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Stuff to do (12/04/20)

Brand Aid Noche Buena

CHRISTMAS is arguably the most important holiday in the Philippines and with all the things that happened in 2020 and with so many families going hungry because of the pandemic and natural disasters, Rise Against Hunger Philippines, an international hunger relief organization, in partnership with Lazada Philippines, Dole, Unilever Philippines, Century Pacific Food, and RFM Corp., is holding an online donation drive meant to distribute noche buena packages to 100,000 families. Each noche buena package, priced at P300, is meant to feed a family of five and will be given to predetermined families by Rise Against Hunger Philippines. Those who want to donate may do so via https://pages.lazada.com.ph/wow/camp/lazada/channel/ph/brand-aid/main.

Alden Richards augmented reality concert

ALDEN Richards is set to perform in the country’s first augmented reality concert — AR Alden’s Reality: The Virtual Reality Concert — on Dec. 8 at 9 p.m. and 11 p.m., and on Dec. 9 at 10 a.m.. Billed as a global event as it can be viewed across many countries, Mr. Richards’ concert is a celebration of his 10th year in the entertainment industry. He has described the concert as an intimate one where he will be talking directly to the audience while performing both songs and dances. He will be joined by rock band December Avenue. While the concert requires a VR device to fully enjoy the experience, the concert can also be viewed without one. Special VIP Tickets are already sold out but general admission tickets at P999 are still available. Buy tickets at www.gmanetwork.com/synergy.

Philippine Madrigal Singers in concert

SHANGRI-LA Plaza presents the Harmonies of Hope concert with the Philippine Madrigal Singers on Dec. 5, 5 p.m., at the mall’s Grand Atrium. One of the world’s most awarded and renowned choirs, the group, under the direction of Mark Anthony Carpio, will perform a repertoire of holiday classics, contemporary tunes, and Filipino Christmas favorites. #ShangHoliday2020 is all about Hope & Home, and the entire month is filled with performances that reflect the hopeful spirit of the holidays. The mall also safely welcomes guests with a line-up of bazaars and fairs, as well as longer hours: 11 a.m. to 8 p.m. on weekdays, and 11 a.m. to 9 p.m. on weekends.

PETA Pay-per-view

THE PHILIPPINES Education Theater Association (PETA) is presenting six of its plays — selected for their relevance in the time of the coronavirus disease 2019 (COVID-19) pandemic — from Dec. 4 to 6 via ktx.ph. PETA Lab Set A is composed of Maskian, a dance piece on mask-wearing throughout history until the pandemic, written and choreographed by Carlon Matobato; WFH, a Zoom-based theater piece on the struggles of employees during quarantine, written by Michelle Ngu and directed by Meann Espinosa; and Hello, a devised work about isolation amongst young people, directed by Ian Segarra and Keiko Yamaguchi, sponsored by the Japan Foundation. Meanwhile, PETA Lab Set B presents Finding Z, a play on mental health written by Jean Gladys Vicente and directed by Ian Segarra and Julio Garcia; Harinawa, a play on extrajudicial killings in the Philippines, written by Michelle Ngu and directed by Lotlot Bustamante; and Second Set: 2 Meters Apart, a docu-musical about the experiences of parents, teachers, children, and frontliners during the COVID-19 pandemic, directed by Norbs Portales with music by Ada Tayao. PETA is also streaming three of its popular past productions: Liza Magtoto and Vincent De Jesus’ hit musical Care Divas, along with Vincent De Jesus’ voter’s education musical Si Juan Tamad, Ang Diyablo, at Ang Limang Milyong Boto, and, for the first time on screen, Carlos “Charley” de la Paz and Lucien Letaba’s landmark musical, 1896 – PETA’s first and only sung-through musical, which tells the story of the Philippine revolution. In addition, PETA has also shot a full-length documentary, Living Voices, directed by Dudz Teraña, that tells of its 54 years of work as one of the country’s groundbreaking theater companies. Tickets are from P220 to P120 and are available via ktx.ph.

Smart to stream 2020 MAMA live

THE 2020 Mnet Asian Music Awards (MAMA) will be exclusively streamed online by mobile services provider Smart Communications via the GigaFest.Smart portal on Dec. 6, 5 p.m. This year’s MAMA will crown the best of the best South Korean acts in various categories, such as Artist of the Year, Song of the Year, Album of the Year, Worldwide Fans’ Choice and more. Aside from the awarding, the ceremony will also feature spectacular performances by K-Pop groups. All Smart Prepaid and Smart Postpaid subscribers can stream the show live on the go.

Silent Film Fest goes online

THE INTERNATIONAL Silent Film Festival is moving online, forgoing live music accompaniment and using original recorded scores from Filipino musicians instead. The festival, touted as Asia’s first silent film festival, will run from Dec. 4 to 6 via www.iwatchmore.com and the 10 films from four countries will only be available at specific time slots. To be shown are films from Japan, Italy, France, and Germany. Aside from the film screenings, the International Silent Film Festival will also hold a webinar on film archiving on Dec. 4, 3 p.m. Speakers will include film archiving experts from Japan, France, Italy, and Germany and will be moderated by filmmaker and archivist Clodualdo del Mundo, Jr. The webinar is open to film institutions, schools, and the general public and those interested may register via https://zoom.us/webinar/register/WN_YdJxtJSeRdyiagGXwZNQdQ?fbclid=IwAR3wocC8pBgHHetr70O8JxsHrpYXBdruqdOtxM9VVM-p6dMGcAWNY7tI0Is.

Ayala Triangle’s lights and sound show

AYALA Triangle Gardens popular Christmas lights and sounds show has gone online on the social media pages of Ayala Land, Inc. (facebook.com/officialayalaland and on Instagram as @ayalaland). The lights show was brought online by making a 360-degree video superimposed with lights and holograms. This year’s virtual digital lights and sound show was conceptualized in collaboration with Globe Studios. Production was led by filmmaker and director Quark Henares. The video is accompanied by renditions of Christmas songs by singer Reese Lansangan. One can use the AR Ayala Triangle Garden filters on Facebook and Instagram starting this week, with new filters added every week in December. There’s also a Finders Keepers contest, where one can win prizes from Grab and Shopee. Visit www.makeitmakati.com and follow MakeItMakati on Facebook, Twitter, and Instagram, and Ayala Land, Inc. (facebook.com/officialayalaland and on Instagram as @ayalaland) for details.

How PSEi member stocks performed — December 3, 2020

Here’s a quick glance at how PSEi stocks fared on Thursday, December 3, 2020.

Peso inches up on easing unemployment

THE PESO strengthened slightly against the greenback on Thursday following the release of data showing lower unemployment as of October.

The local unit closed at P48.045 per dollar, inching up from its P48.05 finish on Wednesday, data from the Bankers Association of the Philippines showed.

The peso started the session P48.045 versus the dollar. Its strongest showing for the day was at P48.031 while its weakest was at P48.06 against the greenback.

Dollars exchanged declined to $693.8 million from the $742.45 million on Tuesday.

The peso inched higher versus the dollar on the back of positive news on the Philippine job market, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Latest data from the Philippine Statistics Authority showed the country’s unemployment rate stood at 8.7% as of October, representing 3.8 million jobless Filipinos. This is better than the 10% seen in July but a jump from the 4.6% logged in the same period of 2019. 

The unemployment rate stood at a record 17.7% in April, representing 7.25 million jobless Filipinos at the height of the lockdown.

Meanwhile, a trader attributed the stronger peso to market sentiment regarding the proposed US stimulus package.

“The peso strengthened after Democrats agreed to the $908-billion stimulus package proposed by Republicans despite on-going discussions on the particulars,” the trader said in an email.

House of Representatives Speaker Nancy Pelosi, a democrat, and her ally, Senate Democratic Leader Chuck Schumer urged Senate Majority Leader Mitch McConell, a Republican, to start engaging in negotiations using the $908-billion initiative as a foundation, Reuters reported.

For today, Mr. Ricafort expects the peso to trade between the P47.99 to P48.09 band versus the dollar, while the trader expects the local unit to move within the P47.95 to P48.15 range. — L.W.T. Noble with Reuters

Stocks climb as UK approves COVID-19 vaccine

By Revin Mikhael D. Ochave, Reporter

SHARES ended in the green for the third consecutive day as investor optimism was propelled by latest developments on coronavirus disease 2019 (COVID-19) vaccine candidates and the country’s lower unemployment rate.

The benchmark Philippine Stock Exchange index (PSEi) improved 113.51 points or 1.6% to finish at 7,194.13 on Thursday, while the broader all shares index rose 51.16 points or 1.21% to close at 4,273.25.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said the market extended its rally on the back of positive news regarding a COVID-19 vaccine.

“This comes as the United Kingdom approves Pfizer and BioNTech’s COVID-19 vaccine for use,” Mr. Tantiangco said in a mobile phone message.

Britain approved Pfizer, Inc.’s COVID-19 vaccine on Wednesday, jumping ahead of the rest of the world in the race to begin the most crucial mass inoculation program in history.

Meanwhile, Regina Capital Development Corp. Head of Sales Luis A. Limlingan said the market rallied as investors have also been watching out for positive economic data.

“Unemployment fell to single digits at 8.7% according to the latest data. This is coming from a high of 17.7% recorded in the second quarter,” Mr. Limlingan said in a mobile phone message.

Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said market participants have been positioning themselves in companies that they feel will perform well in the following quarters.

“Among the blue chips, index heavyweights like SM Investments Corp. (SM), SM Prime Holdings, Inc. (SMPH), and Bank of the Philippine Islands (BPI) contributed the most to the PSEi’s upward move today,” Mr. Pangan said in a mobile phone message on Thursday.

Almost all sectoral indices ended as gainers at the PSE on Thursday, with services being the only index ending lower, going down 2.42 points or 0.15% to 1,533.68.

Financials went up 54.95 points or 3.87% to 1,473.85; holding firms increased 132.55 points or 1.8% to 7,476.08; mining and oil climbed 141.92 points or 1.65% to 8,734; industrials picked up 111.75 points or 1.21% to 9,317.16; and property rose 17.92 points or 0.49% to 3,614.2.

Value turnover on Thursday stood at P10.74 billion with some 3.65 billion issues switching hands, compared to the previous session’s P8.80 billion with 3.90 billion issues.

Advancers outpaced decliners, 121 versus 98, while 43 names ended unchanged.Net foreign selling was at P476.98 million on Thursday, up from the P282.35 million in the previous session.

“As the index draws closer to its nearest resistance at 7,200, we may have to watch closely if the index breaks out of this level before the weekend. Otherwise, closest support may be drawn at the 6,750 area,” Mr. Pangan said.

BSP sees monetary measures’ impact lagging; backs fiscal action

BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno said fiscal measures could be more effective for revving up the recovery at the moment, with monetary easing undertaken during the pandemic still taking time to filter down the banking system.

In an online briefing, Mr. Diokno said bank loan rates are still not easing with the industry reluctant to risk making any major lending push, though the effects of previous monetary actions are already apparent in the government securities market.

Mr. Diokno added that the BSP is nevertheless prepared to continue with an accommodative stance.

He said fiscal programs to bolster public health, address supply-chain issues, preserving employment levels via wage subsidies, will provide a welcome boost.

“Even as BSP is prepared to implement additional policy measures, fiscal policy should play a more significant role in helping restore market confidence,” Mr. Diokno said Thursday.

“The slow adjustment in bank lending rates, together with bank risk aversion and weak loan demand, suggest that the impact of the BSP’s policy actions could take a longer time to materialize,” Mr. Diokno said.

The central bank has so far cut 200 basis points (bps) from benchmark rates this year, bringing the overnight reverse repurchase, lending, and deposit facilities to record lows of 2%, 2.5%, and 1.5%, respectively.

However, lending growth has been tepid at 2.8% as of September, the slowest in more than 13 years or since the 2.4% rise in June 2007. The BSP has found that banks imposed tighter lending standards in the second quarter to minimize bad loans.

“Bank lending rates have been slow to adjust, in part because of risk aversion and concerns on asset quality,” Mr. Diokno said.

“For instance, in exchange for a relatively easy arrangement to secure a personal loan, banks appear to prefer higher lending rates to offset risk and related operational costs,” he added.

The lower interest rate environment has had more of an impact on domestic market yields for the time being, Mr. Diokno said.

“The 91-day T-bill rate and the 3-month secondary market government securities rate have declined by 217 bps and 212 bps, respectively, relative to their corresponding rates as of end-December 2019,” Mr. Diokno said. He also cited the steady decline in the rates of the central bank’s term deposit facility, with oversubscriptions reflecting ample liquidity in the system.

On the other hand, measures designed to encourage credit support for micro-, small-, and medium-sized enterprises (MSMEs) have gained traction, with average lending rates on microenterprise loans down 100 bps to 5.9% in June compared with pre-lockdown levels. Rates for SME loans also fell 30 bps on average to as little as 5.5%, Mr. Diokno said.

Across ASEAN, it appears that there could be scope for higher fiscal stimulus.

The Philippines’ discretionary fiscal response to the COVID-19 crisis is low compared to our measures undertaken by Indonesia, Malaysia, and Thailand, he said. — Luz Wendy T. Noble

Legislators call for more stimulus with private sector gun-shy on investment

LEGISLATORS said Thursday that more stimulus is needed to help the economy recover from the pandemic, adding that only the government is capable of providing this boost with the private sector still reluctant to invest.

“The private sector will not be investing so much, I suppose next year, while you still have this uncertainty, it’s the job of the government,” Senator Ralph G. Recto said at the 9th Arangkada Philippines Forum 2020.

“That’s why I support all the stimulus measures from the House including a Bayanihan III, of additional spending of 1-2% of GDP.”

He was referring to the third round of Bayanihan stimulus measures, following the Bayanihan to Heal as One law (Bayanihan I) enacted early in the pandemic and the Bayanihan to Recover as One (Bayanihan II) months later.

AAMBIS-OWA Representative Sharon S. Garin, who chairs the House economic affairs committee, has filed a third Bayanihan bill calling for a P247-billion package, while Marikina Rep. Stella Luz A. Quimbo proposed to inject up to P400 billion.

Ms. Quimbo said treasury records show that the government has over a trillion pesos in undisbursed cash from the P4.1-trillion 2020 national budget, which may be tapped as a source of stimulus funds.

“When Congress passed (the ARISE stimulus bill in June), I think within 24 hours, the executive said it was unfundable. At that point… perhaps that was a reasonable decision given that there was so much uncertainty,” she said at the same forum.

“But fast forward to today, knowing they have so much undisbursed funds… I think there is hope for some more aggressive spending behavior. Besides that’s the clamor of many sectors.”

Mr. Recto said the leaders of the Senate and the House of Representatives will meet in January to discuss the Congressional agenda over the remaining 18 months of the current government.

He said the Senate is open to measures that will ease the entry of foreign investors in retail as well as lower the minimum employment requirement to 15 from 50 for small enterprises with paid-in capital of at least $100,000.

Meanwhile, Mr. Recto said the proposal to amend the Public Service Act (PSA), or Commonwealth Act No. 146, is “a bit ticklish.”

“PSA, a bit ticklish because there are constitutional provisions that we’re looking at. Like telecommunications, is that a public utility or not? Would it still require a franchise?” he said, also noting cybersecurity concerns in opening up the industry to foreign investors. — Charmaine A. Tadalan

9 Boracay businesses charged with forestry, water violations

THE GOVERNMENT has charged nine Boracay establishments with illegally occupying protected forest land on the island, the Environment department said.

The violations involve rules laid down under the revised Forestry Code and the Philippine Water Code, Secretary Roy A. Cimatu said at a virtual briefing late Wednesday.

“Appropriate cases have already been filed against them. This proves that the rule of law is paramount and law enforcement is crucial and negotiable,” he said in a statement issued by the Department of Environment and Natural Resources.

The charges stem from inspections conducted over the past two months by the National Bureau of Investigation and the Boracay Inter-Agency Rehabilitation Management Group.

Mr. Cimatu added that the island’s coliform water contamination levels, as measured via the most probable number per milliliter, fell to a new low of 6.8 last month, based on readings taken at New Coast Boracay, Movenpick, Steve’s Cliff, and Front Beach Grotto.

Mr. Cimatu was speaking at a Boracay briefing conducted jointly with local government units and the Department of Tourism (DoT).

SUBSIDIZED RT-PCR TESTS
Boracay is among the major tourist destinations now open to domestic travelers.

In another statement, the DoT announced Thursday a partnership with the University of the Philippines-Philippine General Hospital (UP-PGH) to partly subsidize the cost of the COVID-19 RT-PCR test kits for domestic tourists.

At present, UP-PGH is offering its test kit for P1,800 each, which the DoT said was much lower than the ones sold by testing laboratory centers.

The DoT said that the test kit subsidy will be borne by its marketing arm, the Tourism Promotion Board.

According to the Boracay Interagency Task Force (BIATF), the DoT was given the lead role in implementing low-cost or free RT-PCR tests for Boracay-bound non-Aklan tourists; and secure at least 1,500 RT-PCR test kits for to implement expanded testing in the island.

The BIATF also tasked the DoT with facilitating the training of Aklan province and Malay municipality in case investigation, contact tracing, referrals and other COVID-19 related operations. — Angelica Y. Yang

Renewables seen as far cheaper than diesel generators for remote, island power grids

REMOTE power grids and those on small islands can be run more cost-effectively on renewable sources like solar and wind, compared with diesel generators, according to the Institute for Energy Economics and Financial Analysis (IEEFA), a US non-profit.

IEEFA energy finance analyst Sara Jane Ahmed released her estimates of peso costs of various energy options in a report issued this week.

“Diesel-powered generation prices range between P10.6 ($0.22) to P117.75 ($2.45) per kilowatt hour (kWh)… Both solar and wind prices can reach as low as P3.5 ($0.07) in the main grids and even if delivered at double or triple the cost in island and isolated grids, solar and wind can still undercut the price of diesel,” Ms. Ahmed said in a report.

“Based on IEEFA’s analysis of the small and isolated grids… solar PV (photovoltaic) plus lithium-ion batteries can now reliably deliver power at a significant discount to the price-performance potential of the current diesel-power fleet,” Ms. Ahmed said.

She said high diesel prices have “undermined the competitiveness of diesel power.”

“At a low price of $0.72 per liter and a high price of $0.9 per liter, not taking into consideration transportation costs, the savings from a shift to renewables can range between $66 million and $82 million,” she said.

She added that increasing the mix of renewables in small grids would translate to cost savings of between 17% and 29% over 20 years.

Ms. Ahmed called the National Power Corp.’s Small Power Utilities Group (NPC-SPUG) a “key player in the small and isolated grid policy dynamic.”

“While NPC-SPUG has been an important player in rural electrification in the Philippines, its ability to meet the government’s aggressive electrification goal is limited considering its current trajectory,” she said.

She noted that the high cost of the diesel lock-in strategy put forward by NPC-SPUG ignores the benefits of renewable energy which included affordability, price stability and improved energy security.

She said NPC-SPUG must freeze new diesel investment and focus on hybridization. — Angelica Y. Yang

Modified LRT-6 unsolicited proposal being evaluated by NEDA

THE Transportation department said an unsolicited proposal to build the Modified Light Rail Transit (LRT) Line 6 is currently being evaluated by the National Economic and Development Authority (NEDA).

“It’s now with NEDA. It’s an unsolicited proposal,” Transportation Undersecretary for Planning & Project Development Ruben S. Reinoso, Jr. told BusinessWorld in a phone interview Thursday.

The indicative project cost is P73.24 billion, according to a report by the Public-Private Partnership (PPP) Center.

The proponent is the Villar group’s Prime Asset Ventures, Inc. or PAVI, Mr. Reinoso said.

In its official website, the PPP Center said the phase 1 of the project involves “the construction, operation and maintenance of an approximately 23.5-kilometer Light Rail Transit System, consisting of nine stations that will extend the LRT-1 Extension Project from Niog in Bacoor to Governor’s Drive in Dasmarinas traversing Bacoor, Imus and Dasmarinas Cities, all in the Province of Cavite.”

Other unsolicited PPP projects that are for approval of various government bodies as of September, according to the PPP Center, are: the Fort Bonifacio-Makati Skytrain Project, the Ninoy Aquino International Airport Comprehensive Capacity Enhancement Project, the New Bohol International Airport Project, the Cavite-Tagaytay-Batangas Expressway Project, the Tarlac-Pangasinan-La Union Expressway Extension Project, and the C5 MRT-10 Project, among others.

The MRT-11 Project, the North Luzon Express Terminal Project, the Davao International Airport Development, Operation, and Management Project, the New Metro Manila Food and Transport Hub Project, the Cebu Monorail Transit System Project, the Davao People Mover Project, and the East-West Rail Project are also for approval at various government bodies. — Arjay L. Balinbin

BFAR raises red tide warning over parts of Leyte, Samar islands

THE Bureau of Fisheries and Aquatic Resources (BFAR) has raised the red tide warning over parts of Leyte and Samar and discouraged consumption of shellfish harvested from those waters.

The advisory covers shellfish from Calubian and the municipality of Leyte in Leyte province, the province of Biliran Islands, Guiuan, Eastern Samar, and Cambatutay Bay, Western Samar.

In its 26th shellfish bulletin of 2020, the BFAR said red tide warnings remain raised over Mariveles, Limay, Orion, Pilar, Balanga, Hermosa, Orani, Abucay, and Samal, Bataan; Honda and Puerto Princesa bays and Inner Malampaya Sound, Palawan; Milagros, Masbate; Dauis and Tagbilaran City, Bohol; and Tambobo Bay, Negros Oriental.

Warnings are also up over Daram Island, Zumarraga, Irong-irong, San Pedro, Maqueda, and Villareal Bays, Western Samar; Cancabato and Carigara Bays. Leyte; Matarinao Bay, Eastern Samar; Balite Bay, Davao Oriental; Lianga Bay and Hinatuan, Surigao del Sur; and Dumanquillas Bay, Zamboanga del Sur.

The BFAR also declared that Bislig Bay, Surigao del Sur to be clear of red tide contamination.

The BFAR said all types of shellfish and Acetes sp. or alamang harvested from the identified areas are not safe for human consumption.

However, other marine species captured in the area can be eaten by humans with proper handling.

“Fish, squid, shrimp, and crab are safe for human consumption provided that they are fresh and washed thoroughly, and internal organs such as gills and intestines are removed before cooking,” the BFAR said.

Red tide occurs due to high concentrations of algae in the water.

Eating contaminated shellfish can result in paralytic shellfish poisoning, which affects the nervous system.

Common symptoms of paralytic shellfish poisoning include headaches, dizziness, and nausea. Severe cases may include muscular paralysis and respiratory issues. — Revin Mikhael D. Ochave

Building approvals drop 65.5% in Q2 as lockdown halts construction

CONSTRUCTION STARTS, as measured by building permit approvals, fell 65.5% in the second quarter, during the strictest phase of the lockdown, the Philippine Statistics Authority said.

Approved building permits during the period totaled 16,004, against 46,453 a year earlier.

These projects involved 2.51 million square meters of floor space worth P25.02 billion, down 81.2% year on year.

Residential construction, which accounted for the bulk of approved permits during the three months to June, fell 65.3% year on year to 12,004. The decline was led by “other” residential properties (minus 95.7% to 3 applications), apartments/accessorias (minus 81.6% to 668), residential condominiums (minus 81.3% to 12), and single-detached homes (minus 65% to 10,469).

Permits for duplex/quadruplex construction, meanwhile, rose 0.4% to 852.

Non-residential permits likewise fell 64% to 2,265, led by the industrial category, which declined 71.4% to 183. Also posting declines were structures classified as institutional (minus 67.1% to 464), agricultural (minus 62.4% to 106), commercial (minus 61.9% to 1,441), and other non-residential buildings (minus 60.6% to 71).

Permits for additions to existing structures retreated 78.6% to 347, while those for alterations and repairs of existing structures fell 65% to 1,388.

Calabarzon — composed of the provinces of Cavite, Laguna, Batangas, Rizal, and Quezon — topped the regions with 2,641 approved construction permits. Central Visayas and Ilocos Region followed with 2,347 and 1,737, respectively.

ING Bank NV Manila Branch Senior Economist Nicholas Antonio T. Mapa said the decline seen nearly across the board was due to the lockdown that was imposed to contain the spread of coronavirus disease 2019.

“The drop-off in construction can be tied to two factors, the first being the strict lockdown period which led to the stoppage of overall construction activity as Filipinos were forced to hunker down to avoid transmission of the virus,” he said by e-mail.

“Second, construction activity was also iced as the overall economy plunged into recession with job losses mounting while households and corporations looked to protect cash flows given the uncertainty,” he added. 

In the second quarter, the economy entered recession as gross domestic product (GDP) growth fell by a record 16.9%.

Unemployment also spiked to a record 17.6%, according to the April round of the Labor Force Survey.

Going forward, Mr. Mapa expects a “modest pickup” in construction activity as projects resume with lockdowns easing in many parts of the country.

“But with the economic outlook very bleak, we are not expecting projects in the pipeline anytime soon with previously planned construction projects also likely relegated to the back burner for now,” he said.

“With construction likely sidelined by the pandemic, we are not optimistic for a quick rebound in overall GDP numbers as investors hold back on big-ticket items while preserving cash until sentiment improves,” he said. — Michelle Anne P. Soliman

FDA says COVID-19 vaccines could be available by March

VACCINES for COVID-19 (coronavirus disease 2019) could be available in the country as early as March after President Rodrigo R. Duterte’s formal approval of its emergency use.

Food and Drug Administration (FDA) Director General Rolando Enrique D. Domingo said on Thursday an emergency use authorization (EUA) can be granted by January to some vaccine manufacturers.

“It is possible by the first few weeks of January we can give an emergency use authorization,” he said in Filipino during the Palace daily briefing, “and maybe there is a chance that we can have the vaccine in the Philippines by March.”

President Rodrigo R. Duterte signed Executive Order No. 121 on Wednesday, which authorizes the FDA to issue an EUA to coronavirus drugs and vaccines.

With the EO, the approval process by the FDA will be shortened to 21 to 28 days from the usual period of six months.

The issuance of an EUA is already practiced in other countries.

Mr. Domingo said there is a good chance that pharmaceutical firms that already have an EUA from other countries will be granted a local emergency approval when they apply for one.

In a separate briefing on Thursday, Mr. Domingo said the FDA is finishing its guidelines on the EUA applications.

“The applicant for the EUA should comply with our conditions. The first is they should have an EUA from the countries they are from or have an approval from a foreign counterpart of the FDA with strict regulation or a World Health Organization pre-qualification,” he said in Filipino.

He added that even with the swift approval for the drugs and vaccines through the EUA, review on their available data will still be stringent.

He also said that the FDA will conduct a “post authorization monitoring” on those who received the vaccine to check for adverse effects.

Meanwhile, the Department of Health (DoH) reported 1,061 coronavirus infections on Thursday, bringing the total to 435,413.

The death toll rose by 10 to 8,446. Recoveries reached 399,325 with 328 more patients who have gotten well, it said in a statement.

There were 27,642 active cases, 85.2%  of which were mild, 6.9% asymptomatic, 5% critical, 2.6% severe, and 0.28% were moderate.

Davao City and Quezon City reported the highest number of new cases at 92 each, followed by Rizal at 50, Pampanga at 44, and Quezon province at 43.

The DoH said five duplicates were removed from the total case count while three recovered cases were reclassified as deaths.

Around 5.5 million people have been tested for COVID-19, the DoH said on its tracker website. The coronavirus has sickened about 65 million and killed 1.5 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization (WHO). About 45 million people have recovered, it said. — Gillian M. Cortez and Vann Marlo M. Villegas

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