Home 2020 July 1

Daily Archives: July 1, 2020 | 9:00 pm

Peso inches up on stronger manufacturing data

THE PESO closed sideways against the greenback on Wednesday after the release of stronger June manufacturing data as well as a weaker dollar on concerns over higher infections in the US.
PSE BGC bell

Stocks close flat on foreigners’ window dressing

THE MAIN INDEX closed flat at the start of the third quarter amid a 142% jump in value turnover and month-end window dressing by foreign investors.

Metro Manila will remain under general lockdown, Duterte says

MANILA and nearby cities will remain under a general lockdown until July 15, while a strict lockdown in Cebu City, where there has been a surge in coronavirus infections will be kept, President Rodrigo R. Duterte said late Tuesday.
Department of Foreign Affairs (DFA)

Manila says it’s ready to protest Hong Kong sinking of fishing boat

THE PHILIPPINES would file a diplomatic protest if investigations show that a Hong Kong vessel had deliberately sunk a Filipino fishing boat in its territorial waters, its top diplomat said on Wednesday.

ABS-CBN not tax delinquent, says BIR

ABS-CBN Corp., which the regulator ordered closed after its franchise expired last month, had paid all taxes, according to the Bureau of Internal Revenue (BIR).

Regional Updates (07/01/20)

MEMBERS OF the Moro Islamic Liberation Front (MILF) who are part of families involved in a clan dispute have been warned against renewed violence after a peace pact was signed over the weekend.

PHL obtains P23.5-B loan from Japan for pandemic response

THE Philippines signed on Wednesday a loan for 50 billion yen (around P23.5 billion) with Japan to add supplement its resources as it struggles to contain coronavirus disease 2019 (COVID-19).

Permanent business closures estimated at 200, Labor dep’t says

THE Department of Labor and Employment (DoLE) has tallied about 200 permanent business closures during the public health emergency, which imposed lockdowns that did not allow them to operate or impaired the mobility of suppliers and potential customers.

Philippine fruit production declines in first quarter

PRODUCTION of three major fruit crops — banana, calamansi and mango — declined in the first quarter while output of pineapple, the fourth major crop, rose, according to the Philippine Statistics Authority (PSA).
rice grains farmer

Palay farmgate price rises 0.2%

THE average farmgate price of palay, or unmilled rice, rose 0.2% week on week to P19.16 per kilogram in the fifth week of May, with prices up 6.4% year on year, according to the Philippine Statistics Authority (PSA).
Securities and Exchange Commission (SEC) logo

SEC flags investment schemes posing as online sellers, cryptocurrency traders

THE Securities and Exchange Commission (SEC) warned the public against unlicensed investment companies pretending to be online sellers or cryptocurrency traders.
National Grid Corporation of the Philippines (NGCP)

ERC defends NGCP’s provisional 2020 revenue cap

THE Energy Regulatory Commission (ERC) is prepared to justify to Congress its decision to provisionally cap at P47.05 billion the revenue of the National Grid Corp. of the Philippines (NGCP).

Filipinos most worried about natural disasters, identity theft, study finds

NATURAL DISASTERS and identity theft were cited as the major concerns by Filipino consumers this year, a Unisys Corp. said, citing the findings of its study on security concerns.
World Bank (WB)

World Bank names new PHL country director

THE World Bank Group named Ndiamé Diop as its new country director for Brunei Darussalam, Malaysia, Philippines and Thailand starting Wednesday.

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Foreign-ownership issues in events organizing

There was a time when the weddings and events business in the Philippines was robust and thriving, with events-industry trade shows being staged month after month. Events organizing, catering, and other related services expanded exponentially over the last few years.

For the EU, banning American tourists is the easy part

WHEN Donald Trump slapped a travel ban on Europe back in March to halt the spread of COVID-19, the US president declared it “the most aggressive and comprehensive effort to confront a virus in modern history” — and he criticized the European Union for not having acted quickly enough to do the same.

The price of recovery

Metro Manila, Cavite and a few other areas with significant contributions to the national economy will remain under General Community Quarantine (GCQ) until July 15. With that, the government, people, and business will just have to wait another two weeks to see if these places can transition to the more lenient Modified General Community Quarantine (MCGQ). It depends mainly on the trend of the number of COVID-19 cases reported daily.

GDP, CO2 emissions, and coal-gas consumption

This year marks several important global milestones in macro-economy and the energy sector. These include the coveted $100 billion/year of climate money starting 2020 as promised by the rich countries to poorer countries during the Paris Agreement in 2015, and steep decline in global GDP growth and energy demand because of the various lockdowns by many countries in response to the COVID-19 pandemic. The world hit an all-time high primary energy demand of 584 Exajoules (EJ, 1 EJ = 23.88 trillion tons oil equivalent, or 277.78 tera-watt hours, TWH) in 2019, up from 576 Exajoules in 2018.

Formal and informal conversations

THE NEW NORMAL seems to favor scheduled meetings where discussions are based on the agenda, and questions and answers are recorded in minutes of the meeting. Formal conversations also include media interviews conducted even when the interviewee is in a different time zone from the interlocutor. Replies to reckless questions need to be carefully couched as these are retrievable as video clips — yes, we were elated by his apology.

Silver touts safety of Disney campus for games to resume

NEW YORK — With no entirely risk-free path to play, National Basketball Association Commissioner Adam Silver said he hopes the league can be a model for other industries to safely reopen when it resumes its season.

Jimmy Alapag: From point guard to coach

ONE of the best point guards to parade his wares in the local basketball scene, Jimmy Alapag is now making a name for himself in coaching, a transition he said was somehow “natural” after all those years he spent as a floor general.

Reigning ONE lightweight champ Lee sees Folayang a great challenge

HOLDER of the lightweight title in ONE Championship for over a year now, Singapore’s Christian “The Warrior” Lee said a lot is still in store for him as champion and that he is ready to take on all-comers, including former champ Eduard “Landslide” Folayang.

Barca title bid on rocks; Atletico upstages Messi’s 700th goal

BARCELONA — Barcelona gave up more ground to Real Madrid in LaLiga's title race on Tuesday after being held to a 2-2 draw at home to third-placed Atletico Madrid as a late penalty from Saul Niguez cancelled out Lionel Messi's 700th career goal.

Team Liyab signs strength and conditioning coach

WHILE there is no denying that having a sound mind to craft strategies goes a long way in succeeding in esports, still complementing it with proper physical fitness adds further dimension to one’s drive to excel in the sport.

US virus cases up by 47,000, biggest 1-day spike

WASHINGTON — New US COVID-19 (coronavirus disease 2019) cases rose by more than 47,000 on Tuesday according to a Reuters tally, the biggest one-day spike since the start of the pandemic, as the government’s top infectious disease expert warned that number could soon double.

Japan could reimpose state of emergency in worst-case scenario

TOKYO — Japan is not in a situation now where it needs to declare another state of emergency over the coronavirus but could do so in a worst-case scenario, Chief Cabinet Secretary Yoshihide Suga said on Wednesday.

Hong Kong wakes up to new national security law on handover anniversary

HONG KONG — Security was tight near the heart of Hong Kong’s government district on Wednesday only hours after new security laws came into force and as the city marked the 23rd anniversary of the former British colony’s handover to China.

More wealthy families want to make a positive impact through their fortune

According to experts from advisory firms, wealthy families are no longer content with just preserving and growing their assets.

Facing crisis, Cuba calls on citizens to grow more of their own food

HAVANA — In the courtyard of a temple belonging to the Abakua Afro-Cuban religious brotherhood in Havana, Nelson Piloto is pulling up the lawn to plant bell peppers and cassava in the face of Cuba’s looming food crisis.

Google stymies media companies from chipping away at its data dominance

OAKLAND — Alphabet Inc.’s Google upended plans by European media companies to block it from harvesting data about their readers and slash some of its dominance in online advertising, seven people involved in the talks said this month.

Sink or swim: Planning the future of your business

The COVID-19 (coronavirus disease 2019) pandemic is forcing businesses to adopt alternative ways to swim with the current. “The name of the game now is: It is the fast that eats the big,” said Aldrin Antivola, business efficiency advisor and organizational therapist of Dr. Aldrin Consulting.

Philippine finance chief seeks to further reopen the economy

Finance Secretary Carlos G. Dominguez III seeks to further loosen movement curbs in the capital region to reignite an economy facing its deepest slump...

Regional Updates (06/30/20)

SOME MANILA-bound international flights of Philippine Airlines (PAL) are being diverted to Cebu due to “quarantine processing limitations” at the country’s main gateway in the capital.

PHL debt nears P9 trillion in May

OUTSTANDING DEBT jumped to nearly P9 trillion as of end-May, as the government issued more domestic securities and availed of additional foreign loans to fund its ongoing fight against the pandemic, the Treasury said on Tuesday.

New ‘digital cities’ seen to attract P70B in investments

A PARTNERSHIP between the government and private sector identified 25 new cities for outsourcing development, as part of efforts to redirect opportunities towards the countryside.

Filipinos struggle to work from home in internet-challenged country

RAINIER JAY S. UDARBE, 23, has been taking overseas calls from home as a call center agent for an outsourcing company in Makati since the main Philippine island of Luzon was locked down in mid-March to contain a coronavirus pandemic.

BSP sees inflation at 1.9% to 2.7% in June

HEADLINE INFLATION likely settled within the 1.9% to 2.7% range in June amid upside risks from higher prices of oil and rice, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday.

Lucio Tan firm sets P7-billion capex, takes ‘guarded’ outlook

LUCIO C. TAN’s LT Group, Inc. is maintaining a P7-billion budget for capital expenditures (capex) this year while keeping a “guarded outlook” due to challenges posed by the coronavirus disease 2019 (COVID-19) pandemic.

NTC wants Sky Cable shut, demands refund

THE NATIONAL Telecommunications Commission (NTC) on Tuesday issued a cease-and-desist order against the direct broadcast satellite service of the Sky Cable Corp., a subsidiary of the embattled ABS-CBN Corp.

JG Summit plans to offer dollar-denominated notes

JG SUMMIT Holdings, Inc. is looking to issue dollar-denominated bonds through an offshore subsidiary and has tapped several banks to arrange the offering.

Vitarich turns profitable, earns P93M

VITARICH CORP. turned profitable in the first quarter as the feed, farm and food company reported a net income of P93.1 million, reversing losses of P172.7 million in the same period last year.

AGI earnings down 32% due to Taal eruption, pandemic

ALLIANCE Global Group, Inc. (AGI), the listed holding firm of tycoon Andrew L. Tan, posted a 32% drop in earnings for the first quarter due to business disruptions by the coronavirus disease 2019 (COVID-19) pandemic.

From Anton Dvorak to Gary Valenciano: PPO to hold online ‘pocket concerts’

WHEN you cannot go out of your house to attend a concert, the concert’s performers will come to your home. Virtually.

Megawide Construction to ‘triple’ precast technology capacity

MEGAWIDE Construction Corp. is expanding its precast technology capacity by three times to satiate demand from the external market.