vivo offers big back-to-school discounts at Shopee 8.8 Sale

August 5, 2021 | 2:45 pm

Hunting for an efficient and affordable electronic device for school will be easier as leading smartphone brand vivo presents big back-to-school discounts on selected products at the Shopee 8.8 Sale.

In time with the start of a new academic year, the sale from August 8 to 9 gives shoppers discounted prices of up to P4,000 in several vivo smartphone models such as the V20, Y12s, and Y20s G (4+128), among others.

The vivo V20, originally valued at P19,999, will be priced at only P16,999 and accompanied by a P1,000 OFF voucher at the Shopee 8.8 Sale, totaling the discount for this ultra-slim-designed smartphone to P4,000.

The premium specs of the V20 include the industry-leading 44MP Eye Auto Focus selfie camera and a flagship-level 64MP rear camera. The smartphone also has an Octa-Core Qualcomm Snapdragon 720G Processor (2.3 GHz), 8GB RAM, 128GB storage (expandable up to 256GB), and 4000mAh battery with flash charge technology.

Shoppers can also look into the lesser-priced vivo Y12s, which they can get for only P5,999 along with a P300 OFF voucher, saving them a total of P800 from its P6,499 original price.

The dazzling-colored Y12s is made with a 13-megapixel main rear camera and a 2-megapixel Bokeh camera. It is also equipped with MediaTekHelio P35 chip together with 3GB of RAM and 32GB of storage. It also ships with Android 10 layered with Funtouch OS 11 out of the box.

For those who also want a smartphone that gives an entertaining mobile gaming experience, they can check on the vivo Y20s G (4+128), which is available at only P7,999 with a P300 OFF voucher — an overall discount of P1,300 from its standard price of P8,999.

Encased in a light and slim exterior, Y20s G (4+128) contains an octa-core MediaTekHelio G80 Gaming Processor, 4GB RAM, a 128GB ROM, and 5,000mAh battery. vivo also designed the Y20s G (4+128) with a 6.51-inch HD+ LCD and a triple-camera system led by a 13-megapixel sensor and a front-facing selfie camera with an 8-megapixel sensor.

With stocks for the Y20s G (4+128) stocks running out, however, those who want to avail of this model must shop early.

Four more vivo smartphones available during Shopee’s two-day sale are the Y31, Y20i 2021, Y1s, and the V21 5G.

The bestselling vivo Y31 will be priced at only P11,999 after its P1,000 discount from P12,999. The stylish vivo Y20i 2021, meanwhile, gets a discount of P200 from its P7,499 standard price. As for the slim and smooth vivo Y1s, a P600 amount of discount awaits shoppers.

Model	Original Price (PHP)	Shopee 8.8 Price (PHP)
Y12s	6499	5999
V20	19999	16999
Y20s G (4+128)	8999	7999
Y31	12999	11999
Y20i 2021	7499	7299
Y1s	5499	4899
V21 5G	23999	21999

List of vivo models and their discounted prices during the Shopee 8.8 sale

Adding to the big sales is vivo’s P500 OFF midnight voucher that shoppers can use from 12 a.m. to 2 a.m. on August 8. The voucher is only limited to the first 500 buyers with a minimum purchase of P4,000.

Five more handy vouchers will also be available during the 2-day sale, together with the nationwide free shipping:

P50 OFF voucher (no min. spend)
P100 OFF voucher (min. spend 4000)
P300 OFF voucher (min. spend 5000)
P500 OFF voucher (min. spend 9000)
P1000 OFF voucher (for V20 only)

For more details on the Shopee 8.8 Sale, visit vivo Philippines on Facebook, Twitter, and Instagram. Follow vivo Philippines’ official page on Shopee to get updated on promo announcements and check out www.vivoglobal.ph for more product information.

Sydney suffers worst pandemic day as lockdown nears six weeks

August 5, 2021 | 2:20 pm

SYDNEY — Sydney reported its worst day of the coronavirus disease 2019 (COVID-19) pandemic on Thursday with five deaths and a record rise in locally acquired infections as a weeks-long hard lockdown is struggling to contain the highly contagious Delta strain of the coronavirus.

Four of the five people that died were unvaccinated while one had one dose, New South Wales state health authorities said, as they implored residents to get inoculated as early as possible.

Authorities also announced a one-week lockdown from Thursday in the region surrounding the state’s second-largest city of Newcastle, 140 km north of Sydney, after six cases were reported there.

That will place an additional 615,000 people under lockdown, raising the total in New South Wales under strict stay-home restrictions to 6 million people out of 8 million in the state, or about a quarter of Australia’s population.

The authorities suspect the outbreak began with a beach party near Newcastle after people travelled from Sydney, an apparent violation of the city’s lockdown.

“Our strongest focus … is getting to the bottom of how the disease was transmitted and introduced into Newcastle,” New South Wales Chief Health Officer Kerry Chant told reporters, as most cases were still being detected in Sydney, the state capital and Australia’s largest city.

There were 259 new COVID-19 cases in Sydney, out of 262 in all of New South Wales, health authorities said, daily records for the city and the state, which reported a previous high of 239 on Sunday.

There have been more than 4,300 cases in New South Wales during the latest surge that began seven weeks ago after the first case of the Delta variant was detected in an unvaccinated, unmasked limousine driver who transported overseas airline crew.

‘GET VACCINATED’
In the state of Queensland, whose capital Brisbane is under lockdown, another 16 COVID-19 cases were reported on Thursday, the same as the previous two days.

In the state of Victoria, officials are trying to trace three new cases without links to prior infections that were among eight reported on Thursday. The state reported zero cases for the first time in a month on Wednesday.

One of the three unlinked cases includes a teacher in a school in Melbourne, the state capital.

New South Wales health officials are imploring residents, especially people above 60, to get inoculated.

The five deaths in Sydney included three men in their 60s, one man in 70s and a woman in her 80s, taking the total number of deaths in the latest outbreak in New South Wales to 21.

“Please now is the time to strongly consider getting vaccinated … I put out a plea to you — make an appointment. Get vaccinated,” Ms. Chant said.

With around 35,200 COVID-19 cases and 932 deaths, Australia has avoided the high caseloads of other developed countries but its vaccination figures are among the lowest, with only 20% of its population over 16 fully vaccinated.

New South Wales Premier Gladys Berejiklian has tied the vaccination rate to easing lockdown restrictions on Aug. 28, setting a target of 6 million shots by the end of the month that would cover half the state’s adult population. About 4 million doses have been given so far in New South Wales.

But the growing list of new venues where COVID-19-positive people have visited while infectious is tempering any optimism. About one-fifth of cases reported in New South Wales on Thursday were active in the community, in line with the trend over the last several days.

Victoria also provided an example of how active community cases are likely to cause more cases.

The state, which ended a lockdown only weeks ago, announced that the eight new cases are mostly linked to at least 3,000 close contacts. Authorities warned that would significantly rise, raising the prospect of more curbs.

“Given our understanding of the school community as well as the other exposure sites that are coming online, we would pretty quickly pass 5,000 to 10,000 primary and secondary close contacts within hours if not days,” Victoria Health Minister Martin Foley said in Melbourne. — Renju Jose and Byron Kaye

Carlo Paalam to fight in gold medal match

August 5, 2021 | 2:15 pm

Carlo Paalam of the Philippines booked a spot in the gold medal match of the flyweight boxing tournament of the Tokyo Olympic Games, Thursday, after defeating hometown bet Ryomei Tanaka by unanimous decision.

Looking to barge into the gold medal match, 23-year-old boxer had it rough and tough early against Mr. Tanaka but stayed the course en route to the convincing win in the match held at the Kokugikan Arena in Tokyo.

The win keeps Mr. Paalam on track of duplicating the gold conquest of weightlifter Hidilyn Diaz last week.

He set to face Galal Yafai of Great Britain in the finals on Aug. 7. — Michael Angelo S. Murillo

Vista Residences’ The Currency and The Spectrum stand proud at the heart of Ortigas

August 5, 2021 | 1:57 pm

Ortigas, not Makati, is the center of Metro Manila—literally. It’s the middle ground between the North and South, and the most accessible to employees comprising the working population. It’s no wonder why multinational corporations, financial institutions, even start-up companies choose to build their headquarters here.

Soon, the Sta. Monica–Lawton Bridge will directly connect Ortigas Center to BGC and lessen the travel time from one hour to 12 minutes. Another much-awaited infrastructure project is the MRT-4 that will link parts of Quezon City, San Juan, Mandaluyong, Pasig, Cainta, and Taytay. Ortigas Center will also have two subway stations built within its borders, Ortigas North and Ortigas South, bringing additional transportation options for the residents.

The new normal, however, has made urban homeseekers limit their commute. Therefore, living near the workplace is the best option for those who can’t maximize the work-from-home setup nor focus on their career without being physically in the office.

Vista Residences, the condominium arm of Vista Land Inc., understands the need for beautiful but reasonably priced vertical housing in the heart of Ortigas. It has created not just one but two towers—and architectural masterpieces—within the busy CBD.

Both located on the corner of Julia Vargas and Garnet Road, 33-story The Spectrum and 32-story The Currency boast of generously spaced studio and one-bedroom units for busy individuals, students, and starting families in Mandaluyong.

The Spectrum and The Currency offer one of the most valuable locations because of their proximity to establishments and malls such as the SM Megamall, Robinsons Galleria, St. Francis Square, The Podium, Edsa Shangri-La Manila, ADB and the San Miguel Corp. head office, among others.

They’re also near the best schools in the Metro, namely, La Salle Greenhills, Lourdes School of Mandaluyong, University of Asia and the Pacific, St. Paul University Pasig, Poveda College and the St. Augustine School of Nursing Mandaluyong.

Although surrounded by busy corporate centers and various offices, The Spectrum and The Currency place utmost privacy, safety and exclusivity with its minimal number of units per floor, 24-hours security, and heightened health and safety protocols in the common areas.

Separate lobbies for residents and office employees are manned by receptionists and security personnel. The building is equipped with automatic heat and smoke detectors, fire sprinkler system and stand-by power generators.

Complementing the premium units are world-class amenities that cater to everyone, from children to adults who are yearning to relax and refresh their mind after a hectic day—be it the swimming pool, fitness gym, al fresco dining area, and commercial spaces at the ground floor.

Whether for homeseekers or investors looking for the best condo deals amid the pandemic, The Spectrum and The Currency are a good place to restart your life within the real heart of Metro Manila.

Why do Manchester United think signing an elite striker will solve their problems?

August 5, 2021 | 1:06 pm

Manchester United can be fairly pleased with their 2020-21 campaign. They managed to finish second in the Premier League and made it to the final of the Europa League. It was a shame they didn’t win silverware, but many would say this signifies progress for Ole Gunnar Solskjaer. It feels as though the team is a couple of world-class players short of being title challengers, and it is easy to say that they need a top striker. But is this really the answer to all of United’s problems?

United Linked with Kane and Haaland

United have been linked with Erling Haaland and Harry Kane for some time now, as the world’s top clubs desperately scramble for the signatures of these prolific frontmen. The likes of Roy Keane and Gary Neville have urged United to go out and spend big on one of these players, believing that this is the key to elevating the club to the level they were at under Sir Alex Ferguson. At the moment, United don’t seem like they are close to Manchester City. Pep Guardiola’s side are odds-on favourites in the sports betting to retain the title, but Solskjaer’s side are at 900 at the time of writing.

The arguments of these top pundits certainly make sense. Ferguson had a habit of signing world-class strikers during his time at Old Trafford. The legendary Scottish manager was known to develop a vast amount of youth, but he always seemed to have a preference to sign readymade strikers. These included the likes of Eric Cantona, Ruud van Nistelrooy, Carlos Tevez, and Robin van Persie. On most of these occasions, bringing in these players made the difference as well and took the side to the next level.

