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How PSEi member stocks performed — March 26, 2020

Here’s a quick glance at how PSEi stocks fared on Thursday, March 26, 2020.


Index posts biggest one-day rise in over a decade

By Denise A. Valdez
Reporter

THE PHILIPPINE Stock Exchange index (PSEi) saw its biggest one-day jump in almost 13 years yesterday, driven by improved investor confidence over the government’s efforts to support the economy amid the coronavirus disease 2019 (COVID-19) pandemic.

The PSEi surged 373.82 points or 7.43% to 5,401.58 on Thursday, as the broader all shares index increased 185.69 points or 6.05% to 3,250.82.

This is the largest percentage climb the main index has recorded in a single day since Aug. 21, 2007 when it rose 9.82%.

“The market was up by almost 8%, as investors appreciated the government’s effort to combat the negative impact of COVID-19 pandemic in the economy,” Philstocks Financial, Inc. Research Associate Claire T. Alviar said via text.

She said among the drivers of optimism yesterday was the government’s plan to borrow up to $2 billion from multilateral lenders to mitigate the impact of the pandemic.

Another is the central bank’s commitment to purchase P300 billion worth of government securities from the Bureau of the Treasury, on top of its 50-basis-point (bp) cut in key rates last week and the 200-bp reserve requirement ratio reduction for big banks to 12% starting March 30.

“We think that these were the narratives that investors are looking into right now, and they were finding the battered stocks to bargain hunt and the stocks to benefit the most on the measures,” Ms. Alviar said.

For Regina Capital Development Corp. Head of Sales Luis A. Limlingan, the rally in the local bourse is also an effect of the approval of a massive economic stimulus bill in the United States.

The US Senate passed a $2-trillion emergency relief bill on Wednesday to support affected sectors by the COVID-19 pandemic. The bill will now be subjected to a vote by the House of Representatives on Friday.

At the PSE, all sectoral indices closed higher yesterday: property by 248.95 points or 9.33% to 2,916.21; financials by 96.33 points or 8.31% to 1,255.13; services by 73.97 points or 6.91% to 1,143; holding firms by 288.13 points or 5.80% to 5,255.89; industrials by 246.10 points or 4.10% to 6,245.73; and mining and oil by 130.58 points or 3.21% to 4,188.02.

Value turnover was trimmed to P7.67 billion with 590.86 million issues switching hands from Wednesday’s P8.30 billion with 929.07 million issues.

Advancers stood at 151, decliners at 48 and unchanged names at 26.

Foreigners remained sellers yesterday, but net outflows were trimmed to P680.11 million on Thursday from P1.67 billion on Wednesday.

“We think that sell on rally is still the best strategy for now given the increasing number of COVID-19 cases in the Philippines, and despite today’s market gain, foreigners were sellers by P680 million,” Philstocks Financial’s Ms. Alviar said on Thursday.

Peso gains ground versus dollar on PSEi’s strength, US stimulus

THE PESO appreciated against the greenback on Thursday, reflecting gains in the local stock market and better market sentiment amid measures unveiled by the US government to mitigate the impact of the coronavirus disease 2019 (COVID-19).

The local unit ended trading at P51.07 per dollar, stronger by seven centavos from its P51.14 close on Wednesday, according to data from the Bankers Association of the Philippines.

The peso opened the session at P50.98 against the dollar. Its weakest showing for the day was at P51.15, while its intraday best was at P50.90 versus the greenback.

Dollars traded dropped to $420.1 million from $642.6 million on Thursday.

A trader attributed the peso’s strength to better investor sentiment as evidenced by gains in the Philippine Stock Exchange index (PSEi), paired with news that the US Senate approved a $2-trillion stimulus package amid the pandemic.

“Market is still relatively quiet… I think there was some demand seen because of the rebound in the stock index as well as better risk sentiment as the US senate approved their stimulus package,” the trader said in a phone call.

The PSEi went up 373.82 points or by 7.44% to close at P5,401.58 on Thursday, also on the back of positive investor sentiment.

Meanwhile, on Wednesday, the US Senate unanimously passed a $2-trillion bill that will provide aid for unemployed workers and industries affected by the pandemic, according to Reuters.

It will include $500 billion in funding for hard-hit industries as well as up to $3,000 in direct payments to millions of US families.

Likewise, it will allot $350 billion for small business loans, $250 billion for expanded unemployment aid and at least $100 billion for the health care sector.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion also attributed the peso’s better finish to recent moves from the US government.

“Recent moves by the [US] Fed[eral Reserve and on the fiscal side may also be helping in the stability of global markets, thus also affecting the domestic markets,” Mr. Asuncion said in a text message.

The US Federal Reserve said on Monday it will buy corporate bonds, backstop direct loans to companies and will also introduce a credit line to small and medium-sized businesses, all to support and stabilize the financial markets.

For today, the trader sees the peso playing around the P50.90 to P51.20 band, while Mr. Asuncion gave a forecast range of P50.80 to P51.10.

The dollar fell against the yen on Thursday before data expected to show a surge in US claims for unemployment benefits as companies lay off workers due to the rapid spread of the coronavirus.

The Australian and New Zealand dollars, both of which are closely linked to the global commodity trade, fell against their US counterpart as traders avoided taking on excessive risk.

The dollar fell 0.2% to 110.98 yen in Asia on Thursday.

US weekly jobless claims due later on Thursday are expected to rise to around a million, which would be well above the previous peak seen during the global financial crisis. — L.W.T. Noble with Reuters

Three more lawmakers infected with novel coronavirus disease

THREE more lawmakers — one senator and two congressmen — tested positive for the coronavirus disease 2019, adding to the rising number of infections that the Health department said had reached 707 as of Thursday.

Senator Juan Edgardo M. Angara, who took the test on March 16 after experiencing mild fever, cough and headaches, was the third senator to get infected after Senators Miguel F. Zubiri and Aquilino L. Pimentel III.

The lawmaker, who missed Monday’s special session where Congress approved a bill giving President Rodrigo R. Duterte special powers to deal with the outbreak, said he had not been in contact with the public since he got tested.

Meanwhile, two congressmen had tested positive for COVID-19, according to Isabela Rep. Antonio T. Albano.

“We bravely went to work and two of our congressmen are now positive for COVID-19, two congressional staff have died, many more are persons under investigation and under monitoring,” he said in a Facebook post on Wednesday evening.

ACT-CIS Partylist Rep. Eric G. Yap confirmed in a statement on Wednesday that he had tested positive. Mr. Albano did not name the other congressman who fell ill from the virus.

Mr. Yap, who heads the House committee on appropriations, said he got tested on March 15 after being exposed to people who later tested positive, and received the result after 10 days.

He said he led a hearing on the Health department’s supplementary budget on March 10. “After that, it was business as usual for me but I was careful as always.”

Mr. Yap attended a meeting on March 21 between lawmakers and Cabinet officials at the presidential palace. Among those in attendance were Speaker Alan Peter S. Cayetano, Deputy Speaker and Camarines Sur Rep. Luis Raymund F. Villafuerte, Senate President Vicente C. Sotto III, Senator Christopher T. Go, Finance Secretary Carlos G. Dominguez III and Executive Secretary Salvador C. Medialdea.

CHARGES
Meanwhile Mr. Pimentel could face criminal charges and a disbarment complaint for violating quarantine protocols and exposing several health care workers to the novel coronavirus, according to lawyer Rico Quicho.

In a Facebook post, the lawyer said the senator should be held accountable for violating home quarantine rules when he accompanied his pregnant wife to the Makati Medical Center.

“We cannot let such ineptitude into positions of power,” Mr. Quicho said. “We will rely on the full force of law — we are looking into criminal, civil and administrative charges not only to make him accountable, but also to set an example.”

Mr. Quicho said they were coordinating with different medical associations and people and encouraged the hospital to review its CCTV footage. “We owe this not only to the other MMC patients exposed, but also to the frontliners who were put at risk,” he said.

Mr. Pimentel on Wednesday confirmed that he had tested positive for COVID-19. He said he got the news of confirmation on Tuesday evening while he was at the Makati Medical Center with his wife Kathryna, who was due to deliver their child.

The hospital rebuked Mr. Pimentel for being reckless and irresponsible.

The Philippine Medical Center expressed support for MMC, saying the senator should have put forward the well-being of the health care workers.

“The PMA thus calls upon our government officials to please refrain from being treated as VIP’s and better, please follow protocols as we are all in this fight together,” it said in a statement yesterday.

Mr. Pimentel apologized to the Makati Medical Center, saying he did not intend to breach the quarantine protocol.

“I would like to sincerely and profoundly apologize to the management and staff of the Makati Medical Center for this unfortunate incident,” he said in a statement. “I never intended to do any harm to anyone.”

Mr. Quicho said the senator had violated the law on “mandatory reporting of notifiable diseases and health events of public health concern.”

The law imposes a jail term of up to 6 months and a maximum fine of P50,000.

Mr. Quicho described the complaint he was readying as a “test case” that could “encourage other citizens” to also go after Congressman Yap, who attended a Malacañang meeting and a special session of Congress even after getting tested.

Justice Secretary Menardo I. Guevarra on Tuesday said the department would “temper the rigors of the law with human compassion,” during “abnormal times like these, when people are prone to commit mistakes.”

“But this is not to say that the DoJ will not act upon the filing of a proper complaint by any interested party,” he added.

Mr. Duterte locked down the entire Luzon island on March 16, suspending classes, work and public transportation and asking people to stay in their homes to contain the outbreak.

The Justice department earlier said violators of the lockdown order would be arrested. — Vann Marlo M. Villegas, Charmaine A. Tadalan and Genshen L. Espedido

COVID-19 cases top 700; death toll now at 45 — DoH

SEVENTY-ONE more people have tested positive for the coronavirus disease 2019, bringing the total infections to 707, according to the Department of Health.

Seven more patients aged 46 to 87 have died, taking the death toll to 45, DoH said in a bulletin.Two more patients aged 41 and 69 recovered, bringing the total of those who have gotten well to 28, it added.

Meanwhile, 253 Filipino workers in Kuwait have come home amid the COVID-19 pandemic that has sickened about 475,000 people worldwide, with more than 21,000 deaths, the Department of Foreign Affairs said in a separate statement.

The Filipinos, who arrived at the Ninoy Aquino International Airport (NAIA) yesterday, went through medical protocols and check-up at the airport and will undergo a mandatory 14-day home quarantine.

Those who live in Metro Manila and nearby were provided transportation, while those who could yet go home due to the lockdown were given shelter, the agency said.

DFA said it would coordinate with the Philippine Embassy in Indonesia to help facilitate the return of Filipino workers there.

DFA in a separate statement reminded Filipinos about Brunei’s temporary travel ban as part of containment measures starting March 24.

“The DFA reminds the Filipino public to remain vigilant and accurately informed as countries/territories impose and/or adjust travel restrictions that may affect Filipino travelers,” it said.

DFA said 172 Filipinos overseas have been infected with the virus. Eighty patients were being treated, 90 have recovered and two died. — Vann Marlo M. Villegas and Charmaine A. Tadalan

Top pediatrician dies after being infected with new coronavirus

THE president of the Philippine Pediatric Society died after contracting the coronavirus disease 2019, Health Secretary Francisco T. Duque III said yesterday.

Sally Gatchalian, who was also an assistant director at the Research Institute for Tropical Medicine, died, Mr. Duque told radio DZMM.

President Rodrigo R. Duterte earlier signed a measure into law giving him special powers to deal with the COVID-19 pandemic.

Under the measure, public and private health workers will get P100,00 in compensation if they are severely infected with the coronavirus disease 2019 (COVID-19).

Their families will get P1 million if they get infected and die. The clause will be applied retroactively. Health workers will also get a special COVID-19 risk allowance on top of their regular hazard pay.

The proposed law allows the President to quicken the approval of testing kits and testing of persons under investigation and monitoring, as well as the isolation and treatment of patients.

He will also ensure that local governments follow the rules set by the National Government.

He will also continue to enforce measures against hoarding, profiteering, price manipulation and other illegal acts that could affect the supply and distribution of food and other basic goods.

The President will also speed up the procurement of protective gear for health workers, test kits, medical supplies and relief goods. He may also order the construction of temporary hospitals for COVID-19 patients. — Vann Marlo M. Villegas

#COVID-19 Regional Updates (03/26/20)

IATF OKs DA-endorsed food transport protocol

THE Inter-Agency Task Force (IATF) for the Management of Emerging Infectious Diseases has approved the food resiliency protocol endorsed by the Department of Agriculture (DA) for faster movement of major food commodities to Metro Manila and other parts of Luzon. Agriculture Secretary William D. Dar said the protocol covers free movement of agricultural personnel such as farmers, fishers, employees of food processing and manufacturing companies, and food supply chain logistics providers. “Iniiwasan po natin na mayroong mabubulok na mga gulay at iba pang produkto dahil sa mabagal na galaw ng mga ito. Maliban dito, iniiwasan nating tumaas ang presyo ng mga pagkain at pangunahing bilihin (We are avoiding food wastage due to slow movement of cargo transport. We are also preventing higher prices for basic food commodities),” Mr. Dar said. Interior and Local Government Secretary Eduardo M. Año also issued an advisory to local governments units (LGUs) on Wednesday to ensure the uninterrupted movement of goods. “All LGUs are advised to adhere to protocols prescribed by the IATF and concerned NGAs (national government agencies) in ensuring food availability and sufficiency during the COVID-19 crisis,” Mr. Año said. — Revin Mikhael D. Ochave

BoC issues ECCs at airport

THE BUREAU of Immigration has started issuing emigration clearance certificates (ECC) at the Ninoy Aquino International Airport to minimize crowding at its office and physical contact between officers and holders of a temporary visitors visa. An ECC is issued to temporary visitors who stayed in the country for more than six months and holders of residence, work, or student visa who would like to leave the country “for good.” “We have put this temporary measure in place to prevent the influx of foreign nationals leaving the country who will be applying to process their ECCs, essentially minimizing physical contact with the traveling public,” Commissioner Jaime H. Morente said in a statement. Mr. Morente said they have also suspended biometrics capturing and issuance of special security registration numbers for processing of ECCs in observance of physical distancing. The commissioner assured that they still match the application with the derogatory database to ensure that the applicants have no pending obligation with the government. — Vann Marlo M. Villegas

Cebu airport closed to all inbound international flight passengers starting March 27

ALL INBOUND passengers on international flights will no longer be allowed to enter Cebu through the Mactan Cebu International Airport starting March 27 as the entire province is placed under enhanced community quarantine to mitigate the spread of the new coronavirus known as COVID-19. Governor Gwendolyn F. Garcia, in a streamed media briefing Thursday, said one of the reasons for the stricter protocols is to lessen the burden of monitoring newly-arrived people who are required to undergo a 14-day quarantine. Speaking in Cebuano, Ms. Garcia cited several local government units (LGU) around the province, such as Liloan, that are struggling with keeping watch of thousands of people who could potentially be carriers of the virus. Outbound passengers will still be allowed as well as the free flow of cargo movement in all airports and seaports. Inter-LGU transport services will also be restricted. The enhanced community quarantine will be in effect until further notice. — MSJ

BPOs in Davao City checked for compliance to DTI rules

A 2018 file photo of a call center in Davao City. — BW FILE PHOTO

DAVAO CITY — Business process outsourcing (BPOs) companies here are being checked by a joint team from the city government and the Department of Trade and Industry (DTI) for compliance to guidelines on continued operations.

“You only have two options based on the DTI memo: skeletal workforce provided they observe social distancing and employees should have a temporary accommodation within the vicinity of the workplace with shuttle service; and work from home arrangement. If they cannot comply they must close down,” Mayor Sara Duterte-Carpio said over the state-run Davao City Disaster Radio.

Under the national government’s state of health emergency policy, BPOs are among the sectors allowed to continue operations.

DTI issued a memorandum circular outlining the rules that must be observed by outsourcing firms while the Davao City government also released localized guidelines last Monday.

Samuel R. Matunog, president of ICT-Davao, Inc., the industry council for the Davao region’s information and communications technology sector, said they have reminded members not to waste this concession from the government.

“Government is providing a way to maintain the operation and for us not to lose our clients along the way and provide employment to our workers. To that extent, BPOs will be able to comply and we hope they will be able to follow guidelines,” Mr. Matunog said in a telephone interview.

As of Monday, 26 BPOs have been inspected, according to the mayor.

One call center, Six Eleven, already has about 40% of its employees on home-based arrangement.

“(It’s) those accounts that can be done from home. We lent them computers and all necessary hardware,” Six Eleven owner Joji Ilagan-Bian said in a text message.

For those still reporting to the office, Ms. Bian said they have set up a foot bath and temperature check in all entrances, and social distancing is observed.

“We enforced that strictly by actually removing the chairs in between so the agents will be disciplined to observe social distancing while at work. We also have our floor sanitized every five days,” she said.

Ms. Bian said accommodations and shuttle service are provided for those who require these.

“We understand that we have to be proactive now and really follow strict protocols from our government. We are also doing our utmost best to protect our people and to ensure their safety,” she said. — Maya M. Padillo

Nationwide round-up

Gov’t eases release procedures on medical equipment for COVID-19


THE BUREAU of Customs (BoC) may now release medical equipment vital in addressing the coronavirus disease 2019 (COVID-19) without clearance, the Food and Drug Administration (FDA) said. “Foreign donations of ventilators, respirators and their respective accessories to be used in the treatment of COVID-19 patients need not require FDA clearance prior to customs release,” FDA Director General Roland Enrique D. Dominguez said in a letter to Customs Commissioner Rey Leonardo B. Guerrero. The FDA also said that for imported medical equipment, the importer will only be required to present copies of their License to Operate. The March 23 letter was shared by Foreign Affairs Secretary Teodoro L. Locsin, Jr. in a social media post, after he flagged the FDA, BoC, and the Department of Health over “the runaround” amid the health crisis. — Charmaine A. Tadalan

PhilHealth reiterates assurance of coverage to all COVID-19 patients

THE PHILIPPINE Health Insurance Corp. (PhilHealth) on Thursday reiterated that it will cover all medical expenses of patients tested positive for the coronavirus disease 2019 (COVID-19). In a briefing on Thursday, PhilHealth President Ricardo C. Morales said under the government’s Universal Health Care program, “Walang tao dapat maglabas ng pera (No one should shoulder the cost).” He added, “Lahat ng gagastusin, whether public or private hospitals, sasagutin ‘yan ng PhilHealth (All the expenses, whether in public or private hospitals, that will be covered by PhilHealth).” Patients under investigation (PUI), or those exhibiting COVID-19 symptoms, are also covered. Mr. Morales noted that this week alone, P1.6 billion has been released to hospitals. This is part of the P30 billion fund it has allocated to address COVID-19. The Inter-Agency Task Force on the Management of Emerging Infectious Diseases on Wednesday called for an additional funding of P420 million for PhilHealth, to be sourced from the Philippine Charity Sweepstakes Office. — Gillian M. Cortez

Lawmaker proposes use of MOOE budget for COVID-19 response

A LAWMAKER has called for the realignment of part of the Executive branch’s operating budget to augment the fund for addressing the new coronavirus disease 2019 (COVID-19). “The tens of billions we can save by reducing unnecessary expenses can be used to fight the coronavirus disease,” Anakalusugan Rep. and chairman of the House committee on public accounts Michael T. Defensor said in a statement on Thursday. He cited non-essential items under the maintenance and other operating expenses (MOOE) budget such as travel expenses worth P19.4 billion, and training and scholarship expenses worth P32.9 billion, among others. “These are programmed and budgeted expenses we clearly can scrimp on or do away with while we are battling this pandemic,” he said. Mr. Defensor said these funds would be in addition to the P275 billion that the administration’s economic team has committed to raise from non-budget sources. — Genshen L. Espedido

Dominguez says worker support main priority

FINANCE SECRETARY Carlos G. Dominguez III said the government is focused on saving jobs and ensuring workers are paid during the COVID-19 outbreak, and does not consider tax breaks a priority.

“I have told the people who came out with that proposal to do a stimulus package — that is not our priority at the moment… we don’t even know what the point is of giving tax credits and stimulus packages when you have no workers. What’s the point? The workers are in quarantine… Let’s talk about that later,” Mr. Dominguez told reporters Wednesday via Google Meet.

He said the government’s focus is to support Filipinos who lost their livelihoods, protect front-liners and the health care system, as well as boost the economy.

“The first part of the battle, we must take care of the essentials and then as the battle develops, we will take a look at the damage to the economy and therefore that’s the time when we will plan on what we are going to do for the stimulus program. But now, I think we are still in the assessment stage,” he said.

The Makati Business Club on Monday urged the government to implement financing programs and stimulus packages to help businesses, especially micro, small and medium enterprises (MSMEs), stay afloat during the crisis.

Before Congress approved Republic Act No. 11469, or the “Bayanihan to Heal as One Act,” the group said in a statement: “we suggest the Administration and Congress consider… providing rehabilitation, special financing programs and/or stimulus package to help businesses — especially MSMEs — that are adversely affected by the COVID-19 pandemic, especially to help them pay workers to remain quarantined and, when the pandemic is under control, to rehire and resume normal operations.”

According to Mr. Dominguez, the government “doesn’t know exactly what the total damage is, but there is damage. So, we’ll attend to the immediate emergency which is to provide livelihood, to provide safety equipment and provide general support to the economy. But for the specifics I don’t know yet this time.”

According to the law, 18 million low-income families will receive emergency subsidies worth P5,000 to P8,000 per month for two months. A “COVID-19 special risk allowance” will also be given to public health workers and additional compensation for all health workers who contract the disease.

Meanwhile, the law also provides for the liberalization of incentives for manufacturing or importing needed equipment and supplies for health workers fighting the outbreak, as well as ensuring that credit is available to “productive sectors” during the crisis.

Mr. Dominguez has said the government is currently seeking up to $2 billion worth of funding assistance from multilateral agencies to support the government’s increased spending and plug the funding gap. Economic managers expect revenue to drop by around P318.9 billion this year for every percentage-point contraction in economic growth.

Separately, Mr. Dominguez also urged his fellow governors at the Asian Development Bank (ADB) to give President Masatsugu Asakawa more leeway as the multilateral lender addresses its member-countries needs during the global health crisis.

“Extraordinary times call for extraordinary measures. A certain degree of discretion ought to be provided to the President on administrative matters, such as allocating the Bank’s budget and authority to approve crisis-related programs and projects, within reasonable limits,” Mr. Dominguez said in his letter to the other 67 ADB governors.

The government rolled out an initial P27.1-billion economic stimulus package to help virus-affected sectors while the recently-signed law allows the government to realign as much as P275 billion from the national budget and make off-budget outlays to the emergency subsidy program.

The World Bank has committed to provide a $100-million loan to the Philippines while the ADB has extended a $3-million grant.

Economic planners expect losses of between P428.7 billion to P1.355.6 trillion in gross value added, equivalent to 2.1-6.6% of gross domestic product, due to the economic impact of COVID-19. — Beatrice M. Laforga

MSMEs running out of working capital during lockdown

A SECOND lockdown would devastate the micro, small and medium enterprise (MSME) sector because their working capital has been depleted with the shutdown of most businesses as banks grow more reluctant to lend because of the heightened bad-loan risk, Presidential Adviser for Entrepreneurship Jose Maria A. Concepcion III said.

“We have to make sure this lockdown succeeds. Because if it fails then the country cannot afford a second lockdown. If we continue with the lockdown of course mas malaking problema para sa mga MSMEs natin kasi ‘yung working capital nila ubos na (It will be a bigger problem for MSMEs because their working capital has been wiped out) in this first round and then ‘yung funding galing sa mga bangko ay wala pa diyan kasi nahirapan din ang bangko na mag-lend kasi baka lumaki ‘yung exposure nila (bank funding will dry up because of the heightened exposure to bad loans),” he said in a radio interview Thursday.

Mr. Concepcion added that the main problem of MSMEs during the COVID-19 outbreak is that they cannot obtain additional funding from banks.

Ang bangko kasi, once confidence starts to (weaken), baka may mag-collapse din na bangko (Banks are worried about a loss of confidence which could collapse the system) so that’s what we don’t want to happen. So (the banks), because of fear, (are) pulling back. They’re not lending and they’re doing selective lending so talagang matatamaan itong mga MSMEs (the MSMEs are really going to take a hit),” he said.

Mr. Concepcion noted that employees are afraid to work because of the fear of contracting the virus.

“Many are not sure if they can be tested. Fear is really moving around very strong as they see the cases moving higher, mas lalo silang natatakot (the more the fear spreads),” he said.

“They may have one to two months’ leave and support from the government pero pagkatapos nu’n, wala na silang maipambibili para sa pagkain (when that runs out, they won’t have anything left to buy food),” he added.

Mr. Concepcion said the Republic Act 11469 or the Bayanihan to Heal As One Act will help the Executive Department define priorities for stimulus.

“What would happen here is that the Secretary of Finance can now work on the current budget and reallocate and prioritize what is more pressing which is ‘yung mga nawala sa trabaho, itong mga contractual employees natin. (the lost jobs, particularly among contractuals) So the program of this administration right now is to focus really on the supply of food. They are looking at expanding the cash transfers. Those are what’s considered urgent (right now),” he said.

The second phase of the government’s efforts will be to revive businesses, Mr. Concepcion added.

“That stimulus package is going to be important to revive, to reenergize the business community,” adding that MSMEs are critical because ”they connect all the way down to the poor,” he said.

Mr. Concepcion said it was important that the current “lockdown” succeeds.

“So within this one month, you will know who is sick and who is not sick. We have to prevent a second lockdown from happening (because) by this Sunday it will be the end of two weeks so makikita natin siguro maraming cases lalabas ‘yan (so we will see a lot of cases emerging). But before four weeks end, (maybe) things should be stabilized,” he said.

Once the lockdown ends, Mr. Concepcion said that the government should focus on reviving the manufacturing sector.

“Once we are over this lockdown, the most important thing is we have to go back to manufacturing. We have to run our plants because this is what will give the people jobs. We cannot lock down again because then nobody will have jobs, the government cannot continue giving money, giving food because we will run out of that,” Mr. Concepcion said. — Genshen L. Espedido