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S&P flags possible ratings risk from cyberattack on banks

S&P GLOBAL RATINGS warned of emerging risks to banks’ credit ratings caused by the rise of cyberattacks during the pandemic.

The ratings agency in a note titled “Cyber Risk In A New Era: The Effect on Bank Ratings” said it would gauge the cyber risks of a financial institution both at the system-wide and entity-specific level.

“Cyber attacks have the potential to harm credit ratings through reputational damage as well as monetary loss. Nevertheless, in the event of a large-scale attack on a systemic bank or several large institutions we could foresee governments taking measures to stabilize the sector,” S&P said in a report.

Based on data from S&P and US based Guidewire Software, Inc., financial institutions (26%) received the most frequent cyberattacks from 2016 to 2020, followed by other sectors such as public administration (13%) and healthcare (11%).

From a system-wide banking analysis, events including repeated, serious breaches of security in a given country, or a sense of a more reactive than proactive response from financial institutions in strengthening cybersecurity frameworks could be a risk to bank ratings.

Meanwhile, bank-specific factors that may have an impact on assessment of bank ratings include impaired business stability due to loss of confidence from an attack and material losses that could hurt lenders’ capitalization due to cyber events.

S&P said cyber risks may also be exposed through structural weakness of banks’ risk management and reputational damage caused by a cyber event that could lead to sudden outflows of clients’ funds in an extreme scenario.

“In our view, the key to cyber resilience lies in risk management action, both before and after an attack,” the ratings agency said.

Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said earlier this month that a major cyberattack could affect the stability of the financial system. He vowed that the central bank would remain vigilant against new cyberthreats.

In April, the central bank required its supervised financial institutions to report within five calendar days from determination of an incident events that affect banks’ reputation.

A study by the Anti-Money Laundering Council on financial crime trend during the early part of the pandemic showed cases such as skimming, phishing, and unauthorized transactions made up 49% of suspicious transaction reports in the first few months of the pandemic. — Luz Wendy T. Noble

Transpacific’s franchise approved on 3rd reading in Senate

THE Senate approved on third reading a bill renewing Transpacific Broadband Group International, Inc.’s congressional telecom franchise for another 25 years, the listed company announced on Tuesday.

In a disclosure to the stock exchange, the company said the Philippine Senate on March 24 approved on third reading House Bill No. 8551 that seeks to renew its franchise for another 25 years.

Under the franchise bill, the company will be allowed to construct, establish, install, maintain and operate communications systems for the reception and transmission of message within the Philippines.

The House of Representatives approved the bill on Feb. 10.

Also under the bill, the company must secure a Certificate of Public Convenience and other required permits and licenses from the National Telecommunications Commission in relation to the operation of its telecommunication systems and facilities.

On establishing or maintaining poles and other conductors, the company will need to secure approval and permit from the Department of Public Works and Highways or the local government units.

The company said recently that it had set a target to install 10,000 sites and towers for the third telco player.

“With the fast-growing demand for connectivity, Transpacific Broadband has invested in new satellite infrastructure (Ka-Band) to provide the most reliable and cost-efficient connectivity to its subscribers, thereby increasing shareholder value and economic performance,” the company said in its annual report.

Transpacific Broadband said it generates revenue mainly from internet, intranet, and local loop services subscriptions for schools, the private sector and government agencies.

It is developing a niche as a telecommunications tower infrastructure provider. — Arjay L. Balinbin

Lack of infrastructure hampers telemedicine

BECAUSE the pandemic made online consultations a necessary innovation, telemedicine has now entered the mainstream. The convenience of booking appointments remotely has reduced barriers such as the need to travel to primary care clinics, thereby allowing patients to consult physicians more often, receive treatments faster, and become more engaged about their health.

Juniper Research, in its May 2021 Telemedicine report, expects the total number of teleconsultations performed worldwide to reach 765 million in 2025, up from 348 million in 2020, reflecting a compound annual growth rate of 17.1% across the forecast period. The UK-based analyst house indicated that the primary factor driving teleconsultation adoption among providers and patients is the increased efficiency they afford the former, and improved standard of care they provide the latter.

In the Philippines, telemedicine includes medical consultations over the phone, as well as chats, short messaging services, and other audio- and visual-conferencing platforms. Healthcare providers conducting these consultations are allowed to issue electronic case reports and prescriptions according to the Department of Health and the National Privacy Commission.

Remote consultation is more appealing given the risks of contracting coronavirus disease 2019 (COVID-19), said Carlo Miguel A. Francia, concurrent business head of Dok2Me, a scheduling platform that powers the Fatima University Medical Center’s telehealth portals.

“As of today, we have had a 74.33% increase in 2021 vis-à-vis 2020 in our total of online consultations across all of our platforms,” said Mr. Francia. “Also, because of telemedicine’s characteristics, some specializations lend themselves better to telemedicine than others. Specializations with the most number of consultations in our platforms are dermatology, psychiatry, and pediatrics.”

Cost-effectiveness is another benefit of remote platforms. Juniper Research notes that the average teleconsultation will cost an average of $32.40 in 2025, compared to $93.90 for an in-person one. The average person will use teleconsultation services 3.6 times per year by 2025, added the industry research and data firm, with the number expected to be higher in countries with universal healthcare systems and/or where teleconsultation appointments are mostly, if not fully, reimbursed.

In Dok2Me, doctors’ professional fees range from P500-P1,500 depending on the specialization. Patients can pay through cards, GCash, GrabPay, 7-Eleven, and Cebuana Lhuillier. Unfortunately, the platform does not yet have the capability to accept HMO (Health Maintenance Organization) cards as payment.

LIMITED INFRASTRUCTURE
For all its accessibility, telemedicine is not built for emergencies. Dr. Augusto Jose G. Galang, president of the Philippine Society of Gastroenterology, advises patients to proceed to the nearest emergency department for severe symptoms or urgent complaints. “Medical evaluation using this option (telemedicine) cannot replace actual physical evaluation and examination. As such, a complete and accurate medical evaluation is not possible,” he wrote in an April 2020 Facebook post.

It is also dependent on the technical infrastructure required for its technologies to function. A robust and reliable broadband connection, which smaller hospitals may find hard to acquire, is a must.

BusinessWorld previously reported that the Philippines ranked 86th out of 140 countries in terms of mobile internet speed, and 100th out of 175 in fixed broadband speed in January, citing the findings of the Ookla Speedtest Global Index.

Dok2Me’s Mr. Francia said that because telemedicine heavily relies on technology, there are a number of breaking points throughout the process, including but not limited to: payments, patient and doctor consultation confirmatory notifications, data connections of both the patient and doctor at the time of the consultation, and hardware and software specifications of the devices used by the patient and doctor to access the consultation.

He added that telemedicine necessitates having the facilitating technology and infrastructure behind it to be scalable to other parts of the country.

“The reality is, as long as there are no stable and affordable data connections and devices that people in the D and E classes can readily access, telemedicine cannot be made available to them,” Mr. Francia said.  Patricia B. Mirasol

If I could go anywhere

THE French Gardens — PHOTO FROM EN.CHATEAUVERSAILLES.FR

Marie Antoinette’s private boudoir and mechanical mirror room at Versailles

In this series, The Conversation pays tribute to the art we wish could visit — and hope to see once travel restrictions are lifted.

A LONG a dusty path on the outskirts of the Château de Versailles lies my favorite destination: Queen Marie-Antoinette’s private bedroom and boudoir in the Petit Trianon (small trianon). Built for King Louis XV and his mistress Madame de Pompadour in 1768, it was gifted to the new queen of France by Lous XVI and refurbished after 1774.

It was already an extremely beautiful cuboid design by Ange-Jacques Gabriel, the height of neo-classical French taste. Its reconfiguration and that of the surrounding grounds by the queen saw it embody a raft of new ideas concerning everything from the education of children to what women should wear.

The bedroom and boudoir were rooms in which the queen retreated from the formality and etiquette of the main palace of Versailles to spend time with women friends. She assembled aristocrats such as the Princess de Lamballe as well as famed portrait painter Elisabeth Vigée-Lebrun.

Here the group wore a wardrobe not possible at formal assemblies: loose, tubular muslin dresses secured with a high sash, similar to juvenile girls’ clothes worn in England and the practical Creole summer dress they knew of from the French colony Louisiana.

The clothes were considered so scandalous that Vigée-Lebrun’s painting of the queen in such attire had to be taken down at the public Salon exhibition. The queen looked like she was in her underwear, the pose was too informal and the superfine muslin was likely imported from India. It was replaced by another portrait by Vigée-Lebrun of the queen in French silk, one of the many luxury trades that bolstered the French economy.

Leaving the formal apartment, the ceilings suddenly lower. Framed by two large corner picture windows are views from the boudoir of the garden outside. But this is no ordinary garden.

French formal architecture had been characterized by geometrical designs in which trees and other plantings were clipped into axial vistas, often leading to sculptures or fountains indicating the status of the king, aristocrat, or grandee who commissioned the work. The garden at Versailles was an abstraction in which viewing positions and plantings were subject to order, the ultimate act of control. Enormous canals mirrored the sky, unifying heaven and earth under the spell of their creator, Louis XIV.

From Marie-Antoinette’s window we see a simple landscape in which a large tree on the side anchors the “composition.” This was the new jardin anglais (English garden), claimed to embody ideas of liberty and freedom rather than French absolutism. Such gardens were anchored by asymmetrical lakes, elegant, classical pavilions as well as “ruins” (faked old structures, in which hermits sometimes resided) evoking melancholy and Romanticism.

Marie Antoinette’s private view looks rather like the wings of a theater. Rather than a painting, we look out at nature, reframed by a set designer and man-made for wandering and thoughtful contemplation.

Light pours into the boudoir from several directions. It falls onto delicate wall paneling and a beautiful set of calcified, white gessoed furniture in the most advanced taste by Georges Jacob. The perfectly cubic space is small, accommodating only about four people comfortably, a contrast to court levées or assemblies for hundreds.

As evening comes, a miracle happens. From the basement kitchen-floor below, as directed by the queen, come two large glaces volantes (flying Venetian mirrors) to fill the window panes, raised by a series of weights and pulleys. The engineer Mercklein received 12,500 livres tournois (later francs) for this innovation (overall per capita income was about 250 per year); his system is now electrified.

The room goes from day to night. Views of a garden, perhaps on a gloomy day in autumn, are replaced by the sparkling reflections of mirror. Large expanses of mirror glass could only be made in Venice until industrial espionage brought the technology to France. Mirrors perform important cultural work as they can infer vanity, falsehood, or indeed show the truth. Animated guests were doubled and conversed like shadowy ghosts.

The queen and her circle could not be observed. Privacy, a new social conception that comes to govern middle-class life in the 19th century, now reigns. What a contrast to the Hall of Mirrors at the palace, where a sense of infinite repetition was created in a 73-meter-long gallery with 17 enormous windows and where hundreds of people thronged.

Marie-Antoinette’s domain at Versailles was dominated by her frustration with a rigid court and her desire to embrace contemporary ideas. In her adjacent farmlet (the hameau), farm buildings were built to look shabby. Simulated wooden buckets of the finest porcelain by Sèvres lined the farmhouse stairs.

Following the educational ideas of Jean-Jacques Rousseau, Marie-Antoinette encouraged her children to plant seeds and dig the earth. She did not, as many believe, play at being a shepherdess or farmer. The woman who was erroneously claimed to have said of the hungry peasantry “let them eat cake” (this translates as brioche or sweet bread and was likely uttered by someone else), was simply trying to be a good mother as advocated by contemporary thinkers.

And what of the female friends? The queen was accused of running a tribadic or lesbian household. These scurrilous claims were designed to discredit her circle. Similarly, the bedroom shows no evidence to back the claim in an 18th-century English travel guide that Marie-Antoinette slept in a suspended bed-basket of roses.

Later generations were not much interested in the queen’s motivations. She became an index of the profligate spending and obscene luxury of the old regime. She and her husband, as well as the Princess de Lamballe, were executed by the guillotine or in massacres between 1792 and 1793.

The mirrors were lowered, the furniture auctioned, and the domain went to sleep until Empress Eugénie turned it into a museum honoring the queen.

A Swiss luxury brand has recently restored the rooms. They allow us to imagine a spirited woman married off from Austria aged 14, stripped of her foreign clothes at the French border, who became a lover of the latest French design and manufactures — rather than the debauched queen image we have inherited from the post-revolutionary period.

Wandering through the spaces I didn’t see ghosts. I did see the queen’s modern dress echoed in the brilliant white wall panels. She wandered a little in the distance towards the “temple of love” in her up-to-date garden. Her cracked mirrors are now nicely restored for the tourists.

 

Peter McNeil is a Distinguished Professor of Design History at the University of Technology Sydney.

Phinma adds Union College of Laguna to school network

THE education unit of Phinma Corp. has acquired Union College of Laguna (UCL) for P88.17 million, making it the company’s second school in Laguna and its ninth in the Philippines.

“Despite the challenges we faced during the COVID-19 pandemic, our mission to provide quality, accessible education to underserved students has not changed,” Phinma Education Holdings, Inc. Country Head Dr. Raymundo P. Reyes said.

UCL has undergraduate programs in education, accountancy, computer science, computer engineering, information technology, criminology, hotel and restaurant management, and psychology.

The school is evaluating and adjusting courses “based on the needs of industries.”

“We may add more courses that are better suited for the employability of our graduates, especially after the pandemic,” Dr. Reyes said.

UCL also offers kindergarten, elementary, junior high school, and the academic track and the technical vocational track in senior high school.

Last year, it acquired the Phinma Rizal College of Laguna for P448.76 million. Rizal College offers junior high school, senior high school, and undergraduate courses in education, business administration, office administration, and industrial technology.

The other schools in its portfolio are Phinma Cagayan de Oro College, Southwestern University Phinma in Cebu City, Phinma University of Iloilo, Phinma Saint Jude College in Manila, Phinma Araullo University in Nueva Ecija, Phinma University of Pangasinan, and Phinma Republican College in Quezon City.

Phinma Education also manages one school in Karawang, West Java, Indonesia and a training center in Yangon, Myanmar. It aims to further grow its network in Southeast Asia.

“As part of our network, UCL will benefit from the strategies that we have been able to hone over the past 17 years,” Dr. Reyes said.

Phinma’s schools are using two flexibility learning models called Flex Learning and Remote and Distance Learning, both uses printed modules and remote teaching through the internet.

The company said it partnered with Globe Telecom, Inc. and PLDT, Inc. to provide monthly mobile data of 10 gigabytes to its 72,000-student population. It also continued to provide scholarships to qualified students.

Phinma Corp. is a listed conglomerate with businesses in education, property development, hospitality, and construction materials.

On Tuesday, shares of Phinma Corp. at the stock exchange went up by 0.65% or eight centavos to close at P12.30 apiece. — Keren Concepcion G. Valmonte

Central banks face thinning options amid Asia’s struggle

ASIA’s surging coronavirus infections and slow pace of vaccinations is testing the limits of what central banks can do to further support what, until recently, had been the world’s stand out economic recovery.

With interest rates already low, the likely policy response will center on more government borrowing, relegating central banks to a supporting role. That backdrop will overshadow decisions this week where policy makers are expected to keep rates on hold — Indonesia, South Korea and New Zealand.

“In my view, there is little room for further monetary policy stimulus, at least in terms of traditional policy levers like interest rate cuts,” said Tuuli McCully, head of Asia-Pacific economics at Scotiabank. “I expect additional fiscal stimulus to play a key role in helping economies.”

In Jakarta, the finance ministry has offered more tax cuts to spur economic activity and plans to stick with its $84-billion net bond issuance target this year, even as borrowing costs climb. Bank Indonesia is expected to keep rates unchanged Tuesday.

South Korea’s economy is being cushioned by soaring exports even as rolling social distancing restrictions damp consumer spending — prompting the government to pledge more fiscal spending to create jobs. The Bank of Korea is also expected to remain on hold when it meets Thursday.

New Zealand’s economy continues to recover, amid a low case count, after contracting at the end of last year. The Reserve Bank of New Zealand is expected to hold steady Wednesday after the government’s annual budget last week included the biggest increase in welfare payments in more than a generation as part of measures to support growth.

India is the global epicenter of the latest virus surge, and even other economies that had kept infections under control — such as Singapore and Taiwan — are also battling flare ups. Japan continues to struggle with spreading cases and even China is seeing an uptick in infections.

The region is also lagging in the vaccination rollout, with Singapore having inoculated around 30% of its population, followed by China at around 15% and the others well behind.

“The region’s relatively slow vaccine rollout is increasingly proving to be a drag, including for the more developed economies whose hitherto successful strategy to more emphasize contact tracing, rapid testing and social distancing, is being challenged by the recent surge in cases,” according to Sameer Goel, Deutsche Bank AG head of emerging market research.

The Reserve Bank of India will be central to how India responds to the crisis, given the government has only limited fiscal space with a budget deficit of 6.8% of gross domestic product in the year to March 2022, down from an estimated 9.5% last year. Benchmark rates have remained unchanged for a year amid sticky inflation.

Next month the RBI’s monetary policy committee is likely to keep rates unchanged, but Governor Shaktikanta Das could expand a quantitative easing program for the second straight quarter to keep borrowing costs under check.

PANDEMIC SUPPORT
Other Asian central banks are supporting their nations’ fiscal policies. Bank of Japan Governor Haruhiko Kuroda said last week he will continue with powerful monetary easing, indicating his yield curve control program will keep government bond yields low to help additional fiscal spending. China’s central bank is also continuing to ensure borrowing costs are kept low for those parts of the economy that need it, while keeping an overall disciplined approach to the volume of its stimulus.

“Monetary policy is not as effective compared to fiscal policy in responding to the current virus wave,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group Ltd. “Extension of fiscal support is what is needed.” — Bloomberg

As COVID-19 rages, don’t let your guard down against other viruses

Photo of HPV-infected squamous cell of the cervix via Ed Uthman/Flickr

THE world’s laser-like focus on SARS-CoV-2, the virus that causes coronavirus disease 2019 (COVID-19), hasn’t stopped the medical community from remaining vigilant against other viruses that continue to pose great health risks. One of these is the human papillomavirus (HPV), a sexually transmitted infection that may lead to genital warts and, in worst-case scenarios, cancer.

HPV infects at least 80% of sexually active people, both men and women, at least once in their lifetime, according to data from the US Centers for Disease Control and Prevention. This includes asymptomatic cases of HPV.

Even the benign type of HPV, which manifests as uncomfortable genital warts, has an overall prevalence of almost 3% in Filipinos, with higher prevalence in men. Not all cases are severe, but they can later on lead to more life-threatening complications or get passed on to a sexual partner.

During a time where having any comorbidities can make people more prone to stress and illnesses such as COVID-19, the health risks are all the scarier. Dr. Mary Ann Escalona, country medical lead of Merck Sharp & Dohme (MSD) in the Philippines, ensures that “by putting HPV back in the conversation on overall health, we can make better decisions that can help protect us and our loved ones from HPV-related diseases.”

EASING THE BURDEN BY RAISING AWARENESS
After about a year of slowed activity due to the pandemic, MSD in the Philippines re-launched their advocacy program Guard Against HPV this May, which aims to communicate the importance of safe sex practices, regular checkups, and vaccination for both men and women.

“HPV is a DNA virus that infects human skin and mucosal cells,” said Dr. Portia A. Ortiz, president of the Philippine Society of Venereology. “There is a low-risk type, which causes genital warts or benign lesions, and a high-risk type, which is associated with cancers. In fact, 70% of HPV can cause cervical cancer.”

She added that the virus can spread through any kind of sexual intercourse, whether vaginal, anal, or oral, making the ABCDEs of sexually transmitted infection prevention all the more important. (ABCDE stands for “Abstinence, Be faithful, Correct condom use, Don’t do drugs, and Education.”)

“The chances of getting HPV are greatly reduced if you’re faithful to one partner. It’s also safer for both parties to use a condom during sexual intercourse,” Dr. Ortiz said.

HPV, aside from spreading through sexual contact, can also spread through sharing needles when injecting drugs.

Photo of HPV-infected squamous cell of the cervix via Ed Uthman/Flickr

MEN CAN GET HPV TOO
Men are just as prone to HPV as women, said Dr. Jovanni R. Templonuevo, vice-president of the Philippine Society of Venereology. “It’s possible to get genital warts that can later develop into penile and anal cancers if the person has gotten infected many times,” he warned.

Asymptomatic men can unknowingly transfer the virus to their partners. Gone are the days of HPV and cervical cancer as illnesses associated mainly with women, said Dr. Templonuevo, who later added that cervical cancer vaccines are available for men.

“Men: be responsible,” he said. “We all want a productive, stress-free life without sickness.”

CLEARING UP MISCONCEPTIONS
One concern brought up during the conference was the sense of shame that can come with getting diagnosed, as if the HPV could be proof of unfaithfulness. However, all the panelists echoed the same assurance that this shouldn’t be the case.

“HPV has an incubation period of two weeks up to eight months, and in some cases, even years. This means that it’s likely a person got it from a previous partner, even if they hadn’t been together for a long time,” Dr. Ortiz said.

As for vaccination, all doctors clarified that the earlier, the better. Vaccines are available for children as young as nine years old, with variations in dosage depending on the age.

The benefit of getting a vaccine early would be gaining the antibodies needed fight off HPV in the future, when one becomes sexually active. Dr. Templonuevo backed this up with data, saying that “43 million HPV infections were recorded worldwide in 2018, many of them in their late teens and early 20s.”

Unfortunately, Dr. Ortiz reported that the incidence of HPV in Filipinos under 18 years of age is high. “But for those who’ve already been exposed, you can still get value from vaccination,” she said. “Your body can still make antibodies for the HPV strains that you don’t have. Thankfully, we have vaccines that cover nine of them.”

The panelists suggested going to a trusted healthcare provider, whether it be a family doctor, a dermatologist, or even pediatrician, to ask about vaccination.

For more details on HPV awareness and prevention, visit Guard Against HPV at facebook.com/guardagainstHPV. — Brontë H. Lacsamana

Percussions take the lead

FOLLOWING the beat of the family drum, Jonathan Nemesio Regalado III became a drummer as his brother and their father are. But there was no familial drum for Isaac De Alva III, who grew up with no musicians in the family. Still, he found the beat irresistible.

Nung high school ako, nakapanood ako ng marching band. Then, sumali akoHindi ko inakala na magugustuhan ko (When I was in high school, I was able to watch a marching band. I decided to join and didn’t realize that I would enjoy it),” Mr. De Alva III said.

Currently the Vice-President of the Percussive Arts Society Philippines (PAS PH), Mr. De Alva III pointed out that percussion is not limited to a drum set — there are, after all, various types of mallet percussion instruments such as xylophones, the marimba, and glockenspiel.

For Mr. Regalado III, the drums play an integral role in a band. “Malaki ang responsibility ng drums because of its power and [need for] consistency of dynamics (such as volume and tempo),” he said. “Ang laki ng effect ng percussionist sa isang group. Hindi magmo-move yung group kung walang rhythm yung percussionist or drummer (A percussionist brings a huge effect to a group. The group will not move when a percussionist or drummer has no rhythm),”

As the president of PAS PH Satur Tiamson said: “Basta tumugtog kami, ang nasa isip namin is to send the story to the audience (When we play music, we keep in mind to send a story to the audience).”

This weekend, percussionists and drummers from around the world will come together for a music festival that highlights percussion and drum instruments. The Cultural Center of the Philippines (CCP) and the PAS PH present PINTIG, A Percussion Festival, which will be held online from May 28 to 30.

Performances are scheduled at 7:30 p.m. during the three-day festival. These will be streamed via the CCP Office of the President Facebook Page (http://facebook.com/ccp.officeofthepresident).

PINTIG (which translates to “pulse” or “beat”) is a project of the Office of the President of CCP under the Sining Sigla virtual outreach program.

“Sining Sigla aims to continuously reach out to the public even in the midst of this pandemic by providing culturally relevant programs online,” CCP President Arsenio “Nick” Lizaso said during an online press launch on May 24 held via Zoom.

Past programs under Sining Sigla include Jazz Stay At Home (Jazz Festival), MALA (Movies Adapted from Literary Arts), Sigla ng Pasko, and Awit at Dula: Pagbabalik-tanaw sa Unang Hari ng Balagtasan.

The three-day virtual festival will also feature master classes and workshops on percussion, drum set, marching, keyboard music technology, and new music. 

The festival will have performances from over 30 big names in the world of drumming and percussion, including: Alexis Constantino (percussionist, ABS-CBN Philharmonic Orchestra), Aaron Awitan Reyes (FEU Drumline), Andrea Tanlapco (Temple Hill International School), Ernie Severino (Side A), Gian Vergel (UST Conservatory of Music), Junjun Regalado (Bamboo), Karmi Santiago (who has worked with Ebe Dancel, Baihana, and Richard Poon), Jayson Rivera (Philippine Philharmonic Orchestra), the Batukada De Negros Percussion Group, the Digos City Tribal Beatz, the UST Percussion Ensemble, and the Orchestra of the Filipino Youth Percussion Ensemble.

A series of workshops will be offered to Percussive Arts Society members. Keyboard percussionist Arthur Lipner will hold a Keyboard Percussion Masterclass on May 28, 8:30 p.m. Percussion educator John Wooton (also known as Dr. Throwdown), will give a lecture on “Understanding Rudiments and Clave” on May 29, 8:30 p.m. Those who would like to attend these workshops may sign up for PAS membership.  To register, visit https://www.pas.org/membership/individual-group or contact Satur Tiamson on Facebook and via e-mail at saturnino_tiamson@yahoo.com. — MAPS

Liquidity risk management framework set for Islamic banks

THE CENTRAL BANK released its liquidity risk management framework for Islamic banks that allows them the freedom to choose Shari’ah compliant instruments to mitigate liquidity risks.

Under Circular No. 1116 published on the website of the Bangko Sentral ng Pilipinas (BSP) on Tuesday, Islamic banks and banking units will be given an observation period until December 2024 to let them familiarize and strategize in accordance with the framework.

“The regulatory issuance is basically anchored on the existing liquidity risk management framework for conventional banks with additional provisions to cover the specificities of Islamic banking,” the BSP said in a statement.

“The aim is to create an enabling environment that will allow Islamic banks to operate alongside the conventional banks under the same regulatory approach, taking into consideration the unique features of Islamic financial activities/transactions,” it added.

The newly released rules also provide guidance on the treatment of Islamic banking accounts such as profit and loss sharing investment accounts.

Based on the circular, Islamic banks and banking units should consult their Shari’ah Advisory Council to develop a funding strategy and contingency plan that will be appropriate for use.

Until end-2024, Islamic banks and banking units are expected to submit quarterly reports for monitoring purpose. For its part, the central bank will engage with industry players to assess their readiness for the implementation of the circular by January 2025.

Currently, only Al Amanah Islamic Bank operates under Islamic banking principles in the Philippines. It has been under the control of the Development Bank of the Philippines since 2008.

The regulatory framework is in line with regulations released by the central bank in accordance with the implementation of Republic Act No. 11439 or the Act Providing for the Regulation and Organization of Islamic Banks, which was enacted in August 2019. — Luz Wendy T. Noble

Benguet Corp. income surges on higher nickel sales, gold prices

BENGUET Corp. posted a consolidated net income of P381.39 million in 2020, surging more than three times from the previous year, on the back of better nickel revenues and higher gold prices.

Its revenues reached P1.62 billion, a 102% increase from P802.07 million in the previous year. From the amount, nickel sales accounted for the biggest share at P818.34 million.

“Nickel sales, which accounted to 50% of gross revenues, grew by 1,165% to P818.34 million from P64.65 million in 2019,” the company said in a regulatory filing.

Benguet Corp. said its nickel subsidiary, Benguetcorp Nickel Mines, Inc. (BNMI), exported nine boatloads of 1.2% to 1.4% nickel ore aggregating 483,952 tons at an average price of $34.21 per ton – higher than the one boatload of 1.5% nickel ore aggregating 55,000 tons at $22.50 per ton recorded in 2019.

“Following resumption last October 2020 of mining operation of the nickel project in Zambales, BNMI was able to take full advantage of the upbeat market for low and mid grades at higher prices,” the company said.

Meanwhile, the company said its gold revenues for 2020 also rose 18.7% to P704.30 million compared to P593.30 million the year earlier on the back of better prices, while lime and other revenu es reached P97.09 million.

“The Acupan Gold Project (AGP) sold 8,080.71 ounces of gold at average price of $1,750.25 per ounce against 8,236.65 ounces of gold at an average price of $1,395.43 per ounce in 2019,” the company said.

“The gold output of the Acupan mine benefited from higher average gold price,” it added.

Benguet Corp.’s cost and operating expenses in 2020 rose 38% to P1.27 billion from the P923.78 million it had the previous year as a result of higher shipment tonnage of nickel ore this year.

Moving forward, the company said it does not predict any cash flow or liquidity issues in the next 12 months.

“BNMI resumed mining operations and continues to market saleable nickel ores inventory from old stockpile, Irisan Lime Project continues to maintain steady market for quicklime products, and AGP is expected to improve gold production,” the company said.

On Tuesday, shares of Benguet Corp. “A” was flat at P3 per share while Benguet Corp. “B” shares rose 1.70% or five centavos to end at P2.99 apiece. — Revin Mikhael D. Ochave

Arts & Culture (05/26/21)

A community pantry of art performances

YOUNG creators, writers, artists and performers will share a series of performances at the Community Pantry of Joy, an online show that features original songs, music videos, and photo essays, as well as jokes, monologues, and even prayers to bring hope and comfort amid trying times. Inspired by the Maginhawa Community Pantry, the event exercises the redemptive nature of the arts as it feeds the souls of the audience. Hosted by the Benilde Arts and Culture Cluster of the De La Salle-College of Saint Benilde, it will introduce a diverse line-up of entertainers from various disciplines. The event will be curated and moderated by cultural producer, interdisciplinary performance scholar, thespian, film artist, arts advocate and artistic director of DeviDiva Productions, Dr. Sunita Mukhi. The former Associate Dean for the Benilde Arts and Culture Cluster, she now serves as an instructor and consultant. The Community Pantry of Joy is free and open to the public. It will be livestreamed on May 27, 3 to 5 p.m. via Zoom. Interested participants may register through https://forms.gle/RBX4avSYUfM9pCDW7. For inquires, visit the official Facebook page of Benilde Arts and Culture Cluster at https://www.facebook.com/benildearts/.

Bersong EuroPinoy goes to Manila

THE CHARM and romance of the European and Filipino languages continue as Bersong Euro-Pinoy goes to Manila on May 28, 5 p.m., via facebook.com/EUDelegationToThePhilippines. Together with the Embassies of Belgium, the Czech Republic, Denmark, Germany, France, Hungary, Austria, Poland, Finland, and Spain, and Instituto Cervantes de Manila, the Philippine-Italian Association, and De La Salle University Manila (DLSU), the European Union Delegation to the Philippines is mounting the poetry recital Bersong Euro-Pinoy — Pagkakaibigan at Bayanihan: Verses Versus the Virus, in Manila. This time, Filipino literary luminaries mobilized by DLSU will join European poets and readers. Poems to be recited adhere to the theme of “Pagkakaibigan and Bayanihan.”

Exhibit of magazine covers illustrates ‘Peace Time’

THE ORTIGAS Foundation Library presents an exhibit of magazine covers called “Peace Time in the Country: 1930 to 1941” at the BenCab Museum in Baguio. The exhibit — which features the Ortigas Library collection of covers of a magazine that was progressive for its time — will run from June 12 to Aug. 1. In the span of less than 20 years, the editor and owner of Philippine Magazine, A.V.H. Hartendorp, invited the budding and rising stars of the literary and art world to publish in the magazine or on its cover. Many would become, 40 years later, National Artists. The covers give a sense of how the land, and its people were treated, looked at, and written about in a period called “Peace Time” before the horrendous “War Time” a decade later.

Penguin Random House SEA publishes thriller

WHAT happens when an innocent prank goes horribly wrong? That is the question tackled by author Nidhi Upadhyay in her new psychological thriller That Night: Four Friends. Twenty Years. One Haunting Secret, published by Penguin Random House SEA. Natasha, Riya, Anjali and Katherine were best friends in college until that night, which began with a bottle of whisky and a game of Ouija but ended with the death of Sania, their unlikeable hostel mate. The friends vowed never to discuss that fateful night, until, 20 years later, someone threatens to reveal the truth that only Sania knew. Is it a hacker playing on their guilt or has Sania’s ghost really returned to avenge her death? Author Nidhi Upadhyay is a Singapore-based engineer-turned-headhunter who spent her nights reading thrillers, until her husband pushed her into writing one. That Night is her debut novel. Penguin Random House SEA was established in 2018 to discover and publish local and international voices across English-language adult and children’s fiction and nonfiction formats for Singapore and Malaysia, Thailand, the Philippines, Indonesia, Vietnam, Cambodia, Laos, Brunei, and Myanmar.

Original tribal stories digitized

THE ORIGINAL indigenous stories of Tagum City’s cultural communities found new platforms for massive distribution by adopting digital tools that are attuned to the times. The Tagum City Historical and Cultural Center launched on May 21 the Digital Oman-Oman Series Project which aims to digitize the various tribal stories — or Oman-Oman in the language of the Tipanud — of the indigenous cultural communities of Tagum. A by-product of the Community-Based Pag-Indo Program, the project compiles hundreds of indigenous stories into various formats — a podcast hosted on Spotify, a fully illustrated children’s storybook, and a coloring book. Highlighting the launching event was the inaugural story entitled Kumang and Pait, an original Ata-Manobo fable as told by Bae Hermenia Maitem. The children’s storybook was conceptualized by Tagumenyo illustrator Precious Jade Asumbrado. Each month, an indigenous story will be uploaded on Spotify, along with the coloring book and storybook produced by Tagumenyo visual artists. The podcast can be accessed through bit.ly/kumangpait, while the illustrated children’s storybook and supplementary coloring book can be accessed at bit.ly/kumangmaterials.

Designer Ditta Sandico reinvents herself

FAMED for her ‘banaca” wraps, designer Ditta Sandico is launching an art exhibit, “METTA • MORPHE,” featuring a series of deeply personal paintings that tell her story of recovery, rediscovery, and rebuilding. Meticulously sculpted by hand, each painting is a joyful expression of a woman who is celebrating a second chance at life, blossoming out of a cocoon, and being wholly and unapologetically herself. Each woman is dressed in gracefully crafted indigenous fabric, woven by women of the Mangyan tribe and carefully draped by the designer’s expert hand. With the exhibit, Ms. Sandico continues to push the boundaries of Philippine heritage by bringing architectural pieces made of banaca fabric and habol weaving to life, radically stretching the limits of what indigenous fabrics can do and what they can express in fashion and the arts. “METTA • MORPHE” will go on view on May 26 May at the Dolce Ditta Gallery, No. 5 Mabolo St. corner Balete Drive, New Manila, Quezon City. To arrange for a private viewing, please contact (02) 8571 8922.

Responding to the pandemic through CSR

PHILSTAR

Since the coronavirus disease 2019 (COVID-19) pandemic, health workers continue to face risks due to their constant exposure to the SARS-CoV-2 virus. They work long shifts, care for several patients, and endure the psychological impact of seeing a number of people succumb to the virus or its serious complications. The pandemic surge in March and April only added to their burden, having to care for thousands who tested positive per day. Since the start of the pandemic, our frontliners have not rested and have certainly gone beyond their duty.

A study on the mathematical model of COVID-19 transmission between frontliners and the general public showed that both frontliners and the general public should be protected against COVID-19. Prioritizing only the protection of frontliners, the study showed, cannot flatten the epidemic curve. It added that if only the general public were to be protected, there would be a significant flattening of the epidemic curve but the infection risk faced by frontliners will remain high. This high infection risk would affect their ability to care for patients.

The World Health Organization (WHO) said that protecting health workers is key to ensuring a functioning health system and society. “Health workers play a vital role in keeping others safe, relieving suffering  and saving lives. No country, hospital or clinic can keep patients safe unless its health workers are safe,” the WHO said. 

It is for this reason that the Pharmaceutical and Healthcare Association of the Philippines (PHAP) and our corporate social responsibility (CSR) arm, the PHAPCares Foundation, launched the “We will not rest” campaign to help protect frontliners and communities affected by COVID-19. PHAP members collectively donated P120 million to the country’s COVID-19 response, benefiting more than 1.5 million families and 155 health facilities last year. Beneficiaries included government and private hospitals, charitable institutions, government agencies, and nongovernmental organizations (NGOs), among others.

This year, the PHAPCares Foundation continues to help support frontline healthcare workers. When the fire broke out at the Philippine General Hospital last week, the Foundation dispatched 100 cases of bottled water provided by its partner Save More Markets.   

PHAP member Sanofi also recently donated 1,000 personal protective equipment (PPE), which PHAPCares initially turned over to the Perpetual Help Medical Center DALTA Foundation in Las Piñas City, and Our Lady of Peace Hospital through its Foundation of Our Lady of Peace Mission, Inc., in Parañaque City.

Orient Europharma (OEP) likewise donated 6,530 boxes of anti-hypertension medicines worth P5.6 million, which PHAPCares distributed to eight health facilities. These are Dr. Jose N. Rodriguez Memorial Hospital; Our Lady of Peace Hospital and San Lazaro Hospital in Metro Manila; Ospital Ng Tagaytay in Cavite; Perpetual Help Medical Center DALTA Foundation, Las Piñas; La Union Provincial Health Office in La Union; Mariano Marcos Memorial Medical Center in Ilocos Norte; and Tolosa Rural Health Unit in Leyte.

Savemore Market, a longstanding PHAPCares partner, also donated 50 sacks of detergents needed in hospital facilities. PHAPCares distributed the donated detergents to Our Lady of Peace Hospital, University of Perpetual Help JONELTA Foundation, Biñan, San Lazaro Hospital, and Dr. Jose N. Rodriguez Memorial Hospital.

Since its founding, PHAPCares has donated P1B in medicine and financial assistance to Filipinos disadvantaged by sickness, poverty, conflicts and disasters. Under the leadership of its new officers and trustees, PHAPCares intends to form more partnerships to support the nation’s efforts to contain the spread of COVID-19, and to establish pharmaceutical security resilience in preparation for future pandemics.

The World Health Assembly, which runs till June 1 in Geneva, focuses on the urgency of ending the current pandemic and preventing the next one. Protecting frontliners must be on top of the agenda if this ambitious goal is to be achieved.

 

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