Captain Underpants author pulls ‘racist’ book, apologizes to Asian readers

March 31, 2021 | 12:05 am

NEW YORK — Publisher Scholastic Corp. has halted publication of a book by children’s author Dav Pilkey, best known for his Captain Underpants series, who offered an online apology for the title’s unintended “racist imagery.”

Mr. Pilkey, author of more than 40 books, said The Adventures of Ook and Gluk: Kung-Fu Cavemen from the Future, first published in 2010, would be pulled from retail and library shelves.

“I hope you, my readers, will forgive me, and learn from my mistakes that even unintentional and passive stereotypes and racism is harmful to everyone,” said Mr. Pilkey, 55, in a statement on YouTube on March 26.

The graphic novel about a group of friends who save the world using kung fu actually was “intended to showcase diversity, equality and non-violent conflict resolution” but it ultimately backfired, he said.

“It was brought to my attention that this book also contains harmful racial stereotypes and passively racist imagery,” Mr. Pilkey said. “It was and is wrong and harmful to my Asian readers, friends, and family, and to all Asian people.”

The move came during national soul-searching over anti-Asian harassment and violence that followed the killing of eight people, including six Asian women, at Atlanta-area day spas.

The decision to pull the book followed the removal this month of a handful of titles written decades ago by Dr. Seuss. The books were found to contain racist and insensitive imagery.

With Mr. Pilkey’s “full support,” Scholastic said it halted publication on March 22, removed the book from its websites, stopped fulfillment of any outstanding orders and sought a return of all inventory, including from schools and libraries.

“Together, we recognize that this book perpetuates passive racism,” Scholastic said in a statement. “We are deeply sorry for this serious mistake.”

Mr. Pilkey has said that his own disruptive behavior as a child led him to create his own comic books. He later achieved international recognition with his Captain Underpants series, which was adapted as a film.

The Captain Underpants books are among the American Library Association’s list of the top 100 most banned and challenged books from the past decade, due to complaints from parents about violent imagery. — Reuters

PLDT says new submarine cable system completed by December

March 31, 2021 | 12:04 am

PLDT, Inc. said the Jupiter submarine telecommunications cable system that will support its fixed and mobile services is expected to be completed by December this year.

“PLDT continues to work with major Asian carriers and OTT (over-the-top) players for the implementation of the new Jupiter cable system to support the expected new fixed and mobile services requirements,” PLDT said in its annual report released on Tuesday.

“Jupiter, the completion of which has been impacted by COVID-19-related restrictions, is expected to be completed and ready for service by December 2021,” it added.

The Jupiter cable system connects landing points in Japan, Philippines, and the United States.

To recall, the company announced in October 2017 that it would be investing around P7 billion ($136.7 million) in a Trans-Pacific cable system.

It said the fiber optic submarine cable system would be able to deliver an initial capacity of more than 60 terabytes per second from the Philippines to Japan and the United States directly.

Also on Tuesday, PLDT announced that its $600-million dual-tranche bond offer last year had been selected by IFR (International Financing Review) Asia Awards as the “Philippines’ Best Capital Markets Deal in 2020.”

It also said the Asset Triple A Sustainable Capital Markets Country Awards 2020 had likewise declared the same debt offer as the Philippines’ “Best Corporate Bond.”

PLDT said it would use around $400 million from the bond proceeds to repay debt due in the second half of 2020 and in 2021.

The remaining $200 million would be used to fund its capital expenditure requirements for 2020 and 2021.

The telco giant expects to spend between P88 billion and P92 billion this year.

Smart Communications, Inc., the wireless arm of PLDT, announced separately that it partnered with global telecommunications company Vodafone to provide 5G roaming services for subscribers in Australia, which is a key destination for Filipinos.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Chinese digital art mocks Western criticism of labor conditions in Xinjiang

March 31, 2021 | 12:04 am

BEIJING — A digital illustration by a prominent Chinese propaganda artist mocking Western governments, media and businesses critical of labor conditions in Xinjiang has gone viral on China’s social media.

The digital art by the artist who goes by the name Wuheqilin, referring to a one-horned Chinese mythical beast, shows two figures with white pointed hoods interviewing a scarecrow in a field of cotton and Black slaves.

One of the journalists holds up a microphone with a logo that looks similar to BBC News.

At the bottom of the illustration reads: “Can you tell us what unfair treatment you have suffered, Miss Scarecrow?”

“I’ve been sexually assaulted and abused,” a placard next to the scarecrow says.

Steadying the cross on which the scarecrow is held is a hooded figure wearing a Minneapolis police uniform, an apparent reference to the police officer who pressed his knee on the neck of a dying George Floyd last year.

Western governments and rights groups have accused authorities in the western Chinese region of Xinjiang of detaining and torturing Uighurs in camps, drawing fierce denials from Beijing, which says the camps are vocational training centers that help combat religious extremism.

Earlier this year, BBC reported that women in the camps had been subject to rape, sexual abuse and torture.

The Chinese foreign ministry said at the time that the BBC report was “without factual basis” and the people interviewed by the BBC have been “proved multiple times” to be “actors disseminating false information.”

Last week, Swedish clothing retailer H&M faced a public backlash in China when social media users circulated a statement the company made last year announcing it would no longer source cotton from Xinjiang. Chinese celebrity endorsers have since dropped several foreign retail labels including Nike.

The assault on Western brands followed coordinated sanctions by the United States, the European Union, Canada and Britain on Chinese officials for alleged human rights abuses in Xinjiang, which Washington has said have amounted to genocide.

In Wuheqilin’s illustration, which has garnered 1 million “likes,” the blood-red letters “HM” can be seen carved onto the trunk of a tree, while in the background is a black antique cotton scale that looks similar to Nike’s swoosh logo.

Entitled Blood Cotton Initiative, the illustration also refers to the Better Cotton Initiative (BCI), an international group that promotes sustainable cotton production which said in October it was suspending its approval of cotton sourced from Xinjiang, citing human rights concerns. Nike, H&M and a number of Western brands are BCI members.

Wuheqilin, who has 2 million followers on China’s Twitter-like microblog Weibo, in December published a digitally manipulated image of an Australian soldier holding a bloodied knife to the throat of an Afghan child, drawing the fury of Australian Prime Minister Scott Morrison.

Wuheqilin declined to comment when reached by Reuters. Nike, H&M and BCI did not immediately comment. — Reuters

Central bank, ADB to conduct gender-based study of MSMEs

March 31, 2021 | 12:04 am

THE CENTRAL BANK has teamed up with various institutions for a study on small businesses with a gender lens to look into boosting lending to the micro-, small-, and medium-sized enterprises (MSMEs).

The project will be carried out with the Asian Development Bank (ADB) and with support from JPMorgan, the Bangko Sentral ng Pilipinas (BSP) said in a statement on Tuesday.

The study will be a maiden national-level report on issues, challenges, and opportunities for businesses owned by women from a demand-side perspective. Its results are expected to be ready by the fourth quarter.

“When we support women’s access to finance, we enable the MSME sector to achieve its full potential as a driver of inclusive economic growth in the country,” BSP Governor Benjamin E. Diokno said in the statement.

“The MSME Demand-Side Survey is thus an important initiative toward building a deeper understanding of the sector to support evidence-based policy making and provide valuable market insights for financial service providers to strategically serve the MSMEs,” he added.

The survey will also gauge key characteristics of small businesses, their access and use of financial products including digital ones, and the impact of COVID-19 on their operations.

“This survey represents an important step towards informing the path forward to not only increase access to financial services but also to ensure they are best meeting the needs of MSMEs and women across sectors and regions of the Philippines,” ADB senior finance specialist Kelly Hattel said.

To encourage lending to MSMEs, the central bank has also started a credit risk database project on the sector in partnership with the Japan International Cooperation Agency.

The BSP is likewise exploring collaborations on financing that will ease collateral requirements of MSMEs that belong to larger supply chains.

Data from the Department of Trade and Industry showed MSMEs make up about 99% or roughly one million of registered businesses in 2018. — L.W.T. Noble

Cirtek Holdings receives approval for shelf registration of P6-B commercial papers

March 31, 2021 | 12:03 am

CIRTEK Holdings Philippines Corp. secured the order of registration and the certificate of permit to offer securities for the shelf-registration of P6-billion commercial papers (CPs).

The commercial papers will have an initial tranche of up to P2 billion, succeeding tranches are to be issued within three years from the effectiveness of the registration statement.

In a disclosure to the exchange on Tuesday, Cirtek said the Securities and Exchange Commission issued the authorization on March 26.

The commercial papers are proposed to be issued and listed at the Philippine Dealing & Exchange Corp. on April 28.

Cirtek received a PRS A (corp.) rating from the Philippine Rating Services Corp., which means the company has above average capacity to fulfill financial obligations. However, it also signifies that Cirtek is “somewhat more susceptible” to sudden changes in economic situations.

Shares of Cirtek at the stock exchange inched up by 3.17% or P0.19 on Tuesday, finishing at P6.19 per share. — Keren Concepcion G. Valmonte

‘Pain into beauty’ — Argentine sculptor turns pandemic waste into art

March 31, 2021 | 12:03 am

BUENOS AIRES — Marcelo Toledo usually creates sculptures and jewelry out of metal. Now the Argentine artist is working with a new material: waste masks and syringes from the coronavirus disease 2019 (COVID-19) pandemic to create an exhibition exploring the painful impact of the virus.

Mr. Toledo, who has made jewelry for the musical Evita on Broadway and unique pieces for Barack Obama and Madonna, was among the first in Argentina to contract COVID-19 a year ago, which left him hospitalized for eight days with pneumonia.

The experience left an imprint on his life and triggered a flurry of artworks, from a 14-meter mask with the Argentine flag that he placed on the iconic Obelisk in Buenos Aires to raise awareness about organ donation during the pandemic.

For his new exhibition, the Museum of the After, Mr. Toledo is collecting recycled coronavirus waste sent by hospitals, laboratories, and random people. It includes old vaccines and medical parts, and newspaper clippings about the pandemic.

“I am excited to be able to transform pain into beauty and this exhibition is just that, capturing everything that is happening to us as a society,” Mr. Toledo, 45, told Reuters in his workshop in the San Telmo district of Buenos Aires.

The artworks, which will go on show from September in a public space in downtown Buenos Aires, will all be made from “disposable materials or garbage that people send me,” many of them sealed inside vacuum-packed bags.

“It is the first time that I do an exhibition in which I do not have to buy any of the elements,” he said.”It will all be enclosed or put in capsules because we should never forget this. So the idea is that everything can be preserved over time.”

In the exhibition there will be a real ship that symbolically crosses a “storm” and recycling islands to raise awareness about the importance of caring for the environment.

“The exhibition will tell the story of this ship that went sailing and was stranded after the storm, which is a great metaphor for what is happening to us. This pandemic, it’s a great global storm,” Mr. Toledo said.

As with the giant mask, which was replicated in countries such as the United States and Japan, the artist dreams of reproducing the new exhibition in other cities around the world.

“The idea of this Museum of the After is on one hand to look for elements from all over the world, and also to be able to replicate it in other places and even get a physical museum to leave the work for posterity,” he said. — Reuters

Kwik.insure launches digital platform for insurance products

March 31, 2021 | 12:03 am

INSURANCE TECHNOLOGY startup Kwik.insure has launched an online platform where users can compare and select products for their personal needs.

The firm tied up with local insurance firms including Sun Life Philippines and Malayan Insurance Co. to offer a wide range of products for Filipinos.

“Filipinos are now used to shopping online so we patterned our platform after what they are already accustomed to,” Kwik.insure Founder and CEO Hamilton Angluben was quoted as saying in a statement.

The platform allows users to transact digitally and enables them to receive e-policies directly from insurance companies within a few minutes. Users can pay through credit and debit cards, over-the-counter options, banking apps, and e-wallets.

Kwik.insure said it has applied for a brokerage license from the Insurance Commission to allow them to tap more insurance companies. They are eyeing to add more partners to enhance product offerings within the platform.

Among the firm’s current offerings is a COVID-19 Cash Assistance Benefit from Malayan which costs P130.

“A lot of people perceive it [insurance] to be complicated, unaffordable, and difficult to purchase. So, we made sure that our platform makes insurance easy to understand and quick to purchase,” Mr. Angluben said.

Moving forward, Kwik.insure plans to include more product categories within the platform, such as life, travel, and property insurance.

For his part, IC Deputy Commissioner Randy B. Escolango said they welcome the online platform as consumer behaviors change due to the pandemic.

“The Insurance Commission looks forward to the innovations of this brokerage as they cater to the needs of millions of digital native Filipinos. The insurance industry is undergoing plenty of technological advances as it evolves to adapt to the new normal,” Mr. Escolango was quoted as saying in the statement. — LWTN

There’s little evidence that ivermectin can treat or prevent coronavirus, experts say

March 31, 2021 | 12:03 am

By Patricia B. Mirasol

THERE IS “low quality of evidence” that ivermectin can be used to prevent or treat coronavirus disease 2019 (COVID-19), according to recommendations from the University of the Philippines Manila’s Institute of Clinical Epidemiology, the Philippine Society for Microbiology and Infectious Diseases (PSMID), and the Department of Science and Technology’s Philippine Council for Health Research and Development.

There is no compelling evidence either that melatonin, vitamins C and D, and zinc will work in preventing or treating COVID-19, according to the Philippine COVID-19 Living Recommendations discussed in a March 30 forum organized by the Philippine College of Physicians and PSMID.

Here are excerpts from the forum.

Q: What is ivermectin?

A: It is an anti-parasitic drug approved by the Food and Drug Administration (FDA) for the treatment of malaria, head lice, and scabies.

Q. Is ivermectin an effective chemoprophylaxis (the prevention of infectious disease by the use of chemical agents) for COVID-19?

A. At present, randomized controlled trials (RCTs) — considered to be the gold standard for determining causal associations in clinical research — do not show that ivermectin has any COVID-19 mortality benefit. Neither do they show any significant reduction in the duration of hospitalization. The current recommendations will be updated as more evidence is generated from the ongoing trials.

“There are observational studies that show potential benefits, but we don’t have the amount of data that is enough [for the drug] to be found effective. When it comes to using ivermectin as chemoprophylaxis for COVID-19, it’s best to wait for the results of the RCTs,” said Dr. Joseph Adrian L. Buensalido, an expert in infectious diseases.

Added Dr. Cecilia Nelia C. Maramba-Lazarte, a clinical trial and research methods expert: “High doses may be needed to achieve a serum level which is antiviral against COVID-19 … the safety of these doses have not been well studied.”

Q: Why did the FDA open the application for a compassionate special permit for ivermectin?

A: “This is the correct process so that evidence can be reviewed,” said Dr. Buensalido. “This doesn’t mean acceptance for ivermectin by the FDA. It means the FDA is willing to listen, look at the data, and rule for or against it.”

Q: What are your thoughts on sellers who say they are not selling “therapeutic grade” but “food grade” doses of ivermectin?

A: “It’s not food so how can it be food grade?,” asked Dr. Lazarte. “Maybe it’s veterinary grade, which is even worse for humans.”

Q: What is melatonin?

A: It is the natural hormone your body secretes that helps to maintain your wake-sleep cycle (also called “biological clock”). Supplements are used to treat sleep disorders and also have potent anti-inflammatory capabilities.

“Melatonin is banned as an over-the-counter medication in countries like Japan, Australia, the United Kingdom, and parts of the European Union,” said Dr. Lazarte. “They have found that the medications [in the market] contain doses from less than 83% to up to 473% of what is labeled. Some are also laced with serotonin.”

Q: Can melatonin be given as an adjunct treatment for COVID-19?

A: According to the Philippine COVID-19 Living Recommendations, there is insufficient or low quality of evidence to recommend melatonin as an adjunct treatment (a treatment that is administered in conjunction with a patient’s ongoing therapy) for COVID-19.

“There’s only one RCT on melatonin so far,” said Dr. Buensalido, “and it shows a very low certainty of benefit for mortality, time to recovery, length of stay, or pulmonary involvement.”

Q: What is vitamin C?

A:Ascorbic acid or vitamin C occurs naturally in foods such as citrus fruit, tomatoes, potatoes, and leafy vegetables. It is important for bones and connective tissues, muscles, and blood vessels. Vitamin C also helps the body absorb iron, which is needed for red blood cell production. It is a potent antioxidant and immune booster.

Q: Can vitamin C be used as a treatment for COVID-19?

A: At the moment, there is insufficient or low quality of evidence to recommend vitamin C as an adjunct treatment for COVID-19, according to the Philippine COVID-19 Living Recommendations.

Q: What is vitamin D?

A: It is not actually a vitamin, but a prohormone that it is converted into a hormone by our body. Vitamin D acts on our bones, intestines, kidneys and parathyroid glands to keep calcium in balance throughout our body. Vitamin D receptors are also located within our cardiovascular system, lungs, pancreas, skeletal muscle, skin, and reproductive organs.

Q: Can vitamin D supplements be used as a form of prevention against COVID-19?

A: There is no clinical evidence that vitamin D supplements should be used in the prevention or treatment of COVID-19, according to a May 2020 study by the Asia Pacific Center for Evidenced Based Healthcare. The panel of the Philippine COVID-19 Living Recommendations also recommends against vitamin D as a form of prevention for COVID-19 due to very low quality of evidence.

An RCT published on Feb. 17 describing the effects of a single high dose of vitamin D3 showed that taking such did not significantly reduce hospital length of stay, Dr. Buensalido told the forum audience. “The findings do not support its use for treatment of moderate to severe COVID-19. We await the other trials,” he said.

Q: How about taking vitamin D just before and immediately after vaccination for a better immune response?

A: “If there is vitamin D deficiency, then it is indicated to give vitamin D,” Dr. Buensalido said. “There is no evidence to take it pre-vaccination. It is unlikely to have an effect.”

Q: What is zinc?

A: Zinc is a naturally occurring mineral that is important for growth and for the development and health of body tissues. It also plays a role in the symptom alleviation of viral upper respiratory tract infections (URTI).

“The main cause of the common cold is the rhinovirus. The second most common cause is the coronavirus — although not specifically the one that causes COVID-19,” said Dr. Buensalido. Studies show that a high dose of zinc is much better in shortening the duration of viral URTI.

“More than 75 grams of elemental zinc reduces the duration of viral URTI,” he added.

Q: Can zinc be used to treat COVID-19?

A: According to the aforementioned Philippine COVID-19 Living Recommendations, there is insufficient or very low quality of evidence to recommend zinc as an adjunct treatment for COVID-19.

“Both zinc and vitamin C can be used as a nutritional support, as a lot of patients we see are malnourished,” said Dr. Lazarte. “It can be used as therapy but not necessarily as a treatment for COVID-19.”

Q: Is the absence of harm enough to prescribe all these medicines in selected patients with COVID-19?

A: “These are not harmless,” said Dr. Lazarte. “Even at normal doses, there are some groups of people that will have severe reactions. Open your patients’ eyes to all the possible benefits and harms and weigh everything. It’s a judgment call, but at the moment, it is not recommended.”

WEAR MASKS, WASH HANDS
Apart from safety protocols such as wearing face masks and washing one’s hands, both doctors said that having a healthy lifestyle is the best form of prevention for the general population.

“Get those fruits and vegetables in. It’s just that we like a pill for every ill,” said Dr. Lazarte. “Keeping healthy is doing something. Exercising is doing something.”

Added Dr. Buensalido, “The risks versus benefits ratio should be considered. We need to look at safety and efficacy. Let’s not be too impatient.”

Filinvest Land net income down 41%

March 31, 2021 | 12:02 am

FILINVEST LAND, Inc. (FLI) posted a 41% fall in net income attributable to equity holders to P3.73 billion in 2020, which its top official described as a year when the listed property developer faced a “formidable opponent.”

“Filinvest is no stranger to crises as we have weathered several economic and political upheaval in the past. There is no doubt that COVID19 is a formidable opponent whose grasp transcended industries and countries across the globe,” said Lourdes Josephine Gotianun Yap, FLI president and chief executive officer.

Gross revenues for the year declined by 32% to P17.49 billion, with residential revenues sliding by 42% to P9.84 billion, the listed property developer said in a press release on Tuesday.

Office leasing revenues rose by 8% to P5.56 billion last year. FLI is a provider of office spaces to business process outsourcing companies.

In the fourth quarter, the company said residential revenues climbed by 50% to P3.17 billion from P2.12 billion in the third quarter. It did not give a comparative quarterly figure for 2019.

FLI said the easing of community quarantine restrictions helped increase mall foot traffic, which boosted mall revenues by 66% quarter on quarter. The company did not disclose specific figures.

It said proceeds from office leasing cushioned its recurring income from both retail and office leasing business from the impact of the pandemic. It ended the year with a 9% drop in aggregate rental revenues to P6.39 billion.

The company said it would continue supporting its retail tenants by granting rental concessions to help them sustain their businesses.

“We remain optimistic that the recovery trend we’ve seen in the last quarter of 2020 will be sustained well in 2021 as we maintain our priority in serving the needs of our stakeholders while keeping our employees safe and healthy,” Ms. Gotianun Yap said.

“We believe that our contactless transactions and customer service channels as well as our aggressive digital marketing strategy buoyed our recovery,” she added.

The company said it saw a “healthy rebound” in residential reservation sales in the fourth quarter, as a result of its online initiatives. Market demand for the middle-income housing segment also increased.

The company said its residential sales benefited from the resumption of construction and normalized amortizations in the second half of the year.

The company has 31 office buildings under its belt, with 11 buildings set to be completed within the next two years. FLI’s total gross leasable area spans over 750,000 square meters in Metro, Manila, Clark, and Cebu.

In 2020, FLI was able to raise P8.1 billion for its capital expenditure program by issuing three- to 5.5-year peso fixed-rate bonds in November, with an oversubscription rate of P1.35 billion over the P6.75 billion base amount. The bonds received a PRS Aaa rating, the highest credit rating from the Philippine Rating Services Corp.

“We experience continued support from our banking partners for our bank take outs which will allow us to continue to build the Filipino dream while sustaining our financial strength,” Ms. Gotianun Yap said.

FLI said it would focus on completing key office building projects this year, as well as developing the first phase of the Filinvest Innovation Park in New Clark City, and the continued rollout of Aspire and Future mid-rise buildings, along with housing residential developments across the country.

It will also enter the real estate investment trust (REIT) market through its subsidiary Cyberzone Properties, Inc., which filed on Friday its registration statement with the Securities and Exchange Commission for its initial public offering.

“The REIT will initially cover 17 buildings mostly located in Northgate Cyberzone, a PEZA-accredited business hub in Filinvest City, Alabang, Muntinlupa,” Ms. Gotianun Yap said.

FLI shares at the exchange moved up by 0.91% or P0.01 on Tuesday to close at P1.11 apiece. — Karen Concepcion G. Valmonte

Destiny’s Child stage costumes go up for auction

March 31, 2021 | 12:02 am

LOS ANGELES — Stage costumes worn by pop group Destiny’s Child at the height of their fame are hitting the auction block in June, along with gowns belonging to Lady Gaga, Whitney Houston and Cher.

Julien’s Auctions said on Monday that it was selling more than 100 lots of costumes owned and used by Destiny’s Child members Beyonce, Kelly Rowland and Michelle Williams during the late 1990s and early 2000’s.

The outfits include the coordinating gold leather costumes worn by the three “Survivor” singers during a VH1 television tribute to Diana Ross in 2000, and the trio of futuristic metallic red and silver leather jumpsuits the women wore in their “Independent Women Part 1” music video that was the theme song for the 2000 movie Charlie’s Angels.

“These three outfits are so iconic and represent such an important song,” said Martin Nolan, executive director of Julien’s Auctions.

The dozens of costumes, most of which were designed by Beyonce’s mother Tina Knowles Lawson, are expected to fetch between $600 and $10,000 each at the three-day auction in Beverly Hills on June 11-13.

Julien’s said the outfits were donated by the families of the Destiny’s Child singers after spending years in storage. A portion of the proceeds will benefit MusiCares, the charitable arm of the Recording Academy that has helped musicians who are struggling because of the coronavirus pandemic.

Destiny’s Child, one of the most influential female groups of the early 2000s, went through several lineups and officially split in 2006. Beyonce went on to forge a huge solo career.

Other items up for sale in June include an Atelier Versace gold gossamer gown worn by the late Whitney Houston for a performance in Paris in July 1998 (estimated at $20,000 – $30,000), and the net bodysuit and motorcycle jacket outfit worn by Cher in the 1989 music video for “If I Could Turn Back Time” that last sold at auction five years ago for $60,000. — Reuters

Visa moves to allow payment settlements via cryptocurrency

March 31, 2021 | 12:02 am

VISA, INC. said on Monday it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network, the latest sign of growing acceptance of digital currencies by the mainstream financial industry.

The company told Reuters it had launched the pilot program with payment and crypto platform Crypto.com and plans to offer the option to more partners later this year.

Bitcoin, the most popular crypto coin, jumped to a one-week high on the news, rising as much as 4.5% to $58,300 and heading back toward a record-high above $61,000 hit earlier this month.

Visa subsequently confirmed the news in a statement.

The USD Coin (USDC) is a stablecoin cryptocurrency whose value is pegged directly to the US dollar.

Visa’s move comes as finance firms including BNY Mellon, BlackRock, Inc. and Mastercard, Inc. take steps to make more use of cryptocurrencies for investment and payment purposes.

Tesla, Inc. boss Elon Musk, a major proponent of cryptocurrencies, said last week that customers can buy its electric vehicles with bitcoin, hoping to encourage more day-to-day use of the digital currency.

“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers,” Cuy Sheffield, head of crypto at Visa, said.

Traditionally, if a customer chooses to use a Crypto.com Visa card to pay for a coffee, the digital currency held in a cryptocurrency wallet needs to be converted into traditional money.

The cryptocurrency wallet will deposit traditional fiat currency in a bank account, to be wired to Visa at the end of the day to settle any transactions, adding cost and complexity for businesses.

Visa’s latest step, which will use the ethereum blockchain, strips out the need to convert digital coin into traditional money in order for the transaction to be settled.

Visa said it has partnered with digital asset bank Anchorage and completed the first transaction this month — with Crypto.com sending USDC to Visa’s Ethereum address at Anchorage. — Reuters

The Philippines is getting fat: Obesity rates increase as poor nutrition persists

March 31, 2021 | 12:02 am

THE PHILIPPINES is unlikely to meet United Nations adult obesity targets for 2025 and was given a national obesity risk score of 6/10 (moderate risk) by the World Obesity Federation (WOF).

The rate of increase in adult obesity in the Philippines exhibited “very rapid growth” between 1995 and 2015: 5.4% in men and 3.7% in women, according to a report released by WOF this March.

Globally, obesity prevalence is predicted to reach 18% in men and surpass 21% in women by 2025.

RISK FACTORS
Obesity is weighing more than what is considered healthy for a given height. A common misconception is that obesity is the opposite of malnutrition, or the lack of proper nutrition. Obesity is intertwined with malnutrition, as it can stem from a diet that is calorically excessive but not nutritionally adequate. Obesity can moreover cause the decrease of key nutrients in the body, as the physical impact of excess fat can make the absorption of vitamin D, chromium, biotin, and thiamine difficult.

The prolonged duration of one’s obesity increases the risk of non-communicable diseases (NCDs), including diabetes, cardiovascular disease, liver disease, and certain cancers, thus needing more extensive and costly interventions. According to the WOF report, Philippine healthcare costs attributed to obesity reached $555.8 million in 2016.

Healthy eating has to start in childhood, as overweight and obese children are more likely to stay obese into adulthood and develop NCDs at a younger age, according to the WHO. Findings from the Expanded National Nutrition Survey conducted by the Food and Nutrition Research Institute in 2019 reported that the number of overweight Filipino adolescents tripled in the last 15 years.

ADEQUATE NUTRITION
A balanced diet is a crucial factor for achieving a healthy weight. Unfortunately, adequate diets are often unaffordable for poor city dwellers in the Philippines, said the World Food Programme (WFP) in a report released by the World Bank this March. According to the WFP, almost all households would have been able to afford a calorically adequate diet in 2015, but that one-third would not have been able to afford a nutritionally adequate diet — not even the one available at least cost.

A balanced diet — that is, a nutritionally adequate one — contains food from the following groups: fruits, vegetables, dairy, grains, and protein. The basic principles are constant, said the WHO, although the exact make-up of each individual diet varies depending on one’s age, lifestyle, cultural context, and locally available food.

DIET MODIFICATION
Filipinos mostly diet on carbohydrates like rice, bread, pancit (rice flour noodles), kakanin (native delicacies), potato snacks such as french fries, and chips, said Dr. Patrick Y. Siy, an internist and endocrinologist at Cardinal Santos Medical Center.

“Carbohydrates like rice or sugar-sweetened beverages are the preference because of their taste, hence the excess intake,” said Dr. Siy in an e-mail interview with BusinessWorld. “Doctors would always recommend a balanced diet. Based on the food pyramid, vegetables and whole grains should be consumed more than proteins and fats.”

At a previous webinar, he shared that a healthy meal serving consists of filling a fourth of a standard-sized, nine-inch plate with lean protein such as fish or chicken, a fourth with complex carbohydrates such as brown rice, and the rest with fruits and leafy vegetables. An increase in physical activity can also help individuals achieve a healthy weight, Dr. Siy said. — Patricia B. Mirasol

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