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LANDBANK rolls out LGU loan program

STATE-RUN Land Bank of the Philippines (LANDBANK) is rolling out a lending program worth P10 billion for local government units (LGUs) to provide them with emergency funding to respond to the coronavirus disease 2019 (COVID-19).

In a press release yesterday, LANDBANK said it allocated P10 billion for its Help via Emergency Loan Assistance for LGUs (HEAL) Program.

The loans carry a fixed interest rate of five percent payable in a maximum of five years, with a one-year grace period for the principal amount.

The bank said both client and non-client provincial, city, and municipal governments can avail of the loan.

“The HEAL Program is LANDBANK’s way of supporting our LGUs deliver immediate health services, food, and basic commodities to their constituents during this crisis,” LANDBANK President and CEO Cecilia C. Borromeo was quoted as saying.

Republic Act No. 11469 or the Bayanihan to Heal as One Act mandates financial institutions to provide “credit to productive sectors of the economy” with lower interest rates.

“Our LGUs are at the forefront of this adversity, and as our partners in development, we will continue to finance their recovery and rehabilitation needs,” Ms. Borromeo said.

President Rodrigo R. Duterte imposed a month-long enhanced community quarantine throughout Luzon to arrest the spread of the virus which infected more than 2,300 and killed 96 as of Wednesday.

LANDBANK booked P18.51 billion in net earnings in 2019, up 29% from P15.48 billion in 2018. — B.M. Laforga

Health worker database offered for COVID-19 fight

VERIFICATION solutions provider TrueProfile.io is offering the government access to its database of verified healthcare professionals in recruiting workers to fight the spread of coronavirus disease 2019 (COVID-19).

“To respond to the growing need for healthcare professionals, TrueProfile.io will grant authorities and regulators access to its database of over 24,000 healthcare professionals and nurses from all over the world, 93% of whom are willing to be relocated to areas where demand for frontliners is highest. Employers can source verified medical workers online through TrueProfile.io Recruiting, which can be accessed through TrueProfile.io’s website,” TrueProfile said in a statement Thursday.

The company is part of the Dubai-based DataFlow Group, which specializes in verification solutions.

TrueProfile enlists healthcare professionals for free. Members also receive discounted verification packages from the company.

“(This will) enable them to authorize their credentials and move to crucial response areas sooner. In line with its aim to reinvent modern hiring practices through verification solutions, TrueProfile.io commits itself to providing manpower to partnering countries in response to the developing pandemic,” it said.

In the Philippines, the COVID-19 alert level has been raised to code red sublevel 2, which means there has been community transmission with infections increasing.

As of March 29, nearly 700 health care workers have signed up to be assigned to three government hospitals which will exclusively treat COVID-19 patients, the Health department said in a statement.

President Rodrigo R. Duterte locked down Luzon on March 17, suspending classes and public transportation in order to contain COVID-19.

The lockdown, formally known as enhanced community quarantine, bars people from leaving their homes except to buy food, medicine and other basic goods, in a bid to slow the spread of the virus and prevent the healthcare system from being overwhelmed. — Arjay L. Balinbin

Stuff to do at home (04/03/20)

Open house new shows

The Theater Actors Guild and Ticket2Me created the online fundraising project Open House which allows the public to stream live online classes, shows, and workshops featuring some of the industry’s biggest names for free. From April 2 to 8, catch Lisa Macuja Elizalde’s ballet barre class; storytelling for kids with actresses Melody Remorca and Mikkie Bradshaw-Volante; SPIT’s COVID-Chismis show; Theater ATBP quiz night with Reb Atadero and Tanya Manalang; a voice class by Karla Gutierrez of the Philippine Opera Company; and the launch of Philstage Roundtables featuring an all-female lineup of theater directors including Menchu Lauchengco-Yulo, Jenny Jamora, Maribel Legarda, Missy Maramara, and Jose Estrella, to be moderated by ANC’s Lexi Schulze. For more information and to stream programs, visit: https://www.facebook.com/OpenHouseFundraiser. To donate, visit http://bit.ly/DonateOpenHouse. All proceeds go directly to production workers like dressers, stage managers, lighting and sound technicians, stagehands, musicians, and more through the Artists Welfare Project.

E-coloring books

The Getty Museum and the Getty Research Institute of Los Angeles offers the Color Our Collections edition for 2020. To view, visit http://library.nyam.org/colorourcollections/page/11/.

NFB animated shorts online

Watch animated short films from the National Film Board of Canada’s website at https://www.nfb.ca/animation/.

Silverlens launches Art Boost

To keep in touch with art lovers, Silverlens presents Art Boost, an online drive to maintain engagement with art through social media, exhibition catalogues, and videos. Follow Silverlens’ official social media pages for a series of #athomewith, #weeklyartwork, #trivia, and #sundayread. Visit Silverlens’ official YouTube and Vimeo for artists profiles of such notables as Gary-Ross Pastrana, and Patricia Perez Eustaquio.

Smile Train Speech Camp 2020

In light of the COVID-19 pandemic, Smile Train Philippines will be holding its Speech Camp 2020, a series of virtual speech therapy classes for cleft patients with its local experts, through Facebook (https://www.facebook.com/SpeechBySmileTrain/). It will be held on April 4 (9 a.m., 1:20 p.m.); and April 8 (9 a.m.) For more information about Smile Train’s global efforts and to donate, visit smiletrain.org. To learn more about Smile Train’s local programs in the Philippines, visit smiletrain.ph.

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 web sites). 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.

Private sector help continues in fight vs COVID-19

Big businesses in the Philippines continue to provide assistance to the public as the country fights the spread of the coronavirus disease 2019 (COVID-19).

Lucio C. Tan’s LT Group, Inc. said yesterday it worked with Filipino fast food chain Binalot to deliver 10,000 meal packages to hospital workers in Metro Manila.

San Miguel Corp. is taking its “Manukang Bayan on Wheels” to more locations to bring fresh poultry and other refrigerated meats more accessible to those quarantined at home.

Private equity firm MFT Group and its healthcare arm Mondial Medical Technologies are donating emergency quarantine facilities to three state-run hospitals: Philippine Heart Center, Fernando Air Base Hospital and Ospital ng Maynila. These are expected to help them accommodate more patients than be forced to send home persons under monitoring or investigation.

The Aboitiz Group has tapped on-demand logistics firm Lalamove to directly send its donations to frontliners. This includes the P24.8 million-worth of COVID-19 assistance that the company is giving to hospitals and communities across the country.

Healthcare organization Zuellig Family Foundation is allocating P100 million for COVID-19 donations. Some P40 million will be used to buy ventilators and personal protective equipment for public hospitals, and P60 million will go to the Philippine Disaster for Resilience Foundation.

Aseana City developer D.M. Wenceslao and Associates, Inc. is setting aside P100 million as an emergency fund to support its employees and retail tenants.

The new initiatives to help health workers and the public come as the Health Department continues to report rising cases of COVID-19 in the Philippines. Confirmed cases as of Thursday afternoon stood at 2,633, with 107 deaths and 51 recoveries.

Luzon is under quarantine until April 13 to mitigate the spread of the virus. — Denise A. Valdez

Managing a demotivated workforce after the COVID-19 lockdown

We can’t pay the full salaries and benefits of our employees during the Enhanced Community Quarantine unlike major corporations. We applied for a government subsidy and we’re still waiting for its release. This has affected 85% of our workforce. The other 15% were paid their usual compensation because the nature of their tasks allow them to work from home. I’m worried about the repercussions of this. It looks like there’s a storm brewing out there that could adversely affect the motivation of our people. How would you propose to handle our demotivated workforce as soon as they report for work? — Very Anxious.

COVID-19, which originated in China, has brought us many great challenges that are difficult to foresee and overcome. Whether the pandemic is caused by man or by nature is not important today. It’s not the right time to blame one another. Therefore, it’s better to think of solutions that are within our capacity carry out. What’s important is for us to remain positive, no matter how often we’ve heard that before.

In a documentary called “Lightning: Nature Strikes Back,” BBC examines the magnificent power of lightning — “one of nature’s great enigmas” that man is trying to understand if only to unlock its mysteries. The same thing could be happening to COVID-19, which according to writer Niklas Goke can show us the “beauty in the pandemic.”

Goke’s argument lines up with Confucius, who said: “Everything has beauty, but not everyone can see it.” This philosophy can be best understood by expressing it in terms we’re familiar with — beauty is in the eye of the beholder. There’s no other option but for us to remain optimistic for the future. And to discover the hidden opportunities out there.

PROACTIVE WORKPLACE COMMUNICATION
Coming out of a pandemic lockdown is no easy task, especially for ordinary workers. In fact, things could be much worse if not handled properly by management, which has the greater responsibility for reducing, if not totally eliminating the destructive impact of the lockdown. There’s no other way but to get things back to normal — the sooner, the better. In doing this, I’m offering some basic approaches that you can explore:

One, treat all employees with dignity and respect. You can’t afford to ignore this with or without a crisis. However, at times, some managers use the crisis as a license to terminate employees. This is counter-intuitive. Even if management dismisses some employees, there will be a long-lasting negative effect on the survivors’ morale.

Two, hold a town hall meeting to welcome back the workers. Request top management to be present in presenting the future plans of the organization. Encourage workers to ask questions. Give answers that are easy to understand, not plain motherhood reassurances. Plan the meeting ahead of time by informing all workers via text or email, shortly before the end of the lockdown period.

Three, share the facts about the company’s financial status. Hiding it from the workers will do no good. Sure, the lockdown may have brought considerable losses to the organization. But without any figures, the people will not know how it affects them. It’s much better if managers volunteer to reduce their salaries by a certain percentage, if only to emphasize their own “sacrifices.”

Four, summarize the key points of the town hall meeting. Disseminate the information, including the answers to the questions posed by the workers. It’s possible that your top management may not have fully clarified some issues. If management is not ready with the answers, emphasize that it is pursuing the matter. Whatever happens, don’t give any false expectations.

Five, start or restart all employee communication programs. A town hall meeting is not the only approach management can take. There are many equally important strategies as well. This include the suggestion system, quality circles, labor-management consultation, kaizen teams, and many more. However, all of these can’t be done by top management without the active involvement of all workers and their managers working hand-in-hand.

Last, train all people managers to be inspirational speakers. Zig Ziglar was right: “Motivating people is like taking a bath. We need it every day.” This is one argument why we don’t need external motivational speakers to inspire our workers once a year. But before management can do that, it must do the same thing with its own line supervising executives. If they’re not fully motivated, then how can they motivate their own people?

MANAGERS AS GOOD LISTENERS
Proactive, two-way communication is the core of building, developing, and maintaining employee satisfaction with the organization that they work for. Now is the best time to see the “beauty of the pandemic.” There’s no better way but to restart everything with a renewed hope that all organizations, with both labor and management actively cooperating with one another, can make a difference.

Now is the time for management to rethink its plan to jumpstart the company’s employee communication program. After the COVID-19 lockdown, here’s no other way but for management to initiate talking with and listening to its employees. It doesn’t mean, however that people managers do it on autopilot. Listening half-heartedly can convey the wrong impression to people.

Also, listening to people doesn’t mean agreeing with them. What’s important is for managers to be actively aware of what’s happening around them and be attuned to the pulse of the workers.

ELBONOMICS: Everyone is beautiful. The challenge is how to see it in every person.

 

Send anonymous questions to elbonomics@gmail.com or via https://reyelbo.consulting

Small business relief amidst COVID-19

More than any other time in the history of the world, small businesses will need the support of the government. In general, most small businesses are enterprises that survive on recent sales in order to move forward as an ongoing concern. The business model depends on recurring transactions. With the lockdown in place, and people prohibited from moving about, it is the small neighborhood business that immediately suffers.

So what relief is in sight? I am familiar with the loan programs of many government financial institutions (GFIs) and frankly, their programs will not provide the relief our small business sector needs. As I am now visiting my dear sister Maria in The US, it is worth taking a look at what they have provided.

The Small Business Administration (SBA) in response to the COVID-19 pandemic is providing small business owners in all US states, Washington DC and territories an Economic Injury Disaster Loan (EIDL) advance of up to $10,000 (approximately P510,000). The SBA’s EIDL program also provides small business with working capital loan of up to $2 million that can provide vital economic support to small business to help overcome the temporary loss of revenue that we are experiencing. The loan advance will provide economic relief to business that are currently experiencing temporary loss of revenue. Funds will be available within three days of a successful application, and this loan advance will not have to be repaid.

Note that the loan advance need not be repaid. It is important to underscore this provision. I don’t think Philippine GFIs have this “authority” to lend without the repayment. In fact many GFIs are burdened by aging bad debts which regulatory practices are preventing them from writing off. Even loans to high risk but deserving clientele are evaluated and scrutinized with a complex filter.