A String of World Class Strikers

The problem is, though, that United had Romelu Lukaku on the books only three seasons ago. Few would disagree that the Belgian player is up there with the best strikers in the world, after having scored 47 goals in 72 league appearances for Inter Milan. If United hadn’t had this player before, pundits would be calling for the club to sign him this summer. It raises the question as to why the former Everton man didn’t live up to his potential in Manchester.

There have been other world-class forwards at the club in the years since Ferguson retired. Radamel Falcao and Alexis Sanchez were both major flops that failed to continue their incredible careers at Old Trafford. Memphis Depay was also a highly disappointing signing, but the Dutch forward has gone on to impress at Lyon and for his country. Zlatan Ibrahimovic and Edinson Cavani both enthralled at United, but they weren’t progressive, sustainable additions for the club.

With United having signed plenty of world-class strikers in the decade since Ferguson left, why have none of these made the difference? It may be the case that the problems run deeper, and there are other issues behind the scenes that are having an effect on the team.

Signing Kane or Haaland could help elevate United to the next level. On paper, the signing of either seems like a no brainer. The main worry is that if one of these players joins and joins the list of other failed forwards at United.

Global COVID-19 cases surpass 200M as Delta variant spreads

August 5, 2021 | 12:50 pm

Coronavirus cases worldwide surpassed 200 million on Wednesday, according to a Reuters tally, as the more-infectious Delta variant threatens areas with low vaccination rates and strains healthcare systems.

The global surge in cases is highlighting the widening gap in inoculation rates between wealthy and poor nations. Cases are rising in about one-third of the world’s countries, many of which have not even given half their population a first dose.

The World Health Organization (WHO) on Wednesday called for a moratorium on coronavirus disease 2019 (COVID-19) vaccine boosters until at least 10% of the population in every country was vaccinated.

“We need an urgent reversal, from the majority of vaccines going to high-income countries, to the majority going to low-income countries,” WHO Director-General Tedros Adhanom Ghebreyesus said.

The Delta variant is upending all assumptions about the virus and roiling economies, with disease experts scrambling to find whether the latest version of coronavirus is making people, especially unvaccinated individuals, sicker than before.

At least 2.6% of the world’s population has been infected since the pandemic started, with the true figure likely higher due to limited testing in many places. If the number of infected people were a country, it would be eighth most populous in the world, behind Nigeria, according to a Reuters analysis.

It took over a year for COVID-19 cases to hit 100 million mark, while the next 100 million were reported in just over six months, according to the analysis. The pandemic has left close to 4.4 million people dead.

The countries reporting the most cases on a seven-day average — the United States, Brazil, Indonesia, India and Iran — represent about 38% of all global cases reported each day.

The United States accounts for one in every seven infections reported worldwide. U.S. states with low vaccination rates such as Florida and Louisiana are seeing record numbers of COVID patients hospitalized, despite the nation giving 70% of adults at least one vaccine shot. The head of one Louisiana hospital warned of the “darkest days” yet.

Unvaccinated people represent nearly 97% of severe cases, according to the White House COVID-19 Response Team.

RISING CASES IN ASIA

Countries in Southeast Asia are also reporting rising cases. With just 8% of the world’s population, the region is reporting almost 15% of all global cases each day, according to a Reuters analysis.

Indonesia, which faced an exponential surge in COVID-19 cases in July, is reporting the most deaths on average and surpassed 100,000 total deaths on Wednesday. The country accounts for one in every five deaths reported worldwide each day. The Southeast Asian nation aims to gradually reopen its economy in September, Health Minister Budi Gunadi Sadikin said on Monday, citing that the wave of infections had passed its peak, with daily confirmed cases on the decline.

After suffering its worst outbreak in April–May, India is once again seeing a rising trend of cases. Last Friday, the country reported 44,230 new COVID-19 cases, the most in three weeks, fuelling worries of a third wave of infections that has forced one state to lockdown.

China’s Wuhan city, where the virus first emerged in late 2019, will test its 12 million residents for the coronavirus after confirming its first domestic cases of the Delta variant. The city had reported no local cases since mid-May last year.

The variant, first detected in India, is as contagious as chickenpox and spreads far more easily than the common cold or flu, the CDC said in an internal document.

A key issue, said Dr. Gregory Poland, a vaccine scientist at the Mayo Clinic, is that the current vaccines block disease, but they do not block infection by keeping the virus from replicating in the nose.

As a result, he said, “the vaccines we have currently are not going to be the be-all, end-all,” he said. “We are now in a scenario of our own making, where this is going to be years to decades to now defeat. … And we’re going to chase our tail with variants until we get a type of vaccine that offers infection and disease-blocking capabilities.” — Roshan Abraham and Kavya B/Reuters

Inflation slows to 7-month low in July

August 5, 2021 | 11:10 am

PHILIPPINE INFLATION eased to a seven-month low in July, the Philippine Statistics Authority (PSA) reported earlier this morning.

Preliminary data from the PSA showed headline inflation at 4.0% in July, slowing from the year-on-year rate of 4.1% in June. Still, this was above the 2.7% print recorded in July last year.

The latest headline figure matched the median of the BusinessWorld poll conducted last week. It also fell within the 3.9%-4.7% estimate given by the Bangko Sentral ng Pilipinas (BSP) for July.

The July result marked the slowest in seven months, or since the 3.5% annual rate posted in December 2020. Prior to that, the inflation in June was at a six-month low.

The inflation in July also marked the first time since December that it settled within the BSP’s 2-4% inflation target for the year.

Year-to-date inflation settled at 4.4%, still above this year’s target and above the forecast of 4% for the entire year.

Core inflation, which discounted volatile prices of food and energy items, stood at 2.9%. This was slower than the 3% in June and 3.3% in July 2020. It averaged 3.3% so far this year.

On the other hand, the inflation rate for the bottom 30% of income households slightly picked up to 4.4% in July from 4.3% the previous month. It was also faster than the 2.9% recorded in July last year. So far, bottom 30% inflation averaged 4.8% for the year.

The inflation rate for the bottom 30% takes into account the spending patterns of this income segment. Thus, its consumer price index differs from that of the average household with the former assigning heavier weights on necessities. – Nadine Mae A. Bo

SM Foundation provides aid for Typhoon Fabian victims in Bacoor

August 5, 2021 | 10:48 am

SM Foundation, through its Operation Tulong Express Program (OPTE), distributed Kalinga packs to more than 1,100 families affected by the flooding brought by Typhoon Fabian in Brgy.Habay 1, Bacoor City, Cavite. OPTE is a social good program of SM Foundation in collaboration with SM Supermalls and SM Markets which aims to address the needs of communities during calamities and crises.

Reboot towards global competitiveness in retail at 27^th NRCE

August 5, 2021 | 9:00 am

Now on its 27th edition, the National Retail Conference and Stores Asia Expo (NRCE) returns on Aug. 12-13 to provide retail professionals data-based insights through innovative sessions and networking opportunities, as well as opportunities to find new connections and build lasting relationships.

Attended by the who’s who in the business scene, the 27th NRCE will revolve around the theme “RETAIL REBOOT” to reignite the retail industry with its allied industries to uncover new ways and even behaviors as the rules to achieve an innovative retail transformation are being rewritten by recent disruptions.

As the Philippine Retailers Association (PRA), through the NRCE, fully commits in giving retailers exclusive knowledge and actionable strategies that will help their business achieve global competitiveness, the 27th edition of the biggest industry event in the country by retailers, of retailers, for retailers will feature the most progressive retail leaders and industry experts.

Headlining the two-day expo are Doug Stephens, founder of The Retail Prophet, best-selling author, retail futurist, and a Fortune 100 business Advisor, and Ian McGarrigle, founder and chairman of the World Retail Congress, as keynote speakers for day 1 and day 2, respectively.

Mind-tickling sessions will also be held at the 27th NRCE. Digital psychologist Dr. Liraz Margalit will discuss “Understanding Your Customers’ Shopping Behavior in the Era of Experiences.” From the Future Research Design Company (FRDC), Co-Founder and MD Sanjay Agarwal and Associate Director for Marketing Communications & Strategy Chanda Kumar will present on “The Reinvention Regime of the Store ― What’s in Play.” Kara Change Management’s Managing Director Allan O’Neill completes the lineup with an eye-opening session theme, “Culture Matters: The Four ‘Must Have’ Values to Supercharge Your Business.”

Kara Change Management Managing Director Allan O’Neill

Register now at www.nrce-ph.com, email nrceph@gmail.com, or call at 8687-4180 to 81 to ensure that your business is one step ahead of the competition.

The 27th NRCE is powered by the following sponsors: Globe Business, PLDT Enterprise, Bench, Wilcon Depot, The SM Store, Unilab, Robinsons Malls, Bayer Philippines, Entrego, Vasavah Consultancy, The Philippine STAR, Springtime Design, BusinessWorld, ANC, TeleRadyo, HDI Adventures, Manila Times, Media Blitz, 96.3 WRock, CMG Retail, Mercury Drug, Facebook, and Rich Graphix Brand.

Olympic broadcasting services hosted in the cloud for the first time

August 5, 2021 | 7:00 am

OBS-Contribution-Distribution-Unilateral-Room_-OBS-Cloud-offers-new-models-for-content-delivery-during-the-Olympic-Games-Tokyo-2020 — **OBS International Transmission MCR Room:** Remote post-production and production with content accessible from any location via an internet connection

OBS leverages Alibaba‘s cloud technologies for a value-added service delivery at Tokyo 2020, offering key services accessible from anywhere

Cost-efficiency and worldwide manageability for storing, managing and delivering huge quantities of content produced
Faster deployment with reduced set-up time and fewer onsite resources
Remote post-production and production with content accessible from any location via an internet connection

In collaboration with Olympic Broadcasting Services (OBS), Alibaba‘s cloud solutions will be supporting service delivery for Rights-Holding Broadcasters (RHBs) for the first time during the Olympic Games Tokyo 2020. Built upon the platform provided by Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group and Worldwide TOP Partner, OBS Cloud offers new models for content delivery that drive operational efficiency and greater agility. An innovative broadcasting solution brought together by OBS and Alibaba, and operates entirely on the cloud, OBS Cloud, is designed to help transform the media industry for the digital era.

Yiannis Exarchos, OBS Chief Executive Officer, commented “The partnership with Alibaba Cloud is transforming how we broadcast the Olympic Games to the widest possible audience – this is perhaps the biggest technological change in the broadcasting industry for more than half a century since the introduction of satellite transmission, which was introduced to Olympic broadcast coverage for the first time at Tokyo 1964.”

Leveraging Alibaba technologies, Content+, OBS’ content delivery platform is now fully migrated to the cloud for delivering short-form content, content asset management and content production.

Delivering short-form content

During Tokyo 2020, between 7,000 and 9,000 short-form content clips are expected to be produced by the OBS Content+ crew to help enhance RHB coverage. 17 RHB organisations and four news agencies have subscribed to the full service of receiving those clips through a user-friendly web-based interface. The thousands of clips can be accessible by the RHBs’ digital and social media teams from any location in the world to supplement their own Olympic coverage.

Content asset management

Through Content+, RHBs will be able to access all Olympic content produced by the OBS including live content as it is being produced. 31 RHB organisations have signed up for this full service to be able to easily browse through the low-resolution files in near real-time, and retrieve any content in any of their global facilities. The access to live coverage allows RHBs to mark part of the live content and download it for their own post-production needs, simultaneously when the games are still happening.

Content production

Used as part of post-production workflow, OBS will use the Content+ platform for remote editing and standards conversion; a feature that will be extended as a service to the RHBs for future Olympics.

In addition, two RHBs will receive live distribution of Ultra High Definition (UHD), High Dynamic Range (HDR), and Internet Protocol Video and Audio package during Tokyo 2020, allowing them to deliver 4K content to their viewers.

**OBS International Transmission MCR Room:** Remote post-production and production with content accessible from any location via an internet connection

Selina Yuan, general manager of International business, Alibaba Cloud Intelligence, said “We are confident that OBS Cloud will deliver tremendous benefits to media organizations in terms of cost-efficiency and worldwide manageability, and help digitally transform the way RHBs broadcast the Olympic Games. The agility that comes with cloud infrastructure allows faster deployment time with fewer onsite resources, while the flexibility of a cloud platform enables remote post-production and production to be done faster – and from any location with an internet connection. We look forward to seeing the future of Olympic Games broadcasting begin at Tokyo 2020.”

Gov’t cuts agriculture growth target

August 5, 2021 | 12:34 am

THE Agriculture department cut its full-year growth target for the farm sector to 2% from 2.5% previously. — DA/PRRI

By Revin Mikhael D. Ochave, Reporter

THE Department of Agriculture (DA) lowered its full-year growth target for the farm sector to 2% due to the impact of the ongoing coronavirus disease 2019 (COVID-19) pandemic and the African Swine Fever (ASF) outbreak.

Agriculture Secretary William D. Dar on Wednesday said the farm output target was trimmed from the initial 2.5% goal, as the sector faces challenges from the various lockdown restrictions. He also noted the hog industry continues to struggle with the ASF outbreak.

“We hope to achieve a comfortable growth in sync with the population growth. So, 2% (growth) would still be a good target,” he said at a virtual press conference.

“With all the indications, the pandemic is still ongoing and is getting worse, together with the lingering problem with ASF. However, our target is still at 2% since other subsectors are improving such as the rice subsector,” he added.

The 2% growth this year for the agriculture sector would be an improvement after the 1.2% contraction seen in 2020, and the 0.3% growth in 2019. Farm output contributes about a tenth to gross domestic product (GDP) and a fourth of the country’s jobs.

In 2020, the farm sector reeled from the effects of the prolonged lockdowns, the ASF outbreak, and a string of strong typhoons in the latter part of the year. The country’s GDP contracted by a record 9.6% last year.

Agricultural production continued its slump, declining by 3.3% in the first quarter this year.

Despite the lower growth target for 2021, Mr. Dar said palay (unmilled rice) production is expected to reach 20.4 million metric tons (MT), one million MT more than the previous record harvest of 19.4 million MT in 2020.

The DA chief said farm and fisheries production can still improve with the help of modern technology, a higher budget, and more investments from local governments and the private sector.

Mr. Dar previously announced that the Agriculture department is seeking a P250-billion budget for 2022, versus its P80-billion budget this year.

Calixto V. Chikiamco, Foundation for Economic Freedom (FEF) president, said the department’s adjusted growth target is a reasonable short-term objective, but will be difficult to achieve with the ongoing pandemic and ASF outbreak.

“It is more likely way below 2%. But the DA’s target is a reasonable short-term target, given the pandemic and the ASF plague on the hog industry,” Mr. Chikiamco said via mobile phone message.

However, Mr. Chikiamco said the government needs to solve the issue of land fragmentation in agriculture.

“Unless the problem of land fragmentation is fixed, sustaining annual agriculture growth at 3% to 4% for the long term is unattainable,” Mr. Chikiamco said.

“Secretary Dar is trying to solve the problem with ‘farm clustering.’ However, this is only a band-aid solution. The real solution is to free the rural land market so farm consolidation can take place via ownership and leasing,” he added.

In a mobile phone message, Samahang Industriya ng Agrikultura (SINAG) Executive Director Jayson H. Cainglet said the DA’s growth target is an “empty number.”

Instead, Mr. Cainglet said the DA should support local production and hasten the establishment of first border inspection facilities to prevent the entry of animal diseases such as ASF.

Del Monte Philippines defers IPO on virus worries

August 5, 2021 | 12:33 am

By Keren Concepcion G. Valmonte, Reporter

DEL MONTE Pacific Ltd. (DMPL) on Wednesday said it is deferring the initial public offering (IPO) of its Philippine subsidiary amid heightened market volatility arising from a surge in coronavirus disease 2019 (COVID-19) infections.

The announcement came just as the Securities and Exchange Commission (SEC) said it “considered favorably” the IPO applications of the two real estate investment trusts (REITs) sponsored by Robinsons Land Corp. (RLC) and Megaworld Corp., subject to remaining requirements.

Del Monte Philippines, Inc. (DMPI), a company known for its tomato sauces and specialty health drinks, had aimed to raise as much as P44 billion from its IPO that was scheduled to begin on Aug. 9. It had targeted to list on the Philippine Stock Exchange (PSE) on Aug. 23.

“Amid a surge of COVID-19 cases in the Philippines and in the region, the PSE has been highly volatile in recent weeks, and the board believes that it is in the best interests of the company, its shareholders, and potential investors to defer the listing until conditions improve,” DMPL said in a statement.

The parent company said it remains “committed” to listing DMPI once conditions improve. An earlier IPO plan in 2018 was also scuttled due to volatile market conditions.

Metro Manila and nearby provinces will be under an enhanced community quarantine (ECQ) from Aug. 6 to 20, as the government tries to curb a Delta-driven spike in COVID-19 infections.

The Health department reported 7,342 new COVID-19 infections on Wednesday, bringing the total of active cases to 63,171.

“It is an option for the issuer to wait for better market conditions to do the share sale or IPO in able to optimize the valuation in terms of getting the most demand or market interest and at the most favorable price possible,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a text message.

Reuters said the Philippine bourse, which has recorded four consecutive negative weekly moves since the first week of July, losing nearly 5% in the ongoing quarter so far.

On Wednesday, the PSE index closed 0.38% up at 6,585.21, lifted by positive earnings reports.

“The Delta variant’s spread in the country is being closely monitored by market participants, and as such may affect the risk appetite of investors especially over the coming weeks,” Darren Blaine T. Pangan, trader at Timson Securities, Inc., said in a Viber message.

Mr. Pangan said investors will be awaiting news if the two-week ECQ will be extended in Metro Manila.

“The ghost month for most of August would also be a consideration for issuers amid the objective of getting the best possible demand/bids, price, and other terms for [their] respective fund-raising activities in the capital markets,” RCBC’s Mr. Ricafort said.

MORE REITS
Meanwhile, the corporate regulator approved the IPOs of REITs by Megaworld and RLC, which are both expected to be launched later this month.

Megaworld’s REIT unit will conduct its IPO from Aug. 23 to 27, while RLC’s REIT IPO will run from Aug. 31 to Sept. 8.

Megaworld’s MREIT, Inc. will be offering to the public 1,078,000,000 secondary offer shares for as much as P22 apiece, with an overallotment option of up to 161,700,000 common shares. The offer can net up to P26.3 billion in proceeds.

MREIT is said to be eyeing to make its PSE debut on Sept. 6. The company has 10 properties in its initial REIT portfolio, which has an aggregate gross leasable area (GLA) of around 224,430.8 square meters (sq.m.).

On the other hand, RL Commercial REIT, Inc. (RCR) will be offering up to 3,342,864,000 secondary common shares for P7.31 each at most, with an overallotment option of up to 305,103,000 common shares.

It may net up to P25.88 billion in proceeds should the overallotment option be fully exercised. RCR features 14 commercial real estate assets in its initial REIT portfolio, with an aggregate GLA spanning 425,315 sq.m. The SEC said RCR aims to list at the stock market on Sept. 20. — with Reuters