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PH to take delivery of 1.96M AstraZeneca doses from Japan

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The Philippines will receive 1.96 million more doses of the AstraZeneca vaccine from Japan, Tokyo’s foreign affairs officials said on Friday.  

This as the vaccination rate against coronavirus disease 2019 (COVID-19) in the National Capital Region (NCR) hit 79%. 

The new batch of donated vaccines, which comes after Japan fulfilled its promise to give 1.12 million AstraZeneca doses to Manila, are expected to arrive in the Philippines this month, the Japanese embassy said in a statement. 

“On the back of Japan’s comprehensive cooperation with the Philippines to beat COVID-19, this fresh initiative comes shortly after Japan fulfilled its first provision of 1.12 million AstraZeneca vaccine doses to the country last July,” it said.   

“Also, outside of the COVAX facility, this latest provision makes Japan’s total bilateral contribution to the country’s vaccine stockpile reach more than three million doses, as of date,” it added. 

Private companies are also doing their share by donating vaccines to LGUs. 

Listed holdings firm GT Capital Holdings, Inc. Announced on Friday that it, along with its partners, recently donated 3,000 doses of AstraZeneca vaccines to the Makati City government. 

GT Capital’s subsidiary Federal Land and Metrobank Foundation, Inc. participated in the initiative. Executives from GT Capital, Metrobank and officials turned over the vaccine doses to Makati City officials on Sept. 30. 

Makati Mayor Mar-len Abigail S. Binay thanked the firms for their donation. “This is a collaborative effort between the private and public sectors for us to get back to normal… Because of this donation, we were able to jumpstart the receiving of vaccine donations from other companies as well,” she was quoted as saying. 

The Philippines has so far received nearly 87.7 million doses of various brands of coronavirus vaccine since its vaccination program began in March. 

 The country, which scored poorly in a global index that measured the recovery of more than 100 countries from the coronavirus pandemic, is boosting its vaccination drive to reach its target of inoculating at least 50% of its adult population by year-end. The government aims to fully vaccinate 70% of the population by February next year. 

So far, around 22% of the country’s population is fully vaccinated, the latest data from Johns Hopkins University showed. 

NCR VAX RATE HITS 79% 

Things are much better in the NCR as Metropolitan Manila Development Authority (MMDA) reported that 79% of eligible residents in the NCR have received their full doses of COVID-19 vaccines. 

“As of Oct. 13,… those who had two doses is about 7.7 million or equivalent to 79.08% of the population of Metro Manila,” MMDA Chairman Benjamin “Benhur” de Castro Abalos, Jr. said during a virtual briefing on Friday. 

He expects the NCR to hit vaccination rates of 88% by Nov. 13, and 95% by Jan 13, 2022. 

P48-M FOR VACCINATIONS IN MINDANAO 

While the NCR’s vaccination rate is promising, other parts of the country are having a more difficult time, which is why the European Union has set aside €800,000 (over P47 million) to fund local government coronavirus vaccination programs in Mindanao. 

The humanitarian aid will support organizations on the ground start vaccinations for 70,000 people in hard-to-reach areas in the region, the European External Action Service (EAAS) in Manila said in a press release on Friday. 

These organizations will work to improve access to coronavirus disease 2019 (COVID-19) vaccines and support local government and health care authorities’ vaccination campaigns. 

“The unprecedented surge in COVID-19 cases threatens the lives and livelihoods of many in the Philippines, especially those living in remote areas like Mindanao where access to medical care can sometimes be limited,” Commissioner for Crisis Management, Janez Lenarčič said.  

“This funding from the EU will ensure vulnerable and marginalized people receive vital health support to go through this difficult time.”  

Action Against Hunger, CARE International, and Oxfam International will also focus on improving hygiene practices and offer vaccine information in the 19 municipalities.  

“Although the government plans to expand the vaccination rollout in the coming months outside of the capital, Manila, where most cases have been reported, the province [sic] of Mindanao is not listed amongst the priority regions,” EAAS said. 

COVID COUNT 

The Department of Health (DoH) on Friday reported 7,625 coronavirus cases, bringing the total to 2.7 million.   

