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Peso to weaken as lockdown continues

THE PESO may continue to depreciate this week amid the impact of the coronavirus disease 2019 (COVID-19) and as markets await news on the lockdown in Luzon.

The local unit finished trading at P50.90 versus the greenback on Friday, shedding 10 centavos from its P50.80 close on Thursday, according to data from the Bankers Association of the Philippines.

The peso also weakened by 21.5 centavos from its close of P50.68 on April 8, the last trading day before the Holy Week break.

Market reaction to the recent rate cut by the Bangko Sentral ng Pilipinas (BSP) caused the weakening of the peso, according to UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion.

“The peso continued its depreciation trend in a response to the BSP’s off-cycle move to help cushion the impact of the COVID-19 pandemic to the local economy,” he said.

BSP Governor Benjamin E. Diokno announced the Monetary Board decided to slash rates by another 50 basis points, barely a month since a reduction of the same magnitude was fired off in March.

Aside from the rate cut, there was risk-off sentiment due to the contraction in China’s economy for the first quarter due to the outbreak, according to Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort.

This week, UnionBank’s Mr. Asuncion said market sentiment could be less positive as the impact of the pandemic continues to escalate.

“Do expect a weakness as the impact of the COVID-19 spread may now be obvious in economic data releases, especially pertaining to ones of March,” he said.

For his part, RCBC’s Mr. Ricafort said investors will also track developments on the lockdown.

For this week, UnionBank’s Mr. Asuncion gave a forecast range of P50.80 to P51.10 while RCBC’s Mr. Ricafort sees the peso moving within the P50.70 to P51.10 levels. — L.W.T. Noble

Rustan’s delivers essential online orders in Luzon

SHOPPERS in the National Capital Region, as well as in Baguio, Isabela, Laoag, La Union, Nueva Ecija, Nueva Vizcaya, Pampanga, Pangasinan, Subic, Tarlac, Tuguegarao, and Vigan can now shop online in Rustan’s which will deliver their purchases to these areas. Note that this does not cover such signature Rustan’s luxury items as caftans and silk scarves though. In a statement on its website, Rustan’s said that, “In accordance with the guidelines given by the Department of Trade and Industry, rustans.com classifies personal care products, baby care needs, health and wellness supplies, and select household supplies as ‘essential goods.’” There are 23 pages worth of essential goods listed at rustans.com/collections/everyday-essentials. The products displayed with a blue “Essentials” label, and listed in these sections (Everyday Essentials, Baby Care Essentials, and Personal Care Essentials) are among the essential goods Rustan’s can deliver during the ECQ period. These include brands like Nuxe, Murad, Clinique, La Mer, and La Prairie. Contactless payment methods are encouraged via PayMaya, PayPal, Visa, and MasterCard, with additional options in the future. Sanitation and hygiene precautions are undertaken by the department store’s transport partner, Air21, and international items are subject to quarantine as mandated by the Bureau of Customs. For a complete catalogue of essentials, visit rustans.com/collections/everyday-essentials.

Car industry takes it on the chin, still standing

AT THIS POINT, the title is more of a fervent wish than fact — but we’re keeping it anyway. Besides, I know that many of you share the prayer. People have already chorused that 2020 should be a write-off. It’s too untenable a year; too memorable for the wrong reasons. Heck, we barely even made it out of the first quarter alive — crawling on all fours into April after a gauntlet of crises rendered us slack-jawed in disbelief. And just when we thought we had endured and passed the worst of it, the invisible monster that is COVID-19 caught us with a haymaker.

By the time the enhanced community quarantine (ECQ) lifts at the end of the month (if everything’s up to snuff), we would have been living this new normal for 45 days. Those of us who are lucky to have work-from-home (WFH) arrangements should be grateful for the uninterrupted income. Our hearts go out to the rest who are reeling from having this disruption threaten not just their health and life but livelihood as well.

Maybe this is what drives world leaders and politicians to declare mastery over the virus; that they can actually predict a hard stop to the lockdowns; that there is somehow a “deadline” for COVID-19. We get it; businesses are suffering as well as the people who depend on them. But again, the virus doesn’t care about our worldly concerns. It does not abide by our schedule but, rather, takes advantages of opportunities and windows. It sees what’s in front of it. If there’s a gaggle of people flouting social distancing measures, the virus will attack.

HARD HIT
Having said that, the auto sector has taken a hard hit. I don’t have to provide the details, as you should know by now that most factories around the world have ceased operations, as well as dealerships and service facilities, and even automotive events such as motorsports and car shows have been canceled.

Indeed, big global car spectacles like the Geneva Motor Show and the North American International Auto Show in Detroit, Michigan have been scrapped. Locally, the annual summer draw that is the Manila International Auto Show or MIAS, which should have opened its doors last April 2, was scuttled as well.

Velocity messaged MIAS co-organizer Jason Ang, who said, “We’re looking at December, as several exhibitors seem positive about it. Still, there are many unknowns at this point.”

In a recent BusinessWorld article penned by Jenina Ibañez, market intelligence firm Fitch Solutions projected a “significant drop” in Philippine auto sales not only brought about by the lockdown but by employment and economic uncertainties during and after the ECQ. The piece goes on that the sector is projected to be “flat in 2020.” New-vehicle growth is forecast at a woeful 0.4%.

Of course, as well as being big-ticket items, cars are a basically a nonessential. People need to feed themselves and their family first.

That healthy multi-year domestic market run marked by growth and an increasing number of brands seems like the distant past when viewed from behind today’s closeted lenses. The one-two punch of the Tax Reform for Acceleration and Inclusion (TRAIN) and COVID-19 has brought us back to pining over what was and what could be. It’s back to square one.

Velocity reached out to a longtime auto executive who, while requesting that he go unnamed, candidly and honestly gave his take on prospects for the sector. “The impact on the auto industry is still uncertain because the lifting of the ECQ, and eventual resumption of business, commerce and trade is still playing itself out,” he began. “Some reports are projecting that the peak in COVID-19 cases will only come in late May or June. For the car industry, Q2 is a practical shut-out; Q3 will be a slow ramp up. Q4 will probably see stabilization — still at a pace below 100%.”

The bigger picture is a dire one as well. “Business will need to first climb out of the deep hole that the 45-day ECQ has plunged us into: zero revenue, piling expenses, bank loans, disruption of supply chains, etc. That in itself will probably take at least three to six months to stabilize,” he continued.

CARS ON HOLD
In an interview with this writer, Toyota Motor Philippines (TMP) Vice-President for Corporate Affairs, Atty. Rommel Gutierrez, who’s also the president of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI), said that “TMP’s main policy is to ensure business continuity as much as possible. Since plant operation has stopped, non-production team members have been provided with the facilities for work-from-home scheme such as a virtual personal network. We also monitor dealership operations especially those located outside Metro Manila who are also affected by local community lockdown.”

Mitsubishi Motors Philippines Corp. Marketing Communications Senior Manager Mark Parulan earlier said that “a skeleton team per department is operating to fulfil the following tasks: emergency response and crisis management, plant protection and maintenance, (legal department) coordination and compliance with local government mandatories, business continuity and restoration, IT maintenance and support to assure WFH connectivity, and finance and payroll.”

As expected, assembly plants have stopped operations in compliance with the ECQ. This will surely particularly impact the output of the abovementioned companies, which are participants in the government’s Comprehensive Automotive Resurgence Strategy (CARS) program. “The virus outbreak has definitely affected our sales targets and our commitment to the CARS program. Once we have overcome the COVID-19 challenge, we shall align with the government to secure directions on how we can contribute to the recovery of the automotive industry,” Mr. Parulan said.

While revealing that its Sta. Rosa manufacturing operations have been “temporarily shut down,” Atty. Gutierrez averred, “TMP continues to monitor the health status of every team member to ensure that they are safe and ready for resumption of work.”

He admitted, “The disruption in sales brought about by the ECQ will necessitate adjustments in production targets. We will assess when situation normalizes including how the market will recover by then.”

Aside from the BusinessWorld report I quoted, I also heard that auto sales could slump by 30% to 40% (see interview with Anton Carabeo below). Is this more plausible than unlikely? “It might not be far-fetched. My worry is it could be worse. But my outlook is still very fluid. There are too many moving objects in the horizon,” commented our anonymous executive.

For now, the auto industry appears to have gone on, well, auto mode or even cruise control. Atty. Albert Arcilla, president and CEO of The Covenant Car Company, Inc. (TCCCI) which takes care of the Chevrolet and Morris Garages (MG) brands here, said, “At the onset of the news of the health crisis, TCCCI implemented its Service Operations Resiliency Program (SORP) which allows all our stewards to work from home. We are also working closely with our Chevrolet and MG dealer partners and activated safety protocols to ensure the well-being and safety of their employees during these uncertain times.”

He underscored that the “welfare of stewards, dealers, and that of the Chevrolet and MG communities is (of) primary concern… and we are discovering ways to continue managing the continuity of business operations in the service of clients.”

CAR LOANS
Surely, among the concerns during these uncertain times are the deferred-payment car purchases made by a lot of us. What happens to us and these in the time of the lockdown? We asked Bank of Commerce Channel Manager Anton Carabeo a couple of questions.

TALK BOX: There are surely a lot of people still in the middle of paying for a car loan and yet have been affected because their livelihood has been negatively impacted. Can interest rates and loan repayment periods be renegotiated in general during this time?

ANTON CARABEO: We in the banking industry are guided by the Bayanihan to Heal As One Act (Republic Act 11469). For auto loans, it is fixed, but we are providing loan extensions to help our clients cope up with their payments. For example, if their due date is in April, then we’ll accept deposits or debits in May. We suggest customers to contact their respective banks’ customer service department for more details.

Given everything that the government and banking institutions are willing to do, can we expect more people to default on their car loans in particular?

Sadly, we are expecting the number to double or even triple, depending on how long the ECQ will last.

From a banking standpoint, what is your projection for the auto industry? How much do you expect business to compress or shrink this year?

I think we might have a big drop in automobile sales in 2020 — maybe a 30- to 40-percent decline or even higher depending on how the sector recovers.

LOOKING AHEAD
“That’s the difficulty of this crisis — no one can see the end,” said our auto executive respondent. “The only real end is the discovery and production of a vaccine. That will close this chapter with some sense of finality… This ‘recession’ is intended, not a consequence. We are intentionally starving demand in order to contain the virus. Normally, the response is to stimulate demand to counter recession. In this case we cannot do that.

“Interest rates will not cause customers to default on their loans, but the lack of income in the case of consumer loans and lack of business revenue in the case of commercial loans. Everyone will say that it’s too early to say what the fallout will be but they will each have a sense of what needs to happen or be done.”

What does make sense is to keep praying that the worst won’t overcome our best, and that we come out of this pandemic alive and in great shape to take on what else 2020 has in store.

NFA working with millers to solve checkpoint snags

THE National Food Authority (NFA) met with its rice milling contractors to iron out logistics issues after food deliveries continue to be disrupted by the enhanced community quarantine (ECQ), which has been extended to the end of April.

“We cannot afford to let anything hamper our palay milling activities to continuously serve the rice requirements of the National Capital Region (NCR) and of the other areas in the country during this time of crisis,” NFA Administrator Judy Carol L. Dansal said.

The NFA has issued identification cards to all milling contractors’ employees and laborers which will be presented at quarantine checkpoints for easy passage.

In addition, the trucks which transport palay for milling from the NFA and deliver back rice were also provided with passes from the Inter- Agency Task Force for the Management of Emerging Infectious Diseases (IATF) for unhampered movement.

Ms. Dansal also guaranteed that the NFA has more than enough workers in its warehouses after hiring tricycle drivers and other workers who have temporarily lost their jobs due to the lockdown.

On the procurement of parts and consumables by rice mills, Ms. Dansal said that she will also recommend to the IATF to allow Manila-based suppliers of rice mill spare parts to operate.

The NFA will also issue a certification to be presented at checkpoints for the unhampered transport and purchase of parts for the immediate repair of rice mills.

On the sale of rice by-products, NFA has also made adjustments in the “guaranteed milling recovery” to assist rice millers regain their lost income.

“We shall also recommend to the IATF to make representations with Department of Interior and Local Government (DILG), to advise the LGUs where the rice mills are located, to find places where the rice hulls could be dumped, because right now there are no rice hull buyers,” Ms. Dansal said.

Meanwhile, the NFA also continued to strengthen its procurement of palay, or unmilled rice.

Ms. Dansal said that an average of 20,052 bags of palay are being procured daily, as farmers continue to harvest their dry-season crop.

“We are ready to serve the farmers and buy their harvest, especially when farmgate prices fall below the P19 per kg support price of the government,” Ms. Dansal said.

Between January and mid-April, the NFA bought 2.56 million bags of palay. It set a target of buying 2.4 million bags in April, 1.6 million bags in May, and 15.44 million bags for 2020.

The national rice inventory has been estimated at the equivalent to a supply of 116 days or nearly four months.

Ms. Dansal said that the 440 NFA warehouses and buying stations are open daily, including weekends and holidays.

Since the ECQ declaration, 100% of NFA’s rice sales have gone to government agencies, which are stepping up their food distribution due to the coronavirus disease 2019 (COVID-19) outbreak and resulting lockdown.

As of April 13, the total withdrawals of NFA rice by the Department of Social Welfare and Development and local government units (LGUs) hit nearly two million bags. — Revin Mikhael D. Ochave

Smart boosts capacity as traffic grows

SMART Communications, Inc. said it is boosting the capacity of its 4G/LTE network nationwide to address the growing data traffic caused by a pandemic-induced enhanced community quarantine.

At the same time, the National Telecommunications Commission (NTC) is requesting local government units (LGUs) and homeowners’ associations (HOAs) to allow telecommunications personnel to enter their areas to ensure uninterrupted service during the lockdown period.

“With Internet usage rising due to the COVID-19 pandemic, PLDT wireless subsidiary Smart Communications, Inc. is further upgrading its mobile data service by boosting the capacity of its 4G/LTE network throughout the country,” Smart said in a statement.

It said it is reallocating this month its assigned 1800 MHz frequencies from 2G to 4G/LTE.

“This shift will impact on a large share of Smart’s LTE sites throughout the country and will increase the volume of data traffic that these facilities can handle,” Smart added.

For his part, NTC Commissioner Gamaliel A. Cordoba said: “Having steady and efficient internet access in the coming weeks is absolutely necessary. I appeal to LGUs and HOAs to allow telco personnel easy entry into their communities to ensure that we have dependable internet connection in the coming days.”

The NTC said Mr. Cordoba issued the statement following complaints from telecommunications companies that their personnel tasked to lay out connections or do repair works are being blocked by personnel of LGUs and gated villages.

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

“The telco personnel out in the field are also frontliners. They are doing their job so you can stay safe at home. We need to allow them access to your areas to either connect new homes to the internet or fix technical issues. They need all our support and cooperation,” Mr. Cordoba said. — Arjay L. Balinbin

Volatility expected as quarantine’s end looms

By Denise A. Valdez
Reporter

LOCAL SHARES are seen to remain volatile this week as the end of the Luzon lockdown looms and annual stockholders’ meetings begin.

The benchmark Philippine Stock Exchange index (PSEi) added 264.37 points or 4.78% to end at 5,789.97 at the session’s close on Friday. On a weekly basis, the main index climbed 5% to sustain its fourth straight week of increase.

Value turnover last week grew 33.7% to an average of P7.65 billion. Net foreign selling continued to grow with a 48.4% expansion to P1.24 billion on average.

Online brokerage 2TradeAsia.com attributed the rise of the PSEi to the central bank’s 50-basis-point rate cut which took effect on Friday. Pent-up buying was another driver for the market’s sustained rally.

For the coming week, as the country inches closer to the April 30 deadline of the extended Luzon enhanced community quarantine (ECQ), 2TradeAsia.com said investors will remain watchful of any development that would show signs of recovery from the coronavirus disease 2019 (COVID-19) pandemic.

“The risks are straightforward to recognize, but complex to resolve: (1) the scenario of possible second wave of COVID-19 infections that could lead to another ECQ in the second half, or (2) risk a deeper economic fallout that may prod the private sector to provide more lifeline funding,” it said.

It noted suggestions by business groups that the government could allow a gradual opening of select sectors to kickoff the recovery of the economy.

Any decision on the ECQ will come from President Rodrigo R. Duterte, who may make an announcement this week, according to his close ally and former personal assistant Senator Christopher Lawrence “Bong” T. Go, in a radio interview yesterday.

Aside from updates on government measures to combat COVID-19, 2TradeAsia.com said investors will also be busy with the start of the annual stockholders’ meeting season.

Scheduled to hold their annual stockholders’ meetings this week are the different units of Ayala Corp.: AC Energy Philippines, Inc.; Ayala Land, Inc.; Bank of the Philippine Islands; and Ayala Corp. itself.

The brokerage said investors will wait for announcements in these meetings regarding business impact and future plans amid the COVID-19 pandemic. “[E]xpect more emphasis on forward guidance, as firms balance survival versus growth,” it said.

It also noted last week’s top gainers — Petron Corp., GT Capital Holdings Inc. and Jollibee Foods Corp. — were able to record increases despite having “no front-page worthy catalysts,” showing there are trading opportunities amid the market’s volatility.

“Set allocations for equities that are primed for similar recoveries once the smoke clears,” 2TradeAsia.com said. It put support for the PSEi at 5,500 and resistance at 6,000.

IATA sees local demand upturn in Q3

INTERNATIONAL Air Transport Association (IATA) said airlines could see the start of an upturn in domestic demand in the third quarter of 2020 amid the expected global recession, but international markets would take longer to resume.

In a recent statement, IATA said it expects full-year passenger demand, both domestic and international, to fall by 48% from last year.

“One factor driving this fall is the anticipated worldwide recession. Global GDP (gross domestic product) is expected to shrink 6% in Q2 alone, three times worse than at the height of the Global Financial Crisis,” it said.

IATA, which represents some 290 airlines comprising 82% of global air traffic, said the second quarter’s reduced economic activity would result in the third quarter’s air passenger demand falling by 8%.

It added that domestic markets “could still see the start of an upturn in demand beginning in the third quarter in a first stage of lifting travel restrictions.”

But it would be slower for international markets to resume, IATA said, noting that governments are likely to keep travel restrictions longer.

Travel restrictions would also worsen the impact of the recession on travel demand; the most serious impact is expected to be in the second quarter, according to IATA.

In a recent analysis, IATA estimated airline passenger revenue losses from the COVID-19 crisis to reach $314 billion this year, as severe domestic restrictions could continue for three months and some international travel restrictions could be extended beyond the initial three months.

IATA Director-General and Chief Executive Officer said: “The industry’s outlook grows darker by the day. The scale of the crisis makes a sharp V-shaped recovery unlikely. Realistically, it will be a U-shaped recovery with domestic travel coming back faster than the international market. We could see more than half of passenger revenues disappear. That would be a $314 billion hit.”

“Several governments have stepped up with new or expanded financial relief measures but the situation remains critical. Airlines could burn through $61 billion of cash reserves in the second quarter alone. That puts at risk 25 million jobs dependent on aviation. And without urgent relief, many airlines will not survive to lead the economic recovery.”

In the Philippines, local carriers including Philippine Airlines, Inc. (PAL), Cebu Air, Inc. (Cebu Pacific), Philippines AirAsia, Inc., Air Philippines Corp. (PAL Express), and Cebgo, Inc. have recently pleaded for government help, as the COVID-19 pandemic’s “catastrophic impact” threatens their survival.

The local airlines temporarily shut down their passenger operations after Luzon was placed under enhanced community quarantine (ECQ). Over 30,000 flights were canceled, affecting nearly five million passengers.

Earlier, the Australia-based Center for Asia Pacific Aviation said airlines in Asia-Pacific countries, including the Philippines, will be the most badly affected by the COVID-19 crisis.

On Friday last week, low-cost carrier AirAsia announced the resumption of its domestic flights, beginning with Malaysia on April 29, followed by Thailand and the Philippines on May 1, India on May 4, and Indonesia on May 7. The flight schedules are subject to authority approval, AirAsia said. — Arjay L. Balinbin

DA welcomes SMC efforts to broaden sourcing of produce

AGRICULTURE Secretary William D. Dar said San Miguel Corp. (SMC) has helped stabilize the farming sector during the public health emergency by declaring its intention to source produce from more farmers.

“We appreciate the continued strong support of SMC President and Chief Operating Officer Ramon S. Ang, who recently said he will tap more farmers for the production of rice, corn, cassava, coconut oil, pork, and chicken, among others,” Mr. Dar said.

Farmers and fishermen have been denied access to major markets by the coronavirus disease 2019 (COVID-19) outbreak and the resulting enhanced community quarantine. In some cases they cannot even reach their fields due to local quarantine rules that are inconsistent with national guidelines, which recognize farmers and fishermen as essential workers.

Mr. Dar has urged multinational companies, the agri-fishery industry, and agriculture-focused state universities and colleges to partner with the DA (Department of Agriculture) for its so-called Plant, Plant, Plant program, which has a budget of P31 billion.

Under the program, these organizations can adopt a city or town and engage in vegetable gardening, commercial crop production, urban agriculture, and poultry raising.

Plant, Plant, Plant is designed to boost food security in case trading in food is disrupted by the pandemic.

“Clearly, we have to pursue farm consolidation, adopt modern technologies, use quality seed and inputs, pursue mechanization, and employ efficient postharvest, processing and packaging systems to produce main staples and other food and commercial crops for our countrymen and meet the demand not only of SMC, but other agribusiness conglomerates,” Mr. Dar said. — Revin Mikhael D. Ochave

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

CCP Online

The Cultural Center of the Philippines (CCP) offers recordings of its shows through CCP Online. CCP Online will stream Philippine Madrigal Singers: MMMM… MORE! on April 20, 3 p.m. The BULAWAN: The CCP 50th Anniversary Gala Concert, which was held in September 2019, is also now online. To watch, visit https://www.youtube.com/user/culturalcenterphils.

Moviemov Italian Film Festival online

The Moviemov Italian Film Festival, produced and organized by acplaytown Roma, shows movies in a virtual cinema through My Movies. Some of the directors and interpreters of the selected films, including Laura Luchetti, Fulvio Risuleo, Gianni Di Gregorio, Paolo Calabresi, together with this year’s festival “godmother” Elena Radonicich, will take part at the event with live social and video contributions in the virtual theater to present their films. Genitori Quasi Perfetti (Parents in Progress) by Laura Chiossone premieres on April 21, 9 p.m. (Manila time). Lontano Lontano (Citizens of the World) by Gianni Di Gregorio premieres on April 22, 9 p.m. (Manila time). For more information and instructions on how to watch films, visit https://www.facebook.com/MoviemovItalianFilmFestival/, and https://www.facebook.com/events/2719489801613065/.

Color Tolkien characters

The official Facebook page of Lord of the Rings author J.R.R. Tolkien has uploaded an illustration of Smaug the Magnificent from The Hobbit Movie Trilogy Colouring Book. Download the coloring sheet at https://bit.ly/2wKY3lp.

Turtle illustration online

The National Museum of the Philippines offers its second coloring sheet to raise awareness about Philippine biodiversity. The coloring sheet was illustrated by Larie Dianco. To download the illustration, visit www.facebook.com/nationalmuseumofthephilippines/photos/a.195151237175869/3165177150173248/?type=3&theater.

The Paris Opera Online

The Paris Opera is offering free ballets and operas for streaming. The scheduled shows are: The Tales of Hoffmann (2016) on April 20 to 26; Carmen (2017) on April 27 to May 3; and the Cycle of Tchaikovsky’s six symphonies played by the Orchestra of the Paris National Opera, conducted by Philippe Jordan, from March 17 to May 3. To watch, visit https://www.operadeparis.fr/.

Business courses online

Business microlearning platform GLOBIS Unlimited offers the teaching experience of Japan’s GLOBIS University through online business education. In light of the COVID-19 outbreak, GLOBIS Unlimited is giving free unlimited access to all resources online. Sign up for courses until April 24, and get unlimited access until April 30. For details, visit https://www.globis.ac.jp/unlimited-offer/?_ga=2.19086384.96919973.1587114462-682746198.1585895060.

BGC for frontliners

The Fort Bonifacio Development Foundation, Inc. (FBDFI), the corporate social responsibility arm of BGC, continues to ask for support through cash or in-kind donations #ForTheFrontline. For cash donations to the Fort Bonifacio Development Foundation via BPI online bank transfer, send to account number: 1921-1158-37. E-mail deposit slips to: info@bgc.com.ph. All donation items and proceeds will be used to provide food, PPEs, and other necessities for the front liners of BGC.

Andrea Brocelli’s Music for Hope

Listen to all the songs from Andrea Bocelli’s Easter Sunday concert Music for Hope at the Duomo cathedral in Milan, Italy on AndreaBocelli.lnk.to/MusicForHope1FP.

MoMA free courses online

After offering virtual tours, the Museum of Modern Art (MoMA) is now offering free online courses beginning April 15. The courses include a series of five free classes for contemporary art, fashion, and photography. It includes readings and exercises which can be completed within 12 to 38 hours. For details, visit https://www.coursera.org/moma.

Celebrities read children’s books

Enjoy reading time with the kids as celebrities read children’s stories online. Watch Eddie Redmayne read Julia Donaldson’s Zog about a clumsy dragon who wants to be the best student in his class (https://www.facebook.com/MagicLightPics/videos/247819456374650/). Chris Evans reads Laura Numeroff’s If You Give a Dog a Donut (https://www.facebook.com/cevansonline/videos/214260509657142/). Kate Winslet reads Dr. Seuss’ Green Eggs and Ham (https://www.facebook.com/campbestival/videos/253265512478422/).

Print & Play activities for kids

Keep kids entertained with new curated Print & Play activities from HP. The activities, from craft making and mazes, to dot-to-dot drawing and puzzles are suitable for ages two to 12. With HP Print & Play, parents can choose from a range of activities that are best suited to their children’s needs to achieve the best possible learning outcomes. To try the activities, visit https://www8.hp.com/ph/en/printers/printandplay/index.html?jumpid=va_u19mhncewr.

Harry Potter exhibit online

The British Library’s Harry Potter: A History of Magic exhibition is available online through Google Arts and Culture. Its features include video clips and sketches, and a Q&A with exhibit curator Julian Harrison. To view, visit https://artsandculture.google.com/project/harry-potter-a-history-of-magic.

The National Theater online

London’s National Theater offers free plays online on its YouTube channel (https://www.youtube.com/channel/UCUDq1XzCY0NIOYVJvEMQjqw). The National Theatre at Home will release a new play free to watch for one week every Thursday (7 p.m. GMT/2 p.m. EST). It includes cast and creative interviews and post-stream talks. The remaining shows are Treasure Island on April 16 (available until April 23), and Twelfth Night on April 23. For more 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.

The Nanny’s Pandemic Table Read

The cast of the 1990s comedy sitcom The Nanny reunites for The Pandemic Table Read of the show’s pilot episode. It stars Fran Drescher as Fran Fine, a beautician who finds a job as a nanny to the three children of wealthy widower and theater producer Maxwell Sheffield (played by Charles Shaughnessy). To watch, visit Sony Pictures Entertainment’s YouTube channel at https://www.youtube.com/watch?v=C3a6KuP1X14&feature=youtu.be&fbclid=IwAR1eEwvK0A7lrLMnt2GTXBPoDR7y8_Q5TXMexTLIo9es9Gei4W1Yi-asITM.

Hogwarts online

Hogwarts Is Here is an online version of the Harry Potter series’ magical school, created by Harry Potter fans, that allows visitors to take courses like the characters from J.K. Rowling’s book series. Among the various courses are Astronomy, Herbology, History of Magic, and Transfiguration. The website also includes a forum, groups, and library feature. Visit http://www.hogwartsishere.com/.

Free Nikon photography class online

Nikon is offering free online photography classes until April 30. Topics include fundamentals of photography, shooting for landscape, portraiture, music videos, and speedlight control. To participate, visit https://www.nikonevents.com/us/live/nikon-school-online/.

Science experiments at home

Try to do 44 science experiments at home with the kids with the James Dyson Foundation Challenge cards. To download the challenge cards, visit https://www.jamesdysonfoundation.co.uk/resources/challenge-cards.html.

PETA’s Charot! The Unwanted Prequel

Philippine Educational Theater Association (PETA) launches episodes of Charot! The Unwanted Prequel once a week at its official Facebook page. The story is a prequel to its play, Charot! The Musical. The prequel is set in a country known as “P.I.,” which is governed by Papsy, as the nation deals with the “Charona veerus.” New episodes will be uploaded on PETA’s official Facebook page weekly. Aside from online content, the theater company is also conducting two donation efforts. One for the distribution of rice to 300 families in Brgy. Kristong Hari, Quezon City; and another for medical equipment such as personal protective equipment for the frontliners of East Avenue Medical Center. To stream the show and for more information on donation efforts, visit https://www.facebook.com/PETATHEATER/.

Color Manolo Blahnik designs

Shoe designer Manolo Blahnik shares a selection of his original sketches in an online coloring book. The shoe designs are downloadable at https://www.manoloblahnik.com/gb/smile.html.

DUP’s plays online

Three Dulaang UP plays — Floy Quintos’ The Kundiman Party, Ang Nawalang Kapatid, and Nick Joaquin’s Father’s and Sons — are now available for streaming on YouTube at https://www.youtube.com/channel/UCm2k83BMK9Fq39P6yJH9lng.

Podcasts on Philippine crime

Stories After Dark features podcasts on Philippine true crime and mystery stories. It currently has 14 episodes including The Maguindanao Massacre (2009), The Ozone Disco Fire (1996), and Pepsi Paloma: Rape or Publicity Stunt? Suicide or Murder? (1982/1985). To listen, visit https://www.facebook.com/storiesafterdarkph/.

Palacio de Memoria virtual tour

Art and history enthusiasts can now go on a virtual tour of Palacio de Memoria, the Colonial Revival mansion, and marvel at its luxurious facilities and hundreds of Euro-Filipino paintings, sculptures, art displays, and historical pieces online. It features the showroom of Palacio de Memoria’s auction house, Casa de Memoria, which houses the Lhuillier family’s collection of antiques, the Mosphil Lounge, and a passenger plane that was refitted to be a lounge for special occasions. To view the Palacio de Memoria’s virtual tour, visit https://www.palaciodememoria.com/tours.

Intramuros virtual tour

Visit the sites of Intramuros through its virtual tours at https://artsandculture.google.com/partner/intramuros-administration?fbclid=IwAR0aRtUOboFvmpk73FwjO_OZBBD5OKRfoFBWUOGgPAUUpaA7DquxNG0Jlks. The walled city’s sites may also be visited through the Experience Philippines augmented reality app. The app is free and available on Google Play or the App Store.

