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US TV audience for revamped Oscars at record low

LOS ANGELES — US television ratings for Sunday’s reinvented Oscars ceremony plummeted to a new low, according to preliminary Nielsen data for a show that USA Today called “a train wreck” and the New York Times described as “a dead room.”

The audience on Walt Disney Co.’s ABC broadcast network averaged 9.85 million, 58% below last year’s final tally of 23.6 million viewers for the film industry’s highest honors. Final numbers that include people who watched at bars and restaurants are expected to be released on Tuesday.

The slide reflects a trend among live awards shows during the coronavirus pandemic. TV audiences for September’s Emmys and the Grammy Awards in March also drew their lowest audiences ever. Ratings for the Golden Globes in February fell 60% from a year earlier.

Hoping to draw viewers while adhering to pandemic safety measures, this year’s producers tried a few new things. The awards were broadcast for the first time at a historic train station in downtown Los Angeles in a more intimate setting with only nominees and their guests.

With movie theaters closed for much of the past year, studios held back crowd-pleasing blockbusters. The films competing for Oscars were smaller movies watched mostly at home on streaming services. Even before the pandemic, TV audiences were dropping as viewers flocked to streaming and social media postings.

The show featured a historic best director win for Chloe Zhao, who became the second woman and first woman of color to take home that prize. Her film, Nomadland, won best picture.

Producers encouraged longer acceptance speeches and stripped the usual comedy and musical performances. One light moment came late in the three-hour telecast when nominee Glenn Close briefly danced to the 1988 funk hit “Da Butt.”

Instead of saving best picture for last, producers broke with custom and ended with best actor. The honor went to Anthony Hopkins, who was not in attendance, making for an abrupt ending.

Reactions from film and TV critics were harsh.

“The Oscars were a train wreck at the train station, an excruciatingly long, boring telecast that lacked the verve of so many movies we love,” USA Today reviewer Kelly Lawler wrote. “The trade-off — whether because of the smaller crowd, the social distancing, or the sound quality in the cavernous space — was what felt like a dead room, both acoustically and emotionally,” the New York Times TV critic Mike Hale wrote.

Many noted that the show featured few clips from the nominated films. “So there was a missed chance to tantalize viewers with actual footage of actors acting, of scores soaring, of Tenet’s visual effects inverting,” Entertainment Weekly reviewer Darren Franich wrote.

Some praised the producers for shaking up traditions for a show that has been criticized as stale. Time magazine said the event was “more entertaining than the average pre-COVID Oscars.”

ABC owns broadcast rights for the Oscars until 2028. — Reuters

BoJ signals prolonged easing on pressure from virus, cuts price outlook

WIKIPEDIA.ORG

TOKYO — Japan’s central bank maintained its massive stimulus on Tuesday and projected inflation missing its 2% target for years to come, as fresh curbs to combat a spike in coronavirus disease 2019 (COVID-19) cases overshadow the boost to growth from solid global demand.

The Bank of Japan (BoJ) also warned of “high uncertainty” on how much the pandemic could drag on growth, signaling its readiness to keep its money spigot wide open for the foreseeable future.

Japan last week declared a third, two-week state of emergency for Tokyo, Osaka and two other prefectures to contain the pandemic, clouding prospects for a fragile economic recovery.

In a quarterly report released after Tuesday’s rate review, the BoJ slightly revised up its growth forecast and stuck to its view the world’s third-largest economy would recover as robust US and Chinese demand underpins exports.

But the central bank cut this year’s price forecast and predicted for the first time that inflation would stay well short of its 2% target beyond Governor Haruhiko Kuroda’s term, which ends in early 2023.

“It’s true that under the current forecasts, inflation won’t reach 1% even in fiscal 2023. That means achievement of our 2% target will be beyond fiscal 2024,” Mr. Kuroda told a news briefing.

But he said inflation was gradually expected to accelerate as Japan’s economy emerges from the pandemic’s initial hit.

