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PCA Board creates transition committee to develop coconut industry

THE Philippine Coconut Authority (PCA) Board said on Friday that it has created a transition committee to be chaired by the Trade department, which aims to ensure a coordinated approach in developing the country’s coconut industry.

The Department of Agriculture (DA) said in a statement that the transition committee will later be absorbed into the PCA’s executive committee.

DA Secretary William D. Dar said the committee is tasked to help the ExeCom in “transitional matters, including governance and management arrangements, and initial program of work.”

“We are jumpstarting the process that will modernize and industrialize the country’s coconut sector, and greatly improve its export earnings with more value-added products,” Mr. Dar said.

“This is a huge game-changer, where all our efforts making use of the billion-peso coconut levy fund will lift our small coconut farmers and their families from abject poverty,” he added.

The creation of the committee was tackled by the PCA Board during a virtual meeting on Monday.

The board, which is currently made up of six government representatives, also approved on Monday the nomination and selection process of three coconut farmer leaders from Luzon, Visayas and Mindanao, PCA Administrator Benjamin R. Madrigal, Jr. said.

The PCA board is made up of the secretaries of Agriculture, Finance, Budget, Science and Technology, and Trade, as well as the PCA administrator.

During the meeting, Mr. Madrigal also presented other projects for approval, including the completion of the coconut farmers’ registry within 90 days and the crafting of the Coconut Farmers and Industry Development Plan, which will be submitted to President Rodrigo R. Duterte for approval within 120 days, among others.

Mr. Madrigal assured coconut farmers that the PCA is “committed to meeting the deadlines to ensure the timely delivery of the benefits they deserved.”

Mr. Duterte last month signed Republic Act 115421 or the Coconut Farmers and Industry Trust Fund Act which lets poor coconut farmers benefit from taxes collected from them decades ago, which now amount to around P76 billion.

The act also seeks to declare coconut levy assets as a trust fund. — Angelica Y. Yang

Central bank fully awards short-term bills

THE BANGKO SENTRAL ng Pilipinas (BSP) sold P70 billion in one-month securities on Friday despite the uptick in accepted yields as demand remained high.

Bids for the 28-day bills offered by the BSP on Friday reached P96.2 billion, higher than the P70 billion on the auction block as well as the P77.45 billion in tenders seen the previous week.

Accepted yields for the one-month debt papers ranged from 1.85% to 2.0499%, a narrower range compared to the 1.84% to 2.15% band seen a week ago. This caused the average rate of the papers to settle at 1.963%, higher by 1.86 basis points (bp) from the 1.944% seen at last week’s auction.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the rise in the yields of the BSP’s short-term bills reflected the trend seen in the US government bonds.

“The 28-day BSP securities auction yield continued to go up amid the latest rising trend in the benchmark 10-year US government bond to new 14-month highs after the Fed estimated higher inflation,” Mr. Ricafort said in a text message.

Yields on US Treasury bonds picked up on Thursday, with the 10-year note’s rate rising to 1.754% from 1.7099% previously.

At home, yields on other government papers have also been rising in the past weeks. The Bureau of the Treasury’s three-month, six-month, and one-year papers saw their average rates pick up by 9.3 bps, 21.1 bps, and 13.8 bps, respectively, at this week’s auction.

Meanwhile, the central bank’s seven- and 14-day term deposits logged average rates 13.07 bps and 2.95 bps higher than the previous auction. — LWTN with Reuters

BPI expects recovery in demand for auto loans

BANK OF THE Philippine Islands (BPI) expects demand for auto loans to pick up this year amid a heightened need for mobility amidst the coronavirus pandemic.

“Our initial projection is a flat or same as 2020 levels to as much as…10%, which is in line with the industry’s [projection],” BPI Retail Loans Group Head Dennis T. Fronda said during the online launch of the bank’s new loan and auto insurance scheme on Friday.

BPI Family Savings Bank (BFSB) President Maria Cristina L. Go said the automobile industry’s sales dropped 40% to about 245,000 in 2020 from the year earlier. She said the bank financed close to 17,000 vehicles, declining 31% from the previous year.

Amid the pandemic, Ms. Go said BFSB’s auto loan portfolio decreased 4%, lower than the 7.9% industry-wide contraction in 2020.

“This clearly tells you that the bigger concern is reduced demand rather than lower risk appetite,” Ms. Go said.
Latest data from the Bangko Sentral ng Pilipinas (BSP) showed household loans dropped 6.9% year on year in January, partly due to the 5.8% contraction in motor vehicle loans.

The central bank has said the decline in lending was due to both the risk aversion of lenders that have tightened their credit standards as well as a slump in demand as borrowers felt the economic impact of the pandemic.

The bank said it is bullish that 2021 will be a year of recovery and growth for both vehicle sales and financing as Filipinos see the benefits of owning a car, as they can travel securely and with reduced worries over catching the virus.

“We understand the aspiration of our clients to own a car has become even more critical during the pandemic given the lack of public transport and the need to safely traverse the Metro without the fear of being infected,” Ms. Go said.

During the same event, BPI launched its BPI Auto Loan Multiyear Protect which combines monthly installments for insurance with loan amortization payments. Mr. Fronda said the product gives customers flexibility to manage their cash flow into gradual and fixed payments per month while easing their worries about sudden car repair expenses due to accidents.

BPI’s net income fell 25.7% to P21.4 billion in 2020 as it allotted more loan loss provisions amid the crisis.
The Ayala-led lender expects to complete its merger with BFSB by 2022.

BPI’s shares closed at P84 apiece on Friday, down by P1.95 or 2.27%. — L.W.T. Noble

Peso rises vs dollar as oil prices correct

THE PESO appreciated versus the greenback on Friday following a downward correction in global oil prices.

The peso closed at P48.62 per dollar on Friday, gaining six centavos from its P48.68 finish on Thursday, data from the Bankers Association of the Philippines showed.

However, it weakened by 16.5 centavos from its P48.455-a-dollar close on March 12.

The peso opened Friday’s session at P48.66 against the dollar. Its weakest showing was at P48.71 while its intraday best was at P48.60 versus the greenback.

Dollars traded dropped to $588.6 million on Friday from $748.3 million on Thursday.

The peso strengthened following a continued decline in oil prices, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

Reuters reported that oil prices dropped for the fifth day in a row on Thursday amid growing worries caused by the increasing coronavirus cases.

Prices of Brent futures declined by $4.72 or 6.9% to $63.28 per barrel. Meanwhile, US West Texas International (WTI) crude fell $4.60 or 7.1% to $60 a barrel.

The five-day losing streak is the longest for WTI since February last year and since September for Brent.

Mr. Ricafort said the peso also strengthened following the downward correction of the dollar after dovish signals from the US Federal Reserve.

Fed Chairman Jerome Powell said after the latest policy-setting meeting of the Federal Open Market Committee that the US central bank will keep rates low despite the recent uptick in US inflation. — LWTN with Reuters

BSP boosts ties with Bank of Mauritius

THE BANGKO SENTRAL ng Pilipinas (BSP) has inked a deal with Bank of Mauritius (BOM) for possible cooperation on the development of payment systems, cybersecurity, and sustainable central banking.

The central banks signed a memorandum of understanding on March 1, the BSP said in a statement on Thursday.

“The Memorandum of Understanding presents an opportunity to work with our central bank partners on initiatives that support banking and payment system development and digitalization. These are the key elements in the Philippines’ drive towards sustainable and resilient economic recovery,” BSP Governor Benjamin E. Diokno was quoted as saying.

Through the agreement, the two central banks may establish an arrangement for the exchange of information, capacity building, and collaboration in key areas.

“The cooperative ties with the BSP will certainly be mutually beneficial, especially from a supervisory perspective. This latest Memorandum of Understanding underlines the Bank of Mauritius’ focus on consolidating its capabilities and processes through closer interaction with overseas regulatory institutions, especially in the Asian region,” BOM Governor Harvesh Kumar Seegolam was quoted as saying. — LWTN

Seoul ends mandatory coronavirus testing for foreigners after outcry

SEOUL – Authorities in the South Korean capital of Seoul will scrap a controversial order for all foreign workers to be tested for coronavirus, they said on Friday, after an outcry sparked complaints by embassies and a human rights probe.

The move came after the headquarters of the nation’s pandemic control effort said it had asked the city to withdraw the order and improve testing policies to eliminate discrimination or rights violations.

“The request is to prevent anti-COVID-19 efforts from causing any discrimination or human rights violations against citizens and foreign nationals,” the headquarters said in a statement.

City authorities still recommended testing for both foreign and Korean workers in “high-risk” workplaces, however.

The reversal came as the National Human Rights Commission confirmed it was investigating if the policies of several local governments for all foreign workers to be tested were discriminatory.

Seoul and the neighbouring province of Gyeonggi are among the local government bodies to have ordered such tests, drawing criticism from South Korean lawmakers, university officials, and foreign ambassadors.

Gyeonggi, where the order is in force until Monday, said it had dropped a separate requirement for negative tests by foreigners being hired for jobs.

Health officials had defended the measures as necessary to blunt a surge in infections among foreign residents, saying they were not discriminatory as tests had also been ordered for those linked to outbreaks in churches, nightclubs, and elsewhere.

On Friday the U.S. embassy said it had raised concerns with senior authorities and was strongly urging fair and equitable treatment of all its citizens.

The independent human rights commission said it launched an investigation after several complaints, such as one from the British ambassador, who said the rules were “not fair, they are not proportionate, nor are they likely to be effective”.

Commission chief Choi Young-ae said she was concerned the policies could lead to discrimination, especially through the use of demeaning language toward undocumented workers.

“This act has made the word ‘foreigners’ look like ‘those suspected of diagnosis for COVID’ or ‘criminals who have done something illegal,’ which led to hate comments online,” she said in a statement.

Seoul National University, one of South Korea’s most prestigious, had threatened to seek an injunction if the city did not drop the policy, Koo Min-gyo, its dean of student affairs, told Reuters. – Reuters

Stocks fall as government tightens restrictions

STOCKS closed the week in the red as the government tightened lockdown measures for the next two weeks to curb the rising number of coronavirus disease 2019 (COVID-19) infections.

The 30-member Philippine Stock Exchange index (PSEi) went down by 194.75 points or 2.93% to close at 6,436.10 on Friday, while the broader all shares index slumped by 95.68 points or 2.38% to end at 3,909.41.

Philstocks Financial, Inc. Research Associate Claire T. Alviar said the market plunged “due to the localized lockdown and more restrictive measures by the government.”

“Negative sentiment in the market spilled over as the government [tightened] lockdown measures in Metro Manila to control the spread of the COVID-19 cases,” Ms. Alviar said in a Viber message.

“Non-essential businesses will operate again either at limited capacity or operation will be suspended for the next two weeks,” Ms. Alviar added. “These measures are expected to harm the economic recovery of the Philippines.”

“Losses were magnified on last-minute selling on fears of stricter lockdown measures to be imposed,” AB Capital Securities, Inc. Junior Equity Analyst Lance U. Soledad said in a separate Viber message.

The Health department reported 7,103 new coronavirus cases on Friday, the country’s biggest daily increase in infections. This brought the tally to 648,066.

The government has tightened restrictions anew in Metro Manila and several areas until April 4, with driving schools, cultural centers and museums, cinemas and other non-essential facilities ordered to temporarily halt operations.

Meanwhile, Regina Capital Development Corp. Head of Sales Luis A. Limlingan attributed the market’s close to offshore developments.

“Philippine shares were sold down towards [the] market on close as funds realigned with the latest FTSE rebalancing decision. In addition, sentiment spilled over as US equities ended lower yesterday, as the rise in treasury yields prompted investors to sell tech stocks,” Mr. Limlingan said in a Viber message.

All sectoral indices fell on Friday. Property dropped 149.43 points or 4.48% to 3,184.33; financials went down by 37.75 points or 2.62% to 1,398.58; services slumped by 37.07 points or 2.57% to 1,401.61; holding firms shaved off 165.5 points or 2.47% to close at 6,528.93; mining and oil decreased by 107.98 points or 1.25% to 8,511.15; and industrials declined by 61.98 points or 0.72% to 8,520.73.

Value turnover climbed to P10.41 billion on Friday with 3.53 billion shares switching hands from the P8.85 billion with 3.06 billion issues traded on Thursday.

Decliners outnumbered advancers, 157 versus 64, while 35 names closed unchanged.

Net foreign selling ballooned to P1.33 billion on Friday from the P397.96 million seen the previous trading day.

“For next week, we expect the index to retest the 6,400 support, with possible bargain hunting as the index is trading near oversold level,” AB Capital Securities’ Mr. Soledad said. — Keren Concepcion G. Valmonte

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