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Commodities traders pledge at COP28 to protect South American grasslands

REUTERS

DUBAI — Eight of the world’s top commodities traders have pledged to stop buying soy from farms that ruin South American grasslands, adding to previous commitments to shun growers that clear forests, a sector group said on Saturday on the sidelines of the COP28 climate summit.

The move could bolster conservation for Brazil’s Cerrado, the world’s most biodiverse savanna, at least half of which has already been destroyed for agriculture. Farming, forestry and land use account for more than a fifth of planet warming-emissions.

The firms, including Archer Daniels Midland, Bunge, Cargill, and Louis Dreyfus Company, agreed that by the end of the decade they will longer buy soy from farms that destroyed any non-forest natural vegetation in the Amazon rainforest, Chaco dry woodlands or the Cerrado, said Petra Tanos of the Tropical Forest Alliance.

The commitment adds to the sector’s pledge last year to eliminate deforestation by 2025.

Tanos said the move is most consequential for the Cerrado, Brazil’s most rapidly expanding agricultural frontier that includes large stretches of grassland. In 2023, Cerrado destruction hit its highest point in eight years.

The Tropical Forest Alliance is a World Economic Forum initiative that works with commodities firms on environmental commitments.

Beyond the United States, the largest soy exporting nations are in South America, where natural vegetation is typically cleared to make way for farms.

In the lead up to United Nations COP28 climate change summit in Dubai, some of the companies announced even more aggressive commitments. Last month, Cargill announced it would eliminate deforestation and land conversion from its supply chains by 2025 in Brazil, Argentina, and Uruguay.

Archer Daniels Midland committed to eliminating land conversion among its direct suppliers by 2025 and indirect suppliers by 2027 across sensitive South American biomes.

But the industry has a history of failing to meet past commitments. In 2010, hundreds of consumer brands pledged to reach “net zero” deforestation by 2020, but failed to meet the goal. — Reuters

GSIS net profit up 117% at end-Oct.

GSIS FACEBOOK PAGE

THE GOVERNMENT Service Insurance System (GSIS) saw its net income more than double in the first 10 months, driven by higher earnings from financial assets.

The state pension fund’s net income rose by 117% year on year to P80 billion at end-October from P37 billion in the same period last year, GSIS said in a statement on Sunday. This made up 66.67% of its P120-billion net income target for 2023.

The profit surge came amid a 344% jump in income from financial assets to P29 billion.

Income from investment property rose by 142% to P8 billion amid revaluation gains from about 12,000 accounts. Earnings from general insurance activities likewise went up by 7% to P6.2 billion.

Social insurance premiums also grew by 8% to P10 billion amid increased membership and salary adjustments.

Meanwhile, GSIS’ expenses went down by 8% to P8.2 billion.

“In fact, during the first 10 months of 2023, the pension fund’s expense loading was at 3.4%, way below the 12% Charter limit,” GSIS President and General Manager Jose Arnulfo A. Veloso said.

GSIS’ assets stood at P1.6 trillion at end-October, higher by 4.4% year on year.

Its fund life was also extended to 35 years or until 2058, five years more than the last assessment in 2021.

“A longer fund life enables us to fulfill our responsibility of delivering benefits to our members and retirees on time. As a financial institution, our primary focus is to increase the contributions of our members by seizing strategic investment opportunities,” Mr. Veloso said.

GSIS’ total investments in the real estate, infrastructure, food, energy, and mining sectors amounted to P1.3 billion in the first 10 months of 2023, up by 11% from the same period last year.

Meanwhile, global investments stood at P185 billion, up by 5% from the same period last year.

“GSIS remains committed to support the four key sectors known as the ‘4Ps’: pabahay (housing), power (energy), pagkain (food), and pagamot (healthcare),” Mr. Veloso said.

“These sectors are fundamental to the government’s socioeconomic agenda. Investing in them equates to a direct investment in the welfare and future of our nation and the Filipino,” he added. — A.M.C. Sy

Gogoro presents battery-swapping plans for electric vehicles

PHOTO FROM GOGORO PHILIPPINES

ELECTRIC MOBILITY and battery-swapping technology firm Gogoro Philippines recently rolled out its so-called Energy Plans in the country in time for its commercial launch this month. Gogoro presented its Swap-and-Go subscription plans, which coincide with the commencement of Smartscooter sales and the activation of the company’s battery-swapping GoStations across the metro.

“We are now witnessing a key turning point in the quest for sustainable and intelligent urban transportation in the Philippines,” said Gogoro Philippines President and CEO Bernie Llamzon in a release. “With the Gogoro Energy Plans, we are not only providing a convenient and eco-friendly solution for refueling but also embracing a lifestyle change that benefits our community and environment. We are proud to lead this charge and offer a glimpse into the future of mobility.”

The Gogoro ecosystem allows riders to swap out depleted batteries with newly charged ones in seconds — solving, said the company, range anxiety and long charging times of traditional electric vehicles. The Gogoro Energy Plan, accessible via the Gogoro app, comes with two tailored monthly subscription options: Plan 799: 300Ah (Ampere hour) or up to 420 kilometers of travel distance, and Plan 999: 500Ah or up to 700 kilometers of travel distance.

Ah, a unit of electric charge, is the basis for the Energy Plans’ allocation. This measurement is converted into maximum kilometers, allowing riders to estimate their travel range easily. The conversion is based on comprehensive studies conducted in Taiwan and pilot programs in the Philippines, ensuring accuracy and reliability for riders. Offers do not have a lock-up period, allowing subscribers to switch plans anytime through the Gogoro App, with changes taking effect in the next billing cycle. The flexibility ensures that customers can choose the one that best suits their individual needs and riding habits.

Gogoro Philippines has activated four GoStations across the metro: The Globe Tower, 32nd Street corner 7th Avenue in Bonifacio Global City, Taguig; Puregold Parañaque, 113 Ninoy Aquino Avenue, Sto. Niño, Parañaque City; Puregold Makati, 35 Dr. Jose P. Rizal Avenue, Makati City; and Phoenix Gas Station, Shaw Boulevard, San Antonio, Pasig City. Two more Gogoro GoStations will open in Quezon City — at the Uptown Mall in Diliman, Quezon City and another at Bellitudo Building, Katipunan Avenue near White Plains.

Two more GoStations will open in the first quarter of 2024: Ayala Malls Feliz along Marcos Highway in Dela Paz, Pasig City, and Paseo de Magallanes Commercial Center in Makati City.

Gogoro Philippines is a collaborative effort among Globe’s 917Ventures, Inc., Ayala Corp., and Gogoro. This partnership leverages the expertise of all involved to build a smart electric transportation network in the country.

For more information about Gogoro Energy Plans and to reserve a Gogoro Smartscooter, visit the Gogoro Experience Center on the second floor of Greenbelt 4, Ayala Center; or check out www.gogoro.com/ph.

The Fiddler on the Roof

The Fiddler on the Roof is a 1964 drama-musical by Joseph Stein, a Jewish-American writer, with music by Jerry Bock and lyrics by Sheldon Harnick. The story is based on “Tevye and his Daughters” (or “Tevye the Dairyman”) and other tales by Sholem Aleichem. Fiddler (both theater and film versions) has won many prestigious awards and is one of the most replayed and remembered musicals for over 55 years, until the COVID-19 pandemic closed all theaters in 2020. It was the same start of the Russian attack on Ukraine, a conflict which has escalated to today.

The Gertrude C. Ford Center for the Performing Arts relates the historical background of Fiddler:

“Fiddler on the Roof is the story of life in a small Russian shtetl in 1905, when Russia was still an empire, ruled by Tsar Nicholas II, head of the dictatorial Romanov dynasty. While much of Western Europe was becoming more free and democratic, Nicholas was determined to hold on to ‘absolute autocracy’ in his words. This, coupled with his seeming lack of common sense as his country stumbled through crisis after crisis, would eventually lead to the downfall and destruction of the Romanovs.

“Along with other abuses of human rights, Nicholas’ administration involved itself in anti-Jewish propaganda, which incited fear and hatred of Jews among many non-Jewish citizens, and often led to violence. The three-year period from 1903 to 1906 (the timeframe of Fiddler) was a particularly terrifying time for Russian Jews, as one pogrom after another raged in Western Russia. (A pogrom is defined as the ‘organized killing of a minority.’ Some dictionaries actually include a reference to tsarist Russia in their definition.)

“There were many pogroms in Russia in the second half of the 19th century, including 166 in the year 1881 alone. In 1905, the year in which Fiddler on the Roof begins, there were at least six pogroms in Imperial Russia, occurring in such major cities as Kishinev (capital of present-day Moldova), Odessa (in present-day Ukraine and the site of a catastrophically huge massacre of Jews in WWII), and Minsk (capital of present-day Belarus). In all, these pogroms claimed the lives of no less than 1,500 Jewish citizens, a total of four for each day of that year.

“Most of these pogroms occurred within an area referred to as the Pale of Settlement, the area of Russia in which Jews could legally settle. Shtetls such as Anatevka, the fictitious village in Fiddler on the Roof, began to disappear as discriminatory laws against Jewish citizens forbade them from living in rural areas, or in towns of less than 10,000 people. Indeed, as Fiddler begins, the people of Anatevka have just received word of the Tsar’s edict, which will shortly evict them from their homes. By the musical’s end, the people of Anatevka are packed up, some moving to America, many others to Krakow (in modern-day Poland), for what they hope will be a new and better life.”

The story of ethnic cleansing and the ousting of the Jews from their land in Fiddler likewise comes to mind, when on Oct. 7, 2023, the Palestinian Sunni Islamist group Hamas (an FTO or foreign terrorist organization according to the US) led surprise attacks against Jewish Israel from the Gaza Strip by land, sea, and air (crsreports.congress.gov, Oct. 17, 2023). In the violent retaliation of Israel, “more than 15,000 Palestinians have been killed in Gaza since Oct. 7. In Israel, the official death toll stands at about 1,200” (aljazeera.com, Dec. 1, 2023).

David Byman of the Center for Strategic and International Studies (CSIS) said, “Part of what Hamas wanted involved revenge for what it saw as past Israeli attacks and the constant Israeli occupation of the West Bank, arrest of Hamas leaders, isolation, and bombing of Gaza… Hamas leaders may have believed they were losing popular support (as revolutionary governors) in Gaza as they were unable to guarantee basic necessities for its citizens, let alone dent the consistent 45% unemployment rate in Gaza. Since the implementation of a semipermanent siege on Gaza in 2007, Israel has controlled much of the electricity, food, and water to the enclave. Gaza has spent half of its day without power since 2019, with a sustained gap in electricity supply. Gaza has also suffered from chronic water shortages, with its outdated or destroyed water infrastructure, 97% of the water in Gazan homes is unfit to drink. The economic situation is equally dire, with over 70% of families in Gaza dependent on NGO and international aid for their basic needs” (csis.org. Dec. 6, 2023).

Notice the ironic role reversal from the Jews in 1905 being held down by the Russians, to the present-day Israel Jews having the upper hand over the Palestinians, as revealed in the intimidation through the curtailing of basic human needs and rights, and the economic retardation in the Israeli-controlled Gaza strip, as earlier suggested by the CSIS analysis.

Israel’s rise to recognition and power started with the British 1917 Balfour Declaration, which unilaterally called for the establishment of a “national home for the Jewish people” in Palestine, despite the fact that Jewish people made up less than 15% of the population there at the time (vox.com, Oct. 19, 2023). “The Allied powers in the war backed the declaration, and after the war, the newly created League of Nations gave Britain a mandate to temporarily rule Palestine until the Jewish state could be created. The British thereafter adopted immigration policies that encouraged more than 100,000 Jews to immigrate over the next two decades,” Vox recounts.

After World War II, tens of thousands of Holocaust survivors began moving to Palestine, encouraged by the Zionist movement. The United Nations agreed to partition Palestine into two states, one for the area’s Jewish population and another for the Arab population, with the city of Jerusalem to be governed by a special international entity. However, local Arabs and Arab countries objected to the plan.

Following a period of extreme violence before, during, and after the war — particularly on the part of Zionist militias — British forces withdrew from Palestine, and Israel declared its independence on May 14, 1948.

That started the first Arab-Israeli war, in which Egypt, Iraq, Jordan, Lebanon, and Syria — opponents of Israel’s declaration of independence — invaded the country. Though the US immediately recognized the new provisional Israeli government, it did not get involved in the conflict militarily. Israel won the war and with it, 77% of the previous Palestinian mandate territory, including land that the United Nations had intended to allocate to the Arabs.

Since 1948, Israel and Palestine have been fighting each other for territory — for Israel to keep its preferred and advantageous possession and control of Palestine, and to get more of Palestine; and for Palestinian Arabs to get back the land which they had won in war with the emperor Heraclius in 636 A.D. Palestine, and indeed all of Syria, was then in Muslim hands.

The story of “the Pale” — the boundaries that kept the Jews monitored and controlled in Anatevka — is replicated in boundaries fiercely guarded today in the partitioned Palestinian land majority-owned by Israel. In 2015 a displaced persons camp southwest of Kyiv named Anatevka was built by Chabad Rabbi Moshe Azman to house the Jews fleeing the 2014 Russian invasion of Ukraine (Liphshiz, Cnaan, July 21, 2015. “Fiddler on The Roof Shtetl To Become Real-Life Refuge For Ukraine’s Jews”).

The story of Tevye and his neighbors being driven out of Anatevka ends with the local fiddler standing on the roof of an empty home, playing an almost comical jig as the Jews move out to new, foreign places for a new life.

Hope — that is the meaning of The Fiddler on the Roof.

Christmas is nearing, and for Christians, the fiddler on the roof might well be the angels singing on the roof of the humble stable/shed where Jesus Christ the Redeemer was born. Hope for peace and harmony among all people.

 

Amelia H. C. Ylagan is a doctor of Business Administration from the University of the Philippines.

ahcylagan@yahoo.com

Chanel’s Manchester fashion show draws celebrities and protesters

MANCHESTER, England — French luxury label Chanel took its annual Metiers d’Art runway show to a rainy northern England street late Thursday where an international fashion crowd viewed a special collection highlighting the brand’s craftwork. (See the show here: 2023/24 Métiers d’art CHANEL – Manchester Show | CHANEL )

Guests including actors Tilda Swinton, Hugh Grant, and Kristen Stewart, model Alexa Chung, and British rapper Aitch gathered on a stretch of Manchester’s Thomas Street under a transparent canopy, where they snacked on mulled cider and mini cheese toasties as pro-Palestinian protesters chanted.

Music soon drowned out the protest chants and models with 1960s inspired hairdos marched down the pavement in girly renditions of the label’s signature tweed ensembles in bright pink, orange, and green, with low-heeled Mary Jane shoes.

The annual event showcases lace, embroidery, and other crafts produced at Chanel’s complex of specialty workshops on the northern outskirts of Paris.

Chanel on Friday was to release a film for the collection by Sofia Coppola featuring images by British photographer Jamie Hawkesworth and music by New Order.

Manchester’s link to fashion dates to the 18th century when it was the center of Britain’s textiles industry. The city is known for its contributions to British pop culture, sports, and fashion. — Reuters

EEI to earmark ‘significant’ capex for next year

LISTED construction firm EEI Corp. said it is expecting to set aside a significant capital expenditure (capex) budget next year as it is forecasting a surge in infrastructure work, according to its top official.

“We have a budget but honestly, we were still reviewing it. We’re going to be strong in the coming year because we’re anticipating a lot of infrastructure work, which means, we need to buy equipment or rent equipment,” EEI President Henry D. Antonio said on the sidelines of a thanksgiving event in Makati City last week.

“Renting equipment is very expensive so we have to weigh those things, and then more than likely, in fact, I went to China to negotiate the number contracts with the equipment provider. So we will be doing a significant amount of capex next year just even for that,” he added.

However, Mr. Antonio did not provide specific figures on the company’s capex budget for next year.

Recently, EEI announced that it would spend P580 million annually to provide free food for its onsite and office workers starting Jan. 1 next year.

Mr. Antonio said the initiative is part of the company’s “wholistic approach” to help employees, especially those working at the construction sites.

EEI’s associates are Saudi Arabia-based Al-Rushaid Construction Co. Ltd., PetroSolar Corp., Rice Integrated Commercial Enterprises, Inc. Its joint ventures are PetroWind Energy, Inc., Shinbayanihan Heavy Equipment Corp., and BEO Distribution and Marketing Corp. It also has Shimizu-Fujita-Takenaka-EEI and Acciona-EEI joint ventures.

Shares of EEI were last traded on Dec. 7 at P5.75 apiece. — Revin Mikhael D. Ochave

World food prices hold steady in November

REUTERS

LONDON — The United Nations food agency’s world price index held steady in November, with lower international cereal prices offset by higher prices of vegetable oils.

The Food and Agriculture Organization’s (FAO) price index, which tracks the most globally traded food commodities, averaged 120.4 points in November, around October’s levels which were the lowest since March 2021.

The November reading marked a 10.7% decline versus last November.

The FAO cereal price index decreased by 3% month on month in November, led by a sharp fall in maize prices, while those of wheat declined by 2.4%.

Vegetable oil prices, however, rose 3.4% from October.

“Palm oil prices rebounded more than 6% in November, chiefly underpinned by more active purchases by leading importing countries and seasonally lower outputs in major producing countries,” the FAO said in a statement.

The agency’s dairy price index rose 2.2% from October, led by high demand for butter and skimmed milk powder in Northeast Asia, and increased pre-holiday demand in Western Europe.

Sugar prices rose 1.4% month on month in November but averaged 41.1% higher than last November thanks to worsening production prospects in Thailand and India.

In a separate report on cereal supply and demand, the FAO raised its forecast for world cereal production this year to a record 2.823 billion metric tons versus 2.819 billion previously — representing a 0.9% increase from 2022.

“Looking ahead to next season, planting of the 2024 winter wheat crop is ongoing in the northern hemisphere and, reflecting lower crop prices, area growth could be limited,” the FAO said.

Nevertheless, the agency sees world cereal stocks up 2.7% by the end of the 2024 season, while the cereal stock-to-use ratio is forecast at 30.8% in 2023/2024, “indicating an overall comfortable supply level.” — Reuters

All-electric roadster headlines 3-model MG preview

SAIC Motor Philippines President Felix Jiang poses with the MG Cyberster. — PHOTO BY KAP MACEDA AGUILA

A BATTERY electric vehicle roadster will be among at least eight MG vehicle models slated to enter the Philippine market until 2025. The MG Cyberster was previewed at the recent media thanksgiving party of SAIC Motor Philippines, exclusive distributor of MG.

“MG continues to play its role as a strong upcoming contender in the progress and transformation of the automotive landscape in the Philippines…. We are excited to announce that we are looking to expand our model lineup further with about eight new models to be introduced by 2025,” said SAIC Motor Philippines President Felix Jiang in a speech during the event in Makati City.

According to the executive, the MG portfolio will continue to be comprised of internal combustion engine (ICE)-powered models and electric vehicles, and added that the brand will “extend (its) presence in various segments.”

He described the MG Cyberster as a “two-door EV roadster” that “embodies MG’s renowned British roadster heritage, (but) for the 21st century.” The MG Cyberster is set to be publicly launched here by first half of 2024, according to SAIC Motor Philippines Marketing Manager Che Cabotaje. The Cyberster is powered by a 77-kWh battery which runs its 1x e-motor. It has 335bhp on tap, and the transmission is a single-speed automatic, which drives the rear wheels. MG claims a zero-to-100kph time of 4.6 seconds.

Also previewed was the MG One crossover, set for release in Q1 of next year. The MG One is powered by a turbocharged 1.5-liter gas engine. Meanwhile, “Velocity” was among the few media outlets given a sneak peek of the MG4 XPower — also for release in the first quarter of 2024. The XPower will take its place as the highest variant of the previous launched MG4 (which presently has Standard and Lux variants).

“Together with our product extension, we are dedicated to establishing a robust dealership network that ensures accessibility and exceptional service for our valued customers. These indeed are exciting times for MG,” concluded Mr. Jiang. — Kap Maceda Aguila

Rockwell, a home for Christmas for Filipinos here and abroad

Your favorite Christmas holiday destination has kick-started the season with a thrilling lineup of activities, and the much-awaited Christmas car raffle. Rockwell is giving away two brand-new Land Rover Defenders this year — yes, two Defenders!

To join the raffle for the Land Rover Defender 110, you must spend a minimum of Php 3,000* at Power Plant Mall establishments from Nov. 3, 2023 to Jan. 31, 2024. And by spending a single or accumulated purchase of Php 500,000*, the odds of winning the Land Rover Defender 90 become even greater. Rockwell is also making it easier for you to join the raffle: simply scan your Rockwellist QR code at an establishment’s designated scanner for raffle entries; you can also earn rewards points at the same time. Plus, you can double your entries when you shop and dine in Rockwell on Dec. 25 and 26, 2023, Jan. 8 and 9, 2024, and Jan. 22 and 23, 2024.

Two Land Rover Defenders are up for grabs at this year’s Christmas car raffle in Rockwell.

The Rockwell experience continues to be cheery with everything Christmassy happening all at once. Fun, yummy treats excited customers at the Food Truck Fest, from Nov. 13 to 19. Rockwell also held their outdoor Christmas Fairs, offering unique gifts for your loved ones, from Nov. 20 to Dec. 10, at the Plaza Driveway, and at The Grove Retail Row in Pasig on Dec. 15 to 17.

Rockwell’s outdoor holiday fairs

Santa Claus makes his surprise appearances around Rockwell, for kids and adults alike, so get your cameras ready! At Santolan Town Plaza, San Juan, the little ones also enjoyed their very own Kids’ Corner, complete with activities last Dec. 9 to 10.

Rockwell decks the halls, spreading Christmas cheer with their much-anticipated festive decorations.

Adding to the thrill is an all-new collection of Rockwellist merchandise, from stylish totes, cuddly stuffed pandas, and delectable confections, available on shop.TheRockwellist.com. Live performances are currently under way across different Rockwell properties, adding vibrant energy to the atmosphere! Experience the rhythms with 9 Works Theatrical on Dec. 17 and 22, and be serenaded by the Mandaluyong Children’s Choir on Dec. 23, at Power Plant Mall. At the Proscenium Retail Row, you can delight in Vince Lahorra’s soulful melodies on Dec. 16, and Quartet Manila on Dec. 17.

Rockwell welcomes OFWs and balikbayans.

Amidst this festive ambiance, Rockwell also extends a warm welcome to our beloved overseas Filipino workers and balikbayans returning home. Aiming to make their homecoming this Christmas season extra special and recognizing their invaluable contributions and heartfelt efforts in supporting their families from afar, Rockwell presents an array of exclusive privileges. Enjoy discounts from the retail selections at the Power Plant Mall and other establishments neighboring Rockwell communities, complemented by a special gift bag filled with treats. These perks await our guests during their visit to any of the Rockwell Land Sales Lounges: Rockwell Sales Lounge — Power Plant Mall, Rockwell Sales Lounge — 8 Rockwell, The Artno Strip Sales Lounge, East Bay Residences Pavilion, Clubhouse Rockwell South at Carmelray, Terreno South Glass House, Rockwell Nepo Sales Lounge, 32 Sanson Info Center, Aruga Mactan Sales Pavilion, IPI Center Glass House, Nara Sales Pavilion, and Rockwell Center Bacolod Glass House. OFWs can avail themselves of the gift bags and giveaways by just presenting an Immigration Stamp of Entry to the Philippines on a valid passport and a valid Overseas Employment Certificate (OEC), while balikbayans need to present any valid ID indicating their overseas residential address and an Immigration Stamp of Entry on a valid passport during the same period. At Rockwell, our OFWs and balikbayans can cherish valuable moments with their loved ones, immersing themselves in the signature lifestyle of comfort and convenience it offers.

Let Rockwell be your home for the holidays and experience the magic of Christmas cheer, done Rockwell. Learn more on its Facebook and Instagram pages.

*View the full mechanics of the Christmas car raffle in this link.

 


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The socioeconomic value of adult immunization

CDC-UNSPLASH

In our previous columns, we highlighted life-course immunization as a cost-effective way to improve health, support health system sustainability, and promote economic prosperity. At a global level, effective vaccination may help mitigate health risks such as infectious diseases and antimicrobial resistance (AMR), that both have significant impact on health and wellbeing as well as on the global economy.

As the global population continues to age, prevention of disease becomes more important for easing pressure on health systems and ensuring their sustainability. Similarly, as retirement age increases and people work to older age, immunization across the life course is becoming more relevant to workforce productivity.

Unfortunately, a new study by the UK-based Office of Health Economics (OHE) shows that while substantial progress has been made in childhood immunization globally, the value of adult immunization programs often remains overlooked. It also found that access to adult vaccinations is inconsistent across countries, with limited inclusion in routine immunization schedules. The OHE is the world’s oldest independent health economics research organization that works in partnership with universities, government, health systems, and the pharmaceutical industry to research and respond to global health challenges.

Commissioned by the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), the study assessed and synthesized the evidence for the broad, socioeconomic value of adult immunization programs, focusing on influenza, pneumococcal disease, herpes zoster, and respiratory syncytial virus (RSV) programs in 10 countries.

The OHE researchers conducted a literature review of evidence published in the PubMed database from 2017 to 2023 and supplemented search results using a snowballing approach. They then used a published Value of Vaccines framework to structure their assessment.

The study found that adult immunization is highly effective in preventing diseases, their complications, and associated deaths, particularly in older adults and those with chronic health conditions. Moreover, adult immunization programs potentially produce additional health benefits by protecting unvaccinated individuals.

The study revealed an extensive evidence base showing that adult immunization programs are highly cost-effective and can result in net cost savings to healthcare systems. For example, recent studies in Australia and Germany have highlighted that vaccine programs for influenza and pneumococcal disease not only produce health benefits but also yield financial gains by averting hospital inpatient and emergency care.

Programs to expand uptake can also be very cost-effective, perhaps as result of economies of scale, given the low variable costs compared to fixed costs associated with delivering immunization programs. Evidence from Germany and France, for example, indicates that expanding adult immunization programs for herpes zoster and influenza, respectively, may increase their overall cost-effectiveness.

The study found that adult immunization programs can potentially provide a positive return on investment in the form of both increased tax revenues and productivity, outweighing the costs of the programs to governments many times over.

The burden of vaccine-preventable diseases, and the benefits of adult immunization programs, are particularly concentrated in more socioeconomically disadvantaged sub-populations. The study noted that expanding adult immunization schedules to include younger adults can reduce inequity in the distribution of vaccine-preventable diseases. It also found that adult immunization programs can reduce the likelihood of unnecessary prescribing of antibiotics for respiratory illness, and novel antimicrobial vaccines can help to protect against the progression of AMR.

While there is growing evidence of the broad societal value of vaccination, the study found many gaps in the recognition of the value of adult immunization. No evidence was identified relating to macroeconomic effects, the enablement value to other interventions, or effects on the quality of life of caregivers.

According to the study, these gaps can be explained by the methodological challenges involved in collecting and analyzing evidence of broader value, and in part by the “narrow” decision-making frameworks which are typically used to evaluate immunization programs. Given a lack of transparency and lack of standardized evidence appraisal methods, the evidence which does exist is not consistently or comprehensively recognized in decision-making about adult immunization policy.

The evidence uncovered by the study supports the critical role of optimizing adult immunization programs in addressing major health and societal challenges while aligning with critical global agendas such as the UN Sustainable Development Goals (SDGs), the WHO Immunization Agenda 2030 (IA2030), and the UN Decade of Healthy Ageing.

However, the research also clearly shows that many dimensions of the value of adult immunization programs are currently underrepresented in academic literature. Without such evidence, the full value of vaccination programs is likely underestimated by policy- and decision-makers, risking suboptimal investment decisions, the study concluded.

 

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP). PHAP represents the biopharmaceutical medicines and vaccines industry in the country. Its members are in the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

Oppenheimer to screen in Japan next year after nuclear controversy

CILLIAN MURPHY in a scene from the film Oppenheimer. — IMDB

TOKYO — Universal Pictures’ Oppenheimer will screen in Japan next year, a local distributor said on Thursday — a launch that had been in doubt amid criticism that the film largely ignores the devastation of the atomic bombings of the cities of Hiroshima and Nagasaki.

The Christopher Nolan-directed biopic about atomic bomb pioneer J. Robert Oppenheimer has grossed over $950 million globally since its July opening.

The film will open in Japan in 2024, distributor Bitters End said in a statement, noting that the movie is “considered a front runner for various film awards.” It did not give a specific date for the release.

Many Japanese were also offended by a grassroots marketing campaign linking the movie to Barbie another blockbuster that opened around the same time, with fan-produced images of the films’ stars alongside images of nuclear blasts.

A #NoBarbenheimer hashtag trended online in Japan in August, prompting an apology from Barbie distributor Warner Bros.

The dropping of atomic bombs by the United States on Hiroshima and Nagasaki toward the end of World War II resulted in more than 200,000 deaths. — Reuters

GT Capital shares up amid positive outlook

GT Capital Holdings, Inc.’s stock improved week on week amid a positive income outlook and after a previous sell-off offered discounted entry for investors.

Data from the Philippine Stock Exchange (PSE) showed a total of 491,420 shares of GT Capital worth P271.69 million were traded from Dec. 4 to 7, making it the 15th most actively traded stock on a four-day trading week. The stock also closed 8th among the most active stocks last Thursday.

Trading was cut short last week due to the feast of the Immaculate Conception of Mary on Friday.

Shares of the Ty-led holdings company picked up 4.1% week on week, closing at P557 apiece last Thursday from its P535 closing price on Dec. 1.

For the year, GT Cap.’s stock surged by 28%.

“In late November, GT Capital Holdings dipped due to foreign sell-offs, offering a discounted entry for December,” Globalinks Securities and Stocks, Inc. Senior Trader Mark V. Santarina said in a Viber message.

The P535 closing on Dec. 1 was the lowest for the stock since the P528 closing on Nov. 3.

“Investors are optimistic about [GT Capital’s fourth-quarter] performance, expecting contributions from Toyota Motor Philippines Corp. and a higher stake in Metro Pacific Investments Corp.,” he added.

Optimistic earnings outlook for the firm could drive the stock upward this week, Mr. Santarina said.

The local market declined last week by 71.08 points as it took cues from Wall Street and Asian markets awaiting data or new drivers.

Locally, the country’s inflation for November eased to 4.9%, the slowest in a year and eight months or since the 4.2% in March last year.

“As a blue-chip stock with robust subsidiary earnings, GT Capital Holdings stands out. The current easing of inflation is a positive factor for equities, potentially aiding the stock’s upward momentum,” Mr. Santarina said.

“Being part of the index, GT Capital could benefit from the December Santa Claus rally, further supporting the likelihood of a price increase,” he added.

The Ty-led holdings company reported a third-quarter net income of P28.95 billion, up by 11.7% quarter on quarter and 66.1% from the same quarter last year.

Attributable net income likewise surged by 54.5% year on year to P23.09 billion. However, quarter on quarter, it dropped by 2.2% to P6.5 billion from P6.65 billion in the second quarter.

Mr. Santarina placed the firm’s fourth-quarter and full-year net income at P5.3 billion and P23.5 billion, respectively, adding that GT Capital will be able to meet its targets this year.

He said that being one of the biggest holdings firms in the country, GT Capital has experienced growth this year as the country fully reopened.

“Despite commendable advancements in its automotive, insurance, and banking sectors, the corresponding stock valuation has not fully realized this success,” he said.

For the week, Mr. Santarina placed his support and resistance for the stock at P517 and P579, respectively. 

“We maintain a positive outlook on the Philippine economy, expecting its growth to persist into the next year, a favorable prospect for [GT Capital].” — Bernadette Therese M. Gadon