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Virus drags FDI inflows in February

Foreign direct investment inflows dropped in February, as the coronavirus began spreading around the world. — REUTERS

By Luz Wendy T. Noble, Reporter

FOREIGN DIRECT investment (FDI) inflows slumped by a third in February, as the uncertainty over the then-emerging coronavirus outbreak started spooking investors.

Data from the Bangko Sentral ng Pilipinas (BSP) showed FDI inflows declined by 31.5% to $505 million from a year ago. It also dropped by 23.13% from January.

Year to date, inflows slipped by 12.2% to $1.162 billion from a year earlier.

The inflows were the lowest since the $430 million recorded in August.

“FDI declined as uncertainties on the impact of the COVID-19 (coronavirus disease 2019) outbreak dampened investor sentiment,” the BSP said in a statement on Friday.

The Philippines had only three confirmed cases of coronavirus in February, all Chinese nationals.

BSP data showed net investments in debt instruments, which include intercompany borrowings, dropped by 26.4% to $317 million from a year earlier.

Reinvested earnings also decreased by 26.4% year on year to $59 million.

Equity other than reinvestment of earnings plunged by 43% to $129 million from a year ago. This, as placements fell by 45.2% to $145 million and withdrawals slid by 58% to $16 million.

The central bank identified Singapore, Japan and the United States as top sources for equity capital placements during the month. These flows went mainly into manufacturing, real estate, and wholesale and retail industries.

Inflows funneled into equity and investment fund shares likewise declined by 31.5% to $188 million from a year earlier.

Although there were no cases of local transmission of COVID-19 in the country at that time, investors were already concerned about the rising number of cases in other countries.

“Travel restrictions were already being implemented by many countries then. The hospitality sector was already badly affected,” Alvin P. Ang, an economist from Ateneo de Manila University, said in a text message.

Investor sentiment may have also been hurt by the Senate investigation of Philippine offshore gaming operators during the month, he added.

In the first two months of 2020, net investments in debt instruments plummeted by 44.1% to $550 million from a year ago. Reinvested earnings slipped by 16% to $131 million.

On the other hand, equity other than reinvestment of earnings for the two months surged by 162% to $481 from the same period last year.

Meanwhile, equity and investment fund shares fell by 12.2% to $1.162 billion from a year ago.

The central bank in November projected FDI inflows worth $8.8 billion this year, from $7.647 billion last year.

Ateneo’s Mr. Ang said inflows in the coming months will likely go further down as the economic impact of the pandemic widens.

“The February data is already superseded by falling trade and the lockdown in March,” he said.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said May and June may see a slight recovery as the economy gradually reopens.

In an e-mail, Mr. Asuncion said FDI inflows will likely follow developments related to the vaccine, while consumers will seek transparency from the government regarding efforts against the virus.

“The emergence of new low-touch and/or contactless types of businesses may offer some hope for investors, even as existing global firms struggle to survive in the new way of doing things post-pandemic,” he said.

Meanwhile, Fitch Solutions said investor sentiment on the Philippine market was already affected by other factors before the health crisis.

“Indeed, the outbreak will aggravate the already notable structural barriers that deter investment into the Philippines, namely logistics and an uncertain policy backdrop, weakening the longer-term outlook for both growth and the country’s exporting capabilities,” it said in a note sent to reporters.

Fitch Solutions cited the lack of infrastructure and connectivity in global supply chains that has hampered the Philippines’ ability to attract investments.

“There has been a failure to move forward with the second package of tax reforms, which plans to lower the country’s corporate income tax rate from a regionally high level of 30%, to 20% by 2029 in line with Taiwan and Vietnam. Without reforms and an ability to address the barriers to FDI, the Philippines economy may grow at a slower pace long term,” Fitch Solutions said.

Congress has not yet passed the proposed Corporate Recovery and Tax Incentives for Enterprises Act, which will immediately reduce corporate income tax to 25%.

PHL clinches ‘A-’ credit rating

JAPAN CREDIT Rating Agency said the impact of the coronavirus pandemic on the Philippine economy will likely be temporary. — REUTERS

JAPAN CREDIT Rating Agency (JCR) on Thursday upgraded the Philippines’ credit rating to “A-” from BBB+, saying it expects the economic impact of the coronavirus pandemic to be temporary.

At the same time, JCR assigned a “stable” outlook on the rating, suggesting this will likely be maintained in the near term.

“JCR holds that a downturn will be limited given the country’s strengthened economic base, resilient external position, and the government’s economic stimulus package totaling more than 9% of gross domestic product,” said the government’s Investor Relations Office (IRO) in a statement on Thursday, citing the JCR report.

“JCR also considers that the fiscal soundness will not be impaired because while the fiscal deficit may widen, the package at this time is justifiable and the government debt will remain comparatively subdued,” it added.

The debt watcher cited the stability of the country’s banking industry, which has a capital adequacy ratio “at a comfortable 15%.”

It said the country’s external debt balance was manageable at 22.2% of the gross domestic product (GDP) as of end-2019 and also cited its ample dollar reserves.

“JCR holds that the country will show its high resilience even when global risk-off moves would be triggered again by a second wave of COVID-19 pandemic,” JCR said, noting it expects the country to grow at a pace of 6-7% within the medium term after a likely contraction in 2020.

JCR cited the country’s “massive relief measures” and its tax reform program.

The country’s upgrade to an “A” status is among the three upgrades out of the 14 rating actions from JCR that were mostly either downgrades, negative outlook revision, or rating affirmations.

Other “A-” rated countries with JCR include Thailand, Mexico, Hungary and Peru. Indonesia and India have “BBB+” ratings while Malaysia, Italy, Poland and Portugal are rated “A”.

“The credit rating upgrade from JCR bodes well for the Philippine government’s fund-raising activities, which in recent years have included regular issuance of Samurai bonds,” the IRO said, noting that many Japanese institutional investors go for countries with an “A-” rating or higher from JCR.

“The agency’s decision reflects its confidence that the Philippines is pursuing appropriate policies that will help Filipino individuals, businesses, and the economy at large to recover from this unprecedented crisis,” Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said in the statement.

Fitch Ratings recently affirmed its “BBB” rating for the Philippines, but lowered the rating outlook to “stable” from “positive,” which means the rating is likely to stay for the next six months to two years.

S&P Global Ratings has likewise maintained its “BBB+” rating with a “stable” outlook for the country, citing expectations of a strong economic rebound after the coronavirus crisis. — Luz Wendy T. Noble

Limited dine-in to resume under general quarantine

RESTAURANTS may soon be allowed to resume limited dine-in operations in Metro Manila and other areas under a general community quarantine.

Trade Secretary Ramon M. Lopez said in a radio interview on Thursday the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) had given the go signal for restaurants to resume dine-in operations at up to 30% capacity starting June 15.

“Malaking portion ng operation ng mga restaurant ang dine-in. Mga 70-80% po ’yan kaya mahalaga po, diyan po nakasalalay ’yung trabaho ng maraming kababayan natin (Dine-in is a large part of restaurant operations. It’s about 70-80%. That’s why it’s important. The work of many depend on that,” he said.

The IATF recommendations will be presented to President Rodrigo R. Duterte for final approval.

Metro Manila, Central Luzon, Cagayan Valley, Calabarzon, Central Visayas, Pangasinan, Mandaue City, Zamboanga City, Davao City, and Cebu City are now under a general lockdown, while all other areas are under a modified general community quarantine.

Restaurants can have dine-in operations up to 50% of capacity for areas that have shifted to the modified lockdown.

Salons and barbershops may also operate at 30% capacity for areas under a general lockdown, and must limit services to haircuts.

