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Tech could help workplaces become more elder-friendly

TECHNOLOGY will aid the absorption of more elderly workers into the labor force, a key consideration for regional economies where populations are rapidly aging the Asian Development Bank (ADB) said.

ADB Chief Economist Yasuyuki Sawada said in a statement Wednesday that while the aging populations aren’t reversible, governments can create a “silver dividend” by encouraging technology that complements the skills of older workers.

“Today’s elderly are better-educated and healthier than in the past. The right policies on technology could extend working lives, generating a substantial contribution to the overall economy,” he said.

In ADB’s Asian Economic Integration Report 2019/2020 (AEIR): Demographic Change, Productivity, and the Role of Technology, the average healthy life span has increased in Asia and Pacific between 1990 to 2017 by seven years, from 57.2 years to 63.8. The average years spent in education has also increased for 55 to 64 year olds in the same period, from 4.8 years to 7.8 years.

ADB said that technology policy needs to boost productivity among older workers and has classified countries accordingly by their population age profile. Type-1 countries are defined as fast-aging and above-median education, Type-2 are fast aging and below-median education, Type-3 slow-aging and below-median education, and Type-4 slow-aging and above-median education.

ADB said Type-1 and Type-2 countries “will need to prioritize technology adoption that fosters professional and foundational skills and improves job matching for workers, given the general difficulties faced by older workers in finding jobs.”

Type-3 and Type-4 countries on the other hand “will need to prioritize technologies and policies that take advantage of a young and still-expanding workforce while addressing challenges that impact both older and younger work forces to meet the future demand for skilled labor.”

While most see the aging workforce as an economic impediment to growth due to diminished output, this “can induce rapid adoption of labor-saving technologies.”

In the report, ADB also said that physical ability decreases with age but technology can help the elderly maintain their work performance. Such innovations include physical augmentation technologies that help in mobility.

Other policies that are elderly-friendly include telecommuting or working anywhere outside the workplace. ADB said that this cuts travel time for the aging worker and increases their productivity. — Gillian M. Cortez

DBM says 2019 Budget 96.7% released as of end-Oct.

THE Department of Budget and Management (DBM) said it released 96.7% of the 2019 budget in the first 10 months.

In a statement yesterday, the DBM said it released P3.542 trillion out of the P3.662 trillion 2019 budget.

Of the total, P2.027 trillion worth of allotment releases went to line departments including the Executive branch, Congress, the Judiciary as well as other constitutional offices.

DBM released P337.42 billion in special-purpose funds, which are allocations in the General Appropriations Act (GAA) for specific socio-economic purposes.

This includes budgetary assistance to state firms and allocations for local governments, the contingent fund, the miscellaneous personnel benefits fund, the National Disaster Risk Reduction and Management fund, as well as the pension and gratuity fund.

Automatic appropriations accounted for P1.075 trillion, the bulk of which were internal revenue allotments of local government units (P575.52 billion) and interest payments (P399.57 billion).

“The immediate release of funds by the DBM will ensure that national government agencies are able to swiftly implement their programs and projects, such as the construction of new roads, schools, and hospitals, and the protection and promotion of the welfare of the poor and marginalized sectors, among others,” it said.

The unreleased balances for the rest of the year total P119.34 billion.

Meanwhile, the releases of continuing appropriations from the 2018 budget amounted to P25.54 billion, consisting of support for projects that require obligations of more than one year, such as multi-year construction projects.

At the end of October, P50.518 billion was released for unprogrammed appropriations, which are standby appropriations that provide agencies additional spending when revenue collections exceed targets.

Allotments for other automatic appropriations were also released worth P26.641 billion. — Beatrice M. Laforga

Davao chamber signs deal to promote disaster resilience for small firms

DAVAO CITY — The Davao City Chamber of Commerce and Industry, Inc. (DCCCII) has signed a partnership agreement with the Asia Pacific Alliance for Disaster Management (A-PAD) to develop a continuity program that will help small firms sustain their operations during calamities.

“A business continuity program protects the business and lessens impact of disasters,” DCCCII President Arturo M. Milan said during this week’s Habi at Kape forum.

A-PAD will also help in the implementation phase, targeted for early 2020.

Mr. Milan said while most medium and large businesses have their respective continuity programs, the micro and small establishments need to “change their mindset” in terms of preparing for disasters such as the recent earthquakes that hit parts of Mindanao, including Davao City.

He acknowledged that most small businesses “don’t have that luxury” in terms of human and financial resources to develop continuity plans, but said there are simple measures they can adopt.

“That’s part of how you plan based on location, the people, and the processes that you will do,” he said.

Mr. Milan also urged the government to review the National Building Code to ensure the integrity of infrastructure in light of new information on natural hazards.

The business sector, he added, is also being urged to come up with a list of standards that may be considered in the Building Code reassessment.

Following assessments in the aftermath of the three strong earthquakes last October, the city government condemned two condominium projects, Ecoland 4000 and Palmetto Place. — Carmelito Q. Francisco

All Mindanao utilities to join WESM; Jan. start targeted

DAVAO CITY — All power distribution utilities (DU) in Mindanao, both electric cooperatives and private companies, have applied to participate in the wholesale electricity spot market (WESM), which is targeted to start commercial operations on Jan. 26.

Eric Niño U. Louis, corporate communications manager of the Independent Electricity Market Operator of the Philippines, Inc. (IEMOP), said it is now waiting for the DUs to complete all the requirements, particularly the prudential deposit.

The size of the prudential deposit will depend on consumption for DUs and capacity for generators, along with the projected volume that will be drawn and sold in the market.

There are 28 electric cooperatives and four privately-owned distribution utilities in the southern islands, based on government data.

IEMOP is also awaiting approval from the Energy Regulatory Commission for its pricing cap mechanism, Mr. Louis said during a round table discussion Tuesday.

The seven major generating companies, including the government-run Power Sector Assets and Liabilities Management (PSALM) that operates the Agus and Pulangi hydropowerplants, have completed their applications, he added.

Philippine Electricity Market Corp. (PEMC) Chief Governance Officer Rauf A. Tan, meanwhile, said the system has been undergoing test runs over the last two years and the company is confident that it is ready for commercial operations.

“(The percentage of participation in the trial operations) is a little bit low; nonetheless, that percentage of participation is not a major factor because it is supposed to just test the system if it works,” Mr. Tan said.

The PEMC, the former market operator which now functions as the WESM governance and regulatory body, and IEMOP have been doing road shows in Mindanao, which include practice sessions to help WESM participants familiarize themselves with the wholesale market process.

Robinson P. Descanzo, IEMOP chief operating officer and trading head, said one of the main benefits of the WESM is that DUs that have contracted supply that exceeds their requirements will have a mechanism to resell their surplus.

Mindanao currently has a capacity of about 3,300 megawatts (MW) and an average requirement of about 2,300 MW, leaving an excess supply that will be available at WESM.

The P52-billion Mindanao-Visayas grid connector project is also targeted for completion by 2020, which would give Mindanao suppliers access to the nationwide system. — Carmelito Q. Francisco

Stocks decline further on dovish Powell speech

By Denise A. Valdez, Reporter

THE MAIN INDEX failed to recover on Thursday as investors continued to react to developments outside the country.

The benchmark Philippine Stock Exchange index (PSEi) lost 13.76 points or 0.17% to close at 7,933.71 on Thursday, while the broader all shares index gave up 6.16 points or 0.12% to 4,757.73.

“The local market is still weighed down by offshore worries,” Senior Research Analyst Japhet Louis O. Tantiangco of Philstocks Financial, Inc. said in a text message.

“Primary concern right now is the alleged impasse on the US-China negotiations which could deter the Phase 1 deal. At the same time, you have China’s economic slowdown as seen on its latest investment and industrial output data. The slowdown is feared to spill over to its neighboring countries including the Philippines,” Mr. Tantangco added.

For his part, Regina Capital Development Corp. Head of Sales Luis A. Limlingan said the lower close of the PSEi is due to the testimony of US Federal Reserve Chair Jerome Powell and the public hearing on US President Donald Trump’s impeachment case.

On Wednesday, Mr. Powell went against Mr. Trump’s appetite for negative interest rates, saying in a speech in a Congress hearing that the current state of the monetary policy is more appropriate for the US economy now.

Wall Street ended mixed on Thursday. The Dow Jones Industrial Average rose 92.1 points or 0.33% to 27,783.59; the S&P 500 gained 2.2 points or 0.07% to 3,094.04; and the Nasdaq Composite dropped 3.99 points or 0.05% to 8,482.10.

Meanwhile, most Asian markets declined on Thursday. Japan’s Nikkei 225 and Topix indices declined 0.76% and 0.94%, respectively, as Hong Kong’s Hang Seng index shed 0.93% and Singapore’s Straits Times Index gave up 0.23%. Some markets gained, such as China’s Shanghai SE Composite index (0.16%) and South Korea’s KOSPI index (0.79%).

Back home, two sectoral indices advanced on Thursday: property by 12.02 points or 0.29% to 4,138.43 and financials by 1.16 points or 0.06% to 1,908.22.

Meanwhile, industrials lost 180.31 points or 1.75% to end at 10,121.17; holding firms erased 9.33 points or 0.11% to 7,823.42; services went down 0.53 points or 0.03% to 1,547.89; and mining and oil shed 2.02 points or 0.02% to close the session at 8,909.50.

Value turnover declined further to P4.18 billion from P4.63 billion on Wednesday, with 655.29 million issues changing hands.

Stocks that lost outpaced those that gained, 107 against 78, while 55 names were unchanged.

Foreign investors remained bearish on Thursday, although net selling declined to P496.57 million from P720.69 million on Wednesday. — with Reuters

Peso strengthens as BSP keeps interest rates steady

THE PESO strengthened on Thursday as markets expected the central bank to keep rates steady at its policy meeting later in the day.

The local unit finished trading at P50.68 versus the greenback on Thursday, rising by 14 centavos from its P50.82 a dollar close on Wednesday, according to data from the Bankers Association of the Philippines.

The peso opened weaker at P50.93 per dollar. Its weakest point for the day was at P50.95, while its best showing against the dollar was at P50.68.

Dollars traded on Thursday slipped to $1.17 billion from the $1.464 billion recorded on Wednesday.

A trader said the peso’s rebound came on the back of market expectations that the central bank would keep policy rates on hold.

“The peso strengthened from market expectations that the Bangko Sentral ng Pilipinas (BSP) is expected to hold policy rates in today’s Monetary Board meeting,” a trader said in an email on Thursday.

“The peso closed stronger today after the BSP kept its policy rates, resulting in wider interest rate differentials in favor of the peso. Peso still traded among the strongest versus [its performance] in 22 months or since January 16,2018 when it closed at P50.49,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message on Thursday.

The BSP’s Monetary Board, at the close of markets yesterday, said it kept untouched the rates for its overnight reverse repurchase, as well as overnight deposit and lending facilities to four percent, 3.5%, and 4.5%, respectively, citing cooling inflation.

“Latest baseline forecasts of the BSP continue to indicate that inflation is likely to settle within the lower half of the target band (2-4%) for 2019 up to 2021, with the balance of risks to the inflation outlook leaning toward the upside for 2020 and toward the downside for 2021,” BSP Deputy Governor Francisco G. Dakila Jr. said in a briefing Thursday afternoon.

The central bank this year slashed benchmark rates by a total of 75 basis points (bp) through three 25-bp cuts in May, August, and September.

BSP Governor Benjamin E. Diokno had said previous interviews with ANC and Bloomberg that the central bank is “likely done” in pushing for rate cuts this year.

Mr. Diokno has also said that the current monetary policy in place “remains appropriate” as the economy is back on track to a stronger growth path.”

For today, the trader sees exchange rates moving within the P50.65 to P50.85 range, while Mr. Ricafort had a forecast of a P50.55-P50.85 band. — Luz Wendy T. Noble

Police agreed to review drug plan, says Robredo

PHILIPPINE police have agreed to review their knock-and-plead strategy against suspected drug traffickers that is linked to illegal executions, Vice President Maria Leonor “Leni” G. Robredo said yesterday.

Ms. Robredo, the opposition leader whom President Rodrigo R. Duterte put in charge of his deadly war on drugs, said police officials would come up with an “improved version” of the strategy.

“It was properly laid out but obviously there were gaps because there were abuses in how it was implemented,” the vice president told reporters in Filipino, according to a transcript emailed by her office yesterday.

“I raised that to them and they agreed it is time to re-assess how the campaign can evoke that it’s not directed against people but it’s a campaign of the people,” she added.

Ms. Robredo briefed reporters after meeting with law enforcers on Thursday about the government’s anti-illegal drug campaign that she now heads.

Philippine police have said they have killed about 6,000 people in illegal drug raids, many of them resisting arrest. Some local nongovernmental organizations and the national Commission on Human Rights have placed the death toll at more than 27,000.

The opposition leader last week said she had agreed to head the Duterte administration’s anti-illegal drug campaign, if only to stop the killings. She accepted the post against the advice of many of her party mates, who said the appointment might be a trap.

Double Barrel is the police’s anti-illegal drug drive enforced when Mr. Duterte took office in July 2016. Under the campaign, police knocked on the doors of suspected drug pushers and pleaded with them to change and surrender. The drive targeted local and international drug traffickers.

Police suspended the strategy in October 2017 on Mr. Duterte’s order after alleged abuses. It was relaunched months after with new guidelines, such as conducting operations only at daytime.

Ms. Robredo last week vowed to enforce the state’s anti-illegal drug campaign “within the bounds of the rule of law.” She said she would treat the drug problem not only as a crime, but also as a health issue.

The vice president has repeatedly cited the need to re-assess the government strategy against illegal drugs given the rising number of drug dependents.

“I’m very optimistic,” Ms. Robredo yesterday said of the government’s anti-drug campaign. She added that once agencies’ functions are synchronized and they get the support of the National Government, “we will be able to make a lot of headway.” — NPA

Gov’t deports 312 Chinese nationals after telecom fraud

THE GOVERNMENT was set to deport yesterday 312 Chinese nationals who got arrested last month for telecommunication fraud, the Bureau of Immigration said in a statement.

The Chinese were part of 512 foreigners arrested in an Oct. 9 raid of a business process outsourcing office in Pasay City. The company was allegedly involved in scams.

Twenty-one 21 minors would also be deported along with the 312 Chinese nationals, the bureau said.

China had canceled the passports of the deported Chinese, which makes them undocumented aliens, it added.

Police last month said that of those arrested, 418 were Chinese, 44 were from Myanmar, 26 were Malaysians, 19 were Vietnamese, four were Taiwanese and one was Indonesian.

Initial investigations showed the foreigners were involved in offshore telecommunication investment fraud that lured foreigners to invest in different businesses.

The Chinese were to be deported via five chartered China Eastern flights to Shijiazhuang, Hebei Province and Changchun, Jilin province.

Police held some more foreigners in Camp Bagong Diwa in Taguig City and will move them to the bureau’s warden facility pending their deportation, the agency said.

“Let this serve as a warning to aliens planning to use the country as a base for their illegal operations,” Immigration Commissioner Jaime H. Morente said in the statement. “Expect more arrests in the coming days.” — Vann Marlo M. Villegas

Pasig River rehab agency abolished

PRESIDENT Rodrigo R. Duterte has signed an executive order (EO) that will abolish the agency tasked to revive the Pasig River.

The presidential palace yesterday released EO 93 dated Nov. 8, which will axe the Pasig River Rehabilitation Commission (PRRC) created in 1999.

In September, Mr. Duterte asked Congress to abolish the body that had been marred by corruption allegations. The president later fired Executive Director Jose Antonio E. Goitia for alleged corruption.

Mr. Duterte also complained that the Pasig River had not improved and the government was wasting money paying PRRC officials.

Under the order, the agency’s power will be transferred to other agencies such as the Manila Bay Task Force, Environment department, Metropolitan Manila Development Authority (MMDA) and Public Works department.

The task force will be in charge of the Pasig River Rehabilitation master plan, which would “harness the Pasig River’s potential for transportation, recreation and tourism purposes while undertaking the rehabilitation and restoration of its marine life,” according to the order.

The Environment department will ensure compliance with laws on proper drainage and monitor dumping violations.

The Public Works department and MMDA will remove infrastructure and other encroachments that violate the Urban Development and Housing Act of 1992.

The newly created Department of Human Settlements and Urban Development will head the relocation of informal settlers along the edge of the polluted river. — Gillian M. Cortez

Judge summoned for ‘abuse of power’

THE OFFICE of the Court Administrator under the Supreme Court has ordered a Cabanatuan City judge accused of abusing his power, according to court spokesman Brian Keith F. Hosaka.

The judge allegedly summoned a traffic enforcer who had issued him a ticket and confiscated his license plate for illegal parking, he said in a mobile-phone message yesterday.

The magistrate summoned a Baguio City traffic enforcer in October, asking him to explain why he should not be cited in contempt.

The judge had claimed his right to due process was violated when his license plate was confiscated after he was seen parked near a jeepney terminal, according to the Philippine Daily Inquirer.

He also claimed his apprehension had caused delays at his scheduled hearings and in the “administration of justice.” — Vann Marlo M. Villegas

Slow-moving typhoon Ramon to stay in PHL area until Tuesday

TROPICAL STORM Ramon, moving slowly at 15 kilometers per hour (kph) in a north-northwest direction, has maintained its strength with maximum sustained winds of 65 kph near the center and gustiness of up to 80 kph. Weather bureau PAGASA’s Raymond Ordinario reported that a “landfall scenario” is still likely over the weekend, although at a higher elevation. There is no specified area yet on the landfall as of Thursday’s weather update. On Friday, light to moderate with occasional heavy rains are expected over the eastern portion of Cagayan and Isabela provinces, while northern Aurora, Camarines Norte, and Polillo Island will have light to moderate with intermittent heavy rains. On Saturday, light to moderate to occasionally heavy rains may be experienced over Cagayan, northern Aurora, and the eastern portion of Isabela. Light to moderate with intermittent heavy rains are seen over Apayao and the rest of Isabela and Aurora. The typhoon will traverse northern Luzon until Sunday and is forecasted to be out of the land area by Monday. It is expected to be out of the Philippine area by Wednesday.

Valenzuela levels up business permit processing, other online services

APPLYING FOR A business permit in Valenzuela City can now be as fast as 10 seconds with the launching of the local government’s 3S Plus Valenzuela City Online Services. The system also handles other processes such as building and construction permit application, real property tax payments, and requests for various documents. The hard copy of the business permit and other documents can be delivered within three to five working days through Wide Wide World Express (formerly DHL Philippines) or Grab Express. “(T)he new platform demonstrates the local government’s commitment to make services more efficient and innovative, which in turn can attract more investors and spur further development,” Mayor Rexlon T. Gatchalian said in a statement following the Nov. 13 launch. “At this point, the adoption of digital technology has become essential to fostering growth. The launch of 3S Plus Valenzuela City Online Services shows how we are leveraging on the innovative use of new technologies for better, faster services to our constituents,” he added.

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