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DSWD urged to partner with e-wallet, e-banking for aid to families under quarantine

THE Anti-Red Tape Authority (ARTA) is urging the social welfare department to help increase the percentage of Filipinos who have bank accounts through the use of e-wallets and e-banking as it delivers aid to families affected by the Luzon-wide lockdown to contain the coronavirus pandemic.

In a letter to Department of Social Welfare and Development (DSWD) Secretary Rolando D. Bautista on Thursday, ARTA encouraged the department to partner with e-wallet and e-banking institutions. “The SAP (Social Amelioration Program) is an opportunity to bring 18 million households to have at least one bank account,” ARTA Director General Jeremiah B. Belgica said in the letter.

The authority noted that only 15.8 million adult Filipinos, or 22.6% of the population, have bank accounts while 52.8 million are unbanked.

Under the law that gave President Rodrigo R. Duterte special powers to deal with the outbreak, affected Metro Manila households will get P8,000 in subsidies for two months, while those in other regions will get P5,000 to P6,000.

ARTA also recommended online registration for the social amelioration program, with validation done by local government offline.

“By taking the registration online, it removes many of the opportunities of abuse, fraud, and politicizing,” Mr. Belgica said, adding that local officials would only validate the identities of beneficiaries and will not be in charge of distributing the subsidies.

Mr. Belgica said that while ARTA recognizes that electronic payment systems are in their infancy in the Philippines, the payment method would minimize risks of beneficiaries being infected by the virus.

The authority recommends the use of cashless e-banking in urban areas where most groceries and stores accept PayMaya, GCash, and debit cards at the Point-of-Sale (POS). Cashless e-banking facilities may also be used in rural areas, where there are fewer ATMs and banking facilities.

“Encashment may be conducted through the established conduits of these facilities, such as Smart Padala, remittance centers, and cooperatives which may be enabled to act as payment conduits by the financial institutions.”

ARTA said the social welfare department can partner with e-wallet and e-banking institutions such as PayMaya, UnionBank’s EON, and GCash.

“What separates these e-banking facilities from other smaller financial systems is the use and reliance of technology that renders streamlined both information and financial dissemination.” — Jenina P. Ibañez

Bureau of Immigration allows foreigners to leave without visa stamps

THE Bureau of Immigration (BI) said it is now allowing foreigners with approved visa applications to leave the country even if those visas have not been implemented and stamped in their passports.

“I have instructed our Port Operations Division (POD) to allow the departure of foreigners with approved but unimplemented visas, provided they meet certain conditions during this critical period,” the BI chief Jaime H. Morente said in a statement released on Friday. “Their visas can be revalidated and implemented when they return.”

Mr. Morente said the move was to solve the predicament of foreigners who wish to immediately return to their home countries during the quarantine period, despite not fully completing the needed procedures for visa application.

In regular BI procedures, aliens whose visa applications have been approved are required to submit their passports to allow the BI to affix the visa.

BI Port Operations Division Chief Grifton SP. Medina disclosed that in compliance with the BI chief’s directive, departing foreigners with approved visas will no longer be required to have their visas affixed on their passports.

Mr. Medina added that in lieu of the visa implementation stamp, the foreigner shall present to the immigration officer their valid passport; printout of their name in the agenda when said visa was approved, a Department of Justice Indorsement, or Certification from the approving office whichever is applicable; and official receipts as evidence of payment of reentry and exit permit fees.

“Before clearing the passenger for departure the immigration officer shall instruct the alien to immediately proceed to the BI main office upon return to apply for revalidation of his visa and its implementation on his passport,” he added.

BI lawyer Jing Oliver A.Balina, however, stressed that affected foreigners should only go to the main office after the quarantine is lifted to complete the procedure of visa issuance. — Genshen L. Espedido

PHL slowdown this year, but recovery likely in 2021 — ADB

By Beatrice M. Laforga, Reporter

THE Philippine economy is seen to significantly slow down this year, as the coronavirus (COVID-19) pandemic dampens domestic consumption and growth in trade and tourism, the Asian Development Bank (ADB) said on Friday.

