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Stuff to do at home (06/22/20)

Zsazsa Zaturnnah ze Muzikal online

CARLO Vergara’s superhero comedy-musical Zsazsa Zaturnnah ze Muzikal which premiered online on June 20, is currently on view at the Cultural Center of the Philippines’ YouTube channel (bit.ly/CCPOnlineYT). The musical stars Eula Valdez in the title role. On June 23, 3 p.m., there will be a live roundtable discussion titled “Ikaw ang Superhero ng Buhay Ko,” about queer representation in the arts. It will be online for one week.

Exhibit, playlist on Nat’l Artist Jose Maceda

The exhibit Attitude of the Mind was one of the activities included in the MACEDA 100 program that celebrated the birth centennial of National Artist for Music Jose Maceda (1917-2004). The exhibit catalog is now available for digital download on the Cultural Center of the Philippines (CCP) website. Accompanying the text of the publication are nine audio tracks which were either based on actual pieces by Maceda or inspired by his musical practice. The exhibition catalog and audio playlist are also available online. Attitude of the Mind ran from Sept. 26 to Dec. 3, 2017 at the CCP’s Bulwagang Juan Luna (Main Gallery). To view the exhibition, visit https://www.culturalcenter.gov.ph/events/online/maceda-100-attitude-of-the-mind/detail.

Silverlens reopening

After three months of lockdown, Silverlens Galleries reopens with two exhibitions: Sustainable Anxiety by Pow Martinez and Little Blue Window by Corinne de San Jose on June 25. Sustainable Anxiety features eight new paintings that offer keen observations on living in this digital age. Little Blue Window features cyanotype prints depicting various aspects of our changing lifestyles. Gallery visits are limited and by appointment only (Tuesday to Saturday, 10 a.m. to 4 p.m.). Walk-in visits will not be accepted. An online exhibition catalogue will be on view starting June 25. For more information, contact info@silverlensgalleries.com.

Tesoros goes online

Tesoros Philippine Handicrafts just opened its online store at https://tesoros.ph/ which includes food products, personal care items, fashion, accessories, and souvenir items.

Book celebrity greetings online

Fan mail, autographs, and signed posters are now a thing of the past with the release of CelebrityGreetings.PH, the Philippines’ first personalized celebrity shout out booking website. Through www.celebritygreetings.ph, Filipinos around the world can now request personal greetings from their favorite celebrities for birthdays, weddings, anniversaries, or simple shout outs. The personal videos run for a minute.

Freelipiniana online

THE Likhaan: UP Institute of Creative Writing offers the Freelipiniana Online Library at bit.ly/Freelipiniana. It contains published literary works — novels, poetry, and anthologies — by Filipino writers and publishers. Read the introduction and how-to at bit.ly/FOLlaunch prior to your visit.

Lisa Macuja Elizalde in Don Quixote

BALLET Manila presents Lisa Macuja-Elizalde’s favorite roles from her Swan Song Series for streaming on its official social media pages, www.facebook.com/balletmanilaofficial and www.youtube.com/c/balletmanilaofficial. This week, Don Quixote which will be available until June 26, 10 p.m.

Walang Rape sa Bontok

THE LOCKDOWN Cinema Club initiative, the Habi Collective, and the Concerned Artists of the Philippines present free online streaming of documentaries, with Lester Valle’s Walang Rape sa Bontok on Vimeo at https://vimeo.com/400805507. Password is: EndRapeCulturePH.

French film festival online

THE French embassy presents IFCinema a la carte, a festival of films from France and Africa, this month. While in normal years the films are shown in theaters across the country, this year the films will be shown online. Ten full features and 11 short films will be screened online at https://ifcinema.institutfrancaise.com/en/alacarte. All 21 films are subtitled in English and are available online until July 13.

BBC Shakespeare’s Macbeth

BBC Shakespeare presents the Royal Shakespeare Company staging of Macbeth featuring Christopher Eccleston in the title role. To watch, visit https://bbc.in/2YonTp.

National Theatre at Home

THE UK National Theatre at Home initiatives presents its 2019 production of Small Island. Based on Andrea Levy’s Orange Prize-winning novel, the show is directed by the National Theatre’s artistic director Rufus Norris. It stars Leah Harvey as Hortense, Aisling Loftus as Queenie, and Gershwyn Eustache Jr as Gilbert. To watch, visit https://www.youtube.com/channel/UCUDq1XzCY0NIOYVJvEMQjqw. The show is available until June 25.

TP’s Mabining Mandirigma

TANGHALANG Pilipino, through the Pantawid ng Tanghalan fundraising project, presents the award-winning steampunk musical Mabining Mandirigma from June 12 to July 12 on iWant. To donate, visit https://bit.ly/KTXPantawidNgTanghalan. For more information, visit https://www.facebook.com/tanghalangpilipino/.

Livin’ La Vida Imelda

CATCH the late Carlos Celdran’s one-man show Livin’ La Vida Imelda, directed by Ralph B. Peña, for a limited free streaming from June 17 to 23 at the Ma-Yi Theater Company’s website (www.ma-yitheatre.org).

Virgin Labfest online

THE Cultural Center of the Philippines (CCP), Tanghalang Pilipino and Writers’ Bloc present the special online edition of Virgin Labfest (VLF), the theater festival of untried, unstaged and untested works, from June 10 to 28. Dubbed VLF 2020 Kapit, 10 main featured plays, as well as staged readings and revisited plays will be performed live online during the first week of the festival. Live performances are free to view on CCP Facebook live. The recorded versions will then be streamed on Vimeo website and/or app from June 14 to 28. For the full schedule, visit the CCP website (www.culturalcenter.gov.ph), CCP official social media account in Facebook, Instagram and Twitter and the Tanghalang Pilipino and VLF pages. There are also free sessions of the Playwright’s Fair and CoLab, the discussions with collaborators (including festival directors, designers, stage and production managers, and directors). Join the online Tambayan (Hangout place) at Facebook (https://www.facebook.com/groups/VLFTambayan/) for conversation or interaction with the VLF artists and staff. To create a Vimeo account, go to vimeo.com/ondemand and join. Once the account is set up, search for Cultural Center of the Philippines or VLF Kapit, and browse through the page to read the full description, watch the trailer, and make a purchase.

4 exhibits at Vinyl on Vinyl

AFTER being shut for three months, Vinyl on Vinyl reopened on June 6 with four new exhibits. Because of the ongoing COVID-19 pandemic, viewing is by appointment and the gallery will only allow three to four people to enter at a time. On view are Denis Bato’s exhibit A Line Starts and Ends with a Point; For/Ages by Anjo Bolarda, which features an army of human-faced spoons; Forest of Agencies by Isola Tong, where the artist considers the relationship between queerness and the forest; and Faye Pamintuan’s gestural paintings in oil on canvas in Ugh. The gallery is at the La Fuerza Compound 1, Chino Roces Ave., Makati. For details contact info@vinylonvinylgallery.com.

New show at BenCab Museum

JOHN Frank Sabado’s solo show, Distinction, which is up at BenCab Museum’s Gallery Indigo until Aug. 2, can be viewed online at the museum’s exhibit Facebook page (https://web.facebook.com/pg/bencabmuseum/photos/?tab=album&album_id=3113556848702650). The exhibit features Mr. Sabado’s new series of intricate pen and ink drawings that take a deeper look into the distinct ethnic markers of the peoples of the Philippine Cordillera. Also on view is Art Lozano’s show, Nesting Ground, which features one of the artist’s favorite subjects, the Volkswagen Beetle.

CAST Recording

CAST Recording’s third radio drama: Arnold Bennett’s A Question of Sex is now on Spotify (https://open.spotify.com/show/5bLSOsJPkZnIaEFDfSSHbl?si=ndUICgUUQj-UKIjxEGbW6w&fbclid=IwAR06k5DEB0zRa4b1jCqeglmtENl3lTwCAwlcOiLltwcNGjg84r8qHdhmL-M). Directed by Nelsito Gomez, the reading features Reb Atadero, Sarah Facuri, Cathy Azanza-Dy, and Jeremy Domingo.

National Museum of the Philippines

THE National Museum of the Philippines has released a new coloring set with Larry Dianco’s illustrations of endemic orchids such as the waling-waling. To download, visit https://www.facebook.com/nationalmuseumofthephilippines/photos/a.195151237175869/3282991451725150/?type=3&theater.

J.K. Rowling’s The Ickabog

Best-selling author J.K. Rowling is releasing her new children’s novel The Ickabog online. Several chapters are currently available, with more chapters to be released over the next weeks. The book is set for full release in November. Read the chapters for free at https://www.theickabog.com/.

Swans for Relief

Thirty-two premier ballerinas from 22 dance companies in 14 countries — including Ballet Philippines’ Denise Parungao and Jemima Reyes — dance in a video of Le Cygne (The Swan) to the music by Camille Saint-Saëns, performed by cellist Wade Davis. The video was done in support of Swans for Relief, a fundraising program organized by dancers Misty Copeland and Joseph Phillips. Funds will be distributed to participating dance companies as a COVID-19 relief fund. To watch performances, visit https://www.youtube.com/watch?v=PT14o5Wq7gE/. To donate, visit https://charity.gofundme.com/o/en/campaign/swansforrelief.

NCCA online

The National Commission for Culture and the Arts (NCCA) presents The National Artists series of Sagisag Kultura TV at the NCCA Youtube (https://tinyurl.com/NationalArtistSeries). Premiering episodes include videos of National Artist for Literature Nick Joaquin, National Artist for Dance Leonor Orosa-Gocquinco, and National Artist for Music Lucrecia Kalisag.

Tanghalang Pilipino’s Pantawid ng Tanghalan

Tanghalang Pilipino launches the Pantawid ng Tanghalan fundraising project to sustain its commitment to providing the public with artistically excellent and socially relevant productions during the pandemic. Until June 30, the theater company is streaming six of its original plays through iWant. The streaming plays are Lam-ang: An Entho Epic Musical; Mabining Mandirigma; Coriolano; Pangarap sa Isang Gabi ng Gitnang Tag-araw; Der Kaufmann; and Sandosenang Sapatos. To donate, visit https://ktx.abs-cbn.com/events/25444/pantawid-ng-tanghalan.

NHCP Museums

LEARN about Philippine history by visiting various National Historical Commission of the Philippines museums across the country online. To do so, visit https://www.facebook.com/historymuseumsPH/photos/a.474072142988822/769005046828862/?type=3&theater.

Foo Fighters at the Wembley Stadium

THE Foo Fighters’ concert film Live at the Wembley Stadium is now available online at the band’s YouTube channel (https://www.youtube.com/watch?v=jcwBsntqjmY&feature=emb_title). The show features guest performances by Jimmy Page, and John Paul Jones of Led Zeppelin.

Jerrold Tarog’s Senior Year

WRITTEN, directed, edited and scored by Jerrold Tarog, the film Senior Year (2010) is now streaming on Vimeo (https://vimeo.com/404089376). Set in a Catholic school the story follows the struggles and anxieties of students during their final year in high school.

Dulaan UP’s Adarna

DULAANG UP’s play Adarna (2013) is now streaming online. Adapted by Vlad Gonzales and directed by José Estrella, the story is based on the narrative poem about three princes’ quest to save their ailing father by capturing the Adarna bird which is believed to have curative powers. To watch, visit https://www.youtube.com/watch?time_continue=1&v=hV2UPXi1wMA&feature=emb_title.

National Library of the Philippines

THE National Library of the Philippines offers free scholarly eResources including research related to COVID-19. The list of resources come from the National Emergency Library, Cochrane Library (Medical & Health Science), De Gruyter — Journals (Multidisciplinary), and more. To view access links to eResources, visit https://www.facebook.com/NLP1901/photos/a.375779479606724/912930019224998/?type=3&theater.

Guggenheim artbooks

THE Solomon R. Guggenheim Museum offers downloadable items from its archives for free. Titles include modern and contemporary art books about Vincent Van Gogh, Pablo Picasso, Vassily Kandinsky, Gustav Klimt and more. The archive is searchable by artist, year, medium and artistic style or movement. Visit the archives, https://archive.org/details/guggenheimmuseum.

IkotMNL tour from home

THE Museo de Intramuros, Ayala Museum, and Presidential Museum and Library in Malacañang Palace have partnered with Google to put their works online. Learn new things at home and visit the museums through a virtual tour: https://artsandculture.google.com/partner/malacanang-presidential-museum-and-library; https://artsandculture.google.com/partner/ayala-museum; and https://artsandculture.google.com/partner/intramuros-administration.

Film masterclasses

LEARN film concepts through interviews and film retrospectives from more than 60 directors, producers, writers, and actors including Bong Joon-Ho, Abbas Kiarostami, Agnès Varda, Spike Lee, Werner Herzog (with Roger Ebert), Jane Campion, Jodie Foster, Todd Haynes, Ang Lee, Jessica Lange, and Clint Eastwood. To watch, visit https://walkerart.org/magazine/series/dialogues-film-retrospectives.

Radiohead Concerts

BRITISH rock band Radiohead has been uploading some of its concerts via its official YouTube page (https://www.youtube.com/user/radiohead). Fans of the Rock and Roll Hall of Fame band, known for songs like “Creep” (1992) and “Fake Plastic Trees” (1995), can watch the concerts Live from a Tent in Dublin (2000) and Live in Berlin (2006).

David Guetta: United at Home

FRENCH DJ David Guetta, the man behind the song “Titanium” (2011) featuring singer SIA, held a live concert fundraiser inside his Miami home benefiting the World Health Organization and other charities. The two-hour concert is currently available on his YouTube page (https://www.youtube.com/user/davidguettavevo).

Frank Lloyd Wright virtual tours

THE Frank Lloyd Wright Building Conservancy, in partnership with the Frank Lloyd Wright Foundation and Unity Temple Restoration Foundation is offering #WrightVirtualVisits every Thursdays (1 p.m. Eastern/10 a.m. Pacific time) in participating sites. Check the participating sites at https://savewright.org/news/public-wright-sites-swap-virtual-visits/.

Color Tolkien characters

THE official Facebook page of the late 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.

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, a Q&A with exhibit curator Julian Harrison. To view, visit https://artsandculture.google.com/project/harry-potter-a-history-of-magic.

Hogwarts online

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

Color Manolo Blahnik designs

MANOLO Blahnik shares a selection of his original sketches for coloring. The shoe designs are downloadable at https://www.manoloblahnik.com/gb/smile.html.

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 resplendent 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 or the Casa, which houses the Lhuilliers’ unrivalled collection of antiques, the Mosphil Lounge, and a passenger plane that was refitted to be a lounge for special occasions. To view the complete Palacio de Memoria’s virtual tour, visit https://www.palaciodememoria.com/tours. For more updates, follow @thepalaciodememoria on Facebook and @palacio.de.memoria on Instagram.

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/.

OUTLIER: Grocery operator MerryMart gets merry debut and trading week

By Jobo E. Hernandez, Researcher

MERRYMART Consumer Corp. ended up as the most actively traded stock in the Philippine Stock Exchange (PSE) last week following its market debut on Monday.

The stock’s debut saw a total of P3.45 billion worth of 1.28 billion shares exchanged hands on the trading floor from June 15 to 19, data from the PSE showed.

MerryMart shares closed at P2.95 apiece on Friday, up 195% from its initial public offering (IPO) price at P1 per share.

“MerryMart shares experienced three consecutive days of ending on its ceiling price as the general market felt bullish over the company, its industry, and its growth plans. It helps that they offer essential goods, as this is something that would help them cope up with the challenging times that the pandemic brings.” Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said in an e-mail

Mr. Pangan also noted a positive investor sentiment towards the company’s capability to deliver on its growth strategies and guidance reports.

Regina Capital Development Corp. Equity Analyst Anna Corenne M. Agravio shared this assessment: “[MerryMart’s] public debut is the country’s first IPO for the year, so I think there’s been a lot of pent-up activity especially on the side of retail investors,” she said in a separate e-mail.

“At some point, a correction occurred which caused a massive mid-week selldown, but this is not indicative of MerryMart’s fundamentals. More so, it’s just attributable to investors taking profits or cashing in on gains,” she added.

The grocery operator of businessman Edgar “Injap” J. Sia II offered 1,594,936,709 shares to the public at P1 each from May 27 to June 5. It tapped PNB Capital and Investment Corp. as lead underwriter, issue manager, and bookrunner for the offering.

The company is the first to do an IPO this year after the coronavirus disease 2019 (COVID-19) pandemic challenged economies and pulled the local stock market to historic lows in March.

MerryMart shares were listed on the small, medium and emerging board of the PSE.

Its P1.6-billion IPO was two times oversubscribed. The first three days of trading saw the stock closing at intraday highs. Its price went up to as high as P4.50 on Thursday before closing at P2.75. On Friday, it reached an intraday high of P3.10 before closing the day at P2.95.

Mr. Sia, who is also MerryMart’s chairman and chief executive officer, told BusinessWorld on May 23 the company was committed to its expansion plans despite ongoing pandemic woes.

MerryMart believes it will perform well amid the pandemic as its business is in the non-discretionary basic essential retail category, it said in a previous statement. It intends to focus on this segment, it added.

MerryMart aims to have 1,200 branches across the country by 2030, with 100 branches as early as the fourth quarter of 2021. It also has plans to put up warehouses and distribution centers in CentralHub warehouse complexes in DoubleDragon Properties Corp., Mr. Sia’s other listed firm.

MerryMart is under Injap Investments, Inc., which is the founder of Mang Inasal Philippines, Inc. and a key shareholder of DoubleDragon.

“The retail industry as a whole is one of the more resilient sectors amid the pandemic, so MerryMart is in a position to take advantage of this. But while sales growth would likely be positive this year, one of its downsides is that it is not yet a market leader and has a smaller store network than most. Nevertheless, this is still a good avenue for long-term growth,” Regina Capital’s Ms. Agravio said.

“If you’re looking at it from a fundamental standpoint, sales will likely remain healthy for MerryMart since demand for consumer goods has remained stable amid the pandemic. From a technical standpoint, price volatility may begin to simmer down within the next few weeks,” she added.

Ms. Agravio placed the stock’s support “anywhere between P2 to P2.25” and resistance at the stock’s recent high of P4.50.

For Timson Securities’ Mr. Pangan: “We may have to see if P4.00 will be breached, else if the stock breaks down and tries to fill the gap, then support may be pegged at P2.25. We’ll have to observe if volatility lasts throughout the week or if it dies down before Wednesday.”

How PSEi member stocks performed — June 19, 2020

Here’s a quick glance at how PSEi stocks fared on Friday, June 19, 2020.

Gov’t boosts pandemic war chest with surge in April borrowing

GOVERNMENT borrowing rose 673.96% in April as it raised funds in the Philippines and overseas to help contain the coronavirus outbreak, the Bureau of the Treasury (BTr) reported.

The BTr said net borrowing by the government hit P257.48 billion, up from P33.268 billion a year earlier. March borrowing amounted to P2.87 billion.

Domestic borrowing accounted for 66.73% of the total at P171.81 billion while P85.672 billion came from foreign sources.

Gross domestic borrowing in April totaled P172.1 billion, against P34.493 billion raised by the BTr a year earlier. The increase came mostly in the form of Treasury bills (T-bills) worth P88.03 billion, significantly higher than the year earlier P14.49 billion.

Government bond issues that month also totaled P84.07 billion, against P20 billion a year earlier.

The Treasury made P291 million in amortization payments that month, bringing net domestic borrowing to P171.81 billion.

Meanwhile, principal repayments, including those serviced by the bond sinking fund, increased to P121.49 billion from P25.96 billion a year earlier.

Borrowing from external creditors amounted to P85.67 billion, against P3.43 billion a year earlier.

Project loans from foreign lenders declined 83% to P579 million from P3.43 billion a year earlier, while program loans hit P90.068 billion. The government did not avail of any program loans in April 2019.

National Treasurer Rosalia V. de Leon on Saturday said most of the program loans in April represented borrowing from multilateral lenders to help the government contain the coronavirus. They included P50.781 billion (around $1 billion) from the Asian Development Bank (ADB) and P25.231 billion ($500 million) from the World Bank.

Ms. De Leon added that P10.107 billion was from the World Bank’s Philippine Social Welfare Development and Reform project while P3.949 billion was from the ADB’s emergency assistance for the reconstruction and development of Marawi City.

In the four months to April, the government borrowed P758.1 billion, with a domesic-foreign breakdown of 81.91% to 18.01%. — Beatrice M. Laforga

Philippines seeks to resume exploration for oil and gas in South China Sea

THE Department of Energy (DoE) and the Department of Foreign Affairs (DFA) are seeking ways to resume exploration in the West Philippine Sea as pandemic restrictions ease, citing the need to assert sovereignty in disputed waters.

“While we are protecting our territories, the DoE is trying to work together with the DFA on how we can continue exploration in the area,” Energy Secretary Alfonso G. Cusi was quoted as saying in a statement Sunday.

The matter was brought up in a recent meeting of the Regional Peace and Order Council of the MIMAROPA region, which is made up of Mindoro, Marinduque, Romblon, and Palawan. Mr. Cusi, who was present, is MIMAROPA’s Cabinet Officer for Regional Development and Security.

Exploration in the disputed waters was halted because of restrictions adopted to contain the coronavirus. Investor interest also suffered because of the collapse in global oil prices because of the pandemic, which dried up demand.

China is still pursuing its expansion plans into the South China Sea, including its designation of the Paracel islands near Vietnam and the Spratly islands as new districts of Sansha City under the jurisdiction of Hainan Province.

The government will resume energy exploration work in its territorial waters in order “to attain energy security,” Mr. Cusi said.

“We are doing this without compromising our sovereignty. That’s one thing we can assure you as we progress in our exploration on how to develop and utilize the resources there at the West Philippine Sea,” he said.

The identities of the bidders seeking to explore three oil blocks in the West Philippine Sea have yet to be made public after the period for challenging their bids lapsed in May.

These prospects were nominated under the DoE’s Philippine Conventional Energy Contracting Program, a petroleum service contract awarding mechanism that allows the government to develop indigenous petroleum resources in partnership with qualified domestic and international exploration companies.

Under the program, service contracts are awarded via a competitive selection process or via nomination. — Adam J. Ang

Gov’t threatens to take action vs cryptocurrency schemes claiming support from officials

THE Department of Finance (DoF) said it will take “legal and regulatory action” against digital-currency investment schemes claiming backing from government officials, including the Secretary of Finance himself.

In a statement, the DoF warned against “fake cryptocurrency auto-trading platform” Bitcoin Revolution, which used the names of government officials including Finance Secretary Carlos G. Dominguez III, to promote the scheme.

“We warn those behind these unscrupulous and unauthorized investment schemes that the government is monitoring the public space for such schemes, and will take appropriate legal and regulatory action,” the DoF said over the weekend.

It said names of other officials from the department and its attached agency, the Bureau of the Treasury (BTr), were also used. It did not cite their names.

On May 19, the DoF issued similar warnings regarding fake news posted on a website called Bitcoin Lifestyle, which claimed the country is building a “platform for the citizens of the Philippines to start generating income with cryptocurrency.” It claimed that President Rodrigo R. Duterte is encouraging people to invest on the platform.

Finance Assistant Secretary Antonio Joselito G. Lambino II rejected the claims. — Beatrice M. Laforga

Work hours lost to pandemic equivalent to 305M jobs — ILO

THE global reduction in work hours due to the pandemic could be equivalent to the loss of 305 million jobs in the second quarter, the International Labor Organization (ILO) said.

In a report published June 19, Policy Brief: The World of Work and COVID-19, the ILO said unemployment is “skyrocketing” in many countries. It estimated that work hours could decrease by 10.7%, which it equated to 305 million jobs by assuming a 48-hour work week.

“Massive losses in working hours which are equivalent to 305 million full-time jobs are predicted for the 2nd quarter 2020,” the ILO said.