The death toll rose to 40,424 after 203 more patients died, while recoveries increased by 13,363 to 2.59 million, the DoH said in a bulletin.   

The health agency said there were 78,999 active cases, 80.6% of which were mild, 6.4% were asymptomatic, 7.38% were moderate, 3.9% were severe, and 1.7% were critical.   

The agency said 65 duplicates were removed from the tally, 46 of which were reclassified as recoveries. It added that 109 recoveries were reclassified as deaths. Three laboratories failed to submit data on Oct. 13. — Kyle Aristophere Atienza, Angelica Y. Yang, and Jenina Ibañez

Political foes and senate reelectionists make up rest of Robredo’s Senate slate

OVP/Charlie Villega

Vice-President Maria Leonor “Leni” G. Robredo has named six more candidates in her senatorial slate, including former political foes of her allies, bringing the total up to 11. The 12th slot is still open.  

Several of the new senatorial bets have also been chosen by other presidential aspirants for their own line ups of senatorial candidates.

In a press briefing on Friday, Ms. Robredo named senators Juan Miguel “Migz” F. Zubiri, Richard “Dick” J. Gordon, and Emmanuel Joel Villanueva as part of her senatorial ticket for the 2022 elections. Also on the list are former Vice-President Jejomar “Jojo” C. Binay, Sr., lawyer Alex Lacson, and former senator Francis “Chiz” G. Escudero.

The three incumbent senators were among the members of the upper chamber who ousted Senator Leila M. De Lima as chairperson of the Senate committee on justice and human rights. Ms. De Lima is also running for reelection as part of Ms. Robredo’s slate.  

Mr. Gordon, who is now leading a Senate investigation into the government’s questionable pandemic deals, has been criticized by civil society for enabling President Rodrigo R. Duterte’s attacks against Ms. De Lima, who is still on trial for allegedly allowing the illegal drug trade to flourish in the country’s jails when she was Justice secretary.  

Witnesses against Ms. De Lima, who was arrested while heading an investigation by a Senate panel into alleged atrocities committed during Mr. Duterte’s drug war, were drug convicts serving time at the national penitentiary in Muntinlupa City. 

Meanwhile, when she was justice secretary, Ms. De Lima filed a complaint against Mr. Villanueva, alleging misuse of the Priority Development Assistance Fund. 

OVP/Charlie Villega

Ms. Robredo also said former Vice-President Jejomar Binay will run for senator under her ticket.  

The opposition leader’s top ally, Antonio F. Trillanes, was among the pre-Duterte era senators who led a months-long probe into alleged corrupt activities of Mr. Binay and his family. Political experts have said that the corruption allegations that hounded Mr. Binay weakened his 2016 presidential bid. Mr. Trillanes is also on Ms. Robredo’s senatorial slate. 

Ms. Robredo said lawyer Alex Lacson, the senatorial bet of conservative political party Ang Kapatiran, is also included in her senatorial ticket, as is former senator Francis Escudero. 

The tandem of Ms. Robredo and her running mate Sen. Francis “Kiko” Pangilinan earlier said Mr. Trillanes, Ms. De Lima, Sen. Risa Hontiveros-Baraquel, human rights lawyer Jose Manuel Tadeo “Chel” I. Diokno, and former congressman Teodoro “Teddy” B. Baguilat, Jr. would run for senator under her ticket.   

Ms. Robredo said human rights activist Neri J. Colmenares and labor leader Joe Sonny G. Matula are among her camp’s top choices for the 12th spot in their Senate slate.   

“’Yung number 12 gusto sana namin who will best represent the marginalized sectors,” she said.  (We would like No. 12 to be someone who will best represent the marginalized sectors.)  

“Linawin natin ang pangunahing layunin sa susunod na halalan: Ang magsulong, lalo na mula sa tuktok, ng isang pamahalaang matino, mahusay, makatao, at tunay na interes ng bayan lagi ang uunahin. Nagkakaisa po tayo sa layuning ito, at kaisa natin ang labing-isang pangalang inihain ko para sama-sama, tulong-tulong, makapagpanday tayo ng pagbabago. Ididiin ko ang ating pilosopiya: Ang pagiging bukas; ang pagpapalawak ng hanay ayon sa prinsipyo at pangarap para sa bansa,” Robredo said. 

OVERLAPPING BETS 

Five of Ms. Robredo’s senatorial candidates — namely Messrs. Zubiri, Gordon, Villanueva, Binay, and Escudero — were also endorsed by presidential candidates and incumbent senators Emmanuel “Manny” D. Pacquiao and Panfilo M. Lacson.   

Antique Rep. Lorna Regina “Loren” B. Legarda was also picked by both Mr. Lacson and Mr. Pacquiao for their senatorial slates.   

Mr. Pacquiao also endorsed the senatorial candidacies of Mr. Colmenares, labor leader Elmer Labog, former Eastern Samar Governor Lutgardo B. Barbo, and broadcast journalist Rafael T. Tulfo   

Also on Friday, Mr. Lacson’s running mate, Sen. Vicente C. Sotto III, said their senatorial ticket includes Sen. Sherwin T. Gatchalian, former Quezon City mayor Herbert Constantine M. Bautista, former senators Joseph Victor “JV” G. Ejercito and Gregorio “Gringo” B. Honasan II, and former Agriculture secretary Emmanuel F. Piñol. 

CRITICISM 

In a statement, Mr. Colmenares said his exclusion from Ms. Robredo’s opposition slate is “based on what she thinks is best for the interest of her candidacy.”  

“My resolve to run for the Senate is based on the need to give the poor and marginalized a strong voice in the legislature,” the former BayanMuna representative said. “We in Makabayan have always relied on the support of various groups and the people for progressive and pro-people independent candidates like me.”  

He was referring to the Makabayan bloc in the House which is composed of lawmakers representing progressive party-list groups. 

Ms. Robredo, chairperson of the Liberal Party, earlier said that her decision to run as an independent candidate is a symbolic way of showing that she is open to working with different political groups critical of the Duterte administration.  

The Vice-President, who has criticized Mr. Duterte’s leadership style, is now under fire for excluding labor leaders and activists who have been critical of Mr. Duterte from the start of his term from her Senate slate.  

“What does it say about building the broadest unity vs Duterte and (Ferdinand “Bongbong”) Marcos but excluding the forces that represent the marginalized sectors?” Bayan Secretary General Renato M. Reyes asked.  

“In any case, we have not lost hope that unity can be achieved and Duterte and Marcos will be defeated.” 

Progressive coalition Laban ng Masa said in a statement that “the platform and agenda of the working class and marginalized sectors should be at the forefront in every election.
 

“Traditional Philippine politics is the playground of the elite, landlords, billionaires and giant corporations. It is a game of numbers, popularity, bailiwicks and money, and it is within this framework that VP Leni Robredo has chosen her Senatorial slate,” the group said. 

BAN SUBSTITUTION 

Meanwhile, on Thursday, Makabayan lawmakers filed House Bill 10387 that would seek to ban candidate substitution by withdrawal.    

It seeks to limit substitution to cases of a candidate’s death, permanent incapacity, or disqualification before election day. 

The bill also proposed that any candidate who has shown or expressed that their position is as a placeholder, that this could be presented as evidence of lacking intention to run for office.   

Commission on Elections (Comelec) Spokesperson James B. Jimenez on Wednesday said that the admission by a candidate that they had filed a certificate of candidacy to serve as a placeholder is not enough grounds for them to be declared a nuisance candidate. 

Lakas-CMD secretary-general Prospero A. Pichay, Jr. admitted to reporters Monday evening that their party had fielded placeholders for president and vice-president as they still hoped that Davao City Mayor Sara Duterte-Carpio would agree to run for president.     

Senator Ronald “Bato” M. dela Rosa, who filed to run for president under a faction of the PDP-Laban party, has also said he is ready to give up his slot to Ms. Carpio (who had filed for reelection as mayor in Davao) if she decides to join the presidential race.     

A similar bill was filed by House Deputy Speaker Rufus B. Rodriguez on Wednesday.  

OFW PROBLEMS 

Meanwhile, Senator Imelda Josefa “Imee” R. Marcos said she is appealing to the Comelec to resolve registration issues for overseas Filipino workers (OFWs) voters. 

“There’s been a deluge of complaints from OFWs who couldn’t register as voters. It’s not a problem that just came up suddenly these last few days,” she said in a statement on Friday. 

She is asking the Comelec to allow OFWs to walk in and register. “We’ve been trying to contact the Comelec to help resolve the problem but have not been answered.” 

“Our OFWs have a right to vote and should not be disenfranchised. Let’s give them due importance. They have always contributed to the national coffers,” she added, noting that there was still time to take action in favor of overseas workers. — Kyle Aristophere Atienza with reports from Alyssa Nicole O. Tan and Russell Louis C. Ku

De Lima files bill requiring Senate concurrence in termination, repeal of treaties

PHILSTAR

OPPOSITION Senator Leila M. de Lima on Wednesday filed a bill requiring Senate concurrence in the abrogation, termination, or repeal of treaties and international agreements. This after the President Rodrigo R. Duterte unilaterally withdrew the country from the Rome Statute and the International Criminal Court (ICC).

The lawmaker proposed in Senate Bill 2436 that the concurrence of at least two-thirds of the upper house be required before any act of withdrawal from, or abrogation of, a treaty or an international agreement becomes effective.

“This bill aims to protect the interests of our people by making sure that the constitutional checks that are in place during our entry into treaties remain so during our withdrawal from the same,” Ms. De Lima said in a statement on Thursday.

She likened treaties to laws which need both executive and legislative action before being repealed, otherwise it would lead to an “absurd situation.”

“By requiring the concurrence of the legislature in the treaties entered into by the President, the Constitution ensures a healthy system of checks and balances necessary in the nation’s pursuit of political maturity and growth,” she added.

Ms. De Lima cited Former Associate Justice Antonio T. Carpio who earlier said that if “the Senate does not assert its prerogative to concur, it will lose its prerogative to concur.”

In 2018, petitions by opposition senators were filed after the president’s withdrawal from the treaties, she noted. Three years later, the high court said that a law may be passed to impose Senate concurrence as a condition prior to withdrawal from treaties. — Alyssa Nicole O. Tan

NBA throws support to Smart’s flagship education program

The National Basketball Association and Smart Communications, Inc. have partnered for the latter’s flagship program, School-in-a-Bag.

The National Basketball Association and Smart Communications, Inc. have partnered for the latter’s flagship program, School-in-a-Bag.

The partnership was announced on Friday and has the groups pushing for the program, which is designed to provide digital tools and content to support distance learning in public schools and communities across the Philippines.

Through NBA Cares, the league’s global social responsibility program, the NBA and Smart will assemble and distribute School-in-a-Bag packages to 20 schools across 16 cities and provinces in Luzon (Batanes, Benguet, Bulacan, Ifugao, Mountain Province, Nueva Ecija, Palawan, Pampanga, Pangasinan and Romblon), Visayas (Biliran and Siquijor) and Mindanao (Agusan del Norte, Misamis Occidental, Surigao del Norte and Zamboanga del Norte).

The National Basketball Association and Smart Communications, Inc. have partnered for the latter’s flagship program, School-in-a-Bag.

Each package will include a Smart LTE Pocket WiFi, laptop and tablets, both of which will have preinstalled educational content including Smart’s proprietary #LearnSmart apps, featuring alphabet and number exercises, short stories, and games in native languages and dialects. The bags will also feature NBA-branded baller bands and notebooks.

“Education in the Philippines has changed dramatically as schools across the country continue engaging with students remotely,” said NBA Asia Managing Director Scott Levy at the partnership’s announcement. “Through NBA Cares, we’re proud to support our valued partner Smart and their School-in-a-Bag program, which delivers an innovative and sustainable approach to enhancing the distance learning experience for Filipino youth.”

“The Smart School-in-a-Bag is our way to provide students and teachers access to the wealth of knowledge through digital learning tools, so that no learner is left behind,” said Alfredo S. Panlilio, President and CEO of Smart. “Our collaboration with the NBA allows us to give more children in remote communities more opportunities to pursue their passion and purpose, and a fighting chance for a better future.”

The program is also in line with Smart and its partners’ commitment to the United Nations’ 17 Sustainable Development Goals, particularly providing access to quality education in the country.

The collaboration builds on Smart and the NBA’s existing partnership in the Philippines to operate NBA.com/Philippines (the official online NBA destination in the Philippines), distribute NBA League Pass (the league’s premium live game subscription service), and livestream NBA TV Philippines (a localized version of NBA TV – the league’s dedicated 24/7 channel) through its newly launched video streaming app, GigaPlay.

San Miguel forces TnT to a rubber match

The San Miguel Beermen forced the TnT Tropang Giga to a rubber match in their best-of-seven PBA Philippine Cup semifinal series after taking Game Six, 103-90, on Friday. -- PBA Images

The best-of-seven PBA Philippine Cup semifinal series between the San Miguel Beermen and TnT Tropang Giga is going the full route after the former levelled the count at three games a piece with a 103-90 win in Game Six on Friday at the Don Honorio Ventura State University Gym in Bacolor, Pampanga.

San Miguel used a strong run in the middle quarters, where it outscored TnT, 59-41, to create a considerable distance which the Tropang Giga just could not overhaul.

TnT made a spirited fight-back in the fourth period, trimming its deficit to just 10 points, 98-88, with 2:44 to go in the game but could not come closer beyond that as San Miguel went for the closeout after.

Mo Tautuaa led the way for the Beermen in the win, finishing with 24 points, followed by Marcio Lassiter and Terrence Romeo, who had 19 and 16 points, respectively.

Arwind Santos and June Mar Fajardo each had a double-double, with Mr. Santos tallying 13 points and 10 rebounds while Mr. Fajardo had 11 and 14.

For TnT, it was veteran Jayson Castro who top-scored with 16 points. Roger Pogoy struggled anew in the series, ending up with just six points on 2-of-10 shooting.

Heading into the rubber match, which is set for Sunday, the Beermen said they like their chances owing to their experience in such matches.

“I think we have the experience in playing Game Sevens. But we have to build on the momentum that we got here because TnT is a strong team,” Mr. Lassiter said in the post-game press conference.

The winner of the San Miguel-TnT series takes on the victor in the other semifinal bracket between the Magnolia Pambansang Manok Hotshots and Meralco Bolts.

Magnolia, which was leading the series, 3-2, was looking to go for the knockout in Game Six of the series later on Friday while Meralco was angling for a sudden-death match for the series. — Michael Angelo S. Murillo

BSP fully awards 28-day bills

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) made a full award of the short-term securities it offered Friday its average rate dipped on the back of the peso’s climb.

The central bank awarded P100 billion in 28-day bills out of P139.05 billion in bids. However, this was lower than the P147.84 billion in tenders seen a week earlier.

Banks asked for yields between 1.7425% and 1.8%, a narrower range compared to last week’s 1.74% and 1.825%. This brought the average rate of the one-month securities to 1.77642%, lower than 1.7832% previously.

The BSP bills and the term deposit facility are used by the central bank to mop up excess liquidity in the financial system and guide market rates.

“The auction results continue to reflect stable market conditions as liquidity in the financial system remain ample. Moving ahead, the BSP’s monetary operations will remain guided by its latest assessment of the liquidity conditions and market developments,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the BSP securities’ average yield was slightly lower on the back of the peso’s strength versus the dollar.

“BSP 28-day securities auction yield also eased on improved market sentiment after NCR’s (National Capital Region) Alert Level was eased to 3 (from 4) and some businesses were allowed to resume operations or operate at higher capacity, thereby further reopening the economy,” he said.

The peso appreciated on Thursday after the government relaxed mobility restrictions in the capital. The local unit closed at P50.605 per dollar, appreciating by five centavos its P50.655 finish on Wednesday.

Mr. Ricafort also noted a downward correction in the US and global interest rates after US President Joe Biden on Thursday signed a bill raising the country’s debt limit to $28.9 trillion. This delayed the risk of default until early December, Reuters reported. — J.P. Ibañez with Reuters

Central bank’s net income up 143% as of August

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas’ (BSP) net income went up 143% to P52.95 billion in the first eight months as revenues more than doubled on the back of strong interest and trading income.

Revenues went up 69% to P120.98 billion at the end of August from P71.56 billion in the same eight-month period last year.

Interest income also rose 42.45% to P77.25 billion in the period from P54.23 billion the previous year.

Miscellaneous income, which include trading gains, fees, penalties, and other operating earnings, went up 152.25% to P43.74 billion from P17.34 billion a year earlier.

The central bank posted a net foreign exchange gain of P3.43 billion, reversing a P2.94 billion loss seen the previous year. Gains had only been at P50 million as of the first half and P800 million as of July.

Meanwhile, the central bank’s overall expenses climbed 53% to P71.47 billion in the first eight months from P46.7 billion in the same period in 2020.

Interest expense went up 37.47% to P39.77 billion from P28.93 billion a year earlier. — J.P. Ibañez

Peso weakens as strong US jobs data fuels Fed taper bets

THE PESO depreciated versus the greenback on Friday as better US jobs data fueled expectations that the Federal Reserve would reduce its monthly asset purchases by next month.

The local unit closed at P50.711 per dollar on Friday, depreciating by 10.6 centavos from its P50.605 finish on Thursday, data from the Bankers Association of the Philippines showed.

The peso opened Friday’s session at P50.68 per dollar. Its weakest showing was at P50.61, while its intraday best was at P50.79 versus the greenback.

Dollars traded rose to $957.74 million on Friday from $936.65 million a day earlier.

“The peso weakened today as market expectations of a November Fed taper solidified from the better-than-expected US initial jobless claims report overnight,” a trader said in an email on Friday.

US weekly jobless claims fell below 300,000 for the first time in 19 months, Reuters reported on Thursday.

The US Federal Reserve last month said it could start reducing its monthly bond purchases as soon as November and signaled interest rate increases may follow more quickly than expected.

The local unit closed weaker versus the dollar as global oil prices lingered at seven-year highs, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Reuters reported Friday that oil prices rose amid signs of strong demand and tighter supplies as industries switch to oil in response to higher gas and coal prices.

The peso was also slightly weaker Friday due to the easing of Metro Manila lockdown levels to Alert Level 3 starting on Oct. 16, allowing more businesses to increase activity and some pick up in imports, Mr. Ricafort said.

“However, the peso nevertheless is still among the strongest in three weeks or since Sept. 24, 2021,” he said. “Offsetting positive factors for the peso include the latest gains in the local stock market at new eight-month highs, with net foreign buying of $5.4 million today, after yesterday’s $3.8 million.” — Jenina P. Ibañez

PHL shares climb on lower alert level, positive data

BW FILE PHOTO

STOCKS closed in the green on Friday on the back of eased restrictions in Metro Manila and positive data.

The Philippine Stock Exchange index (PSEi) went up by 30.355 points or 0.42% on Friday to close at 7,213.46, while the broader all shares index rose 4.86 points or 0.10% to finish at 4,448.81.

“The index finished the week on a strong note as sentiment remained positive amid the easing of movement restrictions in the capital region,” Darren Blaine T. Pangan, trader at Timson Securities, Inc., said in a Viber message.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said sentiment also got a boost after the independent OCTA Research group said National Capital Region (NCR) is at moderate risk for coronavirus disease 2019 (COVID-19).

“Philippine shares climbed once again, buoyed by upbeat third quarter earnings from major firms, a retreat in Treasury yields, and hints of improvement in the job market,” Mr. Limlingan said in a Viber message. “A softer uptick in September PPI (producer price index) of +0.5% also pushed the market up.”

All sectoral indices closed the week in the green except for holding firms, which lost 2.19 points or 0.03% to 7,081.06.

Meanwhile, mining and oil climbed 218.13 points or 2.07% to 10,727.93; services went up by 20.16 points or 1.07% to 1,903; financials gained 10.59 points or 0.67% to 1,573.87; property added nine points or 0.27% to end at 3,330.18; and industrials rose 8.10 points or 0.07% to 10,612.62.

Value turnover inched up to P10.56 billion with 1.22 billion issues traded on Friday from the P10.28 billion with 1.01 billion shares the previous day.

Advancers beat decliners, 113 against 84, while 45 names closed unchanged.

Net foreign buying climbed to P274.53 million from P191.09 million on Thursday.

“Support for the market may be placed at 6,940, while immediate resistance lies at the 7,320 level,” said Timson Securities’ Mr. Pangan. — K.C.G. Valmonte

Singapore electricity providers hit by global power crunch quit market

Adi Wahyu/Flickr/CC BY 2.0

SINGAPORE — Two energy providers in Singapore, including one of the largest independent electricity retailers, are exiting the market and according to company sources at least three others have stopped accepting new clients amid rocketing wholesale energy prices.  

iSwitch Energy, one of Singapore’s largest independent electricity retailers, said on its website that it will be ceasing electricity retail operations on Nov. 11, due to “current electricity market conditions.” The company declined to comment further.  

SilverCloud Energy, which supplies power to commercial, industrial and residential buildings, told Reuters it will also exit the market soon and is notifying customers to switch to other providers or transfer back to state-owned SP Group.  

Global wholesale gas prices have surged in recent months as production and transit problems have lowered supply just as demand took off in a post-pandemic economic recovery.  

Asian spot LNG prices <LNG-AS> have risen by more than 500% from a year ago to over $30 per million British thermal units (mmBtu) this month while Brent crude oil prices, the basis for pricing most of Singapore’s long-term gas contracts, rose to multi-year highs.  

Company sources told Reuters that Diamond Electric, Best Electricity Supply and Ohm Energy had stopped accepting new customers, with Diamond Electric in the process of handing over existing term contracts to another utility provider. The three firms did not respond to an emailed request for comment.  

“Not only are retailers unable to sell to retail customers at a level that is economic because the set quarterly tariff implies a price that is well below where futures are trading, they are also getting hit on the front-end because spot prices have gone ballistic,” said James Whistler, global head of energy at Simpson Spence Young.  

“Add the failure of the once well-designed market-making scheme and things become untenable for many.”  

Open Electricity Market, a website that lets Singapore residents choose an energy supplier, shows only 8 out of the 12 existing retailers offering plans for consumers.  

With the spike in energy prices, “several Singapore retailers are now potentially closing their doors,” said a senior industry participant who declined to be identified due to the sensitivity of the matter.  

Singapore’s retail electricity market opened to competition for business consumers in 2001 and to residential households in 2018, according to the Energy Market Authority (EMA) website.  

EMA did not reply to a request for comment.  

Surging gas prices, which rose to record highs in Europe and in Asia this month, have also hit utility providers in Britain, where a number of energy companies have collapsed, forcing about 1.7 million customers so far to switch providers.  

China and India are being hit with power shortages and blackouts.  

In Singapore, electricity tariffs are calculated using fuel costs and non-fuel costs.  

The fuel cost component for each quarter is calculated using the average of daily natural gas prices in the first two-and-a-half month period in the preceding quarter while the non fuel-cost is calculated based on the cost of generating and delivering electricity to homes.  

Singapore LNG Corp is currently scouting for LNG cargoes and exploring options to increase inventory of LNG at its terminal, given the tight global LNG supply.  

Commercial load power prices have risen by 50% from last year and are set to go higher, Whistler said.  

“This is a pretty big difference for a country that has been relatively used to reasonably priced power now moving into a less competitive market and essentially being subject to global commodities prices as well.” — Roslan Khasawneh and Jessica Jaganathan/Reuters  

England eases COVID-19 testing rules for most incoming passengers from Oct. 24

REUTERS

LONDON — Fully vaccinated passengers arriving in England from low-risk countries from Oct. 24 will no longer have to take expensive coronavirus disease 2019 (COVID-19) tests, the British government said on Thursday.  

Last month the government simplified the rules for international travel to England in a boost to the tourism industry, which has blamed the testing and complicated rules for the slowness of a recovery in air travel over the summer.  

The government said that from Oct. 24, the start of school half-term holidays across much of England, fully vaccinated passengers and most under 18s arriving from countries not on the red list could take a lateral flow test on or before day two of their arrival, rather than a PCR lab test.  

Lateral flow tests are cheaper and provide a faster result.  

“Taking away expensive mandatory PCR testing will boost the travel industry and is a major step forward in normalizing international travel and encouraging people to book holidays with confidence,” Secretary of State for Transport Grant Shapps said in a statement.  

The government said passengers must use lateral flow tests purchased from a private provider listed on the government’s website, rather than free ones available as part of the government Test and Trace scheme, and passengers must upload a photo of their test and booking reference to verify the result.  

Anyone with a positive lateral flow test will be provided with a free confirmatory PCR test through the National Health Service. — Reuters 

IMF panel urges central banks to closely monitor inflation, ‘act appropriately’

WASHINGTON — The International Monetary Fund’s steering committee on Thursday urged global policy makers to monitor pricing dynamics closely, but to “look through” inflationary pressures that are transitory and will fade as economies normalize.  

The International Monetary and Financial Committee (IMFC), made up of 24 finance ministers and central bank governors from IMF member countries, said in a final communique that governments should “carefully calibrate” domestic policies to an evolving pandemic.  

“We will continue to prioritize health spending and protecting the most vulnerable, while shifting focus, as appropriate, from crisis response to promoting growth and preserving long-term fiscal sustainability,” they said.  

Inflation concerns, stoked by pent-up demand, supply chain bottlenecks, higher energy and commodity prices and weather events have been a hot debate topic at IMF and World Bank annual meetings this week, and contributed to the Fund trimming its global growth outlook on Tuesday.  

“Central banks are monitoring price dynamics closely and can look through inflation pressures that are transitory. They will act appropriately if risks of inflation expectations de-anchoring become concrete,” the IMFC said, a reference to the banks using monetary policy tools to control inflation.  

The language was toned down from an earlier draft that called for central banks to be ready to take “decisive actions to maintain price stability.”  

TRANSITORY OR DURABLE?  

Policy makers are wrestling with the inflation question as wealthy countries move beyond the pandemic to recovery, while developing economies struggle with coronavirus disease 2019 (COVID-19) variants, low vaccine access and a lack of resources. An abrupt tightening of monetary policy in the United States or Europe could prompt devastating fund outflows from developing countries, the IMF has warned.  

“The key question is to know whether this is a transitory inflation or not. Nobody has a response to that key question,” French Finance Minister Bruno Le Maire told reporters on Thursday, adding that he’s been discussing it this week with US Federal Reserve Chairman Jerome Powell, US Treasury Secretary Janet Yellen and European Central Bank President Christine Lagarde.  

Magdalena Andersson, the Swedish finance minister who chairs the IMFC panel, told a news conference that more initiatives were needed to ease global shortages of key goods, adding: “It’s important that we get the global value chains working better than they are today.”  

The IMFC also called for clear communications by policy makers to limit negative cross-country spillovers and to use macroprudential tools to limit financial vulnerabilities.  

The statement noted the growing divergences between rich and poor countries in economic recovery and access to vaccines, noting that recovery risks are tilted to the downside.  

RESERVES LENDING  

The IMFC said it welcomed the IMF’s efforts to establish a new Resilience and Sustainability Trust (RST) to help channel a $650 billion allocation of reserve assets to provide affordable long-term financing to poor and middle-income countries undertaking structural reforms and working to maintain balance-of-payments stability.  

“The RST should preserve the reserve asset characteristics of the SDRs,” the IMFC said. “We call upon the IMF to develop and implement the RST and collaborate closely with the World Bank in this process, and to provide technical support in exploring viable options for channeling SDRs through multilateral development banks.”  

G20 finance ministers backed plans for the new trust on Wednesday. — David Lawder and Andrea Shalal/Reuters 

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