Further, the “SBA Debt Relief program will provide a reprieve to small business as they overcome the challenges created by the health crisis. SBA will pay the principal and interest of new loans issued prior to September 27, 2020 and will pay the principal and interest of current loan for a period of six months.” Effectively, government shoulders a part of the small business obligation.

And as our favorite advertisers would state, but wait, there’s more.

“The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by directing $349 billion towards job retention and business operating expenses. It is a direct incentive for small business to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses. If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest or utilities. Up to 100% of the loan is forgivable.”

There will be instances when the economic and social benefits will far outweigh the cost of debt forgiveness. It will take much more time and investment, for example, to create a new job than to save an existing one. And of course we should not ignore the multiplier effect of the economic activity the small business generates for the community.

The concept of forgivable loan is indeed a reassuring one. It was initially used to support the plight of those with large student loans in America. The public service loan forgiveness program was a federal program that forgive federal student loans for borrowers who are employed full time in an eligible federal, state or local public service job or nonprofit job. They must have made 120 eligible on time payments.

Apparently, the SBA likewise has been offering a Disaster Loan Forgiveness Program which allows certain individuals who have been affected by a natural disaster to get part of their SBA loan forgiven. Of course, the area must be declared a natural disaster zone.

It is difficult to expect that the Philippines will be able to afford the largesse of all these programs. However, it is still reasonable to hope that some kind of subsidy support be given to our small businesses. Subsidy has been a pejorative term to many economists in the past. But the times require drastic solutions. We don’t have to reinvent the wheel. Let us look at models elsewhere.

Policy makers should begin by empowering government financial institutions to adopt some form of debt forgiveness programs. It can even be a conditional debt forgiveness that is supported by employment retention and eventually job creation. As it is, many government programs are burdened by debt it cannot write-off and by the stringent rules of regulators. Development financial institutions must stand to really act as development agents, especially in today’s very uncertain pandemic environment.

The views expressed herein are his own and does not necessarily reflect the opinion of his office as well as FINEX.

 

Benel Dela Paz Lagua was previously Executive Vice President and Chief Development Officer at the Development Bank of the Philippines. He is an active FINEX member and a long-time advocate of risk-based lending for SMEs.

How PSEi member stocks performed — April 2, 2020

Here’s a quick glance at how PSEi stocks fared on Thursday, April 2, 2020.

PHL to be among ‘first to know’ of new Vietnam rice policy

AGRICULTURE Secretary William D. Dar said Vietnam has issued assurances on its intent to supply rice to the Philippines, its biggest foreign market, after Hanoi suspended export clearances in late March pending a review of its own domestic requirements during the coronavirus disease 2019 (COVID-19) pandemic.

In a letter to Mr. Dar, Vietnam’s Agriculture and Development Deputy Minister Le Quoc Doanh said Hanoi values its relations with the Philippines within the Association of Southeast Asian Nations, and particularly the two countries’ bilateral cooperation on rice.

“The government of Vietnam always considers rice trading with the Philippines not only of economic importance, but also of significance for our good diplomatic relations between the two nations,” Mr. Le said.

Vietnam is currently reviewing its domestic rice requirements amid a prolonged drought and saline intrusion into its rice fields, which has affected its rice production.

Mr. Le said that the Philippines will be one of the first to be notified of Vietnam’s revised rice export policy.

He added that Hanoi is also working on a possible rice agreement with Manila.

“We will soon announce and provide information on rice exports to the public, business and international partners,” Mr. Le said.

Vietnamese rice accounts for 90% of the 1.376 million MT of rice that have yet to be delivered to the Philippines.

Mr. Dar urged Vietnam to honor previously-signed rice import contracts amounting to 1.248 million metric tons (MT).

The Philippines increased its reliance on rice imports when it enacted the Rice Tariffication Law, which eased import restrictions on private traders but imposed a 35% tariff on shipments of Southeast Asian grain.

As part of efforts to hedge against tighter foreign markets and ensure food security, the Department of Agriculture (DA) adopted a 93% rice self-sufficiency target for the end of this year.

The DA received a provisional green light to boost domestic rice production from the Inter-Agency Task Force for Managing Emerging Infectious Diseases (IATF), which endorsed a P31-billion supplemental budget for the so-called “Plant, Plant, Plant” program.

The supplemental budget is currently awaiting President Rodrigo R. Duterte’s approval.

Mr. Dar said the extra funds will boost rice self-sufficiency from 87% to 93%.

The government effectively abandoned rice self-sufficiency policies with the Rice Tariffication Law.

“With the funds in place, we could boost production by the end of December to 22.12 million metric tons (MT) of palay (unmilled rice), equivalent to 13.51 million MT of rice or 93% of the country’s total demand at 14.46 million MT,” Mr. Dar said.

The government has announced plans to import 300,000 MT to ensure ample domestic rice supply.

IATF approved the recommendation by the DA that the Philippine International Trading Corp (PITC) import more rice via government-to-government (G2G) schemes.

Mr. Dar said the current rice inventory is 2.661 million MT, sufficient for 75 days.

He added that the dry-season harvest and imports on order are also expected to augment the rice supply.

“An estimated 4.1 million (MT) of palay will be harvested this dry season, equivalent to 2.7 million MT. Additionally, 1.3 million MT of previously-contracted imports have yet to be delivered,” Mr. Dar said.

The DA estimates weekly rice demand for Metro Manila at 26,241 MT.

The Philippines was the world’s biggest rice importer in 2019, shipping in 2.9 million MT, most from Vietnam and Thailand.

Vietnam is the world’s third-largest rice exporter, behind India and Thailand. Its rice exports rose 4.2% to 6.37 million tonnes in 2019. — Revin Mikhael D. Ochave

DoE preparing to tap funds for COVID-19

THE Department of Energy (DoE) has prepared a draft circular directing the use of all available and unremitted funds accumulated under Energy Regulation 1-94 (ER 1-94) to bolster the government’s efforts to contain the coronavirus disease 2019 (COVID-19) epidemic.

The order is authorized by the Bayanihan to Heal as One law, granted special powers to President Rodrigo R. Duterte to repurpose funds for the containment effort. The law empowers him to redirect cash, funds, and investments from any government-owned and controlled corporations and national government agencies to COVID-19 response.

ER 1-94 sets aside for power plant host communities a one centavo per kilowatt-hour take from total electricity sales.

The DoE said the funds were deemed to be “viable, doable and readily available source of funding” to aid the government in its fight to contain the disease.

The available funds also include the Electrification Fund (EF), the Development and Livelihood Fund (DLF) and the Reforestation, Watershed Management, Health and/or Environment Enhancement Fund (RWMHEEF).

Should the order be enforced, local government units (LGU) could use the funds to buy medical equipment, providing special risk allowance to health workers and facilitate mass testing, among other COVID-19 response projects allowed by the DoE.

Based on the draft, LGUs must submit a letter of intent to tap the funds.

A memorandum of agreement, however, is not needed during this public health emergency, the circular noted.

The DoE is circulating the draft for stakeholder comment. — Adam J. Ang

PSEi drops as global shares sink on virus concerns

By Denise A. Valdez, Reporter

Philippine shares closed lower yesterday, moving in step with global equities, due to the worsening coronavirus disease 2019 (COVID-19) situation across the world.

The benchmark Philippine Stock Exchange index (PSEi) shed 66.21 points or 1.22% to 5,342.31 on Thursday, as the broader all shares index lost 40.33 points or 1.23% to 3,238.48.

“Local stocks sank as all regional markets kicked off the second quarter on poor macro data and concerns the coronavirus will keep the economy shut down longer than expected,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message on Thursday.

US markets closed lower on Wednesday: the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite indices fell 4.44%, 4.41% and 4.41%, respectively.

“The market went down (yesterday) as it tracked the decline of US markets overnight… Net foreign selling ballooned to P1.01 billion…as negative sentiment affected the world after (US President Donald) Trump warned that the two weeks ahead shall be ‘painful,’” Timson Securities, Inc. Trader Darren T. Pangan said in a text message.

Mr. Trump gave the comment in a news conference Wednesday, noting Americans should prepare for “hard days that lie ahead.” COVID-19 cases in US remain the biggest in the world at more than 216,700 as of yesterday. It is followed by Italy with more than 110,500 cases, Spain with more than 104,100 cases, and China with more than 82,300 cases.

Most sectoral indices at the local bourse ended in red territory on Thursday. Services gave up 45.25 points or 3.71% to 1,173.81; financials shaved off 44.57 points or 3.59% to 1,194.84; holding firms erased 92.83 points or 1.74% to 5,235.08; industrials removed 84.66 points or 1.32% to 6,327.97; and mining and oil dropped 11.22 points or 0.26% to 4,206.93.

The sole gainer was property with an increase of 85.92 points or 3.09% to 2,863.91.

Despite the lower close of the PSEi, AAA Southeast Equities, Inc. Research Head Christopher John Mangun noted the market has been less volatile this week.

“We have been seeing less volatility in the last few days of trading as speculators walk away. This is also evident in the decrease of daily trading volumes compared to what we saw last week and the week before,” he said in an e-mail.

Some 384.02 million issues valued at P4.40 billion switched hands yesterday, lower from Wednesday’s 498.18 million issues worth P5.58 billion.

Advancers were outpaced by decliners, 126 against 54, while 35 names ended unchanged.

Net foreign selling however increased to P1.01 billion from the previous day’s P418.75 million.

“We may continue to see profit taking (today), being the last day of the week,” Mr. Mangun said.

Peso inches higher ahead of US data

THE PESO traded sideways on Thursday due to profit taking and as the market stayed on the sidelines ahead of US data on unemployment due overnight.

The local unit ended trading at P50.85 per dollar yesterday, appreciating by three centavos from its P50.88 close on Wednesday, according to data from the Bankers Association of the Philippines.

The peso started Thursday’s session at P51 per dollar. Its weakest showing for the day was seen at P51.03, while its strongest was at P50.80 against the greenback.

Dollars traded went up to $424.90 million from $346 million on Wednesday.

A trader said investors were cautious as they await the release of key US data.

“Most currencies globally saw sideways trading as market is awaiting data on US unemployment data,” the trader said in a phone call.

Reuters said the number of Americans filing for unemployment benefit claims likely inched up for the second week in a row with more areas put under stay-at-home measures to prevent spreading the virus.

Initial claims for state unemployment benefits probably surged to a seasonally adjusted 3.50 million for the week ended March 28, according to a Reuters survey of economists. Estimates in the survey were as high as 5.25 million.

Another trader said the peso’s stronger close was on the back of profit taking despite weakness early in the day due to market fears over the impact of the coronavirus disease 2019 (COVID-19).

“The peso closed stronger from intraday profit taking near the 51-peso level after opening weaker as investors grew more wary over the adverse impact of the COVID-19 to the global economy,” a trader said in an e-mail.

COVID-19 has sickened more than 900,000 across the world and caused the death of over 47,000. In the Philippines, infected patients reached 2,311 as of Wednesday, with deaths hitting 96, according to Health department officials.

The first trader sees the peso moving around the P50.70 to P51 levels on Friday, while the second trader gave a forecast range of P50.80 to P51.00. — L.W.T. Noble with Reuters

ADB implements $5 M food aid project for vulnerable communities

THE Asian Development Bank (ADB) rolled out its $5-million project to provide food to up to 55,000 poor households in Luzon affected by the month-long enhanced community quarantine (ECQ).

In a statement, the bank said the $5-million Rapid Emergency Supplies Provision Projected will benefit poor families and workers in the informal sector who lost their livelihoods due to quarantine protocols and business closures.

The first batch was delivered Tuesday, including 2,000 50-kilogram sacks of rice and various food items to the cities of Caloocan, Manila, Pasay, and Quezon.

It said the second batch containing rice, drinks and canned goods will be delivered to families in Malabon Friday.

“This project will ensure that tens of thousands of the poorest and most vulnerable households in the Philippines, our host country, will continue to be able to put food on the table as they cope with the impacts of COVID-19,” ADB President Masatsugu Asakawa was quoted as saying.

He said the program is a joint effort of the ADB, the Philippine government and private institutions here and overseas.

“Through collaboration with philanthropic, private entities, ADB aims to attract more contributions to support the expansion of the program, so more vulnerable households can be supported and for longer periods of time,” according to the statement.

The ADB earlier approved a $3 million grant to the government for medical supplies, testing kits and other equipment.

The bank said it will launch a funding package worth at least $1.6 billion for the Philippines in the coming weeks, consisting of three “quick-disbursing, policy-based loans” worth $1.1 billion and another $500 million in disaster resilience financing. — Beatrice M. Laforga

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