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PSE records four new Shari’ah compliant securities

A TOTAL of four new securities trading in the local bourse qualified as compliant with Islamic principles of finance based on the operator’s review for the second quarter.

In a memorandum on its website Thursday, the Philippine Stock Exchange, Inc. (PSE) said a total of 53 securities were found Shari’ah compliant for the period ending June 25, 2020.

The number is higher by one against the 52 Shari’ah compliant securities listed for the period ending March, from which list three securities were pulled out.

The four new securities in the updated list are Metro Alliance Holdings & Equities Corp. (Metro Alliance) “A”; Metro Alliance “B”; PXP Energy Corp.; and SPC Power Corp.

The three that were removed from the previous quarter’s list are 2GO Group, Inc.; Italpinas Development Corp.; and Vivant Corp.

As in previous periods, the PSE said it tapped IdealRatings, Inc. to screen the listed companies for their Shari’ah compliance.

The PSE does this review on a quarterly basis to identify which securities follow the Islamic standards of finance, therefore allowing Muslim investors to participate in the local market.

In April, the bourse operator adjusted its screening guidelines to relax some restrictions in line with the amended Shari’ah Rulebook.

To be Shari’ah compliant, a company must not be involved in, or must derive less than 5% of its income from adult entertainment, alcohol, cinema, defense and weapons, financial services, gambling, gold and silver hedging, interest-bearing investments, music, pork and tobacco.

Companies must also pass a financial screening, which requires that a company’s interest-bearing debt and total interest-bearing deposits or investments do not exceed 30% of its 12-month trailing average market capitalization. — Denise A. Valdez

Immortal mercenaries confront reality of forever in Netflix’s The Old Guard

LOS ANGELES — Audiences are used to seeing comic book superheroes come to life on screen but in The Old Guard the heroes only have one power — immortality.

Charlize Theron stars in the action film, arriving on Netflix on Friday, as the leader of a small unit of immortal mercenaries who are trying to help humanity. It is based on the 2017 comic book by Greg Rucka and Leandro Fernandez.

“I just saw a lot of potential to explore something on a sci-fi level scale but somehow stay true to the very insular human emotions that I felt an audience could really appreciate in the sci-fi world,” Theron said.

The diverse cast includes Black actress KiKi Layne as Nile, the first immortal to have been “born” in a few centuries, as well as 12 Years a Slave star Chiwetel Ejiofor, Tunisian-Dutch actor Marwan Kenzari, Italian Luca Marinelli, and Belgian Matthias Schoenaerts.

“I love that there were two females at the head of this which just felt different. And most notably, there’s a young, Black female hero in this which is absolutely a rarity in the genre,” said director Gina Prince-Bythewood.

Ejiofor said the movie tries to delve into “what it would be like for people if they could live as immortal, if they could live forever, and what they’re actually confronted with is a lot of this kind of angst.”

It’s also a project that demonstrates what inclusion should look like in Hollywood, Ejiofor said.

“Everybody is celebrated in this experience and that is, I think, part of what film and television should be aspiring to. That shouldn’t be something radical, that should be a natural evolution of our medium,” he said. — Reuters

Construction of two new segments of C5 Link Expressway starts

CAVITEX Infrastructure Corp. (CIC), operator of the Manila-Cavite Expressway (Cavitex), is set to break ground today, Friday, for the two new segments of the Cavitex C5 Link Expressway.

CIC and its joint venture partner for the P8.8-billion project, the Philippine Reclamation Authority, have signed a contract with A.M. Oreta & Co., Inc. and China Harbour Engineering Co. Ltd. for the construction of Segment 2 and Segment 3A-2 of the Cavitex C5 Link Expressway, the Metro Pacific tollway firm said in a statement e-mailed to reporters on Thursday.

Targeted for completion in 2022, the two new road segments are “expected to reduce travel time to Makati and Taguig cities from Parañaque City, Las Piñas City, and Cavite Province by 30 minutes,” it said.

