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In surprise move, Britney Spears’ father asks for conservatorship to end

LOS ANGELES — Jamie Spears, the father of Britney Spears, on Tuesday asked a Los Angeles court to end the pop singer’s 13-year conservatorship, saying circumstances have changed in recent months.

In an unexpected development, Jamie Spears, who in 2008 set up the court-sanctioned arrangement that governs the singer’s personal and business affairs, said in a court filing that he believed the judge should “now seriously consider whether this conservatorship is no longer required.”

“If Ms. Spears wants to terminate the conservatorship and believes that she can handle her own life, Mr. Spears believes she should get that chance,” read the petition to terminate the legal arrangement.

Britney Spears, 39, has been seeking for months to have her father removed as the overseer of her $60-million estate. She told the court in June the arrangement was abusive and humiliating.

Jamie Spears said for the first time last month he was willing to step down but gave no timeframe. Britney Spears also has a second guardian in charge of her personal and medical affairs.

Tuesday’s petition went further than the previous attempt, asking the court to end the conservatorship entirely.

“Ms. Spears has recently demonstrated a level of independence that calls into question whether a conservator of the person is required,” the filing said, citing the singer’s hiring a lawyer of her own choosing and driving alone again.

The decision to end the conservatorship rests with Los Angeles judge Brenda Penny. The matter is due to be discussed at a hearing on Sept. 29.

The “Stronger” singer was placed under the conservatorship in 2008 after suffering a public mental health breakdown. The nature of her mental health issues has never been revealed.

In late 2009, she returned to performing, recording several more albums, and going on sell-out world tours until her last performance in late 2018. The conservatorship then came under increasing scrutiny from fans in the #FreeBritney movement.

Ms. Spears, who posts frequently on her Instagram page from her mansion outside Los Angeles, did not refer to the petition by her father on Tuesday. — Reuters

Credit Suisse names new compliance chief after twin scandals

CREDIT SUISSE Group AG named Rafael Lopez Lorenzo as chief compliance officer, filling the last gap left by the exit of Lara Warner after the twin hits from Greensill Capital and Archegos Capital Management.

Mr. Lopez Lorenzo, currently head of group internal audit, will take over Oct. 1 from Thomas Grotzer, who filled the role on an interim basis since the departure of Warner, according to a statement on Wednesday.

The Swiss bank already in July hired David Wildermuth from Goldman Sachs Group, Inc. to become chief risk officer, a position Warner also held.

Credit Suisse chairman Antonio Horta-Osorio is working to rebuild the management ranks, after the bank was hit harder than any other by Archegos, which collapsed just days after the Swiss bank had to freeze a $10-billion group of funds it had run with Greensill Capital.

The scandals marked the culmination of a series of missteps that had raised concerns about the bank’s controls, risk management and corporate culture, and prompted a shakeup at the top.

Since then, the bank separated the role of chief risk officer and chief compliance officer, created new credit-risk roles and recouped $70 million in pay including bonus claw-backs.

About two dozen people were punished for their role in the Archegos scandal, and executives have been paring risk, including downsizing the prime brokerage business by more than a third and cutting ties with clients it sees as posing greater likelihood of losses.

Mr. Horta-Osorio has been seeking to bulk up the bank’s risk oversight after the problems. The bank also in August said it nominated former UBS Group AG executive Axel Lehmann to head the board of directors’ risk committee and ex-chief risk officer at Lloyd’s Banking Group Juan Colombas for a seat on the board.

Mr. Colombas previously served under Mr. Horta-Osorio as chief risk officer at Lloyds from 2011 to 2020.

After a string of external hires in recent months, the appointment of Mr. Lopez Lorenzo shows the bank is also still willing to promote from its risk and compliance functions internally.

Mr. Lopez Lorenzo has been the bank’s chief internal auditor for the past five years, previously working as a managing director at JPMorgan Chase & Co. in New York, where he was global audit head of the corporate and investment bank, according to his LinkedIn profile. 

In addition to bulking up the bank’s risk department, Mr. Horta-Osorio is conducting a strategic review of the bank after the incidents, which he’s said were worse than anything he’d lived through over three-and-a-half decades working at banks.

