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Rose Pharmacy opens 870th branch

ROBINSONS Retail Holdings, Inc. (RRHI) continues to expand its drugstore business with the launch of the 870th Rose Pharmacy drugstore in Cebu’s Lapu-Lapu City on Sept. 17.

“The newest Rose Pharmacy store in Plumera, Lapu-Lapu City is a milestone that further solidifies our commitment to bring reliable pharmaceutical products closer to our customers, as well as our plans to further deepen our presence as a major drugstore player in the country,” RRHI Group General Manager Christine O. Tueres said in a statement on Tuesday.

The listed retailer acquired the pharmacy brand in 2020 from Dairy Farm International Holdings, Ltd. wholly owned unit Mulgrave Corp. B.V.

Rose Pharmacy retails medicine and personal care products as well as in-house names Rose Pharmacy Generics and Singapore-based Guardian Pharmacy’s personal care products.

“Since our acquisition of Rose Pharmacy in 2020, we have seen various possibilities in further shaping our drugstore portfolio to address current and relevant customer needs,” said Robina Gokongwei-Pe, president and chief executive officer of RRHI.

Prior to Rose Pharmacy, RRHI acquired Southstar Drug in 2012 and community drugstore chain TGP (The Generics Pharmacy) in 2016.

TGP has over 2,000 franchised stores nationwide, offering generic and affordable medical products.

Meanwhile, Southstar Drug and Rose Pharmacy each have an e-commerce site, southstardrug.com.ph and rosepharmacy.com. These accept orders online and offer delivery services.

RRHI said it has an “aggressive pipeline” to further expand its drugstore business in the country.

“We are confident that there is still room to grow in Philippine pharma-retail as a large portion of the market remains unserved,” said Ms. Tueres.

Shares of RRHI at the stock exchange went down by 1.21% or 60 centavos on Tuesday, closing at P49.15 apiece. — Keren Concepcion G. Valmonte

Weaker fundamentals to affect peso’s strength

UNCERTAINTIES over the Philippine government’s management of the coronavirus pandemic and deteriorating economic fundamentals will threaten the peso’s strength, Fitch Solutions Country Risk & Industry Research said.

“We expect the peso to remain vulnerable to coronavirus disease 2019 (COVID-19) outbreaks, given low vaccination rates and difficulties containing outbreaks,” it said in a note on Tuesday on its forecast for the local unit for the next three to six months.

“The outbreaks are disrupting the economy’s recovery and hampering market investors’ interest in its assets and delaying longer-term foreign investment decisions,” Fitch Solutions said.

The fully vaccinated in the Philippines currently make up only 17.17% of its population, lagging behind regional neighbors and only better than Indonesia, Vietnam, Taiwan, and Myanmar.

The government is hoping to vaccinate 70% of the population by end-2021, but delays in vaccine delivery continue to hamper inoculation efforts.

Cases likewise remain high, with the daily infection count at almost 20,000 for the past weeks.

The outbreak’s impact on tourism is expected to affect the peso, Fitch Solutions said.

“There is also a heightened prospect that the Philippines’ ability to revive its tourism sector will lag other markets, which again will soften demand for the peso relatively,” it said.

The country’s deteriorating economic fundamentals due to the pandemic, including rising public debt and a widening current account deficit, “is likely to weigh on the peso’s attractiveness to investors,” Fitch Solutions added.

Central bank data showed the country’s current account swung to a $1.223-billion deficit in the second quarter, a turnaround from the $5.101-billion surplus seen in the April to June 2020 period.

This brought the current account to a deficit of $1.248 billion in the first semester, also a reversal of the $4.798-billion surfeit in the same period last year. The central bank attributed this to the recovery in imports.

Fitch Solutions said the country’s expected rebound in the next six months to two years could support the peso. It expects the economy to grow by 4.2% this year and 6.5% in 2022.

“Foreign investor appetite could pick up and we note the proposed easing of foreign ownership rules in areas such as utilities and retail sectors could boost foreign direct investment into the Philippines providing support for the peso,” it said.

Fitch Solutions expects the peso to average at P49.20 per dollar this year and at P51 in 2022.

The peso closed at P50.24 per dollar on Monday, weaker by P2.217 or 4.61% from its P48.023 finish on Dec. 29, 2020. — L.W.T. Noble

Patient safety and maternal care

FREEPIK

Patient safety is fundamental to the provision of healthcare in all settings. However, risks associated with healthcare remain major challenges for patient safety globally, according to the World Health Organization (WHO) “Global Patient Safety Action Plan 2021–2030.” 

Established in 2019, World Patient Safety Day (Sept. 17) is an annual celebration that aims to enhance global understanding of patient safety, increase public engagement in the safety of healthcare, and promote global actions to enhance patient safety and reduce patient harm. 

This year, the WHO urged all stakeholders to “act now for safe and respectful childbirth” with the theme “safe maternal and newborn care.” 

According to the WHO, approximately 810 women die every day from preventable causes related to pregnancy and childbirth. In addition, around 6,700 newborns die every day, amounting to 47% of all under-5 deaths. Moreover, about 2 million babies are stillborn every year, with over 40% occurring during labor. 

“Considering the significant burden of risks and harm women and newborns are exposed to due to unsafe care, compounded by the disruption of essential health services caused by the COVID-19 [coronavirus disease 2019] pandemic, the [World Patient Safety Day] campaign is even more important this year,” the WHO said. 

The Philippines’ maternal mortality ratio (MMR) has been declining gradually — from 156 deaths per 100,000 live births in 2003 to 121 deaths per 100,000 live births in 2017. MMR is the number of women who die during pregnancy and childbirth, per 100,000 live births.  

According to the 2021 World Data Atlas Philippines, our neonatal mortality rate (NMR) has likewise been tapering off progressively — from 25.7 deaths per 1,000 live births in 1970 to 13.3 deaths per 1,000 live births in 2019. NMR is the number of newborns dying before reaching 28 days of age per 1,000 live births in a given year. 

Credit must be given to the government’s National Safe Motherhood Program, which provides the overall policy direction to partner local government units (LGUs) in the delivery of quality maternal and newborn health services using proven and innovative approaches.  

The Department of Health (DoH) deploys barangay health workers and Basic Emergency Obstetric and Newborn Care (BEmONC) teams composed of doctors, nurses, and midwives. BEmONC is a primary healthcare level initiative promoted in low- and middle-income countries to reduce maternal and newborn mortality. 

‘RESPECTFUL CARE, EVERY TIME, EVERYWHERE’
The WHO Global Patient Safety Action Plan 2021–2030 was adopted recently by the 74th World Health Assembly with a vision of “a world in which no one is harmed in healthcare, and every patient receives safe and respectful care, every time, everywhere.”  

The action plan aims to provide strategic direction for all stakeholders for eliminating avoidable harm in healthcare and improving patient safety in different practice domains through policy actions on safety and quality of health services, as well as for implementation of recommendations at the point of care.  

It provides a framework for countries to develop their respective national action plans on patient safety, as well to align existing strategic instruments for improving patient safety in all clinical and health-related programs. 

In a joint statement with partner organizations, the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA) linked universal health coverage to the importance of instilling a patient safety culture in the design and delivery of the whole healthcare spectrum.  

This covers health promotion to prevention, treatment, rehabilitation, and palliative care, with the goal of providing safe, people-centered, accessible, acceptable, affordable, and quality healthcare.  

In implementing GPSAP 2021–30, patients, their families, and carers must be engaged in co-creating safe care and primary healthcare strengthened in partnership with family doctors. 

“Safe care fosters trust in health systems, health professionals and medical products. Trust can be undermined by products and interventions that do not adhere to the highest standards of quality, such as substandard and falsified medicines,” the joint statement concluded. 

Science-based guidelines provide clear directions for the development, manufacture, and supply of medicines and vaccines. They help to assure that medicines and vaccines are safe, effective, and of quality.  

What’s more, they provide a common platform to help regulators and industry alike to build a shared understanding of ways to develop safe medicines to improve health outcomes. 

  

Teodoro B. Padilla is the executive director of the 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.

PHL ranks 48th (out of 110 countries) in terms of ‘digital quality of life’

The Digital Quality of Life (DQL) index by virtual private network (VPN) service provider Surfshark assesses and compares the relative performance of countries in terms of digital well-being. Specifically, it looks at how much time people have to work to afford the internet connection (internet affordability), how fast and stable the internet connection is (internet quality), how developed and inclusive the country’s existing electronic infrastructure is (electronic infrastructure), how safe and protected people feel when online (electronic security), and how advanced and digitized the country’s electronic services are (electronic government). Among 110 countries in the 2021 list*, the Philippines placed 48th, ahead of neighboring Indonesia (72nd overall), Vietnam (73rd), Laos (102nd), and Cambodia (108th).

 

PHL ranks 48<sup>th</sup> (out of 110 countries) in terms of ‘digital quality of life’

Philippines places 51st out of 132 economies in global innovation ranking

THE PHILIPPINES slipped one spot to 51st place out of 132 economies on an annual list that measures innovation performance after the country’s information technology (IT) infrastructure scores sank.

The country’s performance in the Global Innovation Index (GII) 2021 had previously been improving drastically. Read the full story.

Philippines places 51<sup>st<sup> out of 132 economies in global innovation ranking

How PSEi member stocks performed — September 21, 2021

Here’s a quick glance at how PSEi stocks fared on Tuesday, September 21, 2021.


Peso rises vs dollar on stock market’s gains 

BW FILE PHOTO

THE PESO strengthened versus the greenback on Tuesday following gains at the stock market. 

The local unit closed at P50.14 per dollar on Tuesday, appreciating by 10 centavos from its P50.24 finish on Monday, based on data from the Bankers Association of the Philippines. 

The peso opened Tuesday’s session at P50.17 against the dollar. Its weakest showing was at P50.21, while its intraday best was at P50.08 versus the greenback. 

Dollars exchanged dropped to $998.7 million on Tuesday from $1.117 billion on Monday. 

The peso strengthened as the Philippine Stock Exchange index (PSEi) climbed yesterday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said. 

The bellwether PSEi gained 23.3 points or 0.34% to end at 6,881.20 on Tuesday, while the broader all shares index shed 1.34 points or 0.03% to close at 4,264.99. 

Meanwhile, a trader said the peso appreciated “as the global market stabilized following…market caution about the Chinese lender Evergrande”. 

Evergrande is facing liabilities worth more than $300 billion, which is equivalent to 2% of China’s gross domestic product.  

The People’s Bank of China summoned executives of the lender in August, warning it needed to reduce its debt risks and prioritize stability. 

For today, Mr. Ricafort gave a forecast range of P50.05 to P50.25, while the trader expects the local unit to move within P50.05 to P50.30 per dollar. — LWTN 

PSEi climbs on bargain hunting, vaccine arrivals

THE BENCHMARK INDEX inched up on Tuesday on bargain hunting and as more coronavirus disease 2019 (COVID-19) vaccines arrived in the country.

The bellwether Philippine Stock Exchange index (PSEi) improved by 23.3 points or 0.34% to close at 6,881.20 on Tuesday, while the broader all shares index inched down by 1.34 points or 0.03% to 4,264.99.

“The PSEi went up today from two-week lows and still among two-month highs amid the increased arrivals of new COVID-19 vaccines at the record pace in recent days so far,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a Viber message on Tuesday.

Vaccine czar Carlito G. Galvez, Jr. said in a televised briefing on Monday that around 22 million doses of COVID-19 vaccines will be arriving in the country by the end of the month and over 100 million COVID-19 jabs are expected to arrive by end-October.

These deliveries included vaccines manufactured by AstraZeneca Plc, Moderna, Inc., Pfizer, Inc. and BioNTech SE, as well as Sinovac Biotech Ltd. and jabs from the World Health Organization’s COVAX facility.

“Also, OCTA reported the negative growth rate in the transmission of COVID-19,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message.

On Monday, OCTA Research group’s Dr. Guido David said the virus growth rate swung to negative four percent, while the reproduction number in the country decreased to 1.12 from last week’s 1.27. 

“Market went on bargain hunting today after it was downed for two trading days as PLDT, [Inc.] disclosed…the release of their license for their digital bank by BSP (Bangko Sentral ng Pilipinas),” Mr. Pangan added.

The BSP granted PayMaya, which is operated by PLDT’s Voyager Innovations, Inc., a digital banking license to operate Maya Bank.

Sectoral indices were split on Tuesday. Property gained 21.70 points or 0.72% to 3,018.64; services rose 11.44 points or 0.62% to finish at 1,851.25; and holding firms climbed 27.28 points or 0.39% to 6,957.04.

Meanwhile, industrials declined by 68.48 points or 0.68% to close at 10,002.08; mining and oil shed 61.67 points or 0.67% to 9,135.87; and financials lost 3.76 points or 0.26% to end at 1,418.45.

Value turnover inched down to P7.08 billion on Tuesday with 860.44 million shares switching hands, lower than the P7.23 billion with 2.29 billion issues traded on Monday.

Decliners beat advancers, 116 against 64, while 51 names closed unchanged.

Net foreign selling surged to P216.35 million on Tuesday, over eight times the P30.27 million seen on Monday.

“Immediate resistance remains at the psychological 7,000 mark, [while] immediate support [is] at 6,700-6,800 levels, which prevent further downward correction in the near future,” RCBC’s Mr. Ricafort said. — Keren Concepcion G. Valmonte

COVID-19 insurance payouts P4.35B in H1, exceeding 2020

THE INSURANCE industry made payouts related to coronavirus disease 2019 (COVID-19) worth P4.35 billion in the first half, exceeding the total for 2020, according to a survey conducted by the Insurance Commission (IC).

Insurance Commissioner Dennis B. Funa said in a statement Tuesday that the payouts by life and nonlife insurers, health maintenance organizations (HMOs) and mutual benefit associations (MBAs) were 12% above the 2020 total of P3.9 billion.

Overall coronavirus payouts as of the end of June are now at P8.25 billion, dating back to the start of the pandemic last year.

Mr. Funa said the rise in COVID-19 related payouts coincided with surges in infection rates during the half.

“The figures provided show that the claims paid increased drastically from February to April and dipped slightly in June,” he said.

“This reflects the reported spike of COVID-19 cases in the Philippines between March and May which prompted the government to impose stricter quarantine measures during those months,” he added.

HMOs accounted for 47% of the overall COVID-19-related payouts, or P2.06 billion, in the first half, up 7.9% from the 2020 total. This brought total releases by HMOs to P3.89 billion as of June.

Life insurers paid out P1.98 billion or 46% of the industry’s total. The first-half payouts exceeded the 2020 total by 36%. The industry has released P3.44 billion since the pandemic began.

Mr. Funa said nonlife insurers released P119 million in COVID-19 related payouts in the first half, equivalent to 74% of the total released in the preceding full year.

MBAs released P191.7 million during the half, equivalent to 54% of the industry’s 2020 tally.

Some P1.67 billion or 38% consisted of death benefits in the first half, followed by P1.47 billion in in-patient benefits, and P876.6 million in out-patient payouts.

“Also worth mentioning is the fact that non-life insurance companies paid P37.60 million in Business Interruption claims due to the effects of business closures and the imposition of quarantine measures as a result of the COVID-19 pandemic,” he said.

The IC surveyed 117 out of 147 life and nonlife insurers, HMOs and MBAs to assess the impact of the COVID-19 pandemic on the industry.

“Despite the challenges and risks posed by the COVID-19 pandemic and the substantial increase in COVID-19-related claims, life and nonlife insurers, HMOs and MBAs remain financially resilient,” Mr. Funa said.

Gross premiums collected by life and non-life insurance firms and MBAs rose 27.82% from a year earlier to P99.89 billion in the first quarter. — Beatrice M. Laforga

SSS payments to jobless top P2.6B during pandemic

THE Social Security System (SSS) has released P2.62 billion in unemployment insurance benefits to 196,000 workers during the pandemic so far, the Department of Finance (DoF) said.

Citing a report from the state pension fund, Finance Secretary Carlos G. Dominguez III said in a statement Tuesday that 90% of the total, or P2.35 billion, was released to 173,791 SSS members between March 2020 and June 2021 via the unemployment insurance benefit (UIB) program.

“Implemented effective March 2019, the UIB program is among the key institutional responses of the SSS to the COVID-19 pandemic for its affected members since March 2020,” Mr. Dominguez was quoted as saying in his letter to Senate President Vicente C. Sotto III.

The DoF sent the letter in response to a query by Senator Grace S. Poe Llamanzares regarding the available jobless insurance benefits.

Mr. Dominguez cited the implementing rules and regulations of Republic Act No. 11199 or the Social Security Act authorizing UIB payouts for the involuntarily laid off when their companies downsize or halt operations.

Laid off employees are also entitled to benefits during economic downturns, natural calamities, human-made disasters and other “just causes for ending the employment relationship.”

Employees who are less than 60 years old with 36 months of contributions to the pension fund are eligible for the UIB program, under which they can receive half of their average monthly salary for a maximum of two months.

Laid off workers can apply for the program every three years.

Jobless numbers fell to 3.073 million in July from 3.76 million in June, as less restrictive lockdown settings allowed businesses to reopen and hire more workers.

As a result, the unemployment rate fell to 6.9% compared with the 7.7% posted in June and the 10% rate from a year earlier.

The coronavirus pandemic and resulting lockdowns triggered massive layoffs as more companies reduced their operations or shut down completely.

The DoF said the SSS allows members to file UIB claims via the My.SSS member portal. The pension fund has started using electronic payment channels to speed up payouts. — Beatrice M. Laforga

Budget retains focus on infrastructure as debate moves to House plenary

PHILIPPINE STAR/MICHAEL VARCAS

THE P5.042-trillion 2022 budget remains largely focused on bringing about a recovery led by infrastructure and social spending after progressing to plenary debate Tuesday with no changes from the version passed at committee level, key legislators said.

“We shall remain focused on ensuring that the programs and projects for infrastructure development and human capital development will (be passed) by this Congress,” ACT-CIS Rep. Eric G. Yap, chairman of the House appropriations committee, said in his sponsorship speech.

According to the committee report on House Bill 10153, or the 2022 General Appropriations Bill, no amendments were made by the appropriations panel.

Plenary deliberations on the proposed 2022 budget will be run until Sept. 30 to discuss spending plans of various government agencies. The timetable includes the period of amendments, according to the schedule sent to reporters.

Mr. Yap told reporters that he will ask President Rodrigo R. Duterte to certify the budget as urgent to ensure its timely approval. Such a certification under House rules eliminates mandatory waiting periods between the various stages of approval.

He said on Aug. 21 that he expects the budget to be approved by the House by the end of the month, which is just before legislators suspend session for the filing of certificates of candidacy for the upcoming national elections.

“We are hopeful to pass the (General Appropriations Bill) before the adjournment and the possibility that the President will certify it as an urgent measure will help expedite its approval on third and final reading,” House Majority Leader and Leyte Rep. Ferdinand Martin G. Romualdez said.

Marikina Rep. Stella Luz A. Quimbo said during the plenary that she will propose amendments to the budget bill to ensure sufficient funding for pandemic-related items such as allowances for healthcare workers and medicine kits for home care patients.

Infrastructure spending is expected to be allocated about P1.18 trillion, with the government counting on public works to drive the recovery.

The 2022 budget, if passed, is 11.5% higher than this year’s P4.506-trillion spending plan. — Russell Louis C. Ku

PHL needs to add 20 GW of RE capacity to hit 2030 target

PHILSTAR FILE PHOTO

THE PHILIPPINES must build an additional 20 gigawatts (GW) of renewable energy (RE) facilities within a decade to hit its target of 35% clean energy in the power generation mix, according to listed power firm AC Energy Corp.

In a briefing Tuesday, AC Energy President and Chief Executive Officer Eric T. Francia said the company projects that the Philippines can hit 35% RE at that level of new construction, a major step up from the 2019 level of 7.4 GW.

Mr. Francia said the target is achievable if the government increases its yearly renewable portfolio standards (RPS) increment to 2.52% from the current 1%. The RPS requires distribution utilities and retail electricity providers to source an agreed portion of their power supply from eligible RE facilities.

The new construction will require investment of over $20 billion, excluding those related to battery energy storage, he added.

“Assuming that we really get to that 20 GW of renewable build-out over the next decade (and consider that) 1 MW of renewables averages around 1 million dollars… the rough estimate here is we should be seeing well over $20 billion worth of investment on renewables alone — not including storage — and create over 50,000 jobs in direct employment,” he said.

He also believes that solar technology will likely be the main driver of renewables growth in the Philippines over the period since it is cost competitive compared to coal and gas and can produce power during peak demand.

In 2020, RE sources comprised 29% of the installed capacity mix, down from 34% in 2009, a year after the Renewable Energy Act was signed into law, according to the Department of Energy’s Electric Power Industry Management Bureau.

Mr. Francia said the government’s RE policies such as the revised RPS, RE certificate market, green energy option program and reserve market will support the 35% target, which the DoE previously called “aspirational.”

AC Energy, the listed energy platform of the Ayala group, hopes to be the largest listed renewables group in Southeast Asia, with a target of 5,000 MW in renewables capacity by 2025. The company, which also operates in Vietnam, Indonesia, India, and Australia, currently has attributable capacity of around 2,600 MW. — Angelica Y. Yang