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Airbnb aims for $35-billion valuation in long-awaited IPO

WWW.AIRBNB.COM

AIRBNB, INC. said on Tuesday it is aiming for a valuation of up to $34.8 billion in its initial public offering (IPO), in what would cap a stunning recovery in its fortunes after the US home rental firm’s business was heavily damaged by the COVID-19 pandemic earlier this year.

In a regulatory filing, Airbnb set a target price range of between $44 and $50 apiece to sell 51.9 million shares, which would pull in $2.6 billion. Airbnb could end up selling $2.85 billion at the upper end of the range.

Of the shares being sold, Airbnb founders Brian Chesky, Joe Gebbia, and Nathan Blecharczyk will together sell nearly $100 million worth of shares in the IPO launch.

Airbnb struggled in the immediate aftermath of the pandemic as travel came to a grinding halt. It had to lay off a quarter of its workforce and seek $2 billion in emergency funding from investors, including private equity firms Silver Lake and Sixth Street Partners.

But as lockdowns eased, more travelers opted to book homes instead of hotels, helping Airbnb post a surprise profit for the third quarter. The San Francisco-based firm also gained from increased interest in renting homes away from major cities.

“Looking at Airbnb, there’s a lot to like. The company’s third quarter has shown they’ve bounced back better than a lot of their travel rivals,” said Matthew Kennedy, senior strategist at IPO research firm Renaissance Capital.

At the top of Airbnb’s target range, the IPO will give Airbnb a fully diluted valuation, which includes securities such as options and restricted stock units, of $34.8 billion. This is nearly double the $18 billion Airbnb was worth in an April private fundraising round and above the $31 billion in its last pre-COVID-19 private fundraising in 2017.

Airbnb’s market capitalization at $50 per share would total $29.8 billion. Chesky’s stake would be valued at about $3.8 billion, while those of Gebbia and Blecharczyk would be worth about $3.5 billion each. Sequoia Capital, which first invested in Airbnb in 2009, would have a stake worth more than $4 billion.

Airbnb made its IPO registration public earlier this month. Reuters was the first to report in October that the startup was aiming to raise around $3 billion in its IPO that could value it at more than $30 billion.

Airbnb plans to list on Dec. 10 under the symbol “ABNB” on Nasdaq.

LONG-AWAITED IPO
Airbnb’s stock market debut will be one of the largest and most anticipated US IPOs of 2020, which has already been a bumper year for flotations. Record label Warner Music Group , data analytics firm Palantir Technologies and data warehouse company Snowflake, Inc. have all gone public in the past few months.

Airbnb was launched by Chesky and Gebbia in 2008 as a website to take bookings for rooms during conferences, including the Democratic National Convention that year in Denver.

It has since expanded listings to include apartments, houses and vacation rentals, allowing millions of ordinary homeowners to make money by renting their flats and houses while on their own holidays.

Airbnb achieved “unicorn” status in 2011, with listed properties in 13,000 cities across more than 180 countries at the time, after being valued at more than $1 billion in a funding round led by Andreessen Horowitz.

Some of Airbnb’s other investors include Hollywood actor Ashton Kutcher, buyout firms General Atlantic, TPG, Hillhouse Capital and investment management firms Vanguard Group and Fidelity Investments.

Morgan Stanley and Goldman Sachs are the lead underwriters for the IPO. — Reuters

Facebook-backed digital coin Libra renamed Diem to signify independence in quest for regulatory OK

LONDON — Facebook-backed cryptocurrency Libra has been rebranded “Diem” in a renewed effort to gain regulatory approval by stressing the project’s independence.

Plans for Libra, first floated by Facebook last year, were slimmed-down in April after regulators and central banks raised concerns it could upend financial stability, erode control over monetary policy and threaten privacy.

Tuesday’s name switch is part of a move to emphasize a simpler, revamped structure, Stuart Levey, chief executive officer of the Geneva-based Diem Association behind the planned digital coin, said.

“The original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition,” Mr. Levey told Reuters.

Diem, which means “day” in Latin, now aims to initially launch a single dollar-backed digital coin, he added.

He declined to comment on timing for the launch, which the Financial Times reported last week could be as early as January, saying only that it would only go ahead after approval by the Swiss markets watchdog.

Facebook, which changed the name of its payments unit Calibra to Novi Financial in May, remains one of 27 members of the Diem Association, formerly the Libra Association. Novi’s head, David Marcus, is one of Diem’s five board members.

“They are a critically important member of the association,” said Mr. Levey of Facebook’s continuing involvement.

“We are not trying to cut all ties, by any stretch. It (the name change) is to signify that the association is operating autonomously and independently,” he added.

Diem aims to set itself apart from others by its focus on aspects of concern to regulators and western governments, including sanction controls and financial crime, Mr. Levey said.

The project has said it would develop policies on anti-money laundering, terrorist financing and sanctions compliance and has ditched earlier plans to allow anyone to join its network. — Reuters

PAREB pushes for active participation of brokers in flagging suspicious transactions

THE real estate industry is pushing for a more active participation in detecting suspicious transactions as the government moves to strengthen the Anti-Money Laundering Act (AMLA).

The Philippine Association of Real Estate Boards (PAREB), Inc. proposed that all contract documents on the sale of real estate, exchange, mortgage, lease or joint ventures should be sealed and signed by a registered broker.

“As real estate professionals, we are trained in real estate documentation and processes, brokers can easily detect any suspicious transactions,” PAREB President Samuel O. Lao said in a statement on Wednesday.

He noted that real estate brokers should also include their professional identification card and its date of expiration.

Senate Bills No. 1412 and 1545, which will amend Republic Act No. 9160 or the AMLA, proposed to include real estate developers and brokers among the covered persons and single cash transactions amounting to more than P1 million among the covered transactions that must be reported to the Anti-Money Laundering Council (AMLC).

Mr. Lao had proposed to increase the cap on single cash transactions to P3 million or higher, saying the current proposal will affect the promotion of real estate investments.

“PAREB supports any amendments that will help in raising the reputational risk of our country,” Mr. Lao said. “However, said measure should also promote the growth of real estate market and enhance professionalization of real estate practitioners.”

The Organization of Socialized and Economic Housing Developers of the Philippines, Inc. (OSHDP) said in a Senate hearing in October that this provision will likely “over-regulate” the industry which has more than 11,000 real estate salespersons and 31,000 brokers at present.

In that hearing, Senators Grace S. Poe-Llamanzares, who chairs the Banks and Financial Intermediaries committee, and Senate Minority Leader Franklin M. Drilon both agreed to raise the threshold to P3 million.

The panel has yet to bring the measure for plenary deliberation, while its counterpart, House Bill No. 7904, secured approval on final reading on Tuesday with 231 affirmative votes, seven negatives and three abstentions.

The government has until February to enact and implement changes in the AMLA in line with the Financial Action Task Force’s (FATF) recommendation.

Failure to amend the law will put the Philippines on the FATF’s grey list and will be identified as a high-risk jurisdiction for money laundering and terrorist financing. — Charmaine A. Tadalan

Dining In/Out (12/03/20)

Sekaya gifts go back to nature

LIMITED edition Sekaya gift packs help reforestation efforts. The Prescribing Nature Gift Packs contain high-quality plant-based products that are backed by science and tested by tradition and at the same time, help the Cordillera Conservation Trust, an organization committed to providing sustainable solutions to environmental problems. For every purchase of any of the Sekaya Prescribing Nature Gift Packs, one Philippine endemic tree seedling (either a Benguet pine, dipterocarp, or mangrove) will be planted to contribute to the organization’s reforestation campaign. The trees are also reflected in the packaging, illustrated by Cynthia Bauzon-Arre, a botanical artist and conservation advocate. The Raw Actives Starter Pack (P900) features nutrient-dense superfoods served in ready-to-mix powder format so they’re easy to incorporate in drinks and meals. The gift pack includes two single-serve sachets each of Sekaya Raw Actives Vegan Protein, Maca Factor, and Barley Green and one single-serve sachet each of Daily Greens and Powerbeet. It also has a 500 ml stainless steel shaker bottle with a metal ball. The Cleanse & Detox Pack (P1,750) contains medicinal botanic infusions meant to clear the skin of impurities and aid in strengthening the body’s daily detoxification action. The gift pack contains both Sekaya Botanic Infusions Skin Cleanse blend and Gentle Detox blend, and a three-piece 600 ml teapot with infuser and wooden cover and four teacups. The Immune Travel Pack (P1,000) contains the Sekaya Botanic Infusion Immune Brew in convenient and compostable tea bags stored in a can, and a four-piece borosilicate glass travel tea infuser for two with a case. These gift packs are available at @sekayaph on Facebook and Instagram, via SMS or Viber at 0917-5SEKAYA (735292), or at the S Sentials store on Lazada for Christmas. A brand under Synnovate Pharma Corp., the natural products company of Unilab, Sekaya offers functional plant-based solutions that are scientifically studied and processed within pharma-grade facilities to ensure safety and purity. To know more about Sekaya, visit https://www.sekaya.com.ph/.

Fairmont Hotels & Resorts’ sustainable Christmas recipes

THIS year Fairmont Hotels & Resorts has expanded its sustainability practices beyond the walls of its hotels to inspire a greener festive season in homes around the world. Chefs from St. Andrews to Singapore, Hawaii to the Maldives, have shared their passion for produce and conscious cooking with 18 special recipes for the festive season and beyond. From leftover turkey noodle soup to goose and red cabbage Strudel; gingerbread cookies to fruit pulp crackers, these recipes will delight both the taste buds and the conscience. For the full recipes visit: http://www.fairmontmoments.com/sustainable-christmas-recipes. For three decades, Fairmont Hotels & Resorts has been committed to proactively protecting local environments through its award-winning Fairmont Sustainability Partnership. Fairmont’s approach combines leading operational efforts aimed at reducing overall impact on the planet with forward-thinking and innovative programs promoting responsible tourism.  Fairmont’s culinary teams are highly committed to creating sustainable dishes that minimize food waste and use local produce and ingredients to their fullest to enhance the flavors.

Beefeater’s strawberry-flavored gin

BEEFEATER Gin has released the new Beefeater Pink, a delicate and refreshing strawberry-flavored gin. Beefeater Pink brings a delicate and fruity kick to an award-winning gin by fusing a natural strawberry flavor to the traditional hand-picked citrus and juniper botanicals. Have Beefeater Pink on its own or as a strawberry-flavored twist on a favorite gin-based cocktail, such as a strawberry B&T (Beefeater and tonic). The transparent bottle design features a graffiti-style logo inspired by stencil art and shows off the gin’s vibrant pink hue. A limited-edition Beefeater Pink VAP that comes with a free gin goblet is available exclusively at all S&R outlets for P699. Beefeater Pink is also available in leading supermarkets.

Okada’s holiday buffet, Christmas goodies

CELEBRATE Christmas with Okada’s Medley Buffet. On Dec. 24, Christmas Eve dinner is P3,588 for adults and P1,588 for children. Families and friends can also enjoy Christmas lunch on Dec. 25 for P2,700 for adults and P1,350 for kids. Guests can have a special New Year’s lunch at the Medley Buffet on Jan. 1, noon to 3 p.m., for P2,700 (adults) and P1,350 (children). All prices are net. Meanwhile, those looking for a sweet Christmas treat can drop by Okada Manila’s Lobby Lounge for gingerbread cookies, chocolate rusks, and festive madeleines. Filipino Christmas staples puto bumbong and bibingka are also now available until Jan. 1. For inquiries, call Okada Manila at 8888-0777, or visit www.okadamanila.com.

Century Park reopens Japanese restaurant

THE CENTURY Park Hotel reopened Century Tsukiji, the hotel’s Japanese food outlet, on Dec. 1, and is offering a number of treats and specials for the holidays. There is an Eat-All-You-Can Special featuring classic Japanese delicacies. Customize a meal by choosing from the following categories: appetizer (potato salad, kani mango salad, kani krunch maki, yasai itame, vegetable tempura and yasai salad), main course (ebi tempura, chicken teriyaki, tenderloin teppan, salmon belly teppan, pork tonkatsu, buta kakuni, chicken karaage and yakiniku), rice (steamed rice, mixed fried rice, vegetable fried rice and beef fried rice), soup (miso and corn miso), and dessert (tiramisu, matcha cake, Hokkaido cheese cake, vanilla ice cream and strawberry ice cream). At P999 net per head, the Eat-All-You-Can Special is available daily from 11 a.m. to 2:30 p.m. The holiday deal expands with additional dishes like salmon and tuna sashimi and ramen on Dec. 24, 25, 30, and 31 and Jan. 1 for P1,450 net. For ramen lovers, there is the Unlimited Ramen offering. Choose from among five versions: tonkotsu ramen, chashu negi miso ramen, niku shoyu ramen, tori age yasai ramen and niku to uminosachi yaki ramen. These  are best paired with sushi such as shake chizu, kani kyarameru, california maki, kappa maki and kampyo maki. The Unlimited Ramen offer is available for as low as P699 net. Protocols such as temperature check, disinfection, filling out of health declaration form upon entrance, social distancing, one-way policy and wearing of masks will be enforced. For more information, call 8528-5855 or 0917-633-2497, via SMS or Viber.

All-you-can-eat dimsum at New World’s Jasmine

NEW World Makati Hotel’s Chinese dining destination, Jasmine, offers a signature array of all-you-can-eat dim sum dishes for lunch and dinner on Saturdays as well as lunch on Sundays for P1,088 nett per person. Guests can enjoy favorites such as barbecued Honey roasted pork, steamed Har gao shrimp dumplings, Xiao long bao  Shanghainese pork dumplings, Shao mai pork and crab meat dumplings, and Barbecued pork buns, as well as Fried wonton dumplings, Seafood taro puffs, Barbecued pork puffs, and much more. Some of the restaurant’s best-selling main courses are also included in the offer, such as the Deep-fried sole fillet with salted egg, Wok-fried Kong Pao chicken and cashew nuts, sweet and sour pork, and Braised bean curd with black mushrooms. A selection of rice, noodle, and congee dishes are likewise available such as Fried rice Yeung chow-style, Pork and century egg congee, and Braised e-fu noodles with vegetables. Guests can opt to add more of Jasmine’s signature dishes to complete the bountiful meal. Dishes such as Crispy pork belly (P240), Soy chicken (P240), Pan-fried beef tenderloin (P280), and Sliced beef with vegetables in oyster sauce (P280) are offered at an add-on price.

Sheraton Manila offers Festive Spreads To-Go

ENJOY a wide-range of sumptuous spreads made for home celebrations and intimate parties through Sheraton Manila’s Festive Spreads To-Go. Choose from roast turkey, smoked leg of ham, baked salmon, roast rib-eye, or Spanish pork belly, and have a bounty of sides good to be shared by eight to 15 persons. For reservations or orders, call 7902-1808 or 0917-822-3213. Meanwhile, indulge in a new buffet experience at the hotel’s S Kitchen featuring a surf and turf spread. As bountiful as before, the buffet is made more personalized with plated service. And diners can even get to catch a lobster on weekends. S Kitchen is open daily for lunch and dinner (Monday to Thursday, P2,100; Friday to Sunday, P2,350). For reservations, call 7902-1800. The hotel also has offsite party packages so one can celebrate in one’s office or at the comfort of one’s home. Choose from the hotel’s festive selection of intimate party packages inclusive of delivery and live online entertainment. For details call 7902-1800.

Jollibee launches Virtual Parties

WITH the current health situation, most parties have been limited to one’s household with the usual online gathering of family and friends. So now Jollibee enables everyone to get the party experience with the launch of the Jollibee Virtual Party, a fully online celebration package. The Jollibee Virtual party includes Jollibee meals that are delivered straight to guests. For party decor, customers can choose from available party themes like the Jollitown Theme Park or Fairytale Land. The easy to set up party decors will be delivered to their homes. Games are covered too, with a one-hour program complete with interactive games, sing and dance-along activities and surprises facilitated by a professional party host. Of course, there’s also a special gift for the celebrant — a  Jollibee doll. To avail of the Jollibee Virtual Party experience, customers can first choose their party size. A celebration for five homes, which is good for 15 persons, is priced at P11,500. A party for 10 homes with a total of 30 guests is offered at P16,500, while a celebration for 20 homes with 60 invitees combined is packaged at P26,500. Customers can then choose the Jollibee meals to share with their guests. Customers can also customize their party bundle to their needs once they have chosen the initial package. Fun giveaways can also be sent to guests. They can choose to give out a Jolly Kiddie Meal toy, a Jollibee Doll, a Jollibee Funko POP! In Philippine Barong, a Jollibee Funko POP! on a Delivery Bike, or a Jollibee Hetty Funko POP! two-pack. For more info, visit Jollibee’s official Facebook page.

Foodpanda’s Merriest Deals promo

GET 20% off and more through foodpanda’s Merry Deals of the kumukutikuti-TAP Christmas weekly surprises. As an additional gift this Christmas, foodpanda will offer free delivery from select restaurants when the client uses the code PANDAMORNING from 7 a.m.-10 a.m. Customers can also get P77 off when they use the code PANDA77 for a minimum order of P299 from 7 p.m. to 7 a.m. For more information and updates about foodpanda’s Merry Deals and the kumukutikuti-TAP Christmas campaign, visit foodpanda’s Facebook, Twitter, and Instagram (@foodpanda_ph) account or look out for the pink tags on the foodpanda app.

Diageo launches positive drinking campaign

DIAGEO, a global leader in beverage alcohol, highlights its commitment to drinking in moderation with the release of “The Balance Challenge,” an augmented reality (AR) Instagram filter designed to encourage people to swap an alcoholic drink with water and raise money for WaterAid in the process. The challenge demonstrates the importance of balance, allowing users to balance virtual water vessels on some unusual parts of their bodies by matching a series of on-screen poses. To date, the challenge has seen bartenders and celebrities around the globe take part in the fun campaign, helping remind people over the festive period about the importance of drinking in moderation as part of a balanced lifestyle. All participants are encouraged to donate the cost of an alcoholic drink to international charity, WaterAid. To participate in #TheBalanceChallenge, click on the effects icon in the Instagram app and search for “TheBalanceChallenge.” People can donate the cost of an alcoholic drink (or more) to WaterAid through Instagram’s “donate” sticker.

How PSEi member stocks performed — December 2, 2020

Here’s a quick glance at how PSEi stocks fared on Wednesday, December 2, 2020.

Peso flat as Biden eyes stimulus

THE PESO closed flat versus the dollar on Wednesday amid the anticipated distribution of vaccines against the coronavirus disease 2019 (COVID-19) and after US President-elect Joseph R. Biden, Jr. asked Congress to pass a relief package.

The peso closed at P48.05 against the dollar on Wednesday, unchanged from its Tuesday finish, data from the Bankers Association of the Philippines showed.

The peso opened Wednesday’s session at P48.04 per dollar. It hit an intraday best of P48.025 while its weakest showing for the day was at P48.06 versus the greenback.

Dollars traded rose to $742.45 million on Wednesday from $722.6 million previously.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso was flat after Mr. Biden asked the US Congress to pass a COVID-19 aid package.

Mr. Biden on Tuesday urged the US Congress to pass a coronavirus aid package that has been stalled for months, and promised more action to help the economy after he becomes president, Reuters reported.

Meanwhile, a trader said in the peso was unchanged as the market waits for further news on COVID-19 vaccine candidates.

Britain on Wednesday became the first western country to approve a COVID-19 vaccine, jumping ahead of the United States and Europe after its regulator cleared a shot developed by Pfizer for emergency use in record time.

A vaccine is seen as the best chance for the world to get back to some semblance of normality amid a pandemic which has killed nearly 1.5 million people and upended the global economy.

Pfizer and its German partner BioNTech have said their vaccine is 95% effective in preventing illness, much higher than expected.

Other frontrunners in the vaccine race include US biotech firm Moderna, which has said its shot is 94% successful in late-stage clinical trials. Moderna and Pfizer have developed their shots using new messenger RNA technology.

AstraZeneca said last month its COVID-19 shot, which is based on traditional vaccine technology, was 70% effective in pivotal trials and could be up to 90% effective.

For Thursday, Mr. Ricafort sees the peso moving from P48 to P48.10 versus the dollar, while the trader expects it to range from P48.08 to P48.15. — with Reuters

Shares up on improvement in manufacturing PMI

By Revin Mikhael D. Ochave, Reporter

SHARES improved on Wednesday as investors reacted to the latest manufacturing purchasing managers’ index (PMI) report.

The 30-member Philippine Stock Exchange index (PSEi) climbed 71.06 points or 1.01% to close at 7,080.62 on Wednesday, while the broader all shares index increased 22.42 points or 0.53% to end at 4,222.09.

Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a mobile phone message that the local market improved on the Philippine manufacturing PMI data for November.

“The improvement in the Philippine manufacturing PMI boosted sentiment although it remains in contraction territory. Expansion in the last month of the year is expected,” Ms. Alviar said.

Factory activity in the Philippines inched closer to stabilization in November, after output rose for the first time in five months and the rate of job losses slowed, a survey conducted by IHS Markit showed.

The IHS Markit Philippines Manufacturing PMI improved to 49.9 last month from 48.5 in October to post the second straight month of deterioration, nearing the 50-neutral mark that separates it from expansion.

Ms. Alviar added that the bourse improved following the positive performance of US markets.

The Dow Jones Industrial Average rose 0.63% to end at 29,823.92 points, while the S&P 500 gained 1.13% to 3,662.45. The Nasdaq Composite climbed 1.28% to 12,355.11.

For Regina Capital Development Corp. Head of Sales Luis A. Limlingan, the market sustained its rally as investor sentiment improved following a statement from a group of US lawmakers regarding a $908-billion stimulus plan.

“The local bourse ended with a gain despite dipping in red territory earlier this morning. Market on close-buying pushed the index higher despite foreigners being net sellers for the day,” Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said in a mobile phone message.

Majority of the sectoral indices at the PSE closed with gains on Wednesday. Holding firms picked up 135.45 points or 1.87% to 7,343.53; industrials improved 79.67 points or 0.87% to 9,205.41; property inched up 30.02 points or 0.84% to 3,596.28; and financials rose 2.73 points or 0.19% to 1,418.9.

Meanwhile, services dropped 12.13 points or 0.78% to 1,536.10, while mining and oil fell 1.76 points or 0.02% to 8,592.08.

Value turnover on Wednesday stood at P8.80 billion with 3.90 billion issues switching hands, down from the previous session’s P10.89 billion with 4.04 billion issues.

Decliners bested advancers, 116 against 108, while 39 names ended unchanged.

Net foreign selling was trimmed to P282.35 million from P1.33 billion in the previous session.

“Immediate resistance may be placed at 7,200 while nearest support is at 6,750,” Mr. Pangan said.

Barangay Ginebra buries TNT in 0-2 series hole

By Michael Angelo S. Murillo, Senior Reporter

The Barangay Ginebra San Miguel Kings raced to a 2-0 lead over the TNT Tropang Giga in their best-of-seven PBA Philippine Cup finals series after going on a late surge to take Game Two, 92-90, on Wednesday at the Angeles University Foundation Sports Arena in Pampanga.

Ahead in the series entering the contest, the Kings did themselves a favor by showing no let-up in coming back despite being in the ropes several times in Game Two to create further distance from the Tropang Giga in their Philippine Basketball Association All-Filipino championship joust.

Once again, the contest got off to a competitive start, with both teams not allowing one another to gain much headway.

But when the first quarter smoke cleared, Barangay Ginebra was on top by four points, 21-17.

In the second canto, the back-and-forth continued early on.

The count stood at 30-all midway into the frame before TNT went on a 10-6 run the rest of the quarter to hold a 40-36 advantage at the halftime break.

The Tropang Giga opened the third quarter with a 16-5 blitz in the first five minutes, led by Roger Pogoy and Troy Rosario, to build a 15-point cushion, 56-41.

Barangay Ginebra, however, regained its footing after, with Stanley Pringle at the helm, charging back to tie the score at 68-all with 22 seconds left on the frame.

A Poy Erram basket off a rebound as the clock wound up gave TNT a slight lead, 70-68, heading into the fourth period.

Rocked in the previous quarter, the Tropang Giga came out aggressive at the start of the fourth, going on an 8-2 run to stretch their lead to six points, 78-72, with 9:22 left to play.

The Kings tried to get back lost ground but TNT continued to keep them at bay, with the Tropang Giga still ahead, 84-77, with under five minutes remaining.

Barangay Ginebra though got to level the count at 84-all with 1:53 to go.

Jayson Castro gave TNT a one-point edge, 85-84, after splitting his free throws with 53 ticks remaining, only to be negated by a Scottie Thompson triple in the ensuing play to give the Kings the lead, 87-85.

The Tropang Giga sued for time with 30 seconds left.

They went to Mr. Castro but his three-point heave failed to connect, forcing them to foul LA Tenorio after.

The door was still left open for TNT, 88-85, after Mr. Tenorio hit only one of his two free throws with 18 ticks on the clock.

Off a timeout, TNT went to Mr. Pogoy to tie the count but his triple attempt did not go through.

Mr. Tenorio was once again fouled with nine seconds to go and he hit both his charities to extend their lead to five points, 90-85, and they never looked back from there.

Mr. Pringle had a team-high 34 points to go along with eight assists and six rebounds while Aljon Mariano had 20 points and nine rebounds for the Kings.

TNT, which played without top scorer Ray Parks Jr. because of calf injury, was led by Mr. Pogoy with 38 points, with Simon Enciso adding 15.

Game Three of the finals is on Friday at 6 p.m.

Duterte signs COVID vaccine emergency use

PRESIDENT Rodrigo R. Duterte has signed the executive order granting the emergency approval on coronavirus disease 2019 (COVID-19) medicines and vaccines.

On Wednesday, the Palace released EO No. 121, which allows the Food and Drugs Administration (FDA) to issue emergency use authorization (EUA) to coronavirus drugs and vaccines.

“Outside clinical trials and except in cases where a Compassionate Special Permit is issued, no unregistered COVID-19 drug and vaccine may be manufactured, sold, imported, exported, distributed or transferred without an EUA,” the EO states.

Mr. Duterte last month approved in principle the recommendation of the Department of Health (DoH) for EUAs.

An EUA will be issued and remain valid if there is evidence that the drug or vaccine is effective in diagnosing, treating, or preventing the coronavirus; the potential benefits of the COVID-19 drug or vaccine outweigh the risks; and there is no available or not enough alternatives to the drug or vaccine.

Earlier on Wednesday, Secretary Carlito G. Galvez Jr., designated as the country’s vaccine czar, said vaccines could possibly be procured as early as the first quarter 2021.

He was referring in particular to vaccines from China’s Sinovac Biotech Ltd. and Russia’s Gamaleya Research Institute of Epidemiology and Microbiology.

“There is a possibility that our best-case scenario will be shifted to the first quarter. Our best-case scenario that we have presented is more or less May but for now, if we will succeed in negotiating with two to three vaccines from different countries, we might be able to get it during the first quarter,” he said in a briefing.

The government is prioritizing its COVID-19 vaccine purchase from four firms: Sinovac, Gamaleya, AstraZeneca plc, and Pfizer, Inc.

Mr. Galvez also said they are currently in negotiations with other foreign firms, including four US vaccine developers.

He assured that the government is doing its best to acquire vaccines amid the global demand and insufficient supply.

He said around 80% of vaccines have already been pre-purchased by developed countries while 2% were bought by the World Health Organization (WHO) for its Solidarity Trials.

“Ang naiwan na lang po talaga sa atin (What is left for us) is 18% and there is really an acute source or supply of vaccine,” he said.

The Philippines has the second highest number of COVID-19 cases among southeast Asian countries, and experts have warned of a potential surge during the December holidays.   

CASES
The Health department reported 1,438 new coronavirus infections on Wednesday, bringing the total to 434,357.

The death toll rose by 18 to 8,436 while recoveries increased to 399,005 with 232 more patients who have gotten well, it said in a bulletin.

There were 26,916 active cases, 84.7% of which were mild, 7.1% did not show symptoms, 5.2% were critical, 2.7% were severe, and 0.29% were severe.

Davao City reported the highest number of new cases at 142, followed by Laguna at 89, Quezon City at 80, Manila at 63, and Pampanga at 63.

The department said six duplicates were removed from the total cases count and six recovered cases were reclassified as deaths.

Eleven laboratories failed to submit their data on Dec. 1.

About 5.5 million individuals have been tested for coronavirus, according to the agency’s COVID-19 tracker website. Around 64.2 million people have been infected and around 1.5 million people died of coronavirus globally, according to the Worldometers website, which cited various sources including data from the World Health Organization.

About 44.5 million people have recovered, it said. — Gillian M. Cortez and Vann Marlo M. Villegas

DoH against easing rules on minors

THE DEPARTMENT of Health is not in favor of easing quarantine rules for children below 15 years old, but will leave it up to local officials to take responsibility for setting and implementing guidelines should they decide to do otherwise.

“We discourage this, huwag na pong lumabas ang mga bata (let’s not allow the children to go out),” Health Secretary Francisco T. Duque III said in an online briefing Wednesday.

He noted that the current national policy already permits 15 to 65 year-olds to leave the house, particularly for areas under the modified and general community quarantine classifications.

“But of course the decision is up to the local government units… and it would be good if they support it with an ordinance,” Mr. Duque said in Filipino.

The health chief noted that of the total cases in the country, about 3-5% are composed of children.

He also cited the danger of infected children who are asymptomatic spreading the coronavirus to their family members.

The 17 mayors of the capital region Metro Manila, meanwhile, have sought the opinion of the Philippine Pediatric Society before making a decision on whether to allow minors, accompanied by parents or guardians, to go to shopping malls.

Metro Manila Development Authority General Manager Jose Arturo S. Garcia, Jr., speaking for the mayors in a briefing on Wednesday, said they expect the recommendation of the doctors’ group latest by Thursday.

“Status quo (for now), we will wait for the opinion of the experts,” he said.

Interior and Local Government Secretary Eduardo M. Año, in a statement Wednesday, said the mayors’ decision will be reviewed by the national task force handling the coronavirus response.

“If the Metro Manila mayors are able to come up with a common proposal allowing minors or children in malls and other public places, the final decision will still be with the IATF (inter-agency task force) and ultimately, the President,” he said.

Mr. Año on Tuesday said local executives have the final say on the matter. — Vann Marlo M. Villegas

Solon assures new job security bill ‘fair to both parties’

THE HOUSE of Representatives labor committee chair on Wednesday assured that the latest version of the proposed Security of Tenure Act prohibits all forms of labor contractualization “while being fair to both parties.”

“The proposed Security of Tenure Act does not legitimize labor-only contracting,” Party-list Rep. Enrico A. Pineda told reporters in a briefing.

The chamber on Tuesday approved House Bill No. 7036 with 204 affirmative votes, seven negatives, and three abstentions.

Mr. Pineda said while the measure prohibits labor-only contracting, it grants the Labor secretary, after consultation with the National Tripartite Industrial Peace Council, the right “to make appropriate distinctions” between labor-only contracting and legitimate job contracting.

President Rodrigo R. Duterte last year vetoed the proposed law’s earlier version.

House Minority leader Joseph Stephen S. Paduano, on the other hand, said the new version departs from the original intent of the proposed law, which was to eliminate contractualization.

“The current bill, to my mind, will not address the problem on labor-only contracting,” he told BusinessWorld Wednesday.

“The ‘substitute bill’ pales in comparison to the provisions of the Labor Code of the Philippines that clearly stipulate the prohibition of abusive workers’ contracts,” said Mr. Paduano, who represents the Abang Lingkod Party-list and one of the main authors of the original bill.

HB No. 7036 seeks to strengthen the security of tenure of employees in the private sector by amending Presidential Decree No. 442 or the Labor Code of the Philippines. — Kyle Aristophere T. Atienza

Nationwide round-up (12/02/20)

Senator looks into paper trail of P9.5-B DBP loan for 2019 SEA Games

A SENATOR on Wednesday asked the government-run Development Bank of the Philippines (DBP) for copies of the documents required and submitted for the P9.5-billion loan it released to MTD Berhad for the Southeast Asian Games in 2019. “Target namin ‘yung mga (Our target are the) files around May 2018 at hiningi namin ‘yung (and we are asking for the) loan or credit agreement, signing authority, minutes of the meeting,” Senator Risa N. Hontiveros-Baraquel said at an online briefing Wednesday. The senator is also requesting for copies of relevant presentations, management memorandum issued in connection with the MTD Berhad loan, and counsel’s opinion. Ms. Hontiveros-Baraquel had earlier called for the Senate to conduct an investigation on a contract the government entered into for sports facilities in the New Clark City. She said the Bases Conversion and Development Authority received a P9.5-billion fund upon the approval of the 2019 budget, which was then used to pay for the MTD Berhad loan to DBP. She questioned why the loan was paid for by money from the national budget. The senator said she hopes the Blue-Ribbon committee will agree to push through with the inquiry. She had earlier faced opposition from Senator Pia S. Cayetano, who argued that such investigations discourage construction of world-class facilities. Senate President Vicente C. Sotto III, meanwhile, said the investigation should be left to the hands of the Ombudsman. — Charmaine A. Tadalan

Lacson flags P10B under DPWH budget

A SENATOR on Wednesday flagged some P10 billion worth of infrastructure projects under the Department of Public Works and Highways (DPWH) that were realigned in the Senate version. “Questionable” realignments were found in the P4.5-trillion national budget for next year, Senator Panfilo M. Lacson said based on his initial examination, aside from the budget items he had earlier identified. “While some of my recommended slash from the Department of Public Works and Highways’ budget was adopted, we also noticed at least P10 billion worth of infrastructure projects realigned within the same agency under the Senate version,” Senator Panfilo M. Lacson said in a statement. Mr. Lacson said he can identify the location of the realigned projects under Senate Bill No. 7727, the proposed General Appropriations Act of 2021, but may be unable to trace the realignment on the proponent. “This is the reason why I have always called for transparency in all our individual amendments by posting the same on our official websites for the media and the public to see,” he said. “I already instructed my staff to coordinate closely with the Legislative Budget Research and Monitoring Office on whatever movements of funds before the final version of the bill is presented to the bicam (bicameral) members for our signatures and approval,” Mr. Lacson said. He earlier cited that some P68 billion has been earmarked for the completion of multi-purpose buildings that remained poorly built despite receiving funding in previous spending plans. He had also questioned appropriations of more than P1 billion each to around 220 districts in the budget, or around P474 billion in total. — Charmaine A. Tadalan

President appoints 2 advisers on telecom, red tape

THE Palace on Wednesday announced the appointment of two presidential advisers who will aid in red tape and telecommunication issues. Palace Spokesperson Harry L. Roque, in a statement, said Leoncio B. Evasco, Jr. will serve as adviser on streamlining of government processes while Ramon P. Jacinto will be adviser for telecommunications. Mr. Evasco has previously served as President Rodrigo R. Duterte’s cabinet secretary while Mr. Jacinto was an adviser on economic affairs and information technology before being appointed undersecretary of the Department of Information and Communications Technology. The President recently ordered to fast-track the rollout of telecommunication facilities by cutting down bureaucratic requirements. Mr. Roque said Mr. Evasco is fit for this job given his “familiarity with the present bureaucracy.” — Gillian M. Cortez 

House committee OK’s bill on stiffer penalties for wildlife exploitation

A MEASURE seeking to impose stiffer penalties on the exploitation and abuse of wildlife in the country hurdled a committee level at the House of Representatives. The House committee on natural resources has approved a consolidated bill of five measures calling for the “conservation and protection of wildlife resources and their habitats, and imposes penalties for violations.” The proposed law seeks to replace Republic Act No. 9147 or the Wildlife Resources Conservation and Protection Act, which was enacted 2001. “I am happy because of the penalties. We are prescribing longer prison terms and higher fines for those who abuse our wildlife, especially endangered species,” Cagayan De Oro Rep. Rufus B. Rodriguez said in a statement Wednesday. The proposed new penalties for serious offenses such as illegal killing of wildlife are imprisonment of 12 to 20 years and a fine of P200,000 to P2 million, stiffer than the current six to 12 years, plus a minimum fine of P100,000. For minor infractions, it would be a prison term of one month and one day from only 10 days, plus a fine of P20,000 from only P200. The existing law “has to be updated, improved and strengthened to meet and address the demands and problems we have today,” Mr. Rodriguez said. — Kyle Aristophere T. Atienza

Senate aims to pass counterpart bill on age of statutory rape

THE Senate committee on women, children and family relations will be working on the passage of the measure raising the age of statutory rape within the year, its chairperson said on Wednesday. “I’m hopeful… makahabol kami sa (of catching up with the) parliamentary status ng House and maipasa (pass it) within the year,” Senator Risa N. Hontiveros-Baraquel said at an online briefing Wednesday. She said the committee is to hold a technical working group meeting next week to finalize their report. The House of Representatives on Tuesday approved on final reading House Bill No. 7160, the Special Protection of Children Against Abuse, Exploitation and Discrimination Act. The House bill will raise the age of statutory rape to 16 years old from 12, which Ms. Hontiveros-Baraquel said is similar to the Senate committee’s proposal. Under the bill, sexual relations between a minor and an adult will also be considered a violation despite consent, she added. The Senate version will also include a “Romeo and Juliet” clause, which excludes two minors from the coverage of the bill provided their relationship is proven consensual and noncoercive. — Charmaine A. Tadalan

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