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BPI looking to raise at least P5 billion from bond offer

BANK of the Philippine Islands is looking to raise at least P5 billion from it offer of peso-denominated bonds in January, it said on Friday. 

“Proceeds from this bond offering will be used for general corporate purposes including refinancing,” the bank said in a filing with the local bourse on Friday.  

The papers will have a tenor of two years. The upcoming issuance is the fourth tranche of the bank’s P100-billion bond program.  

BPI will offer the papers from Jan. 6-21. Its issue and listing date will be on Jan. 31. 

Investments start at P1 million and in increments of P100,000 afterwards. 

The bank said it may update the offer’s terms and schedules. 

BPI Capital Corp. and The Hongkong and Shanghai Banking Corp. (HSBC) are the joint lead arrangers for the offering. The selling agent for the bonds will be BPI Capital, while HSBC will serve as participating selling agent.  

In August 2020, the lender raised P21.5 billion through its COVID Action Response bonds that were oversubscribed by more than seven times versus the P3-billion target. The proceeds were used to finance lending for small businesses during the crisis. 

BPI’s third quarter net income inched up 3% year on year to P5.657 billion from P5.495 billion, as lower credit provision offset the decline in interest earnings. This brought its nine-month net profit up by 1.8% year on year to P17.5 billion. 

The bank’s shares went down by P2.25 or 2.42% to close at P90.65 apiece on Friday. — Luz Wendy T. Noble 

BSP fully awards one-month bills

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) fully awarded its offer of one-month securities on Friday, with its average rate going down following the government’s retail bond offering. 

The central bank awarded P80 billion in short-term bills as planned as the offer fetched bids worth P105.85 billion, making it oversubscribed by 1.32 times. This was also higher than the P102.042 billion in demand seen a week earlier. 

Accepted rates for the 28-day bills were from 1.77% to 2.038%, slimmer than the 1.76% to 2.09% logged in the prior auction. With this, the average rate of the papers stood at 1.8653%, down by 0.96 basis point from 1.8749% previously. 

The central bank uses its short-term securities and term deposit facility to mop up excess liquidity in the financial system and guide market rates. 

The average rate of the central bank’s one-month bills dipped as the national government’s cash position increased following its retail Treasury bond (RTB) issue, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message. 

The Bureau of the Treasury sold P360 billion in five-and-half-year RTBs after a two-week offer. Proceeds from the issuance will be used to fund the government’s pandemic response and recovery programs. — LWTN 

No rediscount borrowings in November

BANKS did not touch the rediscount facility of the Bangko Sentral ng Pilipinas (BSP) in November amid ample liquidity and relatively slow lending growth.  

“For the period Jan. 1 to Nov. 30, total availments of banks against their rediscount loans remain unchanged at P6.12 million for loans under the peso rediscount facility,” the central bank said in a statement on Friday. 

There were also no availments under the Exporters’ Dollar and Yen Rediscount Facility (EDYRF). 

The BSP’s rediscount facility gives banks access to additional money supply by posting their collectibles from clients as collateral. 

In turn, banks may use the cash — denominated in peso, dollar or yen — to extend more loans to their corporate or retail clients and service unexpected withdrawals. 

In 2021, lenders have so far only tapped the central bank’s rediscount facility in June, July, and September. 

Lenders did not borrow from the rediscount facility in November as they have ample liquidity and lending growth remains muted, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message. 

“Banks also have other options for funding such as the interbank market and the capital markets,” he added. 

Outstanding loans by big banks rose 3.5% year on year to P9.268 trillion in October, based on latest BSP data. Production loans rose 4.9%, while retail borrowings dropped by 7.2%. 

In the same month, liquidity growth slowed to 8.2% from 8.3% in September. 

Meanwhile, for December, the applicable rate for peso rediscount loans will be 2.5%, regardless of maturity. 

Rates of dollar- and yen-denominated loans, regardless of maturity, are at 2.17325% and 1.91533%. – L.W.T. Noble 

Peso down on trade data

THE PESO retreated versus the greenback on Friday as the country recorded a wider trade deficit in October and ahead of the release of the latest US inflation report. 

The local unit closed at P50.35 per dollar on Friday, weakening by nine centavos from its P50.26 finish on Thursday, data from the Bankers Association of the Philippines showed. 

Week on week, the peso appreciated by a centavo from its P50.36 finish on Dec. 3. 

The peso opened Friday’s session at P50.28 per dollar, which was also its intraday best. Meanwhile, its worst showing was at P50.39 versus the greenback. 

The local unit weakened as the country posted a wider trade deficit, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message. 

Data released by the Philippine Statistics Authority on Friday showed the trade deficit widened to $4.01 billion in October from the $2.04-billion gap a year earlier. It was also the biggest deficit since the $4.27 billion posted in January 2019. 

That month, exports rose 2% year on year to $6.41 billion, slower than the 6.4% growth in September. Meanwhile, imports surged 25.1% to $10.43 billion. 

The market was also cautious ahead of the release of the November US consumer price index, a trader said in a Viber message. 

A faster-than-expected inflation print could strengthen the case for the US Federal Reserve to tighten their monetary policy this December, Reuters reported. — L.W.T. Noble with Reuters 

Shares drop on profit taking ahead of US data

Philippine Stock Exchange index

STOCKS declined on Friday on profit taking ahead of the release of the US consumer price index report. 

The benchmark Philippine Stock Exchange index (PSEi) fell 42.75 points or 0.59% to close at 7,192.17 on Friday, while the broader all shares index slid by 12.12 points or 0.31% to 3,830.43. 

“Local shares were sold as investors took in some of their profits ahead of the CPI data release this Friday in the US. Economists, as surveyed by Dow Jones, expect the Nov inflation to hit 6.7% year on year—the hottest since June 1982,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. 

The US CPI for November was due later on Friday and a Reuters poll of economists expect it to have risen 6.8% year-on-year, overtaking a 6.2% increase in October, which was the fastest gain in 31 years. 

Any upside surprise will likely be interpreted as a case for a faster Federal Reserve taper and bring forward expectations for interest rate rises. 

“After PSEi gained for five straight days, the decline today is considered healthy,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a Viber message on Friday. 

All sectoral indices closed in the red on Friday. Financials fell 21.76 points or 1.35% to 1,590.47; property lost 31.54 points or 0.96% to 3,233.90; industrials dropped 35.63 points or 0.34% to 10,397.95; mining and oil decreased 16.76 points or 0.18% to 9,196.45; holding firms gave up 9.54 points or 0.13% to 6,968.68; and services went down 1.01 points or 0.05% to 1,993.97. 

Value turnover increased to 15.52 billion with 3.57 billion issues switching hands on Friday from the P8.61 billion with 1.87 billion shares traded on Thursday. 

Decliners beat advancers, 103 against 99, while 43 names closed unchanged. 

Net foreign selling jumped to P9.57 billion from the P1.09 billion seen the previous trading day. 

Mr. Ricafort said the PSEi’s immediate support is at the 7,000-7,040 levels, while immediate resistance will be at 7,230-7,260.  

“Support may be drawn at the 6,800 area, while 7,454.50 may be considered the resistance area to watch next week,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message. — M.C. Lucenio with Reuters 

Vietnam’s Society Pass to acquire PHL e-commerce businesses

As part of its Philippine expansion, Society Pass (SoPa), a Vietnamese loyalty points company, is acquiring four to five local e-commerce businesses in the next few months. 

 “Let’s say you go to Manila on a business trip. You can go to a restaurant in Manila and redeem the loyalty points you earned in a restaurant in Vietnam,” said SoPa founder, chairman, and CEO Dennis Nguyen, in a Dec. 9 press briefer. “The model of our business is to turn data into loyalty and revenues.”   

The beta version of its loyalty app, for both iOS and Android, will roll out to Filipino customers and merchants before the end of the year. 

SoPa has already hired a Philippine general manager and head of human resources, both of whom are based in Manila.  

Mr. Nguyen said the Philippines was a “favorable prospect” due to its young, educated, English-speaking population, as well as its high Internet penetration rate 

E-commerce adoption moreover rose to 80.2% this year from 70% in 2019 and 76% in 2020, according to Trade secretary Ramon M. Lopez.  

SoPa is the first Vietnam-based company to complete a traditional initial public offering on the stock market outside its home country. Its 1.5 million registered users to date earn universal loyalty points from over 3,500 registered merchants.  

 The company has seven interconnected consumer-facing and merchant-facing platforms that generate universal loyalty points for customers, and revenue for merchants.  

 Aside from the loyalty app and loyalty marketplace website, its five other platforms are the Leflair app and marketplace website, an e-commerce marketplace in Vietnam; the #HOTTAB point-of-sale solution that offers financial support packages for small and medium-sized enterprises; and the #HOTTAB biz app and administration website that provides order management for SoPa’s merchant partners.  

The company spans verticals such as food and beverage, lifestyle, beauty, travel, and merchant software. It will focus on the first two in the Phliippines, as per Mr. Nguyen.

Apart from developing its own loyalty points ecosystem, the Singapore-headquartered company plans to differentiate itself by actively acquiring growing ecommerce platforms in the region.

— Patricia B. Mirasol  

China, Nicaragua re-establish ties in blow to US, Taiwan

WIKIMEDIA COMMONS

BEIJING/TAIPEI — China and Nicaragua re-established diplomatic ties on Friday after the country broke relations with Chinese-claimed Taiwan, boosting Beijing in a part of the world long considered the United States’ backyard and angering Washington.  

China has increased military and political pressure on Taiwan to accept its sovereignty claims, drawing anger from the democratically ruled island, which has repeatedly said it would not be bullied and has the right to international participation.  

China’s Foreign Ministry, announcing the decision after meetings with Nicaragua’s finance minister and two of President Daniel Ortega’s sons in the northern Chinese city of Tianjin, said the country had made the “correct choice.”  

The break with Taiwan shrinks the island’s dwindling pool of international allies and is a blow to the United States.  

It follows months of worsening ties between Mr. Ortega and Washington, and came on the day the US State Department said it had applied sanctions to Nestor Moncada Lau, a national security adviser to Mr. Ortega, alleging he operates an import and customs fraud scheme to enrich members of Mr. Ortega’s government.  

The US State Department said Nicaragua’s decision did not reflect the will of the Nicaraguan people because its government was not freely elected.  

“We do know, however, that this deprives Nicaragua’s people of a steadfast partner in its democratic and economic growth,” spokesperson Ned Price said in a statement. “We encourage all countries that value democratic institutions, transparency, the rule of law, and promoting economic prosperity for their citizens to expand engagement with Taiwan.”  

Chinese Foreign Minister Wang Yi said Taiwan’s allies — now only 14 countries — have stayed with Taipei only because of pressure from the United States and Taiwan’s “dollar diplomacy,” accusations Taipei denies.  

Nicaragua’s congress in 2019 accepted a $100 million loan from Taiwan, but Taiwan’s Foreign Ministry said on Friday that money, designed for economic reconstruction, has never been paid because of “procedural issues with allocation requirements” by the bank, which it did not name.  

‘MARCH TOWARDS THE WORLD’  

Taiwan’s government said it was unbowed by Nicaragua’s decision.  

Taiwan President Tsai Ing-wen said they would not bend to pressure or change their determination to uphold democracy and freedom and “march towards the world.”  

“The more successful Taiwan’s democracy is, the stronger the international support, and the greater the pressure from the authoritarian camp,” she said in Taipei.  

A senior Taiwan official familiar with the matter told Reuters the timing was “provocative,” coming during the Biden administration’s Summit for Democracy, which Taiwan is attending, and a week before four referendums on the island, though they are on domestic issues like energy and pork imports.  

At the now-defunct Nicaraguan embassy in Taipei, in a building in the leafy suburb of Tianmu, staff said the former ambassador was not in. Nicaragua’s flag outside had been removed by the time a Reuters reporter arrived mid-morning.  

Mr. Ortega first cut ties with Taiwan in 1985, but they were re-established with the island in 1990 under then-Nicaraguan President Violeta Barrios de Chamorro.  

One Taiwan-based diplomatic source, familiar with the region, said the move was not a surprise given Washington’s lack of leverage with Ortega due to the sanctions, and that looking to China for aid and support was a natural course of action.  

“It appears that Ortega had had enough,” the source told Reuters, speaking on condition of anonymity.  

Attention will now turn to another Taiwan friend, Honduras.  

Aides for the incoming president Xiomara Castro have said she would not establish ties with China, backtracking from Ms. Castro’s earlier comments that she was open to starting formal relations with Beijing.  

A second Taiwan-based diplomatic source told Reuters it was still a case of “watch this space” whether Honduras would ultimately go with Beijing.  

China says Taiwan is one of its provinces with no right to the trappings of a state. — Yew Lun Tian and Ben Blanchard/Reuters 

Omicron variant threatens UN talks to seal global nature deal

REUTERS

KUALA LUMPUR — A flagship United Nations (UN) conference in China next spring, where governments are set to ink a new global pact to protect nature, could be thwarted by stricter travel restrictions imposed to contain the Omicron coronavirus variant, environmentalists have warned.  

About 195 countries are set to finalize an accord to safeguard plants, animals and ecosystems — similar to the Paris climate agreement — at the UN summit, known as COP15, scheduled for April 25–May 8 in the city of Kunming.  

But the rapid spread of the new Omicron variant of coronavirus disease 2019 (COVID-19) around the world could throw a spanner in the works of the talks, which have already been postponed three times due to the difficulties of meeting face to face during the pandemic.  

The next round of in-person technical negotiations on the draft agreement and ways to put it into practice — planned for Geneva in January — was already delayed this month, possibly until March, because of Omicron concerns.  

“The upshot … is that COP15 may also need to be postponed again,” said Lin Li, director of global policy and advocacy at green group WWF International.  

“It is important that governments use any extra time effectively to ensure an ambitious draft biodiversity agreement is adopted in Kunming,” she said in a statement.  

Improving conservation and management of natural areas, such as parks, oceans, forests and wildernesses, is seen as crucial to safeguarding the ecosystems on which humans depend and limiting global warming to internationally agreed targets.  

But forests are still being cut down — often to produce commodities such as palm oil and beef — destroying biodiversity and threatening climate goals, as trees absorb about a third of planet-warming emissions produced worldwide.  

WWF’s Ms. Li said governments should not use the uncertainty of the pandemic and related hurdles to the COP15 talks as an excuse to limit the goals and urgency of the planned agreement.  

“Nature loss has not gone away and threatens both human lives and the global economy,” she said. “With one million species currently threatened with extinction, delaying action is not an option.”  

The postponement of next month’s Geneva meeting threatens to leave the COP15 negotiations in limbo, said Georgina Chandler, senior international policy officer at the Royal Society for the Protection of Birds (RSPB).  

“We must not go another four months without any progress,” she said, calling for the discussions to go ahead online if necessary instead of put off further.  

PUSH TO KUNMING  

Worries about the biodiversity talks are rising despite a boost from the COP26 climate summit in Glasgow last month.  

There, world leaders pledged to halt deforestation by 2030 and to invest $19 billion in public and private funds to protect and restore forests.  

Dozens of nations also promised to do more to safeguard nature and overhaul farming, including committing $4 billion to spur innovation such as developing crops that are more resilient to droughts, floods and heatwaves.  

Agreement at COP26 to phase down coal power globally will also have significant implications as mining operations — often carried out in or near areas rich in biodiversity — are reduced, green groups said.  

“COP26 was extremely helpful in raising the profile of nature and keeping the momentum going toward COP15,” Linda Krueger, director of biodiversity at The Nature Conservancy, a US-based green group, told the Thomson Reuters Foundation.  

“It emphasized the links between climate and nature in a way we’ve never seen before,” she added.  

Britain, which hosted the COP26 summit, put a strong focus on the connections between climate change and biodiversity, noted Susan Lieberman, vice president of international policy at the New York-based Wildlife Conservation Society.  

“Kunming will be a test of whether governments just gave good speeches in Glasgow or if the commitments made will truly be turned into actions to reduce CO2 [carbon dioxide] in the atmosphere and protect biodiversity as part of the solution,” she said.  

But countries may feel the pressure is off with regard to nature as they have already “done their bit” at COP26, warned Chandler of the RSPB, a UK-based conservation charity.  

CORONAVIRUS MEASURES  

Any loss of political momentum could be compounded by further logistical delays to the COP15 process.  

Li Shuo, a policy advisor at Greenpeace China, said the COP26 gathering, with more than 40,000 registered attendees, showed it was possible to hold a major global environmental conference during the pandemic — but not “without problems.”  

Participants face considerable health risks, he said, noting equitable access to vaccines and the inability of some delegates from developing nations to travel were “huge issues” for COP26.  

“All of these need to be carefully thought through for COP15,” he added.  

Charles Barber, a senior biodiversity advisor at the US-based World Resources Institute, said COVID-19 safety procedures at the Glasgow climate summit, which he attended, were “pretty intense”, with daily testing and online logging of results.  

Likening the steps taken to the popular Netflix drama Squid Game — with an honor system that combines self-preservation with concern for others — Mr. Barber said allowances Britain made for unvaccinated people and a lack of social distancing in many areas of the conference would unlikely be replicated in Kunming.  

“China is China — so it can and will be pretty strict,” he said, adding the Kunming summit would likely now be delayed following the postponement of the Geneva talks due to Omicron.  

More financial commitments and in-person negotiations are still needed to hammer out an ambitious nature deal, he added.  

Ms. Krueger of The Nature Conservancy said the shortfall in funding needed to halt and reverse biodiversity loss is a sticking point in the COP15 negotiations.  

The recent COP26 pledges will help convince nature-rich developing nations that their efforts to protect forests and other vital ecosystems will be supported, she added.  

But the draft nature pact still needs improvement when it comes to tackling drivers of biodiversity loss, such as commercial agriculture, infrastructure and finance, she said.  

“It makes little sense to raise billions to save nature when governments are spending trillions on the other side of the ledger to support activities that harm ecosystems and wildlife,” she added. — Michael Taylor/Thomson Reuters Foundation 

Social media platforms jeopardize elections, Nobel Peace laureate Ressa says

OSLO — Elections worldwide cannot be conducted with integrity as long as social media platforms amplify lies over facts, Nobel Peace Prize laureate Maria Ressa said on Thursday, a day before she will collect the award jointly with Russia’s Dmitry Muratov.  

The journalists won the award for their efforts to safeguard freedom of expression at a time when free, independent and fact-based journalism is under fire, the Norwegian Nobel Committee said when announcing the prize in October.  

Ms. Ressa is from the Philippines, which votes in May to choose a successor to President Rodrigo R. Duterte.  

“It is going to be impossible to have integrity of elections if you don’t have integrity of facts and right now that is the case,” Ms. Ressa, told a news conference, referring to elections both in the Philippines and elsewhere.  

“Because by design the social media platforms, which deliver the news, are … amplifying and delivering to your newsfeeds lies over facts.” 

Ms. Ressa, a co-founder of news site Rappler, has grown prominent through investigative reporting, including into large scale killings during a police campaign against drugs.  

Her co-laureate, Novaya Gazeta editor-in-chief Dmitry Muratov, said authoritarian leaders undermined democratic institutions at the peril of peace.  

“Lack of belief in democracy means that, with time, people turn their backs on democracy, you will get a dictator, and dictatorship leads to war,” Mr. Muratov told the news conference.  

Ms. Ressa and Mr. Muratov are the first journalists to receive the prize since Germany’s Carl von Ossietzky won the 1935 award for revealing his country’s secret post-war rearmament program.  

Both hoped the prize will bolster a new generation to fight against lies and propaganda and to make it safer for existing ones.  

“I hope [the prize] will make it safer for journalists,” said Ms. Ressa. “The only weapon is to shine the light and keep doing our jobs.” — Nerijus Adomaitis/Reuters  

Renewing democracy is ‘defining challenge of our time,’ Biden tells summit

Screenshot via The Summit for Democracy/YouTube

WASHINGTON — US President Joseph R. Biden, Jr., gathered over 100 world leaders at a summit on Thursday and made a plea to bolster democracies around the world, calling safeguarding rights and freedoms in the face of rising authoritarianism the “defining challenge” of the current era.  

In the opening speech for his virtual “Summit for Democracy,” a first-of-its-kind gathering intended to counter democratic backsliding worldwide, Mr. Biden said global freedoms were under threat from autocrats seeking to expand power, export influence, and justify repression.  

“We stand at an inflection point in our history, in my view. … Will we allow the backward slide of rights and democracy to continue unchecked? Or will we together have a vision … and courage to once more lead the march of human progress and human freedom forward?,” he said.  

The conference is a test of Mr. Biden’s assertion, announced in his first foreign policy address in February, that he would return the United States to global leadership to face down authoritarian forces, after the country’s global standing took a beating under predecessor Donald J. Trump.  

“Democracy doesn’t happen by accident. And we have to renew it with each generation,” he said. “In my view, this is the defining challenge of our time.”  

Mr. Biden did not point fingers at China and Russia, authoritarian-led nations Washington has been at odds with over a host of issues, but their leaders were notably absent from the guest list.  

The number of established democracies under threat is at a record high, the International Institute for Democracy and Electoral Assistance said in November, noting coups in Myanmar, Afghanistan and Mali, and in backsliding in Hungary, Brazil, and India, among others.  

US officials have promised a year of action will follow the two-day gathering of 111 world leaders, but preparations have been overshadowed by questions over some invitees’ democratic credentials.  

The White House said it was working with Congress to provide $424.4 million toward a new initiative to bolster democracy around the world, including support to independent news media.  

US Treasury Secretary Janet Yellen told the summit her department was cracking down on money laundering, illicit finance and tax evasion. “After all, the United States cannot be a credible voice for free and fair government abroad if at the same time, we allow the wealthy to break our laws with impunity,” Yellen said.  

This week’s event coincides with questions about the strength of American democracy. The Democratic president is struggling to pass his agenda through a polarized Congress and after Republican Trump disputed the 2020 election result, leading to an assault on the US Capitol by his supporters on Jan. 6.  

Republicans are expanding control over election administration in multiple US states, raising concerns the 2020 midterm elections will be corrupted.  

The White House on Thursday issued a statement of support for legislation introduced by Democratic lawmakers that would put new limits on the use of presidential pardons and strengthen measures to prevent foreign election interference, among other measures intended to safeguard US democracy.  

The summit also included Taiwan, prompting anger from China, which considers the democratically governed island part of its territory.  

A Chinese foreign ministry spokesperson said the invitation of Taiwan showed the United States was only using democracy as “cover and a tool for it to advance its geopolitical objectives, oppress other countries, divide the world and serve its own interests.”  

The White House dismissed the criticism. “In the context of this summit we don’t see this as … being about any one specific country. We are really emphasizing at this summit that we are seeking to build democratic momentum,” a senior administration official told reporters.  

‘LIP SERVICE’  

Washington has used the run-up to the summit to announce sanctions against officials in Iran, Syria and Uganda it accuses of oppressing their populations, and against people it accused of being tied to corruption and criminal gangs in Kosovo and Central America.  

Further measures against foreign officials for graft in their countries’ COVID-19 responses, as well as other allegedly corrupt schemes, were announced as the summit began on Thursday.  

US officials hope to win support during the meetings for global initiatives such as use of technology to enhance privacy or circumvent censorship and for countries to make specific public commitments to improve their democracies before an in-person summit planned for late 2022.  

Some question whether the summit can force meaningful change, particularly by leaders who are accused by human rights groups of harboring authoritarian tendencies, like the Philippines, Poland and Brazil.  

Annie Boyajian, director of advocacy at nonprofit Freedom House, said the event had the potential to push struggling democracies to do better and to spur coordination between democratic governments.  

“But, a full assessment won’t be possible until we know what commitments there are and how they are implemented in the year ahead,” Ms. Boyajian said.  

The State Department’s top official for civilian security, democracy and human rights, Uzra Zeya said civil society would help hold the countries, including the United States, accountable. Ms. Zeya declined to say whether Washington would disinvite leaders who do not fulfill their pledges.  

Human Rights Watch’s Washington director Sarah Holewinski said making the invitation to the 2022 summit dependent on delivering on commitments was the only way to get nations to step up. — Simon Lewis and Humeyra Pamuk/Reuters  

Longer wait for Sinovac booster improves protection – study

A longer gap between second and third doses of China’s Sinovac COVID-19 vaccine provides more protection against the virus than a shorter wait, according to a study published in medical journal the Lancet.  Antibody levels in people who received a third dose eight months after their second dose rose more than twice as much as people who got a booster shot within two months of their second dose, according to researchers from Sinovac Biotech Ltd., Fudan University and several regional Centers for Disease Control and Prevention.The study found that while protection from Covid-19 six months after two doses of CoronaVac had “declined substantially,” a third dose at eight months resulted in a “remarkable increase” in the concentration of antibodies.The findings come as countries around the world accelerate drives to distribute booster shots as they grapple with the new, more transmissible omicron variant. While some places like South Korea are cutting booster timelines to just three months after the second shot — a strategy endorsed by BioNTech SE Chief Executive Officer Ugur Sahin — the Lancet study suggests that rushing the third dose may not be the best approach for those on inactivated vaccines like Sinovac.The Beijing-based company’s shot is the most widely-used globally with 2.3 billion doses shipped out, mostly around the developing world. While still highly effective at warding off serious illness and death, it protects much less against transmission and symptomatic disease than the mRNA vaccines for the original strain of the virus and for the delta variant. Sinovac is studying how the vaccine holds up against omicron.Around 38 million people have received a booster shot in China, Wang Huaqing, chief immunization expert at the Chinese Center for Disease Control and Prevention, said at a briefing in November. Hong Kong also started to roll out booster shots on Nov. 11 with high-risk groups who received the Sinovac vaccine.The study, published Dec. 7, also suggests that people aged 60 years or older received higher antibody concentration from a third shot than 18-to-59 year olds. — Bloomberg

Promoting healthy digital habits among children

PIXABAY

by Patricia B. Mirasol

More than a year and a half into the pandemic, Filipino parents are finding the right balance of online and offline activities for their young children.  

“Screentime has increased during the lockdown partly because of school, but I noticed that [my children] know how to control themselves now as compared to when they were younger,” said Frances H. Ang, general manager in the Philippines of theAsianparent, a parenting platform.  

Ms. Ang, whose 4-year-old twins attend one hour of nursery e-class, only have another hour of screentime at night. The rest of the day, Ms. Ang said to BusinessWorld in an e-mail, is for digital-free activities such as playing with clay and blocks, as well as physical endeavors such as swimming.  

A report released this September by Kaspersky, a cybersecurity firm headquartered in Moscow, showed that 96% of the 11,000 parents surveyed set limits on their child’s digital habits, with 54% saying they set healthy digital habits for the whole family. This habit regulation includes putting limits on the videos they can watch (60%), as well the online games they can play (52%).   

An April poll by theAsianparent, meanwhile, also found that 59% of Filipino mothers control how much their child uses a screen (whether from a smartphone, laptop, tablet, or TV). Only 31% said they let their child use a screen whenever he/she wants to.  

ANALOG ACTIVITIES  

When the lockdown started, the struggle was in looking for alternative recreational activities, according to Michael Vincent G. Cubillas, co-founder of digital marketing firm Red Five Digital, and father of a four-year-old. 

“We are grateful that we live in a small subdivision with a lot of kids,” he said in a Facebook message. “Now that restrictions have eased, we allow him to go outside so that he can socialize with kids his age.”  

The Cubillases only started allowing their son screentime when he turned two. Among the children’s programs the latter enjoys include Sesame StreetStorybots, and Blippi 

Blippi, an educational YouTube program for toddlers and children up to seven years, is also among the favorites of the 22-month-old son of Cathy M., a human resources specialist at a multinational firm, who declined to give her last name. 

“I only allow an hour and a half of screentime per day,” she said. “As parents and psychology graduates, [my husband and I] believe that real interaction with people is more beneficial to the social development of children.”  

The rest of the time is spent enjoying analog activities such as baking, storytelling, playing music, and doing living room camping as a family.  

“These allow him to expand his imagination and creativity when it comes to play,” she added in a Viber message. 

WHO RECOMMENDATION  

To grow up healthy, the World Health Organization (WHO) recommends children under the age of five to spend less time sitting watching screens and have more time for active play. Habits that are established early in life help shape habits through adolescence and adulthood.  

“Achieving health for all means doing what is best for health right from the beginning of people’s lives,” said WHO director-general Dr. Tedros Adhanom Ghebreyesus in an April 2019 post. “Early childhood is a period of rapid development and a time when family lifestyle patterns can be adapted to boost health gains.”  

While parents worldwide worry about how digital devices will affect their children mentally, physically, and socially (60%), the Kaspersky report pointed out that parents are responsible for the example they set for their children with their own digital habits.  

“Our dependence on our phones is why it’s all the more important to make this topic clear to all of us in the first place…,” said Birgitt Hölzel and Stefan Ruzas, therapists who run the Munich-based counseling company Liebling + Schatz, in a press statement released by Kaspersky. “The most important thing for all parents is to keep talking to their children about media use.”