Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 7137

Panasonic Air Conditioners with nanoe™ X confirmed to inhibit the novel coronavirus

Global contract research organization certifies the inhibitory effect of Panasonic Air Conditioners with nanoe™ X Technology on the Novel Coronavirus: 91.4% in 8 hours in a 6.7m3space

Panasonic Manufacturing Philippines Corporation (PMPC) announced today a new breakthrough confirming that the inhibitory effect on the novel coronavirus (SARS-CoV-2) by the Panasonic Air Conditioner with nanoe™ X Technology was certified by Texcell*1, a global contract research organization.

 

Texcell verified 91.4% of the inhibitory effect on the novel coronavirus in the space of 6.7m3 in 8 hours.

In September 2020, Panasonic has verified, in collaboration with Texcell, the inhibitory effect of the nanoe™ X Technology with the benefits of hydroxyl radicals on the novel coronavirus in a small test space of 45L using the nanoe™ X generator.

For further investigation, Panasonic challenged to test using the air conditioner with nanoe™X in a larger test space. Even with the more challenging test parameters, Texcell has now certified that the Panasonic Air Conditioner withnanoe™ X Technology has 91.4% inhibitory effect on the novel coronavirus in the actual space of 6.7m3in 8 hours. This testing was carried out in a closed laboratory environment and was not designed to assess its efficacy in uncontrolled living spaces.

About nanoe™ X Technology

nanoe™ X is a technology unique to Panasonic that collects invisible moisture in the air and applies a high voltage to it to produce “hydroxyl radicals contained in water”. Hydroxyl radicals inhibit the growth of pollutants such as bacteria and viruses. They are characterized by being strongly oxidative and highly reactive but normally have a short life span. Contained in tiny water particles, nanoe™ X has a long lifespan and can spread over long distances. It has an inhibitory effect on both airborne and adhered substances.

Safer spaces are a must


With the threat of the novel coronavirus continuously looming and with vaccines not yet massively distributed or administered locally, Filipinos continue to struggle with safer breathing spaces and to ensure healthier home and work environments for loved ones and colleagues.

With this study update, one thing is assured: Filipinos can get 24-hour cleaner and safer air indoors, with the presence of Panasonic Air Conditioners in homes, schools, offices, and businesses. In fact, in 24 hours, Panasonic Air Conditioners with nanoe™ X Technology has an inhibition rate of 99.7% on the novel coronavirus, also tested in a 6.7m3 space.

Apart from its Split-type Air Conditioners with nanoe™ X Technology, Panasonic also offers a portable solution for the Filipino consumers, the Portable nanoe™ X Generator. The small device is also equipped with nanoe™ X Technology that’s proven to inhibit harmful air pollutants and viruses.

The plight for A Better Life, A Better World continues

Panasonic has been researching nanoeTM Technology over the past 20 years since 1997 and has verified its effectiveness in a variety of areas, including inhibiting pathogenic microorganisms (bacteria, fungi, and viruses) and allergens, breaking down PM 2.5 components that have adverse effects on the human body*2.

Panasonic will continue to pursue the potential of nanoe™ X Technology to address possible risks associated with air pollution such as new pathogenic microorganisms, to create healthy environments, and A Better Life, A Better World for people around the world.

For reference:

Testing the inhibitory effect of the air conditioner with nanoe™ X on the novel coronavirus(SARS-CoV-2) in a space of 6.7m3.

  • Overview

A comparative verification was conducted in a space of 6.7m3 containing the novel coronavirus. (SARS-CoV-2)

  • Results

Over 91% of novel coronavirus (SARS-CoV-2) activity was inhibited within 8 hours.

Note:  This verification was designed to generate basic research data on the effects of nanoe™ X on the novel coronavirus in laboratory conditions different from those found in living spaces.

  • Methodology and data

Organisation  ：Texcell (France)

Subject          ：Novel coronavirus (SARS-CoV-2）

Device           ：Air conditioner with nanoe™ X

Method：

  • The air conditioner with nanoe™ X was installed in a space of 7m3.
  • Gauze saturated with SARS-CoV-2 virus solution was exposed to an air conditioner with nanoe™ X from a distance of 0.7m in a 7m3 room for 24 hours.
  • The virus infectious titer was measured and used to calculate the inhibition rate.
  • Test result 
Test subject Inhibition rate Capacity Hours
SARS-CoV-2 42.4% 6.7 m3 4 hours
SARS-CoV-2 91.4% 6.7 m3 8 hours
SARS-CoV-2 99.7% 6.7m3 24 hours

 

As heatwaves become more extreme, which jobs are riskiest?

Heat is more dangerous than the cold in most Australian regions. About 2% of deaths in Australia between 2006 and 2017 were associated with the heat, and the estimate increases to more than 4% in the northern and central parts of the country.

In fact, Australian death records underestimate the association between heat and mortality at least 50-fold and chronic heat stress is also under-reported.

The risk is higher in some regions but where you live is not the only factor that matters. When it comes to heat, some jobs are much more dangerous, and put workers at higher risk of injury.

One study compared workers’ compensation claims in Adelaide from 2003 to 2013. It found workers at higher risk during extremely hot temperatures included:

  • animal and horticultural workers
  • cleaners
  • food service workers
  • metal workers
  • warehouse workers.

The authors noted hot weather “poses a greater problem than cold weather. This is of particular concern as the number of hot days is projected to increase”.

Another study involving many of the same researchers looked at the impact of heatwaves on work-related injuries and illnesses in Melbourne, Perth and Brisbane. It found vulnerable groups included:

  • males
  • workers aged under 34 years
  • apprentice/trainee workers
  • labour hire workers
  • those employed in medium and heavy strength occupations, and
  • workers from outdoor and indoor industrial sectors.

A study of work-related injuries in Melbourne between 2002 and 2012 found young workers, male workers and workers engaged in heavy physical work are at increased risk of injury on hot days, and a wider range of worker subgroups are vulnerable to injury following a warm night. In light of climate change projections, this information is important for informing injury prevention strategies.

A study using data for Adelaide between 2001 and 2010 concluded male workers and young workers aged under 24 were at high risk of work-related injuries in hot environments. The link between temperature and daily injury claims was strong for labourers, tradespeople and intermediate production and transport workers (who do jobs such as operating plant, machinery, vehicles and other equipment to transport passengers and goods).

Industries with greater risk were agriculture, forestry and fishing, construction, as well as electricity, gas and water.

A systematic review and meta-analysis of 24 studies on the links between heat exposure and occupational injuries found

Young workers (age < 35 years), male workers and workers in agriculture, forestry or fishing, construction and manufacturing industries were at high risk of occupational injuries during hot temperatures. Further young workers (age < 35 years), male workers and those working in electricity, gas and water and manufacturing industries were found to be at high risk of occupational injuries during heatwaves.

The fact that apprentices or trainees had greater heat-related injuries in the workplace may surprise many, as heat tolerance deteriorates with age. Exposure to labour intensive work, less experience in managing heat stress, and a propensity to avoid acknowledging they’re affected by heat may contribute to the higher risk for younger workers.

A growing body of international research shows extreme heat can cause severe health issues.

Other factors that increase vulnerability to heat include age (especially being older or very young), low-socioeconomic status, and homelessness. Regions also matter; there are differences between climate zones and increased heat-related morbidity in rural settings.

Underlying health conditions increase the risk of heat-related illness and death. These health conditions include

  • diabetes
  • high blood pressure
  • chronic kidney disease
  • heart conditions and
  • respiratory conditions.

Chronic heat exposure is dangerous and has been linked to serious health problems, including chronic and irreversible kidney injury. A range of studies have linked higher temperatures with increases in suicide rates, emergency department visits for mental illness, and poor mental health.

Most of the studies mentioned here focused on worker’s compensation claims. That data includes only those injuries for which compensation claims were actually made. In reality, the problem is likely more widespread.

The Australian studies primarily focused on the milder climatic regions of Australia, but the rate of injuries and ill health is greater in hot and humid regions. And the dangers may be worse in regional and remote areas, particularly when and where workforces are transient.

We also need more research on the relationship between the length of exposure to higher temperatures (in hours or days) and worker health.

National studies or studies in other regions should assess whether rates of injury differ by occupation, climate zone and remoteness. Capturing data on all types and severity of workplace injuries (not just those that led to a compensation claim) is crucial to understanding the true extent of the problem.

As the climate changes and heatwaves become more frequent and severe, it’s vital we do more to understand who is most vulnerable and how we can reduce their risk.

This story is part of a series The Conversation is running on the nexus between disaster, disadvantage and resilience. You can read the rest of the stories here. — REUTERS

World’s Economic Recovery Delayed by Slow Vaccine Rollouts

The world economy is facing a tougher start to 2021 than expected as coronavirus infections surge and it takes time to roll out vaccinations.

While global growth is still on course to rebound quickly from the recession of last year at some point, it may take longer to ignite and not be as healthy as previously forecast. The World Bank already this month trimmed its prediction to 4% in 2021 and the International Monetary Fund will this week update its own outlook.

Double-dip recessions are now expected in Japan, the euro area and U.K. as restrictions to curb the virus’s spread are enforced. Record cases in the U.S. are dragging on retail spending and hiring, prompting President Joe Biden’s new administration to seek an extra $1.9 trillion worth of fiscal stimulus.

Only China has managed a V-shaped recovery after containing the disease early, but even there consumers remain wary with Beijing partly locked down.

High frequency indicators tracked by Bloomberg Economics point to a troubling start to the year with advanced economies beginning on a weak note and emerging economies diverging.

“That’s a reflection of the hard reality that, ahead of widespread distribution of the vaccine, a return to normality is an unlikely prospect,” said Tom Orlik, chief economist at Bloomberg Economics.

It’s a stark outlook facing policy makers after $12 trillion worth of fiscal support and trillions in central bank money printing failed to cement a recovery. Those from the Federal Reserve meet this week.

Market Optimism

Even as the economic outlook has darkened as the weeks of 2021 ticked by, financial markets have continued to rally on optimism government stimulus and the vaccine roll out will drive a recovery. Global stocks hit an all-time high last week.

The unevenness is likely to feature in remarks by global leaders including Chinese President Xi Jinping, his French counterpart Emmanuel Macron and German Chancellor Angela Merkel and others who will speak at an online event the World Economic Forum is holding from Jan. 25 to Jan. 29 instead of its usual meeting in the Swiss ski resort of Davos.

The U.S., Britain and European Union are delivering vaccines, setting up a scenario where some parts of the world reach herd immunity while others lag, especially poorer economies.

The World Health Organization will warn rich nations on Monday that their economies could be hurt unless they help developing countries speed up vaccination programs, the Financial Times reported, citing a study commissioned by the International Chamber of Commerce.

If the rollout of vaccines in poorer countries maintains its current trajectory, advanced economies faces an output loss of up to $2.4 trillion of their annual gross domestic product before the pandemic because of disruptions to trade and supply chains, the WHO will say based on the ICC research, according to the FT.

“While there is light at the end of the tunnel, there is still a long and difficult road ahead before we are out,” said Erik Nielsen, group chief economist at Unicredit SpA. “So long as the pandemic terrorizes part of the world, normality will not be restored anywhere.”

The optimistic outlook rests on authorities getting the vaccine out on a material scale by mid-year and neutering the threat of more transmissible variants of the virus. The ongoing provision of easy monetary policy and hope that governments won’t pull back their support prematurely as some did after the financial crisis should also assist.

Lockdowns and other restrictions on movement also appear to be having less of a detrimental economic impact this time than last year as consumers and business have found ways to adapt. And China’s lead in the global recovery shows what’s possible once the virus is controlled.

“The first quarter will be worse than we had thought,” said Shaun Roache, Asia Pacific chief economist at S&P Global Ratings in Singapore. “But we see a delayed, not derailed recovery.” — Bloomberg

Mexican president contracts COVID-19 after worst week of pandemic

MEXICO CITY — Mexico’s President Andres Manuel Lopez Obrador said on Sunday he had tested positive for COVID-19 amid the country’s deadliest week yet in the coronavirus pandemic, which has pushed the health system of the Mexican capital to its limits.

The 67-year-old president, who was a heavy smoker until suffering a major heart attack in 2013, said in a tweet that his symptoms were light and he was receiving treatment.

“As always, I am optimistic,” said Mr. Lopez Obrador, who has resisted wearing a face mask in public since the virus reached Mexico over 10 months ago.

The president, who is back in Mexico City after a three-day visit to parts of northern and central Mexico, said he would continue working, and still planned to take part in a call with Russian President Vladimir Putin on Monday morning.

But the veteran leftist will step back from his regular public schedule, which has dominated the country’s political life since he first took office in December 2018.

Critics have railed incessantly against his management of the health crisis, but despite a mounting toll of nearly 150,000 dead, his popularity has risen during the pandemic, according a daily tracking poll by polling firm Consulta Mitofsky.

The president has maintained a busy agenda, meeting his security cabinet at 6 a.m. every morning then holding daily news conferences of two hours or more from 7 a.m. At the weekends, he often tours the country, just as he did when in opposition.

Several close aides have contracted the virus in the past few months, but he has always insisted that he is in good health and has taken care of himself since the 2013 heart attack, after which he quit smoking.

“Fortunately, the president is stable at the moment, the symptoms are mild,” Jose Luis Alomia, a senior Mexican health official told a daily news conference shortly after Mr. Lopez Obrador announced he had the virus.

Specialists were attending the president, Mr. Alomia said.

The health ministry said officials were reviewing who the president had been in contact with in the past few days and that most of them would self-isolate. Economy Minister Tatiana Clouthier was isolating, a spokeswoman said.

Mr. Lopez Obrador made an uncertain start to the pandemic, which has led to the fourth-highest death toll worldwide in Mexico. Initially the president urged people to hug each other and to keep going out. Later, he told them to stay at home.

 

NO LOCKDOWNS

Throughout the emergency, Lopez Obrador has shied away from imposing strict curbs on the public. In October, he even criticized European countries for adopting tough lockdown measures, suggesting they smacked of authoritarianism.

Many Mexicans live from hand-to-mouth and the government has been loath to restrict commercial activity lest it deprive people of their livelihoods and encourage crime.

Mr. Lopez Obrador’s strategy has focused on increasing hospital capacity over testing and contact tracing. Instead of lockdowns, Mexico has used a tiered system of restrictions from state to state to limit the impact on the economy.

However, hospitals in Mexico City are near capacity because of the surge in cases, and nearly 9,000 new fatalities were registered in the past week, easily the worst seven-day tally.

Critics have for months said the president was at risk of contracting the virus due to his schedule.

His two predecessors as president, Enrique Pena Nieto and Felipe Calderon, both of whom Mr. Lopez Obrador has pilloried as part of a corrupt political system, quickly wished him well.

“Sincerely, I wish for the president’s quick recovery,” Mr. Calderon said on Twitter.

Mr. Lopez Obrador said on Twitter his interior minister Olga Sanchez would run his morning news conference in his absence.

His absence may sap some vigor from the government’s rollout of its vaccine program, which is currently solely reliant on the product developed by U.S. drugmaker Pfizer.

Mr. Lopez Obrador is due to discuss the possible acquisition of Russia’s Sputnik V vaccine with Putin on Monday as Mexico seeks to give itself more options in the fight against the virus. — REUTERS

Billionaires thriving as poor suffer in widening COVID-19 divide – Oxfam

LONDON — Billionaires including Amazon’s Jeff Bezos and Tesla founder Elon Musk have seen their wealth soar during the COVID-19 pandemic while the world’s poor face years of hardship, charity Oxfam said on Monday as it demanded steps to tackle inequality.

Nations have a “shrinking window of opportunity” to build a fair, green recovery, according to “The Inequality Virus” report, published as global leaders tune in for the World Economic Forum’s virtual “Davos Dialogue” meeting.

“We stand to witness the greatest rise in inequality since records began,” Gabriela Bucher, executive director of Oxfam International, said in a statement as the charity called for higher wealth taxes and stronger protections for workers.

“Rigged economies are funnelling wealth to a rich elite who are riding out the pandemic in luxury, while those on the frontline of the pandemic — shop assistants, healthcare workers, and market vendors — are struggling to pay the bills.”

COVID-19 has unleashed an economic storm that hit the poor and vulnerable hardest, with women and marginalised workers facing the worst of job losses and the World Bank warning more than 100 million people could be pushed into extreme poverty.

It could take more than a decade to reduce the number of people living in poverty back to pre-crisis levels, Oxfam said.

Meanwhile, the collective wealth of the world’s billionaires rose $3.9 trillion between March and December 2020 to reach $11.95 trillion, the report calculated.

The 10 richest men – a list led by Bezos and Musk which also includes LVMH luxury group’s CEO Bernard Arnault, Microsoft’s Bill Gates and Facebook CEO Mark Zuckerberg – saw their net worth increase by $540 billion in the same period, Oxfam said.

That sum would be enough to prevent anyone from falling into poverty as a result of the pandemic and pay for a vaccine for everyone on earth, researchers calculated.

The pandemic marks a “pivotal” point which has exposed economic disparities and built support for “transformative” policies, Oxfam said, calling for higher taxes on wealth and corporations alongside stronger protections for workers.

A temporary tax on excess profits made by the 32 global corporations that have profited the most during the pandemic could have raised $104 billion in 2020, Oxfam said.

International cooperation would be key to implementing many changes, said Jayati Ghosh, an economics professor at the University of Massachusetts Amherst who was among the economists polled by Oxfam for the report.

The administration of new U.S. President Joe Biden will spur “more willingness” for joint action on issues including a crackdown on tax havens and a bailout for developing nations, she told the Thomson Reuters Foundation by phone.

“There are some very, very big hurdles, but there are many things that can be done very quickly,” she added. — REUTERS

AIA Philam Life launches new funds for global investment

The country’s premier life insurance company, AIA Philam Life, has launched new investment funds which will give Filipinos access to the world’s biggest companies including Amazon, Apple, and Microsoft.

Available through its unit-linked insurance products, the new AIA Philam Life Elite Funds are designed to maximize the earning potential of common Filipinos’ hard-earned money through global funds. Policyholders may choose from different fund types depending on how much risk they are willing to take for the growth they would like their investment to achieve.

The Elite Funds will be available through Family Provider and the MoneyWorks. This expands the options policyholders can choose from to grow the account value of their life insurance plans. They may transfer to or add the peso-denominated Elite Funds in their portfolio. With access to a global portfolio of professionally-managed funds, customers will have the opportunity to grow their investment to meet their long-term savings objectives.

The AIA Philam Life Elite Funds are curated based on the customers’ risk profile and investment objectives. The Elite Adventurous Fund matches investors comfortable with higher risk in pursuit of higher return while the Elite Balanced Fund is perfect for those ready to take moderate risk for capital growth. For those with a low-risk profile but still seeking long-term total return, the Elite Conservative Fund is available. Each of these funds is uniquely created for AIA and managed by Best-in-Class asset managers.

 

AIA Philam Life has partnered with AIA Investment Management Pte. Ltd. (AIA IM) in the development of these funds. AIA IM is an AIA-affiliated company incorporated in 2016 as the hub for regional investment management that solely manages the assets of the AIA entities within the AIA Group. Through this collaboration, AIA Philam Life is able to open to Filipinos the opportunity to invest in global investments.

AIA IM has US$244 billion assets under management across 18 markets in Asia. AIA IM’s team of more than 150 investment professionals has access to the world’s finest global institutional fund managers. This partnership approach with external asset managers will help ensure the Elite Funds will deliver consistent long-term results.

The Elite Funds are invested in a combination of AIA Investment Funds managed by AIA IM and external fund managers Baillie Gifford, Wellington Management, and BlackRock. The underlying investments of the AIA Investment Funds include US Investment Grade fixed income securities, offshore traditional stocks, and new economy stocks such as Alphabet, Amazon, and Netflix.

With the new AIA Philam Life Elite Funds, AIA Philam Life stays true to its commitment of empowering Filipinos to live Healthier, Longer, and Better Lives through long-term savings solutions.

Click here for more information about AIA Philam Life Elite Funds, or visit AIA Philam Life’s Facebook page at https://www.facebook.com/AIAPhilamLife/, email philamlife@aia.com or call (02)8528-2000. 

Financial self-care practices to master this year

If you are like most people, you were likely affected by the global coronavirus disease 2019 (COVID-19) pandemic directly through infection or indirectly through the disastrous impact it has wreaked on the economy.

But a new year brings new opportunities and if you are looking to turn a new leaf financially in 2021, you are far from alone. In fact, a white paper released by AdSpark, Inc., a portfolio company under Globe Telecom’s 917Ventures last year, showed that consumption of Personal Finances as a topic grew by 800% from January 2020 to the end of March 2020 when most Filipinos were required to stay at home.

This was supported by the Global Web Index which tells in numbers how people foresee the impact of the situation on their personal finances. Of the Filipinos surveyed, 65% believed that the COVID-19 pandemic will have a big impact on their personal finances while 15.7% said the effect could be greater.

No doubt that number is far larger now that a full year has gone by. Yet, as awful as it had been, there is much 2020 could teach about the importance of being financially secure, especially now in a drastically different world.

Save whatever you can and build an emergency fund
Everyone from the billionaire tycoons to their hardworking employees were caught unaware by the pandemic. This has resulted in millions of lost jobs and lost income. And while naturally the worst affected had been those already poor and vulnerable, everyone has felt the effects that COVID-19 has had on the economy.

Being prepared for such events and setbacks is the main purpose of an emergency fund. An emergency fund is a stash of money set aside to cover the unexpected financial surprises that may come your way. Such events could be an unexpected car trouble, a bad illness, or other sudden expenses. Having an emergency fund is like having a safety net that you can rely on to save yourself the stress of financial instability or going into debt.

Most financial experts will recommend an emergency fund of about three to six months’ worth of expenses, put into an easily accessible deposit account. You should try to save up this amount even if you have any outstanding debt, budgeting wherever necessary. The peace of mind brought by having an emergency fund will make all the scrimping worth it.

Naturally, you should not touch this fund unless there is an emergency, or else it defeats the purpose.

Learn to use technology to your advantage
Many people will struggle with saving, especially in troubled times like these. Most banks nowadays have digital platforms where you can do your banking online. If you have never tried using such platforms before, now is the time to try.

Having an easily accessible way to check your finances wherever you are can be a great motivator towards spending responsibly. You can also check with your bank if they have features like automatic bills payments for your recurring bills, or even if they can automatically invest part of your income towards retirement funds or life insurance.

Learn all you can about how digital technology can help you achieve your financial goals. Download free apps that can track your spending habits or can help you create a budget.

Check your lifestyle and make some cuts
As widespread as it was, the pandemic has changed everyone’s daily lives the world over. For many, it has been a massive lifestyle change. In an instant, there was no more travel to look forward to, remote work began to become mainstream, and eating out in restaurants became ordering delivery and dining in at home.

Examine how the pandemic has affected you and your spending habits. Maybe you stopped checking in for a morning coffee at your favorite cafe. Maybe you don’t order from restaurants as much because you can cook meals at home now. Whatever the changes may be, ask yourself if anything of value was lost. If you are satisfied with your life even with all the lifestyle cuts, then why not take them out of your budget altogether?

Educate yourself
They say the best investment you can ever make is investing in yourself. If you want 2021 to be the year you start on your journey towards financial security, then it is a good idea to invest in your financial education.

You don’t need to enroll in any classes or buy any books (though they help!). Resources about financial education is all over the internet, from Investopedia to podcasts to your own bank’s website. Being financially educated means changing your mind-set to learn and understand money and all the ways it can help you improve your life. — Bjorn Biel M. Beltran

Protecting your assets through insurance

Protection is what insurance mainly gives clients. Knowing that the future cannot be completely certain for anybody, insurance, in its various ways of protecting one’s hard-earned assets, can give clients and their families peace of mind when illness, accidents, disruptions, or untimely passing comes.

Life insurance, for instance, is considered as “a means of providing an instant estate for survivors.” For Edward J. Metzen, a former chair of the current Department of Personal Financial Planning in the University of Missouri (UM), this benefit life insurance provides shows how much it prioritizes protection for clients.

“When buying life insurance, your primary concern should be providing adequate protection; the possible savings feature is a secondary consideration,” Mr. Metzen advised in a guide to insurance on UM’s website.

Such protection is not limited, nonetheless, to providing income to an insured’s dependents. Insurance can, in fact, prevent them from having to give off assets. This is what is often referred to as estate preservation.

Before the ownership of one’s assets can be transferred to another, an estate tax should be given to the government. The amount of this tax, however, might surprise survivors that they might even consider selling off some, if not all, of those assets just to pay the tax. Add to that unsettled debts and the burden expands.

Life insurance can prevent survivors from bearing this burden by using the premium to pay for taxes and unsettled debts.

“Life insurance can potentially cover whatever is due to the government so your loved ones don’t have to make difficult decisions,” local financial literacy platform Pesolab wrote.

Aside from estate preservation, life insurance is also considered an efficient way of estate creation. In addition to the aforementioned ‘instant estate,’ life insurance can also help equitably transfer wealth to later generations.

Shares of a family business, for instance, can be distributed to all members instead of solely to family members who are active in that business.

“Often, the business is the estate’s major asset and the amount remaining for family members who are not involved in the business is significantly less. Life insurance can provide a lump sum to the family members who do not have an interest in the business, to ensure a fair inheritance,” US-based wealth management service TD Wealth wrote in a document on life insurance’s role in asset protection.

Another way estate is created and protected through life insurance involves annuity, which provides investors with a guaranteed regular income stream while consequently facilitating the creation of an estate.

“Usually, a portion of the annuity income is used to pay the premiums for a life insurance policy with a face value (insurance benefit) equal to the amount of the annuity principal,” TD Wealth explained. “Upon death of the annuitant, the tax-free life insurance death benefit is paid to the annuitant’s beneficiary(ies) to replace the capital originally invested in the annuity.”

Furthermore, there are other types of insurance tailored to protect certain assets.

Property insurance is designed to protect an insured’s house, whether owned or rented, as well as other items he or she owns. In cases of natural calamities, theft, or fire, among other uncertainties, this kind of insurance should at least cover most of the replacement costs. It can also protect the owner/renter against personal liability if someone is injured at that property.

“Without property cover, you absorb all the risks in acquiring these assets. If you have adequate cover, however, you can rest easy knowing your insurer will pay you a lump sum benefit when your properties are caught in a natural disaster or a man-made accident,” Pesolab noted.

Auto insurance, meanwhile, covers the replacement of vehicles in case of accidents. Beyond that, auto insurance also provides coverage for liabilities (if the driver is the offending party) as well as medical-related expenses. Another financial platform, Grit.ph, in its guide to car insurance, finely stressed the importance of such policy: “It’s ‘protection for your pockets’ against car-related damages or accidents.”

Businesses are also not exempted from uncertainties, more so at present; so a policy designed for them will greatly help. Business insurance protects businesses from potential losses by providing coverage for their financial assets as well as intellectual and physical properties from lawsuits, property damage, theft, loss of income, and employee injuries and illnesses.

Business insurance comes in several forms. One of these is the business owner’s policy, which covers damage to property and even business interruption. Workers’ compensation insurance, meanwhile, covers medical and health bills of employees in case of workplace accident.

Group life insurance, or employee benefits package, is collectively provided by businesses to their employees; while data breach/cyber liability insurance can be used to protect businesses from costs resulting in digital attacks.

Assets, in their various forms, should regularly be appreciated and taken care of, and various insurance products in the market are capable of helping consumers become better stewards of their assets and themselves. — Adrian Paul B. Conoza

Cocolife FLEXI: Offering flexibility for all of life’s challenges

With the start of a new year often come new opportunities: relationships, new set of goals, and commitments. Yet, with every new opportunity, there are always unforeseen challenges which one should prepare for.

Kiefer Ravena, Gilas Pilipinas Team Captain and Cocolife Brand Ambassador, finds it important to have the tools that will gear him up for whatever life throws at him.

“I have no way of predicting the future. I want some assurance that I will have the resources to live a comfortable life,” Mr. Ravena said.

Seeing this need among Filipinos to prepare for uncertainties, Cocolife, the biggest and first ISO-certified Filipino-owned stock life insurance company, has developed Cocolife FLEXI series, variable life insurance products that give you the freedom to design your investment and insurance plans according to your needs.

With a diversified investment mix, fund-switching options, and flexible payment terms, FLEXI enables you to tailor your plan to reach your goals closer.

Joseph Mark Y. Ronquillo, senior vice-president and chief of Retail Distribution Division, United Coconut Planters Life Assurance Corp.

“This is the type of investment that can provide you with peace of mind and an opportunity to make your money grow over time,” Cocolife’s Senior Vice-President Joseph Mark Ronquillo said.

For parents looking for a custom-fit educational plan for their children, FLEXI Education serves as a valuable investment companion. Amid rising tuition fees and school expenses, with this plan, parents can afford to give their children the best education as it provides the cash earnings to fund the schooling of their kids.

For investors who are looking for a means to fulfill their dreams, FLEXI Investment is the ideal choice. Offering an excellent investment and insurance plan, this allows clients to configure their plan to match with their life goals — from a dream house to a dream business.

FLEXI Protection, meanwhile, can help you protect your family in case the worst happens through cash benefits, as well as riders such as Accidental Death and Dismemberment, Waiver of Premium upon Disability and Critical Illness Benefit Rider.

To help you live a worthwhile life upon retirement, FLEXI Retirement enables you to start building your funds for a comfortable life as you age.

While each plan targets certain goals, all FLEXI plans provide the coverage to support your loved ones in the event of untimely demise. It also allows its holders to increase or withdraw their investments any time, or change their investment mix depending on their risk tolerance.

FLEXI is available in various payment modes depending on your financial capacity or goals. It can be paid regularly or for a shorter period of 5, 7, 10, 15, or 20 years via cash, credit card, ATM, or debit card.

Cocolife believes in the Filipino, and with its FLEXI plans it offers clients a convenient and comprehensive choice to plan ahead, protect their loved ones, and fulfill their dreams.

“Every Filipino should consider an investment that provides not only an opportunity for their money to grow but also provides their family income protection,” Mr. Ronquillo said.

These benefits can easily be found in Cocolife’s FLEXI plans. Learn more about FLEXI by contacting your Cocolife Financial Advisor, calling Cocolife Hotline 8810-7888, or visiting www.cocolife.com.

Life insurance: A smart investment for uncertain times

By Adrian Paul B. Conoza, Special Features Writer

Uncertainties are inevitable in life — from illnesses, accidents, sudden economic downturns, and, ultimately, death. Not only do these events affect individuals, but more so their families. Such reality has been further stressed when the coronavirus disease 2019 (COVID-19) spread across the globe and suddenly impacted communities, businesses, and households.

These uncertainties, however, can be prepared for by making investments that enable breadwinners to protect their income as well as manage whatever risks that may come in.

For Joseph Mark Y. Ronquillo, senior vice-president and chief of Retail Distribution Division at United Coconut Planters Life Assurance Corp., more known as Cocolife, a wisely picked investment helps consumers secure their earnings as well as allow it to grow.

“In the face of pandemic and other challenges, every Filipino should consider an investment that provides not only an opportunity for your money to grow but will also provide your family income protection in case you, as the breadwinner, are taken out of the picture,” Mr. Ronquillo told BusinessWorld in an e-mail.

Among such investments include life insurance. As local financial literacy website Pesolab noted, life insurance achieves the goals of income protection and risk management. Yet, it goes beyond these purposes as it also helps consumers gain wealth.

“With the rise of products that include cash values or investments, it can be a financial planning strategy to save and grow your money over time,” Pesolab wrote.

This cash value component is what makes life insurance a good investment to embark on, according to financial information portal Investopedia. How it really benefits an insured, however, will depend on whether the policy fits his or her preferences.

“Whether or not life insurance is a good investment for you depends on your individual finances as well as the length you’ll need coverage,” Investopedia stressed in its guide to life insurance.

Choosing wisely

Joseph Mark Y. Ronquillo, senior vice-president and chief of Retail Distribution Division, United Coconut Planters Life Assurance Corp.

With many insurance options to choose from in the market, how can a consumer choose one that is worth investing in?

Mr. Ronquillo advises consumers that their choice should first match their objectives. “The desire to invest should always be driven by what specific needs an investor would like to address such as family income protection, educational fund for the children, retirement fund buildup, and other major goals and purchases,” he said.

Another aspect in which a preferred investment should match with is one’s investment horizon or the total length of time an investor expects to hold a security or investment portfolio. “A match between the choice of investment and investment horizon is a must to avoid problems in the future when you already need to withdraw your money,” Mr. Ronquillo advised.

Lastly, the investment should match with one’s risk appetite or risk tolerance. Basically, low-risk investments (e.g., money market instruments) would normally yield lower returns, while high-risk investments (e.g., equities, stock market) potentially yield higher returns in the long term.

“Every investor should do some kind of introspection before diving into any investments. In terms of investments, they have to also assess whether they are conservative or aggressive or somewhere in between,” Mr. Ronquillo said.

He also noted that clients should always keep abreast of current events as these can affect the current economic situation. By staying informed, they can make informed decisions on what type of investments will fit the current climate.

To keep these investments sound, especially given the current situation, the practice of diversification matters more than ever.

“Since there’s no way to predict how well a particular asset category will perform, setting the right amount of money to different types of investments should be your course of action,” BPI-Philam Life, the bancassurance arm of Philippine American Life and General Insurance Co., Inc. (Philam Life), wrote on its website.

A client should also make sure that debts are settled first so that they do not get in the way of current or new investments. “Your assets may be giving you a good amount of returns, but you won’t be able to maximize your earnings if the interest rate of your credit card bills is slowly chipping away at them,” BPI-Philam Life’s article read.

It helps as well, to regularly consult with financial advisors who can guide one’s investments to the right direction.

As Mr. Ronquillo shared, Cocolife ensures that all clients are given the most tailored advice to suit their specific needs and guide them in making the best decision for them and their family’s well-being.

Various options
Determining one’s objectives, investment horizon, and risk tolerance can greatly help consumers choose the insurance policy that adequately helps them address life’s uncertainties.

Yet, for those who might still find it difficult to determine what insurance product they should choose, Cocolife’s Mr. Ronquillo suggests that a variable life insurance is “ one of the smartest investments there is in the market today,” as it puts together insurance and investment into one policy.

Variable life insurance is defined as a type of permanent life insurance that provides death benefits as well as the ability to build cash funds through an investment component that an insured can manage. Therefore, the insured can control where he can place his investments.

“To put it simply, this is the type of product that can provide you with peace of mind and an opportunity to make your money grow over time,” Mr. Ronquillo said.

The SVP noted that while this kind of insurance product allows the insured to have a protected income, retirement fund, and educational fund, it can also help build wealth for major purchases such as a brand new car, a dream house, and even a dream vacation.

Cocolife’s variable life insurance products are under its FLEXI plans, which are payable in 5, 7, 10, or 20 years and can be configured according to a client’s needs. Products under this line include the FLEXI Investment, FLEXI Protection, FLEXI Retirement, and FLEXI Education plans.

Philam Life, on the other hand, offers a one-pay investment and life insurance plan branded as Money Tree Elite, which ensures guaranteed life insurance coverage of at least 125% of one’s investment.

The firm also offers life insurance plans powered by its wellness program Philam Vitality, which allows clients to enjoy rewards for taking active steps in knowing and improving their health. These products include AIA All-In-One and Family Secure plans.

Philam Life’s other life insurance plans include the Guardian plan and the Family Provider plan. The latter ensures life insurance coverage that does not take a lifetime to pay for, and it also links benefits to investment funds of a client’s choice.

GDP likely contracted by 8.5% in Q4

Consumer spending likely increased in the fourth quarter, as Filipinos spent more during the holiday season. — PHILIPPINE STAR/MICHAEL VARCAS

By Beatrice M. Laforga, Reporter

THE Philippines’ gross domestic product (GDP) likely contracted slower in the fourth quarter due to a pickup in economic activity as lockdown restrictions were further eased and higher consumer spending during the holiday season.

A BusinessWorld poll of 18 economists and one institution last week yielded a median GDP contraction of 8.5% for the fourth quarter and 9.5% for the full year. Economic output grew by 6.7% in the fourth quarter of 2019, and by 6% during the year.

The quarterly forecast is less severe than the 11.5% slump seen in the third quarter and 16.9% contraction in the second quarter.

Q4 and full-year 2020 GDP forecast

The full-year GDP contraction, if realized, would be the first decline since 1998 (0.5%) and the steepest on record based on available data dating back to 1947. It would surpass the 7% and 6.9% slump in 1984 and 1985, respectively.

The poll’s median estimate of a 9.5% slump for 2020 compares with 8.3% projected by the International Monetary Fund, 8.1% by the World Bank, and 8.5% by the Asian Development Bank. Fitch Ratings and Moody’s Investors Service gave contraction estimates of 8.5% and 8.7%, respectively, while ASEAN+3 Macroeconomic Research Office sees the GDP slump at 7.6%.

The Philippine Statistics Authority (PSA) will release GDP data on Jan. 28, a day after the release of latest quarterly data on agriculture and the December international trade deficit on Jan. 27.

Economists said the GDP decline likely softened in the fourth quarter due to further easing of lockdown restrictions and increased consumer spending during the holidays. Positive news on the development of a coronavirus disease 2019 (COVID-19) vaccine also likely helped boost consumer confidence.

“We forecast that the GDP declined at a slower pace of 6% year on year in 4Q20 from 11.5% year on year in 3Q20. In our estimates, we considered a more relaxed overall quarantine restrictions, which likely resulted in less subdued consumer spending,” Alvin Joseph A. Arogo, vice-president and head of equity research division at the Philippine National Bank (PNB), said via e-mail.

“Consumer confidence was also likely boosted by positive developments regarding the COVID-19 vaccine. Our full-year 2020 GDP forecast is -8.9% year on year,” he added.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said the fourth- quarter GDP might have improved slightly from the previous quarters on “the pickup in spending by both businesses and consumers for the Christmas season, thereby also entailing more economic activities that generated more jobs.” Consumer spending accounts for at least 70% of the economy.

Mr. Ricafort said the seasonal increase in remittances of overseas Filipino workers (OFWs) ahead of the Christmas and New Year holidays also helped lift economic activity.

Latest central bank data showed OFW remittances inched up by 0.3% to $2.379 billion in November, the third consecutive month of growth. This brought year-to-date remittances to $27.013 billion, down by 0.8% year on year.

However, a string of strong typhoons in Luzon, subdued consumer and business sentiment, and insufficient fiscal boost from the government, weighed on the fourth-quarter GDP.

“We expect a 12.2% year-on-year contraction in 4Q2020 GDP vs 4Q2019; This translates to a FY2020 GDP decline of 10.6% vs FY2019,” said Emilio S. Neri, Jr., the lead economist of the Bank of the Philippine Islands.

The major reasons for these estimates include the major typhoons and floods in October and early November, which had a significant drag on economic performance in Cagayan Valley and Eastern Metro Manila economic performance, he said. “While not as serious as the drags of Ondoy and Pepeng in 2009, we believe this had a substantial dent on consumer and investment behavior in Metro Manila through late November,” Mr. Neri said.

Kanika Bhatnagar, an economist at ANZ Research, said the Philippine economy’s recovery had been slow due to “inadequate fiscal delivery and a weak labor market.”

In an e-mail, Ms. Bhatnagar said consumer spending might have been dampened by the high jobless rate, while investments remained sluggish as banks tightened lending.

“Also likely weighing heavily on the overall GDP numbers would be the absence of capital formation, which will likely post another startling double-digit drop as indicated by the sharp pullback in capital goods imports for the second half of 2020,” Nicholas Antonio T. Mapa, the senior economist at the ING Bank N.V. Manila Branch, said.

“Poor road vehicle sales on a year-on-year basis, cancellation of aircraft orders and a likely full slowdown in new construction projects all point to a severe contraction for this sector,” he added.

Industry data showed car sales reached 27,596 units in December, down by 18% from a year ago. Full-year sales stood at 223,793 units, 39.5% lower than in 2019.

Faster inflation, especially in food items and fuel products, during the period also hampered the economy’s recovery, according to Colegio de San Juan de Letran Graduate School Dean Emmanuel J. Lopez.

Headline inflation quickened to a 22-month high in December, rising faster at 3.5% from the 3.3% in November, due to a spike in food prices and nonalcoholic beverages. This brought the average inflation for 2020 to 2.6%, within the Bangko Sentral ng Pilipinas’ 2-4% target.

Noelan Arbis, an economist at Hongkong and Shanghai Banking Corp. Ltd. (HSBC) who expects GDP to have shrunk by 9% in the fourth quarter and by 9.7% for the entire year, said economic activity might have picked up amid relaxed quarantine restrictions in the past three months of 2020, while financial markets continued to receive support from the accommodative stance of the central bank.

“The outlook for 2021 depends on the government’s handling of the pandemic and its vaccine rollout. We expect GDP growth of 6.5% in 2021, barring a new wave of COVID-19 infections and vaccine inoculations beginning sometime in the first half of the year,” Mr. Arbis said.

Badly hit sectors such as tourism and commercial aviation are expected to see a prolonged weakness and could drag the economy’s recovery, said IHS Markit Asia-Pacific Economist Ravis Biswas, who gave a 6.3% contraction GDP estimate for the fourth quarter and an 8.9% slump for 2020.

“The outlook for 2021 is for a strong economic recovery based on a gradual rollout of COVID-19 vaccines during 2021 in the Philippines as well as a strong economic rebound in key export markets such as the US, China and the EU. IHS Markit forecasts that the Philippine economy will rebound strongly in 2021, growing at a pace of 7.7% year on year,” he added.

Q4 and full-year 2020 GDP forecast

THE Philippines’ gross domestic product (GDP) likely contracted slower in the fourth quarter due to a pickup in economic activity as lockdown restrictions were further eased and higher consumer spending during the holiday season. Read the full story.

Q4 and full-year 2020 GDP forecast

1...7,1367,1377,138...12,807Page 7,137 of 12,807
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube