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SPNEC to close share swap with parent firm by mid-year

LEVISTE-led Solar Philippines Nueva Ecija Corp. (SPNEC) on Tuesday said it targets to complete its asset-for-share deal with its parent company Solar Philippines Power Project Holdings, Inc. (SPPHI) by the middle of this year.

“[We target] to complete this share swap by the middle of 2022, subject to the time to obtain approvals after SPNEC would make relevant filings to regulators after its stockholder’s meeting set for March 7,” the company said in its comprehensive disclosure to the exchange.

Once executed, SPNEC will have 32,497,400,005 shares. The solar firm then eyes to issue at least 5,124,832,502 shares to the public through a stock rights offering, private placement, or follow-on offering. This will increase its public float to more than 20%.

In an earlier disclosure, SPNEC said an asset-for-share swap deal will be done with its parent firm SPPHI with the latter subscribing to 24,373,050,000 shares of SPNEC at P2.50 apiece.

The assets include, but not limited to: Solar Philippines Calatagan Corp.; Solar Philippines Tarlac Corp.; Solar Philippines Tanauan Corp.; Terra Solar Philippines, Inc.; SP Holdings, Inc.; Solar Philippines Batangas Baseload Corp.; Solar Philippines Tarlac Baseload Corp.; Solar Philippines Central Luzon Corp.; Solar Philippines South Luzon Corp.; Solar Philippines Southern Tagalog Corp.; Solar Philippines Eastern Corp.; Solar Philippines Western Corp.; Solar Philippines Visayas Corp.; Solar Philippines Central Visayas Corp.; Solar Philippines Southern Mindanao Corp.; Solar Philippines Batangas Corp.; Solar Philippines Retail Electricity, Inc.; Laguna Solar Rooftop Corp.; Solar Philippines Rooftop Corp.; and Solar Philippines Commercial Rooftop Projects, Inc.

Shares in SPNEC at the local bourse closed unchanged on Tuesday at P1.84 apiece. — Marielle C. Lucenio

Disposing used COVID-19 home test kits the proper way

PIXABAY

By Patricia B. Mirasol, Reporter

WITH the rising use of self-administered coronavirus disease 2019 (COVID-19) antigen test kits, the Department of Health (DoH) recently reminded everyone of the need for the proper disposal of these kits despite the low risk of catching the virus from their handling.

All waste from the use of self-administered antigen test kits, including waste combined with these used kits, is considered infectious waste.

Per DoH Memorandum No. 2022-0033, infectious waste has to be handled separately from regular waste, and packaged in sealed bags that are durable enough to withstand changes in temperature and humidity.

These bags are also recommended to have the label “CAUTION: INFECTIOUS WASTES,” stored apart from areas used for food handling, and collected at regular intervals (24 hours during the warm season; 48 hours during the cool season).

Yellow trash bags are recommended for the disposal of hazardous waste. In lieu of yellow trash bags, a sealed trash bag with a visible label on it will suffice.

DoH spokesperson Dr. Maria Rosario S. Vergeire noted the roles of test manufacturers and local governments in the proper use and disposal of such waste.

“We reiterate the roles of the LGUs [local government units] to ensure compliance in relation to the procurement, distribution, use, and reporting of self-administered antigen test results within their jurisdiction,” she told BusinessWorld in an e-mail. “And likewise, for the COVID-19 home kit manufacturers, distributors, and suppliers to develop and issue references such as Instructions for Use for guidance of the general public on the test kit’s proper administration, interpretation of results, and disposal.”

Self-administered antigen test kits are only recommended for symptomatic individuals within seven days from the onset of symptoms, as per the DoH memorandum.

These are the three home self-testing kits certified by the Food and Drug Authority as of Feb. 11: Abbot’s Panbio COVID-19 antigen self-test; Labnovation Technologies, Inc.’s self-test for home use; and Geiten Biotech’s one-step test for SARS-COV-2 antigen.

BIOMEDICAL WASTE OR REGULAR TRASH?
Whether an item is biomedical waste or regular waste depends on the context, according to Brad Sheeller, director of safety and business operations at Toronto’s York University, in an interview with CTV News.

Gauzes used for a wound are considered biomedical waste (or waste products containing bodily fluids or infectious materials) in a hospital setting. The same used gauze, if generated in a home, is considered healthcare waste suitable for disposing in the household trash.

Imposing additional regulations on what can’t be disposed of at home has to be weighed against the risk of throwing out these used test kits as part of the household trash, added Mr. Sheeller.

“I recommend consulting with municipal bylaws for guidance on the disposal [of these used test kits],” he said.

Local recycling outfits The Plaf and Trash Panda exclude medical waste from their collection process.

“Trash Panda makes it clear to customers that we collect types of waste items specifically for recycling, most notably items that will be used as raw materials to create new products,” said Marie P. Sapuay, co-founder of Circular Recoon, in an e-mail. “Collectors inspect the items first; types of items that don’t fit our recyclers’ criteria are rejected and returned to the customer.”

The World Health Organization (WHO) pointed out in a recent report that over 140 million test kits have already been shipped and 30% of healthcare facilities are not equipped to handle existing waste loads — let alone COVID-19 waste, which is straining healthcare management systems around the world.

“COVID-19 has forced the world to reckon with the gaps and neglected aspects of the waste stream and how we produce, use, and discard of our healthcare resources, from cradle to grave,” said Dr. Maria Neira, WHO director of environment, climate change, and health, in a Feb. 1 news release.

RCBC net profit rises to five-year high

RIZAL COMMERCIAL Banking Corp. (RCBC) booked a five-year high net income of P7.083 billion in 2021 following the improved performance of its core businesses and the normalization of its loan loss provisions.

The lender’s net income rose by 41.1% from the P5.02 billion it booked in 2020, based on a presentation by RCBC Corporate Planning Head Ma. Cristina P. Alvarez on Tuesday. She said the bank’s 2021 net income was highest in five years.

This translated to a return in equity of 6.7% in 2021 from 5.5% in 2020, while return on assets was at 0.8% from 0.7%.

In the fourth quarter alone, RCBC’s net income increased by 71.6% to P1.745 billion from P1.017 billion a year earlier.

“From the start of the year, the bank never lost focus on its view on the country’s ability to return to an acceptable growth trajectory,” RCBC Senior Executive Vice-President and Treasurer Horacio E. Cebrero III said at the same briefing.

The bank’s net interest income rose by 9.7% to P28.831 billion in 2021 from P26.281 in 2020. Net interest margin stood at 4.1% from 4.3%.

“Higher volume of loan and treasury assets, coupled with lower funding costs, propelled net interest income higher,” Ms. Alvarez said in her presentation.

Meanwhile, fee income improved by 6.7% year on year to P4.941 billion in 2021 from P3.829 billion in 2020.

“Another notable increase came from service fees as underwriting activities in the capital markets picked up relative to the previous year,” Mr. Cebrero said.

RCBC’s loans and receivables rose by 13% to P508 billion as of end-2021 from a year earlier.

Ms. Alvarez said the bank’s loan growth of 12% is faster than the 5% industry average.

“Data analytics contributed to this expansion, unlocking opportunities for customer acquisition and cross selling,” Ms. Alvarez said.

She said their loans extended to top conglomerates increased by 20%, while small- and medium-sized enterprises accounts rose by more than three times. She added there was a 51% increase in credit card issuances while ensuring they are extending financing for clients with better credit profiles.

“With the review and strengthening of our credit models and the level of provisions that we have set aside, we are confident that the lending to the sectors that we choose will bring about positive results in the coming year,” Mr. Cebrero said.

As of end-2021, net nonperforming loans (NPLs) held by RCBC stood at P18.3 billion. This brought the NPL ratio to 3.3%, inching up from 2.9% mainly due to the rise in bad loans from their consumer segment. 

The bank’s loan loss reserves went down by 35.5% year on year to P6.048 billion from P9.375 billion.

RCBC Head of Credit Management Group Benett Clarence D. Santiago said loan delinquencies since the second half of 2020 have been generally within expectations. He said they expect the bank’s nonperforming loan (NPL) ratio to be below 4% by the end of 2022.

“We basically feel the NPL has peaked. Provisions moving forward will basically be driven by just business as usual type of delinquencies,” Mr. Santiago said.

“Part of our NPL reduction plan for the whole year is as we start building in traction on all of those that we have helped through the crisis in terms of loan modification as we get traction in their payments, which has started already,” he added.

Meanwhile, operating expenses increased by 2.2% to P22.535 billion from P22.045 billion in 2020.

Ms. Alvarez said they are looking to continue to reduce their headcount to lessen operating expenses.

“This came from the rationalization of our branches [because] we reduced branches in 2020. Yes, it will continue to improve and affect the cost-to-income ratio,” Ms. Alvarez said.

For his part, Mr. Cebrero said their digitalization efforts will also help bring down expenses in the next years.

“Although we still do not see the decline in our cost- to-income ratio, we do feel that the digitization process in our processes has begun contributing in decreasing costs in various areas on how we do things,” Mr. Cebrero said.

Meanwhile, deposits rose to P672 billion in 2021 from P536 billion the prior year, backed by the low-cost current and savings accounts as well as time deposits, which grew by 23% and 28%, respectively.

The bank’s capital adequacy ratio and common equity Tier 1 ratio slipped to 15.2% (from 16.1%) and 12.2% (from 12.6%) in 2021, but both remained above minimum regulatory levels.

Amid concerns on the Russia-Ukraine conflict and how it could impact local businesses, Mr. Cebrero said Philippine banks are well-capitalized and will be able to withstand the crisis’ possible impact on the financial system.

“The regulators have prepared us for a long time now, for several years, beefing up our capital ratios, making sure that the capital ratios of banks can absorb whatever negative developments happening in the international market,” he said.

For this year, RCBC expects the economy to grow by 6-6.5%, slower than the 7.9% target by economic managers. The bank also sees the key policy rate to reach 2.75% to 3% by the end of 2022 from a record low of 2% currently.

The Yuchengco-led lender’s shares closed unchanged at P21 apiece on Tuesday. — Luz Wendy T. Noble

Team Go for Gold braces for seasoned cyclists in Ronda

TEAM Go for Gold training for Ronda Pilipinas

GO FOR GOLD will try to rely on its youthful exuberance as it faces the country’s top cyclists in the 11th edition of the LBC Ronda Pilipinas 2022 that will be unveiled on March 11 in Sorsogon and concluded on March 20 in Baguio.

Daniel Carino, Ismael Grospe and Jonel Carcueva are going all out to improve on their top 10 finish in the 10th anniversary race of this annual event two years ago and spearhead a Go for Gold squad consisting of under-23 riders.

It will be more significant for Messrs. Carino and Grospe and another team member Jericho Jay Lucero as they are riding their last year for a team formed to harness and train some of the country’s young and promising road racers.

The other members of the Jeremy Go managed team are Ronnilan Quita, Boots Ryan Cayubit and Dominic Perez.

“We want it to be a memorable finish this year because some of our riders are on their last year, this is their last hurrah,” said Go for Gold coach Ednalyn Hualda.

But Ms. Hualda knows they’re in for a tough ride.

And standing in their way is heavy favorite Navy Standard Insurance, which parades a loaded squad headed by defending champion George Oconer and 2018 winner Ronald Oranza.

Another team to contend with is Excellent Noodles, which will be bannered by many-time Ronda titlists Santy Barnachea and Jan Paul Morales.

Together, Messrs. Barnachea and Morales have won five Ronda crowns in all and should be serious title contenders.

Philippine Army, Team Nueva Ecija, Dreyna, Eagle Cement, Champ Café, Bike Kings Laguna, Vantage Ilocos Norte, VPharma, Team Quezon Province and Team Ilocos Sur are also joining this race staking a total of P3.5 million will be given away as cash prizes with P1 million going to the overall individual champion, P400,000 to the runner-up and P200,000 to the second runner-up.

The team champion gets P200,000 in this race presented by LBC Express, Inc. and supported by MVP Sports Foundation, Quad X, Twin Cycle Gear, Standard Insurance, Print2Go, Elves Bicycles, Elitewheels, Orome, Maynilad, Garmin, Petron, Boy Kanin, Green Planet Bikeshop, Prolite, Black Mamba, Lightwater, LBC Foundation, PhilCycling and the Games and Amusements Board. — Joey Villar

Cartier lawsuit accuses Tiffany of stealing luxury jewelry trade secrets

NEW YORK — Cartier sued Tiffany & Co. on Monday, accusing its luxury rival of stealing trade secrets concerning its high-end jewelry from an employee it lured away in December.

According to a complaint filed in a New York state court in Manhattan, Tiffany hired an underqualified junior manager away to learn more about Cartier’s “High Jewelry” collection, where pieces typically cost $50,000 to $10 million.

Cartier, a unit of Switzerland’s Richemont, called Tiffany’s hiring of Megan Marino a desperate bid to revive its own high jewelry unit after it was left in “disarray” following several departures, reflecting Tiffany’s “disturbing culture of misappropriating competitive information.”

According to court papers, Tiffany appeared to pin ultimate blame on Marino by firing her after just five weeks.

In an affidavit accompanying the complaint, Marino said Tiffany was “more interested in hiring me as a source of information than as a High Jewelry manager.”

Cartier also accused Tiffany of letting a recently hired former Cartier executive work on a high jewelry project called the “Blue Book” despite her six-month non-complete agreement.

Tiffany and its parent LVMH Moet Hennessy Louis Vuitton did not immediately respond to requests for comment.

The lawsuit seeks an injunction requiring that Tiffany return and not use stolen trade secrets, plus unspecified damages.

On Jan. 19, Richemont said strong demand for jewelry and watches following a trough earlier in the coronavirus pandemic boosted quarterly sales by 32%.

Sales at Richemont’s jewelry brands Cartier, Buccellati, and Van Cleef & Arpels rose 38%. —  Reuters

Treating tumors

UNSPLASH

PATIENTS don’t automatically have to undergo surgery to remove a tumor, defined as an abnormal overgrowth of cells in any part of the body. Instead, it can be addressed by a multidisciplinary approach, according to Cardinal Santos Medical Center (CSMC) specialists at a webinar on brain and spine tumor management in February.

“We suggest the multidisciplinary approach to brain and spine tumors because its objective is comprehensive care,” said Dr. Theodor S. Vesagas, clinical director of CSMC’s brain and spine tumor center and the Philippine Gamma Knife Center (PGKC).

Philippine Statistics Authority data showed cancer as the 4th leading cause of death in the country, making up 7.8% of total deaths from January to November 2021.

Not all tumors are cancerous, however, and death is certainly preventable. Whether benign or malignant, tumors can be treated in many ways outside of operative surgery, each method having their own advantages and limitations based on the patient’s case.

Dr. Vesagas presented gamma knife radiosurgery (the use of a precise dose of radiation to create lesions in tumor tissue), chemotherapy (the use of powerful chemicals to kill tumor cells), radiotherapy (the use of high-energy rays to kill tumor cells), and immunotherapy (the use of parts of a person’s immune system to fight the tumor).

“With many doctors seeing to the patient’s condition, the management of a tumor will require assessment of the particular case and regular follow-up, but it increases the likelihood of receiving consistent and timely care,” he said.

TRUST IN EXPERTS
When it comes to brain and spinal cord tumors in particular, both of which are classified as central nervous system (CNS) tumors, there are peculiarities to be wary of, according to Dr. Gilbert J. Ranoa, training officer for CSMC’s spine fellowship program.

“CNS tumors can compress the brain and spinal cord and produce stroke-like symptoms because of compression,” he said.

This means they can cause multiple symptoms that may interfere with the patient’s life, from headaches and blurry vision to balance problems, seizures, and even paralysis. Though individually they don’t indicate tumors, a combination of these problems might.

He stressed the importance of going to the doctor and trusting them and the rest of the multidisciplinary team: “It’s a must to identify the exact name and nature of the tumor. That is the start of the management and treatment of the tumor.”

For Rodel Perez, a 45-year-old overseas Filipino worker in Dubai who was diagnosed with a brain tumor during the pandemic, it was initially very scary to go to a doctor for dizziness and what seemed to be vertigo only to find out he had a brain tumor.

“I consulted with a neurosurgeon, who confirmed the 2x3x5 tumor in my head. It was the size of a lemon,” he shared at the webinar.

He went for surgery at CSMC, still quite fearful but somehow appeased after e-consults with his doctor.

In October 2020, the procedure went smoothly with no hiccups, and he was back in Dubai eight months later, after being cleared to work.

“Being diagnosed early helped, rather than finding out late in life,” said Mr. Perez.

Dr. Ma. Luisa Abesamis-Tiambeng, chairman of the CSMC cancer center, added that Filipinos can be fearful due to misinformation online, like tumors being genetic (false), caused by stress (false), transmissible (false), or related to vaccines (also false).

“Your medical team spent 20 or more years studying and training in order to gain expertise in managing your disease. Google is giving you information gathered with one click of your finger. Trust your medical team,” she said. — Brontë H. Lacsamana

PXP Energy’s net loss widens to P1.7B

PXP Energy Corp. incurred a net loss of P1.71 billion last year, significantly more than the P56.1 million it suffered the earlier year, due to the impairment of its oil and gas assets in Peru, the listed upstream oil and gas company said.

In its financial report to the exchange, PXP Energy said it spent P1.65 billion for the disputed assets in offshore Peru, wherein its subsidiary Pitkin Petroleum Ltd. (Pitkin Peru) partnered with Australia’s Karoon Energy Ltd.’s wholly owned unit KEI (Peru Z-38) Pty. Ltd. Sucursal del Peru for an exploration project in Peru’s block Z-38.

Pitkin Peru earlier claimed that KEI did not fulfill its obligations when it did not give notice on whether it will extend its contract for the fourth exploration phase for discovering hydrocarbons. This prompted the Peru government to terminate the contract, requiring Pitkin Peru to shoulder expenses in the drilling works.

In September last year, the Australian company agreed to pay $9.6 million to Pitkin Peru in connection with the said offshore block.

PXP Energy’s consolidated petroleum revenues last year went up by 112% to P64.2 million as the average price of Galoc crude rose by 75.4% to P$69.68 per barrel. Output in Service Contract (SC) 14C-1 Galoc, on the other hand, declined.

The oil and gas exploration firm’s consolidated costs reached P102.67 million last year, 4.1% higher what was spent in 2020 due to higher production costs in SC 14C-1 at P40.59 million, up 18.9%.

Meanwhile, overhead expenses was marginally lower at P62.1 million compared with the P64.5-million recorded in 2020, the company said.

“Each of Forum Energy Plc and PXP Energy is focused on fulfilling its work commitments for 2022 which have been approved by the Philippine government,” the company said in an earlier disclosure to the exchange.

Forum Energy is a UK-incorporated upstream oil and gas company with focus on the Philippines in which PXP Energy has a 67.19% controlling interest.

PXP Energy said its commitments this year include the drilling of two appraisal well over Sampaguita gas field in SC 72 and the operation of a 3D seismic survey in SC 75 in offshore northwest of Palawan.

“Meanwhile, the group shall continue to pursue explorations with respect to its other projects in the Philippines including SC 40 and SC 74,” the company added.

Forum Exploration, Inc. is the sole operator of SC 40 or the Libertad gas field. PXP Energy has a 70% interest in SC 74 northwest of Palawan.

PXP Energy shares at the local bourse rose by 17 centavos or 2.65% to close at P6.58 apiece on Tuesday. — Marielle C. Lucenio

SEC issues rules on interest rate cap for lending, financing firms

THE SECURITIES and Exchange Commission (SEC) will begin imposing on Thursday, March 3, the interest rate cap prescribed by the central bank on lending and financing companies as well as their online lending platforms (OLPs).

Circular No. 1133, Series of 2021 of the Bangko Sentral ng Pilipinas (BSP) prescribes ceilings for interest rates and fees charged by lending companies and their OLPs. Under this, the maximum nominal interest rate was fixed at 6% monthly or 0.2% daily, while the effective interest rate (EIR) stood at 15% monthly or 0.5% daily for unsecured covered loans and general-purpose loans not over P10,000 and with a four-month tenor.

The SEC’s implementation guidelines for the BSP circular were released via Memorandum Circular No. 3, Series of 2022, which will take effect on March 3.

“The EIR is expressed as the rate that exactly discounts estimated future cash flows throughout the life of the loan to the net amount of loan proceeds,” the SEC said in a statement on Tuesday.

“It includes the nominal interest rate along with other applicable fees and charges, such as processing fees, service fees, notarial fees, handling fees, and verification fees, among others. It excludes fees and penalties for late payment and nonpayment,” it added.

Lending and financing firms will only be allowed to charge late payment or nonpayment penalties worth as much as 5% monthly on the outstanding balance due.

The circular also puts a 100% cost cap of the total amount borrowed, which covers all interest, other fees, and charges “regardless of time the loan has been outstanding.”

“The cap on interest rates and other fees will apply to covered loans which lending and financing companies will offer once the rules take effect on March 3,” the regulator said.

All financing and lending firms will be required to submit an impact evaluation report using a form prescribed by the SEC by Jan. 15 every year starting 2023.

The SEC will also require firms to submit a business plan, which should detail the company’s loan products and services and the applicable pricing parameters that should comply with the interest and fee ceilings prescribed by the BSP.

Business plans are to be submitted on or before May 5 this year to the SEC.

“The new business plan…will supersede the initial business plan or plan of operation in the Company Information Sheet submitted to the SEC prior to the issuance of a CA to the lending or financing company,” the regulator said.

Should there be amendments, lending and financing firms must submit an amended business plan with the underlined changes. An approval from the commission is needed before the amendments are made effective.

“The Commission may require LCs and FCs to submit additional forms or documents in support of the submitted Business Plan,” the SEC said in the memorandum.

The SEC’s memorandum also details administrative sanctions and monetary penalties for violations of the guidelines. — Keren Concepcion G. Valmonte

Arts & Culture (03/02/22)

PHOTO FROM FACEBOOK.COM/MOSPACEBGC

MO_Space opening 2 shows

MO_SPACE is opening two shows on March 2. The first, at the Main Gallery, is “The Brightest Part,” featuring works by Celine Lee. At Gallery 2 is “I,” a solo show by Miguel Lorenzo Uy. Both shows will run until March 27. In “The Brightest Part,” Ms. Lee continues to be confronted with the transmutability of visual art — particularly its physicality or lack thereof in the digital age — and centers on the metaphor of shadows: a recurring theme in the artist’s oeuvre. Her latest body of work integrates photography with sculpture. In “I,” Mr. Uy presents a series of photos, all of which are close-up shots of all cameras/lenses currently in his possession or has access to. The series acts as a self-portrait for the artist, whose current interest is in questioning his relationship with the technologies and media that have constituted his identity. The gallery opens daily from 10 a.m. to 7 p.m. For inquiries, call 8403-6620 or 0917-572-7970. MO_Space is at the 3rd level, MOs Design, B2 Bonifacio High Street, 9th Avenue, Bonifacio Global City, Taguig.

NCCA’s Saan Ka Lulugar webinar series

IN CELEBRATION of National Arts Month, the National Commission for Culture and the Arts (NCCA), through the National Committee on Architecture and the Allied Arts (NCAAA), is holding a series of conversations that will highlight how creativity in planning, designing, and constructing of built environment can hasten recovery from the impacts of the pandemic. With the theme “Creativity as a Catalyst for Recovery,” the four-part webinar series, “Saan Ka Lulugar” is open to the public. The fourth session, on March 4, 2 p.m., will focus on creative innovations. Register at http://bit.ly/SaanKaLulugar2022. For more information, visit www.facebook.com/NCAAAexecon.

Free webinar looks at WWII in the Philippines

The Ayala Foundation, Inc. — Filipinas Heritage Library, and US Embassy in the Philippines present “Popcorn At The Barracks” with Nick Deocampo. The free webinar is part of “Liberation: War & Hope,” a series of events in commemoration of the 75th anniversary of the end of WWII. The webinar will be on March 5, 10 a.m. to noon, on line via Zoom and Facebook Live. In the latest installment of “Liberation Talks,” webinars by Filipinas Heritage Library (FHL), independent filmmaker and UP professor Nick Deocampo will discuss the legacies left behind by World War II on Philippine cinema using three perspectives: historiographic, semiotic, and nationalist. Mr. Deocampo will reconstruct movie spectatorship and film production during and after the war. This history will shed light on how nationalist filmmakers use Hollywood melodrama to revisit wartime and post-war Filipino-American relations. Reflecting on cold war developments, the speaker will examine movies that deal with the theme of the Second World War, particularly Manuel Silos’ Victory Joe and Lino Brocka’s “Hellow, Soldier” from the acclaimed drama trilogy Tatlo, Dalawa, Isa. The webinar will also cover topics related to the treatment of American films during the three-year occupation of the Philippines by the Japanese military as well as the triumphant return of Hollywood on local screens. The semiotic approach will use the science to provide a tool to give meaning using the signs in the films — the images, sounds, and gestures. How do films — minus the dialogue — speak? And finally, the talk will seek to answer how nationalism forms a framework that made cinema evolve into national culture. To learn more, visit filipinaslibrary.org.ph and ayalamuseum.org.

Geneology webinar focuses on links to Fujian

THE MUSEUM Foundation of the Philippines will be holding a webinar, “Relative Finder: Reconnecting Family Histories From Filipinas to Fujian,” led by Eduardo Dela Cruz, on March 5, 10 a.m. Mr. De la Cruz is an IT professional from Northern Samar. Since 2012, his advocacy work Relative Finder, has helped reconnect the roots of over 60 families from the Philippines and China. He is a contributor to Tulay Chinese-Filipino Digest where he writes about his experiences bridging lost family histories. His work has been presented in international conferences and media outfits. To join the webinar, register here: https://us02web.zoom.us/webinar/register/WN_ocT44vesSsCOwnBbfJHS5g .

Asian Cultural Council holds fundraiser

THE ASIAN Cultural Council (ACC) Auction 2022 will be held on March 5 at 2 p.m. at the Leon Gallery. A portion of the proceeds from this annual auction will help fund various ACC grants for Filipino and other Asian artists and arts-based practitioners. To view the catalogue, visit https://leon-gallery.com/…/The-Asian-Cultural-Council…. Register to bid online at https://www.leonexchange.com/en/auctions. Auction items are currently on view at Leon Gallery, Eurovilla I, Legazpi St. corner V.A. Rufino St., Legazpi Village, Makati.

Free collage webinar offered

CUT and Paste, a two-part workshop-webinar, will be headlined by Kaloy Olavides, a 2012 Cultural Center of the Philippines (CCP) Thirteen Artist Awardee. Hosted by the Arts and Culture Cluster of the De La Salle-College of Saint Benilde, the multimedia artist and musician will highlight how combining and forming an assemblage of different photos, clippings, and small accents can serve as a study and reference for aspiring artists to achieve their concepts. The Benilde School of Design and Arts educator will introduce Magic Eye Pictures or autostereogram, which creates the visual illusion of a 3D scene from a two-dimensional image. He will showcase some of his personal drawings in the style as well as the most significant works of his students. He will also discuss the leading influences in the genre, such as the collages of Winston Smith, popularly known for his artworks for the punk rock group Dead Kennedys. Cut and Paste is free and open to the public. It will be conducted online via Zoom on March 9 and 16, at 2 p.m. Each session will conclude with a question-and-answer portion as well as a collage workshop. To register, visit the official Facebook page of BACC at https://www.facebook.com/benildearts.   

Salcedo holds auction of PHL art and furniture

SALCEDO Auctions’ “Important Philippine Art & Furniture, including Tribal & Ethnographic Art” auction will be held on March 12, 2 p.m. The auction preview is ongoing until March 11, daily from 9 a.m. to 5 p.m. at NEX Tower, 6786 Ayala Ave., Makati. For inquiries, call Salcedo Auctions at 0917-825-7449 or e-mail info@salcedoauctions. To view the catalogue, visit https://bit.ly/3LMRtg1.

UnionBank, CANVAS.PH team up on NFT art space

UNION BANK of the Philippines (UnionBank) is leveraging its expertise in blockchain technology in a partnership with the non-profit organization Center for Art, New Ventures and Sustainable Development (CANVAS.PH) to help artists and collectors navigate the emerging non-fungible token (NFT) art space. The partnership was made official through a virtual signing event on Feb. 17 between Cathy Casas, UnionBank’s Head of Blockchain Center of Excellence (BCOE), Digital Assets Markets Unit and API Marketplace; and Gigo Alampay, Executive Director, CANVAS.PH. They were joined by former Department of Energy Secretary Popo Lotilla, who introduced CANVAS.PH to UnionBank, and who has set his eyes recently on the transformative potential of blockchain technology especially here in the Philippines. Under the partnership, UnionBank, through its BCOE, and CANVAS.PH will jointly facilitate an educational program focused on NFTs for artists and collections. This program consists of a series of webinars and a sale and auction of Filipino NFT artworks curated by CANVAS.PH, the proceeds of which will be for the benefit of the latter’s mission to work “with the creative community to promote children’s literacy, explore national identity, and deepen public appreciation for Philippine art, culture, and the environment.” To help minimize the environmental impact that will result from the use of the blockchain network Ethereum, UnionBank will augment its already existing tree-planting activities, including in Ibaan, Batangas at the site of CANVAS’ planned children’s museum of Philippine art, pledging to plant even more trees to offset the potential carbon footprint.

Consumer rights group stages art show

Pushing for consumer rights through art, the multi-sectoral group Rights Action Philippines (RAP) has mounted an art exhibit entitled “Protecting Our Consumer Rights in the State of Pandemic” which is ongoing until March 12, at the Gallery M, Taft Ave., Pasay City. The exhibit, featuring more than 80 paintings and sculptures from 49 contemporary artists, depicts the realities that artists and consumers alike are going through in these pandemic times. Among the works are Romualdo Calingo’s Munting Nakayanan, Lauren Jascha Tolentino’s Pang ilang tao kaya? series, Geronimo Sicat-Santos’ Artificial Flavor; Marcelo Quezon’s King of the Road series, and Jojo Garcia’s Balik Pasada, No to Phaseout. The exhibit can be accessed online through RAP’s website, https://rightsactionph.org/ and FB page https://www.facebook.com/groups/rightsactionphilippines and https://assets.artplacer.com/virtual-exhibitions/?i=2039.

Challenges and opportunities in financing cancer care

UNSPLASH

In a recent forum with the theme “Transformative Innovations on Cancer Care: The Way Forward,” Health Secretary Francisco T. Duque III said that the government is pursuing a health systems approach to cancer.

This entails improving cancer care by synchronizing service delivery, the health workforce, registries and information systems, access to technologies and medicines, financing, and governance.

The Cancer Control Council, which he chairs, has also approved the Framework and Strategic Plan of the Cancer Control Program towards the goal of a cancer-free Philippines.

The Department of Health (DoH) also intends to cover care for the entire cancer continuum from primary prevention up until survivorship care without bringing financial hardship to patients and their families.

Prior to the passage in 2019 of the National Integrated Cancer Control Act (NICCA), Mr. Duque said that only breast and childhood cancers were covered by the Cancer Supportive Palliative-Medicine Access Program (CSP-MAP). In 2021, the CSP-MAP provided free medicines for a number of cancer types such as lung, leukemia, head and neck, gynecologic, bladder, renal and gastrointestinal. For 2022, the allocated budget for the CSP-MAP has increased to P786 million. The Malasakit Program, meanwhile, is expected to provide financial assistance to cancer patients who remain uncovered.

While significant progress has been made, there are still challenges as well as opportunities in cancer care in the country. In the same forum, Thinkwell Philippines senior technical advisor Dr. Marife Yap presented the key findings of a study on cancer care financing in the Philippines.

“Public investments in oncology care are further challenged by deep fragmentation, misallocation, and misalignment of human, financial, and technical resources within the health system and Philippine society,” Dr. Yap said. “Most of the interventions are geared towards, unfortunately, late diagnosis and treatment. We know that the health-seeking behavior of many Filipinos towards cancer prevention and early diagnosis is quite poor. They will delay seeing a doctor or getting treatment because of financial constraints or the need to work.”

According to Dr. Yap, PhilHealth Z-benefit packages can still be further utilized. She pointed out that although 60% of accredited PhilHealth providers are from the private sector, very few seek accreditation to provide the Z-benefit package due to low support value, and selective criteria for early-stage cancers that have high rates of survival. Private sector providers interviewed in the study consider the Z-benefit package for colorectal cancer as the one with the most realistic cost.

Dr. Yap stressed that costing and criteria of benefit packages for cancer should also be updated regularly. She likewise urged the newly established DoH Health Technology Assessment Unit, which is currently focused on COVID-19 vaccines and diagnostics procurement and distribution, to review innovative cancer therapies.

Dr. Yap presented several policy options to increase financing for cancer care in the country. Investments in cancer prevention and early detection should be increased to reduce avoidable sickness and deaths and improve survival rates. Accelerating rollouts of updated and new treatment protocols and rapid access to medicine in clinical practice also provides considerable gains in cancer survival.

Shifting to innovative oncology treatment has both health and economic benefits, reducing duration of illness and productivity losses. Government can ensure swift and adequate access by applying health technology assessment frameworks and regulations that support the rational use of resources while also increasing overall resources for integrated oncology care.

 

Teodoro B. Padilla is the executive director of the Pharmaceutical and Healthcare Association of the Philippines (PHAP), which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are at the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

Japanese Embassy showcases Filipinos in Paralympics

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THE Japanese Embassy and Japan Foundation Manila teamed up in launching “Sulong,” a project that showcased the legacy of the brave Filipinos who competed in Tokyo Paralympics last year.

Japanese Ambassador to the Philippines Koshikawa Kazuhiko and Japan Foundation Manila director Ben Suzuki held a media briefing and a movie screening of the 15-minute film directed by Al Amin and showcased the travails and triumphs of Paralympians Jeanette Acevedo, Gary Bejino and Jerold Mangliwan.

Ms. Acevedo, a visually impaired thrower, was featured in the first part titled “Pagsubok,” while swimmer Mr. Bejino and wheelchair racer Jerold Mangliwan were the second and third parts titled “Pag-ahon” and “Paglinang,” respectively.

Aside from Mr. Amin, multi-awarded fashion designer Jerome Lorico was also tapped to design the Paralympians’ outfit and uniforms for the short film that would be shown on CNN Philippines and YouTube soon.

Representatives from sponsoring Japan Tobacco Corp. and Philippine Paralympic Committee president Michael Barredo also attended the event held at Mr. Kazuhiko’s residence in Forbes Park, Makati.

“For us, the Tokyo Paralympics is not just a sporting event but an enduring story of triumph and its legacy that will be passed on to the next generation and inspire their future,” said Mr. Kazuhiko.

“It’s our commitment in championing these stories as much as we can and may this film be the embodiment of these values,” he added.

Mr. Barredo lauded Messrs. Kazuhiko and Suzuki for their noble effort.

“I think this film is certainly good to show to the rest of our countrymen and people with disability because I’m a firm believer that if we can bring up the plight of the weak, then we can bring everybody else up,” said Mr. Barredo. — Joey Villar

SMC aims to cut in half its water use by 2025

SAN Miguel Corp. (SMC) said it is working on reducing its group-wide water consumption by 50% in three years.

“Water is a valuable resource not just for San Miguel, but for all of us. We have not stopped working on improving water use efficiency across all our businesses as we all continue to face water scarcity challenges,” SMC President Ramon S. Ang said in a statement.

Since 2017, SMC reported saving 27.4 billion liters of water under its “Water For All” water stewardship initiative.

Mr. Ang said that the company saved 4.54 billion liters of water in 2021, which was a 18.4% cut in the company’s water use compared with 18.09% in 2019 and 13% in 2020.

“Savings, however, dropped in 2020 due largely to the shutdown of most of the company’s facilities amid the pandemic. Plant shutdowns and intermittent production are inefficient, resulting in more frequent startups and draining of water tanks in between, so more water is used as opposed to having the facilities continuously running,” he added.

In 2021, the company reported a return to pre-pandemic water savings, with an improvement, as lockdown restrictions eased and operations had more mobility.

“From a water savings perspective, we seem to have recovered from the pandemic, but we’re still challenged by low production volumes and continuing inefficiencies,” Mr. Ang said.

“The good thing is the majority of our businesses still showed improvement in 2021, particularly Northern Cement, San Miguel Foods, SMC Infrastructure and SMC Global Power. Ginebra San Miguel also improved slightly. Petron also improved, it still has the highest accumulated water savings, about 15.29 million cubic meters. But this is not yet their former peak performance,” he added.

To reach its water saving target, SMC utilizes sea water, water recycling, and rainwater harvesting for cooling machines, cleaning, and other utility, non-product water usage.

SMC has also mandated that all its newly built facilities be fitted with rainwater collection systems.

“A number of older facilities are also being retro-fitted to increase rainwater harvesting and to replace leaking underground pipes with above-ground, easy to monitor installations,” SMC said.

In the third quarter of 2021, the company reported an attributable net loss of P1.1 billion, reversing from a net income of P7.17 billion year on year.

In the January-September period last year, its attributable net income reached P11.97 billion, turning around from a net loss of P425 million in 2020.

At the stock exchange on Tuesday, SMC shares went up by 1.6% or P1.70 to close at P107.90 apiece. — Luisa Maria Jacinta C. Jocson

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