Doctors? On the runway?

November 4, 2024 | 12:03 am

THE Philippine College of Surgeons (PCS) is holding its 88^th anniversary gala in collaboration with the Association of Women Surgeons with a fashion show titled Through the Years: A Fashion Gala. The clothes will be made by designer Twinkle Ferraren and the models will be their very own doctors.

Dr. Bernice Navarro, program director for the gala, gave the reason as to why their very own colleagues will be modeling the clothes. “You know, we as surgeons have a deeper desire (to be) somebody else,” she said with laughter. “With this fashion show, we’ll be able to bring out the other talents, or the personalities of the surgeons,” she added. “For somebody who might not be in the medical field, you’ll see your doctor as somebody who’s fixed, straight, conforming to a certain type of personality. But deep inside, there’s a funnier side, or a more laid-back side of a surgeon.”

“Doctors can be glamorous as well,” she said in an interview at the sidelines of a press conference at the Manila Hotel on Oct. 29.

This gala isn’t just for the doctors to be able to play. Proceeds — which would come from donations made during the event, sponsorships, and ticket sales — will be pooled together for the outreach programs of S.U.R.E Commission, the Association of Women Surgeons of the Philippines, and the First 1,000 days Coalition.

Ms. Navarro pointed to a map of the Philippines, modified to show where they have held surgical missions just this year. The free surgeries they have performed for residents of far-flung regions in the country number in the several hundreds (139 were performed in Cagayan alone).

“We’ve already gone to those places. What we do is we coordinate with the local government unit or a particular doctor who is a member of the PCS, who is in that area,” she said.

The fashion shows have been going on since 2016 (with a pause during the pandemic, resuming in 2022). In 2023, they tapped designer Ditta Sandico for the gala. This year, they tapped Twinkle Ferraren, known for her work with local textiles.

Ms. Ferraren will be working with the Through the Years theme, dividing the 27 pieces (worn by 27 doctors) through decades spanning the 1950s through the 2000s. She showed sketches during the press conference, and bolts of the fabric to be used. She will be using familiar fabrics like piña, but also more esoteric selections like pis syabit from Mindanao.

While rooted in Ms. Ferraren’s past work, the decision to use indigenous textiles connects to the various regions the doctors have visited for their surgical missions. “Some of them are from our partner communities that we’ve been working with… but definitely, these are all from Luzon, Visayas, and Mindanao,” the designer told BusinessWorld.

“The pandemic opened my eyes to the medical world and the doctors, and how there’s this underlying connection that’s not really visible, but it’s there. It’s all connected,” she said.

The gala will be held on Nov. 17, 5 p.m., at the Fiesta Pavilion of the Manila Hotel in Manila. For event sponsorship and ticket inquiries (P5,000 each), contact Michelle Cusi at 0917-840-2598. — Joseph L. Garcia

mWell says users gain access to 26 MPH hospitals

November 4, 2024 | 12:03 am

MWELL-MVP — MWELL CHAIRMAN and MPIC Chairman and CEO Manuel V. Pangilinan

HEALTH and wellness mega app mWell has expanded its collaboration with Metro Pacific Health Corp. (MPH) to provide wider healthcare access for Filipinos.

Under the recently signed referral partnership, mWell app users now have access to 26 hospitals within the MPH network.

MPH is the healthcare unit of Pangilinan-led conglomerate Metro Pacific Investments Corp. (MPIC).

Some of the hospitals under the MPH network include Asian Hospital, Makati Med, Cardinal Santos, Commonwealth Medical Center, Delos Santos Medical Center, Lourdes Hospital, Riverside Medical Center, and Davao Doctors.

“We are harnessing the combined strength and resources of the group to service the health and wellness needs of Filipinos,” mWell Chairman and MPIC Chairman and Chief Executive Officer (CEO) Manuel V. Pangilinan said in an e-mailed statement over the weekend.

“Through technology, we are able to widen the reach of our hospital services and provide the kind of services that our people need in as many areas as possible. mWell’s fully integrated digital platform enables us to make quality healthcare accessible and more convenient for our countrymen,” he added.

A member of the MPIC group, mWell is a health technology platform that offers telemedicine, health and wellness programs, and e-commerce in a tech-based healthcare digital ecosystem.

“Our mission in mWell is to streamline the healthcare journey for patients visiting MPH hospitals. Our platform can manage bookings, address pain points, and transform the healthcare journey of the patients,” mWell President and CEO Chaye Cabal-Revilla said.

MPH recently added the 26th hospital in its network after acquiring a controlling stake in Diliman Doctors Hospital, Inc. (DDHI).

DDHI is a 165-bed hospital in Quezon City that provides healthcare to nearby residential subdivisions such as Ayala Heights, Loyola Grand Villas, Capitol Hills, Capitol Homes, and Filinvest Homes.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority share in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

Farm output in third quarter likely fell on impact of storms

November 4, 2024 | 12:03 am

Rice-farmer — PHILIPPINE STAR/MICHAEL VARCAS

By Adrian H. Halili, Reporter

AGRICULTURAL OUTPUT in the third quarter likely fell due to the impact of tropical cyclones on crops and livestock, analysts said.

Former Agriculture Secretary William D. Dar gave an estimate for the third quarter of a 3% decline, citing the unfavorable weather and the continued effects of African Swine Fever (ASF).

The value of farm and fisheries production fell 0.3% in the third quarter of 2023. Output in the second quarter of 2024 had declined 3.3%.

“The onset of tropical cyclones has badly affected third quarter output… La Niña with its heavy rainfall and flooding coupled with African Swine Fever will affect greatly Philippines agricultural output in the third quarter,” Mr. Dar said via Viber.

“Regions had been reporting increasing yield per hectare but due to typhoons and floods they have been (damaged). This also includes vegetable areas in Northern Luzon,” Philippine Chamber of Agriculture and Food, Inc. President Danilo V. Fausto said via telephone.

La Niña, which has not formally been declared but could persist until early 2025, increases the likelihood of tropical cyclones, low-pressure areas, and the intensification of the Southwest Monsoon, according to the government weather service, known as PAGASA.

University of Asia and the Pacific (UA&P) Center for Food and Agribusiness Executive Director Marie Annette Galvez-Dacul said via Viber that disease outbreaks, rising farm input prices, and weather disturbances continue to dampen agricultural output.

On the other hand, she said output could be buoyed by increased food consumption and the growth of the food services sector.

The continued likelihood of strong typhoons will affect livestock, Alfred Ng, vice-chairman of the National Federation of Hog Farmers, Inc. (Nat Fed) said via Viber, particularly in terms of crops that serve as animal feed.

“Corn has suffered losses in typhoon-hit provinces,” Mr. Ng added.

According to a Philippine Statistics Authority (PSA) report released on Oct. 15, output of palay (unmilled rice) likely declined 12% to 3.35 million metric tons (MT) during the third quarter compared with actual output a year earlier.

The corn harvest is believed to have increased 2% to 2.53 million MT compared with actual output a year earlier.

Federation of Free Farmers National Manager Raul Q. Montemayor said via Viber that delayed planting of rice due to the late onset of rains is a factor in the quarter, pushing back the main harvest to the fourth quarter, “but now even fourth quarter crop will be affected by typhoons and floods.”

Palay production is estimated to drop to a four year low of 19.41 million MT in 2024. If realized, this would be equivalent to a 3.24% decline from 2023. The current 2024 forecast had been downgraded from the 20.1 million MT estimate the DA issued in August.

The forecast suggests that the rice industry could be in for its worst production totals since 2020, during which output of the grain totaled 19.29 million MT.

The hog federation’s Mr. Ng said that respiratory diseases are likely to spread in such conditions, affecting mortality rates and animal growth.

He added that increased likelihood of flooding could potentially spread the ASF disease in unaffected areas.

Floods can also be a threat to the swine sector as ASF could bypass the biosecurity measures of otherwise clean farms, he added.

There are 108 municipalities across 25 provinces with active ASF cases as of Oct. 18, the Bureau of Animal Industry reported. The ASF virus was first detected in the Philippines in 2019.

Mr. Ng said that due to renewed outbreak of ASF cases starting August, “many farms will repopulate cautiously, but the impact on may show up sometime first quarter of next year.”

In August, the DA began a limited rollout of the ASF vaccine to smallholder farmers. The department has since included commercial hog farms enrolled into the DA’s Integrated National Swine Production Initiatives for Recovery and Expansion Program.

So far, only the AVAC ASF Live vaccine from Vietnam has been approved by the Food and Drug Administration for the controlled rollout. About P350 million was allocated by the DA to procure 600,000 doses.

The PSA is scheduled to release third-quarter data on farm output on Nov. 6, Wednesday. The agriculture industry accounts for about a 10^th of gross domestic product and around a quarter of all jobs.

State of the PhilHealth fund: Claimed excess ignores reserve deficit and service gaps

November 4, 2024 | 12:03 am

The Department of Finance (DoF) claims that the Philippine Health Insurance Corp. (PhilHealth) has excess, idle funds. This claim ignores not only the staggering reserve deficit of PhilHealth, but also the yawning gap in healthcare financing. The DoF cites three bases for excess: 1.) a ballooning reserve fund, 2.) benefit claims lower than the subsidy for premium, and, 3.) the funds are no longer needed. Financial statements reveal that point No. 1 is contrary to law and insurance accounting standards. Legal and finance principles prove that point No. 2 is a ridiculous comparison. National health indicators debunk point No. 3 by showing a gap between the goal and reality.

The Universal Health Care Act mandated PhilHealth to set aside a Reserve Fund to cover short-term projected expenditures and an Investment Reserve Fund to cover liabilities beyond two years. The law caps the Reserve Fund at an equivalent to two years of projected expenses, and limits the use of excess funds to improving benefits, lowering contributions, or building the Investment Reserve Fund. No portion of the reserve fund or income thereof should go to the general fund. The Investment Reserve Fund is meant to cover long-term liabilities, but PhilHealth has not created one.

The DoF implied that the Reserve Fund has accumulated a huge balance, maybe enough to exceed its ceiling. Based on PhilHealth’s March 2024 financial statements, the Reserve Fund only amounted to P488 billion, which was still below the actuarial estimate of P560.55 billion. PhilHealth has yet to release updated financial statements and prove that there is an excess over the short-term Reserve Fund. Even the Commission on Audit (CoA) issued a qualified opinion on PhilHealth and questioned the accuracy of its actuarial valuation report.

The DoF stated that the fund transfer will not come from the reserve fund nor member contributions, but from the “unused” portion of government subsidies. But it’s not true that the reserve fund or member contributions will not be affected. The cash transfer reduced the asset side of the balance sheet, and would be matched by parallel changes on the liability and equity side: a decline in provision for insurance contract liabilities (ICL) and a decline in member’s equity. In determining the transfer amount, the government calculated the difference between the subsidy given (or premiums paid) for indirect contributors and actual benefit claims of indirect contributors. Government claimed that there were unused subsidies even if these subsidies were already spent on premium payments for indirect contributors. Government is seeking a refund of premia but expects insurance to remain enforced. This is against Sections 77 and 81 of the Amended Insurance Code, which states that “An insurer is entitled to payment of the premium as soon as the thing insured is exposed to the peril insured against” and “If a peril insured against has existed, and the insurer has been liable for any period, however short, the insured is not entitled to return of premiums, so far as that particular risk is concerned.”

Despite CoA’s comments on reserves accuracy, the DoF created a circular to implement the special provision of the General Appropriations Act calling for collection of government-owned and -controlled corporation (GOCC) funds in excess of reserves. The DoF appointed itself via circular as the calculator of reserve funds, which is a case of conflict of interest. The DoF cannot be both the arbiter of excess reserves and beneficiary of collected funds. The calculation of reserves is the job of the Actuary who ideally should be independent.

PhilHealth has been reporting zero surplus since 2020. According to PhilHealth, “Surplus represents accumulated profit of the Corporation after deducting transfers made to Reserve Fund.” It boggles the mind how PhilHealth can declare excess funds when it has zero surplus, and its capital (members’ equity) has been negative since 2020 when the Philippines adopted International Financial Reporting Standards for Insurance. These standards mandated setting aside reserve for insurance contract liabilities not only for current or two-year obligations but for the whole lifespan of members.

Technically, PhilHealth is already balance sheet insolvent. While it may have the cash to pay current liabilities, it has insufficient assets to fund long-term liabilities. For March 2024, liabilities (P1.252 trillion) were twice the assets (P612 billion), with Equity already negative at P640 billion. If PhilHealth won’t adjust policies or government won’t appropriate funds to plug reserve gaps, insolvency can lead to bankruptcy. Sadly, the false narrative of excess funds encourages proposals that worsen its insolvency, such as the arbitrary expansion of some benefit packages without the review and approval of technical bodies like the Health Technology Assessment Council (HTAC). It is still imperative, however, to expand and implement some important benefits like the Konsulta package or the primary care package.

Government contends that Section 29 (3), Article VI of the 1987 Constitution allows for the transfer of special fund to the general funds “if the purpose for which the special fund was created has been xxx fulfilled.” It adds that Section 11 of the 2024 General Appropriations Act (Budget) allows the reversion of funds to the National Treasury “when they are no longer necessary for the attainment of the purposes for which said funds were established.” The Philippines is still far from the goal of Universal Healthcare, of ensuring “that all Filipinos are guaranteed equitable access to quality and affordable healthcare goods and services, and protected against financial risk.” While mandatory coverage of all Filipinos brings PhilHealth membership coverage close to 100%, actual access and affordability of healthcare remain a challenge. The National Economic and Development Authority’s (NEDA) Sustainable Development Goals report shows that out-of-pocket spending as a percentage of total healthcare expenditures remained high at 39.9% (2020), while the percentage of births attended by a skilled health personnel was still below target at 84.4% (2017).

Every field has its bag of tricks. While some maneuvers may be acceptable, this transfer of PhilHealth funds glaringly violates legal, financial, and moral principles.

A former banker, Enrico P. Villanueva is now a senior lecturer for the University of the Philippines’ Department of Economics. He was a student of the late Carlito Añonuevo, co-founder of Action for Economic Reforms. This piece is written in memory of him.

Exciting times ahead for mobility

November 4, 2024 | 12:03 am

By Hazel Nicole Carreon

A MIX of cutting-edge technology for both ICE and electrified options defined the featured vehicles at the 9^th Philippine International Motor Show (PIMS). It was a resounding success, drawing thousands of visitors despite the bad weather on opening day. It was also a barometer to ascertain the readiness of the market to certain form factors and even price points vis-à-vis what are offered.

CHERY

Distributed by United Asia Automotive Group, Inc. (UAAGI), Chery officially launched the all-new Tiggo 2 Pro subcompact crossover and previewed the new Tiggo 5X Pro subcompact SUV that will enter the market early next year with new hybrid variants.

UAAGI also announced that it once again earned an ISO 9001 certification. “This achievement not only demonstrates our commitment for quality but also positions us as a trusted and reliable automotive company committed to continuous improvement towards customer satisfaction,” said UAAGI Managing Director Froilan Dytianquin.

SUZUKI

Suzuki Philippines, Inc. (SPH) unveiled the eXV electric concept SUV, whose production model is set to be released next year. The concept vehicle is a flex for SPH, showing the brand’s vision to provide “mobility solutions that not only meet current needs, but also anticipate future demands,” said SPH Automobile Division Director and General Manager Norihide Takei.

FORD

Making its debut at PIMS, Ford Philippines introduced the V6-powered Ranger Raptor that generates 397ps and features Fox 2.5-inch Live Valve internal bypass shock absorbers, front and rear locking differentials, selectable drive modes, and a jetfighter-inspired cabin. Only 300 units of the pickup will be available at launch.

“This product is a testament to our commitment of listening to our customers, especially off-road enthusiasts, who told us they want more power and capability in their Raptor,” Ford Philippines President and Managing Director Mike Breen stated.

ISUZU

On display at the Isuzu Philippines Corp. (IPC) booth were latest innovations that “combine top-tier performance with modern solutions, designed to meet both personal and commercial needs,” as IPC President Tetsuya Fujita described. The N-Series EV concept truck is designed for light-duty cargo deliveries across cities and has a range of 115km. The company also displayed the Traviz Concept Cargo Van that is aimed for logistics and last-mile businesses, and has a maximum payload of 1,660kg.

Isuzu also announced at PIMS that the D-Max 4×4 pickup is now equipped with a new differential lock system and Rough Terrain mode. It also showcased the mu-X Executive Edition that gives a luxurious treatment to the reliable SUV.

JETOUR

PIMS first-timer Jetour Auto Philippines, Inc. (JAPI) unveiled two new models — the X50 compact crossover and the T2 Terminator SUV.

Jetour entered the local market last year, introducing a series of vehicles that cater to a wide range of customers. “If you were to compare Jetour Auto Philippines to a car, then we have traveled faster and farther than expected… We guarantee that even more exciting Jetour models will roll out in the foreseeable future,” said JAPI Managing Director Miguelito Jose.

HYUNDAI

Hyundai Motor Philippines, through its new president Jiho Son, declared its goal to “innovate and transform the car ownership experience for customers” by further expanding its presence in the country. Since the company began to handle the distributorship of Hyundai cars in the Philippines in 2022, its dealership network has grown to 34 outlets nationwide.

Hyundai’s booth at PIMS was headlined by the Santa Fe Hybrid and Tucson Hybrid SUVs, joined by the Stargazer X MPV, Staria van, and Elantra N high-performance sedan.

BMW

BMW i5 M60 xDrive Touring — PHOTO BY HAZEL NICOLE CARREON

Distributed by SMC Asia Cars Distributors Corp. (SMCACDC), BMW launched its newest electric vehicle offering: the i5 M60 xDrive Touring. Described by SMCACDC Product Planning Qualification and Training Manager Gabriel Luis Guerrero as a car that “redefines what’s possible in the electric era,” the wagon can deliver up to 601ps and can sprint from a standstill to 100kph in just 3.9 seconds. Available in a Fire Red metallic finish, the i5 Touring is priced at P7.99 million.

MITSUBISHI

Mitsubishi Motors Philippines Corp. (MMPC) hosted the world premiere of the DST Concept SUV at PIMS. Set to be rolled out in the ASEAN region in 2025, the production model of the concept vehicle is expected to “awaken the adventurous spirit of drivers and provide excitement for everyone on board,” the company said in a release.

With high ground clearance and five drive modes, the DST Concept is tailored to handle Southeast Asian roads. “The concept was designed with Filipino customers in mind, especially for those who are ready to upgrade to a roomy, three-row SUV,” Mitsubishi Motors Corp. Design Division General Manager Seiji Watanabe said in his speech.

The concept vehicle sports the iconic Mitsubishi Dynamic Shield design concept in front, reflecting its performance and dependability. Its spacious cabin can accommodate up to seven passengers.

Mixed results on Septième Rebelle runway

November 4, 2024 | 12:02 am

1 of 2

SEPTIÈME REBELLE’S fashion outing a night before Halloween was decidedly hit-and-miss. While prominent audience members during the fashion show at the Marriott Ballroom certainly looked the part, we have some reservations about some looks on the runway.

On the younger models, some of the clothes, wearing what Septième Rebelle’s founder Robbie Santos calls “serious fabrics” like brocades and silks, aged them quite a bit. To be fair, the bias might be borne out of the 2020s culture of youth and the persistent pursuit of it. Think silhouettes like lampshade dresses, scalloped edges, pants under embellished dresses, and mid-calf skirts. There were also these very distracting tendrils that made the clothes look quite unfinished (and some, swinging on the runway, looked like strange tails between the legs of the models).

Some dresses, swinging in the opposite direction, looked too young (such as a number with a pink satin skirt). The menswear area did not fare so well either: structured pieces in silk and brocade, worn by men with slicked-back hair, made me think of Miami Vice, and the ability of handsome foreign men to scam older women.

But it wasn’t all bad.

Mr. Santos has a strong tailoring team, so items like blazers, such as one in cream paired over a hot pink shift dress in brocade, looked like they were touched by genius. One must also praise the trimming on certain pieces for evening — they were made with fabrics Mr. Santos picked up on his birthday trip to India last year.

To be fair, perhaps the disconnect comes from the fact that the “serious” clothes were paired with a beach-themed runway. In an interview backstage, Mr. Santos said that the collection was inspired by a picture of an island in the Dominican Republic, where fashion designer Oscar de la Renta has a summer home. “I’ve never been there. I tried to imagine how it would look like, or how it would feel like, or how it would be like to be there,” he said.

He does know what he was doing in presenting slightly mature outfits, pointing to the “serious” fabrics such as silk and brocade: “You expect someone of a certain age to be wearing that.”

Furthermore, the collection is about enjoying life after a certain period: “They like to travel, they like the good life, enjoying their hard-earned money,” he said about potential wearers of the collection. He compares it to his previous collection, about overcoming obstacles and the pursuit of beauty. Now, “It’s all about patience. How you dream of big things, then through patience and some hard work… you’ll be able to (be) where you want to be.” — Joseph L. Garcia

Nonbank firms’ domestic claims increase to P9.307 trillion in Q2

November 4, 2024 | 12:02 am

DOMESTIC CLAIMS of nonbank financial firms climbed year on year in the second quarter of the year, the Bangko Sentral ng Pilipinas (BSP) said.

Preliminary data from the BSP’s Other Financial Corporations Survey (OFCS) released late on Thursday showed domestic claims of nonbanks rose by 7.8% to P9.307 trillion in the second quarter from P8.63 trillion in the same period a year ago.

However, it slipped by 0.03% from the P9.309 trillion logged in the previous quarter.

“The said expansion is due mainly to the rise in the sector’s claims on the other sectors, the central government, and the depository corporations,” the BSP said in a statement.

“In particular, the other financial corporations’ claims on the other sectors grew as its holdings of equity shares issued by other nonfinancial corporations and the loans extended to the household sector increased.”

The OFCS is an analytical survey of the assets and liabilities of the OFC sector. It uses standardized report forms as required by the International Monetary Fund.

These include individual financial statements from insurance firms, holding companies, government financial institutions, investment companies, and other financial intermediaries, as well as consolidated financial statements from trust institutions.

BSP data showed OFCs’ claims on other sectors rose by 5.5% annually to P4.6 trillion in the second quarter from P4.36 trillion. Quarter on quarter, it dipped by 0.5% from P4.62 trillion.

Other sectors include the state and local government, public nonfinancial firms, and the private sector.

By component, claims on the other sectors, specifically other nonfinancial firms, comprised the bulk of the OFCs’ domestic claims during the quarter, followed by claims on depository corporations and the central government.

Other nonfinancial corporations refer to private corporations and quasi-corporations whose principal activity is the production of market goods or nonfinancial services.

The BSP also noted the rise in the sector’s claims on the central government, driven by investments in government-issued debt securities.

OFCs’ net claims on the central government increased by 11.1% year on year to P2.339 trillion from P2.1 trillion. However, it inched down by 0.4% from the P2.349 trillion in the previous quarter.

“Moreover, the sector’s claims on the depository corporations expanded as its deposits with the banks increased,” the central bank added.

Claims on depository corporations grew by 9.2% to P2.37 trillion in the second quarter from P2.17 trillion a year ago and went up by 1.3% from P2.34 trillion in the prior quarter.

Meanwhile, net foreign assets of OFCs jumped by 37.2% to P478.194 billion in the quarter ending June from P348.514 billion in the same period a year earlier. It also climbed by 16.9% from the previous quarter.

Claims of OFCs on nonresidents rose by 22.3% year on year to P635.089 billion. Liabilities to nonresidents declined by 8% to P156.896 billion. — Luisa Maria Jacinta C. Jocson

Globe boosts 5G rollout

November 4, 2024 | 12:02 am

Globe Telecom, Inc. is boosting its fifth-generation (5G) expansion and long-term evolution (LTE) capacity by deploying more energy-efficient radio network systems, the Ayala-led telecommunications company said.

“We are constantly innovating to build a more sustainable and efficient telecom infrastructure across the Philippines,” Globe Service Planning and Engineering Head Joel R. Agustin said in a media release on Sunday.

Globe is advancing its commitment to network solutions and sustainable technologies by rolling out 32T32R massive multiple input, multiple output (MIMO) technology to strengthen its LTE capacity while also expanding its 5G network in about 200 areas to be completed within this year, the company said.

The deployment of this technology would allow the company to provide high-quality LTE and 5G services, Mr. Agustin said, adding that this technology also consumes lower energy.

32T32R Massive MIMO is described as a technology supporting 5G networks. It is a system that balances performance and sustainability with fewer antennas and offers sufficient capacity for LTE and 5G network expansions.

“By continuously upgrading its network infrastructure with sustainability at the forefront, Globe strengthens its position as a leader in both telecom innovation and environmental responsibility,” Globe said.

Globe has been testing technologies to help advance 5G rollout and enhance data and service coverage in the country.

For instance, Globe has announced its partnership with Transcelestial Technologies Pte Ltd. to introduce a laser communication system in the Philippines, which it said would provide high-speed and stable connections in rural areas.

In September, it said its satellite-to-SMS trial in remote areas was progressing after successfully sending text messages using standard phones via low-earth orbit satellite connection.

On Thursday, shares in Globe closed P20, or 0.92% lower, to end at P2,146 apiece. —Ashley Erika O. Jose

Don’t let Trump fool you. US elections are fair and secure

November 4, 2024 | 12:02 am

MARICOPA County Supervisor Bill Gates appeared before the House Committee on Oversight and Reform in 2021 and told lawmakers that “as a Republican who believes in democracy, I dreamed of one day going to a nation that was trying to build a democracy and help them out. I never could have imagined that I would be doing that work here in the United States of America.”

Gates testified during a congressional review of Republicans’ unfounded claims of 2020 election fraud in Arizona and underscored the damage Donald Trump and fellow Republicans had done to public trust in the system by refusing to accept Joe Biden’s victory.

“This is without a doubt the biggest threat to our democracy in my lifetime,” Gates said.

It was a brutal assessment of a nation that once had a global reputation as a beacon of election integrity. Sadly, just days out from Election Day 2024, signs are mounting that, despite evidence the vote will be secure and reliable, the distrust Trump and his allies have sown could not only lead to a repeat of the disruption of 2020, but even worse.

Fires have been set in ballot drop boxes in Oregon and Washington, destroying hundreds of ballots. In Arizona, one of the centers of election denialism in 2020, a man arrested in connection with shooting at a Democratic Party campaign office in Tempe on three occasions faces felony charges of terrorism. The Federal Bureau of Investigation found more than 120 firearms and more than 250,000 rounds of ammunition in the man’s home, and law enforcement suspects he may have been planning a mass casualty event. An 18-year-old was arrested on Wednesday after threatening voters with a machete at an early-voting station near Jacksonville, Florida. And on Thursday, Georgia Secretary of State Brad Raffensperger had to issue a statement denouncing a fake video purporting to show Haitian immigrants with Georgia IDs, claiming they had voted. US intelligence officials said on Friday that the video was the work of “Russian influence actors.”

These disruptions have become the new normal for American elections since a mob of Trump supporters stormed the US Capitol on Jan. 6, 2021. Election deniers fed a steady diet of lies by Trump, right-wing media, and ethically challenged lawyers and politicians are convinced the system is corrupt.

Since 2020, the resources devoted to fending off threats to voters, poll workers, and election officials across the country have grown drastically. The Justice department created its Elections Threat Task Force in response to the year’s post-election events. According to the Brennan Center for Justice, 92% of local election officials have increased security to protect election workers and infrastructure.

In Maricopa County, Sheriff Russ Skinner plans to position snipers on the roof of the vote tabulation center and metal detectors and security guards at every entrance. Drones will be hovering overhead, and Skinner has announced “a blackout” period, meaning no time off for his staff next week, “so there is enough to respond as necessary.”

But despite attempts by a few unhinged individuals to sabotage early voting, despite Trump’s unsupported rants about voter fraud, and despite a flurry of last-minute lawsuits filed by Republicans aimed at disrupting the process, early voting has gone remarkably smoothly for the 66 million people who had cast ballots by Thursday.

And guess what? It will likely continue because America’s election system is modern, secure, and difficult to breach. Protections are baked in the decentralized system operated by professionals from both parties, fueled by dedicated volunteers, and secured by redundancies. It’s incredibly complicated to disrupt, even for a bad actor with Trump’s resources.

“I am 100% confident that the person who takes the oath of office on January 20^th will have won a fair and verified election,” David Becker, executive director of the nonpartisan, nonprofit Center for Election Innovation and Research, said in his weekly podcast. And if the winner is Trump, “Democrats will have a choice: accept the loss and support democracy, or cry foul and become what they have reviled.”

But it’s not the integrity of the election that Becker, Gates, and other election experts worry about. It’s what happens after Election Day.

Public confidence in elections is dangerously low. A Pew Research Center poll last month found that only 73% of voters were confident the elections would be run well. However, there is a substantial partisan gap: 90% of Kamala Harris supporters express such confidence, while only 57% of Trump supporters agree.

That’s a problem because if nearly a third of the country doesn’t believe in the accuracy and reliability of elections, “that impacts the peaceful transfer of power” for whoever wins, Ben Ginsberg, a Republican election law expert, said at a September Knight Forum on election law.

Meanwhile, Trump and his allies continue to push a false narrative that his victory is inevitable — even though polls show the race is a dead heat. This ploy is aimed at casting doubt on the outcome in the event he loses, and they’re playing a dangerous game by creating suspicion in the minds of his supporters.

Trump, vice-presidential candidate JD Vance, and Trump’s new best friend Elon Musk have cast doubt on the security of mail-in voting and ballot drop boxes, falsely claimed non-citizens are voting, and continue to claim he won the 2020 election. Trump has also refused to commit to accepting the results of this election unless, of course, things go his way.

It’s the 2020 playbook, except this time, there will be seven-foot-high wrought iron fences, concrete barriers, and armed guards to count votes in places like Maricopa County. And, because of the Electoral Count Reform Act of 2022, there are also new safeguards to protect the integrity of the votes.

Still, Trump could create post-election chaos, and that’s a problem for the peaceful transfer of power — even for him. He’s created a tinder box so vulnerable that even he may be unable to douse the flames. We need to defeat Trump so we can restore the system’s integrity. When this election is over, let’s hope we’ll be talking about the heroic efforts of the officials and volunteers who delivered secure and reliable results in the face of unprecedented threats, not another round of MAGA-inspired violence.

BLOOMBERG OPINION

Crop insurance payouts for victims of ‘Kristine’ to total P666.5 million

November 4, 2024 | 12:02 am

Tropical Storm #KristinePH (TRAMI) — PAGASA.DOST.GOV.PH

TROPICAL DEPRESSION Kristine could trigger indemnification payments for farmers of at least P666.5 million, the Department of Agriculture (DA) said.

In a statement, the DA said that the Philippine Crop Insurance Corp. (PCIC) estimated that 86,066 farmers across 10 regions were affected by the storm.

More than half of the affected PCIC-insured farms are from Central Luzon, the Bicol Region, and Mimaropa.

“The damage was primarily in rice, high-value crops, and fisheries. Expected insurance payments were estimated at P413.6 million for rice, P167.9 million for high-value crops, and P27.7 million for fisheries, PCIC President Jovy C. Bernabe said.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. instructed the PCIC to expedite the processing of the insurance claims to help farmers recover.

“The pace of recovery for agriculture after a disaster like this will be determined by how quickly the government can provide inputs and financial assistance to farmers and fisherfolk,” Mr. Laurel said.

Mr. Laurel also called on the PCIC to prepare for potential damage that might be inflicted on by Super Typhoon Leon.

In a bulletin posted on Nov. 1, the government weather service, known as the PAGASA, said Leon has weakened into a severe tropical storm and exited the Philippine Area of Responsibility (PAR).

“Although the weather bureau projects that Leon will not make landfall in any part of the country, it had gale-force winds extending over 600 kilometers from its center and could generate storm surges of up to 12 meters high, which may cause significant damage to the farming and fishery sectors,” DA said.

The Philippines experiences about 20 tropical cyclones each year.

PAGASA has logged about 12 tropical cyclones entering the Philippine Area of Responsibility. Two are expected to enter PAR this month. — Justine Irish D. Tabile

Toyota’s Beyond Zero campaign heats up at PIMS

November 4, 2024 | 12:02 am

VELO_PAGE1_image18 — Toyota Motor Philippines President Masando Hashimoto explains Beyond Zero to PIMS visitors. — PHOTO BY KAP MACEDA AGUILA

By Kap Maceda Aguila

“ALL OVER the world, Toyota is taking steps to help reduce the negative impacts to people and the environment to zero. This is achieving zero,” began Toyota Motor Philippines (TMP) President Masando Hashimoto during Toyota’s turn at presenting at the Philippine International Motor Show (PIMS).

The company’s messaging has long been consistent with the pronouncements of Toyota Motor Corp. Chairman Akio Toyoda himself, who has long espoused what he calls a “multi-pathway” to eventual carbon neutrality. Famously pilloried for the erroneous notion that he is against electric vehicles, Mr. Toyoda had, in fact, declared an inclusive approach — one that takes into consideration the readiness of markets for electrification in its many forms. At PIMS, TMP showcased some of the vehicles that enshrine this vision.

“Guided by this global philosophy, we seek ways to improve lives and society for the future. It is represented by this icon that you can see on a growing number of our products. If you drive a Toyota car with this badge, you are already part of the solution,” added Mr. Hashimoto. The icon he spoke of is a blue badge that calls to mind the horizon you see when look out of a plane.

Beyond Zero, explained the executive, is not just about seeking to achieve zero carbon, but to “add value beyond it.” Toyota’s innovations in support of Beyond Zero are classified into three silos of innovations: electrification, diversification, and intelligence. Yes, note that electrification is only part of the grand plan.

Expanding the breadth of Toyota’s influence here is Toyota Mobility Solutions Philippines, which offers products and services such as Toyota RentaCar and Fleet360 that challenge the way we look at mobility and should ultimately guide us toward efficiency and sustainability.

The TMP head explained that, in the country, “Toyota makes multi-pathway a reality with a diverse range of products that suit the needs of our customers. Our internal combustion engine vehicles, both gasoline and diesel, are always made “ever-better” to be as fuel-efficient as possible. We offer the widest range of electrified vehicles, with HEVs and BEVs from both Toyota and Lexus brands enabling widespread adoption. This is key to achieving the carbon-reducing benefits of xEVs.”

Debt yields end mostly higher on US elections

November 4, 2024 | 12:01 am

YIELDS on government securities (GS) traded in the secondary market ended mostly higher last week amid cautiousness ahead of the US presidential elections.

GS yields, which move opposite to prices, went up by an average of 6.96 basis points (bps) week on week, according to PHP Bloomberg Valuation Service Reference Rates data as of Oct. 31 published on the Philippine Dealing System’s website.

Philippine financial markets were closed on Friday (Nov. 1) for All Saints’ Day.

At the short end of the curve, rates of the 91-, and 364-day Treasury bills (T-bills) increased by 12.88 bps (to 5.3267%) and 7.16 bps (5.8008%), respectively. Meanwhile, the 182-day T-bills inched down by 0.58 bp to yield 5.7955%.

At the belly, yields on the two-, three-, four-, five-, six-, and seven-year Treasury bonds (T-bonds) climbed by 5.5 bps (to 5.6418%), 5.38 bps (5.6886%), 5.16 bps (5.7301%), 4.52 bps (5.7608%), and 3.47 bps (5.8094%), respectively.

Lastly, at the long end of the curve, rates of the 10-, 20-, and 25-year debt papers went up by 4.92 bps (to 5.8771%), 14.06 bps (6.0488%), and 14.08 (to 6.0479%), respectively.

GS volume traded stood at P11.95 billion on Oct. 31, lower than the P39.31 billion recorded a week prior.

Dino Angelo C. Aquino, vice-president and head of fixed income at Security Bank Corp., said the GS market was mostly defensive last week.

“Uncertainty regarding the US Federal Reserve’s rate cut path along with the upcoming US elections dampened the mood locally,” Mr. Aquino said in an e-mail.

A bond trader said GS yields mostly moved sideways with an upward bias as a lack of local catalysts led the market to track US Treasuries’ movements, especially following the release of key US economic data last week.

Benchmark 10-year Treasury yields rose on Friday as investors digested a weak US jobs report, Reuters reported.

Treasury yields initially tumbled after the jobs data, which showed the US economy barely added any jobs in October, though the numbers were heavily disrupted by industrial action and hurricanes. The US unemployment rate, however, held steady at 4.1%, offering assurance that the labor market remained on a solid footing.

Traders are now pricing in 99% odds of a 25-bp cut at the Fed’s Nov. 6-7 meeting, up from 93% before the data, and an 83% probability of a 25-bp reduction at both its November and December meetings, up from 71% earlier on Friday, according to the CME Group’s FedWatch Tool.

The focus will now turn to the US presidential election, with polls pointing to a knife-edge race. Polls, both nationally and in the seven closely divided states, show Republican Donald Trump and Democratic Vice President Kamala Harris in almost a dead heat with days to go before Election Day.

For this week, GS yield movements will likely depend on the US election results and bets before the Fed’s policy meeting, both analysts said.

“We expect some volatility [this] week given the US elections on Nov. 5. The market has already priced in a possible Donald Trump win as US yields jumped 60 bps higher since the Fed reduced rates last month,” Mr. Aquino said.

“Once the election risk subsides, the market may see a relief rally as focus will likely shift back to the macro picture, wherein rate cuts remain the base case for both the Fed and the BSP (Bangko Sentral ng Pilipinas),” he added.

The bond trader said October Philippine inflation data to be released on Tuesday (Nov. 5) could also be a catalyst for the market.

A BusinessWorld poll of 11 analysts yielded a median estimate of 2.4% for the October consumer price index, within the BSP’s 2-2.8% forecast for the month.

If realized, October inflation would be faster than the 1.9% in September but slower than the 4.9% in the same month a year ago. — Charles Worren E. Laureta with Reuters