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Duterte eyes powers vs coronavirus

By Charmaine A. Tadalan
Reporter

PRESIDENT Rodrigo R. Duterte wants Congress to give him special powers to enforce measures to contain the coronavirus disease 2019 (COVID-19) that has sickened 380 people in the country, with 25 deaths.

Malacañang on Sunday certified as urgent its proposed bill that seeks to declare a national emergency arising from the COVID-19 crisis and give the President emergency powers.

Lawmakers will tackle the proposed Bayanihan Act of 2020 — effective for two months or during the state of calamity, whichever is longer — in today’s virtual special session, Senate President Vicente C. Sotto III told DZBB radio.

“In view of the continuing rise of confirmed cases of COVID-19, the serious threat to the health, safety, security and lives of our countrymen, the long-term adverse effects in their means of livelihood, and the severe disruption in economic activities, a state of national emergency is hereby declared,” according to the draft bill. Congressional leaders sent a copy of the palace bill to reporters.

Among others, the bill will give Mr. Duterte the power to “temporarily take over or direct the operations of any privately owned utility affected with public interest to be used in addressing the needs of the public during the COVID-19 emergency as determined by the President.”

These businesses include hotels to house health workers and serve as quarantine centers; public transportation to ferry frontline personnel; and telecommunication companies “to facilitate uninterrupted communication channels between the government and the public.”

The President will also be empowered to ensure all local government units are acting in line with orders issued by the National Government, particularly regarding the enhanced community quarantine in Luzon.

Marlon M. Villarin, a political science professor at the University of Santo Tomas, said he does not see the need for emergency powers to be given to the President.

“The President doesn’t need special powers or emergency powers, he has all the necessary power under the Constitution to really respond to this medical crisis,” he said by telephone.

“In this time of crisis, any action that will expedite the services of the people will be welcome,” Antonio A. Ligon, law and business professor at De La Salle University, said. “We should also be mindful of the proper procedure and not disregard it for the sake of expediency.”

BUDGET REALIGNMENT
Other “emergency powers” sought for the President include the speedy procurement of goods such as personal protective equipment and testing kits; regulating and limiting operation of public and private transportation; and giving incentives for the manufacture and imports of critical health care equipment and supplies.

The proposed bill also authorized the President to realign and reallocate funds from the national budget for 2020 into efforts to address the COVID-19 crisis.

He can also “allocate cash, funds and investments” held by any government corporations or agencies.

All unspent funds from collections and receipts, including future collections and receipts, must be used for the purposes stated in the proposed law, it said.

Top Congress officials said they are looking at approving an economic stimulus package of at least P200 billion, as the government tries to shield the economy from the effects of a Luzon-wide lockdown.

“We discussed not just billions but tens of billions, not lower than P200 billion for the next two months to make sure no Filipino will get hungry or fail to buy medicine,” House Speaker Alan Peter S. Cayetano said in Filipino in a video posted on his Facebook page after an Executive-Legislative meeting on Saturday.

Two months of financial assistance to 16.5 million families would cost P234 billion, Mr. Sotto said, citing Budget department estimates.

The financial aid is mainly for daily wage earners, those in the informal sector such as street and market vendors, and other workers who have lost their livelihood because of the Luzon-wide quarantine.

The enhanced community quarantine, which will be in place until April 12, requires people to stay in their homes, and restricted operations of all public transportation.

Mr. Sotto said Congress would try to pass the measure, which is certified as urgent, on third and final reading on Monday.

Albay Rep. Jose Maria Clemente S. Salceda, who heads the House ways and means committee, said they would use “telecommunications and online technologies to allow everyone to participate.”

Representatives may register their attendance, cast their votes and speak during the special session using Viber group chat, video conferencing apps such as Zoom Cloud Meetings, as well as by phone texts and calls. — with Beatrice M. Laforga and Genshen L. Epedido

PSE trading threshold adjusted to curb volatility

By Denise A. Valdez
Reporter

THE Philippine Stock Exchange, Inc. (PSE) is adjusting its trading threshold to reduce market volatility amid the coronavirus disease 2019 (COVID-19) pandemic.

In a memorandum posted on its website at the weekend, the bourse operator said it would trim the trading range of individual stock prices by setting the lower static threshold at 30% below the reference price, from 50% previously.

The upper static threshold will remain 50% above the reference price.

Under the PSE Trading Rules, thresholds are imposed to limit the price of an order for a security or group of securities. There are two kinds of thresholds in the PSE Trading Rules: static and dynamic. The static threshold, which is being revised, is an absolute value that sets the lower and upper limit for trading.

“We are looking at measures to address the present volatility in the stock market due to uncertainties from COVID-19. One of the measures we decided to adopt is to tighten the trading band for securities,” PSE President and Chief Executive Officer Ramon S. Monzon said in a statement.

The adjusted lower static threshold will take effect on Tuesday, March 24.

“We already configured our trading system to recognize a 30% decline in share price as the floor price of a security,” Mr. Monzon added.

He said the PSE is following rules implemented in other exchanges in the region, where the lower static threshold levels are 10-30%.

Philstocks Financial, Inc. Research Associate Claire T. Alviar said the new rule would ease market volatility seen in recent weeks.

“Given that the lower static threshold will be 30%, it will limit losses in the market and will further protect the investing public from the sell-off,” she said in a text message.

She said limiting the losses in a stock would cut the market losses as a whole.

“It would also calm sellers sooner than the previous guidelines, so bargain hunters can take cues earlier and this could help the stock price from the sell-offs, which would also help and lift the market at the same time,” Ms. Alviar added.

Diversified Securities, Inc. Equity Trader Aniceto K. Pangan agreed on the benefits of the new rule to the market’s current situation.

“As we are in for a volatile market, this may somehow relieve the stress on the investor side in terms of the limit on the downside of the market, as well as their particular holdings,” he said in a text message.

The main index closed at 4,778.76 on Friday, down 17.5% on a weekly basis. It fell 13.34% or 711.95 points to 4,623.42 on March 19, its biggest one-day drop in points and percentage. It also posted a record intraday decline of 24.29% that day.

Economic recovery possible by 2021 — Diokno

By Luz Wendy T. Noble
Reporter

THE GOVERNMENT could miss its growth target this year after Luzon was locked down to contain a coronavirus disease 2019 (COVID-19) outbreak, even as growth is expected to pick up in the third quarter and recovery by 2021, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.

The central bank chief also said “aggressive” fiscal stimulus and the continuation of infrastructure projects, paired with an appropriate monetary stance, will help buoy the economy.

With Luzon accounting for about 70% of the country’s gross domestic product (GDP), the economy could grow by 5-5.5% this year after a below-target 5.9% expansion last year, Mr. Diokno said, citing BSP estimates.

“BSP forecasts that the Philippines might grow by 5 to 5.5%, down from 6.5-7.5% original forecast, but still the highest among ASEAN-6 countries,” Mr. Diokno said in a text message.

“I expect a U-shaped recovery starting Q3 this year; full recovery is expected next year, with the economy growing at 6.8%,” he added.

The BSP said among the sectors that will feel the brunt of COVID-19’s effects are services, tourism, trade, and remittances.

“In addition, the implementation of the enhanced community quarantine in Luzon could further dampen domestic economic activity,” the central bank said in a separate e-mail statement.

Luzon has been placed under enhanced community quarantine as part of government efforts to contain the virus.

The Health department reported 73 new infections on Sunday, raising the total to 380, with 25 deaths.

Mr. Diokno said authorities must deploy measures that will complement the BSP’s easing stance to help shield the economy from the impact of the virus outbreak.

“The government needs a substantial, aggressive, and easily implementable fiscal stimulus to go hand in hand with BSP’s appropriate monetary stance,” he said.

On Thursday, the Monetary Board announced a 50-basis-point (bp) rate cut following global central banks’ moves to ease policy and provide stimulus to help countries cope with COVID-19’s economic impact.

With this, the overnight reverse repurchase rate was reduced to 3.25%, while overnight lending and deposit rates now stand at 3.75% and 2.75%, respectively.

The BSP had already slashed rates by 25 bps in February. Mr. Diokno on Sunday said the central bank has enough policy space, even as it has already unwound a total of 150 bps since 2019 out of the 175 bps in hikes implemented in 2018.

The central bank chief said the BSP’s policy easing should be paired with the continuous implementation of the government’s infrastructure program as well as the passing of laws that could boost the attractiveness of the country as an investment destination.

“The national government should also make sure that its audacious Build, Build, Build program is implemented with little delay. Congress should also approve the Executive’s priority legislation that will improve the attractiveness and competitiveness of the Philippine economy,” Mr. Diokno said.

Sought for comment, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said measures should be in place to help the most vulnerable sectors.

“Increased government spending measures need to be prioritized, with immediate positive effects on the most vulnerable sectors such as the unemployed, marginalized, and other adversely affected businesses,” Mr. Ricafort said in a text message.

He noted that financial relief for households and businesses have already been implemented in other countries like the United States.

Meanwhile, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion cited House Bill 6606 which sets aside P108 billion for a stimulus package in response to the COVID-19 outbreak.

The bill, filed by Marikina Representative Stella Luz A. Quimbo, allots P43 billion for the tourism sector which is said to be the hardest hit by the outbreak, while P65 billion will be allotted for cash transfers and support for workers affected by the lockdown.

“BSP can address the demand-side only at a certain point… Congress must get its act together with various executive department agencies in addressing the supply-side with a great and appropriate fiscal rescue plan,” Mr. Asuncion said in a text message.

According to Mr. Asuncion, a coordinated government response is crucial in battling the pandemic, noting he sees a continued rise in cases globally until June.

“But the impact of the virus may last longer and the global economy will never be the same pre-pandemic,” he said, adding there could still be new cases after June, though with slower increases.

“There will still be risks of small outbreaks when people start going back to work unless a vaccine or an anti-viral drug comes out. So, it will not be business as usual immediately. Economic work to recovery may take some time,” Mr. Asuncion said.

Economies/Areas with the most number of COVID-19 tests conducted

Economies/Areas with the most number of COVID-19 tests conducted

Region’s airlines are ‘hardest hit’

AIRLINES in Asia-Pacific countries, including the Philippines, have been hit the worst by the coronavirus disease 2019 (COVID-19) pandemic, according to Australia-based Center for Asia Pacific Aviation (CAPA).

