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Treasury bureau rejects all bids for 7-year bonds

BUREAU OF THE TREASURY FACEBOOK PAGE

THE GOVERNMENT rejected all bids for reissued seven-year Treasury bonds (T-bonds) it offered on Tuesday as the market asked for higher rates due to expectations of further monetary tightening amid inflation pressures.

The Bureau of the Treasury  (BTr) did not accept any tenders for the reissued seven-year securities — which have a remaining life of six years and 10 months — it offered on Tuesday even as total bids reached P62.253 billion, higher than the programmed P35 billion.

Rates bid by participants ranged from 6.849% to 7%. Had the offer been fully awarded, the average rate for the bonds on offer would have reached 6.947%, 44.7 basis points (bps) higher than the 6.5% coupon and up 51.9 bps from the 6.428% average fetched for the series when it was first offered on May 17.

This is also 31.97 bps above the 6.6273% quoted for the seven-year tenor at the secondary market before the auction, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters after the auction that the government rejected all bids for the seven-year bonds as investors asked for too high a risk premium as they expect the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP) to continue raising borrowing costs.

“The market [was] providing too much buffer with expected aggressive rate hikes to come,” Ms. De Leon said.

“We are in the middle of US Fed and BSP hikes and the market is trying to be cautious also given persistent inflationary pressures. The market is still wary to invest aggressively given the bearish outlook for bonds in the months to come,” the first trader said.

“Aside from rate hikes, the BTr is about to release its borrowing program for the next month and as we transition to a new administration. So, market players are just really trying to be patient and vigilant about all these catalysts,” the trader added.

The second trader said investors want higher yields from longer bond tenors as inflation is expected to continue rising, with the average for this year expected to exceed the BSP’s 2-4% target.

The BSP last week raised benchmark interest rates by 25 bps for a second straight meeting to cool rising prices and continued to signal gradual normalization, even as it said it is prepared “to take all necessary policy action” to bring inflation within its target over the medium term.

The central bank raised its average inflation forecast for this year to 5% from 4.6% previously, well above its 2-4% target. For 2023, the BSP now sees inflation averaging 4.2% from 3.9% previously and then slowing to 3.3% in 2024, back within target.

Headline inflation stood at 5.4% in May, the fastest in three and a half years, amid the continued rise in food and fuel prices.

Meanwhile, a week after hiking rates by 75 bps, which was the biggest increase since 1994, Fed Chair Jerome H. Powell told a US Congress hearing on Thursday that the US central bank is committed to bringing down inflation despite risks of a downturn, but said it is not trying to engineer a recession.

Markets are pricing in another 75-bp hike at the US central bank’s July meeting as several Fed officials have said they would support more aggressive hikes as inflation remains high.

Tuesday’s T-bond auction was the last one for the month. The government raised just P88.937 billion via bonds against its P175-billion program for June after making partial awards and rejections due to rising rates.

With Treasury bill (T-bill) awards in June only reaching P62.414 billion against the P75-billion program, the government was only able to raise P151.351 billion out of its P200-billion plan for the month.

For July, the BTr wants to raise P200 billion from the domestic market, or P60 billion via T-bills and P140 billion from T-bonds. It is set to offer longer bond tenors next month, with maturities ranging as high as 14 years.

The government borrows from local and external sources to help fund a budget deficit capped at P1.65 trillion this year, equivalent to 7.6% of gross domestic product. — Diego Gabriel C. Robles

PBA vows to give opponents at EASL a ‘run for their money’

PBA COMMISSIONER WILLIE MARCIAL — PBA IMAGES

By John Bryan Ulanday

PHILIPPINE representatives have yet to be determined with the ongoing 2022 Philippine Basketball Association (PBA) Philippine Cup, but Commissioner Willie Marcial vows an all-out campaign to fly the flag high in the East Asia Super League (EASL) when it opens its inaugural season as the continent’s first regional league starting in October.

Ranged against the top ball clubs across different leagues in Asia, Mr. Marcial said whichever teams get to represent the PBA will hold their own — loud and proud — after finally determining the two groups for the eight-team EASL.

“The PBA is very excited to join the EASL. Mabigat ang laban natin sa EASL, but we will give the teams a run for their own money,” beamed Mr. Marcial after the official ceremony attended by EASL heads and respective officials of the founding leagues at the Shang-ri La The Fort, Manila on Tuesday.

“Abangan nila ang Pilipinas,” he added, looking forward to testing the mettle of the teams from the Korean Basketball League (KBL), Japan B.League, Chinese Taipei’s P.League+ and Greater China.

The PBA will field the top two teams from the ongoing All-Filipino Conference in the EASL with the pending champion landing in Group A and the runner-up in the powerhouse Group B.

Group A, after the draw rites led by CEO and founder Matt Beyer, has the PBA champion, KBL runner-up Anyang KGC, B.League runner-up Ryukyu Golden Kings, and P.League+ champion Taipei Fubon Braves.

The PBA runner-up fell in the loaded Group B composed of KBL champion Seoul SK Knights, B.League titlist Utsunomiya Brex and Bay Area Dragons from Hong Kong under the watch of legendary Australian mentor Brian Goorjian.

Bay Area will actually have Manila as its temporary home for the EASL tourney aside from a participation in the 2022 PBA Commissioner’s Cup as a guest team.

The eight EASL teams will slug it out in a home-and-away format starting on Oct. 12 until 2023 with the inaugural champion winning a $1-million grand prize.

But more than going toe-to-toe against neighboring leagues, Mr. Marcial and the PBA are looking forward to the EASL as a historic avenue to strengthen ties in the region all for the development and promotion of Asian basketball.

“It will be a mutual benefit for all the leagues as it will boost our partnership and relationship in the continent. It’s a big thing for basketball. We will showcase Asian basketball here in the EASL,” added Mr. Marcial, who will actually have separate meetings with KBL and B.League officials soon.

Mr. Beyer, who was also joined by B.League chairman Shinji Shimada, KBL commissioner Kim Hee-Ok and Bay Area representative Francesco Berre, echoed the same vision as EASL sets out a global vision.

“It feels like I’m still in the dream but when the games start, it will be reality. We want to see the entertainment value of Asian basketball rise. Our goal is to be a top-3 league in the world,” he said.

Adoro launches Eraserheads-inspired NFT Collection

UNDER the alias “Punk Zappa,” Eraserheads member-turned painter Marcus Adoro has just released his first non-fungible token (NFT) Artwork Collection in collaboration with the GIGILx, the metaverse arm of the GIGIL Advertising Agency. The collection dropped online on June 23, during the official art exhibit of the available NFTs, which took place in Tago Jazz Bar in Quezon City.

Each painting is inspired by the 2014 Esquire Magazine cover depicting the four bandmates crossing the street, ala The Beatles on Abbey Road. The first 20 pieces that were dropped are digitized versions of the Eheads calendar sets released earlier this year.

NFT collectors, experts, and general enthusiasts present at the event had the chance to reserve the digital artworks early, with prices ranging from 0.188 to 0.388 Ethereum (digital currency), which is equivalent to around P12,000-P25,000.

To further add to the experience of buying artworks off of the Punk Zappa collection, owners of the NFTs get access to special benefits, freebies, and utilities. Depending on how many artworks one collects, buyers have the chance to stay in Mr. Adoro’s La Union lodging for free, or even get surfing lessons from the man himself. Mr. Adoro aims to treat all his buyers like close friends, calling them “ZAPPAMILYA.”

The Punk Zappa moniker originates from a character that Mr. Adoro imagined for the alternative band Eraserheads’ sophomore album Circus. In an interlude on the tracklist, Zappa delivers an eccentric monologue, highlighting just how offbeat and punk-rock he is. The new EHeads NFT collection aims to keep the same spirit, as it is an expression of Mr. Adoro’s fun-loving self in painting.

“Basta [kapag] ginagawa ko mga ‘to, dapat masaya ako, lagi ‘to nakakatawa para sa akin (I should always be happy when I make these, this is always funny for me),Mr. Adoro told reporters during the launch, highlighting the whimsical nature of the EHeads calendar set NFT series.

Each item in the series is unique, with the alternative band’s members wearing different clothes, walking through different areas, or surrounded by assorted characters from pop culture. One version has the band walking to the beach in swim shorts and holding surfboards, while another shows them dressed up as superheroes like Batman, Superman, and Spiderman. “Lahat ito, parang may inside joke o kuwento. Well represented kaming apat lagi, equally cool. ’Yun ang pinakaimportante, dapat cool kaming lahat (All of these have an inside joke or story. All four of us are always well represented, and are equally cool. That is what is most important, we should all be cool),” Mr. Adoro said.

The Eraserheads guitarist sees visual art and painting as a refreshing alternative to music, even going as far as to say that he prefers it. “Mas gusto ko ang painting kasi tahimik siya. Wala man siyang tunog, pero ang dami siyang information na binibigay sa ’yo (I prefer painting because it is quiet. It may have no sound, but it gives you a lot of information),” Mr. Adoro explained. His paintings definitely have a lot to say, between the many characters, costumes, and cameos each iteration has to offer.

The Punk Zappa EHeads calendar series is the first collection to come from Mr. Adoro’s collaboration with GigilX. “Madami [pa] kami nakatupad na susunod dito, from the Gigil group (We will  have a lot more to do after this from the Gigil group),” said Mr. Adoro.

Aspiring ZAPPAMILYA who are unable to buy any artworks from the first collection can look forward to more collections in the future.

To see Punk Zappa’s NFT collection, go to punkzappa.com. — Martin Mariano Celiz

Fujifilm aims to be ‘total healthcare company’ 

FUJIFILM

DIGITAL film imaging company Fujifilm expects its medical systems business to make up a significant portion of its global sales target of over P1 trillion by 2024. Its goal now is to become known as a “total healthcare company.”  

Fujifilm, which began as photographic film manufacturer Fuji Photo Film, evolved over the pandemic to provide healthcare technologies like X-ray, computerized tomography (CT), magnetic resonance imaging (MRI), ultrasound, and endoscopy machines to Philippine hospitals. 

“We now have medical devices, copiers, and graphic machines. We want to deliver how Fujifilm diversified,” said Ryo Nagaoka, president of Fujifilm Philippines, Inc., in a virtual roundtable on June 22.   

In its tenth year of operations in the country, the company diversified into four segments: healthcare (medical equipment), materials (graphic systems, recording media), business innovation (office devices, printers), and imaging (cameras, photo printing).  

Over the pandemic, Fujifilm has installed medical equipment, such as mobile X-ray machines, in private and government hospitals, most notably in the Philippine General Hospital.  

“Even now we are still installing these. We have a variety of products [which] offer an entire solution proposal in order for hospitals to [have a] more flexible and effective workflow,” Mr. Nagaoka said.  

Fujifilm offers equipment integrated with information technology systems. The company expanded its services after it acquired the diagnostic imaging business Hitachi, Ltd. in 2020, which also covered in-vitro diagnostic systems and the picture archiving and communications system.  

It also recently secured Food and Drug Administration approvals for two products relevant to easing the pandemic crisis: the mobile digital X-ray system FDR Nano and the Fujifilm COVID-19 Ag Test Kit.   

“With our variety of core technologies… and through innovation, we developed new products and services,” said Mr. Nagaoka. “Now we are centering our promotion in terms of our medical systems.” — Brontë H. Lacsamana

Mega Global’s Batangas plant hits construction delay

CANNED sardines manufacturer Mega Global Corp.’s manufacturing plant in Santo Tomas, Batangas slated to be launched in July has faced delays, according to a company official said on Tuesday.

Marvin Tiu Lim, Mega Global’s chief growth and development officer said on the sidelines of the company’s launch of its Mega Bigay Sustansya Year 4 feeding initiative in Quezon City that the construction of the plant is delayed by a few months.

“The plant is almost 80% done. We were slated to open [in] July. It was a bit delayed. However, hopefully sometime October or November, we’ll be opening that facility already and we will be ready for production locally here in Luzon,” Mr. Lim said.

“It was delayed because of the weather and the fluctuation in prices of raw materials. But it’s not a significant delay, almost two to three months delay, which is okay for us. Some construction projects are delayed [for] years, for us, it’s two to three months,” he added.

The company announced in 2020 the construction of the Batangas plant, which is meant to augment production and boost its presence in Luzon.

Meanwhile, Mr. Lim said that Mega Global is planning to ask the government for another price increase for its canned products due to rising production costs.

He disclosed that the company previously secured the government’s approval for a P1 to P2 price increase.

“We’re slating for another [price increase]. However, we’re trying to hold it off as much as possible. Hopefully, this next [request] is around P1. We’ll try to keep it at that level only,” Mr. Lim said.

“We have not yet filed [the second price increase]. We’re still assessing the situation based on the fuel cost, on the volume of the fish being caught, and based on the raw materials,” he added.

Meanwhile, Mr. Lim said that Mega Global is launching a company next month that is related to the commercial business.

“We are planning to launch a very exciting company. This would be the commercial business of Mega. [The launch is] next month. We’ve been working on it for the past three years already,” Mr. Lim said.

“It will allow us to get a better network and also expand globally to make our products available to everyone in the world,” he added.

Moving forward, Mr. Lim said he is hoping that the company sustains its double-digit sales growth from the previous year despite challenges such as rising costs.

He added that Mega Global is “actively looking” for possible partnerships or acquisitions.

“We’re really banking on increased growth because of the situation, but we’re hopeful that we will come out of it stronger, the whole country and the whole world,” Mr. Lim said.

“We’re actively looking for partnerships, acquisition, anything that can help us grow the business and who is aligned to our company purpose and vision. So, if anyone out there wants to approach us, we’re more than welcome to discuss,” he added. — Revin Mikhael D. Ochave

Philippines one of the top 10 worst countries for workers for sixth straight year

The Philippines remained as one of the countries to have the worst violations of workers’ rights in the 2022 Global Rights Index by the International Trade Union Confederation. The ninth edition of the index documented and analyzed 148 countries according to 97 indicators derived from the International Labor Organization’s conventions and jurisprudence. The countries were rated from 1 to 5+ on the degree of respect for workers’ rights. With a rating of 5 or “no guarantee of rights,” this marked the sixth straight year that the Philippines was included in the top 10 worst countries for workers.

Philippines one of the top 10 worst countries for workers for sixth straight year

PVL Invitational kicks off on July 9 at Filoil Arena

PREMIER Volleyball League team captains — PVL

THE Premier Volleyball League (PVL) will hope to ride the momentum of its record-performance in its Open Conference early this year as it stages the PVL Invitational unfurling on July 9 at the Filoil Flying V Arena.

“We hope to sustain the momentum we gained in the Open Conference,” said PVL president Ricky Palou during Tuesday’s face-to-face Philippine Sportswriters Association Forum at the Century Park, Manila.

The country’s only professional volleyball league drew record crowd particularly in the playoff stage where all the venues they played for were either packed or near capacity.

The highest attendance in its history came in Game Two of the semifinal showdown between sibling rivals Creamline and Choco Mucho at the MOA Arena where 16,687 paying patrons graced the epic duel.

And that is the reason the league is bringing the Creamline-Choco Mucho elimination round game back to the MOA Arena on July 23 as well as the rest of its semifinals and finals games there.

“We’ve had problems last conference. That’s why we’re bringing the PVL to bigger venues during its crucial games,” said PVL commissioner Tonyboy Liao.

Open Conference third-placer Cignal HD and Army Black Mamba open up hostilities as the two collide at 2:30 p.m., followed by the duel between Choco Mucho and 2021 champion Chery Tiggo at 5:30 p.m.

Other teams also seeing action are PLDT and Petro Gazz while Japan’s Kobe Shinwa University and Chinese Taipei’s King Whale are the guest squads who will play straight in the round-robin semis.

Games will be aired live on One Sports (free-to-air Ch 41 and Cignal Ch 6) and One Sports+ (Cignal Ch 91 SD, Ch 261 HD) with both channels also available on Cignal’s OTT Platform, Cignal Play, with video on demand also available on the platform.

Matches will also be streamed on social media application KUMU and on the league’s official website pvl.ph. Livestream of the games will also be accessible on Smart GigaPlay, a platform exclusively for Smart subscribers. — Joey Villar

RCBC planning to borrow P200B under new bond and commercial paper program

RIZAL COMMERCIAL Banking Corp. (RCBC) has approved a P200-billion bond and commercial paper program to raise funds for its operations.

RCBC’s board of directors approved at a regular meeting held on June 27 the issuance of up to P200 billion in notes under its new peso-denominated bond and commercial paper program, the bank said in a disclosure to the stock exchange on Tuesday.

This new program is bigger than the P100-billion plan approved by its board in 2019. Proceeds from the fundraising exercises under the earlier program were used to support asset growth, refinance maturing liabilities and other general funding purposes in line with RCBC’s sustainable finance framework, the bank earlier said.

The latest issuance out the P100-billion plan was made in February, as the bank raised P14.75 billion via its offer of 2.25-year ASEAN (Association of Southeast Asian Nations) sustainability bonds.

RCBC’s net income jumped by 36% to P2.1 billion in the first quarter as its core businesses continued to grow.

In 2021, the bank booked a five-year-high net income of P7.083 billion, up by 41.1% from the P5.02 billion posted in 2020, following the better performance of its core businesses and the normalization of its loan loss provisions.

The Yuchengco-led lender’s shares closed unchanged at P19.50 apiece on Tuesday. — KBT

Art News Around The World (06/29/22)

WORKERS clean a restored Roman-era mosaic after it was put on display at its original site in Lod, now an Israeli city where an archaeological center has been inaugurated, Israel, June 27. — REUTERS/ AMIR COHEN

Magnificent ancient mosaic found near Tel Aviv returns home

LOD, Israel — An exceptionally well-preserved Roman floor mosaic, showing a rich variety of fish, animals, birds and ships, has returned to the site where it was first found in a Tel Aviv suburb after a decade-long tour of some of the world’s top museums.

The 1,700-year-old mosaic, from the late Roman period, was discovered in 1996 during highway construction work, but was not put on display until 2009, when sufficient funding to preserve it was donated.

The colorful mosaic, 17 meters (55 feet) long and about 9 meters (29 feet) wide, may have served as the foyer floor of a mansion in a wealthy neighborhood of Lod, near what is now Tel Aviv, the Israel antiquities Authority said in a statement.

“The owner was probably a very rich merchant because he travelled throughout the world and he saw things, like all the ships and the fish on display in the mosaic,” said archaeologist Hagit Torge from the Israel Antiquities Authority.

The design of the mosaic was influenced by North African mosaics and lacks any depiction of people, suggesting it may have belonged to a Christian or a Jew who wanted to avoid pagan attributes such as depiction of Roman gods, said archaeologist Amir Gorzalczany from the Israel Antiquities Authority. The mosaic will now be exhibited at an archaeological center built where it was found, in Lod. —  Reuters

HK Palace Museum aims to engage city’s youth with Chinese culture

HONG KONG — Hong Kong’s (HK) new Palace Museum, a gift from Beijing to mark the 25th anniversary of the territory’s return to Chinese rule, aims to engage the city’s younger generation with Chinese culture, its director said on Wednesday.

Spanning more than 30,000 square meters, the museum showcases more than 900 artefacts on loan from Beijing’s Palace Museum in the Forbidden City, including portraits from the Qing dynasty, calligraphy, and ceramics.

Of those, 166 works are considered “national treasures.”

“We need to promote the transmission and dissemination of Chinese culture,” museum director Louis Ng said ahead of the museum’s opening on July 2, a day after Hong Kong marks the anniversary of its handover from British to Chinese rule. “Especially for young people, we need to give them more opportunities to understand and appreciate Chinese culture.”

The museum sparked controversy when plans were unveiled in 2016, with critics saying there was a lack of transparency over the multibillion-dollar project and that it was presented as a done deal without public consultation.

A consultation period followed after the deal was announced.

Among the highlights at the museum, which comprises nine galleries, are paintings from the Tang and Song dynasties.

Funded by a HK$3.5-billion ($446 million) donation from the Hong Kong Jockey Club, the museum next to the Kowloon waterfront will also exhibit 13 pieces on loan from the Louvre Museum in Paris. — Reuters

In Italy, a glimmer of resurrection for art damaged in 2016 quakes

SAN SEVERINO MARCHE, Italy —  At the opening of a new museum in the picturesque Italian town of San Severino Marche, the guests of honor did not dress up. They were firemen in gear worn when they rescued artworks damaged in earthquakes in 2016 and now restored and on display.

The three main quakes, which hit central Italy between Aug. 24 and Oct. 30, 2016, killed more than 300 people and caused extensive destruction to homes, churches and museums.

Six years on, some of the recovered art has found a permanent home. Other pieces are waiting to go back to their rebuilt churches or be relocated.

In the Archdiocese of Camerino and San Severino Marche in the Marche region, 1,970 works of art were damaged, about half of them seriously. In bordering Umbria, thousands more were damaged when small churches and large basilicas crumbled.

“Art can be an inspiration for reconstruction, joy and hope,” Francesco Massera, archbishop of Camerino and San Severino Marche, said at the recent opening of the museum.

Its name, Museo dell’Arte Recuperata (Museum of Recovered Art), conveys the passage from sickness to health

“I feel like I am in a field hospital where survivors are treated until they are well,” said prominent Italian art critic Vittorio Sgarbi.

Some of the restored works are displayed next to photographs or videos showing dust-covered firemen rescuing them from the ruins.

EARTHQUAKE-PROOF ART ‘HOSPITAL’
AFTER a 1997 quake hit Umbria, damaging the Basilica of St. Francis in Assisi, the regional government decided to prepare for the next big one.

Since 2006, an industrial area outside Spoleto has been home to Italy’s first purpose-built facility to receive and restore art damaged in earthquakes.

The huge earthquake-proof elastic building with cutting edge technology is divided into hermetic sectors holding thousands of works of art.

The first, an emergency receiving area, is large enough for trucks to enter and unload. Huge vacuum tubes hanging from the ceiling remove dust.

The other sectors are individually climate-controled for each purpose — preventing further damage or deterioration, restoration, and storage while awaiting discharge.

The mesmerizing array of paintings, frescoes, statues, chalices, candelabra, vestments, reliquaries and ornate wooden crucifixes can be overwhelming for the visitor. Outside, dozens of church bells are lined up like sentries.

“It is very important to see the overall picture and that includes regular maintenance,” said art historian Giovanni Luca Delogu, 55, the Spoleto facility’s director.

“You can’t just intervene when there are tragedies like earthquakes. Some pieces already were in bad condition. Art needs constant care,” he said, walking amid hundreds of chunks of the shattered Church of San Salvatore in Campi, parts of which dated back to the 12th century.

The chunks, many with parts of frescoes still attached, have been sorted, tagged and assembled like puzzle pieces. They rest next to photographs of sections taken before the quakes.

The church’s two rose windows and an intricately carved stone screen panel that once joined the sides of an arch have been pieced together.

St. Benedict’s Basilica in nearby Norcia, the crown jewel of medieval architecture in Umbria’s Nera River Valley and a major tourist draw, is being rebuilt.

But the fate of smaller gems like San Salvatore in Campi or Santa Maria della Pieta in Preci is unclear.

Mr. Delogu allows parish groups into the depository to see the statues they once prayed before. Some are lent to towns for religious events of deep local pride, such as processions on the feast day of a patron saint.

“Even an earthquake cannot rupture some bonds,” he said. — Reuters

AstraZeneca, MedAsia partner for early detection of chronic kidney disease

ASTRAZENECA Philippines and MedAsia Medical Products Corp. have signed on June 24 an agreement to broaden access to urine albumin-to-creatinine ratio (uACR) machines, which detect how much albumin is present in the urine.   

Albumin, a protein found in the blood, can be an early sign of chronic kidney disease (CKD) if there is more than 30 mg/g of it in a patient’s urine.  

The uACR test, which can be done in doctors’ offices, hospitals, or diagnostic clinics, requires a lab sample of about two tablespoons of urine, and may be taken once a year.  

“CKD is highly underdiagnosed,” MedAsia general manager Oliver L. Lim said in a statement. “Now that our uACR machines are more accessible to patients, we are committed to helping AstraZeneca Philippines and the medical community in addressing the root of the problem.”   

In the same press release, Jo Feng, senior vice-president of AstraZeneca Asia Area, said, “By working in partnership throughout the entire patient care pathway, I hope we can tangibly improve CKD patient outcomes and support our healthcare systems for many years to come.”  

“We plan to make it more available in the barrios and in the clinics of primary care physicians so they can test patients right away,” added Mr. Lim in a June 24 event organized by AstraZeneca Philippines.  

One Filipino develops CKD every 40 minutes, per the National Kidney and Transplant Institute. CKD was the fourth leading cause of death in the Philippines in 2019, up from the sixth leading cause a decade earlier.   

About 59.3% of CKD patients worldwide are undiagnosed because they develop symptoms of kidney disease late into the disease, said Dr. Elizabeth Lapid-Roasa, a consultant of both the University of Santo Tomas Hospital and St. Luke’s Medical Center Global City.   

Symptoms such as swollen feet and shortness of breath happen usually at stages 4 or 5 — “when you’re almost needing dialysis or requiring a transplant already,” Dr. Roasa said. The second reason for the underdiagnosis is because people are not aware of their potential to become sick, she added.   

Patients with diabetes, high blood pressure, heart disease, and high cholesterol are at risk for CKD. So are those who smoke and are obese.  

The term CKD refers to a conglomerate of diseases, according to Dr. Nickson E. Austria, head nephrologist of Calamba Medical Center. While certain types may manifest early in life, others don’t, hence the importance of early screening.   

He added that bad lifestyle habits can make children more susceptible to CKD since parents influence how they eat and how active they are. 

June is National Kidney Month. — Patricia B. Mirasol 

 


Remote work is a boon to chronic kidney disease patients  

WORKING from home is a boon to chronic kidney disease (CKD) patients, according to the founder of a support group for patients with end-stage renal disease.  

“I work as a virtual assistant now,” said Reynaldo S. Abacan, Jr., founder and president of Dialysis PH Support Group, Inc., on the sidelines of a June 24 event organized by AstraZeneca Philippines. He added that many patients have similar remote jobs, such as online selling, that have flexible working hours. 

Using public transport is another major deterrent to office work, Mr. Abacan added in the vernacular, because CKD patients run out of breath while going up and down flights of stairs.  

Traveling out of town, meanwhile, entails securing medical clearance beforehand, as well as contacting a dialysis center in case an emergency dialysis session is needed on location.  

Nutrition also gets a boost from the work-from-home setup. “Once you eat out, your choices are … fast food, milk tea,” he said in the vernacular.  

Mr. Abacan, who does not have a family history of CKD, had glomerulonephritis, a type of CKD, as a child. He went undiagnosed until he was 20, when the disease was at stage 5.   

He told BusinessWorld what added to the burden on his kidneys was his fondness for chips and soda.  

“A bottle of Mountain Dew has a lot of tablespoons of sugar,” said Dr. Nickson E. Austria, head nephrologist of Calamba Medical Center. Dr. Austria also noted that all types of salt are still salt: “They’re all sodium chloride. Even Himalayan salt; it’s only pink because it has traces of certain minerals.”  

Dr. Elizabeth Lapid-Roasa, a consultant of both the University of Santo Tomas Hospital and St. Luke’s Medical Center Global City, advised being a discriminating consumer.  

“Instant noodles are culprits here. If you look at the sodium content, it’s more than the daily requirement already,” she said. She suggested workarounds for those on a tight budget, including adding vegetables like chopped carrots, not using all the seasoning that comes with the instant noodle packet, or replacing seasoning with herbs. 

Dialysis PH promotes CKD awareness, and also assists patients on the procedures for seeking government and private sector assistance to fund their medical expenses.  

“CKD changed the course of my life,” said Mr. Abacan in the vernacular. 

CKD is characterized by a gradual loss of kidney function over a period of time. Because the kidneys have been damaged, waste builds up in the body, and in turn causes other health problems. Symptoms in the late stages include swelling of the feet and ankles, shortness of breath, and fatigue and weakness. — Patricia B. Mirasol 

Megawide: Anti-dummy case vs officials dismissed due to amended PSA

MEGAWIDE Construction Corp. said on Tuesday that a court in Cebu had dismissed the criminal case filed against its officials for the alleged violation of the Anti-Dummy Law in connection with the operation of the Mactan-Cebu International Airport (MCIA).

“We received today, June 27, 2022, from the Regional Trial Court of Lapu-Lapu City, Branch 68, the Omnibus Order dated June 14, 2022, dismissing the criminal case” against the company’s officials in their capacity as directors of the GMR Megawide Cebu Airport Corp. (GMCAC), operator of MCIA, it said in a disclosure to the stock exchange.

Megawide officials involved in the case include Manuel Louie B. Ferrer, executive director for infrastructure development and chief corporate affairs and branding officer; Jez G. Dela Cruz, vice-president for corporate finance and planning; Edgar B. Saavedra, chief executive officer and president; and Oliver Y. Tan, director.

“The dismissal of the case was necessitated by the enactment of Republic Act No. 11659 (amended Public Service Act or PSA), signed into law last March 21, 2022, which clearly excluded airport operations and maintenance from the definition of a public utility; thereby, removing the applicability of the nationality restriction to GMCAC in operating the Mactan Cebu International Airport,” it said.

The company noted that the amended PSA has “completely eradicated any alleged violation of the Anti-Dummy Law.”

The newly signed law “applies to the Megawide respondents due to [its] retroactive effect,” it added.

In March, the company said that the officials involved had filed a motion to quash the case, citing the amended PSA.

According to the company, a joint resolution issued by the Office of the Ombudsman in July last year “found probable cause” against its directors and officers, who are also directors of GMCAC, “who all allegedly acted in conspiracy with one another, for violation of Section 3(e) of Republic Act No. 3019 or the Anti-Graft and Corrupt Practices Act.”

“The respondents allegedly acted with a common purpose and intention to allow foreign nationals to perform executive functions, particularly to manage and operate the Mactan Cebu International Airport in violation of the Anti-Dummy Law,” Megawide said, referring to the Office of the Ombudsman’s joint resolution.

The company maintained that it complies “with all the applicable laws, rules, and regulations covering the Concession Agreement for MCIA, and the government’s Public-Private Partnership program, since the project was officially awarded to the Megawide-GMR consortium in 2014.” — Arjay L. Balinbin

Meralco-PEDC power supply deal gets provisional approval

MANILA Electric Co. (Meralco) and Panay Energy Development Corp. (PEDC) have secured provisional regulatory approval for their power supply agreement for 70 megawatts (MW) to augment the electricity provider’s requirements for this year and the succeeding years.

In its order promulgated on July 27, 2022, the Energy Regulatory Commission (ERC) said it had verified the capacity covered in the agreement and found it “consistent” with Meralco’s 2022-2030 power supply procurement plan.

“Even with the 70 MW capacity procured by [Meralco], it still expects a power supply deficit equivalent to 792 MW in the year 2022. Thus, the procurement of new power supply through [a] bilateral contract in order to ensure continuous and reliable electricity for [its] customers is justified,” the regulator said.

It added that not addressing the deficit in a timely manner will expose the utility company’s consumers to the volatility of prices in the electricity spot market, which averaged at P5.21 per kilowatt-hour (kWh) in 2021.

The 15-year power supply agreement (PSA) had been forged after Meralco initiated a competitive selection process in which PEDC emerged as the winning bidder.

The provisional authority given to the contracting parties’ PSA is subject to conditions and modifications.

The application rates will be at P3.1079 per kWh at the minimum energy off-take at 75% plant capacity factor, and P2.3309 per kWh at 100% plant capacity factor, regardless of source.

The rates are subject to escalation as set in the applicants’ PSA. The commission has disallowed the renewal of the agreement.

“PEDC shall deliver the contracted capacity at all times, regardless of its source, subject to the rates and the terms as provisionally approved herein,” the ERC said.

It also said that in the event that the final rate is lower than that provisionally granted, the amount corresponding to the reduction will be refunded by PEDC to Meralco, which will credit the same to the electric bills of consumers.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — VVS