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Marcventures swings to profit on higher nickel tonnage

MINING COMPANY Marcventures Holdings, Inc. (MHI) posted a turnaround in its consolidated net income for 2019 to P37.8 million, compared with a net loss of P388.8 million in the previous year, due to higher nickel tonnage.

In a disclosure to the stock exchange, MHI President Isidro C. Alcantara, Jr. said the company’s performance in 2019 could be credited to increased tonnage, and reduction of mining and overhead costs by almost 30%.

“Early and strict implementation of mining protocols under the Mines and Geosciences Bureau (MGB) and respective local government units (LGUs) allowed normal though delayed operations despite the coronavirus disease 2019 (COVID-19) pandemic,” he said.

Meanwhile, the company said its wholly owned subsidiary, Marcventures Mining and Development Corp. (MMDC) posted a net income of P316.9 million for the month of June.

“The parent company had to step in for 2019 and made wholesale changes by fully revamping mine management and made changes in the MMDC’s corporate management to recover profitable operations,” Mr. Alcantara said.

The company is hopeful that it will experience further increases in its tonnage and better prospects with the combination of cost efficiencies and better nickel prices.

MHI added it plans to develop its other mining property in Surigao del Sur under BrightGreen Resources Corp.

“The company is also undertaking activities for its Bauxite Properties, the aluminum raw material, in Samar prior to applying for their environmental compliance certificate (ECC) and approval of mining project feasibility,” the disclosure said.

On Tuesday, shares in MHI rose 10.81% or P0.08 to close at P0.82 per share. — Revin Mikhael D. Ochave

Portia de Rossi speaks out as criticism of Ellen mounts

LOS ANGELES — Actress Portia de Rossi defended Ellen DeGeneres on Monday after a social media campaign called for the talk show host to step down following reports of a hostile work environment for employees on set.

De Rossi, who has been married to DeGeneres for 12 years, posted an “I Stand By Ellen” hashtag on her Instagram account.

“To all our fans… we see you. Thank you for your support,” the former Ally McBeal actress wrote on Monday.

The Ellen DeGeneres Show has won multiple Emmy awards but both the talk show and DeGeneres herself have been under fire for weeks because of complaints by former production staffers about a hostile workplace that included racism and bullying by upper management and claims that the comedian is mean-spirited.

Warner Bros. Television, which produces the talk show, conducted an internal investigation and said last week that staffing changes and other measures were being taken to address the issue.

DeGeneres also e-mailed staff, expressing regrets about the gulf between the show’s happy public face and what was sometimes happening backstage.

Rather than damping criticism, the developments led to the #ReplaceEllen hashtag, which went viral on Monday. Users suggested that celebrities ranging from British singer Harry Styles to former US first lady Michelle Obama should take over the show.

Warner Bros. Television on Monday did not respond to a request for further comment.

Other celebrities like Argentine polo player Nacho Figueras and DJ Samantha Ronson also publicly supported DeGeneres.

“She makes the world a better place for millions of people everyday and we cannot hit her because something may have not been perfect,” Figueras wrote on Instagram. — Reuters

RCBC pushes back dollar bond issue, eyes local mart

BW FILE PHOTO

RIZAL COMMERCIAL Banking Corp. (RCBC) is looking to tap the domestic debt market again this semester through medium-term papers, but will push back a planned dollar bond issue as it monitors global developments.

“There may be an increase in appetite for fixed income securities in the domestic markets as there will be opportunities opening up this second half of the year,” RCBC Senior Executive Vice-President and Treasurer Horacio E. Cebrero III said in a statement on Tuesday.

The bank said medium-term bonds will boost its liability management strategy.

Meanwhile, RCBC will push back its planned dollar bond issuance, saying it has enough liquidity at the moment and that it will assess developments in international markets to find the right timing for the offer.

“The planned US dollar senior note that we were looking at for this year has been pushed back primarily due to the high liquidity level that the bank currently maintains, and partly due to the developments in the interest and credit markets as a consequence of the ongoing pandemic,” Mr. Cebrero said.

RCBC’s directors last month approved the issuance of $300 million in non-cumulative, unsecured subordinated capital notes eligible as additional Tier 1 capital under Basel III requirements.

The issuance will fall under the bank’s sustainable finance framework and its net proceeds will be used to fund RCBC’s loans and other general business purposes.

The bank said it is also seeking investment opportunities in the Philippine and US equity markets.

Last month, the bank issued P16.616 billion in two-year bonds that carry a coupon rate of 3.25%. The offer was oversubscribed by more than five times.

RCBC said the proceeds will be used to support its lending activities and to refinance debts.

The bank also raised P7.05 billion in April from its offer of two-year fixed-rate bonds. Proceeds from the issuance will be used to support asset growth and to boost RCBC’s liability structure, it said.

RCBC’s net income surged 77% year on year to P2.3 billion in the first quarter, backed by its strong core business and trading gains.

The Yuchengo-led lender’s shares finished trading at P15.72 apiece on Tuesday, inching up by 12 centavos or 0.77% from its previous close. — L.W.T. Noble

BSP reminds banks to be prudent in granting loans

BSP
BW FILE PHOTO

BANKS are expected to be prudent in extending credit amid the pandemic by reviewing their borrowers’ profiles and assessing their loan book, the Bangko Sentral ng Pilipinas (BSP) said.

Memorandum No. M-2020-061 signed by BSP Deputy Governor Chuchi G. Fonacier on Aug. 3 laid out the requirements for banks’ measurement of expected credit losses (ECL) and the treatment of regulatory relief measures granted during the coronavirus disease 2019 (COVID-19) pandemic.

“All BSFIs (BSP-supervised financial institutions) shall be guided by the supervisory expectations on the measurement of ECL under the Philippine Financial Reporting Standards (PFRS) 9 considering the uncertainties brought about by the COVID-19 pandemic,” Ms. Fonacier said.

Ms. Fonacier said the rules were partly based on guidance from the Basel Committee on Banking Supervision and the International Accounting Standards Board.

The BSP said it expects BSFIs to asses their borrowers’ financial capacity when granting credit.

“Decisions to grant new loans or to modify the terms of existing loans should be based on sound assessment of the financial profile of the borrowers,” the issuance said.

Republic Act No. 11469 or the “Bayanihan to Heal As One Act” told lenders to impose a grace period for loan payments with due dates within the enhanced community quarantine and modified enhanced community quarantine period. The said grace period was extended as the lockdown dragged on.

Ms. Fonacier has earlier said banks continue to accommodate loan payment extensions on case-to-case bases following the mandatory grace period.

The BSP said in the guidelines that payments not due during mandatory grace period should not lead to classifying the loans as past due or nonperforming.

It said it is the duty of BSFIs to assess whether borrowers are facing temporary cash flow pressures or serious issues with loan repayments.

“The grant of relief measures in the form of payment holidays, loan payment deferrals, and other similar schemes that effectively moves the payment due date of the loan should not automatically be considered as an indicator of significant increase in credit risk,” it said.

Past due credit made up 5.24% of the banking industry’s loan portfolio as of May, higher than the 3.81% in April, BSP data showed. Meanwhile, banks’ gross nonperforming loan ratio rose to 2.43% in May from 2.31% in April.

Meanwhile, the BSP said lenders that have availed of certain regulatory relief measures amid the pandemic, including the exclusion of eligible accounts from past due and bad loans as well as the staggered booking of allowances for credit losses, will need to report data on these to the BSP.

“This is to facilitate the generation of industry statistics and provide the BSP and the public with information on the true health of the banking system,” it said.

These lenders need to continue to recognize eligible accounts under past due and nonperforming loans in their financial reporting package and capital adequacy ratio reports, the BSP said. — LWTN

Cavitex to be fully electronic by Nov.

THE MANILA-CAVITE EXPRESSWAY (Cavitex) said on Tuesday that all its extension booths will no longer serve cash transactions starting Aug. 15, as the company targets to be fully electronic by November.

“As the Cavitex is set to complete its transition into full electronic by November, motorists are reminded to avail of the Easytrip RFID (radio frequency identification) to avoid any inconvenience,” it said in a statement.

Cavitex will close the 10 extension lanes (fishbone lanes) for cash transactions, both on the northbound and southbound lanes of the Parañaque Toll Plaza.

“We are determined to implement 100% electronic toll collection to help our government lessen the spread of the COVID-19 (coronavirus disease 2019) by means of contactless transactions,” Cavitex Infrastructure Corp. (CIC) President and General Manager Roberto V. Bontia was quoted as saying in the statement. CIC is a subsidiary of Metro Pacific Tollways Corp. (MPTC), the tollways unit of Metro Pacific Investments Corp. (MPIC).

He noted that going completely electronic would ensure physical distancing on the toll lanes, as there would no longer be interactions between motorists and tollbooth cashiers.

“Once our toll roads are fully electronic, motorists would no longer have to queue at tollbooths to pay. This will result in fast passage through toll lanes,” Mr. Bontia said.

The Easytrip RFID sticker is offered free of charge by Cavitex. Motorists will only need an initial load of P500, which is consumable and non-expiring.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Arts & Culture (08/05/20)

PETA online theater workshops

THE Philippine Educational Theater Association (PETA) continues to reinvent its workshop curricula to cater to the needs of not just individual artists and enthusiasts, but also of organizations and institutions. It recently held Creative Pedagogy classes, a newly crafted course aimed at helping educators cope with the demands of blended learning. This August, Stream 2 of Let’s Get Creative Plus offers a lineup of courses in varied topics. This month will see the return of the Acting for Stage and Acting for Screen classes, the online version of the Creative Musical Theater class, as well as two new introductory courses: Introduction to Writing for Performance and Introduction to Visual Arts. Taught by PETA’s artist-teachers, each course will bring a unique learning experience to each participant. Acting for Stage will be offered on weekdays (Aug. 24, 26, 28, Sept. 1, 3) and weekends (Aug. 22, 23, 29, 30, Sept. 5. Led by actors and directors, Ian Segarra and Dudz Teraña, PETA’s signature acting curriculum is once again brought onto the online realm. This course will give participants an intimate online space where they can master the craft of theater acting by learning the rudiments of script analysis, scenework, and character creation. Acting for Screen will also be offered on weekdays (Aug. 24, 26, 28, Sept. 1, 3) and weekends (Aug. 22, 23, 29, 30, Sept. 5). Designed to get participants to shake off their camera shyness, actor and director Phil Noble will guide workshop students as they learn and improve on the technical aspects of acting in front of a camera, including character creation and monologue performance. Creative Musical Theater will have classes in the afternoon on Aug. 25, 27, 31, Sept. 2, 4, and evenings on Aug. 25, 27, 31, Sept. 2, 4. Topping polls for online course requests, PETA is bringing  this workshop online to be taught by composer and musical director, Jeff Hernandez. The course is made to develop one’s musicality through activities rooted in experimentation and discovery. Introduction to Writing for Performance will be held on Aug. 17, 18, 19, 20, and 21. J-mee Katanyag, writer and actor, will be leading participants in brain-stimulating exercises aimed at freeing writers of creative blocks in writing performative monologues, songs, short narratives, poems, or even in keeping a journal. Introduction to Visual Arts will be held on Aug. 22, 23, 29, 30, and Sept. 5. The course is designed to help participants gain confidence in their drawing skills, and is also aimed at exercising one’s mindfulness amidst stressful times. Actor and designer John Moran will be leading participants in a series of creative projects infusing different elements of the arts such as the exploration of lines, shadows, light, texture, and movement. Conducted via Zoom, these courses will provide participants with an optimal online learning experience with a limited number of 10 to 12 students per class. PETA has also revived its extension programs by launching its digital iteration — pioneered with a partnership with De La Salle Zobel and paving the way for the creation of a specialized wellness workshop, aimed at the emotional and mental wellness of students at a time where support through a sense of community is more important than ever. Learn more about the workshops at www.bit.ly/PETAOnlineWorkshop, or contact Betita at 0926-406-6858 or betitasarmiento@petatheater.com.

Cinemalaya honors Peque Gallaga, Anita Linda

THE Cinemalaya Philippine Independent Film Festival will hold a special tribute screening of the films Unfaithful Wife and Adel in honor of the late film greats Peque Gallaga and Anita Linda, respectively, during the Cinemalaya run on Aug. 7 to 16. The Gallaga directed Unfaithful Wife stars Joel Torre, Anna Marie Gutierrez, and Michael De Mesa. Torre plays a widower who finds solace in the arms of his old friend’s wife. When a young girl is brutally murdered, he is unable to account for his whereabouts as he was with his lover, and is named the prime suspect and eventually jailed. Adela on the other hand, features Anita Linda in the title role of a former radio personality, marking her 80th birthday. Living on her own in the slums of Manila, Adela is surrounded by a sea of humanity and with it their problems, successes, and trivialities. While going through her daily chores, Adela gets swept up in the mundane and dramatic events of those around her. Both considered icons in their respective fields, Peque Gallaga was a multi-awarded Filipino filmmaker best known for Oro, Plata, Mata, while  Anita Linda portrayed a romantic lead in her youth, and later gained critical acclaim for her portrayals in maternal or elderly roles.  In view of the COVID-19 situation, the 16th edition of Cinemalaya migrates online via Vimeo. For details, visit www.cinemalaya.org or www.culturalcenter.gov.ph, or contact the CCP Media Arts at 8832-1125 local 1704 to 1705 and the CCP Box Office at 8832-3704.

Tanghalang Pilipino streams Lukot-lukot, Bilog-bilog

TANGHALANG PILIPINO (TP), together with the Cultural Center of the Philippines (CCP) and VISA,  is streaming the play Lukot-Lukot, Bilog-Bilog through PansamanTanghalan, TP’s digital platform on YouTube (http://bit.ly/TPVISALLBB). Written by Eljay Castro Deldoc and directed by Abner Delina, the play focuses on the financial challenges of SHS student Gwyneth as she makes her way to her dream university. Aided by various personalities in Philippine history, Gwyneth gets caught in different situations that will teach her, and the audience, about making informed financial decisions. Lukot-Lukot, Bilog-Bilog was staged in December 2017 at the CCP Little Theater, and has enjoyed a successful school tour since then. Lukot-lukot, Bilog-bilog is also supported by Bangko Sentral ng Pilipinas, EON, and Teach for Philippines. Pantawid ng Tanghalan, a fundraising project, aims to seek help for TP to be able to sustain its commitment to providing the public with artistically excellent and socially relevant productions even during this pandemic. Donations can be made through GCash Number 0915-4538933.

Vinyl on Vinyl group show

VINYL ON VINYL gallery’s latest exhibit, Everyday, gathers seven artists who treat the difficulties of living in current pandemic conditions as any other normal day. The exhibiting artists are Blic,Tyang Karyel, Quatro Happimeel, Mark Santos, Lee Salvador, Meowinism, and TRNZ. They create works inspired by street art, urban sensibilities, nonlinearity and graphic stylings. Originally slated as the 10th anniversary show of the Cavity Collective, more artists were added to the slate. Vinyl on Vinyl is at 2241 Pasillo 18, La Fuerza Compound 1, Chino Roces Ave., Makati. For a private viewing, set an appointment at 0917-802-2984.

PSE among the worst-performing stock market in Asia-Pacific (as of June 2020)

PSE among the worst-performing stock market in Asia-Pacific

How PSEi member stocks performed — August 4, 2020

Here’s a quick glance at how PSEi stocks fared on Tuesday, August 4, 2020.


Peso closes flat ahead of second-quarter GDP data

THE PESO was unchanged versus the greenback on Tuesday as the market stayed on the sidelines ahead of the release of the second-quarter gross domestic product (GDP) data.

The local unit closed at P49.095 per dollar yesterday, unchanged from its Monday finish, data from the Bankers Association of the Philippines showed.

The peso opened the session slightly weaker at P49.12 per dollar. Its weakest showing was at P49.14 while its strongest was its close of P49.095 against the greenback. Dollars traded slipped to $470.35 million on Tuesday from the $568.65 million recorded on Monday.

Investors were on the sidelines days ahead of major economic data release, a trader said.

“The market is just waiting for the Q2 GDP data release,” the trader said in a phone call.

A BusinessWorld poll of 17 economists yielded a median estimate of an 11% contraction in the country’s second-quarter GDP, worse than the 0.2% contraction in the January to March period and a reversal of the 5.4% growth last year.

Analysts expect a broad-based weakness in various components of the economy including consumption, construction and exports, among others, due to the lockdown during the period.

The Philippine Statistics Authority will release second-quarter GDP data on Aug. 6.

The peso held on to a relatively strong close on positive sentiment after better US economic data, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

“Global market risk appetite was supported by stronger US manufacturing data which is the fastest in more than a year,” Mr. Ricafort said in a text message.

US manufacturing activity accelerated to its highest level in nearly 1-1/2 years in July as orders increased despite a resurgence in new COVID-19 infections, which is raising fears about the sustainability of a budding economic recovery, Reuters reported.

Still, the road to recovery for manufacturing likely remains long and bumpy, with the survey from the Institute for Supply Management (ISM) on Monday also showing hiring at factories remaining subdued for a year now. About 72% of industries reported growth last month.

The ISM said its index of national factory activity raced to a reading of 54.2 last month from 52.6 in June. That was the strongest since March 2019 and marked two straight months of expansion. A reading above 50 indicates growth in manufacturing, which accounts for 11% of the US economy.

The trader expects the peso to move around the P49 to P49.30 levels versus the dollar this Wednesday while Mr. Ricafort gave a forecast range of P49.05 to P49.20. — L.W.T. Noble with Reuters

PSE index rebounds as investors pick up bargains

LOCAL SHARES recovered on Tuesday as the selling pressure started subsiding and with most investors hoping companies can endure the reimposition of stricter quarantine measures.

The bellwether Philippine Stock Exchange index (PSEi) rose 59.58 points or 1.04% to close at 5,775.50 on Tuesday. The broader all shares index gained 28.51 points or 0.83% to end at 3,426.97.

“With the BSP (Bangko Sentral ng Pilipinas) chief alleviating the fears of the effects of stricter restrictions…, the market rebounded and moved up in line with most of the regional markets after heavy selling (on Monday),” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message.

Metro Manila and other urban areas are back under tighter quarantine rules for two weeks as the government accepted the request of healthcare workers for a “time out” to help stem the rise in coronavirus disease 2019 (COVID-19) cases in the country.

The COVID-19 tally reached 106,330 on Monday, with the bulk of new cases located in Metro Manila.

Most investors left the market early in the week on fears of the lockdown’s implications, but sentiment improved on Tuesday after BSP Governor Benjamin E. Diokno said the quarantine has limited impact on the economy.

Optimism can also be linked to the improvement in manufacturing output overseas, Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.

“Investors became bargain hunters in the PSEi following the huge sell-off (on Monday) as many embrace for big week for corporate earnings, boosted by positive manufacturing data out of the euro zone,” he said.

Manufacturing activity across the euro zone expanded for the first time since early 2019 last month as demand rebounded after more easing of the restrictions imposed to quell the spread of the new coronavirus, a survey showed on Monday, Reuters reported.

IHS Markit’s final Manufacturing Purchasing Managers’ Index bounced to 51.8 in July from June’s 47.4 — its first time above the 50 mark that separates growth from contraction since January 2019.

Back home, all sectoral indices ended Tuesday’s session with gains. Mining and oil accelerated 216.99 points or 4.03% to 5,600.90; industrials added 124.12 points or 1.68% to 7,473.94; services improved 19.83 points or 1.47% to 1,368.97; financials grew 13.24 points or 1.2% to 1,109.80; property improved 28.66 points or 1.03% to 2,792.67; and holding firms climbed 33.63 points or 0.56% to 5,972.10.

Some 1.59 issues valued at P5.74 billion switched hands on Tuesday, down from Monday’s 1.63 billion issues worth P6.59 billion.

Advancers bested decliners, 136 against 52, while 46 names ended unchanged.

Net outflows were trimmed to P837.17 million from P1.64 billion on Monday but foreign investors remained sellers for the sixth straight session. — Denise A. Valdez

Return to strict lockdown may ravage economy

By Gillian M. Cortez and Vann Marlo M. Villegas, Reporters
and Arjay L. Balinbin, Senior Reporter

PHILIPPINE economic output would probably get pulled down further by the return of Metro Manila and nearby provinces to a strict lockdown amid a fresh surge in coronavirus infections, according to the presidential palace.

“I’m lying if I say the next two weeks of strict lockdown won’t negatively affect our gross domestic product,” Presidential Spokesman Harry L. Roque said at an online briefing in Filipino on Tuesday.

The economic contraction in the second quarter had worsened from the 0.2 shrinkage in the three months through March, Mr. Roque said, citing official data that the government will report on Thursday.

The capital and nearby cities and Calabarzon region — made up of Cavite, Laguna, Batangas, Rizal and Quezon provinces — account for more than two-thirds of the economy, he said.

President Rodrigo R. Duterte put back Metro Manila, Laguna, Cavite, Laguna, Rizal and Bulacan under a modified enhanced community quarantine to stop the rise in COVID-19 (coronavirus disease 2019) cases.

The Department of Health reported a record daily increase of 6,352 new coronavirus infections on Tuesday, bringing the total to 112,593.

The death toll rose to 2,115 after 11 more patients died, while recoveries increased by 240 to 66,049, it said in a bulletin.

There were 44,429 active cases, 91% of which were mild, 7.5% did not show symptoms, and less than 1% each were severe and critical, the agency said.

Of the new cases 3,139 were from Metro Manila, 592 were from Laguna, 550 were from Cavite, 277 were from Rizal and 261 were from Cebu.

Of the new deaths, five came from Central Visayas, two each from the Zamboanga Peninsula and Davao region, and one each from Metro Manila and Calabarzon.

More than 1.5 million people have been tested for the virus, DoH said.

The strict lockdown began on Aug. 4 and will last until Aug. 18 after exhausted health workers warned that the country was losing the battle against the coronavirus.

The rest of the country is still under a modified general community quarantine except for Batangas, Lapu-Lapu City, Mandaue City, Talisay City, Minglanilla, Consolacion and Zamboanga City, which were placed under a general lockdown.

“We can’t deny that there was a steep fall in economic output in the second quarter because we shut down our economy,” Mr. Roque said.

The Philippines, which had been one of Asia’s fastest-growing economies before the pandemic, is on the edge of a recession after economic growth shrank by 0.2% in the first quarter, the first contraction in more than two decades.

Economists expect the contraction to have worsened last quarter as an extended lockdown in Manila, the capital and nearby cities took a heavier toll on local consumption.

President Rodrigo R. Duterte locked down the main island of Luzon in mid-March, suspending work, classes and public transportation to contain the pandemic. People should stay home except to buy food and other basic goods, he said.

He extended the lockdown — one of the strictest and longest in the world — for the island twice and thrice for the capital region. The lockdown in Metro Manila has since been eased, with more businesses allowed to reopen with a skeletal workforce. Mass gatherings remained banned.

Meanwhile, airlines will continue to operate international flights from Manila and local flights between destinations other than Manila during the two-week strict quarantine period as they try to stay afloat amid the pandemic.

Cebu Pacific will continue to operate flights from Manila to Dubai, Seoul and Singapore, it said in a statement. It will also push through with its flights from Osaka and Tokyo to Manila during the period.

The low-cost carrier will also continue to operate Clark-Cebu and Davao-Cebu flights, it said.

Cebu Pacific said it would mount cargo flights and work with the government to help stranded passengers.

Flag carrier Philippine Airlines said all its existing domestic flights between cities other than Manila had not been affected by the strict community quarantine in the capital.

PAL’s international flights to and from Manila will continue to operate, it said.

PAL has been operating regular weekly passenger flights to the United States, Japan, Canada, United Kingdom, Saudi Arabia, United Arab Emirates, Southeast Asia, greater China and more than 15 domestic destinations along with occasional flights to Australia since it resumed operations in June.

PAL and other local airlines had planned to add more domestic and international flights by the start of August.

The flag carrier had operated 640 local and international cargo flights carrying crucial medical and food supplies from March to July.

Meanwhile, low-cost airline Philippines AirAsia, Inc. said it would continue to operate Clark-Davao and Cebu-Davao flights. It will also offer flights from Manila to Kuala Lumpur and Bangkok.

The airline industry was among the hardest hit during the pandemic as countries restricted travel to contain the virus that has sickened 18.5 million and killed almost 700,000 people worldwide.

In April, the Air Carriers Association of the Philippines said local airlines had lost P7 billion a month during the lockdown, apart from P4 billion in losses due to travel refunds.

Program lets nation buy 3 million doses of COVID-19 vaccine

THE Philippines is now part of a program that will let it buy three million doses of coronavirus vaccine once it becomes available, according to the Science and Technology department.

Science and Technology Secretary Fortunato T. De la Peña told a news briefing on Tuesday the Philippines was now part of the COVID-19 Vaccines Global Access (COVAX) program under the World Health Organization.

“We have committed to join the COVAX facility where the vaccines will be available, and we reserved 3% that corresponds to 3% of our population, which is three million,” he said in Filipino.

This would ensure access to the vaccines once they become available, he added.

An inter-agency task force made up of Cabinet officials has discussed the plan with the Budget department, which has allotted P1.5 billion for the program, Mr. De la Peña said. A dose will cost about $10 or P500.

The government is also negotiating with three Chinese and two Taiwanese institutions that are in advanced stages of the COVID-19 (coronavirus disease 2019) vaccine testing, he said. It may also talk to Russia, he added.

President Rodrigo R. Duterte in his yearly address to Congress last month said he had pleaded with Chinese President Xi Jinping to prioritize the Philippines for supply once it finds a vaccine for the coronavirus. — Gillian M. Cortez

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