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China says banks are ‘doing well’ despite financial turmoil — Yellen

US Treasury Secretary Janet Yellen — REUTERS

MILWAUKEE — US Treasury Secretary Janet Yellen said on Friday that Treasury officials visiting Beijing recently received assurances that Chinese banks are “doing well” despite turmoil in the country’s financial and real estate markets, adding that she did not see large spillovers to the US economy at this stage.

Ms. Yellen told reporters during a visit to a Milwaukee job training center that a US-China Economic Working Group would meet in Beijing shortly for larger discussions on China’s economic situation.

The Financial Working Group met last week and US Treasury officials “focused on pressures in the financial sector, in the banking sector, stemming from debt problems of local governments and the real estate sector,” Ms. Yellen said. “They received assurances that banks in China are doing well.”

Chinese financial markets, however, sold off heavily this week as investors both international and domestic grow frustrated with the Chinese government’s reluctance to take bold measures to shore up the economy amid a protracted crisis in its real estate sector and debt pressures.

Asked about the potential for spillovers from China’s turmoil to the US economy, Yellen said that there could be impact.

“If growth slows to Asian countries that are important trade partners, we may see some spillovers. But I don’t think they’re going to be very large,” she said.

Regarding calls to confiscate hundreds of billions of dollars in frozen Russian assets, Yellen said she expected the Group of Seven (G7) finance ministers to soon receive a report reviewing potential legal justifications and risks associated with seizing the funds and diverting them to aid Ukraine.

Asked if the report would be ready by the end of February, Ms. Yellen said: “We’re working to do it quickly.”

She has previously said that an international law justification agreed by G7 countries would be needed and that the US Congress would need to pass legislation to enable seizure of Russian assets held in the US. — Reuters

Share of new car sales in 2023

SHARE OF NEW CAR SALES IN 2023
INFOGRAPHICS BY THEA MAIRI A. CASTILLO/IMAGE FROM FREEPIK

Combatting antimicrobial resistance

WIRESTOCK-FREEPIK

Antimicrobial resistance (AMR) is one of the top global public health and development threats identified by the World Health Organization (WHO). The agency estimated that bacterial AMR was directly responsible for 1.27 million global deaths in 2019, and contributed to 4.95 million deaths.

The WHO identifies misuse and overuse of antimicrobials in humans, animals, and plants as the main drivers in the development of drug-resistant pathogens. AMR affects countries in all regions and at all income levels. Its drivers and consequences are exacerbated by poverty and inequality, and low- and middle-income countries (LMICs) including the Philippines are most affected, the WHO said.

In 2019, there were 15,700 deaths attributable to AMR and 56,700 deaths associated with AMR in the Philippines. Our country has the 128th highest age-standardized mortality rate per 100,000 population associated with AMR across 204 countries. These are among the key findings of the Global Research on AntiMicrobial resistance (GRAM) project co-implemented by the University of Oxford and the Institute for Health Metrics and Evaluation (IHME).

Antimicrobials — including antibiotics, antivirals, antifungals, and antiparasitics — are medicines used to prevent and treat infectious diseases in humans, animals, and plants. AMR occurs when bacteria, viruses, fungi, and parasites no longer respond to antimicrobial medicines. As a result of drug resistance, antibiotics and other antimicrobial medicines become ineffective and infections become difficult or impossible to treat, increasing the risk of disease spread, severe illness, disability and death, the WHO explains.

AMR is a natural process that happens over time through genetic changes in pathogens. Its emergence and spread are accelerated by human activity, mainly the misuse and overuse of antimicrobials to treat, prevent, or control infections in humans, animals, and plants, the WHO stated.

Cultural misconceptions and inadequate regulation and enforcement of antibiotic use have shaped provider and patient attitudes and behavior that contribute to AMR in the Philippines, according to a letter to the editor published in the April 2022 issue of The Lancet Microbe. The op-ed authors, which included researchers from the Ateneo de Manila University, University of the Philippines Manila, and Philippine General Hospital, noted that self-medication is rampant in the country, with a prevalence rate ranging from 31% to 66%.

“Self-medication provides some semblance of healthcare, especially for low-income households that avoid economic and opportunity costs (i.e., productive work hours compromised by long clinic wait times) of medical consultation and diagnostics. Self-medication is also common among higher-income earners in LMICs, who have easier access to health information, and have the financial and social means to acquire medicine. Non-medical professionals commonly prescribe antimicrobials, and antibiotic sharing remains a common practice among Filipino families and communities,” the authors wrote.

The authors also noted that many Filipinos in rural areas still seek first-line treatment from traditional healers who provide herbal treatments, some of which contain suboptimal levels of antibiotics, as well as perform outdated practices such as crushing antibiotics to apply to skin injuries. These non-scientific practices may enhance pathogen resistance.

To address these challenges in combatting AMR in the country, the authors recommended legislation to regulate antibiotic prescription and dispensation and ensure accessibility and affordability of antimicrobials; partnerships between academic and private sectors to understand local AMR patterns and design culturally appropriate solutions; public education on AMR involving healthcare providers, public health experts, and community leaders, especially from rural regions; and the creation of global health networks to share best practices in addressing AMR in LMICs.

The research-based pharmaceutical industry believes that cross-sectoral collaboration is vital to address the growing threat of AMR. The education and cooperation of the public and healthcare professionals is paramount to identify and improve appropriate antimicrobial prescribing, dispensing, and adherence. Shared decision making with informed patients will help prescribers to ensure antibiotics are only given when needed.

Member states of the United Nations are called upon to establish national guidelines aligning with the WHO AWaRe guidance and to ensure that diagnostics are prioritized and made widely available to prescribers so that the effectiveness of new and old antibiotics is preserved, for as long as possible for as many patients as possible.

The establishment of national comprehensive surveillance systems will enable accurate characterization of resistance patterns globally. Sharing resistance data through international networks such as Global Antimicrobial Resistance and Use Surveillance System (GLASS) will allow for a better coordinated global effort to curb AMR.

 

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.

Farmers call for focus on streamlined gov’t, not Constitutional amendments

PHILSTAR FILE PHOTO

FARMERS said on Sunday that legislators need to pay more attention to governance issues and reducing red tape, rather than pushing plans to amend the 1987 Constitution, calling the need to shore up food security more urgent.

Gregorio A. San Diego, Jr., chairman of the Philippine Egg Board Association, said seven foreign broiler producers and large Philippine integrators are mainly concerned about red tape.

“All of them including us are all complaining about the increasing chicken meat-import and LGU (local government unit) regulations, (and) not about land ownership,” Mr. San Diego said in a Viber message, referring to one of the proposed  Constitutional reforms.

Last week, Albay Rep. Jose Ma. Clemente S. Salceda said amending the Constitution to ease restrictions on land ownership will help address food security issues.

“The key to boosting food production and reducing food prices in the Philippines is investment in agriculture,” he said in a statement.

“These restrictions cover ownership, lease, transfer, and even foreign management — leaving foreign investors very little room for involvement in local agriculture,” Mr. Salceda, who also heads the House ways and means committee, added.

United Broiler Raisers Association (UBRA) President Elias Jose M. Inciong said amending the charter is not the answer to the Philippines’ agricultural crisis, especially if imports remain a priority over local production.

“The crisis is mainly traceable to the failure to implement the design of our treaty commitments (domestic support, trade remedies, and quarantine systems [in] sanitary and phytosanitary systems) in the World Trade Organization (WTO),” he said in a Viber chat.

Mr. Inciong, a lawyer, said that past administrations have focused on import liberalization, weakening producers.

“The sector is a victim not only of neglect but also of an insidious false narrative that it is protected by high tariffs,” he said, also citing the government’s poor implementation of current agricultural laws as well as insufficient budget support.

He urged Congress to instead focus on implementing the Agriculture and Fisheries Modernization Act (Republic Act No. 8435), the magna carta for small farmers (RA 7607), and the Food Safety Act (RA 10611). 

Provisions of the Local Government Code must also be reviewed, particularly on zoning, imposition of fees, and LGUs authority over quarantine and food safety matters, Mr. Inciong added.

Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila, said passing laws that would allow agrarian reform beneficiaries to negotiate fair and efficient contracts with foreign corporations without giving away their land ensures a more equitable partnership that will make robust production more likely.

“In effect, the agrarian reform beneficiaries can be part-owners of these corporations with their land as their input to the potential production,” Mr. Lanzona said via Facebook Messenger chat.

He added that ownership does not correlate with agricultural production. “Land is so contentious that we cannot just open the constitution and allow big foreign corporations to take over the land.”

Congress has revived talks to amend the 1987 Constitution to soften economic restrictions and admit more foreign investors.

The Senate is set to conduct its own review of the charter, specifically on easing economic constraints on public utilities, advertising, and education. — Beatriz Marie D. Cruz

Fake online images of Taylor Swift alarm White House

WIKIMEDIA.ORG

WASHINGTON — The White House said on Friday it was alarmed by fake online images of the pop singer Taylor Swift and said social media companies have an important role to play in enforcing their own rules to prevent the spread of such misinformation.

Fake sexually explicit images of Ms. Swift proliferated across social media this week, including one image shared on X, formerly Twitter, that the New York Times said was viewed 47 million times before the account was suspended.

“This is very alarming. And so, we’re going to do what we can to deal with this issue,” White House Press Secretary Karine Jean-Pierre said at a news briefing, adding that Congress should take legislative action on the issue.

Lax enforcement against false images, possibly created by artificial intelligence (AI), too often disproportionately affects women, Ms. Jean-Pierre said.

“So while social media companies make their own independent decisions about content management, we believe they have an important role to play in enforcing, enforcing their own rules to prevent the spread of misinformation, and nonconsensual, intimate imagery of real people,” Ms. Jean-Pierre said. — Reuters

PLDT, Smart report blocking 16 billion cyberattacks in 2023

TELECOMMUNICATIONS provider PLDT Inc. and its wireless arm Smart Communications, Inc. reported stopping 16 billion cyberattacks last year as they sought to enhance customer experience.

In a weekend statement, PLDT noted that the blocked cyberattacks in 2023 were nearly 9,000% higher than the 182 million recorded in 2022.

“PLDT and Smart’s… cybersecurity culture has enabled us to fend off these attempts from breaching our network and assets,” PLDT, Smart, and ePLDT Chief Information Security Officer Angel T. Redoble said.

“Our cybersecurity agents undergo regular training. We upgrade our tools. And we engage partners who can help us secure our most important asset —our customers,” he added.

At the same time, he said that the Philippine government must oversee the country’s cybersecurity master plan to address escalating threats.

“We are in the middle of a cyberwar. We need to secure our country’s vital infrastructures like energy, telecoms, and financial services. If we talk about cyber resiliency, stakeholders — both private entities and government units — must collaborate. And we need the government to orchestrate our efforts,” Mr. Redoble said.

“Cyberattacks surge during holidays because that’s when people are distracted by the festivities. But for us, that’s when we are at the highest alert level. We’re not only protecting the company, but the entire Filipino people who rely on our services, especially in an increasingly digital landscape,” he added.

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

UGEP aims for 700 MW in solar projects by 2028

ENERGY company Upgrade Energy Philippines, Inc. (UGEP) is planning to install up to 700 megawatts (MW) of solar projects by 2028, encompassing utility-scale, commercial, and industrial solar rooftop and ground-mounted projects, a company official said.

“We are very bullish on the growth of solar in the country,” UGEP President and Chief Executive Officer Ruth Yu-Owen said on Saturday.

UGEP is a joint venture between renewable energy company PhilCarbon, Inc. and Belgian company Upgrade Energy.

The company collaborated with Merbau Corp. to construct a 13.811-MW-peak rooftop-mounted solar project in Batangas, serving as the engineering, procurement, and construction contractor. Merbau is the renewable energy arm of Gokongwei-led JG Summit Holdings, Inc.

UGEP announced the completion of the solar project in November last year, designed to fulfill the energy requirements of JG Summit’s petrochemical complex.

In the previous year, UGEP partnered with AboitizPower Distributed Renewables, Inc., a subsidiary of AboitizPower Corp., for a joint venture focused on commercial and industrial solar projects.

UGEP is also in the process of developing multiple utility-scale solar projects, including a 150-MW utility-scale solar project in Luzon.

“We believe that the future energy landscape will be one of 100% renewable energy, strategically located close to demand centers and sized appropriately to limit grid constraints and minimize losses,” Ms. Yu-Owen said. — Sheldeen Joy Talavera

Profit taking lifts Bloomberry share price

BLOOMBERRY RESORTS Corp. was the twelfth most actively traded stock last week as investors took profit and expressed optimism ahead of the opening of a new property in the country.

A total of P654.56 million worth of 60.45 million shares exchanged hands at the local bourse from Jan. 22 to 26, according to data from the Philippine Stock Exchange (PSE).

The Razon-led leading integrated resort developer and operator’s shares finished at P10.98 apiece on Friday, marking an 8.7% increase week on week. Year to date, the stock’s price has risen by 11.6%.

“While there appears to be no material news flows on Bloomberry last week, we think the stock’s positive price action can be partly attributed to strong foreign interest, as net foreign buying this week amounted to P269 million,” Rastine Mackie D. Mercado, China Bank Securities Corp. research director, said in an e-mail.

Mr. Mercado also said that investors’ optimism ahead of the opening of its new property, Solaire Resort North, within the first half of this year added to the stock’s active trading.

Bloomberry saw net foreign buying in four out of five trading sessions last week, with net foreign buying of shares amounting to P269.32 million from Jan. 22 to 26, according to PSE market data.

In a separate report, Bloomberry said that Solaire Resort North in Quezon City is set for completion by March, marking its second casino resort in the Philippines. The company anticipates that the opening of the property will strengthen its market position in the country.

Construction of the casino was interrupted in March 2020 due to coronavirus disease-related lockdowns, causing delays in the delivery of materials needed for the property.

Apart from Solaire Resort North, Bloomberry’s other properties include Solaire Resort Entertainment City in Parañaque City and Jeju Sun Hotel & Casino in Korea.

“Overall market sentiment help rally Bloomberry. Investors are also anticipating the opening of Solaire Resort North this coming March 2024 that would help push revenue upwards for Bloomberry,” Jeff Radley C. See, an analyst at Mercantile Securities Corp., said in a Viber message.

“We think that Bloomberry might hit P50 billion for the end of 2023,” Mr. See added.

For the first nine months of 2023, Bloomberry recorded a 106% jump in consolidated net income to P8.27 billion, and consolidated net revenue surged 32.4% to P36.11 billion.

Total gross gaming revenues of the company’s Solaire Resort Entertainment City dropped 0.5% to P13.3 billion from P13.4 billion last year, while VIP rolling chip volume, mass table drop, and electronic gaming machine coin-in reached P146 billion, P13.9 billion, and P91.2 billion, showing year-over-year growth of 10%, 31%, and 7%, respectively.

Mr. Mercado anticipates top line expansion for Bloomberry this year, underpinned by incremental revenues from the opening of Solaire North within the first half of 2024 and expectations of a continued rebound in foreign tourist arrivals.

The Department of Tourism reported 5.45 million international visitors in 2023, surpassing its target of 4.8 million. The total tourist arrival in 2023 more than doubled the 2.6 million tourists from the previous year.

For the next week, Mr. Mercado set the stock’s support level at P10.28 per share and its resistance level at P12 per share.

Mr. See placed the company stock’s resistance levels between P11.38 and P12 apiece, with support levels at P10.88 and P10.48 apiece. — Lourdes O. Pilar

CAMPI/TMA total vehicle sales 2019-2023

CAMPI-TMA-TOTAL-VEHICLE-SALES-2019-2023INFOGRAPHICS BY THEA MAIRI A. CASTILLO/IMAGE FROM FREEPIK

Are you guilty of virtue signaling?

MATHEUS VIANA-UNSPLASH

In recent years, the term “virtue signaling” has infiltrated public discourse, reflecting a phenomenon where individuals or organizations proclaim their commitment to certain values, often without substantial action. As we navigate the complexities of this societal trend, let’s delve into instances of virtue signaling within various organizations.

THE PROS OF VIRTUE SIGNALING

Awareness and Advocacy: One of the primary advantages of virtue signaling is its potential to raise awareness and advocate for important social causes. When individuals or organizations use their platforms to speak out on issues like environmental conservation, human rights, or social justice, they can contribute to broader conversations and mobilize support.

Brand Loyalty and Customer Engagement: Consumers increasingly seek out brands that align with their values. Virtue signaling, when authentic and backed by genuine efforts, can foster a sense of connection and loyalty among consumers. Brands that actively participate in social and environmental causes may find that their customers are more engaged and committed.

Cultural and Social Progress: Virtue signaling can be a catalyst for cultural and social progress. When influential figures or organizations publicly endorse inclusive values, they contribute to shaping a more tolerant and accepting society. This can lead to positive shifts in public discourse and policies.

THE CONS OF VIRTUE SIGNALING

Hypocrisy and Inconsistency: A major criticism of virtue signaling is the potential for hypocrisy and inconsistency. Accusations often arise when individuals or organizations proclaim support for a cause but fail to implement meaningful changes internally. This disjunction between public declarations and actual practices can erode trust.

Tokenism and Superficiality: In some cases, virtue signaling is seen as being merely symbolic, with little substance behind the gestures. When brands or personalities engage in tokenism — making superficial changes without addressing deeper issues — it can be perceived as opportunistic and insincere.

Backlash and Cynicism: Virtue signaling can attract a backlash, especially when it is perceived as opportunistic or insincere. Critics argue that some individuals and organizations exploit social issues for personal gain or to enhance their public image. This can lead to public cynicism, where genuine efforts are met with skepticism.

There are several examples of controversies that surround the issue of virtue signaling.

Several brands have faced criticism for engaging in greenwashing — a form of virtue signaling where companies exaggerate or falsely claim their commitment to environmentally friendly practices. In 2019, a car company faced a backlash for promoting their electric vehicles while simultaneously being embroiled in a scandal involving diesel emissions. Celebrities are often under the spotlight for their public statements and actions. A popular singer, for instance, faced criticism for posting a black square on social media without concrete actions to address racial injustice. Several corporations have been criticized for virtue signaling in the realm of diversity and inclusion. Allegations often center on companies making public commitments to diversity without implementing substantive changes in their hiring practices or organizational culture.

Indeed, virtue signaling, on the surface, appears noble — a declaration of values and principles that align with societal expectations. However, its authenticity often comes under scrutiny when actions fail to substantiate the declared virtues.

In the Asian corporate sphere, this trend has become increasingly conspicuous. Many organizations are quick to jump on social justice bandwagons, aligning their brands with popular causes to resonate with consumers and stakeholders. However, the effectiveness and authenticity of these gestures remain questionable.

Take, for instance, a recent campaign by a major fast-food chain. The company launched an initiative to promote environmental sustainability, pledging to reduce plastic usage in its packaging. While this may seem like a laudable move, critics argue that it merely scratches the surface of the environmental issues plaguing the country. The organization’s core operations, they argue, continue to contribute significantly to ecological degradation.

In the tech industry, some Asian giants have also embraced virtue signaling, particularly in the realm of diversity and inclusion. A multinational tech corporation recently celebrated its commitment to gender equality, with colorful social media campaigns and statements during corporate events. However, insiders argue that the company’s leadership still lacks gender diversity, and women remain underrepresented in key decision-making roles.

The essence of virtue signaling lies in the disjunction between words and actions. It often involves carefully curated public relations maneuvers that prioritize optics over substance. As organizations become increasingly attuned to the demands of a socially conscious audience, there’s a danger of performative activism overshadowing genuine efforts toward positive change.

In the Philippines, where social media has a significant influence on public perception, virtue signaling has found fertile ground. Companies are keenly aware that aligning themselves with popular causes can enhance their brand image. However, the discerning consumer base is becoming more adept at distinguishing between authentic commitment and mere posturing.

Virtue signaling isn’t solely confined to the corporate sector; it permeates various facets of society. Even political figures and non-profit organizations are not immune. The challenge lies in fostering a culture where genuine action aligns with professed values.

As we navigate this landscape, it is crucial for consumers and stakeholders to demand transparency and accountability from the entities they engage with. Scrutiny of virtue signaling practices can prompt organizations to shift from mere symbolic gestures to meaningful, impactful actions.

Virtue signaling is a complex and multifaceted phenomenon that permeates various aspects of contemporary discourse. While it can serve as a powerful tool for raising awareness and advocating for positive change, the pitfalls of hypocrisy and superficiality underscore the importance of authenticity.

As individuals and organizations navigate the delicate balance between expressing values and taking meaningful action, the scrutiny of public discourse will continue to shape the evolving dynamics of virtue signaling. As we reflect on the examples of controversies surrounding virtue signaling, it becomes evident that the public demands a higher standard of accountability and sincerity from those who seek to signal virtue in the public sphere. Ultimately, the challenge lies in fostering a culture where expressions of moral values are not just performative but are rooted in genuine efforts toward positive change.

Indeed, the rise of virtue signaling calls for a nuanced examination of the motivations and actions behind these declarations. Genuine commitment to values requires more than rhetoric — it demands tangible, sustained efforts. As consumers and citizens, we hold the power to encourage authenticity, pushing organizations to move beyond the superficial and truly embody the virtues they claim to champion.

 

Ron F. Jabal, DBA, APR, is the chairman and CEO of the PAGEONE Group (www.pageonegroup.ph) and founder of Advocacy Partners Asia (www.advocacy.ph).

ron.jabal@pageone.ph

rfjabal@gmail.com

France drops plan to decrease farmers’ diesel discount but protests to continue 

REUTERS

MONTASTRUC-DE-SALIES, France — The French government dropped plans to gradually reduce state subsidies on agricultural diesel but that seems not enough for angry farmers surrounding Paris and still threatening to converge on the capital in their tractors.

After two weeks of protests that have spread across France, with irate farmers on Friday blocking a major highway out of Paris, Prime Minister Gabriel Attal announced a series of measures to ease financial and administrative pressure on farmers.

“We have decided to pursue our movement. The prime minister had not responded to all of our questions,” Arnaud Rousseau, head of FNSEA, France’s biggest farming union, told French TV station TF1.

Speaking earlier in a mountain village farm near the Spanish border, with his notes on a bale of hay, Mr. Attal said: “We will put agriculture above everything else.”

He said a plan to phase out state support on diesel would be scrapped, red tape simplified and an appeal lodged with the European Union for a waiver on bloc-wide rules on fallow land. “We will stop this Kafka-esque system,” said Mr. Attal, 34, France’s new prime minister, in response to the first big crisis of his premiership.

“We will stop this planned trajectory of increasing tax on non-road diesel fuel.” Mr. Attal also announced a raft of other steps designed to quell the unrest that has seen farmers spray manure over a public building and supermarket, dump hay bales in highways and empty the contents of trucks carrying fresh produce from neighboring countries.

France would remain opposed to signing the Mercosur free-trade deal, which farmers say will flood the country with cheaper Latin American meat and produce, he said.

France will also push to ease European Union rules forcing farmers to leave some of their land fallow.

Ahead of Mr. Attal’s announcements, farmers had threatened to take their protest into central Paris. “We will go right into Paris to highlight our rage, our grievances,” said farmer Matteo Legrand.

Some farmers called Mr. Attal’s pledges an encouraging start, with the road blockade in southern France, where the French prime minister spoke with demonstrators after his announcements, to be lifted on Saturday.

“That is one blockade but there are 100 more blockades. What was announced (…) does not calm the anger,” Mr. Rousseau said, adding he was waiting for an invitation from Mr. Attal to resume talks.

Earlier on Friday, the finance and farm ministers held emergency talks with food industry officials about fair prices for produce — a “number one priority” for farmers who say they are on the sharp end of the government’s drive to lower consumer prices.

Finance Minister Bruno Le Maire said the government would “double down” on enforcing a law aimed at guaranteeing fair farmgate prices and vowed to be “pitiless” towards the supermarkets.

Mr. Le Maire has previously spent months pressuring food retail giants such as Carrefour and Danone to lower their prices after a phase of high inflation, thereby earning the ire of farmers.

France is the European Union’s biggest agricultural producer. France’s protests follow similar action in other European countries, including Germany and Poland, six months ahead of European elections in which the far right — for whom farmers represent a growing constituency — are seen making gains. — Reuters