METROPOLITAN Bank & Trust Co.’s (Metrobank) net income in the second quarter rose 15.5% to P6.48 billion from a year earlier, buoyed by sustained loan and margin growth as well as fee-based profit, the lender said in a statement to the stock exchange on Friday.
This brings the bank’s second-quarter earnings to P13 billion, 18% higher than a year earlier. Metrobank shares fell five centavos to P75 each at Friday’s close.
“We anticipate that the second half will bring even better opportunities as government spending on infrastructure projects continues to accelerate,” Metrobank President Fabian S. Dee said in the statement. “We will continue to make strategic investments in key areas of people and technology so we can deliver more meaningful banking experiences to all our customers.”
Metrobank traced higher earnings to double-digit growth in operating income. Net interest income grew 10% to P36.5 billion, accounting for almost three-quarters of the banks P50.2 billion revenue.
Net interest margin improved six points to 3.83%. Loans and receivables reached P1.4 trillion, 6% higher year on year, while its nonperforming loan ratio was at 1.5%.
Metro bank said credit demand was broad-based, with both the commercial and consumer segments posting mid- single-digit growth from a year earlier.
Metrobank’s deposits rose to P1.62 trillion as of end-June from P1.56 trilion a year earlier. The lender’s consolidated assets stood at P2.3 trillion as of end-June from P2.2 trillion a year ago. — Karl Angelo N. Vidal
LOCAL EQUITIES capped three weeks of increase on Friday, as investor appetite waned ahead of the United States Federal Reserve’s interest rate decision next week.
The 30-member Philippine Stock Exchange index (PSEi) fell by 88.19 points or 1.06% to close at 8,183.99 on Friday — down 1.04% on the week — while the broader all shares index dropped 38.24 points or 0.76% to 4,955.50.
Only one of the six sectoral indices ended with gains, and overseas investors reverted to selling mode after seesawing between net buying and net selling for much of the week.
“Local shares slid, alongside regional markets as investors worried that the Federal Reserve will not be as dovish as expected in its monetary policy announcement next week following strong economic data and remarks from the top European Central Bank official,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message.
The US Federal Open Market Committee, which is scheduled to meet on July 30-31 for its next monetary policy review, is expected to either steady benchmark interest rates or cut them by 25 basis points.
Wall Street closed lower overnight in the wake of disappointing quarterly earnings results, with the Dow Jones Industrial Average down by 0.47% or 128.99 points to 27,140.98, the S&P 500 index retreating by 0.53% or 15.89 points to 3,003.67, while the Nasdaq Composite index gave up one percent or 82.96 points to 8,238.54.
Asian indices ended mixed, with Japan’s Nikkei 225 and TOPIX down by 0.41% and by 0.4%, respectively; Hong Kong’s Hang Seng dropping 0.69% and South Korea’s KOSPI giving up 0.4%; while the Shanghai SE Composite and India’s S&P BSE Sensex firmed up by 0.24% and 0.08%, respectively.
Back home, industrial was the lone sector that ended in positive territory, rising 0.53% or 60.58 points to close at 11,467.74.
The rest went down, led by mining and oil which lost 2.08% or 167.16 points to 7,870.97, followed by financials that shed 1.33% or 25.04 points to 1,848.49, property which dropped 1.22% or 54.02 points to 4,347.09, services which slipped by 1.06% or 17.79 points to 1,651.90 and holding firms declined 0.96% or 78.23 points to 7,999.12.
Stocks that advanced were nearly equal those that dropped at 91 to 90, while 58 others ended flat.
Papa Securities Corp. Sales Associate Gabriel Jose F. Perez noted that Jollibee Foods Corp. (JFC) was now the PSEi’s top gainer, following losses incurred in the past two sessions due to its acquisition of loss-making The Coffee Bean & Tea Leaf.
“JFC’s comeback today may have been technically driven after the stock was oversold yesterday as shown by its RSI (relative strength index) indicator. Foreigners were net buyers of P287 million,” Mr. Perez said in an e-mail.
Shares in JFC jumped 6.78% or P16 to close at P252 each on Friday, topping the day’s list of most active stocks. The other four on Friday’s list of 20 most active stocks that gained were Robinsons Land Corp. (0.36% to P28); Ayala Corp. (0.31% to P983); Wilcon Depot, Inc. (0.25% to P15.94) and Robinsons Retail Holdings, Inc. (0.06% to P78 apiece).
Those that lost for the day included JG Summit Holdings, Inc. (-4.06% to P66.20); International Container Terminal Services, Inc. (-2.92% to P133); BDO Unibank, Inc. (-2.44% to P148.20); Manila Electric Co. (-2.39% to P375); Ayala Land, Inc. (-2.28% to P51.35) and PLDT, Inc. (-2.16% to P1,135).
Some 1.227 billion shares worth P5.903 billion switched hands, compared to Thursday’s 894.307 million issues worth P8.274 billion.
Friday saw P278.021 million net foreign buying, against Thursday’s net foreign inflows of P124.457 million. — Arra B. Francia
In July 27, 2015, two curvy, food-loving ladies Dianne Manalansan and Chef Carvyna Alvarez got together and decided to create a hangout where families and friends can enjoy their own versions of classic personal favorites: a broad selection of comfort food combining Filipino and Western flavours into their own signature cuisine.
Walk into one of their stores and the “feel good” vibe immediately floods your senses. What with their perky greeting of “Hi, Sexy Guest!”, inspirational quotes hanging on the walls, and doodled messages drawn on the tables and ceiling, topped by a whiff of the aromatic steam and smoke coming from the kitchen, guaranteeing that you’ll have a lovely time inching your way across that plate you’re about to order.
Four years and three branches later, with their home branch situated along Visayas Avenue in Quezon City, another one at The Block in SM North EDSA, and a third one in SM City Telabastagan —a town in San Fernando, Pampanga, Chubs is positioning itself to boldly own the title “Pambansang Steak.”
“We pride ourselves in being one of very few places that offer affordably priced steaks, ribs, and roasts cooked Western-style, served in a uniquely Filipino way with our sweet and tangy sauce options, and side dishes that capture the Pinoy palate,” says Chef Alvarez.
From July 26 to 27, as they celebrate their fourth anniversary, Chubs Chasers offers 40% off of the total bill for two days, to say thanks and give back the love to their “Sexy Guests,” and let more people experience the whole menu that will make your mouths agree that #ChubbyIsDelicious.
Bangko Sentral ng Pilipinas (BSP) Governor and Monetary Board Chairman Benjamin E. Diokno (right) presents to Land Bank of the Philippines (LANDBANK) President and CEO Cecilia C. Borromeo (3rd from left) the award for “Outstanding Credit Surety Fund (CSF) Lending Bank” during the 16th Awards Ceremony and Appreciation Lunch for BSP Stakeholders last July 10, 2019 at the BSP Complex in Manila. LANDBANK was also cited as “Digital Trailblazer in Financial Services.” Joining them are Monetary Board Member V. Bruce J. Tolentino (left) and LANDBANK Strategic Planning Group Head FVP Elcid C. Pangilinan.
With the theme “One Team One Goal: Resilient Partnership Towards Inclusive Economic Growth,” the BSP Awards recognized its outstanding partners that have supported its various initiatives and advocacy programs in 2018. The BSP-initiated CSF Program is a credit enhancement scheme to improve the bankability and credit worthiness of microenterprises and SMEs, including cooperatives, which often face difficulty in obtaining loans from banks due to lack of collaterals, credit knowledge, and credit records.
The Medical City’s Augusto P. Sarmiento Cancer Institute
By Mark Louis F. Ferrolino, Special Features Writer
Over the past years, cancer incidence has been steadily increasing, and is ranked as one of the leading causes of death in the Philippines. According to the Department of Health, four Filipinos die of cancer every hour, which translates to nearly 100 every day.
One key player helping curb this alarming epidemic is Augusto P. Sarmiento Cancer Institute (APSCI) of The Medical City (TMC), a premier health institution with more than 50 years of experience in hospital operation and administration in the establishment of its world-class health care organization.
Named after TMC’s chairman emeritus and one of the country’s top surgical oncologists, Dr. Augusto P. Sarmiento, APSCI raises the standard of cancer care with its set of advanced medical equipment and technologies, and top-notch cancer care professionals.
According to Dr. Beatrice J. Tiangco, member of the board of directors of TMC and consultant director of APSCI, the APSCI is barely a one-year-old cancer institute, inaugurated in August last year, although the TMC has been offering cancer programs and services as early as 2005 through its cancer center.
“The difference between a cancer center and the cancer institute is the presence of not just service, but also training and research in the latter,” Dr. Tiangco told BusinessWorld in an interview, adding that researches resulted in various developments that aim to improve the quality of life of cancer patients.
The APSCI adopts a unique multidisciplinary team approach to cancer prevention, early detection, diagnosis, and management. As Dr. Tiangco explained, they guide the patient from beginning to end through effective collaboration with various oncology practitioners with different specialties. With a full appreciation that no two individuals are alike, the institute also applies individualized approach to the diagnosis and treatment of cancer based on the patient’s profile at the molecular level.
In addition to these attributes, what sets APSCI apart from other cancer institutions, according to Dr. Tiangco, is its patient-centered care.
“It’s about putting the patient ahead of your own career, of your own earnings, of your own practice. It is also being humble enough to understand and realize that you don’t know everything and that you need help from your other colleagues, other specialties, in order to help the patient more,” she said.
The APSCI is composed of various units, equipped with state-of-the-art technologies, that offer innovative programs and services. Its Breast Center, for instance, operates the country’s first Stereotactic Mammotome Breast Biopsy System, which allows computer-guided, minimally invasive biopsies.
The center also operates a newly developed form of three-dimensional imaging of the breast called Digital Breast Tomosynthesis, which offers a clearer and more accurate view compared to digital mammography alone.
The Colorectal Unit, on the other hand, is capable of treating all stages of colorectal cancer with the use of advanced endoscopic and minimally invasive techniques for early stage disease, as well as appropriate aggressive surgery for advanced metastatic disease.
For cases of cervical cancer, the Women’sEndometrium, Cervix and Ovaries (ECO) Clinic offers screening through Pap test and HPV DNA Test; diagnosis through colposcopy and examination of the cervix; limited, non-invasive cancer treatment through loop electrosurgical excision procedure, cryosurgery, and hysterectomy; and invasive cancer treatment through radical hysterectomy, external beam radiation, brachytherapy, and chemotherapy.
Meanwhile, for all stages of liver cancer, TMC’s Center for Liver Disease Management and Transplantation offers different treatment options which include surgery, local ablation, locoregional therapy, systemic therapy, and palliative care.
The APSCI also offers lung cancer screening through low-dose computed tomography (CT) scan; smoking cessation and relapse assistance and prevention program; comprehensive range of options for diagnosis such as bronchoscopy, transthoracic biopsy, and surgical biopsy; treatments that include surgery, radiation therapy, chemotherapy, molecular targeted therapy, and immunotherapy; and multidisciplinary approach and coordinated care for patients diagnosed with lung cancer to patients and family.
Treatment options for other cases of cancer, including those related to head and neck, brain and spinal cord, pancreas, prostate, and skin, are also available in TMC’s cancer institute.
While continuous developments take place in APSCI every day, said Dr. Tiangco, one recent and remarkable milestone the institute can be proud of is the arrival of the Intra-Operative Radiotherapy (IORT) and the Koelis machine for MRI Fusion Prostate Biopsy procedures.
Patient with doctor and staff at the PET-CT Center
The institute just also acquired the latest and most advanced PET-CT Scan machine, the Siemens Biograph MCT Flow with Flow Motion, that aids the assessment of cancer tumors, and helps its cancer care professionals to determine the most appropriate treatment option.
Aside from constant progress within the institute, Dr. Tiangco said that APSCI plans to play a bigger role in the community in the coming years. In this case, the institute, she said, needs to learn to work as a team not only within the TMC but with other hospitals as well, and even other parties including politicians, businessmen, educators and all other stakeholders.
“That’s the future, to be more relevant to the people around us,” Dr. Tiangco concluded.
High fuel prices are a constant source of stress and frustration for car owners. But there are several tried-and-tested steps motorists can take squeeze more mileage out of every liter of fuel they purchase.
One is to gas up with fuel products that have properties that help improve the fuel economy of a vehicle. Take for instance the fuels offered by the local independent oil company Phoenix Petroleum. These fuels are powered by the proprietary Phoenix PULSE Technology, an additive with advanced cleaning and protection properties for enhanced power and acceleration.
Launched early last year, Phoenix PULSE Technology provides a number of benefits. It prevents fuel filter blockage in vehicles running on diesel and removes deposits from fuel injectors, valves, and piston surfaces. It also helps protect the engine. And perhaps more important, it increases a vehicle’s fuel economy when used continuously.
“We enhanced our fuel products and improved our formulation… to be able to… add value to every peso fueled up at Phoenix,” Henry Fadullon, chief operating officer of Phoenix Petroleum, said in a statement.
Car owners will also benefit from replacing worn-out spark plugs, devices that produce electrical spark that makes the fuel burn. The National Institute for Automotive Service Excellence, a US-based nonprofit, estimates in one of the articles posted on its Web site that a misfiring spark plug can reduce fuel efficiency by as much as 30%.
A Reader’s Digest article explains, “If your 160,000-km spark plugs have 130,000 km on them, they’re 80% worn. Misfires and incomplete combustion occur more frequently during that last 32,000 km, costing you hundreds of dollars in wasted fuel” — or, in the case of drivers here, thousands of pesos.
“Even if you have to replace the plugs one extra time over the life of your car, you’ll still come out way ahead. And don’t automatically assume your plugs are good for 160,000 km. Many four-cylinder engines require new spark plugs at either 50,000- or 100,000-km intervals,” the article continues.
Don’t forget the tires; keep them inflated to the right pressure. According to an article on fueleconomy.gov, the official US government source for fuel economy information, under-inflated tires can lower gas mileage by roughly 0.2% for every 1 psi (pound per square inch) drop in the average pressure of all tires.
“You can improve your gas mileage by 0.6% on average — up to 3% in some cases — by keeping your tires inflated to the proper pressure,” the agency says, adding that the proper tire pressure for a specific vehicle can be found on a sticker in the driver’s side door jamb or the glove box and in the manual that comes with the vehicle. But it doesn’t recommend using the maximum pressure indicated on the tire’s sidewall.
Achieving higher fuel economy entails a practice as simple as not overloading the car. “An additional 100 pounds in your car can reduce gas mileage by up to 2%. The reduction is relative to the vehicle’s weight: smaller vehicles are more affected by increased weight than larger ones. For every 100 pounds in extra weight, plan on spending up to six cents more per gallon,” an article on Investopedia, an online source of content relating primarily to finance, says.
Turning off the car’s engine instead of idling can also increase fuel economy. “Contrary to popular belief, restarting your car does not burn more fuel than leaving it idling. In fact, idling for just 10 seconds wastes more gas than restarting the engine,” Environmental Defense Fund (EDF), a US-based nonprofit, says. “An idling car uses between 1/5 to 7/10 of a gallon of fuel an hour. An idling diesel truck burns approximately one gallon of fuel an hour.”
Avoiding idling has another benefit: it helps keep the air clean. EDF says for every 10 minutes that an engine is off, approximately one pound of carbon dioxide is stopped from getting released into the atmosphere.
Finally, slow down. According to a guide available on fueleconomy.gov, aggressive driving — which includes the acts of speeding, rapid acceleration and rapid braking — can lower gas mileage by roughly 15% to 30% at highway speeds, and by 10% to 40% in stop-and-go traffic. “Driver feedback devices can help you drive more efficiently, improving fuel economy by up to 10%,” the guide says.
The world of energy and fuel has been transformed by the discovery of oil and gasoline, a discovery that ushered in an industrial revolution and marked a turning point for history.
Nowadays, as that same world continues to turn and shift towards sustainable and renewable energy, gasoline and other conventional fuels serve as the bedrock by which society functions. While society may not be fully ready to use renewables as of the present, gas is still there to serve our needs.
That does not mean that you cannot promote a sustainable lifestyle while using gas. In addition to being more environmentally friendly, conserving gas is more economical in the long run. Something simple such as adopting better driving habits and behavior can not only ensure safe car travel, but contribute significant savings at the gas pump.
Here are a few ways to improve your car’s gas mileage.
Keep your car well-maintained. Part of responsible vehicle ownership are the regular servicing, tune-ups and maintenance. Keeping your car according to the manufacturer’s recommendations will go a long way towards ensuring that your vehicle is always efficient and less wasteful. Even if your car seems to be in tip top shape, without regular maintenance, there can be no guaranteeing that it can give you the desired optimum fuel economy, performance, and longevity.
Be aware of major and minor malfunctions. In relation to the first point, always stay on top of minor problems before degradation makes them worse. For instance, you should replace a flat tire immediately, and make sure your tires are properly inflated. Underinflated tires not only reduce your fuel economy, they wear down much more quickly. They affect the handling and braking capability of your vehicle, and can also pose a risk through overheating and sudden blowouts. Needless to say, engine problems should be addressed by an immediate visit to a repair shop.
Drive responsibly. On the road, efficient fuel conservation depends on proper driving behavior. Going too slow or too fast will be considerably more inefficient, while sudden starts or stops can greatly affect fuel consumption. Idling for more than a minute, meanwhile, is usually unnecessary and wastes fuel. Shutting off the engine is more economical.
If you are driving a car with a manual transmission, try to upshift as soon as you can without “lugging” the engine. Skip-shifting — for instance, going directly from first gear to third — could also be practical in certain situations.
Always be mindful of your energy consumption. A general tip towards being more economical and environmentally friendly with your vehicle is to always be mindful of how you use your fuel. Minimize the use of air-conditioning whenever possible, and turn off any auxiliary devices that are not in use. Moreover, keep a plan in mind of the most efficient routes to take during your daily drive, and avoid unnecessary trips. Planning trips ahead of time can also give you the benefit of saving time and allowing you to avoid high traffic areas. Simple adjustments like these not only ensure you maximize the use of your vehicle, but also provide you with a way to save money and contribute towards a more sustainable society.
Globally, cancer remains a serious public health problem affecting millions of men and women. According to GLOBOCAN 2018, an online database of estimates of cancer incidence and mortality in 185 countries compiled by the International Agency for Research on Cancer (IARC), there were 18.1 million new cancer cases and 9.6 million cancer deaths last year.
What’s more, IARC, a specialized cancer research agency of the World Health Organization, estimated that one in five men and one in six women worldwide would develop cancer during their lifetimes, while one in eight men and one in 11 women would die from it.
“The increasing cancer burden is due to several factors, including population growth and aging as well as the changing prevalence of certain causes of cancer linked to social and economic development. This is particularly true in rapidly growing economies, where a shift is observed from cancers related to poverty and infections to cancers associated with lifestyles more typical of industrialized countries,” the agency said in a press release.
Cancers of the lung, female breast and colorectum (colon and rectum) were the top three cancer types in terms of incidence. In terms of the number of deaths caused, the leading types were lung cancer (responsible for 1.8 million deaths or 18.4% of the total), colorectal cancer (881,000 deaths or 9.2%) and stomach cancer (783,000 deaths).
In the Philippines, cancer is also a major issue not only because it affects and kills many people but also because treating it can be prohibitively expensive. According to the GLOBOCAN 2018 estimates, the number of new cancer cases last year in the country reached 141,021. Of these cases, 79,019 involved women of all ages and 62,002 involved men of all ages.
The five most common cancers, regardless of sex and age, were breast (24,798 cases or 17.6% of the total), lung (17,255 or 12.2%), colorectum (15,680 or 11.1%), liver (9,628 or 6.8%), and prostate (7,290 or 5.2%). The cancers that were frequently diagnosed in women in the country were breast, cervix uteri, colorectum, lung and ovary. Meanwhile, cancers of the lung, colorectum, prostate, liver and blood (leukemia) were the most frequently diagnosed in men.
In 2018, it was estimated that 86,337 died from different types of cancer in the country. The three deadliest types were lung (15,454 deaths or 17.9% of the total), liver (9,485 or 11%) and breast (8,057 or 9.3%). The risk of dying from cancer before the age of 75 for both men and women was 10.4%. Men, though, had a higher risk (11.9%) than women (9.1%).
Cancer has many causes, including genetic mutations and risky behaviors like smoking. But there are also viruses that can lead to cancer. Most cases of cervical cancer, for instance, are caused by certain types of the human papillomavirus or HPV, a sexually transmitted viral infection. It’s also widely known that hepatitis B and C viruses can cause liver cancer. (These infections have also been linked to a group of blood cancers called non-Hodgkin lymphoma).
But medical science has made great strides in improving cancer survival rates. Surgery is the main form of treatment for solid cancers, according to Dr. Beatrice J. Tiangco, member of the board of directors of The Medical City and consultant director of Augusto P. Sarmiento Cancer Institute.
Solid cancers are those that involve the organs, such as the liver, lungs and breasts. (For blood cancers like leukemia, chemotherapy, which entails the use of drugs to kill cancerous cells, is one of the primary interventions.)
But treatments may vary depending on how seriously a cancer has grown and spread. According to Dr. Tiangco, if a cancer is in an early stage, it might be better to take the surgical route. But if it’s in an advanced stage, chemotherapy might be employed first to shrink the tumor before it gets surgically removed.
“But how will you remove it if you don’t know you have it? So you undergo screening,” Dr. Tiangco said. Early detection can greatly increase a cancer patient’s chance of survival. “If you’re able to diagnose cancer early while it’s still limited to one organ, and you remove the tumor, you can be cured,” she said.
New forms of treatment have emerged, and one that has been garnering so much attention is immunotherapy. This treatment harnesses the body’s immune system to combat cancer.
Dr. Tiangco emphasized the need to work together with a cancer patient on what should be done — for instance, what particular treatment to pursue — to achieve cure or at least extend life.
There are also steps one can take to reduce the risk of developing cancer. Dr. Tiangco suggests getting a vaccine for hepatitis B (for both males and females) and for HPV (for females). “Don’t smoke, don’t even start. You can drink alcohol but in moderation. Be fit. Exercise regularly, three to five times a week, for 60 to 90 minutes. These are things that anyone can do for free,” she added.
Cancer remains as one of the top causes of death in the Philippines, according to the Philippine Statistics Authority (PSA). In a report published by PSA last June on its Web site, cancer (technically termed as neoplasms in the report) is the second leading cause of mortality, next to ischaemic heart diseases, with 64,125 registered deaths in 2017.
In addition, the Department of Health’s (DoH) Philippine Cancer Facts and Estimates stated that up to eight deaths per day are caused by cancer among children, while up to 11 new cases and seven deaths per hour are caused by cancer among adults. “This means 110,000 new cancer cases and over 66,000 cancer deaths each year,” DoH concluded in a statement.
With these unsettling numbers, it is no wonder that cancer is regarded as a national health priority in the country. Hence, several moves have been made to address the epidemic and mitigate its sudden attack.
DoH started such efforts in the 1970s by creating the National Cancer Control Center and initiating a registry that gathers cancer incidence data. Efforts improved when the Philippine Cancer Control Program (PCCP) was institutionalized in 1990 through Administrative Order No. 89-A s. 1990.
“It is on the premise that cancer can be largely prevented mainly as a public health effort that the Philippine Cancer Control Program was established,” a DoH primer on the program read.
“The goal of the PCCP is to establish and maintain a system that integrates scientific progress and its practical applications into a comprehensive program that will reduce cancer Morbidity and Mortality in the Philippines,” it added.
The PCCP laid out specific programs to deal with controlling lung, breast, cervical, liver, and colorectal cancers.
Later on, when the need to revisit the PCCP was seen, a National Cancer Control Committee was created to develop the National Cancer Prevention and Control Plan 2015-2020, with the mission to “reduce the impact of cancer and improve the well-being of Filipino people with cancer and their families”.
The DoH continues its fight to control cancer in the country through several interventions and strategies. DoH provides free cervical cancer screening annually in several DoH hospitals for women ages 30-45 years of age. The screenings are done during May, which is also Cervical Cancer Awareness Month.
Also, free adjuvant chemotherapy is available for women diagnosed stage 1 to 3A breast cancer; while free chemotherapy for acute lymphatic leukemia can be availed by children with cancer.
Another program that assists cancer patients is the PhilHealth Z-Benefit Package. Catering to patients with diseases which include breast, prostate, cervical cancers, the in-patient package consists of mandatory diagnostics, operating room expenses, doctor/professional fees, room and board, and medicines.
Moreover, in a report by the Philippine News Agency, DoH Secretary Francisco T. Duque III said the DoH has intensified the program which includes the establishment of 24/7 cancer centers in various DoH hospitals nationwide. “We provide free medicine for breast, childhood and colorectal cancers through our medicines access program,” he added.
But more importantly, the fight against cancer is now further strengthened as President Rodrigo R. Duterte recently signed the Republic Act (R.A.) 11215 or the National Integrated Cancer Control Act last February.
The law establishes an integrated cancer control program “which shall serve as the framework for all cancer-related activities of the government”. The program’s objectives include decreasing the overall mortality and impact of all adult and childhood cancer; preventing cancer recurrence, metastasis and secondary cancer among survivors and people living with cancer; and making cancer treatment and care more affordable and accessible, among others.
It also directs local government units and other government agencies to “strengthen the capability of public health systems and facilities, provision of services and continuum of care.”
Moreover, it creates the Philippine Cancer Center, which shall serve to provide for accommodation and treatment of cancer patients as well as to engage in scientific research on cancer prevention, treatment, and care.
A Cancer Assistance Fund is also established by the law “to support the cancer medicine and treatment assistance program.”
In commending this approval of R.A. 11215, the Cancer Coalition of the Philippines regards the enactment as “a breath of fresh air that embraced individual patients and families, and the whole cancer community with hope.” —Adrian Paul B. Conoza
Avega holds Interactive Session on Mental Health Awareness
Of all factors that lead to a happy life, an individual’s well-being is perhaps the single most important. This refers not only to the simple physical well-being of a fit and healthy body but also to that of a sound and steady mind.
Mental health is an integral part of health. The World Health Organization defines mental health as a “state of well-being in which every individual realizes his or her own potential, can cope with the normal stresses of life, can work productively and fruitfully, and is able to make a contribution to her or his community.”
In the same way that a physical disability like blindness or paralysis can cripple a person for life, so too can mental disorders like depression or schizophrenia. The message is clearly reflected in the mantra used by the WHO: “Indeed, there is no health without mental health.”
In the Philippines, the conversations surrounding mental health have been active again especially when President Rodrigo R. Duterte signed into law Republic Act No. 11036, otherwise known as the Mental Health Act.
The law aims to establish a national mental health policy directed towards improving the health of the population in schools, workplaces, and communities, underscoring the basic right of all Filipinos to mental health. It also highlights the balanced delivery of mental health services, whether community-based and hospital-based, with more focus on persons with psychiatric, neurologic, and psychosocial health needs, and overcoming society’s attitudinal challenges that they may live free from stigma and discrimination.
Dr. Bernardino A. Vicente, former director of National Center for Mental Health, lauded the Mental Health law for establishing the foundation of mental healthcare in the Philippines and highlighting its significance in the country’s discussion about health.
“One in four families is likely to have at least one member with a behavioral or mental disorder. It’s that common,” Dr. Vicente said in a mental health conference organized by healthcare solutions provider AVEGA.
The most common of the mental disorders in the Philippines are unipolar depressive disorders or depression, bipolar affective disorders, schizophrenia, epilepsy, alcohol and drug disorders, Alzheimer’s disease and other dementia, post-traumatic stress disorder, obsessive & compulsive disorder, panic disorders, primary insomnia.
Also at the conference was the prominent mental health advocate Ari Verzosa, who talked about the signs and symptoms of those suffering from psychiatric disorders. Mr. Verzosa, who also suffers from bipolar disorder, described the experiences of those living with similar conditions, particularly those who commit suicide because of their illnesses.
“Do you remember the World Trade Center? When it got hit? You saw people jumping from the building? Why would you do that? That’s insane, right?” Mr. Verzosa said.
“But the thing is for them, it’s a burning building. It’s coming towards you. Your only alternative is to jump even if you know that jumping cannot help you anyway. And it is the same thing with suicide. For those suffering, it seems like the only option,” he added.
Mr. Verzosa shared some tips on how those with mental illnesses can find hope and support through professional treatment and online support groups. Slowly, he said the conversation about mental health is changing for the better, and reaching out and supporting one another is the surest way to move the conversation forward.
Yet despite all the progress towards the perception of mental health, Dr. Vicente stressed that much more should be done before affected Filipinos can expect the kind of treatment other countries are giving patients. Despite its prevalence among Filipinos, psychiatric disorders still carry the weight of a persistent stigma that serves to ostracize those afflicted.
This is not to mention the difficulties of finding accessible and affordable hospitals, specialists, and medicines treating such illnesses. Currently, there are only around 6000 beds in the Philippines dedicated to the treatment of psychiatric patients, with more than 4000 of them located at the NCMH.
The importance of mental health is magnified in the workplace, where employee engagement and productivity directly affect a company’s performance. A recent WHO-led study estimates that depression and anxiety disorders cost the global economy US$ 1 trillion each year in lost productivity.
Workplaces that promote mental health and support people with mental disorders are more likely to reduce absenteeism, increase productivity and benefit from associated economic gains.
As a provider of customized healthcare solutions that adapt and grow with changing needs, AVEGA seeks to support its members’ mental health concerns by working with ComPsych, the global provider of Employee Assistance Programs. It also accredited psychiatric facilities to provide access to organizations who wish to support the mental well-being of their employees.
Moreover, AVEGA launched its ‘#TotalCare’ campaign, which emphasizes that for a person to be holistically well, he/she has to address his/her physical, mental, emotional, and social well-being.
The petroleum industry in the country continues to grow as it keeps on meeting pressing demands. According to the Philippine Energy Situationer published by the Department of Energy (DoE) last 2017, petroleum products accounted for a hefty 48.3% share in the country’s total final energy consumption. The consumption of petroleum products increased by 6%, from 2016’s 15.4 million tons of oil equivalent (MTOE) to 16.3 MTOE in 2017.
“The steady behavior of domestic oil prices in 2017 encouraged consumption of gasoline and diesel, as levels went up by 8.8% and 6.5%, respectively, bringing in a combined share of 79.5% to total petroleum consumption,” the situationer read.
Furthermore, in DoE’s oil supply/demand report for full year (FY) 2018 published on the department’s Web site showed increases in oil supply.
“As of end-month December 2018, actual crudes and petroleum products inventory closed at 23,502 thousand barrels (MB) or 50-day supply equivalent; 44 days for crude oil and products in country stocks and 6 days in-transit. This was higher by 15.4% from December 2017’s 20,362 MB,” the report explained.
Crude oil import amounted to 85,753 MB, up by 10.4% from 2017’s 77,641 MB. Middle East accounted for the majority of the Philippines’ crude oil imports, with an 86.9% share, while 4.5% originated from the ASEAN region and 0.1% from local production.
Petroleum product imports totaled 97,573 MB for FY 2018, a slight increase by 0.2% from 97,415 MB the previous year. Within this category, diesel oil is at the top, albeit dropping by 3.3% from the previous year’s level. Fuel oil imports were down by 24.2%. Gasoline import was up by 10.7%. Liquefied petroleum gas (LPG) and kerosene/avturbo imports increased by 9.4% and 3.8%, respectively.
Meanwhile, demand for petroleum products increased by 1.4%, from 166,539 MB in 2017 to 168,805 MB in 2018. “This can be translated to an average daily requirement of 462.5 MB compared with [2017’s] level of 456.3 MB,” the report added.
Demand for diesel oil was at 41.8%; gasoline at 24%; LPG at 12.1%; kerosene/avturbo at 10.7%; fuel oil at 5.5%; and other products at 5.9%.
Petroleum products exports totaled 17,043 MB, increasing by 16.7% from 14,600 MB of FY 2017. Condensate is the top exported product, with 23.2% share (increasing by 9.8%). Gasoline and naphtha exports increased; while fuel oil, pygas and mixed xylene exports decreased.
With the apparently constant demand for petroleum, the DoE aims to develop petroleum exploration and to make the industry more globally competitive. Last November, it launched the Philippine Conventional Energy Contracting Program (PCECP), DoE’s revised petroleum service contract mechanism wherein potential investors may bid for exploration projects.
The PCECP has offered 14 pre-determined areas for exploration located in Cagayan (one area), East Palawan (three areas), Sulu Sea (three areas), Agusan-Davao (two areas), Cotabato (one area), and West Luzon (four areas). Interested applicants could also nominate their areas of interest.
“[W]e deem it our priority for local exploration to flourish as we are driven to make sure that the demand for energy is met,” Energy Secretary Alfonso G. Cusi was quoted as saying during the launch of the PCECP. “We see that the program will offer positive contributions to our economy as a direct result of exploration-related investment.”
Prior to PCECP, petroleum exploration initially advanced when President Rodrigo R. Duterte signed the service contract for petroleum exploration covering Area 4 of Eastern Palawan, which is awarded to Israeli firm Ratio Petroleum Ltd.
“We are currently experiencing how our dependence on importation has left us at the mercy of price movements in the global oil markets. We need to boost the exploration and development of our own energy resources and the awarding of the petroleum service contract to Ratio Petroleum is a step in the right direction,” Mr. Cusi said in a statement.
THE BANGKO SENTRAL ng Pilipinas (BSP) can wait for more economic data before easing monetary policy again, a member of the policy-setting Monetary Board said.
“In my view, there’s no rush” to cut interest rates and reduce the reserve requirement ratio for banks, V. Bruce J. Tolentino, one of three economists on the seven-member board, said in an interview on Wednesday.
“The data will tell the story moving forward.”
The BSP paused after cutting interest by 25 basis points in May, taking a gradual approach to lowering borrowing costs at the same time that it brings down banks’ reserve ratio.
BSP Governor Benjamin E. Diokno said this week that the central bank prefers to be patient and prudent on its policy steps, though he’s previously signaled a willingness to cut rates in the second half of the year given the Federal Reserve’s dovish stance.
Mr. Tolentino said there’s a limit to what rate cuts can do for an economy. Banks wouldn’t necessarily lend more to industries with low productivity, like agriculture, even if rates come down.
Government spending on infrastructure is key to spurring those industries, he said.
Additional funds released by lowering banks’ reserve ratio must be used for productive purposes, Mr. Tolentino said, echoing Mr. Diokno.
The central bank reduced the ratio of deposits lenders must hold in reserve by 2 percentage points to 16% so far this year.
“We have to make sure that money isn’t just sitting in accounts,” Mr. Tolentino said.
The BSP will make its fifth rate decision for the year on Aug. 8, hours after the Philippine Statistics Authority reports second-quarter gross domestic product (Q2 GDP) data in the morning.
For ING Bank N.V. Manila senior economist Nicholas Antonio T. Mapa, all bets are off on the next monetary policy review.
“Governor Diokno is on record as saying that ‘we have already decided’ (to cut rates) and that they are simply looking to the proper timing for the rate cuts. The big question now is, when will the BSP follow through on their May rate reduction and secondly by how much,” Mr. Mapa said in a note on Wednesday.
But “[w]ith the Fed all but signaling a rate cut at the end of the month, emerging market central banks have moved to reduce policy rates mainly to boost sagging growth momentum in the face of the protracted trade spat between the US and China,” he added.
“We expect Diokno’s decision point to rest on inflation and more heavily on 2Q GDP in the next few weeks.”
He cited Mr. Tolentino and Felipe M. Medalla as two of the more hawkish Monetary Board (MB) members for being cautious on rate cuts, saying: “… [I]t looks like Dr. Medalla will err on the side of patience and support another ‘prudent pause’ for at least the August meeting.”
Mr. Mapa said that markets will be watching out for hints from the remaining four MB members, namely: Finance Secretary Carlos G. Dominguez III; Juan De Zuniga, Jr.; Peter B. Favila and Antonio S. Abacan, Jr.
“The BSP will likely not focus on contemporaneous and singular data points (2Q GDP and July inflation) but rather we expect the technical secretariat to deliver recommendations based on forward-looking indicators,” Mr. Mapa said. — Bloomberg and Karl Angelo N. Vidal
“One in four families is likely to have at least one member with a behavioral or mental disorder. It’s that common,” Dr. Vicente said in a mental health conference organized by healthcare solutions provider AVEGA.
Moreover, AVEGA launched its ‘#TotalCare’ campaign, which emphasizes that for a person to be holistically well, he/she has to address his/her physical, mental, emotional, and social well-being.