Facebook Instagram Linkedin X Youtube
Home Blog Page 9731

6Cyclemind project features fans’ cover songs

FILIPINO rock band 6Cyclemind has partnered with Sony Music Philippines to create a cover project featuring the fans’ rendition of songs from the band’s discography.

“Throughout our career, we have been touring different parts of the country. We are lucky to witness how our audience, even from far-flung areas, sing our songs with us. This is indeed a very magical feeling. Online, we can also view our fans cover our songs. This makes us feel that, somehow, through our music, we have touched their lives. This is the reason why we have decided to do this project,” Fortunato “Tutti” Caringal, the band’s vocalist, said in a statement.

The project, titled Sige I-Cover Mo Lang, saw the band asking its fans to submit their covers without setting specific criteria. Submissions came in the form of phone recordings or changing the song’s arrangement. The band chose three songs to include in the album.

“We gave them the freedom to interpret the song of their choice. While screening the entries, we followed our gut feel and looked for the cover that will move us,” Herbert Hernandez, 6Cyclemind’s lead guitarist, said in the statement.

The band received “many entries that [they] really liked” which opens the possibility for them to have a second batch, Mr. Hernandez said.

The five-piece pop rock act started playing in Manila in 2001 and has so far released six studio albums, the most recent one in 2012 titled Good By Sunday. Some of the band’s biggest hits include “Biglaan” (2003), “Sandalan” (2005), and “Prinsesa” (2007).

Of the submissions, 16-year-old cover singer Bianca’s stripped-down version of “Biglaan,” was “one that stood out the most,” according to the release and earning a spot in the project.

“Whenever I want to cover songs, I usually just search for the chords and let myself feel the music. I was pretty melancholic during these times so my general approach was to make the song softer and downcast which is what I usually do to songs I usually sing,” Bianca said in the release.

The project “was such a great platform to thank the band’s fans and also give opportunities to artists [like her],” she added.

Her version of 6Cyclemind’s “Biglaan” can now be streamed on Spotify and Apple Music. — ZBC

Gov’t rejects bids for T-bonds

THE GOVERNMENT rejected all bids for the fresh seven-year Treasury bonds (T-bonds) it offered on Tuesday amid higher rates, amid uncertainties due to the coronavirus disease 2019 (COVID-19) pandemic.

The Bureau of the Treasury (BTr) yesterday rejected all tenders for the fresh seven-year T-bonds worth P31.35 billion as yields shot up, even as the total was more than the P30 billion on offer.

Had the BTr made a full P30-billion award, the notes would have fetched a coupon of seven percent and an average rate of 5.583%.

The last time the Treasury offered seven-year papers was on Jan. 21 where the BTr only awarded P27.2 billion out of the P30-billion program at an average rate of 4.732%, even as the offer was almost twice oversubscribed.

The BTr on Monday likewise chose not to award the P20-billion Treasury bills it offered due to high rates.

National Treasurer Rosalia V. de Leon said they decided to reject all T-bonds tenders yesterday as investors asked for rates higher than those at the secondary market and the BTr’s own estimates as “cash remains king” amid the virus outbreak.

“Rejected all bids. Submission too high from our internal estimates and BVAL (Bloomberg Valuation Service). Since original issue, coupon setting will land at 7%,” she told reporters in a Viber message yesterday.

The seven-year bonds ended at 4.9% on Monday, based on the PHP BVAL Reference Rates published on the Philippine Dealing System’s website.

A bond trader said the rejection is the Treasury’s way to help “calm the market” and reassure investors that the national government is in good fiscal standing and is “not panicking” even as COVID-19 continues to spread.

“BTr, in a way, is helping calm the markets, albeit maybe unintentionally. But rejecting at these levels reassure markets that BTr is not panicking,” the trader said in a Viber message.

The trader said had the Treasury awarded the offer at the high rates sought by investors, the market might think the government is running out of cash “and will do whatever it takes to borrow.”

To contain and slow the spread of COVID-19 in the country, the government gas put Luzon under a month-long lockdown and also announced several fiscal and monetary measures to help mitigate the impact of the virus on the economy.

On the fiscal side, the government has rolled out an initial P27.1-billion economic stimulus package to help affected sectors, while another package of over P200 billion is now being deliberated by the Congress.

On top of this, Finance Secretary Carlos G. Dominguez III said the economic team is mulling another set of stimulus packages, but declined to give more details.

This, even as the government is bracing for lower revenues due to business disruptions caused by the lockdown as well as the P145 billion worth of delayed tax payments as the deadline for the filing of income tax returns was extended to May 15.

Meanwhile, the Bangko Sentral ng Pilipinas last week cut policy rates by 50 basis points (bps) in a bid to support the economy. On Monday, it launched a bond buyback program with the Treasury worth P300 billion, and on Tuesday also cut big banks’ reserve ratio by 200 bps to inject more liquidity into the financial system.

As of Tuesday morning, COVID-19 cases in the Philippines totaled 501, with 33 deaths and 19 recoveries also recorded.

The government plans to raise P1.4 trillion this year from local and foreign lenders to plug its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product (GDP). However, the National Economic and Development Authority, in a report published Tuesday, said the budget deficit might balloon to 4.4-5.4% of GDP this year as the government spends aggressively to stem the economic fallout from the virus. — Beatrice M. Laforga

Microsoft boosts collaboration platform as more people work and learn from home

MULTINATIONAL technology company Microsoft Corp. has added new features to its unified communication and collaboration platform, Microsoft Teams, to further address the needs of an increasing number of people working and learning from home amid the coronavirus disease 2019 (COVID-19) pandemic.

In a recent virtual press briefing, Corporate Vice President for Microsoft 365 Jared Spataro said the app’s new noise suppression feature, which uses artificial intelligence (AI), removes all of the distracting background sounds as participants engage in an online discussion.

“We’ve all been in an online meeting where someone’s typing loudly or there’s a vacuum running in the background at somebody’s house. A new live noise suppression feature removes distracting background noise to help you hear what’s being said,” Mr. Spataro said.

Microsoft Teams is a three-year-old app for teamwork where participants can chat, edit files together, and store their output into the cloud.

Microsoft also added a new “raise hand” function, which allows participants to send a visual cue when they have something to say.

Mr. Spataro said Microsoft will be working with knowledge transfer company RealWear, Inc. to address industry-specific needs.

“The first is a new integration for Teams on RealWear headsets. RealWear makes wearables for workers in hardhat environments. These workers often need to communicate and collaborate effectively in industrial settings that can be loud and that require both hands for the job,” he said.

Microsoft has also upgraded Team’s chat feature. Mr. Spataro said the ability to pop out chats into a separate window will help participants streamline their workflow and more easily move between ongoing conversations.

“Offline and low bandwidth support lets you read chat messages and write responses, even without an Internet connection, making it easier for teams to collaborate in and outside of the office,” he added.

Teams now also has a booking app to ensure that appointments such as patient consultations, client meetings, and job interviews can be easily scheduled, managed and conducted.

The technology solutions company likewise offers Microsoft 365 Business Voice for small and midsized enterprises in the United States, making Teams a complete phone system.

Also at the briefing, Microsoft Chief Executive Officer Satya Narayana Nadella highlighted the important role of technology in supporting workers, entrepreneurs, and students during the community quarantine period.

“We also, of course, recognize the role of technology and how it can play a supporting role for those working tirelessly to reduce the impact of COVID-19, you know, from healthcare providers staying connected with telehealth solutions, schools and universities teaching via virtual classrooms and remote learning, to businesses of all sizes who are enabling their employees to work remotely, without sacrificing their ability to collaborate or be productive and staying secure,” he said. — Arjay L. Balinbin

Caritas Manila calls for donations

CARITAS MANILA Inc., the Roman Catholic Archdiocese of Manila’s social arm, is calling for cash donations for 6,000 poor communities in Metro Manila that are at risk in the midst of the COVID-19 pandemic.

The donations will be used to provide Caritas LIGTAS COVID-19 kits and Caritas Manna Food Bags. The Caritas LIGTAS COVID-19 kit, which cost P2,000, contain the following supplies: one liter of 70% ethyl alcohol; five bottles of 30 ml of alcohol; five washable face masks; one liter of antibacterial liquid soap; one box of 100 tablets of vitamin C with zinc; a pair of reusable gloves; one liter of liquid bleach; and three pieces of cleaning cloth. Meanwhile, the Caritas Manna Food Bag, which costs P700, contains five kilos of rice, mongo beans, nine pieces of assorted canned goods, two packs of Caritas Margins kalabasa/malunggay (pumpkin/moringa) noodles, and 1/4 pack of sugar and salt.

Online donations are welcome via Online bank transfer. The details are:

Savings Account Name: Caritas Manila, Inc.

Banco De Oro — Savings Account No.: 000-5600-45905

Bank of the Philippine Islands — Savings Account No.: 3063-5357-01

Metrobank — Savings Account No.: 175-3-17506954-3

For proper acknowledgment of the donations, fax a copy of the deposit slip to 8563-9306 or e-mail a scanned copy to donorcare@caritasmanila.org.ph. Indicate your name and address.

For more information about the Caritas LIGTAS COVID-19 kits and the Caritas Manna bags, as well as other online payment options, contact 8562-0020 to 25, locals 118, 139, 135, or 0917-595-5083. The items are also available online at https://www.lazada.com.ph/shop/caritas-manila. — MAPS

Fed aims ‘bazooka’ to lift coronavirus-hit economy

THE FEDERAL RESERVE launched programs to cushion the US economy. — REUTERS

THE US FEDERAL Reserve on Monday rolled out an extraordinary array of programs to backstop an economy reeling from sweeping restrictions on commerce that scientists say are needed to slow the coronavirus pandemic and ultimately keep more people safe.

For the first time, the Fed will back purchases of corporate bonds, backstop direct loans to companies and “soon” will roll out a program to get credit to small and medium-sized business. It also said it will expand its asset purchases by as much as needed to stabilize financial markets.

The series of actions marks a massive intervention by the US central bank beyond the financial markets, where it has so far concentrated its firepower, into the real US economy.

“It’s their bazooka moment,” said Russell Price, chief economist at Ameriprise Financial Services in Troy, Michigan.

Nearly a third of the US population has been urged to stay indoors as governors from California to New York mandate “social distancing” and the shutdown of non-essential businesses to slow the person-to-person spread of the virus.

With customers disappearing rapidly, businesses starved of cash may be able to tap into the Fed’s “lifeline” to stay afloat while the shutdowns continue, said University of Oregon economics professor Tim Duy.

“The Fed is still working to maintain the flow of credit because they know what happened during the Depression (when) too many firms went under,” Mr. Duy said. “The more damage that happens, the harder it is going to be to restart the economy.”

Still, he said, without massive fiscal aid such efforts won’t be enough to stem the tide of what economists polled by Reuters estimate could be a million jobless claims logged across the nation inside of a week, with more to come.

US stocks slid Monday and yields on US Treasuries fell after the announcement, as US lawmakers struggled to reach agreement on a far-reaching coronavirus stimulus package on Monday after falling short on a deal over the weekend.

US corporate credit investors for their part welcomed the Fed’s move, sending up prices of US investment-grade corporate bond exchange-traded funds.

Under the new programs, the Fed will lend against student loans, credit card loans, and US government backed-loans to small businesses, and back loans to larger employers in what amounts to four years of bridge financing.

Hundreds of thousands of people have already filed for unemployment insurance in California alone, the state’s governor said at the weekend. Many analysts are projecting the US economy to shrink faster next quarter than it did in any quarter during the Great Recession.

In a statement the Fed said the effort, approved unanimously by members of the Federal Open Market Committee, was taken because “it has become clear that our economy will face severe disruptions” as a result of the health crisis. “Our nation’s first priority is to care for those afflicted and to limit the further spread of the virus.”

The Fed last week slashed borrowing costs to zero and took other emergency steps to keep the commercial paper, Treasury and foreign dollar funding markets functional.

“This is the Fed’s all-out effort to ensure that the business sector and households can continue on,” said Sam Bullard, senior economist for Wells Fargo Securities.

“The Fed is doing everything they can.” — Reuters

Transcom sets work plan during lockdown

THE local unit of business process outsourcing firm Transcom Worldwide AB has laid down the work arrangement for employees during the Luzon-wide enhanced community quarantine.

“Transcom has many selfless employees camping in on our sites as well as local accommodation as prescribed and in strict accordance with the DTI (Department of Trade and Industry), DoLE (Department of Labor and Employment) and City Government directives throughout the lockdown,” said Mark Lyndsell, chief executive officer of Transcom Global English Region.

The government ordered the lockdown on March 16 until April 12, 2020.

“In the course of the last few days we have also moved many hundreds of our employees to work at home,” Mr. Lyndsell said.

“All those working whether on site or from home will be paid as normal during the lockdown,” he added.

Mr. Lyndsell said for those not camping in, the company has authorized the payment of pre-planned time off in accordance with the directives from the Labor department.

DLSU serves as a sanctuary to the homeless during enhanced community quarantine

De La Salle University is now serving as a temporary sanctuary for the homeless in Manila during the enhanced community quarantine. Sixty-one people, among them women and elderly, are currently staying at the 2nd floor of the Enrique Razon Sports Center until the Luzon-wide lockdown is lifted. The initiative is in partnership with the Divine Word Missionaries (SVD) through their KAin, LIgo NG ayos (KALINGA) Program. SVD volunteers are looking after the basic needs of those who are taking shelter at the Sports Center. Financial donations to buy food, medicines, and health kits are accepted through the AJ KALINGA Foundation, Inc., Asia United Bank (AUB), AUB Peso Savings Account no.: 082-11-000496-2. For proper documentation, send deposit slips to lasallianmission@dlsu.edu.ph.

Life insurers to adopt special process for all COVID-19 claims

THE LIFE INSURANCE sector will adopt a special management process for claims related to the new coronavirus disease 2019 (COVID-19) to help policyholders get assistance faster.

“PLIA (Philippine Life Insurance Association, Inc.) in partnership with the Insurance Commission (IC) is adopting a special claims management process for COVID-19 related claims that will ensure relaxed requirements and expeditious settlement. This is the least our industry can do to provide assistance to our policyholders in their time of need,” PLIA said in a statement sent to reporters.

PLIA said companies in the life insurance sector have already implemented other general relief measures for policyholders such as a grace period for premium payments.

For instance, life insurer Manulife Philippines moved the deadline for filing COVID-19-related claims to June 30 from March 10 initially and extended the payment period for premiums to 60 days after due date.

Insular Life (InLife) also extended its grace period for premium payments due March to April 30 and assured all of its policyholders, except for those with accident-only policies, are covered against COVID-19.

“The life insurance industry is ready to respond to any eventualities that this outbreak may bring in terms of potential claim,” PLIA said in its statement.

It added that recently, they saw an “alarmingly” high mortality rate in the country at 8.5% on March 16 against the global average of 3.9%. However, PLIA said this went down to 6.5% as of March 23 “as the testing capacity of our health care network starts to expand with the increased availability of testing kits.”

“We remain confident that with the prudent regulations prescribed by the Insurance Commission to assure financial health of insurance companies we would continue to serve the industry and its policyholders well,” PLIA said.

Insurance Commissioner Dennis B. Funa issued Circular Letter (CL) 2020-18 “strongly” encouraging insurers to extend the grace period of premium payments of all insurance, pre-need and health maintenance organization policies by 31 days amid the ongoing crisis.

The IC also extended the filing of 2019 annual statement and audited financial statements of insurance companies until June 1 from the initial April 30 deadline to give relief to businesses whose operations were disrupted due to the month-long lockdown for the entire Luzon until April 12.

The IC, through CL 2020-21 published yesterday, also deferred the issuance of show cause order notices “until further notice” for insurance companies that failed to meet the minimum net worth requirement of P900 million last year.

“The show cause order shall be put on hold until further notice. Nonetheless, every company affected by the circular is hereby directed to comply with the minimum net worth requirement and the minimum capital investment requirement notwithstanding the suspension of the show cause order,” the document read. — BML

AC Energy completes stake purchase of Negros solar farms

AYALA-LED AC Energy Philippines, Inc. (ACEPH) on Tuesday announced that it has finished its purchase of controlling stakes in two Negros Occidental solar farms within its target date.

In November, the Ayala energy unit signed a share purchase agreement to acquire shares of Macquarie Infrastructure Holdings (Philippines) Pte. Ltd., Langoer Investments Holding B.V., and the Government Service Insurance System in both San Carlos Energy, Inc. (Sacasol) and Negros Island Solar Power, Inc. (Islasol).

AC Energy Philippines’s wholly-owned subsidiary Giga Ace 2, Inc. paid P2.981 billion to acquire the shares of the investors in Sacasol, an increase by P200 million from the earlier reported purchase price of P2.772 billion.

It acquired 6,996 common B shares and 36,246 redeemable B shares in the 45-megawatt solar farm, which operates under the feed-in-tariff regime of the Renewable Energy Act.

Meanwhile, Giga Ace 3, Inc., ACEPH’s other subsidiary, also bought the shares of the same group of investors in the 80 MW Islasol for P1.629 billion.

The share purchases were in part of the listed firm’s target of achieving at least 2 gigawatts of attributable renewable energy capacity by 2025.

The deals were expected to close on or before March 31.

On Tuesday, shares in ACEPH went up 1.32% to close at P1.53 apiece. — Adam J. Ang

How PSEi member stocks performed — March 24, 2020

Here’s a quick glance at how PSEi stocks fared on Tuesday, March 24, 2020.

IOC, Japan agree to delay Summer Olympics to 2021

TOKYO/ATHENS — Japan and the Olympics movement decided on Tuesday to delay this year’s Tokyo Games into 2021 as the coronavirus crisis obliterated the world’s last major imminent sporting event.

It was the first time in the Olympics’ 124-year history that they had been postponed, though they were cancelled outright several times during the two 20th-century World Wars.

After a call with International Olympic Committee (IOC) president Thomas Bach, Japan’s Prime Minister Shinzo Abe said the July 24-Aug. 9 event would be rescheduled for the summer of 2021 at the latest as proof of victory over the coronavirus.

“We asked President Bach to consider postponement of about one year to make it possible for athletes to play in the best condition, and to make the event a safe and secure one for spectators,” Abe said.

“President Bach said he is in agreement 100 percent.”

There was no immediate word from the IOC, though its executives were due to meet later on Tuesday.

Athletes were sad but relieved after weeks of worrying and struggling to train as the world headed into virtual lockdown from the disease that has claimed more than 16,500 lives.

“I compete in a little bike race, which is nothing compared to what is going on in the world right now,” American Olympic BMX champion Connor Fields said. “No sport is more important if it means more people might potentially die from this.”

Pressure on the IOC and its powerful president Bach had been accelerating fast in recent days, with Canada and Australia refusing to participate if the Games went ahead in the summer.

Athletes wholeheartedly endorsed the delay, given health risks and disruption to their training as gyms, stadia and swimming pools shut down around the world.

“To be honest, I’m left reeling and feeling a little lost. But the goal posts haven’t disappeared — just shifted. It’s time to recalibrate and fire up for the next challenge,” said Australia’s two-time Olympic champion swimmer, Cate Campbell.

The coronavirus outbreak has raged around the world since early this year, infecting nearly 380,000 people and wrecking sports events from the soccer Euros to Formula One.

Postponement is a massive logistical headache for hosts Japan, which has pumped in more than $12 billion of investment.

But a poll showed about 70% of the Japanese agree with a delay.

Tokyo Governor Yuriko Koike told reporters the delayed Games would still be branded “Tokyo 2020.” — Reuters

Peso strengthens anew on RRR cut

THE PESO strengthened versus the dollar on Tuesday as the central bank cut banks’ reserve ratio anew and on the US Federal Reserve’s aggressive initiatives to lessen the economic impact of coronavirus disease 2019 (COVID-19).

The local unit closed at P50.90 versus the greenback on Tuesday, surging 43 centavos from its P51.33-a-dollar finish on Monday.

The peso opened the session only slightly better at P51.20 per dollar. Its weakest showing was at P51.21, while its intraday best was its close of P50.90 against the greenback.

Dollars traded went up to $563.9 million yesterday from $422.7 million on Monday.

A trader attributed the weaker dollar to further stimulus from the US central bank.

“The peso appreciated due to the broad softening of the greenback after the US Federal Reserve announced more drastic monetary policy easing measures overnight,” the trader said in an e-mail.

The Fed on Monday announced extraordinary array of programs to backstop an economy reeling from sweeping restrictions on commerce that scientists say are needed to slow the coronavirus pandemic and ultimately keep more people safe, Reuters reported.

For the first time, the Fed will back purchases of corporate bonds, backstop direct loans to companies and “soon” will roll out a program to get credit to small and medium-sized business. It also said it will expand its asset purchases by as much as needed to stabilize financial markets.

The series of actions marks a massive intervention by the US central bank beyond the financial markets, where it has so far concentrated its firepower, into the real US economy.

Aside from the Fed’s move, the Bangko Sentral ng Pilipinas’ (BSP) announcement of a 200-basis-points (bps) reduction in universal and commercial banks’ reserve requirement ratio (RRR) also boosted the peso, according to Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

“The latest cut could also help support and shore up confidence on both the local economy and financial markets, including the peso,” Mr. Ricafort said in a text message.

The move will bring the RRR of big banks to 12% effective March 30, according to BSP Governor Benjamin E. Diokno. He said potential cuts to the reserve requirements for other banks and non-bank financial institutions will also be explored.

The reserve ratios of thrift and rural banks are at four percent and three percent, respectively. The RRR of non-banks with quasi-banking functions is at 14%.

“The RR cut is intended to calm the markets and to encourage banks to continue lending to both retail and corporate sectors. This will ensure sufficient domestic liquidity in support of economic activity amidst this global pandemic due to the coronavirus disease,” the central bank said.

For today, the trader expects the peso to move around the P50.85 to P51.05 levels, while Mr. Ricafort gave a forecast range of P50.75 to P51. — L.W.T. Noble with Reuters

1...9,7309,7319,732...14,250Page 9,731 of 14,250
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube