Philippines’ economic hub goes into lockdown in bid to fight COVID-19 surge
March 29, 2021, 8:33 am

Philippines’ economic hub goes into lockdown in bid to fight COVID-19 surge

An armed soldier mans a quarantine checkpoint, as the Philippine government reimposed a strict lockdown to curb coronavirus disease (COVID-19) infections, in Marikina City, Metro Manila, Philippines, August 5, 2020. (File photo: Reuters)

More than 24 million people in the Philippines’ economic hub entered a lockdown Monday, as officials warned the week-long restrictions could be extended if coronavirus infections do not fall.

People have been ordered to stay home unless they are essential workers as Metro Manila -- the national capital region -- and four neighboring provinces struggle to curb a surge that has strained hospitals.

Only hours into the latest lockdown imposed on the region -- which accounts for around half of the country’s economic activity -- the health department’s epidemiology chief Alethea de Guzman warned it could be prolonged to bring about a “sustained” drop.

“All options are open,” said Defense Secretary Delfin Lorenzana, who chairs the government’s COVID-19 task force.

More contagious variants of the virus have been blamed for the record spike that has taken the country’s caseload to more than 720,000.

Traffic was backed up for hundreds of meters at checkpoints on major avenues in the capital Manila early Monday as police tried to ensure only essential workers were travelling.

But AFP reporters saw officers periodically open up the roads to ease congestion.

“It’s difficult since it’s no work, no pay,” said July Calma, as she walked home after trying to pay her water bill but finding the office closed.

“We don’t (have savings) because we spend it every day.”

The tighter restrictions affect a fifth of the country’s population.

Church services and other mass gatherings are banned, a 6:00 pm to 5:00 am curfew is in force and public transport has been reduced.

Supermarkets, pharmacies and other essential businesses are allowed to operate, and outdoor exercise is permitted.

The lockdown was announced Saturday by presidential spokesman Harry Roque, who initially suggested public transport would be halted.

A previous months-long lockdown crippled the Philippine economy, cost millions of jobs and left many households hungry.

Roque said the decision to tighten restrictions again was “very delicate” and acknowledged extending the lockdown could lead to more people dying from hunger and non-coronavirus illnesses.

Budget Secretary Wendel Avisado said assistance would be available for nearly 23 million people under lockdown -- almost everyone affected -- but did not offer details.

A growing number of hospitals in the capital are reporting that their COVID-19 beds are full.

Several health workers have told AFP in recent days that a shortage of beds and nurses was forcing some facilities to turn away patients.

“We now know how to treat them (COVID-19 patients). Bed capacity is the problem,” said anaesthesiologist Grace Quiambao.

source: AFP

Image source: Reuters

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.