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T-cell study adds to debate over duration of COVID-19 immunity

LONDON — A small but key UK study has found that “cellular immunity” to the pandemic SARS-CoV-2 virus is present after six months in people who had mild or asymptomatic COVID-19—suggesting they might have some level of protection for at least that time.

Scientists presenting the findings, from 100 non-hospitalized COVID-19 patients in Britain, said they were “reassuring” but did not mean people cannot in rare cases be infected twice with the disease.

“While our findings cause us to be cautiously optimistic about the strength and length of immunity generated after SARS-CoV-2 infection, this is just one piece of the puzzle,” said Paul Moss, a professor of hematology at Britain’s Birmingham University who co-led the study.

“There is still a lot for us to learn before we have a full understanding of how immunity to COVID-19 works.”

Experts not directly involved with the study said its findings were important and would add to a growing body of knowledge about potential protective immunity to COVID-19.

The study, which has not yet been peer-reviewed by other experts but was published online on bioRxiv, analyzed the blood of 100 patients six months after they had had either mild or asymptomatic COVID-19. It found that while some of the patients’ antibody levels had dropped, their T-cell response—another key part of the immune system—remained robust.

“(Our) early results show that T-cell responses may outlast the initial antibody response,” said Shame Ladhani, a consultant epidemiologist at Public Health England who co-led the work.

The study also found the size of T-cell response differed, and was considerably higher in people who had had symptomatic COVID-19 than those who had no symptoms when infected.

The researchers said this could be interpreted in two ways: It is possible that higher cellular immunity might give better protection against re-infection in people who had symptoms, or equally, that asymptomatic patients are better able to fight off the virus without the need to generate a large immune response.

“These results provide reassurance that, although the titer of antibody to SARS-CoV-2 can fall below detectable levels within a few months of infection, a degree of immunity to the virus may be maintained,” said Charles Bangham, chair of immunology at Imperial College London.

“This … bodes well for the long term, in terms of both vaccine development and the possibility of long-term protection against re-infection,” said Eleanor Riley, an immunology and infectious disease professor at Edinburgh University. She stressed, however, that “we don’t yet know whether the people in this study are protected from re-infection.”

While more than 46 million people worldwide have been infected with COVID-19, confirmed cases of re-infection are so far very rare. — Kate Kelland/Reuters

Royal Caribbean suspends cruises through year-end

Cruise operator Royal Caribbean Group said on Monday it would stop all its cruises through the end of the year, extending previous suspensions, as coronavirus infections continue to increase globally.

The company’s announcement comes days after the US Centers for Disease Control and Prevention issued a framework for a phased resumption of cruise ship operations, after a no-sail order issued in March in response to the COVID-19 pandemic expired on Saturday. 

Norwegian Cruise Line Holdings Ltd earlier in the day said it plans to extend the suspension of its cruises starting December through the end of the year.

Royal Caribbean reported negative revenue for the first time last week, as well as a billion-dollar quarterly loss.

Royal Caribbean and Norwegian Cruise had previously set up an expert panel to safely resume operations, as the cruise industry came to a virtual standstill after many vessels became hotbeds of infection and some operators even faced lawsuits for onboard outbreaks. — Reuters

FX markets to remain net short US dollar after election — poll

BENGALURU — Bets against the US dollar were expected to linger or even increase in the immediate aftermath of the Nov. 3 presidential election, despite jitters in the run-up along with surging coronavirus cases, a Reuters poll showed.

After trading within tight ranges for much of October, the greenback rose to a four-week high on Friday on fears the election results will be contested in the courts, along with economic damage from renewed lockdowns in Europe.

Traders reduced net short dollar bets in the latest week, according to data from the Commodity Futures Trading Commission. But bets against the US currency have outstripped those in favor for 31 weeks in a row and that is set to carry on.

In the Oct. 27–Nov. 2 Reuters poll, nearly 70% of analysts, or 29 of 42, said net short dollar positions would either stay the same or rise further immediately after the election. Only 13 said they would ease off.

“The dollar’s move is obviously dependent on the election, but what is striking is … how little territory the dollar has been able to gain, and if anything, this pullback is viewed by many investors as a dollar-selling opportunity,” said Steven Englander, head of global G10 FX research at Standard Chartered.

Thirty-nine of 60 analysts with a view said the election outcome would be the biggest driver of the dollar over the coming weeks rather than the coronavirus spread, where the United States leads the world in daily infections.

Slightly fewer than half of respondents, 25 of 57, said incumbent Donald J. Trump getting re-elected along with a continued Republican Senate—seen as unlikely according to poll averages—is the outcome that would bring about a stronger dollar.

The broader Reuters survey of more than 70 respondents showed foreign exchange strategists expect the dollar to weaken against most major currencies over the coming year.

“USD positioning remains heavily skewed to net-short territory by its historical standards, but given the centrality of the US election risk event there is surely more room for those net shorts to be rebuilt into the dollar in a market-friendly election outcome,” said Francesco Pesole, FX strategist at ING.

Democratic challenger Joseph R. Biden leads in national opinion polls and a win for him and his party taking the Senate would probably hurt the dollar, partly on expectations of a swift, large fiscal stimulus package.

“The USD oversold condition does suggest a surprise win by President Trump could easily trigger a material short-squeezing effect on the USD,” added ING’s Mr. Pesole.

A continued surge in coronavirus cases that has forced lockdowns in parts of Europe has pushed the European Central Bank to flag further monetary easing in December, pressuring the euro down to a four-week low on Friday.

The euro fell 0.6% against the dollar in October.

Still, the single currency was up nearly 4% for the year and was expected to rise further to around $1.18 in a month. In 12 months, it was expected to rise more than 4% to $1.21 from about $1.16 on Monday.

“The euro, which is largely a COVID-19 story, hasn’t been hurt as much as you would have expected,” said Standard Chartered’s Mr. Englander.

“The sense in the market is even though this is unexpectedly aggressive resurgence, it is also temporary. The market is reluctant to abandon the short dollar trade.”

Ongoing concerns over the economic drag from rising global infections have pushed stocks lower, and crude oil down by double-digits in a week on Friday.

Commodity-linked currencies fell against the dollar on Friday, and for some it was their worst week since the March collapse near the start of the COVID-19 pandemic.

While that trend was likely to play out this week, in line with the broad expectations in the poll, the dollar was predicted to weaken against most major currencies over the coming year—including commodity-linked currencies such as the Australian and the Canadian dollar.

“At some point we get back to what I call the fundamental view: the dollar is too expensive at these prices for the interest rate differentials that now exist in the world,” said Kit Juckes, head of FX strategy at Societe Generale.

“We will see the dollar after the election, in all probability, return to the pandemic lows.” — Hari Kishan and Rahul Karunakar/Reuters

SM malls provide immediate assistance to families affected by Typhoon Rolly

SM malls in Metro Manila and in Luzon opened doors to stranded customers and to nearby residents as Typhoon Rolly made landfall in the Bicol and Southern Luzon regions last weekend. Overnight parking charges have been waived. Free WiFi, charging stations, and a help desk are made available. 

“Our malls in typhoon-hit areas will remain open to those who need shelter. Rest assured that we will extend as much relief assistance as we can to help rebuild our communities,” said SM Supermalls President Steven Tan.

In an announcement, SM malls in Metro Manila and select parts of Luzon closed early last November 1 but will accommodate anyone seeking shelter from the typhoon. 

SM Supermarkets, Hypermarkets, and Savemore Markets will remain open to serve as many customers as possible.

For more updates and announcements, visit www.smsupermalls.com or its social media accounts on Facebook, Twitter, and Instagram (@SMSupermalls).

[B-SIDE Podcast] Duterte’s ‘dual-track approach’ to China, and why it won’t work

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It is a mistake for the Duterte administration to think that it can separate its maritime dispute with China from issues like trade, investment, and official development assistance, said International Studies Professor Renato Cruz De Castro, a trustee and convenor of the National Security and East Asian Affairs Program of the Stratbase ADR Institute.

At the United Nations General Assembly this September, BusinessWorld reported that “President Rodrigo R. Duterte gave his most forceful defense of a 2016 United Nations (UN) ruling favoring the Philippines in a sea dispute with China, in a move that could signal the end of friendly ties with its neighbor.” 

This October, Mr. Duterte, changed his tone in one of his recent COVID-19 addresses and reiterated that the Philippines wants to strike a government-to-government deal with China for COVID-19 vaccines.

This compartmentalizing strategy, which Mr. De Castro calls the “dual-track approach,” won’t work with China. 

“China doesn’t play that game,” he tells BusinessWorld reporter Gillian M. Cortez. “China is a traditional big power; it will act like any big power. It will never deal with us [the Philippines] in an equitable manner.”

TAKEAWAYS

Duterte’s policy toward China is a ‘policy of appeasement.’

“He [Mr. Duterte] distanced the Philippines from the United States and pushed the Philippines to the waiting arms of China,” said Mr. De Castro, who cited the current administration’s concessions to China and the delays in the US-Philippine Enhanced Defense Cooperation Agreement, which the Aquino administration signed in 2014. “The very essence of President Aquino’s foreign policy of challenging China was unraveled by his successor, President Duterte.”

‘China will literally run over us.’

Multiple surveys show that the majority of Filipinos do not trust China. “Your neighbors are not usually your best friend,” said Mr. De Castro, who characterized China as an expansionist power intent on dominating Asia.  

“When China thinks its territorial integrity is being undermined, China will throw everything off the table,” he said. “Let’s not fool ourselves. China has a goal—that’s maritime expansion. If we happen to be in its path, China will literally run over us.”

An international ruling has to be enforced by countries that have a stake in it.

In an online briefing, Presidential spokesman Harry L. Roque said: “You do not enforce an arbitral ruling …  The assumption in international law is that all countries will comply with their international obligations particularly with the arbitral award because it freely consented to the jurisdiction of the arbitral tribunal.”

Mr. Roque was wrong, said Mr. De Castro. “International law has to be enforced,” he said. “All naval powers have an interest in the ruling because they don’t want to see the South China Sea transformed into a Chinese lake.” 

Mr. Roque’s interpretation, he continued, is “a justification for inaction, which the Duterte administration is known for when it comes to the West Philippine Sea.”

There are three things that the Duterte administration can do right now, according to Mr. De Castro:

  • The Philippines can file its extended continental shelf claim in the West Philippine Sea. 
  • The Philippines can enforce—not just acknowledge—the arbitral ruling.
  • The Philippines can organize an international coalition of countries that have an interest in enforcing the ruling.

Recorded remotely on October 14. Produced by Nina M. Diaz, Paolo L. Lopez, and Sam L. Marcelo.

Follow us on Spotify BusinessWorld B-Side

PSE short selling rules out by Q1

Traders work on the trading floor of the Philippine Stock Exchange amid the coronavirus disease (COVID-19) outbreak, in Taguig City, Sept. 30. — REUTERS/ELOISA LOPEZ

By Denise A. Valdez, Senior Reporter

THE Philippine Stock Exchange, Inc. (PSE) is targeting to implement short selling and new listing rules by early next year to help drive up activity in the local market.

In a virtual press briefing on Monday, PSE President and Chief Executive Officer (CEO) Ramon S. Monzon said the bourse operator is expecting to receive regulatory approvals within the fourth quarter to allow short selling as early as the first quarter of 2021.

Short selling is the sale of a security not owned by the seller, but will be settled by the delivery of borrowed securities. Investors may generate profits by selling borrowed securities at a time of higher prices, then buying them at a lower price in the future.

Short selling guidelines were greenlit by the PSE in 2018, but were not implemented due to some pending approvals from the Securities and Exchange Commission (SEC) and the Bureau of Internal Revenue (BIR).

Specifically, the PSE is waiting for the approval of offshore collateral for foreign investors, the accreditation of the Philippine Depository and Trust Corp. as a certified securities lending agent, and the global master securities lending agreement.

“I hope we can get the approvals by the end of the year, so we can launch (short selling) early in the first quarter of next year,” Mr. Monzon said.

He noted launching short selling may attract a lot of foreign investors as it allows them to hedge their investments.

The PSE is also aiming to submit the final draft of the amended listing rules to the SEC within the next two weeks. It expects to secure the regulator’s go signal by the first quarter of 2021.

In September, the PSE introduced proposed amendments to listing rules that would ease the requirements for companies conducting an initial public offering (IPO).

Among the proposals are removal of the P500-million minimum market capitalization requirement to list on the PSE main board, and the positive EBITDA requirement to list on the PSE small, medium and emerging board.

Stakeholders were allowed to comment on the draft rules until Oct. 7. Mr. Monzon said the primary queries were regarding the sponsorship criterion, which seeks to allow investment houses to guide a company in its IPO phase until three years after its listing.

“We should be submitting that (to the SEC) in the next week or two. Then we’ll be following it up with the SEC… (Hopefully) by the first quarter the listing rules can be approved so we can go out on a campaign,” Mr. Monzon said.

Also on Monday, the PSE elected four new members of the board of directors, including two independent directors.

This makes the PSE compliant with SEC Memorandum Circular No. 20 Series of 2020, which requires the board of directors of exchanges to allocate one-third of the seats to independent directors, and have at least four representatives for issuers, investors, and other market participants.

The two new independent directors are Teresita J. Leonardo-de Castro, former chief justice of the Supreme Court, and Consuelo D. Garcia, former country manager at ING Bank.

Also elected as new directors are Ferdinand K. Constantino, chief finance officer and treasurer of San Miguel Corp., who will be a sectoral representative for non-broker director-investors; and Diosdado M. Arroyo, president of Securities Specialists, Inc., who will act as a broker-director.

They will be replacing Emmanuel O. Bautista, Francis Chua, Amor C. Iliscupidez and Alejandro T. Yu.

The rest of the PSE board members were reelected: Jose T. Pardo, Roberto Cecilio O. Lim and Vicente L. Panlilio as independent directors; Anabelle L. Chua, Rolando Jose L. Macasaet and Edgardo G. Lacson as non-broker directors; and Eddie T. Gobing, Eusebio H. Tanco, Wilson L. Sy and Ma. Vivian Yuchengco as broker-directors.

Mr. Monzon was reelected as president and CEO.

“The PSE Board will continue to adopt reforms and promote initiatives that will help make our market more competitive in the region. I am confident that the new members of the board will contribute significantly to the growth and success of the organization,” Mr. Pardo, chairman of the PSE, said in a statement.

The costliest and deadliest typhoons in the Philippines

TYPHOON ROLLY damaged crops worth P1.17 billion, mainly rice, across several regions, according to an initial estimate by the Agriculture department on Monday. Read the full story.

The costliest and deadliest typhoons in the Philippines

Typhoon Rolly leaves P1.75B in agri damage

Many houses and trees were damaged after typhoon Rolly swept through Tiwi, Albay, Nov. 2. — PHILIPPINE STAR/EDD GUMBAN

By Revin Mikhael D. Ochave, Reporter

AGRICULTURAL damage caused by Typhoon Rolly has now reached P1.75 billion, against the previous estimate of P1.17 billion, according to the Department of Agriculture (DA).

In a bulletin released late Monday, the Department of Agriculture (DA) said the onslaught of Typhoon Rolly damaged 26,261 hectares of farmland, resulting in 115,980 metric tons (MT) of lost produce such as rice, corn and other high-value crops.

Over 26,948 farmers were affected in the regions of Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon), Mimaropa (Mindoro, Marinduque, Romblon, and Palawan), Bicol, and Eastern Visayas.

Damage to rice crops reached P1.19 billion, equivalent to 69,411 MT as the typhoon’s heavy rains and winds lashed 20,722 hectares of farmland.

Losses to high-value crops hit P493.9 million, equivalent to 43,641 MT of crops, after rain inundated 4,344 hectares of farmland.

Damage to corn crops reached P52.34 million, while P10.8 million worth of agricultural facilities were destroyed.

Losses to high-value crops hit P370.07 million, equivalent to 18,789 MT of crops, after rain inundated 2,687 hectares of farmland.

Damage to corn crops reached P47.07 million, while P7.96 million worth of agricultural facilities were destroyed.

ROLLY’S IMPACT
Agriculture department spokesperson Noel O. Reyes said the impact of Rolly, described as the world’s strongest typhoon so far this year, on agricultural output is minimal because most of the crops were already harvested.

“It is planting time again for the dry season because they harvested early. Crop damage is more on opportunity loss,” Mr. Reyes said in a mobile phone message.

Former Agriculture Undersecretary and current Bangko Sentral ng Pilipinas (BSP) Monetary Board member V. Bruce J. Tolentino said damage to the Bicol Region, one of the heavily affected areas, is concerning because it is where some of the country’s rice supply is harvested.

“Hopefully there was some warning before the storm which would have enabled some farmers to rush harvesting,” Mr. Tolentino said in an e-mail interview.

“My guess is that the impact of Typhoon Rolly on a macro perspective will be at a level that the economy can handle,” he added.

According to data from the Philippine Statistics Authority (PSA), the Bicol Region produced 1.19 million MT of palay, or unmilled rice, in 2019.

Rolando T. Dy, executive director of Center for Food and Agri-Business of University of Asia and the Pacific (UA&P), said the recent typhoons will hurt fourth-quarter palay output.

“Based on the two recent typhoons, Typhoon Quinta passed through Southern Luzon, particularly Bicol. Rolly has the similar route. It may have an effect on fourth-quarter palay, or unmilled rice, figures,” Mr. Dy said in a mobile phone message.

Meanwhile, Finance Undersecretary Gil S. Beltran said the effect of Typhoon Rolly on inflation will be minimal.

“Rice harvest is over in many areas in Luzon because planting came earlier than usual. The damage is probably confined to vegetables,” Mr. Beltran said in a mobile phone message.

Rice comprises 9.6% of an average household’s consumer price index (CPI) basket compared with 23% for a poor household.

National Economic and Development Authority (NEDA) Undersecretary Mercedita A. Sombilla said food inflation may increase slightly, but not because of Rolly.

In an e-mail interview, she said food inflation may climb due to high prices of pork as supply remains tight due to the outbreak of African Swine Fever.

“But, considering that the path of the typhoon did not hit our major production areas, impact on the agriculture sector gross value added (GVA) may be small,” Ms. Sombilla said.

Mr. Tolentino said Rolly’s effect on inflation will depend on affected rice harvest and succeeding rice prices.

“Thankfully, it seems Central Luzon, a major rice growing area, has been spared from the typhoon’s most powerful wind and rains,” Mr. Tolentino said.

The costliest and deadliest typhoons in the Philippines

Korea grants $100-M loan for PHL pandemic response

The government has secured $9.91 billion (P480 billion) worth of loans and grants from its bilateral and multilateral partners for its coronavirus pandemic response as of Oct. 2. — PHILIPPINE STAR/MICHAEL VARCAS

THE South Korean government on Monday said it has extended a $100-million (P4.84-billion) loan to the Philippines to boost its war chest against the coronavirus disease (COVID-19) pandemic.

The South Korean government, through the Export-Import Bank of Korea (Korea Eximbank), and the Philippine government, through the Finance department, signed the agreement for the COVID-19 emergency response program loan on Oct. 29. It was cross-signed by mail, due to ongoing travel restrictions related to the pandemic.

In a statement released on Monday, the Korea Eximbank Manila office said the loan provides urgent budgetary support for the implementation of economic policies and development plans, and may be used as an emergency relief fund for the COVID-19 pandemic.

“This was the first and largest COVID-19-related bilateral assistance offered by the Republic of Korea to a partner country, so far,” it said.

Korea Eximbank has set aside $540 million (P26 billion) to help 14 developing economies with the pandemic response this year.

The loan is the third agreement the Philippines and South Korea signed under its $1-billion (P48.4-billion) Economic Development Cooperation Fund (EDCF) Framework Arrangement between 2017-2022, following the $172.64-million (P8.36-billion) loan for the New Cebu International Container Port Project and $50 million (P2.42 billion) for the Philippines-Korea Project Preparation Facility.

“Through this program loan, which is a type of budgetary support for policy establishment and implementation of COVID-19 response strategies, the government of Korea expresses its solidarity with the Philippines and the international community in the ongoing global battle against coronavirus. It is also hoped that this will further strengthen relations between Korea and the Philippines in the field of public health and safety in addition to diverse areas of cooperation over the past 70 years,” the Korea Exim Bank Manila office said.

Most of the financial aid from the EDCF funds infrastructure development, such as roads and bridges, and transportation projects.

“The ‘EDCF COVID-19 Emergency Response Program Loan’ helps further diversify the EDCF’s loan portfolio in the country; it is also particularly meaningful as, being the largest of its kind from Korea, it underscores the importance Korea places on its partnership with the Philippines,” it said.

As of Oct. 2, the government has secured $9.91 billion (P480 billion) worth of loans and grants from its bilateral and multilateral partners for its coronavirus pandemic response. — B.M. Laforga

Coal ban seen to lure $30-B RE projects

THE Energy department’s moratorium on new coal-fired projects is projected to bring in P1.45 trillion or $30 billion worth of investments in renewable energy by 2030, said an organization that examines energy markets, trends, and policies.

In its report, the Institute for Energy Economics and Financial Analysis (IEEFA) said the agency’s ban and the subsequent transition to renewables could potentially cut the share of coal in the energy supply mix to 16% from its current 41.5%, while increasing the contribution of solar and wind to a combined 43.8% from 5.4%.

“[This presents] a conservatively valued investment opportunity for both domestic and international investors and developers of over USD 30 billion over the next decade,” said the IEEFA in a commentary shared with BusinessWorld on Monday.

The figure was calculated based on the committed and indicative pipeline projects collated by the Department of Energy (DoE) for variable renewable energy (wind and solar) up to 2030, minus coal project plans affected by the moratorium, said the institute’s energy finance analyst Sara Jane Ahmed via e-mail.

Committed power projects are those that have secured financing from investors or banks. Indicative power projects are those that have applied for DoE endorsement and have yet to secure financial closing.

Based on the organization’s projections, the “deflationary price trajectory of domestic renewable electricity generation and storage triumphs over the cost of generating when the market is dominated by large fossil fuelled power plants.”

With the decision to halt new coal projects in place, a committed capacity of 2,215 megawatts (MW) and indicative capacity of 8,603 MW from coal-fired plants stand to be affected, based on this year’s DoE data.

“The impact of the coal moratorium will fall most heavily on the Luzon grid and the project development aspirations of San Miguel [Corp.] and Meralco (Manila Electric Co.),” said the IEEFA.

It added that the two companies most affected by the ban have already “positioned themselves to be part of the energy modernization,” with San Miguel and Meralco taking part in the investment and development of renewables.

STEPS FORWARD
According to the IEEFA, the moratorium reflects on the Energy department’s efforts to “save investors from unprofitable coal projects.”

It said that the market’s ability to benefit fully from the coal ban and the shift to renewables will depend in part on the new policy measures implemented by the Energy Regulatory Commission.

It further recommended two steps that could give the moratorium “real teeth.” These include the removal of fuel cost pass-throughs for end users, and the issuance of a “carve-out clause” that would allow the market operator to curtail baseload coal independent power producers.

In a separate report, the IEEFA noted that coal-fired plants were responsible for 60% of outages in May this year.

Last Tuesday, Energy Secretary Alfonso G. Cusi announced the agency’s decision to stop the endorsements of greenfield coal-fired plants, while allowing foreign investors to fully own large-scale geothermal projects. — Angelica Y. Yang

PPP adds films to lineup, extends festival run

FDCPCHANNEL.PH/

TO an impressive slate of 160 films, the online edition of Pista ng Pelikulang Pilipino (PPP) has added 10 more films to its lineup bringing the total number of featured films to 170. The huge number of films, together with public demand, has also led the festival to extend its run — which kicked off on Oct. 31 — from 16 days to 44 days.

“In response to the clamor to lengthen the duration of the 4th Pista ng Pelikulang Pilipino [and] the inclusion of new titles… and to accommodate the final fine-tuning of some works in the PPP Premium Selection section, the Film Development Council of the Philippines (FDCP) has extended the festival’s run from 16 days to 44 days,” the FDCP said in a statement.

The extension means that the PPP will now run until Dec. 13

“This is the dream,” Mary Liza B. Diño, chairman and CEO of the FDCP, said during an Oct. 28 online press conference held via Zoom.

Ms. Diño explained that when the council first had the idea of the festival, they really wanted it to feature as many films as possible — from restored film classics to genre films — and now that they have moved the festival online, the dream has come true. (READ MORE: https://www.bworldonline.com/pista-ng-pelikulang-pilipino-goes-online/)

Many of the films presented in the festival will be behind a paywall, although several events will be free to the public including the PPP Short Film Showcase, talkback sessions, and panel discussions, while the premium subscribers will get access to a virtual fan convention on Nov. 14, exclusive panel discussions, masterclasses, the awarding ceremony and more.

Film passes are priced at P99 for a day pass, P299 for a half-run pass (12-day access from Nov. 20 onwards), and the P599 Premium Festival Pass, an all-access pass valid for the entire festival duration. An early bird rate of P450 for the Festival Pass is available until Nov. 8. The festival also gives discounts to students, senior citizens, and PWD.

One-hundred percent of the gross proceeds of the festival will be given to the producers of participating full-length films. For more information and to see the full slate of films of the festival, visit fdcpchannel.ph and facebook.com/FDCPPPP. — Zsarlene B. Chua

SEC flags investment scheme operated by Bitcoin Digital

THE Securities and Exchange Commission (SEC) is warning the public against an unregulated investment operator that claims to be endorsed by Finance Secretary Carlos G. Dominguez III and local celebrities.

In an advisory on its website, the SEC said a group named Bitcoin Digital, which runs its own website, does not have a regulatory license to sell securities and solicit investments to the public.

“[B]ased on our records, Bitcoin Digital is not registered with the commission and is not authorized to solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities,” it said.

“Moreover, Bitcoin Digital is likewise not included among the registered banks, exchanges or companies engaged in digital assets with the Bangko Sentral ng Pilipinas,” it added.

The SEC advisory showed screenshots of Bitcoin Digital’s promotional materials, which featured “fabricated” endorsements from Mr. Dominguez along with the faces of President Rodrigo R. Duterte and celebrity Vic Sotto.

The corporate regulator likened the group’s tactics to Bitcoin Revolution and Immediate Edge, which the SEC had previously warned the public against engaging with.

“[T]he public is advised not to invest or stop investing in any scheme offered by Bitcoin Digital that promises ridiculous rates of return with little or no risk,” the SEC said.

The group claims to provide a passive money-making opportunity through cryptocurrency investing. With a minimum investment of €250 (about P14,100), an investor may earn about €500 to €2,000 (about P28,200 to P112,800) daily.

The SEC said this shows signs of a Ponzi scheme, where money collected from new investors are used to pay fake profits to earlier investors.

The regulator warned that salesmen, brokers, dealers, and agents of Bitcoin Digital and other operators of unauthorized investment schemes may be penalized with up to a P5-million fine, up to 21 years of imprisonment, or both. — Denise A. Valdez

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