The brief also said working hours fell 4.8% during the first half, equivalent to 105 million jobs. The Asia-Pacific was the region most affected during the first six months, with work hours falling 6.5% due to the COVID-19 (coronavirus disease 2019). This is expected to worsen in the second half, with the ILO projecting a 10.0% drop in work hours.

“By mid-May, 94% of the world’s workers were living in countries with some type of workplace closure measures in place,” the ILO said.

The ILO said widespread lockdowns have reduced productivity for the labor sector. Based on its May 27 monitoring report, the ILO reported that a fifth of the global workforce belongs to countries that suspended workplace operations except for essential sectors. — Gillian M. Cortez

Extreme weather linked to weaker deposit growth, loan quality

REUTERS

EXTREME weather episodes tend to erode banks’ deposit growth, loan quality, and profitability, the Bangko Sentral ng Pilipinas (BSP) said, citing the results of a study.

A BSP working paper, “Impact of Extreme Weather Episodes on the Philippine Banking Sector: Evidence Using Branch-level supervisory data,” found correlations between severe rainfall and branch-level income and balance sheet accounts.

“In particular, the results found savings and time deposit liabilities dropped while non-performing loans (NPLs) surged following extreme rainfall events from 2014 to 2018,” it said.

“The significant results on banking indicators suggest that there are indeed direct costs to the banks and when the indirect costs from clients and transaction partners are integrated, these can seriously affect the operations and health of the financial institutions,” it added.

The Philippines is visited by an average of 20 typhoons in a year, five of which are classified as destructive, according to the Asian Disaster Reduction Center.

The BSP study said banks were thin on the ground in the Eastern Visayas and the Autonomous Region in Muslim Mindanao, which suffer from extreme weather conditions and security issues. It noted that areas with more banks, such as Metro Manila and the Central Visayas, also experience “generally favorable weather conditions” alongside a “manageable” security situation.

According to the study, the severity of rainfall had an impact on banks’ income and profit metrics including net interest income, operating income, and net profit.

“(The) deceleration in deposit growth and the subsequent rise in NPLs which feed into the banks’ net earnings, may have also contributed to the observed deterioration in bank profitability,” it said.

Meanwhile, the study also found that regulatory relief produced a significant improvement in bank profit and income despite a weakening in non-interest expenses and return on assets.

“Regulatory relief packages which in effect defer the recognition of NPLs, ease rediscounting rules as well as penalties for probable delays in the submission of supervisory reports are expected to cascade to indebted households through debt moratoria,” it said. — Luz Wendy T. Noble

Retail sector growth tied to FDI by Congressional study

THE House of Representatives Congressional Policy and Budget Research Department (CPBRD) said in a report that increased foreign direct investment (FDI) is required in order to sustain the growth of the retail sector.

“Increasing investment especially foreign direct investment (FDI) is key to sustain the growth of the retail sector. However, data has shown that the Philippines has failed to capture the significant increases in investments into the retail sector in the ASEAN region,” thethink tank said in its report, Increasing Competition in the Retail Trade Sector.

Citing government data, the CPBRD said that in 2014 to 2018, the Philippines took in about 0.63% of the FDI that went into the ASEAN wholesale and retail sector.

The report said that the dismal performance of retail FDI was due to the restrictions on foreign retailers.

The Philippines imposes a limit on stakes taken in establshed retailers; requires a public offering of a 30% stake in the foreign retailer if foreign ownership exceeds 80%; a minimum parent-company net worth of $50 million to $200 million; a track record based on years in operation and number of branches; and reciprocity to Philippine rtailers in the home country of the foreign retailer.

The study also found that that given the need for accessibility, convenience and a no-touch customer experience in the post-pandemic period, demand for technology-based retail services such as teleshopping and electronic retailing “could substantially gain ground.”

“Based on the 2017 ASPBI (Annual Survey of Philippine Business and Industry), even as their total gross sales had been increasing by almost 20% on average annually since 2013, there were less than 500 establishments engaged in retailing outside of stores, stalls or markets with sales contributing only 2.8% of total. More players are therefore needed in this type of retail activity,” it said.

The House of Representatives passed on third and final reading House Bill 59 in March. The bill seeks to amend the Retail Trade Liberalization Act (RTLA) of 2000 to further open up the sector to foreign companies. Its counterpart measures in the Senate remains at the committee level. — Genshen L Espedido

CREATE: Tax reform response to COVID-19

(First of two parts)

To recover from economic recession and to advance towards corporate healing, the Department of Finance (DoF) fine-tuned several provisions of the Tax Reform Package 2 bill. The Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) is the latest incarnation of the TRABAHO and CITIRA bills and is now part of the COVID-19 stimulus package put together by the government’s economic team.

The DoF calls CREATE the largest tax stimulus program and the first ever revenue-eroding package in the country’s history. According to the DoF, CREATE is expected to free up almost P42 billion in capital over the second half of 2020 and P625 billion in the next five years, with the government assuming that businesses reinvest their tax savings to create sustainable economic opportunities.

In a nutshell, the CREATE bill proposes to (1) accelerate Corporate Income Tax (CIT) rate reduction; (2) extend the Net Operating Loss Carry Over (NOLCO) period; and, (3) rationalize fiscal incentives to adopt to the changing business needs brought about by the pandemic.

ACCELERATED CIT RATE REDUCTION
The CREATE proposes an outright CIT rate reduction from 30% to 25%, then a gradual 1 percentage point reduction every year starting from 2023 until it hits 20% by 2027.

The acceleration of the CIT reduction timetable will help restore confidence, especially among micro, small and medium enterprises (MSMEs) that have been battered by the effects of COVID-19. The tax savings can then be used for additional working capital and sustain a massive employment drive for displaced workers.

This will also attract potential multinational investors seeking to diversify their supply chains here. By 2027, our CIT rate will be comparable to Thailand and Vietnam, which are both currently at 20%. It will then be just a matter of time before our country matches the ASEAN average of 23%.

EXTENDED NOLCO PERIOD
Non-large taxpayers will be allowed to carry over net operating losses incurred in 2020 over a period of five years from the current three years. This is a practical incentive to help MSMEs and enterprises rebuild their business operations.

However, CREATE has not yet given details on whether the extended NOLCO may be claimed by an enterprise eventually classified as a large taxpayer by the BIR within the five-year period for losses incurred back in 2020. It also appears that qualified taxpayers will have to keep operating post-pandemic to fully maximize the benefit of NOLCO.

RATIONALIZATION OF FISCAL INCENTIVES
Instead of keeping several sets of incentives currently offered by various investment promotion agencies (IPAs), CREATE proposes to rationalize and tailor-fit fiscal incentives to qualified investments.

IPAs will continue to process applications for registration but these shall be placed under the oversight of the Fiscal Incentives Review Board (FIRB). The latter will determine the target performance metrics as conditions for availing tax incentives, and unless delegated to the President or a respective IPA in certain cases, shall grant or deny the incentives recommended by the IPAs. Together with IPAs, it will formulate a Strategic Investment Priority Plan (SIPP) itemizing the priority projects and industry-location tiers, among others.

Careful reading of this proposal reveals that the FIRB will technically absorb several key functions of the IPAs. Nevertheless, streamlining the fiscal incentives can definitely change the way investors perceive our investment programs as we compete internationally for high-value projects. Investors can no longer cherry-pick from the incentives menu and go forum-shopping among the 13 current IPAs.

OTHER SALIENT FEATURES
Other proposed features in CREATE worth noting are:

1. The tax exemption on income derived from foreign currency transactions by offshore banking units and the related 10% final tax on interest income from foreign currency loans will be removed.

2. Regional Operating Headquarters (ROHQs) will be subject to CIT after two years from the effectivity of the Act.

3. Branch profit remittance tax exemption of Philippine Economic Zone Authority (PEZA)-registered entities is retained, which the CITIRA initially proposed to be eliminated.

4. The final tax rate on capital gains from the sale of shares not listed and traded on the stock exchange by foreign (resident and non-resident) corporations, as well as on interest income from FCDUs by resident foreign corporations is increased to 15%.

5. The interest arbitrage rate will be lowered until it is completely removed once the CIT rate drops to 20%.

6. The optional standard deduction for individuals and corporations, which CITIRA initially proposed to restrict, will be retained.

PENDING SENATE DELIBERATION
Unfortunately, the first regular session of the 18th Congress ran out of time to take up the bill under the Senate’s deliberations before the session adjourned on June 5. Congress, however, can convene in a special session to tackle the bill even during the break if called on by the President.

Otherwise, this will be taken up in the second regular session of the 18th Congress, with the Senate to resume on July 27. Even with the tight schedule, hopes are high that CREATE will be passed and implemented by the second half of the year. After all, CREATE was certified by the President as urgent and it is supported by various organizations and industry leaders.

CREATE BILL AS A RESPONSE TO THE COVID-19 CRISIS
Nearly all countries have moved to cushion their respective economies against the impact of COVID-19. Wage subsidies, stimulus checks, payment concessions and various financial bailouts to enterprises, among others, were implemented at varying speeds, approaches and levels of effectiveness.

No country in the world has been spared from the sharp decline and contractions of economic growth.

Two years after the TRAIN Package 1 and several bill versions since, CREATE has been repurposed as a pandemic-responsive tax reform as well as a government’s intervention to stimulate recovery and avoid long-term economic damage. The US-China Trade War has also forced ASEAN countries into a race to cut taxes and offer more incentives to investors who are either shifting their supply chains from China or are planning to diversify within Asia.