“The global economy has recovered quite clearly and world trade has rebounded to pre-pandemic levels. Japan’s exports and output continue to increase, helping lift corporate profits and capital expenditure,” he said.

CELLPHONE FEES BLAMED FOR DOWNGRADE
As widely expected, the BoJ maintained its short-term interest rate target at -0.1% and that for 10-year bond yields around 0%.

“What’s notable was the BoJ’s cautious price outlook through fiscal 2023,” said Takashi Miwa, chief economist at Nomura Securities.

“It suggests the BoJ will have no choice but to continue its ultra-loose policy even after Mr. Kuroda’s current term ends.”

The BoJ trimmed its core consumer inflation forecast for the fiscal year that began in April to 0.1% from 0.5% estimated in January.

The cut was due largely to the effect of cellphone fee cuts, the BoJ said. When excluding such transitory factors, consumer inflation is moving on a “firm note,” it added.

“While it will take time, consumer inflation will gradually heighten towards the BoJ’s target,” the report said.

The central bank projects inflation to accelerate to 0.8% in fiscal 2022 and 1.0% the following year, the report showed.

Markets largely expected the BoJ to stand pat, after it conducted a review of its tools in March to make them sustainable enough to weather an expected prolonged battle to fire up inflation.

Eight years of stimulus attempts by Mr. Kuroda have failed to fire up inflation to his 2% target. Japan’s core consumer prices fell for the eighth straight month in March as the blow from the pandemic weighed on consumption and wages. — Reuters

Safe Shelter project

LA SALLE Green Hills (LSGH) relaunched Safe Shelter Project 2, an initiative that provides accommodations to medical frontliners. The institution has once again converted classrooms and other amenities to provide hospitality and relief to its guests until localized lockdowns improve. LSGH accepts in-kind donations for water gallons (for dispensers), cup noodles, instant coffee, bread, biscuits, cookies, and pastries. They may be dropped off at the school’s Gate 3 along Ortigas Avenue. Safe Shelter 2 benefits hospitals such as The Medical City, Ospital ng Maynila, Philippine General Hospital, and Cardinal Santos Medical Center. For more information, contact Keanne Palatino, Safe Shelter 2 project head for externals, at +639088178734. Upon resumption of regular operations in LSGH, thorough disinfection and deep-cleaning of the campus will be implemented to guarantee the health and safety of all.

AbaCore partners with A Brown on mining, energy projects

AbaCore Capital Holdings, Inc. has partnered with A Brown Co., Inc. for the development of energy and mining projects.

In a regulatory filing on Tuesday, the listed mining company said it had signed a memorandum of understanding with A Brown for the said projects.

Under the partnership, AbaCore will have its affiliates that possess properties in its energy hub in Batangas to provide a site to Vires Energy Corp., a wholly owned subsidiary of A Brown, for its liquefied natural gas regasification facility and power plant.

“[AbaCore] will cause its affiliates to transfer approximately 20,000 square meters of land in the energy hub to be the site of the energy project at P9,500 per square meter, payable in cash by [A Brown],” the disclosure said.

Vires Energy obtained its notice to proceed with its natural gas project on April 22 from the Department of Energy in its target location in Batangas, which is also the location of AbaCore’s energy hub, it added.

Aside from the gas project, A Brown will join in the mining operations of AbaCore’s subsidiary Abacus Goldmines Exploration and Development Corp., which has a subscribed and paid-up capital of P500 million.

Abacus has 102 mining claims across 6,731 hectares of area in Mindanao.

“The gold prospects are within the recently emerging gold district of Davao del Norte, Agusan del-Sur, and Agusan del Norte, where a number of workable gold deposits were discovered,” the disclosure said.

On Tuesday, AbaCore shares at the stock exchange increased 0.88% or one centavo to finish at P1.14 apiece. A Brown stocks jumped 4.26% to close at P0.98 each. — Revin Mikhael D. Ochave

Arts & Culture (04/28/21)

PPO holds chamber music concert

THE Philippine Philharmonic Orchestra (PPO) will stage its fifth Chamber Music Concert on April 30, 8 p.m., streamed via the CCP and PPO Facebook Pages and CCP YouTube Channel. The PPO Chamber Music Concert Series is the orchestra’s online alternative in bringing classical music to the Filipino audiences since social gatherings are prohibited due to the pandemic. The series also highlights the different instruments of the orchestra while performing music composed for small ensembles. Violinist Christian Tan and pianist Maryanne Espina will play Sonata for Violin and Piano in C Major No. 8 Opus 30 by Ludwig Van Beethoven. For more information, visit the CCP website www.culturalcenter.gov.ph or follow the official CCP and PPO Facebook pages.

PETA’s Rak of Aegis goes online

PHILIPPINE Educational Theater Association (PETA) together with Organisasyon ng Pilipinong Mang–Aawit (OPM) and The Philpop Musicfest Foundation (Philpop) present the pay-per-view streaming of the jukebox musical Rak of Aegis on July 31, Aug. 1, 7, and 8 via www.ticket2me.net. Rak of Aegis Online is the banner project of PETA’s fundraising campaign dubbed as #TakePETAbeyondCOVID, and a part of the Linggo ng Musikang Pilipino 2021 celebration. Featuring songs from the popular 1990s band Aegis, the jukebox musical tells the story of impoverished community Barangay Venezia, which has been submerged in floodwater for months. The popular musical has had seven runs through the years and is going onscreen for the first time. Tickets for Rak of Aegis Online will be available online by May. The streaming cast as well as further ticketing details will be announced soon. For details follow PETA’s social media pages: Facebook www.facebook.com/petatheater; Instagram @petatheater; Twitter @petatheater; YouTube www.youtube.com/petatheateronline.

TV host releases book on the biz of beauty, wellness

TV HOST Joby Linsangan Moreno has written a new e-book, Beauty and the Biz, featuring success stories of well-known Filipino celebrities and personalities who ventured into the business of beauty and wellness. Her 25 subjects who are active in the salon, skin and body care, and fashion industry include talk show host Boy Abunda, celebrity fitness coaches Jim and Toni Saret, and top make-up artist RB Chanco. The e-book is published by ABS-CBN Books. Beauty and the Biz is now available on amazon.com.  For details, follow ABS-CBN Books on Facebook www.facebook.com/abscbnbooks and Instagram (@abscbnbooks).

Virtual gallery holds solo exhibit featuring Jill Arwen Posadas

ON MAY 7, Virtual ArtistSpace will open Hothouse, the first virtual and 16th solo exhibition of Filipino visual artist and writer, Jill Arwen Posadas. Hothouse features a collection of half-human, half-plant portraits rendered in watercolors to approximate the presentation of traditional botanical illustrations. In creating the works for this exhibition, the artist used plants that are endemic to or found in the Philippines. Hothouse will be on view virtually on view starting May 7, 6 p.m. until May 27. The link to the exhibition will be posted on ArtistSpace Facebook and Instagram pages (@artistspacegallery).

Rodel Tapaya exhibits in Hong Kong

HONG KONG’S Tang Contemporary Art gallery is holding “Random Numbers,” the latest solo exhibition by contemporary artist Rodel Tapaya showcasing the artist’s most recent body of work. The exhibit is ongoing until May 15. In this new exhibition, the artist’s overarching interest in reflecting upon ideas based in the common human experience continues as part of his artistic practice, as does his interest in presenting an interface between imagination and reality, but represents a departure from his previous artistic investigations.

Ballet e-book virtual launch and roundtable discussions

LET’S Learn Ballet!, an e-book which tackles the best practices required for successful training of beginners in the highly disciplined art form, by former Ballet Philippines soloist Nina Anonas is set to be released through an online book launch followed by roundtable discussions on May 2. The book is an innovative learning tool designed to reinforce weekly lessons on proper form and techniques. An ideal guide for instructors and learners, it features over 80 worksheets that visually simplify and explain the fundamentals of the performance art while fostering the creativity of the aspiring dancers. Ms. Anonas was a principal dancer of the Manila Metropolis Ballet and the Junge Ballett Compagnie Frankfurt as well as a featured international artist at Ballett Frankfurt. The associated roundtable discussion, which touches on critical points in teaching ballet, will feature the author, together with Chelo Borromeo Gemina, Artistic Director of ACTS Manila; and Elizabeth Rae, a former soloist of Oakland Ballet in California, London Theatre Ballet, Compania Balletto Classico Italy, Östgôta Ballet Sweden and Frankfurt Ballet Germany; Rosemary Frost, Artistic Director of Ringwood Ballet; Susan Lucas, former principal dancer of Birmingham Royal Ballet and teacher for Royal Ballet School; as well as Vella Damian, founder of the Association of Ballet Academies Philippines and Philippine Ballet Theater and instructor and director of the Vella C. Damian School of Dance. Let’s Learn Ballet! is published in collaboration with Benilde Hub of Innovation for Inclusion and Ballet Brains, Inc. The free and public online e-book launch and discussions will be held via Zoom on May 2, from 4 to 6 p.m. To register, visit the official pages of Benilde Arts and Culture Cluster (https://www.facebook.com/benildearts/) and Benilde HiFi (https://www.facebook.com/benildehifi).

Slow credit growth to persist as crisis continues

THE CREDIT SLUMP in emerging Asian economies like the Philippines may drag on for the next 12 to 18 months as banks remain risk averse despite low rates due to the deterioration of borrowers’ profile caused by the crisis, ANZ Research said on Tuesday.

“Apart from suppressed domestic demand, banks have become tight-fisted on concerns over asset quality, durability of regulatory forbearance and weak profitability,” ANZ Research said in a report by ANZ Chief Economist for Southeast Asia Sanjay Mathur and economist Krystal Tan.

“The full extent of the pandemic’s impact on borrowers’ balance sheets will become clear only after government support measures are unwound,” it added.

The report said loans have slowed even as central banks remained accommodative and infused liquidity support amid the crisis.

ANZ Research noted in particular that the rise in bad loans in the Philippines was “more aggressive” compared to its regional peers, but was not commensurate to the credit slump it saw.

While other countries logged credit growth below 5% except for India, outstanding loans by big banks in the Philippines declined for the third straight month in February to 2.7%. This was despite the Bangko Sentral ng Pilipinas’ (BSP) policy measures that infused about P2 trillion in liquidity into the financial system.

Meanwhile, bad loans surged 80% to P431.266 billion in 2020. This brought the Philippine banking industry’s non-performing loan ratio to 4.05%, the highest since the 4.09% in October 2009, based on BSP data. 

BSP Deputy Governor Chuchi G. Fonacier has said the ratio could go a little over 5% by end-2021.

ANZ Research said the real credit growth situation in emerging Asia is “currently concealed” by regulatory relief measures, such as credit guarantees, loan moratoriums, and easing of credit risk weights.

“As banks brace for a likely increase in defaults as relief measures fade, they are likely to remain cautious in extending credit,” it said. 

“We do not anticipate a turnaround in emerging Asia’s credit cycle in the near term. Demand for credit is restrained, while supply side conditions are far from conducive, and may even turn more challenging as policy support fades,” ANZ Research added.

The BSP’s Senior Bank Loan Officers’ Survey released last week showed banks expect to further tighten their credit standards for both businesses and households, based on the diffusion index. Surveyed banks said they attribute this to a more uncertain economic outlook, the deterioration in borrowers’ profiles, and lower tolerance for risk. — L.W.T. Noble

How PSEi member stocks performed — April 27, 2021

Here’s a quick glance at how PSEi stocks fared on Tuesday, April 27, 2021.

National Government Fiscal Performance

THE National Government’s budget deficit widened to P191.4 billion in March, as spending grew by double digits and revenues slipped amid a stricter lockdown, the Bureau of the Treasury (BTr) reported on Tuesday. Read the full story.

National Government Fiscal Performance

PSEi declines as recovery concerns hit sentiment

SHARES dropped on Tuesday as concerns over the country’s economic recovery continued to dampen sentiment, which led to foreigners exiting the market and lower trading volume.

The Philippine Stock Exchange index (PSEi) declined by 32.91 points or 0.51% to close at 6,356.47 on Tuesday, while the broader all shares index dropped by 19.96 points or 0.50% to 3,910.32.

“The market ended lower with lackluster trading volume, persistent foreign selling activity, and as investors chose to stay on the sidelines as they wait for confirmation on the government’s decision about the lockdown measures to be implemented in May,” Darren Blaine T. Pangan, trader at Timson Securities, Inc., said in a Viber message.

Value turnover went down to P4.61 billion on Tuesday with 1.88 billion shares traded from the P5.42 billion seen on Monday with 4.51 billion issues switching hands.

Meanwhile, net foreign selling declined to P652.52 million on Tuesday, from P700.13 million in net outflows recorded on Monday.

“Selling pressure did not pick up significantly which is why losses are minimal, but the lack of interest from buyers due to the uncertainty on the economy’s recovery, is the reason why prices keep going lower,” AAA Southeast Equities, Inc. Research Head Christopher John J. Mangun said via e-mail. “Fears of tighter restrictions for the coming weeks remain which may urge more selling in the coming sessions.”

China Bank Securities Corp. Research Associate Jason T. Escartin added that trading remained “quiet” as investors waited for the arrival of more coronavirus vaccine doses and ahead of April inflation data.

“We think current price levels already factor in short-term uncertainties such as: the possibility of intermittent lockdowns, pending mass vaccination, and persisting elevated inflation levels coming from public discussions over pork import policy,” Mr. Escartin said via e-mail. “Valuations may improve once an increase in vaccine arrivals gives credence to the prospect of mass inoculation… Any improvement in April’s inflation print following a jump in pork import volumes last month may also generate positive sentiment, in our view.”

Majority of sectoral indices went down on Tuesday, except for mining and oil, which gained 1.43% or 129.85 points to end at 9,189.33.

Meanwhile, property shaved off 0.99% or 31.06 points to 3,086.55; financials gave up 0.48% or 6.81 points to close at 1,392.84; services declined by 0.35% or 5.15 points to 1,430.98; holding firms went down by 0.27% or 17.39 points to finish at 6,424.24; and industrials lost 0.21% or 18.09 points to 8,587.74.

Decliners outperformed advancers, 119 against 83, while 51 names closed unchanged.

“We’ll have to see if support at 6,200 holds this week,” Timson Securities’ Mr. Pangan said. “If broken, 6,000 may be considered the next support area.”

Meanwhile, AAA Southeast Equities’ Mr. Mangun said support is at 6,325, “but it may continue even lower towards its stronger support of 6,170.” — Keren Concepcion G. Valmonte

Peso inches up vs dollar ahead of Fed meeting

THE PESO barely moved versus the dollar on Tuesday as investors waited for the US central bank’s latest policy decision. — BW FILE PHOTO

THE PESO ended almost flat against the greenback on Tuesday as the market waits for new signals from the US Federal Reserve’s policy meeting.

The local unit closed at P48.381 per dollar on Tuesday, inching up from its P48.39 close on Monday, data from the Bankers Association of the Philippines showed.

The peso opened Tuesday’s session at P48.37 per dollar, which was also its intraday best. Meanwhile, its weakest showing was at P48.435 against the greenback.

Dollars exchanged rose to $643.5 million from $514.68 million on Monday.

The peso was barely changed as investors await the policy decision of the Fed, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The Federal Open Market Committee will revisit its policy settings on April 27-28. Fed Chairman Jerome Powell last week said they remain fully committed to their mandate of maximum employment and stable prices while also recognizing inflation could be “a little higher” this year, Reuters reported.

Meanwhile, a trader said the peso inched up against the dollar following weaker-than-expected US retail sales data in March.

Data from the US Commerce department showed orders for non-defense capital goods excluding aircraft picked up by 0.9%, turning around from the 0.8% contraction in February, Reuters reported. However, it was lower than the 1.5% anticipated by economists in a Reuters poll.

For Wednesday, Mr. Ricafort gave a forecast range of P48.33 to P48.43 per dollar while the trader expects the local unit to move within the P48.30 to P48.50 levels. — LWTN with Reuters

Gov’t told to extend altered lockdown for a week

PHILIPPINE STAR/EDD GUMBAN

By Vann Marlo M. Villegas and Kyle Aristophere T. Atienza, Reporters

THE GOVERNMENT should keep the lockdown level in Metro Manila and nearby provinces for at least a week more after April 30 to help contain a fresh surge in coronavirus infections, according to researchers from the country’s premier university.

In a report, the OCTA Research Group from the University of the Philippines said easing COVID-19 cases in the capital region and the provinces of Bulacan, Laguna, Rizal and Cavite was uneven.

“We urge the National Government to extend the modified enhanced community quarantine over the National Capital Region (NCR) Plus bubble for at least one more week,” it said. “One more will allow the ongoing decrease in daily case numbers to stabilize.”

A premature easing of the lockdown could trigger spikes in some local governments that could overflow to neighboring cities, the group said. The government should boost testing, contact-tracing and quarantines, it added.

“Once the NCR Plus bubble is moved from a modified enhanced community quarantine to a general community quarantine, we can expect viral transmissions to increase as people begin to interact with each other again,” it added.

The extension would let the government improve its contact-tracing capacity and build new isolation and quarantine facilities, it said.

Hospital capacity in Metro Manila was at a critical level despite decreasing daily tallies, OCTA said.

Forty-three hospitals and infirmaries in the metro were full, while the capacity of 59 of 177 facilities were still above critical risk, it pointed out, citing data from the Department of Health (DoH).

Hospital COVID-19 bed occupancy would not drop to pre-surge numbers until sometime in June at the current reproduction rate of 0.9, meaning an infected person can infect one more.

Once the rate drops to 0.8, hospital occupancy could drop to pre-surge levels by the third week of May, OCTA said.

Health Undersecretary Maria Rosario S. Vergeire on Monday backed the extension of the modified strict lockdown to contain the pandemic.

This would also help decongest the country’s health system, which is near its breaking point, she told a televised news briefing.

DoH reported 7,204 coronavirus infections on Tuesday, bringing the total to 1.01 million.

The death toll rose by 63 to 16,916, while recoveries increased by 10,109 to 925,027, it said in a bulletin.

There were 71,675 active cases, 1.1% of which were critical, 95.2% were mild, 1.5% did not show symptoms, 1.3% were severe and 0.9% were moderate.

The agency said 14 duplicates had been removed from the tally, eight of which were tagged as recoveries. Twenty-six recoveries were reclassified as deaths.

Two laboratories were closed on April 25, while 22 failed to submit data.

About 10.9 million Filipinos have been tested for the coronavirus as of April 25, according to DoH’s tracker website.

The coronavirus has sickened about 148.5 million and killed 3.1 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization.

About 126.2 million people have recovered, it said.

INDIA BAN
Meanwhile, the Philippines imposed a 16-day travel ban starting April 29 on India, which has ordered its armed forces to help tackle surging coronavirus infections that were overwhelming hospitals.

“Travelers coming from India and those with travel history to India within the last 14 days preceding arrival shall be prohibited from entering the Philippines beginning April 29 until May 14,” presidential spokesman Herminio L. Roque, Jr. said in a statement.

Passengers already in transit from India and all those who have been to the country in the past 14 days or who arrive before April 29 must get quarantined and tested before entering Manila.

Foreign Affairs Secretary Teodoro L. Locsin, Jr. earlier asked an inter-agency task force to impose the travel ban. 

“I have suggested that a travel ban be imposed on all our good friends in the entire Indian subcontinent,” he tweeted on Tuesday.

“It’s not personal,” he said. “It’s for everyone’s safety for now. We’ll be able to be together again and we can recall the time when we had to be apart to live.”

Mr. Locsin said the idea came from the task force, which had him on possible “foreign policy implications.”

“I said there is none, for we mean it with only the best intentions for everyone’s safety and with an abiding affection and admiration for India, the pharmacy of the world,” he said.

Experts have said new variants including a “double mutant” first detected in India had caused the spike in cases there, Reuters reported last week.

India has posted 17.6 million coronavirus infections and about 198,000 deaths, with 14.6 million recoveries, according to the Worldometers website.

In Japan, a third state of emergency in Tokyo, Osaka and two other prefectures started on Sunday, affecting nearly a quarter of the population as the country tries to fight a surge in coronavirus cases.

Government to add 200 more ICU beds before reopening

PHILIPPINE STAR/ MICHAEL VARCAS

THE HEALTH department is in talks with an Austrian company for orders of about 200 more intensive care unit (ICU) beds as the country prepares for the reopening of the economy, according to the Presidential Palace.

Presidential spokesman Herminio “Harry” L. Roque, Jr. issued the statement on Tuesday after the Philippines reportedly missed its chance to secure hundreds of hospital beds last year, which supposedly resulted in a shouting match during a recent emergency Cabinet meeting.

“There was no shouting match because what the Philippines really needs now are ICU beds,” he told a televised news briefing in Filipino.

Mr. Roque said the government had not considered the Austrian company’s original offer because the deal was only for 15 ICU beds. He added that the foreign company was expected to submit its new proposal this week.

He said the company had identified the hospitals that would get the ICU beds for coronavirus patients.

He noted that the economy would only reopen if the country had enough beds for coronavirus patients.

The palace official earlier said the government had intended to put up more ICU beds for coronavirus patients with severe symptoms so quarantines could be relaxed by next month. The state wanted to add 200 more ICU beds on top of 176 beds pledged by hospitals in Metro Manila.

“If the country’s doesn’t run out of ICU beds and it’s obvious now that we won’t run out of isolation beds and temporary treatment and monitoring facilities, there is a reason to open up the economy,” Mr. Roque said in Filipino.

It’s cheaper to set up more ICU beds rather than lock the economy down, he said, citing government economic managers.

Mr. Roque said the government expects the use rate of ICU beds in Metro Manila to fall to 60% from 72% as of April 26.

Meanwhile, two more hospitals were given a compassionate special permit to use the anti-parasitic drug ivermectin as a treatment for coronavirus, the Food and Drug Administration (FDA) said.  

There were now five facilities allowed to use the drug against the COVID-19 virus under a special permit, FDA Director-General Rolando Enrique D. Domingo said in a mobile phone message.

A compassionate special permit is given in cases when doctors can’t give a patient anything else for treatment, he told the ABS-CBN News Channel. Ivermectin is being used by the hospitals mainly for patients with moderate symptoms, he added.

Science and Technology Secretary Fortunato T. de la Peña last week said the Philippines would hold trials to determine whether ivermectin could be used to treat the coronavirus.

The Department of Health and FDA earlier said there was no evidence that ivermectin could cut deaths among patients with mild to severe COVID-19 cases.

Ivermectin did not also significantly reduce the duration of hospitalization based on some studies, they said. Health authorities also said the rate of hospitalization discharge “did not differ significantly” between those that were given the drug and the placebo group.

There was also no evidence that ivermectin could prevent coronavirus infections, they said, citing the World Health Organization.

The agencies said ivermectin products registered in the country were for veterinary use and were only allowed to treat animals suffering from parasites and heartworm.

President Rodrigo R. Duterte has ordered the FDA to lead the government’s campaign against the illegal sale of the veterinary drug ivermectin, which is being repackaged in the Philippines as a treatment against the coronavirus, Mr. Roque said last week. — Kyle Aristophere T. Atienza and Vann Marlo M. Villegas

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