Israel finds COVID-19 vaccine booster significantly lowers infection risk

August 23, 2021 | 5:35 pm

JERUSALEM — A third dose of Pfizer’s COVID-19 vaccine has significantly improved protection from infection and serious illness among people aged 60 and older in Israel compared with those who received two shots, findings published by the Health Ministry showed on Sunday.

The data were presented at a meeting of a ministry panel of vaccination experts on Thursday and uploaded to its website on Sunday, though the full details of the study were not released.

The findings were on par with separate statistics reported last week by Israel’s Maccabi healthcare provider, one of several organizations administering booster shots to try to curb the Delta coronavirus variant.

Breaking down statistics from Israel’s Gertner Institute and KI Institute, ministry officials said that among people aged 60 and over, the protection against infection provided from 10 days after a third dose was four times higher than after two doses.

A third jab for over 60-year-olds offered five to six times greater protection after 10 days with regard to serious illness and hospitalization.

That age group is particularly vulnerable to COVID-19 and in Israel was the first to be inoculated when the vaccine drive began in late December.

In recent weeks, the health ministry has said immunity has diminished over time for seniors and younger people as well. Most vaccinated people who fell severely ill in Israel were over 60 and with underlying health conditions.

Israel started administering third jabs to over 60-year-olds on July 30. On Thursday it dropped the age of eligibility for a booster to 40, and included pregnant women, teachers and health care workers below that age. Third doses are given only to those who received their second shot at least five months ago.

The United States has announced plans to offer booster shots to all Americans, citing data showing diminishing protection. Canada, France and Germany have announced booster campaigns.

Fighting an outbreak of the Delta variant since June, Israel presently has one of the world’s highest infection rates per capita. Close to 1.5 million people out of the country’s 9.3 million population have taken a third jab. — Reuters

Adopt-a-community-pantry initiative launched

August 23, 2021 | 5:30 pm

1 of 3

Organizers of the country’s first community pantry launched its Adopt A Community Pantry Project (ACCP) today, Aug. 23, to sustain the spontaneous bayanihan effort that has grown into more than 6,700 pantries nationwide.

The movement has also partnered with De La Salle Brothers, Inc., and Ateneo de Manila’s Tanging Yaman Foundation to receive donations and provide official receipts and certificates of tax deduction for donors who require such.

Ana Patricia B. Non, organizer of the first community pantry in Quezon City’s Maginhawa Street, set up a kindness cart in April amid a surge in coronavirus infections to help people affected by the prolonged lockdowns. A cardboard sign in the cart bore the note “Give what you can, take what you need.”

“Minsan humihina din ang donations [Sometimes, donations taper off],” said Ms. Non at today’s event.

To institutionalize the assistance the pantries have been extending to the food insecure, the ACCP recommends getting in touch with a pantry of choice near one’s location, signing up to adopt a community pantry, or sending a message to communitypantryph@gmail.com for the Maginhawa Community Pantry to find a beneficiary pantry on the donor’s behalf.

It also recommends family, friends, village associations, or parishes to pool resources to commit to supporting a pantry for a period of time. In-kind donations of books, school supplies, hygiene essentials, are also welcome.

Those who need a receipt and a report on where and how their cash donations were used can go through:

Tanging Yaman Foundation, Inc.
Metrobank Peso Checking Account
Account number: #448-7-44800988-9
E-mail: slb@affiliate.ateneo.edu

De La Salle Brothers, Inc.
RCBC Greenhills Business Center
Account number: 7590-569081
E-mail: kadauno@delasalle.ph

All donors will remain anonymous.

“This is a compelling story of the Good Book, when 5,000 people in a desert were fed with two fish and five loaves,” said Bro. Armin A. Luistro, FSC, former president of De La Salle University who also served as Education Secretary. “It’s something that is beautiful in its smallness and inspiring in its greatness.” — Patricia B. Mirasol

China reports no new local COVID-19 cases for first time since July

August 23, 2021 | 4:53 pm

BEIJING — China’s health authority reported on Monday that there were no new locally transmitted cases of coronavirus disease 2019 (COVID-19) for the first time since July, offering more signs that the current outbreak which began late last month may be tapering off soon.

The latest outbreak was driven mainly by infections first detected on July 20 among a few airport workers in the eastern city of Nanjing who had been contracted to the highly transmissible Delta variant, first identified in India.

Since then, more than 1,200 people in China have been confirmed to be infected, though not all of them were cases of the Delta variant.

The outbreak has spurred local authorities across the country to impose tough counter-epidemic measures including mass testing for millions of people to identify and isolate carriers, as well as treat the infected.

No one has died in the current outbreak, which has largely focused on the cities of Nanjing and Yangzhou in the province of Jiangsu, near the financial hub of Shanghai.

Across China, new local cases fell to the single-digits last week, after peaking in early August.

But over the weekend, Shanghai placed hundreds of people under quarantine after infections were found in cargo workers at one of its two airports, sparking concerns of a fresh outbreak in the city.

Shanghai has reported no new local infections since then.

DOMESTIC FLIGHTS
China shares bounced back on Monday after last week’s sharp drop, as authorities reported no new local COVID-19 cases for the first time since July.

China has taken a zero-tolerance approach towards containing new infections, wary of the social and economic upheavals caused by the initial outbreak of COVID-19 early last year in the world’s most populous nation.

Including new infections detected among travelers arriving in mainland China, the National Health Commission reported on Monday a total of 21 new confirmed cases for Aug. 22, down from 32 a day earlier.

China reported 16 new asymptomatic coronavirus cases, which it does not classify as confirmed infections until they show signs of infection such as a fever. That is down from 19 a day earlier. The new asymptomatic cases were all imported.

Mainland China as of Aug. 22 has recorded 94,652 confirmed cases, with a death toll of 4,636, unchanged since late January.

The number of scheduled domestic flights for August has fallen 19.4% from a year earlier, according to global aviation data company Cirium, after the latest outbreak dented demand for travel and authorities allowed bookings to be cancelled free-of-charge.

Flights in and out of Nanjing and Yangzhou remained suspended as of Monday, although Nanjing said on Sunday that it no longer required people leaving the city by rail or by highway to show negative COVID-19 test results.

Flights in and out of Zhangjiajie, a tourist city in southern Hunan province that saw a cluster of infections linked to Nanjing, were also unavailable as of Monday. — Reuters

Taiwan’s president leads way in first domestic COVID-19 vaccine

August 23, 2021 | 3:46 pm

TAIPEI — President Tsai Ing-wen got vaccinated with Taiwan’s first domestically developed coronavirus disease 2019 (COVID-19) vaccine on Monday, giving her personal stamp of approval as the island begins rolling out the shot whose approval critics say has been rushed.

The health ministry last month approved the emergency use of Medigen Vaccine Biologics Corp’s COVID-19 vaccine, part of a broader plan for inoculation self-sufficiency as delays in vaccine deliveries from global drug companies have affected Taiwan and many other countries.

Ms. Tsai, who had held off using vaccines from Moderna Inc. or AstraZeneca Plc, the current mainstay of Taiwan’s vaccination program, received her Medigen shot at a hospital in central Taipei, demonstrating her confidence in the safety of the vaccine.

Ms. Tsai chatted to medical workers as they prepared her shot, the whole process being broadcast live on her Facebook page, and gave a short response of “no” to a shouted question from reporters about whether she was nervous.

“It doesn’t hurt, I’m in good spirits, and I’m going to continue working for the day,” she later wrote on Facebook.

The government says the initial experience of the pandemic last year, when basic supplies such as face masks were in short supply, made it realize they had to be able to rely on themselves for critical materials.

Medigen, whose Chinese name literally means “high-end,” rejects claims its vaccine is either unsafe or that it has been sent to market with undue haste, saying it is effective and well tested.

“We have done so many experiments, everyone has seen how safe our vaccine is. There are so few side effects, almost no fever and so on. So I think everyone can rest assured,” Medigen’s Chief Executive Officer Charles Chen told Reuters.

The recombinant protein vaccine has been developed in collaboration with the National Institutes of Health in the United States, and the government has ordered an initial five million doses. It says nobody will be forced to get it.

The vaccine has yet to finish clinical trials and no efficacy data is available, but the government says studies so far have shown that antibodies created by the shot have been “no worse than” those created by AstraZeneca’s vaccine.

Taiwan’s main opposition party, the Kuomintang, or KMT, has mounted a fierce campaign against the shot, with one of its former vice chairmen, Hau Lung-bin, filing a lawsuit to invalidate Medigen’s authorization, though a court rejected that last week.

The party says it supports domestic vaccines, but that Medigen’s approval has been rushed.

“There is no need for the lives and health of the Taiwanese people to serve as white rats in a laboratory,” Ho Chih-yung, deputy head of the KMT’s international department, told Reuters.

Around 40% of Taiwan’s 23.5 million people have received at least one shot of either of the two-dose AstraZeneca or Moderna vaccines, though fewer than 5% are fully vaccinated.

However, unlike some other parts of Asia, Taiwan faces no huge pressure to accelerate its vaccination drive, as it is recording only a handful of domestic infections a day.

Taiwan has received more than 10 million vaccine doses to date, and in July ordered a further 36 million doses of Moderna’s.

It has reported 15,932 infections since the pandemic began, including 828 deaths. — Fabian Hamacher/Reuters

Filipina doctor talks about the situation on the ground in Afghanistan

August 23, 2021 | 3:23 pm

Editing by Brontë H. Lacsamana. Footage courtesy of Doctors Without Borders (Médecins Sans Frontières or MSF).

By Patricia B. Mirasol

Filipina doctor Evangeline Cua talks about the situation on the ground in Kunduz, Afghanistan, where she is assigned with Doctors Without Borders (Médecins Sans Frontières or MSF).

“During the second day of the heavy fighting, a young man was brought in with a gunshot wound in the arm,” she narrated in a video recorded on Aug. 14. “An old man who turned out to be his father was crying in front of me.”

The family was sleeping when an airstrike happened. The man’s son died instantly, while the other took a bullet that hit an artery in his arm. A tourniquet applied by his father saved his life, said Dr. Cua. Both had to travel four hours to seek medical care.

“It really affected me. The old man was crying about his children, about losing his house and almost all they have,” she added. “This is representative of what is happening in Afghanistan. There might be worse things going on that the media does not know.”

MSF has four Filipinos — one doctor, two nurses, and one finance manager — in different projects around Afghanistan.

STRAY BULLETS
Dr. Cua wanted to be a surgeon from the age of 12, and knew early on that she wanted to work with MSF. She has been on more than 11 MSF assignments over the past five years. Prior to joining the organization’s international staff, Dr. Cua was assigned to a coastal town shortly after it was affected by super typhoon Haiyan.

As she put it, “MSF [is about] going to places where treatment is hard to access… I have something to offer. I can do more in these places.”

She is now stationed at the Kunduz Trauma Centre in Kurduz, a city in northern Afghanistan with a population of around 374,746. Construction of the new center started three years ago after it was bombed in 2015, and it is scheduled to open this week.

“We now accept accidental trauma patients too, like vehicular patients, aside from war-wounded patients,” she said. Since the Taliban seized control of the city on Aug. 8, the center has been receiving civilians who have been caught by stray bullets in a crossfire.

The 51-bed trauma center has an outpatient department, an intensive care unit, a female ward, two male wards, and an operating theater with eight surgeons.

“We are offering physiotherapy and laboratory services, as well as mental health services in the second phase of our operation,” she added.

MSF’s office space in the area was also transformed into a 25-bed trauma unit last month during the clashes between government forces and the Taliban.

JUST LIKE US
The Filipina surgeon expressed a mixture of excitement and fear over coming back to Afghanistan, the country where she was first assigned with MSF.

“I worked with a lot of really amazing people and I was excited to see and work with them again,” she said. “On the other hand, I also have my fears. If the context becomes unstable…, are we going to be evacuated from Kunduz safely? Will both parties of this war respect our neutrality?”

Kunduz has been quiet since the Taliban took over, Dr. Cua said. Like those who remain in the city, the MSF team stay inside their compound.

Dr. Cua said the Afghans are like any of us, and only want to live a peaceful life.

“They want to go to work in the morning and go home at night without fearing they might get shot going to or coming back from work,” she said. “The kids here are like kids in other parts of the world. They also want to go to school, they also just want to play.”

But unlike other kids, Afghan children live in perpetual danger. Two girls, ages nine and 10, were brought to the hospital when an explosive device they were playing with on the street detonated.

“One of the girls had an amputation; the other had severe injuries on her legs. It’s really heartbreaking,” Dr. Cua said. “Losing your leg at the age of nine is devastating, but that’s the reality.”

US recruits commercial airlines to help move Afghanistan evacuees

August 23, 2021 | 2:32 pm

Aircraft, Aircrafts, American Airlines, plane, planes, Livery, Exterior — AMERICAN AIRLINES

WASHINGTON — The United States has enlisted the help of six commercial airlines to help transport people after their evacuation from Afghanistan as Washington seeks to step up the pace of departures of Americans and at-risk Afghans from Kabul.

The Pentagon said on Sunday it called up 18 civilian aircraft from United Airlines, American Airlines, Delta Air, and others to carry people from temporary locations after they landed on flights from Afghanistan, leaning on the industry it last called on during the Iraq War in 2003.

The move highlights the difficulty Washington is having carrying out the evacuations following the Taliban’s swift takeover.

Thousands of people remained outside the Kabul international airport on Sunday hoping to be evacuated as Taliban gunmen beat back crowds.

“It’s a program that was designed in the wake of the Berlin airlift after World War Two to use commercial aircraft to augment our airlift capacity,” President Joseph R. Biden, Jr., said in an address from the White House on Sunday afternoon, adding that airlines voluntarily signed up for the program.

Mr. Biden said the flights would bring people from “staging locations” like Qatar and Germany to the United States or a third country. He called it the initial stage of the program.

“None of them will be landing in Kabul,” he said.

American Airlines, Atlas Air, Delta Air Lines, and privately held Omni Air will provide three aircraft each. There are also two from Hawaiian Airlines, and four from United Airlines.

American and Delta said they would start relief flights on Monday and, along with other carriers, welcomed the call to aid the US military amid the humanitarian crisis.

“American … is proud to fulfill its duty to help the US military scale this humanitarian and diplomatic rescue mission. The images from Afghanistan are heartbreaking,” it said in a statement.

Mr. Biden said the operation should have only a minimal effect on commercial flights.

Delta said its commercial operations were unaffected, while American said it “will work to minimize the impact to customers as the airline temporarily removes these aircraft from our operation.” United said it was still assessing the impact but expected it “to be minimal.”

Atlas Air said it would carry evacuees to the United States “and will be standing by should additional capacity be needed.”

‘CIVIL RESERVE AIR FLEET’
In the 12 hours up to 2 p.m. (1800 GMT) on Sunday, about 3,400 people were evacuated from Kabul on 39 coalition aircraft, including commercial airlines, and 1,700 others on eight US military flights, according to the White House. Altogether, about 30,300 people have been evacuated since Aug. 14, it added.

Bahrain’s national carrier, Gulf Air, operated a flight from Isa Air Base to Dulles International Airport outside Washington as part of the evacuation efforts, Bahrain’s government’s media office, NCC, said on Sunday.

The United States last utilized the “Civil Reserve Air Fleet” in the period leading up to and including the invasion of Iraq and prior to that, the 1991 Gulf War.

The limited number of aircraft is just one of the issues facing the evacuation from Afghanistan that has evacuees being sent to a dozen countries.

Officials have said they are also frustrated with slow processing by the Department of Homeland Security and State Department, and there is increasing concern about security in Kabul.

The United States and its allies have brought in several thousand troops to manage the evacuations of foreign citizens and vulnerable Afghans, but have stayed away from areas outside of the Kabul airport.

White House national security adviser Jake Sullivan told CNN the United States had “secured the capacity to get large numbers of Americans safe passage through the airport and onto the airfield” in Afghanistan, but gave no details.

Last week, the US military used three military helicopters to bring 169 Americans to the Kabul airport from a building just 650 feet (200 m) away. Officials say that type of operation is expected to continue.

Mr. Biden said he directed the State Department to contact Americans stranded in Afghanistan by phone, e-mail and other means and that the United States was “executing a plan” to move them to the Kabul airport.

“I will say again today what I’ve said before: Any American who wants to get home will get home,” Mr. Biden said. — Idrees Ali and Susan Heavey/Reuters

Myanmar military arrests more journalists

August 23, 2021 | 12:34 pm

MYANMAR-PROTESTS — FLOWERS hang during a nationwide flower campaign against the military coup in Yangon, Myanmar, April 2, 2021. — REUTERS

Myanmar’s military government has arrested two more local journalists, army-owned television reported on Saturday, the latest among dozens of detentions in a sweeping crackdown on the media since a Feb. 1 coup.

Sithu Aung Myint, a columnist for news site Frontier Myanmar and commentator with Voice of America radio, and Htet Htet Khine, a freelance producer for BBC Media Action, were arrested on Aug. 15, Myawaddy TV reported.

Sithu Aung Myint was charged with sedition and spreading false information that Myawaddy said was critical of the junta and had urged people to join strikes and back outlawed opposition groups.

Htet Htet Khine was accused of harboring Sithu Aung Myint, a criminal suspect, and working for and supporting a shadow National Unity Government.

BBC Media Action said in a statement it was concerned about Htet Htet Khine’s safety and the charges against her, and was closely monitoring the situation.

Reporters Without Borders (RSF) said the pair were being held incommunicado.

“We strongly condemn the arbitrary conditions of their detention, which reflect the brutality with which the military junta treats journalists,” said its Asia-Pacific desk head Daniel Bastard.

Myanmar remains fraught with instability and opposition to army rule, under which more than 1,000 people have been killed, according to an activist group that has tracked killings by security forces.

The military, which has revoked the licenses of many news outlets, says it respects the role of media but will not allow news reporting it deems false or likely to create public unrest.

A report by the Committee to Protect Journalists last month said Myanmar’s rulers had effectively criminalized independent journalism.

Human Rights Watch late last month said the army government had arrested 98 journalists since the coup and should stop prosecuting media staff. Of those arrested, 46 remained in custody as of the end of July. — Reuters

Career optimism high among Gen-Z students, survey says

August 23, 2021 | 12:20 pm

Career optimism, defined as the disposition to expect the best possible outcome of one’s future career development, was found to be high among Filipino Generation-Z college students, according to a survey presented at a webinar on Friday (Aug. 20) by the Far Eastern University Public Policy Center (FEU-PPC).

“From the [freshmen in] the 2020 cohort, many respondents seem to be optimistic about their careers despite the ongoing pandemic,” said Dr. Ma. Christina F. Epetia, assistant professor at the University of the Philippines School of Economics and author of the policy paper on Gen-Z’s career optimism. “Around 52.6% of males and 66.6% of females said they strongly agree on being eager to pursue career goals.”

Conducted in various schools and universities nationwide from 2014 to 2020, the College Experience Survey also focused on the factors that influence career optimism in Gen-Z college students, with the biggest factor being family and friends (70–73%). The next factor was school environment at 39% for both male and female respondents.

As for awareness and understanding of the labor market, Ms. Epetia reported that the results showed room for improvement: “Students are largely aware [of it], but more than 20% of female respondents strongly agree or agree to not understanding job market trends, with males even higher at around 30%.”

Recommendations based on the findings included improving the government’s reach of labor market information through academe and industry linkages and strengthening schools’ career and counseling services in light of current graduates being products of remote learning.

“The pandemic has further underscored the importance of career guidance services as many have lost their jobs and require assistance in identifying career options in the labor market, which has changed profoundly,” said Dr. Marivic V. Iriberri, director of student and development services at the Commission on Higher Education (CHED), citing the Organization for Economic Co-operation and Development (OECD)’s 2021 study on career readiness in the pandemic.

CHED’s ongoing joint initiatives with government agencies like the Departments of Transportation, Tourism, and Energy intend to centralize education and training in these areas.

Labor Assistant Secretary Dominique R. Tutay said that there will be continued improvements in the existing career guidance advocacy program that immerses parents and students in the realities of the labor market, as well as the distribution of career information pamphlets containing labor market information.

