Facebook Instagram Linkedin X Youtube
Home Blog Page 9552

SEC extends deadline for annual, quarterly reports

Securities and Exchange Commission (SEC) logo

THE Securities and Exchange Commission (SEC) is giving companies more time to submit their annual reports, quarterly reports and audited financial statements amid the coronavirus pandemic.

The SEC en banc has approved a 60-calendar-day extension of the deadline for the filing of annual reports and audited financial statements for publicly listed companies and issuers of registered securities with fiscal years ending Jan. 31, 2020 to April 30, 2020.

In Memorandum Circular No. 17, the SEC acknowledged the business disruptions caused by the ongoing coronavirus disease 2019 (COVID-19) pandemic.

“The Commission recognizes the degree of difficulty in the preparation of the financial statements and in the completion of statutory audits brought about by the challenges in the application of certain accounting standards and in the execution of statutory audits of the affected companies within the first and second quarters of the year,” the regulator said.

Companies, whose fiscal year-end is on Jan. 31, will now have to submit annual reports and audited financial statements by July 14 from the original May 15 deadline. Firms whose fiscal year ends on Feb. 29 will now submit the reports on Aug. 12, while those with fiscal years ending March 31 and April 30 will submit on Sept. 12 and 27, respectively.

Other companies under SEC supervision will also get a 60-day extension for the submission of annual reports. Those with fiscal year ending Jan. 31 will have a new July 29 deadline, while those with fiscal years ending Feb. 29, March 31 and April 30 will have new deadlines of Aug. 27, Sept. 27 and Oct. 12, respectively.

The SEC is also extending the deadline for the submission of quarterly reports for the first quarter of 2020 by 45 calendar days from the regular filing deadline.

For example, a company whose first quarter covers the February to April period may submit its quarterly report until July 29, 45 days from the original June 14 deadline.

These deadline extensions will automatically apply to all covered companies, including publicly listed companies and other issuers of registered securities.

However, the SEC said publicly listed companies and other issuers of registered securities that are supervised by the SEC Markets and Securities Regulation Department will have to file the special disclosure form, SEC Form 17-LC, at least five calendar days before the regular filing deadline.

The SEC said it will “continue to assess the development or impact of COVID-19 in the preparation of financial statements and in the completion of statutory audits of companies and may issue appropriate rules and regulations to address the concerns that may further arise.”

Earlier, the SEC has extended the deadline for submission of 2019 annual reports and sustainability reports of publicly listed companies until June 30. Deadline for submitting Integrated Annual Corporate Governance Reports (I-ACGR) was also extended to July 30. — D.A.Valdez

Pandemic may push 130M people to extreme poverty

THE coronavirus disease 2019 (COVID-19) pandemic is projected to remove four years of growth from the global economy — or almost $8.5 trillion in total output — according to a new United Nations (UN) study.

A 3.2% reduction in global GDP is forecast this year, according to the United Nations World Economic Situation and Prospects report released on Wednesday. The projections follow the IMF World Economic Outlook report in April, which anticipated a 3% decline this year.

On Tuesday, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said that the economic forecasts may be further downgraded next month based on weak data since the mid-April IMF report.

“The pandemic will likely cause an estimated 34.3 million people to fall below the extreme poverty line in 2020, with 56% of this increase occurring in African countries,” according to the UN report. “An additional 130 million people may join the ranks of people living in extreme poverty by 2030, dealing a huge blow to global efforts for eradicating extreme poverty and hunger.”

The pandemic may accelerate digitalization and automation, which could eliminate many existing jobs, the study said. The net wage and employment effects could be negative, further aggravating income inequality.

“The lesson we learnt from the last crisis is that fiscal and monetary stimulus measures do not necessarily boost productive investments,” said Hamid Rashid, lead author of the report. He said governments must protect jobs and prevent a further rise in income inequality because the pandemic will disproportionately hurt those holding low-skilled, low-wage jobs, while leaving higher-skilled jobs less affected.

Global growth is expected to rebound by 3.4% in 2021, according to the UN study. — Bloomberg

JG Summit cuts year’s budget by 30%

By Denise A. Valdez, Reporter

JG SUMMIT Holdings, Inc. is cutting its 2020 capital expenditure (capex) budget to P58 billion as its earnings plunged 71% to P1.9 billion in the first quarter.

The Gokongwei-led holding firm announced in its annual stockholders’ meeting on Thursday that its revised 2020 capex is 30% lower than its initial allocation of P82 billion, and 20% lower than the P72.1 billion it spent in 2019.

“Given the need to manage capex, cash flow and our liquidity, given the COVID-19 (coronavirus disease 2019) situation, we have identified projects and pre-delivery payments that can be deferred. This has resulted in a revised capex budget of P58 billion in 2020,” JG Summit President and Chief Executive Officer Lance Y. Gokongwei said.

He noted the bulk of the reduction came from airline arm Cebu Air, Inc., which is now renegotiating payments and delivery schedules related to its orders of new aircraft. Some are also in property arm Robinsons Land Corp. (RLC), which will be deferring projects that it hasn’t started yet.

But Mr. Gokongwei noted the company will continue spending for the expansion of petrochemicals business JG Summit Petrochemicals Corp., which looks to immediately resume construction work for its production facilities once quarantine measures are lifted.

“We expect an overall delay of about three months in the completion of our project, but nonetheless, we do expect that the bulk of the expansion will be completed by 2020, with the last part…being completed in Q3 (third quarter) of 2021,” he said.

JG Summit posted a core net income decline of 19% to P4.3 billion in the first quarter, largely due to the slowdown in its airline and petrochemicals businesses and the increase in foreign exchange losses.

Consolidated revenues slid 10% to P67.9 billion, as the growth in the property and banking segments was offset by the declines in the airline and petrochemicals units and the flat revenues in the food unit.

“Coming from a strong performance in 2019, the unexpected turn of events driven by the evolving global pandemic started to have a material impact to the JG Summit group in the first quarter of 2020,” Mr. Gokongwei said in a statement.

Food group Universal Robina Corp. posted a 35% profit decline to P2 billion, mainly due to higher foreign exchange losses during the three-month period. Its topline was flat at a 0.4% uptick to P33.5 billion.

RLC contributed P3.3 billion in net income, jumping 82% from a year ago, on the back of changes in its accounting policy and lower operating expenses. Its revenues grew 68% to P11.4 billion.

Cebu Pacific operator Cebu Air swung to a net loss of P1.2 billion as travel restrictions dragged its passenger volumes during the three-month period. A 25% drop in revenues to P15.9 billion, together with higher aircraft maintenance costs and depreciation, weighed on the company’s bottomline.

JG Petrochemicals also posted a net loss of P1.1 billion, as unfavorable market conditions pushed its revenues down 71% to P2.8 billion. It noted dull demand, uncompetitive market prices, facility shutdowns and slow trading activity during lockdown as factors that affected its topline.

Robinsons Bank contributed P350 million in net income, surging 722% from the same time last year, as a 14% growth in consumer loans drove revenues up 23% to P2.3 billion.

As the rest of the world adjusts to a so-called “new normal”, Mr. Gokongwei said the plan of JG Summit is to continue investing in digital transformation initiatives, which will be anchored on new operating models that it will roll out across the group.

“The situation has… driven us to review our current business and operating models to adapt to the new normal as we predict shifts in the way consumers buy/use our products and services,” he said in a statement.

“With the strength of our balance sheet and the diversity of our portfolio, we expect to weather the COVID-19 situation and we hope to emerge stronger,” he added.

Shares in JG Summit at the stock exchange gained 60 centavos or 1.24% to P49 each on Thursday.

