Keep the holiday peace, avoid intrusive questions — psychologist

December 21, 2022 | 12:03 am

QUESTIONS about added pounds and romantic prospects (or a lack thereof) are part of a toxic culture “rooted in our nature to be friendly and sociable” and should be avoided during holiday reunions, a psychologist said.

“The downside is we don’t respect boundaries anymore,” said Dr. Rea Celine Villa, a senior psychologist of Mind You Mental Health Systems, which provides mental health services.

The chorus of offensive comments and questions — “You gained weight!” “When are you going to marry?” “Why is your child even taking that university degree? Graduates of that degree don’t earn much!” — can be attributed to a lack of skill in small talk, Dr. Villa said, citing the sociologist Bro. Clifford T. Sorita, who spoke about the Filipino fondness for uncomfortable personal questions as conversation starters with GMA News Online.

While Westerners build rapport by referencing the weather, Filipinos go straight for the jugular and ask about intimate details, said Dr. Villa in the vernacular.

“We try our best to build rapport with relatives, but it sometimes comes off as off,” she added. “We need to refine this method.”

Individuals at the receiving end of these intrusive questions should deflect, diffuse, or decide to decline, and “respectfully agree to disagree,” suggested Dr. Villa at a Dec. 14 webinar.

“Don’t be afraid to communicate,” she said, adding that family reunions can be marked by joy and humor without the meddling and gossip. — P. B. Mirasol

Robinsons Land, DMCI Homes top off building in Las Piñas

December 21, 2022 | 12:03 am

DMCI_Homes_RLC_Sonora_Garden_Residences_Cadence — THE 40-storey building called Cadence is set to be turned over on June 24.

ROBINSONS Land Corp. (RLC) and DMCI Homes topped off the first building of Sonora Garden Residences in Las Piñas, from which the companies expect P5.55 billion in sales.

“We expect to generate more interest from homebuyers as the property and the resort-style amenities are completed,” DMCI Homes Vice-President for Project Development Dennis Yap said in a press release.

The construction work in the building shifted to masonry and finishing last month in preparation for the scheduled turnover next year.

“As of November, finishing work is already being done on the lap pool, leisure pool, kiddie pool, basketball court, game, play area among other amenities,” Mr. Yap said.

The 40-storey building called Cadence is set to be turned over on June 24. It will offer 867 units of one-, two-, and three-bedroom units which have a price range of P4.18 million to P10.30 million.

It is the first building to be completed under the joint venture between RLC and DMCI Homes. Up to 45% of the units have already been sold during the initial launch.

“It’s a great partnership between two of the biggest real estate companies in the country, DMCI Homes and RLC.” RLC Residences Vice-President and Business Unit General Manager Chad Sotelo said.

Mr. Sotelo said that the south metro — Las Piñas, Parañaque, Muntinlupa, Cavite and Laguna — remains a high-growth area and a favored living destination.

“We’re taking advantage of that moment where development in the south is going to pick up,” Mr. Sotelo said.

“If you look at these places, hospitals, hotels, and malls are popping up, and there’s a lot of redevelopments that’s been happening. So, in the next five to 10 years, this area is going to be very different,” he added.

The Sonora Garden Residences has 14,492 square meters of land area which will consist of high-rise and mid-rise condominiums. Cadence is the first of the three buildings with the other two named Liran and Stellan. — Justine Irish D. Tabile

UK TV presenter Jeremy Clarkson ‘horrified’ Meghan column caused hurt

December 21, 2022 | 12:03 am

LONDON — British television presenter Jeremy Clarkson said on Monday he was “horrified to have caused so much hurt” after a column he wrote in the Sun newspaper about Prince Harry’s wife Meghan attracted more than 6,000 complaints.

In a column published on Friday, Mr. Clarkson, who gained worldwide fame as presenter of motoring show Top Gear, wrote of Meghan: “I hate her. Not like I hate (Scottish First Minister) Nicola Sturgeon or (serial killer) Rose West. I hate her on a cellular level.

“At night, I’m unable to sleep as I lie there, grinding my teeth and dreaming of the day when she is made to parade naked through the streets of every town in Britain while the crowds chant, ‘Shame!’ and throw lumps of excrement at her.”

The Duke and Duchess of Sussex, as Harry and Meghan are officially known, stepped down from royal duties in March 2020, saying they wanted to forge new lives in the United States away from media harassment. In a six-part Netflix documentary series which concluded last week, Meghan spoke about her treatment by the media leaving her feeling suicidal.

In a statement posted on Twitter on Monday, Mr. Clarkson said: “Oh dear. I’ve rather put my foot in it. In a column I wrote about Meghan, I made a clumsy reference to a scene in Game of Thrones and this has gone down badly with a great many people.

“I’m horrified to have caused so much hurt and I shall be more careful in future,” added Mr. Clarkson, who is known for being outspoken and controversial.

Britain’s press standards regulator, the Independent Press Standards Organization (IPSO), said it had so far received “over 6,000 complaints about the article in question.” — Reuters

Global markets jolted as Bank of Japan surprises with change in yield policy

December 21, 2022 | 12:02 am

THE BANK of Japan’s (BoJ) surprise policy shift is sending shock waves through global markets that may just be getting started, as the developed world’s last holdout for rock-bottom interest rates inches toward policy normalization.

Japanese government bonds and Treasuries both slumped on Tuesday while the yen soared after the BoJ lifted the cap on benchmark yields to around 0.5% from 0.25%, surprising every economist surveyed by Bloomberg. The fallout touched everything from US stock-index futures to the Australian dollar and gold.

The turbulence is unlikely to end on Tuesday. Japan is the world’s largest creditor, and tightening domestic financial conditions could result in a wave of capital returning home. That threatens to add downward pressure on asset prices and boost global borrowing costs at a time when the economic outlook is darkening. Investors are expected to exit bonds in the US, Australia and France, according to UBS Group AG, with developed-market equities also likely to weaken.

“This was bound to happen with inflation rising in Japan, it’s just happened sooner than many thought,” said Amir Anvarzadeh, an analyst at Asymmetric Advisors who has closely tracked Japanese markets for three decades. “It could spark money flowing back into Japan — it will force Japanese investors to raise the hedging on their dollar exposure, which in turn strengthens the yen and becomes a self-fulfilling prophecy of more yen strength.”

Japan’s benchmark 10-year yield surged as much as 21 basis points to 0.460% before paring the move on the BoJ’s unscheduled debt-purchase operations. The exchange briefly halted trading of bond futures as a slide hit a circuit breaker threshold.

The yen soared almost 3% to 133.11 per dollar while the Nikkei 225 Stock Average slumped as much as 3%.

For some analysts, the market reaction was misplaced. BoJ Governor Haruhiko Kuroda is likely to make clear in a briefing later Tuesday that the move is intended to improve the bond market’s functioning, instead of tightening monetary policy, according to Daisuke Karakama, chief market economist at Mizuho Bank.

“FX markets seem to want to take it as BoJ’s pivot, which I do not think so,” said Mr. Karakama.

The adjustment comes as a rise in Japan’s core inflation to a four-decade high bolstered the case for a reduction in central bank stimulus. Speculation of a shift had jolted markets on Monday after Kyodo news reported that Prime Minister Fumio Kishida was planning to revise a decade-old accord with the BoJ on the 2% inflation goal.

“The BOJ action is unequivocally negative for global bonds,” TD Securities strategists including Mitul Kotecha wrote in a research note. “If today’s move was the first step toward the end of YCC, suggesting that the yen could appreciate materially from here, Japanese investors may start to sell some of their FX unhedged global bond holdings. This will be more bearish for the long end of US and European bond curves.” — Bloomberg

Don’t celebrate by binge drinking — PCP

December 21, 2022 | 12:02 am

TO AVOID liver disease and accidents as a result of holiday revelry, Filipinos should be wary of alcoholic tendencies and drink responsibly, a hepatologist said.

“It [binge drinking] can put you at risk of developing alcoholic hepatitis, and those with a background of diabetes or are overweight can experience more problems. It contributes to liver diseases and other pathologies,” said Dr. Diana A. Payawal, president of the Philippine College of Physicians (PCP), at a Dec. 13 webinar on holiday health essentials.

Binge drinking or excessive alcohol use is defined by the US Centers for Disease Control and Prevention (CDC) as having four or more beer bottles or hard drinks for women and five or more for men, within the span of two to three hours.

Studies have shown that binge drinking is a risk factor for advanced alcoholic liver disease.

In the Philippines, liver cancer is the fourth most common cancer, claiming a total of 9,953 lives in 2020 and affecting two times more men than women, according to data from the Philippine Statistics Authority and the Department of Health.

Dr. Payawal explained that although alcohol is considered an integral part of holiday celebrations in the country, Filipinos must exercise caution to protect both their own health and that of others.

“For example, crimes related to New Year celebrations occur because people are drunk. Not only does it bring harm to ourselves but to other people, so we must be aware of the collateral damage related to excessive alcohol,” she said.

At risk of the most harmful effects of binge drinking are those who don’t have a high tolerance or aren’t even alcoholics but go all out just for one night, according to the CDC.

Even red wine, which contains 12 to 14 grams of alcohol, and white wine, which contains less than 10 grams of alcohol, still have deleterious effects.

“Spirits aren’t as strong as hard drinks, but they’re still alcohol,” reminded Dr. Payawal. “You have the liberty to drink water and pace yourself.” — Brontë H. Lacsamana

Emperador expands public float to 20%, meets PSE requirement

December 21, 2022 | 12:02 am

EMPERADOR, Inc. has increased its public float to 20.1% from the 15.7% level reflected at the end of September 2022, which the company attributed to a greater demand caused by its dual listing.

“The increase in float reflects the robust investor appetite for Emperador stock and should improve liquidity of the shares,” the company said in a press release on Tuesday.

In July, the Philippine Stock Exchange (PSE) rebalanced the 30-member index and announced that it would be the last index recomposition with a free float requirement of at least 15%.

The rebalancing kicked out Security Bank Corp. from the main index and was replaced by Consunji-led Semirara Mining and Power Corp., which was found qualified to be a member of the index during the last index review that ran from July 2021 to June 2022.

Luis A. Limlingan, head of sales of Regina Capital Development Corp. said that the increase in the public float of Emperador was necessary to remain in the main index.

“A year ago, PSE already released a memorandum wherein they will raise the minimum public float requirement to 20% from the current 15% by the end of this year. It appears that Emperador is simply complying to these changes by the exchange,” Mr. Limlingan said.

“Since Emperador already increased its public float to 20.1%, only San Miguel Corp. has a free float below 20% among the 30 index stocks as of the latest filing,” he added.

“The higher float is a sign of increased market interest after it is listed in Singapore,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“It is also a sign of internationalization and globalization of its business and its roster of investors,” Mr. Ricafort added.

At the last index review, the 30 index names have a minimum public float requirement of 15%, while those that do not belong to the top 30 have a 10% minimum float requirement.

However, the PSE increased the public float requirement to 20% which will be required this month, as stated in a memorandum posted by the bourse operator in August last year.

The move is in line with the PSE’s policy requiring all companies conducting an initial public offering to have at least a 20% minimum public ownership.

“There were even proposals to increase the public float further to increase market liquidity that leads to better pricing as well in the market,” Mr. Ricafort said.

The PSE said in July that the increased required public ownership level of at least 20% to qualify for index inclusion will be effective in the next review period.

Emperador, a global brandy and whisky company, is listed company on both the PSE and the Singapore stock exchange. — Justine Irish D. Tabile

How the Philippines’ corporate income tax compares with the rest of the world

December 21, 2022 | 12:02 am

In a dataset compiled by nonproﬁt tax policy group the Tax Foundation, the Philippines’ corporate income tax was among the highest rates in the region, but has signiﬁcantly decreased to 25% for the past two years. With data from as early as 1980, the country’s corprate tax rate decreased 10 percentage points from 35%. For about 12 years (2009 to 2020), the country’s statutory corporate income tax rate remained at 30%. The Philippines’ rate is also higher than the Asia region average of 19.52% and world average of 23.37%.

US slaps record penalty on Fortnite maker for alleged children’s privacy violation

December 21, 2022 | 12:02 am

FORTNITE creator Epic Games will pay $520 million to settle allegations that it illegally collected children’s personal information and tricked people into making purchases, the Federal Trade Commission (FTC) and the company said on Monday.

It will pay a record penalty of $275 million for violating a children’s privacy law and adopt strong default privacy settings for young people. Epic Games will also pay $245 million to refund consumers duped by so-called “dark patterns” into making purchases they did not intend to make, the FTC said.

“Epic used privacy-invasive default settings and deceptive interfaces that tricked Fortnite users, including teenagers and children,” said FTC Chair Lina Khan in a statement.

The announcement comes as the agency has taken a more muscular role in policing the gaming industry, announcing last week a complaint against Microsoft over its $69 billion bid to acquire Activision.

Epic said in a statement on Monday that it had eliminated pay-to-win and pay-to-progress mechanics when two players compete against each other and that it had eliminated random item loot boxes in 2019. It also said that it was putting into place an explicit yes/no choice to save payment information.

It said that players could seek refunds via credit cards. “If a cardholder sees an unauthorized transaction on their statement, they may report it to their bank to have it reversed,” the company said in its statement.

To protect children, Epic said it had created features like easier-to-access parental controls and a PIN requirement to allow parents to authorize purchases and a daily spending limit for kids under 13.

The FTC said that Epic employees had expressed concern about the company’s default settings in place for children, saying that people should be required to opt in for voice chat. The FTC said that voice and text chat must be turned off by default.

Children’s privacy advocates were pleased with the settlement, with Jeff Chester of the Center for Digital Democracy saying that “kids should also have their data privacy rights better respected through this enforcement of the federal kids data privacy law (COPPA).” — Reuters

Philippines: Balance of payments position

December 21, 2022 | 12:01 am

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.

English money featuring King Charles III unveiled

December 21, 2022 | 12:01 am

King Charles III-notes — BANK OF ENGLAND

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

Promoting the culture of corporate citizenship

December 21, 2022 | 12:01 am

hands-holding-earth — RAWPIXEL.COM/FREEPIK

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.

Forest Lake secures P245-million loan from ATRAM Group

December 21, 2022 | 12:01 am

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