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Rural banks adequately capitalized for pandemic shock — BSP

RURAL banks are sufficiently capitalized to weather the economic crisis triggered by the pandemic, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

Mr. Diokno said stress tests and simulations suggest that the rural banking industry can withstand scenarios where they have to write off three months’ worth of interest income on all loans and all fees and commissions.

“This is expected as banks recording high pre-shock capital adequacy ratios. This enabled rural and cooperative banks to yield above-10% minimum capital adequacy ratios after the simulation,” Mr. Diokno said in an online briefing Thursday.

Mr. Diokno also said other scenarios that assumed a 5% to 20% reduction in net interest income over the three months of quarantine left them with healthy capital adequacy metrics.

“The results of this test show that post-shock, capital adequacy ratio of the rural and operative dynamics remain comfortably above 15% over the first, second and third month periods of the quarantine even under a 20% reduction in net interest income,” he said.

As a group, rural and cooperative banks have a capital adequacy ratio of 19.79%, well above the 10% regulatory minimum.

The gross non-performing loan ratio of the rural and cooperative banking industry was at 11.21% at the end of March, down from the year-earlier 11.65%.

The central bank has implemented regulatory relief measures for banks, including the classification of loans to small businesses as reserves, to help them comply with reserve standards while ensuring funding for businesses remains available.

The BSP said smaller lenders have been availing of such relief measures, with 66 rural and cooperative banks lending P1.5 billion as of the week ending July 23, compared to the P1 billion by 39 banks during the week ending April 30.

Meanwhile, 10 rural and cooperative banks registered P100 million worth of loans to large enterprises as reserve compliance.

“Preliminary data show that rural and cooperative banks were at 674 as of December 2009 and are now down to 444 as of end-July 2020,” he said, noting smaller lenders were either closed or absorbed by healthier banks. The industry contraction reflects a process of consolidation encouraged by the BSP. — Luz Wendy T. Noble

PSEi declines on profit-taking, ending 4-day winning streak

SHARE prices closed lower on profit-taking, interrupting a four day rally that had been buoyed by positive sentiment about upcoming vaccines for coronavirus, including the first government-approved one from Russia.

The bellwether Philippine Stock Exchange index (PSEi) fell 20.87 points or 0.34% to 6,076.91 while the broader all-shares index rose 4.45 points or 0.12% to 3,596.19.

In a mobile phone message, Philstocks Financial, Inc. Research Associate Claire T. Alviar said the market has been feeding off the positive sentiment generated by Russia’s announcement of a vaccine for COVID-19.

“(With) COVID-19 cases mounting, uncertainty remains, triggering investors to take profit for now,” Ms. Alviar said.

Earlier this week, Russian President Vladimir Putin announced that Russia was the first country to approve a vaccine against COVID-19, named Sputnik V.

The President’s Spokesman Herminio L. Roque said Thursday that the Philippines and Russia plan to conduct phase 3 clinical trials of the vaccine between October and March, with approval from the Food and Drug Administration (FDA) projected by April 2021.

Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said Friday’s market result also represented profit-taking ahead of a meeting between US and China trade officials.

“The market ended with a slight loss as investors also felt uncertain about the US stimulus plans,” Mr. Pangan said in a mobile phone message.

On Saturday, the two countries will discuss the “phase one” trade deal signed earlier this year, which provided a respite to their trade war. Part of the deal between the two countries was China’s commitment to purchase an additional $200 billion in US goods and services.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said the trade tensions had kept investors at bay.

“China hopes that the US will create conditions for implementation of the Phase 1 trade deal,” Mr. Limlingan said in a mobile phone message.

Most of the sectoral indices improved on Friday except for holding firms which declined 43.08 points or 0.68% to 6,245.02 and services, which retreated 14.26 points or 0.98% to 1,439.73.

Mining and oil rose 99.02 points or 1.71% to 5,869.24; industrials were up 11.94 points or 0.15% at 7,956.09; financials gained 5.45 points or 0.47% to 1,161.92; and property increased 1.06 points or 0.03% to 2,945.49.

Decliners outnumbered advancers 97 to 88, while 56 ended unchanged.

Trading value was P9.46 billion with 6.80 billion shares changing hands, against Thursday’s P17.15 billion on volume of 1.35 billion shares.

Net foreign selling amounted to P516.25 million, against P3.74 billion Thursday.

“The market managed to end the week above the 6,000 area, but we’ll have to see next week if the index stabilizes above this level,” Timson’s Mr. Pangan said. — Revin Mikhael D. Ochave

Tech competition for women returns to the Philippines

She Loves Tech, a competition for women and technology is returning to the Philippines through its partnership with QBO Innovation Hub.

Scheduled for October, the global competition—and accompanying conference—has expanded its reach over the last five years. Alumni startups have gone on to raise over US$100 million in aggregate funding from some of the world’s top investors, including Sequoia Capital, Vertex Ventures, Wavemaker, Microsoft, and Amazon.

Due to the pandemic, the sixth edition of the competition will be held virtually in over 30 countries across North and South America, Africa, Europe, Asia, and Australia. “One of the things we’re most excited about is that going fully online gives us a great opportunity to reach a wider audience and help even more entrepreneurs than we ever could have,” says Rhea See, co-founder of She Loves Tech.

Winning the local edition of She Loves Tech in 2019 inspired Vesl, a platform for SMEs that provides per invoice-based insurance, “to keep aiming for scalable impact,” said Maureen Nova Ledesma, Vesl’s co-founder.

The winner of the local round will get to pitch their idea on a global stage. The global winner will receive an equity-free cash prize of $15,000 from She Loves Tech affiliate fund, Teja Ventures; media and mentorship prizes; fast-track access to partner funds and accelerator programs; and in-house advisory services.

“QBO has been growing our efforts to develop the participation of female founders in the tech startup ecosystem… and She Loves Tech has been a key partner,” said Katrina Rausa Chan, director of QBO Innovation Hub. “I’m looking forward to what this year’s participants will bring to the now-virtual stage.”

Applications will be accepted until Sept. 4 at www.shelovestech.org. 

Remaining productive while staying at home

We must have felt some sort of boredom when the COVID-19 pandemic started keeping us in our homes. Even if we still get to do our work from home, there might have been times when we can not quickly figure out how we will spend our spare time.

This is likely the reason why many have tried new hobbies as well as new means of doing things. With the help of technology, we still get to do more, right at the comfort of our home and within the reach of our fingertips —purchasing items, learning new skills, doing transactions, and so much more.

Run errands efficiently

Stocking up the pantry can be done without having to go to the supermarket. Through online delivery services, you can pick up fresh selections while avoiding long queues. You can also reduce exposure from your transaction through cashless payments using credit cards, debit cards, or electronic wallets (e-wallets). Security Bank Mastercard debit and credit cards can help you shop and pay online with ease. You can apply for a card online and choose the card that suits your lifestyle through this link www.securitybank.com/personal/credit-cards.

There are still bills to pay, even if the payments have somehow been eased because of the quarantine. Now is a fitting time to make such payments easierby scheduling recurring payments using your Security Bank Mastercard debit and credit cards subscriptions.You can also pay bills with Security Bank Online via their website or mobile app. Learn more about transacting on Security Bank Online here www.securitybank.com/blog/how-to-pay-bills-via-security-bank-online/.

Security Bank has also introduced a new service that allows its clients to enjoy a simpler way of managing their purchases. The new service, called “SimplyPay”, lets the bank’s credit card holders perform direct deposit transactions to any local bank account using their credit card. The Bank’s customers may now conveniently pay for purchases that don’t normally offer credit card payment options such as, but not limited to, rent, professional fees, insurance payments and school tuition among others. Visit www.securitybank.com/SimplyPay to learn more.

Keep in touch with family and friends

Staying at home does not stop anyone from celebrating their birthday, anniversary, or any other occasion. Families or friends can celebrate virtually and still feast on the same meals together. Whether you buy from your favorite restaurant or support the food business of your neighborhood chef or baker, you can make payment to their bank accounts or e-wallets such as GCash, Paymaya and GrabPay via InstaPay, using your Security Bank Mobile App.  Learn more about what you can do with Instapay, click through this link https://www.securitybank.com/online-banking/instapay/.

Sending money to your loved ones anywhere in the country can also be easily done at home. With Security Bank’s eGiveCash, you can give to your loved ones even if they do not have bank accounts.eGiveCashalso enables you to send to your own mobile number, and receivers can get the money you sent from over hundreds of eGiveCash-enabled ATMs. Know more about eGiveCash through this link https://www.securitybank.com/personal/egive-cash/.

Save up for the future

The pandemic has made it more important to prepare for the unexpected. Instead of scrambling for funds when the need arises, setting up and maintaining an emergency fund makes one financially prepared for unprecedented situations such as sudden loss of income or health emergencies.

If you don’t have an emergency fund yet, now is the best time to start.Look for a high interest-earning savings account that does not tie your money to a term when you need to use it.  Security Bank offers its eSecure Savings (eSS) to its existing deposit clients.  Made available on Security Bank Online, eSS allows you to earn interest up to 12% higher than regular deposit accounts. You can also schedule recurring payments and deposits and open up to 10 savings accounts with eSS. Click here to learn more www.securitybank.com/personal/accounts/high-interest/esecure-online-savings.

Aside from equipping yourself with an emergency fund, you can also sign up for a FREE life insurance.  Both can be availed when you open a Security Bank AllAccess account.  The free life insurance gives you coverage of up to Php 3 million, with no medical exams required.  You can open an AllAccess account online via Skype Video Calland start building your emergency fund. Start an AllAccessAccount through Skype by clicking here www.securitybank.com/account-opening-vc/.

Security Bank is with every Filipino in striving to overcome this pandemic, as the nation adjusts to the new normal. The bank believes that by working together, this situation can get better. For more information on how Security Bank is helping Filipinos get better, you may visit www.securitybank.com/Get-better.

TV5 lineup changes on Saturday as new shows debut

News and sports make way for game shows, talent and talk shows

TV5 will be reintroducing entertainment programs to the network after several years of not producing any and relying on sports and news programs. But instead of producing shows in-house, the local network has opted to buy shows from producers such as APT Entertainment and sister pay-TV network Cignal with the lineup (a first of many waves, according to a network executive) focusing on game and talk shows.

(Read more: https://www.bworldonline.com/tv5-to-buy-entertainment-content-enter-into-block-timing/)

Starting Aug. 15, TV5 will air two game shows back-to-back. Bawal na Game Show, hosted by comedians Wally Bayola and Paolo Ballesteros, is a game show that revolves around following restrictions (i.e., don’t move, don’t laugh) in order to win up to P100,000. The other is Fill in the Bank, a show that has P150,000 up for grabs and will be hosted by Jose Manalo and Pokwang.

The two shows will air three times a week after Aug. 15. Bawal na Game Show will run every Tuesday, Thursday, and Saturday at 7:30 p.m., while Fill in the Bank will run every Monday, Wednesday, and Friday, also at 7:30 p.m. For its pilot show on Aug. 15, Bawal na Game Show and Fill in the Bank will air consecutively from 6 p.m. to 8 p.m.

Meanwhile, the talent show Bangon Talentadong Pinoy is returning to the network six years after it finished its run. The show, which showcases Filipino talents, will have a total cash prize pool of P2.8 million. Bangon Talentadong Pinoy will be hosted by Ryan Agoncillo and will air every Saturday starting Aug. 15 at 8 p.m.

Usapang Real Life, hosted by Luchi Cruz-Valdes, is a talk show about “issues that she has never talked about” and will include “various narratives and inspiring case studies that aim to inspire, engage, and move viewers into action,” according to a press release. The show’s celebrity guests will include newscaster Karen Davila, Miss Universe 2018 Catriona Gray, and actress KC Concepcion. The show will air every Saturday at 9 p.m.

Actress Jessy Mendiola will be hosting the lifestyle show, Fit for Life, which focuses on how to be healthy despite the pandemic and will show how to prepare healthy dishes, exercises, and discussions. The show will air every Sunday starting Aug. 16, at 7 a.m. 

Finally there is the morning show Chika, BESH (Basta Everyday Super Happy) which will be hosted by Pokwang, Pauleen Luna-Sotto, and Ria Atayde. The show will focus on positive stories and the needs and issues “concerning women of all ages and walks of life,” according to the release. The show will air Mondays to Fridays at 10 a.m. starting Aug. 17. — ZBC

 

Social & economic benefits of casinos – Is this the way forward for the Philippines?

The casino industry has sparked a very productive public debate in the Philippines. As more and more casinos spring up around the island country, the discussion around them also increases.

What is more, people finally seem to understand the social and economic benefits that come with casinos, something that wasn’t the case in the past. This is especially true when the casinos that open are reputable gambling venues.

The benefits of legal online gambling

You don’t have to look far to see that the benefits from gambling at reliable establishments far outweigh the drawbacks. The online gambling industry in the Philippines is a perfect example of this.

Wagering at legal online casinos such as the ones listed in this summary by www.bestcasinosites.net comes with literally zero drawbacks. Players’ deposits are safe, games are fair, and the gambling experience is top-notch.

And that’s only from players’ viewpoint. If you look at the online casino sector from a social and economic standpoint, you will notice that the advantages of new casinos are even stronger.

This is because the online casino industry opens new jobs in the sector. More jobs mean more legal money in the economy. Similarly, when wagering at a legal online casino, crime is never an issue. The gambling site cannot defraud you of your money as it would have to answer to the national casino regulator if it does.

An even more important social benefit of legitimate casinos is that the risk for developing a gambling problem in a reputable online casino is non-existent these days.

In legitimate online casinos, there are deposit and betting limits that players can set. These restrict the size of deposits and bets players can make and completely root out problem-gambling behavior.

 

Social and economic pros and cons of casinos in the Philippines

As similar as they are, there are still quite a lot of differences between online and land based casinos in the Philippines. Let’s look at the most prominent socio-economic advantages and disadvantages of casinos in the country.

Socio-economic advantages and disadvantages of casinos
Pros Cons
  • Increased tax revenue
  • Increased economic activity
  • More jobs
  • Less crime
  • More money for charities
  • Difficult to regulate all casinos
  • More problem gamblers, but only in the first couple of years after a casino opens

Pros

Increased tax revenue

The government in the Philippines is always looking for additional sources of tax revenue. However, these are often hard to come by.

An easy fix to this is to open more legal casinos. Legal casino tax revenue can increase the budget of a country by quite a lot. The more legal casinos there are the more tax money the government will see.

So the next time you hear a government official say how the Philippines need a tax reform or to tighten their belt, remind them that there is also a much simpler solution. They can encourage people to open more legal casinos.

Increased economic activity and more jobs

Opening legal casinos does not only increase tax revenue directly, but also indirectly. It does this by putting more money into the pockets of those who own and work in casinos. And the casino industry employs quite a lot of people.

Casinos also increase the cash flow in connected businesses that operate in or around them. This means that restaurants, bars, and dining areas also see a lot of windfall from legal gambling establishments.

All this money cannot stay in people’s pockets forever, of course, and has to go in the Philippine economy sooner or later. This means more money for small enterprises, individual business owners, and more money in tax revenue.

Reduces criminal activity

Casinos have gone a long way from the days when they were connected to the mob and were synonymous with criminal activity. These days, legal casinos are just like any other business and the people working there only want to earn a living for themselves and for their families.

What is more, when there are more legal casinos, the number of illegal ones decreases. As you can imagine, criminal activity is predominantly present in these illegal establishments. The less illegal casinos there are the less crime the Philippines will see.

More money for charity donations

You might be surprised to learn that the gambling industry has to give a portion of its revenue to charity, but that is indeed the case. Even when this is done on voluntary basis there is lots of discontent in the public if the gambling industry fails to meet the donation target.

Cons

The government cannot regulate all gambling venues

Land based regulators try hard to impose the law on all gambling establishments in the Philippines. However, that sometimes requires a lot of footwork and is not always practical.

Gambling venues with dubious credentials often spring up in remote parts of the Philippines that you will struggle to even get to. These are not legitimate casinos and often look exactly like you see them in films – lots of shady-looking people gambling illegally in dark and smoke-filled rooms.

Regulating these would require authorities to go to every village and close a gambling shop as a new one opens somewhere else. Obviously, this is not very practical and would cost the tax payer a lot of money.

Increase in problem gamblers

It is to be expected that once there are more casinos out there, there will also be more players who will visit them. And if there are more players that go into a casino, the higher the chances that some of them will be problem gamblers or will develop the problem later.

Experts are also suggesting an alternative view here. They say that it is obvious that there will be more problem gamblers in the first couple of years after a new casino opens. This is to be expected.

However, they also say that after that initial excitement surrounding the casino goes away, the number of problem gamblers decreases. This means that you can expect to see more people with a gambling problem frequent a casino in the first few years, but that number will likely decrease in the future.

Reuters survey: journalists are experiencing COVID-19 coverage stress

by Patricia B. Mirasol

Journalists are struggling to cope with the emotional demands of covering the pandemic, wrote Meera Selva, director of the Journalist Fellowship Program at Reuters Institute for the Study of Journalism, and Dr. Anthony Feinstein, professor of psychiatry at the University of Toronto. 

The pair conducted a study at the Reuters Institute for the Study of Journalism this June and asked a sample of 73 journalists from international organizations a set of questions on their working conditions and emotional state. 

Seventy percent said they were suffering from psychological distress. More than a quarter of the responses suggest symptoms compatible with generalized anxiety disorder, a diagnosis with symptoms such as worry, insomnia, poor concentration, and fatigue. Eleven percent had symptoms of post-traumatic stress disorder, including recurrent intrusive thoughts of COVID-19 events and feelings of guilt, fear, and anger.

Close to three-fourths—or 74%—report on health matters related to the pandemic, although only 4% were specialist health reporters prior to the coronavirus crisis. One respondent shared how it was hard “navigating the challenge of covering a global story that is both personal but professional, leading a team to do so, and having to explain a new subject in an accurate, responsible, and fast way.” Another stressed about covering for colleagues who could not make it to the office because of coronavirus fears.

SUPPORT STRUCTURES

Organizations have been moderately supportive, according to the respondents, who gave an average score of 6/10 (where 10 was very supportive and 0 was not supportive). A similar rating was given on how they regard their work during the pandemic.

Freelance journalist and filmmaker Timothy McDonald said the results were not surprising, but that, “…all your respondents have a measure of job security. Go and ask a few freelancers how they’re feeling about the whole industry imploding right now.” Freelance journalists are particularly vulnerable as they do not have the protection of unemployment or severance pay. Ms. Selva advised editors who commission freelance reporters to keep an eye on them as they have even fewer support structures available.

 The authors stated the need to get the top-line findings out to show the need for immediate action: “We feel it is important to flag up the pressure many journalists are working under so that news media and others can consider how to respond to the problems we identify.” 

POST-TRAUMATIC GROWTH

In the Philippines, which has the highest number of coronavirus cases in Southeast Asia, the health crisis adds another source of anxiety for journalists who are facing increasing hostility from the Duterte administration. 

Still, Filipino journalist Howie Severino managed to find the silver lining in the crisis. A COVID-19 survivor, he documented the journey of a pandemic frontliner in “Ako si Patient 2828” (“I Am Patient 2828”) and spoke about post-traumatic growth (PTG)—or positive changes triggered by a trauma—in a recent social media post. 

According to Mr. Severino, complex emotions have to be processed after going through survivor syndrome, which is a combination of guilt, self-absorption, and depression. He offered the following steps as a roadmap to PTG: doing things for others, sharing your story with anyone who asks and cares to listen, and listening closely when others share their stories. 

“The biggest reward is just being alive and able to share a hopeful story,” Mr. Severino said in a separate post.

For quicker processing of claims, hospitals should go paperless — HMO

by Mariel Alison L. Aguinaldo

The healthcare industry needs to move faster in adopting digital solutions for better operations and servicing, according to InLife Health Care, a health maintenance organization (HMO).  

Some clinics and hospitals still bill their HMO claims on paper, which entails manual processing. This consequently lengthens their accounts receivable cycle. There are also doctors who hesitate to accept digital payments, preferring to still be paid in cash or in check.

“[Processing a check] takes time, and then it will have to be delivered. Right now that there’s a pandemic, it’s so hard to deliver the checks,” said Noemi Azura, president and chief executive officer of InLife Health Care, during 

The aforementioned HMO has adopted digital solutions that cuts red tape. With a swipe of their membership card, a patient can quickly confirm their membership status and get approval for small coverage amounts. They can also file for reimbursements on their mobile application by uploading a photo of their receipt along with their request.

Technology also allows patients to order medicine on e-commerce platforms and consult their doctors through telehealth services.

“Before the pandemic, there was a very low take-up of telemedicine because people still preferred seeing their doctors face-to-face. But during the pandemic, there was acceleration in adoption… because they’re so afraid to go to the hospitals,” said Ms. Azura.

This accessibility extends to timely mental health interventions. According to research company Premier Value Provider Inc., the enhanced community quarantine triggered severe anxiety in 87% of Filipino millennials and Gen Z’s and severe depression in 62%. 

To help the youth and other groups cope with these conditions, mental health organizations such as In Touch Community Services began offering web counseling sessions. A stress management program uses Zoom’s breakout room, whiteboard, and polling features to make it as interactive as possible. In Touch also holds webinars on well-being for the general public and training sessions for guidance counselors and psychologists who want to learn web counseling.

“Once connected with someone online, we will experience the other person and the relationship between us,” said Dr. Julian Montano, clinical supervisor at In Touch Community Services.

To hasten digital adoption within the healthcare industry, former Health Secretary Jaime Galvez-Tan, who now chairs the non-governmental organization Health Futures Foundation, suggested a mentoring program with young healthcare workers in charge of educating their senior peers.  

The health-and-wellness webinar was part of a series of breakout sessions held during the Impact Hackathon, a virtual event that aims to create sustainable digital solutions.

BusinessWorld In-Depth digital magazines now available on Magzter

BusinessWorld In-Depth, the Philippines’ leading business paper’s on-demand digital magazine, is now available on Magzter.

The first issue, “Banking in the Time of COVID-19”, features the complete First Quarterly Banking Report which revealed that in the first three months of the year, big banks reported lower profits, reduced capacity to absorb risky assets, and slower asset growth compared to the same period last year.

In addition to the financial data, this issue also provides feature articles on the sector. The banner story discusses banking in the so-called “new normal” that necessitated the use of digital platforms amid lockdown restrictions imposed by the government.

The article “Pandemic speeds up shift to digital banking” discusses this further in detail, while another feature looks at assistance provided to micro, small, and medium enterprises amid the pandemic. Rounding the roster of articles for this issue include the outlook for financial markets, stock recommendations for listed banks, and a Q&A session with Pag-IBIG Fund.

The second issue, “COVID-19 and Work-From-Home Tales”, compiles some of BusinessWorld‘s best COVID-19 special reports, published in March to July 2020, that tackled the crisis’ impact on various sectors — business, job market, seafarers, overseas Filipino workers, medical professionals, Church, agriculture, restaurants, events, jeepney drivers, graduates, and even prisoners.

It also features interviews with some professionals about their work-from-home life and lessons during the enhanced community quarantine. B-Side, BusinessWorld’s podcast launched at the start of the year, also offers a peek into other aspects of life and business amid the pandemic. The list of the episodes are also included in the issue.

Get a copy of these BusinessWorld In-Depth issues via https://bit.ly/31LTrHp and https://bit.ly/30QL4e6.

When it comes to digital storefronts, more is better

Businesses should establish a presence on all possible e-commerce channels in order to thrive, according to online payment platform PayMaya.

Online marketplaces like Lazada and Shopee, direct-to-consumer websites, and “conversational commerce” through social media groups and messaging applications are equally important when it comes to e-commerce. Instead of choosing the “best” platform, businesses should put up as many digital storefronts as possible.

“You should look at e-commerce to be present in all of these locations. If traditional retail is about location, in e-commerce, it’s pretty much the same—but in a different meaning altogether,” said Raymund Villanueva, head of business for QR ecosystems at PayMaya, during the Asia ECOMM Forum on August 13.

This approach should also extend to the payment options, which should include point-of-sale terminals for offline purchases, as well as online checkouts, QR payments, and peer-to-peer transfers for online purchases.

“You will never know what your customers are carrying, what they want to pay with, and also what promos and offerings the individual payment providers or consumers look into to maximize their payment wallets or accounts,” said Mr. Villanueva.

Consumers interface with businesses through different channels, depending on their purpose. According to a report by Salesforce, a customer relationship management platform, customers use search engines for discovering and evaluating businesses while e-mail is for customer service and receiving product ideas and coupons.

When it comes to making purchases, 47% of customers buy from online marketplaces. Twenty-six percent buy from retailer’s websites or applications, 18% from direct-to-consumer websites or applications, and 9% from other emerging purchase points such as WeChat and Instagram.

However, there are risks to online transactions. Private information from consumers may be hacked by malicious parties. In the same forum, the National Privacy Commission reported that 44% of data breaches were caused by such attacks.

The Department of Trade and Industry also reported separately that consumer complaints involving online transactions rose by 89.99% during the enhanced community quarantine. Most revolved around overpricing of essential goods, poor customer service, and deceptive sales acts and practices.

In spite of such risks, the dependence on e-commerce may be here to stay, especially with the changes caused by COVID-19. “People have fundamentally changed their behavior, and they’ve learned the benefits of e-commerce, whether it’s the plethora of choice or the cheaper options, and the convenience of it all. What’s more is that… they’re teaching other people to change their behavior as well,” said John Rubio, country director of Facebook.

Businesses must broaden their e-commerce presence, even if the costs may initially shock them, he added. “Yes, these are new costs that you need to get used to, but at the same time, this is where the new businesses are coming. Most people invest in a new location by building a new building. It should be the same mindset when you’re building a new e-commerce presence in a new channel,” said Mr. Villanueva.

Garmin® new solar-powered smartwatches offer 500% higher solar conversion rate

Garmin announced the extension of this technology into two of its flagship outdoor smartwatch series – Instinct and fēnix series, introducing the Instinct, fēnix 6 and 6S Solar.

Unlike other solar-powered watches that converts the solar energy into electrical energy for single functions such as time, Garmin’s solar charging technology is the only watch the converted electrical energy to support various sports activity modes and health monitoring features such as heart rate, GPS, various sensors and data calculation.

This solar charging technology not only brings about an overall improved power performance, it also reduces carbon emissions by up to 59 percent compared to other smartwatches due to the reduced power charging frequency. With the enhanced battery life, added sports activities and comprehensive health data monitoring, Garmin hopes to motivate and inspire users to continue their outdoor adventures and explore infinite possibilities together.

“In 2019, Garmin pioneered a breakthrough in solar charging technology, introducing the Power Glass™ to launch the world’s first solar-powered multisport GPS smartwatch, fēnix 6X Pro Solar. This year, we extend this proprietary technology into our well-loved Instinct and the complete fēnix 6 series, catering to the needs of outdoor adventurers and athletes, accompanying them to truly do what they love, longer,” said Mr. Scoppen Lin, Director, Garmin Asia.

Revolutionizing solar charging technologyfor increased battery optimization

One-of-a-kind Power Glass™ solar charging panel engineered by Garmin

Garmin has designed an ultrathin layer of tiny conductive elements on top of a glass panel, creating a multilayer structure that measures a mere 0.5mm thick. This sophisticated structure is able to efficiently convert light source into electrical energy while maintaining high permeability so that when it is paired with a Memory-in-Pixel (MIP) display, it retains clear and full color visibility under bright sunlight.

Over 30 patents filed for revolutionary solar charging technology

The breakthrough solar charging technology is achieved by using the best conductive materials to generate a peak power output (Pmax) of the solar cell is rated five times higher than the standard in the industry. With this technology incorporated in the design of Instinct Solar, it is able to achieve unlimited battery life when set to the Battery Saver mode.

Unlike traditional solar watches which only supports time mode or a single function, Garmin solar charging technology leads with a solar conversion rate up to five times higher than the industry standard, making Garmin the first in the world to launch solar-powered multisport GPS smartwatches.

Continuous solar charging even in partially covered conditions

When any part of a traditional solar panel no longer exposed to light, solar charging will instantly be deactivated. In the event of limited sun exposure where the watch is partially shaded, Garmin’s innovative solar panel technology has rearranged the panel’s conducting cells in a new design so that even when part of the screen is covered by clothing or covered in mud during mountain biking, the smartwatch continues uninterrupted solar charging. This groundbreaking design allows users to enjoy their outdoor activities for longer periods of time, without having to worry that their activity will not be recorded when battery runs out.

Power Manager feature to allow customizablefeature management

The Power Manager feature allows the user to easily toggle the watch functions according to their usage needs for the day, deactivating unused or lesser used functions on low activity level days. This feature allows the user to adapt the device to their lifestyle needs and getting the most out of each power charge.

Instinct Solar for the rugged, outdoor enthusiast

Garmin has incorporated the solar lens technology into its Instinct range of GPSsmartwatches to cater to the urban sport enthusiast. With the Power Manager feature, users can toggle to the Battery Saver mode to enjoy unlimited battery life on the Instinct Solar and Instinct Solar – Camo Edition, up to 24 days in smartwatch mode indoors and over 54 days with sufficient solar exposure1.

In addition to Instinct’s list of outdoor activity and health tracking features, Instinct Solar series now also includes the Body Batteryfeature which analyzes heart rate variability, stress level, sleep quality and activity data to determine overall energy levels. Another newly added feature is the Pulse Ox (SpO2)2, a technology which measures blood oxygen saturation – a useful health indicator to monitor during this time of pandemic as the COVID-19 virus can lead to pneumonia infection in which the lung’s air sacs are filled with fluid, leading to a drop in blood oxygen level. A sudden drop in SpO2 levels can indicate an early onset of symptoms.

For more information, visit Garmin.com.ph/minisite/instinct/instinct-solar/

fēnix 6 Solar Series – The Ultimate Solar Powered Smartwatch

 The fēnix 6 Pro Solar and fēnix 6S Pro Solar are the newest members of the Garmin flagship outdoor GPS smartwatch line. Featuring Garmin Power Glass™ solar charging lens and a customizable Power Manager mode, fēnix 6 Solar Series harness the power of the sun to stay on and remain performance-ready for weeks, so users will have more on-wrist time to enjoy their activities, training features, onboard mapping, music streaming and much more. Expanding the robust activity profiles included in the fēnix series, the fēnix 6 and 6S Solar Series come surf, mountain bike and indoor climb-ready.

  • Surf: Using a Surf Activity profile, fēnix surfers can track total waves, surf time, total time, max speed and their longest wave. When surfing in front of a Surfline® camera, users wearing fēnix6 Solar Series can upload their surf data to their Surfline account and later view video of that surfing activity through Surfline Sessions™.
  • Mountain Bike: Track the details of every ride with mountain biking metrics plus specialized grit and flow measurements that rate trail difficulty and how smoothly a user descends, giving a score to beat next time.
  • Indoor Climb: The indoor climb activity profile allows climbers to track their sessions at indoor facilities. Metrics include the number of routes, vertical distance climbed, climbing time, difficultly of each route and more.

The fēnix 6S Pro Solar battery performance in smartwatch mode is up to 9 days indoors and up to 10.5 days with sufficient solar exposure, while battery performance for the fēnix 6 Pro Solar in smartwatch mode is up to 14 days indoors and up to 16 days with sufficient solar exposure.

For more information, visit Garmin.com.ph/minisite/fenix/

Garmin Ambassadors

 Joining the launch forum are GARMIN’s most active ambassadors who brings pride in their respective fields.

David Guison

With David’s active urban lifestyle, Garmin Instinct Solar is the obvious choice for him. “As a content creator I have so many gadgets with me all the time, my Garmin solar-powered watch allows me to save time and energy. I also love that I can pair the watch with my phone for a fun, seamless usage!”

Garmin Instinct solar compliments David constant wardrobe changes with its rugged and reliable look. “I don’t have to worry about its toughness in any kind of sports activities. Plus, it has this smart notification that makes it convenient for me to get messages anytime. I’ll definitely recommend Instinct Solar to all my friends” adds David.

Gretchen Fullido

A known showbiz news anchor, Gretchen is constantly on the go with her news coverage. She is also into triathlon training as her sport of choice.

Gretchen finds Garmin Fenix ​​6S Pro Solar the best smartwatch for her active lifestyle. “This watch puts the solar energy that we originally imagined with a relatively large area into a smart surface. The power of solar energy can also support such complex functions in the smart watch. For a triathlete like me, often times our sport shirt would cover the watch and the solar charging just stops which is not the case with Garmin.”

 

Gretchen particularly want to emphasize on Garmin pulse oximeter function during this time of pandemic, she would often check her oxygen saturation to monitor her health. “Garmin does help me with this. Even the sleep tracker and the steps tracker features help me stay active and aligned with my goals” Gretchen shares.

Nikko Huelgas

Nikko has given pride to our country by bagging 2 back to back SEA Games Gold medals and a 3 times National Triathlon Champion. He is currently the Chairman of Philippine Olympic Committee- Athlete’s Commission.

“Staying active during the pandemic is my utmost priority. With Garmin’sfaster processor plus itsinnovative GPS, I can keep up with a more efficient training. No doubt that this watch is durable and ruggedly stylish which fits my go getter lifestyle.

Nikko recognizes the benefit of GARMIN solar technology on his training, as this will lessen his downtime in training. “I love the extra battery life especially on how valuable time is nowadays coz of the fast paced life. This watch is lightweight that compliments in getting a better race performance”

Regional Updates (08/13/20)

Baguio gov’t, transport group oppose new taxi licenses

MAYOR BENJAMIN B. Magalong has reiterated his opposition to the issuance of new taxi franchises in Baguio, citing an oversupply of the transport service in the city especially in light of restricted movements to mitigate the coronavirus outbreak. “While the City Government had been taking advantage of the transportation lull to better vehicular traffic in Baguio, some sectors appear to be doing the reverse during these times of pandemic,” the local government said in a statement on Wednesday after the Land Transportation Franchising Regulatory Board (LTFRB) reopened the application for 200 taxi franchises that have expired or been abandoned. “LTFRB never consulted the local government,” Mr. Magalong said, “Baguio would continue to interpose strongest objections against introduction of new taxis intended to ply city streets.” The franchises cover services “for Baguio City, La Trinidad, Benguet to any point in Cordillera Administrative Region.” The mayor said traffic enforcers have noted that “additional taxi units would further turn vehicular traffic in the city from bad to worse.” The Baguio-Benguet Taxi Drivers Association has also filed a petition against the LTFRB’s move. “The existing 5,000 taxi services more or less, are not fully operational due to the government restrictions imposed on PUVs (public utility vehicles)… At this time, there is actually a glut or an oversupply of taxi services in the city,” the group said. The Baguio City council has also expressed opposition to more taxis through various resolutions.

10,000 Caviteños to participate in clinical trials for COVID-19 vaccines from UK, US

AROUND 10,000 residents of Cavite province will participate in clinical trials for coronavirus disease 2019 (COVID-19) vaccines from two pharmaceutical companies in the United States and United Kingdom, Governor Juanito Victor C. Remulla said on Thursday. In a statement posted on his Facebook page, Mr. Remulla said the two “pharmaceutical giants” are nearing phase 3 of their field trial, which will include the 10,000 volunteer recipients of the experimental vaccine. The local chief executive, however, did not say when the trial is expected to take place. He also declined to identify the two pharmaceutical firms. He also expressed reservations on reports that Russia has already developed a COVID-19 vaccine. “The Russian data is unavailable, their methodology is not open and its efficacy has not been subject to a review and analysis,” Mr. Remulla said. — Emmanuel Tupas/PHILSTAR

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