HMOs, insurers paid ₧12-B Covid claims ‘Close borders, cut Omicron exposure risk’ By Bernadette D. Nicolas @BNicolasBM
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By Cai U. Ordinario
NSURERS, health maintenance @caiordinario organizations (HMO) and mutual benefit associations (MBA) LOSING the country’s borders paid a total of P12.12 billion is one of the most immediate for Covid-19 related since the courses of actionclaims the governstart of the pandemic until end of ment must take to prevent the latthird quarter in 2021. est Covid-19 variant, Omicron, from Insurance Commission reachingThe Philippine shores, accord(IC) reported that P8.23 billion ing to local economists. or 68 percent of the amount T he new var iant is a threat,was the e s p e paid c i a l l in y w it hfirst t hethree hol idquarters ay s of 2021 while P3.89 billion was coming up and more foreigners in 2020tobased on the results beingpaid a llowed travel to the of the surveys conducted by the Philippines, De La Sa lle UniverSM Mall of Asia’s Chinese New Year centerpiece is inspired by classic Chinese gardens with blooms regulator to assess the financial sit y economist Mar ia Ella Oplas impact of the pandemic to the of peonies, tall bamboos and three moon gates decorated with red lanterns, symbolizing birth told BusinessMirror. industries. and renewal and wisteria flowers for long life. The main showpiece is the larger-than-life tiger The holidays usually bring in claimsWorkers paid during the first measuring 16ft wide and 12ft tall, fully covered in flower petals, resting in a floral bed with gold Overseas“The Filipino (OFWs) three quarters of 2021 [are] already coins and ingots welcoming fortune and prosperity this Chinese new year 2022. CONTRIBUTED PHOTO who are eager to spend Christmas
more than double of the total claims paid for the year 2020,” Insurance Denniswhile B. Funa said withCommissioner their loved ones, forin a statement. eigners living in temperate regions termstoofrelax the kinds of claims usuallyInwant in tropical paid since the start of the pandemic, countries like the Philippines. This death benefits stillisconstituted year’s influx of OFWs expected tothe bulk of the total at P4.76 be heavier since many of thembillion. were tohome deathfor benefits are Inunable Next to come the holidays Patient Benefits at P3.87 billion in December 2020. and Out-Patient Benefits at P2.42 “My recommendation is to protect billion. the borders. Do not allow people with “Inofboth and the first a history travel2020 to countries with three quarters of 2021, claims positive cases to enter,” Oplas said. Death have the[We high“Wefor should be Benefits more restrictive. est amount of Covid-19-related have to be] more protective in terms claims paid by insurers, HMOs, of our measures.” and MBAs, Oplas said thatfollowed while thisby willIn-Pabe tient Benefits and Out-Patient a setback to some industries, this Alsoconsidering worth mentionis a Benefits. fair measure that ing is the fact that unlike in this could help prevent placing thethe survey for the first semester country in another strict lockdown, of
which, she said, the economy can no longer afford. “It is better that we do protective preventive measures than get exposed again. We have a lot to lose,” Oplas said. “We should do it now so that we can open just before Christmas. If it gets contained, we can open it again.” Ateneo Center for Economic Research and 2020 Development (ACERD) “In both and the first Associate Director Ser Percival three quarters of 2021, claims K. Peña-Reyes said closing the for Death Benefits havebe theeffeccountry’s borders would tive but should still adhere to the highest amount of Covid-19standards set by the World Health related claims paid by insurers, Organization (WHO). HMOs, and MBAs.”—Insurance What is needed, Peña-Reyes told this newspaper, isDennis for travel restricCommissioner B. Funa tions to be put in place swiftly and
2021, there are no claims paid for Travel and Business Interruption benefits duringtothe quarter for government bethird proactive in of 2021,” Funa added. imposing them. Per industry, HMOs led the the Previous instances when pack with P5.60 billion in Covid-19 country had the opportunity to imclaims payout since the pose travel restrictions didpandemic not prestarted. It is closely followed by vent the spread of Covid-19. That was the life insurers with P5.46 billion, mainly because the decision was not MBAs (P732 million), and non-life made immediately, he said. insurers (P340.2 million). “Kung papatay patay [If we’re January to September slow]From and we get caught flat-foot2021, IC pointed out that too the life ed, [that’s risky] We were reinsurance industry cornered the active instead of proactive before. biggest the that,” payment of We shouldshare learninfrom PeñaCovid-19 related claims at P3.99 Reyes said. “It’s a delicate balancing billion whiletothe HMO industry act. We need push testing and recorded a total of P3.68 billion. tracing to be properly informed Meanwhile, and non-life of our decisions.MBAs Blanket/shotgun insurers spent P377.1 and approaches could have million dire conseP180 million, respectively. quences on the economy.” See “HMOs,” A2 See “Omicron,” A2
‘PREPANDEMIC LEVELS NATL GOVT BORROWINGS FOR MOS A DIP TO P2.75T NOT10 QUITE RECOVERY’ w w
Tuesday, February29, 1, 2021 2022 Vol. 17 No.52 No. 116 Monday, November
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30 key infra projects among Omicron risk ICC’s ₧1.3-T ’21spurs approvals revival of quarantine T rules in PHL
By Bernadette D. Nicolas
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P25.00 P25.00 nationwide nationwide || 32 sections sections 26 20 pages pages ||
@BNicolasBM
HE national government’s gross borrowings as of end-October shrank by almost 6 percent year-on-year to P2.75 trillion.
HE interagency Investment Coordination Committee (ICC) has approved a total of P1.31 trillion worth of projects in 2021, according to the National Economic and Development Authority (Neda). Neda OIC Undersecretary for Investment Programming Roderick M. Planta said this includes 30 projects, majority of which are ongoing projects. Planta told the BusinessMirror the 25 ongoing projects are worth a total P1.02 trillion while the five new projects are worth P291 billion. “The ICC approved 30 projects in 2021. [Some] 25 of those are ongoing project and five are new projects,” Planta said in an AskNeda Briefing on Monday.
The five new projects, Planta said, include the P176-billion Laguna Lakeshore Road Network (LLRN) Project Phase 1 undertaken by the Department of Public Works and By Samuel P. Medenilla Highways (DPWH) and financed by @sam_medenilla the Asian Development Bank (ADB). The Philippine NTER NATIONAInformation L concerns Agency (PIA) last year said over the possible spread of the the LLRN has a main alignment of more infectious Omicron Co37.6 kilometer and includes eight vid-19 variant prompted the govinterchanges in Sucat,mandatory Alabang, ernment to reimpose Tunasan, San Pedro/Biñan, Santa facility-based quarantine for all Rosa, Cabuyao, and Calamba. arriving passengers in the country. This two-lane primary road conActing Presidential spokespersists of an 11.8-km viaduct from son Karlo B. Nograles announced Lower Bicutan to Muntinlupa, and on Sunday that the Inter-Agency 25.8-km combination of onshore Task Force for the Management viaduct and embankment from of Emerging Infectious Diseases Muntinlupa to Calamba. (IATF) suspended the implemen-
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Latest data from the Bureau of the Treasury showed that the government’s gross borrowings during the 10-month period fell by 5.99 percent from P2.92 trillion a year ago. With only two months left for this year, the latest figure is already equivalent to 89.6 percent of its P3.07-trillion borrowing program. on A2 Broken down, gross domestic bortation ofContinued its Resolution No. 150rowings from January to October A (s.2021), effectively imposing Asettled MALL in Binondo, Manila, home to the oldest at P2.23 trillion, down by Chinatown in the stricter protocols for all inbound world, is festooned with paper lanterns to celebrate the Chinese 5.08 percent from P2.35 trillion travelers. New Year. The government’s pandemic task force has announced in 2020. To note, IATF Resolution 150the The easingbulk of the Covid alertamount in Metro Manila A had allowed fully vaccinated of the wasand other areas to PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. REYES Alert Level from 2 starting February non-visa travelers from Green List sourced Fixed Rate1. NONIE Treasury The country will celebrate the 158th birth anniversary of Filipino revolutionary Bonds (P1.19 trillion), followed by areas to enter the country withGat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO By Cai U. Ordinariohero@caiordinario short-term borrowings from Bangout the need for facility-based ko Sentral ng Pilipinas or BSP (P540 quarantine as long as they secure billion), Retail Treasury Bonds/Prenegative Reverse Transcriptionmyo Bonds (P463.3 billion), Retail Polymerase Chain Reaction (RTOnshore Dollar Bonds (P80.84 bilPCR) test within 72 hours prior lion). In the same period, there was to their departure. E -RU N following Ph i l ippine gaming of taxes contribuBy Jasper Emmanuel Y. Arcalas datingTAT its registry the them. This allowsand everyone to see programs as President Duterte also a net redemption of Treasury “Except for countries classified Amusement and Gaming tions settled P18.35 billion @jearcalas enactment of the Coconut Farmwho are listedat in the registry and if is expected to sign the industry Bills amounting to P43.94 billion. as ‘Red,’ the testing and quarantine Corporation’s (Pagcor) last year, downseebyhis9.4 percent ers and Industry Trust Fund net law. farmer doesn’t name then he development plan in early 2022. protocols for all inbound internaNet debt redemption means income dived nearly 87 percent from P20.26 billion in 2020. ORE than 3 million Rosales explained that about shall coordinate with the PCA imRosales said the PCA will not tional travelers in all ports of entry there were more debts repaid comto P203.6coconut million farmers in 2021 and as On the other hand, its expenscoconut farmers and 500,000 mediately,” he explained at a recent stop updating its list of coconut pared to the amount borrowed durshall comply with the testing and lockdowns continued restrict es which included its contribuworkers are now regisworkers were added totothe PCA’s dialogue with coconut farmers. farmers and enjoined them to reging the period. quarantine protocols for ‘Yellow’ casino tions to the government tered with the government’s reg2018 listoperations. that had about 2.5 million “On thenational other hand, if people ister in order to reap the benefits Meanwhile, gross foreign borlist countries,” Nograles said, citing Based on its latest statement reached P17.86 billion, falling istry, which serves as the basis coconut farmers and farm workers. would see names on the listby and of the decades-long idled coconut rowings in the same period also the provision of IATF Resolution In an AskNEDA briefing on However, this only of The comprehensive income, 4.48 fromare P18.7 for the number of means people the to be PCA’s next step is toPagcontheypercent think they notbillion coconut levy fund. “We will not stop at 3.1 contracted by 9.7 percent to P518.7 No. 151-A. Monday, Socioeconomic Planning country is still twoutilization years behind cor saw its net income plunging in the previous covered by the of the duct an exclusion-inclusion profarmers or theiryear. details are incormillion. We hope that more indibillion from last year’s P574.4 billion. He noted Hong Kong, which has Secretary Karl Kendrick T. global Chua its growth potential andlevy thatfund. more by 86.9by percent from P1.55 bilMeanwhile, its corporate P75-billion coconut cedure making the updated rect, they can report it to theinPCA viduals will register in our coconut This was raised through confirmed a case of the Omicron said the(P146.17 country billion), would beprogram able to needs Philippine to be doneCoconut to sustain ecolion in 2020. come tax reachedaction,” P286.2 million. Authority farmers’ registry public, providfor immediate he added. farmers registry,” he said. bonds variant, will also fall under the YelSee “Pagcor,” A2 recover to its prepandemic level in nomic growth. Pagcor’s total income net of (PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that The updating of the coconut loans (P139.98 billion), euro-delow list countries. the first three months of this year. See “Prepandemic,” A2 M. Rosales said about 3.11 million check the veracity of the list, Rothe completion of the initial list farmers registry is mandated by nominated bonds (P121.97 billion), The suspension of the rules for coconut farmers and farm worksales added. of coconut farmers registry would Republic Act (RA) 11524 or the a project loan (P86.41 billion), and “Green List” countries will be in have been registered with the “The list will be posted in public just in time for the expected Industry Trust Fund Act. yen-denominated samurai bonds from November 28, 2021 to n USers 51.2730 n JAPAN 0.4448 n UK 68.7161 n HK 6.5804 n CHINA 8.0504 nbe SINGAPORE 37.8482 n AUSTRALIA Coconut 35.8142 See n EU 57.1540 n SAUDI ARABIAeffect 13.6663 Source: BSP (January 31, 2022) government since it started upspaces where people can easily see rollout of coconut levy-funded “3-M farmers,” A2 (P24.19 billion). December 15, 2021.
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PAGCOR NET INCOME PLUNGES 86.9% AS CASINOS A HITCOCO LEVY FUND OVER 3-M FARMERS LISTED FORTAKE P75-B
VEN if the country gets back to its prepandemic form this quarter, the National Economic and Development Authority (Neda) believes more needs to be done to sustain the country’s economic growth.
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PESO EXCHANGE RATES See “Borrowings,” A2
PESO EXCHANGE RATES n US 50.4600
Continued on A2
n JAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531
Source: BSP (November 26, 2021)