The 7.70-kilometer Cavitex-C5 Link Expressway is a dual three-lane expressway from R-1 Parañaque Toll Plaza to C-5 Road in Taguig, CIC added.

The 1.9-kilometer Segment 2 will run from R-1 Expressway to Sucat Interchange, while the 1.6-kilometer Segment 3A-2 will run from Merville to RSG Subdivision in Parañaque.

Department of Public Works and Highways Secretary Mark A Villar was quoted as saying in the statement: “These projects will decongest EDSA and Sales Road in Pasay City by about 50,000 vehicles per day, and connect major business districts in Taguig and Makati to Parañaque, Las Piñas, and Cavite.”

He said the continuing infrastructure activities “will help spur economic growth to get us back on track from the effects of the pandemic.”

CIC is under Metro Pacific Tollways Corp., the tollway unit of Metro Pacific Investments Corp. (MPIC). MPIC is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., others being PLDT Inc. and Philex Mining Corp.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group. — Arjay L. Balinbin

GT Capital maintains top credit rating for P15.1-billion bonds

GT Capital Holdings, Inc. has been given the highest credit rating for its total outstanding P15.1-billion bonds by a local debt watcher.

In a disclosure to the exchange on Thursday, the Ty-led conglomerate said it was able to maintain its PRS Aaa credit rating for its outstanding bonds as assessed by Philippine Ratings Services Corp. (PhilRatings).

A PRS Aaa rating means the bonds are of highest quality with minimal credit risk. PhilRatings said it means GT Capital has an “extremely strong” capacity to meet its financial commitment on the obligation.

The credit rating was also given a stable outlook, which means it is likely to stay the same for the next 12 months.

“The assigned issue ratings take into account GT Capital’s investments portfolio which is composed of companies with solid market positions, the strong strategic direction provided by its shareholders combined with the solid experience of its management, and sound capitalization structure,” PhilRatings said.

“These core credit strengths are seen to counterbalance increased risks due to the ongoing community quarantine and COVID-19 (coronavirus disease 2019) pandemic, and serve as a strong base for recovery as the impact of these developments gradually wanes over time,” it added.

GT Capital is composed of various businesses such as Metropolitan Bank and Trust Co. (Metrobank); Toyota Motor Philippines, Philippine AXA Life Insurance Corp.; and a 15.55% stake in Metro Pacific Investments Corp.

The conglomerate’s profits dropped 26% to P2.5 billion in the first quarter due to the pandemic. But PhilRatings said these businesses are either the dominant or one of the strongest players in their respective industries, making GT Capital positioned to rise above the challenges.

“GT Capital’s owners and management have outlined strategies specific to each component company of the group, taking into account the quarantine and contagion’s overall economic and industry impact, and the group’s short-term plans to limit the immediate negative effects of these developments, as well as medium- to long-term strategies for recovery moving forward,” the debt watcher said.

PhilRatings noted it would continue monitoring developments that might affect GT Capital’s businesses, and may change the credit rating at any time if found necessary.

Shares in GT Capital at the stock exchange fell P2 or 0.44% to close at P448 apiece on Thursday. — Denise A. Valdez

Actor Depp attacked wife on plane in drunken rage, UK court hears

LONDON — Hollywood star Johnny Depp kicked and slapped his ex-wife Amber Heard on a private flight in a drunken rage brought on because he believed she was having an affair with her co-star James Franco, London’s High Court heard on Wednesday.

Mr. Depp, giving evidence in his libel trial against Britain’s Sun newspaper over an article describing him as a “wife beater,” denied he had attacked Heard, accusing her of being the aggressor whom he tried to placate.

During the first two days of what is expected to be a three-week case, the court has heard evidence about Mr. Depp’s heavy drinking and drug use and about his relationship with Mr. Heard whom he married in 2015. She filed for divorce 15 months later.

On Wednesday, the Pirates of the Caribbean actor was accused of abusing Ms. Heard on a flight from Boston to Los Angeles following a row over Mr. Franco, who appeared with her in the film The Adderall Diaries.

Mr. Depp told the court that he was surprised she agreed to make the film with Mr. Franco, having previously described him as “creepy” for making aggressive sexual advances towards her.

On the flight, Mr. Depp screamed obscenities at Ms. Heard, said she liked having sex on film sets and called her a “go-getter slut and a whore,” said Sasha Wass, lawyer for the Sun.

In a “blind rage,” he kicked her in the back as she tried to walk away from him and slapped her across the face, Ms. Wass said.

Mr. Depp denied the accusations.

“I am not a violent person, especially with women,” he told the court.

He later added that he might have passed out on the flight.

Ms. Wass said that on the day after the flight, Ms. Depp sent Ms. Heard a text message which said: “I don’t know why or what happened but I will never do it again.”

Asked why he had apologized, Mr. Depp said he had perhaps done so because he had said something “ugly” or to placate her.

Asked if someone who kicked a woman should be called a wife beater, Mr. Depp, 57, said he would call them a savage or an animal.

“It’s one of the most disgusting things someone has ever said about me or accused me of.”

TATTOO TANTRUM
Earlier Mr. Depp said Ms. Heard’s allegations were a hoax built up over years during their relationship as an “insurance policy.”

In an unsent e-mail composed by Heard in June 2013, three years before she publicly accused him of abuse, she said Mr. Depp had hurt her physically and that she did not know if she was dealing with him or “the monster” — his alter ego brought on by anger, jealousy and fuelled by alcohol and drugs.

“It’s like Dr. Jekyll and Mr. Hyde,” the e-mail, read to the court by Ms. Wass, said. It added that friends and assistants had to deal with the actor after he passed out in his own vomit and soiled himself with no recollection later of his actions.

Asked if the e-mail meant Ms. Heard had been plotting the allegations for three years, Mr. Depp said: “By the evidence that I have seen.

“It appears to me that Ms. Heard was building a dossier that appears to be an insurance policy for later.”

The court heard the first alleged incident of violence took place at Ms. Heard’s home in March 2013 when he had “fallen off the wagon” and started drinking again after months of sobriety.

Ms. Wass said Mr. Depp had become angry when Ms. Heard mocked one of his tattoos which he had changed from “Winona forever” — a reference to his former girlfriend Winona Ryder — to “Wino forever” and slapped her three times.

“That’s not the case, that’s untrue. It didn’t happen,” Mr. Depp said. “I don’t recall any argument about any of my tattoos.”

Ms. Wass also said he had struck Mr. Heard, 34, when he tried to remove a painting from her bedroom given to her by her former partner Tasya Van Ree and tried to set it alight, one of 14 episodes of violence of which he is accused in the case.

Ms. Wass asked Mr. Depp if he had held Ms. Heard’s small Yorkshire Terrier Pistol out of the window of a moving car.

“I can say it is a very enduring image but it’s an utter falsity,” he said, while agreeing that there was a running joke with Ms. Heard and her family about putting Pistol in the microwave as he was “ludicrously tiny.” — Reuters

Maynilad resumes building P1-billion Muntinlupa sewage treatment plant

Maynilad Water Services, Inc. has resumed the construction of its P1-billion sewage treatment plant in Muntinlupa City after the government eased lockdown restrictions in Metro Manila, the west zone water concessionaire said.

In a statement on Thursday, Maynilad said the sewage treatment plant in Barangay Cupang is part of its long-term plan to expand sewerage coverage in its concession area and mitigate pollution loading in Manila Bay.

The project, named Cupang Water Reclamation Facility, is expected to be complete by the end of the year, the water provider said, adding that it can serve around 281,000 residents in Muntinlupa City.

