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Retail segment, MSMEs key to digital banks’ growth

NEW DIGITAL BANKS in the Philippines can grow by catering to retail clients with limited credit history who are underserved by lenders, debt watchers said.

S&P Global Ratings analyst Nikita Anand said new-to-market digital banks in the country can target retail customers and micro-, small-, and medium-sized enterprises (MSMEs), where credit penetration is relatively low.

“The incumbent banks have largely ignored these segments given the high risk of serving low-income borrowers with little credit record, and the high cost of building a branch network through the vast sprawl of rural Philippines,” Ms. Anand said in an e-mail.

“Their (digital banks) lower operational costs give them room to offer higher deposit rates, which may trigger deposit price competition in the sector,” she added.

Digital banks are only required to maintain an office as their transactions are done online.

However, these new entrants have to earn the trust of consumers, which traditional banks have already done through years of providing financial services, Ms. Anand said.

Willie Tanoto, director, Financial Institutions – Asia Pacific at Fitch Ratings, said digital banks in the country can penetrate the market in retail areas, such as deposits, payments, and insurance.

“We think some of the digital banks are likely to be capable of chalking up rapid growth in active users, especially in areas that are less demanding on regulatory capital, such as deposit mobilization, payments and transfers, distribution of investment and insurance products, etc.,” Mr. Tanoto said in an e-mail.

“Whether such growth can be sustained depends on whether they are predicated on a compelling product proposition and integration to the bank’s broader ecosystem, or whether they are driven chiefly by unsustainable competition on pricing,” he added.

S&P’s Ms. Anand noted that the Bangko Sentral ng Pilipinas (BSP) required lighter or “less onerous” capital requirements for digital banks compared with the case in neighboring countries such as Singapore.

A digital bank in the Philippines needs just P1 billion in paid-up capital, compared with the P2 billion to P20 billion required for traditional bank types depending on their branch networks. In comparison, Ms. Anand said, digital banks in Singapore need to put up capital of at least $1.5 billion or around P55 billion.

Although not a base case scenario, Ms. Anand said this regulatory approach may weaken the Philippine banking system’s resilience.

“Digital banks may gain material market share while being less capitalized than universal and commercial banks. From this perspective, BSP’s decision to monitor the new banks’ performance before awarding more such licenses seems prudent,” Ms. Anand said.

Despite low capital requirements compared with their traditional counterparts, new digital banks could face profitability issues as they need to make heavy investments in technology and their platforms, as well as human resource and customer acquisition in their initial build-out phase, Fitch’s Mr. Tanoto said.

“Profitability is likely to be pressured in the initial few years and digital banks’ business models will need to mature before they are likely to sustain consistent profitability,” he said.

The BSP earlier said it will cap the number of licensed digital banks at six for the meantime to allow regulators to closely monitor developments in the sector and ensure there is healthy competition among these new lenders.

The first lender to obtain an online banking license was Overseas Filipino Bank, a subsidiary of state-owned Land Bank of the Philippines.

Also granted digital banking licenses were Tonik Digital Bank, Inc. (Philippines), UNObank, Aboitiz-led Union Digital Bank, and GOtyme, which is owned by the Gokongwei Group and Singapore financial technology (fintech) firm Tyme.

The BSP gave the sixth license to Maya Bank, which will be operated by PayMaya Philippines, the fintech arm of Voyager Innovations, Inc.

Online banks are expected to help the BSP reach its goal of bringing 70% of Filipinos into the formal banking system and have 50% of transactions done online by 2023. — Luz Wendy T. Noble

With targeted treatments, cancer is no longer a death sentence

UNSPLASH

BECAUSE OF advances in cancer therapy and prevention efforts, patients have a higher chance of surviving cancer and living a full life as a cancer survivor.   

“Today, we don’t treat cancer as a deadly disease, but as a chronic disease we can treat,” said Dr. Maria Luisa Abesamis-Tiambeng, chairman of Cardinal Santos Medical Center’s Cancer Institute, in an Oct. 14 webinar.  

Treatments can target cancer cells without affecting healthy ones. Radiation therapy uses beams of intense energy from a machine aimed at precise points on a patient’s body.  

In radiotherapy, high energy beams target only the tumor, Dr. Pauline Anne P. Cauton added, a medical oncologist and consultant at the same institute.   

Other modes of cancer treatment include surgery, chemotherapy (which uses powerful chemicals to kill fast-growing cells), targeted therapy (which uses drugs that targets the proteins that drive cancer growth), and immunotherapy (which uses certain parts of a person’s immune system to fight diseases).   

“Surgery is the definitive treatment for certain types of cancer,” Dr. Cauton told the webinar audience. “If kaya tanggalin, gusto natin tanggalin [If the cancer can be removed, then we remove it].” She added that the three considerations for getting treatment is determining what type of cancer is present, where in the body is at present, and if an individual’s body can handle which treatment.  

