Historian elected as new NCCA Chairman

July 13, 2022 | 12:04 am

THE NATIONAL Commission for Culture and the Arts (NCCA) will now be headed by historian Rene R. Escalante, the current chairman of National Historical Commission of the Philippines (NHCP).

He was elected chairman during a Board of Commissioners meeting at the Metropolitan Theater on July 7 which was called after the resignation of Cultural Center of the Philippines president and concurrent NCCA chairman Arsenio “Nick” Lizaso.

Mr. Escalante will be serving as Chairman of NCCA for the remaining six months of 2022.

Mr. Escalante is a professor of history and a former chair of the Department of History of De La Salle University Manila. He holds a doctorate degree in History from the University of the Philippines in Diliman.

Mr. Escalante is also a published academic. Among his books are The American Friar Lands Policy: Its Framers, Context and Beneficiaries (2002); The Bearer of Pax Americana: The Philippine Career of William H. Taft (2007); and History of Hacienda de Imus (2013).

In his time in government, Mr. Escalante served as secretary of the NCCA National Committee on Historical Research (NCHR) from 2004 to 2007 and was head of the NCHR from 2008 to 2010. He was appointed as a member of the Commission on Higher Education Technical Panel on history from 2015 to 2016. In 2010, he was appointed Commissioner of the NHCP before he was elected agency chairman in 2017. — Michelle Anne P. Soliman

Moderna to advance two Omicron vaccine candidates against newer variants

July 13, 2022 | 12:04 am

Moderna Inc. said on Monday it was advancing two Omicron vaccine candidates for the fall, one designed against the BA.1 variant and another against the BA.4 and BA.5.

Vaccine makers including Moderna and rival Pfizer Inc are developing updated vaccines to target the fast-spreading Omicron subvariants BA.4 and BA.5, which have gained a foothold in the United States over recent weeks.

Moderna said its decision to develop the bivalent vaccines was based on different market preferences for shots against the subvariants.

Bivalent vaccines are designed to target two different coronavirus variants — the original variant from 2020 and the newer Omicron variants.

Moderna said new clinical data for its mRNA-1273.214 vaccine, designed to target the BA.1 variant, showed significantly higher neutralizing antibody responses against the fast-spreading BA.4 and BA.5 compared with the currently authorized booster.

The company’s second booster candidate, mRNA 1273.222, is based on the BA.4/5 strain and is being developed in accordance with recent U.S. Food and Drug Administration advice.

Jefferies analyst Michael Yee said though the new data on the company’s BA.1 subvariant-targeting booster shows better durability and antibody response, the original Omicron variant has already shifted in the United States and the FDA is likely to approve planned BA.4/5 boosters. — Reuters

SPNEC adjusts price range of stock rights offering

July 13, 2022 | 12:04 am

SOLAR Philippines Nueva Ecija Corp. (SPNEC) has adjusted the price range of its stock rights offering to P1.50 to P1.75 per share, saying it was doing so “in the interest of the success” of the fundraising.

In its disclosure on Tuesday, the company also highlighted the option to pay in installments, with a downpayment of 25% and the balance of 75% within three months of the offer period.

In its disclosure on March 28, it placed the price range at P1.60 to P1.76 per share.

Last month, it filed the preliminary prospectus for its stock rights offering (SRO) with the Securities and Exchange Commission (SEC) and Philippine Stock Exchange (PSE) for nearly 1.88 billion shares.

With its adjusted price range, it placed the aggregate offer amount at P2.81 billion to about P3.3 billion.

“Please note the final terms of the SRO are subject to approvals from the SEC and PSE, and the process leading up to the conduct of the SRO,” the company said.

“SPNEC wishes to reiterate its commitment to conduct an SRO, as part of its plan to issue to the public at least 5.12 billion shares, resulting in an over 20% public float, in light of its asset-for-share swap,” it added.

The offer period for eligible shareholders will begin on Aug. 30 at 9 a.m. and ends at noon on Sept. 5, 2022.

The company said the net proceeds from the offer are intended for project development including securing land and off-take agreements and for general corporate purposes.

Up to P3.1 billion will be used for land acquisition intended for the expansion and future development projects in the provinces of Nueva Ecija, Bulacan and Quezon, among others.

Up to P180 million of the proceeds will be used for working capital requirements, corporate office overhead expenses, administrative expenses and other costs.

Abacus Capital and Investment Corp. and China Bank Capital Corp. will be the joint issue managers and lead underwriters of the SRO.

On Tuesday, SPNEC shares retreated by P0.04 or 2.34% to P1.67 apiece. — Justine Irish DP. Tabile

Twin deficits, negative real rate to put pressure on peso

July 13, 2022 | 12:04 am

THE PHILIPPINES’ twin deficits, along with its negative real interest rate, will continue to put pressure on the peso, Manulife Investment Management said.

“The main macro issues facing the Philippines right now is the rapidly widening twin deficits, and from a currency perspective, the peso is still relatively overvalued,” Sue Trinh, Manulife Investment Management head of Macro Strategy, Asia, said in a briefing on Tuesday.

“The trade deficit there, for instance, reached its widest record levels… So, really these twin deficit issues on current account and fiscal are going to be lingering around, and it’s likely to be a real drag on the economy, as well as the exchange rate,” Ms. Trinh said.

She added that the Bangko Sentral ng Pilipinas (BSP) also seems “less inclined” to enter the foreign exchange market to support the peso, “especially as the BSP had to turn more hawkish given the inflation pressures, which is clearly counter-cyclical given the growth trends.”

Marco Giubin, Senior Portfolio Manager for Equities at Manulife Investment Management, said with inflation rising, the country’s real interest rate is negative, which has added to currency pressures.

“I guess from a monetary standpoint, they might be a little bit behind the curve … The inflation print in the Philippines is higher so it’s definitely on a negative rate path,” Mr. Giubin said.

“Philippine peso, we think, will remain under pressure given the continuing US dollar strength coupled with a widening trade deficit … The twin deficit situation, not to mention the recent change in government, there’s been a whole range of issues as to why the currency has performed the way it’s performed relative to other ASEAN (Association of Southeast Asian Nations) currencies,” he added. “It’ll be very interesting to see in the next couple of weeks, we’ll get a bit more clarity as to what the new administration is looking to do on the fiscal side, not to mention what we can expect from the monetary side.”

The peso closed at P56.37 versus the dollar on Tuesday, down by 39.1 centavos from Monday’s P55.979 finish, data from the Bankers Association of the Philippines’ website showed.

This is a new near 18-year low for the local unit as it was its worst close since Nov. 5, 2004’s P56.38 a dollar.

The peso’s intraday low of P56.45 versus the greenback on Tuesday also matched the record low set on Oct. 14. 2004.

The current account deficit was at $4.8 billion in the first quarter, higher than the $32-billion gap seen the year prior, amid a wider trade in goods deficit and the slight decline in net services receipts, latest BSP data showed.

Meanwhile, the government’s budget deficit was at P458.7 billion in the January to May period, down 18.99% from the year prior, as revenue growth outpaced spending.

BSP Governor Felipe M. Medalla last week said the central bank is prepared to raise benchmark rates by 50 basis points (bp) at their Aug. 18 meeting to keep inflation in check after the peso on Thursday breached the P56 level against the dollar.

The Monetary Board has raised benchmark interest rates by a total of 50 bps so far this year via back-to-back 25-bp hikes at their May 19 and June 23 meetings, bringing the overnight reverse repurchase facility or policy rate to 2.5%.

A 50-bp hike at the August meeting will bring the BSP’s key rate to 3%. Mr. Medalla also said last week that the central bank may need to raise borrowing costs by at least 100 bps more this year to bring the policy rate higher than the midpoint of its 2-4% inflation target. — D.G.C. Robles

Gilas Pilipinas braces for physical game vs Lebanon

July 13, 2022 | 12:04 am

chot-reyes — GILAS PILIPINAS COACH CHOT REYES — PBA MEDIA

DESPITE its short buildup time and injury issues, Gilas Pilipinas is ready for its daunting task of challenging the Continent’s top guns in the International Basketball Federation (FIBA) Asia Cup in Indonesia.

And right off the bat, the youthful Nationals face Lebanon, a squad largely considered a serious contender, in a major test in the Group D tip-off on Wednesday night at the Istora Senayan in Jakarta.

“They’re raring to go and we hope to be able to have a good game against Lebanon tomorrow (Wednesday night),” Gilas coach Chot Reyes said on CNN Philippines’ Sports Desk ahead of the 8 p.m. encounter (9 p.m. Manila time).

“Alam naman natin ang mga players natin, every time we put on the national jersey, we’re always going to go all out and that’s the approach that we have here in Jakarta,” he also said.

Gilas, a young crew beefed up by Kiefer and Thirdy Ravena, Ray Parks and Poy Erram, has its hands full against the Cedars, whom Mr. Reyes described as “playing the best I’ve seen in years.” Lebanon is led by heady 6-foot-4 point guard Wael Arakji and 6-foot-9 naturalized player Jonathan Arledge.

Mr. Reyes braces for a physical game against the Cedars, whom he said also love to pressure the ball hard and trap.

“We have to prevent their guards from initiating because their entire offense initiates from the guards. Big emphasis for us is to be able to handle, attack and score against their pressure defense because they have three, four guards who have size and can also pressure,” he said.

Gilas was assured of a full roster in the tourney as reserve Rhenz Abando’s entry as the 12^th man vice injured Dwight Ramos (shin splints) was approved during Monday’s technical meeting.

The team had a scare as RJ Abarrientos twisted his ankle in a recent practice but Mr. Reyes said from the looks of it, the former FEU guard “might still be able to play.”

After Lebanon, Gilas is set for battle with India and New Zealand, two old rivals from the FIBA World Cup Asian Qualifiers, on Friday and Sunday, respectively.

Mr. Reyes said the goal is to get to the Top 8 while continuing the overall preparations for the 2023 World Cup and form the best possible team for the global showpiece on home soil. — Olmin Leyba

The Samsung Performing Arts Theater opens in Circuit Makati

July 13, 2022 | 12:03 am

Samsung Theater 3 photo by Michelle Anne P. Soliman — PHOTO BY MICHELLE ANNE P. SOLIMAN

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EVER since Ayala Land, Inc. (ALI) planned in 2012 to convert the old Sta. Ana racetrack into Circuit Makati, it also aimed to position itself as an arts, entertainment, and culture district in the city. In service of this aim, ALI has opened the new Samsung Performing Arts Theater.

Ayala Land had been working on the project since 2017, and it was originally slated to open in June 2020.

“It’s very important for audiences to access the facility,” Samsung Performing Arts Theater Managing Director, Christopher Mohnani said during the press launch and tour on July 5. “We are in the middle of a place where you have lifestyle options, dining options, and amusement options. That is also great because, before and after watching a performance, you have other stuff that you can do.”

“We wanted to also have a theater that could host world class performances,” Ayala Land Vice-President Mel Ignacio said. “Circuit [Makati] is the most appropriate location because it is positioned to be the arts, culture, and entertainment district for Makati.

“Samsung supported the construction of the theater with a sponsorship…[Samsung] is known for their technological innovations and they are also a supporter of the arts. They have supported venues all over the world,” Ms. Ignacio said.

Designed by US-based Theatre Projects Consultants, and sound design experts Akustiks, in partnership with GF & Partners Architects and architects from Calliston RTKL, the Samsung Performing Arts Theater has 10 floors and features a 1,500-seat performance facility divided into four sections: orchestra, lodge, balcony 1, and balcony 2. Its stage is built with Harlequin sprung floors.

The theater’s back of house facilities include a rehearsal hall the same size as the performance space, and dressing rooms that house 90 mirrors.

The building’s other facilities include a ticket booth, a souvenir shop, and the Cua Patrons Lounge — a private function room for intimate gatherings. It also has concession areas on all floors with theater entrances, and restrooms on each side of the building in every level.

“We envision this to be the home of the Filipino and the global talent. This is a venue that can go toe-to-toe with the best performing arts venues all over the world. We want this to be a venue where Filipino artists will be proud to perform in. We want them to feel a sense of prestige,” Ms. Ignacio said.

THE INAUGURAL SHOWS
The new theater will be officially launched on July 14 with an 8 p.m. performance 8 p.m. featuring Philippine theater performers Menchu Lauchengco-Yulo, Bituin Escalante, Shiela Valderrama, Christian Bautista, Rachelle Gerodias, Gab Pangilinan, Irma Adlawan, Bart Guingona, Jamie Wilson, Reb Atadero, Myke Salomon, Steps Dance Studio, the Mandaluyong Children’s Choir, and the Manila Symphony Orchestra. The performance will also feature the cast of the Filipino musical Mula Sa Buwan and a video presentation from the touring production of We Will Rock You. Mula sa Buwan and international musical We Will Rock You are the first shows to be staged at the Samsung Performing Arts Theater.

The event is open to the public. For tickets, e-mail inquire.cpat@ayalaland.com.ph.

Mula sa Buwan will run from Aug. 26 to Sept. 11. Based on Edmond Rostand’s Cyrano de Bergerac and Soc Rodrigo’s Filipino translation, the musical is set in 1940s Manila. It follows the heartbreaking love story between Cyrano, Roxane, and Christian amid the war. Directed by Pat Valera, it features original lyrics and music by William Elvin Manzano and Pat Valera, who also wrote the book.

The musical’s performance on Sept. 4, 7:30 p.m., will have Filipino Sign Language (FSL) interpreters together with subtitles. For details, visit msbtickets.net/communityshow.

Meanwhile, the reimagined production of the musical We Will Rock You, brought in by GMG Productions, will run from Oct. 27 to Nov 20. The musical follows two revolutionaries as they try to save rock ‘n’ roll in a post-apocalyptic world, and features 24 of rock band Queen’s biggest hits, including “Under Pressure,” “We Are the Champions,” “Radio Ga Ga,” “Bohemian Rhapsody,” “Another One Bites the Dust,” and “We Will Rock You.” The production is directed and choreographed by Olivier Award nominee Nick Winston. Tickets are available at ticketworld.com.ph or 8891-9999.

In compliance with COVID-19 health and safety protocols, masks wearing, presentation of vaccination cards, and temperature checks are required upon entry. — Michelle Anne P. Soliman

Doctors sound the alarm over surges in deaths due to heart disease, diabetes

July 13, 2022 | 12:03 am

Deaths from heart disease and diabetes have increased due to the pandemic, according to doctors at a recent forum.

“Pandemic lockdowns and quarantines have seriously impacted the health of many Filipinos by limiting their movement and keeping them from engaging in exercise,” said Dr. Rodney M. Jimenez, Philippine Heart Association (PHA) secretary, in a July 7 media briefing organized by For Your Sweetheart PH, an advocacy campaign that raises awareness about the link between diabetes and heart disease.

“This was exacerbated by heightened anxiety, as well as the availability of streaming services and social media,” he added.

Ischemic heart disease was the top cause of death in the Philippines, data from the Philippine Statistics Authority showed. The number of deaths due to the disease increased to 136,575 in 2021 from 105,281 in 2020.

Meanwhile, deaths from diabetes mellitus (DM) increased to 48,000 in 2021 from 39,720 in 2020.

“A lot of Filipinos living with diabetes don’t realize that if they don’t learn to manage their condition properly, it can lead to heart disease. This is especially true for people who have vices, are hypertensive and unmindful of their diet, and lead a sedentary lifestyle,” said Dr. Francis I. Pasaporte, president of Diabetes Philippines.

Managing either or both conditions, plus whatever other co-morbidities that may arise, will require a change in lifestyle and behavior, he added.

DIET, EXERCISE, CONSULTATION
A memory device for healthy habits is “5100” said Dr. Jimenez:

5 servings of fruit and vegetables per day
1 hour of exercise, or 1 minute of every hour doing any kind of movement
0 smoking
0 sugary beverages

“You know, sitting is the new smoking,” he warned. “Other offices have standing desks now to promote movement.”

Dr. Carolyn Narvacan-Montano, president of the Philippine College of Endocrinology, Diabetes and Metabolism (PCEDM), recommended that Filipinos go back to seeing their doctors regularly and not just when there’s something wrong.

“While online consultation remains a good option to get medical attention, hospitals and clinics can once again accept patients with other conditions by putting in place policies and measures that will protect the health and safety of everyone coming in their building against COVID-19,” she said.

In the meantime, those who are not yet diagnosed but may be prone to high cholesterol levels and blood pressure can use online tools to gauge the level of their health risks.

The Framingham Assessment Test is an online written exam that computes the risk for developing cardiovascular disease or getting a heart attack within 10 years based on one’s health information. It’s free and open to anyone aged 30 to 74 years old.

Results can be brought to a doctor for proper interpretation and diagnosis. — Brontë H. Lacsamana

SPEx new helicopter base in El Nido seen to improve security of Malampaya crew

July 13, 2022 | 12:03 am

SHELL Philippines Exploration B.V. (SPEx), operator of the Malampaya gas-to-power project, announced on Tuesday that it is moving its helicopter base from Puerto Princesa to El Nido, as it hopes to cut the flight time to and from the offshore project site by more than 70% and improve the security of its crew.

The recently inaugurated aircraft hangar of INAEC Aviation Corp. inside Lio Airport in El Nido will start operations “soon,” the company said in an e-mailed statement, referring to the 825-square-meter INAEC Hangar E2.

“The relocation of the helicopter base from Puerto Princesa to El Nido offers significant benefits to Malampaya. Flight time is reduced from 55 minutes to 15 minutes, which means improved safety, reliability and efficiency of our operations,” SPEx Managing Director Kiril Caral said.

INAEC, the first Filipino-owned private airline in the Philippines, started providing helicopter transport services to oil and gas companies in the country in early 2000s. It partnered with SPEx and PHI International in 2013 for the helicopter transport of Malampaya personnel.

SPEx also said that the P45-million INAEC Hangar E2’s location allows for easier access to search and rescue resources, including support from Philippine Air Force, Philippine Navy, and Philippine Coast Guard.

“This will help improve the security of the Malampaya offshore crew, especially in cases of offshore emergencies with shorter response times,” it noted.

Malampaya powers up to 20% of the country’s electricity. — Arjay L. Balinbin

Hong Kong needs to allow free travel to retain financial hub status — report

July 13, 2022 | 12:03 am

HONG KONG — Hong Kong needs to allow financial sector employees to travel freely to retain its global investment and banking hub status, an industry report said, as the city continues to maintain some of the strictest coronavirus regulations in the world.

“It is critical that a delicate balance is struck giving proper recognition to Hong Kong’s stature as an international financial center and broader local public health considerations,” said the report from the Alternative Investment Management Association (AIMA) and PwC released on Tuesday.

Quarantine rules and flight bans have meant business travel to Hong Kong has flatlined and global bank chiefs have mostly avoided traveling to the city since 2020, even while visiting rival regional financial hub Singapore in recent months.

The Chinese special administrative region is the largest hedge fund center in Asia, the report said, with more than half of the major funds that have at least $1 billion under management in the region located in Hong Kong.

Phillip Meyer, AIMA Hong Kong executive committee chair, urged policy makers to listen to the message “coming from every corner of every business sector.”

Travel restrictions and border closures have led to an exodus of residents during the last two years, with the financial services sector facing a “brain drain” of talent.

A net 140,000 people have left since the start of this year, official data show. It is unclear how many have left temporarily or permanently.

“The worst case is if in 12 months we are where we are today, then I think there’s some real challenges. Some business and people who have continued to be committed to Hong Kong may need to move,” Mr. Meyer said.

Hong Kong has reported more than 1.2 million coronavirus infections and around 9,400 deaths.

While the city has escaped the death tolls of other major centers, Hong Kong is one of only a handful of cities left to still implement quarantine with inbound travellers required to spend seven days in a designated hotel at their own cost.

A rule that banned individual flights for bringing in passengers infected with the COVID-19 virus was relaxed last week after the city’s government said the ban caused “unnecessary trouble” and inconvenience to residents. — Reuters

Nationals excited to compete again in ASEAN Para Games

July 13, 2022 | 12:03 am

THE Philippines will go all out to improve on a fifth-place finish in the last staging of the ASEAN Para Games in 2017 as it sees action in the 11^th edition of the biennial meet slated for July 30 to Aug. 6 in Solo, Indonesia.

Tokyo paralympian swimmer Ernie Gawilan is optimistic he can improve on a two-gold, one-silver and two-bronze haul he snared and the team’s total 3-3-5 the last time in Kuala Lumpur, Malaysia.

“We’re really eager, hungry and excited to compete again in the ASEAN Para Games and we have high hopes we will do better than the last time,” said Mr. Gawilan, who is scheduled to see action in the 400-meter freestyle, 200m individual medley, 100m backstroke and two team relay events.

Joel Deriada, who coaches the track and field squad, likewise showed confidence his team will match, if not improve, their 9-5-6 haul in the last edition.

“After some postponements and cancellation, we’re happy to compete in the ASEAN (Association of Southeast Asian Nations) Para Games, we’re all excited and eager to compete and make the country proud again,” said Mr. Deriada, who is fielding in a 24-strong squad headed by paralympians Jerold Pete Mangliwan and 2017 triple gold medalist Cendy Asusena.

The squad will also have 2017 double gold winner Daisy Panaligan in the squad that will parade 11 promising new talents they recruited in the Palarong Pambansa a few years ago.

In all, the country will have 212-strong delegation composed of 144 athletes, 38 coaches, seven personal assistants and 23 officials including chef de mission Wowie Torres.

The Nationals, who will also compete in archery, badminton, chess, boccia, goal ball, judo, powerlifting, volleyball, basketball and table tennis, will leave on July 26 in a Philippine Airlines chartered flight arranged by the Philippine Sports Commission. — Joey Villar

Philippine trade year-on-year performance

July 13, 2022 | 12:02 am

THE PHILIPPINES’ trade deficit widened to $5.7 billion in May as imports rose by the fastest pace in five months, according to data from the Philippine Statistics Authority (PSA). Read the full story.

Roche calls for inclusion of innovative treatments in formulary

July 13, 2022 | 12:02 am

Regulatory bodies should consider including innovative medical treatments, or new treatments that contain substances that have not been authorized before, in the Philippine National Formulary, according to a July 4 forum organized by pharmaceutical company Roche (Philippines) Incorporated.

Roche has several working proof-of-concept projects that aim to achieve “the shared vision of each person with access to innovative diagnosis and treatment, whether they are city executives or farmers in provinces.”

These include Mission Leapfrog, a breast and cervical cancer prevention initiative in Tacloban City that is set to expand to seven more cities; Roche Access Program, a patient assistance program for the financially constrained that has supported more than 9,000 patients as of this May; and I CAN For Lung Cancer, a project that builds a healthcare provider network for delivering lung cancer services, from screening to palliation.

Senator Joseph Victor “JV” G. Ejercito, principal author of the Universal Healthcare Law, acknowledged cancer as a priority issue in the July 4 forum with William N. Anderson, global chief executive officer of Roche Pharmaceuticals, Inc.

Mr. Ejercito noted the need for more access to funds for cancer treatment, as well as “the inclusion of innovative treatments and diagnostics in the formulary.”

The Philippine National Formulary is the national reference that guides the national and local governments on drug procurement, prescription, and use. It also guides the Philippine Health Insurance Corporation (PhilHealth) in the reimbursement of claims from both public and private healthcare facilities.

Roche did not give specifics on which medical treatments it thought were supposed to be included in the formulary, except to say that the multinational healthcare company advocates coverage for people with metastatic cancers and rare disease conditions. — P. B. Mirasol