URC trims capex by up to P3 billion to conserve cash

UNIVERSAL Robina Corp. (URC) is taking off P2.5-P3 billion from its capital expenditure (capex) budget this year as part of efforts to survive the ongoing pandemic.

URC President and Chief Executive Officer Irwin C. Lee told stockholders in a meeting on Thursday the company usually allots capex of about P8-P10 billion every year, but this will have to be reduced in 2020.

“We’ve taken a very hard look at our capex plans for 2020, looked at what can be deferred, what can be saved, prioritizing the most critical ones. We’ve shaved somewhere between P2.5-P3 billion already from the 2020 plan,” he said.

“That’s an important part of shoring up our cash, prioritizing what’s important, and making sure that our capex is still working on the right projects that will help us into the future,” he added.

Mr. Lee said the coronavirus disease 2019 (COVID-19) pandemic has resulted in an uncertain outlook for the company’s future, as the global lockdowns to contain its spread has disrupted URC’s supply chain from raw materials to consumers.

The company’s net sales in the first quarter was tempered to a 0.4% uptick to P33.5 billion due to lower revenues from its international businesses, particularly in Indochina. Sales from its agro-industrial business also declined, partly due to lower hog prices from lingering worries over the African swine fever.

Its net income went down 32% to P2.1 billion during the period, mainly from non-operating foreign exchange losses on balance sheet items.

“We may see months of sporadic production suspension due to recurring quarantines, or raw material supply. It’s not just our operations that matter here. It’s those of our suppliers, of contractors, and of our transportation partners. A lot must go right in a very challenging environment, and not all of it will,” Mr. Lee said.

Despite the current environment, he said URC is confident it can withstand the challenges as it maintains a healthy cash position of P21.8 billion as of end March.

“We are working on capturing learnings on people productivity, planning for a new digital workplace, and overall accelerating our simplification of digital transformation efforts,” Mr. Lee said.

Shares in URC at the stock exchange fell P1 or 0.76% to P132 apiece on Thursday. — Denise A. Valdez

Senate plans one-year franchise for ABS-CBN

THE Senate is looking at granting ABS-CBN Corp. a provisional franchise of at least one year, which it plans to have approved on final reading by June 1, a Senate leader said on Thursday.

There are two bills pending on the media network’s franchise in the Senate: one proposing to grant it a 25-year franchise, and another providing a provisional franchise that will allow its operation to continue until June 30, 2022.

“Baka magkaroon ng compromise (There might be a compromise), definitely what we’re looking at is no less than a year provisional franchise,” Senate Majority Leader Juan Miguel F. Zubiri said in a virtual briefing.

The House of Representatives on Wednesday passed on second reading a bill that gives ABS-CBN a provisional franchise, which will expire on Oct. 21, 2020.

Mr. Zubiri said the five-month period may not be enough to tackle the 25-year franchise renewal of ABS-CBN and its unit ABS-CBN Convergence, Inc., as the Congress is also occupied in crafting pandemic response measures.

He also said that the process might be affected by the October congressional break as well as the rainy season.

The Senate Committee on Public Services is set to hold a hearing on the provisional franchises on Tuesday. Mr. Zubiri said the Senate version may be sponsored on Wednesday, which may be passed on second and third reading on May 25 and June 1, respectively.

“Plano namin May 25, maipapasa na on second reading. With the three-day rule, we can take it up again on June 1 for third final reading,” he said.

Senator Sherwin T. Gatchalian, who will be the presiding chair for ABS-CBN franchise hearings, sees a speedy deliberation on the proposal, considering it has already been “exhaustively” discussed in February.

Mr. Gatchalian said he supports the continued operation of the network, seeing the role media play in the middle of the crisis brought by the coronavirus disease 2019 (COVID-19).

“My personal view on the ABS issue is connected to the fight against COVID,” he said in a separate virtual briefing.

“Importante na lahat ng TV, radio, print, online, gumagana ngayon (It is important for all TV, radio, print, and online [entities] to be operating now), and the more we can disseminate and educate our people, the better,” Mr. Gatchalian said. — Charmaine A. Tadalan

FDCP launches surveys to see effect of COVID-19 on audio-visual industry

THE Film Development Council of the Philippines (FDCP) is asking audio-visual workers, their companies, and distribution companies to answer several online surveys for the council to be able to assess the impact of the COVID-19 pandemic and quarantine measures on the audio-visual (AV) industry.

The information gathered through the surveys will give the council “powerful information on what the government can do to mitigate the economic effects of the pandemic on the industry now and in the future,” according to a release.

Previously, the FDCP conducted a series of aid programs called DEAR (Disaster/Emergency Assistance and Relief) to give cash aid to AV workers, freelance members of the entertainment press, and live performers, crew, and staff. The aid program, which saw the FDCP re-allocate P20 million in its budget, provided cash aid of between P5,000 and P8,000 for every qualified individual.

The FDCP has so far released P12 million to aid 1,500 freelance AV workers and is currently processing more. The deadline for applications for aid is on May 15.

Those qualified for aid had to be included in the council’s film registry (though applying for aid and submitting registry application could be done at the same time). The aid programs were expected to help thousands of displaced workers, according to the FDCP.

And now, to see the scope of the effect of the pandemic on the entertainment industry, the FDCP is asking companies and individuals to answer several questions which include enumerating lost projects, actual/estimated total income lost from cancelled projects, and workdays lost.

Below are the links to the FDCP surveys:

For production companies, producers, or a company that provides goods, equipment, or services to the audio-visual industry which have experienced a loss of income as a result of the current pandemic: surveymonkey.com/r/CovidImpacttoAVcompanies

For freelance audio-visual workers: surveymonkey.com/r/CovidImpacttoAVFreelancers

For theater owners and/or distributors: surveymonkey.com/r/CovidImpacttoPHCINEMAS — ZB Chua

DMCI Holdings income plunges 78%

CONSUNJI-LED DMCI Holdings, Inc. recorded a huge profit fall in the first quarter, citing low market prices and the impact of the government’s quarantine measures to arrest the spread of the global pandemic since the latter half of March.

In a stock exchange disclosure, Thursday, the diversified conglomerate said it saw a 78% decline in net income in the quarter to P616 million from P2.7 billion in the same period in 2019.

Its core net income dropped by 64% to P1 billion from P2.8 billion in the same quarter a year ago, excluding a P414 million non-recurring loss due to sales cancellations for a DMCI Homes project in Davao City and a net loss of P91 million from the company’s share in the depreciation of the two power plant units of Sem-Calaca Power Corp. in 2019.

“Our consolidated results were weighted down by operational headwinds, low market prices and the initial effects of the enhanced community quarantine (ECQ),” DMCI Holdings Chairman and President Isidro A. Consunji said in a statement.

Semirara Mining and Power Corp.’s contribution to the listed holding firm’s core net income went down 51% to P623 million in the January-March period from P1.3 billion in the same quarter last year as average coal prices decreased by 16% and average electricity prices were down 27%.

DMCI Homes posted a core net loss of P197 million, lower than the P481 million it earlier recorded, due to slowdown in revenue recognition as the ECQ has impeded collections and completion of construction projects and as the construction cost for completed units in the preceding year has increased.

DM Consunji, Inc. delivered a lower income contribution to its parent, down 53% to P170 million from P359 million, citing lower margins for a number of projects, higher depreciation, and productivity losses related to quarantine measures.

DMCI Power Corp.’s contribution to the holding company also fell by 3% to P97 million from P100 million because of lower electricity dispatch in favor of hydropower plants in Oriental Mindoro.

DMCI Mining Corp. chipped in P26 million, lower by 75% from last year’s P103 million, as shipment of lower-grade nickel fetched lower prices in the market.

Further, Maynilad Water Services, Inc. remitted a net income contribution of P379 million to DMCI Holdings, 13% lower compared with first-quarter 2019’s P436 million, as it was affected by lower water consumption among commercial and industrial customers, and higher depreciation and amortization due to its capital expenditure program.

Mr. Consunji said that the next quarters will be more challenging for the firm as he expects the full impact of the virus-related restriction measures on its businesses.

“We expect the succeeding quarters to be even more challenging because of the full impact of the coronavirus containment measures,” he said.

On Thursday, shares in DMCI Holdings declined by 2.82% to close at P4.13 each. — Adam J. Ang

How the arts have been helping during hard times

THE enhanced community quarantine (ECQ) in Metro Manila has hit its 60-day mark. While selected industries will slowly begin to resume operations as the metropolis transitions to a modified enhanced community quarantine (MECQ), live performances and other activities which entail large gatherings remain postponed. Still, over the past two months, singers, musicians, actors, directors, and writers have collaborated to raise money for the benefit of those who have been badly affected by the enhanced community quarantine. And they are already planning for the future.

The Open House online fundraising program — headed by the Artist Welfare Project, Philstage, SPIT MNL, Third World Improv, and the Theater Actors Guild and Ticket2Me — has focused on raising funds for displaced performing arts workers. Meanwhile, the daily concert fundraiser Bayanihan Musikanhan, organized by National Artist for Music Ryan Cayabyab, has focused its fundraising efforts on urban poor communities affected by the COVID-19 crisis.

OPEN HOUSE
Started on March 26, Open House mounted online programs ranging from concerts, to interviews and roundtable discussions participated in by various artists from Philstage member companies and iWant series, among others.

In a phone interview with BusinessWorld, Philstage Corporate Secretary and Open House Head of Programming Alvin Trono noted that the programs have been “highly collaborative” with artists from theater, music, and television joining forces on the project.

“The current form of Open House has tried everything possible and reached out to a different audiences,” Mr. Trono said.

Open House will stream its final show today which features a culmination of all the events that happened since the start of the program in March. (Visit https://www.facebook.com/OpenHouseFundraiser/ for updates).

Plans are underway for Open House to continue after May 15, Mr. Trono noted, this time as a money generative platform for artists and as a way to showcase more educational content for audiences.

Over the past two months, Mr. Trono said they have observed that the online programs with the most streams and views were of workshops and roundtable discussions due to its “value of learning” and ability of “introducing more audiences to the theater world.”

As for monetizing the content, Mr. Trono noted while plans have yet to be finalized. “There are specific both private and government institutions that are interested in collaborating with us at this point,” he said.

What started as a temporary platform will continue post quarantine and COVID-19.

“We will continue to develop material that will extend our reach from marketing promos, short shows, and post performance discussions,” Mr. Trono said. “We’re going to continue the platform for discussion, for archival purposes, on the state of Philippine culture now, and record that for posterity for future generations.”

Since it started on May 7, Open House has raised P1,001,000 to support 500 workers.

BAYANIHAN MUSIKAHAN
The online concert fundraiser Bayanihan Musikahan launched on March 20 with five separate concerts which kicked off with National Artist for Music Ryan Cayabyab.

“We began with a simple concept to go organic, foregoing the usual concert trappings and simply asking the artists to sing from their homes — with whatever equipment they have,” independent curator, art critic, and writer Marian Pastor Roces, who is head of communications of the fundraiser, told BusinessWorld in an e-mail. “Some are new to the possibilities of online streaming. Artists helped artists with the technology. Mr. C (Ryan Cayabyab) educated himself quickly on the new media.”

The fundraiser has conducted more than 100 concerts since it began, and has raised more than P70 million in cash as of May 6, and another estimated P20 million in kind as of May 9.

The campaign partnered with Philippine Business for Social Progress (PBSP) and the Samahan ng Nagkakaisang Pamilya ng Pantawid (SNPP) for its relief efforts.

“We have delivered food to more than 50,000 urban poor families; given hot meals daily to 300 homeless individuals housed temporarily at College of St. Benilde; financed one barangay quarantine center in Quezon City; bought nearly 700 tons of vegetables from farmers in Benguet and other provinces, for distribution in Metro Manila,” Ms. Roces wrote.

Bayanihan Musikahan’s second season of programs will continue throughout May.

“We hope to be able to build a permanent facility for the homeless, under the supervision of St. Arnold Janssen Kalinga Center founder Fr. Flavie Villanueva; a massive production of face masks by urban poor communities; upgraded carinderias (roadside eateries) for a different model of food distribution, and another barangay quarantine center,” Ms. Roces wrote.

“This way, when the concerts are over, the project would have left economically viable activities that extend even beyond the pandemic. We want Bayanihan Musikahan to be the gift that keeps on giving.” she wrote.

To watch the previous Open House shows, visit https://www.facebook.com/OpenHouseFundraiser/. To donate, visit https://ticket2me.net/e/5778?fbclid=IwAR1FzpYOWCehLVeTFb_h5Dj8ZNCiVwVH5XCzu0Gm90byyUZ1MbsahwpT13c.

To watch the previous and upcoming Bayanihan Musikaha shows, visit https://www.facebook.com/bayanihanmusikahan/. For more information and donation details, visit https://www.bayanihanmusikahan.org/. — Michelle Anne P. Soliman

Construction halt pulls down Eagle Cement earnings by 25%

EAGLE Cement Corp. reported a 25% drop in net earnings for the first quarter due to reduced construction activity in light of quarantine measures to contain the coronavirus.

The cement manufacturer said in a statement on Thursday its net income in the January-to-March period fell to P1.2 billion from P1.6 billion a year ago.

Its topline went down 16% to P4.5 billion as the slowdown in construction activity reduced demand for its products.

It noted that before parts of the country were put under an enhanced community quarantine (ECQ) in mid-March, Eagle Cement was recording a growth in sales volume.

As construction work will now be allowed under ECQ, Eagle Cement said it was looking forward to recording a bounce-back in demand.

“Now that construction projects have resumed in the midst of the ECQ, we expect the demand for cement to steadily pick up in the coming weeks,” Eagle Cement President and Chief Executive Officer John Paul L. Ang was quoted as saying in the statement.

“Eagle Cement is fully capable of providing sufficient high-quality cement and we look forward to supporting both public and private sectors in their construction needs as areas in the Philippines shift to more relaxed community quarantine regulations,” he added.

The company is expecting to complete a new cement mill in Bulacan by the third quarter, which would raise its annual cement output to 8.6 million metric tons by the end of the year.

Eagle Cement already has three production lines in San lldefonso, Bulacan and a fourth production line under construction in Malabuyoc, Cebu.

Shares in the company at the stock exchange closed flat on Thursday at P8.4 apiece. — Denise A. Valdez

Spotify’s microsite offers musical connections

LIKE almost everything these days, how and where people listen to music has also been affected by the pandemic and the various quarantine or lockdown procedures. Music streaming service Spotify noted in a late-March blog post that people are now listening to more “chill” music — more acoustic fare than dance music. And thanks to social distancing, The Police’s “Don’t Stand So Close To Me” (1980) also saw a 135% spike in people searching and listening to it.

Since people can’t physically come together, Spotify created a “Listening Together” microsite to try to bring people together by “visualizing these connections in real-time in a way that has never been done,” according to a release.

“Spotify’s new ‘Listening Together’ campaign is inspired by a simple question to help create human connection: what are you listening to right now?” the company said.

The microsite (spotify.com/together) visually displays when people are streaming the same track on a rotating, 3D map of the Earth. So those listening to indie folk-pop group Ben&Ben’s “Kathang Isip” (2017) can see where other people are listening to the same song.

Spotify got the inspiration for the microsite from a 2014 social experiment by media artist Kyle McDonald where he played with the idea of “finding serendipity of two listeners pressing play on the same song within milliseconds of each other,” according to a release.

The streaming service is also handing over the reins to various Asian artists to “take-over” several Spotify playlists. The artists will curate and present songs they’ve been listening to while in quarantine and to “amplify connections between artists and their fans, bringing them closer together through a shared love of music.”

Some of the Filipino artists taking part in the take-over are Ben&Ben, Moira dela Torre, and Jason Marvin (known for songs like “Tahan Na”). The artists will choose and provide commentary to the songs they included in the “OPM Says Chillax” playlist on the site.

“Fans can look forward to honest commentary about their favorite at-home routines, hobbies, self-care tips, and tracks they’re currently listening to such as [Cynthia Alexander’s] “Owner of the Sky” (2000) and [Side A’s] “Forevermore” (1994) to inspire their days,” said the company.

New artists are set to do the take-overs every week and to keep up to date, check Spotify’s “At Home” playlist hub to see a collection of playlists “to soundtrack your home.” — ZBC

Bloomberry net profit slumps 38% after slowdown in tourism, gaming

BLOOMBERRY Resorts Corp. (Bloomberry), the listed operator of Solaire Resort & Casino (Solaire), posted a 38% profit drop in the first quarter as measures to counter the coronavirus pandemic led to a decline in tourism and the suspension of gaming activities.

The Razon-led company told the stock exchange on Thursday its consolidated net profit slumped to P1.4 billion from P2.2 billion last year. Total revenues fell 13% to P9.4 billion, as gaming revenues contracted 10% to P12.2 billion.

Solaire had to suspend gaming operations since March 16 in compliance with government regulations to limit the spread of the coronavirus. This resulted in a 19% volume decline at its VIP gaming tables, which posted 21% lower revenues at P4.73 billion. Mass tables and slot machines also recorded 2% lower revenues at P3.93 billion and P3.56 billion, respectively.

Solaire Korea’s Jeju Sun contributed gaming revenues of P93.1 million, down 63% also due to pandemic-related restrictions in South Korea. Suspension of its operations began as early as March 6.

Non-gaming revenue streams of Bloomberry generated P1.7 billion in the first quarter, lower by 10% from a year ago. A decline in hotel occupancy at Solaire at 67.3% from 87.8% in the first quarter of 2019 pulled its revenues down 11% to P1.7 billion.

Jeju Sun’s non-gaming revenues added P17.9 million or 42% higher as its amenities were partially reopened in the first quarter.

Operating expenses fell 7% to P5.8 billion as the company had to pay lower gaming taxes due to lower gaming revenues. It likewise spent less on advertising and promotions during the first quarter.

“We look forward to restart the gaming segment soon after the quarantine is lifted,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr. said in a statement.

He noted recovery is expected to be slow as customers and employees would have to adjust to the so-called “new normal.” Nonetheless, the company is laying out a comprehensive plan to maintain a safe working and recreational environment post-quarantine.

“At Solaire, we plan to meet and exceed the acceptable local safety standards. Our stringent regimen of safety measures will be world class examples of the safe re-opening of entertainment venues and of kickstarting the local economy to return the livelihoods of our communities,” Mr. Razon said.

Shares in Bloomberry at the stock exchange picked up 15 centavos or 2.80% to P5.50 apiece on Thursday. — Denise A. Valdez

WFH during the ECQ: Ateneo de Davao’s Mark “Macoy” Samante

FOR a unit involved in community engagement and advocacy, with disaster response and resilience among its main programs, working from home during a health emergency sounds rather contradictory.

But as people’s movements are restricted by quarantine protocols, Ateneo de Davao University’s Community Engagement and Advocacy Council (UCEAC) Chair Mark Paul O. Samante said they had to quickly adapt to keep their commitments — both internal or within the university’s different units, and external or those with other civil society organizations (CSOs) and local government units (LGUs) — going.

