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Synergy Grid gets approval for P1.15-B offering

THE corporate regulator has given the green light for listed holdings firm Synergy Grid & Development Philippines., Inc.’s follow-on public offering of up to P1.15 billion.

“In a letter dated Oct. 7… the Securities and Exchange Commission favorably considered the registration statement filed by the company covering the registration of securities of up to 1.15 billion common shares with a par value of P1 per share,” Synergy Grid said in a recent disclosure.

The price of the shares will range from P15 to P25 per offer share.

Synergy Grid said it will list and trade the securities on the main board of the Philippine Stock Exchange, but this will be contingent on the firm’s submissions of certain documents.

In its preliminary prospectus, the company said the offer’s proceeds will be used to primarily subscribe to the nonvoting preferred shares to be issued by the National Grid Corp. of the Philippines (NGCP).

NGCP is Synergy Grid’s sole operating asset.

In another regulatory filing, Synergy Grid said that JPMorgan Securities plc will not be participating as one of the joint global coordinators and bookrunners of the follow-on offering, citing that this was a “commercial decision” agreed upon by both entities. — Angelica Y. Yang

Bolshoi Theater performer killed in accident on stage during opera

MOSCOW —  A performer at Moscow’s renowned Bolshoi Theater was killed on Saturday in an accident on stage during an opera, the theater said.

The Bolshoi, one of Russia’s most prestigious theaters, said the incident occurred during a set change in Sadko, an opera by Russian composer Nikolai Rimsky-Korsakov.

“The opera was immediately stopped and the audience was asked to leave,” the theater said in comments carried by the Interfax news agency.

Moscow investigators said they were probing the circumstances surrounding the death of the 37-year-old performer, a man. It did not disclose his identity.

The Interfax news cited a source as saying that the performer was crushed by a ramp during a change of scenery. Sources told the RIA and TASS news agency he had been killed by a falling piece of decor. — Reuters

CA upholds MB decision to charge former RCBC Bacolod branch manager

THE COURT of Appeals (CA) Manila 11th Division upheld an administrative indictment against a former Rizal Commercial Banking Corp. (RCBC) Bacolod branch manager for unsound banking practices, the Philippine Deposit Insurance Corp. (PDIC) said.

The court upheld the Bangko Sentral ng Pilipinas’ Monetary Board’s (MB) resolution directing the filing of a formal charge against Andrew A. Jereza.

Mr. Jereza had accepted second-endorsed crossed checks for a deposit to an account other than the payees of those checks, the PDIC said in a statement on Tuesday.

He is charged with conducting banking business in an unsafe or unsound manner under Republic Act No. 7653 or The New Central Bank Act, as well as Republic Act No. 8791 or the General Banking Law of 2000.

The central bank’s policy-making Monetary Board in December 2018 and February 2020 ordered the closure of 13 banking institutions it collectively referred to as “legacy banks.” These banks had a total of 29 units with estimated insured deposits of P14.1 billion.

The PDIC paid the deposit insurance claims of the concerned clients through crossed checks “for payee’s account only.” These payments are drawn against the PDIC’s depository account with the Land Bank of the Philippines.

However, 683 returned cleared checks with a total amount of P98.73 million paid to 86 depositors were deposited into a single account with RCBC Bacolod via a second endorsement.

The court said the deposit of these checks into a single account in a questionable manner serves as a prima facie case against Mr. Jereza for doing business in an unsafe and unsound manner.

The PDIC said it will continue to go after erring bank officials that take advantage of the deposit insurance system for personal gain.

“The corporation’s vigorous legal actions are critical in protecting the interests of the depositors and the Deposit Insurance Fund, PDIC’s funding source for payment of deposit insurance; and in deterring other parties from taking advantage of the deposit insurance system,” the PDIC said. — Jenina P. Ibañez

Fitbit launches workouts curated by rapper Will Smith 

RAPPER and actor Will Smith curated six workouts and mindfulness sessions for a Fitbit Premium-exclusive collection dubbed “Will Smith: StrongWill.” 

Premium members can virtually work out with Mr. Smith and his trainers in sessions that focus on strength building techniques; core engagement; deep breathing exercises and meditation; mobility yoga; cardio-intensive exercises; and upper body HIIT (high-intensity interval training).  

“I spent countless days grazing on snacks and didn’t feel my best physically,” said Mr. Smith on social media. “I love my body, so I want to get my overall health and wellness back on track. To me, being in the ‘best shape of my life’ really means taking better care of my body.” 

For more information, visit the Fitbit blog. 

Non-communicable diseases, COVID-19, and the elderly

UNSPLASH

In 1960, life expectancy in the Philippines was 62 years. By 2019, the average Filipino living in the country could expect to live up to 71. Worldwide, 900 million people are aged 60 years and older; seniors now outnumber children younger than 5 years. 

By 2050, one in five people will be 60 years and older, and 80% of them will be living in low- and middle-income countries, according to the World Health Organization (WHO). “Growing old” has become the norm — thanks to breakthroughs in healthcare, nutrition, and sanitation, said the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA). 

Unfortunately, population ageing is a key driver of the rise of non-communicable diseases (NCDs). About two-thirds of people affected by NCDs are aged over 60. NCDs such as heart disease, stroke, cancers, diabetes, chronic respiratory diseases, and dementia, among others, have increasing impacts on functional health and demand for health services. 

The WHO attributes the increasing burden of NCDs to both an increase in risk factor prevalence and growing numbers of older people. It considers NCDs as the greatest threat to healthy ageing, contributing to death, disability, and dependency among older people. 

With the rate of both NCDs and population ageing expected to rise rapidly in the next two to three decades, particularly in low- and middle-income countries, the WHO is urging governments to plan for health services that are responsive to both more elderly patients and more NCD cases as people live longer. 

While NCDs develop progressively over the life span, the WHO pointed out that many risk factors are amenable to prevention and amelioration. Four major risk factors are the primary drivers of the rise of NCDs: tobacco use, physical inactivity, the harmful use of alcohol, and unhealthy diets. 

The global health agency recommended strengthening health promotion and disease prevention and screening to enable a healthier environment and to promote behavioral change on risk factors. These measures should target populations earlier in the life course, the WHO stressed. 

Citing the growing costs of NCDs to health systems in countries with limited resources, the WHO emphasized the need to prioritize the strengthening of primary health services and the focusing of hospital acute care towards cost-effective responses to chronic conditions and comorbidities through middle and later life. 

The WHO recommended intermediate and long-term reform strategies to respond to NCDs and ageing populations in the future. These included the need to train health professionals in elderly care, make services more responsive to elderly patients, design age-friendly facilities, integrate the different levels and types of health services, develop rehabilitative services, and link health services to community care. 

Oct. 1–7 of every year is Elderly Filipino Week. Apart from the NCDs, older people are also vulnerable to coronavirus disease 2019 (COVID-19). Older people are among the groups that are at risk of developing serious disease more often than others. The Centers for Disease Control and Prevention (CDC) said that the risk for severe illness with COVID-19 increases with age. In fact, they might need hospitalization, intensive care or they might even die as a result of the virus. 

The CDC strongly recommended that older adults get vaccinated as soon as possible. If they are among those who have a weakened immune system, they must also take further precautions even if they have already been vaccinated. 

“COVID-19 is changing people’s daily routine, the care and support they receive, their ability to stay socially connected and how they are perceived,” explained the WHO. Opportunities must therefore be created for the older ones who are being confronted with the daily challenges of staying at home, lack of physical and social activities, and the anxiety of getting sick or dying due to the pandemic. 

The WHO said that it is important for older people to equip themselves with information about their community and the services they provide. The elderly may also keep basic supplies, including prescription medicines, for at least two weeks. They may also make a list of emergency numbers and support contacts primarily consisting of family members and friends. The elderly may likewise discuss with their doctors on how their health needs may be addressed during the pandemic. This may include a medical teleconsultation for non-emergency cases. 

It is absolutely crucial that healthy ageing is given the attention it deserves. Pharmaceutical research and development, meanwhile, continues for both NCDs and infectious diseases to make a significant dent in the disproportionate impact of NCDs and the COVID-19 pandemic on the elderly. 

  

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP), which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are at the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos. 

Arts & Culture (10/13/21)

FACEBOOK.COM/NATIONALMUSEUMOFTHEPHILIPPINES/

The National Planetarium closing temporarily

THE NATIONAL Museum of the Philippines has announced that the National Planetarium will be temporarily closed, and its 46-year-old building will be decommissioned. In a  Facebook post uploaded on Oct. 11, the National Museum said the closure was meant “to give way to the development plans of the National Parks Development Committee in the central and western sections of Rizal Park.” The post added that National Museum of the Philippines has taken over the eastern section of Rizal Park, with development plans in the area for the National Museum Complex. A new National Planetarium building is currently in the development stage.

Sustainable designs in tech and beyond in online dialogue

A FREE public webinar entitled “Sustainable Designs through Digital Tech” explores the different principles, various aspects and major drivers to achieve sustainable designs through various technologies and evaluate it through specific metrics. It will be conducted online via Zoom today from 4 to 6 p.m. Filipino Sign Language (FSL) interpreters will also be present during the session. It will be facilitated by Industrial Designer Gideon Catalan, who will demonstrate his expertise and fascination in utilizing both traditional and digital methods in transforming imaginative ideas into actual products. As a solutions architect for Accelerating Makers, a team that bridges the gap between the academe and the industry through collaborations and innovations, he believes that digital fabrication technologies make it possible for anyone to build. Organized by the Hub of Innovation for Inclusion at the Peter D. Garrucho, Jr. Innovations Institute of the De La Salle-College of Saint Benilde, “Sustainable Designs through Digital Tech” is the latest installment of Social Innovation Talks, a series of lectures that initiate dialogues on innovation for social good. Interested participants may register through https://www.eventbrite.com/e/social-innovation-talks-sustainable-designs-through-digital-tech-tickets-171017516997.

Contemporary Print Fair online

IN CELEBRATION of local fine art printmaking, running for a week from Oct. 18 to 25 at cartellino.com is “Limbag Kamay: Contemporary Print Fair.” A collaborative effort between Fundacion Sansó, Cartellino, and the Association of Pinoyprintmakers (AP), this fair is the first of its kind for the Philippines, as it shall exclusively feature hand-pulled fine art prints. Intaglio etchings, drypoint, relief, collagraph, serigraphs — hundreds of such works by some of Philippine printmaking’s best practitioners will be on show. Fairgoers can expect original works by master artists and printmakers Virgilio “Pandy” Aviado, Elmer “Emong” Borlongan, Noëll El Farol, Jess Flores, Lenore RS Lim, Manuel Rodriguez, Sr., Juvenal Sansó, and Wesley Valenzuela, alongside those by over 60 printmakers the likes of Mars Bugaoan, Joey Cobcobo, Hershey Malinis, and Diokno Pasilan. As “Limbag Kamay” is artist-initiated, its co-organizers —  Angela Silva, Anton Villaruel, and Jun-Jun Sta. Ana —  shall also be exhibiting works. Thirty (30%) of all profits will go towards building a prototype batch of small-size etching presses. These desktop etching presses are to be made available to printmakers across the Philippines. This is a future project to be handled by AP. The fair will also have online talks, demonstrations, and discussions on relevant topics about Philippine printmaking. All talks and demonstrations shall be streamed in the organizers’ respective channels.

Altro Mondo presents ‘Island’

ALTRO Mondo Arte Contemporanea presents “Island,” a solo exhibition featuring works by Raul Deodato Arellano at the Altro Mondo Creative Space gallery. The exhibit is ongoing until Oct. 24. “Island” is a result of the artist’s time spent in his sanctuary, producing figure and landscape paintings. The gallery is at 1159 Chino Roces Ave., San Antonio Village, Makati City. Gallery hours are Tuesday to Saturday from 10 a.m. to 5 p.m. Viewings are strictly by appointments only . For inquiries, contact the gallery on Facebook (@altromondoart) or Instagram (@altromondoart), or send a message via Viber or WhatsApp at 0917-888-7872.

Art auction supports International Care Ministries

THIRTY-FOUR artists have donated their works to the International Care Ministries’ (ICM) fundraising banquet this year. ICM is a non-profit organization working to transform the lives of the ultra-poor. Its annual fundraising banquet, which attracts hundreds of Hong Kong’s top executives, has raised tens of millions of US dollars over the past 16 years towards the alleviation of ultra-poverty in the Philippines. Every year, the works of Filipino artists have been a highlight of the banquet’s auction. Among the artists who have donated their works for the auction are painter Addie Cukingnan, sculptors Ram Mallari and Seb Chua, and painters Migs Villanueva, Louie Aguinaldo, Kristine Lim, Ombok Villamor, Carlo Magno, Marius Black, Sam Penaso, Benjie Cabangis, Marcy Dans, and Mary Rose Gisbert. Entitled “Inspiring Hope, Empowering Change,” the banquet will be held on Oct. 28, with the main event starting live at 8:30 p.m., Hong Kong/Manila time. The Countdown Show, with a more-detailed look at auction items starts at 7:30 p.m. Interested parties, or even just art lovers looking for new art in the auction, may learn more and sign up at caremin.com/banquet-2021.

CCP program helps dancers

WITH the coronavirus disease 2019 (COVID-19) situation continuing to affect the live events and performance arts in the country, the Cultural Center of the Philippines (CCP) has initiated a special program to support the professional dance in the Philippines. The CCP Professional Dance Support Program aims to arrest the deterioration of skills, techniques, and performance excellence of the Filipino dancers, while providing them with continued artistic employment and discouraging their shift to other occupations due to absence or reduced opportunities in dance. As a culminating event of the program, artists of the CCP Professional Dance Support Program will perform new and classical works choreographed and restaged by Filipino choreographers and regisseurs, mentored by National Artist for Dance, Alice Reyes, Alden Lugnasin, and Nonoy Froilan. The CCP Professional Dance Support Program artists come from the CCP Dance Workshop, Ballet Manila and Philippine Ballet Theater as well as regional dance artists. Collectively known as Dance On!, the culminating performances can now be viewed via the CCP Facebook page and YouTube channel. The program is shot specifically for the enjoyment of digital viewing.  For more information, check out the CCP website (www.cultural center.gov.ph) and follow the official CCP social media accounts on Facebook, Twitter, and Instagram.

3 shows at Silverlens

SILVERLENS presents three shows this month. Maria Taniguchi’s “room of phases” studies seriality through a suite of square canvases painted in checkered pattern, with portions stripped of paint or a section wherein color does not take. Each canvas is created using silkscreen, using a thin layer of paint. The sequence of checkered canvases and the ambient purples of the unembellished paintings structure the main gallery space of Silverlens. Then there is a new show by Eric Zamuco called “Working on the Mountain,” taken from the title of a book of essays by N.V.M. Gonzales. In this series of work, the mixed media artist ponders on the metaphor of geologic accretion and formation found in ancient temples and applies it to objects in the thick of instability and ruin. Each assemblage, called Templo, is a self-contained compound of metal rods inserted through overlapping glass panels and wood like acupuncture points marking a body. “Working on the Mountain” and “room of phases” run from Oct. 14 to Nov. 13. Finally, there is Therese Regalado’s first solo exhibition, “Material Research,” featuring her assemblages, which runs from Oct. 21 to Nov. 11. Silverlens is at 2263 Don Chino Roces Ave. Ext., Makati City. For details on visits call 8816-0044, 0917-587-4011, or e-mail info@silverlensgalleries.com.

Kristine Lim’s ‘SOAR’

THIRTY-THREE framed mixed media works, several of them triptychs, make up the second solo exhibition of artist Kristine Lim titled “SOAR” at the Manila Hotel. She uses a technique which combines a special textured ground with layers of transparent metallic bronze and gold glazes over graphite drawings. With ‘SOAR,’ Ms. Lim proposes a potential way to salvation, based on the guiding principles of her Christian faith.  Found at the lobby lounge of the Manila Hotel, SOAR is presented by Art Lounge Manila. The exhibit is ongoing Oct. 30. Proceeds from the exhibit’s closing auction will go to Malasakit Para Sa Bayan Foundation, Inc. For inquiries, call at 0977-839-8971, 0998-993-7963, or e-mail info@artloungemanila.com, or visit https://artloungemanila.com.

Virgin Labfest writing fellowship accepting applications

THE CULTURAL Center of the Philippines (CCP) is now accepting applications for the Virgin Labfest 16 Writing Fellowship Program which will be held on Nov. 16 to Dec. 5. The Virgin Labfest, an annual festival of unpublished, unstaged, untried, and untested works of playwrights, directors, and actors produced by the CCP, Tanghalang Pilipino, and the Writer’s Bloc has gained a reputation of producing provocative and outstanding “virgin” plays. The Virgin Labfest 16 Writing Fellowship Program is a three-week mentorship program on the study and practice of dramatic writing for the stage. The fellows will take part in lectures, discussions, and workshops on playwriting and script critiquing. They will also be given access to watch recordings of selected past festival plays, as well as the opportunity to participate in the talkback and interaction with known playwrights and directors. The Fellowship Program will culminate in a staged/script reading of the fellows’ works on which will be streamed online via the CCP Facebook Page on Dec. 4 and 5. Requirements must be received by 11:59 p.m., Oct. 22, the announcement of accepted applicants will be made on Nov. 5. A registration fee of P1,850 will be required of all accepted fellows. For inquiries and details on the application process for on the Virgin Labfest 16 Writing Fellowship Program, e-mail vlf16wfp@gmail.com.

MCAD offers subscription-based streaming exhibit

THE MUSEUM of Contemporary Art and Design (MCAD) Manila will hold “Watch and Chill: Streaming Art to Your Homes,” a subscription-based art streaming platform and traveling moving image exhibition curated in collaboration with the National Museum of Modern and Contemporary Art (MMCA) in Seoul, Korea; the M+ West Kowloon Cultural District in Hong Kong, and MAIIAM Contemporary Art Museum in Chiang Mai, Thailand.  Responding to and examining the changing behavioral patterns of the digital era, the exhibition shares video works by major artists active in Asia through its online platform (https://watchandchill.kr) and through on-site presentations specific to each city. For Manila, MCAD will be holding free drive-in theater screenings of selected video works from the collections of the four art institutions in the region. Screenings will be held five times a week, from Oct. 29 to Dec. 5. Artists featured include Shireen Seno, Mark Salvatus and Cocoy Lumbao from the Philippines as well as Oh Min, Yuan Goang-ming, Wang Gongxin, Kawita Vatanajyankur, Cao Fei, Cha Jeamin, Kim Heecheon, Wantanee Siripattananuntakul, CAMP, Chai Siris, Tada Hengsapkul, Cha Jiryang, Kim Heecheon, Saroot Supasuthivech, Koo Donghee, Jiang Zhi, and Cici Wu. Meanwhile, from Oct. 30 to Nov. 14, MCAD will present MCAD Commons: Artists’ Film International Program 2021. MCAD Commons is an exhibition program conceptualized as a programmed space removed from the museum’s main gallery space. For 2021, the MCAD Commons program presents Artists’ Film International (AFI), a collaborative project featuring film, video, and animation from around the world. A selection of films from the AFI project for 2021 will be presented in two offsite venues: Sine Pop in Cubao, Metro Manila and Project Space Pilipinas in Lucban, Quezon. Films will be presented through on-site video installations as well as scheduled screenings. Artists include Kiri Dalena, Mihály Stefanovicz, Rehana Zaman, Agnė Jokšė, Kenneth Tam, Julia Sbriller and Joaquin Wall, Victoria Verseau, Thania Petersen, Clare Langan, Patty Chang, Giulio Squillacciotti, and Kerstin Honeit.

Canva helps online learning with Canva Eskwela

CANVA introduces Canva Eskwela, a page featuring free and visually engaging content especially tailored for educators and learners in the Philippines: from desktop organizers and lesson plan templates, to presentations and ice breakers to make virtual classes more interactive and fun. Canva is known for being user-friendly and accessible even to those with no design background and it is even more convenient for educators to create content from scratch with Canva Eskwela so they can save time and focus on other tasks. With Canva for Education, students and teachers can also access easy-to-learn resources such as videos and audio recordings that contain tips and guides on designing their materials. Teachers can also find a community where they can share stories and best practices and support one another on the Canva for Filipino Teachers Facebook group. To sign up for Canva Eskwela for free, go to www.canva.com/education/canva-eskwela/.

BSP approves higher 3rd quarter foreign borrowings

BW FILE PHOTO

THE MONETARY BOARD approved foreign borrowings worth $4.66 billion in the third quarter for reform programs and assistance to sectors affected by the pandemic, among others.

The amount is higher by 18.9% compared with the $3.92 billion worth of foreign financing the Monetary Board okayed in the third quarter last year, the Bangko Sentral ng Pilipinas (BSP) said in a statement on Tuesday.

It was also bigger by 66% than the $2.8 billion approved in the previous quarter.

Broken down, the BSP okayed a $3-billion bond issuance, three project loans amounting to $855.94 million, and two program loans worth $800 million.

The bulk or $3 billion of these borrowings were meant for the government’s general financing requirements.

Meanwhile, the rest of the amount will finance reform programs for youth employment and the financial sector ($800 million), disaster resilience ($300 million), assistance to the agriculture sector ($280 million), and emergency response ($275.94 million).

The 1987 Constitution requires the Monetary Board to approve any foreign loan agreement entered into by the National Government.

Latest data from the central bank showed the country’s outstanding external debt stood at $101.2 billion as of end-June, which was the highest since at least the end of 2011, based on available BSP data. This was amid higher pandemic expenses and a weaker peso.

This is equivalent to 26.5% of the country’s gross domestic product, easing from the 26.6% ratio as of end-March. — L.W.T. Noble

Holcim fined for late filing of chemicals data

THE Philippine National Police (PNP) has ordered Holcim Philippines, Inc. to pay a fine of P74,000 for submitting late its monthly consumption reports (MCRs) on two controlled chemicals which the firm has previously used in its operations.

Holcim earlier disclosed that it had received the order in the form of a letter from the PNP-Civil Security Group Firearms and Explosives Office.

On Tuesday, the listed building solutions provider said that the two regulated chemicals which required consumption reports include nitric acid and ammonium nitrate.

Both were used to analyze materials in its operations, but their usage was discontinued in 2017.

“[Our] recent disclosure on PNP’s order to pay a fine of P74,000 is for the late renewal of license and submission of monthly consumption reports regardless if any of these controlled chemicals were used in operations,” Holcim Philippines told BusinessWorld over e-mail through a public relations firm.

The company said that it was unable to file some MCRs with the PNP due to the public health emergency which resulted in lockdowns and the closures of government agencies. It added it was able to submit notarized MCRs from March 2020 onwards.

“With its commitment to compliance, Holcim will regularly submit notarized MCRs even if nothing has been consumed,” it said.

Based on a list released by the PNP in 2016, nitric acid and ammonium nitrate are classified as “high-risk controlled chemicals.”

Holcim operates cement manufacturing facilities in La Union, Bulacan, Batangas, Misamis Oriental and Davao.

Holcim shares at the local bourse inched down 1.9% or 12 centavos to finish at P6.19 apiece on Tuesday. — Angelica Y. Yang

Banks told to tailor relief measures to their capacity

BANGKO SENTRAL NG PILIPINAS GOVERNOR BENJAMIN E. DIOKNO — PHILIPPINE STAR/ GEREMY PINTOLO

LENDERS should tweak their relief measures for clients as some of those extended by the regulator amid the crisis have lapsed, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

“We encourage banks to grant financial relief that considers the payment capacity of their borrowers and their risk-bearing capacity. This approach recognizes that banks are not similarly [affected] and differ in terms of target market, risk profile, and financial conditions,” Mr. Diokno said at the virtual convention of the Chamber of Thrift Banks (CTB) on Tuesday.

The central bank chief noted that the BSP’s recognition of allowances for loan losses on a staggered basis for all types of credit for retail and business borrowers affected by the pandemic, one of these relief measures, ended on March 8.

Mr. Diokno said they believe their supervised financial institutions have been given enough time to assess their loan portfolio.

“The BSP is constrained from extending regulatory relief measures provided as it will affect the viability of banks, which will in turn limit their capacity to continue lending,” he said.

Other relief measures extended by the BSP will lapse by the end of this year including the reduction of the credit risk weight of loans to micro-, small-, and medium-sized enteprises (MSMEs) to 50% and the lower minimum liquidity ratio (MLR) of 16% (from 20%) for thrift banks, Mr. Diokno said.

“As of end-May, the average of MLR of standalone thrift banks stood at 36.4%. So the BSP will continue to monitor compliance with MLR to check if there is a need to adjust or calibrate the requirement,” he said.

The BSP has also allowed banks to count their lending to MSMEs as alternate compliance to reserve requirement. Mr. Diokno said the measure is expected to help thrift banks expand their lending activities and support the recovery of local communities.

Last year, the BSP has also reduced the reserve requirement ratio (RRR) for thrift banks to 3% from 2% to provide a liquidity boost amid the pandemic.

“[A decision to further tweak lender’] RRR will be based on the assessment of domestic liquidity, with the end-view of supporting banks’ credit activity. It will also consider impact on financial stability and trend of inflation,” Mr. Diokno said.

The central bank chief noted that the country’s thrift banking industry has remained stable amid the prolonged crisis.

BSP data showed thrift banks’ cumulative net income rose 15.3% year on year to P6.6 billion in the first half of 2021. The industry’s capital adequacy ratio of the industry stood at 18.8% as of end-June, higher than the regulatory minimum. — L.W.T. Noble

Philippine trade year-on-year performance (Aug. 2021)

THE COUNTRY’S exports and imports of goods continued to post double-digit growth in August amid a recovery in global markets, the Philippine Statistics Authority (PSA) reported on Tuesday. Read the full story.

Philippine trade year-on-year performance (Aug. 2021)

How PSEi member stocks performed — October 12, 2021

Here’s a quick glance at how PSEi stocks fared on Tuesday, October 12, 2021.

Fare hike, cash aid for transport readied amid rising fuel prices

PHILSTAR

GOVERNMENT AGENCIES are considering implementing a fare hike and providing cash assistance to the transport industry to offset the impact of higher oil price.

The Energy department’s Oil Industry Management Bureau (OIMB) Director Rino E. Abad said the department has met with the Land Transportation Franchising and Regulatory Board (LTFRB) to discuss a possible fare hike.

“Hinihintay nalang po natin sa kanila ay ‘yung kanilang eventual decision on how much or if there is a fare hike (We are waiting on the LTFRB’s eventual decision on whether there will be a fare hike and how much it will be),” Mr. Abad said during a Laging Handa briefing Tuesday.

The possible fare hike for public transportation will likely not be higher than P1.26 on the base fare, according to LTFRB estimates provided by Technical Division Head Joel de Jesus Bolano during the briefing.

“Kung walang fare hike or (kung) insufficient ang magiging fare hike, then kailangan suportahan natin with cash assistance (If there is no fare hike or if it is insufficient, then cash assistance is needed),” the OIMB’s Mr. Abad said.

Once finalized, the Department of Energy and LTFRB will bring the proposed fare hike and cash subsidy to the Finance and Budget departments, which will determine whether there are available funds.

“’Pag nagkaroon po iyan ng available fund, idederetso na po natin sa Kongreso para magawan ito ng batas (If funding is available, we will go straight to Congress to put it into a law),” Mr. Abad said during the briefing.

He cited a “fundamental insufficiency of crude oil supply in the international market” which led oil prices to rise.

“Meron po tayong projection from [S&P Global] Platts na ang kulang po ngayon ay umaabot po ng two to three million barrels of crude oil per day so iyan po ang sitwasyon kaya po ang ating price ay agarang nag-react ay ang reaction po niya ay pataas (The shortage is projected at 2-3 million barrels of crude per day by Platts, which is why prices are rising),” he said.

Domestic oil firms increased gasoline prices by P1.30 per liter (/L) this week. Meanwhile, diesel and kerosene prices were raised P1.50/L and P1.45/L, respectively.

Retail fuel prices have been increasing for seven consecutive weeks.

The Organization of the Petroleum Exporting Countries in a recent meeting with Russia agreed to stick to a plan to gradually increase oil output despite rising demand. — Angelica Y. Yang

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