“Asia Pacific has been hardest hit, although the rate of seat decline has slowed, mainly reflecting a flattening of the curve of COVID-19 cases in China,” CAPA said in its report published on Saturday.

In the Philippines, the alert level was raised to code red sublevel 2, which means there have been community transmissions and increased infection cases in the country.

President Rodrigo R. Duterte has placed the entire island of Luzon under an “enhanced community quarantine” until April 12.

The Luzon-wide lockdown policy includes a temporary travel ban on foreigners entering the country starting March 22.

In the Asia-Pacific region, CAPA said seat numbers were down by 25.2% in the week of March 16, 2020.

It said the rate of decline in the region has eased since hitting -29.4% in the week of Feb. 17, 2020, “reflecting the relative flattening of the COVID-19 curve in China, but it is still falling faster than in any other region.”

As for seat capacity between regions, CAPA said the biggest drop in capacity for the week of March 16, 2020 was recorded for North America to Asia Pacific (-36.4% year-on-year), Europe to Asia Pacific (-32.3%), and Asia Pacific to Africa (-23.8%).

“Four other interregional flows have also fallen by more than 10% in seat capacity this week: Europe to Middle East (-17.8%), Asia Pacific to Middle East (-15.8%), Europe to Africa (-11.7%) and Middle East to Africa (-11.2%),” it added.

It said such declines will begin to narrow from the week of March 23, “with the global decline easing back to -4.0% in the last week of April 2020.”

Budget carrier Cebu Pacific projected that the pandemic will continue to impact its operations in the coming months, even after the month-long lockdown being imposed over the entire Luzon island.

The airline has also decided to let go of over 150 newly hired flight attendants.

Flag carrier Philippine Airlines has likewise cut about 300 jobs as a way to recover from its 2019 losses, which worsened in the first two months of 2020 due to the impact of COVID-19.

The government said it would defer the collection of take-off, landing and parking fees from Philippine carriers as a form of relief from the pandemic. — Arjay L. Balinbin

Panic selling pulls down SM Prime

PANIC SELLING among investors prevailed during the shortened trading week amid continued pandemic uncertainty, making Sy-led SM Prime Holdings, Inc. one of actively traded issues last week.

A total of 83 million SM Prime shares worth P2.17 billion exchanging hands from March 16 to 20, data from the Philippine Stock Exchange (PSE) showed.

Shares in the property developer closed at P26 apiece on Friday, down 13.3% week on week from the P30 finish on March 13. Since the start of the year, the stock has lost 38.5%.

According to Unicapital Securities, Inc. Technical Analyst Cristopher Adrian T. San Pedro, SM Prime tested the four-year low support level during the shortened trading week after the local bourse reopened after a two-day trading suspension amid the government imposed enhanced community quarantine measures in Luzon amid coronavirus disease 2019 (COVID-19) pandemic.

“It was indeed a panic selling scenario as the bourse reopened on March 19… The stock quickly recovered as bargain hunters and short-term traders bought the shares on the key support levels of P20 and above,” Mr. San Pedro said in an e-mail.

In a separate e-mail, Mercantile Securities, Inc. Analyst Jeff Radley C. See said: “Panic sets in as investors saw a huge plunge on SM Prime when the PSE resumed trading. With this, the stock added pressure pushing the index to a low of 4,000.”

PSE is operating on a shortened trading hours from 9:30 a.m. to 1 p.m. while Luzon is under quarantine until April 13.

After a two-day market closure, the PSE returned on March 19 but the pandemic uncertainty took its toll on the local bourse as the circuit breaker was triggered shortly after the bourse opened and continued to fall to “unprecedented” 24.29% single-day drop.

Meanwhile, there are more than 267,000 confirmed COVID-19 cases and at least 11,000 deaths across 184 countries and territories worldwide, according to World Health Organization’s data as of March 21.

In the Philippines, confirmed cases has so far reached 307, including 19 deaths and 13 recovered patients.

SM Prime’s consolidated net profit went up 18% to P38.1 billion in 2019 as its consolidated revenues increased 14% to P114 billion amid sustained growth of its mall and residential projects across the country.

It ended 2019 with 74 malls in the Philippines offering 8.5 million square meters (sq.m.) of gross floor area and seven malls in China with 1.3 million sq.m. of GFA.

It also had 12 office buildings with a GFA of 695,000 sq.m., eight hotels with more than 1,900 rooms, four convention centers, and three trade halls.

“We expect the net income to be flat or negative [this year] brought about by the COVID-19 lockdown here in Luzon by which it is still uncertain when will the enhanced quarantine end as the government continues to evaluate the risk on a day to day basis,” Unicapital’s Mr. San Pedro said.

For his part, Mr. See said: “There will be adjustments as news came out that SM malls will waive rental fees and pay salaries. We have to see the impact of this in the financial statements.”

Mr. San Pedro sees the stock to remain “volatile” and pegged P19.90 support and P30.00 resistance price leaves this week.

“The stock may have established a bottom if it stays above P20.00 in the medium term,” he said.

