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LANDBANK launches new credit facility for farmers, MSMEs

LAND BANK of the Philippines (LANDBANK) launched a new credit facility that aims to support small farmers and micro, small, and medium enterprises (MSMEs) involved in cacao, coffee, coconut, and processed fruits and nuts.

The state-owned bank said in a statement on Tuesday that the new credit facility seeks to give financial assistance to help boost the incomes of small farmers and provide employment to people in Eastern Visayas and Mindanao.

“LANDBANK will manage the credit facility in partnership with the Department of Trade and Industry (DTI), which will endorse beneficiaries qualified to borrow under the facility that include cooperatives, farmers’ associations and organizations, nongovernmental organizations (NGOs), and MSMEs,” it said.

LANDBANK President and Chief Executive Officer Cecilia C. Borromeo said the credit facility targets to improve the link of local agriculture value chains, starting from production to distribution.

“Together with DTI, we hope to increase the productivity and income of farmers and agri-based MSMEs who are crucial to the growth of these sectors,” Ms. Borromeo said.

Under the new credit facility, the state-run bank said borrowers can avail up to 90% of the project cost, net of matching grant from the DTI. The loan has a 5% per annum fixed interest rate for the first three years to fund production costs, machinery, facility, and equipment.

Projects eligible for funding under the credit facility include the production of crops such as cacao, coconut, coffee, and processed fruits and nuts; development of new plantation, replanting, rejuvenation, and rehabilitation of old trees; establishment of nursery gardens; post-harvest activities such as fermentation and drying; processing or manufacturing such as roasting, grinding or milling, packaging and storing; and trading.

LANDBANK said loans for production are payable according to the crop cycle or gestation and payback period of the project, while loans for acquiring fixed assets such as machinery can be paid based on project cash flow.

It added that loans to be used as permanent working capital are payable up to three years, while loans for working capital are payable up to one year.

“The newly launched credit facility is in support of the Rural Agro-enterprise Partnership for Inclusive Development and Growth (RAPID Growth Project) implemented by the DTI and funded by the International Fund for Agricultural Development,” LANDBANK said. — Revin Mikhael D. Ochave

Depression is a ‘silent pandemic,’ warns doctors

CHILDREN who have been confined at home over the pandemic are at risk of depression, warned experts.

“We are concerned about younger children who are deprived of social and emotional learning,” said Dr. Francis Xavier Dimalanta, a member of the board of trustees of the Philippine Pediatric Society, Inc. “A silent pandemic is forthcoming,” he added as he noted the rising numbers of individuals who reported feeling sad, fearful, anxious, and depressed since the start of the pandemic. “It is important that we are cognizant of this. … The biggest strength we have now is our immediate family.”

“Social confinement is a challenge because humans are social,” added Dr. Adelaida Gines, president of the Philippine Guidance and Counseling Association. “Play is a serious activity for children but they don’t go out anymore.”

Children are also affected by how well their parents cope with their own stress, said Dr. Rhodora Andrea Concepcion, president of the Philippine Society for Child and Adolescent Psychiatry.

To address this “silent pandemic,” the Filipino Family Wellbeing Virtual Conference will bring together families, educators, experts, organizations, and government agencies in multisectoral discussions on Feb. 12 and 13. 

“We organized this to identify how the Filipino family can develop to become holistically well,” said Dr. Sheila Hocson, a consultant at Unilab Foundation, Inc., which leads the Bayanihan for Wellbeing Initiative that organized the said event. “A healthier Philippines starts with healthier families.”

Family well-being is defined as the “safety, health, and financial security of the whole family,” (where “health” encompasses both physical and mental health) by the National Center on Parent, Family, and Community Engagement. — Patricia B. Mirasol

The Filipino Family Wellbeing Virtual Conference is free and open to all. Register at bit.ly/FFWC2021RegForm and or watch the livestream at the Bayanihan for WellBeing Facebook page on Feb. 12 and 13.

CITEM targets $16 million sales in foreign trade shows

THE Trade department’s export promotion arm is targeting $16.25 million in sales in its first two international trade events this year.

Five Philippine food companies will exhibit their goods at virtual organic food event Biofach in Germany this month, while 13 will participate in the hybrid physical and digital Gulfood Hotel and Equipment Exhibition and Salon Culinaire in Dubai.

The Center for International Trade Expositions and Missions (CITEM) said in an e-mail that the Philippine delegation targets $8.5 million in export sales at the Biofach event and $7.750 million at the Gulfood event.

Last year, the Philippines collected $36.37 million at Biofach, exceeding its $10.37-million target. Participants at Gulfood 2020 earned $102.6 million in export sales.

This puts the 2021 target at 88% lower than the $138.97 million generated at the physical pre-pandemic events last year.

CITEM in May last year urged exporters to explore online channels after trade shows were cancelled due to the ongoing coronavirus disease 2019 (COVID-19) pandemic. Since the lockdown, CITEM has joined four international shows either in digital or hybrid formats.

Philippine businesses at the China International Import Expo in November received $6.17 million in onsite booked sales and $455,689 in export commitments.

CITEM Executive Director Pauline Suaco-Juan in a statement said that the agency is migrating its processes to digital.

“The digital format opens you up to a bigger portion of the world rather than just people who physically go to the trade shows. As we know, sourcing now, because of digital, is enabled 365 days of the year, 24/7. And it’s good for our products to be searchable online,” she said.

Gulfood physical exhibits, for example, will have QR codes that will lead potential buyers to the inbox of Philippine exhibitors. — Jenina P. Ibañez

Evan Rachel Wood accuses Marilyn Manson of abuse

LOS ANGELES — Westworld TV and film actress Evan Rachel Wood on Monday said her former fiance, rock singer Marilyn Manson, “horrifically abused me for years.” Ms. Wood, 33, who dated Mr. Manson, 52, from around 2007 and was briefly engaged to him in 2010, made the accusation in an Instagram post. “The name of my abuser is Brian Warner, also known to the world as Marilyn Manson. He started grooming me when I was a teenager and horrifically abused me for years,” she wrote. “I was brainwashed and manipulated into submission,” Wood added. Representatives for Manson did not return requests for comment on Monday. The singer-songwriter is known for his Gothic-inspired black outfits and heavy make-up. His hits include “The Dope Show” and “Personal Jesus.” Ms. Wood has testified before the US Congress and California Senate about her experience with domestic violence and rape without identifying who was responsible. Three other women on Monday also posted accusations on Instagram against Mr. Manson of emotional and psychological abuse in the last 10 years. She said on Monday that she was “done living in fear of retaliation, slander and blackmail… I stand with the many victims who will no longer be silent.” The actor’s representatives did not return a request for further comment on Monday. — Reuters

AIA among top bidders for BEA insurance unit

HONG KONG insurance giant AIA Group Ltd. and China Strategic Holdings Ltd., an investment firm backed by billionaire Henry Cheng, are among final bidders for Bank of East Asia Ltd.’s (BEA) life insurance unit, according to people with knowledge of the matter.

The companies have submitted binding bids for the asset, proceeding into the final stage of negotiations, the people said, asking not to be identified because the deliberations are private. BEA, which counts activist investor Paul Singer’s Elliott Management Corp. as a shareholder, could raise about $500 million to $600 million from a potential transaction, people familiar with the matter have said.

An announcement on the sale outcome could come as early as this month, the people said. Other bidders could emerge and talks could still be delayed or even fall apart, the people said. China Strategic confirmed in an exchange filing that it’s been selected as one of the shortlisted bidders and has submitted an offer, while representatives for AIA and BEA declined to comment.

Shares in China Strategic extended gains after the Bloomberg News report on Monday, and rose further by as much as 25% on Tuesday in Hong Kong, their largest intraday gain since Dec. 29. After closing higher on Monday, shares in BEA increased as much as 3.6% on Tuesday while AIA declined as much as 1%.

BEA in September started a process of selling its life insurance unit in a bid to boost profitability and lift its shares. As part of the deal, the Hong Kong-listed lender is also seeking to enter into a long-term exclusive distribution agreement that will provide an ongoing source of revenue as a distributor of insurance products through its platform. Goldman Sachs Group, Inc. has been helping BEA on the strategic review and potential sale of the asset.

BEA Life Ltd., the bank’s wholly owned life insurance arm, had about HK$25.4 billion ($3.3 billion) in assets as of the end of June, according to BEA’s latest financial report. BEA’s commission income from sales of BEA Life products increased by about 49% in the first half of last year despite a drop in new premium income. BEA is scheduled to report its 2020 full-year earnings on Feb. 24.

Founded in 1919, AIA is based in Hong Kong and has a presence in 18 markets. Its third-quarter new business value fell 28% to $706 million from a year earlier amid the impact from the coronavirus pandemic. It has a market value of about $150 billion.

Listed in Hong Kong, China Strategic’s operations range from investing in securities and loan financing to trading metal minerals and electronics components as well as securities brokerage, according to its website. New World Development Co. Chairman Henry Cheng holds about a 17% stake in the company, according to data compiled by Bloomberg. In 2010, China Strategic scrapped a joint offer for a majority stake in Nan Shan Life Insurance Co., held by American International Group Inc., following a formal rejection notice from the Taiwan government. — Bloomberg

Safe COVID-19 vaccines for Filipinos

The government aims to roll out the distribution of coronavirus disease 2019 (COVID-19) vaccines to the public by the end of February. Priority populations for COVID-19 vaccination are healthcare workers, the elderly, indigents, and uniformed personnel, among others.

In January, the Philippine Food and Drug Administration (FDA) granted its first Emergency Use Authorization (EUA) to the Pfizer-BioNTech COVID-19 vaccine. President Rodrigo R. Duterte — through Executive Order No. 121 s. 2020 — gave the FDA the authority to issue EUA for vaccines under development where there is no adequate, approved, and available alternative to a vaccine for preventing COVID-19 during this present public health emergency. The EUA is not a marketing authorization or a Certificate of Product Registration, and therefore cannot be used to market the vaccine commercially.

The EUA was granted after a careful evaluation of current available data on the Pfizer-BioNTech COVID-19 vaccine. A panel of clinical experts reviewed the vaccine’s safety and efficacy, and technical experts from the FDA Center for Drugs Regulation and Research reviewed the quality data. “The interim data from the ongoing phase 3 trial shows that the vaccine has an efficacy of 95% in the study population and at least 92% among all racial groups,” FDA Director-General Dr. Rolando Enrique D. Domingo said in a press statement.

Just last week, the FDA approved the AstraZeneca COVID-19 vaccine for emergency use, making it the second COVID-19 vaccine in the country to be granted EUA. The vaccine has an average efficacy of about 70% after two full doses. The vaccine had no safety concerns and its adverse effects were “transient and mostly mild to moderate, similar to common vaccine reactions,” Mr. Domingo said. The COVID-19 vaccine of AstraZeneca can be transported and handled at normal refrigerated conditions of between 2°C and 8°C for at least six months.

Biopharmaceutical companies are at the forefront of global efforts to develop safe and effective COVID-19 vaccines and to scale up manufacturing to ensure equitable access to people around the world. As of Jan. 26, the World Health Organization (WHO) reports 63 candidate vaccines in clinical evaluation and 173 candidate vaccines in preclinical evaluation. Companies are collaborating on an unprecedented scale to extensively scale up the production capacity of COVID-19 vaccines.

Biopharmaceutical companies are sharing real-time clinical trial data with governments and other companies around the world to advance the development of additional COVID-19 therapies. They are rapidly screening the industry’s vast libraries of medicines to identify potential treatments and undertake numerous clinical trials to test new and existing therapies. They are also sharing tools and insights to test potential therapies and vaccines as well as to develop and scale up the capacity of diagnostics testing for COVID-19 patients as much as possible.

The Pharmaceutical and Healthcare Association of the Philippines (PHAP) fully supports the government’s COVID-19 vaccination program under the Department of Health (DoH) and the Inter-Agency Task Force. An urgent challenge we need to address is vaccine hesitancy, or the delay in acceptance or refusal of vaccines despite the availability of vaccine services. The WHO considers vaccine hesitancy as one of the 10 threats to global health that demand attention from the organization itself and its health partners.

The DoH has pointed to vaccine hesitancy as one of the reasons for the 2019 measles outbreak in several regions of the country. Moreover, DoH data reveal that the country’s immunization coverage has been declining in recent years. There is an urgent need for all concerned stakeholders to unite in increasing the country’s immunization coverage and restoring public trust and confidence in vaccines, especially in this time of pandemic.

The COVID-19 pandemic is one of the most daunting public health challenges we have faced in recent history. However, COVID-19 is not the only health threat in our midst. This is why the industry is working to continue research and secure continuity of supply for all essential medicines, vaccines, and diagnostics for patients with other life-threatening diseases.

 

Teodoro B. Padilla is the executive director of the Pharmaceutical and Healthcare Association of the Philippines (PHAP). PHAP and its member companies represent the research-based pharmaceutical sector in the country.

Zuellig orders more freezers ahead of vaccine rollout

HEALTHCARE services provider Zuellig Pharma Corp. has ordered 10 additional ultra-low freezers to increase cold chain capacity in the Philippines in preparation for the vaccine rollout in the country.

“We have ordered 10 additional ultra-low freezers, on top of the 14 already deployed through our network in anticipation of the storage and distribution demands of COVID-19 vaccines in the Philippines,” Zuellig Chief Business Officer Jannette Jakosalem said in a statement.

The 24 ultra-cold freezers can hold seven million doses of vaccines at temperatures as low as -70 to -80 degrees Celsius, it said.

Zuellig has cold rooms with temperatures of two to eight degrees Celcius in warehouses located in Santa Rosa, Laguna, Sun Valley in Parañaque, Cebu, and Davao, and has the capacity of up to 629 million vaccine doses. Its walk-in freezers can store up to 52 million doses at -15 to -25 degrees Celsius.

Zuellig’s cold chain includes the eZCooler solution, which extends storage time of temperature-sensitive products in transit to five days from two day with a traditional system, it said.

The Philippine government plans to procure 148 million of vaccines this year to inoculate up to 70 million Filipinos.

Vaccine czar Carlito G. Galvez, Jr. in a statement on Sunday said the government is expected to receive at least 5.6 million doses of COVID-19 vaccines from Pfizer, Inc. and AstraZeneca Plc. in the first quarter under the World Health Organization’s coronavirus disease 2019 (COVID-19) Vaccine Global Access facility.

Zuelleg said it had been involved in the supply chain management of “almost every major vaccine” in the country.

The company participated in the urgent deliveries of influenza vaccines and conducting mass flu vaccination exercises in the country amid the pandemic, Zuellig Chief Executive and Area Director Maikel Kuijpers said.

“We are honored and excited to engage with the Philippine government to explore ways in which we can support measures to address this current crisis and help execute the national COVID-19 vaccination program,” he said in the statement.

Mr. Kuijpers also said that Zuellig’s COVID-19 digital care platform eZVax developed in partnership with Accenture and Microsoft, serves as a “centralize by hub coordinating and linking both stakeholders and processes through the whole mass vaccination program.”

The platform also allows checking of eligibility, pre-screening, scheduling of vaccination and has administration support with records of patient and vaccine details and make health passport or vaccination card. This will also generate centralized reporting of adverse events. — Vann Marlo M. Villegas

Arts & Culture (02/03/21)

Free online lecture on art, travel and scholarship

WRITER, thespian, film artist, arts advocate, educator and scholar Sunita Mukhi will share her creative journey and impart expert advice as an artist, wanderer, and an academic in an online lecture entitled “Tall Tales of a Traveling Scholartist.” The lecture is free and open to the public, and will be conducted via Zoom on Feb. 11, at 3 p.m. Interested participants may register through the link: shorturl.at/mnuyM. Hosted by Benilde Arts and Culture Cluster (BACC) of the De La Salle-College of Saint Benilde School of Design and Arts, the lecture will immerse the participants in the joys and challenges of art, travel and scholarship experienced in the Asian Pacific Dance Conference and Festival conducted in University of Hawaii in Manoa, Honolulu, Hawaii and in the Storytelling and the Body: Inclusive Interdisciplinary Conference held in Hotel San Marco, Verona, Italy. Ms. Mukhi will transport participants into her Hawaii talk wherein she emphasized how performance art tells stories of inclusion and intimacy. Her traditional and practiced-based research has become part of a cross-cultural exchange and celebration of the rich heritage of dance. She will likewise expound on her Verona venture, wherein she joined fellow artists in a creative exploration of the power of diverse narratives through her live and improvised demonstration entitled My Eyes Adore You: You Are Beautiful To Me. Her showcase, which sought to redefine and reclaim the essence of beauty, has been featured worldwide, such as in the South Asian Women’s Creative Collective’s suite entitled “Beauty at the Dumbo Arts” in New York. It had a local iteration at Benilde’s “Reinterpretations” exhibition at the Alto Mondo Gallery at The Picasso in Manila. For inquiries, visit the official Facebook page of Benilde Arts and Culture Cluster through the link: https://www.facebook.com/benildearts/.

Gateway Gallery Pocket Museum open to submissions

THIS year, the Gateway Gallery Pocket Museum will give artists the opportunity to have their artworks featured in the mobile app through Art Flex. Art Flex will feature weekly art submissions by Filipino artists based on a monthly theme. This is open to students, amateur, and professional artists. Art Flex will pick an artwork to be featured every Friday of the month For February, the theme is “My Home.” The theme for March is “My Summer,” while the theme for April is “Cebu” in celebration of the 500 years of Victory in Mactan. At the end of the quarter, one artwork will be selected based on the listed criteria. The winning artist will get to bring home prizes and a chance to exhibit at Gateway Gallery. In addition, two exhibits will also be uploaded this year and the bi-monthly feature of the Gateway Gallery Art Collection will be started this February. The Art Collection Feature will contain insights and perspectives of invited writers, curators, and educators. Gateway Gallery Pocket Museum mobile app is available for download in Google Play and Apple IOS. Gateway Gallery is the art museum of Araneta City devoted to the promotion of Philippine culture, heritage, and art. It is managed by the J. Amado Araneta Foundation. To know more about these programs, call 8588-4000 local 8300, e-mail at gatewaygallery@aranetagroup.com, or like and visit its social media accounts.

Conrad unveils ‘Of Art and Wine: Thrive’ exhibit

THE CONRAD Manila has unveiled its art curtain riser for 2021, the 15th edition of its “Of Art and Wine” exhibit at Gallery C, featuring various artists from the Association of Pinoyprintmakers (AP) in an ensemble series entitled “Thrive.” The exhibit brings together 24 artists whose collective work of 34 art pieces underscore the art community’s courage to cope and conform as the world goes through inevitable changes and challenges, including the COVID-19 global pandemic. The exhibit represents the Association of Pinoyprintmakers conviction that the role of artists has always been to observe, reflect and translate these to tactile units using various media to create art that celebrates life conveying reflective narratives through printmaking. The works are on display for purchase at Gallery C until Feb. 19. For more information about “Of Art and Wine: Thrive” including the price list, call (632) 8833-9999 (Angelica Restrivera) or e-mail conradmanila@conradhotels.com.

4 exhibits at West Gallery in February

WEST Gallery has four exhibits this month running until Feb. 13. There is a group show, “End of the Spectrum,” which gathers new works by artists Allan Balisi, Bjorn Calleja, Jonathan Ching, Don Dalmacio, Paolo Icasas, Jonathan Olazo, Soler Santos, and Art Tavera, revolving around the color red. Then there are three solo shows: “Play, Cut, Stick, Paint” in which Ayka Go presents works that evoke a sense of longing and introspection but with a clear departure from her established process of painting images of origami landscapes; “Chops, Hams, Head” by Jemima Yabes, the artist’ fixation on chopped meat came with the curiosity for the commodity’s price hike in COVID-19-struck Metro Manila; and “Peeking Out from Under the Blanket,” where Nicole Tee ventures on to other types of processes on fabric, even as she retains enduring engagements with past themes and materials. Visitors are welcome by appointment. To make an appointment, call (02) 3411-0336.

Kulay Diwa selling Anita Magsaysay-Ho book

KULAY Diwa gallery is selling Anita Magsaysay-Ho, A Retrospective, a monograph published on the occasion of the first retrospective exhibition of Anita Magsaysay-Ho (1914-2012). The monograph encompasses the evolution of her work from the early 1940s to the late 1980s. In the more than 40 years of her career, Magsaysay-Ho developed a unique and inimitable style, with women as her first and dominant subject, and was one of the Philippines’ first modernist artists. The hardcover monograph, which includes an introduction by Purita Kalaw-Ledesma and an essay by Alice Guillermo, was published by the Metropolitan Museum of Manila in 1988. It is priced at P38,500.

Palacio de Memoria holds a flea market

ART, antiques, artisanal goods, conversations, food, and fun await art lovers as Palacio de Memoria holds a colorful and safe activity on Feb. 6 and 7, from 10 am. to 5 p.m. Inspired by the famous European flea markets, the event titled “Flea Market at Palacio de Memoria” will welcome fairgoers in search of one-of-a-kind art and antique pieces, great deals, and gastronomic delights. Palacio de Memoria will be housing several merchants and shops for its Antiques Fair including Gallery of Prints, Archivo 1984, Galeria Lienzo, the private collection of Edd Fuentes, Rue Angelique, and Vidro. There will also be Connoisseur Talks on Feb. 6 at 11 a.m. Art patron Dr. Jaime Laya will be sharing his knowledge and expertise during the discussion. This event will be moderated by Issa Litton. There will be food and libations on Feb. 7 at 11 a.m., featuring an exclusive menu and demo by Cibo di Marghi, as well as a Cognac master class and open bar by Remy Martin on Feb. 6 and 7 at 1  and 3 p.m. Capping off the two-day affair, Palacio de Memoria will hold a Cigar Night on Feb. 7 at 5 p.m., where guests will learn about cigar carving and rolling with Tabacalera Incorporada. They will also serve with drinks by Don Papa Rum. To ensure the health and safety of everyone, Palacio de Memoria will implement strict safety measures throughout the duration of the fair. Palacio de Memoria is located at 95 Roxas Blvd., Barangay Tambo, Parañaque City. The event is open to the public, but registration is required. To register, e-mail john@casadememoria.com. For more information, visit https://www.palaciodememoria.com or follow @thepalaciodememoria on Facebook and @palacio.de.memoria on Instagram.

Night of ideas with CCP, French Embassy

THE CULTURAL Center of the Philippines (CCP) supports the global exchange of ideas and knowledge that is “La Nuit des idees” (The Night of Ideas), organized by the Embassy of France in Manila. On Jan. 27, the pocket event — dubbed “Proches a velo: Closer by Biking” — put the spotlight on the development of the culture of cycling in the Philippines. The CCP has always been a destination for most bike enthusiasts in the country. During the pandemic, the biking community has indeed grown leaps and bounds. Among those who attended the event were (L-R): Arturo Carballo, Jr. (Project Lead, SM Bike-Friendly Initiative); Chris Millado (CCP Artistic Director); Martin Macalintal (Cultural Attaché, French Embassy); Cyril Rocke (Vice-President, European Chamber of Commerce in the Philippines); Marc Piton (Counselor for Cooperation and Cultural Affairs, French Embassy); Cameron Gray (electric bike distributor); and Howie Severino (broadcast journalist).

Nicole Coson, Frank Callaghan in Silverlens

SILVERLENS presents two solo shows this month, both running from Feb. 11 to March 13. “Exoskeleton,” a solo exhibition by Nicole Coson, is an extension of the artist’s thesis presentation at the Royal College of Art in London, where she recently completed an MA in Painting. Produced during the pandemic, this series of works was prompted by society’s sudden transformation from public to private. This change, which occurred on a global scale, urged Ms. Coson to consider the renewed way in which people viewed the outside world — through the glass of their windows. Through Venetian blinds, a domestic object perceptible both inside and out, Ms. Coson subtly communicates society’s seismic shift in a manner that contrasts the volume of its context and import. Meanwhile, in “Flux,” a solo exhibition by Frank Callaghan, the artist shifts his attention away from the moon, instead focusing on capturing moonlight, seascapes, as well as the surface of the water itself. The photographer actively explores disruption by intervening restful scenes to encourage disarray. Through long exposures at night with minimal post processing, Mr. Callaghan continues to push the potential of what a single photographic exposure can compress to a surface. Simultaneously, he explores how the surface can act as an intermediary of meaning. Visits to the gallery, located at 2263 Don Chino Roces Ave. Ext., Makati, are by appointment only. Call 8816-0044, 0917-587-4011, or e-mail info@silverlensgalleries.com.

German lawmakers turn sights on finance ministers in Wirecard fraud fiasco

FRANKFURT — Fresh from toppling the head of Germany’s top financial regulator last week, lawmakers are turning their fire on finance minister Olaf Scholz and his deputy Joerg Kukies.

As their inquiry into the collapse of Wirecard gathers pace, it has put Germany’s biggest fraud center stage in national elections in which Mr. Scholz wants to stand for chancellor.

“The focus of the parliamentary inquiry will more and more shift to the role of Scholz and his ministry,” Florian Toncar, a lawmaker involved in the investigation said.

The inquiry into the implosion of a payments company which was once worth $28 billion and hailed as a German success story has embarrassed the country’s governing centrist coalition.

Mr. Scholz and Mr. Kukies, who deny responsibility for failings which led to Wirecard’s collapse, have responded with reforms to the structure and leadership of financial watchdog BaFin. They are due to announce further changes on Tuesday.

But lawmakers are growing impatient, with some such as Danyal Bayaz saying Mr. Scholz has been slow to respond.

“The tough questions about political responsibilities only start now,” Fabio De Masi, one of the lawmakers driving a parliamentary inquiry into the affair, told Reuters.

Mr. Scholz’s Social Democrats (SPD) have been in a coalition government with Angela Merkel’s Christian Democrats (CDU) for years and he hopes to succeed her as chancellor in elections later this year following her decision to retire.

But the SPD is struggling with voters, polling a distant third behind the CDU and the Greens, while criticism of Mr. Scholz is also emanating from within Ms. Merkel’s party.

“Consequences for the finance ministry are now overdue,” CDU parliamentarian Hans Michelbach said.

KUKIES CONNECTIONS
Mr. Kukies’ role has also come under close scrutiny and lawmakers have highlighted multiple discussions he held with regulators, Wirecard executives, bankers and others.

The Finance Ministry said these were part of his job.

Lawmakers say they also want to examine a €100-million ($121- million) loan to Wirecard by a subsidiary of state bank KfW in September 2018, some two years before its collapse.

One person with knowledge of the matter told Reuters that the money was unsecured and that 90% of the loan by KfW’s IPEX bank had been written off.

The finance ministry said that the bank’s supervisory board, on which Mr. Kukies sat, was not involved and learned of the loan only in the middle of last year.

The lawmakers are also calling for details of communications between Kukies and the CEO of Goldman Sachs in Germany, his former employer, Mr. De Masi said.

Goldman Sachs declined to comment, referring to Wolfgang Fink’s statement that he had no contact with officials on Wirecard.

The Finance Ministry also said there had been no contact.

German lawmakers are not the only ones to see the root cause of BaFin’s problems in the finance ministry, a weakness also flagged by European regulators last year.

Hans-Peter Burghof, a professor at the University of Hohenheim, said the ministry had years ago hired many of the agency’s top staff. “They lost this spirit of independence.” — Reuters

How PSEi member stocks performed — February 2, 2021

Here’s a quick glance at how PSEi stocks fared on Tuesday, February 2, 2021.

Household spending on non-essentials remains subdued in the fourth quarter of 2020

Household spending on non-essentials remains subdued in the fourth quarter of 2020

PSEi improves on bicam approval of CREATE bill

By Revin Mikhael D. Ochave, Reporter

PHILIPPINE STOCKS closed higher on Tuesday as investor sentiment got a lift from the Bicameral Conference Committee’s approval of the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE).

The bellwether Philippine Stock Exchange index (PSEi) improved by 53.12 points or 0.77% to close at 6,867.88, while the broader all shares index rose 40.5 points or 0.98% to 4,144.17.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail that the market improved as investor sentiment was boosted by the approval of the CREATE bill by the Bicameral Conference Committee on Monday.

“The bill is expected to boost the economy’s recovery with the outright reduction of corporate income tax and other fiscal incentives,” Mr. Mangun said.

Under the proposed law, the country’s corporate income tax will be lowered to 25% compared to the current rate of 30%.

“Included in the law is the value-added tax free sale and importation of coronavirus disease 2019 (COVID-19) drugs, vaccines, medical devices, and components of personal protective equipment until December 2023, which will make the process cheaper for the private sector,” Mr. Mangun said.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a mobile phone message that the market closed higher as Socioeconomic Planning Secretary Karl Kendrick T. Chua announced the possibility of further relaxing the country’s quarantine measures by March.

“The easing of restrictions would allow more consumer and business activities, which in turn would help our local economy recover,” Mr. Tantiangco said.

Mr. Chua said in a briefing on Monday that the rollout of COVID-19 vaccines will improve consumer and business confidence, adding the government is not expected to hit its growth targets until lockdowns are eased further.

Majority of sectoral indices at the PSE ended higher on Tuesday, with property being the sole decliner as it went down by 12.68 points or 0.35% to 3,514.47.

Mining and oil increased 278.57 points or 3.3% to 8,715.96; industrials went up 228.59 points or 2.59% to 9,040.26; holding firms climbed 84.43 points or 1.23% to 6,950.16; financials gained 8.39 points or 0.59% to 1,430.18; and services surged 8.19 points or 0.54% to 1,503.73.

Value turnover on Tuesday amounted to P10.66 billion with 56.17 billion issues switching hands, higher than the P9.98 billion with 32.11 billion shares traded in the previous session.

Advancers beat decliners, 157 against 68, while 43 names ended unchanged. Net foreign selling went down to P567.48 million from the net outflows worth P1.19 billion seen on Monday.

“Investors are slowly gaining confidence as more developments progress. The main index remains in a downtrend and until we see it break above 7,000, the current trend will remain,” AAA Southeast Equities’ Mr. Mangun said.

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