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House approves Bayanihan II

THE House of Representatives on Monday gave final approval for the P162-billion fiscal stimulus measure, which includes providing much-needed financial aid for sectors hardest hit by the pandemic.

With 242 affirmative votes, six negative votes and zero abstention, the chamber approved on third reading House Bill No. 6953, or the “Bayanihan to Recover as One Act” (Bayanihan II).

The bill prioritizes support for the healthcare sector, small businesses, low-income households and unemployed individuals, including displaced overseas Filipino workers.

“We want Bayanihan II to be a living piece of legislation that will power our industries and revitalize sectors of society that have been decimated by this virus, or were otherwise forgotten and neglected in the past,” House Speaker Alan Peter S. Cayetano said during Monday’s session.

The P162 billion allotted under the House version is higher than the P145-billion standby fund under Senate Bill No. 1564.

Senate President Vicente C. Sotto III said he is in favor of increasing the funding, provided the government has resources.

“The House version is around P165 billion; but then I understand there was some amendments that were proposed in the budget supposed to be for the Department of Tourism, naalis (was removed),” he added.

Finance Secretary Carlos G. Dominguez III earlier said the government is ready to spend P140 billion for an economic stimulus plan this year, saying this would “keep our fiscal deficit in a manageable zone.”

Mr. Sotto noted the Bicameral Conference Committee that will reconcile the two versions may convene any time this week.

If enacted, President Duterte will be allowed to realign items in the 2019 and 2020 national budget as well as ease procurement processes for medical equipment and supplies among others. The bill will be in effect until Dec. 31, 2020.

The measure will also continue to grant the P5,000-8,000 subsidy for low-income households in areas under enhanced community quarantine.

Around P20 billion will be used to continue cash-for-work programs for displaced workers, and another P20 billion for the agriculture sector.

A total of P50 billion will also be provided as capital infusion to government financial institutions, which will support state-owned banks as well as fund credit guarantee program and lending programs to MSMEs.

The bill allocates P10 billion to the expanded testing and confinement of COVID-19 patients, and another P10 billion for healthcare workers.

Some P3 billion will be used to procure face masks and personal protective equipment and P4 billion for the construction of temporary medical isolation and quarantine facilities.

Mr. Cayetano said that while the Bayanihan II will boost various sectors hit by the Luzon-wide lockdown, the country will need a roadmap to address the coronavirus pandemic.

“It takes more than just a law to get things going. We need both a roadmap for the familiar places we need to go, and to blaze a trail out of the wilderness when we get lost,” he said. “We need a pragmatic plan that can be funded and implemented effectively.” — C.A.Tadalan

TV5 to buy entertainment content, enter into block timing

By Zsarlene B. Chua, Senior Reporter

AFTER several years of not producing entertainment content and banking on sports and news for the network’s content, TV5 is poised for a comeback with a new setup: buying shows from producers such as APT Entertainment and having its pay TV sister channel Cignal TV block time in the network.

“We are looking for programs, not stars,” Percival “Perci” M. Intalan, programming head of TV5, told reporters in a digital briefing on Aug. 8 via Zoom.

This means that the network, instead of producing its own entertainment content, will be looking at show pitches from independent content producers which it can then buy (“if the price is right,” according to Mr. Intalan) and program into the network. This includes getting shows from Cignal TV which has its own library of content owing to its annual CineFilipino film festival and other productions.

Cignal will also handle the entertainment shows to be shown on TV5.

“With productions, we’re working with third parties who will create shows with Cignal talking with the producers. Cignal will define which programs will be shown but it should also pass Perci’s (Mr. Intalan’s) standards,” Robert P. Galang, president of both TV5 and Cignal TV, said in the same briefing.

APT Entertainment is the production company behind the longest-running noontime show in the country, Eat Bulaga, which has entered its 41st year. The show airs on GMA.

Mr. Intalan described the process as something similar to how networks in the US work where they buy shows from studios.

TV5, formerly known as ABC, is a TV network which has been on air since the 1960s. In 2010, the network was bought and operated by Philippine Long Distance Telephone Co., with the aim of becoming one of the top local channels. It was apparent since its early days as TV5 that the network’s strength lay in sports broadcasting, with the Philippine Basketball Association tourneys being among its top draws. In 2017, the network ceased producing entertainment shows and focused on sports and news.

