Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 2861

Global warming link to intense rains in India’s Himalayas

REUTERS

NEW DELHI — Torrential rains that have battered India’s Himalayas in recent years, killing hundreds of people and causing billions of dollars worth of damage, are becoming more intense due to a clash of weather systems triggered by global warming, scientists said.

At least 240 people have died this year in the mountainous region as landslides and flash floods triggered by heavy rains buried homes and destroyed crops and infrastructure. Seasonal monsoon showers are vital for India’s $3-trillion economy, bringing nearly 70% of the rain the country needs to water farms and refill reservoirs and aquifers.

But the monsoon’s convergence with a low-pressure weather system in the Himalayas in recent years has caused extremely heavy rains, something that scientists and officials have blamed on rising temperatures.

“Think of it as a collision of two forceful systems,” said Kuldeep Srivastava, head of the India Meteorological department’s regional center in New Delhi. “It causes significant rain, or even cloudbursts … we are noticing in the last few years, intense spells of rain lasting short durations,” he said, adding that this was due climate change driven by global increase in temperatures.

The number of very heavy to extremely heavy rainfall days per decade in India’s Himalayan states of Himachal Pradesh (HP) and neighboring Uttarakhand increased to 118 between 2011 and 2020 from 74 in the preceding decade, data from the weather office showed.

At least 166 people have died in HP and 74 in Uttarakhand this year since June in landslides, flash floods and other rain-related incidents, according to government data.

Rains battered the two states following the convergence of the monsoon system with Western Disturbances, a weather system that originates in the Mediterranean Sea and moves east, bringing moisture-laden winds that cause winter rain and snow in the Himalayas.

Western Disturbances usually pass north of India’s northern border between the summer and monsoon months of June and October, but, as temperatures rise, some of them move slightly south, said V.P. Dimri, director of the Indian Institute of Geomagnetism.

“Because of sea surface temperature warming, the Western Disturbances have more energy … similarly, general warming of the earth is also leading to change in wind motions,” he added.

Monsoon rainfall patterns across India have seen a climatic shift in the recent decades, said Roxy Mathew Koll, a scientist at the Indian Institute of Tropical Meteorology.

“The most significant change is that instead of having moderate rains spread out through the monsoon season, we have long dry periods intermittent with short spells of heavy rains,” Mr. Koll said. — Reuters

Warner Bros. delays Dune, Lord of the Rings films due to strike

Timothée Chalamet in a scene from Dune. — IMDB

LOS ANGELES — The Warner Bros. movie studio will delay the planned November release of a big-budget Dune sequel until March next year, a studio spokesperson said on Thursday, because its stars cannot promote the movie during the Hollywood actors’ strike.

The decision deals a blow to cinema chains such as AMC Entertainment, Cineplex, and Cinemark which are still trying to recover from the COVID-19 pandemic. Dune was one of the most anticipated films on the late 2023 schedule.

Dune: Part Two will now debut on March 15, a date that had been reserved for Warner Bros. film Godzilla x Kong: The New Empire. The monster movie was shifted to April 12.

As a result, an animated Lord of the Rings film that had been set for April was moved to December.

Dune: Part Two stars Zendaya and Timothée Chalamet in a sci-fi sequel based on Frank Herbert’s 1965 novel about an intergalactic battle to control a precious resource. The first installment, released in 2021 during the pandemic, generated $402 million at global box offices.

Top stars have refused to promote upcoming projects since the SAG-AFTRA actors union joined striking Hollywood writers and walked off the job on July 14.

The actors’ strike has prompted other movie studios to adjust film schedules in the absence of celebrities to hit red carpets or talk shows to help build buzz.

Sony Pictures altered the release strategy for Dumb Money, the film inspired by the story of everyday investors who outwitted Wall Street investors and got rich on the stock of videogame and electronics retailer GameStop.

The film was originally scheduled to open nationwide on Sept. 22, though the studio adopted a more gradual release strategy to generate interest from audience reactions. The film will now open on a limited number of screens in New York and Los Angeles on Sept. 15 before expanding across the country on Oct. 6.

Overall moviegoing this year remains below pre-pandemic levels despite the major boost this summer from the “Barbenheimer” frenzy around the films Barbie and Oppenheimer.

Other major films on the 2023 schedule at the moment include Walt Disney’s The Marvels, a Lionsgate prequel to The Hunger Games, and Wonka, another Warner Bros. film that also stars Mr. Chalamet.

The strike by the Writers Guild of America (WGA), which began on May 2, has shut down most production of scripted televisions shows and some movie shoots. — Reuters

EVAP and AFEVA visit VinFast execs in Vietman

From left are VinFast Head of Commercial Partnerships Pham Hoang Hai, VinFast Head of Government Relations and Public Affairs Ly Nguyen, Electric Vehicle Association of the Philippines (EVAP) President Edmund Araga, EVAP Chairman Emeritus Ferdi Raquelsantos, Electric Vehicle Association of Malaysia President Dato Dennis Chuah, EVAP Chairman Rommel Juan, and Philippine Commission Trade Attache for Vietnam Enrico Mariano. — PHOTO FROM THE ELECTRIC VEHICLE ASSOCIATION OF THE PHILIPPINES

THE ELECTRIC VEHICLE ASSOCIATION of the Philippines (EVAP) and the Association of Southeast Asian Electric Vehicle Associations (AFEVA) traveled to Hanoi, Vietnam recently to discuss with VinFast executives regarding the potential establishment of a Vietnam Electric Vehicle Association. VinFast is a leading Vietnamese automotive manufacturer at the forefront of electric vehicle innovation.

This meeting aimed to foster collaboration between nations and “push forward the collective vision of a sustainable electric mobility future in the region.” The delegation, led by EVAP President Edmund Araga and AFEVA Director and EVAM President Dato Dennis Chuah, included prominent figures such as EVAP Chairman Rommel Juan and EVAP Chairman Emeritus Ferdi Raquelsantos. Accompanying the group was Rico Mariano, the Philippine Commercial Counselor to Vietnam, who facilitated the dialogue between the delegations.

The Philippines’ EV industry was showcased by President Edmund Araga, who presented the current state and exciting prospects of electric vehicles in the country. EVAP Chairman Rommel Juan explained the lucrative incentives embedded within the Electric Vehicle Industry Development Act (EVIDA) law, providing a comprehensive overview of the legislation’s provisions. And Chairman Emeritus Ferdi Raquelsantos shared the additional incentives associated with the production of e-jeepneys, underlining the extraordinary potential that lies in the shift towards electric mobility solutions.

On the VinFast side, its executives participated in the discussions – elaborating on the cutting-edge advancements in electric vehicles that have taken place in Vietnam and transcended international boundaries.

The discussions held great significance in light of the potential formation of a Vietnam Electric Vehicle Association, which would become a vital member of the AFEVA family. This collaboration not only seeks to strengthen regional ties but also promote the exchange of knowledge, technology, and best practices among Southeast Asian countries. As part of the growing cooperation, VinFast executives expressed their keen interest in participating in the upcoming Electric Vehicle Summit in the Philippines. Scheduled from October 19 to 21 at the SMX Convention Center, this summit will “gather the brightest minds and key stakeholders from the electric vehicle ecosystem to deliberate on the latest trends, innovations, and challenges in the industry.”

House of Investments incurs net loss

YUCHENGCO-LED House of Investments, Inc. (HI) incurred a net loss in the second quarter, further expanding its year-to-date loss, after the disposal of its investment in the construction sector.

In a stock exchange disclosure on Aug. 22, the company said its net loss during the April-to-June period was at P303.81 million, a reversal of its P216.95 million net income a year ago.

HI registered a negative bottom line despite a rise in revenues to P2.42 billion from P2.25 billion last year.

For the first half, HI suffered a net loss of P369.76 million, reversing the P789.54 million net income recorded last year, citing the effects of the divested construction business.

“Due to the effect of the disposal of investment by the parent company in construction, coupled with losses incurred by the former subsidiary prior to divestment, the group posted a net loss of P369.76 million as of the period,” the company said.

In April, HI announced that it had sold 20% of its investment in listed construction subsidiary EEI Corp. to the Romualdez-led RYM Business Management Corp. for P1.25 billion.

The company in May sold another 14.346% of its stake in EEI to Industry Holdings and Development Corp. for about P1.08 billion.

HI’s revenue in the first half reached P5.15 billion, up 18% from P4.37 billion in the same period last year.

“Revenue from services grew by 71%, which is mainly attributable to the expansion of the leasing business of the group. Likewise, vehicle sales have improved which resulted to higher revenues from goods. Due to higher enrollment, the education sector showed a 17% growth compared to last year,” HI said.

HI’s core businesses are car dealership, construction, education, and property management services. It has portfolio investments in pharmaceuticals, energy, and death care.

Shares of HI at the local bourse were last traded on Aug. 22, when it closed at P3.82 apiece. — Revin Mikhael D. Ochave

Passive Voice vs Active Voice in Pilipino

On Aug. 18, the Department of Linguistics in the College of Social Sciences and Philosophy of the University of the Philippines (UP) Diliman launched its Archive Classics series, reprints of “monumental work in Philippine linguistics that paved the way for research in the field, and continue to influence current studies on Philippine languages.”

The first such monumental piece is Otto Johns Scheerer’s 1932 paper titled, “Sagen de Atayalen auf Formosa (Legends of the Atayal people on Formosa),” originally published in the 1932 issue of Zeitschrift fur Eingeborenen-Sprachen, a German periodical.

Otto Johns Scheerer came to the Philippines in 1882 and worked for some private German firms in the country before he served in various high positions in the local government. In his later years, he taught German at UP and was the Linguistic Department’s second Chair (succeeding Dr. Trinidad H. Pardo de Tavera) until he retired in 1929 as the first Professor Emeritus of Philippine Linguistics. It was during an immersion trip to Japan in 1930 that he researched on the Atayal people on Formosa, then an island of Japan.

Thus it is most fitting that Scheerer’s first published work should be the first in the maiden issue of Archive Classics, the official journal of the UP Linguistics, which is a revival of Scheerer’s The Archive, which collated the research of his students in his time. The German Embassy in Manila funded the professional English translation by Dr. Markus Locker of the Loyola School of Theology, Ateneo de Manila University, of “The Legends of the Atayal” and its publication (a bi-lingual German-English edition), by the UP Department of Linguistics.

At the Archive Classics launch, Dr. Richard Scheerer spoke about his grandfather, Otto Scheerer, and his “Academic Journey in the Philippines.” There was a subliminal message of love of country in the recounting, by this member of the third generation, of Filipino cultural and social history through the mind and heart of a German emigrant, Otto, who found refuge and acceptance by the Filipino people. Yes, the old legends of the Atayals told of a nation’s birth and freedom just as many small nations, including the Philippines, were fighting for independence in those turbulent times. Germany, Otto’s home country, was undergoing horrifying social, political, and economic upheavals before World War II exploded.

O. Scheerer pointed out linguistic similarities between Atayal and the Filipino language, predominantly Tagalog, and the other major Philippine languages — Iloko, Pampango, Pangasinan, Bikol, Bisaya, Ibanag, Batan and Naboloy. Words like “bato” (stone), balay (house), dakal (meaning “big” in Pampango and Iloko “dakel”); nano (Pampango “that” or “what”) and the article “na” (Tagalog na meaning “the”) are almost identical. Many verbs and action words sound so like the Filipino words with the same meaning, like “bigan ta” in the telling of the Atayal legend, which means “give gift” like the Tagalog “bigyan kita.”

But what was more thought-provoking was from the slide presentation of Dr. Richard Scheerer on his grandfather Otto’s analysis of the linguistic similarities between the Atayal and the Filipino languages — that the passive voice seems to be instinctively used in verbal communication, which is generally true in Malay and Austronesian languages. “One of the most interesting phenomena with regard to the expression and use of the Passive is presented by the languages of the Philippine Islands” — wrote Otto Scheerer, quoting H.C. von der Gabelentz’ 1863 paper, “Das Passivium.” O. Scheerer, in a 1924 paper, reiterated that “The essential difference between the verbs of the Europeans and the Philippine languages is the use of the Passive Voice… The Favorlang (a now extinct language from the west coast of Taiwan) in Formosa comes closest to the Filipino languages in terms of the formation and use of passive forms, specially as it has, like them, a triple passive form…”

Dr. Richard Scheerer clarified that “Triple passive refers to a language that has three ways to turn a verb stem into passive voice, using such affixes as an, in, i, etc. (i.e., tinapon, kinain). Example: a.) active voice = John threw the ball; b.) passive voice = The ball was thrown by John, c.) Tagalog passive = Tinapon ni Juan ang bola.”

He cautioned about “a misuse of the linguistic term ‘Passive Voice.’ It does not mean that the speakers are passive. Some of the fierce aboriginal tribes in Australia and New Zealand use the passive voice. The old thinking about the passive voice is that the speakers were not mentally sophisticated. That attitude is no longer accepted by modern linguists.”

But to an intuitive grammarian like this writer (an English major in baccalaureate degree), the use of the passive voice, even in a simple declaratory sentence, can convey nuances of approval or disapproval, perhaps even reaction to one’s situation and the actions of others. Take for example the declaration in the Active Voice, “The dog bit the man” — so what? But when declared in the Passive Voice, “The man was bitten by the dog,” the subject “man” is the receiver of the action — pity the man; bad dog!

Could it be that the predilection of the Filipino and, similarly, its Austronesian neighbors for the Passive Voice in its indigenous poems and songs somehow keep vestiges of the angst of being victim to the dominance of others? “The Legends of the Atayal” tells of the obstacles and travails of the people oppressed and threatened by a monster. They are helped by the deity to “cross the river” (symbolic of freedom) to escape, and to ensure that the deity will continue to protect them, they ask the crow (all talk, no action) and the bird (action agad) to compete for the post of mediator. The bird wins. He will be the Active Voice to the people’s Passive Voice.

“Florante at Laura,” written by Francisco Baltazar, who was known as “Balagtas,” is an “awit” (song/poem) for freedom, like “The Legends of the Atayal.” The poem was actually written while Balagtas was serving time in a Manila prison, beginning around 1835 or 1836, and published in 1838 after his release. Though the storyline of “Florante at Laura” was autobiographical to Balagtas’ problematic love for his own “Selya” (Maria Asuncion Rivera), the metaphors and similes, apostrophes and figures of speech that abound in the poem loudly whisper of the pains of an oppressed people crying out for freedom from the foreign colonizers. Much of traditional romantic literature is in the Passive Voice of the victim and sufferer.

The conflict in Balagtas’ “awit” was resolved (Passive Voice) in the happy ending of Florante and Laura getting married, a double-wedding with the Muslim prince Aladin and Flerida (a sub-plot for the Muslim-Christian conflict) being baptized in the Christian faith. Deus ex machina. God speaks always in the Active Voice.

But perhaps the passivity of the Filipino is most evident in the “bahala na” attitude towards conflict. Passivity is complacency. “Bahala na” or “God (Bathala) will take care of it” is the perverted over-reliance of Christian trust in God that self-justifies inaction and indifference, even against oppression, prejudice, and the transgression of human rights by those in ascendancy of power and influence in mundane life. Where is the groundswell of protest against the evident disarray of moral values and the blatant corruption in government and society today? Bahala na!!

But “God only helps those who help themselves,” Benjamin Franklin said in his popular magazine for day-to day living in colonial America, Poor Richard’s Almanack (1736). Written in the Active Voice.

 

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

ahcylagan@yahoo.com

Canada probing Hugo Boss, Walmart over allegations of forced labor

OTTAWA — Canada’s corporate ethics watchdog on Thursday announced investigations into the Canadian units of Walmart and Hugo Boss over allegations of Uyghur forced labor in the companies’ supply chains and operations.

Both companies denied the allegations.

The Canadian Ombudsperson for Responsible Enterprise (CORE) said it had published an initial assessment report after complaints filed by a coalition of 28 civil society organizations in June 2022.

CORE will also investigate the Canadian unit of fashion firm Diesel, which is owned by Italy’s OTB. It has already launched probes into Nike Canada, Dynasty Gold, and Ralph Lauren.

“As mediation between the parties is not currently an option, we will be launching investigations into the allegations outlined in these reports,” Sheri Meyerhoffer, CORE’s Ombudsperson, said in a statement.

Walmart Canada said it did not tolerate forced labor of any kind in its supply chain.

“None of the entities in the complaint are in our active disclosed supply chain,” it said in a statement.

Hugo Boss said “the allegations are without any basis.” In an e-mail, the company said it no longer received supplies from a Chinese firm that CORE had expressed a concern about.

In March, a UN committee said it was concerned about China’s treatment of its Muslim minority, including the use of forced labor against Uyghurs. China denies the allegations.

CORE was launched in 2019 to monitor and investigate human rights abuses, mainly by Canadian garment, mining and oil and gas companies operating abroad. — Reuters

Hong Kong’s long sushi queues show few worried by Japan’s wastewater release

REUTERS

HONG KONG —  Long queues at sushi restaurants in Hong Kong backed up the statements of many who said they were not worried about the release of treated radioactive water from Japan’s Fukushima nuclear plant and would continue to visit Japanese restaurants.

More than 20 customers had gathered in the Sheung Wan district of the Asian financial hub awaiting the 10:30 a.m. opening time of a conveyor-belt sushi chain, Sushiro, while dozens streamed in by 12 p.m., despite a wait time of an hour.

“I don’t feel too concerned about radiation,” said one of those in the queue, 22-year-old Verita, who gave only one name. “Moderation is key in everything, right? Occasionally dining out (for sushi) … shouldn’t pose a significant risk.”

Hong Kong’s ban on seafood imports from 10 Japanese regions began on Thursday, with authorities saying it was a precaution to safeguard public health.

Japan started its discharge the same day into the Pacific Ocean, a polarizing move that provoked fresh, fierce criticism from China that it was “selfish and irresponsible.”

The Chinese-ruled city is permitting food imports from 13 other Japanese regions but they face strict tests and monitoring, with daily radiation levels published online, the government said.

Japan’s second-largest market for farm and fisheries exports after mainland China, Hong Kong has numerous popular Japanese restaurants, while the country is a favorite holiday destination for many.

Mainland China said it had suspended imports of all aquatic products originating from Japan. In Hong Kong supermarkets on Friday, sashimi and seafood were clearly labeled with their places of origin, showing that many such items came from Argentina, Canada and Norway.

Billy Tse, 20, who was lining up for his sushi “fix,” said Hong Kong people may already be consuming water with some kind of contamination from China’s own nuclear emissions. 

“I personally wouldn’t worry about issues like eating raw seafood from Japan,” he added. “Even if Japan discharges nuclear wastewater, I would still come here to dine.”  — Reuters

Changan now distributed by Inchcape PHL

From left are: Inchcape Senior Manager for Business Development and Business Analysis Amber Gao, Inchcape Philippines Chief Operating Officer Frankie Ang, Inchcape APAC Business Development Director and Indonesia Managing Director Khoo Shao Tze, Inchcape South Asia and Pacific Managing Director Alex Hammett, Changan International Corporation (CIC) Vice-General Manager Tom Yin, CIC Senior Director for Asia Pacific Li Yuanxing, CIC Vice-Director for Asia Pacific Arieson Zhang, and CIC Sales Manager for Asia Pacific Leslie Wu. — PHOTO FROM INCHCAPE PHILIPPINES

INCHCAPE, a London-headquartered multinational automotive distributor, retailer, and service provider, recently announced its appointment by Changan International Corporation as distributor of the latter’s vehicles in the Philippines. The distributorship will be operated by Inchcape Philippines, a joint venture between Inchcape and the CATS Group of Companies.

“This partnership will leverage the strengths of both parties, including Changan’s advanced research and development capability, competitive products, superior services and supply chain, and Inchcape’s local market insight, rich experience of distribution and retailing, and advanced digital capabilities in delivering excellent customer experiences,” Inchcape said in a release.

Added Changan International Corporation General Manager Tom Yin, “With global partnerships firmly embedded in Changan’s history, this agreement with Inchcape is a landmark step in Changan’s mission to pioneer auto culture and benefit human life. In charting the future of mobility, Changan is focused on a new-energy strategy which counts the completion of three major new special energy platforms and the complete electrification of all products among its goals. Combined with Inchcape’s excellence in market expansion and distribution, it is our shared ambition that more Filipinos enjoy the lasting safety that Changan automobile can provide.”

Joined Inchcape South Asia and Pacific Marketing Director Alex Hammett, “We are pleased to join hands with Changan, a leading OEM, to distribute their extensive and high-quality vehicle portfolio in the Philippines. This is an exciting milestone for us as we see strong growth potential in the Philippines and opportunities for shared success with Changan. This is a great example of our strategy in action, accelerating the performance of our mobility company partners, and Inchcape being the automotive distributor of choice.”

The deal will expand Inchcape Philippines’ distribution footprint in the country and builds on Inchcape’s established and growing presence in Asia Pacific. Beginning this month, Inchcape Philippines will operate the distributorship across over 25 Changan dealerships and sales outlets in the country.

As it takes over the local portfolio of Changan, Inchcape Philippines reiterated that “Changan’s continued investments in new-energy vehicle platforms also have the potential to expand (Inchcape’s) electric vehicle offerings while Changan will enjoy the benefits of Inchcape’s strong track record of successful OEM market entries and industry-leading capabilities for data, digital, and technology services.”

Yields on gov’t debt drop

YIELDS on government securities (GS) fell last week following the Treasury bond (T-bond) auction result and as the market awaited the updates from the US Federal Reserve’s Jackson Hole symposium.

GS yields declined by 1.58 basis points (bps) on average week on week, based on PHP Bloomberg Valuation Service Reference Rates as of Aug. 25 published on the Philippine Dealing System’s website.

Rates of most tenors declined last week, except for the 20- and 25-year T-bonds, which rose by 3.3 bps and 1.73 bps, respectively, to fetch 6.7169% and 6.7172%.

At the short end of the curve, the 91-, 182-, and 364-day Treasury bills (T-bills) went down by 1.27 bps (to 5.7522%), 0.03 bp (5.9993%), and 2.42 bps (6.3043%), respectively.

At the belly, the yields on the two-, three-, four-, five-, and seven-year T-bonds decreased by 2.96 bps (to 6.2411%), 4.94 bps (6.2355%), 4.29 bps (6.2422%), 2.59 bps (6.2670%), and 0.89 bp (6.3726%), respectively.

The 10-year T-bond also fell by 3.02 bps to yield 6.5225%.

Total GS volume traded on Friday amounted to P10.26 billion, lower than the P10.68 billion seen on Aug. 18.

“Yields were mostly lower as they tracked US Treasury yields, which have corrected from recent highs. The rejection of last Tuesday’s auction also helped as investors looked for other outlets,” said the first bond trader in a Viber message.

Last week, the government rejected all bids for its P30-billion offer of reissued 20-year T-bonds with a remaining life of 15 years and five months last week despite tenders reaching P35.302 billion.

Had the Bureau of the Treasury (BTr) made a full award, the issue’s average rate would have jumped by 158.6 bps to 6.927% from the 5.341% quoted for the bond when it was last offered on Nov. 28, 2019, with yields ranging from 6.723% to 7.24%.

“Yields on the short-dated and longer-dated securities rose, in line with global bond yield movements. The move was driven by anxiety ahead of the Jackson Hole conference where US Fed Chair Jerome H. Powell will be delivering a speech,” Nicholas Antonio T. Mapa, senior economist at ING Bank N.V. Manila, said in an e-mail.

The Federal Reserve may need to raise interest rates further to cool still-too-high inflation, Mr. Powell said on Friday, promising to move with care at upcoming meetings as he noted both progress made on easing price pressures as well as risks from the surprising strength of the US economy, Reuters reported.

The second bond trader said local yield movements were attributable to various developments. 

“GS yields declined on the average [last] week from downbeat outlook on the local economy following the softer Philippine gross domestic product (GDP) report. Likewise, views of a global slowdown were fueled after the sharp decline in various PMIs (S&P Global Philippines Manufacturing Purchasing Managers’ Index) from major economies in August 2023 and the recent downgrade of S&P Global Ratings on small- and medium-sized US banks,” the bond trader said in an e-mail.

GDP growth slowed to 4.3% in the second quarter from 6.4% in the first quarter and 7.5% in the same period a year earlier.

For the first half, GDP growth averaged 5.3%, lower than the government’s 6-7% target.

Meanwhile, the S&P Global Philippines Manufacturing Purchasing Managers’ Index stood at 51.9 in July, up from the 11-month low of 50.9 in June.

For this week, the first bond trader said the market will look at the BTr’s aggressiveness during its auctions and await the release of its September borrowing schedule.

“Investors will likely watch out for clues if BTr will issue more bonds next month to match the expected maturity amounting to P144 billion on Sept. 10,” the trader said.

The second bond trader said local yields are likely to move higher as market participants expect that the Fed will keep rates higher for longer.

“This view might be supported by a slight uptick in the US Fed’s preferred inflation gauge in July and a robust US labor market for August, both of these crucial economic data are due to be released this week,” the second bond trader said.

“[This] week, markets will take their cue from the speech of Mr. Powell as well as the Bangko Sentral ng Pilipinas’ inflation forecast range for August inflation,” Mr. Mapa added.

The government will release August inflation data on Sept. 5. — Lourdes O. Pilar with Reuters

Ayala share price rises as investors pick bargains

AYALA CORP.’S stock price gained last week as investors bargain-hunted after four consecutive weeks of net selling from foreign market participants.

Data from the Philippine Stock Exchange (PSE) showed a total of P697.57 million worth of 1.17 million shares were traded from Aug. 22 to 25, making it the sixth most actively traded stock last week.

Ayala’s share price went up by 1.4% week on week to P598 apiece last Friday. For the year, however, the stock dropped by 14%.

“[Ayala’s] share price went up for the week due to bargain-hunting activities after the stock declined week-on-week for the past four consecutive weeks,” RCBC Securities, Inc. Equity Research Analyst John Renz S. Alvarado said in an e-mail note.

Globalinks Securities and Stocks, Inc. Senior Trader Mark V. Santarina said in a Viber message that he saw foreign selling from foreign investors of Ayala’s stock for the past few weeks that pushed its stock price downward. The decline led to investors capitalizing last week after the selling activity lost its momentum.

“Another potential factor influencing this price movement is the recent announcement regarding the collaboration between Ayala Corp., 917Ventures, and Gogoro Network. This partnership focuses on the development of two-wheeled EV swapping technology, which has likely contributed to market dynamics,” he added.

Mr. Alvarado said the news of Ayala’s sale to MT Technologies GmbH (MT) of its stake in AC Industrial Technology Holdings, Inc. had no significant impact on market players from buying the stock as the unit’s contribution to the group’s net asset value was “minimal.”

“Furthermore, the expected loss from the sale has a minimal impact (less than 1%) on its 2023 earnings,” Mr. Alvarado added.

Additionally, analysts said Ayala’s wide range of businesses reporting positive earnings secured the holding company’s growth trajectory for the year, but downside pressures persisted as its stock price was still affected by the broader market sentiment.

Ayala’s consolidated revenues rose by 19% to P85.27 billion in the second quarter, bringing its top line in the first half growing by 19.3% to P164.24 billion.

However, its attributable income in the April-to-June quarter dipped by 3.2% to P8.19 billion from P8.46 billion in the same period last year.

In the first semester, net income attributable to the owners of the parent company inched up by 13.2% to P18.41 billion from P16.27 billion a year ago.

Mr. Santarina estimated the stock to earn P13 billion on its third-quarter net income.

For the week, RCBC’s Mr. Alvarado gave his support and resistance levels at P575 and P635, respectively.

Globalinks’ Mr. Santarina placed his support and resistance levels at P575 and P629, respectively, anticipating a rebound for the stock this week.

“However, the persistence of foreign selling might result in further sideways trading for the stock. Another concerning factor is the subdued trading activity across the market,” he said. — Bernadette Therese M. Gadon 

Breast and cervical cancer control in PHL: Opportunities for improvement

ANGIOLA HARRY-UNSPLASH

Breast cancer surpassed lung cancer as the most frequent newly diagnosed cancer worldwide in 2020, and the incidence and mortality of cervical cancer, the second most common cancer affecting women, is rising. Breast cancer and cervical cancer are among the most common forms of cancer in the Philippines.

Seeking to improve outcomes for people living with breast and cervical cancer across the Asia-Pacific region, the APAC Women’s Cancer Coalition, with the support of Roche, commissioned The Economist Impact to examine the current disease burden and the quality of policies and programs in six countries. The comprehensive research output is entitled “Impact and opportunity: the case for investing in women’s cancers in Asia Pacific.”

The Economist Impact conducted an evidence review, convened an advisory board, and interviewed experts to inform the design of a benchmarking scorecard that allows stakeholders to assess performance compared to their peers, as well as to prioritize key steps to improve. The scorecard assesses five domains: policy and planning, prevention and screening, diagnosis and resource capacity, treatment and access, and awareness and education.

The advisory board included two Filipino women who are respected leaders in cancer care in the country. They are Dr. Corazon Ngelangel, president of the Philippine Cancer Society; and Ingrid Magnata, country program manager of Jhpiego, an international, non-profit health organization affiliated with The Johns Hopkins University dedicated to improving the health of women and families.

The Philippines scored moderately high in prevention and screening, and awareness and education. The government along with their partners have been spearheading these campaigns to prevent, screen, and raise awareness about the disease. On the other hand, our country scored moderately low in policy and planning, treatment and access, and diagnosis and resource capacity.

The report identified key opportunities for improvement in the Philippines. One of them is that a dedicated national elimination plan for cervical cancer and a dedicated strategy for breast cancer in line with World Health Organization (WHO) ambitions and targets should be introduced. A national steering committee can be created to operationalize inter-governmental agency coordination to help drive these cancer control initiatives.

National population-based and accessible digital registries for cancer, including for breast and cervical cancer, should be implemented to monitor and evaluate programs on cancer prevention, detection, and control. Cancer-specific registries which also track women’s history of immunization and screening will also be critical for ensuring that coverage is met, to improve follow-up, to help study the burden, and to capture data which would improve programs and services.

Organized population-based national screening programs for breast and cervical cancer in line with WHO recommendations should also be rolled out. Moreover, the Philippines should transition away from using visual inspection under acetic acid (VIA) and instead adopt HPV DNA testing as the primary cervical cancer screening tool in all settings. HPV self-sampling, especially for women living in rural or hard-to-reach areas, should likewise be introduced. Meanwhile, mammography for high-risk women should be included in the national screening program to facilitate early diagnosis of breast cancer.

Investments in the country’s infrastructure such as external beam radiotherapy machines, mammograms, and MRI scanners as well as workforce capacity, including those for radiologists and surgeons, should be made. The number of cancer specialists in the country should be increased and their equity in distribution improved to ensure universal access to cancer care.

Meanwhile, access to therapies must also be increased and expanded. The full implementation of the National Integrated Cancer Control Act (NICCA) should be sped up to reduce the financial burden on cancer patients by expanding access under Universal Health Care (UHC). Alternative funding mechanisms beyond national health spending should be identified to sustain UHC. These include grants and targeted funding by global donors, development agencies, and multilateral banks.

While the country scored high in health literacy, awareness and education around the beneficial and life-saving aspects of screening should still be increased. Education and awareness programs for women’s cancers could be integrated into primary healthcare settings, with national-level campaigns and activities organized in collaboration with the Department of Health (DoH).

The DoH and the government as a whole have made major strides in cancer prevention and control. As in other countries surveyed by the report, considering these recommendations will help not only improve the country’s scorecard but, more importantly, save lives of countless girls and women.

 

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.

How PSEi member stocks performed — August 25, 2023

Here’s a quick glance at how PSEi stocks fared on Friday, August 25, 2023.

1...2,8602,8612,862...12,688Page 2,861 of 12,688
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube