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National asset management plan released

PHILSTAR

ECONOMIC MANAGERS on Monday released a national asset management plan (NAMP) to maximize government funds as it invests in infrastructure projects.

The Department of Finance, Department of Budget and Management, and the National Economic and Development Authority in a Joint Memorandum Circular No. 2022-1 said that the government’s two-year asset management plan will be used to spend the country’s limited resources on assets that need funding most.

The NAMP, which covers fiscal years 2022-2023, provides information that can be used for timely infrastructure investment decisions by the government.

“Asset management essentially enables an organization to realize value from assets in the achievement of its organizational objectives,” the plan said.

“Hence, the NAMP serves as a vital tool to help the government realize value from its various assets towards achieving its strategic and overall objectives.”

Seen as the first of many plans, the NAMP will focus on assets that have a significant socioeconomic impact to the country, including schools, government buildings, roads, bridges, hospitals, dams, irrigation facilities, and treatment and welfare centers.

The NAMP focuses on challenges in urbanization, serving rural communities, dealing with population growth, and managing disaster risks. The plan is expected to guide decision making for urbanization investment priorities.

Analyzing the effects of population growth on infrastructure, the NAMP said older assets, such as those from the 1960s, may also need funding.

Natural disaster and pandemic-related risks would also prompt “prudent investment in infrastructure,” it added.

“As infrastructure gets old, or growth exceeds its capacity to deliver, investment is required to meet the need. Hence, monitoring capacity and planning funding for this need is vital.”

By managing assets, the plan aims to protect against wasted assets and make sure that government operations are efficient.

“The NAMP is envisioned to be revisited annually, as needed, and its time horizon may be expanded from the initial two years to three years in the development of the succeeding NAMPs, to align with the medium-term planning processes.”

This first NAMP will become one of the medium-term plans of the government, the Department of Budget and Management (DBM) Fiscal Planning and Reforms Bureau said in an e-mail.

“We envision the NAMP as a way to embed asset management practices in day-to-day activities,” DBM said. Through the plan, the government aims to meet its budget needs by identifying data that would support its investment decisions.

The NAMP enforces the Philippine Government Asset Management Policy, which was issued after the government in 2018 found that the Philippines has limited institutional accountability for asset management.

The country lacked policies on asset management, insurance, and disaster risk management, DBM added. — Jenina P. Ibañez

DITO CME trading suspension lifted; sentiment mixed

THE Philippine Stock Exchange (PSE) has lifted the trading suspension on DITO CME Holdings Corp. shares after the company published additional details on the postponement of its stock rights offering (SRO).

The company will resume trading on Wednesday, the PSE said in disclosure notice on Monday evening.

“In view of the foregoing, trading of DITO (the company’s ticker symbol) will resume on Feb. 2, 2022 at 10:30 a.m.,” the PSE said. Financial markets are closed on Tuesday in observation of the Lunar New Year holiday.

The exchange halted the trading of DITO CME shares on Monday, 9 a.m., after the company announced plans to defer its SRO over the weekend.

First Grade Finance, Inc. Managing Director Astro C. del Castillo is expecting investors to “react negatively” towards the stock once trading resumes.

“I think expect DITO to eventually succumb to the negative sentiment of investors in the market,” Mr. Del Castillo said in a phone interview on Tuesday. He added that DITO CME’s postponement of its offering might have a “reverberating effect on other companies” planning to do SROs.

“It could possibly affect sentiment, especially [on] small, emerging companies like DITO,” Mr. Del Castillo said.

Meanwhile, Regina Capital Development Corp. Head of Sales Luis A. Limlingan said overall market sentiment towards future SROs “probably won’t be affected.”

“Sentiment probably won’t be affected since it’s isolated to DITO. I think investors look [at] offerings on a per-issue basis and not as a whole,” Mr. Limlingan said in a Viber message on Monday.

In its disclosure on Monday evening, DITO CME said that the postponement of the offering came after “extensive discussions” with its majority shareholder, Udenna Corp., and its sole underwriter, China Bank Capital Corp.

“In consultation with China Bank Capital and the support of Udenna, DITO CME decided that a deferment of the SRO would be in the best interest of the Company, and especially its minority shareholders,” DITO CME said.

The company cited “less than ideal market conditions” as the Philippine financial markets opened the year on “a negative note,” following the surge in coronavirus disease 2019 (COVID-19) infections due to the Omicron variant and the hawkish stances of the US Federal Reserve.

“We note that various investors have expressed disappointment in not being able to continue the SRO, but the Company will definitely pursue options of relaunching the SRO, a public offer, or other fund raising means, as soon as market conditions have improved, with the approval of the regulators,” DITO CME said.

Proceeds of the SRO were supposed to be used to invest in the expansion of its telecommunications services under DITO Telecommunity Corp. To finance the move, DITO CME on Monday said it had secured commitments worth $4 billion in long-term debt under a project finance arrangement with foreign lenders.

DITO Telecommunity has received “strong support from users and subscribers” since it was commercially launched, DITO CME noted. DITO Telecommunity has obtained over 5 million subscribers within nine months.

Meanwhile, DITO CME said it is working with AB Stock Transfers Corp. “to ensure that funds received by investors are returned at the soonest possible time.”

Refunds to certified shareholders, the Philippine Depository & Trust Corp., and institutional buyers are scheduled on Feb. 2, while refunds for trading participants and scripless shareholders will be made on Feb. 3.

However, in its disclosure notice on Monday, the PSE also said that the lifting of the trading halt does not mean it already approves of DITO CME’s SRO deferment.

“We wish to emphasize that the lifting of the trading halt should not be construed as an approval by the exchange of the deferment of the offering and is without prejudice to any regulatory action that the exchange may pursue in order to ensure full compliance with the applicable rules and for the protection of the investing public consistent with the mandate of the exchange, as a self-regulatory organization, to maintain a fair and orderly market,” the PSE said.

“The company, its underwriter, and other advisers are responsible for strict compliance with the rules of the exchange,” it said. — Keren Concepcion G. Valmonte

National Arts Month

celebration goes digital for 2nd year

IT is going to be another year of virtual activities as the National Commission for Culture and the Arts (NCCA) celebrates the 31st National Arts Month with online activities for the second consecutive year.

The celebration has the theme “Sining ng Pag-asa” (Art of Hope).

“During these challenging times, the artistic team together with its NAM (National Arts Month) Secretariat is challenged to mount activities that, while online, can still be engaging and relevant, for the public to value and appreciate the importance of arts in our lives,” NCCA Deputy Executive director Marichu G. Tellano said during the online press launch on Jan. 26.

“We are confident that what our artistic community has prepared are responsive and relevant to the current situation of our country,” she added.

The celebration is mainly composed of the flagship projects of the seven national committees NCCA’s Subcommission on the Arts — Architecture and Allied Arts, Cinema, Dramatic Arts, Literary Arts, Visual Arts, Music, and Dance. A calendar of activities will be released on the NCCA Facebook page.

“The National Arts Month is an essential platform to cultivate appreciation for the arts and bring out a deep sense of respect for our cultures and traditions,” NCCA Chairperson Arsenio “Nick” J. Lizaso said.

The National Arts Month opening ceremony will be held on Feb. 4, streamed via the NCCA Facebook page, and will showcase performances, virtual exhibits, poem and story reading, and film excerpts, among others from the seven art forms.

THE PROGRAMS
From webinars to film screenings to performances, the celebration has something for everyone.

The Architecture and Allied Arts committee will offer “Saan KaLulugar: Creativity as the Catalyst for Recovery,” four webinars on the transformation of public and private spaces in the “new normal.” The webinar series will be hosted via Zoom and livestreamed via Facebook from Feb. 11 to March 4. The schedule of sessions will be announced via https://www.facebook.com/NCAAAexecon.

Webinars, roundtable discussions among regional film makers, and film screenings of the best regional films produced in 2021 are on offer in the National Committee on Cinema’s “Cinema Rehiyon: Cinema Society in World Change.” These will be conducted from Feb. 16 to 28. The films will be available for viewing from Feb. 16 to March 31 at the Cinema Rehiyon official Vimeo page. For webinars and film screening schedules, visit https://www.facebook.com/cinemarehiyonofficial.

