Issue No. 12, March 24, 2020

Volume 6 Issue No. 12 map.org.ph March 24, 2020

“MAPping the Future” Column in the INQUIRER

BOUNCING BACK: Business Recovery and Continuity in Crisis Second of 2 Parts March 23, 2020

Usec. ALMA RITA “Alma” R. JIMENEZ

BOUNCING BACK AND BUILDING RESILIENCE

The Philippines is on the top 10 list of countries with highest risk for disasters and crisis. While COVID-19 is the immediate problem, we are warned that other disasters will occur with increasing frequency and severity, especially because of the climate change effect. Therefore, we ought to plan better, not only to bounce back from this crisis but to ensure that we build resilience into our systems.

Though we had experienced similar crisis in the past, e.g. SARS, H1N1, MERS-COV etc., we seem to have not built on the lessons and come up with business recovery and continuity plans that would have been immediately activated when similar events recur. Yet today, we are still not prepared with our response mechanisms. Let the crisis we are experiencing today be the impetus to be more proactive. The forum yielded helpful suggestions from the subject experts, speakers, panelists and attendees summarized into these 3Ms:

MITIGATE to lessen/palliate the immediate negative impact of the COVID-19. There are certain actions that can give quick wins, among them:

• Counter the fears through better communication and greater transparency o There must be a regular, timely and factual information to feed news sources and other communication outlets. o Flood social media with good news; share recoveries rather than additional cases o Communicate better. Positive actions and showing confidence that there is a problem, but these are being handled well can allay fears and anxiety. 1

o “Layman-ize language” - Have a dialogue with health counterparts for consistency of actions – and caution in communication because what is normal for the health sector is panic-causing for laymen. o Conduct orientation for employees and families so that their own fears are managed. They can be useful conduits of proper information. • Handhold the events already awarded to the Philippines; giving extra perks or services so that cancellations (if they are thinking about it) will be a more difficult decision for the clients. • Instead of cancellations, suggest to customers rebooking – so as not to totally lose the market. • Offer specialized tourism products for domestic travelers that will not present health risks – open air instead of indoor events, nature tourism, solo travel, forest bathing, farm tourism – these are some options that can be configured in attractive tour packages. • Widen the circle of experts, people who can come in and help – unity is a major factor - a strong alliance for dedicated to enhancing competitiveness especially cohesive action in disasters that we know will increase in frequency and severity.

MANAGE or addressing the crisis through effective response mechanisms and processes. Having concrete action plans that are executed well boost confidence, for instance:

• If this is not yet ready in your organizations, start preparing (or updating) your enterprise’s Crisis Management, Business Continuity and Recovery Plans. It is already late, but better late than never – or the next casualty will be you – and it’s on you. • Train continuously, not just reactively, especially within your own enterprises. The employees must know what to do, what to say, how to act. Practice makes perfect and response should be automatic and rote. Just as we do disaster drills, also do health hazard drills. • Train front-liners in gateways, in public places in the proper way of handling equipment and doing safety checks. They are oftentimes obtrusive, and without regard for the sensitivities of the customers and clients. They also promote fear and anxiety when implemented by untrained, unrestrained and disrespectful front-liners. • We need to continuously learn from every crisis experience and integrate the new information into our planning. These should find their way into the Crisis Manual, making this a ‘living’ document that is always updated. • Spread the market, lessen the dependencies. The economy and the enterprises will feel the huge effect of the loss from the five source markets in tourism. This is a good time to look at other potential sources, see how they can at least minimize the losses and lessen the dependencies on the big markets.

MOVE FORWARD or building resiliency and planning for the future. It makes sense that our horizon should be widened to include other possible disaster events that can affect the industry. Making tourism sustainable include adopting measures that can help build a more resilient future for the sector.

• Urge for the establishment of a National Plan for Business Recovery and Continuity in Crisis for Tourism, with inputs coming not only from the public 2

sector but all stakeholders. This way, there is ownership of the plan, and it is practical and actionable for everyone. • Upgrade/invest on better health scanning equipment at all gateways so that they are accurate yet unobtrusive. • Study tourism market segments better using data analytics and customize offering and product lines for identified clients. The idea is to differentiate the offering. For instance, how can we become one of the alternative destinations to China’s 142 Million inbound tourists? • Propose for the allocation of funds that can assist tourism enterprises during times of crisis. • Multi-sectoral approach that cuts across agencies is critical, not siloed actions. The problem is too big for one to handle.

CRISIS is a test of our COMPOSURE, RESILIENCE, INTELLIGENCE, STRENGTH, INNOVATIVE SPIRIT and SUSTAINABILITY. It is possible to win in all these fronts and it starts with recognizing that the problem is too big for anyone to do it alone. It is time for cooperation and collaboration, of working with other sectors, and opening our minds to let new ideas come in. The stakes are too high not to. It can spell the difference between survival and extinction of our businesses.

Let us rise above this crisis and its challenges.

(The author is Chair of the MAP CEO Conference Committee, former Undersecretary of the Department of Tourism and the President of ASEAN Society Philippines. Feedback at and . For previous articles, please visit )

“MAP Insights” Column in BUSINESSWORLD

Navigating the Future: The UDENNA Way

First of 2 parts March 24, 2020

Mr. DENNIS A. UY

Whatever you believe to be true about life, one thing is for sure – time passes whether you like it or not. The future cannot be stopped.

And since the future is a mystery, many of us want to get a peek or at least get the best possible guess on what the future’s going to be like, to see if things will play out the way we hoped they will.

Well, we don’t have to try so hard. 3

It’s very easy to predict the future. I can simply say that in 10 years, you’ll be ten years older. What’s hard is predicting the future correctly.

The future can be intimidating. But come to think of it, today is the future we created yesterday. I’m here now because almost 20 years ago, I could have said that “this is the future.”

In a 21st-century world, which is more global, digitally enabled, with faster speed of information flow, and where nothing big gets done without some kind of a complex matrix, what I’ve discovered is that, successfully navigating the future is not so much about intelligent predictions, data analytics, not even technology. It’s about us overcoming every challenge and seizing opportunities, day in and day out.

Sometimes, we have to look back in order for us to look into the future. Eighteen years ago, Udenna Corporation started in Davao. For lack of a better name, I named it UDENNA, which is the greek word for handsome.

So there I was, in my 20’s, not sure yet of what to do, but I went on to register UDENNA just to explore my own venture after serving the family business for 10 years. With the little savings that I have and some earnings from trading stocks, I thought of what business there is to be made. I looked around for opportunities and since I’m a foodie, I started a small barbeque restaurant.

Eventually, the chain grew into 8 branches, which is good, but I saw that there’s a better opportunity in oil retailing. I didn’t know anything about petroleum but I had the confidence because there's a real market.

Since oil was deregulated in 1998, there were only a handful of brands, so we can be one of the first 10 brands in the market. Today, there are over 60 brands, as per DOE, so it was good that we started earlier. I took a leap, went all-out and all-in. But the first challenge came - capital. When you do business, you need financing. In our space, we don’t have venture capitals to lend a hand. So with my limited capital, I borrowed money and held off the construction of my house. I was newly married, so you can just imagine my wife’s reaction. But I overcame that challenge, and with my wife’s trust and support, I handed the land title to the bank to add to my capital.

Looking back, it wasn’t an easy road. I entered an industry dominated by international players. We were losing money. The JV fell off and my partners walked away. I was left with three tanks in the depot, 2 million liters each. I was forced to trade on my own. It was a huge risk, having invested all my life savings in it. I spoke to some new oil players and offered them to lease the property, but to no avail. We had no regular revenue streams, so the business struggled like any ordinary startup venture.

It was tempting to quit, but I knew that we stood a chance because I saw back then that the economy in 5 to 10 years will lean towards the energy sector. So we kept on. I thought that, when all else fails, I can always dismantle the huge storage tanks and sell the metal scraps to make money out of it.

But then a much better opportunity opened when I made a cold call to Cebu Pacific, a then-rising airline. Guess what? They took a chance on us and gave us the break that brought us the confidence to persevere. Davao Oil Terminal Services Corporation became profitable. As Churchill said: Success consists of going from failure to failure without loss of enthusiasm.

Then later on, one of my employees suggested that we can’t keep selling to businesses and distributors, that we should start retailing. I said, “why not?” But to do that, we have to have a strong brand that can compete against the majors. Kudos to the genius of Bai Manginsay, the Phoenix brand was born. Phoenix grew and in 2007, it became the first oil company to list on the PSE since the Oil Deregulation Law in 1998. The IPO was 15 times oversubscribed and fueled our expansion from Davao to the rest of the Philippines.

But the growing business posted many challenges.

We needed inter-island shipping services but nobody wanted to serve us because we had little track record. Demand for fuel storage is increasing, but we had no land.

So what did we do?

Eventually we were forced to buy our own tanker to serve our supply chain. Thus, the birth of Chelsea Logistics and Infrastructure Holdings. Our logistics business has evolved from 1 tanker to 77 ships, and is now a publicly listed company considered as the nation's largest shipping group.

With the Philippines as the major supplier of maritime laborers globally and our seafarers are among the best in the world, we see a future where our Filipino seafarers board Filipino-owned ships. Is it easy? No. Is it financially challenging? Yes. But can it be done? Why not?

As for our land challenge, we spotted an opportunity to purchase Calaca Industrial Seaport in Batangas to store our fuel, thus the birth of Udenna Land, formerly UDEVCO. What started as an oil depot in Calaca has now evolved into a property company. Udenna Land is now developing Clark Global City, a 177-hectare master planned mixed-use development in the Clark Freeport Zone in Pampanga, and other projects in the high growth areas of Mega Manila, Batangas, Cebu, and Davao with the aim of decongesting our cities and spreading equal opportunity. Is it easy? No. Is it challenging? Yes. But can it be done? Why not?

Eighteen years ago, we were a petroleum company. Today, we are in the consumer space. Phoenix is now into convenience retailing, QSR, and fin-tech. I went back to my first love - food - to scale up some of the country’s most loved food brands, Conti’s and Wendy’s, despite others saying that the food industry is a saturated market. We’ve always believed that there is still space, that there is always a place for anybody who’s determined to succeed. That’s also why recently, as you all know, we went into telco through DITO Telecommunity.

It is very challenging but it also brings with it a myriad of opportunities not just for our company but for the Filipino. It will level the playing field and provide massive access.

(This article was lifted from the speech delivered by the author at the recent The Manila Times 11th Business Forum) ------DENNIS A. UY is Chair and CEO of Udenna Corporation and of Phoenix Petroleum Philippines Inc. [email protected] [email protected] http://map.org.ph

Joint Statement entitled "Business organizations urge immediate passage of

Special Law to address COVID-19 March 24, 2020

CALL ON CONGRESS FOR MAXIMUM FISCAL RESPONSE

March 20, 2020

MAP Shared Docs for COVID-19

March 23, 2020

March 20, 2020

Circular No. 031 – 2020

Subject: MAP Shared Docs for COVID-19

Dear MAP Member:

As part of MAP Member Benefits, the MAP Secretariat has created a Google Drive that will carry important documents relating to COVID-19.

MAP members, like you, can access the MAP Shared Docs for COVID-19 via the following link:

https://drive.google.com/drive/u/3/folders/1Ho7Q05AnbP6VPqkc-ALNG9g_wnnHWzxs

Here are the initial contents of the Google Drive:

1. March 12, 2020 SEC Memorandum Circular No. 5 - Extension of Filing of the 2019 Annual Reports including the applicable quarterly Report for year 2020 and 2019 Audited Financial Statements (AFS)

2. March 15, 2020 DTI Memorandum Circular No. 20-04 - Prescribing Implementing Guidelines for IATF Resolution No. 12 issued by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases on Social Distancing and Business Operations

3. March 16, 2020 BIR Revenue Memorandum Circular No. 25-2020 - Filing of the 2019 ITR and Submission of Required attachments

4. March 16, 2020 Memorandum from the Executive Secretary - Heads of Departments, Agencies, Offices and Instrumentalities of the Government, Government-owned or - controlled corporations (GOCCs), Government Financial Institutions (GFIs), State Universities and Colleges (SUCs) and Local Government Unites (LGUs)

5. March 16, 2020 Presidential Proclamation No. 929 - Declaring a State of Calamity Throughout the Philippines due to COVID-19

6. March 17, 2020 DOLE Department Order no.209 - Guidelines on the adjustment measures program for affected workers due to COVID-19

7. March 18, 2020 BIR Revenue Memorandum Circular No. 28-2020 - Filing of the 2019 ITR and Submission of Required attachments

8. March 20, 2020 Joint Statement entitled “CALL ON CONGRESS FOR MAXIMUM FISCAL RESPONSE”

If there are similar docs that you think your fellow members should have access to, please share them with the MAP Secretariat so we can upload them. 10

If you have questions/concerns, please contact the MAP Secretariat via or .

Be safe and healthy. Thank you.

Sincerely,

ARNOLD P. SALVADOR MAP Executive Director

SEC Memorandum Circular No. 5 - Extension of Filing of the 2019 Annual Reports

including the applicable quarterly Report for year 2020 and 2019 Audited Financial Statements (AFS) March 12, 2020

COMMUNITY QUARANTINE OVER THE ENTIRE LUZON AND

FURTHER GUIDELINES FOR THE MANAGEMENT OF THE CORONA VIRUS DISEASE 2019 (COVID -19) SITUATION March 16, 2020

BUREAU OF INTERNAL REVENUE MEMORANDUM CIRCULAR NO. 25-2020 ON FILING OF THE 2019 INCOME TAX RETURNS ANS SUBMISSION OF REQUIRED ATTACHMENTS

March 16, 2020

DOLE Department Order no.209 - Guidelines on the adjustment measures program

for affected workers due to COVID-19 March 17, 2020

JOINT STATEMENT OF SUPPORT FOR CITIRA (Senate Bill No. 1357)

March 10, 2020

Forthcoming Events

News Articles on the March 23, 2020 Joint Statement entitled “Business organizations urge immediate passage of

Special Law to address COVID-19”

1. “Businesses appeal to Congress: Limit Duterte powers if granted” By Ralph Rivas of Rappler on March 23, 2020

While 22 business groups are in favor of a proposed law to address the coronavirus pandemic, they say broad and overreaching provisions may cause delay

MANILA, Philippines – The country's biggest business groups called for the immediate passage of a bill addressing the coronavirus pandemic, but added that it should still be well within the boundaries of the Philippine Constitution.

"We recommend that any law that is passed by Congress should be consistent with our constitutional and legal principles, and not be overly broad and overreaching," the 22 business groups said in a joint statement on Monday, March 23.

In particular, the groups zeroed in on provisions allowing President Rodrigo Duterte to realign and reallocate government funds, as well as the potential takeover of private enterprises.

The business chambers said these provisions should be within the "guidelines laid down by the Supreme Court" to "avoid constitutional challenges that would delay implementation" of the law. They also urged Congress to consider the following proposals:

Limit the duration of the law to two months and any extension should be approved by Congress. Authorize the President or his designated officials to grant special permits and exemptions from bureaucratic requirements under existing laws and regulations to avoid delay in the use of the funds and procurement of requirements.

Authorize the President to adopt measures minimizing disruption to the supply chain, especially for basic commodities and services.

Provide rehabilitation, special financing programs, and/or a stimulus package to help businesses, especially micro, small, and medium enterprises. This is to help them pay workers while on lockdown and to resume normal operations once the pandemic is under control.

Support any assistance that the President may seek from other countries and multilateral organizations to raise money if necessary.

"Some of the foregoing items can also be covered in a second bill if including them now will cause needless delay in the passage of the bill," the groups said.

The following groups signed the joint statement: American Chamber of Commerce of the Philippines Anvil Business Club Australian-New Zealand Chamber of Commerce Philippines Bankers Association of the Philippines

Canadian Chamber of Commerce of the Philippines European Chamber of Commerce of the Philippines Federation of Filipino Chinese Chambers of Commerce and Industry Federation of Indian Chambers of Commerce Investment House Association of the Philippines Judicial Reform Initiative Makati Business Club Management Association of the Philippines Microfinance Council of the Philippines Organization of Socialized and Economic Housing Developers of the Philippines People Management Association of the Philippines Philippine Association of Securities Brokers and Dealers Philippine Center for Entrepreneurship Philippine Hotel Owners Association Semiconductor and Electronics Industries in the Philippines Shareholders' Association of the Philippines Subdivision and Housing Developers Association Women's Business Council Philippines

On Monday, March 23, the House of Representatives convened itself into a committee of the whole to tackle House Bill No. 6616, which would declare a "national emergency" and grant Duterte "emergency powers" to address the outbreak.

Executive Secretary Salvador Medialdea defended before lawmakers Duterte's request to be granted with powers to temporarily take over the operations of private firms. He argued that this particular proposal is only meant to be a "standby power."

Duterte also wants Congress to allow him to reprogram P275 billion worth of public funds, but did not provide lawmakers a list of the things or services that need allocation.

Of that amount, a lump sum of P200 billion would go to the Emergency Subsidy Program, while another P75 billion would be allotted for health services like purchasing COVID-19 test kits, protective gear for health workers, and equipping quarantine centers across the nation.

But the executive branch has yet to provide specifics on the number of testing kits, protective gear, and other supplies to merit that allocation. – Rappler.com

2. “Business groups urge urgent passage of Special Law to address COVID-19” by Bernie Cahiles-Magkilat of the MANILA BULLETIN on March 23, 2020

Business groups yesterday urged the administration and Congress for the immediate passage of the special law to aggressively combat the COVID-19 pandemic, aid Filipinos and the economy within a limited period of two months.

The Lower House has already started official deliberations on the proposed “Bayanihan Act of 2020” and its counterpart bill in the Senate known as “We Heal as One Act”.

“We express support for the immediate passage of the law. We recommend that any law that is passed by Congress should be consistent with our constitutional and legal principles, and not be overly broad and over-reaching — in particular with realignment and reallocation of government

32 and Government owned and controlled corporation funds that should consider the constitutional guidelines laid down by the Supreme Court, and take-over of private enterprises — in order to avoid constitutional challenges that would delay implementation thereof,” according to the joint statement signed by 22 business organizations.

In pushing for the passage of a special law, the business community suggested some provisions to be considered.

Foremost, they would like to limit the duration of the law to two months and any extension thereof should be done by an act of Congress.

They also urged to authorizing the President or his designees to grant special permits and exemptions from bureaucratic requirements under existing laws and regulations as may be reasonably necessary to avoid delay in the deployment or utilization of the funds and procurement of needed requirements.

The special must also consider authorizing the President to adopt measures as may be reasonably necessary to facilitate and/or minimize disruption to the supply chain, especially for basic commodities and services to the maximum extent possible.

In addition, the business groups said that the fund should also include provision for rehabilitation, special financing programs and/or stimulus package to help businesses – especially MSMEs – that are adversely affected by the COVID-19 pandemic, especially to help them pay workers to remain quarantined and, when the pandemic is under control, to rehire and resume normal operations.

They also support any assistance that the President may seek from foreign countries and multilateral organizations to raise money if necessary, under such terms and conditions as he may deem to be in the best interest of the country.

Some of the foregoing items can also be covered in a second bill if including them now will cause needless delay in the passage of the bill.

Cognizant that the re-allocated or re-aligned funds from government agencies and GOCCs may not be sufficient for the foregoing purposes, a second bill may provide additional funds to address both health and economic issues.

“In order to minimize the damage of COVID-19 to the people and the economy, we urge Congress to pass quickly the special law at the earliest possible time,” the statement added. The private sector also commits to continue working with the government to fight COVID-19 with the assets and facilities at their disposal and, with proper consideration for their safety, with their manpower, starting from its managers. The groups also commit to continue to support the health workers and medical establishments at the frontline of the war.

Among the signatories of the joint include the American Chamber of Commerce of the Philippines, ANVIL Business Club, Australian New Zealand Chamber of Commerce of the Philippines, Bankers Association of the Philippines, Canadian Chamber of Commerce of the Philippines, European Chamber of Commerce of the Philippines, Federation of Filipino Chinese Chambers of Commerce & Industry Inc., Federation of Indian Chambers of Commerce (PHIL) Inc., Investment House Association of the Philippines, Judicial Reform Initiative, Makati

Business Club, Management Association of the Philippines, Microfinance Council of the Philippines, Organization of Socialized and Economic Housing Developers of the Philippines, People Management of the Philippines, Philippine Association of Securities Brokers and Dealers, Inc, Philippine Center for Entrepreneurship, Philippine Hotel Owners Association Inc., Semiconductor and Electronics Industries in the Philippines Inc., Shareholders’ association of the Philippines, Subdivision and Housing Developers Association Inc., and Women’s Business Council Philippines.

3. “Business groups express support for law vs. COVID-19” by Jon Viktor D. Cabuenas of GMA News on March 23, 2020

At least 22 Philippine business groups on Monday called for the passage of a law that would provide guidelines to combat the spread of the coronavirus disease 2019 (COVID-19), but noted that reallocation of funds should be within constitutional guidelines.

In a statement, business groups expressed support for the immediate passage of the proposed "Bayanihan Act of 2020" and its counterpart bill in the Senate known as "We Heal as One Act." "We commit ourselves to continue working with the government to fight COVID-19 with the assets and facilities at our disposal and, with proper consideration for their safety, with our manpower, starting from our managers," the statement read.

"We commit to continue to support the health workers and medical establishments at the frontline of the war," it elaborated.

The House Committee of the Whole earlier on Monday approved the measure granting President Rodrigo Duterte emergency powers to address the COVID-19 situation in the Philippines.

"We recommend that any law that is passed by Congress should be consistent with our constitutional and legal principles, and not be overly broad and over-reaching—in particular with realignment and reallocation of government and GOCC funds that should consider the constitutional guidelines laid down by the Supreme Court, and take-over of private enterprises— in order to avoid constitutional challenges that would delay implementation thereof," the statement read.

In the statement, business groups also made the following recommendations:

• Limit the duration of the law to two months; any extension should be an act of Congress.

• Authorize the President or his designees to grant special permits and exemptions from bureaucratic requirements under existing laws and regulations as may be reasonably necessary to avoid delay in the deployment or utilization of the funds and procurement of needed requirements.

• Authorize the President to adopt measures as may be reasonably necessary to facilitate and/or minimize disruption to the supply chain, especially for basic commodities and services to the maximum extent possible.

• Provide rehabilitation, special financing programs and/or stimulus package to help business, especially MSMEs, adversely affected by the COVID-19 pandemic.

• Support any fundraising or other forms of assistance that the President may seek to get from foreign countries, multilateral organizations and other capital markets. "In order to minimize the damage of COVID-19 to the people and the economy, we urge Congress to pass quickly the special law at the earlier possible time," the statement read.

The statement was signed by business groups such as the American Chamber of Commerce of the Philippines (AMCHAM), the Anvil Business Club, Australian-New Zealand Chamber of Commerce Philippines (ANZCHAM), Bankers Association of the Philippines (BAP), Canadian Chamber of Commerce of the Philippines (CANCHAM), European Chamber of Commerce of the Philippines (ECCP), and the Federation of Filipino Chinese Chambers of Commerce and Industry (FFCCCII).

It was also signed by the Federation of Indian Chambers of Commerce (Phil) Inc. (FICCI), Investment House Association of the Philippines (IHAP), Judicial Reform Initiative (JRI), Makati Business Club (MBC), Management Association of the Philippines (MAP), and the Microfinance Council of the Philippines.

Also signatories were the Organization of Socialized Housing Developers of the Philippines (OSHDP), People Management Association of the Philippines (PMAP), Philippine Association of Securities Brokers and Dealers Inc. (PASBDI), and Philippine Center for Entrepreneurship (Go Negosyo).

Completing the list are the Philippine Hotel Owners Association Inc., the Semiconductor and Electronics Industries in the Philippines Foundation Inc., Shareholders' Association of the Philippines (SHAREPHIL), Subdivision and Housing Developers Association (SHDA), and the Women's Business Council Philippines (WBCP). — Jon Viktor D. Cabuenas/BM, GMA News

4. “Biz groups back Duterte special powers but say no to ‘takeover’” by Stephen C. Canivel of the PHILIPPINE DAILY INQUIRER on March 23, 2020

MANILA, Philippines – Business groups want Duterte to have special powers that would enable him to deal with the health crisis, but they said the final law should neither be overly broad nor over-reaching.

Without criticizing the versions of the proposed bill filed in both houses of Congress, 22 business groups threw their support for a measure whose earlier versions triggered concerns of another martial law in the making.

“We express support for the immediate passage of the law,” the business groups said in a joint statement on Monday late afternoon. The bills have not yet been made into law as of press time. Before a special session was held, an earlier version of the proposal from Malacanang had circulated online, noting how this would give President Rodrigo Duterte emergency powers, such as the power to temporarily take over a privately-owned public utility.

However, the public outcry against this earlier version prompted both houses to tone down their respective bills, removing the phrase that said the president could temporarily take over businesses.

“We recommend that any law that is passed by Congress should be consistent with our constitutional and legal principles,” the business groups, comprised both of foreign and local chambers, said.

Moreover, they also said it should “not be overly broad and over-reaching,” with regards to the realignment and reallocation of government funds, and the “takeover of private enterprises.”

The groups had certain provisions they wanted to be added to the final law but noted that some of these could be included in another bill if the debate would delay the passage further.

They said the law should be limited to two months, followed by an extension granted by “an act of Congress.”

The law should authorize Duterte or his designees to grant special permits and exemptions from bureaucracy to avoid the delay in needed funds.

It should also authorize Duterte to adopt measures “as may be reasonably necessary” that would facilitate or minimize the disruption in the supply chain.

It should provide rehabilitation, financing, and/or a stimulus package that would help affected businesses, especially micro, small, and medium-sized enterprises.

It should also support any assistance that Duterte may seek from other countries and multilateral organizations to raise money “if necessary,” and as long as the terms and conditions are in the “best interest of the country.”

“Some of the foregoing items can also be covered in a second bill if including them now will cause needless delay in the passage of the bill,” they said.

Should the re-allocated funds be not enough, the groups suggested pushing for another bill that would provide additional funds to address both health and economic issues arising from the outbreak.

“In order to minimize the damage of COVID-19 to the people and the economy, we urge Congress to pass quickly the special law at the earliest possible time,” they said.

These are the groups behind the joint statement: American Chamber Of Commerce Of The Philippines (Amcham) Anvil Business Club Australian-New Zealand Chamber Of Commerce Philippines (Anzcham) Bankers Association Of The Philippines (Bap) Canadian Chamber Of Commerce Of The Philippines (Cancham) European Chamber Of Commerce Of The Philippines (Eccp) Federation Of Filipino Chinese Chambers Of Commerce & Industry, Inc. (Ffcccii) Federation Of Indian Chambers Of Commerce (Phil) Inc. Investment House Association Of The Philippines (Ihap) Judicial Reform Initiative (Jri) Makati Business Club (Mbc) Management Association Of The Philippines (Map) Microfinance Council Of The Philippines (Mcpi)

Organization Of Socialized And Economic Housing Developers Of The Philippines (Oshdp), Inc. People Management Association Of The Philippines (Pmap) Philippine Association Of Securities Brokers And Dealers, Inc. (Pasbdi) Philippine Center For Entrepreneurship (Go Negosyo) Philippine Hotel Owners Association Inc. Semiconductor And Electronics Industries In The Philippines, Inc. (Seipi) Shareholders’ Association Of The Philippines (Sharephil) Subdivision And Housing Developers Association, Inc. (Shda) Women’s Business Council Philippines (Wbcp)

5. “Business groups unite for passage of 'constitutional' law to fight COVID-19” by ABS-CBN on March 23, 2020

MANILA – The Philippine government should enact a law that abides by the constitution to prevent delays in implementation in order to swiftly contain the COVID-19 pandemic, several business groups said in a joint statement released Monday.

The measure should be constitutional “and not be overly broad and over-reaching," the groups said.

“We recommend that any law that is passed by Congress should be consistent with our constitutional and legal principles and not be overly broad and over-reaching – in particular with realignment and reallocation of government and GOCC [Government-Owned and -Controlled Corporation] funds that should consider the constitutional guidelines laid down by the Supreme Court, and takeover of private enterprises – in order to avoid constitutional challenges that would delay implementation thereof,” the groups said.

Both houses of Congress are discussing President Rodrigo Duterte’s request for authority to “direct” firms in order to swiftly arrest the coronavirus pandemic.

The group suggested that the government should “consider” the following provisions:

1. Limit the law for 2 months with a clause that says any extension should be approved by Congress;

2. Authorizing the president to grant special permits and exemptions from bureaucratic requirements as necessary to avoid delays in fund use and procurement of requirements if needed;

3. Authorizing the President to adopt necessary measures to minimize disruption in supply chain, especially in basic commodities;

4. Providing rehabilitation or financing to affected businesses, especially MSMEs;

5. Supporting fund raising and assistance that the President may seek to get from other countries, multilateral organizations and capital markets.

A second bill is also suggested to cover some of the items for consideration and to provide additional funds, the groups said.

“In order to minimize the damage of COVID-19 to the people and the economy, we urge Congress to pass quickly the special law at the earliest possible time,” they said.

The joint statement was released by the: - American Chamber of Commerce of the Philippines (AMCHAM), - Anvil Business Club, - Australian-New Zealand Chamber of Commerce (ANZCHAM), - Bankers Association of the Philippines (BAP), - Canadian Chamber of Commerce of the Philippines (CANCHAM), - European Chamber of Commerce of the Philippines (ECCP), - Federation of Filipino-Chinese Chambers of Commerce & Industries (FFCCCII), - Federation of Indian Chambers of Commerce In (FICCI), - Investment House Association of the Philippines (IHAP), - Judicial Reform Initiative (JRI), - Makati Business Club (MBC), - Management Association of the Philippines (MAP), - Microfinance Council of the Philippines (MCPI), - Organization of Socialized Housing Developers of the Philippines (OSHDP), - People Management Association (PMAP), - Philippine Association of Securities Brokers and Dealers Inc (PASBDI), - Philippine Center for Entrepreneurship (Go Negosyo), - Philippine Hotel Owners Association Inc (PHOAI), - Semiconducter and Electronics Industries in the Philippines Inc (SEIPI), - Shareholders Association of the Philippines (SHAREPHIL), - Subdivision and Housing Developers Association (SHDA), - Women’s Business Council Philippines (WBCP).

News Articles on the March 20, 2020 Joint Statement entitled “ CALL ON CONGRESS FOR MAXIMUM FISCAL RESPONSE”

1. “Business calls for P281-B maximum fiscal response” by Bernie Cahiles-Magkilat of the MANILA BULLETIN on March 20, 2020

Business groups banded together throwing their full support behind President Rodrigo Roa Duterte’s call to Congress for a special session to pass a supplemental budget to respond to the COVID-19 pandemic and its economic effects, stating there is enough room for as much as P281 billion maximum fiscal response.

The “Call on Congress for Maximum Fiscal Response” was signed by 32 business organizations in the country.

“To mitigate the suffering of Filipinos and reduce damage to society and economy, we urge Congress, in coordination with the Administration, to commit to a more forceful action on the fiscal front,” reads the joint business statement.

The business groups believe that the government should adopt a fiscal stimulus program that will raise the deficit-to-GDP ratio to close to 5 percent, which is the usual red flag for credit watchers,

38 though they will probably relax as an unprecedented number of countries buttress their economies.

Based on their computation, there is still room for Congress to enact a P277 billion to P281 billion maximum fiscal response.

Assuming GDP growth slows to 4.5 percent (GDP: P20.7 trillion), a 5 percent deficit will be P1 trillion less the programmed deficit of 3.6 percent (P720 billion), so the group said there is still room for a P281 billion fiscal stimulus program.

If GDP growth will slow down to 3 percent (GDP: P19.7 trillion), a 5 percent deficit will be P987.5 billion less the program deficit of 3.6 percent (P711.3 billion), and there will be room for a P277 billion fiscal stimulus program.

This additional budget would be used to include more conditional cash transfer (CCT) beneficiaries, who are the most financially vulnerable sector and will suffer greatly when they lose their livelihood during this time.

The fund will also support the Department of Labor and Employment and other programs that will support workers affected by the quarantine, other measures to transfer funds or food to low- income families, and additional funds for temporary hospitals and quarantine areas to ensure the health system can cope with a surge in patients.

Likewise, some funds must be allocated to business, particularly small and medium enterprises, which will restart operations when COVID-19 is under control and ensure they can rehire workers.

Part of the stimulus package would be used as targeted subsidies to the health, tourism, and transport industries, similar to the Malaysia and Italy model.

There must also be increased public investment spending patterned after Germany’s stimulus program. In addition, the fund will partly help in the deferment of penalties related to interest payments.

“This massive stimulus will save lives and protect our society but not trigger alarm bells in the credit rating and global investment community as the Philippine debt/GDP measure is only likely to raise from 41.5 percent to 44.2 percent,” the group added.

They also cited the quick P27 billion government stimulus package announced by the Department of Finance as a great start.

However, the groups believe that the proposals by Rep. Joey Salceda and others should be counted as part of a maximum fiscal response.

“The Administration and the DOF have done a great job improving the country’s finances. Now is the most critical time to put it in service of the sovereign people,” the statement added.

The business community also stressed that they support the government measures to reduce or slow the spread of COVID-19, including the intensified community quarantine for Luzon.

The joint statement was signed by the Philippine Chamber of Commerce and Industry, Employers Confederation of the Philippines, Management Association of the Philippines, Makati Business Club, Philippine Exporters Confederation, Go Negosyo, American Chamber of Commerce of the Philippines, Federation of Filipino Chinese Chamber of Commerce and Industry, IT- Business Process Association of the Philippines, Investment House of the Philippines, Philippine Franchise Association, Australia-New Zealand Chamber of Commerce of the Philippines, Bankers Association of the Philippines, Canada Chamber of the Philippines, European Chamber of the Philippines, German-Philippine Chamber of Commerce and Industry Inc., Japanese Chamber of Commerce of the Philippines, Semiconductor and Electronics Industries in the Philippines Foundation Inc., Philippine Retailers Association, Association of Filipino Franchise Inc., Investment House Association of the Philippines, Certified Institute of Public Accountants, SharePHIL, Chamber of Thrift Banks, Rural Bankers Association of the Philippines, Federation of Indian Chambers of Commerce, ISA, ICD, PAMURI, MCPI, PALSCON, and Foundation of Economic Freedom.

2. “Biz groups call for ‘maximum’ fiscal response vs coronavirus” by Jenina P. Ibañez and Genshen L. Espedido of BUSINESSWORLD on March 20, 2020

MORE THAN 30 business groups urged Congress, in coordination with the Duterte administration, to approve the “maximum fiscal response” to shelter the Philippine economy from the impact of the coronavirus disease (COVID-19).

Business groups, led by the Philippine Chamber of Commerce and Industry, Employers Confederation of the Philippines, the Makati Business Club, and the Management Association of the Philippines, said the government should commit to a “more forceful action on the fiscal front in order to “mitigate the suffering of Filipinos and reduce damage to the society and economy.”

In a statement, the 32 business groups said the government “can and should” adopt a fiscal stimulus program that will hike the deficit-to-gross domestic product (GDP) ratio to nearly 5%.

“Assuming GDP growth slows to 4.5% (GDP: P20 trillion), a 5% deficit will be P1 trillion. Subtract the programmed deficit of 3.6% (P720 billion), and there is room for a P281 billion fiscal stimulus program,” the groups said. “Assuming GDP growth slows to 3% (GDP: 19.7 trillion), a 5% deficit will be P987.5 billion. Subtract the programmed deficit of 3.6% (P711.3 billion), and there will be room for a P277 billion fiscal stimulus program.” Economic planners said that coronavirus outbreak may slash this year’s growth by up to 1.2 percentage points if it lasts until yearend, although it has yet to officially announce changes to its 6.5-7.5% target. Last year, the economy grew by 5.9%.

The government has put a cap on its deficit-to-GDP ratio at 3.2% for this year.

The business groups said that the Luzon quarantine is impacting millions of workers, including informal workers who are barred from leaving their homes to work and regular workers who may lose jobs as companies experience difficulties.

“A health issue is now also a hunger issue and may trigger violence and longer term social tensions,” they said. “Many companies are doing what they can to keep their employees paid

40 despite their inability to work and drastic declines in sales. But they can only do so much compared with the millions who are vulnerable to the downturn.”

While the business groups believe that the initial P27 billion response package announced this week is a “great start,” they called for a bigger fiscal stimulus.

The groups said there should be funds for conditional cash transfer recipients and for the labor department and company programs supporting workers affected by the quarantine. There should also be additional efforts to transfer funds or food to low-income families.

They are also asking the government to allot funds for temporary hospitals and quarantine areas to cope with a surge in patients and for micro, small, and medium-sized enterprises that focus on hiring.

The business groups believe there should be targeted subsidies for health, tourism, and transport, as well as increases in public investment spending and deferment of penalties related to interest payments.

The statement was also signed by industry groups like Philippine Exporters Confederation Inc., Information Technology and Business Process Association of the Philippines, the Philippine Retailers Association, the Philippine Franchise Association and banking groups like the Chamber of Thrift Banks Rural Bankers Association of the Philippines, and the Bankers Association of the Philippines.

Foreign chambers like the American Chamber of Commerce of the Philippines, and their European, Japanese, German, Canadian, and Australian-New Zealand counterparts also signed the statement.

Funding, the groups said, can also be sourced from savings or mandated savings of government- owned and controlled corporations and government agencies not directly in charge of the crisis like the health department and local government.

Meanwhile, the Financial Executives Institute of the Philippines, Inc. (FINEX) called for the government to implement an emergency calamity amelioration program to support the poor, jobless and homeless during the ECQ.

In a statement, FINEX called on Congress to authorize President Rodrigo R. Duterte to realign unspent or unobligated appropriations in this year’s General Appropriations Act for the emergency calamity amelioration.

“The national budget was designed and approved for normal times. But we are now in abnormal times, unprecedented since the war years. This global virus pandemic was not foreseen nor factored into the budget. We are now in a war for the survival of our nation and its economy, and fiscal policy and programs must be realigned as we propose during the exigency of this national emergency,” FINEX said.

SPECIAL SESSION

In response to President Rodrigo R. Duterte’s call for Congress to hold a special session to pass a supplemental budget, House Speaker Alan Peter S. Cayetano said they are ready to convene at the earlier possible time while following social distancing protocols.

“The House of the People stands ready to respond to the call of the President for a special session to pass measures, including a supplemental budget that would give the executive department more flexibility in containing the spread of COVID-19, and help ease the burden brought about by the pandemic among our nation’s most vulnerable sectors. As well as to discuss all other issues regarding health, the economy, and the concerns for a speedy recovery from the effects of this crisis,” he said in a Facebook post.

The House committee on appropriations earlier passed P1.65 billion in supplemental funding to support the government’s response to COVID-19.

On Thursday, Senate President Vicente C. Sotto III said that the Senate would tackle during the special session a “food subsidy budget” for daily wage earners who have lost their jobs during the enhanced community quarantine in Luzon.

Congress began its two-month break last March 13. Hearings in both chambers have also been suspended. Congress will resume regular sessions on May 4. — Jenina P. Ibañez and Genshen L. Espedido

3. “Business groups call for ‘maximum fiscal response’ from Congress” from GMA News on March 20, 2020

Thirty-two of the country’s largest business organizations on Friday urged lawmakers to heed President Rodrigo Duterte call for a special session to pass a supplemental budget to contain the spread of COVID-19, as well as address its economic impact by adopting a fiscal stimulus program.

In a joint statement, the business groups emphasized that the impact of the “lockdown” on millions of workers — both informal workers who were barred from making a living, and regular workers who could be laid off as companies respond to falling or disappearing sales — was “literally a matter of life and death for them and their families.”

“A health issue is now also a hunger issue and may trigger violence and longer term social tensions,” the joint statement read.

To mitigate the suffering of Filipinos and reduce the “damage to the society and economy,” the business groups urged Congress, in coordination with the administration, “to commit to a more forceful action on the fiscal front.”

The business groups said they supported Duterte’s call for a special session to pass a supplemental budget in response to the COVID-19 pandemic and its economic effects.

“The onus is now on the fiscal side,” they said in their joint statement.

“Many companies are doing what they can to keep their employees paid despite their inability to work and drastic declines in sales. But they can only do so much compared with the millions who are vulnerable to the downturn,” they said.

The business groups thus urged the government to adopt a “fiscal stimulus” program which would raise the budget deficit-to-gross domestic product ratio close to 5%.

While this was usually a red flag for credit watchers, the business groups said “they will probably relax as an unprecedented number of countries buttress their economies.”

Finance Secretary Carlos Dominguez III said earlier that the government might increase its borrowing as this would be a “stimulus program” to maintain the government's aggressive spending for its infrastructure initiatives this year “despite the fact that our revenues are going down.”

This as the COVID-19 outbreak could shave off 0.5 to 1 percentage point from the country’s economic output and result in a wider national government deficit at 3.6% of the economy, higher than the administration’s budget gap ceiling of 3% of GDP.

“Assuming GDP growth slows to 4.5 percent (GDP: P20.0 trillion), a 5% deficit will be P1 trillion,” according to the business groups.

“Subtract the programmed deficit of 3.6% (P720 billion), and there is room for a P281 billion fiscal stimulus program,” they said.

On the other hand, assuming GDP growth slows to 3% at P19.7 trillion, a 5% deficit would be P987.5 billion.

“Subtract the programmed deficit of 3.6% (P711.3 billion), and there will be room for a P277 billion fiscal stimulus program,” the business groups noted.

The Department of Finance’s quick P27 billion package would be a great start, they added.

“The budgetary items there, as well as in proposals of Rep. Joey Salceda and others can and should be counted as part of a maximum fiscal response,” according to the business groups.

The groups also recommended the following actions in the government’s COVID-19 response:

• additional funds for conditional cash transfer recipients, who are by definition the most financially vulnerable sector and will suffer greatly if/when they lose their livelihood during this time;

• additional funds to support DOLE and other programs to support workers affected by quarantine, whether directly or through companies, including when companies have advanced this;

• other measures to transfer funds or food to low-income families;

• additional funds for temporary hospitals and quarantine areas to ensure the health system can cope with the surge in patients;

• funds to support businesses -- especially MSMEs -- when COVID-19 is under control, with a focus on hiring;

• targeted subsidies to the health, tourism and transport industries as in Malaysia and Italy;

• increased public investment spending as in Germany; and

• deferment of penalties related to interest payments.

“Funds may also be sourced from savings or mandated savings of government agencies —except DOH, LGUs and other frontliners in the current crisis —and government-owned and controlled corporations (GOCCs) to support all vulnerable sectors (informal worker, micro and small enterprises, etc.),” the business groups said.

The business groups also express support for the measures introduced by the government to reduce or slow the spread of COVID-19, including the intensified community quarantine for Metro Manila and other areas.

It also lauded the Bangko Sentral ng Pilipinas for taking “decisive steps” to help address the impact of the crisis including the 50 basis points rate cut and the relaxation of certain regulatory measures to encourage more lending by banks.

Undersigned in the joint statement were the Philippine Chamber of Commerce and Industry, Association of Filipino Franchisers Inc., Employers Confederation of the Philippines, Federation of Filipino Chinese Chamber of Commerce and Industry Inc., Foundation for Economic Freedom, Federation of Indian Chambers of Commerce (Phil.) Inc., Philippine Center for Entrepreneurship/Go Negosyo, IT & Business Process Association of the Philippines, Institute of Corporate Directors, Investment House Association of the Philippines, Institute for Solidarity in Asia, Management Association of the Philippines, Makati Business Club, Philippine Association of Local Service Contractors Inc., Philippine Franchise Association Inc., Philippine Exporters Confederation Inc., Philippine Institute of Certified Public Accountants, Philippine Retailers Association, Semiconductor and Electronics Industries in the Philippines Inc., Shareholders' Association of the Philippines, Bankers Association of the Philippines, Rural Bankers Association of the Philippines, Chamber of Thrift Banks, Microfinance Council of the Philippines Inc., American Chamber of Commerce of the Philippines, Australian-New Zealand Chamber of Commerce Philippines, The Canadian Chamber of Commerce of the Philippines, French Chamber of Commerce and Industry in the Philippines, European Chamber of Commerce of the Philippines, Japanese Chamber of Commerce and Industry of the Philippines Inc., German-Philippine Chamber of Commerce and Industry Inc., and Philippine Association of Multinational Companies Regional Headquarters Inc. — DVM, GMA News

4. “Business groups call for P281-B stimulus package” from Yahoo News on March 21, 2020

WITH the coronavirus public health problem becoming a hunger issue that “may trigger violence and longer term social tensions”, 32 business organizations in the country called on Congress to craft a massive fiscal stimulus package of up to P281 billion to provide financial aid to Filipinos. The call was made a day after the Monetary Board rolled out monetary stimulus by cutting interest rates by 50 basis points, or half a percent, and relaxing regulations to encourage more lending by banks and pump prime the economy.

“The onus is now on the fiscal side,” the business groups said in a statement released Friday, March 20.

They are pushing for a stimulus program valued at between P277 billion and P281 billion, which will raise the country’s deficit-to-GDP ratio to 5.0 percent assuming gross domestic product (GDP) growth slows down to a range of 3.0 percent to 4.5 percent.

“This massive stimulus will save lives and protect our society but will not trigger alarm bells in the credit rating and global investment community as the Philippine debt/GDP measure is only likely to rise from 41.5% to 44.2%. It was almost 70% about 15 years ago,” the 32 groups added. Besides, they noted that credit watchers might ease up as many countries bolster their economies to mitigate the impact of the Covid-19 pandemic.

Earlier, the government’s economic team announced a P27.1-billion package to help affected sectors cope with the drastic slowdown in economic activity due to the implementation of an enhanced community quarantine in Luzon and localized quarantine measures across the country.

More forceful action

The 32 business groups, however, said “a more forceful action on the fiscal front” is needed to reduce damage to the society and economy.

They pointed out that the sectors that bear the brunt of the lockdown are the informal workers who could no longer make a living and the regular workers who may be laid off as their employers reel from falling or disappearing revenues.

In their statement, the 32 business groups urged Congress to hold a special session to pass a supplemental budget for a stimulus package.

“The Department of Finance’s quick P27 billion package is a great start. The budgetary items there, as well as in proposals of Rep. Joey Salceda and others can and should be counted as part of a maximum fiscal response,” they said.

On top of this P27.1-billion program, the 32 groups said a bigger stimulus package should include the following:

Additional funds for CCT (conditional cash transfer) recipients, who are by definition the most financially vulnerable sector and will suffer greatly if/when they lose their livelihood during this time;

Additional funds to support DOLE and other programs to support workers affected by quarantine, whether directly or through companies, including when companies have advanced this;

Other measures to transfer funds or food to low-income families;

Additional funds for temporary hospitals and quarantine areas to ensure health system can cope with surge in patients;

Funds to support businesses — especially MSMEs — when COVID-19 is under control, with a focus on hiring;

Targeted subsidies to the health, tourism and transport industries as in Malaysia and Italy; Increased public investment spending as in Germany; and

Deferment of penalties related to interest payments.

“We believe the government can and should adopt a fiscal stimulus program that will raise our deficit-to-GDP ratio to close to 5 percent, which is a usual red flag for credit watchers, though they will probably relax as an unprecedented number of countries buttress their economies,” they stated.

Even if economic growth slows down to 4.5 percent, or a gross domestic product (GDP) of about P20 trillion, a 5.0 percent deficit-to-GDP ratio will be around P1 trillion.

Since government has programmed a deficit of 3.6 percent, or about P720 billion, there is still room for a fiscal stimulus program of about P281 billion.

If GDP growth further slows to 3.0 percent, or P19.7 trillion GDP, a 5.0 percent deficit would be equivalent to P987.5 billion.

With a programmed deficit of P711 billion equivalent to 3.6 percent, there is still room to offer a stimulus package of roughly P277 billion.

The economy grew by only 5.9 percent in 2019, the first sub-6 percent growth since the 3.7 percent in 2011.

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