Madonna, Warner Music partner to re-issue popstar’s entire catalog

August 18, 2021 | 12:03 am

MADONNA, the best-selling female pop music superstar of all time, will relaunch her entire catalog over the coming years under a deal with Warner Music Group (WMG), the music studio that launched her debut single nearly four decades ago.

Madonna, who turned 63 on Monday, is the latest artist to sign a deal with the world’s third-largest recording label after French DJ David Guetta’s deal in June. Warner Music is also home to musicians including Cardi B, Ed Sheeran and Bruno Mars.

The “Material Girl,” “Papa Don’t Preach” and “Express Yourself” singer has sold more than 300 million records and was inducted into the Rock & Roll Hall of Fame in 2008. Winner of seven Grammy Awards, Madonna is best known for her albums Ray of Light, Like a Virgin, and True Blue.

This partnership marks the revitalization of a decades-long relationship with Warner that began with the release of Madonna’s debut single in 1982, and 2022 will mark the 40^th anniversary of the artist’s recording debut, WMG said.

The singer is set to release her documentary film MADAME X on Oct. 8. — Reuters

The Keepers income jumps 99% to P403M

August 18, 2021 | 12:02 am

THE Keepers Holdings, Inc. recorded a 98.8% increase in its net income for the second quarter to P403.05 million on the back of higher net sales, the Lucio L. Co-led firm said in a regulatory filing on Tuesday.

“The strong rebound is due to the jump in sales on the back of the gradual reopening of the economy in the second quarter which allowed the company to intensify marketing and promotional activities,” The Keepers President Jose Paulino L. Santamarina said.

The Keepers was previously a shell company under the corporate name Da Vinci Capital Holdings, Inc.

During the quarter, its net sales rose 86.8% to P2.54 billion while its cost of goods sold climbed 89.8% to P1.85 billion.

For the first half, The Keepers posted a 56.8% increase in its net income to P650.68 million.

Consolidated net sales for the six-month period rose 34.8% to P4.30 billion. Its brandy segment, which accounted for 78.1% of total sales volume, posted a 58.6% sales growth and was led by the flagship brand Alfonso.

Cost of goods sold for the period increased 33.3% to P3.16 billion from P2.37 billion a year ago.

According to Mr. Santamarina, other factors that contributed to the company’s performance were a favorable sales mix and the implementation of cost-saving measures. He said The Keepers currently holds a 74% volume market share.

“While we remain cautious of pandemic-related developments, we are optimistic for the business prospects for the second semester as we are seeing a very encouraging trend with our current sales under the brandy segment already surpassing pre-pandemic levels,” Mr. Santamarina said.

Some of the brands distributed by the company include Alfonso, Johnnie Walker, Jose Cuervo, Jim Beam and Jinro. It owns three major players in the Philippine liquor, wine and specialty beverage distribution segments, which are Montosco, Inc., Meritus Prime Distributions, Inc. and Premier Wines and Spirits, Inc.

Recently, The Keepers announced that it filed a registration statement with the Securities and Exchange Commission (SEC) for the conduct of a follow-on offering that is expected to raise as much as P7.5 billion.

Funds from the follow-on offering will be used for the expansion of the company’s liquor, wine, and specialty beverage distribution operations. — Revin Mikhael D. Ochave

Religious leaders effective in promoting vaccine acceptance — DoH

August 18, 2021 | 12:02 am

DESPITE THE success of the measles immunization campaign, the disease — also called rubella — should not be taken for granted, said Dr. Natasha S. Crowcroft, World Health Organization’s senior technical adviser for measles and rubella, in an August webinar by Médecins Sans Frontières/Doctors Without Borders (MSF).

The viral respiratory disease is highly contagious, even compared to coronavirus disease 2019 (COVID-19), with children under the age of five being particularly vulnerable. Common complications include diarrhea and ear infection. Severe complications include pneumonia (or infection of the lungs) and encephalitis (or swelling of the brain).

Herd immunity against the disease can only be achieved if 95% of the population are vaccinated, said Dr. Choi Kin-Wing, an infectious diseases specialist at The Chinese University of Hong Kong Medical Center.