For Mercantile Securities’ Mr. See, he expects SM Prime moving in a range for now, between P19.90 and P28.40. — LOP

FedEx continues to reach virus-stricken locations

MULTINATIONAL logistics company FedEx Corp. said it continues with its delivery services to and from areas affected by the spread of coronavirus disease 2019 (COVID-19).

It said it was delivering medical supplies donated by international non-government organizations to the Philippines’ Health department.

“FedEx is adhering to all regulations and guidelines from government authorities related to containment of COVID-19. As an essential service, we continue to operate to and from impacted areas as local conditions and restrictions allow, and are taking recommended precautions in terms of team member and customer health and safety,” FedEx said in a statement on March 20.

In a statement on March 18, the express transportation company said it was handling delivery of relief aid donated by International Medical Corps (IMC) and Heart to Heart International (HHI) to the Philippines through the Department of Health (DoH).

“To aid in the COVID-19 situation in the Philippines, IMC, which tags itself as a ‘global first responder,’ shipped thousands of surgical masks and gloves, protective face shields and aprons, and medical equipment,” it said.

FedEx said government restrictions on work and travel could affect its inbound and outbound deliveries to and from areas affected by the virus.

“Customers can visit fedex.com or tnt.com to check the status of their shipments,” it said.

FedEx previously operated its Asia Pacific hub in Subic Bay in Zambales. However, the company transferred its operations to China, where it opened its Asia-Pacific hub in the international airport in Guangzhou in February 2009. FedEx decommissioned its facility in Subic in June 2009.

President Rodrigo R. Duterte placed the entire island of Luzon under “enhanced community quarantine” until April 12 as a measure to slow the spread of COVID-19.

The Customs bureau said it had processed 189 shipments of medical supplies and other emergency items needed for responses against COVID-19 as of March 19.

The bureau will also establish a “one-stop shop” for donations and other relief goods coming into the country via its ports to accelerate the processing.

It said ports in Luzon are operating with a lean workforce as ordered but assured that shipments of medical and emergency supplies will still be processed and released at an accelerated pace. — Arjay L. Balinbin

The confusion of confinement, in words

By Joseph L. Garcia
Reporter

YOU and I have been placed under house arrest by an invisible spectre: a virus.

It has just been over a week since the announcement of an “enhanced community quarantine” has kept most of us locked in our homes, and developments might change even that. Tension turns to tedium, if you’re lucky enough. While we may not be able to reach out to you right now, we’ve compiled a list of books that may be able to help you make sense of the tightening screws of quarantines and curfews. The people in these novels and biographies have been placed in confusion and confinement, a state we wish to leave soon. We can’t promise much, except that the air would never smell as fresh as when you step outside for the first time, when the virus finally releases its hold.

1.) Anne Frank: The Diary of a Young Girl — Everyone who has made it to high school has read the diary of Anne Frank, the middle-class Jewish girl who went into hiding with her family behind an office building in 1942, after the Nazis tightened their grip on the Netherlands in the heat of the Second World War. Kept first as a personal journal, Anne edited the diary to donate it as a wartime record. Sadly, only the dream would remain, as Anne and her family were betrayed, discovered, and arrested in 1944. Her family would die in concentration camps, save for her father, businessman Otto Frank, who recovered the diaries from one of their protectors when they were in hiding. Her father would edit and publish his daughter’s diaries after the war.

The daily minutiae of a life lived in a cramped space is given a voice, that of an energetic teenager forced to put her life on hold. Anne, despite her young age, deftly sketches and analyzes her companions at home, which included her family, the family of her father’s business associate, and a guest. Small events, such as the arrival of food rations, and other such small comforts achieved special significance in an existence bound by four walls concealed to the outside world by a false bookcase. While Anne Frank’s life was ultimately dimmed by the tragedies of war, her words shine brighter than ever, providing a face and a voice to the cruelties of war and conflict, not for its fighters, but its victims. Anne wrote, “It’s utterly impossible for me to build my life on a foundation of chaos, suffering, and death. I see the world being slowly transformed into a wilderness. I hear the approaching thunder that one day, will destroy us too. I feel the suffering of millions. And yet, when I look up at the sky, I somehow feel that everything will change for the better, that this cruelty too shall end, and peace and tranquility will return once more. In the meantime, I must hold on to my ideals.”

2.) The Last Days of the Romanovs: Tragedy at Ekaterinburg (Helen Rappaport, 2008) — It could be argued that the last Imperial Family of Russia, the Romanovs, had long been imprisoned by tradition, position, and their own inherited faults. Yet from 1917 to their deaths in 1918, in their physical incarceration in remote backwaters of the country they once ruled, their captivity could not be felt more acutely. The family that was once at the head of one-sixth of the Earth’s landmass was now reduced to moving about in a few rooms, while subjected to petty humiliations by their jailers. Kept in captivity as they were however, what most of the book covers were the memories of their past lives and how quiet stress changed them inside the Ipatiev House, while the world they left behind changed rapidly and violently. In the book, we see what a formerly grand family, ultimately good but fatally flawed did to pass the time in seclusion, in greatly reduced comfort, while awaiting their fate. I personally find the book remarkable for the brilliant character sketches, from the imperials themselves to Lenin — each detail of their characters are somehow a prefigure to their roles in history. There’s no light at the end of the tunnel for them (the last few chapters are postmortem accounts of their bodies). It does, however, remind us of the small solaces that provide comfort in a life of pressure — yes, even when death is literally at the door.

