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Top U.S., Chinese diplomats clash at start of first talks of Biden presidency

ANCHORAGE, Alaska – The first high-level U.S.-China talks of the Biden administration got off to a fiery start on Thursday, with both sides leveling sharp rebukes of the others’ policies in a rare public display that underscored the level of bilateral tension.

The run-up to the meeting in Anchorage, Alaska, which followed visits by U.S. officials to allies Japan and South Korea, was marked by a flurry of moves by Washington that showed it was taking a tough stance, and blunt talk from Beijing.

“We will … discuss our deep concerns with actions by China, including in Xinjiang, Hong Kong, Taiwan, cyber attacks on the United States, economic coercion of our allies,” U.S. Secretary of State Antony Blinken told his Chinese counterparts in highly unusual extended back-and-forth in front of cameras.

“Each of these actions threaten the rules-based order that maintains global stability,” he said.

The Biden administration has made clear that it is looking for a change in behavior from China, which has expressed hope to reset relations that had worsened drastically under former President Donald Trump.

China’s top diplomat Yang Jiechi responded with a 15-minute speech in Chinese while the U.S. side awaited translation, lashing out about what he said was the United States’ struggling democracy, poor treatment of minorities, and criticizing its foreign and trade policies.

“The United States uses its military force and financial hegemony to carry out long arm jurisdiction and suppress other countries,” said Yang.

“It abuses so-called notions of national security to obstruct normal trade exchanges, and incite some countries to attack China,” he added.

 

‘GRANDSTANDING’ AND PROTOCOL BREACHES

Throughout Yang’s monologue, U.S. National Security Adviser Sullivan and other officials in the delegation passed notes to each other. At the end, Blinken held journalists in the room so he could respond.

What is typically a few minutes of opening remarks in front of journalists for such high-level meetings lasted for more than an hour, and the two delegations tussled about when media would be ushered out of the room.

Afterwards, the United States accused China of “grandstanding” while Chinese state media blamed U.S. officials for speaking too long and being “inhospitable”.

Both sides accused the other of violating diplomatic protocol, with a U.S. official saying the two had initially agreed two minutes of opening statements by each of the principals.

“The Chinese delegation … seems to have arrived intent on grandstanding, focused on public theatrics and dramatics over substance,” the official told reporters at the Anchorage hotel where the meeting was taking place.

“Exaggerated diplomatic presentations often are aimed at a domestic audience,” the official added.

Many netizens on China’s social media said Chinese officials were doing a good job in Alaska, and that the U.S. side had shown zero sincerity.

Some even characterized the talks as a “Hongmen Banquet”, a historical event that took place 2,000 years ago where a rebel leader invited another to a feast with the intention of murdering him.

Still, the two sides reconvened for another meeting on Thursday evening, and a senior Biden administration official said that the first session was “substantive, serious, and direct,” running well beyond the two hours originally allotted.

“We used the session, just as we had planned, to outline our interests and priorities, and we heard the same from our Chinese counterparts,” the official said in the pool report, adding that a third session of talks was scheduled for Friday morning.

While much of Biden’s China policy is still being formulated, including how to handle the tariffs on Chinese goods implemented under Trump, his administration has so far placed a stronger emphasis on democratic values and allegations of human rights abuses by China.

China firmly opposes U.S. interference in what it regards as its internal affairs, issues such as Taiwan, Hong Kong and Xinjiang.

Taiwan’s Foreign Ministry said it was expecting the United States to brief them about the talks.

 

TERMS OF DISAGREEMENT

Washington says Blinken’s Asia tour before the meeting with Chinese officials, as well as U.S. outreach to Europe, India and other partners, shows how the United States has strengthened its hand to confront China since Biden took office in January.

But the two sides appeared primed to agree on very little at the talks.

Even the status of the meeting became a sticking point, with China insisting it is a “strategic dialogue”, harkening back to bilateral mechanisms of years past. The U.S. side rejected that, calling it a one-off session.

On the eve of the talks, the United States issued a flurry of actions directed at China, including a move to begin revoking Chinese telecoms licenses, subpoenas to multiple Chinese information technology companies over national security concerns, and updated sanctions on China over a rollback of democracy in Hong Kong.

Adding to tensions, China on Friday tried a Canadian citizen on espionage charges, in a case embroiled in a wider diplomatic spat between Washington and Beijing.

At the talks on Thursday, Chinese State Councilor and Foreign Minister Wang Yi questioned Blinken about whether the sanctions were announced ahead of the meeting on purpose.

Washington has said it is willing to work with China when it is in U.S. interests, citing climate policy and the coronavirus pandemic as examples. Blinken said Washington hoped to see China use its influence with North Korea to persuade it to give up its nuclear weapons.

Bonnie Glaser, an Asia expert at the Center for Strategic and International Studies, said tough statements from both sides in the run-up to the meeting had created a risk that it would devolve into an exchange of accusations and demands.

“Neither side benefits from this meeting being judged a total failure,” Glaser said. – Reuters

Pandemic affects women disproportionately

While the pandemic has affected everyone, the disadvantaged have suffered the most. Women are often part of this group, said Karin Strandås, state secretary to the Minister for Gender Equality in Sweden, in a March 18 women empowerment webinar organized by the Taipei Economic and Cultural Office (TECO). 

Women have a weaker position in the labor market and they bear the brunt of unpaid work at home. Reforms that include affordable childcare and equal parental leaves will go a long way towards progress and equal economic opportunity for all, Ms. Strandås said. Acknowledging the role of men and boys as drivers of change must also be addressed: “They must be part of pushing gender equality,” she added.

Women who earn more invest more in their families and homes—from putting food on the table to getting healthcare for their children, said Algene T. Sajery, vice-president of the US International Development Finance Corporation’s Office of External Affairs. “Investing in women equals investing in stability,” she said. “Empower them to earn respectable wages.”

Helping women means understanding their specific challenges. In some areas where clean water is not available, for instance, the task of gathering water takes the better part of the day, thus limiting the opportunity for women to earn outside the home. “If you can help them save time, then it’s providing them a service,” said Ms. Sajery. 

PARTICIPATION, REPRESENTATION

Taiwan, which ranked ninth globally and first in Asia in Gender Inequality Index in 2018, is a country that takes gender equality as a policy. The labor participation rate of women aged 25–29 is 91.8%, higher than that of major countries. Meanwhile, 94% of employees report not having faced gender discrimination, thanks in part to a 2002 law that espouses gender equality in employment. Female participation is also felt in governance, as Taiwan’s number of female parliament members have increased from 38% in 2016 to 42% this year. Its head of state, Tsai Ing-wen, is a woman. A migrant women’s conference moreover encourages migrant women to communicate with the government and participate in policy-making.

In Kosovo, a country with around 1.8 million citizens, affirmative measures have similarly been enacted towards gender equality. The Convention on the Elimination of All Forms of Discrimination against Women (CEDAW), often referred to as the women’s bill of rights, was included in its constitution when the country became independent in 2008. An existing measure further stipulates that 30% in parliament have to be women. “In the latest elections, 40% were elected,” said Iliriana J. Gashi, director of Kosovo Women for Women, an organization that supports marginalized women. “Most were elected not because of the gender quota.” 

Women in Kosovo, however, are not using their economic power. Only 13% of businesses are registered to women, Ms. Gashi said, and almost 80% do not participate in the labor market. “They’re not even looking for jobs,” she added. Women for Women has been offering training programs to over 35,000 women since 2012 to help them gain the skills necessary to become active members of society.

“Some people say that maybe we should give some of the men’s rights to women,” said Ms. Gashi. “No, that’s not it. The more rights people have, the better it becomes for everyone.” 

SIDEBAR | COVID-19 ‘unleashes historic setback’ for female participation in the labor force, report says

The coronavirus disease 2019 (COVID-19) has unleashed a “historic setback to female participation in the labor force,” a March 5 report by J.P. Morgan Perspectives said. COVID-19 has caused disproportionate effects on women and their economic status, as they face greater disruption due to the nature of their jobs and greater responsibility for child care. 

Women, the report said, are over-represented in those sectors worst affected by the pandemic, such as the services industries, retail, tourism, and hospitality. The World Bank estimates that in high-income countries, almost 90% of female employment is in services, compared to 64% for male employment. 

The domestic burden, moreover—particularly of childcare—is weighing on female labor supply. The gender pay gap remains persistent and is widening as women reduce hours to meet child care demands. There is also slower progress for female representation on boards and little change at the C-suite level.

A silver lining is the increased female representation in developed market public leadership roles in the US and in Europe, according to the report. While Europe remains the leader in advancing gender balance policies, the Biden administration has made inroads by appointing the most gender-diverse cabinet in US history. A record 143 women serve in the US Congress today, holding 27% of the seats. 

ASIA INSIGHTS

In terms of gender balance in institutions, the Official Monetary and Financial Institutions Forum (OMFIF)’s 2020 Gender Balance Index notes that Europe remains the best performing region for female representation at central banks, with a score of 37.3, but that it was the Asia Pacific region’s score that improved the most, moving up to 12.3 from 9 last year. 

One financial industry player that aims to enter the ranks of top global banks with respect to diversity and inclusion is the Mitsubishi UFJ Financial Group (MUFG) of Japan. It generates around 40% of its earnings from overseas markets, and the diversity of its board reflects this international business structure: four of its 16 board members (25%) are female, and two (12.5%) are non-Japanese. 

Per the J.P. Morgan Perspectives report, only one female board member and no non-Japanese board members are the norm at other megabanks and major Japanese financial institutions. 

Shiseido is another Japanese company with successful female representation initiatives, the report highlighted. Women made up 46.2% of the skincare and makeup company’s directors and audit and supervisory board members as of January this year, up from 45.5% last year. Female managerial appointments, furthermore, account for 52.7% of its global operations as a whole, with its Asia Pacific operations garnering an even higher figure (69.8%). Shiseido also partnered with UNICEF, or the United Nations International Children’s Emergency Fund, in 2019 to support female empowerment worldwide, particularly in the Middle East and Asia. — Patricia B. Mirasol

#RecyclingHeroes: Globe supports Global Recycling Day

As part of its commitment to environmental protection and conservation, Globe joins the world in calling for consistent global recycling efforts, proper e-waste disposal, ban of single-use plastics, and other sustainable initiatives during the worldwide celebration of Global Recycling Day on March 18.

Launched in 2018, Global Recycling Day was created to help recognize and celebrate the crucial role recycling plays in preserving the world’s precious primary resources to help secure its future. It also encourages everyone to think about resources, not waste, when it comes to dealing with different kinds of goods.

Globe continues to encourage positive consumer behavior through its numerous environmental sustainability programs like E-waste Zero and ‘Wag Sa Single Use plastic or WasSUP that call for the extended lifespan of electronic gadgets, plastics and endorse responsible recycling.

“We introduced our E-waste Zero program back in 2014 as a way to raise funds to put up new classrooms in Aklan which were devastated by typhoon Haiyan. Since then we were able to scale the program by partnering with the rest of the AC Group, corporate clients, schools, and NGOs,” said YolyCrisanto, Globe Chief Sustainability Officer and SVP for Corporate Communications.

By recycling materials, natural resources are conserved, pollution caused by hazardous substances is avoided, and vulnerable communities are protected. Improper disposal of e-waste, for instance, can pollute the environment and even pose health hazards as old phones, home appliances, broken electronic gadgets, and their batteries contain toxic components such as arsenic, cadmium, lead, and mercury that can severely damage the environment and even harm people.

Thus, Globe, through its E-waste Zero, focuses on the responsible disposal and recycling of electronic wastes or e-wastes. The program is a platform for individuals and organizations to donate their old, non-working electronic devices and accessories via participating Globe Stores, select malls and offices of partner groups. Free door-to-door pickups are also available through the website – https://www.globe.com.ph/about-us/sustainability/environment.html

To date, more than 1.4 million kilograms of e-waste were donated, collected and responsibly recycled through Globe’s partner Treatment, Storage, and Disposal (TSD) facilities. These are Total Environment Solutions – Asset Material Management Philippines (TES-AMM) in Pasig City and Maritrans Recycler, Inc. in Cebu. E-wastes are segregated to recover plastic materials, electronic components, and precious metals and the final recycling process is done in TES-AMM’s facility in Singapore.

TSDs are DENR Environmental Management Bureau accredited facilities that have the capacity and technology to process hazardous wastes. All generated hazardous wastes must be handled and disposed of in accordance with the Republic Act 6969 otherwise known as the Toxic Substances, Hazardous and Nuclear Wastes Control Act of 1990. Globe has aligned its internal disposal process with this through the ISO 14001-certified Environmental Management System being implemented across the organization.

WasSUP, on the other hand, is a corporate sustainability program geared towards advocating a zero-waste lifestyle and educating Globe employees on how avoidance of single-use plastics can help in environmental conservation. Just this year, Globe collaborated with Green Antz Builders Inc. for the responsible disposal and processing of single-use plastic wastes starting with its main office at The Globe Tower in Bonifacio Global City, Taguig. Green Antz Builders is an innovative provider of building and housing solutions that integrates eco-friendly practices and green technologies in its products and services.

Globe has already installed a plastic shredder that makes sure that all identified single-use plastics or SUPs from within the premises are processed in a responsible manner before getting transported to the Green Antz facility in Taguig. The shredded plastics would then be used as a component of eco-bricks and pavers that will be later on sold by Green Antz as construction materials for schools and garden pathways.

Two more sustainability efforts by Globe are its partnership with Vending Experts Night and Day Philippines, Inc. or VEND, and Quanta Paper. The company has worked with VEND to produce vending machines that operate using the Quick Response (QR) code for cashless and contactless transactions using GCash. 28 VEND machines have already been installed at Globe offices with customers being given a Php 1.00 rebate on their transaction when they use their own mug instead of a disposable paper cup.

Meanwhile, Quanta Paper provides rolls of tissue paper to Globe offices that are marked with the Green Choice Seal of Approval. This certifies that the products are environmentally safe and produced in accordance with the principles of Environmental Protection and Sustainable Development.

Globe remains committed to the 10 UN Global Compact principles and contributes to 10 of the 17 UN Sustainable Development Goals such as UN SDG No. 12— Sustainable Consumption and Production—which is about achieving economic growth and sustainable development by urgently reducing ecological footprint. It is also about decoupling economic growth from environmental degradation, increasing resource efficiency, and promoting sustainable lifestyles by changing the way we produce and consume goods and resources; and SDG No. 13 is to take urgent action to combat climate change and its impacts.

To know more about Globe’s sustainability initiatives, visit https://www.globe.com.ph/about-us/sustainability.html

Health Canada follows European regulators in backing AstraZeneca’s COVID-19 vaccine

Canada’s health department on Thursday joined its European counterparts in backing AstraZeneca Plc’s COVID-19 vaccine, saying the shots were not associated with an overall increase in blood clots.

“Health Canada confirms that the benefits of the AstraZeneca COVID-19 vaccine in protecting Canadians from COVID-19 continue to outweigh the risks,” the regulator said in a statement.

“To date in Canada, there has been one report of a stroke that occurred in an individual following vaccination,” the regulator said. “This case has been assessed by Health Canada and determined not to be related to the vaccine.”

Earlier, the European Union said the vaccine was “safe and effective” and British regulators said its use should continue, after reports of rare blood clots prompted over a dozen countries to suspend the use of the vaccine.

Germany, France and other European nations have since announced plans to resume using the vaccine.

Health Canada also said it had assessed available data on the events and had determined the shot was not associated with an increase in the overall risk of blood clots.

The country is using AstraZeneca doses made at the Serum Institute of India. It has received 500,000 doses and expects to get 1.5 million more by May. – Reuters

Philippines approves emergency use of Russia’s Sputnik V COVID-19 vaccine

MANILA – The Philippines has approved Russia’s Sputnik V COVID-19 vaccine for emergency use, the country’s Food and Drug Administration (FDA) said on Friday.

The vaccine, developed by Russia’s Gamaleya Institute, is the fourth to get emergency use authorization in the Southeast Asian nation as it battles a renewed surge in infections.

“The known and potential benefits of the Gamaleya Sputnik V vaccine…outweigh the known and potential risks of said vaccine,” FDA chief Rolando Enrique Domingo told a news conference. – Reuters

Supreme Court of the Philippines partners with UnionBank for Judiciary ePayment System

The Supreme Court of the Philippines signed a Memorandum of Agreement with Union Bank of the Philippines (UnionBank) last March 15, 2021 for the Judiciary ePayment System Project, an application designed to provide the Supreme Court, and all the over 2,000 courts in the country, options to receive fees and payments digitally from litigants, their counsels and representatives in a safe, secure, real-time, 24/7 basis from anywhere at their convenience.

Present at the signing were Chief Justice Diosdado M. Peralta, retired Chief Justice Reynato S. Puno, now an Independent Board Member of UnionBank, and Dr. Justo A. Ortiz, Vice Chairman of the Board of UnionBank, who signed the MOA for UnionBank, together with Court Administrator Jose Midas P. Marquez, who signed for the Supreme Court. 

Also present were UnionBank officers, Executive Vice President Ana Aboitiz Delgado representing Board Member Sabin Aboitiz, Senior Executive Vice President Henry R. Aguda, Senior Vice President Atty. Joselito Banaag and members of the UnionBank Project Team led by Ma. Cecilia Bernad, Francesca Montes, Alfonso Tanjuatco and Jeraline Canlas as well as Supreme Court officials including Deputy Court Administrator Raul B. Villanueva, and Assistant Court Administrator and Spokesperson Brian Keith F. Hosaka. 

In a statement, Chief Justice Peralta thanked UnionBank for “offering its technical assistance to the Judiciary in the form of digital transformation consultancy, process automation, and development of application systems, among others.”

“This offer comes at a very opportune time as the Philippine Judiciary is currently in the midst of its quest for digital transformation and at a time when online service is a great advantage due to the COVID-19 pandemic when face-to-face transactions are discouraged whenever possible. For this, we are profusely grateful to UnionBank,” said the Chief Justice.

Under the agreement, UnionBank becomes the technology and banking partner of the Supreme Court in its digitization journey and is the first universal bank to be onboarded in the Judiciary ePayment System. UnionBank will provide technical assistance, free of charge, to the SC in the form of IT and process advisory, consulting, deployment of mutually agreed IT experts and business process engineers, extension of the use of mutually agreed IT tools that UnionBank will be utilizing in the project as well as provide implementation plans to cover all phases.

This pioneering project aims to standardize rules and assessments for the eleven account types identified by the SC for payments required. It also aims to eliminate reconciliation issues for funds received by automatically correlating the main litigation transaction to the said eleven account types. 

To realize the project’s benefits, UnionBank will deliver two components. First, is the launch of a Judiciary Web Facility that will be used by litigants, their counsels and representatives, to access information, automatically have their fees assessed, do online payments, or get a reference number online corresponding to their online assessment and do over-the-counter payment in their respective courts. Second, is a Judiciary ePayment Portal that will be used by the judiciary staff for accepting over-the-counter payments with online assessments, tracking and reporting of payments from various courts, payments management, electronic audit trails, and financial reporting related to payments. 

UnionBank’s journey to digital transformation has always had the guidance of one of its independent directors, retired Chief Justice Renato Puno, who makes sure that transformation initiatives are relevant to legal conventions, constructs, and traditions. Through this guidance, the Bank is constantly calibrated that it does not do technology for technology’s sake. It uses technology to better its customer experience and community as a whole.  UnionBank now aims to be an active participant-observer in the modernization of the country’s judicial system.

The Judiciary ePayment System will be rolled out around the country to first and second-level courts with pilot courts identified as follows: in Pasig for the National Capital Region, in Malolos, Bulacan for Luzon, in Bacolod City for the Visayas, and in Davao City for Mindanao.  Project completion is expected by 3Q 2021.

This project is in line with UnionBank’s comprehensive strategy called “Tech Up, Pilipinas”, which is utilizing technology to promote financial inclusion for sustainable prosperity, particularly of the unbanked and the underserved, and is a vital component for the realization of the Philippines’ vision to become a G20 country by 2050.

 “We are especially proud of this engagement because the Supreme Court of the Philippines is an institution of great trust with deep historical and psychological roots in Filipino lives as guardian of the Constitution, final arbiter of our laws, and guarantor that we are all equal under the law. So, we, in UnionBank, are very cognizant of the trust the Supreme Court has, in turn, vested in us to deliver on this project and value greatly this opportunity to be of service to the Filipino people and ‘Tech Up Pilipinas’,” said UnionBank Vice Chairman Dr. Justo A. Ortiz. 

In a statement, Ortiz said that UnionBank looks forward to more opportunities to make new traditions in areas such as e-notarization, e-docket system, adoption of blockchain technology, online continuing learning for members of the bar and of the judiciary, and in any technological endeavors that would digitally transform the judiciary.

Globe announces schedule of virtual stockholders’ meeting

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

NOTICE IS HEREBY GIVEN that the annual meeting of stockholders of GLOBE TELECOM, INC. will be conducted virtually via https://www.globe.com.ph/asm2021 on Tuesday, APRIL 20, 2021 at 9:00 o’clock in the morning with the following

AGENDA

1.Call to Order
2.Notice of Meeting, Determination of Quorum and Rules of Conduct and Procedures 
3.Approval of Minutes of the Stockholders’ Meeting held on April 21, 2020
4.Annual Report of Officers and Audited Financial Statements 
5.Ratification of All Acts and Resolutions of the Board of Directors and Management
Adopted During the Preceding Year
6.Election of Directors (Including the Independent Directors)
7.Election of Independent Auditors and Fixing of their Remuneration
8.Consideration of Such Other Business as May Properly Come Before the Meeting
9.Adjournment

Only stockholders of record as of March 5, 2021, are entitled to notice of, and vote at, this meeting.

Given the current circumstances, stockholders may only attend the meeting by remote communication, by voting in absentia or by appointing the Chairman of the meeting as proxy[1].

Duly accomplished proxies shall be submitted on or before April 8, 2021 to the Office of the Corporate Secretary at 3/F Tower One and Exchange Plaza, Ayala Triangle, Ayala Avenue, Makati City or by e-mail to corporatesecretary@globe.com.ph. Validation of proxies is set for April 13, 2021, 9:00 a.m. at the Office of the Corporate Secretary. Stockholders intending to participate by remote communication should notify the Corporation by e-mail to corporatesecretary@globe.com.ph on or before April 8, 2021.

Stockholders may vote through remote communication, or in absentia subject to validation procedures. The procedures for participating in the meeting through remote communication and for casting their votes remotely or in absentia are set forth in the Information Statement.

Bonifacio Global City, Taguig City, Philippines.

February 9, 2021.

SOLOMON M. HERMOSURA
Corporate Secretary

EXPLANATION OF AGENDA ITEMS

1. CALL TO ORDER. The Chairman of the Board of Directors, Mr. Jaime Augusto Zobel de Ayala, will call the meeting to order.

2. NOTICE OF MEETING, DETERMINATION OF QUORUM AND RULES OF CONDUCT AND PROCEDURES. The Corporate Secretary will certify on the date when written notice of the time, date, place and purpose of the meeting was sent to all stockholders of record as of March 5, 2021 and the date of publication of the notice in the newspapers of general circulation.

The Corporate Secretary will further certify the presence of a quorum. The holders of record for the time being of a majority of the stock of the Company then issued and outstanding and entitled to vote, represented in person or by proxy, shall constitute a quorum for the transaction of business.

Pursuant to Sections 57 and 23 of the Revised Corporation Code which allow voting in absentia by the stockholders, the Company has set up a designated online web address (uniform resource locator or URL), which may be accessed by the stockholders to register and vote in absentia on the matters for resolution at the meeting. A stockholder who votes in absentia as well as a stockholder who participates by remote communication shall be deemed present for purposes of quorum.

Unless otherwise amended, the following, are the rules of conduct and procedures at the meeting:

(i) Stockholders may attend the meeting by remote communication through the URL provided. Questions and remarks may be sent via e-mail prior to or during the meeting to corporatesecretary@globe.com.ph, and shall be limited to the items in the Agenda of the meeting.

(ii) Stockholders must notify the Company of their intention to participate in the meeting by remote communication through corporatesecretary@globe.com.ph to be included in the determination of quorum, together with the stockholders who voted in absentia and by proxy.

(iii) In the event that physical attendance will be allowed at the meeting –

a.  Anyone who wishes to make a remark shall identify himself after being acknowledged by the Chairman and shall limit his remarks to the item in the Agenda under consideration;

b.  Stockholders present at the meeting may opt for manual or electronic voting. For manual voting, each stockholder will be given, upon registration, a ballot where he can write his vote on every item in the Agenda or proposed resolution. For electronic voting, there will be computer stations near the registration table where stockholders may cast their votes electronically using a digital version of the ballot.

(iv) Each of the proposed resolutions will be shown on the screen during the livestreaming as the same is taken up at the meeting.

(v) Voting shall only be allowed for stockholders registered in the Company’s Voting in Absentia & Shareholder (VIASH) System or through the Chairman of the meeting as proxy. Detailed requirements and instructions pertaining to the VIASH System and the use thereof are provided in the Information Statement.

(vi) Stockholders voting in absentia, who have previously registered in the VIASH System, may cast their votes electronically at any time using the VIASH System prior to or during the meeting.

(vii) All the items in the Agenda requiring approval by the stockholders will need the affirmative vote of stockholders representing at least a majority of the issued and outstanding voting stock present at the meeting unless the law requires otherwise.

(viii) Election of directors will be by plurality of votes and every stockholder will be entitled to cumulate his votes. Each outstanding share of stock entitles the registered stockholder to one vote.

(ix) The Office of the Corporate Secretary will tabulate all votes received and a firm selected for this purpose will validate the results. The Corporate Secretary shall report the results of voting during the meeting.

(x) The meeting proceedings shall be recorded in audio and video format.

3. APPROVAL OF MINUTES OF THE STOCKHOLDERS’ MEETING HELD ON APRIL 21, 2020. Copies of the minutes of the stockholders’ meeting held on April 21, 2020 will be made available to the stockholders before the meeting. Likewise, the minutes of the meeting are available at the Company website, www.globe.com.ph.

4. ANNUAL REPORT OF OFFICERS AND AUDITED FINANCIAL STATEMENTS. The Chairman, Mr. Jaime Augusto Zobel de Ayala, and the President and Chief Executive Officer (CEO), Mr. Ernest L. Cu, will deliver a report to the stockholders on the highlights of the Y2020 Company performance as reflected in the audited financial statements (AFS 2020), and the outlook for Y2021. The AFS as of December 31, 2020 will be included in the Information Statement to be sent to the stockholders at least 28 days prior to the meeting. The AFS 2020will be released by the Company at least 60 days from the financial year end and available at the Company website, www.globe.com.ph.

A resolution noting the annual report and approving the AFS 2020 will be presented to the stockholders for approval by the affirmative vote of the stockholders representing at least a majority of the outstanding voting stock present at the meeting. Likewise, the stockholders will be given an opportunity to ask questions prior to submitting the AFS 2020 for their approval. Copies of the Information Statement and AFS 2020 will be made available to the stockholders before the meeting.

5. RATIFICATION OF ALL ACTS AND RESOLUTIONS OF THE BOARD OF DIRECTORS AND MANAGEMENT ADOPTED DURING THE PRECEDING YEAR. Ratification by the stockholders will be sought for all the acts and resolutions of the Board of Directors, Executive Committee, and other Board Committees and all acts of Management of the Company taken or adopted since the ASM on April 21, 2020, until April 20, 2021. The acts and resolutions of the Board and its Committees were reflected in the minutes of the meetings including approval of amendments to the By-Laws, approval of contracts and agreements, projects and investments, treasury matters and acts and resolutions covered by disclosures to the Securities and Exchange Commission, the Philippine Stock Exchange and applicable regulatory agencies. The acts of Management were those taken to implement the resolutions of the Board or its Committees or taken in the general conduct of business.

6. ELECTION OF DIRECTORS (INCLUDING THE INDEPENDENT DIRECTORS).  In accordance with the By-Laws of the Company, the Manual of Corporate Governance as revised, and the SEC Rules, any stockholder including minority stockholders, may submit to the Nomination and Governance Committee the names of nominees to the Board of Directors. The Nomination and Governance Committee, in the exercise of its assigned task, will determine whether the nominees for the Board of Directors including the independent directors, have all the qualifications and none of the disqualifications to sit as members of the Board of Directors of the Company before submitting the nominees for election by the stockholders of the 11 members of the Board of Directors including the 3 independent directors. Copies of the curriculum vitae and profiles of the nominees to the Board of Directors will be provided in the Information Statement and on the Company website for examination by the stockholders.

7. ELECTION OF INDEPENDENT AUDITORS AND FIXING OF THEIR REMUNERATION. The Audit and Related Party Transactions (ARPT) Committee will endorse to the stockholders the appointment of the Independent Auditor for the ensuing year as well as the proposed remuneration of the Independent Auditor. The profile of the Independent Auditor will be provided in the Information Statement and on the Company website for examination by the stockholders.

8. CONSIDERATION OF SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING. The Chairman will open the floor for comments and questions by the stockholders, and take up items included on the agenda received from stockholders in accordance with existing laws, rules and regulations of the Securities and Exchange Commission[2].

9. ADJOURNMENT. Upon determination by the Corporate Secretary that there are no other matters to be considered, and on motion by a stockholder duly seconded, the Chairman shall declare the meeting adjourned.

[1] The Corporation shall hold a physical meeting if so requested by stockholders holding at least 10% of our outstanding capital stock and provided that the same is allowed by government regulations and issuances. Stockholders have until 23 February 2021 to submit their requests to corporatesecretary@globe.com.ph.

 

[2] SEC Memorandum Circular No. 14, series of 2020 or “Shareholders’ Right to Put items on the Agenda for Regular/Special Stockholders’ Meetings”: https://www.sec.gov.ph/mc-2020/mc-no-14-s-2020shareholders-right-to-put-items-on-the-agenda-for-regular-special-stockholders-meetings/.

PayMaya brings P1-M ‘grand aguinaldo‘ to QC employee and Gawad Kalinga

For Stefan Ema Mae Corregidor, the joy of going cashless became sweeter when she learned that she won the P1-million grand prize in the PayMayaguinaldo Raffle Promo. With this prize money, the 31-year-old employee from Quezon City is sharing and giving back the joy to her family by building a home for her mother who is currently residing in Davao City.

What made the news priceless for Stefan is also knowing that through the PayMayaguinaldo Raffle Promo, another P1 million worth of “aguinaldo” is being given to the Gawad Kalinga School for Experiential & Entrepreneurial Development (GK-SEED) Philippines to help graduates who have set up their own enterprises accelerate the growth of their business.

As Filipinos celebrated a more somber holiday season due to COVID-19, PayMaya thought of how to make its PayMayaguinaldo promo more rewarding. First, it gave PayMaya users a chance to win P1 million by simply paying via PayMaya QR and their PayMaya registered mobile number at partner merchants or purchasing prepaid load and other treats at the PayMaya in-app shop.

On top of this, PayMaya aimed to share the blessing with agri-entrepreneurs from underprivileged communities through GK-SEED Philippines. For the past three years, PayMaya has chosen GK-SEED as campaign beneficiary because of its track record in helping the youth overcome poverty through education and entrepreneurship.

“Amid the global pandemic, millions of Filipinos have joined the ‘cashless’ revolution for safer and more convenient payments. With our PayMayaguinaldo promo rewards and cashback, we provided a merrier way to pay. The experience was also made extra rewarding as our promo campaign gave our customers the means to give back to the community by helping support student scholars of GK-SEED and overall foster agri-entrepreneurship,” said Mark Dee, head of Growth Marketing and Partnerships at PayMaya Philippines.

For Stefan, she discovered PayMaya during the community quarantine. After using the PayMaya app for government bills payments the first time, she has been continuously enjoying the convenience and rewards every time she pays bills, shops online, buys load, among others. From doing cash transactions, Stefan has also shifted to PayMaya for sending money to her loved ones and family members. It eliminated the hassles of traveling to payment centers and lining up just to send funds.

“PayMaya helped in making my life easier amid the pandemic as it offered a safer, more convenient and rewarding way to pay for my transactions whether online or in-store. With this, I’m able to enjoy the benefits of going cashless and avoid the use of cash which can be the source of the virus,” said Stefan.

Meanwhile, for GK-SEED, PayMaya’s “aguinaldo” will go towards providing a combination of live and virtual mentorship to its graduate scholars and kick-start resources to support their agri-enterprises.

“We’d like to thank PayMaya for the continued support for our young students who are the greatest gems of our institution. This ‘PayMayaguinaldo’ will help strengthen our mission in empowering agri-entrepreneurs to build a better and stronger country,” said Mark Lawrence Cruz, GK-SEED School director.

Getting your own PayMaya account and enjoying the rewards of going cashless is very easy. Just download the PayMaya app at https://official.paymaya.com/CAK1/425eb133 and register an account to find out what it’s like to go cashless with the fastest, safest, and most rewarding way to pay for anything online and in stores! Remember, for your everyday needs, don’t pay cash. PayMaya!

PayMaya is the only end-to-end digital payments ecosystem enabler in the Philippines with platforms and services that cut across consumers, merchants, communities, and government. Through its enterprise business, it is the largest digital payments processor for key industries in the country including “everyday” merchants such as the largest retail, food, gas, and e-commerce merchants as well as government agencies and units.

Through its app and wallet, PayMaya provides over 28 million Filipinos with access to financial services. Customers can conveniently pay, add money, cash out or remit through its over 200,000 digital touchpoints nationwide. Its Smart Padala by PayMaya network of over 37,000 partner agent touchpoints nationwide serves as last-mile digital financial hubs in communities, providing the unbanked and underserved with access to digital services. To know more about PayMaya’s products and services, visit www.PayMaya.com or follow @PayMayaOfficial on Facebook, Twitter, and Instagram.

BoP forecast raised as trade picks up

THE CENTRAL BANK raised its balance of payments (BoP) surplus projection for this year, as it anticipates a pickup in the country’s external trade amid a protracted pandemic.

Bangko Sentral ng Pilipinas Governor (BSP) Benjamin E. Diokno on Thursday said the country’s BoP could reach a $6.2-billion surplus this year, equivalent to 1.6% of the country’s gross domestic product (GDP).

“Philippines’ 2021 external position [is] looking up. Both exports and imports growth [are] improving,” Mr. Diokno said in a Viber message to reporters.

The new forecast is higher than the $8-billion surfeit projection the BSP gave in December, which is only 0.8% of the Philippine economic output.

However, this is smaller than last year’s record $16-billion BoP surplus, which is equivalent to 4.4% of GDP.

The BoP sets a picture of the country’s transactions with the rest of the world at a given time. A deficit reflects more funds fleeing the country than what went in, while a surplus means more money entered the economy.

The BSP also revised upward the current account surplus projection to $9.1 billion, equivalent to 2.3% of GDP, this year. This is higher than the previous forecast of $6.1 billion, or 1.5% of GDP. However, it is lower than the $13-billion surplus in 2020, equivalent to 3.6% of GDP.

The current account shows the country’s economic interaction with the rest of the world. It includes trade in goods and services, remittances from migrant Filipino workers, profits from Philippine investments overseas, interest payments to foreign creditors and gifts, and grants and donations to and from abroad.

The BSP also hiked its exports growth forecast to 8% this year from the 5% projection given in December. It also projects imports to grow by 12% this year, from its earlier forecast of 8%.

The country’s gross international reserves is seen to reach $114 billion by end-2021, higher than the $106-billion projection in December.

Inflows from foreign direct investments (FDI) are projected to reach $7.8 billion this year, slightly higher than the $7.5 billion previously estimated. The BSP maintained its growth forecast of 4% for cash remittances.

In a separate note, Fitch Solutions Country Risk and Industry Research in a note said that while the country’s external position is still solid, they are less optimistic on the long-term prospects due to downside risks from muted FDI, weak outlook for manufacturing and rising import needs.

With the country facing continued challenges to lure FDIs, Fitch Solutions said such inflows are crucial as they are a more stable form of external funding.

Last year, FDIs slumped to a five-year low as investors fled toward safe havens amid the crisis. Inflows slumped 24.6% to $6.542 billion.

“While reforms to address the country’s relatively high corporate income tax rate and restrictive foreign ownership rules are in the works, the delays in implementing them mean the country is failing to benefit from the relocation of low value add manufacturing out of China to South-East Asia, weakening the outlook for its manufacturing base,” Fitch Solutions said.

It stressed the need for the Philippines to continue prioritizing infrastructure, adding the Fitch Solutions’ Operational Risk Team has ranked the Philippines below major regional peers in terms of operating environment specifically in logistics.

“[A] lack of logistical infrastructure and declining domestic power generation will leave the country ever more dependent on imports to supply its growing population and cap the potential for growing its tourism sector.” Fitch Solutions said. — Luz Wendy T. Noble

PEZA approves P13B in new investments

REUTERS

THE PHILIPPINE Economic Zone Authority (PEZA) approved this month P13.19 billion in investment pledges, which are expected to create 2,447 jobs.

In a statement, the investment promotion agency said it gave the go signal for 33 projects in its March 11 meeting. Among these, 29 will be in Luzon while four will be in Visayas and Mindanao, PEZA said in a press release on Thursday.

Among the registered enterprises, 12 are export-oriented projects, while 11 are in information technology. Five are for facilities and one is in logistics and utilities. Three of the approved projects are economic zone developers or locators.

The newest approved projects bring PEZA’s total to P24.5 billion for 2021 so far.

PEZA greenlit P11.308 billion in investment pledges in January, or 139% higher than the P4.726 billion in the same month last year.

To recall, the agency approved P16.5 billion in investments in the first quarter of 2020. This was 28% lower than the 2019 figure after the board failed to meet after the strict lockdown started in mid-March.

PEZA is aiming to reach over P100 billion in investment pledges this year, higher than last year’s P95 billion. Last year’s figure dropped more than 19% compared with investments approved in 2019.

PEZA Director-General Charito B. Plaza recently said that the board approved an Israeli-Filipino firm’s plan to manufacture coronavirus disease 2019 (COVID-19) oral vaccines in the Philippines. The agency has yet to release details on the name of the company and the size of the investment.

Philippine-based manufacturing will be the Asia-Pacific hub for the pharmaceutical company, she said in an interview with ABS-CBN News Channel.

She also said that PEZA is considering new economic zones farther from danger zones amid the alert over the Taal Volcano in Batangas. Lima Technology Center and the First Philippine Industrial Park are both in Batangas, but are farther than the 20-kilometer radius from the volcano.

Ms. Plaza said in the statement that the agency continued to run its one-stop-shop operations amid the pandemic.

“The approval of new projects and investments is the agency’s positive action to continuously support the Philippine economy in our endeavor to maintain our competitiveness for investments despite the impact of COVID-19,” she said.

The Board of Investments, which accounts for the bulk of planned projects registered with investment promotion agencies, has approved P121.9 billion in investment pledges in the first two months of 2021, which is 156% higher than the same period last year. — Jenina P. Ibañez

PHL firms’ gross revenues fall as pandemic persists

GROSS REVENUE generated by local companies continued to slump in the fourth quarter of 2020, as economic activity remained sluggish. — PHILIPPINE STAR/MICHAEL VARCAS

By Lourdes O. Pilar, Researcher

GROSS REVENUE generated by firms continued to decline in the final three months of 2020 as the economy remained in a pandemic-induced recession, the Philippine Statistics Authority (PSA) reported on Thursday.

The total gross revenue index (GRI) — a measure of sales generated by companies — fell by 12.4% year on year in the fourth quarter of 2020, according to PSA’s latest Quarterly Economic Indices report.

This was slower from the 13.1% decline recorded in the third quarter of 2020 but a reversal from 3.2% growth recorded in the fourth quarter of 2019.

Other services posted the largest fall during the quarter after dropping by 32.1%, a turnaround from 7.9% expansion last year.

Also seeing annual declines during the period were transportation, storage and communication (-29.6%); real estate (-27.3%); electricity, gas and water supply (-10.9%); manufacturing (-9%); and trade (-1.8%).

Bucking the downward trend were the indices for financial and insurance activities (8.8%) and mining and quarrying (6.9%).

“The culprit for the broad-based decline is of course the soft economic activity because of the pandemic,” Robert Dan J. Roces, chief economist at Security Bank Corp., said in an e-mail interview.

“Other services index declined the most as this category contains the sectors that were more vulnerable and sensitive to the ongoing community quarantine curbs and health protocols: recreational, personal services, private education, and hotels and restaurants,” he said.

ING Bank N.V. Manila Branch Senior Economist Nicholas Antonio T. Mapa said that the gross revenue index’s contraction reflects an economy in recession.

“Interestingly, the services sector constitutes the bulk of the economy and with the majority of the economy in some form of lockdown or with consumer confidence down, it’s easy to see why these sectors suffered the most,” Mr. Mapa said in a separate e-mail interview.

Meanwhile, the employment index fell by 10.3% in the fourth quarter compared with the 0.05% growth logged in 2019.

Companies in the following sectors shed jobs: transportation, storage and communication (-23.6%); other services (-18.3%); trade (-9.8%); real estate (-3.7%); manufacturing (-3.5%); and financial and insurance activities (-0.9%).

On the other hand, sectors that saw higher employment were construction (12.5%); mining and quarrying (4%); and electricity, gas and water supply (1.1%).

Compensation likewise dropped by 8.7% in the fourth quarter from a 4.9% growth a year earlier, led by construction (-27.1%); transportation, storage and communication (-25.2%); other services (-15.7%); trade (-8.1%); manufacturing (-4.9%); mining and quarrying (-4.7%).

Increases were observed at the indices of electricity, gas and water supply, financial and insurance activities and real estate with 25.1%, 11.4% and 5.5%, respectively.

On a per-employee basis, compensation grew by 1.8%, slower from 4.9% a year earlier using current prices. At constant 2016 prices, however, it shrank by 1.2% from a 3.3% growth last year.

Mr. Mapa expects the index to recover by the second quarter this year.

“As the economy reopens and base effects wash out, we may start to see some gains in GRI by second quarter, but we caution just like in GDP, these headline-grabbing growth prints will be more due to mathematics rather than a true economic rebound or recovery,” he said.

“With the economy stuck in low gear, we can expect GRI and GDP to experience only modest gains after favorable base effects fade.”

Mr. Roces, for his part, cautioned that the rising coronavirus disease 2019 cases will continue to constrain the pace of recovery.

“Gradual improvements in economic momentum are expected until a wider rollout of vaccinations takes place, thus we expect the gross revenue index to remain challenged,” he said.

Bill extending lifeline rate until 2051 gets bicam nod

By Angelica Y. Yang

THE BICAMERAL Conference Committee has approved a measure that will extend the lifeline rate subsidy for poor power consumers for thirty more years, a party-list group said in a statement.

On Thursday, the Power Bloc party-list announced that House Bill (HB) 8145, which aimed to subsidize electricity costs for low-income consumers by extending lifeline rates until 2051, was “positively accepted and unanimously supported” by senators.

A lifeline rate is a subsidized rate for marginalized or low-income end-users who consume power below a threshold level as determined by the Energy Regulatory Commission. The cost will be passed on to non-lifeline consumers.

“Thirty years extension is feasible and will allow the energy sector to make strides in achieving secure and affordable electric power supply,” Power Bloc Rep. Sergio C. Dagooc was quoted as saying in a statement. Mr. Dagooc, who also represents the Association of Philippine Electric Cooperatives, is one of the principal authors of the bill.

Citing the Department of Energy (DoE), Power Bloc said that the continued provision of lifeline rates, which will be shouldered by non-lifeline consumers, has very minimal impact on electricity rates.”

The Senate and House of Representatives have yet to ratify the Bicameral Conference Committee report on this measure.

On Thursday, consumer group Laban Konsyumer, Inc. (LKI) President Victor A. Dimagiba said they previously proposed that non-lifeliners stop subsidizing lifeline consumers “since the Electric Power Industry Reform Act of 2001 (EPIRA) has long removed all forms of cross subsidy.” However, he said that “no one from Congress supported the proposal.”

“(The proposal would bring) about (a) minimum (of) 5 to 10 centavos savings per kWh (kilowatt hour) in the bills for the next 30 years at the current rate,” Mr. Dimagiba told BusinessWorld in a Viber interview.

Asked to comment on DoE’s statement that the imposition of lifeline rates will have a minimal impact on power rates, Mr. Dimagiba said that it was a “very myopic” view.

“You add the universal charges and the FIT (feed-in-tariff) allowance that consumers continue to absorb, and the conundrum of the Murang Kuryente Act, that will add up to almost 20 to 30 centavos per kWh,” he said.

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