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Some Americans could need COVID vaccine booster — Fauci

REUTERS
Top infectious disease official Anthony Fauci said Americans who are immune compromised may end up needing COVID-19 vaccine booster shots. — REUTERS

WASHINGTON — Top infectious disease official Anthony Fauci said on Sunday that Americans who are immune compromised may end up needing COVID-19 vaccine booster shots as the United States deals with increasing cases from the Delta variant of the coronavirus.

“Those who are transplant patients, cancer chemotherapy, auto-immune diseases, that are on immunosuppressant regimens, those are the kind of individuals that if there’s going to be a third booster, which might likely happen, would be among first the vulnerable,” Mr. Fauci said during a CNN interview.

He added health officials are also considering whether to revise mask guidance for vaccinated Americans saying it was “under active consideration.”

Citing studies that show there might be waning immunity in vaccinated people, Fauci said US health officials are reviewing data to determine when boosters might be needed.

“It’s a dynamic situation. It’s a work in progress, it evolves like in so many other areas of the pandemic,” said Mr. Fauci, the director of the National Institute of Allergy and Infectious Diseases. “You’ve got to look at the data.”

Last week, Israel’s health ministry reported a decrease in the effectiveness of the Pfizer vaccine in preventing infections and symptomatic illness. But it added that the two-dose COVID-19 vaccine developed by Pfizer with partner BioNTech still remained highly effective in preventing severe illness.

The decline in efficacy coincided with the spread of the Delta variant, now the dominant strain in Israel.

Israel is administering third doses of the vaccine to immunocompromised people, including those who have had heart, lung, kidney or liver transplants and cancer patients receiving chemotherapy.

The Delta variant, which was first found in India, is driving up infections in the United States.

The sharpest increases in COVID-19 cases are in places with lower vaccination rates. Florida, Texas and Missouri account for 40% of all new cases nationwide, with around one in five of all new US cases occurring in Florida, White House adviser Jeffrey Zients said last week. The US Centers for Disease Control and Prevention (CDC) on Sunday reported an uptick in the number of vaccine doses administered in the past 24 hours — 778,996, the highest number given in a 24-hour period since the United States reported giving 1.16 million doses on July 3.

However, that number is far below the peak of 4.63 million doses reported on April 10 and, despite the rise, the pace of vaccinations is still generally declining, CDC data shows.

Since vaccines became widely available in the spring, President Joe Biden’s White House has been conducting an aggressive campaign to get shots in arms that has been met with skepticism in some states and communities.

White House Chief of Staff Ronald Klain on Sunday hailed the CDC numbers as a sign that vaccinations were picking back up.

Pfizer and BioNTech said on Friday that the United States had purchased 200 million more doses of their vaccine to help with pediatric vaccination as well as possible booster shots. — Reuters

With eye on China, Pentagon chief heads to Southeast Asia

DEFENSE.GOV

FAIRBANKS, Alaska — US Defense Secretary Lloyd Austin will become the first member of President Joseph R. Biden’s cabinet to visit Southeast Asia this week, seeking to emphasize the importance Washington places on fortifying ties in the region while pushing back against China.

The United States has put countering China at the heart of its national security policy for years and the Biden administration has called rivalry with Beijing “the biggest geopolitical test” of this century.

Six months into his presidency, however, Southeast Asian countries are still looking for details of Mr. Biden’s strategy as well as his specific plans for economic, trade and military engagement with the Indo-Pacific.

“You’ll hear me talk a lot about partnerships and the value of partnerships,” Mr. Austin told reporters enroute to Alaska.

“My goal is to strengthen relationships,” he said.

In a keynote speech in Singapore on Tuesday and meetings in Vietnam and the Philippines, Mr. Austin will call out aggressive Chinese behavior in the South China Sea and stress the importance of keeping the wider region free and open.

His trip follows the first visit by US Deputy Secretary of State Wendy Sherman to China on Sunday and Monday and coincide with a trip by Secretary of State Antony Blinken to India, another important partner in US efforts to counter Beijing.

Experts say Austin’s presence is important to make clear that Southeast Asia is a vital component in Mr. Biden’s efforts.

“The administration does understand that this region is critical, so that’s a big part of it: Just showing up,” said Gregory Poling, a senior fellow for Southeast Asia at Washington’s Center for Strategic and International Studies.

An Asian diplomat, speaking on the condition of anonymity, said it appeared the Biden administration was now directing its focus more firmly on Asia after addressing other global issues, such as relations with Russia and Europe.

Mr. Austin had been due to visit the region in June, but was forced to postpone due to COVID-19 restrictions in Singapore.

‘MEAT ON THE BONE’
So far the Biden administration has broadly sought to rally allies and partners to form a united front against what it says are China’s increasingly coercive economic and foreign policies.

One pillar of engagement that has been conspicuously lacking has been on the economic and trade side after Mr. Biden’s predecessor, Donald Trump, withdrew from the Trans Pacific Partnership trade pact in 2017.

The administration has made clear it is in no rush to rejoin such a pact, which critics say would cost American jobs, but has been discussing the possibility of smaller agreements such as on digital trade.

The Pentagon has completed a study of its China policy and Mr. Austin has issued an internal directive calling for several initiatives, but few details have emerged.

The US Navy has maintained a steady pattern of freedom of navigation operations in the South China Sea and near Taiwan but these appear to have done little to discourage Beijing.

Malaysia, Vietnam, the Philippines, Brunei and Taiwan all have rival claims to Beijing’s in the South China Sea and largely welcome a US presence in the face of China’s militarization of the waterway and its vast coastguard and fishing fleet.

Abraham Denmark, a former deputy assistant secretary of defense for East Asia, said Washington was saying “all the right things on competition” with China but there were questions about how it could “translate words into actions and investments.”

It was still unclear “what’s it’s going to look like in terms of our budget, in terms of our force posture, in terms of our investments in diplomacy and infrastructure, really putting meat on the bone,” he said.

Austin’s priority in the Philippines will be progress on renewing an agreement governing the presence of US troops there, which is of vital US strategic interest. A deadline for the pact’s expiration has been extended several times.

Analysts say Mr. Austin will need to strike a balance between stressing the China threat and making clear that Washington sees Southeast Asia as more than just a military theater.

“The emphasis from the region is yes, having the military around is good and welcome, but you need an economic strategy,” the Asian diplomat said. — Reuters

China blames US for ‘stalemate’ in ties as talks begin

REUTERS

BEIJING  China blamed the United States on Monday for a “stalemate” in two-way ties, accusing it of creating an “imaginary enemy,” and setting a confrontational tone during a meeting with US Deputy Secretary of State Wendy Sherman.  

Ms. Sherman, the second-ranked US diplomat, arrived on Sunday for the rare face-to-face talks in the northern city of Tianjin amid worsening relations between the world’s two largest economies.  

“US-China relations are in a standstill and face serious difficulties,” Vice Foreign Minister Xie Feng was quoted as saying during the meeting by state television.  

“The United States wants to reignite the sense of national purpose by establishing China as an ‘imaginary enemy.’”  

Ms. Sherman, whose China visit was added late to an Asian itinerary that included stops in Japan, South Korea, and Mongolia amid wrangling over protocol between Beijing and Washington, was due to meet later on Monday with Foreign Minister Wang Yi, a member of the state council, or China’s cabinet.  

On Saturday, Mr. Wang had warned that China would not accept the United States taking a “superior” position in the relationship, a day after China announced sanctions on former US Commerce Secretary Wilbur Ross and others.  

Senior US officials had outlined Ms. Sherman’s expected position during the talks, saying the United States welcomed competition with Beijing but would insist on a level playing field and “guardrails” to avoid conflicts.  

The US government and lawmakers have been critical of China’s policy in Hong Kong and Xinjiang, with the U.S. Senate having passed a bill this month to ban imports from the far western region, citing forced labor concerns.  

Last Wednesday, State Department spokesman Ned Price said that Sherman would be travelling to China “from a position of strength.”  

Monday’s meeting took place amid frayed relations between Beijing and Washington that have worsened in the months since an initial diplomatic meeting in March in Anchorage, the first under US President Joseph R. Biden, Jr.’s administration.  

At the Alaska meeting, Chinese officials, including Mr. Wang, railed against the state of US democracy, while US officials accused the Chinese side of grandstanding.  

Monday’s talks were held amid stringent Chinese COVID-19 measures, which have meant that visiting foreign officials have met Chinese counterparts outside Beijing, the capital.  

Foreign media were kept at a distance from the hotel where the talks took place, but Chinese media were permitted on the premises.  Yew Lun Tian/Reuters 

Support for Japan’s PM Suga slides as COVID shadows Tokyo Games

BLOOMBERG

TOKYO  Millions of Japanese watched the Olympics opening ceremony and many are cheering on their athletes, but the shadow of coronavirus disease 2019 (COVID-19) is so far preventing Prime Minister Yoshihide Suga from getting a boost in his soggy support ahead of an election this year. 

Voter support for Mr. Suga slid nine points to 34%, its lowest since he took office last September, a July 2325 Nikkei business daily survey showed on Monday. The Games, postponed last year by the pandemic, opened on Friday. 

Nearly two-thirds of respondents said the country’s rollout of coronavirus vaccinations was not going well.  

The program has been hampered by a slow start and supply snarls, and less than a quarter are fully vaccinated. 

Mr. Suga’s dream scenario had been to contain the virus outbreak, preside over a successful Games and call a general election. That was upended after a surge in COVID-19 infections led to a fourth state of emergency in Tokyo and forced Olympic organizers to ban spectators from almost all venues. 

Japan has had some cheering news from the Games, taking a total of six gold medals  including a historic two in judo by Uta Abe and her brother Hifumi on Sunday, as well as one silver and one bronze medal. 

Yiannis Exarchos, chief executive officer of Olympic Broadcasting Services, said the opening ceremony was watched by more than 70 million people in Japan, making it the most watched event in the last decade. 

Organizers were keeping a wary eye on Tropical Storm Nepartak, which was heading toward Japan’s east coast and forecast to pass to the north of Tokyo. 

They said there was currently no plan to reschedule further events. Tuesday’s rowing program was disrupted, with races rescheduled for later in the week. Monday’s rowing events were moved to Sunday in anticipation of the storm. 

WORRIES ABOUT CONTAGION
Many Japanese fear the influx of athletes and officials for the global sporting event will add to the surge in infections, and 31% in the Nikkei survey said the Games should be canceled or postponed again. 

Fifty-six percent said Japan’s border steps for incoming Olympics athletes and officials were “inappropriate,” the Nikkei survey showed. The Games are being held under tight quarantine rules to prevent the spread of infections, but a number of cases have emerged involving athletes and others. 

Olympics organizers reported 16 new Games-related COVID-19 cases on Monday, bringing the total since July 1 to 148. 

The Dutch rowing team’s performance director said the team had agreed to separate itself from other competitors after one of its athletes, a coach and a staff member all tested positive for COVID-19. 

A strict “playbook” setting out rules to avoid contagion mandates frequent testing for the virus, restricted movements and wearing masks by athletes and others in most situations. 

The International Olympic Committee said on Sunday, however, that athletes can briefly take off their masks on the podium for 30 seconds for a photo opportunity, as several did after their wins on the day. 

Japanese residents have been encouraged to watch the Games on TV to help prevent the virus from spreading. But fans assembled at the open-air triathlon route on the island of Odaiba in Tokyo Bay, on Monday in defiance of Olympic staff carrying signs asking them not to gather. 

Mr. Suga took over as premier after predecessor Shinzo Abe quit, citing ill health, ending a tenure that lasted nearly eight years, making him Japan’s longest-serving prime minister. 

Commenting on his soggy support, Mr. Suga told monthly magazine Hanada, “I am confident what I am doing is not mistaken. That will not waver,” Kyodo reported. 

Mr. Suga’s term as ruling Liberal Democratic Party (LDP) president expires in September and an election for parliament’s powerful lower house must be held by November. 

Mr. Suga came in fifth in the Nikkei’s survey of preferred next prime ministers, with just 5% backing him. 

Taro Kono, the minister in charge of the vaccine rollout, topped the list but his rating slipped four points to 19%, virtually tied with former defense minister Shigeru Ishiba. — Linda Sieg/Reuters 

China shares slide as regulatory clampdown spooks investors, education firms dive

PIXABAY

SHANGHAI — Chinese shares slumped on Monday as investor worries over the impact of government regulations kneecapped the education and property sectors, after Beijing barred for-profit tutoring in core school subjects.

The searing sell-off sent Hong Kong-listed Scholar Education Group shares crashing more than 43% in morning trade. Hong Kong stocks of New Oriental Education & Technology Group Inc. lost over a third of their value after US shares plummeted more 50% on Friday. The company provides tutoring and test preparation services in China.

Sub-indexes tracking education and related sectors declined sharply. The CSI Education Index was last down 9.73% and the Hang Seng Tech index slumped 5.89%, touching its lowest level since Aug. 12, 2020.

The shakeout in China’s $120 billion private tutoring sector follows Beijing’s announcement on Friday of new rules barring for-profit tutoring in core school subjects to ease financial pressures on families. The policy change also restricts foreign investment in the sector through mergers and acquisitions, franchises, or variable interest entity (VIEs) arrangements.

Louis Tse, managing director at Wealthy Securities in Hong Kong, said the curbs were needed to prevent “chaos” in a profitable sector.

“The Chinese government… in a way it’s right, they want to put a heavy hand and try to regulate that industry to make it more acceptable,” he said. “Of course, investors…. I won’t say they suffer. They won’t earn that much anymore.”

The crackdown on tutoring firms follows a tightening grip on China’s internet sector that has rattled global investors.

Beijing launched a data-related cybersecurity investigation into ride-hailing giant Didi Global Inc. just two days after it raised $4.4 billion in a New York initial public offering.

China’s blue-chip CSI300 index hit a more than 10-week low and was last down 2.89%, the Shanghai Composite Index declined 2.18%, having earlier hit a two-month low and the Shenzhen Composite fell 2.2%.

Both the Shanghai and Shenzhen indexes were hit by heavy foreign-investor selling. Refinitiv data showed outflows of 6.2 billion yuan ($956.24 million) from A-shares as of midday on Monday.

In Hong Kong, the Hang Seng index slipped to its weakest level since Dec. 29 and was last down 2.91%. The Hang Seng China Enterprises index fell 3.66%.

Government efforts to rein in an overheated property sector also spooked investors on Monday, sending the CSI 300 Real Estate index down 4.82%, while the Hang Seng Properties index fell 2.32%.

Media reports that China’s central bank has ordered lenders in Shanghai to raise the rate of mortgage loans for first-time homebuyers followed a statement from the housing ministry on Friday that China will strive to clean up irregularities in the property market in three years.

Shares in China Evergrande Group, the heavily indebted developer whose financing difficulties have stoked broader apprehensions about the outlook for the property sector, fell 7%. Evergrande shares have fallen by a third this month, and are down more than 54% this year.

Fellow developer Country Garden Holdings Co. dropped 2.18%.

“We believe China’s economy, and specifically its financial system, will face significant risks in coming months due to the unprecedented tightening measures applied to the property sector,” economists at Nomura said in a note Monday. — Andrew Galbraith/Reuters

PNB marks 105th year ‘stronger, better, younger’ with official launch of New PNB Digital App, premiere of ‘DongYan’ video

The Philippine National Bank (PNB) marked its 105th anniversary on Thursday with the official launch of the New PNB Digital App and the premiere of the bank’s new ad campaign featuring the “DongYan” power couple, Dingdong Dantes and Marian Rivera-Dantes. This is considered a comeback for DongYan who first did a TV commercial for PNB five years ago for the bank’s centennial celebration.

“We are celebrating our 105th-year milestone confident that we aged stronger and better, and even became ‘younger’ as we harness digital technology to make our banking services more reliable for our customers, especially to couples like the DongYan with several financial transactions to take care of. Life simply gets easier with the new PNB Digital Banking App by your side,” said PNB President &CEO Wick Veloso.

The DongYan video dubbed “PNB, It Takes a Tandem” created in partnership with the bank’s digital marketing agency DDB-Optimax and uploaded on PNB’s Facebook page and website showcases how the new app makes banking and, therefore, life easier with the latter being easier, faster, and more secure to use. The omnibus material highlighted the app’s features such as Bills Payment, Fund Transfer, and QR Payment. Aside from these, the app has new features and billers that users need for their everyday banking needs.

To see how DongYan enjoys banking convenience with the new PNB Digital App, watch here:

Download the new PNBDiitalApp via theApp StoreorGooglePlay. Note that the old PNB Mobile Banking app will no longer be available after July 31.

Established by the Philippine government in 1916, PNB is one of the country’s largest private universal banks in terms of assets and deposits. It provides a full range of banking and other financial services to its highly diverse clientele comprised of individual depositors, small and medium enterprises, domestic and international corporations, government institutions, and overseas Filipinos.

The bank has one of the industry’s widest domestic branch networks with 715 branches and more than 1,500 ATMs strategically located nationwide. It has the largest number of overseas offices with more than 70 branches, representative offices, remittance centers, and subsidiaries abroad.

Campaign Credits for “PNB, It Takes a Tandem” video:

PNB:
President& CEO: Wick Veloso
Consultant: Renren Reyes
Sr. Asst. Vice President (SAVP): Leia Michelle Regala-Teodoro
SAVP: Christopher Gene Lapuz
Manager 2: Archie Ceasar Matuloy
Asst. Manager 1: Roby Borja
Asst. Manager 1: Anna Francesca Angeles
AVP: Patricia Santos
SAVP: Josephine Caluag

Optimax:
General Manager: Ela Chua
Head of Strategy: Chewy Chua
Executive Creative Director: Lilit Reyes
Creative Director: James Pereda
Copywriter: Gio Ramon
Art Director: Patricia Ferrer
Multi Media Artist: Martin Ignacio
Account Manager: Andrea Lim
Producer: Kat Pador
Social Media Manager: Ria Ilagan
Digital Manager: Jeff Rosales

Southern Lantern Studios:
Director: Sheron Dayoc
Executive Producers: Tin Velasco, Crisanto Calvento
Director of Photography: Emil Javier
Production Manager: Jervy Valencia, Kyle Francisco (Associate)
Assistant Director: Red Fajardo
Production Designers: Juan Pablo Pineda III, Kim Perez
Editor: Jerick Alcancia
Colorist: Dia Magsaysay-Sigua
Sound Designer: Willie Apa

 

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Some Americans could need COVID-19 vaccine booster — Fauci

Image via US Secretary of Defense/CC BY 2.0/Wikimedia Commons

WASHINGTON — Top infectious disease official Dr. Anthony S. Fauci said on Sunday that Americans who are immunocompromised may end up needing coronavirus disease 2019 (COVID-19) vaccine booster shots as the United States deals with increasing cases from the Delta variant of the coronavirus.

“Those who are transplant patients, cancer chemotherapy, auto-immune diseases, that are on immunosuppressant regimens, those are the kind of individuals that if there’s going to be a third booster, which might likely happen, would be among first the vulnerable,” Mr. Fauci said during a CNN interview.

He added health officials are also considering whether to revise mask guidance for vaccinated Americans saying it was “under active consideration.”

Citing studies that show there might be waning immunity in vaccinated people, Mr. Fauci said US health officials are reviewing data to determine when boosters might be needed.

“It’s a dynamic situation. It’s a work in progress, it evolves like in so many other areas of the pandemic,” said Mr. Fauci, the director of the National Institute of Allergy and Infectious Diseases. “You’ve got to look at the data.”

Last week, Israel’s health ministry reported a decrease in the effectiveness of the Pfizer vaccine in preventing infections and symptomatic illness. But it added that the two-dose COVID-19 vaccine developed by Pfizer with partner BioNTech still remained highly effective in preventing severe illness.

The decline in efficacy coincided with the spread of the Delta variant, now the dominant strain in Israel.

Israel is administering third doses of the vaccine to immunocompromised people, including those who have had heart, lung, kidney, or liver transplants and cancer patients receiving chemotherapy.

The Delta variant, which was first found in India, is driving up infections in the United States.

The sharpest increases in COVID-19 cases are in places with lower vaccination rates. Florida, Texas, and Missouri account for 40% of all new cases nationwide, with around one in five of all new US cases occurring in Florida, White House adviser Jeffrey Zients said last week.

The US Centers for Disease Control and Prevention (CDC) on Sunday reported an uptick in the number of vaccine doses administered in the past 24 hours — 778,996, the highest number given in a 24-hour period since the United States reported giving 1.16 million doses on July 3.

However, that number is far below the peak of 4.63 million doses reported on April 10 and, despite the rise, the pace of vaccinations is still generally declining, CDC data shows.

Since vaccines became widely available in the spring, President Joseph R. Biden, Jr.’s White House has been conducting an aggressive campaign to get shots in arms that has been met with skepticism in some states and communities.

White House Chief of Staff Ronald Klain on Sunday hailed the CDC numbers as a sign that vaccinations were picking back up.

Pfizer and BioNTech said on Friday that the United States had purchased 200 million more doses of their vaccine to help with pediatric vaccination as well as possible booster shots. — Linda So/Reuters

Asian COVID epicenter of Indonesia extends curbs by a week

Municipality workers carry a coffin at a cemetery complex provided by the government for coronavirus victims in Jakarta, Indonesia in this file photo taken April 22, 2020. — REUTERS/WILLY KURNIAWAN/FILE PHOTO

JAKARTA  Indonesia extended its coronavirus disease 2019 (COVID-19) restrictions by a week to Aug. 2 on Sunday to try to curb infections, after the government said it would add more intensive care units (ICUs) amid a rise in deaths.  

Indonesia has become Asia’s COVID-19 epicenter with hospitals deluged, particularly on the densely populated island of Java and on Bali, where oxygen supplies are running thin. 

“I’d like to thank all Indonesians for their understanding and support for the curbs that have been effective for 23 days,” President Joko Widodo, known as Jokowi, said, adding that COVID infections and hospital bed occupancies had declined, without specifying by how much. 

Considerably looser than the previous curbs, Jokowi said the government would gradually adjust some restrictions, while allowing traditional markets and restaurants with outdoor areas to open, with some limitations, such as giving customers 20 minutes to finish their meals. 

Some businesses, from salons to vehicle repair shops, are now allowed to open. 

Senior minister Luhut Pandjaitan, who oversees the COVID response on Java and Bali, said the curbs would apply in 140 regions across Indonesia, including the capital Jakarta. 

Fewer curbs would be imposed in areas deemed safer, including allowing malls to reopen at 25% capacity and factories to operate, with limitations, Mr. Luhut said. 

Indonesia will allow free value-added tax for mall tenants, who have been badly hit by the curbs, for their June to August rent, said chief economic minister Airlangga Hartarto. 

Faisal Rachman, an economist with Bank Mandiri, said the extension had been expected. Should the restrictions remain throughout August, annual economic growth could be seen at 3.69%, slightly below the government’s forecast of 3.7%4.5% 

Indonesia last week reported record-high deaths on four separate days, the last of which was 1,566 deaths on Friday, bringing cumulative deaths to more than 83,000. 

Total infections have climbed to more than 3.1 million, though health experts say both deaths and case numbers have been undercounted. 

“On principle, it’s a good intention from the government to prolong the restrictions. But the same good intention could be applied to counting the real number of infections,” Tri Yunis Miko Wahyono, a University of Indonesia epidemiologist, said. 

The average number of COVID-19 deaths reported each day in Indonesia has been increasing for 10 days straight, a Reuters tracker shows. 

Mr. Luhut said on Saturday that full hospitals and patients dying in self-isolation had resulted in higher death tolls, adding that ICUs would be added in areas which have reported the highest number of deaths. 

Fewer than 7% of Indonesia’s population of 270 million has been fully vaccinated, with Southeast Asia’s largest country primarily reliant on shots produced by China’s Sinovac Biotech. — Stanley Widianto and Tabita Diela/Reuters 

PLDT, Smart remain committed to serving Filipinos amid COVID-19

Amid hard times, PLDT and SMART stay committed to enabling the nation. We are one with the Filipino in the fight against COVID-19, keeping everyone connected providing continuity through digital connectivity.

 

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Seamless Audits in the New Normal

Technology has dramatically changed how entrepreneurs conduct their businesses. Dealing with customers has been made easier by various online platforms, which are accessible any time of the day. The pandemic has further driven the use of technology and its importance as a source of competitive advantage, without which, businesses may have difficulty thriving in this new normal where convenience, efficiency and security are priority.

Professional services firms also saw the growing importance of technology to their businesses. Having to deliver uninterrupted quality services despite the strict mobility restrictions has caused firms to embrace and maximize the use of technology. From conducting meetings both internally and with client, to sharing of business files, firms have modified their business processes to be adaptive to the evolving business requirements.

Reyes Tacandong& Co. (RT&Co.), a professional services firm employing more than 800 professionals, is at the forefront of this initiative of driving business growth through technology. RSM, a global network of accounting firms which RT&Co. is a member of, has officially launched a new cutting-edge portal solution to clients through its partnership with Inflo. With this new tool, RT&Co. is able to remain close to clients while working effectively to provide seamless audit, compliance and advisory services amidst the current environment.

Inflo’s Digital Audit is one of the accounting profession’s first data-driven audit platform designed for the modern, digital business world. It combines data acquisition, embedded client collaboration, progressive data analytics and dynamic reporting all in one cloud-based platform.

The tool was created with accountancy firms in mind, to deliver an enhanced level of value to clients and, in turn, building deeper relationships. The tool’s collaboration feature allows for a secure and more efficient approach to gathering documentation and information, file-sharing and communication. Digital collaboration, which Inflo’s Digital Audit provides, is a key driver to increasing the transparency and effectiveness of communication between audit team and clients.

The same tool also gives RT&Co. access to market-leading data analytics and artificial intelligence capabilities. Data analytics greatly help in the conduct of audit by enabling a more data-driven risk assessment process and an improved sample selection process that focuses on exceptions, and providing capability to handle analysis of big data. This new approach allows RT&Co. to deliver more client value by offering new insights while maintaining the quality of audits.

Currently, Reyes Tacandong& Co. has offices in Manila, Davao, Cebu, Iloilo and Clark.Its main office is located at 26/F BDO Towers Valero, 8741 Paseo De Roxas, Makati, 1226 Metro Manila. For inquiries, email info@reyestacandong.com, www.reyestacandong.com or call +632.8982.9100.

 

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[B-SIDE Podcast] Olympic dreams: Hidilyn F. Diaz

Follow us on Spotify BusinessWorld B-Side

Weightlifter Hidilyn F. Diaz, 30, is one of 19 Filipinos competing in this year’s Olympic Games in Tokyo after the event was canceled last year amid a coronavirus pandemic. In this episode of B-Side, Ms. Diaz speaks with BusinessWorld senior reporter Michael Angelo S. Murillo about going for gold, and training through a pandemic away from home, away from friends, and away from family.

By the time you listen to this, she might be a two-time Olympic medalist, giving the Philippines its first-ever gold medal, adding to the silver that she won in Rio 2016. But as of this recording, we don’t know. What we do know right now is that the hope of a nation rides on her strong and capable shoulders and that her Olympic dreams burn bright.

Produced by Paolo L. Lopez and Sam L. Marcelo.

 

Read the related story: “Filipino athletes compete with coronavirus to strike gold at Tokyo Olympics”

Follow us on Spotify BusinessWorld B-Side

Slowly recovering amid the ongoing pandemic

The Philippine automotive industry is gradually picking up from the impacts of the coronavirus disease 2019 (COVID-19), which has largely hampered mobility and has reshaped how industry players offer their products and services as well as what consumers are looking for in a vehicle.

The year 2020 witnessed a plunge in vehicle sales, with data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) recording a 39.5% decrease in sales and figures from the Association of Vehicle Importers and Distributors, Inc. (AVID) tallying a 41% decline compared to 2019.

Halfway through 2021, nonetheless, ‘hints of recovery’ are seen as vehicle sales have generally picked up, although some months have seen a pause in such rebound due to the reinstatement of stricter quarantine measures.

Joint figures from CAMPI and TMA show that for the first half of the present year, vehicle sales went up 56.1% to 132,767 units from 85,041 in the same six months last year. From January to June, commercial vehicle (CV) sales increased 47.8% to 90,361 units, compared to 61,129 units sold in the same period last year. Likewise, passenger car sales rose 77.3% to 42,406 units from 23,912 units sold in the first half of 2020.

In a statement, CAMPI President Rommel R. Gutierrez observed that “[t]he auto industry continues to adjust to the effects of the pandemic, at the same time striving to strike a balance between its contribution to the economy and keeping its stakeholders safe and healthy during these unprecedented times.”

AVID, on the other hand, recorded a 55% increase to 30,153 units compared with the figure in the same six months last year. In a recent BusinessWorld report, AVID President Ma. Fe Perez-Agudo noted that “the recent numbers are encouraging” in spite of the automotive industry, especially importers, being in an “uphill struggle.”

First six months
Last January, CAMPI and TMA recorded 23,380 units sold that month, which was 1.4% down from 23,723 in the same month in 2020. In a statement, CAMPI considered this slight decline as a hint of a slow recovery for the industry.

CAMPI-TMA’s figures in February, however, showed a sluggish rebound as 26,230 vehicles were sold. Year on year (y-o-y), this indicated a 12% decline from 29,790 units. Month on month (m-o-m), this showed a 12.2% growth from January levels; and this was attributed to improvements in sales of Asian utility vehicles and light trucks. AVID, meanwhile, noted a 15% y-o-y decline and a 3% m-o-m increase to 5,401 vehicles.

March saw a surge in CAMPI’s and TMA’s sales, with an 88% y-o-y increase to 20,702 units. This was, however, a 21.1% decrease from February’s sales; and this was attributed to the imposition of provisional safeguard duties on imports and the renewed lockdown restrictions. AVID recorded a 95% y-o-y jump to 5,193 units sold, although this was also a 4% m-o-m decline.

After it investigated a link between the decline in employment in the domestic automotive industry and the increase in automotive imports, the Department of Trade and Industry earlier in the year imposed 200-day provisional safeguard duties on imported cars to protect local jobs. Both CAMPI and AVID have pushed back against the safeguard duties, considering them to be limiting and disrupting the industry’s recovery.

Also, back in late March, Metro Manila and adjacent provinces were put under a modified enhanced community quarantine, which lasted until May 14.

April saw another surge in sales, especially in y-o-y terms. CAMPI-TMA figures showed 17,843 vehicles sold, a record 13,315% higher than the 133 sold in April 2020, albeit 12.8% lower than previous month’s sales. CAMPI’s Mr. Gutierrez cited tighter bank lending to have dampened spending for big-ticket items such as cars. AVID also reflected such rebound with 4,396 units, 24,322% higher than just 18 vehicles sold in the same month last year.

CAMPI-TMA figures in May recorded a four-time y-o-y increase as 22,062 units were sold, a 360.8% jump from 4,788 last year. Likewise, sales jumped by 23.6% from April. AVID tallied a 293% y-o-y surge and 8% m-o-m growth to 4,864 units.

Last June, vehicle sales of CAMPI and TMA members increased by nearly 45% to 22,550 compared with 15,578 units sold a year ago, albeit a “measly” 2.2% increase from May’s sales. The increase was likewise steady in AVID’s figures as sold units went up 33% y-o-y and 1% m-o-m to 4,936 units.

Outlook
Much remains to be seen as the second semester unfolds, yet the positive outlook amid spotted challenges is still intact within the industry.

As reported earlier in the year, CAMPI’s Mr. Gutierrez said he expects the industry to recover to pre-pandemic sales as late as 2023, and recovery depends on certainties in the market, consistent government policies, and widespread inoculation against COVID-19.

He pegged sales growth in 2021 to 30%-35%, although provisional duties could lower this to 20%-25% compared with last year’s figure.

Fitch Solutions Country Risk & Industry Research, meanwhile, reported that auto sales growth could end up as high as 21.5% this year, led by purchases of CVs. — Adrian Paul B. Conoza