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COVID-19 Regional updates: Luzon

Sanitizing Marikina schools

THE STA. ELENA High School in Marikina gets sanitized as part of the massive disinfection activity launched by the local government following one confirmed coronavirus case, or COVID-19, case in the city. Mayor Marcelino R. Teodoro, in a statement, stressed that as of March 10 morning, there is no confirmed community transmission case and those who came into contact with the infected patient are under monitoring. Schools have been suspended for the rest of the week in the entire Metro Manila.

Authorities to send home school-age children found gallivanting

VILLAGE leaders and cops have been ordered to keep children of school age out of shopping malls, public markets and other convergence spaces while classes in the National Capital Region (NCR) are suspended until March 14 amid the COVID-19 spread. “The President has directed all local officials in NCR from Mayor down to Punong Barangays as well as all units of the Philippine National Police to ensure that no children are seen loitering around and, if they are seen, they are to be immediately sent home to do their homework,” Interior and Local Government Secretary Eduardo M. Año said in a statement on Tuesday. Mr. Año also asked parents to “discipline and closely supervise their children and ensure that they stay home.”

COVID-19 Regional updates: Visayas

BW FILE PHOTO

DILG overturns Bacolod ban on ships from China

THE DEPARTMENT of Interior and Local Government (DILG) has overturned Bacolod City’s ban against all cargo ships coming from China and its special administrative regions, Hong Kong and Macau. In a letter to Mayor Evelio R. Leonardia, a copy of which was posted on the city’s official social media page, DILG Secretary Eduardo M. Año said, “At the outset, the Department acknowledges and commends your effort to stay true to your responsibility as the chief executive of the city to protect the health and welfare of your constituents. However… it contradicts the recent issuance of the Department of Health (DoH)” containing guidelines on seaports. DoH Circular-2020-0034 dated February 4 provides that all vessels from China, Hong Kong, and Macau “in the past 14 days must be boarded at the quarantine anchorage” and there should “strictly” be no “embarkation/disembarkation.” Mr. Leonardia issued the ban on March 5 following a meeting with local, health, quarantine, and Philippine Coast Guard (PCG) officials to discuss the arrival of M/V Unicorn Bravo, a cargo vessel from Xiamen, China. The ship later tried to dock in Iloilo City, but Mayor Jerry P. Treñas immediately issued a similar ban.

Cebu expands mandatory 14-day quarantine to arrivals from Italy, Iran

PASSENGERS ARRIVING at the Cebu Mactan International Airport who came from or have recently visited Italy or Iran are now mandated to undergo a 14-day quarantine period as part of counter-measures against the coronavirus disease, according to the Cebu provincial government. Governor Gwendolyn F. Garcia, in a live-streamed media briefing Monday, announced that she is issuing an order on this policy, which will take effect March 11. “This executive order will be disseminated by the airlines… in order to give due warning to those that may have to be quarantined once they arrive here in Cebu. They (passengers) will have a choice, to go into a 14-day quarantine or take the next flight back… to their point of origin,” Ms. Garcia said. Cebu already has the same policy in place for China, including its special administrative regions Hong Kong and Macau, and South Korea’s North Gyeongsang province. Meanwhile, Ms. Garcia acknowledged that domestic flights and inter-island sea vessels “are an area of concern,” but assured that the inter-agency provincial task force on the disease, officially called COVID-19, are implementing set protocols.

TOURISM LOSS
With the travel restrictions, the Department of Tourism-Western Visayas (DoT-7) said the region is estimated to have incurred at least P2.18 billion in lost revenues from Chinese tourists alone in February. DoT-7 Regional Director Shalimar H. Tamano said they are still evaluating losses from cancelled bookings of other nationalities like Koreans, as well as postponed business trips. In 2019, the region recorded P97 billion in tourism receipts, more than double the P44 billion the previous year. Koreans are the top foreign tourists in the region, followed by the Chinese. — With a report from The Freeman

COVID-19 Regional updates: Mindanao

Virus-handling orientation

A MEMBER of Zamboanga City’s COVID-19 Core Team, led by the City Health Office under Dulce D. Miravite, conducts an orientation on handling coronavirus cases for private and public hospital workers. Ms. Miravite, in a media briefing Tuesday, said the CHO and other agencies are “taking extra caution and steps” to monitor individuals with travel history to countries with restrictions and areas within the Philippines with confirmed cases of the disease known as Covid-19.

Nurses to be deployed at Davao airport to monitor domestic arrivals

LOCAL GOVERNMENT units (LGUs) in the Davao Region have issued directives to address the potential spread of the coronavirus disease, or Covid-19, following the declaration of a State of Public Health Emergency in the country. In Davao City, the region’s gateway, 14 trained nurses will be deployed at the airport domestic terminal to monitor arriving passengers. The available body scanner at the airport is stationed at the international arrivals section. Bureau of Quarantine regional medical officer Shane M. Ludovice said the nurses will use thermo guns to check the temperature of arriving passengers as well as assess health declaration forms. “The nurses will also evaluate the health declaration of the passengers. If there are findings like signs and symptoms of COVID-19, we will hold the passengers for questioning, evaluate them and if they have travel history, we will ask the City Epidemiology and Surveillance Unit or CESU to transfer them to a hospital,” he told the media Monday. The Davao City government has also released a 29-point guideline, which includes a ban on events that draw big crowds as well as prohibiting people from going to city government offices to follow up on transactions. “Clients are required to make phone or email follow-ups. Offices should ensure that clients are promptly attended to in this mode of follow-up,” the guideline states. Davao del Sur Governor Douglas R. Cagas has ordered a “no face mask, no entry” policy at the capitol compound while they are finalizing the detailed directive for the province. The Davao Oriental provincial government has activated its incident command system to implement the response plan, which includes the designation of six isolation rooms at the Davao Oriental Provincial Medical Center. The Davao de Oro and Davao Occidental LGUs have also set up teams and measures to counter the Covid-19 threat. As of Tuesday, Southern Philippines Medical Center head Leopoldo J. Vega announced that all patients admitted for investigation have been found negative for the virus. — Maya M. Padillo and Carmelito Q. Francisco

Nationwide round-up

Senate postpones NGCP hearing as company president ‘unwell’

Senator Sherwin T. Gatchalian — PHILSTAR

THE SENATE Energy Committee deferred probe on the alleged anomalies in the National Grid Corporation of the Philippines (NGCP) after its President, who was feeling “unwell,” skipped Tuesday’s hearing. Senator Sherwin T. Gatchalian, who chairs the panel, had asked NGCP President and Chief Executive Officer Anthony L. Almeda to submit a medical certificate as proof of his absence. NGCP Spokesperson Cynthia P. Alabanza explained Mr. Almeda intended to attend the meeting, but was advised to go to the hospital after “feeling unwell” since Monday afternoon. Mr. Gatchalian intends to ask Mr. Almeda on the committee’s findings that almost 35 foreign nationals hold positions in the NGCP, 11 of which are at management level. The senator also intends to consult the Department of Energy as well as compel the National Security Council to conduct its own audit on the grid system. — Charmaine A. Tadalan

President’s Boracay trip set Thursday

PRESIDENT RODRIGO R. Duterte’s Boracay trip, which was originally announced as a kick-off event for his tour around the Philippines to promote domestic tourism amid the new coronavirus spread, will push through on Thursday, his spokesman confirmed Tuesday. However, the visit will primarily be for the distribution of land certificates to agrarian reform beneficiaries, Spokesperson Salvador S. Panelo said. “There’s a schedule in the distribution of land certificates on Thursday afternoon… I don’t think he will go around,” Mr. Panelo said. — Gillian M. Cortez

House to continue work after March 13 adjournment to help with COVID-19 threat

THE HOUSE of Representatives will continue to work after the adjournment on March 13 to help address the coronavirus disease 2019 spread and impact. “So Congress will be working despite the break in the next five weeks. The Majority Leader has assured me that the committees will continue to function but we want to do it executive-legislative,” House Speaker Alan Peter S. Cayetano told reporters on Tuesday. He said they will focus on preventive measures, response plan on the possible loss of livelihood, and economic stimulus. He added that he intends to involve the private sector in the national efforts against COVID-19. “We want to involve not only the executive and legislative but the private sector. So this will include also for example, asking our banks what they can do regarding interest rates sa (on) loan sa (for) small businesses,” he said. — Genshen L. Espedido

Nation at a Glance — (03/11/20)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Nation at a Glance — (03/11/20)

NBA: Nuggets send Bucks to 3rd straight loss, 109-95

LOS ANGELES — Jamal Murray scored 21 points, including Denver’s first nine to start the fourth quarter, Paul Millsap had 20 points and 10 rebounds, and the host Nuggets beat the short-handed Milwaukee Bucks 109-95 on Monday night.

Jerami Grant added 19 points for Denver, and Gary Harris had 15. Will Barton scored 13 points and Nikola Jokic had 10 points, nine rebounds and seven assists for the Nuggets, who swept the season series from the NBA leaders.

Milwaukee played without reigning MVP Giannis Antetokounmpo (left knee injury) and nearly the entire starting lineup to end an 0-3 road trip. Also out were Eric Bledsoe (knee), George Hill (groin), Khris Middleton (rest), Brook Lopez (rest) and Donte DiVincenzo (rest), leaving them without their top six scorers.

Kyle Korver led the Bucks with a season-high 23 points, Sterling Brown had 16 points, Robin Lopez scored 11 and D.J. Wilson contributed 10 points and nine boards.

ATLANTA HAWKS 143 — CHARLOTTE HORNETS 138 (2OT)
De’Andre Hunter gave host Atlanta the lead by making three free throws with 13.3 seconds left in the second overtime, and the Hawks held on to defeat Charlotte.

Atlanta was led by Trae Young with 31 points and 16 assists. John Collins had 28 points on 12-for-13 shooting and grabbed 11 rebounds, and Cam Reddish, who returned after exiting the previous game due to leg cramps, had 22 points. The Hawks set a season high with 21 3-pointers (on 43 attempts).

The Hornets got a career-high 40 points from Terry Rozier, 27 points and 10 rebounds from Devonte’ Graham, and a career-high 23 points from rookie Caleb Martin, who entered the game averaging 4.3 points.

TORONTO RAPTORS 101 — UTAH JAZZ 92
Serge Ibaka scored 27 points and grabbed 13 rebounds as Toronto defeated Utah in Salt Lake City to extend its winning streak to four games. Pascal Siakam added 27 points, 11 rebounds and eight assists, and Kyle Lowry had 21 points for the Raptors, who finished a 4-1 road trip.

Joe Ingles had 20 points off the bench — 10 in the fourth quarter — for the Jazz, who had their winning streak end at five. Royce O’Neale added 15 points, Mike Conley had 13 and Donovan Mitchell scored 11 for Utah. Mitchell and Conley combined to his 8 of 28 field-goal attempts.

The Raptors lost guard Norman Powell 95 seconds into the first quarter with a sprained left ankle after he collided with teammate OG Anunoby on a defensive play under the basket. — Reuters

A positive ‘high’ with Muay Thai: Malabonian Ninjas conquer life challenges through sports

IT’S NEVER TOO LATE to kick bad old habits especially when you’re young and you have the passion to improve your life and those of your loved ones.

Several years back, Malabon was among the cities that struggled with youth offenders involved in petty crimes to gang-related violence. This has negatively impacted the city which saw a high case of school dropouts.

Even with unsurmountable challenges, the Malabon City LGU led by Mayor Lenlen Oreta used a time-tested solution to fight the problem — sports. And what kind of sports? Oreta introduced to these delinquent youngsters to Muay Thai — a disciplined form of boxing using eight limbs which originated from Thailand. These youngsters are now part of a multi-awarded Muay Thai team called “Malabonian Ninjas.”

“Sports has a very positive effect especially on the youth. Aside from promoting good health, it instills discipline and values formation. We realized that it had a tremendous impact on the lives of these youth as they are a complete opposite of what they were before. Today, members of the Malabonian Ninjas can look forward to a brighter future filled with opportunities and growth,” said Mayor Oreta.

One of the members of the Malabonian Ninjas is Jomarie, now 20 years old and taking up BS Criminology at the City of Malabon University. Years ago, he was an out-of-school youth, wasting time with gangs in the streets, with a bleak future ahead of him.

“I became a different person after getting into the sport. I used to engage in a lot of fist fights that lead to troubles and endless worry for my family. I was really unruly at that time and didn’t enjoy schooling then, so I decided to stop,” said Jomarie in Filipino.

He was restless and took to the streets to vent out his frustrations. One day, he found out that there was this new kind of sport being offered by Mayor Oreta to the youth of Malabon.

“When I heard about it, I became curious. I went to the orientation and found the tumblings very interesting,” he recalled. “At first, it was really hard. I also did not care about the others. But when coach Jerome Kalinga told me to ‘change my old habits’ and guided me to open my passion in Muay Thai, I began to change my attitude and my outlook in life. I realized that there is more to life and I alone can change it if I want to improve my future.”

Jomarie said that even his former buddies were so surprised to see his transformation. His life began to have order. He felt happier as he now sees a brighter future for himself and his family. “In fact, I also inspired my friends to join the group. It was not hard to convince them since they saw the tremendous improvement in the way I think, talk, and interact with others.”

NEW SENSE OF PURPOSE
As an active Malabonian Ninjas advocate and youth model, Dafnie, 21 years old, describes her remarkable journey toward finding a personal advocacy.

“Years ago, I was an out-of-school youth. I was unsure of myself then and I couldn’t envision a future for myself. But then I heard of the Mayor Oreta’s Muay Thai clinic while I was volunteering at the DSWD office. Mommy Lenie (from DSWD) encouraged me to try it, so out of curiosity and since I experienced taekwondo back in high school, I decided to join,” shared Dafnie in Filipino.

“At first, I thought it was just like a physical education class. But I was wrong as I learned more than that — I leaned discipline, respect for others, love for our country and city, and care for the body. I became more mature as Muay Thai made me realize that I have to know myself in order to conquer the enemy. I learned my capabilities and what I want to achieve can be realized as long as I work hard for it and have a positive attitude,” she said.

Dafnie added that the sports literally helped her bring out the “best” in her not only in terms of physical stamina but also her leadership skills.

Brillantes tops Predator-Volturi 9-Ball Cup 2020 tournament

WILLIAM BRILLANTES outclassed Matt Ablaza, 8-2, to rule the Predator-Volturi 9-Ball Cup 2020 tournament held at the AMF-Puyat Makati Cinema Square, Makati City over the weekend.

Brillantes, a former chess player turned cue artists had an awesome start displaying superb pocketing control to nail a 7-1 lead. Ablaza tried to mount a comeback by scoring another rack for a 2-7 score. However, an empty break of Ablaza in the 10th racks allowing Brillantes to clean up the table to secure the victory.

“Luckily the ball always favors me,” said Brillantes, a chess student of International Master Roderick Nava.

Brillantes bagged the P40,000 top purse and Ablaza the P20,000 consolation prize.

The 33-year-old Brillantes, a Computer Science graduate at Cavite State University in made it to the finals by ousting Ge Novales in the last-64, Bryan Flores in the last-32, Darwin Canapi in the last-16, Jaime Evangelista in the quarterfinals and AJ Manas in the semifinals.

“The Predator-Volturi 9-Ball Cup 2020 tournament holds the record for the most number of pool player in an amateur pool tournament — 242 — which it achieved in the Predator-Wilde Blu 10-Ball Cup 2019.” said Makati Pool Players Association (MAPPA) President Arvin John “Bambino” T. Arceo.

The Predator-Volturi 9-Ball Cup 2020 tournament is proudly presented by Makati Pool Players Association-MAPPA and is sponsored by Volturi Custom Cases PH and Predator Cues. — Marlon Bernardino

The rookies are here

After some delay the volleyball tournament in Season 82 of the University Athletic Association of the Philippines finally got under way last week. It was a start that was much anticipated because, among other things, of the group of talented rookies, particularly in women’s play, that was set to embark on their collegiate journeys.

And a week into the season, said rookies have proven the buzz surrounding them to be warranted as they have come into the league and are making an immediate impact for their respective teams.

Among the standout rookies for this space on opening week were Faith Nisperos of the Ateneo Lady Eagles, Imee Hernandez of the University of Santo Tomas Golden Tigresses, Thea Gagate of the De La Salle Lady Spikers and Margot Mutshima of the National University Lady Bulldogs.

Played at Nazareth School of National University where she had a stellar high school career, Nisperos was fondly referred to as a “blessing” when she landed on the Lady Eagles’ nest.

And accordingly in two games to date with Ateneo (1-1), Nisperos has made a strong case for herself as a steady source of points for the now and the future.

She has been averaging 11.5 points, 10 coming off kills each time, for the Lady Eagles.

More telling, she is not hesitating to carry the cudgels when needed for the defending UAAP champions.

Case in point was in the second set of their match against rival La Salle where she stepped up her game as her more veteran teammates struggled.

Through her efforts, Ateneo managed to level the count against La Salle in said game with a set each before the Lady Spikers took the next two sets to down the Lady Eagles. Nisperos ended as the top scorer for Ateneo in the match with 13 points, two blocks and an ace.

UST’s Hernandez also had a rousing debut, finishing with 18 points, highlighted by six blocks, in their five-set thriller against NU.

Like Nisperos, Hernandez, off the UST high school program, has been providing steady contribution for the Tigresses (1-1) in their first two matches.

Sisters Eya and EJ Laure are accounting for the bulk of the offense for UST but Hernandez, averaging 12.5 points in two games, is turning out to be a viable option which should only help the team’s cause this season.

Gagate, for her part, is set to be a force to be reckoned with for La Salle.

The freshman middle-blocker had 10 points in her seniors debut against Ateneo, built on five kills and five blocks.

Her five swats were half of the team’s total production in said game.

Also, Gagate was a huge thorn on the side of the Lady Eagles as she led La Salle’s “iron wall” that made it difficult for the likes of Ateneo’s Jhoana Maraguinot and Kat Tolentino to get their game going.

La Salle has had solid middle-blockers in recent history and Gagate should well continue that tradition.

NU’s Mutshima, meanwhile, is as steady as it gets for the currently league-leading Lady Bulldogs (2-0).

Out of Congo, Mutshima has been good for 18 points per game to date.

Her steady play as an outside hitter has allowed her team to have fluidity with her teammates also complementing what she brings to the table.

The Lady Bulldogs had it rough last year but with Mutshima in tow this time around, the team’s thrust looks promising.

Other noteworthy UAAP rookies on opening week included Adamson Lady Falcons setter Louie Romero, Ateneo libero Roma Mae Doromal, University of the East Jana Lana and NU’s Chi Arroyo.

With all these rookies doing their thing early in the season, fans of the UAAP have every reason to stay glued to their seats and follow the league. Familiar and reliable faces are still around to banner the competition alright, but with them new and exciting names coming to the fore, UAAP Season 82 women’s volleyball is set for an exciting run moving forward.

POSTSCRIPT. It is just unfortunate that the UAAP had to suspend scheduled volleyball matches this week over the threat of the spread of the coronavirus disease 2019 (COVID-19). But it was a hard decision that had to be made by the league to ensure the safety of the entire UAAP community. Hopefully such suspension would not be too long as the volleyball season has gotten to a great start and it would be a shame if such is not sustained. Stay safe everyone.

 

Michael Angelo S. Murillo has been a columnist since 2003. He is a BusinessWorld reporter covering the Sports beat.

msmurillo@bworldonline.com

Sore loser

Longtime hoops fans know better than to give weight to the bitter pronouncements of the Clippers’ Patrick Beverley over the weekend. Even as he gave props to the Lakers for besting them in a matchup the Staples Center marquee boldly proclaimed as a “Battle for L.A.,” he belittled the contributions of Most Valuable Player candidate LeBron James. “We gotta give them a lot of credit,” he said in the aftermath. “Living in L.A., it’s hard to deal with this loss, but we have to wash this down the shower, keep getting better, and we will.” Which was all well and good. However, he also couldn’t resist throwing a ridiculously off-target jab at the leader of the purpose and gold, arguing in response to queries from Inside the Green Room’s Harrison Sanford that defending the latter was “no challenge and “not hard at all.”

To be sure, the two have no love lost of each other. Perhaps they could have been teammates, but Beverley signed with the Clippers early in the offseason, back when the Lakers had to keep cap space while waiting for Kawhi Leonard’s decision in free agency. And when the reigning Finals MVP chose to sign with the far less illustrious Staples Center tenants, the plucky player known for leech-like defense couldn’t help but gloat; he and James happened to be in the same restaurant when he heard the news, and he gladly rubbed the development in.

That said, there can be no discounting the facts. The Lakers prevailed against the Clippers in large measure because James proved superior in the crunch. It wasn’t simply that he finished with a sterling stat line of 28, seven, and nine. It was that he did significant damage with the outcome on the line; he scored or assisted in the visitors’ last 13 points, and 19 of their 27 in the payoff period. Needless to say, the numbers expose Beverley’s pronouncements as utterly devoid of substance. Not coincidentally, the supposed stopper was ineffective in all other aspects of the contest, coming up with as many points and rebounds as turnovers and fouls (six), and a whopping negative-16 net rating in 26 minutes of play.

True, Beverley deserves praise for continually exceeding himself. What he lacks in talent, he more than makes up for with spunk. That said, it’s one thing to possess irrational confidence, and quite another to display irrational behavior. Respect begets respect, and he needs to admit that James has earned his — if for no other reason than to highlight his own strides when he does a good job the next time around. Else, all he’ll wind up being is a sore loser who deserves to be written off.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

Exports outpace imports in January

The country’s trade-in-goods deficit narrowed in January after merchandise export growth outpaced the increase in imports, the government reported this morning.

Preliminary data released by the Philippine Statistics Authority showed earnings from the country’s merchandise sales abroad increased by 9.7% year-on-year to $5.79 billion at the start of 2020.

This was a turnaround from the 6.7% drop in January 2019, albeit slower than the 22% growth seen in December 2019.

The export growth in January was above the four-percent growth target set by the Development Budget Coordination Committee (DBCC) for 2020.

Meanwhile, the country’s import bill went up by one percent to $9.29 billion in January. This marked a reversal from the 7.6% contraction in December, but was slower than the 3.6% import growth in January last year.

The January result marked the first time since March 2019 that imports grew year-on-year. Nevertheless, this was below the DBCC’s eight-percent growth target set for this year.

The country’s trade-in-goods deficit amounted to $3.5 billion, narrower than the $3.92-billion shortfall recorded in the same month last year.

For the month, the United States (US) was the top market for Philippine goods, accounting for 16.3% with $941.73 million. It was followed by Japan with a 16.1% share of $930.89 million, and Hong Kong’s 14% share of $809.74 million.

On the other hand, Mainland China was the biggest source of foreign goods purchased by locals in January, accounting for 25.5% at $2.37 billion. Other major import trading partners were Japan and Korea, which contributed 8.7% ($810.69 million) and 7.5% ($698.27 million), respectively. —Marissa Mae M. Ramos

Gov’t postpones panda bond sale

THE GOVERNMENT will likely tap the offshore market to raise around $1 billion to $1.5 billion in dollar-denominated papers and $1 billion via yen bonds this year, but is unlikely to return to the yuan bond space in the first half as the coronavirus disease 2019 (COVID-19) outbreak continues to affect China’s economy.

“The plan is still there, that about $1 billion to $1.5 billion can also be sourced from the dollar market and another $1 billion (in yen equivalent) from the ‘samurai’ market. But of course, these are things that we have to continue to watch in terms of market developments given where we are right now and also the lingering impact of COVID-19,” National Treasurer Rosalia V. de Leon told reporters Monday.

Ms. De Leon said they are monitoring markets to see if the Treasury can offer all the offshore issuances in the first semester as planned.

“We’re seeing how the market developments are right now in the dollar market, as 10-year (US Treasuries) have plunged to even as low as 0.5%. There’s risk-off sentiment at the moment,” she said.

“We have to see when a good market window would be when there would be more investors who are going to take the chance on emerging market issuances,” she added.

As China continues to suffer the brunt of the outbreak’s fallout, Ms. De Leon said the renminbi-denominated bonds they originally planned to offer this month are unlikely to be issued within the first half.

“For now, wala muna because it’s supposed to be in March, and of course, we are also marking the ‘panda’ market development. So I think we will not be seeing any ‘panda’ issuance at this time, obviously because of COVID-19,” Ms. De Leon said.

Asked if the government could offer these bonds in the second semester instead, the official said they will have to “see in terms of the rates and of course, if there would be opportunities for other markets to be able to make up for possible take-up from the ‘panda’ issuance.”

In the meantime, the National Treasurer said they will take advantage of liquidity in the local market as well as declining interest rates.

“We’re saying nga na good source ang local market for our funding given the liquidity and where the rates are right now, and of course, that would also mitigate foreign exchange risks on our end,” Ms. De Leon said.

The official said due to recent developments, the P1.4-trillion borrowing program for the year may face “some adjustments” amid expected higher spending by the government on efforts to contain the virus, coupled with lower revenues collected by agencies due to a decline in sales and imports.

However, she said the possible increase in borrowings will “not be very huge” as the country’s two largest tax-collecting agencies, Bureau of Internal and Revenue and Bureau of Customs, are expected to “catch up” in the second half after businesses and trade recover from the impact of the virus.

In January, the government raised €1.2 billion out of total bids worth €4.3 billion from its offer of two tenors of euro-denominated bonds, broken down into €600 million each for three-year and nine-year papers.

The bonds carry coupon rates of 0.1% for the three-year bonds and 0.7% for the nine-year, a spread of 40 basis points (bps) and 70 bps over benchmark rates, respectively.

Of the P1.4-trillion borrowing program this year, the government will borrow 25% or around P350 billion from external sources, while the remaining 75% will be sourced from the local market. These will help fund its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product.

The Treasury sold $1.5 billion in 10-year dollar-denominated global bonds in January 2019 priced 110 bps above benchmark rates. The offer was met with strong demand, with total bids reaching $4 billion.

In May last year, the government also raised 2.5 billion renminbi (RMB) or $363.3 million via three-year panda bonds at a coupon of 3.58%. The offer was met with strong demand with total bids reaching RMB11.25 billion.

The Treasury also issued ¥92 billion ($860 million) following a multi-tenor offer of yen-denominated bonds in August last year. Broken down, ¥30.4 billion was raised via three-year samurai bonds at a coupon rate of 0.18%, ¥21 billion from five-year papers priced at 0.28%, ¥17.9-billion from seven-year securities at a 0.43% coupon, and ¥22.7 billion through 10-year bonds priced at 0.59%. — Beatrice M. Laforga

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