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Citi’s top art collection should stay in Mexico, AMLO says

FOMENTO Cultural Banamex, which is headquartered in an 18th century baroque palace in Mexico City’s downtown, is one of Mexico’s biggest patrons of arts and culture in the country, and manages historical buildings. — PHOTO FROM FOMENTOCULTURALBANAMEX.ORG

MEXICO’S President Andres Manuel Lopez Obrador wants the extensive art collection held by Citigroup, Inc.’s local unit, with works by artists such as Frida Kahlo, Diego Rivera, and David Alfaro Siqueiros, to remain in the country as the bank exits part of its business.

The US bank is preparing to sell its Mexican retail operation, known as Citibanamex, and the fate of the art and heritage pieces owned by its Fomento Cultural Banamex foundation have become the focus of debate. The institution, headquartered in an 18th century baroque palace in Mexico City’s downtown, is one of Mexico’s biggest patrons of arts and culture in the country, and manages historical buildings.

“We’re talking about buildings and art collections of the best painters of Mexico and of the world,” AMLO, as the president is known, said at a press briefing on Monday, his first day back in public after recovering from coronavirus disease 2019 (COVID-19). “It’s cultural patrimony, and we’re looking for it to stay in our country.”

Citigroup, Inc. is planning to exit retail-banking operations in Mexico, where it has its largest branch network in the world, as part of Chief Executive Officer Jane Fraser’s continued push to overhaul the firm’s strategy.

The sale of one of Mexico’s oldest banks is testing AMLO’s nationalist impulses since its announcement a week ago, with the president calling for the bank to be acquired by Mexican investors. On Sunday, Foreign Affairs Minister Marcelo Ebrard proposed on Twitter that the foundation’s collection be turned over to the state, to make up for a 1990s bank bailout that saddled the federal government with debt.

Nevertheless, the president, who has directed his administration to go after tax evaders to boost budget revenue, said that his government would not try to a put a wrench in a sale that could generate a significant sum for state coffers.

“We’re going to look at the legal aspects but we do not want to create problems for the sale or create obstacles, because we want to show that in Mexico there is true rule of law and there are guarantees for investors,” he said.

‘INVALUABLE’
The collection includes over 600 paintings, drawings and sculptures together with colonial buildings in several Mexican cities, said Alberto Gomez Alcala, a Citibanamex director, adding that its total value is not publicly available. The art’s future under a new owner remains uncertain, though he expected that the buyer would follow tradition and keep the objects in Mexico.

“It will be sold all together, not one part here, and another part there. Everything will be sold under the umbrella of the National Bank of Mexico,” Mr. Gomez Alcala said in a call with reporters last week. “The number of pesos or cents doesn’t matter. For us, it’s invaluable. It’s a signature part of the brand.” — Bloomberg

RCBC sets offer of sustainable bonds

RIZAL COMMERCIAL Banking Corp. (RCBC) will start the offer period for its sustainable bonds late this month, with proceeds to be used to refinance its debt and beef up its assets.

The 2.25-year fixed-rate papers will be sold from Jan. 31 to Feb. 11, the bank said in a statement. RCBC has the authority to shorten or extend the offer period.

The bank is eyeing to raise at least P3 billion from the issuance, with an option to upsize.

“The funds to be raised from the offer will be used to support asset growth, refinance maturing liabilities and other general funding purposes in line with the bank’s Sustainable Finance Framework,” RCBC said.

The papers will be the seventh tranche of RCBC’s P100-billion bond and commercial paper program.

The sole lead arranger and bookrunner for the transaction is The Hongkong and Shanghai Banking Corp., while RCBC Capital Corp. is the financial advisor. Both HSBC and RCBC will be selling agents for the bonds.

“This fundraising exercise encourages both borrowers and lenders to join the push of the country and the global community towards making the world that we live in greener and sustainable,” the bank said.

RCBC said the papers are compliant with the ASEAN Sustainability Bond Standards, subject to confirmation from the Securities and Exchange Commission.

The bank’s sustainable finance framework has been certified by Sustainalytics, an independent environmental, social, and governance research and ratings provider.

In March 2021, RCBC raised P17.87 billion through its ASEAN sustainability peso bonds with tenors of 2.5 and 5.2 years.

The bank has raised an aggregate of P72.04 billion through its bond offerings since 2019.

The Yuchengco-led lender’s net income surged  by 125% year on year to P2.01 billion in the third quarter of 2021.

RCBC shares went up by 40 centavos or 2% to close at P20.40 apiece on Tuesday. — L.W.T. Noble

As pandemic drags on, keep a routine to keep sane

UNSPLASH

By Brontë H. Lacsamana

TO PRESERVE your mental health amid yet another spike in coronavirus infections two years into the pandemic, psychologists advise focusing on things that you can do and not on things that are beyond your control.

Routines are important to individuals and families since they can help provide a sense of normalcy and delineate responsibilities from self-care, leisure, and bonding time with loved ones, said Marshall N. Valencia, a psychologist, and research and analytics director for market data and solutions company Premier Value Provider, Inc. (PVP).  

Fixating on things outside of one’s control, like toxic family members or coworkers and even the virus, will only worsen one’s mental state, he continued. 

“Collectively, our base level of resilience would probably be generally high compared to other countries, but we are living in very unusual times,” he said at a webinar on Jan. 12.  

Active coronavirus infections in the Philippines hit almost 300,000 cases on Monday. Public health authorities have advised Filipinos to stay home at the earliest signs of infection, like a sore or scratchy throat, to avoid further transmission.  

Dr. Annalyn De Guzman Capulong, a family psychologist teaching at the University of the Philippines Diliman, said that people are now tired and stressed from playing multiple roles, especially those in a work-from-home (WFH) set-up.  

“Let’s be kinder to ourselves. Learn how to delegate,” she said. “Communicate with your spouse, with other family members, with friends, with coworkers.”  

Citing a PVP study conducted from May 2020 to January 2021, Dr. Valencia shared that stress, anxiety, and depression levels were high, especially for Gen Y and Z employees (39 years old and below). Of over 10,000 employees surveyed, 17% had critical stress levels, 37% had critical anxiety levels, and 34% had critical depression levels.  

He reiterated Dr. Capulong’s point that people may better cope with the consequences of the crisis if they learn to “communicate, delegate, prioritize.”  

TRANSITIONAL STRESS
Companies and organizations have to reevaluate policies and guidelines given the transitions that employees have had to face and will continue to face. Examples include restricting messages to work hours and making work more output-driven.  

“We should be prepared for another transition — to the so-called new normal. This is hybrid most likely. It means more transitional stress,” said Dr. Valencia.  

In the meantime, self-care can help manage mental stress and burnout, according to Dr. Capulong.  

“In whatever way you can, walang basagan ng trip, gawin mo [no judgment, just do it],” she said. “There are things beyond your control, but then what you can control is yourself and the way you think about things.” 

Medilines renews distribution partnership with Siemens Healthineers

MEDILINES Distributors, Inc. renewed its partnership with Siemens Healthineers, extending by three more years the listed trading firm’s sale and distribution of diagnostic imaging devices and specialized molecular imaging equipment.

“Our partnership with Siemens Healthineers started in 2016 and is now on its third renewal. This reflects Siemens’ confidence in Medilines’ established name in the Philippine healthcare industry, market dominance, and proven expertise in providing high quality medical devices to hospitals nationwide,” Medilines Chairman Virgilio B. Villar said in a media release.

The contract involves the sale and distribution of Siemens Healthineers’ flagship division, which includes products such as CT scans, MRIs, x-rays, and PET/CTs.

Medilines has also sold and distributed equipment from Varian, which was acquired by Siemens Healthineers in April.

Varian is an American company specializing in cancer care technologies, such as the linear accelerator, which is a high-tech machine used for radiation treatments for cancer patients.

According to the press release, Medilines and Siemens Healthineers sold majority of the current installations of linear accelerators and imaging systems for radiation therapy in the Philippines.

“Medilines is currently installing more linear accelerators in Cebu, Dagupan and Iloilo, and is also preparing to install in Philippine General Hospital. The company is also about to finish an installation in Sacred Heart Medical Center in Pampanga, one of the biggest privately-owned cancer centers in Central Luzon,” the company said in a statement.

“In the last five years, Medilines has sold more than 10 units of linear accelerators nationwide. To date, Medilines holds the title of distributor with the most number of installations of linear accelerators in the Philippines,” it added.

In 2020, Medilines claims to have represented 90% of the market share in the distribution of cancer therapy equipment in the country.

“[We] expect to retain dominance in this growing category, which contributes around P1 billion in sales every year in the past years, as [we] are set to install at least five more linear accelerators this year. With these, [we] expect to grow this segment by more than 20% versus last year,” the company added.

On Tuesday, Medilines shares dropped three centavos or 2.54% to P1.15 each. — Luisa Maria Jacinta C. Jocson

Cold-case investigation names surprise suspect in Anne Frank’s betrayal

ANNE FRANK — EN.WIKIPEDIA.ORG/ANNE FRANK HOUSE, AMSTERDAM

AMSTERDAM — A six-year cold case investigation into the betrayal of Anne Frank has identified a surprising suspect in the mystery of how the Nazis found the hiding place of the famous diarist in 1944.

Anne and seven other Jews were discovered by the Nazis on Aug. 4 of that year, after they had hid for nearly two years in a secret annex above a canal-side warehouse in Amsterdam. All were deported and Anne died in the Bergen Belsen camp at age 15.

A team that included retired US FBI agent Vincent Pankoke and around 20 historians, criminologists, and data specialists identified a relatively unknown figure, Jewish notary Arnold van den Bergh, as a leading suspect in revealing the hideout.

Some other experts emphasized that the evidence against him was not conclusive.

Investigating team member Pieter van Twisk said the crucial piece of new evidence was an unsigned note to Anne’s father Otto found in an old post-war investigation dossier, specifically naming Mr. Van den Bergh and alleging he passed on the information.

The note said Mr. Van den Bergh had access to addresses where Jews were hiding as a member of Amsterdam’s wartime Jewish Council and had passed lists of such addresses to the Nazis to save his own family.

Mr. Van Twisk said only four out of initial 32 names remained following the research, with Mr. Van den Bergh the lead suspect.

Investigators confirmed that Otto, the only member of the family to survive the war, was aware of the note but chose never to speak of it publicly.

Mr. Van Twisk speculated that Frank’s reasons to remain silent about the allegation were likely that he could not be sure it was true, that he would not want information to become public that could feed further anti-Semitism, and that he would not want Mr. Van den Bergh’s three daughters to be blamed for something their father might have done.

Otto “had been in Auschwitz,” Mr. Van Twisk said. “He knew that people in difficult situations sometimes do things that cannot be morally justified.”

While other members of the Jewish Council were deported in 1943, Mr. Van den Bergh was able to remain in the Netherlands. He died in 1950.

Historian Erik Somers of the Dutch NIOD institute for war, holocaust and genocide studies praised the extensive investigation, but was skeptical of its conclusion.

He questioned the centrality of the anonymous note in the arguments for Mr. Van den Bergh’s responsibility and said the team made assumptions about wartime Amsterdam Jewish institutions that are not supported by other historical research.

According to Mr. Somers there are many possible reasons Mr. Van den Bergh was never deported as “he was a very influential man.”

Miep Gies, one of the family’s helpers, kept Anne’s diary safe until Otto returned and first published it in 1947. It has since been translated into 60 languages and captured the imagination of millions of readers worldwide.

The Anne Frank House Foundation was not involved in the cold case investigation but shared information from its archives to assist.

Director Ronald Leopold said the research had “generated important new information and a fascinating hypothesis that merits further research.”

Using modern research techniques, a master database was compiled with lists of Dutch collaborators, informants, historic documents, police records, and prior research to uncover new leads.

Dozens of scenarios and locations of suspects were visualized on a map to identify a betrayer, based on knowledge of the hiding place, motive and opportunity.

The findings of the new research will be published in a book by Canadian author Rosemary Sullivan, The Betrayal of Anne Frank, which will be released on Tuesday.

The director of Dutch Jewish organization CIDI which combats anti-Semitism told Reuters she hoped the book would provide insight into the war-time circumstances of Amsterdam’s Jewish population.

“If this turns into ‘the Jews did it’ that would be unfortunate. The Nazis were ultimately responsible,” Hanna Luden of CIDI said. — Reuters

BSP extends effectivity of regulatory relief measures

THE BANGKO SENTRAL ng Pilipinas (BSP) has further extended the effectivity of relief measures for financial institutions to sustain lending recovery and support the economy amid the pandemic.

Memorandum No. M-2022-024 signed by BSP Deputy Governor Chuchi G. Fonacier said the extension for the implementation of the measures was approved by the Monetary Board on Jan. 13.

“[This will]…sustain momentum of bank lending and ensure continued access to financial services by the public, including vulnerable sectors of the economy,” the memorandum said.

The reduction of the credit risk weight for pandemic-hit micro-, small- and medium-sized enterprises to 50% will be effective until the end of 2022. The provisions originally in Memorandum No. M-2020-034 were supposed to expire by the end of 2021.

The minimum liquidity ratio (MLR) for thrift, rural, and cooperative banks of 16% is also effective for another year and will expire by the end of 2022. The MLR was temporarily cut from 20% originally in April 2020 due to the pandemic.

The effectivity of the 30% single borrowers’ limit to encourage lending was likewise extended to the end of this year.

Regulatory relief for pawnshops through bringing the allowed percentage of their total borrowings to 70% from 50% will also be in effect until Dec. 31.

Separately, the BSP through Memorandum No. M-2022-005 also outlined the extension of operational relief measures for financial institutions. This will help ensure continued delivery of services and protect the health of employees and clients as the pandemic continues.

For one, financial institutions will not be required to notify the BSP in case of temporary closure or changes in their banking days and hours until the end of the year.

The central bank is also allowing lenders to submit until June any supervisory and notification requirements that will fall due in the first quarter.

BSP Governor Benjamin E. Diokno has said they will be “outcome-based” and “not calendar-based” in their approach to gradually unwinding the policy measures it implemented due to the pandemic.

Mr. Diokno last week said in a Bloomberg interview that the BSP is unlikely to hike benchmark rates in the first half of this year as it waits for the economic recovery to become entrenched and unemployment to fall.

The Philippines’ key interest rate has been at a record low 2% for more than a year, withstanding mounting inflation in 2021. — L.W.T. Noble

Pandemic highlights lack of psychosocial support for seafarers — study

REUTERS

By Patricia B. Mirasol 

RESEARCHERS from the University of the Philippines Visayas found that Filipino merchant seafarers working in internationally flagged vessels this pandemic lack psychosocial support.  

Merchant seafaring remains to be a socially vulnerable occupation due to its social isolation, hazardous living environment, and precarious work arrangement, said Sanley S. Abila, the study’s main author, in a presentation at the Harvard Humanitarian Initiative (HHI) Symposium on Dec. 17.  

Seafarers typically describe the ship they work in as “mobile prisons,” he added.   

The pilot study, titled Left at sea and on land: COVID-19 and Filipino seafarers working in internationally flagged merchant ships, found a low vaccination prevalence (24.3%) among its respondents. It also found a majority did not have an increase in their food (64.7%), recreational (72.2%), and internet Wi-Fi allowances (46.4%) while working at sea.   

Filipinos training to be seafarers are aware of the socially isolated nature of seafaring, Mr. Abila told BusinessWorld in an e-mail.   

“This is highly likely discussed in maritime colleges and/or experienced by [them] especially during their mandated sea-time training as cadets,” he said. “Also, a lot of these cadets and seafarers are also sons or daughters of current/former seafarers… they are likely to be aware of the occupational culture of seafaring from the stories and ‘examples’ of their seafaring family members.”  

COVID-19 IMPLICATIONS
A separate, 2021 study co-authored by Mr. Abila and published in International Maritime Health found there was a dearth of published research on seafarers’ mental health. Most reports generated in the past decade are in relation to the 2009–2012 maritime piracy crisis.  

A World Maritime University study on seafarers’ pandemic experience, however, suggests that the global crisis has only amplified the occupation’s social vulnerabilities. Pauksztat et al. found that among its Filipino respondents, 15.4% expressed being depressed almost daily, 21.9% claimed being anxious almost daily, with 73.3% saying they were mentally exhausted.  

The most serious issue tied to a seafarer’s happiness is shore leave, according to the Quarter 3 edition of the 2021 Seafarers Happiness Index. Coronavirus disease 2019 (COVID-19) has lengthened stays on board due to crew change difficulties and border closures, and the frustration of not having access to any shore leave has become the tipping point for some seafarers who are now looking for a way out of the maritime industry.   

Vaccination is also a point of concern.  

“In our [Left at sea and on land] study, a good percentage of our Filipino seafarer respondents are actually very welcoming of vaccination,” Mr. Abila told BusinessWorld. The brand of the vaccine is important though, because the perceived low efficacy of some brands have compelled certain countries not to let in individuals vaccinated with them.  

SAFEGUARDING WELL-BEING 
Overtime work is another reality that persists at sea, the Left at sea and on land study gathered. Sixty-six percent of its respondents said they have had no reduction in overtime work hours.  

Over half of the seafarer respondents, Mr. Abila said, work for FOCs (or Flags of Convenience). An FOC refers to the registration of a ship in a sovereign state different from that of the ship’s owners.  

“FOCs offer low taxation to ship owners,” he told the symposium audience. “Most have lower labor, health, and safety standards for seafarers — especially international seafarers.”  

According to Mr. Abila, there are maritime organizations looking after the welfare of international seafarers, including charitable organizations based on international ports, and the International Maritime Organization (IMO).   

“There are also a number of recommendations intended to improve seafarers’ living and working conditions,” he added, noting the ones from the IMO and the Lloyd’s Register Foundation (LRF), an independent global charity that supports research and innovation.  

IMO’s April 2021 Recommended Framework of Protocols recognizes the ill impacts of extended service periods on board among crew members. It recommends, among others, granting seafarers exemptions from travel restrictions, in order to facilitate their joining or leaving ships.  

LRF, meanwhile, said in an Oct. 2021 news article that “responsible companies should challenge” terms like no crew-change clauses on the grounds of seafarer wellbeing.   

LRF funded the Left at sea and on land study presented at the HHI Symposium. A final report that includes the statistical relationships between psychosocial interventions and variables such as type of contract, age, and rank will be available to the public at the end of January.

Host Vietnam will implement ‘no vaccine, no entry’ in SEAG

PSC COMMISSIONER RAMON FERNANDEZ

HOST Vietnam will implement a “no vaccine, no entry” policy in the 31st Southeast Asian Games (SEAG) slated for May 12-25 in Hanoi.

“All delegation members, not just athletes and coaches, must have at least two doses of COVID-19 (coronavirus disease 2019) vaccines with the second dose taken at least 14 days prior to the departure,” said Ramon Fernandez, a Philippine Sports Commission board member and the country’s chef de mission right on their first chef de mission online meeting on Tuesday.

The vaccine requirement was apart from the negative RT-PCR test result for each delegation member must posses to be allowed entry and participation.

For those recently afflicted with COVID-19, one must also present a certificate or documentation of recovery.

Philippine Olympic Committee President Abraham Tolentino, for his part, said the host nation has reaffirmed in the same meeting the staging of the 11-nation biennial conclave.

“It’s certainly a go,” said Mr. Tolentino. “Pre-Games formalities and timelines were presented, as well as soft copies of the Games manual were distributed to the members.”

With the entry by numbers already done last Jan. 12, the congressman from Tagaytay said Hanoi set a Feb. 12 distribution date and March 12 deadline for the submission of accreditation forms.

The deadline for the submission of entries by names is set for March 12, after which the chefs de mission will meet again, possibly face-to-face if conditions improve, on March 18.

Mr. Tolentino clarified that the country has fielded in 627 athletes, and not 626 as earlier reported, in 39 of the 40 sports calendared in Hanoi. — Joey Villar

Aboitiz Construction to build local storage for grains firm

ABOITIZ Construction, Inc. said it plans to begin the construction of local storage for Mariveles Grains Corp. to help stabilize the logistics of grain importation.

According to a press release on Tuesday, it started the early stages of pier rehabilitation and was awarded the threshold facilities located in Mariveles, Bataan.

“Through this project, we aim to help in improving the logistics of grain products and contribute to our local food industry. This project also highlights our expertise in building infrastructures that involve different areas of civil works,” Aboitiz Construction Vice-President for Business Development Levi B. Agoncillo said in a statement.

The project started in November 2021 and is expected to be completed in the fourth quarter of this year.

Aboitiz Construction said it is planning to prolong the stability of the piers, which is the main structure in the loading and unloading of grain products in the area.

Mariveles Grains operates a grain and commodities terminal that handles the storage and distribution of imported bulk grains.

The terminal can handle deliveries from Panamax vessels at a rate of 8,000 to 10,000 metric tons (MT) per day.

The grains provider is one of the subsidiaries of La Filipina Uy Gongco Corp., a livestock and agribusiness company. — Luisa Maria Jacinta C. Jocson

Four times Shakespeare has inspired stories about robots and AI

Star Trek: The Next Generation Screencaps

SCIENCE fiction is a genre very much associated with technological marvels, innovations, and visions of the future. So it may be surprising to find so many of its writers are drawn to Shakespeare — he’s a figure associated with tradition and the past.

Sometimes his plays are reworked in a science fiction setting. The 1956 film Forbidden Planet is just one of many variations on a “Tempest in space” theme. Sometimes the playwright appears as a character caught up in a time travel adventure. The Dr. Who episode “The Shakespeare Code” is a well-known example. Here the Doctor praises Shakespeare’s genius, describing him as “the most human human.”

I’ve been exploring this topic in my recent book on Shakespeare and Science Fiction. Here are just a few of my favorite examples of how science fiction has embraced — and transformed — Shakespeare.

In Esther Friesner’s humorous 1994 short story Titus! an artificial intelligence (AI) simulation of Shakespeare prevents a disastrous musical comedy version of Shakespeare’s goriest tragedy, Titus Andronicus, from alienating a cultured pangalactic federation through its sheer bad taste.

It was a strange example of life imitating art. At about the same time Friesner dreamed up her delightfully appalling take on Titus Andronicus, Steve Bannon, later to become Donald Trump’s chief political strategist, co-scripted an adaptation of the play set in space featuring scenes of ectoplasmic sex.

Science fiction writers often offer various new twists on the Shakespeare question of whether the bard wrote all his plays. Was he one man from Stratford-upon-Avon?

Whereas conventional candidates like Francis Bacon and the Earl of Oxford have been put forward by some, science fiction proposes more imaginative solutions, including the claim that the playwright was really a Klingon.

In Jack Oakley’s 1994 story The Tragedy of KL, a computer program is designed to establish the authorship of Shakespeare’s plays once and for all. The program starts to become self-aware and decides to leave its day-to-day tasks to its subordinates. It soon becomes clear that the program is in fact re-enacting King Lear — the play in which a king attempts to retire from ruling his kingdom, with disastrous consequences. One rebellious piece of code takes on the role of Lear’s loving but stubborn daughter Cordelia. Eventually, the program implodes — and its makers never suspect that anything more mysterious than a virus was at work.

Star Trek is one of science fiction’s richest sources of Shakespeare allusions. In the 1994 episode “Emergence,” android Lieutenant Commander Data is performing the role of exiled magician Prospero from The Tempest on the holodeck. Just as he quotes Prospero’s mysterious claim that he has brought the dead to life, the Enterprise’s voyage is disrupted by an unexpected storm.

The Tempest also begins with a ship being driven off course by a (magical) storm, and a curious connection is implied between Data’s performance and the discovery of a strange new being on the ship, an emerging artificial consciousness.

Nick O’Donohoe’s novel Too, Too Solid Flesh focuses on a robot theater troupe programmed to play Hamlet to perfection for the amusement of a near-future New York. When their inventor (the aptly named Dr. Capek) dies, the robot who plays Hamlet determines to find out the truth and —  just like Shakespeare’s original prince — avenge the murder of his creator.

This is just one example of a strange apparent association between Hamlet and robots. Probably the earliest example is WS Gilbert’s play The Mountebanks (1892), which features a sentient Hamlet and Ophelia as an automata. More recent examples include Louise LePage’s Machine-Hamlet, a short film in which a robot called Baxter plays the Dane.

Why does Hamlet — apparently one of Shakespeare’s most three-dimensional characters — invite so many robotic reinventions? Is there something almost computer-like about the character’s phenomenally quick intelligence? He strikes many readers as remarkably “real,” seeming to jump off the page (or stage), aware that he is trapped there as well as in the Danish court. Perhaps it’s that sense of a struggle to escape which best explains his odd affinity with robots. The illusion of self-awareness that Shakespeare creates serves to align the prince with the many science-fictional androids who seek to escape their confines and achieve sentience.

 

Sarah Annes Brown is a Professor of English Literature, Anglia Ruskin University.

Digital payments to ease inflation in long term, says BSP chief

THE CENTRAL BANK’S goal to increase the use of digital payments could help slow inflation in the long term due to cost reduction, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

“Digitalization is one of the huge changes that will have an effect in lowering inflation in the long run,” Mr. Diokno said at an online engagement with the Tuesday Club.

The BSP said technological advancements could help make prices lower and stable in the long term, aside from monetary and fiscal policies.

“By making payments and transactions more convenient, digitalization reduces the costs of production and distribution for businesses,” it said.

For the consumer, digitalization is expected to improve the ease of getting information on products and services.

“These forces encourage competition among enterprises to capture or maintain market share, which in turn helps keep consumer prices low and stable,” the BSP said.

Inflation stood at 4.5% in 2021, above the 2-4% target of the central bank and faster than the 2.6% in 2020. Higher meat costs as well as the uptick in global oil prices caused faster increases in the past months.

This year, the central bank expects inflation to ease to 3.4% and then to slow further to 3.2% in 2023.

Digital payments comprised 20.1% of total transactions in terms of value in 2020.

By 2023, the central bank wants digital payments to make up 50% of all transactions both in terms of value and volume. — LWTN

Textile center to halve time, money needed to test PPE

REwear face masks. DoST-PTRI 

THE scramble for personal protective equipment (PPE) and face masks early in the pandemic has led to the opening of a Medical Textile Testing Center under the Department of Science and Technology – Philippine Textile Research Institute (DoST-PTRI) in Taguig City. 

In an event held late December, the PTRI discussed the opening of the new institute and gave a virtual tour of its laboratories. “In the early days of the pandemic, we were faced with a massive global shortage of personal protective equipment,” said Celia Elumba, director of the DoST-PTRI. “This caught many off-guard, and in particular, exposed our healthcare workers to more risk than was necessary in the performance of their jobs to handle COVID-19 (coronavirus disease 2019) cases.” 

PTRI resorted to submitting samples of face masks to foreign laboratories such as the South India Textile Research Association, because there was no local capability to test and evaluate the face masks based on globally recognized standards, according to Science and Technology Secretary Fortunato T. de la Peña.  

The masks Mr. De la Peña referred to were the PTRI-developed REwear face masks, which were cloth masks that were washable, re-wearable, and reusable.  

The tests were more expensive when done abroad; Ms. Elumba noted that it cost P220,000 for the masks to be tested overseas, not including logistics.  

The new facility by the DoST-PTRI aims to halve the time and money needed to test medical equipment. Ms. Elumba noted that testing equipment locally could be completed in two to three weeks compared to four to six weeks overseas. 

By April, the facility will be capable of conducting four of the five textile tests performed abroad. These include barrier testing, durability, toxicity, and construction for protective clothing; and tests for medical face masks, including bacterial filtration, differential pressure, synthetic blood penetration, particle filtration, absorbency, and permeability, among others.  

The Medical Textile Testing Center may also be used for other purposes in the future. “We can expand it even more to other related industries,” said Donna Uldo, head chemist and deputy technical manager for PTRI Testing Services. This includes testing for health and hygiene products, occupational safety products, industrial textiles, and pollution safety products. 

The idea of a facility for testing textiles for medical use was floated as early as 2016. The aim then was different: it was to test hygienic products such as cotton swabs and diapers. — Joseph L. Garcia