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P.A. Properties opens market in San Pedro

REAL ESTATE developer P.A. Alvarez Properties and Development Corp. is expanding its commercial segment with the opening of a market in San Pedro, Laguna.

In a statement, P.A. Properties said SanJos Market San Pedro, located in Barangay Langgam, is its second commercial market after it opened the first in Caloocan four years ago.

Owned and operated by P.A. Properties, SanJos Market San Pedro covers 8,110 square meters (sq.m.) with a parking facility.

The market has wet, dry and food cart sections, as well as a pawnshop and money remittance center, general merchandise, rice dealers, food kiosks, a pharmacy and a supermarket.

Senate panel sets hearing on ABS-CBN franchise

THE Senate Committee on Public Services will no longer wait for the transmittal of the bill on the franchise of ABS-CBN Corp. from the House of Representatives as it plans to begin deliberation of the application for renewal.

Senator Grace S. Poe-Llamanzares, who chairs the committee, initially sought an inquiry on the allegations Solicitor General Jose C. Calida cited in his quo warranto petition against ABS-CBN and its unit ABS-CBN Convergence, Inc.

“Nagpalit na ‘yung isip ko. Sa tingin ko, didinigin na natin mismo ang prangkisa (I’ve changed my mind. I think we will hear the franchise renewal itself),” she said in a briefing on Monday.

The committee will hear the ABS-CBN franchise on Feb. 27.

Her decision comes even as legislative rules provide that franchise bills should emanate from the House of Representatives.

She said in practice, the Senate may begin tackling a bill simultaneously with the House, citing as examples the annual general appropriation bill and tax measures.

Last week, House Speaker Alan Peter S. Cayetano said the chamber would not tackle the measure just yet as it focuses on more important matters, but he committed to hold hearings before March 2022.

Separately, Senate Minority Leader Franklin M. Drilon filed Senate Joint Resolution No. 11 in which he sought to formally extend the validity of the ABS-CBN franchise until Dec. 31, 2022, ahead of the bill’s approval.

His filed the resolution in anticipation of Mr. Calida’s next move, which is to question the continued operation of ABS-CBN despite the March 2020 expiration.

“With that eventuality then it is a legal debate,” Mr. Drilon said in a separate briefing. “If you do not do this, in six weeks time the continued existence of the ABS-CBN is open to question.”

Senate and House leaders have both agreed that the network may continue operations until 2022 as long as the deliberations on its franchise renewal are pending. — Charmaine A. Tadalan

How amateur online sleuths found a killer. Or did they inspire him?

By Zsarlene B. Chua, Reporter

TELEVISION REVIEW
Don’t Fuck with Cats:
Hunting an Internet Killer
Netflix

CATS ARE the de facto mascots of the internet as cat photos and videos are some of the most consumed content on the internet: the BBC noted in 2015 that there were 2 million cat videos on YouTube. People take their cats seriously — sometimes too seriously — so much so that a hunt for an online cat killer turned into an international manhunt across Canada and Europe.

Don’t Fuck With Cats: Hunting an Internet Killer is a three-part series from Mark Lewis following a group of “internet nerds” who searched for a cat killer online and ended up finding a real murderer.

The Netflix documentary launched in December follows the true crime story of a Chinese exchange student’s death at the hands of Luka Rocco Magnotta. But what should have been a straight-to-the-point crime docuseries spun in many different, and disturbing directions and it all started with cats.

(NOTE: Spoilers ahead.)

TORTURE VIDEO
The year is 2010 and Deanna Thompson, a data analyst at a Las Vegas casino, was spending her time lurking on the internet to take her mind off a recent breakup when a video of a cat killing made the rounds on Facebook. The horrific video of torture and death of the cats led her and other “internet nerds” (as they called themselves) on a hunt to find the killer and unmask him.

What followed was a masterclass on internet sleuthing as Ms. Thompson, alongside John Green (an alias) who has a penchant for internet detective work, detailed how they scoured the video for hints of where the killing took place and who the possible killer was — the bedspread, the wall outlets, the doorknob, everything was a possible clue. They took apart the video frame-by-frame until they got a rough idea of where the crime took place and it was in North America.

When asked what spurred on this frantic search for a cat killer, Ms. Thompson said that on the internet, there’s a “rule zero” and that is “don’t fuck with cats.”

INFILTRATED
But just as they were close to unveiling the culprit, they realized that the private Facebook group they made to coordinate their efforts had been infiltrated by the perpetrator himself, who then uploaded a second, more graphic video of a kitten being fed to a python.

He was taunting them by using dummy accounts. While the nerds were looking for him, he was also looking for them — he showed Ms. Thompson a video that demonstrated that he knew where she worked.

Ms. Thompson then realized that they may be dealing with a budding serial killer and his killings might escalate and he may end up killing a person.

And he did.

MURDEROUS FILM BUFF
Luka Rocco Magnotta was a film buff. He loved the classics — Casablanca (1942) for instance — and had a special passion for Basic Instinct (1992) and Sharon Stone. His love for movies led him, albeit unsuccessfully, to pursue a modeling and acting career.

He was a narcissist — at several points in the documentary Ms. Thompson and Mr. Green say that they’d get messages from dummy accounts saying that “the person you’re looking for is Luka Magnotta.”

He also created dozens of fan accounts of himself using more than 30 dummy accounts, some of which were named after victims of serial killers: he used the name of one of the five children killed between 1963 and 1965 in England in what was known as the Moors Murders. Another of his aliases was Kirk Trammel or K. Tramell, a homage to Sharon Stone’s character in Basic Instinct, Catherine Tramell.

He wanted people to know his name and after 2012 and the murder of Chinese exchange student Jun Lin, people did know his name.

In 2012, a new video was posted showing a man being stabbed to death with what appeared to be an ice pick while tied to a bed frame. Several days after the killing, the torso of a man was found in Montreal while a foot and a hand were delivered to the Conservative and Liberal parties of Canada.

“They didn’t believe us. We had no credibility with the police,” Ms. Thompson lamented. The nerds had alerted the Toronto police about the cat killing videos two years before, but aside from a haphazard response, they didn’t get a lot out of attention. Then the murder in Montreal happened.

By the time the police did believe the nerds, Magnotta had already flown to Paris.

“We’ll always have Paris,” Rick tells his former lover Ilsa in Casablanca. At this point, the documentary shows how committed Magnotta was to recreating his fantasy of being a famous killer on the run.

A few more disturbing twists and turns and he is finally captured in Germany. At an internet shop. While he was looking at his record on the Interpol wanted list.

DISTURBING
While it is cathartic to see him brought to justice — he is currently serving a life sentence with the possibility of parole in 25 years — it does nothing to assuage how disturbing the entire case is because it not only sheds light on how the mind of a murderer worked, it also questions the way people use the internet.

At several points throughout the documentary, Ms. Thompson wonders whether she was complicit in the eventual murder. She felt responsible for spurring Magnotta on — that she fed his vanity by allotting hours and days to trying to hunt him down online — that she and her group gave him the validity he sought, and in so doing allowed him to escalate his crimes to fulfill his fantasy.

But beyond the ramifications of internet behavior, of online activism, the way the documentary was shot is also very disturbing: the director decided to show crucial parts of the snuff videos, even the murder of Mr. Lin himself, without warning the viewers of the graphic content.

The videos, despite not seeing them in their entirety, made me lose a couple of nights’ sleep. They were horrifying. And while I think it was not needed to get the message across, the shock value is effective. It was just as hard to watch as 2018’s Evil Genius which showed a man dying as a bomb tied to his neck exploded. Both were graphic and excessive.

For what it’s worth though, Don’t Fuck with Cats made me rethink how much of a person’s identity is available on the internet and how much their online behavior affects others.

Don’t Fuck with Cats: Hunting an Internet Killer is available on Netflix.

Lagarde confronts political cost of ECB’s below zero rate policy

“NOBODY TRUSTS YOU,” lawmaker Joerg Meuthen told European Central Bank (ECB) chief Christine Lagarde, switching briefly to English during a tirade in his native German. “You should be aware of that.”

The far-right Alternative for Germany representative was railing about negative interest rates — and while enduring bluster is par for the course for ECB presidents, the Feb. 6 encounter in the European Parliament also illustrated how politically charged that stimulus tool has become.

Policy makers insist the current deposit rate of -0.5% isn’t low enough for its damaging side effects, such as depressed returns at pension funds, to outweigh the broader economic benefits. That point is known by economists as the reversal rate, yet the fury that subzero borrowing costs incite among some citizens raises the prospect that there may be another limit: a political one.

“I have nothing against negative interest rates, and I think they can have a positive effect,” said Karsten Junius, chief economist at Bank J. Safra Sarasin. “But I currently have the feeling that we’re reaching a lower bound politically.”

Many officials would be loathe to admit publicly that such a key instrument for reviving inflation has a political shelf life. Not only would it restrict their options, it would also impinge on the institution’s independence. Like some of its peers, the ECB has come under increasing pressure from politicians keen to influence its strategy.

At the same time, policy makers have been noticeably reticent on the possibility of more easing since former president Mario Draghi left in October, weeks after the latest rate cut. Subzero rates are in their sixth year in the euro zone, and the fatigue is especially evident in countries with strong savings cultures.

In Germany, the bloc’s biggest economy, people typically squirrel away money in bank accounts rather than buy equities. Some with larger deposits — generally over 100,000 euros ($108,000) — even pay for the privilege. More than half of banks in a Bundesbank survey last year levied a charge on corporate deposits, and 23% penalized households.

When Mr. Draghi was recently awarded the country’s highest honor, mass tabloid Bild ran angry articles, including one claiming negative rates will cost Germans 24.5 billion euros in 2020 alone. It also repeated its notorious vampire moniker for him, “Count Draghila,” to the annoyance of German ECB board member Isabel Schnabel.

“Such images are hardly conducive to objective debate,” she said this month. “This public reaction far exceeds the usual degree of criticism about economic policy decisions. And it seems that negative interest rates are the chief cause of these deep feelings of discontent.”

Subzero rates are likewise unpopular in the Netherlands, where savers in 2019 endured the lowest returns on deposits in years, and the topic frequently features in Parliament. Austrian tempers are less frayed, but neither are there many fans.

“Permanently low or negative rates mean that savings are losing value — and 40% of Austrian assets are in savings accounts,” the country’s finance minister, Gernot Bluemel, said in January. “It’s a catastrophe for savers.”

The UK’s Brexit is a cautionary tale for the ECB on the longer-term risks of public displeasure. A European Commission survey last year found support for the euro within the region was at 76%, a record high — but trust in the ECB was much lower, at 43%.

“The ECB has to listen to citizens and get a sense of what are the effects” of its policy, said Guntram Wolff, director of the Brussels think tank Bruegel. Still, it “should not let itself be driven by moods and popular feelings.”

Some countries are less bothered. Many have far higher home-ownership rates than Germans and benefit from lower borrowing costs. Spaniards tend to have mortgages linked to central bank rates, so can reap a direct benefit from cuts.

In France, the second-biggest economy, savers have enjoyed better returns than in Germany. Many use the Livret A, a savings account guaranteeing some yield. Still, that hit its statutory floor for interest in January, at 0.5%, prompting populist National Rally leader Marine Le Pen to decry the “perverse effects” of ECB policy.

Such noise may strike a chord with Ms. Lagarde, who in September told European lawmakers of the need to respond to “the threats of populism and nationalism.” While negative rates are intended to help the central bank hit its inflation goal — something it has fallen short of for years — the operating environment also matters.

“I do worry about the political backing for central banks disappearing, and with it, the independence of monetary policy,” Mr. Junius said. “That’s something central banks and the ECB should pay attention to.” — Bloomberg

Constant challenge

Monster Hunter World: Icebone
Sony PlayStation 4/PC via Stream
Moero Chronicle Hyper

CAPCOM’S Monster Hunter series has stayed strong throughout its lifetime, and there’s no real wonder as to why. While not the most thought-provoking out in the market, it knows its strengths and is second to none in its unabashedly heavy focus on adventure and exploration. There’s simply no other franchise that can emulate the mystery its forests and jungles bring, or come close to approximating the dread, say, a Rathalos provides as it comes bearing down with fangs and claws extended. Even as it requires grinding to the point of excess, it invariably delivers on its promises of grandeur, riches, and glory that can only be the stuff of dreams.

Titles in the Monster Hunter series have aimed high, and Monster Hunter World is no exception. True to its origins, Monster Hunter World thrusts gamers into a land ravaged by monsters, and tasks them to overcome these majestic dragon- and dinosaur-like beings. While trying to bring down foes many times larger, faster, and stronger may appear foolish, it scoffs at the notion and instead puts forward another that banks on the use of proper tools to accomplish the seemingly impossible. Weapons, traps, and gear, with a mix of cunning, strategy, and skill, are pitted against ruthless animal ferocity.

Parenthetically, Monster Hunter World is a feast for the senses. It thrives in the uniqueness of its presentation; from its dense jungles to its blasted wastelands, it lays out vast exploration options that constantly supply interest. And the pull of the atmosphere cannot be denied: Nature seems to be hiding secrets from the curious eyes of denizens, who are likewise presented with flair. All that said, the monsters are the stars, and, amid its lush visuals, they are paraded with pride. They certainly fuel the gameplay, which pegs them as targets and obstacles with singular properties requiring no small measure of resolve to overcome.

Like all other entries to the series, Monster Hunter World has gamers gathering material, forging items, and hunting monsters from the mighty Nergigante to the humble Anteka. And they can engage in these expeditions — alone, with friends, or with computer-controlled feline companions — to their heart’s delight. They face off against particularly dangerous monsters, but success brings with it plenty of loot, money, and crafting materials for better items. They then rinse and repeat the process until satisfied. Which, in a nutshell, means it uses the same formula its predecessors did.

Monster Hunter World: Iceborne’s gameplay is no different. Offered as downloadable content to the base game, it feels more like an actual expansion, fleshing out an entirely new region to explore, and adding in plenty of new monsters to beat. With these new monsters comes the prospect of new mechanics to learn, new gear to craft, and new challenges to face. It even adds a new difficulty level for gamers to pursue: the Master Rank ups both the risk and the ante, and, thusly, makes clear its purpose as a natural progression for more experienced gamers.

Indeed, Monster Hunter World: Iceborne widens the series’ horizon. As the title suggests, it has gamers dealing with extremely low temperatures and cold-weather terrains. On the flipside, it provides new equipment and upgrade trees, leveling the playing field. At the same time, it allows for faster completion of the core game and transition to it. Even the difficulty scaling has been adjusted to account for party size midstream; the fluidity of online hunts, for instance, has been considered such that the challenges become easier when members leave while in combat, and harder when they join.

Tellingly, Monster Hunter World: Iceborne does not offer cross-play functionality. In other words, gamers on the PlayStation 4 will not be able to interact with those on the personal computer. Which is just too bad, because it forces them to choose. The series has been around longer on consoles, giving it a much bigger installed base on Sony’s eighth-generation hardware. And, make no mistake, the difference is apparent as soon as a party goes on a hunt. True, the PC will catch up at some point in the future — and likely in the near future. Given Capcom’s newfound support for the generally superior platform, the takeup will be high. For now, though, it’s clear where the better experience can be had.

In any case, the pull of Monster Hunter World: Iceborne is clear. It presents a constant challenge to improve, to clear what seem to be ridiculously high hurdles. It represents a continual struggle to exceed potential, to beat the ostensibly unbeatable, to triumph against the odds. Admittedly, it can be frustrating, even mindless, at times, but to those who have the patience and the will to see it through, it promises myriad returns to hundreds upon hundreds of hours of investing in an action role-playing game well worth its $39.99 price tag.

THE GOOD:

• Outstanding visual design

• Fun and engaging gameplay that relies on good planning and

skill

• Has good coop features to play with other friends online

THE BAD:

• Still a fairly grindy experience

• At times, can feel a bit repetitive

• No cross-play functionality

RATING: 9/10

POSTSCRIPT: Buried Stars, from LINE Games and Team Largo, has been confirmed for the Nintendo Switch.

Previously announced for release on the PS4 and the PlayStation Vita, the Korean adventure title is slated for release on the hybrid console in the first half of the year. It has already been given a rating by the Korean Ratings Board.

THE LAST WORD: Creator Justin Stander confirmed in a tweet that downloadable content for Katana ZERO remains in the pipeline. Released in April 2019 to acclaim, developer Askiisoft promised to add to the core gameplay not long after. “The Katana ZERO DLC is 3x the original planned size, but is still in development and will still be free. Thank you for your patience with this,” he posted over the weekend.

Ortigas Malls partners with S.I.L.Y.A

ORTIGAS MALLS recently partnered with S.I.L.Y.A. (Sa Iyo Lolo at Lola Yantok Aming Alay) to provide rest spaces for elderly mall-goers.

S.I.L.Y.A. is a nationwide rocking chair donation program, wherein these chairs are donated for the use of the elderly in public spaces.

Rocking chairs, hand-painted by Artist Shop, are now available at the Tiendesitas mall in Pasig City. Ortigas Malls’ Greenhills, Estancia, and Industria properties will also have these rocking chairs within the year.

“Ortigas Malls recognizes that age and physical limitations should not stop the elderly from being able to explore and enjoy life’s little joys, including the many offerings of their malls, and has made available these rocking chairs where the elderly can recover their energies while malling,” the company said.

Chelsea clarifies gov’t guarantee on new loans

DENNIS A. Uy’s Chelsea Logistics and Infrastructure Holdings Corp. on Monday clarified a newspaper report published last week that the Davao-based businessman was seeking government guarantee for his firm’s new loans.

In a disclosure to the stock exchange, Chelsea Logistics said that it was working with the Philippine Guarantee Corp. (PGC) because the group might reach the single borrowers’ limit with one of its financing bank, which it described as “one of the main banks in the country which supports the shipping industry.”

It said it was hoping to clarify the “insinuations” in the report, adding that the state guarantee it obtained is only “limited to the loan of approximately P700 million.”

“The Group requires a guarantee to be provided by PGC in order to secure said loan obligation,” it said.

It said the loan amount will be used to fund a single vessel, and not for any other loan obligations of the Chelsea group. It said it was capable of covering all its loan obligations supported by its strong earnings before interest, taxes, depreciation and amortization, or EBITDA. — Arjay L. Balinbin

How PSEi member stocks performed — February 17, 2020

Here’s a quick glance at how PSEi stocks fared on Monday, February 17, 2020.

 

Power co-ops advised on shortages in April, May

By Victor V. Saulon
Sub-Editor

THE National Electrification Administration (NEA) told electric cooperatives (ECs) to prepare for possible rotational brownouts in April and May when the power supply deficiency is projected to reach up to 821 megawatts (MW) in Luzon.

“DoE (Department of Energy) estimates that red alerts may be issued from April 18 to 21 and May 20 to 22, and that an additional capacity of 256 MW to 821 MW is needed in the Luzon power grid to avoid the yellow or red alert in the region,” said NEA Administrator Edgardo R. Masongsong in a briefing on Monday at the agency’s head office in Quezon City.

The projected power supply deficiency is a result of increased demand during the hot months when hydro-electric power plants are also producing at lower capacity because water elevation declines, he said.

“In light of this, the NEA has advised all electric cooperatives in Luzon and the Visayas to prepare their respective contingency plans to mitigate the impact of potential power supply deficits in their respective areas,” Mr. Masongsong said.

Grid operator National Grid Corp. of the Philippines issues a yellow alert notice when power supply is low but may not lead to power outages. It issues a red alert notice when supply is insufficient and may result in rotational brownouts.

“Apart from this, the NEA has also recommended various measures that ECs may adopt to help them address this potential problem. These include adopting demand-side management programs and maximizing embedded power plants to reduce, if not eliminate, rotating brownouts during peak hours,” Mr. Masongsong said.

Embedded power generating units are indirectly connected to the grid through the distribution system that supplies power to the power plants’ host distribution utility.

Five electric cooperatives in Luzon have embedded power plants with a combined capacity of 11.696 MW. In the Visayas, three ECs have embedded mini-hydro power plants with a total capacity of 10.42 MW.

Mr. Masongsong said the agency had advised electric cooperatives that do not have embedded power plants or generators to work with big electricity consumers for them to reduce their usage when demand is high or when an alert notice is issued.

“Affected ECs are also directed to encourage large establishments with stand-by generating capacities to participate in the interruptible load program, or ILP. Under this program, big consumers will be asked to run their embedded stand-by generating sets during peak hours instead of obtaining their supply from power distribution utilities,” he said.

Mr. Masongsong also called on ECs to develop their own embedded power plants even with small capacities, up to a maximum of 1 MW, using renewable energy sources such as hydroelectric or solar to help mitigate power shortages.

NEA is mandated to pursue total electrification through the 121 electric cooperatives under its supervision.

After the briefing, Mr. Masongsong gave his side on the move from the National Association of Electricity Consumers for Reforms, Inc. (Nasecore) asking Energy Secretary Alfonso G. Cusi in a letter dated Feb. 10 to recommend the NEA administrator’s removal from office for alleged grave abuse of authority.

Nasecore claims that his issuances were without prior authorization from the NEA board of administrators as required by law. One issuance raised the salaries of EC general managers allegedly to gain their support for the electoral campaign of four party-list representatives in Congress.

Mr. Masongsong said Nasecore must first prove that he had abused his authority as NEA administrator. He added that all the issuance of NEA, especially on policy issues, had been approved by the agency’s board of administrators, which is chaired by Mr. Cusi.

“I’ll prepare an answer kahit hindi pa ako pinapasagot ni (even if I haven’t been asked to reply by) Secretary Cusi. I’ll prepare an answer addressed to Sec. Cusi,” he told reporters.

Flagship project costing upgraded to P4.4 trillion

COST estimates for the government’s flagship infrastructure projects have been upgraded to P4.4 trillion from P4.2 trillion previously, with more works being considered for inclusion in the list of about 100 projects.

“There have been adjustments… this figure is now up to about P4.4 trillion,” Vivencio B. Dizon, the presidential adviser for flagship infrastructure projects, told a House of Representatives committee Monday.

Mr. Dizon said the additional P200 billion arose from revised costings for some projects, with the biggest portion coming from adjusted estimates for the Panay-Guimaras-Negros Island Bridges project, as approved by the National Economic and Development Authority’s (NEDA).

According to Mr. Dizon, several projects are also being reviewed for inclusion in the “evolving” flagship list. A copy of the updated list with revised costing has yet to be made available to the media.

“NEDA and the implementing agencies are ready with projects that we can start and significantly progress in the remainder of the President’s term. There will be projects that may be added to this list and there are several that are already in the pipeline currently being reviewed by the NEDA for inclusion in the list,” he said.

Of the flagship projects, 34 are ongoing, with contracts awarded; 44 will start construction in six to eight months; 15 are in the advanced stages of government approval and seven are in the advanced stages of feasibility study.

NEDA Secretary Ernesto M. Pernia remains confident that the government can sustain its infrastructure momentum as it enters various stages of project implementation while ensuring these big-ticket projects’ technical, financial, economic and social merits before endorsement for final approval.

“Since the start of the current administration, the NEDA Board has approved projects at a quicker pace. The economic and infrastructure team continues to process projects through careful analysis and thorough review,” Mr. Pernia was quoted as saying in a statement Monday.

The International Monetary Fund (IMF) has said that the country’s push to develop its infrastructure will be crucial in becoming an upper-middle income economy as well as in reducing poverty.

“When completed, these projects are expected to bring important benefits to the Philippine economy and to the lives of ordinary citizens,” the IMF said in a Feb. 6 report.

The IMF said considering the Philippines’ vulnerability to natural disasters, climate-resilient infrastructure, efficient irrigation systems and better water management could reduce the impact of calamities, boost agriculture and eventually “lift many people out of poverty.”

It noted that the government will have to “ensure its spending is well managed” as the Philippines still recorded a 23% efficiency gap compared with “best practices in translating public investment into infrastructure.”

“Closing this gap will require improving project appraisals, by identifying risk reduction measures early on and greater involvement of the public-for example, by publishing appraisal analyses for public comment. Moreover, more private-sector participation could help in executing the infrastructure investment push as long as financial risks to the government are well managed. Moreover, developing domestic capital markets could broaden the funding of the push,” the IMF said. — Beatrice M. Laforga

DoST plan to improve innovation ranking focused on agriculture, water

THE Department of Science and Technology (DoST) said its plan to further improve the Philippines’ global innovation ranking involves research in key agricultural sectors like coconut and livestock, as well as improving the environment for water resources.

Science and Technology Secretary Fortunato T. dela Peña said at a news conference Monday that the Philippines should focus on fields of research like “alternatives to pork meat and… chicken research.”

The Philippines rose 19 places in the 2019 Global Innovation Index to 54.

He said research resources should also be devoted to biomedical devices, mass transportation systems, machinery design, and energy storage and conservation.

“This is the reason why we have modified our monitoring and evaluation system… because we would like to invest in those that will give the best returns,” he said.

In addition to the output of university, industry, and research centers, DoST is also looking at the research of senior high school students, drawing in research from experts who have traditionally not received grants before.

He also cited the need to pay more attention to the work of small businesses, including start-ups.

“Start-ups… come up with innovations, even without R&D support,” he said, noting that the DoST is eager to provide research support at the prototype development stage via business incubators.

The Philippines performed well in indicators related to innovation linkages, high-tech imports, and research talent in the global innovation index.

Other bright spots were categories like firms offering formal training, productivity growth, ICT services exports, and creative goods exports.

The identified weaknesses were in ease of starting a business, ease of getting credit, expenditure on education, the presence of global R&D companies, the volume of scientific and technical articles and new businesses. — Jenina P. Ibañez

Philippines growth forecast steady amid global downgrades — Fitch Solutions

FITCH SOLUTIONS Macro Research maintained its 2020 growth outlook for the Philippines even as it cut the overall global growth forecast due to the impact of the coronavirus disease 2019 (Covid-19) outbreak.

In a note Monday, Fitch Solutions said that it maintained its growth forecast for the Philippines at 6.3% first issued in January.

This level of growth is higher than the 5.8% increase in gross domestic product (GDP) in 2019 but below the 6.5% to 7.5% target range set by the government for the year.

Fitch Solutions’ projections for the Philippines in 2021 and 2022 are 6% and 6.2%, respectively.

However, the research firm said that it revised its global growth forecast to 2.6% from 2.7%, with the growth outlook for China reduced to 5.6% from 5.9%.

“The extent of the slowdown in China and the wider region will depend on how long it takes for authorities to contain the spread of the virus, and as such the longer it takes, the larger the downside risks to growth will be,” Fitch Solutions said.s

Fitch Solutions said more revisions could be coming up given the impact on trade and investment linkages across Asia and the negative growth spillovers of the virus on commodity and tourism channels as China is one of the biggest consumer of commodities and tourism market for many countries.

“The overall impact on growth, however, is still unknown as it will largely depend on how long the Chinese authorities will take to bring the coronavirus outbreak under control,” the report said.

In the Philippines, the National Economic Development Authority (NEDA) said tourism revenue could be dented by about P22.7 billion per month due to the outbreak.

Tourism Secretary Bernadette Fatima T. Romulo-Puyat said her department’s estimate is foregone revenue of about P42.9 billion between February and April due to flight cancellations and event postponements.

“The APAC (Asia-Pacific) region is most at risk given the deep trade, investment and tourism links between the wider region and China,” Fitch Solutions said.

It added that it might cut growth forecasts further for emerging markets amid dampened growth in key trade and commodity-dependent economies with strong linkages to China.

Meanwhile, S&P Global Ratings said that sovereigns in the Asia Pacific are still growing at a healthy pace despite risks arising from the outbreak.

In a note issued Monday, S&P said that pressures that may be building up from the outbreak will likely be “mild and temporary.”

“Growth performances in Asia-Pacific countries are still relatively healthy by global standards. We also have no reason to believe now that the economic damage from the virus will be persistent,” S&P said, adding that the outbreak “does not appear to have materially affected international financial flows.”

Last year, S&P upgraded its credit rating for the Philippines to “BBB+,” citing above-average growth and a strong external and fiscal position.

On Feb. 7, Japan’s Rating and Investment Information, Inc. (R&I) also upgraded the Philippines’ rating to “BBB+,” which is a step away from the “A” rating targeted by the government.

Fitch Ratings last week upgraded its rating outlook on the Philippines to “positive” from “stable,” indicating that its rating could be potentially upgraded. It maintained the Philippines’ rating at “BBB.” — Luz Wendy T. Noble

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