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How Japan plans to release contaminated Fukushima water into the ocean

An aerial view shows the storage tanks for treated water at the tsunami-crippled Fukushima Daiichi nuclear power plant in Okuma town, Fukushima prefecture, Japan, Feb. 13, 2021, in this photo taken by Kyodo. Kyodo/via REUTERS

TOKYO – Japan plans to release into the sea more than a million tonnes of radioactive water from the destroyed Fukushima nuclear station, it said on Tuesday. Plant operator Tokyo Electric Power Company Holdings Inc (Tepco) will begun pumping out water in about two years after treatment in a process that will take decades to complete.

 

CONTAMINATED WATER

Tepco has been struggling with the build-up of contaminated water since bringing three reactors under control after a 2011 earthquake and tsunami knocked out electricity and cooling.

The company has been using a makeshift system of pumps and piping to inject water into damaged reactor vessels to keep melted uranium fuel rods cool.

The water is contaminated as it comes in contact with the fuel before leaking into damaged basements and tunnels, where it mixes with groundwater that flows through the site from hills above. The combination results in excess contaminated water that is pumped out and treated before being stored in huge tanks crowding the site.

Those tanks now hold about 1.3 million tonnes of radioactive water, enough for about 500 Olympic-sized swimming pools.

Efforts to tackle the problem have included building an “ice wall” around the damaged reactors and wells to draw groundwater away before it reaches the reactors. These measures have slowed, but not halted, the buildup of contaminated water.

Over the years, Tepco has also battled leaks, spills, malfunctioning equipment and safety breaches, hindering cleanup efforts expected to run for decades.

In 2018, Tepco admitted it had not filtered all dangerous materials out of the water, despite saying for years they had been removed.

 

WATER RELEASE

Tepco plans to filter the contaminated water again to remove isotopes, leaving only tritium, a radioactive isotope of hydrogen hard to separate from water. Tepco will then dilute the water until tritium levels fall below regulatory limits, before pumping it directly into the ocean from the coastal site.

Water containing tritium is routinely released from nuclear plants around the world and releasing the Fukushima water to the ocean is supported by regulatory authorities.

Tritium is considered to be relatively harmless because it does not emit enough energy to penetrate human skin. But when ingested it can raise cancer risks, a Scientific American article said in 2014.

The first water release is not expected for about two years, time Tepco will use to begin filtering the water, building infrastructure and acquiring regulatory approval.

Until then, the buildup of contaminated water will continue, with annual costs of water storage estimated at about 100 billion yen ($912.66 million).

Once begun, the water disposal will take decades to complete, with a rolling filtering and dilution process, alongside the planned decommissioning of the plant.

 

REACTION TO OCEAN RELEASE

Tepco is engaging with fishing communities and other stakeholders and is promoting agriculture, fishery and forest products in stores and restaurants to reduce any reputational harm to produce from the area.

However, environmental groups, including Greenpeace, say the government should build more tanks to hold the water outside the plant instead of choosing the cheaper option of ocean release. Many people have questioned Tepco’s plans because there is a high level of distrust of the company.

Fishing unions in Fukushima urged the government for years not to release the water, arguing it would undo work to restore the damaged reputation of their fisheries.

Last October, the head of Japan’s fisheries unions said releasing the water would have a “catastrophic impact” on the industry.

Neighbouring countries have also expressed concern. On, a foreign ministry spokesman in South Korea, which maintains restrictions on Japanese produce, said it “expresses serious concerns that the decision could bring a direct and indirect impact on the safety of our people and surrounding environment.”

Municipal councils in Busan and Ulsan, South Korean cities close to the sea, have called for the release plan to be scrapped.

In China, a foreign ministry spokesman in October urged Japan to act with a “high sense of responsibility towards its own people, neighbouring countries and the international community”.

To view a graphic of the methods to contain water leaks at the Fukushima site, please click on: http://reut.rs/1QGhFIl

World Bank, Gavi urge countries with excess COVID-19 vaccines to release them

WASHINGTON – World Bank President David Malpass and José Manuel Barroso, chair of the Gavi vaccine alliance, on Monday discussed the importance of countries with excess COVID-19 vaccine supplies releasing them as soon as possible, the World Bank said.

Malpass expressed his desire to work closely with Gavi on a 2022 strategy, including helping expand vaccine production capacity for developing countries, the bank said in a statement.

The two officials also discussed the need for more transparency by countries, suppliers and development partners on vaccine contracts, and regarding national export and supply commitments and requirements, the bank said.

“During their meeting, President Malpass and Mr. Barroso discussed challenges facing acquisition and deployment of COVID-19 vaccines by developing countries and the importance of countries with excess vaccine supplies releasing them as soon as possible,” it said.

Malpass has been outspoken about the need to accelerate vaccinations to contain the pandemic and limit further economic damage. Last week, he warned the slow rollout of vaccines in Europe could weigh on the region’s economic growth.

On Monday, the bank said it had committed $1.7 billion of $12 billion that it has made available for vaccine development, distribution and production in low- and middle-income countries, with around $4 billion expected to be approved by mid-year.

Malpass said those funds could be used to make co-payments to the COVAX vaccine distribution initiative, and to buy additional doses beyond the basic 20% population coverage.

With new variants of the virus emerging, public health officials have warned the world could lose the race between the coronavirus and the vaccines meant to stop it due to the slow pace of vaccinations in developing nations.

The World Health Organization is urging more political will to boost production of COVID-19 vaccines and share supplies, including through stalled intellectual property waivers on vaccines through the World Trade Organization. – Reuters

China’s exports rise at robust pace in March, imports growth highest in 4 years

BEIJING – China’s exports grew at a robust pace in March in yet another boost to the nation’s economic recovery as global demand picks up amid progress in worldwide COVID-19 vaccination, while import growth surged to the highest in four years.

The data suggests the world’s second largest economy will continue to gather momentum as it emerges from the COVID-19-led slump in early 2020, though a lagging consumer rebound and resurgence in COVID-19 cases in many countries have raised risks for the outlook.

Exports in dollar terms soared 30.6% in March from a year earlier, but at a slower pace from a record 154.9% growth in February. The analysts polled by Reuters have forecast a 35.5% jump in shipments.

“Strong foreign demand is likely to be sustained throughout the second quarter as the global economy further recovers,” said Nie Wen, analyst at Nie Wen, economist at Hwabao Trust.

“But with the acceleration in global vaccination efforts, industrial sectors in other countries are gradually restarting. It remains to be seen that if China’s stellar export growth will begin to slide.”

Despite sporadic COVID-19 cases in China’s border cities, authorities have been able to largely contain the virus in a boost to the lagging consumer recovery.

Beijing managed to largely bring the COVID-19 pandemic under control much earlier than many countries thanks to stringent anti-virus curbs and lockdowns at the initial phase of the outbreak last year.

The data showed total imports jumped 38.1% year-on-year last month, the fastest pace since February 2017 on high commodity prices, beating a 23.3% forecast and compared with 17.3% growth in February.

The nation imported 1.02 million tonnes of meat in March, the highest monthly volume since at least January 2020, while imports for soybeans iron ore, copper and crude oil also rose.

China posted a trade surplus of $13.8 billion last month, versus analysts expectations for the surplus to rise to $52.05 billion from $37.88 billion in February.

 

TRADE CHALLENGES

Official and private manufacturing surveys in China pointed to robust growth, with export orders returning to growth amid improving foreign demand.

However, many analysts believe exports could lose some momentum in the short term and the advantages of orders transferred from other countries due to coronavirus-related disruptions will begin to abate.

Liu Kuiwen, customs spokesman, said that overall trade growth in the second quarter could show the pace slowing due to a higher base comparison in the year-ago period when a jump in pent-up demand boosted the headline figures.

The resurgent COVID-19 infections abroad and constraints in global trade have left some companies grappling with prolonged delivery timeframes and surging prices of raw materials.

Makers of cars and electronic devices from televisions to smartphones are sounding alarm bells about a global shortage of chips, which is causing manufacturing delays as consumer demand bounces back from the coronavirus crisis.

Meng Xianglong, founder of Heji Trade & Credit Research Centre based in the port city of Ningbo, believes the recent surging commodity prices have already deterred some exporters from taking on orders, especially those small firms, in signs of the weaknesses to come for the next couple of months.

“Factories are now facing a squeeze in profits. Even though today’s data are robust, they’re suffering from pains in reality.”

China’s gross domestic product expanded 2.3% last year, the only major economy to post growth in 2020, underpinned by solid demand for goods such as medical and work-from-home equipment.

Still, the massive initial hit from the COVID-19 crisis meant China’s growth in 2020 was still its weakest in 44 years.

This year, China has set a modest growth target of at least 6%, as authorities plotted a careful course out of a year disrupted by COVID-19 and amid heightened tensions with the United States.

China’s trade surplus with the United States slipped to $21.37 billion in March from a $23.01 billion in February.

President Joe Biden said last month that the United States was not seeking confrontation with China over differences on trade.

Brazil, Philippines due to get Pfizer shots from COVAX in Q2 

GENEVA – Some 14.1 million doses of the Pfizer BioNTech COVID-19 vaccine have been allocated to 47 countries and economies for delivery in the second quarter of this year, the Gavi Vaccine Alliance said on Monday.

Brazil, Colombia, Mexico, the Philippines, South Africa, and Ukraine are set to be among the main recipients of the Pfizer vaccine between April and June, according to Gavi, which co-leads the COVAX facility with the World Health Organization (WHO) and other partners.

The COVAX programme offers a lifeline to low-income countries in particular, allowing them to inoculate health workers and others at high risk, even if their governments have not managed to secure vaccines from the manufacturers.

Australia, Britain, Kuwait, and the United Arab Emirates are due to receive their first shots via COVAX with the Pfizer doses, which is “based on current knowledge of COVID-19 vaccine supply availability”, Gavi said in a statement.

The programme delivered nearly 38.4 million doses of COVID-19 vaccines to 102 countries across six continents, six weeks after it began to roll out supplies, Gavi said last Thursday.

Deliveries of the AstraZeneca vaccine to 142 participants under a previously announced round were underway, “with some delays” that may extend deliveries past May, Gavi said on Monday.

Reduced availability delayed some deliveries in March and April, and much of the output of the Serum Institute of India, which makes the AstraZeneca vaccine, is being kept in India, where the number of daily infections is spiralling.

The chief executive of Gavi, Seth Berkley, said last Friday that COVAX aimed to deliver one third of a billion COVID-19 doses by mid-year, on the way to more than 2 billion in 2021. — Reuters

Duterte reappears in public, dismisses rumors of health problems

MANILA – Philippine President Rodrigo Duterte reappeared in public on Monday after an absence of nearly two weeks which had fuelled concerns about his health that the government insists are unfounded.

The Philippines is battling one of the worst coronavirus outbreaks in Asia, with hospitals in the capital Manila overwhelmed amid record daily infections, while authorities face delays in delivery of COVID-19 vaccines.

Duterte, who is 76 and has not yet been vaccinated against COVID-19, resumed his weekly televised address, during which he dismissed rumors that he was in declining health and that the government was trying to keep his condition under wraps.

“If you are saying that I have a sickness that would prevent me from exercising the powers of the presidency, there’s none,” he said, in response to the concerns.

Duterte last appeared on television on March 29. He cancelled his address scheduled on April 7 to minimise his exposure as there had been an increase in active cases of COVID-19 among his staff, including some of his security detail.

To prove Duterte was well, his closest aide, Christopher “Bong” Go, a senator, posted images on social media of the president playing golf, riding a motorcycle and jogging in the presidential palace over the weekend.

“The reason I can swing (a golf club) and ride the motorcycle is because I still can,” said Duterte, whose known ailments include back problems, migraines due to nerve damage after a motorcycle accident, Barrett’s oesophagus, which impacts his throat, and Buerger’s disease, caused by his heavy smoking.

His government is facing renewed criticism over its handling of the pandemic after a surge in COVID-19 infections that forced authorities to reimpose stricter curbs in the region of Manila and in nearby provinces for two weeks. The restrictions will be eased from April 12.

The Philippines has recorded more than 876,000 COVID-19 cases and over 15,000 deaths since the start of the pandemic.

Duterte said he was willing to give his own vaccination slot to someone who needed it more.

