THE PESO dropped to the P51-per-dollar level on Monday due to dimmer recovery prospects amid tighter restrictions in Manila and the aftermath of Typhoon Odette.
The local unit closed at P51 versus the dollar on Monday, the first trading day for 2022, based on data from the Bankers Association of the Philippines. It barely moved from its P50.999 close on Friday.
The peso opened Monday’s session slightly stronger at P50.97 per dollar. Its weakest showing was at its close of P51, while its intraday best was at P50.95 against the greenback.
Dollars exchanged inched up to $588.7 million on Monday from $586.35 million on Friday.
“The peso reverted to the P51-per-dollar level as local participants remained cautious over dampened economic prospects brought by…Typhoon Odette and the reimposition of tighter restrictions in NCR until Jan. 15,” a trader said in an e-mail.
The National Capital Region (NCR) is under Alert Level 3 from Jan. 3 to Jan. 15 as coronavirus cases and the positivity rate saw a rapid uptick amid the holidays.
The Department of Health on Monday said the entire country is again at “high risk” for the coronavirus disease 2019.
Active cases on Monday rose by 4,084 to 24,992. The positivity rate stood at 20.7%.
Investors also factored in the decline in the local stock market, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message. The Philippine Stock Exchange index on Monday shed 81.36 points or 1.14% to end at 7,041.27.
For Tuesday, Mr. Ricafort gave a forecast range of P50.88 to P51, while the trader expects the local unit to move within P50.90 to P51 per dollar. — L.W.T. Noble
PHILIPPINE stocks declined on Monday following the imposition of tighter restrictions in Metro Manila due to rising cases of coronavirus disease 2019 (COVID-19).
The 30-member Philippine Stock Exchange index (PSEi) dropped 81.36 points or 1.14% to 7,041.27, while the broader all shares index lost 40.22 points or 1.05% to 3,777.90 on the first trading day of the year.
“Investors unloaded positions as COVID-19 risks escalate amid the rise in infections and the detection of more cases in the country with the Omicron variant,”Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
“The return of the National Capital Region (NCR) under Alert Level 3 status, which somehow poses challenges to the region’s and the country’s economy also dampened sentiment,” Mr. Tantiangco added, noting trading volume was also tepid on Monday.
Value turnover was at P4.26 billion with 722.25 million issues traded on Monday, down from the P5.38 billion with 623.43 million shares that switched hands on Friday.
Papa Securities Corp. Equities Strategist Manny P. Cruz said expectations of higher cases in the coming weeks after the positivity rate leaped to 28% also affected trading.
“Market was down on Omicron jitters and forecast of a surge by mid-month,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.
The national task force put NCR under Alert Level 3 from Jan. 3-15 amid a fresh surge in cases.
The country on Monday logged 4,084 new COVID-19 cases, pushing the country’s current active infections to 24,992.
OCTA Research Group, a private research firm, earlier said NCR is at high risk for COVID-19 transmission as the positivity rate in the capital is now at 28.03%.
The Health department has also tagged the country as high risk as cases continue to climb.
“Nationally, we are now high-risk case classification showing a positive two-week growth rate at 222% and moderate average daily attack rate at 1.07 per 1,000 individuals,” Health Undersecretary Maria Rosario S. Vergeire said in a press briefing on Monday.
All sectoral indices ended in the red except for mining and oil, which gained 113.98 points or 1.18% to end at 9,715.68.
On the other hand, property lost 93.30 points or 2.89% to close at 3,126.38; financials dropped 25.32 points or 1.57% to 1,580.85; services declined 28.17 points or 1.41% to 1,958.20; industrials fell 86.30 points or 0.82% to 10,317.79; and holding firms went down by 3.78 points or 0.05% to 6,803.49.
Decliners beat advancers, 141 versus 66, while 40 names closed unchanged.
Net foreign selling decreased to P233.82 million on Monday from the P413.64 million recorded on Friday. — MCL
A compelling vision, self-definition, and consistent follow-through. These are the underlying strategies that ensure the success of New Year’s resolutions, according to a personal finance expert in a Jan. 2 video.
We will always act consistently with the way we define ourselves, said Rex Ma. A. Mendoza, president and chief executive officer of Rampver Financials, a distributor of investment funds in the Philippines.