In an e-mail interview with BusinessWorld, Mr. Samante shared some of the challenges and lessons learned from adjusting to a work from home (WFH) scheme.

The interview has been lightly edited.

How has the WFH arrangement affected your tasks/responsibilities?

At the onset of the WFH arrangements brought about by the ECQ (enhanced community quarantine), greatly affected was our ability to interact and interface with CSO’ meetings, which may have led to a general response to uplift affected communities because of this pandemic.

While we were able to organize a goods distribution for stranded AdDU (Ateneo de Davao University) students in their boarding houses, coordinating in an online setting was something new for most of us. We were so used to being able to call for volunteers to repack and prepare the goods for distribution. This time around, we had to limit the volunteers physically present during the repacking. We had to re-tool volunteer work for online coordination with the affected students. It is tough to adjust to work that entails physical coordination and interaction, such as the one we have in the UCEAC.

What is your preferred meeting method and why?

For large meetings involving fellow university administrators, we use Zoom. The capability of Zoom to accommodate several users at once works well for administrative meetings. For office and other meetings, we usually use FB Messenger as the go-to method since most have access to this, and it uses fewer resources. We only have a small number of participants in these meetings.

Where is your “home office”?

I converted part of my toy customizing work station in my home as my office. It serves as my home office during the day and my regular hobby space during weekends.

What time do you start your workday now compared to when you actually went to the office? What time does it end?

On a regular workday, I usually start at eight in the morning and end at five p.m. With this WFH scheme, I typically begin daily office work at nine a.m., paper works, follow up with staff, online meetings, etc. However, I start checking e-mails as early as 8 a.m. and plot my schedule for the day based on the e-mails and the tasks entailed to those e-mails. I usually end my WFH office day at five p.m.

How do you take breaks at home?

You lose track of time when at home. You start working, and before you know it, it is already time for lunch. The first couple of days working from home was much like this, late lunches and working breaks. As it went on and I got adjusted to the routines, I have managed to squeeze in breaks. I join my kid for a while, watching him play his video games or prepare lunch as my breaks from the work I have to do online.

Any interesting or funny stories from working from home?

In one Zoom meeting I had, I had to use my wife’s laptop. I forgot to log off her account, and I just realized that the profile I had on was hers when we were about the begin the meeting. I had no time to log her off. In short, I had to continue using her account for the whole meeting duration. With her account I am using, I couldn’t turn off my video and had to stay put since turning off video would display her profile picture. It might make other administrators wonder who is in their meeting.

As a result, I had to stay “on video” the whole meeting and drink from my daughter’s Hello Kitty mug, which was the only thing available near me since I could not just turn off the video and stand up while the meeting was ongoing. It also meant no bathroom breaks while the meeting was going on. Next time, check your accounts before using Zoom.

When restrictions are eased, how do you and your organization intend to carry on with work arrangements? Will they be more flexible now in terms of a WFH scheme?

We are only five in the office; we can go back to regular reporting once this is allowed again. However, working from home may be an option for anybody who wants to avail of it. We just set up a regular meeting day in the office where we are all present, and then we can do three-day shifts per staff. It would mean only three people reporting per day. It also helps in maintaining physical distancing in the office while carrying out our tasks.

Right now… we are working on developing a system to help those affected by the No work, No pay policies.

As for the Ateneo de Davao University operations, we are preparing for a near fully online mode of class delivery, which has already started this summer. Near fully online education means to deliver outcomes expected of education in the Philippines based on minimum standards set by CHED (Commission on Higher Education) and DepEd (Department of Education).

Faculty were trained for the summer and are all preparing their online materials for the coming school year.

To quote University President Fr. Joel E. Tabora, “We will be harnessing the power of technology to deliver the education it is committed to give based on its mission and vision as a Filipino, Catholic, and Jesuit University operating in and for Mindanao.” — Marifi S. Jara

1...9,5519,5529,553...14,244Page 9,552 of 14,244
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube