Ocean 100: Profits from world’s seas dominated by 100 companies

January 14, 2021 | 2:51 pm

Just 100 companies account for most of the profits from the world’s seas, researchers said on Wednesday, calling on them to help save the oceans from over-fishing, rising temperatures, and pollution.

Together, the companies generated $1.1 trillion in revenues in 2018, or about 60% of the total, according to a study that sets out for the first time which firms profit the most from marine industries.

Oceans play a critical role in capturing planet-warming gases, absorbing around 25% of all carbon dioxide emissions. But environmentalists say much more needs to be done to protect them.

“There’s so much talk about the need for sustainable oceans… but there’s very rarely a conversation about who it is that needs to do the job,” said Henrik Osterblom, who co-authored the paper published in the journal Science Advances.

“We have identified who has power to influence the future of the oceans,” Mr. Osterblom, science director at the Stockholm Resilience Centre, told the Thomson Reuters Foundation.

“Just knowing who they are is the first step in getting them involved in what needs to be done.”

The team of researchers including Mr. Osterblom and environmental experts at Duke University in the United States focused on eight sea-based industries ranging from container shipping to seafood production and offshore wind.

The “Ocean 100” list was topped by offshore oil and gas giants including Saudi Aramco and Brazil’s Petrobras, with only one firm from outside the industry, Danish shipping company A.P. Moeller-Maersk, making the top 10.

It could help inform government policies as well as direct environmental groups seeking to push business towards greener practices, Mr. Osterblom said.

“One of our biggest challenges is to sustain healthy ocean ecosystems as economic use increases and climate impacts accelerate,” said Daniel Vermeer, director of Duke University’s Center for Energy, Development, and the Global Environment.

“This study confirms that a relatively small number of companies will be central to this challenge, and have a real opportunity for leadership.” — Umberto Bacchi/Thomson Reuters Foundation

Entrego now offers cashless option for safer transactions

January 14, 2021 | 2:21 pm

Many Filipinos have experienced the convenience of doorstep delivery services during the COVID-19 pandemic, as everyone is encouraged to stay safe at home. Aside from making sure that each delivery gets to its customers efficiently, Entrego has been at the forefront of making sure that each transaction is safe, by educating its riders on the proper protocols that need to be observed such as proper wearing of masks and observing physical distancing.

Now, Entrego adds another layer of protection by offering contactless payment options upon pick-up or delivery. This can help the community stay safe and healthy by minimizing the risk of exposure from handling money, in support of the government’s call to provide contactless payments.

The new cashless transactions, which can be done by scanning a QR Code with the GCash app, features flexibility as payments may be made at point of pick-up or point of delivery. Shippers can pay upon pick-up for their myEntrego shipping fees or buyers can pay upon delivery for the items that they have purchased online.

The process is quick and easy: all you need to do if paying through the mobile app is to inform the rider that you intend to pay via GCash, and the rider will present his card that will contain the Entrego logo and QR Code. Scan the QR code and enter the full and exact amount due in your GCash app, and you will receive a notification for a successful transaction.

The digital shift empowers both the merchant/shipper and the customers. It enables the merchants to transition to a truly digital space while allowing the customer to check their items before paying digitally. This also lessens the need to go out of our homes and withdraw cash from the ATM and carry large amounts of cash.

The cashless transaction service is now available in Metro Manila, to be rolled out nationwide this coming January. The service is applicable to participating merchants and riders only, you may check with your merchant and rider. To learn more about the convenience of Entrego’s new cashless service, visit http://entrego.com.ph/

‘Walkable chair’ makes standing on the job an easier prospect

January 14, 2021 | 2:02 pm

If you or your employees have a job that requires standing for long periods of time, Japanese startup Archelis may have the device for you.

The “archelisFX”—whose name derives from the Japanese for “walkable chair”—is a wearable exoskeleton being showcased at this year’s CES virtual tech and gadget show. It straps to the legs and disperses the user’s body weight.

That makes standing less tiring and can provide relief from leg and back pain for factory workers, surgeons, and others who need to stand for hours at a time, the company says.

“It allows people to walk or move while wearing it and people can put it on easily regardless of their body shape or size,” said Katsuhiko Saho, Archelis’ business development manager.

Archelis said the product is set to launch this year, retailing at around $5,000.

