti ang ating ekonomiya (We are gradually opening our economy),” he said.

Movement of people under the modified ECQ will be limited to work and obtaining essential services within the area. Limited transportation is also allowed for essential services and goods, while physical classes at schools remain suspended.

In mid-March, the government placed Luzon, which accounts for over 70% of GDP, under an ECQ that halted nearly all economic activity and domestic consumption.

GDP contracted by 0.2% in the first quarter, ending 21 years of uninterrupted growth. The Philippine economy is facing a recession as the second quarter is expected to be worse.

In a taped address aired on Tuesday morning, National Task Force COVID-19 chief implementer Carlito G. Galvez, Jr. said the Philippine economy cannot handle another total lockdown.

“The government, however, cannot endure the ECQ for an extended period of time as its resources are very limited. Hence, it has to balance between health and economy,” Mr. Galvez said.

The government also announced that eight “low-risk” regions will no longer be under community quarantine starting May 16. These include: Region 1 (Ilocos Norte, Ilocos Sur, La Union, Pangasinan,and Dagupan City); Region 4-B (Marinduque, Occidental Mindoro, Oriental Mindoro, Romblon, Palawan, and Puerto Princesa City); Region 5 (Albay, Camarines Norte, Camarines Sur, Catanduanes, Masbate, Sorsogon, Legazpi City, and Naga City); Region 6 (Aklan, Antique, Capiz, Guimaras, Iloilo, Negros Occidental, Iloilo City, and Bacolod City); Region 8 (Biliran, Eastern Samar, Leyte, Northern Samar, Western Samar, Southern Leyte, Ormoc City and Tacloban City); Region 10 (Bukidnon, Camiguin, Lanao Del Norte, Misamis Occidental, Misamis Oriental, Cagayan De Oro City); Region 12 (North Cotabato, South Cotabato, Sarangani, Sultan Kudarat, General Santos City) and BARMM (Basilan, Lanao Del Sur, Maguindanao, Sulu, Tawi-Tawi, Cotabato City).

Another eight “moderate-risk” regions were placed under a general community quarantine until May 31. These include: Cordillera Administrative Region (Abra, Apayao, Benguet, Ifugao, Kalinga, Mountain Province, Baguio City); Region 2 (Batanes, Cagayan, Isabela, Nueva Vizcaya, Quirino, Santiago City); Region 3 (Aurora, Bataan, Bulacan, Nueva Ecija, Pampanga, Tarlac, Zambales, Angeles City, Olongapo City); Region 4-A (Cavite, Quezon, Rizal, Batangas, Lucena City); Region 7 (Bohol, Cebu Province, Negros Oriental, Siquijor, Mandaue City, Lapu-Lapu City); Region 9 (Zamboanga Del Norte, Zamboanga Del Sur, Zamboanga Sibugay, Zamboanga City, Isabela City); Region 11 (Davao City, Davao De Oro, Davao Del Norte, Davao Del Sur, Davao Occidental, Davao Oriental); and Region 13 (Agusan Del Norte, Agusan Del Sur, Dinagat Island, Surigao Del Norte, Surigao Del Sur and Butuan City).

Finance Secretary Carlos G. Dominguez III stressed the need to ramp up the “Build, Build, Build” program to boost domestic consumption and stimulate the economy.

In a taped briefing, Mr. Dominguez also proposed the mass hiring of contact tracers to help the government’s efforts to curb the local transmission of COVID-19. This after the government reported around 1.2 million to 1.5 million Filipinos lost their jobs temporarily during the ECQ.

“We need to hire enough contact tracers to match the numbers we expect that will come with more testing,” he said.

MASS TESTING NOW
Business groups welcomed the government’s move to ease lockdown measures, but said there needs to be improvements in mass testing for the COVID-19 virus.

Employers Confederation of the Philippines President (ECoP) President Sergio R. Ortiz-Luis, Jr. in a phone interview said the modified lockdown means more people will be able to go to work, but “the problem there is I don’t know how they will implement.”

Mr. Ortiz-Luis urged the government to be more efficient in issuing passes and ensure transportation for workers. He expressed concern that the restrictions in movement would mean companies will prioritize hiring for workers who live close to or are able to go to the office.

“Pagbutihin ’yung testing nila. Pagbutihin ’yung putting up quarantine centers. Para slowly makasama ’yung mga tao sa first wave ng work (Improve their testing. Improve putting up quarantine centers, so that slowly people can join the first wave of work),” he said.

Pending further study of the decision and consultation with members, Joint Foreign Chambers of Commerce of the Philippines (JFC) Senior Adviser John Forbes said they are ready for more relaxed rules to enable economic recovery to start.

“But the low level of testing and tracing gives us pause about the risks of ending the lockdown,” he said in a mobile message on Tuesday.

Trade Secretary Ramon M. Lopez said “low risk and high economic impact in terms of jobs” will be allowed to operate during the modified ECQ.

In a message to reporters, he said these industries include construction and labor intensive manufacturing services.

“(Reopening) will be done in phases, while in modified ECQ. As they transition to GCQ (general community quarantine),” he said.

“Those products just for deliveries under ECQ, because of the nature and number of retail store operations, are examples of items that may be gradually opened in the transition.”

Previously, only critical industries such as food preparation, banks, utilities, supermarkets, logistics, and health companies were allowed to operate under ECQ. Outsourcing and export industries were allowed to have some operations, as long as companies provided transportation and accommodations.

DoF proposes revisions to CITIRA bill

THE Department of Finance (DoF) is proposing to give the President the power to grant “tailor-fit” incentives to investors under the Corporate Income Tax and Incentives Rationalization Act (CITIRA) bill, which is still pending at the Senate.

Finance Secretary Carlos G. Dominguez III said giving more “flexibility” to grant incentives under the CITIRA bill will attract investors to relocate their businesses in the Philippines, which will create jobs and spur economic growth.

“Enhancements under a more COVID-19-responsive version of the bill could include the power of the President, upon recommendation of the Fiscal Incentives Review Board (FIRB), to grant a mix of incentives that better suit an investor’s unique needs,” Mr. Dominguez said in a Viber message to reporters on Tuesday.

Legislators are looking to revise the CITIRA bill, which is currently pending second reading approval at the Senate, to address the disruptions caused by the coronavirus crisis.

Under the current CITIRA bill, Mr. Dominguez said the President is given the authority to extend the duration of incentives, upon FIRB’s recommendation.

“Flexibility refers to mechanisms that will allow the government to tailor-fit incentives — fiscal and non-fiscal — to specific investors whose relocation to the Philippines can yield significant economic returns for the country,” he said.

Currently, Mr. Dominguez said the structure of the country’s incentive scheme offers “limited room” for negotiations compared to neighboring countries.

“Our menu of incentives should not be a one-size-fits-all approach,” he said. “There are potential investments that are uniquely deserving of incentives for reasons that serve the public interest, but their needs do not fit the kind of incentives specified in our laws.”

BEST EFFORT
Despite Mr. Dominguez’s push to have the CITIRA approved by June 3, senators remain divided on the measure that would lower corporate income tax (CIT) and streamline incentives.

“We will give it our best effort,” Senate President Vicente C. Sotto III said in a phone message sent to reporters on Tuesday.

Mr. Dominguez appealed to the Senate to pass the proposed CITIRA before the regular session closes on June 3.

Senate Majority Leader Juan Miguel F. Zubiri said the chamber will hold a caucus after Tuesday’s session to discuss concerns surrounding CITIRA.

Senator Grace S. Poe-Llamanzares does not want to change the incentives system at a time when the world is facing the coronavirus crisis.

“Nag-aalinlangan ako sa CITIRA, now that we are experiencing this shift in doing business. A lot of countries would be affected economically and a lot of them, for survival, will think of the most cost efficient way of running their business,” Ms. Poe-Llamanzares said in a virtual briefing, Tuesday.

“With CITIRA, we are actually taking out the benefits, exemptions or incentives for these companies… it will be hard for us to catch those investments,” she added.

Senate Bill No. 1375 aims to gradually lower the CIT to 20% from 30%. It has been certified as urgent by Malacañang, which would allow the Senate to do away with the three-day interval between second and third reading.

Albay Rep. Jose Ma. Clemente S. Salceda, who chairs the House Ways and Means Committee, said he is coordinating with the Senate and the economic managers to tackle amendments that will make the CITIRA more responsive to the COVID-19 crisis.

“As a matter of strategy, we await the Senate version and introduce these COVID provisions in the bicam,” he said in a phone message sent to reporters. — Beatrice M. Laforga and Charmaine A. Tadalan

PHL economy to contract by 2% this year — Moody’s

MOODY’S Investors Service now expects the country’s gross domestic product (GDP) to contract by as much as 2% this year, as the coronavirus outbreak continues to wreak havoc on the economy.

“The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and financial market turmoil are creating a severe and extensive economic and financial shock,” Moody’s said in a credit opinion sent to reporters on May 12.

If realized, the -2% GDP would be the country’s first full-year economic contraction since 1998.

Moody’s had previously forecast 2.5% economic growth in April, much lower compared to the 6.2% baseline forecast it gave last year.

“As the ECQ (enhanced community quarantine) will encompass much of the second quarter, we expect high-frequency data to continue to deteriorate despite the implementation of countercyclical policy stimulus, including handouts to vulnerable, low-income households,” Moody’s said.

In an e-mail, Christian de Guzman, senior vice-president at the Sovereign Risk Group of Moody’s, said the forecast was downgraded mainly due to the severity of the impact of the ECQ and a change in the assumed strength of recovery as some precautionary measures may be maintained.

He noted that the expected 4% decline in its G20 global growth this year “led to a more pessimistic outlook for both remittances and exports.”

GDP contracted by 0.2% in the first quarter, its first contraction since the three percent decline in the fourth quarter of 1998 during the Asian financial crisis.

After a six percent growth in 2019, the government now expects -1% or flat GDP growth this year.

“Given that we now expect the ECQ to last through most, if not all, of the second quarter, we are looking at an even larger contraction through the middle of the year,” Mr. De Guzman said.

The Philippine government on Tuesday announced the extension of a lockdown of Metro Manila, Laguna province and Cebu City until end-May, although some restrictions will be eased.

“Some of the key risks include the containment of the coronavirus outbreak itself, not just in the Philippines but also globally; an inability to contain the outbreak could lead to an even more prolonged imposition of measures that will weigh on economic activity,” he said.

Despite the headwinds, Mr. De Guzman noted that the country has the fiscal space to cushion the blow of the economic fallout of the pandemic.

Meanwhile, Moody’s has upgraded its 2021 growth forecast for the Philippines to 6.4% from a previous forecast of six percent, under assumptions of normalization of economic conditions.

“The removal of restrictions on movement will benefit consumption, allow people to return to work and alleviate the disruptions to the government’s infrastructure program,” Mr. De Guzman said, noting that they also do not see industries such as travel and tourism to go back to their pre-outbreak levels of activity by 2021.

Meanwhile, Moody’s has maintained its “Baa2” rating for the country, which is a notch above minimum investment grade. It has likewise kept the country’s outlook at “stable.”

In its credit opinion, Moody’s said the country’s credit strengths lie in its sustained growth fueled by favorable demographics, moderate government debt levels, as well as its stable and resilient banking system.

“Moody’s expects the Philippines’ real GDP growth to remain robust relative to peers and that its fiscal metrics will continue to strengthen as the government continues to make progress on its socioeconomic reform agenda, particularly on tax reform,” it said.

“However, the global coronavirus outbreak threatens the Philippines through a number of channels, including trade, supply chain linkages, investment, remittances and tourism, while stringent containment measures will also sharply curtail domestic demand. In addition, the combination of lower revenue resulting from weaker economic growth and higher spending to mitigate its impact will lead to wider government deficits and higher debt.” — Luz Wendy T. Noble

Salcedo opens an online exhibition

WHILE museums and art galleries remain closed, and gatherings for art events are still prohibited, enjoying — and purchasing — art continues online.

Salcedo Auctions launched its first online gallery with the exhibition titled A/NEW: Recent Works by Allain Hablo, Rodin Fernandez, and Von Ng on its official website (salcedoauctions.com). It held an online vernissage for the online gallery and exhibit on Zoom on May 9, with the two of the three featured artists, the Salcedo Auction staff, guests (some of whom deactivated their video), and the press present.

A/NEW features 12 acrylic on canvas works from abstract artist Allain Hablo’s Kintsugi series; eight geometric wood sculptures by architect and visual artist Rodin Fernandez; and six acrylic on canvas works by expatriate artist Von Ng.

