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3 gencos to supply Meralco’s 1,800-MW power requirement

JEROME CMG-UNSPLASH

THREE generation companies (gencos) are set to supply the 1,800-megawatt (MW) power requirement of Manila Electric Co. (Meralco), the distribution utility said.

In a statement at the weekend, Meralco said it had received bids from four of six generation companies that expressed interest to participate in the competitive selection process.

Of the four bidders, GNPower Dinginin Ltd. Co., Mariveles Power Generation Corp., and Excellent Energy Resources, Inc. (EERI) submitted the lowest bids for the baseload requirement.

GNPower offered a total levelized cost of electricity rate of P6.8580 per kilowatt-hour (kWh) for 300 MW of the total requirement.

GNPower, a partnership among Aboitiz Power Corp. through unit Thema Power, Inc., AC Energy and Infrastructure Corp., and Power Partners Ltd. Co., owns a 1,336-MW coal-fired power plant in Mariveles, Bataan.

Mariveles Power offered to supply another 300 MW at P6.9971 per kWh. Excellent Energy, meanwhile, put in the bid for the biggest 1,200-MW supply at P7.1094 per kWh.

Mariveles Power and Excellent Energy are units of San Miguel Global Power Holdings Corp., the energy arm of San Miguel Corp.

Masinloc Power Partners Co. Ltd., the other generation company that participated in the bidding, offered to supply 300 MW at P7.1417 per kWh.

“However, with EERI’s bid completing the required 1,800 MW total supply requirement, [Masinloc Power’s] bid was designated as a possible next best bid,” Meralco said.

All offers were below the reserve prices set for the competitive selection process, which is P7.3880 per kWh, according to the Bids and Awards Committee for Power Supply Agreements.

The power supply agreements under the process will cover Meralco’s future baseload requirements for a 15-year period starting December 2024.

The bidding for 1,800 MW is meant to replace the capacity covered by Meralco’s 2021 power supply deals with Excellent Energy and Masinloc Power that were terminated in 2023.

Bids and awards committee Chairman Lawrence S. Fernandez said Meralco had complied with all rules and regulations issued by the Energy Regulatory Commission (ERC) and Department of Energy.

“All contracts resulting from this bidding process shall be subjected to regulatory proceedings and evaluation by the ERC,” he added.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Barbie brings her pink party to the Golden Globes

LOS ANGELES — Hollywood stars are preparing to dance the night away as box office smash Barbie leads nominees for Sunday’s (Monday in the PHL) Golden Globes, the kickoff to the industry’s glitzy awards season.

The first big party in Tinseltown since contentious labor disputes last year, the Globes will honor the best of film and television according to roughly 300 entertainment journalists from around the world. That is a change from the past, when about 80 people chose the winners.

Barbie, the female-empowering doll adventure, tops the field with nine nominations. The movie directed by Greta Gerwig and starring Margot Robbie is expected to claim the trophy for best film musical or comedy over The Holdovers, Poor Things and others, according to experts polled by the Gold Derby website.

Historical drama Oppenheimer, with eight nominations, is the favorite for best movie drama. The story about the man behind the atomic bomb had competed with Barbie over the summer in a box office clash dubbed “Barbenheimer.”

Barbie reigned as the highest-grossing film of 2023 with $1.4 billion in ticket sales. Oppenheimer finished third with $952 million.

“I can see both of them doing really well on Sunday night,” said Joyce Eng, senior editor at Gold Derby.

Robbie and Ryan Gosling, who played Barbie’s boyfriend Ken, are nominated in acting categories, as is Cillian Murphy, who portrayed J. Robert Oppenheimer, and co-star Robert Downey Jr.

Leonardo DiCaprio, Robert De Niro, and Lily Gladstone are contending for Globe acting honors for Killers of the Flower Moon, Martin Scorsese’s film about the murder of Native Americans in 1920s Oklahoma.

Bradley Cooper is in the running for best actor and best director for Leonard Bernstein biopic Maestro.

The Globes are the first major awards show since Hollywood endured two bitter strikes by writers and then actors last year. The work stoppages shut down film and television production, as well as many red-carpet events, for months.

Known as a booze-fueled celebration more relaxed than the Oscars, the Globes nearly became extinct. A 2021 Los Angeles Times report revealed ethical lapses and a lack of diversity among members of the Hollywood Foreign Press Association, the group that previously voted on the Globes. The 2022 ceremony was scrapped while the organization made reforms.

Last year, the Globes were sold to new owners and the association was disbanded. Eldridge Industries and Dick Clark Productions now operate the awards, with a voting body of 300 journalist members from 75 countries with 60% racial and ethnic diversity.

There are 27 first-time nominees for this year’s Globes.

‘LOVE A GOOD PARTY’
Hollywood’s top talent appears ready to move forward with the Globes, said Chris Gardner, senior staff writer for The Hollywood Reporter.

“They love a good party and they also love the recognition,” Gardner said. “This is a show that is looser than the other shows you see on television.”

Sunday’s ceremony will be hosted by comedian Jo Koy, a comic of Filipino heritage, in his first major hosting gig. It will be broadcast live on CBS and streamed simultaneously for subscribers to Paramount+ with Showtime.

One possible guest in the A-list crowd is pop superstar Taylor Swift. Her concert film, Taylor Swift: The Eras Tour, was nominated in the new category of cinematic and box office achievement. It is unclear whether she will attend the ceremony.

In the television field, Succession is expected to win accolades for its final season about the high-stakes battle for control of a global media empire. It leads all nominees with nine nods, followed by restaurant dramedy The Bear with five.

Winners of the film awards are closely watched as they can provide a boost in the race to the Academy Awards in March.

The Globes were known in the past, however, for some unexpected choices. Awards watchers will be looking to see whether that changes with a larger voting body.

One category to watch, Eng said, is best original song, where three Barbie songs are competing. They are Billie Eilish’s soul-searching “What Was I Made For?,” Dua Lipa’s upbeat “Dance the Night,” and Mr. Gosling’s lamenting power ballad “I’m Just Ken.”

“It would be a total Globes thing to give it to ‘I’m Just Ken,’” Eng said. “It’s like a novelty song and it’s kind of quirky.” — Reuters

Bentley Manila turns 10

British Ambassador Laure Beaufils and Bentley Manila President Benedicto Coyiuto — PHOTO FROM PGA CARS

BENTLEY MANILA recently marked a successful 10-year partnership with Bentley Motors. The distributor has welcomed a growing number of customers since opening shop in the country on May 8, 2013.

“Interest in the quintessentially British brand has grown strongly in the Philippines. Bentley Manila — together with the PGA Cars group to which it belongs — celebrated the milestone with owners and Bentley enthusiasts at PGA Cars Studio, a luxurious space in the heart of Metro Manila that fuses a lifestyle center, lounge, auto display and the fine-dining institution Antonio’s,” said Bentley Manila in a release.

Leading the activities to mark the milestone was Bentley Manila President Benedicto Coyiuto, joined by PGA Cars Founder and Principal Robert Coyiuto, Jr., PGA Cars Chairman Roberto Coyiuto III, PGA Cars Director Prudencio Coyiuto, and Bentley Manila Managing Director Christopher Chan. Top officials from Bentley Motors also attended the affair: Director of Sales and Network Development Sam Bontoft, Aftersales Director Jack Clarke, Aftersales Commercial Manager Darren Pluckwell, Sales Manager Jenny Makin, and Product and Pricing Manager Aktar Yacob.

“Our 10th anniversary coincides with Bentley Motors’ leadership in the transition to sustainable luxury mobility. As Bentley redefines luxury, we are taking this path along with them,” remarked Benedicto Coyiuto during the anniversary program.

Bentley Manila’s 10th anniversary is said to “come at a significant time in the history of Bentley Motors.” Even as the company recently announced strong results, Bentley Motors evolving its facilities into a “dream factory,” having been among the first in the automotive industry to be certified carbon-neutral. This development is in line with the brand’s evolution into a “globally recognized leader in sustainable luxury.”

In the Philippines last year, Bentley Manila introduced the Bentley Flying Spur Plug-in Hybrid and the Bentayga Extended Wheelbase (EWB) Azure. The Flying Spur Plug-in Hybrid is part of Bentley Motors’ goal to offer a hybrid option across its entire model range. The Bentayga Extended EWB showcases the Azure range’s features designed to enhance the well-being and comfort of the vehicle’s occupants.

Bentley Manila is Bentley Motors’ 153rd dealership worldwide. The addition of Bentley to PGA Cars’ brand partners in Porsche, Audi, and Lamborghini, “allowed PGA Cars to further its leadership in the country’s luxury sector.”

German agriculture minister vows no more concessions to farmers’ demands

REUTERS

BERLIN — Germany’s agriculture minister criticized a mob that tried to intimidate the economy minister over subsidy cuts for farmers and vowed that the government would make no more concessions on the issue despite plans for nationwide rallies next week.

Chancellor Olaf Scholz’s coalition watered down plans to cut agriculture subsidies as part of its 2024 budget on Thursday after hundreds of farmers protested in central Berlin last month against the prospect of losing the tax break entirely.

But the diluted plans, which the president of the German Farmers’ Association said did not go far enough, prompted demonstrators to block Economy Minister Robert Habeck from disembarking from a ferry in northern Germany on Thursday night.

Videos of the blockade show dozens of people in reflective vests gathered on the pier in Schluettsiel, prompting the ferry carrying Mr. Habeck back from an island holiday to turn back.

“We have corrected our position” on the subsidies, Agriculture Minister Cem Ozdemir told broadcaster ARD, who added that the government had not given in to the farmers’ demands. “I didn’t buckle and I’m not buckling. We have found a good solution. We now all stand by it together,” Mr. Ozdemir said.

“But what happened (to Habeck) is people who don’t care about German agriculture. They have wet dreams of upheaval.”

Mr. Scholz also criticized the blockade, calling it shameful on social media platform X. “With all due respect for a lively culture of protest, no one should be indifferent to such a brutalization of political morals,” he wrote early Friday. — Reuters

BSP clears fewer regular branches in the 3rd quarter

The main office of the Bangko Sentral ng Pilipinas in Manila. — BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) approved fewer regular bank branches in the third quarter of 2023 compared with the previous year, based on a circular letter signed by BSP Deputy Governor Chuchi G. Fonacier on Jan. 5. 

The BSP green-lit six new regular branches in the period, lower than the 12 regular branches approved in the third quarter of 2022. 

It also approved applications for four new branch-lite units (BLUs) of universal and commercial banks, thrift banks, and rural and cooperative banks. This is significantly below the 82 BLUs approved in the same quarter in 2022.

The Monetary Board approved the applications for new banking offices of six banks in the third quarter, with three being big banks, two rural banks, and one thrift bank. 

Three of the newly approved regular branches in the third quarter were for BDO Unibank, Inc. and one was for China Banking Corp. BDO was allowed to set up branches in Batangas City, Nueva Vizcaya, and Sta. Mesa, Metro Manila, while China Bank will put its branch up in Binondo, Metro Manila. 

The BSP allowed CARD SME Bank, Inc. — a thrift bank — to open two regular branches: one in Zamboanga Sibugay and another in Palawan. 

Meanwhile, Bank of the Philippine Islands was also given the go signal to put up a branch-lite unit in Makati City. Bankways, Inc. (A Rural Bank) was allowed to open two BLUs, or one each in Southern Leyte and Bohol, and Rural Bank of Tanjay, Inc. was cleared to open a BLU in Kabankalan City.

On the other hand, in the same period, 17 banks opened regular branches, BLUs, and microfinance units, a tad lower than the 18 banks during the third quarter of 2022.

Of this total, there were six regular branches opened in the third quarter of 2023, the central bank said. — K.B. Ta-asan

Maybe this year

BW FILE PHOTO

Despite the grand public fireworks displays, it was noticeably a somewhat different welcoming of the New Year. The traditional ritual of making merry elsewhere but having to be home before the stroke of midnight to imbibe the good luck of the new year, seems not to have been priority in this first Christmas holiday without the restrictions of the three-year COVID-19 pandemic. Forget the clanging of pans and the blowing of horns, the eating of grapes and round fruits and sticky native kakanins, and opening all the windows and doors, lighting all the lights to let the good vibes in! For the New Year, “happenings” with the family, not necessarily in traditional reunions at home, was the “in-thing.”

And so, my friend and his family (a group of 35 people) traveled together and toured major sites in Japan for nine days — Christmas to until after New Year’s Day. One couple went to Australia during Christmas week to be with the family. Pretty pictures of all the children and grandchildren! And so also were there many others who enjoyed the Christmas and New Year with family in the US or in Europe, or toured exotic places like Turkey and Greece, also with the whole family, including little children and babies. Air transportation officials estimated that around 140,000 outbound passengers traveled to local and international destinations during the last two weeks of December for the Christmas and New Year holidays (as per ABS-CBN News, Dec. 22, 2023).

The building of memories with loved ones can be a deep yearning for the good times — peaceful and safe. We have all, admittedly or in denial, been battered with three years of uncertainty about survival and even the fear of death. COVID-19 cases worldwide since its outbreak in 2020 up to Jan. 4, 2024 totaled 701,023,590, with 6,963,923 deaths (about 1%). The disease has affected almost every country and territory in the world, with the United States confirming around 16% of all global cases. In the Philippines, 3.7% or 4,137,482 of the population of 112,508,994 contracted COVID-19, with 1.6% (66,836) dying from the virus. The Philippines is #37 of 231 countries worst hit by COVID-19, in the statistics of www.worldometers.info/coronavirus.

What was depressing in 2023 was the observed stepped-up reinfection rate of COVID-19. Many people we know who had had the vaccination plus two boosters during the pandemic succumbed to a variation of the virus, suffering milder but still debilitating symptoms, but decidedly still infectious to others. Relaxed quarantine restrictions and undivulged conditions caused unexplained infection to others, and a second and third reinfection to the multiplied “carriers.”

“Every time you get infected, no matter the severity, there is always a chance that you can develop longer-term symptoms,” some American doctors say (New York Times, Aug. 17, 2023). Nature Medicine (fall issue, 2023) showed that people with two or more COVID infections were more than three times as likely to develop lung and heart issues, and over 1.5 times as likely to have a neurological disorder, including brain fog and strokes, than those who were only infected once.

Come to think of it, there were quite a few rather unexplained deaths of some friends and acquaintances, from supposed strokes and cardiac arrests, in 2023.

What now? What are we to do, and where are we to go? Travel and tour na lang with your family! Spend your money now — why save for an uncertain tomorrow?

Today, the peso savings deposit rate in Leading Bank X is an absurdly low interest rate of 0.0625% p.a. gross, or 0.05% net. The Philippine Statistics Authority (PSA) reports that the full-year average inflation rate in 2023 was 6%. As we learned in Economics 101, deflating the interest rate by the inflation rate gives us the real interest rate: .05% minus 6.0% gives -5.95%, a negative “carry” (rate), meaning, “we’ve been had!” We are really paying the bank to keep our money, protected of course by the Philippine Deposit Insurance Corp. (PDIC).

The PDIC provides a maximum deposit insurance coverage of P500,000 per depositor per bank. It covers all types of bank deposits in banks. For insurance purposes, all deposit accounts of a depositor in a closed bank maintained in the same right and capacity shall be added together. Joint accounts shall be insured separately from any individually owned deposit accounts.

As of end December 2021, 87.1 million accounts in 506 banks were covered by deposit insurance. Of this total number of accounts, 96.8% had balances not exceeding the maximum deposit insurance coverage. For the same period, total deposits in the Philippine banking system amounted to P16.2 trillion, of which 19.5% is covered by deposit insurance (pdic.gov.ph).

Note that peso Time Deposits (TDs) in tenors of 30, 60, 180 and 364 days are covered by the PDIC insurance of P500,000 per depositor per bank, but the minimum balance required by the bank per account is P5 million (so P4.5 million is not insured). Gross interest paid ranges from 5.275% (net 4.12%) to 6.025% (net 4.72%) declining as the tenor goes up (perhaps showing the banks’ pessimism for the longer term). Of course, the real interest will still be negative after deducting inflation, but that is just the way it is. Banks are complying with the Bangko Sentral ng Pilipinas (BSP) interest guiding rate ceiling of 6%. Trust your bank with your money.

But to be absolutely sure whom you should trust your money with, invest in government issuances of indebtedness — “risk-free” investments — like short-medium term Treasury Bills (T-Bills) offered at about 5.5% gross interest, FXTN/RTBs Retail Trade Bonds) or long term ROPs (Republic of the Philippines USD denominated bonds) with currently available offering maturities of e.g., 2031, 2045, and 2048, all available for purchase at a discounted rate to reflect present value, to assure the final yield to maturity (YTM) inclusive of compounded quarterly coupon interest. Perhaps the discounted price offered by government (approximately 70%-80% of face value) for the offered ROPs of 7-21 years tenor reflects its own prognosis of how the economy will still be struggling in at least the next two decades, and needing to “borrow” from the Filipino people to help the economy through.

The National Government’s (NG) total outstanding debt at the end of November 2023 amounted to P14.51 trillion. The debt stock increased by P27.92 billion or 0.19% month over month, primarily due to the net issuance of domestic securities. Of the total debt stock, 30.91% are from external sources while 69.09% are from domestic borrowings. For domestic debt, the end-November 2023 level of P10.02 trillion is P122.07 billion or 1.23% higher compared with the prior month due to the net issuance of government securities (dailyguardian.com.ph/national-government-debt, Jan. 6, 2024).

Yet the BSP announced that nominal GDP expanded by 5.9% in Q3 2023. We await the final real GDP growth figure for total 2023, which must be adjusted against inflation.

“The latest projections indicate that the inflation outlook has moderated over the policy horizon, although it will probably remain high notwithstanding the recent improvement in supply conditions. Upside risks are associated with the potential impact of higher transport charges, electricity rates, and international oil prices as well as higher-than-expected minimum wage adjustments in areas outside the National Capital Region. The BSP continues to deem it necessary to keep monetary policy settings sufficiently tight until sustained downtrend in inflation becomes fully evident and inflation expectations are firmly anchored,” the BSP said (bsp.gov.ph).

All this doesn’t look too good for 2024. Anxieties of the middle class for health and survival in the overhanging threat of COVID-19 are heightened by threatening realities of very limited material and financial opportunities in the country. Perhaps the horrifying fear is to sink lower in status and resources to poverty.

But “Trust in the Lord with all your heart, And lean not unto your own understanding.” (Proverbs 3:5)

With faith and hope, maybe this year things will be better for all.

 

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

ahcylagan@yahoo.com

Ayala Land signs P15-B loan deal with Metrobank

LISTED Philippine property developer Ayala Land, Inc. has signed a 10-year loan deal with Metropolitan Bank & Trust Co. (Metrobank) worth P15 billion as part of its fund-raising activity.

The loan would be used to partially fund capital expenditure requirements and debt refinancing, Ayala Land said in a statement at the weekend.

Metrobank has been helping the real estate company grow over the years, Ayala Land President and Chief Executive Officer Anna Ma. Margarita B. Dy said in the statement.

“This substantial financing facility from Metrobank has played a pivotal role in fueling ALI’s remarkable growth trajectory,” it said. “Since 2008, the Metrobank group has been very supportive in facilitating fund-raising activities amounting to an impressive P200 billion.”

With the loan, Metrobank is now the second largest lender to the Ayala Land group, accounting for 23% of the property company’s bank debt, it said.

Metrobank President Fabian S. Dee said the loan deal reflects the bank’s confidence in Ayala

Ayala Land shares were last traded on Jan. 5 at P34.30 each. — Revin Mikhael D. Ochave 

PAWS renovated by interior design students

WITH the aim to provide relief and comfort for rescued pets, a group of young designers renovated the reception and recovery areas of the Philippine Animal Welfare Society (PAWS) Animal Rehabilitation Center, a non-government organization’s shelter in Loyola Heights, Quezon City.

Founded in 1954 by British educator Muriel Jay, the low-cost clinic provides veterinary services to pets of the indigent community. Its services include the spaying and neutering of cats and dogs saved from neglect or cruelty.

Entitled Alwán, a Filipino word for serenity and relief from sorrow, the project was an initiative of Interior Design Program students of the De La Salle-College of Saint Benilde (DLS-CSB). It aligns with PAWS’ mission to alleviate suffering and stigma surrounding lost or abandoned furry companions.

The PAWS waiting lounge was designed to be spacious to accommodate and offer an engaging area for personnel and guests. The space has small ramps for puppies. It likewise features steps for active kittens to access elevated places without excessive jumping. Cozy chairs with cushions are available for adoptive owners and donors who continuously drop by the sanctuary.

The students used the colors blue, green, and yellow to suggest warmth, hope, and the power of nature in the 10 recuperation pens intended for isolation and specialized care for the distraught and distressed animals. The facilities were likewise refurbished and designed for easy access to foster the practice of humane treatment and a nurturing environment.

Indoor plants such as selloum and moses-in-the-cradle, plus photos give an eco-friendly experience for visitors.

Under the guidance of Benilde Interior Design mentor IDr. Randy Pabona, the team was comprised of Kelly Andrei Abad, Angelika Mae Aguilar, Julia Pamela Alfonso, Zenisa Claire Asuncion, Rudi Jenelle Concepcion, Athena Mae Cruz, Carla Gionna Dayanghirang, Dorisa Gwen De Joya, Jameela Durrani-Khan,  Kathryn Lauren Enorme, Sophia Margarett Ferrer, Alaine Nicole Hernandez, Franchezka Johnna Jumarang, Gabrielle Grace Luy, Kaila Gabrielle Miranda, Cyra Therese Muyano, Mary Antoinette Nery, Jhemmar Vincent Riguerra, Victor Raphael Santos, Eddie Shi, and Winona Alyssa Te.

The students organized fundraising activities such as bazaars, merchandise sales, and raffle draws to gather resources for the project.

Their concepts, journey, and construction process can be seen in an exhibit at the Ayala Malls, Manila Bay. For more information about Alwán, visit https://www.facebook.com/thealwan2023.

Vaccination across the life stages

NATIONAL CANCER INSTITUTE-UNSPLASH

Over the next decade, changes in population demography, disease epidemiology, and the availability of new vaccines will increase the need to reach different age groups across the life course, according to the World Health Organization (WHO).

Life-course immunization will open opportunities for immunization services to be integrated with other health programs. This has the potential to provide a more people-centered approach to health across each stage of life.

Immunization programs that are better integrated in the wider health system can more comprehensively address population health needs over time, make efficient use of resources, and improve health outcomes, especially of those who are underserved, the WHO said.

Vaccine experts who spoke during the “Injecting Hope” seminar-workshop held in Manila reiterated the WHO’s message that vaccination across life stages protects all populations from vaccine-preventable diseases.

The two-day event was organized by the Philippine Press Institute in partnership with the Pharmaceutical and Healthcare Association of the Philippines (PHAP) and member Pfizer Philippines, along with the Philippine Medical Association (PMA), Philippine Foundation for Vaccination, and Philippine Alliance for Patient Organizations.

“Getting the recommended vaccines does not end when a child reaches one year of age. Vaccines during school age, adolescence, and adulthood are equally important,” stressed Dr. Janis Bunoan-Macazo, Department of Health (DoH) Program Manager for the National Immunization Program (NIP).

In line with its thrust on life-course immunization, the DoH through the NIP, provides free vaccines during pregnancy (tetanus-diphtheria), neonatal age (BCG, hepatitis B vaccine), infancy (oral polio vaccine, inactivated polio vaccine, DPT-HepB-Hib, pneumococcal conjugate vaccine, measles-mumps-rubella). Also included are childhood (measles-containing vaccine, tetanus-diphtheria), adolescence (human papillomavirus vaccine, measles-containing vaccine, tetanus-diphtheria), and adulthood (flu vaccine, pneumococcal polysaccharide vaccine).

Dr. Benito Atienza, immediate past president of the PMA, suggested ways to promote life-course immunization in the country. These are, among others, instituting annual National Vaccination Days for all Filipinos, and creating a synchronized and digital national individual immunization record database.

He also recommended requiring immunization records for school enrolment and updated immunization records for high school and college enrolment. Another way forward is including vaccine history in annual physical examinations for employment and incorporating lectures on immunization by vaccine experts in the science subject for grade school and high school.

Older adults or the elderly must get their recommended vaccines, as they are considered vulnerable or at-risk populations, said Dr. Lourdes Carolina I. Dumlao.

As president of the Philippine Society of Geriatrics and Gerontology, she explained that the elderly undergo natural changes in their immune system (immunosenescence) as well as chronic inflammation (inflammaging) that results in a progressive decrease in the aging body’s ability to trigger effective antibody and cellular responses against infection and vaccinations.

Dr. Dumlao cited the US Centers for Disease Control and Prevention-recommended vaccines for individuals ages 65 and older. These are vaccines for COVID-19, Haemophilus influenzae b (Hib), hepatitis A and hepatitis B, herpes zoster (shingles), influenza (flu), measles-mumps-rubella, meningococcal A/C/W/Y, meningococcal B, pneumococcal, tetanus-diphtheria-pertussis, and varicella (chickenpox).

Variant-specific COVID-19 vaccinations are important to protect priority populations such as the elderly who are at risk of hospitalization and complications, said Dr. Rontgene Solante, Chairman of Adult Infectious Diseases and Tropical Medicine, San Lazaro Hospital.

He noted that the recent increase in cases of influenza-like illnesses (ILIs) in the country is due to new COVID-19 variants of concern (VOCs) causing new infections and hospitalizations. At the same time, these VOCs are co-circulating with other respiratory viruses, such as influenza, parainfluenza, rhinovirus (the common cold), adenovirus, enterovirus, and respiratory syncytial virus (RSV).

Dr. Solante said that long-term vaccination programs should include vaccines for COVID-19 aside from other vaccine-preventable diseases like influenza and pneumonia as part of life-course immunization for vulnerable populations. He also recommended surveillance and tracking of ILIs to prevent outbreaks.

The year 2024 must be the time to kickstart life-course immunization so that families and individuals could get the needed protection from vaccine-preventable diseases amidst developments that could impact health this year.

 

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.

Jetour Auto Alabang opens

From left are Jetour Auto Alabang General Manager Dante Calma, Jetour Auto Alabang Dealer Principals Dexter Co and Rachel Villanueva, Jetour Auto Philippines Managing Director Miguelito Jose, Barangay Alabang Chair Christine May ‘Tintin’ Abas-Ding, and Jetour Auto Philippines Marketing Director May De Los Santos. — PHOTO FROM JETOUR AUTO PHILIPPINES

JETOUR AUTO PHILIPPINES and Autoflare Corp. recently opened Jetour Auto Alabang, the first of the Autoflare’s expected series of dealerships. Located within the entertainment and business area of the busy metropolitan city of Muntinlupa, it has a showroom display space able to accommodate five vehicles.

Customers south of the metropolis can access the latest value-for-money models from the brand, such as the Jetour X70 seven-seat crossover, X70 Plus three-row crossover, Dashing compact crossover, and Ice Cream electric vehicle.

Jetour Auto Alabang features a unique valet service for Jetour owners who schedule their vehicles for preventive maintenance service. Customers only need to book their car’s service appointment and hand over the vehicles to the dealership. From there, a dedicated service team will handle the maintenance work offsite.

“Jetour Auto Alabang has been with us from the start, and its presence in the south of Metro Manila ensures our customers have easy and convenient access to quality service in the area,” shared Jetour Auto Philippines Managing Director Miguelito Jose. “We are truly honored to have Autoflare Corp. join us in this journey.”

Established in April 2021, Autoflare Corp. is a multi-brand car dealership group. Jetour is Autoflare’s first venture into brand-new car sales. Allied with the Autospeedygo Group, Autoflare is managed by automotive industry veterans whose decades of dealership sales and after-sales operations experience “ensure utmost customer satisfaction.”

“Autoflare’s partnership with Jetour symbolizes our trust and belief in the quality, reliability, and potential of Jetour to become a highly sought-after car brand in the Philippines,” said Autoflare Corp. President Rachel Ann Villanueva. “Aside from our partnership to introduce Jetour to the Philippines, Autoflare is also committed to provide premium service through Jetour Auto Alabang. This dealership is the first of many between Autoflare and Jetour as we work hand-in-hand to provide more Filipinos true value-for-money mobility and a car ownership experience like no other.”

For more information, call 0968-881-8315.

World food price index ends 2023 some 10% below 2022 levels

REUTERS

LONDON — The United Nations (UN) food agency’s world price index ended last year about 10% below its 2022 level, with values in December also down from the previous month, helping further ease concerns over global food price inflation.

The Food and Agriculture Organization’s (FAO) price index, which tracks the most globally traded food commodities, averaged 118.5 points in December, down 1.5% from November and 10.1% below December 2022 levels.

For 2023, the index averaged 13.7% below year earlier levels, with only sugar prices higher over the period. The FAO’s sugar price index did, however, decline 16.6% in December from November.

This was “mainly driven by the strong pace of production in Brazil, along with reduced use of sugarcane for ethanol production in India,” the UN agency said in a statement.

The FAO’s cereal price index rose 1.5% in December from November, as wheat, maize, rice and barley prices all rose amid hindered shipments from major exporting countries.

For the year, however, cereal prices were 15.4% below their 2022 average as markets are well supplied with the exception of rice. The largest price falls were in vegetable oils, with the price index slumping 1.4% in December, from November, and a substantial 32.7% drop for the year.

The FAO’s meat price index dipped 1.0% in December from November and was down 1.8% year on year, while the December diary price index rose 1.6% month on month, but was down 16.1% from a year earlier. — Reuters

Gov’t debt yields go up

YIELDS on government securities (GS) mostly climbed last week as investors turned cautious ahead of the release of December inflation data and amid rising US Treasury rates.

GS yields, which move opposite to prices, rose by an average of 6.89 basis points (bps) week on week, based on PHP Bloomberg Valuation Service Reference Rates data as of Jan. 5 published on the Philippine Dealing System’s website.

Higher rates for most Treasury bond (T-bond) tenors drove the week-on-week rise in GS yields.

At the belly, the three-, four-, five-, and seven-year T-bonds saw their yields climb by 3.52 bps (to 5.9401%), 6.3 bps (5.9774%), 8.02 bps (6.0188%), and 9.23 bps (6.0815%), respectively.

The long end saw bigger increases as the 10-, 20-, and 25-year debt jumped by 11.84 bps, 23.86 bps and 20.36 bps to yield 6.1196%, 6.3207%, and 6.3277%, respectively.

Meanwhile, the two-year bond saw its rate inch down by 0.62 bp to 5.9078%.

Yields on the short-tenored Treasury bills (T-bills) likewise dropped. Rates of the 91-, 182- and 364-day T-bills went down by 1.73 bps, 0.94 bp and 4 bps to 5.2265%, 5.5084% and 5.8274%, respectively.

Total GS volume picked up to P15.05 billion on Friday from P14.06 billion on Dec. 29.

“Yields on the belly to the long end were pushed higher during the first week of the year… Local market participants took a defensive stance ahead of the CPI (consumer price index) release as US Treasuries’ yields also rose,” Alessandra P. Araullo, chief investment officer at ATRAM Trust Corp., said in a Viber message.

“Better-than-expected local consumer price index data, and recent offshore developments showing a still rescinding US labor market justifies investor defensive throughout the week with traded volume on staying on the low side,” added Ms. Araullo.

Inflation slowed to 3.9% in December, settling within the central bank’s 2-4% target range for the first time in nearly two years, amid easing prices of food and utilities.

Preliminary data from the Philippine Statistics Authority (PSA) released on Friday showed the overall year on year increase in prices of widely used goods and services eased to 3.9% in December from 4.1% in November and 8.1% a year ago.

This was the slowest reading in 22 months or since the 3% reading in February 2022 and was a tad lower than the 4% median estimate in a BusinessWorld poll. It was also within the 3.6% to 4.4% estimate given by the Bangko Sentral ng Pilipinas (BSP) for the month.

For 2023, headline inflation averaged 6% for 2023, slightly faster than 5.8% in 2022 and marking the second straight year that the CPI exceeded the BSP’s 2-4% target.

This was also the fastest print in 14 years or since the 8.2% full-year average in 2008, at the height of the global financial crisis.

Meanwhile, the yield on the benchmark 10-year note rose 6 basis points to 4.051%, Reuters reported. On the week, the 10-year’s yield rose 13.1 basis points, the largest weekly gain since mid-October.

GS yields moved sideways with an upward bias amid the lack of catalysts and as the December CPI print was within expectations, a bond trader said in a Viber message.

“Global yields were trending higher as well, adding to pressure on local bond market,” the bond trader said.

For this week, the trader said the Bureau of the Treasury’s (BTr) T-bond and T-bill auctions could drive GS yields.

“Expect yields to trade sideways with an upward bias,” the bond trader said.

“For this week, there will be a five-year bond issuance, which is expected to clear at a 5.875-6.125% coupon rate. This will gauge the appetite of the local GS market as we anticipate for more developments locally and offshore,” Ms. Araullo likewise said.

Minutes of the BSP’s December meeting, which are scheduled for release this week, could also affect GS trading, she added.

The BTr will offer P30 billion in new five-year T-bonds on Tuesday. — L.O. Pilar with Reuters

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