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Bayer invests €1.3B in next-gen healthcare

BAYER AG

PHARMACEUTICAL company Bayer AG announced on April 1 that it is investing more than €1.3 billion over the next three years in tackling “the challenges facing humanity” — including cancer, neurodegenerative disease, and agriculture’s environmental impact — through Leaps by Bayer, its impact investment unit. 

“We stand at the dawn of a new age of innovation in the Life Sciences,” said Werner Baumann, chairman of the board of management of Bayer AG, in a statement. 

Added Jürgen Eckhardt, head of Leaps by Bayer: “We will be able to continue on our successful path and provide funding for the brightest minds working on solutions that truly make a difference for people and the planet.”  

Leap’s partners include Recursion, an AI (artificial intelligence)-focused company working to find drug treatments for lung fibrosis and other fibrotic diseases; and Mammoth Biosciences, which has CRISPR systems (molecular machineries that can change any letter in an organism’s deoxyribonucleic acid) that develop in vivo gene-editing therapies.  

According to Jamie Metzl, a technology and healthcare futurist who spoke at the company’s Breakthrough Innovation Forum, human creativity is one of the strongest forces in the universe. 

“We must all start to think a little like science fiction writers, because we live in a world that will increasingly feel like science fiction,” he said, citing technologies that are improving at exponential rates. 

“We are at a transition point in human history, and are using our new capabilities in genetics and biotechnology revolutions to renegotiate our relationship with the world around us,” he continued. “Our species now has the ability to recast the code of life.”   

A critical driver of this application is moving healthcare to a world of personalized or precision healthcare from the perspective of generalized medicine.  

“We’ll move from our current system — which we call healthcare, but is oftentimes symptom-based sick care — to a truer model of prediction and prevention,” said Mr. Metzl.    

Another driver of this application is agriculture, with its current reliance on chemical fertilizers and engineered water systems. Mr. Metzl pointed out that chemical fertilizers account for 2% of global energy use, and 1.5% of greenhouse gas emissions.  

“We are reaching the limits on sustainable land and water use… clearly, we need to increase yields while lowering agriculture’s environment and carbon footprint,” he added.   

Bayer, which invests €2 billion per year for research and development in its Crop Science division, launched a biotech defense against corn rootworm — a pest responsible for €1 billion in crop damage per year — while reducing the need for crop protection. It also plans to bring a more weather-resistant corn hybrid to the market in 2023. 

“The question is not technology either-or, but how best. It is not technology yes-or-no, but technology how best to benefit our world,” said Mr. Metzl. — Patricia B. Mirasol

Filinvest Land plans renewable energy plants in Tarlac, Laguna

FILINVEST Land, Inc. (FLI) announced on Tuesday that it signed a memorandum of understanding with Filinvest-ENGIE Renewable Energy Enterprise, Inc. (FREE) to explore installing renewable energy generation facilities in its projects in Tarlac and Laguna.

“This partnership allows us to help bolster emerging sustainable, smart cities in the country. With these measures that improve energy efficiency and reduce carbon emissions, we, together with Filinvest Land, aim to deliver more impactful climate action,” FREE President and Chief Executive Juan Eugenio L. Roxas said in a statement.

The facilities are expected to be built in Filinvest Land’s latest industrial development, Filinvest Innovation Parks at New Clark City in Tarlac and Ciudad de Calamba in Laguna.

The New Clark City park is a 120-hectare sustainable business hub while the park in Ciudad de Calamba is a 25-hectare industrial development.

“The Filinvest Innovation Parks are poised to be a catalyst for progress. Our industrial developments are master planned for the needs of rapidly growing industries such as logistics, e-commerce, and data centers,” Filinvest Land Vice-President Francis V. Ceballos said.

The renewable energy project will be the first of its kind for Filinvest Land’s industrial and logistics business segment.

“We are excited to bring eco-efficient solutions to this business segment. This will not only create value for Filinvest Land but also for our partner tenants through competitive power rates and carbon footprint reduction,” Filinvest Land Chief Strategy Officer Tristan D. Las Marias said.

“This partnership will harness the combined expertise of Filinvest and ENGIE to develop sustainable energy solutions such as solar, district cooling, and facilities management to power smart, future-forward cities that drive and accelerate progress while reducing their carbon footprint. Through the collaboration, FREE and Filinvest Land will embark on their first phase of cooperation by developing renewable energy generation systems in ready-built factories within the two Filinvest Innovation Parks,” Filinvest Land added.

FREE is a joint venture company between FDC Utilities, Inc., the power utility arm of Filinvest Development Corp. (FDC), and ENGIE Services Philippines. It was established to finance, build and operate renewable energy projects across the country.

The company focuses on developing solar energy rooftop systems that saves up to 30% of its energy spending while reducing carbon footprint and increasing grid reliability.

“FREE has multiple renewable energy projects in the pipeline with the end goal of promoting sustainable energy solutions to prospective industrial and commercial customers and supporting the Philippine government’s initiatives in reducing the country’s dependence on fossil fuels,” Filinvest Land said.

Filinvest Land is a full-range property developer, with over 200 residential developments across the country.

It is also developing two townships in the Clark Special Economic Zone, including an industrial and logistics park and mixed-use development at New Clark City and the Filinvest Mimosa+ Leisure City, which is in partnership with FDC.

At the stock exchange on Tuesday, Filinvest Land shares remained unchanged at P1.05 each. — Luisa Maria Jacinta C. Jocson

TP restages election play online

DOC RESURECCION: Gagamutin ang Bayan

A SMALL house, a fisherman’s boat, 16 plastic bottles, and fishing nets are all found within the performance area of Layeta Bucoy’s Doc Resureccion: Gagamutin ang Bayan, Tanghalang Pilipino’s (TP) first production after two years of coronavirus pandemic lockdowns. This month, the Cultural Center of the Philippines’ (CCP) resident company returns with a filmed version of the one-act play.

Set in a poor fishing village, the play follows an idealistic young doctor, Jess Resureccion, who is running for mayor with the promise of helping uplift the status of its residents. But standing in his way is his cousin, Boy Pogi Resureccion, who was paid by the incumbent mayor to run as a nuisance candidate and hopefully spoil the votes for Jess. Jess tries to convince his cousin to withdraw his candidacy.

It was first staged in 2009 as part of the Virgin Labfest, the CCP’s festival of unproduced and unpublished plays. In 2012, it was staged by TP as part of its Eyeball production.

“Our country is currently looking forward to open a new chapter in its history as a nation. With renewed vitality and great hope, we Filipinos are aiming for a renaissance, or a ‘Resurreccion.’ Looking back, the pandemic that has adversely affected our physical and psycho-social being, compelled us to look inward and assess how we protect ourselves, our loved ones, and our fellowmen from the unseen killer virus,” TP’s artistic director Nanding Josef said in a statement.

“Moreover, the pandemic has triggered us to look farther into the political malaise that has continued to infirm us for many years. Politics and governance have deteriorated in our very midst. Thus, there is an urgent call for change,” he said.

Dennis Marasigan is directing the play’s filmed staging. Alongside Mr. Marasigan in the artistic team are Pong Ignacio as director of photography, TJ Ramos as musical director and composer, Daniel Gregorio as costume designer, and Ohm David as set designer.

Prior to a rehearsal on April 1, Mr. Marasigan told Businessworld that he aimed “to capture as much of what the audience is going to see if they were here live” and “enhance certain elements we can because of the medium.”

TP’s Marco Viaña stars as Doc Jess Resureccion, while Jonathan “Tad” Tadioan stars as Boy Pogi Resureccion. Joining the cast are Mr. Josef as Papang, Sherry Lara as Mamang, and Lhorvie Nuevo as Elsa.

The sole original cast member from the first staging in 2009, Mr. Tadioan is reprising his role as Boy Pogi. He noted the deeper understanding he has now in playing the same role.

“Nag-mature ka din, marami kang pinagdaanan through the years at mas lalo mong naintindihan ’yung human condition (You mature. You go through many experiences through the years, and you gain a deeper understanding of the human condition),” Mr. Tadioan said.

“Mas nakikita mo ’yung mga taong Boy Pogi. Nakakasalamuha mo. So, mas naiintindihan mo sila (You see more of the Boy Pogis in real life. You interact with them. So, you also learn to understand them),” he said.

With the remounting of the play online, Mr. Marasigan hopes first time viewers have a chance “to see yourself” and “become more critical of the things you see.”

“I think the play is very provocative in a way that it asks questions without necessarily giving you answers,” Mr. Marasigan told BusinessWorld. “It does not make you choose between the characters, but makes you examine the way you think about people running for elections, your neighbors, [your] relatives, and others that you know.”

Doc Resureccion: Gagamutin ang Bayan will stream from April 17 to 30 via www.ticket2me.net. Tickets are priced at P350 (general audience), and P550 (barkada promo for three tickets). Access to the show is for 24 hours on the buyer’s chosen date starting at 10 a.m. to 10 a.m. the following day.  — Michelle Anne P. Soliman

Mapua defeats San Sebastian, shares NCAA lead

MAPUA CARDINALS

By Joey Villar

WARREN Bonifacio delivered one of his best performances to date and carried Mapua to a 65-59 victory over San Sebastian and straight to a share of the lead with league powerhouses Letran and San Beda in the 97th National Collegiate Athletic Association (NCAA) basketball tournament at the La Salle Greenhills Gym on Tuesday.

Mr. Bonifacio banged his way to his season-highs 16 points and 14 rebounds and topped it with a steal and a block to power the Cardinals to their third straight win and back on top alongside the Knights and the Lions.

The San Simon, Pampanga native was unstoppable inside as he made eight of the 12 shots he took, mostly coming in the key runs bridging the middle quarters that turned things around in Mapua’s favor.

“We just played good defense and we communicated well,” said Mr. Bonifacio, who also instrumental in his team’s 73-67 win over Emilio Aguinaldo College last March 27 and a 59-56 triumph over Jose Rizal University on Friday.

Brian Lacap chipped in 14 points while Paolo Hernandez scattered 12 including a booming three-pointer late that doused cold water on the Stags’ rally.

It was another impressive performance by a Mapua team that didn’t get much pre-season hype compared to the heavily favored Letran, the defending champion, and San Beda, the runner-up three years ago.

“Honestly, we didn’t expect to start 3-0,” said Mapua coach Randy Alcantara. “But the players were hardworking and did what they we told them to do. They’re also fearless and played strong in the endgame.”

And Mapua will have a chance to achieve more as it hopes to pull the rug from under Letran on Friday.

“They’re stronger, bigger and taller than us but we’ll try to find ways to beat them in other aspects,” said Mr. Alcantara.

The Stags fell to 1-2.

The scores

Mapua 65 – Bonifacio 16, Lacap 14, Hernandez 12, Nocum 8, Mercado 6, Pido 4, Garcia 2, Agustin 2, Milan 1, Sual 0.

SSC 59 – Calma 10, Altamirano 10, Calahat 8, Villapando 8, Sumoda 6, dela Cruz 6, Cosari 6, Are 2, Shanoda 2, Felebrico 1, Una 0, Desoyo 0, Loristo 0, Abarquez 0, Gabat 0.

Quarterscores: 7-12; 29-23; 53-41; 65-59.

SLMC adds 300 parking slots, outpatient facilities

DR. ARTURO S. DELA PEÑA, President and CEO of St. Luke’s Medical Center — FACEBOOK/@STLUKESPH

ST. LUKE’S Medical Center-Quezon City (SLMC-QC) completed on March 29 the first phase of its three-phase redevelopment plan, which involved the construction of a five-story parking structure with a roof deck, a hemodialysis unit, outpatient department (OPD) clinics, and outpatient operating rooms.  

The multi-level 14,000-square-meter structure provides more than 300 parking slots to augment existing parking facilities within the compound.   

“Phase 1 of the redevelopment plan aims to improve the quality of healthcare to SLMC-QC patients by addressing areas of improvement and building on our strengths,” Dr. Arturo S. De La Peña, SLMC president, said at the topping off ceremony. “Through this initiative, our patients will benefit from new and enhanced facilities that will cater to their needs.”  

SLMC declined to comment on the total cost of Phase 1.   

Phase 2, scheduled for completion in 2023, entails constructing house operation-related facilities, including a pharmacy, a sterile supply warehouse, and SLMC offices for nursing and engineering.  

Phase 3, scheduled for completion in 2025, consists of a new hospital building with healthcare facilities for various specialties, including nuclear medicine, oncology, and cardiology. It will also house the Intensive Care Unit, Neonatal Intensive Care Unit, Main Operating Room Complex, and ancillary and diagnostic services.  

“While we celebrate this milestone in SLMC-QC’s history, we know we can do much better through implementing our upcoming two redevelopment plans,” said Dr. De La Peña. “This is why we ask for support from all our stakeholders as we create a better patient-centered experience that SLMC-QC can provide.” — Patricia B. Mirasol

Gov’t partially awards fresh 3-year bonds

BW FILE PHOTO

THE GOVERNMENT partially awarded the fresh Treasury bonds (T-bonds) it offered on Tuesday as investors asked for higher yields in anticipation of a central bank hike in the second half.

The Bureau of the Treasury (BTr) raised just P25.791 billion via the fresh three-year T-bonds it auctioned off on Tuesday, less than the programmed P35 billion, even as tenders reached P53.578 billion.

The debt papers were awarded at a coupon rate of 4.25%, 19.48 basis points higher than the 4.0552% quoted for the three-year debt at the secondary market before the auction, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website. The BTr capped bids at 4.37%.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters that the government made a partial award of the papers as the market was defensive following data released on Tuesday, which showed headline inflation hit a six-month high in March.

Rising inflation could give the Bangko Sentral ng Pilipinas (BSP) a reason to push through with its plan to begin dialing back its pandemic-driven easy monetary policy.

“The results of the auction were in line with expectations. The market continues to seek higher yields in anticipation of a rate hike by the BSP sooner rather than later,” a trader said in a Viber message.

A second trader said the coupon fetched for the three-year bond was within the expected range.

“It is understandable that the market was defensive especially as CPI (consumer price index) touches the high end of BSP’s target,” the second trader added.

Inflation rose to a six-month high in March as food, utilities, and transport costs increased amid a spike in global oil prices due to Russia’s invasion of Ukraine.

Preliminary data released by the Philippine Statistics Authority on Tuesday showed headline inflation hit 4% last month, faster than the 3% in February but slightly slower than the 4.1% print in March last year.

This matched the 4% print in October last year and is the fastest since the 4.2% inflation in September 2021. It also matched the 4% median in a BusinessWorld poll conducted last week and was near the upper end of the 3.3-4.1% forecast of the central bank for the month.

For the first quarter, inflation settled at 3.4%, within the BSP’s 2-4% target for the year.

BSP Governor Benjamin E. Diokno last week signaled the key policy rate could reach up to 2.75% by next year.

Following the release of March CPI data, Mr. Diokno said the BSP is ready to take preemptive action to anchor inflation expectations.

The central bank kept its key rate untouched for the 11th straight meeting last month despite warning that its inflation target might be breached this year due to surging global oil prices brought by the Russia’s invasion of Ukraine.

The BTr wants to raise P200 billion from the local market in April, or P60 billion through Treasury bills and P140 billion via T-bonds.

The government borrows from domestic and external sources to help fund a budget deficit capped at 7.7% of gross domestic product this year. — Tobias Jared Tomas

Cebu Pacific says cash enough for next 18 months

BUDGET carrier Cebu Pacific, operated by Cebu Air, Inc., said it has sufficient cash to support its operations for the next 18 months.

“As of March 30, 2022, the group has undertaken various financing activities intended to ensure availability of sufficient financial resources to enable the group to continue as a going concern,” Cebu Air said in its annual report.

“Its cash and cash equivalent balance of P18.14 billion as of Dec. 31, 2021 is sufficient to support the operations of the group for the next 18 months,” the airline group noted.

It expects to maintain cash and cash equivalents from internally generated cash flows, refund of pre-delivery payments on new aircraft to be subjected to sale and leaseback, and a P16-billion term loan facility with various banks for the next 12 months.

“Accordingly, management has assessed that the group will have sufficient financial resources to enable the group to continue as a going concern for at least the next twelve months from Dec. 31, 2021.”

The company incurred a net loss of P24.9 billion and 22.2 billion for 2021 and 2020, respectively.

The pandemic has “disrupted the business of the group in 2021 and 2020, resulting in significant deterioration of earnings and cashflows, and may continue to significantly disrupt the business activities of the group,” Cebu Air noted.

The airline company also said it will have 53 aircraft deliveries from this year to 2027.

“The additional aircraft will support the Airline group’s plans to increase frequency on current routes and to add new city pairs and destinations,” it added.

At the same time, the company expects to increase the number of its employees this year to 3,678 from 3,046 in 2021.

It aims to restore more than 100% of its pre-pandemic domestic capacity this month.

Cebu Air shares closed 0.63% lower at P47.50 apiece on Tuesday. — Arjay L. Balinbin

Turning the spotlight backstage

SCENES from the documentary Backstage Pass: Life Behind the Curtains. — FACEBOOK.COM/CULTURALCENTEROFTHEPHILIPPINES/

PERFORMANCES scheduled to be held at the Cultural Center of the Philippines (CCP) from March 16, 2020 to Oct. 2021 had to be postponed, canceled, or rescheduled because of the coronavirus pandemic. This displaced a significant number of artists, theater workers and technicians, carpenters, painters, and seamstresses.

While live shows were on hold, the CCP’s theater crew were reassigned to an intensive maintenance program, with some doing research and skills development, as well as designing and fabricating implements needed for their work.

The situation was captured in a short film documentary titled Backstage Pass: Life Behind the Curtains.

Produced in cooperation with Southern Lantern Studios and Daluyong Studios, the 30-minute short feature documentary on the theater crew’s backstage work is directed by award-winning indie filmmaker Joseph Mangat.

“My production team and I were clueless of the amount of work that goes in preparing the theater. Seeing firsthand the dedication and the skills of the theater crew was amazing. I was blown away by the way they work as a team and how in sync they are with one another. What I saw was like a performance and I wanted to showcase this in the documentary,” director Joseph Mangat told BusinessWorld in an e-mail.

The film highlights the back-of-house activities of the CCP theater crew in the lights, fly, and stage areas. It features veteran crew members who share their unique backstage stories, from when they were training until growing dedicated to their work. It also covers the theater crew’s tasks before production ingress, such as the rigging and focusing of lights, installing color filters, and rigging backdrops.

“Our intention was to create a cinematic documentary, a film that captures the artistry in their work and that would frame the theater crew at center stage. We wanted the work they did to be seen with as much care and thoughtfulness, similar to how one would watch a dance or stage performance. Our hope that the audience appreciates the beauty and the craft of what goes on at the backstage,” he said.

According to CCP Production and Exhibition Department head Ariel Yonzon, the CCP intends to make more short documentaries featuring other aspects of backstage work such as costumes, drafting, set construction, props, and front of house.

Backstage Pass: Life Behind the Curtains can be viewed at CCP’s Facebook page at https://www.facebook.com/culturalcenterofthephilippines/videos/392815808986710. — Michelle Anne P. Soliman

La Salle tames Santo Tomas; UP barely beats Adamson

UAAP

By John Bryan Ulanday

LA SALLE got back on track while University of the Philippines (UP) gutted out a close one for its fourth straight win to stay gridlocked in joint second place in the University Athletic Association of the Philippines (UAAP) Season 84 at the Mall of Asia Arena in Pasay City.

The Green Archers tamed the Santo Tomas Growling Tigers, 75-66, behind Justine Baltazar’s 20 points as rookie Zavier Lucero erupted for a similar output in the Fighting Maroons’ 73-71 escape act over the Adamson Soaring Falcons with fans in attendance for the first time.

Both squads improved to 4-1, paving the way for a crucial tussle tomorrow with a solo second spot at stake nearing the end of the first round.

“It’s very important for us to bounce back coming off a loss against Ateneo. That’s the thing I told the boys. We had to bounce back hard and take care of business,” said coach Derrick Pumaren after absorbing its lone defeat at the hands of unbeaten Ateneo last weekend, 74-57.

With Mark Nonoy struggling for just three points on a dismal one-of-six shooting against his former team, Kurt Lojera (15) and Emmanuel Galman (13) stepped up as La Salle banked on a 42-27 half time start heading home.

For the Fighting Maroons, Malick Diouf hauled down 16 points and 15 rebounds while Carl Tamayo and Ricci Rivero had 11 and 10 markers, respectively, to backstop Mr. Lucero in their near meltdown.

UP actually stared at a cold start, trailing by 11 in the opening salvo, before slowly but surely seizing the driver seat highlighted by a fourth quarter rally to erect a 73-66 cushion in the last two minutes.

Adamson, however, answered right away to threaten at 71-73 with a chance to snatch the match after Mr. Rivero’s missed triple but Jerom Lastimosa buffed a potential game-winning trey of his own at the horn.

“A win is a win but after this game, we definitely need to work on our defense. We had many lapses a while ago. Going forward to our next game, we want to look at that part,” said UP mentor Goldwin Monteverde.

Joshua Fontanilla (20) led the way for the Growling Tigers, whose two-game streak ended to fall at 2-3 while Lastimosa had 18 in the Soaring Falcons’ third consecutive defeat to slip at 1-4.

The Scores:

First Game

LA SALLE 75 – Baltazar 20, Lojera 15, Galman 13, M. Phillips 8, Nelle 4, Austria 4, B. Phillips 4, Nonoy 3, Winston 2, Nwankwo 0.

UST 66 – Fontanilla 20, Cabanero 20, Manaytay 9, Santos 9, Concepcion 4, Ando 2, M. Pangilinan 2, Garing 0, Manalang 0, Mantua 0, Herrera 0, Yongco 0, Gomez de Liaño 0.

Quarterscores: 23-16, 42-27, 61-44, 75-66.

Second Game

UP 73 – Lucero 20, Diouf 16, Tamayo 11, Rivero 10, Cansino 9, Cagulangan 3, Spencer 2, Abadiano 2, Fortea 0, Alarcon 0, Catapusan 0.

ADAMSON 71 – Lastimosa 18, Douanga 16, Zaldivar 14, Colonia 4, Magbuhos 4, Manzano 4, Hanapi 3, Sabandal 3, Jaymalin 3, Yerro 2, Barasi 0, Erolon 0.

Quarterscores: 13-22, 39-39, 55-53, 73-71.

Government should provide free medicines — survey

PIXABAY

MAJORITY of Filipinos believe it is the government’s responsibility to provide free medicines to patients who need them, according to a Social Weather Stations (SWS) national survey. 

Commissioned by the Pharmaceutical and Healthcare Association of the Philippines (PHAP), the survey showed that 78% said that the government “should definitely” provide free medicines, with another 17% saying it “should probably” do so. 

The study also found that medications topped recuperation expenses, followed by payments for laboratory tests and doctor’s fees. 

“In a national average ranking of four items, expenses for medicines was also found to be the most burdensome hospital expense,” said Gerardo A. Sandoval, SWS vice-president and director for survey design, analysis, and training, at a March 31 press conference detailing the survey results.  

This result was consistent except in the National Capital Region, which cited laboratory tests as the most burdensome expense; among ABC classes, which cited doctor’s fees.   

TWO SIDES OF THE SAME COIN 
The issue of medicines and government are two sides of the same coin, said Dr. Manuel M. Dayrit, former Health Secretary and professor at the Ateneo School of Medicine in Public Health.  

“The main issues are accessibility and affordability,” he said. “One of the biggest appreciated interventions is having medicines available at Rural Health Units (RHUs), where many patients go for consultation.”  

To frame the issue, Dr. Dayrit pointed out that 11% of the population — or about 400,000 patients a day — were recorded as having visited a public health facility in 2013.   

“Now think about the growing percentage of [those with] hypertension and diabetes who have to take maintenance medicines every day,” he added, citing 2011 research from the Philippine Institute for Development Studies that found 59% of the expenses of the poorest households were spent on medicines.   

Price caps are not the answer to the problem, according to Dr. Beaver R. Tamesis, chairman emeritus for PHAP.  

“Studies have documented that these price caps do not achieve the desired outcome, [which is] improving access,” he said, citing Maximum Drug Retail price research from 2009 and 2020 that instead showed a reduction of manufacturer sales. “This may have implications in the viability of the manufacturers’ presence in the country.”  

The present administration, for its part, revived Botika ng Bayan, now called FOURmula One Plus Botika ng Bayan. It also has a free medicine program for indigents, as well as a flagship primary care program under the Universal Health Care (UHC) program called Konsultasyong Sulit at Tama, or PhilHealth KonSulTa.   

Under KonSulTa, members of the state-run insurance firm PhilHealth can register for expanded primary care benefits by registering to an accredited facility of choice. Registered members can avail of consultation and referral services, laboratory examinations, and select medicines.  

“We provide nine types of drugs for infectious diseases,” said Dr. Israel A. Pargas, PhilHealth’s senior vice-president for UHC policy development. “We also provide six to seven types of antibiotics, and five types of antihypertensives — all for free.”   

Since being implemented in July 2021, KonSulTa has benefited 200,000 individuals through its network of 145 public and 14 private healthcare providers.  

“Everyone is eligible, but there are procedures,” said Dr. Pargas.   

Dr. Dayrit noted that the survey didn’t cover how people coped without medicines — usually through self-care, alternative remedies, and the like.  

“The issue of prevention, while very important, is not top of mind,” he said. “What people remember is what they need to do when an emergency hits. When an emergency hits, they want somebody — government — to be behind them.”   

The survey was conducted Dec. 12–16, 2021, through face-to-face interviews of 1,440 adults nationwide. — Patricia B. Mirasol

PHL banks’ ratings to see ‘medium impact’ from Russia-Ukraine war

PHILIPPINE BANKS’ credit ratings may see “medium impact” from the war in Ukraine as they already have a negative outlook, Fitch Ratings said.   

“Notably, there are a higher number of banks in India and the Philippines (‘3’) with Negative Outlooks, mirroring the sovereign,” Fitch said in a note on Tuesday.

“As their issuer default ratings (IDRs) are underpinned by sovereign support, a sovereign downgrade would lead to downgrades for the respective banks’ IDRs,” it added.

Fitch in February kept its negative outlook on the investment grade “BBB” rating of the Philippines. This means a rating downgrade could happen in the next 12 to 18 months.

The credit rater said the country’s medium-term growth trajectory faces uncertainties and hurdles to bringing down debt.

Its rating outlook on most banks in the Philippines are likewise at negative to mirror its assessment of the sovereign as their operating environment is expected to be affected by the economy’s downturn amid the coronavirus pandemic.

Fitch in July revised its outlook on rated local lenders to negative. These include state-led Land Bank of the Philippines (BBB) and Development Bank of the Philippines (BBB-), as well as private lenders Bank of the Philippine Islands (BBB-), Philippine National Bank (BB), BDO Unibank, Inc., (BBB-) and Metropolitan Bank & Trust Co. (BBB-).

Fitch said direct banking system exposure of Asia-Pacific financial institutions to Ukraine and Russia is generally less than 0.5% of total assets and is mostly concentrated in Japanese banks. This means their exposure is unlikely to pose systemic risks.

Bangko Sentral ng Pilipinas Deputy Governor Chuchi G. Fonacier earlier said the local financial system’s exposure to Russia is only through the trust department of banks, which did not even reach 1% of the total assets under management of the Philippine banking system.

Tamma Febrian and Willie Tanoto, directors at the Asia-Pacific Financial Institutions of Fitch, said while local banks have limited direct exposures to the conflicted areas, lenders are likely to face “second-order effects on credit and market risks.”

“We expect such pressures to be manageable on the whole for the Philippines’ banking sector, as domestic interest rates remain at an all-time low and rate hikes are likely to be gradual,” they said in an e-mail.

Amid faster inflation due to the war and costlier input costs for businesses, the analysts said growth opportunities will likely be reduced but this is unlikely to drive a sharp increase in loan delinquencies.

“We believe the banks we rate have sufficient profitability and loss absorption capacities to withstand these headwinds under our base case,” they said. — Luz Wendy T. Noble

MacroAsia: Lufthansa Technik’s new hangar starts operation this month

MACROASIA Corp. said the new hangar of Lufthansa Technik Philippines, Inc. (LTP), its joint venture with Germany’s Lufthansa Technik AG, is expected to be operational this month.

The company also reported a net loss of P150.9 million for 2021, a significant decline from a loss of P1.8 billion a year earlier.

“LTP will complete its facility expansion program through a new multi-use hangar that will be fully constructed by Q1 (first quarter) 2022,” MacroAsia said in its annual report.

“This new hangar will be open for commercial operation by April 2022, providing additional base maintenance capacity for LTP,” it added.

The company said LTP’s maintenance volumes are expected to reach pre-pandemic levels this year.

“Foreign airline clients that have opted to delay their heavy maintenance programs in the midst of the pandemic starting 2020 have been recalling their stowed planes into service,” it noted.

LTP provides aircraft maintenance, repairs and overhaul services at various airports in the country, including Ninoy Aquino International Airport (NAIA), Mactan-Cebu International Airport, Kalibo International Airport, and Puerto Princesa Airport, among others.

“The line maintenance business, which is essentially airport-flight driven will follow the airport volume growth in NAIA, Cebu, Clark, and Davao where LTP operates,” MacroAsia said.

The company noted that LTP has returned to profitability starting August last year.

LTP said last year that it was expecting to finish its $40-million hangar expansion project in Pasay City in February 2022. The new hangar will allow the company to service more aircraft including Airbus A380.

On its net loss last year, MacroAsia said: “The reversal of impairment provisions, together with the share in net earnings of an associate, principally resulted in the decline in reported loss in [2021].”

“The Infanta Nickel Mine generated advanced royalty receipts from a mining operator, justifying the reversal of impairment provision on deferred mine exploration costs amounting to P217 million,” it noted.

“With the agreement that was signed with this mine operator, it is expected that the nickel mine will operate soon, and is expected to provide recurring cash inflow through royalty payments.”

MacroAsia shares closed 0.35% lower at P5.72 apiece on Tuesday. — Arjay L. Balinbin

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