But was TV5’s renewed interest in entertainment shows brought upon by the recent closure of TV giant ABS-CBN after it failed to renew its franchise? Not exactly, as Mr. Galang said TV5 had been planning to reintroduce entertainment shows since last year.

“I think we’ve never had a network that is in this position before. Before, it’s like a Hollywood studio, everything is [done] in-house and everything is created internally… but now TV5 is open, whoever wants to collaborate, we can,” Mr. Intalan said, before adding that is the beauty of the new setup.

Since ABS-CBN’s closure in early July, rumors have floated around saying several of the talents and production staff from the network were looking to move to TV5 and GMA, and Mr. Intalan confirmed that there are currently talks “in different levels” happening.

In a separate briefing, Manuel V. Pangilinan, chairman of the TV5 Network, Inc., confirmed that there are ongoing conversations with ABS-CBN talents.

“I think there are ongoing conversations with talents, but it’s not as expansive as one would assume because we are being careful with any contractual arrangements that these talents have with ABS-CBN, and we would like to respect that,” Mr. Pangilinan said in a separate briefing on July 6.

He added that they are looking to employ cameramen, directors, and “people behind the camera,” as they need more people to produce content.

THE NEW TV5 SHOWS
Starting Aug. 15, TV5 will be showing a mix of lifestyle programs and game shows “hosted by various artists with proven versatility and mass appeal,” according to a statement.

The new programs include a morning show called Chika, BESH! (Basta Everyday Super Happy), an APT Entertainment show hosted by Pokwang, Pauleen Luna, and Ria Atayde; a fitness show called Fit for Life hosted by Jessy Mendiola; a show focused on “intimate conversation and real life talk” called Usapang Real Life hosted by Luchi Cruz-Valdez; and two game shows — Bawal na Game Show hosted by Paolo Ballestereos and Wally Bayola, and Fill in the Bank hosted by Jose Manalo and Pokwang. Both game shows are produced by APT.

TV5 is also bringing back the talent show Talentadong Pinoy, to be hosted once again by Ryan Agoncillo. The new iteration is called Bangon Talentadong Pinoy which “aims to reflect the creativity of Filipino artists regardless of the current situation.” Talentadong Pinoy was on air from 2008 until 2014.

A show produced and hosted by Kris Aquino was also supposed to premiere in August but Mr. Intalan said that they had to delay its airing because of production issues.

Eagle Cement loses momentum as profit falls

EARNINGS of Eagle Cement Corp. fell about 92% in the second quarter as construction work was restricted in Luzon and several areas to contain the spread of the coronavirus disease 2019 (COVID-19).

In a statement, Monday, the cement manufacturer said its net profit stood at P128 million in April to June, slumping from P1.7 billion in the same period last year. Net sales during the three months were cut 73% year on year to P1.4 billion.

This brought its six-month net earnings down 61% to P1.3 billion, as net sales were reduced 44% to P5.9 billion.

Construction work was among the many sectors affected by the quarantine to contain the virus outbreak in the country. Eagle Cement had to limit operations during the lockdown period, resulting in its weaker performance.

“These are very difficult times but we remain confident that the economy will recover from this pandemic and emerge stronger,” Eagle Cement President and CEO John Paul L. Ang was quoted as saying in the statement.

The company is planning to engage in “aggressive strategies in pricing and marketing” to help it recover for the remainder of the year.

“The government’s steady push for the completion of major infrastructure projects and the private sector’s readiness to bounce back offer encouraging signs for our company’s prospects moving forward,” Mr. Ang said.

“We continue to expand our production capacity despite the pandemic, underscoring our confidence on the economy’s ability to recover once quarantine restrictions are further eased,” he added.

Eagle Cement currently has three production lines in San lldefonso, Bulacan and a fourth production line under construction in Malabuyoc, Cebu. It is now expanding its Bulacan facility, which will be completed by the first quarter of 2021.

Shares in Eagle Cement at the stock exchange fell 24 centavos or 2.34% to P10 each on Monday. — Denise A. Valdez

DMCI Holdings income down 69% on low market prices

DMCI HOLDINGS, INC. reported a 69% decline in total net income to P2 billion in the first semester as it was “severely” affected by low market prices.

The listed firm said its second-quarter earnings were down 62% to P1.4 billion. In the previous quarter, its net profit fell by 78% to P616 million.

Between January and June, the diversified conglomerate’s core net income, which excludes one-off items, decreased by 61% to P2.6 billion.