Allain Hablo entered the art scene as a finalist at the Shell National Student Arts Competition in 1991. For the Salcedo exhibit, Mr. Hablo’s 12 works reflect the Japanese art of kintsugi in which broken pottery is repaired with lacquer and a precious metal. The artist uses earth and amethyst hues accented with gold mimicking a lighting flash.

Ten years after taking over his father’s Architectural Design Studio, Honrado “Rodin” Fernandez, Jr. experimented with old materials and tools for his sculptures. For this exhibit, Mr. Fernandez crafted cubes made from narra, acacia, and mahogany. The wood he worked on, he said, were pieces that were just lying around his house.

“In this series, I have set physical limits for myself. Starting with cubes that may look identical on the outside, but are actually made from different varieties of wood and cut from different parts of the tree, each cube has its own unique set of grains similar to the human fingerprint,” Mr. Hernandez wrote in his artist’s statement.

In the exhibit, visitors can get a 360 degree view of each wood cubes by clicking on the media button on the upper right corner.

Currently based in Beijing, Von Ng studied Architecture and Industrial Design but shifted to pursuing abstract art. For this exhibit, he showcases six post-apocalyptic inspired abstracts.

“Growing up, I was always into science fiction. I was always drawn to that certain aesthetic. When I did art, it always had something to do with that aesthetic… I was also drawn into what [the image] looks like when it has decayed,” Mr. Ng said during the online vernissage. “That’s what I wanted to capture.”

“In more recent years, my fascination with the aesthetic of post-apocalyptic imagery has had a strong impact on my work,” Mr. Ng wrote in his artist’s statement. “This tension and interplay informs my work and my art-making process, as the narratives of hope from destruction, order from chaos, and rebirth from the wreckage play out on the canvas.”

THE VIRTUAL GALLERY
Similar to the online viewing rooms of recent international art fairs, Salcedo Auction’s online gallery can be navigated through a virtual space where the artworks are displayed. Visitors may select a work and zoom in for a detailed view. Instructions for navigation are found at the bottom of the gallery space. On the upper right corner is an information bar with the artwork’s price. It also includes an inquiry button.

“You’ve seen a lot of people mentioning viewing rooms that would be the default venue for seeing art nowadays. We did a bit of exploring to find a [platform] that was not just aesthetically delightful but was easy to navigate,” Salcedo Auctions director Richie Lerma said.

“We will continue to utilize it even when [quarantine] restrictions are lifted,” Mr. Lerma added. “When we are allowed to have our physical space operating and gathering people, we will certainly do that. But, at the same time, for those who are unable to [go] or are not comfortable [going out] just yet, we have our virtual space as well.”

The online exhibition runs until May 22.

Meanwhile, Salcedo Auctions’ subsidiary Gavel&Block will hold an online auction on May 23, 2 p.m., on its official website. A portion of the proceeds from the A/NEW exhibit and the Gavel&Block online auction will go to feeding programs of the hunger relief organization Rise Against Hunger (RAH) Philippines.

For more information, visit salcedoauctions.com or contact 0917-825-7449, 0917-107-5581. — Michelle Anne P. Soliman

WFH during the ECQ: LPC’s Lylah Fronda-Ledonio and Phillip Añonuevo

WITH enhanced community quarantine (ECQ) in Metro Manila nearing the 60-day mark, Leechiu Property Consultants (LPC) executive directors for commercial leasing Lylah Fronda-Ledonio and Phillip Añonuevo now have their work-from-home (WFH) routines down pat.

Ms. Fronda-Ledonio starts her day by preparing breakfast for herself and her husband at 8 a.m., squeezing in a YouTube workout before beginning work at around 9:30 a.m.

“I think I have shorter hours now compared to before. Unlike now, I used to have several consultations from my team, which eats up a lot of my time. With this WFH, consultations became fewer. I can focus on my tasks and finish on time,” she said in an e-mailed reply to BusinessWorld questions.

Mr. Añonuevo, who usually had to meet clients and colleagues face-to-face, initially thought his productivity would go down as a result of the WFH set-up.

“I find that I can do the same amount of work while at home and to some extent more work can be done since I don’t have to go through two hours of traffic every day. What hampers productivity is our inability to meet with clients and show them buildings and properties, which is an essential part of the type of work that we do,” he said.

