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[EXPLAINER] What we know about the Indian variant as coronavirus sweeps South Asia

A MAN is consoled by his relative as he sees the body of his father, who died from the coronavirus disease 2019 (COVID-19), before his burial at a graveyard in New Delhi, India, April 16. — REUTERS

THE PHILIPPINES has detected its first two cases of a coronavirus variant first identified in India, the Department of Health (DoH) said on Tuesday. 

The variant, known as B.1.617, had been confirmed in two Filipino workers who returned in April from the United Arab Emirates and Oman, Alethea De Guzman, director of the DoH epidemiology bureau, told a news conference, adding they had been in isolation since coming back. 

In a bid to prevent the entry of variants, the Philippines has temporarily barred travelers coming from India, Pakistan, Sri Lanka, Nepal and Bangladesh from entering the country. 

India has recorded the world’s sharpest spike in coronavirus infections this month, with political and financial capitals New Delhi and Mumbai running out of hospital beds, oxygen and medicines. 

Scientists are studying what led to the unexpected surge, and particularly whether a variant of the novel coronavirus first detected in India is to blame. The variant, named B.1.617, has been reported in 17 countries, raising global concern. Here are the basics: 

WHAT IS THE INDIAN VARIANT?
The B.1.617 variant contains two key mutations to the outer “spike” portion of the virus that attaches to human cells, said senior Indian virologist Shahid Jameel. 

The World Health Organization (WHO) said the predominant lineage of B.1.617 was first identified in India last December, although an earlier version was spotted in October 2020. 

On May 10, the WHO classified it as a “variant of concern,” which also includes variants first detected in Britain, Brazil, and South Africa. Some initial studies showed the Indian variant spreads more easily. 

“There is increased transmissibility demonstrated by some preliminary studies,” Maria Van Kerkhove, WHO’s technical lead on coronavirus disease 2019 (COVID-19), said, adding it needs more information about the Indian variant to understand how much of it is circulating. 

ARE VARIANTS DRIVING THE SURGE IN CASES?
It’s hard to say. 

Laboratory-based studies of limited sample size suggest potential increased transmissibility, according to the WHO. 

The picture is complicated because the highly transmissible B.117 variant first detected in the UK is behind spikes in some parts of India. In New Delhi, UK variant cases almost doubled during the second half of March, according to Sujeet Kumar Singh, director of the National Centre for Disease Control. The Indian variant, though, is widely present in Maharashtra, the country’s hardest-hit state, Mr. Singh said. 

Prominent US disease modeler Chris Murray, from the University of Washington, said the sheer magnitude of infections in India in a short period of time suggests an “escape variant” may be overpowering any prior immunity from natural infections in those populations. 

“That makes it most likely that it’s B.1.617,” he said. But Mr. Murray cautioned that gene sequencing data on the coronavirus in India is sparse, and that many cases are also being driven by the UK and South African variants. 

Carlo Federico Perno, Head of Microbiology and Immunology Diagnostics at Rome’s Bambino Gesù Hospital, said the Indian variant couldn’t alone be the reason for India’s huge surge, pointing instead to large social gatherings. 

Prime Minister Narendra Modi has been criticized for allowing massive political rallies and religious festivals which have been super-spreader events in recent weeks. 

DO VACCINES STOP IT?
One bright spot is that vaccines may be protective. White House chief medical adviser Anthony Fauci said that preliminary evidence from lab studies suggest Covaxin, a vaccine developed in India, appears capable of neutralizing the variant. 

Public Health England said it was working with international partners but that there is currently no evidence that the Indian variant and two related variants cause more severe disease or render the vaccines currently deployed less effective. 

“We don’t have anything to suggest that our diagnostics, our therapeutics and our vaccines don’t work. This is important,” said Ms. Van Kerkhove at WHO. — Reuters 

Fort Pilar Energy plans ‘modern’ facility for Malaya plant site

FORT Pilar Energy, Inc. plans to build a “modern” energy facility in Pililla, Rizal where the Malaya thermal power plant is located, its top official said after the firm offered to buy the state asset for P3.12 billion.

“The Malaya plant further bolsters the growing energy asset portfolio of Fort Pilar Energy. Similar to our earlier investments, we envision a modern energy facility in the site to strengthen the power situation in Luzon,” the Chief Executive Officer of Fort Pilar Energy Joseph Omar A. Castillo said in a statement shared with reporters on Tuesday.

On Friday, state-led Power Sector Assets and Liabilities Corp. (PSALM) declared the company as the winner in the negotiated sale of the 650-megawatt (MW) plant.

Mr. Castillo said that the power plant is strategically located “since it lies at the heart of the Luzon grid.” His company’s offer for it exceeded the P1.84-billion minimum price set by PSALM.

Separately on Tuesday, PSALM said in a statement e-mailed to BusinessWorld that its technical working group is set to hold an evaluation of the winning negotiating party this week.

The group targets to present the post-qualification results to the privatization bids and awards committee by next week, PSALM said.

The sale of the Malaya plant was on an “as-is where is” basis, which included the 300-MW unit 1 and the 350-MW unit 2 as well as the underlying land.

PSALM said the results of the negotiation must undergo a post-qualification process to ensure that the winning bidder has met the financial and legal requirements.

In a past report, the Department of Energy said it costs around P1.2 billion a year to maintain the plant, prompting PSALM to pursue the negotiated sale. PSALM is mandated to sell state energy assets to settle maturing obligations it assumed from the National Power Corp. — Angelica Y. Yang

Lady Gaga, Glenn Close join Prince Harry and Oprah for mental health TV series

APPLE.COM

LONDON — Britain’s Prince Harry and US chat show queen Oprah Winfrey will premiere their television documentary series on mental health issues later this month, with singer Lady Gaga and actress Glenn Close among those contributing. The Me You Can’t See series, co-created and produced by Prince Harry and Ms. Winfrey, will feature stories from high-profile guests and others across the world about mental health and emotional well-being issues, Apple TV+, the streaming service which will air the programs from May 21, said on Monday. Ms. Winfrey said the series aimed to spark a global conversation, and replace the shame surrounding mental health with wisdom and compassion. Among those participating will also be basketball players DeMar DeRozan from the San Antonio Spurs and Langston Galloway from the Phoenix Suns, Apple said. —  Reuters

SB Finance to launch digital platform as it seeks to expand customer base

SB FINANCE CO., Inc., the joint venture consumer lending firm of Security Bank Corp. and Thailand’s Bank of Ayudhya (Krungsri), is set to beef up its digital capabilities as it seeks to attract more borrowers.

The company is awaiting regulatory approval for a capital infusion worth P3 billion, which will be used to boost its operations.

“That investment will be used to finance our expansion, strengthen internal capabilities. At least for this year, we are allocating 15% of that for our digital investments,” SB Finance Chief Financial Officer Joy V. Supan said at an online briefing on Tuesday.

“We are just waiting for regulatory approvals. We’re expecting the first half to come in hopefully this month and the second half in June or July, depending on how soon we can get regulatory approvals,” Ms. Supan said.

SB Finance Chief Executive Officer Abigail Marie D. Casanova said they will be launching a digital platform “soon” for customers and would-be borrowers.

“We have about more than 30,000 clients at the moment, and these are legacy clients from the time SB Finance was a full-time subsidiary of Security Bank,” she said.

Ms. Casanova said while the consumer finance industry experienced a challenging year in 2020 “as expected” due to the crisis, they have already started seeing an improvement in asset quality.

Security Bank, SB Finance’s local parent, saw its income drop by 26.7% to P7.4 billion in 2020 from P10.1 billion in 2019 as it beefed up loan loss provisions in view of the crisis.

The listed lender’s shares closed at P115.40 apiece on Tuesday, up by 40 centavos or by 0.35% from its previous finish. — L.W.T. Noble

Novo Nordisk launches diabetes drug that also reduces cardiovascular risk

DANISH multinational pharmaceutical company Novo Nordisk recently launched a once-weekly injectable treatment for Type 2 diabetes that stimulates insulin (a hormone that regulates the amount of sugar in the blood), suppresses glucagon (a hormone that causes the release of sugar in the blood), and decreases appetite and food intake.

The drug is delivered using the shortest and thinnest needle — about as thin as two human hairs — available from Novo Nordisk.

“This is welcome news,” said Dr. Michael L. Villa, president of the Philippine Society of Endocrinology, Diabetes and Metabolism, in a May 6 webinar organized by the pharmaceutical company. “Patients will have less pain and better compliance. Once a week is a very convenient form of delivery for medication.” (Some people with Type 2 diabetes have to inject insulin every day.)

The new drug belongs to a class of antidiabetic medications that mimic the actions of glucagon-like peptide 1 (GLP-1), a naturally occurring hormone produced in the gut that enhances insulin secretion. According to Dr. Villa, these medications, called GLP-1 receptor agonists, have a unique mechanism that affects different organ systems: apart from improving blood sugar levels, they also reduce cardiovascular risk by modifying the progression of atherosclerosis (the build-up of fatty deposits in the arteries) and reducing blood pressure and body weight.

Diabetes is a disease that occurs when the body’s blood glucose is too high. Over time, high blood sugar can lead to problems such as heart disease, kidney disease, and nerve damage. More than 32% of those with Type 2 diabetes — or the type where cells don’t respond normally to insulin — have cardiovascular complications.

“Type 2 makes up for about 85% of the patient population with diabetes,” Dr. Villa said in a press statement. “These are mostly adult patients with multiple risk factors. Some are smokers, some are hypertensive, some have cholesterol problems. This is exactly why we are raising concerns with these types of patients.”

RISK FOR HEART DISEASE
Diabetes spells heart attack (or a myocardial infarction, to use the medical term) for cardiologists like Dr. Gilbert C. Vilela, vice-president of the Philippine Heart Association. “You know how they say that cardiovascular disease is a traitor? They’re correct,” he said, explaining that patients with diabetes are more likely to have high levels of bad cholesterol. “This leads to low-grade inflammation, which silently but persistently hardens the blood vessels.”

Approximately four million adults in the Philippines were diagnosed with diabetes in 2020, according to the International Diabetes Federation. According to the Philippine Statistics Authority, it was the fourth leading cause of death among Filipinos last year, accounting for approximately 37,300 thousand deaths. — Patricia B. Mirasol
    

International units boost Emperador’s net income

EMPERADOR, Inc. recorded a 43% increase in its net income to owners at P2.1 billion for the first quarter due to the strong performance of its international units.

The listed company said in a stock exchange disclosure on Tuesday that its revenues improved 13% to P12.1 billion after its global business posted growth during the period.

“The first quarter of 2021 saw a continued robust performance of Emperador’s global business. Sales in most markets are returning. Leading the growth is the Americas, United Kingdom and the rest of Europe, and Asia, particularly China,” the company said in the disclosure.

“With Emperador’s global footprint across over 100 countries in six continents, iconic and well-diversified brandy and whisky portfolio, and strong managements all over the world, the company has constantly been able to navigate through the ongoing challenges brought about by the pandemic,” it added.

Emperador President Winston S. Co said the company’s business is recording growth on multiple levels, adding that it has managed to adjust and improve with consumer and economic movements.

“Both brandy and whisky segments have seen continuous robust growth. The current environment has shifted consumer behavior differently in various markets,” he said in the disclosure.

Moving forward, Mr. Co said the company is optimistic that the gains it attained will result to a new phase of growth.

“We expect the situation to improve and return to some level of normalcy towards the end of the year,” he said.

On Tuesday, shares of Emperador at the stock exchange rose 0.11% or one centavo to end at P9.51 apiece. — Revin Mikhael D. Ochave

NBC drops 2022 Golden Globes; Tom Cruise returns trophies

LOS ANGELES — US television network NBC on Monday dropped its broadcast of the Golden Globes ceremony in 2022 after a Hollywood backlash over the ethics of the group that hands out the annual awards for film and television and its lack of diversity. Tom Cruise joined a revolt led by streaming platforms and studios, returning the three Golden Globe statuettes he won for his roles in Jerry Maguire, Magnolia, and Born on the Fourth of July, Variety and Deadline Hollywood reported. NBC’s decision came even after the Hollywood Foreign Press Association (HFPA), which hands out the awards, agreed to recruit more Black members and make other changes over the next 18 months. The network had initially welcomed the plan but later said it would wait to see if the reforms worked. HFPA members have also been accused of making sexist and racist remarks and soliciting favors from celebrities and studios. “Change of this magnitude takes time and work, and we feel strongly that the HFPA needs time to do it right. As such, NBC will not air the 2022 Golden Globes,” NBC said in a statement. “Assuming the organization executes on its plan, we are hopeful we will be in a position to air the show in Jan. 2023,” NBC added. After NBC’s announcement, the HFPA said implementing “transformational change” remained an urgent priority “regardless of the next air date of the Golden Globes.” In a statement, the HFPA reiterated its planned reforms and gave a detailed timetable. It said that by Aug. 2021, it would hire a new chief executive, add 20 new members, approve a new code of conduct and provide diversity and sexual harassment training among other steps. —  Reuters

Banks told to practice caution in dealing with eSabong firms

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) has reminded banks to be cautious in dealing with gambling businesses, including the emerging eSabong industry.

“BSP-supervised financial institutions shall deal only with gambling and/or online gaming businesses that are authorized/licensed…,” BSP Deputy Governor Chuchi G. Fonacier said in Circular Letter No. CL-2021-037.

The issuance informed BSP-financial institutions about the regulatory framework for online live cockfighting or sabong recently released by the Philippine Amusement and Gaming Corp. (PAGCOR).

eSabong is defined by PAGCOR as “online or off-site betting on live cockfighting matches or events, and/or activities streamed or broadcasted live from cockpit arena/s licensed or authorized by the local government units having jurisdictions”.

To become an eSabong operator, businesses should be duly registered with the Securities and Exchange Commission.

These operators are subject to regulations like Know Your Customer rules, verification, and monitoring of players; prohibition for offshore bets and streaming; registration process for agents, coordinators, and promoters; and reporting obligations.

Like other gaming entities supervised by PAGCOR, eSabong operators are also expected to comply with anti-money laundering and counter-terrorism financing laws and to practice guidelines for customer due diligence applicable to land-based casinos.

Based on PAGCOR’s website, there are only two eSabong brands currently licensed to operate: Sabong Express owned by Belvedere Vista Corp. and Pitmasters Live of Lucky 8 Star Quest Inc. — LWTN

Vaccines bring us closer

AREK SOCHA / PIXABAY

The title of this week’s column is borrowed from the theme of this year’s World Immunization Week, which is observed on the last week of April. This inspiring and timely theme was also the focus of the recent Health Connect webinar which was attended by public health experts, infectious disease specialists, and vaccination advocates.

How do vaccines bring us closer? They bring us closer to help protect the people from vaccine preventable diseases. Vaccines also bring us closer to eradicate diseases that ravage Filipino children, women, and the elderly for years. Vaccines also bring us closer to the people we love, our own families and friends who we cannot be with since the start of the pandemic.

“For us Filipinos, being close to our family is very basic. But the COVID-19 (coronavirus disease 2019) pandemic forced us to keep our distance. We can no longer do mano to our elders, kiss family members before leaving the house and upon getting home, visit or care for sick loved ones, and many children cannot visit or hug their grandparents. It is a very difficult and stressful time for Filipino families,” said Jing Castañeda, a health, family, and child advocate, who moderated the webinar.

Immunization saves millions of lives every year and is widely recognized as one of the world’s most successful health interventions. “Yet, there are still nearly 20 million children in the world today who are not getting the vaccines they need, and many miss out on vital vaccines during adolescence, adulthood and into old age,” according to the World Health Organization (WHO).

Dr. Kim Patrick Tejano, program manager of the Department of Health National Immunization Program (NIP), shared that only 62% of Filipino children have completed their routine vaccines in 2020, down from 69% in 2019. Although disruption to health services caused by the COVID-19 pandemic clearly contributed to this unfortunate development, the country’s immunization coverage has been declining for some years now. Low immunization coverage means that Filipinos are vulnerable to outbreaks of vaccine-preventable diseases.

“Vaccines bring us closer to a world where no one suffers or dies from a vaccine-preventable disease. So in this year’s World Immunization Week, we want to focus on routine immunization, especially the children who missed their doses during the pandemic. As COVID-19 continues to challenge access to essential health services, the need to provide people with life-saving vaccines becomes all the more critical,” said Dr. Tejano.

The Health Connect webinar is an initiative of the Philippine Medical Association (PMA), the Philippine Foundation for Vaccination (PFV), and the Pharmaceutical and Healthcare Association of the Philippines (PHAP).

While some parents are understandably cautious about going out of their homes to get their children vaccinated, the Department of Health (DoH) said that it has established safety protocols to minimize risk of transmitting COVID-19 while continuing the immunization drive against vaccine-preventable diseases like polio and measles.

To better guide the local decision makers in addressing various concerns during vaccination campaigns, Dr. Samuele Anton Quizon of the DoH Health Promotion Bureau introduced a playbook to support and empower local social mobilizers who are trained to address vaccine hesitancy.

Meanwhile, Philippine Pediatric Society (PPS) President Joselyn Eusebio urged parents not to delay their children’s immunization schedule. “One fully immunized child is a step towards a healthier community,” said Dr. Eusebio.

“We want to reinforce the crucial role of routine immunization in saving lives from vaccine-preventable diseases; to highlight the role of the private sector in supporting the government in the robust implementation of the National Immunization Program; and to renew public trust in the value of all vaccines and continue to build long-term support and awareness for immunization,” said PMA President Dr. Benito P. Atienza. He stressed that every person should be protected from vaccine-preventable diseases. “Matakot tayo sa mga sakit, huwag sa bakuna (Let us be afraid of diseases, not of vaccines.).”

We call on everyone to take notice of the urgent need to vaccinate our children and elderly so that they too could be protected from various potentially fatal and debilitating diseases. For the COVID-19 vaccination roll out, we urge the elderly and those belonging to the priority sectors to have themselves vaccinated upon consultation with their doctors.

 

Teodoro B. Padilla is the executive director of the Pharmaceutical and Healthcare Association of the Philippines (PHAP). PHAP represents the biopharmaceutical medicines and vaccines industry in the country. Its Members are in the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.   

Megaworld plans to offer REIT by second half of 2021

LISTED property developer Megaworld Corp. said it is looking to launch its own real estate investment trust (REIT) by the second half of the year.

“We’re looking to launch our REIT by [the] second half. I can’t say much… but I can tell you it’s going to be big,” Kevin Andrew L. Tan, Megaworld chief strategy officer, said in an interview with ABS-CBN News Channel on Tuesday.

In a regulatory filing last week, Andrew L. Tan’s property firm said it bumped up its budget for capital expenditures this year to P36 billion from P27.9 billion, the majority of which or around 76% will be used for the construction of real estate projects.

Around 24% will be allocated for investment properties.

“We approach our capex with a little bit of caution still… we do have priorities right now, which is to complete a lot of our development projects and our recurring income projects as well,” Mr. Tan said.

Megaworld did not allocate a budget for land banking activities this year because Mr. Tan said the company is still “comfortable” with its current land bank spanning around 4,500 hectares of undeveloped land.

However, Mr. Tan added that Megaworld will be open to revising the company’s capex and its allocation should it see opportunities this year.

On Tuesday, shares of Megaworld at the local bourse declined by 2.3% or seven centavos to close at P2.98 apiece. — Keren Concepcion G. Valmonte

London’s V&A museum unveils new Raphael gallery 

The Conversion of the Proconsul also known as The Blinding of Elymas, by Raphael — VAM.AC.UK

LONDON — London’s Victoria & Albert museum unveiled a revamped look for its gallery holding the Raphael Cartoons last week, following a refurbishment carried out to mark 500 years since the Italian Renaissance master’s death. The renovated Raphael Court features acoustic panelling, LED lighting, and bespoke furniture, all aimed at showcasing the works’ colors and intricate details, the museum said. Raphael, who died in 1520 aged 37, painted the seven large designs for tapestries, which depict scenes from the lives of Saint Peter and Saint Paul, after they were commissioned by Pope Leo X for the Sistine Chapel. “Cartoon in this context is a work which is a design for something … It’s a work which is a kind of design tool,” Philippa Simpson, director of design, estate and public program at the V&A, told Reuters. “The works … are probably some of the most significant Renaissance masterpieces in the UK.” Visitors will also be able to use a QR code for a detailed digital explanation of the Cartoons, on loan to the museum from the Royal Collection. The V&A, named after Queen Victoria and her husband Prince Albert, will re-open its doors to the public on May 19 in the next phase of Prime Minister Boris Johnson’s roadmap out of lockdown. Though entry is free, visitors will need to book timed tickets and wear face coverings. — Reuters

How PSEi member stocks performed — May 11, 2021

Here’s a quick glance at how PSEi stocks fared on Tuesday, May 11, 2021.