Bank of Commerce announces annual stockholders’ meeting to be held on April 25

March 29, 2023 | 12:02 am

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Liberty Flour Mills sells building to real estate unit

March 29, 2023 | 12:02 am

LISTED flour manufacturer Liberty Flour Mills, Inc. on Tuesday said that it had sold its real estate asset to its property subsidiary LFM Properties Corp. (LPC).

The company said in a stock exchange disclosure that its board had approved the sale of Liberty Building at a price equivalent to 28%, more or less, of the asset value of the corporation.

Liberty Flour Mills is the registered owner of the property, which is located at 835 A. Arnaiz Ave., Makati City.

“If a favorable opinion is secured, the Corporation and LPC intend to execute a deed of absolute sale on or before April 30, 2023,” the company said.

The sale will be based on the fairness opinion issued by an independent third-party adviser within the next weeks.

In November last year, the company entered into a memorandum of understanding with LPC for the sale of the said building and the 1,009-square-meter lot where it stands.

Liberty Flour Mills is a holding firm with business interests in manufacturing flour and flour-related products. It has two subsidiaries: LPC, which is a real estate company, and Liberty Engineering Corp., which sells equipment and machinery.

On the stock market on Tuesday, shares of LFM Properties increased P0.003 or 3.16% to close at P0.098 apiece. — Sheldeen Joy Talavera

Anti-drug agencies back bill on medical marijuana

March 29, 2023 | 12:02 am

cannabis-marijuana — SHELBY IRELAND-UNSPLASH

By Beatriz Marie D. Cruz

MEDICAL EXPERTS and law enforcement agencies have backed a proposal to allow the use of cannabis or marijuana as a medicine and remove it from the Philippine list of illegal drugs, according to a congressman.

Resource people at a meeting on House Bill 6783 last week also sought strict regulation to prevent abuse, Surigao Del Norte Rep. Robert Ace S. Barbers, who heads the committee on dangerous drugs, said in a Viber message. The measure seeks to declassify cannabis as a dangerous drug.

He said that the Health department is aware of the medicinal benefits of cannabis, but “suggested that it should be in pharmaceutical form rather than its plant form to ensure that it’s safe.”

The Philippine Drug Enforcement Agency and the Dangerous Drugs Board also backed the use of cannabis for medical purposes, Mr. Barbers said.

Cannabis could help treat diseases like cancer, but any drugs should undergo assessment, he said, citing the Food and Drug Administration.

Cannabidiol is a chemical in the cannabis sativa plant, also known as cannabis or hemp. One specific form of cannabidiol is approved as a drug in the US for seizures, according to WebMD.

More than 100 chemicals known as cannabinoids have been found in the cannabis sativa plant, according to the US National Center for Complementary and Integrative Health.

Marijuana refers to the dried leaves, flowers, stems and seeds from the plant, which contains the mind-altering chemical THC and other similar compounds.

One of the earliest uses of medical cannabis was in 2737 B.C., when Chinese emperor Shen Neng prescribed marijuana tea for the treatment of gout, rheumatism, malaria and poor memory.

Davao del Norte Rep. Pantaleon D. Alvarez, who authored the bill, said regulating cannabis production and sales could generate taxes to build roads and help the state pay its debt.

At a House of Representatives hearing in February, he said calling cannabis a dangerous drug “does not make sense at all” because other products that are more harmful such as alcoholic beverages, tobacco and sugary drinks are all legal.

But the Philippine National Police opposed the legalization of medical marijuana because it would lead to drug abuse, Mr. Barbers said.

The Philippine Medical Association had also opposed the bill, saying cannabis is hallucinogenic and could cause car accidents, liquor abuse, anxiety and suicide, based on US studies, Mr. Barbers said.

Kristine M. Mendoza, co-convenor of the Drug Policy Reform Initiative, said legalizing cannabis could help facilitate research that would inform people of its chemical content and effects.

“Labels with information on the safest way to use it can be introduced,” she said in an e-mail. “Once legal, it can be regulated. Once regulated, people can access not just cannabis but information, medical advice, even product reviews about it.”

She said a substance is safer to use when people are properly informed about it. “People can take precautions if and when needed. This is way better and safer than accessing cannabis underground or in the black market because it is prohibited.”

Leyte Rep. Richard I. Gomez, who heads the technical working group, said in a Viber message they had yet to “condense and review” the position papers of several resource speakers.

