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Monde Nissin reallocates IPO proceeds to pay P15.6-B loan

BW FILE PHOTO
FOOD and beverage firm says cutting debt is “most prudent course of action.” — BW FILE PHOTO

MONDE Nissin Corp.’s board of directors has decided to reallocate the initial public offering (IPO) proceeds initially budgeted for capital expenditures (capex) to repay the majority of its remaining term loans worth P15.6 billion.

“It was determined that the most prudent course of action for shareholders is to pay down debt, resulting in significant interest savings and a reduction in interest rate risk,” said Henry Soesanto, chief executive officer of Monde Nissin.

The company earmarked over half or P26.5 billion of its IPO proceeds for its capex. It raised P48.6 billion when it debuted at the local bourse in June, the biggest-ever IPO in the country.

Monde Nissin said the decision to reallocate these funds would lead to around P700 million in interest expense savings, assuming current rates.

Despite the move, Monde Nissin said that it is not changing the plans stated in its offer prospectus.

“We continue to have strong conviction of the long-term growth opportunities of our businesses and capital expenditure plans and growth strategy will remain unchanged,” Mr. Soesanto said.

Monde Nissin said in its prospectus that it plans to finance key projects for its food and beverage business in the Asia-Pacific, which include the completion of its facility in Malvar, Batangas and to fund the increase in capacity for its innovation projects such as new healthy noodle lines, operational facility, and supply network transformation.

The company is also looking to expand its meat alternative business via product development capabilities and manufacturing improvement through building a new research and development facility.

“Funding will be provided by our strong operating cash flows supplemented with existing lines of credit if needed,” Mr. Soesanto said.

On Tuesday, shares of Monde Nissin at the stock market went up by 0.83% or 14 centavos to close at P16.92 each. — Keren Concepcion G. Valmonte

8990 Holdings bullish on beating pre-pandemic results as income hits P1.9B

8990 Holdings, Inc. said in a regulatory filing on Tuesday that it is “on course to exceeding its pre-pandemic results” as the company’s profits and revenues for the first half of the year surged.

The listed mass-housing developer reported a second-quarter net income of P1.91 billion, soaring from the P138.93 million earned in the same period last year. Its topline climbed by nearly three times to P5.54 billion from P1.42 billion.

For the six-month period ending June, 8990 Holdings posted a 133% profit growth to P3.46 billion from P1.48 billion year on year. This is already more than half of the company’s full-year income of P5.86 billion in 2019.

“Our first-half performance reflects the hope and optimism of Filipinos for socioeconomic recovery with the successful rollout of the vaccination program by both the government and private sector,” 8990 Holdings Chairman Mariano D. Martinez, Jr. said in a statement.

Revenues for the first half increased by 104% to P10.01 billion from P4.91 billion year on year.

“[The company’s] P10.01-billion revenue in the first six months of 2021 is also only P500 million shy of its P10.5-billion total sales revenue in the pre-pandemic January-to-September period in 2019,” 8990 Holdings said.

In 2019, the company generated P15.4 billion in revenues.

The majority or 71% of the company’s sales in the first six months of 2021 are from Luzon, amounting to P6.74 billion. Visayas accounted for 15% at P1.47 billion, and Mindanao made up for 13% of the sales at P1.27 billion.

Luzon also accounted for 56% of total units sold in the first half with 3,318 units, followed by Visayas with 1,606 or 27% of units sold. Mindanao units made up for 16% to total 965 units.

“While 8990’s gross margin declined from 54.6% to 49.5%, net income margin improved from 30.2% to 34.5% from the first half of 2020 to the same period this year,” the company said.

Mr. Martinez expects the company to “perform well” for the rest of the year.

Shares of 8990 Holdings at the stock market rose by 0.55% or four centavos on Tuesday, closing at P7.28 apiece. — Keren Concepcion G. Valmonte

DMCI income more than triples to P5.2B; coal sales lead

CONSUNJI-LED DMCI Holdings, Inc. said its net income attributable to equity holders reached P5.23 billion in the second quarter, up by more than three times the P1.42 billion posted a year earlier amid higher earnings from its business segments.

In a regulatory filing on Tuesday, the listed conglomerate said revenues from April to June hit P29.76 billion, more than twice the P11.75 billion registered in the same period last year.

Profits were led by the firm’s coal mining segment, which comprised a significant portion or 35% of its second-quarter earnings. Earnings from coal mining climbed to P10.57 billion, over three times the figure previously recorded in 2020.

DMCI said its reported net income in the second quarter grew more than threefold to P5.23 billion from P1.42 billion, which was mainly driven by “all-time high” coal and nickel sales, higher accomplishments from real estate and deferred tax remeasurement under the Corporate Income Tax and Incentives Reform Act.

In the first half of 2021, the holdings firm registered a consolidated net income of P9.5 billion, nearly five times the P2 billion it reported in 2020, due to a rebound of its subsidiaries Semirara Mining and Power Corp. (SMPC), DMCI Homes and DMCI Mining Corp., according to a separate statement.

“Coal and nickel prices were rallying while our production was ramping up so our Q2 (second quarter) was even better than our Q1 (first quarter). Revenue recognition in our real estate business also improved on higher productivity,” DMCI Chairman and President Isidro A. Consunji said.

“We are within striking distance of returning to our pre-pandemic annual net income of P10.5 billion. Barring any major unforeseen events and if commodity prices hold up, we may be able to finish the year even stronger,” he added.

DMCI said that its second-half performance will mainly depend on the movement of coal, nickel and electricity spot prices and sustained upswing of its mining, construction and power plant operations.

“Coal prices could trend upward on global supply disruptions amid strong China demand while nickel prices may strengthen further on robust stainless-steel production versus tightening supply because of coronavirus disease 2019 (COVID-19) lockdowns, bad weather and Indonesian ore export ban,” it said.

“Meanwhile, electricity spot prices could consolidate at around 4 pesos as demand eases during the rainy season and supply improves due to the commissioning of a major power plant, increased output of hydropower plants and reduced plant outages,” it added.

DMCI and its units are engaged in the general construction, coal and nickel mining, power generation, real estate development, water concession and manufacturing businesses. Its major subsidiaries are D.M. Consunji, Inc., DMCI Project Developers, Inc., SMPC, DMCI Power Corp., and DMCI Mining.

DMCI shares improved by 4.01% or 22 centavos to finish at P5.70 apiece at the stock market on Tuesday. — Angelica Y. Yang

Filipino biotech firm InterVenn raises P10B for immuno-oncology test 

Image via InterVenn

A FILIPINO-LED biotechnology company in the United States has received P10 billion in series C funding to develop and sell a blood-based test matching cancer patients to therapies with the best chance of response.  

InterVenn Biosciences received this latter stage startup financing from SoftBank Group, Heritage Provider Network, Irving Investors, and Highside Capital Management. 

The funding will be used to develop and sell Dawn, a blood-based test that will help physicians match cancer patients to immune-oncology therapies, the company said in press release on Monday. 

Dawn is in early validation, a process done to demonstrate consistent quality, for patients with melanoma as well as pancreatic and lung cancers, while its use for other tumor types is being studied. 

InterVenn Chief Executive Officer Aldo Carrascoso is a graduate of Ateneo De Manila University and Babson College, while co-founder Carlito Lebrilla, is a professor at the University of California, Davis School of Medicine.  

The InterVenn headquarters and US-regulator certified clinical laboratory are in San Francisco, California. 

“One hundred percent of our software is done in the Philippines,” Mr. Carrascoso said.  

“Our engineering team in our Pasig City office takes care of the cloud infrastructure, front end, back end, and even security. Information security, information event management. Events like infiltration, penetration testing. We have a full staff that does dev ops, server systems administration.” 

InterVenn previously worked on Glori, a test that can differentiate between benign and malignant pelvic tumors in women with 86% accuracy, after receiving P2 billion in venture investment from Genoa Ventures, True Ventures, Amplify Partners, Boost VC, Prado SV, the Ojjeh Family and Anzu Partners. 

The company continues to work on studying early-detection blood tests for adenoma, colorectal cancer, and nasopharyngeal carcinoma. — Jenina PIbañez 

Cignal TV ‘in danger’ of hitting P1B profit after ‘magnificent’ first half — chairman

MEDIA and telecommunications company Cignal TV, Inc. is on track to hitting P1 billion in profit after a “magnificent” performance in the first half of the year, its chairman said.

“Cignal is in danger of hitting P1- billion profit for the year,” Cignal TV Chairman Manuel V. Pangilinan told The Chiefs segment on Cignal TV’s One News Channel on Monday.

“That’s magnificent… [and that’s] partly because [ABS-CBN group’s] SKY Direct was shut down, so that helped their subscriber base,” he added.

Mr. Pangilinan said Cignal’s profit for the first half was P510 million, up 608.3% from P72 million in the same period in 2020.

“Their EBITDA (earnings before interest, tax, depreciation, and amortization) was close to P2 billion,” he noted.

“I think that puts Cignal in a position to help TV5 [grow] without much help from PLDT.”

Mr. Pangilinan also said TV5 is showing “improved ratings across the board.”

Cignal TV is a subsidiary of MediaQuest Holdings, the media arm of the PLDT Group. BusinessWorld is likewise a subsidiary of MediaQuest Holdings through the Star Group of Companies. — Arjay L. Balinbin

A long-awaited revival

METROPOLITAN Theater of Manila — PHOTO COURTESY OF THE METROPOLITAN THEATER

Pandemic willing, The Met will open in December.

FOR 25 years, the moldering art deco Metropolitan Theater was just a landmark for commuters to use when getting around the city of Manila. Now, for the first time since its closure in 1996 and after numerous attempts at restoration, the theater will reopen its doors to the public this year.

Inaugurated on Dec. 10, 1931, the Metropolitan Theater was designed by architect Juan M. Arellano, its art deco design a departure from his previous classical work such as the Legislative Building (now the National Museum of Fine Arts) in Luneta, the Negros Occidental Provincial Capitol, and the pre-war Jones Bridge.

The theater was declared a National Historical Landmark in 1973 and a National Cultural Treasure in 2010. But at both those junctures, it was not in good shape.

While badly damaged during the bombing of Manila at the end of World War II, the building survived. In the succeeding decades, it served as a bar, a boxing arena, and a basketball court, among other uses. It was first restored in 1978, an initiative of former First Lady Imelda Marcos, and it served as a theater again until it closed in 1996 because of conflicting claims of ownership between the City of Manila and the Government Service Insurance System (GSIS). Unused, the building started to deteriorate badly.

Its restoration was again attempted in 2010 during the Arroyo administration, with aid from then Manila Mayor Alfredo Lim. However, it was a failed attempt. In the years that followed, there were several smaller projects to restore or at least maintain it.

THE BIG PUSH
Things started to look up when the ownership issue was finally resolved.

In 2015, the National Commission for Culture and the Arts (NCCA) bought the building from the GSIS on an as-is where-is basis. For two years following the NCCA’s acquisition, the building was cleaned and the design plans were drawn up.

A budget of P525 million was allotted for the theater’s restoration through the National Endowment for Culture and the Arts. This was approved by the Department of Budget and Management and released in three tranches — the first tranche was released in 2017, then the second and third in 2020 and 2021.

Along the way, plans had to be adjusted.

“The guiding document in the restoration is the Conservation Management Plan of the complex, which was drawn up to restore and conserve existing elements according to the design of the original architect Juan Arellano,” NCCA Chairman Arsenio “Nick” J. Lizaso explained in an e-mail to BusinessWorld.

“Actual construction work began in Feb. 2017 but had to be suspended later that year because of discoveries of original Arellano-period features in the Main Theater and in the courtyards, which forced us to go back to the drawing table and revise the designs. Work resumed in 2019, with work on the Main Theater Block completed by March 2020,” Mr. Lizaso said.

The second phase of the restoration focused on the exterior of the building. It began in Sept. 2020 and was recently finished. The third phase, which involves working on fixtures in the office spaces and the restoration of the Grand Ballroom, began in May 2021 and is targeted for competition before the end of the year.

“The main goal was to conserve the building and restore it to the original pre-war state as designed by architect Juan Arellano. This would mean that additions that run contrary to the original design were removed,” Mr. Lizaso said.

These included “additional structures in the open courts that were added during the renovations initiated by [the former first lady Imelda] Marcos in the 1970s.”

Among the items that were restored were the stained-glass marquee by Kraut Glass at the building’s façade; the Oriental dancers cement statues and bas-reliefs at the theater’s exterior, the sculpture of Adam and Eve at the lobby, and the Nine Muses in the proscenium arch of the Main Theater, all of which were by sculptor Francesco Riccardo Monti; the mango and banana bas-reliefs in the Main Theater ceiling which were designed by Vidal Tampinco, and the other tropical friezes in the under-balcony ceiling; the original anay wall finishes and grill works.

“We reproduced items of significance which were either lost or no longer in our property,” said Mr. Lizaso. Among these were the original murals by Fernando Amorsolo, The History of Music and Ritual Dance, which were reproduced with the assistance of GSIS. Some of the original bas-relief tablets in the courtyard were missing, so these, too, were reproduced.

It was a challenge to provide the necessary modern amenities, he said.

To retain the structure’s integrity, the air-conditioning units and ducting had to be hidden when installed.

In addition, the main theater’s seating capacity had to be reduced to 990 from 1,600, and the floor’s elevation was adjusted in compliance with safety regulations of the Fire Code and the Magna Carta for Persons with Disabilities.

The acoustics of the theater were also improved since the it is situated in a high traffic area.

“We are proud to say that performing groups who recently visited the Met praised how the acoustics improved compared to the Marcos-era renovation,” Mr. Lizaso said.

The complex now also has a cinema and LED lighting.

“The crown jewel of our newly restored complex is the digital cinema system, which boasts of a Dolby Atmos cinema audio system,” Mr. Lizaso said.

“We are also proud to move towards being certified as a green building. All our lighting systems are now using LED lights, including the lights in the Main Theater,” he added.

PROJECTS ON STANDBY AND ONLINE
The MET was originally set to open to public in April 2021, however, due to the surge of coronavirus disease 2019 (COVID-19) cases during the ongoing pandemic, the opening was pushed back.

“It is unfortunate that the Met’s completion came in the midst of this global pandemic. In the meantime, we are lining up several virtual activities to launch the Met in cyberspace while awaiting the day when we can have people in the theater again,” said Mr. Lizaso. “We also opened our stage to several performing groups who would like to record their performances here for eventual broadcasting online.”

On Aug. 30, the Metropolitan Theater will stage its first production, Lapu-Lapu, Ang Datu ng Mactan, in line with the quincentennial celebration of the victory in Mactan. Written by Nicholas Pichay and directed by Dexter Martinez Santos (Ang Huling El Bimbo), the show stars Arman Ferrer as Lapu-lapu, and Tarech Tayec as Ferdinand Magellan.

Mr. Lizaso refers to it as “a dramatic reminder of the Filipino people’s enduring and transcendent humanity, a testimony to the talents of the Filipino theater artist.”

The musical is produced by the NCCA in partnership with the National Historical Commission of the Philippines as part of the National Quincentennial Commemoration. It will be streamed on the NCCA and Metropolitan Theater’s official Facebook pages.

Once the theater is properly opened to guests, the Met aims to showcase traditional performing arts.

“We are in the process of developing a guideline for having resident companies in the Met. In the next few years, our main goal is to provide a home for groups focusing on traditional Filipino performing art forms, including indigenous musical and dance forms,” Mr. Lizaso said.

“Post-pandemic, we hope to make the MET as a center to preserve another cultural heritage — our traditional Filipino theater and art forms, such as komedyas, zarsuelas, epikos, and bodabils; as well as our other intangible cultural heritage such as traditional folk dances and indigenous music,” he said.

Plans to work with educational institutions and local government units on projects promoting Filipino culture and arts are also in the pipeline.

The Met held a soft opening in June. In July, Caloocan Bishop and incoming Catholic Bishops’ Conference of the Philippines President Bishop Pablo Virgilio David led the building’s blessing.

The Metropolitan Theater is scheduled to formally open on Dec. 10, 2021. Pandemic willing.

For more information, visit https://www.facebook.com/METphOfficial. — Michelle Anne P. Soliman

Prehistoric cave paintings in Spain show Neanderthals were artists

A GUIDE shows red ochre markings which were painted on stalagmites by Neanderthals about 65,000 years ago, according to an international study, in a prehistoric cave in Ardales, southern Spain, Aug. 7. — REUTERS/JON NAZCA

ARDALES, Spain — Neanderthals may have been closer to our species of prehistoric modern human than previously believed after cave paintings found in Spain proved they had a fondness for creating art, one of the authors of a new scientific report said on Sunday.

Red ochre pigment discovered on stalagmites in the Caves of Ardales, near Malaga in southern Spain, were created by Neanderthals about 65,000 years ago, making them possibly the first artists on earth, according to the study published in the Proceedings of the National Academy of Sciences (PNAS) journal.

Modern humans were not inhabiting Europe at the time the cave images were made.

The new findings add to increasing evidence that Neanderthals, whose lineage became extinct about 40,000 years ago, were not the unsophisticated relatives of Homo sapiens they had long been portrayed as.

Pigments were made in the caves at different times up to 15,000 and 20,000 years apart, the study found, and dispel an earlier suggestion that they were the result of a natural oxide flow rather than being man-made.

Joao Zilhao, one of the authors of the PNAS study, said dating techniques showed that ochre had been spat by Neanderthals onto the stalagmites, possibly as part of a ritual.

“The importance is that it changes our attitude towards Neanderthals. They were closer to humans. Recent research has shown they liked objects, they mated with humans and now we can show that they painted caves like us,” he said.

Wall paintings made by prehistoric modern humans, such as those found in the Chauvet-Pont d’Arc cave of France, are more than 30,000 years old. — Reuters

As pandemic persists, mental health frays 

UNSPLASH

PANDEMIC-INDUCED fear continues to weigh down Filipinos, who are calling crisis hotlines, searching the internet for wellness apps and anxiety remedies, and reporting a lack of focus. 

“Questions are triggered. People call and say, what if I die? I may not live. The idea of mortality is close to them,” said Jean L. Goulbourn, founder and chief executive officer of the Natasha Goulbourn Foundation (NGF), a non-profit organization founded in 2007 that helps individuals battle depression. 

Fear — the beginning of anxiety — is the number one reason that people call NGF’s hotlines, said Ms. Goulbourn, in an interview with BusinessWorld a day before Metro Manila entered enhanced community quarantine due to a surge in coronavirus disease 2019 (COVID-19) cases.  

“COVID-19 is like depression. It does not choose age anymore, does not choose social status,” she said. “You can be a CEO and COVID-19 can still hit you. It’s exactly like depression.”  

WELLNESS APPS
Aside from calling organizations like NGF, Filipinos are also looking online for ways to calm their fraying nerves.  

Google searches for mental health services increased by 128% in the Philippines from January to May 2021 compared to the same period in 2019, according to a recent report by meta-search website iPrice. This increase places the Philippines second only to Indonesia, Asia’s COVID-19 epicenter, which recorded a 231% increase in searches for psychologists and similar services. 

The iPrice report also showed that Filipinos are increasingly interested in anxiety remedies such as scented candles (up 348%), weighted blankets (up 273%), essential oils (up 155%), and therapy lamps (up 139%), based on information collated from July 14 to 16 using Google Keyword Planner.  

Searches for wellness and meditation apps such as Headspace and Talkspace are also surging among Filipinos.  

MENTAL MALAISE
These findings are on top of a poll by MindNation, a wellbeing organization, that showed that the local workforce is feeling the brunt of this pandemic. According to a study released this June, more than half of 6,000 respondents are worried about health risks and financial pressures.  

Among the challenges are a lack of focus and concentration, less pleasure in doing things normally enjoyed, lower self-confidence, sleeping problems, and feeling down.  

NGF’s Ms. Goulbourn said that because of the pandemic, the stigma for seeking help for mental health issues is less pronounced among Filipinos as COVID-19 has heightened everyone’s sense of mortality.  

“We’re confronted with death now,” she said, adding that a two-hour lecture on mental resilience is of little to no use. “One webinar cannot help,” she said, offering instead NGF’s four-month workshop as a “real course and workshop that creates hope in action.” — Patricia B. Mirasol 

  

Individuals seeking mental support may get in touch with the National Center for Mental Health hotlines at 1553, 0917-8998727, 7989-8727, or with Natasha Goulbourn Foundation’s HOPELINE at 8804-4673, 0918-8734673, and 0917-5584573. 

Manila Water net income up 10% to P2.7B

MANILA Water Co., Inc. recorded a 10% increase in its attributable net income for the first half to P2.73 billion on the back of stronger contribution from its international affiliates.

The listed water concessionaire said in a stock exchange disclosure on Tuesday that its consolidated revenues during the first six months of the year fell 6% to P10.14 billion due to lower billed volume from the east zone concession and lower average tariff for its concession area and domestic subsidiaries in Manila Water Philippines Ventures, Inc. (MWPV).

“The group derived 80% of its operating revenues from the sale of water, while 16% came from environmental and sewer charges. Other revenues accounted for the balance, which are comprised of supervision fees, after-the-meter services, connection fees and septic sludge disposal, among others,” Manila Water said in the disclosure.

Consolidated costs and expenses climbed 7% to P4.12 billion from P3.84 billion while its earnings before interest, income taxes, depreciation, and amortization (EBITDA) was flat at P6.54 billion.

According to the disclosure, the net income of the parent company fell 14% to P2.61 billion from P3.04 billion.

“This was driven primarily by the decrease in revenues due to lower billed volume from commercial and industrial segments, coupled with higher operating costs and expenses and depreciation,” Manila Water said.

Billed volume dropped 4% to 245 million cubic meters in the first half due to lower consumption across all segments amid the coronavirus disease 2019 (COVID-19) pandemic.

“This led to a decline in average consumption per connection by 6% from 42.6 cubic meters to 40.0 cubic meters. Average tariff per cubic meter declined by nearly P1 to P32 in the first half of 2021 from P33 in the same period last year. In turn, these developments led to a 7% decrease in revenues to P8.15 billion in the first half of 2021,” the company said.

Meanwhile, MWPV recorded a P94-million net loss for the period, an improvement from the P208-million net loss it had in 2020 due to the one-time P199-million recognition of discontinued operations of Zamboanga Water last year and increased contributions from Laguna Water and Clark Water.

“On a consolidated MWPV level, revenues declined 4% to P2.1 billion. This was mainly due to the 4% decrease in water and sewer revenues, even as supervision fees showed a slight recovery with a 1% increase. The lower water and wastewater revenues for the period were mostly on account of the 63% decline in revenues noted in Boracay Water driven by the 75% decline in tourist arrivals brought about by COVID-19 pandemic restrictions,” the company said.

Net income of Manila Water Asia Pacific Pte. Ltd. (MWAP), which consisted of contributions from associates in Vietnam, Thailand, Indonesia, and Kingdom of Saudi Arabia (KSA), posted a 170% increase to P223 million.

“This was mainly due to the recognition of one-off expenses in March 2020 in relation to MWAP’s P336-million investment in Cu Chi Water,” the company said.

“On the other hand, cost and expenses increased 14% to P43 million as a result of business development activities in KSA and higher management and consultancy fees. These developments led to an EBITDA of P290 million, 216% higher than the same period last year,” it added.

On Tuesday, shares of Manila Water at the stock exchange went down 0.77% or 14 centavos to end at P18.10 each. — Revin Mikhael D. Ochave

Gov’t makes full award of fresh seven-year T-bonds

BUREAU OF THE TREASURY FACEBOOK PAGE

THE GOVERNMENT made a full award of the fresh Treasury bonds (T-bonds) it auctioned off on Tuesday as its rate fell within market expectations, even as investors remained concerned over the impact of the ongoing lockdown on economic growth.

The Bureau of the Treasury (BTr) raised P35 billion as planned via the fresh seven-year T-bonds it auctioned off on Tuesday as total tenders reached P63.696 billion, or nearly twice as much as the offer volume.

It also opened its tap facility to borrow P10 billion more from the tenor to take advantage of the strong demand for the papers.

The seven-year papers fetched a coupon rate of 3.75%. This was higher by 22.2 basis points (bps) versus the 3.528% quoted for the tenor at the secondary market before the auction.

The last time the Treasury offered seven-year bonds was on July 27 when it raised P35 billion as planned via reissued papers with a remaining life of six years and seven months at an average rate of 3.651%.

National Treasurer Rosalia V. de Leon said the coupon fetched for the seven-year T-bonds fell within market expectations following the release of better-than-expected second-quarter gross domestic product (GDP) data.

The economy grew by 11.8% in the second quarter, beating the 10.6% median forecast of analysts who participated in a BusinessWorld poll last week and improving from the 3.9% decline logged from January to March. This was also a turnaround from the record 17% slump recorded in the second quarter of 2020.

The second-quarter GDP print marked the first annual growth after five consecutive quarters of contractions due to the coronavirus pandemic.

Meanwhile, a bond trader said the GDP data was widely expected, and what mostly drove in Tuesday’s bids was cautiousness over the ongoing enhanced community quarantine (ECQ) in Metro Manila and other provinces and its possible impact on the economy’s recovery.

The country has to record GDP growth of at least 8.2% in the second half to meet the low end of the government’s 6-7% target for the year.

Metro Manila and other provinces have been placed under ECQ, the strictest lockdown classification, for two weeks to help curb the spread of the Delta variant of the coronavirus disease 2019 (COVID-19).

Health authorities on Monday said the country is now considered to be at high risk for COVID-19 infections after registering a daily average of 8,695 coronavirus infections from Aug. 1 to 7, higher than the 6,498 average the week prior.

The BTr is looking to raise P200 billion from the local market this month: P60 billion via weekly offers of Treasury bills and P140 billion from weekly auctions of T-bonds.

The government wants to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of GDP. — BML

J&J, PBSP to roll out training programs to fight TB  

Image via Basem Abbas Al Ubaidi/CC BY 4.0/Wikimedia Commons

JOHNSON & JOHNSON Philippines, Inc. (J&J) and business-led non-government organization Philippine Business for Social Progress (PBSP) have partnered to train healthcare workers in addressing tuberculosis (TB) cases at the community level, based on updated guidelines from the Department of Health.   

“The public health system was focused on COVID-19 [coronavirus disease 2019] and our fellow Filipinos largely had to stay home. Some of them experienced significant difficulty availing of public health services as needed,” said Elvin Ivan Y. Uy, PBSP executive director, in an interview with BusinessWorld.   

Mr. Uy pointed out that the drop in TB cases recorded in 2020 was due to less testing during the pandemic. This was acknowledged in a statement by Health Secretary Francisco T. Duque III, who said that “the quarantine has extremely affected and limited the health seeking behaviors of our fellow Filipinos.”  

The training, which will be supported and given resources by J&J and implemented by PBSP, will focus on Region III (Central Luzon), the National Capital Region, and Region IV-A (Calabarzon, or Cavite, Laguna, Batangas, Rizal, and Quezon).  

Collectively, these three regions account for about 44% of TB cases in the country, making it more important for healthcare workers in these areas to be equipped with the correct know-how based on the government’s National Tuberculosis Program, said Mr. Uy.   

One of the updates is on treating drug-resistant TB (DRTB), a version of the illness that is resistant to the first line of drugs that are usually prescribed to patients.   

“Right now, there are new guidelines in terms of the treatment of TB, specifically DRTB patients. That’s why, together with PBSP, we are rolling out this new module of treatment at the community level so that there will be an update of these new guidelines. Nothing stops us, even COVID-19,” said Dr. Erwin G. Benedicto, J&J’s head of medical affairs.   

J&J and PBSP aim to train small batches of healthcare workers starting the third week of August. — Brontë H. Lacsamana 

Egypt’s ancient King Khufu’s Boat is moved from Giza pyramids to a new home

KING Khufu’s Solar Boat is displayed at a museum on the northern side of Khufu’s Great Pyramid, in Giza, Egypt, Aug. 31, 2016. — REUTERS/MOHAMED ABD EL GHANY

CAIRO — King Khufu’s Boat, an ancient vessel that is the oldest and largest wooden boat discovered in Egypt, has been painstakingly moved from its longstanding home next to the Giza pyramids to a nearby giant museum, officials said on Saturday.

The 4,600-year-old vessel, also known as the Solar Boat, was moved to the nearby Grand Egyptian Museum (GEM), due to be inaugurated later this year.

“The aim of the transportation project is to protect and preserve the biggest and oldest organic artifact made of wood in the history of humanity for the future generations,” the tourism and antiquities ministry said in a statement.

It took 48 hours to transport the cedarwood boat, which is 42 meters long and weighs 20 tons, to its new home. It arrived at the GEM in the early hours of Saturday, the ministry said.

The boat was transported as a single piece inside a metal cage carried on a remote-controlled vehicle imported especially for the operation, said Atef Moftah, supervisor general of the GEM project.

The vessel, discovered in 1954 at the southern corner of the Great Pyramid, has been exhibited for decades at a museum bearing its name at Giza Plateau.

Egypt says the Grand Egyptian Museum, which has been under construction intermittently for 17 years, will contain more than 100,000 artifacts when it opens. — Reuters