One of the highest vaccination rates in the world and growing natural immunity could protect Singapore from a Covid-19 resurgence like those currently engulfing Europe and the US, even if another wave hits as expected, Health Minister Ong Ye Kung said.
Singapore’s immunized population is half as likely to die of Covid than influenza, while those who aren’t vaccinated are five times more likely to succumb to the infection, Mr. Ong said in an interview with Bloomberg News on Wednesday at the Asia Summit on Global Health in Hong Kong. That shows that the virus can be endemic, provided enough people are immunized, he said.
About 85% of Singaporeans are fully vaccinated, and the city state is the third-most inoculated place in the world, according to Bloomberg’s Vaccine Tracker. Some 94% of those eligible for Covid shots have gotten them, according to the health ministry, and nearly one-in-four people have already received a booster shot, Mr. Ong said.
Ong Ye Kung, Singapore’s health minister, speaks during the Asia Summit on Global Health in Hong Kong, China, on Wednesday, Nov. 24, 2021. The inaugural event discusses public healthcare challenges during the pandemic and the future direction of public health policies.
“Can we keep ICU cases and deaths as low as possible, to the extent that it’s no different from an influenza wave?” he asked. “I think it’s possible,” he said. “Even when it’s a wave you can withstand it. There are casualties but you are able to work through it with society still functioning very normally.”
The number of people infected in Europe and many parts of the US is rising again, with some places reporting record increases and imposing new restrictions. While shots protect against severe disease, deaths are also climbing, particularly among the unvaccinated, and some hospitals are starting to ration care for the first time since the pandemic began nearly two years ago. The virus’s cyclical nature has policy makers in other parts of the world trying to anticipate when they may get hit again, and if so how hard, with vaccines altering the outlook.
Singapore has slowly been pivoting away from a COVID Zero strategy of walling out the virus, gradually allowing more cases and opening its border to different countries. The relaxation of mitigation measures means the virus will continue to spread, but vaccinations, boosters and other steps like mask-wearing and social distancing will keep the number and severity of infections down, Mr. Ong said.
CRUCIAL WEEKS
The next two weeks will be critical for Singapore, he said.
Officials won’t decide whether to ease pandemic restrictions further, or to hit pause on the reopening, until it’s clear where the outbreak is headed, he said. The country, which has been seeing around 1,500 new cases a day — up from double digits at the start of the year, but down from the peak above 4,500 last month — recently allowed five people from different households to dine together in a restaurant, up from two.
“Cases ought to go up,” he said. “On the other hand, we are also boostering at a fairly decent pace. We are also seeing more people recovering safely, and there will be natural immunity. With all three measures in place, it applied brakes on the natural rise of infections. We will have to monitor closely for the next two weeks, and then we will know.”
Singapore recorded 2,030 cases in the community on Wednesday, more than 1,000 fewer than on the same day last week and the lowest Wednesday total since September. The city-state’s week-over-week infection ratio dropped to 0.75, the lowest number logged since officials began releasing it.
One of the next relaxation moves will be to ease work from home requirements, Mr. Ong said, without giving a timeline for when or how that may occur.
Singapore reopened dining-in in August, and just weeks later began battling a new wave of cases, prompting its leaders to pull back and reimpose some virus measures. Prime Minister Lee Hsien Loong said last week the country is taking a “step-by-step” approach to reopening. It has also taken a tough line on inoculation, saying those who choose not to take the shots will have to pay for any hospital treatment if they get Covid.
While easing restrictions has triggered rising case rates, severe disease and deaths have remained a fraction of what occurred in other countries. Mr. Ong said he expects the virus to return and hit Singapore again even after this wave is contained, since that’s its normal cycle.
The city, he hoped, will be able to withstand the onslaught.
“The direction is clear, we want to progressively open up more and move toward a stage where it becomes an endemic disease,” he said. — Bloomberg
BANGKOK — Thailand was among the first countries in Asia to reopen for foreign arrivals, and it is seeing a slow recovery, including new hotels touting longer stays for individual travelers.
In the first 10 months of 2021, Thailand saw 106,117 foreign tourists, a drop from 6.7 million in 2020. Before the pandemic, Thailand saw about 40 million visitors a year.
Hospitality firms like Asset World Corporation Pcl, which opened its 19th property this month, saw the majority of its bookings come from Western countries and the Middle East.
“About 70% of total bookings came from Europe, including Germany, UK, Scandinavian countries, followed by the US, Middle East, and Asia,” chief executive Wallapa Traisorat told Reuters, adding that domestic travel helped. “For November, we should see 30% occupancy, and in the fourth quarter we hope to see better momentum from the reopening.”
Thailand, one of the region’s most popular destinations, is heavily dependent on tourism. In 2019, 40 million arrivals spent 1.91 trillion baht ($57.3 billion).
Centara Hotels and Resorts is moving ahead with plans to open a 1.1-billion-baht hotel on the island of Samui in December.
Initially the property expects most guests to be locals on longer stays, said Centara Hotels chief financial officer Gun Srisompong.
“Demand patterns have changed. Individual travelers on longer stays and ‘workations’ need more personalization,” Mr. Srisompong said.
Thailand expects only 200,000 foreign tourists this year, and 5 million in 2022. Thinner crowds and discounts made for a more pleasant experience, said German tourist Markus Klarer.
“It’s a good time to come back to Thailand again,” Mr. Klarer said.
Despite the reopening, some businesses said COVID rules still made some things hard.
“Tourists are not fully confident and still confused with government regulations,” said Chitchai Senwong, a restaurant manager in Bangkok, citing a government rule that prohibits alcohol consumption after 9 p.m. — Reuters
An archival photo shows South Korean dictator Chun Doo-hwan meeting with staff officers of the US 25th Infantry Division at their field headquarters in 1983. Image via US National Archives.
SEOUL — The death this week of South Korea’s last military dictator, Chun Doo-hwan, marks the end of a divisive chapter in the country’s modern history but leaves survivors of his regime’s violence no closer to reconciliation or resolution.
Chun died on Tuesday at the age of 90.
Hundreds of people are estimated to have died or gone missing when the South Korean government violently put down the Gwangju uprising by pro-democracy protesters in May 1980, when Chun was the de facto leader of the country after leading a military coup.
Years after the massacre, many details remain unconfirmed, including who gave the orders for troops to open fire on protesters. Many victims remain unidentified.
A lack of contrition and cooperation by former members of the regime, including Chun, has hampered efforts to find the full truth, victims said.
“I’m very worried that a lot of truth will be hidden with Chun Doo-hwan’s death,” said 57-year-old Kim Young-man, who still carries a scar on his head from where a police officer struck him with a baton.
Mr. Kim holds out hope that former members of the regime will come forward to shine light on the bloody crackdown, but like many other victims, was disheartened that Chun died without showing significant remorse.
Months after leaving office in 1988 amid growing calls for democracy, Chun offered a formal apology for abuses during his leadership, including Gwangju.
But later he appeared to walk back some of that contrition, prompting victims to doubt the sincerity of that apology as he embraced a defiant and defensive stance to the end.
“Chun Doo-hwan was not the type of person to apologize,” Mr. Kim said. “Yet if he had apologized, I think there would have been a possibility that Gwangju citizens who have been heartbroken for 41 years feel a little better.”
In 1996 Chun was sentenced to death on charges of corruption and treason, but the sentence was reduced to life in prison and later commuted.
More recently he was involved in other legal disputes, including being found guilty in 2020 of defaming a priest who claimed to have witnessed the Gwangju crackdown.
On Wednesday, a day after Chun’s death, a group of 70 Gwangju survivors, including Mr. Kim, filed a lawsuit against the government seeking compensation for emotional damage.
Some victims have received compensation for their loss of work, but other claims for compensation for emotional and psychological trauma faced legal barriers until a Supreme Court ruling in September, said Lee Ki-bong, an official at the May 18 Memorial Foundation who works with the families.
A group of victims rallied on Thursday outside the hospital where Chun’s body was taken, holding signs telling him to “go to hell.” They condemned some of Chun’s former aides who call the uprising a plot inspired by North Korean communists.
In November the main conservative party’s presidential nominee, Yoon Suk-yeol, traveled to Gwangju to apologize after appearing to excuse or praise Chun by saying many people thought the former president “was really good at politics aside from the coup and the events of May 1980.”
Chun will not be given a state funeral, and officials said his treason conviction made him ineligible to be buried in a national cemetery.
“Upon Chun Doo-hwan’s death, South Korean news appear to be pure emotion, disbelief at how he never apologized,” tweeted Korean-American author Suki Kim.
“It’s an odd thing to want an apology from a ruthless dictator, decades later, as though expecting justice by [a] universe which had allowed that dictator.” — Hyonhee Shin and Yeni Seo/Reuters
SYDNEY — Australia on Thursday introduced contentious religious anti-discrimination legislation to parliament that if approved would allow faith-based organizations to prioritize the hiring and enrolment of people from their faith.
Religious freedom has been in the spotlight in Australia for years amid concern from some that the likes of churches, schools, and workplaces are unable to express their religious beliefs.
In a move seen as targeting religious voters with an election just months away, Prime Minister Scott Morrison said the legislation would protect people who express their religious faith outside of the workplace as long as it did not cause financial damage to their employer.
“People should not be canceled or persecuted or vilified because their beliefs are different from someone else’s,” said Mr. Morrison, a devout Pentecostal Christian, while introducing the bill in the parliament’s lower house.
Mr. Morrison said the legislation would also protect Australians who make “statements of belief” from discrimination laws, but only if those statements do not “threaten, intimidate, harass or vilify a person or group.”
Australia’s existing Sex Discrimination Act allows schools to expel students or sack teachers for being gay. Mr. Morrison pledged in 2018 to reform the legislation.
LGBT groups support reforming the Act but have criticized the new bill saying it would enable discrimination against gay students and teachers as it permits prioritizing the hiring and enrolment of people based on faith.
“It will wind back hard-fought protections for women, people with disability, LGBTIQ+ people, and even people of faith,” said Anna Brown, Chief Executive of the representative body, Equality Australia.
The bill has also divided the parliament, with some conservative government lawmakers threatening to vote against the legislation until Mr. Morrison moves to abolish state mandates requiring coronavirus disease 2019 (COVID-19) vaccines.
The legislation is expected to be put to a vote next week in the lower house, but it is far from guaranteed to pass into law. The bill is expected to be reviewed before being voted on in the upper house Senate sometime in 2022–23.
Australia’s parliament is in its last sitting fortnight for the year and Mr. Morrison could call an election before it resumes in 2022. Mr. Morrison must return to the polls by May 2022. — Renju Jose and Colin Packham/Reuters
Ikea opened its biggest store in the world in the Philippines, with the new 730,000 square foot facility in Manila a cornerstone of the home-furnishings giant’s expansion plans in Asia.
Thursday’s opening was feted with an event held at the store’s cafeteria attended by Philippine trade secretary Ramon Lopez and foreign minister Teodoro Locsin, where Ikea’s cult-favorite Swedish meatballs were served to some attendees. They were accompanied for the big day by a special Philippine twist — adobo sauce.
Ikea is sticking to COVID-19 protocols after the store’s opening was delayed amid the pandemic, with an online booking system that’s full for the next two weeks, according to store manager Georg Platzer. Customers have to wear masks and observe distancing.
The spread houses a two-level 270,000 square foot store, dining area and showroom; warehouses; an e-commerce facility; and a call center. It’s on property leased out by SM Prime Holdings Inc.’s Mall of Asia.
Its opening comes as Ikea has expanded its e-commerce presence — which proved timely during the pandemic — with online orders now accounting for 26% of its global sales. The company, which has more than 460 physical stores in about 60 markets, is planning to add nearly 60 more locations in the current financial year. And it’s not just looking toward Asia: It will take its first step into South America this spring, opening a branch in Santiago, Chile.
Platzer said the Philippines had “been the right spot on our map for the longest time.”
“It was always a plan to come to the Philippines,” he said. “It’s a very good growing economy, growing middle class and domestic environment that’s good for us as a home furnishing retailer. I think it’s about time to open it, finally.”
Household spending fueled the Philippine economy’s recovery last quarter, with consumption expected to grow further in the fourth quarter as virus curbs are eased in time for the holidays. However, output isn’t expected to return to pre-pandemic level until the latter half of 2022.
The Manila store was initially scheduled to open in 2020, but faced delays due to COVID-induced movement restrictions and the disruption of construction material supplies. It’s part of a move to expand in Asia, with the brand recently unveiling its second store in India.
The Philippine debut comes despite Ikea forecasting a more difficult year ahead in 2022, due to logistics logjams and price spikes of raw materials brought about by the pandemic.
Local government officials and employees during the ribbon cutting ceremony.
Despite the supply crunch and challenges keeping stores and warehouses stocked, the company managed to report record sales last year. Chief Executive Officer Jon Abrahamsson Ring of Inter Ikea, the brand’s worldwide franchiser, told Bloomberg in October that his vision was to make Ikea “even more affordable” by shifting a larger share of new products to a lower price segment. — Bloomberg
The metaverse will soon be a place to not just buy virtual goods and meet avatars, but to also get essential public services, as governments prepare to enter the rapidly expanding digital world despite concerns about privacy and other rights.
The city of Seoul and the island nation of Barbados earlier this month said they will enter the metaverse to provide administrative and consular services, respectively.
Other cities and countries may follow suit if the technology becomes more mainstream, analysts say.
The statements came amid a flurry of announcements from companies including Facebook — now named Meta — saying they would invest in the metaverse, an online realm that uses augmented and virtual reality (VR) to help users interact.
“It is in the best interest of governments to know about this universe intimately because the virtual world will replicate life and business,” said Keith Carter, an associate professor at the National University of Singapore’s School of Computing.
Metaverse — a term first coined in science fiction — is a combination of the prefix “meta,” meaning beyond, and “universe.”
It has been used to describe a range of shared worlds accessed via the internet, from fully-immersive VR spaces to augmented reality accessed through devices such as smart glasses.
The global metaverse market is expected to reach about $6 billion this year and nearly $42 billion by 2026, according to research firm Strategy Analytics, helped by increased interest in virtual spaces for work and leisure during the pandemic.
There will be new roles for governments in this space where jurisdiction isn’t as clearly defined, said Steve Benford, a professor of computer science at the University of Nottingham.
“Cybersecurity, freedom and protection of information, and online safety are issues that governments are already interested in, and this list can be expected to grow if and when the metaverse becomes an everyday experience for people,” he said.
“Governments are already shaping policies that will impact the metaverse, so arguably they have a duty to be visibly present in it for reasons of accountability,” said Mr. Benford, who co-founded the Mixed Reality Laboratory at the university, which studies and creates interactive technologies for daily life.
CIVIL COMPLAINTS
Seoul is the first major city to announce its entry into the metaverse, with the Seoul Metropolitan Government (SMG) building a “metaverse ecosystem for all administrative services regarding the economy, culture, tourism, education and civil complaints.”
Metaverse Seoul, a platform for public services, is scheduled to be complete by the end of next year. A virtual city hall, where citizens can meet avatars of public officials and file complaints, will be set up in 2023, it said in a statement.
Barbados will open what it says will be the world’s first metaverse embassy in the virtual reality platform Decentraland, with embassies on other platforms also planned.
“We are a small island nation — this gives us a way to expand our diplomatic footprint without adding dozens of physical embassies, which is not feasible for us,” said Gabriel Abed, who is leading the Caribbean nation’s metaverse strategy.
“It gives us diplomatic parity with larger nations, and a fully immersive way to showcase our culture and business opportunities, while being fully in control of our environment,” said Mr. Abed, who is also ambassador to the United Arab Emirates.
Smaller nations have a lot to gain in the metaverse, he said, noting that Barbados was also quick to embrace a digital currency, like other small nations including Malta, the Bahamas, and El Salvador.
“COVID really shook up the world. Who knows when the next pandemic or lockdown will come — we cannot afford to not try out new technologies that can help us overcome these limitations,” he told the Thomson Reuters Foundation.
LIMITED OPPORTUNITIES
While it is unclear whether a full replication of real life is possible in the metaverse, or even how long it will take to build, tech and legal experts are divided on who will wield control, and how much cities and national governments can gain.
Users are pushing for an open, decentralized universe, and it is possible that the metaverse might “eventually become its own constituency or jurisdiction, with its own representatives and civil service,” said Mr. Benford.
But governments will have a presence, too, he added.
“Where else will the citizens of the metaverse stage a future protest?”
Governments may also make the metaverse more inclusive, with Seoul saying it will have “numerous services for the vulnerable, including the disabled,” for their safety and convenience. It is also training older citizens to help navigate the virtual world.
But the current technology is not good enough, or cheap enough, so cities “face big costs and no guarantee on returns,” said Tony Matthews, a senior lecturer in urban and environmental planning at Australia’s Griffith University.
“I doubt many cities will be rushing to set up in the metaverse … the opportunities right now are limited and very expensive,” he said, noting that people have been quite resistant to VR since it became mainstream a few years ago.
When the technology gets good enough to encourage widespread uptake, however, major, permanent virtual cities may emerge with their own economies and markets, he said.
In some years, “we might all be as familiar with the cities of the metaverse as London, Paris and Tokyo. That could truly be transformative for real-world cities and their virtual siblings.” — Rina Chandran/Thomson Reuters Foundation
WASHINGTON — The number of Americans filing new claims for unemployment benefits dropped to a 52-year low last week, suggesting economic activity was accelerating as a year ravaged by shortages, high inflation and an unrelenting pandemic draws to a close.
The plunge in claims reported by the Labor Department on Wednesday was, however, exaggerated by difficulties adjusting the data for seasonal fluctuations this time of the year. Still, the labor market is tightening, with jobless rolls shrinking in mid-November to the smallest since March 2020 when the economy was in the grips of the first wave of coronavirus disease 2019 (COVID-19) infections.
The economy’s strengthening tone was confirmed by other data showing strong consumer spending in October as well as business orders for equipment, excluding transportation. The goods trade deficit narrowed sharply last month as exports surged.
But prices remained stubbornly high, with annual inflation jumping by the most in nearly 31 years. The raft of solid reports ahead of Thursday’s Thanksgiving holiday prompted economists to boost their fourth-quarter growth estimates to as high as an 8.6% annualized rate.
“There might be some seasonal adjustment problems, but the handwriting is on the wall and all the anecdotal reports on how companies cannot find the help they need are true,” said Christopher Rupkey, chief economist at FWDBONDS in New York.
“The economy will finish the year with a bang, there is lots to give thanks for.”
Initial claims for state unemployment benefits tumbled 71,000 to a seasonally adjusted 199,000 for the week ended Nov. 20, the lowest level since mid-November 1969.
Economists polled by Reuters had forecast 260,000 applications for the latest week.
Unadjusted claims rose 18,187 to 258,622 last week amid a surge in Virginia, which offset declines in California, Kentucky and Missouri. More volatility is likely over the holiday season.
“The claims series can be noisy and especially choppy around holidays like Thanksgiving when the seasonal factors anticipate large swings in the underlying data,” said Daniel Silver, an economist at JPMorgan in New York. “But even so, initial claims fell by more than a half million over the year through Nov. 20, both before and after seasonal adjustment.”
Claims have declined from a record high of 6.149 million in early April 2020, and are now viewed as consistent with a healthy labor market, though an acute shortage of workers caused by the pandemic is hindering faster job growth.
But there is hope for an expansion of the labor pool. The number of people continuing to receive benefits after an initial week of aid dropped 60,000 to 2.049 million in the week ended Nov. 13, a 20-month low, the claims report showed.
There were 10.4 million job openings as of the end of September. The workforce is down 3 million people from its pre-pandemic level, even as generous federal government-funded benefits have expired, schools have reopened for in-person learning and companies are raising wages.
Stocks on Wall Street fell. The dollar gained versus a basket of currencies. US Treasury prices rose.
BRIGHTENING PICTURE
Signs the economy was regaining momentum after hitting a speed bump in the July–September quarter as coronavirus cases flared up over summer and shortages became more widespread could result in the Federal Reserve quickly winding up its bond-buying program.
Indeed, minutes of the US central bank’s Nov. 2–3 policy meeting published on Wednesday showed some Fed officials would be open to doing so.
“We see the Fed accelerating tapering in January to clear the runway for a September rate liftoff,” said Lydia Boussour, lead US economist at Oxford Economics in New York.
A separate report from the Commerce Department on Wednesday showed gross domestic product rose at a 2.1% rate in the third quarter. That was a slight upward revision from the 2.0% pace estimated in October, but was still the slowest in more than a year. The economy grew at a 6.7% rate in the second quarter.
But that is all in the rear-view mirror. A third report from the Commerce Department showed consumer spending, which accounts for more than two-thirds of US economic activity, jumped 1.3% in October after rising 0.6% in September.
Consumers, buoyed by rising wages and massive savings, bought motor vehicles and traveled, showing no signs yet of holding back because of high inflation.
Global economies’ simultaneous recovery from the pandemic, fueled by trillions of dollars in relief money from governments, has strained supply chains, unleashing inflation.
President Joseph R. Biden. Jr., announced on Tuesday that the United States would release 50 million barrels of crude from the US Strategic Petroleum Reserve to help cool oil prices, in coordination with China, India, South Korea, Japan and Britain.
The personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, increased 0.4% last month after gaining 0.2% in September. In the 12 months through October, the so-called core PCE price index accelerated 4.1%. That was the largest gain since January 1991 and followed a 3.7% year-on-year advance in September.
The core PCE price index is the Fed’s preferred inflation measure for its flexible 2% target.
Adjusted for inflation, consumer spending rose a solid 0.7%.
In another boost to the economy, orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, rose 0.6% last month, the Commerce Department said in a fourth report.
With corporate profits hitting a record high last quarter, businesses are likely to keep spending.
More goods were exported in October, sharply narrowing the goods trade deficit by 14.6% to $82.9 billion. If the trend holds, trade could contribute to GDP growth this quarter.
Wholesalers continued to rebuild inventories last month though motor vehicle shortages stymied progress by retailers, a fifth report showed.
Inventory accumulation, the key driver of GDP growth last quarter, will likely continue to support the economy. The strong data flow led the Atlanta Fed to raise its fourth-quarter GDP growth estimate to an 8.6% rate from an 8.2% pace. JPMorgan boosted its forecast to a 7.0% pace from a 5.0% rate. — Lucia Mutikani/Reuters
SM Foundation, in partnership with TESDA, DOLE, DSWD, SM Supermalls, and SM Markets, launched the first ever National Certificate (NCII) training program for Customer Service at SM City Pampanga last November 19, 2021.
SM Foundation (SMFI), in partnership with TESDA. DOLE. DSWD. SM Supermalls and SM Markets launched the first ever National Certificate (NC) training program for Customer Service at SM City Pampanga on November 19, 2021. Dubbed as the SM Asensong Pinoy Program, the project aims to strengthen the qualifications of the Filipino workforce and ultimately address various employment issues in the customer service sector.
The program’s curriculum is designed to produce industry efficient retail under the supervision of SM Markets. The first batch of qualified apprentices will train in SM Supermarket, Pampanga, San Fernando, Savemore, Malhacan, Baliwag, SM Hypermarket Clark and Marilao. Those who successfully complete the training course will undergo TESDA’s Customer Care NCIl assessment and passers will be offered an opportunity to continue employment with SM. From there, SM and partner agencies will evaluate the program’s eligibility for expansion to other regions.
“Since 1994, our training programs in TESDA have been giving opportunities to Filipinos to obtain the essential skills they need to get employed. Through the years, we have designed various courses that help prepare hard working individuals perform properly in their chosen fields. Today, we add another program designed to produce an adept essential worker for a high-demand retail job. And SM, known for its expertise in Customer Care Services will strengthen the qualifications of the Filipino workforce and help address unemployment and job-skills mismatch” said Regional Director Balmyrson M. Valdez.
The program is open to 18-28 years old females who have completed at least senior high or 2nd year college levels of education. Trainees under the program will undergo technical, values formation, and hands on training for eight hours a day, six days a week. They are to receive a minimum wage allowance as well as accident insurance coverage, and free NCIl assessment fees. Those who successfully complete the program will receive an SM Partnership Certificate of Training and TESDA’s NCII Certificate of Completion, as well as the opportunity to get hired in by the SM Retail group. The certification will also make them eligible for other local and international employment opportunities in the future.
“Customer Care is one of the most important functions of retail operations and we are very happy to be partnering with TESDA, DOLE and DSWD in sharing our training capabilities to interested individuals. We believe that nurturing the skills of our Filipino workforce will be very beneficial to the whole industry as we all work together to jumpstart our economy.” said SM Supermarket President Jojo T. Tagbo.
While the program is the first of its kind, SM Markets has been a venue for other skills training programs not just for frontline service but also for farmers under SM Foundation’s Kabalikat sa Kabuhayan program and for persons with autism in partnership with Autism Society Philippines. SM Markets continues to serve various sectors by finding opportunities to share its business expertise and unlocking more livelihood opportunities for different communities.
Furthermore, TESDA Secretary Isidro Lapeña expressed his gratitude to SM for this social good collaboration, “One of our long time partners is SM foundation. They have been with us in delivering programs in the communities. Today’s event is another testament to SM’s unwavering commitment in helping the Filipinos through the enterprise-based training apprenticeship program with TESDA Region III.”
“Through this program, our learners will not only expand their skills and knowledge but will also be confident enough to explore bigger opportunities as soon as they complete their training,” he further added.
Aside from bringing sustainable farming skills and agri-opportunities in communities, SMFI, through its Kabalikat sa Kabuhayan, continues to partner with key agencies—both in the private and public sectors—to expand its reach and provide stakeholders from grassroots communities with livelihood opportunities.
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BRUSSELS/PRAGUE — Coronavirus infections broke records in parts of Europe on Wednesday, with the continent once again the epicenter of a pandemic that has prompted new curbs on movement and seen health experts push to widen the use of booster vaccination shots.
Slovakia, the Czech Republic, the Netherlands and Hungary all reported new highs in daily infections as winter grips Europe and people gather indoors in the run-up to Christmas, providing a perfect breeding ground for coronavirus disease 2019 (COVID-19).
New cases have jumped 23% in the Americas in the last week, mostly in North America, in a sign that region might also face a resurgence of infections.
The disease has swept the world in the two years since it was first identified in central China, infecting more than 258 million people and killing 5.4 million.
The European Centre for Disease Prevention and Control (ECDC), the EU public health agency, recommended vaccine boosters for all adults, with priority for those over 40, in a major shift from its previous guidance which suggested the extra doses should be considered for older frail people and those with weakened immune systems.
“Available evidence emerging from Israel and the UK shows a significant increase in protection against infection and severe disease following a booster dose in all age groups in the short term,” the ECDC said on Wednesday.
Many EU countries have already begun giving booster doses but are using different criteria to prioritize them and different intervals between the first shots and boosters.
ECDC head Andrea Ammon said boosters would increase protection against infection caused by waning immunity and “could potentially reduce the transmission in the population and prevent additional hospitalizations and deaths.”
She advised countries with low vaccination levels to speed up rollouts and warned of high risks of a further spike in deaths and hospitalizations in Europe in December and January if the recommended measures are not introduced.
World Health Organization chief Tedros Adhanom Ghebreyesus, acknowledging that Europe was again at the epicenter of the pandemic, warned against a “false sense of security” over the protection offered by vaccines.
“No country is out of the woods,” he told reporters, adding that he hoped a consensus can be found at a World Trade Organization ministerial meeting next week for an IP waiver for pandemic vaccines.
Sweden will begin gradually rolling out boosters to all adults, government and health officials said. Booster shots of mRNA vaccine have been offered to people aged 65 or above, with an eye to eventually extending the shots to other groups.
“We are faced with an uncertain winter,” Health Minister Lena Hallengren told a news conference. “You can contribute by staying home if you’re sick or by getting vaccinated if you haven’t already, and taking your booster when you’re offered it.”
Slovakia reported its highest daily rise in cases on Wednesday when the government approved a two-week lockdown to curb the world’s fastest surge in infections.
Restaurants and non-essential shops will close and movement will be limited to trips for essential shopping, work, school, or medical visits.
“The situation is serious,” Prime Minister Eduard Heger said, “We got here because the [existing] measures were not observed.”
VACCINATION RESERVATIONS
Neighboring Austria has already locked down this week for at least 10 days, becoming the first to reimpose such restrictions. It will also require the whole population to be vaccinated from Feb. 1, infuriating many in a country where skepticism about state curbs on individual freedoms runs high.
The Czech Republic reported its highest daily rise in infections, with cases surpassing 25,000 for the first time. The government is looking to institute mandatory vaccines for people over 60 and some professions, like healthcare workers.
Prime Minister Andrej Babis said on Wednesday the cabinet would debate more measures on Friday.
The Netherlands recorded more than 23,700 coronavirus infections in 24 hours, the highest number since the start of the pandemic, and the government will announce new measures on Friday.
Hungary reported a record 12,637 new daily COVID-19 cases.
Prime Minister Viktor Orban’s government, which opposes further lockdowns for fear of stifling the economy, launched a vaccination campaign this week, offering shots without prior registration.
Authorities in Russia, where daily coronavirus-related deaths are near record highs, said they were scouring social networks and media websites to find people spreading false claims about the dangers of vaccination.
France will announce new COVID measures on Thursday, while Italy is tightening curbs on people who have not been vaccinated, preventing them from going to cinemas, restaurants and sports events in new restrictions that come in from Dec. 6.
Portugal, one of the world’s most vaccinated countries, will give booster shots to a quarter of its population by end-January. Cases there reached a four-month daily high Wednesday.
Deaths remain far below January levels, however, and the infection rate is far lower than in most of Western Europe. — Francesco Guarascio and Jason Hovet/Reuters
Northwin Global City is poised to become Bulacan's first highly urbanized, world-class business district.
By Santiago J. Arnaiz
Last month, property giant Megaworld announced its latest township project, Northwin Global City, a P98-billion, 85-hectare development that aims to transform areas across Marilao and Bocaue, Bulacan into a thriving new global business district. As the company’s 28th township project to date, Northwin Global City promises to set a new golden standard for liveable, sustainable, and green global cities.
Strategically located along the North Luzon Expressway, less than an hour’s travel from many of Metro Manila’s primary business and transportation hubs, Northwin Global City caters first and foremost to the rising demand for commercial real estate in the country. Even as the nation continues on its slow recovery from the ongoing pandemic, businesses seeking to rebound following the rolling lockdowns and community quarantines have driven demand for office space in the Philippines to unexpected heights. According to data from Statista, the second quarter of 2021 saw office space demand in the country rise to 169,000 square meters, presenting a 39% increase in demand year on year.
Much of this demand, driven primarily by the information technology and business process management sector, is clustered around the city of Taguig, which accounts for the highest share of the country’s supply of office space. But while data shows businesses returning to workplaces in earnest as early as 2024, Kevin L. Tan, Megaworld’s chief strategy officer, expects that at least some of them won’t be flocking back to Metro Manila’s congested streets any time soon.
“We envision huge multinational companies to be operating [in Bulacan] once our commercial district and our office towers are completed,” he said. “Northwin Global City’s close proximity to Metro Manila, its ideal location just along the North Luzon Expressway, and the major transport infrastructure will be very favorable for the future locators and residents of this township.”
Catering to the holistic needs of a bustling community of professionals, Northwin Global City will also host residential condominiums, hotels, malls, mixed-use commercial buildings, educational institutions, and state-of-the-art office towers for BPOs and corporate headquarters. Beyond amenities, however, Megaworld’s vision for their latest township is a fully-realized, metropolitan hub for the world’s most innovative businesses. Equipped with the latest smart city technologies and designed to cater to the holistic wellbeing of its professional population, Northwin Global City aims to be a truly liveable city, presenting businesses with fertile grounds to build their futures.
“[We are] building a new city that will put the province of Bulacan on the global business map,” Mr. Tan said. “Finally, our vision of having a truly modern and global business district for Bulacan is coming to a reality.”
A new business hub on the rise
While Mr. Tan expects their new integrated urban township to be completed in the next 15 to 20 years, work is already under way on the development’s central business district, Northwin Main Street.
Patterned after New York City’s Fifth Avenue, the future beating heart of Bulacan’s new global city will see corporate buildings, shophouses, hotels, and commercial towers lining pedestrian-friendly streets and well-curated gardens and parks.
But unlike Manhattan’s sky-blotting skyline, Northwin Main Street will offer a more classical, breathable business district. Inspired by French architecture, the district’s shophouses will be built up to three-storey high, with lot sizes ranging from 250 square meters to 550 square meters. These would house retail, food and beverage outlets such as cafes, restaurants and bars, boutique hotels, and even outpatient clinics. Each shophouse may also offer residential or office space on its top floors.
Meanwhile, commercial buildings, with lot sizes ranging from 450 square meters to 750 square meters, may be built up to five-storey high. These would be exclusively for commercial establishments such as offices or boutique hotels.
Altogether, Megaworld plans to develop 145 prime shophouse and commercial lots across the 16 hectares of green spaces allocated for Northwin Main Street. The company projects sales from this project to reach around P6 billion.
According to Mr. Tan, Northwin Global City’s greenscapes play a pivotal role in their strategy for this latest township. More than pleasant scenery, the gardens and parks of the new global business district speak to a deeper strategy Megaworld has drafted for its vision of the future of business and lifestyle.
A breath of fresh air
As the nation gears up for a post-pandemic economic rebound, Megaworld believes that in order for workforces to deliver their best possible work, they need the best possible workplaces — spaces that provide not only comfort, but cater to the holistic wellness of its professional population. With its abundance of green spaces, Northwin Global City offers precisely that.
Amidst the New York-inspired thoroughfares and European architecture, nearly half of the city’s central business district will be allocated for green and open spaces. Wide, eight-lane main roads and avenues will be flanked by beautiful greenery. City blocks will be connected by promenades and walking parks designed for pedestrians on a stroll or on-the-go. All-in-all, forty percent of the entire township development will be dedicated to these green and open spaces — a massive boost to the Greater Metropolitan Manila’s glaring lack of natural spaces.
In 2019, data from the Department of Environment and Natural Resources showed that out of Metro Manila’s roughly 56,000 hectares, only 12,152 hectares of green space remained in the national capital region, representing 21.7%. In the capital city of Manila, that number was significantly lower, measuring only 3.7%. Studies show that a lack of green and open spaces pose a number of risks to a population’s holistic health, ranging from dangerous heat levels to mental health aggravators.
According to a 2019 report from the World Health Organization, Filipinos businesses lose over P100 billion in absenteeism and presenteeism costs associated with poor employee health. It’s a staggering figure largely shaped by the working environments most companies have little control over.
The scenic vistas along the North Luzon Expressway will transform as Northwin Global City rises.
Megaworld’s plans for a greener city promise a healthier future for its eventual tenants. The World Health Organization found that urban green spaces not only cool down notoriously hot metropolitan areas, called Urban Heat Islands, but also provide safe means of transportation for pedestrians, while promoting healthy physical and social activities among people. At 40 percent, Northwin Global City boasts green spaces even higher than that of world-renowned garden city Singapore. The island state currently has 30% of their land mass covered in greenery.
Amidst a growing mental health epidemic sweeping workplaces, green spaces “can reduce health inequalities, improve wellbeing, and aid in the treatment of mental illness,” the organization said. “Some analysis suggests that physical activity in a natural environment can help remedy mild depression and reduce physiological stress indicators.”
Megaworld’s commitment to building the metropolitan business hub of the future goes beyond green spaces as well. As part of its “iTownship” suite of innovations for sustainable modern living, Northwin Global City will also be fitted out with fiber optic and underground cabling systems for utilities, solar-powered LED street lamps for power efficient lighting, a modern sewage treatment plant, a central material recovery facility for waste recycling, an Intermodal Transport Terminal, and biking network facilities to integrate with its city-wide bike lanes.
Similarly, a state-of-the-art stormwater detention facility will be integrated into Northwin Global City’s infrastructure, to ensure the city’s year-round protection from annual floods. Earlier in July, continued rains saw work suspended and families displaced across Bulacan due to flood waters rising up to three meters. The floods affected 79 villages in the province, including 13 in Bocaue. With this latest township, Megaworld sees Northwin Global City as an opportunity to present the region’s most ambitious companies with a truly modern, resilient global city they can thrive in for decades to come.
Centrally located, infinitely accessible
Megaworld’s new township imagines a future they believe businesses will embrace wholeheartedly, both due to the promise it holds as a holistically designed global city and the convenience it offers with its central location, accessible to many of the infrastructural projects cropping up over the next few years.
“Since the township is just conveniently located along the North Luzon Expressway, and just 20 kilometers away from Metro Manila, this will be the nearest business district outside of the capital where companies and businesses can build their shops and offices,” said Noli D. Hernandez, Megaworld’s executive vice-president for sales and marketing. “We also encourage entrepreneurs to become part of this global business district, which will soon be just 20 minutes away from the much-anticipated New Manila International Airport in Bulacan.”
The new global business district will also host the Marilao-Bagong Ilog station of the Manila-Clark Railway project, the multibillion peso railway project expected to be fully operational by 2024. Future residents, locators, and visitors will be able to easily travel to Northwin Global City from not only Metro Manila but also areas as previously difficult to reach as Clark International Airport.
In fact, by the time it’s completed, Northwin Global City’s strategic location places it within easy travel distance from three international airports — in Bulacan, Clark, and Metro Manila — making it the perfect hub for multinational companies operating across regions.
Commuters will be able to travel to Northwin Global City by taking the Marilao Exit along the North Luzon Expressway, just five minutes away from the Philippine Arena. From the Ninoy Aquino International Airport, Makati Central Business District, and Bonifacio Global City, Northwin Global City can also be easily accessed via the Skyway 3. Under normal traffic conditions, commuters can expect travel times of less than an hour.
With this latest development, Megaworld is making a big bet on Bulacan, and for good reason. With its suite of “iTownship” innovations, abundance of green space, and central location, Northwin Global City promises to be both a shining addition to its impressive portfolio of township projects, as well as an exciting new setting for innovators and incumbents to build the future of business in the Philippines and beyond.
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INFRASTRUCTURE SPENDING in September went up by 25% as the government ramps up construction activities before the election ban on public works in March next year, preliminary data from the Department of Budget and Man-agement (DBM) showed.
Infrastructure and other capital outlays rose to P71.2 billion in September from P56.9 billion in the same month last year. The figure is also a tad higher than the P70.9 billion posted in August 2021.
Higher infrastructure spending can be attributed to preparations for the May elections, especially in anticipation of an election ban on some public works starting in March, Rizal Commercial Banking Corp. (RCBC) Chief Econo-mist Michael L. Ricafort said in a Viber message.
He said this further increases the infrastructure spending done to stimulate economic recovery from the effects of the pandemic.
The Commission on Elections (Comelec) said public works ban for the May national elections will run from March 25 to May 8, 2022. The public works ban covers disbursement and spending as well as construction activity. This is aimed at preventing politicians from using state resources for their election campaign.
UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the coming elections is the major reason for the spending spike.
“I am assuming that with 2021 almost done, infrastructure spending is being pushed harder. Plus, the current administration is soon stepping out and infrastructure development, its major policy centerpiece, is being maxim-ized,” he said in a Viber message.
In the first nine months of the year, infrastructure and capital outlays spending increased by 42.1% to P641.5 billion from P451.5 billion last year. This is also 8.86% higher than the programmed P589.3 billion.
In the third quarter alone, infrastructure spending went up by 39.9% to P214.9 billion from P153.5 billion last year. Third-quarter spending was also 26.6% higher than the programmed P169.7 billion.
“Growth could still be sustained as the elections draw closer, as well as to further pump-prime the economy to speed up the creation of more jobs and help expedite the economic recovery,” Mr. Ricafort said.
Infrastructure spending growth would likely continue its pace in the coming months, Mr. Asuncion said.
The government set a P1.02-trillion infrastructure budget for this year, which represents around 5.1% of the gross domestic product (GDP).
The Development Budget Coordination Committee raised the spending cap on the infrastructure program to P1.29 trillion or 5.8% of GDP for 2022.
Under the proposed 2022 national budget approved by the House of Representatives, P1.18 trillion was set aside for infrastructure.
THE PHILIPPINES’ balance of payments (BoP) position stood at a $1.141-billion surplus in October, the biggest surfeit in six months, according to the central bank.
Data released by the Bangko Sentral ng Pilipinas (BSP) on Tuesday evening showed the BoP surplus narrowed by 66.8% from the $3.435-billion surfeit in October 2020. This was the widest since the $2.614-billion surfeit in April, and a reversal of the $412-million gap in September.
“The BoP surplus in October 2021 reflected inflows arising mainly from the National Government’s net foreign currency deposits with the BSP and the BSP’s income from its investments abroad,” the central bank said in a state-ment.
The narrower trade surplus in October compared with a year ago shows that trade and investment have yet to return to their pre-pandemic levels, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said.
“Note that BoP is still consistent with the BSP’s humongous gross international reserves (GIR) and government borrowings,” Mr. Asuncion said in a Viber message.
In the first 10 months of 2021, the BoP position posted a $476-million surfeit, significantly lower than the surplus worth $10.313 billion seen in the same period of 2020.
Security Bank Corp. Chief Economist Robert Dan J. Roces said the BoP data suggests the economic recovery, as seen through trade, is still at its early stages.
He also pointed out that the October surfeit reflected the peso’s relative rebound versus the greenback during the month.
The local unit ended trading at P50.415 on Oct. 29, appreciating by 1.15% or 58.5 centavos from its P51 finish on Sept. 30. However, it was still weaker by 4.98% than the P48.023 close seen on Dec. 29, 2020.
“Against the backdrop of the nascent recovery, we expect the BoP to end the year in a small surplus and pointing to a weakening of the peso,” Mr. Roces said in a Viber message
At its end-October position, the BoP reflects the country’s GIR of $107.89 billion, increasing by 1.2% from the $106.6 billion as of end-September.
This level of foreign exchange buffers is enough to cover 7.9 times the country’s short-term external debt based on original maturity and 5.5 times based on residual maturity, the central bank said.
It is also equivalent to 10.8 months’ worth of imports of goods and payments of services and primary income.
Based on BSP projections, the BoP is expected to reach a $4.1-billion surplus by the end of this year. — Luz Wendy T. Noble