The Department of Trade and Industry has released guidelines on ensuring health safety for dine-in operations, banning buffets and self-service stations and prescribing sanitation measures.

Restaurants must also add floor markings and table dividers for social distancing, and must implement a “no mask, no entry” policy. Kitchen-based employees must be placed in groups according to their tasks.

Restaurants must also provide contactless transaction methods and small trays for accepting cash.

Mr. Lopez said the government, including the Trade, Tourism and Labor departments and local governments will randomly inspect restaurants for compliance.

“Hindi na naman ni-require mag-accreditation kasi baka tumagal pa at magkaroon pa ng (We don’t require accreditation because that might take time and it might create) bureaucratic red tape,” he said.

He added that restaurants not complying with the guidelines may be warned or closed down. — Jenina P. Ibañez

BIR eyes higher tax take from online sellers

By Beatrice M. Laforga, Reporter

ALL ONLINE businesses are given until July 31 to register for tax compliance with the Bureau of Internal Revenue (BIR), as the government seeks to plug tax leakages and raise revenues.

BIR Commissioner Caesar R. Dulay issued Revenue Memorandum Circular (RMC) No. 60-2020 on June 1, ordering online businesses to register or update their registration until July 31. A copy of the circular was uploaded on the BIR website on Wednesday evening.

“This circular is issued to give due notice to all persons doing business and earning income in any manner or form, specifically those who are into digital transactions through the use of any electronic platforms and media, and other digital means, to ensure that their businesses are registered pursuant to the provisions of Section 236 of the Tax Code, as amended, and that they are tax compliant,” the BIR said.

The order applies to partner-sellers or merchants as well as to “other stakeholders involved such as gateways, delivery channels, internet service providers and other facilitators.”

BIR Deputy Commissioner for Operations Arnel SD. Guballa told BusinessWorld the circular was issued after Finance Secretary Carlos G. Dominguez III ordered the BIR to start collecting taxes from the digital economy.

The e-commerce sector has been growing as strict lockdown measures forced people to stay at home and businesses to close brick-and-mortar shops.

“As mandated by secretary of Finance, BIR would collect taxes from the digital economy which other Asian countries are now doing. Since online selling is the new normal, BIR now is requiring all online sellers to register,” Mr. Guballa said in a text message on Thursday.

He emphasized all businesses, including small sellers of products on social media sites are covered by the circular, as long as they conduct transactions online.

In May, Mr. Dominguez said the Department of Finance (DoF) and BIR were studying measures on how to capture the potential value-added tax (VAT) leakages in the digital economy.

If the 12% VAT can be charged on online transactions, DoF estimated the government can collect P14-17 billion in additional revenues.

The government is looking for new sources of revenues after tax collections plunged in April due to the lockdown.

BIR’s April tax collections plummeted by 70% from a year ago to P71.78 billion after tax payments were deferred.

Under the new circular, the BIR also urged businesses to voluntarily declare their past transactions that are subject to pertinent taxes and pay the taxes due, without incurring penalties.

“All those who will be found later doing business without complying with the registration/update requirements, and those who failed to declare past due taxes/unpaid taxes shall be imposed with the applicable penalties under the law, and existing revenue rules and regulations,” BIR said.

Newly registered businesses and existing applicants will also have to issue a registered sales invoice or official receipt for every sale of goods or services and keep a registered book of accounts and accounting records of transactions.

Online businesses are also ordered to withhold taxes, if applicable, as well as file required tax returns and pay “correct taxes due on time.”

Registrations are usually done at Revenue District Offices, BIR said.

Those conducting online businesses that do not have a taxpayer identification number (TIN) will have to register their businesses following existing guidelines on securing TIN and registration.

For those with TINs but whose businesses are not yet registered, BIR said individuals will have to register their businesses using BIR Form 1901. For non-individuals, they will have to update their business registration using BIR Form 1905 and include the additional business activity of online selling.

House Bill No. 6765 or the Digital Economy Taxation Act, which seeks to impose a 12% VAT on advertising, subscriptions and transactions made via e-commerce platforms, has been filed at the House of Representatives.

PLDT subsea cable deal to link Asians

PLDT Inc. (PLDT) said on Thursday it had joined a consortium to build a 9,400-kilometer “high-performance” submarine cable connecting six major countries in East and Southeast Asia.

In a statement e-mailed to reporters, PLDT said it is part of the global consortium, Asia Direct Cable, that is “building a high-performance submarine cable connecting the Philippines, China (Hong Kong SAR and Guangdong Province), Japan, Singapore, Thailand, and Vietnam.”

The Pangilinan-led company said it joined the consortium in 2018. CAT, China Telecom, China Unicom, Singtel, SoftBank Corp., Tata Communications, and Viettel are also members of the Asia Direct Cable consortium.

The group has chosen NEC Corp., a Japanese multinational information technology and electronics company, to construct the submarine cable system which will be designed to carry more than 140 terabits per second (Tbps) of traffic.

The consortium expects its project to be completed by the last quarter of 2022, PLDT said.

PLDT also said it expects the project to strengthen the “resiliency” of its international network “by providing additional capacity for internet and digital services.”

“Its high capacity allows it to support increasingly bandwidth-intensive applications which are driven by technological advancements such as 5G, cloud services, the Internet-of-Things and Artificial Intelligence. It will also enhance the capabilities of PLDT’s extensive fiber cable network which already spans over 338,000 kilometers across the archipelago and links the country to key destinations in different parts of the world,” PLDT explained.

PLDT Chief Revenue Officer and Smart President Alfredo S. Panlilio was quoted as saying: “This will help PLDT to address the expanding demand for more digital services for both enterprises and our individual customers.”

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

What did Filipinos watch during the lockdown? Lots of K-drama, local films and Money Heist

SEVERAL months have been spent inside our homes as lockdown measures try to slow down the spread of the pandemic which has sickened tens of thousands in the Philippines and millions around the world. Since Filipinos could not go outside, they turned to watching a lot of Korean dramas and local movies to entertain themselves, according to a study done by an e-commerce aggregator.

iPrice Group, a Southeast Asian e-commerce aggregator based in Malaysia, published a study this month on the viewing behavior of Filipinos before and during the lockdown by collating web searches using Google Trends and “recorded streaming sites’ notable increase in web visits” via SimilarWeb from January to May, according to a release.

The study showed that Filipinos really love K-dramas, specifically Itaewon Class, a series about an ex-convict and his friends trying to make their dreams for their street bar a reality. The show saw a 9,900% increase in searches during the lockdown (mid-March to May) compared to the two months before the lockdown.

Also getting a boost in searches were 2015’s Reply 1988 which was up by 456% and Crash Landing on You which experienced a 105% increase in searches during lockdown, though it should be noted that the 2020 series about a woman getting stranded and rescued by a North Korean soldier, ended its run in February when searches about the show were at their peak — but iPrice noted that during lockdown, people revisited the show which led to the increased searches from March to May.

Local movies also saw a boost. The historical epic Heneral Luna (2015) by Jerrold Tarog saw an 809% increase in searches during lockdown, while it’s sequel, Goyo: Ang Batang Heneral (2018), saw an increase of 300%. Cult-favorite family film Four Sisters and A Wedding (2013) by Cathy Garcia-Molina saw a 376% increase.

Old American sitcoms were also on the radar of Filipinos staying inside as Modern Family saw an increase of 426%, while Community’s search interests’ increased by 400%, and How I Met Your Mother’s by 355%. Modern Family ended its run in April after 11 years on air, which could have contributed to the increased interest.

But the most popular show for Filipinos during lockdown was Netflix’s Money Heist, the Spanish TV show about a group of people robbing the Royal Mint in the first season, and then the Royal Bank of Spain in the second season. It had just released the second part of its second season during the lockdown, which iPrice said is the likely reason for the interest.

Money Heist has consistently remained in the top and upper rankings of the most-watched shows in the Philippines even before the lockdown, according to Netflix.

Streaming services like Netflix, iflix, HBO Go, and Apple TV, each experienced a jump in web visits during the lockdown. Even niche streaming services saw a jump with Mubi (which curates 30 movies from around the world at a time) seeing a 97% increase in web visits from February to April, while Korean-content streaming service Viu saw a 59% increase, and anime streaming site Crunchyroll saw a 35% increase. — Zsarlene B. Chua

Phoenix seeks leaner supply chain, cost cuts

PHOENIX Petroleum Philippines, Inc. (Phoenix) said it is pursuing cost and productivity measures, including the integration of all its property assets under one unit and the ongoing rationalization of its supply chain.

Upon its regular strategic review, the listed independent fuel retailer told the stock exchange on Thursday that it seeks to create leaner supply chain and logistics, improve productivity, and lower expense base.

The company will integrate all of its assets under its property holding subsidiary, Duta, Inc., which will take over the company’s inventory of owned and leased assets, manage real estate leases, and handle future purchase of properties.

It will also identify and implement real estate synergies with other Phoenix businesses, and will co-develop with other real estate developers.

“Under Duta, Inc., we are repositioning real estate as an integrated, dynamic portfolio that aligns real estate resources with competitive strategies and maximizes yield,” Phoenix Chief Finance Officer Concepcion F. de Claro said.

“Duta will have greater financial accountability as it will have its own organization, budget, and Board-approved KPIs (key performance indicator),” the official added.

The company’s stockholders recently approved Phoenix’s investment of up to P4.9 billion into the holding unit over the next three years.

Phoenix also seeks to minimize risks and capital expenditure burden through the formation of a separate road transport company, which will partner with operators.

Phoenix President Henry Albery R. Fadullon noted the low availability of trucks and high attrition among drivers, which affects its efficiency and ability to deliver.

“Adding to the overall complexity is the increased exposure to health, security, safety, and environmental (HSSE) risks and capex (capital expenditure) for the fleet expansion,” he added.

The newly installed president said the company already did test runs of outsourcing delivery operations, seeing an improvement in truck utilization to 1.5 times of trips each day from just 0.75 times.

Moreover, Phoenix continues to rationalize the supply chains of its lubricant and FamilyMart businesses, eyeing to save over P300 million over the upcoming years.

Last year, the company started to shift to third-party service providers from an in-house distribution for both segments.

FamilyMart is said to save P4 million monthly from simplified operations, while its lubricant business is estimated to save P40 million in operating expenses and P230 million in working capital.

“Our domestic opex (operating expenses) were down 12% year-on-year in the )first quarter), which worked especially well for us during these times. We are already realizing gains from these initiatives. We will continuously challenge our cost structure and find ways to be more efficient and drive operational excellence,” Ms. de Claro said. — Adam J. Ang

Comedian Jo Koy tours Manila in latest Netflix special

IN his newest Netflix special, comedian Joseph Glenn Herbert, better known as “Jo Koy,” continues to marvel at his Filipino roots while touring his Filipino-American friends around a city he used to live in.

Jo Koy: In His Elements is Filipino as Mr. Herbert empathically says onstage: “every element of this show is Filipino.” And it was true, but only to a point because what makes Mr. Herbert’s comedy so relatable is the amusement sparked by a person wondering why his Filipino mother does the things she does — things we never dared to ask our mothers.

He tells a story of his mother’s propensity to have him dance whenever anyone visited their house once she discovered that he could dance a mean Michael Jackson.

The bit is met with uproarious laughter because many of us, at one point, wondered why our parents had us put on a talent show for visitors.

This is Mr. Herbert’s third special with Netflix after Live in Seattle in 2017 and Comin’ In Hot in 2019.

While much of the special features Mr. Herbert doing a stand-up comedy show in Solaire Resort and Casino in Parañaque City, each segment is interspersed with a short travelogue where he “tours” fellow Filipino-Americans like breakdancer Ronnie Abaldonado and Grammy-winning music producer Ramon “!llmind” Ibanga, Jr., around Manila.

I say “tours” because the visits to places like churches are so short that they are meant to point out that none of the people Mr. Herbert brought over for the special had ever been to the Philippines.

Mr. Herbert himself only spent five years in the Philippines, though in interviews he said that those five years were his happiest.

There are scenes of them traveling from the airport to hotel via a fully decked-out, colorful jeepney (which, sadly, are even scarcer now with the lockdown), playing street basketball, and eating chicken adobo.

And then we go back to the stage show where he says that Filipinos are so close that he only just realized that one of the cameramen, the one assigned to take his close-ups, was his uncle. Whether it was true or not, it made for a great laugh.

Another segment is about how he got his name “Jo Koy.” The build-up is long — longer than his other stories — and the pay-off isn’t that surprising (especially if you are a writer who has asked him about it before), but the delivery is gold and the audience is in stitches.

At length, Jo Koy: In His Elements is a enjoyable romp about a man discovering his Filpino-ness and having fun while doing it.

The comedy special streams starting June 12 on Netflix. — Zsarlene B. Chua

Exporters focus on local market

PHILIPPINE exporters are pushing for local consumers and businesses to prioritize their products as they shift to the domestic market while recovering from the effects of the pandemic.

Philexport President Sergio R. Ortiz-Luis Jr. said in a phone interview on Thursday that companies are temporarily focusing on the domestic market as long as businesses are unable to resume operations at full capacity, which he estimated could last a year.

“During this pandemic time, mukhang maraming kumpanya na kailangan tulungan, lalo na ‘yung mga supplier na maliliit. Encourage ko sila na ituloy ang negosyo.” (It looks like there are plenty of companies that need help, especially small suppliers. We encourage them to continue their business).

He emphasized that the move is temporary as industries recover, and is not intended to discourage the importation of products. But he also said that goods produced in the country should be prioritized.

“‘Yung mga namimiling mga kumpanya rito na nagbubukas, unahin na muna ‘yung mga local para matulungan nila. Lalo na ‘yung maliliit. Dun na muna sila bumili.” (For companies that are opening up, they should prioritize local business first to help them. Especially the small ones. They should buy there.”

He listed food items, clothes, and face masks as items that can be produced locally.

Some exporters have already shifted production to personal protective equipment, including face masks and cleanroom suits.

Philippines trade declined in April, with merchandise exports falling by 50% year-on-year, according to the Philippine Statistics Authority. Merchandise imports also fell 65%.

“It will take time to recover,” Mr. Ortiz-Luis said, explaining that companies are not able to operate at full capacity and are facing diminished market consumption.

He said he cannot measure local demand at this time, but believes that the move would significantly help companies.

“The demand is low. Dahan-dahan. We’re hoping na kahit low yung demand, unahin muna ‘yung local.” (Slowly. We’re hoping that even though demand is low, they’ll buy local first). — Jenina P. Ibañez

Disney’s take on young adult novel Artemis Fowl to debut on June 12

WALT Disney Co on Friday will release a film adaptation of popular young adult book series Artemis Fowl, one that its stars and director admit differs from the story written by Irish author Eoin Colfer.

A movie trailer released in March prompted criticism from some fans because it appeared the title character was a hero rather than the villain he was made out to be in the first Artemis Fowl book, which was published in 2001. Seven other books followed through 2012.

Actor Ferdia Shaw, who plays Fowl, said filmmakers changed the 12-year-old criminal mastermind “a little bit” for the movie version.

“But he’s still got his hard edge and his gritty sides,” plus a colorful fairy world and other elements from the book, Shaw said. “So I think it will be very well received.”

Artemis Fowl will debut on the Disney+ streaming service rather than movie theaters because many cinemas around the world remain closed to help curb the spread of the coronavirus.

In the movie, Fowl is searching for his missing father, played by Colin Farrell, when he discovers an underground fairy world called Haven City.

Director Kenneth Branagh said he wanted to make a movie that both book lovers and audiences new to Artemis Fowl could appreciate.

“You could not assume that anybody going into the cinema had necessarily read the books or knew the characters,” Branagh said, “so there would need to be a way of telling the first story in the cinema that acknowledged that.”

Author Colfer has given his blessing to the movie, according to a summary released by Disney.

“I thought all their changes were totally justified, and for the better,” Colfer said. — Reuters

DoubleDragon profit buoyed by rents

DOUBLEDRAGON Properties Corp. reported a 44% growth in earnings for 2019 due to its robust topline supported by its rental business segment.

In a statement Thursday, the listed property developer of businessman Edgar “Injap” J. Sia II said its net income last year rose to P10.65 billion from the previous year’s P7.42 billion.

Consolidated revenues jumped 41% to P20.2 billion, where recurring revenues accounted for P3.95 billion, higher by 30% from the previous year.

The company said the growth in recurring revenues can be attributed to rental revenues, which expanded 31% to P3.27 billion due to the completion of 803,735 square meters of leasable space.

Retail community malls maintained a 93.4% occupancy rate as CityMall tenants helped hit a double-digit same store sales growth.

Three new office towers were added to DoubleDragon’s portfolio, and its DD Meridian Park in the Bay Area leased out 98.9% of its six completed office towers.

The company also secured seven new Hotel 101 projects which raised its total new project inventory to P20.22 billion. Of this value, some P3.22 billion has already been sold out. Hotel room occupancy for its major hotels improved to an average of 84.8% last year from 78.3% in 2018.

“It is trying times like these, when the most important aspect is having a relevant and resilient business model in the company’s portfolio, and we are glad that DoubleDragon’s portfolio had the opportunity to be tested,” Mr. Sia said in the statement.

“The size of the company’s real estate portfolio and the revenues it used to generate will not matter much if the changes of customer behavior…will make the real estate portfolio irrelevant going forward. Our team will continue to make sure that its portfolio will always be geared to capture the bright future of our economy,” he added.

Mr. Sia noted while parts of the country were on lockdown, DoubleDragon was able to keep some of its revenue streams active.

CityMalls were open because tenants were mostly essential businesses. Its hotels accommodated employees of business process outsourcing (BPO) firms. DD Meridian Park kept generating revenues from BPO tenants. Its CentralHub warehouse complex was also utilized by companies that needed storage due to mobility limitations.

“The DoubleDragon team will continue to further improve and strengthen all its four pillars of growth as it progresses forward in this new decade,” Mr. Sia said, referring to provincial retail leasing, office leasing, industrial leasing and hotels.

Shares in DoubleDragon at the stock exchange gained P2 or 11.11% to P20 each on Thursday. — Denise A. Valdez

Tracking system established for returning OFWs

THE Department of Labor and Employment (DoLE) said it developed a voluntary tracking system for returning Overseas Filipino Workers (OFWs), which will require registration for beneficiaries to avail of government support programs.

In a statement Thursday, DoLE said the tracking system is called the OFW Assistance Information System (OASIS), which it hopes will facilitate the smooth return of OFWs to the Philippines.

Labor Secretary Silvestre H. Bello III said in a statement, “The system… aims to give our OFWs… efficient and timely assistance to ease their anxieties when returning home in the midst of this pandemic.”

OASIS will also help “facilitate organized arrival at the airport, efficient swab testing, and rapid pick up and transport to their respective hotels and homes and other necessary processes.”

OFWs interested to be tracked on OASIS can register online through www.oasis.owwa.gov.ph. A link will be sent through e-mail to successful registrants. — Gillian M. Cortez

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