Converge targets ‘more aggressive’ B2B segment

October 13, 2021 | 12:09 am

CONVERGE ICT Solutions, Inc. introduced on Tuesday its “Converge Business” segment, which now serves as its umbrella brand for business connectivity services and solutions.

“Converge Business — this is our umbrella brand for all business connectivity services that the market demands now more than ever,” Converge Chief Operating Officer Jesus C. Romero said at a virtual event.

The brand covers the company’s data transport and other information and communications technology solutions aimed at enabling small and medium enterprises (SMEs), conglomerates, and large enterprises to thrive.

“We will continue to work hard to ensure that we provide businesses, whether they are SMEs, large conglomerates, or service providers what they need — from networks infrastructure, facilities management, broadband implementation, full telecommunications infrastructure, support services, and more,” Mr. Romero said.

“The pandemic has revealed the vulnerability of businesses, especially those who do not have digitally-enabled models. Seeing this, we at Converge knew we needed to be more innovative, progressive, and aggressive in the B2B (business-to-business) segment as we want to continuously equip the Filipino businesses to be competitive in their respective industries,” he also said.

For the first half of the year, the listed company saw its attributable net income surge 159% to P3.3 billion.

Converge’s first-half total revenues increased 82% to P11.8 billion, as residential revenue jumped 105% to P10.2 billion and enterprise revenue slightly grew 4% to P1.6 billion.

Converge ICT shares closed 2.92% lower at P34.95 apiece on Tuesday. — Arjay L. Balinbin

AEV buys P384-million shares in its banking unit ‘opportunistically’

October 13, 2021 | 12:08 am

ABOITIZ Equity Ventures, Inc. (AEV) bought P384-million shares of the UnionBank of the Philippines on Oct. 8, the company disclosed on Tuesday.

The company said it bought 4.8 million shares of UnionBank for P80 apiece, noting that the company completed that transaction “opportunistically.”

“The acquisition of these shares is pursuant to the authority granted by AEV’s board of directors on April 26, 2021, to opportunistically acquire the company’s shares, as well as shares of Aboitiz Power Corp. and [UnionBank] when market prices dictate and using the company’s excess cash,” AEV told the exchange.

In its April 26 meeting, the company’s board of directors also gave AEV’s management authority to decide when to repurchase its own shares and shares of AboitizPower and UnionBank once “opportunities arise.”

AboitizPower and UnionBank are subsidiaries of AEV, contributing 53% and 28% of AEV’s total income as of the first semester, respectively.

Shares of AEV at the stock exchange declined by 1.68% or 80 centavos on Tuesday, closing at P46.95 apiece. — Keren Concepcion G. Valmonte

Liwayway group Chairman Chan is MAP ‘Management Man’ of 2021

October 13, 2021 | 12:07 am

THE Management Association of the Philippines (MAP) named Carlos Chan, chairman of the Liwayway group of companies, as MAP Management Man of the Year for his “business acumen and management qualities.”

MAP said it confers the award to individuals involved in business or government “who have attained unquestioned distinction in the practice of management” and to those who have contributed to nation-building.

Mr. Chan was commended for being able to transform a local business into an international company that is globally competitive. He owns the chips and candy manufacturing brand, Oishi.

Mr. Chan was also reappointed by President Rodrigo R. Duterte as one of the country’s special envoys to the People’s Republic of China.

MAP commended him for setting an example to Filipino managers with his integrity as well as “professional leadership in his management career in both private and public sectors.”

Mr. Chan was also recognized for “his leadership role in the substantial contributions of the Liwayway group to national development through technology improvements, product development, skills training, job creation, and income generation.”

MAP said Mr. Chan is an epitome of the “Filipino entrepreneurial spirit,” noting that he has demonstrated patriotism “by carrying the Philippine flag with pride in all his business operations abroad.” It added that he has inspired Filipino managers as he climbed from his humble beginnings by putting in the work with perseverance and discipline.

The association said it awards individuals after a “thorough, stringent selection process.”

MAP has only recognized 45 other individuals as the MAP Management Man of the Year in the five-decade history of the award. — Keren Concepcion G. Valmonte

RE firm set to switch on Nueva Vizcaya hydro plant

October 13, 2021 | 12:06 am

RENEWABLE energy (RE) firm Matuno River Development Corp. (MRDC) said its 8-megawatt (MW) hydroelectric power plant in Bambang, Nueva Vizcaya is set to begin commercial operations before the end of 2021.

The run-of-river project is expected to augment the power supply requirements of Luzon amid the unplanned outages of older coal power plants, and provide irrigation to farmers based in Nueva Vizcaya.

“The project is a realization of the company’s plan to push forward the Department of Energy’s agenda towards making renewable energy a significant part of the country’s energy mix,” MRDC President Armando L. Diaz said in a statement issued on Tuesday.

The new facility, which was built using equipment from the Austria-based firm Global Hydro Energy GmbH, will be located along Matuno River, a tributary of Magat Dam.

MRDC said the 8-MW hydro plant will be linked to the Bayombong substation of the National Grid Corp. of the Philippines.

The company added that it is embarking on various projects in Nueva Vizcaya in line with corporate social responsibility (CSR) commitments, including hiring locals for employment, organizing tree-planting initiatives and conducting feeding programs.

MRDC is a project company under the Filipino-owned Magis Energy Holdings Corp., which was established in 2019 to develop renewable energy projects with a focus on underserved rural communities.

Magis Energy also owns Taft Hydro Energy Corp. which is in charge of developing a “soon-to-operate” 16-MW hydro power plant in Eastern Samar. — Angelica Y. Yang

CCP launches online folio on Gawad CCP Awardees

October 13, 2021 | 12:06 am

AS PART of its 52^nd anniversary celebration, the Cultural Center of the Philippines (CCP) has launched the Gawad CCP Para sa Sining Folio, the official publication about the highest award given by the institution to Filipino artists and cultural workers.

“For the Gawad CCP 2020 awardees, we recognize Filipino artists who have remained loyal to their Filipino roots, drawing from tradition and the rich cultural experience of the Filipino people,” said Chris B. Millado, CCP vice-president and artistic director, during the online launch via Facebook Live on Sept. 30. “They have excelled and gave honor to the country through their discreet art-making, knowledge sharing and sustained artistic vision through the years.”

Edited by Nicanor G. Tiongson, with art direction by Kiko del Rosario, the digital folio contains 13 articles, 13 film stills, and 149 images of a performing group, a publication, and 12 individuals. At the end of each article is a barcode which leads to videos about the artists’ works.

“The folio is an excellent guide on the Filipino artists whose outstanding achievements and contributions to Philippine arts and culture are something that every Filipino, especially the young generations, can emulate,” said CCP chairperson Margie Moran-Floirendo in a statement.

The 14 awardees featured in the folio are danseur Nonoy Froilan, pianist and former CCP president Raul M. Sunico, theater veteran Felix “Nonon” Padilla, visual artist Luis “Junyee” Yee, Jr., writer Lualhati T. Bautista, filmmaker Clodualdo “Doy” del Mundo, Jr., architect Cristina V. Turalba, designer Kenneth Cobonpue, cultural worker Nestor Horfilla, Danilo L. Dolor, the late choreographer Tony Fabella, the late writer and art historian Alice Guillermo, the Integrated Performing Arts Guild, and Liwayway Magazine. The awardees were named last year in a virtual awarding ceremony.

“Through their works, artists can catalyze national development through economic movement, uplift the wellbeing of their communities and strengthen national identity. This folio honors the impact these artists made to Philippine society. It is not only an appreciation of their works but a celebration of Philippine arts and culture,” Ms. Moran-Floirendo said.

Visit the CCP Intertextual Facebook page (https://www.facebook.com/CCPInterxtualDivision) for a copy of the Gawad CCP Para sa Sining Folio. — Michelle Anne P. Soliman

Preventing ‘maskne’ and other skin problems

October 13, 2021 | 12:06 am

By Patricia B. Mirasol

A FACE MASK is essential amid the coronavirus disease 2019 (COVID-19) pandemic, but it can cause skin problems such as rashes and acne for the wearer. Streamlining one’s skincare routine and choosing the right type of material for protective wear can address these issues.

“There’s a misconception that expensive is effective,” said Dr. Imee P. Rajagukguk, a dermatologist at Adventist Medical Center Manila, in an Oct. 11 webinar. “Not necessarily.”

When looking for skincare products, she said, the key words to look for are “hypoallergenic” (which reduces allergic responses), “non-comedogenic” (which prevents blocked pores), and “fragrance-free” (which is less irritating).

In the morning, a broad-spectrum sunscreen that doubles as a moisturizer can be applied as a protective layer against dryness. In the evening, a moisturizer with either ceramides or hyaluronic acid can be used after cleansing the skin. Dr. Rajagukguk advised using gel moisturizers for oily skin; lotion for normal or combination skin; and cream for dry skin.

Moisturizers can be applied before and after face mask use, and after washing the skin with a mild cleanser.

THE RIGHT MOISTURIZER
Masks made of breathable fabrics such as cotton or silk, meanwhile, can be worn underneath a surgical mask. When it’s safe to do so, the masks can be removed every four hours for 15 minutes at a time to lessen friction in the facial area.

“Don’t touch [the outer part of] your mask. It might be contaminated,” Dr. Rajagukguk said, adding that cloth masks should be washed daily to avoid the entrapment of bacteria caused by humidity.

For individuals such as nurses who need to wear gloves for work, gloves made of cotton may also be used underneath rubber gloves to lessen friction in the area. Nitrile gloves, which are free of synthetic materials like latex and BPA (bisphenol A), are recommended for those with sensitive skin.

“Dry your hands before using gloves, else you become prone to fungal infections. Hand dermatitis is more common now,” said Dr. Rajagukguk.

Hand dermatitis is eczema of the hand. Apart from occupational exposures, other known causes of the condition include friction, allergies, and dry skin. To soothe irritation, Dr. Rajagukguk suggested petroleum jelly, an affordable moisturizer.

Consulting a board-certified dermatologist, however, is necessary for dry skin that is caused by conditions such as diabetes, a metabolic disorder characterized by a high blood sugar level, or psoriasis, a chronic skin disease that causes scaly skin patches.

“We advise seeking a consultation with us, so we can give you the right moisturizer to use,” she added.

Netflix hit show Squid Game spurs interest in learning Korean

October 13, 2021 | 12:05 am

SEOUL — Interest in learning Korean has spiked since the launch of hit Netflix show Squid Game, tutoring services reported, underscoring a growing global obsession with South Korean culture from entertainment to beauty products.

Language learning app Duolingo, Inc. said the nine-part thriller, in which cash-strapped contestants play deadly childhood games in a bid to win 45.6 billion won ($38.19 million), had spurred both beginners and existing students hoping to improve their skills.

Duolingo reported a 76% rise in new users signing up to learn Korean in Britain and 40% in the United States over the two weeks following the show’s premiere.

South Korea, Asia’s fourth-largest economy, has established itself as a global entertainment hub with its vibrant pop-culture, including the seven-member boy band BTS and movies such as Oscar winners Parasite, a black comedy about deepening inequality, and Minari, about a Korean immigrant family in the United States.

Just this week, the Oxford English Dictionary (OED) added 26 new words of Korean origin to its latest edition, including “hallyu,” or Korean wave, the term widely used to describe the global success of South Korean music, film, TV, fashion and food.

There are around 77 million Korean speakers worldwide, according to the Korea Foundation for International Cultural Exchange. Pittsburgh-based Duolingo said it has more than 7.9 million active users learning Korean, its second fastest growing language after Hindi. — Reuters

SEC issues permit for Megawide’s preferred share offering

October 13, 2021 | 12:05 am

THE Securities and Exchange Commission (SEC) issued on Tuesday a certificate of permit and an order of registration for Megawide Construction Corp.’s planned “Series 4” preferred shares offering.

In a disclosure to the stock exchange, Megawide said that the SEC issued an order of registration and a certificate of permit for the company’s primary offer of 30 million cumulative, nonvoting, non-participating, nonconvertible, redeemable (non-reissuable) perpetual Series 4 preferred shares.

It has an oversubscription option of up to 10 million cumulative, nonvoting, non-participating, nonconvertible, redeemable (non-reissuable) perpetual Series 4 preferred shares at an offer price of P100 each.

“After determining that the company has complied with the required submissions as directed in the pre-effective letter issued on 7 Oct. 2021, the subject registration statement is now rendered effective,” SEC said.

“The same may now be offered for sale or sold to the public subject to full compliance with the Securities Regulation Code and its amended Implementing Rules and Regulations, Revised Code of Corporate Governance and other applicable laws, regulations, circulars and other orders as may be issued by the Commission,” the certificate of permit from SEC said.

The company said on Monday that it intends to issue and list the shares on the stock exchange by the last week of October.

It also said that proceeds will be used to redeem its Series 1 preferred shares by December this year “to avoid the step-up rate.”

“With the offering, Megawide will continue to maintain its comfortable debt-to-equity ratio and be able to accommodate future capital raising,” the company noted.

Megawide shares closed 1.37% higher at P6.64 apiece on Tuesday. — Arjay L. Balinbin

WHO advises additional COVID shot for immunocompromised people

October 13, 2021 | 12:05 am

senior-vaccine — A SENIOR citizen got injected with his first dose of the Sinovac vaccine at the Mega vaccination facility at the Marikina Sports Complex on June 15. — PHILIPPINE STAR/ MICHAEL VARCAS

GENEVA — The World Health Organization (WHO) on Monday recommended that immunocompromised people be given an additional dose of coronavirus disease 2019 (COVID-19) vaccine, due to their higher risk of breakthrough infections after standard immunization.

The Strategic Advisory Group of Experts on immunization said the additional dose should be offered “as part of an extended primary series since these individuals are less likely to respond adequately to vaccination following a standard primary vaccine series and are at high risk of severe COVID-19 disease.”

WHO Vaccine Director Kate O’Brien, referring to people with lower immunity due to other conditions, told a news briefing: “The recommendation is for a third vaccination, an additional vaccination in the primary series and again that is based on the evidence showing that the immunogenicity and evidence on breakthrough infections is highly disproportionately represented by those people.”

The panel also recommended that people over 60 receive an additional dose of the shots made by Chinese vaccine makers Sinopharm and Sinovac some one to three months after completing their schedule, citing evidence in studies in Latin America that they perform less well over time.

Observational data on Sinopharm and Sinovac shots “clearly showed that in older age groups … the vaccine performs less well after two doses,” said Joachim Hombach, secretary of the independent panel of experts who held a five-day closed-door meeting last week.

“We also know that the addition of a third dose or moving into a two-plus-one schedule provides a strong [immune] response. So we expect from there a much better protection,” he said.

Health authorities using the Sinopharm and Sinovac vaccines should aim first to maximize two-dose coverage in the older populations and then administer the third dose, the panel said.

The SAGE group, composed of independent experts who make policy but not regulatory recommendations, will review all global data on booster shots in a Nov. 11 meeting, amid questions over variants and potential waning of immunity, Ms. O’Brien said.

Currently some 3.5 billion doses of COVID-19 vaccines have been administered, Ms. O’Brien said.

An estimated 1.5 billion doses are available globally each month, enough to meet the target of vaccinating 40% of each country’s population by year end, but distribution is unequal, she added.

“Giving those booster doses to individuals who have already had the benefit of a primary response is like putting two life jackets on somebody and leaving others without any lifejacket,” Ms. O’Brien said.

“In this sense we are talking about getting the first lifejacket onto people who have immunocompromising conditions.” — Stephanie Nebehay and Emma Farge/Reuters

Ricardo S. Po, Sr., CNPF founder and chairman emeritus dies at 90

October 13, 2021 | 12:04 am

TUNA and canned food company founder Ricardo S. Po, Sr. has passed away, listed Century Pacific Food, Inc. (CNPF) told the exchange on Tuesday. He was 90.

“We are deeply saddened to report that Mr. Ricardo S. Po, founder and chairman emeritus of [CNPF] has passed away,” the company said without adding details about his death.

CNPF said the cessation of his term as chairman emeritus of the company became effective on Monday, Oct. 11.

He was listed by Forbes as one of the Philippines’ 50 Richest in 2021, ranking at number 16 with a net worth of $1.45 billion.

He began his professional career as a journalist before entering the advertising industry, starting and managing an agency called Cathay Promotions Advertising Co. He then went on to become a stockbroker.

CNPF was founded by him in 1978. According to the company’s website, CNPF started by focusing on processing, manufacturing, and exporting tuna products to international brands.

The company then offered other canned products such as sardines, corned beef, meat as well as canned milk and coconut products, and eventually entered the meat alternatives business in 2020. CNPF made its stock market debut in 2014.

In 2006, he was awarded a Master in Business Administration degree by the University of Santo Tomas.

He is credited for growing CNPF “to become one of the largest branded food companies in the Philippines.” — Keren Concepcion G. Valmonte

McCartney blames Lennon for Beatles breakup

October 13, 2021 | 12:04 am

190713_PM_LA_1289RT1 — PAUL McCartney is joined by Ringo Starr on stage at Dodger Stadium. — PAULMCCARTNEY.COM/

LONDON — Paul McCartney has said he wanted to continue performing with the Beatles when the band famously split in 1970 and that John Lennon instigated the breakup.

Speculation about what caused the demise of the world’s most famous pop group has ranged from artistic differences and legal disputes, to Mr. Lennon’s marriage to artist Yoko Ono.

In a forthcoming episode of BBC Radio 4’s This Cultural Life, Mr. McCartney, 79, discusses what he called the most difficult period of his life.

“I didn’t instigate the split. That was our Johnny,” he said. “This was my band, this was my job, this was my life, so I wanted it to continue.”

When the singer-songwriter was asked about his decision to strike out on his own, Mr. McCartney told the interviewer to “stop right there” before setting out his explanation of what happened.

“Oh no, no, no, John walked into a room one day and said ‘I am leaving the Beatles,’” Mr. McCartney said. “And he said, ‘It’s quite thrilling, it’s rather like a divorce.’ And then we were left to pick up the pieces.”

Mr. McCartney said the band would have continued if Mr. Lennon had not walked away. “I thought we were doing some pretty good stuff — ‘Abbey Road,’ ‘Let It Be,’ not bad,” he said.

Mr. McCartney’s full interview with the BBC will be broadcast on Oct. 23. — Reuters

Faberco, RiteMed bring Merck’s anti-COVID oral drug to PHL

October 13, 2021 | 12:04 am

MOLNUPIRAVIR, an oral antiviral drug clinically proven to reduce by half the risk of hospitalization or death from known variants of SARS-CoV-2 (the virus that causes coronavirus disease 2019 [COVID-19]), may be available in the country by next month. The pill can be accessed initially through hospitals and other healthcare facilities.

Faberco Life Sciences, Inc. (Faberco), appointed to distribute molnupiravir in the Philippines, partnered with RiteMed Philippines, Inc. (RiteMed) for the latter to distribute the anti-COVID oral drug to hospitals, medical institutions, and treatment sites once compassionate special permits (CSP) are filed with and approved by the Philippine Food and Drug Administration (FDA).

“We are confident that through the distribution channels of RiteMed, molnupiravir will reach healthcare facilities throughout the country faster, giving more Filipinos access to this life-saving drug the soonest possible time,” said Kishore Hemlani, founder of Faberco.

Faberco is the appointed Philippine distributor of Aurobindo Pharma Ltd., a partner manufacturer of Merck & Co. (known as MSD outside the United States and Canada), which developed the molnupiravir capsule.

FDA Director-General Enrique D. Domingo said that the oral antiviral drug can be used by doctors and hospitals for COVID-19 treatment via the Compassionate Use Special Permit (CSP). The FDA allows the use of investigational drugs — or drugs which are not yet registered or in the process of registration — if they are covered by CSP.

Faberco will import molnupiravir for hospitals and healthcare facilities given a CSP for the antiviral pill by the FDA for the treatment of mild to moderate COVID. The drug will help alleviate the burden on the healthcare system as it allows healthcare workers in hospitals to focus on severe and critical in-patients.

During the trials, the drug regimen was given twice a day for five days to patients diagnosed with the COVID-19 virus. An analysis of 775 patients in the US found that only 7.3% of those given molnupiravir were hospitalized, compared to the 14.1% of patients who were given a placebo or dummy pill. There were also no reports of deaths in the molnupiravir group, whereas eight patients who were given a placebo in the trial later died of COVID-19.

Unlike most COVID vaccines, which target the spike protein on the outside of the virus, molnupiravir works by targeting an enzyme the virus uses to make copies of itself. This should make molnupiravir equally effective against new variants of the virus as it evolves in the future, the innovator Merck noted.

The US drugmaker said its results were so positive that outside monitors had asked to stop the trial early. It said it would apply for Emergency Use Authorization for the drug in the US as soon as possible.