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InLife launches investment-linked insurance plan

INSULAR LIFE Assurance Co., Ltd. (InLife) introduced a new investment-linked life insurance product, Solid Future Global, which invests in international markets for higher returns.

InLife said in a press release that Solid Future Global is a multiple pay life insurance plan with an investment component, where a huge portion of the premiums are converted into funds and invested in various countries and market sectors.

Planholders will have their funds invested without the need to convert peso to dollars via InLife’s Peso Global Equity Fund and Peso Global Technology Fund.

Meanwhile, under the policy’s insurance component, the living benefit is equal to the fund value, while that of the death benefit can be either equal to the fund value or sum insured.

The product is available to Filipinos aged 0 to 70 years old with P50,000 worth of yearly regular premiums.

The policy also has a guaranteed protection for five years, which means it will not lapse even if market conditions are unfavorable, InLife said.

Also, as early as the second policy year, 100% of the premiums are invested directly in the insured’s chosen fund, which could help planholders meet their long-term financial goals and maintain safeguards against risks.

“These goals could be any of the following: buying a property, starting a business venture, education funds for the children, money for family vacations, and even a decent retirement nest egg. Solid Future Global allows accumulation of funds sooner, creating high funding value over a period,” Gae L. Martinez, chief marketing officer at InLife, said in the statement.

InLife paid out P3.9 billion in benefits in 2020, including P591.72 million for death and disability claims.

Volatility to continue as PHL logs more virus cases

THE market is expected to remain volatile this week as the country continues to log more coronavirus disease 2019 (COVID-19) infections and following the US Federal Reserve chief’s hint that they could keep rates low to support the recovery of the world’s largest economy.

The Philippine Stock Exchange index (PSEi) went down by 33.91 points or 0.49% to close at 6,786.62 on Friday, while the broader all shares index lost 0.89 point or 0.02% to 4,204.11. Week on week, however, the benchmark index increased by 153.40 points from its 6,633.22 close on Aug. 20.

“Technically speaking, the market has been going up the last few days basically carried by telco companies,” Summit Securities, Inc. President Harry G. Liu said in a phone call on Monday.

Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said on Friday that the market went profit taking before the three-day weekend. Financial markets were closed on Monday in observance of National Heroes’ Day.

“Market may continue to be volatile as COVID-19 infection rates remain high at [the] five-digit level with death [rate] at more than 100 daily,” Mr. Pangan said in a text message on Saturday. “But [the market could trade with an] upward bias as US Fed Chair [Jerome H.] Powell reiterated his accommodative stance on the US market with no set date on tapering.”

Mr. Powell said there has been clear progress toward maximum employment and that he was of the view that if the US economy evolved broadly as anticipated, “it could be appropriate to start reducing the pace of asset purchases this year,” Reuters reported.

Meanwhile, the Health department reported 18,528 new COVID-19 infections and a positivity rate of 27.9% on Sunday. This brought the country’s tally to 1,954,023, with 143,221 active cases.

Metro Manila will remain under modified enhanced community quarantine (MECQ) until Sept. 7.

“[The] extended MECQ in NCR (National Capital Region) [is] expected amid new record high local cases, similar to earlier this year. Granular lockdowns starting September 2021, increased COVID-19 vaccinations… alongside [a] new record high US stock markets to continue to support market sentiment,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a Viber message on Monday.

Diversified Securities’ Mr. Pangan expects the market to trade between 6,500 to 7,100 this week.

“I think we’re starting to see some resistance in the buildup to the 7,000 level and the market has been going sharply. There are… overbought signals… showing that there will be a forthcoming correction that is expected in the medium term,” Summit Securities’ Mr. Liu said, adding that progress on the country’s vaccination program and its efforts to curb the spread of COVID-19 will help boost market sentiment. — K.C.G. Valmonte with Reuters

Recovery prospects continue to drive bank stocks

PCH.VECTOR-FREEPIK

ANALYSTS noted the relatively better performance of banks in the second quarter due to higher earnings but said the attractiveness of bank stocks remain tied to prospects of economic recovery.

The Philippine Stock Exchange’s (PSE) financials sub-index — which included the banks — ended the second quarter at 1,498.54. On a quarter-on-quarter basis, this marked a 9.1% gain in the sub-index as compared with the 5.1% decline in end-March and the marginal 0.8% gain in end-June 2020, respectively.

The sub-index outperformed the PSE index’s (PSEi) 7.1% gain in end-June, which in turn, marked a rebound from the 9.8% contraction logged in the first quarter.

In the three months to June, quarter-on-quarter gains were noted in the share prices of the following listed banks: Rizal Commercial Banking Corp. (RCB, 34.4%), BDO Unibank, Inc. (BDO, 11%), China Banking Corp. (CHIB, 10.6%), UnionBank of the Philippines (UBP, 10%), Metropolitan Bank & Trust Co. (MBT, 9.7%), Bank of the Philippine Islands (BPI, 8.8%), East West Banking Corp. (EW, 7.2%), Asia United Bank (AUB, 6.5%), and Philippine Business Bank (PBB, 1.1%).

On the other hand, the following listed banks saw their share prices decline in the second quarter: Philippine Bank of Communications (PBC, -13.9%), Security Bank Corp. (SECB, -2.5%), Philippine Savings Bank (PSB, -0.4%), and Philippine National Bank (PNB, -0.2%).

“We attribute the solid performance of banking stocks to three main factors: (1) [Moody’s Investors Service’s] upgrade of PH banks outlook to “stable” from “negative” in April, (2) the release of the implementing rules and regulations for FIST (Financial Institutions Strategic Transfer) law that will allow banks to identify which among the nonperforming assets can be unloaded to FIST corporations, and (3) the compelling recovery in [first-quarter] earnings, supported by lower provisions for loan losses,” said Unicapital Securities, Inc. Research Head Justin Lawrence J. Tembrevilla.

To recall, Moody’s upgraded in April its outlook for the Philippine banking industry to “stable” on expectations of an improvement in the operating environment amid a “mild economic recovery.” However, it also warned that risks to banks’ asset quality remain as borrowers’ ability to pay is still hampered by the prolonged disruption of business activities, subdued consumer sentiment, and the challenged labor market conditions.

Regina Capital Development Corp. Senior Equity Research Analyst Paola Beatrice C. Lopez said that banks that they monitored “performed as expected” during the second quarter.

“[N]et interest income growth remained intact despite the weakened loan demand because the low-interest rate environment offset the former’s dragging effect,” Ms. Lopez said.

China Bank Securities Corp. Research Associate Zoren Philip A. Musngi noted that while most banks reported year-on-year improvements in their profits due to lower loan loss provisions, their core lending performance is “concerning.”

“[L]oan portfolios continued to contract while net interest margins declined from the low-interest rate environment, and [that] nonperforming loans (NPL) steadily inched higher,” he said.

The Bangko Sentral ng Pilipinas’ (BSP) latest Senior Bank Loan Officers’ Survey published last July showed most respondent banks maintained their lending standards for both enterprises and households in the April to June period, based on the modal approach. However, there was net tightening of credit standards for both enterprises and consumers when based on the diffusion index approach of the study.

Since the onset of the coronavirus disease 2019 (COVID-19) pandemic, the quarterly survey reflected banks’ aversion to granting credit. Latest BSP data showed outstanding loans by big banks shrank for the seventh straight month in June by 2%, a softer pace compared with previous months as demand picked up with the further reopening of the economy.

In a separate BSP release, universal and commercial banks (U/KBs) showed net interest margin — or the ratio that measures banks’ efficiency in investing their funds by dividing annualized net interest income to average earning assets — further dipped to 3.39% as of June versus the 3.49% in March 2021 and 3.68% in June 2020.

Provision for credit losses on loans and other financial assets among these big banks amounted to P56.14 billion as of end-June, less than the P99.14 billion in the same period last year. However, this was higher than the P20.61 billion recorded in the first quarter this year.

Nevertheless, aggregate profits amounted to P113.49 billion, 44.3% more than P78.67 billion last year and more than double the P48.44 billion in the previous quarter.

Meanwhile, the gross NPL ratio among U/KBs stood at 4.03% as of June, the highest since the 4.17% posted in May 2008

OUTLOOK
Similar to the previous quarter, analysts remain cautious over the prospects of listed banks in the next few months even as there is still room for investors to take positions and rake in gains.

China Bank Securities’ Mr. Musngi said, the emergence of COVID-19 strains is a “source of concern” despite the improvement in vaccination rates.

“At this point, we are cautious on bank stocks since there remains a lot of uncertainty over the effectiveness of the current lockdown measures in containing the Delta variant,” Mr. Musngi said, referring to the more contagious variant of the COVID-19 strain.

“Investors should continue to monitor the monthly banking industry lending data for signs of improvements, along with the BSP lending standards survey for any remarkable changes in lending appetite. Meanwhile, NPL ratios should be eyed as they continue to creep up. This may lead to more provisioning (especially in banks with lower NPL coverage ratios), impacting profitability,” he added.

COL Financial Group, Inc. Senior Research Analyst John Martin L. Luciano said investors should continue to monitor asset quality indicators following the reimposition of the enhanced community quarantine (ECQ) in August.

“Moreover, investors will look at the pace of the government’s vaccination rollout as well as its ability to contain the uptick in COVID-19 cases as these would determine how restrictive the quarantine protocols will be going forward. These, in turn, would affect how fast the economy will recover and ultimately loan demand,” he said.

Meanwhile, Regina Capital’s Ms. Lopez advised investors to keep an eye out on macroeconomic data as they would influence the BSP’s decision to implement changes in monetary policy.

“Furthermore, the business and consumer sentiment could also be a factor in determining the return of loan demand. For now, we expect the same trends to generally persist in the near term. Provisions would likely continue to taper, but asset quality is something to look out for,” Ms. Lopez said.

“The pandemic, and the uncertainty it brings, has weakened loan demand and is putting the banks’ asset qualities at risk,” she added.

First Metro Investment Corp. Head of Research Cristina S. Ulang said to watch out for credit and NPL cycle directions as these two are “picking up speed relative to the economic trajectory.” She also recommended to load up on the BDO, MBT, and BPI shares.

Unicapital Securities’ Mr. Tembrevilla said investors will remain watchful for the possibility of NPLs to “remain elevated” as the return to stricter quarantine measures “will present cash flow challenges to most borrowers.”

On the other hand, he said second-quarter earnings “could present a positive surprise” on low-base effects, adding a further easing of loan loss provisioning is also a “welcome development.” — Nadine Mae A. Bo

Microfinance council revises report card template to include new requirements

THE Microfinance NGO Regulatory Council (MNRC) revised its governance performance report card template to include requirements such as including a company’s website as a source of information for several governance standards.

The council said the revisions are “pursuant to its function of instituting and operationalizing a system of accreditation for microfinance NGOs based on sound and measurable standards of financial performance, social performance, audit and governance.”

Under the revised template, microfinance NGOs will include a board member’s curriculum vitae, certification on the training of officers and directors, their brief background of relevant experience on the company’s website as sources of information for the criteria on creating a competent board.

Its manual on good governance, programs, disclosure procedures and board code of ethics should be included on the company’s website, as well as a complete list of board committee members and their charters.

The website should also have a process allowing stakeholders to reach out regarding concerns on illegal or unethical practices, which should be available on their website.

The council will now require that a microfinance NGO’s chair of governance committee “must be a non-executive trustee.” The revisions also explicitly ask if the company’s board is assisted by a corporate secretary “who is a separate individual from the compliance officer.”

A clause on periodically meeting with consultative structure was also added, however, the council said it is still being resolved with a sub-committee. A copy of the minutes of the meeting will be used as the basis for the criteria.

Minutes and resolutions of board meetings will be used as sources of information for provisions on acting in good faith with due diligence and the development of the microfinance NGO’s vision, mission, social and financial and governance goals.

The revised report card also asks microfinance NGOs if they comply with the labor code and anti-discriminatory act. Their company manual, human resources manual, circulars, policies, and office issuances will be used as a basis for the criteria.

The company’s manual with nomination and election policy and procedures, conflict of interest statement, and compensation reports will be used as sources of information for several clauses under “establishing clear roles and responsibilities of the board.”

Large companies are also asked if they have programs regarding retirement for its trustees and key officers.

The MNRC is calling on microfinance NGOs, their clients, industry stakeholders, and interested parties to comment on the proposed revisions as well as the estimated costs for compliance. It will be accepting comments until Sept. 10. — Keren Concepcion G. Valmonte

Clark’s new terminal may open for commercial operations by Q4

LUZON INTERNATIONAL Premier Airport Development Corp. (LIPAD), the company that manages the operations and maintenance of Clark International Airport, is hoping to open the new passenger terminal building for commercial flights by the fourth quarter.

“We are completing some finishing works; but basically, what’s happening now is what we call a very strict operational readiness for airport transfer…  That means there are a lot of testing and commissioning, [and] a lot of trials in our stakeholders,” LIPAD Chief Executive Officer Bi Yong S. Chungunco said at a virtual briefing on Thursday.

“Hopefully, we’ll finish by Q4 (fourth quarter), and Q4 is quite near. We want to start really before Christmas,” she also said.

The new terminal building — built by Megawide Construction Corp. and GMR Infrastructure Ltd. — is one of the top six finalists in the 2021 World Selection of the Prix Versailles Architecture and Design Awards under the Airport Category.

On its website, the Prix said it recognizes the “most remarkable structures” in the world “in terms of both interior and exterior architecture.”

“This nomination is a recognition of the outstanding qualities of Clark International Airport — even with the fluidity of its state of art technology, this airport reflects a deep sense of place as it takes inspiration from the natural formations and surrounding landscape,” Ms. Chungunco said.

Global architecture firm Populous is the lead interior designer and retail planner for the new Clark airport terminal.

“Passenger experience was at the heart of this design. We believe the Philippines will be proud of Clark International Airport which draws on the energy of the local people and the environment as inspiration for the interior design and key feature installations throughout the terminal’s event spaces,” Ben Dawson, Populous architect, said.

The four-level building can accommodate eight million passengers annually, according to LIPAD. The Clark airport currently operates at an annual passenger capacity of 4.2 million.

The other global airports that have been selected to compete in the Prix are Berlin Brandenburg Airport Willy Brandt in Germany, Athens International Airport in Greece, South Wing Hazrat Sultan International Airport in Kazakhstan, New Plymouth Airport in New Zealand, and LaGuardia Airport Terminal B in New York.

LIPAD said winners will be announced in Paris later this year.

Clark International Airport has long been singled out as an alternative gateway to decongest Ninoy Aquino International Airport, which accommodated more than 39.5 million passengers in 2016, way above its 30.5-million capacity. — Arjay L. Balinbin

Big banks post slowest asset growth in 15 years

THE IMPACT of the ongoing coronavirus pandemic continued to weigh on banks in the second quarter as assets grew at a slower pace and bad loans piled up. Read the full story.

Big banks post slowest asset growth in 15 years

Pacquiao may run as an independent in 2022

SENATOR MANNY PACQUIAO FB PAGE

By Kyle Aristophere T. Atienza and Alyssa Nicole O. Tan

SENATOR Emmanuel “Manny” D. Pacquiao, Sr. will independently run for President next year if he loses control of the ruling Partido Demokratiko Pilipino–Lakas ng Bayan (PDP-Laban), a party official said on Monday.

The boxing champion was unlikely to join another political party, Ronwald F. Munsayac, executive director of the PDP-Laban faction loyal to Mr. Pacquiao, told an online news briefing.

Rival parties are said to be willing to take the senator in, but he would only “accept their support, not join them,” he added.

The boxing champ did not immediately reply to a text message seeking comment.

But Jake Joson, a long-time special assistant and business partner of Mr. Pacquiao, said Mr. Munsayac should not tell him what to do. He added that the senator is considered by rival parties as a “big asset.”

“The filing of certificates of candidacy is still in October,” he said. “Many changes can still happen.”

The faction led by Mr. Pacquiao on Sunday ousted President Rodrigo Duterte as chairman, replacing him with Senator Aquilino L. Pimentel III. The President had supported the faction led by Energy Secretary Alfonso G. Cusi.

Mr. Munsayac said the Pacquiao group was confident of being upheld by the Commission on Elections as the rightful party officials.

Meanwhile, Senator Christopher Lawrence T. Go declined his nomination by the Cusi faction as PDP-Laban’s presidential bet.

“As I have said many times before, I am not interested in the presidency,” he said in a letter to Mr. Cusi. The senator said he wanted to focus on measures seeking to fight the coronavirus pandemic.

Mr. Duterte, who is barred by law from running for reelection, this month accepted the party’s endorsement for him to run for vice president

Mr. Munsayac said the President’s ouster was meant to save the party. He added that Mr. Duterte had ignored members’ plea to sit down and talk with Mr. Pacquiao, insulting him instead.

The administration of Mr. Duterte is likely to be divided further as the 2022 elections draw near, political analysts said.

“It is possible that there will be a more formal split with two factions surviving or one faction will wither away if there is no sufficient support,” Maria Ela L. Atienza, a political science professor at the University of the Philippines Diliman, said in a Viber message.

The split is typical among Philippine political parties that fail to agree on their chosen candidates, she said.

“If the Pimentel-Pacquiao wing remains strong in terms of supporters and Pacquiao is serious in his presidential bid, support for the President and his anointed presidential candidate will be challenged,” Ms. Atienza said.

The Mindanao support for the Dutertes will be split if Mr. Pacquiao goes ahead with his presidential ambition, she added.

“This demonstrates the disintegration of the coalition,” Antonio M. La Viña, former dean of the Ateneo de Manila University School of Government, said by telephone.

“Pacquiao will also get a lot of votes from Mindanao since he’s one of the most favored candidates in that region,” he said.

Mr. La Viña said the rift could lead to a legal battle if the two camps refuse to accept the election body’s ruling.

“The camp of Pimentel should win the legal contest,” he said. “PDP-Laban is a party of the Pimentels. They have won several times already at the Supreme Court.”

The camp led by Mr. Cusi “has a little advantage because the President is on their side,” said Michael Henry Ll. Yusingco, a senior research fellow at the Ateneo Policy Center.

“They can manipulate the news cycle and get the free airtime they need,” he said in a Facebook Messenger chat. “They have the entire bureaucracy at their disposal.”

He said the rift is irreparable. “The legal proceedings, if commenced, will just determine which faction has the right to carry the name of the party, but it will not settle the acrimony between them.”

The party rift would not matter to voters because Philippine politics is personality-driven, said Jean Encinas-Franco, a political science professor at the University of the Philippines.

“Probably, it will not have an effect on their election prospects since Filipinos do not vote via party lines,” she said in a Facebook Messenger chat.

“In the Philippines, political parties do not really matter” Mr. La Viña said. “They have never mattered in the elections. It’s just about branding.”

The PDP-Laban rift is “an opportunity for the opposition to exploit,” Ms. Atienza said. “But they need a stronger, more united opposition behind a viable opposition candidate.”

“There is still no credible threat to the administration’s chances of winning in the 2022 polls because their opponents are still scrambling to form a united front,” Mr. Yusingco said.

“However, if the opponents of the administration are able to muster a unified challenge under the banner of a single candidate for President, then this can force some administration allies to reconsider their positions” he added.

PHL posts record daily coronavirus tally; HK bans PAL

PHILIPPINE STAR/EDD GUMBAN

PHILIPPINE health authorities reported 22,366 coronavirus infections on Monday — a record since the pandemic started last year — bringing the total to 1.98 million.

The death toll rose to 33,330 after 222 more patients died, while recoveries increased by 16,864 to 1.8 million, the Department of Health (DoH) said in a bulletin.

There were 148,594 active cases, 95.7% of which were mild, 1.7% did not show symptoms, 1.1% were severe, 0.97% were moderate and 0.6% were critical.

The agency said 187 duplicates had been removed from the tally, 174 of which were tagged as recoveries and one as a death. It added that 105 recoveries were reclassified as deaths. Two laboratories failed to submit data on Aug. 28.

Meanwhile, Hong Kong has banned Philippine Airlines from operating flights between it and Manila after three of the seven imported coronavirus cases confirmed in Hong Kong on Sunday were found to have come from Manila via the airline’s flight PR300, according to the South China Morning Post.

The two-week ban that started on Sunday came a day before a policy shift was to reopen Hong Kong’s doors to domestic helpers vaccinated overseas.

Philippine Airlines’ flights to Hong Kong would only be carrying cargo to Hong Kong during the ban, the company said in an e-mailed statement.

It also said the three passengers — two Filipinos and a Chinese national — had presented negative coronavirus test results when they checked in.

“The top priority of Philippine Airlines has always been the safety and health of our passengers,” it said. “We consistently comply with industry and regulatory safety protocols in the Philippines and abroad.”

Also on Monday, medical frontliners in major hospitals in Metro Manila and Laguna protested the government’s failure to pay them special risk allowances, as the country commemorated National Heroes’ Day.

They demanded the release of benefits promised by the government, University of Santo Tomas Hospital Union President Donnel John Siazon said by telephone.

The protesting health workers also called for the expansion of the special risk allowance to cover hospital staff who are not in direct contact with coronavirus patients, he said.

“DoH has failed to heed our calls to expand the coverage of the special risk allowance to non-COVID workers in hospitals,” he said, noting that all hospital workers are at risk from being infected now that the country has been posting more than 10,000 infections daily.

The special risk allowance worth P227 daily is only given to health workers in areas under an enhanced community quarantine and modified enhanced community quarantine, Mr. Siazon said.

“They call us heroes but they continue to neglect us,” he said. “These protests are just preparatory to the national day of action next month.”

In a taped message on Monday, President Rodrigo R. Duterte paid tribute to health frontliners.

“As we overcome the COVID-19 (coronavirus disease 2019) pandemic, let us honor our modern-day heroes, our medical frontliners and all essential workers who sacrifice their lives, comfort and security to serve our fellow Filipinos,” he said.

“We have nothing to celebrate,” Mr. Siazon said separately in a statement. “Despite the worsening pandemic, we are now in the streets to demand benefits for all healthcare workers.”

Edwin Pacheco, president of an employee association at state-owned National Kidney and Transplant Institute, said health workers are tired of DoH and the government’s “gross incompetence, inefficiency and negligence in ensuring our safety, protection and welfare.”

“If we are heroes for you, why has it been a year now and we are still here on the street calling and shouting for the immediate release of our hard-earned COVID-19 benefits?” he said in a statement. — Kyle Aristophere T. Atienza

Palace won’t disclose Duterte net worth 

THE PRESIDENTIAL palace on Monday said it would leave to the Ombudsman the decision on whether it would release to the public President Rodrigo R. Duterte’s net worth statement. 

Presidential spokesman Herminio L. Roque, Jr. issued the statement after Vice-President Maria Leonor “Leni” G. Robredo challenged the President to disclose his net worth. 

“The stance of the Office of the President has been clear and consistent:  We leave it to the Office of the Ombudsman,” he said. 

Mr. Duterte had not disclosed his net worth despite his vow of transparency, the Philippine Center for Investigative Journalism reported last year. 

Since the law requiring public officials to disclose their net worth was enacted in 1989, all five presidents before Mr. Duterte had disclosed their worth year on year without fail, it said. 

Under a memo issued by the Ombudsman in September, an official’s net worth report can only be released to his authorized representative or upon a court order related to a case. 

The Ombudsman order also excluded journalists from obtaining copies of the statements. — KATA 

More than 1,000 families of drug war victims back ICC probe  

WWW.ICC-CPI.INT

A TOTAL of 204 representations for about 1,050 families of those killed in the Duterte administration’s anti-illegal drug operations were submitted to the International Criminal Court (ICC), according to the Registry Report posted online on Monday.  

The report showed that of the total representations, which cover 1,530 individual victims, 94% or 192 want the international court to investigate President Rodrigo R. Duterte’s war on drugs campaign.   

Five of the representations indicated that the victims did not want an investigation, while information was unclear in seven forms.   

The submissions were made from June 28 to Aug. 13 this year.   

A 2020 report by the United Nations Office of the High Commissioner for Human Rights estimated that there have been more than 8,000 deaths related to the drug war since it started in July 2016.   

The report on the submitted representations showed that murder was the most rampant among the alleged crimes in relation to the drug war, with 181 forms indicating that killing took place.   

The other crimes reported were torture with 103 representations, 54 for imprisonment or other severe deprivation, 28 were enforced disappearance, eight for attempted murder, and three indicated sexual violence.   

The report and representations were transmitted to the ICC’s Pre-Trial Chamber on Friday for ICC judges to analyze and decide on the request for investigation “in due time,” the ICC said in a separate post on its website.   

The court stressed, however, that the forms submitted “are not evidence and will only be shared with the Judges.”   

Former ICC prosecutor Fatou Bensouda conducted a preliminary investigation on the alleged extrajudicial killings relating to Mr. Duterte’s anti-illegal drug campaign. Before leaving the post, Ms. Bensouda on May 24 filed a request to the ICC’s pre-trial chamber for an authority to investigate the Philippines after finding “a reasonable basis to believe that the crime against humanity of murder has been committed.”   

If the request is granted, the new prosecutor, Karim Khan, will handle the investigation. — Bianca Angelica D. Añago 

Senators to get to the bottom of questionable purchases from Pharmally   

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THE SENATE Blue Ribbon Committee will not stop until it untangles and identifies personalities involved in the questionable billions worth of medical equipment contracts awarded to a new company, Senator Ana Theresia N. Hontiveros-Baraquel said on Monday.   

In a press conference, she said they will “trace the dots no matter how far” it may lead.   

A former undersecretary, Lloyd C. Lao, was head of the Department of Budget and Management-Procurement Service (DBM-PS) when the purchases were made from Pharmally Pharmaceutical Corp.  

Ms. Hontiveros said in Filipino that if Mr. Lao chooses not to be honest, “there’s a possibility that we cite him for contempt.” The senator added that if he is afraid and can be persuaded to talk, the Blue Ribbon Committee can help him get protection in exchange for his cooperation.  

Senate Minority Leader Franklin Drilon, in a separate statement, said the mystery backer of Mr. Lao and Pharmally Pharmaceutical is the “missing link” that will connect the dots in the corruption scandal that involved funds for the coronavirus response.   

“We see a pattern of corruption that was perpetrated by Lao and his cohorts. It cannot be done by Lao alone. He is covering for someone, and we need to find out who,” Mr. Drilon said in mixed English and Filipino. The “circumstantial evidence would show patterns of corruption,” he added.  

“It seems Pharmally has friends in high places,” Ms. Hontiveros said.  

Mr. Lao was appointed to the DBM in Aug. 2019 despite a pending extortion case when he was chairman of the Housing and Land Use Regulatory Board. He headed the DBM-PS starting Jan. 2020. The Department of Health transferred a P42-billion fund to DBM-PS in March 2020 for the procurement of medical supplies such as face masks.  

Records show Pharmally Pharmaceutical was registered in Sept. 2019 with the Securities and Exchange of Commission (SEC) with a paid capital of only P625,000.   

Based on Pharmally’s 2020 financial statement submitted to the SEC, the company’s income stood at P285 million from zero in 2019. Its assets also jumped to P285 million in 2020 from P599,000 the previous year.  

Ms. Hontiveros called on DBM to stop accepting proposals from Pharmally Pharmaceutical given its close links to Pharmally International Holdings Corp., a Taiwanese firm whose chairman has been charged with financial fraud. — Alyssa Nicole O. Tan 

NCIP: Whang-od did not consent to online traditional tattoo course 

LOREN LEGARDA DAYAW TEAM

THE NATIONAL Commission on Indigenous Peoples (NCIP) said Whang-od Oggay, the oldest living traditional whatok (hand-tapped tattoo) artist, did not consent to teach the craft online through a vlogger’s site with students to be charged P750 each.    

In a press release late Sunday, NCIP said the finding came after a personal interview by the agency’s Cordillera regional office with Whang-od, her family, and leaders of the Butbut tribe in Kalinga along with a review of the contract with Nas Academy owned by vlogger Nuseir Yassin.   

Mr. Yassin has taken down the course on Aug. 5 but asserted that he had the tattoo master’s consent after Whang-od’s grandniece Gracia Palicas called out the move as a “scam.”   

NCIP also said that the contract terms of Nas Academy were “grossly onerous” for Whang-od.  

“The contract states that the Nas Academy has exclusive ownership of any content that the show would produce… including the right [to] alteration and the right to assign and transfer the same without consent. Furthermore, the law of Singapore shall govern said contract,” the agency added.   

NCIP further said there was also an apparent disparity in the thumb mark allegedly affixed in the contract to a print affixed by Whang-od herself in a clean sheet of paper.    

Following these findings, NCIP reminds the public that those who wish to conduct research or activities with indigenous communities should seek their consent along with notification to the agency and local government units.    

NCIP also said that it will provide legal assistance for Whang-od and the Butbut tribe if needed.    

“The art of tattooing is a cultural expression and it is practiced by the indigenous people of the Kalinga. Teaching of said cultural manifestation or expression in an open platform accessible to millions of people would render it generic and thus it would lose its authenticity and cultural meaning,” NCIP said.   

Nas Academy in a statement on Monday said that the investigation by the NCIP was one-sided, adding that they were ready to cooperate with the agency.    

They also said that a local production company was outsourced for the online course in which they were expected to conduct due diligence under Philippine law.     

“We spent 2 full days filming with Whang-Od and (her niece) Estela (Palangdao). There were more than 7 people involved in this process, and Estela set-up a bank account to receive the funds from the project. It is very very hard for Whang-Od Academy to exist without the consent of Whang-Od and her family,” Nas Academy said.   

Antique Rep. Lorna Regina “Loren” B. Legarda has pushed for Congress to swiftly pass House Bill 7811 or the Traditional Property Rights of the Indigenous Peoples (IP) Act to strengthen IP protection following the incident. — Russell Louis C. Ku  

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