Gotong royong: Preparing for the transition

February 24, 2022 | 7:59 pm

business-hands-joined-together-teamwork — RAWPIXEL.COM-FREEPIK

During our long years with the Bangko Sentral ng Pilipinas (BSP), we used to prepare briefing folders for every incoming president of the Republic, should some materials about monetary policy, the banking system and the state of the macroeconomy be requested. The leadership of the BSP has always been conscious that the BSP, although a government financial institution, is constitutionally an independent and accountable body corporate. The BSP governor is not part of the cabinet, and his appointment is not confirmed by the Commission on Appointments. Central banking policies are shaped by the collegial decision of the seven-man Monetary Board.

But the monetary authorities have remained engaged with our fiscal authorities because tax policies and public spending exert tremendous impact on domestic demand as well as price and financial stability. In turn, BSP’s periodic adjustments in both interest rates and money supply are key considerations in domestic borrowing by the National Government (NG). This partnership is institutionalized in the cabinet-level Development Budget Coordination Committee where the BSP attends as a resource institution.

We cited our BSP experience to support what was reported in the broadsheets the other day. Finance Secretary Sonny Dominguez, the head of this administration’s economic managers, announced that his department is preparing “a transition plan to help the next administration manage the country’s debt.” His plan consists of a combination of improvements to tax administration to plug what he called existing leakages and updated proposals that leverage on previous reforms.

Needless to say, this will be most helpful to the new president’s ability to hit the ground running after the inauguration at Rizal Park on June 30, 2022.

For the new head of state will be taking the first step in statecraft with a huge NG debt of about P12 trillion, or more than 60% of GDP, by the end of the first half of this year, courtesy of the pandemic and everything else. The Duterte government had little option but to borrow a total of $22.55 billion or roughly P1.15 trillion to respond to the health crisis in the last two years. Its last six months will be no different.

The global context of the briefer to the new Philippine political leadership will certainly help bring it up to speed. First, never, never forget what IMF Managing Director Kristalina Georgieva called “economic long COVID” in her remarks before the Group of 20 virtual meeting on Feb. 18 in Brussels, Belgium under Indonesia’s chairmanship. Global economic losses were estimated at nearly $14 trillion by end-2024, and durable economic recovery is impossible without the virus being completely neutralized. It is sobering to know that the Fund remains wary of COVID-19 virus because nobody knows how it is going to mutate in the future, even as the viral spread has gone down in many parts of the world.

In this connection, Bill Gates’ recent view should keep us on our toes. Yes, “the risk of catching severe COVID-19 infection has dramatically reduced,” but there could be another pandemic. “It will be a different pathogen next time.”

He cites what Australia did to contain and manage the current pandemic as the way to deal with other pandemics in the future: act quickly and decisively based on good data; collaborate across all government levels including a one-day passage of a $130-billion economic bailout including six-month wage subsidy; build social capital to build trust among the public like providing easy access to diagnostics and healthcare facilities; and open lines of communication to ascertain actual needs on the ground and deliver them fast.

Incompetence and corruption should be purged from the health and economic recovery equation.

In the Philippines, it is not enough for the new president to know that starting 2020 and onwards for the next 10 to 40 years, the pandemic cost to us is going to be a whopping P41.4 trillion, eight times our average annual budget. Its direct hit on private investment and human capital investment was just too severe.

The briefing folders may have to clarify that we need to go beyond the old mold of focusing our strategy towards just more vaccination rollouts. As the Fund reminds the world, and as confirmed by Australia, good access to a comprehensive COVID-19 toolkit that includes both diagnostics and therapies is most effective. This will require more public spending on medical research, disease surveillance, and a health system that would empower us to reach “the last mile.”

Next, Georgieva also called attention to the challenges of a tightening monetary cycle. Obviously, not all countries share the same business and financial cycles. However, because the US and other big economies are about to get themselves wet in the new normal of monetary tightening given their strong output performance and spiraling inflation, it is the spillover risks that should concern emerging markets like the Philippines.

The BSP’s exit strategy may already be unwrapped to provide additional forward guidance to the market, even if conditions are attached. The point is to bolster market confidence that the monetary authorities are prepared to act when the markers start to move.

While the prognosis on price movement in the Philippines is pointing to the north at 3.7% and 3.3% for 2022 and 2023, respectively, it looks like such forecasts may have to be recast. The assumptions on oil and the exchange rate may no longer be consistent with the latest readings. Oil prices are closer to $95 per barrel and the peso is now exchanging at more than P51 to a dollar. Both may stay that way far longer than expected, such that their averages could be higher. True, the BSP can be patient with its stance, but a preemptive move seems wise because monetary policy may take a while before its impact is felt in the real sector. In fact, when our authorities decide it is time to act, we might have already missed the boat.

And finally, the IMF also flagged the imperative of fiscal sustainability. This is what Secretary Dominguez has started to prepare to help the new administration navigate the treacherous waters of fiscal and debt sustainability. Extraordinary stimulus helped cushion the impact of death and joblessness but with tax collection down, heavy indebtedness is almost inevitable.

The numbers could be frightening. Pre-crisis, fiscal deficit aggregated P660 billion or 3.4% of GDP. In the first year of the pandemic, it rose to P1.37 trillion or 7.6% of GDP. As of November 2021, the shortfall exceeded P1.33 trillion or 8.3% of GDP.

These deficits were funded by borrowings, here and abroad. In 2019, NG debt was only at P7.73 trillion or 39.6% of GDP. We had to borrow to cover the gap, bringing the NG debt to P9.79 trillion or 54.6% of GDP in 2020, and P11.73 trillion or 60.5% of GDP in 2021. No matter how one looks at these numbers, they need to be managed.

It was good we had fiscal space when the virus started to dominate our lives. The country benefitted from its investment-grade credit rating to secure funds from abroad to fund our pandemic response. The task would have been easier if we remained firm in realigning the budget to support health and education, rather than counter-insurgency and political intelligence. Avoidance of corruption in the procurement of medical supplies, medicine and vaccines could have provided our budget more mileage. The BSP’s accommodative and low interest rate regime somewhat lessened the public burden from a pandemic-induced borrowing spree.

We can all welcome and pray for the recipient of the briefing folders on what a new head of state ought to know on day one of serving this beloved Republic. A most appropriate Indonesian phrase to capture our pursuit of good governance is gotong royong or “working together to achieve a common goal.” That common goal, without reservation, is first to restore public trust in an honest, competent, righteous, and just government.

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

Hypergamy and the rise of childless women

February 24, 2022 | 7:58 pm

Once, having drinks, I got into a somewhat animated conversation with a friend over a statement I casually threw out: that, contrary to popular belief, women actually initiate the mating process. They make the first move. Subtly, either by non-verbal actions or gesture or even more subtly by pheromones, a woman signals interest first, leaving it up to the man to make the actual approach. For some reason, it set my friend off, with her going on an extended rant about “social constructs” and the “patriarchy.”

Now this recollection is made because it illustrates today’s problem when talking about social policy issues: the emotional refusal to consider opposing views, even concrete scientific information, for the sake of political correctness and feelings. Take for example discussions surrounding that of female “hypergamy.”

Hypergamy, so says psychologists — including Jordan Peterson — is the inclination of women to “date across or up.” That women prefer dating men that are at least their equal or have more in terms of income, status, or looks.

In evolutionary terms, this makes impeccable sense: a woman will seek a mate that ensures her survival, provides the best possible genes for her offspring, and won’t abandon her while she takes care of her children. Income, status, and education are essentially evidence of intelligence, perseverance, and overall good health, including the psychological ability to commit.

This necessity was more apparent in really primitive days when humans had to hunt to survive, all the way up to a bigger part of the last century when women were not allowed access to education or work.

However, in these quite supposedly egalitarian times, when there are more educated, working, and independent women than at any time in history, hypergamy should not be a thing, right? Wrong. As psychologists and sociologists are finding out, hypergamy is even more deeply embedded in women than ever before.

As per “Whither hypergamy” (Institute for Family Studies, Jan. 29, 2020): “Hypergamy turns out to be a stubborn thing. It seems that the highly credentialed alpha female still prefers a mate above her pay grade. In one of the most widely cited papers on the subject, demographer Yue Qian compared couples in the 1980 Census and in 2012 American Community Survey. She found that during the intervening decades, though wives became more likely to marry down in terms of educational achievement, ‘the tendency for women to marry men with higher incomes than themselves persisted.’ In fact, women with the same or more education than their husbands were more likely to marry up.”

Even in Sweden, whose “commitment to gender egalitarianism is close to a state religion,” the results of a study conducted there “published in the December 2019 issue of The European Sociological Review, confirms Qian’s findings.” Thus, when it comes “to income, hypergamy re-asserted itself. In every union type, including those with a more educated female partner, ‘men are the most likely to be the main earners’.” Which leads to this conclusion: “women appear to have an especially strong preference for men who out-earn them. If the Swedes are any indication, couples are blase’ about gender equality, but not about hypergamy.”

What’s the point of all this? Because hypergamy, despite its obvious significance in understanding human relations, is set aside and completely ignored to appease feminist ideology and political correctness. And yet, years and years of that same feminist, liberal progressive indoctrination in the academe and media, as well as indulgences with online gaming and porn, are clearly taking their toll: more and more men are dropping out of universities and the workforce.

In the US, for example, the number of working men age 25 to 54 dropped from 96% in 1970 to around 88% in 2021, with non-college educated men working even fewer at 84%. Also, “American colleges and universities now enroll roughly six women for every four men. This is the largest female-male gender gap in the history of higher education, and it’s getting wider. Last year, US colleges enrolled 1.5 million fewer students than five years ago, The Wall Street Journal recently reported. Men accounted for more than 70% of the decline.”

Considering female hypergamy, the foregoing obviously does not bode well for the mating prospects of substantially many, if not most, men. The result? Official figures for England and Wales reported a record 50.1% of women being childless by the age of 30. This is the first time ever that there are more childless 30-year-old women than mothers since records were kept in 1920.

Add the fact that social media has given women even greater options, if only illusory, to date “across or up” at the global scale. This, ironically, however permitted a smaller number of men to corner the sexual market, the number of available women enabling such men access to casual sex and irresponsible behavior, depriving a substantial number of women the benefits of a committed relationship, and leaving an even greater number of men feeling sexually inadequate, frustrated, and alone.

The negative consequences for society are quite apparent: more broken families, more dysfunctional relationships, more depressed and mentally unhealthy people, less productivity, less social stability. Some experts, culling data from the United Nations and the Pew Research Center, are predicting a possible “baby bust” or even zero population growth by 2100. Or worse: a population collapse.

The lesson here is that when discussing issues of paramount societal importance, particularly about marriage and the family, including discussions about contraception, divorce, and same sex marriage, it is best to keep a level head and focus on scientific data, logical experience, and reality. A wise man once said: “facts don’t care about your feelings.”

Oh, and by the way, I was right: as Psychology Today puts it (“The Many Subtle Ways Women Signal Romantic Interest,” Oct. 26, 2017), “research shows that it is women who typically signal whether a man can make an approach in the first place — initiating the entire [mating] process.”

Jemy Gatdula is a senior fellow of the Philippine Council for Foreign Relations and a Philippine Judicial Academy law lecturer for constitutional philosophy and jurisprudence

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Wave of oil from Iran may flood into Asia if nuclear deal is agreed on

February 24, 2022 | 7:54 pm

IRAN has millions of barrels of oil stored offshore that could flow into a tight global market if a nuclear deal is agreed, with refiners in South Korea likely to be among the first in line to take cargoes.

The Persian Gulf producer may have 65 to 80 million barrels on stationary tankers, according to data intelligence firm Kpler. About four-fifths is condensate, a super-light oil that’s a by-product of natural gas extraction. The overall Iranian volume is higher if crude that’s already in transit is included.

Oil markets are tracking the possible return of official Iranian flows just as benchmark Brent topped $100 a barrel with the outbreak of conflict in Ukraine. An Iranian deal may just be close: there has been significant progress and the sides are close to a possible agreement if some detailed issues are resolved, according to US State Department spokesman Ned Price. A breakthrough would pave the way for US sanctions on Tehran’s oil to be lifted.

While insurance and finance matters may take time to sort after any nuclear deal is agreed, the Iranian oil held in tankers indicates these barrels can be shipped immediately once sold, according to Anoop Singh, head of East of Suez tanker research at Braemar ACM Shibroking Pte in Singapore.

“We think a lot of that will flow to South Korea,” Singh said. “And that may in future also hit South Korean imports of naphtha and light US crude.”

When US sanctions hit, South Korea, Asia’s fourth-largest oil user, turned to alternatives from Qatar, the U.S., Australia and Russia, as well as naphtha after the end of the American waivers that permit processors like SK Innovation Co. and Hyundai Oilbank Co. to buy Iranian oil until 2019, according to traders.

At its peak in 2017, South Korea’s monthly imports of Iranian oil averaged about 12.3 million barrels before US sanctions kicked in, according to Korea National Oil Corp. data. Iran’s current floating volume is at least five times of that monthly figure. Other than South Korea, the United Arab Emirates, China and Japan were among the top takers of South Pars condensate.

Although China has taken significant volumes of Iranian crude despite the sanctions, the world’s biggest oil consumer doesn’t have many so-called splitter units that use condensate as feedstock. With the absence of South Korean buyers, just six condensate cargoes were exported to Venezuela in 2020-2021, said Homayoun Falakshahi, senior commodity analyst at Kpler.

Estimates for the volume of oil held off Iran vary wildly as some tankers have “gone dark,” the act of switching off their transponders to avoid detection. Such activities make it tough for observers to track loadings and offloadings, as well as the vessel’s last port of call.

Kpler, which defines floating storage as ships stationary for at least seven days, sees Iran’s oil holdings in vessels to be over 100 million barrels when counting oil-in-transit. Industry consultant Energy Aspects estimates 70-80 million barrels are in onshore and floating storage, while Citigroup Inc. sees 40 million barrels on land and 45 million on tankers. — Bloomberg

Sanofi, GSK seek approval for jab 100% effective against severe COVID-19

February 24, 2022 | 7:48 pm

PARIS — French drugmaker Sanofi and its British partner GlaxoSmithKline are seeking regulatory approval for their coronavirus disease 2019 (COVID-19) vaccine to be used as a booster, as well as a standalone two-dose shot, after several setbacks.

The companies said on Wednesday they intended to submit data to regulators from a late-stage trial of the vaccine, and another testing it as a booster, with full results for both studies expected to be published “later this year.”

Sanofi, which plans to produce the vaccine in France, Italy and the United Sates, is hoping for a comeback after falling behind in the race for COVID-19 shots, while GSK, the world’s biggest vaccine maker by sales, has not developed its own candidate and is instead contributing its adjuvant technology to developers.

Sanofi-GSK’s shot relies on a conventional protein-based approach, compared with the newer mRNA technology used in established COVID-19 vaccines from Pfizer-BioNTech PFE.N, 22UAy.DE and Moderna MRNA.O.

It is similar in technology to one of Sanofi’s seasonal influenza vaccines, and is coupled with GSK’s adjuvant, a substance that increases the effectiveness of a shot. It is also easier to store and transport than some rival shots.

The protein technology, which is also behind the recently approved COVID-19 shot from Novavax, has been in use since the mid-1980s, leading public health experts to hope that some of those who have shunned mRNA shots might opt for a vaccine class with a decades-long safety record.

The companies said final analysis of the booster trial, which included participants previously given shots based on mRNA technology or adenovirus viral vectors, showed it could increase neutralizing antibodies by 18 to 30 times.

“We are confident that this vaccine can play an important role as we continue to address this pandemic and prepare for the post-pandemic period,” said President of GSK Vaccines, Roger Connor.

Early data from the late-stage trial of the vaccine as a standalone two-dose shot showed it was 100% effective against severe COVID-19 and hospitalization, with 75% efficacy against moderate or severe disease.

“No other global Phase 3 efficacy study has been undertaken during this period with so many variants of concern, including Omicron, and these efficacy data are similar to the recent clinical data from authorized vaccines,” said Thomas Triomphe, executive vice president for Sanofi Vaccines.

The companies said they were in discussions for approval of their shot with regulators including the US Food and Drug Administration and European Medicines Agency.

A Sanofi spokesperson added the filing was imminent and would take a few days at most.

He reiterated the French drugmaker’s commitment to supply a total of 75 million doses to the EU and Britain, as well as 100 million to the United States, contingent on regulatory approval.

The planned US deliveries would be governed by a $2.1 billion contract with the US government signed in July 2020, he added.

Discussions with the international vaccine-sharing facility COVAX about shipments to lower-income countries are ongoing.

The head of the Coalition for Epidemic Preparedness Innovations (CEPI), Richard Hatchett, said new protein-based vaccines administered with adjuvants could “potentially become the workforce for vaccinations in the future,” when asked about the role of late-comers to the vaccine race. CEPI co-runs COVAX.

Sanofi and GSK surprised investors in December by delaying key results from the vaccine trials to this year, while Sanofi also dropped plans for its own mRNA shot due to the dominance of Pfizer-BioNTech and Moderna. — Reuters

Peso slides vs dollar as Russia attacks Ukraine

February 24, 2022 | 7:42 pm

THE PESO weakened on Thursday as Russia invaded Ukrainian cities, causing oil prices to increase.

The local unit closed at P51.34 per dollar on Thursday, weaker by 24 centavos from its P51.10 finish on Wednesday, based on data from the Bankers Association of the Philippines.

The peso opened Thursday’s session weaker from its Wednesday close at P51.18 per dollar. Its weakest showing was at P51.44, while its intraday best was at P51.17 against the greenback.

Dollars exchanged increased to $1.16 billion on Thursday from $934.2 million on Wednesday.

The peso dropped after Russian forces invaded Ukraine, a trader said.

Reuters reported Thursday that Russian forces have landed their troops and fired missiles in Ukrainian cities.

Ukrainian Foreign Minister Dmytro Kuleba on Twitter said Mr. Putin’s action is a “full-scale invasion of Ukraine”. He said Ukraine will defend itself and asked the world to help stop Mr. Putin.

This escalated tensions, and its impact on oil prices also affected the peso, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Global crude prices surged on Thursday, with Brent surpassing $100 a barrel for the first time since 2014, after Russia attacked Ukraine and caused concerns on supply disruptions.

Brent crude surged to as much as $103.78 a barrel, the highest since Aug. 14, 2014, and was at $103.18 a barrel at 0830 GMT, up $6.34 or 6.5%.

Philippine financial markets are closed on Friday, Feb. 25 for a special non-working day in commemoration of the People Power Revolution anniversary. — L.W.T. Noble with Reuters

PSEi sinks to 7,200 level as Russia invades Ukraine

February 24, 2022 | 7:40 pm

PHILIPPINE SHARES continued to drop on Thursday as Russia began its invasion of Ukraine, firing missile strikes and landing troops within major cities in the independent state.

The benchmark Philippine Stock Exchange index (PSEi) went down by 151.98 points or 2.06% to close at 7,212.23 on Thursday, while the broader all shares index fell by 75.01 points or 1.91% to 3,842.85.

“The local bourse plunged this Thursday, joining its regional peers in the negative territory, amid the worsening Russia-Ukraine tensions. This comes as President Vladimir Putin announces Russia’s launch of military operations in Donbass, Ukraine,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“The move of Russia to proceed to mobilize into Ukraine sent shivers up investors spines and ushered out the market door. Markets around the world sank losing between 2% to 3% in response as well,” COL Financial Group, Inc. Chief Technical Analyst Juanis G. Barredo said in a Viber message.

“The reality of war in Europe, which we hope can remain isolated, may ripple into other areas and markets as the impact of this conflict will slowly unravel itself. In the meanwhile, markets may stay vulnerable until some signs of resolution may be instilled,” Mr. Barredo added.

Russian leader Vladimir Putin authorized a “special military operation” as its forces fired missiles in several Ukrainian cities, with Kyiv city declaring a state of emergency as gunfire and sirens were heard over the capital, Reuters reported.

Mr. Putin said he authorized military action after Russia had been left with “no choice” but to defend itself against Ukraine, stating that Russia “cannot feel safe, develop, and exist with a constant threat.” He said that “all responsibility for bloodshed will be on the conscience of the ruling regime in Ukraine.”

On Thursday, global stocks and US bond yields dived, while the dollar and gold rocketed higher after Mr. Putin’s address. Brent oil surged past $100 per barrel for the first time since 2014.

Back home, majority of sectoral indices ended in the red, except for mining and oil, which rose by 15.83 points or 0.13% to 11,903.64.

Industrials declined by 296.06 points or 2.84% to 10,095.93; property dropped by 90.67 points or 2.59% to 3,402.48; financials fell by 33.31 points or 1.93% to 1,688.03; services decreased by 36.30 points or 1.86% to 1,915.76; and holding firms contracted by 112.87 points or 1.62% to 6,846.44.

Value turnover increased to P9.94 billion with 2.82 billion shares changing hands on Thursday from P7.78 billion or 1.20 billion issues on Wednesday.

Decliners outnumbered advancers, 168 versus 43, while 34 names closed unchanged.

Net foreign buying increased to P748.68 million on Thursday from the P47.03 million seen the previous trading day.

Philippine financial markets will be closed on Friday, Feb. 25, for a special non-working day in commemoration of the People Power Revolution anniversary. — L.M.J.C. Jocson with Reuters

WWF-Philippines calls for support for global treaty on plastic pollution

February 24, 2022 | 4:25 pm

Environmental group World Wide Fund for Nature (WWF) Philippines asserted on Wednesday the importance of pushing for a new global treaty on plastic pollution in the upcoming United Nations Environment Assembly (UNEA) 5.2.

“In the Philippines, we are working with the DENR [Department of Natural Resources] very closely, especially for this whole UNEA 5.2 process,” said Francesca “Ina” C. Guingona, WWF’s No Plastics in Nature policy officer, at the virtual roundtable.

“We’ve been relaying our concerns to the representatives and we really hope to continue this onwards,” she said.

UNEA will take place in Nairobi, Kenya, from February 28 to March 4, with physical and virtual delegations from governments and non-governmental organizations. The event is expected to establish a committee that will prepare a global agreement for the treaty on plastic pollution.

Ms. Guingona added that while WWF has a three-year roadmap to create and operate a national recycling system, a holistic global effort is needed.

Over three-fourths of UN member states support the development of the treaty, along with over 2.1 million individuals, 25 financial institutions, and 60 companies globally.

Albert A. Magalang, DENR climate change division chief, acknowledged the role of government in discussing the needs and wants of the Philippines for a global treaty.

“We would like to work with the global community on how to address this plastic problem as we know that plastic pollution is a transboundary and cross-sectoral problem that cannot be solved through national or regional initiatives alone,” he said.

Climate and environmental consultancy group Parabukas also reiterated the importance of working toward the goal of zero plastics.

“It’s really in the hammering out of details that the challenges will arise,” said Cecilia Therese T. Guiao, Parabukas’ co-founder and managing director. “One particular aspect of a treaty like this would include financial mechanisms and support of developed countries to developing countries.” — Brontë H. Lacsamana

All-new gaming phone vivo Y21T will be available nationwide starting Feb. 26

February 24, 2022 | 4:13 pm

KV_Y21TAvailability-Lazada — After much excitement and anticipation, the vivo Y21T gaming phone has finally reached Philippine shores.

Customers can cop this device for only P10,999, along with a P300 off voucher and freebies such as a DITO simcard and TWS Earbuds

There’s a new gaming phone in town and it is turbocharged to help users play better. The vivo Y21T is finally available in all vivo stores and e-commerce sites in the country.

The Y21T is designed to give users an exceptional gaming experience with its powerful performance, long-lasting battery, and other features that help them play their best every time. Plus, unlike other gaming phones, the Y21T’s gaming features don’t compromise on the quality of its cameras. Users can get all these smartphone benefits for the best value possible…literally a true game changer!

Vivo Y21T, your next gaming companion is now within your hands!

The Y21T will be available nationwide, starting February 26, and consumers may purchase the product via official ecommerce platforms and offline stores.

Lazada and vivo Offers	On February 26, those who will purchase via Lazada will get a 300 OFF voucher with freebies such as DITO Simcard + TWS Lavanda Earbuds
Home Credit Offers	For as low as 1,322.90/month, up to 6 months
Credit Card Offers	For as low as 1,833.17/month, up to 6 months (for all major credit cards)

Customers who pay with Credit Cards and Home Credit can avail of 0% interest installment, and also get a free vivo bag (limited stocks).

Win in comfort

This device has a slim, lightweight body, so it’s easy for users to hold up when they’re playing games for hours, or simply taking photos and videos anywhere. It has a 720p High Resolution display with 96% NTSC Color Gamut that delivers stunning and vibrant graphics, and it’s highly responsive thanks to its 90Hz refresh rate.

Comfort isn’t limited to the phone’s design – it can also be attributed to its specs. The Y21T is the only smartphone in the Philippine market installed with the Qualcomm Snapdragon 680 with 4+1GB Extended RAM and 128GB ROM, which is a powerful processor that provides smooth and lag-free gameplay. It’s supported by Multi-Turbo 5.0, a feature that enhances the system processor speed, network connection, and performance while on power-saving mode.

Gamers can play for hours with the Y21T’s 5000mAh battery, which has enough power to last for about 8 hours. The phone also consumes less power to ensure efficient energy distribution. Meanwhile, the 18W Flash Charge lets users charge their phones quickly so they can jump back into their games.

Whether one is a casual or professional gamer, all these features will not only improve the gaming experience, but also how one plays. From its responsiveness to its immersive visuals, one can easily get into a winning mindset as they play mobile games on the Y21T.

Fit for all lifestyles

Aside from gaming, users can smoothly run applications and switch between them quickly thanks to the Snapdragon QSD 680 processor with Extended RAM. This is perfect for people who use their phones for both personal and business tasks, as well as other entertainment purposes.

More importantly, the front and rear cameras can capture moments in crystal clear quality. The 50 MP Rear Camera comes with Super Night Mode and Bokeh Flare Portrait so users can shoot photos and videos in great detail in any type of lighting. While the 8 MP Front Camera with Selfie Night Mode can capture the most natural-looking selfies.

***

Mobile gaming and general entertainment will definitely get a level-up with the vivo Y21T. For only P10,999 this phone certainly delivers turbocharged performance for users who love to play nonstop and grind to the top.

Get this new gaming phone starting February 26 on vivo’s website and Lazada. They will also get a P300 off voucher and free DITO Simcard and TWS Lavanda Earbuds if they buy from either e-commerce sites. Customers can also pay with their Credit Card (as low as 1,833.17/month for up to 6 months) or via Home Credit (as low as P1,322.90/month for up to 6 months).

For updates, be sure to follow vivo Philippines’ official website, Facebook, Twitter, and Instagram. Visit https://www.vivoglobal.ph/ for more details on the vivo Y21T.

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Meta’s Zuckerberg unveils AI projects aimed at building metaverse future

February 24, 2022 | 2:34 pm

Meta CEO Mark Zuckerberg. Image via Meta.

Facebook-owner Meta is working on artificial intelligence (AI) research to generate worlds through speech, improve how people chat to voice assistants, and translate between languages, Chief Executive Officer Mark Zuckerberg said on Wednesday, as he sketched out key steps to building the metaverse.

Mr. Zuckerberg is betting that the metaverse, a futuristic idea of virtual environments where users can work, socialize and play, will be the successor to the mobile internet.

“The key to unlocking a lot of these advances is AI,” he said, speaking at the company’s live-streamed “Inside the Lab” event.

Mr. Zuckerberg said Meta was working on a new class of generative AI models that will allow people to describe a world and generate aspects of it. In a prerecorded demo, Mr. Zuckerberg showcased an AI concept called Builder Bot, where he appeared as a legless 3D avatar on an island and gave speech commands to create a beach and then add clouds, trees, and even a picnic blanket.

“As we advance this technology further, you’ll be able to create nuanced worlds to explore and share experiences with others, with just your voice,” said Mr. Zuckerberg. He did not set a timeline for these advancements or give more details on how Builder Bot works.

He said Meta was working on AI research to allow people to have more natural conversations with voice assistants, a step towards how people will communicate with AI in the metaverse. He said the company’s Project CAIRaoke was “a fully end-to-end neural model for building on-device assistants.”

A demonstration of the Project CAIRaoke tech showed a family using it to help cook a stew, with the voice assistant chiming in to warn that salt had already been added to the pot. The assistant also noticed they were running low on salt and ordered more.

Meta said it was using the model within its video-calling Portal device and aimed to integrate it into devices with augmented reality (AR) and virtual reality (VR). In an interview with Reuters, Meta’s vice president for AI Jérôme Pesenti said it was tightly restricting the responses of its new CAIRaoke-based assistant until it could ensure that the system did not generate offensive language.

“These language models are very powerful … so we are making a lot of effort to be able to control them,” said Mr. Pesenti.

Mr. Zuckerberg also announced that Meta was working on a universal speech translator, aiming to provide instant speech-to-speech translation across all languages. The company previously set a goal for its AI system to translate all written languages.

The social media company, which recently lost a third of its market value after a dismal earnings report, has invested heavily in its new focus on building the metaverse and changed its name to reflect this ambition. This month Meta reported a 2021 net loss of $10.2 billion from its Reality Labs, the company’s augmented and virtual reality business.

DIFFERENT BEAST
Meta is exploring how artificial intelligence can be used to moderate content and activity in the metaverse, its AI head Mr. Pesenti told Reuters.

“We use a lot of AI for moderation on our main platforms … the metaverse is a bit of a different beast, it’s a lot more real-time,” said Mr. Pesenti, who said this was “evolving work” and that Meta was still figuring out the policies for metaverse activity.

At the AI event, Mr. Zuckerberg said Meta was preparing for how AI could interpret and predict the types of interactions that would occur in the metaverse, by working on “self-supervised learning” — where AI is given raw data rather than being trained on lots of labeled data.

Mr. Zuckerberg said Meta was also working on egocentric data, which involves seeing worlds from a first-person perspective. He said it had brought together a global consortium of 13 universities and labs to work on the largest ever egocentric dataset, called Ego4D.

Meta also said it would expand free education initiatives aimed at bringing more racial minorities into tech, which researchers say is critical to create AI systems free of bias. About 80% of data analytics and AI executives identify as men and 65% as white, according to a recent survey across the United States and Europe by recruiter Heidrick & Struggles.

In a nod toward transparency, Meta plans to make open source the recommendations library TorchRec that is used to personalize products like Facebook’s news feed, said Pesenti in another event session. The company also will publish a feed ranking prototype to show how its algorithms prioritize which content it displays to users on Instagram, he said.

Some of the projects Meta announced on Wednesday, such as Project CAIRaoke and the algorithm transparency effort, follow similar innovations announced in recent years by rivals such as Alphabet Inc.’s Google.

Meta also recently announced its research team has built a new artificial intelligence supercomputer that it thinks will be the fastest in the world when completed in mid-2022. — Elizabeth Culliford/Reuters

Facebook and climate change: can falsehoods be reined in?

February 24, 2022 | 2:02 pm

REUTERS

TBILISI — Facebook’s pledge to tackle falsehoods about global warming came under scrutiny on Wednesday as a study found the social media giant failed to flag up half of posts that promote climate change denial.

The report by the Center for Countering Digital Hate (CCDH), a London-based nonprofit, comes as Facebook’s parent Meta has faced mounting criticism for its role in helping spread misinformation on the issue.

Here are some facts about climate change denial on social media and how it is tackled.

WHAT DOES THE REPORT SAY?
In February last year, Facebook, now known as Meta, said it would add labels to some posts about climate change to direct users to a new Climate Science Center, a hub set up to provide reliable information on the topic.

The CCDH said an analysis of 184 posts, published between May 2021 and January 2022 and pushing articles featuring climate denial content, revealed 50.5% did not have any labels.

The posts analyzed were published by 10 news outlets that CCDH say are the most popular spreaders of climate falsehoods on the social media platform.

Meta said that during the timeframe of the report, it hadn’t completely rolled out its labeling program, something it said “very likely impacted the results.”

“We combat climate change misinformation by connecting people to reliable information in many languages from leading organizations through our Climate Science Center,” the firm said in a statement, adding that it also worked with a global network of independent fact checkers to review and rate content.

WHY DOES IT MATTER?
Studies have suggested that in the United States, in particular, attitudes towards climate change are often driven by personal politics, with those on the right more predisposed to disbelieve that man-made emissions are warming the planet.

Researchers say that exposure to misinformation helps entrench such beliefs.

“People have a bias for the status quo. They don’t want things to change,” said Stephan Lewandowsky, a cognitive psychology professor at the University of Bristol in Britain.

“When people hear something scary about climate change … many will be predisposed to dismiss it simply because it means a massive change and they’re just afraid of that.”

Moreover, misinformation creates confusion which can breed inaction at the very time when emissions urgently need cutting, said Kathie Treen, a University of Exeter researcher.

HOW ARE SOCIAL MEDIA FIRMS TACKLING THE PROBLEM?
Social media giants have chosen different lines of attack.

Google has banned ads on content that contradicts scientific consensus on climate change on YouTube and its other services.

Facebook has launched its climate science information center to elevate credible sources and added labels to climate change posts driving readers towards it.

Twitter has adopted a similar strategy, creating “hubs of credible, authoritative information,” while Tik Tok says it removes misinformation and has introduced banners warning users about unsubstantiated content.

WHAT DO THE CRITICS SAY?
While the CCDH report points to patchy implementation, experts say the measures are anyway too meek, citing the much stronger tools deployed over coronavirus disease 2019 (COVID-19) and hate speech.

Facebook information labels, for example, only appear in some countries. They warn readers about misleading content with messages that suggest they go “see how the average temperature in your area is changing. Explore climate change info.”

While there is some evidence that labels can reduce sharing of misinformation, there are concerns that many users could ignore or simply fail to notice them, said Ms. Treen, whose research focuses on climate misinformation online.

Facebook also generally does not remove misinformation in posts unless it determines they pose imminent real-world harm, as it did for falsehoods around COVID-19. It also exempts opinion articles and politicians from its fact-checking system. “By failing to do even the bare minimum to address the spread of climate denial information, Meta is exacerbating the climate crisis,” CCDH’s head Imran Ahmed said in a statement.

ARE THERE OTHER OPTIONS?
Social media firms have a wide set of tools available to tackle misinformation — but no silver bullet, said Ms. Treen.

These include detecting malicious accounts then either restricting or banning them.

Algorithms can also be tweaked to give less prominence to misleading content — but given computers’ limited understanding of context and nuance, this is prone to errors, she said.

Corrections can also be effective, but have to come from a reliable source and, in some cases, risk making some readers more fervently believe the original information, Ms. Treen added.

Labels can also be used more aggressively, and put on top of misleading content rather that over or below, making it harder to access, said Mr. Lewandowsky.

Teaching people how to spot misinformation, encouraging them to stop and think about what they read and to critically evaluate it is also helpful — and can be done online, through games or prompts, said Ms. Treen.

But some of this needs to happen in the real world, added Lewandowsky. “We have to educate people at better discerning quality information. That starts in school,” he said by phone. — Umberto Bacchi/Thomson Reuters Foundation

Oil breaches $100 for first time since 2014 on Ukraine attacks

February 24, 2022 | 1:33 pm

BEIJING — Oil breached $100 a barrel for the first time since 2014 on Thursday as Russia moved troops into Ukraine, sparking concerns that a war in Europe could disrupt global energy supplies.

Russia has launched a full-scale invasion of Ukraine and is targeting cities with weapons strikes, Foreign Minister Dmytro Kuleba said in a tweet.

Brent crude hit a high of $101.34 a barrel in early Asia trade, the loftiest since September 2014, and was at $101.20 a barrel at 0423 GMT, up $4.36, or 4.5%.

US West Texas Intermediate (WTI) crude futures jumped $4.22, or 4.6%, to $96.32 a barrel, after rising to as much as $96.51, also the highest since August 2014.

Russian President Vladimir Putin authorized a military operation in eastern Ukraine on Thursday in what could be the start of war in Europe over Russia’s demands for an end to NATO’s eastward expansion.

Russia is the world’s second-largest oil producer, which mainly sells crude to European refineries, and is the largest supplier of natural gas to Europe, providing about 35% of its supply.

“Russia’s announcement of a special military operation into Ukraine has pushed Brent to the $100/bbl mark,” said Warren Patterson, head of ING’s commodity research, adding that the oil market will nervously be awaiting what further action Western nations take against Russia.

“This growing uncertainty during a time when the oil market is already tight does leave it vulnerable, and so prices are likely to remain volatile and elevated,” he added.

Western nations and Japan on Tuesday punished Russia with new sanctions for ordering troops into separatist regions of eastern Ukraine and threatened to go further if Moscow launched an all-out invasion of its neighbor. So far, there are no sanctions on energy trade yet.

Japan and Australia said on Thursday they were prepared to tap their oil reserves, together with other International Energy Agency (IEA) member countries, if global supplies were hit by hostilities in Ukraine.

“One factor that could act as a temporary brake on prices is the Iran nuclear deal with rumors swirling around that a new agreement could be announced, possibly as early as this week,” said Jeffrey Halley, senior market analyst at OANDA.

“However Ukraine fears, and their wider ramifications will continue to support oil prices which remain a solid buy on dips.”

The US and Iran have been engaged in indirect nuclear talks in Vienna, in which a deal could lead to the removal of sanctions on Iranian oil sales and increase global supply.

Iran on Wednesday however urged Western powers to be “realistic” in talks to revive the 2015 nuclear deal, and said its top negotiator was returning to Tehran for consultations, suggesting a breakthrough in its discussions is not imminent.

Additionally, US crude stockpiles rose 6 million barrels last week while distillate stocks fell, according to market sources who were citing American Petroleum Institute figures late on Tuesday.

Ahead of government data on Thursday, analysts forecast a 400,000-barrel build in crude and a drawdown in fuel stockpiles.

Gasoline inventories rose by 427,000 barrels and distillates stockpiles fell by 985,000 barrels, the API data showed according to the sources, who spoke on condition of anonymity. — Emily Chow/Reuters

Cocolife LifeVest offers the benefits of insurance while simultaneously growing one’s investments

February 24, 2022 | 1:30 pm

Even in a time of crisis, people still have dreams to pursue and plans for the future. But they might wonder, in facing the crisis and the uncertainties at present: How can I save more funds to work towards my dreams and achieve my goals? How can I protect myself and my family from unforeseen challenges?

Cocolife offers a solution to such questions, through its new product — Cocolife LifeVest.

A reliable ‘life saver’ throughout life’s challenges and uncertainties, Cocolife LifeVest is an investment-linked life insurance plan that provides the right balance between growing your funds and availing of financial protection.

Given its life insurance component, Cocolife LifeVest gives the benefit of protecting families from facing unforeseen financial burdens. The death benefit also comes with both level and increasing benefit options.

On the investment side, Cocolife LifeVest helps clients grow their savings by investing in expertly managed funds letting them enjoy competitive fund earnings.

To expand clients’ protection coverage, Cocolife LifeVest may be availed of with attachable Riders. For the Limited Pay, they can consider enhancing with the following riders: Accidental Death and Dismemberment; Waiver of Premium Upon Disability; Critical Illness Benefit Rider; and Payor’s Benefit Rider Due to Payor’s Death or Disability. The Accidental Death and Dismemberment and Critical Illness Benefit Riders can also be added to the Single Pay Variant.

Cocolife LifeVest has extensive coverage reaching up to age 100.

Superior bonuses and rewards also await Cocolife LifeVest policyowners. Keeping the policy active for at least 10 years entitles clients to a loyalty bonus that will be credited to the fund at the end of the 10th policy year, and every 10 years afterward. Another perk of keeping the policy active is a special bonus equivalent to 100% of the premium charge deducted from the initial premiums.

Cocolife LifeVest is available in Single Pay Option and Limited Pay Option (5-pay/7-pay) with minimum premiums ranging from P30,000 for Limited Pay and P60,000 for Single Pay.

As an affordable variable life insurance product, Cocolife LifeVest is versatile and can cater to persons of varied backgrounds and with distinct financial needs. It can be for the young professionals who are working towards their dreams, for the parents who are planning for their family’s future, or for the executives seeking to grow their financial portfolio.

It allows clients to attain the balance of being insured, while simultaneously growing their investments to support their loved ones in facing life’s challenges and pursuing dreams.

Joseph Mark Y. Ronquillo, Retail Distribution Division SVP and Product Oversight and Governance Committee chairman at Cocolife

“[Variable life insurance] is the type of product that can provide you with peace of mind and an opportunity to make your money grow over time,” explained Joseph Mark Y. Ronquillo, SVP for Retail Distribution Division and chairman of the Product Oversight and Governance Committee at Cocolife.

“In the face of pandemic and other challenges, every Filipino should consider an investment that provides not only an opportunity for your money to grow but also provides your family the income protection in case you, as the breadwinner, are taken out of the picture,” he added.

Cocolife LifeVest is the latest among Cocolife’s insurance products. As a believer and supporter of Filipinos’ capacity to conquer challenges and fulfill their dreams, Cocolife looks to help improve the lives of Filipinos through its range of quality insurance products and services.

“The products and services offered by Cocolife speak volumes in itself. These are high-quality insurance products that are tailored to the specific needs of our clients,” Cocolife President and Chief Executive Officer Atty. Martin Loon said.

“For Cocolife, it is our duty to serve our clients with the best insurance products, life and healthcare insurance, together with the 24/7 customer servicing to cater our clients’ needs, especially during these most trying times,” he added.

Cocolife is the biggest Filipino-owned stock life insurance company and the first ISO-certified Filipino insurance company. Cocolife supports its clients with their distinctive financial needs, through its comprehensive suite of products and services such as traditional life, variable life, group life, healthcare, and investments.

Cocolife LifeVest, just like the rest of Cocolife’s array of products, is made with a commitment to give Filipinos the financial freedom to live their dreams. Know more about Cocolife LifeVest at www.cocolife.com.

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