Different kinds of cancers require different treatments. Dr. Cauton cautioned against comparing one’s cancer with that of a neighbor.  “Even if both of you have the same type of cancer, the approach will still be different,” she said.   

Given the gravity of a cancer diagnosis, support mechanisms are also an important part to cope with the emotional impact of the disease. Local groups that offer this support include East Avenue Medical Center’s Breast Friends, St. Luke’s Medical Center’s Corridor of Hope, and the National Kidney and Transplant Institute’s Cancer Support Group.  

Dr. Tiambeng said that, apart from its own cancer support group, Cardinal Santos Medical Center additionally has a shop for the purchase of wigs, prosthetic bras, lymphedema stockings, and other items that offer comfort and normalcy to survivors.  

Lymphedema, or swelling in the arms and legs that occurs when lymph nodes are damaged, is a complication of breast cancer treatment. Radiation therapy that removes lymph nodes under the breast cancer patient’s arm can cause scarring, which in turn affects the drainage of fluids from the body.   

Dr. Tiambeng also acknowledged the role finances play in cancer treatment, even as she mentioned options for financial assistance, among these the National Government’s Malasakit Centers.  

“Do not give up if you think you have no money to support your treatment,” she said. “Be honest about the hindrances you might have, and we will be ready to help.”  

Cancer was the third-leading cause of death in the country from January to June 2021, according to data from the Philippine Statistics Authority. — Patricia B. Mirasol 

  

Avon to host simultaneous breast self-check 

UNSPLASH

BEAUTY BRAND Avon will hold The Boobment, a simultaneous breast self-check on Oct. 21 at the Avon Philippines Facebook page at 6 p.m.  

The Boobment aims to encourage Filipinos to do regular checkups through a simple routine that women can do every month.  

According to the Philippine Society of Medical Oncology, the Philippines has the highest number of breast cancer diagnoses among Asian countries, with three out of 100 Filipinos developing the disease before they reach the age of 75.  

Early detection of the symptoms is one of the best ways to prevent and treat breast cancer. Survival rate increases to 90% if detected early. 

“It is very important that we let everyone know that this disease can be addressed early, especially when you do self-checking right at home,” said Marion Limlengco, Avon Philippines head of communications. 

Through The Boobment, Avon seeks to raise funds on behalf of the Philippine Cancer Society and Breast Cancer patients. The public may either donate via GCash QR code or through the purchase of limited-edition fundraising items at the Avon Shop.  

Avon also partnered with KonsultaMD, a subscription-based telehealth service, to provide an alternative avenue of consultation for those who might detect symptoms of breast cancer. 

For more information, visit avon.ph. October is breast cancer awareness month. 

WHO recommends first malaria vaccine 

PUBLIC HEALTH IMAGE LIBRARY/US CENTERS DISEASE FOR CONTROL AND PREVENTION

The World Health Organization (WHO) recommended this October the widespread use of the RTS,S/AS01 (RTS,S) malaria vaccine, the first and only malaria vaccine to have been shown in pivotal long-term clinical trials to significantly reduce malaria in children. 

The vaccine, another major breakthrough in the global fight against malaria, is the result of over 30 years of research by science-led global healthcare company GlaxoSmithKline (GSK).  

Malaria vaccine pilot programs in Ghana, Kenya and Malawi have shown high impact in real-life childhood vaccination settings, strong community demand and that RTS,S can be effectively delivered through routine child immunization platforms. More than 2.3 million vaccine doses have been administered to date, with over 800,000 children receiving at least 1 dose of the vaccine.      

Based on the recommendation of its global advisory bodies for immunization and malaria, WHO has recently recommended the wider use of GSK’s RTS,S malaria vaccine in children living in sub-Saharan Africa and other regions with moderate to high malaria transmission.     

“This long-awaited landmark decision can reinvigorate the fight against malaria in the region at a time when progress on malaria control has stalled. Both real world evidence and clinical trial data show that RTS,S, alongside other malaria prevention measures, has the potential to save hundreds of thousands of lives,” said Thomas Breuer, GSK Chief Global Health Officer.     

The WHO recommendation comes on the heels of new data showing that RTS,S, in combination with seasonal administration of antimalarial medicines, lowers malaria cases, hospital admissions with severe malaria, and deaths by around 70%.      

“These data indicate that the impact of RTS,S vaccination can be increased to further reduce mortality, especially when combined with other recommended malaria control interventions in a seasonal setting,” GSK said.     

Beyond research and development, GSK announced a Product Transfer, including technology transfer for long-term antigen production, with Bharat Biotech of India to boost vaccine production.   

As the coronavirus disease 2019 (COVID-19) pandemic continues to disrupt health services across the world, the WHO underscored the urgent need to aggressively tackle the novel coronavirus while ensuring that other killer diseases like malaria are not neglected.      

WHO data showed that in 2019 there were an estimated 229 million cases of malaria worldwide. Around 409,000 people lost their lives due to malaria that same year. Children aged under 5 years are the most vulnerable, accounting for 67% of all malaria deaths worldwide in 2019. 

Africa carries a disproportionately high share of the global malaria burden. In 2019, the region was home to 94% of malaria cases and deaths, according to the WHO.      

The incidence of malaria in the Philippines has been significantly reduced by 87% from 48,569 in 2003 to 6,120 cases in 2020, according to the Department of Health (DoH).  

The DoH also reported a 98% reduction in the number of deaths due to malaria, from 162 in 2003 to 3 in 2020. Along with the declining cases and deaths is the shrinking geographic extent of malaria in the country.  

The DoH has officially declared 60 provinces across the archipelago as malaria-free. An additional 19 provinces have reached malaria elimination phase with zero local transmission, and are waiting to be assessed and declared malaria-free provinces.  

While the fight against malaria in the country is yielding encouraging results, efforts must continue. At the end of 2020, around 126 barangays from 2 provinces in the country have still recorded local malaria transmission.     

Malaria is a life-threatening disease caused by Plasmodium parasites that are transmitted to people through the bites of infected female Anopheles mosquitoes. Five parasite species cause malaria, two of which pose the greatest threat — Plasmodium falciparum and Plasmodium vivax, according to the WHO.  

In non-immune individuals, symptoms usually appear 10 to 15 days after the infective mosquito bite. In malaria-endemic areas, people may develop partial immunity, which explains the occurrence of asymptomatic infections.  

The initial symptoms — fever, headache, and chills — may be mild and difficult to recognize as malaria. If not treated within 24 hours, P. falciparum malaria can progress to severe illness, often leading to death.      

Malaria is preventable and curable. Vector control through insecticide-treated mosquito nets and indoor residual spraying is the main way to prevent and reduce malaria transmission. Antimalarial medicines such as sulfadoxine-pyrimethamine can also be used to prevent malaria. The best available malaria treatment, particularly for P. falciparum malaria, is artemisinin-based combination therapy (ACT), according to the WHO.      

Since 2000, the WHO estimates that ACT has resulted in the prevention of 1.5 billion malaria cases and the saving of 7.6 million lives. In 2001, Novartis signed an agreement with the WHO, committing to make ACT available without profit to the public sector of malaria-endemic countries.  

The Swiss healthcare company continues to provide ACT on the same terms even after the agreement expired in 2011. Over the last 20 years, Novartis has delivered one billion antimalarial treatments without profit in more than 70 countries.      

 

Teodoro B. Padilla is the executive director of 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. 

Philippine casino operator will pursue Japan expansion, CEO says

JASON Ader, chairman and chief executive officer of 26 Capital Acquisition Corp., plans to pursue casino opportunities in Japan and elsewhere after completing the purchase of a large casino resort in the Philippines.

“The company will own assets beyond the Philippines over the next several years,” Mr. Ader said in an interview on Monday. “This company is not expecting to be just a single asset company in perpetuity.”

Mr. Ader, who took 26 Capital public earlier this year as a shell company, agreed to merge it last week with Okada Manila, a luxury resort in the Philippines owned by Japan’s Universal Entertainment Corp. Universal will receive an 88% stake in the new business.

Mr. Ader, a former casino analyst, didn’t name any specific cities the company will pursue. Okada Manila identifies itself in a merger-related presentation as the only Japanese owned and operated casino in the world. Japan has recently begun awarding casino licenses as part of a broader push to develop its tourism industry.

“We like the market and think we’re well positioned should something come up,” Mr. Ader said.

The Manila resort, which was valued at $2.6 billion in the transaction, gets a significant share of its customers from South Korea, Japan, Singapore and Hong Kong, he said. — Bloomberg

Former officials of closed bank convicted for DOSRI violation

BW FILE PHOTO

TWO FORMER OFFICIALS of a closed bank in Batangas were found to have violated rules on the internal disbursement of loans, as well as granting fictitious credit, the central bank said.

The Bangko Sentral ng Pilipinas (BSP) filed charges versus former officials of closed Synergy Rural Bank, Inc. The respondents are Herman S. Villalobos, its former president and chairman, and former compliance officer Danilo D. Tobias.

Mr. Villalobos and Mr. Tobias were found guilty of the violations by regional and municipal trial courts in Lipa City, Batangas.

“The criminal cases stemmed from a Directors, Officers, Stockholders and Related Interests (DOSRI) loan granted to Tobias in violation of approval, reportorial and ceiling requirements for DOSRI loans provided under the law, as well as a fictitious loan application which the BSP discovered during its investigation of the bank’s transactions,” the central bank said in a statement on Tuesday.

Based on the BSP’s findings, the loans involved amounted to P2.51 million.

The former bank officers were found guilty of five counts of violation of the General Banking Law of 2000 in relation to the New Central Bank Act, as amended, and one count of violation of the Revised Penal Code.

The regional trial court sentenced Mr. Villalobos to a fine of P200,000. He will also face one year of imprisonment for one case, and another sentence of up to two years and four months in prison for another case, aside from a penalty of P10,000 imposed by the municipal trial court.

Meanwhile, Mr. Tobias was slapped with penalties worth P150,000.

“The BSP is committed to ensure banks’ compliance with the law while maintaining the soundness of the financial system and protecting public interest through the implementation of good governance practices among its supervised financial institutions,” the central bank said.

Local courts in Negros Oriental also found an employee of the closed Rural Bank of Bayawan (Negros Oriental), Inc. for facilitating fraudulent loans, the central bank earlier said. — L.W.T. Noble

Arts & Culture (10/20/21)

DRAWING No. 18 by Br. Edmundo ‘Dodo’ Fernandez

Christian Brother holds exhibit of sketches

TODAY is the last chance to catch the exhibit of sketches by Br. Edmundo “Dodo” Fernandez FSC at the Tall Gallery of the Finale Art File. He is president of both the De La Salle-College of Saint Benilde and La Salle Green Hills, and is also an artist. The ongoing solo exhibit, entitled “Drawings: from residences in Japan and France,” features 21 sketches he created, ranging from emaciated bodies from the Holocaust to nautilus shells and houseflies.

Rizal Province artists exhibit at Robinsons Galleria

THIS OCTOBER, Robinsons Land’s ArtAblado hosts four artists who hail from the province of Rizal. The group calls itself B.R.A.D, which stands for their first names — Brando Limon Bati, Rico Aunzo (also known as Pedrong Masipag), Adler Llagas, and Daniel Dumaguit. Their works are on exhibit until Oct. 31 at ARTablado, at the 3rd Level of Robinsons Galleria. The exhibit, dubbed as “Bangon Ako, Ikaw, Tayo,” aims to inspire people to get up, work together and reach for their dreams. “This pandemic changed the way we live our lives. Some even lost their jobs or worst, their loved ones. Through this exhibit, we want to remind our fellow Filipinos that we a have a choice to get up and continue to live our lives,” said Rico Aunzo in a statement. For more updates, follow ARTablado on Facebook and @artablado on Instagram.

ManilArt goes on line and on site

MANILART 2021 will be held onsite and online from Oct. 20 to 24 at the SMX Convention Center, SM Aura Premier in Taguig City. Now on its 13th year, the art fair extends its reach through satellite sites outside Metro Manila. These include Balai Kalipay in Davao, Likhang Silangan in Rizal, Tarlac Art in Tarlac, and Ricardo’s in Cavite. ManilArt 2021 is also accessible online through https://www.manilartfair.com/ where guests can navigate a 360° walkthrough page and view works from 22 participating galleries. Tickets will be available through TicketBooth.ph and safety measures will be implemented in adherence to SM Aura Premier’s safety standards as monitored by Safecity Taguig.

The National Museum reopens

THE NATIONAL Museum of the Philippines has reopened to the public and is accepting fully vaccinated visitors, in a limited capacity. Visitors are required to reserve a slot online at least a day before the visit. To book a slot, visit the website www.nationalmuseum.gov.ph and click “Book a tour.” The museum is open Tuesdays to Sundays. The morning session is from 9 a.m. to noon with an entry cutoff at 11 a.m. The afternoon session is from 1 to 4 p.m. with an entry cutoff at 3 p.m. Visitors will be limited to 100 per session. For more information and details on guidelines, visit www.facebook.com/nationalmuseumofthephilippines/posts/4759307650760182.

PETA’s Under My Skin goes online

THE PHILIPPINE Educational Theater Association (PETA) brings back Rody Vera’s Under My Skin, an anthology drama on HIV directed by Melvin Lee. While the play’s run was cut abruptly because of the COVID-19 lockdown in March 2020, PETA has revamped the play from stage to video, in partnership with HIV advocacy organizations LoveYourself PH and The Red Whistle, and UNILAB, Inc. Under My Skin is inspired by real people and events, and it depicts the realities, triumphs, and struggles of people living with HIV, while navigating an important conversation about acceptance and tolerance. Their stories of love, pain, and acceptance are revealed through the character of Dr. Gemma Almonte, who is studying the spread of the devastating virus.  The online streaming cast features Cherry Pie Picache, Eko Baquial, Gio Gahol, Mike Liwag, Jarred Jaicten, Kitsi Pagaspas, Dylan Ray Talon, Dudz Teraña, She Maala, Bene Manaois, Erold Enriquez, Jason Barcial, Joseph Madriaga, Rach Gimpes, Reggie Ondevilla, Roy Dahildahil, Gerard Dy, and Ekis Gimenez. Under My Skin Online runs from Nov. 26 to 28, and from Nov. 30 to Dec. 5. Tickets — P180 for Livestream, and P250 for Video on Demand — are available on www.ticket2me.net, bit.ly/undermyskinonline, or through any of the Under My Skin Online showbuyers. For bulk sales, and more sales information, contact Mitch Go at 0917-539-1112.

Virgin Labfest 16 goes online in November

THE CULTURAL Center of the Philippines (CCP), the Writer’s Bloc, and Tanghalang Pilipino (TP) host this year’s Virgin Labfest (VLF) online.  Now on its 16th year, the festival will be streamed from Nov. 24 to Dec. 5 on the CCP, VLF, and TP Facebook pages. Choosing to focus on education, the festival components are FFF — Fair, Fellowship and Flashback. The Fellowship Writing Program will be conducted from Nov. 16 to Dec. 5 under the tutelage of award-winning playwright Glenn Sevilla Mas. The culminating activity, which will be streamed for public viewing on Dec. 5, will be directed by Dennis Marasigan. The Playwrights Fair will be held from Nov. 24 to Dec. 5 and feature conversations with playwrights from all over the country. As part of the Fair component, the 4th Edition of the VLF Anthology and Elemental, a book of plays by women playwrights, will be launched. For more information, follow VLF on CCP social media platforms, or visit www.culturalcenter.gov.ph.

Jackie Hontiveros Lozano holds exhibit

“MARIGOLD SUMMER,” an exhibit of works by Jackie Hontiveros Lozano, showcases 11 gouache paintings on paper and three oil paintings on canvas. The exhibit is a journey through the artist’s growth since her last shows, “Hero” (2018) and “Awakening” (2020). The themes deal with unburdening, duality, jagged lines, heavy strokes, and gray and neon, creation and ideation remain prevalent. For more details and to view the exhibit, visit ikajpaintings.com/marigold-summer/.

West Gallery opening 4 exhibits

WEST Gallery will open four exhibits on Oct. 21. They will run until Nov. 20. The exhibits are: Winner Jumalon’s “Nucleus,” Francis Bejar’s “Super Artist,” Lawrence Canto’s “As Days Go By,” and the group exhibit “C20H25N30” which features works by Edric Go, Bjorn Calleja, Geremy Samala, and Jigger Cruz. Gallery visitors must first make an appointment by calling 3411-0336 (landline) or 0915-175-3792 (mobile).

Met Museum holds webinar on community and architecture

THE METROPOLITAN Museum will hold a Zoom and Facebook Live webinar called “Beyond Mutual Support” on Oct. 23, 4-5:30 p.m. This webinar explores different approaches to community engagement in architectural practice and aims to conceptualize mutual support in relation to threads of ideas in history and architectural theory. The webinar is related to the exhibit “Structures Of Mutual Support,” the Philippine Pavilion exhibition at the 17th Venice Architecture Biennale. This exhibition, which opened in May, is curated by Framework Collaborative composed of Architects Sudarshan Khadka, Jr. and Alexander Eriksson Furunes together with members of Gawad Kalinga Enchanted Farm community in Angat, Bulacan. The webinar is a project of the musem, the National Commission for Culture and Arts, the Philippine Arts in Venice Biennale, and the office of Rep. Loren Legarda.

Virtual reality exhibit on Philippine forests

A GROUP of young up-and-coming artists in the Philippines want to use their art to bring the beauty of nature back into the minds of people via Project: KAGUBATAN. The project will stage an educational webinar series on Oct. 30 and Nov. 19 at 5 p.m., and a virtual forest exhibit on Nov. 10. Eight young Filipino artists — visual artist Issa Barte, photographer Javi Cang, photographer and multi-media artist Sara Erasmo, painter Chesleigh Nofiel, photographer Gab Mejia, photographer and filmmaker Angelo Mendoza, visual artist Kara Pangilinan, photographer and filmmaker Ivan Torres, and photographer Pau Villanueva — are collaborating on the project. Funds raised from the artworks will be donated to WWF-Philippines’ reforestation project in the Ipo Watershed with a target of 1,000 seedlings. The funds will also support the Bantay Gubat in the Ipo Watershed led by the Philippine Parks and Biodiversity and the Bantay Danaos of the Agusan Marshlands led by Youth Engaged in Wetlands. The virtual reality forest exhibit will allow audiences to immerse themselves in an environmental journey following a river that goes from lush mountain forests down through agroforests and eventually to wetland forests. It will showcase artworks by the artists showing forest landscapes, endemic flora and fauna, and people who depend on the forests. Webinars dubbed “Art for Conservation Conversation” will feature artists along with WWF-Philippines’ Forest for Water program manager Paolo Pagaduan. Learn more about the Ipo Watershed and WWF-Philippines’ Forest for Water program here: https://wwf.org.ph/what-we-do/water/ipo-watershed/.

Drive-in movies at MCAD

MCAD has converted its car park into a drive-in theater to screen selections of video works from the collections of four art institutions in the region. Curated in collaboration with the National Museum of Modern and Contemporary Art, Korea, in Seoul, the M+ West Kowloon Cultural District in Hong Kong, and MAIIAM Contemporary Art Museum in Chiang Mai, “Watch and Chill” aims to present a new approach to exploring and sharing art among museums, artists and viewers in the digital, contactless era. The featured works are divided into four sections “Things in My Living Room,” “By the Other Being,” “Community of Houses,” and “Meta-Home” all in connection to the reimagined role of “home” and lifestyle amid the coronavirus disease 2019 (COVID-19) pandemic. MCAD’s drive-in theater opens on Oct. 29 and will run until Dec. 5. Interested guests may pre-book a slot for the screenings through the MCAD website. The screenings will be held five times a week, from 6:30 to 8 pm. A maximum of six vehicles will be accommodated per screening. Vehicles will only be allowed to enter the parking lot 15 minutes before the screening. Visitors without vehicles who wish to view the films will be accommodated at a designated area in the venue. A maximum of 10 visitors without vehicles may be accommodated for each screening day. Sound for the films shall be transmitted through a commercially-unoccupied FM frequency that viewers can access through their car radios and other portable devices that can tune into FM. Pursuant to current guidelines from The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF), MCAD will be requiring guests to present their vaccination cards upon entry to the venue. Only fully vaccinated individuals will be allowed entry. The videos area also available to stream for free through the Watch and Chill online platform.

Tagum’s creative writers preserve memories

AS AN offshoot activity of the Tagum Creative Writers Summit held last August, Tagum’s first local government-initiated writers workshop kicked off on Sept. 29 at the City Library and Learning Commons of the Tagum City Historical and Cultural Center. The writers centered their works on Tagum, touching on culture and identity based on one’s memories and imagination. Polished pieces will be published in the literary folio of the Center, some of which will be interpreted both on stage and on canvas as part of the fringeTGM event in November this year.  With the theme “Unleashing Creativity,” nine creative writers had their poems, short fiction, and one-act play critiqued and evaluated by each fellow writer and the panelists. Serving as panelists at the writers’ workshop were Palanca laureate Karlo Antonio David, Tagumenyo creative writer Reymond Pepito, and poet Ian Salvaña. The workshop fellows were Gabrielle Felio, Jeanevive Diva, Benjamin Caspillo, Marrion Rustell Helicame, Reyna Grace Tagalicod, Vissae Bel Agus, Floyd Bandalan, Shiela May Abucay, and Salvador Aquino.

Feminist Community Night marks 2nd anniversary

AS PART of its 2nd anniversary celebration, Time’s Up Ateneo (TUA) will be hosting a feminist community night called “Conspiring Against the Patriarchy” on Oct. 23, 8 to 9:30 p.m. via Zoom. There will be a kapihan, a feminist spin on Gartic Phone, and musical and poetry performances. Register via https://tinyurl.com/TUACap. Links will be sent to registrants a few days before the event. For the other activities that are part of TUA’s 2nd anniversary celebration, visit https://timesupateneo.org/2021/10/14/times-up-ateneo-2nd-anniversary-schedule-of-events/

USAID, DoH launch mobile app for mental health support 

The Philippines’ very first mobile application geared towards providing mental health support and self-care reminders had its soft launch on Friday, with a wider launch through Google and Apple stores to be available soon.   

Developed by the United States Agency for International Development (USAID) through its RenewHealth project, and in collaboration with the Department of Health (DoH), the app Lusog-Isip was conceived to address Filipinos’ mental struggles during the COVID-19 pandemic, including substance abuse problems, according to the two agencies.  

“We need to empower people with the information and tools to keep themselves and their families and their communities mentally healthy, and, as its name says, that’s what Lusog-Isip aims to do,” said USAID Philippines’ Office of Health director Michelle Lang-Alli, at the app’s virtual soft launch. “Lusog-Isip” translates to “mental health.”  

The app provides access to exercises, audio guides, journaling, and mood-tracking, which aim to help users cope with their struggles and mentally improve over time. It also has a referral network of psychosocial service providers nationwide, for those who want to take it a step further and seek professional help. 

In May, the DoH said that the pandemic saw 3.6 million Filipinos battling mental health issues. Of these, 1.14 million have depression, 847,000 struggle with alcohol use, and 520,000 suffer from bipolar disorder.  

USAID’s initiative RenewHealth, which handles the development of the app, is a five-year project that focuses on helping Filipinos who are trying to reduce or prevent drug dependence via self-help or community-based rehabilitation.   

“We understand very well that substance abuse is part of the broader concern of mental health,” Ms. Lang-Alli explained.  

A pilot test of the app in September was aimed towards these individuals, and it turned out to be successful, according to Patrick L. Angeles of RenewHealth. The test was carried out in groups where the effectivity of DoH’s mental health toolkit or workbook was also measured, to gauge the difference between the two.  

The majority (85.9%) of the 206 respondents said that the app was “satisfactory,” with both the toolkit and the app able to improve well-being. However, Lusog-Isip’s advantage was that it was also an avenue for emotional release.  

“Participants said that the journaling feature improved their awareness of stressors and became an avenue for them to vent,” shared Mr. Angeles.  

Beverly Lorraine C. Ho, director of the DoH’s Disease Prevention and Control Bureau, added that Lusog-Isip is adapted to the Philippine cultural context, where mental health and substance use have only begun to be talked about widely.  

“Mental health is health and we must continue to take care of ourselves and each other during this pandemic,” she said, reiterating that the National Center for Mental Health hotline 1553 is always available for those who require a mental health professional. — Bronte H. Lacsamana

Philippines’ pension system ranked the third lowest

THE PHILIPPINE retirement income system is ranked the second lowest in Asia and near the bottom of a Global Pension Index covering 43 economies, after a slowdown in economic growth. Read the full story.

Philippines’ pension system ranked the third lowest

How PSEi member stocks performed — October 19, 2021

Here’s a quick glance at how PSEi stocks fared on Tuesday, October 19, 2021.

Shares climb further as COVID-19 cases decline

PHILIPPINE STAR/KRIZ JOHN ROSALES

STOCKS went up on Tuesday on the back of the improving coronavirus disease 2019 (COVID-19) situation in the country and the implementation of the new alert level system in other areas besides Metro Manila.

The benchmark Philippine Stock Exchange index (PSEi) rose 46.50 points or 0.64% to close at 7,266.31 on Tuesday, while the broader all shares index went up by 20.47 points or 0.46% to end at 4,451.40.

“Market continued to move on uptrend as reproduction number of the virus slipped to 0.55 per OCTA, which may favor further easing of restrictions,” Aniceto K. Pangan, equity trader at Diversified Securities, Inc., said in a text message.

“The positive sentiment was driven by the improving COVID-19 cases at home with the implementation of alert level system in other areas outside NCR (National Capital Region),” Philstocks Financial, Inc. Senior Research and Engagement Officer Claire T. Alviar said in a Viber message.

Fredegusto Guido P. David, a research fellow at the independent OCTA Research Group, said the reproduction number in Metro Manila went down to 0.55 as of Monday, its lowest since May 18 when the reproduction number was at 0.56.

The Health department reported 6,943 new COVID-19 infections on Monday, bringing active cases to 68,832. The country has recorded nearly 2.73 million COVID-19 cases.

The government on Tuesday said the alert level system piloted in Metro Manila will be implemented in other regions starting on Wednesday, Oct. 20, until the end of the month.

“Net market value turnover was at P8.24 billion, lower than the P9.27-billion average this month as investors await the third-quarter earnings result,” Ms. Alviar added.

Value turnover slowed to P8.54 billion with 1.34 billion shares switching hands on Tuesday, lower than the P11.25 billion with 1.1 billion issues traded the previous day.

Majority of sectoral indices closed in the red on Tuesday except for holding firms, which gained 149.03 points or 2.11% to close the session at 7,197.34, and industrials, which climbed 133.54 points or 1.26% to 10,721.19.

Meanwhile, mining and oil declined by 97.75 points or 0.90% to 10,650.42; financials lost 11.41 points or 0.72% to 1,573.55; property shed 21.97 points or 0.65% to finish at 3,355.23; and services inched down by 8.52 points or 0.45% to 1,871.54.

Advancers outnumbered decliners, 105 against 90, while 51 names closed unchanged yesterday.

Foreigners turned sellers, logging P65.80 million in net outflows on Tuesday versus the P847.51 million in net purchases recorded at the end of Monday’s trading session.

Diversified Securities’ Mr. Pangan said the benchmark index may continue to trade within the 7,000 to 7,450 range for the rest of the week. — Keren Concepcion G. Valmonte

Peso rebounds as oil prices drop

BW FILE PHOTO
THE PESO climbed against the dollar on Tuesday as oil prices eased and on the expanded implementation of the alert level system. — BW FILE PHOTO

THE PESO bounced back versus the greenback on Tuesday as oil prices eased and with the new alert level system first implemented in Metro Manila set to be expanded to more areas.

The local unit ended trading at P50.72 per dollar on Tuesday, stronger by 12 centavos from its P50.84 close on Monday, based on data from the Bankers Association of the Philippines.

The peso opened Tuesday’s session slightly stronger at P50.82 per dollar. Its weakest showing was at P50.86, while its intraday best was at P50.68 against the greenback.

Dollars exchanged rose to $999 million on Tuesday from $829.49 million on Monday.

The peso strengthened against the dollar following a slight easing in international oil prices, a trader said in an e-mail.

Reuters reported Monday that oil prices went down after touching multi-year highs as US industrial output fell.

Brent crude oil futures slipped 53 cents or 0.6% at $84.33 per barrel. On the other hand, US West Texas Intermediate crude settled 16 cents higher or 0.19% at $82.44 a barrel.

The government’s decision to implement the alert level system in other regions starting Wednesday also boosted the peso, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Presidential Spokesperson Herminio “Harry” L. Roque, Jr. said 14 provinces and five other cities will be placed under the alert level system, which was first implemented in Metro Manila, amid a decline in the daily coronavirus case tally as well as the improving vaccination rate.

Infections rose by 4,496 on Tuesday, bringing the country’s active cases to 63,637, based on data from the Department of Health.

The Philippines has fully vaccinated 22.48% or 24.307 million of its population, according to latest data from the Johns Hopkins University.

For Wednesday, Mr. Ricafort gave a forecast range of P50.65 to P50.85, while the trader expects the local unit to move within P50.55 to P50.80 against the dollar.

The dollar retreated on Tuesday to a three-week low, hit by a proliferation in rate hike bets in other markets and by improved sentiment that lifted equities and risk-sensitive currencies such as the Australian dollar, Reuters reported.

A robust start to the US earnings season and hopes China will be able to contain its property market malaise boosted global stock markets and some currencies.

The dollar index, which measures the greenback against six peers, sank as low as 93.58 for the first time since Sept. 28, before inching up to 93.616, 0.35% down on the day. — L.W.T. Noble with Reuters

New alert level system expanded to other areas

THE PHILIPPINES will expand a new coronavirus alert level system first tested in the capital region that’s meant to ease the lockdown burden on the economy into other parts of the country starting Oct. 20, the presidential palace said on Tuesday.

“We expanded our pilot implementation after a decrease in cases and improvement of our healthcare utilization rate, which appear to be connected to our alert levels in Metro Manila,” presidential spokesman Herminio L. Roque, Jr. told a televised news briefing in Filipino.

An inter-agency task force has put Batangas, Quezon Province including Lucena City under Alert Level 2.

Also under the same alert level are Bohol, Cebu City, Lapu-Lapu City, Mandaue City and Cebu Province in central Philippines and Davao De Oro, Davao Del Sur and Davao Oriental in Mindanao.

Mr. Roque said Cavite, Laguna, Rizal, Siquijor, Davao City and Davao del Norte will be under Alert Level 3, under which theaters would be allowed to operate. The capacity of allowed businesses would also be increased.

Negros Oriental and Davao Occidental will be under Alert Level 4, which bans theaters, amusement parks and playgrounds, karaoke bars, live voice or wind-pipe performances and contact sports establishments.

The Department of Health (DoH) reported 4,496 coronavirus cases on Tuesday, bringing the total to 2.7 million.

The death toll rose to 40,972 after 211 more patients died, while recoveries increased by 9,609 to 2.63 million, it said in a bulletin. 

There were 63,637 active cases, 79% of which were mild, 5.2% did not show symptoms, 4.8% were severe, 8.97% were moderate and 2% were critical.

The agency said 47 duplicates had been removed from the tally, 31 of which were reclassified as recoveries, while 145 recoveries were relisted as deaths. Seven laboratories failed to submit data on Oct. 17.

The country’s pandemic task force placed Metro Manila under Alert Level 3 from Oct. 16 to 30.

Meanwhile, the COVID-19 reproduction rate in the National Capital Region had fallen to 0.55 as of Oct. 18, the lowest since May 18, the OCTA Research Group from the University of the Philippines said. 

“We hope we can keep this below 0.6 for the rest of the year,” OCTA Research fellow Fredugusto P. David tweeted. The seven-day average of new coronavirus disease 2019 (COVID-19) cases in Metro Manila was 1,411, he added.

Also on Tuesday, police said it would deploy more cops in public places to enforce minimum health standards amid bigger crowds after the alert level in Metro Manila was relaxed to No. 3

National police chief General Guillermo T. Eleazar said they “understand the concern of our colleagues in the Department of Health and the medical community” about reports of people flocking to malls and other places of interest at the weekend.

Health Undersecretary Maria Rosario S. Vergeire earlier reminded the public not to be complacent amid decreasing coronavirus infections.

Many Filipinos flocked to Dolomite Beach in Manila Bay, while some people failed to observe health protocols in parks and churches.

Private Hospitals Association Philippines President Jose Rene D. De Grano told a televised news briefing on Tuesday the downtrend in coronavirus infections was the result of strict enforcement of quarantines from Aug. 21 to Oct. 15. 

Under Alert level 3, certain businesses may operate at 30% capacity indoors and 50% outdoors. Tourist attractions and recreational venues such as libraries, museums, amusement parks, swimming pools and movie theaters have also been allowed to operate at reduced capacities. — Kyle Aristophere T. Atienza and Bianca Angelica D. Añago

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