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Stocks drop as market corrects after sharp jump

COURTESY OF PHILIPPINE STOCK EXCHANGE, INC.

PHILIPPINE shares went down on Thursday on as investors pocketed their gains from the recent rally and as the market corrected after its sharp increase on Wednesday.

The Philippine Stock Exchange index (PSEi) declined by 49.82 points or 0.72% to close at 6,791.87 on Thursday, while the all shares index lost 13.96 points or 0.33% to end at 4,104.02.

“Market went on profit taking today after moving up substantially yesterday in the absence of a catalyst,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message on Thursday.

“It’s a healthy correction [because] the PSEi’s jump was too quick and too soon,” First Metro Investment Corp. Head of Research (FMIC) Cristina S. Ulang said in a Viber message.

“Right after the MSCI rebalancing implementation, actively managed funds jumped at the opportunity to bargain hunt on Philippine blue chips,” Ms. Ulang said, referring to the 30-member PSEi.

Meanwhile, investors were also buying on dips following the PSEi’s recent rally.

“The weaker hands and the tactical investors are now on taking profit while institutional buyers (foreign buying returning) are looking inspired by the not-so-bad double-digit first quarter PSEi members’ earnings growth tally,” Ms. Ulang added.

Most sectoral indices closed in the red on Thursday except for mining and oil, which gained 222.36 points or 2.38% to 9,542.48; and industrials, which improved by 6.59 points or 0.07% to finish at 9,094.37.

Meanwhile, property went down by 42.79 points or 1.25% to 3,377.71; holding firms shed 57.66 points or 0.83% to close at 6,829.76; financials declined by 2.04 points or 0.14% to 1,445.29; services inched down by 1.13 points or 0.07% to end at 1,520.56.

Value turnover surged to P18.78 billion on Thursday with 3.71 billion shares switching hands from the P9.51 billion with 1.9 billion issues traded on Wednesday.

Advancers outnumbered decliners, 114 versus 86, while 51 names closed unchanged.

Net foreign buying inched up to P1.89 billion on Thursday from the P1.82 billion logged on Wednesday.

Diversified Securities’ Mr. Pangan said he expects profit taking to continue “as inflation rate remains higher than the target BSP (Bangko Sentral ng Pilipinas) range of 2-4%.”

The Philippine Statistics Authority is set to release May inflation data on Friday, June 4.

Inflation likely remained unchanged for a third straight month in May as food prices generally stabilized amid the lockdown in the Philippine capital and nearby provinces, economists said.

A BusinessWorld poll of 17 analysts last week yielded a median estimate of 4.5% for May inflation, closer to upper end of the central bank’s 4-4.8% estimate for the month.

“Buying on dips will emerge anew and mitigate the PSEi’s weakness,” FMIC’s Ms. Ulang added. — Keren Concepcion G. Valmonte

Peso declines vs dollar as gov’t debt stock climbs

BW FILE PHOTO
THE PESO dropped versus the dollar on Thursday as the government’s debt stock climbed further as of April. — BW FILE PHOTO

THE PESO weakened against the dollar on Thursday as the National Government’s debt climbed further as of April amid increased borrowings due to the pandemic.

The local unit closed at P47.825 versus the dollar on Thursday, inching down by half a centavo from Wednesday’s finish of P47.82, data from the Bankers Association of the Philippines’ website showed.

The peso opened Thursday’s session at P47.78 against the dollar. Its intraday best was at P47.76, while it dropped to as low as P47.845 versus the greenback.

Dollars traded went down to $820.06 million on Thursday from the $1.044 billion seen on Wednesday.

The peso declined against the dollar as the government’s debt stock continued to rise, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

The government’s outstanding debt stood at P10.991 trillion at end-April after it tapped the international debt market twice that month, data from the Bureau of the Treasury showed.

Preliminary data showed the country’s debt pile grew by 2% from the end-March level and by 27.8% from a year ago.

The peso also dropped after the bill imposing taxes on Philippine Offshore Gaming Operators (POGOs) was approved on final reading at the Senate, Mr. Ricafort added.

With 17 affirmative votes, three negative votes and no abstention, the senators approved Senate Bill No. 2232 which sought to amend provisions of the National Internal Revenue Code of 1997 to impose a tax regime for POGOs as the government seeks new revenue sources amid the coronavirus pandemic.

Under the bill, offshore gaming licensees, whether Philippine-based or abroad, but are considered doing business in the Philippines will be subject to 5% gaming tax on gross gaming revenues or receipts from their gaming operations. The gaming tax will be imposed in lieu of all taxes.

Non-gaming revenues of Philippine-based offshore gaming licensees shall also be subject to a 25% income tax. Non-gaming revenues attributed to game offerings or facilities within the Philippines of foreign-based offshore licensees shall be pay income tax equivalent to 25% of gross income yearly.

Meanwhile, a trader said the peso moved sideways amid remarks from several US Federal Reserve officials on the timing of the tapering of the central bank’s bond purchases.

For Friday, the trader expects the peso to move between P47.80 and P48 versus the dollar, while RCBC’s Mr. Ricafort gave a forecast range of P47.77 to P47.87. — IBC

Online filing rate for tax returns nearly 100% during pandemic

BW FILE PHOTO

THE Bureau of Internal Revenue (BIR) received 1.43 million online tax returns on 2020 income between January and April 15, accounting for 99.5% of all income tax returns (ITRs).

Citing a report from the bureau, the Finance department said Thursday that only 7,139 ITRs were filed manually, while most were submitted online through the BIR Electronic Filing and Payment System and Electronic BIR Forms System.

This year’s tally is up 8.75% from 1.315 million ITRs filed online last year.

The percentage of ITRs filed online has risen steadily since 2015, according to BIR Deputy Commissioner Arnel SD. Guballa. Only 10% of ITRs were filed online in 2015, he said.

“We are starting to reap the benefits of our continued digitalization efforts that aim to make tax compliance easier, more accessible, and more convenient for the public,” Mr. Guballa was quoted as saying.

Meanwhile, taxes paid online also remained elevated at P573 billion as of April 30, which accounted for 83% of P689 billion in collections for the year to April 15.

Last year, the BIR collected P1.66 trillion or 85% of its revenue through electronic channels, up 44% from 2015 levels.

The number of taxpayers settling their taxes online accounted for 24% of all taxpayers in the year to April 15, he said. A year earlier, only 17% of all taxpayers used electronic channels.

The BIR added more electronic payment channels in the past years, such as Union Bank of the Philippines Online, PesoNet and PayMaya in 2019, and mobile wallet GCash, Land Bank of the Philippines and Development Bank of the Philippines in 2017.

Taxes collected from these additional channels reached P4.98 billion in 2020 with 1.16 million transactions, more than triple the P1.22 billion collected in 2019 with 449.849 transactions, according to Mr. Guballa.

The agency aims to complete the implementation of its Internal Revenue Integrated System, a central and repository tool to process taxpayers’ information, by the fourth quarter of this year.

BIR recently launched its Taxpayer Identification Number Verifier mobile application, and rolled out the online application for Tax Clearance for Bidding Purposes and Tax Compliance Verification Certificate.

It will also begin the second phase of its Asset Information Management Program, aiming to establish a centralize information system among government agencies with existing Tax Amnesty Returns and Statement of Assets, Liabilities and Networth. — Beatrice M. Laforga

DoE says no more brownouts expected, investigating outages

PHILSTAR FILE PHOTO

THE Department of Energy (DoE) said Thursday that the Luzon grid has returned to normal and that it expects no further rotating brownouts, though it does plan to investigate claims of “sabotage” behind the simultaneous outages that took out enough power capacity to warrant three days of red alerts on the grid.

Early Thursday, the DoE characterized the Luzon grid as being in “normal system condition” since there are sufficient reserves to handle projected demand. The department said demand has fallen due to the “adverse weather conditions” arising from the transit of tropical storm Dante (international name: Choi-wan).

“Barring any sudden increase in demand, no rotational outages are expected to happen within the day,” the DoE said.

Forced outages took out capacity amounting to 1,372 megawatts (MW), due to the unavailability of unit 2 of the Pagbilao coal-fired plant; units 1 and 2 of the GNPower Mariveles Energy Center’s coal-fired plant, and unit 2 of the Calaca coal-fired plant. Meanwhile, planned outages took down 435 MW as three units of the San Roque Power Corp.’s hydroelectric power plant remained offline.

Reduced output from power plants totaled 2,126 MW, including 484 MW from KEPCO Ilijan Corp.’s gas-fired plant which remained unavailable. Some 1,642 MW from other coal, oil-based and renewables plants were deemed “de-rated.”

“Iyon naman sinasabi sa kung (may) sabotage sa pangyayari, ipinatitignan na po natin sa ating mga tao and I have also asked ang tulong ng ERC (Energy Regulatory Commission) and ng Philippine Competition Commission to look into the allegation. (Our people are looking into the claims of sabotage. I have also asked the help of the ERC and PCC to look into the allegation),” Energy Secretary Alfonso G. Cusi told the President’s spokesman Herminio L. Roque, Jr. during a briefing Thursday.

He said that the department will wait until the investigation concludes before addressing the sabotage claims.

Mr. Roque had asked whether the department had any information on any shutdowns may have been deliberate as demand for power peaked this week.

Mr. Cusi said this is the first time in five years this has happened. “We had rotational brownouts, and it’s because power plants with a capacity of more than 2,000 megawatts (MW) broke down all at once,” he said.

He also apologized for the rotating outages.

The National Grid Corp. of the Philippines (NGCP) declared three consecutive red alerts on the Luzon grid earlier this week.

The DoE said that it is “working closely” with enforcement agencies, including the ERC, Philippine Competition Commission (PCC) and Department of Justice, to investigate the activities of the energy industry.

DOJ, SENATE PANEL TO PROBE OUTAGES
Justice Secretary Menardo I. Guevarra said Thursday that he will instruct the National Bureau of Investigation (NBI) to prepare for a possible investigation of generation companies.

According to reports, Cabinet Secretary Karlo Alexei B. Nograles told the DoJ to work with the DoE to determine whether there was any collusion to take capacity down, which he said amounts to “economic sabotage.”

“We have not received any formal directive from the Palace regarding this matter, but I will alert the NBI to stand by and prepare to investigate,” Mr. Guevarra said Thursday.

Senator Sherwin T. Gatchalian, who chairs the senate committee on energy, said separately that he has filed a resolution seeking an investigation into the grid’s supply situation.

The resolution notes that the DoE “gave assurances that the country will not encounter major challenges or alerts in its supply,” referring to the department’s earlier projections that the Luzon grid will not likely to be placed under a red alert during the dry season.

“Despite the guarantee of DoE, some areas of Luzon experienced rotational brownouts on May 31 and June 1 due to red alerts… Even with all these hearings on power supply shortages and the measures that DoE has proposed to address the problem, the issue has been a recurring problem in the past five years,” according to the resolution, a copy of which was obtained by BusinessWorld.

“It is crucial to hold the DoE to account, being the agency responsible for ensuring security of energy supply… and its failure to address power supply shortages since 2016.”

There is no schedule yet for the Senate Committee on Energy’s investigation, Mr. Gatchalian’s office said.

ERC ORDERS GRID OPERATOR TO EXPLAIN PROJECT DELAYS

On Thursday, the ERC has directed the NGCP to explain the causes behind the delays of its transmission projects.

“Earlier this year, the ERC issued 33 orders to the grid operator, Commissioner-in-charge Floresinda G. Baldo-Digal told BusinessWorld on Viber Thursday.

“We have directed the NGCP to explain in detail the changes in the timeline and the events or activities that led to the modification of the transmission projects’ completion. The NGCP’s explanation will shed light on the status and reason/s for the delay of the completion of the 33 transmission projects that we have already approved,” ERC Chairperson and Chief Executive Officer Agnes VST Devanadera was quoted as saying in a statement emailed to reporters.”

In February, the NGCP reported that the Mindanao-Visayas Interconnection Project (MVIP) may not be completed by the end-2021 target date after damage to the submarine cables.

The completion date of the MVIP had been pushed back due to travel restrictions. — Angelica Y. Yang with Bianca Angelica D. Añago

MGB updating list of gov’t mining assets ahead of disposal

PEXELS.COM

THE Mines and Geosciences Bureau (MGB) said it will be updating the mineral resources and mineral reserves database on state-owned mining assets in preparation for their sale.    

MGB Director Wilfredo G. Moncano said some of the information required for a possible sale is the volume of mineral resources and reserves, and the technical basis for the estimates.

“A mineral resource refers to the concentration of materials of economic interest found in the Earth’s crust, while a mineral reserve is the economically mineable portion of a mineral resource,” Mr. Moncano said in a statement Thursday.   

Mr. Moncano identified Basay Mining Corp. in Negros Oriental which ceased operations in 1983, and the Marinduque Mining and Industrial Corp. in Samar which was foreclosed by the Development Bank of the Philippines and the Philippine National Bank in 1984 as some of the idle government mining assets to undergo the review.

“Data are necessary to be collated and evaluated to see if the reports of former geologists and mining engineers are compliant with the Philippine Mineral Reporting Code that was put in place sometime in 2010,” Mr. Moncano said.

Environment Secretary Roy A. Cimatu said the updating of the list of state-owned mining assets for sale will support government revenue.

“This is in preparation for the bidding and sale of mining assets to gain revenue and help the country recover from the economic devastation of the coronavirus disease 2019 (COVID-19) pandemic,” Mr. Cimatu said.   

“The MGB will allot some funds from its budget for the updating of data.  The updating of the mining information will most likely advance first on those assets without pending legal cases like the Basay Mining Corp. and Marinduque Mining and Industrial Corp.,” Mr. Moncano said.

Mr. Moncano said some assets under the Privatization and Management Office (PMO) of the Finance Department have sufficient data and can be put up for auction soon.

“Once investors bid on these mining assets, operations will resume.  However, documentary requirements to allow for the development and commercial operations to resume will have to be submitted by the winning bidder to MGB,” Mr. Moncano said.

According to MGB, the PMO and the Philippine Mining Development Corp. are responsible for the sale of the government-owned mining assets via auction.

PMO mining assets include Pacific Nickel Philippines, Inc. in Surigao del Norte; North Davao Mining Property in Davao del Norte; Maricalum Mining Corp. in Negros Occidental; and Marcopper Mining Corp. in Marinduque.

President Rodrigo R. Duterte signed Executive Order No. 130 on April 14 which removed the nine-year ban on new mineral agreements and allowed the review of current mining deals for potential renegotiation.  

The MGB has said that P21 billion in revenue can be generated by the 100 mining projects in the pipeline, which can be used to help support the economic recovery. — Revin Mikhael D. Ochave

Commission sets hearing on petition seeking to increase pork tariffs

PHILSTAR

THE TARIFF Commission plans to hold a public hearing to discuss an increase in import duties on pork products proposed by the Samahang Industriya ng Agrikultura (SINAG).

The commission in a notification on Wednesday said that the virtual meeting will be held on June 25. The hearing is part of the commission’s investigation in response to a letter from SINAG.

The farm group wrote to the commission in March asking that tariffs on pork imports within the minimum access volume quota be increased to 44% from 30%, and that out-of-quota imports be set at 44% from the current 40%.

SINAG Chairman Rosendo O. So in the letter said importers were profiting from a tariff rate that has no impact on retail prices of prime pork cuts.

President Rodrigo R. Duterte last month approved a recommendation to temporarily lower tariffs for a year to increase food supply. Pork market prices have been rising due to insufficient supply following the African Swine Fever outbreak.

Under Executive Order No. 134, the tariff rates for pork products were set at 10% under the minimum access volume and 20% outside the quota for the first three months. The tariffs will be at 15% for in-quota and 25% for out-of-quota pork imports from the fourth to 12th month.

Mr. Duterte had previously signed an order increasing the minimum access volume quota for pork imports to 254,210 metric tons (MT) from the previous 54,210 MT.

Senators have said that cutting the tariff rates on imported pork products for a year could kill the hog industry.

Lowered tariffs, Mr. So said in the March letter, will also reduce government revenue needed to support coronavirus disease 2019 (COVID-19) vaccination and programs to support the livestock industry. — Jenina P. Ibañez

Senate measure seeking to clear up tax treatment of private schools

PHILIPPINE STAR/ MIGUEL DE GUZMAN

SENATOR Juan Edgardo M. Angara said he has filed a measure seeking to clarify the tax treatment of private educational institutions.

In a statement Thursday, Mr. Angara, the chairman of the chamber’s committee on finance said he file Senate Bill No. 2272 which sought to amend the National Internal Revenue Code to correct the “erroneous interpretation” on the tax due from private schools.

Mr. Angara noted that Revenue Regulation No. 5-2021 states that educational institutions should be both proprietary and non-profit to qualify for the preferential tax rate of 1% on their taxable income until June 30, 2023. Private schools not qualifying are subject to the regular rate of 25%.

The regulation was issued on April 8 by the Bureau of Internal Revenue (BIR) to help implement Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE).

He said that “being proprietary and non-profit is a legal impossibility,” saying the term proprietary generally means that an institution is privately-owned and run as a profit-making organization.

“Thus, instead of shoring up proprietary educational institutions during the pandemic with the much needed reduction in the income tax rate from 10% to 1% sought under the CREATE Act, this erroneous regulation would instead subject them to the regular rate of 25%,” he said.

Mr. Angara said that 25% was not imposed on schools in the past, adding that schools are among most affected institutions during the pandemic.

The proposed amendments to the Tax Code will indicate that the preferential tax rate applies to proprietary educational institutions, including those that are stock and for profit, and non-profit hospitals.

He said that the wording in the Tax Code may have contributed to the BIR’s interpretation.

The revenue regulation also contradicted a provision of the Constitution that recognizes entitlement to exemptions by proprietary educational institutions, including those cooperatively owned, from restrictions on dividends and provisions on reinvestment, he said.

Mr. Angara said the confusion over tax regulation will only add to the difficulties of the industry and may lead to more closures.

“This will lead to even more teachers and other school personnel losing their jobs and the loss of income for the extensive network of linked small and medium enterprises and livelihood activities of the host communities as well,” he said.

Coordinating Council of Private Educational Associations on Wednesday questioned the revenue regulation that increased tax rate on “for-profit” educational institutions. It asked the bureau to rethink its tax treatment.

The BIR in a letter to the COCOPEA said that proprietary non-profit educational institutions “can legally exist,” citing the definition of proprietary as “private” under the Tax Code. — Vann Marlo M. Villegas

NPC touts advantages of privacy certification

THE National Privacy Commission (NPC) said it will be rolling out a voluntary certification scheme to monitor companies’ compliance with international privacy standards.

Privacy Commissioner Raymund E. Liboro said that companies’ data privacy representatives should invest in earning certifications and seals of approval from the commission.

The NPC in a statement Monday said it will soon roll out the certification program, including a “privacy mark” aimed at helping companies build up their reputations for protecting privacy.

“An incentive for your companies is recognition for excellence for achieving a higher level of accountability,” Mr. Liboro said.

The NPC said certifications for compliance with APEC (Asia Pacific Economic Cooperation) cross-border privacy rules would also give firms a pathway to global markets.

“We want our companies to capitalize on this momentum by expanding their data-driven services to cross-border transactions,” Mr. Liboro said.

“NPC is partnering with bilateral, regional, and international organizations for global data transfer mechanisms to ensure the free and secure flow of data from and into the Philippines.”

Inclusion in the cross-border system would allow companies to transfer data to other certified companies operating in the region under a single system, reducing data transfer costs associated with complying with varying international privacy rules.

The NPC throughout the lockdowns issued warnings against potential data privacy breaches. The commission reminded businesses to ensure data protection for individuals submitting contact tracing forms and teachers to refrain from posting on social media any clips collected from online classrooms.

The commission last year flagged “dismal” privacy standards in the health sector, particularly its management of contact tracing during the pandemic. — Jenina P. Ibañez

Foreign ownership curbs seen limiting PHL digital integration with region

REUTERS

RESTRICTIONS on foreign participation have limited the Philippines’ integration with digital trade networks in the Asia-Pacific, the Philippine Institute for Development Studies (PIDS) concluded in a study.

The report, How Ready Are We? Measuring the Philippines’ Readiness for Digital Trade Integration with the Asia-Pacific, found that the Philippines has a slightly restrictive policy and regulatory environment for digital trade.

Foreign equity limitations on electronic commerce are a major challenge for digital integration, the report published in May found. Electronic commerce is sometimes considered a “mass media” activity, a sector where foreign equity is restricted.

“Electronic commerce represents an important part of digital trade, which means that bans on foreign investment can impede the digital economy’s growth, thereby making digital trade integration difficult,” the report found.

Although foreign investors can bid in public procurement exercises, PIDS said that some policies either restrict or discourage their participation.

“Foreign consultants are required to transfer their technology and knowledge in order to be hired under public procurement,” the paper said.

Foreign participation in the telecommunications sector is also limited, which PIDS said deters investor interest.

Amendments to a law limiting foreign participation in the telco sector are being considered by the Senate. Some senators have raised concerns about lifting foreign ownership restrictions on national security grounds.

According to PIDS, a digital infrastructure gap affects online sales and transactions.

“Essential services to remote areas rely on a dependable and affordable ICT service, which the Philippines does not have.”

Ease of doing business is also a concern. Tech startups find it difficult to enter the Philippine market because of the “different permits and the multilayered bureaucracy that they need to transact with.”

But the report also found the Philippines to be ready to integrate itself with the region, with a generally open policy environment for digital trade compared to some Southeast Asian neighbors.

The country has low tariffs on digital goods and has strong cross-border data policies and intellectual property protections, PIDS said.

To improve the country’s standing, the report said that the Philippines should actively participate in international discussions of digital trade rules.

“As a net exporter of digitally-deliverable services, there is an incentive for the country to ensure that digital trade services, together with its supporting services, remain free or, at most, slightly restrictive.”

The report, written by Francis Mark A. Quimba, Sylwyn C. Calizo, Jr., Jean Clarisse T. Carlos, and Jose Ramon G. Albert, recommended that the Philippines address issues surrounding foreign equity, reduce digital piracy and cybersecurity gaps, and improve digital infrastructure. — Jenina P. Ibañez

DoE releases energy labeling rules for appliances, lighting

PHILSTAR

THE Department of Energy (DoE) has released guidelines governing the labeling of energy-consuming products including air conditioner units, refrigerators, television (TV) sets, and lighting products.

According to a posting on its website Thursday, the DoE said the Philippine Energy Labeling Program (PELP) also details particular product requirements and codes of practice for manufacturers and sellers.

The guidelines state that sellers of cooling products, refrigerators, TVs and lighting products must list their energy efficiency ratings, monthly energy consumption, brand names, product models and power input in watts, among others.

Consumers can evaluate the energy efficiency of appliances based on their efficiency ratings and the number of stars — which are both showcased on their labels. More stars and higher ratings translate to more savings for consumers, the DoE said.

The department also gave more details about how companies can register for the PELP. — Angelica Y. Yang

7,217 more cases logged on Mindanao surge

THE DEPARTMENT of Health (DoH) reported 7,217 coronavirus infections on Thursday, bringing the total to 1.25 million, amid a fresh surge outside the capital region.

The death toll rose by 199 to 21,357, while recoveries increased by 3,483 to 1.17 million, it said in a bulletin.

There were 55,790 active cases, 1.4% of which were critical, 93.6% were mild, 2% did not show symptoms, 1.8% were severe and 1.27% were moderate.

It said 34 duplicates had been removed from the tally, 16 of which were tagged as recoveries. A total of 141 recoveries were reclassified as deaths. Four laboratories failed to submit data on June 1, the agency said.

Earlier in the day, health authorities flagged rising infections in Mindanao and the rest of the Luzon region.

Health Director Alethea de Guzman said the average daily cases in past seven days stood at 6,691, higher than 5,214 a week earlier. The infection rate also rose to 12.7% 12.6%, she told an online news briefing.

She cited a slight increase in cases in Metro Manila, Bulacan, Cavite, Laguna, Rizal and the Visayas. Coronavirus infections in Mindanao were also increasing fast.

“Mindanao cases as a whole have outpaced the number of cases we are seeing now in the rest of Luzon and even in the National Capital Region (NCR),” she said, adding that people have been ignoring health protocols.

Mindanao had 11,322 active cases as of June 2, according to the Health department’s tracker website, higher than the 10,174 active cases in Metro Manila.

For the rest of Luzon, all regions were posting higher infections, particularly Cagayan Valley, Ms. De Guzman said.

The average daily deaths in May fell to 77 from a peak of 111 in April, she said.

About 12.7 million Filipinos have been tested for the coronavirus as of June 1, according to DoH’s tracker website.

The coronavirus has sickened about 172.4 million and killed 3.7 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization.

About 155.1 million people have recovered, it said.

Meanwhile, President Rodrigo R. Duterte asked the international community to correct the imbalance in global vaccine distribution.

The President spoke at a virtual international summit on Wednesday night where he urged other countries to correct the imbalance “or there will be no real and inclusive global recovery to speak of,” the presidential palace said in a statement on Thursday.

Mr. Duterte noted that 80% of global coronavirus vaccine supplies go to developed countries.

“It is our moral responsibility to help each other and face this crisis with greater solidarity and urgency,” he said. “While modest, our contribution demonstrates our firm commitment to this global fight against COVID-19 (coronavirus disease 2019).”

Mr. Duterte earlier said the Philippines would donate $1 million to a global initiative for equal access led by the World Health Organization to reciprocate the goodwill of Manila’s vaccine donors. 

He also encouraged more countries to contribute to the vaccine-sharing facility, which supports low-income countries.

The summit was co-hosted by Japan Prime Minister Yoshihide Suga and Jose Manuel Barroso, who heads the board of a global alliance for vaccines and immunization.

The tough-talking leader in February accused the European Union of holding up coronavirus supplies from other countries, citing the bloc’s export rule that requires drug makers to obtain permission first before shipping vaccines outside the region.

Meanwhile, more than 5.3 million coronavirus vaccines have been given out as of June 2,  presidential spokesman Herminio L. Roque, Jr. told a televised news briefing.

More than four million Filipinos have received their first dose, while 1.2 million have been fully vaccinated. 

In a related development, Science and Technology Undersecretary Rowena Cristina L. Guevarra said a local study on the safety and efficacy of mixing and matching different coronavirus vaccine brands would start next month. 

Proponents from the Philippine Society for Allergy, Asthma, and Immunology will seek clearances this month from local drug regulators to conduct the clinical trials, she told a separate televised briefing.

Ms. Guevarra said the vaccines made by Sinovac Biotech Ltd., Pfizer, Inc., AstraZeneca Plc and Moderna, Inc. would be used in the study.

The study will last 18 months and involve 3,000 participants aged 18 years and above. Participants will come from the priority groups of the government’s coronavirus immunization program, she added. — Vann Marlo M. Villegas and Kyle Aristophere T. Atienza

Presidential daughter being considered as 2022 standard bearer

Davao Mayor Sara Duterte-Carpio

DAVAO City Mayor Sarah Duterte-Carpio is among those being considered by President Rodrigo R. Duterte to become the ruling party’s standard bearer in the 2022 elections, according to the presidential palace.

Presidential spokesman Herminio L. Roque, Jr. on Thursday said Mr. Duterte’s daughter remained undecided about running. The President earlier said his daughter would not follow in his footsteps.

Also included in the list of Mr. Duterte’s presidential bets are former Senator Ferdinand R. Marcos, Jr., Manila Mayor Francisco M. Domagoso, Senators Christopher Lawrence T. Go and boxing champion Senator Emmanuel D. Pacquiao, Mr. Roque told a televised news briefing.

He said Mr. Duterte does not want his daughter to run for President. “His recommendation is for her not to run,” Mr. Roque said in Filipino.

Albay Rep. Jose Maria Clemente S. Salceda on Wednesday night said Ms. Carpio would run for President and is building an alliance with various political groups.

“I have exchanged texts with her and I can tell you that she is really running,” he told OneNews in mixed English and Filipino. “And my sources say that.”

Mr. Salceda, a member of the ruling PDP-Laban party, said at least five political parties would support Ms. Carpio’s presidential bid.

Meanwhile, the congressman said a possible Duterte-Duterte tandem is not a wise idea because the administration party needs a geographical balance.

Mr. Salceda said the presidential daughter should look for a running mate who can get a significant number of votes from other regions.

PDP-Laban this week passed a resolution urging Mr. Duterte to run for vice president. It also allowed him to choose his running mate.

Ms. Carpio had rejected calls for her to seek the presidency in next year’s elections, asking her supporters to wait for her bid in 2034. She said policy continuity should not be based on kinship.

The Davao mayor heads a coalition that started as a regional political party.

The President has repeatedly said his daughter would not run for president, adding that he had warned her against seeking the position that he said is not a woman’s job.

Meanwhile, Mr. Roque said the 1987 Constitution does not bar Mr. Duterte from running for vice president. “What is not prohibited is allowed.”

Howard Calleja, a convenor of the opposition coalition 1Sambayan, earlier said the push for a Duterte vice presidency is a mockery of the 1987 Charter.

“Anybody who sat as president cannot be reelected,” he told the ABS-CBN News Channel. “The spirit and intent of the law is that no person can do the dictator role just like Marcos before.”  Mr. Duterte’s bid for vice president is not illegal but may “violate the spirit of the Constitution,” Antonio La Viña, a professor of constitutional law at the Ateneo de Manila University, told OneNews on Wednesday night. — Kyle Aristophere T. Atienza

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