“With the easing of the enhanced community quarantine restrictions, we have hit the ground running and resumed construction works on our major capital expenditure projects, including this new facility in Cupang that will enable us to meet our long-term sewerage commitments,” Maynilad President and Chief Executive Officer Ramoncito S. Fernandez said.

Maynilad currently runs 22 wastewater treatment facilities that have a combined treatment capacity of around 662,000 cubic meters of wastewater per day.

The water provider said that P40-billion worth of investments had been poured into Metro Manila’s west zone concession to date.

ABC revives The Wonder Years with Black family at the center

ABC is rebooting The Wonder Years, a beloved coming-of-age sitcom about the US middle class, only this time it will tell the story of a Black family in Alabama.

Empire co-creator Lee Daniels is executive producing the project, alongside Fred Savage, the star of the original series, which debuted in 1988. Neal Marlens, who co-created The Wonder Years, will serve as a consultant.

ABC has only committed to produce a pilot of the show, which means it may never get on the air. But ABC and its owner Walt Disney Co. have made telling more Black stories a priority following the killing of George Floyd, which brought a wave of protests about racial injustice.

Hollywood has long struggled to produce shows that represent the diversity of America. ABC was once the home to both Kenya Barris and Shonda Rhimes, two of the most prominent Black writers in TV, but both have since signed deals with Netflix Inc.

Disney also announced an overall production deal with football player and civil-rights activist Colin Kaepernick earlier this week.

The Wonder Years, which ran until 1993, originally depicted Kevin Arnold, a young boy in what was presented as a typical American family dealing with the tribulations of the late 1960s and early 1970s. — Bloomberg

NPC urges shops to protect customer data

THE National Privacy Commission (NPC) said restaurants, barbershops, and salons tasked with collecting data for contact tracing must limit their use of personal client data.

The Trade department’s health guidelines for restaurant dine-in, barbershop, and salon operations require these establishments to collect data from customers for contact tracing in case of a coronavirus disease 2019 (COVID-19) infection within the premises.

The NPC in a bulletin Thursday said the establishments should only process data needed for the purpose of contact tracing, as required by government issuances. The establishments can limit data collection to the type of health checklist forms issued by the government agencies.

The commission said that establishments should inform customers about the reasons behind the data collection, and seek their consent if their data is used for other purposes.

“Owners and top management must remind their staff as well as third-party service providers, such as security personnel, that using the personal data of customers or visitors for any other purpose is punishable under the law,” the commission said in a statement.

They said establishments must make sure that there are reasonable safeguards to protect the personal data against unlawful processing and disclosure. This includes organizational, physical, and technical measures.

NPC added that once the government guidelines are no longer in force, all personal data collected should be securely disposed of to prevent unauthorized use.

Government guidelines ask establishments to hand out health declaration forms or use mobile applications SafePass and Staysafe.ph.

The government has asked the developers of contact tracing app Staysafe.ph to donate the data to the Health department after former Information and Communications Technology Undersecretary Eliseo M. Rio, Jr. in June questioned the effectiveness of the app. — Jenina P. Ibañez

A guided tour into the troubled mind of Trump

By Timothy L. O’Brien, Bloomberg Opinion

BOOK REVIEW
Too Much and Never Enough
By Mary Trump

WWW.AMAZON.COM

MARY Trump, a trained clinical psychologist and the niece of the president of the United States, knows of what she speaks.

“It’s difficult to understand what goes on in any family — perhaps hardest of all for the people in it. Regardless of how a parent treats a child, it’s almost impossible for that child to believe that parent means them any harm,” she observes in her new book, Too Much and Never Enough, as she parses the legacy of the patriarch, Fred Trump, Sr. “Abuse can be quiet and insidious just as often as, or even more often than, it is loud and violent. As far as I know, my grandfather wasn’t a physically violent man or even a particularly angry one. He didn’t have to be; he expected to get what he wanted and almost always did.”

Mary’s father, Fred Trump, Jr., was crushed by those expectations and by his struggle with alcoholism, which she lays out in harrowing and courageous detail. (As a child, she once encountered her father laughing while aiming a shotgun at her mother’s face, for example.) Fred Jr.’s demise is a key narrative arc of the book, but the two people who loom largest over the entire affair are Fred Sr. and one of his other sons, Donald — both of whom she describes as deeply intertwined, driven, and disturbed.

“Financial worth was the same as self-worth, monetary value was human value,” Mary writes. “The more Fred Trump had, the better he was. If he gave something to someone else, that person would be worth more and he less. He would pass the attitude on to Donald in spades.”

In a book filled with firsthand accounts of dysfunctional family gatherings, references to decades of unsettling reporting about the Trumps, documentation of financial grifting, and many episodes of parents and siblings jousting with one another over money, egos, and abandonment, Mary draws a portrait of a surreal, scarred clan that might have been forgotten had one of its members not found his way into the White House. But the fact that Donald morphed from huckster to celebrity to president makes her account seminal and indispensable.

Mary’s clarity, training, discipline, and sharp eye help make her a reliable narrator, and she’s a fluid, witty writer to boot. Much of what she’s written about I’ve covered as a journalist and an author (Donald unsuccessfully sued me for libel for my 2005 biography, TrumpNation). Everything in her book that I’m familiar with is spot on. There is plenty in the book, however, that I wasn’t aware of, and I suspect that’s the reason the president and his siblings have gone to court to try to halt its publication. The Trumps know that Mary’s understanding of her family is authentic — she’s a true insider in an era when “insider” accounts of the president are a dime-a-dozen — and that what she’s written is likely to be indelible.

The subtitle of Mary’s book is “How My Family Created the World’s Most Dangerous Man,” and she makes her case diligently and chronologically.

Fred Sr. was steely and unforgiving, while his wife, Mary, lived in his shadow, emotionally distant and demanding. The Queens mansion where Donald grew up as his father’s favorite is an intimidating pile that Mary calls The House. In the basement of The House, Fred Sr., a teetotaler, kept an elegant bar outfitted with everything but alcohol and guarded by a collection of life-sized wooden statues of Native American chiefs standing along a wall. An oil painting of a lovely Black nightclub singer with “generous swaying hips” backed by a Black jazz band hung on a wall nearby. That was apparently as close as Fred Sr. wanted Black people to get to his family. The son of a German immigrant, he slurred any person of color seeking to rent an apartment from him as “die Schwarze.” Roy Cohn, the infamous lawyer and mob confidante, came into the Trumps’ lives when Fred Sr. and Donald retained him to battle a Justice Department probe of racial discrimination at Trump properties in the 1970s.

Fred Sr. ruled the roost, and in Mary’s view he did so as a sociopath, driving her father to ruin and forcing her Uncle Donald to adapt to his binary, winner-take-all view of the world. Losing was unacceptable, and the power of positive thinking was everything. “Just give it a quarter of a turn on the mental carburetor,” Fred Sr. advised Fred Jr. as the way to conquer alcoholism. Mary writes that after Fred Jr. died, the Trumps apparently schemed to disinherit her and her brother, cutting off their health insurance when they wouldn’t play along.

Donald, more than any of his four siblings, reveled in Fred Sr.’s hothouse. He stole one of his brother’s trucks as a child just so he could see how anguished his brother might become. He bucked authority as a teenager, prompting his parents to send him to military school. According to Mary, he paid someone to take the SAT exams for him so he could get into a better college. When Fred Sr. slipped into dementia soon before dying, Donald, strapped for cash, maneuvered unsuccessfully to push his siblings aside and gain control of an estate worth several hundred million dollars. Although Donald’s entire career was built on Fred Sr.’s wealth and connections, Donald treated his father dismissively in his final years.

Then again, Fred Sr. treated most people dismissively, and Donald is what Mary describes as a “Frankenstein’s monster,” shaped by his father’s pathologies. Fred Sr. lacked the marketing savvy and media know-how of his son, so he helped push Donald into the spotlight and risked the family fortune along the way so he could bask in his son’s glory. Donald thrived on the attention and took advantage of the license afforded by his father’s wealth, eventually adopting “cheating as a way of life.” Mary takes the media to task for searching for a “strategy” in anything Donald does and for soft-pedaling what she describes as multiple psychological disorders, which, by her account, check a variety of boxes in diagnostic manuals. She thinks that Donald, at a minimum, suffers from an “antisocial personality disorder” and a longstanding but undiagnosed learning disability.

“The fact is, Donald’s pathologies are so complex and his behaviors so often inexplicable that coming up with an accurate and comprehensive diagnosis would require a full battery of psychological and neuropsychological tests that he’ll never sit for,” she writes.

Mary’s understanding of her family was also shaped by reporting in The New York Times. A landmark expose the Times published in 2018 about the Trump family’s tax dodging and financial chicanery relied on her as a key source. She provided the paper with pivotal documentation that showed how the Trumps used a shell company to skim millions from the family business to avoid estate and income taxes. It was the Times’ forensic work, using her documentation, that revealed the skimming to her and to readers — and also made her realize that her aunts and uncles had most likely been cheating her out of significant sums of money as well.

For all of that, the tone of Mary’s book isn’t bitter. She maintains a sense of humor about some of the absurdities she’s encountered (Donald was slow to pay her when she helped ghostwrite one of his books) and is forgiving, to a point, about the myriad shortcomings of her various relatives. But she is clearly disappointed. The book is ultimately a melancholy account of aunts and uncles who openly disdain Donald but are afraid to get in his way. The book quotes Donald’s eldest sister, Maryanne, a former federal judge, saying that Donald “has no principles. None!” Maryanne is also quoted dismissing the possibility that her brother will be elected president: “He’s a clown — this will never happen.” The fact that Donald was elected also informs the book’s melancholy, with Mary stunned that tens of millions of voters were capable of embracing or overlooking her uncle’s “blatant racism” and his “casual dehumanization of people.”

Other observers have picked up on some of this over the years, of course. Liz Smith, the late New York gossip columnist, had a street-smart understanding of Trump. “There’s something about him that’s ever juvenile. It’s hard to believe he’s a grown-up person who went to college,” she once told me. “He’s like a kid, and he’s got that brash, narcissistic thing that works for him. He has enormous appeal to the masses because of that.”

But Mary understands that’s not a benign matter anymore. “Donald today is much as he was at three years old: incapable of growing, learning or evolving, unable to regulate his emotions, moderate his responses, or take in and synthesize information,” she writes. “This is far beyond garden-variety narcissism; Donald is not simply weak, his ego is a fragile thing that must be bolstered every moment because he knows deep down that he is nothing of what he claims to be. He knows he has never been loved.”

Writ large — on an international stage amid a pandemic and social upheaval, and with the powers of the presidency at Donald’s disposal — those resentments metastasize into something wildly menacing.

“He has suffered mightily,” Mary writes of Donald’s worldview, “and if you aren’t doing all you can to alleviate that suffering, you should suffer too.”

BPI’s CARE bond offering attracts strong demand

BANK of the Philippine Islands closed its COVID bond offer ahead of schedule as the instruments attracted strong investor demand. — BW FILE PHOTO

BANK OF THE Philippine Islands (BPI) has cut short the offer period for its COVID Action Response (CARE) bonds on strong demand.

BPI said in a filing with the local bourse on Thursday that the offer period for the CARE bonds ended on July 8, ahead of the original end date of July 17 “as subscriptions in support of the country’s maiden COVID response bonds exceeded the initially planned issue size of P3 billion.”

The bank declined to give more details about the issuance when asked.

