Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 6977

Banksy’s balloon girl and Kate Moss photo top bill at London art sale

BANKSY, Girl with Balloon, 2004 — BONHAMS.COM

LONDON — A print of Girl With Balloon by Banksy and a photograph of supermodel Kate Moss are among top attractions in a sale this week celebrating 70 years of British art.

The sale, titled “British. Cool.,” at auction house Bonhams, in London, will also feature boots designed by Damien Hirst and photos of The Who and The Beatles.

“So the sale overall is a celebration of British creativity from 1950 to now and the idea is that we are celebrating all aspects of creativity, so not just the fine arts but also photography, fashion, entertainment, memorabilia and also prints and multiples,”  said head of sale Janet Hardie.

Girl With Balloon, an image of a young girl holding a heart-shaped red balloon that was originally painted as a mural on London’s Waterloo Bridge, is one of Banksy’s most recognizable works.

An original painting of the work shredded itself with a mechanism hidden in its frame moments after selling for more than 1 million pounds ($1.4 million) in an auction at Sotheby’s in 2018.

The print, one of 18 by Banksy in the Bonhams sale, is expected to sell for 100,000 to 150,000 pounds.

The Kate Moss photo, a studio proof of a lenticular 3D print by Canadian/British artist Chris Levine, is expected to fetch between 20,000 and 30,000 pounds. Artist and subject have donated the work to raise money for the charity Oxfam GB.

The sale will take place on Feb. 25. — Reuters

Pandemic increases interest in retirement planning

THE PERCENTAGE of Filipinos who started thinking about their retirement plans was the highest in Asia as the coronavirus pandemic pulled down household incomes, a survey by Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) showed.

Around 90% of Filipinos surveyed recognized the importance of getting started on retirement planning amid the ongoing health crisis, Manulife Philippines said in a press release on Tuesday, citing the results of its latest “Manulife Asia Care Survey” which assessed the common concerns and priorities of 4,000 people across Asia.

This was the highest percentage recorded in the region and compares with the regional average of 73%.

It said the high level of interest showed “increased focus on achieving financial security amid uncertainty” even as 20% of the Filipino respondents said they were concerned about their declining incomes amid the crisis.

Filipinos have also grown more conscious of their health, with 97% of respondents saying they started self-monitoring.

Most or 75% of the Filipino respondents tracked their body weights, which was the highest percentage in the region, along with Malaysia. This was followed by checking the quality of sleep, blood pressure and the number of steps taken.

“We see that the pandemic has turned the spotlight on health and retirement for many Filipinos. Amid all the uncertainty, they are finding ways to take more control of these aspects of their lives,” Richard Bates, president and CEO of Manulife Philippines, was quoted as saying.

Almost all of the 520 respondents in the Philippines said they made an effort to adopt healthier lifestyles, with 69% saying they started exercising and 61% improving their diets.

This was higher than the regional average, Manulife Philippines said.

Meanwhile, around 87% of the respondents said they plan to buy a new insurance product over the next six months, above the 71% average in Asia, and are looking at products related to health, hospitalization, life cover, retirement and children’s education.

Mr. Bates said Filipinos are now more inclined to have their insurance policies managed via digital platforms, with 70% of the respondents saying so, but many still prefer to speak with insurance agents as 53% recently conferred with an agent about getting insured.

“The Philippines remains one of the most under-insured markets in the region, but technology is enabling more Filipinos to get the protection they need,” he said.

Insurance penetration in the country or the overall contribution of the sector to the economy remained at 1.69% as of September 2020.

Meanwhile, insurance density or the amount of premiums per capita went down by 4.21% to P1,989.94 as of the same period. — B.M. Laforga

No one is safe unless everyone is safe

The strength of pharmaceutical research and development, and unprecedented global collaborations are leading to the fastest rollout of vaccines in history.

Through the COVID-19 Vaccines Global Access (COVAX) facility, the global effort to securing a coronavirus disease 2019 (COVID-19) vaccine in a manner that is effective and fair, has been set in motion. We, in the research-based pharmaceutical industry, fully support COVAX and its objectives. Beyond developing safe and effective COVID-19 vaccines, we are scaling up manufacturing to ensure equitable access to people around the world.

The International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), the body representing the innovative biopharmaceutical industry, outlined the key milestones leading to the commitment to rollout two billion doses of vaccines to lower-middle-income countries through COVAX.

Let’s remember the events of 2020: On Jan. 10, SARS-CoV-2 sequence data was shared through the Global Initiative on Sharing Avian Influenza Data (GISAID) Initiative. On March 11, the World Health Organization (WHO) declared COVID-19 a pandemic. Just eight days later, the research-based global pharmaceutical industry made a commitment to address COVID-19.

We leveraged our expertise and know-how to speed up the development of safe and effective vaccines to prevent COVID-19 in collaboration with others. Vaccine makers used their wide scientific insights from decades of working in developing medicines, vaccines, and diagnostics for infectious diseases such as MERS (Middle East respiratory syndrome), SARS (severe acute respiratory syndrome), Ebola, and influenza while closely working with regulators. In April, the first human clinical trial for a COVID-19 vaccine was conducted. On April 24, the IFPMA joined the Access to COVID-19 Tools (ACT) Accelerator, which led COVAX.

COVAX is co-led by the Coalition for Epidemic Preparedness Innovations (CEPI), WHO, and the GAVI Vaccines Alliance alongside key delivery partner UNICEF. The COVAX facility aims to provide doses for at least 20% of countries’ populations.

On Sept. 8, nine vaccine makers made a pledge, outlining a united commitment to rigorous scientific and regulatory processes, complying with strict requirements to develop safe and effective vaccines.  On Dec. 31, the Pfizer/ BioNTech vaccine received WHO Emergency Use Listing.

This brings us to 2021, with the listing of AstraZeneca/Oxford University vaccine on Feb. 15.

During the first quarter of the year, COVAX with UNICEF will begin with the full-year rollout of two billion doses to protect high-risk and vulnerable people and frontline healthcare workers as priorities.

As of Feb. 16, the WHO reported 69 candidate vaccines in clinical evaluation and 181 candidate vaccines in preclinical evaluation.  In late January, Johnson & Johnson announced that its single-shot vaccine met primary endpoints in an interim analysis of its Phase 3 trial.

COVID-19 vaccines are designed to help our bodies develop immunity to the coronavirus that causes COVID-19 without us getting the infection. Different types of COVID-19 vaccines work in different ways to offer protection. But with all types of vaccines, inoculation with a COVID-19 vaccine provides the body with a supply of “memory cells” that will remember how to fight the novel coronavirus in the future, the Centers for Disease Control and Prevention explained. GAVI and an article in the Healthcare IT News gave an overview of the four main types of COVID-19 vaccines that are already developed or are still in development. These four main types are:

Whole virus vaccines use a weakened or deactivated form of the novel coronavirus to trigger protective immunity to it. Live attenuated vaccines use a weakened form of the virus that can still replicate without causing illness. Inactivated vaccines use viruses whose genetic material has been destroyed so they cannot replicate, but can still trigger an immune response. Both types use well-established technology and pathways for regulatory approval.

Nucleic acid vaccines use genetic material — either RNA or DNA — to provide cells with the instructions to make the viral spike protein of the novel coronavirus. Once this genetic material gets into human cells, it uses our cells’ protein factories to make the antigen that will trigger an immune response. Since the antigen is produced inside our own cells and in large quantities, the immune reaction should be strong.

Viral vector vaccines, like nucleic acid vaccines, work by giving cells genetic instructions to produce antigens. However, a key difference is that this type of vaccine uses a harmless virus, different from the one the vaccine is targeting, to deliver these instructions into the cell. One type of virus that has often been used as a vector is adenovirus, which causes the common cold. As with nucleic acid vaccines, our own cellular machinery is hijacked to produce the antigen from those instructions, in order to trigger an immune response.

Protein subunit vaccines use pieces of the pathogen — often fragments of protein — to trigger an immune response. Doing so minimizes the risk of side effects, but it also means the immune response may be weaker. This is why protein subunit vaccines often require adjuvants to help boost the immune response.

Adults with existing health conditions and those with compromised immune systems must consult their doctors when deciding which type of vaccine will be most appropriate for them.

The pharmaceutical industry’s commitment to develop, manufacture, and make vaccines available stem from the belief that no one is really safe unless everyone is safe from COVID-19.

 

Teodoro B. Padilla is the executive director of the Pharmaceutical and Healthcare Association of the Philippines (PHAP). PHAP and its member companies represent the research-based pharmaceutical sector in the country.

Arts & Culture (02/24/21)

South South Veza auction, viewing room at Silverlens

SILVERLENS is collaborating with South South, a new online community and anthology for galleries, artists, curators, and collectors engaged with the Global South. For the platform’s inaugural event, “South South Veza,” Silverlens is joining over 50 international galleries to present major works in a timed digital auction and an Online Viewing Room. “South South Veza’s” online viewing room runs from Feb. 24 to March 7. The gallery will be featuring works by three influential Southeast Asian artists in a presentation entitled Our Islands. This presentation will be composed of three recent videos by Martha Atienza that amplify the link between climate change and migration; a selection of pieces by Norberto Roldan; and new paintings by Pow Martinez. Currently, works by Roldan and Martinez are available for sale via the Online, Timed Selling Event, visit https://live.south-south.art/auctions/4-1PZJM4/online-timed-selling-event.

PPO holds chamber music concert online

THE PHILIPPINE Philharmonic Orchestra (PPO) will stage its third Chamber Music Concert on Feb. 26, 8 p.m., streamed via the Cultural Center of the Philippines (CCP) and PPO Facebook pages and the CCP YouTube channel. The concert will highlight wind instruments. Flute players Hercules Santiago, Edgardo Silangcruz, and Rosemarie Poblete will play Sonata for 3 Flutes NR.166 by Johann Joachim Quantz. This will be followed by Quintet No. 1 by Victor Ewald, to be performed by Edwin Matias (trumpet), Jay Ar Mesa (French horn), Benedicto Dela Peret, Jr. (tuba), Ricson Poonin (trombone) and Glober Calambro (trumpet). For more information, visit the CCP website www.culturalcenter.gov.ph or follow the official CCP and PPO Facebook pages.

ACC holds benefit art auction at Leon Gallery     

The Asian Cultural Council (ACC) Philippines will be holding its annual auction on Feb. 27 at the Leon Gallery for the benefit of the Philippine Fellowship Program. This year’s ACC Auction features a number of works by Philippine masters including Anita Magsaysay-Ho’s Tinapa Vendors, Vicente Manansala’s Pila sa Bigas, and works by Cesar Legaspi, H.R. Ocampo, Lee Aguinaldo, Lao Lianben, Manuel Ocampo, and Jose John Santos III. Proceeds from the benefit event help fund the program that has given grants to over 500 local artists to date. The ACC Auction will be held on Feb. 27, 2 p.m., at Leon Gallery, G/F Eurovilla 1 Rufino corner Legazpi Streets, Legazpi Village, Makati City. For more details, visit www.leon-gallery.com. To know more about the ACC and its grant programs, visit www.asianculturalcouncil.org.

Ayala Museum’s online H.R. Ocampo exhibit

AYALA Museum has opened its first new virtual gallery experience for the year with the exhibit The Real H.R. Ocampo, featuring pieces from the Paulino and Hetty Que Collection. It is a virtual re-staging of the exhibit curated by the late Ramon Villegas back in 2013. The exhibit is in celebration of Ocampo’s 110th birth anniversary this year. Through this virtual exhibit, guests will be able to explore over 50 pieces from Ocampo’s body of work from one of the largest private collections of his work. To view the gallery and participate in the exhibition lectures, visit https://www.ayalamuseum.org/hr-ocampo/.

WWII heritage tour live streamed

MANILA, once considered a sparkling gem in Asia, one of the first truly global cities in the world, a lucrative entrepot well before the Spanish arrived, something the Spanish and Americans built upon, was destroyed in one month. From Feb. 3 to March 3, 1945, the US and Japanese forces waged war against each other in what is now known as the Battle of Manila. When all was said and done, over 100,000 lives were lost, and a city destroyed. Four hundred years of history, culture, and art, wiped out in a hail of fire and blood. WanderManila presents the “Stories from the War” Online Livestream Tour for free on the  WanderManila Facebook Page on Feb. 27 at 8 p.m. The tour will visit the key areas of the Battle of Manila to get the gist of the horrors that happened to the city during that fateful month.

Multimedia exhibition on WWII veterans

THE FILIPINAS Heritage Library, photographer Rick Rocamora, and journalist Howie Severino present “A Long Road to Dignity: A virtual multimedia exhibition on WWII veterans,” which is now live at Filipinas Heritage Library — Google Arts & Culture. The virtual multimedia exhibit features the documentary work of acclaimed photographer Rick Rocamora, pairing his photos with 1940-1945 images of Filipino soldiers from Filipinas Heritage Library’s Retrato Photo Archive and Roderick Hall Collection. Together they portray Filipino veterans’ wartime experiences and a long struggle linked to the Rescission Acts of 1946. Supplemented with audio and video materials from the Filipino Veterans Recognition and Education Project and filmmaker Howie Severino’s documentary Little Brown Man in San Francisco (1999-2001), the exhibit highlights the Filipino veterans’ contributions to rights movements in America and in the motherland. It brings into focus how veterans value themselves, striving to keep a dignified existence in the face of aging.

CCP launches a book on Cinemalaya

THE CULTURAL Center of the Philippines (CCP) will launch the book Scenes Reclaimed: CCP 50 x Cinemalaya 15 via Facebook live (https://fb.me/e/3VwwKPwIJ) on Feb. 25, 5 p.m. The publication is a joint project of the CCP Film, Broadcast and New Media Division and the CCP Visual Arts and Museum Division. Through images, objects, and motion pictures, the exhibit “Scenes Reclaimed” traced how “independent” cinema views the historical pursuit of freedom in the national narrative. This book, apart from serving as a catalog of the exhibit, also serves as educational material for Filipino students and makers of film, as a compendium of keywords for a critical pedagogy of Philippine cinema.

LGBTQIA+ safe spaces tackled in free public webinar

BUDDING scholar Gregorio “Gio” R. Caliguia III, who specializes on the history of gender and sexuality, will discuss how to create a safer Philippines for the LGBTQIA+ community in a free and public online lecture on March 5. Entitled “SENSE on LGBTQIA,” Mr. Caliguia will explain the implications of not having a gender-sensitive language. He will share the vital tools, connections and current challenges for the better communication for all genders, to include the LGBTQIA+. SOGIE (sexual orientation, gender identity, and gender expression) will likewise be discussed in depth. He will discuss archival rediscoveries on Philippine gay history, extended to the broader challenges of the LGBTQIA+ community. Mr. Caliguia is currently pursuing his Master’s Degree in Philippine Studies at the Asian Center of the University of the Philippines Diliman, where he specializes in Philippine gay historiography and is presently the Senior Research Specialist at Casa de Memoria auction house. The webinar is hosted by De La Salle-College of Saint Benilde’s Center for Inclusive Education (CIE), the first accredited LGBTQIA+ student-organization. “SENSE on LGBTQIA+” will be conducted via Zoom on March 5, 4 to 6 p.m. Interested participants may register through this link: https://senseonlgbtqia.eventbrite.com. For inquiries, visit the official Facebook page of Benilde Center for Inclusive Education (https://www.facebook.com/ciebenilde) or send an e-mail to cie@benilde.edu.ph.

Workshop on visualization

JOIN artist instructor Patricia Zulueta of Art Spark PH on Feb. 27, 4 p.m., for a workshop on making a visual reflection of one’s dreams and goals. The workshop is open to participants ages 13 and above. There is a requested donation of P500/participant. All proceeds help sustain the #YouArtNotAlone programs that champion the arts and support artists. To register, visit https://docs.google.com/forms/d/e/1FAIpQLSdlLAXXH_UQVYMbJQZ8rxXzIoBKxDj82OhpEoyGQWEEdCpK3Q/viewform

BSP moves to tighten cryptocurrency regulations to boost industry, market

MOVES BY THE central bank to tighten regulations for virtual asset service providers will help increase consumer confidence so the local cryptocurrency market can grow further, an industry player said.

“I actually do think that one of the things that perhaps may have inspired mistrust in the cryptocurrency market to begin with is the lack of regulation,” Philippine Digital Asset Exchange (PDAX)Founder and Chief Executive Officer Nichel Gaba said in a briefing on Tuesday.

“So anything that increases oversight, anything that increases supervision and adherence to customer protection, anti-money laundering, and also platform security are good for the industry and should help the industry grow,” he added.

The Bangko Sentral ng Pilipinas (BSP) in January tweaked its regulations to cover more types of virtual asset service providers (VASPs) and better guard against risks amid the heightened use of these services.

Under the revised framework approved by the Monetary Board, VASP activities covered by the central bank will now include the exchange between one or more forms of virtual assets, transfer of virtual assets, and safekeeping and/or administration of virtual assets or instruments enabling control of virtual assets.

These will be subject to the BSP’s licensing requirements, regulatory expectations for money service businesses and anti-money laundering, countering the financing of terrorism and proliferation financing obligations.

The initial framework released in 2017 only covered providers facilitating the exchange of fiat and virtual assets.

Last week, the BSP issued Memorandum No. 2021-013 which instructs virtual asset service providers to implement strict risk-based Know-Your-Customer mechanisms to ensure dirty money or terrorism financing risks are mitigated.

PDAX users last week experienced an outage just as the cryptocurrency Bitcoin breached $50,000.

The incident caused the platform to go for a 36-hour “system check” which Mr. Gaba said was “necessary to protect them, the public, and the integrity of the market.”

“When we discovered that an unfunded order made it to the system, we took the exchange down to prevent that order from affecting other accounts,” Mr. Gaba said. He noted that they have already restored all accounts although withdrawals will still need to undergo manual process.

The platform saw its user base grow by 15 times and volume surge by 70 times in the past 11 months, Mr. Gaba said.

PDAX began retail operations in 2019 and is among the 17 remittance and transfer companies with virtual currency exchange services registered with the BSP. — L.W.T. Noble

How PSEi member stocks performed — February 23, 2021

Here’s a quick glance at how PSEi stocks fared on Tuesday, February 23, 2021.

Peso climbs vs dollar ahead of Powell remarks

THE PESO strengthened against the greenback on Tuesday as the dollar sank to a one-month low and amid expectations of supportive monetary policy from the US Federal Reserve.

The local unit closed at P48.64 versus the dollar on Tuesday, gaining six centavos from its Monday’s finish of P48.70, data from the Bankers Association of the Philippines showed.

The peso opened the session at P48.72 a dollar. Its weakest showing was at P48.76 while its intraday best was its close of P48.64 against the greenback.

Dollars traded at $1.221 billion on Tuesday from $1.288 billion on Monday.

The peso gained due to the dollar’s weakness against major global currencies, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Meanwhile, a trader said currency trading was also affected by investors awaiting signals about the Fed’s monetary policy direction.

The dollar touched its lowest since Jan. 13 on Tuesday as investors shifted focus to how Fed chief Jerome Powell might respond to expectations of resurgent inflation, while commodity-linked currencies hovered near multi-year highs, Reuters reported.

The rise in inflation expectations as investors bet on a post-pandemic economic rebound and the so-called “reflation” trade had lifted US government bond yields and — briefly — the dollar until earlier this month.

But analysts expect Mr. Powell, who was set to testify before Congress at 1500 GMT, will provide reassurance that the Fed will tolerate higher inflation without rushing to raise rates. That might calm bond markets and eventually weigh on the dollar, they said.

“Mr. Powell will very likely reiterate that the Fed is a long way from meeting its goals and that it will likely take some time before ‘sufficient progress’ has been made to taper its bond purchase program,” UniCredit analysts said.

Joe Capurso, Commonwealth Bank of Australia currency analyst in Sydney, said he thought Mr. Powell would deliver “a bit of a cold shower and say: ‘Mr Market you’re getting a bit ahead of yourself….the US economy is long, long way from full employment.’”

The dollar index was last at 90.046, flat on the day, having earlier fallen to 89.941, its weakest since Jan. 13.

Positioning data shows investors overwhelmingly betting that a US dollar, which has been dropping since last March, will keep falling as the world recovers from the COVID-19 pandemic.

For today, Mr. Ricafort gave a forecast range of P48.55 to P48.75 per dollar, while the trader expects the exchange rate to move within the P48.55 to P48.75 band. — LWTN with Reuters

PSEi inches up as Duterte rejects shift to MGCQ

THE BENCHMARK Philippine Stock Exchange index (PSEi) inched up on Tuesday after President Rodrigo R. Duterte said Metro Manila’s shift to a modified general community quarantine (MGCQ) will only be possible once the country starts its vaccination program.

The PSEi rose by 4.33 points or 0.06% to finish at 6,814.67 on Tuesday. Meanwhile, the all shares index declined by 13.51 points or 0.32% to 4,141.72.

COL Financial Group, Inc. Chief Technical Analyst Juan G. Barredo said local shares barely moved as investors were disappointed with Mr. Duterte’s decision to delay the easing of quarantine restrictions.

“Perhaps some dismay over deferring the swing to MGCQ caused some edginess,” Mr. Barredo said in a Viber message on Tuesday.

“The PSEi managed to end the session with minuscule gains thanks to last-minute buying, despite suffering losses in early trading. Gains were led by large-cap holding firms as investors returned to the “diversified-portfolio trade” after President [Duterte’s] speech last night, wherein he announced that restrictions would not be eased on Metro Manila until there was a rollout of vaccines,” AAA Southeast Equities, Inc. Research Head Christopher John J. Mangun said via e-mail.

Majority of sectoral indices went down on Tuesday except for holding firms, which went up by 79.9 points or 1.14% to end at 7,076.78.

Mining and oil dropped 122.07 points or 1.24% to 9,682.45; financials decreased by 13.57 points or 0.92% to 1,447.31; industrials fell 70.47 points or 0.79% to 8,813.26; services declined by 10.12 points or 0.69% to 1,447.51; and property inched down by 19.23 points or 0.56% to end at 3,396.97.

Value turnover increased to P10.67 billion on Tuesday with 25.51 billion shares switching hands from the P8.5 billion seen on Monday with 16.43 billion shares.

Decliners beat advancers, 171 against 64, with 37 names closed unchanged.

Net foreign selling went down to P1.25 billion on Tuesday from the P1.36 billion seen the previous day.

“Investors returned to the Philippines for bargain hunting after successive sell-offs after recent economic data showed only a slightly better labor market amid increasing bond yields,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

COL Financial’s Mr. Barredo said the PSEi may stay at the 6,800 level as investors remain cautious.

“The index is trying to see if it can hold over its first but minor support of 6,800, which is followed by a stronger support base of 6,600-6,400,” he said.

“The general sentiment remains cautious as most investors were expecting a pick up in the economy’s recovery after restrictions were eased. We may not see a lot of downside from current levels, although it may also be a while before it sees a sustainable rally,” AAA Southeast Equities’ Mr. Mangun added. — Keren Concepcion G. Valmonte

AstraZeneca, Pfizer vaccines may arrive soon

By Vann Marlo M. Villegas, Reporter

THE PHILIPPINES may take delivery of coronavirus vaccines from AstraZeneca Plc soon after meeting the requirements under a global initiative for equal access, according to the World Health Organization (WHO).

“The Philippines has met all the requirements necessary for accessing AstraZeneca vaccines,” WHO country representative Rabindra Abeyasinghe told an online news briefing on Tuesday.

Mr. Abeyasinghe said WHO was looking at fast-tracking the delivery of at least a part of the shipments of AstraZeneca vaccines to the Philippines.

“We are optimistic that before the end of this week, we will hear from the COVAX initiative on likely delivery dates for Astrazeneca vaccines to the Philippines,” he added.

Vaccine czar Carlito G. Galvez earlier said the government would get 5.5 million to 9.3 million doses from AstraZeneca in the first half.

Mr. Abeyasinghe said the Philippine government was in talks with Pfizer, Inc. after its vaccine delivery got delayed.

The country failed to take delivery of 117,000 initial doses of Pfizer vaccines under the COVID-19 Vaccines Global Access (COVAX) facility in the absence of an indemnification plan that would protect vaccine makers from potential lawsuits.

“We believe that a limited quantity of Pfizer-BioNTech vaccines will be shipped as early as possible once this required exchange of letters is completed and the requirements are met by the Philippine government and the manufacturer of the vaccine,” Mr. Abeyasinghe said.

The WHO official also said drug makers had required the indemnification clause in the contracts after these were approved for emergency use.

“The indemnification clause is something that the manufacturers are demanding from any country,” Mr. Abeyansinghe said, adding that it applies to both direct purchase and through COVAX.

He also said the vaccine impasse involving Pfizer would be resolved as soon as some legal documents are cleared. “We will see a resolution of that impasse and maybe there will be room to  hear when potential deliveries can happen.

Mr. Galvez last week said the country had submitted agreements to the COVAX facility for the indemnity deal for Pfizer and AstraZeneca.

Meanwhile, WHO was evaluating vaccines developed by Chinese drug makers Sinovac Biotech and Sinopharm Group Co. Ltd.

The local Food and Drug Administration (FDA) has authorized the use of Pfizer, AstraZeneca and Sinovac for emergency use.

CASE TALLY
The Department of Health (DoH) reported 1,414 coronavirus infections on Tuesday, bringing the total to 564,865.

The death toll rose by 16 to 12,107, while recoveries increased by 72 to 522,941, it said in a bulletin.

There were 29,817 active cases, 88.4%  of which were mild, 5.7% did not show symptoms, 2.6% were critical, 2.5% were severe and 0.84% were moderate.

The DoH said five duplicates had been removed from the tally. Three deaths were reclassified as recoveries, while three recoveries were reclassified as deaths. Eight laboratories failed to submit their data on Feb. 22.

About 8.1 million Filipinos have been tested for the coronavirus as of Feb. 21, according to DoH’s tracker website.

The coronavirus has sickened about 112.3 million and killed almost 2.5 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization (WHO).

More than 87.9 million people have recovered, it said.

President Rodrigo R. Duterte this week said Manila, the capital and nearby areas would remain under a general lockdown until people get vaccinated against the coronavirus.

Mr. Duterte sees the importance of reopening the economy but he “gives a higher premium to public health and safety,” his spokesman Herminio “Harry” L. Roque, Jr. said on Monday night.

Mr. Roque said the President had ordered his Cabinet officials to start the vaccination “the soonest possible time” so quarantines could be further eased.

The country’s economic planners had been urging the President to relax the lockdown to boost consumption and stimulate economic growth.

Economic recovery could be dragged by the government’s slow mass vaccination program, think tank Capital Economics said in a note on Tuesday. 

“In Malaysia, the Philippines and Indonesia, the slow vaccine rollout means that restrictions will need to remain in place for longer, holding back the economic recovery,” it said.

Without the vaccine, ING Bank economist Nicholas Mapa said economic output would continue to shrink this quarter, while growth in the next quarters will only be supported by last year’s low base.

“The one true antidote to the lack of confidence would be the vaccine procured by the government as this would generate GDP (gross domestic product) momentum via increased government expenditure, while simultaneously curing Filipinos’ anxiety tied to catching the virus,” he said in a note.

The National Economic and Development Authority last week recommended placing the entire Philippines under the most relaxed quarantine level.

Metro Manila and the Cordillera Administrative Region were kept under a general quarantine this month amid rising coronavirus cases.

Also under a general lockdown were Batangas, Tacloban City, Davao City, Davao del Norte, Lanao del Sur and Iligan City. The rest of the country is under the lowest quarantine level.

Researchers from the University of the Philippines earlier said coronavirus cases in the capital region could reach as high as 2,400 daily if the lockdown was eased.

Acting Socioeconomic Secretary Karl Kendrick T. Chua said his office supports Mr. Duterte’s decision not to relax quarantines. “The whole of government will work hard, in cooperation with various sectors, to roll out the vaccine so that we can further open the economy,” he said in a Viber group message. — with Beatrice M. Laforga

DICT adopts cell tower-building goal of 5,000 a year for 3 years

THE Department of Information and Communications Technology is set to issue “provisional approval for the right of way for the government’s ICT infrastructure projects. — MARIO CARUSO, UNSPLASH

THE Department of Information and Communications Technology (DICT) has set a target of 5,000 new cellular towers a year over the next three years, as part of a broader effort to improve connectivity, a Palace official said.

Cabinet Secretary Karlo Alexei B. Nograles added that the DICT will soon announce the approval of right of way for two major connectivity projects, a key preparatory milestone that brings the projects closer to construction.

Mr. Nograles was detailing the DICT’s overall strategy for improving connectivity, the so-called CHIP (Connect, Harness, Innovate, Protect) framework.

The DICT is set to issue “provisional approval for the right of way for the government’s ICT infrastructure projects, specifically the National Broadband Program phase one and Luzon Bypass Infrastructure,” he said.

Mr. Nograles said the DICT will also issue a joint memorandum circular soon “for fiber, common poles, and in-building solutions for national compliance,” while also setting rules allowing telecommunications firms to work on their projects safely during the pandemic.

“The ultimate objective is to connect the Filipino people, and to provide the means for our kababayan to not just survive, but thrive in the digital age,” he said at a televised briefing.

One component of the new approach is the adoption of a fixed table of fees to be collected by local government units on ICT infrastructure projects and a “standard fee structure for telco firms to install and repair at the barangay level.”

With the new strategy, “the government expects an average of 5,000 towers per year to be built over the next three years,” Mr. Nograles said.

“Efforts are actually underway to ensure improved access to the internet. These include easing regulatory burdens through progressive regulations and policies, such as the entry of a third telco and issuance of a JMC (joint memorandum circular) on tower permits, and initiatives to spur growth and expansion through catalytic programs and projects.”

Citing crowdsourced data from Ookla, the DICT said the Philippines ranked 86th in global mobile internet speed in January, up 25 places from a year earlier. Its speed ranking for fixed broadband was unchanged at 100th. — Kyle Aristophere T. Atienza

PHL 2020 metals output up 1.13% by value

THE VALUE of the metallic mining industry’s output in 2020 rose 1.13% to P132.21 billion, driven by improved nickel volumes, the Mines and Geosciences Bureau (MGB) said.

In a report Tuesday, the MGB said nickel ore and its by-products accounted for 51.8% or P68.48 billion of the total, followed by gold at 36% or P47.60 billion, and copper 11.25% or P14.88 billion, with silver, chromite, and iron combining for P1.26 billion.

The volume of direct-shipping nickel ore, the form in which the metal is exported for processing overseas, rose 3.3% year on year to 333,962 metric tons (MT), and was worth P38.39 billion.

“Of the 30 nickel mines, the key producers were Taganito Mining Corp. (TMC) with 67,324 MT, followed by Rio Tuba Nickel Mining Corp. (RTNMC) with 46,571 MT. In third was Platinum Group Metals Corp. with 32,848 MT,” the MGB said.

The MGB said 11 mining projects reported zero output, including eight on Dinagat Island, and one each in Isabela, Zambales, and Davao Oriental. These mines were either in care and maintenance status or subject to suspension orders by the government.

The MGB said nickel benefited from the rise in metal prices due to supply disruptions and strong demand from the stainless steel industry in China. It also flagged an overall reduction in supply due to Indonesia’s nickel ore export ban.

“Tight supply coupled with strong demand will naturally push prices to better levels. Next to Indonesia, the Philippines is the largest supplier of nickel ore to China,” the MGB said.

“China was still the country’s top export market for its nickel ore followed by Japan in 2020,” it added.

In 2020, output of mixed nickel-cobalt sulfide fell to 49,647 MT, valued at P29.76 billion. A year earlier, the corresponding totals were 51,144 MT, worth P31.70 billion.

Taganito HPAL Nickel Corp. based in Surigao del Norte, produced 62% or 30,587 MT, followed by Coral Bay Nickel Corp. in Palawan with 38% or 19,060 MT.

Meanwhile, the MGB said output of gold, silver, and copper dropped in 2020 in the absence of the output of the suspended Didipio Gold-Copper Project of OceanaGold Philippines, Inc. in Nueva Vizcaya.

In 2020, gold output dropped 15.6% to 17,424 kilograms (kg). By value, however, the precious metal rose 0.5% to P47.60 billion.

MGB said Philippine Gold Processing Refining Corp. in Masbate produced 6,045 kg valued at P15.33 billion.

Silver output fell 23.2% to 24,024 kg in 2020, while value declined 6.9% to P770.50 million.

The top silver producer was Apex Mining Corp., with 11,631 kg, worth P0.38 billion.

The MGB said copper output in 2020 fell 15.4% to 60,856 MT valued at P14.88 billion.

Cebu-based Carmen Copper Corp. produced 48,576 MT valued at P11.19 billion, followed by Philex Mining Corp. with 11,964 MT worth P3.65 billion, and Lepanto Consolidated Mining Corp. 316 MT valued at P0.42 billion.

According to the MGB, gold and silver prices in 2020 were higher than their pre-pandemic levels. It said the average gold price in 2020 was $1,770.21 per troy ounce, up 27.3%. Silver prices rose 26.6% to $20.45 per troy ounce.

“Experts said that the upward trend for precious metals gold and silver was attributed to depreciation in the US dollar and lower interest rates,” MGB said.

The MGB said the outlook for the minerals industry in 2021 remains uncertain due to the effects of the coronavirus disease 2019 (COVID-19) pandemic, which has disrupted mining operations.

“The companies have no recourse but to reduce total man-hours and manpower or worse, impose lockdowns to comply with the health protocols set by local and national governments,” the MGB said.

The MGB said another factor is the continued non-production of some mining operations due to environment-related suspensions, unfavorable weather, or care and maintenance.

In 2020, MGB estimated the number of productive operations at 18 nickel mines, eight gold with silver as a by-product, three copper with gold and silver as by-products; two nickel processing plants; two gold processing plants; one iron mine; one chromite mine; and other small-scale chromite mining operations.

“We are hoping that as the year progresses new mining projects will enter production and those mining operations that recorded zero production in 2020 will resume operations to inject a much-needed lift to the minerals sector,” MGB said. — Revin Mikhael D. Ochave

Duterte critic asks court to junk drug trafficking charges

ONE OF President Rodrigo R. Duterte’s staunchest critics has asked a Muntinlupa court to dismiss drug trafficking charges against her after prosecutors allegedly failed to present evidence of her guilt.

In a 70-page motion for reconsideration, Senator Leila M. de Lima and her co-accused Ronnie P. Dayan said the court had failed to present all the facts that would have contradicted the charges.

She said prosecutors had failed to produce one credible witness against her. “Having failed to do so, the honorable court cannot be complicit in this gross miscarriage of justice by supplementing the absence of evidence with suppositions and hearsay statements,” she said.

“The price of a person’s life and liberty demands greater respect than what has thus far been accorded to the accused,” she added.   

Ms. De Lima is on trial for allegedly abetting the illegal drug trade in the country’s jails when she was still Justice secretary. She was accused of extorting millions of pesos from a drug lord that she allegedly used to finance her senatorial campaign in 2016.

She has been jailed at the Philippine National Police Custodial Center in Camp Crame since February 2017. Several witnesses against Ms. De Lima were drug convicts serving time at the national penitentiary in Muntinlupa City.

The court earlier rejected Ms. De Lima’s plea to dismiss the case for lack of evidence.

Meanwhile, the senator urged the Justice department to charge prosecution witness Joel Capones and his 13 superiors for drug trafficking.

In a Feb. 22 letter to Justice Secretary Menardo I. Guevarra, Ms. De Lima noted that when the witness testified against her, the gang leader had admitted having trafficked illegal drugs.

He along with several drug convicts had accused the lawmaker of extorting millions of pesos in drug money. Ms. De Lima said the gang leader had no pending drug cases despite his admission.

Mr. Guevarra in a mobile phone message said he had read the letter and would “take this matter under advisement.”

The European Union Parliament earlier adopted a resolution urging the Philippines to free Ms. De Lima and look at extrajudicial killings in Mr. Duterte’s anti-drug campaign.

An Anti-Money Laundering Council investigator had said investigations found no money flowed from the bank accounts of the senator and her co-accused. — Bianca Angelica D. Añago

1...6,9766,9776,978...12,768Page 6,977 of 12,768
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube