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Del Monte net income up 33% as sales rise

DEL MONTE Philippines, Inc. reported a 33% climb in profits for its fiscal year ending on April 30 on the back of improved sales, favorable mix, decreased expenses, and efficiency.

The company said its net income went up to P4.6 billion from P3.47 billion last year, while gross profit went up by 21.5% to P10.4 billion.

“We focused on adapting to consumer trends through product innovation and digital marketing, while at the same time, strengthening our operations and maximizing efficiencies,” Del Monte Philippines Chief Executive Officer Joselito D. Campos said in a statement on Tuesday.

Sales improved by eight percent to P34.5 billion, two-thirds of which were generated in the Philippines. Sales in the country grew by 10% to P19.2 billion as retail sales offset the decline in food service sales.

Products in the company’s convenience cooking and dessert, healthy beverages, and snack segments saw increased sales volume.

“The Company’s spaghetti sauce, pasta, ketchup and packaged fruit products performed well as a result of an increase in home cooking, anchored on quality and nutrition, and communications targeting specific use recipes and occasions,” Del Monte Philippines said.

Its newly launched fruit and yogurt-flavored Del Monte Mr. Milk drink and Del Monte Potato Crisp Biscuits saw “strong annual sales levels” despite the company’s minimal spending on new product marketing.

Meanwhile, the company’s premium fresh fruit segment saw an improved sales volume but having a strong peso against the US dollar cut its revenue growth to one percent.

The fresh fruit segment generated a sales growth of 24% in the second half due to the easing of logistics and retail restrictions in China and other North Asian markets. This allowed the company to meet the demand for fresh pineapples and to adjust product prices.

Affiliate firm Del Monte Foods, Inc. released its deluxe gold pineapple, a “premium” pineapple grown by Del Monte Philippines. The company said it is a “top 3 exporter” of fresh pineapple to growing North Asian markets.

Export sales of packaged food and beverages grew by 15% as it accounted improved sales in the Americas, North Asia, and Southeast Asia, with the US as its main sales driver.

The company attributed the increased at-home consumption of international consumers to lockdown restrictions brought by the health crisis. 

In April, Del Monte Philippines filed a registration statement with the Securities and Exchange Commission for the public offering of 699.33 million secondary common shares, with an overallotment option of up to 104.899 million common shares.

The offer consists of existing shares owned by the subsidiaries of listed Del Monte Pacific Ltd.

With shares priced at P54.80 apiece, Del Monte Philippines said it aims to raise as much as P44 billion from the offer. The company said proceeds will be used by parent Del Monte Pacific to repay debts and for the redemption of preferred shares.

On Tuesday, shares of Del Monte Pacific at the stock exchange surged by 6.62% or 98 centavos to close at P15.78 each. — Keren Concepcion G. Valmonte

HSBC, Standard Chartered eye $460M in fee windfall on China-Hong Kong investment link

GLOBAL BANKS including HSBC Holdings Plc and Standard Chartered Plc are ramping up hiring to tap into China’s latest market opening — a new investment link with Hong Kong that could yield almost $500 million a year in fees.

The investment scheme will allow bank customers in nine southern Chinese cities such as Shenzhen to invest across the border in Hong Kong and vice versa, further integrating the $1.7-trillion Greater Bay Area economy.

The “Wealth Connect” plan, set to launch in the second half of the year, could open up 3 billion yuan ($464 million) in annual fees for global banks and their domestic rivals including Bank of China Ltd., according to Bloomberg Intelligence estimates.

“This is a breakthrough for the retail investor to open up new ways of investing on the other side, across the boundary,” said Daniel Chan, head of the Greater Bay Area at HSBC, which is hiring 300 to 400 people in Hong Kong for its regional expansion. “We are in full swing preparation.”

The program is expected to start slowly. Mainland residents will initially face a 1 million yuan ($154,600) quota for investments in Hong Kong, meaning it will target the mass affluent rather than the super rich. The investments will likely be limited to safe products, which may not appeal to many Chinese investors who prefer higher-yielding bets.

The plan won’t provide “a significant benefit in the short term” given these initial caps, said Paul McSheaffrey, a partner at KPMG in Hong Kong. “However, in the medium term, as more products are added, greater amounts that people can invest, then absolutely we will start to see that coming through.”