The 16th Tanghal National University & Community Based Theater Festival will run from Feb. 14 to 26. A project of the National Committee on Dramatic Arts, it features 30-minute school/university-based and collaborative performances from all over the country. For performance schedules, visit https://www.facebook.com/NCCACDA.

Meanwhile, the National Committee on Literary Arts will conduct “Himaya: Panitikan ng Pagbabanyuhay,” a two-day conference on March 25 and 26. The events will be streamed on www.facebook.com/NCCANCLA. The Literary Arts committee is also hosting the Gawad Bienvenido Lumbera 2022 NCLA National Literary Contest for short story, poetry, and essay writing. The works can be written in Filipino, Ilocano, Cebuano, Hiligaynon, Waray, Pangasinense, Kapampangan, Bahasa Sug, and Meranaw. More information is available at, and entries can be sent to, https://bit.ly/GBL22.

“Bagong Biswal 2022,” a five-part project by the National Committee on Visual Arts, includes exhibition walk throughs, an outdoor exhibition, and a webinar series, among others. For details, visit https://www.facebook.com/NCCA-National-Committee-on-Visual-Arts-107693327543362.

Musikapuluan: Gems of Contemporary Music in the Different Genres is the project of the National Committee on Music. The concert series feature various type of music written in the last five to 10 years including choral works/ a cappella groups, pop-ethnic/protest songs, classical music, traditional ensemble (rondalla, kulintang ensemble), vocal classical music (kundiman, art songs), Philippine music theater, and large instrumental ensembles (orchestra, pop orchestra, symphonic band, and pop music).

The National Committee on Dance and the NAM’s longest running program, Sayaw Pinoy, goes virtual with “Dance of Hope.” It provides a venue for established and upcoming dance groups from all over the country to interact and exchange choreographic ideas, and to discover more groups from the regions and provide them with opportunities to showcase their works. Sayaw Pinoy hopes to engage about 80 groups and hold shows on Feb. 5, 12, 19, 26 and March 5.

Meanwhile, details for this year’s Ani ng Dangal awards, which recognizes artists, cultural workers, and works that have earned international awards and accolades during the past year, will be posted soon.

For more details, visit the NCCA Facebook page (https://www.facebook.com/NCCAOfficial) or its web page (www.ncca.gov.ph). — MAPS

Dr. Google, self-medicating preferred by Filipinos — survey

UNSPLASH

By Patricia B. Mirasol

FILIPINOS would rather Google medical information and self-medicate than consult a doctor, according to a recent survey.

A 2021 wellness index by health maintenance organization PhilhealthCare, Inc. (PhilCare) found that only 7.4% of 1,500 respondents do not self-medicate.  

The majority, meanwhile, self-medicate because they have been able to treat themselves before (with 28.6% strongly agreeing and 40.3% agreeing); they are also able to seek advice from friends and family (28.6% strongly agreeing and 43.1% agreeing), and search online for medical information (25.5% strongly agreeing and 40.2% agreeing).

“We are not at all surprised with this result, especially if you view it from the context of how the pandemic has changed the mindset of Filipinos when it comes to health,” said Joseph Agustin “Jaeger” L. Tanco, PhilCare president and chief executive officer, in an e-mail to BusinessWorld. Mr. Tanco noted that Filipino workers now see healthcare as among the top things they value in a workplace.  

The PhilCare survey also found that Filipinos would rather do online research than online consultation. Almost half of the respondents said they are not comfortable consulting a doctor online or over the telephone. Another 39% said they prefer not to spend on a new consultation to get prescription refills.  

Inasmuch as health professionals use online platforms to disseminate health-related information, the medium can also provide a fertile ground for misinformation.  

A January 2021 study at the Journal of Medical Internet Research found that the prevalence of health misinformation was high on the following public health issues: smoking products, drugs, and vaccines. The study also singled out Twitter as the social media platform with the highest prevalence of health misinformation.

“We need to rethink the way health is delivered, especially under this so-called next normal. That way, people still get the professional healthcare that they need, while addressing their anxiety resulting from the pandemic,” said Mr. Tanco, adding telemedicine should gain more traction.

“Despite being less anxious about going to hospitals as compared to 2020, Filipinos still worry about getting COVID-19 if they [have to] physically go there to get medical attention,” he added.

The heightened need for health, coupled with the worry of getting COVID-19 in hospitals, has resulted in the decision to self-medicate among many Filipinos, according to Mr. Tanco.

Self-medication is the use of drugs to treat self-diagnosed medical conditions. Without medical guidance, self-medication can lead to incorrect or inappropriate therapy, missed diagnoses, increased morbidity, and resistance to antibiotics.

Antimicrobial resistance stems from “superbugs” evolving from the misuse of antibiotics. It caused the deaths of 1.27 million people in 2019 — higher than HIV/AIDS or malaria, per the Global Research on Antimicrobial Resistance report.

The PhilCare Wellness Index was conducted via a nationwide telephone survey Sept. 4-20, 2021. A majority of the respondents — who were randomly selected from Metro Manila and 65 provinces — are employees (96.1%), with 64.5% working for private firms.

Senate passes telecom, broadcast, radio franchise bills 

THE UPPER house passed on final reading the renewal of legislative franchises of 19 telecommunication and broadcasting companies to operate in various parts of the country, and a bill expanding radio franchises in Davao City.

House Bill (HB) 9384, which proposes to expand the franchise granted to the Davao City government for its radio broadcasting stations, was passed late Monday.

Along with this were franchises for Mount Apo Science Foundation College, Inc. or HB 10212, Capricom Broadcasting Network Corp. or HB 10192, Amapola Broadcasting System or HB 10196, South Cotabato Communications Corp. or HB 10123, Prime Broadcasting Network, Inc. or HB 10124, National Council of Churches in the Philippines or HB 10125, and GVM Radio, otherwise known as TV Corp., or HB 10211.

Ismo, Inc. or HBN 8971, Aspire Media Technologies and Ventures, Inc. or HB 10169, Linkserve Telecommunications Network, Inc. or HB 10193, Derecho Telecommunications, Inc. or HB 10194, Unicorn Communications Corp. or HB 10195, Purple Flower Telecommunication Corp. or HB 10197, Calapan Telephone System, Inc. or HB 8975, Bicol Telephone and Telegraph, Inc. or HB 9424, Lukban Telephone System, Inc. or HB 9438, Continental Telecommunications System, Inc. or HB 9439, Victorias Telephone System, Inc. or HB 10182, and General Telephone System, Inc. or HB 10183, were also approved to put up and maintain their respective telecommunications systems and services.

The Senate also passed local bills seeking to establish, convert and upgrade the local offices of the Land Transportation Office in 32 locations across the Philippines, including offices in the provinces of Isabela, Nueva Ecija, Camarines Norte, Negros Occidental, Cebu, Iloilo, Zamboanga del Sur, Bukidnon.

Likewise, the upper house voted to approve three House bills seeking to establish offices of the Land Transportation Franchising and Regulatory Board in Puerto Princesa, Palawan; Bacoor City, Cavite; and Dasmariñas, Cavite. — Alyssa Nicole O. Tan

Singular names

Carlos ‘Botong’ Francisco, Dama Players

WARHOL, Kusama, Botong. Some artists are so well known that one does not have to use their full names to know what is in store for the viewer. Some works by the singular names can be found in the upcoming auction, “Art & Design,” by Salcedo Auction’s subsidiary, Gavel & Block.

The online auction will be held on Feb. 5, starting at 11 a.m., on salcedoauctions.com.

The auction house’s first sale of the year, co-presented by HSBC Premier, is divided into four themes: Orient Express, Femme Fatale, Master’s Series, A Man’s World, and Pop Phenomenon.

The Masters Series is where one finds the singular names Ocampo, Luz, Botong, Alcuaz, Orlina, Malang, Manansala. Among the many works up for auction are the 1977 watercolor on paper piece Abstraction series and a 1974 untitled ink sketch by National Artist H.R Ocampo; an acrylic collage on paper, Kyoto Series 1 (2014) by National Artist Arturo Luz, along with one of his signature sculptures, Homage to Isamu Noguchi (2015); and National Artist Carlos “Botong” Francisco’s lithograph, Dama Players.

More singular names are found in the section The Femme Fatale — a selection of works focusing on the female face and form — including Warhol, Magsaysay-Ho, Garibay, Olazo. Among the pieces are a lot of four plates featuring Andy Warhol’s Marilyn Monroe (1997), licensed by AWF and the Estate of Marilyn Monroe. There are also nude drawings by Anita Magsaysay-Ho, Emmanuel Garibay, and Romulo Olazo. Following the “feminine” theme, there are also silk scarves including a Hermes’ Carrossier silk scarf by Philippe Ledoux, and a Passementerie silk scarf by Francoise Heron.

Kusama is another famous name that can be found in the Pop Phenomenon selection alongside Warhol. The section includes Yayoi Kusama’s A Lot of 2 Pumpkins; a plate featuring Andy Warhol’s Campbell’s Soup Can (1997); and a pair of yellow and red Trioli children’s chairs in rotational-molded polyethylene.

The Orient Express section pays homage to the famous transcontinental railway service (which will be relaunched in 2023) by focusing on décor and furnishings inspired by the train. These include the Flower chair by Pierre Paulin for Magis, made of smoke gray transparent polycarbonate with a dark red cushion; a lot of four Vega martini glasses by Baccarat; and a hibiscus-colored polyurethane foam Amoebe chair designed in the 1970s by Verner Panton for Vitra. Singular names can also be found here: Luz and Impy, among several others, with glass works, sculptures, paintings that somehow suggest the world of the Orient Express.

Finally, A Man’s World focuses on objects and art which exude a certain air of masculinity. These range from landscapes by Cesar Buenaventura, a director’s chair by Philippe Starke, an antique Gub Glashutte ’56-hour marine chronometer, and a carriage wheel chessboard on sugar press base.

To preview the lots at the gallery — located at the NEX Tower, 6786 Ayala Ave., Makati — , contact Kristine Sanders (0905-464-2802) to set a schedule. The e-catalog is available at salcedoauctions.com, where interested bidders can also register.

COVID shines spotlight on imbalanced approach to death globally — expert panel

PIXABAY

LONDON — The way we die needs a fundamental rethink, according to a group of international experts, who say coronavirus disease 2019 (COVID-19) has shed a harsh spotlight on care for the dying.  

Death has been “overmedicalized” and millions around the globe are suffering unnecessarily at the end of their lives as a result, with healthcare workers in wealthy nations seeking to prolong life rather than support death, according to an expert panel convened by the Lancet medical journal.  

At the same time, around half of people globally die without any palliative care or pain relief, particularly in lower-income countries.  

The Lancet Commission — involving patients, community experts, philosophers and theologians as well as experts in health and social care — are calling for change.  

“How do we create a balanced way to support people as they are dying?” Commission Co-Chair Dr. Libby Sallnow, a palliative medicine consultant and honorary senior clinical lecturer at University College London, said in an interview. “At the moment we are not managing it as we could be.”  

Although the Lancet Commission’s work began in 2018, Dr. Sallnow said the extremes seen during the pandemic had given it a new focus.  

She recalled treating COVID patients at home and in hospital during the pandemic, with those in hospital able to access therapeutics and pain relief, but only able to speak to their loved ones via an iPad held aloft by medical staff. Conversely, patients at home had their loved ones with them, but often struggled for medicines to ease their suffering.  

Dr. Sallnow acknowledged that infection control measures early on in the pandemic had made it difficult to deliver care in a “balanced” way.  

“In the first wave of COVID, people were trying to respond to something entirely unknown. But quickly the world realized that it is not okay not to have people you love with you when you are dying,” she said.  

The commission had five recommendations for what they called a “new vision of death.” First, tackling the social determinants of death, dying and grieving, to allow for healthier lives and more equitable deaths.  

They also recommend that dying should be seen as more than just a physiological event, and as such, networks of care must include families and communities as well as professionals. Conversations about death must also be encouraged, and death itself recognized as having value, they concluded.  

The commission’s work focuses on life-limiting illness or injury, rather than sudden or violent deaths, deaths of children, or deaths due to injustice. — Reuters

P30-B CCLEX on track to open this quarter; RFID installation resumes

CEBU Cordova Link Expressway Corp. (CCLEC), the private company behind the Cebu-Cordova Link Expressway (CCLEX), said it recently resumed its installation of radio-frequency identification (RFID) stickers for vehicles, weeks after Typhoon Odette battered Cebu.

The construction progress of the P30-billion bridge project, which is expected to open this quarter, is now at 90%, CCLEC said in a statement posted on its website.

“On Jan. 17, 2022, CCLEC resumed installing CCLEX RFID in the following locations: SM Seaside City Cebu, Il Corso Lifemalls by Filinvest, and Robinsons Galleria Cebu,” it added.

CCLEC is a subsidiary of Metro Pacific Tollways Corp. (MPTC), the tollways arm of Metro Pacific Investments Corp. (MPIC). The toll bridge project is being undertaken in partnership with the City of Cebu and the Municipality of Cordova.

In preparation for the opening of the project, the company started inviting motorists to have their vehicles installed with RFID stickers in October last year.

“Vehicle owners who have previously registered but were affected by the suspension of the CCLEX RFID installation can now… reschedule their appointments through the ‘Manage Appointment’ tab on the CCLEX website,” it said.

The toll bridge, which is seen to increase economic activities in Cebu and throughout the Visayas region, is the “longest and tallest” bridge in the Philippines, spanning 8.9 kilometers, CCLEC noted.

“CCLEX, highlighted by its iconic crosses on top of the twin pylons of the cable-stayed main bridge over the Mactan Channel, is MPTC’s first toll road project outside Luzon,” the company added.

MPIC is one of three key Philippine units of First Pacific, the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

NAMCYA’s young virtuosos play in a virtual concert series

MICHAEL ANGELO VALENCIANO performs on the CCP’s Fazioli piano — PHOTO BY ORLY DAQUIPIL

FIVE young pianists will showcase their talent in a special virtual concert series on Feb. 9-13. Their performances will be live streamed at the YouTube Channel and Facebook Page of the Cultural Center of the Philippines (CCP).

Nathan Samuel Gemina, Michael Angelo Valenciano, Aidan Ezra Baracol, Inna Montesclaros and Ella Gabrielle Gaw will each perform a classical piece in a 15-minute solo recital, showing their musicality and piano skills using the CCP Fazioli piano, one of the few in the country.

The concert series was organized by the National Music Competitions for Young Artists (NAMCYA) which has been producing outstanding young pianists through the Junior and Senior Piano categories of the competition since 1973.

A grade-10 scholar at the Philippine High School for the Arts, Mr. Baracol won first prize in 2020 NAMCYA Junior Piano category and Best Interpretation of the Contest Piece in the same competition, among other awards.

Nine-year-old Ms. Gaw enjoys playing Beethoven and Mozart and has won several awards. She is preparing for her solo concerts featuring Bach’s intervention works, Beethoven sonata, and D. Shostakovich pieces.

A music degree graduate at the Royal College of Music in London, Ms. Montesclaros is known for her warm musical tone and in-depth understanding of musical pieces. In 2019, she completed a series of concerts in the Philippines to promote classical music and raise funds for advocacy projects for women.

Mr. Valenciano, a Piano Performance degree holder from the UST Conservatory of Music, is a 2018 NAMCYA 2nd place winner. He was a full scholar of the Friends for Cultural Concerns of the Philippines.

Also a graduate of the UST Conservatory of Music, Mr. Gemina won the 2nd prize in the 2019 NAMCYA Senior Piano category, and was a finalist in the 2016 Junior Piano category. He is currently a piano teacher in ACTS Manila and a member of the Piano Teacher’s Guild of the Philippines.

The concert series — which was pre-recorded at the CCP’s Tanghalang Nicanor Abelardo — will be hosted by pianist Raul Sunico. The pianists all performed on the cultural center’s Fazioli piano.

Best described as perfectly balanced, the Fazioli pianos are highly regarded for their rich tone and feather-like touch. The CCP’s has been used and played for concerts featuring Dr. Sunico, pianist Mary Anne Espina, and PPO’s pianist/harpist Madeline Jane Banta.

For more updates, follow the CCP and NAMCYA Facebook Page.

BSP looking to create credit facility to boost green loans

By Luz Wendy T. Noble, Reporter

THE CENTRAL BANK is looking to set up a separate credit facility that will encourage lenders to provide sustainable financing.

“The Bangko Sentral ng Pilipinas (BSP) is exploring regulatory incentives which may include the use of preferential rediscount rates or provision of higher loan values. This may be implemented through enhancements in the existing rediscounting facility and/or creation of a new credit facility for banks that lend to priority green sectors,” the central bank said in an e-mail.

In November, the central bank launched the second phase of its sustainable finance framework. Its focus was directing banks to monitor environmental and social risks in their credit exposures and business operations.

The BSP said they are still assessing potential regulatory incentives for green financing.

“We are carefully considering the potential incentives so as not to create any unintended consequences. Nevertheless, we are hoping that this initiative will spur a change in the behavior among our supervised banks to mobilize funds towards green and sustainable activities and investments,” the BSP said.

The Bankers Association of the Philippines (BAP) welcomed the central bank’s move to explore regulatory incentives that could help boost lending for green projects, noting local banks have issued more than $1.15 billion of green, social, and sustainability bonds since 2017.

“The BAP will continue to collaborate with the BSP and Congress to pursue a clear regulatory framework to mainstream sustainable finance in the Philippine financial system. This will ensure that we and future generations of Filipinos, will benefit from the initiatives we have today,” the BAP said in a Viber message.

Meanwhile, Chamber of Thrift Banks Executive Director Suzanne I. Felix said they are actively collaborating with the central bank on a training program that will help banks in the implementation of the sustainable finance framework.

The framework was released in 2020, with banks given a three-year transition period to adopt sustainability principles through environmental and social risk management systems, as well as in their governance frameworks, strategies and operations.

“Creating a more sustainable future should be everyone’s responsibility, and the financial sector holds enormous power in funding and bringing awareness to issues of sustainability,” Ms. Felix said in an e-mail.

Smaller banks are still navigating how to implement the sustainable framework as their borrowers are mostly small businesses and “backyard industries” that do not particularly focus on green practices for business operations, Rural Bankers Association of the Philippines President Albert T. Concha, Jr. said.

“Rural banks are caught between a rock and a hard place in having to choose between implementing the mandate of sustainability under threat of penalty or to lose a client borrower.  The cost of having sustainable practices is deemed high, and these incentives, if given to rural banks will trickle down to borrowers to cushion the expense of compliance,” Mr. Concha said in a Viber message.

He said apart from the potential regulatory incentives floated by the central bank, a separate valuation and classification for loans that are classified under the green sector should also be considered.

“Rural banks might shy away from lending sustainable loans such as renewable projects as it may be considered riskier to undertake due to higher capital requirement and its dependency on weather conditions and exposure to calamities,” Mr. Concha said.

To improve COVID response, combine national and on-the-ground data — researchers

PHILIPPINE STAR/EDD GUMBAN

By Brontë H. Lacsamana  

THE Philippine pandemic response should take into account on-the-ground perspectives as well as national aggregate data to avoid making the same mistakes that landed the country dead last in Bloomberg’s Covid Resilience Ranking, a position it has held for three of the five previous months.

 “To minimize uncertainty, we need to involve many people,” said Jomar F. Rabajante, analytics researcher and member of the University of the Philippines (UP) pandemic response team, at a Jan. 25 webinar on the Omicron variant.

Despite their mathematical modeling — which the team has done since the onset of COVID-19 — uncertainties have cropped up due to a lack of capacity-building on the local government level, with executive officials scrambling to respond.  

With the latest surge caused by the highly transmissible Omicron variant appearing to recede, health authorities relaxed restrictions to Alert Level 2 for Metro Manila and the provinces of Cavite, Bulacan, Rizal, Batanes, Biliran, Southern Leyte, and Basilan.  

Meanwhile, all other provinces retained Alert Level 3 due to case count being high.

A better focus on the granular level would mean considering the high case count in other provinces despite the lower number nationally, since the surge happens asynchronously across the Philippines, said Dr. Rabajante.  

He noted that the Department of Health (DoH) includes only RT-PCR tests and not antigen tests in its data, meaning aggregates are not accurate.  

“There are mathematical methods we can use to estimate actual number based on positivity rate. Reports estimating almost 50% positivity rate, that translates to x10 of reported cases,” said Dr. Rabajante.   

VACCINATION, SELF-REPORTING
The stealth Omicron or BA.2 subvariant now accounts for most of the cases in the country, according to the Philippine Genome Center’s (PGC) latest sequencing.  

Though its relative mildness and high transmissibility don’t differ much from the BA.1 subvariant, it is proof that the virus may still continue to mutate, said PGC Executive Director Dr. Cynthia P. Saloma at the same webinar.  

“We know how to reduce [risk] by mitigation measures — medical-grade masks, distancing, ventilation, air filtration … And it’s important to strengthen healthcare capacity and vaccination rates, as the current crop of vaccines are still effective in preventing hospitalization and severe cases,” said Dr. Saloma.

As part of the DoH strategy to address the surge caused by Omicron, there has been an ongoing rollout of booster shots for all fully vaccinated Filipino adults three months after their second dose. This is supported by studies showing that Moderna, Pfizer, and AstraZeneca booster doses offer better immune response against both Delta and Omicron variants.  

Dr. Teodoro J. Herbosa, advisor of the National Task Force for COVID-19, called on the private sector to help through campaigns such as Resbakuna sa Botika, in which vaccines are administered in pharmacies.  

He added that the DoH is developing a mechanism of self-reporting of tests, given that many Filipinos have been resorting to antigen testing at home. However, this will take some time as there is “lots of complexity in the self-reporting system,” mainly the question of test quality and accuracy.

Aboitiz Construction says more projects to be completed this year

ABOITIZ Construction, Inc. said it expects completion of various projects this year, including the construction of a 6,000-square-meter warehouse in Iloilo City and a water infrastructure in Batangas.

The company also intends to “further expand into water and transportation infrastructure, projects for ready-built factories, and maintenance services,” Aboitiz Construction said in an e-mailed statement on Monday.

“Aboitiz Construction expanded its portfolio in infrastructure after bagging a deal to design and build an additional overhead transmission line project for Lima Enerzone, a distribution company under AboitizPower,” it noted.

“It also received an award for the construction of a water infrastructure project for Lima Land, Inc. in Batangas. Most recently, it confirmed the construction of a warehouse for Therma Visayas, Inc. in Toledo City. These projects are expected to be completed in 2022.”

It is also expecting to complete this year the construction of a 6,000-square-meter warehouse for a local food company in Iloilo City.

The company has already started work on its projects in Parañaque City, which include the construction of a 26,000-square-meter warehouse and office buildings.

“In line with our vision to solidify our national footprint, we are also expanding our portfolio and continuously looking for better ways to help in building a better future for a better Philippines,”  said Levi B. Agoncillo,  Aboitiz Construction’s vice-president for business development, tender planning, engineering, and design.

The company started implementing its “Big Shift Strategy” in 2021, which targets the improvement of its financial performance, processes, and people development.

“2021 is our recovery period and through teamwork, we became stronger and steadfast. As we drive towards expanding operations and setting a national footprint, we have started to implement programs that will continue this momentum through 2022,” said Aboitiz Construction Chairman and President Anton Mari G. Perdices.

The company said that among its accomplishments last year was the completion of maintenance and shutdown works at the Sarangani Energy Corp.’s thermal power plant.

Civil works for the expansion of a fuel storage facility in Subic, Zambales and construction works for a local manufacturer and distributor of high-grade oleochemicals in Misamis Oriental were also completed in 2021. — Arjay L. Balinbin

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