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Listed firms raise record P234B in 2021

Companies raised a record P234.48 billion at the stock exchange in 2021 to beat the previous high of P228.33 billion set In 2012, the Philippine Stock Exchange (PSE) said on Friday.

“We are pleased that more companies chose to raise funds through the PSE. Their confidence in the stock market made it possible for us to achieve this record capital raising number,” PSE President and Chief Executive Officer Ramon S. Monzon said in a statement.

The local bourse said the record capital raising is on the strength of the biggest initial public offering (IPO) in its history and real estate investment trust (REIT) listings.

It also highlighted the year’s eight IPOs, 11 follow-on offerings, four stock rights offerings and eight private placements.

The PSE index ended the year in the red, down by 211.93 points or 2.9%, to close at 7,122.63. Year to date, it dipped by 0.2%. Meanwhile, the broader all shares index shed 10.6% year to date, after it ended the year at 3,818.12 points.

For 2021, the daily average value turnover was at P9 billion, higher by 22.5% than last year’s P7.35 billion average.

Foreign investors were net sellers by P2.32 billion, lower than the P128.57-billion net foreign selling recorded the previous year. They were also responsible for 36.1% of the trading value turnover, while the rest were accounted for by their local counterpart, the PSE added.

Participation of retail investors also improved at 31.1% from 18.2% and 26.9% in 2019 and 2020, respectively.

“The active participation of local retail investors will likely continue to next year especially as we expect the upcoming IPOs to attract new investors. While this is a much welcome development, we also hope to see the gradual return of foreign funds to the Philippine stock market,” Mr. Monzon said.

PSE will open 2022 with the back-to-back IPO of Haus Talk, Inc. and Figaro Coffee Group, Inc.

Haus Talk plans to hold its offer period on Jan. 3 to 7, while its listing on the small, medium, and emerging (SME) board of the PSE is tentatively scheduled for Jan. 17.

Meanwhile, Figaro is set to make its stock market debut on Jan. 24, instead of its supposed debut on New Year’s Eve.

The exchange is also hosting its first-ever Investment Expo on Jan. 29 and 30, 2022. — Marielle C. Lucenio

AC Energy, unit forge asset-for-shares swap deal

Ayala-led AC Energy Corp. is swapping some of its assets for shares in its oil and gas exploration unit ACE Enexor, Inc. in a deed of assignment that the two entities signed earlier this week.

In separate disclosures on Friday, the listed companies said that under the property-for-shares swap, ACE Enexor will issue 339,076,058 of its shares to AC Energy at P10 apiece in exchange for the latter’s five assets.

The first asset is composed of 3,064,900 common shares in Palawan55 Exploration & Production Corp. with a par value of P100 apiece or 30.65% of its issued and outstanding shares.

AC Energy will also swap 6,000,000 common shares in Bulacan Power Generation Corp. representing 100% of the latter’s issued and outstanding shares.

The third asset to be swapped for ACE Enexor’s shares is composed of 6,351,000 common shares in CIP II Power Corp. with a par value of P50 each representing 100% of its issued and outstanding shares.

ACE Enexor will also get 3.6 million redeemable preferred shares in Ingrid3 Power Corp., a special purpose vehicle for the development of a new power project, with a par value of P1 each, representing 100% of the issued and outstanding redeemable preferred shares in Ingrid 3.

The last property in the swap transaction is made up of 33,493,366 common shares in One Subic Power Generation Corp. with a par value of P1 apiece representing 17.13% of the issued and outstanding shares.

On Dec. 14, AC Energy disclosed that its board of directors had approved a P150-million short-term loan to ACE Enexor to fund its initial subscription in Batangas Clean Energy Inc. (BCEI).

BCEI is a special vehicle company for the joint venture between ACE Enexor and Red Holdings B.V.

On Friday, shares in AC Energy dropped 18 centavos or 1.61% to close at P11.00 apiece. — M. C. Lucenio

PAL Holdings seeks SEC nod on capital hike to P30B

REUTERS

PAL Holdings, Inc. has filed an application with the Securities and Exchange Commission (SEC) for a capital increase to P30 billion and an amendment to its articles of incorporation.

The holding company of Philippine Airlines said in a stock exchange disclosure on Friday that it filed an application with the SEC on Dec. 29 to amend its seventh article of incorporation and increase its capital stock to P30 billion divided into 30 billion common shares at P1 per share.

The proposed amendment is more than double PAL Holdings’ current capital stock at P13.5 billion divided into 13.5 billion common shares at P1 per share.

“The purpose of the proposed increase of authorized capital of the issuer is to accommodate the fresh infusion of capital into the company by an affiliate company of the Lucio Tan group of companies,” PAL Holdings said in the disclosure.

“The new capital will in turn be invested into issuer’s subsidiary, PAL, pursuant to the court-supervised reorganization of PAL,” it added.

In November, PAL Holdings said in a disclosure that its shareholders had approved the aforementioned capital increase and amendment to its articles of incorporation.

Aside from approving the capital increase, the shareholders also approved the issuance of 10.2 billion shares by private placement to Lucio C. Tan’s Buona Sorte Holdings, Inc. and the waiver of the requirement of the Philippine Stock Exchange to conduct a public offering for the issuance of the said shares. — Revin Mikhael D. Ochave

More hot money enters Philippines

UNSPLASH

By Luz Wendy T. Noble, Reporter 

More foreign portfolio investments entered the Philippines than they left in November, amid improving economic conditions that boosted investor sentiment, according to the central bank. 

So-called hot money posted a net inflow of $109.56 million last month, 52% lower than a year earlier, based on Bangko Sentral ng Pilipinas (BSP) data released on Friday. But it was a turnaround from two straight months of net outflow. 

A relatively better investment climate amid a coronavirus pandemic had spurred the net inflows last month, said John Paolo R. Rivera, an economist at the Asian Institute of Management. 

“November was in a better position for business compared with other months, but threats to the investment climate remains given new coronavirus variants,” he said in a Viber message. 

Businesses were allowed to increase operating capacity in November after lockdowns were eased a month earlier as coronavirus infections fell. 

But investors were worried about the emergence of the highly mutated Omicron coronavirus variant first detected in South Africa. 

Foreign portfolio investments in the 11 months to November yielded a net outflow of $570 million, 85% smaller than the net outflow posted a year earlier. 

In November, inflows dropped by 18% to $1.284 billion from a year earlier, while outflows fell by 12.3% to $1.174 billion. 

The top five investor economies were the United Kingdom, United States, Luxembourg, Hong Kong and Singapore, accounting almost three-quarters of the investments, the BSP said. 

Short-term hot money mainly went to securities (93.1%) of holding firms, information technology, food, beverage and tobacco, banks and property. The remaining 5.9% was invested in government securities. 

Mr. Rivera said the recent uptick in coronavirus infections could again dissuade investors. “Given the recent developments in surge and protocol violations, an impending imposition of higher alert levels that could put the economy at risk could reduce investor confidence.” 

Health officials have cited increasing infections in Metro Manila. 

Earlier this month, the central bank lowered its hot money projection for the year to a net inflow of $1.5 billion from $4.3 billion given in September. 

Duterte vetoes three budget items

President Rodrigo R. Duterte has vetoed three minor items in the 2022 budget without funding, according to the Budget department. 

“The vetoed items were not crucial,” Budget officer-in-charge Tina Rose Marie L. Canda told an online news briefing on Friday in Filipino. 

Among the vetoed items is the application of the Agrarian Reform law to state universities and colleges and a program on gender-aware restrooms under the Transportation department, she said. 

Mr. Duterte on Thursday signed into law the P5.024-trillion national budget for next year, which is 10% higher than this year and is equivalent to 21.8% of the gross domestic product. The government expects economic output to grow by 7-9% in 2022. 

About a fifth or P1.019 trillion of the budget will go to capital outlays, including infrastructure spending, budgetary support for state-owned and companies and capital transfers to local governments. 

Ms. Canda said about P107 billion had been allotted for the government’s anti-coronavirus response, P87 billion of which would only be released once funding becomes available. 

The first quarter is already “safe,” she said, noting that P20.6 billion had been allocated for coronavirus vaccines, testing cartridges, the establishment of a virology laboratory and the allowance of health workers. — Luz Wendy T. Noble 

Crop damage climbs to P9B

PHILIPPINE COAST GUARD FACEBOOK PAGE

Crop damage from Typhoon Rai has reached P9 billion covering 12 regions and more than 350,000 hectares of farmland, the Agriculture department said on Friday. 

Production losses hit 194,671 metric tons (MT), affecting 132,658 farmers and fisherfolk, it said in a statement. 

Fishery damage reached P3 billion or a third of the total, followed by rice at P1.9 billion or 21.2%, coconut at P1.5 billion or 16.6% and sugarcane at P1.2 billion or 12.8%. 

Losses were reported in the Calabarzon region, Mimaropa, Bicol, Western, Central and Eastern Visayas, Zamboanga Peninsula, Northern Mindanao, Davao, Soccsksargen and Caraga region, the agency said. 

Caraga reported damage in fishery facilities and infrastructure worth P142.3 million, it said, citing the Bureau of Fisheries and Aquatic Resources. 

The Agriculture department said it would provide at least P2.9 billion to affected agricultural workers, including P828 million in crop support and P500 million in credit. 

Meanwhile, damage to public infrastructure has reached P3.71 billion, the Department of Public Works and Highways (DPWH) said in a separate statement. 

In a separate statement late Thursday, the agency said there was P2.87 billion worth of damage on roads, followed by P602.48 million on bridges, P349.26 million on flood-control structures and P650,000 on other public buildings. 

Central Visayas had the largest damage at P1.68 billion, followed by Eastern Visayas at P963.64 million, Western Visayas at P549.65 million, the Caraga region at P230 million, Mimaropa at P157.83 million and Northern Mindanao at P134.34 million. 

Public Works and Highways Secretary Roger G. Mercado said 46 national road sections had been cleared and reopened. 

The reopening of roads allowed the National Government and local government units to immediately extend relief efforts especially in areas hit hard by the typhoon, he said in the statement. 

“While most are taking a break this holiday season, the DPWH quick response teams are out in the field working tirelessly to clear roads and help our fellowmen affected by Typhoon Odette,” he added. 

The agency said it was clearing three road sections in the Caraga region due to road slip, damaged detour road and bridge, soil slope collapse, road cut and sinking or collapsed pavement. 

The road sections included Dinagat-Loreto Road in San Jose, Mahayahay in Dinagat Islands; NJR Bayugan-Calaitan-Tandag Road in the village of Lucena, Prosperidad and NRJ Bah-Bah-Talacogon Road in the village of Berseba, Bayugan City both in Agusan del Sur province. 

Interior and Local Government Undersecretary Jonathan E. Malaya on Wednesday said the government was giving P4.8 billion in cash aid to 4.8 million typhoon survivors. — Luisa Maria Jacinta C. Jocson and Revin Mikhael D. Ochave 

Virus alert raised in Philippine capital

PHILIPPINE STAR/ MICHAEL VARCAS

By Kyle Aristophere T. Atienza, Reporter 

President Rodrigo R. Duterte on New Year’s Eve raised the alert in Manila, the capital and nearby cities to Level 3 from Jan. 3 to 15 amid rising coronavirus infections. 

The stricter lockdown was imposed after an exponential rise in COVID-19 cases in the past days, Cabinet Secretary Karlo Alexei B. Nograles told a televised news briefing, citing failure to observe health protocols and the likely spread of the highly mutated Omicron coronavirus variant. 

The Philippines posted 2,961 coronavirus infections on Friday, weeks after health experts warned that the country might face a post-holiday surge. 

This brought the total to 2.84 million, the Department of Health (DoH) said in a bulletin. Friday’s tally was almost double the 1,623 cases reported on Dec. 30, the highest in more than a month. 

Meanwhile, the Health department has detected seven imported cases and three local cases of the Omicron variant, it said in a statement. The seven imported cases included six returning migrant Filipinos and a Malaysian, it said. 

Of the three local Omicron cases, two were from the Bicol region while one was from the National Capital Region, DoH said. 

Health authorities were investigating the local cases and tracing all their possible close contacts, it added. “While more definitive data is needed, the epidemiological investigation on the three local cases indicates there is a high possibility of local transmission.” 

DoH said 10.3% of 30,526 samples on Dec. 29 had tested positive for the coronavirus, above the 5% benchmark set by the World Health Organization. 

The country’s death toll from the virus hit 51,504 after 132 more patients died, while recoveries increased by 481 to 2.78 million. 

There were 14,233 active cases, 628 of which did not show symptoms, 8,365 were mild, 3,197 were moderate, 1,701 were severe and 342 were critical. 

The agency said 99% of the cases occurred from Dec. 18 to 31. The top regions with new cases in the past two weeks were Metro Manila with 1,981 infections, Calabarzon with 431 cases and Central Luzon with 179 cases. 

It said 7% of the reported deaths occurred in December, 2% in November, 18% in October and 14% in September. 

The Health department said 20% of intensive care units in the Philippines were occupied, while the rate for Metro Manila was 24%. 

Authorities have traced the recent rise in infections to the fact that people have been moving more freely and have been ignoring health protocols during the holiday season. 

Health experts have been urging the government to increase its testing capacity and boost sequencing amid the threat of the heavily mutated Omicron variant. 

“The beginning of yet another surge is alarming,” said Joshua L. San Pedro, co-convenor of the Coalition for People’s Right to Health. He cited an increase in the country’s virus reproduction rate. 

“We persist in having massive gaps in our pandemic response, such as the lack of free and accessible testing, weak contact racing mechanisms and inequitable vaccine distribution,” he said in a Facebook Messenger chat. 

The Health department said 10 duplicates had been removed from the tally, seven of which were tagged as recoveries and one was reclassified as a death. 

DoH said 232 patients had tested negative and were removed from the tally. It added that 117 recoveries were relisted as deaths. Two laboratories did not operate on Dec. 29, while six laboratories failed to submit data. 

Mr. San Pedro, a medical doctor, urged authorities to address “glaring corruption in quarantine protocols.” 

Local media earlier reported that a returning migrant Filipino worker had skipped quarantine because of her government connections and went to a party in the financial district of Makati City last week. 

“We are at risk of losing any gains and perhaps having yet another overwhelming wave of infections that our health system, already in crisis, may not handle,” Mr. San Pedro said. “We urge for a revamp in the national leadership that will truly take on a proactive, grounded and rights-based pandemic response.” 

The government aims to fully vaccinate at least 54 million Filipinos by year-end, as it faces threats from the highly contagious Omicron variant. 

About 48.6 million people or 63% of the target population have been fully vaccinated against the coronavirus, according to the presidential palace. 

Group seeks power failure probe

A group of electricity consumers wants the government to investigate the National Grid Corp. of the Philippines’ allegedly repeated failure to provide enough power in areas affected by typhoons. 

The private company in charge of operating the country’s state-owned power grid had failed to provide sufficient power during Typhoon Haiyan (Yolanda) in 2013, Typhoon Hagupit (Ruby) in 2014 and the 2017 earthquake, the National Association of Electricity Consumers for Reforms, Inc. said in a statement on Friday. 

The consumer group said it had written Energy Secretary Alfonso G. Cusi on Dec. 21 to complain about the company’s “inadequate, weak and grossly unreliable transmission system.” 

It also said it had sought an audit of the grid operator’s transmission system so the Energy department could determine the needed upgrades to make the country’s transmission system more resilient to natural disasters. 

“Similarly, we urge the Energy Regulatory Commission to conduct a regulatory audit of the funds it provided NGCP meant specifically for capital expenditures which cover the rehabilitation and upgrading of the nationwide transmission system,” group President Petronilo L. Ilagan said. 

Mr. Ilagan also said the Energy department should review the National Grid’s concession agreement with the National Transmission Co. He likewise urged the Joint Congressional Energy Commission (JCEC) to probe the National Grid’s franchise. 

Energy Undersecretary Felix William B. Fuentebella and National Grid spokesman Gregory L. Yu did not immediately reply to a text message and call, respectively seeking comment. 

Typhoon Rai, locally named Odette, toppled almost a hundred transmission lines and 800 power poles of the National Grid in the Visayas and Mindanao region, company officials told a news briefing on Dec. 29. The company had restored 81 transmission lines. — Marielle C. Lucenio 

‘Serious’ talk between Biden and Putin sets stage for diplomacy

US PRESIDENT Joseph R. Biden and Russia’s President Vladimir Putin — REUTERS

WILMINGTON, Del./MOSCOW — US President Joseph R. Biden, Jr., and Russian President Vladimir Putin on Thursday exchanged warnings over Ukraine but conveyed some optimism that diplomatic talks in January could ease spiraling tensions.  

In a 50-minute call, their second conversation this month, Mr. Biden said he needed to see Russia decrease its military build-up near Ukraine, while Putin said sanctions threatened by Washington and allies could lead to a rupture in ties. The call was requested by Mr. Putin.  

“President Biden reiterated that substantive progress in these dialogues can occur only in an environment of de-escalation rather than escalation,” said White House press secretary Jen Psaki.  

Kremlin aide Yuri Ushakov said the call created a “good backdrop” for future talks.  

The leaders’ exchange set the stage for lower-level engagement between the countries, including a Jan. 9-10 US-Russia security meeting, followed by a Russia-NATO session on Jan. 12, and a broader conference including Moscow, Washington and other European countries slated for Jan. 13.  

Despite the talk of diplomacy, the tone of the call was described by officials on both sides as “serious.” And neither country detailed significant progress towards a resolution or the outlines of any deal.  

In Kyiv, leaders worry about the 60,000 to 90,000 Russian troops that have gathered to its north, east and south. The North Atlantic Treaty Organization security alliance has been making its own preparations from the west.  

Washington has not been convinced by a report over the weekend that Russia would be pulling back about 10,000 troops, with officials saying they’ve seen little evidence of a drawdown. The United States deployed its JSTARS military plane in Ukrainian airspace for the first time earlier this week, though different types of surveillance aircraft are common in the region.  

For his part, Biden reiterated his threat of unprecedented sanctions if Russia chose to invade Ukraine.  

“Biden laid out two paths,” including diplomacy and deterrence, including “serious costs and consequences,” said a senior administration official.  

“Both leaders acknowledged that there were likely to be areas where we could make the meaningful progress as well as areas where agreements may be impossible, and that the upcoming talks would determine more precisely the contours of each of those categories.”  

Aides have said the possibilities include measures that would effectively disconnect Russia from the global financial system, while further arming NATO.  

Mr. Ushakov said Mr. Putin “immediately responded” that any sanctions now or later “could lead to a complete breakdown in ties between our countries.” He added: “Our president also mentioned that it would be a mistake that our descendants would see as a huge error.”  

Moscow’s troop deployments over the past two months alarmed the West, following its seizure of Ukraine’s Crimea peninsula in 2014 and its backing of separatists fighting in eastern Ukraine.  

Russia denies planning to attack Ukraine and says it has the right to move its troops on its own soil as it likes.  

Moscow, worried by what it says is the West’s re-arming of Ukraine, has said it wants legally-binding guarantees the 30-member NATO alliance will not expand further eastwards, and that certain offensive weapons will not be deployed to Ukraine or other neighboring countries.  

The Kremlin said Mr. Biden appeared to agree with Mr. Putin’s contention that Moscow needed some security guarantees from the West and also that he said the United States did not intend to deploy offensive weapons in Ukraine.  

A White House spokesperson did not immediately respond to a request for comment on the Kremlin’s characterization of Biden’s remarks.  

Mr. Putin has compared the current tensions to the Cold War-era Cuban Missile Crisis in 1962. Washington regards many of his demands, including restrictions on NATO expansion, as Non-starters. — Jarrett Renshaw and Vladimir Soldatkin/Reuters  

DPWH to bid out 3 Marikina River bridges in first half of 2022

PHILSTAR

THE Department of Public Works and Highways (DPWH) plans to conduct auctions for the contract to build three Marikina River bridges with a combined project cost of P6.428 billion in the first half of 2022.

Public Works and Highways Secretary Roger G. Mercado said in a statement Friday that the procurement exercise for civil works on the bridges, part of the Metro Manila Bridges Project, are targeted for the first half of next year, with construction on all three due to start by the second half.

Undersecretary Emil K. Sadain said the Unified Project Management Office (UPMO) Bridges Management Cluster has been directed to start early procurement activities in 2022 for the bridges, which have a total span of 3,023.60 meters. They are the Marcos Highway-St. Mary Avenue Bridge, Homeowner’s Drive-A. Bonifacio Bridge and the Kabayani Street-Matandang Balara Bridge.

The Marcos Highway-St. Mary Avenue Bridge will span 1,606.30 meters and cost P1.690 billion; the Homeowner’s Drive-A. Bonifacio Bridge 691 meters and P2.097 billion; and Kabayani Street-Matandang Balara Bridge 726.30 meters and P2.641 billion.

“Given the upcoming May 2022 national election and with the ban on procurement activities coinciding with the 45-day campaign period between March 25 and May 8, 2022, we are pushing for the immediate review/checking and approval of the bidding documents to accelerate the procurement activity timelines,” Mr. Sadain said.

According to the DPWH, funding for the construction of the three bridges will come from a loan of P8.8 billion, the agreement for which was signed on Dec. 16 with the Asian Development Bank.

“The draft bidding documents were prepared by DPWH UPMO Bridges Management Cluster in partnership with the detailed engineering design consultant Dasan Consultant Co., Ltd. in a joint venture with Dongsung Engineering Co., Ltd. and Kunhwa Engineering & Consulting Co., Ltd., in association with DCCD Engineering Corp.,” the DPWH said.  – Revin Mikhael D. Ochave

Romulo-Puyat warns of tourism job losses if hotels flout quarantine rules

Philstar

THE Department of Tourism (DoT) said tourism jobs are placed at risk when travelers and hotels disregard quarantine regulations.

Tourism Secretary Bernadette Romulo-Puyat said in a radio interview Friday that “No one should be exempted since if one does not follow, it will… result in the loss of their jobs.”

Ms. Romulo-Puyat had issued a show-cause order to Berjaya Makati Hotel after it allegedly allowed a quarantining guest to leave the premises.

“Kapag kausap ko yung ating mga stakeholders na in close to two years wala silang trabaho, umiiyak na sila. Wala na silang income. Tapos hindi pa nakatulong na natamaan most of our tourist destinations ng Typhoon Odette. (“I speak regularly to stakeholders who have had no work for close to two years… They have no income. It does not help either that many of our tourist destinations were hit by Typhoon Odette.)” Ms. Romulo-Puyat said.

“Please, five-day quarantine lang yan. Tiisin niyo na. (Please, it’s only a five-day quarantine. Endure it.) This is for the economy and the livelihood of every Filipino,” she added.

Ms. Romulo-Puyat said her department is working with the Department of the Interior and Local Government (DILG), Philippine National Police (PNP), and Criminal Investigation and Detection Group to detect quarantine violations by hotels, noting that she has a list of suspects that she hopes to “catch in the act so they can be closed.”

Interior and Local Government Secretary Eduardo M. Año said in a radio interview Thursday that the guest who allegedly skipped quarantine after returning from the US may have infected around 15 people with coronavirus disease 2019 (COVID-19). The guest also tested positive for COVID-19.

Mr. Año said the investigation is ongoing, but closed-circuit television recordings indicate that the guest left the hotel.  – Revin Mikhael D. Ochave 

Manila Mayor says hotels that violate quarantine rules face closure

Berjaya Hotel

Hotels in the city of Manila will be forced to shut down if they do not comply with quarantine rules, Manila Mayor Francisco M. Domagoso said Friday at the opening of the city’s COVID field hospital for returning Overseas Filipino Workers (OFW).

Accepting bribes to allow a person to evade quarantine endangers public health, he added. The mayor, who is a candidate for President, was referring to a guest of Berjaya Hotel Makati who had tested positive for COVID-19 on Dec 29 after allegedly leaving the premises to attend a party.

“I just want to remind you, there are laws in this country that you can be held liable (for), criminally,” Mr. Domagoso said. “Lawyers may tell you that it is just the National Task Force against COVID-19 (NTF) or just the Inter-Agency Task Force for the Management of Emerging Infectious Diseases Resolutions (IATF), but under existing laws…you can be held accountable.”

“I hope no Manilans will do that, because we will not take it lightly,” he added.

The launch of the COVID field hospital at Rizal Park was attended by Health Secretary Francisco T. Duque III, vaccine czar Carlito G. Galvez, Jr. and Taguig Mayor Lino Edgardo S. Cayetano.

“About 104 of them (OFWs) will arrive and be accommodated in this first-class facility,” Mr. Duque said.

Mr. Cayetano said Mr. Domagoso proposed at midweek last week that their cities help the Department of Transportation (DoTr) and the national government by allowing arriving OFWs who are COVID positive to use their isolation facilities.

He added that Taguig will follow Manila’s lead and also open up its own quarantine facility for OFWs.

Meanwhile, Mr. Galvez said that in an emergency meeting with the National Capital Region (NCR) mayors, the local officials were warned not to take the Omicron variant of the coronavirus lightly given the US infection numbers and after a rise in Philippine infections to 1,481 COVID-19 cases on Christmas day.

“We can see that in the US, there is an uptick at record levels,” Mr. Galvez said. “We can also that our cases are doubling.”

The unvaccinated will be the focus of health authorities to keep the healthcare system from being overwhelmed, he said. As for booster shots, he said healthcare workers will have priority.

Our World in Data’s tracker estimates that 44.4% of the Philippine population is fully vaccinated, equivalent to 48.6 million people,

Mr. Galvez said that the arrival of more Pfizer vaccines for children aged 5-11 is expected by the second week of January. Mr. Galvez added that the Philippines currently has 210 million vaccines. – Jaspearl Emerald G. Tan

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