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Pneumonia vax strategy needs urgent review, say health experts 

MUFID MAJNUN-UNSPLASH

THE Philippines’ pneumonia vaccine strategy — which uses only one of three of the World Health Organization’s (WHO) vaccines — is outdated and needs to be reviewed, according to medical experts.  

“It’s unfortunate that the updating of the [national] formulary isn’t as regular as we want it to be. This is in the hands of the regulatory officers of the Department of Health,” said Dr. Vicente Y. Belizario, Jr., dean of the University of the Philippines College of Public Health (UP-CPH), at a March 23 forum.  

He recommended that the formulary be reviewed annually so that new cost-effective products “with more promising results can be considered for inclusion.”  

The United Nations children’s agency UNICEF said in 2019 that a child dies of pneumonia every 39 seconds, making it one of the leading killer diseases for children.  

In the Philippines, pneumonia was found to be the seventh top cause of death in the country, accounting for 4.3% of total deaths from January to November 2021.  

“A strong immunization system is paramount for prevention. There’s always new evidence coming out and we need to keep our doors open as the latest one may be the key to update our healthcare policies,” said Dr. Belizario.  

The only pneumococcal conjugate vaccine (PCV) being used in the Philippines’ national immunization program (NIP) is PCV13, which was recommended by the Formulary Executive Council in 2014 based on locally relevant serotypes.  

UP-CPH reiterated that “a reassessment of PCV use in the country with the inclusion of all three pneumonia vaccine formulations may be warranted.”   

Though vaccines for invasive pneumococcal disease (IPD) caused by Streptococcus pneumoniae in infants and children from six weeks up to two years of age have been available since 2009, pneumococcal pneumonia remains to be the number one cause of death in infants and young children under five, it said in a statement.  

The local program lacks two vaccines — PHiD-CV and SIIL-PCV — that can provide direct protection to serotypes or variations of the Streptococcus pneumoniae bacteria.  

Two years ago, PHiD-CV was recommended to the DoH by the Health Technology Assessment Council, according to Dr. Maria Margarita M. Lota, UP-CPH medical microbiology professor and research project leader.  

“Knowing all the evidence for the three PCVs, we can see that they are comparable. This means that we can now include these three choices so we can have greater access and availability for the NIP as well as for the private sector,” Dr. Lota said.  

She emphasized that the WHO declared these vaccine formulations to be at par with — and not inferior to — each other.  

CHANGING EPIDEMIOLOGY
According to WHO, evidence suggests that there has been a substantial change in the epidemiology of pneumococcal disease, which warrants review of the choice of vaccine and consideration of ones that offer direct protection against the prevailing serotypes.  

“There’s a need to enhance surveillance methodology, which will assist with choice of our PCV since they all vary in their protection against serotypes,” she said. 

Because epidemiology is always changing, surveillance is crucial, agreed Dr. Maria Rosario Z. Capeding, pediatrician and infectious disease specialist at the Asian Hospital and Medical Center.   

“Remember that [with] each serotype, the predominance varies from individuals to countries, which is why we call it a changing epidemiology of serotypes,” she said.  

Her epidemiological research showed that 100 serotypes of the bacteria that cause pneumococcal pneumonia have been identified in 2020.  

 UP-CPH also cited “potential savings from using a new and possibly more cost-effective formulation, the cost of averting resistant serotypes, and the availability of a new PCV with a different but comparable serotype coverage and lowest vaccine price.”   

“Prevention tops everything else. If you prevent disease, you will prevent our healthcare system from being overwhelmed,” said Dr. Lulu Bravo, executive director of the Philippine Foundation for Vaccination and convenor of the Vaccine Solidarity Movement. — Brontë H. Lacsamana  

Banking, car units drive GT Capital’s profit jump

GT CAPITAL Holdings, Inc. on Tuesday reported its core net income increased 48% to P11 billion in 2021, while consolidated income grew an even higher 68%, driven by the growth in its banking and automotive businesses.

“2021 was a strong bounce-back year for our group. Given the increased mobility and the gradual reopening of the Philippine economy in the fourth quarter, GT Capital delivered strong overall results in 2021 as we approach pre-COVID levels,” GT Capital President Carmelo L. Bautista said in a company disclosure.

Metropolitan Bank & Trust Co. (Metrobank), in which GT Capital has significant shareholdings, reported a 60% jump in net income to P22.2 billion.

In the fourth quarter of 2021, earnings more than doubled to P6 billion, the Ty-led holding firm said, citing a decline in provisions “as loan portfolio remained healthy.”

Net interest margin stabilized at 3.4% since the second quarter of 2021 as the sequential quarterly recovery in corporate and credit card loans was sustained, while the 12% increase in low-cost current account and savings account (CASA) deposits continued to help trim overall funding cost.

Robust fees and other income as well as lower operating expenses further drove the bank’s strong earnings performance, according to the disclosure.

“Despite the challenging conditions last year, Metrobank’s nonperforming loan (NPL) ratio eased to 2.2% in 2021 from 2.4% in 2020, while NPL cover remained ample at 174.7%,” GT Capital said.

“Metrobank’s positive performance in 2021 validates its strategies of fortifying the balance sheet and proactive provisioning during the pandemic. The bank has emerged stronger and well-prepared to meet the needs of its stakeholders as the economy moves towards full recovery,” said Fabian S. Dee, the bank’s president.

Meanwhile, Toyota Motor Philippines Corp. (TMP) recorded an 82% increase in net income to P6.2 billion in 2021. GT Capital is a joint venture partner in the country’s largest automotive company.

“Noteworthy is Toyota Motor Philippines, which dominated the auto market for the 20th consecutive year, realizing an all-time high market share of 46.3%, while reaching the milestone of selling over two million vehicles in the Philippines,” Mr. Bautista said.

Consolidated revenues were up 32% to P131.3 billion in 2021 from P99.8 billion in the previous year.

“Toyota outpaced the market with vehicle retail sales of 129,667 units in 2021 from 100,019 units in 2020, a 30% increase. The Philippine automotive market, on the other hand, grew by 16% to 280,338 units from 241,924 units in the previous year,” the company said.

The carmaker expanded its lineup by launching new GR Sport variants, including the Innova in February and the Camry Hybrid EV in December.

In October, Toyota surpassed the 100,000-unit sales level for its Vios model enrolled in the government’s Comprehensive Automotive Resurgence Strategy, or CARS program, making the company eligible for the production volume incentive under the scheme.

November marked the start of operations of JBA Philippines, Inc., a joint venture between Japan Bike Auction Co. Ltd. and GT Mobility Ventures that in turn is a joint venture between GT Capital Auto and Mobility Holdings, Inc. and Mitsui & Co., Ltd. (Japan). The company offers a transparent online bidding platform for pre-owned vehicles, which extends the value chain of GT Capital’s automotive business.

“As the Philippine economy rebounded in 2021, so did the automotive sector. TMP delivered strong results last year, significantly outpacing the growth momentum of the industry. We are very encouraged about our continuing strong market penetration despite four months of mobility restrictions in 2021 and the accompanying global supply chain disruptions,” GT Capital Auto and Mobility Holdings, Inc. Chairman Vince S. Socco said.

He said TMP’s market share is Toyota’s highest in the region and third-highest globally.

“As the economy and auto market resurges, TMP remains reasonably optimistic. In fact, in March this year, TMP achieved a remarkable milestone of selling over two million units in the country since it started operations over three decades ago,” Mr. Socco said.

He said the company’s main growth drivers are its wide product lineup, strong brand value, and extensive nationwide dealership network.

“Given the increased spending from the upcoming national elections and the return of banks offering auto financing, we expect to reach pre-COVID sales levels by this year. In addition, we look forward to enhancing our presence in the used car market to build a more robust mobility ecosystem,” he added.

Meanwhile, GT Capital reported stronger real estate sales from Federal Land, Inc. and higher net income contribution from associate Metro Pacific Investments Corp. (MPIC), which also contributed to the holding company’s positive performance.

Federal Land recorded a 57% increase in consolidated net income to P1 billion in 2021 from P600 million in 2020 due to continued construction activity, increased project bookings, and stronger sales activities.

The property company posted revenues of P10.4 billion in 2021, or an increase of 12% from P9.3 billion in 2020.

In February this year, Federal Land launched Aki Tower, the third residential tower of The Seasons Residences located in its planned community Grand Central Park in Bonifacio Global City.

Meanwhile, MPIC’s reported consolidated core net income was up 20% to P12.3 billion last year from P10.2 billion a year earlier. GT Capital said the “substantial improvement” was largely driven by improved traffic on its toll roads and higher volume of electricity sold by its subsidiary Manila Electric Co.

“This acceleration of growth reflected an improvement in performance notwithstanding the continued imposition of varying levels of quarantine across the country to contain the COVID-19 pandemic and was partially augmented by the impact of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, which lowered corporate income tax rates from 30% to 25%,” it added.

Mr. Bautista said that GT Capital’s environmental, social, and governance (ESG) initiative is ranked high by rating agencies such as MSCI and S&P.

“We shall therefore continue to adapt best ESG practices moving forward. Notwithstanding the recent geopolitical conflict between Russia and Ukraine and the rise in oil and commodity prices, we look forward to 2022 with reasonable optimism as we take on new growth opportunities,” he added.

At the stock exchange on Tuesday, GT Capital shares dropped by 0.19% or P1.00 to P527 each. — Luisa Maria Jacinta C. Jocson

Widely used diabetes drug linked to birth defects risk — study 

Doctor 4U/Flickr

One of the world’s most widely prescribed diabetes drugs may be linked to major birth defects in the offspring of male patients who were taking it ahead of the babies being conceived, according to a new study from Denmark released on Monday.  

Metformin, among the most common and often initially prescribed treatments for type 2 diabetes, was associated with a 1.4 times greater risk of birth defects in boys whose fathers were taking the drug compared with those born to fathers who were not, researchers from the University of Southern Denmark and Stanford University in the United States found.  

In both groups, the mothers had no history of diabetes or hypertension.  

The study’s authors, as well as independent experts, pointed to several key limitations of the data published in the Annals of Internal Medicine.  

Researchers did not know whether the fathers took the medication as prescribed, or if they had worse control of their diabetes, which could also be linked to a higher risk of birth defects. The study showed that the risk for babies born to men taking insulin rather than metformin were not increased.  

Channa Jayasena, head of andrology at Imperial College London, who was not involved in the work, called the results “thought-provoking but inconclusive.”  

“Men with diabetes should not be dissuaded from taking metformin, but this is worth looking at more closely,” he added.  

Metformin, available as a generic drug, is a first-line treatment for type 2 diabetes, a growing epidemic worldwide.  

It is usually prescribed when diet and physical activity are not enough to control blood sugar levels and typically before more expensive branded diabetes drugs. It works to improve how the body handles insulin. Around 120 million people have been prescribed the drug across the globe.  

In the study of 1,116,779 births in Denmark from 1997 to 2016, the researchers found that 5.2% of babies born to men who had been taking metformin had birth defects, particularly genital defects in boys. Among the rest of the population, the rate was 3.3%.  

Babies were considered to be exposed to a diabetes drug, including metformin or insulin, if the father had filled at least one prescription during the three months before conception, when the fertilizing sperm were developing.  

The researchers said more study was needed, but suggested that men taking metformin consider switching to another treatment when trying to conceive.  

“If patients would like to switch to an alternative, they should contact their doctor,” Maarten Wensink, a public health professor at the University of Southern Denmark and a study author, told Reuters, adding that the best treatment for type 2 diabetes remains lifestyle interventions such as dietary changes and weight loss.  

“This could be an extra reason to put more priority on paternal health,” he added. — Reuters

Around the world in 3 years

VICTORIA ship replica — PHOTO BY MICHELLE ANNE P. SOLIMAN

New National Museum exhibit tackles Magellan’s expedition

IN 1519, five ships were sent on an expedition in search of the Spice Islands. In service to the King of Spain, Portuguese navigator Ferdinand Magellan commanded the Trinidad, the lead ship, and four other vessels: the San Antonio, Conception, Santiago, and Victoria on a trade and exploration mission. After Magellan was killed in the Battle of Mactan, Castilian navigator Juan Sebastián Elcano took command of the expedition. In 1521, the last surviving ship, the Victoria, returned to Spain with just 18 sailors out of the original 270. This expedition is known in history as the first circumnavigation of the globe.

In line with the quincentennial commemoration of the voyage, the National Museum of the Philippines, in collaboration with the Embassy of Spain in Manila, presents the traveling exhibition, “First Journey Around the World” at Galleries 25 and 26 at the National Museum of Fine Arts. The exhibit highlights details of the Magellan-Elcano expedition with documents, artifacts, and objects.

Launched in 2019, the original and unabridged exhibition was on view at the Archivo General de Indias in Seville, Spain. The Archivo General is a treasure trove of documents on the ages of discovery, conquest, and colonial administration across the whole of the Spanish Empire, including the Philippines.

“In the context of the world, the expedition revolutionized the knowledge, education, and trade of the world,” Luis Morales Fernandez, the First Secretary of the Embassy of Spain, said at the exhibit’s press launch on March 21.

TRAVELING EXHIBIT
Over the last two years, a traveling version of “The Longest Journey” has been featured in museums around the world. The abridged version on view at the National Museum of the Philippines is composed of 14 sections, and includes facsimiles of archival documents like the contract between Carlos I and Ferdinand Magellan, and works by the expedition’s chronicler Antonio Pigafetta.

“Once you get past the introductory and preparation part, the Philippines is just one part in the original exhibit curated in Spain,” Director-General National Museum of the Philippines Jeremy Barns told members of the press.

“For our edition here, we added an additional gallery [to] break out of the original exhibit and there is a fuller treatment of that Philippine stage,” Mr. Barns said, adding that it was done to “make the exhibition unique and resonate with everyone.”

Jorge Moragas Sanchez, Spain’s Ambassador to the Philippines, was a special guest curator.

“The ambassador himself was really hands on with the project because he’s been invited to attend all these [quincentennial] commemorations around the country,” Mr. Barns said. “So, he was really inspired to really contribute his personal point of view as the representative of Spain in the Philippines to the exhibit. He took the time to get to know our objects; and [he] even helped us select [items] for the exhibit.”

MAPS, MODELS, PORTRAITS
At the entrance of the exhibit is an infographic map that provides a geographic illustration of the three-year voyage.

The centerpiece at the main gallery is a model of the Victoria, the only ship out of the inaugural five to return to Spain. Four screens also display audio-visual presentations from the original exhibition.

The National Museum and the Spanish Embassy worked with the exhibit’s Spanish curatorial team to include special archaeological, ethnographic, and devotional art objects and natural history specimens of flora and fauna. The objects were chosen from the collections of the National Museum and the Intramuros Administration to evoke what Magellan and his crew might have seen upon their arrival to the Philippine archipelago.

Also on view is a pair of mid-19th century portraits in oil of Ferdinand Magellan and Sebastian Elcano that were commissioned in 1856 from Manila by Margarita Roxas de Ayala and painted by an unknown artist in Madrid. The paintings were donated to the National Library of the Philippines in 1914. They are on loan courtesy of the Office of the President through the Malacañang Museum.

“The real significance is the pushing the new knowledge scientific, geographical, and the whole sense of human achievement. This exhibit does focus on these Philippine highlights, but it really offers the visitor a lot of what you need to know to appreciate this whole milestone of humanity,” Mr. Barns said.

Mr. Barns said that the exhibition is expected to be on view for a year.

“The Longest Journey” was originally curated by a team headed by Antonio Fernández Torres, and organized by Acción Cultural Española and Spain’s Ministry of Culture and Sports.  A comprehensive exhibition catalogue written in Spanish with scholarly essays and references is accessible and downloadable for free at https://www.accioncultural.es/es/el-viaje-mas-largo-ebook.

NATIONAL MUSEUM’S PLANS
With the relaxing of COVID-19 restrictions, Mr. Barns said that the National Museum is currently designing future onsite activities for the students and the public. It is also focusing on mounting exhibitions in the regional museums.

“What we’re focusing on is refreshing our permanent exhibits and the permanent exhibits in our newer branches. Because of the pandemic, we were not able to fill out all the galleries in our museums in either Iloilo and in Bicol and so on. We’re going to be rolling those out in the next, like for the rest of this semester,” Mr. Barns said.

Future exhibits in the pipeline at the main museums in Manila this year include one on Spanish-Filipino architecture, and Filipino aboriginal communities.

For more information, visit www.facebook.com/nationalmuseumofthephilippines — Michelle Anne P. Soliman

Filinvest Land income up 2% as reservation sales rise

FILINVEST Land, Inc. on Tuesday reported a 2% increase in net income attributable to equity holders to P3.8 billion last year, driven by high reservation sales and continued construction progress.

The Gotianun-led property developer said it recorded a 15% growth in residential revenues in 2021 amounting to P11.27 billion. Reservation sales were up 5% to P16 billion.

“We are happy with the results of our digital transformation that made our business more accessible to sales networks and clients here and abroad. As we accelerate our construction pace and execute faster on our expansion plans, we expect to sustain our growth momentum throughout 2022 and beyond,” said Filinvest Land Chief Strategy Officer and Residential Business Head Tristan D. Las Marias in a press release.

Last year, the company launched P6.7-billion worth of residential projects, including those in Metro Manila, Pampanga, Cagayan de Oro and Davao. It also expanded into Dagupan, Pangasinan with Fora Dagupan, a mixed-use township, and Futura One Dagupan, the city’s first master planned condo community.

On Monday, Filinvest Land was included in the newly launched PSE MidCap Index, which was designed to capture the performance of mid-sized companies in the Philippines.

Last year, the company received P12.6 billion from the initial public offering of Filinvest REIT Corp., its real estate investment trust company. The proceeds of the offering will be used to finance Filinvest Land’s office, industrial, retail, and residential projects.

In December, Filinvest Land also raised P10 billion from a bond issuance.

“We are also grateful for the trust of the investor market in Filinvest Land. This allowed us to undertake successful fund-raising activities in the past year. These funds will allow us to accelerate the implementation of our expansion plans and continue building the Filipino dream,” said Filinvest Land President Josephine Gotianun Yap.

The developer has built more than 200 residential developments across the country. It is developing two townships in the Clark Special Economic Zone, including an industrial and logistics park, and a mixed-use development at New Clark City and Filinvest Mimosa+ Leisure City in partnership with Filinvest Development Corp.

Filinvest Land shares were up by 0.93% or P0.01 to close at P1.08 apiece on Tuesday. — Luisa Maria Jacinta C. Jocson

ADMU stays unbeaten

ATENEO Blue Eagles’ Tio Tyler attempting a basket over two FEU Tamaraws. — UAAP

Blue Eagles defeat Tamaraws, 79-70

By John Bryan Ulanday

THREE-TIME reigning champion Ateneo de Manila University (ADMU) weathered a late Far Eastern University (FEU) storm, 79-70, to stay unbeaten in two matches for a momentary solo lead in the University Athletic Association of the Philippines (UAAP) Season 84 at the Mall of Asia Arena in Pasay City on Tuesday.

The Blue Eagles led by as many as 21 points but needed one last stand to fend off the raging Tamaraws to also claim its 28th victory in a row since 2018, when they bowed to the same team, 63-60.

Tyler Tio poured all of his 17 markers on four triples in the third quarter, where they ran away to erect a 63-42 lead while Dave Ildefonso posted a similar score on three treys.

Ange Kouame and Bryan Andrade canned in nine apiece with SJ Belangel adding seven markers and six assists as Ateneo zoomed to the top with a 2-0 card after beating UP last weekend, 90-81.

“It’s really a tough game but you always got that from coach Olsen Racela and his team. They’re just a tough organization and they don’t give anything away easily. That was the case today,” said coach Tab Baldwin, who previously cautioned his wards on FEU’s capability.

The Blue Eagles indeed started at an early 0-8 deficit but quickly rediscovered groove by unleashing a 42-24 barrage bridging two quarters for a sudden 42-32 half time lead that they even extended in the third.

Ateneo rode on the hot hands of Mr. Tio, who alone nearly matched the Tamaraws’ third-quarter output, for its biggest lead late in the quarter and a still comfortable 67-51 upperhand entering the final canto.

But the Tamaraws refused to fall prey without a fight, rising from the mud with a 15-5 rally of their own to move within 66-72 in the last four minutes.

That, however, proved to be FEU’s last stand as Mr. Ildefonso’s big triple the next possession pretty much sealed Ateneo’s win streak spanning four years including a two-year UAAP break due to the pandemic.

Rookie RJ Abarrientos once again impressed with 16 markers while Emman Ojuola hauled down a 15-17 line in the Tamaraws’ close defeat. They slid to 1-1 after a 76-51 win over Santo Tomas in the opener.

In the first game, Jerom Lastimosa (14) and Keith Zaldivar (11) led the way as Adamson University (AdU) avenged its heart-breaking 71-69 loss against NU with an 82-66 demolition of the University of the East (UE).

The Soaring Falcons improved to 1-1 while the Red Warriors, despite Harvey Pagsanjan’s 17, remained winless in two games after absorbing a 25-point loss against FEU.

THE SCORES

First Game

AdU 82 – Lastimosa 14, Zaldivar 11, Calisay 8, Douanga 8, Sabandal 8,  Jaymalin 7, Yerro 7, Manzano 7, Erolon 5, Hanapi 4, Magbuhos 2, Barasi 1, Colonio 0, Peromingan 0, Fuentebelle 0, Maata 0.

UE 66 – Pagsanjan 17, Catacutan 12, Paranada N. 7, Escamis 6, Sawat 5, Lorenzana 4, Abatayo 4, Tulabut 3, Antiporda 2, Beltran 2, Cruz 2, Villanueva 0, Chan 0, Paranada K. 0, Pascual 0.

Second Game

ADMU 79 – Ildefonso 17, Tio 17, Andrade 9, Kouame 9, Belangel 7, Verano 6, Mamuyac 5, Koon 4, Mendoza 3, Lazaro 2, Chiu 0, Daves 0.

FEU 70 – Abarrientos 16, Ojuola 15, Alforque 12, Torres 8, Tempra 8, Gonzales 4, Bienes 3, Gravera 2, Li 2, Sajonia 0, Coquia 0, Sleat 0.

Omicron ‘stealth’ COVID variant BA.2 now dominant globally

A sub-variant of the highly transmissible Omicron version of coronavirus known as BA.2 is now dominant worldwide, prompting surges in many countries in Europe and Asia and raising concern over the potential for a new wave in the United States.  

Below is a summary of what is known about BA.2.  

MORE TRANSMISSIBLE 
BA.2 now represents nearly 86% of all sequenced cases, according to the World Health Organization. It is even more transmissible than its highly contagious Omicron siblings, BA.1 and BA.1.1, however the evidence so far suggests that it is no more likely to cause severe disease.  

As with the other variants in the Omicron family, vaccines are less effective against BA.2 than against previous variants like Alpha or the original strain of coronavirus, and protection declines over time. However, according to UK Health Security Agency data, protection is restored by a booster jab, particularly for preventing hospitalization and death.  

GLOBAL PICTURE 
The rise of BA.2 has been blamed for recent surges in China as well as record infections in European countries like Germany and the UK. Yet some European countries are now seeing a slower uptick in new cases, or even a decline.  

BA.2 has been called the “stealth variant” because it is slightly harder to track. A missing gene in BA.1 allowed it to be tracked by default through a common PCR test. BA.2 and another sibling, BA.3, which is also increasing in prevalence but is currently at low levels, can only be found by genomic sequencing, which some countries do more of than others.  

REINFECTIONS 
A key concern about BA.2 was whether it could reinfect people who had already had BA.1, particularly as a number of countries seemed to be experiencing “double peaks” in infection rates surprisingly close together.  

But data from both the UK and Denmark have shown that while Omicron can reinfect people who had other variants, such as Delta, only a handful of BA.2 reinfections in people who had BA.1 have been found so far among tens of thousands of cases.  

Scientists say a possible explanation for the recent rise in BA.2 could be that the global uptick happened at the same time that many countries lifted public health interventions.  

“In some ways, it could just be that BA.2 was the variant that was circulating when all these people stopped wearing masks,” said Dr. Andrew Pekosz, a virologist at the Johns Hopkins Bloomberg School of Public Health in Baltimore.  

As such, other US experts such as Eric Topol, director of the Scripps Research Translational Institute in La Jolla, California, said it was “a little too early” to call whether the US too would see a significant BA.2 wave.  

But whatever the reason for BA.2’s rise, scientists said it was a reminder that the virus continues to cause harm, particularly among unvaccinated, under-vaccinated and vulnerable populations.  

“It is still a huge public health problem and it is going to continue to be,” said Mark Woolhouse, an epidemiologist at the University of Edinburgh. — Reuters

US Supreme Court takes up copyright battle over Warhol’s Prince paintings

A MAN examines Self-Portrait by Andy Warhol during a media preview at Christie’s auction house in New York, Oct. 31, 2014. — REUTERS

WASHINGTON —  In a case that could help clarify when and how artists can make use of the work of others, the US Supreme Court on Monday agreed to decide a copyright dispute between a photographer and Andy Warhol’s estate over Mr. Warhol’s 1984 paintings of rock star Prince.

The justices took up the Andy Warhol Foundation’s appeal of a lower court ruling that his paintings — based on a photo of Prince that photographer Lynn Goldsmith had shot for Newsweek magazine in 1981 — were not protected by the copyright law doctrine called fair use. This doctrine permits unlicensed use of copyright-protected works under certain circumstances.

Ms. Goldsmith, 74, countersued Warhol’s estate for infringement in 2017 over Mr. Warhol’s unlicensed paintings of Prince after the estate asked a Manhattan federal court to find that his works did not violate her rights. Mr. Warhol, who died in 1987, often based his art on photographs.

Ms. Goldsmith, who has said she did not learn about the unlicensed works until after Prince died in 2016, asked the court to block Mr. Warhol’s estate from making further use of her work and for an unspecified amount of money damages.

A judge ruled that Mr. Warhol’s works were protected against Ms. Goldsmith’s infringement claims by the fair use doctrine, finding they transformed Ms. Goldsmith’s portrayal of Prince as a “vulnerable human being” by depicting him as an “iconic, larger-than-life figure.”

After Ms. Goldsmith challenged that decision, the New York-based 2nd US Circuit Court of Appeals last year found that Mr. Warhol’s paintings had not made fair use of the photo, allowing Goldsmith’s case to proceed. The 2nd Circuit decided that a transformative work must have a “fundamentally different and new artistic purpose and character,” and that Mr. Warhol’s paintings were “much closer to presenting the same work in a different form.”

The Andy Warhol Foundation asked the Supreme Court in December to overturn the 2nd Circuit decision, arguing that it created “a cloud of legal uncertainty” for an entire genre of art like Mr. Warhol’s.

Warhol Foundation attorney Roman Martinez said he welcomed the High Court’s decision to hear the case and hopes it will “recognize that Andy Warhol’s transformative works of art are fully protected by law.”

Ms. Goldsmith said in a statement provided by one of her lawyers that she looks forward to continuing her legal fight at the Supreme Court.

“Five years ago, the Foundation sued me to obtain a ruling that it could use my photograph without asking my permission or paying me anything for my work. I fought this suit to protect not only my own rights, but the rights of all photographers and visual artists to make a living by licensing their creative work — and also to decide when, how, and even whether to exploit their creative works or license others to do so,” Ms. Goldsmith said.

The Supreme Court addressed the issue of copyright fair use last year in a ruling finding that the use of Oracle Corp. software code by Alphabet, Inc.’s Google in its Android operating system was protected.

In a 1994 Supreme Court ruling on fair use involving artistic creation, the justices found that rap group 2 Live Crew’s parody of Roy Orbison’s “Oh, Pretty Woman” made fair use of Orbison’s song. — Reuters

Cebu Pacific sees return to pre-pandemic domestic capacity by next month

CEBUPACIFICAIR.COM

BUDGET carrier Cebu Pacific, which celebrated its 26th anniversary on Tuesday, said it intends to restore more than 100% of its pre-pandemic domestic capacity in April.

“Today, Cebu Pacific is operating at 96% of its pre-pandemic capacity,” Cebu Pacific President and Chief Executive Officer Lance Y. Gokongwei told reporters.

“We look forward to restoring [over] 100% capacity by next month,” he added.

The budget carrier saw a 200% increase in its average daily flights for both domestic and international combined, from about 100 flights per day in 2020, or before the pandemic, to about 300 at present.

It also said that flights from Manila to major local destinations, such as Boracay and Cebu, “have exceeded” the 2019 flight frequencies.

“March has always been a special month because we celebrate the anniversary when my father decided to make travel easy. Our 26th year has been made more exceptional today because we recognized our 200th million passengers, which signals that the travel industry is well on its way to recovery,” Mr. Gokongwei said.

“The past two years has been challenging, but we see the easing of restrictions here and abroad,” he also noted.

The airline’s domestic network currently covers 33 destinations, on top of its 14 international destinations.

“The month-long #CEBSuperSeatFest is still ongoing as part of the anniversary month celebration,” it noted.

The budget carrier recently reported a net loss of P24.9 billion for 2021, widening from a loss of P22.2 billion a year earlier. It generated P15.7 billion in revenues in 2021, 30% below the 2020 figure.

The airline said the decline in revenues was largely due to a 50% drop in passenger revenue to P6.3 billion from P12.6 billion in 2020. — Arjay L. Balinbin

Treasury fully awards reissued 10-year bonds at higher yield

BW FILE PHOTO

THE GOVERNMENT fully awarded the reissued Treasury bonds (T-bonds) it offered on Tuesday at a higher average rate as investors remain defensive amid expectations of aggressive rate hikes from the US Federal Reserve.

The Bureau of the Treasury (BTr) raised P35 billion as planned via the reissued 10-year bonds it auctioned off on Tuesday, with bids reaching P57.915 billion.

The debt papers, which have a remaining life of nine years and nine months, were awarded at an average rate of 6.092%, up by 99.9 basis points (bps) from the 5.093% fetched when they were last offered on Feb. 8. The bonds carry a coupon rate of 4.875%.

The average rate was also higher than the 5.6454% quoted for the 10-year tenor at the secondary market prior to the auction, based on the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters that the government made a full award of its T-bond offer on Tuesday at a higher rate as the market remained defensive as expectations of big Fed rate hikes continue to drive US Treasury yields higher.

A trader said in a Viber message that the auction result was within expectations.

“For a long-end bond issuance, total tenders gathered were fairly decent given the current sour sentiment for bonds due to forecasted rate hikes by both the US Federal Reserve and the BSP (Bangko Sentral ng Pilipinas),” the first trader said.

A second trader said the tenor was awarded “at the higher end of expected range” due to inflation risks and Fed tightening bets.

The US central bank must move “expeditiously” to bring too-high inflation to heel, US Federal Reserve Chair Jerome H. Powell said last week, adding that it could use bigger-than-usual interest rate hikes if needed to do so, Reuters reported.

In particular, he added, “if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 bps at a meeting or meetings, we will do so.”

The US consumer price index was at 7.9% year on year in February, the fastest in four decades. Inflation risks have been growing due to the ongoing war between Russia and Ukraine, which has caused prices of oil and other commodities to spike.

Meanwhile, the BSP kept benchmark interest rates unchanged for the 11th straight meeting on Thursday even amid growing inflation risks.

The central bank now expects inflation to average 4.3% this year, above the 2-4% target and faster than the previous 3.7% estimate. It also raised its inflation forecast for next year to 3.6% from 3.3%.

Still, BSP Governor Benjamin E. Diokno said over the weekend that surging oil and commodity prices caused by Russia’s invasion of Ukraine are supply problems that are better managed by policies from the government.

The BTr wanted to raise P250 billion from the domestic market this month, or P75 billion though Treasury bills (T-bills) and P175 billion from T-bonds. However, it made several rejections and partial awards at auctions due to rising yields.

Tuesday’s T-bond auction was the last one for March and the Treasury borrowed just P63.725 billion versus the P175-billion program. With T-bill awards only reaching P28.04 billion against the P75-billion plan, the BTr was only able to raise P91.765 billion out of its P250-billion borrowing program for this month.

The BTr is expected to release its April borrowing plan within the week.

The government borrows from local and external sources to help fund a budget deficit capped at 7.7% of gross domestic product this year. — T.J. Tomas with Reuters

Altas rout Bombers, 77-56, opening its championship bid

NCAA

By Joey Villar

UNIVERSITY of Perpetual Help System DALTA (UPHSD) launched its championship bid with a bang as it routed Jose Rizal University (JRU), 77-56, on Tuesday to seize a share of the lead in the 97th NCAA basketball tournament at the La Salle Greenhills Gym in Mandaluyong.

Kim Aurin, Jeff Egan and Jielo Razon, half of the six remnants from the team that last played three years ago, took turns in delivering the decisive blows and finished with 20, 14 and 13 points, respectively, to lift the Altas to their first win.

It also catapulted the Las Pinas-based squad straight into a five-way logjam at the helm alongside defending champion Letran, powerhouse San Beda, Mapua and Arellano University.

“We’re happy with the win and we’re hoping to improve even more,” said UPHSD coach Mike Saguiguit.

The Altas went on an early tear and erected a 26-9 lead that ballooned to 43-25 at the half, thanks to the Aurin-Egan-Razon troika.

The bad start somehow took the fight out of the dispirited Bombers, who got buried even more under the avalanche of the relentless Altas attack and trailed, 38-64, and were never the same.

Mr. Saguiguit later admitted he was pleasantly surprised with their strong start.

“I really didn’t expect it to have this kind of great result. Maybe it was because of the excitement that the boys felt after two years of not playing a single game,” said Mr. Saguiguit.

“This was their chance, that’s probably the reason they played well,” he added.

JM Delos Santos paced the Bombers with 17 points, six rebounds and four steals while rookie Jason Celis added 11 markers.

THE SCORES

UPHSD 77 – Aurin 20, Egan 14, Razon 13, Abis 6, Pagaran 5, Omega 4, Nunez 3, Cuevas 2, Sevilla 2, Barcuma 2, Boral 2, Martel 2, Movida 2, Kawamura 0, Ferreras 0.

JRU 56 – Delos Santos 17, Celis 11, Bongay 8, Agbong 7, Arenal 7, Estrella 3, Dionisio 2, Jungco 1, Macatangay 0, Aguilar 0, Guiab 0, dela Rama 0, Gonzales 0.

UNFPA sounds alarm over ‘dire state’ of health services in rural areas

PHILSTAR

Health services for Filipino women and girls need to be improved, according to the United Nations Population Fund (UNFPA), which pointed out the “dire state” of the healthcare system in rural areas. 

“I intend to continue to sound the alarm that the Philippines needs resources and attention to people who must not be forgotten as new crises and new world affairs occur,” said Dr. Natalia Kanem, UNFPA executive director and UN undersecretary general, at a press conference on Monday at the University of the Philippines Diliman.  

Access to medical assistance in Visayas and Mindanao has been hampered by the pandemic and Typhoon Odette (international name: Rai), which struck central and southern parts of the Philippines in December and caused P13.3 billion in agriculture damage. 

The Philippines ranked eighth in a 2021 disaster index, which highlights the increased risk that both government and civil society organizations must consider in their relief efforts. 

In a recent visit to affected communities in Tacloban, UNFPA reaffirmed growing cause for concern in the country, with “layer upon layer of risks facing millions of vulnerable people and, in particular, women and girls.”  

From victims of the typhoon alone, the agency found that over 4 million are women of reproductive age, with one-fourth of them being pregnant.  

“[The pregnant women in the community] sat in a circle with us and every single person who spoke — from the very first sentence, tears came to their eyes because, three months later, they’re still struggling to make sense of what is going to happen to them,” said Dr. Kanem.  

UNFPA Philippines country representative Leila S. Joudane added that they stepped in to provide family planning supplies after the typhoon flattened mobile health services in the region.  

The agency supports Women’s Health on Wheels, a local project in Leyte that provides resources for pregnant women.  

The UN previously set a goal of achieving three zeroes on maternal mortality, gender violence, and unmet need for family planning by 2030, in line with the sustainable development goals concerning women.  

Both the pandemic and the typhoon have unfortunately slowed down the country’s pace in terms of these goals, according to UNFPA.  

“The pandemic has been a big setback in terms of 2030 but it cannot become an excuse for us to give up on the understanding that inequality is at the root of a lot of the difficulties that we face in the world today,” Dr. Kanem said.  

Responsible Parenthood and Reproductive Health law, for example, supports women’s rights and protects adolescents from early pregnancy. However, it needs stricter implementation.  

She added: “When you look after women and girls, the men benefit, the society benefits, and the economy benefits.” — Brontë H. Lacsamana  

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