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Heard lawyers will not call Depp back to witness stand

Johnny Depp and Amber Heard in a scene from the 2011 film The Rum Diary. — IMDB.COM

LAWYERS for Aquaman actress Amber Heard decided not to call Johnny Depp back to the witness stand as they wrapped up their defense this week in the former couple’s defamation case, a source close to Ms. Heard said on Monday afternoon.

Mr. Depp appeared on a list of potential witnesses as the trial entered its sixth and final week.

The Pirates of the Caribbean star could testify again if his own lawyers summon him for more questioning ahead of closing arguments on Friday.

Mr. Depp, 58, is suing Ms. Heard in Virginia for $50 million, saying she defamed him when she said she was a victim of domestic abuse. Ms. Heard, 36, has countersued for $100 million, arguing that Mr. Depp smeared her by calling her a liar.

A jury in Virginia will be asked to decide both claims.

Mr. Depp has told jurors he never hit Ms. Heard and argued that she was the abuser in their relationship. He said Ms. Heard threw a vodka bottle at him in early 2015, severing the top of his right middle finger.

Ms. Heard said she did not cause the finger injury and said she only hit him to defend herself or her sister.

On Monday, jurors were shown graphic photos of Mr. Depp’s bloody finger and heard testimony from a hand surgeon, Dr. Richard Moore, who was called as an expert witness for Ms. Heard.

Mr. Moore, who reviewed Depp’s medical records, said he did not believe Depp’s injury was sustained in the way the actor described.

“The wound doesn’t really appear to be a sharp glass laceration,” he said.

Mr. Moore said he believed it was instead a “crush injury,” though he acknowledged under questioning from Mr. Depp’s lawyers that he could not say for sure what happened to the finger.

Ms. Heard had testified that she thought Mr. Depp might have injured himself when he smashed a wall-mounted phone into “smithereens” during their argument that night in Australia, where Mr. Depp was filming the fifth Pirates movie.

Mr. Depp and Ms. Heard met in 2011 while filming The Rum Diary. They wed in February 2015 and their divorce was finalized about two years later.

The legal case centers on a December 2018 opinion piece by Ms. Heard that appeared in the Washington Post. The article never mentioned Mr. Depp by name, but his lawyer told jurors it was clear that Ms. Heard was referring to him.

Mr. Depp, once among Hollywood’s biggest stars, said Ms. Heard’s allegations cost him “everything.” A new Pirates movie was put on hold, and Mr. Depp was replaced in the Fantastic Beast film franchise, a Harry Potter spinoff.

Ms. Heard’s attorneys have argued that she told the truth and that her opinion was protected free speech under the US Constitution’s First Amendment.

Less than two years ago, Mr. Depp lost a libel case against the Sun, a British tabloid that labeled him a “wife beater.” A London High Court judge ruled that he had repeatedly assaulted Ms. Heard.

Mr. Depp’s lawyers filed the case in Fairfax County, Virginia, because the Washington Post is printed there. The newspaper is not a defendant. — Reuters

Kiefer Ravena quits Gilas Pilipinas, returns to NLEX

GILAS mainstay Kiefer Ravena — PHILIPPINE STAR FILE PHOTO

THE shocking gold medal bust in the 31st Southeast Asian Games (SEAG) probably struck Kiefer Ravena, the longest-tenured and winningest among the Gilas Pilipinas mainstays, the hardest.

Five-time winner prior to the Vietnam edition, Mr. Ravena would have loved to end his SEAG tour of duty on a triumphant note but now has to endure and get over arguably the most painful of defeats.

“That’s it for me!” Mr. Ravena, who first competed in the SEA Games in 2011 as an 18-year-old college star, posted on Instagram after the unexpected fall of mighty Gilas to first-time champion Indonesia.

“Hanging these bad boys up for my last SEA Games. It’s been my absolute pleasure playing for the Philippines.”

In retrospect, “The Phenom” said it was a great ride overall for him in the biennial meet. After the gold in Jakarta, Mr. Ravena reaped more success with the Sinag-Gilas crews in 2013, 2015, 2017 and 2019 as powerhouse Philippines extended its championship run to 13 consecutive SEA Games.

“Thank you, SEA Games for the competition, relationship and memories,” he said. “Thirteen straight is tough to beat and I’m so proud of my team. Sorry, we fell short (in Vietnam).”

Gilas Pilipinas has to regroup quickly with the next competition, the third window of the International Basketball Federation (FIBA)World Cup Asian Qualifiers, set on June 30 and July 3 against New Zealand and India, respectively. The squad is reportedly arranging a pair of tune-up matches with South Korea next month before going back to battle.

The redemption tour will reach fever pitch with the FIBA Asia Cup in July as the National play right on the turf of their conqueror Indonesia.

As for Mr. Ravena, it’s back to NLEX after his stint in the Japan B. League. He attended mass with the Road Warriors on Tuesday.

Stemming the HIV epidemic

The National Institute of Allergy and Infectious Diseases (NIAID)/Flickr 

May 15 marked the start of the country’s week-long observance of the International AIDS Candlelight Memorial. This annual event is an opportune time to remember the many lives lost to AIDS (acquired immunodeficiency syndrome) and honor those who dedicated their lives to helping people living with and affected by HIV (human immunodeficiency virus). 

The Philippines had the fastest growing HIV epidemic in the Asia-Pacific region with the highest percent increase (174%) of new HIV infections between 2010 and 2017, according to the Joint United Nations Programme on HIV/AIDS (UNAIDS). 

Unfortunately, the coronavirus disease 2019 (COVID-19) pandemic has worsened the HIV epidemic in the country. In “The Philippine HIV crisis and the COVID-19 pandemic: a worsening crisis” published in November 2021 in Public Health, Dr. Rowalt Alibudbud cited Department of Health (DoH) data showing that HIV testing decreased by 61% and treatment initiation dipped by 28% in 2020. Moreover, only 70% of the estimated 111,400 Filipinos living with HIV in 2020 are aware of their status, while only 61% are on life-saving antiretroviral therapy (ART). 

Dr. Alibudbud identified lower accessibility, delivery, and financing of HIV-related health services and programs in the community as factors during the pandemic that contributed to the country’s state of HIV.  

Accessibility to a testing center and delivery of HIV-related health services were hindered by travel restrictions and limited mass transportation; and financing of HIV-related programs were limited by the re-appropriation and re-alignment of the government’s budget to pandemic control measures. 

Decreased HIV testing and treatment could result in an increase of full-blown AIDS cases in the country, warned Dr. Alibudbud. He also pointed out the HIV/AIDS & ART Registry report that 105 pregnant women were diagnosed with HIV in 2020, the first time in the past decade that this statistic reached more than a hundred. If left unchecked, the country’s HIV crisis may shift from its concentration in MSM (men who have sex with men) into the general population, he said. 

In “HIV crisis in the Philippines: urgent actions needed” published in February 2019 in The Lancet, HIV researcher Dr. Louie Mar Gangcuangco outlined six interventions to curb the country’s HIV epidemic. 

First, reduce the stigma by integrating sexual health and gender-sensitivity education in school curriculums. Second, increase HIV awareness among healthcare professionals by emphasizing the importance of early HIV detection and enhancing knowledge in HIV management in medical and nursing curriculums. 

Third, distribute pre-exposure prophylaxis (PrEP) on a national scale as part of comprehensive HIV prevention programs. Fourth, use integrase inhibitors. Fifth, empower primary care physicians to provide HIV care. Lastly, with injecting drug users accounting for 4% of HIV cases in the country, address substance abuse and promote mental health. 

Two decades after the country’s first HIV/AIDS legislation was passed, Republic Act 11166 or the Philippine HIV and AIDS Policy Act, was enacted in 2018. It lowers the age of a person to avail of free HIV testing without parents’ consent to 15 from 18 years old; provides free and accessible anti-retroviral treatment and medication for opportunistic infections to all people living with HIV (PLHIVs) enrolled in the program; mandates the development of a benefit package for PLHIVs that includes coverage for in-patient and out-patient medical and diagnostic services, including medication and treatment; development of a benefit package for the unborn and the newborn child from infected mothers; sets a reference price for HIV services in government hospitals; and mandates the development of a mechanism for orphans living with HIV to access the HIV benefit package. 

The research-based biopharmaceutical industry is actively engaged in a number of initiatives to improve screening, timely diagnosis and access to treatment for HIV, awareness raising and education to halt transmission and reduce stigma, and research and development (R&D) of new medicines and vaccines to combat this disease.  

Our industry is developing 44 medicines and vaccines for HIV infection, focusing on improved treatment regimens, more effective therapies, and preventative vaccines. These include a first-in-class medicine intended to prevent HIV from breaking through the cell membrane, and a cell therapy that modifies a patient’s own cells in an attempt to make them resistant to HIV. 

Over the past 35 years, HIV/AIDS has gone from being a death sentence to a chronic, manageable disease thanks in large part to advances in biopharmaceutical research that has developed more than 20 antiretroviral therapies. R&D for new treatments and vaccines will provide long-term benefits to help halt the global AIDS epidemic. 

  

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP), which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are at the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos. 

How does the Philippines compare with its neighbors in mining attractiveness?

In the latest edition of the annual survey of mining and exploration companies by Canadian policy think tank Fraser Institute, the Philippines ranked 57th in the Investment Attractiveness Index out of 84 jurisdictions (provinces, states, and countries). The survey assessed how mineral endowments and public policy factors such as taxation and regulatory uncertainty affect exploration investment. The Investment Attractiveness Index identified jurisdictions that have the most attractive policies for encouraging investment in mining exploration. It was a combination of a jurisdiction’s geologic attractiveness (Best Practices Mineral Potential index) and policy climate (Policy Perception Index or PPI). In terms of mineral potential, the Philippines placed 29th. However, it was of the least attractive jurisdictions based on PPI rankings (83rd). The report said the uncertainty concerning environmental regulations, regulatory inconsistencies, legal system, taxation, disputed land claims, political instability, and security were all policy factors that deter investment in the Philippines.

How does the Philippines compare with its neighbors in mining attractiveness?

How PSEi member stocks performed — May 24, 2022

Here’s a quick glance at how PSEi stocks fared on Tuesday, May 24, 2022.


PSEi sinks further as net foreign selling surges

BW FILE PHOTO

STOCKS continued to drop on Tuesday as net foreign selling surged amid Wall Street’s rise and expectations of global monetary tightening.

The benchmark Philippine Stock Exchange index (PSEi) fell by 110.40 points or 1.65% to close at 6,577.45 on Tuesday, while the broader all shares index retreated by 40.81 points or 1.13% to 3,550.40.

“Philippine shares continued to slide as investors returned to the US after being beaten down last week. Wall Street is also looking ahead to new home sales… US stocks bounced on Monday as investors snapped up beaten-down shares such as banks after the Dow Jones Industrial Average notched eight straight losing weeks,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Net foreign selling surged to P9.58 billion on Tuesday from P305.97 million the previous trading day.

US stocks ended higher on Monday as gains from banks and a rebound in market-leading tech shares supported a broad-based rally following Wall Street’s longest streak of weekly declines since the dotcom bust more than 20 years ago.

The Dow Jones Industrial Average rose 618.34 points or 1.98% to 31,880.24; the S&P 500 gained 72.39 points or 1.86% to 3,973.75; and the Nasdaq Composite added 180.66 points or 1.59% to 11,535.27.

On Friday, the S&P 500 closed 18.7% below its record closing high reached on Jan. 3. If the benchmark index closes 20% or more below that record, it will confirm it has been in a bear market since then.

Markets have been roiled in recent weeks by worries about persistently high inflation and aggressive attempts by the US Federal Reserve to rein it in while the global economy copes with fallout from Russia’s invasion of Ukraine.

First Metro Investment Corp. Head of Research Cristina S. Ulang said the market was down again mainly due to increasingly more hawkish messaging from the world’s biggest central banks, including the European Central Bank (ECB).

The euro leapt on Tuesday after the ECB said it was likely to lift its deposit rate out of negative territory by September.

Majority of the sectoral indices ended in the red, except for mining and oil, which gained by 21.71 points or 0.18% to 11,780.86.

Meanwhile, holding firms sank by 145.31 points or 2.35% to 6,018.51; financials dropped by 27.79 points or 1.74% to 1,566.21; property lost 38.99 points or 1.27% to end at 3,017.08; industrials declined by 109.72 points or 1.17% to 9,248.14; and services went down by 9.12 points or 0.48% to 1,873.27.

Decliners bested advancers, 120 versus 63, while 54 names ended unchanged.

Value turnover surged to P20.20 billion on Tuesday with 1.54 billion shares changing hands from the P6.64 billion with 1.22 million issues seen on Monday. — Luisa Maria Jacinta C. Jocson with Reuters

Peso inches lower vs dollar on global inflation concerns

BW FILE PHOTO

THE PESO moved sideways versus the greenback on Tuesday amid inflation concerns as the protracted war between Russia and Ukraine and coronavirus lockdowns in China roil global fuel prices.

The local unit ended trading at P52.32 per dollar on Tuesday, losing five centavos from its P52.27 close on Monday, Bankers Association of the Philippines data showed.

The peso opened Tuesday’s session at P52.32 versus the dollar. Its weakest showing was at P52.39, while its intraday best was at P52.23 against the greenback.

Dollars exchanged declined to $1.02 billion on Tuesday from $1.19 billion on Monday.

“USD/PHP continued to move sideways on Tuesday as dollar supply remained sufficient to meet demand,” Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. said in a Viber message.

“Market players are currently monitoring developments that could affect inflation and interest rates in the coming months, like the movement of oil prices, the ongoing conflict in Ukraine, and the lockdowns in China,” Mr. Neri added.

Oil prices were caught between worries over a possible global downturn and the prospect of higher fuel demand from the US summer driving season and Shanghai’s plans to reopen after a two-month coronavirus lockdown, Reuters reported.

US crude eased 66 cents to $109.08 per barrel, while Brent fell 1.14% to $112.14.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the peso weakened slightly after a slight upward correction in the benchmark 10-year US Treasury’s yield and local stock market’s decline.

The yield on 10-year Treasury notes rose 7.7 basis points (bps) to 2.864% after a more than 40-bp decline from a multi-year high of 3.203% set two weeks ago.

On the other hand, the benchmark Philippine Stock Exchange index fell by 110.40 points or 1.65% to close at 6,577.45 on Tuesday, while the broader all shares index retreated by 40.81 points or 0.13% to 3,550.40.

For Wednesday, Mr. Ricafort expects the peso to trade from P52.20 to P52.40 per dollar. — KBT with Reuters

GOCC losses exceed P703B as state insurers adopt PFRS

BW FILE PHOTO

THE ADOPTION of Philippine Financial Reporting Standards (PFRS) has resulted in a net loss of P703.59 billion in 2021 for government-owned and -controlled corporations (GOCCs), up from P346.54 billion a year earlier, after the new accounting norms forced the recognition of major liabilities among government insurers, the Department of Finance (DoF) said.

In a statement on Tuesday, the DoF said the findings were contained in a Corporate Affairs Group (CAG) report on the 108 GOCCs’ performance from an examination of unaudited financial statements.

“The results of operations of the government corporate sector dropped to a P703.59 billion net loss in 2021 from a P346.54 billion net loss in 2020 primarily because of the recognition of the Insurance Contract Liabilities (ICL) by GOCCs classified as government insurance institutions when the Philippine Financial Reporting Standards (PFRS) was adopted in reporting their financial statements,” the DoF said.

“Before the PFRS adjustments, the results of operations of these corporations totaled a net income before tax of P324.63 billion in 2021 or a 19% increase from the P273.66-billion level in 2020. The results of operations in 2021, sans the PFRS adjustments in the social security institutions’ reports, shows that the GOCCs are starting to bounce back to their 2019 net income before tax level of P342.89 billion.”

In terms of assets, the DoF said the 31 most significant GOCCs are also signaling a recovery in the broader economy.

CAG found that the 31 major GOCCs had total assets of P10 trillion, against liabilities of P16.22 trillion, up 7% and 9% respectively.

The assets of the 31 GOCCs totaled P9.37 trillion. Taken as a group, the assets of all 108 GOCCs amounted to P10.3 trillion in 2020, the DoF said.

The 31 GOCCs are “considered fiscally significant either as major contributors to the revenue of the National Government (NG) or as recipients of direct and indirect support from the NG,” Finance Assistant Secretary Soledad Emilia F. Cruz was quoted as saying.

The big GOCCs “are the major drivers of the financial and fiscal health of the government corporate sector. These assets (are equivalent to) about half of the country’s gross domestic product (GDP),” CAG said.

Remittances from 15 of these 31 GOCCs totaled P30.8 billion, or over half of the P57.55 billion in total dividends generated in 2021.

The 31 GOCCs are the Philippine Deposit Insurance Corp., National Power Corporation, National Transmission Corp., Philippine National Oil Company, Philippine Economic Zone Authority, Bases Conversion and Development Authority, and Philippine Ports Authority;

The Power Sector Assets and Liabilities Management Corp., Philippine Amusement and Gaming Corp., Philippine Charity Sweepstakes Office, Manila International Airport Authority, Civil Aviation Authority of the Philippines, Land Bank of the Philippines, Development Bank of the Philippines, Social Security System (SSS), Government Service Insurance System (GSIS), and Philippine Health Insurance Corp. (PhilHealth);

The National Food Authority, National Development Co., Metropolitan Waterworks and Sewerage System, Local Water Utilities Administration, National Housing Authority, National Irrigation Administration, Philippine National Railways, Light Rail Transit Authority, National Electrification Administration, Philippine Guarantee Corp., Home Development Mutual Fund, Philippine Crop Insurance Corp., Social Housing Finance Corp., and National Home Mortgage Finance Corp.

Ms. Cruz said that various reforms, including the Rice Tariffication Law, the Social Security Act, and the Murang Kuryente Act, which took effect in 2021, helped increase the revenue of many GOCCs, which as a whole helped improve their operations.

“The movements in macroeconomic indicators, such as the currency exchange rate and interest rates, are significant variables and propellers of their operations.”

“The overall performance of the sector for 2021 reflects the firm resolve of the government to promote transparency in the financial health of the government corporations through adherence to international reporting standards and best practices and related laws, rules, and regulations,” the DoF said.

In December 2021, Finance Secretary Carlos G. Dominguez III directed PhilHealth, SSS, and GSIS to estimate their social benefit liabilities to reflect the PFRS 4 standard dating back to 2020 results.

“PFRS 4 is the current and interim accounting standard imposed on insurance entities in the Philippines,” the DoF said.

The combined ICL of GSIS, SSS, and PhilHealth was estimated at P10.81 trillion in 2021, up 10% from the previous year. — Tobias Jared Tomas

Indonesia, PHL recoveries to outperform ASEAN — Bloomberg Economics

REUTERS

THE disruptions imposed by the war in Ukraine and the lockdowns in China are expected to slow the economic recovery in Southeast Asia but not knock it off track, with Indonesia and the Philippines tagged as outperformers, a Singapore-based analyst with Bloomberg Economics said. 

“We don’t expect recovery to be derailed because we have simultaneous pandemic reopenings helping to cushion the blow. Prior to China (lockdowns), ASEAN growth averaged 5.1%, only slightly less than the 5.3% projection in November,” Tamara Henderson of Bloomberg Economics said at a virtual webinar on Tuesday.

Ms. Henderson, who covers ASEAN for Bloomberg Economics, said Indonesia and the Philippines have more potential to post a strong recovery because they are “more domestic demand-driven.”

She said an element of their outperformance is the lag in the two countries’ economic reopening relative to the rest of the region.

Singapore and Thailand were identified as laggards because they “are seen as more vulnerable or are likely to register slower growth due to China’s prolonged lockdowns,” Ms. Henderson said.

She said Singapore has less reopening left to do and was more exposed to trade disruptions, while Thailand was reliant on Chinese tourism.

Ms. Henderson said that most countries were now adjusting to the pandemic.

“The good news is that the global weekly death toll is down, the lowest since March 2020 despite the emergence of new variants,” she said.

Bloomberg Economics said the economic reopening and unleashing of pent-up demand will underpin growth in the region.

However, not every economy in Asia is reopening, Ms. Henderson said, noting that China had yet to abandon its zero-COVID strategy.

“Its transition to living with COVID could take another year or even longer,” she said.

“As China reopens, we will see headwinds turn to tailwinds, but probably not a story for this year,” she added.

In Europe, the ongoing war between Russia and Ukraine will continue to hamper the global economic recovery, Ms. Henderson said.

“This is not the first time Russia has moved in on its neighbors; however, the impact is different because of the degree of sanctions on Russia, not without cost for the global economy,” she said.

The sanctions have been reflected in commodity price shocks, most notably in oil and grain.

“This is going to be more problematic for countries with a larger share of low-income households. It benefits commodity exporters; we have both of these in Oceania,” she added.

Ms. Henderson said that policy moves by the Federal Reserve remain closely watched by the market.

“In the US, all eyes are on inflation. The Fed is working to get its credibility back, and it may have to force a recession to get inflation under control,” she said.

Bloomberg Economics expects the Fed to press on with rate hikes until its funds rate goes to 3.5% by the end of 2022.

In Southeast Asia, she said that unless the central banks are moving more or less in step with the Fed, capital flows may become an issue.

“I don’t see all ASEAN central banks moving dramatically as the Fed this year,” she said. “However, the Philippines started its rate hike last week with inflation well above target.”

Bloomberg Economics said it is expecting the Bangko Sentral ng Pilipinas to hike by 200 basis points between 2022 and 2024. — Luisa Maria Jacinta C. Jocson

NEDA pressed to review infrastructure projects to manage debt load

Arsenio M. Balisacan — Courtesy of Philippine Competition Commission

THE incoming Socioeconomic Planning Secretary, Arsenio M. Balisacan, must review President Rodrigo R. Duterte’s active infrastructure projects in order to identify possible savings that may be applied to better managing the national debt, InfraWatchPH said in a statement.

Mr. Balisacan, who is set to return to the National Economic and Development Authority (NEDA), “should prioritize which infrastructure projects to continue, suspend, cancel or transform into public-private partnerships in order to effectively manage the country’s climbing debt load,” InfraWatch said.

The think tank said the massive spending on infrastructure projects must be balanced with the need to fund social programs and services.

“The overarching concern to limit infrastructure spending through foreign loans is the limited space to fund social programs as a result of our massive debt load,” it said. “We have reached this point no thanks to the outgoing administration’s infrastructure ambitions, not even half of which had in fact been completed or currently ongoing.”

InfraWatch said the foreign debt taken on by Mr. Duterte will result in serious belt-tightening by the new administration “on social programs aimed at directly benefiting the public, such as housing and cash aid.”

“If we continue with the current government’s infrastructure trajectory of massive spending on the back of foreign loans, there might not be enough cash left to build houses, schools, and health centers and to distribute cash aid during crises.”

InfraWatch said the new government, expected to be led by the top Presidential vote-getter Ferdinand R. Marcos, Jr., should “outrightly cancel” infrastructure deals flagged by the Commission on Audit and subject to negative reports.

It cited a dam project in Quezon province, which is being positioned as a second water source for the Philippine capital.

State auditors found that the bidding for the dam project, which environmentalists said will flood 300 hectares of forested area, appeared to have been rigged in favor of a Chinese firm.

“Infrastructure deals like the recently inaugurated China-funded bridges should not be allowed in the new government, as nearly half of the projects’ workforce were Chinese workers,” InfraWatch added. “How can we stimulate a post-COVID economy if foreign workers compete with our own workers?”

“These types of activities should have no place under a new government.”

Mr. Duterte led a foreign policy pivot to China when he took office in 2016, generating about P1.2 trillion in investment and loan pledges, though few have materialized. — Kyle Aristophere T. Atienza

Pre-pandemic economy seen restored by 2022 second half

PHILSTAR FILE PHOTO

THE ECONOMY will return to pre-pandemic levels by the second half, assuming no return to the stricter quarantine settings, a Palace adviser said.

Presidential Adviser for Entrepreneurship Jose Ma. A. Concepcion III said the 8.3% increase in gross domestic product in the first quarter can be taken as heralding a broader recovery.

“We are moving forward. Consumer spending is up despite inflation. This return to robust economic growth can be sustained if the incoming administration focuses its efforts on the country’s micro, small, and medium enterprises (MSMEs),” Mr. Concepcion said in a statement on Tuesday. 

Metro Manila is currently under Alert Level 1, the most permissive setting in the coronavirus disease 2019 (COVID-19) quarantine system, until May 31.

Mr. Concepcion said the growth trajectory is not expected to be hampered by a surge in COVID-19 infections.

“I’m not so worried at this point because we still have lots of vaccines; we just need to implement and boost more. Filipinos’ high compliance with wearing face masks, probably contributed to maintaining low-risk levels,” Mr. Concepcion said.

Mr. Concepcion said the wearing of masks will remain even with a decline in coronavirus case counts.

“I believe masking will have to stay for some time until the virus simmers down and disappears. It will be important for our exit strategy. With the elections concluded, local governments can return their focus on vaccinations, especially now that the challenge is convincing Filipinos to take their booster shots,” Mr. Concepcion said.

“That’s why we’re intensifying our Booster to the Max campaign, and reminding people that the freedoms we enjoy today are because of vaccinations,” he added.

Mr. Concepcion also pressed the Health Technology Assessment Council to adopt guidelines by the US Centers for Disease Control which recommends second boosters for those 50 years and older.

“We have so many vaccines in stock and they will just go to waste if we don’t remove the barriers. Most of those in the 50 years and older category are our economic frontliners, and although infections may be muted for now, we have to protect them from infections and from the threat of long COVID,” Mr. Concepcion said.

“Long COVID presents prolonged symptoms like headaches, shortness of breath and joint pains among patients who contracted the virus. Experts say that long COVID is a threat to productivity and may decrease quality of life for those who suffer from it,” he added. — Revin Mikhael D. Ochave

US IPEF plan consistent with PHL priorities, DTI says 

REUTERS

THE US initiative to re-engage economically in the region, known as the Indo-Pacific Economic Framework (IPEF), is consistent with the Philippines’ desire to promote inclusive growth and quality job creation, the Department of Trade and Industry (DTI) said.

IPEF, widely viewed as a counter to the gains made by China in the region, was announced in Tokyo on Monday by US President Joe Biden.

Trade Secretary Ramon M. Lopez attended the virtual IPEF launch and delivered a message on behalf of President Rodrigo R. Duterte, who called IPEF aligned with Philippine economic and development priorities.

IPEF participants, apart from the US, are Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.

“The broad themes of the IPEF are generally aligned with the Philippines’ economic and development priorities; advancing resilience, sustainability, inclusiveness, and competitiveness are consistent with the Philippines’ interests and development objectives,” Mr. Lopez said.  

“We affirm the importance of promoting emerging areas in trade, technology, and digital economy. The IPEF’s pillars on supply chain resiliency, clean energy, decarbonization, and infrastructure are consistent with the joint vision statements for a 21st century US-Philippines partnership,” he added.

Mr. Lopez said the Philippines is looking forward to the greater participation of other countries, particularly those belonging to the Association of Southeast Asian Nations (ASEAN).

ASEAN countries that have not signed up to IPEF are Myanmar, Cambodia, and Laos.

“We welcome the US’ assurance of support for ASEAN member states in pursuing IPEF initiatives. Today›s launch is only the beginning of this conversation. Let us then continue to collaborate and work together towards our shared goals for the region,” Mr. Lopez said.

University of Asia and the Pacific Senior Economist Cid L. Terosa said in an e-mail interview that Philippine participation in IPEF is critical.

“The pillars of the IPEF framework are crucial to the future economic growth and economic development of the country. In particular, supply chain resilience and trade are keys to greater productivity while clean energy and decarbonization as well as tax and anti-corruption are essential for long-run sustainable inclusive economic growth,” Mr. Terosa said.

Mr. Terosa does not expect a rift to develop between the Philippines and major trading partner China as a result.

“The Philippines is still a (prospective) member of the Regional Comprehensive Economic Partnership (RCEP) which includes China. It is more important to clearly define the extent and limits of our participation in the IPEF and other trade frameworks to avoid squabbles with other countries,” Mr. Terosa said.  

RCEP involves Australia, China, Japan, South Korea, New Zealand and the 10 members of the ASEAN.

India was supposed to join RCEP but opted out, citing the negative effect of the trade deal on its farmers and workers.

Mr. Terosa added that the IPEF framework implies that the Philippines will benefit from stronger supply chain networks, a more targeted focus on the environmental implications of economic and business activities, and greater attention to current trade-related issues involving the digital economy, emerging technology, labor rules, transparency, and regulatory practices.

“IPEF’s focus on custom-made economic integration is appealing since it recognizes the unique conditions and structural characteristics of participating economies. I believe that the Philippines would benefit more from this,” Mr. Terosa said.

However, Mr. Terosa said that the Philippines should evaluate its preparedness to participate in the agreements to be drafted under IPEF.

“The country needs to build sufficient technical, technological, and institutional capabilities in order to maximize benefits from participation in the IPEF,” Mr. Terosa said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the participation in IPEF will expand economic cooperation between the Philippines and the US.

“IPEF would create more value-added since this would be moving in the direction of a possible FTA and other economic cooperation with the US, which is the world’s largest economy, one of the country’s biggest trading partners and sources of foreign investment,” he added. — Revin Mikhael D. Ochave