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T-bills, T-bonds may fetch lower rates

RATES OF government securities on offer this week will likely decline to follow the trend of falling yields in the market amid monetary easing, strong liquidity and plunging oil prices.

The Bureau of the Treasury (BTr) is looking to raise P20 billion in Treasury bills (T-bills) on Monday, broken down into P10 billion in 91-day papers and P5 billion each via 182- and 364-day T-bills.

On Tuesday, the BTr will offer reissued one-year Treasury bonds (T-bonds) worth P30 billion. The one-year T-bonds were first issued in 2014 and have a remaining life of 11 months and eight days. It has a coupon rate of 3.5%.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort expects yields on the T-bills to be “steady to slightly lower,” while a bond trader said these could dip by 10 to 20 basis points (bps).

For the one-year T-bonds, Mr. Ricafort said the rate could fall within 3.6-3.8% levels while the bond trader sees its yield settling between 3.5% and 3.7%.

At the secondary market on Friday, rates for 91-, 182- and 364-day T-bills closed at 3.293%, 3.448% and 3.717%, based on the PHP Bloomberg Valuation Service Reference Rates.

In last week’s auction, the BTr made a full award of the P20-billion T-bills it offered out of total bids worth P37.6 billion, snapping four consecutive auctions that resulted in full rejections amid soaring rates.

Broken down, it awarded P10 billion in 91-day papers out of total tenders worth P15.95 billion at an average rate of 3.413%, up 38.9 bps from the previous rate.

The government accepted P5 billion each as planned via 182- and 364-day T-bills from P10.915 billion and P10.81 billion in bids, respectively. The average rate for the six-month papers inched up 15.5 bps to 3.553%, while that for the one-year securities also rose 28.8 bps to end at 3.845%.

Mr. Ricafort said even in the secondary market, yields eased as global oil prices continue to plummet to record lows, coupled with a stronger peso.

The trader said the auctions this week could be met with strong demand across all tenors as the market remains liquid following stimulus measures from the Bangko Sentral ng Pilipinas (BSP).

“Strong demand will persist across-the-board as financial market players continue to cheer BSP’s stimulus measures. Moreover, investors continue to show appetite for short dates given the uncertainties surrounding the pandemic,” the trader said via Viber on Friday.

“We may also see some reinvestment flows from a bond maturity amounting to P120 billion on April 11,” the trader added.

Mr. Ricafort said BSP Governor Benjamin E. Diokno’s hint on another rate cut as well as easing inflation could drive yields lower in the upcoming auction.

“Local interest rate benchmarks (PHP BVAL yields) eased week-on-week and could still continue to ease amid the sharp decline in global oil prices to among the lowest in 18 years, stronger peso exchange rate vs. the US dollar among the strongest in a month and also among the strongest in 2 years, recent signals from BSP Governor Diokno about a possible cut in policy rates even before the next BSP monetary policy-setting meeting on May 21, 2020, recent easing of inflation rate to 2.5% in March 2020, reduction in the MLR (minimum liquidity ratio) to 16% (from 20%) for standalone thrift banks, rural banks, and cooperative banks,” Mr. Ricafort said in a Viber message on Saturday.

Mr. Diokno said on Sunday that as the country faces a “once-in-a-lifetime crisis” amid the coronavirus disease 2019 (COVID-19) pandemic, the BSP could slash the key policy rate — the overnight reverse repurchase rate — below 3%.

“It is now clear that reverting to where we were in 2018 — policy rate at 3.0% — is no longer an appropriate policy goal. A deeper cut is warranted in response to the expected sharp economic slowdown,” Mr. Diokno told reporters in a text message, noting that inflation is seen ending close to the lower end of the BSP’s 2-4% target for the year.

“These new realities call for bolder but appropriate moves on the part of the BSP. The challenge is to cushion the impact of the economic slowdown on people, firms and the financial system,” he said. “The monetary authorities’ job, in coordination with fiscal authorities, is to manage a ‘soft’ landing and ensure that economic takeoff begin quickly once the pandemic fades.”

The BSP has cut rates by a total of 150 bps since 2019, almost completely unwinding the 175 bps in hikes it implemented in 2018 amid multi-year high inflation.

Its latest move was 50-bp reduction last month, which brought the overnight reverse repurchase rate to 3.25% and overnight lending and deposit rates to 3.75% and 2.75%, respectively.

Meanwhile, the central bank chief said the remaining 200-bp reduction in banks’ reserve requirement ratios (RRR) is “forthcoming based on available data, the needs of the economy, and the utilization of the additional liquidity.”

The Monetary Board last month gave Mr. Diokno the authority to cut banks’ RRR by a total of 400 bps this year. Big banks’ RRR was already slashed by 200 bps to 12% as of April 3.

The Treasury has set a P190-billion local borrowing program for April, broken down into P130 billion in T-bills and P60 billion in T-bonds. — B.M. Laforga

Batangas, Quezon rice farmers receive P5,000 subsidy

SMALL RICE farmers in the CALABARZON region have received P5,000 each under the Financial Subsidy to Rice Farmers (FSRF) program, the Department of Agriculture (DA) said.

DA Region IV-A Regional Director Arnel V. de Mesa said as of April 8, a total of 15,353 farmers from Batangas and Quezon Province received their FSRF assistance.

“Farmers who tend a one-hectare farm or less were those who received P5,000 each for their day-to-day farming activities,” Mr. De Mesa said.

The FSRF beneficiaries are farmers in the Registry System for Basic Sectors in Agriculture (RSBSA) and whose province was not included in the Rice Farmers Financial Assistance (RFFA) program of the DA.

The DA, the Land Bank of the Philippines local government units (LGUs), will continue to distribute cash assistance to more rice farmers from Batangas, Laguna, and Quezon Province.

Meanwhile, over P34.8 million worth of vegetable seed was procured and delivered to all the five agricultural program coordinating offices in Region IV-A, as part of the DA’s urban agriculture project.

Mr. De Mesa said that the Agricultural Training Institute (ATI) in CALABARZON has been tapped to provide information materials for urban farming, including growing and harvesting indigenous vegetables within 30 to 35 days.

The urban farming materials will be included in the vegetable seed packs to be distributed around Region IV-A.

“All city and municipal agriculturists may devise a strategy on how to distribute the vegetable seeds to prioritize farmers with established marketing linkages,” Mr. De Mesa said. — Revin Mikhael D. Ochave

Investors pick up Jollibee stock on a bargain, but some see sales risks to remain

INVESTORS pounced on the Jollibee Foods Corp. stock last week as they took advantage of its attractive valuation following weeks of sell-offs.

Jollibee was the fifth-most traded stock during the three-day trading week from April 6 to 8, with P837.86-million worth of 7.53 million shares exchanging hands at the Philippine Stock Exchange during the period.

Jollibee shares closed at P120 apiece on Wednesday, up 17.6% from its closing price of P102 each on April 3. Its stock price lost 43.7% since the start of the year.

“Prior to the start of [last] week, Jollibee was the second worst-performing stock in the index with a year-to-date share price performance of -52.8%. Thus, [last week’s] gain was mainly driven by investors who bought the stock on the assumption that the worst-case impact of COVID-19 (coronavirus disease 2019) on the company’s business is largely priced in,” said Philippine National Bank (PNB) Vice-President and Head of Equity Research Division Alvin Joseph A. Arogo in an e-mail.

In a separate e-mail, Philstocks Financial, Inc. Research Associate Claire T. Alviar attributed the stock’s gain on several factors, namely: the news on the slower domestic inflation rate, the developments on Jollibee’s operations, the declaration of cash dividends, and the “technical rebound” following the stock’s huge sell-off in previous sessions.

“Jollibee is at bargain level in terms of Price-to-Book Value (currently at 2.45 times), [which is] much lower than the five-year average range of 6.4 times to 7.1 times… Its price-to-earnings ratio (trading below 20 times earnings), is cheaper compared with the five-year average of around 39 times earnings. Investors are cautiously picking at bargain level, but risks remain given that same-store sales growth might decline in the Philippines and in abroad as well…,” she said.

In a statement last Tuesday, Jollibee Founder and Chairman Tony Tan Caktiong said that while the pandemic has caused “unprecedented disruption” in the company’s operations, they are “already planning” for the full restoration of operations.

The company expects growth to “resume even if gradually” through its delivery, take-out and drive-thru business channels.

In the same statement, however, the global fast-food operator said it was reducing its capital expenditure allocation for the year by 64% to P5 billion from the previously announced P14 billion due to the operational adjustments brought by COVID-19. Operating costs are also being reduced “significantly” for its stores, commissaries, support services and main offices all over the world.

Moreover, the company also declared a cash dividend of P0.62 per share of common stock, of which dividends will be paid on May 22 to stockholders on record as of April 27.

“From dine-in and serving cooked meals to mostly take-out and offering ready-to-cook meals, we can see how the company shifted its strategy to reduce damages of COVID-19 on its earnings… Some investors are also buying up the stock to be entitled to dividends,” Ms. Alviar said.

On the other hand, PNB’s Mr. Arogo, said this shift towards take-out and delivery would, at best, “only minimize” the disruptive impact of COVID-19 on its financial performance this year.

“We believe quick-service restaurants like Jollibee would operate in a more challenging environment both during and after a virus-driven lockdown. This is because even if the restaurant dine-in resumes, overall consumer confidence, especially for discretionary spending, would likely remain weak due to the economic downturn. There is also a higher chance that the turnaround in the company’s recent international acquisitions could take longer,” he said.

“[W]e expect the higher than normal share price volatility to continue because of uncertainties regarding the economic impact of COVID-19,” he added.

Jollibee has 5,981 stores across the globe as of end-February: 3,317 in the Philippines and 2,664 abroad.

The company previously announced operational limitations both locally and abroad due to government-imposed lockdowns in select regions in light of COVID-19.

In the Philippines, the delivery business has grown 5% in the early part of 2020 from 3% in the early part of 2019. But as several stores have closed due to the Luzon lockdown, those that remained open for drive-thru and take-out orders have risen at an average of 50% same store sales growth in the early part of the year.

For Philstocks’ Ms. Alviar: “[G]ood management will help the company to sustain growth in the coming years so some investors are already accumulating at bargain levels.”

“But for now, the COVID-19 pandemic impact, together with the possible losses from Smashburger and CBTL, could still hit Jollibee’s earnings this year, and the stock price might continue to be volatile,” Philstocks’ Ms. Alviar said.

Jollibee’s attributable earnings stood at P6.33 billion in 2019, 14.4% lower from a year ago due to a 25% contraction in operating income to P5.87 billion.

Ms. Alviar placed Jollibee’s stock first and second support levels at P100 and P88, respectively. Meanwhile, first and second resistance levels are pegged at P120 and P140, respectively.

“Technical-wise, it has to break the P120 resistance with strong volume before it continues to rally, and failing to do so, will pull the stock to its support of P100.00. We expect sideways movement with downside bias next week, after its recent rallies,” she said.

The fast-food chain controls brands such as Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King, PHO24, Yonghe King, Hong Zhuang Yuan, Dunkin’ Donuts, Highlands Coffee, Hard Rock Cafe, Smashburger, and Coffee Bean and Tea Leaf (CBTL). — L.O. Pilar

Fabergé eggs anyone?

WHAT do you give a woman who has everything? If you were a Romanov, the answer was apparently a jeweled egg.

Every Easter starting in 1885, Empress Maria Feodorovna of Russia received a jeweled egg from her husband, the penultimate Czar of Russia, Alexander III, each one from the House of Fabergé. The first egg was a white enamel egg with a yolk of pure gold, which opened to reveal a gold pendant shaped like a hen. After the Czar’s death in 1894, his son, Nicholas II, continued the tradition, presenting one egg to his mother, the Dowager Empress, and his wife, Empress Alexandra. The eggs were a surprise, even to the Czar himself: the only requirement for each commission was that each one had to be unique, and must open to contain a surprise. These led to projects such as jeweled Easter eggs that contained portraits in ivory, or moving mechanical trains, or perfect miniature replicas of the Romanov palaces scattered across the Empire.

With the fall of the Romanovs came the fall of the man who bejewelled them. According to legend, Peter Carl Fabergé was driven out of his factory by the Soviets, giving him only enough time to put on his hat and coat. The family escaped Russia, and Peter Carl Fabergé died just two years after his flight in 1918.

While his sons set up a company in Paris using their father’s name, their biggest jobs then were to repair the Fabergé pieces of scores of Russian emigres. In America, businessman Armand Hammer convinced his friend Samuel Rubin to register the name Fabergé Inc. The family sued for the name, but the case was resolved in an out-of-court settlement. The name passed to many other individuals and entities (even Unilever at one point). The vestiges of the House of Fabergé Limited, with a division called Fabergé Heritage Council, has as members two of Peter Carl Fabergé’s great-granddaughters.

As for the Imperial Easter eggs themselves, they’re now scattered across the globe in private collections of billionaires and royals. Some of the eggs are still lost, with one found as recently as 2014. The Third Imperial Egg, given by Alexander III to his empress, was found in an American flea market, selling for $14,000 — while it was supposedly worth $33 million.

For Easter, we’re presenting a collection of Fabergé eggs that non-royals may be able to afford; recent creations by Fabergé. They’re tiny, and go for about a few thousand dollars.

18K ROSE GOLD SPIRAL PENDANT
This Spiral Egg Pendant comes set in 18 karat rose gold decorated with 36 round brilliant cut white diamonds and is presented on a 50 cm chain. Fabergé has also added a 0.01ct ruby at the bottom of the egg — a ‘hidden gem’ to surprise and delight the wearer.

18K YELLOW GOLD AND DIAMOND EGGS CROSSOVER RING
The Yellow Gold Crossover Ring features round white diamonds set in 18 karat yellow gold. In keeping with its fondness for delight, surprise, and discovery, Fabergé has concealed a ruby on the inside of the ring.

SUNBURST 18K ROSE GOLD DIAMOND AND PINK SAPPHIRE EGG CHARM
The Sunburst Pink Sapphire Rose Gold Charm features round white diamonds and a pink sapphire set in 18 karat rose gold. The egg charm is 14mm. (The bracelet is sold separately).

PALAIS 18K ROSE GOLD DIAMOND AND PINK GUILLOCHÉ ENAMEL EGGS CROSSOVER RING
The Palais Tsarskoye Selo Rose Crossover Ring features pink guilloché enamel and white diamonds, set in 18 karat yellow gold. Fabergé has concealed a ruby on the inside of the ring.

I LOVE YOU 18K YELLOW GOLD AND DIAMOND EGG PENDANT
The I Love You Yellow Gold Pendant features round white diamonds set in 18 karat yellow gold, engraved with the words “I Love You.” The egg is 18mm.

All the items are available at Faberge.com.

Peso to appreciate on demand for liquidity

THE PESO is seen to appreciate versus the dollar this week on the back of demand amid the extended Luzon lockdown and continued improvement in market sentiment due to stimulus measures to cushion economies from the impact of the coronavirus disease 2019 (COVID-19).

The local unit closed at P50.585 versus the dollar on Wednesday, stronger by 9.50 centavos from its P50.68 finish on Tuesday, according to data from the Bankers Association of the Philippines.

The peso also gained 29.5 centavos from its P50.88 close on April 1 and 13.5 centavos from its April 3 finish of P50.72 per dollar.

Markets were closed on Thursday and Friday due to the Holy Week holidays.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the stronger peso last week to market sentiment on the latest trade deficit data.

“Narrower trade deficit data, among the narrowest in about 2.5 years, amid the recent year-on-year declines in imports and modest growth in exports supported the recent gains of the peso,” Mr. Ricafort said in a text message.

Meanwhile, a trader said the peso gained as the central bank announced a reduction in the minimum liquidity ratio (MLR) of smaller banks.

“The strengthening was more of a continuation of the trend of peso’s strength. A little bit of risk on for us because there was a recent announcement for liquidity ratio cut for thrift banks so it’s a bit of easing so it’s a positive for peso,” the trader said in a phone call.

The Bangko Sentral ng Pilipinas (BSP) trimmed the MLR requirement for smaller banks to 16% from 20% until end-2020 in a move to boost the liquidity of thrift, rural and cooperative banks amid the extension of the enhanced community quarantine in Luzon.

For this week, Mr. Ricafort said continued positive market sentiment could drive the peso higher.

“Major catalyst include any continuation of improved global market risk appetite as seen recently in view of the record stimulus measures worldwide and unprecedented monetary easing by central banks in an effort to better deal with the economic fallout largely due to the COVID-19 outbreak and any risk of recession,” he said in a text message.

Meanwhile, the trader said the peso will remain range-bound as demand for cash persists.

“Since the lockdown is extended, liquidity is still the main factor so I think demand for peso will still be there,” the trader said.

The enhanced community quarantine in Luzon which was supposed to end by 12:00 am of April 13 has been extended by two more weeks to April 30 as the government said more time is needed to flatten the curve and to allow for mass testing, with Health officials noting that cases have yet to peak.

COVID-19 cases in the country reached 4,428 as of Saturday, with 247 casualties, according to the Department of Health. Recoveries totaled 157.

For this week, Mr. Ricafort sees the peso playing around the P50.45 to P50.85 band versus the dollar while the trader gave a forecast range of P50.45 to P50.90. — L.W.T. Noble

Colombian farmers switch coca for coffee to protect wildlife

SAN LUCAS MOUNTAINS, COLOMBIA — In a clearing around his modest smallholding, farmer Arcadio Barajas stands before a sea of coffee plants, cloaked in the shadow cast by a wall of verdant forest that covers the San Lucas mountains of northern Colombia.

The San Lucas range is one of the most unexplored places in this South American nation, which is the world’s second most biodiverse country after neighboring Brazil. From its towering Andean peaks to its tropical islands and dense Amazon rainforest, Colombia is home to over 50,000 recorded species of animals and plants.

Deforestation spiked after Colombia signed a peace deal in 2016 with its largest rebel group, the Revolutionary Armed Forces of Colombia (FARC), as swathes of land became more accessible. Government data shows that in 2017, almost 220,000 hectares (543,620 acres) of forest were destroyed, compared with around 124,000 hectares (306,400 acres) in 2015.

The dense forests of San Lucas are a haven for rare predators like ocelots, pumas and spectacled bears — one of the region’s most endangered species — and serve as a crossroads in migratory corridors used by jaguars, whose range stretches from Argentina to Mexico.

Yet this ecosystem is threatened by mining and drug cultivation. Not long ago, crops of coca, the chief ingredient in cocaine, were rooted where Barajas’ coffee plants grow.

Now, Colombian environmental group WebConserva is leading a first-of-its kind project bringing together farmers in San Lucas and roasters across Colombia to produce coffee from plantations that build protective borders around forests to shield the biodiversity within.

So far the project includes 10 families farming some 400 hectares (988 acres) of coffee, which the environmental group covers at a cost of around $77,000 a year. WebConserva hopes eventually to include 200 families, which could protect 20,000 hectares (49,420 acres) or more of virgin forest.

In San Lucas, where Barajas is among the participants, newly planted coffee fields establish a barrier between wild predators and cattle farms, lessening the chance for conflict over cattle.

A religious man, Barajas says tearing down the forest to plant coca and killing wildlife went against his faith but he — like his neighbors — was desperate for money. Now, he feels that growing coffee lets him be a good steward of his land.

“I’m taking care of the environment, the forest and the animals, so that I don’t end up ruined as well,” he said.

Globally more than 31,000 species are threatened with extinction, according to the Red List by the Switzerland-based International Union for Conservation of Nature, whose members include government and civil society. Of these, some 1,050 species are in Colombia, including 187 considered critically endangered.

In San Lucas, the families pledge not to fell trees to expand their crops or to hunt the animals that depend on the forests for survival. Depending on the quality of the product, they receive around $250 to $300 per 125 kilos (275 pounds) of coffee, an enviable return in a country where prices regularly dip below production costs.

While profitability has improved as the peso has fallen against the dollar in recent months, the government doled out $77 million in aid to coffee farmers last year to help them deal with low prices.

As of 2018, the San Lucas area was still carpeted with thousands of hectares of coca crops, according to the most recent government figures.

Gold mining — which drifts between illegality and informality — and farming continue to drive slash-and-burn practices in the region.

Plumes of smoke rise lazily into the sky from multiple points across the mountain range, signaling fires started to clear more space. At the forest edge, patches of scorched earth serve as ugly reminders of human activity.

For the farmers, the switch to coffee from coca or mining is less profitable. Coca could fetch some $760 per kilo, at a time when low coffee prices caused thousands to abandon the industry.

Many families came to rely on illicit activities to support their children, said Arnobis Romero, a former coca grower and miner.

Like many people here, he turned to coffee amid aerial anti-coca spraying campaigns carried out by the government, which were halted in 2015 under then-President Juan Manuel Santos. But the idea of helping to protect the ecosystem and support from WebConserva boosts morale, Romero said.

“We feel really proud to look after this biodiversity and to leave it… for future generations,” he said.

The South American country has designated some 16% of its land territory — some 18.6 million hectares (46 million acres), an area roughly the size of Washington state — as protected areas, but hundreds of thousands of hectares of land are destroyed each year.

Though activists are campaigning for San Lucas to be protected with a national park designation, the process is slow.

In the meantime, WebConserva director Carlos Valderrama hopes the group’s project can build a new system of sustainable production.

“It protects forests, biodiversity and ecosystems at the same time as (improving) coffee growers’ quality of life,” he said.

WebConserva, which acts as a go-between for the farmers and roasters, keeps tabs on the wildlife living in the forests with camera traps that take images when motion sensors are triggered.

Coffee farmer Liseth Alfonso, 28, whose kitchen looks out over the forests below, said seeing photos and videos makes her proud.

“Many are close to extinction,” Alfonso said. “It helps us remember we are taking care of these animals.” — Reuters

PNOC gives P7B for government fight vs virus

STATE-owned Philippine National Oil Corp. (PNOC) forwarded P7 billion of its funds to the government for its fight against the coronavirus disease 2019 (COVID-19) pandemic, the Department of Energy (DoE) said on Sunday.

The fund remittance was authorized by the recently passed Bayanihan to Heal as One law, which granted special powers to President Rodrigo R. Duterte to repurpose funds for the pandemic containment effort. The law empowers him to redirect cash, funds, and investments from any government-owned and controlled corporations and national government agencies to COVID-19 response.

Of the total amount, P5 billion is from accumulated retained earnings of the state-owned company, while P2 billion is from its exploration subsidy.

The DoE noted that the company’s board also pledged to donate a portion of their allowances to procure protective gear and supplies for medical workers in the frontline of the fight to stem the pandemic.

PNOC is a government-owned and controlled-corporation (GOCC) led by the DoE that operates an exploration and a renewables unit.

The PNOC Exploration Corp. has a 10% stake in the Malampaya deep-water gas-to-power project under Service Contract 38 awarded by the DoE, while the PNOC Renewables Corp. runs various solar, hydro, waste-to-energy and other renewable energy projects.

Recently, the DoE authorized the use of the funds under Energy Regulations 1-94 to help local government units in their COVID-19 response. The funds, which come from the centavo per kilowatt-hour take from the total electricity sales of power generation firms, will be redirected for the use of their host communities.

Also, the National Electrification Administration released P1.3 billion of its unused funds to aid in the government’s response against the pandemic.

The National Transmission Corp., also a GOCC under the DoE, has pledged P7.5 million to the Department of Health for the latter’s purchase of testing kits and other equipment needed in its COVID-19 response. — Adam J. Ang

Stuff to do at home (04/13/20)

CCP shows online

The Cultural Center of the Philippines offers HD and archival recordings of theater, dance, visual arts, film, literary, and workshop events from its Cultural Content Digital Archives on YouTube. On April 12 (3 p.m.), CCP Online will be launched with BULAWAN: The CCP 50th Anniversary Gala Concert. To watch the gala and upcoming shows, visit https://www.youtube.com/user/culturalcenterphils?fbclid=IwAR30nifxt1soyxD4bN1DxQeyy_krWWhV2Ruh9OQKJtv-z1q1anDApoPRNzw&app=desktop.

Fundraiser for frontliners

Filipino artists come together for #StrongerTogetherPH, a fundraising show for medical front liners on April 13, 6 p.m. The show will feature Moira dela Torre, Aicelle Santos, Jasmine Curtis-Smith, and Juan Miguel Severo, among others. All proceeds will go to procuring PPE sets and other supplies for hospital workers taking care of COVID-19 patients. To watch the show and for details for donating, visit https://www.facebook.com/BayanihanJDC/.

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

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; on April 13, it will release episode 3 and 4 of National Kid (updated on Mondays); and 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. For 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. 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

Yields on government debt fall on BSP stimulus

By Carmina Angelica V. Olano
Researcher

YIELDS ON government securities (GS) fell across-the-board last week as traders’ sentiment improved further following the Bangko Sentral ng Pilipinas’ (BSP) decision to buy more debt papers from banks this week.

On average, GS yields went down by 24 basis points (bps) week on week, according to the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website as of April 8.

“Government securities saw steady recovery, coming off the highs supported by BSP’s daily repurchase of front to belly bonds,” the First Metro Asset Management, Inc. (FAMI) said in an e-mail.

“[BSP] bought R3-10, R5-12, and FXTN 7-62 for the previous weeks but [this] week [it] will expand the list of securities,” it added, referring to the bonds’ tenors.

Kevin S. Palma, peso sovereign debt trader at Robinsons Bank Corp., was of the same view: “The GS market…continued to cheer the BSP’s stimulus efforts after it expanded its list of government securities to purchase in the secondary market.”

On March 23, the central bank said it will buy P300 billion worth of short-dated debt from the Bureau of the Treasury under a repurchase agreement to help the government generate additional cash to combat the coronavirus disease 2019 (COVID-19) pandemic. This will be paid within six months at the maximum.

In a statement last Friday, the BSP said it will expand the range of eligible securities that it will buy from the secondary market to cover all peso-denominated papers, “reassuring market participants of demand for GS should they need to liquidate their holdings.”

This one-hour bond-buying window — between 9:30 a.m. to 10:30 a.m. — will remain open until June or “until market conditions return to normal,” the central bank said.

FAMI noted other “supportive” policies implemented by the BSP “helped calm the sell-off” at the start of the Luzon-wide enhanced community quarantine (ECQ) in mid-March.

“The 200-bp RRR (reserve requirement ratio) cut effective April 3, and BSP suspending the term deposit facility have also put downward pressure on local yields,” it said.

Mr. Palma, the peso trader, also noted that reinvestment demand from a P120-billion retail Treasury bond maturing on April 11 pushed local yields lower.

Aside from bond purchases, the central bank also unleashed a series of monetary stimulus under its arsenal last month to inject more cash to the economy currently being battered by the COVID-19 pandemic.

The key rate — the overnight reverse repurchase rate — now stands at 3.25%, reflecting a 50-bp cut on March 19. Overnight deposit and lending rates were likewise slashed to 2.75% and 3.75%, respectively.

It also trimmed the big banks’ RRR by 200 bps to 12% on March 24 to boost lending activities. This move released up to P200 billion into the financial system effective on April 3.

At the secondary market on Wednesday, Treasury bills (T-bills) plunged from week-ago levels, led by the 364-day T-bill which saw a 2.8-bp decline to yield 3.717%. The 91- and 182-day T-bills dipped by 1.3 bps and 1.1 bps to fetch 3.293% and 3.448%, respectively.

Yields at the belly of the curve also decreased. Yields on the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) went down by 37.4 bps (3.935%), 39 bps (3.998%), 36.4 bps (4.073%), 33.7 bps (4.163%), and 35 bps (4.372%).

Yields on longer-term debt papers likewise fell, with the 10-, 20- and 25-year T-bonds yielding 4.537%, 4.911%, and 4.864%, down by 41.5 bps, 14.9 bps, and 21.3 bps.

Financial markets were closed from April 9 to 10 in observance of the Holy Week.

For the week, “Yields may continue to move sideways with slight downward bias but that drop may already be tempered by those who want to reduce their risk positions,” Robinsons Bank’s Mr. Palma said.

“Volatility will likely remain for some time as this is a continuous tug-of-war between hopes and fears over the direction that the COVID-19 will be taking,” he added.

For FAMI, even as volatility risks due to the COVID-19 outbreak remain, it expects yields “to move further south given the large US Federal Reserve and BSP cuts in policy rates in March, better liquidity and expanded BSP bond repurchase as well as lower inflation expectations.”

According to the World Health Organization as of April 11, COVID-19 has claimed close to 100,000 lives among more than 1.6 million confirmed cases across 213 countries.

In the Philippines, there were 4,428 confirmed COVID-19 cases as of April 11 tally of the Health department. Fatalities totaled 247, while recoveries reached 157.

V Questions

THIS WEEK, we conclude our multi-issue run to celebrate Velocity’s first year which we wanted to mark by providing a comprehensive snapshot of where we are in greener mobility.

As we go to press, we learned that the enhanced community quarantine in Luzon has been extended to April 30. While it continues to be a difficult period for most of us (more so for the afflicted victims and their families, and frontliners), it also has afforded us a chance at introspection in many aspects of daily life.

One of the points to mull over is how the glut of vehicles contribute to air pollution, particularly since we’ve seen how it is when our thoroughfares are largely clear of them. How many of you have noticed how bright the summer skies are these days? Clouds appear whiter than usual — bereft of the stain of smoke and soot. That’s just one thing to savor now when there sometimes seems nothing to be grateful for. On the contrary, it’s a time to be thankful for family, friends, and so many strangers stepping up amid the pandemic.

Sometime back, we asked five questions from three people of disparate yet relevant backgrounds to help us better understand where we’re at and where we can expect to go from here. If we ask Toyota (and Lexus, the country’s biggest purveyor of hybrids), electrification has been at hand and is viable.

All told, how do we get more of these cleaner days without having to shut down the shop? Keep safe, everyone. — Kap Maceda Aguila

Dr. Clarita R. Carlos
Taught political science, environment, and international relations at the University of the Philippines; European studies at Ateneo de Manila University; and at San Beda Law graduate school
Author of more than a dozen books
Worked with the Department of Transportation-Office for Transport Security

VELOCITY: Please share your assessment of the government’s policies and initiatives to reduce carbon emissions in the country — particularly with regard to public utility vehicles, and in view of the Philippine Clean Air Act.

DR. CARLOS: The Philippine Clean Air Act was sponsored by Senator (Loren) Legarda many years ago. It’s evident that, for most parts, compliance with same has been spotty, fragmented, and “seasonal,” i.e., when the agency in charge of checking emissions scratches their heads and decide that they will station themselves in either EDSA, C5 or Commonwealth and do random checks. When I was still at MMDA with (former chairman) Francis Tolentino, there was only one, repeat, one working emission testing machine. Yikes!

Even in this age when more people are aware of the concept of climate change, there always seems to be the inevitable tug of war between the state and its people when the former wants to enact more earth-friendly regulations. Is there a way out of this constant struggle?

There will always be a continuing tension between the need for economic growth and the difficulty of getting the public to get on board actively and participate in the mitigation and adaptation to climate change. As usual, whenever it is not appearing right before our eyes, we tend either to diminish its value or forget it altogether. Then, when a major catastrophe happens, like Yolanda then, for a few weeks or so, this would be the pivot of many private- and public-sector actions. But after attention diminishes and another issue catches our attention, it’s not sustained!

The challenge is that the Local Government Code gave so many powers to LGUs but they have neither the resources nor motivation to implement climate change mitigation and adaptation. Like, how many of 42,000 barangays are complying with the need for rain catchment areas? They don’t even know they are required to do that so all the runoff water during rainy season goes back to the sea instead of being stored in reservoirs.

What is the ideal role of the private sector — in this case, local auto companies and related industries — to lessen carbon emissions while remaining viable?

The private sector creates wealth, jobs, innovations, etc. The public sector regulates, especially when there is abuse of power by the private sector. Thus, as medical data continue to stress the ill effects of carbon emissions on the populace, the private sector cannot afford not to pay attention to this because it is a health-conscious public that will buy their cars.

I don’t know why car companies in the US still make money and reduce their emissions at same time! Here, there is just too much kitsch and vulgar decorations in the cars which are not needed, which should be scuttled to make them more efficient.

Are you in favor of the United Nations Framework Convention on Climate Change (UNFCCC), and do you think it’s rigorous enough?

We are a signatory to the UNFCCC. Note however that, as usual, the UN has no enforcement capability and like the 2015 Paris Agreement on Climate Change which we also signed, the commitments of nations are based on best efforts and rely on self-reports. I am sure you know already how invalid and unreliable self-reports are.

Compared to states with a similar economy, how is the Philippines doing in the area of sustainability; in what areas can we do more?

Sustainability is a buzz word which all UN and regional agreements have to incorporate in their numerous agreements. To be fair, we may be exerting best efforts to ensure the next generation still has a liveable world (the meaning of sustainability), but like my answer to the first question, even our best efforts are spotty and fragmented.

I have seen so many crisis management protocols, but in every catastrophe we experience, not only do we recreate risks but also commit the same mistakes — never mind those beautiful drawings of crisis management.

Where can we do more? Population management! There are too many people who are usually not educated, lazy, and not productive — and producing many children. This is making generational poverty.

Atty. Angela Consuelo S. Ibay
Climate and Energy Programme Head
Earth Hour Pilipinas National Director

VELOCITY: Do you think that the auto industry in general is doing enough to bring down carbon emissions?

Atty. Ibay: I think that there is more that the auto industry can do in this regard, considering that around a quarter of energy-related greenhouse gas (GHG) emissions globally can be attributed to the transport sector. While there are advancements in the design, manufacture, and production of vehicles that produce less or even no emissions, getting them into circulation in the Philippine market has not been easy or widespread. It would be wonderful to get to the point wherein it would be commonplace to ride a cab which is an electric vehicle or that buses in the city are all electric-powered.

By the reckoning of the World Wide Fund for Nature (WWF), how is the Earth Hour participation here in the Philippines, and are the right messages getting through?

Earth Hour has been running in the Philippines since 2008 and we reckon that for the first decade of Earth Hour, we have been quite successful in raising awareness and shining a light on climate change and climate actions around the world and in the country. We have also seen that stakeholders understand that these actions are not just for the one hour of Earth Hour, but are to be carried out even beyond that. For that, we are very happy and grateful that these messages have come across well and shared by many who support Earth Hour. But starting in 2018, we began pivoting our focus from climate to both climate and nature with our #connect2earth and #naturematters calls. Those calls are still being carried for this year as we call on people to raise their voices for nature and in the Philippines, help #ChangeTheEnding.

Is government doing enough to mitigate air pollution caused by transportation, particularly pollution caused by public transportation?

Similar to my earlier answer, I think the government can still do more. Air pollution is a huge challenge for many of our cities. As urbanization continues, studies have shown that, globally, around 70% of our carbon emissions come from cities with over 90% of city residents breathing polluted air. The same story is true in the Philippines where the transportation sector is a huge contributor to carbon emissions, as well as various air pollutants, particularly in urban areas where traffic jams are prevalent and high-rise buildings proliferate — trapping the polluted air. The government does have a National Environmentally Sustainable Transport (NEST) program that we hope will be rolled out intensively across the country and that sustainable mobility measures such as non-motorized transport and pedestrianization can also be put in place. Last December 2017, WWF Philippines came out with “A Case Study of Philippine Cities’ Initiatives on Sustainable Urban Mobility” building on our One Planet Cities project, which we have shared to government partners. These initiatives have been grouped into four categories, namely: pedestrianization, walkability and green spacing; mass transport; alternative modes of transport; and institutional policies. We think these initiatives show that local governments, along with the DoTr and the DENR, can play significant roles in mitigating air pollution caused by the transportation sector, and promoting sustainable urban mobility.

What is your stand on the public utility vehicle modernization program vis-à-vis concerns that it is supposedly anti-poor?

We try to understand the issues and hope that the government can also address these concerns, particularly when it comes to the economic costs involved and how the impact on the affected sector can be lessened. But we should realize that our planet is at a point wherein transitions, not only in the public utility sector but even in our energy systems, is much needed. This clean energy transition in the transport sector should involve making the sector more efficient, accessible, and sustainable — in harmony with our environment and nature. Considerations for the public (riding or otherwise) in terms of health, good air quality, even improvement of quality of life, should also be seriously taken into account. In the end, these considerations are immeasurable and invaluable and, in fact, benefit everyone.

How is the WWF moving to make a difference in the Philippines, particularly in the area of pollution brought about by our mobility needs?