“[So think,] Will I be a top-notch investor? Will I be among those who will do well this year? Self-definition dictates all you will do, and how you will follow through.”
AN AWARENESS OF FINANCIAL HEALTH
Saving money is one of the most enduring New Year’s resolutions, and the pandemic only highlighted personal finance concerns. A recent study titled “State of Banking and Financial Wellness” by US-headquartered research firm Forrester found that more than half of Filipinos expressed an interest in building savings (58%) and planning for retirement (52%).
Manufacturers Life Insurance Co., Inc. (Manulife Philippines), a multinational insurance company, further found in a 2021 survey that the pandemic has been a game changer for millennials and Gen Zs. The top financial products the aforementioned generations invest in, as per the Toronto-headquartered financial services provider, are insurance, government bonds, and cryptocurrencies.
“As we have learned in the past, health concerns lead to greater financial concerns. Plus, the economy and its effect on job loss has led them to shift their priorities a little bit and focus on needs rather than wants,” said Melissa Henson, Manulife Philippines chief marketing officer, in a press briefing in August 2021.
A SYSTEM TO MONITOR ONE’S PROGRESS Mr. Mendoza added that apart from self-definition, establishing a system is crucial to monitoring one’s progress.
“Make sure that you measure yourself in every facet you set forth… Solutions are nothing if you don’t follow through,” he said. “If you set standards, it’s not only your life that will be better, but also those of the people in your life.”
The basics of a successful New Year’s resolution, as mentioned in the Jan. 2 video, are setting goals, adding income streams, creating an expense budget, and investing with regularity. An August 2021 B-Side episode noted how investing differs from saving. The latter meets the need to access cash for unforeseen expenses, whereas the former meets the need to hit financial goals – such as funding for a child’s college education.
“If you invest in a methodical manner, you won’t care about the ups and downs [of the market, as] you will have a constant investment you can grow all throughout the year,” said Mr. Mendoza, who added that “try” is the weakest word in the English language.
“You know what’s much stronger than ‘I’ll try?’ It’s ‘I am,’” he added. “Say, ‘I am a savvy investor. I am a consistent saver’… This also works for the physical, intellectual, and spiritual aspects of your life.” — Patricia Mirasol
SYDNEY – Australia‘s government said the milder impact of the Omicron strain of COVID–19 meant the country could push ahead with plans to reopen the economy even as new infections hit a record of more than 37,000 and the number of people hospitalised rose.
Record daily case numbers were reported on Monday in the states of Victoria, Queensland, South Australia and Tasmania, as well as the Australian Capital Territory.
In New South Wales, there were 20,794 cases, higher than Sunday’s figure but below the daily record of 22,577 set on Saturday, with testing numbers lower over the New Year’s holiday weekend.
The national daily total hit a record of more than 37,150 cases, exceeding Saturday’s 35,327 cases, with Western Australia and the Northern Territory still to report.
“We have to stop thinking about case numbers and think about serious illness, living with the virus, managing our own health and ensuring that we’re monitoring those symptoms and we keep our economy going,” Prime Minister Scott Morrison told Channel Seven.
Hospitalisations rose to 1,204 in New South Wales, up more than 10% from Sunday and more than three times the level on Christmas Day.
Federal Health Minister Greg Hunt said the advice to the government was that the Omicron strain was more transmissible but also milder than other variants, which reduced the risk to both individuals and the health system.
Michael Bonning, chairman of the Australian Medical Association’s New South Wales Council, said the significant increase in hospitalisations combined with the peak holiday period and the number of health workers exposed to COVID were putting pressure on capacity.
“With both the Christmas period and with hospital workers being furloughed due to their close contact status…. we’re finding that it is becoming quite difficult to staff, especially critical areas of hospitals,” he told ABC Television.
In late December, the government changed its advice on when people should get a free PCR test for COIVD-19, and is calling for greater use of rapid antigen tests, in part to relieve pressure on testing capacity.
But the rapid antigen tests are in short supply, and Morrison said the government would not cover the cost for people to test themselves, which he put at A$15 ($10.90).
“We’re at another stage of this pandemic now, where we just can’t go round and make everything free,” he said.
