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Philippines approves emergency use of J&J, Bharat BiotechCOVID-19 vaccines

REUTERS

MANILA – The Philippines’ Food and Drug Administration (FDA) has allowed the emergency use of COVID-19 vaccines made by Johnson & Johnson and India’s Bharat Biotech, it said on Tuesday.

Both vaccines can be administered to people aged 18 and above in the Philippines, the agency chief, Rolando Enrique Domingo, said in a mobile text message.

The single-shot coronavirus vaccines developed by J&J’s unit Janssen and Bharat Biotech’s Covaxin are the fifth and sixth to receive emergency use approval in the Philippines, which is battling one of the worst outbreaks in Asia.

J&J is conducting late-stage clinical trials for its COVID-19 vaccine in the Philippines. — Reuters

Ontario complains of more vaccine delays as premier under fire for third COVID wave

FREEPIK

TORONTO – Ontario Premier Doug Ford said on Monday the province expects to face a delay in the supply of AstraZeneca Plc COVID-19 vaccine, as he faces significant blowback for his handling of the pandemic in Ontario.

“The Premier was notified today by our officials to be prepared for delays to two shipments of AstraZeneca expected from the federal government later this month and next,” a statement from Ford’s office said.

Ford has faced widespread criticism in recent days as Ontario’s pandemic spirals out of control, and he has sought to shift the blame to the sluggish supply of vaccines coming from the federal government.

No other province reported a drop in AstraZeneca supply on Monday. A federal government source who was not authorized to speak publicly said it was unclear what Ontario’s premier was referring to as there had been no change to AstraZeneca delivery schedules since early April.

An Ontario government source insisted the shipments were being delayed.

Canada’s most-populous province said on Sunday it would lower the minimum age for recipients of the AstraZeneca vaccine to 40 from 55. Alberta, Manitoba and British Columbia said on Monday they would also lower the age.

Ontario announced 4,447 new cases on Monday, with a 10.5% positivity rate and 19 more deaths. The rising caseload has pushed the province’s hospitals to the brink.

On Friday, Ontario announced measures to close borders with the provinces of Quebec and Manitoba. But the following day, it reversed its decision to close playgrounds and amended its granting of extra powers to police to enforce a stay-at-home order.

Doctors and pharmacists had expressed concern that not enough people were signing up to take the AstraZeneca shot, citing blood clot fears.

Two people in Canada have developed clots after receiving the shot and are recovering. UK regulators have estimated the risk is about four in one million.

Nadjla Banaei, client care coordinator at the South Riverdale Community Health Centre in Toronto, has had several patients express concerns about the AstraZeneca vaccine. They may have underlying health conditions and worry about what they have read, she said.

The move to lower the age group expands the pool of potential AstraZeneca recipients but does not necessarily quell fears around it, she said.

“Why did they drop the age all of a sudden? What are we supposed to communicate to people?” Banaei said. “Of course, with all these changes, people are going to be hesitant.”

Federal Health Minister Patty Hajdu said over the weekend that the provinces were free to offer AstraZeneca to anyone over 18.

The West Coast province of British Columbia said on Monday it would direct police to stop drivers to make sure they are not traveling outside their communities. – Reuters

Gov’t prepares euro bond issuance

Euro banknotes are displayed in this picture illustration taken Nov. 14, 2017. — REUTERS/BENOIT TESSIER/ILLUSTRATION

THE Philippine government is returning to the global debt market for a second time this year with a euro-denominated bond issuance.

Citing a Philippine government filing with the United States Securities and Exchange Commission (SEC), Bloomberg reported the euro bond offering will have potential tenors of four years, 12 years and/or 20 years.

The notes will be US SEC-registered senior unsecured bonds, while the volume will be based on benchmark levels.

The issuance is expected to be rated Baa2 by Moody’s Investors Service, BBB+ by S&P Global Ratings and BBB by Fitch Ratings.

BNP Paribas S.A., Credit Suisse, Goldman Sachs, JPMorgan, Nomura and Standard Chartered Bank were appointed as the joint lead managers and joint bookrunners for the issuance.

Investor meetings were held in Asia, Europe and the United States on Monday.

National Treasurer Rosalia V. de Leon declined to provide more details about the issuance.

The last time the government issued euro-denominated bonds was in January 2020, raising €1.2 billion via its dual-tranche offering.

It sold €600 million each via the three-year and nine-year notes, as total bids reached €4.3 billion. The exercise was oversubscribed by more than three times than the initial plan of a benchmark size issuance worth €500 million.

The Philippines raised ¥55 billion (P24.2 billion) from a three-year, Japanese yen-denominated “Samurai” bond sale on March 30, marking the country’s first global bond sale for 2021. The issuance fetched a coupon of 0.001%.

Finance Secretary Carlos G. Dominguez III earlier said the country would tap the US bond market soon before “rates skyrocket.”

The government runs on a budget deficit as it spends more than the revenue being generated to fund programs that will drive economic growth.

It plans to raise P3 trillion this year both from local and foreign sources to plug its budget deficit seen hitting 8.9% of gross domestic product.

About P286 billion is estimated to come from global bond issuances. — Beatrice M. Laforga

PHL economy seen as region’s laggard on virus spike, slow vaccinations

PHILIPPINE STAR/ MICHAEL VARCAS

By Luz Wendy T. Noble, Reporter

THE Philippines’ economic recovery from the coronavirus pandemic will lag behind its Asia-Pacific neighbors, as coronavirus disease 2019 (COVID-19) infections continue to spike and vaccines remain in short supply, Moody’s Analytics said.

“The Philippines is the laggard of the entire region as a record-high number of new COVID-19 cases has led to a resumption of strict lockdowns in Metro Manila, and the country faces a severe shortage of vaccines,” Moody’s Analytics Chief APAC Economist Steven Cochrane said in a note on Monday.

The pessimistic outlook for the Philippines is in contrast to the improving outlook for the rest of the Asia-Pacific region, “as the global economy is on the cusp of an acceleration due to the global pace of vaccination and stimulative fiscal policy,” he added.

Mainland China, Taiwan, Vietnam and New Zealand are leading economic recovery in the region, while Singapore and Malaysia are seen to perform the best among Southeast Asian peers.

Mr. Cochrane noted the Philippines and India will likely see strong growth rates this year due in part to the very low base effects, after their economies contracted by a record 9.6% and 8%, respectively.

But with the recent surge in COVID-19 cases in the Philippines and India, Mr. Cochrane noted both countries are at “greatest risk” of underperforming this year.

The Health department reported 9,628 new COVID-19 cases on Monday, with active cases at 141,375. Metro Manila and nearby provinces remain under a modified enhanced community quarantine until April 30.

“The lack of control of the pandemic, the inability to acquire vaccines, and the relative distance from export supply chains all factor into the outlook for the Philippines to be among the weakest in the region,” Mr. Cochrane said.

Moody’s Analytics Senior APAC Economist Katrina Ell said in an e-mail to BusinessWorld that its 6.3% growth forecast for the Philippine economy this year remains unchanged.

“We’re sticking with our 6.3% forecast but downside risks are elevated given the spike in local infections combined with the delays in vaccination availability. Without these conditions improving soon, the Philippines’ recovery will miss expectations in 2021,” Ms. Ell said.

Economic managers are reviewing their 6.5-7.5% growth target this year, as they take into consideration the impact of the reimposition of strict lockdown measures.

HERD IMMUNITY BY 2023?
Moody’s Analytics said the speed of vaccination across the region is important in determining the pace of recovery.

“No other APAC country may achieve herd immunity until 2022. In some places, such as in the Philippines, but also perhaps in Japan, South Korea or even China, that milestone may not be achieved until 2023,” Mr. Cochrane said.

About 1.48 million vaccine doses have been given in the Philippines since its vaccination program started in March, presidential spokesperson Herminio “Harry” L. Roque, Jr. said at a briefing on Monday. The Philippine government has only used vaccines from AstraZeneca Plc. and Sinovac Biotech, Ltd., citing delays in the delivery of supplies from other drug makers.

The Philippines is now third in Southeast Asia in terms of vaccines given, after Indonesia (15.811 million) and Singapore (1.667 million), according to the National Vaccination Operations Center, which cited data from Bloomberg and foreign service posts.

Despite the challenges, Mr. Cochrane said the Philippines could still see some bright spots, particularly the business process outsourcing industry.

“The Philippines and Thailand are less dependent upon goods exports and, having seen little improvement in the pace of goods that they do export, will have to depend on the eventual opening of international travel and tourism and, in the case of the Philippines, service exports such as business processing and software services,” he said.

“The Philippines has a modest, roughly equal exposure to both export destinations and should see strengthened demand for its service exports,” he added.

Philippines touted as 2nd best investment destination for renewables in SE Asia — report

Wind-Farm

By Angelica Y. Yang, Reporter

THE Philippines is the second best investment destination for renewable energy (RE) in Southeast Asia with resources that can generate up to 3,000 gigawatts (GW), and a “highly-liberalized” active spot market, according to a report from HSBC Global Research.

In deciding the rankings, the independent research house considered the entry barriers and regulatory environments of six Southeast Asian countries. The two parameters were believed to have effects on RE investments.

HSBC Global Research said the Philippines had a relative score of 2.5, second only to Vietnam which got 2.8, but better than Singapore, Malaysia, Indonesia and Thailand.

It said the Philippines has a medium range of solar or wind resource availability of up to 3,000 GW, but had a “fragmented market” with local players such as Aboitiz Power, Manila Electric Co. and AC Energy Corp.

Aside from policies that support renewables, the country’s active wholesale electricity spot market is said to be “highly liberalized with partial retail competition.” The spot market is a venue where electricity can be traded as a commodity.

In its report, HSBC Global named the Philippines as one of the three countries that led the first wave of the RE capacity growth in the Association of Southeast Asian Nations (ASEAN) region last year due to its “attractive regulatory environment.”

This time, the next growth wave of renewable energy will be more evenly spread out across the Southeast Asian region, but improved regulations and declining equipment costs are the two major forces that will drive more inclusive development in the region.

“Our analysis shows that governments are either in the process of defining policies or have already stated clear regulatory policies related to renewables to attract further investments,” HSBC Global Research said, highlighting the renewable portfolio standards (RPS) program in the Philippines.

The RPS program requires distribution utilities to get an agreed portion of their supply from eligible RE facilities.

HSBC Global Research also noted the “spectacular” fall in the cost of equipment used in building renewable energy projects. “Solar module prices in 2020 were 89% lower than a decade ago, and are forecast to drop another 27% by 2025. The price of wind turbines in 2020 was down 41% (in) 2010, and is expected to fall another 18% by 2025,” it said.

Renewables in four Southeast Asian countries, including the Philippines, will be the cheapest source of power as levelized costs of energy for solar and onshore wind are projected to decrease by 2025, HSBC Global Research said.

Based on Bloomberg and HSBC estimates, utility scale solar projects have a levelized cost of energy of $62 per megawatt-hour (MWh) in the Philippines and this will go down by 16% to $52 per MWh by 2025. Meanwhile, the cost of onshore wind projects in the country is at $93 per MWh, and the level will decrease by 22% to $72 per MWh.

HSBC Global added that other costs in renewable projects are likely to “marginally come down.”

Green financing may help bring down borrowing costs, while technology advancements in solar and wind farms can help firms trim labor costs and reduce outage periods, it added.

Energy Secretary Alfonso G. Cusi last week invited US firms to invest in the Philippine energy sector, particularly in renewables. During a virtual economic briefing on bilateral relations with the US, he urged American firms to take part in the department’s green energy option program (GEOP) and the green energy auction program (GEAP).

The GEOP allows users consuming at least 100 kilowatts of power to source their supply from retail energy suppliers that generate electricity from renewables, while the GEAP allows qualified RE developers to offer their output to the rest of the power industry.

High food prices to continue driving inflation — NEDA

PHILIPPINE STAR/ MICHAEL VARCAS

INFLATION will remain elevated in the coming months as food prices stay high, according to the National Economic and Development Authority (NEDA), which is supporting the reduction of tariffs to boost local food supply.

NEDA said in a report on Monday rising food costs due to prolonged supply-side issues, coupled with the steady increase in global oil prices, would largely drive this year’s overall inflation to go beyond the 2-4% target.

However, it said supply-side price pressures are still considered “transitory” and are projected to subside later in the year.

“In the near term, transitory factors will continue to put upward pressure on inflation. Accordingly, the government’s continuous efforts to address food security, by easing supply restrictions and increasing production will be crucial,” according to the report.

Headline inflation eased to 4.5% in March from 4.7% in February, mainly because of the slower rise in food prices. This snapped the five straight months of acceleration or since the rising trend began in October 2020.

Inflation will average 4.2% by yearend, breaching the 2-4% annual target, according to central bank forecasts

“To address the increase in overall inflation, the government needs to proactively manage the increase in food prices and prevent further second-round effects to protect the purchasing power of households, especially the poor,” the NEDA said.

Aside from boosting production of key agricultural goods, NEDA noted that measures that will lower the tariffs and raise minimum access volume (MAV) on imported meat could help stabilize food prices.

The continued spike in food prices was largely attributed to the pork shortage due to the African Swine Fever (ASF) outbreak.

This prompted President Rodrigo R. Duterte to issue Executive Order 128 on April 7, lowering the tariff rates on pork imported within the MAV quota to 5% in the first three months, and rising to 10% in the succeeding nine months.

He also lowered the tariff rates on out-of-quota pork imports to 15% in the first three months, rising to 20% in the succeeding nine months.

However, lawmakers are calling on the withdrawal of the EO, saying this would lead to huge revenue losses for the government.

NEDA Acting Secretary Karl Kendrick T. Chua earlier estimated that plugging the pork supply gap with imports could bring down full-year inflation by 0.4 percentage point.

The Philippine Statistics Authority will report April inflation data on May 5. — Beatrice M. Laforga

Ayala unit readies drilling plan for Palawan block

ACENERGY.COM.PH

THE Ayalas’ oil and gas exploration unit ACE Enexor, Inc. said on Monday that it is working on a proposal that details the drilling of an exploration well in its southwest Palawan service contract, adding that it will be submitting the plan to the Energy department for approval.

“I am pleased to report that preparation of a drilling proposal for the exploratory well is underway,” ACE Enexor President and Chief Operating Officer Raymundo A. Reyes said during the company’s virtual annual stockholders’ meeting.

He described the proposal for Service Contract (SC) 55 as a comprehensive technical document that explains the plan in constructing the borehole and assessing rock formations and fluids in the subsurface.

Mr. Reyes said the proposal, once completed, would be submitted to the Department of Energy (DoE) for approval.

“Following the [DoE] go-ahead, Palawan55 will commence the tendering process for the required drilling rig, major drilling equipment and supplies, and oilfield services,” Mr. Reyes said.

Palawan55 Exploration & Production Corp., which operates SC 55, holds a 75% interest in the gas prospect. Palawan55 is 75% owned by ACE Enexor and 25% owned by AC Energy Corp.

In a regulatory filing last month, publicly listed ACE Enexor said that the SC 55 consortium had requested the DoE to place the block under force majeure due to the resulting drop in electricity demand, which drove oil prices down.

On Monday, Mr. Reyes said that the company requested for the force majeure period to cover unforeseen delays in the firm’s drilling timeline.

“Should the Force Majeure be granted, the SC 55 venture will, nevertheless, continue to exert best efforts to deliver the obligatory well as soon as is reasonably practicable,” he said.

During the annual meeting, ACE Enexor Chairman Eric T. Francia said that the company remained focused on its commitment to drill a deepwater well in the SC 55 block by next year.

‘RECORD’ NET INCOME
During a separate annual stockholders meeting held virtually on Monday, Ayala Corp.’s energy platform AC Energy Corp. reported a net income of P3.75 billion last year, which it described as a “turnaround performance” due to improved operations and the acquisition of more shares in local renewable energy (RE) projects.

“The company was able to achieve significant improvement in operating efficiencies and reliability. Plant availability increased by 29 percentage points for our thermal assets,” said Mr. Francia, AC Energy president and chief executive officer.

He added that the company also improved its operating margins, which were largely driven by AC Energy’s ability to secure longer-term contracts that allowed more stable cash flows.

Last year, the firm was able to buy more shares in three RE projects, including North Luzon Renewable Energy Corp., which has a wind farm in Ilocos Norte, and the solar farms under San Carlos Solar Energy Inc. (Sacasol) and Negros Island Solar Power Inc. (Islasol).

The acquisitions had a total investment of P7.4 billion, and they were considered to be “earnings accretive” given the operational status of the power plants.

In 2020, AC Energy built five projects with around 374 megawatts (MW) in gross capacity. These projects include the 120-MW solar project and the 40-MW-hour battery storage project in Alaminos, Laguna; the 60-MW solar project in Palauig, Zambales; and the 150-MW quick response thermal plant in Pililla, Rizal.

Mr, Francia said that the company is in the process of building a renewable energy laboratory in Mariveles, Bataan with a 4-MW hybrid solar plant integrated with an energy storage system. The lab will help the company decide on the best technologies as it scales up its investments in solar and storage in the coming decade.

At present, the company has over 1,000 MW of attributable capacity in the Philippines, with almost half coming from renewable sources.

AC Energy Chairman Fernando Zobel de Ayala said that the company’s investments last year created over 3,000 jobs for workers living in host communities, and continue to help in reigniting the economy.

“Sustainable recovery is now seen as perhaps our best and only way forward to achieve our environmental goals to mitigate climate change, create jobs, build economic resilience, and ultimately, improve the well-being of people,” Mr. Zobel said.

“We are delighted that AC Energy has made significant progress along these fronts and continues to be recognized as a key contributor to sustainable growth and development,” he added.

On Monday, shares in AC Energy at the stock exchange improved 4.03% or or 29 centavos to finish at P7.49 apiece, while ACE Enexor shares fell by 4.84% or P1.1 to close at P21.65 apiece. — Angelica Y. Yang

Cebu Air raises $250 million through convertible bonds

BW FILE PHOTO

CEBU AIR, Inc., the listed operator of budget carrier Cebu Pacific, announced on Monday that it had signed an agreement to receive $250-million investment in the form of convertible bonds with International Finance Corp., IFC Emerging Asia Fund, and Indigo Philippines LLC.

The agreement was signed on April 16 after the company’s board of directors’ approval, Cebu Air said in a disclosure to the stock exchange.

“Transaction closing is subject to post-signing deliverables, which the parties expect to complete over the succeeding weeks,” it added.

It said the number of underlying shares for the convertible bonds is 318.75 million common shares with P38 conversion price.

The International Finance Corp. is a member of the World Bank Group. It is the world’s largest development institution focusing solely on the private sector in developing countries, according to Cebu Air.

Meanwhile, the IFC Emerging Asia Fund is a $693-million private equity fund managed by the IFC Asset Management Company, a division of the International Finance Corp (IFC).

Indigo Partners LLC, a private equity firm headquartered in the United States, is focused on aviation investments.

Currently, Indigo Partners’ aviation investments include Frontier Airlines in the United States, Volaris in Mexico, Wizz Air in Europe and JetSMART in Chile.

In March, Cebu Air successfully raised almost P12.5 billion from its stock rights offering, which would be used to strengthen its balance sheet.

In the same month, its board approved a P16-billion, 10-year loan from local banks, which would be used to fund its capital expenditures and other general corporate purposes.

Cebu Air shares closed 3.59% lower at P48.30 apiece on Monday. — Arjay L. Balinbin

Axelum profit dips 32% on pandemic’s impact

AXELUM Resources Corp. recorded a 32.1% decline in its net income to P526.41 million last year due to the effects of the coronavirus disease 2019 (COVID-19) pandemic to its operations.

Quarantine restrictions hampered production in 2020, the listed coconut manufacturer and exporter said in a regulatory filing on Monday.

Last year’s profit was down from the P774.81-million net income recorded in 2019.

Axelum said its consolidated sales last year fell 2.5% to P5.17 billion from P5.30 billion the earlier year because of the lockdown restrictions.

In 2020, it sold 27.1 million liters of coconut water, an increase of 20% from 22.5 million liters the previous year. The said product accounted for 27% of consolidated sales.

The company said additional costs were also incurred as a result of COVID-19 protocols and mobility limitations that caused an increase in raw and packaging materials costs.

Axelum’s cost of sales for 2020 increased 3.2% to P3.87 billion, against P3.75 billion the year earlier due to raw material prices.

It added that the prices of coconut used for production ranged from P7,200 to P7,700 per metric ton in 2020, higher than the P5,800 to P6,000 per metric ton recorded in 2019.

“Additional costs also were due to the impact of escalating shipping fees, container space constraints and enforcement of intensified health policies to safeguard its workforce including regular COVID-19 testing and shuttle services to seamlessly transport workers,” the company said.

For Axelum President and Chief Operating Officer Henry J. Raperoga, the company has been able to sustain its profitability despite the pandemic by taking advantage of opportunities during its extra downtime to improve its operations.

“[We have been able] to bolster our manufacturing capabilities and develop new products to anchor long-term growth. At the same time, we strictly implemented health and sanitation policies to prevent virus transmissions, allowing us to operate continuously without interruption,” Mr. Raperoga said in the disclosure.

According to Axelum, it recently completed the expansion of its spray-drying facility that used agglomerated technology to double the production capacity of coconut milk powder. It expects the move to be a key growth driver for its organic gluten and dairy-free variants due to strong demand in culinary ingredients used for plant-based diets and other applications.

The company said it also commissioned its pressed coconut water plant to fast-track the commercial production of its new coconut water variant, adding that the product continues to have massive appeal in the global market.

On Monday, shares of Axelum at the stock exchange rose 0.29% or one centavo to end at P3.44 apiece. — Revin Mikhael D. Ochave

Lima Estate sells commercial lots within CBD

LIMA Estate’s 30-hectare commercial area in Batangas. — BW FILE PHOTO

ABOITIZ GROUP’S LIMA Land, Inc. will be selling commercial lots to assist its economic activity during the pandemic.

LIMA Estate, a 700-hectare economic zone in Lipa-Malvar, Batangas, is selling four hectares of its commercial lot inventory in 1,800 to 5,000 square meter lots in its central business district (CBD).

The LIMA central business district is the estate’s 30-hectare commercial area which houses The Outlets at Lipa, LIMA Exchange, LIMA Park Hotel, and LIMA Transport Hub.

The lots would be ideal, Aboitiz said in a press release Friday, for outsourcing firms, offices, dormitories, condominiums, schools, hospitals, hotels, civic centers, and other commercial uses to complement existing commercial activity in the zone.

“The launch of our commercial lot offerings paves the way for our vision to turn LIMA Estate into a smart integrated economic center, fully supported by our own ecosystem of services including power, water, and construction, as well as the latest digital technologies,” Aboitiz Integrated Economic Centers First Vice-President Rafael Fernandez de Mesa said.

“This will open up a new wave of opportunities in the area and bring a higher standard of development and quality to provincial locations.”

LIMA also plans to build LIMA Tower One, the first of a six-building office complex, in the same area.

LIMA Land is managed by Aboitiz InfraCapital, Inc., the infrastructure arm of the Aboitiz Group. — Jenina P. Ibañez

SEC’s company registration system eSPARC now online

THE new company registration system of the Securities and Exchange Commission (SEC) called the Electronic Simplified Processing of Application for Registration of Company (eSPARC) launched online on Monday.

Applications to register as one person corporations (OPCs) and as stock and nonstock domestic corporations, with at least two but not over 15 incorporators, will be now accepted through the new platform.

“eSPARC brings us another step closer to our vision of a unified system that can seamlessly handle the company registration process from end to end,” Emilio B. Aquino, chairperson of the SEC, said in a statement.

It may be accessed via https://secwebapps.sec.gov.ph/application.

Applicants or duly appointed representatives may submit their proposed company names and information, along with the required documents to be reviewed by the SEC. The platform has a real-time inquiry facility where applicants can track the status of their applications.

eSPARC is linked to the SEC Cashiering System, the commission’s online payment portal, and its Central Business Portal.

“As we proceed further with the commission’s digital transformation, we also have to ensure that our stakeholders may adapt well and be able to fully take advantage of our ongoing initiatives, which are after all aimed at improving the ease of doing business in the country for them,” Mr. Aquino said.

eSPARC replaces the Interim Registration System, previously used by OPCs and corporations with two to four incorporators, and the Company Registration System (CRS) platform for domestic and foreign-owned corporations with at least five incorporators.

The CRS will only accept applications for the registration of foreign corporations and partnerships moving forward.

Applications filed through the CRS before April 19 will still be processed by the system unless otherwise instructed. — Keren Concepcion G. Valmonte

Oscars show reinvented as a movie — with masks, longer speeches

EN.WIKIPEDIA.ORG
EN.WIKIPEDIA.ORG

LOS ANGELES —  The Oscars ceremony next week will have the look and feel of a movie, giving winners more time for speeches, while coronavirus masks will play a major role, producers of the show said on Saturday.

The coronavirus pandemic and a trio of new producers have led to a reinvention of the traditional show where the world’s highest movie honors are handed out before a seated theater audience of more than 4,000 A-list stars and industry executives.

Much of the April 25 ceremony will instead be held at the Art Deco Union Station in downtown Los Angeles, where a stage is being built and where presenters will be doing more than opening an envelope with the winner’s name.

“It’s not going to be like anything that’s been done before,” director Steven Soderbergh, who is producing the show with Stacey Sher and Jesse Collins, told a news conference.

Mr. Soderbergh, who directed the 2011 movie Contagion, said the pandemic had “opened up an opportunity to try something that hasn’t been tried.”

“We want the show to have a voice,” he added.

Mr. Soderbergh said the ceremony would be shot like a movie, with presenters including Brad Pitt, Harrison Ford, and Halle Berry “playing themselves, or at least a version of themselves.”

Speeches by Oscar winners were previously limited to around 45 seconds. This year, Soderbergh said, “we’re giving them space. We’ve encouraged them to tell a story, and to say something personal.”

The producers said strict testing and COVID-19 protocols would be in place, much of them following standards developed last year to get movie and TV production running again.

They also have consulted extensively with epidemiologists who worked 10 years ago on Contagion, which eerily foreshadowed the devastating effects of a virus on the world and which saw a bump in rentals and streaming last year.

Asked about masks at the ceremony, Mr. Soderbergh gave what he called a deliberately cryptic reply.

“Masks are going to play a very important role in the story,” he said. “That topic is very central to the narrative.”

Nominees unable to travel to Los Angeles for the ceremony will be able to take part via satellite hookups from venues around the world but there will be no Zoom appearances.

The ceremony will be preceded by a 90-minute pre-show that will include performances of the five original song contenders that were recorded in advance on the roof of the new Academy Museum in Los Angeles, and in Iceland. — Reuters

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