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Deadline for submission of letter of intent: 15 August 2021, Sunday

BANGKO SENTRAL NG PILIPINAS Circular No. 1115 Series of 2021 Subject: Amendments to the Manual of Regulations for Non-Bank Financial Institutions on the Enhancement of Corporate Governance Guidelines for Non-Stock Savings and Loan Associations https://www.bsp.gov.ph/SitePages/Regulations/RegulationDisp.aspx?ItemId=4509 INSURANCE COMMISSION Circular No. 2020-36 Subject: Extension of Period for Submission of The Annual Corporate Governance Report (ACGR) https://www.insurance.gov.ph/wp-content/uploads/2021/05/CL2021_36.pdf Circular No. 2021-20 Subject: Adoption of The Annual Corporate Governance Report (ACGR) https://www.insurance.gov.ph/wp-content/uploads/2021/03/CL2021_20.pdf Circular No. 2021-32 Subject: Additional Guidelines on The Electronic Submission of The 2020 Annual Statements https://www.insurance.gov.ph/wp-content/uploads/2021/04/CL2021_32.pdf Circular No. 2021-37 Subject: Online Submission of The AML and CTF Compliance Questionnaire Under Circular Letter No. 2020.O8 https://www.insurance.gov.ph/wp-content/uploads/2021/05/CL2021_37.pdf SECURITIES AND EXCHANGE COMMISSION Notice posted 25 May 2021. Subject: Extended Deadline for Integrated Annual Corporate Governance Report (I-ACGR) https://www.sec.gov.ph/notices/extended-deadline-for-integrated-annual-corporate-governance-report-i-acgr/ Notice posted 19 May 2021. Subject: Extension of The Deadline for The Submission of Annual Reports for The Calendar Year Ended December 31, 2020, and Quarterly Report as of March 31, 2021. https://www.sec.gov.ph/notices/extension-of-the-deadline-for-the-submission-of-annual-reports-for-the-calendar-year-ended-december-31-2020-and-quarterly-report-as-of-march-31-2021/ Notice posted 2 June 2021. Subject: Registration with The Anti-Money Laundering Council (AMLC) and Submission of Proof of Registration https://www.sec.gov.ph/notices/registration-with-the-anti-money-laundering-council-amlc-and-submission-of-proof-of-registration/ Memorandum Circular No. 5, Series of 2021 Subject: Extension of the Deadline for the Submission of 2020 Annual Reports for the Calendar Year Ended December 31, 2020 https://www.sec.gov.ph/mc-2021/mc-no-05-s-2021/ Memorandum Circular No. 3, Series of 2021 Subject: Schedule and Procedure for the Filing of Annual Financial Statements, General Information Sheet and other Covered Reports https://www.sec.gov.ph/wp-content/uploads/2021/03/2021MCNo03_.pdf GOVERNANCE COMMISSION FOR GOVERNMENT-OWNED AND CONTROLLED CORPORATIONS GCG Memorandum Circular No. 2021 – 01 Subject: Interim Performance-BASED incentive (PBl) System for the Appointive Directors of GOCCs Covered by GCG for CY 2020 and for the years Thereafter https://gcg.gov.ph/files/IASG2v1cWHtdJwvFSzIU.pdf

BANGKO SENTRAL NG PILIPINAS CIRCULAR NO. 1112 Series of 2021 Subject: Amendments to Operational Risk Management and Internal Control Measures https://www.bsp.gov.ph/SitePages/Regulations/RegulationDisp.aspx?ItemId=4499 CIRCULAR NO. 1114 Series of 2021 Subject: Guidelines on Reputational Risk Management https://www.bsp.gov.ph/SitePages/Regulations/RegulationDisp.aspx?ItemId=4506 INSURANCE COMMISSION Circular No. 2020-104 Subject: Dissemination of AMLC Regulatory Issuance No. 4, Series of 2020, on Freeze Order for Potential Target Matches under the United Nations Security Council Consolidated Lists (Targeted Financial Sanctions) https://www.insurance.gov.ph/wp-content/uploads/2020/11/CL2020_104.pdf Circular No. 2021-12 Subject: Dissemination of the Republic Act No. 11521 entitled "An Act Further Strengthening the Anti-Money Laundering Law, amending for the purpose Republic Act No. 9160, otherwise known as the "Anti-Money Laundering Act of 2001", as amended. https://www.insurance.gov.ph/wp-content/uploads/2021/02/CL2021_12.pdf SECURITIES AND EXCHANGE COMMISSION Memorandum Circular No. 6, Series of 2021 Subject: Amendments on the SRC Rules 9 and 10 https://www.sec.gov.ph/mc-2021/mc-no-06-s-2021/ Memorandum Circular No. 4, Series of 2021 Subject: Amendment of the Memorandum Circular No. 16, Series of 2018 or the Guidelines on Anti-Money Laundering and Combating the Financing of Terrorism for SEC Covered Institutions (“2018 AML/CFT Guidelines”) and Memorandum Circular No. 29, Series of 2020 or the 2020 Guidelines on the Submission and Monitoring of the Money Laundering and Terrorist Prevention Program (MTPP) https://www.sec.gov.ph/mc-2021/mc-no-04-s-2021/ Memorandum Circular No. 1, Series of 2021 Subject: Guidelines in Preventing the Misuse of Corporations for Illicit Activities through Measures Designed to Promote Transparency of Beneficial Ownership (“BO Transparency Guidelines”) https://www.sec.gov.ph/mc-2021/mc-no-01-s-2021/ Memorandum Circular No. 19, Series of 2020 Subject: Signatories of the Manual on Corporate Governance and Penalty for Noncompliance with the Requirement https://www.sec.gov.ph/mc-2020/mc-no-19-s-2020signatories-of-the-manual-on-corporate-governance-and-penalty-for-noncompliance-with-the-requirement/ GOVERNANCE COMMISSION FOR GOVERNMENT-OWNED AND CONTROLLED CORPORATIONS GCG MEMORANDUM CINCUIER NO. 2021 – 01 Subject: Interim Performance-BASED incentive (PBl) System for the Appointive Directors of GOCCs Covered By GCG for CY 2020 and for the years Thereafter https://gcg.gov.ph/files/IASG2v1cWHtdJwvFSzIU.pdf

The COVID-19 global health crisis has had an unprecedented impact on business and society across the globe and boards have responded to help their organizations navigate the challenges. New research by the Global Network of Director Institutes (GNDI) member institutes and supported by Marsh & McLennan, reveals directors’ perspectives on Covid-19 impacts as well as directors’ views on the trajectory of boardroom and external trends. Over 60% of the nearly 2,000 global survey respondents note that the pandemic will accelerate growing attention on ESG, sustainability and stakeholder value issues. In addition, the pandemic has shifted how directors will approach risk oversight, strategy oversight and human capital risks going forward. In terms of board operations, Covid-19 has accelerated the use of digital tools and virtual meetings are expected to become a regular component of board operations. To learn about directors’ perspectives on COVID-19’s impact on global and governance trends, and regional and country-specific differences in director attitudes and outlook, please download the report below.

"Only when the tide goes out do you discover who's been swimming naked." – Warren Buffet Time and time again experts have exhorted organizations to prepare for a crisis. And yet despite the concurring rhetoric of many senior leaders and executives, including Boards, not many companies really go through the rigor of training, preparing, and practicing for a crisis. Until it happens. And then almost everyone is caught off-guard, and left scrambling, if not paralyzed, for what to do next. First, let us define a crisis. The pandemic that has changed our lives is just one example. You would guess what the others are: natural disasters, mismanagement, romantic scandals, data breaches, cybercrime, labor disputes, etc. The list is endless. A crisis can happen on any front and on any level of our lives – be it on the personal individual level, family, career, community, country, or even to the whole of mankind in general – as we are experiencing now. WHAT THEN IS A CRISIS? A crisis is any event that has the capacity to disrupt the normal course of things. It can be sudden and unexpected, or it could have smouldered or developed over time. The latter is a case of you knowing it was coming; you just did not know when. There are many definitions, but my favorite is this: A crisis is a show-stopping, people-stopping, product-stopping, reputation-defining and trust-busting event. You may have often heard that in Chinese, the way they write the word CRISIS is composed of two characters signifying danger on the one hand, and opportunity on the other. It is because the outcome of any crisis will change you, for better or for worse. V-U-C-A AMPLIFIED A THOUSAND TIMES Many characteristics define a crisis. However, the most prominent of them are encapsulated in a short abbreviation commonly used in military circles. It is called VUCA and we saw the following amplified during this pandemic: V -Volatility – The rate of change is simply so quick, unpredictable, and mind-boggling. U -Uncertainty – There are just so many things that are unclear. C -Complexity – There are so many moving parts and multiple decision factors that are interdependent on each other. A -Ambiguity – There is lack of meaning. You cannot make sense of what is happening. You cannot connect the dots. “Unprecedented” is an adjective we keep on hearing these days. You and your organization have never experienced anything like it before. HOW CRISIS-READY WERE YOU? As I write this, almost six months have passed since the WHO declared a pandemic and our lives were upended. The time of reckoning has also passed, and the crisis could only have caught you right where you were situated. Have you had time to reflect? Or have you been judged already and found wanting? How I wish more companies, rather than few, can rightfully claim they were somehow prepared – if not totally prepared - for the health and economic crisis that befell us. What is quite unique about this pandemic is that it was not a solitary crisis borne by just one organization. In a sense, it was comforting in a weird way. It was not our company alone in the spotlight to make sense of what was happening in a blur all around. We were not facing hostile questioning from the media. We were not the subject of negative publicity. We were in the crisis together with the rest of the world, and we can derive some comfort in that. We were all in the same ocean, so to speak, we just happened to be on different boats. Was yours sturdy enough to withstand the currents that came, some of which felt like tidal waves? In what forms did those currents show themselves to you? How prepared were you? When the lockdown was announced, effectively closing the metro with a notice of just three days, did you have the systems in place that simply needed an activation to ensure your continuous operations? Did you have the slightest semblance of a work-from-home arrangement ready to be implemented at a moment’s notice? Did you have a call tree in place to check on the conditions of your people? These are just few of the questions I know you all had to grapple with at the beginning hours of this pandemic. How did it feel? Were you left reeling? Were you able to sleep at night? And, sadly, I am not even bringing to the picture yet the economic or financial fallout that all of us must contend with. I ask these important questions because, if you haven’t yet, this time is as good as any to look internally and reflect on what you need to do right now, not later, but now, to rise from the ashes and emerge from this better, stronger, and – God forbid – ready for any next crisis. For easy memory recall, I would like to use VUCA also to address the first VUCA above. 1) V for VOICE Raise your independent and courageous VOICE with conviction. Always speak your truth. Speak truth to power. What does it mean to speak truth to power? Do not be intimidated by titles or positions, not even and not especially by the Chairman or President, as the case may be. Leadership is not about popularity. It is not about the rank. It is not about the corner office. All of us, all of you, can be leaders. Because all of you can exert influence over the people around you. And that is why they say in the corporate setting, you lead up, you lead across, and you lead down. You lead up to influence your bosses and those above you, you lead across to influence those who are at the same level as you, and then you lead down to influence those who are below you – your subordinates. So, do not be intimidated if you are talking to the CEO, or the Head of Legal, or the Head of HR, or the Head of Information Technology, or the Board of Directors, or your Chair. All these people have something to learn from you. In fact, you were hired because of your potential. Show them that potential by speaking up, speaking out and speaking with conviction. It is the brave who shine and who prosper, who stand out. It is the brave whom we need in situations like this. Do you know that almost 70% of corporate crises arise because people who should have spoken out and called out their superiors did not do what they should have done. But remember that for you to do this, you need to be obsessive, you need to be obsessed – obsessive and obsessed about finding out what is true, what is right, what is correct. What works. What solves the problem. Only then will you earn the right to voice out your voice. Good leaders do what is right, not what is easy. The corporate world is not for the timid. On the other end, do not be swayed by the crowd. Be a spreader of enlightenment. Do not worsen things by bringing fake or false information. Do not agree just because everyone is agreeing. Do not object just because everyone is objecting. Do not protest just because everyone is protesting. Make sure that your action is defined by what you really believe is true, in principle and in your heart. Fight for something because it is the conclusion you have reached after careful study and research, after engagement with all concerned parties. 2) U for UNFLAPPABLE Be unflappable. Unflappable means not easily upset or confused, especially in crisis. It is that which cannot be disturbed, that which cannot be rattled, that which cannot be distressed no matter what is happening around. This is grace under pressure. This is equilibrium. To maintain one’s senses despite the panic or pandemonium. There is usually one thing that gives rise to confusion. And that is FEAR. It is all right to be afraid. But you need to pause and not let that fear hinder you from accomplishing your goals. What makes you unflappable? It is the combination of right skills, right knowledge, right attitude, the right values, the right intention. Because when you have these, you become reliable in the eyes of many. And when you are reliable, you gain confidence, you know you’re doing your best every single time that even if you commit mistakes along the way, as we all do, those mistakes are just your steps to even more success. 3) C for CARE Care about people as if it is all that matters. Because, frankly, and ultimately, it is all that matters. People. Lives. This pandemic crisis has proven that. To heck with the economy, to heck with profits. Governments and organizations needed to prioritize people above all. Or else the loss would have been incalculable. After all, business is all about relationships. All about the conversations. All about service. Recognize the power of human connection, of building high-trust relationships, and of connecting with people. Break bread with them. How do you break bread? You become interested. You remember the little things. I heard a mentor say, "Being able to listen well is a superpower. While listening to someone you love, keep asking them “Is there more?”, until there is no more." And then you bring up these details that you remember at appropriate times to show genuine concern and sincerity. In moments of truth, in crux times, show you are real. Show that all those words you said were genuinely felt, not merely said for the sake of creating small talk. Prove that all your gestures of concern are real. In any crisis, people should come first. First, I repeat! Not second, not third, and certainly not last. Attend to people’s needs first. Initially, your employees and staff, then your customers. Human connection is important at any time, but especially during a crisis. It is how you gather information. It is how you solve problems. Before someone will lend you a hand, you need to touch their hearts. By doing good for your people, they, in turn, will do good for your customers. Celebrate and champion people! Make people feel important and special. Treat people well. 4) A for ASK Ask questions and annihilate arrogance. Be confident but do not cross the line to the land of arrogance. Practice humility by asking questions, by admitting you do not know everything. That is how you will think better and execute better. Be confident enough to say that wherever and whenever you show up, you are the key. If you are there, your team will win. Your organization will win. However, remain humble. Admit it when you do not have all the answers. Cry out if you are drowning with tasks and you need help. Many are willing to give it for free. Ask questions. That is how you learn. Ask to be mentored. Or just look for role models. That is how you get transformed. Our job is to improve, to get better, to drive faster. Be on a mission to get on that next level. A favorite mentor of mine, Robin Sharma, advises: “Work on your strengths to get better. Work on your weaknesses. Master the fundamentals. Have a good vision. Make sure your mindset is right. Make sure you know how to operate in a team. Guard your work ethics. Be accountable. Own your situation.” Eliminate excuses or what we call EXCUSITIS. Still according to Sharma, if you get just 1% better every single day, in 5 months you will not recognize yourself. In 5 years, you will not recognize your bank account, your career, your organization. In other words, you will have become better, bigger, stronger. THRIVE! DO NOT SIMPLY SURVIVE! In conclusion, there is a world of difference between surviving and thriving. To survive means to continue to live or exist, especially in the face of hardship or danger. It is a passive condition and a passive response. You continue to live or exist either by sheer luck or by doing the minimum requirements to secure your pass on this earth. In other words, those who only survive remain the same after a crisis. Meanwhile, to thrive means “to prosper, to be successful and fruitful, to grow and develop vigorously, to flourish.” Despite the hardship and the danger. Or even more importantly, BECAUSE of the hardship and the danger. In other words, a crisis tests your mettle, brings out the best or the worst in you, shows what you are really made of inside. Because when there is an extreme adversity, you cannot respond normally. You need to give what the situation calls for PLUS SO MUCH MORE, so that after the crisis has died down, you will have become a better and stronger person. Or a better and stronger organization. *Gina dela Vega-Cruz is a consultant and subject matter expert on Crisis Communications and Management, Leadership, Public Speaking and Presentation Skills, and Media Training. Gina is also a professional speaker, trainer, and executive coach on the same subjects. You may reach her at delavegacruz.gina@gmail.com or https://www.linkedin.com/in/ginadelavegacruz/. Attend her session on Crisis Ready Boards 21 August 2020 at 10 AM

July 2020 While the country is struggling with the COVID crisis, many local businesses, large or small, are suffering from huge revenue losses and severe cash flow problems forcing many MSMEs to close shop. And those which are still operating are taking drastic measures to survive. Headcount reduction, salary cuts and shortened working hours are some of the more common solutions for survival. Many employees working from home are experiencing higher levels of stress because the lines between work and home have blurred. Even some restaurants appeal to the elderly not to ask for their usual senior citizen discounts. Accounts or loans payable to suppliers and fund providers are either being stretched, restructured or defaulted on. Private sector contributions to COVID-related assistance programs have dramatically affected budgets for social responsibility projects. Even government was forced to postpone tax receipts for two months to help people and businesses cope with the severe economic pressures. With COVID costing lives and triggering economic recession, one wonders how much longer the people and the economy will suffer before things go back to “stable and normal”. The nagging question is: Where is governance in all of these? In the recent ICD webinar on Business Resiliency, the point was made about what businesses can do when the Black Swan appears (like the completely unexpected COVID crisis which caught the world by surprise). The answer we proposed was to “go back to the basics” – analyze the crisis, design countermeasures and solutions, execute the mitigating action programs, communicate and get buy-in or acceptance of the solutions and ensure maintenance and sustainability of the efforts. Before we know it, especially when the vaccines are made available, we will have survived this crisis. And when that happens what do we do? Do we go back to the old ways? Perhaps there are lessons to be learned? For a long time now, we have seen malgoverned companies just focusing on making money with no regard for the other stakeholders. Employees are not paid their due and discrimination is prevalent. Customers are shortchanged with sub-standard quality of products and services. Suppliers are exploited with delayed payments of payables. There is no time and money for reaching out to the communities being served. And nobody thinks of protecting the environment. We are sick because our common home is sick. We do not hear the cry of the poor and Mother Earth, as Pope Francis said in his encyclical. The crisis we are going through now is a wake-up call. We cannot go back to the old normal when the crisis is over. Well-governed companies and those who will survive this crisis will have to rethink their priorities. The Management Association of the Philippines, which has more than 1,000 C-level executives (CEO, COO, CFO, etc.) as members, is proposing to release later this year a Covenant for Shared Prosperity which addresses the global epidemic of inequality but which can also be a timely post-COVID governance strategy. The signatories to the covenant are expected to make the following commitments: To recruit, train and develop their employees and managers to be the best that they can be irrespective of gender, alma mater, age, ethnicity and religion; provide just compensation and benefits; promote meritocracy and encourage work-life harmony; To recruit, train and develop their employees and managers to be the best that they can be irrespective of gender, alma mater, age, ethnicity and religion; provide just compensation and benefits; promote meritocracy and encourage work-life harmony; To provide only quality products and services that are of continuing value to their customers; To treat their goods, service and funds providers fairly, ethically and with respect as they expect these suppliers to treat their own workers in their supply chain the same way; To be actively involved in the communities where they operate in with particular attention to the needs of the disadvantaged in those communities; To protect and preserve the environment for the benefit of current and future generations by employing environment-friendly technologies in all aspects of business operations; and To deliver reasonable and just returns to and fair treatment of their controlling and non-controlling shareholders. This is the way forward. ICD will support this MAP initiative. This is post-COVID governance.

“Inclusion and diversity are at risk in the crisis – but are critical for business recovery, resilience, and reimagination.” Last 19 June 2020, ICD conducted its Annual General Membership Meeting (AGMM) through Zoom Webinar. The results of the elections paved way to greater heights for ICD by walking the talk of attaining a diverse board and having 50% women directors. A milestone for the Institute that hopefully other companies will embody in navigating unchartered waters. The Trustees of ICD are committed to strengthen the advocacy and ensure the organization’s sustainability: Mr. Rex C. Drilon II, Chairman Ms. Sherisa P. Nuesa, Vice-Chair and President Ms. Ma. Aurora Geotina-Garcia, Treasurer Atty. Benedicta Du-Baladad (newly elected) Ms. Maria Victoria C. Españo (newly elected) Mr. Ricardo Nicanor N. Jacinto Ms. Tomasa H. Lipana Atty. Pedro H. Maniego Mr. Vaughn F. Montes (newly elected) Mr. Alfredo E. Pascual Ms. Imelda Ceniza Tiongson Atty. Cesar L. Villanueva The Institute’s trustees, management team, members, and other stakeholders also witnessed how the organization stayed connected amidst strategic shifts and crises. Other highlights: Mr. Francis G. Estrada (outgoing ICD Chairman) delivered a speech entitled The Year that Was which encapsulated global events, the new normal and ICD’s role in fulfilling its vision. Mr. Leonard Jose M. Berba (2020 ICD CEO) shared stories of connectedness and purpose achieved in 2019 and presented the current situation of the organization given the pandemic. Induction of Mr. Antonino T. Aquino as ICD Honorary Fellow. Having served with distinction as Chief Executive Officer of both enterprises, Mr. Antonino Aquino is a Non-Executive Director of Ayala Land Inc. and Manila Water Company. He is also an Independent Director of PhilAm Life and General Insurance Company. His work as an outstanding and transformative leader has been widely recognized. He is a recipient of the prestigious Management Association of the Philippines Management Man of the Year for 2009. More importantly, he is widely regarded as a driving force in integrating best corporate governance practice in the companies he has been associated with. Recognition of ICD’s Program Committees and Governance Partners Recognition of outgoing ICD Trustees - Mr. Francis G. Estrada, Atty. Teodoro Kalaw IV, and Mr. Frank D. Numann, for serving the Institute, contributing to the growth of ICD and being a thought leader locally and globally. Read the full message from Mr. Rex C. Drilon II, FICD here: Watch the full recording here:

The Thought Bubble started out as a small social experiment designed to identify the emotions and statements of different generations and what they have to say in a specific topic or issue. The thought bubble is a fun and engaging activity which captures the voices of all generations about trending issues in today’s society. The thought bubble’s results are shared in ICD’s website and published on its quarterly governance newsletter. (Visit https://www.icd.ph/post/thought-bubbles-of-twentysomethings-millennials-gen-zs to read the thought bubbles of twentysomethings- Millennials & Gen-Zs) Since the start of the enhanced community quarantine (ECQ), ICD has been providing free webinars to help boards and directors with their professional development. Due to the challenges and restrictions brought by the enhanced community quarantine, this quarter’s thought bubble was conducted in the guise of a survey, which the webinar attendees were encouraged to answer after the session. The short survey was designed to get their experience on the COVID-19 pandemic and how they think it has affected their future; And to know what their aspirations and fears are after the COVID-19 pandemic. From a total of 69 respondents, most were composed of people who were in their late twenties to early fifties, with whom majority are women. They also have a nice and diverse background, from people working in operations, as a staff, management, C-suite executives, and board level positions, to entrepreneurs and owners of their own businesses. We also have people working in the government, banking and finance sector, research, and human resources. There were also risk management and compliance officers, business and market analysts, consultants, law practitioners and policy makers, and last but not the least, corporate governance practitioners. A big chunk (30%) of the respondents’ experiences as a direct consequence of the COVID-19 pandemic affected their lifestyle, career and personal financial stability. I've been working from home ever since and it has affected my work-life balance greatly. All our floorball trainings and national league games have been cancelled since March, so I haven't played my sport for months now. I also haven't seen anyone else I know since the lockdown except for my housemates who I've been stuck 24/7 with since. COVID-19 has tested my organization's resilience in managing operational risk so by the end of this pandemic, it would either make or break my future as Operational Risk Management Unit Head. The experience moved us to revisit our processes to ensure that we are able to perform our functions effectively despite working from home. Affect my lifestyle, able to manage schedule in going out and follow new normal health protocol even my residence. Currently on a WFH arrangement. But it will be difficult with kids at home, especially as schools are gearing towards distance learning/online learning which requires more parent involvement. Impact on how to do work in "New Normal". Work from home pose more challenges than I can imagine. It has affected financial insights. Realize that in these times, you need your savings and to buy only essential things. It has a great impact on our day to day living and the challenges of “New Normal” These lifestyle, career and personal financial stability experiences also negatively affected their Personal and Professional Development. This pandemic brought a great challenge to my future in terms of my career, self-development, and personal plans. There were plenty of opportunities that I had to postpone which could have made a huge impact to my life. I sold out of the firm I founded in December and was expecting to join two Philippine boards in January - that of course was delayed and I have been unable to attend meetings in person which makes it hard. Other than that delay, and the fact all the companies I am on the Board on are losing money, no other change. I do miss travelling though. (I live in Hong Kong). I sold out of the firm I founded in December and was expecting to join two Philippine boards in January - that of course was delayed and I have been unable to attend meetings in person which makes it hard. Other than that delay, and the fact all the companies I am on the Board on are losing money, no other change. I do miss travelling though. (I live in Hong Kong). My role as acting head of CorPlan has become more clearer with our WFH arrangement. I'm at a cross-road now if I should apply for the position or opt to go back to my previous sector, Marketing and Promotions … combined with a mix of negative emotions and uncertainties. This pandemic makes us worried on how safe are we when we got out of our homes and resume work. Work life in the office will have to be conducted with extra care and precautions. We have to consider home schooling our kids. No local and foreign travels for now until there's cure or vaccine. To be very conscious in the possibility of virus transfer (to myself or to others); to be physically fit; to be always spiritually right with God. With the global health crisis and economic crisis looming, there are a lot of uncertainties. Before COVID-19, we are very much confident for setting aside educational funds for our kids. Now, I am not sure if we would be able to get our investment from the insurance company after this is all over. Everything has become uncertain. Any future plans have been put on hold. There are also financial uncertainties There is a lot more where that came from. People feeling a mixed of negative emotions and a lot of uncertainties were second on the list (25%). Even though I am in a stable job because I work for the government, there are still uncertainties in pursuing this work due to the poor systems that are being implemented in the office prior to COVID-19. I am still not sure if these systems will still be in effect now that we have a pandemic. Sometimes I want to quit my job but given the situation that we have now, I guess I may have to remain in this job until everything returns back to normal. There's a little uncertainty on how things will be after the pandemic, but I believe my company is secure enough to withstand this. Uncertainty of the future. COVID-19 has affected my views of the future since everything in my life had a 360-degree turn. I feel worrisome for the future of my son, and my family. Can we survive this pandemic? Are we safe? How long can we last? There are more uncertainties now than ever. Negative emotions mixed with both positive and negative effects on their personal and professional development… I became anxious about my future in the workplace and how will I live my life in this kind of situation. However, it gave me more time to reflect on certain areas of our school , to plan with the owners and to do a lot of brainstorming with the key persons. In my personal life, I had more time with the spiritual dimension. It disrupted my momentum at work. Progress or development of skills, outputs generated seem to be insignificant thereby affecting chances of getting promoted. It seems like I am back to zero. Second, it also disrupted my academic endeavor. Third, it has add up to my stress as I live with immunocompromised and bedridden family member COVID-19 affected my future like you’re in a room with peach black environment, like walking that you might hitting something hard as you walk forward or walking in circles without knowing it. The term is "undetermined". These negative emotions and uncertainties also stemmed to concerns relating to Sustainability and Financial Stability. COVID-19 affected future financial growth prospects due to uncertainties in the market. For now, I've been very conservative with my investment options and shied away from big ticket purchases. It made me realized how important it is to belong to a stable company which provides necessities to the people. It also made me realized that it is indeed important to build your own business as a fall back in any case. The COVID-19 experience has brought a lot of uncertainties and worries. It has me worried of how life will be after this pandemic, how it will affect our work, how it will affect the tourism industry of the country, how are we gonna bounce back from it, the challenge on how we can do it better than the other countries and stuffs like that. Everything seems surreal, like everything's on pause. You keep track of the old plans waiting for things normalize and yet you have to make and implement new ones to survive. Economically speaking, you can't do the normal routine you are doing in your work. Financially, business is very affected. Workers like the small farmers and planters already sell their land. Everyone is in critical situation. The market price will definitely increase while the salary of will almost be the same. Revenue dropped because of halted projects, employees are greatly affected Supply chain issues The third biggest contributor (17%) to the respondents’ COVID-19 experiences were related to familiarizing themselves on online and digital innovations. It has made me more "techie", more meditative, more "trustful" of online banking, and more dependent on Grab etc. It made me quickly adopt to a work from home arrangement and transition to use of multiple digital platforms available. The "new normal" has created so many new challenges and need for innovation. It forced us to try non-conventional work arrangements and made us regulators think of ways to manage risks in the financial system that originated from non-financial factors. It is really challenging on our part as teacher because we need to use new styles and strategies using online platforms in terms of teaching students. It is very difficult to adjust situation from face to face then now due to covid 19 we are starting to embrace new normal platforms. In education ,we want the safety of our learners therefore we need to take actions on how to help our learners .Our department launches DepEd Common and other Online platforms to cater the needs of our leaners but still the most ideal is the classroom setting. Because of the lockdown, people had more free time on their hands and this has affected them in such a way that it has both positively and negatively affected their personal and professional development. Due to COVID-19, future for me is going back to basics. It will be mostly local (more time at home with family, home prepared meals, doing house chores, gardening, enjoying the village park and shops), and online (shopping, payments, banking, and other transactions). More healthy and economical, less travelling, less exposure to noise and pollution. Learned to be more addicted to news. Listening to free webinars like this really helps a lot and I got a lot useful information that can be applied immediately. This COVID 19 pandemic disrupted the future of my work, and professional career. All of the scheduled client visits and activities until 3rd quarter of the year were postponed and some booked trainings were already cancelled. As a starting freelance trainer who delivers the services face to face, the COVID crisis has made this mode quite impossible at least until the end of the year. Although, I am still exploring the virtual approach to deliver training and consultancy services. Other design projects coming in are all web-based so moving to digital platforms is the future of work. Graduate studies have been postponed to a later date this year, much to my dismay, but unavoidable. In the meantime, MOOC's and podcasts are great alternatives to formal education and with great discount in fees, I find myself dabbling in data analytics, strategy, CAD, and Advanced Excel. Given the lengthy development time of vaccines, I don't see the near future without COVID at the back of our minds, and if the situation worsens, my utmost priority is survival and that of my family. Sees opportunities to grow. given the uncertainties, exploring a potential business opportunity is put on hold In terms of work, COVID-19 has put more relevance in my role. It has prevented me from resigning from my current company because of freeze-hiring elsewhere. The prospect for promotion/career advancement in the company is uncertain Limited networking You can't move to do your work and update on the company Others highlighted their experiences related to their companies’ branding and strategy, and their concerns over customer relations and service improvement. Requires us to pivot our strategy. Unless a vaccine/medicine is found, personal hygiene and sanitation including mask wearing and social distancing is a must. We still have to innovate on our products that will be aligned to our new normal life. Refocused goals and objectives. Customer relationships and product branding sustainability. It stalled our Company's ability to effectively service our existing clientele Respondents also talked about their fears and aspirations post the COVID-19 pandemic. Most of the responses (23%) were fears related to the country’s economy and growth stagnation, unemployment and hunger, the government, and policy development. Develop new services, help rebuild economy Another source of mortality risk which can't be addressed by lockdown alone. I hope the government will develop more risk-based policies to address it. What is the shape of the new market. Despite our technological advances, we are vulnerable to a lot of things. I am afraid, there will be more deadly pathogens coming, and so we should strengthen our surveillance and control system. There should be more funds allotted for research. Respondents also expressed these fears mixed with concerns over the ‘new normal’ and fears of possible worst-case scenarios of the pandemic. I am concerned about how long it would take for the economy and the people's lives to recover and return to its pre-COVID-19 state. Uncontrolled increase in COVID-19 infection and fatalities; as well as worsening economic situation, bankruptcies, unemployment, and hunger. I hope that a cure/vaccine will be made for COVID-19 and the global economy will become bullish again. I hope that everyone will have their own discernment on this pandemic event that everyone will learn their lessons. In this trying times, we saw who among our government officials are true and have a genuine heart for our countrymen, I hope we will also learn the importance of having a clean election. As to fears, this COVID 19 have really an economic effect to our country and its people. Reality wise, I'm afraid that more Filipino people will be drowned to poverty. Staying relevant, contributing more to society and the community. I'm worried about the extent on how COVID-19 affects the economy and the communities we all live in. I hope we all learn good lessons from this experience, and be able to improve the quality of life we lead post pandemic. I am aspiring to continue the operation of our Learning Site & make it into a School for Practical Agriculture. At the same time i am aspiring that i can develop the farm into an Agri Tourism Park. This are all for the purpose of helping the farmers in the countryside. I hope i can make a difference in their lives, that their social status will be uplifted & they will live in better homes & they can improve their farm production. My greatest fears is that...Can i make it without so much challenges especially that most of them now have reacquired the dole out system mindset? For example the 4P's Program which is being practiced for so many years now have only produced lazy people. Those families are not working faithfully in the farm in order to produce the food that they need instead they are counting the calendars when are they going to the bank bring their ATM's to get the money that they are waiting. The fear of our economic collapse. The second highest on the list (22%) were fears related to one’s personal and professional development. These people expressed their concerns over their careers, opportunities they might or might not miss, their financial stability, and the effects on their loved ones and lifestyle. My age group includes young adults who have just graduated from college and either just starting out in their jobs or were still looking for jobs and those whose graduations are uncertain with the state of the educational institutes as they are now. We are all just still fumbling into the adult society and so we are most uncertain and afraid now of how we can stabilize ourselves, financially and socially, post-COVID-19. Financial stability Not getting the promotion due Stability of work status and company I hope to still get promoted at work despite this situation. losing my job is one of the greatest fears I would be interested in seeking out opportunities that would provide me a wider scope of influence. aspirations - career change; fears - job market and the economy. Fear that the world is entering into another great depression that might take many years to escape - not a good time for my radical career change. career pathing, health, opportunities To be able to help more, be more financially stable. Fear of how the next generation can cope, I have a 13y/o son in terms of their education. What will happen to senior citizens? Hope that our government will address or provide better health services. Hope that citizenry be more disciplined and more responsible. Fears for my family's safety and security of our income sources. How secure is our environment? I actually imagine post apocalyptic scenes just like in the movies and it seems those scenes are becoming realities. It is quite scary actually to even step out of our front yard. I'm afraid that it may not be easier than before to move out to other region as to permanently living there and finding a new job. My current position as contract of service also may be at risk due to possible plans of the government to limit some program implementations which may become less practical during this pandemic. I was supposed to do the field work for my thesis so that I can graduate this October, my fear is my chosen thesis topic will not be the right topic (travel of international vs. Domestic) given the situation. I have the fear of not having to do the same activities as before on how we travel, buy things, eat outside, etc. I will be quite sad if we have to adjust some of our usual routines to adapt to the new practices in living our lives. But I hope that the lessons we get from this pandemic situation will enable us to appreciate more our health and the environment around us. We still wish to travel together as a family. We still pray for everything to get back to normal as before. But there's still fear that as long as there is no cure or a vaccine to protect us, we can still get sick. Post covid-19, I would just like to be able to spend more physical time with loved ones My aspiration is for my children to remember how to survive the worst of times. They must learn what they can to thrive in uncertainty. My fear is my 89-year old mother getting infected by us who need to venture out for essentials, or receive deliveries. We can only do so much. The rest we leave to God. Of course, people were not only worried about their own personal careers. Proprietors, entrepreneurs, executives, and boards of different industries expressed their concerns on how they can keep their businesses afloat. Business strategy, sustainability, planning, effective communication, and customer retention were some of the main recurring themes from their concerns (17%). Effective management planning and decision making. Strong collaboration among officers and staff. Aspiring that we will be able to streamline and improve all our processes with our customers and stakeholders in mind. Fear of losing the trust of our customers and stakeholders, which may lead to loss of business. Our family business might not thrive considering we have to pay for our employees. And it's a challenge to continuously get payments from clients. Some clients might close if no properly handled during this pandemic. Sustainability of work due to industry As a family business, we are doing great lengths to keep everyone afloat, and as long as feasible, no layovers of staff. There will be businesses that end up as casualties and I do hope we are not one of them. resume networking My aspiration is that industries take this pandemic as a time to reevaluate and post COVID have more resilient business strategies. My fear is that we experience a great slump in our economy and our poverty index will rise in unexpected numbers. People would become more responsible but drastically impact the stock market and business would experiencing significant loses. Besides the surge of second and many waves of the virus, businesses and organizations will have a hard time bouncing back and pivoting. This will definitely hit macro- and micro-economic activities. The government should be able to shoulder all this challenges, because the private sector and international funding agencies can only do so much. We also might need to reshift our priorities and purpose when it comes to the agenda and mission of our own organizations. My aspirations post CoVid19 is to apply my learnings that I acquired through different webinars that I participated and that the government to invest in improving health services and facilities for immediate response during situations a like. My fears is that many people will struggle to start again since many companies was affected by the pandemic which result to huge losses so most of the people need to look for new jobs to support their families. The need to immediately restart the business but there is fear of getting employees contracted the disease Aspiration: That after Covid-19, insurance claims from our existing clientele will not significantly bloat. Fear: The probable influx of OFWs (with existing insurance policies with our Co.) who will be repatriated back to the Philippines due to contraction of Covid-19 disease. It showed that they’ve given healthcare a priority. Some have expressed their concerns not only for their friends and families, but also for the safety of their employees and the workforce in general (13%). I think COVID-19 has accelerated the journey for digitizing business in the country. I see a lot of opportunities for improving work and upscaling businesses. There is a need for agility in leadership so as to properly take these opportunities in perfect timing and apply it to the business. There is the common fear of change and fear for safety and health. But with always keeping safety and health first and foremost in mind, things can only get better. How workplace safety and health will be addressed Are we even ready to transition to GCQ I have fear of returning to work knowing that there is still no vaccine and that we are inevitable and this virus can be caught by anyone. Of course, everything will not be the same again. You can't do what you want. Health wise your not safe Be digital. Health should be prioritized Aspirations - that our country is able to put under control the spread of this virus, an effective vaccine is discovered soon, and for the families of those affected to be able to recover and bounce back. Fears - the opposite of the above Safety and health of our family is my main concern esp. That there is no vaccine yet. Others chose to express their concerns over the worsening development of the pandemic, given that there are little to no improvements at all. Some feared that people would not learn from this crisis, creating the fear of having another pandemic very much like this one. Fears that come with a lot of uncertainties brought by the ‘new normal’ were also ever-present in a lot of the responses. Fears that I may not be able to adapt to the new normal. Too much uncertainty To accept what is in store in the “New normal” and be resilient … since we are waging war with the unknown. New normal Aspirations that this COVID-19 will be erased by man, or fear that this pandemic will be part of our daily lives. The unavailability of a vaccine to cure and prevent the spread of COVID-19. We shouldn't be returning to our "old normal" lives because we're not sure how long the virus will be around. I fear that severe pandemics will become more frequent. fear - that another disaster may strike The virus might mutate and the country will suffer longer. It is very alarming most especially covid19 is a threat to anyone mostly the old people and they are much more affected. I fear much about the safety of everyone and we don't know when it last. To end this on a good note, these are the statements from people who, despite the ongoing crisis, chose to have a positive outlook on things and hope for a brighter future. We can all succeed in fighting this COVID-19 and we can learn a lot from this pandemic crisis and use these learnings to change our way of life. We should always love challenges. This is a new challenge to all of us on how to cope COVID-19. For sure we can look for things that will improve our situations and at the same time be cautious/prepare to defend ourselves from COVID-19. I hope we can all weather this pandemic. Filipinos are very resilient and we can overcome this. Looking forward to have a vaccine & recover the state of economy I aspire to survive this pandemic though the fear of the unknown has given more anxiety in me. I hope that the crisis will not be wasted, that people and companies will use it as a launch pad for doing good in the world; I fear that people will just go back to old ways after a short while. I’m contemplating how we can smoothly transition to the ‘New Normal’. COVID-19 is a nightmare that took everyone by storm and as a result, majority of the companies, institutions, households, etc. are going through moderate to serious financial downturn or even mourning over a death of a love one. I hope that once this pandemic and crisis is over, we will still be able to continuously keep our head above water, faithful and even more motivated to pursue whatever we put our minds into. That a vaccine for this disease will finally be developed; more opportunities will be available for individuals and organizations to cope with the requirements of the new normal situation (e.g. digital skills). My only fear is that the social/physical distancing will stay even post COVID 19. I look forward seeing our school thrive in this pandemic scenario though fears are inevitable at the moment. With the light to be given by our Lord Almighty, the school system will eventually rise and flourish if not too soon, in the near future. To get our kids to learn from school even in a different way than the usual classroom settings. Did you enjoy reading this? Each statement above came from different persons with their own different views and personalities. If you enjoyed reading through their responses as much as we did, you will surely enjoy reading these statements from feisty and strong-minded millennials. THOUGHT BUBBLES of TWENTYSOMETHINGS (Millennials & Gen-Zs) “This generation is a generation of entitled, job switching, directionless cry-babies.” (click the link below to read now) https://www.icd.ph/post/thought-bubbles-of-twentysomethings-millennials-gen-zs

A. BACKGROUND On April 6, 2020 as the SARS-Coronavirus-2 was beginning to spread throughout Metro Manila, the Institute of Corporate Directors (ICD) through its Research unit asked its members to answer a survey (see Annex A) designed to see how companies and their boards were responding to the pandemic. By the time the survey was closed on April 21, sixty-eight (68) members had responded. The profile of respondents were roughly representative of ICD’s membership in terms of industries represented, annual revenues and type of ownership (i.e. privately-held or publicly-listed corporation [PLC]). Of the 68 responses, 27 or approximately 40% of respondents said that they had a risk management strategy (RMS) in place prior to the crisis while the balance of 41 or 60% of respondents replied in the negative. B. KEY FINDINGS It pays to be prepared. Companies with an RMS felt that they were better prepared to deal with the crisis compared to those without one. About 2/3 of respondents did not make use of any risk management tools. Of the ones who did, the most commonly used tool was a business continuity plan. The majority of those companies with an RMS reported annual revenues of over P5 billion (approximately US$100Mn), were PLCs and belonged to the financial services sector. These companies seem to see the need for an RMS to manage their large and complex businesses. While many companies have a risk management infrastructure in place (i.e. presence of an RMS, the appointment of Chief Risk Officers to oversee the risk management function on a day-to-day basis, dedicated risk committees at the board level), these did not necessarily guarantee satisfaction with management’s response to the crisis. According to the survey, the companies who were most satisfied with the responses of their management to the crisis had a risk management culture that articulated risk limits, considered novel risks1 such as CoVID-19 in their RMS’ and spent time specifically talking about risk at the board level. Notwithstanding their apparent usefulness in coping with the pandemic, successful companies believe that there is still room for improvement in their RMS’ based on what they learned from their pandemic experience. They are also prepared to upgrade the skill set of their current boards and add more people who can help them better manage risk. In contrast, those companies without an RMS seem resistant to change. C. SURVEY RESULTS & ANALYSIS All Respondents Financial services companies represented the greatest proportion of those with an RMS. This should not be surprising considering that the success or failure of companies in the financial services industries hinges on their ability to manage risk. Furthermore, regulators in these industries – the Bangko Sentral ng Pilipinas, the Insurance Commission and the Securities & Exchange Commission – are known to be particularly vigilant in the regulation of these sectors. Having said that, it is interesting to note that there was still a fairly significant proportion (20%) of companies in these industries which did not have an RMS. In contrast, the industries of those without an RMS were relatively evenly distributed among various sectors. A significant disparity emerges when the annual revenues of both types of companies are considered. In the chart above, the greatest proportion of those firms without an RMS reported annual revenues of less than P100Mn while an even greater share of those companies with an RMS had annual revenues greater than P5Bn. This begs the following question: is the size of the company based on its annual revenues correlated with the presence/absence of an RMS? It is reasonable to expect that one of the reasons that a company is able to generate greater revenues than its counterparts lies in its ability to better manage the risks that it faces. In any event, the answer to that question will have to wait to be answered by another survey. Another interesting trend emerges when we look at the profile of survey respondents based on the type of ownership of their companies. Almost 60% of those respondents who said that their companies were privately-held had no RMS. It is surprising that only half of PLCs reported having an RMS since these type of companies are expected to employ more sophisticated management practices than non-public ones. I thought it was also significant that none of the not-for-profits reported having an RMS. Having worked in the not-for-profit sector for several years, I believe that this reveals a dangerous vulnerability since the limited sources of funding for such companies make them less resilient as profit-oriented companies. Almost 30% of those companies without an RMS reported having between 3-5 directors on their board. In contrast, those with an RMS had more directors on their boards. One wonders whether the lack of warm bodies on the boards of smaller companies limited their ability to actively manage risk. Around 70% of companies with an RMS reported assigning specific responsibility for managing risk on an operational basis to a CRO. In contrast, almost 60% of those without an RMS assigned this responsibility to their CEOs. About 60% of all respondents with an RMS assigned board responsibility for overseeing the risk function to their risk committees. On the other hand, for those that lacked an RMS this responsibility was spread out among various board entities. Another intriguing find involved the answers to the question on how much time the various boards spent specifically talking about risk on an annual basis. In this particular case, what struck me was not only the actual amount of time spent in discussions (about 20% of respondents from companies with an RMS spent more than 15 hours a year on the subject!) but an awareness of time spent as well. In the case of companies without an RMS, almost 70% of respondents left the question blank. On the other hand, none of the respondents from those companies with an RMS failed to answer the question. This suggests that they have a good idea of time spent talking about risk. Furthermore, it worth noting that the following about those respondents who said that they had RMS and spent more than 15 hours per year talking about risk: ALL of them belonged to the financial services sector; 4 of them were PLCs. 5 of them had revenues > P5 billion. ALL had risk committees 5 of them had dedicated CROs and 5 had RMS’ that covered novel risks. Taken as a whole these suggest that, given the nature and size of their business as well as their public ownership, these companies took risk seriously. They set up their RMS and systems properly and took the time to ensure that these were working. This level of attention is further emphasized in the slide above. Companies with an RMS used more tools to manage their risks than those without one. While a business continuity plan was the most prevalent tool used by those who answered the question, those with an RMS used balanced scorecards, scenario planning and risk registers as well. Note that about 75% of respondents without an RMS did not answer the question! All the efforts taken by companies who had an RMS seem to have paid off during the crisis. About half of respondents with one had generally positive comments (i.e. OK or OK but could have been better) about the response of management and their boards during the crisis. On the other hand, those without an RMS did not submit any comments in roughly the same proportion. Looking at the comments made by the respondents without an RMS (see Annex B), one cannot help but notice a degree of regret that their companies’ response were not more robust. This was a common sentiment expressed by those who were dissatisfied by their management or board response to the crisis. Respondents Without An RMS Looking past the crisis, we asked respondents without an RMS whether they would establish one given their experience during the pandemic. We found it interesting that more than half replied in the negative or were unsure. It was also surprising that a significant majority of the same respondents felt that it was not necessary to appoint a CRO. Respondents With An RMS As for those with an RMS, it should be noted that almost 80% had either just updated these in 2019 or were in the process of doing so when the pandemic struck. Almost half of those with an RMS included the possibility of novel risks occurring in their strategies. Overall, about 90% of respondents with an RMS said that their strategies were of average use or better during the crisis. The profile of these respondents were as follows : financial institutions (14) earned annual revenues of P1 billion or more (20) had CROs (19) had recently updated their RMS (2019-2020) (19) spent more than 15 hours per year talking about risk (15) had positive comments about the responses of management (15) and board (10) to the crisis (15) Included ALL companies who had included novel risks in their RMS specified risk capacities/risk tolerances/risk appetites (10) ALL had used a tool like BCP (10), risk register (3), BSC (3) The only reason given by those who were dissatisfied with their plans or useless was that they did not anticipate novel risks such as the eruption of Taal volcano or the pandemic. 85% of respondents with an RMS said that they would improve it further by taking into account the lessons learned during the crisis. When asked specifically what aspects of their RMS’ they would improve upon, they answered that they would: Document changes (18 respondents) Strengthen measures vs compliance risk and operational risks (17) Specify risk limits (9); 4 said they will adjust their limits based on their experiences from the pandemic - 1 said it needs to put a peso value on risk (holding company PLC) - 1 said the bank has established a risk appetite but did not do a sensitivity exercise to determine how much variation it could tolerate (financial services, PLC) Change the composition of their boards to make them more responsive to risks(12) Appoint a CRO (6) and Include novel risks/crisis management in their RMS (2). Finally, we asked them whether they would change their boards. Almost 45% of respondents with an RMS said they would. D. CONCLUSION The survey results give us to the answer to the question raised in the title to this paper. It is clear that the pandemic was a “Pearl Harbor” moment for many Philippine companies and boards. Looking at the answers provided by respondents whose companies did NOT have an RMS in place before the crisis, they had no plan in place to deal with a novel risk and were always reacting to rather than managing events. More significantly, it seems that many of these companies are condemned to repeat their experiences in the event that another novel risk occurs because of their refusal to make any changes to their risk management practices. On the other hand, however, the lessons taken from respondents with an RMS (particularly those who considered novel risks) provide a road map through the pandemic and other crises for boards who are convinced that they need to take risk management seriously. (Note: The survey also asked respondents other questions regarding their current and future board priorities and their predictions about the length and shape of economic recovery. The responses to these are found in Annex C.)

Regulatory updates BANGKO SENTRAL NG PILIPINAS Circular No. 1085, Series of 2020 Subject: Sustainable Financial Framework http://www.bsp.gov.ph/downloads/regulations/attachments/2020/c1085.pdf Memorandum No. M-2020-017 Subject: Implementing Rules and Regulations (IRR) of Section 4(aa) of Republic Act (R.A.) No. 11469, Otherwise Known as the "Bayanihan to Heal As One Act" http://www.bsp.gov.ph/downloads/regulations/attachments/2020/m017.pdf INSURANCE COMMISSION Circular No. 2020-45 Subject: Amendments to Circular Letter No. 2019-71 Product Oversight and Governance https://www.insurance.gov.ph/wp-content/uploads/2020/04/CL-2020-45.pdf Circular No. 2020-60 Subject: Regulatory Relief on Networth Requirements and Guidelines on the Implementation on Amended Risk-Based Capital (RBC2) Framework for Calendar Year 2020 https://www.insurance.gov.ph/wp-content/uploads/2020/05/CL2020_60.pdf Circular No. 2020-71 Subject: Revised Code of Corporate Governance for Insurance Commission Regulated Companies https://www.insurance.gov.ph/wp-content/uploads/2020/06/CL2020_71.pdf SECURITIES AND EXCHANGE COMMISSION Memorandum Circular No. 14, Series of 2020 Subject: Shareholder’s right to put items on the Agenda for Regular/Special Stockholders’ meetings http://www.sec.gov.ph/wp-content/uploads/2020/05/SECMCNo14_1.pdf

On 30 January 2020, the Philippine Department of Health (DOH) reported the first case of COVID-19 in the country with a 38-year-old female Chinese national. On 7 March, the first local transmission of COVID-19 was confirmed. Before the first reported case of Coronavirus in the Philippines, the local government health officials have been closely monitoring the status of the outbreak in other countries. In 28 January, the DOH convened the first Interagency Task Force on Emerging Infectious Diseases (IATF-EID) meeting. This task force was chaired by the DOH, its members are representatives from the Departments of Foreign Affairs (DFA), Interior and Local Government (DILG), Justice (DOJ), Labor and Employment (DOLE), Tourism (DOT), Transportation (DOTr), Trade and Industry (DTI), Agriculture (DA), Budget and Management (DBM), Information and Communications Technology (DICT). On the next day (29 January), the DOH released the first public advisory on 2019-nCoV Health Event to inform national agencies and Local Government Units on the Resolution agreed upon the task force meeting. It was also on 30 January that the DOH released a Decision Tool for the 2019-nCoV (now known as COVID-19) which is updated whenever knew information about the virus arrives. It was on 16 March when the whole of Luzon was placed under the Enhanced Community Quarantine (ECQ) Lockdown under the directions of President Rodrigo Duterte. This lockdown was originally set to last until 12 April, but under the recommendation of the taskforce (IATF-EID), Pres. Duterte extended the lockdown until 30 April. On 23 March, the Bayanihan to Heal as One Act was published and passed, which was then signed (24 March) and was effective immediately (25 March). This law grants the President temporary additional authority to help combat the COVID-19 pandemic in the country. As more and more cases are confirmed, this law was enacted to "authorize the President to exercise powers necessary to carry out urgent measures to meet the current national emergency related to COVID-19 only for three months unless extended by Congress”, and allow him to "reallocate, realign, and reprogram" the approved national budget for 2020. In line with this, to help better understand the Bayanihan Act and to encourage continuous professional development of Philippine boards and directors despite the ongoing situation, ICD launched the first installment on their webinar series entitled Let Us Heal as One - Understanding the Bayanihan Act last 8 April 2020. Click here to read the write-up of the webinar, written by the speaker himself - Atty. Cesar Villanueva. Earlier this April, the DOH released a data collecting application called the ‘COVID-19 tracker’. The DOH collaborated with epidemiologist Mr. Nel Jason Haw and data science consulting firm Thinking Machines for the creation of this tracker. “The new COVID-19 tracker is not perfect and we hope to add more information in the succeeding days, but it is our fervent hope that this responds to the information needs and the call for transparency from our citizens.” - Health Secretary Francisco Duque III The COVID-19 tracker is now currently migrating into the new COVID Kaya System, a new and updated “contact tracing reporting system for epidemiology and surveillance officers, health care providers and laboratory-based users, expanding the capacity of the previous COVID-19 information system” developed by DOH with the assistance from the World Health Organization (WHO). The WHO and its partners have been working with the DOH in battling this pandemic. WHO also lent their support on technical assistance to strengthen field surveillance system, provision of personal protective equipment (PPE) for health workers, laboratory supplies and extraction kits for the Research Institute for Tropical Medicine (RITM), assisted on the accreditation of COVID-19 testing laboratories, and development of Non-pharmaceutical interventions (NPIs) policies. The two developed modules together that were conducted on an online Infection prevention and control (IPC) training, and a webinar series on clinical management for frontline health workers. Through the Covid-19 tracker and Covid Kaya System, the public can now view real-time data and have a snapshot of the country’s health system's capacity in one page and coming from one legitimate source. As there is an influx of information scattered on websites and social media platforms related to the pandemic, there are bound to be some false information mixed in. Despite of all the efforts, the Philippines still clearly has a long way to go. The country still faces challenges in terms of supplies and facilities. Researchers from the University of the Philippines (UP) have also published a report on Estimated Local Healthcare Capacity to Deal with COVID-19 Case Surge which warns that hospital care resources may be overwhelmed if the number of confirmed cases of COVID-19 surges after the relaxation of the enhanced community quarantine (ECQ). We are all scared of the unknown brought by COVID-19, and in times like this it is likely that people will feel fearful and anxious. It is important to keep the public informed and provide mental health and psychosocial support (MHPSS). ICD also highly values transparency and accountability, and it is a time like this that it is all the more important to be transparent at all times. ”A pearl buried inside a tightly-shut shell is practically worthless. Government information is a pearl, meant to be shared with the public in order to maximize its inherent value.” - Philippine Transparency Seal References: https://www.who.int/philippines/emergencies/covid-19-in-the-philippines https://www.doh.gov.ph/sites/default/files/health-update/COVID-19-Advisory-No1.jpg https://www.officialgazette.gov.ph/section/laws/other-issuances/inter-agency-task-force-for-the-management-of-emerging-infectious-diseases-resolutions/ https://www.officialgazette.gov.ph/downloads/2020/03mar/20200324-RA-11469-RRD.pdf https://www.healthcareitnews.com/news/asia-pacific/philippines-doh-launches-new-covid-19-tracker https://www.up.edu.ph/estimating-local-healthcare-capacity-to-deal-with-covid-19-case-surge-analysis-and-recommendations/ https://www.onenews.ph/not-enough-beds-healthcare-workers-to-address-covid-19-cases-in-case-of-surge-up-research Helpful Infographics: https://www.doh.gov.ph/sites/default/files/basic-page/Philippine%20Health%20Agenda_Dec1_1.pdf https://www.who.int/docs/default-source/wpro---documents/countries/philippines/emergencies/covid-19/who-phl-100-days-of-covid-19.pdf?sfvrsn=f4e8de8b_8

Into the Unknown In only the first quarter of 2020 we have already faced a couple of end-of-the-world scenarios. In January we had to deal with the fallout of Taal's near eruption. In February, the Coronavirus (CoVid-19) made itself known and today we are faced with the seemingly exponential rise in CoVid-19 patient infections. With any potential vaccine still far off on the horizon, it feels there is little hope left, if any at all. We have been hearing news all around the world about the number of confirmed cases and deaths, country lockdowns, travel bans, and strategies on how to respond to the outbreak (Figure 1 presents a summary of cases as of 10 March 2020). Closer to home, there is a growing fear and paranoia among Filipinos as the reported cases rise and as the government implements community quarantine. As of 10 March, Philippines has 33 confirmed CoVid-19 patients (Figures 2 & 3 below shows details of confirmed cases in the country). Even in ICD, its Board, Program Committee, and Management decided to postpone the 26 March 2020 Corporate Governance Conference (CGCON): How T.R.A.F.F.I.C. Creates Sustainable Businesses. A project close to my heart as I have been working with an amazing team for almost a year or so in order to deliver a one of a kind conference with global speakers, tech innovators and business leaders. In terms of operations, we are also introducing online meetings and interviews, as well as ensuring protocols are in place for the safety of employees and other stakeholders. What amazes me, as the potency of the “panic-high” subsides and fluctuates, we see businesses respond likewise. Instead of fear, companies embrace reality and do the best course of action. Board of Directors are called for collective leadership towards reviewing the strategic direction, oversight, policies and accountability in this challenging time. Business community plans are being prepared. Compressed work hours and telecommuting are suddenly being implemented. CEOs and management teams are rethinking their business models and approach. Online meetings, events, and other platforms are being explored. Suddenly, the world is becoming smaller as travel restrictions and quarantine periods are imposed. Moreover, there is a growing awareness and attention to health, good lifestyle and hygiene. Things are happening fast and everyone has to respond because in a crisis what else is there to do but the next right thing. I sometimes wonder, when will this all end? How will this all end? As I reflect on this and as I listen to the playlist of Frozen the movie with my 19-month old toddler, I never thought that the movie would help give perspective to what we are currently experiencing. Into the Unknown indeed. A verse in one of the Frozen songs rings in my head: "This grief has a gravity, it pulls me down But a tiny voice whispers in my mind You are lost, hope is gone But you must go on And do the next right thing... Can there be a day beyond this night?" Just like Princess Anna in Frozen, who in the movie, faced seemingly insurmountable odds, we, too, face the same: a local shortage of testing kits, people hoarding masks and medical supplies and a never ending stream of new cases. Similar with the seeming demise of Queen Elsa, the Philippine business community is threatened with unprecedent crisis never seen before. I cannot stop thinking, has CoVid-19 dominated our lives? We are shaping history. Maybe history is also reshaping us. I ponder once more on what CoVid-19 will mean as I hold my daughter’s hand while humming together the song. While accepting the need to grieve, encourages us to continue, to keep on moving, and to do the next right thing against all odds. Take one step and another and another until you see the light.... Together.... Into the Unknown.