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Peso weakens on Omicron fears, Fed meet

THE PESO retreated versus the dollar on Tuesday amid fears caused by the Omicron variant and cautious sentiment ahead of the US Federal Reserve’s policy review.

The local unit closed at P50.35 per dollar on Tuesday, down by three centavos from its P50.32 finish on Monday, based on data from the Bankers Association of the Philippines.

The peso opened Tuesday’s session weaker at P50.37 versus the dollar. Its worst showing was at P50.38, while its intraday best was at P50.33 against the greenback.

Dollars exchanged declined to $651.7 million on Tuesday from $658.1 million on Monday.

A trader in an e-mail said the peso weakened due to heightened concerns due to a death caused by the Omicron variant of the coronavirus disease 2019 (COVID-19).

UK Prime Minister Boris Johnson on Monday said at least one patient who was infected with the latest detected variant died, according to Reuters.

“So I think the idea that this is somehow a milder version of the virus — I think that’s something we need to set on one side — and just recognize the sheer pace at which it accelerates through the population,” Mr. Johnson told reporters.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that investors were cautious ahead of the Federal Open Market Committee’s (FOMC) policy review.

After the FOMC’s meeting from Tuesday to Wednesday, Fed Chairman Jerome H. Powell is expected to announce the central bank’s direction on is tapering in asset purchases and eventual interest rate hikes.

The market is also anticipating the Fed’s view on inflation, employment, and the economic recovery.

For Wednesday, Mr. Ricafort gave a forecast range of P50.28 to P50.43, while the trader expects the local unit to move within P50.25 to P50.50 versus the dollar. — L.W.T. Noble with Reuters

Stocks advance as ADB raises growth forecast

BW FILE PHOTO

SHARES rose on Tuesday on improved sentiment after the Asian Development Bank (ADB) upgraded its growth outlook for the country.

The benchmark Philippine Stock Exchange index (PSEi) increased by 44.38 points or 0.61% to close at 7,241.99 on Tuesday, while the broader all shares index went up by 8.90 points or 0.23% to 3,841.69.

“Market continued its uptrend today after ADB raised its growth outlook on the Philippines as it remains on a steady growth path attributed to the vaccination program and declining coronavirus disease 2019 (COVID-19) cases in the country,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message on Tuesday.

The ADB raised its growth forecasts for the Philippines for this year and next as increased coronavirus vaccinations are expected to support the economy.

The Asian Development Outlook 2021 says gross domestic product (GDP) will likely grow by 5.1% this year and by 6% in 2022, higher than its forecasts of 3.5% for 2021 and 5.5% for next year given in September.

If realized, a 5.1% GDP growth this year would be better than the steep 9.6% slump in 2020 but still lower than the pre-pandemic 6.1% expansion in 2019.

“Investors continued to bet on more economic reopening early next year as the COVID-19 weekly average continued to fall,” Papa Securities Corp. Equities Strategist Manny P. Cruz said in a Viber message.

The Department of Health recorded additional 235 COVID-19 cases on Tuesday, bringing the total number of infections to 2,836,868.

“In addition, the passage of the validity extension of the 2021 national budget spurred optimism as well,” Philstocks Financial, Inc. Research and Engagement Officer Claire T. Alviar said in a Viber message.

On Monday, senators approved on third and final reading the extension of the P4.5-trillion national budget for this year, which is set to expire by the end of this month, until Dec. 31, 2022.

Sectoral indices closed in the red on Tuesday except for holding firms, which gained 104.36 points or 1.50% to end at 7,042.39, and financials, which went up by 21.22 points or 1.32% to 1,628.68.

On the other hand, services dropped 10.07 points or 0.50% to close at 1,973.95; mining and oil declined 36.74 points or 0.39% to 9,222.89; industrials fell 39.68 points or 0.38% to 10,335.24; and property lost 7.23 points or 0.22% to end at 3,260.91.

Value turnover increased to P7.6 billion with 1.33 billion issues switching hands on Tuesday from the P6.66 billion with 1.64 billion shares traded on Monday.

Decliners beat advancers, 97 against 85, while 55 closed unchanged.

Net foreign buying increased to P457.94 million from the P60.07 million logged in the previous trading day.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the PSEi’s immediate resistance for this week is at the 7,260-7,270 levels. — M.C. Lucenio

InCorp Philippines welcomes its brand transition during its official launch event

On December 13, 2021, InCorp Philippines held its very first event to welcome its transition from its former branding, Kittelson and Carpo Consulting. The event, Leaning Forward into New Horizons: InCorp Philippines Official Launch, took place at KMC Skydeck and Bar, Piccadilly Star Building in Bonifacio Global City, Taguig.

The event was opened by InCorp Philippines HR and Employee Services Director Cherry Ann Tolentino and Business Development and Client Relations Manager Kerim Can Kiziler, with the special participation of InCorp Philippines Country Head Amanda Carpo and former Managing Director Gregory Kittelson.

The launch was a gateway to introduce a stronger and more streamlined way of assisting local and foreign enterprises to do business in the Philippines, as well as within the Asia-Pacific region.

InCorp Philippines Country Head Amanda Carpo delivered a speech reiterating the journey the company underwent as it unified with its parent company, InCorp Global.

“It has been a fifteen-year journey and I am so impressed at how steadfast they have been in what InCorp has been trying to build. It started out with just Singapore, then eventually InCorp joined all of the islands together from Indonesia, Malaysia, the Philippines, Hong Kong, India, and Vietnam, and just last week in Australia.”

She shared her experience with working with InCorp Global and their goal to further their services in hopes to create a pan-Asian culture, connecting enterprises within the region.

“We agreed on the vision together. We agreed that we could achieve something better, bigger, and more global and took the next step. It took a while. It started in 2017 and believe it or not, it all happened last year during the [COVID-19] pandemic; the whole process of putting the companies together. That was an amazing experience that all happened on Zoom.”

Kittelson and Carpo Consulting Former Managing Director Gregory Kittelson also shared his thoughts on the transition along with how the company grew to what it is today.

“I was away for a year and a half and I lived here for 18 years. People sometimes ask me, ‘What do you miss about the Philippines?’ Honestly, I had always known that what I missed the most was where my office is. My companies, my business partners, and my employees. And after being away, that’s even more evident. Specifically, with KC which is now InCorp [Philippines], it is fantastic to see the people that I have worked with for years are still here, still intact, still working with Amanda, and now working with InCorp Global. It’s just a fantastic feeling for me to see that.”

He also shared his experiences with how Kittelson and Carpo Consulting started before its acquisition by InCorp Global, and later its transition.

“When Amanda and I started KC I said, ‘Hey Amanda. Let’s put up a service where we help foreigners set up [business] in the Philippines.’ I never thought we’d have one employee. But the two of us together hired the first employee and as time went on very quickly, the foreign companies started asking for more services.”

He reiterated the company’s growth journey through a series of services combined into one provider.

“[The clients said] we need payroll, we need accounting, we need flexible workspaces, we need recruitment, and executive search. It scrambled very quickly and hired people–good people–through the business. And that spawned out to KMC Solutions, KMC Savills, Sprout, and Team One. And so here we are, very proud and very happy. But again, just building companies and building values is not enough. It’s building teams. Being happy with the people that you work with and being proud of them.”

Leading industry partners and guests were invited to the company’s official branding transition from Kittelson and Carpo Consulting to InCorp Philippines.

Partners from KMC Solutions, the Nordic Chamber of Commerce Philippines (NordCham), the German-Philippine Chamber of Commerce and Industry (GPCCI), and the European Chamber of Commerce Philippines (ECCP) President Lars Wittig also attended the event.

 

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U.S. Space Force holds war game to test satellite network under attack

PETERSON SPACE FORCE BASE, Colo. – The United States is testing satellite resiliency to threats from China and Russia miles above the earth’s surface, just weeks after Russia shot down an aging communications satellite.

The computer-aided simulations included potential shooting down of U.S. missile-tracking satellites, satellite jamming, and other electronic warfare “effects” that are possible tactics in space warfare. Actual satellites are not used.

During a visit to Schriever Space Force Base in Colorado, Deputy Secretary of Defense Kathleen Hicks saw the ‘Space Flag’ simulated space training exercise hosted by U.S. forces. It was the 13th such exercise, and the third to involve partners such as Britain, Canada and Australia.

“It happens in rooms like that … people at a relatively junior level in many cases. Collaborating and thinking through challenges and trying to figure out concepts that seem to make sense and discarding ideas that go astray,” Hicks told reporters en route to Hawaii.

Pentagon leaders are touring U.S. bases this week while the Biden administration’s draft 2023 budget takes shape. The Department of Defense hopes to move budget dollars toward a military that can deter China and Russia.

After Russia successfully conducted an anti-satellite missile test last month, U.S. officials believe there is an increasing need to make the U.S. satellite network resilient to attack and to use opportunities like ‘Space Flag’ to train.

Satellites are vital to military communications, global positioning navigation, and timing systems that are needed in the event of war.

The 10-day-long space war game attempts to simulate the cutting edge of the U.S. capability in space. The training exercise involved an adversarial group working to simulate an aggressor nation with space capabilities like Russia or China.

Russia is not the first country to conduct anti-satellite tests in space. The United States performed the first in 1959, when satellites were rare and new.

In Hawaii, Hicks will meet with Pacific military commanders and visit Red Hill Bulk Fuel Storage Facility at Joint Base Pearl Harbor-Hickam where she will hear about water contamination issues. – Reuters

Moderna to produce millions of mRNA vaccines in Australia

Image via Bloomberg

SYDNEY – U.S. drugmaker Moderna Inc will produce millions of mRNA vaccines a year in Australia after agreeing to set up one of its largest manufacturing facilities outside the United States and Europe.

The deal, a second such commitment in Asia Pacific by a western mRNA vaccine developer, underscores efforts by governments around the world to build up local production and prepare for future pandemic threats after limited early access to shots led to slow COVID-19 vaccine rollouts.

Australian Prime Minister Scott Morrison said the plant in Victoria state was expected to produce up to 100 million mRNA vaccine doses every year when it begins operations in 2024.

“By advancing with this new partnership, we are building … our sovereign capability to manufacture these vaccines here in Australia,” Morrison told reporters in Melbourne.

Morrison did not specify the financial details of the agreement but Australian media reported the deal could be worth about A$2 billion ($1.43 billion).

Moderna said in October it planned to invest up to $500 million to build a factory in Africa to make up to 500 million doses of mRNA vaccines each year, including its COVID-19 shot.

COVID-19 vaccines developed by Moderna and Pfizer /BioNTech use mRNA – messenger ribonucleic acid – technology that teaches cells how to make a protein that triggers an immune response. The technology can also be used to manufacture vaccines for other respiratory illnesses and seasonal flu.

BioNtech announced a plan in May to set up a new factory in Singapore that will have an estimated annual capacity of several hundred million doses of its mRNA vaccines once it is operational in 2023.

South Korea, which has a deal with Moderna to provide bottling work for the U.S. firm’s COVID-19 vaccine, is also seeking to attract mRNA vaccine makers to start local production.

The announcement by Moderna was made as Australia‘s New South Wales state, home to Sydney, reported its biggest daily rise in COVID-19 cases since a nearly four-month lockdown ended in early October.

Despite the surge in new infections, officials said a planned easing of restrictions in Sydney from Wednesday will proceed as they urged people to get their booster shots to ward off the Omicron threat.

Australia has inoculated nearly 90% of its population above 16 with two doses and shortened the wait time for a booster shot after the emergence of the Omicron cases.

The country has recorded about 232,700 cases and 2,113 deaths since the pandemic began. – Reuters

UK lawmakers call for tougher crackdown on online scammers, cyberflashing

LONDON – Google, Facebook and other online services should be held legally accountable for advertisements on their platforms in order to prevent fraudsters scamming millions of consumers, a cross-party group of British lawmakers has said.

Britain has proposed a landmark online safety law to punish abuses such as child pornography, racism and violence against women, but a joint committee of lawmakers drawn from both houses of parliament said on Tuesday it should go a step further to cover paid-for adverts.

“Excluding paid-for advertising will leave service providers with little incentive to remove harmful adverts, and risks encouraging further proliferation of such content,” the joint committee report said.

The Financial Conduct Authority also wants adverts on social media and search engines, currently excluded from the draft law, to be included after 754 million pounds ($999.65 million) was stolen nL8N2QU29V from consumers in the first six months of this year.

The report also backed a Law Commission recommendation to make cyberflashing, or the unsolicited sending of obscene images or video recordings, which are often a feature of sexual harassment, illegal.

The draft law is due to be approved in 2022 and government has two months to say if it will back the recommendation, along with several others which lawmakers say are needed to “call time on the Wild West online“.

“The era of self-regulation for big tech has come to an end. The companies are clearly responsible for services they have designed and profit from, and need to be held to account for the decisions they make,” said Damian Collins, who chairs the joint committee.

Britain’s communications regulator Ofcom should draw up mandatory codes of practice for the internet service providers, the report said. There must, however, be “robust protections” for freedom of expression, including an automatic exemption for recognised news publishers, it added.

Britain’s financial services minister John Glen said last month he was “very sympathetic” to introducing online adverts into the bill or similar action.

The FCA spent 600,000 pounds on Google to warn about scam adverts, though the online giant has since said it will only take adverts from firms regulated by the FCA, and offered a $3 million credit to the regulator.

“Without a decisive response from the government and the tech giants, many more individuals will sadly fall victim to these scammers,” said Mel Stride, chair of parliament’s treasury committee, which backs the recommendation to help remove fraudulent online adverts. – Reuters

Widely used software with key vulnerability sends cyber defenders scrambling

PHILSTAR FILE PHOTO

WASHINGTON – A newly discovered vulnerability in a widely used software library is causing mayhem on the internet, forcing cyber defenders to scramble as hackers rush to exploit the weakness.

The vulnerability, known as Log4j, comes from a popular open source product that helps software developers track changes in applications that they build. It is so popular and embedded across many companies’ programs that security executives expect widespread abuse.

“The Apache Log4j Remote Code Execution Vulnerability is the single biggest, most critical vulnerability of the last decade,” said Amit Yoran, chief executive of Tenable, a network security firm, and the founding director of the U.S. Computer Emergency Readiness Team.

The U.S. government sent a warning to the private sector about the Log4j vulnerability and the looming risk it poses on Friday.

In a conference call on Monday, the leader of CISA said it was one of the worst vulnerabilities seen in many years. She urged companies to have staff working through the holidays to battle those using new methods to exploit the flaw.

Much of the software affected by Log4j, which bears names like Hadoop or Solr, may be unfamiliar to the public at large. But as with the SolarWinds program at the center of a massive Russian espionage operation last year, the ubiquity of these workhorse programs makes them ideal jumping-off points for digital intruders.

Juan Andres Guerrero-Saade, principal threat researcher with cybersecurity firm SentinelOne, called it “one of those nightmare vulnerabilities that there’s pretty much no way to prepare for.”

While a partial fix for the vulnerability was released on Friday by Apache, the maker of Log4j, affected companies and cyber defenders will need time to locate the vulnerable software and properly implement patches. Log4j itself is maintained by a few volunteers, security experts said.

In practice, the flaw allows an outsider to enter active code into the record-keeping process. That code then tells the server hosting the software to execute a command giving the hacker control.

The issue was first publicly disclosed by a security researcher working for Chinese technology company Alibaba Group Holding Ltd, Apache noted in its security advisory.

It is now apparent that initial exploitation was spotted Dec. 2, before a patch rolled out a few days later. The attacks became much more widespread as people playing Minecraft used it to take control of servers and spread the word in gaming chats.

So far no major disruptive cyber incidents have been publicly documented as a result of the vulnerability, but researchers are seeing an alarming uptick in hacking groups trying to take advantage of the bug for espionage.

“We also expect to see this vulnerability in everyone’s supply chain,” said Chris Evans, chief information security officer at HackerOne.

Multiple botnets, or groups of computers controlled by criminals, were also exploiting the flaw in a bid to add more captive machines, experts tracking the developments said.

What many experts now fear is that the bug could be used to deploy malware that either destroys data or encrypts it, like what was used against U.S. pipeline operator Colonial Pipeline of gasoline in some parts of the United States.

Guerrero-Saade said his firm had already seen Chinese hacking groups moving to take advantage of the vulnerability.

U.S. cybersecurity firms Mandiant and Crowdstrike also said they found sophisticated hacking groups leveraging the bug to breach targets. Mandiant described those hackers as “Chinese government actors” in an email to Reuters. – Reuters

GT Capital and Federal Land donate 5,000 Moderna vaccines to Pasay City

In photo are (L-R) Jose Crisol, Jr., GT Capital Senior Vice President and Head of Investor Relations, Strategic Planning, and Corporate Communication; Honorable Imelda Calixto-Rubiano, Mayor of Pasay City; John Cabato, Federal Land Senior Vice President and Township Business Unit Head.

GT Capital Holdings, Inc. and its property arm, Federal Land, Inc. donated 5,000 doses of the Moderna vaccine to the local government of Pasay City on December 9, 2021. The initiative forms part of GT Capital and Federal Land’s commitment to support the local government’s vaccination program that mitigates the spread of Covid-19 in the city.

“The road to recovery is dependent on the continuous immunization strategy. Thus, GT Capital Holdings, Inc. and Federal Land, Inc. are committed to supporting the local government’s effort in overcoming Covid-19. We are optimistic our collective efforts will help promote health and well-being, as well as national recovery during these challenging times,” said Federal Land township business unit head, Mr. John Cabato.

Mayor Emi Calixto-Rubiano thanked GT Capital Holdings, Inc. and Federal Land, Inc., saying the donation is a big help in sustaining the city government’s Vacc to the Future vaccination program.

Federal Land, Inc. is present in Pasay City with a 36-hectare master-planned community development, Metro Park.

 

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InLife captures the good in life on its 111th year

It is often said that one’s true character is revealed during difficult times – when there are challenges, or during moments of struggle and unease.

To the Filipino, these are the moments where he emerges triumphant. These are the times when he sees the silver lining in the situation and choose to focus on the good that life has to offer.

For our 111th anniversary celebrations, InLife launched a nationwide video and photo competition where entrants were asked to highlight the good in life, as expressed through Filipino values.

What came out from the entries are a surprising array of heart-tugging and astoundingly inspiring stories and images that focus on the family, the love for others, and service towards our fellow Filipino.

Inspiring short films

Padyak

The grand prize went to Crismel Gida who gave us a moving short film called Padyak. It is a story about resilience and the will to thrive amidst adversities.

The film offers us a glimpse of the Filipino’s innate longing to make something out of himself in any situation, confident in his ability and guided by his faith in the Lord.

“Ang palabas na ito ay isa lamang halimbawa pero nangyayari talaga sa totoong buhay. Ito ay angkop kahit ano mang estado. Ginawa ko ang munting palabas na ito para ipakita sa mga tao na kahit ano pang problema ang dumating sa buhay mo ay kaya mong solusyunan,” Crismel said about his short film.

Mga Mata ng Pag-asa

Adjudged 2nd best short film was Ninoy Tuyay’s entry that tackles the theme of being strong for one’s family. “Mga Mata ng Pag-asa” narrates a father’s concerns going through the pandemic and the uncertainties that it brings.

Yet looking at the situation through the eyes of the child, perspectives change. Ultimately, this short film teaches the viewers that the values that we hold dear will get us through difficult times, for one’s family and for others.

“Nawa’y mahanap natin ang inspirasyon araw-araw sa ating mga puso, at makita ang pag-asa, na maganda ang buhay,” said Nino.

A new reality

It may seem trivial, but the short film “A new reality” presents another perspective in looking at the pandemic: the youth’s detachment from social engagements.

As the third-place winner, “A new reality”, which was created by Angelo Christian Crisostomo, tells a story about being stuck in one’s home and the ways that the youth of today do to cope with the situation.

“This short film is based on my experience. May pandemic, bawal lumabas, mahirap siya lalo na sa mental health,” explained Angelo who further shared that the youth are also suffering from the disconnect that the lockdowns imposed.

Touching stills

Some of the most dramatic depictions of the good in life were captured in the photography submissions.

Of these, there is none like Danny’ Victoriano’s winning piece, Frontliner Hero, where a medical worker is perceived to happily render service behind a protective mask. The second prize went to Don Gapasin’s ecstatic image of a boy, enjoying a plentiful harvest in the countryside. The third best photograph went to Froi Rivera’s “Cat-Pamilya”, a unique take on what it means to be family that transcends the human experience.

The Good In Life

InLife’s video and photo competitions garnered hundreds of entries from all over the country, each one of them offering a different vista of what consists the good in life.

Although perspectives might differ from one another, what is clear is that no matter the human condition, life can be fulfilling even during difficult moments.

Our grand winners just proved it!

 

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DoF backs move to import more pork until end-2022 

PHILIPPINE STAR/ MICHAEL VARCAS

FINANCE SECRETARY Carlos G. Dominguez III on Monday said he is backing a proposal to extend the validity of an executive order that will increase pork import volumes until end-2022.

The government, through Executive Order (EO) 133 in May, raised the minimum access volume (MAV) for pork imports to 254,210 metric tons (MT) this year from the previous 54,210 MT to address the spike in pork prices.

However, Mr. Dominguez said he is “not entirely” satisfied with the implementation of such measures.

“I understand there were regulations imposed by the Department of Agriculture limiting the access of imported pork to certain markets,” Mr. Dominguez said in a Viber message to reporters.

The National Economic and Development Authority (NEDA) earlier said it was considering extending the EO 133 until end of 2022, amid low utilization of the MAV and continued high pork prices.

Asked if he supports the NEDA’s proposal, Mr. Dominguez replied: “Yes, I am.”

According to the Customs data, the government lost P3.67 billion in foregone revenues from pork imports from April 9 to Dec. 10. This as the government implemented EO 128 and 134, which reduced the tariff rates on pork imports covered by the MAV, since April.  EO 134 will expire in May 2022.

In an economic bulletin on Monday, Department of Finance (DoF) Undersecretary and Chief Economist Gil S. Beltran said the government should adopt “more liberal” import measures for meat and fish products to ease inflation worries amid the holiday season.

Inflation eased to 4.2% in November, from 4.6% in October. However, the print was still beyond the 2-4% target range set by the Bangko Sentral ng Pilipinas (BSP).

“But the high month-on-month inflation for meat and fish reminds authorities to adopt more liberal import measures to meet the peak demand during the holiday season,” he said.

Month on month, the general price index rose by 0.69% due to food. Meat prices quickened by 2.41% month on month as pork supply remained low despite higher demand. Fish prices increased by 2.06% as supply dropped amid the closed fishing season.

Socioeconomic Planning Secretary Karl Kendrick T. Chua last week flagged the low utilization of the expanded pork MAV and slow release of frozen pork inventory.

“The uptick in prices in November shows that we need to further ease administrative requirements for the unloading and distribution of stocks to encourage more importation and help bring back pork prices to their pre-African Swine Fever level,” Mr. Chua earlier said. — LWTN

PHL secures $250-M loan to buy vaccines

PHILIPPINE STAR/ MICHAEL VARCAS

THE PHILIPPINES secured a fresh $250-million loan from the Asian Development Bank (ADB), which will be used to buy more coronavirus disease 2019 (COVID-19) vaccines next year.

In a statement on Monday, the multilateral lender said it approved the loan that would help the Philippine government acquire 40 million COVID-19 vaccine doses for eligible children and booster shots for adults.

“ADB is supporting the government’s drive to provide vaccines to protect its citizens and save lives, especially with the emergence of new COVID-19 variants. Vaccination will allow the health system to better manage the effects of the virus and will help sustain economic recovery. It is key to the country’s full recovery from the pandemic,” ADB Principal Social Sector Specialist for Southeast Asia Sakiko Tanaka said in a statement.

The vaccine procurement project will be co-financed by the Asian Infrastructure Investment Bank (AIIB), which will also give a $250-million loan for vaccine procurement. The ADB and AIIB will directly pay the vaccine manufacturers for the doses that will be ordered by the Health department.

The ADB loan comes after the Philippines secured a new $600-million loan from the World Bank (WB) over the weekend. The WB loan will support the Philippine government’s reform programs, including the amendments to the Retail Trade Liberalization Act.

These loans will add to the government’s pandemic-related foreign borrowings that reached $23.4 billion as of Dec. 7, Finance Secretary Carlos G. Dominguez III earlier said.

Most of the foreign loans were used for COVID-19 response and recovery projects, including vaccine procurement.

The National Government’s outstanding debt, both domestic and external, widened to P11.97 trillion as of end-October. This is 19.38% higher than a year earlier.

Latest data from the Department of Health showed 37.431 million Filipinos are fully vaccinated against COVID-19. Data from the Johns Hopkins University showed 36.59% of the population has already been fully vaccinated.

The government hopes to fully vaccinate at least 54 million Filipinos by the end of 2021.

In March, the ADB also helped the Philippines purchase 85.6 million doses of COVID-19 vaccines through bilateral agreements. As of Dec. 2, 81% of the supply has been delivered.

In November, the ADB approved a $600-million loan to support the implementation of the country’s universal healthcare reform program. — L.W.T.Noble

Vehicle sales surpass 2020’s total as of Nov.

PHILIPPINE STAR/ MICHAEL VARCAS
Traffic is seen along Commonwealth Avenue in Quezon City, Dec. 1. — PHILIPPINE STAR/ MICHAEL VARCAS

CAR AND TRUCK manufacturers reported their sales grew by double digits in November, allowing the industry to exceed last year’s total sales as demand picked up amid the further easing of lockdown restrictions.

In a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) released on Monday, vehicle sales in November jumped by 14% to 26,456 units, an improvement from 23,162 units reported in the same month last year. 

This was also a 17.2% rise from October’s vehicle sales which stood at 22,581.

Auto Sales

CAMPI President Rommel R. Gutierrez said the 17.2% month-on-month growth in sales is the highest monthly performance so far in 2021.

CAMPI and TMA members have already surpassed last year’s sales total as of November, he added.

In the first 11 months, the industry sold 240,642 units, up by 22.7% from the 196,197 units sold during the same period last year. In 2020, total industry sales plunged by 40% year on year to 223,793 units due to the pandemic-induced lockdowns.

“Surpassing our last year’s sales performance gives the industry a renewed hope that recovery is underway as restrictions started easing, and economic activities have resumed at improved levels,” Mr. Gutierrez said in a statement.

The government relaxed mobility restrictions as the number of coronavirus disease 2019 (COVID-19) cases declined. The National Capital Region and most areas in the country were placed under Alert Level 2 starting in November.

“However, the industry remains cautious and on guard at the same time on the uncertainties brought by the COVID-19 mutations, which hopefully will not undermine our recovery,” Mr. Gutierrez said.

In November alone, passenger car sales grew 5.3% year on year to 8,205 units and by 7.59% month on month.

This brought 11-month sales of passenger cars to 76,813 units, up 26% year on year.

The report also showed 18,251 commercial vehicles were sold in November, rising by 18.7% from the 15,372 units sold in the same month a year ago. Asian utility vehicles, light commercial vehicles, trucks, and buses all recorded double-digit sales increases.

Only light truck sales reported a decline. Sales of light trucks contracted by 22.5% year on year to 426 units, which was also 11% lower from October sales.

For the first 11 months of the year, commercial vehicle sales stood at 163,829 units, 21% higher than the same period in 2020.

Year to date, Toyota Motors Philippines Corp. (TMP) still had the largest market share at 48.27%, after selling 116,165 units.

Mitsubishi Motors Corp.’s market share stood at 13.91%, with 33,483 units sold.

Ford Motor Company ranked third in terms of market share with 7.5%, after selling 18,154 units.

“The paradigm shift to online sales and marketing methods and activities will definitely continue. This has become a viable strategy for the automotive industry to meet the needs of our stakeholders,” Mr. Gutierrez said. — RMDO

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