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PDIC backs proposed charter amendments

THE PHILIPPINE Deposit Insurance Corp. (PDIC) is backing measures seeking to amend its charter to make it an attached agency of the Bangko Sentral ng Pilipinas (BSP) and to increase coverage, saying these will boost its operations.

“Enhanced coordination is a key benefit in the proposed attachment of PDIC to the BSP. Our mandates and those of the BSP’s, primarily on protecting financial consumers and promoting financial stability are strongly connected,” the PDIC said in an e-mail.

“With this proposal, decision-making is hastened and synchronization of regulatory actions is enhanced. These will ultimately benefit the depositing public,” it added.

The BSP earlier said making PDIC an attached agency of the central bank, which is proposed under House Bill (HB) 8818 and Senate Bill (SB) 2365 that seek to amend the state deposit insurer’s charter, is in line with recommendations from the International Monetary Fund.

The PDIC is currently an attached agency of the Department of Finance.

HB 8818 was passed by the House of Representatives in March, while SB 2365 is awaiting second reading at the Senate as of August.

The PDIC also said the proposed revisions to their charter will help them improve their mandate to protect depositors as it gives them the authority to adjust the maximum deposit insurance coverage, which is currently at P500,000 after a thorough cost-benefit analysis.

The maximum deposit insurance coverage was increased to P500,000 from P250,000 in April 2009.

“Considering it was last increased in 2009, more than a decade ago; and in light of the various economic and financial market developments since then, a comprehensive study on the benefits and challenges of adjusting the maximum deposit insurance coverage is in order,” it said.

The PDIC said the proposal to expand deposit insurance coverage to other products, such as Islamic deposits, will also benefit the public.

Industry groups, including the Bankers Association of the Philippines and the Chamber of Thrift Banks, have earlier expressed support for the proposed measure that will introduce changes to the PDIC charter. — L.W.T. Noble

Arts & Culture (09/22/21)

Japanese woodblocks inspire new artworks 

Modernismé, an exhibit featuring Tesa Celdran’s first collection of mixed media/collage paintings, opens on Sept. 26, at the Secret Fresh Gallery. Modernismé takes the traditional subject matter of ukiyoe — Japanese woodblock prints from the late 19th century – and combined these with the modern techniques of mixed media/collage. Celdran’s first mixed media/collage pieces were part of the Manila Biennale art auction in 2018. In 2020, she did the same for La Collina’s artisan market. Her first exhibit was The Chair Project, a show of Seating Furniture at Pineapple Lab, Makati in 2017. The Secret Fresh Gallery is located at the Ronac Art Center424 Ortigas Avenue, GreenhillsSan Juan City. Contact the gallery for viewing, following COVID-19 health restrictions, via e-mail at secretfreshinfo@gmail.com. 

Picture book-making webinar opens to the public 

Award-winning Filipino artist and children’s book illustrator Aldy Aguirre will conduct Illustrating Unheard Stories, a two-part webinar which delves into the creation of picture bookson Sept. 29 and Oct. 6. The first session walks the participants through the artistic process, from conceptualizing characters, worldbuilding, creating storyboards to seamlessly incorporating texts and sketches. An interactive exercise will guide the students how to flesh out their cast, tapping the diverse personality traits provided by the class. The second part focuses on the art. Aguirre will discuss different mediums used in picture books, as well as the various points to consider in color selection. He will design a new cover from scratch, inspired by non-existent children’s book titles provided by attendees. Both sessions will conclude with a question-and-answer portion. Aguirre likewise tackles the making of two books he illustrated: Ya Pagkatu-Ang Na Banwa (The Creation of the World), a Tagakolu tale published by DO62 Indigenous People Education Partnership Initiative of De La Salle Philippines; and Si Kian, the story of Kian Delos Santos, one of the victims of extrajudicial killings during the war on drugs. Si Kian was published by Philippine Center for Investigative Journalism and Adarna House. Aguirre’s artworks, which range from colored pencils to watercolor and gouache, have graced a number of children’s books from various publishers and independent writers here and abroad. Hosted by the Arts and Culture Cluster of De La Salle-College of Saint Benilde, the webinar-demo is free and open to the public. It will be held via Zoom on Sept. 29 and Oct. 6, from 2 to 4 p.m. Interested participants may register through https://forms.gle/pFjMtbepchYG4FvP8.

CCP marks 52 years with spotlight on resident artists

TO celebrate its 52nd anniversary, Cultural Center of the Philippines (CCP) presents an online video streaming showcase focusing on the resident companies who have once tread its halls. Titled Mula Sa Tanghalan Naming Tahanan, the CCP Anniversary Feature brings together the resident companies of the CCP through a selection of their various online performances, put together into a video production. Throughout the rest of the month, the CCP will be featuring daily on the CCP Facebook Page, YouTube Channel, and Vimeo Showcase the works of Ballet Philippines, the Philippine Ballet Theater, Tanghalang Pilipino, the Ramon Obusan Folkloric Group, the Bayanihan Philippine National Folk Dance Company, the Philippine Philharmonic Orchestra, the UST Symphony Orchestra, the Philippine Madrigal Singers, and the National Music Competition for Young Artists Foundation. The Mula Sa Tanghalan Naming Tahanan showcase runs at http://bit.ly/CCP52Showcase until Oct. 6 on the CCP YouTube and Vimeo Channels.