COVID-19 infection gives some immunity for at least 5 months, UK study finds

January 14, 2021 | 1:47 pm

Between June 18 and Nov. 24 scientists detected 44 potential reinfections—two “probable” and 42 “possible”—out of 6,614 participants who had tested positive for antibodies. This represents an 83% rate of protection from reinfection, they said.

LONDON — People who have had COVID-19 are highly likely to have immunity to it for at least five months but there is evidence that those with antibodies may still be able to carry and spread the virus, a UK study of healthcare workers has found.

Preliminary findings by scientists at Public Health England (PHE) showed that reinfections in people who have COVID-19 antibodies from a past infection are rare—with only 44 cases found among 6,614 previously infected people in the study.

But experts cautioned that the findings mean people who contracted the disease in the first wave of the pandemic in the early months of 2020 may now be vulnerable to catching it again.

They also warned that people with so-called “natural immunity”—acquired through having had the infection—may still be able carry the SARS-CoV-2 coronavirus in their nose and throat, and could unwittingly pass it on.

“We now know that most of those who have had the virus, and developed antibodies, are protected from reinfection, but this is not total and we do not yet know how long protection lasts,” said Susan Hopkins, senior medical adviser at PHE and co-leader of the study, whose findings were published on Thursday.

“This means even if you believe you already had the disease and are protected, you can be reassured it is highly unlikely you will develop severe infections. But there is still a risk you could acquire an infection and transmit (it) to others.”

A statement on the study said its findings did not address antibody or other immune responses to vaccines now being rolled out against COVID-19, or on how effective vaccines would be. Vaccine responses will be considered later this year, it said.

The research, known as the SIREN study, involves tens of thousands of healthcare workers in Britain who have been tested regularly since June for new COVID-19 infections as well as for the presence of antibodies.

Between June 18 and Nov. 24 scientists detected 44 potential reinfections—two “probable” and 42 “possible”—out of 6,614 participants who had tested positive for antibodies. This represents an 83% rate of protection from reinfection, they said.

The researchers plan to continue following and assessing the participants to see if this natural immunity might last longer than five months in some. But they warned that early evidence from the next stage of the study already suggests some people with immunity can still carry high levels of virus and could transmit it to others.

“It is therefore crucial that everyone continues to follow the rules and stays at home, even if they have previously had COVID-19,” they said in the statement about their results. — Kate Kelland/Reuters

Philippines’ FDA approves Pfizer vaccine for emergency use

January 14, 2021 | 12:39 pm

The Philippines has approved Pfizer Inc.-BioNTech SE’s COVID-19 vaccine, the first to be allowed for emergency use in the country.

The Food and Drug Administration found Pfizer’s vaccine may be effective to prevent, diagnose or treat COVID-19, and can be used for individuals age 16 years old and up, its head Eric Domingo said in a virtual briefing.

Sinovac Biotech Ltd. has applied for a similar authority on Wednesday, and the regulator will ask for more clinical trial reports, Domingo said.

Pfizer vaccines may be among the first to arrive in the Philippines next month through the World Health Organization-backed COVAX facility, vaccine czar Carlito Galvez said at a briefing with President Rodrigo R. Duterte on Wednesday. The government is also in talks with Pfizer for up to 40 million doses, Mr. Galvez said. — Cecilia Yap and Andreo Calonzo/Bloomberg

US House impeaches Trump for a second time; 10 Republicans vote yes

January 14, 2021 | 12:06 pm

WASHINGTON — Donald J. Trump on Wednesday became the first president in US history to be impeached twice, as 10 of his fellow Republicans joined Democrats in the House of Representatives to charge him with inciting an insurrection in last week’s violent rampage in the Capitol.

The vote in the Democratic-controlled House was 232–197 following the deadly assault on American democracy, although it appeared unlikely the swift impeachment would lead to Mr. Trump’s ouster before his four-year term ends and Democratic President-elect Joseph R. Biden Jr. is inaugurated on Jan. 20.

The Senate’s Republican majority leader, Mitch McConnell, rejected Democratic calls for a quick impeachment trial, saying there was no way to conclude it before Mr. Trump leaves office. But even if he has left the White House, a Senate conviction of Trump could lead to a vote on banning him from running for office again.

Mr. Biden said it was important that a Senate impeachment trial in the early days of his term not delay work on his legislative priorities, including Cabinet confirmations, and urged Senate leaders to find a way to do both at the same time.

The House passed a single article of impeachment—a formal charge—accusing Mr. Trump of “incitement of insurrection,” focused on an incendiary speech he delivered a week earlier to thousands of supporters shortly before the pro-Trump mob rampaged through the Capitol.

The mob disrupted the formal certification of Mr. Biden’s victory over Trump in the Nov. 3 election, sent lawmakers into hiding and left five people dead, including a police officer.

During his speech, Mr. Trump repeated false claims that the election was fraudulent and exhorted supporters to march on the Capitol, telling them to “stop the steal,” “show strength,” “fight much harder” and use “very different rules.”

In a video statement released after the House’s action on Wednesday, Mr. Trump did not mention the impeachment vote and took no responsibility for his remarks to supporters last week, but condemned the violence.

“Mob violence goes against everything I believe in and everything our movement stands for. No true supporter of mine could ever endorse political violence. No true supporter of mine could ever disrespect law and order,” Mr. Trump said.

With thousands of rifle-carrying National Guard troops inside and outside the Capitol, an emotional debate unfolded in the same House chamber where lawmakers had ducked under chairs and donned gas masks on Jan. 6 as rioters clashed with police officers outside the doors.

“The president of the United States incited this insurrection, this armed rebellion against our common country,” House Speaker Nancy Pelosi, a Democrat, said on the House floor before the vote. “He must go. He is a clear and present danger to the nation that we all love.”

At a later ceremony, she signed the article of impeachment before it is sent to the Senate, saying she did it “sadly, with a heart broken over what this means to our country.”

No US president has ever been removed from office through impeachment. Three—Mr. Trump in 2019, Bill Clinton in 1998, and Andrew Johnson in 1868—previously were impeached by the House but acquitted by the Senate.

Democratic congressman Joaquin Castro called Mr. Trump “the most dangerous man to ever occupy the Oval Office.” Congresswoman Maxine Waters accused Trump of wanting civil war and fellow Democrat Jim McGovern said the president “instigated an attempted coup.”

‘PRESIDENT BEARS RESPONSIBILITY’

Some Republicans argued the impeachment drive was a rush to judgment that bypassed the customary deliberative process such as hearings and called on Democrats to abandon the effort for the sake of national unity and healing.

“Impeaching the president in such a short time frame would be a mistake,” said Kevin McCarthy, the House’s top Republican. “That doesn’t mean the president is free from fault. The president bears responsibility for Wednesday’s attack on Congress by mob rioters.”

Mr. Trump’s closest allies, such as Ohio Republican Jim Jordan, went further, accusing Democrats of recklessly acting out of pure political interest.

“This is about getting the president of the United States,” said Mr. Jordan, who received the Presidential Medal of Freedom from Trump in a private White House ceremony this week. “It’s always been about getting the president, no matter what. It’s an obsession.”

‘I’M CHOOSING TRUTH’

Ten Republicans voted to impeach, including Liz Cheney, the No. 3 House Republican.

“I am not choosing a side, I’m choosing truth,” Republican Jamie Herrera Beutler said in announcing her support for impeachment, drawing applause from Democrats. “It’s the only way to defeat fear.”

In a break from standard procedure, Republican House leaders refrained from urging their members to vote against impeachment, calling the vote a matter of individual conscience.

Under the US Constitution, impeachment in the House triggers a trial in the Senate. A two-thirds majority would be needed to convict and remove Mr. Trump, meaning at least 17 Republicans in the 100-member chamber would have to join the Democrats.

Mr. McConnell has said no trial could begin until the Senate was scheduled to be back in regular session next Tuesday, one day before Biden’s inauguration. The trial would proceed in the Senate even after Trump leaves office.

Mr. McConnell, who is reported to be furious with Trump, said in a memo to his fellow Republicans that he had not made a final decision on how he will vote on impeachment in the Senate.

Senate Democratic leader Chuck Schumer, set to become majority leader later this month, said in a statement that no matter the timing, “there will be an impeachment trial in the United States Senate; there will be a vote on convicting the president for high crimes and misdemeanors; and if the president is convicted, there will be a vote on barring him from running again.”

Mr. Biden said work on the economy, getting the coronavirus vaccine program on track, and confirming crucial Cabinet posts should not be delayed by the Senate trial.

“I hope that the Senate leadership will find a way to deal with their Constitutional responsibilities on impeachment while also working on the other urgent business of this nation,” he said in a statement.