A note on illness and disease, considering the climate: we’re hearing a lot about the process of contagion these days, and we can see from the Romanovs’ lives how microbes travelling from one body to another have the ability to change lives, great and small. For example, the Empress Alexandra’s character of severe introversion (which made her feel unsuited for her highly public and personal role) was molded by the childhood tragedy of her mother’s death, due to an outbreak of diphtheria in her childhood home. Later in her life, her children would have the ill luck of simultaneously contracting measles at the height of the Russian Revolution, preventing their escape to another country, and thus sealing their fate.

3.) Marie Antoinette: The Journey (Lady Antonia Fraser, 2001) — She’s not the most popular figure for this period, being as she is a symbol of extravagance and inequality. The book details her life as an ignored imperial child in Vienna, a flamboyant French consort, and in a redemption arc, a good mother, a leader who tried and failed, and finally, a wronged prisoner and scapegoat who would reach her personal apotheosis in her final hours. While the acclaimed biography, of course, is a historical record, ultimately, it’s an exquisitely rendered portrait of a flawed person gaining redemption under pressure — and in these trying times, isn’t that what every person should strive for?

Another note on illness and disease, considering the times: if not for a virus, perhaps Marie Antoinette would never have been Queen of France. A smarter, more decisive sister, Maria Carolina of Austria, might have sat on the throne instead, and may have changed the course of history. But 18th century Vienna was stalked by a plague of smallpox. An older sister was killed by it, while another sister, a particularly beautiful one, was left scarred by the disease and was not deemed suitable for marriage. Maria Carolina and Marie Antoinette moved two places up their mother’s list of arranged marriages, and Maria Carolina, earmarked as a bride for France, was sent instead to Italy.

4.) A Gentleman in Moscow (Amor Towles, 2016) — — Who will you become and what will you do, when the world you once loved and lorded over no longer exists? A Gentleman in Moscow is about Count Alexander Rostov, a noble in Revolutionary Russia stripped of position and possessions and clapped into house arrest: but inside a luxury hotel, the historical Hotel Metropol in Moscow. We cheer on the charming and affable Rostov as he tries to find purpose while within confinement, (albeit trapped in the best surroundings possible), in a world that no longer wants him. As elegantly written as the classical pieces frequently referenced in the novel, it has ruminations on wine, cocktails, food, the nature of Time, and all sorts of topics you can quote at a future dinner party — the Count had, after all, a lot of time to think while incarcerated.

5.) Suite Française (Irène Némirovsky, published posthumously 2004) — The last and unfinished novel of French-Jewish novelist Irène Némirovsky was less about confinement, but confusion in a large, busy, capital city during conflict. The novel is remarkable in that it manages to make a tightly written fictional narrative of the beginning of the Second World War in France — right as it was happening. We’re introduced to a host of glamorous Parisians in the first part, “Storm in June,” who either bungle their way out of the capital, or else remain in unsure circumstances in the City of Lights. More humanized faces are seen in the middle-class characters, who bear the hardships of initial panic with more nobility than their “noble” counterparts. A second part, “Dolce”, sees a small provincial town shaken up by the arrival of conflict in the form of German troops. Corruption and collaboration bloom, but then, so does camaraderie and compassion.

The story of how the novel was found is a story in itself. Némirovsky’s family had been tracked down by the Nazis while hiding in the country. She was arrested shortly after, and died in a concentration camp. Her young daughters, only narrowly escaping persecution through flight, saved their mother’s papers and kept them in a suitcase. They took the suitcase with their mother’s papers, covered in very tiny handwriting, as they jumped from one hiding place to another. The daughters would grow up to have careers in the literary world. Deciding to donate their mother’s papers, which they prevented themselves from reading after all those years, they found out that their mother planned out a complex novel inspired by the movements in a symphony, to be executed in several parts. Unfortunately, their mother had been forced to stop writing after finishing the second part. As well, she couldn’t possibly conclude the novel while the conflict was just beginning, not knowing that the war would rage on for years. Writing notes about the then-indeterminate shape of the novel, she wrote, “The fourth and fifth (parts) are in limbo, and what limbo! It’s really in the lap of the gods since it depends on what happens.”

All of these books are available in e-format via Google Books or Amazon Kindle.

Tips on working from home

WHEN the novel coronavirus started spreading across Asia in January, forcing the world’s largest work-from-home experiment, not many knew what to expect, least of all Bloomberg’s 400-plus journalists in the region. Six weeks later (and counting), only now are some starting to return to the office.

Meanwhile, the great experiment is going worldwide as Covid-19 cases mount in the US and Europe, with Spain and France joining Italy on lockdown, and cities such as New York grinding to a halt. Chances are that you, too, will be executing a mandatory telecommute sometime soon, if you aren’t already.

To help get you through your own ad-hoc, at-home office situation, we turned to our colleagues in Beijing, Shanghai, Hong Kong, Seoul, and Tokyo for tips and advice.

MAXIMIZE PRODUCTIVITY
The biggest piece of advice: “Go” to work.

“Try to stick to some semblance of your original routine from before you started working from home,” says Eric Lam, a cross-asset reporter in Hong Kong. If you needed to be at your desk at 8 a.m., don’t wake up at 7:59. “Give yourself a little bit of time before your start to wake yourself up, have a coffee, make breakfast. Especially for those of us — like me — who are not morning types.”

And dress the part. That means comfortable work clothes — not pajamas.

“It makes me feel awake, fresh, productive, and less slovenly,” says Kristine Servando, deputy head of Asia digital in Hong Kong. “It was part of the mental trick of demarcating between work and the rest of your life.”

“For the boys: Shave,” says Edward Gelband, part of the media distribution team in Tokyo.

Creating an “office environment” is important, too. Try to set up your workspace in a well-lit room or one with as much natural light as possible. Have a good chair. Stand up. Have a lot more meetings: Communicate, communicate, communicate.

Alex Millson, news desk editor in Hong Kong, has an indispensable item to avoid distractions from partners and children: “Noise. Canceling. Headphones.” He adds: “I just bought a pair of AirPods Pro, which are great at drowning out the playgroup we host once a week and other close-quarters distractions.”

He also ordered a lumbar cushion. “It’s totally saved my back — hugely recommend it for slouchers. Of course, it’s no good if you’re working from the sofa.” And his Nespresso Mini Essenza is working overtime. “It’s great because it makes a cup of coffee in 30 seconds. It’s so small, it can sit right next to your workstation.”

And don’t forget the little things, like getting a real mouse. “It’s a game changer. Laptop trackpads just don’t cut it and could lead to mistakes,” says Lam. An external keyboard is a good idea, too, and if you can swing it, a second monitor.

SET BOUNDARIES
When you live in your office, it’s easy to overwork.

Servando in Hong Kong stresses the importance of completely logging off when you’re supposed to. Resist the urge to come back to your computer after dinner. “Otherwise, the work life bleeds into home life, physically and mentally.”

“The biggest surprise for me is how fast the day can go without you realizing it, compared with working in the office,” says Lam. “Cutting out the commute makes me feel much more productive with my day. But on the other hand, it sometimes does not feel like you’re actually done with work when your working hours are up. So it’s important to know when to get up and turn it off.”

If possible, designate an area for work, as opposed to using your kitchen table or bed. It helps get you into a better mental space than you might think. Transitioning to a laptop, slower home internet, and a laggy virtual private network can lead to major frustration. The key is to minimize it.

“I generally try not to sit on the couch until after the workday,” says Alice Truong, digital news editor in Hong Kong, who created a makeshift standing desk, using boxes to raise her keyboard and monitor. “I also got a new router and gooseneck kettle, both of which have been a boost.”

Megan Hess, also in Hong Kong, says the biggest thing for her was “creating an actual physical space to work, which can be tricky in a small apartment space.” She also recommends adhering to regular morning routines, such as listening to a favorite news podcast while getting ready. “I bought a small table and chair to sit at, and advise getting a monitor and separate mouse/keyboard so you’re not slouched over a tiny laptop.”

One major bonus of having a dedicated setup: “After the workday was over, I put all my office ‘supplies’ (notebooks, etc.) away and out of sight till the next morning.”

WHAT IF MY KIDS ARE HOME, TOO?
“Three-year olds are inherently attracted to keyboards, mice, or anything that clicks, so it’s important that you have things that are even more irresistible handy, like their favorite toys or cookies,” says Young-Sam Cho, an editor in Hong Kong. “Saying ‘No, don’t grab that’ or ‘Hey, I’m in the middle of sending an important headline/story’ just won’t cut it. If nothing works, give them the iPad.”

“And don’t ever wake them up.”

Clara Ferreira Marques, 40, a Bloomberg Opinion columnist in Hong Kong who lives with her husband and three kids, stressed the importance of scheduling blocks of child-free time. “This is challenging for most of us who end up alone at home, but not impossible.”

Also: Buy lots of craft material, coloring books, workbooks. Schools will not always provide the right amount of work, and you will need to add/fill in.

“Prepare enough books and toys, but give them to kids only in batches,” says Penny Peng, 32, a news editor in Beijing. Think of activities to give them, such as light housework or cleaning their play mats.

And talk to your kids about what is happening, adds Ferreira Marques. Buy the papers. Explain the age-appropriate details. This is new territory for them, too.

AVOID ISOLATION
Social distancing isn’t easy, especially if you’re used to a bustling office.

“It’s actually been quite a struggle for me to try to stay sane,” says Jihye Lee, 28, a breaking news reporter in Seoul. “I started making sure I talk to someone on the phone at least once a day.”

And although decompressing over lunch with co-workers might be out of the question, that doesn’t mean meals have to be solitary. “I’ve started eating while watching mukbang,” says Lee, “which is a form of YouTube where people just eat… and talk to you.” Her favorites are Boki, Hamzy, and Hatnim.

You can also try watching movies with your bestie, just remotely. “When my friend in Beijing was under lockdown (and about to go crazy), I scheduled a lot of weekend movie screenings with her over a video call,” says Servando, who used Google Hangouts. “We’d pull up the same movie on Netflix and start streaming at the same time, and then unmute the call if we had a comment.” She kept the fare light and non-gloomy: Top Gun, Taylor Swift’s Miss Americana documentary.

