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Weekend pop-up features art, crystals, antiques, and plants

IF the folks on your Christmas gift list are interested in art, crystals, essential oils, vintage clothing, antiques, plants, and flowers, these items and more are available at the boho-chic pop-up Mercatino. Held over three weekends at La Collina restaurant in Poblacion, Makati, the final weekend will be on Dec. 5 and 6.

The pop-up was put up by fashion designer and consultant Carol de Leon and La Collina chef patron and cultural and environmental activist Anita Celdran.

“It is because of the lull in retail sales across the Philippines that Mercatino Pop Up was born,” said Ms. De Leon, explaining why they held a pop-up now, during a pandemic. “March is the biggest month for retail sales and we definitely missed that while we were locked down,” she said in an e-mail to BusinessWorld on Nov.24.

“My mind was thinking about our artisans who depend on a vibrant retail market to support their livelihood. La Collina restaurant is a beautifully remodeled space that lacked customers due to the lockdown, so Anita and I took this chance to provide an opportunity for artisans and small brands to show their items in a safe place,” said Ms. De Leon, who is a product development specialist and advisor to the Department of Trade and Industry (DTI) and Design Center Philippines.

“We were not motivated by profits, we didn’t have any projections set at all, especially because this is a time of uncertainty. We were motivated by our common passion to uplift our community and give hope for a brighter future. That being said, we were pleasantly surprised to see many vendors excited to participate.”

The pandemic did affect the vendors in other ways. “We did have a few vendors that declined because they were not ready to risk being too exposed to the chance of catching this virus. It’s a calibrated choice that each person needs to make and we respect that,” said Ms. De Leon.

Keeping the health and safety of both customers and vendors, shopping has been divided into three time slots, and these are by RSVP only. “We took online reservations so we could closely monitor the flow of the people in the designated spaces,” said Ms. De Leon. “masks were mandatory, but since the venue is a restaurant, there were periods where we were ‘masks-off’… and could actually socialize in the New Normal. Our first day was a success, we had all our reservation slots full. People showed up and shopped and we were pleasantly surprised by the sales generated. The vendors were all in a good mood and just happy to feel a new energy moving, some ray of hope that this situation will pass.”

The items up for sale are a very eclectic but carefully chosen. “With the holiday season around the corner I wanted to curate a show that offered gifts from the Earth: handmade pottery from Sagada, healing oils, crystals, and vintage products that give a nod to sustainability and value to the handmade,” said Ms. De Leon.

While fairs are ostensibly meant to sell and promote products, they also become a venue to promote values. This is especially true in fairs such as Mercatino, where thought goes into the process of making the products, or at least the communities responsible for making them. Ms. De Leon said, “This is the conscious consumerism I would like to move towards. I’m from the USA, a country plagued by overconsumption of everything, which leads to irresponsible production and waste. That is why I repatriated from LA to Manila to pursue slow fashion and sustainability.”

Many of the world’s problems (perhaps even the pandemic) are due to people not caring enough for the environment and the planet. But now the trend seems to be towards catering to a new and more conscious consumer, one who wants to know if any collateral damage was incurred by what they hold in their hands. The values of sustainability are seen less as a bonus, and more as a requirement. “Having worked as a designer for over 25 years, my job has been to create more products that bring in high sales. Corporate profits over people is not sustainable. I’m certain this pandemic is related to the hyper consumerist lifestyle we have been leading for the past 60 years. The lesson is being taught to us by this pandemic: we need to slow down and make conscious decisions, spend more time with our families, be more patient, and shift the focus from financial wealth and to investing and growing our spiritual wealth,” said Ms. De Leon.

While this weekend will see the last Mercatino in La Collina, others are forthcoming. “I feel it would be interesting to hold a Mercatino pop-up in the south — maybe in Alabang. When this pandemic is over, I definitely want to pursue my advocacy to market Philippine-made goods to Europe and the USA, especially in sectors where we have favorable trade duties,” said Ms. De Leon.

Reserve a slot for Friday and Saturday’s Mercatino and RSVP through 0906-402-1291 and 0917-817-2487. — J.L. Garcia

Moody’s sees sluggish loan growth on banks’ tighter credit standards

THE COMING YEAR will likely remain challenging for Philippine banks as they may face continued tepid loan growth and downside risks to profitability, an analyst from a debt watcher said.

“Loan growth will likely be muted in 2021 as the banks cautiously navigate the challenging economic environment,” Joyce Ong, an analyst at the Financial Institutions Group of Moody’s Investors Service, said in an e-mail.

Banks continued to impose tighter lending standards as of the third quarter to guard themselves against soured debt, a study from the Bangko Sentral ng Pilipinas (BSP) showed.

Despite record low interest rates amid aggressive policy easing, credit growth remained sluggish due to these stricter standards and with borrowers’ confidence remaining low amid the coronavirus pandemic. Outstanding loans by universal and commercial banks rose 2.4% in September, the slowest pace since the 2.4% recorded in June 2007.

Meanwhile, asset quality has also deteriorated. The banking industry’s nonperforming loan (NPL) ratio stood at a seven-year high of 3.4% at end-September, the highest since the 3.42% logged in May 2013. This, as bad loans surged 60% year on year to P364.672 billion from P227.504 billion.

Allowance for credit losses set aside by Philippine banks surged 60% to P334.57 billion as of September from P209.069 billion a year ago. In the coming year, Moody’s expects credit loss provisions in the Association of Southeast Asian Nations (ASEAN) to decline from the high levels seen this year.

“We expect credit costs to remain elevated as problem loans continue to increase in 2021 after the end of the second credit grace period,” Ms. Ong said.

Republic Act (RA) No. 11494 or the Bayanihan to Recover as One Act (Bayanihan II) provides a one-time 60-day loan moratorium following the initial debt relief under Bayanihan I (RA 11469).

Ms. Ong added that banks will continue to face profitability pressures in the coming year.

“We do not expect to see a repeat of the significant trading gains recorded in 2020. Low interest rates will erode loan yields, but this will be somewhat offset by the corresponding decline in funding costs,” she said.

The Philippine banking industry’s net profit reached P123.431 billion in the first nine months of the year, declining by 28% from the P171.162 billion logged in the comparable year-ago period, BSP data showed. — L.W.T. Noble

BoI OK’s P93-M modular housing components production project

THE BOARD of Investments (BoI) has approved a P93-million modular housing components production project in Davao del Norte.

The Connovate Philippines, Inc. project is expected to produce 47,763 square meters in wall area each year after it starts operations this month. Modular buildings involve the off-site construction of individual sections or modules.

The project will have 46 employees, the BoI said in a press release on Tuesday.

“Given the pandemic, construction firms will likely adapt to modularization and prefabrication for a more effective assembly line and cost-efficiency that will result in accelerated project completions and more productivity for workers,” Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said.

“Once modular and prefabrication gain more traction, it will not only lead to lower costs, but also a tougher and longer life-span of structures, as studies have shown.”

CPI currently produces concrete panels at its facilities in Cavite and Camarines Sur.

The company has submitted a trademark application pending at the Intellectual Property Office. Its Connovate Precast Wall Panel product is accredited by the Accreditation of Innovative Technologies for Housing (AITECH), which assesses the reduction of housing costs.

Local workers will be trained to use the technology and processes being used by Connovate Denmark, with which CPI has an exclusive production licensing agreement.

The modular housing project is the company’s third project registered with the BoI. — J.P. Ibañez

Arts & Culture (12/02/20)

Ballet Philippines on video

DURING these extraordinary times, Ballet Philippines’ passion burns bright to keep dance and the arts alive. So its members have created videos meant to “uplift spirits, enliven dreams, and be a source of inspiration and hope. Together we continue to keep dancing with our collaborators, supporters, and like-minded artists.” The videos include Chessplay, danced to a Piano and String Quartet in A minor Allegro by Gustav Mahler, choreographed by Marcelino Libao for Ballet Philippines, and performed and filmed at the SDA Theater of the College of Saint Benilde. Another is Tara, Sayaw Tayo, performed to Camile Saint-Saens’ Dance Macabre, with choreography by Mikhail Martynyuk, and Brothers, with choreography by Joseph Philips. More dance videos can be viewed at ballet.ph.

West Gallery opens four exhibits

THE WEST Gallery will be opening four exhibits —  three solo exhibits, and one group shtow —  on Dec. 3, all will be on view until Jan. 2, 2021. They are Argie Bandoy’s “Snake Charmer”; Buen Abrigo’s “Fleet in Being”; Mike Crisostomo’s “The 2022 Experience”; and the group show “A. Play B. Work C.__” featuring the works of Bad Student, Gino Bueza, Beejay Esber, Veronica Peralejo, Miguel Puyat, Christina Quisumbing Ramilo, Julio San Jose, Carina Santos, Pam-Yan Santos, Isabel Santos, Yasmin Sison, Nicole Tee, and Jemima Yabes.  Visitors are welcomed to the gallery by appointment only. Call 3411-0336.   

Ofelia Gelvezon-Tequi virtual exhibition

LAST February, the Cultural Center of the Philippines’ (CCP) Visual Arts and Museum Division opened the exhibition “Allegories and Realities: Ofelia Gelvezon-Tequi In Retrospect” at the Bulwagang Juan Luna, Pasilyo Juan Luna, Pasilyo Guillermo Tolentino, and Library & Archives. The retrospective exhibition brought together over 200 works by the artist, including pieces from over 20 institutional and private collections, and was curated by Ma. Victoria Herrera. The artworks in the exhibit spanned Gelvezon-Tequi’s over five decades as an artist, with her early paintings and prints from her time as a student in the late 1960s, to her numerous and highly-varied series of prints in the ‘70s, to her paintings on silk in the ‘80s, to her Philippine Works and Days series of paintings in the ‘90s, to her more recent still life paintings and mixed media works, among others. “Allegories and Realities” remained open until the CCP closed its doors to the public on March 13 due to the wide lockdown. Now the public can see the exhibit again, this time through the virtual exhibition of “Allegories and Realities: Ofelia Gelvezon-Tequi In Retrospect.” The virtual exhibit allows guests to walk through the entire exhibition and view all the artworks exhibited in the various galleries. To enter the exhibition, go to bit.ly/allegoriesandrealitiesonline. The virtual exhibit is housed within the CCP Collections website. The CCP Collections is an online catalogue of the center’s material effects consolidated from its various archives. Aside from the exhibit, the CCP Collections currently showcases a sundry of folios and catalogues from the CCP Library and Archives. Items from both selections are made available to download for free. To visit the website, visit https://collections.culturalcenter.gov.ph/.

Creative masterclass for online learning

A FREE and public creative masterclass and panel discussion on creative online learning and homeschooling,  to be facilitated by ACTS Manila Artistic Director Chelo Borromeo-Gemina, ACBA, will be held on Dec. 2 via Zoom. The live session will engage the participating parents in in-depth conversations on how they can build a quality homeschool learning environment and journey for their children, especially today that physical schools are disrupted by the pandemic. The talk is open to parents, teachers, and students. It will be conducted via Zoom on Dec. 2,  from 4 to 5:30 p.m. The event will provide a Filipino Sign Language (FSL) interpretation. Interested attendees may register through this link: https://bit.ly/LiveED04. The dialogue is hosted by the Hub of Innovation for Inclusion of the De La Salle-College of Saint Benilde in partnership with Power Mac Center.

Children’s workbook for a cause

WITH the advent of virtual learning in the new normal, parents and children are coping by exploring other activities that will soften the effects of stress and fatigue of online learning. SiningSaya, the SiningSaysay Exhibit Children’s Workbook is an activity book that contains fun and challenging activities for children that will deepen their knowledge of Philippine history and culture. The workbook — a supplement to Gateway Gallery’s “SiningSaysay: Philippine History in Art” exhibit at Araneta City — tells the past of the Filipino through images and tasks. It also contains the images of the paintings of SiningSaysay made by UP artists led by National Artists BenCab and Abdulmari Imao. The 24-page workbook was created for children and teens. It is a project of the J. Amado Araneta Foundation, curated by Gateway Gallery, and designed and printed by Adarna House. The workbook sells for P200, and the purchase will support the victims of Typhoon Ulysses through Operation R.E.A.C.H. (Relief Efforts of Araneta City to Help). The promotional offer runs until Dec. 4. To inquire or get a copy, visit the Gateway Gallery website www.gatewaygallery.aranetacity.com, or send a message on Facebook GatewayGalleryPH, or visit the Gateway Gallery kiosk at the Gateway Mall Activity Center, Monday to Friday, 2 to 5 p.m.

S&P Global’s $39-billion IHS deal shows market data’s dominance

S&P GLOBAL, Inc. grew out of a firm that provided bond ratings and railroad data. IHS Markit Ltd. traces its roots to a British barn and an effort to offer prices for the opaque world of credit derivatives.

Now, the second-biggest acquisition of 2020 will combine the two into a data Goliath that tracks everything from the price of wheat to the movements of hundreds of thousands of ships criss-crossing the world’s oceans.

The $39-billion deal underscores the central role of data in financial markets and the ever-growing demand from investors for information that gives them an edge in increasingly fast and computerized markets. Global spending on market data and analysis rose almost 6% to $32 billion last year, according to Burton-Taylor International Consulting.

“Data is the lifeblood of markets,” said Roman Ginis, chief executive officer (CEO) of Imperative Execution, an equities-trading venue. “Diversifying into data makes a lot of sense, and the more people need this data, the more you can charge for it.”

S&P is widely known for its ratings and index businesses, and the purchase of IHS Markit would give it a stronger foothold in more opaque markets for financial derivatives including credit default swaps and collateralized loan obligations. In commodities, S&P Global Platts is the main provider of benchmark prices for key raw materials, including oil and refined products. That business could be complemented by IHS Markit’s maritime products, which include ship tracking, port data and information on trade flows.

In an interview, S&P Global CEO Doug Peterson said the small business of providing data on energy transition and climate initiatives could be one of the biggest areas of growth. IHS Markit CEO Lance Uggla said the indexing and private markets business could also bring new opportunities.

“With IHS Markit, they’ve got benchmarks and data on battery metals, hydrogen, wind, solar, biofuels, as well as information that’s coming out of every single car in the United States,” Peterson said in a Bloomberg Television interview. “That is a real exciting growth area.”

Bloomberg LP, the parent of Bloomberg News, competes with IHS Markit and S&P Global in providing financial analytics and information. Other providers include Moody’s Analytics, FactSet and Intercontinental Exchange, Inc., according to Burton-Taylor.

Some recent transactions in the industry have come under scrutiny. London Stock Exchange Group Plc is still negotiating with the European Union over its agreement last year to acquire Refinitiv Holdings Ltd. for $27 billion, over concerns that the company’s control of data could make it the gatekeeper for an entire industry.

But Bloomberg Intelligence analyst Larry Tabb said he doesn’t see significant antitrust risk in the S&P deal. The primary competitive overlap between the companies’ businesses is in energy research and data, but otherwise they have different specialties, he said.

Mr. Peterson said on a conference call with analysts Monday that S&P doesn’t foresee any regulatory issues “that can’t be resolved if they do come up.”

The deal will likely get separate scrutiny from merger regulators in the European Union and UK as the British authority starts weighing deals after the country’s exit from the EU.

The combination could also reduce S&P Global’s reliance on a ratings business whose fortunes are somewhat tied to market activity. IHS Markit said almost 90% of its revenue in the nine months ended in August was recurring.

S&P shares rose 3% in New York trading. IHS shares climbed more than 7%.

“With a more diversified portfolio of assets and increased visibility (i.e. more recurring revenue) on earnings, we believe the combined entity can command a higher earnings multiple longer term,” Oppenheimer & Co. analyst Owen Lau wrote in a note. “We believe the potential merger will benefit the shareholders of both companies.”

IHS Markit has grown rapidly over the past two decades and has faced regulatory concerns about competition before. A civil probe by the US Justice department (DoJ) examined whether banks conspired to use Markit before the financial crisis to maintain their dominance in credit-default swaps and prevent new players from gaining a foothold. The DoJ probe was dropped after government concerns were addressed by new rules under the Dodd-Frank Act, people said at the time.

The European Commission said in 2013 it probed difficulties faced by Deutsche Boerse AG and Chicago-based CME Group, Inc., two of the world’s largest derivatives clearinghouses, as they sought to start a central clearing platform for instruments including credit default swaps from 2006 to 2009. Markit and the International Swaps and Derivatives Association, which was also under investigation, settled the claims in 2016. — Bloomberg

PELCO II awards 15-MW power supply contract

PAMPANGA II Electric Cooperative, Inc. (PELCO II) has awarded a 15-year power supply agreement to Vivant Energy Corp. and Gigawatt Power Inc. to supply 15 megawatts (MW) of the electric utility’s peaking requirements.

These were the results of PELCO II’s successful competitive selection process, a regulatory filing made by Vivant Energy’s parent firm Vivant Corp. on Tuesday showed.

Vivant Energy will own 50% equity in the embedded power plant project, which would “contribute to the company’s growth in the power generation sector.”

Last July, Vivant Energy announced that Isla Norte Energy Corp., its joint venture with Gigawatt Power, has tapped Finnish firm Wärtsilä to provide engineering and equipment for a 23-MW power plant that would supply power to Bantayan Island, Cebu.

Shares of Vivant climbed by 4.17% to close at P15 apiece on Tuesday. — A.Y. Yang

How PSEi member stocks performed — December 1, 2020

Here’s a quick glance at how PSEi stocks fared on Tuesday, December 1, 2020.

PSEi climbs on vaccine news, bargain hunting

STOCKS ended in green territory on Tuesday following positive developments on a coronavirus disease 2019 (COVID-19) vaccine candidate and bargain hunting.

The bellwether Philippine Stock Exchange index (PSEi) rose 218.1 points or 3.21% to close at 7,009.56 on Tuesday, while the broader all-shares index improved 99.39 points or 2.42% to end at 4,199.67. The market was closed on Monday in observance of Bonifacio Day.

Philstocks Financial, Inc. Research Associate Claire T. Alviar said the local market improved on the progress made in the development of a COVID-19 vaccine.

“The market had four straight days of decline. It was boosted by the positive results from Moderna’s COVID-19 vaccine, showing that it is more than 94% effective, and its plans to ask the United States Food and Drug Administration (FDA) for emergency clearance,” Ms. Alviar said in a mobile phone message.

Moderna Inc. said on Monday it has applied for US emergency authorization for its COVID-19 vaccine after full results from a late-stage study showed it was 94.1% effective with no serious safety concerns, Reuters reported.

The US Food and Drug Administration said an advisory committee would meet to discuss the request on Dec. 17, making Moderna’s candidate the second highly effective vaccine likely to receive US regulatory backing and a potential roll out this year.

Meanwhile, Ms. Alviar said the local market was also affected by Chinese manufacturing data released on Tuesday.

“This lifted (market) sentiment as well as China is one of our top trading partners,” Ms. Alviar said.

China’s Caixin/Markit Manufacturing Purchasing Managers’ Index rose to 54.9 from October’s 53.6, marking the highest level since November 2010.

“The market managed to close above the 7,000 mark [on Tuesday], as bargain hunters rushed to buy heavily battered shares from last week’s profit-taking activity,” Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said in a text message.

Almost all sectoral indices finished in positive territory on Tuesday except for financials, which dropped 11.12 points or 0.77% to 1,416.17. Meanwhile, property increased 155.24 points or 4.55% to 3,566.26; holding firms went up 277.01 points or 3.99% to 7,208.08; services climbed 48.02 points or 3.2% to 1,548.23; industrials rose 174.99 points or 1.95% to 9,125.74; and mining and oil gained 118.44 points or 1.39% to 8,593.84.

Advancers outpaced decliners, 119 to 102, while 35 names ended unchanged. Value turnover amounted to P10.89 billion with some 4.04 billion issues switching hands, against the P27.65-billion worth of 4.52 billion issues on Friday. Net foreign selling declined to P1.33 billion yesterday from the P3.17 billion logged in the previous trading day.

“As we go through the first week of December, we’ll have to watch how our local market moves, with 7,200 being the nearest resistance, while 6,800 may be considered the nearest support area,” Mr. Pangan said. — Revin Mikhael D. Ochave

Peso inches higher as holiday season starts

THE PESO inched up versus the dollar on Tuesday as consumer spending is expected to increase with the start of the holiday season and on news of progress in the development of a vaccine against coronavirus disease 2019 (COVID-19).

The peso closed at P48.05 against the dollar, inching up by one centavo from its P48.06 finish on Friday, data from the Bankers Association of the Philippines showed. The market was closed on Monday in observance of Bonifacio Day.

The peso opened Tuesday’s session at P48.11 against the greenback. Its intraday high was at P48.045 while its weakest showing was at P48.16 per dollar.

Dollars traded declined to $722.6 million on Tuesday from $783.4 million on Friday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso strengthened versus the dollar as families of overseas Filipino workers (OFWs) are expected to spend more of their remittances during this holiday season.

“The financial markets are anticipating the seasonal increase in over OFW remittances and conversion to pesos for the Christmas spending season,” Mr. Ricafort said in a text message.

Meanwhile, a trader said the peso rose after Moderna, Inc. said it will apply for emergency authorization from the US Food and Drug Administration (FDA) to distribute its COVID-19 vaccine.

Moderna said on Monday it has applied for US emergency authorization for its COVID-19 vaccine after full results from a late-stage study showed it was 94.1% effective with no serious safety concerns.

The US Food and Drug Administration said an advisory committee would meet to discuss the request on Dec. 17, making Moderna’s candidate the second highly effective vaccine likely to receive US regulatory backing and a potential roll out this year.

A shot developed by Pfizer Inc. and BioNTech SE that was 95% effective in its pivotal trial is set to be reviewed by a panel of outside experts a week earlier. The FDA will decide on the emergency use authorizations after the advisers make their recommendations.

For today, Mr. Ricafort sees the peso moving from P48.02 to P48.12 versus the dollar while the trader expects it to range from P47.95 to P48.15. 

2021 budget passage targeted by next week

By Charmaine A. Tadalan, Reporter

THE HOUSE of Representatives and the Senate on Tuesday assured the 2020 national budget will not be reenacted as both chambers target ratification of the P4.5-trillion spending plan for 2021 by next week.

“It’s very tricky to put a timeline on legislation pero ang maganda (but what’s good is) we have enough time. Ideally, I think by next week sana ma-ratify na (hopefully it will be ratified),” Senator Juan Edgardo M. Angara, chair of Senate finance committee, said at a chance interview after the bicameral conference committee tasked to reconcile the House and Senate versions of the national budget.

Mr. Angara said it is crucial to pass next year’s spending plan on time as this year’s budget does not cover items and programs relating to the coronavirus pandemic. 

The government operated on a reenacted budget for more than four months in 2019 due to an impasse between the House and the budget department, and later with the Senate. The 2019 budget was also reenacted for less than a week in 2020, after President Rodrigo R. Duterte signed the 2020 budget only on Jan. 6.

Mr. Angara and ACT-CIS Rep. Eric G. Yap, House appropriations chairman, have been authorized to hold one-on-one meetings to iron out the differences in the budget versions.

The senator assured that members of the bicameral panel will be consulted on the results of the discussions.

Mr. Yap, for his part, said the committee agreed to finish the budget meetings by Friday.

Both chambers also agreed to provide appropriate funding for the procurement of COVID-19 (coronavirus disease 2019) vaccines as well as the government’s response to recent calamities.

The budget, as approved in the Senate, includes P8 billion for vaccines under the Department of Health budget. Another P54 billion has been allocated for vaccines and P21 billion for its storage, transportation and distribution under unprogrammed funds.

It also sets a P21 billion calamity fund and P15 billion for rehabilitation and reconstruction programs of local governments hit by recent typhoons.

“Our goal is ultimately the same: to have appropriate funding for COVID-19 vaccines and to allocate budget for regions severely affected by calamities,” Mr. Yap said in a statement on Tuesday.

He noted Speaker Lord Allan Jay Q. Velasco had requested to increase the calamity fund by P5 billion.

On another item, Mr. Angara said the Senate contingent will follow the  directives of Senate President Vicente C. Sotto III with regards a provision inserted in the budget that will allow the Commission on Elections (Comelec) to waive election procurement safeguards.

“Nothing should affect the conduct of 2022 elections. If ever nga, we should look at giving the Comelec additional powers or even funds to conduct elections in a way that meets the challenges of COVID,” he said.

‘NOT ENOUGH’
Marikina Rep. Stella Luz A. Quimbo, meanwhile, reiterated her push for another law focusing on an economic stimulus package, citing that the proposed 2021 budget is not sufficient to reverse a P3.3-trillion damage caused by the pandemic and recent typhoons.

“The budget call for the 2021 proposed budget ended in June 1. At that time, economic managers did not expect that the damage of COVID would be as big as it is today. The 2021 proposed budget… is premised on a 5.5 contraction of gross domestic product,” Ms. Quimbo said on Tuesday at a hearing of the committee on economic affairs.

The International Monetary Fund (IMF) and the Asian Development Bank (ADB) are forecasting even deeper economic contractions from around 7.3 to 9.5% for the current year, factoring in the devastation of a series of typhoons in October and November.

“We need more economic stimulus… But because the Constitution does not allow any increases in the total proposed budget, we need to secure additional appropriations for another economic stimulus package,” the lawmaker said as she sought the approval of House Bill No. 8031 or the Bayanihan to Arise as One Act (Bayanihan III).

ENERGY
Senator Sherwin T. Gatchalian, for his part, said the Department of Energy will need an additional P46 million to fund studies on potential energy sources.

“We have to invest on research to explore the potentials of emerging energy sources. The outcome of which will have a lasting impact in our daily lives and will save us money in the long run,” Mr. Gatchalian, chair of the energy committee who chaired the Energy Committee, said in a statement on Tuesday.

Of the proposed additional allocation, P20 million will be used for an energy transition study, P20 million for a comprehensive roadmap for electric vehicles, and P6 million for determining the potential of waste-to-energy facilities. —  with Kyle Aristophere T. Atienza and Angelica Y. Yang

Coronavirus cases almost 433,000; Ilocos Norte highest

THE DEPARTMENT of Health (DoH) reported 1,298 coronavirus infections on Tuesday, bringing the total to 432,925.

The death toll rose by 27 to 8,418 while recoveries increased by 135 to 398,782, it said in a bulletin.

There were 25,725 active cases, 84% of which were mild, 7.4% did not show symptoms, 5.4% were critical, 2.9% were severe, and 0.30% were moderate.

Ilocos Norte reported the highest number of new cases at 84, followed by the city of Manila at 61, Quezon province at 55, Laguna at 50, and Negros Occidental at 47. The DoH said three duplicates were removed from the total case count while nine recovered cases were reclassified as deaths. One case reported as death was validated as an active case.

About 63.6 million have been infected and about 1.5 million people died of coronavirus worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization (WHO).

About 44 million people have recovered.

Meanwhile, Philippine Foundation for Vaccination Executive Director Lulu C. Bravo said the government should address the vaccine hesitancy of Filipinos.

In a briefing on Tuesday, Ms. Bravo said while vaccines are not 100% safe, the benefits still outweigh the risks.

“It is important that we assure our people that if the vaccines are approved and released by the Food and Drug Administration, there are certain safety mechanisms in place. So, the benefits that you will get from that vaccine will far outweigh the risk,” she said.

The government plans to vaccinate 60 million Filipinos by 2023. — Vann Marlo M. Villegas and Gillian M. Cortez

Nationwide round-up (12/01/20)

Supreme Court head to retire a year ahead of mandatory age

CHIEF Justice Diosdado M. Peralta will be retiring on March 27, 2021, a year ahead of the mandatory retirement age, the Supreme Court (SC) confirmed on Tuesday. SC Public Information Chief Brian Keith F. Hosaka said Mr. Peralta confirmed the “purported letter” to his fellow justices, “signifying his intention to avail of early retirement.” Mr. Hosaka told reporters via Viber, “The Chief Justice did not elaborate further but said that he will make a formal announcement in due time.” Mr. Peralta, appointed by President Rodrigo R. Duterte as chief justice on Oct. 23, 2019, will reach the mandatory retirement age of 70 in 2022. He was appointed by former President Gloria Macapagal-Arroyo as associate justice on Jan. 13, 2009. His career in the judiciary started in September 1994 with his appointment as presiding judge of Quezon City Regional Trial Court Branch 95, a special criminal court on heinous crimes and later on drug cases. He was appointed to the Sandiganbayan in 2002 and became its presiding justice in 2008. Mr. Peralta is the third chief justice appointed by Mr. Duterte, following the ouster of former justice Maria Lourdes P.A. Sereno based on the quo warranto petition filed by Solicitor-General Jose C. Calida. Mr. Duterte previously appointed retired magistrates Teresita Leonardo-De Castro and Lucas P. Bersamin. — Vann Marlo M. Villegas

Rules on removal from terrorist list underway

THE rules for removal of names in the government’s terrorist list under the Anti-Terrorism Act are underway, a Department of Justice official said on Tuesday. “We are in the process of crafting the rules. We hope to submit the rules for the ATC’s (Anti-Terrorism Council) consideration within the month,” Justice Undersecretary Adrian F. Sugay told reporters via Viber. “I understand that there is a meeting set for next week. We will try to finish the rules before then,” he added. Under the law’s implementing rules and regulations, the ATC’s resolutions naming those linked to terrorism will be published in a newspaper, on the online official gazette, and on the council’s official website. A named party may file a verified request for delisting to the council within 15 days from the publication of the list. The request should be on grounds of mistaken identity, relevant and significant change of facts or circumstance, newly discovered evidence, death of designated person, dissolution or liquidation of designated groups, or any other circumstance showing no basis for designation. The Supreme Court is set to conduct oral arguments on Jan. 19 on the more than 30 petitions filed against the law, which took effect on July 18. — Vann Marlo M. Villegas

US gov’t to give P875-M fund for HIV/AIDS program

THE United States government will give $18.2 million or about P875 million worth of assistance to the Philippines for efforts to prevent and control the HIV/AIDS epidemic, its Embassy said on Tuesday. The amount will be provided over two years through the President’s Emergency Plan for AIDS Relief (PEPFAR)-funded program. “The PEPFAR program will address the increasing number of people who are living with HIV in the Philippines, which has the fastest growing HIV epidemic in the Asia-Pacific region,” the Embassy said in a statement, issued on World AIDS day. Citing data from the Department of Health-Epidemiology Bureau of the Philippines, the Embassy said more than 110,000 Filipinos are living with HIV as of this year. About 37,000 have not been diagnosed, while the 18,500 previously diagnosed have not enrolled in life-saving antiretroviral therapy. — Charmaine A. Tadalan

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