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Banana lobby hopes gov’t intervenes to bring down South Korea tariffs

BANANA growers are pushing the government to help bring down high tariffs imposed by South Korea on their produce as rival banana producers erode the industry’s share of its third most-important market.

“The negotiations only started in the second quarter while the tariff rates for our competitors have been getting more and more favorable,” Philippine Banana Growers and Exporters Association (PBGEA) Executive Director Stephen A. Antig said in a statement.

President Rodrigo R. Duterte is currently in South Korea to attend the commemorative summit of the Association of Southeast Asian Nations (ASEAN) with South Korea. He will also have a bilateral meeting with South Korean President Moon Jae-in.

PBGEA hopes Mr. Duterte will bring up the issue, as well as concerns on the proposed free trade agreement (FTA) between the two countries. Banana tariffs were first brought up during his state visit in April, while the initial discussions on the FTA were held June.

The high tariff is threatening to reduce the country’s market share in South Korea, which has trade deals with Central American banana producers, granting them lower tariffs which took effect in October. Producers benefiting from he arangement include Costa Rica, El Salvador, Honduras, Nicaragua and Panama.

“Central American bananas have been slowly eroding the market share of the Philippines. If this continues, the Philippines will not be able to compete,” PBGEA President Victor S. Mercado, Jr. said.

South Korea is one of the Philippines’ top markets for banana next to China and Japan. According to the Philippine Statistics Authority (PSA), banana exports in the eight months to August grew 46.6% to $1.258 billion. Japan was the largest market from 1991 to 2017, until China took over in 2018. PBGEA said Philippine banana shipments to South Korea hit 420,344 MT in 2018.

In October, Trade Secretary Ramon M. Lopez said that FTA negotiations with South Korea are currently stalled because the two parties have yet to agree on banana tariffs, which are currently at 30%.

In exchange for lower tariffs, South Korea is seeking lower tariff on its auto and parts products. The Trade department also hopes to expand the exports of the country’s pineapple, and mango through the FTA. It hoped to wrap up negotiations this month. — Vincent Mariel P. Galang

Seda’s serviced apartments open in the heart of Makati

SEDA FOUND, and made for the paying public a new home in the Ayala North Exchange Tower.

One gets dropped off downstairs, and you whizz away to the 19th floor for the Sky Lobby. The Seda Residences Makati, which opened last July, was presented to media guests late last month. This Seda shares space with the headquarters of Bank of the Philippine Islands (BPI), a pharmaceuticals company, a BPO, and a mall. Marc Cerqueda, the property’s General Manager boasted about the location. It’s right across the RCBC Plaza and right beside Makati Medical Center, for one. “How much better could you be? Smack in the middle of Makati.” He said that one can walk to Greenbelt in 10 minutes, and by distance, according to him, they’re the property in Makati closest to the airport. “The whole complex is a great addition to this part of Makati,” he added.

He then took us on a tour, showing off a pool (on a clear day, you can see Manila Bay), an e-games room, a laundry room, and a play room. This Seda, after all, isn’t quite a hotel, but a serviced residence, catering mostly to long-staying guests. It is popular, according to Mr. Cerqueda, with corporate clients, embassy staff, and in a very specific scenario, expatriates looking to move in to the country who stay in the Seda to wait until their permanent residences are ready.

There are 179 rooms as of the time of writing, but Mr. Cerqueda says that there will be 293 by the end of the year. The rooms range in size from 31 sqm. to 43 sqm. Studios, to One-Bedrooms from 50 to 57 sqm., to Two-Bedrooms from 93 to 108 sqm., each equipped with HDTV and a dining room.

The rooms and the rest of the property have a bit of an air of stepping into a Mondrian work, with straight clean lines and primary colors in the decor. Each room — actually suites — can come with a washer-dryer combo, but will always come with a fully functional kitchen with an induction cooktop, a refrigerator, a microwave, and a toaster oven. Moreover, the Residences have thought it fit to provide kitchen utensils, and even a set of glasses.

If you’re not the type to cook, there’s the free breakfast at Misto, the all-day dining facility at the 35th floor, which offers a range of choices as well as stunning views of the financial district. At lunch it offers a buffet for P599++ per person and à la carte choices for the rest of the day. For ending the day, one can also whisk one’s self up to the Straight UP roofdeck bar.

“This won’t be the last,” said Mr. Cerqueda about the Seda group’s developments. Seda Hotels is owned and managed by AyalaLand Hotels and Resorts Corp., the hospitality brand of Ayala Land, Inc., and according to him, the group is planning to open a second serviced residences development in Cebu early next year (marking their second property in the region). Seda Manila Bay is slated to open late next year.

In all of the locations that Mr. Cerqueda mentioned — yes, even in their property in Makati — the game is dominated by foreign chains. How does Seda find room for its own? “That’s the attraction, because we’re a Filipino brand. What makes Filipino brands attractive in particular is the brand of service.” — Joseph L. Garcia

Consumer Reports ranks Mazda as the Second Most Reliable Car Brand in the US for 2020

MAZDA jumps up two points in the 2020 Consumer Reports Brand Reliability Survey to rank second overall among 30 automotive brands studied. The study shows Mazda garnering a total of 77 points in its 0-100 points scale. This is just 4 points shy from the top-ranked brand on the 2020 list. According to the US-based nonprofit, independent consumer advocacy organization, the MX-5 two-seat roadster, more popularly known as the Miata, is the most reliable car in the US for 2020 with a reliability score of 95 points out of 100.

“It is no surprise that Mazda continues to improve not only in terms of design and performance, but more so in overall quality and reliability,” shares Steven Tan, president and CEO of Mazda Philippines. “The fourth generation MX-5s we see on our roads today come from the same manufacturing plant in Hiroshima as the rest of the MX-5s around the world. As such, they benefit from the same attention to detail that Japan-made Mazda vehicles have been known for over the past few decades.”

Mr. Tan adds: “Speaking on behalf of Mazda’s engineering, design and production discipline, the level of commitment to quality in order to achieve this high level of reliability is extraordinary for a company of this size. Mazda’s unrelenting commitment to quality from the start of a model’s life cycle, while at the same time pioneering innovation and building-in improvement processes into its products, ensures reliability throughout its lineup. Being ranked just behind a known luxury brand likewise speaks highly of our current direction towards achieving Mazda Premium. It shows Mazda and its products are consistent and focused to answering the challenges that lie ahead of the premium path the brand has taken.”

Consumer Reports’ brand-level rankings are based on the average predicted reliability score for vehicles in a brand’s model lineup. The organization works side by side with consumers for truth, transparency, and fairness in the marketplace. It aims to inform purchase decisions, improve the products and services that businesses deliver, and drive regulatory and fair competitive practices.

Bermaz Auto Philippines, Inc. is the exclusive distributor of Mazda vehicles and parts in the Philippines. Its current product lineup now includes the Mazda2 subcompact sedan and hatchback, the Mazda3 compact sedan and sportback, the Mazda6 full-size executive sedan and sports wagon, the CX-3 freestyle crossover, the CX-5 five-seater and the CX-9 seven-seater premium crossovers, the MX-5 2-seater sports roadster and the BT-50 pickup truck. There are 20 Mazda 3S dealerships located across the Philippines and Metro Manila — Mazda Greenhills, Mazda Pasig, Mazda Quezon Avenue, Mazda North EDSA, Mazda Makati, Mazda Alabang, Mazda Cavite, Mazda Sta. Rosa, Mazda Pulilan, Mazda Pampanga, Mazda Dagupan, Mazda Cabanatuan, Mazda Tarlac, Mazda Negros, Mazda Cebu, Mazda Iloilo, Mazda Cagayan De Oro, Mazda Davao, Mazda Butuan and now Mazda General Santos.

Generali said to eye bid for MetLife Europe assets by yearend

ASSICURAZIONI GENERALI SpA is preparing to make a formal bid for European assets of MetLife, Inc. after months of talks on the potential acquisition, people with knowledge of the matter said.

The Italian insurer has been finishing due diligence and is targeting to make an offer for most of MetLife’s business on the continent by yearend, according to the people.

A deal could be valued at about €3 billion ($3.3 billion), one of the people said, asking not to be identified because the information is private.

No final agreements have been reached, and discussions could still fall apart, the people said. Representatives for Generali and MetLife declined to comment.

Bloomberg reported earlier this year that Generali was in early stage talks to buy the central and eastern European assets of MetLife for more than €2 billion as part of its plans to expand through acquisitions.

Generali has said that it’s willing to consider “disciplined M&A to support profitable growth” to reinforce its leading position in Europe or enter new countries as one of the top-five players in that market. Expansion is one of the pillars of Chief Executive Officer Philippe Donnet’s strategy as dealmaking reshapes the insurance industry.

Poland accounts for one of MetLife’s largest operations in the Europe, Middle East and Africa region, according to a company filing.

In 2012, MetLife agreed to buy life insurance businesses from Aviva Plc in the Czech Republic and Hungary, as well as Aviva’s life insurance and pension operations in Romania. — Bloomberg

Duterte fires VP as drug czar

By Gillian M. Cortez

PRESIDENT Rodrigo R. Duterte yesterday fired Vice President Maria Leonor G. Robredo as her drug czar after she allegedly failed to improve the government’s campaign against illegal drugs.

“She wasted such opportunity and used the same as a platform to attack the methods undertaken by this Administration,” presidential spokesman Salvador S. Panelo said in a statement.

“Such tack was even motivated by hubris to prove their past arguments against the anti-illegal drug operations were correct,” he said. “It at once crumbled as her request for police data validated the falsity of their arguments that the extra-judicial killings are state-sponsored.”

Ms. Robredo this month said she had agreed to head the Duterte administration’s anti-illegal drug campaign, if only to stop the killings. She accepted the post against the advice of many of her party mates, who said the appointment might be a trap.

The opposition leader has vowed to enforce the state’s anti-illegal drug campaign within the bounds of the law. She said she would treat the drug problem not only as a crime, but also as a health issue.

Philippine police have said they have killed about 6,000 people in illegal drug raids, many of them resisting arrest. Some local nongovernmental organizations and the national Commission on Human Rights have placed the death toll at more than 27,000.

“The appointment and the eventual firing of VP Leni as anti-drug co-chair prove what we have been saying all along: Both the war on drugs and the appointment of the vice president… are bluff and bluster,” the Liberal Party said in an emailed statement.

“Their scheme to make VP Leni look weak backfired. Just two weeks after her appointment, she has shown courage and competence in facing the problem at hand and redirected the anti-drug war track from a criminal justice issue to a public health problem,” it said.

Ms. Robredo had criticized the government’s deadly war on drugs, saying it needed to be reassessed given the rising number of drug dependents.

She also sought confidential information about the drug campaign, but the government refused to give her access.

Mr. Panelo said firing Ms. Robredo was a “response” to the suggestion of Senator Francis N. Pangilinan on Friday to fire her instead of insulting her. The lawmaker earlier said the president’s statement that he didn’t trust Ms. Robredo was an insult.

“The president has been more than patient enough, giving the vice president adequate opportunity to discuss possible courses of action with him,” Mr. Panelo said. Since assuming the post as Mr. Duterte’s drug czar more than two weeks ago, Ms. Robredo had “not presented any new program that she envisioned to implement,” he said.

“In a campaign where people’s lives are at risk, a day is an eternity. The government cannot twiddle its thumb and sit idly hoping for a flash of brilliance from the vice president,” he added.

After accepting the post, Ms. Robredo met with US Embassy and United Nations officials to discuss the drug war, which majority of Filipinos support even if it has drawn international criticism.

Meralco ousts Alaska

By Michael Angelo S. Murillo
Senior Reporter

THE Meralco Bolts booked a spot in the semifinals of the Philippine Basketball Association Governors’ Cup after defeating, and eliminating, the Alaska Aces in their quarterfinals joust, 94-84, on Sunday at the Smart Araneta Coliseum.

Held a twice-to-beat advantage in their quarterfinal pairing, the Bolts, the number two seed heading into the playoffs, saw no need to make use of it as they made a go at the semis spot-clinching win right at the onset.

Allen Durham led the Bolts to a strong start with the team going on a 13-0 blast in the first five minutes of the opening quarter.

It was a run that they would capitalize on for the rest of the frame, stretching their lead to 17 points, 29-12, after a canto down.

Meralco kept a safe distance from Alaska to begin the second quarter, holding a 38-25 advantage midway.

Alaska tried to get back some lost ground but with little success as the Bolts continued to hold sway, 49-33, at the half.

In the third quarter, the Aces came out with more fight as they started finding their mark in offense.

JVee Casio, Vic Manuel, Simon Enciso and import Franko House towed their team to within three points, 61-58, with 3:21 to go.

But Allein Maliksi would wax hot as the period wound up, giving back Meralco a double-digit lead, 73-63, entering the final quarter.

The teams continued to slug it out to begin the fourth quarter.

The count stood at 78-73 with Meralco still on top at the 7:39 mark.

Alaska kept pressuring the Bolts after but like what they had been doing for much of the contest Meralco found ways to kept its opponent at bay.

It was an 11-point advantage, 91-82, for the Bolts with 1:02 left to play and they were to hold on from there for the victory.

Mr. Durham led Meralco in the win with 28 points, 16 rebounds, eight assists and two blocks.

Mr. Maliksi backstopped him with 23 points with Chris Newsome adding 17.

For Alaska, it was Mr. Casio who showed the way with 20 points followed by Mr. Enciso with 16 points.

“Alaska really challenged us but we know it will only make us better heading into the semifinals,” said player of the game Maliksi after their victory.

PBA 12 FOR SEA GAMES
Meanwhile, members of the PBA-bannered Philippine men’s basketball team seeing action in the 30th Southeast Asian Games were made known at the weekend.

To be coached by Barangay Ginebra San Miguel Kings’ Tim Cone, the national are composed of five-time PBA most valuable player June Mar Fajardo, Chris Ross and Marcio Lassiter of the San Miguel Beermen, Japeth Aguilar, LA Tenorio and Stanley Pringle of the Kings.

Also part of the squad are Alaska’s Manuel, Troy Rosario and Roger Pogoy of the TNT KaTropa, Kiefer Ravena of the NLEX Road Warriors, Matthew Wright of the Phoenix Pulse Fuel Masters and Christian Standhardinger of the Northport Batang Pier.

The PBA 12 is out to extend the dominance of the Philippines in the event in the biennial regional meet.

The Philippines will first face Singapore in a Group A match on Dec. 4 at 8:15 p.m. at the Mall of Asia Arena.

In Group A of the competition as well are Vietnam and Myanmar.

Playing in Group B are Indonesia, Thailand, Malaysia and Cambodia.

Paper project using pineapple seen cutting plastics use

AN arm of the Department of Trade and Industry (DTI) said it is hoping to raise farmers’ incomes by using waste material from the pineapple-growing progress to make specialty paper that can replace plastic packaging.

The DTI’s Design Center of the Philippines calls the initiative the Pinyapel Project, after the Filipino words for pineapple (pinya) and paper (papel).

“The Pinyapel Project began with the intent of maximizing the use of agricultural waste to improve the livelihood of farmers, address concerns on dwindling natural resources and offer alternatives to plastic; collaborate with local enterprises; and consequently, show to the world what the creative and design mind of the Philippines can do,” Design Center Executive Director Rhea O. Matute said in an e-mail.

Design Center was established in 1973 through Presidential Decree No. 279 to develop, promote, and enhance the design of the country’s manufactured goods. The Pinyapel project is led by its materials research and development team.

Pinyapel uses material left over after the pineapple harvest. Development started in 2018 and is ongoing.

On Nov. 6, Pinyapel was cited by the D&AD Future Impact Awards 2019 for its potential impact on environmental sustainability.

“The inspiration behind the product is the growing packaging needs. According to the Pollution Control Association of the Philippines, our country will not be ready to phase out plastic use until cost-effective alternatives are available,” Ms. Matute said.

“Sustaining the use of pineapple leaves in paper production will ultimately contribute to changing the lives of pineapple farmers and laborers,” she added.

Pineapple leaves were sourced from Nature’s Fresh Pineapple, Inc., which cultivates 300 to 400 hectares in Aglayan, Malaybalay City, Bukidnon. It can produce about one to five tons of pineapple leaves per month, with 57 kilograms yielding about 88 sheets of 70 by 100-centimeter Pinyapel.

Pinyapel can also be turned into corrugated cup sleeves and gift bags.

Project studies indicate the potential to generate about P1,753 in extra income weekly for seven laborers per five tons of waste product, though production is not yet on a commercial scale.

The preparation process consists of drying, collecting, and bagging.

“Our country will not be ready to phase out plastic use until cost-effective alternatives are available. Pinyapel offers to become one of the solutions to plastic waste by becoming an alternative material for packaging applications since paper,” Ms. Matute said. — Vincent Mariel P. Galang

Vogue cover spotlights Mexico’s transgender ‘muxe’ women

JUCHITAN, MEXICO — A culture of indigenous transgender women that has been part of southern Mexico’s heritage for centuries is primed for global fashion cachet thanks to one of the world’s top style magazines.

For the first time in Vogue magazine’s more than 120 years of publishing, an indigenous muxe will appear next month on the cover of the glossy’s Mexican and British editions.

Muxes, a term probably derived from the Spanish word “mujer” meaning “woman,” are indigenous transgender women who easily mix gay male and feminine identities.

The cover photo features Estrella Vazquez, a tall, lanky 37-year-old indigenous Zapotec muxe wearing a traditional huipil garment with colorful flowers and holding a pink fan in one hand.

The weaver and designer sees the cover as a sign of receding bigotry in Mexico toward muxes. Historically the country’s ingrained Roman Catholic heritage has reinforced anti-gay and anti-transgender prejudice.

“I think it’s a huge step,” Vazquez told Reuters in Juchitan city in southern Oaxaca state, home to perhaps the largest muxe (pronounced MOO-she) community.

“There’s still discrimination, but it’s not as much now and you don’t see it like you once did,” she said.

While muxes are not well known outside Mexico, within the country it is not uncommon to see muxes at gay pride parades or other cultural events. No statistics are collected, but the muxe community is thought to number in the hundreds or thousands.

In August, Vazquez, who had never heard of Vogue, was invited along with a dozen other muxes by the magazine to participate in a photo shoot. Vogue wanted to highlight Oaxaca’s indigenous cultures, she said.

“Everyone is seeing this cover, everyone is congratulating me. I don’t know; it’s just hard to make sense of the emotions I’m feeling. It almost makes me want to cry,” she said.

Many muxes historically have been caregivers to aging parents, a role that has given them prestige in families which typically are shaped by Mexico’s macho, male-dominated culture.

Muxes also played a leading role in the aftermath of a massive 8.1 magnitude earthquake that struck Juchitan in 2017, as many worked to dig out trapped family and friends from the rubble, often using their bare hands.

Vogue, owned by New York-based Conde Nast, publishes more than 20 editions of the magazine around the world with circulation of 24.4 million. — Reuters

Lopez-led First Gen allots $300M for planned FSRU

FIRST GEN Corp. has placed the capital expenditure for its proposed floating storage regasification unit (FSRU) at $300 million, or a fraction of its budget for the construction of a liquefied natural gas (LNG) import terminal, its president said.

“[Ang] advantage lang is our capex spent from $1.3 billion [is down] roughly [to] $300 million ang para sa (for the) FSRU,” First Gen President and Chief Operating Officer Francis Giles B. Puno told reporters last week when asked to give an update of the project.

“But it doesn’t include lease payment for floating regas terminal,” he added.

The Lopez-led energy company previously estimated the cost of its planned import terminal to go beyond $1 billion, but in September, it announced a partnership with Japan’s JGC Corp., which will handle the engineering, procurement and construction (EPC) of the LNG terminal project in Batangas City.

First Gen said the immediate focus of the partners was to complete a detailed study on modifications that can be made to First Gen’s existing jetty that would allow the facility to receive large- and small-scale LNG vessels, and to continue to receive liquid fuel.

“We are working with JGC in completing the requirement of potentially shifting to FSRU in the interim… Main reason for that is to enable us to deliver gas earlier,” Mr. Puno said.

First Gen earlier said that building the LNG terminal is crucial to ensure the continued operations of the country’s 3.2-gigawatt existing natural gas-fired plants given the expected and continuing reduction in gas supply from the Malampaya field up to the expiration of the contracts by 2024.

“Main reason why that is advantageous to us is because the prices of LNG today are quite attractive and even cheaper than Malampaya,” Mr. Puno said. “If we can bring in gas lower than Malampaya, it is really good for consumers.”

First Gen has yet to sign a contract to buy LNG from foreign suppliers, although talks remain with possible sources, he said.

“Right now, current Malampaya prices is at $9 per million BTU (British thermal unit),” he said.

He cited India as having auctioned LNG at an estimated range of $6.30 to $6.70 per million BTU, a price that is already cheaper than Malampaya, and even competitive with the price of coal.

Mr. Puno said First Gen targets to lease the FSRU vessel by the first quarter of next year. The FSRU will allow the company to receive LNG as early as 2021, or before the expiration of the Malampaya gas contracts.

The planned LNG storage ship has an onboard regasification plant capable of returning the liquefied fuel back into a gaseous state. The gas can then be supplied directly to some or all of the company’s existing power plants.

The entry of JGC came after First Gen in December 2018 signed a joint development agreement with Tokyo Gas Co., Ltd., which is taking a 20% participating interest in the project. This was a preliminary agreement between the parties to jointly pursue development of the LNG terminal.

In March 2019, FGEN LNG received the formal approval of its application for a “notice to proceed” (NTP) from the Department of Energy as defined in and required by the Philippine downstream natural gas regulation. The unit had requested the agency to extend its NTP by a further six months. — Victor V. Saulon

MIAA launches #DisipliNAIA campaign

Words and photos by Christian Imperio

DISCIPLINE is a rare commodity these days. Whether you’re crawling through traffic or a pedestrian crossing the street, we, more often than not, tend to break the rules that govern our society.

But the truth is, this rarity of a feat is not only lacking on the road, but at airports as well. With more than 60,000 international flights and 76,000 domestic flights recorded at the Ninoy Aquino International Airport (NAIA) from January to June 2019, airport passengers tend to defy protocols that lead to a chaotic environment.

In an effort to promote civility within the premises of the airport, the Manila International Airport Authority (MIAA) has launched a civility campaign dubbed as #DisipliNAIA to combat unacceptable airport behavior.

During the launch of the campaign, MIAA General Manager Ed Monreal said that the #DisipliNAIA initiative aims to practice Filipino values, most especially respect to other people.

“We are going back to basics — basic in a sense na gawin natin ang tama, gawin ang nararapat, even when nobody is watching, even without people telling us what to do,” Mr. Monreal said.

The initiative seeks to establish order and decency, such as standing behind the yellow line at a carousel or immigration, falling in line properly at the boarding gate, picking someone else’s trash or even refraining from occupying a seat with a baggage so that other passengers can sit.

“There may be cynics who would say that the initiative might not take off. Fine, but the important thing is we are doing something, we are responding to the demand of the times. Culture is difficult to change because as we all say, that’s what we grew up with. But if we are all in this together, nothing is impossible to achieve,” he said.

The MIAA’s civility program also seeks to encourage its employees, passengers, or even transport services to promote good manners and right conduct and become civilized airport citizens.

The #DisipliNAIA is composed of internal and external campaigns and forging partnerships to rally support among all stakeholders.

As part of the campaign, the MIAA will conduct regular civility and service excellence workshops among thousands of its employees, partners, and stakeholders.

“There’s no intention of giving out memos. That’s the reason why we’re having this #DisipliNAIA. Even without penalties or sanction, we should take upon ourselves our own responsibility to comply with what is required of us,” Mr. Monreal said.

Mr. Monreal said that citizens and workers of the government should set an example of proper conduct, saying that it is expected from them to practice good behavior.

“Now that we’re launching this, I expect [MIAA employees] to do as you preach, meaning walk-the-talk, follow regulations, and be the examples and leaders for this advocacy,” Mr. Monreal said.

The MIAA will also produce posters, videos, and billboards in order to remind the airport passengers that they are in the #DisipliNAIA zone.

In an exclusive interview with Velocity, Mr. Monreal encouraged all passengers to abide airport rules in order for its civility campaign to succeed.

“Dapat sumunod tayo sa patakaran. Sinasabi ko nga na we can’t do this alone so we need their support to comply kung ano man ang mga dapat gawin. Tulad ng mga policies, sundan natin. Irespeto natin ang mga pasahero. Bawat isa has their own right so wag natin isipin na we’re encroaching on other people’s rights. Respetuhan lang ba,” Mr. Monreal said.

In terms of addressing the traffic buildup at the exit gates at the parking premises, the MIAA said that it will ensure that all of the exit booths will be fully manned to avoid crowding of vehicles at the airport.

As for the slow traffic flow at the arrival area, Mr. Monreal said that they will strictly enforce the two-minute loading and unloading police.

“I encourage people to please practice discipline. It will not eradicate [the problem] but it will definitely help us reduce these concerns,” Mr. Monreal said.

Peso likely to strengthen further amid inflow of OFW remittances

THE PESO may strengthen further this week as the inflow of remittances due to the upcoming holiday season support the currency.

The local unit finished trading at P50.80 against the greenback on Friday, appreciating by six centavos from the P50.865-per-dollar close on Thursday, according to data from the Bankers Association of the Philippines.

Week on week, the peso weakened by 15 centavos from its P50.65 per dollar finish on Nov. 15.

Rizal Commercial Banking Corp. chief economist Michael L. Ricafort said the peso was supported by the increase in remittances from overseas Filipino workers (OFWs).

“The peso closed stronger amid some increase in OFW remittances for Christmas-season related spending,” he said in a text message.

A trader also attributed to remittance as one of the factors that helped the peso rally against the dollar.

On Thursday, the Chinese commerce ministry said they will work to finalize a “phase one deal” initial trade agreement with the US, Reuters reported.

Previously, sources including trade experts and those close to the White House have told Reuters that a phase one deal finality could slide into 2020 with Beijing looking for more “extensive tariff rollbacks” while the US countered with new demands for its part.

US national security adviser Robert O’Brien said on Saturday that an initial trade pact with China is still on the cards by 2019, although he warned that Washington will not disregard the continued unrest in Hong Kong.

For this week, Mr. Ricafort and the trader said the local unit’s movement this week will continue to be boosted by OFW remittances, local and international economic data, and the progress of the US-China trade talks.

“[T]he expected seasonal increase in OFW remittances and conversion to pesos for Christmas-related spending could provide some support for peso until December,” Mr. Ricafort said.

“The upcoming budget deficit data next week would be a source of new leads, especially on government spending and infrastructure spending data. On external developments, the major catalyst would be any progress on the US-China negotiations which showed mixed signals recently,” he added.

The trader said the market will monitor data on the manufacturing sector of key economies, as well as the US-China trade talks.

“We will look at data releases of PMI (purchasing managers’ index) from the Europe, UK and US to seek fresh leads… The trade situation is still something [that will affect trading]. Markets will monitor Washington statements as well as tweets from [Mr.] Trump,” the trader added.

Both Mr. Ricafort and the trader see the peso playing around the P50.50-51 level this week. — LWTN with Reuters

Cebu City mayor says no more SRP lot sales; lease and partnerships are options

MAYOR EDGARDO C. Labella said there will be no sales of government-owned lots at the South Road Properties (SRP), a prime commercial area in Cebu City, during his term until 2022, but the local government is open to lease and joint development contracts. “Under our admin(istration), we do not intend to sell lots anymore,” Mr. Labella said Friday. The benefit of a joint venture deal, he said, is that the city will get to retain ownership of the property and at the same time get a share of the private developer’s income. In September, Singapore-based The Harbour Group expressed interest to develop a portion of the SRP through a proposal for a public-private partnership. The company plans to build a complex with a casino, shopping center, and a resort. “We have to ask for their proposal and submit it to the Joint Venture Selection Committee (JVSC),” Mr. Labella said. “(T)here are many who are interested… we even also have European companies interested to put up some kind of development in SRP… there is also (local real estate firm) Megawide,” he added. The mayor said they will also consider proposals to lease lots. “There might be some who wants to rent properties… it will be received and studied.” In 2015, under then mayor and currently Vice Mayor Michael L. Rama, the city sold 26.3 hectares of lots at SRP to a consortium of Ayala Land, Inc. Cebu Holdings Inc., and SM Prime Holdings at P10.009 billion. Another 19.2 hectares was sold to Filinvest Land, Inc. — The Freeman

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