According to the Department of Health (DoH), a total of 1,716 frontline health workers and health education and promotion officers were trained for the Measles, Rubella, and Oral Polio Vaccine Supplemental Immunization Activity (MR-OPV SIA), which concluded in March with an immunization coverage rate of 90.3% for MR and 87.4% for OPV.

“The national communications team was able to equip health workers with skills in interpersonal communication, social mobilization, and the handling of refusals,” the DoH’s Communications Management Unit told BusinessWorld.

Of the 850,678 refusals during the campaign, 365,791 were successfully vaccinated, translating to a 43% conversion among the number of refusals who still got vaccinated.

“There has been progress in the capacity of our healthcare providers in educating and encouraging these parents to have their children vaccinated,” DoH Undersecretary Dr. Ma. Rosario S. Vergeire said. “The program aims to keep this momentum of behavior change in the community and increased communication skills of healthcare providers so this could transcend into routine immunization.”

Dr. Vergeire added that misconceptions on vaccination were addressed through the help of local religious leaders. During the campaign, these leaders joined barangay health workers in counseling the parents of eligible children in vaccinating them.

Imee J. Japitana, nurse activity manager of an MSF project in Marawi City, shared that the organization supplements its activities in combating measles with information on how to protect and prevent it.

“What the team did was to explain that vaccines do not cause illness, but rather provide protection,” Ms. Japitana told BusinessWorld in a separate e-mail. “Our staff also explains this when parents bring their children to the clinic for primary healthcare consultation, since the doctor has to check the child’s vaccination status.”

The way forward, the DoH said, is the adoption of the MR-OPV SIA in the different aspects of the National Immunization Program, which is also working on strengthening routine catch-up vaccination for those children who missed their scheduled vaccination.

The age range of measles cases in the Philippines is less than a year to 78 years old, with a median age of four years old. Fifty percent of those who died from measles are between one and four years old, according to DoH data from February 2020. Of the fatalities, 80% had not been vaccinated. — Patricia B. Mirasol

PDAX raises $12.5M to boost its operations

August 18, 2021 | 12:02 am

PHILIPPINE DIGITAL Asset Exchange (PDAX) raised $12.5 million (P630 million) from a funding round, which will be used to expand its services and operations.

“A substantial portion of this funding will go to Bonds.PH to expand our capabilities there, to invest in the platform and make sure that it can continue to grow and service the bond market,” Philippine Digital Asset Exchange (PDAX) Founder and Chief Executive Officer Nichel O. Gaba said at a briefing on Tuesday.

Bonds.PH was launched in July 2020, which allowed the government to sell retail Treasury bonds through a blockchain-enabled platform. It was launched by UnionBank of the Philippines, Inc. in partnership with PDAX.

The funding round was led by a UK-based venture capital firm, joined by Hong Kong-based BC Group. Other existing investors have also increased their investments in PDAX, including Beenext Ventures, CMT Digital, Ripple, and Aboitiz-led UBX.

“Digital asset adoption and regulation continues at a rapid pace across Asia. As a licensed operator, PDAX is unique in the market and will continue to grow its leadership position and market share in the Philippines as end-users continue to migrate to trusted, regulated players,” a representative from BC Group said.

Mr. Gaba said part of the proceeds will also be used for their team expansion and to support their working capital.

Moving forward, PDAX eyes to offer more investment options and features on their platforms. The firm is also looking to bring their services to overseas Filipino workers as well.

PDAX currently has about 500,000 users, Mr. Gaba said. “Most of those users are in the cryptocurrency exchange, just because of how much cryptocurrency trading has gone mainstream over the past couple of years,” he said.

Mr. Gaba said their platform complies with the requirement of regulatory bodies such as the Bangko Sentral ng Pilipinas and the Anti-Money Laundering Council, adding exchanges are now better equipped to flag suspicious activities.