The bonds have a tenor of 1.75 years and carry a coupon rate of 3.05% per annum paid quarterly in arrears.

The papers are set to be issued and listed at the Philippine Dealing and Exchange Corp. on Aug. 7.

The bonds form the third tranche of BPI’s P100-billion bond program. The papers are also qualified as social bonds under the ASEAN Social Bonds Standards in the Philippines.

“Proceeds of the CARE Bonds will be used by the bank to finance and refinance eligible Micro, Small and Medium Enterprises (MSMEs) under BPI’s Sustainable Funding Framework,” BPI said.

The minimum investment for the bank’s bonds was set at P1 million and in increments of P100,000 thereafter.

BPI Capital Corp. served as the sole selling agent for the bonds while The Hongkong and Shanghai Banking Corp. (HSBC) was a participating selling agent. BPI Capital and HSBC were the lead arrangers for the issue.

BPI in March sold P33.9 billion in bonds, more than six times the initial offer size of P5 billion.

The bank’s net income declined five percent to P6.39 billion in the first quarter from the P6.72 billion booked a year ago.

BPI’s shares closed at P72.20 apiece on Thursday, down by P2.30 or by 3.09% from its previous finish. — L.W.T. Noble

Vivant names new chairman and CEO

VIVANT Corp. has named Ramontito E. Garcia as chairman and chief executive officer, as the listed Cebu-based company introduced changes to its board and management structure.

“We have always maintained a future-facing approach to how we do business with an emphasis on adaptability in order to face challenges and grab opportunities to improve the everyday lives of the Filipino people,” Mr. Garcia said in a statement on Thursday.

He said as he takes the helm of Vivant, it is important to note that its mission, vision and values remain.

“While this year has seen more unpredictability than any other year in Vivant’s history, I am confident in the abilities and resilience of our team and the strength of our relationships with our partners and communities to know that we will overcome these obstacles and emerge even stronger than before,” Mr. Garcia added.

He expressed confidence in the company’s ability to adapt and thrive as industries and communities face existing challenges.

Before his appointment, he was the company’s president and a board director.

Vivant also announced the addition of Edgar John A. Garcia as vice-chairman of the board and the promotion of Arlo A.G. Sarmiento as president.

Emil Andre M. Garcia has been appointed senior vice-president for the power business. He is also executive vice-president and chief operating officer of subsidiary Vivant Energy Corp., which serves as holding company for the parent firm’s interests in the energy sector.

Pandemic deemed no excuse to stop upskilling students, young workers

PHILIPPINE Business for Education (PBEd) urged industries to continue helping raise the skill levels of young people during the public health emergency to ensure they are workplace ready.

In an online briefing Thursday, PBEd Executive Director Love Basillote said the pandemic has threatened livelihoods and employment opportunities for future generations.

“Given the obstacles we are facing, our youth need to come out of this pandemic more resilient than before. We need to listen to them and together come up with appropriate programs and policy interventions that will facilitate their transition to the new normal,” she said.

According to a survey conducted in March and April on 422 respondents between 15 and 25 years old, the lockdown affected young people in the form of school and workplace closures. The survey found that “97% of the respondents had stopped schooling, 86% lost their jobs, and 100% stopped their skills training.”

“The youth has plans to continue their education and look out for opportunities to upskill on other technical and life skills but technically there are no intentional efforts to cater to them,” according to PBEd Monitoring, Evaluation, and Learning Specialist Armand Aquino at the same briefing.

Life skills or 21st century skills need to be taught including communication skills, numeracy, critical thinking, and problem-solving skills.

Youthworks PH, PBEd’s tie-up program with the United States Agency for International Development, launched the “Flexible Training for Work” program, a four-month online course for those aged 18 to 30 years. The 3,000 beneficiaries are in Metro Manila, Cebu, Cagayan de Oro City, Zamboanga City and General Santos City. — Gillian M. Cortez