While the WFH set-up has blurred the lines between office and home life, Mr. Añonuevo avoids making calls or sending work-related messages after office hours. “I usually stop calling clients at around 5:30 p.m. except for some who are used to chatting in the evening. I message colleagues up until about 8 p.m. I don’t message them often at this time knowing that they have their families and need their personal time too. It’s the same as when we weren’t in quarantine,” he said.

DESCRIBE YOUR HOME OFFICE. WHAT ARE THE THINGS YOU WISH YOUR HOME OFFICE HAD RIGHT NOW TO MAKE THINGS BETTER/MORE COMFORTABLE?
Ms. Fronda-Ledonio: Although we have several rooms in the house, I prefer working in our living room… I like [having] the TV on so I can watch the news while I work. I have two small tables. The big table is for my laptop, and the smaller table is for the remote controls for the TV, cable, ceiling fan, diffuser, and portable speaker. I wish I had a big printer beside me — also, another screen to review and compare several documents.

Mr. Añonuevo: I use one of the rooms in our house as my home office. I usually conduct business using my mobile phone and do not need a lot of space. Nonetheless, I use my personal table as my workstation. I have all that I need to work efficiently.

WHAT’S YOUR WORK-FROM-HOME ATTIRE?
Ms. Fronda-Ledonio: It depends. Sometimes, I wear shorts and a simple shirt, with light make-up and earrings. Other times I wear my comfy pajamas the whole day. For video calls, I just change my top to look more presentable.

Mr. Añonuevo: I wear casual attire at home which includes a collared shirt, especially when video calls are needed.

HOW DO YOU GET YOURSELF INTO “WORK MODE” WHILE AT HOME?
Ms. Fronda-Ledonio: Shifting to work mode is not a big issue for me since I am used to bringing my work home. I am actually enjoying it. I love it that I am working and get to cuddle my fur babies.

Mr. Añonuevo: I can shift to work mode immediately after messaging a colleague to inquire about the status of an engagement. Shifting to work mode is not a big issue for me since I like my work. One thing that I noticed is that because of the gravity of our situation, the delineation of work and personal life seems to have gone [away]. I always try to maintain a positive attitude despite the current situation but I do not deny that we are in survival mode.

ANY INTERESTING EXPERIENCES WHILE WORKING FROM HOME?
Ms. Fronda-Ledonio: I have three super active dogs, and all are Jack Russell terriers. For our internal calls, my colleagues are used to the barking of my furbabies. One time, I forgot to mute my phone while giving instructions to our helper to mince some onion and garlic for dinner.

Mr. Añonuevo: My kids would sometimes hear me talking to my colleagues. Sometimes, I would wish that they would take interest in my work, and corporate real estate, and remember these times when they are choosing their careers.

WHAT’S THE MOST IMPORTANT LESSON YOU LEARNED WHILE WORKING FROM HOME? HOW WOULD YOU APPLY THESE WHEN THINGS GET BACK TO NORMAL?
Ms. Fronda-Ledonio: Though it’s comfortable working from home for me, I do get worried for my other colleagues who could be either living alone in a condo or may need something but are unable to go out so I check on them once in a while, or I send food to their homes. After this lockdown, I’d like to continue looking more after my colleagues.

These times we are in made me see that there is so much to be grateful for: our families both from work and at home; the quietness of working from home while being with my family and furbabies and having a simple meal with my hubby; connecting with my LPC family remotely and knowing they are ok; these are everything that I am most grateful for.

Mr. Añonuevo: I found it very important to be organized and to declutter my desk and files. One can achieve finishing tasks on time with focus. With this work ethic, the day actually goes by quickly.

WHAT WILL YOU MISS THE MOST WHEN YOU GO BACK TO THE OFFICE AFTER THE ECQ ENDS?
Ms. Fronda-Ledonio: I will miss the comfort of my home, my rest time in the afternoon, watching Korean dramas and other series on Netflix and Amazon Prime, my daily cooking adventures and, of course, cuddle time with my furbabies 24/7.

Mr. Añonuevo: I will miss not having to go through two hours of traffic to get to the office every day. I will miss the quality time spent with family of course. But I long to go back to normal work life. — Cathy Rose A. Garcia

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