If happy hour was a regular fixture before working from home, try to recreate it virtually.

One Hong Kong employee said that after three weeks of working from home, a manager helped moderate a video chat for 20 people on their team. With drinks in hand, they talked about their working environment, their pets, their families (some showed their kids on camera), and shared happy and funny stories. The call lasted about 45 minutes.

Although it was strange at first, it was nice to connect to people outside their “office.” Smaller groups of two to three people kept it going over ensuing Fridays.

Most of all: “Be kind to yourself,” says Ferreira Marques. “It’s really hard, and some days all of the above goes out the window.”

STAY HEALTHY
Lethargy and weight gain can set in faster than you think. Your daily steps are about to go way down. And that 5 p.m. glass of wine is often much too close.

“Stretch out a lot before, during, or after the shift,” says Servando. “It’s so easy to succumb to the magnetic pull of a comfortable couch and pillow-laden bed — and stay there.”

If gyms go on lockdown at-home workouts are a good option. Consider rolling out a yoga mat or doing a 30-minute high intensity set via online exercise videos.

If not that, try pushups: “I’ve been squeezing in pushups throughout my day,” says Truong, “aiming for at least 100.”

For Lee in Seoul, short walks or five-minute workout breaks, such as these free yoga and stretching sessions on YouTube — spread through the day — were also useful.

Millson used the change of routine as an opportunity to eat better. “For me, it’s been all about breaking the bad habits that creep into office life — a pack of chips with morning coffee, dim sum in the office on Friday mornings, things like that.”

He stripped all the snack foods from the cupboards, and he and his wife, who was also working from home, decided to go low-carb with meat, vegetables, and small portions. “And that’s what it’s been like for three weeks. I’ve lost a couple of kilos so far — eight to go. I just wouldn’t have the willpower to do it in the office.”

Peng took 30-minute online gym classes with her three-year-old daughter. “We use Keep, a Chinese fitness app. While most people were at home, they designed online class for parents and kids. The activities are as simple as situps or very basics for boxing, gymnastics, with music, of course.”

Ferreira Marques instituted a strict schedule that ensured everyone getting out and exercising at least three times a day: “Morning, lunchtime, and evening,” she says. “Otherwise the lethargy takes over.” For her that meant dog walks, football, frisbee, cricket in the park — “and on the weekend, get out into nature as much as you can.”

And if you need to, take a nap. “Japan is one of the countries where people aren’t getting enough sleep,” says Marika Katanuma, 27, digital news editor in Tokyo. A short 15- to 30-minute nap on your lunch break can boost your productivity and keep you focused over a longer day. “It’s a bit like starting a new day.”

EMBRACE UNEXPECTED DIVIDENDS
Working from home might bring fresh stresses — but with them, fresh rewards. You can listen to your own music, cuddle a cat to relieve stress, and get additional sleep. And if you need a second monitor for your computer, it might be the perfect excuse to upgrade your living room TV.

“The irritations of WFH are a small sacrifice in the grand scheme of things,” says Rachel Chang, a healthcare and consumer news editor in Hong Kong.

Plus, “now that you’re not commuting, you’ve got extra time to do all the things that build up,” says Millson, who’s using his to run three times a week and spend more time playing games with daughters aged four and five.

“Compile a big to do list, and as soon as you log off, plow through it,” he adds.

Moreover, there’s camaraderie, even outside your company: Everyone understands the challenges right now. “There’s nothing that beats the experience of calling a source and having your toddler crawling toward you because he hears your voice and wants to play with you while the source can hear him playing, or shouting, or crying at times,” says Manuel Baigorri, a deal reporter based in Hong Kong. He finds spending more time with his wife and kid an indisputable upside of working from home.

“Being able to have breakfast, lunch, and dinner with them, play during breaks with my kid, and just seeing them around the house and being able to talk to them during the day is priceless.” — Bloomberg

Private firms launch drive for lockdown-affected Filipinos

LOPEZ-LED companies have donated P100 million to ABC-CBN Corp.’s fund-raising campaign that aims to help local government units provide food and basic necessities to families affected by the Luzon-wide lockdown, the media company said.

ABS-CBN’s fund-raising campaign “Pantawid ng Pag-ibig” accepts donations from the public.

“ABS-CBN will be purchasing food and other basic necessities that the Filipino families need. At least four companies have already pledged to allocate stocks for the relief packages. These are Century Canning Corporation, Suy Sing Commercial Corporation, Republic Biscuit Corporation, and the Lucio Tan Group,” it said in a statement over the weekend.

The Lopezes are among the big names in Philippine business who have separately responded to the plight of Filipinos as the new coronavirus prompted an enhanced community quarantine to contain its spread.

Globe Telecom, Inc. now allows its postpaid and platinum subscribers to suspend their monthly spending limit amid the surge in demand for voice and mobile data.

Ayala-led Globe said the new option it gives to thee subscribers will help those who are studying or working from home during the Luzon-wide lockdown period.

Pangilinan-led Smart Communications, Inc. announced on Friday that it now gives its prepaid and Talk ‘N Text subscribers an extra 1 gigabyte of data for Facebook, Instagram, and Tiktok “to provide them with means to stay connected and productive amid the COVID-19 situation.”

