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When to wear a mask and when you can skip it

By Faye Flam

SCIENCE has a lot to say about the effectiveness of wearing a mask to stop the spread of the coronavirus, but the communication of that science has been corrupted by a combination of partisan divides, sensationalist media stories, distrust, false dichotomies, and letting the perfect be the enemy of the good.

The studies on masks aren’t perfectly definitive, but that’s typical of many issues involving health risks — from mercury contamination to cancer screenings. It’s still better to make decisions based on an incomplete body of evidence than to ignore evidence altogether. In this case, it helps to add a dose of situational awareness and common sense.

The public health community got off on the wrong foot with masks by advising against wearing them and then making a sudden flip-flop and telling us not to leave home without them. Further complicating the picture is a mix of people’s individual attitudes. Some members of the public still fear the virus and want to remain safe, and others are at peace with their risk but want some guidance on how to be a good citizen — or at least be perceived as one.

There have been reasonably convincing studies showing that masks stop some of the particles that might carry the virus out of people’s mouths. That suggests masks’ potential to protect others. Then there are observational studies, which look at mask use in the real world.

On June 1, The Lancet published an analysis of 172 such studies, many of them done in health care settings. The authors concluded that mask-wearing combined with eye protection and social distancing could cut down on the spread of the virus, though the authors admitted to a high degree of uncertainty.

Another study came down on the side of mandatory mask-wearing by watching disease trends in Wuhan and New York City. But some other researchers noted flaws in that study, published in the Proceeding of the National Academy of Sciences. The one-to-two-week delay between infection and test results would suggest infections in New York City dropped well before masks were made mandatory. Some experts wanted the study retracted.

When there are multiple changes in behavior going on at the same time, it can be impossible to connect any one of those changes to rising or falling case numbers.

That doesn’t mean the information in those studies can’t be useful. Physician and infectious disease specialist Muge Cevik, who has been a prescient guide to relative risks, pointed out to me that mask-wearing should be informed by other studies on how the virus spreads. A consensus is finally starting to form that there’s a negligible risk outdoors away from other people, and that very brief encounters pose very little risk, such as people walking, running, or cycling past you.

Common sense would suggest that if an activity poses negligible risk, then wearing a mask offers only a negligible benefit, and should be optional.

On the other extreme are potential super-spreading events — anywhere many people are confined indoors, especially if there’s close contact. Trump’s planned Oklahoma rally is a good example. There, common sense would dictate that such events should not take place at all.

Then there’s the middle ground. Mask wearing is likely to do the most good in settings where people have little choice but to interact in enclosed spaces — grocery shopping, riding public transportation, ride-sharing, getting a haircut, or seeing a doctor.

Also in this middle category is gathering outdoors in large groups — such as at a protest. If most protestors wear a mask at all times, this will likely reduce transmissions.

Cevik, who works at the University of St. Andrews in the UK, pointed out that the six-foot rule applies best outdoors, while in badly ventilated indoor settings, aerosol particles might accumulate and put people at risk even if they never get that close to others. And length of exposure matters a lot, so bus drivers, haircutters, and store clerks face a much higher risk than their customers. Their risk very likely goes down if customers wear masks.

Then there’s a problematic category of activities, such as eating in restaurants, where masks can’t be worn constantly. Would diners be stuck trying to pull masks on and off with every bite? Some experts say such “fiddling” with masks is only going to spread any viruses the mask has captured. As a compromise, many restaurants are seating people outdoors and allowing them to keep masks off while eating. Gyms and yoga studios pose a similar challenge.

The risks associated with close contact and crowds seem obvious and intuitive. And yet Americans have been fixated on the unlikely possibility that infectious doses of virus would fly off cyclists or creep in on packages. In response, some have adopted irrational mask-wearing practices, such as keeping one on while riding or driving, but pulling it down to congregate and chat with groups of people.

And it’s no surprise that politics would infuse the issue, given the moral tone of the mask debate and different messages on mainstream and conservative media. In the US, we have some fraction of people wearing a mask all the time, and some fraction never wearing one. It would be better if everyone wore one when it was likely to help.

BLOOMBERG OPINION

NCAA dealing with impact of the pandemic head-on

ADVERSELY AFFECTED by the coronavirus disease 2019 (COVID-19) pandemic, the National Collegiate Athletic Association finds itself needing to be creative in finding ways to forge ahead, particularly in staging its Season 96.

Speaking at the online Philippine Sportswriters Association Forum on Tuesday, NCAA Management Committee Chairman Fr. Vic Calvo of Season 96 host Colegio de San Juan de Letran and last season’s chair Peter Cayco of Arellano University shared the current episode with COVID-19 has been tough for the country’s oldest collegiate league but they remain hopeful that things would eventually settle for them to resume activities.

“This is something difficult for us. We were supposed to open [the season] soon but we’re not. This is the new normal which is really not normal. It is tough but we are doing everything we can,” said Mr. Calvo, whose institution is celebrating its quadricentennial anniversary this year.

Traditionally opens in July, the NCAA decided to push the staging of Season 96 to early next year because of COVID-19, which remains a going concern for the country.

It has short-listed four mandatory sports for the season, namely, basketball, volleyball, track and field and swimming, even as it said it is still studying the possibility of including online sports and activities in the calendar.

The NCAA in March decided to cut short the holding of Season 95 as COVID-19 took further root in the country and mitigating measures put up by the government to fight against it were raised.

Some events like indoor volleyball were abruptly ended because of it while sports like beach volleyball, track and field and cheerdance did not even see the light of day.

The turn of events pushed the NCAA not to award an overall champion for the truncated season.

For Season 96, Messrs. Calvo and Cayco said the NCAA is looking at all possibilities, crafting numerous plans to stay flexible to whatever situation it may face come opening day.

“It all depends on what the IATF (Inter-Agency Task Force for the Management of Emerging Infectious Diseases), CHEd (Commission on Higher Education) and DepEd (Department of Education) would say. We would follow them in the kind of setup, protocols we will have for the season,” said Mr. Calvo.

“We are studying everything, from the budget, eligibility, holding of games and concerns on vaccines, and others. We are looking at different scenarios,” he added.

The officials said all NCAA member schools are having their share of struggles amid the pandemic but that they as an organization are standing together and they are confident that when activities eventually resume the NCAA will be one and strong. — Michael Angelo S. Murillo

Players test positive for COVID-19, poses questions for tennis’ return

BELGRADE/BENGALURU — Borna Coric and Viktor Troicki tested positive for COVID-19 after playing in Novak Djokovic’s Adria Tour exhibition event, raising serious concerns for tennis governing bodies in their bid to restart the sport after a lengthy shutdown.

The professional circuit was halted in early March as nations closed borders and imposed lockdowns to contain the spread of the virus.

Last week the men’s ATP and the WTA, which runs women’s events, issued revised calendars for the resumption of the circuit from August while organizers of the US Open said the Grand Slam will be staged without fans as scheduled from Aug. 31 to Sept. 13 in New York.

Those plans, however, could need to be redrawn after three players who had featured in the Adria Tour event tested positive for the coronavirus. On Sunday Grigor Dimitrov said he had contracted the coronavirus disease 2019.

While the players did not break any Serbian or Croatian government protocols, as neither country required the athletes to maintain any social distancing, the fact that three players and some support staff caught the virus highlights the risks of athletes from different countries being in close proximity to each other.

“I want to make sure anyone who has been in contact with me during the last few days gets tested,” Coric, ranked No. 33 in the world, said on Twitter. “I am really sorry for any harm I might have caused. I’m feeling well and don’t have any symptoms.”

Troicki played in the first leg staged at Djokovic’s tennis complex in central Belgrade from June 13–14, before Dimitrov and Coric tested positive at the second leg in Zadar held from June 20–21.

Troicki, 34, entered Janko Tipsarevic’s Eastern European Championship tournament which started in Belgrade last Monday and pulled out after learning that he and his wife tested positive.

“My wife took the test on Friday and I took it on Sunday after she tested positive,” Troicki told Serbia’s Telegraf website. “Our daughter tested negative.”

The ATP wished players and staff who tested positive at the event a speedy recovery and urged “strict adherence to responsible social distancing” to limit the spread of the virus.

The governing body added that it will implement a variety of precautions and protocols that would be adjusted as and when dictated by the latest medical information to ensure safety at events when the tour resumes on Aug. 14.

The WTA did not respond to a request for comment. Organizers of the Adria Tour could not be reached for comment.

Bulgarian Dimitrov flew in to play in Djokovic’s event in Belgrade and the second leg, as did other top names like Dominic Thiem of Austria and Germany’s Alexander Zverev.

Organizers of other sports looking to resume from the coronavirus shutdown will be watching developments with some trepidation as they try to find the safest way of getting competition back under way.

NO SOCIAL DISTANCING
The tournament witnessed packed stands during the opening leg in Belgrade, players hugging at the net, playing basketball, posing for pictures and attending press conferences together.

Djokovic organized nights out in Belgrade for the players and pictures and videos of him dancing with the other participants at his event were posted on social media.

With both Serbia and Croatia easing lockdown measures weeks before the event, players were not obliged to observe social distancing rules in either country.

“It is recommended that anyone who has been in close contact for more than 10 minutes with the tennis player be advised to self-isolate for 14 days and to contact their doctor,” the event organizers said in a statement on Monday.

With international tennis suspended, Djokovic organized the Adria Tour as a charity event to be contested over four legs across the former Yugoslavia.

Djokovic’s fitness coach Marco Panichi also tested positive, Serbian daily Sportski Zurnal reported, quoting Croatia’s health institute.

The men’s world number one took the test on Monday after returning to Belgrade in the morning and his test results will be announced on Tuesday, after which he is set to address the public, Serbian media reported.

Zverev, Croatia’s Marin Cilic and Russian Andrey Rublev — who all played at the Adria Tour — said they tested negative for the virus but will follow self-isolation guidelines. — Reuters

Raptors preparing to resume season in Florida

THE defending National Basketball Association champions Toronto Raptors began preparations to resume the 2019–20 season on Monday.

Select players and staff members were headed to Fort Myers, Florida, where they will remain until the NBA campus in Orlando opens in early July.

“In keeping with NBA and team safety protocols, there will be no group workouts during this phase of return to play, and strict protocols have been designed to ensure this initial level of access will take place in a safe, controlled, and healthy way,” the team said in a press release.

Group workouts will not begin until the Raptors report to the Disney World facility for the league’s 22-team restart.

The organization also said there will be no in-person media availabilities during this stage. Access to team hotels and voluntary individual workout facilities will be limited to essential team personnel.

Toronto compiled a 46-18 record and ranked second in the Eastern Conference, 6.5 games behind the Milwaukee Bucks, when the season was suspended in mid-March due to the COVID-19 pandemic.

KNICKS COACHING JOB
Meanwhile, add Jason Kidd and Mike Brown to the growing list of New York Knicks head-coaching candidates.

The Knicks reportedly received permission to interview the two former head coaches, which would increase the number to 11 under consideration for the post.

The New York Times on Monday first reported that the club had obtained the go-ahead to interview Kidd, who is currently an assistant coach with the Los Angeles Lakers.

The Athletic first reported the news that Brown would be interviewed. He is associate head coach of the Golden State Warriors.

Kidd, a Hall-of-Fame player, has a 183-190 record in parts of five seasons as an NBA head coach. He spent one season coaching the Brooklyn Nets (2013-14), compiling a 44-38 record and guiding the club to the second round of the playoffs.

Kidd, 47, jumped to the Milwaukee Bucks and went 139-152 with two playoff appearances, both ending in the first round. He was fired just past the midway point of the 2017-18 season.

Brown, 50, has a 347-216 mark in seven-plus seasons. He guided the Cleveland Cavaliers to the NBA Finals in 2006-07 before they were swept by the San Antonio Spurs.

He won 50 or more games four times with the Cavaliers, including records of 66-16 in 2008-09 and 61-21 in 2009-10. However, he was let go after neither of those 60-win clubs reached the NBA Finals.

Brown took over as coach of the Los Angeles Lakers prior to the 2011–12 season and was eventually fired after five games of the following season. He again served as coach of the Cavaliers in 2013–14 before again being dismissed.

Brown guided the Cavaliers to the playoffs five times and also helped the Lakers make a postseason appearance in 2012.

The other coaches in New York’s mix, according to multiple media reports, are former head men Tom Thibodeau, Kenny Atkinson and Mike Woodson; interim Knicks head coach Mike Miller and assistants Pat Delaney (Orlando), Chris Fleming (Chicago), Will Hardy (San Antonio), Jamahl Mosley (Dallas) and Ime Udoka (Philadelphia). — Reuters

POC reaffirms support to athletes as it celebrates Olympic Day

IN LINE with the celebration of Olympic Day this week, the Philippine Olympic Committee reaffirmed its support to Filipino athletes especially during these trying times with the coronavirus disease 2019 (COVID-19) pandemic.

In an online press conference on Monday organized by the POC in celebration of Olympic Day, body president Abraham “Bambol” Tolentino said the POC is downright working to ensure that athletes are looked after accordingly despite the myriad of challenges at hand.

Among the concerns they are looking into, Mr. Tolentino said, is the possibility of select athletes, particularly those who have qualified for the Olympic Games and are still angling to make it there, to resume training albeit under strict health and safety protocols.

Mr. Tolentino, also the president of the Integrated Cycling Federation of the Philippines (PhilCycling), said the POC will try to help as well in restoring the full amount of the athletes’ monthly allowances, which were recently cut as part of the government coffers was rechanneled to the fight against COVID-19.

The POC president said they have reached out to the pertinent government agencies, including the Inter-Agency Task Force on the Management of Emerging Infectious Diseases (IATF) and the Philippine Sports Commission (PSC), on the possibility of resuming training for athletes vying for a spot in the rescheduled Olympic Games in Tokyo next year.

This is to allow the athletes enough time to condition their body and prepare for the eventual reopening of qualifying tournaments later this year or in early 2021.

“We need to start preparing now for the resumption of overseas tournaments where athletes will compete in. We should allow them (athletes) to train, especially those seeking to qualify for the Olympics,” said Mr. Tolentino, who is also a sitting congressman, representing the eighth district of Cavite.

“We’re discussing the possibility of resuming training with the PSC and IATF,” he added.

Currently, four Filipino athletes have already qualified for the Tokyo Games, namely, EJ Obiena (pole vault), Carlos Yulo (gymnastics) and Eumir Felix Marcial and Irish Magno (boxing).

Those still trying to qualify include Hidilyn Diaz (weightlifting), skateboarder Margielyn Didal, BMX rider Danny Caluag, cyclist Ariana Dormitorio, boxer Nesthy Petecio, taekwondo jin Pauline Lopez and karateka Junna Tsukii.

Mr. Tolentino said they are hoping that these athletes, along with others, be allowed to train once again although with safety a primary consideration.

ALLOWANCES
As for the athletes’ allowances, Mr. Tolentino said it was unfortunate such had to be done, especially since Philippine sports was coming from a high last year after the country bagged the overall title in the 30th Southeast Asian Games held here.

Because of the ongoing battle against COVID-19, a large chunk of the budget of the PSC from the government was realigned to efforts addressing the effects of the pandemic.

This, along with limited remittances from the Philippine Amusement and Gaming Corp. (Pagcor), where the PSC also gets funding for its operations, forced the sports agency to make the hard decision to slash what athletes get monthly as allowances.

Mr. Tolentino said in his capacity as well as a member of the House of Representatives, he will ask Congress to give back the money intended for the athletes so as to have the latter get by amid the pandemic.

“As a member of the House of Representative, we in Congress will try to give back the amount that was taken from the PSC and have the athletes included as beneficiaries in the extension of the Bayanihan Act,” he said.

Meanwhile, unlike previous years, Olympic Day, which celebrates the birth of the modern Olympic Games and is commemorated every June 23, in the country will largely be observed online.

The POC has lined up a series of activities until June 30 in celebration of the event built around the theme of “Move. Learn. Discover.” — Michael Angelo S. Murillo

Quest to repeat

Of the 22 franchises in the National Basketball Association slated to head to the ESPN Wide World of Sports Complex at the Walt Disney World Resort for the resumption of the 2019–20 campaign, the Raptors have the toughest hurdles by far. For instance, cross-border considerations — significant under normal circumstances and downright restrictive in light of the pandemic — have compelled them to set their assimilation schedule even ahead of the players union’s efforts to come up with a consensus on participation in the bubble.

And so the Raptors find themselves already in Florida, a full week and a half before the other playoff hopefuls arrive in the state to gather for the culmination of the season. Prepping for the resumption of their title defense in their Toronto home base wound have been complicated at best, with quarantine protocols requiring them to first isolate themselves for 14 days upon their arrival in Canada. Instead, they opted to adopt the Florida Gulf Coast University in Fort Myers as their temporary headquarters before pushing forward to Orlando early next month.

If nothing else, the Raptors’ willingness to be subject to extraordinary measures just to be among those casting moist eyes on the hardware speaks volumes of their confidence in repeating as champions. Pundits have pointed to the Bucks, Lakers, Clippers, and even Celtics as the most likely contenders, but no matter. As far as they’re concerned, they remain first among equals until they’re dethroned; everybody else has to come through them. And, to their credit, they’ve proven their capacity to exceed expectations; for all the discounting being done to their chances following the departure of Finals Most Valuable Player Kawhi Leonard, they’ve remained focused, confident, and eminently capable of going all the way anew.

To be sure, they’ve benefited from excellent planning, not to mention experience. Having been there and done that, they continue to be wholly committed to the cause. And, Leonard’s absence aside, continuity isn’t a problem at all. Chief bench tactician Nick Nurse, prime candidate for Coach of the Year, not only knows how to make the most of what he has; his charges have responded in turn. Which is to say they’re right where they want to be: written off, but in excellent position to thrive.

 

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

Pandemic digital habits expected to stick around after public health crisis

NEW digital behaviors adopted by consumers and businesses during the coronavirus crisis are expected to linger after the pandemic, accelerating the long-term growth of the technology sector, the Franklin Equity Group said.

“People and businesses have learned new digital skills and found that many of these experiences are passable. We believe many behaviors have permanently changed,” Franklin Equity Group Vice-President and Portfolio Manager Jonathan Curtis said in a virtual conference Tuesday.

He also noted that businesses and consumers will continue to utilize many of the new digital services they discovered during the crisis.

“This will compel digital laggards to invest in their own transformation and could help to accelerate digital transformation in the years ahead,” Mr. Curtis said.

Before the crisis, he said, the information and communications technology sector was already performing well due to a combination of “secular digital transformation growth; good quality, highly profitable businesses with strong balance sheets; and reasonable valuations.”

The government-imposed lockdowns in most countries had tested resilience across all industries, but digital transformation leaders “were more agile than their non-digital peers as they quickly pivoted… with work from home, educate from home, shop from home, health care from home, exercise from home, socialize from home, and dine out from home solutions,” Mr. Curtis said.

“We believe that social distancing will continue even as lockdowns are lifted, keeping many of these new digital skills, services and revised digital business processes highly relevant,” he added.

Once the crisis is over, Mr. Curtis said, a “very powerful acceleration” in tech revenue growth is expected.

Among the companies that responded to the new landscape brought about by the pandemic are Google, Apple, GitLab, and Atlassian.

“They have moved their sales conferences to online formats and are learning how to close deals over Zoom meetings,” Mr. Curtis noted.

Exercise equipment and media company Peloton saw “significant demand and has opened its digital app offering to new users,” he added.

Nike, a sportswear company, has also been offering digital workout classes.

With the surge in demand for entertainment, both Netflix and Youtube had to reduce their bit rates to protect local access to networks.

Gaming entertainment services like Amazon’s Twitch also saw “very strong demand” during the crisis, Mr. Curtis said. — Arjay L. Balinbin

Legislators seek investigation into fertilizer procurement

THE Makabayan bloc in Congress filed House Resolution 992 urging the Committee on Agriculture and Food to investigate the Department of Agriculture’s (DA’s) fertilizer procurement, amid allegations that its purchase price was inflated.

On April 28, the DA posted an invitation to bid for the supply and delivery of 5.69 million bags of urea fertilizer with an approved budget of P5.69 billion. The agency also invited bids to supply 1.8 million bags of urea fertilizers for P1.8 billion or P1,000 per bag.

“The total contract for the P1.8 billion fertilizer could be overpriced by at least P271.66 million as farmers from Tarlac and Nueva Ecija attest that the prevailing average price of urea is pegged only at P850 per bag,” according to the resolution.

Through its Bids and Awards Committee, the DA had issued Notices to Award and Contract to the two winning companies, La Filipina Uy Gongco Corp. and Atlas Fertilizer Corp.

La Filipina Uy Gongco Corp. delivered 97,615 bags at P990 per bag to Region 4-A; 694,904 bags at P995 per bag to Region 6; and 911,073 bags at P995 per bag to Region 3.

Meanwhile, Atlas Fertilizer Corp. delivered 107,498 bags at P900 per bag to Region 7.

“This issue on the alleged overpriced fertilizer further raised suspicion because news reports stated that La Filipina does not also have available stock of urea fertilizers nor has it shown any bill of lading to prove that it had an incoming supply of urea fertilizer and yet it still bagged the contract,” according to the resolution.

The Makabayan bloc added that the DA should put on hold or suspend the succeeding bids for the procurement of an additional P3.8 billion worth of fertilizer “until the questionable bidding and procurement of the P1.8 billion fertilizer is given clarity.”

In a virtual briefing on June 16, Agriculture Secretary William D. Dar said that the DA followed government procurement rules in its acquisition of fertilizers.

He said that P1,000 for a 50-kilogram fertilizer bag is lower than the average retail price of urea fertilizer, based on a survey conducted by the DA’s Fertilizer and Pesticide Authority between March and May.

Meanwhile, in a virtual briefing Tuesday, Undersecretary for Operations and Agri-Fisheries Mechanization Ariel T. Cayanan said that the department is open to an investigation by Congress.

Maliwanag po at consistent ang pahayag ng kalihim. Ito pong dinadaanan nating prosesong ‘to at kung po tayo ay iimbestigahan ay maluwag pong sinasabi ng kalihim na ine-entertain po niya (The Secretary’s pronouncements are clear and consistent. He welcomes an investigation into the process)” he said.

The DA procured fertilizer for rice farmers under the Rice Resiliency Program which aims to increase the country’s rice self-sufficiency to 93% from 87% by the end of 2020. — Genshen L. Espedido

PHL urged to switch to ‘resilient’ renewables after the pandemic

THE Philippines needs to grab the opportunity to power its grid post-pandemic with renewable energy, which have proved to be “resilient” despite the disruptions caused by the public health crisis, the National Renewable Energy Board (NREB) said.

Clean energy was largely immune from global supply chain disruptions and has a role to play when the industry emerges from the pandemic, unlike other forms of power generation which had to import or otherwise transport their fuel.

“RE (renewable energy) plants have demonstrated resilience during the crisis as operating RE plants proved immune from global supply chain interruptions, for instance,” NREB Chairman Monalisa C. Dimalanta told BusinessWorld in an e-mail interview.

However, during the hard lockdown between mid-March and May, she said there was no considerable increase in the share of renewable energy in the country’s generation mix, citing the spot market report by the Independent Electricity Market Operator of the Philippines.

“We do not see this resilience translate to a significant increase in the RE share during the (quarantine) period,” Ms. Dimalanta said, adding that coal remained the dominant power source.

NREB, which monitors the implementation of Republic Act No. 9513 or the Renewable Energy Act, said the country must recognize the potential of clean energy in powering its post-pandemic recovery as the cost of the technology is continuing to decline.

“As prices for RE technology continue getting more and more competitive compared to conventional fuel, we now have the choice of fueling the Philippines’ recovery plans with renewable, clean, and indigenous resources,” she said.

Meanwhile, with the unimpeded remittance of feed-in-tariffs (FiT) by the National Transmission Corp. (TransCo) and the resumption of FiT-allowance collection, eligible generators no longer need to lobby for stimulus funds or incentives from the government.

“Since the (FiT-allowance) fund is still able to pay the RE FiT-generators and the distribution utilities are now resuming collection of payment from consumers to then remit payments to the generators, we do not anticipate any major adverse effects directly on RE generators that would make it imperative to request for an industry-wide stimulus package,” Ms. Dimalanta said.

The collection of the FiT allowance, which forms part of power users’ bills, was suspended during the quarantine period on order of the Energy Regulatory Commission.

The energy efficiency and solar industries asked legislators for a share of the stimulus package to support green projects when the Philippines stimulates the economy to recover from the pandemic.

The renewables board hopes to raise the share of combined hydro, geothermal, solar, biomass, and other clean-energy sources to 35% in the next decade, similar to its share when the Renewable Energy law was implemented in 2008. — Adam J. Ang

Amended currency swap deal takes effect, PHL can borrow up to $23B

THE amended Chiang Mai Initiative Multilateralization (CMIM) agreement took effect Tuesday, offering an improved currency swap arrangement and financial safety net among Association of Southeast Asian Nations (ASEAN) countries and the bloc’s regional partners.

In a statement Tuesday, the Finance department said the amended CMIM has been signed by finance ministers and central bank governors of ASEAN, South Korea, Japan, China, as well as the Hong Kong Monetary Authority.

Through the Bangko Sentral ng Pilipinas, the Philippines has a contribution commitment of $9.104 billion to the CMIM and can borrow up to 2.5 times its contribution commitment, or around $22.76 billion.

The agreement, which started in 2010, aims to help members get through short-term crises.

“Under the CMIM, each member-state can swap its local currency with US dollars based on certain conditions when faced with short-term liquidity or BoP problems,” the Finance department said.

The amended version took effect Tuesday after all 27 signatories approved the document on June 16.

Features of the new version include a more flexible supporting period for financing linked to lending conditions of the International Monetary Fund (IMF) and adjustments of other financing terms such as disbursement dates.

Currently, it said the size of the CMIM has been doubled to $240 billion while the IMF-delinked portion was increased to 30%. Member-countries can now obtain up to 30% of their borrowing cap without being subjected to IMF’s lending conditions.

“The amended agreement also strengthened the CMIM’s coordination with the IMF by establishing a set of operational guidelines, which aims to create a shared view on economic and financial situations, financing needs and policy recommendation for co-financing,” it added. — Beatrice M. Laforga

PHL to initiate safeguard measures probe into iron, zinc imports

THE Philippines has notified the World Trade Organization (WTO) about its plan to investigate proposed safeguard measures on various iron and zinc imports at the request of its steel industry.

The Department of Trade and Industry (DTI) is evaluating possible safeguards on imported aluminum zinc sheets, coils and strips; prepainted galvanized iron and prepainted aluminum zinc; and galvanized iron sheets, coils, and strips.

The WTO was notified about the three possible investigations on June 19, the DTI said in a statement Tuesday.

Sonic Steel Industries, Inc. applied to the DTI for import safeguards on the aluminum zinc products, and Puyat Steel Corporation applied for safeguards on the galvanized iron products. Both companies applied for safeguards on the prepainted products.

Their applications claim that increased imports of the products have injured the local industry.

The Safeguard Measures Act or Republic Act 8800 authorizes the government to impose temporary safeguard duties on imports deemed to have injured domestic industry.

The DTI estimates that imported aluminum zinc products increased to 125,933 metric tons (MT) in 2018 from 770 MT in 2014. Import volumes rose to 98,386 MT in 2016 from 24,571 MT in 2015.

In the first 11 months of 2019, imports hit 122,232 MT.

Galvanized iron imports totaled 115,910 MT in 2015 from 18,500 MT a year earlier. Imports then increased to 237,633 MT in 2017, then to 299,142 MT in 2018.

In the eleven months to November, imports were at their peak of 355,000 MT.

Imports of the prepainted products fell to 143,735 MT in 2015 from 152,528 MT a year earlier. Import volumes then rose to 209,600 MT in 2016, dropped to 178,748 MT in 2017 before rising to 191,039 MT in 2019.

Import volumes in the first 11 months of 2019 hit 174,256 MT.

The companies claim declines in domestic employment and market share, with the exception of increased employment in galvanized iron production. — Jenina P. Ibañez

Sanofi eyes approval of COVID-19 vaccine by first half of 2021

PARIS — French drugmaker Sanofi SA said on Tuesday it expects to get approval for the potential COVID-19 vaccine it is developing with Britain’s GlaxoSmithKline Plc by the first half of next year, faster than previously anticipated.

Sanofi, which is hosting a virtual research and development event, and GSK had said in April the vaccine, if successful, would be available in the second half of 2021.

“We are being guided by our dialogue with regulatory authorities,” Sanofi research chief John Reed told reporters, when asked about the accelerated time frame.

There are currently no vaccines to prevent the coronavirus that has infected more than 9 million people and killed over 469,000 globally, and only a couple of medicines that have demonstrated benefit in hospitalized COVID-19 patients in clinical trials.

Many drugmakers are racing to come up with a safe and effective vaccine that can be produced at large scale.

Moderna Inc, the University of Oxford in collaboration with AstraZeneca Plc, and an alliance of BioNTech and Pfizer Inc grabbed headlines by moving to human trials as early as March.

Sanofi Chief Executive Paul Hudson said the firsts in the race now were not assured of securing victory.

“There are companies moving faster, but let us be brutally clear, speed has three downsides,” he said of competition.

“They are using existing work, in many cases done for SARS; it is likely not to be as efficacious; and there is no guarantee on supply in large volumes,” Mr. Hudson said.

The probability of success for Sanofi is “higher than anybody else,” the CEO said.

The comments echoed those of GSK, whose chief medical officer for vaccines told Reuters on Friday the company was aiming at quality before speed.

Sanofi, whose Pasteur vaccines division has a long-established reputation, notably in flu, is currently working on two vaccine projects.

One uses an adjuvant made by GSK to potentially boost its efficacy. It has received financial support from the US Biomedical Advanced Research and Development Authority (BARDA).

The other, being developed with U.S. company Translate Bio Inc, relies on a different technology known as mRNA, similar to the Moderna approach.

Clinical trials of the vaccine developed with GSK, described as a recombinant vaccine because of the use of GSK’s boosting adjuvant, are to start in September. Trials of the mRNA vaccine candidate should begin around the end of the year, the company said.

Sanofi said it had capacity to produce up to 1 billion doses a year of its recombinant vaccine, and that it would be able to supply up to 360 million doses of its mRNA vaccine annually.

In April, Sanofi said it had manufacturing capacity for 600 million doses for its recombinant vaccine, with the ambition to double production by mid-2021.

The company also said it would expand its collaboration with Translate Bio on developing vaccines, in a deal which will give the US group $425 million in upfront payments. — Reuters