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Tips on managing a thriving remote workforce from Kalibrr’s CEO

Working from home has turned from a simple working option for some to a necessity for most as a result of the ongoing coronavirus pandemic and government-mandated quarantine.

To help companies with this setup, Paul Rivera, ex-Googler and Kalibrr co-founder, recommends these easy-to-implement tips to ensure employee well-being, accountability, and productivity as they work remotely.

Access to tools and technology

Everyone should have access to the same set of tools – in our case, laptops, company email addresses, phones/SIM cards for our sales team, access to cloud storage (Google Drive / Dropbox), access to the company-wide project management tool (like Trello), and in some cases, subsidized access to the internet.

Align on what communication channels to use

Communication is a critical piece to make sure that working remotely goes as smoothly as possible. Are you going to use Skype, Slack, Viber, or Telegram? Whatever you choose, make sure that you clearly and deliberately assign specific channels that you’ll be using to talk to your employees.

Create concrete communication and operational guidelines

Once you’ve identified the right channels, you’ll need to establish guidelines. This can include how much time is allotted to respond to messages and emails together with set break times for when slowed down responses should be anticipated. Objectives and their milestones should be communicated using the channels and methods above. It’s also easy to overdo work from home – work from home shouldn’t mean that your team is always working.

Set processes for “reporting to work”

The whole company should treat this as if they are going to work – showering, dressing and all of the pre-work rituals should continue to be observed. Regular work hours should be followed so you shouldn’t have to ask employees to “check-in.” However, if you’re new to this, asking your employees to send in an email message or message to your group that they’re already online and working can quickly ease this administrative burden.

Assign a skeletal workforce

Not all companies will be able to completely implement a work-from-home setup. Having a skeletal workforce responsible for continuing day-to-day business operations will be helpful to minimize both health risks and business losses.

Communicate your work arrangement to your clients

Make sure to set expectations with your clients and partners in line with the work arrangement you’ll be implementing. Sending an email signed by management to these stakeholders can be greatly appreciated.

End-of-day / End-of-week check-in

Working remotely should not reduce your overall business productivity. Asking your team to send in an end-of-day report that outlines what they’ve accomplished for the day helps you keep track of company goals but at the same time helps employees manage their own responsibilities better. Better yet, if you use a project management tool like Trello, the reports should happen within the system you’ve already established while you were all working in the office.

Create a remote culture

Invest in building a shared remote culture, with norms, values and ceremonies as if you were all together in the office. If it is someone’s birthday, it should still be celebrated, albeit on a video chat with a virtual birthday cake. In addition, create an accountability culture where team members collaborate, are transparent and invest in each other’s success.

Trust and Empathy

Trust that people will get their work done and understand if they need help. This is probably going to be the hardest part for many companies but engendering trust can go a long way to making this work for your company. Make sure your employees feel empowered to speak up if something isn’t working for them and you should also speak up if it isn’t working for you.

Recommended Free Tools:

  • Video conferencing: Zoom / Google Hangouts / Skype / Discord
  • Project management: Trello / Notion
  • Communication: Viber / WhatsApp / Telegram / Messenger / Google Hangouts Chat
  • Whiteboard: Jamboard, Miro, Whimsical

Pandemic or not, being open and trusting of employees will also encourage them to be more accountable for their business contributions as they work from home.

“With the amount of technology available, the future of work isn’t necessarily everyone in one office from 9PM to 6PM, watching the clock,” Paul says. “The future of work is an empowered team, who you trust and who hold each other accountable, with the right tools to be productive, regardless of where they may be.”

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Kalibrr is a technology company that aims to transform how candidates find jobs and how companies hire talent. Placing the candidate experience at the center of everything it does, the company continues to attract the best talent from all over, with almost three million professionals and counting. Kalibrr ultimately connects these talents to companies in search of their next generation of leaders.

You can sign up for Kalibrr here. For more business and recruiter advice, follow Kalibrr on Facebook, Twitter, LinkedIn, and Instagram.

Five effective ways to motivate your sales team

Motivation is key to unlocking the potential of your sales force, enabling each member to contribute to the success of a business. As a sales manager or director, it is important to keep your team members motivated and get them excited about reaching their potential to drive business performance and achieve goals.

Motivating your sales force, however, is not always easy. In fact, there is no one-size-fit-all approach to employee motivation, especially when each person requires different incentives and motivational tactics. Here are five ways to effectively motivate your team and increase their productivity.

1. Build trust

A core ingredient for driving motivation is trust. Trust is established when leaders create an environment of openness and honesty within the team, where employees feel comfortable to share ideas, voice their concerns and collaborate to build effective teams at work. Leaders should also let their employees know that they have their best interests at heart, by diligently listening to their feedback and giving them opportunities to grow and reach their potential. This will cultivate meaningful relationships and give employees a sense of belonging, keeping your sales force motivated to perform well.

2. Cultivate a sense of purpose

Did you know that companies with the highest levels of employee engagement were 22% more profitable and 21% more productive than those with low levels of engagement? One important way of engaging employees is to involve them in the direction and strategic goals of the company. As a leader, it is important to let your employee know how their skills and expertise could complement the team and contribute to the company’s overarching goals. In fact, breaking down silos between departments such as sales, marketing, customer support and IT is a good way of cultivating a sense of purpose among employees, as everyone works together towards a common goal.

3. Set specific and realistic goals

To keep your sales force motivated, leaders need to set specific and realistic goals for their team members, be it around personal or professional development. But remember, setting and monitoring goals is not enough. Leaders need to provide guidance and support in helping them achieve these goals, and do regular check-in to address any pressing issues.

It is also important for leaders to communicate with each team member and figure out what works best for each of them. Different people are motivated in different ways. Some are driven by achieving a quota, while some are motivated by team-wide sales contests or qualitative improvements.

 

4. Provide a healthy work-life balance

Several studies have shown that a healthy and balanced lifestyle is linked to workplace productivity. In fact, the productivity of your team is influenced by the amount of sleep and exercise they get, and their diet among other factors. Therefore, it is important for managers to observe the well-being of each team member, and make work-life balance a priority. This will help create a more loyal and energized workforce, leading to improved performance in the workplace.

5. Create a culture of recognition

Employees feel valued and recognized whenever their leaders appreciate them for their work. From monetary incentives to a simple “Thank you”, recognition and rewards inspire people to constantly do well and increase their productivity at work.

According to a recent study, developing rewards and recognitions programs around prepaid incentives can help employers retain, satisfy and engage their current workforce. In a digital age where cashless payments have improved the purchasing process, companies should consider building a digital incentive program which offer a range of useful options. Companies can issue incentives on a physical or virtual prepaid card, where employees have the option to purchase whatever they want with their bonuses, and enjoy the convenience of digital payments.

Wirecard’s Sales Incentive Card, for instance, is tailored for companies to effectively motivate their sales force. By serving as a tool for employee engagement, this card helps to optimize the performance of sales teams through incentives. Companies have the flexibility of either sending the same sum to multiple recipients or crediting a different amount to each card safely via the Wirecard Enterprise Portal. In addition, the company-branded cards can help to strengthen the brand and increase their staff’s loyalty.

On the other hand, your sales staff do not need a bank account to access their rewards. They can readily spend them anywhere that Mastercard or Visa is accepted, and use the Wirecard’s Payout mobile app to activate their card and check their balance and transactions. If the card should ever be lost or stolen, they can block it quickly and easily.

Ultimately, the success of your sales force depend on a combination of factors that keep them motivated and make them willing to go the extra mile. By leveraging the right strategies and digital incentives, companies can keep their sales representatives loyal, engaged and successful – catapulting your sales to a whole new level.

Learn more about Wirecard Sales Incentive Card here.

How edtech companies and related sectors are helping students with distance learning

When President Duterte announced class suspensions in the capital until April 14 as a way to contain the spread of Covid-19, it presented a challenge for educators who still had activities lined up for students until the end of the school year on April 3. How can Filipino students cope with this disruption in the school calendar, and how can edtech companies help students in distance learning?

Here are some edtech companies that are stepping up to the plate:

Code.org

Code.org, a nonprofit dedicated to expanding access to computer science in schools and increasing participation by women and underrepresented youth, is hosting free, live weekly webcasts to engage students of all abilities – even beginners or those without computers. Code Break is a way to help the millions of students who are home from school learn by exploring rather than memorizing.

While most students may not love homework, they do love the chance to be creative and have fun on Code.org. Students can develop life-changing skills at home by making their own app or game and sharing it with family and friends,” Hadi Partovi, Code.org’s founder, says of this learning opportunity. Parents can sign up for the challenge at their website and follow their Facebook page for updates.

IOL

IOL, a Baguio-based startup that maintains an advanced eLearning platform and creates online courses on accounting, business, and finance, is offering most of their courses for free during this pandemic. CEO Kevin Philip Gayao adds that they plan to upload their free Online Teaching course next week to help teachers learn how to teach online quickly using available online tools.

Zoom

Zoom, a modern enterprise video communications company with a cloud platform for video and audio conferencing, collaboration, chat, and webinars, is giving K-12 schools their video conferencing tools for free. They’ve specifically removed the time limit from video chats using Zoom’s free service for any K-12 schools affected in Japan, Italy, and the United States. (They’ve previously removed the time limit from video chats using Zoom’s free service for affected regions in China and elsewhere.) Students or teachers who fill out an online form using their school email addresses and are then verified by Zoom will have any accounts associated with that school’s domain also gain unlimited temporary meeting minutes. The free Basic accounts are also available upon request in Austria, Denmark, France, Ireland, Poland, Romania, and South Korea.

“Given that many K-12 schools are starting closing, we decided to offer Zoom access to all K-12 schools in the country starting tomorrow,” CEO Eric Yuan wrote in an email. “I told the team that with any crisis like this, let’s not leverage the opportunity for marketing or sales. Let’s focus on our customers. If you leverage this opportunity for money, I think that’s a horrible culture,” he adds.

CloudSwyft

CloudSwyft, a company with a cloud-based, technology learning platform for both enterprise and education sectors, is working closely with Microsoft Philippines to help its education customers and partners in on-boarding and setting up Microsoft Teams and CloudSwyft technology learning products for online collaborations and digital learning. Its founder and CEO, Dann Angelo De Guzman, says he has personally “experienced how digital upskilling can improve one’s life. “I’m excited to offer more of these opportunities to millions of people across ASEAN, who can now learn the skills in most demand by the best employers across the globe, right from the comfort and safety of their own home,” he shares.

Cloudswyft also plans to donate a portion of its revenues from their recent platform subscriptions from April and for the rest of year from customers in the Philippines to the Philippine General Hospital, Lung Center of the Philippines, and the Ayala Foundation.

Atlassian

Atlassian is giving educators free, one-year subscriptions to Trello Business Class, to help them stay organized and connected as they transition to remote learning. They believe this will help schools affected by closures stay organised and connected as they transition to remote learning.

In a blog post, Atlassian co-founder and CEO Scott Farquhar shared his thoughts on collaborating remotely in this time of social distancing: “While working remotely is the right thing to do during this time of social distancing, making the transition with little or no warning is unavoidably disruptive. Virtually every familiar feature of office life – from the bulletin board where your team tracks work in progress to the whiteboard you use for brainstorming – has to undergo its own version of digital transformation.”

Frontlearners

Frontlearners, an eLearning provider for schools, colleges, and universities, is helping their school clients to mitigate the impact of the class disruptions through their eLearning Content and Learning Management System. 

“These are busy times for us and our school clients,” says co-founder Elaine De Velez. One client with six campuses was able to complete all their final exams using the system’s online exams feature. Another was able to deliver instructional materials and conduct classes, all virtually, enabling them to continue and complete all the requirements for the remaining weeks of the school year. 

In light of the community quarantine, Frontlearners is offering free access to their materials for teachers, students, and parents upon registration. Schools can also avail of their own school-wide e-learning platform 24 hours after uploading their school’s class list. 

“What I foresee is that eLearning will no longer be a temporary stop-gap measure, but rather an integral part of a day to day teaching and learning process inside and outside our classroom.  There are just so many other features of our eLearning not yet used, which means so many more benefits that are yet to be maximized,” adds De Velez.

Career 180

Career 180, a centralized and comprehensive career advising platform that aims to qualify youth to the job market, has been regularly offering career advising videos as well as career forums and events. It is currently launching its free virtual Egypt Career Summit to students and professionals who wish to participate in the panel discussions and 80+ workshops.

PCI Hub

PCI Innovations Tech Center,Inc. is a company that aims to bring quality, interactive, and immersive learning with technologies such as a website & mobile learning management system, as well as serious gaming simulations, digital & blockchain certification, augmented reality, and virtual reality. 

Their e-learning platform is free for elementary students. Interested learners need only to create a free account in their PCI Hub. “PCI believes that our learners should continue learning at home. We bring to you free online courses for Grades 4-6 in Science, English and Math until the end of March. After all, education is also a way to fight the spread of this disease,” they assert in one of their Facebook posts.

Coursera

Educators would also do well to check out the free resources of massive open online course providers like Coursera. Its website reiterates its mission to transform lives through learning: “To help minimize the impact of the coronavirus (COVID-19) outbreak on students, the Coursera community is launching a global effort to assist universities and colleges to deliver courseware online.” They’re joining their partners to take student learning online by making Coursera for Campus available globally at no cost to any university impacted by COVID-19. 

There are pressing concerns related to the coronavirus pandemic and how it will impact students and their teachers in new and challenging ways. It is inspiring to note how the world is coming together as one community and innovating solutions to answer the challenges of this ever-changing situation.

 

Companies and individuals offer services for free amidst the Covid-19 crisis

Amidst the uncertainty of the Covid-19 pandemic, businesses and individuals are stepping up and showing their solidarity by offering their services and products to those badly affected by the crisis.

Here are some of the services being offered for free to support those struggling through the current crisis:

Education

Code.org, a nonprofit dedicated to expanding access to computer science in schools and increasing participation by women and underrepresented youth, is hosting a free, live weekly webcast. Through Code Break, they’ll be sharing a weekly challenge to engage students of all abilities – even without computers.

“While most students may not love homework, they do love the chance to be creative and have fun on Code.org,” said founder Hadi Partovi. “Students can develop life-changing skills at home by making their own app or game and sharing it with family and friends.”

IOL, an edtech startup that maintains an advanced eLearning platform and creates online courses on accounting, business, and finance, is offering most of their courses for free during this  pandemic.

“As part of our efforts to help learners and teachers cope up with the school cancellations, we are offering most of our courses for free during this time, said VEO Philip Gayao. “We also plan to upload our free Online Teaching course next week to help teachers learn how to teach online quickly using available online tools.”

Zoom, the massively popular modern enterprise video communications company, is giving K-12 schools their video conferencing tools for free. They’ve specifically removed the time limit from video chats using Zoom’s free service for any K-12 schools affected in Japan, Italy, and the United States.

“Given that many K-12 schools are starting closing, we decided to offer Zoom access to all K-12 schools in the country starting tomorrow… I told the team that with any crisis like this, let’s not leverage the opportunity for marketing or sales, said Eric Yuan, CEO of Zoom. “Let’s focus on our customers. If you leverage this opportunity for money, I think that’s a horrible culture.”

CloudSwyft, a company with a cloud-based, technology learning platform for both enterprises and education sectors, is working closely with Microsoft Philippines to help its education customers and partners in on-boarding and setting up Microsoft Teams and CloudSwyft technology learning products for online collaborations and digital learning.

The company also plans to donate a portion of its revenues from their recent platform subscriptions from April and for the rest of year from customers in the Philippines to the Philippine General Hospital, Lung Center of the Philippines, and the Ayala Foundation.

“Coming from a humble background right here in Manila, I’ve personally experienced how digital upskilling can improve your life,” said Founder and CEO Dann Angelo De Guzman. “I’m excited to offer more of these opportunities to millions of people across ASEAN, who can now learn the skills in most demand by the best employers across the globe, right from the comfort and safety of their own home.”

Business

Hootsuite, a social media management platform, is opening up their pro-tools free-of-charge for the people who need them most right now to help engage on social. 

“We have decided to give away our product for free, to help businesses and organizations coping with Covid-19,” said Ryan Holmes, Hootsuite CEO. “It’s so inspiring to see so many people and businesses pulling together in the face of the Coronavirus crisis. At Hootsuite, we’re committed to supporting our team, our customers and others affected, however we can. Stay healthy and stay positive.”

BlueInk, a company that provides an eSignature and Digital Document software service, is offering everyone its BlueInk For All plan for free for six months – until Sept. 15, 2020.

“In light of the tremendous economic impact to businesses and individuals resulting from the virus, it became clear that our company needed to do whatever it could to help,” said Faze Sharif, CEO of BlueInk. “Businesses and their employees are being confronted with the real possibility of working remotely and the expense can be prohibitive. Our team wants to do our part to allow for the interruption to be as minimal as possible, and help everyone during this time of hardship.”

