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PBA grateful to stakeholders in making bubble a success

THE Philippine Basketball Association (PBA) tournament “bubble” at Clark City in Angeles, Pampanga, is now in its homestretch and has proven to be a success, something the league is very grateful for, giving credit to the cooperation of stakeholders, particularly the players and coaches.

From a full complement of 12 teams in the restart in October, competition in the PBA Philippine Cup is now down to two teams, with the Barangay Ginebra San Miguel Kings and the TNT Tropang Giga getting their best-of-seven finals series going later on Sunday.

The finals series is the culmination of the PBA wanting to squeeze in at least a conference in its coronavirus pandemic-hit season, going the bubble way where it had all tournament participants holed up in a specific area for a duration of time.

This is to allow them to have a close contact in a very defined and exclusive setup to guard against the spread of the coronavirus and operate with less disruption.

While the bubble had its hiccups, especially in the early goings, including a player and a referee initially testing positive for the virus, the PBA has managed to overcome them and has seen its vision for the bubble, by and large, fulfilled.

“Yes. I’m satisfied [with the way the bubble has turned out],” said PBA Commissioner Willie Marcial on the Power & Play with Noli Eala radio program on Saturday.

“I give credit to the players for giving their all during the games and cooperating. They are not holding back on their play. And the coaches, who did not complain about the scheduling where we had them playing almost every day,” said the PBA chief.

He also threw praises to the management and staff of the Clark Development Corp. and the Bases Conversion and Development Authority for hosting them and guiding the league, especially when it hit a rough patch.

“We are lucky we are in Clark. The security is strict to ensure the integrity of the bubble. They have put up good protocols for us to follow. We initially had hiccups with the early positive cases, but with the help of the CDC and BCDA, we were able to deal with them accordingly. And we’re happy to report that there have been no positive cases since then,” Mr Marcial added.

The PBA decided to suspend its 45th season in March as the coronavirus started to make its presence felt in the country.

On Oct. 11, the league started with its bubble, with the Angeles University Foundation Sports Arena serving as the official game venue and the Quest Plus Hotel inside Mimosa serving as home to the 350-strong PBA delegation. — Michael Angelo S. Murillo

Miami Heat sign Bam Adebayo to mega deal, also ink Udonis Haslem

THE Miami Heat reached deals Saturday with two players from their National Basketball Association (NBA) Finals squad, signing center/forward Bam Adebayo to the richest deal in franchise history, while also coming to terms on a one-year deal with veteran forward Udonis Haslem.

Adebayo, 23, officially agreed to a five-year, $163 million deal with escalator clauses that could take it has high as $195 million, multiple outlets reported. Escalators include earning a spot on the All-NBA team, or earning an MVP or defensive player of the year in the upcoming season.

The deal tops the previous high when Jimmy Butler signed a $141 million pact with the team.

Adebayo will make $5.1 million in the upcoming season on the final year of his rookie deal before his season-salary jumps north of $28 million for the 2021-22 season.

Adebayo had a breakout 2019-20 season when he averaged 15.9 points with 10.2 rebounds and 5.1 assists. He was even better in the playoffs with 17.8 points and 10.3 rebounds, while adding 4.4 assists in 19 of the team’s 21 playoff games.

The Heat fell just short of an NBA title this past season, losing to the Los Angeles Lakers during a six-game Finals series.

Miami re-signed Haslem to a $2.6 million veteran minimum deal, according to the Miami Herald. The deal means the 40-year-old will return for his 18th season, all of them with the Heat. — Reuters

Silly-season event

As a silly-season event, The Match: Champions for Charity could not have been more successful. First, it had as participants crossover stars, and arguably the four biggest, from two sports. Second, it had a format that lent well to remote appreciation; with the novel coronavirus pandemic still requiring quarantine protocols that prevented spectators to be on site, it provided ample opportunity for spectacular golf, not to mention friendly ribbing. And, third, it had a good cause; it wound up raising a whopping $20 million to fund COVID-19 relief efforts.

The Match: Champions for Charity ended up generating the highest ratings in cable recession history. And because it managed to exceed already oversized expectations, plans were naturally drawn up for a third iteration. There was one problem, however. The very factors that turned it into a certified hit likewise served to make it untenable for its biggest draw. Indeed, Tiger Woods proved, at best, to be a grudging party to the endless ribbing among the competitors. Make no mistake; he could dish it out just as well as Phil Mickelson, Tom Brady, and Peyton Manning did. He just didn’t want to in front of the cameras. Moving forward, the producers were left with no choice but to exclude him from plans.

In the absence of the extremely private Woods, The Match III: Champions for Change was green-lit with just about nothing left sacred. That Charles Barkley, whose claim to fame involved a notorious hitch that even weekend hackers did not possess, would be tapped was a masterstroke in counter-programming; what skills he lacked while he was swinging a club, he more than made up for in the times he wasn’t. Meanwhile, Mickelson and Manning remained naturals with cameras and microphones nearby, while newcomer Steph Curry had both the low handicap and affable personality to complete the foursome.

Not that Woods didn’t have any presence at all in the Thanksgiving feature. Six months removed from his starring role in the previous event, he got things going with presents for Barkley; he gave the hoops Hall of Famer a traffic cone, a reflectorized vest, and an airhorn — all for assistance in anticipated trouble. The results, however, showed that The Round Mound of Up and Down needed no such gear. Pride got the better of the temptation for self-deprecation, and tons of practice prior to the exhibition paid off.

Indeed, Barkley would go on to win, thanks in large measure to a great start that more than made up for a shaky finish. He had a perfect partner in Mickelson, whose predisposition to teach, and teach, and teach, served him in good stead, calming his nerves under pressure and becoming his sounding board in serious and funny moments alike. To be sure, it helped his cause that Curry and Manning played well below prognoses and thus tilted the odds in his favor. Looking back, he can hold his head high and say he did better — make that much better — than them.

Granted, Barkley wasn’t perfect. Far from it. He still had shots and shanks that he would have liked to take back. That said, he was shocking steady early on, and then often enough, to acquit himself on the course. He and Mickelson won with plenty to spare, and he left Stone Canyon with a deserved smile on his face. In surviving the heckles from his Inside The NBA co-hosts, he made all and sundry remember that golf is entertainment, too. He also made all and sundry forget about Woods, even for just a while.

 

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

San Francisco sets new curbs, faces ‘dangerous’ period

SAN FRANCISCO was moved to the most restrictive tier by California following a jump in coronavirus cases, prompting a slew of new measures across the city.

“I don’t know how to be more clear — this is the most dangerous time we’ve faced during this pandemic,” said Mayor London Breed.

The new restrictions kicked off Sunday, starting with the closure of movie theaters, gyms, museums, zoos and aquariums, and even houses of worship — a move resisted by Los Angeles on Friday. The capacity at indoor stores, including pharmacies, will be cut by half to 25%.

Outdoor entertainment activities including carousels, ferris wheels, train rides and trampolines will also be shut, though playgrounds, mini-golf, skate parks and batting cages can still operate. Schools that have already opened will be able to stay open. Along with most of the state that faced new restrictions, the 10 p.m. overnight curfew will also start Monday, the city said.

The move is hitting San Francisco just as Thanksgiving kicked off the holiday season, with an expected increase in travel and retail activity. The city also advised its residents against leaving the county and recommended a 14-day quarantine for anyone who has traveled out of the state.

San Francisco county has had over 15,000 coronavirus cases and 160 deaths, much lower than many other parts of California. In all, the state has had over 1.1 million COVID-19 cases and over 19,000 deaths.

A number of California counties were also moved into the most restrictive “purple” tier, including neighboring San Mateo county, where the San Francisco International Airport is located. — Bloomberg

S.Korea mulls stricter social distancing amid virus spike

SEOUL — South Korean authorities will consider tighter social distancing restrictions on Sunday to clamp down on economic activities after last week saw the fastest spread of infections since the early days of the coronavirus disease 2019 (COVID-19) pandemic.

Prime Minister Chung Sye-kyun is to meet with health authority officials at 3 p.m. (0600 GMT) to decide whether virus curbs need to be tightened further to slow transmissions, Yonhap News said.

South Korea reported 450 infections of the new coronavirus on Sunday after reporting more than 500 new coronavirus cases for three days in a row, according to the Korea Disease Control and Prevention Agency.

This third wave marks the highest level of infections in nearly nine months.

South Korea on Tuesday began applying Level 2 social distancing rules, the third-highest in the country’s five-tier system, in greater Seoul area. — Reuters

Managing diabetes: A collaborative and interprofessional effort 

What crucial roles do patients and health professionals play in diabetes management?

With diabetes remaining as one of the leading causes of death among Filipinos, it is vital for patients to have constant access to quality healthcare and information. At the same time, many should be made aware of this chronic disease and of how it can be diagnosed and prevented. 

Achieving these goals requires strong collaboration among patient and their families, health professionals, and government agencies. As highlighted in a recent BusinessWorld Insights online forum, held in partnership with Mercury Drug Corporation and health care company MSD in the Philippines, interprofessional collaboration among physicians, nurses, pharmacists, and other healthcare professionals is likewise vital in managing diabetes.

Dr. Cecilia Jimeno, FPCP, FPSEDM of the Philippine Society of Endocrinology, Diabetes, and Metabolism (PSEDM), discussed the burden of diabetes on persons who already have it or might have it if the disease is not yet diagnosed.  She stressed that diabetes, or having a long-term or chronically elevated blood sugar, poses a great burden because its symptoms do not show until blood sugar reaches a very high level.

Even if the symptoms are many —which include frequent urination, waking up thirsty, itchiness, ants swarming in toilet after urination, blurring of vision, numbness, and wounds that do not heal up very quickly— a greater majority of people with diabetes do not experience symptoms in the first place, Dr. Jimeno said.

This makes screening very important, especially when one has risk factors, such as age (with older ones more prone to developing the disease), family history, lack of physical activity, being overweight or obesity, and even diseases like tuberculosis or lupus. Moreover, gestational diabetes and polycystic ovary syndrome (PCOS) are also risk factors of women. “If you have just one risk factor, you can already have yourself screened,” explained Dr. Jimeno.

She also emphasized that among families with history of diabetes, there should be determination among members not just to get screened but also to prevent diabetes by adopting healthy lifestyles such as avoiding smoking and sugary beverages.

In addressing diabetes, face-to-face consultation is usually the immediate action. With the pandemic making it difficult to hold such interactions, telemedicine comes as a helpful alternative even if many still prefer face-to-face. This insight was shared by Leyden Florido, a nurse and diabetes educator who also serves as president of the Philippine Association of Diabetes Educators (PADE).

“Technology is important during this pandemic, but our doctors, nurses, nutritionists, pharmacists, dietitians are there to help them,” Florido added.

Sharing the same train of thought, Dr. Jimeno shared that telemedicine can be as effective as face-to-face in spite of its limitations. “If done well, in cooperation with the patient and their family, it can be very effective,” she said, adding that she has observed some of her patients were able to improve their sugar level even through telemedicine consultations. For those who might not be able to access this digital channel, she encourages using other means of communication, such as telephone call or online messaging for consultations to proceed.

Aside from continuing consultations, proper adherence to management of diabetes is crucial for patients with diabetes, Florido pointed out. “We have to facilitate your treatment and we are going to explain why you need that,” she advised patients in adhering to how their doctors manage their condition, which she noted does not only involve medications but also proper nutrition, exercise, as well as preventing stress.

Pharmacists’ role in diabetes care

In addressing the prevalence of diabetes in the country, pharmacists also play a crucial part in helping patients deal with diabetes. 

Ma. Gilda Sebua-Saljay, RPh, president of the Philippine Pharmacists Association, shared that pharmacists have three roles in managing diabetes— in terms of treatment, health promotion, and collaboration with health care professionals. “During this pandemic, more than ever, pharmacists are the most accessible healthcare professionals in the community,” Sebua-Saljay said.

“Pharmacists in the drugstores or in the community setting are the community-based knowledge resource health practitioners,” she added, “and we can help patients understand the dangers of chronic diseases [like diabetes] and the importance of prevention.”

As the country’s leading pharmacy chain, Mercury Drug Corporation (MDC) is helping patients manage the treatment of diabetes through their programs and advocacies. MDC’s Nellie Calipjo, RPh shared that a major program they have implemented in this regard is the “Get Well at Mercury Drug – Diabetes Care” specialty hubs, a one-stop-shop section in some Mercury Drug branches dedicated to the needs of patients with diabetes. “We are proud to say that our specialty hub has been recognized as a first in the retail or community pharmacy industry,” Calipjo said.

“A lot of pharmacists in Mercury Drug were trained by experts from PSEDM and PPhA to improve how they counsel and guide certain customers on all relevant aspects of diabetes management,” explained Calipjo.

To date, there are 29 “Get Well at Mercury Drug – Diabetes Care” specialty hubs nationwide, and MDC plans to add more of these to reach more patients frequenting their stores.

Progress in diabetes treatment and prevention

As the world moves forward from the current pandemic, the panel expressed their hope that diabetes management will further improve, especially with stronger collaboration from various fields and sectors.

“All the technology is here, and in the near future, with the introduction of Universal Health Care in the Philippines, our government will start to pay for outpatient services. Even the consultations will gradually be paid for by the government,” Dr. Jimeno said.

Moreover, Florido also emphasized the need to put more focus on prevention and advocacy to mitigate the burden of diabetes to patients and their families.

Lastly, Calipjo shared that MDC is leveraging its digital channels to spread awareness on diabetes and reach more people who can benefit from reliable information. “We believe that a well-informed patient can better manage or control his or her diabetes,” she said.

TNT books a spot in the PBA Philippine Cup finals

By Michael Angelo S. Murillo

The TNT Tropang Giga booked a spot in the finals of the PBA Philippine Cup following their 91-81 victory over the Phoenix Super LPG Fuel Masters in their semifinal rubber match on Friday at the Angeles University Foundation Sports Arena in Pampanga.

The steadier team throughout the match, TNT frustrated Phoenix on its way to barging into the championship of the Philippine Basketball Association All-Filipino Cup, where it was last in seven years ago.

Ray Parks Jr. led the way for the Tropang Giga in the win, churning out all-around numbers of 26 points, 10 rebounds and six assists.

The contest got off to a competitive start, with the teams knotted at 10-all midway into the opening quarter, before TNT sprinted to build a 25-20 lead at the end of the first 12 minutes.

In the second quarter, offense tapered off a bit as defense was stepped up by both ends.

The score was at 40-34, in favor of the Tropang Giga, at the halftime break.

Phoenix tried to make its move in the third period, led by Calvin Abueva, but still found the going tough with TNT ready for everything its opponent threw en route to padding its lead to nine points, 62-53, heading into the final canto.

The Tropang Giga went for the jugular early in the fourth quarter, stretching their advantage to 16 points, 83-67, with 3:26 to go.

The Fuel Masters tried to make a last-ditch attempt to salvage the victory after, but could only come to within eight points, 89-81, with 32 seconds to go before TNT went to close things out.

Guard Simon Enciso finished with 12 points to backstop Mr. Parks, with Roger Pogoy, Jayson Castro and Jay Washington each adding 11 markers.

For Phoenix, who came just a win away from making its first-ever PBA finals appearance, it was Mr. Abueva who led with 23 points, 13 rebounds, six assists and three blocks.

Matthew Wright had 13 points with Jason Perkins tallying 11 points and 11 boards. TNT was awaiting its opponent in the finals between the Barangay Ginebra San Miguel Kings and Meralco Bolts, who were to play in their own semifinal winner-take-all later on Friday.

The best-of-seven PBA Philippine Cup finals begin on Sunday, Nov. 29.

Tolentino reelected as POC president

By Michael Angelo S. Murillo

Philippine Olympic Committee president Abraham “Bambol” Tolentino got a fresh mandate as head of the sports body after being reelected on Friday in elections held at the East Ocean Palace Restaurant in Paranaque City.

Looked to serve a full four-year term after assuming office only last year in special elections, Mr. Tolentino, head of the Integrated Cycling Federation of the Philippines (PhilCycling), got his wish after beating lone challenger Jesus “Clint” Aranas of the archery federation, 30-22.

A total of 53 eligible voters got to cast their votes, broken down to representatives from 50 national sports associations, two representatives from the Athletes Commission (Hidilyn Diaz and Jhessie Lacuna), and International Olympic Committee (IOC) representative to the Philippines Mikee Cojuangco-Jaworski.

The proceedings were done under strict compliance with health and safety protocols to guard against the spread of the coronavirus.

Also winning were handball’s Steve Hontiveros, who retained his post as chairman, winning over triathlon’s Tom Carrasco, 28-25; basketball’s Al Panlilio (first vice- president), fencing and modern pentathlon’s Richard Gomez (second vice-president), gymnastics’ Cynthia Carrion-Norton (treasurer), and baseball’s Chito Loyzaga (auditor).

Earning executive board seats, meanwhile, were Raul Canlas of surfing, Pearl Managuelod of muay thai, Charlie Ho of netball, and Dave Carter of judo.

Save for Messrs. Hontiveros and Ho, all of the winners ran under the ticket of Mr. Tolentino, with Ms. Managuelod an adopted candidate as well of Mr. Aranas’ group.

“It’s an honor to serve the Filipino athletes in the country. This is a full four-year team and definitely there will be a lot of surprises. In the one year [I was in office] we did a lot, what more with four years with this team,” said Mr. Tolentino, also a sitting Congressman representing the eighth district of Cavite, in the press conference following his election victory.

He went on to say that a lot of work is ahead of them, especially for next year when a lot of athletes will be competing in various international tournaments, including the rescheduled Olympics.

“We have to focus on the athletes. There are a lot of challenges next year, a lot of big competitions outside. We have a lot of work but with the help of this team starting Jan. 1, [we can do it],” the POC president said.

Mr. Tolentino was first elected president in July last year after erstwhile POC chief Ricky Vargas decided to step down. 

This year’s election was one of the more contentious proceedings in the sports body’s history, with the parties not seeing eye-to-eye on certain issues and took one another to task.

The elections were overseen by members of the electoral board, namely, Atty. Teodoro Kalaw IV (chairman), University of the Philippines president Danilo Concepcion and former IOC representative Frank Elizalde.

BSP sees November inflation at 2.4-3.2%

Inflation likely settled between 2.4% and 3.2% in November on higher oil prices and crop damage caused by typhoons, said Philippine central bank Governor Benjamin E. Diokno on Friday.

“Higher domestic oil prices, as well as the impact of weather disturbances on the prices of rice and select agricultural commodities contributed to upward price pressures during the month,” he told reporters in a Viber group message.

Local oil prices rose by 50 centavos a liter for diesel and by 30 centavos for kerosene this month, according to the Energy department’s website, citing data as of Nov. 24.

Oil prices have fallen by P4.62 a litter for gasoline, P8.86 for diesel and P12.29 for kerosene this year, it said.
Crop damage from Typhoon Vamco, locally named Ulysses, has reached P4.18 billion, affecting 106,619 farmers and 106,489 hectares of land, according to the Agriculture department.

The storm followed four other typhoons and submerged many parts of Luzon island including the capital region this month.

Mr. Diokno said higher oil prices could be tempered by the stronger peso and lower electricity rates in areas served by Manila Electric Co. (Meralco).

Meralco has said the rate for a typical household went down by P0.0395 a kilowatt-hour (kWh) to P8.5105 this month, resulting in a net rate reduction of P1.35 a kWh since the start of the year.

The peso appreciated by 5.5 centavos to P48.06 against the dollar at the close of trading on Friday.

“Looking ahead, the Bangko Sentral ng Pilipinas (BSP) will remain watchful of economic and financial developments to ensure that its primary mandate of price stability conducive to balanced and sustainable economic growth is achieved,” Mr. Diokno said.

The central bank cut its policy rates again by 25 basis points last week, bringing its overnight reverse repurchase, lending and deposit facility rates to record lows of 2%, 2.5%, and 1.5% respectively.

Inflation quickened to 2.5% in October from 2.3% in September, the fastest pace in three months.

The uptick was mainly due to faster increases in prices of food and nonalcoholic beverages, as well as in education, restaurant and miscellaneous goods and services.

Inflation has averaged at 2.5% to date, within the BSP’s 2-4% target. The central bank expects inflation to average at 2.3% this year.

The Philippine Statistics Authority will report November inflation data on Dec. 4. — Beatrice M. Laforga

Philippine-German companies see zero, lower investment

Almost half of German companies and their partners in the Philippines expect zero or lower investment in the next 12 months as economic recovery remains uncertain amid a global coronavirus pandemic.

More than a third of these companies saw their current situation as “bad,” while 45% said theirs was “satisfactory,” according to the results of a German-Philippine Chamber of Commerce and Industry poll.

Only 19% rated their condition as “good,” it added.

“The number of companies that plan no or lower investment in the next 12 months fell from 56% in spring 2020 to 46% in fall 2020,” according to the study.

German-Philippine companies that expect higher investments remained below a fifth, though higher than 13% before.

“We are glad to see the upward trend in the Philippines,” Executive Director Martin Henkelmann said in a statement “However, compared to the business sentiment in other countries in the Asian-Pacific region, we are running behind concerning the overall business outlook.”

The group held its fall survey from Sept. 30 to Oct. 19. It had collected 69 responses, 21% of which came from industry and construction, 22% from trade and 57% from services.

Almost half or 47% of the companies expect to see a better situation in the next 12 months, followed by 35% who said the situation would be “about equal.” Only 18% were pessimistic.

It added that 29% of companies expected things to worsen versus 24% who expected better economic conditions. It said 37% of these companies thought economic development in the next 12 months would be “about equal.”

The German business chamber said 35% of companies polled expected a slimmer workforce in the next 12 months, while 38% said jobs would be “about equal.” A larger workforce was expected by 27%.

The companies identified demand (64%), economic policy (58%) and financing (51%) as the top risks to development in the next 12 months.

Almost all of the respondents (86%) said travel restrictions were “the most damaging impact” brought by the COVID-19 pandemic, according to the study.

Also a major effect of the pandemic was the cancellation or postponement of investment, according to 61% of the respondents. This was followed by less demand (55%) and cancellation of orders (49%).

The German chamber said 78% of these companies were cutting costs, 64% were increasing digitization and 54% were postponing or canceling investment to cope with the health crisis. It said 41% were cutting jobs (41%), 23% were changin their supply chains.

Almost half or 48% of the respondents expect to recover in 2022, while 31% expect to recover next year.

“Companies already see some light at the end of the tunnel,” German-Philippine Chamber of Commerce and Industry President Stefan Schmitz said in the statement. “However, many risks persist and the uncertainty in the economy remains.” — Arjay L. Balinbin

UN body says drought to worsen poverty

Drought threatens food security and poverty in Southeast Asian countries including the Philippines because it damages agricultural land and hurts the incomes of small farmers the most, according to the United Nations Economic and Social Commission for Asia and the Pacifc (ESCAP).

Drought in much of Southeast Asia has been a recurring natural hazard and is expected to worsen in the coming years, with the poorest communities expected to suffer more, ESCAP said in a report published on Friday.

It noted that from 2015 to 2020, the region experienced the most severe droughts in decades that affected more than 210 million people at some point.

The Philippines was among the countries that posted the highest overall drought risks — a combination of exposure, vulnerability and the magnitude of the hazard — in October 2015 and in February this year.

“Projected changes in drought risk threaten to further exacerbate food insecurity by damaging agricultural land, planted crops and livestock health, and delaying planting seasons,” according to the report.

“These challenges are particularly disruptive for small-scale farmers, who have less capacity to cope with even small economic shocks, compared with large-scale commercial farming,” it added.

Because water is scarce during the drought season, small farmers take longer to collect water and have less time for other productive activities, ESCAP said. “This tempers the availability of food produced, that could push prices up, as well as disrupt agricultural livelihoods which would lead to lower revenues for the farmers.”
It said southern Philippines is among areas in the region suffering the most from frequent drought, along with Brunei Darussalam, Indonesia and Malaysia.

The most affected region in the country in terms of food security is Mindanao, which incurred damage worth more than $6.73 million to 5,730 hectares of rice and 15,416 hectares of corn.

“Worst affected were the poorest farmers, who had little savings to cope due to their exposure to repeated armed conflict and natural hazard,” ESCAP said.

In some provinces, more than 70% of farmers reported damage to crops and food shortages, with more than 60% of households forced to sell their assets, it added.

It found that some areas in the Philippines marked as drought hotspots also reported high poverty rates. These include the regions of Zamboanga Peninsula, Northern Mindanao, Davao and Caraga.

Aside from its impact on health and livelihoods, disruptions caused by droughts to the agriculture sector result in losses to economic output.

“Food security across Southeast Asia is threatened both by the ongoing drought and the COVID-19 pandemic,” ESCAP said. “The two disasters are converging at a critical time in agricultural crop calendars, during the harvesting and planting seasons.”

ESCAP said governments should start developing national drought plans to mitigate its impact.
“A strategic approach to drought risk management must be a coherent effort across the whole of society, and must include long term, proactive measures that incorporate climate change projections to mitigate intensifying drought risk,” it said. — Beatrice M. Laforga

Ayala energy unit raises $300M from green bonds

AC Energy and Infrastructure Corp. has raised $300 million from its green bond issuance, its parent firm Ayala Corp. said in a regulatory filing on Friday, marking the country’s first fixed-for-life perpetual bond offering in about a year.

“We are very pleased to see the high level of investor confidence in AC Energy and the strong market response to our perpetual green bond, following our maiden green bond in 2019,” AC Energy CEO and President Eric T. Francia said in a statement.

The green bonds were priced at 5.1%, some 30 basis points tighter than the initial price guidance, AC Energy said, adding that the final book order volume went over $1.3 billion, around 4.33 times higher than the starting issue size.

“We believe that this will power AC Energy in its pursuit to scale up renewable investments in the region as we continue the transition to a low carbon portfolio,” Mr. Francia said.

Ayala Corp. said the green bonds of its energy platform AC Energy are the first public green bonds out of the Philippines in 2020. They were issued by the unit’s wholly owned subsidiary AC Energy Finance International Ltd. under its $2-billion medium-term note program.

The bonds were certified by the Securities and Exchange Commission as ASEAN Green Bonds on Nov. 18.

The issuance’s net proceeds will be used to finance AC Energy’s ongoing tender offer for its 5.65%, $400-million senior perpetual notes callable in December 2022. Part of the proceeds will be used to fund the company’s green energy projects.

BPI Capital Corp. was the sole global coordinator for the transaction, and a joint lead manager and joint bookrunner along with Credit Suisse (Hong Kong) Ltd., The Hongkong and Shanghai Banking Corp. Ltd., and UBS AG Singapore Branch.

China Bank Capital Corp., First Metro Investment Corp. and RCBC Capital Corp. participated in the issuance as the domestic lead managers.

On Friday, shares in AC Energy’s parent Ayala Corp. inched down by 0.12% to close at P823.50 apiece. — Angelica Y. Yang