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Malaysia’s king keeps Muhyiddin as interim PM after resignation

TV PAS/CC BY 3.0/Wikimedia Commons

KUALA LUMPUR — Malaysian Prime Minister Muhyiddin Yassin has handed his resignation to the king but will stay on as interim premier, the palace said on Monday, after months of political turmoil culminated in the loss of his majority.  

Mr. Muhyiddin’s hand had been weakened by months of infighting in his coalition and it is unclear if the developments will ease Malaysia’s political crisis after a tumultuous 17 months in office for the prime minister.  

The palace said an election was not the best option and King Al-Sultan Abdullah was happy for Muhyiddin to stay on as caretaker.  

“The king has received the resignation letter of Muhyiddin Yassin and the entire cabinet effective immediately,” it said in a statement on Facebook.  

“Following the resignation, the king is pleased for Muhyiddin to fill the role as caretaker prime minister until a new prime minister is appointed.”  

Later, in a nationally televised speech, Mr. Muhyiddin said he submitted his resignation to the king because he had lost the confidence of a majority of lawmakers, adding that he hoped a new government would be formed as soon as possible.  

He had arrived at the national palace earlier on Monday, but his office did not respond to Reuters’ requests for confirmation at the time.  

The power struggle in the ruling coalition unfolded at a time when Mr. Muhyiddin has sought to reboot a pandemic-stricken economy and curb a resurgence in coronavirus disease 2019 (COVID-19) cases.  

The ringgit currency had earlier fallen to a one-year low and the stock market slipped.  

Mr. Muhyiddin stays on in a role, for which there was no other clear candidate in the absence of any party with a clear majority in parliament.  

The king said it was not suitable to hold elections during a pandemic. Malaysia’s infections and deaths per million rank as the highest in Southeast Asia.  

The decision was thrust into the hands of the king, who can appoint a prime minister from among elected lawmakers on the basis of who he thinks is most likely to command a majority.  

The prime minister held a special cabinet meeting on Monday morning, state news agency Bernama reported.  

Mr. Muhyiddin’s grip on power has been precarious since he took office in March 2020 with a slim majority.  

Pressure on him mounted recently after some lawmakers of the United Malays National Organisation (UMNO) party, the largest bloc in the ruling alliance, withdrew support.  

Mr. Muhyiddin had said the recent crisis was brought on by his refusal of demands such as dropping graft charges against some individuals.  

UMNO politicians faced with corruption charges include former premier Najib Razak and party president Ahmad Zahid Hamidi. They have denied wrongdoing and were among those who withdrew support for Muhyiddin this month. — A. Ananthalakshmi and Mei Mei Chu/Reuters 

Indonesia president sees need to balance health and economy

REUTERS

JAKARTA — Indonesian President Joko Widodo said on Monday in his annual state of the nation speech that there was a need to strike a balance between health and economic interests amid a surge in coronavirus disease 2019 (COVID-19) cases in Southeast Asia’s biggest country.

“The pandemic has indeed significantly slowed down our economic growth, but it must not hinder the process of structural reforms of our economy,” the president said in the annual speech to parliament.

Struggling with a jump in infections driven by the Delta variant, Indonesia has become Asia’s epicenter for COVID-19, with hospitals overwhelmed at times and the daily death toll the highest globally and total fatalities topping 100,000.

Jokowi, as the president is known, cited the introduction last month of tighter social restrictions, which require staff in non-essential sectors to work from home and limit the operations of malls or restaurants, as examples of the balance.

“What we need to do is find the best combination between public health and economic interests,” said Mr. Jokowi, who wore a traditional outfit of Indonesia’s Baduy people during his speech.

Southeast Asia’s biggest economy pulled out of recession in the second quarter with 7% annual gross domestic product growth, but the rise in coronavirus cases and the mobility restrictions threaten the recovery momentum in the third quarter.

The restrictions are due to be in place until Monday on Java and Aug. 23 on the other four main islands.

Though infections have started to plateau in the most populous island of Java, cases have been spreading to other parts of the archipelago, authorities have said.

In a video released on Sunday, Jokowi said that COVID-19 hospital bed occupancy across Java had declined, adding that the level in the capital Jakarta had fallen to 29.4% from about 90% at its peak in late June.

The government has faced criticism over its handling of the pandemic, with some health experts citing a resistance from authorities to harder lockdowns in order to protect the economy.

Mr. Jokowi acknowledged criticism directed at his government and said constructive criticism was important, “particularly on matters that we have not been able to resolve.” — Reuters

Afghanistan is peaceful, Taliban say, chaos engulfs airport 

US Office of the Chairman of the Joint Chiefs of Staff/Flickr

KABUL — Peace prevailed across Afghanistan on Monday, Taliban officials said, as the militants declared the war over a day after seizing the capital, while Western nations scrambled to evacuate their citizens from an increasingly chaotic Kabul airport.  

President Ashraf Ghani fled from the country on Sunday as the Islamists entered Kabul virtually unopposed, saying he wanted to avoid bloodshed.  

“Today is a great day for the Afghan people and the mujahideen. They have witnessed the fruits of their efforts and their sacrifices for 20 years,” Mohammad Naeem, the spokesman for the Taliban’s political office, told Al Jazeera TV.  

“Thanks to God, the war is over in the country.”  

It took the Taliban just over a week to seize control of the country after a lightning sweep that ended in Kabul as government forces, trained for years and equipped by the United States and others at a cost of billions of dollars, melted away.  

Al Jazeera broadcast footage of what it said were Taliban commanders in the presidential palace with dozens of armed fighters.  

Mr. Naeem said the form of the new regime in Afghanistan would be made clear soon, adding the Taliban did not want to live in isolation and calling for peaceful international relations.  

“We have reached what we were seeking, which is the freedom of our country and the independence of our people,” he said. “We will not allow anyone to use our lands to target anyone, and we do not want to harm others.”  

Many Afghans fear the Taliban will return to past harsh practices in their imposition of sharia religious law. During their 1996–2001 rule, women could not work and punishments such as stoning, whipping and hanging were administered.  

Both the United Nations and the United States said last week they had received reports that Taliban fighters were executing surrendering government soldiers.  

A Taliban leader told Reuters the insurgents were regrouping from different provinces, and would wait until foreign forces had left before creating a new governance structure.  

The leader, who requested anonymity, said Taliban fighters had been “ordered to allow Afghans to resume daily activities and do nothing to scare civilians.”  

Taliban officials said they had received no reports of any clashes anywhere in the country: “The situation is peaceful,” one official said.  

The Taliban controlled 90% of state buildings and fighters had been told to prevent any damage, the official said.  

Central Kabul streets were largely deserted early on a sunny Monday as waking residents pondered their future.  

“I’m in a complete state of shock,” said Sherzad Karim Stanekzai, who spent the night in his carpet shop to guard it. “I know there will be no foreigners, no international people who will now come to Kabul.”  

The militants sought to project a more moderate face, promising to respect women’s rights and protect both foreigners and Afghans.  

New Zealand Prime Minister Jacinda Ardern called for the Taliban to uphold human rights and said the world was watching: “It’s going to be all about the actions, not the words.”  

SHAME 
A US State Department spokesperson said early on Monday that all embassy personnel, including Ambassador Ross Wilson, had been transferred to Kabul airport, mostly by helicopter, to await evacuation and the American flag had been lowered and removed from the embassy compound.  

Hundreds of Afghans invaded the airport’s runways in the dark, pulling luggage and jostling for a place on one of the last commercial flights to leave before US forces took over air traffic control on Sunday.  

“This is our airport but we are seeing diplomats being evacuated while we wait in complete uncertainty,” said Rakhshanda Jilali, a human rights activist who was trying to get to Pakistan, told Reuters in a message from the airport.  

Crowds thronged into the airport as morning broke and US forces fired into the air to stop people surging onto the tarmac to try to board a military flight, a US official said.  

Dozens of men tried to clamber onto an overhead departure gangway to board a plane while hundreds of others milled about, a video posted on social media showed.  

There was the prospect of chaos in the skies over Afghanistan too. Its civil aviation authority advised transit aircraft to reroute, saying its airspace was uncontrolled.  

The Pentagon on Sunday authorized another 1,000 troops to help evacuate US citizens and Afghans who worked for them, expanding its security presence on the ground to almost 6,000 troops within the next 48 hours.  

Western nations, including France, Germany and New Zealand said they were working to get citizens as well as some Afghan employees out. Russia said it saw no need to evacuate its embassy for the time being while Turkey said its embassy would continue operations.  

In a Facebook post, Mr. Ghani said he had left the country to avoid clashes with the Taliban that would endanger millions of Kabul residents. Some social media users branded Mr. Ghani, who did not disclose his location, a coward for leaving them in chaos.  

UN Secretary-General Antonio Guterres urged all parties to exercise the utmost restraint, and expressed particular concern about the future of women and girls.  

In Washington, opponents of President Joseph R. Biden, Jr.’s decision to end America’s longest war, launched after the Sept. 11, 2001, attacks, said the chaos was caused by a failure of leadership.  

Mr. Biden has faced rising domestic criticism after sticking to a plan, initiated by his Republican predecessor, Donald J. Trump, to end the US military mission by Aug. 31.  

Senate Republican leader Mitch McConnell blamed Mr. Biden for what he called a “shameful failure of American leadership”.  

Mr. Naeem said the Taliban would adopt an international policy of two-way non-interference. “We do not think that foreign forces will repeat their failed experience.” — Reuters 

Reclamation and corals ‘like mixing oil and water’ — experts

DUMAGUETECITY.GOV.PH

By Brontë H. Lacsamana 

Amid suggestions of relocating and restoring corals to offset the environmental damage of the controversial 174-hectare “smart city” reclamation project in Dumaguete City, marine scientists have deemed any efforts impossible given the scale of destruction that the current known plans will wreak on existing ecosystems in the area.  

“Integrating corals into the reclamation project will be impossible, like mixing oil and water,” said Dr. Wilfredo “Al” Y. Licuanan, director of the Br. Alfred Shields Ocean Research (SHORE) Center at De La Salle University, in a virtual forum in August. “Modern construction techniques are unfortunately very damaging to water quality and consequently anything in those waters.”  

The seven islets of reclaimed land will run along the coastal Rizal Boulevard, about 30 meters off the present coastline, connected by a bridge. Its aim is to optimize the use of information technology to build a “green”, livable city that will include two wastewater treatment facilities, according to Dumaguete City Mayor Felipe Antonio B. Remollo, who entertained a virtual Q&A that same week.  

A major concern has been transparency regarding the plans, raised by the National Academy of Science and Technology, Dumaguete-based Silliman University, and other institutions and organizations, which have emphasized that it’s important to consider the project’s impact on marine protected areas (MPA) in the region.  

RELOCATION AND RESTORATION 
In response to these concerns, Mr. Remollo promised preparations for a marine survey to be conducted so that, with modern technology, corals could be transferred and propagated in a different place. He also cited Jamaica’s same efforts that can be replicated in the Philippines.  

“To be honest, I have no idea what the mayor is talking about. I have no idea what modern technologies he is referring to,” responded Dr. Laurie J. Raymundo, director of the University of Guam’s Marine Laboratory, in her part of the forum later that week. “My team and I would have bags of cement, hammers and chisels, our strength, and our time underwater. There isn’t any such technology that exists to my knowledge.”  

Even in Jamaica, she shared that the same techniques are used, where divers go down, hammer and chisel away, put the corals into a boat, then cement them back later in the new location. In Dumaguete, the issue is the size of the corals, which are massive and will require a crane or barge plus engineering expertise, all of which will be costly.  

Mr. Licuanan agreed with this as well, adding that the marine biodiversity in Jamaica is incomparable to the Philippines, with Philippine reefs boasting 100 to 200 species of coral compared to the 50 species in Caribbean reefs. This would entail plenty more elements to consider when touching any ecosystem.  

Application for reclamation, which Mr. Remollo shared will take the Philippine Reclamation Authority (PRA) about three years to process, involves study of the four MPAs affected by the project. With these plans, he posted the question to critics: “Is it not possible that we can create a reasonable balance between economic growth and the preservation and the protection of the environment? It can’t be just black or white.”  

IMPORTANCE OF MARINE BIODIVERSITY 
Disturbing the ecosystem built around a coral reef will take intensive research and careful consideration given the biodiversity that will be lost no matter the efforts, according to both scientists in the forum. They also clarified that relocation involves saving just the select living layer of a reef, with its coral skeleton and the accumulation of its body left behind, especially for massive reefs like in Dumaguete.  

“Reefs are important for the food security in the country. They are feeding grounds and nursery grounds even for deep sea fishes,” said Mr. Licuanan, stressing that reefs support 25% of marine life. He added that the destruction of life in Dumaguete could affect ecosystems in the rest of Negros due to the interconnectedness of marine life, with another important role being the protection of the coast from waves during typhoons, especially when also backed by mangroves and seagrass beds.  

Citing cases of Philippine reefs that have been able to recover from bleaching from climate change, Ms. Raymundo also shared that Caribbean reefs have undergone enormous amounts of mortality, with one hypothesis being their lack of diversity. In that case, Philippine reefs benefit from richer marine life.  

On the question of what amount of destruction would be acceptable, she added, “The people of Dumaguete will have to decide what they’re willing to live without. The fact that this [talk] series is taking place is already a statement that this project is too much.”   

Haiti hospitals overwhelmed by quake victims as death toll hits 1,297

Screenshot via earthquake.usgs.gov 

PORT-AU-PRINCE — Haiti’s hospitals were swamped on Sunday by thousands of injured residents after a devastating earthquake the day before killed at least 1,297 people as authorities raced to bring doctors to the worst-hit areas before a major storm hits.  

The 7.2 magnitude quake on Saturday destroyed thousands of homes and buildings in a Caribbean nation which is still clawing its way back from another major temblor 11 years ago and is reeling from the assassination of its president last month.  

Southwestern Haiti bore the brunt of the blow, especially in the region in and around the town of Les Cayes. Haiti’s Civil Protection Agency said the toll from the disaster had climbed to 1,297 and the hospitals that were still functioning were struggling to cope as some 5,700 people were injured.  

In the northwestern city of Jeremie, another badly hit area, doctors treated injured patients on hospital stretchers underneath trees and on mattresses by the side of the road, as healthcare centers have run out of space.  

“We do have a serious issue,” Jerry Chandler, the head of Haiti’s Civil Protection Agency, told Reuters.  

“There are very important facilities that are dysfunctional as we speak and those that are functional are receiving an overflow of patients,” he said.  

The challenge facing Haiti has been exacerbated by the coronavirus pandemic, a severe economic downturn aggravated by fierce gang violence, and a political crisis that has engulfed the troubled nation after the assassination of President Jovenel Moise on July 7.  

Churches, hotels, hospitals and schools were badly damaged or destroyed, while the walls of a prison were rent open by the violent shudders that convulsed Haiti. Some 13,694 houses were destroyed, the civil protection agency said, suggesting the toll could rise further.  

In Les Cayes, a seafront town of some 90,000 people, rescuers in red hard hats and blue overalls pulled bodies from the tangled wreckage of one building, as a yellow mechanical excavator nearby helped to shift the rubble.  

Haiti’s Prime Minister Ariel Henry, who flew to visit Les Cayes, praised the dignity shown by people there even in the midst of their suffering.  

“They are affected but resilient. They fight to survive,” he said, thanking international agencies and foreign governments for their support.  

Nearby countries, including the Dominican Republic and Mexico, rushed to send desperately needed food and medicines by air and across Haiti’s land border. Colombia sent search and rescue personnel.  

The United States dispatched vital supplies and deployed a 65-person urban search-and-rescue team with specialized equipment, said Samantha Power, the administrator of the United States Agency for International Development (USAID).  

From the Vatican, Pope Francis urged the international community to show support swiftly. “May solidarity from everyone lighten the consequences of the tragedy,” he told pilgrims and tourists at his Sunday blessing in St. Peter’s Square.  

However, Haiti’s government appealed to aid organizations against setting up makeshift camps and urged them to work through the planning ministry, an apparent attempt to avoid the mistakes made following the devastating 2010 earthquake that killed tens of thousands of people.  

Many Haitians prepared on Sunday to spend a second night sleeping in the open, traumatized by memories of that magnitude 7 quake 11 years ago that struck far closer to the sprawling capital, Port-au-Prince.  

At Port-au-Prince airport, international aid workers, doctors and rescue workers boarded flights to Les Cayes. A US Coast Guard helicopter ferried the wounded.  

The rescue and aid efforts will be complicated by Tropical Depression Grace, which is expected to lash Haiti with heavy rainfall on Monday. Some 75 to 100 milliliters of rainfall was expected, which may trigger landslides and cause some rivers to flood, Haiti’s Civil Protection Agency said.  

“We ask the population to remain vigilant,” the agency added.  

Thousands of people sleeping in the streets would be exposed to the torrential rains amid a rising risk of water-borne diseases, said Mr. Chandler, the head of the agency.  

The death toll is expected to rise as telephone network has been down in more remote areas. In difficult-to-reach villages many houses were fragile and built on slopes vulnerable to landslides, said Alix Percinthe, from the ActionAid charity.  

He said one local leader had informed him there were 47 deaths in his area not yet reported to regional authorities.  

HUMANITARIAN CORRIDOR 
Footage of Saturday’s aftermath posted on social media showed residents reaching into narrow openings in piles of fallen masonry to pull shocked and distraught people from the debris of walls and roofs that had crumbled around them.  

Access to the worst-hit areas was complicated by a deterioration in law and order that has left key access roads in parts of Haiti in the hands of gangs. In a video posted on social media, one gang leader said the armed groups had declared a truce along the route to Les Cayes.  

Mr. Chandler said boats and helicopters were being used to bring in aid but the government was working to establish safe access by road. A first convoy of aid had made it through by land to the region of Les Cayes.  

The United Nations called for a “humanitarian corridor” to be established so that aid can pass through gang-held territories.  

Following Moise’s assassination, which authorities have alleged was carried out by a group of largely Colombian mercenaries and Haitian accomplices, Prime Minister Henry said officials would aim to hold elections for a new president as soon as possible.  

However, reports this week suggested that the vote initially earmarked for September would not take place until November. The chaos unleashed by Saturday’s disaster is likely to make the task of holding prompt elections harder still.  

Haiti has long been politically unstable and Haitians have also suffered from problems stemming from international aid efforts and peace-keeping deployments during the past decade.  

A sexual misconduct scandal centering on Oxfam International blighted the record of charity workers in Haiti, while a cholera outbreak linked to UN peacekeepers led to thousands of deaths. — Laura Gottesdiener/Reuters 

AMRO, OECD partner on ASEAN+3 growth and financial stability

From L to R: AMRO Director Toshinori Doi and OECD Secretary-General Mathias Cormann

SINGAPORE – The ASEAN+3 Macroeconomic Research Office (AMRO) and the Organisation for Economic Co-operation and Development (OECD) have announced a new strategic partnership to support economic growth and financial stability in the ASEAN+3 region.

The partnership is supported by a Memorandum of Understanding (MoU) signed last August 13 by AMRO Director Toshinori Doi and OECD Secretary-General Mathias Cormann at a ceremony in AMRO’s headquarters in Singapore.

“AMRO and the OECD share the common purpose of supporting economic growth, promoting financial stability, and advocating multilateral cooperation in the ASEAN+3 region,” Mr. Doi said.

“In this period of heightened uncertainty, I am confident that the two organizations will leverage on each other’s comparative advantages to broaden and deepen our knowledge of key structural and thematic issues affecting our member economies,” he added.

Mr. Cormann, meanwhile, said the OECD greatly values the ASEAN+3 co-operation process.

“The Memorandum of Understanding the OECD and AMRO signed today will further strengthen our co-operation, including through exchanges on the regional economic outlook, tax and infrastructure policy, and in relation to international capital flows,” he said. “It was great to meet with AMRO Director, Toshinori Doi, to discuss our work together with concrete measures under this new framework.”

Taking effect since August 13, the MoU covers a five-year period from 2021 to 2026. Under the partnership, AMRO and the OECD will explore opportunities for greater cooperation in the areas of macroeconomic surveillance, research on thematic issues, and the capacity building of ASEAN+3 members. The agreement also demonstrates the joint commitment by the organizations to promote regional economic and financial stability, as well as sustainable and inclusive growth.

AMRO and the OECD have collaborated in co-organizing the Asian Regional Roundtable, an annual event that seeks to promote dialogue on key issues affecting Asia. The two organizations have also shared information and knowledge on ASEAN+3 economies.

This year marks the 10th and 60th year of AMRO’s and OECD’s inception, respectively. Both international institutions commit to advancing their collaboration to the next stage.

 

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Indonesia animal-lovers help pets left behind by coronavirus

Animal Defenders Indonesia/Instagram

BOGOR, Indonesia — Four-year-old Indonesian pit bull Gledis was home alone for two days without food when a group of volunteers found her.  

She is among many pets left behind when their owners tested positive for coronavirus disease 2019 (COVID-19) and were hospitalized or placed in isolation.  

With more than 3.7 million confirmed cases and over 100,000 deaths, Indonesia is battling one of the worst coronavirus epidemics in Asia.  

The “AD-19 program” launched last month by rights group Animal Defenders helps pets left in limbo while their owners deal with coronavirus infections.  

The pets picked up by Animal Defenders usually get a checkup before going to an existing animal shelter. The AD-19 program has in the past month added 40 dogs and four cats to more than 160 guests already at the shelter.  

Founder Doni Herdaru Tona has been selling homemade food and clothes for cats and dogs to raise cash for the care of the unsupervised pets. His shelter costs about 120 million rupiah ($8,340) to run each month. No donations or payments are accepted from owners.  

Concerns about virus transmission from animal to human also complicated the situation and meant many pets were abandoned, Mr. Doni said.  

Veterinarian Magda Rumawas said people should not be overly worried and recommends COVID-19 patients in self-isolation keep pets by their side to ease anxiety.  

“They can keep people entertained and they can help to reduce stress, which is good. But my advice is, do not hug and kiss the dogs,” Ms. Magda said.  

The AD-19 rescue mission is tailored to the needs of pet owners, and includes bathing, feeding and the cleaning of cages.  

“We will do everything according to the owner’s request,” said Mr. Doni.  

Usually pets are returned to their owners upon their recovery. But in some cases, owners do not return.  

“The scariest part is our mobile phone is mostly filled by reports of owners who had passed away, and their pets are abandoned,” said Mr. Doni. — Heru Asprihanto/Reuters  

Children hospitalized with COVID-19 in US hits record number

PIXABAY

The number of children hospitalized with coronavirus disease 2019 (COVID-19) in the United States hit a record high of just over 1,900 on Saturday, as hospitals across the South were stretched to capacity fighting outbreaks caused by the highly transmissible Delta variant.  

The Delta variant, which is rapidly spreading among mostly the unvaccinated portion of the US population, has caused hospitalizations to spike in recent weeks, driving up the number of pediatric hospitalizations to 1,902 on Saturday, according to data from the US Department of Health and Human Services.  

Children currently make up about 2.4% of the nation’s COVID-19 hospitalizations. Kids under 12 are not eligible to receive the vaccine, leaving them more vulnerable to infection from the new, highly transmissible variant.  

“This is not last year’s COVID. This one is worse and our children are the ones that are going to be affected by it the most,” Sally Goza, former president of the American Academy of Pediatrics, told CNN on Saturday.  

The numbers of newly hospitalized COVID-19 patients aged 18–29, 30–39, and 40–49 also hit record highs this week, according to data from the US Centers of Disease Control and Prevention (CDC).  

The spike in new cases has ramped up tension between conservative state leaders and local districts over whether school children should be required to wear masks as they head back to the classroom this month.  

School districts in Florida, Texas and Arizona have mandated that masks be worn in schools, defying orders from their Republican state governors that ban districts from imposing such rules. The administration of Florida Governor Ron DeSantis has threatened to withhold funding from districts that impose mask requirements, and Texas Governor Greg Abbott is appealing to the state Supreme Court to overturn Dallas County’s mask mandate, the Dallas Morning News reported on Friday.  

A fifth of the nation’s COVID-19 hospitalizations are in Florida, where the number of hospitalized COVID-19 patients hit a record 16,100 on Saturday, according to a Reuters tally. More than 90% of the state’s intensive care beds are filled, according to data from the Department of Health and Human Services.  

INCREASED HOSPITALIZATIONS  

The nation’s largest teachers union, the National Education Association, came out in support of mandatory vaccination for its members this week. NEA President Becky Pringle said on Saturday that schools should employ every mitigation strategy, from vaccines to masks, to ensure that students can come back to their classrooms safely this school year.  

“Our students under 12 can’t get vaccinated. It’s our responsibility to keep them safe. Keeping them safe means that everyone who can be vaccinated should be vaccinated,” Ms. Pringle told CNN.  

The US now has an average of about 129,000 new COVID-19 cases per day, a rate that has doubled in a little over two weeks, according to a Reuters tally. The number of hospitalized COVID-19 patients is at a six-month high, and an average of 600 people are dying each day of COVID-19, double the death rate seen in late July.  

Arkansas, Florida, Louisiana, Mississippi, and Oregon have reported record numbers of COVID-19 hospitalizations this month, according to a Reuters tally, pushing healthcare systems to operate beyond their capacity.  

“Our hospitals are working to maximize their available staff and beds, including the use of conference rooms and cafeterias,” Florida Hospital Association President Mary Mayhew said in a statement on Friday.  

In Oregon, Governor Kate Brown said on Friday that she was sending 500 National Guard members to assist overwhelmed hospitals, with 1,500 members in total available to help.  

In Jackson, Mississippi, federal medical workers are assisting understaffed local teams at a 20-bed triage center in the parking garage of the University of Mississippi Medical Center (UMMC) to accommodate the overflow of COVID-19 patients.  

Fifteen children and 99 adults were hospitalized with COVID-19 at UMMC as of Saturday morning, the hospital said. More than 77% of those patients were unvaccinated. — Gabriella Borter/Reuters 

[B-SIDE Podcast] Personal finance 101: Where to put your money during the pandemic

Follow us on Spotify BusinessWorld B-Side

REITs (real estate investment trusts), thematic mutual funds (those focused on technology and essential retail), and regional funds are the pandemic picks of Rex Ma. A. Mendoza, president and chief executive officer of Rampver Financials, a distributor of investment funds in the Philippines. 

In this B-Side episode, Mr. Mendoza shares financial advice with BusinessWorld reporter Patricia B. Mirasol, along with his thoughts on alternative asset classes such as NFTs (non-fungible tokens) and cryptocurrency. 

“A lot of people think that getting into millionaire status means needing to earn more and save more. No. The real issue here is consistency,” he said. “It’s always a balancing act … That’s why we recommend a robust portfolio that is diversified so that, through hell or high water, a part will do well, and the other part will recover when the time comes.” 

A note on the other hats that Mr. Mendoza wears: he is lead independent director of Globe Telecom and Ayala Land Logistics Holdings Corporation, director of Seedbox Technologies, and the chairman of Singapore Life Philippines and The Soldivo Funds. He has been working in the financial services industry for 38 years. 

TAKEAWAYS 

Interest in health insurance will remain post-pandemic…   

Filipinos are more interested in health and life insurance products versus investment-linked offerings amid the coronavirus disease 2019 (COVID-19) pandemic, said officials from The Philippine American Life and General Insurance Co.    

This interest in insurance for health will be here to stay, Mr. Mendoza said. “There is a realization that this is not going to be the end of it. There’s always going to be a new variant or virus,” he said. “In the future, we have to be ready for anything… getting covered for medical insurance will always be relevant.”   

 … as will interest in retail investing.   

According to the Department of Finance, retail investors accounted for 43.3% of the volume traded by local investors in the January to March period — significantly higher than the 26.9% in 2020 and 18.2% in 2019. 

This interest will have grown even if the pandemic didn’t happen, Mr. Mendoza added, as financial literacy gains traction: “A lot of people are now talking about the topic, even on TV and radio shows.”   

Investing is also more accessible. “When I was a lot younger, you will never see a [local] company to be the number one brokerage,” Mr. Mendoza said. “Number one would always be a multinational player with foreign funds to boot. Now it’s COL Financial.” 

Other platforms such as YouTrade and MyTrade are also growing leaps and bounds, he said. “Retail investing is going to be the way to go.”   

Individuals need to know which investment vehicles suit their needs.   

VULs, Mr. Mendoza said, have become popular because Filipinos like combos — with VULs bundling life coverage with an investment component. The other reason, he said, is the number of financial advisors selling it to people.   

“Many financial advisors are equipped and capable, but some give advice connected to their pocket,” Mr. Mendoza said. “We need to be sure it is our best interest that is on the table.”   

Individuals need to analyze their life goals, and allocate assets based on those. Mr. Mendoza suggested an emergency fund that’s at least 10% of one’s income, with the rest of the pie spread across managed funds like bonds (2025%), real estate (2530%), business or mutual funds (2530%), security like insurance (10%), and risky instruments like cryptocurrencies (5%).    

“I’d love to see the day Filipinos become natural entrepreneurs,” he added.   

Greed will be your downfall. 

Filipinos are savvy about Ponzi-like schemes, said Mr. Mendoza, but they still fall prey to greed, which is why these schemes still succeed.   

 “It’s sad. It’s like a trip to the cliff, with the intent to stop right before going off the edge,” Mr. Mendoza said of their intention to bail after earning money from the scam. “But who knows when the music will end?”   

Diversification is key.  

A robust portfolio is the way to go if you find yourself with a cash windfall — as in the case of Olympic medalists.   

When asked by BusinessWorld what he would do with his cash prizes if he were one of the victorious Tokyo Olympics athletes, Mr. Mendoza said he would first set aside an amount for his income needs, and place the rest in growth positions.   

“As an athlete, you know your career is short-lived. I would compute backwards to assume the income I need,” he said. “If you need a million a year for your upkeep, and you set aside P20 million in a portfolio that earns at 5%, then your P1 million will be assured annually from today ’til the day you die.”   

What’s key, he said, is setting aside what you need for your income so if you continue working, that’s because you choose to work, and not because you have to.   

Recorded remotely on Aug. 5.  Produced by Paolo L. Lopez and Sam L. Marcelo.    

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Syngenta Participations AG issues intellectual property notice

INTELLECTUAL PROPERTY NOTICE

Syngenta Participations AG, a company organized and existing in accordance with the laws of Switzerland, of Rosentalstrasse 67, CH-4058 Basel, is a member of the Syngenta Group, which is a global enterprise with core competencies in the fields of agri-business and is involved in crop protection and seeds.

Syngenta Group considers effective Intellectual Property (IP) protection essential to encourage innovation. To be effective, any IP system must maintain the right balance between the needs of society and the interests of the inventor. We protect and assert our IP rights rigorously and will respect the IP rights of others in accordance with local laws.

Syngenta has obtained IP rights (such as granted invention patents and trademarks) in several countries for its crop protection products or pesticides, including in the Philippines.

As the IP rights holder in the Philippines, Syngenta has the exclusive right to, among others, prevent third parties from making, using, offering for sale, selling, or importing products protected byitsIPrightsin the Philippines, without authority from Syngenta.

These exclusive IP rights of Syngenta, or of any other IP rights owner, remain the case notwithstanding the grant by the relevant government entity of licenses or certificates of registration for crop protection products or pesticides, as the government agency which has sole jurisdiction over intellectual property rights matters is the Intellectual Property Office of the Philippines.

This hereby serves as notice to the public that Syngenta will not hesitate to take legal action, including but not limited to the institution of civil and criminal actions, to protect and enforce its IP rights and, if no appropriate agreement is reached, to prosecute all those involved in the infringement thereof.

Dealing with the issues on South China Sea

In photo during the BusinessWorld Insights, in partnership with Meralco, on the “Economic Impact of the West Philippine Sea Dispute,” are (clockwise, from top left) moderator Timothy Roy Medina of BusinessWorld; and panelists Henry S. Bensurto, Jr., a former Philippine consul general to San Francisco; and Richard Heydarian, professorial chair on geopolitics at Polytechnic University of the Philippines.

By Chelsey Keith P. Ignacio, Special Features Writer

The territorial and maritime disputes on the South China Sea have been intensely lingering for years among some of its surrounding countries in Southeast and East Asia. But, despite the landmark international arbitration case under the United Nations Convention on the Law of the Sea that was brought by the Philippines against China in 2013, the tension on the waters is still far from ceasing.

In a recent BusinessWorld Insights online forum on the “Economic Impact of the West Philippine Sea Dispute,” held in partnership with Meralco last Aug. 11, experts looked at some issues on these waters and delved into the possible solutions.

Implementing the arbitration

The South China Sea is complex because of the overlapping territorial and maritime claims, said Henry S. Bensurto, Jr., a former Philippine consul general to San Francisco.

“When you look at the South China Sea in a snapshot, it looks like a bowl of spaghetti noodles with a lot of crisscrossing noodles or lines. Every time those lines intersect with each other, they mean disputes,” Mr. Bensurto described.

“Before arbitration, this is how the South China Sea looks like,” he continued. “What we wanted to do is [find] a way we can narrow, lessen, or reduce those lines. Perhaps, then it would be a key solution for us to engage [with] each other, reduce the tension, and minimize those disputes.”

Among the maritime disputes, the more complicated is the nine-dash line, an expansive claim of China that almost covers the entire South China Sea.

The clarifications of the nine-dash line and certain features in the South China Sea were among the reasons why the Philippines went to arbitration.

Currently, the exclusive economic zones of the countries around the South China Sea become clear, Mr. Bensurto said. But several disputed areas remain, such as those features in the Spratly Islands.

“The decision of the arbitration is final. It is legal [and] international law, despite what China says. That said, it is a fundamental tenet that all the parties in the South China Sea dispute must look into,” Mr. Bensurto said.

However, he observed that the focus of the debate on arbitration is whether it is enforceable or not. He said that the focus should be on how to implement it.

“We only have to ask a question for ourselves, ‘Is the result or the outcome of the arbitration good?’ And if the answer to that is yes, then it behooves us to be moved by that goodness by directing ourselves, our will, power, all available tools in our toolbox to focus on how we are going to implement this,” he said.

Another concern on how the Philippine government handles the dispute is the inconsistency, which can be understandable for a state where the administration lasts only six years, said Mr. Bensurto.

The policy of China, on the other hand, never changed. “[Its] ability to be strategic and long-term on its policy [is] because [its] leaders are there for life,” he explained.

This does not mean that a democratic state like the Philippines is weaker than a dictatorship country, Mr. Bensurto clarified. He is not also suggesting that the Philippines should go in that direction.

Nonetheless, the country should be smart on how it would address the issue. “One way of addressing this is through the institutional memory,” he said.

Thus, for every administration, institutions like the Department of Foreign Affairs and the Department of National Defense should be strengthened and insulated from any politics. “By nature, they are supposed to be objective and professional in their analysis. Because of their historical understanding, they will have the ability to think strategically,” Mr. Bensurto said.

Mr. Bensurto further emphasized the significance of putting the arbitration in operation. “No matter how beautiful [a] law is, if it is not utilized for the right purpose for the objective for which that law was passed, then it’s nothing,” he stressed.

So if this ruling is good for the country or region, “we have to do it by ourselves, in cooperation with other like-minded states, on how we can systematically, peacefully put this in operation. No matter how long it will take, we have to have the political will to put it into effect and make sure that it is not pushed back. But we have to exercise, approach, and think of other creative ways by which we can methodically implement this,” he added.

International efforts 

Another issue on the nine-dash line claim of China is its unclear coordinates, according to Richard Heydarian, professorial chair on geopolitics at Polytechnic University of the Philippines.

The ambiguity of China’s claims is wary, which can also show its opportunistic and potentially flexible definition, Mr. Heydarian said.

“China can have a maximalist definition, meaning all islands and natural resources within the nine-dash line are part of [their] blue national soil,” he explained. “But they can also have a minimalist definition, which they claim the land features, their surrounding waters, and their fishery resources or oil and gas resources in that area.”

According to the professor, if there is a “concerted pushback” against China, it could fall back on the more minimalist definition of the nine-dash line. But if one goes weak or subservient towards China, it could go for the maximalist definition.

“That is why it’s important for the Philippines and other rival claimant states to stand their ground so that we can pressure China and come up with a final outcome that is as mutually beneficial as possible, considering still the asymmetries in power,” Mr. Heydarian said.

“And if it were not for the freedom of navigation operations of the United States and the growing naval presence from European countries and other external powers, it would be just between China and us smaller ASEAN (Association of Southeast Asian Nations) countries. And you know who will dictate the terms of that engagement,” he expressed.

This denotes the importance of supporting international efforts to uphold rule of law, Mr. Heydarian added. “This is about China, acting against international law and this is about us getting whatever help we can so that we can get the best outcome out of the disputes on the ground. Otherwise, we can have a very dangerous conflagration there.”

Mr. Heydarian also considered that “the cumulative effect of multiple powers coming in and telling China to care about international law could be positive if it is coupled with good diplomacy.”

However, if this participation only means sending more warships, it appears to be a dangerous escalation and militarization. Thus, he also reminded the importance of engagement with China.

“It’s important for Europeans and the quad powers, together with key powers in ASEAN, to come up with a common strategy to tell China, ‘If you want to be a respectable leader in this part of the world, you have to regain our trust and confidence. One way to do that is to tone down some of your excesses in the South China Sea and move towards a much more international rule-based order in the area.’”

The involvement of some foreign powers in the dispute may reflect the insufficiency of actions or that the ASEAN is not stepping up to the plate, Mr. Heydarian added. Nonetheless, it is not true that ASEAN is ineffectual, going back to its history like what the region did during the Cold War.

Also, Mr. Heydarian continued, those external powers will only go to a certain degree. “At the end of the day, the heavy lifting should come from us because this is about our sovereign rights,” he said.

This session of #BUSINESSWORLDINSIGHTS is supported by Management Association of the Philippines, Philippine Chamber of Commerce and Industry, Bank Marketing Association of the Philippines, and The Philippine STAR.

SLMC Bonifacio Global city MAB Corp. announces schedule of stockholders’ meeting

SLMC Bonifacio Global City MAB Corp.

NOTICE OF ANNUAL MEETING OF THE STOCKHOLDERS

To:                     The Stockholders
From:                 The Corporate Secretary


Please be notified that the Annual Stockholders’ Meeting of SLMC Bonifacio Global City MAB Corp. (the “Corporation”) will be held on September 8, 2021, 12:00 noon through teleconference. The access to the meeting and the relevant Definitive Information Statement, Management Report, Annual Report (SEC Form 17-A) will be distributed prior to the meeting.

CONRADO S.DARSANTOS
Corporate Secretary

 
 
 
 
 


 

ANNUAL MEETING OF THE STOCKHOLDERS
September 8, 2021
12:00 noon
Through teleconference

AGENDA

  1. Call to Order
  2. Certification of Notice and Quorum
  3. Approval of the Minutes of the Annual Stockholders’ Meeting held on September 9, 2020
  4. President’s Report
  5. Financial Report
  6. Election of Directors
  7. Approval of the Audited Financial Statements for Year Ended December 31, 2020
  8. Amendment of the Articles of Incorporation and Bylaws
  9. Ratification of Acts of Management and Board of Directors
  10. Appointment of External Auditor
  11. Other Matters
  12. Adjournment