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US is ready to lead world again — Biden

WILMINGTON, Del. — President-elect Joe Biden said on Tuesday the United States will be “ready to lead” again on the global stage, turning the page on Republican President Donald Trump’s “America First” policies as he pledged to work together with the nation’s allies.

Introducing his foreign policy and national security team, the Democratic former vice president signaled he intended after taking office on Jan. 20 to steer the United States away from the unilateralist nationalism pursued by Mr. Trump.

Mr. Biden also signaled that two former, more liberal, rivals for the Democratic presidential nomination, Senators Bernie Sanders and Elizabeth Warren, were not under consideration for Cabinet appointments, saying he needed their votes in the closely divided Senate.

Mr. Trump over four years unsettled many US allies, in Europe and elsewhere, with an antagonistic approach toward the NATO alliance and trade relations, abandonment of international agreements and warm relationships with authoritarian leaders. Mr. Biden said his team, which includes trusted aide Antony Blinken as his nominee for US secretary of state, would shed what the president-elect described as “old thinking and unchanged habits” in its approach to foreign relations.

“It’s a team that reflects the fact that America is back, ready to lead the world, not retreat from it, once again sit at the head of the table, ready to confront our adversaries and not reject our allies, ready to stand up for our values,” Mr. Biden said at the event in his hometown of Wilmington, Delaware.

The world is much changed since Democrats were last in the White House four years ago. China is on the rise and emboldened, Russia has sought to further assert its clout, US influence has waned as it pulled out of various accords and American moral authority has been dented by turmoil at home.

US foreign policy under a Mr. Biden administration is likely to take more of a multilateral and diplomatic approach aimed at repairing Washington’s relationships with key allies and pursuing new paths on issues such as climate change.

His promise to embrace alliances, including in the Asia-Pacific region, follows a deterioration in bilateral ties between the US and China, the world’s top two economies, that has triggered comparisons with the Cold War.

This final year of Mr. Trump’s administration was marked by frequent China-bashing as the two powers sparred over China’s handling of the coronavirus pandemic, deteriorating freedoms in Hong Kong and territorial issues in the South China Sea.

Mr. Trump has told allies he plans to pardon his former national security adviser Michael Flynn, who pleaded guilty to lying to the FBI during the investigation into Russian meddling in the 2016 presidential election, a source familiar with the situation said on Tuesday.

The source said Mr. Trump could still change his mind on the planned pardon, which was first reported by Axios.

TRANSITION MOVES FORWARD
Mr. Biden has moved swiftly to assemble his team and make Cabinet choices after defeating Mr. Trump, who has waged a flailing legal battle to try to overturn the results, falsely claiming the election was stolen through widespread voting fraud.

Mr. Biden said his team had been able to begin coordinating with the Trump administration on national security, the coronavirus pandemic and vaccine distribution plans since it got the green light on Monday for formal transition efforts.

“We’re going to not be so far behind the curve as we thought we might be in the past,” Mr. Biden said in an interview with NBC News. “There’s a lot of immediate discussion, and I must say, the outreach has been sincere.”

Critics have said Mr. Trump’s refusal to accept the results undercut the incoming administration’s ability to combat the intensifying coronavirus pandemic that has killed about 259,000 Americans and thrown millions out of work.

The White House on Tuesday gave the go-ahead for Mr. Biden to start receiving the president’s daily intelligence briefing. Mr. Biden said he had not gotten one yet but expected it regularly.

Asked by NBC about possibly nominating Sanders or Warren to his Cabinet, Mr. Biden said nothing was off the table but signaled they might be more needed in the Senate, where the party in power will govern by a razor-thin margin.

Two runoffs in Georgia on Jan. 5 will determine which party has a Senate majority. Democrats also saw their majority in the House of Representatives narrow in the Nov. 3 election.

“Taking someone out of the Senate, taking someone out of the House, particularly a person of consequence, is really a difficult decision,” Mr. Biden said. “I have a very ambitious, very progressive agenda, and it’s going to take really strong leaders in the House and Senate to get it done.”

During his presentation with his national security team, Mr. Biden urged the Senate to give his nominees who require confirmation by the chamber “a prompt hearing” and expressed hope he could work with Republicans “in good faith.”

“Let’s begin that work … to heal and unite America as well as the world,” Mr. Biden added.

Some Republican senators indicated, however, they may be prepared to stand in the way of his Cabinet appointments. Marco Rubio, a Foreign Relations Committee member, wrote on Twitter that Mr. Biden’s Cabinet picks “will be polite & orderly caretakers of America’s decline.”

Pennsylvania became the latest pivotal state on Tuesday to certify that Mr. Biden had won. The Nevada Supreme Court on Tuesday also confirmed Mr. Biden had won the state, sending the results to Nevada’s Democratic governor for final certification. — Reuters

Singapore nearly virus free after local cases and clusters cease

SINGAPORE — Having once had the highest coronavirus disease 2019 (COVID-19) rate in Southeast Asia, Singapore has all but eradicated the virus after reporting 14 days without any new local cases on Tuesday, and saying it had snuffed out the last cluster of infection at a worker dormitory.

The cramped dormitories for young, low-wage laborers, mainly from Bangladesh, India and China had been at the center of the city-state’s spiraling cases earlier this year.

While Singapore has reported zero local cases for two weeks, there has been a trickle of infected people arriving from abroad who have been immediately isolated, authorities say.

Singapore was one of the first countries to report a COVID-19 case outside of China, where the virus first surfaced, on Jan. 23. It has recorded more than 58,000 cases, but nearly all them have recovered and its fatality rate is the world’s lowest with just 28 deaths.

The vast majority of Singapore’s cases occurred in dormitories. Authorities imposed strict quarantines at the facilities, drawing criticism from human rights groups. But it still took many months to stifle the clusters there even as cases in the broader community stayed low.

Tuesday marked the first time Singapore said it had no live clusters of infection across the island since the start of its outbreak.

When daily infections were peaking in April, the city-state had the most cases of the disease in Southeast Asia. Cases in Indonesia and the Philippines have since eclipsed its numbers.

Singapore had to impose a two-month lockdown to curb the spread of the disease in April. While life has returned to relative normal since then, mask wearing is mandatory, there are strict social distancing rules, and the island’s borders remain largely closed. — Reuters

Japan fights COVID-19 in luxurious style with million-yen masks

TOKYO — Japanese trend-setters can now protect against the coronavirus in luxurious style with opulent masks adorned with diamonds and pearls for a cool million yen ($9,600) each.

Cox Co’s Mask.com chain began selling the hand-made masks last week, with the aim of cheering up people and spurring sales in a fashion industry depressed by the coronavirus disease 2019 (COVID-19) pandemic.

The diamond masks are embellished with a 0.7 carat diamond and more than 300 pieces of Swarovski crystal, while the pearl masks contain some 330 Japanese Akoya pearls.

“Everyone is feeling down because of the coronavirus and it would be great if they could feel better by looking at one of these glittering masks,” Azusa Kajitaka, a mask concierge at the company’s store near Tokyo station, told Reuters on Wednesday.

“The jewelry and fabric industries have also been in a slump because of the coronavirus and so we did this as part of a project to help revitalize Japan,” she added.

Cox, part of retailing group Aeon Co, has opened Mask.com online and in six physical locations since September, offering more than 200 types of masks starting at 500 yen.

Some visitors to the store on Wednesday were concerned the million-yen masks might be out of their league.

“If I wear one of these face masks, I have to wear suitable fashion to match it. So I think it’s a bit embarrassing (to dress up),” said 66-year-old Mitsue Kaneko.

The Japanese masks are still far from the world’s most expensive. That honor belongs to a $1.5 million mask made with 250 grams of 18 karat gold designed by Israeli jeweler Yvel. — Reuters

Power rates down in November 2020

Improved supply situation causes decrease in Generation Charge

The Manila Electric Company (MERALCO) announced today a downward adjustment of power rates, as the overall rate for a typical household decreased by P0.0395 per kWh, from last month’s P8.5500 per kWh to P8.5105 per kWh this November. This is equivalent to a decrease of around P8 in the total bill of residential customers consuming 200 kWh.

This month’s overall rate is also a net rate reduction of P1.35 per kWh since the start of the year and is the third lowest overall power rate since September 2017.

Lower Generation Charge mainly brought about by improved supply situation

From P4.2233 per kWh in October, the generation charge decreased by P0.0215 per kWh to P4.2018 per kWh this November.

This month’s decrease in the generation charge is mainly due to the P1.2800 per kWh reduction in charges from the Wholesale Electricity Spot Market (WESM). The Luzon grid’s power supply situation improved in October, as demand decreased due to weather disturbances and there was less generation capacity on outage.

Lower Malampaya natural gas prices due to its quarterly repricing and a slight Peso appreciation resulted in the cost of power from the Independent Power Producers (IPPs) to decrease by P0.0842 per kWh. Meanwhile, charges from Power Supply Agreements (PSAs) inched up by P0.2118 per kWh partly due to the forced outage of San Gabriel during the supply month.

WESM, IPPs, and PSAs accounted for 12%, 35%,and 53% of MERALCO’s energy requirements, respectively.

Movements in Other Charges

Transmission charge, taxes, and other charges for residential customers also registered a net reduction of P0.0180 per kWh.

Collection of the Universal Charge-Environmental Charge amounting to P0.0025 per kWh remains suspended, as directed by the ERC.

MERALCO’s distribution, supply, and metering charges, meanwhile, have remained unchanged for 64 months, after these registered reductions in July 2015. MERALCO reiterated that it does not earn from the pass-through charges, such as the generation and transmission charges. Payment for the generation charge goes to the power suppliers, while payment for the transmission charge goes to the NGCP. Taxes and other

public policy charges like the Universal Charges and the FIT-All are remitted to the government.

No disconnection until December 31, 2020 for consumers 200 kWh and below

Meralco assured its customers that it will fully comply with the ERC Advisory released last October 29, 2020.

In line with the ERC Advisory, Meralco will NOT implement any disconnection on account of non-payment of bills until December 31, 2020 for consumers with monthly consumption of 200 kWh and below.

For all other customers, consuming 201 kWh and up, Meralco will be complying with ERC’s advisory stating that a minimum of 30-day grace period will be given on all payments falling due within the period of Enhanced Community Quarantine (ECQ) and Modified Enhanced Community Quarantine (MECQ), without incurring interests, penalties, and other charges. Any unpaid balance after the lapse of the 30-day grace period shall be payable in three (3) equal monthly installments without incurring interests, penalties and other charges.

In accordance with the ERC Advisory, Meralco also encourages customers who have the ability to pay to settle their bills within the original due date to help manage the cash flow in the energy supply chain and ensure the continuous supply of electricity.

For more information, customers may refer to their November bill insert, accompanying their November bill, for complete details.

MERALCO keeps its doors open for customers during General Community Quarantine (GCQ)

Customers may visit the nearest Meralco Business Center, which will continue to open its doors during the GCQ, and accept service applications, payments, and other transactions.

Strict safety measures continue to be implemented, like the “No Mask, No Entry” rule, Social Distancing and Temperature Check. Frontliners are available and ready, but strictly follow Social Distancing guidelines. Visitors can rest assured that these frontliners have passed the rapid COVID-19 testing authorized by the Pasig City Health Office. There are also acrylic barriers set up in the Meralco branches to protect both the customer and the frontliner.

But, for maximum safety and convenience, Meralco still encourages customers to use Meralco Online to transact from the safety of their homes. Multiple options for transactions have also been offered by the distribution utility, including the Meralco Mobile App via https://onelink.to/meralcomobile, Meralco Online via www.Meralco.com.ph, and the Meralco authorized payment channels at bit.ly/MeralcoPaymentPartners.

For more information and concerns, customers may visit MERALCO’s website at www.MERALCO.com.ph, its social media accounts, twitter @MERALCO and Facebook at www.facebook.com/MERALCO or may also call the MERALCO Hotline at 16211.

Philippine Airlines plans court protection as pandemic hits finances 

Philippine Airlines plans to seek court protection from creditors while it pursues debt restructuring with government help, the finance minister said on Wednesday, as it fights to survive a pandemic that has battered the industry globally.

The loss-making flag carrier, partly owned by Japan’s ANA Holdings Inc., informed the ministry of its plans last week but gave no details as to what kind of government assistance it needs, Finance Secretary Carlos G. Dominguez III told reporters.

Philippine Airlines, which last month announced a reduction of 2,700 jobs, or a third of its workforce, did not immediately respond to request for comment.

As of end-September, the listed operator of Philippine Airlines reported 198 billion pesos ($4.12 billion) in lease and long-term debts.

Net losses in January to September surged to 28.9 billion pesos, more than three times the 8.5 billion for the same period of last year.

Philippine Airlines halted operations in mid-March as the country imposed one of the world’s strictest and longest coronavirus lockdowns. It is slowly increasing operations amid pandemic travel curbs. — Reuters

Bitcoin at $100,000 in 2021? Outrageous to some, a no-brainer for backers

NEW YORK — Bitcoin investors, which include top hedge funds and money managers, are betting the virtual currency could more than quintuple to as high as $100,000 in a year.

It’s a wager that has drawn eye-rolls from skeptics who believe the volatile cryptocurrency is a speculative asset rather than a store of value like gold.

Since January, bitcoin has gained 160%, bolstered by strong institutional demand as well as scarcity as payment companies such as Square and Paypal buy it on behalf of customers.

Bitcoin is within sight of its all-time peak of just under $20,000 hit in December 2017. It debuted in 2011 at zero and was last trading at $18,415.

Going from $18,000 to $100,000 in one year is not a stretch, Brian Estes, chief investment officer at hedge fund Off the Chain Capital, said.

“I have seen bitcoin go up 10X, 20X, 30X in a year. So going up 5X is not a big deal.”

Mr. Estes predicts bitcoin could hit between $100,000 and $288,000 by end-2021, based on a model that utilizes the stock-to-flow ratio measuring the scarcity of commodities like gold. That model, he said, has a 94% correlation with the price of bitcoin.

Citi technical analyst Tom Fitzpatrick said in a note last week that bitcoin could climb as high as $318,000 by the end of next year, citing its limited supply, ease of movement across borders, and opaque ownership.

Those numbers though are a head-scratcher for Toronto-based Kevin Muir, an independent proprietary trader.

“Any hedge fund model on bitcoin is rubbish. You can’t model a mania,” Mr. Muir said. “Is it plausible? For sure. It’s a mania. But does anyone actually have a clue? Not a chance.”

DEARTH OF SUPPLY

Bitcoin relies on so-called “mining” computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded new bitcoins.

Its technology was designed to cut the reward for miners in half every four years, a move meant to curb inflation. In May, bitcoin went through a third “halving,” which reduced the rate at which new coins are created, restricting supply.

That halving has kickstarted bitcoin’s renewed ascent.

Square’s Cash App and PayPal, which recently launched a crypto service to its more than 300 million users, have been scooping up all new bitcoins, hedge fund Pantera Capital said in its letter to investors on Friday. That has caused a bitcoin shortage and has driven the rally in the last few weeks.

BIG FUNDS BUYING?

The so-called whale index, which counts addresses or wallets holding at least 1,000 bitcoins, is at an all-time high, said Phil Bonello, research director at digital asset manager Grayscale. Mr. Bonello said more than 2,200 addresses were linked to large bitcoin holders, up 37% from 1,600 in 2018, suggesting that institutional money has stormed in.

Investors like Stanley Druckenmiller, founder of hedge fund Duquesne Capital, and Rick Rieder, BlackRock Inc.’s chief investment officer of global fixed income, have recently touted bitcoin.

Retail investors though are still mostly sidelined due to the pandemic’s effect on the economy. But with the entry of Square and PayPal, Lennard Neo, head of research at crypto index fund provider Stack Funds, expects a deluge of retail demand more intense than in 2017.

Neo forecasts bitcoin to reach $60,000–$80,000 by the end of 2021.

Tempus Inc. currency trader Juan Perez was unimpressed, even shocked, with all the lofty forecasts and said a bet on bitcoin at $100,000 next year would be a bet on the collapse of the global financial system.

“Governments around the world won’t let that happen. They will not let fiat currencies collapse just like that,” Mr. Perez said. — Gertrude Chavez-Dreyfuss/Reuters

Plasma from recovered patients shows little benefit in those hospitalized with COVID-19  — study

Using blood plasma from COVID-19 survivors to treat patients with severe pneumonia caused by the novel coronavirus showed little benefit, according to data released on Tuesday from a clinical trial in Argentina.

The therapy know as convalescent plasma, which delivers antibodies from COVID-19 survivors to infected people, did not significantly improve patients’ health status or reduce their risk of dying from the disease any better than a placebo, the study published in The New England Journal of Medicine found.

Despite limited evidence of its efficacy, convalescent plasma, which US President Donald J. Trump touted in August as a “historic breakthrough,” has been frequently given to patients in the United States.

In October, a small study from India suggested convalescent plasma improved symptoms in COVID-19 patients, such as shortness of breath and fatigue, but did not reduce the risk of death or progression to severe disease after 28 days.

The new Argentine study involved 333 hospitalized patients with severe COVID-19 pneumonia who were randomly assigned to receive convalescent plasma or a placebo.

After 30 days, researchers found no significant differences in patients’ symptoms or health. The mortality rate was nearly the same at 11% in the convalescent plasma group and 11.4% in the placebo group, a difference not deemed statistically significant.

It is still possible that convalescent plasma might help less-sick COVID-19 patients, study leader Dr. Ventura Simonovich of the Hospital Italiano de Buenos Aires said, but more studies would be needed and supplies of the treatment are not scalable.

For patients with severe disease, like the ones in this study, “other therapies based on antibodies could have a role,” he said. — Vishwadha Chander/Reuters

110 Years for the Filipino: Lessons of hope, courage, and overcoming the pandemic

Eleven decades and one would think, you’ve seen them all. But each of these periods is unique unto themselves; they are different from each other with their own distinctive highlights.

What is certain is that Insular Life (InLife), has been for the Filipino all these 110 years.

And these past eleven decades presented interesting experiences of their own: the first half is of growth and expansion, its second a series of great years and some costly lessons. There were periods of unprecedented growth as well as intervals of tempered expectations.

Today InLife attains another high point, becoming one of very few Filipino companies surpassing 110 years of success and continued service and operation since 1910. But as the company celebrates this milestone, the world is gripped yet again, by a most crippling crisis – a deadly battle against the unseen.

The COVID-19 pandemic may be the worst crisis of this generation because all at once it became a global health, humanitarian and economic crisis. This is exacerbated by the fact that there are no manuals for solutions, no past lessons from which to learn.

Hope amidst trials

Samuel Gaite knows this for sure, himself having experienced the lows of the pandemic and the uncertainties of losing his most treasured possession – his job!

“Lumaki ako sa kalye. Isa akong undergrad, 3rd year high school lang ako. Kaya nung nag-ka-trabaho ako sa barko, nag-iba angtakbo ng buhay ko,” he recalls.

Early this year, Samuel came home for vacation with the intention of getting married in May. Then the pandemic happened.

In an instant, he had no job and a wedding coming soon, what is he to do?

“Walang-wala na talaga ako,” he lamented.

For 74-year-old Juana “Ana” Dela Cruz, nothing is more painful than the loss of her husband, Manuel. While it happened at the onset of the pandemic, the cause was not COVID, but stroke, probably due to complications of other illnesses.

She and her husband were married in 1973 and had eagerly anticipated their 50th wedding anniversary. While this plan for a grand celebration of marital union could not happen anymore, being widowed at this time when the pandemic was raging on was even more painful.

Lola Ana remembers her husband as a good provider, until the very end of his life.

Lola Ana recounted the good life she had had with Manuel. He was a good provider. He, too, was a seaman.

In retirement years, however, Manuel became sickly and suffered from several conditions, the latest of which was the fatal stroke, which hospitalized him in the intensive care unit for a few days.

“Meron kaming mga properties. Pero sa panahong ito ng pandemya nakapahirap makakuha ng bibili ng lupa. Hindi naman ito pwedeng pang-bayad (hospital bills),” she said.

 

 

A legacy to pass on

For Chiqui Ruth Uy, the uncertainties of life is also an opportunity to prepare.

“I am a believer of the importance of life insurance and part of my long term goal is to accumulate life, health, and investment plans for my family,” said Chiqui, a Tacloban City resident and mother of three boys and two daughters.

Ruth Uy, seated, believes that preparation is key to be free from financial worries.

Chiqui shared that she got her first InLife policy for her daughter in 1997 and over the years, she had accumulated several plans for herself and other family members.

The same experience can be said about businesswoman Cecile Sabido.

A mother of one teenage son, Cecile admitted that she was at first skeptical about getting insured; fortunately, she met a financial advisor who would turn her doubts into belief.

“I was young and did not think I needed it,” she admitted when first approached about the idea of getting a life insurance.

Over the years Cecile, who owns a logistics hauling business, realized the importance of being insured, even for a businesswoman like her.

“Knowing that my family members are insured with guaranteed payout, to me that is the greatest impact of having insurance,” she said.

Samuel and Lola Ana shared the same sentiments. Both agree that they initially refused to be insured, believing that at that time, they were young and did not need it.

“Wala sa pagkatao ko ang salitang security. Kung ano yung kinita ko, ginagastos ko,” admitted Samuel. Pero nakita ko sa mga kasama ko sa barko, kahit gaano kalaki ang kinita nila, ubos din. Nag decide ako mag tira for myself, nag invest ako sa insurance.”

Lola Ana said a family friend persisted that they get insured while there is time. Her husband eventually got one and its proceeds became their instant source of income during their retirement years.

Samuel said his policy loan allowed him and his new bride to start a business during the pandemic. “Ito yung pinapa-ikot namin ngayon.”

As for Lola Ana, she awaits the time she can join her son and grandchildren in Canada soon as the borders open.

“Ang hirap mag move on. Pero mas lalongmahirap mag move-on kung wala ka nangasawa, wala ka pang pera,” shared Lola Ana.

For Chiqui and Ruth, the pandemic only reinforced their belief that preparation is key to financial freedom.

For InLife, we view these uncertainties as opportunities to serve and to fulfill a promise to be with the Filipino at all times, even in the worst of times.

For more inspiring stories on resilience, hope, and overcoming the pandemic, please visit: https://www.insularlife.com.ph/news/insular-life-highlights-filipinos-resilience-and-hope-473

 

 

 

 

More Filipinos express confidence in government’s anti-corruption efforts

MORE FILIPINOS are confident that the government is doing well in tackling corruption compared with Asian neighbors, although they also believe corruption in government remains a big problem, a survey from Transparency International showed. Read the full story.

More Filipinos express confidence in government’s anti-corruption efforts

Corruption still a big problem — survey

Vote buying is highest in the Philippines and Thailand, where 28% have been offered a bribe in return for a vote, according to a survey by Transparency International. — PHILIPPINE STAR/MICHAEL VARCAS

By Jenina P. Ibañez, Reporter

MORE FILIPINOS are confident that the government is doing well in tackling corruption compared with Asian neighbors, although they also believe corruption in government remains a big problem, a survey from Transparency International showed.

The Global Corruption Barometer Asia 2020 released on Tuesday surveyed nearly 20,000 citizens from 17 countries, mostly between June and September 2020.

Results showed that 64% of Philippine respondents think that corruption has decreased in the last 12 months, while only 24% believe that it increased. Across Asia, 32% believe that corruption decreased and 38% said that it went up.

More Filipinos express confidence in government’s anti-corruption efforts

As much as 85% in the Philippines believe that the government is doing a good job in addressing corruption, better than the Asia average of 61% and third highest among the countries surveyed. 

Despite this, 86% of Filipinos believe that corruption in government is a big problem, above the regional average of 74%. This was also the sixth highest in the region, after Indonesia, Taiwan, Maldives, India and Thailand.

At the same time, 82% of Philippine respondents believe that their anti-corruption agency is doing well in tackling corruption, the fifth highest in the region after Myanmar, Bangladesh, Nepal and China. This is also better than the 63% regional average approval rating for anti-corruption agencies.

Philippine perception of corruption is divided by institution, with 18% saying that most government officials are corrupt, but only seven percent believe that the president is the same.

More are likely to believe local government, police, and business executives are corrupt, as opposed to bankers and army leaders.

Filipinos are also optimistic about ordinary citizens’ ability to fight against corruption, with 78% agreeing with the statement.

“Only in Myanmar (67%), the Philippines (61%) and Malaysia (53%) do a majority of citizens say that they can report corruption without fear,” Transparency International said.

Vote buying is highest in the Philippines and Thailand, where 28% have been offered a bribe in return for a vote. The regional average is 14%.

“Often one of the root causes of political corruption is election abuse, including fraudulent, undeclared funding of political parties, vote buying or the spread of fake news during campaigns,” the report said.

Transparency International Chair Delia Ferreira Rubio said protecting the integrity of elections is “critical to ensuring that corruption doesn’t undermine democracy.”

“Throughout the region, election commissions and anti-corruption agencies need to work in lockstep to counter vote buying, which weakens trust in government,” she said in a statement.

University of Santo Tomas political science professor Marlon M. Villarin in a phone interview said that Filipinos’ confidence in the government’s anti-corruption measures is based on the political side of the administration’s efforts in curbing corruption.

“If you look at the data, most of the references of the Filipinos that define confidence to the present administration’s efforts in fighting corruption — they are very limited only on the news such as the president sacking executive officials out, and these are purely political moves,” Mr. Villarin said.

He said that judicial and administrative aspects should be considered as well, such as the corruption cases that are filed and resolved in the court. Mr. Villarin added that reports on Philippine views on corruption should not just be quantitative surveys but also qualitative analyses that include the assessments of civil society and industry groups.

At the same time, nine percent of Philippine respondents said they have either experienced or know someone who experienced “sextortion,” or the abuse of power for sexual advantage.

Only around 19% of Philippine respondents said they have paid a bribe in the last 12 months, including for basic services like healthcare, education, utilities, and police.

This is lower than China and India, where 28% and 39% respectively said they have paid bribes in the past year. But it is consistent with the regional average of 19%.

Around 22% said they have used personal connections for public services in the last 12 months.

BoI-approved investments drop 17% in first 10 months

THE Board of Investments (BoI) approved P826 billion in investments in the first 10 months, nearly a fifth lower than the estimated P1 trillion in the same period last year.

“Though this will be slightly lower than the project approvals for 2019, we are still on course for the second-highest level in our agency’s history despite the pandemic,” Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said in an online event on Tuesday.

The BoI breached its P1-trillion full-year investment target by October last year. In 2019, approved investments reached a record P1.14 trillion, which the Trade department attributed to steady business and consumer confidence.

Despite the lockdown, BoI-approved investments doubled in the first half of 2020, led by a San Miguel Corp. subsidiary’s P740-billion airport project in Bulacan. Domestic investments at the time jumped by 166% to P626.7 billion due to the airport project, but foreign investments plummeted by 73% to P18.6 billion.

The government’s investment campaign will focus on the automotive, aerospace, electronics, copper and nickel, and business process outsourcing sectors, Mr. Rodolfo said in his speech.

“The new investments promotion strategy aims to address the value chain gaps and further the growth and competitiveness of our local industries, strengthening the country’s position as an investment destination of choice in the Southeast Asian region,” he said.

The BoI accounts for the bulk of planned projects registered with investment promotion agencies (IPA).

The Philippine Economic Zone Authority (PEZA) is aiming to exceed P100 billion in investment pledges this year, after falling by more than a quarter to P72.6 billion in the 10 months through October.

‘MAKE IT HAPPEN’
The government on Tuesday launched “Make It Happen in the Philippines,” an international investments promotion campaign that they are rolling out with assistance from the UK government.

The campaign will release digital, social media, events, and print marketing, and has launched a multilingual website.

“With the current health crisis affecting the world economy, we have acted swiftly with a range of incentives and measures to maintain ease of doing business and mitigate the impact of COVID-19 for businesses. A ‘roll-up-your-sleeves’ and ‘make-it-work’ mindset, as well as a service-orientated business ethic position the Philippines well for the future,” Trade Secretary Ramon M. Lopez said in a statement.

Mr. Lopez in his presentation said that there are 90 notable leads from potential investors from various countries like the United States, China, Taiwan, and Japan. The potential investments would be valued at $24.1 billion and create 134,855 jobs. The department is targeting 73 more companies.

Meanwhile, the UK Government’s Ambassador to the Philippines Daniel Pruce said that the Philippines is an important economic partner for the UK.

“The launch of the Philippines’ first sustained multi-sector and multi-market brand is designed to drive FDI inflows.  It underlines the significance of international partnership and cooperation in helping economies to grow and people to thrive.” — Jenina P. Ibañez

Gov’t eyes P73-billion coronavirus vaccine fund

The Philippines is nearing a deal with AstraZeneca to purchase at least 20 million vaccine doses. — REUTERS/DADO RUVIC/FILE PHOTO

THE government plans to borrow P73.2 billion to buy coronavirus disease 2019 (COVID-19) vaccine for around 60 million Filipinos.

In a televised Cabinet meeting on Monday evening, Finance Secretary Carlo G. Dominguez III said it will source P40 billion from multilateral agencies; P20 billion from domestic government financial institutions; and P13.2 billion from bilateral negotiations from countries where vaccines will come from such as the United States and the United Kingdom.

“So the total is about P73.2-billion financing — that is pretty much almost fixed. Most of it is already fixed. P13.2 billion is not yet completely negotiated,” he said.

Mr. Dominguez said the government estimates the average cost of a complete vaccine dose is around P1,200 each.

Health Secretary Francisco T. Duque III said in the same meeting that 60% to 70% of the country’s total population would need to be vaccinated to reach “herd immunity,” according to the World Health Organization (WHO). The Philippines’ population is currently at 108 million.

The WHO website defines herd immunity as a concept “in which a population can be protected from a certain virus if a threshold of vaccination is reached.”

In the same meeting, National Task Force Against the COVID-19 Chief Implementer Carlito Galvez, Jr. said they are in talks with several vaccine makers for advanced purchases.

Mr. Galvez said the government is looking to sign a deal with AstraZeneca for 20 million doses within the month. Talks are also ongoing with Sinovac Biotech Ltd., and Pfizer, Inc.

According to Reuters, AstraZeneca said on Monday its COVID-19 vaccine, which is cheaper and easier to distribute than other rival vaccines, may be as much as 90% effective.

Mr. Galvez said they may focus the COVID-19 vaccination drive in economic centers where infections are rising, namely Metro Manila, Davao, Cebu, and Bacolod.

The government has said poorest families will be prioritized in the vaccination program, as well as the police and military.

As of Tuesday, the Health department reported 1,118 new COVID-19 cases, bringing the total number to 421,722. — Gillian M. Cortez