Britain’s Prince William contracted COVID-19 in April at a similar time to his father Prince Charles, British media reported late on Sunday, citing Kensington Palace sources.
William, grandson of Queen Elizabeth and second-in-line to the British throne, kept his diagnosis a secret because he did not want to alarm the country, The Sun newspaper reported.
“There were important things going on and I didn’t want to worry anyone,” William was quoted by the newspaper as having told an observer at an engagement.
He was treated by palace doctors and followed government guidelines by isolating at the family home Anmer Hall, in Norfolk, the newspaper said, adding he still carried out 14 telephone and video call engagements during April.
“William was hit pretty hard by the virus—it really knocked him for six. At one stage he was struggling to breathe, so obviously everyone around him was pretty panicked,” a source told The Sun.
The BBC also confirmed the news from sources late on Sunday, with Kensington Palace and the office of Prince William refusing to comment officially to the news outlet.
The palace was not immediately available for comment late on Sunday.
The residence of William’s father, Prince Charles, had said on March 25 that Charles tested positive for the coronavirus. The heir to the throne had self-isolated at his residence in Scotland for seven days with mild symptoms.
Britain has been hit hard by the coronavirus outbreak and has reported 46,717 COVID-19 deaths—defined as those dying within 28 days of a positive test. A broader measure of those with COVID-19 on their death certificates puts the toll at 58,925. — Reuters
MONTREAL/WASHINGTON — A global aviation manual now under review by a UN body suggests global guidelines calling for the use of highly reliable tests when screening passengers to detect the novel coronavirus ahead of flights, three sources familiar with the matter said.
Carriers and airports are pushing for uniform global testing guidelines to waive strict quarantine requirements that are decimating travel, with airline trade group IATA (International Air Transport Association) forecasting a 66% decline in 2020 air traffic because of the pandemic.
Travel restrictions and the use of testing now vary globally. Certain airlines require passengers to obtain a negative test, even as some countries allow visitors in without quarantine, while others bar all non-essential foreigners.
The International Civil Aviation Organization (ICAO) Manual on Testing and Cross Border Risk Management Measures, expected in November, would offer voluntary technical guidance but not oblige countries to remove quarantines.
The manual is not expected to suggest specific tests, such as antigen or polymerase chain reaction (PCR), the sources said. Instead, it would recommend passengers be screened using a test with a sensitivity and specificity of 95% so there would be few false positives and negatives, the sources added.
Some rapid tests are less sensitive and therefore more likely to miss positive cases than PCR alternatives, although the accuracy gap has narrowed.
One of the sources said a range of tests, with reliability as low as around 80% to close to 100%, had initially been considered.
Another proposal is that passengers be tested up to 48 hours ahead of travel but not necessarily at the airport, the sources said. The sources declined to be identified as the discussions are confidential.
US Federal Aviation Administration (FAA) Deputy Administrator Dan Elwell told Reuters on Wednesday that the manual would not be “heavy-handed” or provide a prescription for testing. He did not confirm specific details about the manual.
“It’s like ‘look, if you are going to do pre-departure testing or arrival testing or quarantine, here’s how we think you should do it,’” said Mr. Elwell, who heads an ICAO working group on issues like testing and quarantines.
ICAO said in an e-mailed statement the manual provides countries with a risk management framework for evaluating testing options and factors to consider, should a country elect to implement testing.
While the United States “would like to get to a point where quarantine is not necessary,” Mr. Elwell said, “it would be difficult to create global guidelines for removing travel restrictions through testing since countries have individual concerns.”
“There are a lot of mixed feelings about quarantines.” — Allison Lampert and David Shepardson/Reuters
AstraZeneca Plc said on Sunday Britain’s health regulator had started an accelerated review of its potential coronavirus vaccine.
“We confirm the MHRA’s (Medicines and Healthcare Products Regulatory Agency) rolling review of our potential COVID-19 vaccine,” an AstraZeneca spokesman said.
In rolling reviews, regulators are able to see clinical data in real time and have dialogue with drugmakers on manufacturing processes and trials to accelerate the approval process.
The approach is designed to speed up evaluations of promising drugs or vaccines during a public health emergency.
AstraZeneca’s COVID-19 vaccine is being developed along with the University of Oxford. Bloomberg reported on Friday that MHRA had also begun an accelerated review for the COVID-19 vaccine candidate from Pfizer Inc.
AstraZeneca and Pfizer are among the frontrunners in the race to develop a vaccine for the coronavirus, with the race also including Johnson & Johnson and Moderna Inc. Their vaccine candidates are in late-stage trials, interim data from which are expected in the coming weeks.
The British drugmaker said on Monday its COVID-19 experimental vaccine produces an immune response in both old and young adults. The vaccine also triggers lower adverse responses among the elderly, it said.
The novel coronavirus has killed more than 1.19 million people globally, damaged the world economy, and turned normal life upside down for billions of people.
Work began on the Oxford vaccine in January. Called AZD1222 or ChAdOx1 nCoV-19, the viral vector vaccine is made from a weakened version of a common cold virus that causes infections in chimpanzees. — Kanishka Singh/Reuters
INFLATION may have slightly picked up in October due to a rise in food prices and transport costs, as well as the impact of base effects. Read the full story.
An uptick in fares and cost of transport may have also contributed to faster inflation in October. — PHILIPPINE STAR/MICHAEL VARCAS
By Luz Wendy T. Noble, Reporter
INFLATION may have slightly picked up in October due to a rise in food prices and transport costs, as well as the impact of base effects.
A poll of 15 economists by BusinessWorld last week yielded a median estimate of 2.4%, close to the higher end of the 1.9-2.7% forecast given by the Bangko Sentral ng Pilipinas (BSP) and well within the 2-4% target this year.
If realized, the median estimate will be a tad faster than 2.3% in September and 0.9% in October 2019. The BSP’s latest average inflation forecast for this year is at 2.3%
The Philippine Statistics Authority will release October inflation data on Thursday.
Analysts said upside risks from higher prices of some food groups might have caused inflation to slightly quicken last month.
“The recent typhoons could affect the uptick of prices of some commodities such as vegetables. Prices of meat items such as pork and chicken remain high due to limited supply,” said Mitzi Irene P. Conchada, an economist from De La Salle University Manila.
Two typhoons hit the country in late October. The Department of Agriculturesaid agri-fishery damage from typhoons Pepito and Quinta reached P67.57 million and P2.2 billion, respectively. Hardest-hit areas include some provinces in Central Luzon, Calabarzon (Cavite, Laguna, Batangas, Rizal, Quezon), and the Bicol Region.
The agency last week raised the suggested retail price (SRP) for various cuts of pork sold in Metro Manila to account for shortages caused by the African Swine Fever. The new SRP for pork shoulder, known as kasim, is now at P260 per kilogram (from P230), while the SRP for pork belly, or liempo, was set at P280 per kilogram (from P250).
An uptick in fares and transport costs may have also contributed to faster inflation in October as travel restrictions were eased and more economic activities restarted, analysts said.
“Transport costs are expected to have provided some upward contribution as well as mobility, especially from public transport,” Security Bank Corp. Chief Economist Robert Dan J. Roces said.
He added that higher electricity rates in areas served by Manila Electric. Co. (Meralco) could be another upside risk to inflation. October power rates rose by P0.1212 per kilowatt-hour (kWh) to P8.55 per kWh from the previous month, Meralco said.
Other factors such as base effects and education expenses in October may have also led to quicker inflation, said ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa.
But a slightly faster inflation will not be enough to compel the central bank to further cut rates, according to analysts.
“A record low local policy rate of 2.25% would still remain unusually below the inflation rate that results in net negative interest rates, thereby making any further cut in policy rates more challenging at the moment,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.
“BSP will respond to the third-quarter GDP number rather than the inflation at this point. We expect that if the third-quarter GDP will remain worse than -8% to -9%, then the BSP will likely cut overnight policy rates further,” Sun Life Financial Economist Patrick M. Ella said.
The economy shrank by a record 16.5% in the second quarter as it succumbed to the impact of the tight lockdown during the period.
While a less steeper GDP contraction is expected in the third quarter as the economy gradually reopened, the government estimates GDP to fall by 4.5% to 6.6% this year. The official third-quarter GDP data will be released on Nov. 10.
Meanwhile, Alex Holmes, an economist from Capital Economics, expects the third-quarter growth data to underwhelm, adding that the BSP may be “too upbeat” on its economic outlook.
“We continue to expect another cut by the BSP before the end of the year. Just a 25-bp (basis point) cut, taking the policy rate down to 2%,” Mr. Holmes said.
The Monetary Board will hold its policy setting on Nov. 19, before its final meeting for the year on Dec. 17.
The BSP has slashed key policy rates by 175 bps this year to support the economy amid the pandemic. This has brought down the overnight reverse repurchase, lending, and deposit facilities to record lows of 2.25%, 2.75%, and 1.75%, respectively.
While the policy-setting body has opted for a “prudent pause” in its August and October meetings, BSP Governor Benjamin E. Diokno has said that the central bank continues to have room for further easing when the need arises. He said this would allow previous actions to be fully absorbed by the financial system.
Mr. Diokno has also said they would carefully assess the timing to unwind aggressive policy measures done in light of the crisis to prevent serious repercussions on the economy.
The Philippines dropped 14 spots to 113th place out of 180 economies in a global corruption index by Transparency International released earlier this year. — PHILIPPINE STAR/MICHAEL VARCAS
By Jenina P. Ibañez, Reporter
FOREIGN business groups are hoping to see concrete results from the Duterte administration’s new crackdown against corruption to increase investor confidence in the country.
The Department of Justice has formed a group to lead a probe of various government agencies for corruption, after President Rodrigo R. Duterte ordered them to investigate “the entire government” until 2022.
“Let’s see the results of the investigations and probes if they are thorough and will produce convictions,” American Chamber of Commerce Senior Advisor John Forbes said in a mobile message on Friday.
Reducing corruption is a top business concern, Mr. Forbes said, noting that it wastes business taxes and steals goods and services from citizens.
European investors would welcome Philippine government moves to eradicate corruption, EU-ASEAN Business Council (EU-ABC) Executive Director Chris Humphrey said in an e-mail.
“It is very important for investors from Europe to have increased certainty that they will not be subjected to extraneous demands that go beyond normal business practices,” he said.
Mr. Forbes said the work of the Office of the Ombudsman and Sandiganbayan could move faster, adding that “SALNs (Statement of Assets, Liabilities and Net Worth) and lifestyle checks are basic tools.”
Mr. Duterte had not released his 2018 and 2019net worth statements, the first president not to do so in the past three decades, according to the Philippine Center for Investigative Journalism. Presidential spokesman Harry L. Roque last month said the decision to release the statements would be left to the Ombudsman.
Mr. Forbes said the Philippines should follow anti-corruption moves in other countries in the East and Southeast Asian region, including the imprisonment and fining of public and private senior officials.
Former South Korean President Park Geun-hye was removed from her post then jailed after a corruption scandal led to widespread protests, while former Indonesian Speaker of Parliament Setya Novanto in 2018 was sentenced to 15 years in prison for embezzlement.
FAILURE TO INSTITUTIONALIZE Mr. Duterte can fire even his political allies, University of Santo Tomas political science professor Marlon M. Villarin said, citing the removal of former National Irrigation Administration chief Peter Laviña, the President’s campaign spokesman, in 2017.
“The problem here is that Duterte is only limited in axing the people, but at the same time, fails to sustain, to institutionalize an effective mechanism of making corruption in the Philippine administrative system high-risk and low-reward,” Mr. Villarin said.
An anti-corruption crusade is a “purely political” move to present to the public, he said, as probes could allow for the firing of appointed officials without creating sustainable measures such as legislation that collaborates with several anti-corruption agencies.
Unlike other countries, the Philippines does not suspend officials facing corruption allegations, which means that officials remaining in their posts can affect the outcome of investigations,he said. In some cultures, officials voluntarily leave their posts, he added.
The Ombudsman recently suspended Philippine Health Insurance Corp. executives for what it said were anomalous fund releases through an interim reimbursement mechanism, and Health department officials for delays in releasing workers’ benefits.
Mr. Villarin said that an anti-corruption campaign must have measurable outcomes.
“How many people were thrown into jail? With all the numbers of filed cases concerning graft and corrupt practices, how many were submitted to the proper court? How many were resolved?”
For the government’s anti-corruption campaign to succeed, Transparency International said investigations and prosecutions must be done without bias. Reforms must also build strong oversight institutions and allow for activism and journalism, it added.
“It is also essential that accountability doesn’t stop with low-level officials and bureaucrats but is pursued to the highest levels of office necessary,” Transparency International Asia-Pacific Director Alejandro Salas said in an e-mail.
The Philippines dropped 14 spots to 113th place out of 180 economies in a global corruption index released by the organization in January. Countries with lower scores have weak election campaign transparency and their political power is concentrated on the wealthy few, according to the report.
Mr. Salas said the Justice department’s probe would not affect the country’s 2021 score because the data have already been compiled. A short-term anti-corruption campaign, he said, is also unlikely to make a big difference to the score.
“A significant improvement in the country’s score will only be achieved by long-term, sustained anti-corruption efforts aimed at building the strong democratic institutions necessary for successfully fighting corruption,” he said.
“Any anti-corruption drive is, in general, welcome. However, the real test for President Duterte is not expressing an intention or issuing a plan, but making it happen and showing how his intention translates into a more just society.”
DIGITALIZATION University of Asia and the Pacific Professor Ramon N. Cabrera said that aside from fact-finding investigations searching for liable officials, the government could also be proactive in coming up with policies that can prevent corruption.
“In my view, most forms of corruption are demand driven usually brought about by red tape and unnecessary bureaucratic procedures. Addressing these two will significantly reduce the demand for corruption,” he said in a mobile message.
The creation of the anti-red tape body and digital transformation of government processes, Mr. Cabrera added, could help significantly reduce corruption.
Investors are looking at both digitalization and anti-red tape efforts, as well as moves to open up the economy to foreign direct investment, British Chamber of Commerce of the Philippines Executive Director Chris Nelson said.
“(Anti-corruption) is an important measure, but you have to look at it as part of one package… You’ve got to also look at the particular challenges all governments are facing within the economy, so for example what is going to happen in the stimulus, what is happening to the overall economy?” he said in a phone interview.
“Now when they come to establish, can they get permits quicker, can the process be quicker — which is the Anti-Red Tape Authority — and they deal in a very transparent way… With a more digital process, it’s a more transparent and a quicker process,” Mr. Nelson added.
The Philippines jumped to the 95th spot from 124th in the Ease of Doing Business 2020 report, but remained one of the lowest among Southeast Asian nations. The country’s lowest scores in the Worldwide Governance Indicators for 2018 was for control of corruption and rule of law indicators, while its government effectiveness and regulatory quality improved from previous years.
European Chamber of Commerce of the Philippines President Nabil Francis in a mobile message said the chamber supports efforts to promote good governance.
“We deem anti-corruption and transparency measures as key ingredients to sustaining economic growth and making the Philippines a more attractive destination for trade and investments.”
THE Japanese government has approved ¥3.1 billion (P1.44 billion) worth of technical assistance for four infrastructure projects in the Philippines as it reaffirms its commitment to support the administration’s “Build, Build, Build” program.
In a statement on Sunday, the Department of Finance (DoF) quoted Japanese officials as saying technical assistance would be given for the construction of a fourth Cebu-Mactan bridge and coastal road; Subic Bay masterplan; the Parañaque spillway, and the Cagayan de Oro-Malaybalay section of the central Mindanao highway project.
Philippine and Japanese officials held the 10th meeting of the Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation via video conference on Oct. 28.
The DoF said the two countries also plan to sign the second loan agreement for the first phase of the Metro Manila Subway Project in the first quarter of 2021.
Tokyo also pledged to provide more technical assistance and related grants to the Philippines with highly concessional payment terms, and could be taken from its Special Terms of Economic Partnership, before Manila becomes an upper-middle income economy by 2022.
Japanese officials also pledged their commitment to strengthen the country’s bilateral ties with the Philippines under the new leadership of Japanese Prime Minister Yoshihide Suga, who replaced Shinzo Abe in September.
“Our commitment to this long-standing partnership has proved beneficial amidst these trying times. Our cooperation in accelerating infrastructure development will be most critical in the country’s recovery from the adverse effects of the COVID-19 (coronavirus disease 2019) pandemic,” Finance Secretary Carlos G. Dominguez III said in the statement.
Between March and September, the two countries signed five loan agreements and three exchanges of notes amid the pandemic.
The agreements include a ¥50-billion (P23-billion) emergency loan for the Philippines’ pandemic response and another ¥50 billion (P23 billion) for a post-disaster standby loan; as well as the financing extended for the Metro Manila Priority Bridges Seismic Improvement project; ¥18.5 billion (P9 billion) for the Davao City Bypass Construction project; and ¥119 billion (P55 billion) for the Cebu-Mactan Bridge and Coastal Road construction project.
The Department of Finance said the two countries also considered the potential impact of the pandemic on the ongoing and pipeline infrastructure projects, especially on worker safety, a possible increase in total cost of projects, immigration concerns, and timeline.
They also discussed programs that will speed up the economic development and peace process in Mindanao, especially with the newly established Bangsamoro Autonomous Region in Muslim Mindanao.
The two countries have met regularly since March 2017 to discuss Japan-backed infrastructure projects in the Philippines.
Japan is the Philippines’ biggest source of official development assistance (ODA), with $10.1 billion worth of loan and grant commitments as of June, accounting for 38.53% of the latter’s total ODA portfolio. — B.M.Laforga
PRE-SALES of residential homes will be down until next year as the pandemic’s impact on households is likely to persist before showing some signs of growth in 2022, an analyst at J.P. Morgan Securities Philippines, Inc. said.
Secular demand and a low interest rate environment will drive growth, said Jeanette G. Yutan, head of the broker-dealer’s Philippine equity research department, in an online interview.
She said J.P. Morgan expects residential pre-sales — or homes sold before they are fully built — to fall by 37% this year before postinga softer 12% contraction in 2021 on the back of sluggish economic activity.
“Residential demand is primarily a tangible consumer item that people buy and are predominantly affected by the economic backdrop, and given that the pandemic has led to a serious knock-on impact on household income, we think residential sales will be affected by the impact of the pandemic (until next year)” Ms. Yutan said.
She said the sector might rise again starting in 2022 as the impact of the pandemic subsides while secular demand drives growth and strong liquidity in the market cushions risks.
The Philippines’ relatively young population, a big portion of which are under 30 years old, makes it one of the most favorable demographics for the property sector as more will eventually require homes regardless of the pandemic.
“Even during the pandemic, we have actually seen end-user demand in affordable segments still going. Also, we estimate about 60% of those new unemployed are primarily lower skilled workers and they typically won’t be the target market of property developers,” Ms. Yutan said.
“While our numbers suggest a decline in pre-sales, we are incrementally more positive on the sector. We think the downside risk from a collapse in property prices or a sharp correction in physical property prices and risk of rising sales cancellation because of people losing jobs etc., will all be mitigated by the abundant liquidity in the system,”
The central bank has unleashed P1.9 trillion of liquidity into the financial system so far this year through the monetary policies rolled out to cushion the pandemic.
Ms. Yutan said she does not expect physical property prices to collapse like what happened during the Asian financial crisis in 1997-1998.
However, residential sales may still not be able to go back to their pre-pandemic level in the next two years because the previous growth was primarily driven by higher prices and not a surge in volume.
“Our expectation is that property residential sales won’t be able to reach the 2019 level even in 2022 primarily because in 2017-2018, the demand was really driven by prices,” she said. “When you look at the volume, it is actually declining in those two years. It was price-driven growth in the last three years and the sector needs to digest that, but we don’t think prices will collapse.”
Property prices jumped to record highs between 2017 and 2018 after an influx of mainland Chinese nationals into the country, most of whom were involved in offshore gaming operations, and took up huge portions of properties in Metro Manila.
The recent exit of Philippine offshore gaming operators (POGOs) will have a negative, albeit not too big of an impact on office space as they account for 12% of the total, which may cause occupancy to fall by 6-7%, Ms. Yutan said.
The Chinese government said early last year that it would continue with its crackdown on cross-border gambling. At the same time, the Philippine government has been going after the unpaid taxes of POGOs and has been imposing stringent rules that forced some operators to end their businesses in the country. — Beatrice M. Laforga
THE Securities and Exchange Commission (SEC) is warning the public that it has not given authority to a group named Mining City to solicit investments or offer securities in the Philippines.
In an advisory posted on its website, the corporate regulator reiterated its previous notice that there are no records with the commission for Mining City, Prophetek Mining City, OPC, or any variation of its name.
The repeat advisory came after reports that certain individuals have claimed on social media that Mining City has completed the SEC company registration process.
“This is apparently an effort by individuals or group of persons to mislead the public using such false representations to create a semblance of legality to the operations of Mining City for the purpose of enticing the public to invest in its scheme, which was subject of an advisory issued by the commission on Sept. 10,” the SEC said.
It noted Mining City remains unauthorized to solicit, offer, accept, or take investments from the public, nor issue investment contracts and other forms of securities.
“The public is again advised not to invest or stop investing in any scheme offered by Mining City or such other entities engaged in offering securities or smart contracts, cryptocurrencies and digital asset trading that are not registered with the commission and the Bangko Sentral ng Pilipinas,” it said.
In an Oct. 29 statement sent to BusinessWorld on Friday, which was also posted on its social media platforms, Mining City said there is a “new company successfully registered in the Philippines,” which has “applied for a secondary license… to allow Mining City to carry on with its business activities.”
It added it talked with the SEC last week regarding the application for a license to sell securities, and the approval is expected within a week. The SEC was not able to verify this information to BusinessWorld.
“Getting a secondary license with the SEC is a complicated process which requires a lot of work; however, it is one that is incredibly important to us. All of this effort is just a piece of a much larger plan that will be released once we are ready, and all the formalities are done,” Mining City said.
It also said it is aware of third parties “wrongfully presenting false information and potentially contributing — whether intentionally or unintentionally — to preventing the success of us receiving this license and damaging our brand.”
“Nevertheless, we will continue being honest and transparent about our business along with our ongoing efforts to adhere to full compliance [with] requirements,” Mining City said.
Mining City was first named by the SEC in a Sept. 10 advisory, where it identified the group as an investment operator using cryptocurrency or bitcoin vault.
The regulator likened Mining City’s operations to a Ponzi scheme, such that it collects money from new investors to repay “fake profits” to old investors, which it said is “inherently fraudulent and unsustainable.” — Denise A. Valdez
Toyota’s pure sports car is getting a lot of much-deserved traction
THE ONGOING pandemic has clearly not held Toyota back in its pursuit to seed and support motorsport enthusiasm among drivers. By now, you would have already heard of Toyota Motor Asia Pacific’s very first virtual motorsport racing championship in Asia, the GR Supra GT Cup Asia 2020, which engages participants from Thailand, Singapore, Malaysia, India, and, of course, the Philippines. Virtual racing has indeed become the next best thing for motorsports in this time of social distancing, and what better vehicle is there to enjoy e-driving than Toyota’s powerful, extremely well-balanced and agile sports car, the GR Supra?
The GR Supra GT Cup Asia 2020 had participants e-racing through one of the world’s most demanding circuits: the Nürburgring’s Nordschleife track in Germany. The track is known to be so merciless — riddled with steep inclines and gradients, constantly changing road surfaces, treacherous crests, and more — that Formula One world champion Sir John Young “Jackie” Stewart dubbed it “The Green Hell.”
Emerging as finalists from the multi-stage online race series were drivers from Thailand, Singapore and Malaysia. In the last race, Taj Aiman from Malaysia crossed the finish line first, with Sirigaya from Thailand coming in second, and Aleef from Singapore finishing in third. However, when the season’s overall points were computed, Aleef emerged three points ahead of Taj Aiman (thanks to Aleef having won the first two races), deeming Aleef the overall race champion.
As the season champion, Aleef won a cash prize of US$6,000 plus a seat in the global finals of the GR Supra GT Cup 2020 which will be held sometime in December. Meanwhile, for ranking second place, Taj Aiman was awarded US$3,000 and Sirigaya, who came in third, won US$1,500. Of course, all three winners also got their prestigious trophies.
One of the key pillars of Toyota Gazoo Racing (TGR) is now e-motorsports, and Toyota has made the e-races easily accessible via playing Gran Turismo Sport on the PlayStation 4 gaming platform. The concept was so well received that it gained about 2.7 million views in the national rounds. And delightfully, all data and learnings from TGR’s activities are used for Toyota’s development of even better vehicles.
Prior to the race in the Nürburgring, there were two previous races held first at Fuji Speedway — Toyota’s home ground — and then at the night “Shuto” expressway of Tokyo.
Toyota Motor Asia Pacific Vice-President David Nordstrom shared, “The GR Supra GT Cup Asia is a feat made possible by the power of passion, cars and limitless possibilities, and we were happy to share the thrill of the regional final with e-motorsport fans and racing enthusiasts. The regional finalists were all incredible players and they made us feel the exhilaration of racing the iconic GR Supra on some of the most amazing racetracks around the world. Congratulations again to all the winners, and I wish Aleef all the best in the ‘GR Supra GT Cup 2020’ global final.”
“Indeed, the Toyota Supra is an exhilarating car to drive. I tried it for myself, driving through our regular highways and city roads, enjoying its strong pulling power and exceptional handling. To my surprise, the rear boot was even more spacious than I thought! And it’s super exciting for car enthusiasts to own, because this is the first-ever Toyota Supra to be retailed in the Philippines!”
The Toyota GR Supra is an authentic sports car in the way it looks and the way it performs. It is smaller, a lot lighter, more powerful, and has a much wider range than its predecessors with four additional gears. It is delightfully well-balanced and definitely one aspirational car for many.
AGRICULTURAL damage caused by Typhoon Quinta (international name: Molave) has hit P2.20 billion, up from the previous estimate of P1.81 billion, according to the Department of Agriculture (DA).
In a bulletin, the DA said that 44,017 farmers and fisherfolk were affected by the typhoon, with production losses reckoned at 124,462 metric tons (MT), while 86,271 hectares of farmland were damaged.
Affected regions include Ilocos, Cagayan Valley, Central Luzon, CALABARZON (Cavite, Laguna, Batangas, Rizal, and Quezon), MIMAROPA (Mindoro, Marinduque, Romblon, and Palawan), Bicol, Western Visayas, Eastern Visayas, and Zamboanga Peninsula.
“The increase in values is attributed to the updated reports in rice, corn and livestock from Central Luzon and Bicol Region,” the DA said in the bulletin.
Damage to the rice crop amounted to P1.51 billion, with some 99,986 MT lost and 75,529 hectares affected.
Losses to high-value crops were reckoned at P446.7 million. Some 18,718 MT worth of produce across 5,447 hectares of damaged farmland.
Damage to the corn crop was P137.8 million, followed by fisheries at P79.9 million, and livestock P8.1 million.
Damage to irrigation and agricultural facilities was P18.3 million, while losses of agricultural machinery and equipment amounted to P875,000.
The DA said that affected farmers can avail of government assistance such as P300 million worth of loans under the survival and recovery loan program from the Agricultural Credit Policy Council, and a total of 77,379 bags of rice seed; 9,817 bags of corn seed; 2,530 kilograms of vegetables; and 440,400 fruit tree seedlings.
Other assistance that can also be tapped include indemnification funds from the Philippine Crop Insurance Corp., and quick response funds for the rehabilitation of affected areas.
In a separate bulletin, the DA said that it has saved a total of P16.96 billion worth of rice across the regions of Ilocos, Cagayan Valley, Central Luzon, CALABARZON, and Bicol were harvested early following an advisory to farmers before Typhoon Rolly (international name: Goni) made landfall.
Some 242,638 hectares equivalent to 1.07 million MT of rice were harvested early.
Meanwhile, P579.07 million worth of corn or 45,703 MT across 11,132 hectares has been brought in and stored ahead of Rolly’s arrival.
“Continuous rain increases the water level of dams and rivers, which leads to flooding in low-lying agricultural areas,” the DA said.
“Damage and losses in the agriculture sector are expected from Cordillera Administrative Region, Ilocos Region, Cagayan Valley, Central Luzon, CALABARZON, MIMAROPA, Bicol Region, and Visayas Region due to the typhoon,” it added. — Revin Mikhael D. Ochave
THE Court of Tax Appeals (CTA) approved the compromise agreement between AsianLife and General Assurance Corp. and the Bureau of Internal Revenue (BIR) over its 2009 tax deficiency assessment.
AsianLife, now known as “Etiqa Life and General Assurance Philippines, Inc., in November 2017 challenged the validity of BIR’s final decision on disputed assessments, amounting to P62.6 million.
In January 2019, AsianLife filed a motion to refer the case to the Philippine Mediation Center-CTA, which eventually led to a compromise settlement worth P25.04 million. The amount represents 40% of the basic tax assessed as the final settlement for the tax deficiency.
“The Judicial Compromise Agreement entered into by the parties is approved,” the tax court ruling read. It also declared the case is closed and terminated.
It was noted that AsianLife paid the settlement amount in September 2019, but the approval of the compromise agreement was delayed due to some documentary requirements.
“The Court observed that the parties failed to submit the original or certified true copy of the Compromise Agreement dated September 17, 2019 as required per Resolution dated October 24, 2020,” the ruling also stated.
This was later settled by the petitioner through the submission of a certified true copy of the compromise agreements.
Insurance company AsianLife launched its rebranding as Etiqa Philippines, largely owned by Etiqa International Holdings Malaysia, in 2019. The Malaysia-based firm has regional offices, located in the Philippines, Indonesia, Singapore, and Cambodia.
It offers corporate and individual life and non-life life insurance, as well as auto and travel insurance. It has over 1,400 partner hospitals and clinics across the country with 25,000 doctors and 24/7 in-house call centers. — Charmaine A. Tadalan
