Home Blog Page 6550

Aboitiz units to build power transmission poles in Batangas

TWO Aboitiz-led firms specializing in construction and power distribution have forged a deal to build 73 overhead transmission poles in Lipa City and Malvar, Batangas to help stabilize power supply in the areas.

In an e-mailed statement on Thursday, Aboitiz Construction, Inc. said it partnered up with power distributor Lima EnerZone, which is under AboitizPower Corp., to construct the transmission poles.

The poles are expected to help 69-kiloVolt lines supply power to businesses located in the Light Industry Science Park (LISP 4) and residential areas in Malvar.

“The transmission poles project will kick off in November and is expected to be completed in six months,” Aboitiz Construction said.

“The project is part of a bigger initiative to enhance power delivery in Lipa City, Malvar, and surrounding areas, including Lima Technology Center through a partnership between Aboitiz Construction and Lima EnerZone,” it added.

The company said it will handle the demolition and restoration works of structures which will be impacted by the construction of the steel pools. The project will also involve cable stringing, clipping, and armoring.

“In line with our mission to help businesses to thrive, Aboitiz Construction commits to deliver a quality and safe project for Lima Enerzone. Through this partnership, we aim to contribute to economic growth in Batangas by powering businesses and homes,” said Levi B. Agoncillo, Aboitiz Construction’s vice-president for business development, tender planning, engineering, and design.

Aboitiz Construction separately said it is not able to disclose its investment in the transmission pole project right now. It said the project is expected to be completed this year.

In 2019, Aboitiz Construction won a P206-million contract to design and construct Lima Enerzone’s 69-kV overhead transmission line for the Lima Technology Center in Lipa, Batangas.

Lima EnerZone operates the power distribution system of Lima Land, Inc. a registered economic zone under the Philippine Economic Zone Authority located in the Lipa-Malvar area of Batangas.

Lima EnerZone is part of AboitizPower’s EnerZone group, which is made up of four privately owned electric distribution utilities that operate the distribution systems of select economic zones in Subic, Mactan, Cebu and Batangas. — Angelica Y. Yang

Employers agree to create diversity panel to ensure gender equality

REUTERS

THE EMPLOYERS Confederation of the Philippines (ECOP) and the Philippine Women’s Economic Network (PhilWEN) have signed a memorandum of agreement to create a Diversity and Inclusion Committee to promote gender equality in the workplace.

In a statement Wednesday, ECOP President Sergio R. Ortiz-Luis, Jr. said the committee will lead and oversee initiatives to promote gender equality.

“Alongside the establishment of this committee is the hope of ECOP to encourage companies to become more aware of how to create a safe workplace for its employees,” Mr. Ortiz-Luis added.

PhilWEN Chair Ma. Aurora D. Geotina-Garcia said the committee will support companies’ recovery and sustainability plans, “given that many women, whether employees or entrepreneurs, have been severely impacted by what initially started as a health crisis but has now become a severe economic crisis.” 

The International Labor Organization (ILO) expressed support for the initiative, offering its Women in STEM (science, technology, engineering and math) Workforce Readiness and Development Programme.

ILO’s Country Office for the Philippines Director Khalid Hassan said the Philippines indeed needs a gender-responsive pandemic recovery plan because many female workers and business owners have additional responsibilities like caring for their families at home.

“Employers indeed play a crucial role to shape a future of work based on dignity and respect for all, free from violence and harassment,” Mr. Hassan said. 

According to the Philippine Statistics Authority, as of January, the labor force participation rate was much higher for men at 73.9% than for women, where the equivalent rate was 46.9%. 

Companies that have shown interest in joining the Diversity and Inclusion Committee are Cargill Philippines, Inc., CB&I Philippines, Inc., Globe Telecom, Inc., Laguna Metts Corp., Nestlé Philippines, Inc., Pearson Management Services Philippines, Inc., Punongbayan and Araullo, and Wilhemsen-Smith Bell Manning, Inc.

The new committee’s chair, ECOP Vice-President Diana B. Pardo-Aguilar, also called on other businesses to join the committee. — Bianca Angelica D. Añago

Stuff to do (08/27/21)

Araneta City celebrates National Heroes Day 2021   

ARANETA City joins the commemoration of the National Heroes Day on Aug. 30 by saluting the bravery and heroism of Filipinos with a series of on-ground and online events. The commemoration starts on Aug. 27 with the launch of the #LivingHeroes virtual exhibit in partnership with the J. Amado Araneta Foundation (JAAF). The exhibit will feature exemplary and inspiring stories of modern-day Pinoy heroes who made an impact during the pandemic. The virtual exhibit will also be open as a photo exhibit at the Gateway Mall Activity Area on Aug. 28. Then there is the #AranetaNewHeroes costume contest via Araneta City’s Tiktok account, which will test the creativity of netizens and their familiarity with Filipino heroes. Entries will be accepted from Aug. 27 to 30, with the winner, who will take home P10,000, to be announced on Aug. 31. Get to know the revolutionary generals behind the names of the six major roads in Araneta City via a trivia story on its blogsite on Aug. 29 which will recount the history and origin behind the naming of these thoroughfares. Enjoy free delivery from Araneta City’s Ask Ara personal shopping service on Aug. 29. Each purchase via the Ask Ara personal shopper entitles one to receive an Araneta City Hygiene Kit. Customers’ designated riders will also receive their own Hygiene Kits and an energy drink from Coca-Cola. Then on Aug. 30, Araneta City together with Coca-Cola Beverages Philippines, will treat the bus drivers at the Araneta City Bus Station, the jeepney drivers in Cyberpark Jeepney Terminal, and the UV Express drivers in Farmers Plaza transport terminal — with freebies to keep them hydrated and energized on their trips the whole day.

CCP presents Buwan ng Wika shows

IN CELEBRATION of Buwan ng Wika, the Cultural Center of the Philippines (CCP) presents AWIT AT TULA: Pagbabalik-Tanaw sa Unang Hari ng Balagtasan at the Facebook page of the CCP Office of the President (www.facebook.com/watch/live/?v=163695115876901&ref=watch_permalink). Then relive the music of the 1970s in the concert MANILA SOUNDS, Saliw sa Himig ng Maynila, featuring the Philippine Philharmonic Orchestra on Aug. 28, 6 p.m. More Buwan ng Wika programs can be found at the CCP’s Vimeo channel, https://vimeo.com/showcase/8759371.

Virtual YouTube FanFest Philippines returns

THE VIRTUAL edition of YouTube FanFest (YTFF) returns for its second year in the Philippines, presented by Globe and All Things Hair PH by Unilever. The online event will be divided into three episodes streaming live from Aug. 27 to 29 at 6 p.m. on the YouTube FanFest channel (www.youtube.com/fanfest). YTFF went virtual last year because of the ongoing coronavirus disease 2019 (COVID-19) pandemic. YTFF is putting a spotlight on creators from Cebu this year. The first episode, dubbed “Island Life,” features Cebuano creators Medyo Maldito, Raphiel Shannon, and Snake Princess who will take fans on an adventure in the island of Cebu. Indai Allyn, G-FORCE and The Juans will join them, while Mikey Bustos will be present across the three episodes. On the second episode, called “Everyone is Beautiful,” lifestyle and beauty creators About RAF, Andree Bonifacio, Hazel Quing, itsclaudineco, Lesha, Madam Ely, Raiza Contawi, ThatsBella, and Tita Krissy Achino will take viewers on a series of challenges and collaborations. For “The Finale,” some creators from the first and second days will come together with Benedict Cua, chef RV Manabat, Natalia Guerrero, Niana Guerrero, Ranz Kyle, Reneé Dominique, Simpol, SB19, Team Lyqa, and Zack Tabudlo to celebrate diversity, togetherness, and a special entertainment experience. Some creators will have virtual meet and greet moments in September after the FanFest event. These will be announced on their social media accounts. For more information, visit http://www.youtubefanfest.com.

Happy Hallyu Day 5 goes virtual

HAPPY Hallyu Day, a celebration of all things Korean, turns five with a virtual festival on Aug. 28 and 29, on the Philippine Kpop Convention, Inc. (PKCI) Facebook page (https://www.facebook.com/philkpopcomm/). There will be K-entertainment talks, K-pop performances, contests, games, and more as presented by the PKCI and the Korean Cultural Center in the Philippines. As part of the celebration, K-drama enthusiast Kristel Fulgar shares her passion for producing/directing her web drama Love from Home; K-pop dancer Dasuri Choi shares her stories and tips as a performer; survival show Under Nineteen participant C13 brings viewers on a journey as a Korean trainee and performs his debut single, “Stay”; and the biggest K-pop concert producer, Happee Sy, and the Philippine’s Korean entertainment emcee Kring Kim, join forces as they reminisce and spill the goods about K-pop concerts. There will be performances on the digital stage by HHD5, Press Hit Play, WIN! BINI, and BGYO. A five-day “Countdown Special” will happen from Aug. 23 to 27, where participants can expect entertaining segments, Twitter parties, and prizes every day from Happy Hallyu Day partners, affiliated K-pop fan clubs, and guests. Register for free at fanlife.ph and use the 10% promo code, HAPPYHALLYU, between Aug. 24 and Sept 4 for discounts. Happy Hallyu Day 5: A Virtual Fest is hosted by Philippine-based Korean host KyungMin Kim, with opening performances by a multilingual soul-pop singer Venisse Siy, and performer-producer J.O.

The Manila Girls Virtual Tour of Manila

THE HERITAGE Collective and WanderManila present “The Manila Girls Virtual Tour with Goodies” on Aug. 30, 4 p.m. This heritage and food tour will explore the environs of Tondo, Malate, España (Sampaloc), and Makati. All four of these places have rich, complex histories that date back to the Spanish Era (in Tondo’s case, precolonial even) which will be explored in this virtual session. To make this experience even more memorable, the tour comes bundled with the latest batch of Manila Girls Goodies. Tour rates are at P999, inclusive of the Manila Girls Goodies Bundle. Registration closes on Aug. 25. Slots are limited. For more information and to reserve a slot, send a message at www.facebook.com/WanderManila/posts/1730761430446906.

Enabling connectivity for SMEs

The Philippine Statistics Authority has recorded a total of 1,000,506 business enterprises operating in the country as of end-2019. The vast majority is composed of micro enterprises at 89.5%, followed by small and medium enterprises (SMEs) constituting 10.0% while the remaining 0.5% is made up of large corporations.

  Many of these micro enterprises have closed down due to the COVID-19 pandemic, while SMEs are still surviving with most of their employees working from home (WFH). Such a WFH arrangement requires secure wi-fi connectivity in residential areas that have virtually become alternative branch offices of companies big and small.

Remote access to business tools is essential for SMEs, but they lack the resources that large enterprises can leverage to set up and maintain virtual private networks or VPNs. Hewlett Packard Enterprise (HPE) recently introduced a simple wi-fi solution for SMEs called Aruba Instant On (AION), a family of powerful wireless devices designed to address business needs with capacity for growth.

HPE is a Texas-domiciled firm established in 2015 as a spin-off of Silicon Valley tech giant Hewlett-Packard Co. HPE’s California-based subsidiary, Aruba Networks, teamed up with NordVPN of Panama to deliver VPN services to AION customers.

  According to Aruba Philippines Country Manager Gigi Lariosa, AION can deliver a seamless wi-fi experience comparable to that of large corporations. She said the proliferation of mobile devices and the increasing use of cloud-based applications have forced SMEs to rethink their strategic plans in order to remain competitive.

Based on a study conducted by International Data Corp. (IDC), two-thirds of SMEs will have digital transformation as a key part of their IT strategies by the end of 2023. Since the growing interest in digitalization has placed new demands on SME communications infrastructure, the IDC report disclosed that there is an evident need for purpose-built wireless solutions that can effortlessly scale as business requirements dictate.

ENSURING CONSUMER PROTECTION
After 18 long years, the bill regulating the Philippine liquefied petroleum gas (LPG) industry will finally become a law. First proposed in 2003 during the 12th Congress, the LPG Regulation Act had to go through the wringer of seven congressional terms prior to its enactment.

Last month, the Bicameral Conference Committee of the 18th Congress reconciled the disagreeing provisions of Senate Bill No. 1955 and House Bill No. 9323. The senators and congressmen assigned to the bicam committee then recommended to their respective chambers that the consolidated version of the two bills be approved and ratified, which both the Senate and the House of Representatives did on Aug. 3 and Aug. 4, respectively. After its ratification, the final version has been endorsed to the Executive branch for the President’s signature.

The proposed law aims to set the best practices for domestic industry players by creating a swapping program and cylinder exchange that will allow Filipino consumers to purchase any LPG brand of their preference. Senator Sherwin Gatchalian said: “The bicam agreed that the combination of provisions offer the strongest potential for strict compliance and enforcement. Most important of all, it will provide safety standards for the protection of consumers by eliminating unsafe cylinders from circulation.”

Industry stakeholders such as the LPG Marketers’ Association (LPGMA), the Independent Philippine Petroleum Companies Association, and the LPG Industry Association strongly support the passage of the LPG Regulation Act of 2021, which seeks to establish a national energy policy and regulatory framework for their sector. Among the bill’s authors is incumbent LPGMA Party List Rep. Allan Ty, whose family has been involved in the industry for several decades.

 

J. Albert Gamboa is the chief finance officer of Asian Center for Legal Excellence and co-chairman of the FINEX Week Committee. The opinion expressed herein does not necessarily reflect the views of these institutions and BusinessWorld.

Entertainment News (08/27/21)

Sandali Lang cover art

Over October releases Tagalog song

FILIPINO band Over October released its first Filipino song, “Sandali Lang,” under Island Records Philippines and MCA Music, Inc. The quartet’s first Filipino tune is a blend of alternative rock, 1980s pop, blues, and indie rock. “We didn’t have a specific vision for how we wanted the song to sound,” lead vocalist and rhythm guitarist Josh Buizon said in a statement. “We just drew inspiration from different kinds of local music — different genres and eras.” Over October’s comeback record is accompanied with a new music video, directed by Carl Chavez, starring Gawad Urian 2020 Best Actor and Gameboys star Elijah Canlas and actress Miles Ocampo. Listen to “Sandali Lang” on Spotify (https://open.spotify.com/track/10lpJuXqIl5dm7L42ucdYD?si=1f9bc1c4a9824a71). 

Improv dance battle winner announced

CONTEMPALABAN: Lockdown Edition, a month-long online competition that challenged performers to showcase their creativity, resourcefulness, and skills through a series of improvised challenges, has awarded young contemporary dancer Daphne Tamondong as the Grand Champion. For her winning act, Ms. Tamondong, a resident artist with Hiraya Contemporary Dance Company and a member of Kinection, had to portray a “person who swallowed an atomic bomb.” She explored and maximized her interpretation as she moved to the beats of “Lemon World” by Australian alternative psychedelic rock band Ocean Valley. Meanwhile, Runner-Up Eiana Nova, a Zambales-based hip-hop dancer and a member of A-Team PH, interpreted “a hatching snake egg” scenario. The two-time Contempalaban finalist displayed her versatility to the tune of “Kailan Tayo Sasayaw” by Filipino musical artist Frank Ely. The competition, which started from a pool of participants, underwent a series of qualifying rounds that required the dancers to improvise using the music and props designated by officials. The challenge was hosted by the Saint Benilde Romançon Dance Company (SBRDC)-Contemporary, the resident dance team of the De La Salle-College of Saint Benilde. The final performances can be viewed on the official Facebook page of SBRDC at https://www.facebook.com/romancondanceco.benilde.

Netflix to hold 1st Global Fan Event in Sept.

TUDUM: A Netflix Global Fan Event will be held on Sept. 25, with some of Netflix’ biggest stars and creators from around the world — representing over 70 series, films and specials — joining the virtual celebration for three hours of exclusives and first-looks. The virtual livestream event begins at 9 a.m. PST, 12 p.m. EST, 4 p.m. GMT, and 1 a.m. JST and KST. It will be broadcast across Netflix’s YouTube channels worldwide, in addition to Twitter and Twitch. There will be special pre-shows spotlighting Korean and Indian series and films along with animé content that will kick-off at 5 a.m. PST, 8 a.m. EST, 12 p.m. GMT, 9 p.m. JST and KST on specific channels. Over 70 films and series will be featured throughout the three-hour TUDUM event, including some of Netfix’ most popular returning seasons like Stranger Things, Bridgerton and The Witcher, to La Casa De Papel and Cobra Kai, as well as blockbuster films like Red Notice, Don’t Look Up, Extraction, The Harder They Fall, The Old Guard and more. There will be breaking news and see first looks, new trailers and exclusive clips during interactive panels and conversations with the creators and stars from Netflix. Fans will be able to co-stream and react to the TUDUM event in real time on their Facebook, Twitch, or YouTube channels. Sign up to co-stream on TUDUM.com where they will also find the latest news and information on the event.

The Conjuring sequel premieres on HBO GO

ED AND LORRAINE Warren are back for another clash against the supernatural as The Conjuring: The Devil Made Me Do It lands on HBO GO starting Aug. 27. This is the latest installment in a hit horror movie franchise that now spans seven films. This new entry in the Conjuring universe takes inspiration from one of the most sensational cases from the files of the real-life Ed and Lorraine Warren. Developed into a tale of terror, murder, and supernatural evil, what starts with the fight for the soul of a young boy, it leads to the first time in US history that a murder suspect would claim demonic possession as a legal defense. Vera Farmiga and Patrick Wilson return to star as Lorraine and Ed Warren. Stream or download The Conjuring: The Devil Made Me Do It on HBO GO which is available at the App Store and Play Store. It can also be accessed via Cignal or at https://www.hbogoasia.ph/, via Android TV, Apple TV, LG TV and Samsung Smart TV — and comes with AirPlay and Google Cast functionality.

HBO Asia Original Series On The Job premieres Sept.

THE CONTINUATION to Erik Matti’s award-winning crime thriller On the Job premieres globally and exclusively on HBO GO. Along with the first installment of the film, the sequel will be available as a six-part HBO Asia Original series. Stream or download the first three episodes on Sept. 12. A new episode premieres every subsequent Saturday. Inspired by true events, the series centers around crime syndicates that temporarily release contracted prison inmates to carry out political assassinations for those in power. However, as it turns out, those crime syndicates are run by politicians themselves. Hitmen prisoners Tatang (Joel Torre), Daniel (Gerald Anderson), and Roman (Dennis Trillo) are occasionally released from jail in order to perform assassinations ordered by powerful mysterious clients. Meanwhile, law enforcers Joaquin (Joey Marquez) and Francis (Piolo Pascual), and journalists Sisoy (John Arcilla) and Arnel (Christopher De Leon) try to uncover the truth behind the killings and disappearances. The series also puts a spotlight on the real-world issue of fake news and how easily truth can be spun, manufactured and disseminated to the public in an age where information spreads faster than ever. The first two episodes of the series screened as a film at the 2013 Cannes Film Festival while the final four episodes will play as a film in Competition at the 78th Venice Film Festival. Stream or download On the Job on HBO GO which is available at the App Store and Play Store. It can also be accessed via Cignal or at https://www.hbogoasia.ph/, via Android TV, Apple TV, LG TV and Samsung Smart TV — and comes with AirPlay and Google Cast functionality.

When a ‘boomerang’ worker badmouths an employer

Marco (not his real name) resigned from Company A to join Company B. During his stay with B, he was often heard criticizing A for its bad management practices, including its tax evasion activities. After a year, Company B merged with Company C as the surviving entity. This resulted in the loss of many jobs, including the one held by Marco. Without a job, he reapplied with Company A and was rehired as a regular employee without much vetting. After three months, Marco’s boss discovered from a former employee of B how he disparaged Company A. What are Company A’s options against Marco? — September Morn.

There’s a story about a mechanic who converted to Christianity during the early years of Ford Motor Co. in Detroit. He became a devout follower of Christ and desired to correct his many wrongs in the factory. He had been stealing car parts and tools for many years. The morning after his baptism and conversion, he returned all the parts and tools back to his employer.

He explained the situation to his foreman and asked for forgiveness. The foreman consulted the human resource (HR) department on what to do about the case as there was no precedent for it. Immediately, HR cabled all details to Henry Ford, who was then visiting a European plant.

Mr. Ford immediately returned a cable with a decision: “Convert all workers into Christianity and baptize all believers as soon as you can.”

When a worker, regardless of their job, wants to change for good reason, religious or otherwise, the situation becomes a stressful, but a “welcome” development for management. Indeed, change is hard work for everyone. But if the change is worth the effort, it becomes easier for all. On the other hand, if change is unnecessary or does not work, it becomes harder for people to accept.

ADVERSE IMPLICATIONS
Looking back, maybe Marco was trying to win the sympathy of Company B, his current employer at the time. And for good reason. After all, he has a legitimate and reasonable complaint against Company A for its “bad management practices and tax evasion activities” assuming they are accurate. Was it for Marco to warn Company B? We don’t know.

Knowing the intentions of Marco will help you devise the most effective solution. So, what can you do about it? Think hard enough about the adverse implications should you decide to confront Marco. After all, your management is not exactly without clean hands. Marco may have something against your company that you may have not properly understood. It’s not so much about bad management practices, which can be subject to debate at times. But what if he is in possession of legal documents to prove his allegations about the tax issues?

You have to put everything in proper perspective. Even when you charge him with betrayal and terminate his employment, you may be bringing the company into an awkward situation because Marco could file a case for illegal dismissal. Worse, it could result in bringing up things that could damage your company’s reputation if Marco cites your illegal tax activities as the only reason for his dismissal.

This is not to say you should continue with your illegal ways. It may not be easy. But one thing is for sure, you don’t want to escalate the situation. That’s probably not what you want.

POSITIVE ENVIRONMENT
It’s better not to rock the boat. Instead, monitor Marco’s work performance in case he offers cause for commendation. Assure him that you will support his career ambitions. Proceed to work with him positively. No matter what, don’t raise the issue of how he badmouthed the company, as you would be required to prove your case. Anyway, the past is the past. You don’t have to live there.

At the same time, correct your own internal issues as well. Do it quietly, without being noticed by the workers including Marco. Simultaneously, start a two-way communication process with employees that may include an annual satisfaction survey and an excellent engagement program.

Whatever you do, your goal is to get Marco to management’s side and change his negative perception about the company. You may need to treat all workers well, and if your company can afford it, pay them a competitive package to make the work relationship more positive over the long term.

If there’s a chance, give Marco every opportunity to perform well and showcase his work achievements to others. Require him to lead teams on a temporary basis. If not, transfer him to a work situation where he can shine. Remember to reward and recognize him as a prelude to his eventual promotion or transfer to a juicy position.

This approach is very important so Marco does not take consolation in what he knows about the company’s past illegal activities. If he knows that management is sincere in dealing with him, it will help him immensely in focusing on his work.

 

Have a consulting chat with Rey Elbo on Facebook, LinkedIn, or Twitter or you can send anonymous questions to elbonomics@gmail.com or via https://reyelbo.consulting

Transpacific Broadband profit up nearly 85%

LISTED Transpacific Broadband Group Int’l, Inc. saw its net income for the second quarter grow 84.6% as service income climbed despite the pandemic crisis.

The company’s second-quarter net income after tax increased to about P1.4 million from P752,039, its report for the previous quarter showed.

Second-quarter revenues, which include service income and other income, rose 43.9% to P14.1 million from P9.8 million in the same period a year ago.

Expenses for the quarter increased 44.8% to P12.6 million from P8.7 million in the previous year.

For the first half, net income after tax leaped 466.7% to P6.8 million from P1.2 million in the same period in 2020.

Total revenues for the first half went up 50.8% to P29.1 million from P19.3 million last year.

Expenses for the period increased 25.1% to P21.9 million from P17.5 million previously.

“There is no seasonal effect that had material [impact] on the financial condition or results of operation except for the potential impact of the coronavirus disease 2019 (COVID-19) pandemic,” the company said. — Arjay L. Balinbin

PDIC fully covers 96.7% of deposit accounts as of March 

THE Philippine Deposit Insurance Corp. (PDIC) fully covered 96.7% or 78.2 million out of 80.9 million accounts as of the first quarter of 2021, it said in a statement on Thursday. 

This was 6.8% higher compared to the 73.3 million deposit accounts that were fully covered by the PDIC in the same period of 2020. 

“We are optimistic that the depositing public will continue trusting banks and for bank deposits to sustain their steady growth to help fuel the economy. The PDIC, as a financial safety net, will always remain committed to its pursuit of depositor protection and in promoting financial stability in the country through responsive and effective services,” PDIC President and CEO Roberto B. Tan said in the statement.  

In terms of value, total insured deposits rose 5.9% to P3 trillion at end-March from P2.9 trillion a year earlier. More than half (55.8%) or P1.7 trillion of these funds were fully covered. Meanwhile, 44.2% or P1.3 trillion were partially insured of up to the maximum deposit insurance of P500,000.  

Fully insured and partially insured deposits deposits made up 11.3% and 9% of the total deposits, respectively, which grew 7.8% to P15 trillion as of March 2021 from P13.9 trillion a year earlier. The increase in deposits came on the back of a 6.8% growth in the number of deposit accounts to 80.9 million from 75.8 million. 

Broken down, deposit accounts with balances between P100,000 to P500,000 climbed by 7.1% to 5.1 million from 4.8 million last year.  

Meanwhile, deposits valued at P100,000 and below rose 6.8% to 73.2 million from 68.5 million accounts. 

Deposits that were beyond the maximum deposit insurance of P500,000 increased by 6.6% to 2.7 million from 2.5 million accounts a year earlier. 

Data showed savings and demand deposit accounts made up 77.3% of total domestic deposits at P7.3 trillion and P4.3 trillion, respectively. Time deposits and long-term negotiable certificates of deposit (LTNCD) accounted for 22.7% at P3.4 trillion.  

The PDIC noted that the economic impact of the crisis showed how liquidity became a priority for many depositors. 

“This is evident in the 11.3% year-on-year contraction in the total time deposit and LTNCD balances, and in the growth rates for savings and demand/now deposits at 15.3% and 14.9%, respectively,” it said. — LWTN 

Weekly impact of lockdowns in NCR plus

THE NATIONAL Economic and Development Authority (NEDA) is expecting the economy to return to its pre-pandemic level by end of 2022 or early 2023, as quarantine restrictions continued to hamper growth. Read the full story.

Weekly impact of lockdowns in NCR plus

How ‘inclusive’ is growth?

How ‘inclusive’ is growth?

How PSEi member stocks performed — August 26, 2021

Here’s a quick glance at how PSEi stocks fared on Thursday, August 26, 2021.

Infections may peak in coming weeks, says DoH

PHILIPPINE STAR/ MICHAEL VARCAS

CORONAVIRUS infections are expected to peak in the coming weeks, Health authorities said on Thursday, a week after the capital region was placed under a strict lockdown to contain a more contagious Delta variant.

“In the next days and weeks, we’ll probably be seeing additional peaks,” Alethea De Guzman, director of the Health department’s Epidemiology Bureau said at a virtual forum.

The new peak from Aug. 19 to 25 had surpassed the previous peak experienced from Aug. 12 to 20, she said.

The Department of Health (DoH) reported 16,313 coronavirus infections on Thursday, bringing the total to 1.9 million.

The death toll rose to 32,728 after 236 more patients died, while recoveries increased by 9,659 to 1.74 million, it said in a bulletin.

There were 131,921 active cases, 96.1% of which were mild, 1.1% did not show symptoms, 1.2% were severe, 1.03% were moderate and 0.6% were critical.

The agency said 201 duplicates had been removed from the tally, 201 of which were tagged as recoveries, while 125 recoveries were reclassified as deaths. Five laboratories failed to submit data on Aug. 24.

The country had a daily average of 15,537 cases from Aug. 19 to 25, Ms. de Guzman said, higher than the 12,897 cases reported daily from Aug. 12 to 20.

She noted that the increase in coronavirus cases earlier this year started in late February but only peaked in the first week of April.

Ms. de Guzman said the country had not felt the full effect of the recent enhanced community quarantine, but “there is really a probability that we will still see additional cases.”

She said all regions and local government units in Metro Manila either have Alpha or Beta coronavirus variants. The Delta variant first detected in India was now present in 16 of 18 Philippine regions.

Ms. De Guzman said the death toll from the coronavirus had also been increasing. “The lowest was last July at 94. We are now logging 109 deaths per day.”

The country remained under the high-risk classification, with most regions at moderate to high-risk health use rate, Ms. de Guzman said.

These regions include Metro Manila, Southern Tagalog, Central Luzon, Cagayan Valley, Northern Mindanao, the Cordillera Administrative Region, Central Mindanao, Ilocos, Davao and Western Visayas.

All areas in Metro Manila were either at high or critical risk, Ms. de Guzman said.

More than 100 provinces, highly urbanized cities and independent component cities were under critical alert levels for the coronavirus, she said, adding that 70% of beds and intensive care units in most of these areas had been used.

Meanwhile, health workers will proceed with a plan to go on strike on Aug. 31 after the Health department failed to commit to pay their benefits.

“It is clear from the Senate hearing on Wednesday that the Department of Health (DoH) only wants to pay health workers special risk allowance” Robert Mendoza, president of the Alliance of Health Workers said by telephone on Thursday.

Health frontliners have been seeking their allowance for meals, transportation and active duty hazard pay, among other things he pointed out.

Mr. Mendoza said health workers could resign en masse if the government refuses to give what is due them.

President Rodrigo R. Duterte on Aug. 21 gave DoH and the Budget department 10 days to use whatever money the government has to pay health workers.

Mr. Mendoza said DoH, health workers and senators agreed at a hearing on Aug. 16 that health workers who don’t care for coronavirus patients would also get their special risk allowance. “But what happened now? It seems that they are too focused on the special risk allowance for health workers who are directly exposed to the coronavirus.”

Health Secretary Francisco T. Duque III told lawmakers at a House public account committee hearing on Thursday DoH had asked the Commission on Audit and Justice department to clarify whether all health workers are eligible to the special allowance.

The Health department on Thursday said it would ask the Budget department to provide the funds for health workers’ meal, accommodation and transportation allowance.

In a statement, the agency said the special allotment release order for P311 million worth of special risk allowance had transferred to its Centers for Health Development. The amount would benefit 20,208 more health workers, it added.

The money will be released to local government units and private health facilities in the next few days.

Meanwhile, Health Undersecretary Leopold J. Vega urged the Philippine Health Insurance Corp. (PhilHealth) to prioritize the payment of claims from private hospitals, which have threatened to cut ties with the state insurer.

Private hospitals find it hard to generate revenue since they have focused on coronavirus patients, he told ABS-CBN Teleradyo.

Some hospitals have threatened to cut ties with PhilHealth after it suspended payment to healthcare providers whose claims are under investigation. — Kyle Aristophere T. Atienza