Supporting a strong, inclusive, and sustainable recovery in ASEAN

April 8, 2021 | 5:28 pm

TWO ISSUES will be critically important for ASEAN members to shape their recovery from the COVID-19 pandemic: strengthening regional cooperation and improving domestic resource mobilization.

First is the need to leverage stronger regional cooperation to enhance regional financial safety nets, deepen regional trade and supply chains, and build regional health security.

US interest rate hikes often drive capital outflows from emerging markets, which can trigger currency and financial volatility. At this stage of the pandemic, the additional policy supports and accelerated vaccine rollouts in advanced economies have improved their near-term recovery prospects. These economies could start policy normalization earlier than expected. Long-term interest rates in some advanced economies have already risen on positive outlooks and inflation concerns, rattling global financial markets.

A return to more normal interest rates could trigger another “taper tantrum” among Asia’s emerging markets, including those in ASEAN. To address this, we should reinforce regional financial safety nets such as the Chiang Mai Initiative Multilateralization to cushion any possible spillovers from global shocks.

The pandemic has also shown how fragile global trade and supply chains can be. While I believe globalization will eventually return, it will take a different shape, requiring our renewed commitment to regional cooperation and integration by deepening regional trade and diversifying supply chains.

The reconfiguration of global supply chains offers ASEAN economies a great opportunity to establish themselves as reliable new suppliers and to attract investment. To enhance competitiveness, ASEAN economies should reduce behind-the-border bottlenecks such as nontariff barriers and restrictive regulations, continue improving trade logistics and efficiency, and promote paperless trade.

We also need to reduce health vulnerabilities and lift regional health security.

ADB supports the ASEAN Strategic Framework for Public Health Emergencies and the establishment of Regional Reserves for Medical Supplies — which will help the region better respond to future disease outbreaks and pandemics.

ADB will use its $9 billion Asia Pacific Vaccine Access Facility, or APVAX, to support ASEAN’s Vaccine Security and Self-Reliance. The region already has strong vaccine manufacturing capacities in Indonesia, Thailand, and Vietnam, which can facilitate swift and fair distribution of COVID-19 vaccines despite near-term global supply bottlenecks.

The second key issue is improving domestic resource mobilization. This will be indispensable as a foundation for lasting recovery. It can be achieved by strengthening tax systems and closing loopholes through international tax cooperation, deepening local currency bond markets, and catalyzing green finance.

The pandemic pushed many economies into fiscal deficits and higher debt, making domestic resource mobilization a top policy priority for sustained post-pandemic recovery.

The average 14% tax-to-GDP ratio in ASEAN is low compared to the average for developing Asia and the OECD, leaving room for improvement in boosting revenue generation and strengthening tax collection in ASEAN. Appropriate tax policy measures will be needed to strengthen the tax base and improve tax compliance once the region is on track to full recovery.

International tax cooperation can also help fight tax avoidance and evasion. The rise of the borderless digital economy makes it easier for multinationals to shift profits to low-tax jurisdictions and exploit tax loopholes. With the increase in multinational investments in growing ASEAN markets, we need to ensure that all parties pay their fair share of taxes.

To date, six ASEAN countries — Brunei, Indonesia, Malaysia, Singapore, Thailand, and Vietnam — are members of the Inclusive Framework on Base Erosion and Profit Shifting, under which more than 130 developed and developing economies are collaborating closely to tackle the issue of tax avoidance. Eight ASEAN countries — Brunei, Cambodia, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam — are members of the Global Forum, which is committed to the automatic exchange of information critical to combating tax evasion.

The second key measure to enhance domestic resource mobilization is to foster local currency bond markets. Local currency bond markets are an effective funding source for increased fiscal spending, while also providing central banks an additional avenue for injecting liquidity into markets and cash-strapped businesses to safeguard financial stability.

ASEAN’s local currency bond markets have expanded significantly over the past two decades. In particular, thematic bonds, such as green, social, and sustainability bonds can help finance green infrastructure and inclusive recovery. While they remain a small fraction of the total market size, thematic bonds outstanding increased six-fold since 2017. ADB is committed to working with ASEAN to reinforce this trend.

Finally, a green and innovative financing mechanism can help ASEAN countries to effectively mobilize financial resources and increase investment in quality, climate-resilient infrastructure.

The ASEAN Catalytic Green Financing Facility, or ACGF, under the Asian Infrastructure Fund, is owned by ASEAN countries together with ADB and receives administration support from ADB. Launched in 2019, ACGF aims at scaling up green projects in the region by mobilizing public and private resources. Through $1.4 billion in support from six partners including ADB, ACGF will make projects less risky by reducing the cost of equity and debt. By doing so, we make the projects more bankable and attractive for private investors.

ACGF is not only a source of financing, but also of knowledge. Through ACGF, ADB is providing technical assistance to support Thailand, Indonesia, and the Philippines in issuing green, social, and sustainability bonds.

Stronger regional cooperation and more effective domestic resource mobilization will help ASEAN economies recover and rebuild for a greener and more resilient future. ADB is committed to supporting ASEAN in forging a strong, inclusive, and sustainable recovery.

Masatsugu Asakawa is President of the Asian Development Bank.

Trust me. You don’t want to be the biggest billionaire in China.

April 8, 2021 | 5:25 pm

IN CHINA, it’s good to be rich, but not too rich. Getting to the top of the billionaire rankings carries great risks. Just take a look at those who were once first among plutocrats. All got into trouble with Beijing — be they real estate developers or big tech bosses.

Wang Jianlin, founder of commercial real estate Dalian Wanda Group Co. Ltd. and China’s richest person as recently as 2016, was forced by the government to divest his overseas assets a year later when Beijing began a corporate deleveraging campaign in earnest. Hui Ka Yan, China’s richest in 2017, was asked to cut back on debt after his China Evergrande Group, the world’s most indebted developer, crossed the country’s new “three red lines.”

The best known billionaire made an example of by Beijing is, of course, Jack Ma, founder of Alibaba Group Holdings Ltd. According to several news reports, President Xi Jinping personally pulled Ma’s $35-billion Ant Group initial public offering in early November, furious with the tech billionaire’s blunt criticism of China’s state-owned banks. Tencent Holdings Ltd.’s Pony Ma, who in recent years jostled with Jack for the No. 1 slot, has not been spared. He was recently called in by Beijing’s watchdogs to discuss antitrust compliance issues.

Conspicuous wealth attracts unwanted scrutiny. Beijing is wary of rich developers because they often load up on debt to fuel expansion, thereby putting corporate China’s financial health at risk. The government is just as watchful of Big Tech as it gets bigger. The ubiquity of Alibaba and Tencent in the economy raises the issue of their monopolistic powers, which can choke innovation but also pose systemic risks to Chinese society (that is, the supremacy of the Communist Party).

So, what are the smart ways for billionaires to retain their wealth but stay officially correct? Here are three suggestions.

First, give to charity. If you have to be China’s richest, you should also be the country’s most philanthropic. Take Colin Huang, the founder of Pinduoduo, Inc., the e-commerce startup whose sharp stock rally propelled him to No. 4 in the rankings. In terms of active users, the six-year-old company has overtaken Alibaba as the most popular online shopping site.

Last summer, he donated a larger than 10% stake in Pinduoduo to charity and scientific research. That, combined with a 2.7% ownership transfer to an early investor, led to a more than $10 billion decrease in his net worth, according to the Bloomberg Billionaire Index. It now stands at $46.3 billion, $16 billion away from Zhong Shanshan, chairman of bottled water company Nongfu Spring Co. Ltd., the current richest person in China. Huang recently stepped down as the company chairman to focus on “life sciences” research, which not only led to a slide in Pinduoduo’s shares but personally cost him another $4 billion. (All net wealth and ranking data quoted in this column are as of March 26, 2021 market close.)

I am not belittling Huang’s virtue, but moving down the rankings is important in officially socialist China — and philanthropy is a good way to exhibit one’s selflessness. It may also have blunted some of the criticism this year at the news of the death of two young employees. That ignited debates over long work hours at big tech companies. Pinduoduo is particularly hard-charging but you can’t be too critical of a person who gives his money and time away to medical science?

Huang, however, is no match for Evergrande’s Hui. In 2020, with 3 billion yuan in donations, Hui ranked as China’s most charitable person, the fourth year in a row, according to Jiemian, a news website. The billionaire was particularly proactive with the COVID-19 epidemic, remitting cash to Wuhan one day after its lockdown and donating millions of dollars to medical research. Hui knows how to calibrate his relationship with Beijing, having engaged in a delicate dance with the government over soaring home prices and his company’s debt-fueled growth.

Second, tinker with your share structure. As I’ve noted in the past, billionaire rankings around the world are heavily skewed by stock prices, while private wealth — such as an individual’s venture capital stakes — is practically ignored. As a result, big tech and green tech billionaires, such Amazon.com, Inc.’s Jeff Bezos and Tesla, Inc.’s Elon Musk, are now the world’s wealthiest. Chinese tech billionaires have to figure out how to contain the way their net worth soars when their company stocks rally in the market.

To do this, a dual-class share structure can come in handy. Tech entrepreneurs often use this strategy to retain control as their startups seek rounds of venture capital funding and later a public listing. But Chinese businessmen can use it to suppress their billionaire rankings too.

Let’s take a look at Pinduoduo’s Huang again. When he was still the chairman, his class B shares — which granted him 10 times the voting rights as class A shares — gave him 80% control in the company. In terms of “beneficial ownership,” he had only a 29% stake, because the two share classes have the same economic rights. The 29% stake is what the billionaire rankings look at when they estimate individual net worth. Put another way, if you are an aspiring Chinese unicorn founder on the cusp of a mega-IPO, it pays to have dual-class structure. You get to retain control but minimize the glaring large numbers that will attract Beijing’s eye.

Suggestion number three: Don’t be shy about setting up conglomerates. Evergrande’s Hui has a crown-jewel asset that is unaccounted for in his net worth. He owns over 70% of China Evergrande Group, which in turn holds over 70% of China Evergrande New Energy Vehicle Group. As part of the global green tech rally, his EV subsidiary’s market value has soared by over 1,000% in the last year to $76 billion, well above its parent’s $25-billion market cap.

Using rough estimates, if Hui’s net worth was based on the EV unit — assigning zero equity value to all his other businesses — he would be the fifth-richest person in China. However, in the billionaire rankings, Hui only gets credit for his stake in China Evergrande Group — and so he is about $20 billion poorer! Thanks to the conglomerate discount, he is now blissfully China’s 13^th richest man, with a net worth of only $23 billion.

And what about China’s biggest billionaire? Shouldn’t the bottled water tycoon be nervous? First, Zhong isn’t in the volatile real estate and technology sectors. He’s also a do-gooder: Zhong has controlling stakes in a vaccine and hepatitis test-kit maker. Finally, if he decides being No. 1 isn’t for him, he can climb down the billionaire listings simply by parting with some of his 84% stake in the company. He won’t lose anything tangible. His wealth is an accounting matter. He can sleep easy.

BLOOMBERG OPINION

Twitter launches ‘Milk Tea Alliance’ emoji as movement grows

April 8, 2021 | 3:59 pm

BANGKOK – Social media giant Twitter on Thursday launched an emoji for the Milk Tea Alliance, a global online pro-democracy movement that has united anti-Beijing campaigners in Hong Kong and Taiwan with protesters in Thailand, Myanmar and beyond.

Activists welcomed the announcement of the emoji – a white cup set against a background of three colours representing different shades of milk tea in Thailand, Hong Kong and Taiwan – for the first anniversary of the movement.

The Milk Tea Alliance sprang from a Twitter war that flared after Chinese nationalists accused a young Thai actor and his girlfriend of supporting democracy in Hong Kong and Taiwanese independence.

It is named after a shared passion for sweet tea drinks in the three places.

Use of the hashtag peaked again in February after the military coup in Myanmar, where protesters using the hashtag rallied regional support.

“We have seen more than 11 million Tweets featuring the #MilkTeaAlliance hashtag over the past year,” Twitter said in an announcement that pushed the hashtag to among the top trending in Thailand, Hong Kong and Taiwan on Thursday.

Previously, Twitter launched emojis for #MeToo and #BlackLivesMatter movements.

The Twitter emoji showed global recognition and lent greater credibility to the youth movement, said prominent Thai activist Netiwit Chotiphatphaisal, one of the alliance’s leading voices.

“It’s important as it shows the young people fighting for democracy that the world is with them and they’re making an impact,” Netiwit told Reuters. “It’s a sign that online activism can go much further.”

Twitter is blocked in China and its apparent endorsement of a movement with a strong current of opposition to Beijing was unlikely to hurt its business, said James Buchanan, a lecturer at Bangkok’s Mahidol University International College.

“Twitter has plenty to gain by appealing to young people in the Asian markets that are open to them,” he said. – Reuters

Singapore becomes a global cruise leader, for now

April 8, 2021 | 3:31 pm

SINGAPORE – Singapore currently accounts for a third of the world’s cruises its tourism body said on Wednesday, owing to the roaring success of its “cruises to nowhere” at a time of crisis in the industry globally.

Cruises have yet to restart in many parts of the world after taking a beating from the coronavirus pandemic, with some of the earliest big outbreaks found on cruise ships.

The city-state launched what it called “round trips” on luxury liners in November, which have no port of call and last only a few days. Singapore has seen relatively few domestic COVID-19 cases since last year.

The Singapore cruises are open only to its 5.7 million residents, who have been unable to leave the tiny country for leisure and have settled instead for activities like staycations and even indoor camping.

The cruises recorded about 120,000 passengers, according to the Singapore Tourism Board, and run at lower capacity, with stringent health protocols.

The tourism board said it calculated its share of global cruises by using data from the Cruise Lines International Association (CLIA).

Some cruises from the Caribbean are expected to resume from June while the U.S. Centers for Disease has retained tight curbs on resuming cruises from the United States.

Some cruises have operated in parts of Europe, Asia and the South Pacific, according to the Cruise Lines International Association.

Royal Caribbean said this month that it was extending the season in Singapore for its Quantum of the Seas ship due to “overwhelming demand” through October.

Genting Cruise Lines and Royal Caribbean launched their pilot cruises late last year.

STB Chief Executive Keith Tan said Singapore did not expect to be leading in cruises for long.

“Over the next few months, I certainly believe there will be more resumption of cruise business in the Caribbean, and in the Mediterranean as well,” Tan said.

Singapore’s tourism industry has been hit hard by the pandemic, with visitors dropping nearly 86% to 2.7 million last year. – Reuters

What you need to know about the coronavirus right now

April 8, 2021 | 3:24 pm

April 8, 2021 – Here’s what you need to know about the coronavirus right now:

NZ temporarily suspends entry to travellers from India

New Zealand on Thursday temporarily suspended entry for all travellers from India, including its own citizens, for about two weeks following a high number of positive coronavirus cases arriving from the South Asian country.

The move comes after New Zealand recorded 23 new positive coronavirus cases at its border on Thursday, of which 17 were from India. The suspension will start from 1600 local time on April 11 and will be in place until April 28.

AstraZeneca rollout to continue in Australia

Australia has no current plans to change the rollout of the AstraZeneca COVID-19 vaccine, Prime Minister Scott Morrison said on Thursday, after Europe’s drug regulator found possible links between rare blood clots and the vaccine.

Australian authorities have ordered an urgent inquiry into findings from Europe’s drug regulator with Morrison expecting updates later on Thursday from the medicines regulator and the immunisation advisory group.

Mixed guidance in the EU on AstraZeneca shot

European Union health ministers failed on Wednesday to agree a common guidance on the use of the AstraZeneca COVID-19 vaccine, despite calls for coordination across member states to combat public hesitancy over taking the shot.

Italy and Spain recommended on Wednesday that it only be used on those over 60 and Britain that people under 30 should get an alternative, due to possible links between the vaccine and very rare cases of blood clots.

If approved by EU, Germany wants to buy Sputnik vaccine

Germany is about to start bilateral negotiations with Russia to obtain its Sputnik V COVID-19 vaccine, a source told Reuters on Wednesday, adding that any final agreement depended on Russia providing key data to the European Medicines Agency (EMA). In the preliminary talks, Germany first wants to determine which quantities Russia can deliver and when, the source said.

In any case, Germany will only buy the Russian vaccine once it has been approved by EMA and for this it is paramount that Russia provides the necessary data, the source added.

After detecting UK variant, Thailand braces for infections

Thailand has detected at least 24 cases of the coronavirus variant B.1.1.7 first identified in Britain, a government health expert said on Wednesday, its first known domestic transmission of the highly contagious variant. The UK variant was found in a cluster of 24 visitors to entertainment venues in Bangkok, which were detected at the weekend. Nearly 200 such venues have been closed for two weeks.

Thai Prime Minister Prayuth Chan-ocha instructed authorities to prepare field hospitals in anticipation of a spike in infections. Ten of his ministers and dozens of lawmakers were self-isolating on Wednesday due to exposure to positive cases. – Reuters

Passive vaping: an impending threat to bystanders

April 8, 2021 | 3:10 pm

Disclaimer: This asset – including all text, audio and imagery – is provided by The Conversation. Reuters does not guarantee the accuracy of, or endorse any views or opinions expressed in, this asset.

Electronic cigarettes (e-cigarettes), also known as vapes, are gaining popularity among youths in many parts of the world, including the US and Europe.

These young vapers are often unaware their e-cigarettes contain nicotine, an addictive substance that is also present in tobacco cigarettes.

Little do vapers know that their habit may also endanger non-vapers. Vapers may expose others to e-cigarette emissions.

Passive vaping, or secondhand exposure, is a condition where bystanders, usually non-vapers, are exposed to the exhaled aerosol from e-cigarette use.

Unlike passive smoking, which includes the smoke released from the end of the burning cigarette (side stream), passive vaping only comes from the exhaled e-cigarette aerosol since the device does not yield side stream.

Passive vaping is as concerning as passive smoking for at least two reasons.

1. E-cigarette aerosol from passive vaping contains dangerous toxins

Vaping aerosols do not only contain water vapour as commonly believed.

The toxins include, among others, fine and ultra-fine particles (also known as particulate matter), nicotine, volatile organic compounds like formaldehyde and acetaldehyde, as well as metals. The latter was found in e-cigarette aerosol at a higher level than in tobacco smoke.

Formaldehyde and acetaldehyde can cause cancer in humans . Nicotine may cause impaired brain function, especially in young people.

The particulate matter is smaller in e-cigarette aerosol than is found in cigarette smoke. This makes it easier for these particles to penetrate the lungs and induce diseases such as cardiovascular and respiratory diseases and diabetes.

Many studies show levels of particulate matter and nicotine increase in an indoor environment during and after vaping, suggesting it creates indoor pollution.

For example, in homes of e-cigarette users, the concentration of indoor airborne nicotine was more than six times higher than in non-users’ homes.

People who lived with vapers also absorbed the nicotine from the aerosol into their system.

Airborne nicotine and fine particulate matter from passive vaping may also contaminate other rooms or spaces as they can travel to neighbouring areas and outdoor environments.

The aerosol from passive vaping also contains other chemicals not present in regular cigarettes, such as propylene glycol and glycerol, which serve as the solvent in vape liquid, and flavourings.

Although propylene glycol and glycerol are considered safe for ingestion, they have not proved safe for inhalation.

Short-term exposure to e-cigarette aerosol has been shown to irritate eyes and airways and worsen respiratory conditions, such as asthma and chronic obstructive pulmonary disease, like chronic bronchitis.

This COVID-19 pandemic may put bystanders exposed to e-cigarettes at higher risk of contracting or having poor outcomes for COVID-19 since the aerosol may compromise lung function and immunity.

2. Passive vaping may endorse social acceptance of vaping and renormalise smoking

Studies found that youth seeing someone else vaping or exposed to the vaping aerosol were likely to initiate vaping or even smoking combustible cigarettes.

They even tend to perceive vaping or passive vaping as safe.

This raises concern about the gateway effect for non-smokers who may become smokers at a later stage or become dual users who vape and smoke.

The magnitude of passive vaping is not negligible. Exposure to e-cigarette aerosol has been pervasive, especially in countries where e-cigarette use is prevalent, like Greece and England .

In 2017-2018, 16% of adult bystanders in 12 European countries were exposed to e-cigarette aerosol in indoor settings.

In the US, passive vaping in indoor or outdoor public places was reported by nearly one in three middle and high-school students in 2018.

Indeed, passive vaping disproportionately affected youth, men and former vapers.

In Europe, passive vaping commonly occurred in places where smoking was already banned, including the indoor areas of bars, restaurants and workplaces or education facilities.

Vaping was even observed in locations where kids are likely around, such as children’s playgrounds and school gates.

To mitigate the negative impacts of passive vaping on bystanders, we must closely monitor the trend of passive vaping in the population, especially among vulnerable groups such as children and people with threatening diseases.

Policymakers should consider including vaping in smoke-free policies to simplify communication and implementation of the regulations.

The WHO Framework Convention on Tobacco Control has advised countries to forbid vaping in enclosed spaces or at least in smoke-free places.

However, less than 60% of WHO European region countries had national laws on e-cigarette use by 2018.

This lack of regulation of e-cigarette aerosol occurs because European countries still focus more on other e-cigarette regulatory domains, such as marketing, retailing, pricing and product standards.

Fortunately, people are mainly in favour of vaping bans in public places, particularly in smoke-free areas. This implies an opportunity for authorities to adopt vaping regulations as part of the country’s tobacco control strategy.

2020 PHL GDP drop faster than initially estimated

April 8, 2021 | 1:46 pm

THE PHILIPPINE ECONOMY in 2020 declined at a slightly faster pace than previously reported, the Philippine Statistics Authority (PSA) reported on Thursday.

Gross domestic product (GDP) — the value of all finished goods and services produced in the country at a given period in time — fell by 9.6% last year, inching up from the 9.5% drop initially reported on Jan. 28.

Meanwhile, GDP for the fourth quarter of 2020 was unchanged at 8.3% from its initial estimate. — A. O. A. Tirona

PHL factory output continues losing streak in February

April 8, 2021 | 11:56 am

THE COUNTRY’S FACTORY output extended its streak of decline to 12 months in February, as well as posting the steepest fall in five months, the government reported this morning.

Preliminary results of the Philippine Statistics Authority’s Monthly Integrated Survey of Selected Industries for February showed factory output, as measured by the Volume of Production Index, fell by 43.6% year on year in February. This was faster than the revised 12% drop in January, but a reversal of the 0.4% growth a year earlier.

The February decline marked the steepest in five months, or since the 56.7% year-on-year drop recorded in September 2020.

The index has been on a decline since March last year, around the time when strict lockdown restrictions were implemented to contain the spread of the coronavirus outbreak.

The PSA noted annual decreases in 19 out of 22 industry divisions in February. Of these, 14 posted double-digit annual declines led by the manufacture of coke and refined petroleum products (-85.4%); machinery and equipment, except electrical (-48.5%); textiles (-32.6%); and furniture (-30.3%).

Capacity utilization — the extent to which industry resources are used in producing goods — averaged 53.8% in February, down from 56.7% in January. Of the 22 sectors, 15 averaged a capacity utilization rate of at least 50%. — Jobo E. Hernandez

‘Hindi ako nagsisisi, magpalit na po kayo ng SIM’: Baler local praises Globe 4G LTE SIM benefits

April 8, 2021 | 10:56 am

Globe customers in Baler, Aurora are now experiencing significant improvements in their call, SMS and data browsing services after upgrading to 5G-ready 4G LTE SIM cards from the old 3G SIMs.

By using the 5G ready 4G LTE SIM cards, customers are now taking advantage of Globe’s network migration to 4G LTE – the new standard of mobile data, in the capital town of Aurora province.

“Mabagal po internet noong nakaraan, pero ngayon mas malakas na po yung signal. Hindi ako nagsisisi. Magpalit na po kayo ng SIM para ma-experience nilang lahat ang malaking diperensya,” said Novelith Erjas, a Globe customer in Baler as she urged kababayans to make the switch now.

Erjas, who is also a student, added the improved internet connectivity gave her opportunities to accomplish more compared to her 3G SIM card use. She also admitted that it took her sometime to make the upgrade which she regretted.

“Noong una ayoko pang magpalit ng SIM. Pero nung nalaman ko na mas maganda yung 4G, na-appreciate ko na. Mas na-e-enjoy na ngayon ang pag i-internet at hindi na hassle sa signal. Dati ang akala ko mahina ang signal ng Globe. Yun pala kailangan ko pa lang magpalit, from 3G to 4G LTE,” she said.

Globe has made 13 site upgrades in four towns of Aurora province namely Baler, Dipaculao, Maria Aurora and San Luis in the past few months and is looking to modernize its entire network in the province.

“We are happy to inform our customers in Baler, Aurora that they now have access to clearer calls, real time sending and receipt of SMS and lower latency in browsing their favorite sites by simply upgrading their SIM cards and ensuring that the devices they are using are 4G LTE capable ones,” said Joel Agustin, Globe Senior Vice President for Program Delivery, Network Technical Group.

In order to help customers in Baler migrate faster and with ease, Globe has designated the following establishments to help them upgrade their SIM cards for FREE:

Maricel Store in Barangay Buhangin

Grace Store in Barangay Suclayin

Flora Store in Barangay Sabang

Customers will still keep their old numbers when they switch to 4G LTE SIM cards. If quarantine protocols in their respective areas will allow, customers can also go to the nearest Globe Store to change their SIM cards. For more information, please go to https://www.globe.com.ph/help/mobile-internet/lte/faqs.html#gref.

Customers who wish to upgrade their mobile devices who are outside Baler can also check any Globe store to see the affordable and available 5G-ready 4G/LTE capable mobile devices.

Globe’s aggressive and sustained network builds and upgrades are showing enhanced overall customer data experience as the telco emerged as the most improved in mobile average download speed across all technologies to 16.44 Mbps in Q4 2020 from 13.50 Mbps in Q4 2019, a 22% improvement according to Ookla data.

Globe supports the United Nations Sustainable Development Goals (UN SDG), specifically UN SDG No. 9 which emphasizes the roles of infrastructure and innovation as crucial drivers of economic growth and development. Globe is committed to upholding the 10 United Nations Global Compact principles and 10 UN SDGs.

Trade gap widens as imports increase for first time in 22 months

April 8, 2021 | 10:39 am

THE COUNTRY’S trade-in-goods deficit widened in February as imports grew for the first time in 22 months and exports contracted albeit at a slower pace that same month.

Merchandise imports grew by 2.7% to $7.60 billion in February following a 12.1% annual decline in January, preliminary data by the Philippine Statistics Authority showed.

The import tally for February was bigger than $8.4 billion and $7.4 billion in January 2021 and February 2020, respectively. However, the value of imports that month was the lowest since June 2020’s $7 billion.

Nevertheless, February marked the first expansion in imports in 22 months or since April 2019 when it posted an annual growth of 2.9%.

Meanwhile, merchandise exports declined by 2.3% to $5.31 billion, lower than the 4.8% contracted recorded in January.

This brought the trade deficit to $2.29 billion for February, bigger than the $1.97-billion gap in the same month last year, but smaller than the $2.9-billion gap posted in the previous month.

Year to date, imports of goods amounted to $16 billion, down by 5.6% compared with the $16.96 billion in 2020’s comparable months.

Likewise, exports were down 3.6% to $10.83 billion on a cumulative basis compared with $11.23 billion the previous year.

These figures were below the Development Budget Coordination Committee’s growth targets of 5% and 8% for exports and imports this year.

That brought the year-to-date trade balance to a $5.17-billion deficit, smaller than the $5.72-billion shortfall in the same two months last year.

The country’s total — the sum of export and import goods — was $12.91 billion in February, up 0.6% year on year. For the first two months of the year, total trade amounted to $26.83 billion, down 4.8% from $28.19 billion a year ago. — L. O. Pilar

First Metro Investment Corporation announces schedule of virtual stockholders’ meeting

April 8, 2021 | 8:30 am

NOTICE OF ANNUAL MEETING OF THE STOCKHOLDERS

TO: ALL STOCKHOLDERS:

Notice is hereby given that the Annual Stockholders’ Meeting of FIRST METRO INVESTMENT CORPORATION (First Metro) will be conducted virtually on Friday, April 30, 2021 at 2:00p.m. via Zoom. Due to the COVID-19 situation, there will be no physical venue for the Meeting. The following items will be taken up:

AGENDA

1. Call to Order

2. Certification of Notice and Quorum

3. Approval of the Minutes of the previous Annual Stockholders’ Meeting held on June 1, 2020

4. Confirmation of the Minutes of report on the result of the Stockholders approval through Written Assent on February 22, 2021

5. Annual Report to the Stockholders

6. Ratification of Corporate Acts including Related Party Transactions

7. Amendment to the Articles of Incorporation to amend the following:

i. Amendment of Article VII to (1) increase the par value from PHP10 to PHP500 per share, and (2) decrease the number of authorized common shares from 800,000,000 to 16,000,000 common shares.

Amendment of the Primary Purpose in the Articles of Incorporation to delete the provisions pertaining to quasi-banking and trust activities in view of the recent approval of the BSP of the surrender of the quasi-bank license.

8. Election of the Members of the Board of Directors

9. Appointment of External Auditor

10. Other Matters

11. Adjournment

Record Date. Stockholders of record as of March 15, 2021 shall be entitled to attend the Meeting.

Pre-Registration. Stockholders intending to participate by remote communication should pre-register by sending an email to asmregistration@firstmetro.com.ph on or before Tuesday, April 20, 2021. The requirements for the registration can be found on www.firstmetro.com.ph/asm-2021.

Successful registrants will receive an electronic invitation via email with a complete guide on how to join the Meeting and how to cast votes. For any registration concerns, please get in touch with asmregistration@firstmetro.com.ph.

Proxy. If you will not be able to join the virtual Meeting, you may send an authorized representative on your behalf. Download, fill out and sign the sample proxy form found on www.firstmetro.com.ph/asm-2021, and send a scanned copy to asmregistration@firstmetro.com.ph.on or before Tuesday, April 20, 2021.

Questions About the Meeting and the Company. You may send your questions regarding the conduct of the Meeting and the Company to corpcom@firstmetro.com.ph.

Electronic Copies of Relevant Documents. Pursuant to SEC Notice dated April 20, 2020, copies of the Notice of Meeting, Definitive Information Statement and other related documents in connection with the Meeting may be accessed through the Company’s website (www.firstmetro.com.ph).

There will be audio and virtual recording of the Meeting. All votes cast shall be subject to the validation of Metrobank-Trust Banking Group.

City of Makati, Metro Manila, April 7, 2021.

ALESANDRA T. TY

Corporate Secretary

Semirara Mining and Power Corporation announces schedule of annual stockholders’ meeting

April 8, 2021 | 8:00 am

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