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AirAsia: Travelers now prefer contactless procedures

BW FILE PHOTO

LOW-COST carrier Philippines AirAsia, Inc. on Tuesday said that most Filipino travelers now prefer contactless solutions, especially for passenger boarding and booking process.

Citing a survey it commissioned in December 2021, the airline said that “62% of Filipinos traveling in the next 180 days have contactless travel touchpoints as among their prime concerns, followed by value for money and better flight timing.”

The low-cost carrier hired Tangere, a big-data analytics firm, to conduct a survey of 1,605 respondents aged 18 to 60 years old from Metro Manila, balanced Luzon, Visayas, and Mindanao.

“The recent survey revealed that this pivot to contactless solutions is in agreement with current traveling behavior as 31% of the travelers said they use mobile e-wallets in purchasing their tickets,” the airline noted.

It also said that 29% of the respondents use their credit cards, while 18% use other forms of mobile and internet banking.

“For the travelers, using non-contact payments helps promote a convenient and time saving, more secure and safe transaction.”

Only 6% of the respondents indicated that they would pay in cash, while 2% still prefer over-the-counter payments.

“Guests who book their tickets online also prefer to access the airline’s website via their mobile phones (43%) and their laptop or computer (37%),” the airline noted.

“Another 27% said they would also use the airline’s mobile app if available,” it added.

The airline intends to launch this year a facial recognition technology for contactless check-in procedure.

The service is expected to “add another layer of health and safety protection for AirAsia guests as the app would only require them to take a selfie, upload a copy of their passport or national ID and go through a one-time verification process at the check-in counter,” Philippines AirAsia said. — Arjay L. Balinbin

History without text: Telling stories through embroidery, botany and medals

EMBROIDERED shawls, botanical prints, and portraits of Filipinos on medallions — these are the objects around which revolves conceptual artist Antoni Muntadas’ first exhibition in Manila titled “Muntadas: Exercises on Past and Present Memories”.

The project is done in collaboration with the Ateneo Art Gallery (AAG) and Centro Andaluz de Arte Contemporáneo de Sevilla (CAAC), with support from the Embassy of Spain, Manila.

Antoni Muntadas (b. 1942) is considered a pioneer of multimedia installation and urban interventions. Over an art career spanning four decades, Mr. Muntadas develops projects through collaborative research to create site-specific works that resonate with local issues and experiences. His works have been exhibited at various institutions around the world including MoMA, the Musée d’Art Contemporain de Montreal, Museo Nacional Centro de Arte Reina Sofía (Madrid), Museo de Arte Moderno (Buenos Aires), and the Museu d’Art Contemporani de Barcelona. After 40 years of teaching at the Massachusetts Institute of Technology, he is currently a professor at the Instituto Universitario de Arquitectura del Veneto in Venice, Italy.

Mr. Muntadas first visited Manila in 2019 and his brief encounter with the city led him to further investigate the past and present of the Philippines.

The collaboration with the AAG and CAAC had been in the works since that first visit. Despite the gallery’s temporary closure during the coronavirus disease 2019 (COVID-19) lockdowns over the past two years, Mr. Muntadas and his collaborators in the research and design teams in Manila and Barcelona held regular monthly online meetings.

“Many artists today as historical agents have memory. In his practice, Mr. Muntadas seeks to connect social memory and intimate memory, political memory, and their existing memory… His investigations are drawn towards cultural and social conditions that are often marginalized or overlooked,” said Ateneo Art Gallery director Victoria “Boots” Herrera during the exhibition’s online launch on Jan. 12.

“Mr. Muntadas initiated the production of meanings for these objects and was very deliberate in making memories resonate with audiences in the Philippines and in Spain specifically,” she added.

Globality and transnationality are central themes of Mr. Muntadas’ works. For this exhibition, he presents three projects that translate memories and histories of the Philippines and Spain and their relevance to contemporary history.

The three projects focus on traded good, using as their framework the Manila-Acapulco Galleon trade in the 16th century.

Context for the three projects is supplied by archival photographs, and artifacts loaned from the Rizal Library of the Ateneo de Manila University and by the Intramuros Administration.

HISTORY ON SHAWLS
In the first section of the exhibit, Mr. Muntadas focuses on the mantón de Manila or “Manila shawl.”

The Mantones section features 15 shawls embroidered locally by artisans in Lumban, Laguna. Each shawl is woven with images of events in Philippine history, current events, and popular culture.

Filipino artist Manuel Ocampo also contributed his interpretation of the 1734 Murillo Velarde-Nicolás de la Cruz Bagay map. It depicts critical points in the country’s colonial history.

“The figures that are scattered around the Philippine archipelago and that [Mr. Ocampo] painted are all printed, which he got from different archival sources,” Ms. Herrera said. “It’s a very strong statement on how the Philippines has been influenced.”

Mr. Muntadas said that he and his collaborators researched Philippine history from the pre-colonial period to the present. They originally collected more than 60 images from archived materials and selected which to highlight and have embroidered on the shawls.

Ms. Herrera explained that it was the AAG’s senior curator, Joel De Leon, who identified the embroiderers from Lumban, Laguna who took part in the project. Images were printed in Manila then machine-embroidered by the artisans onto the shawls.

The events in Philippine history that are depicted on the shawls include The Battle in Mactan in 1521, an editorial cartoon on American atrocities published in 1902; the assassination of Ninoy Aquino in 1983; the EDSA People Power Revolution of 1986; and an editorial cartoon on the Duterte Administration’s war on drugs which was published in 2018.

INVASIVE PLANTS
The second section, called Malas Hierbas (bad plants or weeds), features a set of ceramic plates manufactured in Sevilla which bear botanical drawings of invasive plants from the Americas — alluding to the effect of colonization. The fifth edition of Fr. Manuel Blanco’s book, Flora de Filipinas, was used as a reference for the botanical drawings.

In his exhibition notes, Mr. Muntadas wrote: “…diverse plants traveled from Mexico to the Philippines in Manila galleons… they grew here having invasive effects, which is why they are now called malas hierbas…”

COMMEMORATING OFWS
The third section of the exhibit is the Portable Monuments to Emigrant Anonymous Workers, featuring 10 medallions manufactured in Seville on which are printed images of Filipinos living and working overseas.

Mr. Muntadas refers to the medallions as a representation of value, commemorating OFWs (overseas Filipino workers) as modern-day heroes, similar to how monuments of heroes or historical figures are built in public spaces. Through friends and colleagues familiar with Filipino communities in various cities around the world, Mr. Muntadas got in touch with his subjects.

“Immigration is a large subject for Filipinos. We got this large population of people, they need to leave the country to find another life to contribute to their families back home,” Mr. Muntadas said. “The medal represents the recognition or the labor of these people.”

“Muntadas: Exercises on Past and Present Memories” is on view at the third floor galleries of Ateneo Art Gallery until March 12. The exhibition will then travel to the Centro Andaluz de Arte Contemporáneo de Sevilla, Spain where it will be on view from March to August.

Onsite visits to the Ateneo Art Gallery will be accommodated soon. In the meantime, the exhibit is accessible online through a virtual tour and walk-through at https://ateneoartgallery.com/tours/muntadas-exercises-on-past-and-present-memories. For more information, visit www.ateneoartgallery.com. — Michelle Anne P. Soliman

BTr fully awards Treasury bonds as rate drops on strong demand

BW FILE PHOTO

THE GOVERNMENT made a full award of Treasury bonds (T-bonds) it offered on Tuesday as the tenor’s average rate was lower than the level at the secondary market.

The Bureau of the Treasury (BTr) borrowed P35 billion as planned via the fresh 10-year securities it auctioned off on Tuesday. Total tenders reached P72.24 billion, or more than double the initial offer.

The 10-year notes fetched a coupon rate of 4.875%, lower than the 4.8795% quoted for the tenor at the secondary market before the auction, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

Because of the strong demand and the low rate, the bureau opened the tap facility to raise another P5 billion via the papers.

National Treasurer Rosalia V. de Leon in a Viber message to reporters said the BTr made a full award due to the oversubscription at more than twice the offer volume and as the rate was lower than those quoted in the secondary market.

Investors “defied fears” of the US Federal Reserve’s planned rate hikes, she said.

“Thanks to Gov (Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno) assuaging market he won’t hike until economy on solid recovery path. And they need to deploy liquidity. Inflation concerns have also eased,” Ms. De Leon added.

US Federal Reserve Governor Lael Brainard last week said rate hikes could start as soon as the US central bank ends its bond purchases, which is set for March.

Meanwhile, Mr. Diokno last week said 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. Ample foreign exchange reserves and manageable government debt provide some cushion against tighter financial conditions worldwide, Mr. Diokno said in a Bloomberg interview.

A trader said the Treasury made a full award of its bond offer as the average rate was within expectations.

“Good auction as BTr was finally able to fully award bonds,” a bond trader said. “The coupon rate is within expected levels.”

The Treasury bureau rejected all bids for T-bonds it offered in December and its first T-bond auction for this year. Last week, it partially awarded reissued five-year T-bonds.

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

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

Israeli study shows 4th shot of COVID-19 vaccine less effective on Omicron

PHILIPPINE STAR/ MICHAEL VARCAS

JERUSALEM — A fourth shot of coronavirus disease 2019 (COVID-19) vaccine boosts antibodies to even higher levels than the third jab but it is not enough to prevent Omicron infections, according to a preliminary study in Israel.  

Israel’s Sheba Medical Center has given second booster shots in a trial among its staff and is studying the effect of the Pfizer booster in 154 people after two weeks and the Moderna booster in 120 people after one week, said Gili Regev-Yochay, director of the Infectious Diseases Unit.  

These were compared to a control group that did not receive the fourth shot. Those in the Moderna group had previously received three shots of Pfizer’s vaccine, the hospital said.  

The vaccines led to an increase in the number of antibodies “even a little bit higher than what we had after the third dose,” said Dr. Regev-Yochay.  

“Yet, this is probably not enough for the Omicron,” she told reporters. “We know by now that the level of antibodies needed to protect and not to get infected from Omicron is probably too high for the vaccine, even if it’s a good vaccine.”  

The findings, which the hospital said were the first of its kind in the world, were preliminary and not yet published.  

Israel was the fastest country to roll out initial vaccinations against COVID-19 a year ago and last month started offering a fourth shot, or a second booster, to the most vulnerable and high-risk groups. — Reuters

AboitizPower’s P10-B bonds receive highest credit rating

ABOITIZ Power Corp. on Tuesday told the stock exchange that its fixed-rate retail bonds received the highest credit rating with a stable outlook from the Philippine Rating Services Corp. (PhilRatings).

The PRS Aaa rating was assigned to the company’s proposed issuance worth P10 billion, the third and last tranche of its P30-billion bonds registered under the shelf registration program filed with the Securities and Exchange Commission (SEC) on March 1, 2021.

The third tranche is comprised of up to P7 billion with an oversubscription option of up to P3 billion. The credit rating given to it means the debt obligation is of the highest quality and carries minimal credit risk based on PhilRatings’ long-term issue credit rating scale.

PhilRatings also gave AboitizPower’s bonds a stable outlook, which means the rating is most likely to be maintained in the next 12 months.

The credit rating agency noted the following key rating factors it used to assign the ratings to AboitizPower’s bonds: diversified portfolio with good growth prospects; experienced management team; sustained financial recovery, and sufficient liquidity levels, supported by continued strong cash flow generation.

On Jan. 11, the energy company sought approval from the SEC for the issuance of the P10-billion bonds as it eyes the public offering in the first quarter of this year.

The proceeds of the bonds will be used to refinance the company’s previously issued bonds and to fund the construction of future renewable energy projects.

At the local bourse on Tuesday, AboitizPower gained 90 centavos or 2.91% to close at P31.80 apiece. — Marielle C. Lucenio

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.