Universal Robina Corp. (URC) and the Gokongwei Brothers Foundation (GBF) have also been distributing products such as Great Taste Coffee, Magic Crackers, Nissin Noodles and C2 to checkpoints and hospitals.

The GBF has created a P100-million fund to support the government in its fight against COVID-19.

The foundation has also committed to donate surgical masks and other personal protective equipment to medical institutions.

Razon-led Solaire Resort & Casino’s Bloomberry Cultural Foundation, Inc. (BCFI) is also donating P60 million worth of personal protective equipment to the Department of Health.

“Shipment of these equipment are due to arrive late next week, and shall be distributed to medical front liners in various hospitals dealing with COVID-19 patients,” Bloomberry Resorts Corp. said in a statement over the weekend.

“BCFI has also applied with the FDA for the necessary permits for three different COVID-19 testing kits currently available in China and South Korea. As soon as the clearances and permits are issued, BCFI will procure 100,000 test kits to augment the much needed supply of the government for testing COVID-19,” it added. — Arjay L. Balinbin

Rates of T-bills, T-bonds to rise as investors prefer to hold cash

GOVERNMENT SECURITIES on offer this week will likely fetch higher rates as investors prefer to hold on to their cash amid the rising number of coronavirus disease 2019 (COVID-19) cases in the country and its potential impact on the economy.

The Bureau of the Treasury (BTr) will attempt to raise P20 billion via Treasury bills (T-bills) on Monday: P6 billion each for the 91- and 182-day T-bills and P8 billion via 364-day securities.

On Tuesday, the BTr will offer P30 billion worth of fresh seven-year Treasury bonds (T-bonds).

A bond trader said rates on the T-bills may rise 10 to 15 basis points against the previous auction’s yields, while rates for the seven-year bonds may settle around five percent.

“For [this] week, we expect the auction to fetch higher yields on weak demand due to concerns on the COVID-19 crisis, they (investors) prefer cash,” the bond trader said on Friday via telephone.

In the previous T-bill auction on March 16, the Treasury rejected all bids for the 91-day papers as the tenor was undersubscribed, attracting only P4.97 billion in bids versus the P6-billion program. Had the Treasury made a full award, the average rate for the three-month papers would have settled at 3.6%.

The government fully awarded the P6 billion it offered in 182-day T-bills and P8 billion in 364-day papers amid lower average yields of 3.398% and 3.557%, respectively

At the secondary market on Friday, the seven-year T-bond was quoted at 4.9%, while yields on the 91-, 182- and 364-day T-bills were at 3.199%, 3.422% and 3.721%, respectively, according to the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website.

Another bond trader said one reason for investors’ preference for cash recently is that some might be “short of cash” amid fears over COVID-19 and as the month-long lockdown for Luzon continues to disrupt business operations.

National Treasury Rosalia V. de Leon assured that amid disruptions, slowing economic activity and the 30-day lockdown, the government has enough cash on hand after raising P310.8 billion from its sale of three-year retail Treasury bonds (RTBs) early last month as well as the series of full awards that the BTr made in previous auctions.

“It’s (lockdown) only one month. We have cash stashed from RTB and full award auctions. Hoarded cash already. We are so good in what we are supposed to do,” Ms. De Leon told reporters via Viber.

President Rodrigo R. Duterte placed Luzon under enhanced community quarantine until April 13 to slow the spread of COVID-19 that has infected 380 and killed 25 people in the country as of Sunday morning.

The Treasury has set a P420-billion local borrowing program this quarter, broken down into P240 billion in T-bills and P180 billion via T-bonds.

The government plans to raise P1.4 trillion this year from local and foreign lenders to plug its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product. — Beatrice M. Laforga

Cinemalaya film fest postponed

THE 16th Cinemalaya Independent Film Festival scheduled for August has been postponed as the COVID-19 pandemic poses “safety and health hazards” to filmmakers trying to make their deadlines, the Cinemalaya Foundation Inc. said in a statement.

“This crisis puts into sharp focus the readiness of our industry with regards the health and safety of its constituents and Cinemalaya will work with agencies and organizations to address this gap,” the foundation said in the statement posted on festival director Chris B. Millado’s Facebook page on Saturday.

“The organizers will also consider solutions for mitigating the economic loss that stakeholders of the festival absorbed. The festival programmers are also looking for alternative ways of delivering content to the public using online technologies,” it added.

Considered the largest independent film festival in the country, Cinemalaya announced last year the 10 finalists for the festival’s competition section, each of whom will get a P1-million seed grant released in tranches.

The festival was originally scheduled to run from Aug. 7 to 16 at the Cultural Center of the Philippines and select cinemas.

The 2020 finalists for the full-length section are: Ang Halimaw by Emmanuel Q. Palo, Angkas by Rainerio Samson II, Bakit Di Mo Sabihin (Tell Her) by Real Florido, Bula sa Langit by Sheenly Gener, Dalagita sa Likod ng Pawikan by Paul Sta. Ana, Kargo by T.M. Malones, Kathoey by Joris Fernandez and Paolo Valconcha, Parole by Briliant Juan, Rhino Girl by Jav Velasco, and Seperate/Separate by David Corpuz. — ZBC

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