The time is now ripe for legislators to pass a responsive tax reform at this critical period. However, caution must still be in place and pace should not be equated with haste. It behooves not just the legislators but also ourselves as taxpayers to understand the important duty of dissecting the proposed measures and their finer details to arrive at a truly effective tax reform that is adaptive to the challenging needs of our time.

In the second part of this article, we will discuss in detail the rationalization of fiscal incentives through a calibrated income tax holiday, special corporate income tax, enhanced deductions and other available incentives to existing registered entities under the transitory period, as well as strategies to capitalize the fiscal incentives under the CREATE bill.

 

Donna Frances G. Ylade-Torres is a Senior Manager from Private Client Services, a Tax Sub-Service Line of SGV & Co.

300 modern jeepneys to resume operations on Monday, says regulator

MORE than 300 modern jeepneys have been allowed to serve 15 routes in Manila and nearby cities starting June 22, as the country eases a lockdown meant to contain a coronavirus pandemic, according to the transport regulator.

The decision is part of the government’s “calibrated response to restore mass transportation in the metro and in the adjacent provinces as we transition into new normal,” the Land Transportation Franchising and Regulatory Board (LTFRB) said in a statement on Sunday.

The routes are Novaliches to Malinta via Paso de Blas; Bagumbayan Taguig to Pasig via San Joaquin; Fort Bonifacio Gate 3 to Guadalupe-Market Market-ABC loop service; Pandacan to Leon Guinto; and Quezon Avenue to LRT 5th Avenue station. Also included are Cubao (Diamond) to Roces Super Palengke; EDSA Buendia to Mandaluyong City Hall via Jupiter, Rockwell; Divisoria to Gasak via H. Lopez; Punta to Quiapo via Sta. Ana; Boni Pinatubo to Stop and Shop; Boni Robinson’s Complex to Kalentong/JRC; Nichols to Vito Cruz; Filinvest City Loop; Alabang Town Center to Ayala Alabang Village; and Vito Cruz Taft Avenue to PITX loop service.

The LTFRB will add nine more routes on June 24 to serve other parts of Metro Manila adjacent to provinces, it said.

These are Bagong Silang to SM Fairview; Malanday to Divisoria via M.H. del Pilar; Parang, Marikina to Cubao; Eastwood, Libis to Capitol Commons; Gasak to Recto via Dagat-dagatan; PITX to Lawton; Alabang to Zapote; PITX to Nichols; and PITX to SM Southmall.

Modern jeepneys will serve 10 more routes on June 26 such as Quirino Highway to UP Town Center; SM Fairview to Commonwealth via Regalado Avenue; QMC Loop; Tikling to Binangonan; Antipolo to Pasig via East Bank Road; Rosario to Pinagbuhatan Pasig; West Aveune to P. Noval via Del Monte; Biñan to Balibago via Manila South Road; Tramo to Sucat; and San Isidro to Congressional Junction Dasmariñas.

Non-aircon modern jeepneys will collect a minimum fare of P11 for the first four kilometers and P1.50 for each succeeding kilometer, the LTFRB said.

Air-conditioned modern jeepneys will collect P11 for the first four kilometers and P1.80 for each succeeding kilometer, it added.

Meanwhile, the regulator said it was still studying the rules for the resumption of UV Express operations within the month.

“We are exhausting all efforts to balance our mandate in transportation with our responsibility of helping prevent the spread of the coronavirus disease 2019,” LTFRB Chairman Martin B. Delgra III said in the statement.

“That is why we are observing a gradual and calculated approach for the resumption of public transportation particularly in areas under the general community quarantine,” he added.

The LTFRB said jeepney drivers, conductors and passengers must wear face masks and observe physical distancing.

“The passenger load of each jeepney must not exceed 50% of its seating capacity, excluding the driver and conductor,” it said. — Arjay L. Balinbin

Lawmaker seeks pooled testing for coronavirus

A CONGRESSMAN wants the government to pool people for coronavirus testing at work and in schools.

Iloilo Rep. and former Health Secretary Jannette L. Garin said people may be pooled into five, 10 or 20 groups for testing which is used now during blood testing.

“Pooled testing is no longer new if we want to know the prevalence of the virus in a place,” she told ABS-CBN Teleradyo on Sunday.

Under this method, swab samples of several people are placed in a single polymerase chain reaction or PCR test.

People will be assessed further if a positive result comes from a single batch. If the swab test of comes back negative, individual tests need not be performed, resulting in savings, Ms. Garin said.

The Philippine Society of Pathologists, Inc. and Philippine Center for Entrepreneurship will conduct a study on pooled testing, she said. “We won’t have a hard time ween we return to the new normal,” she said.

The research seeks to cut the PCR testing fee to as low as P300, the congresswoman said.

Ms. Garin said the country reached its target of 30,000 daily coronavirus testing a few weeks ago, but daily tests are fewer because of costs.

“Some laboratories have a capacity of as many as 5,000 daily but only 700 tests are done because it’s not affordable,” she said. — Genshen L. Espedido

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