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Biden said the pandemic is over. Is it? 

PIXABAY

WASHINGTON — What is the status of coronavirus disease 2019 (COVID-19) now that President Joseph R. Biden, Jr., has told the CBS 60 Minutes news program the pandemic is over in the United States?  

Has the US formally declared the end of the pandemic?  

No. The United States is still operating under the public health emergency, first declared in January 2020.  

The US Department of Health and Human Services is expected to renew that designation in October but then let the public health emergency expire in January 2023.  

Health officials like White House COVID-19 response coordinator Ashish Jha have as recently as this month said “the pandemic is not over,” but have acknowledged that there is a shift under way in its fight against the virus.  

World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus said last week that the “end is in sight” for the pandemic, but still urged nations to maintain their vigilance.  

What is happening with COVID-19 now?  

The virus, which emerged in China in late 2019, has killed over 6.5 million people — including 1 million this year — and infected 608 million people.  

Vaccines and treatments have helped lower death rates, and global deaths from COVID-19 last week were the lowest since March 2020, according to the WHO.  

In the United States, an average of nearly 400 people a day continue to die from COVID-19, according to the US Centers for Disease Control and Prevention (CDC) and an average of over 4,300 are hospitalized each day.  

What signs are there of a pandemic in retreat?  

Mr. Biden made his comments on the sidelines of the Detroit auto show, the largest in North America, where the president noted that very few people around him were wearing masks.  

CDC mask guidelines since February have recommended that people in counties with low or medium COVID-19 levels — now almost 87% of the country — do not need to wear masks indoors.  

US government agencies have also dropped mask requirements in federal buildings in the Washington area and other places with low or medium levels of COVID-19.  

The federal government stopped requiring masks on public transportation after the courts said it did not have the authority to do so. Most states have also lifted mask requirements, including New York, as they try to persuade more workers to return to offices.  

Most schools nationwide are abandoning remote learning for in-person classes and the CDC said last month it would no longer recommend quarantines for people exposed to the virus, making it easier for teachers and students to remain in class.  

The CDC also no longer recommends unvaccinated people quarantine after exposure. Around 95% of the US population has either been vaccinated, had COVID-19 already, or both, it said.  

The United States has just begun a new COVID vaccination campaign with boosters tailored to the Omicron variant that leading infectious disease doctor Anthony Fauci compared to the annual flu vaccination efforts. — Reuters 

Gov’t fully awards T-bonds at lower rates as market awaits outcome of key meetings

BW FILE PHOTO

THE GOVERNMENT fully awarded the reissued seven-year Treasury bonds (T-bonds) it auctioned off on Tuesday at a lower average rate as the decisions of monetary authorities draw near.

The Bureau of the Treasury (BTr) raised P35 billion as planned from its offer of reissued seven-year securities that have a remaining life of six years and eight months on Tuesday. Total bids reached P54.844 billion.

Rates awarded on Tuesday ranged from 6.375% to 6.750%, bringing the average yield for the bonds on offer to 6.588%, lower by 15.2 basis points (bps) than the 6.740% coupon fetched for the series when it was last offered on June 14.

However, the average rate was 13.37 bps above the 6.4543% yield on the seven-year bonds quoted for the issue at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Reference Rates data provided by the BTr.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters that the full awarding was because “[the] rates are aligned with secondary levels.”

A trader said that the award was “quite aggressive,” similar to the coupon of the 10-year debt paper issued last week.

“The market is now demanding higher rates to get longer tenors ahead of the Federal Open Market Committee [meeting], and the risk of a global policy tightening chorus,” the trader added.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the markets are anticipating a Fed rate hike ranging between 75 bps and 100 bps on Sept. 21 amid elevated inflation.

This is “to be followed by another hike in local policy rates on Sept. 22 to help stabilize the peso, as well as to better manage both inflation and inflation expectations,” he added in a Viber message.

The US consumer price index rose in August amid rising rent and healthcare costs, strengthening the case for another aggressive Fed rate hike.

Fed Chair Jerome H. Powell earlier said the central bank was “strongly committed” to fighting inflation. The Fed is meeting to review policy on Sept. 20-21 and has raised rates by 225 bps since March, including two 75-bp moves in June and July.

At home, the BSP will hold its policy meeting the following day, Sept. 22. It has hiked borrowing costs by 175 bps since May to rein in rising prices.

A BusinessWorld poll last week showed 14 out of 15 analysts expect the BSP to fire off another rate hike on Thursday. Eleven see a 50-bp increase, while two expect a moderate hike worth 25 bps. Meanwhile, one is betting on a big 75-bp move.

BSP Governor Felipe M. Medalla said last month the central bank has room to hike borrowing costs further as inflation remains elevated, with the Fed’s aggressive tightening also posing additional risk to prices due to its effect on the peso.

Headline inflation eased to 6.3% in August from a near four-year high of 6.4% in July. This brought the eight-month average to 4.9%, higher than the central bank’s 2-4% target but still below its 5.4% forecast for the year.

The peso closed at an all-time low P57.43 per dollar on Friday, losing 27 centavos from its P57.16 finish on Thursday, Bankers Association of the Philippines data showed. It has since slightly appreciated to P57.4 on Monday.

The BTr wants to raise P200 billion from the domestic market this month, or P60 billion through Treasury bills and P140 billion via T-bonds.

The government borrows from local and external sources to help fund a budget deficit capped at 7.6% of GDP this year. — Diego Gabriel C. Robles

Arts & Culture (09/21/22)

CHILE’s Calzones Rotos (Family Secrets), a dark comedy

Film screenings at the CCP Arthouse Cinema

THE CULTURAL Center of the Philippines (CCP) Arthouse Cinema presents ON VERS(E/U)S AND DRONES, a two-day special screening of the films Ang Hupa by Lav Diaz on Sept. 21, 2 p.m., and Respeto by Treb Monteras II on Sept. 22, 2 p.m. at the CCP’s Tanghalang Manuel Conde. A talkback session will follow the screenings. Admission is free. Guests must their face mask at all times, and bring vaccination cards/certificates (e-copies are allowed). For more information on the CCP’s new normal safety protocols, visit https://bit.ly/staysafeatCCP.

Shangri-La Plaza screening 7 films for free

SEVEN films from Mexico, Colombia, Chile, and Singapore are screening for free on Sept. 21-25 at Shangri-La Plaza mall. For the first time, the mall is hosting the Pacific Alliance Movie Nights, in partnership with the Embassies of Chile, Colombia, Mexico, and Singapore, and the Film Development Council of the Philippines, at the Red Carpet at the Shang. To be shown are: Mexico’s Arráncame la vida (Tear this Heart Out), about a young woman who married an old prominent politician who turned out to be ruthless and unfaithful, and Cuando los hijos regresan (The Kids are Back), a comedy about a happily retired couple who must deal with their adult children moving back home; Colombia’s El Piedra (The Stone), about an unsuccessful boxer who gets paid to lose fights and finds himself taking care of a boy who claims to be his son, and the documentary Chiribiquete which follows Colombian archaeologist and anthropologist Carlos Castaño; Chile’s Calzones Rotos (Family Secrets), a dark comedy about a family that’s about to uncover their dying matriarch’s old secrets after she confesses to killing her husband, and Mis hermanos sueñan despiertos (My Brothers Dream Awake) about teenage brothers in a juvenile center who join a risky escape; and Singapore’s Motel Acacia about a half-Filipino who is mentored by his tyrannical father to take over their family business, a creepy motel that takes in illegal immigrants. All films will be screened in their original language with English subtitles. Entrance is free on a first come, first served basis. For updates and inquiries, follow Shangri-La Plaza on Facebook at www.facebook.com/shangrilaplazaofficial and on Instagram @shangrilaplazaofficial.

2 shows opening at Silverlens

SILVERLENS will open two shows on Sept. 22, both of which will run until Oct. 22. The first is “come – one – come – all,” a solo exhibition by senior Thai contemporary artist Mit Jai Inn. As a notable expansion of his artistic practice, “come – one – come – all” aims to present the allure behind three different facets of his 40-year art practice, all of which possess a taste and twist of Modernism. In this show, the artist himself acts as the master of his own language, weaving his very own grammatical principles for paintings. The second show is “Haiku in Clay,” Shozo Michikawa’s second solo show with Silverlens. In it he continues to take inspiration from his birthplace, Hokkaido, with its geography of topographical contrasts from mountain greens to volcanic plateaus in a new collection of fifteen works. The ceramicist’s signature style of twisting clay from the inside without disturbing the exterior as the wheel turns gives the works a uniquely sculptural form where movement becomes an abstraction. Silverlens’ Manila gallery is at 2263 Don Chino Roces Ave. Ext., Makati. It is open Tuesday – Saturday, 10 a.m. to 5 p.m.

Light and Sound show marks CCP anniversary

TO celebrate the 53rd anniversary of the Cultural Center of the Philippines (CCP) this month, the SINAG 2022: Light and Sound show and spectacle will light up the CCP façade from September 22-25. Multi-awarded lighting designer John Batalla conceptualized the outdoor light show, with sound design by Jethro Joaquin. “We will interpret the three transcendentals of Truth, Goodness, and Beauty paired with a soundscape of indigenous Filipino instruments, snippets of folk music and quintessential Filipino sound bites or quotable quotes from the past,” Mr. Batalla said. SINAG 2022 is produced by the CCP Production Design and Technical Services Division. The show, which runs for 10 minutes, will open at 7 p.m. on Sept. 22 and run from Sept. 23 to 25 at 7, 7:30, 8, 8:30, 9, and 9:30 p.m. SINAG is an annual anniversary light and sound spectacle of the CCP enjoyed by pedestrians, motorists, and regular visitors to the Complex.

ARTablado presents ‘Habi ni Ake’

ARTIST Racquel “Ake” Pagulayan —  an entrepreneur and mother of three — makes art with materials that are anything but traditional. Using everyday household items, she is able to explore her creativity in paintings, sculptures, accessories, cross-stitching, beaded necklaces, and even artificial copper bonsai trees. She didn’t have the financial means to pursue the arts, much less a career in it at first. As the breadwinner of her family, she worked in the garments industry. It was when she saw a mandala made of sewing threads that she was inspired to create her own. Her works are now on view in the exhibit “Habi ni Ake” at ARTablado until Sept. 30. The gallery is at the Upper Ground Floor, North Wing, of Robinsons Antipolo.

The CCP Dance Series kicks off

AS PART of the CCP Dance Series (LIVE!) 2022 which is ongoing from September to December and features productions created by National Artists for Dance Alice Reyes and Agnes Locsin, French choreographer Redha Benteifour, and choreographic works by young Filipino dancers, the  Cultural Center of the Philippines (CCP) presents Pulso Pilipinas I, at the CCP Tanghalang Nicanor Abelardo on Sept. 23 at 8 p.m. and on Sept. 24 at 3 p.m. Pulso Pilipinas I presents dancers from regional dance groups, both students and professionals, performing the dances “Company” by National Artist for Dance Alice Reyes, “Moriones” by National Artist for Dance, Agnes Locsin, “We Men” by Lester Reguindin, “Asong Ulol” by Denisa Reyes, and “Mamang Kutsero” from Edna Vida’s Ensalada. For ticket information contact the CCP Box Office at 8832-3704, the CCP Production Management Services Division at 8832-2314, the CCP Arts Education Department at 8832-1125 loc. 1605, or visit www.culturalcenter.gov.ph for more information and ticket inquiries.

‘Perpetual Flux’ at Robinsons Galleria

WHEN the pandemic hit, a group of fine arts graduates from the College of Holy Spirit, whose art had been dormant since they were busy being professionals in different fields or were raising a family, found they needed something to cope with the bleakness of the situation, and they decided to take up painting again. They formed an art group in the first half of 2020 called ARTfinity which has two ongoing exhibitions. One is billed as “Perpetual Flux,” which is on view until Sept. 30 at ARTablado, Level 3 of Robinsons Galleria. It features 66 works by the 13 members of ARTfinity. The other exhibit, called “ARTfinity: Unfiltered,” is on view until the end of October at Café Summit Ridge in Tagaytay. ARTfinity’s members are Valerie Teng, Aina Marcaida, Andrei Solmirano, Jonathan Astrid Anabo, Gabriel Xavier Valenzuela, Jayvee Del Rosario, Kwin Chi, Mark Anthony Janoya, Marie Ann Paredes, Mr. Fu, Phil Salazar, Scifi Wasabi, and Zarah Eugenie Cabangon.  

Security Bank donating art to National Museum

TO help promote and celebrate the country’s cultural and artistic heritage, Security Bank is donating 14 sculptures by the late National Artist Guillermo Tolentino to the National Museum of Fine Arts. The art works will be officially turned over to the museum on Sept. 24 at the National Museum of Fine Arts, P. Burgos Drive, Rizal Park, Manila.

Gateway exhibit focuses on nature

GATEWAY Gallery, the art museum of Araneta City, is currently hosting the art of Punjabi Artist Jaspreet Kaur in an exhibition called “Extinction,” which opened on Sept. 10. The exhibition features life-like paintings of different endangered species including birds of prey and big cats such as lions and tigers. Ms. Kaur is known both in the Philippines and in India. Her art, mainly done through various media such as oil, pastel, acrylic, and charcoal, has been exhibited in various locations in the Philippines and in Punjab. “Extinction” is on view until Sept. 24 at the Small Room of the Gateway Gallery, Gateway mall, Araneta City in Cubao, Quezon City.

FHL presents virtual papermaking workshop

THE AYALA Foundation, Inc., Filipinas Heritage Library (FHL), the Japan Foundation Manila, and Jimenez Logistics Solutions, Inc. present LIKHANG PAPEL:
A Virtual Papermaking Workshop with Asao Shimura on Oct. 8 and 15 (Saturdays) from 10 a.m. to noon. The workshop will be online via Zoom. The workshop shows the use of Philippine plant fibers in Japanese papermaking. Filipinas Heritage Library and the Japan Foundation, Manila present the workshop as part of the Printed Word, a series on the history of the book, that has been ongoing since 2014. Crafts enthusiasts and fine arts teachers are welcome to attend. The workshop rates (inclusive of a customized papermaking kit and shipping for local participants; overseas participants shoulder extra fees for international shipping) is P3,700, with Seniors and PWDs having a discounted fee of P3,150. The workshop is recommended for those 16 years old and above. A pre-read will be provided after completing one’s workshop registration. For inquiries send an e-mail to asklibrarian@filipinaslibrary.org.ph.

Three tenors star in concert series

MUSICAL theater artists Markki Stroem, Arman Ferrer, and Poppert Bernadas are headliners in this year’s Triple Threats: Three Tenors concert series from October to December at the Cultural Center of the Philippines’ Tanghalang Ignacio Gimenez (CCP Black Box Theater). Triple Threats is a series of solo concerts featuring stalwarts of Philippine Musical Theater. Leading this series on Oct. 14 is Markki Stroem, who has starred in, among others, Next To Normal (Atlantis, 2011), Camp Rock (Repertory, 2012), Kung Paano Ako Naging Leading Lady (Dalanghita Production, 2015), Hair (Repertory, 2017), and Side Show (Atlantis, 2018). The series continues on Nov. 18 with operatic tenor Arman Ferrer who has come out in Walang Sugat, Mabining Mandirigma, Maynila: Sa Mga Kuko ng Liwanag, Binondo: A Tsinoy Musical, and Lapu Lapu, among others. Closing the series on Dec. 21 will be Poppert Bernadas, an original member of the vocal group the Ryan Cayabyab Singers who has starred in Rak of Aegis, LORENZO the Musical, Spoliarium, and Marawi The Musicale among others. The three concerts will begin at 7:30 p.m. at Tanghalang Ignacio Gimenez. Check out the CCP’s official website https://culturalcenter.gov.ph and Facebook page https://www.facebook.com/culturalcenterofthephilippines for more information.

DTI chief seeks investors to establish franchises

THE DEPARTMENT of Trade and Industry (DTI) is expecting more franchises in the Philippines on the back of surging demand for popular brands and establishments.

“Investors are encouraged to set up franchises in the Philippines because of its healthy business climate. The Philippines is the 7th largest franchise market in the world, contributing 7.8% to our country’s gross domestic product (GDP) and creating two million direct and indirect jobs,” Trade Secretary Alfredo E. Pascual said in a speech during the Franchise Asia Philippines 2022 virtual conference on Tuesday.

“With a growing middle class, our country is considered one of the largest franchise markets in the Southeast Asian region. Eating at a popular establishment or owning branded items signals societal status in one of Asia’s most social media savvy populations,” he added.

According to Mr. Pascual, the food service sector accounts for almost half of the franchise categories in the country.

“Of the two basic franchise categories, food expectedly takes precedence over non-food. Food makes up almost half (43%) of the estimated 1,800 franchise brands in the Philippines. According to Philippine Franchise Association data, food franchises have an aggregate value of P538 billion or $10.8 billion,” Mr. Pascual said.

He added that aspiring entrepreneurs should start a business via franchising since it has a higher success rate.

“Unlike starting a business on your own, franchisees build on tried-and-tested business models. A team of experts guides franchise owners to achieve management and operational efficiencies, as well as excellent quality control systems,” Mr. Pascual said.

“Market-wise, franchisees have an advantage in terms of brand recognition. Name recall makes franchise brands popular, making sales easier. Building up new brands requires substantial expenditures to generate brand awareness, and new brands also need to develop a steady clientele,” he added.

Meanwhile, Mr. Pascual said that the DTI has been providing financial assistance to micro, small, and medium enterprises (MSMEs) since many franchisees come from the said sector.

“Through SB Corp., the DTI has been extending financial assistance to MSMEs to provide them access to capital. We assist them in their debt obligation payment, repurposing existing business capital, and acquiring new technologies and systems. We help them adjust their business processes to adapt to the new normal,” Mr. Pascual said. — Revin Mikhael D. Ochave

Monitoring blood glucose without needles

Abbott Laboratories’ FreeStyle Libre Flash system, a continuous glucose monitoring (CGM) system, consists of a coin-sized glucose arm sensor and a handheld reader that provides the last eight hours of glucose history. 

CGM is wearable technology that measures the glucose levels in the fluids inside the body. To obtain a glucose reading, the user scans the reader over the sensor — a painless one-second procedure that doesn’t need finger pricks. The system also comes with software that generates reports and analyzes the user’s glucose data.   

Gary S. Valenciano, a 58-year-old singer, songwriter, and music producer who has been living with diabetes since he was 14, has seen how innovations in glucose monitoring such as these have eased the “balancing act” of diabetes management.  

“Diabetes can be the most deceiving of all illnesses, because sometimes you think you’re okay, but then things can be going on inside of you, if you don’t take care of yourself the way you should,” said Mr. Valenciano, at a Sept. 14 event organized by the multinational medical devices and healthcare company.  

When Mr. Valenciano started monitoring his blood glucose four decades ago, it involved a test tube, a tablet, and a urine sample.   

“I felt like a chemist. … I would have to gather a few drops of [urine] to a dropper, and then determine how high or low my sugar was, depending on how the tablet inside would respond,” he said. “It was more or less a guessing game to see where I was.”   

When finger stick checks became available, the concern then became remembering to bring the required gadgets, looking for a private place to prick one’s finger, and waiting 45 seconds to get the results.  

“The finger stick method measures blood sugar at that point in time,” said Dr. Michael L. Villa, immediate past president of the Philippine Society of Endocrinology, Diabetes, and Metabolism. “You need to measure it many times in one day.”  

He noted that a fear of needles made some patients less willing to monitor their blood sugar levels.  

CGM, meanwhile, removes the need for multiple finger pricks and provides more data. “I am very happy with this new development in glucose monitoring, as it gives enough information for the patient to act on,” Dr. Villa said. “Some people claim they’re asymptomatic, but this gives me information throughout the day.”  

Diabetes is a disease that occurs when the body’s blood glucose is too high. High blood sugar can lead to problems such as heart disease, kidney disease, and nerve damage.  

Philippine Statistics Authority data show that deaths due to diabetes mellitus ranked fourth in 2020 at 37,265, after heart diseases (99,680), cancer (62,289), and cerebrovascular diseases (59,736). This is an increase of 7.8% from the 2019 tally.  

The Shining Light Foundation, established by Mr. Valenciano and his wife, Angeli P. Valenciano, provides medical assistance to Filipino diabetics. 

“Through donations and diabetes education, I want to inspire more Filipinos living with diabetes that it is possible to remove the mystery behind the condition,” he said. “[You can] live better through proper diabetes management that’s powered by accurate and real-time data.” — Patricia B. Mirasol 

Gaza farmer unearths Byzantine-era mosaic

PALESTINIAN farmer Salman al-Nabahin cleans a mosaic floor he discovered at his farm and which dates back to the Byzantine era, according to officials, in the central Gaza Strip, Sept. 18. — REUTERS/IBRAHEEM ABU MUSTAFA

GAZA — An ornate Byzantine floor mosaic showing a variety of colorful birds and other animals has been discovered by chance in Gaza after a Palestinian farmer tried to plant new trees on his land.

Salman al-Nabahin unearthed the relic six months ago while working in his olive orchard in the Bureij refugee camp, about a kilometer from the border with Israel.

Trying to figure out why some trees had not properly taken root, Mr. Nabahin said he and his son began digging. Then the son’s axe hit something hard and unfamiliar in appearance.

“I searched on the internet … We learnt it was mosaic belonging to the Byzantine era,” said the father-of-seven, sitting next to his discovery. “I see it as a treasure, dearer than a treasure. It isn’t personal, it belongs to every Palestinian.”

The Palestinian Ministry of Tourism and Antiquities said the flooring included several mosaic panels depicting animals and other features of social life during the Byzantine era.

“The archaeological discovery is still in its early stages and we await to know more of the secrets and civilization values,” the ministry said in a statement. “National research teams are working in partnership with international experts and scientists from the French Archaeology School.”

Gaza is rich with antiquities, having been an important trading spot for civilizations dating as far back as the ancient Egyptians and the Philistines depicted in the Bible, through to the Roman empire and the crusades.

Several discoveries have been made in recent years. But due to a lack of funds and relevant professionals, Gaza has usually invited international groups to help with the process of excavation and preservation. — Reuters

AUB sees rising demand for dollar-denominated assets

BW FILE PHOTO

ASIA UNITED BANK Corp. (AUB) expects dollar-denominated investments to be in high demand amid the peso’s depreciation as the US Federal Reserve sustains its aggressive policy stance.

“Dollar-denominated assets should be favorable when the US dollar exchange rate is strengthening, especially if it is on account of increasing interest rates, as the case is today,” AUB Executive Vice-President and Head of Treasury Antonio V. Agcaoili, Jr. said in a statement on Tuesday.

“The US Federal Reserve has made it clear it is on a path of sustained rate hikes. Until it is convinced that the threat of runaway inflation is completely eradicated, the dollar will remain elevated and reach historic highs,” Mr. Agcaoili said.

The peso has further weakened against the dollar, trading above the P57-a-dollar level since Sept. 14, following the US Federal Reserve’s hawkish policy stance in taming US inflation.

On Tuesday, the local unit closed at a new record low of P57.48 against the greenback, losing eight centavos from its P57.40 finish on Monday, Bankers Association of the Philippines data showed.

Year to date, the peso has weakened by 12.7% or P6.48 from its P51-per-dollar close on Dec. 31, 2021.

According to Mr. Agcaoili, while there would be a seasonal uptick of remittances from overseas Filipino workers (OFWs) towards the fourth quarter of the year, it may not be enough to support the peso against the greenback.

“The demand for foreign exchange is much bigger than the amount coming from OFWs,” Mr. Agcaoili said.

AUB Senior Vice-President and Head of Trust Andrew A. Chua said investors in search of higher-yielding assets are in a good position to load up on dollar assets.

“The bank is already seeing pent-up demand for its award-winning AUB Gold Dollar Fund (GDF) which offers retail investors access to the US dollar bond market normally reserved for foreigners and high net worth investors,” AUB said.

The AUB GDF offers returns that can be withdrawn at any time after the minimum holding period. Investors will also have a team of fund managers that will safeguard their investments as risk and returns are balanced appropriately. 

The GDF invests in a diversified portfolio of fixed-income securities. It also offers a rate of return equal to the rolling yield of the 5-year US treasury notes, net of fees.

“With expectations for interest rates to continue to rise in the near term, the GDF’s net asset value (NAV) will remain depressed. However, as prospects for a US economic recession rise, we expect the US Fed to end its hawkish policies soon. This, in turn, will result in a more stable interest rate environment and will allow the fund to accrue at high yields,” Mr. Chua said.

“As such, we see the current situation as a good opportunity for our clients to start accumulating investments in the GDF and expect to reap the benefits from their investments over the next two to three years,” he added.

AUB won as the Best Managed Fund in the Dollar Medium-Term Bond Fund category at the CFA Society Philippines’ 2022 Best Managed Fund Awards for six years straight.

“Consistency is key. Short- to medium-term volatility amplifies the noise in the market, but with consistent fund management, long-term performance of the fund will almost always result to positive returns,” Mr. Chua said.

“Having been awarded by the CFA as the Best Medium Term Bond Fund for six years in a row is a solid validation to our fund management capabilities,” he added.

AUB and its subsidiaries saw their consolidated net income surge in the first semester amid a higher total operating income and lower loan loss provisions.

The AUB group’s consolidated net profit was at P2.9 billion in the first half of the year, rising by 50% from the P1.9 billion seen a year prior. This translated to a return on assets of 1.8%, up from 1.2%, and a return on equity of 15.8%, improving from 11% last year.

AUB shares closed at P43.10 apiece on Tuesday, down by 25 centavos or 0.58%. — Keisha B. Ta-asan

ACEN solar farm in Australia set to start operating next year

ACEN CORP. announced on Tuesday that its New England solar farm project in Australia is expected to commence operation by 2023, making it the Ayala-led firm’s first running project in that country.

In a disclosure, the Ayala-led listed energy company said that the projects of ACEN Australia are currently under development. These include solar, wind, battery, pumped hydro and energy storage.

ACEN Australia is the platform representing ACEN’s renewable energy assets in Australia.

“The New England Solar farm, the first of these projects, is expected to be in operation by 2023,” ACEN said.

Once fully constructed, the solar farm project is said to produce enough energy to power approximately 250,000 households annually.

On its website, ACEN said that the project is a combined 720-megawatt (MW) solar and 400-MW-hour  battery.

In the company’s disclosure on Sept. 15, ACEN said that as a guarantor to ACEN Australia, it executed a common provision and a facility agreement between ACEN Australia and MUFG Bank, Ltd. in Sydney for a long-term revolving green loan facility amounting to 140 million Australian dollars.

The disclosure quoted Manoj S. Bhatia, MUFG Bank’s global head of subsidiary banking, as saying: “MUFG has been steadfast in leveraging its unrivaled global network and its expertise in financing the renewable energy sector. ACEN’s aspiration towards becoming a leading renewable energy provider in Asia is aligned with MUFG’s sustainability mission.”

On Tuesday, shares in the company closed 0.45% lower at P6.67 apiece. — Ashley Erika O. Jose

Designing a better future for the breast cancer community

PIXABAY

Cancer patient group ICanServe Foundation, in partnership with US-based non-profit organization Global Focus on Cancer, will host this year’s Southeast Asian Breast Cancer Symposium (SEABCS) in Manila from Sept. 23 to 25. 

Each year, SEABCS gathers the region’s cancer survivors, patient advocates, health professionals, researchers, and policymakers in order to exchange ideas, share successful strategies, and keep up with the latest in breast cancer, as well as the many challenges that face the breast cancer community on a personal, local, national, regional and international level. 

Carrying the theme “Designing a Better Future for the Global Breast Cancer Community,” the event seeks to improve the quality of life of breast cancer survivors by enhancing key aspects of the cancer continuum of care from prevention, early diagnosis, treatment, palliative care to survivorship and hospice.  

It will also provide advocates with data and best practices needed to influence positive change in the health systems of their countries. The conference will likewise be an opportunity for the region to come together to continually find common ground for collaboration. 

Breast cancer is the most common cancer among Filipino women, and the third leading cause of cancer-related deaths in the country. 

Globally, the World Health Organization (WHO) said that there were 2.3 million women diagnosed with breast cancer and 685,000 deaths in 2020. By the end of the same year, the WHO added that there were 7.8 million women alive who were diagnosed with breast cancer in the past five years, making it the world’s most prevalent cancer. 

The US Centers for Disease Control and Prevention (CDC) said that women can take steps to lower their risks for breast cancer, such as: maintaining a healthy weight; exercising regularly and voiding or limiting alcohol intake; breastfeeding children; seeing a doctor if there is family history of breast cancer or inherited changes in BRCA1 (breast cancer gene 1) and BRCA2 (breast cancer gene 2). 

Women can have different symptoms of breast cancer — some do not have any signs or symptoms at all, the CDC noted. Warning signs of breast cancer include a new lump in the breast or underarm (armpit); thickening or swelling of part of the breast; irritation or dimpling of breast skin; redness or flaky skin in the nipple area or the breast; pulling in of the nipple or pain in the nipple area; nipple discharge other than breast milk, including blood; any change in the size or the shape of the breast; and pain in any area of the breast. If you have any signs or symptoms that worry you, see your doctor immediately. 

The Department of Health (DoH) emphasized the importance of regular breast self-examination (BSE) and the critical role of regular mammograms in the early detection and treatment of breast cancer.  

“Kamay Gabay, Sariling Salat sa Suso,” a series of four-minute animated BSE tutorial videos in Cebuano and Tagalog, aims to teach Filipino women how and when to do BSE and raise awareness on the importance of regular BSE to facilitate early detection and prompt treatment of breast cancer. 

“Unlike other cancers, breast cancer can be screened and diagnosed early. Performing BSE regularly makes women aware of their breasts and they will be the first to notice any notable changes. It is important to perform BSE especially during the pandemic when many women are afraid of going to the hospitals whether they be non-breast cancer patients going for a routine screening, cancer patients on treatment or cancer survivors on their regular checkup,” said Kara Magsanoc-Alikpala, founding president of ICanServe. 

 

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. 

Philippines drops in property rights list

The Philippines slipped a notch to place 83rd out of 129 countries in the latest International Property Rights Index (IPRI), produced annually by Washington, D.C.-based think tank Property Rights Alliance. The index measures the intellectual and property rights of the countries based on three components: legal and political environment; physical property rights; and intellectual property rights. With an overall score of 4.495 out of 10, the Philippines was the lowest among its peers in the East and Southeast Asia and below the world’s average of 5.191.

Philippines drops in property rights list

How PSEi member stocks performed — September 20, 2022

Here’s a quick glance at how PSEi stocks fared on Tuesday, September 20, 2022.

Marcos does not see a future without US

PRESIDENT Ferdinand R. Marcos, Jr. at the New York Stock Exchange on Tuesday — OFFICE OF THE PRESS SECRETARY

By Kyle Aristophere T. Atienza, Reporter

PHILIPPINE President Ferdinand R. Marcos, Jr. on Tuesday said the United States remains a key partner, adding that not having it as an ally is inconceivable. 

“I cannot see the Philippines in the future without having the United States as a partner,” he told New York Stock Exchange chief commercial officer John Tuttle, based on a transcript sent by the presidential palace.

“Many of the drivers of our early economy were actually American corporations,” he added.

Mr. Marcos made the remark amid escalating competition between the US and China in the Indo-Pacific region.

“Many of the strongest corporate benefactors to the government and to the rest of society in the Philippines were coming from the United States,” he said.

Strengthening the Philippine-US alliance is “extremely necessary” as the world faces economic and geopolitical crises, Mr. Marcos said. “This is something that is central to our thinking when it comes to the economic planning for the Philippines.”

The president noted that when the Philippines is in a crisis, it always looks to the US. “The reason we have done that is that for the most part, we can say that the United States has not failed us.”

“We are driven together in many ways by forces that exist now in the world.”

Ex-President Rodrigo R. Duterte, his predecessor, led a foreign policy pivot to China away from western super powers such as the US. He terminated an unpopular visiting forces agreement with the US and often verbally assaulted top US officials, including ex-President Barack Obama, who have been critical of his war on drugs. 

“The President is not saying anything new,” policy analyst Michael Henry Ll. Yusingco said in a Facebook Messenger chat. “He is merely restating what the reality is between the Philippines and US.”

“The reality is our foreign policy has always been to be friendly with the US,” he said. “This has never changed, even during the time of President Duterte.”

Mr. Yusingco noted that being an ally of the US does not automatically mean that the Philippines needs to join it in its “geopolitical adventurism.”

“The enemy of the US does not automatically become our enemy. Being their ally does not isolate us from the community of nations.”

The Philippines Government, represented by ex-Trade Secretary Ramon M. Lopez joined US President Joseph R. Biden, Jr. and 11 other leaders and ministers of regional partners from Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Singapore, Thailand, and Vietnam in virtually launching the Indo-Pacific Economic Framework in May.

Member-countries account for 40% of the world’s economy.

Experts said the level of Philippines participation in the US-led economic platform would be a litmus test for the Marcos government’s independent foreign policy push.

Robin Michael U. Garcia, who teaches political economy at the University of Asia and the Pacific, said Mr. Marcos’ recent statements do not necessarily signal a pro-US stance.

“I would not say it is a pro-US statement and I do not think it is a complete return to pre-Duterte Philippine-US relations of reliance in and full accommodation of the United States,” he said in a Messenger chat. “The statement is rather general, broad, and safe.”

Mr. Garcia said the Philippines has yet to craft a “rigorous and comprehensive” approach toward China and other rising powers. “The foreign policy direction of the Philippines is still vague.”

Mr. Marcos, 65, took office in June amid tensions in the South China Sea and naval competition for influence among Southeast Asian countries.

In his first address to Congress, he promised to protect Philippine territories, although he did not name China as an aggressor. He neither sided with China nor the US, saying the Philippines “shall continue to be a friend to all and an enemy to none.”

Mr. Marcos had been criticized during the campaign for supposedly taking a conciliatory stance toward Beijing, which has refused to recognize a 2016 arbitral ruling that voided its claims to more than 80% of the waterway.

“The primary concern of the prez should always be the national interest of the Philippine and nothing else,” Mr. Yusingco said. “His words here still fall within that ambit.”

“It should stay that way regardless if he was talking about the US or China or any nation-state for that matter.”

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