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Quasi-banks’ NPL ratio hits 10.4%

BW FILE PHOTO
QUASI-BANKS’ nonperforming loan ratio rose year on year. — BW FILE PHOTO

SOURED DEBT held by quasi-banks picked up to P14.593 billion as of end-June for a 10.4% nonperforming loan (NPL) ratio, based on data from the Bangko Sentral ng Pilipinas.

These bad loans climbed 87.7% from the P7.776 billion seen in the same period of 2020. Quasi-banks’ NPL ratio as of end-June 2020 was at 5.8%.

Meanwhile, the gross loan portfolio of these quasi-banks increased 5% to P139.979 billion as of end-June from the P133.367 billion a year earlier.

Their nonperforming assets (NPA), which include real and other properties acquired, likewise rose 81.9% to P16.055 billion from the P8.825 billion a year ago.

Meanwhile, their restructured loans stood at P2.065 billion as of end-June, more than four times (360%) the P449 million seen in the same period of 2020. This brought their share in their entire loan book to 1.5% from 0.3% a year earlier.

As asset quality deteriorated, quasi-banks beefed up their loan loss reserves to P5.259 billion in the first half of the year, increasing by 90% from the P2.768 billion in the same period of 2020. These buffers are equivalent to 3.8% of their entire loan portfolio, up from 2.1% a year ago.

With this, their NPL coverage ratio stood at 36% as of end-June, improving slightly from the 35.6% a year earlier.

Meanwhile, quasi-banks’ allowance for NPAs reached P5.432 billion in the first semester, jumping 85.9% from the 2.923 billion in the same period of 2020.

This brought NPA coverage to 33.8% as of end-June, a tad higher than the 33.1% a year earlier.

Financial institutions with quasi-banking functions include financing companies and investment houses. — L.W.T. Noble

Premiere Horizon, LDA complete share deal

PREMIERE Horizon Alliance Corp. (PHA) on Monday said it received P71.54 million from global investment group LDA Capital Ltd. for its subscription to PHA’s shares.

The company said the subscription agreement was inked on Oct. 15.

“The funds will be used for the expansion of its projects in real estate through subsidiaries West Palawan Premiere and Goshen Land Capital, as well as new investments in fintech and mining,” PHA said in a disclosure to the exchange.

In July, PHA’s board of directors approved the put option agreement with LDA Capital to provide PHA up to P2.5 billion in committed equity capital within the next 36 months, which may be accessed through exercising put options. Premiere Horizon issued a put option notice on Aug. 12.

“LDA has remitted to PHA a total of P71,543,350 as full payment for the subscribed shares,” Premiere Horizon said, adding that LDA Capital’s investment “confirms its belief in the growth prospects of PHA.”

LDA Capital has subscribed to 70.835 million new PHA primary shares with a par value of 25 centavos for P1.01 apiece. The subscription price is said to be 90% of the average volume-weighted average price of PHA shares during the pricing period.

On Monday, PHA shares at the stock exchange went down by 2.47% or two centavos, closing at 79 centavos apiece. — Keren Concepcion G. Valmonte

Hollywood film-crew union reaches tentative deal, averting strike

NATHAN DEFIESTA/UNSPLASH

LOS ANGELES — A union that represents about 60,000 behind-the-scenes workers in film and television reached a tentative deal with producers on Saturday, averting a strike that threatened to cause widespread disruption in Hollywood, negotiators said.

The International Alliance of Theatrical Stage Employees (IATSE), which includes camera operators, make-up artists, sound technicians and others, said negotiators agreed to a new three-year contract.

“This is a Hollywood ending,” Matthew Loeb, president of the union, said in an e-mailed statement. “Our members stood firm. They’re tough and united.”

Shutdowns from the coronavirus disease 2019 (COVID-19) pandemic had caused a production backlog that led to crews working up to 14 hours a day to feed programming to streaming services.

The union had threatened to strike starting Monday if it was unable to reach an agreement with the Alliance of Motion Picture and Television Producers (AMPTP).

A strike would have shut down film and television production around the United States in the biggest stoppage since the 2007-2008 strike by Hollywood screenwriters. It would have hit a wide range of media companies including Netflix Inc., Walt Disney Co., and Comcast Corp.

IATSE was seeking to reduce working hours and raise the pay of members who work on shows for streaming platforms, where lower rates were set 10 years ago when online video was in its infancy.

IATSE, in its statement, said the proposed contract addresses those issues, including rest periods, meal breaks, a living wage for those on the bottom of the pay scale, and significant increases in compensation to be paid by new-media companies.

The new labor agreement is subject to approval by IATSE’s membership. —  Reuters

Most Asia-Pacific employees unaware of firms’ green initiatives — survey

A GROWING number of companies are undertaking sustainability efforts in the Asia Pacific region, but a survey recently found most workers are unaware of their employers’ green initiatives.

According to JLL Asia-Pacific’s “Sustainability in the built environment: An employee perspective” report, 65% of the respondents are not aware of their companies’ carbon reduction goals, and 60% said the companies do not involve them in green initiatives.

Around 70% of employees believe that offices can be highly impactful in reducing carbon emissions, while 90% see residential buildings as a “catalyst to enhance urban greenery.”

The online survey covered 1,200 employees, aged between 21 and 45, in the Asia-Pacific region.

“In their pursuit of sustainability, businesses in Asia Pacific must ensure that their corporate goals are closely aligned with the goals of their employees,” Anthony Couse, chief executive officer for JLL APAC, said.

According to the survey, seven in 10 employees believe that sustainability initiatives are a “must” for businesses, and 75% expect companies to adopt sustainable business practices.

“Sustainability has always been at the forefront of our business agenda in the Philippines. Our journey towards a work set up that combines freedom and flexibility started ahead of the curve, and we have long acknowledged that our efforts need to be centered on engagement, emotional well-being, and mental health,” Christophe Vicic, country head of JLL Philippines, said.

Bank of Japan’s extra goals help it play down inflation target, ex-official says

WIKIPEDIA.ORG

THE BANK of Japan (BoJ) will continue to diversify its goals so it can place less emphasis on achieving its price target, according to a former BoJ executive director.

“It’s become crystal clear that reaching the goal won’t by itself get the economy in its most desirable state,” Hideo Hayakawa, the former executive, said in an interview. “The target has become just one of a number of things the bank should be aiming for.”

The BoJ’s foray into supporting climate mitigation measures by companies is one example of the BoJ looking to fulfill new objectives while it struggles to generate price growth, Hayakawa said.

Mr. Hayakawa’s comments reflect both the continued failure of the central bank to achieve its inflation goal and the greater priority the BoJ has placed on stabilizing markets and keeping struggling firms in business during the pandemic. The remarks underscore the bank’s lack of appetite to go beyond its current measures to hit its inflation target.

The central bank is expected to keep policy on hold at a meeting ending Oct. 28, ahead of a general election. The BoJ will also release quarterly economic forecasts and is likely to consider sharply cutting its price forecast for the year ending in March, according to people familiar with the matter.

As European and US policy makers grapple with higher inflation, Japan’s weak price movements around zero stand out from other major nations, especially after more than eight years of Haruhiko Kuroda’s massive easing campaign, Mr. Hayakawa said.

While Mr. Kuroda has insisted that the bank remains completely committed to achieving 2% inflation target with aggressive stimulus, Mr. Hayakawa said it’s better to watch the bank’s actions rather than its words.

The BoJ has dramatically reduced the amount of asset purchases since the height of the pandemic crisis last year. It has bought only 873 billion yen ($7.6 billion) of exchange traded funds so far this year, about a quarter of what it purchased a year ago.

“The BoJ has been very clear if you look at what it’s doing,” said Mr. Hayakawa. “They are using quantitative easing to stabilize financial markets only when they get volatile in moments of crisis.”

The stimulus it employs to spark inflation, meanwhile, has been discreetly scaled back over the years with the March policy review that helped reduce ETF purchasing an example of the paring back, he said.

Mr. Hayakawa also said Japan’s consumer prices could rise above 1% next year once the heavy drag from cheaper cell phone fees falls out of inflation calculations. Even if inflation tops 1%, the BoJ is unlikely to declare victory and look to end its stimulus as he suggested it should, back in 2014. — Bloomberg

SEC extends filing date of ‘dirty money’ data

THE Securities and Exchange Commission (SEC) is extending the submission deadline of ‘dirty money’ risk reports until the end of November.

A link to the Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) Inherent Risk Assessment Data Form (AIRDF) for the year 2020 may be accessed through a notice on the SEC’s website.

Securities brokers and dealers, investment houses, underwriters of securities, financing and lending companies, among others, are required to accomplish the report, which assesses the covered person’s (CP) products and services, customer profile, delivery and financial service channels, and the geographical location of customers and other parties included in its transactions.

“The information gathered through the AIRDF shall likewise be used by the commission in implementing its risk-based supervision of the SEC CPs,” the regulator said.

Failure to submit an accomplished AIRDF by Nov. 30 will be considered a violation of SEC Memorandum Circular No. 26, Series of 2020 or the Guidelines in the Implementation of a Risk-Based Approach to AML/CFT and Adoption and Development of a Risk Rating System for SEC Covered Persons.

Violations may result in monetary fines, the issuance of a permanent cease-and-desist order, and a suspension or the revocation of certificate of incorporation. Noncomplying entities may also be subjected to the dissolution of the corporation and the forfeiture of its assets under conditions stated on the Revised Corporation Code.

It may also be grounds for the revocation of the secondary license of the noncompliant corporation. — Keren Concepcion G. Valmonte

Entertainment News (10/19/21)

5 ABS-CBN films to be adapted in Bollywood

BOLLYWOOD is getting its first taste of Philippine cinema as ABS-CBN Film Productions is forging a deal with India’s Global One Studios for the adaptation of five of its box office hits. The deal, which will involve five movies starring Kathryn Bernardo and Daniel Padilla, marks the first time that Filipino movies will be adapted in India, India’s multi-billion-dollar cinema market produces about 800 films and sells about four billion tickets.

“We are thrilled to have our movies adapted for the Indian market.  It is a welcome opportunity for ABS-CBN Films to share our well-loved and heartfelt Philippine stories and become a source of inspiration for global audiences,” ABS-CBN Films managing director Olivia Lamasan said in a statement. “The Philippines and India share many common values, among which is the strong love for family that resonate in our films and will soon be experienced by the people of India.”

“We are happy to be associated with ABS-CBN Films to bring their well-crafted love stories to the people of India by adapting their heartrending films in Indian languages. Family bonding and cultural values are common to both Philippines and India, which are captured seamlessly in their films,” said Ramesh Krishnamoorthy, President of Global One Studios in the same statement.

Global One Studios is slated to produce remakes of Barcelona: A Love Untold, Can’t Help Falling in Love, Crazy Beautiful You, She’s Dating the Gangster, and The Hows of Us which was the Philippines’ top-grossing film in 2018. The deal is in line with ABS-CBN’s pursuit to expand globally by bringing its content across different continents and platforms.

GMA Network launches GMA Zamboanga

GMA Network is launching the latest addition to its growing number of regional TV stations, GMA Zamboanga. The station is its fourth TV station in Mindanao and its 10th regional TV station in the country.

With GMA Zamboanga, the GMA’s local and national programs will be accessible to viewers in Western Mindanao via GMA Channel 9 Zamboanga and GMA Channel 12 Jolo (Sulu).

Located in Zamboanga City, GMA Zamboanga will be GMA Regional TV’s (RTV) Western Mindanao hub. It boasts of a state-of-the art studio and services viewers in the Zamboanga Peninsula, specifically Zamboanga City and the provinces of Zamboanga del Sur, Zamboanga Sibugay, and Zamboanga del Norte. It is accessible to viewers from the nearby provinces of Basilan, Tawi-Tawi, and Sulu.

“GMA Network, thru GMA Regional TV, remains steadfast in our commitment to deliver local news that matters and stories that inspire through multiple languages and dialects in various communities across the Philippines. As we open GMA Zamboanga Station as our Western Mindanao hub, we are grateful to our viewers and partners for your continued support. Makakaasa kayong, mananatili kaming ‘Buong Puso para sa Pilipino,” GMA Regional TV and Synergy First Vice-President and Head Oliver Victor Amoroso said in a statement.

Providing local news and features is the local Mindanao newscast GMA Regional TV One Mindanao. Anchored by veteran print and broadcast journalist Sarah Hilomen-Velasco, GMA Regional TV One Mindanao airs weekdays at 5 p.m. Joining Velasco are her co-anchors Jandi Esteban from GMA Davao on Mondays, Cyril Chaves from GMA Cagayan de Oro on Tuesdays, Argie Ramos from GMA Zamboanga on Wednesdays, Sheillah Vergara-Rubio and Rgil Relator from GMA Davao on Thursday and Fridays, respectively.

GMA Zamboanga will also carry the morning program At Home with GMA Regional TV which airs weekdays at 8 a.m. Hosted by Resci Rizada and Cyril Chavez, with co-host Argie Ramos, the show is a mix of information and entertainment.

Aside from GMA Zamboanga the network’s regional TV stations are GMA Dagupan and GMA Ilocos (reaching Northern and Central Luzon), GMA Bicol (reaching the Bicol Region), GMA Cebu (reaching Central and Eastern Visayas), GMA Iloilo and GMA Bacolod (reaching Western Visayas), GMA Cagayan de Oro (covering Northern Mindanao), and GMA Davao and GMA General Santos (which cover South Central and Southern Mindanao).

24 Oras is 1st PHL newscast to livestream locally on TikTok

GMA Network’s flagship newscast 24 Oras is the first Philippine newscast to livestream locally on video-sharing app TikTok. The service began on Oct. 11. This comes on the heels of the launch of the newscast’s official TikTok account, @24Oras, last month. It has 691,900 followers, 5.3 million likes, and 276.5 million views as of Oct. 14.

Anchored by Mel Tiangco, Mike Enriquez, and Vicky Morales, 24 Oras delivers news and information on weeknights. Its weekend newscast, 24 Oras Weekend, is anchored by Pia Arcangel and Ivan Mayrina.

According to a company statement, with “the 24 Oras livestream on TikTok, GMA’s primetime newscast widens its reach to make news and information available to more people including the younger audience. At the same time, it aims to teach more netizens about media literacy — using one of today’s leading social media platforms in promoting factual reportage.”

Last month, 24 Oras launched its #24OrasChallenge on the app wherein viewers were invited to join the show’s anchors in reporting the news by reading from a teleprompter. The challenge drew over 47.7 million views and more than 21,000 duets made with 25 published challenge videos as of Oct. 14.

The #24OrasChallenge also produced spiels in local dialects such as Hiligaynon, Bisaya, Bikolano, Cebuano, and Tagalog which featured GMA Regional TV anchors and personalities.

“Tiktok is fast becoming the platform of choice for younger viewers. With new innovations by our Digital teams, we want to keep them informed, engaged, and up to date with the news they need to know,” said Jaemark Tordecilla, GMA Network Senior Assistant Vice-President for News and Public Affairs Digital Media, in the statement.

Ben&Ben collaborates with Taiwanese singer WeiBird

FILIPINO folk-pop collective Ben&Ben has had commercial and critical success this year. Its sophomore album, Pebble House, Vol. 1: Kuwaderno has surpassed 30 million streams on Spotify. After achieving records in both streaming and digital sales and sending their songs to the top of the music charts, Ben&Ben have collaborated with best-selling Taiwanese singer-songwriter WeiBird on the song “Cheap Love.”

“Cheap Love” is the first single off WeiBird’s first official English album. It follows the success of his fifth studio album, Sounds of My Life, which peaked at No. 1 on Taiwanese album charts in 2020, and received four nominations at the 32nd Golden Melody Awards, including Album of the Year and Best Mandarin Album. The track also serves as the second international collaboration of Ben&Ben after “Leaves,” featuring K-pop star Young K.  “Cheap Love” is available on all digital music platforms via Sony Music Taiwan.

Zack Tabudlo releases new LP

ZACK Tabudlo releases his first full-length album Episode, a collection of songs based on his personal experiences with love, life, and the challenges that he had to overcome while chasing his dreams. These personal stories are brought to life in the 14-track LP.

“Episode is a word that gave such an impact to me at times where I was at my lowest,” Mr. Tabuldo said in a statement. “People would say ‘here he is with another episode’ or another stage of problems, where obviously not anyone would want to experience. It’s ironic to put it as an album title but it’s how I went through these stories, with these episodes. Everything is based on personal experiences, from heartbreak and love, from life to unfortunate events.”

Mr. Tabuldo was the sole writer and producer on the album, and even mixed and mastered all 14 tracks. He explored various musical styles while working on these songs, ultimately creating his own sound with influences from pop, R&B, bedroom electronica, punk rock, and 1980s and ’90s alternative rock.

Episode is Tabudlo’s debut album under Island Records Philippines, a domestic label division under MCA Music. Episode is available on all streaming platforms worldwide via Island Records Philippines and MCA Music, Inc. (https://zacktabudlo.lnk.to/Episode).

Wovensound, Ihasamic! collaborate on single

MUSIC producer Wovensound and rapper Ihasamic! collaborate anew on new single, the hip-hop track “The Constant.” “With sultry R&B vocals from Sreshya, introspective verses from ZFRL and Ihasamic! himself, and a smoky, downtempo production from Wovensound, the massive new tune echoes the group’s frustrations and fears over the uncertainty that’s been clouding their headspace during this time of forced withdrawal,” says a statement. “The Constant” is available on all music streaming platforms via Umami Records (https://www.umamirecords.sg/the-constant/).

RWM wins Star Awards Concert of the Year

RESORTS World Manila (RWM) bagged the Concert of the Year Award for Lea Salonga Perfect Ten: A Gala Performance at the Philippine Movie Press Club’s 12th Star Awards for Music.

Ms. Salonga performed for two nights at the Newport Performing Arts Theater in celebration of RWM’s 10th anniversary, and was joined by guests including Esang de Torres, Nicole Chien, stage actress Tanya Manalang, and singer, stage actor, and writer Michael K. Lee, who starred alongside Ms. Salonga in Miss Saigon and Allegiance.

“Resorts World Manila has always been a firm believer and supporter of world-class Filipino talent. No other artist exemplifies that talent more than Lea, who helped pave the way for home-grown performers on the global stage,” said RWM President and CEO Kingson Sian who received the award on behalf of the production team. “We have been trying to get her to perform a major solo concert in our theater for quite some time, and to finally have her grace our stage for this Perfect Ten concert was truly the perfect highlight to our 10th anniversary celebration,” he added.

Perfect Ten was presented by RWM in cooperation with Ultimate Shows, Inc. and Full House Theater Company, Inc., featuring the stage direction of Floy Quintos, musical direction by Gerard Salonga, and together with the ABS-CBN Philharmonic Orchestra

Philippines places 15th in global cryptocurrency adoption list

Philippines places 15<sup>th</sup> in global cryptocurrency adoption list

How PSEi member stocks performed — October 18, 2021

Here’s a quick glance at how PSEi stocks fared on Monday, October 18, 2021.

Stocks rise on positive data, gradual reopening

BW FILE PHOTO

PHILIPPINE shares continued to post gains on Monday on the back of positive economic data and eased restrictions in Metro Manila.

The Philippine Stock Exchange index (PSEi) inched up by 6.35 points or 0.08% to close at 7,219.81 on Monday, while the broader all shares index shed 17.88 points or 0.40% to 4,430.93.

“Upbeat OFW (overseas Filipino workers) remittances and [the] reopening of [the] economy [is] keeping [the] PSEi resilient,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.

Data released by the Bangko Sentral ng Pilipinas last week showed cash remittances went up for the seventh consecutive month in August, rising 5.1% year on year to $2.609 billion from $2.483 billion.

The government also eased restrictions in Metro Manila to Alert Level 3, allowing more businesses to resume operations.

“Philippine shares were off to a lukewarm start as investors will be given a snapshot of US industrial production tonight and the housing market highlight on Tuesday,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a separate Viber message on Monday.

“Earnings season is also now in full swing in the US before the Philippines follows in a couple of weeks, and a number of big names are set to report in the next few days,” he added.

US stocks ended higher on Friday after Goldman Sachs became the latest big bank to report strong quarterly earnings, and Wall Street’s three major indexes posted gains for the week, Reuters reported.

Goldman Sachs Group shares jumped, giving the Dow its biggest boost, as a record wave of dealmaking activity drove a surge in the bank’s quarterly profit.

Results from the big financial institutions last week provided a strong start to third-quarter US earnings, though investors will still watch in coming weeks for signs of impacts from supply chain disruptions and higher costs, especially for energy.

Mr. Limlingan said “anticipation is for solid corporate earnings against concerns about inflation and the economy’s recovery.

Sectoral indices were split on Monday. Property went up by 47.02 points or 1.41% to 3,377.20; financials gained 11.09 points or 0.70% to finish at 1,584.96; and mining and oil rose 20.24 points or 0.18% to 10,748.17.

Meanwhile, services lost 22.94 points or 1.2% to 1,880.06; holding firms declined by 32.75 points or 0.46% to 7,048.31; and industrials went down by 24.97 points or 0.23% to end at 10,587.65.

Value turnover increased to P11.25 billion with 1.1 billion shares switching hands on Monday from the P10.56 billion with 1.22 billion issues traded on Friday.

Decliners beat advancers, 131 versus 67, as 42 names remained unchanged.

Net foreign buying more than tripled to P847.51 million from the P274.53 million logged on the previous trading day. — K.C.G. Valmonte with Reuters

Peso drops vs the dollar on weaker-than-expected China GDP growth

BW FILE PHOTO

THE PESO weakened versus the greenback on Monday due to cautious sentiment as China’s growth came in slower than expected.

The local unit closed at P50.84 per dollar on Monday, weaker by 12.9 centavos from its P50.711 finish on Friday, based on data from the Bankers Association of the Philippines.

The peso opened Monday’s session at P50.73 per dollar. Its weakest showing was at P50.89, while its intraday best was at P50.72 against the greenback.

Dollars traded slipped to $829.49 million on Monday from $957.74 million on Friday.

The peso depreciated from its previous close after the release of data showing China logged weak economic growth in the third quarter.

China’s gross domestic product (GDP) grew by 4.9% in the July-September quarter from a year earlier, its weakest pace since the third quarter of 2020, Reuters reported on Monday.

The world’s second-largest economy is grappling with power shortages, supply bottlenecks, sporadic coronavirus outbreaks and debt problems in its property sector.

Meanwhile, a trader said the peso weakened on market preference for the dollar after an unexpectedly strong US retail sales report.

The US Commerce department reported on Friday that retail sales rose 0.7% in September following the 0.9% in August. Last month’s print was stronger than the 0.2% forecasted by economists polled by Reuters.

The US dollar headed back on Monday towards a one-year high hit last week as rising inflation expectations and higher bond yields boosted its appeal against its rivals, Reuters reported.

The dollar index rose 0.1% to 94.02, edging it back toward last week’s one-year high of 94.563 which was the highest level since September 2020.

For Tuesday, Mr. Ricafort gave a forecast range of P50.75 to P50.95, while the trader expects the local unit to move within P50.70 to P50.95. — LWTN with Reuters

Fewer than 7,000 cases posted for second day 

PHILIPPINE STAR/ MICHAEL VARCAS

By Kyle Aristophere T. Atienza, Reporter

THE DEPARTMENT of Health (DoH) reported fewer than 7,000 coronavirus infections for the second straight day on Monday after cases peaked in early September.

There were 6,943 coronavirus new cases, bringing the total to 2.73 million, it said in a bulletin. The death toll rose to 40,761 after 86 more patients died, while recoveries increased by 19,687 to 2.62 million.

There were 68,832 active cases, 79.7% of which were mild, 5.5% did not show symptoms, 4.5% were severe, 8.42% were moderate and 1.9% were critical.

The agency said 25 duplicates had been removed from the tally, 16 of which were reclassified as recoveries, while 30 recoveries were relisted as deaths. Two laboratories failed to submit data on Oct. 16.

“Nationally, our cases have been going down since our peak in early September,” Health Undersecretary Maria Rosario S. Vergeire told an online news briefing. Daily infections fell by 23% from a week earlier.

The Philippines had a daily average of 7,732 cases from Oct. 13 to 17, compared with 10,067 from a week earlier.

The country and most regions were at moderate risk from the virus, Ms. Vergeire said. But more than 70% of COVID-19 beds or intensive care units in several regions had been used, she added.

Meanwhile, Ms. Vergeire said 84.6% or 633 of 748 coronavirus infections tested on Oct. 16 were of the more contagious Delta variant, bringing the total to 4,431.

Three more Alpha variant infections and six Beta variant cases were detected in DoH’s latest genome sequence runs.

Ms. Vergeire said 88.46% or 15,168 of 17,147 samples sequenced as of Oct. 16 contained Sars-Cov-2 lineages. She added that 70.4% of the 15,168 samples were either Alpha, Beta or Delta variants.

The Delta variant has been detected in 17 regions of the country and all 17 local government units in Metro Manila, she said.

Of the 961 returning migrant Filipinos tested, 67% or 645 had tested positive for a coronavirus variant of concern, Ms. Vergeire said.

An inter-agency task force last week placed Metro Manila under Alert Level 3 from Oct. 16 to Oct. 30, allowing more nonessential businesses such as cinemas to reopen at reduced capacities.

The capital region’s seven-day average of new coronavirus cases have gone down by 27% or 533 cases, Ms. Vergeire said.

“As we safely reopen the economy, mobility will increase,” she said. “Maintaining the detection-to-isolation intervals at four days or further shortening this can counter its negative impact.”

Ms. Vergeire said the government should vaccinate more senior citizens and seriously ill people to ease the burden on hospitals and reduce deaths.

The Philippines, 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 yearend. The government aims to fully vaccinate 70% of the population by February. 

The country on Friday started inoculating children aged 12 to 17 with health complications in eight hospitals in Metro Manila. Ms. Vergeire said 1,509 children have been vaccinated against the coronavirus as of Oct. 16.

She confirmed reports that four children had experienced side effects after getting vaccinated. One experienced high blood pressure, one had an allergic reaction, and two experienced stress-related reactions. “This is still being studied by our vaccination sites and our vaccine cluster.”

The vaccination of minors went smoothly because clearance from doctors and the consent of parents had been obtained in advance, she added.

Philippine President Rodrigo R. Duterte last week took responsibility for the shortage of coronavirus vaccines in the country early this year.

The president last month criticized rich countries for hoarding vaccines while poor countries struggled to  secure shots for their people. He described vaccine hoarding as a shockingly “selfish act” that should be condemned.

Earlier this year, Mr. Duterte accused the European Union of holding up vaccine supplies from other  countries, citing the economic bloc’s export rule that requires drugmakers to obtain permission first  before shipping out coronavirus vaccines.

The tough-talking leader has repeatedly threatened to order the arrest of Filipinos who refuse to get vaccinated against the coronavirus.

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