Atlassian, a collaboration and productivity software provider, is giving educators free, one-year subscriptions to Trello Business Class, to help them stay organized and connected.

The company is also making its flagship cloud products available for free for teams of up to 10 people. This comes in addition to its existing free offerings for teams of all sizes, and the offer is not time-bound. The company has also launched a remote work hub where business teams can find resources like access to third-party integrations and advice on staying productive.

“While working remotely is the right thing to do during this time of social distancing, making the transition with little or no warning is unavoidably disruptive,” said co-Founder and CEO Scott Farquhar. “Virtually every familiar feature of office life – from the bulletin board where your team tracks work in progress to the whiteboard you use for brainstorming – has to undergo its own version of digital transformation.”

Salesforce, a customer relationship management platform, has made its collaboration offering Quip Starter available for free to any customer or non-profit through September 30. For health systems impacted by the coronavirus, Salesforce is providing free access to the Health Cloud. Their team has also created a publicly-available Trailmix on Trailhead with tips on how to work from home and maintain personal well-being during this time.

“We have amazing teams across Salesforce that are here for you.,” said Marc Benioff, Salesforce’s CEO. “This moment reminds us that we’re all connected like never before. We’re called upon to be our best selves, with patience, understanding and compassion. On behalf of all of us at Salesforce, we’re committed to being your partner and persevering together in all the days and years ahead.”

Wellness

I Go Beyond Yoga, the largest full service yoga studio chain in the Philippines today, has been offering free yoga and meditation classes via livestreaming on their Facebook page since at least March 15.

“In these times of uncertainty, we need grounding… Since you can’t come to our studios for now, then we bring the practice to your home,” the company shared in a Facebook post.

Tone It Up, a fitness and nutrition company, has also opened their workout app completely free for the next month for new members. “With everything going on in the world right now, we hope you’re finding all the support you need to stay healthy and safe at home,” Tone It Up’s founders said in a post. “And in case you missed it, we wanted to do a little something to make this time for you, your friends, and your family easier ~ after all, self-care is so important right now.”

Hospitality

Bayview Park Hotel tells the Office of the Manila City Mayor it wants to offer 15 rooms for healthcare workers, as per a March 19 news report. The offer was made after Mayor Francisco “Isko Moreno” Domagoso signed an executive order commandeering hotels and motels to provide shelter for healthcare workers.

Other hotels in Manila that have followed suit include Hotel Sogo, Eurotel HOTEL, Town and Country, UN Residences, and Dormitels.PH. 

“We want to offer our hotel for health workers. 15 rooms for free. For our country and for the health workers of Manila.” – a statement from Bayview Park Hotel as mentioned in Manila Public Information Office’s Facebook page

“Hotel Sogo in cooperation with the City of Manila will provide you a temporary shelter for free. Because we value your passion and hard work to fight fearlessly in preventing the spread of COVID-19. Stay safe and stay strong! Keep safe everyone! We salute all of you!” the company announced on their Facebook page.

Eurotel posted a similar announcement through their Facebook page as well, reading “in support with our front liners, Eurotel Hotel will provide you a temporary shelter for free. Because we value your passion and hard work to fight fearlessly in preventing the spread of COVID-19. Stay safe and stay strong! We can beat this! We salute all of you!”

Duterte eyes powers vs coronavirus

By Charmaine A. Tadalan
Reporter

PRESIDENT Rodrigo R. Duterte wants Congress to give him special powers to enforce measures to contain the coronavirus disease 2019 (COVID-19) that has sickened 380 people in the country, with 25 deaths.

Malacañang on Sunday certified as urgent its proposed bill that seeks to declare a national emergency arising from the COVID-19 crisis and give the President emergency powers.

Lawmakers will tackle the proposed Bayanihan Act of 2020 — effective for two months or during the state of calamity, whichever is longer — in today’s virtual special session, Senate President Vicente C. Sotto III told DZBB radio.

“In view of the continuing rise of confirmed cases of COVID-19, the serious threat to the health, safety, security and lives of our countrymen, the long-term adverse effects in their means of livelihood, and the severe disruption in economic activities, a state of national emergency is hereby declared,” according to the draft bill. Congressional leaders sent a copy of the palace bill to reporters.

Among others, the bill will give Mr. Duterte the power to “temporarily take over or direct the operations of any privately owned utility affected with public interest to be used in addressing the needs of the public during the COVID-19 emergency as determined by the President.”

These businesses include hotels to house health workers and serve as quarantine centers; public transportation to ferry frontline personnel; and telecommunication companies “to facilitate uninterrupted communication channels between the government and the public.”

The President will also be empowered to ensure all local government units are acting in line with orders issued by the National Government, particularly regarding the enhanced community quarantine in Luzon.

Marlon M. Villarin, a political science professor at the University of Santo Tomas, said he does not see the need for emergency powers to be given to the President.

“The President doesn’t need special powers or emergency powers, he has all the necessary power under the Constitution to really respond to this medical crisis,” he said by telephone.

“In this time of crisis, any action that will expedite the services of the people will be welcome,” Antonio A. Ligon, law and business professor at De La Salle University, said. “We should also be mindful of the proper procedure and not disregard it for the sake of expediency.”

BUDGET REALIGNMENT
Other “emergency powers” sought for the President include the speedy procurement of goods such as personal protective equipment and testing kits; regulating and limiting operation of public and private transportation; and giving incentives for the manufacture and imports of critical health care equipment and supplies.

The proposed bill also authorized the President to realign and reallocate funds from the national budget for 2020 into efforts to address the COVID-19 crisis.

