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Global banks warn of market chaos if court will abolish LIBOR

SOME OF THE world’s biggest banks are urging a US judge not to immediately terminate the London Interbank Offered Rate (Libor) after a group of borrowers filed suit claiming the benchmark was the work of a “price-fixing cartel.”

Defendants in the case, including JPMorgan Chase & Co., Credit Suisse Group AG and Deutsche Bank AG, said in a November filing that an injunction abruptly ending the Libor would wreak havoc on financial markets and undermine years of work reforming the reference rate. The plaintiffs, which include 27 consumer borrowers and credit card users, are also seeking monetary damages.

Attorneys not involved in the case say the chances of an injunction are slim. Yet it underscores the risks and legal costs for banks that continue to prop up Libor, which still underpins hundreds of trillions of dollars of financial assets around the world. It also highlights the fragility of the discredited benchmark, which in theory could be halted by a single court decision.

“You have to take it seriously because it would be a catastrophe if it was granted,” said Anne Beaumont, a partner at law firm Friedman Kaplan Seiler & Adelman LLP. “They’re likely going to continue to get sued like this as long as it’s there.”

A San Francisco judge has said he will render a decision on the injunction without a hearing. The judge is scheduled Thursday to hear a request by the banks to transfer the case to Manhattan federal court.

Libor is derived from a daily survey of bankers who estimate how much they would charge each other to borrow. It’s used to help determine the cost of borrowing around the world, from student loans and mortgages to interest-rate swaps and collateralized loan obligations.

In the wake of the 2008 financial crisis, regulators discovered that lenders had been manipulating the rates to their advantage, resulting in billions of dollars of fines.

If the benchmark were to be immediately switched off, many derivatives contracts already contain contractual fallback language that would enable them to transition to an alternative rate, according to Y. Daphne Coelho-Adam, a counsel at Seward & Kissel LLP who is not involved in the case. But hundreds of billions of dollars of bonds, loans and securitizations lack a clear replacement rate and could pose a threat to financial stability.

The banks said in filing that none of the plaintiffs have shown that they ever paid interest based on Libor, adding that the suit is built on “baseless theories of antitrust liability.” Regulators have warned that even a temporary disturbance of Libor could devastate financial markets, the banks’ attorneys said. — Bloomberg

How to keep your resolutions throughout 2021

AFTER the kind of year 2020 was, people hope that the new year brings better things. As people enter 2021 with a renewed sense of purpose and strive to stay consistently motivated, the wearable tracker and app Fitbit has come up with five ways they can stay inspired:

1. Think and dream big. Instead of making an extensive list of resolutions, think of one to three major milestones to achieve and the reasons for choosing these goals. If you are hoping to adopt healthier eating habits, for example, analyzing your attitude toward eating may help you better control what you consume — it also might be the push you need to eat real and nutritious food, drink more water, and refrain from eating too much.

2. Break down that big dream into small, realistic steps. Come up with easy, doable tasks that will allow you to slowly reach your goal. It can be as simple as taking a certain number of steps each day or getting at least eight hours of sleep every night. These simple habits allow you to move well daily, build strength, and improve your energy throughout the day. Small changes can make a huge difference in the span of a year. Keeping a wearable tracker like Fitbit can allow you to monitor your fitness data and adjust to these little changes in your body.

3. Reward yourself. Working from home makes it tough to navigate the distractions that come up and maintain focus. These issues are to be expected in this unprecedented time, so allow yourself to celebrate the littlest things and learn how to rest and recover when you feel tired. You can also try investing in workout gear that will make you feel good and excited to get your sweat on. Whether it’s a new pair of workout shorts, running sneakers, or a new band for your wearable tracker, a new look might help you stay energized.

4. Find a community. Although we are entering the new year in quarantine, there are still plenty of ways to keep in touch with other people. Working out with family and friends is not only more enjoyable — you’re also more likely to stay on track. Having a workout buddy increases the amount of exercise people motivate themselves to do, especially when there’s a layer of emotional support. You can even keep each other accountable by using an app to join larger communities and track your individual progress.

5. Understand what’s best for your whole person. Over time, the physical strain from stress can contribute to a variety of health problems if unmanaged, like an increased risk for high blood pressure and heart disease, obesity, diabetes, and mental health disorders like anxiety or depression. Noticing the positive effects on your body can make sticking with habits down the road a lot easier. It’s time to practice mindfulness. Remember that the habit-building process is also a way of caring for one’s entire well-being.

Refinery closures not seen to affect energy security in short, medium-term

A DEPARTMENT OF ENERGY (DoE) official said that the shuttering of oil refineries would not affect the Philippines’ energy security in the short to medium term due to the abundance of finished petroleum products across the region.

“So far, in the short and medium term, we don’t see any potential difficulties, considering that there’s so much finished petroleum products available within the region currently,” DoE Assistant Secretary Leonido J. Pulido III said on Tuesday during the second day of the committee hearing on the midstream natural gas industry act or Senate Bill No. 1819.

He said this in response to Senator Risa N. Hontiveros-Baraquel’s question on whether the closing of all refineries across the country would affect the Philippines’ energy security in the long run.

“Of course, there’s an impact. It’s ideal to have your own refinery in your country,” Mr. Pulido said.

Petron Corp. and Pilipinas Shell Petroleum Corp. earlier that they would be shuttering their respective refineries.

Petron President Ramon S. Ang said that the firm would close its 180,000 barrel-per-day (bdp) refinery in Limay, Bataan due to poor refining margins and an uneven playing field.

In a disclosure on Tuesday, the listed oil company said that it was infusing around P3 billion to improve its refinery operations, but added that the plant’s economic shutdown would still push through “early this year.”

Meanwhile, Pilipinas Shell announced that it was shuttering its 110,000-bpd plant in Tabangao, Batangas in August due to the worsening regional refining margins caused by the global health emergency. It added that it would be transforming the facility into an import terminal.

PETROLEUM RESERVES
During Tuesday’s senate hearing on SB 1819, Mr. Pulido also said that the DoE was working on a draft bill and draft department circular to establish a strategic petroleum reserve (SPR) in the country.

The said bill will put the Philippine National Oil Co. (PNOC) at the “forefront of ensuring petroleum security in the country”, the DoE official said.

In May last year, DoE Secretary Alfonso G. Cusi said that the department was prioritizing a program that seeks to establish an SPR, with regulations being prepared and a feasibility study led by PNOC in the works.

The Senate hearing on Tuesday sought to listen to energy stakeholders’ comments on SB 1819, which aimed to regulate the country’s midstream natural gas industry. The industry covers various operations down the pipeline such as aggregation, supply, importation, receipt, unloading, loading, processing, storage, regasification, transmission, and transportation of natural gas in its original or liquefied form.

The proposed bill was introduced in light of the thinning reserves of the offshore Malampaya deepwater gas-to-power project. The project is spearheaded by the DoE, and developed and operated by Shell Philippines Exploration B.V. on behalf of joint venture partners.

The Malampaya project, which supplies fuel to five Luzon-based power plants with a combined capacity of 3,200 megawatts, accounted for 21.1% of the country’s gross power generation in 2019. The Energy department estimated that its reserves would be depleted in six years’ time. — Angelica Y. Yang

Dining In/Out (01/14/21)

Sofitel’s Food Truck Festival returns

THE WEEKEND Food Truck Festival of Sofitel’s Sunset Bar returns, with international favorites complemented by free-flowing beverages amidst a lush bayside garden with a sunset view. Al fresco dining sets a new standard for a safe and leisurely gastronomic experience. Executive Chef Bettina Arguelles showcases popular food truck favorites such as tacos, burgers, smokehouse-grilled specialties including smoked salmon, roast beef, pork ribs, bellychon, seafood and pork skewers, sausages, and the chef’s choice of sizzling specialties prepared àla minute for a guaranteed Accor ALL SAFE seal. Making the evening better are free-flowing local beer, iced tea, soda, and wine. Sunset Bar’s Food Truck Festival will be up and running every Saturday and Sunday from 6 to 10 p.m. Rate is set at P2,850 per person. For reservations and inquiries, call F&B Reservations at 0917-309-2161 or 8832-6988, or e-mail H6308-FB12@sofitel.com.

Safer al fresco dining at Araneta City’s #PopUpNight

ARANETA City’s weekend al fresco offering at the Manhattan Row continues this 2021. The #PopUpNight Dine Out Weekend along Malvar Street will now run for a much longer time — from 3 to 11 p.m. every Friday and Saturday. The al fresco offerings of stores like Ally’s All Day Breakfast, Giovanni’s, Marina Grill, Mang Inasal, Gilligan’s, The Eatery, Mister Kabab, Bonchon, and Moonleaf Milk Tea will be on offer, along with sidestreet booths of Pizza Hut, Dairy Queen, and Taco Bell. Just order at the booths, and wait for your food to be delivered to your seats. Other food stalls will also open along the road to offer more choices to the dining patrons. Araneta City’s #PopUpNight gives the public a safer option for eating out during the pandemic. Most experts suggest that the risk of viral transmission is lower in open-air outdoor dining compared to typical indoor dining due to better air ventilation. Physical distancing and other safety measures will be strictly implemented as part of the “new normal” experience.

Old Swiss Inn goes back to 1946

TO CELEBRATE its 75th anniversary, Old Swiss Inn is bringing back its Price Rollback promo. While the mechanics have changed, what remains the same is that the restaurant is offering some of its signature dishes at 1946 prices. Every month, Old Swiss Inn will be featuring some of its famous dishes that can be availed of at their estimated original price on the 1940s menu — for example, Hungarian sausage in January for P12, schublig in February for P12, fresh corned beef in March for P17, all the way to prime rib in August for P35. For every spend of P5,000, the diner can purchase the featured dish per month at their rollback price. Only items availed from Old Swiss Inn, Pinkie’s Farm, and Fearless Apron for dine-ins, take-out, and delivery transactions will be considered. (Drinks and Pinkie’s Farm & Friends items, functions, catering service, set menu, and other special menus are not included in the time warp. Regular prices prevail.) Every P5,000 worth of purchased item is equivalent to one stamp. All stamps will be collected and monitored digitally. One can earn one Rollback menu key by collecting 10 stamps. With every key, the diner can order an item from the Rollback Menu (Only one dish per kind is allowed) including Prime Rib. Clients can only unlock their keys from the Rollback Menu on any of their preferred days in August and it shall only be redeemed all at once. Service charge and VAT will be applied.

Two limited edition drinks at Shake Shack

FOR a limited time only, Shake Shack will be serving Lychee Lemonade and Strawberry Cookies & Cream Shake. Lychee Lemonade (P130 for a small glass; P160 for large), is a Shack-made lemonade blended with lychee puree, while Strawberry Cookies & Cream Shake (P190) is made with vanilla custard blended with strawberry puree and vanilla cookies, topped with whipped cream and vanilla cookie crumbles. They are available at Shake Shacks or via Grab and foodpanda.  For advance orders call Shake Shack Central Square (8255-3240), Shake Shack SM Megamall (8362-1450), or Shake Shack Greenbelt (7933-6724).

Banapple now open at Shangri-La Plaza

BANAPPLE has started serving its home-cooked style dishes and desserts at Shangri-La Plaza. Mall guests will get to enjoy Banapple’s Banoffee Pies and Apple Caramel Crumble Pies as well as its notable dishes such as Hickory Smoked Barbecued Country Ribs and Chicken Parmigiano at the Shang. They also have the option to enjoy Banapple’s dishes at home with the restaurant’s recently launched express delivery services for their safety and convenience. To make family meals more special, Banapple now also offers some of its dishes in food trays. Established in 1997, this restaurant started out as a bakery but soon expanded its offerings to include soups and salads, pastas, sandwiches, dishes, and savory pies, as well as pancakes and other breakfast favorites. Banapple is at Level 5 of the Main Wing. For updates and inquiries, follow Shangri-La Plaza on Facebook at www.facebook.com/shangrilaplazaofficial and on Instagram @shangrilaplazaofficial.

BSP inks lease for new complex in New Clark City

THE BANGKO SENTRAL ng Pilipinas (BSP) has inked a lease contract with the Bases Conversion and Development Authority (BCDA) for the central bank’s new complex that will soon rise in New Clark City.

The facility will be located at the national Government Administrative Center located in New Clark City, Capas, Tarlac.

The BSP and BCDA in September 2019 signed a memorandum of understanding for the project.

The complex will cover more than 300,000 square meters. Once built, the complex will be the site of the central bank’s production and distribution of currency; printing of secure products such as the national identification card and land title certificates; executive offices and administration buildings; green spaces and employee wellness areas; and a museum, among others.

“This new facility is intended to strengthen the strategic foothold of the BSP in the country’s key growth corridors, in pursuit of its mandates in the areas of currency and securities production and distribution,” Mr. Diokno said at the virtual signing event on Wednesday.

“The BSP and BCDA affirm its shared commitment to promote efficient and effective governance by supporting the Government’s infrastructure program to decongest the National Capital Region and decentralize the delivery of public services,” he added.

Based on the agreement, the BSP will lease the land on which its new complex will stand for a period of 50 years. The BSP will have the option to renew this for another 25 years upon agreement with the BCDA. 

Mr. Diokno said the contract signing will be followed by procurement of the architectural and engineering design and the construction of the facilities which, he said, will be “modern and eco-friendly”. — LWTN

Bespoke fridges are Samsung’s next bet to win millennial market

AFTER A BOOM in sales of refrigerators and cleaners during coronavirus disease 2019 (COVID-19), Samsung Electronics Co.’s home appliance business is looking ahead to the post-pandemic era by focusing on offering personalized devices to younger customers.

The South Korean giant’s home appliance business, which accounts for almost 10% of total revenue, should report a 10% increase in sales for 2020, Jae Seung Lee, president and head of digital appliances business, said in an interview. Demand will continue through the first six months of this year, but sales will start to weaken in the second half once the economic effect of subsidies wane and people start getting back to normal life after vaccines roll out, according to Mr. Lee.

“We are drawing up contingency plans as we expect a sales slowdown in the second half,” he said at Samsung’s headquarters in Suwon. “There will be another new battle for market share. We will aggressively carry out new product sales for the second half and overcome challenges by providing differentiated products.”

Spurred by stay-at-home demand, the world’s largest memory chip and electronics maker has benefited from strong sales of semiconductors that goes into everything from PCs and TVs to data centers as well as digital appliances. Samsung’s home appliance business initially suffered from plant closures when COVID-19 spread to Europe and the US last year, but the company swiftly adjusted its global supply chain to meet increased demand for larger fridges to store food and for vacuum cleaners and washing machines.

Samsung slid roughly 1.7% in Tuesday trade, after two sessions of gains propelled by a strengthening memory market outlook and news that Intel Corp. was considering outsourcing some of its manufacturing.

Looking beyond to the post-COVID era, Samsung plans to target millennial customers who shop online and prefer personalized designs, Mr. Lee said. Online sales rose 50% globally in the third quarter, while Bespoke refrigerators that can be customized according to size, material and color — specialty fridges for kimchi are a popular option — accounted for more than 67% of the Korean market last year.

“Customers had few options among products made by a traditional manufacturing system,” said Mr. Lee. “Our way of manufacturing has to be changed for the personalization of appliances, and that’s a big transition.”

While the shift to order-based production will increase costs, the company is betting that the strategy will create sales opportunities, Mr. Lee said. Samsung, whose Bespoke lineup also includes wine coolers and dishwashers, is seeking to open up its production ecosystem to suppliers and furniture studios so that clients can have more design options. It plans to start sales of Bespoke fridges in the US, Middle East, and Europe this year.

The division is also pushing software customization that will enable its home appliances to offer AI-based solutions to users. While the company’s own Bixby voice assistant is here to stay, Mr. Lee said Samsung is open to working with Amazon.com, Inc and Alphabet, Inc.’s Google to connect their rival systems to its gadgets.

With demand for sterilization and hygiene capabilities on digital appliances rising, Samsung is considering making built-in water purifiers as well as a new version of its Air Dresser closet for shoes, while strengthening the sterilization features in its air purifiers. At an online event for the CES consumer technology show this week, the company also unveiled a new robot vacuum cleaner, called JetBot 90 AI+, with three cameras with LiDAR and 3D sensors that will go on sale globally in the first half of this year. — Bloomberg

How PSEi member stocks performed — January 13, 2021

Here’s a quick glance at how PSEi stocks fared on Wednesday, January 13, 2021.

Stocks decline further as investors pocket gains

By Revin Mikhael D. Ochave, Reporter

THE MAIN INDEX closed lower on Wednesday, extending its decline to a second day, as investors booked profits from the local market’s heavyweights.

The benchmark Philippine Stock Exchange index (PSEi) fell 15.26 points or 0.21% to end at 7,242.85, while the broader all shares index dropped 2.83 points or 0.06% to 4,334.93.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a mobile phone message that the market ended lower as investors pocketed their gains on index heavyweights such as Ayala Corp. (AC), Ayala Land, Inc. (ALI), and JG Summit Holdings, Inc.

On Wednesday, shares in AC fell P21.50 or 2.56% to end at P818.50 apiece; ALI stocks declined P1.05 or 2.53% to close at P40.40 each; and stocks of JG Summit lost 30 centavos or 0.41% to end at P72 per share.

“Funds went more into second liners and speculative stocks allowing the overall market to have a positive breadth,” Mr. Tantiangco said.

Advancers bested decliners yesterday, 131 against 105, while 37 names ended unchanged.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun said the market closed lower as investors were on a “wait and see” mode.

“Volatility on blue chips continues to die down while second and third liners remain extremely active. Investors are waiting until economic activity can justify current blue chip valuations before buying any higher,” Mr. Mangun said in an e-mail.

“The main index has stalled every time it climbed above 7,200. There is still a lot of uncertainty and we will not see the market go higher until we see more good news,” he added.

Finance Secretary Carlos G. Dominguez said at a virtual meeting of the Management Association of the Philippines (MAP) on Tuesday that preliminary data showed the national government’s budget deficit reached P1.36 trillion or around 7.5% of the country’s gross domestic product.

Majority of sectoral indices finished lower on Wednesday, except for mining and oil, which rose 207.83 points or 2.13% to 9,954.71, and financials, which improved 21.99 points or 1.49% to 1,490.08.

Meanwhile, property retreated 43.65 points or 1.16% to 3,695.47; industrials declined 42.63 points or 0.44% to 9,546.44; services went down 2.61 points or 0.16% to 1,538.85; and holding firms lost 11.46 points or 0.15% to 7,413.42.

Value turnover reached P9.17 billion on Wednesday with 17.08 billion issues switching hands, lower than the P9.74 billion with 41.52 billion issues seen in the previous trading session.

Net foreign selling amounted to P220.06 million yesterday, higher than the P25.03 million worth of net outflows logged on Tuesday.

Peso slips as oil prices spike

THE PESO inched down versus the greenback on Wednesday as oil prices climbed to their highest levels in almost a year.

The local unit closed at P48.069 per dollar yesterday, depreciating by 1.80 centavos from its P48.051 close on Tuesday, data from the Bankers Association of the Philippines showed.

The peso started Wednesday’s session at P48.03 against the dollar. Its weakest level was at P48.07 while its intraday best was at P48.03 versus the greenback.

Dollars traded increased to $635.1 million from the $476.25 million on Tuesday.

The peso depreciated due to higher oil prices, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Reuters reported that pump prices rose by more than 1% on Wednesday. Gains were led by Brent crude prices that inched up 1.7% or 79 cents to $57.37 a barrel by 0420GMT while the US West Texas Intermediate price increased 1.3% or 67 cents to $53.88 per barrel.

Both benchmarks saw their prices at their highest since February, prior to the escalation of the virus into a pandemic.

Meanwhile, a trader said the peso slipped as investors await the stimulus package of US President-elect Joseph R. Biden.

Mr. Biden said he will reveal a trillion-dollar worth of package this week that includes state and local government funds for the pandemic, as well as rent and unemployment support.

For today, Mr. Ricafort expects the peso to move within the P48.04 to P48.09 band versus the dollar while the trader gave a wider P48 to P48.20 range. — LWTN with Reuters

Filipino from UAE tests positive for UK coronavirus strain

The more contagious coronavirus strain first detected in the United Kingdom has reached the Philippines, according to the Department of Health (DoH).

In a statement, the agency said the Philippine Genome Center detected the UK variant from samples of a Filipino who arrived from the United Arab Emirates on Jan. 7.

The male resident from Quezon City went to Dubai on Dec. 27 and came back last week via an Emirates Flight. His female partner who accompanied him on his trip had tested negative for the coronavirus but was under strict quarantine.

The two had no exposure to an infected person before leaving for the UAE, DoH said. Health authorities have traced people who had contact with them.

“The DOH has also secured the flight manifest of the flight in question and contact tracing of other passengers is now under way,” it said.

“Weekly genomic biosurveillance among incoming passengers, local cases, re-infected patients, and those with reported clustering of cases will be intensified,” it said.

DoH called on the public to observe  health protocols to lower the transmission risk. — Vann Marlo M. Villegas

Gov’t to sign contracts for 30M vaccine doses

By Vann Marlo M. Villegas and Charmaine A. Tadalan, Reporters

THE PHILIPPINE government is expected to sign separate deals for 30 million doses of coronavirus vaccines from two drug makers.

It will sign an agreement with UK-based company AstraZeneca Plc on Thursday for 20 million more vaccine doses, vaccine czar Carlito Galvez, Jr.  told an online news briefing on Wednesday.

The state is also in the final stage of negotiations with Moderna, Inc. for at least 10 million doses of its vaccines, Philippine Ambassador to the US Jose Manuel G. Romualdez said in a statement.

The government may also buy 10 million more doses that may be delivered starting in the middle of the year, he said.

In November, the government and private sector signed a deal with AstraZeneca for the purchase of 2.6 million doses of its vaccines.

After the signing, local government units (LGUs) the National Government and vaccine maker will sign a tripartite supply agreement, Mr. Galvez said.

“It is the local government units’ responsibility to administer the vaccines and the National Government will be in charge of the supply for cold chain requirements,” he said on mixed English and Filipino.

Several local government units have allotted funds for vaccines and are seeking to buy from AstraZeneca.

Meanwhile, Mr. Galvez said the government expects the emergency use authorization (EUA) for the vaccine made by China’s Sinovac Biotech Ltd by February 20. The government will order 25 million doses from the drug maker.

“We know how many doses will arrive every month,” he said in Filipino, adding that 50,000 doses will be here next month.

Mr. Galvez said Sinovac is still consolidating the results of its phase three clinical trials in Brazil and Turkey. It is also waiting for an emergency use authorization for general use in China, he added.

Russia’s Gamaleya Research Institute of Epidemiology and Microbiology and Pfizer, Inc. have also filed for emergency use with the local Food and Drug Administration.

Meanwhile, Mr. Romualdez said ICTSI would pay for the shipping of vaccines from Moderna’s manufacturing facility in Spain. “I welcome the pledge of support of the private sector led by International Container Terminal Services, Inc.’s Enrique Razon in shipping and distributing the vaccines.”

Mr. Galvez told senators on Monday the government was expecting to start the rollout of coronavirus disease 2019 (COVID-19) vaccines in February under the COVID-19 Vaccines Global Access (COVAX) facility. About 40 million doses are expected from COVAX, which could inoculate as many as 30 million people.

The Senate will resume hearings on the government’s immunization program on Friday. Senators want to know how the state can buy 148 million doses by year-end to cover at least 50 million Filipinos.

“We’ve not been able to cross all important points,” Senator Vicente C. Sotto III told an online news briefing. “There are still many issues that we’d like to discuss.”

He said the private sector and local government units had been invited to the hearing.

Senators have asked the Health department and other agencies in the past hearing to allow private companies and local governments to directly order vaccines instead of routing these through the National Government.

CASE TALLY
The Department of Health (DoH) reported 1,453 coronavirus infections on Wednesday, bringing the total to 492,700. The death toll rose by 146 to 9,699 while recoveries increased by 458,523, it said in a bulletin.

There were 24,478 active cases, 84.9% of which were mild, 6.1% did not show symptoms, 5.5% were critical, 3% were severe and 0.50% were moderate.

Quezon City reported the highest number of new cases at 95, followed by Cavite at 66, Manila at 54, Davao City at 50 and Cebu City at 44.

DoH said 11 duplicates had been removed from the tally, while 44 recovered cases were reclassified as deaths. Four laboratories failed to submit their data on Jan. 12.

About 6.7 million Filipinos have been tested as of Jan. 11, according to DoH’s tracker website.

The coronavirus has sickened about 92.1 million and killed about two million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization (WHO). About 65.9 million people have recovered, it said.

The OCTA Research Team from the University of the Philippines on Tuesday said Metro Manila is likely to experience a fresh surge in coronavirus infections in the coming weeks after people violated social distancing rules during the holidays.

It also said that there was an upward trend in cases, with the virus reproduction number in Metro Manila increasing past 1 to 1.17 as of Jan. 10, meaning an infected person can infect another person.

The last time it was above 1 was on Dec. 21 and had remained below that during the holiday season after testing was reduced by more than 40%.

Vaccination fears may ease with Duterte’s own shot

GIVING President Rodrigo R. Duterte a coronavirus vaccine shot would probably persuade hesitant Filipinos to get vaccinated, according to the country’s vaccine czar.

Vaccinating the President, who enjoys a 70% approval rating, would boost the confidence of Filipinos in the government inoculation drive, Carlito G. Galvez, Jr. told an online news briefing on Wednesday.

A poll by the OCTA Research Team in December showed that only a quarter of Filipinos in Metro Manila are willing to get vaccinated against the coronavirus. It said 28% did not want the vaccine, while 47% were undecided.

Mr. Galvez said he and other officials were willing to get vaccinated with whatever drug will arrive in the country first.

Presidential spokesman Harry L. Roque said earlier Mr. Duterte preferred the vaccines developed by China’s Sinovac Biotech Ltd. and Russia’s Gamaleya National Center of Epidemiology and Microbiology.

A poll by the Social Weather Stations in 2019 showed that most Filipinos do not trust China, which had a “bad” net trust score of minus 36.

Aside from China’s Sinovac, vaccines developed by US drug maker Pfizer, Inc. and British firm AstraZeneca, Plc may be among the first to arrive in the country, Mr. Galvez said. — Kyle Aristophere T. Atienza

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