Photography workshops with Canon PH

Canon Philippines is offering photography workshops for the month of April via its official Facebook page. The workshops will feature Canon brand ambassadors and professional photographers who will tackle basic to advanced techniques, and specialized topics such as food, architecture, wedding, and music events photography, and vlogging. View the workshop schedule at https://www.facebook.com/canonphils/photos/a.436807569702668/2967524323297634/?type=3&theater.

MSO’s music online

The Manila Symphony Orchestra (MSO) presents Ennio Marricone’s “Nella Fantasia” from The Mission (1986), which was recorded separately by its musicians while in quarantine, in the hope that it brings some comfort to the listener’s soul. To listen, visit https://www.youtube.com/watch?v=ceKQHi-9OKQ&feature=youtu.be. For more information, visit https://www.facebook.com/manilasymphony/.

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 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 such as Gary-Ross Pastrana, and Patricia Perez Eustaquio.

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 ukulele. It includes high-resolution videos with teachers, and a progress tracker. Follow along to videos, and practice 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’s YouTube channel will stream shows for free. Seventy shows with English subtitles have been released including episodes of National Kid (updated on Mondays) and 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’s 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/.

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.

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.

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.

NHCP Documentaries on YouTube

The National Historical Commission of the Philippines 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 is 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.

Pag-IBIG Fund approves P716M in cash loans

THE HOME Development Mutual Fund (Pag-IBIG Fund) has approved over P700 million worth of cash loans for its nearly 38,000 members since the Luzon-wide enhanced community quarantine took effect last month, its top official said.

In a statement over the weekend, Pag-IBIG Fund Board of Trustees Chairman Eduardo D. del Rosario said they have approved over P716.26 million worth of loan applications from its 37,901 members during the lockdown period, and are expecting more loans as application processing continues.

Pag-IBIG Fund CEO Acmad Rizaldy P. Moti said they received 221,851 cash loan applications via e-mail as of April 15.

The agency offers short-term cash loans via its Calamity Loan and the Multi-Purpose Loan (MPL) programs. These short-term loans provide its members a “readily-accessible and affordable” source of funding where they can borrow up to 80% of their total Pag-IBIG Fund savings.

Pag-IBIG Fund said it has been accepting loan applications via e-mail since March 20, three days after the lockdown took effect on March 17. Pag-IBIG Fund moved the application process for the two programs online amid the coronavirus disease 2019 (COVID-19) pandemic, allowing its members or their employers to submit the applications via e-mail.

Mr. Moti said the agency receives as much as 10,000 e-mails per day, which he admitted “is a lot to process,” but assured its members they will continue to operate despite temporarily closing down their offices.

Earlier, the Pag-IBIG Fund granted a three-month moratorium on loan payments for housing, multi-purpose and calamity loans due on March 16 to June 15, to ease the burden of people affected by the lockdown.

Pag-IBIG Fund saw its net income grow by four percent to P34.37 billion in 2019 from P33.17 billion recorded the year prior.

PHL auto industry expected to be down at least 20%

Atty. Rommel Gutierrez
President
Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI)

VELOCITY: China auto sales reportedly fell by 80% on account of the pandemic. Early reports in the US anticipate total auto sales to be slashed by at least a million units. What’s the number that you’re looking at for the Philippines based on projections? How big a hit are we expecting for the year?

Atty. Gutierrez: We’re expecting sales to be at least 20% down.

Aside from the 45-day ECQ which, by and large, also curtailed economic activity, what do you perceive to be hardships for the industry?

We anticipate control measures being in place after the ECQ, and these may still suppress economic activity.

Once we get out of the ECQ, how soon can the market get back to pre-quarantine levels?

Recovery may take months after the ECQ. We’re looking at maybe early fourth quarter this year.

So many production facilities have been shut down all over the world. How will this impact local supply not just of units but spare parts?

We operate based on regional complementation. Production disruption elsewhere has negative impact on local units as well as their spare parts.

We’ve often heard the sentiment that the pandemic will change the way we live forever. Do you see any lasting impact on the conduct of the auto business, particularly if social distancing measures continue to be practiced?

This pandemic will have impact on short- to medium-term plans. It certainly will entail adjustments in the way auto business is conducted.

What’s your message to people who work for auto companies?

Motor vehicles will still be indispensable to future mobility. As in previous crises, the auto industry will rebound and continue to play a vital role in economic recovery.

Will the Philippine International Motor Show (PIMS) still happen this year?

We have not yet canceled PIMS so far but will continue to evaluate whether to push through or not.

How PSEi member stocks performed — April 17, 2020

Here’s a quick glance at how PSEi stocks fared on Friday, April 17, 2020.

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