Eight deaths from COVID had been reported on Monday, taking the national toll through the pandemic to more than 2,260. – Reuters
US PRESIDENT JOSEPH R. BIDEN, JR. — IMAGE VIA GAGE SKIDMORE/CC BY-SA 2.0/FLICKR
WILMINGTON/, De. – U.S. President Joe Biden on Sunday told Ukraine‘s President Volodymyr Zelenskiy the United States and its allies will “respond decisively” if Russia further invades Ukraine, the White House said in a statement.
“President Biden made clear that the United States and its allies and partners will respond decisively if Russia further invades Ukraine,” White House spokesperson Jen Psaki said in a statement following the call.
Biden and Zelenskiy discussed preparations for a series of upcoming diplomatic meetings to address the crisis, according to the White House.
Zelenskiy said on Twitter that they discussed joint actions on keeping peace in Europe and preventing further escalation.
“The first international talk of the year with @POTUS proves the special nature of our relations,” Zelenskiy tweeted. He said the joint actions of Ukraine, the United States “and partners in keeping peace in Europe, preventing further escalation, reforms, deoligarchization were discussed. We appreciate the unwavering support of Ukraine.”
Representatives from U.S. and Russia are set to hold talks on Jan. 9-10 in Geneva, followed by Russia-NATO Council talks and a meeting of the Organization for Security and Co-operation in Europe.
Biden has said he told Putin it was important for the Russians to take steps toward easing the crisis before those meetings.
Putin’s foreign affairs adviser told reporters last week that Putin warned Biden that pursuit of sanctions “could lead to a complete rupture of relations between out countries and Russia-West relations will be severely damaged.”
Kremlin officials have stressed they want guarantees that any future expansion of NATO must exclude Ukraine and other former Soviet countries. The Russians have demanded that the military alliance remove offensive weaponry from countries in the region.
Biden expressed support for diplomatic measures to ease tensions while also reaffirming “the United States’ commitment to Ukraine’s sovereignty and territorial integrity,” the White House said. – Reuters
Over 4,000 flights were cancelled around the world on Sunday, more than half of them U.S. flights, adding to the toll of holiday week travel disruptions due to adverse weather and the surge in coronavirus cases caused by the Omicron variant.
The flights cancelled by 8 pm GMT on Sunday included over 2,400 entering, departing from or within the United States, according to tracking website FlightAware.com. Globally, more than 11,200 flights were delayed.
Among the airlines with most cancellations were SkyWest and SouthWest, with 510 and 419 cancellations respectively, FlightAware showed.
The Christmas and New Year holidays are typically a peak time for air travel, but the rapid spread of the highly transmissible Omicron variant has led to a sharp increase in COVID-19 infections, forcing airlines to cancel flights as pilots and cabin crew quarantine.
Transportation agencies across the United States were also suspending or reducing services due to coronavirus-related staff shortages.
Omicron has brought record case counts and dampened New Year festivities around much of the world.
The rise in U.S. COVID cases had caused some companies to change plans to increase the number of employees working from their offices from Monday.
U.S. authorities registered at least 346,869 new coronavirus on Saturday, according to a Reuters tally. The U.S. death toll from COVID-19 rose by at least 377 to 828,562.
U.S. airline cabin crew, pilots and support staff were reluctant to work overtime during the holidays, despite offers of hefty financial incentives. Many feared contracting COVID-19 and did not welcome the prospect of dealing with unruly passengers, some airline unions said.
In the months preceding the holidays, airlines were wooing employees to ensure solid staffing, after furloughing or laying off thousands over the last 18 months as the pandemic hobbled the industry. – Reuters
Disclaimer: This asset – including all text, audio and imagery – is provided by The Conversation. Reuters does not guarantee the accuracy of, or endorse any views or opinions expressed in, this asset.
Most of the classic New Year resolutions revolve around improving your health and lifestyle. But this year, why not consider cleaning up your passwords too?
We all know the habits to avoid, yet so many of us do them anyway: using predictable passwords, never changing them, or writing them on sticky notes on our monitor. We routinely ignore the recommendations for good passwords in the name of convenience.
Choosing short passwords containing common names or words is likely to lead to trouble. Hackers can often guess a person’s passwords simply by using a computer to work through a long list of commonly used words.
The most popular choices have changed very little over time, and include numerical combinations such as “123456” (the most common password for five years in a row), “love”, keyboard patterns such as “qwerty” and, perhaps most ludicrously, “password” (or its Portuguese translation, “senha”).
Experts have long advised against using words, places or names in passwords, although you can strengthen this type of password by jumbling the components into sequences with a mixture of upper- and lowercase characters, as long as you do it thoroughly.
Complex rules often lead users to choose a word or phrase and then substitute letters with numbers and symbols (such as “Pa33w9rd!”), or add digits to a familiar password (“password12”). But so many people do this that these techniques don’t actually make passwords stronger.
It’s better to start with a word or two that isn’t so common, and make sure you mix things up with symbols and special characters in the middle. For example, “wincing giraffe” could be adapted to “W1nc1ng_!G1raff3”
These secure passwords can be harder to remember, to the extent you might end up having to write them down. That’s OK, as long as you keep the note somewhere secure (and definitely not stuck to your monitor).
Reusing passwords is another common error – and one of the biggest. Past data leaks, such as that suffered by LinkedIn in 2012, mean billions of old passwords are now circulating among cyber criminals.
This has given rise to a practice called “credential stuffing” – taking a leaked password from one source and trying it on other sites. If you’re still using the same old password for multiple email, social media or financial accounts, you’re at risk of being compromised.
The simplest and most effective route to good password hygiene is to use a password manager. This lets you use unique strong passwords for all your various logins, without having to remember them yourself.
Password managers allow you to store all of your passwords in one place and to “lock” them away with a strong level of protection. This can be a single (strong) password, but can also include face or fingerprint recognition, depending on the device you are using. Although there is some risk associated with storing your passwords in one place, experts consider this much less risky than using the same password for multiple accounts.
The password manager can automatically create strong, randomised passwords for each different service you use. This means your LinkedIn, Gmail and eBay accounts can no longer be accessed by someone who happens to guess the name of your childhood pet dog.
If one password is leaked, you only have to change that one – none of the others are compromised.
There are many password managers to choose from. Some are free (such as Keepass) or “freemium” (offering the option to upgrade for more functionality like Nordpass), while others charge a one-off fee or recurring subscription (such as 1Password). Most allow you to securely sync your passwords across all your devices, and some let you safely share passwords between family members or work groups.
You can also use the password managers built into most web browsers or operating systems (with many phones offering this functionality in the browser or natively). These tend to have fewer features and may pose compatibility issues if you want to access your password from different browsers or platforms.
Password managers take a bit of getting used to, but don’t be too daunted. When creating a new account on a website, you let the password manager create a unique (complex) password and store it straight away – there’s no need to think of one yourself!
Later, when you want to access that account again, the password manager fills it in automatically. This is either through direct integration with the browser (typically on computers) or through a separate application on your mobile device. Most password managers will automatically “lock” after a period of time, prompting for the master password (or face/finger verification) before allowing access again.
If you don’t like the sound of a password manager, at the very least change your “critical” account passwords so each one is strong and unique. Financial services, email accounts, government services, and work systems should each have a separate, strong password.
Even if you write them down in a book (kept safely locked away) you will significantly reduce your risk in the event of a data breach on any of those platforms.
Remember, however, that some sites provide delegated access to others. Many e-commerce websites, for example, give you the option of logging in with your Facebook, Google or Apple account. This doesn’t expose your password to greater risk, because the password itself is not shared. But if the password is compromised, using it would grant access to those delegated sites. It is usually best to create unique accounts – and use your password manager to keep them safe.
Adopting a better approach to passwords is a simple way to reduce your cyber-security risks. Ideally that means using a password manager, but if you’re not quite ready for that yet, at least make 2022 the year you ditch the sticky notes and pets’ names. – The Conversation / Reuters
LISBON – The German operator of a cruise ship that has been stuck in Lisbon‘s port due to an outbreak of the coronavirus among its crew pulled the plug on the voyage on Sunday after some passengers tested positive, port authorities said.
The AIDAnova, with 2,844 passengers and 1,353 crew onboard docked in Lisbon on Dec. 29 while en route to the island of Madeira for New Year’s Eve celebrations, but was unable to continue the journey after 52 cases of COVID-19 were detected among the fully-vaccinated crew.
It had been allowed to leave port and head to the Spanish island of Lanzarote on Sunday, but now another 12 people have tested positive, including four passengers, captain of the port Diogo Vieira Branco told TSF radio.
“The company’s protocol was immediately actioned, with those infected, who are asymptomatic or displaying light symptoms, immediately isolated on the ship … and the company decided to end the cruise and disembark the passengers,” he said.
The passengers would be transported home by air, he added, without specifying when.
The company, AIDA Cruises, which is a subsidiary of Carnival Corp, did not reply to a Reuters request for comment.
Reuters footage showed passengers still enjoying afternoon sun on decks with their drinks, and local media said the disembarking would begin after 6 a.m. on Monday.
The crew who had tested positive between Wednesday and Friday were transferred to Lisbon hotels and were in isolation there.
On Thursday, the U.S. Centers for Disease Control and Prevention (CDC) advised people to avoid travelling on cruise ships regardless of their vaccination status.
The move delivered another blow to the industry that only returned to the seas in June after a months-long suspension of voyages caused by the pandemic. – Reuters
Yanchun Xu delivers the speech at the press conference.
vivo joins hands with partners to recap their accomplishments in 2021, look ahead to plan for 2022, and continue conveying the “Joy of Humanity” with professional photography
vivo held the 2021 VISION+ Special press conference online last December 17, 2021, marking the resounding success of the 2021 VISION+ Project. At the press conference, vivo, together with partners including ZEISS, National Geographic, FIRST International Film Festival (“FIRST IFF”), and Three Shadows Photography Art Centre (“Three Shadows”), along with 38 creators, shared the achievements of the 2021 VISION+ Project in human-centric practice and behind-the-scenes stories. vivo invited the 38 worldwide creators for the 2022 journey to encourage more people to document, express, and share everyday life stories through images, and depict contemporary human-centric imaging.
“Inspiring more people to enjoy the fun of creation empowered by technologies is the human-centric vision and original aspiration of vivo, a brand with 400 million users globally,” said Yanchun Xu, Brand Communication General Manager of vivo. “This year marks the second year of VISION+. We are honored to build a platform that promotes professional mobile imaging to this level; we are able to do so with both our domestic and overseas partners, as well as around 70,000 worldwide creators. We have been able to explore the charm of imaging and depict the authentic portrait of life in 2021. In the future, vivo will continue to improve our notable technology towards human-centric professional photography and be committed to deepening the partnership with partners in the imaging industry to empower the ‘Create Together’ initiative.”
At the press conference, Elaine Xu, Head of Communication & PR ZEISS in Greater China, expressed her appreciation for all the creators participating in the VISION+, and acknowledged the successful cooperation with vivo, “The amazing results of VISION+ Project this year showed what is possible on smartphones photography …it motivated us to continue with providing consumers with more professional smartphone photography features.”
Elaine Xu gives her speech at the press conference.
Recapping the VISION+ achievements in the past year and depicting the “Joy of Humanity” of the times with diversified images
As the long-term brand project was initiated by vivo in 2020, 2021 VISION+ Project took this opportunity to optimize based on the events held in 2020. In addition to the VISION+ Mobile PhotoAwards and VISION+ Short Short FilmAwards launched with National Geographic and FIRST IFF, the 2021 VISION+ also launched the VISION+ Academy in 10 cities. This was to comprehensively meet the public demand on image creation, motivating more people around the world to record the present moments and express their feelings with their smartphones.
2021 VISION+ Project
The 2021 VISION+ Project successfully attracted around 70,000 creators from more than 40 countries and regions, and were able to collect 384,878 photos and 3,160 short short films. This fully interpreted the image creation value advocated by vivo – focusing on wonderful moments in our everyday lives. To comprehensively recap the accomplishments of the 2021 VISION+ Project and display these touching pieces to the public, vivo worked with Three Shadows to host the VISION+ Grand Exhibition (“Exhibition”). With the theme “Create Together, Our 2021”, the Exhibition linked creators’ thoughts on everyday life and present moments in 2021.
“These creators in different regions documented their surroundings throughout this unique year, showcasing their original scenes of everyday life, as well as the diversity and possibilities of images,” said RongRong, Curator of vivo VISION+ Grand Exhibition 2021 and Co-founder of Three Shadows. “It is a privilege for us to plan and host this exhibition together with vivo, bringing these excellent mobile imaging pieces from online to the physical exhibition, and to present the power and charm of mobile imaging to more people.”
Revealing the behind-the-scenes stories of smartphone photography, and feeling the passion of mobile imaging creation
VISION+ Mobile PhotoAwards 2021 and VISION+ Short Short FilmAwards 2021 presented diversity and inclusion. In terms of smartphone photography, the comprehensively upgraded competition format and jury line-up of VISION+ Mobile PhotoAwards 2021 inspired the creators to expand their creation dimensions. It therefore pushed the smartphone photography experience to a broader realm outside of the norm.
Winning Entries of VISION+ Mobile PhotoAwards 2021.
At the press conference, Quan Xiao, Portrait Photographer and Jury of VISION+ Mobile PhotoAwards 2021, explained the evaluation criteria of this session on behalf of the jury group, “The newly added ‘News-Events’ and ‘Documentary Project’ categories not only presented many photos with news features and humanistic care, but conveyed the deeper and wider humanistic spirit of the VISION+ Project. Currently, the aesthetic paradigm specific to smartphone photography is taking shape. We are very excited to take part in and exert influence on the current change of imaging culture together with vivo VISION+, and witness the features of the times depicted by more than 380,000 photos.”
The other five jury members also expressed their overall observations on the works collected in this session. Michael George, Photo Consultant, National Geographic, commented, “In this year’s VISION+ Mobile PhotoAwards, I have seen the new possibilities for mobile photography. It presents a unique perspective of motion pictures and builds up the perception on the diversity of this era, whether it’s the artistic expression or simply recording moments of daily life.” Documentary Photographer Martin Parr remarked, “The smartphone gives you a sense of anonymity whereby you can shoot much closer, and you effortlessly fit into the landscape.” Documentary Photographer Jonas Bendiksen was touched by the everyday reality that exuded from these works, “To me, it’s so important to preserve these small moments of the intimacy of family life and our own history.” Laura Serani, Photography Curator, Les Rencontres d’Arles, mentioned, “The value, ‘Create Together’, inspires people to file their everyday life into a huge archive.” Bertram Hoenlinger, ZEISS Expert for Photography, also recognized the value of VISION+ Mobile PhotoAwards, “The feedback from an international mobile phone photo competition like this also helps ZEISS and vivo a lot to understand mobile photographers better.”
Jury Members, VISION+ Mobile PhotoAwards 2021.
In terms of short short films, there were a large number of extraordinary works solicited by VISION+ Short Short FilmAwards 2021, which focus on everyday life through avant-garde forms. “The 3,160 short short films received in this session further highlighted the new trend – portable photography devices and methods, distinctive perspectives, and more experimental creative approaches,” Wen SONG, Founder of FIRST IFF, said in his speech. “The ratio of short short films shot with smartphones increased by 148% in comparison to the last session. This fact demonstrates that the smartphone is seen as a lightweight tool for creativity that supports pushing the boundary of narratives. Currently, images have become an all-new visual-audio language that is used considerably more commonly. We hope the professional Short Short Film category can promote the practice and enhancement of the visual-audio language nationwide.”
As a sideline event, the Creator Forum was held during the press conference. Zhiyuan Xu (Writer and Special Guest of 2021 vivo VISION+ Project), Kiva Liu (Director of Short Short Film of the Year), Derrick Zhang (Category Winner of Open Group – Portrait of VISION+ Mobile PhotoAwards 2021), and Yiran An (Landscape Photographer and Imaging Expert of vivo) were invited to have in-depth discussions on topics based on their own creation experience and comprehension, such as “how images become a universal language” and “how smartphones reshape the relations between creation and viewing”.
Creators discussed with the special guest.
Empowering more people to enjoy free creation in the new mobile imaging era
With the rapid evolution of technologies, professional mobile imaging has greatly lowered the barrier of image creation by ‘ordinary’ people, making creation convenient, efficient, and intimate anytime, anywhere. To encourage more smartphone users to join in in imaging creation, vivo always attaches great importance to the real needs of users. vivo is dedicated to building the finest human-centric professional photography system to provide users with an exceptional integrated imaging experience. With the VISION+ Project as an exchange platform, vivo strives to make the creation spirit and expression of everyday life fully respected and encouraged while performing its responsibility as a technology brand.
In the future, vivo will continue to collaborate with outstanding industrial partners like ZEISS to create ultimate human-centric professional photography products and push the boundary of human-centric creation practice. Our goal is to empower more people to experience the “Joy of Humanity” through mobile imaging creation. Next year, VISION+ will set out again with the next generation product developed in partnership with ZEISS, inviting creators worldwide to discover the beauty of life with imaging.
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An attendant holds a fuel pump nozzle at a gasoline station. — PHILIPPINE STAR/ MICHAEL VARCAS
By Luz Wendy T. Noble, Reporter
HEADLINE INFLATION probably slowed in December as fuel retailers reduced prices, although holiday demand and the impact of Typhoon Odette may have caused a faster rise in food prices, according to analysts.
A BusinessWorld poll of 13 analysts yielded a median estimate of 3.9% for the December inflation, matching the midpoint of the 3.5% to 4.3% forecast given by the Bangko Sentral ng Pilipinas (BSP) last week.
If realized, inflation will be within the 2-4% target by the BSP. The median estimate is slower than the 4.2% in November but still quicker compared with the 3.5% in December 2020.
The Philippine Statistics Authority (PSA) will release the consumer price index (CPI) data for December on Wednesday.
The December CPI will be the last one that will have 2012 as its base year. For the January report, the PSA will adopt 2018 as its base year, as part of the agency’s move to rebase price indices every six years.
The oil price rollback is a crucial factor that may have tamed inflation last month, said University of Asia and the Pacific economist Victor A. Abola.
“The downside [risk to inflation] comes from the sharp fall in fuel prices, especially considering that local petroleum companies adjust pump prices around two weeks after crude oil price movements in international markets,” Mr. Abola said.
Data from the Department of Energy (DoE) showed that gasoline, diesel, and kerosene prices decreased by about P0.50, P1.40, and P1.65 per liter, respectively during the month.
In the aftermath of Typhoon Odette, a mandatory price freeze was implemented for kerosene in areas under a state of calamity. Some oil companies have also decided to suspend price hikes for gasoline and diesel in typhoon-hit areas in Visayas and Mindanao.
“I’m expecting a continued slowdown in inflation in December, to 3.8%, largely due to the favorable base effects still in play in terms of food inflation,” Pantheon Macroeconomics Senior Economist Miguel Chanco said.
Food inflation in December 2020 reached 4.8%. It stood at 3.9% in November 2021.
The African Swine Fever outbreak has been blamed for low supply that drove up prices of pork products since the latter months of 2020. To address this, the government last year lowered the tariffs and expanded the minimum access volume quota for pork imports.
On the other hand, seasonal holiday demand in December may have caused faster inflation, De La Salle University economist Mitzie Irene P. Conchada said.
“With the Christmas season, prices could have hiked up a bit especially food items and other basic necessities,” she said.
The impact of Typhoon Odette to supply may have also caused quicker food price inflation last month, said Alvin Joseph A. Arogo, vice-president and head of equity research division at Philippine National Bank.
“Due to [the] surprising threat of typhoon Odette, the risk is tilted to the upside as the ensuring agricultural damage and logistics challenges may have increased food prices more than our baseline expectation,” Mr. Arogo said.
The typhoon has caused P9 billion so far in crop damage, based on data from the Department of Agriculture released on Dec. 31.
Headline inflation exceeded the Bangko Sentral ng Pilipinas (BSP) target in 2021, except in July when it stood at 4%.
Year to date, inflation is at 4.5%, still beyond the central bank’s 4.4% forecast for the year and much faster than the 2.6% average in 2020.
The central bank expects inflation to ease to within target at 3.4% and 3.2% by 2022 and 2023, respectively.
“Favorable base effects may help offset upside risks into 2022 and should give the Bangko Sentral ng Pilipinas some further leeway to remain accommodative for the first half of 2022,” Security Bank Corp. Chief Economist Robert Dan J. Roces said.
Pantheon’s Mr. Chanco said the central bank is expected to continue to focus on supporting economic rebound.
“I still highly doubt that they will move anytime soon. We expect them to remain on pause for most of [2022], simply because we expect the recovery to disappoint,” he said.
In the third quarter, the economy rose by 7.1% year on year and 3.8% quarter on quarter. Year-to-date growth stood at 4.9%, which is already near the upwardly revised 5-5.5% growth target by the government this year.
However, analysts have warned that the widespread damage arising from Typhoon Odette may dampen fourth-quarter growth.
The central bank did not adjust policy rates in 2021 after cutting rates to record lows by a total of 200 basis points in 2020 to support the economy in the early stage of the pandemic.
While some central banks including the US Federal Reserve have already started or signaled normalization of monetary policy, BSP Governor Benjamin E. Diokno has said they will retain an accommodative policy to make recovery more sustainable.
The Monetary Board will have its first policy review this year on Feb. 17.
SOME PHILIPPINE-RELATED financial transactions have been subjected to tighter scrutiny even though no countermeasures have been required after the Financial Action Task Force (FATF) put the country under its “gray list.”
This prompted the government to call on financial institutions to apply only commensurate measures as the Philippines is not a “high risk” to financial crimes and is only classified as “jurisdiction under increased monitoring” by the Paris-based “dirty money” watchdog.
“The Philippine government has been receiving reports that Philippine-related transactions have been subjected to more scrutiny, or worse, de-risking,” the National Anti-Money Laundering/Countering the Financing of Terrorism Coordinating Committee (NACC) said in an advisory posted on the Anti-Money Laundering Council (AMLC) website.
De-risking happens when financial institutions terminate or restrict business relationships to avoid risks to financial crimes they associate with parties or clients.
“This is not in line and inconsistent with FATF’s expectations on the application of risk-based approach, which is central to the effective implementation of the FATF standards,” the NACC said.
Disproportionate application of measures against gray-listed countries included requiring financial institutions to apply specific elements of enhanced due diligence; limiting business relationships or financial transactions with the identified jurisdictions or persons in that country; and requiring financial institutions to review or even terminate correspondent relationship in the country concerned.
The FATF included the Philippines in its gray list in June 2021.Republic Act 11521 which amended the Anti-Money Laundering Law was signed by President Rodrigo R. Duterte on Jan. 29, only days ahead of the Feb. 1 deadline set by the FATF. The Philippines had to show the FATF that it had made progress in tightening anti-money laundering (AML) and counter-terrorism financing (CTF) measures.
The FATF at that time did not call for application of enhanced due diligence for transactions involving the countries under increased monitoring. However, the FATF encouraged countries to take into account information regarding the said jurisdictions’ deficiencies in their risk analysis.
“Filipino businesses or nationals should not be considered as high risk based solely on the inclusion of the Philippines in the FATF’s list of jurisdictions under increased monitoring,” the NACC said.
“What is not in line with the FATF standards is the wholesale cutting loose of entire classes of customer, without taking into account, seriously and comprehensively, the level of risk or risk mitigation measures for individual customers within a particular sector,” it added.
The NACC stressed that terminating business relationships should only be applied on a case-by-case basis when proven that money laundering and terrorism financing risks cannot be mitigated.
To date, only Iran and North Korea are classified under the FATF’s black list or high-risk jurisdictions, which means counteracting measures are required due to possible financial crimes from said countries.
The NACC directed government agencies and covered persons to provide assistance to the AMLC by submitting reports of incidents wherein additional measures were imposed on Philippine-related accounts.
Countries classified as jurisdictions under increased monitoring like the Philippines are required to submit progress reports annually every January, August and May.
In October, the FATF said the Philippines remained under the gray list despite some progress in implementing AML/CTF measures. The country still needs to address 17 out of 18 action plan items to show it has strengthened its tangible progress on measures against financial crimes.
Government officials are hopeful that the country can exit the gray list by January 2023. — Luz Wendy T. Noble