Credit Suisse also named Christine Graeff as head of human resources, succeeding Antoinette Poschung, who is retiring at the end of January. Ms. Graeff is currently head of communications, a role she will hand over to a successor who has yet to be named. — Bloomberg

South Korea’s ‘Generation MZ’ leads rush into the ‘metaverse’

SEOUL — South Korean engineer Shaun has big plans to develop the parcels of land he has snapped up for millions of won (thousands of dollars) in recent years into long-term money-spinners.

“I’m planning to design my building which is suitable to host K-pop live performances and K-drama screenings,” the 30-year-old investor told Reuters. “That can probably lead to a profitable business model in two to three years.”

And construction won’t be hampered by any coronavirus pandemic-spurred labor shortages or increased costs. Shaun’s grand project is all in the blockchain-based virtual world Decentraland.

The “metaverse” may be a futuristic prospect for most of the world, but it’s increasingly a reality in South Korea where soaring home prices and income inequality have enticed the so-called Generation MZ, or Gen MZ, into alternative online worlds.

Their digital avatars play games, walk around with friends, host social gatherings, shop and party — and make plans to build cities and profitable businesses.

Shaun, who declined to be identified other than by the name of his Decentraland avatar, has gradually immersed himself in the platform over the past three years.

Users can buy land in this virtual world with the aim of hosting real businesses there, like a nightclub that charges users for access. Just like in the real world, the success of the businesses and the communities around them can raise the value of your virtual land.

And investment managers, telecom firms and even the South Korean government are all plugging in.

Samsung Asset Management expects its Samsung Global Metaverse Fund, launched in late June, to easily beat its goal of drawing 100 billion won ($86.49 million) by the end of 2021, with around 1-2 billion won flowing in every day.

Choi Byung-geun, Samsung Asset Management vice president, said interest in the metaverse had grown since the pandemic as people worked remotely. The Samsung fund launched just two weeks after KB Asset Management’s KB Global Metaverse Economy Fund.

“With global big tech companies such as Facebook seeing their business direction shifting toward the metaverse, the industry is raking in money,” Mr. Choi said.

SK Telecom, the country’s largest mobile carrier, launched a metaverse ‘ifland’ in July where denizens can host and attend meetings with other animated avatars.

“As the social trend shifted to non-face-to-face due to the pandemic era, the demand (for metaverse services) jumped,” an SK Telecom official told Reuters. “There are thousands of rooms being created everyday and tens of thousands of daily users.”

SK Telecom is part of a “Metaverse Alliance” launched by the South Korean government in mid-May that includes more than 200 companies and institutions.

A Ministry of Science and ICT official told Reuters the government hopes to play a lead role in the metaverse industry. In a 604.4 trillion won budget for 2022 unveiled last week, the government earmarked 9.3 trillion won to accelerate a digital transformation and foster new industries such as the metaverse.

MZ GENERATION
South Koreans have been especially open to the attractions of the metaverse, even though it remains unclear to what extent a full replication of real life is possible, or how long it will take to develop.

Social experts attribute the interest to the disgruntled MZ generation — a term coined in the country that merges Millennials and Generation Z, encompassing those born between 1981 and the early 2010s.

As the coronavirus pandemic has dragged on, a new lexicon has sprung up in South Korea for the “untact” — the opposite of “contact” — economy.

“The craze for the metaverse reflects the sadness and anger of the MZ generation due to polarization,” said Kim Sang-kyun, an industrial engineering professor at Kangwon National University who has published two best-selling books on the metaverse since late 2020.

“They do not consider the metaverse as an alternative or replacement of reality, instead it’s just another part of their lives,” said Kim. “They are the generation that has communicated with the world through devices since birth, unlike the older generation.”

For 37-year old Choi Ji-ung, it was frustration with real estate prices and regulations in the physical world that drove him to buy property in geolocation-based platform Earth 2.

Mr. Choi’s 50 million won investment in the pricey Gangnam district in Seoul on Earth 2 is something he can only dream of in the real world.

“It was easy to purchase and not as expensive as I thought,” he said.

Fueling many of the metaverse platforms are non-fungible tokens (NFT), intangible digital assets encompassing everything from artworks and videos to clothes and avatars, which are purchased with cryptocurrency.