In its Asian Development Outlook 2020 released on Friday, the multilateral lender slashed its 2020 gross domestic product (GDP) growth projection for the Philippines to two percent from the 6.2% penciled in September. This would be slower than the 5.9% recorded in 2019 and way below than the official target of 6.5-7.5%.

If realized, a two percent expansion this year will be the Philippine economy’s slowest in 11 years or since 2009’s growth of 1.1%.

However, ADB’s growth outlook for the Philippines is still faster than the one percent projected average growth for Southeast Asia region, but a tad slower than the 2.2% growth forecast for Asia.

The Philippines’ projected growth will lag behind Vietnam (4.8%), Myanmar (4.2%), Laos (3.5%), Indonesia (2.5%), and Cambodia (2.3%), but faster than Brunei (2%), Malaysia (0.5%), Singapore (0.2%), Timor (-2%) and Thailand (-4.8%)

The ADB’s projections assume that the outbreak will be contained by June.

“GDP growth in the Philippines will decelerate to 2.0% this year, even as the impact of COVID-19 and the global slowdown are partly offset by government expansionary policies that will help lift growth to 6.5% in 2021,” the report read.

The economic growth slowdown is attributed to the slower domestic demand as the government implemented a month-long enhanced community quarantine of Luzon from mid-March to mid-April, alongside a drastic drop in tourism, trade and remittances.

“This unprecedented and extraordinary public health emergency brought about by the COVID-19 pandemic will substantially slow down economic growth this year, with most of the contraction in the economy occurring in the second quarter,” ADB Country Director for the Philippines Kelly Bird was quoted as saying.

However, the ADB said “expansionary monetary and fiscal policies remain supportive” after the Bangko Sentral ng Pilipinas slashed policy interest rates by 75 basis points (bps) to push the overnight reverse repurchase rate to 3.25% and reduced some banks’ reserve requirement by 200 bps.

The economy also saw support from the fiscal side as funding packages were released for the fight against COVID-19 pandemic. But with higher government spending, ADB said the Philippines’ budget deficit cap equivalent to 3.2% of GDP will be “significantly exceeded” this year.

ADB Chief Economist Yasuyuki Sawada said in general, government debt “is set to soar” as many countries spend massively to contain the pandemic and keep their economies afloat.

“The Philippine government has been cutting its debt ratio to 41-42% last year, so the Philippine government has indeed sufficient fiscal space to respond and many Southeast Asian countries that have public finance that are in good shape,” Mr. Sawada said during the launch of the report streamed on the ADB website.

RECOVERY SEEN IN 2021
The Philippine economy is expected to recover next year, to be driven by higher public investment, particularly on infrastructure projects, and a rebound in private consumption, the ADB said.

It also noted expansionary fiscal and monetary policies will also offset slower domestic demand and disruptions in tourism, trade and manufacturing.

ADB also projects the inflation rate to average at 2.2% this year and pick up by 2.4% next year. The current account deficit is expected to settle at 0.3% of GDP, before widening to 1.4% next year.

“The main downside risk to GDP growth in 2020 comes from COVID-19 and is therefore highly unpredictable. The impact on the economy will be larger than currently assumed if the global outbreak is prolonged beyond the first half, or if there is a sustained local transmission in the Philippines,” it added.

Mr. Sawada said the economic fallout will be higher if the COVID-19 outbreak is not contained by September.

BIGGER ECONOMIC IMPACT LOOMS
In its updated “COVID-19 economic impact assessment” as of March 28, ADB said the Philippine economy stands to lose as much as $19.035 billion in GDP losses and up to 2.5 million job losses if there will be a “significant outbreak” this year.

Under the assumption of a “significant outbreak” in the country, ADB said there will be an additional impact of between $7.709 billion to $19.035 billion in GDP losses this year. This will mean a loss of 1.042 million to 2.571 million jobs.

If the containment period lasts for six months and there are bigger demand shocks, the Philippines may lose as much as $5.358 billion or 1.62% of its GDP, resulting in 739,000 job losses.

The ADB said the longer containment scenario assumes that outbound tourism from China drops by 55% for six months, travel bans continue to be imposed, inbound tourism is still affected, growth of domestic consumption falls by five percentage points and growth in local investments declines by 6.25%.

However, if the COVID-19 outbreak will only last for three months with small demand shocks, Philippine GDP losses may only hit $2.616 billion accounting for 0.79% of GDP, with job losses of 360,000.

These computations are based on the country’s 2018 GDP of $330.91 billion.

Earlier, the ADB has already provided two grants worth $8 million to assist the Philippine government’s efforts to ease the effect of COVID-19 on its citizens.

“We are now in advanced stages of preparing a larger and comprehensive assistance to help alleviate the impacts of the pandemic on communities’ well- being and support fiscal stimulus,” Mr. Bird said.

‘Overstaying’ cargoes face forfeiture by gov’t

THE government is ordering cargo owners to remove their “overstaying” container vans from the congested Manila ports within five to seven days or these may be forfeited.

Joint Administrative Order no. 20-01 dated April 2 outlines the process for the expedited release of refrigerated containers and dry vans which have piled up in Manila ports since the start of the enhanced community quarantine (ECQ) last month.

Under the order, cargoes beyond 30 days from the date of discharge must be withdrawn within five days since the issuance of the order on April 2. These cargo will otherwise be considered abandoned or forfeited, and disposed by the Bureau of Customs (BoC).

All refrigerated containers are given seven days to be removed from the ports, while chilled cargoes are given five days from the date of issuance.

The Philippine Ports Authority (PPA) can impose penalties on refrigerated and chilled cargo that are not withdrawn, and reefers that remain unclaimed after three days from the deadline will be considered abandoned and forfeited.

The order applies to chilled cargo including medicine, fruits, vegetables, and chilled meat; frozen cargo including fish and meat; and dry goods including out of gauge described as heavy equipment or project cargoes stored on flatbed chassis.

The order directs terminal operators to pull out reefers to another facility where the government can determine whether the goods are still viable. The box owner or shipping line covers the costs of transfer and the cost of condemnation for goods found unfit for human consumption.

Disposal contractors unable to pull out containers from the facility within five days must pay the BoC liquidated damages and may be suspended from the competitive bidding process for a year.

Reefer containers arriving after the issuance of the order must be withdrawn within 10 days or will be declared abandoned.

The BoC may also direct shipping lines to retain reefers on vessels and be sent back to the transshipment port.

PORT CONGESTION
Signed by the heads of the agriculture, trade, and finance departments as well as the BoC and the PPA, the order was released in order to “ensure the availability of essential goods, in particular food and medicine, by adopting measures as may reasonably be necessary to facilitate and/or minimise disruption to the supply chain.”

The BoC will now prioritize food, medicine, and medical and basic necessities cargoes arriving at the ports.

International Container Terminal Services, Inc. (ICTSI) last week urged its consignees to withdraw their reefers after noting that more than 8,000 cleared containers remained at the terminal.

ICTSI offered the use of their offsite facilities in Laguna, Bulacan, and Cavite.

The PPA warned that cargo congestion at Manila ports may cause the terminals to shut down, and may lead to a shortage in goods supplies.

FILING GOODS DECLARATION
The order stated that importers or consignees have two days from the date of discharge to file goods declaration, and must pay duties and taxes within 24 hours from the final assessment of the BoC. Shipping lines have 24 hours since payment to release delivery orders.

Filing for goods declaration of reefers and refrigerated containers must be done before the arrival of the vessel or within 48 hours from discharge.

Filing and payment can be done online. BoC implemented a system where importers can email the application for permit or clearance, and may follow up with regulatory agencies through email or Viber.

The importers will be given reference numbers and date of issuance of permits by email.

The BoC will also relax the selection process for food, medicine, and medical and basic necessities.

The PPA will also provide free storage for all goods cleared for release by the BoC for up to five days from discharge. After that time period, the PPA will move the cargo to another location at the expense of the importer or consignee.

Refrigerated containers where no goods declaration has been filed within seven days from discharge of the last package from the vessel will be considered abandoned.

Within 24 hours after a decree of abandonment and forfeiture has been issued on these containers, the BoC will decide how these items will be disposed off.

“The BoC shall immediately donate the contents that are fit for consumption to the OCD (Office of Civil Defense) upon approval of the Secretary of Finance,” the order stated.

Empty containers will be returned to their owner.

The BoC on Friday said it expects yard utilization to improve at Manila ports in the coming days, but continued to urge importers to claim their containers.

“Through close coordination with ICTSI, 472 overstaying and abandoned containers have already been transferred to the Pacific Roadlink Logistics, Inc while 925 containers have been transferred to the Manila North Harbor Container Port, Inc. 78 containers were also transferred to the Laguna Gateway Inland Terminal,” the Customs bureau said. — Jenina P. Ibañez

PHL eyes AIIB’s crisis recovery facility

Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Friday it was proposing to its board to form a $5 billion financing facility to help public and private sector entities navigate the coronavirus pandemic.

The proposed crisis recovery facility is in response to urgent economic, financial and public health pressures, and to support a quick recovery after the current crisis, AIIB said in a statement.

The facility will aim to help efforts to deal with both the health crisis — from basic health infrastructure to advanced healthcare — and the economic fallout, Joachim von Amsberg, a vice president at AIIB, told Reuters.

It is also part of the coordinated international response to counter the pandemic, following the recent extraordinary summit of G20 leaders, the bank said.

The facility is open to proposals and loans are expected to start being approved “within a very few weeks”, Mr. von Amsberg said.

PHL INTERESTED
Sought for comment, Finance Secretary Carlos G. Dominguez III said the Philippine government will present its recovery plan and long-term program to boost the healthcare system to the AIIB.

“This is a very welcome initiative from AIIB. We will definitely present to them our plans for combating the contagion and for the long term strengthening of our health care system,” Mr. Dominguez told reporters via Viber yesterday.

Mr. Dominguez said earlier that they are looking to seek financial support of up to $2 billion from multilateral agencies such as AIIB, the Asian Development Bank and the World Bank.

The Philippines’ Department of Health reported 3,018 total COVID-19 cases and 136 deaths, as of April 3.

SMALLER ENTERPRISES
Smaller enterprises, which have fewer buffers to weather a crisis, will be one focus of the AIIB facility, with funding to reach them indirectly through national-level banks, Mr. von Amsberg said.

China’s extensive monitoring, tracing and testing systems, which have been a key part of its epidemic response, are examples of health infrastructure that the AIIB would be happy to help other countries build, he said.

Other projects in AIIB’s pipeline may well see delays as clients focus on dealing with the outbreak, said Mr. von Amsberg.

“Governments’ attention is distracted away from their long-term projects towards their short-term crisis response,” he said. — Reuters with B.M.Laforga

Global cost of coronavirus may hit $4.1 trillion, ADB says

THE cost of the coronavirus pandemic could be as high as $4.1 trillion, or almost 5% of global gross domestic product, depending on the disease’s spread through Europe, the U.S. and other major economies, the Asian Development Bank said.

A shorter containment period could limit the damage to $2 trillion, or 2.3% of world output, the Manila-based lender said in its Asian Development Outlook report released Friday. Developing Asia, including China, accounts for as much as 36% of the pandemic’s total cost, it said.

“No one can say how widely the Covid-19 pandemic may spread, and containment may take longer than currently projected,” Yasuyuki Sawada, the ADB’s chief economist, said in the report. “The possibility of severe financial turmoil and financial crises cannot be discounted.”

On March 6, the ADB had said the virus outbreak could cost the world economy $347 billion, and cut the global growth rate by as much as 0.4 percentage point. Since then, the epicenter of the virus has shifted from China to Europe and the U.S., with the number of global infections now topping 1 million.

The new estimate released Friday takes into account the immediate impact on tourism, consumption and investment, Sawada said in an interview with Bloomberg TV’s Haslinda Amin and Yvonne Man. The cost could rise further if supply-side disruptions materialize, he said.

In the report, the ADB cut its 2020 growth forecast for Asia to 2.2% from 5.5% estimated in September last year. China’s forecast was slashed to 2.3% from 6%, and compares with 6.1% growth last year. All of developing Asia’s subregions will see weaker growth this year, according to the report.

Tourism- and commodity-dependent nations including Thailand “will suffer most” from the pandemic, Sawada said in the interview. If the disease can be contained within three to six months, the economic recovery could also be quicker, he said.

Inflation will likely accelerate on higher food costs, even as weaker economic activity and softer commodity prices mitigate any price spikes, before easing in 2021, the ADB said in the report. — Bloomberg

ERC authorizes transfer of FiT-All component to fund renewable energy firms

THE ENERGY Regulatory Commission (ERC) on Friday allowed the National Transmission Corp. (TransCo) to draw funds from the Feed-in-Tariff Differential (FD) component of the Feed-in-Tariff Allowance (FiT-All) chest to augment deficiencies in the cost recovery revenue (CRR) sub-account to continue funding renewable energy producers.

This came following the suspension of the FiT-All collection as ordered by the ERC, bringing a power rate cut by P0.04 per kilowatt-hour (kWh) in the next utilities billing cycle.

“This will enable TransCo to make full payments to FiT-eligible RE (renewable energy) developers for the February and March 2020 billing periods,” ERC Chairperson and Chief Executive Officer Agnes Vicenta S. Torres-Devanadera said in a statement.

The ERC earlier told the state-led company to continue its payments of obligations to FiT-eligible power producers, which it claimed would not be affected by the collection halt.

In an interview on March 22, TransCo President and Chief Executive Officer Melvin A. Matibag said there is a “sufficient” balance in the FiT-All fund to help RE developers sustain their operations, “even if no new FiT-All collection comes in for the time being.”

In an order dated March 25, the ERC also told TransCo to ensure that the amount drawn from the CRR account, as supplemented by the FD, should be “equivalent to the amount necessary to address the deficiency for the 05 April 2020 and 05 May 2020 payouts to FiT-Eligible Plants.” 

“Transferring of the fund will enable TransCo to still timely pay the RE developers, ensuring therefore that no interests will be incurred, thus avoiding unnecessary burden to the consumers in their electricity bills,” Ms. Devanadera said.

The agency also said TransCo must “immediately” return the amount taken from the FD account upon its collection of the Actual Cost Recovery Revenue (ACRR) from the Philippine Electricity Market Corp. and host distribution utilities.

FiT-All is a uniform charge to all electricity customers, calculated and set annually. It is collected by distribution utilities, the National Grid Corp. of the Philippines, and Retail Electricity Suppliers, while the payments are remitted to the FiT-All fund held by TransCo.

Besides FD and CRR, the FiT-All fund also includes Working Capital Allowance, Administration Allowance, and Disbursement Allowance.

Earlier, an order from the Department of Energy tasked power stakeholders to defer electricity payments within the energy sector to ensure a steady supply of electricity as the country is placed under a state of public health emergency due to the coronavirus disease 2019 (COVID-19) pandemic. — Adam J. Ang

DA approves P1-billion loan program amid pandemic

THE DEPARTMENT of Agriculture (DA), through its Agriculture Credit Policy Council (ACPC), has approved an initial P1 billion for loans to help the sector amid threats to food security caused by the coronavirus disease 2019 (COVID-19) pandemic.

Agriculture Secretary William D. Dar said in a statement the allotment is part of the agency’s Expanded Survival and Recovery Assistance Program for Rice Farmers (SURE Aid) and Recovery Project.

The loans will provide working capital to ensure continued operations for farmers, fisherfolk, and agri-fishery micro and small enterprises (MSEs).

This will also support DA’s P31-billion “Plant, Plant, Plant” initiative meant to make basic agricultural commodities more accessible and affordable.

“The idea is to provide emergency and production capital requirements for our marginalized sector, whose operations and earnings were severely affected by the enhanced community quarantine in Luzon,” Mr. Dar said.

Under the expanded loan program, eligible MSEs (single proprietorship, partnership, corporation or cooperative/association) may file a loan up to P10 million at zero interest and payable up to five years.

On the other hand, individual farmers and fisherfolk may file a non-collateralized loan of P25,000 at zero interest and payable in 10 years. However, only one borrower per farm or fisher household is allowed.

“Farmers, fishers, and MSEs who will participate in the DA’s Kadiwa ni Ani at Kita program will be given priority,” Mr. Dar said.

The ACPC has partnerships with 230 lending channels across the country including government banks, rural banks, cooperative banks, cooperatives, viable NGOs, and various associations.

“The country’s farmers and fishers, who we consider as food security ‘frontliners,’ play a crucial part in our fight against COVID-19. That’s why it is important that we continue to empower them to ensure continued production and delivery of food to our countrymen,” Mr. Dar added.

Meanwhile, DA will also launch a multi-platform system to improve the transport and distribution of agricultural products under its Kadiwa ni Ani at Kita program.

Mr. Dar said DA will implement the Kadiwa Express and Kadiwa Online systems to improve movement of basic commodities.

“We are making some adjustments in our Kadiwa program, using simple and technological solutions, to ensure continuous and unhampered supply of fresh produce to consumers, particularly those in metropolitan areas,” Mr. Dar said.

Under the Kadiwa Express system, the DA will tap local government units (LGUs) and the private sector for the transportation and distribution of agricultural products from trading centers to designated drop-off points around Metro Manila.

Kadiwa Express personnel will facilitate the transport of products from producers to offloading points where LGUs can claim their orders.

On the other hand, the Kadiwa Online system is an online order placement system that offers LGUs a direct link to potential food suppliers.

Products available in the online system include cabbage, sayote, carrots, squash, tomato, and potato.

“We are hoping that our local chief executives will take full advantage of these Kadiwa platforms, which is much needed especially in this time of crisis,” Mr. Dar said.

This is after the DA recently committed to open more Kadiwa stores and mobile produce markets or known as Kadiwa on Wheels, around Metro Manila.

Assistant Secretary for Agribusiness and Marketing Assistance Services Kristine Y. Evangelista said that at least 66 additional Kadiwa sites will be opened nationwide. — Revin Mikhael D. Ochave

Advisory firm tapped for PGH branch project

THE GOVERNMENT partnered with Isla Lipana & Co./PwC Philippines for transaction advisory services as it constructs a Philippine General Hospital (PGH) branch at the Diliman campus of the University of the Philippines.

The Public-Private Partnership (PPP) Center, which is working on the project along with the university, said in a statement on Friday that a notice to proceed was issued to PwC on March 16.

The construction of a branch in Diliman, first announced in 2017, includes a multi-storey tertiary care hospital, medical research center, ancillary facilities and commercial areas.

The project also has a clinical research unit for medical education.

The design and construction is government-funded, while operation and maintenance will be done by the private sector through a bidding process.

The PPP Center said the scope of its work with PwC is divided into three major phases: project feasibility and structuring, preparation of bid documents and management of the PPP bidding process, and assistance and advisory until financial close.

“The engagement of the consultant was made possible through the Project Development and Monitoring Facility (PDMF), a revolving fund managed by the PPP Center.”

The PPP Center said the project, which involves the construction and operation of the hospital on the university campus, will be designed according to Triple A standards.

PGH is a state-owned hospital in Manila operated by the University of the Philippines.

Isla Lipana offers advisory services as the Philippine member firm of PricewaterhouseCoopers or PwC. — JPI

PHL WiFi use increases in March

WIFI USE in the country rose consistently in March, registering Asia’s largest increase in internet use by the third week, a global mobile analytics company said.

OpenSignal data on smartphone WiFi use amid the coronavirus disease 2019 (COVID-19) pandemic said time on WiFi in the Philippines grew 4.2% week-on-week to 55.8% in the second week of March, according to their metric.

Time on WiFi then jumped by 13.4% to 63.3% by the third week, the largest week-on-week increase among the Asian countries the company is tracking.

“To put this in perspective, we only observed higher increases in Peru and Spain — 20.4% and 16.8%, respectively.”

President Rodrigo R. Duterte announced the enhanced community quarantine in Luzon on March 16 to contain the COVID-19 outbreak. The strict social distancing measures are expected to be lifted by 12 am on April 13.

The Department of Information and Communications Technology said the lockdown slowed Internet speeds, and telecommunications service providers PLDT, Inc. and Globe Telecom, Inc. said they are working to improve capacity as more people worked from home.

Since January, weekly WiFi use in the country fluctuated between 51.9% and 54.3% prior to the March surge.

As of the third week of March, Philippine WiFi use fell behind only Vietnam among Asian countries, as Vietnam had 69.9% time spent on WiFi. The country consistently reaches above 65% per week in 2020.

Other countries that had significant WiFi use in the third week of March include Germany (71.4%), Argentina (72.5%), Brazil (70.1%), and Canada (76.3%). — Jenina P. Ibañez

SEC warns of more scams amid coronavirus crisis

By Denise A. Valdez, Reporter

THE Securities and Exchange Commission (SEC) is warning the public against investing in groups looking to take advantage of the coronavirus disease 2019 (COVID-19) crisis.

In a statement yesterday, the SEC said there are at least 14 groups that have been flagged for trying to lure the public into unauthorized investment activities since the coronavirus outbreak started last month.

These include MAGINVESTKA.ONLINE (MIK.O), Azenzo-Online, and President: Rodrigo Duterte Charity Foundation, which have come up with different schemes to attract investors.

MIK.O is supposedly operated by persons using the the pseudonym “Mag Forex,” and invites the public to invest in bitcoin trading to get a 2% daily return.

The operations of Azenzo-Online is likened to that of alleged investment scam Kapa-Community Ministry International, such that investors are promised a 30% return in five to 15 days and a 100% “donation return” in 20 days.

Other operators that the SEC flagged are Bitrade/Bitrade Bitcoin Trading Ltd./Bitrade Limited Ph; Bitcoin Revolution; E-Commerce, House of Entrepreneurs, Inc.; and Fast Track Worldwide, Inc.

The regulator said all these corporations do not have the required SEC license to sell securities by offering investment opportunities.

Another dangerous scheme it found was a text scam that uses the name of President Rodrigo R. Duterte. It works by sending texts to people that he/she has won P750,000 in an electronic raffle, then asks for the recipient’s personal information to claim the prize.

The SEC said persons behind these operators, whether salesmen, brokers, dealers or agents, may be penalized with a maximum fine of P5 million or imprisonment of up to 21 years, or both.

“We encourage the public to carefully study and examine offers and invitations to participate in schemes promising easy money especially in these difficult times,” SEC Chairperson Emilio B. Aquino said in the statement.

“On our part, the Commission will continue monitoring investment-solicitation activities online and on the ground to stop unscrupulous groups from putting any other burden on Filipinos, especially the vulnerable, amid the COVID-19 pandemic,” he added.

IMI halts Mexico operations due to COVID

Ayala-led Integrated Micro-Electronics, Inc. (IMI) is suspending its operations in Mexico until the end of the month due to the implementation of emergency measures against the coronavirus disease 2019 (COVID-19).

The electronics manufacturer told the stock exchange yesterday IMI Mexico will close facilities until April 30 while a skeletal workforce supports critical business activities.

IMI Mexico contributes about 13% to the company’s global revenues. In 2019, its revenues stood at $160.2 million, 50% higher year on year. But total revenues fell 7% to $1.25 billion, resulting in the company’s attributable net loss of $7.78 million.

“The IMI management team is coordinating with government agencies to explore the possibility of expanding the scope of ‘essential activities’ to our local operations in the region,” the company said.

“IMI will continue to ensure the health, safety and welfare of its employees and will abide by the guidelines mandated by government.”

The government of Mexico declared a health emergency on Monday due to the mounting cases of COVID-19 in the country. The New York Times reported that the order to shut down “non-essential activities” has been extended to the private sector from March 30 to April 30.

Aside from its operations in Mexico, IMI had also closed its facilities in China in late January and implemented a “partial shutdown” in its facilities in Luzon last month to follow government orders in containing COVID-19. Luzon is under quarantine until April 13.

Shares in IMI at the stock exchange slipped seven centavos or 1.55% to P4.45 each on Friday. — Denise A. Valdez

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