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First Gen shares soar on KKR unit’s offer

By Adam J. Ang

FIRST Gen Corp.’s (First Gen)shares surged upon trading resumption on Wednesday, a day after a Singaporean firm submitted to regulators its tender offer to buy almost a tenth of the Lopez-led energy company’s stocks.

The energy firm told the Philippine Stock Exchange, Tuesday, that Valorous Asia Holdings Pte. Ltd., a unit of KKR Asia Pacific Infrastructure Holdings Pte. Ltd., intends to purchase around 6%-9% of its total issued and outstanding common shares.

On May 27, shares in the company rose by P2.51 or 14.15% to close at P20.25 apiece.

“[First Gen] shares surged today after the company Valorous made an offer to acquire as much as 9% [shares] of the company at P22.50 [each],” Luis A. Limlingan, head of sales at Regina Capital Development Corp., said in a Viber message.

He said the tender offer represents more than a 25% premium over the company’s last traded price on May 22 at P17.74.

First Gen requested a one-day trading suspension on May 26 to give way for the equal dissemination of information on the offer, as well as to protect its stock price.

KKR Asia Pacific Infrastructure is owned by KKR Asia Pacific Infrastructure Investors SCSp based in Luxembourg. The latter is managed and advised by Kohlberg Kravis Roberts & Co. L.P., a unit of New York-listed investment firm KKR & Co., Inc.

In an interview with BusinessWorld, a KKR official said the all-cash offer could bring immediate return on shareholders’ investments at an “attractive” premium.

“KKR has made this tender offer in good faith and would welcome the opportunity to be a minority investor available to positively engage with First Gen’s management team and the Lopez family as helpful in the future,” KKR Asia Pacific Infrastructure Head David Simon Luboff said.

The tender offer commenced on Wednesday and will end on June 24, which period can be extended upon approval from the Securities and Exchange Commission.

KKR has actively invested in the hospital arm of Metro Pacific Investment Corp. and Voyager Innovations, Inc., a unit of PLDT, Inc.

FGen LNG Corp., a unit of First Gen, is among companies that submitted proposals to build regasification facilities for imported liquefied natural gas (LNG).

On March 4, it filed with the Department of Energy (DoE) an application for a regulatory permit for the construction of its offshore terminal for LNG within First Gen’s energy complex in Batangas City.

The project, once completed, will bring in an interim floating storage and regasification unit (FSRU), which will hasten the introduction of the imported fuel to the Philippines. The country has yet to enter any LNG supply contracts from overseas producers.

Publicly listed First Gen had said that upon the issuance of a regulatory permit, it might start the project as early as this month so it could receive imported LNG by the third quarter of 2022.

Due to the prevailing public health crisis spurred by the global pandemic, the company expects the permit to come in later. FGen LNG has been preparing to build its LNG terminal, which could happen soon after the crisis subsides and when conditions would allow construction activities to be done safely.

The DoE earlier declared First Gen’s LNG terminal as an “Energy Project of National Significance” under Executive Order No. 30, allowing it to enjoy faster processing of permits from government agencies.

Ayala Land plans up to P19-billion bonds to refinance debt

AYALA Land, Inc. (ALI) is planning to issue bonds that will raise up to P19 billion that it will use to refinance outstanding debt obligations.

In a disclosure to the stock exchange Wednesday, the property developer said its board of directors had approved offering retail bonds and/or corporate notes that will be listed on the Philippine Deal and Exchange Corp., and/or issuing bilateral term loans.

It said proceeds from the offering are to be used to refinance the company’s outstanding loans.

ALI Chief Finance Officer Augusto Cesar D. Bengzon told stockholders in a meeting last month the company was targeting to issue a two-year bond in early June to refinance loans.

“Our new cash flow budget is for the company to pay down a portion of its outstanding debt obligations this year, bringing it to a level equivalent, if not lower than, our 2019 year-end debt levels,” he said in the April 22 meeting.

In the same meeting, Mr. Bengzon said ALI had lowered its capital expenditure budget for 2020 to P70 billion from P110 billion to help it cope with the impact of the coronavirus disease 2019 (COVID-19) pandemic.

He said the company wants to support its capital spending and financing expenses, and possibly reduce its outstanding debt, without the need to raise new capital.

ALI’s total borrowings as of end-2019 is P211.1 billion, up from P187.1 billion in end-2018. Its net debt-to-equity ratio, which measures how much of its financing is supported by debt, is 0.78 last year from 0.72 a year earlier.

In the first quarter of 2020, ALI’s total borrowings stood at P230.7 billion, and its net debt-to-equity is 0.85. Its earnings during the period dropped 41% to P4.3 billion as it saw lower bookings and completions due to the Taal eruption and Luzon lockdown.

Shares in ALI at the stock exchange shed 65 centavos or 2.17% to close at P29.25 each on Wednesday. — Denise A. Valdez

Fruitas to focus on delivery, new distribution channels

By Denise A. Valdez, Reporter

FRUITAS Holdings, Inc. is taking on the so-called “new normal” with increased focus in its delivery capabilities and multi-product stores.

In a statement Wednesday, the operator of fruit and beverage kiosks said the coronavirus disease 2019 (COVID-19) pandemic and the lockdown that came with it have pushed it to adjust its approach to business.

“[Fruitas] is taking several specific initiatives to adapt to the ‘new normal’, anchored on further investment in its delivery business, opening new multi-product stores in communities, and continuing expansion through strategic network development, partnerships, and disciplined acquisitions,” it said.

Fruitas bought 100% of food delivery firm CocoDelivery, Inc. in March to expand the coverage of its services from solely Fruitas coconut water to include other Fruitas brands. Since the lockdown started, the company said CocoDelivery had proven effective in driving up sales to soften the blow of having to close its stores.

Now, Fruitas wants to build more CocoDelivery hubs that will double as fresh stores in communities located in Metro Manila and high-density provinces.

“We expect to convert or expand some existing store locations, leading to minimum capital expenditures. These stores will offer multiple products to extract maximum sales from each location,” it said.

Another strategy of the company is signing partnerships to increase the distribution channels for its products. Since the lockdown started, Fruitas has forged partnerships with Pan de Manila, Bukidnon Milk Company and PeriPeri Corp.

“It will continue to forge new partnerships to widen its distribution channels and/or increase product breadth… As the pandemic may cause stress on some businesses, Fruitas will evaluate attractive acquisition opportunities which may emerge,” it said.

When the company did its initial public offering (IPO) last year where it raised P1 billion in proceeds, it said its plan was to open 150 to 250 stores every year within the next three years. Fruitas said some of the store openings scheduled for 2020 might be pushed back to the first half of 2021.

“The proceeds from our recent IPO place us in a good position to withstand the headwinds from the current situation and strategically invest in new revenue and profit streams that will make us stronger after we emerge from COVID-19,” Fruitas President and Chief Executive Officer Lester C. Yu said in the statement.

He noted because of the nature of Fruitas’ business, which demands low capital expenditures as it is built on small-footprint stores, allows it to temper the impact of the pandemic.

Fruitas has not reported its latest earnings yet. Its shares at the stock exchange dipped one centavo or 0.83% to P1.20 each on Wednesday.

Higher consumer spending lifts Puregold earnings

GROCERY operator Puregold Price Club, Inc. has expanded its earnings last year by 16% to P6.75 billion due to increased consumer spending.

In a regulatory filing, the listed operator of Puregold and S&R stores said its net sales last year stood at P154.49 billion, up 9% from in 2018.

Making up the bulk of the pie were sales from Puregold stores (77%), and the remainder came from sales in S&R shopping warehouses and pizza stores (23%).

Same store sales growth, or the growth of sales in existing stores, stood at 4.6% for Puregold and 8.3% for S&R.

In a statement, the company attributed its improved performance last year to the increase in minimum wage in 2018 and the low inflation in 2019, which drove up consumer spending.

The group had 436 stores at the end of 2019, comprising 380 Puregold stores, 18 S&R shopping warehouses and 38 S&R pizza stores.

With the ongoing coronavirus disease 2019 (COVID-19) pandemic, the company said it plans to enhance its mobile application to allow remote shopping in more stores in its network.

“The company plans to offer online grocery shopping to 100 Puregold stores from the current 40 stores in our Puregold Mobile App by end of 2020 as we expect changes in consumer shopping behavior due to the COVID-19 situation,” it said in the statement.

While quarantine measures are starting to relax, the company noted consumer behavior may still be affected, and travel will continue to be constrained post-lockdown.

“Puregold will… continue its expansion program by opening 25 new Puregold stores and (opening) two S&R membership shopping warehouses in 2020. This will provide our shoppers better convenience especially now that travel is limited due to quarantine,” it said.

Shares in Puregold at the stock exchange slipped 15 centavos or 0.32% to P46.35 each on Wednesday. — Denise A. Valdez

Globe to add cell sites in residential areas as consumers stay home

GLOBE Telecom, Inc. is adding more cell sites in residential areas as more consumers are now working from or studying at home.

“We’ve been aggressive in the past years, and we continue to be aggressive in upgrading our network…as well as firing up new sites,” said Vincent Tempongko, Globe vice-president for site acquisition and management, at BusinessWorld’s online forum on Wednesday.

“Maybe the slight change in our plan is really adjusting to new traffic patterns as a lot more people are probably going to stay at home, and we’ll probably need more cell sites and capacity in residential areas,” he added.

He also appealed to government agencies, including local government units and barangays, to help hasten the rollout of cell sites in residential areas.

“We need these facilities as near as possible to the consumers so that they can enjoy better and faster Internet,” he said.

Mr. Tempongko also said Globe had been working with various parties in private and government sectors to allow the network upgrade in malls, airports, and train stations during the enhanced community quarantine period.

“We saw that foot traffic was going down in certain areas such as malls, airports, and even LRT and MRT. We saw this as an opportunity to expand our services in these areas by working with mall owners and transport officials to allow us to do the necessary upgrades to our network,” he said.

Globe announced last week that it had obtained the go-signal from the Light Rail Transit Administration (LRTA) to install cell sites along the stretch of LRT-2’s line from Santolan Station in Quezon City to Recto Station in Manila.

Globe supports the goal of the Department of Information and Communications Technology (DICT) to put up 50,000 cell sites nationwide in seven years.

Former DICT Undersecretary Eliseo M. Rio, Jr. previously said that only about 400 cell sites were erected in the first quarter of the year, well below the government’s target of building 1,785 each quarter.

The department had appealed to local government units and homeowner associations to simplify their permit procedures for telecommunications companies erecting cell sites.

Mr. Rio said that telecommunications companies have to comply with at least 27 requirements to get permits to erect cell sites. He said only around five of those requirements are the responsibility of the national government. — Arjay L. Balinbin

Dollar reserves seen reaching $94 billion this year

GROSS INTERNATIONAL reserves are expected to reach a record in 2020. — BW FILE PHOTO

THE COUNTRY’S dollar reserves are expected to rise to a record $94 billion by the end of the year as the country grapples with the coronavirus pandemic, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.

“We have revised our end of the year forecast for the GIR (gross international reserves). It would be something like $94 billion, highest ever,” Mr. Diokno said in an online roundtable on Wednesday.

This new forecast is higher than the $86 billion projected by the BSP in November 2019.

Latest data from the central bank showed GIR stood at a record $88.99 billion at end-March, also higher by 0.91% from the $88.187 billion logged as of end-February.

At the end-March level, the country’s dollar reserves can cover 7.9 months’ worth of imports of goods and services and payments of primary income, according to the BSP.

The GIR serves to shield the country from possible liquidity shocks, including the current pandemic.

“As the country anticipates contractions in exports and remittances, the BSP may use part of the reserves to manage excessive volatility of the peso,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in an e-mail.

Despite market volatility caused by worries over the virus, the peso has been among the most resilient emerging Asia currencies partly due to the country’s strong macroeconomic fundamentals.

Mr. Roces noted that the country’s strength prior to the pandemic has been its ample dollar reserves which have been beyond “the rule of thumb to cover at least three months worth of goods and services imports.”

“Adequate levels boost market confidence in our ability to meet external obligations, and more importantly to absorb any unforeseen external shocks such as those we could see in this pandemic,” he said.

Amid continued external weakness due to the global pandemic, the country’s dollar reserves may remain robust and even grow in the coming months due to inflows as well as proposed legislation that seeks to boost foreign investments, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“GIR could still fundamentally grow as the country’s structural US dollar inflows continue especially [through] OFW remittances, BPO (business process outsourcing) revenues…and foreign investments inflows that could be supported by the CREATE (Corporate Recovery and Tax Incentives for Enterprises Act) Bill,” Mr. Ricafort said in an e-mail.

The CREATE Bill is an enhanced version of the Corporate Income Tax and Incentives Reform Act or CITIRA, which looks to progressively lower corporate income tax. Under the CREATE Bill, the proposal is to bring down corporate tax to 25% from the current 30% by as early as July. — Luz Wendy T. Noble

VLF 2020: What pushes women to the battlefield

A PLAYWRIGHT who is participating in the Cultural Center of the Philippines’ Virgin Labfest (VLF) theater festival for the first time, is presenting a play that portrays women involved in war.

In Daryl Pasion’s Papaano Turuan ang Babae Humawak ng Baril, a man returns home to his pregnant wife after an encounter with the New People’s Army. The sweet homecoming turns sour when the wife is confronted with her husband’s impossible request.

Directed by Erika Estacio, the play is set in a fictional village and presents the experiences of farmers who live near army detachment areas. After the couple — played by Lhorvie Nuevo and Eshei Mesina — reunite, the conversation escalates into an argument between the couple about their current situation.

“Ang kwento ay tungkol sa dinaranas ng mga magsasaka na nakatira sa isang maliit na baryo kung saan may nagkakampo na mga militar at kung paano sila naiipit sa mga bakbakan ng mga rebelde at mga militar (The story is about the experiences of farmers who live in a small village near military camps, and how they get caught up in the attacks between the rebels and military),” Mr. Pasion said in a Zoom interview with BusinessWorld on May 25.

Mr. Pasion said that he decided to write about the issue out of frustration.

The New People’s Army, better known as the NPA, is the military wing of the Communist Party of the Philippines. Established in 1969, it operates in rural areas around the country, often clashing with the military. In 2017, President Rodrigo Duterte signed Proclamation No. 374, declaring the NPA as a terrorist organization.

“Makikita natin sa mga balita na mababaw ‘yung nagiging diskursyo pagdating sa bakbakan ng mga rebelde at militar (We can see in the news that the discourse is shallow regarding the attacks between rebels and the military),” said the playwright, adding that news reports often focused only on the number of deaths and where the attacks happen.

In writing his first play, Mr. Pasion referred to studies of locations with a military presence and news articles. He also interviewed his mother about their relatives who worked as farmers in Nueva Ecija.

Afterwards, he had it read by female friends, including a journalist from Davao who covers stories on farmer’s experiences, to gain a woman’s perspective since the story center’s on a woman’s point of view.

“Napaka-defamiliarizing noong image [of women in war]. Gaano kasahol ‘yung lipunang ginagalawan ng babae para magawa siyang itulak patungo sa karahasan? (The image of women in war is defamiliarizing. How worse is a society where women are forced into violence?).”

Thanks to the ongoing COVID-19 pandemic, the Virgin Labfest, which focuses on new, unstaged one-act plays, is going online this year, with live streamed performances and readings, among others.

Papaano Turuan ang Babae Humawak ng Baril will stream live on June 13, 3 p.m. and June 24, 8 p.m.

Aside from the plays and staged readings, viewers can also catch the VLF Playwright’s Fair online with this year’s playwrights talking about their work on June 11-14, 17-20, 25-27 at 8 p.m. Meanwhile, the Virgin Labfest 2020 Writing Fellowship Program will culminate in an online staged reading of the fellows’ works on June 28 at 2 and 5 p.m.

For more details and show schedules, visit https://www.facebook.com/culturalcenterofthephilippines/ and https://www.facebook.com/thevirginlabfest/, or join https://www.facebook.com/groups/VLFTambayan/. — Michelle Anne P. Soliman

In the land of big data, China sets individual privacy rights

BEIJING — China is poised to enshrine individuals’ rights to privacy and personal data for the first time, a symbolic first step as more of the country of 1.4 billion people becomes digitized — and more vulnerable to leaks and hacks.

The legislation is part of China’s first civil code, a sweeping package of laws that is being deliberated during the annual meeting of parliament, which began on Friday after a delay of more than two months due to the coronavirus.

According to a recent draft, an individual has a right to privacy and to have their personal information protected.

Data collectors have a duty to protect an individual’s personal information and cannot obtain, disclose or conduct transactions of such data without consent.

The push to shore up data privacy in China is widely seen as an effort to protect and legitimize the country’s fast-growing internet sector and place safeguards on the movement of valuable Chinese data overseas.

The legislation will need to be followed by detailed regulation spelling out how those rights will be protected, and this gives no protection from increasingly pervasive surveillance by a government that wields total control over the country’s digital sphere.

Nevertheless, lawyers and legal experts say the recognition of digital privacy rights is an important first step allowing individuals who suffer from leaks to seek readdress.

“When the law hasn’t set a definition for personal information, then a lot of disputes are very hard to resolve because there’s no way to sue,” said Xu Ke, a professor at the University of International Business and Economics in Beijing.

The legislation places China among a minority of countries building legal frameworks governing individual data privacy, although individual protections currently in place are not as strong as Europe’s General Data Protection Regulations, said Chen Lei, a law professor at the City University of Hong Kong.

Legal experts say existing Chinese laws do not provide adequate protection for individuals because they don’t impose significant punishment for companies responsible for breaches.

Chinese courts also have been inconsistent on privacy cases, which some blamed on inadequate regulations and guidance for a rigid court system that limits judges’ scope to make new interpretations in law. In one high-profile case, a group of 42 people sued Amazon in 2017 for breach of their personal data by scammers.

Yanming, one of those who sued the US e-commerce giant, said he fell victim when a person called him with the exact order number for products he purchased. The person said there was a problem and offered a refund, luring Yanming to a phishing website planted within Amazon’s website that siphoned 247,000 yuan ($34,627) from Yanming’s account.

Chinese courts have ruled twice against Yanming — who requested his last name be withheld for privacy — and the other plaintiffs, however, stating that a criminal case must take place first before a civil case can start.

“The court’s decision is such that companies won’t value personal information protection, or digital safety practices,” said Wang Congwei, the victims’ lawyer.

Parliament plans to roll out separate legislation specifically on protection of personal information later this year, and lawyers say Beijing needs to set stronger penalties for breaches or leaks in order to provide effective protection.

“(The civil code) will help, whether from the perspective of civil suits, or from the perspective of safeguarding rights for the victim, it’s more clear, and for the courts this is a clearer standard,” said Wang. — Reuters

Emperador profit up 5% in 2019

BRANDY company Emperador, Inc. booked a 5% growth in earnings for 2019, driven by its expansion outside the Philippines.

In a statement Wednesday, the listed manufacturer of brandy and whisky products reported a recurring net profit of P7 billion last year, lifted by a 10% increase in revenues to P51.6 billion.

It said its Scotch whiskey segment has grown in major regions around the world, with Asia being the leader and Europe and North America showing strong support.

The brandy segment, both international and local, continued to gain market support from the company’s efforts to improve its quality.

“Last year’s stellar performance is a continued testament to our premiumization and globalization strategy for our renowned brandy and whisky products ranging from mainstream to luxury sold in over 100 countries,” Emperador President and Chief Executive Officer Winston S. Co was quoted in the statement as saying.

Emperador said the brandy business in particular has received 27 awards led by Fundador Supremo 18 and Bodegas Fundador. Fundador Brandy has expanded last year in Asia and the United Kingdom.

In the Philippines, Mr. Co said Emperador brandy was “at the helm of local liquor,” especially in key metropolitan cities.

“[W]e strategically engaged in product innovations in response to the ever-changing consumer taste and preference,” he said.

Emperador is the Philippines-listed owner of Emperador Distillers, Inc.; Scotch whisky maker Whyte and Mackay Group; and Spain-based Bodegas Fundador.

The company is currently doing a buyback of its shares which started in May 2017 and will last until May 2021. It has already bought back some 322 million shares worth P2.2 billion.

Shares in Emperador at the stock exchange picked up two centavos or 0.26% to close at P7.70 each on Wednesday. — Denise A. Valdez

Gov’t fully awards bonds

THE GOVERNMENT fully awarded the reissued five-year Treasury bonds (T-bonds) it offered on Wednesday on the back of low rates and strong demand as investors continue their flight to safer assets.

The Bureau of the Treasury (BTr) raised P30 billion in reissued five-year T-bonds yesterday out of total tenders worth P118.422 billion, or nearly four times the initial offer.

The average rate for the five-year notes dropped 134.2 basis points (bps) to 2.676% from the 4.018% fetched in the March 3 auction.

National Treasurer Rosalia V. de Leon told reporters via Viber that they opened the tap facility to raise another P20 billion via the long-term papers to accommodate excess demand.

A bond trader said the huge demand indicates that investors are “hunting for yields” on long-term papers as they continue their flight to safe-haven assets like government bonds.

The trader said there is also abundant liquidity in the market as “no one’s borrowing for expansion of business” while weak demand and uncertainties persist amid the ongoing coronavirus pandemic.

The trader said investors likely also priced in the growth outlook for this year and beyond which has been substantially affected by the economic fallout from the public health emergency.

The government’s economic team is projecting gross domestic product (GDP) to contract by 2-3.4% this year before bouncing back to 7.1-8.1% in 2021 due to a low base, and to 7-8% in 2022.

GDP contracted by 0.2% in the first quarter, recording its first decline in two decades or since 1998.

Excluding the results of the tap facility on Wednesday, the BTr has raised a P226.3 billion from a mix of Treasury bills (T-bills) and T-bonds in May.

The total borrowings exceeded the P170-billion program set for this month as the Treasury opened its tap facility after each auction, even upsizing the awarded volume for some offerings due to strong demand.

For June, the government is planning to borrow P170 billion from the local market, broken down into P110 billion via its weekly T-bill auctions and P60 billion via T-bonds to be offered fortnightly. — B.M. Laforga

Global film festival aims to bridge coronavirus distances

LOS ANGELES — The Cannes film festival was canceled and the September jamborees in Venice and Toronto are uncertain but this week movie lovers are being offered a taste of the film festival experience from the comfort of their homes.

The 10-day “We Are One: A Global Film Festival,” starting Friday on YouTube, will feature new and classic movies, talks with directors, and music and comedy curated by 21 festivals including those in Berlin, Cannes, Venice, Toronto, and New York.

The coronavirus pandemic has forced the cancellation of multiple cultural events where independent movies are first launched.

“We Are One” will stream more than 100 movies representing 35 nations. The program includes the world premiere of documentary Iron Hammer about former Chinese Olympic volleyball star “Jenny” Lang Ping, talks with directors Bong Joon-ho and Guillermo del Toro, and a 20th anniversary reunion of the cast of Almost Famous.

“You’ll be able to see a premiere of the film and during that premiere the filmmakers will come out and introduce it. There will be a talk afterward,” said Jane Rosenthal, who organized the global event.

Rosenthal said she wanted not just to celebrate film but also to reach out to people who have never been to a film festival.

She said the idea sprang from the Tribeca film festival, which Rosenthal and actor Robert De Niro launched in 2002 to reinvigorate lower Manhattan after the Sept. 11, 2001 attacks on the World Trade Center.

“We are all globally in the same place except this (coronavirus) is even harder. We can’t physically gather. So I started thinking about how do we pull the world together at a time of need,” she said.

While the festival will stream for free, viewers will be asked to donate to the World Health Organization’s COVID-19 Solidarity Response Fund. — Reuters

Asian consumers worried about securing their data

A STUDY by Internet security firm Kaspersky showed the majority of consumers in the Asia-Pacific region are now concerned about their privacy online, but many of them are still willing to sacrifice their private data in exchange for a free service.

Kaspersky said 40% of the consumers it surveyed in the region claimed they had experienced their accounts being accessed by someone without consent, while 39% reported illegal takeover of devices.

It also said 31% reported about confidential data being stolen and used, while 20% confirmed their private information had been accessed and publicly divulged without their permission.

Kaspersky also found out that “more than one-fifth of the users are still willing to sacrifice their privacy to gain a product or a service for free.”

It said 24% of the users “let their guards down by sharing social media account details for funny quizzes.”

“Moreover, 2-in-10 of consumers surveyed also admitted they need some help to learn how to protect their privacy online,” Kaspersky added.

Stephan Neumeier, managing director for Asia Pacific at Kaspersky, was quoted as saying: “Our data on hand suggests a complex online behavior within our region. It is a welcome progress that majority of consumers are now concerned about their online privacy but their virtual habits and security know-how must undergo an overhaul.”

“With the current remote working situation in the majority of the countries in the Asia-Pacific region, digital privacy should be a concern for both personal users and enterprises. Our corporate networks have reached the comfort of our homes, in turn increasing cybercriminals’ surface of attack. It’s definitely high time to improve cyber hygiene for both our personal and professional reputation and peace of mind,” he added.

As for the consequences of a privacy breach, 39% of Kaspersky’s respondents said they were “disturbed” by spam and advertisements.

Some 33% said they were “stressed,” while 24% reported their personal reputation was “damaged.”

“Cybercriminals tend to follow chaos. Whenever there is a major trend or a crisis, they will use it as a perfect opportunity to exploit the heightened human emotions which make users more vulnerable. To protect yourself during this critical time, it is important to be careful about the personal particulars you share online and to understand how these data will be used. Revisit your privacy settings and tweak them accordingly. The internet is a place of opportunities and anyone can benefit from it as long as we know how to intelligently manage our data and our online habits,” Mr. Neumeier explained.

Kaspersky said private data leak can be avoided if users can “identify potentially dangerous or questionable requests made by an application, and understand the risks associated with different types of common permissions.”

Kaspersky said it offers Security Cloud, which incorporates a “Do Not Track” feature to prevent the loading of tracking elements that monitor users’ actions on websites and collect information about them.

“For businesses, teach employees about the basics of cybersecurity. For example, not opening or storing files from unknown e-mails or websites as they could be harmful to the whole company, or to not use any personal details in their passwords. In order to ensure passwords are strong, staff shouldn’t use their name, birthday, street address and other personal information,” it added.

The company said the study, which involved 3,012 respondents from countries in the Asia-Pacific region, was conducted between January and February 2020. — Arjay L. Balinbin

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