Decentraland offers a limited number of digital land parcels, or LAND, in the form of NFTs that are acquired using MANA, a fungible token that acts as the game’s currency. MANA, an altcoin, can be purchased with fiat currency on limited cryptocurrency exchanges or in a swap with digital currencies like bitcoin or ether.

As in the real world, land parcels located closer to popular districts are more valuable than others. Some land parcels that sold for about $20 each when Decentraland launched in 2017 now change hands for hundreds of thousands of dollars.

As the platform develops, Shaun and other landowners believe they will be able to make money by using their land for a variety of commercial businesses, such as building concert venues and charging admission for performances.

Changes and developments to Decentraland are overseen by the Decentraland Foundation, which was set up as a nonprofit organization to act on behalf of users.

PROPERTY DEVELOPERS
Wang Keun-il, a 36-year-old fintech entrepreneur, owns lands in North Korea’s capital Pyongyang, Vatican City and Egypt on Earth 2, where he plans to build a profitable tourism or educational business.

Earth 2, which launched in November, is not a fully-fledged metaverse environment, but rather a marketplace for selling digital tiles which represent parts of the Earth. Users cannot currently “enter” the land they have bought, meaning Mr. Wang has taken a gamble on a world that is yet to materialize.

Earth 2 Chief Executive Shane Isaac told Reuters South Koreans were the most active users on the platform, based on self-affiliation, spending about $9.1 million, followed by the United States with $7.5 million and Italy with $3.9 million.

Decentraland said its platform had more than 7,067 active users from South Korea in the 30 days to Sept. 1, second only to the United States.

“People won’t forget about or move away from the industry once things return to something resembling normality,” Dave Carr, a communications lead for Decentraland Foundation, told Reuters.

“If anything, this period will define the most important, valuable or relevant entities and experiences.”

On the stock market, net purchases of gaming firm Roblox Corp. made it the top foreign stock purchased in June and July, Korea Securities Depository (KSD) data showed.

Shares in local AR and VR technology firms MAXST and WYSIWYG STUDIOS have soared in recent months.

Earth 2 investor Mr. Choi is conscious of potential metaverse pitfalls but excited: “Depending on the point of view, some could see it as a ridiculous thing or a bubble, but some see it as an opportunity.” — Reuters

Japan’s Hitachi tapped to provide elevators to north-south railway

JAPANESE multinational conglomerate Hitachi, Ltd. announced on Wednesday that the government has tapped its subsidiary in the Philippines to provide elevators and escalators for the North-South Commuter Railway (NSCR) Phase 1 project.

“Hitachi Elevator Philippines Corporation… has received an order for 67 units of elevators and escalators for the development of the North-South Commuter Railway Phase 1 project as its first railway system project,” the company said in an e-mailed statement.

The 38-kilometer first phase of the 148-kilometer NSCR project aims to connect Malolos in Bulacan to Tutuban in Manila, serving seven stations. It is expected to accommodate more than 200,000 commuters daily.

Hitachi Elevator Philippines has been awarded a contract to supply 13 elevators and 26 escalators for the railway project’s Manila, Meycauayan, Marilao, and Bocaue stations.

The company will also deliver eight elevators and 20 escalators for Balagtas, Guiguinto, and Malolos stations.

“All the units are to be installed by May 2023,” it said.

The entire NSCR project is expected to accommodate about 830,000 passengers per day once fully operational. — Arjay L. Balinbin

Dining In/Out (09/09/21)

SaladStop! comes out with Yeobo Yeobo grain bowl

THE YEOBO YEOBO warm grain bowl is making a comeback in SaladStop! for a limited time only. It is made with warm quinoa, baby spinach, baked mushrooms, edamame, sweet corn, alfalfa sprouts, grated cage-free eggs, topped with beef bulgogi, and dressed with a Korean chili vinaigrette. This Korean-inspired bowl is protein-packed, with one bowl having more than 20% of a person’s daily protein requirement. The Yeobo Yeobo grain bowl is available at all SaladStop! branches in Metro Manila (except SM Megamall) for P395 from Sept. 7 until Oct. 25 only. To learn more about SaladStop! and the nutritional information of its salads, wraps, and grain bowls, visit www.saladstop.ph.

Jollibee Champ now available in Jr. sizes

FOR THOSE looking for a more affordable but still flavorful, juicy, and filling burger, Jollibee is introducing the Champ Jr., a junior-sized version of the iconic Jollibee Champ. The Champ Jr. is made with 100% pure beef that also comes in Amazing Aloha Champ Jr. and Bacon Champ Jr. variants at prices that are affordable. The Champ Jr. is available for P69 solo, while the Amazing Aloha Champ Jr. and Bacon Champ Jr. are available for P90. Have them delivered via the Jollibee Delivery App, jollibeedelivery.com, #87000, GrabFood, and foodpanda. It is also available in Drive-Through and Take Out.

Ajinomoto shares nutritious recipes online

AJINOMOTO shares easy-to-cook, nutritious, and affordable recipes on its Facebook page at Cookmunity by Ajinomoto Philippines and its website at www.cookmunitybyajinomoto.com. Among the most recent recipes shared are: Vegetable Kebab with Grilled Chicken featuring zucchini, corn, chicken breast, onions and bell peppers; Hawaiian Fish Burger made with tilapia fillet as substitute for the traditional beef, plus pineapple, romaine lettuce, and tomato; Asian Salad with Oyster Sauce Dressing made with easy-to-find fruits and vegetables such as cucumber, lettuce, carrots, tomatoes, orange and singkamas (jicama), and grilled filleted chicken breasts; and, Fish Fillet in Mango Salsa with breaded fish fillet, ripe mangoes, onions, cilantro, green pepper, honey and lemon. The recipes feature such Ajinomoto products as Crispy Fry Seasoned Crumbs, Sarsaya Liquid Seasoning, Sarsaya Oyster Sauce, and Crispy Fry Fish Breading Mix. The recipes reflect the Ajinomoto Creating Shared Value framework and Eat Well, Live Well commitment, as the company continues to develop ideas and create products to improve the nutrition of Filipino families.

Sisig available at GrabFood

GRABFOOD’S partner restaurants offer unique and original sisig concoctions. There is Manam’s Corned Beef Sisig (it also has Pancit Sisig, Sizzling Bangus Belly Sisig, House Squid Sisig, and House Tofu Sisig); Pancit Sisig by Dencio’s, with light noodles that complement the savory dish; Buddy’s Pancit Lucban at Longganisang Lucban’s Sisig Pizza which combines two crowd-favorites into one dish, and Buddy’s Chamsisig, with noodles and vegetables partnering the meaty sisig; Sisig Burrito and Sisig Rice by the cloud kitchen Kraver’s Canteen; and Salmon Sisig by Sushi Kenzie. Other twists on the traditional sisig (which is chopped pig’s face which is broiled and grilled with other ingredients) include Locavore’s Lechon Oyster Sisig, King Sisig’s Sisig Lumpiang Shanghai, and Mexi-Ko’s Sisig Quesadilla and Taco.

TWG Tea joins 9.9 Sale

SHOP TWG Tea’s collection of teas and accessories on its LazMall Flagship Store from Sept. 9 to 11 to enjoy exclusive 9.9 Sale promotions. Its suggestions include White Sky Tea, French Earl Grey, 1837 Green Tea, Moroccan Mint Tea, 1837 Black Tea, and English Breakfast Tea. Also available are TWG Tea Scented Candles. They are available at all TWG Tea Boutiques in the Philippines and the official LazMall Flagship Store.

Silver Swan, Datu Puti remain Pinoys’ favorite food brands

SILVER Swan and Datu Puti are two of the Most Chosen Food Brands in 2020, according to the 2021 Kantar Asia Brand Footprint report. The recently released report found that Silver Swan rose in the rankings by one place as it bagged the Top 2 Most Chosen Brand in the FMCG Category in 2020 with almost 500 million Consumer Reach Points. Datu Puti also ascended one spot in claiming the Top 12 Most Chosen Brand in the same category and retained its position as the Top 4 Most Chosen Brand in Food. Meanwhile, UFC also garnered the 12th Most Chosen Brand in Food of 2020. The Brand Footprint uses Consumer Reach Points (CRP) as basis for the rankings. This metric measures how many households across the country were buying the brands, and how often they were bought. Aside from soy sauce, Silver Swan also offers a wide range of condiments and food products such as vinegar, fish sauce, salted black beans, chili sauce, hot sauce, oyster sauce, Worcestershire sauce, and most recently, the Wow Sarap Seasoning Granules. Datu Puti is the pioneer vinegar brand in the Philippines. It has grown into a megabrand of condiments with the addition of soy sauce, fish sauce, oyster sauce, and barbecue marinade, among others. UFC is the Philippines’ first and only banana catsup brand, established in 1969. It has expanded from banana catsup to include products such as chili sauces, rice mix, spaghetti and tomato sauce, ready recipes, cooking oil, sinigang mix, gravy, and spices. Silver Swan, Datu Puti, and UFC are all brands under NutriAsia, a leading producer, marketer, and distributor of sauces and condiments. It is also home to iconic Filipino brands like Mang Tomas, Golden Fiesta, Papa, Mafran, and Jufran.

Crimson Hotels and Resorts, Quest Hotels join Sept. Online Sale

CHROMA Hospitality, Inc., the management company of Crimson Hotels and Resorts and Quest Hotels is offering exclusive markdown rates at HSMA’s (Hotel Sales and Marketing Association International, Inc.) online sale dubbed “SOS” September Online Sale from Sept. 15 to Oct. 15 at https://hsma.org.ph/sos in support of igniting the local tourism industry. To book all Crimson and Quest Hotels offers, log on to www.hsma.org.ph/sos during the SOS sale dates. Among the dining offers are a P1,000 dining voucher that can be purchased for P700 or a P2,000 dining voucher for P1,300 for use at Crimson Filinvest City’s Firehouse Pizza and Baker J restaurants (visit https://bit.ly/cfcmsos or e-mail alabang.sales7@crimsonhotel.com. Meanwhile, Crimson Resort and Spa, Mactan and Crimson Resort and Spa, Boracay are offering special room rates, spa services and more. Visit https://bit.ly/CRSMSOS2021 or call Crimson Resort & Spa Mactan at 401 9999 or e-mail info.mactan@crimsonhotel.com, or https://bit.ly/crsbsos or e-mail boracay.reservation@crimsonhotel.com. The Quest Plus Conference Center, Clark also has a special for its private villas plus golf course use, visit https://bit.ly/2WQU4Rg or e-mail clarkrsvno1@questhotelsandresorts.com for details. Quest Hotel, Tagaytay is offering a Tagaytay Weekend Getaway. For details, visit https://bit.ly/tagaytaysos2021 or e-mail tagaytayrsvn1@questhotelsandresorts.com. Quest Hotel Conference Center, Cebu also offers a special stay package. Visit https://bit.ly/QHCCSOS2021 or e-mail cebuinfo@questhotelsandresorts.com for details.

Moody’s affirms China Bank credit rating

BW FILE PHOTO
MOODY’S Investors Service affirmed China Banking Corp.’s credit rating. — BW FILE PHOTO

MOODY’S INVESTORS Service affirmed China Banking Corp.’s (China Bank) “Baa2” rating and “stable” outlook, citing the lender’s ability to maintain robust capitalization, profitability and liquidity amid the coronavirus pandemic.

In a disclosure to the local bourse on Wednesday, China Bank said Moody’s affirmed its long-term counter-party risk and deposit rating of Baa2 on Sept. 3, saying the bank’s risk management is “commensurate” with its risk appetite.

The credit rater also said the “stable capitalization and profitability” of the lender and its strong liquidity could support business expansion moving forward.

“[Meanwhile], credit challenges are risks to asset quality on account of the economic shock caused by the coronavirus, and the bank’s modest funding profile, with a relatively high share of corporate deposits,” the bank said, citing the report of Moody’s.

China Bank’s rating is a notch higher than the minimum investment grade and is in line with the country’s sovereign credit rating.

“The ratings include a one-notch uplift for government support, based on Moody’s expectation that the Philippine government will likely provide support for China Bank’s depositors and senior unsecured creditors if needed,” the Sy-led lender said.

“This assessment reflects the bank’s significance to the Philippine banking system,” it added.

China Bank saw its net income climb by 39% to P7.3 billion in the first half from the P5.2 billion it booked in the same period last year.

Shares at China Bank inched up by 20 centavos to P24.30 apiece on Wednesday from P24.10 each on Tuesday.

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