Home 2020 November 16

Daily Archives: November 16, 2020 | 9:00 pm

PSE index declines as selling pressure picks up

THE MAIN INDEX extended its decline on Monday, moving opposite its regional peers, as investors continued pocketing profits following last week’s rally to the 7,000 level.

Peso inches lower vs the dollar as pandemic clouds US outlook

THE PESO weakened slightly versus the dollar on Monday following the release of latest remittances data and amid worries over the long-term impact of the coronavirus disease 2019 (COVID-19) pandemic on the United States economy.

Russia can make vaccine by January

RUSSIA could start producing coronavirus vaccines for the Philippines as early as January, according to the Philippine ambassador there.

Agriculture damage from typhoon now at P2.5 billion, says DA

CROP damage from Typhoon Vamco has reached P2.53 billion, with the rice sector taking the biggest hit, according to the Department of Agriculture (DA).

Medical frontliners to to get more benefits under 2 palace orders

PRESIDENT Rodrigo R. Duterte on Monday issued an administrative order giving a special risk allowance to health workers handling coronavirus patients.

Nationwide round-up (11/16/20)

BUSINESS groups on Monday made an “urgent” call to improve the country’s disaster management system in the wake of the recent major floodings across Luzon triggered by a series of typhoons.

Regional Updates (11/16/20)

A MAGNITUDE 6 earthquake shook Surigao del Sur at around 6:30 a.m. Monday, with the epicenter located in San Agustin town.

RCEP perks seen advantageous but PHL exporters still hampered

THE benefits of improved market access brought about by the newly-signed Regional Comprehensive Economic Partnership (RCEP) will outweigh any disruption that less-competitive economies might experience, Fitch Solutions Country Risk and Industry Research said.

Economic team studying typhoon’s budget implications

THE government’s economic team is studying whether this year’s P4.1-trillion budget will need to be augmented to fund the rehabilitation effort after major typhoons hit Luzon.
electronics semiconductor

Business groups warn about loss of incentives under CREATE measure

INDUSTRY ASSOCIATIONS are warning that the loss of fiscal incentives under a proposed tax reform bill could worsen employment conditions, which are already under pressure due to the coronavirus disease 2019 (COVID-19) pandemic.

DoubleDragon to seek approval for P14.7-B REIT offer

DOUBLEDRAGON Properties Corp. hopes to file its application for a P14.7-billion real estate investment trust (REIT) offering within the week in order to raise funds to expand its portfolio of leasable properties.

APEC economies seen contracting 2.5% due to pandemic

THE Asia-Pacific Economic Cooperation (APEC) bloc said its member economies are expected to post contractions of 2.5% this year on average, equivalent to about $1.8 trillion worth of lost output, as a result of the economic disruption caused by the pandemic.

Senator backs NEDA view that OFW dep’t is secondary priority

THE AUTHOR of the Senate bill creating a department for overseas Filipino workers (OFWs) expressed support for the position adopted by economic planners that creating the agency is low on the government’s priority list.

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Online communication with government agencies

Last week seemed like a bad case of déjà vu with parts of Metro Manila being under water again, some 11 years ago after the last serious flood. TV stations broadcast  images of people trapped on their roofs waiting for rescue, pets being rescued by their humans, and government resources stretched to the limit in responding to the needs of those devastated by the typhoon.

The social dilemma: What’s the first thing you do upon waking up?

Some would answer, “I pray and say THANK YOU for having been awakened out of my sleep.” Okay that’s good. What’s the next thing you do? You reach for your phone and check your messages. Or maybe check Facebook. Yes, an average person checks his or her phone 150 times a day or more.

Welcome to the might-is-right global trade era

IF YOU WANTED a demonstration of how the world’s largest free trade area is likely to fall short of expectations, you could do worse than look at the customs sheds at Shanghai’s Pudong airport.

Social unrest is the inevitable legacy of the COVID pandemic

“SO WHEN OUR SICKNESS, and our Poverty Had greater wants than we could well supply; Strict Orders did but more enrage our grief, And hinder in accomplishing relief.”

Asia reaches crossroads in fight vs coronavirus

SYDNEY —  Countries across the Asia-Pacific region reported record new coronavirus numbers and fresh outbreaks on Monday, with Japan facing mounting pressure to reimpose a state of emergency and South Korea warning it was at a “critical crossroads”.

J&J starts two-dose trial of its COVID-19 vaccine candidate

LONDON — Johnson & Johnson (J&J) launched a new large-scale late-stage trial on Monday to test a two-dose regimen of its experimental coronavirus disease 2019 (COVID-19) vaccine and evaluate potential incremental benefits for the duration of protection with a second dose.

‘One heck of a ride’: Elon Musk’s SpaceX launches four astronauts into space

CAPE CANAVERAL, Fla. — Elon Musk’s rocket company SpaceX launched four astronauts on a flight to the International Space Station on Sunday, NASA’s first full-fledged mission sending a crew into orbit aboard a privately owned spacecraft.

Meralco Bolts bracing for another tough battle against Gin Kings

THE Meralco Bolts booked their place in the semifinals of the PBA Philippine Cup for the first time in franchise history. But while they are happy with it, they know the job is not done yet and bound to get tougher as waiting for them in the next round are familiar tormentors, the Barangay Ginebra San Miguel Kings.

Dustin Johnson finally clinches Masters with record-low score

AUGUSTA, GA — Dustin Johnson finally clinched an elusive second major title with a five-stroke victory at the Masters on Sunday, staving off self-doubt as he overcame a shaky start to his final round to end with a tournament-record low score at Augusta National.

Visayan skater wins nationwide Red Bull DIY solo competition

VISAYAN skater Johnpaul Horteza topped the recently held Red Bull DIY Solo Competition, beating four others from different parts of the country for the top prize.

E-Gilas settles for runner-up finish at FIBA Esports Open II

THE Philippines fell short in its quest to make it back-to-back championships in the Southeast Asia/Oceania conference of the FIBA Esports Open after being swept by Australia in their best-of-three finals on Sunday.

Five Filipinos who may compete at Brave CF’s first event in Russia

SINCE its inception in late 2016, Brave Combat Federation (CF) has grown from a mere upstart with dreams of bringing its own brand of mixed martial arts to the mainstream, into a combat sports powerhouse taking key markets by storm.

NFL Roundup: Cardinals win on last-second Hail Mary

DEANDRE Hopkins caught a 43-yard scoring pass from Kyler Murray with two seconds remaining to give the Arizona Cardinals a stunning 32-30 victory over the Buffalo Bills on Sunday in Glendale, Ariz.

Hamilton takes seventh title with Turkish triumph

ISTANBUL — Britain’s Lewis Hamilton shed tears of joy as he won a record-equalling seventh Formula One world championship in Turkey on Sunday and became the most successful driver in the sport’s history.

Putting the cancer game plan into action

 It was a game-changer when President Rodrigo R.Duterte signed the National Integrated Cancer Control Act (NICCA) or Republic Act 11215. The law was a...

Philippine mall titan quickens shift to China-style mixed retail

SM Investments Corp., the owner of the Philippines’ largest mall operator, is speeding up efforts to develop “omni-channel” options for shoppers as people shift...

SM blood donation drive nets over 1,000 bags

 The need for blood transfusion did not stop even during the lockdown mandated by the government. Blood supplies were running low in blood banks...

[B-SIDE Podcast] Selling it: Lessons in cross-border e-commerce

https://open.spotify.com/episode/0T1d8okP9PrMV0P3BIhcGK Follow us on Spotify BusinessWorld B-Side Anchanto, a Singapore-based automation and logistics platform, projects that cross-border e-commerce in the Asia-Pacific region will grow to US$...

Empowering urban communities through farming

SM Foundation’s Kabalikat sa Kabuhayan opens opportunities for urban dwellers amid COVID-19 Even with limited space, urban dwellers can plant and grow their own food....

Analysts’ expectations on policy rates (Nov. 19)

BENCHMARK policy rates will likely be maintained by the Bangko Sentral ng Pilipinas (BSP) on Thursday, with the financial system seeing excess liquidity and an anticipated pickup in state spending, according to analysts.

BSP to pause rate cuts for now — poll

BENCHMARK policy rates will likely be maintained by the Bangko Sentral ng Pilipinas (BSP) on Thursday, with the financial system seeing excess liquidity and an anticipated pickup in state spending, according to analysts.

Philippines signs RCEP, world’s biggest trade deal

FIFTEEN Asia-Pacific economies, including the Philippines, signed the world’s largest free trade deal on Sunday, with observers saying the deal could boost Philippine market access while others believe it would worsen the trade balance.

PHL economic outlook dims

CREDIT RATING agencies and other institutions are likely to further cut their gross domestic product (GDP) outlook for the Philippines this year, after third-quarter data showed a slower-than-expected pace of recovery and the country continues to struggle to contain the coronavirus disease 2019 (COVID-19) pandemic.

PLDT, Smart to deal with users’ concerns via ‘virtual meeting’

PLDT, Inc. and its wireless arm Smart Communications, Inc. are launching a virtual meeting service for their customers to accommodate their queries or concerns, as the public health crisis continues.

Filinvest Group posts profit growth as bank, sugar units improve

EARNINGS of listed conglomerate Filinvest Development Corp. inched up 3% to P8.9 billion in the three quarters through September, supported by its robust banking and sugar businesses despite the coronavirus pandemic.

Rates of T-bills, bonds to move sideways on inflation outlook

RATES of government securities on offer this week may end flat or inch higher as investors expect inflation to remain benign and as US Treasury yields rise further.

AllHome records flat earnings, plans to open more stores

HOME improvement retailer AllHome Corp. posted an attributable net income of P312 million in the third quarter, flat from a year ago but 6,140% higher than the P5 million in the previous quarter.

Policy makers to unwind stimulus measures with ‘delicate timing’

OFFICIALS FROM several Asian economies discussed strategies in unwinding stimulus measures fired off amid the coronavirus disease 2019 (COVID-19) pandemic to ensure the stability of their respective financial systems.
Court of Tax Appeals (CTA)

Court affirms P1.9-B tax ruling favoring Cebu Air

THE Court of Tax Appeals affirmed the cancellation of the alleged deficiency improperly accumulated earnings tax (IAET) of Cebu Air, Inc. for 2010 worth P1.87 billion.

When complications are a good thing

WE now live in a world of endless complications, but a new wristwatch from Patek Philippe gives us a good kind of complication.

SSS, GSIS offering loans for victims of typhoons

THE SOCIAL SECURITY System (SSS) and Government Service Insurance System (GSIS) are extending loans to victims of typhoons Rolly and Ulysses, which affected many cities and provinces across the country.

Vivant net profit dips as electricity sales fall

VIVANT Corp.’s net income for its parent equity holders fell by 40.6% to P425.10 million in the third quarter after a double-digit fall in its electricity sales while its other revenue sources also declined, the Cebu City-based power provider reported in a regulatory filing.