“If anyone wants to have it, they can have it,” Duterte said. — Reuters

MultiSys, APPEND launch financial app to benefit 8.5 million microfinance members

Leading software solutions company Multisys Technologies Corporation and microfinance group APPEND launch AppendPay, an online system, and mobile application that will ease business processes and create seamless transactions for APPEND’s 8.5 million participating microfinance members.

AppendPay aims to expedite the process of approving and disbursing microfinancing of its members. Apart from providing them with a convenient and secure environment for their microfinancing and money transactions, the system will also encourage transparency within the organization and lessen human error.

“Apart from advancing technology to better service our members, AppendPay will help underserved sectors in the country through the promotion of electronic service inclusion. This will also provide additional livelihood opportunities in remote areas, and offer alternative and secure credit services,” said APPEND Board Chair Angel L. De Leon, Jr. “We commend MultiSys for their speed in expediting AppendPay. For that, they truly have become an important asset to our entire microfinance community.”

The launch of this mobile app strengthens MultiSys’ thrust to empower micro and small businesses with the right tools, innovative services, and reliable systems to implement advanced software solutions. Furthermore, it provides APPEND with a system that will automate and manage its membership acquisition process, as well as an eCommerce platform where members can buy and sell products, remit money, and sell online tickets.

“The current restrictions and fast-paced growth of micro and small enterprises in the country have created an opportunity for the technology industry to address their emerging need for more efficient and secure operations through advanced digital solutions,” MultiSys founder and CEO David Almirol said. “Through this collaboration with APPEND, we acknowledge every Filipino’s right to digital convenience and further our mission to make technology accessible to everyone.”

MultiSys continues to advance the digital transformation and sustainability of the microfinance industry, as well as businesses, government institutions, and communities, through its cutting-edge systems solutions and technologies.

LT Group, Inc. announces schedule of stockholders’ meeting

NOTICE OF ANNUAL SHAREHOLDERS’ MEETING

To All Shareholders:

Please be informed that the Annual Stockholders’ Meeting of LT GROUP, INC. will be conducted through remote communication on 05 May 2021 at 10:00 am via the video conferencing application, Zoom. 

The Agenda for the said Meeting shall be as follows:

  1. Call to Order
  2. Secretary’s Proof of Notice of Meeting/Certification of Quorum
  3. Approval of the Minutes of the 2020 Annual Stockholders’ Meeting held on 30 June 2020
  4. Management Report
  5. Ratification of All Acts, Transactions, and Resolutions by the Board of Directors and Management in 2020
  6. Election of Directors
  7. Amendment of the By-Laws of the Corporation  
  8. Appointment of External Auditor
  9. Adjournment

Only stockholders of record and in good standing as of the close of business hours on 12 March 2021 will be entitled to notice of, and to vote at, the meeting.

Procedures for registration and participation in the Meeting, as well as the contact details of persons to whom you may send your inquiries, are set forth in the Guidelines attached to this Notice. Registration will run until 26 April 2021. The meeting ID and password will be sent through electronic mail to the successful registrants. Stockholders are encouraged to log-in at least two (2) hours before the Meeting.

For your convenience, a copy of the Information Statement, Management Report, and Audited Financial Statements will be available for viewing and download at the company website (https://ltg.com.ph/) under the Disclosures tab and at the PSE Edge (https://edge.pse.com.ph/companyDisclosures/form.do?cmpy_id=12).

All shareholders are cordially invited to attend the Meeting.  However, if you are unable to attend, you may designate your authorized representative by submitting a scanned copy of your proxy form to ltgasm@ltg.com.ph not later than 29 April 2021. All proxies received will be validated on 30 April 2021.

Lastly, a visual and audio recording of the Meeting will be secured in accordance with the requirements of the Securities and Exchange Commission.

08 April 2021.

 

 

 

LT GROUP, INC. 

(GUIDELINES FOR ANNUAL STOCKHOLDERS’ MEETING 2021)

As provided in the Notice to Stockholders, the Company’s Annual Stockholders’ Meeting shall be conducted via remote communication through the video conferencing application, Zoom. Stockholders are invited to register by sending the following requirements to ltgasm@ltg.com.ph no later than 26 April 2021.

REGISTRATION 

a. For Individual Stockholders 

  • A scanned copy of the front and back portions of the Stockholder’s valid government-issued photo ID* with residential address. This must be in a digital, JPG format with a file size no larger than 2MB. 
  • Valid and active e-mail address
  • Valid and active contact number (landline or mobile number)
  • Tax Identification Number (TIN)

b. For Stockholders with Joint accounts 

  • In addition to the requirements for Individual Stockholders, a scanned copy of the authorization letter signed by all Stockholders owning the share/s jointly providing who among them is authorized to cast the vote for the account. The authorization letter must be in a digital, JPG format with a file size no larger than 2MB. 

c. For Corporate Stockholders 

  • Scanned copy of a Secretary’s Certificate attesting to the authority of the representative to vote for and on behalf of the Corporation. This must be in a digital, JPG format with a file size no larger than 2MB.
  • Scanned copy of the front and back portions of the valid government-issued photo ID* of the Stockholder’s representative with residential address. This must be in a digital, JPG format with a file size no larger than 2MB. 
  • Valid and active email address of the Stockholder’s representative
  • Valid and active contact number of the Stockholder’s representative (landline or mobile number)
  • Tax Identification Number (TIN)

d. For Individual Stockholders represented by a Proxy or authorized person

  • In addition to the requirements for Individual Stockholders in Item (a), the same requirements shall be submitted by the Proxy or authorized person.  
  • Scanned copy of the notarized Proxy Form or an authorization letter signed by the Stockholder to cast the vote for the account. This must also be in a digital, JPG format with a file size no larger than 2MB. 

e. For Stockholders under Broker accounts 

  • Scanned copy of the broker’s certification, signed by the duly authorized signatory/ies, on the Stockholder’s number of shareholdings. This must also be in a digital, JPG format with a file size no larger than 2MB. 
  • Scanned copy of the front and back portions of the Stockholder’s valid government-issued photo ID* with residential address. This must be in a digital, JPG format with a file size no larger than 2MB. 
  • Valid and active email address
  • Valid and active contact number (landline or mobile number)

REMINDERS

  • All successfully registered Stockholders will receive an electronic invitation via electronic mail containing the meeting ID, password and the rules and procedures for the meeting.
  • On the date of the Meeting, Stockholders are encouraged to log-in at least two (2) hours before the Meeting to allow the Company to address possible technical issues without delaying the Meeting. 
  • Only Stockholders who have notified the Company of his/her/its intention to participate in the Meeting by remote communication, have registered therewith, or sent in their proxies, will be included in the determination of the existence of a quorum.

VOTING 

Stockholders may cast their votes by accomplishing the proxy form and submitting a scanned copy thereof to ltgasm@ltg.com.ph on or before April 29, 2021. Validation of the proxies shall be held on April 30, 2021.  

Please take note that the Company is not asking for or soliciting proxies. 

QUESTIONS

Inquiries and/or comments limited to the items in the Agenda of the Meeting may be sent to ltgasm@ltg.com.ph on or before April 27, 2021.

Inquiries and/or comments received after the deadline shall be referred to the Company’s Investor Relations Officer for the appropriate response.

January FDI inflows highest since 2019

REUTERS

FOREIGN INVESTMENT flows to the Philippines recovered in January to the biggest monthly print since 2019, which the central bank attributed to investor optimism as the economy gradually reopened.

Net inflows of foreign direct investments (FDI) surged by 41.5% to $961 million in January from $679 million a year earlier and nearly double the $509 million in December, data from the Bangko Sentral ng Pilipinas (BSP) showed.

This was the biggest monthly FDI inflow since the $1.362 billion logged in December 2019, just before the coronavirus disease 2019 (COVID-19) outbreak started spreading around the world.

“This development reflects the investors’ optimism at the start of the year due in turn to the gradual reopening of the economy under the ‘new normal’ condition, easing of lockdown measures, and positive news about the rollout of COVID-19 vaccines,” the BSP said in a statement.

FDI inflows mainly increased due to investments through debt instruments, which more than doubled (116%) to $535 million from $248 million a year earlier.

Equity other than reinvestment of earnings inched up by 0.5% to $351 million. Placements slid by 3.3% to $362 million, while withdrawals slumped by 57.9% to $10 million.

Investments mainly came from Singapore, Japan and the Netherlands and were channeled mostly to businesses such as financial and insurance; manufacturing; and professional, scientific and technical industries, the BSP said.

Meanwhile, reinvestment of earnings fell by 9.2% to $74 million in January, from $82 million a year ago.

Inflows through equity and investment fund shares likewise slipped by 1.4% to $426 million from $431 million.

Amid the pandemic, FDI inflows to the Philippines declined by a quarter to $6.542 billion in 2020, from $8.671 billion in 2019. This was the lowest annual tally since the $5.63-billion FDI inflows recorded in 2015.

This year, the central bank expects FDI to grow by $7.8 billion due to the expected recovery.

FDI flows in January reflect the optimism for the Philippines’ recovery at the beginning of the year, Security Bank Corp. Chief Economist Robert Dan J. Roces said in an e-mail.

“Rising cases locally and the resulting curbs could have dampened this, however,” he said.

As of Monday, the Health department reported 11,378 new cases, bringing the active cases to 157,451 — the highest in Southeast Asia.

Lockdown restrictions in Metro Manila and nearby provinces were slightly eased on Monday, amid pleas from the business community to reopen the economy.

Meanwhile, the country’s tax reform agenda may also have attracted more investors and drove FDI flows higher in January, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

“Some foreign investors may have started to come in view of the progress made on the CREATE (Corporate Recovery and Tax Incentives for Enterprises) Law,” Mr. Ricafort said in a note.

Republic Act 11534 was signed into law on March 26. It brings down the corporate income tax immediately to 25% from 30%, and will reduce it further by 1 percentage point every year from 2023 to 2027. — Luz Wendy T. Noble

Infrastructure spending picks up

PHILIPPINE STAR/ MICHAEL VARCAS
The government is expected to ramp up infrastructure spending to boost the economy’s recovery. — PHILIPPINE STAR/ MICHAEL VARCAS

GOVERNMENT SPENDING on infrastructure snapped a six-month losing streak in February after the implementation of projects under the second stimulus package gained traction, the Department of Budget and Management (DBM) reported on Monday.

Latest DBM data showed infrastructure and other capital outlays jumped by 23.1% year on year to P56.1 billion in February. This was also 9.4% higher than the P51.3 billion spent in January.

This brought total infrastructure spending to P107.4 billion for the two months, 14.4% higher than the same period a year ago.

Infrastructure spending had been on a steady decline throughout the second half of 2020,  when the government slashed budgets to fund its pandemic response.

The DBM attributed the bigger spending to payments made by the Department of Public Works and Highways (DPWH) for completed infrastructure projects that started last year as well as the mobilization costs for projects such as road widening, rehabilitation and flood control, that will be rolled out this year.

It was also boosted by the release of infrastructure funds under Republic Act No. 11494 or the Bayanihan to Recover as One Act (Bayanihan II), the second stimulus package of the government that began last year but was extended until June so unspent funds could be used.

“The construction of farm-to-market roads of the Department of Agriculture under Bayanihan II, as well as payables related to the provision of farm machineries and equipment (e.g., tillers, tractors, seeders, threshers, rice planters, harvesters) to qualified farmer organizations as provided in RA No. 11203 or the Rice Tariffication Law also contributed to the higher infrastructure and other capital expenditures,” the DBM said.

Economic managers touted infrastructure spending as one of the biggest stimulus measures to help drive recovery. They also assured that funding for “Build, Build, Build” projects would not be affected by budget cuts this year.

The government allocated P1.2 trillion for infrastructure projects this year to fuel economic growth and help complete big-ticket projects before the Duterte administration ends its term by mid-2022.

“In terms of disbursements, spending is expected to further pick up in March given the trend of increasing expenditures towards the third month of the quarter before the validity of cash allocations end,” the DBM said.

The government is expected to increase spending for infrastructure projects during the dry season.

Other programs that will support state spending this quarter include the implementation of other Bayanihan II projects and the payment of the P23-billion cash aid to low-income households affected by the March 29-April 11 strict lockdown in Metro Manila and nearby provinces.

Budget for projects under Bayanihan II mainly propped up infrastructure spending in the first two months of the year, said ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa.

However, Mr. Mapa said the uptick is unlikely to be sustained and might drop in the coming months given the high base last year, the government’s belt-tightening plans and the lack of a third stimulus package.

“Overall, we expect only a modest pickup in government spending in 2021 given fiscal austerity with bouts of ECQ (enhanced community quarantine) thwarting construction efforts which would lead to delayed spending,” he added.  

Robert Dan J. Roces, chief economist at Security Bank Corp., said infrastructure spending would remain a key growth driver this year with its huge multiplier effects through job creation and a boost in imports and other related industries.

“The early infrastructure spending bodes well for a recovering economy, but sustainability will be something to watch out for as uncertainties in the pandemic could weigh on momentum, with on-again/off-again lockdowns looming, especially in the second half when it is expected that the larger infra spending will take place,” Mr. Roces said in an e-mail.  —  Beatrice M. Laforga

Vaccination key to recovery — Diokno

PHILIPPINE STAR/ MICHAEL VARCAS
The government’s COVID-19 vaccination program is currently for top three priority groups — healthcare workers, senior citizens, and individuals with comorbidities. — PHILIPPINE STAR/ MICHAEL VARCAS

MASS VACCINATION will be key to the Philippines’ economic recovery, which is seen by 2022, according to Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno.

“Inaasahan namin na makakabawi din tayo, siguro sometime in 2022, makakabalik tayo doon sa where we were before, in 2019 at ’yun naman ay nakabase rin sa kung gaano kabilis natin madedeploy ’yung vaccination (We expect that we can bounce back maybe sometime in 2022, we can go back to where we were before, in 2019 and that is based on how fast we can deploy our vaccination),” Mr. Diokno told a televised news briefing on Monday.

Mr. Diokno said the government should prioritize creating jobs. He noted that results of the BSP’s recent Business Expectations Survey showed companies were optimistic and were eyeing to expand hiring in the next few months.

Economic managers expect the economy to grow by 6.5% to 7.5% this year but have warned that the two-week strict lockdown in Metro Manila and nearby provinces could cut gross domestic product (GDP) growth by 0.8 percentage point.

The government is trying to boost up its vaccination program amid a sustained rise in coronavirus disease 2019 (COVID-19) infections.

Data from the Department of Health showed 922,898 doses have been given as of April 6. The vaccination drive started in March, with the government aiming to vaccinate 70 million Filipinos by December.

NEXT IN LINE
Meanwhile, the vaccination of more workers, especially those considered as essential economic frontliners, might start in May in a “best-case scenario,” the National Economic and Development Authority said on Monday.

“We’re looking at, again, hindi pa kasi ganon ka-definite ’yung pagdating ng supply of the vaccine, but I think the best-case scenario is we can start in May,” NEDA Undersecretary Rosemarie G. Edillon said at an online briefing.

Pero it can actually slide to mga June and I think, of course, there’s that first and second dose, it can be June, July, August,” she added.

Ms. Edillon said the A4 subgroup next in line for vaccination are workers that have “high levels of interaction with or exposure to the public.”

The subgroup includes:

A4.1: Commuter transport (land, air, and sea), including logistics;

A4.2: Frontline government workers in justice, security, transport and social protection sectors;

A4.3: Public and private wet and dry market vendors; frontline workers in grocery, supermarkets; delivery services;

A4.4: Workers in manufacturing for food, beverage, medical and pharmaceutical products;

A4.5: Frontline workers in food retail, including food service delivery;

A4.6: Frontline government workers;

A4.7: Frontline workers in financial services;

A4.8: Teaching and related personnel in medical and allied medical courses of higher education institutions, including personnel handling laboratories;

A4.9: Frontline workers in hotels and accommodation;

A4.10: Priests, pastors, religious leaders regardless of denomination;

A4.11: Construction workers in government infrastructure projects;

A4.12: Security guards/personnel assigned in the establishments, offices, agencies, and organizations; and

A4.13: Overseas Filipino workers not classified above, and scheduled for deployment within two months.

Ms. Edillon said establishments, agencies, and organizations must issue a certificate of A4 eligibility to their workers who belong to the group, which should be signed by either the owner, highest ranking personnel of the agency or organization, or head of human resources.

These groups should adopt a “schedule system” for workers, considering the possible adverse reactions they may experience. They were also encouraged to provide logistical support to facilitate the vaccination of their workers and coordinate with local government units, she said.

Vaccination is available for the top three priority groups — healthcare workers, senior citizens and people with comorbidities.

Health Undersecretary Maria Rosario S. Vergeire at the same briefing called on businesses whose workers fall under the A4 prioritization to prepare a masterlist of those who will be vaccinated.

Bigyan niyo na po sila ng nire-require ng NEDA na certificate para lang po pag dumating ’yung panahon na mag-uumpisa na, hindi na po ito magiging cause ng delay ng pagbabakuna,” she said. — Luz Wendy T. Noble and Vann Marlo M. Villegas

SEC extends deadline for submission of 2020 annual reports

PHILIPPINE STAR/ MICHAEL VARCAS

THE SECURITIES and Exchange Commission (SEC) has extended the deadline for 2020 annual reports by a month.

In a memorandum circular uploaded on the SEC website, the corporate regulator said the deadline for audited financial statements for the calendar year ending Dec. 31, 2020 had been moved to May 17, 2021 from April 15, 2021.

The circular covers all publicly listed companies, issuers of registered securities and other corporations.

“The commission en banc, in its April 6 meeting, recognized the challenges in the preparation  and finalization of the audited financial statements and the completion of statutory audits  brought about by the reimposition of the enhanced community quarantine in some major parts of the country,” the SEC said.

Metro Manila and nearby provinces were placed under the strictest form of lockdown from March 29 to April 11 to curb the surge in coronavirus disease 2019 (COVID-19) infections.

The government on Monday slightly eased lockdown curbs in the capital region, which was placed under a modified enchanced quarantine until April 30.

The SEC said the extended deadline is “without prejudice to the schedule on the filing of audited financial statements as may be required by the Bureau of Internal Revenue (BIR).”

“It shall automatically conform with the BIR should the latter move its own deadline to a date later than May 17, 2021,” the regulator added.

The BIR earlier said it would not extend the April 15 deadline for the filing of annual income tax returns for the taxable year ending Dec. 31, 2020. — K.C.G.Valmonte

Eagle Cement income down 44% amid lockdown

COMPNAY HANDOUT
EAGLE CEMENT’s expansion in Bulacan is seen to increase its production capacity by 1.5 million metric tons. — COMPNAY HANDOUT

EAGLE Cement Corp. reported a net income of P3.4 billion in 2020, falling by 44% as company operations were hit by lockdown measures imposed in mid-March last year in the wake of the pandemic.

“The halting of our operations due to pandemic-related restrictions took a hit on our results in the first half of 2020, but the remaining half proved that we are well-positioned to bounce back,” Eagle Cement President and Chief Executive Officer John Paul L. Ang said in a statement on Monday.

Full-year net sales dropped by 30% to P13.9 billion from P19.8 billion in 2019.

The listed cement manufacturer said it generated P8 billion in sales in the second half of the year, 35% higher than the company’s sales in the first half of 2020.

However, total sales in the second semester is still 14% lower than the P9.3-billion sales seen in the same period the previous year.

“We will continue to work on aggressive marketing and better pricing strategies for this year and this will be complemented by focusing on cost control initiatives in our operations, which will enable us to deliver better returns in 2021,” Mr. Ang said.

Eagle Cement also said it is in a “solid financial position,” which may help the company post a double-digit growth after the economy reopens and once vaccinations are widely rolled out.

Meanwhile, the cement maker’s expansion in Bulacan is expected to increase its production capacity by 1.5 million metric tons (MTT), allowing Eagle Cement to produce an annual cement capacity of 8.6 MTT.

“We are prepared to cater to the market’s demand now and in the future with our expansion underway,” Mr. Ang said.

The Bulacan expansion is said to be completed by the second quarter of the year, which will feature its fifth finish mill, third packhouse, and other supporting facilities.

On Monday, Eagle Cement shares at the stock exchange rose by 5.45% to close at P11.60 from P11 per share. — Keren Concepcion G. Valmonte