Peso inches higher as oil prices drop sharply
THE PESO started the week slightly stronger against the dollar as oil prices hit an 18-year low and despite cautious trading due to market jitters over the enhanced community quarantine in Luzon.
The local unit finished trading at P50.96 per dollar on Monday, appreciating by four centavos from its P51 close on Friday, according to data from the Bankers Association of the Philippines.
The peso opened flat at P51 versus the dollar on Monday. Its weakest showing for the day was at P51.10, while its intraday best was at P50.85 against the greenback.
Dollars traded went down to $315.35 million from $456.2 million on Friday.
A trader said the peso gained against the greenback despite cautious trading amid market fears over the recent enhanced community quarantine implemented in Luzon to prevent further spread of the outbreak.
“The peso strengthened a little bit pero (but) so far we’re really not seeing a lot of activities in dollar peso as prices are still very wide given this quarantine scenario,” the trader said in a phone call.
“I think the market is very cautious at the moment so positioning is very minimal,” the trader added.
Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the peso’s slight appreciation to the latest oil price slip.
“The peso closed stronger after the latest decline in global oil prices to among lowest levels in 17-18 years which could help ease inflation,” Mr. Ricafort said in a text message.
Reuters reported that crude oil benchmarks sharply dropped on Monday, with Brent succumbing to its lowest since November 2002, on the back of the escalating pandemic and as the price war between Saudi Arabia and Russia continues.
Brent futures were down by 6.7% to $23.25 a barrel as of 0249 GMT, after earlier dropping to $23.03, the lowest since November 2002.
Meanwhile, US West Texas Intermediate crude futures fell to as low as $19.92, near an 18-year low hit earlier this month, and was last trading down 5.4% or $1.17 at $20.34 a barrel.
On Friday, Saudi Arabia said it has not engaged in discussions with Russia about balancing oil markets despite pressures from the US to cease their price war given the current pandemic situation that has taken its toll on oil demand.
Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno has said March inflation could slow to 2.4% due to the continued drop in oil prices as well as the price freeze amid the lockdown.
If realized, this would be slower than the 2.6% print seen in February and the 3.3% seen in March last year.
For today, the trader gave a forecast range of P50.70 to P51.20 per dollar, while Mr. Ricafort sees the peso moving around the P50.80 to P51.10 levels. — Luz Wendy T. Noble with Reuters
Stocks drop on worries of recession due to virus
By Denise A. Valdez, Reporter
PHILIPPINE SHARES declined yesterday on mounting worries of a recession due to the coronavirus disease 2019 (COVID-19) pandemic.
The benchmark Philippine Stock Exchange index (PSEi) lost 135.46 points or 2.57% to close at 5,131.16 on Monday. The broader all shares index also fell 75.19 points or 2.33% to 3,144.31.
“Local stocks fell sharply, giving back some of the strong gains experienced in the previous days to kickstart what seems to be another volatile week,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message yesterday.
He noted COVID-19 worries continue to drag the market lower, especially as cases continue to rise both locally and abroad.
Records by the Coronavirus Resource Center of John Hopkins University show there were 723,700 confirmed COVID-19 cases across the world as of Monday afternoon. United States leads with more than 143,000 cases, followed by Italy with more than 97,600 and China with more than 82,100.
In the Philippines, the Health department reported 1,418 cases, 71 deaths and 42 recoveries from COVID-19 as of Sunday afternoon.
“The pandemic concerns compelled investors to take profits out of the market’s 10.21% week-on-week surge last week,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a text message.
He noted investors are reacting to the declaration of the International Monetary Fund that the global economy is now in recession, and the remarks of Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno that the Philippine economy could also suffer the same fate this year.
“The increase in cases is unabated. Its economic impact is worrisome… The latest developments are making the outlook dimmer and this is weighing on investors’ sentiment,” Mr. Tantiangco said.
All sectoral indices ended in red territory on Monday. Financials dropped 40.83 points or 3.35% to 1,176.45; holding firms lost 158.07 points or 3.07% to 4,984.04; industrials shaved off 132.91 points or 2.14% to 6,071.63; property trimmed 59.58 points or 2.14% to 2,721.57; mining and oil erased 54.92 points or 1.33% to 4,047.55; and services slipped 7.64 points or 0.64% to close Monday’s session at 1,169.63.
Some 535.84 million issues valued at P5.33 billion switched hands yesterday, down from Friday’s 696.58 million issues worth P7.95 billion.
Decliners outnumbered advancers, 134 against 49, with 37 names ending unchanged yesterday.
Net foreign selling grew to P887.40 million on Monday from the P23.35 million in net outflows recorded in the previous session.
Manila seeks Chinese help in fight versus novel coronavirus
THE Philippines has sought China’s help in battling a coronavirus disease 2019 (COVID-19) outbreak that has sickened more than 1,500 people and killed 78 mostly in Manila, the capital.
“We want them to share their expertise with us,” Health Undersecretary Maria Rosario S. Vergeire told a news briefing in Filipino on Monday, noting how China had managed to tame the virus.
The Department of Health (DoH) yesterday reported 128 new coronavirus cases, bringing the total infections to 1,546.
Seven more patients aged 43 to 79 years died, while the number of those who have gotten well remained at 42, it said in a bulletin.
The Chinese Embassy and Foreign Affairs Secretary Teodoro L. Locsin, Jr. separately said earlier China would send a team of medical experts to Manila.
The Philippines has reported a spike in confirmed COVID-19 cases in the past week after China donated more than 100,000 COVID-19 test kits.
“That will be done soon,” Philippine Ambassador to China Jose Santiago L. Sta. Romana said at the same briefing, referring to China’s plan to send medical experts.
The envoy said details were being ironed out, including how many experts will come.
The Chinese city of Wuhan, where the coronavirus outbreak first emerged, started lifting a two-month lockdown on Saturday. Some services in the city have restarted while the borders were reopened to allow families to reunite.
Mr. Sta. Romana also said China had resumed operations of public transportation.
China also built temporary quarantine zones and exclusive facilities for treating COVID-19 patients and those under monitoring and investigation.
President Rodrigo R. Duterte locked down the entire Luzon island on March 16 to contain the virus, suspending classes, work and public transportation.
DoH yesterday traced the spike to expanded laboratory capacities.
The Research Institute for Tropical Medicine in Muntinlupa City can now test 900 to 1,000 samples daily, its director Celia C. Carlos said.
Ms. Vergeire said the laboratories in San Lazaro Hospital, Baguio General Hospital and Medical Center, Vicente Sotto Memorial Medical Center, Southern Philippines Medical Center, and University of the Philippines-National Institutes for Health can test up to 200 samples daily.
She also said they were waiting for the delivery of a million sets of personal protective equipment worth P1.8 billion.
Health workers in public hospitals would be prioritized but private hospitals will also get their share, Ms. Vergeire said at a news briefing. — Charmaine A. Tadalan and Vann Marlo M. Villegas
Work-from-home to drive telecom investment; returns uncertain — Fitch
THE SURGE in data traffic due to the coronavirus disease 2019 (COVID-19) pandemic will drive telecommunications companies in Asia-Pacific countries to ramp up their spending on additional network capacity, Fitch Ratings said.
But increasing the return on such investments will remain a challenge for them, Fitch said.
In a statement emailed to reporters on Monday, Fitch Ratings said: “The rising use of online connectivity and remote access technology from home is likely to drive the need for greater capacity to maintain network resilience.”
It said the Philippines, apart from India, ranks the highest in the countries it covers in terms of average capital expenditures (capex) intensity “at around 40%, compared with the mid-20s average for the region.”
The likelihood that the Philippines to spend more to improve its network capacity is even higher compared to South Korea and Singapore as the third-world country remains generally dependent on mobile for its broadband access.
“Fixed-broadband markets in Indonesia, India, and the Philippines are significantly under-served due to the limitations of fixed-line infrastructure,” Fitch noted.
Despite the increase in data consumption during the lockdowns due to the COVID-19 pandemic, telcos will still not be able to earn higher returns.
“Fitch expects the growth in telecom revenue to lag behind data consumption, as telcos are seldom able to price data to capitalize fully on the rapid growth in traffic,” Fitch explained.
It added: “Some telcos have offered larger data allowance while maintaining current price plans as part of their response efforts. This is despite declining roaming revenues due to curbs on overseas travel. Closure of retail outlets due to self-isolation and quarantine measures imposed in some countries could also lead to slower gross subscriber additions in prepaid markets reliant on traditional distribution networks.” — Arjay L. Balinbin
Competition regulator approves Lotte Chilsung acquisition of Pepsi-Cola PHL
THE Philippine Competition Commission (PCC) has approved South Korea’s Lotte Chilsung Beverage Co. Ltd.’s acquisition of more than 57% of Pepsi-Cola Products Philippines Inc. (PCPPI).
The antitrust regulator said in a statement Monday that the transaction is not likely to result in a substantial lessening of competition, noting that there are competitive constraints from other participants in the carbonated soft drinks, non-carbonated beverage, and bottled water markets.
Lotte Chilsung Beverage is acquiring up to 2,134,381,838 common shares or 57.78% of total issued and outstanding capital stock of PCPPI through a tender offer to all shareholders except Lotte Corp. and other excluded shareholders. The company is buying PCPPI shares at P1.95 each.
Lotte Chilsung Beverage is a subsidiary of Lotte Corp., a principal shareholder of PCPPI.
PCC in its decision issued Thursday also said that the share acquisition will not likely increase either party’s ability to engage in input or customer foreclosure in the global market for Polyethylene Terephthalate (PET) supply and the national market for non-alcoholic beverage distribution.
PCPPI’s authorized capital stock as of November was P750 million divided into five billion shares of common stock with a par value of 15 centavos per share. From this, more than 3.6 billion common shares are issued, outstanding and fully paid-up equivalent to more than P554 million.
PCPPI is the Philippine bottler and distributor of US food, snack, and beverage multinational PepsiCo Inc.
Lotte Chilsung Beverage is a Seoul-based company manufacturing soft drinks, foods, and other beverages.
PCC has so far approved 194 out of 211 mergers and acquisitions it reviewed. — Jenina P. Ibañez
ASF outbreaks spread on Luzon; nearly 42,000 hogs culled
THE AFRICAN Swine Fever (ASF) outbreak has widened with an additional 41,953 hogs culled, according to the Bureau of Animal Industry (BAI).
In a report filed by the BAI to the World Organization for Animal Health, Director Ronnie D. Domingo said the Philippines recorded 69 new outbreaks on Luzon.
Since the outbreak started last year, the total number of cases has risen to 3,967 while around 250,000 pigs have been culled as a precaution.
Of the new cases, the Nueva Ecija town of General Mamerto Natividad had the highest number of culls at 5,414, followed by Mulanay, Quezon at 3,907, and Laurel, Batangas at 3,083.
Six pigs were culled in Mallig, Isabela, followed by Quirino, Isabela at 7.
Areas that recorded new outbreaks include General Trias, Cavite; Sta. Rosa, Cabiao, San Antonio, Talavera, Jaen, Science City of Muñoz, Sto. Domingo, and Bongabon, Nueva Ecija; La Paz, Tarlac City, Victoria, Moncada, San Jose, Sta. Ignacia, Gerona, Pura, and Mayantoc, Tarlac; Antipolo City, Teresa, Binangonan, and Angono, Rizal; Baler and Dingalan, Aurora; San Narciso, and Catanauan, Quezon; Basista, Malasiqui, Calasiao, Bugallon, Binmaley, Labrador, Mangaldan, Lingayen, and Sual, Pangasinan; Pilar, Orion, Orani, Samal, Dinalupihan, Abucay, Hermosa, and Mariveles, Bataan; Jones, Aurora, Cordon, San Manuel, Gamu, Quezon, and Roxas, Isabela; Lagawe, Kiangan, Hingyon, and Banaue, Ifugao; Bayombong, Nueva Vizcaya; and Calamba City, Laguna.
In the Bicol region, Camarines Sur also reported cases in Calabanga, Magarao, Minalabac, Bombon, and Naga City.
Benguet province also recorded ASF cases in Itogon and Tuba.
The report traced the source of the outbreaks to illegal movement of animals and swill feeding. — Revin Mikhael D. Ochave
DoLE urged to suspend overseas nurse deployments
A LEGISLATOR asked the Department of Labor and Employment to suspend the overseas deployment of nurses for the duration of the coronavirus disease 2019 (COVID-19) containment effort.
“(Labor and Employment) Secretary (Silvestre H.) Bello (III) should suspend the sending of nurses abroad. We need our health care personnel here at this time of public health emergency to attend to sick Filipinos, and not to foreigners,” Cagayan de Oro Rep. Rufus B. Rodriguez said in a statement Monday.
Mr. Rodriguez was responding to reports that Germany was sending a plane to Manila to ferry “at least 75” intensive care unit (ICU) nurses to care for Germans infected with COVID-19.
He said the country’s health care system is overwhelmed with COVID-19 cases and many public and private hospitals are complaining of lack of personnel.
Mr. Rodriguez noted that due to depleted manpower, the Department of Health (DoH) is looking for volunteer doctors and nurses.
“We need those nurses bound for Germany and other jobs overseas to augment our dwindling public health workforce,” he said.
He urged the DoH to refrain from “asking for volunteer doctors and nurses but to instead hire them and pay them professionally at competitive rates.”
He said the recruits should also be given hazard pay and special risk allowance.
“They should be properly compensated. They are our modern-day heroes,” he said.
In an interview on ABS-CBN News Channel (ANC) on Sunday, ACT-CIS Party-list Representative Eric G. Yap, chair of the House committee on appropriations, said the chamber is willing to allot funds for wages of volunteer health workers equivalent to what their newly-hired counterparts in the government receive.
Mr. Yap said he will discuss with Speaker Alan Peter S. Cayetano an increase in the budget for volunteer health workers. Legislators will also meet with budget officials to discuss appropriations, he added. — Genshen L. Espedido
Manila Water, Maynilad to extend bill deadlines during ECQ
METRO Manila water suppliers said they are providing relief to customers experiencing difficulties paying their bills during the enhanced community quarantine (ECQ) imposed on Luzon.
West zone water provider Maynilad Water Services Inc. said it is suspending water disconnections for overdue accounts.
In a radio interview Monday, Maynilad Business Area Spokesperson Zmel D. Grabillo said that the company has added 30 days to its payment deadlines for monthly bills.
The 30 days come on top of the 60-day grace period that the water concessionaire usually gives its customers.
The company recently announced the suspension of meter reading and billing activities and the application of average monthly billing instead of charging for the actual amount of water used.
Mr. Grabillo added that there is no pending increase of water rates in the coming months.
Meanwhile, Manila Water Co. Inc. Corporate Strategic Affairs Head Nestor Jeric T. Sevilla said that monthly billing during ECQ will be based on the customers’ average consumption in the past three months.
The east zone water concessionaire also recently suspended meter reading and billing activities to protect its employees from the coronavirus disease 2019 (COVID-19).
“Any overbilling or under billing in the monthly bills will be adjusted after the lifting of the enhanced community quarantine and when normal operations resume,” Mr. Sevilla said in a radio interview Monday.
Both water distributor urged the public to practice responsible use of water, amid increased hand-washing and other preventive measure practiced to contain COVID-19.
Meanwhile, the Metropolitan Waterworks and Sewerage System Regulatory Office (MWSS-RO) ensured the public that drinking water and wastewater within its concession areas are safe and disinfected with chlorine.
In a statement Monday, MWSS Chief Regulator Patrick Lester N. Ty said MWSS water is safe for consumption, after concerns were raised about possible COVID-19 contamination in the water supply.
Mr. Ty added that chlorine treatment inactivates the COVID-19 virus, according to a World Health Organization (WHO) technical brief on water, sanitation, hygiene, and waste management released on March 19. — Revin Mikhael D. Ochave
Certainty in uncertain times
As the number of novel coronavirus disease 2019 (COVID-19) cases rapidly increased over the past few weeks, we have developed an obsession with figures and statistics. How many new cases have been reported in our country? What is the mortality rate? How many have recovered? How can we flatten the infection curve? What are the measures do we need to follow to avoid being infected?
These questions are an indication of life’s uncertainties. The COVID-19 outbreak has changed our lives in ways we could have never imagined. Our work, activities, and even relationships with each other are greatly affected.
The Department of Health has announced that the number of confirmed COVID-19 cases will skyrocket this week considering that the country has received 100,000 testing kits and more are coming in. Uncertainties about the rate of infection and when it will taper off have produced anxiety, fear, worry, and doubt in us.
On top of worrying about COVID-19, taxpayers are also facing uncertainties on their tax liabilities and responsibilities. The government’s adoption of necessary measures to contain the virus has placed many taxpayers in limbo. The imposition of enhanced community quarantine (ECQ), for example, makes it difficult for taxpayers to comply with filing and reportorial requirements with various government agencies. Some taxpayers cannot obtain the necessary documents while others face challenges in filing due to restrictions on movement, transportation, or people going to work. Even when the ECQ is lifted, delays will continue as a result of the growing backlog of unattended work, as many employees are working from home.
Fortunately, the government has listened to the clamor of the taxpayers. Many government agencies are issuing orders, guidelines, and memoranda extending reporting deadlines and easing the filing process.
Last week, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circulars extending the deadlines for submitting tax returns, availing of the tax amnesty for delinquencies, and submitting or filing documents and correspondence related to assessment cases, among other related filings.
The BIR also issued Bank Bulletin No. 2020-03 to all Authorized Agent Banks (AAB) on the acceptance of annual income tax returns for 2019 and other tax returns whose due dates fall within the ECQ period. AABs are now required to accept all tax payments, including out-of-district returns. Traditionally, taxpayers paid only through the AABs under the jurisdiction of the Revenue District Office (RDO) where the taxpayer is registered.
Taxpayers have long been requesting the ability to file and pay out of district. With advancements in technology, it is difficult to understand why taxpayers are required to pay only at certain banks within their RDOs. Hopefully, with the BIR allowing out-of-district payment during this ECQ period, they can also study how taxpayers can adopt this practice beyond the ECQ.
The Securities and Exchange Commission (SEC), on the other hand, issued SEC Memorandum Circular No. 10, prescribing guidelines on submitting through email the General Information Sheet (GIS), Audited Financial Statement (AFS), forms and documents required under existing laws, rules and regulations, and the recognition of electronic signature.
SEC Memorandum Circular No. 10 allows concerned corporations to file the required documents through email during the state of public health emergency while the country has been placed under ECQ, provided that all of the following required specifications are complied with:
(1) The submitted documents should be in portable document format (PDF), preferably with a Text Layer; (2) The submitted documents should contain an electronic signature; (3) The submitted documents should be sent as Multipurpose Internet Mail Extensions (MIME) attachments to an email from a valid company email account or email address of an authorized representative; (4) The documents that need to be executed and submitted under oath may be submitted unnotarized; however, the person(s) whose signature appears in the documents submitted shall be held accountable under the appropriate provisions of the Revised Corporation Code; (5) The body of the email should contain a statement declaring the authenticity of the submitted documents, a commitment to submit physical versions of the same documents to the SEC once the state of public health emergency is lifted, and the full name, corporate address, and mobile number of the authorized representative submitting the documents; and (6) The sender should request a Return Receipt and a Delivery Status Notification to ensure that the email has been sent and has also been received by the SEC.
It is commendable that the SEC finally adopted these rules in accordance with Republic Act No. 8792 or the Electronic Commerce Act of 2000. Under this law, for evidentiary purposes, an electronic document shall be the functional equivalent of a written document. Though it has taken a long time to be adopted, it is, nonetheless, a good development. I hope that the SEC will continue to allow the submission of electronic documents in the future, and not just during this period of ECQ.
Some of our Local Government Units (LGUs) are also passing ordinances extending payment of business and realty taxes.
Some cities in Metro Manila, such as Caloocan, Las Piñas, Makati, Manila, Mandaluyong, Muntinlupa, Navotas, Parañaque, Pasay, Pasig, San Juan, Quezon City, and Valenzuela, have extended their deadlines for paying for Q2 business taxes and Q1 real property taxes (RPT). Some of the announcements are based on duly enacted city ordinances while others are just posted on their social media accounts or published in newspapers. As soon as the ECQ is lifted, taxpayers will be busy verifying the extensions and coordinating with the cities and municipalities.
The City of Caloocan has extended the payment of RPT and LBT to June 30 through City Ordinance No.851 and 852. Las Piñas’ extended deadline for RPT is May 15 and for LBT is May 20. Makati’s extended deadline for RPT and LBT is April 30 through City Ordinance No. 2020-75. Manila’s extended deadline for RPT and LBT is June 30. Mandaluyong’s extended deadline for RPT and LBT is May 20 through City Ordinance No. 764. series of 2020. Muntinlupa’s extended deadline for RPT is May 31 through City Ordinance No. 2020-078 and for LBT is July 20 through City Ordinance No. 2020-073. Navotas’ extended deadline for RPT and LBT is May 31 through City Ordinance No. 2020-07. Pasay City and Quezon City have extended their deadline for RPT and LBT to April 30. Parañaque’s extended deadline for RPT is June 30 through Resolution No. 256 and for LBT is July 20 through Resolution No. 257. Pasig City has extended the deadline for two months from due date of RPT and LBT. San Juan City’s extended deadline for RPT is April 20 and for LBT is May 20. Valenzuela’s extended the deadline for RPT to April 30 through City Ordinance No. 677-2020.
Marikina City has announced that it will not impose interest on RPT for property owners who are unable to settle their RPT dues on the original March 31 deadline. However, there is no definite date or length of extension yet.
I hope that other LGUs will consider extending their deadlines for RPT and LBT, especially since this outbreak is affecting the entire country.
While the COVID-19 pandemic is a period of uncertainty, one thing is certain: we will get through this together. Once again, the resilience of the Filipino spirit is being tested. Through the collaborative efforts of the government, international community, private sector, civil society, and ordinary citizens, together we will heal as one.
Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for professional advice.
Neptali G. Maroto is a Tax Associate of Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.
FDA approves 5 COVID-19 rapid test kits
THE PHILIPPINE Food and Drug Administration (FDA) on Monday said it had approved five rapid test kits for the coronavirus disease 2019 to be used by health professionals.
The test kits are registered and used in countries with advanced technology and experience with COVID-19 including China and Singapore, FDA Director General Rolando Enrique D. Domingo said in a statement on Monday.
The agency also approved a test kit from Abbott Laboratories that can detect the coronavirus in five minutes.
The FDA has approved 17 test kits that use the so-called reverse transcriptase polymerase chain reaction technique (RT-PCR), which is more accurate than the rapid version, for commercial use.
PCR-based test kits are used in laboratories to extract genetic material from throat and nose swabs to diagnose a patient for the COVID-19 virus.
On the other hand, rapid test kits only measure the antibodies in a patient’s blood sample.
“The rapid test kits will yield a faster result compared with PCR-based kits, but it is important that a trained health professional will evaluate and interpret the results,” Mr. Domingo said.
“We have to be very cautious in using these rapid test kits because they measure antibodies and not the viral load itself,” he added.
Mr. Domingo said a confirmatory test was still required because the test may yield a negative result because it takes the human body some time to develop antibodies.
“A positive result due to cross reaction with other bacteria or viruses is also possible, which is why a confirmatory PCR-based test is still required,” he said.
The Department of Health (DoH) earlier said it does not recommend rapid testing because it could lead to false negative results.
Aside from the Research Institute for Tropical Medicine, the laboratories in San Lazaro Hospital, Baguio General Hospital and Medical Center, Vicente Sotto Memorial Medical Center and Southern Philippines Medical Center are also testing samples of COVID-19 virus.
More than 30 public and private hospitals have also expressed a desire to become COVID-19 testing laboratories.
The FDA asked health facilities to follow only the recommended treatment guidelines endorsed by DoH and medical societies.
Claims have circulated that Procaine and Dexamethasone with Vitamin B called “Prodex-B” are an effective treatment against viral infections. Prodex-B had not been unregistered with FDA, the agency said.
“All consumers who have received the aforementioned drug are advised to monitor for any adverse reactions,” according to the FDA advisory.
FDA said Procaine is an anesthetic used to reduce pain from injections, while Dexamethasone must be used cautiously due to its side effects including a weaker immune system that could lead to a higher risk of infections.
“Unregistered drug products have no guaranteed quality, safety and efficacy data which may lead to patient harm,” it said. — Vann Marlo M. Villegas
Philippines asked to join drug trials vs COVID-19 virus
THE World Health Organization (WHO) wants the Philippines to participate in drug trials to test treatments for the coronavirus disease 2019, according to the Department of Health (DoH).
“We are studying whether the Philippines should join or not,” Health Undersecretary Maria Rosario S. Vergeire said at a briefing on Monday.
The WHO earlier said the so-called “solidarity trial” would compare the safety and effectiveness of four drugs and drug combinations against the coronavirus disease 2019 virus.
It said the solidarity trial would include participants from Argentina, Bahrain, Canada, France, Iran, Norway, South Africa, Spain, Switzerland and Taiwan.
The first patients in the drug trial have been enrolled in Norway and Spain, WHO officials said last week.
WHO is testing four of the most promising drugs to fight COVID-19, including malaria medications chloroquine and hydroxychloroquine, an antiviral compound called Remdesivir, a combination of HIV drugs Lopinavir and Ritonavir, and a combination of those drugs plus interferon-beta.
The virus has sickened about 724,000 people worldwide, with at least 34,000 deaths. About 152,000 patients have recovered. — Vann Marlo M. Villegas