Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 4580

EastWest Bank income up 16.6% in 3rd quarter

EAST WEST Banking Corp. (EastWest Bank) booked a higher net income in the third quarter, mainly driven by a rise in loans and fixed-income securities.

The bank’s net profit rose by 16.6% to P1.51 billion in the July to September period from P1.295 billion a year earlier, based on its quarterly financial report released on Tuesday.

This brought the Gotianun-led bank’s net income for the first nine months to P3.03 billion, dropping by 40.4% year on year from P5.098 billion, amid lower trading revenues.

As of end-September, EastWest Bank’s return on equity and return on assets were at 6.8% and 1%, respectively. Both declined from the 11.8% and 1.7% seen a year earlier.

“Despite the global slowdown, the Philippine economy is still expected to meet its full-year growth estimates of at least 7%. The bank is watching macroeconomic developments and remains cautiously optimistic that the economic backdrop will continue to be supportive of its growth plans,” EastWest Bank said.

“For the remainder of the year, the bank is upgrading its forecast with total revenues, excluding trading, at P28.1 billion from the P25.1 billion in 2021. Net income for 2022 is expected at P4.5 billion with fourth quarter at P1.5 billion… While the income levels are expected to be flattish, unlike 2021 when quarterly income was on a decreasing trend due to the run-off in loans, in 2022, income is on the uptrend as the bank started to recover lost loan volumes and has rebuilt its fixed-income portfolios,” it said.

In the third quarter, the bank’s net interest income increased by 24.22% year on year to P6.099 billion from P4.91 on the back of strong demand for loans.

Interest income from loans and receivables rose 15% year on year to P5.67 billion in the third quarter from P4.93 billion in the same period last year.

In the nine-month period, the lender’s net interest income totaled P17.15 billion, higher by 4.6% from P16.4 billion a year ago.   

Its net interest margin as of end-September was at 7.1%, increasing from 6.5% last year.

Meanwhile, EastWest Bank’s fee income in the third quarter also rose by 96.23% to P1.26 billion from P642.11 million in the same period a year prior.

The lender also posted trading losses worth P58.93 million in the third quarter, smaller by 54.5% from the P129.47-million loss in the same period in 2021.

Its total operating income grew by 13.51% to P7.73 billion in the three months ended September from P6.81 billion a year ago.

Meanwhile, the bank’s operating expenses in the third quarter went up by 15.17% year on year to P5.77 billion from P5.01 billion last year.

Cost-to-income ratio was at 61.8%, higher than the 58.2% seen last year.

EastWest Bank’s gross loans climbed by 10% to P243.8 billion as of September on the back of higher consumer lending amid the country’s economic recovery, it said. Business loans grew by 6% to P63.9 billion and consumer loans, which accounted for 74% of the bank’s portfolio, rose 11%.

“Meanwhile, credit cards portfolio growth was driven by consumer spending that drove retail and installment billings up,” the bank said.

“In contrast, auto, mortgage and personal loans declined by P11.3 billion combined from last year, as new loan releases were still not enough to cover for maturities. Auto and personal, however, have started growing again towards the end of the second quarter, driven by demand and normalization of credit policies,” it added.

The bank’s nonperforming loan ratio improved to 8.3% from 11.3% a year ago, when the pandemic hit borrowers’ repayment ability, the bank said.

Its provisions for losses stood at P3.5 billion in the first nine months, 65% higher year on year and making up 2.1% of its gross loans.

“In 2021, the loan losses were underestimated in the third quarter and had to catch up in the fourth quarter. The bank believes that the current level of provisions is adequate as it shakes off the residual adverse impact of the pandemic,” it said.

On the funding side, deposits stood at P319 billion at end-September.

Current account, savings account or CASA deposits rose 11% to P256.6 billion, bringing its CASA ratio to 80% as of September.

“The bank started to deploy its liquidity buffers, which were at higher-than-normal levels, to fund increases in loans and fixed-income securities… While CASA ratio improved to 80% from the previous year’s 73%, moving forward, we expect deposit cost to go higher as the bank starts to source new deposits and the impact of higher interest rates start to manifest. We see BSP (Bangko Sentral ng Pilipinas) continuing their efforts to control inflation that is expected to result in tighter financial conditions,” the bank said.

“We also expect some CASA depositors to shift to better yielding time deposits as opportunity costs of holding CASA increase. The industry’s improving CASA ratio may start to stall. Loan rates are expected to increase as well, and should cover higher deposit costs for banks that have more variable rate assets,” it added.

EastWest Bank’s total assets stood at P405.21 billion at end-September, 2% higher than P399.1 billion in the same period last year.

The lender’s capital adequacy and common equity Tier 1 (CET1) ratios were at 13.9% and 13.1% as of end-September, respectively. The bank said it aims to maintain a CET1 ratio of 12-13% given its business model.

EastWest Bank shares ended trading at P6.11 apiece on Tuesday, up by 12 centavos or 2%. — Keisha B. Ta-asan

Oscar-winner Paul Haggis must pay total of $10 million in civil rape case

A NEW YORK jury on Monday ordered Oscar-winning screenwriter and director Paul Haggis to pay $2.5 million in civil punitive damages for raping a publicist in his apartment in 2013, for a combined verdict of $10 million in the case. The verdict came after the same jury on Thursday found Mr. Haggis liable for sexual assault in the civil case and ordered him to pay plaintiff Haleigh Breest $7.5 million in compensatory damages.

Ms. Breest alleged in her 2017 lawsuit that Mr. Haggis lured her to his SoHo apartment after a film premiere and raped her. Ms. Breest was one of four women who publicly accused Mr. Haggis of sexual misconduct in 2017 and 2018.

Mr. Haggis denied the allegations and was never criminally charged in the United States.

Ms. Breest’s lawyer, Ilann Maazel, told reporters outside the New York City courtroom on Monday that justice had been done.

Mr. Haggis said the case has ruined him financially but vowed to appeal. “I will die clearing my name,” he said.

Mr. Haggis, known for films including Crash and Million Dollar Baby, testified on Monday that he made as much as $25 million throughout his film career but cannot afford the judgment against him after racking up millions of dollars in legal costs.

Mr. Maazel said during his closing arguments on Monday that Mr. Haggis should pay hefty punitive damages for his “cold, calculated and premeditated” conduct.

“The only person he feels sorry for is himself,” Mr. Maazel said.

In June, Mr. Haggis was arrested by Italian authorities and held in custody for more than two weeks on charges of sexual assault and aggravated personal injury. Mr. Haggis denied the allegations, and his lawyer Michele Laforgia later told the Italian news agency Ansa that the charges were dropped. — Reuters

Overseas Filipinos’ cash remittances (Sept. 2022)

CASH REMITTANCES hit a two-month high in September as overseas Filipino workers (OFWs) took advantage of a strong dollar to send more money to their families. Read the full story.

Overseas Filipinos’ cash remittances (Sept. 2022)

Filinvest Land’s profit rises 40% to P799M

FILINVEST Land, Inc. (FLI) recorded a 40.3% climb in third-quarter net income to P799.42 million from P569.68 million last year after booking higher sales.

In the three months ending September, the company’s topline reached P4.85 billion, up by 13% from P4.29 billion a year ago.

Sales from real estate units amounted to P3.15 billion, 9.7% higher than P2.87 billion in the previous year. Revenue from rental services was also higher at P1.7 billion, a 19.9% increase from P1.42 billion previously.

Meanwhile, FLI’s year-to-date attributable income reached P2 billion, 37.1% lower than the P3.19-billion booked last year. Its three-quarter revenues totaled P13.66 billion, up by 9.6% from P12.47 billion a year ago.

Sales from real estate units climbed by 9.7% to P8.98 billion from P9.19 billion in the previous year. Revenue from rental services rose by 9.3% to P4.68 billion from P4.28 billion last year.

FLI, a subsidiary of Filinvest Development Corp., is engaged in the development of residential subdivisions, the construction of housing units, and leasing activities.

On the stock market on Tuesday, shares in FLI climbed by two centavos or 2.47% to 83 centavos apiece. — Justine Irish D. Tabile

Food fortification

PHILIPPINE STAR/EDD GUMBAN

Micronutrients — vitamins and minerals needed by the body in minute amounts — are critical to optimal bodily functions and a deficiency in any of them can cause severe and even life-threatening conditions, according to the World Health Organization (WHO). 

Micronutrients perform a range of functions, including enabling the body to produce enzymes, hormones, and other substances needed for normal growth and development. Deficiencies in iron, vitamin A, and iodine are the most common around the world, particularly in children and pregnant women. Low- and middle-income countries bear the disproportionate burden of micronutrient deficiencies, the WHO noted. 

A lack of iron, folate, and vitamins B12 and A can lead to anemia, a condition in which there is a reduced number of red blood cells or hemoglobin concentration, causing fatigue, weakness, shortage of breath and dizziness. This can further lead to difficulties in functioning in work, education and community engagement. The WHO estimates that 42% of children under 5 years of age and 40% of pregnant women worldwide are anemic. 

Severe iodine deficiency can lead to brain damage and, during pregnancy, cause a number of issues including stillbirth, spontaneous abortion and congenital anomalies. Less severe iodine deficiency may still cause mental impairment that reduces intellectual capacity. Vitamin A deficiency is the leading cause of preventable blindness in children and increases the risk of disease and death from severe infections such as diarrheal disease and measles. Vitamin A deficiency may also occur in women during the last trimester of pregnancy in high-risk areas. 

Fortification is the practice of deliberately increasing the content of one or more micronutrients (i.e., vitamins and minerals) in a food or condiment to improve the nutritional quality of the food supply and provide a public health benefit with minimal risk to health. Aside from increasing the nutritional content of staple foods, the addition of micronutrients can help to restore the micronutrient content lost during processing. The WHO recommends large-scale food fortification as a powerful evidence-informed and cost-effective intervention to fight vitamin and mineral deficiencies, including iodine deficiency disorders, anemia and iron deficiency, among others. 

National Food Fortification Day is observed annually in the country on Nov. 7 to highlight the persistence of micronutrient deficiencies as a public health problem affecting a significant proportion of the population. Republic Act 8172, otherwise known as “An Act Promoting Salt Iodization Nationwide (ASIN),” was signed into law in December 1995 with the purpose of eliminating micronutrient malnutrition in the country, particularly iodine deficiency disorders, through salt iodization. The law is a cost-effective and preventive measure that requires all manufacturers of salt to iodize the salt they produce, manufacture, import, trade, or distribute. 

The ASIN law was supplemented by Republic Act 8976, otherwise known as the Philippine Food Fortification Act of 2000. The law has two components. With voluntary food fortification, the Department of Health (DoH) encourages manufacturers to fortify their processed foods and food products based on rules and regulations the DoH prescribes through the Food and Drug Administration (FDA). On the other hand, among the staple foods that fall under the mandatory fortification component are rice and salt (to be fortified with iron), wheat flour (to be fortified with vitamin A and iron), and refined sugar and cooking oil (both to be fortified with vitamin A). These staples were chosen because these are regularly consumed by the population, especially those at risk to micronutrient deficiencies regardless of socioeconomic status. 

The Sangkap Pinoy Seal Program (SPSP) strategy encourages food manufacturers to fortify processed foods or food products with essential nutrients at levels approved by the DoH. The DoH seal of acceptance is used by manufacturers after their products have passed a set of criteria for food fortification. This seal serves as a guide for consumers in selecting nutritious foods. The Sangkap Pinoy Seal is granted to manufacturers who fortify their processed food products with iron, vitamin A, and iodine. The Saktong Iodine sa Asin Quality Seal can be seen on salt products with the recommended amount of iodine. The Diamond Sangkap Pinoy Seal is for staples covered by mandatory food fortification. 

There are a number of factors that affect an individual’s health. Eating right is a step into the right direction. 

  

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

How PSEi member stocks performed — November 15, 2022

Here’s a quick glance at how PSEi stocks fared on Tuesday, November 15, 2022.

Peso rises on dovish Fed comments

BW FILE PHOTO

THE PESO appreciated versus the dollar on Tuesday after an official from the US Federal Reserve said they may consider slower rate increases at their next policy meetings.

The local unit closed at P57.21 per dollar on Tuesday, seven centavos better than its P57.28 close on Monday, the Bankers Association of the Philippines reported.

The peso opened Tuesday’s trading session at P57.30 against the dollar. Its worst showing of the day was at P57.47, while its intraday best was at P57.20 versus the greenback.

Dollars traded went up to $766.9 million on Tuesday from $720.63 million on Monday.

“The peso appreciated after Fed official Brainard commented that the US central bank might need to slow down any future US policy rate hikes,” a trader said in an e-mail.

Fed Vice Chair Lael Brainard said the US central bank needs to hike rates further, but it could consider smaller increases moving forward.

The Fed has increased benchmark policy rates by 375 basis points (bps) so far since March.

The peso appreciated after remittances from overseas Filipino workers (OFWs) rose in September, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“(This) could help support the peso exchange rate with more US dollar structural inflows and also help support consumer spending, which accounts for at least 73% of the economy and also a bright spot for the economy,” Mr. Ricafort said.

Cash remittances sent home by migrant Filipinos continued to grow in September as OFWs likely continued to take advantage of a weaker peso amid high inflation.

Data released by the central bank on Tuesday showed cash remittances coursed through banks grew by 3.8% to $2.84 billion in September from $2.74 billion last year.

The amount of cash sent home by migrant Filipinos was the highest in two months or since the $2.92 billion in July. However, the growth print slowed from 4.3% in August.

“Market sentiment also supported after the talks between US President Joe Biden and Chinese President Xi Jinping to ease tensions and stabilize the ties between the two countries/biggest economies of the world,” Mr. Ricafort added.

The two officials met at Bali, Indonesia, during the annual Group of 20 summit of leaders of the world’s major developed and emerging economies.

For Wednesday, both the trader and Mr. Ricafort gave a forecast range of P57.10 to P57.30 per dollar. — Keisha B. Ta-asan

Stocks extend climb on Sept. remittance data

REUTERS

PHILIPPINE SHARES extended their gains on Tuesday following the release of data showing remittances from overseas Filipinos increased in September.

The benchmark Philippine Stock Exchange index (PSEi) went up by 64.18 points or 1.01% to close at 6,418.94 on Tuesday, while the broader all shares index rose by 26.99 points or 0.8% to 3,379.58.

“The local market sustained its upward momentum for the day, trudging higher in the afternoon session as likely buoyed by news of the sustained rise in cash remittances in September,” China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said in an e-mail.

Data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances sent through banks went up by 3.8% to $2.84 billion in September from $2.74 billion in the same period last year.

The value of cash sent home by migrant Filipinos was the highest in two months or since the $2.92 billion in July. However, the annual growth print slowed from 4.3% in August.

For the first nine months, cash remittances jumped 3.1% year-on-year to $23.825 billion from $23.117 billion in the same period in 2021. The BSP expects remittances to grow by 4% this year.

“Investors continued to buy into the Philippine market, as they remained wary of the Fed’s (US Federal Reserve) remarks on rate hikes going forward. Locally, remittances continued to remain strong, as the September data came in at 3.8%,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said.

Mercantile Securities Corp. Head Trader Jeff Radley C. See said that continued foreign buying also lifted the PSEi. Net foreign buying declined to P522.90 million on Tuesday from P681.67 million on Monday.

“Investors are waiting on the possibility that the Fed might slow down on increasing rates,” Mr. See said.

Fed Vice Chair Lael Brainard on Monday said the central bank needs to continue hiking rates to battle inflation, although potentially at a slower pace.

More Fed officials are scheduled to speak this week.

The majority of sectoral indices closed higher on Tuesday. Holding firms rose by 117.30 points or 1.94% to 6,153.86; mining and oil gained 142.40 points or 1.48% to end at 9,756.36; services went up by 23.99 points or 1.48% to 1,636.29; industrials climbed by 129.48 points or 1.4% to 9,358.02; and financials inched up by 2.78 points or 0.17% to 1,626.58.

Meanwhile, property dropped by 16.52 points or 0.58% to 2,799.72.

Value turnover declined to P5.13 billion on Tuesday with 725.68 million shares changing hands from P5.65 billion with 634.86 million issues traded on Monday.

Advancers outnumbered decliners, 102 versus 83, while 49 names closed unchanged.

China Bank Securities’ Mr. Mercado placed the PSEi’s support at 6,200-6,380 and resistance at 6,500, while Mercantile Securities’ Mr. See put its support at 6,000-6,136 and resistance at 6,600-6,836. — Ashley Erika O. Jose

Philippines downplaying rights abuses — groups

PHILIPPINE STAR/ MIGUEL DE GUZMAN

HUMAN rights groups on Tuesday accused the Philippine government of downplaying rampant human rights violations in the country before the United Nations.

“The Philippine government delegation brought nothing but empty words and vague promises to the review,” Philippine Universal Periodic Review (UPR) Watch said in a statement.

More than 30 member-states of the UN Human Rights Council on Monday urged the Philippines to do something about extrajudicial killings and other human rights violations that happened under former President Rodrigo R. Duterte.

The international community during the UN’s periodic review of the “human rights situation” in the Philippines also cited the need to protect human rights defenders, lawyers and journalists.

“Behind polite words in which the recommendations were given by more than a hundred countries in the review, they clearly mean that the Philippines has a long way to go in ensuring that human rights is respected and upheld in the country,” UPR Watch said.

The government of President Ferdinand R. Marcos, Jr. on Tuesday called its anti-narcotics campaign “holistic,” adding that billions of pesos worth of illegal drugs had been seized since he took office in July.

The state is committed to improve peace and order by eliminating illegal drugs, the presidential palace said in a statement.

The government is partnering with religious groups to persuade drug suspects to surrender, Acting Press Secretary Cheloy Velicaria-Garafil said, citing national police chief Rodolfo Azurin, Jr. 

A Philippine delegation led by Justice Secretary Jesus Crispin C. Remulla on Monday told the UN council in Geneva the government would “dispel the mistaken notion that there is a culture of impunity in our country.” The state seeks to punish more erring cops, he added.

At least 25 policemen have been charged with murder in connection to the government’s anti-illegal drug campaign, he said.

STATES WEIGH IN
At the UN review, France urged the Marcos government to do something about summary executions, while Canada said perpetrators should be prosecuted to give victims justice.

Belgium sought action on the killings of Filipino journalists, while Ireland said it was worried about allegations of murders and forced disappearances.

Austria, Costa Rica, Portugal, Ireland and Lichtenstein questioned the country’s decision to withdraw from the International Criminal Court (ICC).

“We remind the Philippines of its obligation to cooperate with the prosecutor’s ongoing investigation into alleged international crime commission and ensure access to justice to victims,” Ireland’s representative said.

Mr. Duterte withdrew Philippine membership from the ICC in 2018. Mr. Marcos had said the Southeast Asian nation would not rejoin.

During the UN session, the United States said the government should hold those behind human rights violations during the drug war accountable. It also said the Philippines should stop tagging people as communists.

Estonia urged on the Philippines exact accountability and pay victims and their families. Cuba asked the government to focus its anti-illegal drug drive on prevention, education and rehabilitation.

An inter-agency task force on extralegal killings has investigated at least 17,000 police officers, Mr. Remulla told the council.

Meanwhile, Rise Up for Life and for Rights asked the UN Office of the High Commissioner for Human Rights to conduct its own probe of abuses committed under Mr. Duterte’s anti-illegal drug campaign.

In a four-page letter to UN Special Rapporteur Morris Tidball-Binz, the group said drug war victims have limited access to legal remedies.

“There is no genuine investigation into crimes against humanity in the context of the war on drugs in the Philippines,” it said.

The group was set to submit the letter to the UN on Tuesday, Maria Kristina C. Conti, lawyer for the group and secretary general of the National Union of People’s Lawyers in the National Capital Region said in an e-mail.

The Office of the High Commissioner for Human Rights has said the Philippine probe of human rights violations in connection with its deadly drug war lacked transparency.

In a report dated Nov. 13, the UN Human Rights Committee said the Philippines should comply with international human rights mechanisms and cooperate with the ICC’s drug probe.

Philippine Solicitor General Menardo I. Guevarra in September said the country would block an investigation by the ICC on the war on drugs and ensure suspects are tried by local courts.

At least 6,117 suspected drug dealers had been killed in police operations, according to data released by the Philippine government in June last year. Human rights groups estimate that as many as 30,000 suspects died. — John Victor D. Ordoñez and Kyle Aristophere T. Atienza

Marcos to attend APEC leaders’ summit in Thailand

OFFICE OF THE PRESS SECRETARY

PHILIPPINE President Ferdinand R. Marcos, Jr. is set to leave for the Asia-Pacific Economic Cooperation (APEC) Summit in Thailand on Wednesday, according to the palace.

This will be his first attendance in the leaders’ meeting — to be held on Nov. 16 to 19 — since he became president in July.

“In the summit, the president will join world leaders in various dialogues and will hold bilateral talks with other heads of state on the sidelines of the [leaders’ meeting],” it said in a statement.

Mr. Marcos, who attended the 40th and 41st Association of Southeast Asian Nations (ASEAN) Summits last week, “considers both ASEAN and APEC as vital platforms in advancing the country’s interests and positions before world leaders,” it said.

Members of APEC, which was established in 1989, make up more than 60% of global economic output.

Majority of the country’s external trade for 2016 was with APEC member countries, according to the Trade department. Japan, the United States, China, Hong Kong, Singapore and South Korea were its top trading partners within the regional group.

APEC members also includes Australia, Brunei, Canada, Chile, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Russia and Chinese-Taipei.

All 21 APEC member countries will attend this month’s summit, Thai Foreign Minister Don Pramudwinai said on Nov. 4, based on a report by The Bangkok Post.

US President Joseph R. Biden, whose country accounts for a quarter of global economic output, would skip the APEC summit and will be represented by US Vice President Kamala Harris, the Post said in a separate report.

APEC has been promoting trade and investment liberalization. Mr. Marcos, who initially promised to protect Philippine industries amid concerns over local firms’ competitiveness in the global market, has vowed to make the Philippines an “investment destination.”

Analysts noted that despite his protectionist remarks, Mr. Marcos would probably continue to pursue economic liberalization.

The push to liberalize the economy would continue, Joseph F. Purugganan, program coordinator at think tank Focus on the Global South, said in August. His protectionist remarks are mere populist rhetoric meant to retain public support, he said.

In July, Mr. Marcos vowed to boost local food production and limit imports “as much as possible.” — Kyle Aristophere T. Atienza

Scrap K-12 in next decade, senator urges government

PHILIPPINE STAR/ WALTER BOLLOZOS

A SENATOR on Tuesday asked the government to suspend its K to 12 program, which he said has failed to improve the Philippines’ education quality in the absence of funds.

“Either suspend the K to 12 for five to 10 years until we have enough resources, or fund it now as it was envisioned,” Senator Alan Peter S. Cayetano said in a statement.

The program should focus on improving the youth’s quality of education, he said, adding that it’s not enough to just add two years of schooling.

The bottom line for most parents is not the technicalities of the program but how the children will benefit from it, he added.

The K-12 curriculum covers mandatory kindergarten, six years of primary education, four years of junior high school and two years of senior high school.   

A tutoring service in October reported gaps in student skills and their grade level.  

Edukasyon.ph said it found a two- to three-year learning gap in both literacy and number skills across all grade levels. For reading, the learning gaps were more prominent in emerging readers. Nine of 10 5th and 6th graders were not proficient in reading.

The Philippines’ learning poverty was among the highest in the region, with nine of 10 Filipinos unable to read and understand short, age-appropriate texts by the age of 10, according to the World Bank. It added that 5% of children who should be in primary school were not enrolled.

The promise was to make graduates employable even without college education, Mr. Cayetano said, while those heading to higher education would complete their degree in a shorter period.

The Department of Education promised that after senior high, students could be employed, he said

While the K to 12 program promised to boost employability among senior high school graduates, only a little over 20% were able to enter the labor force, while 70% continued with their education, according to the Philippine Institute for Development Studies. — Alyssa Nicole O. Tan

Marcos appoints new DoH usec, ARTA chief 

HEALTH Undersecretary Enrique A. Tayag — DOH.GOV.PH

PRESIDENT Ferdinand R. Marcos, Jr. has made two new appointments, one for the Department of Health (DoH) and another for the anti-red tape agency.  

Enrique A. Tayag, who has been known for popularizing health campaigns through dancing, has been appointed as DoH undersecretary, the agency’s acting chief, Maria Rosario S. Vergeire, told a news briefing.  

Ms. Vergeire said they are still discussing where Mr. Tayag would be assigned at the department “based on his capacity” so he can help the agency more.  

Mr. Marcos has yet to appoint a secretary for the Health agency.  

As a key official, Mr. Tayag is expected to join authorities and health advocates in combating threats from emerging coronavirus variants and subvariants, which Ms. Vergeire said might hamper the Philippines’ goal to reach an endemic stage.   

“Endemicity will come soon. For now, it’s quite uncertain because of this immunity that we are talking about,” Ms. Vergeire said, citing the country’s low booster uptake and threats to immunity of new subvariants.   

She said the DoH would propose to Mr. Marcos the extension of state of calamity due to COVID-19 if the public health emergency bill in Congress will not be signed by December.  

The Health officer-in-charge also said former police chief Camilo P. Cascolan, who has been appointed as DoH undersecretary, will oversee the implementation of the COVID-19 vaccination campaign in the Visayas, the country’s central islands.   

ARTA
Meanwhile, the Palace said Ernest V. Perez has been named as new director of the Anti-Red Tape Authority (ARTA), an agency under the Office of the President.  

“This appointment is really providential, as it would allow us to further continue what we have always aspired for from the very start, that is, to remove red tape and increase the ease of doing business, ultimately benefiting the economy and the people,” Mr. Perez said in a Palace statement on Tuesday night.   

Mr. Perez, a lawyer and certified public accountant, succeeds Jeremiah B. Belgica, who served from July 2019 to June 2022. 

Prior to his new post, Mr. Perez was ARTA’s deputy director general for operations since 2019 and concurrent officer-in-charge of the agency since June 2022.  

He was appointed at ARTA in December 2018, “serving as ARTA’s first ever employee,” the Palace said.   

“ARTA will continue to be committed to performing its mandate by improving the ease of doing business in the country to help attract more investors,” he said.   

Mr. Perez also served as assistant secretary at the Department of Trade and Industry from January 2017 to November 2018. During his stint at the department, he led the investigation on the biggest steel importation in the country, the Palace said.  

“He likewise served as OIC-Director of the Bureau of Philippine Standards, where he promulgated the development of 108 new standards and the revision of 151 Philippine National Standards. — Kyle Aristophere T. Atienza

1...4,5794,5804,581...13,196Page 4,580 of 13,196
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube