Nuyda, Ocampo, and Kiukok among highlights at Salcedo auction

March 11, 2020 | 12:03 am

SALCEDO AUCTIONS will hold its first major sale of the year with pieces by Justin Nuyda, Ang Kiukok, and H.R. Ocampo up for bid. Carrying the theme “Legacy Refined, the Important Philippine Art,” the sale will be held on March 14 at the NEX Tower, 6786 Ayala Ave., Makati City.

“Legacy are values [and] objects that we pass to our succeeding generations. It is the reason why people collect these pieces. It is something they enjoy. And these are also objects that tell stories,” Salcedo Auctions director Richie Lerma told BusinessWorld at the media preview on March 4. “We like to think that the stories regarding these pieces that you find in Salcedo auctions will continue to be told,” he added.

Among the highlights in sale are artworks from the collection of jewelry artist Celia Molano. HR Ocampo and Ang Kiukok were among her closest friends.

Mr. Lerma explained that in the 1970s, when Ang Kiukok was less well known, the artist had papers seized and kept in the Bureau of Immigration.

“A collector by the name of Priscilla Chongbian contacts her friend, Celia Molano, to help this artist get his papers out of the Bureau of Immigration, otherwise he was going to get deported,” Mr. Lerma said, adding that Mrs. Molano did not know who the artist was.

“Little did she know that by that act she had changed the course of Philippine art history. That gesture grew into a friendship wherein not only did Ang Kiukok paint works that had dedications to Mrs. Molano, but the Molanos as art patrons also collected his works, among others,” he added.

The first of the highlight pieces is Ang Kiukok’s Man (1978), an oil painting of a distorted human body which, Mr. Lerma explained, was inspired by a conversation the artist had with Mrs. Molano’s husband who was a UN official while he was waiting for news on his next post.

Another piece from the Molano collection is Gemini (1967), an oil on canvas by National Artist H.R. Ocampo. The red, orange, and yellow abstract was inspired by the twin waterfalls of Maria Cristina in the Agus River of Mindanao.

NUYDA COLLECTION
The second collection in the auction is a set of paintings by abstractionist Justin Nuyda in which he pays tribute to the doctors who have attended to him since being diagnosed with renal cancer in 2019.

The collection consists of four abstracts titled Search Landscapes: Michelli, Dennis, Charity, and Brian. Each painting is named after one of his doctors.

Proceeds from the sale of these works will go to the Kythe Foundation, an organization that helps improve the quality of life of hospitalized children with cancer and other chronic illnesses.

The third collection features rare early untitled works by the “Father of Philippine Conceptual Art” Roberto Chabet, which he left with long-time friend and fellow artist Luis Romero.

Aside from these collections, there will be works by National Artists Fernando Amorsolo, Cesar Legaspi, Vicente Manansala, Napoleon Abueva, José Joya, and Benedictos “BenCab” Cabrera in the auction. Contemporary works include pieces by Ronald Ventura, Lao Lianben, and Ramon Orlina.

Also on sale are furniture, jewelry, and watches including a 10-seat kamagong and balayong wood dining table by Maximo Viola, an 18k white gold emerald fringe necklace composed of five Zambian emeralds, and a Patek Philippe Nautilus Flyback Chronograph ref. no. 5980R-001.

The auction will be held on March 14, 2 p.m., at NEX Tower, 6786 Ayala Avenue, Makati City. The public preview runs daily until March 13. Salcedo Auctions’ Important Philippine Art online catalogue is available at salcedoauctions.com. For inquiries, e-mail info@salcedoauctions.com or call 8659-4094, 8823-0956, or 0917-107-5581. — Michelle Anne P. Soliman

Add oil to list of central bank concerns as prices drop

March 11, 2020 | 12:03 am

WASHINGTON/TOKYO/FRANKFURT — An oil price war between Russia and Saudi Arabia is further confounding the world’s central bankers, adding worry over rising currency values in Japan and Europe and a potential blow to investment in the United States to an economic outlook already soured by the fast-moving coronavirus outbreak.

The decision by Saudi Arabia to raise oil production pushed prices down as much as a third overnight, a potential boon to consumers and companies with big energy bills, but a problem for central bankers worried inflation may fall even further below their targeted levels and add new stress in global financial markets.

While oil price swings are often dismissed among monetary policy officials as too transitory to influence their decisions, Saudi’s actions promised a more persistent drag on prices, with a sudden new round of volatility for officials to study in a key commodity market.

For the US Federal Reserve, the oil price collapse means its efforts to support the economy with interest rate cuts may be blunted before they even take hold, and possibly prompt even more action.

“The drop in energy prices should prompt the Fed to be even more aggressive,” said Ryan Sweet, head of monetary policy research at Moody’s Analytics.

Fed officials said they hoped last week’s emergency rate reduction of half a percentage point, as well as subsequent cuts investors expect in coming weeks, would encourage business investment.

But a good share of US capital spending is associated with the energy industry, and at the current level of prices investment in drilling and exploration has tended to ebb. While cheap oil also puts money in consumers’ pockets through lower fuel bills, and can encourage spending on other consumption, that may be less likely at a time of fear about the virus, and the potential expanded use of quarantines to combat it.

The plunge in prices, with West Texas Intermediate nearing $30 a barrel at one point, “will have a net negative effect on the US economy as consumers save the windfall,” Oxford Economics senior US economist Lydia Boussour wrote.

CURRENCY AND INFLATION TROUBLES
Central bank officials had already said they were prepared to act if the economic fallout of the coronavirus worsens, as it is expected to do if more widespread testing reveals a larger number of infections than currently estimated.

The unexpected turn in oil markets could reshape the speed or scale of some of those actions. IT also raise concerns about stress among smaller oil exporting nations, or in corners of the corporate bond market with heavily leveraged bets on energy producers.

In Japan, investors rushed to buy yen, triggering a spike in the Japanese currency and adding to concern about the near-term outlook for their export-reliant economy.

Japanese Finance Minister Taro Aso cautioned investors against pushing up the yen too much, and Bank of Japan Governor Haruhiko Kuroda signaled his readiness to ramp up monetary stimulus as early as next week to fend off risks from market volatility.

European officials may see the immediate impact of lower oil prices as helpful to growth. But if it leads to a steady rise in the euro or pushes down inflation it could also complicate choices for the European Central Bank beyond problems posed by the virus outbreak.

If oil prices remain depressed “inflation in the euro zone could fall to the psychologically important 0% mark in May,” Commerzbank analysts estimated.

US inflation expectations are already creating, another possible concern for the Fed. Following the oil price and equity market drops on Monday, bond market-based measures of estimated inflation in five years time had fallen below 0.75%, their lowest level since 2009. — Reuters

SMC’s Ang offers full payment for Ilijan plant to support PSALM

March 11, 2020 | 12:02 am

THE president of diversified conglomerate San Miguel Corp. (SMC) has offered to pay in full the capacity charges for its 1,200-megawatt (MW) Ilijan power plant amounting to P22.68 billion, more than two years ahead of schedule.

In a statement, SMC President Ramon S. Ang said his offer was meant to help “cash-strapped” Power Sector Assets and Liabilities Management Corp. (PSALM) manage its liabilities.

“While we have an ongoing court case with PSALM regarding the computation of generation fees for the Ilijan plant, as a stakeholder in the power industry, and more importantly, a proactive partner of government in nation-building, we sincerely want to help PSALM raise funds for government,” he said.

Capacity charges represent capital payment to PSALM coming from SMC as administrator of Ilijan. They will be spread over the term of its contract.

SMC said Mr. Ang’s letter sent to PSALM clarified that his offer is separate from the alleged “overdue receivables” of its power arm South Premiere Power Corp. (SPPC), amounting to P23.9 billion. The amount is the subject of a court case pending since 2015 that stemmed from differences in computing power generation charges.

“While we have an ongoing court case with PSALM regarding the computation of generation fees for the Ilijan plant, as a stakeholder in the power industry, and more importantly, a proactive partner of government in nation-building, we sincerely want to help PSALM raise funds for government,” he said.

PSALM calculated generation charges based on the wholesome electricity spot market prices to maximize its earnings from the independent power producer agreement, while SPPC uses a fixed rate approved by the Energy Regulatory Commission. — VVS

Cultural events canceled, postponed, adjusted thanks to the coronavirus

March 11, 2020 | 12:02 am

AN popular art fair, a theater congress, and a colorful Hindu festival have been postponed or canceled in response to the spread of the coronavirus which causes COVID-19.

President Rodrigo Duterte on Monday announced a state of public health emergency in the country as the number of confirmed virus cases in the country increased.

The Philippine Philharmonic Orchestra has also had to substitute renowed Filipino pianist Raul Sunico for its next performance after the featured guest soloist, violinist Ryu Goto, opted to cancel his performances around Asia.

ART IN THE PARK
The 14^th edition of Art in the Park, which was to have been held on March 15 at the Jaime Velasquez Park, Salcedo Village, Makati City, has been postponed in response to the outbreak of COVID-19.

“We were looking forward with anticipation to another successful edition of Art in the Park. However, in consideration of the recent advisories by both the WHO (World Health Organization) and the DoH (Department of Health), we feel that pushing through with the event would be irresponsible,” the organizer, Philippine Art Events, Inc., said in a statement.

“We hope to reschedule Art in the Park to later this year,” it said.

Art in the Park has been held annually at the Jaime Velasquez Park in Salcedo Village, Makati since 2006, for the benefit of the Museum Foundation of the Philippines. The fair offers visitors a range of paintings, prints, photographs, sculpture, and new media at prices P50,000 and below.

In 2019, Art in the Park welcomed about 15,000 guests.

For updates, visit http://artinthepark.ph/.

THEATER CONGRESS
Meanwhile, the 13^th World Congress of the International University Theater Association (IUTA) has been canceled. The seven-day festival, which includes forums, workshops, and theatrical performances by local and international participants, was scheduled to be held on Aug. 25 to 31 at various venues in the Cultural Center of the Philippines (CCP).

“We received word from the international organizers that they needed to cancel the Congress,” CCP Vice-President and Artistic Director Chris B. Millado told BusinessWold.

“It’s because of the COVID-19 outbreak outside of China. Hence, affecting the different countries. Unfortunately, a lot of the countries in Europe are where the participants are coming from,” he added.

Established at the Université de Liège in Belgium in 1994, the IUTA aims to promote recognized post-secondary activity in theater training, creation, research, and theoretical and practical research at the university level or higher studies worldwide. The organization currently has members in over 50 countries.

CONCERT SUBSTITUTION
Travel restrictions, meanwhile, have led to a major change in the performance of one of the CCP’s resident companies.

Japanese violinist Ryu Goto, who was scheduled to perform with the Philippine Philharmonic Orchestra (PPO) on March 13 at the CCP Main Theater, opted to cancel or postpone all his performances in Asia because of travel restrictions. He will be replaced by pianist Raul Sunico as soloist in the concert.

The PPO Concert Series VII will be held on March 13, 8 p.m., at the Tanghalang Nicanor Abelardo.

Dr. Sunico will be performing Gershwin’s Piano Concerto in F Major with the PPO, under the baton of Yoshikazu Fukumura.

“As far as we’re concerned, programming-wise, regular programs (in the CCP will) push through as long as it’s not considered [a] large-scale event,” Mr. Millado said.

For more information and updates, visit https://www.culturalcenter.gov.ph/ or the CCP’s official Facebook page.

NO MORE HOLI
The Asia Society announced that Holi Festival 2020 has been canceled due to the government’s declaration of a public health emergency over COVID-19.

“It is with a heavy heart that we announce the cancellation of Holi Festival 2020. This is in consideration of the risks and concerns surrounding COVID-19, and the public health emergency declared by the Philippine government,” the Asia Society Philippines said in a statement.

Holi, also known as The Festival of Colors, is a traditional and colorful Hindu festival best known for the vivid rainbow of powder clouds thrown into the air and at festival-goers.

The festival was to have been held on March 29 at SM by the Bay.

Asia Society Philippines has celebrated Holi in Manila for the last seven years alongside its partners — the Embassy of India, the Indian Cultural Association of the Philippines, and members of the Indian community.

“Notwithstanding the cancellation of Holi Festival 2020, Holi remains a season of hope and renewal. Let us continue to celebrate it with our loved ones and with our larger community, in good health and hopeful spirit,” the statement said.

Details on ticket refunds will be announced shortly.

Fed adopts new ‘stress capital buffer’ for banks

March 11, 2020 | 12:02 am

THE FEDERAL RESERVE released new rules to create a “stress capital buffer” for banks. — *REUTERS*

WASHINGTON — The US Federal Reserve unveiled new rules on Wednesday that create a “stress capital buffer” to determine how much banks must hold in reserve to guard against downturns.

The final rule would integrate capital requirements stemming from the Fed’s annual bank stress tests with regular capital standards, in an effort to make it easier for banks to predict how much they must hold in reserves, while also making those standards more customized to each firm.

Fed staff estimated the final rule would actually lead to somewhat higher capital requirements for the nation’s largest banks, like JPMorgan Chase and Citigroup, and lower requirements for smaller institutions.

All told, large global banks are expected to have to hold, on average, 7% more loss-absorbing capital, while banks with under $700 billion in assets are expected to see a 10% reduction in those requirements, the Fed said.

The rules will take effect for the 2020 round of bank stress tests, where 34 banks will be tested. The Fed will release the results on June 30.

The final rule would reduce the number of capital requirements banks must meet from 13 to eight, as banks have long griped that the litany of standards can be complicated and confusing to meet.

The rule would also give banks more flexibility after receiving their stress test results, permitting them to boost payouts to investors without Fed approval, as long as the bank’s capital does not fall below regulatory limits.

“The stress capital buffer materially simplifies the post- crisis capital framework for banks, while maintaining the strong capital requirements that are the hallmark of the framework,” said Fed Vice Chairman Randal Quarles in a statement.

However, Fed Governor Lael Brainard, the central bank’s lone Democrat, voted against the rule, arguing that it amounts to an “imprudent” reduction in capital across the banking system.

The final rule scraps a stress leverage buffer the Fed had originally proposed as part of the rule in April 2018, but it keeps another proposed requirement that banks must set aside enough funds to pay for a full year of dividends when doing their capital planning. The industry had pushed for both of those rules to be scrapped.

The rule does not pursue some ideas Quarles had previously floated as a way to offset dropping the stress leverage buffer, such as raising the baseline countercylical capital buffer imposed on banks from its current zero percent level, or raising the minimum capital banks are required to hold. Fed officials said those ideas could be addressed in future rulemaking. — Reuters

Matilda: The power to make the world a better place

March 11, 2020 | 12:01 am

BOOKS, shows, and songs are not just words, they are ways of telling stories.

“Denying stories is denying the most human part of being a human. Without stories, we’re just eating machines with books,” Matilda the Musical book writer Dennis Kelly wrote on the playbill’s notes.

Based on the 1988 book by Roald Dahl, Matilda the Musical is now in Manila, with performances at the Theatre at Solaire this month.

The story follows Matilda, a five-year-old gifted with telekinesis, as she overcomes struggles in her family and in school.

Since it premiered in 2010, the musical — commissioned by the Royal Shakespeare Company — has won over 85 international awards including the 2012 Olivier Award for Best Musical and a joint Best Actress award for the four young actresses who alternated in the lead role.

“I think theater should always aim to make its audience laugh and cry, unless there’s a really good reason why not. Stories are best when they are a bit like roller coasters… Matilda has all these things, making it the perfect story for a stage musical,” composer and lyricist Tim Minchin wrote on the playbill’s notes.

PLAYING THE ROLE
Zara Yazbek Polito, Sofia Poston, and Zoe Modlinne are the young actresses who alternate as Matilda in the international touring production. They told the press at a media call on March 6 that it has been a challenge playing the role which requires a triple threat (a performer who can sing, dance, and act). “It’s quite hard to sing, dance, and act at the same time,” Ms. Poston said. Her alternate, Ms. Polito agreed: “There is so much to remember.”

Resident director Natalie Gilhome said that the three young actresses each deliver their strengths. “There is a real maturity, [and] a lot of nuanced intelligent conversations that we end up having with these young girls. On top of the talent, there are certain traits of Matilda that lie in all of them,” she said.

Also in the cast are Haley Flaherty who takes on the role of the sympathetic teacher Miss Honey, Hayden Tee as the evil headmistress Miss Trunchbull, Stephen Jubber and Claire Taylor as Matilda’s parents Mr. and Mrs. Wormwood, and Nompumelelo Mayiyane as the librarian Mrs. Phelps.

“One of the things we learn from watching the show is that we all have the power inside ourselves to make the world a better place. And if we see something that is not right, you make a change,” Ms. Gilhome said of the story.

“I think you should watch [the show] because it would keep you entertained for days. It’s got secrets, magical stuff, moving things with Matilda’s eyes,” Ms. Polito said.

“And it’s got one dangerous thing in it: Amanda Thripp,” she ended.

That’s all they are revealing before you see the show. — Michelle Anne P. Soliman

For ticket information, visit TicketWorld (www.ticketworld.com.ph, 8891-9999). There will be special prices on selected show dates. On March 17, 8 p.m., and March 22, 6 p.m., all orchestra seats will be P4,000 and all balcony seats will go for P2,000. A matinee performance has been added on March 18, 2 p.m., with all tickets at P2,200.

Coca-Cola and Thailand firm tie up to build recycling facility

March 11, 2020 | 12:01 am

COCA-COLA Beverages Philippines, Inc. (CCBPI) partnered with a Thailand-based firm to develop the P1 billion largest bottle-to-bottle recycling facility in the Philippines.

The Philippine bottling arm of Coca-Cola in a press release on Monday said it had signed a joint venture agreement with Indorama Ventures Public Co. Ltd. to build the facility in Cavite by 2021.

“Cavite being the site of such a crucial infrastructure to our World Without Waste goal is testament to the province’s commitment to help advance the country’s environmental goals,” CCBPI chief executive officer Gareth McGeown said.

World Without Waste is Coca-Cola’s aim to collect and recycle the equivalent of every bottle and can it sells.

The “PETValue” facility is expected to ensure that 100% recyclable PET (polyethylene terephthalate) plastic bottles can be collected and reused.

PETValue can process 30,000 metric tons of plastic per year, or the equivalent of two billion pieces of plastic bottles. The facility’s output amounts to 16,000 metric tons of recycled PET resin.

“Through this facility, we will boost the collection rates of clear plastic bottles — collecting not just Coca-Cola bottles , but even ones from other companies. The facility will also support Filipino jobs as well as the livelihoods of people within the waste value chain,” Mr. McGeown said.

Indorama Ventures is a global petrochemical and wool yarn firm. The company, which produces virgin PET resin, runs several PET recycling facilities worldwide.

Indorama Ventures chief recycling officer Yashovardhan Lohia said that the company uses technologies that meet industry standards to manage environmental impact.

“We firmly believe that a circular economy for plastic bottles, particularly PET plastic bottles, is possible and must be established. We cannot let the potential of this recyclable resource go to waste. This is a philosophy shared by Coca-Cola, and our partnership with them is testament to how two organizations that share the same principles can institutionalize sustainability practices among industries and be of benefit to local communities.”

Meanwhile, Nestlé S.A. signed the European Plastics Pact aiming to create 100% recyclable or reusable packaging and reduce the use of virgin plastics by a third by 2025.

The pact includes companies, governments, and non-government organizations.

Nestlé in a statement on Tuesday said that the company has invested in the production of food grade or safe plastics, and is trialling pet food and coffee refilling systems.

The company said it aims to signal recycling companies to focus on food grade material to create a new market, as it is currently cheaper to create packaging from virgin plastics.

Nestlé chief executive officer for Europe, Middle East and North Africa Marco Settembri said the company is pleased to join the commitment.

“One of our joint objectives is to create a circular economy by improving collection, sorting and recycling schemes across Europe. Already today a new Vittel plastic bottle is manufactured out of used ones. Tomorrow, we want to make sure that also other packaging, such as our wrappers and pouches, can be recycled into new food packaging.” — Jenina P. Ibañez

Philippine events cancelled or postponed due to COVID-19 fears

March 11, 2020 | 12:01 am

Coronavirus threatens Deutsche Bank’s recovery

March 11, 2020 | 12:01 am

DEUTSCHE BANK shares fell to a record low on Monday amid fears the coronavirus will affect its operations. — *REUTERS*

FRANKFURT — Deutsche Bank’s cancellation of its 150^th anniversary ceremony is not the only celebration that Germany’s biggest bank is having to shelve as a result of the coronavirus outbreak.

The rapid spread of the flu-like disease has also sparked fears among some of its own bankers and investors that a long-hoped for turnaround is at risk.

Shares in Deutsche Bank fell to a record low on Monday, sliding by as much as 17% in one its biggest drops in decades as the bank announced new measures to shield employees from the coronavirus outbreak, including the cancellation of its Berlin birthday bash on March 21.

Deutsche Bank is not the only lender whose prospects are dimmed by the coronavirus outbreak, which is hitting German peers such as Commerzbank and European rivals.

But as one of the continent’s biggest and most fragile banks, it is desperate for a reprieve after five years of losses.

Bankers at Deutsche were until recently basking in a rally in its shares, the successful issuance of a risky bond, regained market share in Germany and a new top investor in a significant vote of confidence in the bank. The investor, Capital Group, declined to comment.

But the shares have slipped since mid-February as the epidemic gained a foothold in Europe, spooking financial markets and sparking emergency meetings and measures by policy makers.

The turmoil will make it much harder for the bank to execute its turnaround plan, a senior banker told Reuters.

And BlackRock, a top Deutsche Bank investor, took a short position in it as of last week, a filing showed. BlackRock declined to comment on Monday.

Deutsche Bank, whose finance chief James von Moltke last month conceded that “no one really knows the path of this situation,” also declined to comment.

Another top shareholder is concerned that the coronavirus has been wreaking havoc on Italy, China and South Korea, which are all important markets for Deutsche Bank, a source close to the investor said.

“That is certainly something that will work against Deutsche,” the source said.

A third top investor said it is possible that Deutsche Bank will have trouble meeting its closely-watched cost target as expenses to combat the virus’s spread rise.

‘BAD LUCK’
Deutsche Bank expanded measures to protect employees from contagion on Monday, splitting some trading and infrastructure teams in London.

It had already imposed such measures in locations including China, Italy and Switzerland.

Deutsche Bank, which last year called off talks to merge with Commerzbank, is now counting on other measures to turn around its fortunes, including shedding 18,000 staff, selling off complicated assets and exiting some businesses.

It has been aiming to focus more on its home market after years of rapid global expansion.

In a sign of progress, Deutsche Bank has gained market share in organizing syndicated loans for German companies, data compiled by Dealogic for Reuters show.

The data, for the period from the start of the year through Friday, also showed a slight gain in market share for Deutsche Bank’s role in issuing bonds for German corporates and the fees it gets for advising them on mergers and acquisitions.

But analysts still expect it to swing to a net loss for the quarter ending on March 31, and a 9% drop in total revenue from a year ago, a consensus forecast posted last week on Deutsche Bank’s investor relations website shows.

“We can’t relax,” another top Deutsche banker said.

Hans-Peter Burghof, a professor at the University of Hohenheim, said Deutsche Bank needs positive developments.

“It’s very bad if a new strategy meets bad luck,” he said.

The German economy’s heavy reliance on mid-sized export oriented firms, known as the Mittelstand, also poses a particular challenge, Burghof said.

Such companies are especially threatened by supply-chain disruptions, which could in turn hurt their banks.

Shares in Commerzbank, which counts the Mittelstand as a key clients base, also hit a record low, down as much as 14%, representing a 32% drop since the start of the year. — Reuters

How PSEi member stocks performed — March 10, 2020

March 11, 2020 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Tuesday, March 10, 2020.

Funding package of P1.65B for Covid-19 approved in committee

March 10, 2020 | 9:45 pm

THE HOUSE committee on appropriations approved Tuesday P1.65 billion in supplemental funding to support the government’s response to the coronavirus disease 2019 (Covid-19) outbreak.

The funding package was passed upon the motion of Representative Ruwel Peter S. Gonzaga of Davao de Oro (formerly Compostela Valley).

His motion for approval also removed a provision setting a Dec. 31 deadline for spending, making the funds available “until fully spent.”

The panel consolidated House Bills 6166 and 6177 which originally sought to provide more than P2 billion to the Department of Health (DoH). The National Treasury, however, said that only P1.65 billion worth of excess funds was available for realignment.

“At present we don’t have the P2.04 billion excess income available. We have P1.65 billion in excess income, Mr. Chair. We have been coordinating with the Department of Finance to expedite the remittance of various dividends because usually the source of excess revenue are dividends from our government operations,” Deputy Treasurer Sharon P. Almanza testified.

The DoH said it needs P3.1 billion to cover the costs of equipment to deal with Covid-19.

“We need P2.35 billion as requested for PPE (personal protective equipment)… for the Bureau of Quarantine, we need P933 million for MOOE (maintenance and other operating expenses). And 40,000 test kits for RITM (the Research Institute for Tropical Medicine), P139 million. A total of P3.1 billion,” Health Undersecretary Roger P. Tong-an said.

Mr. Tong-an said the DoH can also tap funding from other government agencies and dip into its own savings.

“We have some possible funding that we’ll tap from PAGCOR (the Philippine Amusement and Gaming Corp.) of P2 billion, then from the DoH savings of P539 million and PCSO (Philippine Charity Sweepstakes Office) intends to give P420 million… plus we have QRF (quick response fund) of P81 million that… we can use for that matter so a total of P4.6 billion (in) possible funding,” he said.

The Department of Budget and Management (DBM) said the department can also use the P13-billion contingency fund “for any deficiency that DoH might encounter.”

“For FY 2020 under the General Appropriations Act, the contingent fund has an amount of P13 billion. P8 billion is for MOOE and P5 billion is for capital outlays. And this fund is meant to cover new and urgent projects of national government agencies and this is one of the appropriations or the items that the DBM has identified that can be a source and funds for any deficiency that DoH might encounter,” Budget Undersecretary Janet B. Abuel said. — Genshen L. Espedido

Metro Manila food supply deemed adequate in event of lockdown

March 10, 2020 | 9:44 pm

AGRICULTURE Secretary William D. Dar said Metro Manila’s food supply will be sufficient in the event of a lockdown and movement restrictions due to the increasing number of coronavirus (COVID-19) cases in the National Capital Region (NCR).

Speaking to reporters Tuesday, Mr. Dar said Metro Manila has rice stocks equivalent to five to six months’ consumption to sustain it until the next harvest if ever the NCR is locked down.

According to Mr. Dar, supply of other foods is ample due to the harvests in March and April.

“We have enough supply for food products such as rice. March and April are harvest seasons which means that there should be no worries about food supply,” Mr. Dar said.

He said COVID-19 is not the only disease to worry about, with African Swine Fever (ASF) also afflicting the pig herd nationwide.

Mr. Dar said measures being considered in the event of a lockdown include urban agriculture.

“There so much space in urban areas like Metro Manila. It is also a good time to plant this season. Government agencies such as the Bureau of Plant Industry (BPI), Agricultural Training Institute (ATI), and the Bureau of Fisheries and Aquatic Resources (BFAR), have been asked to accelerate their interventions during this time,” Mr. Dar added.

Mr. Dar also urged the public to avoid panic-buying because there is no lockdown yet.

“Wala pa namang lockdown. Huwag nating pangunahan yung potential scenario. Ginagawa ng gobyerno ang lahat para matulungan ang publiko, (There is no lockdown yet. Let’s not get ahead of things because the government is doing everything it can to help the public),” Mr. Dar said. — Revin Mikhael D. Ochave