“Gen Z are digital natives, so they are suited to the labor market now. In fact, they are highly interactive and highly independent,” said Ms. Tutay, adding that they could thrive in the workforce given the proper guidance. — Brontë H. Lacsamana

[B-SIDE Podcast] The Siracusa Principles and protecting the unvaccinated from discrimination

August 23, 2021 | 10:24 am

Follow us on Spotify BusinessWorld B-Side

Wealthy countries have cornered the world’s vaccine supplies. As a result, the Philippines has, as of this writing, vaccinated only 10% to 12% of its population. To punish the unvaccinated by barring them from leaving their homes — when vaccine inequity has yet to be addressed — aggravates an already inequitable public health crisis.

In this B-Side episode, Commission on Human Rights Chairperson Jose Luis Martin “Chito” C. Gascon explains the Siracusa Principles — guidelines on the legitimacy, ethics, necessity, and proportionality of a state’s restrictions on human rights during an emergency — to BusinessWorld’s Alyssa Nicole O. Tan. “We cannot create a two-tier system where one class of people, vaccinated, are allowed every opportunity, while another set of people are denied certain rights,” he said.

TAKEAWAYS

Human dignity must be at the core of the state’s decisions and everyone must be treated with respect.

When dealing with human rights issues in the context of a pandemic, it’s important that core human rights principles are guaranteed — such as the affirmation of each person’s dignity, and the avoidance of coercive or violent means.

“The purpose is not to prevent the state from doing what it needs to do, but to confirm that the purpose for being of a state — which is to serve and protect its people — is constantly affirmed,” Mr. Gascon said.

Under the Siracusa Principles, the question of legitimacy, ethics, necessity and proportionality stand as guideposts that lead people towards proper decision-making and implementation. More than anything, the CHR chair underscored that “these principles need to be understood in the context we find them.”

Human rights are enjoyed in community with others.

On the question of individual rights versus community responsibility with regard to vaccination willingness, Mr. Gascon asks everyone to consider: “The exercise of my rights must be done in such a way that it does not cause harm or violate the rights of others.”

Each person has a responsibility to the community not only to protect themselves but others as well. This is why a spectrum of modalities must be examined to ensure that the measure undertaken will grant herd immunity, which is ultimately the supposed pledge of the state.

“It’s important that everyone has free, informed consent, as well as protection of their personal and physical integrity,” said Mr. Gascon, adding that positive means rather than coercive means must be adopted when informing the public of the safety and efficacy of the vaccines.

“I don’t think we are at that point where we should grab our syringes and start forcing this upon people,” he said, explaining that the focus should first remain in making vaccines readily available.

The unvaccinated are not second-class citizens.

Terms like “walking spreader” or “variant factories” have been used by government officials to refer to the unvaccinated, in the hopes of promoting vaccinations. While Mr. Gascon said that various health strategies to contain the virus should be pursued, “name calling or stigmatizing will not help.”

“It’s premature to make this distinction and use language that might further isolate the unvaccinated, reduce public trust or even increase vaccine hesitancy,” Mr. Gascon said.

The end goal is for everyone to freely and safely engage within the new normal.

Mr. Gascon said that while vaccine passports and cards have value, “it should not be to the extent that we then deny those who do not have the vaccines — for whatever reasons — the necessary services and opportunities that will make for a productive lifestyle.”

“We cannot create a two-tier system where one class of people, vaccinated, are allowed every opportunity, while another set of people are denied certain rights,” he said.

While no exclusion from services and opportunities will be placed, constraints must exist to protect the safety of the public, said the CHR chair. After deciding not to be vaccinated, even if they had every opportunity to be, they must take the responsibility to ensure this does not cause harm to others.

An unvaccinated individual may be required to take regular tests to prove that they are not infected, for example.

Recorded remotely on Aug. 13. Produced by Paolo L. Lopez and Sam L. Marcelo.

Follow us on Spotify BusinessWorld B-Side

Moving forward in a digitalized now normal

August 23, 2021 | 8:00 am

By Chelsey Keith P. Ignacio, Special Features Writer

Recent developments in the insurance industry manifest in the growing interest and innovation in its services. Since the coronavirus disease 2019 (COVID-19) crisis invoked doubts and disruptions, it underlines the worth of financial security among individuals and the need for the industry to adapt and further improve.

In the Philippines, specifically, the increasing awareness within the younger generations and the digitalization of insurance services signify how the industry moved forward amid the crisis.

Atty. Julio Bucoy, CFA, Cocolife’s Corporate Finance and Strategy Division senior vice-president

Atty. Julio Bucoy, CFA, SVP – Corporate Finance and Strategy Division at Cocolife, noted that the insurance penetration rate in the Philippines is very low, yet the pandemic can bring more awareness among the people about the role and importance of insurance.

“This experience has taught us that certain risks, no matter how unlikely, can occur at any time, so we need to be protected,” he told BusinessWorld in an interview.

Similarly, Atty. Alloysius Yebra, SVP – Risk Management and Compliance Division at Cocolife, noted that the pandemic stressed the value of “having a security or emergency fund to tap into in times of tragedy or unforeseeable negative events.”

As the purpose of insurance is being highlighted, Atty. Bucoy believed that this could serve as an advantage to the insurance industry in the new normal. And notably, according to Atty. Yebra, the pandemic has marked the beginning of the increase in the number of policyholders from the younger age groups.

“We expect the younger segments to start securing more insurance protection. For many Millennials and Gen Zs, this is the first crisis [they] experienced in their adult lives. Growing up, it was mostly in a booming economic environment. As mentioned earlier, [the pandemic] has highlighted the importance of managing risk and protecting the most important things,” Atty. Bucoy explained.

“In terms of preference, given the growth of the different products and the profile of these younger generations, we expect them to have a more bespoke approach in product selection,” he perceived.

The expansion of financial literacy and the readily available and transparent information could make it easier for the customers to know which insurance product they want to avail or what seems to be the best fit for their needs, he added.
This rising interest in knowing more about personalized insurance products is among the observations that Cocolife has taken note of and will pursue, Atty. Yebra said.

Towards digitalization
Atty. Yebra also noted that the personalization of insurance products, through the aggregation of preprocessed data and advanced analytics, is a potential service that will push to fruition with the support of digitalization.

Atty. Alloysius Yebra, Cocolife’s Risk Management and Compliance Division senior vice-president

“In the new normal, digitalization is rapidly becoming the standard,” he observed, adding that the digitalization of services has already begun in most insurance companies, and more companies would soon follow on this transition.

Like most industries, insurance adapted during the pandemic by doing business remotely. “While we believe that human interaction is still critical, the new practices have provided several alternatives in conducting the same,” Atty. Bucoy shared.

“New ways of doing business have opened up, and the utilization of technology has accelerated. We were fortunate to have taken such steps even before the pandemic, so our business disruption was limited,” he added.

“The insurance industry has adjusted rapidly to meet the needs of their clients over the past year and a half,” Atty. Yebra continued. “The negative externalities brought by the pandemic to both the income streams and the health of the clients have caused the insurance industry to further innovate and pursue client-centric practices, which we are seeing today through digitalization.”

Currently, he observed, the Philippine insurance industry focuses its efforts on digitalizing its services, including the emphasis on utilizing online platforms to market and sell its products.

“The industry is also exploring the streamlining of the underwriting process and claims through the use of data analytics. These innovations would likely cause a further increase in the number of individuals who would avail of insurance and also pave the way for personalized insurance policies, which we are already seeing in the global insurance market,” he added.

With this acceleration of digitalizing services, the insurance industry can bring convenience to clients, especially with heightened safety precautions due to the pandemic.

“Our Company is currently on the path of digitalization. We are looking towards a customer-centric strategy that will further client satisfaction and encourage others to pursue their own policies through our platform,” Atty. Yebra shared.

“Through digitalization, clients will have access to most, if not all, services that their respective insurers provide from the safety of their own homes. From inquiries and premium payments to claims and policy renewals, everything can be done online,” he noted.

“Digitalization will make transactions between the insurer and the insured easier and faster, resulting in an increase in client satisfaction and increase in the number of people who will be encouraged to obtain their own insurance policies due to convenience and ease of access,” he added.

Insurtech’s part
The rise of digitalization, moreover, will also set insurtech as the new standard.

“Insurtech can be seen as an attempt to optimize the current insurance industry model,” Atty. Yebra said. “This optimization is achieved through advanced analytics and results in the creation of personalized insurance policies.”

While insurtech, along with fintech, will play a significant role in moving the insurance industry forward, Atty. Bucoy noted, several challenges will be encountered along the way, including those concerning regulation.

“Most of our current laws and regulations were written when these technologies did not exist — it is like fitting a square peg in a round hole. Our regulatory framework must be updated to take these new technologies into consideration,” he said.

Atty. Bucoy also deemed that insurtech and fintech would surely help in making the processes more efficient. But an exclusive reliance on insurtech and fintech may make the situation impersonal for clients, especially for Filipinos who, in his observation, value personal relationships more than rote efficiency.

“We still believe that human interaction cannot be replaced,” he said. “The insurance business is built on trust.”

Expanding the reach of financial services

August 23, 2021 | 8:00 am

BW Insights Fintech 3 image — In photo during this session of BusinessWorld Insights Fintech series are (left to right, from top) moderator Arjay Balinbin of BusinessWorld; and panelists Rogie Niño, assistant vice president and head of business project management office at InLife; Lito Villanueva, chairman of FinTech Alliance Philippines; JF Darre, chief data officer and head of financial services of GCash; Kiranjit Singh, head of the Strategy3 division at Ipsos; Zayd Tolentino, chief technology officer of Singlife Philippines; Mar Lazaro, managing director and head of enterprise business and sales at PayMaya; and Rex Gatchalian, mayor of Valenzuela City.

Fintech expected to make services more accessible while pushing financial inclusion further

By Adrian Paul B. Conoza, Special Features Assistant Editor

As the coronavirus disease 2019 (COVID-19) pandemic further accelerated digitalization in various sectors, including banking and finance, financial technology (fintech) has been significantly shaping financial services in the new normal, as seen in the increased use of electronic wallets and online banking channels.

Beyond making transactions more convenient and efficient, fintech now plays a powerful role in realizing full financial inclusion in the country, as the panel in the final leg of a BusinessWorld Insights series themed “Meeting Transformed Consumer Needs through Fintech” recognized.

Lito Villanueva, chairman of FinTech Alliance Philippines, noted that the fintech industry has been facing and dealing with the challenge of getting more Filipinos banked, especially as the 2019 Financial Inclusion Survey of the Bangko Sentral ng Pilipinas (BSP) showed that the number of unbanked Filipino adults was estimated at 51.2 million, out of a total adult population of 72 million two years ago.

“[W]e have seen this as a welcome challenge for the fintech industry to address this, especially now that going digital became the lifeline of the ordinary Filipinos to survive during the pandemic,” Mr. Villanueva said during the forum last July 28.

Moreover, he noted that the central bank’s vision of a digitally and financially inclusive Philippines, enormous as it may seem, is nonetheless within the country’s reach, “especially with current fintech innovations and solutions being implemented nationwide.”

The BSP’s Digital Transformation Map 2020-2023 envisions expanding the financially included to 70% of Filipino adults.

The progress towards financial inclusion was shown by executives from other industry players in the panel.

Noting indications of continuing growth on its end, JF Darre, chief data officer and head of financial services of GCash, pointed out that over a third of its users have tapped on its financial services such as credit, savings, investment, and insurance that can be availed right from the GCash app.

He also noted the steady adoption of digital in terms of partnerships with local government units (LGUs), with over P16 billion worth of social amelioration disbursed to over two million Filipinos through partnerships with LGUs.

“Digital can be part of the solution. It’s a complementary kind of solution in helping [amid] the crisis,” Mr. Darre said, adding that GCash has always focused on making their products accessible and affordable.

Meanwhile, Mar Lazaro, managing director and head of enterprise business and sales at PayMaya, said that BSP, stakeholders, and partners are on track to achieving the financial inclusion target.

“Financial inclusion, for us, is not a competition,” he pointed out. “[It] is a national agenda.”

Mr. Lazaro noted that on PayMaya’s end users doubled in 18 months, with about 62% of new registrations accounted outside Metro Manila and growth coming from the Baby Boomer and Gen X demographics. He also noted that the e-wallet provider makes sure that no one gets left behind by this shift to digital as it serves consumers without a smartphone through PayMaya’s network of over 45,000 Smart Padala agent touchpoints.

As the financial inclusion push moves forward, Mr. Lazaro sees digital hubs within the communities to take a key role.

“Beyond remittance, community hubs such as sari-sari stores serve as bridges to the digital world. Soon, they will be digital agents for banks, e-commerce, and so on, and we’ll see that happening in the next coming months,” he said.

Technology enabling synergy

The panel agreed on the important role fintech plays, especially in terms of kickstarting synergy among industry players and other stakeholders.

“We recognize the importance of fintech in enriching our customer experience and promoting seamless, frictionless banking for all 24/7,” Mr. Villanueva of Fintech Alliance said, adding that technology is much needed to accommodate an increased demand driven by more people migrating to digital.

“Because of this, we believe that technology can help promote synergy amongst all players in the industry,” he pointed out.

Such synergy was evidenced among insurers, whose representatives in the panel shared their recent initiatives in making their products more accessible through fintech partners and other channels.

Zayd Tolentino, chief technology officer of Singlife Philippines, shared that technology helps address the gap between the insured and the uninsured, who are “composed of mainly middle-income families in search of protection products that fit their financial needs and can be easily adjusted when their needs change.”

Yet, Mr. Tolentino added, insurance technology (insurtech) cannot exist without fintech. “You need both technologies working together to disrupt the life insurance industry and deliver protection products that are truly digital.”

Rogie Niño, assistant vice president and head of business project management office at Insular Life (InLife), considers insurtech as an extension of fintech, particularly an application that heavily touches consumer convenience and experience from the creation and distribution of insurance products to the administration of the insurance business.

Mr. Niño further highlighted that InLife partnered with platforms such as Maria Health and Lazada to make their services more available to consumers. “There are upcoming fintech partnerships that InLife is currently working on — the likes of GLife, Kwik.insure, [and] City Savings, to name a few — which depicts that we’re an active player in this digital ecosystem,” he added.

Mr. Tolentino, on the other hand, pointed out its use of blockchain technology, Application Programming Interface-driven approach, and cloud to make life insurance “totally mobile-first”. He added that their firm built a plug-and-play solution that only needs to connect to the partner’s Know Your Customer (KYC) data and payment platform.

“This plug-and-play solution, or what we call our microservices portal, houses all our protection products and can be integrated into the front end of any digital platform,” he explained. “This cohabitation setup allows a seamless user flow between two platforms without having to switch screens.”

“For any incoming partner, we simply create a partner node and embed our portal within their app so they can offer our products to their customers,” he added.

Meaningful inclusion

Aside from showing how far stakeholders have reached towards financial inclusion, the forum further delved into what remains to be done to meet such goal.

Rex Gatchalian, mayor of Valenzuela City, pointed out the importance of building an enabling environment for fintech to thrive, which government — particularly LGUs — should initiate.

“Before we become inclusive, government and LGUs must be able to provide that platform,” he said, pointing out that this “multidimensional issue” can be addressed by ramping up the national ID system or PhilSys and building up the country’s digital infrastructure. The latter, he stressed, heavily depends on internet service providers (ISPs).

“ISPs really have to shape up…It’s more of a private sector initiative in fixing infrastructure,” Mr. Gatchalian said.

Kiranjit Singh, head of the Strategy3 division at market research firm Ipsos, said that financial inclusion must be meaningful.

“We should have meaningful financial inclusion [that goes] beyond just transactions [and enables] the ability of Filipinos to utilize certain several financial tools for their personal growth [and the] growth of their business,” he said.

Mr. Singh added that digital inclusion cannot be the only solution for financial conclusion in the Philippine context. “You still need to have the basic, traditional, physical means of getting more Filipinos to become more financially inclusive,” he said.

Also, Mr. Singh noted that “financial inclusiveness is one of the greatest enablers for a rising middle class”, and this fact should direct current and future policies that will enable fintech.

“Fintech is the actually best leveler in terms of getting more people to be financially inclusive,” he emphasized.

Financial literacy

The discussion also touched on the need to cultivate financial literacy among Filipinos.

Mr. Villanueva notes the finding in BSP’s 2019 survey that the reasons cited by 88% of mobile phone users who don’t use their phones to perform financial transactions were the lack of awareness, lack of trust, and lack of mobile signal, as well preference in physical transactions.

“To help improve this scenario, a responsive grassroots program on financial education and digital literacy must be launched,” he said, noting that the Rural Financial Inclusion and Literacy Bill and the Use of Digital Payments Bill, both pending in Congress, will deepen roots of financial education and inclusion if they push through.

Moreover, he recommends the integration of lessons on digital finance and fintech in the basic education curriculum; effective strategic communications through the use of alternative and digital media; and the maximization of social media reach and platforms to cultivate financial awareness and literacy and so shape the behavior of Filipinos towards a positive attitude with fintech and financial services

Mr. Singh of Ipsos, meanwhile, noted the need to educate consumers on the dos and don’ts of managing accounts and sharing sensitive data.

“Across Southeast Asia, we’re seeing right now the rise of scams or mule accounts. The new generation of financially inclusive [people must] know what they should and should not share with strangers,” he said.

This session of BusinessWorld Insights was presented by Tata Consultancy Services, GCash, and Singlife Philippines, with the support of Globe, InLife, and PayMaya.

Cocolife mobile app to simplify access to financial solutions

August 23, 2021 | 8:00 am

Security and peace of mind are things often taken for granted. Only during uncertain times such as these do they reveal their true value, which is part of the reason why the life insurance sector has remained robust despite a nationwide recession in 2020.

In fact, based on data submitted by 31 life insurance companies, the Insurance Commission found that variable life insurance premiums last year reached P183.24 billion, 7.7% up from P170.13 billion in 2019. Single premiums and renewal premiums meanwhile rose by 19.72% and 13.58%.

To reach more people with quality life insurance and ease the burden of the pandemic, Cocolife, the biggest Filipino-owned stock life insurance company and the first ISO-certified Filipino life insurance company, is stepping up its digital efforts — starting off with a new mobile app.

Melanio De Vicente, Jr., Cocolife’s Digital Sales Department AVP

Melanio De Vicente, Jr., AVP Digital Sales Department at Cocolife, told BusinessWorld that their new app serves as the starting point for its direction towards digitalization.

“We at Cocolife, under the leadership of our President and CEO, Atty. Martin Loon, are constantly thinking of ways to positively affect the lives of our customers and fellow Filipinos. Digitalization has been part of Atty. Loon’s vision from the very beginning, and it is his firm direction that guided us to make sure that we serve our customers well,” Mr. De Vicente shared.

David Padin, Cocolife’s head of Corporate Strategy, added that the current pandemic created a fertile ground for industry incumbents and disruptors to provide solutions to gaps in how the industry has operated for the past decades.

David Padin, Cocolife’s Corporate Strategy head

“The limited mobility brought about by the pandemic further fast-tracked the need to provide solutions that will enable on-demand product and service delivery to our clients through digital means,” Mr. Padin said.

“On-demand digital service is an increasing trend even before the pandemic and since a mobile first strategy is currently the best way to provide the best possible customer journey, we decided to create our own app,” Mr. De Vicente added.

The new mobile app will include key features that will make it easy for old and new customers alike to avail of any of Cocolife’s quality life insurance products, settle and reallocate funds and investments, or manage their accounts via 24/7 access to policy details and information.

Mr. De Vicente also added that a digital claims feature will be added soon to streamline the experience of filing for benefits with access to chat facilities or live help for any of their customer service concerns.

Cocolife customers will have complete control of their own profiles and product portfolios within the app, as it was designed to provide all possible options for maximum ease of use. Profile creation within the app will be made easy with Facebook and Google credentials integration. Analytics and dashboard reporting will also be used to receive customer feedback that should be key to continuously improve this service that was created specifically for clients. For the Company’s loyalty program, members can have a convenient, digital platform to view the points and benefits tied to their account. Other customer centric digitalization projects are still being discussed and outlined.

The mobile app is set to launch early 2022, to be made available for all Android and Apple smartphone users.

“Our ambitious goal is for our app to be the end-to-end digital solution that will provide the best possible customer journey for all consumers,” Mr. De Vicente said.

As this new app kickstarts Cocolife’s digital efforts, Mr. Padin added, more innovations are in store. “We will also soon be launching the first phase of our digital solutions for our healthcare business that would support mobile requests for physician and hospital consultations and location-specific identification of nearby accredited doctors, clinics, and hospitals,” he said.

Find out more about Cocolife’s products and services by visiting www.cocolife.com.