Home 2020 November 18

Daily Archives: November 18, 2020 | 9:00 pm

Peso climbs vs dollar on US data

THE PESO rebounded against the dollar on Wednesday as drug firms in the United States race to launch vaccines against the coronavirus disease 2019 (COVID-19) and after US retail sales grew slower than expected in October.

PSEi returns to 7,000 level on investor optimism

THE MAIN INDEX returned to 7,000 territory on Wednesday on sustained investor optimism backed by an improvement in remittances in September.

Duterte asked to quicken vaccine approvals

THE HEALTH department asked President Rodrigo R. Duterte on Tuesday night to issue an order that will fast-track the approval process for coronavirus vaccines.

Duterte places Luzon island under state of calamity after floods

PRESIDENT Rodrigo R. Duterte on Tuesday night placed Luzon island under a state of calamity after it was battered by typhoons in the past three weeks, the last one of which caused some serious flooding.
DENR logo

Illegal wildlife trade blamed for diseases brought by animals

THE ENVIRONMENT department would continue efforts to stem the illegal wildlife trade to prevent the spread of microbial infections from animals to humans, an official said on Wednesday.

Nationwide round-up (11/18/20)

A SENATOR on Wednesday pushed for the creation of an integrated water resource management agency that will oversee water-related operations to prevent a repeat of severe flooding such as those recently experienced in parts of Luzon.

Regional Updates (11/18/20)

Occidental Mindoro has acquired motorbikes customized with a first-aid kit that will be used by quick response teams of the provincial disaster management office.

TNT beats Phoenix in series-opener

THE TNT Tropang Giga took an early lead in their best-of-five PBA Philippine Cup semifinal affair with the Phoenix Super LPG Fuel Masters after winning the series-opener, 95-92, on Wednesday at the Angeles University Foundation Arena in Pampanga.

NEDA sees less severe drop in overseas worker remittances

THE National Economic and Development Authority (NEDA) said the contraction in overseas Filipino worker remittances this year could be “much lower” than previously forecast after strong inflows in September.

Exporters urged to take full advantage of US GSP perks

EXPORTERS need to maximize their trade privileges for goods shipped to the United States due to the prospect of making inroads into the market currently served by Thailand after the kingdom’s tariff perks were suspended, a trade official said.

MSME loan approvals only a fraction of funds allocated as Bayanihan II nears expiry

THE Department of Trade and Industry (DTI) has so far extended P1.2 billion worth of loans to micro, small and medium enterprises (MSMEs) affected by the coronavirus disease 2019 (COVID-19) pandemic, much less than the funds allocated, a senator said, citing data from the department.

PHL pavilion at Dubai expo nearing completion

THE Philippine pavilion for the rescheduled Dubai World Expo is nearly complete, a trade official said.
drought El Niño-farmer

Rice researchers urged to focus on heat resistance

THE GOVERNMENT needs to focus rice research on rice varieties that can tolerate high temperatures in anticipation of the rise in global temperatures due to climate change, the Philippine Rice Research Institute (PhilRice) said.

Consolidated House bill to upgrade building code hurdles TWG

A TECHNICAL working group (TWG) organized by the House committee on public works and highways has cleared a consolidated bill proposing to repeal the 43-year-old building code and replace it with one that will ensure that structures are more resistant to calamities.
Benjamin E. Diokno

Financial stability council on alert for ‘slow-burn’ contagion as liquidity pressures spread

THE PANDEMIC has stressed corporate finances, raising the possibility of a "slow burn" contagion that could spread across industries as individual firms falter, according to a report issued by the Financial Stability Coordination Council (FSCC).

House approves 35-hour workweek bill on second reading

THE House of Representatives approved on second reading a bill authorizing voluntary employment arrangements for private-sector employees capping their hours at 35 per week.

wp booster error:
td_api_base::mark_used_on_page : a component with the ID: td_180x135 is not set.

Deconstructing the tax guidelines on the destruction/disposal of inventory

In a few weeks, 2020 will draw to a close. It is time for corporate taxpayers to revisit their accounts to ascertain that all necessary year-end adjustments are effected and appropriate tax considerations are evaluated before finally closing their books of account. One of the items worth reviewing is the cost of damaged or obsolete inventory written off.

Team Lakay adjusting to the call of the times

RECOGNIZING that ONE Championship is no longer the same promotion it saw when it first joined the group nearly a decade ago, Baguio-based Team Lakay is doing its best to adjust to the call of the times for its fighters to compete at a better footing.

NBA expands 2021 playoffs with play-in games

THE 2020-21 NBA postseason will be expanded to include a play-in tournament in each conference, the league announced Tuesday.

Manny ‘Pacman’ Pacquiao donates latest endorsement fee to typhoon victims

FILIPINO eight division world boxing champion Manny “Pacman” Pacquiao  recently partnered with Globe to be its newest brand ambassador with the fee he was to get to be channelled to help victims of strong typhoons that recently hit the country.

Israel’s Avdija headlines strong international draft class

DENI Avdija and France’s Killian Hayes are among the international players expected to be selected early on in Wednesday’s National Basketball Association (NBA) draft and the teenagers are already generating buzz in their home countries.

Spain hammers Germany 6-0 to reach Nations League final four

SEVILLE — Sparkling Spain crushed hapless Germany 6-0 at home on Tuesday to storm into the final four of the Nations League in style as forward Ferran Torres scored a first career hat-trick.

Inspired Thiem outshines Nadal at ATP Finals

LONDON — Austria’s Dominic Thiem produced a stunning display of attacking tennis to beat Rafa Nadal 7-6(7) 7-6(4) in a high-quality duel at the Association of Tennis Professionals (ATP) Finals and seize control of their group on Tuesday.

Reimagining the retail landscape

THE PANDEMIC has certainly accelerated digital adoption and has left some brick-and-mortar malls, including its merchants, needing to recover from purchase shifts to e-commerce brands and other channels. Due to the quarantine and with social distancing needs, there is an obvious decline in foot traffic and frequency in visiting malls these days, and the purchase of food, non-food, and other items have shifted to either e-commerce brands and/or other channels such as direct-to-consumer-from-supplier channels and other means. The challenge therefore is how malls and other retail shops can pivot to capture these behavioral changes while at the same time staying relevant and meaningful to the consumers these days.

Chief Executive Officer

In recent political history, I can recall two businessmen who tried their luck in winning the presidency, and both had failed: Eduardo “Danding” Murphy Cojuangco, Jr. in 1992, and Manuel “Manny” Bamba Villar, Jr. in 2010. Both ended up third in their respective presidential races. Cojuangco came behind Fidel Ramos and Miriam Defensor Santiago in 1992, while Villar came behind Benigno “Noynoy” Aquino and Joseph “Erap” Estrada in 2010.

Coal moratorium, climate and flooding

As of Nov. 18, 39 countries around the world have reported their third quarter (Q3) GDP 2020 and only the Philippines has had a double-digit contraction at -11.5%. The Q1-Q3 average is -9.7%, with Malaysia’s -6.4%, Indonesia’s -1.9%, Vietnam’s +2.2%. The Philippine government, in particular the Department of Health, Inter-Agency Task Force for the Management of Emerging Infectious Diseases and their consultants, should realize that their strict and indefinite lockdown policy is the main reason for this crippling of business.

Can I talk with you?

GETTING to talk with anyone powerful for anything, even if only to ask for information (Are you free Tuesday?) is hard enough with social distancing and working from home. Gone is the casual bumping at the office corridor to casually invite for coffee.

China’s trade partners push back on food tests

BEIJING/GENEVA — Major food-producing countries are growing increasingly frustrated with China’s scrutiny of imported products and are calling on it to stop aggressive testing for the coronavirus, which some say is tantamount to a trade restriction.

