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PayPal to acquire Japanese unicorn Paidy in $2.7-B deal in buy-now-pay-later push

PAYPAL Holdings, Inc. said it will acquire the Japanese upstart Paidy, Inc. for 300 billion yen ($2.7 billion) as it seeks to deepen a push into buy-now-pay-later products.

The acquisition will be “minimally dilutive” to adjusted earnings per share in 2022, PayPal said on Tuesday in a statement. The deal, which is expected to close in the fourth quarter, will be paid for principally with cash, PayPal said.

Japan is home to the world’s third-largest market for online shopping but it is also one of the few developed markets where paper currency is still king. Nearly three-quarters of all purchases in the country are still paid for in cash, PayPal said.

Paidy, then, is unusual among the world’s buy-now-pay-later providers because it allows Japanese consumers to purchase items online and pay them off each month in person at local convenience stores. The firm, founded in 2010, has 4.3 million active accounts.

“There is no better home for Paidy to continue to grow and innovate than PayPal, which has been removing friction from online shopping for more than 20 years,” said Russell Cummer, founder and executive chairman of Paidy.

PayPal said Mr. Cummer and Riku Sugie, president and chief executive officer of Paidy, will continue to lead the business. Paidy will also maintain its brand and operate its existing businesses.

Bank of America Corp. served as sole financial adviser to PayPal, and White & Case was its lead legal adviser for the deal. Goldman Sachs Group, Inc. was Paidy’s sole financial adviser, while Cooley and MHN were its legal advisers.

Buy-now-pay-later options often allow users to split purchases into smaller payments without charging any interest, and instead make most of their money by collecting a small amount from merchants each time a consumer uses the product.

These options have exploded in popularity in recent months, especially among younger consumers. PayPal itself began offering a buy-now-pay-later service last year and customers have since used it to make $3.5 billion in purchases.

“Paidy pioneered buy-now-pay-later solutions tailored to the Japanese market,” said Peter Kenevan, head of Japan at PayPal. “Combining Paidy’s brand, capabilities and talented team with PayPal’s expertise, resources and global scale will create a strong foundation to accelerate our momentum in this strategically important market.” — Bloomberg

Watchdog urges e-commerce sites to go mercury-free

A DAY before the 9.9 sale, toxics watchdog group EcoWaste Coalition called on online shopping sites with a presence in the country to ban the selling of medical devices containing mercury.

“It’s time for e-commerce sites to go mercury-free, and for shoppers to seek out authorized mercury-free products that are now widely available at competitive prices,” EcoWaste Coalition Chemical Safety Campaigner Thony Dizon said in an e-mailed release on Wednesday.

This comes after the group noted that four prominent e-commerce platforms, which served Filipino customers, hosted “numerous ads” that sold mercury-containing medical devices through third-party dealers from China and the Philippines.

The group referred to mercury as a “highly toxic” chemical.

As of Sept. 7, Carousell, Lazada, mybenta and Shopee showed a total of 15 product listings for mercury sphygmomanometers, which measure blood pressure, EcoWaste Coalition said. Meanwhile, Lazada and Shopee had seven listings for mercury thermometers.

“We find this deeply concerning as the online sale of mercurial sphygmomanometers and thermometers is in clear defiance of the phase-out provisions for such devices under [the Department of Health] Administrative Order 2008-0021 and the Minamata Convention on Mercury,” said Mr. Dizon.

The Health department, through an administrative order issued in 2008, ordered all hospitals to immediately cease the distribution of mercury thermometers, and adhere to guidelines for the gradual phasing-out of mercury in healthcare facilities.

“Mercury is highly toxic, especially when metabolized into methyl mercury. It may be fatal if inhaled and harmful if absorbed through the skin,” the order, signed by Health Secretary Francisco T. Duque III, read.

The Philippines is also a signatory of the Minamata Convention on Mercury, which identified mercury-containing sphygmomanometers and thermometers among the non-electronic devices whose manufacture and trade were phased-out last year.

Mr. Dizon said that authorities must exert all means to curb the so-called dumping of mercury-added products (MAPs) in local ports and their eventual entry into households.

EcoWaste Coalition said online shopping sites must take more measures banning the use of their platforms in the “peddling of MAPs and other items which pose health and environmental risks.”

“To protect public health and the environment, we need to ensure full compliance to the phaseout of MAPs, as well as their environmentally sound management to prevent them from causing potential contamination that can harm human health and wildlife,” it said.

As of press time, Shopee has taken down nine product listings with mercury-containing devices, which EcoWaste Coalition earlier flagged.

BusinessWorld has reached out to Shopee, Lazada, Carousell and mybenta for its comments, but they have not yet replied as of deadline time. — Angelica Y. Yang

Underemployment persists in the Philippines

Underemployment persists in the Philippines

How PSEi member stocks performed — September 8, 2021

Here’s a quick glance at how PSEi stocks fared on Wednesday, September 8, 2021.

Gov’t raises herd immunity target vs coronavirus

PHILIPPINE STAR/ MICHAEL VARCAS

THE PHILIPPINES is raising its herd immunity target to protect Filipinos against a more contagious Delta coronavirus variant, according to the country’s vaccine czar.

Herd immunity would be achieved if as much as 90% of the population is vaccinated against the coronavirus, vaccine czar Carlito G. Galvez, Jr. told ABS-CBN Teleradyo on Wednesday.

“We may have to raise the target for herd immunity to 80-90% because of the Delta variant,” he said in Filipino.

Citizens are indirectly protected from an infectious disease when a high percentage of the population becomes immune, either through vaccination or a previous infection. It makes the spread of the disease from person to person unlikely.

Mr. Galvez said the government seeks to vaccinate 77 million Filipinos by yearend, and 90 million by the first quarter of next year.

The Department of Health (DoH) reported 12,751 coronavirus infections on Wednesday, bringing the total to 2.13 million.

The death toll rose to 34,672 after 174 more patients died, while recoveries increased by 20,151 to 1.95 million, it said in a bulletin.

There were 151,135 active cases, 91.6% of which were mild, 3.7% did not show symptoms, 1.5% were severe, 2.54% were moderate and 0.7% were critical.

The agency said 54 duplicates had been removed from the tally, 46 of which were tagged as recoveries while 80 recoveries were reclassified as deaths. Five laboratories failed to submit data on Sept. 5.

The Philippines is struggling to vaccinate its entire adult population amid a spike in infections triggered by the Delta variant.

Mr. Galvez said 52.3% of Metro Manila’s target population or about five million people had been fully vaccinated against the coronavirus. He added that 82% or about eight million people have received their first dose.

As of Sept. 5, 35.84 million doses of coronavirus vaccines had been given out, about 15 million of which were second doses.

More vaccines are arriving in the coming months he said, adding that the country has a stable supply of vaccines from Pfizer, Inc and Sinovac Biotech Ltd. Mr. Galvez said 10 million Pfizer vaccines and about 5 million vaccines from Moderna, Inc. would arrive next month.

Meanwhile, congressmen criticized OCTA Research Group researchers for what they said were its irresponsible projections on coronavirus cases.

“Science is always objective and not subjective,” Party-list Rep. Michael Edgar Y. Aglipay told an online news briefing.

The House committee on good governance on Monday questioned the accuracy of OCTA’s projections during a hearing.

Mr. Aglipay, who heads the committee, said they would not issue a gag order against the researchers.

Marikina Rep. Stella Luz A. Quimbo said at least six projections made by OCTA had a margin of error of as high as 79.4%.

OCTA fellow Fredegusto P. David told lawmakers their projections have a “100% surge detection accuracy.”

“The important matter is our models predicted a surge, and it happened,” he said. “We only projected a surge three times, and they all happened.”

OCTA founder Ranjit Rye said they base their projections on DoH data and submit their findings to an inter-agency task force before announcing these to the public.

Party-list Rep. Jose L. Atienza, Jr. said OCTA should be barred from releasing reports on the coronavirus pandemic to avoid panic

Also on Wednesday, Manila Mayor Francisco “Isko” M. Domagoso III slammed the government for dismissing the concerns of Filipinos about its pandemic response.

In a livestreamed event, the former actor said the government always sees outside suggestions as being politically motivated. “This is not politics. You are just deaf,” said Mr. Moreno, who is believed to be seeking the presidency next year. He asked President Rodrigo R. Duterte to fire rude officials who do not value people’s lives.

Presidential spokesman Herminio L. Roque, Jr. earlier questioned Mr. Domagoso’s motives in suggesting policies given his political ambition.

Mr. Moreno on Sept. 6 urged the government to buy medicines that treat coronavirus symptoms instead of face shields.

Earlier this week, Vice-President Maria Leonor “Leni” G. Robredo said she might support a tandem between Mr. Domagoso and Senator Emmanuel D. Pacquiao just to end Mr. Duterte’s brand of governance.

She has said she would listen to the proposals of various factions critical of the administration, citing the need to form a coalition that will defeat administration bets. — Russell Louis C. Ku and Kyle Aristophere T. Atienza

Dictator’s son eyeing national position in 2022 general elections

BONGBONG MARCOS FB PAGE

FORMER Senator Ferdinand “Bongbong” R. Marcos, Jr. on Wednesday said he is eyeing a national post in the 2022 elections.

The son of the late dictator Ferdinand E. Marcos, who recently lost his vice-presidential election protest at the Supreme Court, said he had started organizing people on the ground who could help him win.

The 63-year-old Mr. Marcos has been floated as a potential administration bet for President along with presidential daughter and Davao City Mayor Sara Duterte-Carpio. Ms. Carpio has also named Mr. Marcos as a possible running mate next year.

“We are in constant discussions with all other parties as to how to position ourselves for 2022,” he told an online forum. “Everything is possible right now.”

The former senator narrowly lost the 2016 vice-presidential race to Maria Leonor “Leni” G. Robredo, whom the High Court sitting as the Presidential Electoral Tribunal favored in Mr. Marcos’s election protest.

Mr. Marcos said he could no longer run with Senator Panfilo M. Lacson and Senate President Vicente C. Sotto III since both have officially declared their tandem for the 2022 elections. He added that his campaign would focus on pandemic recovery and food security.

Mr. Lacson on Wednesday became the first politician to announce his presidential ambition, with Mr. Sotto as his running mate. “The first of our priorities is a stronger response to the pandemic,” he said. “We have to prepare for sustainable recovery from this health crisis.”

The pair will also have an anti-corruption drive against “swindlers or exploiters,” while giving local governments a bigger role and more autonomy.

They will also address the country’s rising debt, job losses and increased poverty amid a coronavirus pandemic, illegal drugs and the sea dispute with China.

Meanwhile, Senator Emmanuel “Manny” D. Pacquiao said he was confident that the Commission on Elections would favor their group as the legitimate representatives of the ruling Partido Demokratiko Pilipino–Lakas ng Bayan (PDP-Laban), citing support from thousands of members.

The faction led by Energy Secretary Alfonso G. Cusi earlier said Mr. Pacquiao and his allies were illegitimate officers.

“We believe that we are the legitimate PDP, and more than 100,000 members of PDP believe in and support me,” the boxing champion who is believed to be eyeing the presidency, told an online news briefing in Filipino.

The Cusi faction on Wednesday officially nominated and proclaimed Senator Christopher Lawrence T. Go and President Rodrigo R. Duterte as its presidential and vice-presidential candidates for the 2022 elections.

Mr. Duterte, who is barred by law from running for reelection, earlier said he would drop his vice-presidential ambition if his daughter runs for President.

The Pacquiao faction earlier ousted Mr. Duterte as party chairman during a national council held on Aug. 29. Senator Aquilino L. Pimentel III replaced Mr. Duterte, who has supported the faction led by Mr. Cusi.

Mr. Duterte has said he would run for vice-president next year so he could continue his campaign against illegal drugs, criminality and insurgency.

PDP-Laban earlier said the President had agreed to “make the sacrifice and heed the clamor of the people” by running for vice-president.

In the Philippines, the President and vice-president are elected separately and may come from opposing political parties. The vice-president usually becomes powerless unless the President gives him a key post in his Cabinet. — Alyssa Nicole O. Tan and K. A. T. Atienza

12 missing, almost 11,000 evacuated in central-eastern Philippines as typhoon Jolina brings heavy rains north

PHILIPPINE RED CROSS-BATANGAS CHAPTER

AT LEAST 12 fishermen are missing and 10,976 people were evacuated in the central-eastern parts of the country due to typhoon Jolina (international name: Consom), the national disaster management agency reported Wednesday. 

Those missing from Catbalogan City in Samar “went fishing despite warning/advisory from the local authorities not to venture at sea,” the National Disaster Risk Reduction Management Council said in its Sept. 8 report.

Meanwhile, the severe tropical storm brought heavy rains in parts of Luzon on Wednesday, including Metro Manila, where several areas were flooded.

Evacuations were reported in the provinces of Cavite and Batangas, and in Quezon City in the capital region. Other areas such as Marikina City were also ready for the possible evacuation of residents.

The National Water Resources Board (NWRB) said rains brought by Jolina replenished the water level of Angat Dam, bringing it to 194.44 meters as of Wednesday morning.   

“Amid the increase, the current water level of 194.44 meters is still far from our target of 212 meters before the year ends in order to ensure water supply for the irrigation uses of farmers,” NWRB Executive Director Sevillo D. David, Jr. said in a television interview.

State weather bureau data as of Wednesday morning showed that Angat Dam’s water level rose by 55 centimeters compared to 193.89 meters recorded the day before.

Mr. David said the rains allow dams such as Angat to recharge its water level for uses such as irrigation, hydropower, and water supply for Metro Manila.   

Meanwhile, the corporate office of the Metropolitan Waterworks and Sewerage System (MWSS) announced in a social media post that it gradually opened the radial gates of Ipo Dam due to the rains brought by Jolina.   

MWSS said that as of 8 a.m. Wednesday, Ipo Dam’s radial gate number 1 was 15 centimeters to 20 centimeters open, releasing 47 cubic meters per second of water to the Angat River.   

State weather bureau data as of Wednesday morning indicated that the water level of Ipo Dam was at 101.23 meters, above its normal high-water level of 101 meters.   

“Ipo Dam which receives water from the Angat Dam and diverts water to La Mesa Dam had to spill to avoid being overtopped. MWSS has issued a notice to local governments today about the planned spill release in order to alert residents in low-lying areas,” it said. 

“Residents are advised to exercise extra caution due to the possibility of the river flowing up to the tops of the banks,” it added.   

Meanwhile, the Department of Energy (DoE) announced that three dams under the National Power Corp. have been undergoing spilling operations as of Wednesday morning amid the onslaught of Jolina.

In a task force on energy resiliency update, the DoE said the Ambuklao, Binga and Agus 4 dams were releasing water as part of ongoing spilling operations.  All other NPC-run dams were tagged as “normal,” meaning they were not undertaking spilling operations. 

DAMAGE
The agricultural damage caused by severe tropical storm Jolina was initially assessed at P179.57 million, according to the Department of Agriculture (DA).   

Based on a bulletin issued by its Disaster Risk Reduction and Management Operations Center on Wednesday noon, the DA estimated that a total of 61,828 farmers were affected by the typhoon.

Damage to rice reached 8,855 metric tons (MT) of production loss and affected 52,609 hectares of farm areas. The bulletin did not have figures yet on losses to other crops and subsectors.   

“These values are still subject to validation,” the DA said.

State weather agency PAGASA, in its 5 p.m. bulletin, said Jolina was located in the vicinity of San Nicolas in Batangas. It was packing maximum sustained winds of up to 95 kilometers per hour (kms/h) and gustiness of 160 kms/h, with strong winds extending outwards up to 180 kms from the center.

Typhoon signal #2, which indicates damaging gale-force to storm-force winds, was up in most parts of the Calabarzon Region and Mindoro provinces, Metro Manila, and the provinces of, Bulacan, Pampanga, Bataan, Zambales, and Tarlac.  Signal #1, meanwhile, was hoisted over Marinduque, Pangasinan, and Nueva Ecija.

By Thursday morning, the typhoon is forecasted to be 205 kms west of Dagupan City in Pangsinan. It is expected to be out of the Philippine area by Friday morning.

Another typhoon that entered the country Tuesday afternoon, with international name Chanthu and locally named Kiko, is expected to bring heavy rains in the extreme northern parts of the country by Friday.

PAGASA said typhoon Kiko slightly intensified Wednesday as it moved in a southwest direction over the Philippine sea with maximum sustained winds of 155 kms/h and gustiness of up to 190 kms/h. — Marifi S. Jara and Revin Mikhael D. Ochave

Duterte commends anti-drug authorities for operation that killed 4 Chinese 

PNP.GOV.PH

PRESIDENT RODRIGO R. Duterte has applauded law enforcement authorities for an anti-drug operation in Zambales in northern Philippines that yielded P3.4 billion worth of methamphetamine, while feeling sorry for the Chinese nationals killed in the drug bust.

“I give you my snappy salute and congratulations. If the (illegal drugs) were distributed, it could have destroyed our country,” Mr. Duterte said in a taped Cabinet meeting aired on Wednesday.

The President also said he’s “sorry” for the death of four armed Chinese nationals. “I just hope that the countries from where these guys come from should understand that we have laws to follow,” he said.

The President claimed that one of the four Chinese nationals was a member of a transnational drug cartel.

“This is a big syndicate that not only operates in the Philippines but also in Southeast Asia and maybe, in connection with the Sinaloa drug syndicate in Mexico,” he said.

Mr. Duterte assured other countries that he would not meddle if they arrest Filipinos involved in the illegal drug trade.

The tough-talking leader added that he would not defend Filipinos who want to be “slaves” of illegal substances. — Kyle Aristophere T. Atienza

Trial run of overseas online voting starts Saturday

THE COMMISSION on Elections (Comelec) will hold a three-day trial run of the proposed online voting for overseas Filipinos starting Saturday, although the system will not be used until after the May 2022 elections. 

In a news briefing on Wednesday, Comelec Commissioner Maria Rowena Amelia V. Guanzon explained that the system cannot be used for the 2022 local and national polls as corresponding legislation is still needed for online voting.

The initial trial will use a system developed by US-based election technology firm Voatz, Inc.

If the test runs are successful, Ms. Guanzon said she has “no doubt that the senators and the congressmen and congresswomen will fully support the mobile app voting in the future.” The success of the test runs will be gauged based on efficiency, effectivity, security, access of voters, and cost of the whole process, she added.

Philip Luis F. Marin, Comelec’s lawyer for overseas voting, said 671 participants have been chosen for the first test run from Sept. 11 to 13.

Comelec Office for Overseas Voting Director Sonia Bea Wee-Lozada said two more test runs are scheduled in September with two other technology providers, Smartmatic and Indra Sistemas.

Smartmatic has been the Philippines’ technology provider for automated elections since 2010. Indra Sistemas is a Europe-based information technology company focused on electoral modernization.

Mr. Marin said Comelec will discuss with Smartmatic and Indra Sistemas if more slots for participants could be opened as registration for the three test runs had ended in June.

Ms. Guanzon said online voting for overseas Filipinos will lessen the expenses of the Comelec and the national government on courier service and transportation. “And the most important thing is that our overseas voters will have easier access to vote especially those who are seafarers and those who cannot leave work in order to vote.” 

Republic Act 9189 or the Overseas Voting Act of 2003 allows Comelec to explore electronic-based or internet-based technologies for onsite and remote registration and voting. — Bianca Angelica D. Añago

Peso weakens as gov’t defers lockdown easing

THE PESO weakened further against the dollar on Wednesday after the government deferred its plan to ease quarantine measures in Metro Manila and implement granular lockdowns instead.

The local currency closed at P50.11 per dollar on Wednesday, shedding 8.5 centavos from its P50.025 finish on Tuesday, based on data from the Bankers Association of the Philippines’ website.

The local unit opened Wednesday’s session at P50.15 versus the dollar. Its weakest point was at P50.2, while its intraday best stood at P50.07 against the greenback. Dollars traded went up to $937.6 million on Wednesday from $788.45 million on Tuesday.

“The peso weakened after the Philippine government quickly reverted NCR (National Capital Region) to MECQ (modified enhanced community quarantine until) after temporarily easing to GCQ (general community quarantine),” a trader said via e-mail.

Presidential Spokesperson Herminio L. Roque, Jr. said on Tuesday that Metro Manila will remain under MECQ until Sept. 15. The government had previously announced that the country’s capital will be under the least restrictive quarantine classification until the end of the month as it plans to implement targeted lockdowns to boost economic activity.

The Health department reported 18,012 new coronavirus cases on Tuesday, bringing active cases to 158,637.

“Peso was also weaker against the dollar recently as the end of the ghost month could increase business activities, including some importation,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said via Viber.

The trader said the local currency may weaken further in the coming days as the market remains cautious ahead of the European Central Bank’s policy decision.

The trader and Mr. Ricafort expect the peso to range from P50 to P50.20 against the dollar on Thursday.

Stocks climb as metro kept under strict lockdown

BW FILE PHOTO

PHILIPPINE shares closed in the green on Tuesday after the government decided to keep Metro Manila under strict lockdown measures due to the continued rise in coronavirus disease 2019 (COVID-19) infections.

The Philippine Stock Exchange index (PSEi) went up by 36.68 points or 0.53% on Wednesday to close at 6,949.39, while the broader all shares index rose 10.53 points or 0.24% to end at 4,286.29.

“With the extension of MECQ (modified enhanced community quarantine) in NCR (National Capital Region), market continued to go [up] as investors expect to better contain the increasing infection rates as it peaks prior to its downtrend on the third week of this month per OCTA [Research Group],” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message.

Presidential spokesperson Herminio L. Roque, Jr. said on Tuesday that Metro Manila will remain under modified enhanced community quarantine until Sept. 15.

The government had previously announced that the country’s capital will be under the least restrictive quarantine classification until the end of the month as it plans to implement targeted lockdowns to boost economic activity.

The Health department logged 18,012 new coronavirus disease (COVID-19) infections on Tuesday. This brought the country’s tally to over 2.12 million, with 158,637 active cases.

The Health department said it expects cases to peak in the middle of the month.

“The market right now is on a slow uptrend, but [there are] not enough fundamentals to rally it up because of this pandemic,” Summit Securities, Inc. President Harry G. Liu said in a phone call.

Most sectoral indices closed in the green except for mining and oil, which lost 29.85 points or 0.30% to finish at 9,626.11.

Meanwhile, services climbed 21.28 points or 1.19% to 1,802.21; holding firms went up by 43.35 points or 0.62% to 7,033.20; property rose 15.77 points or 0.51% to 3,102.48; industrials gained 3.29 points or 0.03% to 10,128.57; and financials inched up by 0.44 point or 0.03% to 1,448.53.

Value turnover increased to P5.87 billion with 742.74 billion issues traded on Wednesday, from the P5.4 billion with 1.96 billion shares on Tuesday.

Advancers beat decliners, 90 against 84, as 61 names closed unchanged.

Foreigners turned sellers on Wednesday, logging P49.55 million in net outflows from the P108.85 million in net purchases seen on Tuesday.

Mr. Liu said he expects selling pressure today if US markets close in the red overnight.

Meanwhile, Asian shares snapped eight successive sessions of gains on Wednesday, as fresh worries about slowing global growth prompted investors to reduce their exposure to riskier assets in a boost to safe havens such as the US dollar, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.50% having stretched its gains in the past eight sessions. — K.C.G. Valmonte with Reuters

Economic team wants LGUs to take on hospital funding

THE DEPARTMENTS of Finance and Budget and Management (DBM) said they do not support taking back budget responsibility for public hospitals, citing a Supreme Court devolution ruling that allocated more funds to local government units (LGUs).

The issue arose during a budget briefing at the Senate Wednesday, in which Senator Franklin M. Drilon noted “dozens” of pending bills aiming to “re-nationalize” several hospitals, in which the National Government once again becomes responsible for funding them instead of LGUs.

The National Government will devolve some of its functions to LGUs starting next year, mainly public services, in response to the Supreme Court Mandanas ruling, which expanded LGUs’ share of national taxes.

“This effort to address our deficit as a result of the Mandanas ruling, is not being served by the fact that there are hospitals which are now in the LGU budget,” Mr. Drilon said.

“We object to the re-nationalization,” Finance Secretary Carlos G. Dominguez III told the legislators.

“There’s another solution: the different provinces can contribute to the regional hospitals in accordance with the population of their people going to that hospital,” he added.

He said LGUs can pay for their residents that are admitted to public hospitals in other provinces, cities or municipalities.

Budget Undersecretary and Officer-in-Charge Tina Rose Marie L. Canda said the DBM also rejects the re-nationalization of hospitals due to the fiscal pressures that may ensue.

“We’re not recommending re-nationalization of these hospitals as much as possible,” she added.

Senator Juan Edgardo M. Angara said the economic team should come up with a unified position on devolution plans.

Mr. Dominguez said the two state-run banks, Land Bank of the Philippines and the Development Bank of the Philippines have credit facilities to support infrastructure projects of LGUs, but they are barred by law from lending for operating expenses, and other items like the purchase of vaccines. — Beatrice M. Laforga

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