Hanoi SEA Games reduced to race to a second place

January 26, 2022 | 12:03 am

Team_Philippines_2019_SEA_Games_opening_ceremony — TEAM Philippines at the 30th Southeast Asian Games.

WITH Vietnam getting all the advantages as host country, the 31^st Hanoi Southeast Asian (SEA) Games set on May 12-23 has been reduced to a race to second place for the rest of the 11-nation field including defending champion Philippines.

“It will be a fight for No. 2 among Thailand, Malaysia and us Philippines,” said Philippine Olympic Committee President Abraham Tolentino in Tuesday’s online Philippine Sportswriters Association Forum.

The congressman from Tagaytay said the Vietnamese would be hard to beat considering they retained the sports they are strong at and even added new ones favorable to them while removing disciplines they are a hard time striking gold.

Add to that the fact that Vietnam did their preparation much earlier compared to the Filipinos who would only resume preparations possibly next month.

“Vietnam never stopped training,” said PhilCycling chief.

Mr. Tolentino, however, said retaining the overall championship is not far-fetched.

“We has a chance to successfully defend, but it would be an uphill battle,” he said.

As host, the Filipinos ran away with the overall crown in the 2019 SEA Games division with a record haul of 149 gold, 117 silver and 121 bronze medals.

Mr. Tolentino mentioned as among the country’s possible gold mines in Hanoi are boxing, Carlos Yulo in gymnastics, wrestling, karate, taekwondo, weightlifting, basketball, and e-sports.

The country will field in a total of 663 athletes including 80 who are self-funded due to budgetary contraints. — Joey Villar

Gov’t makes full award of bonds

January 26, 2022 | 12:03 am

THE GOVERNMENT made a full award of Treasury bonds (T-bonds) it auctioned off on Tuesday as the tenor’s average rate was close to the secondary market level.

The Bureau of the Treasury (BTr) borrowed P35 billion as planned via the reissued seven-year securities it auctioned off as total tenders reached P55.62 billion, making the offer more than 1.5 times oversubscribed.

The debt papers, which have a remaining life of six years and six months, were awarded at an average rate of 4.689%, up by 22.1 basis points (bps) from the 4.468% quoted when the series was last awarded on Oct. 26, 2021.

The average yield fetched for the debt papers was also slightly higher than the 4.6788% quoted for the seven-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.

Amid strong demand and with the tenor’s average rate close to the secondary market level, the BTr opened the tap facility to raise another P5 billion via the securities.

National Treasurer Rosalia V. de Leon in a Viber message to reporters said the Treasury made a full award of the reissued bonds as there was a decline in the submitted rates from those seen when the series was last offered.

The highest rate submitted when the same bonds were offered on Jan. 4 was 5.2% compared with the 4.75% on Tuesday, she said.

“(The) average tracks secondary level,” Ms. De Leon added.

At the Jan. 4 auction, the Treasury rejected all bids for its P35-billion offer of the same seven-year T-bonds even as tenders reached P41.42 billion. Had it made a full award, the tenor would have fetched an average rate of 4.814%.

Meanwhile, a bond trader said the market is mainly looking at the US Federal Reserve’s meeting on Jan. 25-26.

“The Fed is expected to have a hawkish tone as they may set the rest of the year for rate hikes.”

The Fed is widely expected to raise rates three times this year starting as early as March, median forecasts from a Reuters poll showed.

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

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

Prevention is better than cure, says DoH

January 26, 2022 | 12:03 am

THE Department of Health (DoH) is moving toward people-centered primary care from a curative care-focused system, according to a medical expert.

“Universal health care (UHC) is founded in primary care, which addresses more than 80% of people’s common health needs throughout their lives,” said Christian Edward L. Nuevo, chief health program officer of the DoH Disease Prevention and Control Bureau, at a Jan. 18 event by Liveable Cities Lab, an innovation-sharing platform. “UHC is all about the environments individuals are situated in.”

People-centered primary care, Mr. Nuevo told the webinar, is defined as the matching of every Filipino family to a primary care provider. The primary care provider determines if family members need to receive services in a hospital, or if they can be helped at the primary care level.

Primary care, according to the World Health Organization (WHO), covers an individual’s physical, mental and social well-being. In addition, it is “a whole-of-society approach that includes health promotion, disease prevention, treatment, rehabilitation, and palliative care.”

Added Mr. Nuevo: “Why primary care?… It is fair and equitable, and provides people with access to essential health services in their communities.”

According to the WHO, social determinants of health — such as the circumstances in which people are born, grow up, live, work, and age, and the systems put in place to deal with illness — account for between 30–55% of health outcomes, as shown by numerous studies.

Mr. Nuevo enumerated six enablers for people-centered primary care: improving health literacy; defragmenting the local health system; expanding primary care facilities; strengthening the competencies of primary care workers; standardizing who does what; aligning incentives, benefits, and financing; and ensuring the interoperability of data within networks.

FINANCING MECHANISM
It is impossible to finance UHC through the Philippine Health Insurance Corp. (PhilHealth), according to Dr. Ernesto O. Domingo, a national scientist of the Philippines, liver cancer specialist, and professor emeritus at the University of the Philippines College of Medicine.

“It must be based on tax money, and that’s what the law says,” Dr. Domingo said at the Liveable Cities Lab event. “The money will come from taxes [such as the] sin tax, be incorporated into a global fund, and entrusted to [local governments] for them to budget in the coming year.”

Although out-of-pocket expenditure has declined from 2014 to 2020, the Philippine Statistics Authority in 2020 reported that household out-of-pocket payments amounted to P379.7 billion, or 47.9% of the country’s current health expenditure.

Dr. Domingo said an efficient system will result in considerable savings, pointing out that an executive checkup worth P100,000 is not necessarily better than one worth P10,000.

“If the healthcare provider is careful and knows what he is doing, then he doesn’t have to have so many examinations to diagnose a disease… Why order a chest X-ray for someone who has the sniffles?” he added in the vernacular.

Tightening the screws by requiring requests that have to be justified, Dr. Domingo said, will generate a lot of savings in the healthcare system.

Republic Act 11223, or the Universal Health Care Law, was signed into law by President Rodrigo R. Duterte on Feb. 20, 2019. It redirects healthcare towards a preventive care-focused system, and guarantees equitable access to affordable and quality health services. — Patricia B. Mirasol

Kai Sotto resets career high with limited minutes

January 26, 2022 | 12:02 am

FILIPINO tower Kai Sotto reset his career-high in the Australia National Basketball League but the Adelaide 36ers still fell to the Illawarra Hawks, 100-89, on Monday night at the Win Entertainment Center.

Mr. Sotto made the most out of his limited action anew, finishing with 12 points on a perfect 8-of-8 free throw shooting plus five rebounds in only 13 minutes of play.

The 7-foot-3 prodigy previously tallied six points and eight rebounds against reigning champion Melbourne United, making up for lost time following a knee soreness issue.

Mr. Sotto missed his team’s first four games due to the said injury before reaching full recovery as Adelaide got sidelined for exactly a month due to coronavirus disease 2019 (COVID-19) protocols.

Hopes will be high once again for Mr. Sotto this Friday as the 36ers, at 3-5, march to their fourth straight game in a week against the Tasmania JackJumpers. — John Bryan Ulanday

PCC checking Robinsons’ scope after Ministop deal

January 26, 2022 | 12:02 am

THE Philippine Competition Commission (PCC) is monitoring the scope of a Gokongwei-led firm in the consumer retail sector after it announced the acquisition of the remaining stake of its Japanese partner in local convenience store chain Ministop.

PCC Chairman Arsenio M. Balisacan said in a statement on Tuesday that the agency had received reports “of Ministop Japan’s sale to Lotte, including its sale of its joint venture stake in the Philippines.”

His statement comes after Robinsons Retail Holdings, Inc. said on Monday that it plans to “repurpose” and “rebrand” its Ministop stores after it fully acquires the franchise in February.

The listed company plans to buy the stake of Japan-based Ministop Co., Ltd. in Robinsons Convenience Stores, Inc. (RCSI) for an undisclosed price. The transaction will bump its stake in RCSI, which is the exclusive franchisee of Ministop in the Philippines, to 100% from its current 60%.

“Based on PCC’s merger rules, the commission acknowledges that Robinsons’ current majority stake in Ministop already affords them control, and Robinsons is no longer required to notify the proposed acquisition to the antitrust commission,” Mr. Balisacan said.

“PCC takes note, however, of the scope of Robinsons’ portfolio in the consumer retail sector which includes supermarkets, department stores, and community malls, among others,” he added.

According to Mr. Balisacan, merger reviews are concentrated on the effects and changes of market behavior in the possession of new owners or stakeholders.

“This transaction may result in a change in ownership of a significant portion of equity, but it is not likely to have an effect on the economic behavior of the target firm,” Mr. Balisacan said.

“[PCC] will continue to monitor on acquisitions of notable brands and sizable firms to prevent the substantial lessening of competition in the market,” he added. — Revin Mikhael D. Ochave

French fashion designer Thierry Mugler, 73

January 26, 2022 | 12:02 am

PARIS — French fashion designer Thierry Mugler, who dressed Beyonce and Lady Gaga, has died aged 73, according to a statement on Mugler’s official Facebook page confirming earlier French media reports.

“We are devastated to announce the passing of Mr. Manfred Thierry Mugler on Sunday January 23^rd 2022. May his soul Rest In Peace,” said the statement.

Mr. Mugler, who reigned over fashion in the 1980s, was known for his daring theatrical designs featuring broad shoulders and plunging necklines. He dressed the likes of Beyonce, Lady Gaga, David Bowie, Diana Ross and Duran Duran — among many others — during his career at the top of the fashion industry.

“I am deeply sad to hear that yet another of fashion’s great innovators has left our world this week. Thierry Mugler, literally shaped the 1970s and ’80s with his spectacular sharp designs,” wrote Nick Rhodes on Duran Duran’s Facebook page.

Singer Diana Ross wrote on her Twitter account: “I will miss you Thierry Mugler, this was a wonderful time in our lives.””

Mr. Mugler also notably designed the outfits of singer George Michael’s “Too Funky” music video in the early 1990s featuring a host of supermodels including Linda Evangelista.

Mr. Mugler’s designs were recently featured in an exhibition at the Museum of Decorative Arts in Paris entitled “Thierry Mugler, Couturissime”. — Reuters

Typhoon Odette triggers $52.5-million payout from catastrophe-linked papers

January 26, 2022 | 12:02 am

TYPHOON ODETTE has triggered a partial payout for the government worth $52.5 million (about P2.7 billion) from catastrophe-linked bonds (CAT bonds) issued by the World Bank, the Department of Finance (DoF) said.

An event calculation requested by the Treasury showed wind readings from Typhoon Odette resulted in a partial payout.

“The level triggered was for a Yolanda-type event or a 1-in-19 years severity typhoon hitting the Philippines,” the DoF said. Super typhoon Yolanda, one of strongest tropical cyclones in history, hit the country in 2013, causing the death of more than 7,000 people.

Another payout could be calculated after rain readings become available in the next few months.

“Our successful CAT bond issuance in 2019 has now yielded tangible results that will benefit communities most vulnerable to the devastating effects of climate change,” Finance Secretary Carlos G. Dominguez III said in a press release Tuesday.

“This financial instrument is just among the several innovative strategies that the government is undertaking to improve our resilience against natural calamities.”

Typhoon Odette struck central and southern parts of the Philippines last month and caused P13.3 billion in agriculture damage.

Meanwhile, damage to public infrastructure has reached P17.71 billion as of Jan. 10, including damage seen in government facilities and school buildings, along with roads, bridges, and flood control structures.

The World Bank in 2019 issued the three-year catastrophe bonds on behalf of the Philippines, which provides insurance protection for up to $75 million in losses from earthquakes and $150 million in damage from tropical cyclones up to November 2022.

With this recent payout, the Philippine government still has $97.5 million in coverage for typhoons, along with the $75-million allotment for losses from earthquakes.

The two tranches have a settlement date of Nov. 22 and maturity date of Dec. 2, 2022.

The CAT bond was issued through the World Bank’s capital-at-risk notes facility aimed at transferring risks related to natural disasters to capital markets, in which the Philippines pays the risk premium portion of the total coupon payment to investors.

This issuance is the first CAT bond sponsored by the government of an Asian country. It was also the first CAT bond to be listed in the Singapore Exchange and in any Asian exchange.

Meanwhile, a total of $80 million (P4 billion) from a World Bank loan to support the government’s Typhoon Odette rehabilitation efforts has been released to the Treasury.

The World Bank in November approved the $500-million fund for a contingent credit line the Philippines can use to manage the financial impact of disasters and disease.

The Budget department as of the end of last year released P7.68 billion from the 2021 unprogrammed appropriations, the calamity fund, and President Rodrigo R. Duterte’s contingent fund to assist local governments and national agencies responding to the typhoon. — J.P. Ibañez

Scientific innovation cannot thrive in a vacuum, says Ramon Magsaysay awardee

January 26, 2022 | 12:02 am

By Patricia B. Mirasol

INDIVIDUAL scientific contributions make the greatest impact when they are backed up by an ecosystem of support, according to Firdausi Qadri, a Bangladeshi biochemist and 2021 awardee of the Ramon Magsaysay Award Foundation (RMAF).

Ms. Qadri’s contributions to infectious disease research helped pave the way for a typhoid conjugate vaccine and a more affordable oral cholera vaccine. Her team’s work was also instrumental in the creation of the National Cholera Control Plan in Bangladesh, where she hails from.

Cholera, an acute diarrheal infection caused by drinking water or eating food contaminated with cholera bacteria continues to spread in countries with poor access to safe water, sanitation, education, and medical care.

Typhoid, likewise spread through contaminated food or water, causes 128,000–161,000 deaths every year, per the World Health Organization (WHO).

“I work with everyone,” said Ms. Qadri, who has collaborated with the government; the icddr,b (formerly known as the International Centre For Diarrhoeal Disease Research, Bangladesh), foundations, universities, clinicians, and community health workers.

“There are differences between doctors and non-doctors, and my first work is to break that partition…You need everyone,” she said at a Jan. 20 lecture organized by RMAF.

Whatever we may be able to achieve is only possible with backup support, agreed Dr. Soumya Swaminathan, WHO chief scientist, who was also at the event.

“It’s not enough to be an individual scientist. You need the team, the ecosystem,” she added. “We are dealing with human beings. We need social and behavioral scientists to set the approach.”

Solving a patient’s problem involves looking at their social circumstances as well. Applying the principles of sanitation, for example, is difficult in places that do not have the prerequisites for it.

Ms. Qadri acknowledged that there have been many frustrations throughout her decades-long career.

“I’ve been working more than 30 years, but it’s still taking me a while… The government has a big bowl of things they want to do, and then you come in with the thing you want to do, so you have to articulate [your vision] and convince them with real, hard data,” she said.

Ms. Qadri’s work on vaccines was born out of the realization that vaccination was the main health tool protecting the public from diseases such as cholera and typhoid. “My science career is not finished yet. There is still a lot that needs to be accomplished,” she said.

Arts & Culture (01/26/22)

January 26, 2022 | 12:01 am

intertwined-ayala — YOUTUBE.COM/AYALAMUSEUMTV

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Art Fair Philippines 2022 postponed

INITIALLY scheduled to run from Feb. 23 to March 2, Art Fair Philippines 2022 has been postponed due to the impact of the surge in COVID-19 cases on its participating artists and exhibitors and in consideration of the health and safety of everyone involved including visitors. “We will announce the new dates in February. Thank you for your understanding and continued support,” the announcement in the Art Fair Philippines Facebook page stated. Founded in 2013, the annual Art Fair Philippines showcases Philippine contemporary art through exhibits set up by invited art galleries, museums, and special featured artists. The fair is held in a Makati carpark and satellite areas.

MADE calls for entries

METROBANK Art & Design Excellence (MADE) is inviting young Filipino artists to join the MADE Painting and Sculpture Recognition Program. Grand Awardees will receive the following: a cash prize of P500,000 for the Sculpture Grand Awardee, P350,000 and an artistic development fund of P150,000 for the Painting Grand Awardee, Metrobank Foundation’s institutional trophy, membership in MADE’s alumni group, and exclusive opportunities for further artistic development. Deadline of entries is on March 31. For more information, visit http://www.madeartdepot.ph/.

‘Intertwined’ exhibit curator’s tour

THE AYALA Museum’s exhibition, “Intertwined: Transpacific-Transcultural Philippines” can now be viewed on YouTube. The curator’s tour of the “Intertwined” exhibit illuminates the Filipino’s transcultural heritage resulting from pre- and post-colonial maritime exchanges with diverse cultures in Asia, the Americas, and Europe. In the video, exhibition curator Dr. Florina H. Capistrano-Baker takes viewers through the eight sections of the exhibition and discusses how various political, cultural, and economic relations brought about the “Filipino.” The video can be seen at https://www.youtube.com/watch?v=FqDzGQ_ASgY. For more information, visit ayalamuseum.org.

BGC gets new murals

BONIFACIO Global City (BGC) has become more colorful as ArtBGC, BGC’s Public Art program, has added more murals in the area. To set the tone for the collective mood for 2022 and beyond, BGC, through the Bonifacio Art Foundation, commissioned artists to create seven additional murals for the city’s walls. With the theme “Rolling Out a Better World,” these murals depict a society where everyone is interconnected through empathy and compassion. These new murals were painted by Glendford Lumbao, Kankan Ramos, Patmai, Zoe Rosal, Deafeye Studio, Elie Quial, and Woman Create. Last year, the first mural, What’s Your Culture? by Lumbao, was made possible with the support of Yamaha Motor Philippines. It utilized the concept of “weaving” to highlight how different narratives are intertwined together making it all part of a bigger picture. Globe Telecom supported other murals, namely Atin ang Love for All by Patmai, Atin ang Araw by Rosal, and Atin ang Bawat Sandali by Deafeye Studio. The Land We Walk On by Quial and Nurturing Ubuntu by Woman Create were sponsored by Boysen, the official paint partner for ArtBGC. There are currently 36 murals, 22 art installations, and 110 pieces of street furniture in and around BGC that the public can enjoy and experience daily. To get to know more about BGC’s public art, a virtual art tour is also accessible via https://www.bgcartscenter.org/artsatbgc. Bonifacio Art Foundation is also accepting donations to help sustain their programs. Interested donors can visit https://www.bgcartscenter.org/support or e-mail programs@artsatbgc.org.

Gerardo Tan is PHL representative in Venice Biennale 2022

MULTIMEDIA artist Gerardo Tan will be collaborating with musicologist Felicidad Prudente and weaver Sammy Buhle for the Philippine exhibit at the 59^th Venice Biennale which will be held from April 23 to Nov. 27 (pre-opening on April 20 to 22). He will present an exhibition titled, “All of us present, This is our gathering / Andi taku e sana, Amung taku di sana”. It is inspired by the tradition of sogna or extemporaneously singing to participants of a gathering. For more information and updates, visit https://www.labiennale.org/en/art/2022.

Altro Mondo presents 4 new shows

ALTRO Mondo Arte Contemporanea opens the year with four new shows at the Altro Mondo Creative Space gallery, 1159 Chino Roces Ave., San Antonio Village, Makati City. The exhibits are ongoing until Feb. 12. These are: “The Sea Is Not A Quiet Place,” a solo exhibition featuring works by artist Joar Songcuya; “Certain Shade of Green,” a solo exhibition featuring works by visual artist Jayson Pettz Muring; “On Making God Laugh,” a group exhibition featuring works by Ioannis Sicuya, Chad Montero, Adeo Sta. Juana, and Carlo Aranton; and, “begin with a second, a mirror of the first,” a group exhibition featuring works by Andre Baldovino, Christian Culangan, Floyd Absalon, Gabe Naguiat, Gelo Narag, and Jopet Arias. Gallery hours are Tuesday to Saturday from 10 a.m. to 5 p.m. Viewings are strictly by appointment only. For inquiries, contact the gallery on Facebook (@altromondoart) or Instagram (@altromondoart), or send a message via Viber or WhatsApp at 0917-888-7872.

Artists invited to join ‘50 Shades of Blue’

CRIMSON Boracay officially makes an open call to artists — regardless of their professional status, as long as they are Filipinos or foreigners currently residing in the Philippines — to join “50 Shades of Blue,” a creative initiative that is expected to result in the largest collection of artwork displayed on the island. A panel of judges will choose the 50 best artworks from all the submissions received. These will be put on display throughout the resort for the whole month of May and will also be available for purchase by interested collectors and art aficionados. Aside from the possibility of winning a cash prize for the best artwork in the collection, participating artists may also consider it an opportunity to gain exposure to a wider possible audience as their work will be featured in all media related to the exhibition. Likewise, it will also enable them to meet art critics and collectors who are looking for fresh talents to feature in future exhibitions in galleries both here and overseas. Interested parties may visit https://bit.ly/fiftyshadesofblue to view the full mechanics or e-mail boracay.gm@crimsonhotel.com.

SPNEC readies joint ventures for 10-GW solar farms

January 26, 2022 | 12:01 am

SOLAR Philippines Nueva Ecija Corp. (SPNEC) on Tuesday said it plans to complete forming joint ventures this year to develop 10 gigawatts (GW) of solar energy projects.

In an e-mailed statement, SPNEC said the solar projects would represent an almost 10-fold increase in the country’s grid-connected solar capacity. It also said these developments would be though potential asset-for-share swaps with its parent company, Solar Philippines Power Project Holdings, Inc.

It cited data from the Energy department, which recorded 1.021 GW of solar energy in the country’s power mix in 2020.

The listed renewable energy firm is also eyeing a stock rights offering and partnerships with the country’s leading power companies to reach the target capacity.

“Our aim is not to compete with the country’s power companies, but to make it easier for them to build solar projects, so that together, we can make solar the largest source of energy in the Philippines,” said Leandro L. Leviste, founder of Solar Philippines.

On Sunday, Manila Electric Co. called for competitive bids to challenge an unsolicited proposal of Terra Solar Philippines, Inc. for the supply of 850 megawatts of mid-merit capacity for a contract beginning in 2026.

Terra Solar is a joint venture between Solar Philippines and Razon-led Prime Infrastructure Capital Inc.

At the local bourse, SPNEC on Tuesday rose six centavos or 3.06%, closing at P2.02 apiece. — M.C. Lucenio

Alyssa Valdez willing to play for national team

January 26, 2022 | 12:01 am

FORMER Southeast Asian (SEA) Games flag bearer and team captain Alyssa Valdez will answer the call if given a chance to play for the national team again in the 31^st SEA Games set on May 12-23 in Hanoi, Vietnam.

“That’s really my dream,” said Ms. Valdez during a recent interview at online show Play It Right TV hosted by The Philippine STAR columnist Quinito Henson and sports broadcaster Dyan Castillejo.

“As I’ve always said, it’s such an honor and privilege to represent the country and as an athlete, that’s really one of my main goals,” she added.

Ms. Valdez was one of the players being floated as those who would be called upon by the Philippine National Volleyball Federation (PNVF) after seven college players from the national pool were dropped and allowed to play for their respective schools in the UAAP, which will run smack into the biennial meet.

These collegians are Kamille Cal, Michaela Belen and Ivy Lacsina of National University, Eya Laure, Imee Hernandez and Bernadette Pepito of University of Santo Tomas and Faith Nisperos of Ateneo.

PNVF president Tats Suzara said they would field in an all-pro team from the Premier Volleyball League instead.

Other players reportedly being eyed for inclusion are Jia Morado, Ms. Valdez’s Creamline teammate, Kat Tolentino of Choco Mucho, Kath Arado of PLDT and Jasmine Nabor of Chery Tiggo.

If approved, the five will join a team that included Jaja Santiago, Dindin Santiago and Mylene Paat of Chery Tiggo, Deanna Wong of Choco Mucho, Jema Galanza of Creamline, Riri Meneses of Cignal, Kalei Mau, Kianna Dy, Majoy Baron, Dawn Macandili and Abi Marano of F2, and Del Palomata of PLDT. — Joey Villar

BoE’s silence leaves investors seeing signal for action on rates

January 26, 2022 | 12:01 am

BANK OF ENGLAND (BoE) officials have largely decided to keep quiet in the run-up to February’s crunch meeting, allowing expectations to solidify for another interest rate increase.

Since the bank hiked rates in December, few of the nine-member Monetary Policy Committee have spoken, and none are scheduled to before their next meeting. That’s despite increasing market bets that another increase will come on Feb. 3.

The relative silence breaks from the effusive commentary made ahead of the November and December decisions. It also diverges from other central banks around the world, notably the US Federal Reserve, which has stepped up hawkish rhetoric in response to inflation.

“What we are finding particularly intriguing at the moment is the stark contrast between members of the BoE’s Monetary Policy Committee and their peers over at the Fed, with the BoE contingent conspicuous in their silence,” Gary Kirk, a partner at TwentyFour Asset Management wrote last week. “This appears to be deliberate and coordinated by those in Threadneedle Street.”

The December rate hike marked the BoE’s first increase since the start of the pandemic, but the decision next week is every bit as momentous.

Another hike would mark the first back-to back rate hikes since 2004. It could allow officials to begin paring back their 895 billion pound ($1.2 trillion) of bond holdings in March, the first decrease since quantitative easing started more than a decade ago.

In advance of the BoE’s two previous rate decisions, officials made a flurry of appearances, giving at least 10 meaningful comments about policy and the economy. Those regularly swung market expectations.

Since then, there has only been one official speech on policy — from Catherine Mann on Jan. 21. Governor Andrew Bailey and his deputy Jon Cunliffe testified in Parliament on Jan. 19 mainly about financial stability matters, speaking generally about the risks of inflation taking off. Ms. Mann talked mainly about international issues in a number of other panels she did early this month.

Both of the BoE’s previous meetings delivered an outcome that wrong-footed investors, prompting strong criticism of the bank.

This time, officials seem to be allowing economic data to do the talking. Those readings point toward an urgent need for action, with inflation accelerating to the highest in three decades and solid growth in the labor market underpinning wage gains.

Crucially, the omicron variant of the coronavirus has proved more benign. There’s been fewer restrictions than many feared last month, and the government is starting to loosen those rules. That’s bolstered views that any slowdown in activity will be short lived, with a strong recovery likely to follow.

Keeping quiet makes good on Mr. Bailey’s assertions last year that it wasn’t the BoE’s job to guide financial markets on interest rates and that officials would offer less hard guidance in future.

The limited remarks that have emerged have been hawkish in nature, albeit with little direct focus on February. With the BoE now in a pre-meeting quiet period, further comments would be unusual. None are scheduled until the decision is announced on Feb. 3. — Bloomberg