WWF PH is working with other civil society organizations/nongovernment organizations in advocating for the urgent need to improve our air quality monitoring systems, update our air quality standards, and ensure that these are properly implemented. We are engaging both the Executive and Legislative branches of government in this matter. Meantime, through our One Planet Cities work, we want to highlight the sustainable mobility initiatives that our cities are also implementing to show that it is possible and if we work together, these can be scaled up and provide bigger impact especially regarding the air quality in our cities.

Raymond T. Rodriguez
Lexus Manila President

VELOCITY: Although the Toyota Prius was launched in the Philippines more than a decade ago — the same year Lexus made its way into the country — it has been Lexus carrying the torch of hybrids in the country in that you offer, and have sold, so many units over the course of your decade of operations here. How would you explain this?

Mr. Rodriguez: Lexus started operations in 2009. And as of 2019, over 5,500 cars were sold with more than 350 hybrid models. One the major factors is the reliability of our hybrid technology. We have a long history with this, since 2004 with the RH 400h model. To date 1.5 million hybrid units have been sold worldwide.

Aside from the vehicle’s basic warranty coverage for a period of three years or 100,000 kilometers (whichever comes first), the hybrid battery’s warranty is extended up to five years or 200,000 kilometers. This provides our customers with confidence and peace of mind throughout their ownership experience.

What’s your judgment of the average Lexus customer’s awareness of the nature and benefits of the hybrid powertrain?

Most of our Lexus hybrid models owners are aware of the basic hybrid technology and its benefits before they buy our hybrid units. During our sales process, we also provide them with additional information. We cite the advantages of owning hybrid vehicles. And as I have mentioned, we also stress the extended warranty coverage for the hybrid battery.

Do they actively look for hybrid variants, or are the buyers of these convinced upon learning of the advantages?

In most cases they are aware of hybrid technology, and they do set out to buy those variants. Others who come to our showroom would inquire on the technology, then eventually settle on a variant. Customers normally consider both price and specifications. Our sales ratio for hybrid car purchases ranges between 10% to 15%.

Late last year, Lexus made headlines with the global introduction of the 2020 Lexus UX 300e as the brand’s first-ever electric vehicle. Word of a PHEV model for Lexus is also out. A competing brand announced the arrival of its popular EV this year. Is Lexus looking at moving into the EV and PHEV spaces locally once models become available?

We are looking forward to selling Lexus EVs and PHEVs in the future. However, right now, we are focused on selling our hybrid models, and we would like to increase their share.

How would you briefly explain hybrids, and argue their case?

Hybrid cars have two power sources, the fuel engine and electric motor. The fuel engine performs best when driving at constant speeds during normal cruising, while the electric motor is better for cruising at low speeds. To boost acceleration, both fuel engine and electric motor would operate. It is self-charging so it never needs to be plugged in. It’s reliable, silent, and fuel-efficient.

Local stocks to decline on profit taking, volatility

By Denise A. Valdez
Reporter

PHILIPPINE SHARES are seen to decline this week with profit takers taking center stage and volatility still reigning due to the ongoing coronavirus disease 2019 (COVID-19) pandemic.

The benchmark Philippine Stock Exchange index (PSEi) dropped 139.18 points or 2.46% to 5,510.83 on Wednesday. The market was closed on Thursday and Friday in observance of the holy week.

Last week’s shortened trading resulted in a 3% climb for the PSEi on a weekly basis. This also marked the market’s third straight week of keeping its growth trajectory.

Value turnover rose 7% to an average of P5.72 billion, while foreign outflows grew 19% to an average of P834.89 million.

“Local equities advanced during the three-day trading week, given the slowdown in new coronavirus cases in industrialized economies,” online trader 2TradeAsia.com said in a market note.

It added the slight easing in headline inflation in March to 2.5% from February’s 2.6% also drove the market’s increase.

But for this week, local shares may start seeing declines and the main index may fall to the 5,000 level or lower.

“After three weeks of consecutive gains for the PSEi, we are expecting some profit-taking (this) week which could send it back to 5,000 which is a stronger support level. It may even go lower and fill the trading gap between 4,800 and 5,000 on the daily chart,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in a market note over the weekend.

But should the market see strong buying, Mr. Mangun said this would likely be due to investors looking at the situation as a “once in a lifetime opportunity to buy equities at such depressed prices.”

“Some companies have already reduced capital expenditure for this year and are not expecting to turn a profit this year… On the other hand, some investors are optimistic that the temporary lockdown has given the government enough time to prepare… Either way, there is a strong case that the PSEi will stay above the 4,000 support level in the coming weeks…,” he said.

For 2TradeAsia.com, investors will also be keeping watch of virtual stockholders’ meetings and what companies would have to say about the impact of COVID-19 on their businesses.

It noted it is important to identify if the effects of the outbreak are one-off and may be reversed come second half of the year. “These components would help validate valuation angles, more on the extent of growth prospects post-COVID-19,” it said. “Expect volatility to prevail, with emotions still anchored in fending off the coronavirus pandemic.”

2TradeAsia.com is putting immediate support for the PSEi within 5,300-5,400, and resistance within 5,800-6,000. AAA Southeast Equities’ Mr. Mangun is pegging support within 4,700-5,000, and resistance within 5,500-5,800.

How PSEi member stocks performed — April 8, 2020

Here’s a quick glance at how PSEi stocks fared on Wednesday, April 8, 2020.

1...9,6719,6729,673...14,247Page 9,672 of 14,247
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