Home Blog Page 8104

In boost for COVID-19 battle, Pfizer vaccine found 94% effective in real world

JERUSALEM — The first big real-world study of the Pfizer/BioNTech vaccine to be independently reviewed shows the shot is highly effective at preventing coronavirus disease 2019 (COVID-19), in a potentially landmark moment for countries desperate to end lockdowns and reopen economies.

Up until now, most data on the efficacy of COVID-19 vaccines has come under controlled conditions in clinical trials, leaving an element of uncertainty over how results would translate into the real world with its unpredictable variables.

The research in Israel—two months into one of the world’s fastest rollouts, providing a rich source of data—showed two doses of the Pfizer shot cut symptomatic COVID-19 cases by 94% across all age groups, and severe illnesses by nearly as much.

The study of about 1.2 million people also showed a single shot was 57% effective in protecting against symptomatic infections after two weeks, according to the data published and peer-reviewed in the New England Journal of Medicine on Wednesday.

The results of the study for the Clalit Research Institute were close to those in clinical trials last year which found two doses were found to be 95% effective.

“We were surprised because we expected that in the real-world setting, where cold chain is not maintained perfectly and the population is older and sicker, that you will not get as good results as you got in the controlled clinical trials,” senior study author Ran Balicer told Reuters. “But we did and the vaccine worked as well in the real world.”

“We have shown the vaccine to be as effective in very different sub-groups, in the young and in the old in those with no co-morbidities and in those with few co-morbidities,” he added.

The study also suggests the vaccine, developed by US drugmaker Pfizer and Germany’s BioNTech, is effective against the coronavirus variant first identified in the UK. Researchers said they could not provide a specific level of efficacy, but the variant was the dominant version of the virus in Israel at the time of the study.

The research did not shed light on how the Pfizer shot will fare against another variant, now dominant in South Africa, that has been shown to reduce the efficacy of other vaccines.

 

‘THIS IS MORE GREAT NEWS’

Of the nine million people in Israel, a nation with universal healthcare, nearly half have received a first dose, and a third have received both doses since the rollout began on Dec. 19.

This made the country a prime location for a real-world study into the vaccine’s ability to stem the pandemic, along with its advanced data capabilities.

The study examined about 600,000 vaccinated people against the same sized control group of unvaccinated people. Researchers at Harvard T.H. Chan School of Public Health, Harvard Medical School, and Boston Children’s Hospital also collaborated.

“This is more great news, confirming that the vaccine is around 90% effective at preventing documented infection of any degree of severity from 7 days after the second dose,” said Peter English, a British government consultant in communicable disease control.

“Previous recently studied papers from Israel were observational studies. This one used an experimental design known as a case-control study … giving greater confidence that differences between the groups are due to their vaccination status, and not to some other factor.”

The study published on Wednesday was the first analysis of a national COVID-19 vaccination strategy to be peer-reviewed. It also offered a more detailed look at how the vaccine was faring at weekly intervals, while matching people who received the shot to unvaccinated individuals with similar medical histories, sex, age, and geographical characteristics.

Other research centers in Israel, including the Weizmann Institute of Science and the Israel Institute of Technology, have shared several studies in recent weeks that show the vaccine to be effective.

At least three studies out of Israel have also suggested the vaccine can reduce coronavirus transmission, but the researchers have cautioned that wider studies must be conducted in order to establish clear-cut conclusions.

 

GOT YOUR IMMUNITY PASS?

The Weizmann Institute’s latest data shows a dramatic drop in illness—which began this month with the first age group vaccinated, the over-60s—has now extended to the two subsequent groups to have completed both doses.

As infections have fallen in Israel, the country has eased its third national lockdown and reopened swathes of its economy including malls, shops, schools, and many workplaces in the past two weeks.

Recreational venues such as theaters, gyms, and hotels opened on Sunday, but are open only to those deemed immune—holders of a “Green Pass,” a health ministry document available for download only by people seven days after their second dose or people who have recovered from COVID-19.

On Wednesday, Tel Aviv held one of the country’s first live concerts after months of gatherings being banned under coronavirus restrictions.

“This is so exciting, we are really so happy to be here today. It’s unbelievable after one year of staying at home, it’s great to be out to see some culture,” said 60-year-old Gabi Shamir as she took her seat at the open-air show.

Still, the vaccine’s efficacy does not mean the country will be pandemic-free any time soon. Like elsewhere in the world, a large proportion of the population are under 16—about a third in Israel—meaning that they cannot yet get vaccinated as there have not been clinical trial results for children.

“This is definitely not the end of the pandemic,” said Eran Kopel, an epidemiologist at Tel Aviv University. “Once there is a safe vaccine for the children in Israel and all over the world we can then start to say that we could be approaching herd immunity.” — Maayan Lubell and Ari Rabinovitch/Reuters

Duterte says still undecided on future of US troop deal

MANILA – Philippine President Rodrigo Duterte said he has not made a decision yet on the future of the two-decade-old Visiting Forces Agreement (VFA) with the United States, leaving the fate of the pact hanging in the balance.

Duterte has said the United States should pay more if it wants to maintain the VFA, which he unilaterally cancelled last year in an angry response to an ally being denied a U.S. visa.

The withdrawal period has been twice extended, however, to create what Philippine officials say is a window for better terms to be agreed.

“I have not yet decided on what to do, to abrogate or renew,” Duterte said in a late-night televised address on Wednesday. “I want to hear the people. I want narratives to come.”

The militaries of the two countries enjoy close ties, forged during decades of joint exercises that have boosted the capability of Philippine forces while giving the United States an important foothold in a region where China’s power and influence is growing.

Defence officials from both countries are trying to salvage the VFA, which underpins the Mutual Defense Treaty (MDT) and an Enhanced Defense Cooperation Agreement. Duterte has threatened to scrap all of them.

U.S. Secretary of State Antony Blinken has stressed the importance of the long-standing defense treaty between the allies and its clear application if Manila came under attack in the South China Sea.

The U.S. Embassy in Manila did not immediately respond to a request for comment on Duterte’s remarks. – Reuters

Aboitiz said to weigh sale of minority stake in Pilmico

Philippine conglomerate Aboitiz Equity Ventures Inc. is considering a sale of a minority stake in its animal feed business Pilmico Foods Corp., people familiar with the matter said.

Aboitiz is considering selling about 20% to 30% of the unit, the people said, asking not to be identified because the information is private. The transaction could value the entire business at more than $1 billion, they said.

Deliberations are ongoing and the companies could decide against a deal, the people said. A representative for the company declined to comment.

Pilmico has more than 29 facilities, including flour and feed mills, pig farms and a meat-cutting facility across nine Asia-Pacific countries, according to its website. It bought a controlling stake in animal feed producer Gold Coin Management Holdings Ltd. from Golden Springs Group for $334 million in 2018. Gold Coin became wholly owned by Pilmico in 2019.

The potential stake sale comes after Aboitiz cut its planned capital expenditure by a third to P47 billion ($967 million) last year, citing the coronavirus pandemic.

Aboitiz reported net income for its food manufacturing segment of P1.1 billion in the first nine months of 2020, a 10.8% decrease on the same period the year before. The company said a decline in revenue was due to lower selling prices for the group’s feed business, offsetting higher sales volumes. – Bloomberg

Singapore’s first Chinese COVID-19 vaccines arrive ahead of approval

SINGAPORE — Singapore received its first batch of the coronavirus disease 2019 (COVID-19) vaccine made by China’s Sinovac Biotech on Tuesday, its health ministry said, although the shot is still awaiting approval for use in the city-state.

Sinovac has started submitting initial data but the Health Sciences Authority is currently awaiting all the necessary information to carry out a thorough assessment, the ministry said in a statement late on Wednesday.

Singapore is the only wealthy country considering the use of Sinovac’s vaccine, which has been found to have an efficacy rate ranging from about 50% to 90% in studies.

The city-state has been rolling out its COVID-19 vaccination program over the last two months. It has approved shots from Pfizer-BioNTech, and Moderna .

The government has previously declined to give specific details on the deals struck with vaccine makers.

As an island nation heavily dependent on travel and trade, the Singapore government is keen to boost its economy with the help of the vaccine. Singapore is aiming to vaccinate its entire population of nearly six million people by the end of 2021.

Singapore has been reporting very few new local coronavirus cases over the last few months.

Since the start of the outbreak, it has recorded a total of nearly 60,000 infections, most of which occurred in crowded foreign worker dormitories. Only 29 people have died from the disease in Singapore, according to its health ministry.

China, Brazil, Indonesia and Thailand are among the countries that have approved the Sinovac vaccine. — Reuters

Former police chief given post in President’s office

RECENTLY-retired police chief Camilo Pancratius P. Cascolan has been appointed by President Rodrigo R. Duterte as an undersecretary under his office, the palace announced Wednesday. Presidential Spokesperson Herminio “Harry” L. Roque, Jr., in a televised press briefing, said Mr. Cascolan will hold the position of undersecretary for the Office of the President. Mr. Cascolan will report to his new post starting March 1, but it remains unclear what his tasks will be. “I just hope I could keep in step with his standards and I will do my best,” he said in a phone interview. The former police chief was among the architects of the anti-drug campaign launched by Mr. Duterte in 2016. Since assuming the presidency in 2016, Mr. Duterte has appointed a number of former military and police generals to key government posts. Mr. Cascolan retired in November 2020 after two months of serving as chief of the Philippine National Police. — Kyle Aristophere T. Atienza and Emmanuel Tupas/PHILSTAR

FDI pledges slump to three-year low

Approved foreign direct investments (FDI) pledges slumped to its worst level in three years in 2020, the statistics agency said. — PHILIPPINE STAR/MICHAEL VARCAS

APPROVED foreign direct investment (FDI) pledges slumped to the worst level in three years in 2020 amid the coronavirus pandemic, data released by the Philippine Statistics Authority (PSA) on Wednesday showed.

The PSA said foreign investment pledges approved by the country’s investment promotion agencies for the full year hit P112.12 billion, down by 71.3% year on year. This was the lowest amount since the P105.75 billion worth of investments approved in 2017.

The full-year tally came after a lackluster performance in the fourth quarter, when approved investments plunged by 67.5% year on year to P36.48 billion from P112.11 billion a year earlier.

FDI commitments are different from actual capital inflows tracked by the Bangko Sentral ng Pilipinas (BSP) for balance of payments purposes. Latest available BSP data showed net FDI inflows dropping by 10.8% year on year to $5.8 billion in the 11 months to November.

The United States was the top source of approved foreign investments last year with P35.37 billion, 2.6 times more than P13.48 billion in 2019. Investment commitments from the US accounted for 31.5% of the total.

China followed with P15.6 billion, which was 82.4% lower than P88.67 billion investments pledged in 2019.

The United Kingdom ranked third with P13.08 billion — almost five times more than its pledges in 2019.

The PSA report also counted investment pledges from the government’s seven investment promotion agencies — the Authority of the Freeport Area of Bataan (AFAB), Board of Investments (BoI), BoI-Bangsamoro Autonomous Region in Muslim Mindanao (BoI-BARMM), Clark Development Corp. (CDC), Cagayan Economic Zone Authority (CEZA), Philippine Economic Zone Authority (PEZA) and Subic Bay Metropolitan Authority (SBMA).

PEZA contributed the biggest chunk of the foreign investment pledges with P59.73 billion, or 53.3% of last year’s total.

BoI was second with P47.73 billion or 42.6%, followed by CDC with P2.57 billion, CEZA with P1.26 billion, SBMA with P431 million, AFAB with P395.1 million, and BoI-BARMM with P3 million.

In the fourth quarter alone, the transportation and storage sector received the biggest portion of approved foreign investment pledges worth P14 billion, accounting for 38.4%. This was followed by manufacturing with commitments worth P10.37 billion or 28.4%, as well as real estate activities at P6.96 billion or 19.1%.

The bulk of the approved investments in the fourth quarter — 62.4% at P22.77 billion — will go to projects in the Cavite-Laguna-Batangas-Rizal-Quezon Region south of Metro Manila.

Meanwhile, Central Luzon and the National Capital Region followed with P6.68 billion (18.3%) and P5.15 billion (14.1%), respectively.

Meanwhile, total investment pledges reached P270.08 billion in the fourth quarter, 34.5% less than P412.2 billion a year ago.

Assuming the projects materialize, foreign and local investments pledged during the period are expected to generate 35,414 jobs across industries, less than 55,946 projected jobs a year ago.

Asian Institute of Management Economist John Paolo R. Rivera said lower FDI pledges reflect investor confidence in the Philippines relative to other competing countries.

“Other countries may be more lucrative to invest in relative to us because of their pace in managing and containing the pandemic as well as seamlessly securing vaccines… There is some confidence in our economy but not as much as other economies,” Mr. Rivera said, citing last year’s economic performance metrics.

He said he expects approved and actual FDIs to rebound once confidence in the country recovers.

“This can be done by indicating a more stable post-pandemic recovery plan for the economy. We need to project that despite the pandemic, we are as competitive as other economies, particularly with our neighbors,” the economist said. — J.E.Hernandez

2020 Approved foreign investment pledges lowest in three years

2020 approved foreign investment pledges lowest in three years

APPROVED foreign direct investment (FDI) pledges slumped to the worst level in three years in 2020 amid the coronavirus pandemic, data released by the Philippine Statistics Authority (PSA) on Wednesday showed. Read the full story.

2020 Approved foreign investment pledges lowest in three years

PHL underperforms in innovation adoption

By Beatrice M. Laforga, Reporter

MOST developing economies in East Asia, including the Philippines, have underperformed in terms of adopting new technologies and discovering new ones due to limited information, weak capacity of companies, poor employee skills and lack of government support, the World Bank said.

In the “Innovation Imperative for Developing East Asia” report released on Wednesday, the World Bank said nearly all 10 developing East Asian economies, except China, innovate less than expected given their per capita income levels.

Many companies across the region are still far from adopting emerging technologies, and the entire region is lagging behind advanced economies in using technology.

The World Bank attributed the poor performance to insufficient information on new technologies, uncertainties in projects, weak firm capabilities, poor staff skills, limited funding options and the lack of government support, which are usually not aligned with the needs of the private sector.

“Countries in developing East Asia must find new and more effective ways to increase productivity growth as they seek to build on past economic success and move progressively from middle- to high-income status. Indeed, their high-income neighbors — Japan, the Republic of Korea and Singapore — have all used innovation as a vehicle to improve efficiency and boost their incomes with great success,” it said.

The report covered 10 middle-income countries in the region — Cambodia, China, Indonesia, Lao PDR, Malaysia, Mongolia, Myanmar, the Philippines, Thailand and Vietnam.

The World Bank noted the Philippines’ high performance in information and communication technology (ICT) services exports, given its global reach in business process outsourcing (BPO).

However, government support for research and development (R&D) and innovation has been small, mainly due to its focus on driving innovation by small and medium enterprises (SMEs).

A World Bank survey of researchers in the Philippines, Malaysia and Vietnam showed that governments have increased national research capacity, but the overall impact is not yet clear.

Only a small percentage of companies in the Philippines, Cambodia and Malaysia have invested and engaged in R&D, and the most intensive ones are still below Israel’s benchmark.

The World Bank said more than 50% of innovating companies in the Philippines, including Indonesia, Malaysia, Myanmar, Thailand, and Vietnam, are struggling to hire new workers due to the lack of managerial and leadership skills and poor basic education, as seen in the low scores in international education assessment tests.

The Philippines is lagging in terms of innovation because of the lack of investments in R&D, according to John Paolo R. Rivera, an economist at the Asian Institute of Management.

“We need more investments in research and development, may it be academic or applied research, to help our human resources and economic systems adapt to the ever changing demands of a volatile, uncertain, complex, ambiguous and disruptive world and the Fourth Industrial Revolution, which has changed the way people work and live. Low R&D, low innovation,” He said in a text message on Wednesday.

Providing startups easier access to funding should also boost innovation, said Terry L. Ridon, convenor of think tank InfraWatch PH.

“The country needs to do more in terms of facilitating investments in innovation. Conglomerate interest in innovation startups has been limited, with only around four major conglomerates starting their own venture capital shops,” Mr. Ridon said in a Viber message.

While the country has seen drastic improvement in financial technology through the rise of electronic wallets and online banking, the biggest publicly listed companies in the country are still dominated by brick-and-mortar, traditional sectors that heed little innovation to grow, he said.

“On the other hand, our neighbors in ASEAN have already produced billion-dollar unicorns through technology companies such as Grab, Go-Jek and Lazada,” he said.

“We have a notable absence of innovation hubs akin to Silicon Valley, in which engineers, investors and policy makers interact to chart the future of innovation,” he added.

Republic Act 11293 or the Philippine Innovation Act was signed in April 2019, acknowledging science and technology as “essential for national development” and encouraging research, innovation and invention.

It allotted a “revolving” P1-billion fund from the national budget to finance enterprises “developing innovative solutions.”

Companies cautious on recovery as lockdown kept

COMPANIES in various industries are keeping a cautious outlook on recovery this year, after Malacañang decided not to loosen lockdown restrictions.

Rosemarie B. Ong, president of the Philippine Retailers Association and chief operating officer of Wilcon Depot, Inc., said she still expects business growth this year as customers divert their travel budget to home renovations.

“(Growth is) going to be soft but still very helpful because we are seeing some developments,” she said at an online event held by the Management Association of the Philippines on Wednesday.

President Rodrigo R. Duterte earlier this week rejected a proposal to shift the entire country to the most relaxed quarantine level. He said the country would remain under a general lockdown until people get vaccinated against the coronavirus.

“In the tourism industry, we have already learned to live with restrictions up to a certain point, and we hope the government of course will improve it soon,” Hotel and Restaurant Association of the Philippines President Eugene T. Yap said at the same forum.

He is hoping that the government would lift stricter restrictions later if it will not do so by March.

“However, we will not wait for the announcement,” Mr. Yap said. “We have known that the announcement for the leveling of the quarantine will be out of our league. We have no control.”

Hotels and restaurants have been renovating in preparation for the return of tourists, he said.

The tourism industry is hoping the government will loosen restrictions soon. The industry’s revenue declined by 83% to P81.4 billion, according to the Tourism department.

“We hope that we’ll push into a less restrictive mode of quarantine… that’s why we are hoping for the vaccination,” Mr. Yap said.

Ms. Ong said she hopes for a unified version of the lockdown restrictions, which vary by province.

“What we are seeing now is different versions. If you open (your business) all over the Philippines, your other businesses would be doing well because it’s not as restrictive as the others,” said Ms. Ong, whose company operates a chain of home improvement stores around the country.

“For retail, we just need to adapt in the sense that if you’re brick and mortar, you have to have that blended (online and physical) approach.”

The outsourcing industry cut its revenue growth projections late last year to 3.2-5.5% compound annual growth rate from 3.5-7.5%, according to the Information Technology and Business Process Association of the Philippines (IBPAP).

“In the industry, we have adjusted already to the current situation. Whether (the lockdown) will be adjusted to a more relaxed one or not. I think our industry will continue to work under these circumstances and our growth projections were based on this,” IBPAP Chairman and Accenture Philippines Country Manager Manolito T. Tayag said.

“Even if the quarantine restrictions are not going to be lifted or will not go to a more relaxed one, we think that our growth projections and direction for the industry will stay the same.”

Economic managers and business groups had sought the further easing of lockdown restrictions to fast-track the country’s recovery.

However, concerns remain over the possible uptick in coronavirus cases as new variants emerge. The Health department reported 1,557 new coronavirus infections on Wednesday, bringing the total to 566,420. — Jenina P. Ibañez

Fewer countries exempted from safeguard duties on car imports — Trade dep’t

FEWER COUNTRIES will be exempt from duties placed on car imports after the government reassessed its developing economy classifications set to comply with international rules, the Department of Trade and Industry (DTI) said.

In department administrative order 21-01 published on Tuesday, the DTI said that it must follow an agreement with the World Trade Organization (WTO) to exclude developing countries with minimal or insignificant import volume from safeguard measures.

But it also said that developing economies are further classified in a low to lower middle-income spectrum and have low to high human development. It added that members of the Organization for Economic Cooperation and Development (OECD) are mainly high-income economies.

The DTI had slapped provisional safeguards in the form of cash bonds of P70,000 per passenger car and P110,000 per light commercial vehicles from various countries after it found a link between a surge in imports and a decline in local employment.

The Safeguard Measures Act, or Republic Act No. 8800, allows domestic producers to ask the government to conduct an investigation into their import competitors if they claim to have been injured by excessive imports.

The DTI amended the annexes of its department order 20-11 prescribing safeguard measures, reducing the exempted economies. European and Central Asian countries on which passenger car safeguards will not apply, for example, was reduced to 23 economies from the previous 31 after countries like Hungary and Poland were removed from the list.

In the Middle East, Israel was removed from the list, while Chile was removed among countries in the Americas. Both are OECD members.

The WTO said that it has no official definition of “developed” and “developing” countries among its members,

“Members announce for themselves whether they are ‘developed’ or ‘developing’ countries,” the WTO website says. “However, other members can challenge the decision of a member to make use of provisions available to developing countries.”

Around two-thirds of WTO members identify themselves as “developing.”

The duties are being applied for 200 days while the Tariff Commission conducts its own investigation.

The legal representatives of industry groups and firms affected by the duties at a conference with the commission have been questioning the validity of the petition for safeguards from Philippine Metalworkers Alliance and the group’s ability to represent the local industry after domestic manufacturers opposed the duties.

DTI based its investigation on the alliance’s petition and imposed duties to protect local jobs. — Jenina P. Ibañez

Ayala Land income down 74% to P8.7B last year

Fourth-quarter showed ‘sustained momentum for recovery’

AYALA LAND, Inc. (ALI) on Wednesday reported a 74% fall in net income for 2020 to P8.7 billion after a double-digit decline in consolidated revenues, but said its performance “improved steadily” towards yearend.

“There was no escaping the major disruption caused by the pandemic in 2020, but our company’s performance in the latter part of the year was encouraging and provides a baseline for our recovery plans moving forward,” Ayala Land President and Chief Executive Officer Bernard Vincent O. Dy said in a press release.

Revenues dropped by 43% to P96.3 billion last year, which the company said it “endured” after the impact of the coronavirus disease 2019 (COVID-19) on its operations.

“In 2020, greater value was placed on maintaining a strong balance sheet to weather this crisis and prepare our company to resume our growth aspirations,” Mr. Dy said.

In the fourth quarter, the real estate division of Ayala Corp. posted a net income of P2.4 billion or a 28% growth, which it described as a “sustained momentum for recovery” from the third to fourth quarter. Total revenues for the quarter rose 49% to P33 billion.

Ayala Land’s press release, which mostly compared its fourth-quarter numbers with those of the third quarter, placed revenues from property development at P25.8 billion, a spike of 64%. The company pointed to the continuation of construction of its 174 projects all over the Philippines.

Sales reservations also grew in the last quarter to P21.1 billion, or almost 58% of sales reservations before the health crisis.

As the country began easing restrictions during the holidays, Ayala Land saw its mall revenues inch up by 10% quarter on quarter to P1.7 billion.

El Nido Resorts and Lio Tourism Estate were also allowed to reopen by the country’s Tourism department while coordinating with the local government units in the second half of 2020.

Ayala Land said “travel bubbles” numbering 37 in the fourth quarter translated into a 52% rise in revenues to P787 million during the period.

“Operating procedures were also put in place to ensure the safety of our people and our customers and initiatives were introduced to provide assistance to various stakeholders during this difficult period,” Mr. Dy said.

Ayala Land said its capital expenditures last year hit P63.7 billion “in line with the revised full-year budget.” The funds were allocated mainly to complete residential and commercial leasing assets, it said, adding that a portion was spent on land acquisition and development of estates.

In a separate disclosure, the company said that its board of directors approved Ayala Land’s merger with its listed subsidiary Cebu Holdings, Inc. as well as other subsidiaries, namely: Asian I-Office Properties, Inc., Arca South Commercial Ventures Corp. and Central Block Developers, Inc.

Ayala Land will be the surviving entity. It said the merger is an “internal restructuring” as well as a consolidation of its Cebu portfolio under one listed entity.

“The merger is expected to result in operational synergies, efficient funds management and simplified reporting to government agencies,” the company said.

On Wednesday, shares in Ayala Land rose 1.18% to close at P38.65 each. — K. C. G. Valmonte

SEC approves Aboitiz firm’s bonds, medical center’s IPO

THE Securities and Exchange Commission (SEC) has approved Aboitiz Power Corp.’s bond offering and has greenlit Allied Care Experts (ACE) Medical Center-Palawan, Inc.’s initial public offering (IPO).

“In its meeting on February 23, the Commission En Banc resolved to render effective the respective registration statements of AboitizPower for the issuance of fixed-rate bonds worth up to P30 billion and of ACE Medical Center-Palawan for the initial public offering of shares worth about P1 billion, subject to certain remaining requirements,” the SEC said in a statement.

The commission granted AboitizPower permission to issue the securities in one or more series in the next three years. The company plans to offer up to P4-billion fixed-rate bonds due in 2026, to be listed on the Philippine Dealing & Exchange Corp.

The company will also make available an oversubscription option of up to P4 billion at face value.

“Assuming full exercise of the oversubscription option, AboitizPower expects to net P7,895,302,675 from the first tranche. The proceeds will be used for the redemption of bonds maturing 2021 and for the early redemption of bonds maturing in 2026,” the commission said.

ACE Medical Center meanwhile was given the green light to sell 36,000 common shares in batches. A block of 10 shares may be sold from P200,000 up to P362,500 over the counter.

“The intended market for the IPO are most medical specialists and their relatives,” the corporate regulator said.

The IPO includes medical and dental service discounts at any health-care facility affiliated to the ACE Group of Hospitals, which may be availed by stockholders, their partner, dependents, and parents.

“Subscribing to the offer shares is a prerequisite for physicians and medical specialists to practice at ACE Medical Center-Palawan. Physicians looking to hold clinic at the hospital must have paid in full 10 common shares plus a ‘Privilege to Practice’ fee of P150,000,” the SEC said.

The proceeds from the public fundraising is expected to amount to P996.93 million. The funds will be used by ACE Medical Center to buy medical equipment, for its six-month worth of working capital, and to finance debt services.

Proceeds will also be used for the construction of ACE Palawan Hospital, an eight-storey health-care building with a floor area of 16,538 square meters in Brgy. San Pedro, Puerto Princesa.

The facility will house 120 beds, and is expected to be completed by late 2021 or the first quarter of 2022.

At least 32 clinic spaces will be allotted to 320 medical professionals, to be distributed on a first-come, first-served basis. — Keren Concepcion G. Valmonte