THE PHILIPPINES posted a balance of payments (BoP) deficit in November, as more dollars flowed out of the country to pay for the government’s foreign debt and the trade deficit continued to widen. Read the full story.
THE BANK of England has unveiled its first banknotes featuring King Charles III, following the death of Queen Elizabeth II.
The notes are expected to enter circulation in mid-2024, gradually replacing those featuring Charles’s late mother, who began appearing on paper money in 1960.
There are over 4.7 billion Bank of England notes in circulation, together worth about £82 billion ($99.8 billion). Since 1956 they have been printed at the Debden Printing Works, a high-security compound in Essex.
The Royal Mint, which produces the UK’s coins, has already revealed its currency with the King’s likeness, created by the sculptor Martin Jennings. There are currently 27 billion coins in circulation carrying the Queen’s face, which will be replaced over time as they become worn.
The reverse side of the new English banknotes will continue to feature former Prime Minister Winston Churchill, author Jane Austen, painter JMW Turner and mathematician Alan Turing. — Bloomberg
In further promoting the culture of corporate social responsibility (CSR), the PHAPCares Foundation recognized its members during its first CSR Seal of Excellence Awards held on Dec. 6, in partnership with the Department of Health (DoH) and the Philippine Medical Association (PMA).
The CSR Awards have two categories, namely, the Seal of Excellence in Healthcare, and the CSR Seal of Excellence in Sustainability and Innovation.
For the Seal of Excellence in Healthcare, five companies were awarded for their major and consistent contributions to the programs and projects of the Foundation, specifically in the areas of sustainable healthcare, access to medicines, emergency response, and social development. Among the awardee companies were Bayer Philippines, Boehringer Ingelheim Philippines, PHILUSA Corp., Roche Philippines, and Takeda Healthcare Philippines.
There were also five finalists for the Seal of Excellence in Sustainability and Innovation Award who were recognized for exemplary initiatives that improve the lives and health of individual Filipinos and the communities.
Roche Philippines, adjudged the overall winner, was awarded for its Mission Leapfrog Program (MLP) which aims to accelerate the transformation in healthcare outcomes by aiming to achieve 2030 health systems today. The MLP focuses on the journey of breast and cervical cancer patients and by working closely with healthcare ecosystem partners. The program covers mobilization and education, early screening, innovative diagnostics and treatment, laying the groundwork for a fully funded referral system, and institutionalizing a cancer program supported by policy or law. From one pilot city in March 2022, Mission Leapfrog has expanded to four program sites in Tacloban, Tayabas, Valenzuela and PAGCOR.
Meanwhile, AstraZeneca Philippines was also recognized for addressing the burden of the most prevalent noncommunicable diseases such as lung cancer, type 2 diabetes, and asthma, as well as coronavirus disease 2019 (COVID-19) through a collaborative and holistic approach. This involves improving access to comprehensive disease management and medicines through integrated healthcare solutions — from education, prevention, diagnosis, and treatment. Among their programs are the Lung Ambition Alliance Program, Act Now for Diabetes, and One Healthy Lung Philippines. They have also brought together local government units and the private sector to work towards a sustainable immunization program.
Boehringer Ingelheim, for its part, was recognized for its Acute Networks Striving for Excellence in Stroke (ANGELS), a healthcare initiative that helps hospitals become stroke-ready, enabling them to treat patients who have just suffered a stroke quickly and effectively. To date, the ANGELS Program has helped develop 26 acute stroke-ready hospitals nationwide and 10 public and private hospitals, including two public hospitals in Visayas and Mindanao. From seven consulted hospitals in 2017, ANGELS currently has 72 hospitals in consultation, and expects to expand further in the coming years.
After nearly three years of the pandemic, Merck Philippines was awarded for being the first company permitted and authorized to hold a fun-run in Bonifacio Global City (BGC) for a notable purpose. The event was aimed at promoting the health and wellbeing of the company’s employees and to raise funds for the adoption of a science classroom in Taguig City. The activity accomplished health and wellness among employees, diversity and inclusiveness within their organization, and instilling a strong sense of purpose in the organization.
Meanwhile, Takeda Healthcare Philippines was recognized for its Access to Innovative Medicines Initiative to improve access to care and treatment. The initiative utilized a holistic and multisectoral approach to address barriers across the patient journey and strengthen the healthcare system. It initiated the Spot Lymphoma, Stop Lymphoma campaign to generate awareness about the disease. Through its Patient Assistance Program, the company provided financial assistance to over 500 patients, helping them complete their treatment. They also provided free patient care training for 1,930 oncology nurses.
The CSR Awards are aligned with a bill encouraging CSR in the private sector filed this August at the House of Representatives, prompted by the COVID-19 pandemic and rising inflation, among other reasons.
House Bill 3627 or the “Corporate Social Responsibility Act” was introduced by Mindoro Representative Leody “Odie” F. Tarriela to recognize the vital role of the private sector in contributing to the socioeconomic development of the country.
“The private corporations’ initiatives through various programs, projects, and services which address the social issues of the community greatly contribute to the alleviation of poverty, and improvement of the lives of our fellow constituents,” the bill states.
Teodoro B. Padilla is the executive director of the Pharmaceutical and Healthcare Association of the Philippines (PHAP), which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are at the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.
MEMORIAL care provider Forest Lake secured a P245-million loan from ATR Asset Management Group (ATRAM Group) for the planned expansion of its memorial and death care services.
“We are pleased to extend a P245 million private credit facility to Forest Lake in order to finance the company’s projects in the upcoming years,” ATRAM Alternatives Managing Director Ronald Benjamin Roa said in a press release.
“This loan opens up vast opportunities for sustainable growth for Forest Lake, especially now that we are expanding our services across different regions in the Philippines,” said Alfred Xerez-Burgos III, president and chief executive officer of Forest Lake Memorial Services Corp.
Forest Lake and ATRAM Group signed a memorandum of agreement on Nov. 4 and Primeiro Partners was tapped as Forest Lake’s financial advisor for the transaction.
“With fresh capital from ATRAM, Forest Lake will be able to launch new memorial parks as the leading memorial park developer in the country that offers total memorial care services,” Primeiro Managing Partner Stephen Sieh said.
To date, Forest Lake has opened a total of 34 memorial parks nationwide and is planning to expand across different communities in the Philippines.
“For over 25 years, Forest Lake continues to fulfill its vision of building a better place for generations to immortalize memories of their loved ones and celebrate the living,” Mr. Xerez-Burgos said.
Forest Lake’s memorial care services include funeral, cremation, interment, and park maintenance services. It plans to further expand its offerings to its Iloilo and Zamboanga parks in the coming months. — Justine Irish D. Tabile
WASHINGTON — Teenaged boys in the United States are increasingly becoming ensnared in online financial “sextortion schemes,” impacting at least 3,000 victims and leading to more than a dozen suicides so far, US Justice Department officials warned on Monday.
FBI and Justice Department officials told reporters in a briefing they are actively investigating thousands of tips, and they have already seen a tenfold increase in reported financial sextortion schemes in the first half of 2022 compared with the same time period last year.
In a so-called sextortion scheme, a person is coerced into providing sexually explicit images, and then later extorted for money.
Many of the cases, they said, are originating on social media sites such as Facebook and Instagram, and once the contact is made, the predators move over to using other messaging applications such as Snapchat or Google Hangouts.
“This is a unique threat,” one Justice Department official said, speaking on the condition of anonymity. “The motivation is money. The organization, the scale at which it operates — is quite different than anything we have seen before.”
Young girls have often been the target of online sextortion schemes, but the recent rise in incidents has involved teenage boys between the ages of 14 and 17, officials said. Some boys as young as 10 have also been become victims.
Law enforcement officials believe many of the criminals who are targeting young children are based in Nigeria and the Ivory Coast. The cases are actively under investigation, and officials said they were not yet aware of any public criminal charges.
FBI officials said they want to warn parents about the rise in sextortion threats ahead of the holiday season, knowing children will be at home and will have greater access to social media. They said the bureau has also received about 4,500 tips related to financial sextortion.
Justice Department officials said Meta META.O, which operates Facebook, Instagram and WhatsApp, has been providing cyber tips through the National Center for Missing & Exploited Children, and it has also been involved in helping training law enforcement officials in West Africa. — Reuters
Here’s a quick glance at how PSEi stocks fared on Tuesday, December 20, 2022.
THE PESO strengthened further on Tuesday as the National Economic and Development Authority (NEDA) expressed optimism about reaching its target economic growth for the year.
The local currency ended at P55.24 against the greenback, up by 17 centavos from Monday’s P55.41 close, data from the Bankers Association of the Philippines showed.
The peso opened Tuesday’s session at P55.40 per dollar and reached its weakest showing for the day at P55.45. Its intraday best was at P55.23 versus the greenback.
Dollars traded jumped to $940.55 million from $627.25 million on Monday.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the peso’s further strengthening is due to the NEDA statement on Monday that the country’s gross domestic product (GDP) growth might exceed the government target.
NEDA Secretary Arsenio M. Balisacan said at a briefing that the economy expanded by 7.6% as of September, beating the government’s 6.5% to 7.5% forecast and bringing the nine-month average to 7.7%.
Mr. Balisacan added that the GDP needs to grow by only 3.3-6.9% in the fourth quarter to achieve the full-year target.
He also said that consumption, investments in construction, utilities, and mining, and increased productivity in agriculture, likely drove this year’s strong growth.
Meanwhile, Mr. Ricafort said that the recently extended reduction in tariffs on pork, corn, rice and coal for at least one year supported the peso’s strength.
President Ferdinand R. Marcos, Jr. approved on Monday the recommendation of the NEDA Board to extend Executive Order (EO) No. 171.
EO No. 171, signed by former President Rodrigo R. Duterte in May, originally extended the lower tariffs on pork and rice, as well as cut duties on corn and coal but only until end-2022.
The Palace said the order was aimed at mitigating inflationary pressures arising from the Ukraine-Russia war, addressing supply issues and reducing prices of key commodities.
Meanwhile, two traders reaffirmed the effect of the continued seasonal increase in foreign exchange inflows on the local currency’s movement.
“The peso appreciated amid increased peso demand due to expected year-end foreign remittances,” one trader said.
For Wednesday, Mr. Ricafort expects the peso to move between P55.15 and P55.35 per dollar. One of the traders expects the peso to move in the P55.10-P55.35 range, while the other sees its movement at P55.10-P55.50 a dollar. — Aaron Michael C. Sy
PHILIPPINE shares rebounded on Tuesday on bargain hunting and as investors shied away from Wall Street ahead of US housing data releases within the week.
The 30-member Philippine Stock Exchange index (PSEi) added 43.85 points or 0.68% to close at 6,458.12 on Tuesday, while the broader all-shares index increased by 17.09 points or 0.50% to 3,384.4.
“The PSEi headed higher today as likely driven by bargain hunting following three straight days of losses and the successful test of the 6,380-6,400-support level,” China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said in an email.
“Investors turned bargain hunters finally in the Philippines, as the fading Santa Claus rally in the US increased recession concerns,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
Wall Street continued its losing streak on Monday as investors shunned riskier bets amid recession fears, Reuters reported.
The Dow Jones Industrial Average fell by 162.92 points or 0.49% to 32,757.54; the S&P 500 lost 34.70 points or 0.9% to 3,817.66; and the Nasdaq Composite dropped by 159.38 points or 1.49% to 10,546.03.
Tomorrow, investors are expected to price in the US housing data set to be released overnight.
“This week promises lots of insight into the housing industry. Sales data for existing homes and new homes will be released Wednesday and Friday, respectively,” said Mr. Limlingan.
Most of the sectoral indices closed higher on Tuesday except financials, which inched down by 1.33 points or 0.08% to close at 1,627.11.
Meanwhile, services climbed by 32.58 points or 2.09% to close at 1,590.47; mining and oil added 115.11 points or 1.13% to 10,275.60; property increased by 18.47 points or 0.65% to 2,842.07; holding firms rose by 35.41 points or 0.56% to 6,352.19; and industrials went up by 40.53 points or 0.44% to close at 9,227.87.
Value turnover declined to P5.58 billion on Tuesday with 509 million shares changing hands from P18.72 billion with 1.31 billion issues traded on Monday.
Advancers outnumbered decliners, 90 versus 77, while 48 names closed unchanged.
Net foreign selling went down to P427.62 million on Tuesday from P1.01 billion seen the previous trading day.
“Further gains in the days ahead may be forthcoming as the technical bounce continues,” China Bank Securities’ Mr. Mercado said.
He placed the PSEi’s immediate resistance at the 6,650-6,700 levels. — Justine Irish D. Tabile
THE Department of Agriculture (DA) said the Philippines is negotiating with various countries a government-to-government fertilizer supply deal, with a target signing date of January.
“We are still finalizing the volume in the coming days. Hopefully we will be able to close the deal within January,” Agriculture Assistant Secretary Arnel V. de Mesa said during the DA’s yearend briefing on Monday.
Mr. De Mesa said the negotiations are taking place with several countries, which he did not identify.
“We are looking at all countries, the President said we need to get the least-cost fertilizer. We need to secure the transaction to ensure that by the time we need it, prices won’t go up,” he said, referring to the planting season, where fertilizer will be in demand.
In July, President Ferdinand R. Marcos, Jr., who concurrently serves as the Agriculture Secretary, said that the government is planning to pursue government-to-government deals with top suppliers of fertilizer such as China and Russia.
“This is not yet final. We are considering all countries, which one will be the most advantageous for the government,” he said.
He said that the fertilizer should be landed before the wet season begins.
“For government-to-government deals, we hope to close it at a lower cost and higher volume,” he added.
According to the Fertilizer and Pesticide Authority, the average price of urea, which is the most commonly-used fertilizer, sold for P2,538.27 per 50 kilograms in the Nov. 7-11 period.
Mr. De Mesa said the DA is considering a voucher-based distribution scheme for the fertilizer obtained through the deal.
“It could be mixed, the one that we will be distributing is either through vouchers because we have already identified the farmers through RSBSA (the Registry System for Basic Sectors in Agriculture). Once the fertilizer is released, this can also be distributed through grants,” he said.
In October, the DA said it added P4.1 billion to the government’s fertilizer subsidy program to help cushion the impact of higher prices. — Ashley Erika O. Jose
THE GOVERNMENT intends to use a carbon tax, which is currently under study, to steer large emitters towards more sustainable operations, Finance Secretary Benjamin E. Diokno said.
In a speech delivered on Dec. 14, the Department of Finance (DoF) said, Mr. Diokno described the department’s position on a carbon tax as “not waiting around for long-overdue commitments to materialize. We are moving ahead with reforms to quicken our shift to more sustainable practices.”
The DoF said in a statement that the carbon tax feasibility study is currently underway, with an eye towards deploying the revenue generated to fund sustainability projects.
The DoF added that the study was launched following the passage of House Bill No. 4102, or the proposed Single-Use Plastic (SUP) Bags Tax Act.
“The House of Representatives has approved a proposal to impose an excise tax on plastic bags. This will help regulate the consumption of single-use plastics as part of the Philippines’ contribution to reduce plastic pollution,” Mr. Diokno said.
According to the Senate website, the bill is currently pending in the Ways and Means committee.
Mr. Diokno announced the carbon tax study at the third plenary session of the Intervention for COP15 Finance Day, a gathering of finance ministers.
“As a developing country, the Philippines recognizes that healthy ecosystems underpin a green, resilient, and inclusive development. This vision requires massive finance flows and investment,” Mr. Diokno said in the conference.
In his speech, Mr. Diokno said finance ministers play a vital role in pushing for a green recovery.
Such ministers must “push for reforms that incentivize and finance the integration of biodiversity considerations into economic recovery and development,” he said.
COP15 is the 15th conference of the Parties to the United Nations Convention on biological diversity. It took place from Dec. 7 to 19 in Montreal. — Aaron Michael C. Sy
PRESIDENT Ferdinand R. Marcos, Jr. has instructed the Philippine Space Council (PSC) to help government agencies use satellite imaging in modernizing their operations, the Palace said.
In a statement on Tuesday, the Office of the Press Secretary said the President met with the PSC to explore possible applications of satellite imagery in business, agriculture and environmental protection.
“As I was explaining to you earlier, in terms of green, in terms of bio assets, there is now a way to quantify… fisheries (and) agricultural activity,” he was quoted as telling the council.
He also noted a possible application involving the measurement of carbon emissions. “But the beginning, the first step… will be to map.”
He noted that satellite data could aid carbon emitters in offsetting their activities by developing bio-diverse areas in the Philippines.
The PSC is the principal advisory body for the space program and oversees the allocation of resources to the Philippine Space Agency.
The President chairs the council, with Science and Technology Secretary Renato U. Solidum, Jr. as co-chair.
In October, Mr. Marcos said he supported the development of the Multispectral Unit for Land Assessment, a domestically developed satellite deployable by 2025.
“I believe that through the use of data and science, we will be able to ensure national security, even our readiness to respond to calamities and boost our economy,” he told space agency officials on Oct. 18. — John Victor D. Ordoñez
THE Philippine Competition Commission (PCC) said on Tuesday that it signed an agreement with the regulator overseeing government companies to promote competitive behavior in the latter’s activities, especially in mergers and acquisitions.
The PCC and the Governance Commission for Government-Owned and -Controlled Corporations (GCG) signed a memorandum of agreement (MoA) recently to formalize consultations with regard to government companies’ impact on competition in their industries.
Government companies overseen by the GCG are known as GOCCs.
The deal was signed to encourage coordination in ensuring “compliance with applicable competition laws and principles,” the PCC said in a statement.
GCG Chairperson Alex L. Quiroz said: “We are entering this partnership with the Philippine Competition Commission to promote competitive neutrality across the GOCC Sector.”
Under the deal, the PCC will provide assessments of the market impact of mergers or acquisitions involving GOCCs.
“The MoA facilitates consultations between the two agencies in implementing policies of mutual interest and coordination on merger review involving GOCCs,” the PCC said.
The GCG and PCC also agreed to conduct capacity-building activities and support the rollout of the National Competition Policy.
“The underlying principle of competitive neutrality is fairness. It means state-owned enterprises and private businesses compete and operate on a level playing field while recognizing GOCCs’ critical roles and interventions across sectors,” PCC Officer-in-Charge Johannes Benjamin R. Bernabe said.
The two parties also aim to collaborate on reviewing competition regulations and guidelines to “ensure that there is consistency adhering to both the National Competition Policy as well as the principle of competitive neutrality,” the PCC said. — Arjay L. Balinbin