Artist group holds first online exhibit

GROUNDED present “States of Cadence,” its first-ever online group exhibition which explores the works of grassroots and emerging artists from the Grounded Artist Network. The first exhibit of this two-part series opens on Sept.  23 at www.groundedph.com. Grounded, co-founded by Marika Manglapus-Ledesma, Bianca Yuzon-Henares, and Carina Alejandrino-Arenas, is a lifestyle brand and consultancy. For “States of Cadence: Exhibit 1,” the collection of artworks range from mixed media and paintings to prints and photographs, influenced by the challenges and triumphs from the different seasons of the artists’ lives. All the works are priced between P5,000 and P25,000. A portion of sales will be allocated for projects of Oceanus Conservation, a Philippine non-profit that conserves and restores blue carbon habitats such as coral reefs and mangroves. “States of Cadence” will also present short films from the @globestudios’ Independent Film Festival (.GIFF). There will also be a virtual wellness space to accompany this exhibit as part of Grounded’s mission to bring a more holistic approach to arts and culture.  “States of Cadence: Exhibit 1” will run until Nov. 15. The second part of the series will be launched in December and will run until March, with plans of a physical show during the first quarter of next year. For details, visit www.groundedph.com.

West Gallery holds group show

WEST Gallery presents a group show, “Working Animals: Westbound,” until Oct. 16. The Working Animals artist collective opens a joint exhibition showcasing the group’s diverse talents, visual styles, and thematic trajectories. Continuing the series of shows which commenced in 2019 referencing movement and embarking on a journey (Northbound and Seabound), the artists now head to West Gallery for Westbound. The participating artists are Aiya Balingit, Keb Cerda, Ronson Culibrina, Dale Erispe, Lui Manaig, John Marin, and Pow Marin. The show is curated by Ryan Francis Reyes. Visitors are welcome by appointment only. To make an appointment, call 3411-0336 (landline) or 0915-175-3792 (mobile).

CCP, AP release limited-edition print portfolio

THE CULTURAL Center of the Philippines (CCP) and the Association of Pinoyprintmakers (AP) present a special limited-edition print portfolio, 20/30: A Limited Edition Print Portfolio in celebration of the 50th Anniversary of the Cultural Center of the Philippines. This is a collection of fine prints using traditional printmaking techniques by practitioners who have contributed to the development of Philippine contemporary printmaking and who represent a wide range of generations in Philippine art. The artists featured in this portfolio are or were affiliated in one way or another with AP. This project is the second commemorative print folio project of the CCP in partnership with AP. The first, produced in 2014, was called 25@45, and was made in celebration of CCP’s 45th anniversary. The proceeds of the 20/30: A Limited-Edition Print Portfolio will go to fundraising programs of the CCP and the AP.

Galerie Francesca presents Chinese painting exhibit

MANY critics consider the landscape as the highest form of Chinese painting. The exhibit “Silver Mountains, Sparkling Waters” featuring works by Fred Chin Tan harkens to the tradition of Chinese landscape painting. It focuses on life-sustaining and overflowing abundance aspects of nature. The exhibit is on view at Galerie Francesca until Sept. 30. Galerie Francesca is located at the 4L, Bldg. A, SM Megamall, EDSA, Mandaluyong City. For inquiries, call 0935-551-1305, or e-mail info@galeriefrancesca.com.

Louvre masterpieces now available for the home

SAMSUNG Electronics Co., Ltd. has a new exclusive artwork partnership with the Musée du Louvre in Paris, to develop the Art Store on Samsung’s lifestyle TV, The Frame. With new artworks from the Louvre joining the collection, The Frame now boasts a catalog of over 1,500 works of art from 42 different countries that consumers can enjoy in 4K picture quality from museums and galleries around the world, including the Prado Museum in Madrid, the Albertina Museum in Vienna, the Tate Modern in London, the Van Gogh Museum in Amsterdam, the Hermitage State Museum in Saint Petersburg, and LUMAS. By entering into a partnership with the Louvre, Samsung offers all The Frame owners a chance to explore the most visited museum in the world through 40 pieces of artwork and photographs. This selection includes the Mona Lisa and The Wedding Feast at Cana, as well as photos of the Louvre galleries, its architecture, and museum grounds. A short description of each work gives users a glimpse into their background and history. Samsung and the Louvre also plan to unveil other exclusive content for The Frame users later this year. The Frame is designed as a TV when on and art when off, serving as an innovative digital canvas. For more information on Samsung’s lifestyle TV products, visit www.samsung.com/ph.

The Met holds art dialogue series

THE SECOND installment of the Metropolitan Museum of Manila’s Art and Community —  a series of dialogues that examine and explore the ecology of relationships within the Philippine arts and culture sector and its ties to society — will be held on Sept. 26, 10 a.m., over Zoom and Facebook Live. The dialogue, “Creative cultural hubs on collaboration & participation,” will look into how to grow arts and cultural spaces that are more socially-responsive, ecologically conscious, and people-centered environments. The event will draw on the experiences of the participatory and community-based models of KANTINA (Roxas City, Capiz), CASA San Miguel (San Antonio, Zambales), and Emerging Islands (San Juan, La Union), and will discuss the different modes of collaboration and participation in the broader context of cultural work and empowerment. For registration details, visit the Metropolitan Museum of Manila’s Facebook page.

Digital protest for change through online exhibit

WRITERS, visual artists, designers, filmmakers, animators, photographers, content creators, and event consultants have utilized the digital medium in a virtual showcase entitled “To Differ, Digitally 2 (TDD2): Love and Dissent in the Time of Pandemic,” which features a series of protest artworks. “TDD2” is the second iteration of the exhibit, which explores the digital landscape as a platform to communicate constructive protest based on love and empathy. The show spotlights photos, graphic design, and illustrations, 2D and 3D models and rigs, animation and live action films, texts, audio, applications and software. The line-up of creators is comprised of writer Jag Garcia, motion graphics artist and designer Yolec Homecillo, multimedia designer Hannah Sison, 3D artist Volty Garcia, visual communicator Vanessa Puente, visual artist Emily Mones, designer, writer and artist Brian Bringas, graphic designers Dino Brucelas and Rafael Liao, writer and designer Ericka Garalde, filmmaker, writer and content producer Seymour Sanchez, multidisciplinary artist Teta Tulay, event consultant Mito Tubilleja, writer and content developer Penny Angeles-Tan, animator Benjie Marasigan and photographer Jay Javier. “TDD2” is produced by the Center for Campus Art (CCA) of the DLS-CSB and curated by CCA Director Architect Gerry Torres and artist Karen Ocampo Flores. To view the exhibit, visit the official Facebook page of Benilde CCA at https://www.facebook.com/BenildeCampusArt.

Climate Art Contest launched

THE ASIA Pacific Regional Ozone2Climate Art Contest has been launched to promote the linkage of the ozone layer and climate protection under the Montreal Protocol. Over 30 countries in the Asia Pacific region are participating in this contest, with each country organizing its own national competition, the winners of which will be entered into a regional-level contest. The overall initiative is being jointly organized by the United Nations Environment Program (UNEP) and the United Nations Educational, Scientific and Cultural Organization (UNESCO), and supported by Mahidol University. The art contest has three categories — photography, drawing, and graphic design — and it aims to raise the awareness of people in the region about ozone layer depletion and its link with climate change. “The Montreal Protocol under Substances that Deplete the Ozone Layer is one of the most successful multilateral environmental agreements in history, which not only enabled the recovery of the ozone layer, but also made significant contributions to climate change mitigation,” said Megumi Seki, Executive Secretary of UNEP’s Ozone Secretariat. She further added, “with full implementation of the Kigali Amendment, the Montreal Protocol could avoid a 0.4-degree Celsius global temperature increase by the end of the century. Further, the Montreal Protocol will also inspire the global fight against climate change.” Out of 38 developing countries in the Asia Pacific region, 33 including the Philippines have already confirmed their participation in the Asia Pacific Regional Ozone2Climate Art Contest, and more countries are expected to confirm their participation soon. Entries will be accepted until March 31, 2022. For more information about the contest, visit www.ozone2climate.org.

Cine Europa on-demand screenings

THE 2021 CINE Europa film festival presents 17 critically acclaimed European films online via www.cineeuropaph.com. One can register and secure virtual seats to the on-demand screenings until Sept. 29. All registered audience members will be able to see all films in the virtual theater portal. Cine Europa is an initiative of the EU Delegation and the EU Member States Embassies together with Goethe Institut Manila, the Philippine-Italian Association and Instituto Cervantes de Manila.

Shell Art tilt calls for entries

PILIPINAS Shell Petroleum Corp.’s Shell National Students Art Competition (NSAC) — the tilt is one of the longest-running student art competitions in the country — takes on a relevant theme this year, “restART,” which encourages young artists to come up with art works that inspire and contribute to a stronger and better country. The 54th edition of Shell NSAC will have the following categories: Oil/Acrylic, Watercolor, Sculpture, and Digital Fine Arts. This year’s 1st Prize winners will receive P60,000, a limited Shell NSAC shirt and jacket, a gold medal, and a plaque; 2nd Prize winners will get P40,000 cash, a limited Shell NSAC shirt and jacket, a silver medal, and a plaque; and 3rd Prize winners will get P30,000 cash, a limited Shell NSAC shirt and jacket, a bronze medal, and a plaque. The deadline for entries is on Oct. 1, 2021. Winners will be announced through a virtual awarding ceremony via Zoom on Nov. 24. For more details, visit https://www.shell.com.ph/energy-and-innovation/make-the-future/national-students-art-competition-juan-art-nation.html

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