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Urgency to transform fragmented health system

The coronavirus disease 2019 (COVID-19) global pandemic has severely affected the global economy and overwhelmed health systems in many countries. In the Philippines, it exposed several gaps on both public health infrastructures and national health policies. It has also highlighted the country’s fragmented governance and the lack of healthcare facilities and human resources for health that led to the slow-phased responses to the pandemic.

Last year, Health Secretary Francisco T. Duque III mentioned that “battling the COVID-19 pandemic has demanded much from our health system and not only revealed its faults but emphasized an urgent need to transform and heal the system as a whole. The Universal Health Care (UHC) Law was crafted to address this very gap that has plagued our system for many years. Hence, it is a critical moment to seize, to fast track the transition to universal healthcare.”

It has been two years since the passage of the UHC Act. One of its key objectives is to realize universal coverage through a systemic approach and clear delineation of roles of key agencies and stakeholders towards better performance in the healthcare system. Like any other health law, the vision of the UHC Act is remarkably outstanding, however the main challenge is in its implementation. If the UHC law is fully implemented, it will provide equitable access to quality and affordable healthcare services while protecting against financial risk for every Filipino. However, as frequently stated by the Department of Health (DoH), the law cannot be implemented instantly, but only progressively, mainly due to its high resource requirements at all levels.

The transformation of the whole health system to achieve a sincere universal healthcare will entail serious investments by the government and the constant participation of different stakeholders. Indeed, adopting a whole-of-society and people-centered approach is vital to improve overall health system performance.

As often recognized, different stakeholders, such as patient associations and civil society or grassroots organizations, play important roles in monitoring the health reforms towards the path of UHC. It is also recognized that engaging stakeholders of the health ecosystem is an effective way to support common advocacies and pro-actively participating in developmental policy reforms to achieve universal healthcare for all Filipinos.

In line with this, UHC Watch, an advocacy led by patient groups, health advocacy organizations, and consumer groups, was officially launched on Feb. 19. UHC Watch was formed by a coalition of Citizen Watch Philippines; Philippine Alliance of Patient Organizations (PAPO), Health Justice Philippines (HJP), and Bantay Konsumer, Kalsada, Kuryente (BK3) to ensure the full implementation of the Universal Health Care Act and the mandated programs of other health related laws.

At the event, Dr. Jaime Galvez Tan, former Health secretary and board member of HJP, mentioned that “now the UHC Law is in full swing despite being in the pandemic, we hope that our government will not lose sight and continue to prioritize the reforms needed by the health system.”

Prof. Louie Montemar, convenor of BK3, said that “consumers are now struggling in this deep recession, we need an accelerating pace of execution of the health services mandated in the UHC Act. Let us not forget that COVID-19 is not the only disease killing our people. The deaths from other infectious and non-infectious diseases such as heart disease and cancer are alarmingly way above the pandemic. And, the sad reality is that this pandemic is affecting the continuity of treatment of these diseases.”

On her part, Ma Fatima “Girlie” Garcia-Lorenzo, PAPO’s president, mentioned that “accountability and transparency are vital to delivering safe, effective and affordable healthcare. All stakeholders need to be held accountable on commitments they made to implement universal health coverage and be accountable to the patients they serve.”

Further, “The implementation of a universal healthcare system benefits the economy. The interlinking dynamics of health and the economy and the disruptive consequences of its imbalance is one of the hardest lessons of this pandemic. This is how critical, and how urgent Universal Health Care is,” said Orlando Oxales, lead convenor of CitizenWatch Philippines.

By now, everyone has realized what a pandemic-like situation looks like. Dealing with the pandemic has opened our eyes to the current new normal. Many have probably also seen how being prepared to respond to this kind of crisis, such as prioritizing investments in the healthcare system, would lessen the burden that many of us have experienced in the past year.

Let us work together to rebuild our healthcare system. The implementation of government’s health policies and programs are more likely to succeed and to be sustained when different stakeholders work together towards the achievement of universal healthcare.

 

Alvin Manalansan is a Non-Resident Fellow at the Stratbase ADR Institute and a Convenor of CitizenWatch Philippines.

Creative destruction

In the book Why Nations Fail: The Origins of Power, Prosperity, and Poverty by Daron Acemoglu and James A. Robinson, the authors argue that the prosperity of a nation is not primarily based on geography, climate, or culture. The authors, rather, point to the existence of inclusive political and economic institutions, as opposed to extractive institutions, as the primary aspect that will foster the prosperity of a nation.

According to the book, an inclusive political institution is where “[political] power [is] broadly distributed in society” thus constraining its arbitrary exercise. This then results in inclusive economic institutions. Inclusive economic institutions are “those that allow and encourage participation by the great mass of people in economic activities that make best use of their talents and skills,” featuring, among others “secure private property” and a system that permits the entry of new businesses.

For a true inclusive institution and sustained prosperity, the authors claim that “creative destruction” must be allowed. Creative destruction is where new technologies create economic wealth although the same may disrupt existing businesses. Recent examples can be seen in internet-based businesses such as ride hailing apps which caused disruption to the public transportation business, sharing economy schemes for room rentals that disrupted the hotel industry, and online marketplaces which disrupted the business of shopping malls and physical stores.

In the Philippines, creative destruction is fostered in part by its patent system which allows anyone that has created an invention to enjoy its economic fruits. Thus, an inventor, even if he does not have capital to go into business, can “secure his private property” and enter into “new business.”

An invention, if it is new, novel, and industrially applicable can be registered with the Intellectual Property Office. Once registration is granted, exclusive rights are acquired by the registrant. These exclusive rights may involve the sole right to use, manufacture and/or import the invention. Additionally, the patent registrant may opt to have another person use, manufacture or import his patented invention through a license agreement, subject to a fee.

Further efforts to encourage research and development towards the creation of inventions, is seen in the Philippine Technology Transfer Act. This law provides a mechanism for government or private entities to enjoy patent rights of the development even if the invention was facilitated by government funding.

The Intellectual Property Office, with assistance from the World Intellectual Property Office and World Economic Forum, also offers an Inventor Assistance Program. The program seeks to ease the financial burden of inventors in securing patent registration by referring them to local patent lawyers.

Apart from securing patent registration, the enforcement of patent rights has also been given much importance. This is seen in the Supreme Court’s recent issuance of the 2020 Revised Rules of Procedure for Intellectual Property Rights Cases. The new rules provide ways to promote the expeditious resolution of intellectual property cases such as the submission of position papers, memoranda and draft decisions, among others.

While efforts to promote research and development as well as the protection of patent rights over inventions have increased, the percentage of local inventors that actually filed patent applications in the Philippines is still small. The Intellectual Property Office lists the following number of filings from local inventors: 293 in 2015; 248 in 2016; 284 in 2017; 469 in 2018; and 434 in 2019; a small number compared to the more than 3,000 average number of applications by foreign applicants.

The number of local filings jumping in 2018 and being sustained 2019 though, provides hope that there is already an increased activity in research and development, as well as awareness on patent laws. With continuing efforts of the government to promote patent protection, it is expected that local patent filings will continue to increase and, perhaps, the next technology to give rise to creative destruction will originate from a Philippine patent.

The views and opinions expressed in this article are those of the author. This article is for general information and educational purposes, and not offered as, and does not constitute, legal advice or legal opinion.

 

Jose Eduardo T. Genilo is a Partner of the Intellectual Property Department of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW).

jetgenilo@accralaw.com

8830-8000

Ulat sa Bayan: In the darkest of periods, BSP was able to realize its mission

This is a speech delivered on the occasion of the 2021 BSP Annual Reception for the Banking Community, at the PICC Upper Lobby, Delegation Building, on Feb. 19.

MEMBERS of the banking community and the diplomatic corps, esteemed leaders and partners from the public and private sectors, colleagues from the Bangko Sentral ng Pilipinas (BSP), good afternoon.

There is a saying in Latin attributed to the Roman philosopher Seneca: ignis aurum probat. Fire tests gold. Disruptions and upheavals, while uncomfortable and painful, are opportunities to re-examine old ways, give birth to new ideas and try exciting new strategies — undertakings that would otherwise be impossible when lulled by the comfort of the status quo.

Indeed, it was in the middle of one of the most formidable health and economic challenges in recent memory that we were tested as an institution, particularly in the effective delivery of our mandates. But it was also in this darkest of periods that we were able to realize our mission. We acted in the interest of the Filipino people.   

To mitigate the impact of the pandemic, we acted quickly by providing monetary stimulus to ease tightening liquidity conditions, boost business and consumer confidence, and ensure the continued orderly functioning of the financial system.

Aside from traditional monetary interventions and regulatory relief measures, we also implemented extraordinary measures. For instance, the BSP entered into an initial P300-billion repurchase agreement with the Bureau of the Treasury at the onset of the pandemic in March 2020 to provide the national government added flexibility in dealing with the public health crisis. After the repo was settled in September, the BSP extended short-term provisional advances worth P540 billion to the national government in October. This was followed by a fresh advance of P540 billion to the national government in January 2021, after the borrowing in October was settled in December.

In sum, the BSP has so far injected approximately P2 trillion in liquidity to the financial system, equivalent to about 11% of the country’s gross domestic product (GDP).

With this amount of liquidity, we are carefully assessing the appropriate timing of the unwinding of all these measures. Doing this too late or too early may have serious repercussions on the economy.

In September 2020, the BSP started issuing its own securities which helped us manage liquidity better.

On the regulatory front, we issued time-bound and targeted regulatory and operational relief measures to encourage BSP-supervised financial institutions to continue their support to the economy in the following ways:

• Counting of loans to micro, small and medium enterprises as part of banks’ compliance to the reserve requirement;

• Higher single borrower’s limit; and,

• Increased limit to real estate loans.

We also supported the passage and implementation of legislation aimed at helping the economy recover and move forward from the pandemic, specifically Bayanihan I and II, and the recently passed Financial Institutions Strategic Transfer or FIST and the Corporate Recovery and Tax Incentives for Enterprises or CREATE laws.

It is worthy to note that both FIST and CREATE were passed during the pandemic. FIST aims to help banks unload bad assets; while CREATE seeks to accelerate economic recovery by cutting the corporate income tax and modernizing the fiscal incentives system. Both measures are meant to attract more job-generating investments.

We will continue to support the passage of the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery or GUIDE bill, which aims to strengthen the capacity of government financial institutions — Philippine Guarantee Corp., Land Bank of the Philippines, and the Development Bank of the Philippines — to provide needed assistance to micro, small and medium enterprises and other strategically important industries.

In addition, our continuing support for landmark legislation such as the Islamic Banking Law will help promote real socioeconomic development in Muslim Mindanao and boost efforts to help our countrymen move forward from the economic effects of the pandemic.

For our actions to mitigate the impact of COVID-19 (coronavirus disease 2019), we received the “Best Systemic and Prudential Regulator in Asia Pacific” award from the Asian Banker in October 2020.  We also received the 2020 Gold Standard Award for Country and Trade Promotion for our efforts in ensuring that the international investment community sees a truthful and transparent picture of the Philippine economy.

The research arm of The Economist Group, which focused on financial inclusion in the COVID-19 response, likewise recognized the country’s initiatives to mitigate the adverse economic impact of the current global health emergency. Financial inclusion is a state wherein there is effective access to a wide range of financial services for all.

It is clear that the crisis, which subjected us to extraordinary challenges, has also given us the rare chance to accelerate our efforts in bringing the BSP closer to the Filipino people.

This day is yet another proof of that opportunity. As part of the BSP’s tradition, we set aside a day at the early part of each year to celebrate our friendship with around 300 members of the country’s banking community.

While the pandemic has prevented us from gathering in historic Fort Abad like we did last year and the years before technology has allowed us to actually make history today as we interact with each other in a virtual platform for the first time.

Best of all, we are now able to expand this venue of camaraderie to include thousands more of our colleagues, partners and stakeholders — kayong mga kababayan natin na kasama natin ngayon sa Facebook Live (those of our countrymen who are joining us now on Facebook Live).

From our usual friends from the banking and diplomatic communities, we are now joined by youth groups and coalitions, MSMEs and fintech groups, and various non-government and industry associations.

Salamat sa mga social media platforms, kasama namin kayo ngayon habang patuloy nating ipinagdiriwang ang tradisyong ito. (Thanks to social media platforms, you are with us as we continue to celebrate this tradition.)

Such, indeed, is the beauty of digitalization. With a gadget and an internet connection, a regular person is able to do more with a few clicks or taps — anytime, anywhere. It saves that person valuable time, allowing him or her to spend it on more important matters.

Digitalization is among a few things that helped us continue with our daily lives during the pandemic. Imagine the risk of exposure if one had to physically pay bills and buy food, medicines, and other essential supplies. It is a good thing that the country had been gradually embracing financial technology even before the pandemic hit. For me, it prepared us for the worst.

In 2020, the volume of PESONet transfers surged to 15.3 million, up by 376% year on year. On the other hand, the value of PESONet transactions rose by 188%, year on year, to reach nearly P951.6 billion — equivalent to about 5.3% of the country’s GDP.

In the same period, the number of payments made through InstaPay reached 86.7 million, up by 459% year on year. Said transactions were valued at P463.4 billion, which was a 340% increase year on year.

This amount of InstaPay transactions is equivalent to about 2.6% of GDP.

From January to April 2020, new online sign-ups and app downloads for digital financial services increased by 100%, year on year.

With Filipinos more mindful about their health and safety amid the lockdown, there was also a significant decline in the value, o ‘yung halaga, and volume of, o ‘yung dami ng, check payments and ATM withdrawals between the first half of March 2020 and from the second half of March to May 2020. Likewise, coin demand in 2020 fell by 57% in volume and 60% in value compared to 2019.

More accessible and more convenient e-payment options may have partly contributed to the decline, aside from softer economic activities during the said period.

The expanded role of digital payments in 2020 is worthy of note. While it kept the economic gears running during the community quarantines, it was also instrumental in distributing welfare benefits from the Social Security System’s (SSS) Small Business Wage Subsidy (SBWS) program. Under the SBWS program, the SSS, the Department of Finance, and the Bureau of Internal Revenue worked, hand in hand, to provide a wage subsidy for affected employees of small businesses.

Government agencies partnered with the Development Bank of the Philippines and leveraged technology via PESOnet for beneficiaries with bank accounts and through 2,500 partner outlets nationwide for beneficiaries who had no bank accounts. This resulted in the effective and efficient implementation of the program — from application to processing to the distribution of wage subsidies direct to more than three million beneficiaries.

The COVID-19 pandemic has indeed unexpectedly catalyzed the rapid acceleration of digital transformation. The BSP took this opportunity to advance initiatives to push digitalization in the financial industry further.

To chart the BSP’s current initiatives and strategies in advancing an efficient, inclusive, safe, and secure digital payments ecosystem, we launched the Digital Payments Transformation Roadmap last year.

The roadmap identifies two critical strategic objectives. The first objective, also my personal goal as BSP Governor — is that at least 50% of the country’s total financial transactions be done digitally, and at least 70% of Filipino adults have financial accounts. The second objective involves the availability of more innovative digital financial products and services. These products and services, designed to be responsive to consumers’ needs, will be enabled by a digital PhilSys ID and supported by a next-generation payment and settlement system that facilitates the real-time processing of financial transactions.

The realization of these objectives depends mainly on three critical pillars. First of these pillars is the development of digital payment streams. Second is the establishment of necessary digital finance structures that will facilitate interoperability in the digital payments ecosystem. The third critical pillar is the implementation of digital governance standards and regulation of digital products and services to safeguard the integrity and privacy of consumer data.

We know that for digital payments to flourish in our society, we need to have reliable and stable internet connectivity. Digital connectivity is a critical enabler and a necessity in the new economy.

That is why the Financial Inclusion Steering Committee (FISC), of which the BSP is a member, endorsed the Open Access to Data Transmission Bill as priority legislation to the Legislative-Executive Development Advisory Council. The bill aims to address internet infrastructure gaps by bringing in more players to the broadband sector.

In December 2020, the FISC also endorsed to the Office of the President a proposed Executive Order that aims to liberalize access to satellite technology for broadband services and fast-track the expansion of internet infrastructure to improve connectivity in underserved communities and rural areas as well as accelerate financial inclusion.

All these fit in nicely in our 2020-2023 Strategy of bringing the BSP closer to the people — to become the central bank that understands their needs and helps them achieve their aspirations in life.

And one of the ways we intend to do this is by advocating the digital transformation of financial services in the country. Through digitalization, we help create opportunities for people to improve their lives and participate in the economic and financial system.

Through digital payments, we also promote financial inclusion. Digital payments help consumers engage in easier and safer economic activities.

On a wider scale, it also helps reduce poverty and hunger; promote good health and well-being; ensure quality education, decent work, and gender equality; develop sustainable communities, and a lot more.

At the end of the day, it is not simply about what we innovate but why we do it and to whom we are doing it for.

The current crisis has given us an opportunity to think out of the box and be bold, as we work to protect the interests of the people we serve. It showed us what to focus on, as a BSP closer to its people.

Isang Bangko Sentral ng Pilipinas para sa bawat Pilipino. (One Central Bank of the Philippines for each Filipino.)

Before I end this message, let me share with you a famous quote about evolution. “It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change.”

And so while the future remains clouded with unusual uncertainty, our eyes are focused on green shoots in front of us as we remain ever-vigilant in addressing the what-ifs.

Times are changing and we are geared up for it. Let us all evolve with the times. Let’s reform, innovate, and transform.

 

Benjamin E. Diokno is the Governor and Chairman of the Monetary Board and Bangko Sentral ng Pilipinas.

More funding and power to LGUs

One of the major initiatives of President Cory Aquino in restoring our democratic institutions was pushing for and signing the Local Government Code of 1991. The idea was to bring the government closer to the people. She had already succeeded in restoring free elections, the Congress and local governments. There was a new Constitution in place. During the Marcos era, the government was so centralized that often people would go to Manila and implore then-Minister of Human Settlements Imelda Marcos to give them a water well. Local governments have indeed gained more power. It is 30 years since then; yet many of the decentralization provisions have not been complied with.

The Lower House, which drafts the budget appropriations has not adequately provided funding for health concerns to the local governments. This has burdened the provincial municipalities which have assumed responsibility for operating health centers and hospitals; and are now, because of the pandemic, burdened even more heavily. The Department of Health raises an issue that many provincial governments are begging them to recentralize management of hospitals. But that is because they are unable to bear the burden of their operating costs.

There is also not enough money for LGUs (local government units) to comply with environmental standards in managing their solid wastes which have an impact on community health, and which today, with the pandemic, have multiplied with increases in single-use plastic packaging and infectious materials such as used masks and hospital wastes.

The passing of the Local Government Code of 1991 was an unexpected boon since members of the Lower House are averse to empowering local politicians too much. It seems that then Speaker Ramon Mitra, Jr., to please President Cory, passed it on a Saturday morning when most Congressmen were in the provinces and the Friday sessions were traditionally not adjourned to make way for local bills (such as naming highways after their relatives) to pass without much trouble. However, actual decentralization, nay, devolution, of authorities and especially corresponding budget allocations as provided in the Local Government Code have taken a long time. Even today, the IATF (Inter-Agency Task Force for the Management of Emerging Infectious Diseases) for managing the COVID-19 (coronavirus disease 2019) response does not have a local government representative. They even decided to reopen movie houses despite the continuing risk of community infections. Fortunately, local government leaders, who know their constituencies better, complained; and so, because he holds all the recentralized power, President Duterte rescinded that decision.

Today, local governments are focused on managing the COVID-19 crisis. They are really the frontliners, in terms of delivery of basic government services. It is crucial that adequate funding be provided, particularly on health matters. It seems there is an additional allocation for health budgets for LGUs under consideration in Congress; and LGUs will also finally share in Customs and other tax collections. But the funds will not be available until 2022. But the need is now. And it is urgent and crucial. Perhaps the Office of the President, which has billions of pesos in discretionary funds, can allocate some of its vast resources to the LGUs, which can better reach their constituents than national government bureaucracies. The LGUs have broader and more responsibilities than the military and police which the President tends to favor. The barangays, which come face to face with the people, especially the needy and poor, can be more effective if they have adequate funding.

Another area of concern which is generally ignored, is garbage disposal. These environmental concerns are becoming greater and, especially during the pandemic, a health concern. Municipalities, and especially cities, produce thousands of tons per day of solid waste. This takes up a major part of the local government budget. Garbage collectors and transporters to garbage dumps, where there are any, can cost hundreds of millions of pesos since these services are paid for by the kilo. Garbage fees charged to businesses by LGUs are ridiculously low. And compliance is not 100%. Mismanagement or neglect of the garbage dumps, which is mostly the case, is not just an environmental issue. It is a community health hazard. Hospital waste these days probably exacerbate the spread of the COVID-19 as these are not always properly sanitized and disposed of. Often the wastes affect nearby waterways which people in the communities travel on or swim in, or, worse, use for household needs.

Environmentalists rally against incineration, so this garbage disposal method is disallowed by national policies. However, there seem to be scientific advances in Korea, Holland, and other places where incineration is said to produce minimal pollution — below the government’s regulatory maximum carbon emissions. It might be worthwhile for the government to look into these modern technologies and review its solid waste disposal policy. It will be a matter of balancing and prioritizing health concerns for breathing clean air and spreading infectious diseases. Meanwhile, LGUs are authorized to decide on solid waste disposal policies. They should also be funded adequately for effectiveness.

These issues reinforce my belief that local governments should get the higher share of the national appropriations since they are responsible for delivery of basic government services (health, education, social welfare, environment, etc.). These concerns, if managed well, make life more congenial for the citizenry. The current allocation of the majority of funds to national government agencies has to be reviewed. The misallocation of appropriations has not benefited our people. It hampers the LGUs’ ability to be responsive to the needs of their constituents. It also enables the Office of the President to decide on development issues big and small, making it the be all and end all of government. This is a reversal of President Cory Aquino’s initiatives to decentralize power and authority in order to strengthen democracy after the EDSA Revolution.

 

Teresa S. Abesamis is a former professor at the Asian Institute of Management and Fellow of the Development Academy of the Philippines.

tsabesamis0114@yahoo.com

Australian steaks may vanish from world menu as herd sizes shrink

IN WHAT would be a blow to steak lovers the world over, Australian beef may slip off global menus if cattle producers Down Under can’t hasten the pace of a nationwide herd rebuild.

With herd sizes near the lowest since the early 1990s, the nation’s beef producers face the possibility of losing their No. 2 exporter position behind Brazil simply because they don’t have the stock available to service a global market as demand picks up steam up post-COVID-19 (coronavirus disease 2019).

The risks of that are growing as some farmers continue to send female cattle to the slaughterhouse instead of keeping them to expand herds. The latest official data show the ratio of female cattle processed as a proportion of total slaughter — an indicator for whether a herd is in restocking phase — at 48.2%, not enough to qualify for a technical rebuild, classified at 47% and under.

While there’s still time to get that ratio down, it needs to happen now as restocking is a years-long process from calf to slaughter and the industry faces a range of headwinds, said Matt Dalgleish, manager of commodity market insights at Thomas Elder Markets. “We’ve got to get those numbers back up so that we don’t lose market share into the export markets,” he added.

Australia’s beef industry has seen some turbulent times after years of drought forced farmers, who were unable to support herds on parched pastures, to cull hoards of cattle. The resultant oversupply on the market caused Australian cattle prices to plummet in 2019 to half the levels seen today.

Australia’s benchmark cattle index sits around record highs

Ranchers are also facing a less certain future with the rise of alternative-protein demand as environmental and health concerns drive consumers to products like faux meat burgers or nuggets.

After rains replenished pastures last year and with the herd rebuild season underway, farmers held onto livestock, squeezing supplies and sending prices soaring to records. Those prices will probably remain at “exceptionally high levels” according to Rural Bank’s 2021 outlook.

Farmers have to contend between keeping their cattle for the rebuild, or sending them for slaughter to “cash in” now — a tempting offer for some looking to pay off large debts incurred during drought years for outsized feed grain purchases to keep the animals alive, Mr. Dalgleish said.

Prices for Australian cattle used to track South American countries, but drought conditions during 2014–15 tightened supply Down Under, which saw prices spike and never properly recover. Weaker Brazilian real and Argentine peso in recent years also gave those producers extra leverage.

With the Australian dollar gaining to almost 80 US cents, the Aussie product is becoming out of reach for many importers. Prices have even overtaken the US, which traditionally holds the title for the world’s most expensive beef. The government forecaster Abares sees US and Brazil expanding shipments through 2022-23 to high-value markets, notably China.

The high prices have also elicited a response from Indonesia, where strikes by local meat sellers over Australian beef costs prompted the government to warn that it will look to other suppliers, according to Australian media reports. Indonesia is Australia’s largest export market for cattle and beef offal.

Though Australia accounts for only 4% of global beef production, the country is one of the world’s largest shippers, with major markets in China, Japan and South Korea. Export volumes fell 15% last year as record prices hurt demand.

Australia’s position in those markets is increasingly at risk, compounded by free trade agreements that see higher tariffs on the nation’s shipments versus American beef, according to Mr. Dalgleish. “The trade situation is such that the US product is being more favored,” he said.

For Australia’s cows that, unlike cattle in the US, mainly feed on grass instead of grains, climate change could add pressure to rebuild stock fast. With drought never far around the corner, coupled with higher frequency of extreme weather events, it’s crucial to bulk up herd sizes while pastures are green.

“Australia’s likely to be back in drought in a couple of years,” Mr. Dalgleish said. “It kind of doesn’t leave us a great deal of time to build up to those high twenties in millions of head numbers — 28, 29 million head. And then you’re kind of stuck again, depending on how prolonged the drought scenarios are looking. We could be back down at record herd levels, and low supply again.” — Bloomberg

Vaccines 80% effective at preventing hospitalizations in over-80s

LONDON — The Pfizer and AstraZeneca vaccines are more than 80% effective at preventing hospitalizations from COVID-19 in those over 80 after one dose of either shot, Public Health England (PHE) said on Monday, citing a pre-print study.

PHE said the real world study also found that protection against symptomatic COVID in those over 70 ranged between 57-61% for one dose of Pfizer-BioNTech’s vaccine and between 60-73% for the Oxford-AstraZeneca one four weeks after the first shot.

“These results may also help to explain why the number of COVID admissions to intensive care units among people over 80 in the UK have dropped to single figures in the last couple of weeks,” British health minister Matt Hancock told a news conference. “This is seriously encouraging.”

Britain has now administered a first dose of COVID-19 vaccine to more than 20 million people, or just over 30% of the population, with the elderly getting priority.

PHE submitted its analysis for peer-review after providing initial findings of the real-world impact of the rollout a week ago. A separate study in healthcare workers has shown one dose of a vaccine can reduce by 70% the number of people catching asymptomatic COVID-19.

The health authority said evidence suggested that the Pfizer vaccine causes an 83% reduction in COVID-19 deaths among the over-80s. There was no equivalent data for the AstraZeneca vaccine, which began to be administered at a later date.

PHE Head of Immunizations Mary Ramsay said that while more work is needed to be done to understand the impact of vaccines in reducing transmission of the coronavirus, the effect of the rollout was already apparent.

“This adds to growing evidence showing that the vaccines are working to reduce infections and save lives,” she said.

Another PHE official said more work was needed to establish the efficacy of vaccines against the so-called Brazilian variant of the coronavirus.

Britain’s use of the AstraZeneca vaccine on elderly people contrasts with many European countries, which have cited a lack of clinical trial data for their decision not to roll it out to older cohorts.

Asked whether the data justified Britain’s approach, England’s deputy Chief Medical Officer Jonathan Van Tam said it was “not immunologically plausible” that the vaccine would work in younger people and not older people.

“We took the view that it almost certainly would work,” he said. “The PHE data have clearly vindicated that approach today.” — Reuters

Pilotless, fighter-like jet completes first test flight in Australia

SYDNEY — Boeing Co. and the Royal Australian Air Force (RAAF) said on Tuesday they had completed the first flight test on a pilotless fighter-like jet designed to operate in conjunction with crewed aircraft.

The Loyal Wingman, the first military aircraft to be designed and manufactured in Australia in more than 50 years, flew under the supervision of a Boeing test pilot monitoring it from a ground control station in South Australia.

Boeing’s Loyal Wingman is 38 feet long (11.6 meters), has a 2,000 nautical mile (3,704 km) range and a nose that can be removed to fit various payloads. It can carry weapons and act as a shield to help protect more expensive manned fighter jets.

The Australian government said on Tuesday it would invest a further A$115 million ($89 million) to acquire three more aircraft to develop teaming tactics with crewed planes, on top of its initial investment of A$40 million.

Boeing has said the system could be customized for other global customers.

Defense contractors are investing increasingly in autonomous technology as militaries around the world look for cheaper and safer ways to maximize their resources.

Britain in January signed a GBP 30-million ($42 million) contract with the Belfast unit of Spirit AeroSystems for a similar type of pilotless aircraft to have a trial flight in the next three years. During the test flight in Australia, the Loyal Wingman took off under its own power before flying a pre-determined route at different speeds and altitudes to verify its functionality and demonstrate the performance of the design.

The first Loyal Wingman is being used as a foundation for Boeing’s Airpower Teaming System, a service being developed for various global defense customers.

Boeing said additional Loyal Wingman aircraft are currently under development, with plans for teaming flights scheduled for later this year.

The plane maker has previously said up to 16 of the Loyal Wingman jets could be teamed with a crewed aircraft for missions. — Reuters

FOREX | Dollar rises to one-month high; riskier currencies fall as shares falter

LONDON – The dollar rose to its highest level in a month against its basket on Tuesday and riskier currencies fell back, as underlying concerns about rising bond yields drove investors back into safe-haven assets.

Rising yields have spooked markets in recent weeks, with participants worried that an economic recovery from the impact of COVID-19, combined with fiscal stimulus, could cause a jump in inflation from pent-up consumer demand when lockdowns end.

Riskier currencies including the Australian and New Zealand dollars recovered some recent losses on Monday, as yields fell back and stock markets rallied. But they resumed their decline on Tuesday.

The dollar rose to its highest in a month versus a basket of currencies, up 0.3% on the day at 91.326 at 0808 GMT, in its fourth straight session of gains.

The Swiss franc was at its lowest since November 2020 against the dollar. Dollar-Swiss has been rising since early January and gained some 3.8% so far in 2021.

“With low-yielders mostly bearing the brunt of any equity rally for now, even if risk assets move back into positive area today later today, USD may still prove its resilience,” wrote ING strategists in a note to clients.

China’s banking and insurance regulator expressed wariness of the risk of bubbles bursting in foreign markets, and said Beijing is studying measures to manage capital inflows to prevent turbulence in the domestic market.

The New Zealand dollar was down around 0.6%, at 0.7222 versus the U.S. dollar.

The Australian dollar was down 0.3% at 0.7747 versus the U.S. dollar, after the Reserve Bank of Australia re-committed to keeping interest rates at historic lows.

“We continue to believe, though, that the strengthening global recovery boosted by continued loose monetary and fiscal policies will remain supportive for higher commodity prices and a stronger Australian dollar in the year ahead,” wrote MUFG currency analyst, Lee Hardman.

The euro fell, after top European Central Bank officials sounded alarm over the rises in bond yields.

Policymaker Francois Villeroy de Galhau said on Tuesday that some of the recent rises were unwarranted and that the ECB must push back using the flexibility embedded in its bond purchase programme.

ECB Vice President Luis de Guindos said the ECB had the flexibility to counter any undesired rise in yields.

Market participants said that the ECB and the U.S. Federal Reserve were taking divergent tones on rising bond yields, with the Fed appearing less concerned.

At 0842 GMT, the euro was down 0.3% at $1.20125, having hit its lowest in nearly a month.

A flash estimate of euro zone inflation for February is due at 1000 GMT.

Elsewhere, bitcoin was a touch lower, down 1% at around $49,000 at 0834 GMT, having recovered some recent losses in the previous session. – Reuters

Filipino-Australian Lizette Cabrera looks to sustain progress in WTA

By Michael Angelo S. Murillo, Senior Reporter

NOW five years in the Women’s Tennis Association (WTA) Tour, Filipino-Australian Lizette Cabrera said she is happy with the way things are panning out in her career and looks to sustain her ascent in the sport.

Ms. Cabrera, 23, born in Australia to full-blooded Filipinos, has steadily climbed the rankings since joining the main draw in 2017, now inside the top 150 in the world.

It is something she positively takes cue from and uses as further motivation to keep improving moving forward.

“Yeah, I’m definitely happy where I am at. Obviously, I just want to keep on improving and keep getting better and reaching for the marks I have set for myself,” said Ms. Cabrera in a Zoom media availability with Filipino sportswriters on Monday.

“I have been healthy, playing on schedule and traveling around the world to compete. It is just awesome. I’m happy with my progress,” she added.

Ms. Cabrera recently competed at the Australian Open singles event where she faced world number three Simona Halep of Romania in the opening round.

She, too, played in the tournament’s doubles event, partnering with Maddison Inglis of Australia. Their tandem was able to reach the quarterfinals.

The tennis star was grateful for the opportunity to continue to test her skills and showcase what she can do as a player.

Ms. Cabrera said she is expecting 2021 to be a busy year for her and is determined to make full use of it with the end view, among other things, to crack the top 100 in the world rankings.

PROUD TO BE FILIPINO
While she is representing Australia, Ms. Cabrera shared that she is very proud of her Filipino heritage as instilled to her by father Ronnie (from Pampanga) and mother Maria (from Basilan).

“I am Filipino, but I was born in Australia. But every time I get the chance to talk about my heritage whether in my interviews and on social media, I do, I am very proud to be a Filipino,” said Ms. Cabrera, who visited the country once before to compete in a juniors tournament.

“Hopefully, I get to return there (Philippines) sometime this year. I would love to kind of go back and meet my other family, and just see what I can do and help out. I want to go see people in less fortunate places and help kids pick up a tennis racket, kind of inspire them in any way I can,” added the rising tennis start, who is a member of the Project 6 Foundation, an independent Australian not-for-profit organization that supports the development and growth of underprivileged children and youth across Southeast Asia.

She, too, recently partnered with Century Pacific Food, Inc. to be its brand ambassador and is looking forward to engaging with Filipino fans through the partnership and making them proud.

RALLYING BEHIND EALA
Ms. Cabrera also took time to share how happy she is of the progress of Filipino tennis upstart Alex Eala, who is now at 763 in the WTA and showing much potential despite just being 15 years old.

“I have been following her progress, I think she’s an amazing young player. She’s only going to get better when she plays more and more matches on the tour,” she said.

Adding, “Being able to train at Rafa Nadal’s academy, I’m sure she’s getting amazing help there. She’s already ranked 700 and she’s only 15. She can only really go up from here.”

Ms. Cabrera went on to say that hopefully down the line, she and Ms. Eala get to play together and give focus on Philippine tennis.

Kaya plays AFC Cup 2021 assignments in Singapore

KAYA FC-Iloilo is to play its AFC Cup 2021 matches in Singapore, the Asian Football Confederation (AFC) announced on Monday.

The AFC said the island city-state will host ASEAN Zone group stage play including those in Group I which has Kaya, along with Myanmar’s Shan United or Ayeyawady United (which will play in the preliminaries), Terengganu FC of Malaysia, and Geylang International FC of Singapore.  

Singapore will also host matches in Group H which has Kedah Darul Aman (Malaysia), Lion City Sailors (Singapore), Saigon (Vietnam) and the ASEAN Zone Play-off 2 winner.

Kaya finished runner-up in the pandemic-hit season of the Philippines Football League (PFL) last year.

AFC Cup preliminary play will take place next month with the group stage beginning in June.

Kaya is to first play Geylang on June 22.

The team, however, can be plucked from the competition if it manages to qualify for the AFC Champions League.

It will face Australia’s Brisbane Roar FC on April 7 in preliminary play.

If Kaya moves past the first test, it then meets China’s Beijing FC in the next stage of the playoff with the winner there, booking a spot in the AFC Champions League group play in Group F.

Reigning PFL champion United City Football Club has already qualified for the AFC Champions League, playing in Group I along with Japan’s Kawasaki Frontale, two-time champion Guangzhou FC of China and a still-to-be-determined team coming from a playoff between teams from Thailand and Korea. — Michael Angelo S. Murillo

Fitness start-up FlexBox taking personal training service to another level

FITNESS start-up FlexBox was born amid the pandemic, but it is not stopping it from seeing its vision of elevating how personal training service is done in the country.

A brainchild of boxing enthusiast JM Siasat, FlexBox, which opened shop in March last year just as quarantine restrictions were raised in the country, combines fitness and technology but also gives premium on a more service-oriented approach to fitness.

While most on the fitness spectrum have been limited to offering workout guides through an app for now, FlexBox goes beyond that by providing on-demand personal training service that allows one to book a workout session anytime and anywhere.

“FlexBox is really a culmination of my years of experience as a boxing coach abroad and gym owner,” said Mr. Siasat of the beginnings of FlexBox.

“Personal training with FlexBox allows you to train anywhere at any time at a less expensive price tag. All you have to do is book a session with us and then a trainer will come to your location of choice, bringing with him all the equipment needed for a full-body workout,” he added, likening it to the concept behind Uber and Grab.

Mr. Siasat said such an approach proved to be more effective as he witnessed firsthand while working as a boxing trainer in Singapore.

“I noticed how excited my clients get whenever we hold our training by the beach. I mean, why not? It was fun! I did not even realize how fun and productive it could be until I have experienced it for myself,” he said.

Adding, “So we bring our equipment, utilize the beach, and park in the area to give our clients the best outdoor training ever. We try to do even better with the FlexBox training program. You can book us at the nearest park or even at home and we guarantee to get you sweating in an hour.”

Among those who have tried the services of FlexBox are reigning IBF super flyweight champion Jerwin Ancajas and current ONE strawweight champion Joshua Pacio.

Mr. Siasat shared that the ongoing coronavirus pandemic has presented challenges to how they conduct business, but they firmly believe in what they offer and they are staying resilient and go-getting.

“We offer a safe yet fun approach to fitness this new normal. The idea of FlexBox was already that even before the pandemic, we offered convenience so you don’t have to suffer from traffic or maybe you’re feeling lazy to drive yourself to the gym,” Mr. Siasat said.

“Then the pandemic came, which only highlighted my belief from the very beginning that this is the future of the fitness industry. We are very careful too as our coaches are regularly tested for COVID-19 and our equipment is sanitized after every use.”

And it is only the beginning for FlexBox as it is planning to offer its services beyond Metro Manila and go to different parts of the country and even abroad down the line.

FlexBox personal training rates start at P600. For booking and inquiries, visit www.facebook.com/flexboxtrainingph or www.instagram.com/flexboxtraining.ph. — Michael Angelo S. Murillo

Williamson and Ingram lead Pelicans defeat Jazz, 129-124

ZION Williamson and Brandon Ingram scored 26 points each as the host New Orleans Pelicans held on to defeat the Utah Jazz (129-124) on Monday night.

Lonzo Ball added 23 points, JJ Redick had 17, Josh Hart 13 and Eric Bledsoe got 11 as the Pelicans cooled off the team with the NBA’s best record. New Orleans had a 53-39 rebounding advantage, led by Steven Adams’ 11 boards.

Bojan Bogdanović scored 31, Rudy Gobert had 22, Donovan Mitchell added 21, Jordan Clarkson had 20, and Mike Conley 10 to lead the Jazz.

Utah, which had won 23 of its past 26 games, including two home victories against New Orleans, fell to 1-2 on a road trip that ends Wednesday in Philadelphia.

The Jazz cut a 17-point fourth-quarter deficit to one late in the fourth quarter, but couldn’t pull even.

Utah led five by points at half time, but Williamson scored 10 quick points to pull New Orleans even at 73 midway through the third quarter.

The score was tied three more times before Redick’s 3-pointer gave the Pelicans an 82-79 lead.

Ball added two free throws and Williamson followed with a driving layup and a three-point play to complete a 10-0 run as the Jazz went scoreless for nearly three minutes.

Williamson scored 15 of his team’s 40 points in the period and New Orleans held a 99-88 lead at the end of the quarter.

The Pelicans scored the first four points of the fourth quarter and Redick’s four-point play pushed their lead to 107-90.

Utah chipped away and got within seven got within 11 points, but Ball answered with a 3-pointer with 3:54 left.

The Jazz made eight consecutive free throws before Royce O’Neale’s 3-pointer got them within 125-124 with 47 seconds left.

Ingram missed a jumper and Utah could have taken the lead, but Mitchell missed a layup. — Reuters

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