Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 6825

LANDBANK’s loans to LGUs reach P62.02B at end-Oct.

BW FILE PHOTO

LAND BANK of the Philippines (LANDBANK) has extended P62.06 billion in loans to local government units (LGUs) as of end-October, the state-run bank said.

LANDBANK in a press release on Thursday said that from that total, P22.96 billion funded agriculture and aquaculture projects.

Another P5.82 billion was set aside for transportation and P5.23 billion was put into healthcare initiatives.

LANDBANK in the same statement said it extended a P60-million loan to the municipal government of Lagayan in Abra province for development projects.

The loan will fund the rehabilitation of a municipal road between barangays Pulot and Poblacion, and it will buy a payloader for dredging the Palsuguan and Tineg rivers traversing the town.

The dredging project would “prevent floods in rice fields and barangays caused by the natural buildup of debris and rising waters resulting from monsoon rains,” the bank said.

“Part of the LANDBANK loan will also be used to put up a drainage canal system in Barangay Poblacion to improve water drainage for the health and safety of residents.”

LANDBANK’s net income grew by 21.2% in the first nine months of the year to P16.72 billion from P13.8 billion on the back of the lower cost of funds.

This puts the bank on track to meet its P19.68-billion profit target by yearend. — J.P. Ibañez

SSS jobless benefits top P869M in nine months to September

THE Social Security System (SSS) said it released P869.99 million worth of unemployment benefits in the first nine months of the year to 67,937 members.

The unemployment benefit covers employees affected by involuntary separation for various reasons, including redundancy, downsizing, and business closure.

Those who lost their jobs due to the economic downturn caused by the coronavirus disease 2019 (COVID-19) may also apply.

“We fully understand the plight of our private-sector workers who have been laid off from their jobs. With this milestone benefit, we remain committed in providing financial aid amid the pandemic,” SSS President and CEO Aurora C. Ignacio said in a statement Thursday.

“With the inclusion of the unemployment benefit application in the E-Services Tab of the My.SSS portal, involuntary separated members have a more convenient option to submit their application online,” she added.

The unemployment rate rose to 8.9% in September from 8.1% a month earlier, after bad weather and strict lockdowns worsened job losses.

The SSS earlier this month announced four relief and restructuring programs for borrowers with past-due payments on salary and housing loans, citing the still-weak economy.

In the eight months to August, the SSS collected P155.59 billion in contributions and spent P159.6 billion. Of the expenses, P154 billion was spent on benefits while the rest went to operating expenses. — Jenina P. Ibañez

Philippines outperforms regional peers in climate protection performance

What exactly is employee engagement?

ELBONOMICS: Respect is the master key to the gates of employee engagement.

Our CEO, a lawyer and a product of the old school, wants all managers to be doubly strict with employees. As the company’s human resource (HR) manager, I recommended a comprehensive program to engage and moti-vate people. He is not convinced and asked me: “Which should be our priority — engaging the workers or ensuring they’re dismissed at the first sign of trouble they’ve created?” — Trigger Happy.

A little boy returned home from his first time going to church. When his grandfather asked how it went, he replied: “The music was nice but the commercial was boring and too long.”

What’s the lesson of this story? In all situations, we are entertained by music and the merriment that comes with it. Conversely, we hate listening to dull lectures. The same thing applies in people management. Music as represented here by engagement is the first priority in managing the workers.

That means treating the workers well enough so they have no reason to betray the management’s trust. To some people, this is easier said than done. Employee engagement is a complex and difficult program to implement.

Much of the difficulty lies in the various interpretations of “employee engagement.” Writing in Forbes in 2012, New York Times bestselling author Kevin Kruse said it’s not about helping employees find their “happiness” or “satisfaction.” Rather, the correct definition “is the emotional commitment the employee has to the organization and its goals.”

DISCRETIONARY EFFORT

According to Kruse, the best way to measure employee engagement is when “they use discretionary effort.” He gave three examples: An “engaged computer programmer works overtime when needed, without being asked. This means the engaged retail clerk picks up the trash on the store floor, even if the boss isn’t watching. This means the TSA (Transportation Security Administration) agent will pull a suspicious bag to be searched, even if it’s the last bag on their shift.”

The list is endless, except that many such examples are difficult to find. That’s the reason why we consider the engaged worker a rare breed. Two weeks ago, I brought my home printer to the service center. I came in at 3:25 p.m., confident I had enough time before the shop closed at 6 p.m. After an initial check-up by the counter technician, I was told that I need to come back in a week for the findings and the repair cost estimate.

I protested: “You should be able to do that in less than one hour.” The repair technician replied, “I’m sorry, sir, but our closing time is 4 p.m.” I told him that the website says closing time is 6 p.m.

“Our website is not updated!” The room turned quiet as the technician read my thoughts, maybe perceiving that I was ready to challenge him. Then he magically changed his mind and agreed to perform the repair right there.

We have to ask ourselves if this is the kind of discretionary effort we want from a repair technician, who was left with no choice but to heed my request. Definitely not! Discretionary effort is performed by engaged workers will-ing to spend extra hours to complete a task without being coerced by a boss or a customer and without being paid overtime.

RESPECT FOR PEOPLE

How do managers create a situation in which employees readily give their discretionary effort? We have to hear it directly from the workers, who have different interests. This week, I conducted a webinar on effective leadership for a Japanese company.

One activity was role-playing by 12 line supervisors. They asked and answered in rotation the point-blank question: What is motivating you to stay in this company? They were asked to list down their top three reasons, both material and non-material.

Their message was clear. There are people who would prefer to stay long in the company if management provides an environment in which everyone is challenged to do a good job and be rewarded for it, not necessarily just with high salaries and benefits. People stay in the company because they like the way they’re being treated.

If one term can describe it, it is “respect for people,” and it should be on top of everyone’s lists.

 

Have a chat with REY ELBO via Facebook, LinkedIn or Twitter or send your workplace questions to elbonomics@gmail.com or via https://reyelbo.consulting

Land of sweet surprises

LAST Nov. 5, the first coffee-table book about the province of Negros Occidental was launched online in celebration of Cinco de Noviembre, a special non-working holiday in Bacolod City and the rest of Sugarlandia. By virtue of Republic Act No. 6709 enacted in 1989, the holiday pays tribute to the Negrense heroes who revolted against Spain in 1898.

Sugar & Smiles: The Negrense Legacy Beyond 2020 is the title of the 320-page book that includes chapters written by award-winning authors about events that have shaped Negros Occidental over the past two centu-ries. It is a compilation of colorful stories on various facets of life in the so-called “Sugar Bowl of the Philippines” and the “Land of Sweet Surprises.”

This heirloom collectible commemorates significant events in Negrense history such as the world-famous MassKara Festival and the short-lived Republic of Negros established by General Aniceto Lacson and General Juan Araneta in 1898. Illustrious Negrenses are featured in this coffee-table book dedicated to present and future generations of Filipinos.

Negrenses are no strangers to crises. From the Philippine Revolution of 1896 to the EDSA People Power Revolution of 1986 and the current COVID-19 pandemic, the people of Negros Occidental have remained agile and resilient amid extremely disruptive conditions.

Kanlaon’s volcanic eruptions, the 1918 Spanish flu pandemic, Wall Street’s stock market crash in 1929 leading to the Great Depression of the 1930s, the sugarcane industry’s collapse during martial law, the Don Juan maritime tragedy of 1980, a series of super-typhoons in the 2010s – all these have not deterred the Negrenses from emerging stronger crisis after crisis.

In fact, Negros Occidental has risen to become one of the country’s premier provinces. Its capital, Bacolod City, is now among the centers of excellence in the top tier of Filipino Digital Cities 2025.

2020 marked the 130th year since the Province of Negros Occidental was created toward the tailend of the Spanish colonial era, and also the 40th anniversary of the MassKara Festival. It was envisioned to be the fitting climax for Negrense milestones that started in 2018 with the City of Bacolod’s 80th charter day commemoration and the 120th anniversary of the Republic of Negros.

But the COVID-19 pandemic wreaked havoc on humanity and inflicted the worst economic crisis since World War II. Both the 2020 Tokyo Olympics and the 2020 World Expo Dubai had to be postponed to 2021, while many events and projects were canceled across the globe.

The Negrense coffee-table book project suffered delays in its production schedule, and producing the book in the middle of the pandemic posed challenges to our project team. Community quarantine restrictions adversely af-fected our timeline, and we could not hold face-to-face meetings in this country with the world’s longest lockdown.

But through the use of Zoom videoconferencing, Viber messaging, and other modern technologies, we were able to complete the hardbound book for our fellow Negrenses. Its first copies will be presented to Negros Occidental Governor Eugenio Jose Lacson and Bacolod City Mayor Evelio Leonardia later this month. The public launch is scheduled on Nov. 30 at Ayala Malls Capitol Central adjacent to the Provincial Capitol and Park. Finally, the long wait is over.

 

J. ALBERT GAMBOA is the chief finance officer of Asian Center for Legal Excellence and co-chairman of the FINEX Week Committee. The opinion expressed herein does not necessarily reflect the views of these institutions and BusinessWorld.

Entertainment News (11/19/21)

Watch Miss Universe on ABS-CBN

ABS-CBN is an official partner of Miss Universe 2021. Pageant fans can watch the live telecast of the 70th Miss Universe Pageant on A2Z channel 11 on Dec. 13 starting at 7:30 a.m. This year’s coronation night, which will be held in Eilat, Israel, will also have a same day replay on A2Z at 11 p.m. and will be shown on ABS-CBN cable channels Kapamilya Channel and Metro Channel, and streaming platform iWantTFC on later dates. Miss Universe Philippines 2021 is Beatrice Luigi Gomez who aims to become the fifth Filipino winner of the event. ABS-CBN also brought Miss Universe 2020 live to Filipinos via A2Z last May. It can be viewed again on the Kapamilya Channel on Dec. 19, and on Metro Channel on Dec. 20, 22, and 25. These replays will also be streamed on iWantTFC.

Spotify launches two new gaming originals podcasts

SPOTIFY announced the launch of two new Spotify Originals Podcasts, Spawn Point by GHOST Wrecker and Weekly GG. Exclusively on Spotify for Free and Premium users, gaming enthusiasts can look forward to brand-new content on the gaming ecosystem by top Pinoy gaming experts. Headlined by Elyson Caranza, more popularly known as GHOST Wrecker, Spawn Point with GHOST Wrecker focuses on all things gaming, finessed with Mr. Caranza’s unique sense of humor and insider knowledge of the industry. The podcast will dissect trends in a variety of formats, including friendly debates between Mr. Caranza and his special guests. Weekly GG, which is gamer speak for “good game,” is hosted by Tier One Entertainment, a homegrown Esports entertainment company. The podcast focuses on building a career in gaming, inspired by the hosts’ professional gaming experience. Spawn Point by GHOST Wrecker and Weekly GG will each premiere two half-hour episodes.

Lumad docu bags UNICEF prize in Japan

A SHORT documentary which puts the struggle of Lumad children in the spotlight won The UNICEF Prize at the recently concluded Japan Prize organized by public broadcaster NHK. Bullet-Laced Dreams, co-directed and co-produced by award-winning independent filmmakers Kristoffer Brugada and Cha Escala, got the prize for being “an excellent work that promotes understanding of the lives of children in difficult situations.” The documentary shows the hardships that children of indigenous tribes in Mindanao face, as they fight for their right to education and the preservation of their way of life, amid armed conflicts between the government and communist rebels. It follows then 14-year-old Chricelyn Empong and her fellow Lumad children as they escape and are forced to move from one place to another to continue their schooling. The Japan Prize, which was established in 1965 as an international educational program competition, got 267 entries for audiovisual works and proposal pitches from 48 countries and regions around the world.

Ventura’s Deine Farbe set to premiere in the PH

THE MULTI-awarded European debut film of Filipino filmmaker Maria Diane Ventura, Deine Farbe (Your Color), continues to reap honors as it clinched its most recent wins — Best German feature at the Berlin Film Festival (Filmhaus) and Best Director at the International Film Festival Manhattan (IFFM). At the same time, Best Actor recognition was also given to Nyamandi Adrian at the IFFM while the Best Supporting Actor citation was awarded to Jannik Schumann at Filmhaus. As of the latest count, Deine Farbe has already won 22 awards from film festivals across the world. Written, directed, and produced by Ms. Ventura, the film is a tale of friendship between two young men who leave their German hometown for a freer life in Barcelona, where fate and choices threaten their once unbreakable bond. It is available for streaming in 68 countries via Amazon Prime Video through this link: https://www.amazon.com/gp/product/B08W1F86FX?pf_rd_r=AHCNYPNXS5QMHV1JG9N2&pf_rd_p=898790. It is set to premiere in the Philippines on Dec. 8 on WeTv and iFlix.

Gossip Girl season one returns on HBO GO

PART two of Gossip Girl season 1 will debut at same time as the US with three episodes exclusively on HBO GO from Nov. 25. The final three episodes of the 12-episode first season will be available the following Thursday. Developed by showrunner Joshua Safran, a writer and executive producer on the original series, this extension of the pop culture classic takes viewers back to the Upper East Side finding a new generation of New York private school teens being introduced to social surveillance nine years after the original blogger’s website went dark. The series is based on the bestselling novels by Cecily von Ziegesar and the original show, developed by Josh Schwartz & Stephanie Savage. The series stars Jordan Alexander, Eli Brown, Thomas Doherty, Tavi Gevinson, Emily Alyn Lind, Evan Mock, Zion Moreno, Whitney Peak and Savannah Lee Smith. Part one debuted in July with six episodes, currently available to stream on HBO GO. All six seasons of the Gossip Girl (2007-2012) series starring Blake Lively as well as all seven seasons of Pretty Little Liars (2010-2017) will be found on HBO GO from Nov. 25.

Globe, Pride@Tech rewrite classics to honor LGBTQ+

GLOBE and Pride@Tech are launching their latest initiative, Retold With Pride, which flips the script on iconic stories by giving better representation to the LGBTQ+ community. Created by Propel Manila, in collaboration with Meta, Elesi Studios, Kerplunk Studios, M&P Creatives, Retold With Pride features Pride and No Prejudice, Dragula, The Gay Gatsby, Life of Bi, Little Women Loving Women, and local classics Ibong Adana, Florante at Awra, and Si Malakas at Si Makisig, all retold to show day-to-day realities of the LGBTQ+ community. Retold With Pride launched on Spotify as audiobooks on Nov. 15. The stories are also available on Pride@Tech’s Instagram page as video books.

D’Sound and Armi Millare collaborate

NORWEGIAN neo-soul band D’Sound joins UDD frontwoman Armi Millare on the single “Run for Cover,” their third collaboration after 2018’s “Lykkelig” and 2019’s “Somewhere in Between.” Ms. Millare was happy to be reunited with bassist Jonny Sjo and drummer Kim Ofstad, as well as keyboardist-producer Morten Gillebo, recounting how, despite the relative ease of the proceedings, the group knew it deserved to be more than just a standalone release. In the end, the Oslo-based group saw it fit for “Run for Cover” to be included in 25, their 25th-anniversary release due Jan. 2022, which will boast of names like Macy Gray, Pher, Cory Henry, and Shontelle in the credits. “Run for Cover” is available to stream on all music streaming platforms.

Raven turns to ‘90s rock for new tune

SINGER-songwriter/producer Raven’s latest single, “Lika Na,” puts a refreshing spin on ‘90s alternative rock and early 2000s power-pop, and turns the thrills of romantic adolescence into an inspiration. Layering romantic earnestness over an explosive chorus and melodic guitars, the song is written and produced by Raven with guidance from music mentor and co-producer Rico Blanco and sound engineer Emil dela Rosa. The tune is accompanied with a music video directed by Daniel Aguilar. “Lika Na” is available to stream on all music streaming platforms.

Ben&Ben to hold their biggest virtual concert

APTLY titled Kuwaderno: A Ben&Ben Online Concert, the Filipino nine-piece collective are pushing the boundaries of music shows in the new normal setting by integrating creative disciplines such as drama, dance, orchestra, and technology with a live performance. Their upcoming major concert will be staged at the SMART Araneta Coliseum, and will be streamed live on Dec. 5, 8-11 p.m., via digital streaming platform, KTX.ph. The audio-visual spectacle aims to open new possibilities despite the limitations of the platform, and build a connection with the audience all over the world. Working closely with Ben&Ben are concert director Paolo Valenciano, along with co-director Maribel Legarda, Philippine Theater Association (PETA), and veteran light designer Shakira Villa-Symes. Believing in the magic that happens when different forms of art intertwine, Ben&Ben and their team were prompted to include actors and dancers as part of the visual narrative to give the audience a semblance of being physically present with them throughout the concert journey. Tickets to Kuwaderno: A Ben&Ben Online Concert can be purchased via the KTX website. The Tinatangi package (priced at P8,000) includes access to the online concert, plus an Exclusive 1 on 1 Harana Session with the band on Zoom and a raffle entry to the Exclusive Ben&Ben House Tour, is already sold out. Other ticket tiers that are still available include Kaibigan (priced at P1,000), Magka-ibigan (priced at P3,500), and Mahiwaga (priced at P5,500) — all containing different packages and inclusions.

Xiaomi holds video contest

XIAOMI Philippines has launched the Making Magic video contest with an entertainment package from Xiaomi and a chance to be featured in the music video for Moira Dela Torre’s newest song, “Making Magic,” as prizes. The contest is done in connection with the launch of the newest tool for content creators, the Xiaomi 11T. To join, those who purchase a Xiaomi 11T or Xiaomi 11T Pro can create a 30-second to one-minute video of their “Everyday Cinemagic Moments” captured using the devices. Entrants must also like the Making Magic contest mechanics post on the official Xiaomi Facebook page and share it publicly on social media accounts and with the hashtags: #MakingMagicMV #XiaomiXMoira. Deadline of submission of entries is on Nov. 30. The winner will be announced on Facebook on Dec. 1 at 7 p.m. The winner will be notified via the registered email. Aside from being featured in Moira’s music video, the winner will also receive a Xiaomi entertainment package worth P45,000.

Smart GigaPlay presents 2021 American Music Awards

MOBILE services provider Smart Communications, Inc. through its new GigaPlay App is bringing the 2021 American Music Awards (AMAs) exclusively to its subscribers, live on Nov. 22 at 9 a.m. Hosted by rapper Cardi B, the 2021 AMAs brings together some of the biggest artists at the Microsoft Theater in Los Angeles. Headlining the event is Korean supergroup BTS, who will be doing two separate performances during the show. The six-time AMA-winning group is also nominated for three major awards this year, including Artist of the Year. The 2021 AMAs will also feature live performances from Bad Bunny, Carrie Underwood, Jason Aldean, Kane Brown, New Edition, New Kids on the Block, Jennifer Lopez and part-Filipina singer Olivia Rodrigo. To watch the show, download the GigaPlay App via smrt.ph/gigaplay. Select the 2021 American Music Awards live while on a PLDT Wifi or Smart network. The GigaPlay App is available to all Smart subscribers.

Don’t Look Up premieres on Netflix

KATE Dibiasky (Jennifer Lawrence), an astronomy grad student, and her professor Dr. Randall Mindy (Leonardo DiCaprio) discover a comet orbiting within the solar system that is on a direct collision course with Earth. The problem is that no one really seems to care. Turns out warning mankind about a planet-killer the size of Mount Everest is an inconvenient fact to navigate. So they embark on a media tour. With only six months until the comet makes impact, managing the 24-hour news cycle and gaining the attention of the social media obsessed public before it’s too late proves shockingly comical — what will it take to get the world to just look up? Written and directed by Academy Award winner Adam McKay, it also stars Rob Morgan, Meryl Streep, Jonah Hill, Cate Blanchett, Tyler Perry, Mark Rylance, Ron Perlman, Timothée Chalamet, Ariana Grande, Scott Mescudi (aka Kid Cudi), Himesh Patel, Melanie Lynskey, Michael Chiklis and Tomer Sisley. Don’t Look Up premieres on Nov. 24.

TV5’s Christmas station ID has music video

TV5’s new Christmas Station ID, “Atin Ang Paskong Ito, Kapatid,” will be launched officially on Nov. 22. Featuring music by Sing Galing’s Rey Valera, the lyric video of the Christmas station ID was launched in the Nov. 4 episode of Sing Galing. Directed by Winnie Cristobal, the video features performances by the Sing Galing cast: Randy Santiago, Rey Valera, K Brosas, Allan K, Ronnie Liang, Ethel Booba, and Donita Nose, featuring Mandarhyme. The Christmas station, featuring the Mandaluyong Children’s Choir, will be on Nov. 22, before FPJ’s Ang Probinsyano.

Silk Sonic drops first album

MULTIPLE Grammy Award winners Bruno Mars and Anderson Paak have dropped their debut album as Silk Sonic with help from special guest host Bootsy Collins. An Evening With Silk Sonic includes their three previously released hits, “Leave The Door Open,” “Skate,” and “Smokin Out The Window,” alongside five unreleased tracks. Warner Music Philippines, together with Magic 89.9, are hosting a listening party at Stationhead on Nov. 20, 7 p.m. Philippine Time. Listeners will get a chance to win official Silk Sonic merchandise. To join, download the Stationhead app and join the party at Silk Sonic’s official Stationhead profile at wmp.lnk.to/silksonicstationhead.

GMovies, UPSTREAM mark first anniversary

IT HAS been a year since GMovies and UPSTREAM.PH — the ticketing platform and the transactional video on demand (TVOD) service — inked a deal to usher Filipinos into a new world of cinema. To celebrate, they will present an originally produced film by veteran and award-winning director Erik Matti, and a 2021 Cannes Film Festival entry, along with other binge-worthy Filipino classics, Korean movies, Hollywood features, and series to their users. The films include the UPSTREAM Original Rabid, which is currently streaming. Directed by Erik Matti, Rabid is an anthology film that probes everyday reality of anxiety, uncertainty, and paranoia. Also in the lineup are: Benedetta, streaming Nov. 17, about a 17th century nun who can perform miracles but who also suffers from disturbing religious and erotic visions; Gagamboy (streaming now), a comedy which pits Gagamboy, a do-good crusader, against Ipisman; Korean films lik Okay! Madam streaming until Nov. 21, Beauty Water (until Jan. 16, 2022); and Hollywood features like Stillwater, and Limbo, both streaming now. To access these movies and more, download the GMovies app via Apple Store, Google Play Store, or Huawei App Gallery or visit gmovies.ph or https://bit.ly/GMovies-Shows. To know more about GMovies and UPSTREAM, visit https://upstream.ph/ and https://www.gmovies.ph/.

PICC marks 45th year with Ebe Dancel

THE PHILIPPINE International Convention Center (PICC) celebrated 45 years of hosting the world through a special virtual performance from top OPM (original Pilipino music) artist and songwriter Ebe Dancel. Accompanied by his guitar while singing his soulful songs, Mr. Dancel lit up the iconic Plenary Hall of the PICC, performing onstage for the first time in almost two years for Pagdiriwang: The PICC 45th Anniversary Special streamed live on the PICC Facebook page.  Since transitioning to the new normal, PICC has been strictly implementing health and safety protocols within its premises to ensure the safety and security of all clients, guests, and employees. All of PICC’s employees and outsourced personnel are fully vaccinated. The Center also has a Safety Seal from the Department of Tourism, which ensures compliance with the minimum public health and safety standards. Aside from the required safety and sanitation measures, PICC also upgraded its WiFi and technology capacities to address client requirements for virtual and hybrid events. The PICC is accepting bookings for meetings and events. For more information, visit the official website of the PICC.

PAGCOR seeks help in monitoring online sabong

THE Philippine Amusement and Gaming Corp. (PAGCOR) is asking the public to report online cockfighting or e-sabong platforms made available to overseas Filipino workers despite the ban against users abroad.

Online sabong or e-sabong platforms are not allowed to accept bets from outside the Philippines, even if they are from Filipinos.

Applicants for e-sabong operations are required to submit certifications that their gaming websites are not accessible outside the country, and that internet protocol addresses from other countries are blocked from their plat-forms, PAGCOR said in a statement on Thursday.

“The framework further provides for the imposition of administrative penalties to operators who shall fail to comply with set standards and requirements.”

But PAGCOR said it is not oblivious to the fact that some e-sabong websites are still accessible abroad, noting that these are illegal websites operating outside its regulations.

“We thus request the public to report to PAGCOR those websites which are accessible abroad for our proper disposition,” PAGCOR said.

“We likewise continue to remind the public to observe responsible gaming in engaging online games being offered by licensed operators.”

PAGCOR revenues from e-sabong reach up to P400 million each month. — Jenina P. Ibañez

Germany pushes WFH to counter Europe’s COVID surge

GERMANY’S likely next ruling coalition is pushing ahead with tougher measures to tackle record increases in coronavirus cases, including requiring companies to let employees work from home (WFH) where possible.

The proposed law also in some cases limits access to the workplace to people who are vaccinated, recovered or provide a negative test, according to parliamentary documents published Wednesday. The Social Democrats, Greens and Free Democrats aim to use their Bundestag majority to get it through the lower house of parliament.

“The current pandemic situation in Germany is dramatic,” Chancellor Angela Merkel told a conference of municipal leaders Wednesday. “The fourth wave is hitting our country with full force.”

The new legislation, which replaces existing emergency powers that will expire on Nov. 25, is designed to provide a nationwide framework while giving regions room to tighten restrictions in coronavirus hot spots where need-ed.

Olaf Scholz, who aims to be sworn in to replace Merkel as chancellor early next month, has described it as an effort to “winter proof” Germany against the disease and prevent hospitals becoming overloaded.

Many German states, particularly in the worst-affected regions like Bavaria, Saxony and Thuringia, have already taken steps to keep people who aren’t vaccinated or recovered out of shops and restaurants and away from public gatherings.

“We urgently need to make progress on vaccinations,” Merkel said. “It’s not at all too late to make a decision for the first vaccination. Everybody who is vaccinated protects themselves and others.”

The battle to keep a fourth wave of the virus in check and encourage more people to get immunized is being fought across Europe. Austria already introduced curbs for the unvaccinated, and the Netherlands implemented a partial lock-down.

Ireland has reintroduced some coronavirus disease 2019 (COVID-19) restrictions as it grapples with surging infections and a rising number of hospitalizations. Starting Thursday, people should work from home where possible, while bars and restaurants must close by midnight. Cinemas and theaters will now require proof of vaccination.

In Italy, tighter restrictions are set to kick in automatically as infections near a six-month high. Some regional leaders want to replicate the Austrian model and have asked that any new curbs apply only to the unvaccinated.

Belgium is considering new steps to stem a sharp rise in cases. The government in Brussels is considering new curbs, including mandatory working from home several days a week and requiring kids to wear masks in school from nine years old.

While the measures represent a “downside risk” for the region’s recovery, “it looks to me that the economies have learned to live with the pandemic or the lockdowns a little bit better than initially,” said Erik Nielsen, chief economist at UniCredit SpA.

Eastern Europe, where many states are grappling with low vaccination rates, is one of the worst-hit regions in the world. Slovenia has the highest infection rate in the world, while Bulgaria, the bloc’s least-vaccinated and poorest nation, leads the world in the number of fatalities per capita.

Hungary is suffering the highest infection levels since March, but President Viktor Orban is resisting restrictive measures ahead of parliamentary elections next year.

Germany’s RKI public-health institute reported another record number of daily cases Wednesday, and the seven-day incidence rate per 100,000 people hit a new high of 319.5. The number of deaths from COVID increased by 294, the most in more than six months and taking the total above 98,000.

Merkel and Scholz will hold a video conference with the leaders of Germany’s 16 states. Merkel said state leaders must focus on setting a threshold for hospitalization rates that would trigger stricter measures. Re-gional officials must also make an “urgent” push for inoculating Germany’s population.

“We still have too large a group of people who aren’t vaccinated and they’re making life more uncertain for those who are,” Stephan Weil, the premier of the state of Lower Saxony, said Wednesday in an interview with ZDF television.

“We unfortunately have to put people who are not vaccinated in a situation in which they have to prove everywhere and all the time that they don’t pose a danger,” he added.

Germany’s vaccination campaign stuttered in recent months, though it has picked up pace again in recent weeks, pushing the share of fully inoculated citizens up to about 68%, according to health ministry data. That compares with almost 78% in France and nearly 75% in Italy. — Bloomberg

How PSEi member stocks performed — November 18, 2021

Here’s a quick glance at how PSEi stocks fared on Thursday, November 18, 2021.

PHL stocks decline further before BSP decision

COURTESY OF PHILIPPINE STOCK EXCHANGE, INC.

PHILIPPINE SHARES dropped for the second straight day on Thursday as investors stayed on the sidelines ahead of the Bangko Sentral ng Pilipinas’ (BSP) policy decision.

The Philippine Stock Exchange index (PSEi) lost 50.48 points or 0.68% on Thursday to close at 7,299.34, while the broader all shares index shed 24.30 points or 0.61% to end at 3,933.70.

“The market ended lower as investors preferred to stay on the sidelines ahead of the local central bank’s decision on interest rates, and as market participants continue to wait for more significant catalysts to unfold in the local scene,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.

After the market closed on Thursday, BSP Governor Benjamin E. Diokno announced in a virtual briefing that the Monetary Board decided to keep benchmark interest rates unchanged, in line with market expectations.

“Philippine shares fell along with the rest of the region as investors weighed a continuation of strong earnings reports from big-box retailers against lingering inflation and economic data concerns,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a Viber message that Wall Street also corrected lower due to an increase in new coronavirus infections in some large economies and concerns over higher inflation.

Wall Street benchmarks ended Wednesday lower on inflation fears and supply chain concerns stemming from retailers’ earnings, with investors betting the US Federal Reserve will raise interest rates sooner than expected to tame rising prices, Reuters reported.

The Dow Jones Industrial Average fell 211.17 points or 0.58% to 35,931.05; the S&P 500 lost 12.23 points or 0.26% to 4,688.67; and the Nasdaq Composite dropped 52.28 points or 0.33% to 15,921.57.

Sectoral indices closed in the red on Thursday except for property, which went up by 9.97 points or 0.30% to finish at 3,322.60.

Meanwhile, financials dropped 21 points or 1.30% to 1,588.67; mining and oil went down by 122.41 points or 1.26% to 9,580.26; services lost 17.25 points or 0.86% to finish at 1,978.92; holding firms gave up 61.11 points or 0.85% to 7,058.45; and industrials declined by 38.39 points or 0.35% to 10,710.57.

Value turnover increased to P7.82 billion with 882.46 million issues traded on Thursday, higher than the P7.46 billion with 832.91 million shares seen the previous day.

Decliners beat advancers, 141 against 55, as 45 names closed unchanged.

Foreigners turned sellers with P589.91 million in net outflows on Thursday from the P183.87 million in net purchases recorded on Wednesday.

The PSEi’s next support level is at 7,040 to 7,120, RCBC’s Mr. Ricafort said. — B.A.D. Añago with Reuters

Peso rebounds on lower oil prices, BSP decision

BW FILE PHOTO

THE PESO strengthened versus the greenback on Thursday as global oil prices declined and as the central bank kept benchmark rates steady at its policy review.

The local unit ended trading at P50.23 on Thursday, appreciating by 16 centavos from its P50.39 finish on Wednesday, based on data from the Bankers Association of the Philippines.

The peso opened Thursday’s session at P50.33 per dollar. Its weakest showing was at P50.375, while its intraday best was its close of P50.23 against the greenback.

Dollars traded increased to $1.274 billion on Thursday from $1.133 billion on Wednesday.

A trader said in an e-mail that the peso gained versus the dollar amid the decline in crude prices.

Reuters reported Thursday that oil prices dropped to near six-week lows after China said it was moving to release reserves. Brent crude slipped by 41 cents or 0.5%, to $79.87 a barrel by 0712 GMT. Meanwhile, US crude declined by 70 cents or 0.9% to $77.66 a barrel.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the result of the central bank’s policy meeting also boosted the peso.

The Bangko Sentral ng Pilipinas on Thursday kept benchmark rates unchanged to support the continued recovery of the economy. This was in line with the expectations of 20 analysts polled by BusinessWorld last week.

For Friday, the trader gave a forecast range of P50.15 to P50.40, while Mr. Ricafort expects the local unit to move within P50.15 to P50.35 per dollar. — LWTN with Reuters

PNVF Champions League kicks off today in Lipa City

F2 LOGISTICS Cargo Movers Volleyball team. (F2 Logistics Cargo movers volleyball team fb page - KARL DELA CRUZ)

Chery Tiggo, F2  lead six-club tourney

LIPA CITY — Six clubs bannered by powerhouse Chery Tiggo Crossovers and F2 Logistics are raring to go when the Philippine National Volleyball Federation (PNVF) Champions League rolls out its first-ever Champions League starting tomorrow at the Aquamarine Recreational Center gym here.

The Crossovers and the Cargo Movers loom as the heavy favorites in the inaugural tilt organized by the national federation slated Nov. 20-25 before the seven-team men’s tournament on Nov. 29-Dec. 4.

Chery Tiggo is coming off a stellar championship run in the maiden pro season of the Premier Volleyball League (PVL) last August while the hungry F2, led by a bevy of national team players, troops back into action after a long hiatus.

They will be up against Tuguegarao Perlas Spikers, Petro Gazz Angels, California Precision Sports and Baguio Lady Highlanders in a five-day tiff that will crown the No. 1 seed as the champion after a single-round robin play.

PNVF said it’s all systems go for the country’s inaugural Champions League with the arrival of the federation delegation on Wednesday and the entry of participating teams in batches yesterday at the La Virginia Hotel and Resort.

Strict protocols are being followed inside the bubble with a mandatory swab testing and quarantine upon arrival of all participants on top of the RT-PCR test in Metro Manila prior to departure.

“This is the first time that the country is staging its Champions League, which is a staple among members of the FIVB,” said PNVF President Ramon “Tats” Suzara, who also hailed the support of the Lipa City local government unit.

Action begins tomorrow featuring a triple-header headlined by Chery Tiggo, which will test the mettle of Perlas at 4 p.m. — John Bryan Ulanday

1...6,8246,8256,826...13,865Page 6,825 of 13,865
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube