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Bucks acquire Tucker

In spreading the welcome mat for P.J. Tucker yesterday, the Bucks completed a relatively lengthy process that began when the Rockets decided to park their erstwhile workhorse in favor of a complete rebuild early this month. True, his play had deteriorated of late; in fact, his numbers so far this season represent the lowest in his nine-year National Basketball Association career. On the other hand, there can be no questioning his grit; in fact, it’s precisely what has driven him to succeed against all odds after being selected in the second round of the 2006 draft, and what has enabled him to stay even-keeled in the face of his professional roller-coaster ride.

Certainly, the Bucks are confident Tucker’s depressed stats reflect his lack of motivation given his contract status. As early as in the offseason, he had shown his disappointment with the Rockets for their apparent unwillingness to, in his estimation, properly value his contributions. Apart from reporting late for training camp, he was, no doubt, also unnerved by James Harden’s holdout and subsequent departure. Sufficiently motivated, he — at least from the point of view of his new employers — looks to remain a valuable contributor to their championship aspirations.

The Bucks have reason for their optimism. After all, they’re right in the thick of things, having won 10 of their last 11 contests and crowding the Sixers and Nets at the top of the Eastern Conference. Contrast that with the woeful standing of the Rockets, who have lost 18 straight matches and are next to last in the West. Considering that Tucker will once again be casting moist eyes on a title ring from a much-closer vantage point, it’s clear that he will not be lacking in motivation. He may be an old 35 and bruised from years of burning rubber as an undersized center, but he remains resolute in the face of unique challenges.

In any case, Tucker will help in one particular area the Bucks are mediocre at best: employing switches critical to containing dynamic offenses. Following disappointing finishes in their last two postseason campaigns, head coach Mike Budenholzer finally got the drift and directed a pronounced increase in the frequency of their switching defenses. He’ll be a big boost in this regard, especially in tandem with reigning Most Valuable Player Giannis Antetokounmpo. If there’s any question mark, it’s the swoon in his accuracy from behind the arc.

All things considered, though, Tucker should be a decided plus the Bucks. By all accounts, his veteran presence has been invariably welcome in the locker room and on the court, and he figures to exert the same influence in his new digs. The fact that they willingly gave up what remained of their draft assets in order to get him speaks volumes of their high regard for him. Little wonder, then, that they’re gung-ho. With due respect to Harden, he may yet prove to be the most impactful transfer from the Rockets to the East.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

Uber’s UK driver benefits highlight broader gig-worker challenges

LONDON — Uber’s proposal to expand benefits to British drivers following a court defeat last month has not put an end to the fight for better gig-worker pay in the UK and around the world, an issue that has become a flashpoint for the labor movement.

On Tuesday, Uber Technologies Inc. said it would offer guaranteed entitlements to its more than 70,000 UK drivers, including holiday pay, a pension plan, and limited minimum wage.

Uber has said it wants to expand limited benefits similar to those offered to drivers in the UK across all of Europe and the United States.

But British driver activists who brought the legal challenge said the proposal did not fully comply with the court ruling and vowed to keep up the pressure.

Uber shares were down 4.7% at $56.08 on Wednesday afternoon, with analysts at Morgan Stanley projecting a hit of up to $300 million to Uber’s core earnings to finance the added benefits.

Uber declined to comment on the total costs for implementing the measure.

The UK skirmish is the latest in a line of challenges over the rights of gig workers that could reshape the on-demand ride-hail and food delivery industry, in which most workers are considered independent contractors with few legal rights and benefits.

Worker groups, labor activists, and some legislators across Europe and the United States, including US President Joseph R. Biden, Jr., have pushed for drivers to be recognized as employees instead, at times winning in court.

Uber, for many years staunchly opposed to changing workers’ independent contractor status, in recent years began to advocate for a new compromise model under the leadership of Chief Executive Dara Khosrowshahi. Under that proposal, gig workers would maintain their flexibility as independent contractors but be provided with additional benefits—a model that in many countries would require updates to existing labor laws.

The so-called third way model had its first success in California last year, when voters approved a gig company-sponsored ballot measure that cemented app workers’ contractor status with additional benefits. The company has offset at least some of those costs with fare increases.

Mr. Khosrowshahi in an op-ed in British newspaper the Evening Standard on Wednesday said the new UK framework was in line with the company’s US and European Union-wide advocacy for changes to existing labor laws, despite concrete benefits not necessarily serving as a blueprint for everywhere else.

The UK announcement follows a ruling by the country’s Supreme Court last month, which found that Uber drivers had to be classified as “workers”—a unique status available under UK employment law that situates drivers between independent contractors with no benefits and full-fledged employees with vast benefits.

‘BETTER OFF’
Uber said drivers will be at least 15% better off, if they opt in to the pension plan under the new scheme.

But James Farrar and Yaseen Aslam, the two lead drivers in a 2016 employment tribunal case that Uber unsuccessfully contested all the way to Britain’s top court, said the company’s minimum wage proposal violated the court’s ruling.

Uber said minimum wage, which stands at 8.72 pounds ($12.13) per hour for those aged 25 and over, would apply only “after accepting a trip request and after expenses.” It also said that drivers on average earn an hourly 17 pounds in London.

Messrs. Farrar and Aslam said the decision to not pay drivers for the time they spend waiting for a passenger would short-change them “to the tune of 40–50%.” 

“We cannot accept anything less than full compliance with legal minimums,” the drivers said in a statement.

Cruising around while waiting for a trip accounts for as much as a third of the time drivers spend behind the wheel with the app turned on, according to several US studies.

Uber’s Northern and Eastern Europe boss, Jamie Heywood, in an interview with Sky News defended the firm’s plan and said the company would remain competitive on pricing.

“If we decided that logged-on time on the app was also working time, that would mean that we would need to introduce shifts telling drivers when they can work, which most drivers don’t want to do, and we’d also need to introduce exclusivity terms,” he told Sky News. — Costas Pitas and Tina Bellon/Reuters

China regulators held talks with Alibaba, Tencent, 9 others on ‘deepfake’ tech

BEIJING — Chinese regulators recently summoned 11 domestic technology companies including Alibaba Group, Tencent, and ByteDance for talks on use of “deepfake” technologies on their content platforms, stepping up scrutiny of the sector.

China’s cyberspace administrator said in a statement on Thursday that it and the public security ministry met with the companies to talk about “security assessments” and potential problems with deepfakes and audio social apps. Kuaishou Technology and Xiaomi Corp. also attended the meeting, it said.

All the companies did not immediately respond to requests for comment.

Deepfakes use artificial intelligence to create hyper-realistic but fake video or audio where a person appears to say or do something they did not.

China has increased scrutiny of its internet giants in recent months, citing concerns over monopolistic behavior and potential infringement of consumer rights.

Regulators also told the companies to “conduct security assessments on their own” and submit reports to the government when they plan to add new functions or new information services that “have the ability to mobilize society,” the statement said.

There has been a surge in China in copycats of the audio app Clubhouse since the US-based chat service was blocked in the country in early February.

Clubhouse was briefly accessible in China, attracting many users who participated in discussions on sensitive topics such as Xinjiang detention camps and Hong Kong independence, before it was shut down by authorities.

TikTok owner ByteDance is one of many companies working on Clubhouse-like apps for the Chinese market, Reuters reported earlier this month.

Other new offerings include Kuaishou’s invitation-based Feichuan app and Xiaomi’s reworking of Mi Talk app into an invitation-only audio service targeted at professionals. — Reuters

UN body raises global economic growth forecast for 2021 to 4.7%

GENEVA — The global economy is set to grow by 4.7% this year thanks to a stronger-than-expected recovery in the United States, a report by the United Nations Conference on Trade and Development (UNCTAD) said on Thursday, revising up its previous forecast of 4.3%.

The upwards revision from its previous forecast made last September factors in an expected boost in US consumer spending on the back of progress distributing coronavirus disease 2019 (COVID-19) vaccines and a vast stimulus package, the report said.

“The global recovery that began in the third quarter of 2020 is expected to continue through 2021, albeit with a good deal of unevenness and unpredictability, reflecting epidemiological, policy and coordination uncertainties,” the report said.

Earlier this month, the OECD also revised higher its growth forecast for this year to 5.6 % from 4.2%.

However, the 22-page UNCTAD report called Out of the frying pan… into the fire? said COVID-19 will have lasting economic consequences that will require continued government support. It said the main risk to the global outlook is a “misguided return to austerity.”

The report estimates that last year there was a 3.9% drop in output as the spread of the coronavirus sparked lockdowns across the world.

It called the impact “exorbitant,” describing the “destruction of income on an unprecedented scale” with people in developing countries particularly hard hit.

Still, it says it would have been worse had central banks not taken preemptive action to avoid financial meltdown. Relief packages and a bounce-back in commodity prices, as well as the fast-tracking of vaccine development, also helped, the report said. — Reuters

Chile’s red-hot inoculation drive reaches frozen continent of Antarctica

SANTIAGO — Chile’s blazing fast vaccination program has reached the icy shores of Antarctica, officials and researchers told Reuters on Wednesday, bringing a sense of relief to one of the most isolated and vulnerable outposts on Earth.

The pandemic hit Antarctica in December, making it the last of the world’s continents to report an outbreak of coronavirus disease 2019 (COVID-19). Chilean health and army officials scrambled to clear out staff from a remote region with limited medical facilities.

Marcela Andrade, an official with the Chilean Antarctic Institute (INACH), told Reuters by phone that air force personnel, followed by staff at the Profesor Julio Escudero research base, were inoculated on Sunday with vaccine from China’s Sinovac Biotech Ltd.

She said the outbreak scare several months ago was well-managed, but a reminder of the importance of speedy vaccination in such a remote and unforgiving location.

“It’s a relief,” said Ms. Andrade, who said workers in the isolated region were at special risk. “We don’t have flights or ships departing every day here. It’s complicated to transport people that (are ill) or a risk to others.”

The base is located on remote King George Island, the largest of the Shetland Islands off the coast of Antarctica. Researchers count as their nearest neighbors several species of seals, penguins, and fish-eating sea birds.

Chile has vaulted ahead of much of Latin America, and the world, in its vaccination program, and has inoculated most of its frontline health workers, military, and elderly. But a spike in contagions country-wide has brought hospitals to near collapse and forced new restrictions on movement. 

Ms. Andrade said Chile’s decision to vaccinate workers in Antarctica was much appreciated, and timely. She said a shift of workers was scheduled to leave for the mainland in mid-April, and would breathe easier with the vaccine in place.

“Looking at the situation in the country, and the world, it’s a total relief to get back to the mainland with a bit of protection,” she said. — Dave Sherwood/Reuters

Japan to lift Tokyo area state of emergency as planned on Sunday

TOKYO — The Japanese government’s advisory panel on coronavirus measures approved on Thursday a plan to let the state of emergency expire in the Tokyo area as scheduled on March 21, while the capital’s governor warned citizens not to let down their guard.

Prime Minister Yoshihide Suga had flagged the move on Wednesday, saying the availability of hospital beds had improved in Tokyo and its three neighboring prefectures, where restrictions have remained since early January.

“There was no objection to the plan,” Economy Minister Yasuhisa Nishimura, who also heads Japan’s coronavirus response, said after a meeting with the advisory panel.

He added, however, that experts noted that infections had been creeping up in recent days, and that a resurgence was bound to occur.

While under pressure to bring coronavirus disease 2019 (COVID-19) under control ahead of the Tokyo Olympics this summer, the government is eager to jumpstart economic activity in the Greater Tokyo area, whose 36 million residents account for 30% of Japan’s population.

The number of new COVID-19 cases has plunged from a peak in early January, when the third and most deadly wave of the pandemic swept the country. But the daily tally for Tokyo remains far from Governor Yuriko Koike’s target of reducing the seven-day average to 70% or lower than the preceding week.

On Wednesday, the capital reported 409 cases, compared with a peak of 2,520 on Jan. 7, but the highest since mid-February.

“(The state of emergency will be lifted) on the 21st, but does that mean anything goes after that? No, it doesn’t, and we have to see it as entering a new stage,” Mr. Koike told reporters.

“The first drop of vaccines for (Tokyo’s) 14 million has only just begun, and until we’re done, we have to fight with our bare hands,” she said.

While other parts of the country lifted the emergency status at the end of February, Tokyo, Kanagawa, Chiba, and Saitama prefectures extended it, with officials saying they wanted to see a continued decline in infections and hospitalizations. 

Under the curbs, restaurants and bars are asked to close by 8 p.m and companies to allow more telecommuting.

After the lifting of the emergency, the four prefectures will ask eateries to close by 9 p.m., at least until the end of March, to reduce the chance of a resurgence in infections, Kanagawa Governor Yuji Kuroiwa said on Wednesday.

The government’s task force will meet later on Thursday to finalize the plan, followed by a news conference by Prime Minister Suga at 7 p.m. (1000 GMT).

So far in Japan, roughly 449,000 people have tested positive and 8,715 have died from COVID-19 as of Wednesday. — Chang-Ran Kim/Reuters 

How worried should we be about reports of blood clots and AstraZeneca’s vaccine?

FRANKFURT/PARIS — Europe’s drug watchdog is reviewing a small number of reports of bleeding, blood clots, and low platelet counts in people who have received AstraZeneca’s coronavirus vaccine.

The European Medicines Agency (EMA) has said it has so far found no causal link between the vaccine and the incidents. The World Health Organization has also said there was no proven link and people should not panic.

At least 13 European Union (EU) member states including Germany, France, and Italy have suspended use of the shot pending the outcome of EMA’s probe.

Here’s what we know so far:

WHAT HAS HAPPENED?
More than 45 million coronavirus disease 2019 (COVID-19) shots by all manufacturers have been administered across the EU and the European Economic Area since vaccinations started almost three months ago.

The EMA is investigating reports of 30 cases of unusual blood disorders out of 5 million people who got the AstraZeneca vaccine in the EU.

The EMA’s focus and primary concern is on cases of blood clots in the head, a rare condition that’s difficult to treat called cerebral venous thrombosis (CVT).

In Germany, seven people aged 20 to 50 have been diagnosed with CVT up to 16 days after vaccination as per Monday, according to the national vaccine authority Paul Ehrlich Institute (PEI). Based on the known rate of CVT in the general population, the PEI would have expected one case in 1.6 million.

WHAT HAVE OTHER COUNTRIES AND ASTRAZENECA SAID?
Britain has administered more than 11 million doses of the AstraZeneca vaccine and reports of blood clots were no greater than would have occurred naturally. The United Kingdom’s medicine regulator has urged Britons to keep on getting their vaccines, including the AstraZeneca shot.

Canada has said health experts are sure all COVID-19 vaccines being administered in the country are safe, including AstraZeneca’s.

AstraZeneca said on Sunday a review of safety data of more than 17 million people vaccinated in the UK and EU with its vaccine had shown no evidence of an increased risk of blood clots. ​

WHAT IS THE EMA INVESTIGATING?
EMA investigators are checking if the frequency of incidences is higher in the vaccinated population than normal background rates.

The normal frequency is drawn from public health statistics or insurance records. This would be combined with a medical analysis of each case and insight from scientific literature.

EMA’s head of safety monitoring, Peter Arlett, added the rarity of CVT meant the watchdog would have to rely more heavily on case-by-case analysis rather than on the sparse statistical data.

A spokeswoman for Germany’s vaccine authority, which is part of the investigation, said EMA would not rule on causality.

Instead, EMA will assess the likelihood of an increased risk of the condition and weigh that against the benefits of fighting COVID-19 and providing relief for health systems.

For example, the vaccines developed by Pfizer and Moderna have been linked with increased risk of anaphylaxis, but they are still recommended because benefits outweigh the risks of the side effect, which can be treated.

The regulator has said it remains for now “firmly convinced” that the product’s benefit outweighs any risks.

WHAT DID THE CLINICAL TRIALS SHOW?
AstraZeneca and European regulators have said that concerns about blood coagulation disorders did not emerge during human trials.

Safety monitoring after approval is key because extremely rare side-effects, or those affecting only a small subset of the population, are near impossible to identify during clinical trials, according to PEI.

ARE THERE PRECEDENTS OF VACCINE SAFETY SCARES?
In Japan, a governmental recommendation for use of human papillomavirus (HPV) vaccine to prevent cervical cancer has been suspended since June 2013, due to media reports of an alleged pain syndrome. This has drawn criticism from the WHO.

A study published in The Lancet Public Health last year concluded a continued suspension would lead to thousands of cancer deaths over the next decades.

In Ukraine, deep mistrust of vaccines has allowed measles to grow into an epidemic. Vaccine hesitancy there is rooted in corruption and mistrust of authority but also in a temporary government suspension in 2008, when a 17-year-old boy died shortly after receiving a measles-rubella vaccine. — Ludwig Burger and Matthias Blamont/Reuters

Globe announces schedule of virtual stockholders’ meeting

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

NOTICE IS HEREBY GIVEN that the annual meeting of stockholders of GLOBE TELECOM, INC. will be conducted virtually via https://www.globe.com.ph/asm2021 on Tuesday, APRIL 20, 2021 at 9:00 o’clock in the morning with the following

AGENDA

1.Call to Order
2.Notice of Meeting, Determination of Quorum and Rules of Conduct and Procedures 
3.Approval of Minutes of the Stockholders’ Meeting held on April 21, 2020
4.Annual Report of Officers and Audited Financial Statements 
5.Ratification of All Acts and Resolutions of the Board of Directors and Management
Adopted During the Preceding Year
6.Election of Directors (Including the Independent Directors)
7.Election of Independent Auditors and Fixing of their Remuneration 
8.Consideration of Such Other Business as May Properly Come Before the Meeting
9.Adjournment

Only stockholders of record as of March 5, 2021, are entitled to notice of, and vote at, this meeting.

Given the current circumstances, stockholders may only attend the meeting by remote communication, by voting in absentia or by appointing the Chairman of the meeting as proxy[1].

Duly accomplished proxies shall be submitted on or before April 8, 2021 to the Office of the Corporate Secretary at 3/F Tower One and Exchange Plaza, Ayala Triangle, Ayala Avenue, Makati City or by e-mail to corporatesecretary@globe.com.ph. Validation of proxies is set for April 13, 2021, 9:00 a.m. at the Office of the Corporate Secretary. Stockholders intending to participate by remote communication should notify the Corporation by e-mail to corporatesecretary@globe.com.ph on or before April 8, 2021.

Stockholders may vote through remote communication, or in absentia subject to validation procedures. The procedures for participating in the meeting through remote communication and for casting their votes remotely or in absentia are set forth in the Information Statement.

Bonifacio Global City, Taguig City, Philippines.

February 9, 2021.

SOLOMON M. HERMOSURA
Corporate Secretary

EXPLANATION OF AGENDA ITEMS

1. CALL TO ORDER. The Chairman of the Board of Directors, Mr. Jaime Augusto Zobel de Ayala, will call the meeting to order.

2. NOTICE OF MEETING, DETERMINATION OF QUORUM AND RULES OF CONDUCT AND PROCEDURES. The Corporate Secretary will certify on the date when written notice of the time, date, place and purpose of the meeting was sent to all stockholders of record as of March 5, 2021 and the date of publication of the notice in the newspapers of general circulation.

The Corporate Secretary will further certify the presence of a quorum. The holders of record for the time being of a majority of the stock of the Company then issued and outstanding and entitled to vote, represented in person or by proxy, shall constitute a quorum for the transaction of business.

Pursuant to Sections 57 and 23 of the Revised Corporation Code which allow voting in absentia by the stockholders, the Company has set up a designated online web address (uniform resource locator or URL), which may be accessed by the stockholders to register and vote in absentia on the matters for resolution at the meeting. A stockholder who votes in absentia as well as a stockholder who participates by remote communication shall be deemed present for purposes of quorum.

Unless otherwise amended, the following, are the rules of conduct and procedures at the meeting:

(i) Stockholders may attend the meeting by remote communication through the URL provided. Questions and remarks may be sent via e-mail prior to or during the meeting to corporatesecretary@globe.com.ph, and shall be limited to the items in the Agenda of the meeting.

(ii) Stockholders must notify the Company of their intention to participate in the meeting by remote communication through corporatesecretary@globe.com.ph to be included in the determination of quorum, together with the stockholders who voted in absentia and by proxy.

(iii) In the event that physical attendance will be allowed at the meeting –

a.  Anyone who wishes to make a remark shall identify himself after being acknowledged by the Chairman and shall limit his remarks to the item in the Agenda under consideration;

b.  Stockholders present at the meeting may opt for manual or electronic voting. For manual voting, each stockholder will be given, upon registration, a ballot where he can write his vote on every item in the Agenda or proposed resolution. For electronic voting, there will be computer stations near the registration table where stockholders may cast their votes electronically using a digital version of the ballot.

(iv) Each of the proposed resolutions will be shown on the screen during the livestreaming as the same is taken up at the meeting.

(v) Voting shall only be allowed for stockholders registered in the Company’s Voting in Absentia & Shareholder (VIASH) System or through the Chairman of the meeting as proxy. Detailed requirements and instructions pertaining to the VIASH System and the use thereof are provided in the Information Statement.

(vi) Stockholders voting in absentia, who have previously registered in the VIASH System, may cast their votes electronically at any time using the VIASH System prior to or during the meeting.

(vii) All the items in the Agenda requiring approval by the stockholders will need the affirmative vote of stockholders representing at least a majority of the issued and outstanding voting stock present at the meeting unless the law requires otherwise.

(viii) Election of directors will be by plurality of votes and every stockholder will be entitled to cumulate his votes. Each outstanding share of stock entitles the registered stockholder to one vote.

(ix) The Office of the Corporate Secretary will tabulate all votes received and a firm selected for this purpose will validate the results. The Corporate Secretary shall report the results of voting during the meeting.

(x) The meeting proceedings shall be recorded in audio and video format.

3. APPROVAL OF MINUTES OF THE STOCKHOLDERS’ MEETING HELD ON APRIL 21, 2020. Copies of the minutes of the stockholders’ meeting held on April 21, 2020 will be made available to the stockholders before the meeting. Likewise, the minutes of the meeting are available at the Company website, www.globe.com.ph.

4. ANNUAL REPORT OF OFFICERS AND AUDITED FINANCIAL STATEMENTS. The Chairman, Mr. Jaime Augusto Zobel de Ayala, and the President and Chief Executive Officer (CEO), Mr. Ernest L. Cu, will deliver a report to the stockholders on the highlights of the Y2020 Company performance as reflected in the audited financial statements (AFS 2020), and the outlook for Y2021. The AFS as of December 31, 2020 will be included in the Information Statement to be sent to the stockholders at least 28 days prior to the meeting. The AFS 2020will be released by the Company at least 60 days from the financial year end and available at the Company website, www.globe.com.ph.

A resolution noting the annual report and approving the AFS 2020 will be presented to the stockholders for approval by the affirmative vote of the stockholders representing at least a majority of the outstanding voting stock present at the meeting. Likewise, the stockholders will be given an opportunity to ask questions prior to submitting the AFS 2020 for their approval. Copies of the Information Statement and AFS 2020 will be made available to the stockholders before the meeting.

5. RATIFICATION OF ALL ACTS AND RESOLUTIONS OF THE BOARD OF DIRECTORS AND MANAGEMENT ADOPTED DURING THE PRECEDING YEAR. Ratification by the stockholders will be sought for all the acts and resolutions of the Board of Directors, Executive Committee, and other Board Committees and all acts of Management of the Company taken or adopted since the ASM on April 21, 2020, until April 20, 2021. The acts and resolutions of the Board and its Committees were reflected in the minutes of the meetings including approval of amendments to the By-Laws, approval of contracts and agreements, projects and investments, treasury matters and acts and resolutions covered by disclosures to the Securities and Exchange Commission, the Philippine Stock Exchange and applicable regulatory agencies. The acts of Management were those taken to implement the resolutions of the Board or its Committees or taken in the general conduct of business.

6. ELECTION OF DIRECTORS (INCLUDING THE INDEPENDENT DIRECTORS).  In accordance with the By-Laws of the Company, the Manual of Corporate Governance as revised, and the SEC Rules, any stockholder including minority stockholders, may submit to the Nomination and Governance Committee the names of nominees to the Board of Directors. The Nomination and Governance Committee, in the exercise of its assigned task, will determine whether the nominees for the Board of Directors including the independent directors, have all the qualifications and none of the disqualifications to sit as members of the Board of Directors of the Company before submitting the nominees for election by the stockholders of the 11 members of the Board of Directors including the 3 independent directors. Copies of the curriculum vitae and profiles of the nominees to the Board of Directors will be provided in the Information Statement and on the Company website for examination by the stockholders.

7. ELECTION OF INDEPENDENT AUDITORS AND FIXING OF THEIR REMUNERATION. The Audit and Related Party Transactions (ARPT) Committee will endorse to the stockholders the appointment of the Independent Auditor for the ensuing year as well as the proposed remuneration of the Independent Auditor. The profile of the Independent Auditor will be provided in the Information Statement and on the Company website for examination by the stockholders.

8. CONSIDERATION OF SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING. The Chairman will open the floor for comments and questions by the stockholders, and take up items included on the agenda received from stockholders in accordance with existing laws, rules and regulations of the Securities and Exchange Commission[2].

9. ADJOURNMENT. Upon determination by the Corporate Secretary that there are no other matters to be considered, and on motion by a stockholder duly seconded, the Chairman shall declare the meeting adjourned.

[1] The Corporation shall hold a physical meeting if so requested by stockholders holding at least 10% of our outstanding capital stock and provided that the same is allowed by government regulations and issuances. Stockholders have until 23 February 2021 to submit their requests to corporatesecretary@globe.com.ph.

 

[2] SEC Memorandum Circular No. 14, series of 2020 or “Shareholders’ Right to Put items on the Agenda for Regular/Special Stockholders’ Meetings”: https://www.sec.gov.ph/mc-2020/mc-no-14-s-2020shareholders-right-to-put-items-on-the-agenda-for-regular-special-stockholders-meetings/.

Novo Nordisk Philippines launches #BeatObesityWithMe movement as it celebrates World Obesity Day

Novo Nordisk introduces The Body of Truth along with the new #BeatObesityWithMe campaign

In the midst of the current COVID-19 pandemic that has sent the world into a tailspin, another enduring, yet often overlooked pandemic continues to spread and plague our communities. Affecting 1 in every 3 Filipinos, Obesity, uncommon to most, is a complex and life-threatening disease that, if left untreated, can contribute to more severe illnesses and complications down the road.

The need to curb the ever-growing obesity pandemic has never been more pressing than it is now in our current landscape, as individuals suffering from obesity run the risk of being more prone to comorbidities as well as severe COVID-19 illnesses.

“This is a public health concern,” Ms. Zenaida Velasco, President of the Nutritionist-Dietitian’s Association of the Philippines (NDAP),reminds the public and is an important issue that requires the attention and involvement of the community as a whole.

Multi-disciplinary Approach in Obesity Care

In observance of World Obesity Day held last 4th of March, the Philippine Association for the Study of Overweight & Obesity (PASOO), Philippine Society of Hospital Pharmacists (PSHP), Philippine Pharmacists Association (PPhA), Association of Nursing Services Administrators of the Philippines (ANSAP), Nutritionist-Dietitians’ Association of the Philippines (NDAP) and the Royal Danish Embassy Manila, in partnership with Novo Nordisk Philippines,held a special edition of its Kalingang Novo Nordisk webinar to the general public where a multi-disciplinary group — doctors, nurses, pharmacists, and nutritionist-dietitians — gathered together and shared their knowledge and insights about the lesser known, but just as grave, global pandemic of obesity.

The webinar was hosted live on The Body of Truth Facebook page – an online hublaunched just this Januarythat aims to serve as an obesity advocacy campaign centered on giving people the right, myth busting points about obesity as well as enable those who suffer from this silent pandemic to find a support system to effectively combat obesity in the country.

Dr. Ivan Cudal, an Endocrinolgist, hosted the webinar where experts were given the opportunity to share their professional opinions, provide more information about obesity, and help shed light on understanding the complexity of the disease. The panelists, all well-versed in both the treatment and prevention of the growing obesity pandemic, included Dr. Mia C. Fojas (President, PASOO), Ms. Cecini Rose Pare (EduCare Nurse Educator), Ms. Hazel F. Docuyanan (Immediate Past President, PSHP), Ms. Ma. Gilda Sebua-Silja (President, PPHA) and Ms. Zenaida F. Velasco (President, NDAP).

Topics discussed by the speakers included defining what obesity is, the dangers of its comorbid conditions, and their respective roles in helping provide proper education, assessment, counsel and treatment for people afflicted with obesity.

“Do not be shy. Early treatment of the condition will reduce the risk of having obesity related complications in the future,” said Ms. Cecini Pare as she hoped to encourage the public.

Dr. Mia Fojas, on the other hand, called for a more specific call to action, “Again, I would like to stress on our advocacies that involve lifestyle modification, behavioral modification, Mind-Over-Plate and S.I.P.A. – Short Incidental Physical Activity.”

#BeatObesityWithMe

Undoubtedly, education is just the first step of many. For this reason, along with the extensive learning from the speakers, and to complement the efforts of The Body of Truth Facebook page, Novo Nordisk Philippines also introduced the #BeatObesityWithMe movement – a call to action, compassion and cooperation for local communities to band together and form a vital support system in the battle against obesity.

Guest speakers invited to introduce this movement included Ambassador Grete Sillasen of Denmark, VP & GM, Novo Nordisk Philippines Mr. Cihan Serdar Kizilcik, and Senior Medical ManagerNovo Nordisk Philippines Dr. Cyrus Pasamba.

#BeatObesityWithMe uses as leverage on human behavior that it is easier to shoulder a burden and solve a problem together with others. The movement kickstarted its community involvement advocacy against obesity by inviting everyone to take part in a series of 4 initial challenges, where teams of at least 3 people can share their progress and achievements on The Body of Truth’s Facebook page and encourage others to form their own teams as well. The initial challenges include #BeatObesityWithWalking, #BeatObesityWithYoga, #BeatObesityWithBeats and #BeatObesitywithPromises.

To conclude the event,the guest speakers encouraged the public to join arms in battling the silent pandemic of obesity and to expand the community’s education drive into a much deeper call to action.

In his parting words, Dr. Cyrus Pasamba said, “What we want to impart to everybody is that no one with obesity should suffer through it alone,”

Apart from being your go-to source of information on obesity and how to manage it, The Body of Truth FB page will also serve as the venue for all challenges to come in the future.

Dr. Ivan Cudal concluded the webinar by inviting the audience to like, share, and post their accomplishments and stories on the Facebook page and to entice more of the community to join the movement as we beat obesity together. “Remember, every body needs everybody. You’re not in this alone,” shared Ms. Hazel Docuyanan.

For more information on how to help combat the silent pandemic of obesity, please visit https://www.facebook.com/The-Body-of-Truth-106821354732100.

#WOD2021 #EveryBodyNeedsEverybody #BodyofTruth #BeatObesityWithMe

Recognizing recycling as an essential industry

Civilization is built on the foundation of nature’s bounty. Every year, the Earth yields billions of tons of natural resources, which if left uncared for, will eventually run out. Thus, society needs to put sustainability above all else when it comes to envisioning the future.

This is the crux in which the United Nations’ (UN) Sustainable Development Goals 2030 is centered around. For the last century, continued economic and social progress meant environmental degradation — from deforestation to climate change. Indeed, according to the UN, should the global population reach 9.6 billion by 2050, the equivalent of almost three planets could be required to provide the natural resources needed to sustain current lifestyles.

Today with the celebration of Global Recycling Day, there is an opportunity to recognize how these problems can be addressed, and how society at large can decouple the ideas of economic progress from environmental degradation.

Created in 2018, Global Recycling Day aims to promote, recognize, and celebrate, the importance of recycling in preserving the Earth’s precious primary resources and securing the future of the planet. It is a day for the world to come together and put the planet first.

The mission of Global Recycling Day, as set out by the Global Recycling Foundation, is twofold: to impart to world leaders that recycling is simply too important not to be a global issue, and that a common, joined up approach to recycling is urgently needed; and to ask people across the planet to think resource, not waste, when it comes to the goods around us. The second goal is of particular importance because until this happens, recycled goods will never reach the true value and repurpose they deserve in consumers’ minds.

Recycling Heroes
“The Global Recycling Foundation is pleased to announce the theme of Global Recycling Day 2021 as #RecyclingHeroes. This will recognize the people, places and activities that showcase what an important role recycling plays in contributing to an environmentally stable planet and a greener future which will benefit all,” the Global Recycling Foundation said on its website.

“We want to champion Recycling Heroes during a particularly difficult year, and encourage the world to recognize the critical importance that recycling makes to the preservation of our planet,” Ranjit Baxi, founding president of the Global Recycling Foundation, had told media reports.

“Every year on Global Recycling Day, we applaud the innovative recycling practices of our heroes and report what they have achieved to our millions of supporters around the world.”

The awards competition will be launched via social media early next week and Global Recycling Foundation will shortly announce details about how to nominate your #RecyclingHeroes 2021.

The organization maintains that recycling is a key part of the circular economy, a way to protect natural resources. Each year, recyclables — or what could be called ‘the seventh resource’ after water, air, oil, natural gas, coal, and minerals — save over 700 million tons in CO2 emissions and this is projected to increase to one billion tons by 2030. Recyclables also supply 40% of the world’s raw material needs.

In addition, the use of recyclables offsets all CO2 emissions equivalent to that generated by the aviation industry annually. Because less energy is consumed to manufacture and transport products and their packaging, recyclables cause less carbon dioxide and other greenhouse gas emissions to be generated and released into the atmosphere.

The recycling industry further serves as a boost to local employment around the world, with approximately 1.6 million people worldwide employed in processing recyclables. The annual contribution of the recycling industry towards the global GDP is projected to exceed $400 billion in the next 10 years, while $20 million dollars is invested each year by the industry into job creation, improving recycling efficiency and environmental impact.

The Philippines, in particular, could stand to benefit from boosting its recycling sector as the country currently ranks as the third-largest contributor globally to ocean plastic pollution. Much of its solid waste ends up in open dumping sites, allowing leakage into waterways connected to the marine environment. Up to 750,000 metric tons of the country’s plastic waste materials enter the oceans every year, due to mismanagement and the lack of segregation.

Recycling could provide not only an environmentally friendly solution to this problem but also an economically viable one.

“Effectively, what makes recycling a commercially attractive waste treatment practice is the existing stream of recyclable materials, and a formal and informal workforce that can be integrated in the waste management system. It can generate income and livelihood opportunities for communities, and formal and informal waste collectors alike,” Vanessa Pepino, environmental planner and development specialist, wrote for BusinessWorld.

“An efficient recycling industry also minimizes the likelihood that recyclable waste ends up in bodies of water or overstretches the capacity of our landfills. By addressing these gaps, there is now an incentive to properly segregate and collect waste, especially in areas not reached by garbage trucks, and even low-value residuals usually left behind by waste pickers. An incentivized workforce and an airtight system lead to improved quality and quantity of waste collection which in turn guarantees supply for the operations of the recycling industry.” — Bjorn Biel M. Beltran

Smart dominates metrics, reinforces 5G/4G coverage leadership per Tutela

Leading mobile services provider Smart Communications, Inc. (Smart) has emerged as the ‘clearly dominant operator’ in the Philippines in terms of consistent quality, download and upload throughput, latency, and 5G/4G coverage, according to the latest report by independent crowdsourced data company Tutela Technologies Ltd.

In citing Smart for providing the Best Mobile Network Experience in the Philippines, Tutela said: “Smart delivered the highest percentage of Excellent Consistent Quality in Tutela’s tests.”

This means that compared to its competitor, a greater proportion of Smart’s customers experience quality connectivity sufficient for 1080p video streaming on Netflix or YouTube or for multiplayer gaming.

In its report, Southeast Asia: State of Mobile Experience for March 2021*, Tutela analyzed over 55 million speed and latency measurements, conducted on the smartphones of real-world users of national mobile operators within Common Coverage Areas, between Aug. 1, 2020, and Jan. 31, 2021, in six countries: the Philippines, Singapore, Vietnam, Indonesia, Thailand, and Malaysia.

World-class customer experience

The findings in the Philippines included more than 39 million measurements from real-world smartphone users collected over the same period.

“These findings demonstrate the results of our continuous investments in expanding and upgrading our networks nationwide,” said Smart Communications President and CEO, and PLDT Chief Revenue Officer Alfredo S. Panlilio. “With customer-centricity as our North Star, we remain committed to providing world-class customer experience, at par with neighboring countries,” he added.

Mario G. Tamayo, head of Technology at PLDT and Smart, emphasized the importance of delivering a better mobile experience for customers at a time when the internet is crucial to many.

“Our customers are increasingly turning to the internet to conduct their daily business. We continue to expand and upgrade our network so our customers can have a better mobile internet experience as they go online to keep in touch with their loved ones, work from home, participate on online learning platforms, and run their online businesses,” he said.

Better than other SEA operators

In terms of 5G/4G coverage, Smart also emerged ahead of the competition and scored better than operators in Indonesia, Malaysia, Thailand, and Vietnam.

Smart customers also spent a higher percentage of time on LTE, according to Tutela’s report.

In terms of median download speed in “common coverage areas” — defined by Tutela as “parts of the country where all national operators offer service” — Smart also posted better speeds than operators in Malaysia, Thailand, and most operators in Indonesia.

This level of performance is enabled by PLDT’s fiber infrastructure, the country’s most extensive at 429,000 kilometers. This fiber network supports Smart’s mobile networks, which cover 96% of the population.

Tutela Technologies, Ltd., headquartered in Victoria, British Columbia, is an independent crowdsourced data company with a global panel of over 300 million smartphone users.

*Southeast Asia – State Of Mobile Experience (tutela.com)

Budget swings to P14-B deficit in Jan.

The government’s plan to acquire more coronavirus disease 2019 (COVID-19) vaccines this year and the next few years should lead to the widening of the budget gap, as the government borrows more. — PHILIPPINE STAR/ MICHAEL VARCAS

THE COUNTRY’S budget balance swung to a deficit in January, as tax collections continued to drop and spending remained muted amid the pandemic, the Treasury reported on Wednesday.

Preliminary data from the Bureau of the Treasury (BTr) showed the fiscal gap stood at a P14-billion deficit in January, reversing the P23-billion surplus in January 2020.

Compared with December, the January deficit was significantly narrower than the P302.6-billion fiscal gap in December.

The government runs on a budget deficit as it spends more than the revenue it generates. Tax collections have declined amid a slowdown in economic activity due to the pandemic. The government is ramping up spending to drive recovery this year. 

Broken down, overall revenues declined by 11.5% to P260.7 billion in January, from P294.6 billion a year ago. Tax collections made up 89% of the total, while the rest came from non-tax sources.

Tax revenues went down by 8.3% from a year ago to P232.7 billion on “continued economic disruptions” due to the ongoing coronavirus pandemic, the BTr said.

The Bureau of Internal Revenue (BIR) collected P182.2 billion in January, down 6.54% from a year ago. The Bureau of Customs generated P47.3 billion in revenues, 15.4% lower than a year ago.

Offsetting this decline was the 9.77% increase in tax collections of other state offices to P3.3 billion.

Revenues from non-tax sources such as the proceeds from privatization efforts and other fees and charges, slumped by 31.4% to P28 billion.

The Treasury reported a 34% drop in revenues to P18.7 billion, due to the high base in January 2020 when the central bank remitted P17 billion in cash dividends to the government.

Non-tax income generated by other state offices slid by 25% to P9.4 billion.

Meanwhile, government spending inched up by 1.18% to P274.8 billion in January.   

Primary spending — or total expenditures less the interest payments — rose by 8.37% to P227.8 billion that month.

However, interest payments declined by 23.4% to P47 billion, due to the redemptions of global bonds last year and after settling the premiums on reissued Treasury bonds.

Interest payments accounted for 17.11% of the total expenditures, lower than the 22.61% seen a year ago. The ratio relative to revenues also declined to 18.04% from 20.84%.

The slump in revenues and modest government spending could lead to a slower economic recovery and further weigh on first-quarter gross domestic product (GDP) which is already expected to remain in contraction, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a note to journalists on Wednesday.

“For the coming months, continued cautious approach on any additional stimulus measures, just like in 2020, would help temper/limit any further widening of the budget deficit and any further rise in the debt-to-GDP ratio,” Mr. Ricafort said.

The government’s plan to acquire more coronavirus disease 2019 (COVID-19) vaccines this year and the next few years should lead to the widening of the budget gap, as the government borrows more, he added.

As expenditures remain muted, Security Bank Corp. Chief Economist Robert Dan J. Roces said the government should ramp up spending in the coming months to help the economy recover faster amid a spike in coronavirus cases, renewed lockdowns and high inflation.

“On the other hand, the government’s hands are tied when it comes to more spending as the deep economic scarring from last year means that the tax base remains challenged, and lackluster collections continue to deny the government the revenues needed to do so,” Mr. Roces said via e-mail on Wednesday.

He said this year’s P1.2-trillion budget for infrastructure should serve as the main driver of fiscal stimulus, especially once it gains traction in the second half.

Economic managers capped the fiscal deficit at 8.9% of GDP this year, higher than the 7.63% ratio posted last year. — Beatrice M. Laforga

National Government January Fiscal Performance (2021)

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