The Capitol siege raised concerns about political violence in the United States once considered all but unthinkable. The FBI has warned of armed protests planned for Washington and all 50 US state capitals ahead of Biden’s inauguration.

Impeachment is a remedy devised by America’s 18th-century founders to enable Congress to remove a president who has, according to the Constitution, committed “treason, bribery or other high crimes and misdemeanors.” If Mr. Trump were removed before Jan. 20, Vice President Mike Pence would become president and serve out his term.

The House impeached Trump after he ignored calls for his resignation and Pence rebuffed Democratic demands to invoke a constitutional provision to remove the president.

The House previously voted to impeach Trump in December 2019 on charges of abuse of power and obstruction of Congress stemming from his request that Ukraine investigate Biden and his son Hunter ahead of the election, as Democrats accused him of soliciting foreign interference to smear a domestic political rival. The Senate voted in February 2020 to keep Trump in office. — David Morgan and Richard Cowan/Reuters

UnionBank seals new five-year agreement with labor union, assures members that ‘no one gets left behind’

January 14, 2021 | 7:00 am

AFTER five months of negotiation, the representatives of Union Bank of the Philippines (UnionBank) and the UnionBank Employees Association (UBEA) signed, last December 4, 2020, a new five-year collective bargaining agreement (CBA), that assures the six hundred seventy-six members of the union that “no one gets left behind” in a renewed commitment that can be considered as a milestone achievement made at a time when the banking industry is faced with increasing challenges brought about by a global pandemic.

Those challenges, discussed in depth during the negotiations, were reflected in the final agreement. The agreement represents a package that is mutually beneficial to the employees and the bank, strengthening collaboration and long-term partnership that paves the way for the union to support the digital transformation of UnionBank as a way forward to survive the debilitating impact of today’s crisis.

The bank and the union agreed to hold the negotiations using virtual platforms, which allowed for a safer way to hold the negotiations while ensuring the integrity of both platform and process, pioneering a new practice that will be adopted in subsequent negotiations.

“Speaking of new practice, we are happy that UBEA agreed to conduct the negotiations virtually. It was this attitude to be open to a new way of holding CBA talks that allowed us to move forward. In so doing, it paved the way for both panels to trust in the process, to trust in the virtual platform, and most importantly to trust each other that we all want the greater good,” said Michelle Rubio, UnionBank Executive Vice President, and Chief Human Resource Officer.

Both NicholouMalazarte, UBEA president, and Dave Devilles, VP for employee relations, CSR, and sustainability, who served as co-chair of the management panel, shared their negotiation experience during the signing ceremony.

“In the course of our negotiation, we were able to understand that current circumstances have changed our position and that we needed to find a win-win solution without bringing our challenge to the National Conciliation and Mediation Board. Instead, we chose to find resolution among ourselves in the spirit of a peaceful, sincere, and just CBA,” Malazarte said.

Devilles echoed the sentiment, “We proved that we can come to an agreement without the need for third parties. In this CBA, both panels spoke their respective truths and in so doing, chose to trust each other. We can balance the welfare of our employees while ensuring the company’s sustainability for the benefit of our stakeholders including the millions of customers depending on the bank’s continued service.”

The agreement takes effect retroactively from June 1, 2020, to May 31, 2025, with benefits at par with the Philippines’ top 10 banks. The employees also enjoy the above industry hiring rate for staff. It also granted around a six percent salary increase that allows employees to maintain their middle-income status. Additionally, a Christmas Basket is provided in the form of gift certificates. The bank offers regular antigen testing to the employees for free.

Policy rates to remain low — Diokno

January 14, 2021 | 12:33 am

The Bangko Sentral ng Pilipinas (BSP) may trim banks’ reserve requirements further to encourage lending and boost economic activity, Governor Benjamin E. Diokno said. — PHILIPPIINE STAR/ MIGUEL DE GUZMAN

THE Philippine central bank will keep benchmark interest rates low to support economic recovery amid a coronavirus pandemic, its chief said on Wednesday.

The Bangko Sentral ng Pilipinas (BSP) may also cut banks’ reserve requirements further to encourage lending and boost economic activity, Governor Benjamin E. Diokno said.

“It’s never too early at this time because the pandemic is not yet over. In fact our policy is that we will keep this policy for long until such time that we see economic growth at 6.5% to 7.5%,” he said during the BusinessWorld One-on-One online interview on Wednesday.

Economic managers expect gross domestic product (GDP) growth at 6.5%-7.5% this year, after GDP likely contracted by 8.5%-9.5% in 2020.

The BSP slashed rates by a total of 200 basis points (bps) last year, bringing down the overnight reverse repurchase, lending and deposit rates to 2%, 2.5%, and 1.5%. Some analysts, including Fitch Ratings, have said there is not much space left for further easing amid negative real interest rates as the BSP expects inflation to settle at 3.2% this year.

The BSP was one of the most aggressive in policy easing last year. The first rate cut was delivered in February, with the central bank citing uncertainty over the coronavirus disease 2019 (COVID-19) outbreak.

“I do not apologize for the speed at which the central bank acted. It calmed down the market and it reduced the borrowing costs for businesses and the National Government,” Mr. Diokno added.

He said there is still room for further cuts in banks’ reserve requirements this year.

“Whether we will cut further will depend on whether there’s still need for more liquidity but at the moment, there’s ample liquidity, so I don’t see the need for an additional cut in the reserve requirement at this time,” Mr. Diokno said.

Bank lending grew by less than a percent in November, the slowest in 14 years as lenders tightened credit standards.

This is despite BSP’s liquidity-infusing measures that have added about P2 trillion into the financial system, or equivalent to about 10% of the country’s gross domestic product.

“Maybe things will change once the economy starts recovering and with the speed of recovery, we may consider additional cuts in the reserve requirement,” the BSP chief said.

In 2020, big banks’ reserve requirements were slashed by 200 bps to 12%, while those for thrift and rural lenders were trimmed by 100 bps to 3% and 2%, respectively. Mr. Diokno has vowed to bring the ratio to a single digit by the end of his term in 2023.

Mr. Diokno, who is also a former Budget secretary, said the country is in a much better position than in the previous crises.

“I’ve seen that whenever we have a crisis in the Philippines, we run out of dollars because we have a huge foreign debt and because we do not want capital exiting the country, we raise interest rates,” he said.

The country’s gross international reserves as of end-November stood at a record $104.5 billion, enough to cover 11.2 months of imports and about 9.3 times the country’s short-term external debt based on original maturity.

“We’re now looking at around maybe $110 billion this year and even $120 billion next year — that is equivalent to close to a one-year import requirement,” Mr. Diokno said.

The BSP chief said the banking system remains stable, adding that they do not see any emerging problems based on data from individual banks and the industry.

The nonperforming loan ratio continued to rise for the 10^th straight month to 3.81% as of end-November. This level is still manageable compared with its peak of 17.6% in 2002 due to the Asian financial crisis, Mr. Diokno said.

He said the passage of the Financial Institutions Strategic Transfer (FIST) bill would significantly cut bad loans. The measure, which will allow lenders to offload bad loans to asset management corporations, was approved by the bicameral conference committee in December and is awaiting the approval of President Rodrigo R. Duterte.

“It’s [FIST] just a fallback position. But we don’t see any situation worsening at this time. Even without the FIST bill, the banking industry can handle the crisis,” he said.

Banks’ capital adequacy ratio hovers around the 15% territory, which is well above the 10% minimum requirement of the BSP. Lenders also beefed up loan loss reserves by 65.4% to P352.733 billion in November.

COINLESS SOCIETY BY 2025
The BSP is aiming to make 50% of payments in value and volume done digitally, but Mr. Diokno admitted a totally cashless society is not possible “within my lifetime.”

“But I can assure you maybe a coinless society by 2025 for sure, because that will be replaced by the QR Code PH, which we are pushing to get our national ID,” he said.

In 2019, the BSP launched the P20 coin, which now coexists with the bill version of the denomination. — Luz Wendy T. Noble

Traffic congestion in Manila is 4^th worst in the world despite lockdown

January 14, 2021 | 12:32 am

Metro Manila was the fourth most congested city in the world in 2020, even as traffic declined due to lockdown restrictions. — PHILIPPINE STAR/MICHAEL VARCAS

By Arjay L. Balinbin, Senior Reporter

ANNUAL TRAFFIC congestion in Metro Manila significantly dropped last year due to coronavirus lockdown, but the Philippine capital was still the fourth-most congested city in the world, according to data from a location technology company.

Latest data from Amsterdam-based TomTom International B.V. showed Metro Manila had a 53% congestion level last year, better than 71% congestion level in 2019. This means a 30-minute trip would take 53% longer than it would during baseline uncongested conditions in Metro Manila.

TomTom’s 2020 Traffic Index report showed Moscow was the most congested city last year.

The Philippine capital’s congestion level was the same as Mumbai, India and Bogota, Colombia, which ranked second and third on the Traffic Index. However, Metro Manila traffic dropped by 25% in 2020, while traffic in Mumbai and Bogota declined by 18% and 22%, respectively.

The TomTom traffic index covered 416 cities or regions across 57 countries on six continents.

Metro Manila saw consistent low traffic levels — or 50% less congested than their corresponding days in 2019 — starting March 15 until May 31, when strict lockdowns were in place.

February was the most congested month in Metro Manila with a 68% level in 2020, while April — the height of the lockdown — had the least congestion.

From 12% in May, Metro Manila’s average traffic congestion level rose to 42% in June, when the government eased travel restrictions. Traffic steadily increased, reading 60% congestion in December.

Motorists in Metro Manila lost 20 minutes per 30-minute trip during rush hour in the morning and 29 minutes per 30-minute trip during rush hour in the evening. This meant they lost 188 hours — equivalent to seven days and 20 hours — in 2020, or two days and 21 hours less than the previous year.

The decline in traffic congestion in Metro Manila last year was expected due to the lockdown, according Rene S. Santiago, a transport expert.

“School trips alone accounted for about six million trips disappearing in Metro Manila with no students going to schools. That is 25% of the total daily demand. The government also suppressed the supply, with the limited capacity and the limited number of public utility vehicles allowed on the roads,” he told BusinessWorld in a phone interview on Wednesday.

“So where is the easing of traffic in that sense?” he added.

He noted that there is a “short-term relief” from San Miguel Corp.’s (SMC) opening of Skyway 3, which may reduce traffic on EDSA and C5 by 20% to 30%.

SMC said on Wednesday it would fully open all the seven lanes of the 18-kilometer Skyway 3 after official ceremonies on Jan. 14. The elevated expressway is expected to reduce travel time from the South Luzon Expressway in Alabang to the North Luzon Expressway (NLEx) to about 30 minutes from about three hours.

Mr. Santiago noted Philippine officials have not come up with realistic solutions to address the traffic problem in Metro Manila.

“What they have are artificial solutions, which cannot be sustained. For example, the EDSA Busway system. It speeds up the travel of those on the buses, but they are actually in direct competition with the MRT-3. The moment you expand the capacity of the MRT-3 once we return to normal, the riders of the EDSA Busway will go back to the MRT-3,” he said.

Mr. Santiago said the government could reinstall or reopen the “signalized intersections,” instead of closing the U-turn slots along EDSA.

“Once the situation returns to normal, the good part is that not all workers will go back to their offices. A portion of them will still be working from home and some of the schools will adopt hybrid learning, and that is good. Telecommuting and tele-schooling are some of the solutions I have been recommending since 2014,” he added.

Infrawatch PH convenor Terry L. Ridon said Metro Manila’s traffic remains one of the worst in the world because the infrastructure and policies needed to ease the congestion “remain absent, despite record congestion reduction during the pandemic.”

“Further easing can be expected as soon as the NLEX Connector Road and Segment 8.2 projects proceed. These new toll roads can certainly unburden EDSA and other major roads currently experiencing moderate to severe congestion,” he said via e-mail.

“Congestion pricing has also been proposed by other groups, but support remains limited because public mass transport remains unreliable in the capital. Without effective public mass transport, this proposal may unfairly burden commuters not only in respect to money, but also to time,” Mr. Ridon added.

The pandemic is expected to weigh again on traffic congestion this year, said Nick Cohn, TomTom’s senior traffic expert.

“We’re going to see continued restrictions through the first half of the year, and I think we’re going to see a lot of ups and downs before we’re really getting back to any normal driving patterns and traffic activity levels,” he told Reuters in an interview.

The downturn in congestion in the United States was more prolonged compared with Europe last year because US coronavirus cases stayed relatively high during the summer and early fall, Mr. Cohn said.

In the United States, Los Angeles, New York and Miami were the most congested cities, though traffic in each city dropped from 2019 levels by 36%, 30% and 26%, respectively, TomTom data showed.

Overall, Moscow was the most congested city in 2020, but traffic fell by 8% from 2019. Bengaluru was the most congested city in the world in 2019, but it fell to sixth place in 2020 with nearly a 30% drop in traffic year on year.

Traffic in London and Paris was almost 20% lower than in 2019, and traffic in Madrid and Rome dropped by 35% and 29%, respectively. Berlin experienced only a 6% traffic fall compared with 2019.

Traffic patterns like the daily morning commute to work — a mainstay for decades — could shift because of increased flexibility around remote work for employees, Mr. Cohn said.

“In the US, Canada and Mexico, if you look at peak travel patterns, the morning peak seems to have melted away,” he said. “We have never seen that before.”

Traffic congestion during rush hours last year decreased by 25% globally, said Stephanie Leonard, TomTom’s head of traffic innovation and policy.

As more people return to office following vaccine distributions, congestion levels could rise if commuters choose to avoid public transit and drive to office instead, said John Kilduff, partner at Again Capital LLC in New York. — with Reuters

Metro Manila among cities with the worst traffic congestion

January 14, 2021 | 12:32 am

PHL sees no jobs boost from free trade deals

January 14, 2021 | 12:31 am

The unemployment rate surged to a 15-year high of 17.7% in April, as many businesses shut down during the lockdown. — PHILIPPINE STAR/EDD GUMBAN

THE country’s free trade agreements (FTAs) have increased labor productivity but not jobs, a study from the Philippine Institute for Development Studies (PIDS) showed.

“Impact of FTA on Philippine Industries,” authored by Francis Mark A. Quimba, Mark Anthony A. Barral, Maureen Ane D. Rosellon, and Sylwyn C. Calizo, Jr., looked at Philippine trade agreements with Japan and regional agreements among the 10-member Association of Southeast Asian Nations (ASEAN) and partner countries like Australia, New Zealand, and South Korea. These agreements have allowed the Philippines to import products at zero duties.

The influx of imports under trade agreements allow for increased industry output as businesses heighten labor productivity, according to the report. However, these businesses are not hiring additional workers.

“Businesses are hesitant to increase employment despite benefiting from importation at lower rates,” the researchers said.

Government trade policies should be supported by employment policies to address the absence of new jobs, they said.

“Businesses are hesitant to increase employment because these tend to become long-term investments which would include in-house training and skills development,” the think tank said.

“Thus, the government needs to increase the confidence of industries and companies in the growth prospects of the country for them to translate their gains from tariff-free imports to employment.”

The government needs to add to labor supply, it added, by offering incentives for universities to work with industry in developing specialized skills among the workforce.

While FTA-based imports increase industry growth, the study noted that the effects on real gross value-added growth, or its contribution to the economy, are “not statistically significant.”

The Philippines recently joined the 15-country mega trade deal Regional Comprehensive Economic Partnership (RCEP), which the Trade department aims to ratify by next year.

Since the signing, the Trade department has been looking at participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which was signed by 11 countries in 2018.

The department is also targeting to finish FTA negotiations with South Korea this quarter, after talks stalled on items like bananas, for which Philippine producers are seeking lower tariffs, and South Korean auto exports, for which Seoul is seeking greater access.

The lockdown designed to address the health crisis led to a decline in jobs last year as the unemployment rate surged to a 15-year high of 17.7% in April, according to data from the Philippine Statistics Authority. The rate in October eased to 8.7%, translating to 3.813 million jobless Filipinos.

The PIDS report also said Philippine industry links are weak and the government should match smaller domestic firms with multinational affiliates. — Jenina P. Ibañez

Adding pleasure to life

January 14, 2021 | 12:05 am

When times are hard, a little truffle luxury goes a long way

WE all have things that we deem necessary, but what these necessities are might be different for different people. Counting on your fingers might seem enough for some when praying the rosary, but others can’t do without a lovely jeweled chain. Either way, when we can, it’s always best to inject a little bit of pleasure into our lives.

Rochelle Suzara Farrales, proprietress of Caprichosa and Bead Studio Manila has moved from one pleasure to another. Ms. Farrales had been making Faith Fashion Wearables (what may be described as wearable rosaries) which were sold at the home department and some Ladies departments of Rustan’s. But the coronavirus disease 2019 (COVID-19) pandemic has scuttled some of their plans. “Prior to the pandemic, we were all set for the roll-out in the Ladies Department of the Makati store. Well, that was put on hold obviously: sales went from quite decent to nada, and the pick-up since GCQ (general community quarantine, the third strictest of four lockdown levels) was announced has been slow but reassuring,” she told BusinessWorld in an interview.

“Things are looking brighter now,” she said. “That was not the outlook when the ECQ (enhanced community quarantine, the strictest quarantine level) was imposed. Our income was sliced in half at best, and things were bleak and gloomy. Our Bead Studio which is actually located at home was stocked well because we had full intentions of being very productive during the lockdown. Of course, that was not the case. During the ECQ there was zero income from all our sources and the insecurity of the times was not conducive to any creativity for us at all.”

But the quarantine couldn’t keep them down. In the interim between the initial lockdown and the holiday season, Ms. Farrales came up with Caprichosa, a line of luxury condiments that included truffle honey and butter, but also crab fat butter, fruit compotes, and pâté.

“I think what I am trying to say is while the obvious pivot was into food and I longed to put something fast moving and mass-based into the market for swift returns, our daughters inspired me to stick to what I love, and I love French truffles on everything!” she said.

Her daughters have also created their own ventures of macarons and chocolates during the lockdowns. “I’ll tell you this: one of the things I learned as a mother during this entire gourmet food adventure… is that the girls will survive and that they now have seen with their own eyes that family is truly important and together we are stronger.”

Talking about her fondness for the rare and expensive fungus she said, “There is just something beautiful about the elegant touch of black truffle in a well-prepared dish, black truffles can take a beautiful dish to even greater heights. I am particularly in love with black truffle honey, and with the delis closed, it was hard to come by. So I thought, that is what I want to do: make little jars of black truffle honey happiness for all to enjoy. I have been purchasing black truffle honey from stores and delis over the years, and gifting them to people we love. It was always hard to come by, small bottles of this delicious condiment, so it made sense to fill that scarcity.”

Truffles are rare and expensive because they are difficult to grow and cultivate. There have been several attempts to domesticate the truffle in Europe for centuries, but it’s mostly still a hit-and-miss game. That’s why truffle oil had become so popular in the last 20 years or so: it was a way to bring that delicacy to the masses through a light and affordable approximation of the taste and scent of real truffles. Ms. Farrales doesn’t go that way, and uses real truffles in her creations. “People assume that the difficult part of creating black truffle honey was sourcing the black truffles. It actually was not. With eBay and Amazon shipping in, and local distributors of imported brands readily available, that was not the difficult part at all. The more challenging hurdle was sourcing the honey.”

Honey is fast becoming a luxury itself. Authorities recently found that several supermarket brands which claimed to be pure honey were actually adulterated with syrup. The drop in populations of bees worldwide also poses a problem.

“We did not know that would be so difficult!” said Ms. Farrales. “We must have purchased dozens of liters of honey from various sources until we found honest distributors who represent the honey hunters. You see, some apiaries feed their bees raw sugar, not only so they can survive the rainy season when the bees cannot make honey, but all year-round. What is produced is a honey product which lacks the natural taste and endemic medicinal properties of real honey. Oh, they will pass all kinds of honey tests, but the taste will not lie. We are happy that [after] more than a month of sourcing we finally found a reliable source of honey from the different regions — all wild, pure, raw and beautiful. In order to infuse the black truffle essence, we needed a light and delicate honey that would lift, and not drown out, the black truffle,” she explained.

A little luxury goes a long way in difficult times like these. Ms. Farrales’ products start at relatively low prices for a little below P300 for 50 mL of the truffle butter and truffle honey. “These products, while luxuries, do not actually break the bank,” she noted.

Ms. Farrales went on to explain the necessity of little luxuries in difficult times. “During times of difficulty and insecurity, it is good to have little things to lift the spirits and provide satisfaction for the yearning for actual luxuries that we cannot afford due to financial and/or physical constraints or even limited mobility. We like to think our products provide that satisfaction. They also deliver on the emotional assurance that maybe things aren’t all that bad.”

She adds, “Of course, these do not take the place of the more important things in life — family, health, job security, as well as physical, spiritual and mental health — but they certainly help.”

For details and orders, contact Rochelle Farrales at 0917-5011372. The spreads can be combined as sets with prices ranging from P560 to P1,980. — Joseph L. Garcia

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