Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 10409

PHL, China hold ‘productive’ talks on South China Sea — DFA

THE Philippines and the People’s Republic of China on Thursday tackled steps to enhance maritime cooperation in the disputed South China Sea (SCS) waters, especially in the areas of “search and rescue, safety, environmental protection, scientific research, and fisheries.”
In a press release issued by the Department of Foreign Affairs (DFA) on Thursday evening, it said that both states “convened the Third Meeting of the Bilateral Consultation Mechanism (BCM) on 18 October 2018 in Beijing, People’s Republic of China.”
The DFA said the exchange of views between the two states was “productive,” and they both tackled “ways to enhance maritime cooperation in areas such as on recent developments in the SCS carrying political and security implications, maritime search and rescue, maritime safety, marine environmental protection/marine scientific research, and fisheries in relevant Working Group meetings under the framework of the BCM.”
The discussion, the DFA also said, was “without prejudice to their respective positions on sovereignty, sovereign rights, and jurisdiction, both sides also discussed possible cooperation on joint exploration and development of maritime oil and gas.”
The two countries also stressed their “commitment to the principles of freedom of navigation in and overflight above the South China Sea, freedom of international commerce and other peaceful uses of the sea, addressing territorial and jurisdictional disputes by peaceful means, without resorting to the threat or use of force, through friendly consultations and negotiations by sovereign states directly concerned and the exercise of self-restraint, in accordance with universally recognized principles of international law, including the Charter of the United Nations and the 1982 United Nations Convention on the Law of the Sea (UNCLOS),” the foreign affairs department said further.
Foreign Affairs Undersecretary for Policy Enrique A. Manalo led the Philippine delegation while China’s delegation was led by Vice-Foreign Minister Kong Xuanyou.
The next meeting of the BCM, according to the DFA, is going to be held in Manila “in the first half of 2019, with the exact date and place to be determined and mutually agreed upon through diplomatic channels.” — Arjay L. Balinbin

OCEANA goes to SC over DA-BFAR inadequacy of administrative order

AN international marine organization has filed a petition in the High Court against the Department of Agriculture — Bureau of Fisheries and Aquatic resources (DA-BFAR) for still not establishing rules on commercial vessels that give unfair competition to simple fisherfolk.
Oceana Philippines filed its petition on Friday at the Supreme Court (SC) to seek an issuance of a writ of continuing mandamus over DA-BFAR for not fulfilling its mandate under the Fisheries code to establish rules and regulations on vessel monitoring measures (VMM).
“Under the Fisheries code, as amended by RA 10654, and its Implementing Rules and Regulations (IRR), the DA-BFAR are specifically tasked to determine, within one year from the IRR’s effectivity, the appropriate vessel weighing 3.1 to 30 gross tons (GT) and promulgate the corresponding rules and regulations on VMM conditions, terms of reference, confidentiality, mechanics, cost, installation, approved types, and restrictions,” Oceana said in a statement on Friday.
On Oct. 5, DA-BFAR signed the Fisheries Administrative Order (FAO) 260 which states that commercial vessels must have VMM and electronic reporting systems (ERS). The vessels should also submit to government tracking.
Oceana said that the FAO does not “meet the requirement of law” and has only caused confusion over the type of vessels under the FAO.
“It only covers vessels targeting highly migratory and straddling fish stocks. It excludes from its coverage commercial fishing vessels that weight 3.1 to less than 30 gross tons and commonly found in municipal waters,” said Oceana.
Free Legal Assistance Group Chairperson and lawyer Jose Manuel “Chel” I. Diokno said DA-BFAR has still not made the VMM rules and regulations although three years have passed since the law was enacted. The livelihood of fisherfolk has been affected because there are no guidelines on delineating municipal waters which has given commercial vessels an unfair advantage over artisanal fisherfolk.
“Dahil sa dami ng commercial fishing vessels na pasok sa municipal waters nawawala na sila ng huli (Because of many commercial fishing vessels entering municipal waters, [fisherfolks] are losing their catch),” Mr. Diokno said.
For her part, Oceana Vice-President Gloria Estenzo Ramos said “Encroachment by commercial fishers in municipal waters had been going on since forever, despite being declared illegal under our laws.”
RA 10654, which amends the “The Philippine Fisheries Code of 1998,” was enacted into law back in 2015.
Mr. Diokno, who assisted some fisherfolk during the filing of the petition, said that the sector has been going to the DA-BFAR to tell their concerns for a long time.
“Hanggang ngayon parang ’di pinakikinggan (Until now, [the fisherfolk] are still not being listened to),” he said.
Oceana is also seeking a Temporary Environmental Protection order (TEPO) for DA-BFAR to halt the issuance of new licenses and renewals of commercial fishing vessels that weigh 3.1-30 GT during the pendency of the case. — Gillian M. Cortez

Platform launched to improve LGUs’ integrity

THE Local Government Integrity Circles (LoGIC) Network has formally launched a platform that is meant to promote a culture of integrity among local government units that includes the reduction of red tape.
At a press conference on Friday, representatives from the member local government units (LGUs), business sector, and civil society organizations launched the platform and signed an commitment “for ethical practices and good governance” that shall address the development needs of the LGUs.
“This project contributes to build a culture of integrity and good local governance that promotes the ease of doing business and improves the delivery of public service. Together with civil society and business sector, the project facilitates governance to become more participatory, economic growth become more inclusive, and the country become more competitive,” said Dr. Stefan Jost, country director of Konrad Adenauer Stiftung (KAS), in his speech.
Patrick S. Asinero, project manager of the LoGIC Network, told BusinessWorld that the platform aims “to improve transparency, accountability, and integrity in local governance around the Philippines” which can only be achieved through partnering with the local government units, the business sector, and civil society groups. Through this, ease of doing business and public service could be improved.
The LoGIC Network is based on the pilot project Integrity for Jobs Creation (I4J) that was implemented in the country from 2014 to 2017 and which focused on integrity building and job creation through stimulating local investments.
The three-year project is co-funded by the European Union and the KAS. It aims to increase its reach to 300 integrity circles, from the current 60, by 2020.
The project is also implemented by the European Chamber of Commerce of the Philippines (ECCP), Centrist Democracy Political Institute (CDPI) League of Cities of the Philippines (LCP), League of Municipalities of the Philippines (LMP), and Leagues of Provinces of the Philippines (LPP). These groups forms each circle that will implement the programs in the LGUs.
Each will play a vital role in the network — KAS mainly deals with the financial aspect; the ECCP conducts trainings and consulting activities for small and informal business representatives and investors and the supervision of LGUs; the CDPI establishes the integrity circles in the LGUs and implements training with the civil society groups; LPP, LCP, and LMP are the connections. They are the ones assigned in the further implementation of the activities.
Aside from being a part of the I4J project before, the LGUs selected were ranked and chosen based on categories.
They have a ranking system that looked at a number of criterial including the Department of the Interior and Local Government’s seal of good local governance “in terms of housekeeping and financial accountabilities of LGUs”, and the competitiveness index of the National Competitiveness Council, Mr. Asinero told BusinessWorld.
“We also looked at how open they are to open with civil societies and business groups, kasi kung hindi sila [because if they are not] willing, kung hindi sila [if they are not] open, made-defeat ’yung purpose ng program because the program is opening up government to partner with these organizations or sectors. We looked at also those with integrity building initiatives already because what we wanted is to highlight that and make the Philippines know that there are existing LGUs who are committed to integrity building, transparency, accountability,” he said. — Vincent Mariel P. Galang

NLEX Harbor Link mainline gains 100% right of way, set to open in December

By Denise A. Valdez, Reporter
THE North Luzon Expressway (NLEx) Harbor Link Segment 10 mainline is slated to open in December after the Department of Public Works and Highways (DPWH) successfully completed the delivery of right-of-way for the alignment of the toll road.
DPWH Secretary Mark A. Villar said during an inspection of the construction site on Friday that 100% right-of-way has been given to private concessionaire NLEX Corp. to finish the Harbor Link mainline from Karuhatan, Valenzuela City to C3 road in Caloocan City.
“Finally, ito na yung final update: 100% na na-deliver na right of way. Ano ang impact ng Harbor Link project? 30,000 cars a day minimum ang dadaan sa Harbor Link (Finally, here’s the final update: 100% has been delivered for the right-of-way. What is the impact of the Harbor Link project? A minimum of 30,000 cars a day are expected to traverse Harbor Link),” Mr. Villar said in the briefing.
“Lahat ng trucks na galing sa port, hindi na kailangan dumaan sa metro area. Didiretso na sa NLEx (All the trucks coming from the port area wouldn’t need to pass through the metro area anymore. They may head straight to NLEx),” he added.
Harbor Link Segment 10 is an 8.25-kilometer toll road from Karuhatan to Radial Road 10 (R-10), Navotas City. The mainline from Karuhatan to C3 is now 83% complete, while the spur road from C3 to R10 is 5% complete.
The alignment up to R-10 is scheduled to open by the fourth quarter of next year.
NLEX Corp. President Rodrigo E. Franco said the proposed toll fee for the whole P16.5-billion segment is an additional P6 to the toll open system, or the rates implemented for vehicles traveling within Quezon City, Valenzuela City, Meycauayan and Marilao.
“In the original project proposal, the toll will be an adjustment of the open system toll rate, which in the original proposal was at P6 incremental to toll on the open system. But this is still subject to final approval by the Toll Regulatory Board,” he said.
NLEX Corp. is part of Metro Pacific Tollways Corp., the tollways unit of Metro Pacific Investments Corp. (MPIC).
MPIC is one of three key Philippine units of Hong-Kong based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

State-run firms’ dividends reach P34B at end-September

DIVIDENDS from state-run firms reached P34.15 billion as of September and appear headed for a fresh banner year, the Department of Finance (DoF) said on Friday.
Government-owned and controlled corporations (GOCCs) remitted funds which are 58% higher than the P21.62 billion they paid to the state during the comparable nine-month period last year. The declared dividends as of end-September are likewise well beyond the P30.46-billion total for 2017.
Under the law, all GOCCs must declare and remit at least half of their income as dividends to the national government. These inflows complement tax collections from revenue agencies, which are used to finance state-sponsored programs and projects.
The DoF even expects the full-year dividends tally to hit an all-time high of P40 billion, DoF Assistant Secretary Soledad Emilia J. Cruz said in a report to the DoF executive committee.
“We have P34 billion now and we expect with the remittance of PDIC (Philippine Deposit Insurance Corp.) of P6 billion representing second installment on dividend in arrears, by December, dividend collection will hit P40 billion,” Ms. Cruz said in a statement.
As of September, 55 GOCCs have remitted funds to the National Treasury.
The Civil Aviation Authority of the Philippines was the biggest source of dividends so far this year as they handed in P6.224 billion, the DoF said. This is followed by the Bangko Sentral ng Pilipinas with P3.636 billion; the Philippine Ports Authority (P3.103 billion); PDIC (P2.844 billion); Philippine Amusement and Gaming Corp. (P2.593 billion); Philippine Charity Sweepstakes Office (P2.535 billion); Manila International Airport Authority (P2.25 billion); and the National Power Corp. (P1.410 billion).
Dividends have been rising over the past years, with the 2017 collections up by a tenth from P27.73 billion the prior year. Finance Secretary Carlos G. Dominguez III attributed the increase to “efficient monitoring of GOCCs” by respective heads of agencies. — Melissa Luz T. Lopez

SRA reports 18% drop in sugar prices

THE Sugar Regulatory Administration (SRA) said on Friday the farm-gate price of sugar fell 18% this month to P1,634.58 per 50 kilograms from P2,003.60 in July.
“Since the start of the milling season last September 1 and the issuance of Sugar Order No. 2 (SO 2), Series of 2018-2019 on Sugar Import Program for Crop Year 2018-19 was issued last October 1, 2018, prices of sugar has been on a downward trend,” SRA Administrator Hermenegildo R. Serafica said in a statement.
The SRA said it is pushing planters associations, planters federations and millers to sell sugar at the adjusted price following the drop, specifically P50 for refined, P45 washed and P41 raw.
“SRA continues to monitor prices in the supermarkets and wet markets and those selling higher than prevailing prices are asked to explain,” it said.
Local groceries are encouraged to source their sugar supply from planters’ associations to score a cheaper price, or from the SRA itself which sells sugar at P48 for refined and P40 for raw and brown sugar under the “TienDA Malasakit” brand.
SO 2 ordered for the importation of 150,000 metric tons of raw or refined sugar which as a means to temper the rising price of the commodity. All the orders are expected to arrive until Dec. 31.
The SRA said of those ordered, 64,475 metric tons or 1.29 million 50-kilogram bags of sugar are already on the way to Philippine ports as of Friday.
Since Sept. 1, the SRA said, 1.6 million 50-kilogram bags of raw sugar and 928,508 bags of refined sugar have been locally produced by the existing seven sugar mills and five sugar refineries in the country.
It added that more mills and refineries are set to open in the next weeks, which will keep adding to the country’s sugar supply. — Denise A. Valdez

Melco Philippines withdraws plan to delist from PSE

By Arra B. Francia, Reporter
MELCO Resorts and Entertainment (Philippines) Corp. (MRP) has withdrawn its application to voluntarily delist from the local bourse, announcing instead its largest shareholder’s plan to increase its stake in the company.
In a disclosure to the stock exchange on Friday, MRP said it has formally withdrawn its petition and amended petition for voluntary delisting from the Philippine Stock Exchange (PSE), which was filed last September.
The operator of the City of Dreams Manila earlier announced plans to exit the PSE by November, citing its “inability to raise funds despite considerable efforts and expenses being incurred to maintain its listed status.”
The exit was dependent on the conduct of a tender offer by its largest shareholder, MCO (Philippines) Investments Limited, that sought to buy out all minority shareholders.
A number of market participants however raised their eyebrows on the planned tender offer, as they deemed the tender offer price of P7.25 per share unfair. Traders pointed out that the tender offer price was way below the P14 per share MRP shares had when the company conducted its follow-on offering back in 2013, among others.
Amid the withdrawal, MCO Investments said it will proceed with its planned tender offer consisting of up to 1.57 billion common shares, representing 27.23% of the company’s outstanding capital stock.
“(S)uch tender offer shall be conducted for the purpose of increasing the bidder’s shareholding interest in the issuer, instead of for the purpose of voluntary delisting of MRP,” the company said.
Sought for comment, Regina Capital Development Corp. Managing Director Luis A. Limlingan said conducting the tender offer could signal a shift in strategy for MRP to go for involuntary delisting.
“Tender offer kasi maybe involuntary delisting pa siguro. There might be fundamental change in strategy, especially with a single used fixed asset,” Mr. Limlingan said in a mobile message, adding that the tender offer could bring down the company’s free float to less than 10%.
Companies may be involuntarily delisted from the PSE should it fail to meet the minimum public float of 10%.
MCO Investments will be filing a second amended tender offer report next week to update the tender offer schedule.
Meanwhile, the PSE welcomed the company’s decision to withdraw its delisting plan, saying it will address the issues raised by investors.
“It is a development that surely would also calm down sentiments coming from minority shareholders who did have certain issues when they first came up with the valuation,” PSE Chief Operating Officer Roel A. Refran told reporters on the sidelines of the Philippine Investments Forum in Makati on Friday.
“It also reinforces the prospects. I’m pretty sure the company does also see the value of carrying on remaining to be a listed company. And I think that’s fully appreciated also by the investors who did raise a couple of issues because they do see the value in continuing the listing of the company,” Mr. Refran added.
MRP’s net income surged by 437% to P1.89 billion in the first half of 2018. Operating revenues slipped by one percent to P16.54 billion, due to the adoption of a new revenue standard “which resulted in higher commissions paid to gaming promoters being deducted from casino revenues.”
Shares in MRP jumped 1.57% or 11 centavos to close at P7.11 each on Friday.

Cavite barge terminal to begin full operations in November

THE Cavite barge terminal, privately funded by International Container Terminal Services Inc. (ICTSI), is set to begin full operations next month, the Department of Transportation (DoTr) said on Friday.
In a statement, the DoTr said the Cavite Gateway Terminal (CGT) will open on Nov. 5 for cargo trans-shipments via barges and roll-on, roll-off (RoRo) operations.
“Madalas congested ang mga kalsada na papunta sa mga port, at ito ang magiging solusyon dyan [Most of the time the roads going to ports are congested, and this will be the solution to that]. This project is also proof that when the government and the private sector work together, beautiful things can happen,” Transportation Secretary Arthur P. Tugade said in the statement.
The DoTr said CGT has been conducting a dry run since September, but limited to barge operations. ICTSI said in an email interview in July the project has already been completed.
“The project is completed, and we have successfully simulated the receipt and delivery of containers via barge and trucks. We are just confirming date of formal inauguration,” the port operator said then.
After the inauguration next month, CGT is expected to help cut costs and time in transporting goods and people between Cavite and ports in Luzon.
The barge terminal has a capacity of 115,000 twenty-foot equivalent units (TEUs), aimed to reduce truck trips by approximately 140,000 every year.
“Passenger ferry services from Cavite to Manila and vice-versa will also be made available in the future following discussions between the government and the operator,” the DoTr added. — Denise A. Valdez

BSP to require banks to report glitches within two hours

By Melissa Luz T. Lopez, Senior Reporter
BANKS and other financial firms will soon be required to report cyber attacks and similar technology-related glitches within two hours, following the approval of new rules by the central bank.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said the Monetary Board approved on Thursday afternoon new guidelines that mandate supervised firms to report digital breaches immediately upon discovery of the incident.
This comes as the regulator tightens its watch on players as they employ wider use of digital channels.
Ms. Fonacier said the central bank will soon issue a circular to implement the new standard.
“Initial reporting of very basic info is within two hours from incident, with a follow-up report containing more relevant details required within 24 hours from incident,” Financial Technology Sub-Sector officer in charge Vicente T. de Villa III said via text message when asked for more details.
Banks will also have to file reports on crimes and losses, where they must disclose the costs incurred from cases of theft and fraud, among others.
The central bank is encouraging increased use of electronic channels for payments and fund transfers to bring down transaction cost while promoting wider use of formal financial services. This is in line with the BSP’s goal to raise the share of electronic payments to 20% of total transactions by 2020, coming from a measly 1% share in 2013 as the economy remains cash-heavy.
Ms. Fonacier previously said they are also coordinating with the Bankers Association of the Philippines for an industry-led reporting platform for such threats, which would also provide a heads-up to other lenders about emerging cybersecurity issues faced by local players.
Results of the maiden Banking Sector Outlook Survey conducted by the central bank among bank executives showed that 71% of lenders are looking to use financial technology in their businesses, which is seen to enhance customer experience while improving overall efficiency.
A separate study conducted by FINTQnologies Corp., however, showed that the smaller thrift, rural and cooperative banks as well as microfinance lenders have “minimal capacity” to embrace digital solutions, as 90% of these firms do not have electronic banking platforms.

Peso recovers to log fresh one-month high

THE PESO recovered on Friday to its strongest rate in over a month, supported by cues for succeeding rate hikes from the central bank coupled with big fund inflows.
The local unit closed the week at P53.70 versus the dollar, 26.5 centavos stronger than the P53.965 close on Thursday. This also marked the peso’s best showing since a P53.55 finish on Sept. 5.
The unit initially traded weaker as it opened at P54.02 against the greenback and even touched P54.04 as its weakest showing during the session. The peso eventually rebounded as trading proceeded and closed at its strongest rate.
One trader attributed the appreciation of the currency to fresh hints from the Bangko Sentral ng Pilipinas (BSP) that future interest rate increases may still be on the table.
“The peso appreciated strongly today following hawkish cues from the BSP third quarter inflation report this morning,” one trader said on Friday. “In particular, the central bank signalled that headline inflation for 2019 might breach above the government’s 2-4% target range which could warrant further rate hikes next year.”
The trader was referring to statements from BSP officer-in-charge Deputy Governor Maria Almasara Cyd N. Tuaño-Amador, who noted that sound monetary policy action “continues to be directed towards safeguarding the medium-term inflation target” for 2019, which some took as a hint that there could be additional rate hikes on top of the 150 basis points (bp) which the central bank introduced so far this year.
Another trader said the peso also received a boost from inflows due to remittances from abroad, as well as investments likely meant for the follow-on offering of shares by the San Miguel Food and Beverage, Inc. (SMFB).
“Compared to other currencies, the excessive move was seen only in our (dollar-peso) pair. It’s more of an inflow from remittances and the Purefoods follow-on offering,” the trader said by phone.
The share sale will be priced at P85-95 apiece, according to San Miguel Corp. president and chief operating officer Ramon S. Ang, the parent firm of SMFB. The Securities and Exchange Commission approved the share sale earlier this month, which is slated to be the biggest so far in the local equities market.
Dollars traded on Friday reached $905.02 million, surging from the $729.25 million which exchanged hands the previous day and well above the daily average. — Melissa Luz T. Lopez

China Bank raises $150M via maiden green bond issue

CHINA Banking Corp. (China Bank) has issued $150 million in green bonds to fund climate change mitigation projects.
The Sy-led lender said in a disclosure on Friday that the sole investor in its maiden green bond issuance is the International Finance Corporation (IFC), a member of the World Bank Group.
The issuance brings China Bank’s climate portfolio to over $200 million or about P11 billion.
The proceeds of the issue will fund “climate-smart” projects, such as renewable energy, green buildings, energy efficiency and water conservation, the bank said.
“The bond supports the continuing development of the nascent green bond market in the Philippines and the government’s target of reducing carbon emissions by 70% by 2030,” China Bank said.
“This bond affirms our long-term commitment to sustainability. We are glad to partner with IFC on our first green bond issuance to step up our green lending activities and further contribute to a sustainable economy,” China Bank President William C. Whang was quoted as saying in the statement.
In August, IFC issued the Mabuhay Bond, its first peso-denominated green bond. The financial institution also subscribed to the green bond issuance of China Bank’s parent BDO Unibank, Inc. last year.
“IFC is proud to play a role in creating a new green bond market in the Philippines, a country challenged by climate change impacts but where green financing is low. Our investment in this bond will increase access to new financing for climate-smart projects,” IFC CEO Philippe Le Houérou said.
Shares in China Bank closed at P28.50 apiece on Friday, down 20 centavos or 0.70%.

PHL stocks extend gains for 3rd session

By Arra B. Francia, Reporter
STOCKS eked out gains on Friday, amid sideways movement for most of the session as investors tracked the weakness of most markets abroad.
The bellwether Philippine Stock Exchange index (PSEi) added 0.14% or 10.27 points to close at 7,151.52, extending gains for the third consecutive session. The broader all shares index meanwhile slipped 0.06% or 2.75 points to 4,359.65.
“Philippine shares traded slightly higher though with very little value turnover once again as the broader market was weaker on a multitude of reasons,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message, citing escalating geopolitical tensions between the United States and Saudi Arabia, Brexit negotiations, and the steep decline in Chinese markets.
In addition, markets in the United States also fell overnight, as investors focused on the trade war between the US and China, hawkish remarks from the US Federal Reserve’s minutes, as well as the possibility that tech stocks are now overvalued.
“(The) index traded weakly during the morning on account of more negative sentiment from weak US markets last night,” Papa Securities Corp. Trader Gabriel Jose F. Perez said in an email.
Overnight, the Dow Jones Industrial Average dropped 1.27% or 327.23 points to 25,379.45. The S&P 500 index shed 1.44% or 40.43 points to 2,768.78, while the Nasdaq Composite index lost 2.06% or 157.56 points to 7,485.14.
Chinese stocks also led the decline in Asia, as both Shanghai Composite index and Shenzhen Composite index both fell to fresh four-year lows.
Locally, sectoral indices were split between gainers and losers. The mining and oil counter led the advance, jumping 2.21% or 207.94 points to 9,617.80, followed by property which gained 0.6% or 21.41 points to 3,577.81. Financials also went up 0.42% or 6.78 points to 1,612.55.
On the other hand, industrial went down 0.28% or 30.83 points to 10,806.8. Holding firms dipped 0.24% or 16.36 points to 6,867.37, and services fell 0.1% or 1.5 points to 1,487.69.
Advancers outpaced decliners, 92 to 88, while 48 names remained unchanged.
Turnover increased to P4.94 billion after some 2.17 billion issues switched hands, compared to the previous session’s P4.02 billion.
Net foreign outflows continued, rising to P220.42 million from the P149.63 million recorded on Thursday.
“Despite the index closing in the green once again, note that the continued presence of foreign selling still remains to be an overhang for the market,” Papa Securities’ Mr. Perez said.
Eleven of the 20 most actively traded stocks ended in positive territory, including Semirara Mining and Power Corp. (up 5.73%), Jollibee Foods Corp. (up 1.92%), BDO Unibank, Inc. (up 1.18%), Bank of the Philippine Islands (up 1.16%), and Aboitiz Power Corp. (1.01%).
The same list showed nine decliners, including Globe Telecom, Inc. (down 4.25%) and San Miguel Corp. (down 4.24%).

1...10,40810,40910,410...12,834Page 10,409 of 12,834
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube