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Philex Mining announces schedule of stockholders’ meeting

PHILEX MINING CORPORATION
Notice of the 2021 Annual General Meeting of Stockholders

TO OUR STOCKHOLDERS:

Please be informed that the Annual General Meeting of the Stockholders of Philex Mining Corporation (the “Company”) will be held on Friday, 25 June 2021 at 4:00 p.m., and will be presided at TV5, LaunchPad, Reliance Street corner Sheridan Street, Mandaluyong City, Metro Manila. The meeting will be conducted virtually, and attendance at the meeting will be via remote communication only.
The order of business at the Meeting will be as follows:
  1. Call to Order
  2. Proof of Required Notice of the Meeting
  3. Certification of Quorum
  4. Reading and Approval of the Minutes of the 15 July 2020 Stockholders’ Meeting and Action Thereon
  5. Presentation of Annual Report and Audited Financial Statements for the Year Ended 31 December 2020 and Action Thereon
  6. Ratification and Approval of the Acts of the Board of Directors and Executive Officers During the Corporate Year 2020-2021
  7. Appointment of Independent Auditors for Financial Year 2021
  8. Appointment of Election Inspectors to serve until the close of the next annual meeting
  9. Election of Directors, including the extension of the term and election of Independent Directors
  10. Other Matters
  11. Adjournment
For purposes of the Meeting, only stockholders of record as of the close of business on 8 April 2021 are entitled to notice of, and to vote at, the Meeting
To access the Definitive Information Statement, the Management Report, Audited Financial Statements for the period ended 31 December 2020, SEC Form 17-A for 2020 and 2021 First Quarter SEC Form 17-Q, please go to http://www.philexmining.com.ph/.
Attendance via remote communication. Stockholders should email the Corporate Secretary at bcmigallos@philexmining.com.ph not later than 14 June 2021. Certificated shareholders must indicate in the email their Stockholder ID number and submit a scanned copy of a valid current government ID. Indirect or uncertificated shareholders (shareholders who hold their shares through a PCD Nominee account), should submit a certification from their broker attesting that the stockholder is the beneficial owner of shares of stock of the Company (the number of shares must be indicated) and a valid current government ID.
Proxies. A proxy form that is compliant with the requirements of the Securities and Exchange Commission is attached to the Definitive Information Statement. Stockholders can be represented and vote at the Meeting by submitting the said proxy by email to bcmigallos@philexmining.com.ph or by sending a physical copy to the Office of the Corporate Secretary at the Company’s principal office at 2/F LaunchPad, Reliance corner Sheridan Streets, Mandaluyong City, Metro Manila. The deadline for submission of proxies is 14 June 2021. Proxy validation will be on 18 June 2021 at 10:30 a.m. at the Company’s office address indicated above.
On-line voting. Secured on-line or electronic voting will be available for stockholders. Stockholders who have pre-registered attendance via remote communication may vote on- line by logging on to http://www.philexmining.com.ph/investor-relations/vote-online to cast their votes. On-line voting will close at 12:00 noon on 21 June 2021.
Open Forum. here will be an Open Forum during the Meeting. Stockholders who will attend via remote communication should send their questions via email to bcmigallos@philexmining.com.ph on or before 12:00 noon of 21 June 2021.
The Minutes of the Annual General Stockholders’ Meeting of the Company held on 15 July 2020 are available on the Company’s website (www.philexmining.com.ph) and is available for examination during office hours at the office of the Corporate Secretary.

 

Sgd.
BARBARA ANNE C. MIGALLOS
Corporate Secretary

Notice of Annual Stockholders’ Meeting of Arthaland Corporation

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

NOTICE is hereby given that the 2021 annual stockholders’ meeting of ARTHALAND CORPORATION will be held on 25 June 2021, Friday, 8:30 A.M. and will be convened by the Presiding Officer in Taguig City through remote communication.

The Agenda for the meeting is as follows:

  • Call to Order
  • Secretary’s Proof of Due Notice of the Meeting and Determination of Quorum
  • Approval of Minutes of the Annual Stockholders’ Meeting held on 26 June 2020
  • Notation of Management Report
  • Ratification of Acts of the Board of Directors and Management During the Previous Year
  • Election of Directors (including Independent Directors)
  • Appointment of External Auditor for 2021
  • Other Matters
  • Adjournment

Only stockholders of record on 01 June 2021 will be entitled to further notice of and to vote at this meeting. Electronic copies of the Information Statement which will include the manner of conducting the meeting and the process on how one can join the same, as well as vote in absentia, among other relevant documents, will be made available in www.arthaland.com and the Electronic Disclosure Generation Technology of the Philippine Stock Exchange (PSE EDGE).

WE ARE NOT SOLICITING YOUR PROXY. However, if you cannot personally attend the meeting or participate through remote communication but would still like to be represented thereat and be considered for quorum purposes, you may inform the Office of the Corporate Secretary at the address indicated below or through investor.relations@arthaland.com not later than 18 June 2021 (Friday). You will thereafter be advised the following business day of any further action on your part, which may include accomplishing a proxy.

ARTHALAND CORPORATION
Head Office, 7F Arthaland Century Pacific Tower
5TH Avenue corner 30TH Street, Bonifacio Global City
1634 Taguig City, Philippines

 

RIVA KHRISTINE V. MAALA
Corporate Secretary

Jollibee Foods Corp. issues notice of stockholders’ meeting

PXP Energy Corporation announces schedule of stockholders’ meeting

PXP ENERGY CORPORATION
(formerly Philex Petroleum Corporation)
Notice of Annual General Stockholders’ Meeting

TO OUR STOCKHOLDERS:

Please be informed that the Annual General Stockholders’ Meeting (“AGM” or “Meeting”) of PXP ENERGY CORPORATION (the “Company”) will be held on Friday, 25 June 2021 at 1:30 p.m.only by remote communicationand will be presided at TV5, LaunchPad, Reliance Street corner Sheridan Street, Mandaluyong City, Metro Manila.

The order of business at the Meeting will be as follows:

  1. Call to Order;
  2. Proof of required notice of the meeting;
  3. Certification of quorum;
  4. Reading and approval of the Minutes of the 15 July 2020 annual stockholders’ meeting and action thereon;
  5. Presentation of annual report and audited financial statements for the year ended 31 December 2020 and action thereon;
  6. Ratification and approval of the acts of the Board of Directors and Executive Officers during the corporate year 2020;
  7. Appointment of independent auditors;
  8. Election of directors, including the extension of the term and election of the independent directors;
  9. Other matters;
  10. Adjournment.

For purposes of the Meeting, only stockholders of record as of the close of business on 11 March 2021 are entitled to notice of, and to vote at, the Meeting.

The Meeting will be via remote communication only. Stockholders who will attend via remote communication should email the Corporate Secretary at bcmigallos@pxpenergy.com.ph not later than 14 June 2021. Certificated shareholders must indicate their Stockholder ID number and submit a scanned copy of a valid current ID. Uncertificated shareholders (shareholders who hold their shares through a PCD Nominee account), should submit a certification from their broker attesting that the stockholder is the beneficial owner of shares of stock of the Company (the number of shares must be indicated) and a valid current ID. Clarificatory questions regarding attendance via remote communication may be sent via email to bcmigallos@pxpenergy.com.ph.

Online voting. Secured on-line or electronic voting will be available for stockholders. Stockholders who have pre-registered attendance via remote communication may vote on-line to cast their votes. On-line voting instructions are attached to the Information Statement.On-line voting will close at 12 noon on 21 June 2021.

Proxies. A proxy form that is compliant with the requirements of the Securities and Exchange Commission is attached to the Definitive Information Statement. Stockholders can be represented and vote at the Meeting by submitting the said proxy by email to bcmigallos@pxpenergy.com.ph or by sending a physical copy to the Office of the Corporate Secretary at the Company’s principal office at 2/F LaunchPad, Reliance corner Sheridan Streets, Mandaluyong City, Metro Manila. The deadline for submission of proxies is 14 June 2021. Proxy validation will be on 18 June 2021 at 10:30 a.m. at the Company’s office address indicated above.

Open Forum. There will be an Open Forum during the Meeting. Stockholders should send their questions via email to bcmigallos@pxpenergy.com.ph on or before 12:00 noon of 21 June 2021. Officers of the Company will endeavor to answer all questions during the Meeting.

The Information Statement with the Management Report, Annual Report on SEC Form 17-A with the 2020 Audited Financial Statements, 2021 First Quarter Report on SEC Form 17-Q, and the Minutes of the Annual General Stockholders’ Meeting of the Company held 15 July 2020 are available on the Company’s website (https://www.pxpenergy.com.ph/company-disclosure/minutes-agm/2020/) and is available for examination during office hours at the office of the Corporate Secretary.

Sgd.
BARBARA ANNE C. MIGALLOS
Corporate Secretary

ALLHOME Corp. sets annual stockholder’s meeting

Philippine Business Bank to hold its virtual stockholders’ meeting on June 25

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

TO ALL STOCKHOLDERS:

NOTICE IS HEREBY GIVEN that pursuant to Section 4, Article II of the Amended By-Laws, the Annual Stockholder’s Meeting of PHILIPPINE BUSINESS BANK (“PBB”) will be held on Friday, June 25, 2021 at 2:00 PM to be conducted virtually via Zoom, due to the COVID-19 pandemic situation, to confirm and ratify the following agenda, to wit:

  1. Call to Order
  2. Proof of Notice of Meeting
  3. Certification of Quorum
  4. Approval of the Minutes of the Annual Stockholders Meeting held on August 07, 2020
  5. President & CEO’s report on management operations for 2020
  6. Ratification of the Audited Financial Statements for the year ending 31st December 2020
  7. Ratification of Past Actions of the Board and of Management
  8. Ratification/Confirmation of the appointment of external auditor by the Board of Directors
  9. Election of Directors for 2021-2022
  10. Approval of the Amendment of the Bank’s Article 7 of the Articles of Incorporation
  11. Other Matters
  12. Adjournment

Only Stockholders of Record as of 5:30 p.m. of June 04, 2021 shall be entitled to vote at this meeting.

REQUIREMENTS AND PROCEDURES FOR ELECTRONIC VOTING IN ABSENTIA AND PARTICIPATION BY REMOTE COMMUNICATION

1. Registration

Stockholders intending to participate virtually should pre-register at corpsec@pbb.com.ph on or before June 15, 2021 along with the following requirements:

  • Scanned copy of valid government-issued ID showing the photo, signature and personal details.
  • Contact number and valid/active e-mail address.
  • For Corporate stockholders, scanned copy of the Secretary’s Certificate authorizing the representative to participate in the virtual meeting for and in behalf of the corporation.
  • For Scripless Stockholders or under PCD Brokers, scanned copy of the Broker Certification on the stockholder’s number of shareholdings.

Validation process will be conducted together with Stock Transfer Services, Inc. (STSI). Successful registrants will receive an electronic confirmation via email with instructions on how to join the virtual meeting.

2. Electronic Voting In Absentia

All agenda items will be available in the link above-mentioned. Stockholders can vote on each agenda item and may choose to vote “Vote for Approval”, “Vote Against” or “Abstain”.

For the election of directors, a stockholder may distribute his votes equally among all the nominees or cast such number of votes for each nominee as preferred by the stockholder, provided that the total number of votes cast shall not exceed the number of shares owned by the stockholder, multiplied by the number of directors to be elected.

The Office of the Corporate Secretary, with the assistance of the STSI’s representatives, will count and tabulate the votes cast in absentia together with the votes cast by proxy.

III. Participation through remote communication

The Bank’s ASM will be broadcasted live and successful registrants can participate via remote communication. Instructions and procedures on how to attend the meeting through remote communication will be sent to the email address of the stockholder indicated in the registration form.

Stockholders who will not be able to join the virtual meeting may send their authorized representatives on their behalf. The Proxy instrument must be duly notarized and must be submitted on or before June 15, 2021.

For Proxy forms and other concerns, you may email us at corpsec@pbb.com.ph.

Due to the continuing COVID-19 pandemic the Definitive Information Statement and other relevant documents in relation to the annual stockholders’ meeting may be accessed through the Bank’s Official Website www.pbb.com.ph and through the PSE EDGE portal at https://edge.pse.com.ph

The meeting will be audio and virtually recorded and a copy of which will be available upon request.

All votes will be validated by our external auditor, Punongbayan and Araullo (P&A).

 

ATTY. ROBERTO S. SANTOS
Corporate Secretary

 

Senate approves new tax on POGOs

SENATE.GOV.PH

By Vann Marlo M. Villegas, Reporter 

THE Senate on Wednesday approved on third and final reading a measure imposing taxes on Philippine Offshore Gaming Operators and their foreign employees, as the government seeks new revenue sources amid the coronavirus pandemic. 

With 17 affirmative votes, three negative votes and no abstention, the senators approved Senate Bill No. 2232 which sought to amend provisions of the National Internal Revenue Code of 1997 to impose a tax regime for POGOs.

Senators Franklin M. Drilon, Francis N. Pangilinan, and Risa N. Hontiveros-Baraquel voted against the measure.

Certified as urgent by President Rodrigo R. Duterte, the bill was approved on second and third reading during Wednesday’s session. 

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

Foreigners employed by offshore gaming licensees and service providers will also have to pay 25% final withholding tax rate. The measure provided that their monthly minimum final withholding tax should not be lower than P12,500.

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

Senator Juliana Pilar S. Cayetano, sponsor of the bill, inserted a provision stating that 60% of the revenues collected from the gaming taxes imposed on offshore gaming licensees shall be allocated to the following: 60% for Republic Act No. 11223 or the Universal Health Care Act, and 20% each for the Health Facilities Enhancement Program and for the attainment of Sustainable Development Goals.

The Senate also adopted the proposed amendment that a POGO’s foreign employee may be subject to deportation and may be barred from entering the Philippines due to failure to pay taxes.

Mr. Pangilinan, in explaining his vote, said sharp rise of the POGO industry came with “serious social costs,” citing instances of criminal activities involving their foreign workers. He also noted the Chinese government has asked the Philippines to close POGO operations as they were used in “cross-border crimes such as money laundering.”

“Whatever amount the BIR collects from POGOs may be used to fund projects to give relief to our people’s suffering during this pandemic. However, we cannot and should not turn a blind eye away from the social costs that the POGO industry brings and has brought upon us,” Mr. Pangilinan said. 

“Social costs that may be difficult to reverse. Instead of allowing POGOs to thrive, perhaps we ought to have re-allocated funds from other sources to support our pandemic relief efforts,” he added.

As Luzon grid sees supply shortage, Gencos ordered to explain outages

PHILIPPINE STAR/ MICHAEL VARCAS
Rotating outages continued in Metro Manila, as the grid operator raised a red alert on the Luzon grid. — PHILIPPINE STAR/ MICHAEL VARCAS

By Angelica Y. Yang, Reporter

THE ENERGY Regulatory Commission (ERC) on Wednesday said it will order generation companies (gencos) to explain plant shutdowns, as the grid operator raised a red alert on the Luzon grid for the third time this week.

“We will be determining who are on outage again and require them to explain. [V]irtual inspections, if necessary, will be conducted,” ERC Commissioner-in-Charge Floresinda G. Baldo-Digal told BusinessWorld on Viber on Wednesday.

The commission ordered erring gencos to explain why they have breached the limit of allowable unplanned outages this year.

ERC Chairperson Agnes VST Devanadera in a statement said there were some gencos that have exceeded the maximum limit as of April 2021.

Data obtained by BusinessWorld showed that the ERC issued notices of noncompliances to 17 gencos operating a total of 35 plants from May 12 to 18. Of the number, the commission has received replies from 13 gencos to date.

Rotating outages continued in parts of Luzon, including Metro Manila, on Wednesday, as the National Grid Corp. of the Philippines (NGCP) once again raised a red alert on Wednesday.

The NGCP initially reported a deficit of 716 megawatts (MW), as the peak demand hit 11,976 MW and available capacity stood at 11,260 MW.

The Department of Energy (DoE) in a separate statement said an additional 388 MW of oil-based, hydro, biomass and solar plants were declared as “derated” or reduced on Wednesday.

Latest data showed that the forced outages reached 1,314 MW on Wednesday, due to the unavailability of unit 2 of the Pagbilao coal plant; units 1 and 2 of the GNPower Mariveles Energy Center’s coal plant, and unit 2 of the Calaca coal plant.

The total planned outages, on the other hand, hit 435 MW, as three units of the San Roque Power Corp.’s hydro power plant remained offline.

The DoE said that the red and yellow alerts issued during peak hours on Wednesday were lifted due to low system demand and the synchronization of unit 2 of the 647-MW Sual coal plant.

“The available capacity has improved with a net increase of up to 265 MW with the early entry of Sual Unit 2 despite the untimely forced outage of Pagbilao Unit 2,” it said.

JUNE RATES UNAFFECTED
Meanwhile, an official from Manila Electric Co. (Meralco) said that this month’s power rates will not be affected by the series of red alerts raised on the grid this week.

“The current power situation will be reflected in July rates,” Meralco Vice-President and Head of Utility Economics Lawrence S. Fernandez told BusinessWorld on Viber. He did not, however, give an estimate of the additional amount which customers had to pay when the grid went on red alerts since doing so would be “highly speculative.”

Mr. Fernandez noted that even before the spate of red alerts, the firm had experienced “high spot market prices since May due to reduced power supply caused by plant outages.” Last month, the average power price on the wholesale electricity spot market (WESM) more than doubled to reach P7.72 per kilowatt-hour (kWh), from P3.85/kWh in April.

“When rising demand coincides with reduced supply — as in the case of the power plant outages — there is pressure for spot market prices to go up,” Mr. Fernandez explained.

Independent Electricity Market Operator of the Philippines (IEMOP) spokesperson Andrea May T. Caguete separately told BusinessWorld in a text message that the estimated average WESM price from May 26 to June 1 is at P8.98 kWh, which she described as “substantially higher” than the rate recorded last month.

The DoE said that the secondary price cap is now in effect. The cap allows the market operator to limit prices at P6.246/kWh “to protect consumers from possible spikes.”

Private schools question tax hike; BIR stands firm

PHILIPPINE STAR/ MIGUEL DE GUZMAN

By Beatrice M. Laforga, Reporter

A GROUP of private schools is questioning the Bureau of Internal Revenue’s (BIR) recent issuance that more than doubled the tax rate on “for-profit” educational institutions, saying this will be a “very heavy burden” for the pandemic-hit sector.

In a statement on Wednesday, Coordinating Council of Private Educational Associations (COCOPEA) Managing Director Joseph Noel M. Estrada said the BIR should immediately rectify the “erroneous” provision under Revenue Regulation (RR) 5-2021 which raised the tax rate to 25% from 10%.

The regulation, issued on April 8, set the tax rates under the newly signed law Republic Act 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

“Whereas the recently enacted CREATE Act sought to shore up proprietary educational institutions during the pandemic with a much-appreciated temporary reduction in the tax rate from 10% to 1%, RR 5–2021 will instead cause irreparable damage to the institutions and stakeholders that the Duterte Administration and Congress sought to help, by more than doubling their tax rate from the 10% that has been applied to them since 1968, to 25%,” Mr. Estrada said.

Mr. Estrada warned that the higher tax rate could force schools to permanently close, as they continue to struggle with the transition to the K-12 system and the sudden shift to online schooling amid the pandemic.

“The imposition of RR 5-2021, especially during this deep economic recession, will penalize, marginalize and discriminate against proprietary educational institutions with unfeasibly higher taxes that may force financially distressed schools to close down and trigger a radiating wave of economic disruption that will hit not just teachers and school personnel, but also the extensive network of linked small and medium businesses and livelihood activities of the host communities,” he added.

The CREATE law reduced the corporate tax rate for proprietary educational institutions to 1% from 10% originally, for three years from July 2020 to July 2023.

However, Mr. Estrada claimed the BIR inserted the word “non-profit schools” in the definition of proprietary educational institutions, which he said effectively limits the scope of the lower tax to just non-profit schools. This meant for-profit educational institutions will be subject to the regular corporate tax rate of 25%.

However, Finance Secretary Carlos G. Dominguez III stood firm that the BIR did not change the tax rates and only followed the original definition of the Tax Code when they crafted the regulations.

In its letter to COCOPEA, the BIR argued that proprietary non-profit educational institutions “can legally exist,” citing the definition of proprietary as “private,” under the Tax Code.

The bureau also said it already clarified the definition through a circular in 2012 saying that the 10% tax rate applies to proprietary non-profit schools and hospitals.

Under the National Internal Revenue Code (NIRC), those eligible for the 10% tax, now reduced to 1% because of CREATE, are “proprietary educational institutions and hospitals which are non-profit,” maintained by private individual or groups and have a permit to operate issued by regulators.

COCOPEA said it decided to make a public appeal to the Finance department and BIR after it did not receive any response.

COCOPEA is an organization of five biggest education associations representing around 2,500 private schools and education stakeholders.

The Department of Education and Commission on Higher Education did not respond to queries.

Regulatory safeguards in PSA bill needed — PCC

PHILIPPINE STAR/ MICHAEL VARCAS

By Jenina P. Ibañez, Reporter

A COMPETITION commissioner is urging lawmakers to include regulatory safeguards against national security issues that some senators fear could arise from a priority bill that would open up the telecommunications and transport sectors to more foreign ownership.

Such regulations should be issued instead of outright banning bigger foreign participation in providing critical infrastructure, Philippine Competition Commissioner Johannes Benjamin R. Bernabe said in a phone interview on Monday.

“The push for liberalization can be better addressed through targeted regulation, which would ensure that the dangers we seek to guard against will be addressed through the appropriate regulatory framework,” he said.

The Philippine Competition Commission (PCC) supports amendments to the Public Service Act (PSA), including removing the foreign equity cap on the telecommunications and transportation industries.

The industries, which are considered public utilities, limit foreign ownership of the public utility company to 40%. The remaining 60% must be owned by Filipino citizens.

Certified as urgent by President Rodrigo R. Duterte, the Senate is currently deliberating its version of the bill seeking to amend the PSA to allow 100% foreign ownership of telco and transport firms. The House version has been approved on third reading.

Some senators have raised concerns on lifting the foreign ownership restriction, warning that it could threaten national security or favor a single country. Senator Risa N. Hontiveros-Baraquel said that the amendments could allow for China’s ownership of crucial infrastructure in the country.

But PCC’s Mr. Bernabe said that such concerns can be addressed through existing and potential safeguards, such as the concern that state-owned China Telecoms could take on 100% of DITO Telecommunity Corp.

“The question that I raise is: isn’t it that there’s also provision which says that a foreign-owned or controlled corporation through a state-owned enterprise of its own cannot be allowed to invest in a public service which is deemed to be part of the critical infrastructure of the country — for instance telecoms?”

“Secondly, the national security council, through the Office of the President which heads it, can vet any such investment and say that it’s a threat to national security and therefore not allow it,” he said.

Concerns over foreign competition hurting local tricycle and jeepney operators in the transport sector can also be addressed through rules requiring use of the local language or a minimum number of years of residence in the country, Mr. Bernabe said.

“If the legislators are so concerned about having appropriate regulations put in place, they can already put those regulations in the statute. For instance, if they want telecoms and common carriers not to be acquired by state-owned enterprises, then put that in the statute,” he said.

“If they want state-owned enterprise definition to include those which… are receiving substantial subsidies from foreign governments, include that in the statute.”

Mr. Bernabe said that inclusion of certain regulations could address concerns that regulators are “too familiar” with or financially influenced by the businesses they regulate.

“If you want owners or operators of common carriers to be residents of the Philippines for at least 10 years… put it in the statute if they don’t trust the regulators enough.” he said.

“And then offer a catch-all provision which would say that regulators in their relevant sectors are mandated to come up with regulatory requirements, whether they be qualification or licensing requirements which would address the need to safeguard the welfare of Filipino citizens.”

Mr. Bernabe is hoping his personal recommendations will be included in the position paper PCC plans to submit to the Senate.

“I think the dangers and concerns that (senators) flagged can be better addressed through regulation rather than resorting to limits on equity and liberalization,” he said.

Philippines likely to achieve ‘herd resilience’ by 2023, says Moody’s Analytics

PHILIPPINE STAR/ MICHAEL VARCAS

THE PHILIPPINES will only likely fully vaccinate 65% of its adult population by 2023, as the economy is expected to return to pre-pandemic levels by the third quarter of 2022, Moody’s Analytics said.

Herd resilience or a situation when 65% of adult population have been vaccinated will only occur in the Philippines, Indonesia, Thailand, Taiwan, and Vietnam by 2023, according to Moody’s Analytics.

“Indonesia and the Philippines have been struggling to allot vaccines either due to access or simply the difficulty in getting the vaccine out through the public health systems across the country,” Moody’s Analytics Chief Asia-Pacific economist Steven Cochrane said in a webinar.

Based on data from the Johns Hopkins University, only 1.12% of the Philippine population have been fully vaccinated since its inoculation drive started in March.

Even as coronavirus disease 2019 (COVID-19) vaccine supplies are slow to arrive, the government is sticking to its target of vaccinating 50 million adult Filipinos by end-November. By the first quarter of 2022, the government hopes to have 70 million Filipinos vaccinated.

Moody’s Analytics Senior Asia Pacific economist Katrina Ell said the Philippines is expected to grow beyond its fourth quarter 2019 level only by the third quarter of 2022.

This makes the country the region’s laggard given that India and Indonesia, which have also seen relatively high infections, are both expected to surpass their pre-pandemic GDP level by the second quarter this year. Singapore and Japan are expected to exceed pre-pandemic economic growth by the fourth quarter this year.

Some countries in Southeast Asia are expected to take until the second quarter of 2022 to grow their economy beyond their pre-pandemic levels, including Thailand and Malaysia.

“The Philippines is the country that was least able to control COVID [even after] many, many quarantine orders,” Mr. Cochrane said.

“The Philippines also is probably the one country in the Asia-Pacific area that has not benefited from the turnaround in exports. They are not as quite tied to the global supply chain for goods as much as the rest of the region,” he added.

Moody’s Analytics in May said it expects the Philippine economy to grow by 5.3% this year, a less optimistic view than the government’s 6-7% target. The economy slumped by a record 9.6% last year due to the crisis. — L.W.T.Noble

Employers eye different policies for vaccinated, non-vaccinated workers

PHILIPPINE STAR/ MICHAEL VARCAS
The Labor department has encouraged all workers to get the COVID-19 vaccine to help the country achieve herd immunity. — PHILIPPINE STAR/ MICHAEL VARCAS

SOME PHILIPPINE employers are planning to have distinct policies for employees who have been vaccinated against the coronavirus disease 2019 (COVID-19) and those that have not been inoculated, a survey found.

Although most of the 60 Philippine companies surveyed by Mercer in February said they do not want to require vaccination, 41% of respondents said that having a workforce composed of vaccinated and non-vaccinated employees will be a concern.

Eight percent said they would enact distinct business travel policies between the two sets of employees, and 10% said vaccination is a condition for returning to the worksite,  according to the report from asset management firm Mercer.

Around 7% said vaccines could be needed for certain types of work, such as those requiring direct customer contact.

In contrast, 30% said they will not differentiate policies based on vaccine status and 26% said they will follow government guidelines.

Just 2% of surveyed employers at the time planned to require their employees to be vaccinated against COVID-19, although more than half said they would encourage it.

Firms that said they would not require vaccination said so mostly due to employee concerns about vaccine safety and to comply with labor and human rights legislation. More than 40% feared potential liability if an employee experiences a bad reaction to the jab.

The survey was conducted before Republic Act No. 11525 or the COVID-19 Vaccine Program Act was signed on Feb. 26. Under Section 12 of this law, the vaccine card which is issued to all vaccinated individuals should not be a mandatory requirement for employment.

Only 2% of the survey respondents said they would offer cash or gift card incentives for workers who get inoculated. Almost half said they would definitely not provide incentives, while 41% are considering it.

“However, one in four have stated that they will provide additional time off for employees to get vaccinated,” Mercer said in a statement on Wednesday.

Just a third or 32% of Filipinos are willing to get vaccinated against COVID-19 given that the vaccines would be free and approved by the Food and Drug Administration, a recent survey from Social Weather Stations (SWS) said. Another 33% said they are unwilling, while 35% are uncertain.

More than two-thirds of the firms surveyed by Mercer said they have developed or are developing communication plans on the jab.

“Given that the major issues surrounding the vaccination rollout are vaccine safety and human rights legislation, it’s not surprising that most respondents opted not to offer any form of incentive to respect their employees’ personal decision,” Mercer Philippines Chief Executive Officer Maria Theresa E. Alday said.

“The decision to receive the vaccine ultimately boils down to trust. And employers play a critical role in educating and sharing accurate information with employees, including facts about the benefits of the vaccines, company policies and insurance coverage.’’

Almost all the companies said they are communicating the benefits of the vaccine, while 76% shared details about access and 66% offered information on company policies. Less than half said they are sharing details about insurance coverage and reimbursement.

“This could be due in part to a lack of clarity or information at the moment but is absolutely critical information that employees need to know, be it details on claims or benefits with respect to the COVID-19 vaccination or its potential effects,” Ms. Alday said.

While just 13% have started discussing vaccine delivery with public health officials and vendors, 72% of respondents said they are looking into facilitating employee inoculation. A quarter said they formed a group that would guide their vaccine-related policies.

“What’s vital is that employers set appropriate expectations about returning to the office and the need for precautions and safe practices like wearing masks and social distancing. Even as the number of individuals being vaccinated increases, various forms of public health restrictions will still be in place until we see herd immunity in our communities,” Ms. Alday said. — Jenina P. Ibañez

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