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TDF yields inch higher as BSP keeps rates steady

YIELDS ON the term deposits auctioned off by the Bangko Sentral ng Pilipinas (BSP) mostly climbed on Wednesday following its decision to maintain benchmark rates and due to expectations of faster inflation this year.

Demand for papers under the BSP’s term deposit facility (TDF) totaled P391.67 billion on Wednesday, higher than the P270 billion on the auction block. This also surpassed the P372.23 billion in bids logged last week for the P230 billion up for grabs.

Broken down, the seven-day deposits attracted tenders amounting to P145.84 billion, beating the P110-billion offering as well as the P135.31 billion in bids recorded the prior week.

Rates for the one-week papers ranged from 1.75% to 1.88%, marginally wider than the 1.75% to 1.8% range logged in the previous week. This brought the average rate for the tenor to 1.7834%, inching up by 1.26 basis points (bps) from the 1.7708% seen on Aug. 19.

For the 14-day deposits, tenders hit P163.54 billion, going beyond the P110-billion offering and the P157.75 billion in bids last week for the P90 billion up for grabs.

Accepted yields were seen from 1.76% to 1.95%, a slimmer band compared to the 1.75% to 2% logged the previous week. This brought the average rate of the two-week deposits to 1.8317%, down by 0.3 bp from the 1.8347% logged a week ago.

On the other hand, demand for the 28-day papers amounted to P82.29 billion, surpassing the P50 billion offered by the central bank as well as the P79.17 billion in bids seen last week for the P50 billion auctioned off.

Banks asked for yields ranging from 1.7655% to 1.9518%, a narrower range compared to the 1.7532% to 2% logged a week ago. This caused the tenor’s average rate to hit 1.8481%, gaining 2.49 bps from the 1.8232% seen on Aug. 19.

“Results of Wednesday’s auction continue to show ample liquidity in the financial system,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement.

Yields on the term deposits mostly inched higher after key rates were maintained in the fourth policy review of the Monetary Board last week, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message on Wednesday.

The BSP last Thursday kept the rates on its overnight reverse repurchase, lending and deposit facilities at record lows of 2.25%, 2.75%, and 1.75%.

BSP Governor Benjamin E. Diokno said the decision to go for a “prudent pause” was backed by the stable inflation and some shoots of recovery in economic activity.

Mr. Diokno said earlier this week they still have space to ease policy settings further if needed.

The central bank has already slashed rates by 175 bps so far this year to provide support to the economy and the market amid the pandemic.

“TDF yields were also slightly higher after the BSP estimated higher inflation,” Mr. Ricafort added.

The BSP on Thursday hiked its 2020 inflation forecast to 2.6% from the 2.3% it gave in its June policy review. The 2021 and 2022 forecasts were also increased to 3% (from 2.6%) and 3.1% (from 3%), respectively. All forecasts for the said years are still within the 2-4% target of the central bank.

Mr. Dakila last week said they adjusted their inflation outlook following faster-than-expected inflation in June and July. — L.W.T. Noble

AUB tweaks loan schemes amid pandemic

ASIA UNITED Bank Corp. (AUB) has modified loan schemes for borrowers heavily hit by the coronavirus crisis following its assessment of individual accounts.

“We are offering a restructured loan option for auto, housing and salary loan borrowers who belong to industries badly affected by the pandemic,” AUB Senior Vice- President and Consumer Loans Group Head Leo F. Intalan said in an e-mail.

AUB Chairman and Chief Executive Officer Abraham T. Co said in the bank’s annual stockholders meeting held virtually in July that they will review accounts individually to address the concerns of and help customers that experienced “economic damage without the fault of their own” due to the coronavirus disease 2019.

Mr. Co also acknowledged then that the pandemic will likely affect the quality of their assets.

The lender has also adjusted some arrangements for their borrowers in its credit card segment.

“Qualified cardholders are offered the pandemic installment program, which allows them to pay their outstanding balance on installment up to 24 months at a monthly add-on interest rate that is lower than the regular interest on partial payments,” AUB First Vice-President and Card and Acquisition Business Head Mags V. Surtida said. 

There was a mandatory grace period imposed for loan payments due to the lockdown measures in previous months. This eventually ended in June when restrictions were eased, with banks deciding on a case-to-case basis regarding loan arrangements that could give relief for consumers.

The Bayanihan II bill ratified by Congress provides for another 60-day mandatory grace period for loan payments, including credit cards.

AUB’s net earnings declined 24% year on year to P1.114 billion in the second quarter amid higher loan loss provisions due to the pandemic. In the first semester, net income also dropped 10% to P2.3 billion.

Its shares closed unchanged at P45 apiece on Wednesday. — Luz Wendy T. Noble

ABS-CBN to stop 12 news programs in provinces

EMBATTLED media company ABS-CBN Corp. announced on Wednesday the shutdown of 12 of its news programs in the provinces.

In a statement, the Lopez-led company said its 12 TV Patrol programs will have their final newscasts on Friday.

“This unfortunate development is the latest service affected by the denial of ABS-CBN’s franchise by the House of Representatives on July 10, which also led to the closing of ABS-CBN Regional’s operations,” it said.

The network airs news programs on its 21 regional stations.

ABS-CBN’s Regional Head Tata C. Sy noted the network has been serving families in remote areas that are “not reached by other television signals.”

“But more than delivering breaking news, ABS-CBN Regional news teams are also the first to bring aid and relief to communities struck by calamities,” she added.

ABS-CBN Regional will also stop producing new episodes of its nine morning shows.

Last week, the network reported an attributable net loss of P3.16 billion for the second quarter from a profit of P695.80 million in the same period in 2019.

ABS-CBN’s total revenues for the second quarter dropped 55.17% to P4.68 billion from P10.44 posted.

The network announced last month that it would implement a retrenchment program effective at the end of business day on Aug. 31.

The company’s theme park business, KidZania Manila, will permanently close starting Aug. 31. — Arjay L. Balinbin

PHL banks think AI can help detect, prevent money laundering

MOST Philippine banks believe using artificial intelligence (AI) in their systems will prevent money laundering activities, a survey by global analytics firm FICO showed.

FICO’s Integrated Anti-Money Laundering Compliance Survey said 73% of the banks agree AI will boost early and accurate detection of laundering activities, it said in a statement on Wednesday.

The survey was conducted in May among 256 bank senior executives in Asia Pacific, including those in Australia, Hong Kong, Indonesia, Malaysia, New Zealand, Singapore, South Korea and Taiwan.

Almost all or 95% of Philippine respondents said integrating AI in traditional rules-based methods can help banks comply with anti-money laundering (AML) policies.

“Rules-based compliance systems continue to be the workhorse for banks in Asia Pacific when fighting financial crime. However, some early adopters are starting to embrace the new world of AI and realize that the decade-old rules-based systems can’t keep up with sophisticated threats on their own,” Timothy Choon, FICO Financial Crimes Leader in Asia Pacific, said in a statement.

While all of the Philippine banks surveyed are eager to acquire AI technology, with 41% of them planning to spend on this next year, 36% said operating AI would be difficult.

Local banks said challenges in shifting to AI-enabled systems include the ability to meet new types of compliance risks in channels and products, the capacity to provide an end-to-end integrated compliance solution and being able to adapt quickly to changes in regulation.

“We can see that addressing the competing needs of regulatory compliance and customer experience remains a balancing act for most institutions. Banks are challenged by the need for more information to deal with high rates of alerts from ineffective systems, while not vexing customers with incessant due diligence questions,” Mr. Choon said.

Despite these challenges, Mr. Choon said Philippine banks are still likely to invest in AI in 2021 as the survey’s respondents showed they were supportive of the technology despite higher risks of financial losses from the coronavirus 2019 pandemic.

“This survey, conducted in May, shows that even in the recent economic downturn triggered by the pandemic, banks remain committed to targeted spending that boosts their AML compliance. There is an increased willingness to perceive compliance and fraud as a common financial crime risk,” Mr. Choon said. — Kathryn Kristina T. Jose

Dining In/Out (08/27/20)

Pancake House favorites available for delivery

PANCAKE House’s timeless classics, signature promotions, and new offerings are now all available for delivery to one’s doorstep. For those who like doing a bit of DIY, the restaurant chain is offering Make Your Own Sets of various dishes. The Make Your Own Taco Set (P459) contains five taco shells with ingredients like taco meat, grated cheddar cheese, fresh romaine lettuce strips, and signature salsa placed in separate containers. Signature classics are available through the Make Your Own House Specials Set with taco, spaghetti with meat sauce and garlic bread, Classic Pan Chicken, and juice. The House Special Sets are available in bundles good for three and five people, starting at P939. the Make Your Own Jumbo House Burger Set features a 1/3 lb beef patty with bacon, cheese, lettuce, pickles, cucumbers, tomato, Thousand Island dressing, and a toasted bun, and is available in bundles good for three and four people, starting at P799. Meanwhile, the restaurant’s popular Choose Any 2 value for money offering is also now available for delivery. The promo also comes in choices of three and four dishes. Starting at P459, choose among six different dishes: chicken tocino, one classic pan chicken and spaghetti with garlic bread, classic baked mac, mushroom omelet, pork tocino, and crispy chicken fillet – and top it off with a serving of juice depending on the total number of dishes ordered. Order by calling 888-7900 through the website https://delivery.pancakehouse.com.ph, or via GrabFood, FoodPanda, or LalaMove. For a list of open stores, visit https://bit.ly/PancakeHouseSchedule.  For more information, visit facebook.com/PancakeHousePhilippines. 

Shake Shack launches the first Great Philippine Shake Sale

SHAKE SHACK is kicking off its first Great Philippine Shake Sale in the Central Square and SM Megamall Shacks from Aug. 24 through Sept. 6 with two limited-time flavors, Vanilla Cookies & Cream and Chocolate Cookies & Cream. Proceeds from the sale will benefit Art Relief Mobile Kitchen (ARMK) to support feeding the hungry through community kitchens. Inspired by the American tradition of fundraising bake sales, the Great Shake Sale began in 2012 as Shake Shack’s initiative to raise awareness and funds to end childhood hunger in America. Since 2014 it has gone global, raising over $2.6 million for the campaign. This year, the Philippines Shake Sale will donate P50 from every shake sold to ARMK. For just P50, Shake Shack can provide a freshly cooked nutritious meal to an individual in need through ARMK’s kitchen. ARMK, founded by photojournalist Alex Baluyut together with Precious Leano, started out as a volunteer response team made up of photographers and artists to help feed families devastated by Supertyphoon Yolanda (Haiyan). For the past seven years, they have set up mobile kitchens across the country, serving thousands of meals on over 50 missions.

Lung Hin has mooncakes for Mid-Autumn fest

In celebration of the upcoming Mid-Autumn Festival, Marco Polo Ortigas Manila’s award-winning authentic Cantonese restaurant Lung Hin presents traditional premium mooncakes that may be shared with loved ones and colleagues. It is believed that harmony and prosperity arise during this Mid-Autumn Festival, thus the tradition of giving gratitude takes place. Lung Hin’s mooncakes are available individually at P798, in boxes of four pieces at P2,888, and boxes of six pieces at P3,888. A special Limited Edition Treasure Chest of four pieces is also available for P2,888. Featured flavors for the year are red bean with double egg yolks, red lotus with double egg yolks, white lotus with double egg yolks, and mixed nuts. Marco Polo Ortigas Manila also offers guests an option to place their orders ahead of the Mid-Autumn Festival in October. Until Sept. 4, guests may enjoy 15% savings on orders of at least 20 boxes of four or boxes of six.  For more information contact 7720-7777 or e-mail lunghin.mnl@marcopolohotels.com.

Popeyes now available on GrabFood

You can finally enjoy Popeyes’ America’s Famous Fried Chicken as it partners with GrabFood to give you another convenient and accessible option for delivery. Now, foodies from different parts of Metro Manila and nearby municipalities can use GrabFood to order Popeyes favorites everyone is going crazy about. You are only a few taps away from getting a taste of Popeyes’ signature fried chicken that is packed

with irresistible Cajun-inspired flavors, buttery and flaky honey biscuits, crispy and delightful Cajun fries, and flavorful Popeyes spaghetti. The best part is you can use the code GRABPOPEYES to get FREE DELIVERY of your Popeyes cravings as many times as you want if you spend at least Php 550 from August 20 to September 19. All food items are safely prepared before they are delivered right to your doorstep, so grab Popeyes now and enjoy a hearty meal by yourself or with your friends and family. GrabFood is available through the Grab app, which you can download on the App Store for iOS and Google Play Store for Android. Aside from GrabFood, Popeyes delivery is also available via www.centraldelivery.ph. For the latest deals and promos, make sure to follow @popeyesph on Facebook and Instagram.

The new Jollibee App makes ordering your favorites faster and more convenient!

Jollibee takes its delivery service another step further as it introduces the all-new Jollibee App. Giving Filipinos more convenient and faster ways to order, the country’s number one fast-food chain scales up its services across digital platforms, catering to more customers as they bring them their Jollibee favorites in the safety of their homes.

Featuring a user-friendly design and interface, the Jollibee App allows users to experience the joy and comfort of easily ordering their Jollibee favorites with just a few swipes from their mobile phones. Customers can download the app then create an account. They can save their addresses to make future deliveries faster and more convenient, and get notified of the exciting new offers from Jollibee. Heightening the experience, the Jollibee App also features a store locator so users can conveniently find the Jollibee outlet nearest them. On top of this, customers can also schedule their deliveries and enjoy exclusive deals with the promo coupons available in the app. It also features the restaurant’s full menu, so everyone can order all their favorites in one convenient mobile app! They can enjoy the classic Jollibee Chickenjoy, Jolly Spaghetti, and Yumburger. If they’re in the mood for more, they can also opt for the Super Meals and get a taste of everything they love at Jollibee. Users can as well choose from multiple payment options. They can pay in cash upon delivery or do online payments via PesoPay portal. Senior Citizens and PWDs can also avail their regular discounts when they order online through the Jollibee App.“With Jollibee as a market leader in the QSR (quick service restaurant) industry, we are always exploring different solutions to suit the demands of an ever-evolving market. Now that technology plays a huge part in our lives, we’re making our services available across online channels to create a more joyful and convenient customer experience for Filipinos,” said Francis E. Flores, Jollibee Global Brand CMO and JFC Philippines Country Business Group and concurrent PH Marketing Head.

Aside from the mobile app, people can also take joy in this online experience as they order their favorites from Jollibee’s new and enhanced delivery website, www.JollibeeDelivery.com. Download the new Jollibee App on Android and iOS.

Hanabishi’s new 2-in-1 Grinder and Coffeemaker

As the pandemic rages and people stay at home, good coffee can still be within reach. Hanabishi, known for its affordable and quality appliances, has introduced the Hanabishi 2-in-1 Grinder and Coffeemaker. Available for P3,750, it can make four cups of coffee in one brew using either coffee beans or ground coffee. Just add coffee beans or ground coffee to the machine, pour in some water, select the setting, and the coffee will be ready in minutes. Cleaning it is just as fuss-free. For more information about Hanabishi’s 2-in-1 Grinder and Coffeemaker, visit myhanabishi.com.

Chef Laudico brings his kitchen online

La Germania, the household brand known for its premium and high-quality kitchen appliances, is bringing top chef Rolando Laudico’s kitchen online in its #CookingTogetherWithLaGermania series. Mr. Laudico, who owns several restaurants, bistros and cafes around Metro Manila, will share his knowledge of the kitchen with both aspiring restaurateurs and stay-at-home chefs through the online series, including some secrets and cooking hacks while preparing unique recipes that anyone can do at home. Mr. Laudico will be the main host of the #CookingTogetherWithLaGermania series, which will feature recipes by the chef and his guests. He will be joined in the 15-minute cooking episodes by food journalist Stephanie Zubiri, culinary entrepreneur Karel Marquez, and the entire Laudico family. The series will run for five months with a total of five episodes, which will be livestreamed on La Germania’s official Facebook page. Kicking off the series is Mr. Laudico and Ms. Zubiri’s special take on the Filipino dish, Bicol Express. The first episode was livestreamed on Aug. 21 on La Germania’s official Facebook page. Succeeding episodes will be livestreamed on Sept. 11, Oct. 23, Nov. 27, and Dec. 18, all at 2 p.m. Previous episodes can be accessed after the livestream on the same page. To stay updated on the #CookingTogetherwithLaGermania, follow the official Facebook and Instagram accounts of the kitchen brand.

Nintendo plans upgraded Switch console and major games for 2021

NINTENDO CO. plans to debut an upgraded model of its Switch console next year along with a lineup of new games, people familiar with the matter said, ceding 2020’s holiday spotlight to rival devices from Sony Corp. and Microsoft Corp.

The specifications of the new machine have yet to be finalized, though the Kyoto-based company has looked into including more computing power and 4K high-definition graphics, people briefed on the strategy told Bloomberg News, asking not to be identified because it’s private. Nintendo faces stiff competition for gamers’ attention this fall as the PlayStation 5 and Xbox Series X are set to arrive in time for the shopping season.

The release of the upgraded Switch would be coupled with, or followed by, a slew of games from Nintendo itself and related outside studios, the people said. Those games would address a wide range of players, from casual gamers seeking small doses of escapism to more devoted fans putting in marathon gaming sessions. The focus on next year’s pipeline explains Nintendo’s relatively quiet software release schedule so far this year, the people said.

The gaming giant has seen record-breaking hit Animal Crossing: New Horizons and the protracted COVID-19 (coronavirus disease 2019) pandemic spark a rally of more than 70% in its share price since the game’s release in March.

The company has struggled to keep up with demand for its existing Switch and Switch Lite, though it said earlier this month that its production bottleneck has largely been resolved. This has been helped by plunging smartphone demand releasing some of the pressure on suppliers. Assembly of Nintendo’s next console isn’t expected to begin until next year because production partners are busy with making the current models, according to the people informed.

Taiwan’s Economic Daily News first reported the new console plans on Monday. A Nintendo spokesman declined to comment.

The video game industry saw an unprecedented surge over the quarter ended June, with big names like Sony, Square Enix Holdings Co., Tencent Holdings Ltd. and Nintendo itself far outperforming analyst expectations as the pandemic kept millions of people homebound for extended periods of time. Those companies have sounded a note of caution about the momentum continuing, though data from Japan-based research firm Famitsu suggests demand for the Switch and Animal Crossing remained strong in August.

A BOOSTER NEEDED?
Nintendo has sold 61 million Switch consoles in the period between its March 2017 launch and the end of June this year. Extending the console’s lifespan with a specced-up version is likely to make it the company’s longest-lived console generation.

“With Nintendo Switch about to begin its fourth year, the situation does feel a little different from the home consoles we’ve offered in the past,” Nintendo President Shuntaro Furukawa said in January, when he added a note not to expect new hardware in 2020. “In terms of hardware, I think we will be able to consider a variety of ways to expand in the future.”

The Wii is Nintendo’s biggest home console hit to date with lifetime sales of 102 million units, while the portable Nintendo DS has reached 154 million units — and at least one analyst expects a refreshed Switch model can boost sales enough to make it the company’s most successful hardware generation.

“The Switch will surpass the Wii’s sales even without an upgrade,” said Ace Research Institute analyst Hideki Yasuda. “And a sound hardware update plan would even allow the Switch to surpass the Nintendo DS handheld.” — Bloomberg

How PSEi member stocks performed — August 26, 2020

Here’s a quick glance at how PSEi stocks fared on Wednesday, August 26, 2020.

PHL stocks extend decline on virus uncertainties

PHILIPPINE SHARES went down on Wednesday, along with several Asian stocks at the time of the market’s closing, as investors continued to yield to uncertainties caused by the coronavirus pandemic.

The 30-member Philippine Stock Exchange index (PSEi) shed 22.11 points or 0.37% to close at 5,931.33, while the broader all shares index dipped 4.36 points or 0.12% to end at 3,544.24.

“Generally, we still have a downwardly biased market given the uncertainties stemming from our pandemic situation coupled with our weakened economy and its dim outlook,” said Japhet Louis O. Tantiangco, a senior research analyst at Philstocks Financial, Inc.

“We don’t have any compelling factors so far that could stimulate confidence in the market which explains our lackluster net value turnover,” he added.

The market recorded a value turnover of P4.91 billion on Wednesday, slightly higher than the previous day’s P4.56 billion. Some 1.22 billion issues switched hands, slightly lower than Tuesday’s 1.25 billion issues.

Net value turnover stood at P4.83 billion, which Mr. Tantiango said is lower than the year-to-date average of P5.87 billion.

“Our net foreign outflows are also building up again. We’re already on a 7-day net foreign selling streak averaging P577.69 million per day,” he added.

Net foreign selling grew to P614.1 million on Wednesday from P463.07 million on Tuesday.

“There is a general lack of confidence from investors. The PSEi is in a clear downtrend in the short term,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail. “It may continue lower to test support at 5,690 before recovering.”

Most sectoral indices ended Wednesday’s session in red territory. Property gave up 37.34 points or 1.33% to 2,768; industrials lost 38 points or 0.48% to 7,852.84; financials fell 2.66 points or 0.23% to 1,113.53; and services slid 2.52 points or 0.17% to 1,470.77.

Two sectoral indices managed to close with gains: mining and oil went up 26.38 points or 0.45% to 5,818.21 and holding firms climbed 17.04 points or 0.27% to 6,186.11.

Advancers outpaced decliners, 101 against 89, while 51 names ended unchanged.

Asian stocks eased from a two-year high on Wednesday, as a mixed bag of economic data had investors a touch more circumspect about the global recovery, while oil jumped to a five-month peak owing to a hurricane disrupting output in the Gulf of Mexico, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged down 0.1% after hitting its highest since mid-2018 on Tuesday. Japan’s Nikkei was off 0.1%.

The US dollar nursed small losses in currency trading, though moves were muted ahead of a key Thursday speech from Federal Reserve Chairman Jerome Powell in which he is expected to outline the central bank’s next steps. — Denise A. Valdez with Reuters

Peso weakens as budget deficit widens in July

THE PESO weakened slightly on Wednesday on data showing that the country’s budget deficit widened in July.

The local unit closed at P48.52 versus the dollar on Wednesday, depreciating by two centavos from its P48.50-per-dollar finish on Tuesday, data from the Bankers Association of the Philippines showed.

The peso opened Wednesday’s session at P48.52 against the greenback. It climbed to as high as P48.515 during the session while its intraday low was at P48.55 versus the dollar.

Dollars traded sank to $481.5 million on Wednesday from Tuesday’s $674.6 million.

“The latest budget deficit was nearly twice the year-ago level at P75.3 billion,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

“Government revenues declined by 11.2% as tax slowed amid the COVID-19 lockdown, while it posted 10.4% increase in government expenditures,” Mr. Ricafort said.

The country’s fiscal position swung to a P140.2-billion deficit in July from a P1.8-billion surplus in June, the Bureau of the Treasury reported on Wednesday. This was higher by 86.2% than the P75.3-billion deficit seen in July 2019.

This brought the budget deficit for the first seven months of the year to a record P700.6 billion as pandemic expenses continued to rise while revenues dropped as economic activity remained slow.

For today, Mr. Ricafort expects the peso to move within the P48.45 to P48.60 levels versus the dollar. — KKTJ

Duterte healthy despite cancer threat, says palace spokesman

PRESIDENT Rodrigo R. Duterte remains fit despite an earlier disclosure that he was at risk of getting cancer, his spokesman said on Wednesday.

“I don’t think the people should worry about a lack of transparency because the President himself will say what his condition is but as of now, there’s really no serious condition,” presidential spokesman told CNN Philippines.

Mr. Duterte, 75, on Tuesday said he was told by his doctor that he was at risk of getting cancer from Barrett’s esophagus, an inflammation of the tube connecting the mouth to the stomach.

“So far, he is okay,” Mr. Roque said. “As far as I know, there is no cancer and as I said, if there is cancer and if it is a serious illness, he will be reporting it to the people.”

Barett’s esophagus is an illness where cells in the esophagus start to look like the tissue of the intestines. It is a complication caused by serious acid reflux and heartburn.

Risk of esophageal cancer is low but is possible depending on the severity.

Mr. Roque said the diagnosis had been given a long time ago and Mr. Duterte had followed his doctor’s advice to remain in good condition.

The President’s health has long been a topic of speculation for many, with critics urging him to update the public about his medical condition as required by the Constitution.

Mr. Roque noted that Mr. Duterte had stopped drinking since he became President in 2016 to prevent his Barrett’s esophagus from worsening.

The President earlier claimed he drinks at night despite being told to quit the habit.

Mr. Roque brushed off claims linking Mr. Duterte’s stay in his hometown of Davao City to his health status.

He said the President remained healthy, which allows him to regularly give televised addresses weekly. “The President continues to do his job where he is.”

Mr. Duterte was safe and remained healthy, Presidential Security Group commander Col. Jesus Durante said separately.

Duterte has said he struggles with back pains, migraines and Buerger’s disease, which is linked to blockages in the blood vessels associated with smoking when he was younger.

A lawyer this week asked the Supreme Court to compel the government to disclose the health condition of Mr. Duterte.

In a manifestation, lawyer Dino S. de Leon asked the court to act on his appeal after it rejected his petition to disclose Mr. Duterte’s health status.

He also asked the court to hold oral arguments on his plea. Mr. De Leon said rumors about Mr. Duterte’s health could have been avoided if the government had divulged his health condition.

The matter could be put to rest if the tribunal orders the Office of the President to disclose the state of Mr. Duterte’s physical and mental health to the public.

Mr. De Leon said the health of the President must be disclosed as the country deals with a coronavirus pandemic.

He cited rumors about a medical jet landing in Davao City and a return flight to Singapore that allegedly carried a “high-profile person,” whom the presidential palace denied to be Mr. Duterte.

He also cited Mr. Duterte’s exposure to Interior Secretary Eduardo M. Año, who had tested positive for the coronavirus.

Senator Bong Go, Mr. Duterte’s former aide, earlier released a photo of the President in his home in Davao and a video showing that Mr. Duterte was going to a meeting with an inter-agency task force.

Mr. De Leon said Mr. Duterte appeared “lethargic and edematous” in the photo, “with his right eyelid visibly drooping,” contrary to presidential spokesman Harry L. Roque’s claim that he was fine. — Gillian M. Cortez

Coronavirus cases breach 200,000 as deaths reach 3,137

THE Department of Health (DoH) reported 5,277 new coronavirus infections on Wednesday, bringing the total to 202,361.

The death toll rose by 99 to 3,137, while recoveries increased by 1,131 to 133,460, it said in a bulletin.

There were 65,764 active cases, 91.6% of which were mild, 6.3% did not show symptoms, 0.9% were severe, and 1.3% were critical.

Metro Manila posted the highest number of new cases with 3,157, followed by Laguna with 403, Negros Occidental with 304, Rizal with 237 and Cavite with 228.

The new cases came from tests done by 95 out of 109 licensed laboratories.

Of the new reported deaths, 61 came from Metro Manila, 14 from the Calabarzon region, 12 from Central Luzon, six from Central Visayas, two from Western Visayas, and one each from Cagayan Valley, Northern Mindanao and the Cordillera Administrative Region.

More than 2.2 million people have been tested for the virus, the agency said.

Meanwhile, DoH said in a separate advisory it was monitoring studies on reinfection and post-infection immunity from coronavirus and urged the public to follow minimum health standards.

This followed a statement from the University of Hong Kong, which documented a patient who was infected with the novel coronavirus “one after the other.”

The Health department said no evidence-based evaluation could be done until the details of the study are released in a peer-reviewed scientific journal.

Data on post-infection immunity are lacking, it said, citing the World Health Organization (WHO).

“Rest assured that the DoH is closely monitoring this issue and we are ready to evaluate and act on it once reliable scientific information is available,” it said.

DoH reminded the public to remain cautious.

“What we do not want to happen is for people who have been infected with COVID-19 in the past to assume they are already immune to the disease,” it added.

Also on Wednesday, researchers from the University of the Philippines (UP) noted that even if it had predicted a flattening of the COVID-19 curve by next month, people should stay cautious.

The downward trend could get reversed, UP OCTA researcher Guido David told an online news briefing.

“We do not necessarily recommend fully opening the economy because this is just the start of the recovery process,” he said. “Flattening the curve doesn’t mean that the pandemic is over. The virus is still alive and spreading,” he said in Filipino.

The UP OCTA fellow said the Philippines was “close to flattening the curve’ but this needs to be sustained. — Vann Marlo M. Villegas and Gillian M. Cortez

Gov’t to lose P13.2B from measure on bad loans and assets

THE government stands to lose as much as P13.2 billion in revenue once a measure that seeks to help banks get rid of their bad assets amid a coronavirus pandemic is passed, the Treasury bureau said on Wednesday.

The estimate was based on the country’s experience during the Asian financial crisis in the 1990s, National Treasurer Rosalia V. de Leon told a Senate committee hearing on the Financial Institutions Strategic Transfer bill.

“We would highly appreciate it if the bill can be passed this September together with the Bayanihan 2 to be able to really maximize the benefits of all the emergency measures that the government is taking to be able to fight the pandemic,” she said.

The Bureau of Internal Revenue is opposing the tax exemptions under the bill.

The measure urges financial institutions to transfer bad loans to asset management companies, allowing them to focus more on lending activities amid the pandemic.

The transfer of the bad assets to management companies and from management companies to a third party will be exempted from taxes and reduced fees on registration and transfer. 

The House of Representatives has passed a counterpart measure.

The measure is among the priority measures that President Rodrigo R. Duterte mentioned in his fifth State of the Nation Address in July.

Banks’ bad loan ratio as of June stood at 2.5%, and the banking industry  has adequate buffers, Lyn I. Javier, the central bank’s managing director for Policy and Specialized Supervision, told senators.

Bad loans and assets can build up over time, and the central bank wants Congress to pass the bill so banks can offload these bad assets, she said. — Vann Marlo M. Villegas

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