Trading of Ever-Gotesco shares halted amid quasi-reorganization

July 13, 2022 | 12:05 am

THE stock exchange on Tuesday called for a one-hour trading halt on Ever-Gotesco Resources and Holdings, Inc. shares after the mall builder moved to eliminate its accumulated retained earnings deficit to give it “a fresh start” in agri-tourism and bamboo industry businesses.

The move is part of the company’s quasi-reorganization that involves the decrease in its authorized capital stock to P2.5 billion divided into 25 billion shares with a par value of 10 centavos each, from P5 billion divided into 5 billion shares with a par value of P1 apiece.

The trading halt was from 11:10 a.m. to 1:10 p.m. on July 12.

Apart from the quasi-reorganization, Ever-Gotesco plans to increase its authorized capital stock to P7.5 billion.

It said the move “aims to attract more investors and raise capital for its new business ventures: agri-tourism and bamboo industry.”

These corporate actions were approved by the company’s board May 24, 2022. It has yet to announce the approval of shareholders.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said that the halt was expected.

“It gave investors and the market, in general, the time that they needed to digest the news and its implications on [Ever-Gotesco] as a company. Fundamentals-wise, the quasi-reorganization reflects the management’s prudent financial measures amid the pandemic,” Mr. Limlingan said.

In Ever-Gotesco’s first-quarter report, it registered a retained loss of P2.54 billion, which left its stockholders’ equity at P2.46 billion.

The company previously disclosed that the major changes in its financial statement accounts were due to its new ventures such as the acquisition of Agriwave Organic, Inc. and 3-J Development Corp. to manage agribusinesses and eco-agri tourism projects, respectively.

Agriwave is engaged in the production and sales of high-value crops and plants while 3-J operates resorts that uphold the integration of leisure activities, environmental conservation, and ecological tourism.

3-J currently operates a resort in Batangas under the trade name Forest Crest Nature Hotel and Resort.

Along with the quasi-reorganization, the company is also changing its name to Everwoods Green Resources and Holdings, Inc. in line with its transition to agri-tourism and bamboo industry businesses.

In a separate disclosure, the company said it is increasing its authorized capital stock to P7.5 billion to raise funds as its current capitalization is fully subscribed.

On Tuesday, shares in Ever-Gotesco rose by 1.92% or P0.005 to close at P0.265 apiece. — Justine Irish DP. Tabile

Allergies on the rise due to climate change

July 13, 2022 | 12:05 am

Climate change has increased the incidence of skin and respiratory allergies, according to allergologists at a July 10 event organized by the Philippine Society of Allergy, Asthma, and Immunology (PSAAI).

“There’s longer pollination as well as increasing humidity, leading to the proliferation of dust mites, molds, pollens, and fungi. This leads to an increasing incidence of skin and respiratory allergies,” said Dr. Addah S. de Peralta, an allergologist at De La Salle University Medical Center.

Dust mites, molds, pollens, and fungi are among the most common allergens, or substances that cause allergic reactions.

A March 2022 study published in Nature Communications found that atmospheric conditions affect the release of pollen, and the timing and magnitude will be altered by climate change. Simultaneous exposure to allergens and toxic air pollutants can also worsen allergic responses, warned the US National Climate Assessment.

“To decrease the effects of climate change, we need to practice solid waste management in our barangays [communities],” said Dr. Glaiza M. Madulara, an allergologist affiliated with Pacific Global Medical Center.

Atopic dermatitis, also known as eczema, is a chronic skin condition that makes one’s skin red and itchy. It tends to flare periodically, and may be accompanied by asthma or hay fever (seasonal allergic rhinitis).

Patients with this condition have a 50%–75% risk of developing asthma and allergic rhinitis, Dr. Madulara said. “Atopic dermatitis is usually the starting point for food allergies to develop later in life too.”

While there is no cure for it, individuals can control atopic dermatitis by the avoidance of skin triggers and good skin care.

“Shower with lukewarm water, use a gentle skin cleanser, and apply moisturizer after tapping dry your skin,” said Dr. Madulara. “Flareups can be treated with steroidal anti-inflammatory creams or ointments, per the supervision of each individual’s doctor.”

Avoiding triggers is also a good management strategy for allergic rhinitis, according to Dr. Jose Carlo Miguel M. Villanueva, an allergologist from Capitol Oral Rehabilitation Center Medical/Dental Clinic.

If you have a runny nose in the morning, sneeze when it’s dusty, and have itchy eyes especially at night, then you might have allergic rhinitis, he said. “[Another telltale sign] is mouth breathing because of a clogged nose, which can result in dry lips, a change in the shape of your jawline, and crooked teeth,” he added.

Symptoms worsen with weather changes, strong emotions, and air pollution. “One of the most important things to find out is which allergens give you your symptoms,” said Dr. Villanueva. “One way to do it is through a skin allergy test.”

A patient’s skin is exposed to suspected allergens in a skin prick test. The skin area is then observed for signs of an allergic reaction. Those with a family history of atopy — or the genetic tendency to develop allergic rhinitis, asthma, and eczema — are more predisposed to having allergies (a 20%–40% risk among children with one atopic parent, and a 40-60% risk among children with parents who are both atopic).

“As we go through the new normal and start to finally get our old lives again, let’s not forget that there are people who struggle with diseases in everyday life,” Dr. de Peralta said.

The overall prevalence of allergic rhinitis in the Philippines based on the National Nutrition and Health Survey of 2008 is 20%.

July 8 is National Allergy Day. – Patricia B. Mirasol

POC, business tycoons, patrons form special incentive trust fund

July 13, 2022 | 12:05 am

For future Filipino medalists in international meets

THE Philippine Olympic Committee (POC) is teaming up with business tycoons and top sports patrons Manny V. Pangilinan (MVP), Ramon S. Ang and Charlie Gonzales of Uticon Builders, Inc. in forming a special incentive trust fund for future Filipino medalists in international meets.

POC President Abraham Tolentino said the trust fund is aimed at giving extra motivation for the national athletes who are preparing for at least two major sporting events — the Phnom Penh Southeast Asian (SEA) Games and Hangzhou Asian Games — all set next year.

The extra bonus is apart from the reward the athletes and coaches stand to receive from the government by law for snaring medals in the international arenas like the SEA Games, Asiad and Olympics.

“The POC expresses its gratitude to Mr. RSA (Ang) and Mr. MVP (Pangilinan) for their relentless and enthusiastic support to the trust fund, which is envisioned to inspire our athletes to level up further in their pursuit of victories overseas,” said Mr. Tolentino.

“It will be a very busy year for Philippine sports and, like how we did this year, the POC will again guarantee medalist athletes their incentives for them to excel even more,” he added.

The POC under the mayor from Tagaytay started rewarding cash bonuses to medalist athletes in last year’s Tokyo Olympics and last May’s Hanoi Games where the organization released a total of P11.150 million in cash bonuses to 417 athletes who harvested 52 gold, 70 silver and 105 bronze medals in Vietnam.

And that is thanks to Mr. Ang and his San Miguel group, MVP and his MVPSF and group of companies like Smart and PLDT and Mr. Gonzales’ Uticon.

He also hopes the POC special incentive trust fund program will spur private sector support to reward medalists in the SEA Games, Asian Games and Olympics.

“All donations from private corporations will automatically go to that incentive trust fund for athletes,” he said. — Joey Villar

Gov’t fully awards reissued bonds at higher rates

July 13, 2022 | 12:05 am

THE GOVERNMENT fully awarded its offer of reissued 10-year Treasury bonds (T-bonds) on Tuesday at a higher average rate amid growing risks to the global outlook.

The Bureau of the Treasury (BTr) raised P35 billion as planned from its auction of reissued 10-year securities that have a remaining life of six years and six months on Tuesday, with total bids reaching P91.96 billion.

Rates awarded ranged from 6.625% to 6.8%, bringing the average yield for the bonds on offer to 6.76%, 235.1 basis points (bps) higher than the 4.409% fetched for the series when it was last offered on Feb. 18, 2020.

The average rate seen for the tenor on Tuesday was also 27.79 bps higher than the 6.4821% quoted for the seven-year bonds, the benchmark closest to the remaining life of the papers on offer, at the secondary market before Tuesday’s auction, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

Meanwhile, it was 15.54 bps lower than the 6.9154% fetched for the 10-year tenor at the secondary market before the auction.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters that the BTr made the full award at higher rates as given the current market environment, the government “needs to provide reasonable return to investors for the risks they are taking.”

Market players said despite the higher average rate, yields seen on Tuesday remained below market expectations amid strong demand for the papers offered.

“This auction surprised compared to the initial market estimate of 6.75% to 7% prior to the auction,” the first trader said. “So, the average yield printed lower than initially expected given the blockbuster demand, as evidenced by the total tenders submitted by the market.”

The second trader likewise said rates were at the lower end of expectations as there was ample demand for the offering.

Risks to the local and global economic outlook have been growing. Predictions of a recession in the United States due to the inversion of their yield curve amid the Federal Reserve’s hawkish policy path, inflation concerns, as well as fears of a slowdown in China amid a fresh surge in coronavirus cases, have caused volatility in financial markets.

Markets widely expect the Fed to raise rates by another 75 bps at their review this month amid strengthening labor market, with inflation data due July 13 expected to give the central bank more reason to be aggressive.

Most monetary authorities are now in the process of normalizing their pandemic-driven easy policies due to faster inflation amid rising food, energy and commodity prices exacerbated by the war in Ukraine, supply chain issues, and volatility in foreign exchange markets.

At home, Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla last week said the central bank is prepared to raise benchmark rates by 50 bps at their Aug. 18 meeting to keep inflation in check after the peso on Thursday breached the P56 level against the dollar to move closer to its record low.

He said the US central bank’s hawkish stance has placed “strong depreciation pressures” on global currencies such as the peso, which adds to inflation risks.

After closing at the P55 level on Friday and Monday, the peso on Tuesday finished at a fresh near 18-year low of P56.37 per dollar, data from the Bankers Association of the Philippines showed.

This is down by 39.1 centavos from the previous day’s close and is the worst finish since Nov. 5, 2004’s P56.38 a dollar. This is also just eight centavos away from the record low of P56.45 seen on Oct. 14, 2004, which the peso already hit intraday on Tuesday.

The Monetary Board has raised benchmark interest rates by a total of 50 bps so far this year via back-to-back 25-bp hikes at their May 19 and June 23 meetings, bringing the overnight reverse repurchase facility or policy rate to 2.5%.

A 50-bp hike at the August meeting will bring the BSP’s key rate to 3%. Mr. Medalla also said last week that the BSP may need to raise borrowing costs by at least 100 bps more this year to bring the policy rate higher than the midpoint of its 2-4% inflation target.

Following the August review, the Monetary Board has three more meetings scheduled for the year to be held on Sept. 22, Nov. 17 and Dec. 15.

Headline inflation reached 6.1% in June, the fastest in nearly four years. This brought the first-half average to 4.4%, above the central bank’s 2-4% goal but still lower than its 5% forecast for the year.

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

The government borrows from local and external sources to help fund a budget deficit capped at P1.65 trillion this year, equivalent to 7.6% of gross domestic product. — D.G.C. Robles

Historian elected as new NCCA Chairman

July 13, 2022 | 12:04 am

THE NATIONAL Commission for Culture and the Arts (NCCA) will now be headed by historian Rene R. Escalante, the current chairman of National Historical Commission of the Philippines (NHCP).

He was elected chairman during a Board of Commissioners meeting at the Metropolitan Theater on July 7 which was called after the resignation of Cultural Center of the Philippines president and concurrent NCCA chairman Arsenio “Nick” Lizaso.

Mr. Escalante will be serving as Chairman of NCCA for the remaining six months of 2022.

Mr. Escalante is a professor of history and a former chair of the Department of History of De La Salle University Manila. He holds a doctorate degree in History from the University of the Philippines in Diliman.

Mr. Escalante is also a published academic. Among his books are The American Friar Lands Policy: Its Framers, Context and Beneficiaries (2002); The Bearer of Pax Americana: The Philippine Career of William H. Taft (2007); and History of Hacienda de Imus (2013).

In his time in government, Mr. Escalante served as secretary of the NCCA National Committee on Historical Research (NCHR) from 2004 to 2007 and was head of the NCHR from 2008 to 2010. He was appointed as a member of the Commission on Higher Education Technical Panel on history from 2015 to 2016. In 2010, he was appointed Commissioner of the NHCP before he was elected agency chairman in 2017. — Michelle Anne P. Soliman

Moderna to advance two Omicron vaccine candidates against newer variants

July 13, 2022 | 12:04 am

Moderna Inc. said on Monday it was advancing two Omicron vaccine candidates for the fall, one designed against the BA.1 variant and another against the BA.4 and BA.5.

Vaccine makers including Moderna and rival Pfizer Inc are developing updated vaccines to target the fast-spreading Omicron subvariants BA.4 and BA.5, which have gained a foothold in the United States over recent weeks.

Moderna said its decision to develop the bivalent vaccines was based on different market preferences for shots against the subvariants.

Bivalent vaccines are designed to target two different coronavirus variants — the original variant from 2020 and the newer Omicron variants.

Moderna said new clinical data for its mRNA-1273.214 vaccine, designed to target the BA.1 variant, showed significantly higher neutralizing antibody responses against the fast-spreading BA.4 and BA.5 compared with the currently authorized booster.

The company’s second booster candidate, mRNA 1273.222, is based on the BA.4/5 strain and is being developed in accordance with recent U.S. Food and Drug Administration advice.

Jefferies analyst Michael Yee said though the new data on the company’s BA.1 subvariant-targeting booster shows better durability and antibody response, the original Omicron variant has already shifted in the United States and the FDA is likely to approve planned BA.4/5 boosters. — Reuters

SPNEC adjusts price range of stock rights offering

July 13, 2022 | 12:04 am

SOLAR Philippines Nueva Ecija Corp. (SPNEC) has adjusted the price range of its stock rights offering to P1.50 to P1.75 per share, saying it was doing so “in the interest of the success” of the fundraising.

In its disclosure on Tuesday, the company also highlighted the option to pay in installments, with a downpayment of 25% and the balance of 75% within three months of the offer period.

In its disclosure on March 28, it placed the price range at P1.60 to P1.76 per share.

Last month, it filed the preliminary prospectus for its stock rights offering (SRO) with the Securities and Exchange Commission (SEC) and Philippine Stock Exchange (PSE) for nearly 1.88 billion shares.

With its adjusted price range, it placed the aggregate offer amount at P2.81 billion to about P3.3 billion.

“Please note the final terms of the SRO are subject to approvals from the SEC and PSE, and the process leading up to the conduct of the SRO,” the company said.

“SPNEC wishes to reiterate its commitment to conduct an SRO, as part of its plan to issue to the public at least 5.12 billion shares, resulting in an over 20% public float, in light of its asset-for-share swap,” it added.

The offer period for eligible shareholders will begin on Aug. 30 at 9 a.m. and ends at noon on Sept. 5, 2022.

The company said the net proceeds from the offer are intended for project development including securing land and off-take agreements and for general corporate purposes.

Up to P3.1 billion will be used for land acquisition intended for the expansion and future development projects in the provinces of Nueva Ecija, Bulacan and Quezon, among others.

Up to P180 million of the proceeds will be used for working capital requirements, corporate office overhead expenses, administrative expenses and other costs.

Abacus Capital and Investment Corp. and China Bank Capital Corp. will be the joint issue managers and lead underwriters of the SRO.

On Tuesday, SPNEC shares retreated by P0.04 or 2.34% to P1.67 apiece. — Justine Irish DP. Tabile

Twin deficits, negative real rate to put pressure on peso

July 13, 2022 | 12:04 am

THE PHILIPPINES’ twin deficits, along with its negative real interest rate, will continue to put pressure on the peso, Manulife Investment Management said.

“The main macro issues facing the Philippines right now is the rapidly widening twin deficits, and from a currency perspective, the peso is still relatively overvalued,” Sue Trinh, Manulife Investment Management head of Macro Strategy, Asia, said in a briefing on Tuesday.

“The trade deficit there, for instance, reached its widest record levels… So, really these twin deficit issues on current account and fiscal are going to be lingering around, and it’s likely to be a real drag on the economy, as well as the exchange rate,” Ms. Trinh said.

She added that the Bangko Sentral ng Pilipinas (BSP) also seems “less inclined” to enter the foreign exchange market to support the peso, “especially as the BSP had to turn more hawkish given the inflation pressures, which is clearly counter-cyclical given the growth trends.”

Marco Giubin, Senior Portfolio Manager for Equities at Manulife Investment Management, said with inflation rising, the country’s real interest rate is negative, which has added to currency pressures.

“I guess from a monetary standpoint, they might be a little bit behind the curve … The inflation print in the Philippines is higher so it’s definitely on a negative rate path,” Mr. Giubin said.

“Philippine peso, we think, will remain under pressure given the continuing US dollar strength coupled with a widening trade deficit … The twin deficit situation, not to mention the recent change in government, there’s been a whole range of issues as to why the currency has performed the way it’s performed relative to other ASEAN (Association of Southeast Asian Nations) currencies,” he added. “It’ll be very interesting to see in the next couple of weeks, we’ll get a bit more clarity as to what the new administration is looking to do on the fiscal side, not to mention what we can expect from the monetary side.”

The peso closed at P56.37 versus the dollar on Tuesday, down by 39.1 centavos from Monday’s P55.979 finish, data from the Bankers Association of the Philippines’ website showed.

This is a new near 18-year low for the local unit as it was its worst close since Nov. 5, 2004’s P56.38 a dollar.

The peso’s intraday low of P56.45 versus the greenback on Tuesday also matched the record low set on Oct. 14. 2004.

The current account deficit was at $4.8 billion in the first quarter, higher than the $32-billion gap seen the year prior, amid a wider trade in goods deficit and the slight decline in net services receipts, latest BSP data showed.

Meanwhile, the government’s budget deficit was at P458.7 billion in the January to May period, down 18.99% from the year prior, as revenue growth outpaced spending.

BSP Governor Felipe M. Medalla last week said the central bank is prepared to raise benchmark rates by 50 basis points (bp) at their Aug. 18 meeting to keep inflation in check after the peso on Thursday breached the P56 level against the dollar.

The Monetary Board has raised benchmark interest rates by a total of 50 bps so far this year via back-to-back 25-bp hikes at their May 19 and June 23 meetings, bringing the overnight reverse repurchase facility or policy rate to 2.5%.

A 50-bp hike at the August meeting will bring the BSP’s key rate to 3%. Mr. Medalla also said last week that the central bank may need to raise borrowing costs by at least 100 bps more this year to bring the policy rate higher than the midpoint of its 2-4% inflation target. — D.G.C. Robles

Gilas Pilipinas braces for physical game vs Lebanon

July 13, 2022 | 12:04 am

chot-reyes — GILAS PILIPINAS COACH CHOT REYES — PBA MEDIA

DESPITE its short buildup time and injury issues, Gilas Pilipinas is ready for its daunting task of challenging the Continent’s top guns in the International Basketball Federation (FIBA) Asia Cup in Indonesia.

And right off the bat, the youthful Nationals face Lebanon, a squad largely considered a serious contender, in a major test in the Group D tip-off on Wednesday night at the Istora Senayan in Jakarta.

“They’re raring to go and we hope to be able to have a good game against Lebanon tomorrow (Wednesday night),” Gilas coach Chot Reyes said on CNN Philippines’ Sports Desk ahead of the 8 p.m. encounter (9 p.m. Manila time).

“Alam naman natin ang mga players natin, every time we put on the national jersey, we’re always going to go all out and that’s the approach that we have here in Jakarta,” he also said.

Gilas, a young crew beefed up by Kiefer and Thirdy Ravena, Ray Parks and Poy Erram, has its hands full against the Cedars, whom Mr. Reyes described as “playing the best I’ve seen in years.” Lebanon is led by heady 6-foot-4 point guard Wael Arakji and 6-foot-9 naturalized player Jonathan Arledge.

Mr. Reyes braces for a physical game against the Cedars, whom he said also love to pressure the ball hard and trap.

“We have to prevent their guards from initiating because their entire offense initiates from the guards. Big emphasis for us is to be able to handle, attack and score against their pressure defense because they have three, four guards who have size and can also pressure,” he said.

Gilas was assured of a full roster in the tourney as reserve Rhenz Abando’s entry as the 12^th man vice injured Dwight Ramos (shin splints) was approved during Monday’s technical meeting.

The team had a scare as RJ Abarrientos twisted his ankle in a recent practice but Mr. Reyes said from the looks of it, the former FEU guard “might still be able to play.”

After Lebanon, Gilas is set for battle with India and New Zealand, two old rivals from the FIBA World Cup Asian Qualifiers, on Friday and Sunday, respectively.

Mr. Reyes said the goal is to get to the Top 8 while continuing the overall preparations for the 2023 World Cup and form the best possible team for the global showpiece on home soil. — Olmin Leyba

The Samsung Performing Arts Theater opens in Circuit Makati

July 13, 2022 | 12:03 am

Samsung Theater 3 photo by Michelle Anne P. Soliman — PHOTO BY MICHELLE ANNE P. SOLIMAN

1 of 3

EVER since Ayala Land, Inc. (ALI) planned in 2012 to convert the old Sta. Ana racetrack into Circuit Makati, it also aimed to position itself as an arts, entertainment, and culture district in the city. In service of this aim, ALI has opened the new Samsung Performing Arts Theater.

Ayala Land had been working on the project since 2017, and it was originally slated to open in June 2020.

“It’s very important for audiences to access the facility,” Samsung Performing Arts Theater Managing Director, Christopher Mohnani said during the press launch and tour on July 5. “We are in the middle of a place where you have lifestyle options, dining options, and amusement options. That is also great because, before and after watching a performance, you have other stuff that you can do.”

“We wanted to also have a theater that could host world class performances,” Ayala Land Vice-President Mel Ignacio said. “Circuit [Makati] is the most appropriate location because it is positioned to be the arts, culture, and entertainment district for Makati.

“Samsung supported the construction of the theater with a sponsorship…[Samsung] is known for their technological innovations and they are also a supporter of the arts. They have supported venues all over the world,” Ms. Ignacio said.

Designed by US-based Theatre Projects Consultants, and sound design experts Akustiks, in partnership with GF & Partners Architects and architects from Calliston RTKL, the Samsung Performing Arts Theater has 10 floors and features a 1,500-seat performance facility divided into four sections: orchestra, lodge, balcony 1, and balcony 2. Its stage is built with Harlequin sprung floors.

The theater’s back of house facilities include a rehearsal hall the same size as the performance space, and dressing rooms that house 90 mirrors.

The building’s other facilities include a ticket booth, a souvenir shop, and the Cua Patrons Lounge — a private function room for intimate gatherings. It also has concession areas on all floors with theater entrances, and restrooms on each side of the building in every level.

“We envision this to be the home of the Filipino and the global talent. This is a venue that can go toe-to-toe with the best performing arts venues all over the world. We want this to be a venue where Filipino artists will be proud to perform in. We want them to feel a sense of prestige,” Ms. Ignacio said.

THE INAUGURAL SHOWS
The new theater will be officially launched on July 14 with an 8 p.m. performance 8 p.m. featuring Philippine theater performers Menchu Lauchengco-Yulo, Bituin Escalante, Shiela Valderrama, Christian Bautista, Rachelle Gerodias, Gab Pangilinan, Irma Adlawan, Bart Guingona, Jamie Wilson, Reb Atadero, Myke Salomon, Steps Dance Studio, the Mandaluyong Children’s Choir, and the Manila Symphony Orchestra. The performance will also feature the cast of the Filipino musical Mula Sa Buwan and a video presentation from the touring production of We Will Rock You. Mula sa Buwan and international musical We Will Rock You are the first shows to be staged at the Samsung Performing Arts Theater.

The event is open to the public. For tickets, e-mail inquire.cpat@ayalaland.com.ph.

Mula sa Buwan will run from Aug. 26 to Sept. 11. Based on Edmond Rostand’s Cyrano de Bergerac and Soc Rodrigo’s Filipino translation, the musical is set in 1940s Manila. It follows the heartbreaking love story between Cyrano, Roxane, and Christian amid the war. Directed by Pat Valera, it features original lyrics and music by William Elvin Manzano and Pat Valera, who also wrote the book.

The musical’s performance on Sept. 4, 7:30 p.m., will have Filipino Sign Language (FSL) interpreters together with subtitles. For details, visit msbtickets.net/communityshow.

Meanwhile, the reimagined production of the musical We Will Rock You, brought in by GMG Productions, will run from Oct. 27 to Nov 20. The musical follows two revolutionaries as they try to save rock ‘n’ roll in a post-apocalyptic world, and features 24 of rock band Queen’s biggest hits, including “Under Pressure,” “We Are the Champions,” “Radio Ga Ga,” “Bohemian Rhapsody,” “Another One Bites the Dust,” and “We Will Rock You.” The production is directed and choreographed by Olivier Award nominee Nick Winston. Tickets are available at ticketworld.com.ph or 8891-9999.

In compliance with COVID-19 health and safety protocols, masks wearing, presentation of vaccination cards, and temperature checks are required upon entry. — Michelle Anne P. Soliman

Doctors sound the alarm over surges in deaths due to heart disease, diabetes

July 13, 2022 | 12:03 am

Deaths from heart disease and diabetes have increased due to the pandemic, according to doctors at a recent forum.

“Pandemic lockdowns and quarantines have seriously impacted the health of many Filipinos by limiting their movement and keeping them from engaging in exercise,” said Dr. Rodney M. Jimenez, Philippine Heart Association (PHA) secretary, in a July 7 media briefing organized by For Your Sweetheart PH, an advocacy campaign that raises awareness about the link between diabetes and heart disease.

“This was exacerbated by heightened anxiety, as well as the availability of streaming services and social media,” he added.

Ischemic heart disease was the top cause of death in the Philippines, data from the Philippine Statistics Authority showed. The number of deaths due to the disease increased to 136,575 in 2021 from 105,281 in 2020.

Meanwhile, deaths from diabetes mellitus (DM) increased to 48,000 in 2021 from 39,720 in 2020.

“A lot of Filipinos living with diabetes don’t realize that if they don’t learn to manage their condition properly, it can lead to heart disease. This is especially true for people who have vices, are hypertensive and unmindful of their diet, and lead a sedentary lifestyle,” said Dr. Francis I. Pasaporte, president of Diabetes Philippines.

Managing either or both conditions, plus whatever other co-morbidities that may arise, will require a change in lifestyle and behavior, he added.

DIET, EXERCISE, CONSULTATION
A memory device for healthy habits is “5100” said Dr. Jimenez:

5 servings of fruit and vegetables per day
1 hour of exercise, or 1 minute of every hour doing any kind of movement
0 smoking
0 sugary beverages

“You know, sitting is the new smoking,” he warned. “Other offices have standing desks now to promote movement.”

Dr. Carolyn Narvacan-Montano, president of the Philippine College of Endocrinology, Diabetes and Metabolism (PCEDM), recommended that Filipinos go back to seeing their doctors regularly and not just when there’s something wrong.

“While online consultation remains a good option to get medical attention, hospitals and clinics can once again accept patients with other conditions by putting in place policies and measures that will protect the health and safety of everyone coming in their building against COVID-19,” she said.

In the meantime, those who are not yet diagnosed but may be prone to high cholesterol levels and blood pressure can use online tools to gauge the level of their health risks.

The Framingham Assessment Test is an online written exam that computes the risk for developing cardiovascular disease or getting a heart attack within 10 years based on one’s health information. It’s free and open to anyone aged 30 to 74 years old.

Results can be brought to a doctor for proper interpretation and diagnosis. — Brontë H. Lacsamana

SPEx new helicopter base in El Nido seen to improve security of Malampaya crew

July 13, 2022 | 12:03 am

SHELL Philippines Exploration B.V. (SPEx), operator of the Malampaya gas-to-power project, announced on Tuesday that it is moving its helicopter base from Puerto Princesa to El Nido, as it hopes to cut the flight time to and from the offshore project site by more than 70% and improve the security of its crew.

The recently inaugurated aircraft hangar of INAEC Aviation Corp. inside Lio Airport in El Nido will start operations “soon,” the company said in an e-mailed statement, referring to the 825-square-meter INAEC Hangar E2.

“The relocation of the helicopter base from Puerto Princesa to El Nido offers significant benefits to Malampaya. Flight time is reduced from 55 minutes to 15 minutes, which means improved safety, reliability and efficiency of our operations,” SPEx Managing Director Kiril Caral said.

INAEC, the first Filipino-owned private airline in the Philippines, started providing helicopter transport services to oil and gas companies in the country in early 2000s. It partnered with SPEx and PHI International in 2013 for the helicopter transport of Malampaya personnel.

SPEx also said that the P45-million INAEC Hangar E2’s location allows for easier access to search and rescue resources, including support from Philippine Air Force, Philippine Navy, and Philippine Coast Guard.

“This will help improve the security of the Malampaya offshore crew, especially in cases of offshore emergencies with shorter response times,” it noted.

Malampaya powers up to 20% of the country’s electricity. — Arjay L. Balinbin