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SFO offers free COVID-19 jabs to passengers of any nationality

Image via Håkan Dahlström/CC BY 2.0/Wikimedia Commons

Passengers arriving at and departing from San Francisco International Airport (SFO) can get a free jab of the single-dose Janssen (Johnson & Johnson) coronavirus disease 2019 (COVID-19) vaccine, as part of the airport’s vaccination program. 

“All individuals 18 years of age and older, including arriving and departing passengers of any nationality or country of residence, are welcome!” said the SFO website. 

Qualified individuals can get the vaccine at the SFO Medical Clinic, Monday to Friday, 8 a.m. to 5 p.m.   

According to the SFO website, eligible passengers must be at least 18 years of age and older and have no previous history of receiving the COVID-19 vaccine by a different manufacturer. Passengers who have received any monoclonal antibodies or convalescent plasma to treat COVID-19 are also advised to wait at least 90 days before getting the vaccine to avoid interfering with previous treatments. Those severely or immediately allergic to any ingredient of the vaccine are likewise strongly advised not to receive their shots to avoid complications.   

More information is available at www.flysfo.com/travel-well/vaccination-site-sfo or www.flysfo.com/ph/pagpapabakuna.  Walk-ins will be accepted on a first come, first-served basis. 

Procter & Gamble Philippines: A force for good, a force for growth

IATF-EID accepts P&G hygiene product donations with representatives from the League of Municipalities of the Philippines Hon. Mayor Valentino Patron of Batangas, Hon. Mayor Frederick Vida of Cavite, Hon. Mayor Edgar Ramos of Laguna, Hon. Mayor Ramon Preza of Quezon, Hon. Mayor Ceasar Ynares of Rizal, President of League of Municipalities of the Philippines Chavit Singson, Cabinet Secretary and IATF Co-Chairperson Karlo Nograles, and P&G Philippines’ Country Government Relations Head Atty. Mimi Malvar.

During times of darkness does light shine the brightest. The bayanihan spirit during the COVID-19 pandemic has given rise to countless volunteer groups, support campaigns for healthcare workers on the frontlines, and even community pantries to support the most vulnerable. Organizations like the World Bank pledged support for local economic development and maintain its focus on vulnerable and marginalized groups, including indigenous peoples and women.

The pandemic also saw massive collaborations between the public and private sector. Numerous companies from the private sector are working hand in hand with the government to aid communities most affected by the pandemic and implement the vaccination program, as with the Taskforce T3 public-private sector pandemic partnership.

P&G donates medical grade face masks to city of Manila

As a company relied on by many Filipinos for their health and hygiene needs, Procter & Gamble Philippines knows the significance of the role it plays in helping the country amid the crisis. The company behind trusted names like Safeguard, Ariel, and Head & Shoulders, is doing its part to support Filipinos during the crisis, especially those in the frontlines of the pandemic.

“Big companies play a pivotal role during crises because they are usually in a better position to weather crises, lead positive action and step up to be a force for good. We have business resources and technical expertise to help our countrymen and the country. It makes it possible that even in a crisis, companies like ours can care for our employees, be partners with the government, and serve our consumers,” P&G Philippines President and General Manager Raffy Fajardo said in an interview.

A purpose focused on people

Even as millions of Filipinos were directly affected by COVID-19, millions more were vulnerable and left without an income due to the economic impact of the consequent community quarantines. As a top multinational employer, P&G recognizes its responsibility over the welfare of the Filipinos it employs.

This is why P&G ensured job security and employment at the onset of the pandemic, keeping its employees at full pay while continuing to hire over 500 people in last year. For P&G, their people will always be their #1 priority.

Taking care of its people also allows P&G to keep sight of their mission during the crisis: continuing to serve the needs of consumers and improving Filipinos’ daily lives through its brands and the benefits they provide.

“Antibacterial soap is a basic daily health and hygiene essential, but more so over the past year. When Safeguard demand surged unexpectedly at the onset of the ECQ, we worked very hard to provide this basic essential as quickly as possible because handwashing with soap is the easiest and cheapest habit anyone can do to prevent getting sick,” said Mr. Fajardo.

Recognizing the criticality of providing quality hygiene products to keep families and communities safe, P&G not only made sure their products were available for its everyday consumers but also donated thousands of hygiene kits to government agencies like the Department of Health, Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF), Philippine National Police and the Metropolitan Manila Development Authority, as well as local government units in NCR and Cabuyao, and organizations like the Philippine Red Cross. It was also the biggest private company partner of the DoH for the nationwide prevention campaign “BIDA Solusyon sa COVID-19.” P&G lent its manufacturing, marketing and advertising expertise and resources to produce educational materials. It also constructed 30 handwashing stations in public spaces and areas around Metro Manila with Manila Water Foundation under its #SafeWash movement.

“Especially during disasters and challenging times such as this COVID-19 pandemic, our brands are uniquely positioned to help provide the comforts of home, health, and hygiene. We are committed to understand what our consumers and communities need, the barriers they have, and to provide innovative solutions for them,” Mr. Fajardo said.

Supporting Filipinos through the pandemic and beyond

Right at the onset, when the country was still caught unaware by the pandemic, P&G had seen to the support of Filipino healthcare workers. Even before the IATF required face masks in public, the company dedicated its manufacturing technical expertise to repurpose its plant to produce medical-grade face masks for healthcare workers on the frontlines.

This gave P&G enough equipment to safeguard its employees and ensure their safety while they continued to serve essential health and hygiene products for the country. Since then, the company has donated around three million face masks to the government and organization partners.

This June, P&G is continuing its support of frontliners through the second wave of major contributions. This Force for Good effort will support hospital frontliners against COVID-19 in hospitals like the Philippine General Hospital (PGH), Dr. Jose Rizal Memorial Hospital, East Avenue Medical Center, Lung Center of the Philippines, and hospitals in Cabuyao.

On top of hygiene products like Safeguard soaps, Vicks First Defence, haircare and laundry brands, PPEs, and face masks for frontliner use, P&G is donating funds to support the construction of urgently needed decontamination showers and the COVID-19 interim ER sewer ejection system of the PGH.

Vicks’ newest innovation that helps to stop a cold by trapping and inactivating cold virus, donated to hospitals to help protect frontliners and staff

The company will also support the efforts of the Philippine Red Cross in their Emergency Field Hospital in Lung Center and will send community pantry care packs and hygiene kits to World Vision Philippines.

P&G Philippines President and General Manager Raffy Fajardo turning over thousands of P&G face masks and hygiene kits with Head & Shoulders and Safeguard to PNP Chief Police General Guillermo Eleazar

“We are one with the country in not just fighting COVID but in recovering even after it. We do this by continuously investing in and supporting people, the economy, and the country in the good times, but most especially during the bad so we can weather the crisis together. This is how P&G is stepping up to be a Force for Good and a Force for Growth,” Mr. Fajardo added.

P&G has procured and committed vaccines for all their employees and dependents who choose to get vaccinated and will continue its capital investments with the construction and expansion of P&G’s distribution center even in the challenging landscape.

These unprecedented level of investments for their corporate citizenship programs is “the right thing to do” for P&G.

“Doing good uplifts communities and the country. It creates a cycle of good and growth where everybody — our employees, consumers, the country, and our business — thrives,” Mr. Fajardo concluded

Leisure & Resorts World Corporation sets schedule of its stockholders’ meeting on July 30

Are Chinese COVID-19 shots effective against the Delta variant?

BEIJING – Many countries from China to Indonesia and Brazil rely heavily on Chinese vaccines to inoculate their people against COVID-19, but there are growing concerns about whether they provide enough protection against the Delta variant, first identified in India.

Below are views from China’s health experts about the effectiveness of home-grown vaccines against the Delta, which is becoming the globally dominant variant, and virus preventive measures China is taking.

DO CHINESE VACCINES WORK AGAINST DELTA?

China has not provided vaccine effectiveness results against the variant based on large-scale data in clinical trials or real-world use, nor offered detailed information from lab tests, but Chinese experts are urging people to get inoculated as soon as possible.

The lack of detailed data on the Chinese vaccines against the Delta has hobbled any meaningful peer reviews by foreign experts.

Researchers found that Chinese vaccines are somewhat effective in reducing the risk of symptomatic and severe cases caused by Delta, Zhong Nanshan, a epidemiologist who helped shape China’s COVID-19 response, told reporters.

It is based on analysis of infections in Guangzhou city, and Zhong told Reuters the results are preliminary and the sample size is small.

Sinovac spokesman Liu Peicheng told Reuters preliminary results based on blood samples from those vaccinated with its shot showed a three-fold reduction in neutralizing effect against the Delta.

He said a booster shot following the two dose-based regimen could quickly elicit stronger and more durable antibody reaction against the Delta. However, he didn’t provide detailed data.

Antibodies triggered by two Chinese vaccines are less effective against the Delta compared with other variants, Feng Zijian, former deputy director at the Chinese Center for Disease Control and Prevention, told state media last week.

Feng did not provide details including the name of the two vaccines.

The shots could still offer protection, since none of those vaccinated in southern Guangdong province, where China’s first cases of the Delta variant were found, developed severe symptoms. All severe cases are from unvaccinated people.

Jin Dong-Yan, a virologist at the University of Hong Kong, said Feng’s comment alone is not enough to back up the claim that Chinese vaccines are effective against severe cases, as more data is needed.

Indonesia, which has reported record daily cases recently due to a surge in the Delta variant, saw hundreds of medical workers infected by the COVID-19 despite being vaccinated with Sinovac’s shot, officials said earlier this month.

It was not immediately clear, however, if the Indonesian medical workers were infected by the Delta variant.

HOW DO THEY COMPARE WITH WESTERN SHOTS?

A study by Public Health England (PHE) found in May the Pfizer-BioNTech vaccine was 88% effective against symptomatic disease from the Delta two weeks after the second dose.

That compared with 93% effectiveness against the Alpha variant, first identified in Britain.

Two doses of the AstraZeneca vaccine were 60% effective against symptomatic disease from the Delta compared with 66% effectiveness against the Alpha, PHE said.

There is no substantial data showing how protective Johnson & Johnson’s single-dose COVID-19 vaccine is, and U.S. infectious disease experts are weighing the need for booster shots using mRNA vaccines.

HOW SEVERE WAS THE GUANGDONG OUTBREAK?

Guangdong, China’s major manufacturing and export hub, became the country’s biggest cluster of Delta cases since reporting its first locally transmitted Delta variant infection in May.

The Delta infections included 146 cases in Guangdong’s capital Guangzhou and several cases from the southern tech hub of Shenzhen and nearby Dongguan city.

No new domestic transmissions of any variant have been reported in the province from June 22.

WHAT CHINA HAS DONE?

Guangdong, which has 126 million people, has fast-tracked its vaccination effort since the outbreak. It had administered just 39.15 million doses as of May 19, but the number shot up to 101.12 million by June 20.

Guangzhou, Shenzhen and Dongguan quickly sealed off neighborhoods where those who were infected and their contacts visited and launched multiple rounds of mass testing, following the protocols observed during previous outbreaks.

The cities also required those travelling out of the province to show proof of negative COVID-19 test results.

Zhong, the epidemiologist, said that without effective control measures 7.3 million people in Guangzhou city would have been infected in the first 20 to 30 days after the initial case. — Reuters

Meralco signed a memorandum with DILG, PNP, and BFP

he MOU between Meralco, DILG, PNP, and BFP aims to address public concerns that impact Meralco's services and customers, including the slow relocation of poles

Rome wasn’t built in a day—neither was it built alone.

In a way, this is what the most recent Memorandum of Understanding (MOU) between Meralco, the Department of the Interior and Local Government (DILG), the Philippine National Police (PNP), and the Bureau of Fire Protection (BFP) is all about. By pledging to work together for the public good and institutionalizing their work process, these entities hope to resolve common public concerns that affect Meralco’s services, and ultimately, its customers:

1. Illegal connections which include services of some government and public structures

2. Delay in the issuance of permits that affect our access to uninterrupted and reliable electricity

3. Slow relocation of poles that need to be transferred because of government infrastructure projects

Behind all these are a complicated knot of issues—leadership changes, coordination among these entities and even with other government agencies, legal or right-of-way issues, and other sensitivities.

The MOU aims to unravel most of these knots to get the electricity flowing and the lights on faster.

But how does this MOU affect you? Why should you care?

The power company has been working on getting rid of illegal connections, which cause fires and encourage profiteering.

Well, for starters, it’ll help Meralco double down on the illegal connections and intensify the energization of government or public structures. Aside from being potential fire hazards, these illegal connections encourage illegal activities, undermining the government’s strong thrust to stop criminality.

Meralco needs strong government support to act on these issues, as the law states that the utility company needs to catch these thieves red-handed, with police personnel present during the apprehension. With the help of DILG, together with PNP and BFP, Meralco can now implement more initiatives to apprehend both: those who allow illegal connections to their own meters, as well as those who bypass the meters by connecting straight to the power line.

The MOU therefore minimizes not just the risk of fires, but also system loss, which affects our electricity rates.

You can also expect DILG to push for a more efficient processing of the Certificate of Final Electrical Inspection (CFEI), which, more often than not, is a cause of delay in the energization of electric services. The partnership with DILG will encourage LGUs to grant these permits faster with fees that are more consistent across the board.

With the help of the DILG, Meralco will be able to prioritize and fast-track pole relocation projects.

We often hear complaints about Meralco poles not being relocated as roads are widened, with photos of poles left in the middle of streets making the rounds on social media. But there are times when Meralco is literally caught in the middle—even when trucks and teams are ready to relocate those poles, they’re prevented from doing so because of delays in receiving the necessary permits.

Moving forward, the DILG will assist to ensure the swift issuance of permits and to help secure rights-of-way from concerned LGUs. This will aid in prioritizing the relocation of Meralco’s electric poles that are in the path of urgent government infrastructure, road widening, and real estate development projects. The parties will also try to address recurring issues related to permits, taking into account the Ease of Doing Business Law, which aims to streamline the current systems and procedures of government services.

Future-proof

Despite differences in policies and operations, there’s no reason that the private and public sector can’t work together for the common good. Through this new partnership, Meralco is determined to tackle the concerns of its customers and the general public head-on, by working closely with relevant agencies from the public sector.

What’s significant is that the MOU puts on paper the agreement, so that even with changes in leadership in any of the entities, we can expect that the coordination will continue for expedient public service.

To further strengthen the collaboration between the agencies, an Executive Committee (EXECOM), co-chaired by both Meralco and the DILG, has been formed. Meralco assigned specific people to lead the coordination: Atty. Oscar P. Moreno, Jr. and Engr. Sante C. Buella. They are joined by DILG Undersecretary for Public Safety Nestor F. Quinsay, Jr. who serves as co-chair, PNP Director for Operations Major General Alfred Corpus, and BFP Chief Director Jose S. Embang, Jr. The LGUs, as well as other relevant government agencies, can count on them for immediate response to concerns such as fires, emergencies, and power outages.

No idle hands here

This isn’t just an initiative that looks good on paper. Meralco and the above-mentioned government agencies have identified four pillars that the MOU will focus on, namely public order and safety, regulatory compliance and legal matters, strategic operations and communications, and corporate social responsibility.

Each of these pillars is designed to have a dedicated committee and technical working groups. The goal of each committee is to pass a set of guidelines that will be used to implement key programs that are in the interest of the public.

The MOU was signed on December 21, 2020, by Meralco’s Chief Legal Counsel, Atty. William S. Pamintuan, and Chief Commercial Officer, Engr. Ferdinand O. Geluz, as well as DILG Secretary Eduardo M. Año, PNP Chief Debold M. Sinas, and BFP Chief Jose S. Embang, Jr.

To learn more on Meralco partnerships, call 16210 or email us at corporatepartners@meralco.com.ph. Join Meralco Corporate Partners on Viber.

Duterte threatens to block Pacquiao bid for presidency next year

EMMANUEL D. PACQUIAO — HENZBERG AUSTRIA/SENATE PRIB

PRESIDENT Rodrigo R. Duterte on Monday night said he would campaign against boxing champion and Senator Emmanuel “Manny” D. Pacquiao if he fails to identify corrupt government officials.

“I’m challenging him, tell me which offices have corruption and I will take care of it,” he said in in a televised speech in mixed English and Filipino. “I will do something within a week.”

“If you will fail to do that, I will campaign against you, because you are not doing your duty,” he told Mr. Pacquiao.

The boxing legend, who had criticized the President’s stance on the country’s sea dispute with China, said state corruption is rampant. Graft is the main cause of poverty in the Philippines, he told the ABS-CBN News Channel.

Mr. Pacquiao, who serves as acting president of the ruling political party headed by Mr. Duterte, is believed to be seeking the presidency at next year’s elections.

The President said the senator should not think that he could solve graft once he becomes President.

“All these years you’ve said nothing but heaped praises for me,” Mr. Duterte said. “Now you say there’s corruption.”

The Philippines slipped two spots in a global corruption index released by Transparency International in January. Widespread corruption has weakened many countries’ response to the coronavirus pandemic, it said.

Efforts to control corruption in the Philippines has appeared mostly stagnant since 2012, the watchdog said.

“I accept President Duterte’s challenge,” Mr. Pacquiao said in a statement in Filipino on Tuesday. “Thank you for giving us the chance to help you by giving you information in the campaign against corruption.”

Mr. Pacquiao said the President himself had said in October that corruption in government was getting worse.

“In his own words, he said: ‘I will concentrate the last remaining years of my term fighting corruption because up to now, it’s not easing but rather increasing,’” the boxing champion said.

“For give me my beloved President, but I’m not a liar,” he said, adding that he is not corrupt.

He cited anomlies in the government’s purchase of rapid test kits, masks and other materials amid a coronavirus pandemic.

He asked the Health department to give a complete accounting of these expenditures. “Where did the money that we borrowed for the pandemic go? Sadly, we are arguing about issues of corruption. What the country needs are leaders who will help each other against it.”

“I think it’s rather obvious that the relationship between the President and Senator Pacquiao is not as cordial as it was,” presidential spokesman Herminio L. Roque, Jr. told a televised news briefing on Tuesday.

He said Mr. Duterte had not made up his mind whether to endorse Mr. Pacquiao for President next year.

“It seems Pacquiao is ready to break off with the President and is now dead set on running,” campaign strategist Gerardo Eusebio said in a Viber message. “Not hard to believe because we know he has the money.”

“From today until October, we will see a lot of realignments and shifting alliances,” he added.

Philippines to launch dollar bond issue

REUTERS
A U.S. five dollar note is seen in this illustration photo June 1, 2017. — REUTERS/THOMAS WHITE/ILLUSTRATION/FILE PHOTO

THE PHILIPPINES returned to the global bond market for a third time this year with its dual-tranche offering of US dollar-denominated bonds on Monday, a top official said.

National Treasurer Rosalia V. de Leon told reporters the Philippines will be offering dollar bonds with tenors of 10.5 years and 25 years at benchmark sizes, or around $500 million for each tenor.

Documents showed the initial price guidance is set around the level of Treasuries plus 90 basis points and 3.55% for the 10.5-year and 25-year bonds, Reuters reported.

Bank of China, Deutsche Bank, Goldman Sachs, Morgan Stanley, MUFG, Standard Chartered and UBS have been tapped as joint bookrunners.

S&P Global Ratings said it assigned a “BBB+” long-term foreign currency rating to the proposed US dollar senior unsecured notes to be issued by the Philippines.

According to Bloomberg, Fitch Ratings gave a BBB (stable) rating for the issuance, while Moody’s Investors Service assigned it with a Baa2 (stable) rating.

Ms. De Leon said proceeds from the latest global bond sale will fund the national budget.

The 10.5-year notes will mature on Jan. 6, 2032, while the 25-year bonds will mature on July 6, 2046.

The Philippines is planning to raise a total of $7 billion (P340.5 billion) from the international debt market this year, Ms. De Leon said.

The government raised $500 million from a yen-denominated Samurai bond issue in March, and sold $2.5 billion worth of euro-denominated notes in April.

Finance Secretary Carlos G. Dominguez III said in April that the Philippines aims to sell dollar bonds before interest rates rise this year.

Last year, the country tapped the US global bond market twice: raising $2.75 billion in its dual-tranche offering in December and another $2.35 billion in April.

The government wants to borrow P3 trillion from local and foreign sources this year to fund its budget deficit seen to widen to 9.3% of gross domestic product.

The government is ramping up the implementation of infrastructure projects and purchasing more coronavirus vaccines this year.

The economic team set an 85:15 borrowing mix for the year in favor of domestic sources to minimize risks from foreign exchange volatility and other external developments.

The government set a 6-7% growth target for the Philippine economy this year, lower than initially expected but still better than the record 9.6% contraction in 2020. — B.M.Laforga and Reuters

Diokno sees PHL exit from FATF’s ‘gray list’ in less than two years

THE CENTRAL BANK chief is hopeful the Philippines will be removed from the Financial Action Task Force’s (FATF) “gray list” in less than two years, once the government shows it can effectively implement the tighter laws against money laundering and terrorism financing.

“The Philippines will be delisted from ‘gray list’ upon successful completion of all action plans — hopefully on or before January 2023,” Bangko Sentral ng Pilipinas Governor (BSP) and Anti-Money Laundering Council (AMLC) Chairman Benjamin E. Diokno said in a Viber message to reporters on Monday.

The FATF on Friday added the Philippines to its gray list or list of countries with strategic deficiencies in its anti-money laundering/counter-terrorism financing (AML/CTF) framework, which means it will be subjected to increased monitoring.

“This means we as a country made commitments to correct deficiencies within a particular timeframe. Hence, it is under increased monitoring,” Finance Secretary Carlos G. Dominguez III said in a Viber message to reporters.

Mr. Diokno said the Philippines needs time to show the effectiveness of recent laws against money laundering and counter-terrorism financing.

Republic Act 11479 or the controversial Anti-Terror Act of 2020, which laid out tougher measures against terrorism financing, took effect last year.

Republic Act 11521 which further strengthened the Anti-Money Laundering Act of 2001 was signed into law by President Rodrigo R. Duterte on Jan. 29. The FATF had given the Philippines until Feb. 1 to show tangible progress that it has imposed tighter AML/CTF measures.

Mr. Diokno said the National Anti-Money Laundering/Combating the Financing of Terrorism Committee will be actively working to ensure the Philippines will exit the FATF’s gray list by addressing the remaining action plans.

“We remain strongly committed to swiftly resolve the remaining strategic deficiencies (18 from the original 70) within agreed timeframes. In any case, there is no sanction for being a ‘jurisdiction under increased monitoring,’” Mr. Diokno said.

The Philippines is expected to work on 18 remaining action plans that were flagged out of 70 in the 2018 Mutual Evaluation Report, which identified gaps in its AML/CTF regime. — Luz Wendy T. Noble

Aquino could still be kingmaker even after death

People leave flowers near the residence of the late former President Benigno S.C. Aquino III in West Triangle, Quezon City, a day after his funeral, June 27. — PHILIPPINE STAR/ MICHAEL VARCAS

By Kyle Aristophere T. Atienza, Reporter

LUDIVINA LECETIVO, 43, was one of the many Filipinos who were disgruntled by the Aquino government’s slow response to the destruction brought by Typhoon Haiyan (Yolanda) in 2013.

“But I realized that there’s no such thing as a perfect leader,” she said in a Facebook Messenger chat. “He proved his worth through his economic legacies,” she said of the late President Benigno S.C. Aquino III.

The former Philippine leader ran after tax evaders and unscrupulous officials, giving him more revenue to build roads and schools and boost cash aid to the poor while cutting debt.

These efforts led to investment-grade credit ratings for the Philippines and economic growth exceeding 6% from 2012 to 2014.

Ms. Lecetivo said she had hoped that President Rodrigo R. Duterte would continue the reforms started by his predecessor to improve government service. “I was wrong. I can’t tolerate foul mouth, indecency and misogyny.”

“I am now an ex-Duterte supporter.”

Political analysts think the opposition could attract voters like Ms. Lecetivo, with Mr. Aquino’s death likely winning public sympathy and galvanizing support for Mr. Duterte’s opponents at next year’s elections.

“Popular presidents’ deaths usually become a rallying cry for their supporters,” Jean Encinas-Franco, a political science professor from the University of the Philippines, said in a Facebook Messenger chat. “It becomes a unifying force to revive their legacy.”

The grief expressed by Filipinos on social media shows that some of them long for change, she pointed out.

Mr. Aquino, who sent his predecessor Gloria Macapagal-Arroyo and at least three senators to jail as part of his anti-corruption drive, died on June 24 at 61 due to renal disease secondary to diabetes. His cremated body was buried on Saturday alongside his parents at a cemetery in the Philippine capital.

“It remains to be seen to what extent his death will affect the 2022 elections, but I am sure the opposition is already looking for ways to make it work in their favor,” Ms. Franco said.

Members of the opposition should by now strategize, reorganize and prepare for the election battle next year, when Filipinos will vote for their next President, among other officials, campaign strategist Gerardo V. Eusebio said in a Facebook Messenger chat.

The death of the graft-busting former leader, who defied China by suing it before a United Nations-backed international tribunal for its island-building activities in the South China Sea, could be translated into popular support for a relative at next year’s elections.

In the absence of a political heir, popular support could be transferred to the political party that best identifies with him, said Mr. Eusebio, who teaches political science at De La Salle University.

“A direct beneficiary could be former Senator Paolo Benigno A. Aquino as a nephew of the late President, but I feel he might be a little wet behind the ears for the presidency,” he added.

Critical mass also might still be lacking.

“We can’t compare the outpouring of support that Ninoy, Cory, FPJ and Jesse Robredo that catapulted Mr. Aquino, Senator Grace Poe and Vice-President Maria Leonor G. Robredo to power,” Mr. Eusebio said. “It is now up to the campaign consultants and strategists to do their jobs.”

The son of ex-President and “People Power” icon Corazon C. Aquino was thrust into the political limelight on a massive outpouring of grief following her death in August 2009. He beat his rivals in the presidential race despite a rather undistinguished legislative career.

Mr. Aquino, like his parents, came from pedigreed stock — landed, aristocratic families that have long been part of the ruling elite. His 2010 campaign was based on a legacy far greater than his own.

Aside from having the first female Philippine president for a mother, his father Benigno Jr. was the country’s greatest democracy champion before he was assassinated in 1983 presumably by agents of the dictator Ferdinand Marcos. Corazon ended Marcos’s two-decade rule in the popular uprising of 1986.

Like Mr. Aquino, Ms. Poe received popular support when she ran for senator in 2013, years after her adoptive father and movie icon Fernando Poe, Jr. died. Before his death, he ran for President in May 2004 and lost, allegedly amid cheating.

Meanwhile, Ms. Robredo won a congressional seat also in 2013, less than a year after the death of her husband Jesse Robredo, famous for transforming Naga City in central Philippines into one of Asia’s most improved cities when he was its mayor.

President Rodrigo R. Duterte’s handling of the coronavirus pandemic would be key to either negating the effect of Mr. Aquino’s passing or fueling a clamor for change, said media research expert Jay Bautista.

“Will the cash aid, gradual opening of the economy and vaccine rollout be enough to keep the population from replacing the status quo?” he asked.

“A lot of variables are at play now, unlike in 1986 and 2010 when the passing of an Aquino was succeeded by another Aquino,” he said. “Right now, the opposition is not led by an Aquino unless Kris his sister, or Bam comes into the picture.”

The opposition could bank on Mr. Aquino’s strong anti-corruption drive, which gained popular support during his time, Victor Andres Manhit, president of a local policy think tank, said by telephone.

The opposition or any alternative candidates “should question the actions taken in the past five years, including the Duterte administration’s pandemic response,” he pointed out.

The opposition should also elevate efforts to counter misinformation that demonize the past administration’s good governance reforms and other legacies, Mr. Manhit said.

‘OLD POLITICS’
Granted, while the politics of Mr. Aquino represented the promise of the post-EDSA democracy, it also betrayed its limits.

Mr. Aquino initiated key government reforms during his presidency, but they were not enough, said Cleve Kevin Robert V. Arguelles, a political science lecturer at De La Salle.

Despite his crusade against corruption, Mr. Aquino failed to dismantle patronage politics that weakens the delivery of public service, he said in a Facebook Messenger chat.

“The most important lesson of his six years in power is that a President cannot lead a reform coalition while keeping the masters of old politics happy,” he said.

Mr. Aquino “attempted to use his cross-class popular appeal to mobilize public support for anti- corruption and good governance reforms,” Mr. Arguelles said. “But his reformist agenda was frustrated by his ties to old politics.”

“Aquino’s success was in his reformist policies, but his failure was in insisting that reform could be done without changing our elite-dominated political system.”

Political analyst Antonio Gabriel M. La Viña said the bereaved president “did not go far enough and ultimately the reform agenda faltered.”

Mr. La Viña, former dean of the Ateneo De Manila School of Government, said Mr. Aquino failed to institutionalize key political reforms because his political party, like other political groups at that time, was dominated by traditional politicians. “Our politics is much worse now than in 2016.”

Mr. Aquino tried to fulfill the promises of the 1986 street uprising led by his mother by enforcing transparency and accountability in government, but he was overwhelmed by the oligarchy, bureaucratic inefficiency, and disasters beyond the control of humans, Mr. Eusebio said.

“He meant well but probably lacked the resolve and political acumen in some sensitive issues,” he said. “Elitist politics and oligarchic strangleholds were largely the culprits.”

Ana Patricia C. Paje, 29, was not a fan of Mr. Aquino’s deregulation and privatization policies, as well as his handling of the hostage crisis involving Hong Kong tourists in 2010 and the massacre of 44 police commandos by Muslim rebels in 2015.

“I would not say that I hated him, but I was very much against the policies he enforced,” she said in a Facebook Messenger chat.

Neither did she vote for Mr. Duterte. She thinks that while Mr. Aquino had his faults, the country under his administration was better.

She said she started to appreciate the late President’s legacies after his death. “If back then I was on the far end of the political spectrum, I am less radical now.”

Voyager raises $167 million as it plans to expand PayMaya services, open digital bank

COMPANY HANDOUT

By Arjay L. Balinbin, Senior Reporter

VOYAGER INNOVATIONS raised $167 million (P8.15 billion) in funding for the expansion of its financial technology unit PayMaya Philippines, including the establishment of a digital bank.

Voyager’s main shareholder PLDT, Inc. told the stock exchange that it participated in the latest funding round for the technology company, alongside existing shareholders, private equity firm KKR & Co. and China’s Tencent Holdings.

IFC Financial Institutions Growth Fund, a member of the World Bank Group, also invested in Voyager.

“This investment includes $121 million in fresh funding and $46 million from previously committed funds,” Voyager said in a statement.

The company also announced it has applied for a digital bank license with the Bangko Sentral ng Pilipinas (BSP).

Voyager said PayMaya plans to offer new products such as credit, insurance, savings, and investments through its planned digital bank.

“We have seen a quantum leap for digital payments adoption in the Philippines over the past year, and PayMaya has served as the nexus connecting consumers and enterprises with enriching digital finance experiences. This investment supports the unique value we bring and gives us a natural head start with the target market for the digital banking service,” Orlando B. Vea, Voyager and PayMaya chief executive officer and founder, said in a statement.

The digital payments company had processed P700 billion worth of transactions in 2020, and is on track to “more than double” its gross transaction value this year, Mr. Vea said at a briefing in May.

With the fresh funds, Voyager might be “on par or ahead” of the competition, Astro C. del Castillo, managing director at First Grade Finance, Inc., said in a phone interview.

The Philippines is an appealing market for foreign investors because of the low penetration rate for digital banking, he added, noting there is still “a lot of space” for growth.

Only 29% of Filipino adults had accounts with formal financial institutions in 2019, leaving about 70% or 51.2 million unbanked, based on a BSP survey.

The BSP wants to bring the country’s banked population to 70% of Filipino adults by 2023.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

PLDT shares closed 0.23% lower at P1,285 apiece on Monday.

Jollibee’s twin moves to cut debt set by yearend

JOLLIBEE Foods Corp. (JFC) said it is aiming to execute its preferred shares issuance and the buyback of its US-dollar perpetual bonds by the end of the year to cut debt.

“Once all are executed by December 2021, JFC would have fewer debt obligations, more distributed financial maturities over the next few years, lower foreign exchange risks, and better leverage and debt servicing ratios,” the company said in a statement on Monday.

The company is planning to issue P8-billion to P12-billion perpetual preferred shares by September this year, subject to the approval of the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE).

With a portion of net proceeds from the preferred shares offer, JFC is looking to buy back around $250 million out of its $600-million perpetual securities issued in January last year.

“These transactions will support JFC in maintaining its capability to finance its profitable growth, which is forecasted to accelerate in the next months and years,” the company said in a statement on Monday.

Meanwhile, the company said it would apply with the SEC for the shelf registration of up to 20 million peso-denominated, cumulative, non-voting, non-participating, non-convertible, redeemable perpetual preferred shares priced at P1,000 each to total P20 billion.

JFC said these will come from the reclassification of existing authorized and unissued common shares.

The 20 billion shelf-registered perpetual preferred shares will be issued within the shelf period of up to three years from the effectivity of its registration statement. It will also apply for the listing of the perpetual preferred shares with the PSE.

JFC said its initial issuance, which is eyed for this year, will have a base offer of P8 billion with eight million preferred shares, with an oversubscription option of up to P4 billion with four million preferred shares. It may be issued in one or two series and may have step-up dividend rates if these are not redeemed on the third or fifth year anniversary of the issue date.

The restaurant giant is operating 17 brands in 33 countries through 5,815 stores worldwide.

JFC said it is eyeing to open 450 new stores in 2021. As of the end of May, the company has opened 130 new stores so far — with 107 set up abroad, while 23 were launched in the Philippines.

JFC shares at the stock exchange went down by 0.19% or 40 centavos on Monday, closing at P215.60 apiece. — Keren Concepcion G. Valmonte

AC Energy lends P1B to Solar Philippines affiliate for project sites

PIXABAY
AC Energy targets to reach a net attributable capacity of 5,000 MW by 2025. — PIXABAY

AYALA-LED AC Energy Corp. is lending up to P1 billion to an affiliate of Solar Philippines Power Project Holdings, Inc. to fund the acquisition of sites for solar power projects.

The listed energy platform told the stock exchange on Monday that it had signed on June 25 an omnibus loan and security agreement with borrower Provincia Investments Corp. and Solar Philippines, which acts as sponsor.

Under the agreement, the term loan facility will be secured by a real estate mortgage over Provincia Investments’ and third-party mortgagors’ title to, or rights and interests over, real assets in favor of AC Energy.

It also covers a mortgage and pledge over the shareholding of Solar Philippines in one of its fully owned subsidiaries.

The agreement comes after AC Energy disclosed on Jan. 25 that it had signed preliminary binding agreements with Solar Philippines and Provincia Investments for potential joint ventures in developing solar power projects in the Philippines.

Also in January, AC Energy said that it had forged a deal to acquire 99% of the primary and secondary shares of Solar Philippines’ subsidiary Solar Philippines Central Luzon Corp. (SPCLC) for P619,000.

The transaction will allow AC Energy to earn “a stable dividend income” from the operations of the solar power project under SPCLC, a special purpose vehicle under the holding firm founded by Leandro L. Leviste.

AC Energy hopes to become the largest listed renewable energy platform in Southeast Asia as it targets to reach a net attributable capacity of 5,000 MW by 2025. The company firm has around 1,200 of attributable capacity in the Philippines, with renewables making up more than half.

Shares of AC Energy climbed by 24 centavos or 2.93% to finish at P8.42 apiece on Tuesday. — Angelica Y. Yang