Overseas visitors planning to visit the Philippines from next month will need to make sure they are fully vaccinated against Covid-19 before travelling.
From February 16, only foreigners who have been immunised at least 14 days before travel will be allowed entry into the Philippines. This does not apply to Filipino citizens, and there are other exemptions.
The new rule was announced by acting presidential spokesman Karlo Nograles at a press briefing on Friday.
He also explained a series of other updates to the country's travel rules, including reducing pre-departure PCR testing times from 72 to 48 hours, and adding countries to the red and green lists for travel, with India placed on the green list and Saudi Arabia turning red.
Exemptions to the new mandated vaccination rule for foreigners include diplomats and their dependents, children and people who can't be vaccinated for health reasons.
Most international tourism to the Philippines remains suspended and tourism visas are not being issued owing to the global pandemic.
A plan to reopen to fully vaccinated tourists from countries on the green list on December 1 was put on hold owing to the new Omicron variant of Covid-19.
Only a small demographic of foreigners can currently visit the Philippines, and from February, they will need to be fully vaccinated. This includes people with pre-existing visas, those registered under the Balikbayan Programme as former Filipino citizens, their foreign spouses or children and those with a special resident or retiree visa or an entry exemption document issued by the Department of Foreign Affairs.
Saudi Arabia added to Philippines red list but no travel ban
The country's red list has also been updated, with 14 new destinations, including Saudi Arabia, Canada and Spain being added to the list, which will be in effect from January 16 until at least January 31.
Inclusion on the list no longer means that travel is prohibited from these destinations, but that additional measures must be followed to visit the Philippines. There are separate rules in place for vaccinated and unvaccinated travellers from red list countries.
Eligible vaccinated travellers must have a negative result from a PCR test taken within 48 hours of departure, undergo a seven-day facility-based quarantine on arrival and take a follow-up PCR test on the seventh day. If the result is negative, travellers will be sent home and must continue to isolate until the 14th day.
Those who have not been vaccinated or are only partially vaccinated when they fly must show a negative PCR result from a test taken no more than 48 hours before departure, and undergo 10 days of facility-based quarantine. After a negative PCR test result, they will be allowed to complete the last four days of quarantine at home.
India added to green list for quarantine-free travel
More destinations were also added to the Philippines green list in the most recent update.
India, Indonesia and Japan were added to the list from where travel is open without quarantine for eligible vaccinated travellers. Instead of isolation, travellers need only self-monitor for symptoms for seven days upon return.
From January 16 to January 31, the Philippines green list is as follows:
Bangladesh
British Virgin Islands
Djibouti
Gambia
Hong Kong
Japan
Montserrat
Oman
Saba (Special Municipality of the Kingdom of the Netherlands)
Sierra Leone
Timor-Leste
Benin
China
Equatorial Guinea
Ghana
India
Kosovo
Morocco
Pakistan
Saint Barthelemy
Sint Eustatius
Uganda
Bhutan
Ivory Coast
Falkland Islands
Guinea
Indonesia
Kyrgyzstan
Niger
Paraguay
Senegal
Taiwan
On Thursday, CNN reported that the country's Inter-Agency Task Force for the Management of Emerging Infectious Diseases would discuss whether the government travel ban will continue.
The Philippines has experienced a recent surge in infections, with a record 34,021 cases reported on Thursday, the highest since the start of the pandemic, according to data from the Johns Hopkins University.
Palestine and Israel - live updates
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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