The sheer size of the powerhouse region of 70 million people with more than $400 billion of investable assets is hard to ignore, linking the finance hub of Hong Kong with the technology center of Shenzhen and the manufacturing and transport clout of Guangzhou.

“It’s a game of numbers in some ways,” said Hong Kong-based Samir Subberwal, head of consumer, private and business banking for Asia at Standard Chartered, which is hiring or promoting 3,000 managers for its Asia wealth business over five years. “The total revenue pool on account of this could be quite large.”

SOUTHBOUND
The proposal will open a northbound channel for Hong Kong and Macau residents to invest in onshore financial products and a southbound channel for eligible Chinese residents to invest offshore. Over 80% of mainland investors in the Greater Bay Area plan to invest in Hong Kong through the wealth management connect, according to a survey conducted by HSBC and Nielsen Company (Hong Kong).

Mainland clients expect a 13% annual investment return, on average, in Hong Kong fund products through the wealth connect, according to a survey by the Hong Kong Investment Funds Association and Cimigo.

Both investment routes will operate with a closed-loop currency conversion regime, meaning that proceeds from the redemption of products will be remitted the same way, similar to stock and bond connect programs. There will be a 150 billion yuan cap in each direction.

Standard Chartered sees a “huge opportunity” particularly for southbound investments, as mainland investors’ access to global wealth products lags behind their Hong Kong peers, Subberwal said. Based on the bank’s internal estimates, up to 1 million customers will look at investing through the southbound route.

According to consulting firm Z-Ben Advisors Ltd., mainland investors are also more familiar with Hong Kong financial products, which is likely to fuel interest in southbound investments.

Banks will need to have branches on both sides of the border to join the plan, or partner with another bank. Given travel restrictions due to the pandemic, onshore banks can act as witnesses for new customers making southbound investments, according to the draft plan. There was no mention of a similar option for Hong Kong investors looking to invest in China.

Given their extensive branch networks in the area, China’s four biggest banks including Industrial & Commercial Bank of China Ltd., along with HSBC and its Hong Kong unit Hang Seng Bank Ltd. could benefit the most from the program, according to Bloomberg Intelligence analyst Francis Chan.

“The key players on both sides of the border would be the ones leading the game because of their existing customer base,” said Gilbert Lee, head of strategy and planning at Hang Seng Bank, which has 14 branches in the mainland area near Hong Kong. “We have put a lot of resources into making sure we are ready.”

As the financial hub looks at other cross-border programs including a so-called Insurance Connect plan that could allow Greater Bay residents to buy Hong Kong policies remotely, banks are looking to draw on their experience from the wealth link. The stock connect links between China and Hong Kong, first launched in 2014, has gained traction with record southbound flows in 2020.

“If the banks can provide a good track record through the wealth management connect, they can also apply the same approach with the insurance connect,” Mr. Lee said. “So it’s a very important milestone for connect schemes.” — Bloomberg

DDB urges ‘balanced approach’ in treating substance abuse

IN CONTRAST to President Rodrigo R. Duterte’s hardline stance on drugs, government agencies called for a holistic approach to rehabilitating drug personalities who have surrendered.

“The government approach is transitioning to a more balanced approach to substance use,” Dangerous Drugs Board  (DDB) Undersecretary Benjamin P. Reyes said at the first National Substance Use Science Policy and Information Forum held this June. “We already have policies in place to have this implemented in all local government units (LGUs) in the country.”

Community-based rehabilitation programs (CBRPs) focus on “healing of the body, mind, and soul through counseling and other therapeutic sessions.” Based on data from the Department of Local and Interior Government, 723 cities and municipalities already implement CBRPs. After completing rehabilitation, patients are reintegrated into their communities through an aftercare program conducted by the Department of Social Welfare and Development.

Other government initiatives include the development of detoxification package under the Philippine Health Insurance Corporation, as well as inpatient and outpatient packages for substance users. A substance abuse helpline has been available since June 2020 to provide assistance to callers with substance use disorders.

“But government alone can’t implement such a big intervention program. We call on everyone to remain vigilant and help government efforts address this issue,” said Mr. Reyes, who added that DDB has asked several non-government organizations, as well as the Rotary Public, for assistance.

TRANSNATIONAL PROBLEM
The drug problem is not just a drug supply, law enforcement, or public health problem, said Olivier Lermet, senior policy advisor of the United Nations Office on Drugs and Crime (UNODC) in the Philippines.

“This global drug problem is a VUCA problem: volatile, uncertain, complex, and ambiguous,” he said. “If it stops somewhere, it reappears elsewhere. There is not one corner of the world unaffected by illegal drugs. It is transnational,” he said.

Acknowledging that drug dependence is a complex, multifactorial health disorder characterized by a chronic and relapsing nature is part of the solution added Mr. Lermet.

The senior policy advisor also recognized positive developments in the Philippine response, including the agreement between the Department of Health (DoH) and World Health Organization on protocols of treatment; the drug demand reduction section in the Philippine anti-illegal drugs strategy, which aligns with recommendations from the United Nations General Assembly Special Session on the World Drug Problem; and the expansion of treatment for people who use drugs, especially in community-based interventions.

In the Philippines, there are 4,840 beds in 64 drug rehabilitation centers and 16,751 individuals with severe substance use disorders, according to Dr. Jose Bienvenido M. Leabres, program manager of the Dangerous Drugs Abuse and Treatment Program of the DoH.

“We need — this 2021 — an additional 11,911 beds. Once we have the DoH-accredited facilities, we will have added an additional 1,282 beds, decreasing our gap to 10,629,” he said.

THRIVING TRADE
A UNODC report titled  “Synthetic Drugs in East and Southeast Asia: latest developments and challenges 2021” revealed that methamphetamine seizures increased substantially despite the coronavirus disease 2019 (COVID-19) pandemic.

“Organized crime groups have been able to continue the expansion of the regional synthetic drug trade — in particular in the upper Mekong and Shan State of Myanmar — by maintaining a steady supply of chemicals into production areas despite border restrictions that have impacted legitimate cross border trade,” said Jeremy Douglas, UNODC regional representative for Southeast Asia and the Pacific. “While the pandemic has caused the global economy to slow down, criminal syndicates that dominate the region have quickly adapted and capitalized.”

Mr. Lermet said it’s difficult for nations to keep pace and be on top of this evolving drug market. “I call it a market because that’s an important aspect of it. It’s a $60 billion market in our region.”

While seizures of crystal methamphetamine in the Philippines in 2020 have increased compared to 2019, the UNODC report also pointed out that admissions for methamphetamine use in the country more than halved. This is partly due to the COVID-19-related lockdown restrictions, the suspension of admission during the height of the pandemic, and a shift in government priorities from rehabilitation to COVID-19 response.

The anti-narcotics campaign, which topped Mr. Duterte’s agenda pre-pandemic, has seized a total of P40.39 billion worth of illegal drugs from the start of the drug war on July 2016, to November 2019, according to government data. More than 150,000 anti-drug operations, conducted since Mr. Duterte assumed office until November 2019, have also led to the arrest of 220,728 drug personalities and the deaths of 5,552 drug suspects.

The Duterte administration rejected the recommendation by the International Criminal Court’s chief prosecutor to formally open a probe into the alleged crimes against humanity committed in Mr. Duterte’s war against drugs, saying the development is “legally erroneous and politically motivated.” — Patricia B. Mirasol

Reworked South Pacific song urges people to be taught love not hate

INSTAGRAM.COM/ASIASOCIETYPH/

IN 1949, Richard Rodgers, Oscar Hammerstein II, and Joshua Logan worked on a musical whose basic premise was the effect of bigotry. It was called South Pacific.

Set during World War II in a US Marine base in an island in the Pacific, the musical focuses on an American nurse who falls in love with a French expat plantation owner, but finds accepting his mixed-race children difficult. Meanwhile, a Marine lieutenant falls in love with a Tonkinese woman and worries about what would happen if they marry. One song in particular, “You’ve Got to Be Carefully Taught,” explicitly tackles racism.

“You’ve got to be taught before it’s too late,

Before you are six or seven or eight,

To hate all the people your relatives hate,

You’ve got to be carefully taught!

You’ve got to be carefully taught!”

Seventy-two years later, in the midst of an explosion of anti-Asian hate in the United States of America, a group of Filipino musicians have come together to take this Rodgers and Hammerstein song and give it a 21st-century spin, with an important message for America and the world.

“You’ve got to believe, before it’s too late

Before we are six or seven or eight

To love all the people your relatives may hate

That kindness and love are what’s great

You’ve got to be carefully taught.”

The original lyrics reflected on “how hate is not a natural instinct, but something that is actively taught and therefore must be rooted out,” said the Asia Society Philippines a statement. “Asia Society leaders thought, what if the song were to be recast from a perspective of positivity and hope?”

An all-star cast was gathered by the Asia Society Philippines in line with a global Asia Society campaign to #StopAsianHate. The performers in the music video are: Broadway star Lea Salonga, the Black Eyed Peas’ Apl.de.Ap, Martin Nievera, Gary Valenciano, Jed Madela, Daniel Padilla, Jaya, Cris Villonco, Moira Dela Torre, and Sam Concepcion. Mon Faustino provided musical and vocal arrangement, with Miguel Miñana as Concept and Production Head, and Gina Tabuena Godinez as Associate Producer.

Watch the video on Facebook and Instagram: https://fb.watch/6gpTphDV0i/ and https://www.instagram.com/tv/CQYxsu-hhQE/?utm_medium=copy_link

“We are so grateful to this dream team for so generously giving their time and talent to support the campaign,” said Doris Magsaysay Ho, Chairperson of Asia Society Philippines, in a statement.

Tony award-winning playwright David Henry Hwang helped the Asia Society Hong Kong secure permission to tweak the lyrics and made a version with HK-based artists.

Apart from the music video, broadcasters Korina Sanchez and Karen Davila also contributed to the #StopAsianHate campaign with their own messages to support the Filipino-American community.  The videos can be seen on Facebook (https://www.facebook.com/152846088121821/posts/5581913438548365/?sfnsn=mo) and Instagram (https://www.instagram.com/tv/CQYxMU-Bf0h/?utm_medium=copy_link).

Asia Society Philippines also partnered with CANVAS, Art Fair Philippines 2021, and the Ramon Magsaysay Award Foundation, for artwork with the same theme by visual artist Elmer Borlongan which is featured at the opening of the music video.

The global Asia Society campaign includes a series on “Asian Americans Building America,” with Asia Society President Kevin Rudd interviewing successful Asian Americans. Asia Society New York has also organized an ongoing Triennial that celebrates Asian art and culture.

Dialysis patients advised to get COVID jabs ‘right now’

DOCTORS encouraged Filipinos with chronic kidney disease — especially dialysis patients and transplant recipients — to get vaccinated against coronavirus disease 2019 (COVID-19). “The best vaccine is the one you can get right now,” said Dr. Marichel Pile-Coronel, head of the Chronic Kidney Disease Clinic of the National Kidney and Transplant Institute, at a recent forum on kidney health.

“Vaccines are responsible for making antibodies, which then become our body’s frontliners that will fight infections like measles, mumps, hepatitis B, smallpox, pneumonia, polio, and tetanus. COVID-19 is now one of the infections that we can fight using vaccines,” she added.

Dr. Pile-Coronel also emphasized that authorized COVID-19 vaccines, regardless of type or brand, are effective in providing immunity and protection against coronavirus.

While there is no data regarding “the best time” for dialysis patients to be vaccinated, Dr. Pile-Coronel shared that many opt to get their shots after dialysis so that they can immediately go home and rest. Side effects, she added, are the same for those who suffer from kidney disease and those who don’t — muscle pain, fever, and, very rarely, allergic reactions.

“Comorbidities do heighten risks, but everyone should just be proactive,” Dr. Pile-Coronel said. 

Common signs and symptoms for kidney disease include swelling of body parts; and changes in the color, consistency, and smell of urine. The forum was held in line with National Kidney Month. — B. H. Lacsamana

UnionBank’s SeekCap partners with Maxicare to provide MSME loans

SEEKCAP, the online lending platform of UnionBank of the Philippines, Inc., will offer loans to small businesses that have healthcare plans with Maxicare HealthCare Corp.

The new deal will allow Maxicare users, particularly micro-, small-, and medium-sized enterprises (MSME), to avail of credit ranging from P50,000 to P1 million, UnionBank said in a statement.

Maxicare has a set of health management organization (HMO) plans tailored for MSMEs that have a workforce of three to 99 employees. These plans also cover the dependents of employees in small businesses.

“This partnership will enable continued business growth for MSMEs while keeping the best asset of every business — its employees — a priority,” UnionBank said.

The loan offerings for MSMEs will have a repayment period of over 36 months.

The loan application with SeekCap as well as approval are done online, reducing processing time and borrowing costs, the bank said.

“By removing the need for physical paperwork and personal appearances at the bank, approvals that used to take days or weeks, are now completed within a single day,” UnionBank said.

Online lending marketplace SeekCap has over 40,000 MSMEs registered on the platform and has processed over P2 billion in business loans since it was launched in 2019.

Its parent UnionBank saw its net profit climb by 78% year on year to P4.7 billion in the first quarter, backed by an improvement in its risk profile and stronger capital buffers.

Shares of the Aboitiz-led bank closed at P77 apiece on Tuesday, down by 50 centavos from its previous finish. — LWTN

AC Energy’s 120-MW solar plant in Laguna starts commercial run

AC Energy’s 120 MW Gigasol Alaminos, Laguna

AC Energy Corp. said on Tuesday that its 120-megawatt (MW) solar farm in Alaminos, Laguna started commercial operations and is now supplying renewable energy to the grid.

The Ayala-led listed firm touts “GigaSol Alaminos” as the second largest plant of its kind in the country, adding that it can power around 80,000 homes while avoiding 111,034.37 metric tons of carbon dioxide equivalent of greenhouse gases.

“We are pleased to add much needed capacity to the grid as electricity supply remains tight,” AC Energy President and Chief Executive Officer John Eric T. Francia said.

AC Energy also said it partnered up with building and housing solutions provider Green Antz Builders Inc. to collect 32,540 kilograms of plastic from the packaging materials of the solar panels. The plastic waste was subsequently upcycled into eco-bricks and incorporated into building facilities within the plant.

GigaSol Alaminos has a tree nursery that targets to produce 120,000 seedlings in three years. It is surrounded by Ayala Land, Inc.’s Carbon Forest, a woodland reserve that acts as a “carbon trap.”

“AC Energy’s robust line up of projects allows it to play an integral role in the green-led recovery, which is especially critical as the economy gradually reopens and demand for power picks up,” Mr. Francia said.

AC Energy aspires to become the largest listed renewables platform in the region as it has targeted to reach an attributable capacity of 5,000 MW by 2025.

As of May, the company’s power assets in the Philippines had a net attributable capacity of 1,200 MW, of which more than half or 56% come from renewable sources.

AC Energy shares at the local bourse improved 1.19% or 10 centavos to finish at P8.50 apiece on Tuesday. — Angelica Y. Yang

Escuela Taller starts La Loma Chapel conservation

La Loma Conservation Launch

IN order to save La Loma chapel from further deterioration the Diocese of Kalookan has partnered with Escuela Taller de Filipinas Foundation Inc. to undertake conservation work.

The plan for this restoration project dates back in 2017 when Bishop Pablo Virgilio David approached Escuela Taller for assistance in removing the heavy plant growth on the walls of the old cemetery chapel.

The current project will begin with the restoration of the chapel’s facade. After documentation and a survey of the chapel to assess its condition, the next step will be to remove the plants via the use of herbicides and possibly the disassembly of some parts of the masonry wall to completely remove the roots systems.

According to Jeffrey Cobilla, architect and head of Escuela Taller’s conservation team, they expect to complete the work on the facade within eight months. Escuela Taller recommends to then start a preventive maintenance program for the continuous care of the heritage site.

The Old La Loma Cemetery Chapel has been declared as a National Cultural Treasure. La Loma Cemetery, formerly known as Binondo Cemetery, is one of the oldest extramural cemeteries and the oldest active cemetery in Manila.

Director of the Diocesan Commission on Cultural Heritage Fr. Paul Woo said the diocese and the community said they wanted La Loma Chapel to become a center for worship again. The conservation aims to make the chapel more accessible and to provide liturgical services.

Apart from the physical conservation, the Diocese of Kalookan has also been working with Escuela Taller to draft a Conservation Management Plan (CMP) to inform and guide the Diocese and the community on how to manage and care for the chapel regularly and sustainably.

“It is important to educate the community about heritage and heritage sites. The value that comes from every artifact is a gentle reminder for all of us to appreciate the richness of history, culture, and heritage that come from within,” Fr. Woo said in a statement. — MAPS

Regulators tell Biden US financial system in good shape — White House

THE White House in Washington, D.C. — STOCKSNAP/PIXABAY

WASHINGTON — Financial regulators assured President Joe Biden on Monday that the US financial system is in good shape and that financial risks are being mitigated by strong liquidity in the banking system, the White House said.

White House officials said Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and acting Comptroller of the Currency Michael Hsu, as well as the heads of the Commodity Futures Trading Commission, Securities and Exchange Commission, and the Consumer Financial Protection Bureau, were among those who met Mr. Biden.

The meeting was Mr. Biden’s first face-to-face encounter with many of the leading federal regulators of the banking industry and financial markets, including Mr. Powell. The Fed chief was appointed by former President Donald Trump.

“The regulators reported that the financial system is in strong condition. They further indicated that financial risks are being mitigated by robust capital and liquidity levels in the banking system, and healthy household balance sheets stemming from fiscal support and the ongoing economic recovery,” the White House said in a statement.

No policy decisions were expected to be made at the routine meeting, said White House press secretary Jen Psaki.

Mr. Biden is seeking to use trillions of dollars in government spending to prod a strong rebound from the coronavirus-triggered recession that put millions of Americans out of work.

A nearly 12% gain in the S&P 500 stock index this year has helped fuel hopes of a strong recovery, but markets are closely watching inflation and government borrowing costs for signs of trouble.

Mr. Biden issued an executive order in May pushing federal agencies to encourage full disclosure of often-hidden climate-related risks to banks, other financial institutions and the federal government.

The White House statement on the meeting said regulators reported that they were making “steady progress” on Mr. Biden’s climate-related executive order, and discussed ideas for promoting financial inclusion and for “responsibly increasing access to credit for potential homeowners and small businesses.” — Reuters

Burden on hospitals can be eased by community-based care, say experts

THE PHILIPPINES, which has a population of over 105 million, has less than one hospital bed per 1,000 people, according to Dr. Arturo S. De La Peña, president and chief executive officer of St. Luke’s Medical Center (SLMC).

“This is way below the minimum requirement suggested by the World Health Organization (WHO) of three hospital beds per 1,000 people,” he said at “The Future of the Hospital,” a webinar organized by SLMC’s College of Medicine.

To alleviate the burden on hospitals responding to the coronavirus disease 2019 (COVID-19) pandemic in the Philippines, panelists recommended a multisectoral solution that invests in healthcare, education, technology, and community development.

A collaborative effort can also address other issues plaguing the health system, including brain drain, natural disasters brought about by climate change, poor design and infrastructure of hospitals, and the rise of infectious diseases.

“Communicable diseases related to lifestyle and bad habits like smoking, cancer, diabetes, and other chronic illnesses have an impact on our healthcare delivery, especially hospitals, because in the late stages of these diseases they will also require the services of the hospital,” said Dr. De La Peña.

WHITE ELEPHANTS
In Rwanda, health workers who bridge the gap between community health centers and hospitals remove the unnecessary strain on hospitals, since people receive care before reaching the point of requiring hospitalization.

“As a global health fighter, I still have a macro view on what the hospital should be. Your health system has to be taken as a whole. There are so many other components aside from the hospital that are neglected,” said Dr. Agnes Binagwaho, vice-chancellor of University of Global Health Equity and Former Minister of Health in Rwanda.

“If I had all the money now, I will not base it on hospitals. I will base it on community. The whole world is going for the idea that care is in the hospital, but it should be the idea that care is where I am on my own two feet,” she added.

The value of the patient’s voice and experience is still underrated, added panelists. “In all policy documents, you always see a pyramid and at the top you have hospitals. That’s completely false. We need to change that paradigm and reverse the pyramid to see an emphasis on patients,” said Valéry Ridde, director of health research at the Population and Development Research Center (CEPED), a joint unit of the University of Paris Descartes and the Research Institute for Sustainable Development (IRD) in France.

Kara Magsanoc-Alikpala, board member of the Philippine Alliance of Patients Organization (PAPO) and vice-president of the Cancer Coalition of the Philippines, called on hospitals to include patients at the decision-making table: “Though the patient movement around the world has evolved quickly and we patients have active participation in our own treatment, public and private hospitals have to take it to the next level.”

Hospitals should be integrated into communities, said Dr. Aileen R. Espina, member of the Healthcare Professionals Alliance Against COVID-19 (HPAAC) and former chief of the Eastern Visayas Regional Medical Center, whose experience with hospitals operating during disasters like Typhoon Yolanda taught her that surge capacity should be viewed in terms of functionality and not just beds.

“The real frontline is not the hospital, but the community. It’s an ecosystem that’s only as strong as its weakest link,” she said. “We don’t want white elephants. We want the capacity to expand services if there’s a call or need for it.

Sonia Roschnik, international climate policy director of Health Care Without Harm, pointed out that hospitals should shift to being paid by results and not by activity. “If the purpose of the hospital is to provide good health and support to communities, then that’s what we should be paying them for, not operations, pills, and medications. This requires leadership from everyone — to develop healing places,” she said. — Brontë H. Lacsamana

Cebu Pacific increases flights to Boracay, Bohol ‘to support recovery’

BW FILE PHOTO

BUDGET carrier Cebu Pacific said Monday its flights between Manila and Boracay will now be five times daily, while flights to Bohol will also operate daily.

The additional flights to Boracay and Bohol, which started on Monday, should “support recovery efforts,” the budget carrier said in an e-mailed statement.

In a statement to BusinessWorld on Tuesday, the airline said: “We gradually increased our flights to Boracay weekly — from only two times daily on June 4, three times daily on June 7, four times daily on June 11, and now five times daily beginning yesterday, June 21.”

“Bohol was at four times weekly in the second week of June and now it’s already one time daily,” it added.

Cebu Pacific said it currently operates the “widest network” in the country covering 32 destinations, on top of its six international destinations.

Candice A. Iyog, Cebu Pacific vice-president for marketing and customer service, said: “With the arrival of more vaccines and the pace at which vaccines are being rolled out, we are hopeful that in due time, our networks will recover to pre-pandemic levels.”

“We remain cautiously optimistic as we prepare for the bounce back and will do everything that is within our control to support and aid that,” she added.

The International Air Transport Association (IATA) said recently that “over the last months, the recovery of air passenger demand has been mainly driven by domestic markets that have mostly remained unaffected by travel restrictions.”

“In the meantime, international travel was restricted by most countries and governments are only starting to relax those restrictions as they vaccinate their populations and stabilize the epidemiological situation,” it added.

Cebu Pacific, operated by Cebu Air, Inc., said it had flown six million coronavirus vaccine doses from China as of June 17, “on top of more than 1.4 million doses carried to 15 Philippine provinces.”

The number of flights Cebu Pacific had in 2020 was 71% lower at 41,804. The number of passengers it carried last year also dropped 78% to five million.

Cebu Air shares closed 2.90% higher at P53.20 apiece on Tuesday. — Arjay L. Balinbin

Jollibee-Yoshinoya joint venture firm set up

JOLLIBEE Foods Corp. (JFC) on Tuesday said it received the formal incorporation of its 50/50 joint venture with Yoshinoya International Philippines, Inc. (YIPI) from the Securities and Exchange Commission (SEC).

“The parties completed the incorporation of the joint venture company, Yoshinoya Jollibee Foods, Inc. on June 18, 2021. The company received the official Certificate of Incorporation from the SEC on June 21,” JFC said in a disclosure to the exchange.

The joint venture company will have an initial authorized capital stock equivalent to P130 million. It will also have its own management, which will be supported by JFC.

The Philippine Board of Investments also gave YIPI approval as a foreign retailer. YIPI is the Philippine subsidiary of Asia Yoshinoya International SDN BHD and Yoshinoya Holdings Co. Ltd., which owns the trademark of the Yoshinoya system.

The venture aims to expand the Yoshinoya brand in the country, with a long-term plan of opening 50 stores.

Yoshinoya is the first Japanese food chain of JFC. The company said that it will be a “strong addition to the foreign franchised brands currently being operated by JFC in the Philippines.”

On Tuesday, shares of JFC at the stock market went up by 2.08% or P4.20 to close at P206.40 each. — Keren Concepcion G. Valmonte

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