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DoE wants oil deregulation law amended

PHILIPPINE STAR/ MICHAEL VARCAS
Global oil prices have spiked in recent weeks due to lack of supply and strong demand as more countries reopened. — PHILIPPINE STAR/ MICHAEL VARCAS

THE DEPARTMENT of Energy (DoE) on Tuesday urged Congress to amend the oil deregulation law, saying the country is now facing a “prolonged oil price spike” due to high global demand and tight supply.

“It is respectfully prayed that Congress amend the Oil Regulation Law, among others, to provide a framework for the government to intervene and address sudden prolonged oil price spikes; require the unbundling of the cost of retail products to determine their true and the passed-on cost,” Energy Secretary Alfonso G. Cusi said in separate letters sent to Sen. Sherwin T. Gatchalian and Pampanga Rep. Juan Miguel M. Arroyo.

Copies of the letters sent to the heads of the Senate and House committees on energy were provided by the DoE.

Pump prices have increased for the eighth straight week. Local oil firms on Monday raised gasoline prices by P1.8 per liter (/L), and increased diesel and kerosene prices by P1.5/L and P1.3/L, respectively.

Mr. Cusi attributed the sudden global demand for oil to the surge in economic activities as more countries have contained the coronavirus disease 2019 (COVID-19) outbreak; production slowed down; increased stockpiling ahead of winter; and international sanctions on oil-rich nations such as Iran and Venezuela.

He said global demand stood at 103.22 million barrels per day (bpd) versus the supply of 100.32 million bpd as of Oct. 16.

The Energy chief estimated that the country consumes 425,000 bpd, which is equivalent to around 0.4% of global supply.

To address the impact of the soaring oil prices on consumers, Mr. Cusi said the DoE has asked industry stakeholders to extend discounts to the public transport operators, and revisited previous platforms on subsidy.

He said the DoE has an existing circular, issued in 2019, wherein oil firms are required to unbundle the cost of petroleum retail products to determine if these can be lowered. However, some oil companies opposed the circular and were able to secure restraining orders for its implementation.

In a separate statement, the DoE said that the unbundling of oil prices will contribute to its goal of establishing price trends for oil and finished petroleum products.

It added this will ensure a “level playing field” among oil industry participants while upholding the best interests of consumers. — AYY

Digital transformation to create P5 trillion in annual economic value for PHL — Google report

REUTERS
A Filipino uses a mobile phone in Parañaque, Aug. 7, 2018. — REUTERS/ERIK DE CASTRO

DIGITAL TRANSFORMATION is estimated to create up to P5 trillion in annual economic value for the Philippines, a report commissioned by Google Philippines showed.

Fraser Thompson, AlphaBeta founder and managing director, said at a virtual briefing on Tuesday that P3.5 trillion will be driven by technologies that would assist businesses in mitigating the economic impact of the coronavirus disease 2019 (COVID-19) pandemic.

Economists at Singapore-based AlphaBeta prepared the report for Google Philippines.

Key technologies include artificial intelligence, Internet of Things (IoT), mobile internet; cloud computing; big data; financial technology; advanced robotics; and additive manufacturing.

“The sectors projected to be the largest beneficiaries are the consumer, retail and hospitality; education and training; and agriculture and food sectors. By allowing the creation of new business models and productivity savings, these technologies could create significant economic value for the Philippines,” the AlphaBeta report said.

“By generating productivity gains, revenue boosts, cost savings, and GDP increments, digital technologies can unlock up to P5 trillion worth of economic value annually in the Philippines by 2030,” it added.

Mr. Thompson said digital adoption is important for the Philippines to become more resilient, especially after the pandemic.

“Beyond its immediate economic impacts, the COVID-19 pandemic is likely to have long-term implications in three aspects of the Philippine economy, namely: the emergence of a hybrid workplace that supports digital freelancing; accelerating the shift towards digital payments, and severe disruptions to the business operations of small enterprises,” Google Philippines Country Director Bernadette Nacario said.

However, Mr. Thompson said the Philippines is facing obstacles in achieving digital transformation such as low digital adoption, lack of awareness, gaps in access, digital skills gap, and complex regulations.

“Only 26% of micro, small, and medium enterprises (MSMEs) were aware of digitalization programs offered. Meanwhile, 32% of households in the National Capital Region (NCR) had access to the internet, but only 5% (had access) in rural regions such as the Bicol province,” he said.

He said the Philippines should enhance digital skills training and education; accelerate digital adoption and innovation; and promote digital trade opportunities.

“Across these three areas, Google is already making contributions through a range of programs such as reskilling and upskilling current workers digitally, providing capacity-building support for businesses, and developing digital platforms to promote domestic exports,” Mr. Thompson said. — Revin Mikhael D. Ochave

Pandemic sets back SNAP’s Alimit hydro complex

ALIMIT River — IPM FILE PHOTO

By Angelica Y. Yang, Reporter

SN Aboitiz Power (SNAP) said the global health emergency had pushed back the timeline of its planned Alimit hydropower complex in Ifugao province.

“The project has been put on hold since ground engagements and activities are restricted due to the COVID-19 (coronavirus disease 2019) pandemic,” SNAP President and Chief Executive Officer Joseph S. Yu told BusinessWorld over e-mail through the firm’s communications department on Oct. 18.

The hydropower complex has already completed its feasibility study, secured the free prior and informed consent of indigenous communities, and has received an environmental compliance certificate from the Environment department, Mr. Yu said.

He said the project is set to be implemented over phases, with the first phase covering the construction of the 120-megawatt (MW) Alimit plant and 20-MW Olilicon plant.

“The capital outlay for this phase is expected to be between $500 [million] to $600 million,” Mr. Yu said.

The second component is the 250-MW Alimit pumped storage facility.

The SNAP official also gave updates on SNAP-Magat’s planned battery energy storage system project in Ramon, Isabela. The facility, which has a capacity of 20 MW, will be mainly used for ancillary services.

“Early work activities have been completed and SNAP is looking at the second half of 2024 for the start of commercial operation,” Mr. Yu said, referring to the project.

According to him, SNAP continues to look for ways to expand its renewable energy portfolio.

“In line with our purpose of powering positive change, we continue to seek opportunities in renewable energy as we work toward our goal of contributing to the country’s sustainable energy future,” Mr. Yu said.

Last week, SNAP announced that it had secured a 10-year power supply deal with Singapore-based power producer Nexif Energy.

Nexif Energy will be supplying solar power to SNAP sourced from its 75-MW solar facility in Calabanga, Camarines Sur.

SNAP is a joint venture of listed holdings firm Aboitiz Power Corp., and Oslo-based renewable energy provider Scatec.

AC Energy to fully own Australia joint venture

FACEBOOK.COM/OFFICIALACEN

AYALA-LED AC Energy Corp. is moving to fully acquire ownership of renewable energy (RE) platform UPC\AC Renewables Australia, after announcing that its management has cleared the decision to buy the remaining stake of its joint venture partners in the foreign company.

In a press release on Tuesday, the listed power firm said its board of directors had given the green light for AC Energy’s subsidiary AC Renewables International Pte Ltd. to spend $243.3 million in buying the 52% interest held by its partner UPC Renewables Asia-Pacific Holdings and UPC\AC Renewables Australia’s Chief Executive Officer Anton Rohner.

The two sellers will subsequently subscribe to up to 942 million common shares of AC Energy at a subscription price of P11.32 apiece.

The company said the acquisition is contingent on the fulfillment of conditions, and will depend on consent and regulatory approval, including that of the Foreign Investment Review Board of Australia.

“This transaction marks a strategic pivot for AC Energy, as the company embarks on its first wholly-owned development and operations platform outside of the Philippines,” said Eric T. Francia, AC Energy president and chief executive officer.

“We are excited to scale up investment in our Australia platform, as we expect the country to accelerate its energy transition,” he added.

Established in 2018, UPC\AC Renewables Australia has developed more than 8,000 megawatts (MW) of an RE pipeline spanning New South Wales, Tasmania, Victoria, and South Australia.

It is currently developing a 520-MW solar farm in New England.

In a related development, AC Energy said that its board of directors had approved the company’s commitment to achieve net zero by 2050.

In another disclosure on Tuesday, the firm said its board also cleared the move to fully transition the company’s generation portfolio to RE by 2025, adding that it now has authority to work on an early retirement plan for South Luzon Thermal Energy Corp. (SLTEC).

AC Energy fully owns SLTEC, which runs a 270-MW coal-fired power plant in Calaca, Batangas.

