2 suspected Abu Sayyaf members nabbed in Taguig and Manila

July 2, 2019 | 8:45 pm

THE NATIONAL Bureau of Investigation (NBI) arrested two alleged members of the Abu Sayyaf Group (ASG) involved in the 2001 Golden Harvest Kidnapping case in Basilan. In a press release, NBI Director Dante A. Gierran identified those arrested as Ibno Ismael, also known as Abu Kodano, and Totoni Hairon. Mr. Ismael was nabbed in Maharlika, Taguig while Mr. Hairon in South Harbor at the Port Area in Manila. The two have standing arrest warrants issued by a Basilan court for eight counts of kidnapping and serious illegal detention in connection with the Golden Harvest case. NBI said Mr. Ismael went into hiding and worked as a construction worker while Mr. Hairon worked as security guard. They are currently being held at the NBI Detention Facility while awaiting their transfer to the Zamboanga City Jail. — Vann Marlo M. Villegas

Local gov’t support vital to maintaining barangay health volunteers, says nutrition official

July 2, 2019 | 8:45 pm

SUPPORT FROM local government units (LGUs) is crucial to the performance of barangay health workers and barangay nutrition scholars (BNS), according to an official of the regional office of the National Nutrition Council (NNC). Maria Teresa L. Ungson, NNC Davao regional nutrition program coordinator, said during a media forum Monday that health workers at the village level, especially the volunteers, receive a “meager allowance” from the national government, which is why additional incentives from the LGUs mean a lot. Ms. Ungson cited Davao City where volunteers get a P5,000 allowance from the local government. She said there are 1,800 BNS in the entire region, of which 450 are from Davao City. Ms. Ungson stressed that these volunteers are at the frontline of the delivery of health services, including programs to address under nutrition. “These are volunteer workers who give services. There are many challenges… but it makes a big difference if there is support from the local chief executives,” she said. “The funding also shows recognition for the good work that they are doing. These people do not complain,” she added. — Maya M. Padillo

Nation at a Glance — (07/03/19)

July 2, 2019 | 8:44 pm

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Meralco wins 2019 In-House Community Practice Team of the Year for Integration

July 2, 2019 | 11:00 am

For its dedication to deliver more than and beyond the usual legal support services to the Company, Meralco Legal and Corporate Governance and Compliance Group was awarded the In-House Community Practice Team of the Year for Integration, besting in-house counsels across Asia, the Middle East and Africa.

In-House Community Counsels of the Year Awards 2019 aims to honor both individual counsels and legal teams that have pursued excellence in their roles within their organizations, and to showcase their achievements and provide inspiration to the community of 21,000 in-house counsel across Asia, Middle East and South Africa.

Winning under Integration category, Legal and Corporate Governance and Compliance Group was recognized for making itself an integral and valued part of the organization at a decision-making level with its in-house team.

Efforts of the team in information dissemination through roadshows, ensuring the implementation of new laws and regulations and policies that effect changes in the structure of the Company and its subsidiaries, as well as the team’s different projects such as Legal Online, Project Kapatid, Project Keep It Private, Project Balikatan, and Good Corporate Governance were highlighted in the award.

Meralco was also shortlisted for in-house legal team of the year for the Energy and Natural Resources Industry.

Editor’s note:

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Mining firm achieves high reforestation survival rate

July 2, 2019 | 10:35 am

Using world-class technologies, OceanaGold (Philippines), Inc. group of Foresters continually puts forward the Company’s reforestation and rehabilitation projects. The mine has already planted more than 1.6 million trees in its rehabilitation areas within the Didipio Mine including reforestation plantations in the provinces of Nueva Vizcaya and Quirino. The reforestation survival rate is an impressive 92%, above the Philippine national standard of 80%.

The Didipio Mine’s Environment Team utilizes macrosomatic clonal propagation to produce various species of trees faster and more efficient than conventional planting. It produces approximately 500,000 seedlings in a year hence the Company’s partnership with different organizations and individuals in tree planting activities. Through the Mining Forest Program, OceanaGold has reforested a total area of more than 1,258 hectares in Nueva Vizcaya and Quirino.

Most seedlings produced in the mine’s nursery include endemic species such as Narra, Tuai, Mayapis, Tanguile, yakal, Guijo, Kalantas, Kupang, Agoo, Balete, and Alnus. It also produces exotic trees like Mahogany, Gmelina, and Manguim. Local farmers are capacitated in order to practice mass propagation of seedling through macrosomatic clonal propagation even in their own farms.

Furthermore, the Company progressively rehabilitates areas that are no longer needed in its mining activities. OceanaGold has progressively rehabilitated 94.62% of the Didipio Mine’s total rehabilitation area. Rehabilitation includes adding top soil to rock face walls within the mine, planting of grasses, and installing coconut nets to avoid erosion. Vertiver grasses are usually planted as its roots can grow to one meter thereby providing better slope stabilization.

To fast-track its progressive rehabilitation, hydro-seeding technology is applied wherein seeds, soil, and organic fertilizer are mixed and sprayed on rock face walls. It only takes a few weeks before grasses grow and area eventually becomes nutrient-sufficient for trees. Progressive rehabilitation is aligned to the Company’s effort to sustain the rich biodiversity in Didipio.

Even prior to the commencement of its operation in 2013, the Company has established reforestation areas in Didipio during its exploration phase. These areas are now rich forests that are home to numerous species. OceanaGold commits to continuously support the government’s National Greening Program (NGP) and progressively rehabilitate more areas to minimize its environmental footprint.

ASEAN manufacturing purchasing managers’ index, June (2019)

July 2, 2019 | 12:33 am

BUSINESS for manufacturers in the country improved just slightly in June, as a boost from “a solid rate of output expansion” was capped by “a softer increase in total new orders and the fastest drop in export sales” in the country’s three-and-a-half-year survey series, according to the latest Philippine monthly tracking IHS Markit conducts for Nikkei, Inc. Read the full story.

Factory activity bares ‘marginal’ growth

July 2, 2019 | 12:33 am

BUSINESS for manufacturers in the country improved just slightly in June, as a boost from “a solid rate of output expansion” was capped by “a softer increase in total new orders and the fastest drop in export sales” in the country’s three-and-a-half-year survey series, according to the latest Philippine monthly tracking IHS Markit conducts for Nikkei, Inc.

The IHS Markit Philippines Manufacturing Purchasing Managers’ Index (PMI) edged up to 51.3 in June from 51.2 in March — marking a three-month high and the second straight month of increase coming from five consecutive months of contraction — although it was still lower than the year-ago’s 52.9.

The manufacturing PMI consists of five sub-indices, with new orders having the heaviest weight at 30%, followed by output with 25%, employment with 20%, suppliers’ delivery times with 15% and stocks of purchases with 10%. The 50 mark separates readings above it that signal expansion from the preceding month from those below it that denote contraction.

A news release summarizing survey results noted that “employment trends remained subdued, while firms continued to build stocks to avoid shortages” and “[s]entiment about the future… dipped to the second-lowest recorded by the series to-date.”

Noting that “Filipino manufacturers were facing a weakening growth environment in June”, IHS Markit Economist David Owen said the latest survey “suggests that there will be less incentive to raise output in the months ahead, unless firms see a strong inflow of new orders.”

“Many companies may switch to using up their inventories, in which case activity could dry up,” Mr. Owen said, adding that they “also face notable labor market problems as resignations were once again mentioned by a number of panelists.”

June results made the Philippines the third best among the seven members of the Association of Southeast Asian Nations (ASEAN) tracked by the survey, up from fourth place in April and May. The Philippines topped the region in January, but slid to second and then to third place in February and March, respectively.

Last month, the Philippines fell behind Myanmar — which has topped the region since February — which recorded a 53 PMI, followed by Vietnam — second since March — which posted 52.5. The Philippines’ 51.3 reading was better than ASEAN’s 49.7 in June that was down from 50.6 in May, marking the first regional slowdown in four months.

Sought for comment, Robert Dan J. Roces, Security Bank Corp. Treasury Group’s assistant vice-president and economist, said, “As PMI continues to expand, we see sustained production growth in the near term as local consumption is buoyed by manageable inflation levels.”

“We also hope that the modest recovery in April of the export sector is indicative of better things to come as new export orders may have also grown with improved sales from overseas, despite the US-China trade war.”

Michael L. Ricafort, head of Rizal Commercial Banking Corp. (RCBC) research division, said that the June index may “reflect slower growth in banking loans in recent months as some manufacturers wait for local interest rates to go down further before they become more aggressive in their borrowings to finance new manufacturing facilities and expansion projects amid the declining trend in both inflation and interest rates in the recent months.” — Reicelene J. N. Ignacio

Duterte OK’s new export dev’t plan

July 2, 2019 | 12:32 am

PRESIDENT Rodrigo R. Duterte has approved the government’s new export development plan, short of a year after it was submitted to his office by the Cabinet Economic Development Cluster, providing a road map for improved performance of both service and merchandise exports at a time of challenging global demand conditions.

Malacañan Palace on Monday released Memorandum Circular No. 62, dated June 26, on Mr. Duterte’s approval of the Philippine Export Development Plan 2018-2022 and which requires agencies concerned to submit within 60 days of the circular’s effectivity to the Export Development Council (ExDC) and the Office of the President an inventory of relevant policies, programs and plans. “These agencies shall implement such policies, programs and action plans to boost export growth and ensure the free flow of goods…” the circular read, adding that the ExDC will conduct biannual review of the PEDP 2018-2022.

The new export development plan aligns more closely to the larger Philippine Development Plan that set the Duterte administration’s six-year socioeconomic development track.

TARGETS
Endorsed for Mr. Duterte’s approval on July 20 last year, the PEDP 2018-2022 targets total export revenues — consisting of goods and services — to reach $122-130.8 billion by 2022, when he ends his six-year term, from $74 billion in 2016.

That target entails a compound annual growth rate of 8.89-9.96%.

Export of goods are targeted to post a 6.11-6.46% CAGR to $61-62.2 billion in 2022 from $42.7 billion in 2016, while services are projected to post an 11.78-13.99% CAGR to $61-68.6 billion from $31.2 billion in 2016.

HISTORICAL GROWTH RATES
Those targets compare with actual total export growth rates of 8.13% in 2006-2012, 6.17% in 2012-2014 and -0.88 in 2014-2016, taking 2006-2016 growth to 5.88%.

That overall slowdown is reflected in the performance of merchandise exports in the same periods (7.1% in 2006-2012, 3.64% in 2012-2014 and -7.39% in 2014-216, taking 2006-2016 growth to 3.35%) as well as of services (10.17% in 2006-2012, 11.69% in 2012-2014 and 10.73% in 2014-2016, taking 2006-2016 growth to 10.95%).

Merchandise export sales dropped 1.8% to $67.488 billion last year from $68.713 billion in 2017, which had seen an increase of about a tenth, coming from a 2.42% drop in 2016. The four months to April saw foreign sales of Philippine goods fall by 2.1% to $21.921 billion, as electronic products which accounted for more than half of total merchandise shipments slipped by 0.6% to $11.948 billion.

Service exports, on the other hand, grew, but at a slower 8.9% pace last year, compared to 15.1% in 2017 and 15.3% in 2016.

THREE STRATEGIES
The government has adopted three strategies to achieve these targets.

The first strategy is to improve the overall climate for export development by removing regulatory impediments, enhancing trade facilitation, and fostering supply chain linkages.

Second is to exploit existing and prospective opportunities from trading arrangements, while the third involves development of comprehensive packages to promote select products and services.

Based on historical experience, the government identified three general product categories “with potentially wider spread and impact due to comparative advantages or in meeting global challenges”, namely: electronics; processed food, vegetables and beverages; and information technology.

“This does not mean three homogeneous products or services since obviously each one can be further broken down to many sub-products and related services,” the PEDP explained.

That focus compares to 10 product and service categories under the previous PEDP 2015-2017, which focused on diversifying markets and products, identifying and developing export capabilities where global market demand is growing fast, addressing bottlenecks that undermine export competitiveness as well as developing the potentials of goods and services where the Philippines could be competitive but have yet to attain comparative advantage.

“The different approaches followed by PEDP 2015-17 and PEDP 2018-22 are mutually reinforcing,” according to the new plan, explaining that “PEDP 2018-22 takes off from the analytical foundation of PEDP 2015-17 which remains valid for investigating the structural reasons for the weak performance of Philippine exports of goods and services.”

Finance chief seeks to assure new lawmakers on tax reform

July 2, 2019 | 12:31 am

By Charmaine A. Tadalan
Reporter

FINANCE SECRETARY Carlos G. Dominguez III reached out to lawmakers of the incoming 18^th Congress on Monday, downplaying — in a forum to inform the public on government achievements midway into President Rodrigo R. Duterte’s six-year term — risks from supporting tax reforms.

Trade Secretary Ramon T. Lopez and Socioeconomic Planning Secretary Ernesto M. Pernia, for their part, asked the new Congress to focus on measures that will further open the country to foreign investments.

Mr. Dominguez sought to downplay the conventional wisdom that support for tax laws translates to fewer votes come election day. Lawmakers have been reluctant in sponsoring or supporting tax measures, drawing from the experience of current Senate President Pro Tempore Ralph G. Recto, who lost a 2007 senatorial bid after pushing for the increase in value added tax rate to 12% from 10%.

Saying that the Executive’s “confidence level is very high” when it comes to approval of future tax reforms — especially after the first three went through the eye of a needle since late 2016 in the recently concluded 17^th Congress, Mr. Dominguez said in the 2019 Pre-State of the Nation Address Economic and Infrastructure Forum at the Philippine International Convention Center in Pasay City on Monday: “I’m very confident that… lessons in this last election, where no one who supported tax reform lost, will resonate in the minds of legislators.”

Mr. Dominguez cited the cases of Senator Juan Edgardo M. Angara, who placed fifth in the May 13 senatorial race and re-elected Albay 2^nd district Rep. Jose Maria Clemente “Joey” S. Salceda, despite their sponsorship of Republic Act No. 10963, which cut personal income tax rates and increased or added levies on several goods and services.

“The message from the electorate is that if the tax reform is fair — if the money is not stolen and is used for their benefit, in infrastructure and education — they will win,” he said.

Also enacted was RA 11213, which grants estate tax amnesty and amnesty on delinquent accounts unpaid after being given final assessment; while the proposed gradual increase in excise tax on tobacco products to P60 per pack by 2023 from P35 currently awaits President Rodrigo R. Duterte’s signature.

Remaining tax reforms include measures to reduce the corporate income tax rate gradually to 20% by 2029 from 30% currently which is the highest in Asia, to streamline fiscal incentives by removing redundant ones and making perks performance-based and time-bound, to simplify taxes on investment instruments, to centralize real property valuation and assessment, as well as to increase government share from mining revenues and excise taxes imposed on alcohol products.

Messrs. Lopez and Pernia pushed removal of restrictions on foreign investments, such as amendments to the 82-year-old Commonwealth Act No. 146, or the Public Service Act; RA 7042, or the Foreign Investments Act of 1991; and RA 8762 or the Retail Trade Liberalization Act of 2000.

“Continuing reforms — … [on]the Public Service Act, the Retail Trade Law — will open up many more sectors; the review of… the Foreign Investment Negative List (FINL) to shorten the list… will again encourage and entice more investments in the broader range of industries that will now be open to greater foreign equity participation,” Mr. Lopez said.

The FINL outlines industries and activities reserved for Filipinos and those that are open to foreign investors in limited degrees.

Mr. Pernia pushed for the same measures, noting that the Philippines is the “most restrictive” Southeast Asian country in terms of entry of foreign investors and that even socialist Vietnam is more open to such capital. “Here in the Philippines, there are so many areas where foreign direct investment is only partially open to foreigners; so the legislature really should pass many of these bills, such as [amendments to] the Foreign Investment Act, the Retail Trade Act, Public Service Act, and with those three acts passed, liberalizing the economy, we could really expect much more foreign direct investments,” he said.

University of Santo Tomas political science professor Marlon M. Villarin said via text: “I think tax reform will continue to have… support in both houses… in the 18^th Congress. We expect to have a super majority that will surely manifest legislative support for Pres. Duterte’s ‘Build Build Build’ program, where central to its realization are tax reform measures that will defray govt expenditures.”

Expect EDSA traffic to ease by yearend — DPWH

July 2, 2019 | 12:30 am

By Denise A. Valdez
Reporter

THE DEPARTMENT of Public Works and Highways (DPWH) said a significant easing of traffic along Epifanio Delos Santos Avenue (EDSA) can be expected by the end of the year as it anticipates completion of several road projects that should help reduce significantly the volume of cars on Metro Manila’s main thoroughfare.

Public Works and Highways Secretary Mark A. Villar said at the 2019 Pre-SONA Economic and Infrastructure Forum in Pasay City on Monday that road projects now under way are expected to take out about 300,000 vehicles from EDSA each day.

“Ang pangako ni Presidente ay tatapusin niya ang traffic sa EDSA (The President has promised to put an end to EDSA traffic)… In order for us to do that, we computed: we need to take out 250,000-300,000 cars from EDSA daily in order to revert it back to acceptable level of traffic,” he said.

“The (Metro Manila Skyway Stage 3), once it’s completed, will reduce the traffic count by 100,000. When we finish the (North Luzon Expressway-South Luzon Expressway Connector Road), that is likely to reduce at least 50,000. When we finish the (Southeast Metro Manila Expressway C6), we will reduce another minimum of 50,000. When we build the bridges across Pasig, (the Santa Monica-Lawton Bridge), that will reduce another 50,000… When all these are finished, we would be able to bring back EDSA to its former state which is acceptable traffic.”

Asked how soon motorists could expect the reduction of traffic along EDSA, Mr. Villar replied: “We’ll see major improvements as early as late this year, and then it will continue next year up to the point that we finish the other projects.”

“Definitely before the end of the term of the President, malaki ang improvement sa traffic, lalo na sa Metro Manila (there will be significant improvement in traffic, especially in Metro Manila),” he added.

Data from the Metro Manila Development Authority (MMDA) show about 385,000 vehicles use EDSA every day at any given hour, against its capacity of 240,000-250,000 vehicles a day.

Mr. Villar said the partial operations of new roads within the year — the 18.68-kilometer Skyway Stage 3 that will connect Gil Puyat Ave. in Makati City to the Balintawak area in Quezon City; the 7.7 km C5 South Link that will connect R-1 Expressway to C5; and the 2.6 km R-10 exit ramp of North Luzon Expressway Harbor Link Segment 10 that will connect C3’s stretch in Caloocan City to the R-10 segment in Navotas City — should help decongest EDSA.

Meanwhile, the DPWH issued an updated list of 10 public-private partnership (PPP) projects as of June in a newspaper bulletin yesterday. These are the Central Luzon Link Expressway; Quezon-Bicol Expressway; Davao-Digos Expressway; North Luzon Expressway East, Phase II; Metro Cebu Expressway operation and maintenance (O&M); Davao Bypass O&M; Mindoro-Batangas Super Bridge; Delpan-Pasig-Marikina Expressway; Batangas City-Bauan, Batangas Toll Road Project and Pacific Eastern Seaboard Expressway.

Mr. Villar said the DPWH has completed its feasibility study for the 220 km Quezon-Bicol Expressway that will link Lucena and Camarines Sur. The cost of the project will be determined by the Investment Coordination Committee (ICC) of the National Economic and Development Authority (NEDA). “The ICC requisite documents were submitted to NEDA for review and approval,” Mr. Villar said, saying that once this road is completed, “travel time between Tayabas, Quezon and San Fernando, Camarines Sur will be reduced by 2 hours.”

Alliance Global sets P410-B capex for five years

July 2, 2019 | 12:09 am

ALLIANCE Global Group, Inc. is allocating a capex of P410 billion for 2020 to 2024.

ALLIANCE Global Group, Inc. (AGI) plans to spend P410 billion in capital expenditures (capex) over the next five years to sustain the expansion of its property, liquor, gaming, restaurant, and infrastructure businesses.

In a statement Monday, the holding firm of tycoon Andrew L. Tan said the budget for 2020 until 2024 is higher than the P377 billion it allocated from 2015 to 2019. This is also almost double the P218 billion it spent from 2010 to 2014, the same time it expanded internationally.

“Our five-year capital spending program signals our ongoing thrust to pursue an aggressive but organic growth strategy for our various businesses. It is our intention to continue to reinvest in these businesses to sustain our growth pace,” AGI Chief Executive Officer Kevin Andrew L. Tan said in a statement.

Listed property unit Megaworld Corp. cornered 73% of the spending, as the firm embarks on the further development of townships across the country. Its townships feature a mix of residential, office, lifestyle malls, and hotel projects.

Megaworld earlier said its capex for the 2020-2024 period is at P300 billion, 35% of which will be used for future land acquisitions. By 2020, the company targets to add 2,000 hectares of land to its existing holdings of about 4,700 hectares.

About 15% of the budget will go to Travellers International Hotel Group, Inc. (TIHGI), the owner and operator of Resorts World Manila. This will mainly be used for the development of Westside City Resorts World, its second integrated resort and casino project inside the state-owned Entertainment City complex in Parañaque.

The gaming firm will start construction of the casino and mall once piling works are completed on the 30.5-hectare property.

Meanwhile, around five percent will be spent for Golden Arches Development Corp. (GADC). The exclusive licensee of the McDonald’s brand in the Philippines hopes to add about 50-60 stores every year, in addition to its current network of 633 stores.

Part of the expansion for GADC is to roll out more modern stores under the NXTGEN concept, featuring self-ordering kiosks, modern menu boards, and card payment acceptance. The company currently has 62 such stores across the country.

AGI’s liquor manufacturing arm Emperador, Inc. will get about four percent of the planned capex, primarily to maintain its operations. Given its large investments in 2014, Emperador said it is focused on an organic growth strategy that will boost its whisky products under Whyte and Mackay, as well as Spanish brandy products under Bodegas Fundador.

“The company is also expanding its product mix in the domestic market with the recent introduction of The Bar Premium Gin, while it maintains market leadership in the brandy segment with its flagship Emperador Brandy,” AGI said.

The remaining three percent will be spent for the infrastructure projects of Infracorp Development, Inc. The newest of AGI’s business units is currently awaiting regulatory approval for its proposed two-kilometer Skytrain connecting Fort Bonifacio to Makati. It is also part of the consortium that wants to rehabilitate the Ninoy Aquino International Airport.

AGI’s net income attributable to the parent jumped 21% to P4.35 billion in the first quarter of 2019, after gross revenues also went up 19% to P39.47 billion.

Shares in AGI slipped 0.13% or two centavos to close at P15.42 apiece on Monday. — Arra B. Francia

CNPF allots P2-B capex this year

July 2, 2019 | 12:08 am

By Arra B. Francia, Senior Reporter

CENTURY Pacific Food, Inc. (CNPF) is setting aside P2 billion for capital expenditures (capex) this year to expand its capacity, as it targets to grow its bottom line at a double-digit pace.

CNPF Executive Chairman Christopher T. Po said about half of the budget will finance the construction of a new tuna cannery in General Santos City. Scheduled to be operational by the fourth quarter of 2019, the cannery will add 100 metric tons to CNPF’s capacity.

The listed canned goods manufacturer earlier said its existing tuna canneries have been running at full capacity of 300-350 metric tons per day, prompting the need to expand. The new facility is expected to satisfy CNPF’s requirements for the next three to five years.

The remaining capex will be spent on investments that will boost CNPF’s efficiency.

“There are also cost reduction or efficiency capex, where we invest in new equipment, automation, to make our operations more competitive, and then just run of the mill repairs and maintenance,” Mr. Po told reporters after the company’s annual shareholders’ meeting in Pasig City yesterday.

The company’s capital spending this year is 11% higher than the P1.8-billion capex in 2018.

Meanwhile, Mr. Po noted how there have been improvements in the business environment such as easing inflation, stronger peso, and lower tuna prices, helping the firm see better results for the year.

“We just finished the first half. The peso’s stronger, interest rates are lower, so our interest expense should come down. Also our key raw materials, tuna prices are also down so we’re still as a management team going for double-digit growth this year,” Mr. Po explained.

In the first quarter of 2019, CNPF reported an eight percent increase in net income attributable to the parent to P792.54 million, following a 10% uptick in gross revenues to P9.85 billion.

Branded tuna products currently account for 32% of CNPF’s business, followed by milk at 20%. The company’s brands include Century Tuna, 555, Blue Bay, Fresca, Lucky 7, Argentina, Birch Tree, Kaffe de Oro, and Home Pride, among others.

The company is set to launch more products within the year, although Mr. Po declined to disclose further details.

Mr. Po said they also remain on the lookout for acquisition opportunities that will further expand the company’s portfolio.

“If we find something that fits our strategy, we know how to run it, and the valuations are reasonable, then we will definitely consider it…Our preference would be domestic, there’s enough happening in the Philippines, especially if it’s acquisition, we don’t have to stray too far from our home market,” Mr. Po said.

Shares in CNPF rose 0.13% or two centavos to close at P15.04 each on Monday.