Home Blog Page 8994

Industrial design students, faculty create face shields for COVID-19 frontliners

Amidst the COVID-19 pandemic, students and faculty of the University of Santo Tomas (UST) and the De La Salle-College of Saint Benilde (DLS-CSB) have begun producing face shields in a joint effort to help address the shortage of Personal Protective Equipment (PPE) in hospitals and other essential services.

The team, assembled by DLS-CSB professor Joseph Rastrullo and supported by DLS-CSB School of Design and Arts Dean Architect Asela Domingo and Associate Dean Architect Choie Funk, utilized 3D printers to produce laser-cut reusable acrylic plastic.

These frames were designed by students from UST, supervised by Professor Manny Dacanay, who teaches in both institutions. Safety and durability were said to be the main features of the design.

“As to how it actually developed, within the Industrial Design faculty, members were doing separate initiatives along with alumni and eventually came into a united front when we all discussed and shared our ideas online,” said Romeo Catap, Jr., DLS-CSB Industrial Design Chairperson.

So far, 300 units have been produced, with the goal of producing more.

The team has also coordinated their efforts with the De La Salle Philippines network, DLSU-College of Engineering, Benilde’s Fashion Design and Merchandising Program, and the Benildean Industrial Designers to acquire and produce their own PPE substitutes.

#COVID-19 Regional Updates (04/01/20)

Police sets up quarantine facility inside headquarters

THE Kiangan Billeting Center inside the police national headquarters has been temporarily converted as a quarantine facility for officers who are considered patients under investigation (PUI) and persons under monitoring (PUM) for the coronavirus disease 2019 (COVID-19). A total of 152 police personnel are listed as PUIs or those with symptoms of the virus, while 1,422 are PUMs, or those with travel histories and contacts with COVID-19 patients. Ten police officers have so far tested positive for COVID-19, mostly deployed in Metro Manila and parts of Luzon. Meanwhile, Philippine National Police (PNP) chief Gen. Archie Franciso F. Gamboa has tested negative for the disease. “He underwent tests and the result was negative… He remains healthy but is adapting strict biosafety measures,” PNP spokesman Brig. Gen. Bernard M. Banac said on Wednesday. — Emmanuel Tupas, PHILSTAR

In the sardines capital, households get fresh fish as part of food relief program

BFAR-9

THE BUREAU of Fisheries and Aquatic Resources-Zamboanga Peninsula (BFAR-9) office has initiated a program to deliver fresh fish to poor households in Zamboanga City amid restrictions in line with preventing the spread of the coronavirus disease 2019 (COVID-19). The city, dubbed as the sardines capital of the country, is under an enhanced community quarantine, wherein public transport has been suspended apart from limited movement for people. BFAR’s #FishStayAtHome program is in collaboration with the local government, the Philippine Fisheries Development Authority, Southern Philippines (SOPHIL) Deep Sea Fishing Association Inc., and other fishing companies based in Zamboanga City. Under the program, two cold storage facilities have been identified as drop-off points for fresh fish donations from fishing companies. The fish are then distributed to households, with priority given to poor communities, in coordination with barangay officials. As of March 31, BFAR-9 said they have already made four delivery batches with over 1,500 kilos of fish delivered. “Not only the barangays were given food fish donations, but also other government front liners specifically the Philippine National Police,” BFAR-9 reported. Groups — such as restaurants and one led by a Western Mindanao State University professor — that are preparing cooked food packs for frontliners have also been made beneficiaries of the #FishStayAtHome program. Meanwhile, the city government has also been distributing the usual food relief packs containing, among other items, rice and canned sardines. Zamboanga City hosts 12 major canning factories. — Marifi S. Jara

Entire Guimbal town under COVID-19 monitoring after local transmission

RESIDENTS of Guimbal, a town with a population of about 34,000 as of 2015, have all been placed as persons under monitoring (PUM) after local transmission of the coronavirus disease 2019 (COVID-19) was confirmed by health authorities. Two of the 22 confirmed COVID-19 cases in the Western Visayas Region as of March 31 are from Guimbal, located about 33 kilometers west of Iloilo City. “Guimbal fell under the definition of local transmission, meaning the source of the infection is within the reporting location,” Department of Health-Center for Health Development Region 6 (DOH-CHD-6) Director Marlyn W. Convocar said on Tuesday. “Because of that (local transmission), all of the residents should be monitored as PUMs and undergo (14-day) home quarantine,” she added. DOH-CHD-6 officials met with local government leaders of Iloilo province last Tuesday to help address Guimbal’s situation. Guimbal Vice Mayor Jennifer Garin-Colada said the declaration of all Guimbal residents as PUMs would mean an extension of their enhanced community quarantine (ECQ), which already ended March 27. The new 14-day ECQ, which means residents cannot exit the town and no entry will be allowed, started March 31. — Emme Rose S. Santiagudo

Factory activity plunges to record low

FACTORY ACTIVITY slumped to a record low in March, snapping a 43-month growth streak, as the Luzon-wide lockdown due to the coronavirus disease 2019 (COVID-19) pandemic brought factories to a halt.

In a statement on Wednesday, IHS Markit reported that the Philippines Manufacturing Purchasing Managers’ Index (PMI) decelerated to 39.7 last month from the 13-month high of 52.3 in February, signaling a “marked deterioration in operating conditions.”

March was the first time the Philippines’ manufacturing PMI slumped below the 50 neutral mark, breaking its streak of steady growth since August 2016 when the survey for the Philippine leg started.

A PMI reading below 50 signals deterioration in operating conditions compared to the preceding month, while a reading above 50 denotes improvement. The headline PMI measures manufacturing conditions through the weighted average of five indices: new orders (30%), output (25%), employment (20%), suppliers’ delivery times (15%) and stocks of purchases (10%).

“The COVID-19 pandemic took its toll on goods production in the Philippines in March, as the enforced lockdown of Luzon island led many manufacturers to halt operations until restrictions are lifted. These shutdowns led to sharp declines across the sector, with output, new orders, employment and stocks of purchases all falling at record paces,” David Owen, an economist at IHS Markit, was quoted as saying.

The Philippines had the second worst-performing manufacturing activity among Association of Southeast Asian Nations (ASEAN) countries last month, ahead of Singapore’s PMI which fell by a record 18.1 points to 27.7.

IHS Markit said ASEAN manufacturers had their worst month on record, as operating conditions contracted by its steepest pace since the survey began in July 2012. The region’s headline PMI fell to 43.4 in March from 50.2 in February.

“ASEAN manufacturers felt the full force of the coronavirus pandemic in March. The headline PMI dropped to the lowest in the survey’s near eight-year history, amid record contractions of output, new orders, inventories and employment. Notably, March was the first time on record that all of the seven constituent countries posted a deterioration in the health of their respective manufacturing sectors simultaneously,” Lewis Cooper, economist at IHS Markit, said.

Mr. Cooper noted the fallout from the COVID-19 pandemic is likely to be felt for “several months to come, if not longer.”

IHS Markit said the downturn in manufacturing production was due to the enhanced community quarantine implemented by the government in Luzon. This led to shutdowns of factories and a decline in production levels.

Demand from customers also plunged, with volume of new orders falling “at the fastest pace in the series history,” IHS Markit said.

“Exports were similarly down as surrounding countries enforced their own lockdowns whilst curtailing foreign orders,” Mr. Owen said.

IHS Markit also cited lower buying activity as companies scrambled to recover costs and restructure stocks, while inventories of raw materials and stocks of final products also fell.

As input costs fell, companies lowered selling prices drastically to drive sales, IHS Markit said.

However, some manufacturers also had to lay off workers due to production shutdowns.

IHS Markit noted suppliers experienced problems as they saw slower deliveries from China and the ECQ restricted movement of supplies.

“Firms that remained open meanwhile saw a large delay in supplier delivery times, restricting their ability to operate at full capacity,” Mr. Owen said.

As expected, outlook of Philippine manufacturers “fell to its least optimistic in the series history in March.” Overall confidence was slightly positive as uncertainties over the economic fallout from the pandemic remains, IHS Markit said.

“However, hopes of a swift return to normal operations and a rebound in new contracts helped to partly offset these downbeat predictions,” the report added.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the government’s move to restrict movement in Luzon, where 73% of the country’s economic activity occurs, “is easily locking down way more than half of the economy.”

“The downward trend may continue unless a modified version of the ECQ is pushed in the coming months, where more restrictions on the movement of people will be lifted including a freer supply chain flow,” Mr. Asuncion said in a Viber message yesterday.

He said implementing a modified community quarantine where movement restrictions will be eased partially along with more relaxed supply chain flow will give the economy higher chances of a sharp recovery.

“As the ECQ buys time for healthcare systems to prepare and not be overwhelmed, the likelihood of economic activity coming back to pre-COVID-19 levels is higher,” he said.

“The ECQ and its effect on limiting mobility and shutting down offices and factories knocked down both new orders and production and we can expect this trend to worsen for the April figures should the ECQ continue,” ING Bank N.V.-Manila Senior Economist Nicholas Antonio T. Mapa said in a note sent to journalists yesterday. — Beatrice M. Laforga

Manufacturing purchasing managers’ index of select ASEAN economies, March (2020)

Manufacturing purchasing managers’ index of select ASEAN economies, March (2020)

FACTORY ACTIVITY slumped to a record low in March, snapping a 43-month growth streak, as the Luzon-wide lockdown due to the coronavirus disease 2019 (COVID-19) pandemic brought factories to a halt. Read the full story.

Manufacturing purchasing managers’ index of select ASEAN economies, March (2020)

Medical ‘brain drain’ comes back to haunt virus-stricken Philippines

By Beatrice M. Laforga
Reporter

WELLA, a 20-year-old fresh nursing graduate, chose to stay and work at a private hospital in Manila that’s caring for several of the more than 2,000 coronavirus-stricken patients in the country.

“The government doesn’t care about its overworked and underpaid health workers,” she said in a chat message. “Hopefully my experience would prepare me for a better-paying job overseas once this health crisis is over.”

The Philippines has had to deal with the lack of test kits for patients and personal protective gear for workers on the frontline of battling a novel coronavirus that has sickened more than 1,500 and killed at least 78 people, mostly on the main island of Luzon.

Soon, it will have to face the reality of years of brain drain that led to the exodus of Filipino doctors and nurses to first-world countries including the US and UK.

“China is the second-richest country, so they have enough capacity not just in terms of money, food and equipment,” Socioeconomic Planning Secretary Ernesto M. Pernia told radio DZMM last month. “They also have a number of scientists and health workers, which we lack.”

Local nurses earn a measly P15,000 to P20,000 a month — lower than what a starting call center agent gets, and much lower than the P120,000 salary of a Filipino nurse in the UK, Wella said.

The Philippines had about 41 physicians, nurses and midwives for every 10,000 Fiipinos in 2015, slightly lower than the threshold recommended by the International Labor Organization and World Health Organization, according to the Philippine Institute for Development Studies.

“That said, the supply of the different cadres of healthcare workers are highly uneven when we consider their geographic distribution within the country,” the government think tank said in a December 2019 report.

This is apart from the fact that a number of local health care professionals end up working overseas, it said.

More than 92,000 nurses left the country to work overseas from 2012 to 2016, or about 18,000 leaving each year, according to the Philippine Overseas Employment Agency (POEA).

AN INSULT
Poor compensation and health insurance coverage, work overload and limited opportunities have driven health workers to pursue opportunities abroad, according to a 2007 research by the Health Services Research.

Lack of local opportunities have also driven many workers, not just in the health sector, to leave.

The plight of local health workers came into the limelight this month after Mr. Duerte’s government called out for health care volunteers, promising to pay them P500 daily.

Critics called the offer, which gave free lodging but no benefits except for insurance that will pay P1 million to the family of a nurse or doctor who gets the virus and dies while on duty, a pittance and an insult.

A health worker who gets a severe COVID-19 infection and doesn’t die will be paid a much lower insurance of P100,000.

President Rodrigo R. Dutere locked down the entire Luzon island on March 17, suspending classes and public transportation to contain the COVID-19 virus.

The so-called enhanced community quarantine, which bars people from leaving their homes except to buy food, medicine and other basic goods, seeks to slow the spread of the virus and prevent the collapse of the country’s health care system.

Infections could rise to more than 92,000 by April 12 — the last day of the month-long lockdown — if social distancing protocols were ignored, according to Bacolod-based chemical engineer and research consultant Paulo Emmanuele Betita.

This worst-case scenario could leave almost half of coronavirus patients to die, with little or no medical attention, Mr. Betita said via Messenger chat.

Strict social distancing measures have put the Philippines along a “flat curve” scenario, delaying the peak to the latter part of May, when cases will have reached 35,000, he said.

“This is below the country’s bed capacity of 43,000 but we could not afford to go off the curve,” he added.

The Department of Health (DoH) earlier said that as many as 75,000 Filipinios could get infected in two to three months without the Luzon-wide lockdown.

“Before this pandemic, the health care work force was already overworked and understaffed,” Ely, a 21-year-old nurse at a private hospital in Manila, said. “Now, our work force is on the brink of crumbling because some don’t want to work anymore for many reasons such as transportation problems and the hazard that comes with the job.”

‘DEBILITATING OVERLOAD’
Twelve Filipino doctors have died fighting the COVID-19 pandemic, according to the Philippine Medical Association.

Ely said she works for as long as 16 hours daily “on really bad days” at her 600-bed hospital, which is now overloaded.

Metro Manila and the entire country’s health care system might be “headed towards a potentially debilitating overload” as cases continue to shoot up, according to a report by political consultancy firm PUBLiCUS Asia, Inc.

The country, it said, only has 106,000 hospital beds — not enough for the 125,000 patients it expects to get infected by the virus that has a “conservative” 5% infection rate.’

The government should have built makeshift hospitals earlier because unlike China, it doesn’t have the capability to build hospitals overnight, PUBLiCUS Executive Director Aureli C. Sinsuat said.

“At the very least, the government should work double time to expand the bed capacities of its designated COVID-19 hospitals and stock them with needed equipment,” he said in an e-mailed reply to questions.

As if the sacrifices of its workers weren’t enough, the Makati Medical Center at the heart of the country’s business district was forced to quarantine medical staff after a senator violated his quarantine when he took his pregnant wife to the hospital.

Senator Aquilino L. Pimentel III, an ally of Mr. Duterte who tested positive for the coronavirus, has apologized for the blunder that further reduced the hospital’s already depleted work force.

Other countries hit hard by the virus such as the US, whose national death toll of 4,000 has surpassed China’s, have tried to lure health workers from other countries.

In a March 26 advisory, the US Department of State’s Bureau of Consular Affairs urged foreign medical professionals with an approved US nonimmigrant or immigrant visa petition or/and those eligible in an exchange visitor program to arrange a visa appointment or extend their stay in the country, “particularly those working to treat or mitigate the effects of COVID-19.”

Wella, the fresh nursing graduate, wishes that the coronavirus crisis that has infected about 860,000 and killed more than 42,000 people worldwide will be over soon. “My decision to leave is firm, hopefully when the virus is totally gone.”

Banks ordered to give 30-day grace period for loans

THE government ordered all lenders to give a 30-day grace period for all loan payments that are falling due within the enhanced community quarantine (ECQ) period.

The Department of Finance (DoF) on Wednesday released the implementing rules and regulations (IRR) of Section 4(aa) of Republic Act (RA) No. 11469 or the “Bayanihan to Heal as One Act.”

While the lockdown only applies to Luzon, Finance Secretary Carlos G. Dominguez III told reporters that the 30-day mandatory grace period is applicable nationwide as “neither the law nor IRR limits the coverage to Luzon.”

Under the law, banks, quasi-banks, nonstock savings and loan associations, credit card issuers and pawnshops should implement a 30-day grace period for “all loans with principal and/or interest falling due within the ECQ period without incurring interest on interest, penalties, fees and other charges.”

The IRR expands this list to include other credit-granting financial institutions supervised by the central bank, Securities and Exchange Commission and Cooperative Development Authority, as well as state-run pension funds such as Government Service Insurance System, Social Security System and Pag-IBIG Fund.

The IRR defines the ECQ as the period from March 17 to April 12, 2020, as cited in Proclamation No.929 issued on March 16, 2020.

“The initial grace period shall automatically be extended if the ECQ period is extended by the President,” the rules stated.

Under the IRR, all loans with principal and/or interest falling due during the ECQ period are covered. These include loans that have been extended to individuals, households, micro, small and medium enterprises (MSMEs), corporate borrowers and other parties.

In case of multiple loans of individuals and entities, the grace period will apply to each loan.

All covered institutions shall not impose interest, fees and charges during the 30-day grace period on future payments and amortizations of these loans.

The covered institutions are barred from requiring clients to waive the application of the Bayanihan Act’s provisions during the ECQ period.

“No waiver previously executed by borrowers covering payments falling due during the ECQ period shall be valid. Nonetheless, the grant of grace period by the above-mentioned Covered Institutions shall not preclude the borrowers from paying their obligations as they fall due during the period of ECQ should they so desire,” it added.

Documentary tax stamp (DST) will also not be imposed on loans falling within the ECQ period as well as on “credit extensions and credit restructuring, micro-lending including those obtained from pawnshops and extensions thereof.”

For the accumulated interest on the loans, the IRR said borrowers can pay this on a staggered basis with the full payment to be settled on the new set date following the 30-day grace period. — B.M.Laforga

Gradual lifting of ECQ eyed

THE LIFTING of the enhanced community quarantine (ECQ) in Luzon in mid-April would be gradual, Trade Secretary Ramon M. Lopez said on Wednesday.

In a Zoom conference with the Philippine Franchise Association, Mr. Lopez said he does not want to preempt the possible lifting of the Luzon-wide lockdown, which is still up for discussion.

“What might happen is still a gradual lifting,” he said, describing a norm of frequent health checks, temperature scanning, and social distancing.

Mr. Lopez also mentioned the possibility of slowly resuming manufacturing and mall operations.

“Slowly we will be, maybe by sector, we will be opening up more business establishments, even malls may be opened up following certain policies,” he said.

He said many businesses of the franchise association may also open up with the application of social distancing measures.

“I would say manufacturing in general can be lifted. That’s a possible scenario,” he said. “Ang hindi lang namin ine-expect siguro mag-open agad (what we don’t expect will open up right away) will be those places with mass congregations — the likes of the theaters, concerts.”

The month-long ECQ in Luzon, which was implemented to slow the spread of the coronavirus disease 2019 (COVID-19), is scheduled to end on April 12.

Caloocan City Rep. Edgar Erice on Wednesday said the ECQ should be extended for another 30 days as the country continues to grapple with the spread of the virus.

The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) has not yet made an announcement on whether the ECQ would be extended, lifted, or expanded to other areas.

Mr. Lopez said the parameters for lifting the ECQ will still be finalized, which will “heavily depend” on the health situation in the country.

“To the extent that the health situation, the COVID-19 situation, is pretty much under control — in effect, we can say we have flattened the curve and that we can focus on isolated cases, then we can safely say that generally there might be a lifting, but that lifting… meron pa rin

’yang gradual lifting. Di pa rin all businesses (that will still be a gradual lifting. It still won’t be all businesses),” he said.

Several business leaders including Jaime Zobel de Ayala and Lance Y. Gokongwei, after meeting with the IATF in the weekend, proposed a modified community quarantine that removes checkpoints and resumes manufacturing operations.

The Department of Health reported 227 new coronavirus cases and 8 deaths, bringing the total to 2,311 with 96 deaths.

Meanwhile, DTI in a memorandum on Tuesday allowed additional businesses in the food and essential products supply chain to operate during the ECQ.

The department said the production, manufacturing, and distribution of raw and processed materials, packaging and other inputs for food, essential products, medicine, and medical products are now allowed.

These establishments, which are encouraged to implement social distancing and provide accommodations, may operate with up to 50% of their work force, unless DTI approves temporary additional work force.

Facilities producing critical medical devices such as personal protective equipment and surgical masks may operate at full capacity. — Jenina P. Ibañez

SEC suspends penalties

THE SECURITIES and Exchange Commission (SEC) is suspending cumulative penalties on companies for the period of the enhanced community quarantine over Luzon.

In a notice on its website, the corporate regulator said it will not be counting penalties that account for the period from March 13 until the lifting of the quarantine, which is originally set on April 13.

This covers investment companies, issuers of proprietary and non-proprietary shares/timeshares, public companies, lending companies, financing companies, foundations, accredited microfinance non-government organizations and publicly-listed companies.

The SEC said the decision aims to help companies “cope with the impact and challenges brought about by the [coronavirus disease 2019 (COVID-19)] and in view of the resulting work suspension at the commission and the subsequent imposition of the enhanced community quarantine…”

It noted the cumulative penalties will start accruing again once the enhanced community quarantine is lifted as ordered by President Rodrigo R. Duterte.

The island of Luzon has been put under enhanced community quarantine for a month to help contain the spread of COVID-19. During the period, the public is ordered to follow strict home quarantine with the exemption of some “essential” offices and personnel.

The SEC has been easing some of its rules as pandemic prompted many companies to suspend their operations. It earlier encouraged the public to make use of its digital platform for corporate registration while its physical office is closed due to the Luzon quarantine.

The other day, the corporate regulator said it was welcoming applications for registration of corporations and partnerships through its Company Registration System (CRS).

The SEC CRS is a digital platform that allows applicants to give their proposed company name, generate articles of incorporation, bylaws and other company registration documents, and upload all required documents for processing, review and approval through the system.

The SEC said at least 2,500 applications have already been processed since Luzon was put on lockdown mid-March. Of this, 314 were already promoted for the generation of their certificates of registration. Some 1,014 have been assessed for payment while the remaining 1,172 are being asked to submit additional requirements. — Denise A. Valdez

CNPF income up 11%

CENTURY PACIFIC Food, Inc. (CNPF) posted an 11% growth in net income in 2019 on the back of higher sales of its branded food products.

In a statement yesterday, the canned foods manufacturer said its earnings last year grew to P3.1 billion, lifted by a 7% growth in consolidated revenues to P40.6 billion.

Its branded business was the main driver of growth, recording a 12% increase in sales to P31.2 billion, comprising 77% of the company’s total revenues. This segment covers the marine, meat and milk business units of CNPF.

The remaining 23% of revenues came from tuna and coconut commodities, which posted a sales decline of 6% due to cheaper commodity prices.

Operating expenses increased 13% due to investments in brands, new product development and innovations.

As the country faces the coronavirus disease 2019 (COVID-19) pandemic, CNPF said it continues to operate with a skeletal workforce to maintain the supply of its products.

“In these challenging times, we recognize the critical role we play in ensuring enough of our products are available to those who need them the most. Thanks to the support of the Department of Trade and Industry and the Inter Agency Task Force, we are able to maintain a smooth flow of goods and operate with enough capacity, despite the use of a skeleton workforce,” CNPF Chief Finance Officer Oscar A. Pobre said in the statement.

CNPF is the manufacturer of food brands such as Century Tuna, Argentina, 555, Angel and Birch Tree.

The company previously announced it was giving one million food packs to the public to help cope with the Luzon-wide lockdown.

“We…remain in close touch with partner local government units for the supply and donation of various food products. Finally, the health, safety, and financial protection of our employees remain paramount and we continue to provide them with care and financial aid,” Mr. Pobre said.

Shares in CNPF at the stock exchange traded flat on Wednesday to close at P13.50 each. — Denise A. Valdez

Honda names new president

HONDA CARS Philippines Inc. (HCPI) announced its new president Masahiko Nakamura, who officially leads the Philippine automobile unit of the Japanese company on April 1.

In a statement on Wednesday, HCPI said he takes over the post of Noriyuki Takakura, who had been president of the company since 2017.

Prior to his appointment, Mr. Nakamura held various deputy manager positions in Honda Motor Co., Ltd. headquarters in Japan since 2016.

“Overall, Mr. Nakamura has more than 30 years of experience in Honda automobile operations.”

HCPI earlier this year announced that it would shut operations of its production facility in Laguna, and will continue to sell to the Philippine market through its regional network as an importer or distributor.

The company will also continue its after-sales service operations in the country.

Trade Secretary Ramon M. Lopez after meeting with HCPI said the decision to close the facility that produces Honda City and BR-V models was due to a worldwide auto industry slowdown.

HCPI said Mr. Nakamura will be sharing his expertise in sales, business strategy, and marketing with the local team.

“He hopes to steer Honda’s automobile business through a challenging and evolving automotive landscape.”

Previous HCPI president Mr. Takakura will transfer to Honda Automobile (Thailand) Co., Ltd. — Jenina P. Ibañez

ACEPH to issue shares to parent

AC ENERGY Philippines, Inc. (ACEPH) is injecting P16.69-billion primary shares to its parent company, which will own 85% of the former, in part of their deal to merge both of the Ayala-led energy unit’s local and overseas renewables entities.

The Philippine-listed company told the stock exchange on Wednesday that it has approved the issuance of its shares equal to P2.97 each to AC Energy, Inc., in exchange for the latter’s full stake in Presage Corp., its international renewable energy unit.

Earlier, the Ayala-led firm, soon to be named AC Energy Corp., said that the combined platform is valued at approximately P97 billion with a perceived attributable capacity of around 1,500 megawatts in operating and under-construction power plant projects, 60% of which are renewables.

The deal is expected to close within the year.

Recently, ACEPH began its P1-billion share buy-back program, following its moves to bolster its renewables portfolio.

The energy firm on March 24 completed its purchase of the controlling stakes in San Carlos Energy, Inc. and Island Solar Power, Inc., operators of two Negros Occidental solar farms owned by Macquarie Infrastructure Holdings (Philippines) Pte. Ltd., Langoer Investments Holding B.V., and the Government Service Insurance System.

As of April 1, it repurchased P13.75 million of its shares from the open market.

On Wednesday, shares in ACEPH grew by 2.00% to close at P2.04 apiece. — Adam J. Ang

MMC pilots phone ‘tele-consultation’ service

THE MAKATI Medical Center (MMC) is piloting a mobile phone and video-based “tele-consultation” system that would allow its doctors to provide healthcare consultations during the community quarantine period. The initiative is in partnership with digital payments firm PayMaya Philippines, Inc.

“Once the consultation is over, patients will receive an SMS from their doctor which will contain details on how they can pay for the consultation fee via their PayMaya account. Aside from this, each doctor participating in this service will have his/her own PayMaya QR code which they can ask patients to scan using the PayMaya app to pay the teleconsultation fee,” PayMaya said in a statement on Wednesday.

The tele-consultation service uses video conferencing apps like Zoom. Patients with existing doctor-patient relationship is the minimum eligibility requirement and those who do not require immediate or urgent care.

Saturnino P. Javier, medical director and interim co-chief executive officer of MMC, said he hopes the service would be able to provide “much-needed expert medical advice to our patients who are staying home while we continue being on the frontline fighting the COVID-19 pandemic here in the Philippines.” — Arjay L. Balinbin