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When COVID spells out self-care

THE LETTERS of the dreaded COVID-19 virus spell out fear, but a talk by pharmaceuticals company Sanofi tries to reverse this fear by using the letters to spell out a message for self-care.

Connecting with Loved Ones
Observation of mental and physical states
Vitamin Intake to ensure proper nutrition
Immunization to avoid other illnesses
Discerning attitudes towards challenges

Dr. Marthony Basco, Head of the Community Pediatrics Division of Medical City, a faculty member of the Ateneo School of Medicine and Public Health, and public health expert used those letters in a webinar held late last month that focused on the importance of self-care. He was joined by Vanee Gosiengfiao, General Manager of Sanofi Consumer Healthcare – Philippines and a certified Professional Coach by the International Coach Federation.

“When you say self-care, they think it’s selfish,” said Dr. Basco, discussing one myth about self-care. “What you’re always thinking of is yourself,” he said, but that is not true.

Another myth is that self-care is inherent to one’s character, the idea that it is natural for people to take care of themselves, but Dr. Basco clocks it up as a learned behavior. “We need to put a lot of attention when it comes to self-care: the way you carry yourself, the way you project yourself, not only in public, but in the mirror, when you look at yourself.”

Ms. Gosiengfiao highlighted a practical reason for self-care. “A lot of us really spend money — us personally, as well as governments — treating diseases, especially chronic diseases,” she said. “If you really study it, chronic diseases can actually be prevented. Even before they happen, and even before they put a lot of burden on governments and healthcare systems, why don’t we really proactively promote preventive health management?”

She added, “Let’s not spend later on, when the disease is there. We will spend much less if we try to prevent them in the first place. It means changing our lifestyles and perspectives; having a different mindset.”

The advice given above was related to the different experience of frontliners and those under community quarantine. For example, for the letter “C,” Dr. Basco urges those experiencing stress at work to discuss it. “The stress, the things you’ve seen and experienced during your tour of duty; you’ll need to talk to someone about it,” he said in a mixture of English and Filipino. “It’s good there’s social media; it’s good there are groups, because you can tell them things without much explaining. You can vent and they will understand you. That’s the purpose of small groups.” As for those stuck at home, Ms. Gosiengfiao advised, “What really helps is having a support system, especially during times of stress.”

The advice under “O” and “V” were practical things like observing events, and taking care of one’s body and mind, like getting enough sleep (Dr. Basco specifies that hours of sleep should be divisible by two). Eating healthy and taking vitamins, meanwhile (Sanofi is behind the Pharmaton multivitamins brand), will help prevent the development of the chronic diseases that Ms. Gosiengfiao warned about. Besides, Dr. Basco said, “What your mind imagines, it’s manifested in the body.”

For the advice for “I” (Immunization), Dr. Basco urged that more people get immunized: “There are a lot of vaccine-preventable illnesses that have been taken for granted since COVID-19 came into the spotlight.” While neither vaccine prevents COVID-19, the Department of Health has recommended that people get flu and pneumonia vaccines to prevent additional complications from the coronavirus disease 2019 (COVID-19).

The American Centers for Disease Control notes that while vaccines for the flu do not prevent COVID-19, “flu vaccination will be very important to reduce flu because it can help reduce the overall impact of respiratory illnesses on the population and thus lessen the resulting burden on the healthcare system during the COVID-19 pandemic.” It suggests that flu vaccines should be given to persons at increased risk for severe illness from COVID-19 including essential workers, people over the age of 65, and those with underlying medical conditions, and persons at increased risk of serious flu complications like infants and young children and pregnant women, among others.

As for the final letter, “D” (Discerning attitudes towards challenges), Dr. Basco said, “The things you can’t control you’ll have to discern them, and then leave them alone.” For example, he spoke about the community quarantine that has kept most of us at home. He urges people to rediscover their home: pictures that may not have been admired, books that haven’t been read, repairs that haven’t been finished. “You can be creative,” he said.

“Physical constraints should not limit our mental capacity,” he said. “Confinement in our own homes is a physical restriction, but our minds and hearts can go outside.”

“Take a look at it positively,” says Ms. Gosiengfiao. “This is the only time that I’ve had so much time with family and friends, and for myself.”

Speaking of the outside, both spoke about the time in the future when we can freely go out of our houses again. “It will still take time for the vaccines and medicines to be available,” Ms. Gosiengfiao said. “I’m sure the scientists, Sanofi’s included, are working double-time to make sure that the vaccines are available pretty quickly. The reality is, it will still take time. In the meantime, we need to still observe proper hygiene, proper protection, and, if we can, stay at home.”

The whole world is waiting for a vaccine, one of the things that might finally end the pandemic. Dr. Basco says that the end of the pandemic can only come this way: “When we accept that COVID-19 is already a reality, then it has ended. Now, it is part of our lives: just like flu, measles, chickenpox, diarrhea, the common cold. COVID is here to stay.

“That is the end of it; once we accept it.” — Joseph L. Garcia

Disney to stream a new Star Wars holiday special with Legos

LOS ANGELES — A new Star Wars holiday special produced with Legos will debut on Walt Disney Co.’s Disney+ streaming service in November, the company said on Thursday.

The special will feature Rey and other characters from the most recent Star Wars movie trilogy. It will take place on Chewbacca’s home planet of Kashyyyk and focus on Life Day, an important holiday in the galaxy far, far away.

Life Day was first introduced in a 1978 Star Wars holiday variety special that was widely panned by TV audiences.

In the new special, the heroine Rey sets out on an adventure with the droid BB-8 and is “hurled into a cross-timeline adventure through beloved moments in Star Wars cinematic history,” Disney said in a statement.

The special will debut Nov. 17 on Disney+, a $7-a-month subscription streaming service. — Reuters

Yields on Treasury bills inch up

THE GOVERNMENT made a full award of the Treasury bills (T-bills) auctioned off on Monday despite a slight uptick in yields as investors await the central bank’s rate decision.

The Bureau of the Treasury (BTr) borrowed the programmed P20 billion in T-bills yesterday as the offer was more than thrice oversubscribed, with tenders reaching P63.306 billion.

The BTr also opened the tap facility to offer an additional P5 billion in one-year securities to accommodate excess demand.

Broken down, the Treasury raised P5 billion as planned via the 91-day debt papers from bids worth P17.542 billion. The three-month papers fetched an average rate of 1.118%, up by 0.5 basis point (bp) from the 1.113% seen in last week’s auction.

It also made a full P5-billion award of the 182-day T-bills it offered out of P15.02 billion in bids. The average rate of the six-month papers likewise inched up to 1.388% from 1.386% previously.

For the 364-day securities, the BTr fully awarded the programmed P10 billion as tenders hit P30.744 billion. The one-year papers were quoted at an average rate of 1.745%, down 0.1 bp from the previous rate of 1.746%.

The further movement of rates will depend on the result of the upcoming rate-setting meeting “because the Monetary Board (MB) still has room to lower policy rates,” National Treasurer Rosalia V. de Leon told reporters in a Viber message.

“[There are] P118-billion maturities (that) need reinvestment outlets. Rates are plateauing as MB is seen to leave rates unchanged,” she added.

A bond trader said yesterday’s auction showed there is still “decent demand” for the short-tenored government securities as investors need these safe-haven assets for liquidity management.

“It seems that a further downward [movement in yields] will have to wait for a new catalyst. Investors are (also) likely to extend their duration for better yield pick-up,” the trader said via Viber.

The Bangko Sentral ng Pilipinas’ (BSP) Monetary Board will review its policy settings on Thursday. The MB in its June meeting cut policy rates by 50 bps, bringing rates on the BSP’s overnight reverse repurchase, lending and deposit facilities to record lows of 2.25%, 2.75 and 1.75%, respectively.

Eleven of 16 economists in a BusinessWorld Poll said they expect the central bank to keep rates steady after BSP Governor Benjamin E. Diokno last week signaled a pause in easing.

Mr. Diokno had said they see “no compelling reason” to cut benchmark interest rates further at the moment despite the disappointing second-quarter gross domestic product (GDP) data, noting monetary policy works with a lag.

The economy entered its first recession since 1991 after GDP shrank 16.5% in the second quarter, following the 0.7% contraction in the first three months.

Economic managers expect GDP to shrink by 4.5-6.6% this year.

The Treasury plans to raise P15 billion in 35-day T-bills on Tuesday.

The government has set a P170-billion borrowing program for August. It will auction off P110 billion in T-bills weekly and P60 billion in Treasury bonds fortnightly.

It borrows from local and foreign lenders to plug its budget deficit seen to hit 9.6% of GDP this year. It plans to borrow around P3 trillion this year. — B.M. Laforga

DMCI Homes turns over units at Mulberry Place

DMCI HOMES has started turning over units at the first building of its Mulberry Place project within its 1.9-hectare Acacia Estates, Taguig City.

The six-storey Bengaline building was set for occupancy in May, but turnover was delayed due to the lockdown.

DMCI Homes said it will turn over Mulberry Place’s three other buildings — Cochine, Dui and Marcelline — in the next few months.

The Consunji-led developer is strictly implementing physical distancing and stringent health protocols during the turnover process.

Mulberry Place takes inspiration from Vietnamese architecture. The four buildings feature DMCI Homes’ “healthy building design that allows natural light and ventilation inside the residential units.”

Metro Retail swings to loss

METRO Retail Stores Group, Inc. incurred a loss of P84.66 million in the first semester as revenues faltered because of the coronavirus pandemic’s impact on operations.

On Monday, the listed retailer said the reversal from its profit of P375.94 million a year ago was mainly due to a decline in revenues, as well as changes in accounting standards on leases. Excluding additional charges from the lease standards change, it would have recorded a profit of P41.9 million.

The company posted sales of P15.32 billion between January and June, down 8.4%.

Its general merchandise sales dropped by 46.5%, while its food retail business reported an 11.3% sales growth due to “buoyed-up demand and sustained supermarket operations,” according to Metro Retail President and Chief Operating Officer Manuel Luis C. Alberto.

Reduced consumer spending in the second quarter impacted its blended same-store sales, which contracted by 13.6% in the first half.

Metro Retail has trimmed its operating expenses by 8.9%. Its earnings before interest, taxes, and depreciation and amortization (EBITDA) stood at P1.025 billion in the period.

In April, the Cebu-based supermarket operator launched its shopper service for customers ordering online. “This service has been launched in selected stores, and will be rolled out to the entire network in the coming months,” it said.

“Metro counts on a stronger digital presence, solid supermarket sales and a robust liquidity position to enhance its performance in the post-COVID era,” it said.

On Monday, shares in Metro Retail fell by 1.35% to close at P1.46 each. — Adam J. Ang

Music News (08/18/20)

Online concert for Pinoy K-Pop

AS THE Korean Cultural Center (KCC) adapts to the “New Normal,” its landmark event, the annual Pinoy K-Pop Star (PKS) contest that brings together talented vocal and performance cover artists from all over the country, will instead reminisce over the past years of the competition through PKS Rewind 2020: The Online Reunion. As the first online concert under KCC’s Korea at Home campaign, which aims to bring K-Culture closer to the Filipinos while staying safe at home, PKS Rewind 2020 will be a virtual reunion for some past PKS winners and the personalities who have played an integral role in the contest’s success in the country. It will feature performances from 2014 PKS Vocal Champion Jean Kiley, 2015 Vocal Champion Hergie King, 2018 Vocal 2nd runner-up John Paul Manuel, 2018 Vocal Champion Venisse Siy, and 2019 Vocal Champion April Rose Tolentino. Adding spice to the lineup of performers are YouTube star and PKS judge Dasuri Choi and P-Pop boy group SB19, some members of whom had competed in the contest themselves. The show will also feature interviews as well as a raffle. The concert will be streamed on Aug. 21, 3 p.m. on the KCC’s official YouTube channel. For more information or inquiries, e-mail pr@koreanculture.ph. Follow the Korean Cultural Center in the Philippines on Facebook https://www.facebook.com/KoreanCulturalCenterPH/ and @kccphil on Instagram, Twitter, and YouTube.

The Itchyworms release quarantine-themed album

THE ITCHYWORMS have released their fifth album, Waiting For The End To Start, a nine-track studio album which was conceptualized and recorded with the members of the band confined in their respective homes during the nationwide lockdown. According to a release, “thematically, the songs are written as a reflection of their individual and collective experiences during the quarantine period.” Chino Singson, the band’s lead guitarist and back-up vocalist, said in a statement, “Like any collection of music, it is a record of its time: A snapshot of the artist’s reaction to his or her circumstances. But it’s a concept album in that our aim was to create art in the midst of a pandemic, to capture our emotions in the music we record, even with the limited recording gear we have at home. So you’ll hear amp buzz and imperfect vocals, but for me that’s part of the spirit of true rock.” The album is available on digital platforms worldwide.

Nobody’s Home drops 1980s-inspired anthem

FILIPINO three-piece band Nobody’s Home aims to reinvents 1980s nostalgia by giving it a modern synth-pop sheen in their debut single, “12:00 (Midnight),” which is out on all digital platforms worldwide via Sony Music. According to a release, “the indie rock trio’s maiden song evokes the hallmarks of a generation who grew up on Back To The Future and Dungeons and Dragons, while setting its sights on darker, more subdued production.” The song revolves “around the idea of separation and someone comparing themselves, thinking they’re nothing but a burden on their partner who seems to be of importance,” says songwriter Eon Buendia. “12:00 (Midnight)” started out as an instrumental piece produced by drummer Moon Cairo Peralta who said, “I was inspired by listening to a lot of the bands who used synths in the ‘80s. With writing ‘Midnight’ in particular, I wanted to incorporate synths that’ll establish the overall mood and groove of the production.” He sent the track to Buendia, who wrote the lyrics and melodies, and to Justin Punzalan, who added guitar lines. The end result mirrors the three-piece collective’s retro-futurist experimentation, while being careful not to sacrifice the pop sensibilities that define their signature sound. “12:00 (Midnight)” is their first single as an artist under Sony Music Philippines.

J-pop star trends at #1 worldwide

KENSHI YONEZU performed for Fortnite’s virtual Battle Royale Game, as the first Asian artist ever, over the weekend of Aug. 8-9. During the performance, Yonezu’s name immediately trended at #1 on Twitter Worldwide. The singer-songwriter and music producer also released his 5th studio album, Stray Sheep, just days prior. The pre-sales for the album hit 1 million copies, and his music video for the song “Campanella” got over 6 million views in less than a week. The album took over the iTunes Charts, going to #1 under the J-Pop category in over 30 Countries/Regions, along with garnering various positions within the top 20 All Genres category in 22 Countries/Regions, six of which hit #1. In addition, Stray Sheep achieved #1 in 54 Countries/Regions under the J-Pop Apple Music Albums Chart. According to Billboard Japan, Stray Sheep officially sold 509,127 copies within the first three days of release. This number is the highest initial sales ever since 2008, when Billboard Japan started counting CD album sales for a male solo artist. Yonezu shows no signs of slowing down, as he also just debuted a collaboration with UNIQLO — a collection of T-shirts featuring his own illustrated designs, available in limited UNIQLO stores in the US and Canada as well as online. Stray Sheep consists of 15 songs including Yonezu’s previously released hit “Lemon,” which ranked #1 on Billboard Japan’s annual cumulative charts for two consecutive years.

Jaye releases interactive music video

FORMER DJ jaye has released an interactive music video inspired by Queen’s “Bohemian Rhapsody.” jaye, who suffers from ADHD, experimented with the deconstruction of song and video structure to come up with the time-space defying music video. The free-form music video is fitted much like Black Mirror’s “Bandersnatch” episode which gives users an illusion of control. Audiences get to choose their own adventure from four options (Attention – Depression – Hit – Dip) whilst vicariously living through experiences adapted from jaye’s own memories. The first chapter ends in two options (Ascend and Descend) and from there the viewer controls the narrative, or at least that’s what they think. The postmodern video is a hands-on representation of the true viciousness of the ADHD cycle. Viewers will feel the same burden that jaye did as he realized that partying did not empower him; rather, it proved a great hindrance to his mental health and life. jaye’s music video is a psychedelic cyberpunk microcosm with nostalgic video game elements and hair-raising horror features. With command of the concept, jaye will be releasing an 8-bit 2D Instagram filter game called HIT which will allow users to continue to engage with his Super Mario-esque hellscape (as seen in the music video). Fans will have to blink to shoot oncoming enemies with lasers in a side-scrolling virtual landscape, soundtracked by the “Hit” section of the ADHD track. Prizes will be given away to those with high scores. Watch the video on https://www.youtube.com/watch?v=DShTwZgZh_Q&t=4s.

Zack Tabudlo releases new single ‘Nangangamba

SINGER-SONGWRITER and producer Zack Tabudlo tackles facing your fear in his newest single, “Nangangamba,” which is available on digital platforms worldwide. On his first release under Island Records Philippines, Zack urges listeners to take ownership of their own feelings. He brings love songs up a notch, infusing pop and R&B elements to his vocals. “With these new tracks, I’m sure people who have experienced these would relate so much more… [the latest single] is very different, music-wise and in terms of maturity,” he said in a statement. Zack Tabudlo is a singer-songwriter and producer who joined The Voice Kids in 2014 and went on to establish his solo career, writing and performing his own music. His first single, “Stay Here,” was released in 2018 and was featured on several Spotify playlists, including “Men of OPM,” “Philippines Viral 50,” and “OPM Says Chillax.” His subsequent single, “Mahal O Biro,” was again included in “Men of OPM” and “Pinoy Love Ballads” playlists. Zack premiered his first single of 2020, the chill-pop track “This Is Love,” in February.

Davao hotel is one of Microtel’s best

MICROTEL by Wyndham Davao has been named as one of the best Microtel hotels worldwide.

Wyndham Hotels and Resorts said the hotel received exceptional quality scores and outstanding guest reviews, as well as showed a commitment to the Wyndham Rewards loyalty program and members.

Microtel by Wyndham Davao is located in the Damosa Gateway Complex and IT Park. It offers 51 rooms and suites, and three meeting rooms.

“These may be challenging times for all of us, but Microtel by Wyndham Davao has always believed that we cannot let this pandemic get in the way of our vision, which is to offer hotel services that meet global standards. Being one of the Microtel hotels in the Philippines to achieve this award is a testimony to our commitment to deliver only the best to our guests,” said Ricardo “Cary” Lagdameo, head of Damosa Land Inc. (DLI).

DLI is the property company behind Microtel by Wyndham Davao’s operations.

Extended debt moratorium may hurt rural banks

RURAL BANKS will likely take a hit if the proposed suspension of loan payments will be extended anew as debt payments are crucial to the capital levels of smaller lenders.

After the lawmakers working on the Bayanihan II bill agreed to settle for a 60-day moratorium last week, Rural Bankers Association of the Philippines (RBAP) President Elizabeth Carlos-Timbol warned a longer or even a 15-day grace period may already be “too much to handle” for small banks.

“Let us not disregard the fact that prolonging the grace period for another 60 days will certainly have adverse effects on the rural banking industry with almost four million loan borrowers as most rural banks are family-owned, small organizations that primarily rely on their borrowers’ payments for their capitalization,” Ms. Timbol said via text message on Sunday.

“Another extension of 15-30 days grace period is already too much to handle for rural banks,” she added.

She said the proposed measure could affect the capacity of rural banks to expand their loans to micro-, small- and medium-sized enterprises (MSMEs) and farmers.

“This may also weaken or even damage the confidence of the depositors when banks could no longer service their withdrawals. RBAP is hoping that legislators will also take into consideration the plight of the rural banks before making decisions,” she said.

A Bicameral Conference Committee is currently working to consolidate bills to reconcile two versions of the Bayanihan 2 bill formally known as the Bayanihan to Recover as One Act — Senate Bill No. 1564 and House Bill No. 6593.

Ms. Timbol said rural banks are willing to cooperate with the government in easing the burden of borrowers amid the ongoing pandemic. She said RBAP also backs economic managers’ statement on the adverse impact of a longer grace period.

Finance Secretary Carlos G. Dominguez III has said a “maximum of 45 days (grace period) is better,” while central bank chief Benjamin E. Diokno said the 60-day period is the “second best solution to a complex issue.”

The Management Association of the Philippines also supported the two-month debt relief as a “good compromise” but warned the measure should not be applied to insurance and pre-need companies as this might affect their ability to service claims.

The Insurance Commission said over the weekend it supports the proposed 60-day grace period on life insurance and pre-need premium payments as an alternative to the earlier proposal of a year-long moratorium, warning a one-year suspension could “spell financial danger” for the industry, which is already suffering due to the slowdown in economic activity.

“We firmly believe that this proposed alternative achieves a balancing of interests. The suggestion affords both life insurance and pre-need customers, as well as life insurance and pre-need companies, much needed relief from the adverse economic and financial effects of the COVID-19 pandemic,” Insurance Commissioner Dennis B. Funa said. — B.M. Laforga

DMCI Mining posts 25% climb in nickel exports

DMCI Mining Corp. reported a 25% increase in its nickel ore exports for the first six months of the year to 853,197 wet metric tons (WMT) due to the resumption of the mining operations in its Zambales mine.

In a disclosure to the stock exchange on Monday, DMCI Mining said its subsidiary Zambales Diversified Metals Corp. (ZDMC) sold 101,140 WMT for the second quarter of the year.

Meanwhile, the company said the nickel ore exports for its Palawan-based subsidiary, Berong Nickel Corp. (BNC), reached 321,966 WMT in the same period.

From January to June, BNC’s exports posted a 4% decline year on year to 650,757 WMT, compared with 681,360 WMT previously.

On the other hand, ZDMC’s shipments totaled 202,440 WMT and accounted for 24% of DMCI Mining’s total shipments.

DMCI Mining President Cesar F. Simbulan said the ban imposed by Indonesia on nickel ore exports and the decision of the Philippine government to relax coronavirus disease 2019 (COVID-19) lockdown measures in May permitted the company to continue its production and shipments.

“We also benefited from shifting market demand. Nine of our 16 shipments to China were for low-grade nickel ore, which was previously unsellable,” Mr. Simbulan said.

DMCI Mining said the demand for low-grade nickel was affected by China’s continuous steel production during the first half of the year.

“In addition to the Indonesian nickel ban, the COVID-19 pandemic-induced trade restrictions pushed Chinese buyers to shift to low-grade nickel to support its raw material requirements,” DMCI Mining said.

DMCI Mining said that while nickel is commonly used for production of stainless steel, it expects nickel ore demand to climb in the future due to higher production of batteries used for electric vehicles and renewable energy storage.

On Monday, shares in DMCI Holdings Inc., the parent company of DMCI Mining, fell 0.27% or P0.01 to close at P3.69 per share. — Revin Mikhael D. Ochave

Philippine economy scorecard: Where are we now?

Philippine economy scorecard: Where are we now?

How PSEi member stocks performed — August 17, 2020

Here’s a quick glance at how PSEi stocks fared on Monday, August 17, 2020.


Connecting to new and shared prosperity: Role of India’s information technology sector in the pandemic

By Harsh Vardhan Shringla

The relevance of Information Technology (IT) in the present times has become even more compelling. We are at a juncture where the use of IT and Business Process Management (BPM) services, as enablers to fight the current disruptions, has made itself evident. In face, our ability to insulate ourselves significantly from the worst impacts of the COVID-19 pandemic has been enabled by the increased use of IT & IT-enabled services in our social and economic systems.

When the current pandemic struck, countries across the world announced nationwide lockdowns as the first line of action. That billions of people were able to successfully lock themselves up at their homes, and still carry out their professional responsibilities while working from home, is owing to our collective successes in the IT domain.

Moreover, people were able to carry out some of their most basic functions online, including financial transactions from remote locations, and ordering groceries, medicines and other essentials online. Some of our most essential services including school education and healthcare have been delivered online.

This pandemic may have offered us a peek into what our future is likely to look like. It will most probably be dominated by contactless deliveries, increased dependence on e-commerce, heightened use of IT-enabled services for performing some of our routine functions. Most importantly, we are likely to witness enhanced use of innovative-technology led solutions for resolving some of our most complex challenges.

In India, we are distinctly aware of the disruptions that this pandemic has caused in the global supply chains. But our response to this disruption is far from turning isolationist or protectionist. We are well aware that while globalization is here to stay, its norms may however become different. The idea is, therefore, to make our systems and our markets highly adaptive to the changing scenarios.

India’s prowess in the IT sector has been established over the last two decades. The IT and BPM sectors of India account for over 55% of the total global outsourcing market. The sector has continued to record double-digit growth despite the static growth in global tech spending. The sector is an important growth driver and contributed nearly 10% to the country’s GDP. Known for its cost competitiveness and high quality services across the world, the IT & BPM industry in India has made a significant contribution to transforming the perception of India in the world economy.

Boosting e-Governance

Building on the strength of our domestic IT industry and growing demand for going digital, the Government of India (GoI) launched the Digital India Mission, under which we have been striving to transform India into a digitally empowered society and knowledge economy. Several mega IT projects have been undertaken by the Government. IT solutions in the domains of education, healthcare, urban planning and financial inclusion are focus areas of the program and this is creating several opportunities for the IT sector.

President of India H.E. Ram Nath Kovind addressed the business community during the Philippine-India Business Conclave and the 4th ASEAN-India Business Summit in Manila on Oct. 19, 2019.

In the Government of India, the focus has been to increase the use of technology and digitalization to reform our Governance, and increase financial inclusion to strengthen the social and economic standing of our people. Under the Digital India Mission, several Government services have been brought online to allow greater accessibility, promote transparency and increase accountability.

India has rapidly developed, deployed and scaled-up a number of national digital platforms as part of the effort to move towards digitalization, take governance directly to the people, and facilitate “less government – more governance”.

A number of e-Governance platforms and open source platforms have been developed by the Government, public sector and quasi-public sector organizations in collaboration with scientific establishments and NGOs to provide vendor-neutral and inter-operable solutions, where feasible, along with development of commercial partner ecosystems.

Today, India has been able to bring about issuance of Unique Identification numbers to over 1.25 billion people, with almost 99% coverage of adult population in India. There are several digital services that have been developed by India over the last few years.

The creation of public digital infrastructure has helped make the delivery of public services and welfare benefits, particularly during the current crisis, quicker and more effective. Direct Benefits Transfer (DBT), enabled by JAM (Jan Dhan, Aadhar and Mobile), has ensured delivery of cash benefits directly into the account of beneficiaries, eliminated leakage and improved efficiency.

During the COVID-19 lockdown, more than Rs 36,659 Crore (over US$5 billion) were transferred through DBT in the bank accounts of 160 million beneficiaries.

Kalyan Package are also being transferred by using DBT Digital Payment Infrastructure. With the help of tech-driven systems, we are reforming the Public Distribution System (PDS) by introducing nationwide portability for ration card holders through a ‘One Nation One Ration Card’ system.

Fintech in focus

Fintech has been identified as a new and emerging area of bilateral and multilateral cooperation. The IMF had last year identified financial innovation as an important aspect of our future in the digital age. It was also highlighted that most countries see Fintech as transformative for financial inclusion, which promotes growth, opens access for poor and rural communities through lowered costs and facilitates women’s participation in the formal economy.

This offers an opportune moment for India’s tech based companies and start-ups looking for opportunities across the world. Even though there has been negative impact of the current crisis on the Fintech sector as well, recent trends look promising. There was an increase of around 40% in the funding received by the Indian Fintech sector in the first quarter of 2020.

 India wishes to build on our domestic successes in the Fintech sector in a structured manner and utilize the significant capabilities that have been evolved and developed in the domestic government, public and private sectors by executing similar digital platforms and e-Governance initiatives in friendly and partner countries as part of Development Partnership Frameworks. We are planning to undertake pilot projects for digital platforms/e-Governance initiatives in friendly and partner countries as a prelude to making available such projects through development partnerships/commercial frameworks on a wider scale.

We are working with several countries on making our digital payment systems interoperable. Countries like Singapore have already launched some of our digital payment systems such as Rupay and BHIM. In 2018, the Prime Minister Narendra Modi had launched a global digital platform, APIX, to connect Fintech companies and financial institutions.

Initiatives in healthcare and education

Digitalizing our economy for better and wider access has also been a key pillar of the Indian Government’s recently announced Aatma Nirbhar Bharat Abhiyan, under which the Government has announced plans to leverage IT and IT enabled services for making healthcare and education easily accessible, especially in the times of distress.

Building on our experience of the COVID-19 outbreak, the GoI has announced the launch of e-Sanjeevani Tele Consultation Services, and capacity building through virtual learning modules (iGOT platform) in the domain of healthcare. The Aarogya Setu self-assessment and contact tracing app launched by the GoI as part of our COVID action plan has been downloaded by over 11 million people in the country.

In the education sector too, technology driven systems have been announced which will help and support school education throughout the country. This is being done keeping in mind the skill requirements of a global 21st century.

We have also leveraged digital tools to facilitate health cooperation with countries in the South Asian (SAARC) region during the pandemic. We are using e-ITEC network to share expertise on COVID-19 with healthcare professionals from these countries. We have also developed a ‘SAARC COVID19 Information Exchange Platform (COINEX)’ for exchange of specialized information and tools on COVID-19 among health professionals in the region.

The COVID pandemic is a major black swan event which has disrupted global supply and value chains, slowed down economic activities, and pushed economies to the brink of recession. Yet, it is the digital space which has allowed us to shield ourselves from some of the most drastic economic fallouts of this outbreak. That we have been able to resume a good part of our economic activity can be attributed to our achievements on the digital front. We are hopeful that building on our capabilities and successes, we will be able to transform this moment of immense challenge into a series of immense opportunities and emerge as the “nerve center of global supply chains” as envisioned by the Prime Minister.

 

 

The author is India’s Foreign Secretary. Views are personal.