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Cebuana Lhuillier’s rural bank records increase in savings account openings

CEBUANA LHUILLIER Rural Bank, Inc. saw its Micro Savings accountholders jump to more than five million Filipinos since its launch in 2019 after it added features for digital transactions.

The banking arm of microfinancial services giant Cebuana Lhuillier said more clients applied for its Micro Savings account in December last year after features such as cashless payments, mobile applications, access to automated teller machines (ATMs) through BancNet, and the use of QR codes, were introduced.

“We are elated that there are more and more Filipinos every day who are realizing the importance of saving and are taking charge of their future. It is very exciting that these 5 million Micro Savings account holders are not only on the first step to financial wellness, but because of our amped up product, are also Financially Mobile individuals,” Cebuana Lhuillier President and Chief Executive Officer Jean Henri D. Lhuillier said in a press release on Thursday.

The rural bank said the savings account was introduced in February 2019 as a basic deposit account that streamlines the documentary requirements needed to open an account. It does not require a maintaining balance or apply dormancy charges.

The account was initially available in Cebuanna Lhuillier’s 2,500 branches nationwide, but access was expanded through BancNet’s network of 21,000 ATMs and 114 member banks.

Its tie-up with global payments network UnionPay also allowed clients to make debit payments through 350,000 point of sale terminals and partner businesses.

Cebuana Lhuillier Rural Bank’s mobile application “eCebuana” likewise facilitates digital money transfer via Instapay and other online payment transactions such as settling bills and buying load. It also includes QR codes for faster transactions, it said.

The coronavirus pandemic and mobility restrictions enforced to curb the spread of the virus prompted a massive shift to online transactions and digital payments.

The volume of PESONet transfers surged by 376% from a year ago to 15.3 million in 2020, while the value nearly tripled to P951 billion, according to central bank data. Meanwhile, the InstaPay transactions climbed by 459% to 86.7 million year on year, for a total amount of P463 billion, up 340%.

The Bangko Sentral ng Pilipinas wants 50% of transactions done digitally by 2023. — B.M. Laforga

Phoenix looks at ‘maximizing’ value of non-core assets

Phoenix Petroleum Philippines, Inc. is exploring how it can maximize the value of its non-core assets after its board greenlit the unloading of certain assets to manage its debts, an official of the Dennis A. Uy-led listed firm said.

“Nothing is definitive yet, but one of the things we are exploring is how we can maximize the value of assets that are outside the core of [the] business of marketing. We are also looking at potential partnerships that could support and accelerate growth of our various businesses,” Alan Raymond T. Zorrilla, Phoenix Petroleum’s senior vice-president for external affairs, business development and security, told BusinessWorld in a mobile message on Wednesday.

He did not, however, disclose what the specific assets were.

According to Mr. Zorrilla, the firm decided to secure internal approvals to assure potential buyers or investors that the management is authorized to negotiate with them.

He said Phoenix Petroleum will disclose potential transactions at the appropriate time.

On Tuesday, the firm gave its management the go signal to enter into negotiations with any interested entity for the “possible transfer, sale, mortgage or disposition of certain corporate properties, assets and investments.”

The firm added that the transactions must also be “under reasonable and acceptable terms and conditions that are advantageous to [Phoenix Petroleum].”

Phoenix Petroleum clarified on Monday that, like any business, the company or any of its units are “open to consider any investor willing to invest and believes in the operations [of Phoenix Petroleum] and can further add value to its business activities.”

It reiterated that the offers are “nothing new”, and it has been “open to all investors who believed in its core business and can bring in value to its operations, finances, and to its shareholders.”

Shares of Phoenix Petroleum in the local bourse shed 4.01% or 46 centavos to finish at P11 apiece on Thursday.

CNOOC AND TANGLAWAN LNG PROJECT
Meanwhile, Phoenix Petroleum and its top official have distanced themselves from a liquefied natural gas (LNG) import terminal project whose regulatory notice to proceed was earlier canceled.

The oil firm, the country’s third-largest in terms of market share, told the stock exchange on Thursday it was its Chinese partner that had registered the project entity.

“First off, Tanglawan is an SPV [special purpose vehicle] registered by CNOOC with the Commission,” Phoenix Petroleum said in its disclosure, which was prompted by a letter from the Philippine Stock Exchange seeking clarification.

Tanglawan Philippines LNG, Inc. was disclosed in January 2019 by Phoenix Petroleum as the entity that had been granted the notice to proceed (NTP) to build an LNG terminal in Batangas.

The oil company said back then that it had planned to break ground for the project by that year.

“The company plans to break ground by 2019 for the regasification and receiving terminal with a capacity of 2.2 mtpa [million metric tons per year], with commercial operations targeted to start by 2023,” Phoenix Petroleum said at that time.

“The LNG facility will help support the demand for a clean and reliable energy source in Luzon and contribute to the sustainable development of the Philippine economy.” it added.

It also said that Tanglawan “will be a joint venture between the Philippine’s fastest-growing oil company, Phoenix Petroleum, and China’s largest LNG importer and terminal operator, CNOOC Gas and Power Group Co., Ltd.”

“The integrated long-term project plan also aims to develop a gas-fired power generation facility with up to 2,000 megawatts installed capacity,” .

However, on Thursday, Phoenix Petroleum said that the company nor Mr. Uy “is not part nor do they own shares, directly or indirectly, in Tanglawan.”

“Please note that Phoenix Petroleum supported CNOOC in Tanglawan’s NTP application with the view that Phoenix Petroleum will later join Tanglawan venture company led by CNOOC,” it said in its disclosure.

But as early as February 2019, Phoenix Petroleum said that its board had approved and granted the company or its subsidiaries the authority to enter into a joint venture/cooperation with CNOOC to establish and operate various LNG-related trade and services under a so-called LNG integrated hub project.

The board also approved the creation of a wholly owned subsidiary to manage Phoenix Petroleum’s LNG interest in that hub, including the receiving terminal for the fuel and the operation of a gas-fired power plant.

It also authorized the company to invest P250 million for the project.

But in December 2019, Phoenix Petroleum confirmed that Tanglawan requested “to hold in abeyance” the LNG project after the former’s parent firm acquired the stake of Chevron Malampaya LLC in the Malampaya gas-to-power project, the country’s only source of natural gas.

The confirmation came after DoE Secretary Alfonso G. Cusi said that the entities behind Tanglawan requested to withdraw their application for the LNG terminal. But he also said that they planned to submit a new concept.

In January this year, a DoE official said the agency was “constrained to cancel” the notice to proceed. — Angelica Y. Yang and VVS

How competitive are your pay and perks?

I’m the human resources manager of a medium-sized company. Despite the pandemic and the scarcity of jobs, we’re losing key personnel to other companies as the workers claim our rates are 20% below the industry average. How do we stem the exodus of our workers, which is averaging 20% in the past two years? — Black Swan.

They say that money doesn’t go as far as it used to. That’s not true. It’s just that more of it goes to other places other than your workplace. Now, to answer your question on how to manage your high turnover rate, you need to consider many factors and, other than compensation policy, even if people tell you that is their reason for leaving.

You need to do an annual morale survey to get a feel for the pulse of your staff. The survey, also known as an organizational climate survey, should target at least 60% of all employees covering any number of areas of concern, including communication programs, work conditions, management style, corporate vision, and of course, salary and benefits.

As I’ve said many times in this space, take the exit interviews with a grain of salt, as resigned workers may not be completely honest in their reasons for leaving. Most of the time, they will hide behind the convenient excuse of “greener pastures.”

The main interest of resigned workers going through the process of exit interviews is to hasten the release of their terminal pay, clearance, and certificate of employment. Also, those who have decided to leave will play it safe rather than burn any bridges, in the hope of getting a favorable recommendation during a background investigation.

In some cases, resigned workers will not burn bridges should they someday want their old job back, typically if the new employer doesn’t work out.

SALARY COMPETITIVENESS
This doesn’t mean you can ignore calls for a review of your salary policy. Do the review if only to ensure it is competitive. The higher, the better, tempered by your capacity to pay the best and the brightest workers. Otherwise, you don’t need to worry about those who perform only the minimum required to keep their jobs.

Treat any questions about compensation as a red flag that must be managed right away. For example, if Peter complains that Mario is receiving more for doing the same job, be patient and explain the reason for the disparity and any company policy that may have led to such a disparity. Maybe the difference is down to merit, and not seniority.

Your organization must in an event be ready to defend the competitiveness of your salary structure. Try exploring any or all of the following approaches:

One, participate in an annual industry salary and benefits survey. Many organizations conduct surveys like this. Consider the ones by the People Management Association of the Philippines, Employers Confederation of the Philippines, Willis Towers Watson, or Mercer. Do your due diligence to vet their expertise and the survey’s methodology. Don’t just go for any type of survey because participating is inexpensive. That’s not the way to look at things. If you won’t pay full value for the quality of service on offer, how does that reflect your attitudes to employee pay?

Two, initiate a benchmarking survey with two or three competitors. This can be difficult, but not impossible. You can initiate talks with your counterparts, preferably from the top five companies in the industry. This may involve hiring a consultant to do the leg work and see to the administrative details, including the interpretation.

If you can’t do this, you can pick one competitor and choose only the key positions and the pay packages you’d like to emulate. These positions include “hot” skills that are difficult to fill. You can settle for three categories of salary —the minimum level, average, and maximum. Perform the exchange of data face to face on a quid pro quo basis.

Last, go on a “fishing expedition” by sending fake job applicants. If you’re serious about finding out the pay and perks offered by competitors, and you can’t get it through the above methods, do this as a last resort. It’s unconventional, but any offers you get in writing can be used to improve your company’s salary structure.

This can backfire. Your applicants could end up accepting the offer. Therefore, this approach is not recommended, unless you want to try it out for yourself, as a gauge of your marketability. What you discover could give you an insight into your company’s competitiveness on salaries.

NON-SALARY ARGUMENTS
Because money isn’t everything, do note that jumping from one company to another may hold some unseen danger, such as discovering that workers can’t always get along with new colleagues, even though the pay may be higher.

Therefore, it is best to point out the non-financial advantages of the job that workers may not appreciate or choose to ignore. This includes length of service, convenience (like flexi-time or proximity of the office to home), and the possibility of promotion, but without giving workers false expectations. Much depends on the employee’s particular situation.

Just the same, you as the HR manager could explore ways to tell people that salary alone is not the most important element. They know this, of course, but it will not do any harm to refresh their memory. With that little effort, you might be able to convince unhappy employees that the grass elsewhere may not be as green as it looks from a distance.

 

Send anonymous questions to elbonomics@gmail.com or via https://reyelbo.consulting

House lawmakers clear Smart Broadband’s franchise renewal

THE House of Representatives approved a bill that will grant another 25 years to Smart Broadband Inc’s franchise.

On Thursday’s plenary, lawmakers approved on final reading House Bill 8970 or the proposed law that will renew the franchise of Smart, formerly known as Meridian Telekoms Inc.

Smart Broadband is under Smart Communications, Inc., the wireless subsidiary of PLDT Inc.

If legislated, the proposed franchise renewal will allow the grantee to “construct, install, maintain, lease and operate” wired and wireless telecommunications within the Philippines for commercial purposes.

It also mandates the company to provide a mobile number portability mechanism to ensure connectability of its telecommunication services with other telecommunication service providers.

The grantee should also offer its outstanding stocks to at least 30% of Filipino citizens in any securities exchange or through any methods allowed by law.

CIGNAL TV
Meanwhile, the renewal of the congressional franchise of Cignal TV Inc. was approved on final reading by lawmakers during the same plenary session.

If enacted, House Bill 8977 will renew for another 25 years Cignal’s franchise to construct, install, and maintain for commercial purposes its radio and television broadcasting stations nationwide.

The bill will also require the grantee to provide enough public service time of 10% at maximum to inform on important issues of public interest. It will also give the President of the Philippines the authority to operate or suspend the franchise in the interest of public safety and welfare.

Cignal TV is a subsidiary of MediaQuest Holdings, the media arm of the PLDT Group. BusinessWorld is likewise a subsidiary of MediaQuest Holdings through the Star Group of Companies. — Gillian M. Cortez

Entertainment News (03/26/21)

917Ventures joins The Final Pitch

BUSINESS reality TV show, The Final Pitch, kicks off its sixth season on CNN Philippines with 917Ventures Managing Director Vince Yamat on board to scout for “new heroes” who will help rebuild the country and improve the lives of Filipinos amid the COVID-19 pandemic. For the show’s “Heroes Edition,”  Mr. Yamat joins the panel of investor-judges — The Final Pitch creator and host John Aguilar, FWD Insurance President and CEO Li Hao Zhuang, UBX President and CEO John Januszczak, and Thames International Business School President Joel Santos —  who will evaluate business proposals presented by the contestants to address the economic and social impact of the global health crisis. The successful venture builder may join 917Ventures’ Velocity program, a three-month bootcamp that aims to bring out external talent and their ideas, as well as create ventures with the growth levers and network advantage of operating within 917Ventures and Globe. Among the successful and innovative companies under its wing are GCash, KonsultaMD, AdSpark, HealthNow, PureGo, and RUSH. Velocity, which will be fully online due to mobility restrictions, is set to start as early as May this year. The corporate venture builder will provide funding, product and technology development, operational support, and network access. The Final Pitch Season 6 to be aired Sundays starting Mar. 21.

Cinemalaya film scriptwriting workshops

APPLICATIONS to Cinemalaya’s Scriptwriting Workshops for Film, to be conducted by award-winning screenwriter Ricky Lee, are now being accepted. Under the Cinemalaya Institute Training Programs, Mr. Lee will hold two free online scriptwriting workshops:  the three-hour Cinemalaya Scriptwriting Masterclass on Apr. 14, and the Cinemalaya Intensive Scriptwriting Workshop from May to June. The Scriptwriting Masterclass (2 to 5 p.m.), will focus on the foundations of storytelling for film. This is open to all Filipinos residing locally and abroad. The Intensive Scriptwriting Workshop is a step-by-step workshop on the creation of compelling scripts. It will consist of eight weekly sessions from May 26-July 14 (Wednesdays, 10 a.m. to 3 p.m.). The workshop is limited to 30 participants/scholars who undergo a selection process. Applicants are to submit a one- to two-page storyline and a writer’s intention for the material. The application forms for the Cinemalaya Scriptwriting Masterclass can be obtained through https://forms.gle/P5UPXvh8JuohQa2h7. The application forms for the Cinemalaya Intensive Scriptwriting Workshop can be obtained through https://forms.gle/vkLTJ2EampVxXo9i8. Applicants may register for both. For more information, visit the CCP website (www.culturalcenter.gov.ph) or follow the Cultural Center of the Philippines and Cinemalaya official Facebook pages.

Guapdad 4000 and !llmind drop collab album

GUAPDAD 4000 and !llmind have released a collaborative album, 1176, via 88rising’s sister label, PARADISE RISING. The album’s singles “How Many” and “She Wanna” had already been released. Guapdad 4000, with frequent collaborator and director Chris Simmons, also released the music video for “Chicken Adobo,” the third entry in the “cinematic universe” that Guapdad created to go with this album. Executive produced by !llmind, 1176 takes a peek behind the curtain as Guapdad discusses his life up to now, touching on everything from his Filipino upbringing, to life with his family in Oakland. Guap and !llmind are the first artists to release a full-length project through the young label which is dedicated to uplifting artists of Filipino descent. Listen to 1176 at https://guapdad4000.lnk.to/1176, and watch the video for “Chicken Adobo” at https://www.youtube.com/watch?v=1DaovaJgytE. For more updates on Guapdad 4000 and PARADISE RISING, visit the Facebook page bit.ly/paradiserisingfacebook.

Destiny Rogers releases new version of ‘Tomboy’

AMERICAN singer/songwriter Destiny Rogers has released a new version of her debut single “Tomboy” (https://smarturl.it/TOMBOYxCOILERAY) featuring Coi Leray. The original version, released in 2019, gained a boost in the number of streams — currently at 30.6 million streams on Spotify — after Lisa of K-Pop group BLACKPINK posted a choreographed mini-film titled Lili’s Movie (https://www.youtube.com/watch?v=vtRJZEHdu8M)  where she performed the song. Following Lisa’s post, Destiny’s single “Tomboy” peaked at #12 on the Spotify Viral 50 Global chart and is currently top 20 on the chart.

K-dramas on Viu and Samsung Smart TV promo

ANY purchase of select Samsung Smart TVs now comes with a free one-year Viu Premium subscription, giving buyers access to a wide variety of fresh and exclusive Korean entertainment content. The promo runs until the end of the month. Among the newest thriller K-drama titles on Viu are: The Penthouse 2, starring Lee Ji Ah and Kim So Yeon, which follows the lives of society’s ultra-elite and how they’d do anything to maintain their status; Mouse, starring Lee Seung Gi and Lee Hee Joon, follows a detective who gets tied to a serial killer case that seems to connect to his own dark childhood; Times, starring Lee Seo Jin and Leo Joo Young, is a time-warping political mystery drama; and, Beyond Evil, starring Yeo Jin Goo from Hotel Del Luna and Shin Ha Kyun, which follows two detectives investigating a serial murder case in an otherwise small, peaceful city. Learn more about the promo at https://www.samsung.com/ph/offer/offline/2020/samsung-viu/ .

Arise: communications that uplift

The golden jubilee book of the Financial Executives Institute of the Philippines (FINEX) won the Philippine Quill Award for 2021 given by the International Association of Business Communicators (IABC) Philippines.

FINEX 50: Leading on to Wider Frontiers was one of two coffee-table books that were bestowed Quill trophies during the virtual awards night yesterday. This year’s theme is “Arise: Communications That Uplift” and the show was aired live via IABC’s YouTube channel.

Now on its 18th year, the Philippine Quill is the country’s most prestigious awards program in the field of business communication. It emphasizes the use of excellent communication to achieve business goals and to make a difference in society. The golden feather symbolizing a quill writing pen is a universal icon recognized throughout the industry.

Each entry is evaluated using IABC’s highest global standards that measure and determine the finest, sharpest, and brightest among professionals in the business communication sector. This seal of approval has been awarded by IABC Philippines to the most reputable corporations in the nation for nearly two decades.

Winners come from a cross-section of public and private sector organizations, both large and small in terms of scale. The field was very competitive this year, with over 800 entries reviewed by esteemed evaluators.

Released in 2019 with Finance Secretary Carlos Dominguez III as its first recipient, the FINEX coffee-table book is our “labor of love” that documents the milestones of the country’s foremost finance organization. It features the illustrious men and women who are products of this institution, juxtaposed with a parallel narrative on significant events in Philippine history from the time FINEX was formed in 1968 up to its 50th anniversary in 2018.

Media Wise Communications, a multi-awarded design agency based in the Philippines, was the co-publisher of the FINEX golden jubilee book. It will also serve as one of the country’s entries to the 2021 IABC Golden Quill Awards that will be launched during the second quarter in New York City.

A CELEBRATION OF LIFE
After opening the current awards season with its victorious FINEX volume, Media Wise has published another coffee-table book titled A Celebration of Life: 50 Years of the St. Peter Group.

Founded in 1970 by Francisco M. Bautista, the St. Peter Group of Companies has evolved into the Philippines’ number one pre-need group, with some of its subsidiaries ranking among the country’s top corporations. In 1980, Mr. Bautista turned over the company’s leadership to his daughter, Florita Bautista-Vitangcol.

Ms. Vitangcol led the firm for nearly 25 years before becoming its Chair Emeritus in 2004. In turn, she passed the baton to her eldest son, York Vitangcol, who moved up to the Group CEO position while his wife, Dr. Mildred Vitangcol, took over as President of the flagship St. Peter Life Plan.

Over the past five decades, the organization went through several challenging phases. Unshakeable faith combined with a deep commitment to its planholders and employees enabled St. Peter to get to where it is today. Recently, it embarked on a digital journey to meet the demands of the fourth industrial revolution, maintain its industry leadership, and ensure its corporate future.

 

J. Albert Gamboa is CFO of the Asian Center for Legal Excellence and chairman of FINEX Publications.

How PSEi member stocks performed — March 25, 2021

Here’s a quick glance at how PSEi stocks fared on Thursday, March 25, 2021.

Comparison of sectoral performance in 2019

THE COUNTRY’S TOP 1,000 corporations saw their combined gross revenue grow at its slowest pace in four years in 2019, providing a baseline for how these firms were doing before the coronavirus pandemic hit. Read the full story.

Comparison of sectoral performance in 2019

Shares rally as gov’t outlines vaccination plans

STOCKS ended higher on Thursday after the government laid out more details on its coronavirus disease 2019 (COVID-19) vaccination plans.

The Philippine Stock Exchange index (PSEi) gained 83.99 points or 1.29% to end at 6,581 on Thursday, while the all shares index improved by 41.9 points or 1.06% to 3,976.83.

“The market has been rallying since the status of vaccine rollout and deliveries was presented,” AB Capital Securities, Inc. Junior Equity Analyst Lance U. Soledad said in a Viber message on Thursday.

The Philippines has procured COVID-19 vaccines from China’ Sinovac Biotech Ltd., British firm AstraZeneca, Plc. through the World Health Organization’s COVAX facility, the United States’ Moderna, and Sputnik V from Russia.

The chief of the country’s pandemic plan, Carlito G. Galvez, Jr., also detailed the schedule of the arrival of the vaccines as well as the vaccination.

The government has received delivery of 1.125 million donated doses of the Sinovac and AstraZeneca vaccines, Reuters reported.

It plans to roll out 140.5 million shots by December, to inoculate 70 million adults as it seeks to achieve herd immunity.

Meanwhile, Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financial, Inc., said the market posted gains on hopes the Bangko Sentral ng Pilipinas would keep policy rates unchanged at its meeting, which wrapped up after the market’s close on Thursday.

“Keeping the policy rates at accommodative levels is seen to provide support to the economy as it fights its way out of the pandemic-induced recession,” Mr. Tantiangco said in a separate Viber message.

All sectoral indices closed in the green on Thursday except for financials, which declined by 3.09 points or 0.21% to finish at 1,412.19.

Meanwhile, mining and oil rose by 225.99 points or 2.74% to 8,456.72; holding firms improved by 145.76 or 2.23% to 6,663.74; property gained 40.13 points or 1.24% to close at 3,273.53; industrials went up by 78.09 points or 0.91% to 8,571.05; and services inched up by 5.03 points or 0.34% to end at 1,445.21.

Value turnover slumped to P6.10 billion with 2.49 billion shares switching hands from P21.32 billion with 9.27 billion issues traded on Wednesday.

Advancers outnumbered decliners, 136 versus 62, while 50 names closed unchanged.

Foreigners turned sellers, with net outflows logged at P783.51 million from the P371.67 million in net inflows seen on Wednesday.

“Value for this week has been thin averaging just P5.6 billion, which suggests that investors remain cautious amid the steep increase in daily COVID-19 cases,” AB Capital Securities’ Mr. Soledad said.

Mr. Soledad expects the benchmark index to move sideways on Friday with a resistance of 6,600, citing “lackluster trading” this week. — Keren Concepcion G. Valmonte

Peso rebounds vs dollar ahead of BSP policy decision

THE PESO closed stronger against the dollar on Thursday amid positive developments offshore and ahead of the Monetary Board’s policy meeting.

The local currency ended at P48.58 per dollar on Thursday, appreciating by 8.5 centavos from its previous close of P48.68 on Wednesday, based on data published on the Bankers Association of the Philippines’ website. 

The peso opened the trading session at P48.66 per dollar, which was also its weakest showing for the day. Its intraday best was at P48.56.

Dollars that changed hands went up to $691.29 million yesterday from $649.75 million on Wednesday. 

“The peso strengthened following dovish hints from BSP (Bangko Sentral ng Pilipinas) Governor (Benjamin E.) Diokno ahead of the BSP policy meeting today that prematurely ending accommodative policy is still unwarranted. The local currency might weaken from safe-haven demand after the BSP revised its inflation projections,” a trader said in an email on Thursday.

The BSP said after the market closed that the Monetary Board kept the overnight reverse repurchase rate at an all-time low of 2%, as expected. The rates on the lending and deposit facilities were also maintained at 2.5% and 1.5%, respectively. 

Meanwhile, it raised its inflation forecast for 2021 to 4.2% from the 4% given in February, while the 2022 outlook was hiked to 2.8% from 2.7% previously, BSP Deputy Governor Francisco G. Dakila, Jr. said yesterday.

“The peso was also stronger versus the US dollar after global oil prices eased to three-week lows and the benchmark 10-year US government bond yield eased to the lowest in more than a week,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Global oil prices fell by over two percent on Thursday on growing fears over renewed lockdowns abroad, Reuters reported. Brent crude went down by $1.33 to $63.08 per barrel.

Meanwhile, the yield on the benchmark 10-year US Treasuries edged down to 1.62% on Wednesday, slightly down from 1.63% the day before.

Other positive local news may have also pushed the peso higher, including the gains in the stock market and arrival of more coronavirus vaccines, Mr. Ricafort said.

Investors anticipating the signing of a law that will bring down corporate income tax also contributed to the stronger peso, he added. The bill will lapse into law on Saturday, March 27.

For Friday, Mr. Ricafort expects the peso to range from P48.50 to P48.60 per dollar, while the trader gave a higher forecast range of P48.55 to P48.75. — B.M. Laforga

Daily coronavirus infections hit another record

By Vann Marlo M. Villegas and Kyle Aristophere T. Atienza, Reporters

THE DEPARTMENT of Health (DoH) reported 8,773 coronavirus infections on Thursday, the highest daily tally since the pandemic started last year.

Thursday’s tally surpassed the 8,019 infections reported on Monday, bringing the total to 693,048, it said in a bulletin.

The death toll rose to 13,095 after 56 more patients died, while recoveries increased by 574 to 580,062.

There were 99,891 active cases, 95% of which were mild, 3% did not show symptoms, 0.8% were critical, 0.8% were severe and 0.44% were moderate.

The agency said 36 duplicates had been removed from the tally, while seven recovered cases were reclassified as deaths. Six laboratories failed to submit data on Mar. 24.

About 9.2 million Filipinos have been tested for the coronavirus as of Mar. 23, according to DoH’s tracker website.

The coronavirus has sickened about 125.5 million and killed almost 2.8 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization.

About 101.3 million people have recovered, it said.

Coronavirus infections in the capital region have reached 216,755 as of Mar. 23, Metro Manila Development Authority Chairman Benjamin D. Abalos told a separate televised news briefing on Thursday.

Almost 4,000 swab tests were being conducted daily amid a fresh surge in cases, he said. More than 23,500 Filipinos in the National Capital Region were swabbed from Mar. 15 to 20.

Mr. Abalos said more than 160 granular lockdowns had been implemented in several cities in the capital region to contain the pandemic.

He said the Education department had approved the use of public school buildings in Metro Manila as isolation facilities after the occupancy rate in hotel isolation facilities reached 91%.

CHECKPOINTS
Meanwhile, the Philippine National Police has installed more than 60 quarantine checkpoints in Metro Manila and nearby provinces after the areas were placed under a travel corridor.

National police chief Debold M. Sinas told a televised meeting with President Rodrigo R. Duterte on Wednesday night 3,652 cops had been deployed at quarantine points.

Police had recorded 27,513 curfew violations in Metro Manila from Mar. 15 to 23, he added.

More than 1.5 million violations of minimum health protocols were recorded from Aug. 20, 2020 to Mar. 23 this year, he said.

Metro Manila had the highest number of violations at 260,253, followed by Central Luzon at 52,211 and Southern Tagalog at 34,859.

Most of the violations involved failure to wear face masks, Mr. Sinas said.

Meanwhile, Nina G. Gloriani, former dean of University of the Philippines-Manila College of Medicine, cited the potential for the coronavirus to mutate further as the infection rate soars.

She said some mutated viruses were more contagious and more resistant to vaccines.

“Virus variants can be controlled if enough people — we put this at 70-80% of the population — are vaccinated and become immune to the virus,” she told an online news briefing.

“This way, we can achieve herd or community immunity,” she said, citing the need to comply with health protocols.

Also on Thursday, presidential spokesman Herminio L. Roque, Jr. said people who jumped the coronavirus vaccination queue should be allowed to get the second shot so as not to waste vaccines.

During his public address on Wednesday night, Mr. Duterte named a number of mayors who got vaccinated even if they were not on the priority list.

He said the Interior and Local Government department had asked them to explain why and how they got the shots.

CHARGES
The President said it was difficult to tell whether the mayors should be held liable since several of them had made the excuse that they wanted to encourage people hesitant of getting the shots.

The World Health Organization earlier said the country risked losing hundreds of thousands of vaccines under a global initiative for equal access if it fails to follow prioritization requirements.

While it was wrong for anybody to skip the vaccination line, officials would not necessarily be removed from their posts, Mr. Roque said. 

Officials who violated the protocol face charges of violating the Code of Conduct and Ethical Standards for Public Officials and Employees, he said. Mr. Roque said there has to be a law that punishes people who skip the priority list.

Mr. Roque said there had been a “quick substitution list” in the government’s vaccination program that allows non-healthcare workers to get inoculated.

The list was created to avoid wastage of vaccines once they were opened, Mr. Roque said.

A local chief in Metro Manila earlier explained that he allowed an actor to be vaccinated because he has comorbidities that qualified him to skip the line. Mr. Duterte has ordered the Health department to investigate the case.

Interior Undersecretary Epimaco V. Densing II said Undersecretary Jonathan E. Malaya, the agency’s spokesman who publicly got vaccinated on Mar. 2, had also been asked to explain.

Mr. Roque earlier said Mr. Malaya’s vaccination was done “in good faith” since he was supposedly not aware of the rule that all first shipments of vaccines must be used for medical frontliners.

The Commission on Human Rights (CHR) on Thursday urged the government to hold those who skipped the line accountable.

“An effective national vaccination strategy is a vital component of an efficient national health care program, and is an important component of the equitable distribution of vaccines,” CHR spokesperson Jacqueline de Guia said in a statement.

Meanwhile, the government is processing payments for the COVID-19 vaccines after it signed two loans worth $900 million from the World Bank and Asian Development Bank (ADB), Finance Undersecretary Mark Dennis Y.C. Joven said in a mobile phone message.

The AIIB had also approved a $300-million co-financing deal to buy vaccines for the Philippines, Finance Secretary Carlos G. Dominguez III said in a Viber message.

The loan will complete the government’s target to borrow $1.2 billion from multilateral partners to fund the vaccination drive. — with Beatrice M. Laforga

Palace says Chinese vessels moored at reef may leave soon

THE PHILIPPINES expects Chinese vessels moored at a reef it claims in the South China Sea to leave the area soon, according to the presidential palace.

“There is no controversy because they are not fighting to stay there,” presidential spokesman Herminio L. Roque, Jr. told an online news briefing in Filipino on Thursday, citing strong relations between the two countries.

“In the spirit of friendship, we expect them not to remain there for long,” he added.

The Philippine Department of Foreign Affairs (DFA) has filed a diplomatic protest against China after more than 200 vessels, believed to be Chinese militia, moored at Whitsun Reef.

DFA this week demanded that China withdraw its fishing vessels and maritime assets at the reef that it calls Julian Felipe, accusing it of infringing on Philippine sovereignty.

It urged China to order its fishing vessels to stop environmentally destructive activities at the reef, which it said is within the Philippine exclusive economic zone.

The Philippine government earlier said it was concerned that the Chinese militia vessels had massed at the reef with no actual fishing activities.

They had their full white lights turned on during night time, a national task force overseeing border disputes with Beijing said in a statement at the weekend, citing the Philippine Coast Guard.

The Chinese Embassy in Manila on Monday said the reef, which it calls Niu’e Jiao, is part of China’s Nansha Qundao.

It said some Chinese fishing vessels had taken shelter near Niu’e Jiao due to rough sea conditions.

The Chinese Embassy said the vessels there were not Chinese militia, adding that speculations cause “unnecessary irritation.”

Mr. Roque said the Philippines stands by a United Nations ruling in 2016 invalidating China’s claim to more than 80% of the South China Sea based on a nine-dash line map.

“We stand by the arbitral award,” he said. “The President’s stance has not changed.”

Meanwhile, former Supreme Court Justice Antonio T. Carpio on Wednesday said there was no storm when the vessels moored at the reef.

“It’s possible that China is encroaching on our maritime zone but softening it by sending us vaccines,” he told the ABS-CBN News Channel. “It’s part of their PR effort to soften the blow but we should not fall for that.”

The Philippines on Wednesday took delivery of about 400,000 vaccine doses donated by China. The shipment was on top of 600,000 doses that it donated and that arrived last month. — Kyle Aristophere T. Atienza

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