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Stocks seen sideways in shortened trading week

LOCAL SHARES are seen to trade sideways this week as trading is cut a day shorter due to the observance of All Saints’ Day on Friday.

The start of filing of quarterly reports by listed firms last week pulled the benchmark Philippine Stock Exchange index (PSEi) down 28.48 points or 0.35% to close at 7,922.50 on Friday.

But on a weekly basis, the main index was still on an upward path, closing 0.47% up to record its third straight week of gains.

Value turnover remained slim at P26.22 billion on Oct. 21-25, gaining slightly from P25.08 billion the week prior.

“The general investor sentiment has remained very cautious as the appetite for equities continues to dwindle by the day,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in a market note about last week’s trading.

He said the central bank’s decision on Thursday to cut the reserve ratio requirement for banks by another 100 basis points will free up almost P110 billion in cash, and should therefore be “extremely good for our economy.” However, he said “the market had almost no reaction,” showing that “retail investors continue to speculate on second and third liners.”

For the coming week, Mr. Mangun said he expects muted trading because of the holiday on Nov. 1.

“(The PSEi) may inch higher potentially testing 8,000, However, we may see an increase in selling pressure as investors take some risk off the table ahead of the holiday,” he said.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan gave the same resistance level, saying it will be heavy approaching the 8,000 mark.

“Market will probably react to window dressing since shortened week. Investors will also be keeping an eye out on the outcome of the latest (Federal Open Market Committee) meeting during the middle of the week,” he said in a mobile message.

For Diversified Securities, Inc. Equity Trader Aniceto K. Pangan, the market is expected to consolidate this week “depending on the progress of the US-China trade talks negotiation, as well as the Brexit deal.”

The United States and China are still working to finalize its “phase one” deal in an effort to end its almost two-year trade war, while United Kingdom lives a few more days as part of the European Union after being granted a Brexit deadline extension last week.

Mr. Mangun also said the US Federal Reserve’s decision on monetary policy this week will likely impact the stock market.

Regina Capital’s Mr. Limlingan added that the release of third-quarter earnings reports may drive investors to be stock-specific for the coming week.

But Mr. Mangun noted, “the market remains in limbo, trading sideways with no real direction. Investors are still trading solely on the sentiment and not looking at fundamentals at all.”

“We are still expecting a big move in the coming months. The question on everyone’s mind is whether we will be seeing new highs or new multi-year lows,” Mr. Mangun said. — Denise A. Valdez

Drive home a new Chevrolet for as low as P38,000 all-in low down payment

The Covenant Car Company, Inc. (TCCCI), the exclusive importer and distributor of Chevrolet automobiles and parts in the country, is offering amazing all-in low down payment options on its diverse selection of refined SUVs, powerful pickups, and versatile small cars from Oct. 16 to Dec. 31 through its Motorama 2019: Low Down Showdown Promo.

Enjoy all-in low down payment offers on the following vehicles, including the new Trailblazer Phoenix and the new Colorado Trail Boss:

CHEVROLET MOTORAMA 2019: LOW DOWN SHOWDOWN PROMO
Chase the thrill of the trail and upgrade your driving experience with wide selection of Chevrolet vehicles that boast of innovative technology, excellent driving and powerful performance, and next-level safety features.

The 7-seater Chevrolet Trailblazer mid-size diesel SUV remains to be the most powerful in its segment with its DURAMAX turbo-diesel engine that delivers best-in-class power and torque. It features its signature soft-ride suspension, convenient Remote Start Engine, and a host of driver assist technologies including Forward Collision Alert, Lane Departure Warning, Rear Cross Traffic Alert, and Side Blind Zone Alert.

The Chevrolet Trailblazer is available for as low as P38,000 all-in low down payment.

The strong and dependable Chevrolet Colorado pickup truck is powered by its signature 2.8L DURAMAX VGT turbo-diesel engine that produces 200hp and 500Nm of torque, making it an efficient workhorse on the road. It boasts of 800mm water-wading capacity, 1-ton payload and 3.5-ton towing capacity, and features a host of safety features, including Anti-lock Braking System (ABS), Electronic Brake Force Distribution (EBD), Hill Start Assist (HSA), Hill Descent Control, and Trailer Sway Control.

The Chevrolet Colorado is available for as low as P68,000 all-in low down payment.

The trendy Chevrolet Trax crossover SUV is a stylish and powerful ride for urban and out-of-town drives. Its segment-first 1.4-liter turbocharged Ecotec engine, matched with a 6-speed automatic transmission, gives you efficiency in city driving and power on the open road. It also features Push Start/Stop button, keyless entry, heated folding side mirrors, and advanced connectivity with its Chevrolet MyLink 7-inch touchscreen infotainment system with seamless Apple CarPlay and Android Auto connectivity.

The Chevrolet Trax is available for as low as P38,000 all-in low down payment.

The impressive Chevrolet Malibu executive sedan features a powerful ride with its best-in-class and first-in-segment 2.0L DOHC VVT turbocharged engine, paired with a smooth-shifting 6-speed automatic transmission. It boats of semi-automatic parallel and perpendicular parking, adaptive cruise control, and ventilated front seats. Inside its premium exterior are smart safety systems and technologically advanced features, including first-in-segment inductive mobile device charger, Bose 9-speaker sound system, and the intuitive Chevrolet MyLink Infotainment system.

The Chevrolet Malibu is available for as low as P68,000 all-in low down payment.

The roadtrip-ready Chevrolet Sail subcompact sedan is fitted with 15-inch gunmetal alloy wheels, sunroof, and advanced safety features such as Anti-lock Braking System (ABS), Electronic Brakeforce Distribution (EBD) and driver and passenger air bags. Under its hood is a 1.5L DOHC DVVT engine, coupled with a 4-speed automatic Active Select transmission, giving you a smoother and more comfortable drive.

The Chevrolet Sail is available for as low as P58,000 all-in low down payment.

The peppy Chevrolet Spark mini passenger car is powered by a lightweight Dual Overhead Camshaft (DOHC) 16-valve 1.4L Ecotec four-cylinder engine in all-aluminum frame, partnered with a Continuously Variable Transmission (CVT), delivering superb driving performance and maximum fuel efficiency. It features sleek and edgier styling, spacious interior, and latest technology, including the latest 7-inch touchscreen MyLink Infotainment System with Apple CarPlay and Android Auto.

The Chevrolet Spark is available for as low as P38,000 all-in low down payment.

CHEVROLET COMPLETE CARE
Chevrolet vehicles come with the Chevrolet Complete Care Program to give you a worry-free drive.

The Chevrolet Colorado and Trailblazer come with a special 5-year warranty coverage: 3-year bumper-to-bumper warranty plus a 2-year warranty on the Power Train or 100,000 kilometer, whichever comes first. The Chevrolet Trax, Chevrolet Malibu, Chevrolet Sail, and Chevrolet Spark come with a 5-year warranty program, which offers coverage of five years or 100,000 kms, whichever comes first.

Chevrolet vehicles also come with automatic enrollment to the 24/7 Chevrolet Emergency Roadside Support for three years and access to 24/7 Customer Care Hotline. The Chevrolet Motorama 2019: Low Down Showdown Promo is available until Dec. 31.

SM stores embrace K-beauty with new section

DUE TO the current popularity of Korean skincare and beauty, the SM Store Beauty Section has decided to delegate space for curating and showcasing available Korean — and Asian — brands in all of their 68 branches nationwide.

“It’s called K-Beauty Playgrounds. It’s basically a special area that curates all the Korean bestsellers, especially with skincare and cosmetics. Our goal is to actually roll it out in all stores to make it more accessible to our customers,” Sharon Decapia, marketing controller for SM Beauty and Watsons, told BusinessWorld during the launch of the flagship area in SM Makati on Oct. 26.

SM Beauty is the dedicated section for all things skincare and beauty and is located inside SM Stores.

The SM Makati K-Beauty Playground is located in the middle of the SM Store and currently features well-known Korean beauty brands like CosRX, Dear Klairs, Neogen, Mediheal, and AHC, among others. Ms. Decapia noted that the space will be “constantly updated with brands from Asia,” as the product mix and brand mix will change “depending on what is actually new out there.”

Currently, the zone is in 40 SM Beauty stores and the selection of brands and products will vary depending on the size of the stores.

“There are relatively smaller doors so the selection will be smaller but we do select the top brands, especially the sheet masks which are in high demand,” Ms. Decapia said.

The zones will also reflect the trends in Asian beauty as Ms. Decapia explained that they have noticed recently that customers are now more into buying products specifically targeted to their concerns and, that beyond K-Beauty, they have also noticed an increased interest in other Asian beauty brands.

“Japanese brands have very superior skin technology and even Thai beauty products are getting popular,” she said. — Zsarlene B. Chua

US protests Thailand’s chemical ban would hurt crop exports

BANGKOK — Thailand’s ban on three chemicals used in farming that its government deemed hazardous could threaten imports of American agricultural products into Thailand, a US government official said in a letter sent ahead of the ban this week.

Thailand’s National Hazardous Substances Committee on Tuesday voted to ban the use of three “hazardous chemicals,” including paraquat, glyphosate and chlorpyrifos, often found in pesticides or insecticides.

The ban, which will take effect on Dec. 1, would see the chemicals elevated to a Type 4 list on the country’s Hazardous Substance Act, which was amended this year and bans production, import, export, transfer or possession of the listed chemicals.

The ban itself doesn’t extend to agricultural products, but groups of Thai farmers protesting the ban are also calling for Thailand to ban all imports of crops from countries where the chemicals are used, which include the United States.

US Department of Agriculture Undersecretary Ted McKinney asked Thailand to “postpone action on glyphosate” in a letter to Thailand’s Prime Minister Prayuth Chan-ocha, obtained and published by local media on Friday.

“Should a ban be implemented, it would severely impact Thailand’s imports of agricultural commodities such as soybeans and wheats,” said McKinney in his letter, urging Thailand to maintain current maximum residue limits instead.

The United States exported $593 million worth of soybeans and $180 million of wheat to Thailand in 2018, according to data from the US Department of Agriculture (USDA).

McKinney, citing a US Environmental Protection Agency assessment in 2017, said that glyphosate “poses no meaningful risk to human health when used as authorized.”

Glyphosate — classified as “probably carcinogenic to humans” by the World Health Organization’s cancer research arm in 2015 — is also the target of thousands of lawsuits in the United States alleging that exposure to it causes cancer.

Thailand’s ban on glyphosate and the other two chemicals followed a similar move in Vietnam earlier this year, which also prompted backlash from US Secretary of Agriculture Sonny Perdue and Bayer AG, which sells weed killer Roundup.

HIGHER COSTS
Although many Thai civil society groups welcomed the ban, it also met significant resistance from farmer groups who bemoaned the lack of inexpensive alternatives.

Farmer groups said they will appeal against the ban in court, and they said if it takes effect, they will also demand an import ban on products from other countries that use the chemicals.

“We won’t be taken advantage of,” Sukan Sangwanna, secretary-general of the Federation of Safe Agriculture, told Reuters.

“Thai farmers will collapse without these chemicals because of higher costs.”

Asked about the US letter on Friday, Thai officials said they stood by the ban.

“Our job is to take care of the people’s health,” said public health minister Anutin Charnvirakul.

“It’s not right to force us to take what we don’t want,” said Mananya Thaiset, deputy minister of agriculture. — Reuters

Auto part supplier raises concern over CITIRA

PROPOSED changes in the corporate tax system will make automotive parts supplier Continental Temic Electronics Philippines less competitive, according to a company official.

Continental Temic Electronics Vice-President General Manager Glenn Everett told reporters on Friday that he is concerned the ability of the Philippines to attract more investments will be negatively impacted by increased costs arising from the proposed Corporate Income Tax and Incentives Rationalization Act (CITIRA). The measure proposes to rationalize tax incentives for locators while reducing corporate income tax.

He noted that the Philippines has the capacity and technology to produce parts for automated vehicles, but the company faces challenges in expanding its operations in the country given the uncertainty over tax incentives.

“The company cannot wait — if Toyota wants a product, the company can’t wait for CITIRA to finish before they decide. They have to make a decision when the customer needs the product. If there’s uncertainty — it counts against us here,” Mr. Everett said.

Mr. Everett said that the company could easily shift its volume to its other production hubs in the region.

“We compete. If Toyota needs a product, the company puts quotes from all the companies that it has that could make that product. The one with the best cost, that’s where it’s located,” he said.

“If we become uncompetitive, we won’t win any new business. We’re always struggling to be a competitive location.”

This comes as parent German manufacturer Continental AG in September announced factory closures and up to 20,000 job cuts in its worldwide operations.

Mr. Everett said that certain auto parts, such as diesel engines, have shrinking demand. In contrast, demand for electric car parts and sensors for automated driving are dramatically increasing.

However, he noted that Philippine operations will not be directly affected by the restructuring.

Continental Temic Electronics Philippines has an estimated 2,500 employees in the country, and the global company has around 245,000 employees in total. — Jenina P. Ibañez

How PSEi member stocks performed — October 25, 2019

Here’s a quick glance at how PSEi stocks fared on Friday, October 25, 2019.

 

Philippines gets P130M in radio equipment donation from China

CHINA will donate P130 million worth of broadcast equipment to the Philippines to help revamp state-owned Radyo Pilipinas stations, the Presidential Communications Operations Office (PCOO) said yesterday.

“We plan to rehabilitate 10 radio stations nationwide and on top of that the People’s Republic of China has already turned over more than P130 million worth of radio broadcast equipment,” PCOO Secretary Martin Andanar said in a statement.

Mr. Andanar said he checked government radio stations nationwide under the Philippine Broadcasting Service and found that these were “not inviting anymore.”

A radio rehabilitation program was started to overhaul old equipment used in these stations that include 10 AM stations and four FM stations, he said.

The Chinese donation was part of the bilateral documents signed last week when Chinese Vice Premier Hu Chunhua visited the Philippines on Oct. 22 to 24.

Radio equipment donated by the Chinese government included sound panels, microphones, headphones and radio consoles.

The four government FM stations will be the first to benefit from the Chinese donation, Mr. Andanar said.

Radyo Pilipinas Butuan will be the first to benefit from the bigger radio rehabilitation program, the PCOO said. The office is also looking at upgrading facilities in Cagayan de Oro, Davao, Cebu, Tawi-Tawi and Batanes. — Gillian M. Cortez

Senate bills to double workers’ service leave

TWO senators have separately filed bills seeking to raise the service incentive leave to 10 days a year from five to improve workers’ performance.

The measures filed by Senators Francis N. Pangilinan and Ramon B. Revilla, Jr. will amend the Labor Code.

Under the law, the service incentive leave is not given to those already enjoying vacation leave with pay of at least five days a year. Companies with less than 10 employees are also exempted from giving a service leave.

Mr. Pangilinan said he filed the bill given a recent World Health Organization finding that recognized burnout as a medical condition.

“Employees may use these service incentive leaves to prevent burnout in the workplace,” he said in the bill’s explanatory note.

Workers who took 10 days or more of leave yearly had a 65.4% chance of receiving a raise or bonus within a three-year period, compared with a 34.6% chance for those who took fewer than 10 days, Mr. Pangilinan said, citing a United States Travel Association study.

Under his bill, employees may convert to cash only five of the 10 days of service incentive leave if unused by year-end.

Two similar House bills been filed and are now pending before the labor committee.

The previous Congress passed a similar bill but the Senate failed to pass a counterpart measure before sessions adjourned on June 3. — Charmaine A. Tadalan

SSS releases P84M in jobless benefits

THE SOCIAL SECURITY System (SSS) has released P84 million worth of unemployment benefits in the first two months of implementation, it said in a statement at the weekend. The financial assistance went to 6,907 members of the pension fund who lost their jobs as of Oct. 21 or two months after it started receiving applications for the unemployment benefit, SSS Chief Executive Officer Aurora C. Ignacio said.

“We are now seeing the fruits of labor of our lawmakers, stakeholders and SSS representatives who have crafted the Social Security Act of 2018,” she said. “We are able to provide cash benefits to qualified members who needed the SSS the most when they unexpectedly lost their jobs.”

The Makati branch approved the highest number of unemployment benefit applications at 943 with releases amounting to P13.76 million, followed by Bacoor branch with 876 applications and P8.98 million in benefits, and Biñan branch with 833 applications and P9.74 million in benefits. The Pasig-Pioneer and Cebu branches both had 437 approved applications with releases worth P6.10 million and P5.16 million, respectively.

Ms. Ignacio said that members who may avail themselves of the unemployment benefits are those who were involuntarily separated from work starting March 5 this year and should not be more than 60 years old.

The Social Security Act of 2018 provides cash benefits to members equivalent to 50% of their average monthly salary for two months at most.

Involuntary separation includes installation of labor-saving devices, redundancy, retrenchment, closure and illness of the worker whose continued employment is illegal or bad to their co-workers’ health. — Beatrice M. Laforga

Burnham Park, public market redevelopment plans up for public review

MASTERPLANS FOR the redevelopment of Baguio Burnham Park and public market have been given initial approval by the city council and are now up for review by the public and concerned national government agencies. Councilor Maria Mylen Victoria G. Yaranon, chairperson of the committee on public works and a member of the Technical Working Group that drafted the plans, said for the iconic Burnham Park, a masterplan addresses the lack of cohesion in the over-all design of the park. “[In the past years], most of the development/rehabilitation projects for the park were implemented in a piece-meal or segmented basis,” reads the resolution giving city approval. Aside from public consultations, the Tourism Infrastructure and Enterprise Zone Authority (TIEZA) will be given a copy of the plan “for information and appropriate action.” The council earlier passed a resolution approving the redevelopment of the Burnham Park through a proposed P20 million funding from TIEZA.

MARKET
For the public market, also a popular tourist stop, the redevelopment plan includes an adjustment on the setback of the road along Magsaysay Avenue “for public safety, privacy, and environmental protection.” “With the present state of the city public market, it deserves immediate positive remedies to make Baguio City worthy of its prestigious designation as a Summer Capital of the Philippines and a UNESCO Creative City. Baguio City needs a developed, organized and sanitary public market which should be transformed to become the city’s largest tourist attraction,” reads the council resolution.

Camiguin caps 40th Lanzones Festival

MISSED THIS year’s Lanzones Festival? No worries, there are many other reasons to visit the island province any time of the year as the local government commits to pursuing “sustainable and responsible” tourism with its various nature attractions. “Camiguin is proud to celebrate the 40th edition of Lanzones Festival, which is a testament to Mother Nature’s awesome creation and provision. This fruit has become the symbol of abundance for our island and has helped position our destination as an advocate for the protection and preservation of the rich ecosystem,” Governor Jurdin Jesus M. Romualdo said in a statement. This year’s festivity was highlighted by the street dance parade and competition over the weekend, which marks the official start of the lanzones harvest season. Among the popular tourist sites in Camiguin, located off the northern coast of Mindanao, include the White Island Sandbar, various springs, waterfalls, and the twin mountains Hibok Hibok and Timpopong, which are declared and ASEAN Heritage Park. The Mantigue Island Nature Park has also been declared by the Department of Tourism as a scuba diving spot and was one of the 20 sites included in the recent 1st Camiguin Dive Festival.

Iloilo transforming public walls and spaces into art scenes

BLANK PUBLIC walls in Iloilo City have been designated as canvasses for local artists as part of the city government’s support for a more vibrant art scene. “As much as possible, we want to paint all blank walls and open spaces in the city. We have many talented Ilonggos and we want to showcase their talents and skills,” Mayor Jerry P. Treñas said during last week’s unveiling of the first mural project located in Barangay Sambag in Jaro District. “This is the first of the many art projects that we lined up for the city,” he added. Other areas that have been lined up are three buildings in Muelle Loney and a wall in the Molo District. Artists from Manila are also visiting this week to explore partnerships with their local counterparts or some of the art projects. Mr. Treñas also called on barangay officials and residents to protect the murals and other planned installations. “We hope that our barangay officials will do their part in overseeing our art projects and making it sustainable, otherwise all our efforts will be wasted,” he said.

SUMMER ARTS FESTIVAL
Meanwhile, the city is also preparing to hold the first Iloilo Summer Arts Festival, set on April 3 to May 17, next year. It will showcase all art forms, including visual arts, dance, music, literature, film and theater, crafts, horticulture, and culinary arts. Aside from local artists, the city government will be tapping the private sector and other stakeholders for art installations, living statues and art fairs in the metro. — Emme Rose S. Santiagudo

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