Unbowed by coronavirus, Paris department store lights up Christmas display

PARIS — Shoppers are not allowed inside, and the pavement outside is nearly empty, but the French capital’s Printemps department store lit up its Christmas window display on Tuesday because — global epidemic or not — it is an annual tradition.

Sinovac’s COVID-19 vaccine induces quick immune response — study

SINGAPORE/BEIJING — Sinovac Biotech’s experimental coronavirus disease 2019 (COVID-19) vaccine CoronaVac triggered a quick immune response but the level of antibodies produced was lower than in people who had recovered from the disease, preliminary trial results showed on Wednesday.

Southeast Asia’s virus hotspot bets on early vaccine rollout

INDONESIA, the world’s fourth most-populous nation that’s battling Southeast Asia’s worst coronavirus outbreak, is gearing for a massive vaccination program that the government wants to start as soon as next month.

Above and Beyond: ING-FINEX CFO of the Year Mylene Kasiban

Meet the winner of this year’s recognition — The Game-Changing CFO Anyone who has ever worked in a company with a Chief Financial Officer (CFO)...

Meralco aids power restoration in typhoon-hit Catanduanes

THE Manila Electric Co. (Meralco) sent a team of line crews and equipment to assist repairing power infrastructures damaged by super typhoon Rolly and...

Mariwasa releases new tile adhesive heavy duty

Mariwasa Siam Ceramics, Inc., the leading tile manufacturing company in the Philippines, recently released its new Mariwasa Tile Adhesive Heavy Duty, formulated for big-sized,...

DTI and SM urge Filipinos to Buy Local, Support Local this Christmas

In this season of giving, what better way to share but by gifting locally made products by micro, small and medium enterprises (MSMEs), whether...

People’s champ Pacquiao donates Globe endorsement fee to Rolly and Ulysses victims

After scoring a brand endorsement agreement with Globe to be its newest brand ambassador, Senator and People’s Champ Manny Pacquiao announced that he is...

Western Visayas-Sta. Rosa provincial bus routes reopened; more jeepneys allowed to operate

AT least 1,043 more traditional jeepneys were allowed by the Land Transportation Franchising and Regulatory Board (LTFRB) to resume operations on Tuesday in eight routes in Metro Manila

2021 recovery crucial for banks — S&P

A DEEPER-THAN-EXPECTED recession in the Philippines will increase the downside risks for the banking industry, S&P Global Ratings said.

Creation of a child trust fund proposed

THE Capital Market Development Council (CMDC) is studying the possibility of setting up the country’s Child Trust Fund (CTF), which would aim to encourage low-income families to save for their children’s college education.

Local digital economy to hit $28B by 2025 — study

THE Philippine digital economy’s gross merchandise value (GMV) is seen to hit $28 billion in 2025, accelerating to a 30% compound annual growth rate (CAGR), driven by the growth in new digital consumers, the latest e-Conomy Southeast Asia report by Bain & Company, Google, and Temasek said.

Philippine internet economy to reach $28 billion by 2025 — study

THE Philippine digital economy’s gross merchandise value (GMV) is seen to hit $28 billion in 2025, accelerating to a 30% compound annual growth rate (CAGR), driven by the growth in new digital consumers, the latest e-Conomy Southeast Asia report by Bain & Company, Google, and Temasek said.

PHL may attract oil traders after loss of refining sector

MORE oil traders might see the Philippine downstream market attractive with the impending loss of its oil refining industry, according to an oil executive.

Pandemic brings more job hunters, fewer opportunities, says JobStreet

MORE Filipinos are looking for jobs online during the coronavirus pandemic, but companies are offering fewer opportunities because of uncertainties brought by the crisis, online job hunt platform JobStreet found in its data.

DMCI Homes eyes P13.9B worth of project completions

DMCI PROJECT DEVELOPERS, Inc. (DMCI Homes), the residential arm of listed DMCI Holdings, Inc., is targeting to complete 10 projects before the year ends.

‘Good start’ for imported cars in fourth quarter after 16% slump in sales

IMPORTED car sales declined by 16% in October, while the industry continues to look to more growth towards the end of the year.