The firm said it is looking at using an energy transition mechanism (ETM) for the plant’s early retirement. The ETM is a funding mechanism that has low cost and long-term financing geared towards early coal retirement, while allowing for the reinvestment of proceeds to enable RE projects.

“We remain committed to AC Energy group’s coal divestment policy. In the case of SLTEC, we will ensure that the divestment process incorporates the just transition approach,” Mr. Francia separately said on Viber.

AC Energy also has the go signal to fully acquire five companies, it said.

“The company will assign 100% of its equity in Palawan 55 Exploration and Production Corp., Bulacan Power Generation Corp., One Subic Power Generation Corp., CIP II Power Corp., and Ingrid 3 Power Corp., valued at P3.39 billion, in exchange for 339 million primary shares to be issued by ACEX (ACE Enexor, Inc.) to the company at a price of P10.00 per share,” the company said.

ACE Enexor is the Ayalas’ oil and gas exploration unit, which is majority-owned by AC Energy.

AC Energy hopes to “spin-off” all its thermal assets by 2025.

In addition, the firm is looking at acquiring the ownership interest of UPC Philippines Wind Co. BV and a certain “Stella Marie L. Sutton” in nine power companies for an aggregate amount of P4.5 billion.

AC Energy plans to issue up to 390 million common shares to the owners, affiliates and partners of UPC Philippines at P11.32 apiece.

AC Energy, the listed energy platform of the Ayala group, has an attributable capacity of around 2,600 MW across the Philippines, Vietnam, Indonesia, India and Australia.

The company aspires to reach 5,000 MW of RE capacity by 2025 as it hopes to become the region’s largest listed renewables platform.

AC Energy shares at the local bourse rose by 10% or P1.08 to finish at P11.88 apiece on Tuesday. — Angelica Y. Yang

PLDT to build PHL’s ‘biggest’ data center for global tech giants

BW FILE PHOTO

PLDT, Inc. announced on Tuesday that it would build a data center for global technology organizations with immense network, power, and space requirements.

“PLDT, together with ePLDT, is set to build the first and biggest data center in the country designed to service the massive power and IT requirements of global hyperscalers,” the company said in an e-mailed statement.

The data center, which will be telco neutral, is expected to support the needs of global technology giants and cloud service providers that are expanding in the region.

PLDT Enterprise in June said the Philippines is now regarded as an emerging data center market, as major data center hubs in Southeast Asia, especially Singapore and Hong Kong, face challenges.

Singapore has issued a moratorium to freeze data center construction in the country due to sustainability concerns and landmass shortage.

PLDT Enterprise has also said that some hyperscalers are building new subsea cable systems landing in the Philippines.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Del Monte, Vinamilk launch new dairy product line

THE joint venture of Del Monte Philippines, Inc. (DMPI) and Vietnam Dairy Products JSC (Vinamilk) launched a new range of dairy products on Tuesday, marking their entry into the Philippine dairy market.

In a virtual briefing on Tuesday, Del Monte-Vinamilk Commercial Head Eileen Asuncion introduced the new product selection under the joint venture, which consists of Del Monte-Vinamilk Fresh Milk, IQ Smart Flavored Milk, YoGurt Drink, and Tea Bliss Milk Tea.

Ms. Asuncion said that the new products are already available in supermarkets and groceries across the country, as well as in Del Monte e-commerce stores in Shopee and Lazada.

“We live under new normal conditions. With parents and children working and attending classes side-by-side, parents also have a heightened appreciation of how their kids struggle to keep their focus and energy up for school. We recognize that the world has changed, and as such, we strive to provide products that will help address emerging concerns in this new world,” Ms. Asuncion said.

Further, Ms. Asuncion told reporters that the joint venture is targeting at least 10% local dairy market share in the immediate term.

She added that the joint venture between Del Monte and Vinamilk is a “real joint venture” and not just a distribution agreement.

“The product presented are actually developed specifically for the Philippine market. This is not just a distribution agreement. It is a joint venture, a partnership from end-to-end,” Ms. Asuncion said.

Meanwhile, DMPI Chief Operating Officer Luis F. Alejandro said there are plans for the local production of the new dairy products, which will depend on the success of the joint venture.

Mr. Alejandro said the company has 26,000 hectares of pineapple plantation in Bukidnon and its own cattle as part of its agreement with the Department of Agriculture.

“We have the land. We think that if in the future, our success justifies local production and it is feasible, then we will explore this,” Mr. Alejandro said.

“With Vinamilk bringing its expertise for dairy manufacturing and innovation to the partnership, DMPI, on the other hand, will leverage its extensive distribution presence across all channels in the country,” he added.

In August, the company announced that it had entered into a “strategic alliance” with Vinamilk. Both companies will be giving 50% to the total investment capital of the joint venture.

“The joint venture will import dairy products from Vinamilk, and market and distribute them in the Philippines through DMPI,” it said. — Revin Mikhael D. Ochave

Indian car rental platform Zoomcar to enter PHL

INDIAN car rental company Zoomcar announced on Tuesday that it would soon enter the Philippine market.

Zoomcar “will soon be launching” its operations in the Philippines, the company said in an e-mailed statement.

The India-based company has appointed Gene Angelo P. Ferrer as vice-president and country head for the Philippines.

“Against the backdrop of COVID-19 (coronavirus disease 2019), there are a lot of inherent tailwinds, which is really helping us capture more of the consumer mindset and gain market share. People want to get out and travel and they want to be social again,” Zoomcar Chief Executive Officer and Co-Founder Greg Moran said.

“The Philippines has low levels of vehicle ownership but large, upwardly mobile populations, and it’s the perfect opportunity for us to leverage because there’s simply no vehicle accessibility and affordability is a huge constraint,” he added.

The Philippines, according to the company, would serve as a model for its future expansion into other Southeast Asian countries.

Zoomcar was launched in India in 2013. The platform allows users to rent cars by the hour, day, week, or month.

“What I am most looking forward to is to see how Zoomcar can uplift the Filipino people through our proposition of establishing a secondary income stream without sacrificing their existing day jobs,” Mr. Ferrer said. — Arjay L. Balinbin

Through a 17-year-old’s lens

SOME of the works of Angelo B. Liwanag from his exhibit ‘The World Through Privileged Eyes’

AT THE age of 12, Angelo B. Liwanag took a photo with his phone. That simple act was the start of his interest in photography which has led to a full-fledged exhibit at the age of 17.

“I started photography because I took a photo through my phone. And then I really liked the composition and how it worked,” Mr. Liwanag recalled.

His father, whose hobby is also photography, got him a proper camera, and they would talk about such things as settings, composition, and editing.

Young Mr. Liwanag finds inspiration in the works of such photographers as Canada’s Peter McKinnon, Annie Leibovitz of the USA, and Filipino photographer Billy Mondonedo.

TRAVEL AND PHOTOGRAPHY
“I’m very lucky for my first photography project to be an exhibit,” Mr. Liwanag said in a video call with BusinessWorld.

The exhibit — “The World Through Privilege Eyes” at the Avellana Art Gallery —  focuses on street scenes and scenery taken during trips to Boracay, San Francisco, and Japan, among other places. Mr. Liwanag acknowledged that these are places that “not most people can go to and have the opportunity to go.”

On show are 51 pictures shot on Fujifilm X100F and Fujifilm X-Pro 2.

The young photographer said that he prefers taking street photography with neon lights as a favorite element.

“What I love doing the most during street photography is shooting with a prime lens. You have to really walk around and be in the moment,” he said.

Mr. Liwanag also aspires to learn about film and cinematography, but at the moment, photography is his primary focus. “I just want to get vaccinated and then, go out.  Not really travel, but just walk around the city when I can, and take photos,” he said.

“The World Through Privileged Eyes” is on view until Oct. 30 at Avellana Art Gallery, 2680 F.B. Harrison St., Pasay City. Viewing is by appointment from Mondays to Saturdays (10 a.m. to 6 p.m.). To schedule a visit, contact 8833-8357 or 0920-950-5759, or e-mail avellana_gallery@yahoo.com. — M.A.P. Soliman

Musical on Lapulapu is the Met’s first show

THE VERY first production to be presented in the newly restored Metropolitan Theater since it closed it its doors in 1996 will be a musical on Lapulapu and the first circumnavigation of the world.

Lapulapu, Ang Datu ng Mactan will stream online on Oct. 24, 6 p.m.

A production of the National Commission for Culture and the Arts (NCCA), the musical is part of the Quincentennial Commemorations in the Philippines, and National Indigenous Peoples’ Month.

“The Met is standing ready again to continue with its mission as a structure that will bring together artists and cultural workers and people to have an experience of Philippine culture and arts,” NCCA OIC-Executive Director Marichu G. Tellano said during an online press conference on Oct. 12.

“As a contribution to the National Quincentennial Celebration on the 500th year of the first circumnavigation of the world and the Battle of Mactan, we offered the Met as a venue for this production,” she added.

The production had been postponed twice — it was originally scheduled to premiere on April 28 this year along with the opening of the theater, then on Aug. 30 alongside the celebration of National Heroes’ Day. Both times, the show did not go on because the COVID-19 pandemic got in the way.

With libretto written by award-winning poet and lawyer Nicolas B. Pichay set to music by Krina Cayabyab, Lapulapu, ang Datu ng Mactan is directed by Dexter M. Santos (Ang Huling El Bimbo; Orosman at Zafira) with choreography by Stephen Viñas and Kenneth Torres. NCCA Chairperson Arsenio “Nick” Lizaso is the production’s artistic director.

“In this play we look back and give clarity on how Lapulapu became instrumental to our independence. It is also the story of our people who are not written in history books,” Mr. Pichay said.

The play unpacks the many events commemorated this year, including the victory at Mactan in 1521, as told from the point of view of the mysterious Lapulapu; the circumnavigation of the world, as told from the point of view of the trip’s chronicler Juan Sebastian Elcano; and the arrival of Christianity in the Philippines, as seen by Reyna Juana.

The musical explores how history — and what people choose to learn from it — contribute to cultural identity and to the strength of any nation.

“In writing the play, I included elements of history, myths, and the mysterious elements of time,” Mr. Pichay said, adding that the story includes themes of courage and unity.

“I hope the play helps in unifying us as a steadfast nation and courageous people,” he said.

Leading cast is theater actor Arman Ferrer, who plays Lapulapu, with Andre Tiangco in role of Ferdinand Magellan, Red Nuestro as Rajah Humabon, Cara Barredo as Reyna Juana, Natasha Cabrera as Babaylan, Paw Castillo as Enrique de Malacca, Robert Barbers as Juan Sebastian de Elcano, Al Gatmaitan as Antonio Pigafetta, and Ivan Niccolo Nery as Pope Alexander XI and Padre Pedro de Valderrama.

The production team includes Adriana Agcaoili as creative director, Gino Gonzales as production designer, Dennis Marasigan as lighting director, and GA Fallarme as video designer.

Aside from the main theater which seats 990 (reduced from 1,600), the newly restored Metropolitan Theater includes a cinema with a Dolby Atmos audio system. The Met’s grand opening is now scheduled on Dec. 10 (www.bworldonline.com/a-long-awaited-revival/).

Lapulapu, Ang Datu ng Mactan will be streamed simultaneously on the official Facebook pages of The Metropolitan Theater, the NCCA, Radio Television Malacañang, the Presidential Communications Operations Office, the National Historical Commission of the Philippines, and the National Quincentennial Committee on Oct. 24, 6 p.m. Streaming dates on platforms ktx.ph, TFC, and iWantTV will be announced at a later date. — Michelle Anne P. Soliman

Enrique Razon, Lance Gokongwei join AB Capital Group’s board of directors

THE AB Capital Group named new directors on Monday evening, which include Enrique K. Razon, Jr. and Lance Y. Gokongwei, as the investment house is now under the control and management of private investment holding firm The Campden Hill Group, Inc.

“Viscal Investment, Inc. remains a minority shareholder and partner of the group,” AB Capital Group said in a statement published on Twitter, adding that its operations will continue uninterrupted.

Antonio Jose U. Periquet, Jr., the chairman and president of The Campden Hill Group, will also sit as chairman of AB Capital’s trust and investments arm, AB Capital & Investment Corp. (AB Capital Trust).

Ports tycoon Mr. Razon and JG Summit Holdings, Inc. President Mr. Gokongwei were named as AB Capital Trust’s new directors, along with Century Pacific Food, Inc. Executive Chairman Christopher T. Po, Frank S. Gaisano, Lamberto M. Santos, Jr., and Michael B. Zalamea.

Meanwhile, Mr. Zalamea was also named chairman of the AB Capital Group’s stock investing unit, AB Capital Securities, Inc.

AB Capital Securities directors include Mr. Santos, Luis Miguel Aboitiz, Juan Kevin G. Belmonte, Ma. Elena L. Morris, Mariana M. Ongpin, and Ericson C. Wee.

The AB Capital Group said the changes will be bringing in “a new, sharper, and more rewarding trading experience.” — Keren Concepcion G. Valmonte

Gov’t rejects all bids for reissued 10-year bonds

THE GOVERNMENT rejected all bids for its offer of reissued Treasury bonds (T-bonds) on Tuesday as investors asked for higher returns due to lingering inflation concerns.

The Bureau of the Treasury (BTr) turned down all tenders for its offering of reissued 10-year Treasury bonds (T-bonds), which have a remaining life of five years and six months.

The BTr did not award the bonds even as the offer fetched P34.062 billion in tenders during Tuesday’s auction, lower than the P35 billion on the auction block and the P65.091 billion in bids recorded the last time the BTr offered the bond series on June 22.

Had it made a full award of the papers, the average yield on the 10-year bonds would have jumped by 169.8 basis points to 4.883% on Tuesday from the 3.185% fetched when the series was last offered.

Still, this would have been slightly lower than the 4.9% quoted for the 10-year tenor at the secondary market prior to the offering, based on PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website.

Meanwhile, the five-year bonds, the nearest benchmark tenor to the remaining life of the papers on offer on Tuesday, was quoted at 3.8109%.

National Treasurer Rosalia V. de Leon said the government decided to reject all bids for Tuesday’s offer as investors submitted rates “like an arm and a leg.”

She said the market is asking for higher returns as inflation concerns linger and due to expectations that the US Federal Reserve would begin tapering its asset purchases soon.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno on Monday said raising benchmark rates “too early” would harm economic recovery and that there would be no policy adjustments until the end of the year.

He said the elevated inflation seen in recent months is transitory and is because of low supply.

Headline inflation stood at 4.8% in September, easing from the 4.9% recorded in August. For the first nine months, inflation averaged at 4.5%.

Meanwhile, the Fed last month said it could start reducing its monthly bond purchases as soon as November and signaled interest rate increases may follow more quickly than expected.

Ms. De Leon said despite Tuesday’s auction result, the government has no urgent need to borrow as it is in a “strong cash position supported by improving revenue collection and expected ODA (official development assistance) inflows.”

A trader said the reissued 10-year paper’s average yield would have been too high compared with secondary market yields if the BTr had made a full award.

“This may have mirrored yields of US Treasuries [that] rose at the belly of the curve. Despite the BSP saying that they may not raise rates, local and foreign inflation remain concerns and other central banks abroad may decide to take action.”

A second trader said in a Viber message that the market “seems not inclined to take more risks at this point, which led to higher asking rates.”

The trader added that Mr. Diokno’s recent dovish statements could help calm down the market.

The BTr is looking to raise P200 billion from the local market this month: P60 billion from weekly offers of Treasury bills and P140 billion from weekly auctions of T-bonds.

The government wants to borrow P3 trillion from local and external sources this year to help fund a budget deficit seen to hit 9.3% of gross domestic product. — Jenina P. Ibañez

Beware of fake stem cell treatment claims for COVID-19 

NUMEROUS BUSINESSES have made unsubstantiated and inaccurate claims about supposed stem cell products to treat coronavirus disease 2019 (COVID-19), researchers said in a paper on Thursday in the journal Stem Cell Reports.  

Their paper cites more than 20 companies that have received warning letters from the US Food and Drug Administration or Federal Trade Commission for promoting unlicensed stem cell treatments for COVID-19.  

Exactly how many businesses are involved in manufacturing or selling these bogus products directly to consumers is unknown, according to the authors.  

Stem cells, from which other cells with specialized functions can be generated, are presently used to treat only a few diseases and conditions. No such therapy has been approved by government regulators for preventing or treating COVID-19.  

Many advertisements falsely claim their therapies’ effectiveness and safety are supported by evidence.  

“The spread of such misinformation has potential to cause real harm to patient safety and public health by making it difficult or impossible for patients and other members of the public to distinguish evidence-based scientific claims from pseudoscience and quackery,” the authors said. — Reuters 

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