“[This] means that we have to onboard our clients in the same way that banks take on new clients. We have to perform Know Your Customer procedures up to the same standard. And we also have to employ new tools for transaction monitoring,” Mr. Gaba said. — L.W.T. Noble

PDAX raises $12.5M to boost its operations

August 18, 2021 | 12:02 am

PHILIPPINE DIGITAL Asset Exchange (PDAX) raised $12.5 million (P630 million) from a funding round, which will be used to expand its services and operations.

“A substantial portion of this funding will go to Bonds.PH to expand our capabilities there, to invest in the platform and make sure that it can continue to grow and service the bond market,” Philippine Digital Asset Exchange (PDAX) Founder and Chief Executive Officer Nichel O. Gaba said at a briefing on Tuesday.

Bonds.PH was launched in July 2020, which allowed the government to sell retail Treasury bonds through a blockchain-enabled platform. It was launched by UnionBank of the Philippines, Inc. in partnership with PDAX.

The funding round was led by a UK-based venture capital firm, joined by Hong Kong-based BC Group. Other existing investors have also increased their investments in PDAX, including Beenext Ventures, CMT Digital, Ripple Labs, and Aboitiz-led UBX.

“Digital asset adoption and regulation continues at a rapid pace across Asia. As a licensed operator, PDAX is unique in the market and will continue to grow its leadership position and market share in the Philippines as end-users continue to migrate to trusted, regulated players,” a representative from BC Group said.

Mr. Gaba said part of the proceeds will also be used for their team expansion and to support their working capital.

Moving forward, PDAX eyes to offer more investment options and features on their platforms. The firm is also looking to bring their services to overseas Filipino workers as well.

PDAX currently has about 500,000 users, Mr. Gaba said. “Most of those users are in the cryptocurrency exchange, just because of how much cryptocurrency trading has gone mainstream over the past couple of years,” he said.

Mr. Gaba said their platform complies with the requirement of regulatory bodies such as the Bangko Sentral ng Pilipinas and the Anti-Money Laundering Council, adding exchanges are now better equipped to flag suspicious activities.

“[This] means that we have to onboard our clients in the same way that banks take on new clients. We have to perform Know Your Customer procedures up to the same standard. And we also have to employ new tools for transaction monitoring,” Mr. Gaba said. — L.W.T. Noble

Don McLean gets Hollywood star

August 18, 2021 | 12:02 am

LOS ANGELES — Singer-songwriter Don McLean got a star on the Hollywood Walk of Fame on Monday, marking the 50^th anniversary of his classic single “American Pie.”

Mr. McLean, 75, recalled how the almost nine-minute-long song about the loss of innocence in the rock generation had come to define his career and be sung at key moments in US cultural life.

“At the turn of the century, I was invited to the Clinton White House. I sang in front of 600,000 people in front of the reflecting pool as you look at the Washington Monument, and they were all singing ‘American Pie’ the last day of that millennium,” Mr. McLean said. “I’ve had some wonderful experiences,” he added.

Mr. McLean’s star was the 2,700^th on the Hollywood Walk of Fame and was placed strategically outside The Piehole Shop on Hollywood Boulevard.

“American Pie” was released in Oct. 1971 and spent weeks on the charts in the United States, Canada, Australia and the UK. Madonna released a cover version in 2000, the song features in the movie Black Widow and “Weird Al” Yankovic recorded a parody version in 1999 inspired by the Star Wars films. — Reuters

Innovation and global public health

August 18, 2021 | 12:01 am

Lilly_antibody_production_process-laboratory — LILLY.COM

In response to the global coronavirus disease 2019 (COVID-19) pandemic, the biopharmaceutical reviewed their drug portfolios for the development of potentially new or repurposed medicines.

Early this year, the US Food and Drug Administration (FDA) granted Emergency Use Authorization (EUA) for the investigational antibody cocktail of bamlanivimab (LY-CoV555) and etesevimab (LY-CoV016) while another antibody cocktail casirivimab/imdevimab was earlier granted EUA by the same agency.

The review of the industry’s drug portfolios came immediately after the declaration of a global pandemic with the drug remdesivir becoming the first approved COVID-19 treatment by the US FDA. Regulatory authorities also authorized the use of dexamethasone for treating adult cases requiring respiratory support.

This innovation was also applied in the development of vaccines for COVID-19. In less than a year since the pandemic declaration, a number of vaccine candidates have concluded or are in advanced Phase III clinical trials. There are at least 108 candidate vaccines in clinical evaluation while 184 candidate vaccines are in preclinical evaluation, said the World Health Organization (WHO).

Beyond COVID-19, the research-based biopharmaceutical industry plays a vital role in developing new medicines and vaccines to prevent and treat diseases that continue to affect people of all ages. Its key contribution to global health is turning fundamental research into innovative treatments.

Industry’s success rests on continuous innovation — for the prevention and treatment of common, complex, and neglected diseases, and for improvements in existing treatments and vaccines, said the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA).

Despite often challenging conditions and one of the highest and stringent regulatory requirements of all sectors, the biopharmaceutical industry undertakes investments that are among the riskiest of high-technology sectors.

The first step that a biopharmaceutical company takes in R&D is to invest in the screening for chemical and biological compounds that exhibit the potential for treating new or existing conditions, or, in the case of vaccines, antigens that will stimulate the immune system to produce antibodies.

On average, researchers identify one promising compound among 5,000 to 10,000 screened. Researchers then extensively test the compound to ensure its efficacy and safety, a process that can take 10 to 15 years for both a medicine and a vaccine.

In a report, the IFPMA said that 62 new medicines were launched, while currently more than 8,000 compounds are at different stages of development globally. The difference in these numbers highlights the many research hurdles that need to be overcome before compounds can be developed into safe and effective medicines.

The industry has been involved in the development of nearly all the medicines and vaccines currently available. Take for example advancements that have been made in the fight against cancer, one of the greatest global health challenges of our times.

Thanks to DNA and genome mapping, the understanding of the disease and how to defeat it is constantly progressing. There are more than 200 different types of cancer, and each is diagnosed and treated in a particular way.

Investments in R&D are providing tools and techniques to exponentially decrease costs of genetic sequencing that will allow clinicians to treat each cancer patient with a personalized combination of drugs. The field of immunotherapy holds much promise, as evidence has shown that increasing the strength of the patient’s immune system to attack tumor cells can lead to a cancer-free diagnosis.

Another immunotherapy approach called adoptive cell transfer (ACT) collects and uses a patients’ own immune cells to treat their cancer. One of the most advanced forms of ACT is CAR-T cell therapy. CAR-T cell therapy employs the use of T-cells, which play a critical role in orchestrating the immune response and killing cells infected by pathogens.

Meanwhile, cardiovascular diseases (CVDs) remain the leading cause of death worldwide. The biopharmaceutical industry is also exploring precision medicine which uses techniques that develop effective treatments and prevention strategies based on patients’ genes, biomarkers, lifestyles, and environmental factors. Innovative regimens based on progenitor cells — powerful cells with the ability to form new blood vessels — are also emerging as promising approaches for the treatment of CVDs.

While the current focus is on containing the pandemic, scientists working in the biopharmaceutical industry continue with their work to find medicines and vaccines needed to fight diseases that threaten the lives and health of the people, young and old alike beyond COVID-19.

Teodoro B. Padilla is the executive director of the Pharmaceutical and Healthcare Association of the Philippines (PHAP). PHAP 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.

Bill eyes tighter rules on use of bank accounts, e-wallets as financial crimes rise

August 18, 2021 | 12:01 am

A PROPOSED MEASURE eyes to regulate the use of bank accounts and e-wallets amid the rise of cybercrimes.

“We have seen the growth of transactions using cyberspace. We have seen also the surge of cybercrimes related to financial transactions. Among these common illegal activities are phishing and cash mules,” Quirino Representative and House Committee on Banks and Financial Intermediaries Chairperson Junie E. Cua said in an online Congressional hearing on Tuesday.

“While there is already an Anti-Cybercrime Law, there is an imperative as well to craft something special for financial transactions,” he added.

House Bill 9615 or the Bank Account and E-wallet Regulation Act was filed by Mr. Cua on June 14.

In his explanatory note, Mr. Cua noted that the Philippines has no law against the use of financial accounts for criminal activities.

“For the last three years, around 1,419 incidents were tied to deposit crimes and losses. The distinct lack of sufficient laws and penalties make it difficult to not only discourage cybercrime but also mete out disciplinary action,” Mr. Cua said.

Major threat actor groups or hackers that engage in dark web activities where people’s account details are shared and sold increased to 28 in 2020 from just five in 2016, said Dennis C. Bancod, head of IT and Operations at Rizal Commercial Banking Corp., who was speaking for the Bankers Association of the Philippines. This strengthens the need for a measure to go after cybercriminals, he said.

“Essentially, we know the players, in a sense that intelligence players have identified. I guess that’s the reason why we have this draft House bill, so we can go after them,” he said.

Major offenses under the proposed bill include money mules, phishing, and economic sabotage. Based on the provisions, persons found guilty of these prohibited acts shall be punished with imprisonment of prision mayor (six years and one day to 12 years) or a fine of at least P200,000 but not exceeding P500,000.

Meanwhile, persons found guilty of acts such as aiding a money mule and attempting to commit a crime under the major offenses shall face prision correccional (six months and one day to six years) or a fine of at least P100,000 but not exceeding P200,000.

Under the bill, a money mule is defined as a “person who electronically receives, acquires, or transfers money, funds, or proceeds derived from phishing or other cybercrime”.

Some of these provisions were questioned by Manila Teachers Rep. Virgilio S. Lacson and Deputy House Speaker and Cebu Rep. Pablo John F. Garcia, noting how some unbanked Filipinos have to use their relatives’ accounts to get access to financial services.

“It is important that we define suspicious activities since this is a penal law, so this is not overboard, to prevent the punishment of otherwise innocent activities,” Mr. Lacson said.

Meanwhile, Melchor T. Plabasan, Director for Technology Risk and Innovation Supervision Department at the Bangko Sentral ng Pilipinas (BSP), said the bill should also cover other payment service providers aside from banks and e-wallets as criminals could also use these platforms. — LWTN

Alliance Select narrows losses, plans marketing strategy

August 18, 2021 | 12:01 am

ALLIANCE SELECT Foods International, Inc. posted a $132,059 net loss attributable to the equity holders of the parent company in the second quarter as its net sales declined.

Raymond K.H. See, Alliance Select chief executive officer, said the company’s business operations posted quarter-on-quarter improvement amid the pandemic, adding that it aims to continue the implementation of new marketing initiatives.

“We aim to continuously implement new marketing initiatives for topline growth alongside our cost-saving measures. We are also committed in exploring opportunities to further expand our domestic and international businesses,” he said in a regulatory filing on Tuesday.

Alliance Select’s net loss for the April-to-June period is an improvement over the $240,235 losses it incurred in the same quarter last year.

Alliance Select’s net sales for the quarter fell 39.4% to $11.38 million compared with $18.79 million in 2020. Its cost of goods sold also dropped 40.5% to $10.41 million.

For the first half, Alliance Select posted a $653,065 attributable net loss, an expansion of the $213,245 losses suffered a year earlier.

Net sales during the six-month period declined 42.6% to $19.95 million from $34.73 million a year ago. Cost of goods sold also dropped 42.6% to $18.17 million.

“Lower sales volume was largely due to weak export demand and high freight costs amid the prolonged coronavirus disease 2019 (COVID-19) pandemic. Thus, the company continues to implement cost-saving measures with selling and general administrative expenses down 17% year on year to $2.3 million in first half of 2021,” Alliance Select said.

“Likewise, initiatives to pay down high-interest bearing liabilities resulted in a 42% decline in interest expense to $313,006 from $540,743 in the first half of 2020,” it added.

Alliance Select said its gross profit during the period reached $1.8 million, with a higher gross profit margin of 8.9% from 8.8% in the same period last year.

On Tuesday, shares of Alliance Select at the local bourse dropped 2.99% or two centavos to finish at 65 centavos each. — Revin Mikhael D. Ochave

Arts & Culture (08/18/21)

August 18, 2021 | 12:01 am

Invasion of Ona by Ernest Concepcion is one of the works to be discussed in the Metropolitan Museum of Manila’s Series 3 of Art Inspires.

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Metropolitan Museum’s Art Inspires series

THE ART Inspires series, launched in March, is the Metropolitan Museum of Manila’s series of dialogues with artists, curators, scholars, and writers with a focus on the artistic process and experience in reference to an artist’s work or body of works featured in ongoing exhibitions at the museum. Series 3 of Art Inspires is “Into The Abyssal Zone,” to be held on Aug. 28, 10 – 11:30 a.m., live on Zoom and Facebook. It will feature Invasion of Ona from the Museum collection and the works of Ernest Concepcion. The talk will involve the artist, Daki Fernando, a professor at the UP College of Fine Arts, and Carl Javier, CEO of PumaPodcast and a lecturer at the Ateneo Fine Arts Department. Mr. Concepcion’s highly illustrative body of work draws from the visual narratives of comics, sci-fi, and fantasy genres, as well as the broader speculative worlds born out of geek culture. For more information, send an e-mail to info@metmuseum.p.h

The Manila Girls virtual heritage tour

A HERITAGE and food tour — “The Manila Girls Virtual Tour with Goodies” — will be held on Aug. 30, 4 p.m. The virtual tour will explore the environs of Tondo, Malate, España (Sampaloc), and Makati. All four of these places have rich, complex histories that date back to the Spanish Era (and in Tondo’s case, precolonial times) which will be explored in this virtual session. To make the experience more memorable, the tour comes bundled with the latest batch of Manila Girls Goodies. Tour rates are P999, inclusive of the Manila Girls Goodies Bundle. Registration closes on Aug. 25. Slots are limited. This is a project of The Heritage Collective and WanderManila, in cooperation with Ang Kuwentong Inuwi Mo (Akim) and Purple Banyan. For more information and to reserve a slot, send a message at www.facebook.com/WanderManila/posts/1730761430446906.

All CCP 13 Artists awardees in one website

THE CCP Visual Arts and Museum Division recently launched the first online listing of recipients of the CCP Thirteen Artists Award. The microsite is a searchable resource containing the roster of artists and archival posters from each year of the program. Now on its 18^th year of conferment, the CCP Thirteen Artists Award is the oldest government award for visual artists. It celebrated 50 years of its founding in 2020, and has named 211 artists to date, with the latest batch announced just last month. To know more about who’s who, visit thirteenartists.culturalcenter.gov.ph.

British Council offers artist grants

APPLICATIONS for the latest round of the British Council’s Connections Through Culture (CTC) grants in Southeast Asia are now open until Sept. 5. Initiated in 2019, CTC grants promote arts and cultural exchange between the UK and Southeast Asia to spark innovative ways for participants to collaborate through the arts. The bilateral grants program supports cultural exchanges and collaborations between artists and art organizations to nurture cooperation and long-lasting relationships between the UK and, for 2021, six Southeast Asia countries: Indonesia, Myanmar, Malaysia, the Philippines, Thailand, and Vietnam. With coronavirus disease 2019 (COVID-19), travel is restricted and uncertain, so the CTC grants will be used to develop and strengthen new and existing relationships and provide funding to promote dialogue and explore the possibilities of online collaboration. Last year, the grant allowed artist-educator Nathalie Dagmang and Keel University cultural geographer and educator Deirdre McKay to bring Filipino labor migrants into conversation with artists, family members, and policy makers across the diaspora through an online space called Kamustahan Art Projects. Participants presented their artwork through a virtual exhibition to honor the contributions of Filipino migrant workers in the time of COVID. Artists, arts professionals and art group/collective representatives are eligible to apply for the online grants valued up to £8,000. A new alumni scheme is also open for previous grantees, with value up to £2,000 GBP. Grantees may use the fund for projects, platforms and conversations between Oct. 2021 to Feb. 2022. Successful applicants will be announced end of September. Applicants can find full information on the Southeast Asia pages of the CTC grant; in the case of the Philippines, on British Council Philippines. To apply and for general enquiries, e-mail ctc@britishcouncil.org.