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Stuff to do at home (04/15/20)

Cultural Center Online

The Cultural Center of the Philippines (CCP) offers recordings of its shows through CCP Online which will stream the following shows at 3 p.m.: SINAG: Festival of Radiance on April 14; Alice & Friends: A Tapestry of Dances in Celebration of 50 Years in Dance on April 17; and Philippine Madrigal Singers: MMMM…MORE! on April 20. The BULAWAN: The CCP 50th Anniversary Gala Concert held in September 2019 is also now online. The shows will be available on https://www.youtube.com/user/culturalcenterphils for a week before being replaced.

PETA’s Let’s Get Creative

PETA Theater’s online workshops are back with a new lineup of activities. On April 15 (3 p.m.), join theater practitioner and filmmaker Avic Ilagan for a soap-making workshop. On April 17 (3 p.m.), join actor and designer John Moran for an arts and crafts workshop. To watch, visit https://www.facebook.com/PETATHEATER.

Writing for theater roundtable

Join playwrights Liza Magtoto, Rody Vera, Eljay Deldoc, Guelan Luarca, and George de Jesus III for an online roundtable on writing for theater on April 15, 4 p.m. The session will be moderated by Tim Yap. To watch, visit https://www.facebook.com/OpenHouseFundraiser/.

Royal Albert Hall concerts online

The Royal Albert Hall brings concerts online for free through the series called Royal Albert Home. New concerts will be uploaded daily until April 17. To watch and view the full list of shows, visit https://www.royalalberthall.com/tickets/series/royal-albert-home/.

The National Theater online

London’s National Theater offers free plays online on its YouTube channel (https://www.youtube.com/channel/UCUDq1XzCY0NIOYVJvEMQjqw). Watch an adaptation of Charlotte Brontë’s Jane Eyre until April 16. On April 17 (2 a.m. Philippine time), the theater will premiere an adaptation of Robert Louis Stevenson’s Treasure Island.

The Nanny’s Pandemic Table Read

The cast of the 1990s comedy sitcom The Nanny reunites for The Pandemic Table Read of the show’s pilot episode. It stars Fran Drescher as Fran Fine, a beautician who finds a job as a nanny to the three children of wealthy widower and theater producer Maxwell Sheffield (played by Charles Shaughnessy). To watch, visit Sony Pictures Entertainment’s YouTube channel at https://www.youtube.com/watch?v=C3a6KuP1X14&feature=youtu.be&fbclid=IwAR1eEwvK0A7lrLMnt2GTXBPoDR7y8_Q5TXMexTLIo9es9Gei4W1Yi-asITM.

Hogwarts online

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

Free Nikon photography class online

Nikon is offering free online photography classes until April 30. Topics include fundamentals of photography, shooting for landscape, portraiture, music videos, and speedlight control. To participate, visit https://www.nikonevents.com/us/live/nikon-school-online/.

Science experiments at home

Try to do 44 science experiments at home with the kids with the James Dyson Foundation Challenge cards. To download the challenge cards, visit https://www.jamesdysonfoundation.co.uk/resources/challenge-cards.html.

PETA’s Charot! The Unwanted Prequel

Philippine Educational Theater Association (PETA) launches episodes of Charot! The Unwanted Prequel once a week at its official Facebook page. The story is a prequel to its play, Charot! The Musical. The prequel is set in a country known as “P.I.,” which is governed by Papsy, as the nation deals with the “Charona veerus.” New episodes will be uploaded on PETA’s official Facebook page weekly. Aside from online content, the theater company is also conducting two donation efforts. One for the distribution of rice to 300 families in Brgy. Kristong Hari, Quezon City; and another for medical equipment such as personal protective equipment for the frontliners of East Avenue Medical Center. To stream the show and for more information on donation efforts, visit https://www.facebook.com/PETATHEATER/.

Color Manolo Blahnik designs

Shoe designer Manolo Blahnik shares a selection of his original sketches in an online coloring book. The shoe designs are downloadable at https://www.manoloblahnik.com/gb/smile.html.

DUP’s plays online

Three Dulaang UP plays — Floy Quintos’ The Kundiman Party, Ang Nawalang Kapatid, and Nick Joaquin’s Father’s and Sons — are now available for streaming on YouTube at https://www.youtube.com/channel/UCm2k83BMK9Fq39P6yJH9lng.

Podcasts on Philippine crime

Stories After Dark features podcasts on Philippine true crime and mystery stories. It currently has 14 episodes including The Maguindanao Massacre (2009), The Ozone Disco Fire (1996), and Pepsi Paloma: Rape or Publicity Stunt? Suicide or Murder? (1982/1985). To listen, visit https://www.facebook.com/storiesafterdarkph/.

Andrew Lloyd Webber musicals online

Andrew Lloyd Webber offers his musicals for free in the online series The Shows Must Go On. The series continues with Jesus Christ Superstar (2012), starring Tim Minchin, Melanie C and Chris Moyles. To watch, visit https://www.youtube.com/theshowsmustgoon.

Palacio de Memoria virtual tour

Art and history enthusiasts can now go on a virtual tour of Palacio de Memoria, the Colonial Revival mansion, and marvel at its luxurious facilities and hundreds of Euro-Filipino paintings, sculptures, art displays, and historical pieces online. It features the showroom of Palacio de Memoria’s auction house, Casa de Memoria, which houses the Lhuillier family’s collection of antiques, the Mosphil Lounge, and a passenger plane that was refitted to be a lounge for special occasions. To view the Palacio de Memoria’s virtual tour, visit https://www.palaciodememoria.com/tours.

Intramuros virtual tour

Visit the sites of Intramuros through its virtual tours at https://artsandculture.google.com/partner/intramuros-administration?fbclid=IwAR0aRtUOboFvmpk73FwjO_OZBBD5OKRfoFBWUOGgPAUUpaA7DquxNG0Jlks. The walled city’s sites may also be visited through the Experience Philippines augmented reality app. The app is free and available on Google Play or the App Store.

Photography workshops with Canon PH

Canon Philippines is offering photography workshops for the month of April via its official Facebook page. The workshops will feature Canon brand ambassadors and professional photographers who will tackle basic to advanced techniques, and specialized topics such as food, architecture, wedding, and music events photography, and vlogging. View the workshop schedule at https://www.facebook.com/canonphils/photos/a.436807569702668/2967524323297634/?type=3&theater.

MSO’s music online

The Manila Symphony Orchestra (MSO) presents Ennio Marricone’s “Nella Fantasia” from The Mission (1986), which was recorded separately by its musicians while in quarantine, in the hope that it brings some comfort to the listener’s soul. To listen, visit https://www.youtube.com/watch?v=ceKQHi-9OKQ&feature=youtu.be. For more information, visit https://www.facebook.com/manilasymphony/.

E-coloring books

The Getty Museum and the Getty Research Institute of Los Angeles offers the “Color Our Collections” edition for 2020. To view, visit http://library.nyam.org/colorourcollections/page/11/.

NFB animated shorts online

Watch animated short films from the National Film Board of Canada at https://www.nfb.ca/animation/.

Silverlens launches Art Boost

To keep in touch with art lovers, Silverlens presents Art Boost, an online drive to maintain engagement with art through social media, exhibition catalogues, and videos. Follow Silverlens’ official social media pages for a series of #athomewith, #weeklyartwork, #trivia, and #sundayread. Visit Silverlens’ official YouTube and Vimeo for artists profiles such as Gary-Ross Pastrana, and Patricia Perez Eustaquio.

National Museum of the Philippines

The National Museum uploaded a coloring sheet of Juan Luna’s Spoliarium by Bryan Ferrer which may be physically or digitally colored. For more information, visit https://www.facebook.com/nationalmuseumofthephilippines/posts/3123148164376147.

Children’s books online

Enjoy digitized children’s book titles from the University of California (UCLA)’s children’s book collection at https://archive.org/details/yrlsc_childrens&tab=collection; and University of Florida’s digital collection of the Baldwin Library of Historical Children’s Literature at https://ufdc.ufl.edu/baldwin/all/thumbs.

Five-hour museum tour

Experience a five-hour tour in Russia’s Hermitage Museum, shot by filmmaker Axinya Gog on an iPhone 11 Pro. To watch, visit https://www.youtube.com/watch?time_continue=4&v=49YeFsx1rIw&feature=emb_title.

Guitar lessons with Fender

Fender is offering three months of free lessons for guitar, bass and ukulele. It includes high-resolution videos with teachers, and a progress tracker. Follow along to videos, and practice at your own pace with the adjustable scrolling tablature and a metronome. To sign up, visit https://try.fender.com/play/playthrough/?utm_source=bouncex&utm_medium=popup&utm_campaign=PlayThrough_BXPopup&utm_term=fender&src=emaill00DTplaypopup/

Toei anime on YouTube

Japanese animation studio Toei’s YouTube channel will stream shows for free. Seventy shows with English subtitles have been released; yesterday it released episode 3 and 4 of National Kid (which will then be updated on Mondays); and on April 14, it will release episode 3 and 4 of Suki Suki Majo Sensei (updated on Tuesdays). To watch, visit https://www.youtube.com/user/ToeiAnimationUS.

Educational TV shows return to ABS-CBN

ABS-CBN brings back 1990s educational TV shows every Saturday. Sineskwela (8:30 a.m.) explains topics on science, Bayani (9 a.m.) is about historical figures and events, and Hiraya Manawari (9:30 a.m.) which focuses on values.

Cirque Du Soleil online

Enjoy free 60-minute specials from shows such as Kurios — Cabinet of Curiosities, O, and Luzia. To watch, visit https://www.cirquedusoleil.com/cirqueconnect.

Ayala Museum online

Continue learning at home with the Ayala Museum’s resources available online. Enjoy previous exhibitions and performances, coloring pages, and playlists. Visit https://www.ayalamuseum.org/online-resources/?fbclid=IwAR2psdA2kvBhhEC-iJs-seLvPXICAZ4zWO-bBIwvxjrhuTm18C_0zyOm3VE.

E-books for kids

Expand your kids’ library at home through the BuriBooks app. Titles include books from publisher Adarna House, reviewers, and Filipino textbooks. Access the app via iOS, Android, or a web browser. Sign up via https://buribooks.com/. Enjoy it free for 30 days.

National Gallery of Victoria’s virtual tours

The National Gallery of Victoria has developed several virtual tours. Audiences can view exhibitions such as Companionship In The Age Of Loneliness of New York-based artist Brian Donnelly, a.k.a. KAWS; and the world premiere of Crossing Lines, featuring the works of Keith Haring and Jean-Michel Basquiat. Visit https://www.ngv.vic.gov.au/channel/.

New free plays on Thursdays

The National Theatre in London brings its shows to YouTube. Every Thursday (7 p.m. GMT/2 p.m. EST), National Theatre at Home will release a new play free to watch for one week. It includes cast and creative interviews and post-stream talks. The remaining shows are Treasure Island on April 16, and Twelfth Night on April 23. Fo more information, visit https://www.nationaltheatre.org.uk/nt-at-home?queueittoken=e_safetyevent25mar20~q_b79a6e28-67d9-44de-88e6-29cedc812122~ts_1585490458~ce_true~rt_safetynet~h_8c7928d22caa971981f7edf53563d20e2fe8f68a3a3a1458b34b1cb17f11b50b.

Ballets at the Bolshoi Theatre

The Bolshoi Theatre in Russia showcases The Golden Series of classic opera and ballet performances via livestream on the theater’s YouTube channel. Livestreaming began on April 1 with The Tsar’s Bride. To watch, visit https://www.youtube.com/user/bolshoi.

Free Murakami books online

Japanese best-selling author Haruki Murakami’s stories are made available online for free at http://www.openculture.com/2014/08/read-five-stories-by-haruki-murakami-free-online.html. Titles include Kino, A Walk to Kobe, and Samsa in Love.

Free books on modern art

Enjoy PDF and ePubs on modern art from the Guggenheim Museum’s archive. The collection includes books on Francis Bacon, Max Ernst, and Mark Rothko. Visit https://archive.org/details/guggenheimmuseum.

Free vet consultations online

Dr. Cyron Sarmiento opened his Facebook (https://www.facebook.com/mcejsarmiento) and Twitter (@Cyrooon) accounts for free online consultations. For more inquiries, visit https://www.facebook.com/groups/648196199302932/. Consultations will run for the entire duration of the enhanced community quarantine.

Free Japanese courses

The Japan Foundation Manila launched an e-learning program of free Japanese courses. It includes six-month beginner and intermediate lessons on calligraphy, vocabulary, grammar, and conversation. Sign-up for your chosen course at https://minato-jf.jp/?fbclid=IwAR2SrhYV-9nH4Hbc9TbTspxg0t39DH6xtLQ-jz1n1uOkeGMK3bCdL022O8I.

Arts and Culture

Learn something new every day with Google Arts and Culture from virtual tours of sites, and museums to food, fashion, and design. Visit https://artsandculture.google.com/.

Frida Kahlo’s artworks online

View Frida Kahlo’s work online through the Google Arts & Culture platform. The website has 800 paintings, photographs, and objects by the Mexican artist from 33 international museums. To view the exhibition, visit https://artsandculture.google.com/project/frida-kahlo.

Scribd materials for free for 30 days

Enjoy free books, audiobooks, magazines, and documents for 30 days at Scribd. To view titles, visit https://www.scribd.com/readfree?fbclid=IwAR363ywNP9yoBbKJVQFYCtilfGfljPDGeOatqKJgWMV5Pj9-p7j-gkaGOb8.

Classic Pinoy films online

Director Mike de Leon uploaded classic Filipino films from the 1930s to 1960s on his vimeo account, Citizen Jake. Titles include Manuel Silos’ Pista sa Nayon (1948), Gregorio Fernandez’s Kung Ako’y Mahal Mo (1960), and Lamberto V. Avellana’s Aklat ng Buhay (1952). Watch films at https://vimeo.com/user83013343.

Free Neil Gaiman stories online

Best-selling author Neil Gaiman offers free essays, audiobooks, book excerpts, and videos at his official website under “Cool Stuff and Things.” Visit https://www.neilgaiman.com/Cool_Stuff.

Arts BGC at Home

Every Wednesday, Arts at BGC offers creative prompts at the Arts at BCG (https://www.facebook.com/artsatbgc/ and @artsatbgc) and BGC Art Center ( https://www.facebook.com/BGCArtsCenter/ and @bgcartscenter) Facebook and Instagram pages. Join the Arts at BGC Community to get in touch with other participants on https://www.facebook.com/groups/artsatbgc.

Ballet and opera free online

The Royal Opera House is showing its performances online through its Facebook (https://www.facebook.com/royaloperahouse/) and YouTube (https://www.youtube.com/user/RoyalOperaHouse) pages. Performances include the ballet The Metamorphosis on April 17.

Meg Cabot’s The Princess Diaries — Quarantine Edition online

Best-selling author of The Princess Diaries Meg Cabot offers The Princess Diaries — Quarantine Edition for free on her official website. Entries are updated daily. Visit https://www.megcabot.com/2020/03/corona-princess-diaries-day-1/?utm_content=122945851&utm_medium=social&utm_source=facebook&hss_channel=fbp-67512624694.

NHCP Documentaries on YouTube

The National Historical Commission of the Philippines makes Philippine history education accessible through documentaries on YouTube. For more information, visit https://www.facebook.com/historymuseumsPH/posts/997233837339314. Titles include: Jose Rizal: Sa Landas ng Paglaya, Apolinario Mabini: Talino at Paninindigan, Kababaihan ng Rebolusyon, and, Gregoria de Jesus: Lakambini ng Katipunan.

Drawing lessons for kids with Mo Willems

Best-selling author and illustrator Mo Willems is hosting drawing lessons for kids called “Lunch Doodles” every weekday on YouTube. Each session will be between 20 to 28 minutes long. Mr. Willems is also welcome to questions (send to: LUNCHDOODLES@kennedy-center.org) which he will try to answer during sessions. For sessions of Lunch Doodles, visit https://www.youtube.com/playlist?list=PL14hRqd0PELGbKihHuTqx_pbvCLqGbOkF.

Paulo Coelho’s books online

Best-selling author Paulo Coelho has made his books available for free. Titles include: The Way of the Bow, The Manuscript Found in Accra, and Brida. Visit his blog at https://paulocoelhoblog.com/books-online/.

Shakespeare plays online

Shakespeare’s plays recorded at the Globe Theater are now available for online streaming. Titles include Hamlet and The Two Noble Kinsmen. To watch, visit https://globeplayer.tv/

Learn at home with Scholastic

Scholastic is offering free online courses for levels pre-kindergarten to Grade 6. Duration of the courses is approximately three hours per day. They include writing, research projects, and virtual field trips. The website is accessible on any device. Visit https://classroommagazines.scholastic.com/support/learnathome.html

Free opera streaming online

OperaWire will host Nightly Met Opera Streams of the Metropolitan Opera for free. The performances begin at 7:30 p.m. EST and will be available to stream for 20 hours. Visit https://operawire.com/metropolitan-opera-to-offer-up-nightly-met-opera-streams/. The Paris Opera is also streaming operas for free. Visit https://www.operadeparis.fr/.

Free films on YouTube

Catch Filipino films for free on the following channels: Regal Entertainment (https://www.youtube.com/user/regalcinema/featured); Cinema One Originals (https://www.youtube.com/channel/UCzggCZVkynvnjNV29L9EccA); and TBA Studios (https://www.youtube.com/channel/UChh0rmwGvToBd3owvN2vRMg).

Free online courses

Enjoy 1,500 free online courses from leading universities such as Stanford, Yale, Harvard, and more. Download the audio and video courses (from iTunes, YouTube, or university websites). Topics include archeology, art, finance, writing, law, health, religion, mathematics, and personality development. Visit http://www.openculture.com/freeonlinecourses.

Online yoga classes

YogaPlus offers daily yoga classes via Facebook live. For schedules, visit https://www.facebook.com/yogaplusph/.

Free Broadway performances online

Enjoy your favorite Broadway performances online for a limited time at https://www.broadwayhd.com/.

Virtual tours

Explore museums around the world through virtual tours: the Solomon R. Guggenheim (https://artsandculture.google.com/partner/solomon-r-guggenheim-museum?hl=en); the Smithsonian National Museum of Natural History (https://naturalhistory.si.edu/visit/virtual-tour/current-exhibits); the Louvre Museum (https://www.youvisit.com/tour/louvremuseum). View animals such as otters, penguins, turtles, and corals on live camera at https://www.montereybayaquarium.org/animals/live-cams

Clash with regulators looms as companies miss Libor exit plans

CORPORATE TREASURERS in crisis-fighting mode look set to miss looming deadlines to abandon the scandal-plagued London interbank offered rate or Libor benchmark, threatening a showdown with regulators powering ahead with reforms.

In the grip of this once-in-a-generation pandemic, many businesses have already “written off” this year when it comes to shifting away from the reference rate that has underpinned trillions of dollars in loans, bonds and derivatives, according to the Association of Corporate Treasurers.

Lenders and borrowers risk entering a legal no man’s land when Libor expires at the end of 2021 — relying on the generosity of regulators and counterparties for their contracts to be recognized. UK officials said last month that firms should stick to the final target, but acknowledged the virus outbreak has affected the transition plans of many businesses.

“Are regulators going to be flexible in their guidance and directives. This is the question I get,” said Michele Navazio, a partner at Seward & Kissel LLP in New York. “The answer I give clients is ‘who knows?”’

The US group that’s guiding the transition to the new Secured Overnight Financing Rate (SOFR) — the heir presumptive in dollar markets to Libor — revealed a framework last week for moving cash products from the old to the new benchmark.

But as the spreading coronavirus sparks a historic collapse in consumption and investment, the complex task of re-engineering a web of financial contracts is on the back burner among treasurers.

Lawyers and consultants are warning corporations from Europe to America that missing the final deadline could materially impact repayment costs and liquidity, while the market volatility only underscores the benchmark’s manifest flaws.

The risks associated with Libor-linked loans are rising. In the UK from October, banks still using securities tied to the rate will be effectively penalized through a limit on their borrowing from the Bank of England (BoE), tightening their balance sheets and making it harder to lend to companies fighting for their lives.

Corporate treasurers “may be in their pajamas but are working flat-out,” said Caroline Stockmann, chief executive of the Association of Corporate Treasurers, a global trade body. “It’s all about liquidity, all about survival and not about the reference rate in over a year’s time from now.”

Smaller British companies with Libor-linked loans in particular could lag in their financial planning even as bankers forge ahead with their transition plans, said Ed Moorby, risk advisory partner at Deloitte.

Similarly, hedge funds, asset managers and commercial borrowers and issuers of debt “were just coming to grips with the shift and now this happens,” said Seward & Kissel’s Navazio. “What are they doing now? The short answer is they are not worrying about Libor.”

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The Financial Conduct Authority (FCA) and the BoE said last month that the UK loan market has made less progress, which may affect some of the milestones.

The two agencies and the Working Group on Sterling Risk-Free Reference Rates “will continue to monitor and assess the impact on transition deadlines, and will update the market as soon as possible,” they said at the time.

For now, banks have until the end of September to cease issuing cash products linked to sterling-denominated Libor. The FCA told asset managers to consider ceasing to launch new products with benchmarks or performance fees linked to the benchmark by then.

In the US, the Alternative Reference Rates Committee, effectively reminded firms last week that work on SOFR is still progressing. The committee will release a final recommendation of the spread adjustment methodology for cash products in the coming weeks.

As the clock ticks, companies are being advised to ensure they include fallback language in their contracts that allows the use of a replacement benchmark by the end of next year.

This won’t substitute for proper management of the transition but it could help keep companies away from messy lawsuits. Without the fallbacks, “a customer who has a Libor-linked loan from you could say the contract is frustrated and you end up in litigation,” Deloitte’s Moorby warned.

”What used to be good isn’t really working and what’s supposed to be replacing it isn’t really working,” said John Coleman, senior vice president at RJ O’Brien & Associates LLC in Chicago. “The fuse is burning.” — Bloomberg

SMC to build emergency facilities for military men positve for coronavirus

SAN MIGUEL Corp. (SMC) is building emergency quarantine facilities near military hospitals across the country for uniformed personnel infected with the coronavirus disease 2019 (COVID-19).

In a statement on Tuesday, the conglomerate said it is constructing 10 emergency facilities with 15 beds each to avoid overcrowding situations in hospitals serving a huge number of patients with COVID-19.

“We are one with the country in finding ways to accommodate more patients as hospitals reach their full capacity,” SMC President and Chief Operating Officer Ramon S. Ang said.

The emergency centers will be built beside military hospitals located in Pasay City, Tarlac, Lucena City in Quezon Province, Cavite City, Palawan, Davao City, Cebu City, Zamboanga City, as well as near Veterans Memorial Medical Center in Quezon City.

Mr. Ang said that the COVID facilities will also be open for Persons Under Investigation (PUI) for the coronavirus disease 2019 from surrounding communities.

“These emergency COVID facilities we are helping build will serve not just our military front liners but also other PUIs in surrounding communities,” he said.

Recently, SMC, which has earmarked P500 million to purchase protective gear and other supplies, pledged to purchase 10,000 protective personal equipment (PPE) from a local garment manufacturer for medical workers in the frontline to fight the COVID-19 pandemic. — Adam J. Ang

How PSEi member stocks performed — April 14, 2020

Here’s a quick glance at how PSEi stocks fared on Tuesday, April 14, 2020.


Duterte urges ASEAN to keep trading amid global pandemic

PRESIDENT Rodrigo R. Duterte said ASEAN countries must continue to trade within the bloc in order to ensure health and food security during the coronavirus disease 2019 (COVID-19) pandemic.

In remarks delivered during the Special ASEAN Summit on COVID-19 Tuesday, Mr. Duterte said ASEAN must prioritize cooperation to boost trade as a means of mutual support.

“ASEAN must remain open for trade. Crisis or no crisis, as no country can stand alone. Let us, therefore, ensure the supply chain connectivity and the smooth flow of goods within our region,” he said.

He focused on the need to produce urgently-needed medicine and medical equipment amid a global shortage for such goods as each country ramps up to contain the virus.

“We need to boost production and facilitate intra-ASEAN trade of these life-saving necessities,” he said.

Mr. Duterte added that ensuring food security was a key consideration after most countries resorted to lockdowns to contain the spread of the COVID-19.

“Food security is key in maintaining socio-economic and political stability, especially at a time of great difficulty for our people. We can ignore this only at our own risk,” he said.

Mr. Duterte also called on ASEAN countries to continue supporting vaccine and research and development initiatives. He added that the Philippines is ready to join the “Solidarity Trial” of the World Health Organization or the international clinical trials of medicines that can help cure the virus. — Gillian M. Cortez

Gov’t releases P132B in realigned funds vs novel coronavirus

THE Palace said Monday that it released more than P132 billion so far to various agencies in order to boost the government’s capacity to contain the outbreak of coronavirus disease 2019 (COVID-19).

According to its third weekly report to Congress on how it is using its emergency funding during the public health crisis, the government said that as of April 9, it had released P132.323 billion of the P189 billion worth of funds so far realigned from the 2019 and 2020 National Budgets.

The P189 billion worth of realignments identified so far was reported last week in the second Palace report.

“The National Government is continuously augmenting its fiscal resources for the country’s COVID-19 response measures,” it said.

Under the Bayanihan to Heal As One Act, the President was authorized to redirect budget funds toward the virus containment effort.

The Department of Social Welfare and Development (DSWD) received P100 billion of the funds released. The DSWD applied the emergency funding to its Social Amelioration Program, which provides cash subsidies to 18 million vulnerable households affected by the enhanced community quarantine (ECQ). The subsidies were for April.

More than P30 billion went into the Bayanihan Grant to Cities and Municipalities, which will boost local government units’ capacity to respond to the outbreak and the disruptions brought on by the quarantine.

The Department of Labor and Employment received P1.5 billion which will go towards helping workers who were displaced by the ECQ.

According to the report, P63 billion represented funds repurposed from the various agencies’ budgets to aid in the COVID-19 response of the government.

“From the period of 01 April to 08 April 2020, the LBP remitted to the BTr (Bureau of Treasury) cash balances from various government agencies amounting to a total of P63.60 billion,” it said.

LBP is state-owned Land Bank of the Philippines, in which many government offices maintain their deposit accounts.

In the report, the Department of Finance (DoF) said the Philippines has sufficient funds and potential borrowing capacity to deal with the COVID-19 crisis.

“(T)he DoF, while it is not aware of any such recommendations from the International Monetary Fund, states it is confident that the Philippines has the financial capacity to address the COVID-19 pandemic.”

The report added that the Senate has proposed to increase deficit spending to 10% of Gross Domestic Product, a steep escalation from the 3% deficit level deemed prudent. In recent years, the government has sought to exceed the 3% level to support its infrastructure program. — Gillian M. Cortez

DBM: emergency boosted state’s budget usage rates

THE budget usage rate exceeded 100% during the crisis-hit month of March as emergency spending ramped up during the public health emergency and the ensuing quarantine, the Department of Budget and Management (DBM) said.

The usage rate, as measured by an indicator known as the Notice of Cash Allocation (NCA), was 98.5% in the first quarter, pulled up by contingency spending in March, which hit P278.567 billion, some 18.54% over the P234.979 billion budgeted for the month.

The NCA utilization rates in February and January were 87% and 74% respectively.

An NCA is an authorization issued by the DBM clearing agencies to disburse funds to pay for projects and programs.

Late last month, DBM said it released the NCAs for line agencies’ spending requirements for the second quarter to ensure “unhampered” government efforts to contain the coronavirus disease 2019 (COVID-19) outbreak.

The early release will also ensure uninterrupted compensation for all public officials and employees, including those under job order schemes, it said. — Beatrice M. Laforga

Makers of hygiene products, pet food cleared to resume operations — DTI

Department of Trade and Industry (DTI) logo

MANUFACTURERS of hygiene products and pet food have been allowed to resume operations during the extended enhanced community quarantine (ECQ), the Department of Trade and Industry (DTI) said.

According to DTI Memorandum Circular 20-16 issued on April 13, producers of these product categories have been cleared to operate, as have their suppliers and workers.

The DTI said workers must be able to present company identification and a certificate of employment.

The department encouraged companies granted exemptions from ECQ to provide on-site or near-site accommodations and shuttle services for their workers.

It also granted exemptions for deliveries of pet food and hardware products.

DTI in Memorandum Circular 20-15 also issued on April 13 capped the working hours for retail establishments authorized to operate during the ECQ at 12 hours per day.

This includes retailers selling prime commodities and essential goods like medical products, including supermarkets, groceries, agri-fishery stores, public markets, and pharmacies.

DTI on Saturday cleared export-oriented and outsourcing companies to operate, subject to the provision of accommodations and shuttle services for workers. It also permitted the delivery of equipment for work-from-home arrangements as well as telecommunications support.

The ECQ was extended to April 30, from the initial April 12. — Jenina P. Ibañez

PAGCOR turns over P6 billion more in dividends to OP

PAGCOR logo

THE Philippine Amusement and Gaming Corp. (PAGCOR) remitted P6 billion worth of dividends to the government Monday, after state-owned firms were ordered to provide funding for the coronavirus disease 2019 (COVID-19) containment effort.

In a statement Tuesday, PAGCOR said it turned over P6 billion to the Office of the President’s (OP) Socio-Civic Funds Project, bringing its total funding for the OP to P14.5 billion.

It also remitted a P12-billion cash dividend to the national government last month to bring its total contribution to P26.5 billion.

“The recent remittance to OP is pursuant to PAGCOR’s mandate to allocate its earnings to finance infrastructure and socio-civic projects,” PAGCOR Chairman and CEO Andrea D. Domingo was quoted as saying.

Ms. Domingo said PAGCOR continues to remit funds during the COVID-19 outbreak despite incurring P5-6 billion worth of monthly losses from the suspension of gaming activities.

“Despite experiencing losses due to the suspension of operations of our owned and licensed gaming facilities for almost a month now, we are doing our best to provide much-needed help to the government during this time of crisis,” she said. — Beatrice M. Laforga

Telecom companies ordered to submit business continuity plans

THE National Telecommunications Commission (NTC) is requiring all public telecommunication entities and internet service providers to submit business continuity plans to ensure uninterrupted services during the enhanced community quarantine (ECQ) and the greater dependence on the industry by workers performing their duties remotely.

In a statement Tuesday, the Department of Information and Communications Technology (DICT) said the NTC’s directive also aims to “address the increased demand for information and communication technology (ICT) services.”

“The reports on the business continuity plans are expected to be submitted to the Office of the Commissioner of the NTC on or before April 17, 2020,” the DICT added.

The department said the NTC intends to “boost efforts at maintaining the operation of vital ICT services and supporting infostructure as the administration extends the ECQ until the end of April 2020 to manage the COVID-19 (coronavirus disease 2019) threat.”

Multinational technology company Zoho Corp. Vice-President and General Manager for Asia Pacific Gibu Mathew told BusinessWorld in a recent e-mail that the crisis highlights the importance of contingency measures including insurance, a risk management team, and a comprehensive recovery program.

Asked if Philippine companies are taking business continuity planning seriously, he said: “Instead of a proactive one, many companies are taking a more reactive business continuity planning approach in dealing with business challenges.” — Arjay L. Balinbin

Crisis logistics allows more than 5,000 farmers to sell directly

A DIRECT-marketing program has allowed more than 5,000 farmers to bypass middlemen as well as checkpoints during the enhanced community quarantine that locked down Luzon to contain coronavirus disease 2019 (COVID-19), the Department of Agriculture (DA) said.

Agriculture Secretary William D. Dar said the direct-marketing program, known as Kadiwa ni Ani at Kita, has engaged thousands of Benguet farmers who would have otherwise been shut out of the key Metro Manila market due to movement restrictions.

“The Benguet Agri-Pinoy Trading Center reported a total of 5,568 farmers who directly benefited from the Kadiwa orders,” Mr. Dar said.

The DA has been seeking to maintain the flow of food to locked-down communities by issuing checkpoint passes to accredited truckers, setting up Kadiwa markets in various locations, and tapping its own logistics assets.

According to Assistant Secretary for Agribusiness and Marketing Kristine Y. Evangelista, the Kadiwa program has three channels for bringing food to consumers — the Kadiwa on Wheels mobile market, the Kadiwa Online service, as well as the more traditional physical markets, known as Kadiwa Retail.

The DA’s logistics and transport system is known as Kadiwa Express.

“We are happy that our local chief executives and private sector are heeding our call and taking advantage of reasonably-priced agri-fishery products sold in Kadiwa outlets,” Mr. Dar said.

Around 80 barangays and cities in the National Capital Region and surrounding provinces have hosted Kadiwa markets. The participating local governments include Cainta, Rizal, Caloocan, Manila, Pasig, Navotas, Taguig, Pasay, Mandaluyong, and Pateros. — Revin Mikhael D. Ochave

Peso weakens vs dollar on oil, policy-easing signals

THE PESO declined as oil prices rose. — BW FILE PHOTO

THE PESO weakened against the greenback on Tuesday after a correction in global oil prices and following recent signals of more easing from the central bank to support the economy amid the coronavirus disease 2019 (COVID-19) pandemic.

The local unit finished trading at P50.63 per dollar on Tuesday, depreciating by 3.5 centavos from its P50.595 close on Monday, according to data from the Bankers Association of the Philippines.

The peso opened the session at P50.63 per dollar. Its weakest showing was at P50.65 while its intraday best was at P50.54 against the greenback.

Dollars traded went up to $340.4 million on Tuesday from the $194.2 million traced on Monday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the local unit’s slight weakening to the correction in oil prices. He, however, noted that the peso continues to be resilient as the Tuesday close is still among its “strongest in a month and in 2 years.”

“The peso closed weaker after some slight increase in the global oil prices recently after OPEC+ (Organization of the Petroleum Exporting Countries) agreed over the weekend to reduce oil production output,” Mr. Ricafort said in a text message.

Reuters reported that oil prices inched up by more than 1% on Tuesday with shale output in the US predicted to decline the most in April, aside from the recent cuts from other major producers.

Brent futures inched up by 53 cents or 1.7% to $32.27 a barrel by 0420 GMT after settling 0.8% higher on Monday. Meanwhile, US West Texas Intermediate (WTI) crude was up 32 cents or 1.4% at $22.73 following a 1.5% slip the previous session.

The OPEC reached a deal to slash output by 9.7 million barrels per day in May and June, which would translate to about 10% of global supply before the outbreak.

Meanwhile, a trader said the peso depreciated following comments from the central bank chief.

“The local currency weakened in anticipation of more dovish actions from the BSP (Bangko Sentral ng Pilipinas) to stimulate the Philippine economy from the impact of the COVID-19 lockdown,” the trader said in an e-mail.

BSP Governor Benjamin E. Diokno said on Sunday they are eyeing a “deeper cut” in interest rates as well as another 200-basis-point (bp) reduction in the reserve requirement ratio (RRR) of banks to stem the impact of the outbreak on the economy.

On March 19, the BSP slashed key rates by 50 bps to bring the overnight reverse repurchase rate to 3.25% and the overnight lending and deposit rates to 3.75% and 2.75%.

The BSP has cut rates by 150 bps since 2019, almost completely reversing the 175 bps in hikes implemented in 2018.

The Monetary Board will have its next policy-setting meeting on May 21.

Meanwhile, the RRR of universal and commercial banks was trimmed by 200 bps earlier this month to 12% in a move to boost liquidity amid a lockdown in Luzon.

For today, Mr. Ricafort gave a forecast range of P50.50 to P50.75 per dollar, while the trader expects the local unit to move around the P50.55 to P50.75 levels. — L.W.T. Noble with Reuters