Dusty painting hidden behind door turns out to be Brueghel ‘masterpiece’

March 29, 2023 | 12:02 am

PARIS — A rediscovered painting of Flemish 17^th-century painter Pieter Brueghel the Younger, for years hidden in a family house, will be presented for auction in Paris on Tuesday and is expected to fetch 600,000 ($647,340.00) to 800,000 euros.

The painting L’Avocat du village (the Village Lawyer) is one of Mr. Brueghel’s largest known works, measuring 112cm high and 184cm wide, and was unknown in the art world as the most recent generation of the family who had possessed it since the 1900s thought it was fake.

The family, who wishes to remain unknown, had asked Malo de Lussac of auctioneers Daguerre Val de Loire to estimate the value of their house but instead discovered a masterpiece.

“I found this painting [in the house], behind a door in the television room,” Mr. De Lussac told Reuters, calling it one of the biggest surprises in his career.

“I started estimating this room and when I turned back, I saw this painting. It was a very good surprise for me.”

Mr. De Lussac said he believes the artwork was bought as an authentic one, but over several generations had completely lost its authenticity within the family.

“And that’s what’s incredible,” he said. “We are giving them back this authenticity by saying ‘in fact your artwork is real’.”

Mr. Brueghel the Younger, whose father Brueghel the Elder died when he was only five, didn’t use one of his father’s compositions for this painting as he usually did but did revisit the popular theme of the village lawyer.

Art experts estimated that the artwork was painted between 1615 and 1617. — Reuters

PNB to conduct annual stockholders’ meeting through remote communication on April 25

March 29, 2023 | 12:02 am

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InstaPay, PESONet transactions climb as of end-February

March 29, 2023 | 12:02 am

cashless payment — STOCK PHOTO | Image by David Dvořáček from Unsplash

TRANSACTIONS coursed through InstaPay and PESONet grew as of end-February from a year ago due to increasing demand for digital services, Bangko Sentral ng Pilipinas (BSP) data showed.

The combined value of transactions done through the BSP’s automated clearing houses InstaPay and PESONet rose by 34.5% to P1.83 trillion as of end-February from the P1.36 trillion in the same period last year, central bank data showed.

In terms of volume, transactions coursed through the clearing houses grew by 27.4% to 116 million as of end-February from 91 million in the comparable year-ago period.

The continued double-digit growth may be attributed to the increase in demand for digital transaction amid the reopening of the economy, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“The pandemic has accelerated the adoption of electronic payments on a real-time basis and as alternative to check payments,” Mr. Ricafort said.

“This also helps improve financial inclusion especially the adoption of these electronic fund transfers in areas with less/no banks,” he added.

Broken down, the value of PESONet transactions increased by 32.6% to P1.15 trillion as of end-February from P867.37 billion a year prior.

The volume of transactions that went through the payment gateway stood at 14.57 million, 14% higher than the 12.78 million seen as of February 2022.

Meanwhile, the value of transactions done through InstaPay climbed by 38% year on year to P681.21 billion as of February from P493.50 billion a year prior.

The volume of InstaPay transactions grew by 28.7% to 101.79 million from 79.12 million at end-February 2022.

BSP Governor Felipe M. Medalla during a seminar hosted by Bank Indonesia on Tuesday said the increase in transactions done through PESONet and InstaPay has overtaken the growth of check payments.

“For instance, in 2013, there were hardly any digital payments. Now, 44% of payments in value were digital in 2021. The number in 2022 is probably higher,” Mr. Medalla said.

“Financial inclusion is rising. If we had waited for banks to onboard them, it would have taken at least five more years (to reach our goal),” he said.

However, poor internet connectivity remains a challenge in the country, Mr. Medalla said.

“But be that as it may, there has been a tremendous increase in merchant payments, P2P (person-to-person) payments. Now, salaries and wages are even being done electronically,” he added.

The BSP wants 50% of volume and value of retail transactions done digitally by the end of this year under its Digital Payments Transformation Roadmap. — Keisha B. Ta-asan

Gleneagles Hospital’s Dr. Barrie Tan stresses the need to get checked when loss of ear functions occurs

March 29, 2023 | 12:01 am

When the ear somehow struggles to function, one should not hesitate to have it checked, ENT surgeon Dr. Barrie Tan of Gleneagles Hospital in Singapore stressed in this interview with BusinessWorld. He also shares his experience in treating a pair of boy twins from the Philippines whose hearing loss was found to be the root cause of their delayed speech and language development.

For inquiries, please contact Mount Elizabeth Hospital’s patient assistance centre located at G/F-B, Marco Polo Hotel, Meralco Avenue and Sapphire Street, Ortigas Center, Pasig City 1600, e-mail manila.ph@parkwaypantai.com or call 0917-526-7576. Follow them at facebook.com/MountElizabethHospitalsSGPhilippinesOffice.

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IKEA recalls toy product due to potential choking hazard

March 29, 2023 | 12:01 am

SWEDISH furniture manufacturer IKEA has issued a product recall for one of its toy products sold in the Philippines following a potential choking hazard among children.

IKEA said in an advisory dated March 24 that it is recalling the Blavingad fishing game multicolor product due to the threat of choking on the toy’s small rivets.

The company said it had come to its attention that “the small rivets on the toy can come loose, which results in a potential choking hazard, especially for smaller children.”

It issued the product recall in an advisory posted on the Department of Trade and Industry website.

“Safety is a top priority for IKEA and therefore, we are taking precautionary measures and recalling Blavingad fishing game multicolor due to a potential choking hazard,” it added.

According to IKEA, customers that purchased the Blavingad fishing game multicolor can return the toy to the company’s store in Pasay City for a full refund, with the store receipt not being required.

It also urged customers who own the toy to stop using it and to contact IKEA for a refund. — Revin Mikhael D. Ochave

Asia United Bank posts higher consolidated net income as loans, margins rise

March 29, 2023 | 12:01 am

ASIA UNITED Bank Corp. (AUB) saw its consolidated net income jump by 56% last year on increased loan volume, higher margins, and lower loan loss provisions.

The bank and its four subsidiaries booked a net income of P6.3 billion in 2022, it said in a disclosure to the local bourse on Tuesday.

This translated to a return on equity of 16.2%, higher than 11.1% in 2021. Return on assets also rose to 1.9% last year from 1.3% previously.

In the fourth quarter alone, AUB’s net income stood at P1.7 billion, 54% higher year on year.

Its financial statement was not available as of press time.

“We believe our agility in achieving a balance among growth, pricing, expense and risk management will continue to enable us to surmount the challenges of higher inflation and interest rate volatility that are seen to persist in 2023,” AUB President Manuel A. Gomez said in a statement.

The bank’s net interest income rose 18% year on year to P12.9 billion, which it said was driven by higher interest earnings from loans and investment securities and controlled interest expenses.

This caused its net interest margin to rise to 4.2% from 3.7%.

Meanwhile, operating expenses inched up by 2%, with its cost-to-income ratio declining to 37.5% from 42.4% the year prior.

“This resulted from the bank’s continuous automation enhancements and process optimization to deliver quality services to customers efficiently at less cost,” it said.

AUB’s loan portfolio grew 12% year on year to P195 billion as the economy continued to reopen and amid improved asset quality, it said in the statement.

“The heftier loan volume mostly came from the bank’s corporate clients which started restocking their inventories and resuming business activities due to the economy’s reopening,” the bank said.

“Mirroring the improved business climate in the country, AUB reduced its loan loss provisions by 33% to P1.6 billion versus a year ago, while its nonperforming loans (NPL) ratio shrank to 1% and NPL coverage ratio strengthened to 115.1%,” it added.

Meanwhile, its deposits rose by 10% year on year to P288.8 billion. Low-cost current and savings account deposits accounted for 75% of the total.

AUB’s loan-to-deposit ratio stood at 67.5%.

The bank’s assets stood P340.2 billion in 2022, growing by 7% year on year.

Total equity was at P39.9 billion. Its common equity Tier 1 ratio was at 13.7%, while its capital adequacy ratio stood at 14.3%.

AUB’s shares closed unchanged at P43.60 apiece on Tuesday. — A.M.C. Sy

Unknown Pollock painting found in Bulgaria police raid

March 29, 2023 | 12:01 am

A PREVIOUSLY unknown painting by famed US artist Jackson Pollock has been discovered in Bulgaria by police investigating international art smugglers, officials said.

The work could be worth up to 50 million euros ($54 million), Bulgarian National Radio reported, citing experts.

Several people, including Bulgarian citizens, were arrested in the international operation, state news agency BTA reported last week.

The report did not give a description of the painting or any other details of the work.

Mr. Pollock, a major figure in the abstract expressionist movement of the 1940s and ’50s, was known for his technique of pouring, dribbling, and dripping paint in wild patterns onto large canvases. He died in 1956.

“This is an international operation with the participation of Europol, Greece and other countries,” Petar Todorov, Bulgaria’s Chief Secretary of the Ministry of Internal Affairs, said, according to the Novinite news agency.

“To our great joy, we managed to establish and keep this painting and at the moment the expertise shows that it is an original.” — Reuters

Philippines told to boost awareness about HIV/AIDS

March 29, 2023 | 12:01 am

human cell-AIDS virus — NATIONAL CANCER INSTITUTE-UNSPLASH

FILIPINOS have low awareness about the human immunodeficiency virus (HIV), making them at risk of getting — and spreading — the disease, according to medical experts.

“There are many patients who don’t know they are carrying HIV,” said Manoj Sihag, Philippine country head of Camber Pharmaceuticals, Inc., a unit of Indian drugmaker Hetero Drugs and maker of generic drugs including antiretroviral therapy drugs for HIV.

The government should open more treatment hubs especially in the countryside, he said in an interview on March 17. “A lot of awareness is already done at the Metro Manila level, but it needs to be expanded further to the provincial areas.”

“There is still a big gap in terms of diagnosis,” Mr. Sihag said.

The Health department has said 14,970 more Filipinos got HIV last year, 21% more than a year earlier. The increase pushed the average number of people diagnosed with HIV daily to 41 from 34.

There were about 140,000 HIV cases in the Philippines in 2021, according to the HIV and AIDS Data Hub website.

Antiretroviral therapy involves taking a daily combination of HIV medicines. Some people also take pre-exposure prophylaxis medicines to prevent HIV.

More work needs to be done to increase awareness about pre-exposure prophylaxis medicines, said Danvic T. Rosadiño, program and innovation director at LoveYourself, Inc., an HIV advocacy group.

“While people may be aware in Mega Manila, work should be done to increase access and educate people why they should be enrolled,” he said in a Facebook Messenger chat.

“In other areas of the Philippines, establishing access points should be a priority. How can we offer and generate demand for something that is not accessible?” he asked.

Only a third of Filipino youth aged 15-24 years are aware of sexually transmitted diseases and emergency contraceptive pills, according to a 2021 study by the University of the Philippines Population Institute.

Fewer than 20% also had a comprehensive knowledge of HIV and acquired immunodeficiency syndrome (AIDS), according to the study released in October.

Boosting HIV awareness should be done by various stakeholders, Mr. Rosadiño said. The Philippines might have to consider novel approaches given its conservative culture, he added.

“Aside from comprehensive sexuality education in schools, companies can also contribute by including HIV in workplace policies,” he said, adding that social media could also help promote awareness in the 15-24-year age group.

The Philippines spends more than a billion pesos worth of HIV drugs yearly that are given to people living with HIV at state treatment hubs, Mr. Sihag said.

Camber Pharmaceuticals’ own pre-exposure prophylaxis prescriptive pills are sold in local pharmacies at P50 each.

HIV/AIDS spending from domestic public and international sources hit $26.8 million (P1.46 billion) in 2018, with domestic spending accounting for more than 81% of pooled resources, according to the Sustainable HIV Financing in Transition website.

A quarter of this AIDS spending goes to key population prevention programming, with majority going toward people who inject drugs, it said.

State agencies including the United Nations continue to promote HIV awareness “so people can go for a diagnosis,” Mr. Sihag said.

“People should not think of [being HIV-positive] as a stigma or see it as a warrant of death,” he said. “With antiretroviral therapy drugs, and if they follow the prescription of their doctors, they can live a normal life.” — Patricia B. Mirasol

Manila drops further in financial centers list

March 29, 2023 | 12:00 am

The Philippine capital fell five places to 108th out of 120 global financial centers in the 33rd iteration of the biannual Global Financial Centers Index (GFCI). The Index provides evaluations of future competitiveness of financial centers around the world. Manila’s GFCI rating also inched down by a point to 583. In a separate assessment of financial technology (fintech), Manila retained its 77th rank (out of 114 financial centers) and improved its rating by four points to 613.