“Most of our businesses showed resilience during the lockdown period since they belong to essential industries like power, mining and water distribution,” DMCI Holdings Chairman and President Isidro A. Consunji said in a statement on Monday.

“Unfortunately, we were severely affected by low market prices,” the official said, citing that these businesses “remained profitable” in the period.

Semirara Mining and Power Corp. (SMPC) delivered P1.3 billion as core income contribution, which is lower by 64%, due to decreases in sales and selling prices from its coal and power businesses.

DMCI Homes’ core profit share went down 97% to P38 million as the pandemic-induced quarantine prevented it from accomplishing constructions and recognizing revenues.

Quarantine policies also dragged the income share of D.M. Consunji, Inc. by 79% to P92 million.

Further, west zone concessionaire Maynilad Water Services, Inc. brought in P847 million to its parent’s core income, falling 24% from the previous period, as its commercial and industrial sales volume sharply dropped during the lockdown months.

Meanwhile, only DMCI Power Corp. and DMCI Mining Corp. boosted their income shares by 10% and 6%, respectively. The former chipped in P256 million on higher power sales in Palawan and reduced fuel costs, while the latter brought in P184 million from increased nickel ore exports during the period.

To preserve cash amid a grueling business environment brought by the pandemic, DMCI Holdings decided to cut its capital expenditure by 52% to P19.4 billion, with its real estate business enduring the most of the reduction, forcing it to cap its acquisition spending for the rest of the year.

On Monday, both shares in DMCI Holdings and SMPC dropped by 3.78% and 8.20%, respectively, to close at P3.56 and P9.40 apiece. — Adam J. Ang

Of broken records, falling stars, and sampaguita: A look at some of Cinemalaya’s short films

By Zsarlene B. Chua, Senior Reporter

THE Cinemalaya Independent Film Festival opened its 16th iteration online on Aug. 6 with a main competition focused on short films instead of its usual full-length features. But with a surfeit of short film choices — 10 in the main competition and another 20 in the exhibition section — Cinemalaya remains successful as a celebration of Filipino independent filmmaking.

It has also made the festival more accessible as film bundles can cost as low as P75, with a premium pass priced at P350.

This writer will be reviewing the 10 short films in competition with this first story focused on the five short films in the Main Competition Shorts A category.

ANG GASGAS NA PLAKA NI LOLO BERT
Directed by Janina Gacosta and Cheska Marfori

A heartwarming love story about two men: a closeted gay man in his 60s who is living with HIV and a lonely widower in his 50s. The story starts out as a day in the life of Lolo Bert (Dido dela Paz). Everything is normal until his old vinyl record starts skipping and he has to bring it to a shop for repair. There he meets the widower (Soliman Cruz) whose mischievous personality hides a loneliness he has carried since his wife died.

The beauty of the film is in the shared experience of loss between the two as Lolo Bert has also lost his longtime lover, and how a broken record brings the two together. It is a sentimental and melancholic tale about second chances.

PABASA KAN PASYON
Directed by Hubert Tibi

The film, whose title translates to Chanting the Passion, is a Bicolano short film about a family whose poverty forces them to make ends meet by working during Holy Week. In this heartbreaking film, told in all of 14 minutes, a family’s sole way of making money is by chanting the pasyon (a Phillippine epic narrating the life and death of Jesus Christ), playing in Holy Week tableaus, and being voice actors in a struggling radio station. And while the film focuses on the reading of the pasyon and the various events happening during Holy Week, it also tells of the life and sufferings of a poor family in Bicol.

The film shows how central the concept of faith is to the Philippines, the only Christian nation in Asia with more than 86% of its population being Roman Catholic. Religion and faith serve two purposes — as a source of hope that everything will get better and a source of financial sustenance, if only for a little while.

FATIGUED
Directed by James Robin Mayo

Fatigued was billed during its first few seconds as an interactive film which required participation from its viewers. In fact, the main character is the viewer, an overworked, underpaid employee whose punishing work schedule led him to sleep for a straight 30 hours and is seemingly trapped in a neverending nightmare.

It is a horror film, with never ending hallways, disembodied voices murmuring “mussah,” and a repeating sequence featuring a dog. But more than a straight-up horror film, what makes Fatigued work is how it illustrates the social ills of being overworked in a society that does not reward hard work as the employee is described as someone who has had to experience bad labor practices and afforded not one social benefit under the law, which in itself is the real nightmare in waking form that millions of Filipinos are currently experiencing.

TOKWIFI
Directed by Carla Pulido Ocampo

Tokwifi (tok-wee-fee) in the Bontok Igorot language means “star” and in this short film, a Bontok Igorot meets a star after it crashes near their village. But this is not any ordinary star as she is a film star from the 1950s and is trapped in an old television set. Despite the language barrier — the actress speaking in Tagalog and the Igorot in his own language — the two form a bond.

It is a charming film and was perfect to wash away the dread from Fatigued. Though it never explains the purpose of the falling star, the film’s charm is in the unlikely love story between a tribesman and a woman trapped inside a television, how their bond lasts through time, and the beauty of the rice terraces in the early morning sunrise.

QUING LALAM ALDO
Directed by Reeden Fajardo

Quing Lalam Aldo (Under the Sun) is another charming film with a very simple premise: a transgender sampaguita farmer attempts to renovate the family’s outside kitchen after she learns that her son is coming home. She reminisces about her son, who has suddenly called and announced he is coming back, which puts the farmer and her friend into a tizzy trying to renovate the kitchen in order to welcome the son home in style.

As she attempts to get everything ready, everything goes into disarray — which includes a family emergency and a runaway chicken. Disheartened, the farmer looks over the vast sampaguita field she planted and has become a source of employment for the town. The film does end on a happy note with everything working out in the end.

Cinemalaya runs until Aug. 16. For tickets and access to the films, visit cinemalaya.org/tickets.

Meralco seeks delay of 1,800-MW power

MANILA ELECTRIC CO. (Meralco) requested to defer the conduct of a competitive selection process (CSP) to procure 1,800 megawatts (MW) of power supply.

Last week, the Department of Energy (DoE) disclosed to reporters that the listed utility wanted to proceed with the bidding process in October as the pandemic pushed it to further move its timeline.

“Yung request nila (Their request) was actually to delay it; (by) October na sila magsimula ng CSP (They would start the CSP by October),” Energy Assistant Secretary Redentor E. Delola said.

Earlier, the company said it requested to move the basis forecast year for the supply procurement to 2022 from 2020, assuming that fuel prices would normalize by that time.

“That will provide a level-playing field for all generators and will ensure there will be more competition in the CSP,” Meralco Regulatory Affairs Head Jose Ronald V. Valles said.

“Of course, that will assure us that the rate will be competitive for our customers,” he added.

The DoE does not want the utility to further delay the conduct of the bidding, which it already approved. In a reply that Meralco has yet to receive, the department tasked Meralco to look for other platforms to hold the process.

“What we’re trying to say is to explore other medium to able to proceed (to) be able to hit the target of delivery of supply,” Mr. Delola said.

The latest CSP is Meralco’s third attempt in sourcing greenfield capacity.

“We have not yet received a copy of the reply, but we will immediately endorse it to the TPBAC (Third Party Bids and Awards Committee) as soon as we get it,” Meralco Utility Economics Head Lawrence S. Fernandez told the publication.

In September last year, the company declared its 1,200-MW CSP from upcoming power plants a failure as Meralco Powergen Corp.’s Atimonan One Energy, Inc. only came up with an offer.

The DoE later signed off its second round of bidding which was opened for all generators, both old and new.

Meralco then delayed the process due to disruptions caused by the pandemic.

Finally, it is set to proceed with an updated program that seeks to bid an additional 600 MW from the 1,500-MW baseload supply that is scheduled for bidding this year.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Adam J. Ang

American Idol creator looks to find next superstar on TikTok

AMERICAN IDOL creator Simon Fuller is turning to TikTok to find the next pop superstar, a sign of how much clout the controversial app has gained in the music world.

Fuller said Friday that he’ll conduct an audition process over TikTok, the short-form video app that has become a kingmaker in the music industry — and a focus of President Donald Trump’s widening crackdown on Chinese technology. He didn’t disclose how the auditions would take place, or whether they would be recorded for a television show, but Fuller has a long track record of marrying TV with pop music.

Already, record labels scour TikTok for new talent, looking to find the next Lil Nas X, Benee or Doja Cat — artists who gained stardom and millions of fans after their songs went viral on the app.

“With the help of the TikTok audience, I will bring together a lineup of incredible artists to shape the next level of pop fandom,” Fuller said in a statement.

After years of working as a record label executive and a manager of artists including the Spice Girls, Fuller created the British series Pop Idol in 2001. The competition show pitted aspiring musicians against one another in front of judges, including a record executive named Simon Cowell. Adapted for US audiences into American Idol, the program became the most popular show in the nation. Along the way, host Ryan Seacrest, Cowell and many contestants turned into global celebrities.

Fuller has since formed a new company to manage entertainers and was the executive producer for So You Think You Can Dance.

The partnership with TikTok comes at a fraught moment for the company. Trump has threatened to ban the app, prompting its owner ByteDance to explore a sale of the US version. On Thursday, Trump signed an executive order barring any transactions with its parent company starting in 45 days.

But TikTok has a loyal following among users in their teens and 20s, and its influence has only grown in the music industry.

“Together with Simon Fuller, we have the opportunity to find the next stars, many of whom are on TikTok today, and empower them to become a cultural phenomenon,” said TikTok Chief Executive Officer Kevin Mayer. — Bloomberg

Alliance Select swings to profit

ALLIANCE SELECT Foods International, Inc. returned to profitability in the first quarter despite lower sales due to reduced costs on borrowings.

In a regulatory filing on Monday, the seafood company said it recorded an attributable net income of $26,990 in January to March, a reversal of the $7,158 attributable net loss it posted in the same period last year.

This was despite a 19% drop in net sales to $15.94 million, as the company’s 2019 top line included sales from its US subsidiary Spence & Co. Ltd. The subsidiary was sold in October.

The bottom line was cushioned by the 51% decline in finance costs, which went down due to lower average loan balance for working capital and lower borrowing rates.

“The first quarter’s steady performance shows our strengthened manpower complement and increased production efficiencies in (the first quarter) — two of the main drivers that impacted last year’s performance,” Alliance Select Chief Executive Officer Raymond K.H. See said in a statement.

“The improvements made in these key areas helped cushion against COVID-19 (coronavirus disease 2019)-related disruptions in the first quarter,” he added.

As the pandemic continues, Alliance Select said it remains optimistic it can weather the challenges as its financial position has become healthier with loan borrowings reduced by $4.5 million.

“While we do anticipate that COVID-19-related disruptions will continue to impact the group in the near term, now that the company is in a strong financial position, and as long as we continue to improve efficiencies in production and maintain resilient operations, (Alliance Select) should be on track for sustainable profitability, and that will become more evident through our results over time,” Mr. See said.

Alliance Select is a General Santos City-born manufacturer that distributes tuna and other seafood products worldwide. It operates in the Philippines, New Zealand and Thailand.

Shares in Alliance Select at the stock exchange increased four centavos or 6.35% to 67 centavos each on Monday. — Denise A. Valdez

MTV’s Video Music Awards drops plans for indoor show due to coronavirus

LOS ANGELES — MTV has abandoned the idea of holding its Video Music Awards (VMA) show at an indoor venue in New York because of the complications of the coronavirus epidemic.

The VMA show on Aug. 30, which traditionally features live performances from music’s biggest stars, will instead go ahead with some artists performing at outdoor locations, MTV and the Barclays Center arena said on Friday.

The VMA ceremony was to be the first major awards show since the pandemic began to take place in a physical location, at the Barclays Center in Brooklyn.

“In close consultation with state and local health officials‎, it became clear at this time that outdoor performances with limited or no audience would be more feasible and safer than an indoor event,” MTV and the Barclays Center said in a joint statement.

The statement said all local health guidelines will be observed for the outdoor performances, which will take place at locations around New York City. It did not say which artists would be performing outdoors.

The coronavirus outbreak has forced the cancellation of dozens of film festivals and concerts and shuttered Broadway theaters.

Last week organizers of the Emmy Awards show honoring the best in television, which is usually held in Los Angeles in front of a large A-list audience, said this year’s event in September would be a virtual affair.

Pop stars Ariana Grande and Lady Gaga lead nominations for the Video Music Awards, which also added two new categories to reflect how musicians are responding to the coronavirus pandemic. — Reuters

Vivant’s first-half net earnings down as power sales decline

VIVANT CORP. saw a 35% drop in after-tax net income to P814.4 million as the company’s subsidiaries recorded reduced power in the first semester.

In a regulatory filing, the Cebu-based listed firm posted a 31.7% decline in attributable income to P743.41 million between January and June.

Its total revenues dropped by 43% to P1.8 billion in the period mainly due to the slump in its power sales.

The 62% drop in the sale of power to P761 million was driven mainly by the 53% sales contraction of 1590 Energy Corp. on reduced volume and prices in the Wholesale Electricity Spot Market (WESM), as well as the absence of energy sales in Vivant Energy Corp. (VEC).

To recall, VEC’s supply deal with state-led Power Sector Assets and Liabilities Management Corp. (PSALM) got terminated in September last year.

However, the holding firm’s special purpose vehicle ET-Energy Island, Inc., which carries out rooftop solar projects, saw an 11% increase in energy sales.

Vivant’s share in net earnings of associates and joint ventures decreased by 13% to P905.5 million in the first six months of 2020.

Visayan Electric Co., the company’s wholly-owned utility, brought in P394.6 million in net income contribution, down 3% from last year due to an 8% drop in volume sold during the period.

Reduced energy sales pulled down Minergy Power Corp.’s income share by 10%.

Lower spot market sales by its associate, Cebu Energy Development Corp., drove Abovant Holdings, Inc.’s income share down 9%. Cebu Private Power Corp. also saw a drop in its contribution due to depressed revenues from its sale of excess capacity at the spot market.

The maintenance work of its 20%-owned Therma Visayas, Inc. in the first quarter caused the company to shoulder an interest expense on debts and replacement power costs of P44 million.

Further, the declines in contracted capacities and lower selling prices brought down retail electricity supplier Prism Energy, Inc.’s contribution by 56%.

Only Delta P, Inc. and Calamian Islands Power Corp., both 50%-owned firms, contributed higher income shares at P34 million and P24.6 million, respectively, due in part to reductions in debt service costs.

On Monday, shares in Vivant Corp. jumped by 10.81% to close at P14.96 each. — Adam J. Ang

Dirty Dancing sequel in the works with original star Jennifer Grey

LOS ANGELES — Jennifer Grey, the actress who starred opposite Patrick Swayze in romantic drama Dirty Dancing, will appear in a sequel to the classic 1987 movie, the studio behind the film announced on Thursday.

Grey also will serve as an executive producer on the film, which will be directed by Warm Bodies director Jonathan Levine, said Jon Feltheimer, chief executive of Lions Gate Entertainment Corp.

“It will be exactly the kind of romantic nostalgic movie that the franchise’s fans have been waiting for,” Feltheimer said on a call with industry analysts.

The company did not provide any details about the movie’s plot or when it would be released.

In the original film, Grey played Frances “Baby” Houseman, a teenager who becomes smitten with a dance instructor (Swayze) while on vacation at a New York resort in the 1960s.

Swayze died of cancer in 2009 at age 57.

Dirty Dancing was a box office smash and featured the hit song “(I’ve Had) The Time of My Life,” which won an Oscar for best original song. — Reuters

SEC warns against two unauthorized forex traders

THE Securities and Exchange Commission (SEC) has flagged unauthorized groups masking as foreign exchange (forex) traders, trying to solicit investments from the public without a license.

The corporate regulator issued separate warnings on its website identifying 1 Heal 1 World Trading and Juan Savings as groups that offer illegitimate investment opportunities.

These entities were investigated by the SEC and found luring the public to invest in exchange of profits. This activity is equivalent to selling investment contracts, an activity that requires a secondary license from the SEC.

Specifically, the SEC said 1 Heal 1 World Trading pretends to be engaged in foreign exchange trading. It solicits P1,000-P50,000 as capital in exchange of a 170% return on investment in 25 days. The payout is given in four cycles with a 5% deduction, it said.

Similarly, Juan Savings claims to be dealing with foreign exchange trading and invites investors through a Facebook page. It promises a 7% interest rate, locks in an investment for 10 months and pays investors their profits every month.

However, the SEC said both 1 Heal 1 World Trading and Juan Savings are not registered businesses. They are also not authorized to solicit investments from the public as they have not secured a license to sell securities.

The SEC also noted it currently does not allow the registration of foreign exchange to be used as securities, as its governing rules are still suspended.

The public is advised not to invest or to stop investing in 1 Heal 1 World Trading and Juan Savings.

Salesmen, brokers, dealers and agents of the two groups may be penalized for violation of the Securities Regulation Code in the form of a maximum P5-million fine, maximum 21 years of imprisonment, or both.

The names of individuals involved in the schemes will also be reported to the Bureau of Internal Revenue for other appropriate penalties. — Denise A. Valdez

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