He can also “allocate cash, funds and investments” held by any government corporations or agencies.

All unspent funds from collections and receipts, including future collections and receipts, must be used for the purposes stated in the proposed law, it said.

Top Congress officials said they are looking at approving an economic stimulus package of at least P200 billion, as the government tries to shield the economy from the effects of a Luzon-wide lockdown.

“We discussed not just billions but tens of billions, not lower than P200 billion for the next two months to make sure no Filipino will get hungry or fail to buy medicine,” House Speaker Alan Peter S. Cayetano said in Filipino in a video posted on his Facebook page after an Executive-Legislative meeting on Saturday.

Two months of financial assistance to 16.5 million families would cost P234 billion, Mr. Sotto said, citing Budget department estimates.

The financial aid is mainly for daily wage earners, those in the informal sector such as street and market vendors, and other workers who have lost their livelihood because of the Luzon-wide quarantine.

The enhanced community quarantine, which will be in place until April 12, requires people to stay in their homes, and restricted operations of all public transportation.

Mr. Sotto said Congress would try to pass the measure, which is certified as urgent, on third and final reading on Monday.

Albay Rep. Jose Maria Clemente S. Salceda, who heads the House ways and means committee, said they would use “telecommunications and online technologies to allow everyone to participate.”

Representatives may register their attendance, cast their votes and speak during the special session using Viber group chat, video conferencing apps such as Zoom Cloud Meetings, as well as by phone texts and calls. — with Beatrice M. Laforga and Genshen L. Epedido

PSE trading threshold adjusted to curb volatility

By Denise A. Valdez
Reporter

THE Philippine Stock Exchange, Inc. (PSE) is adjusting its trading threshold to reduce market volatility amid the coronavirus disease 2019 (COVID-19) pandemic.

In a memorandum posted on its website at the weekend, the bourse operator said it would trim the trading range of individual stock prices by setting the lower static threshold at 30% below the reference price, from 50% previously.

The upper static threshold will remain 50% above the reference price.

Under the PSE Trading Rules, thresholds are imposed to limit the price of an order for a security or group of securities. There are two kinds of thresholds in the PSE Trading Rules: static and dynamic. The static threshold, which is being revised, is an absolute value that sets the lower and upper limit for trading.

“We are looking at measures to address the present volatility in the stock market due to uncertainties from COVID-19. One of the measures we decided to adopt is to tighten the trading band for securities,” PSE President and Chief Executive Officer Ramon S. Monzon said in a statement.

The adjusted lower static threshold will take effect on Tuesday, March 24.

“We already configured our trading system to recognize a 30% decline in share price as the floor price of a security,” Mr. Monzon added.

He said the PSE is following rules implemented in other exchanges in the region, where the lower static threshold levels are 10-30%.

Philstocks Financial, Inc. Research Associate Claire T. Alviar said the new rule would ease market volatility seen in recent weeks.

“Given that the lower static threshold will be 30%, it will limit losses in the market and will further protect the investing public from the sell-off,” she said in a text message.

She said limiting the losses in a stock would cut the market losses as a whole.

“It would also calm sellers sooner than the previous guidelines, so bargain hunters can take cues earlier and this could help the stock price from the sell-offs, which would also help and lift the market at the same time,” Ms. Alviar added.

Diversified Securities, Inc. Equity Trader Aniceto K. Pangan agreed on the benefits of the new rule to the market’s current situation.

“As we are in for a volatile market, this may somehow relieve the stress on the investor side in terms of the limit on the downside of the market, as well as their particular holdings,” he said in a text message.

The main index closed at 4,778.76 on Friday, down 17.5% on a weekly basis. It fell 13.34% or 711.95 points to 4,623.42 on March 19, its biggest one-day drop in points and percentage. It also posted a record intraday decline of 24.29% that day.

Economic recovery possible by 2021 — Diokno

By Luz Wendy T. Noble
Reporter

THE GOVERNMENT could miss its growth target this year after Luzon was locked down to contain a coronavirus disease 2019 (COVID-19) outbreak, even as growth is expected to pick up in the third quarter and recovery by 2021, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.

The central bank chief also said “aggressive” fiscal stimulus and the continuation of infrastructure projects, paired with an appropriate monetary stance, will help buoy the economy.

With Luzon accounting for about 70% of the country’s gross domestic product (GDP), the economy could grow by 5-5.5% this year after a below-target 5.9% expansion last year, Mr. Diokno said, citing BSP estimates.

“BSP forecasts that the Philippines might grow by 5 to 5.5%, down from 6.5-7.5% original forecast, but still the highest among ASEAN-6 countries,” Mr. Diokno said in a text message.

“I expect a U-shaped recovery starting Q3 this year; full recovery is expected next year, with the economy growing at 6.8%,” he added.

The BSP said among the sectors that will feel the brunt of COVID-19’s effects are services, tourism, trade, and remittances.

“In addition, the implementation of the enhanced community quarantine in Luzon could further dampen domestic economic activity,” the central bank said in a separate e-mail statement.

Luzon has been placed under enhanced community quarantine as part of government efforts to contain the virus.

The Health department reported 73 new infections on Sunday, raising the total to 380, with 25 deaths.

Mr. Diokno said authorities must deploy measures that will complement the BSP’s easing stance to help shield the economy from the impact of the virus outbreak.

“The government needs a substantial, aggressive, and easily implementable fiscal stimulus to go hand in hand with BSP’s appropriate monetary stance,” he said.

On Thursday, the Monetary Board announced a 50-basis-point (bp) rate cut following global central banks’ moves to ease policy and provide stimulus to help countries cope with COVID-19’s economic impact.

With this, the overnight reverse repurchase rate was reduced to 3.25%, while overnight lending and deposit rates now stand at 3.75% and 2.75%, respectively.

The BSP had already slashed rates by 25 bps in February. Mr. Diokno on Sunday said the central bank has enough policy space, even as it has already unwound a total of 150 bps since 2019 out of the 175 bps in hikes implemented in 2018.

The central bank chief said the BSP’s policy easing should be paired with the continuous implementation of the government’s infrastructure program as well as the passing of laws that could boost the attractiveness of the country as an investment destination.

“The national government should also make sure that its audacious Build, Build, Build program is implemented with little delay. Congress should also approve the Executive’s priority legislation that will improve the attractiveness and competitiveness of the Philippine economy,” Mr. Diokno said.

Sought for comment, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said measures should be in place to help the most vulnerable sectors.

“Increased government spending measures need to be prioritized, with immediate positive effects on the most vulnerable sectors such as the unemployed, marginalized, and other adversely affected businesses,” Mr. Ricafort said in a text message.

He noted that financial relief for households and businesses have already been implemented in other countries like the United States.

Meanwhile, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion cited House Bill 6606 which sets aside P108 billion for a stimulus package in response to the COVID-19 outbreak.

The bill, filed by Marikina Representative Stella Luz A. Quimbo, allots P43 billion for the tourism sector which is said to be the hardest hit by the outbreak, while P65 billion will be allotted for cash transfers and support for workers affected by the lockdown.

“BSP can address the demand-side only at a certain point… Congress must get its act together with various executive department agencies in addressing the supply-side with a great and appropriate fiscal rescue plan,” Mr. Asuncion said in a text message.

According to Mr. Asuncion, a coordinated government response is crucial in battling the pandemic, noting he sees a continued rise in cases globally until June.

“But the impact of the virus may last longer and the global economy will never be the same pre-pandemic,” he said, adding there could still be new cases after June, though with slower increases.

“There will still be risks of small outbreaks when people start going back to work unless a vaccine or an anti-viral drug comes out. So, it will not be business as usual immediately. Economic work to recovery may take some time,” Mr. Asuncion said.

Economies/Areas with the most number of COVID-19 tests conducted

Economies/Areas with the most number of COVID-19 tests conducted

Region’s airlines are ‘hardest hit’

AIRLINES in Asia-Pacific countries, including the Philippines, have been hit the worst by the coronavirus disease 2019 (COVID-19) pandemic, according to Australia-based Center for Asia Pacific Aviation (CAPA).

“Asia Pacific has been hardest hit, although the rate of seat decline has slowed, mainly reflecting a flattening of the curve of COVID-19 cases in China,” CAPA said in its report published on Saturday.

In the Philippines, the alert level was raised to code red sublevel 2, which means there have been community transmissions and increased infection cases in the country.

President Rodrigo R. Duterte has placed the entire island of Luzon under an “enhanced community quarantine” until April 12.

The Luzon-wide lockdown policy includes a temporary travel ban on foreigners entering the country starting March 22.

In the Asia-Pacific region, CAPA said seat numbers were down by 25.2% in the week of March 16, 2020.

It said the rate of decline in the region has eased since hitting -29.4% in the week of Feb. 17, 2020, “reflecting the relative flattening of the COVID-19 curve in China, but it is still falling faster than in any other region.”

As for seat capacity between regions, CAPA said the biggest drop in capacity for the week of March 16, 2020 was recorded for North America to Asia Pacific (-36.4% year-on-year), Europe to Asia Pacific (-32.3%), and Asia Pacific to Africa (-23.8%).

“Four other interregional flows have also fallen by more than 10% in seat capacity this week: Europe to Middle East (-17.8%), Asia Pacific to Middle East (-15.8%), Europe to Africa (-11.7%) and Middle East to Africa (-11.2%),” it added.

It said such declines will begin to narrow from the week of March 23, “with the global decline easing back to -4.0% in the last week of April 2020.”

Budget carrier Cebu Pacific projected that the pandemic will continue to impact its operations in the coming months, even after the month-long lockdown being imposed over the entire Luzon island.

The airline has also decided to let go of over 150 newly hired flight attendants.

Flag carrier Philippine Airlines has likewise cut about 300 jobs as a way to recover from its 2019 losses, which worsened in the first two months of 2020 due to the impact of COVID-19.

The government said it would defer the collection of take-off, landing and parking fees from Philippine carriers as a form of relief from the pandemic. — Arjay L. Balinbin

Panic selling pulls down SM Prime

PANIC SELLING among investors prevailed during the shortened trading week amid continued pandemic uncertainty, making Sy-led SM Prime Holdings, Inc. one of actively traded issues last week.

A total of 83 million SM Prime shares worth P2.17 billion exchanging hands from March 16 to 20, data from the Philippine Stock Exchange (PSE) showed.

Shares in the property developer closed at P26 apiece on Friday, down 13.3% week on week from the P30 finish on March 13. Since the start of the year, the stock has lost 38.5%.

According to Unicapital Securities, Inc. Technical Analyst Cristopher Adrian T. San Pedro, SM Prime tested the four-year low support level during the shortened trading week after the local bourse reopened after a two-day trading suspension amid the government imposed enhanced community quarantine measures in Luzon amid coronavirus disease 2019 (COVID-19) pandemic.

“It was indeed a panic selling scenario as the bourse reopened on March 19… The stock quickly recovered as bargain hunters and short-term traders bought the shares on the key support levels of P20 and above,” Mr. San Pedro said in an e-mail.

In a separate e-mail, Mercantile Securities, Inc. Analyst Jeff Radley C. See said: “Panic sets in as investors saw a huge plunge on SM Prime when the PSE resumed trading. With this, the stock added pressure pushing the index to a low of 4,000.”

PSE is operating on a shortened trading hours from 9:30 a.m. to 1 p.m. while Luzon is under quarantine until April 13.

After a two-day market closure, the PSE returned on March 19 but the pandemic uncertainty took its toll on the local bourse as the circuit breaker was triggered shortly after the bourse opened and continued to fall to “unprecedented” 24.29% single-day drop.

Meanwhile, there are more than 267,000 confirmed COVID-19 cases and at least 11,000 deaths across 184 countries and territories worldwide, according to World Health Organization’s data as of March 21.

In the Philippines, confirmed cases has so far reached 307, including 19 deaths and 13 recovered patients.

SM Prime’s consolidated net profit went up 18% to P38.1 billion in 2019 as its consolidated revenues increased 14% to P114 billion amid sustained growth of its mall and residential projects across the country.

It ended 2019 with 74 malls in the Philippines offering 8.5 million square meters (sq.m.) of gross floor area and seven malls in China with 1.3 million sq.m. of GFA.

It also had 12 office buildings with a GFA of 695,000 sq.m., eight hotels with more than 1,900 rooms, four convention centers, and three trade halls.

“We expect the net income to be flat or negative [this year] brought about by the COVID-19 lockdown here in Luzon by which it is still uncertain when will the enhanced quarantine end as the government continues to evaluate the risk on a day to day basis,” Unicapital’s Mr. San Pedro said.

For his part, Mr. See said: “There will be adjustments as news came out that SM malls will waive rental fees and pay salaries. We have to see the impact of this in the financial statements.”

Mr. San Pedro sees the stock to remain “volatile” and pegged P19.90 support and P30.00 resistance price leaves this week.

“The stock may have established a bottom if it stays above P20.00 in the medium term,” he said.

For Mercantile Securities’ Mr. See, he expects SM Prime moving in a range for now, between P19.90 and P28.40. — LOP

FedEx continues to reach virus-stricken locations

MULTINATIONAL logistics company FedEx Corp. said it continues with its delivery services to and from areas affected by the spread of coronavirus disease 2019 (COVID-19).

It said it was delivering medical supplies donated by international non-government organizations to the Philippines’ Health department.

“FedEx is adhering to all regulations and guidelines from government authorities related to containment of COVID-19. As an essential service, we continue to operate to and from impacted areas as local conditions and restrictions allow, and are taking recommended precautions in terms of team member and customer health and safety,” FedEx said in a statement on March 20.

In a statement on March 18, the express transportation company said it was handling delivery of relief aid donated by International Medical Corps (IMC) and Heart to Heart International (HHI) to the Philippines through the Department of Health (DoH).

“To aid in the COVID-19 situation in the Philippines, IMC, which tags itself as a ‘global first responder,’ shipped thousands of surgical masks and gloves, protective face shields and aprons, and medical equipment,” it said.

FedEx said government restrictions on work and travel could affect its inbound and outbound deliveries to and from areas affected by the virus.

“Customers can visit fedex.com or tnt.com to check the status of their shipments,” it said.

FedEx previously operated its Asia Pacific hub in Subic Bay in Zambales. However, the company transferred its operations to China, where it opened its Asia-Pacific hub in the international airport in Guangzhou in February 2009. FedEx decommissioned its facility in Subic in June 2009.

President Rodrigo R. Duterte placed the entire island of Luzon under “enhanced community quarantine” until April 12 as a measure to slow the spread of COVID-19.

The Customs bureau said it had processed 189 shipments of medical supplies and other emergency items needed for responses against COVID-19 as of March 19.

The bureau will also establish a “one-stop shop” for donations and other relief goods coming into the country via its ports to accelerate the processing.

It said ports in Luzon are operating with a lean workforce as ordered but assured that shipments of medical and emergency supplies will still be processed and released at an accelerated pace. — Arjay L. Balinbin

The confusion of confinement, in words

By Joseph L. Garcia
Reporter

YOU and I have been placed under house arrest by an invisible spectre: a virus.

It has just been over a week since the announcement of an “enhanced community quarantine” has kept most of us locked in our homes, and developments might change even that. Tension turns to tedium, if you’re lucky enough. While we may not be able to reach out to you right now, we’ve compiled a list of books that may be able to help you make sense of the tightening screws of quarantines and curfews. The people in these novels and biographies have been placed in confusion and confinement, a state we wish to leave soon. We can’t promise much, except that the air would never smell as fresh as when you step outside for the first time, when the virus finally releases its hold.

1.) Anne Frank: The Diary of a Young Girl — Everyone who has made it to high school has read the diary of Anne Frank, the middle-class Jewish girl who went into hiding with her family behind an office building in 1942, after the Nazis tightened their grip on the Netherlands in the heat of the Second World War. Kept first as a personal journal, Anne edited the diary to donate it as a wartime record. Sadly, only the dream would remain, as Anne and her family were betrayed, discovered, and arrested in 1944. Her family would die in concentration camps, save for her father, businessman Otto Frank, who recovered the diaries from one of their protectors when they were in hiding. Her father would edit and publish his daughter’s diaries after the war.

The daily minutiae of a life lived in a cramped space is given a voice, that of an energetic teenager forced to put her life on hold. Anne, despite her young age, deftly sketches and analyzes her companions at home, which included her family, the family of her father’s business associate, and a guest. Small events, such as the arrival of food rations, and other such small comforts achieved special significance in an existence bound by four walls concealed to the outside world by a false bookcase. While Anne Frank’s life was ultimately dimmed by the tragedies of war, her words shine brighter than ever, providing a face and a voice to the cruelties of war and conflict, not for its fighters, but its victims. Anne wrote, “It’s utterly impossible for me to build my life on a foundation of chaos, suffering, and death. I see the world being slowly transformed into a wilderness. I hear the approaching thunder that one day, will destroy us too. I feel the suffering of millions. And yet, when I look up at the sky, I somehow feel that everything will change for the better, that this cruelty too shall end, and peace and tranquility will return once more. In the meantime, I must hold on to my ideals.”

2.) The Last Days of the Romanovs: Tragedy at Ekaterinburg (Helen Rappaport, 2008) — It could be argued that the last Imperial Family of Russia, the Romanovs, had long been imprisoned by tradition, position, and their own inherited faults. Yet from 1917 to their deaths in 1918, in their physical incarceration in remote backwaters of the country they once ruled, their captivity could not be felt more acutely. The family that was once at the head of one-sixth of the Earth’s landmass was now reduced to moving about in a few rooms, while subjected to petty humiliations by their jailers. Kept in captivity as they were however, what most of the book covers were the memories of their past lives and how quiet stress changed them inside the Ipatiev House, while the world they left behind changed rapidly and violently. In the book, we see what a formerly grand family, ultimately good but fatally flawed did to pass the time in seclusion, in greatly reduced comfort, while awaiting their fate. I personally find the book remarkable for the brilliant character sketches, from the imperials themselves to Lenin — each detail of their characters are somehow a prefigure to their roles in history. There’s no light at the end of the tunnel for them (the last few chapters are postmortem accounts of their bodies). It does, however, remind us of the small solaces that provide comfort in a life of pressure — yes, even when death is literally at the door.

A note on illness and disease, considering the climate: we’re hearing a lot about the process of contagion these days, and we can see from the Romanovs’ lives how microbes travelling from one body to another have the ability to change lives, great and small. For example, the Empress Alexandra’s character of severe introversion (which made her feel unsuited for her highly public and personal role) was molded by the childhood tragedy of her mother’s death, due to an outbreak of diphtheria in her childhood home. Later in her life, her children would have the ill luck of simultaneously contracting measles at the height of the Russian Revolution, preventing their escape to another country, and thus sealing their fate.

3.) Marie Antoinette: The Journey (Lady Antonia Fraser, 2001) — She’s not the most popular figure for this period, being as she is a symbol of extravagance and inequality. The book details her life as an ignored imperial child in Vienna, a flamboyant French consort, and in a redemption arc, a good mother, a leader who tried and failed, and finally, a wronged prisoner and scapegoat who would reach her personal apotheosis in her final hours. While the acclaimed biography, of course, is a historical record, ultimately, it’s an exquisitely rendered portrait of a flawed person gaining redemption under pressure — and in these trying times, isn’t that what every person should strive for?

Another note on illness and disease, considering the times: if not for a virus, perhaps Marie Antoinette would never have been Queen of France. A smarter, more decisive sister, Maria Carolina of Austria, might have sat on the throne instead, and may have changed the course of history. But 18th century Vienna was stalked by a plague of smallpox. An older sister was killed by it, while another sister, a particularly beautiful one, was left scarred by the disease and was not deemed suitable for marriage. Maria Carolina and Marie Antoinette moved two places up their mother’s list of arranged marriages, and Maria Carolina, earmarked as a bride for France, was sent instead to Italy.

4.) A Gentleman in Moscow (Amor Towles, 2016) — — Who will you become and what will you do, when the world you once loved and lorded over no longer exists? A Gentleman in Moscow is about Count Alexander Rostov, a noble in Revolutionary Russia stripped of position and possessions and clapped into house arrest: but inside a luxury hotel, the historical Hotel Metropol in Moscow. We cheer on the charming and affable Rostov as he tries to find purpose while within confinement, (albeit trapped in the best surroundings possible), in a world that no longer wants him. As elegantly written as the classical pieces frequently referenced in the novel, it has ruminations on wine, cocktails, food, the nature of Time, and all sorts of topics you can quote at a future dinner party — the Count had, after all, a lot of time to think while incarcerated.

5.) Suite Française (Irène Némirovsky, published posthumously 2004) — The last and unfinished novel of French-Jewish novelist Irène Némirovsky was less about confinement, but confusion in a large, busy, capital city during conflict. The novel is remarkable in that it manages to make a tightly written fictional narrative of the beginning of the Second World War in France — right as it was happening. We’re introduced to a host of glamorous Parisians in the first part, “Storm in June,” who either bungle their way out of the capital, or else remain in unsure circumstances in the City of Lights. More humanized faces are seen in the middle-class characters, who bear the hardships of initial panic with more nobility than their “noble” counterparts. A second part, “Dolce”, sees a small provincial town shaken up by the arrival of conflict in the form of German troops. Corruption and collaboration bloom, but then, so does camaraderie and compassion.

The story of how the novel was found is a story in itself. Némirovsky’s family had been tracked down by the Nazis while hiding in the country. She was arrested shortly after, and died in a concentration camp. Her young daughters, only narrowly escaping persecution through flight, saved their mother’s papers and kept them in a suitcase. They took the suitcase with their mother’s papers, covered in very tiny handwriting, as they jumped from one hiding place to another. The daughters would grow up to have careers in the literary world. Deciding to donate their mother’s papers, which they prevented themselves from reading after all those years, they found out that their mother planned out a complex novel inspired by the movements in a symphony, to be executed in several parts. Unfortunately, their mother had been forced to stop writing after finishing the second part. As well, she couldn’t possibly conclude the novel while the conflict was just beginning, not knowing that the war would rage on for years. Writing notes about the then-indeterminate shape of the novel, she wrote, “The fourth and fifth (parts) are in limbo, and what limbo! It’s really in the lap of the gods since it depends on what happens.”

All of these books are available in e-format via Google Books or Amazon Kindle.