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PCOO blames COA regulations for slow uptake of federalism funds

REPLYING to the demand letter sent by the Department of Interior and Local Government (DILG) regarding the failure of the Presidential Communications Operations Office (PCOO) to submit progress reports on the P10-million information campaign drive on federalism, PCOO Assistant Secretary Marie Banaag turned the tables on the Commission on Audit (COA), saying it was the COA’s own guidelines that slowed the transfer of funds.

She explained that the COA Report only noted the liquidation of funds as of the end of December 2018, and said that the remaining funds are currently being used by the PCOO’s attached agencies like the Philippine Information Agency, the Philippine Broadcasting Service, and PTV 4.

“In May of this year, PCOO have submitted progress and liquidation reports for expenses and accomplishments in 2018 amounting to P1.5M to the DILG,” she said in a statement on Friday, July 5.

Ms. Banaag explained that there was some delay in the downloading of funds to the attached agencies due to the need for compliance with COA guidelines

“Since we have to comply with COA Guidelines insofar as the transfer of funds from PCOO to our line agencies, we could not legally transfer the funds at that time without the necessary attachments,” she said.

Meanwhile, DILG Undersecretary Jonathan E. Malaya said that they are closely monitoring the PCOO’s projects.

“Since all of these activities are ongoing and will last until the end of the year, the submission of liquidation reports will be after the completion of all activities as per revised Memorandum of Agreement with the Presidential Communications Operations Office (PCOO),” said Mr. Malaya in a statement. — Vince Angelo C. Ferreras

Kapa officials snub DoJ probe

OFFICIALS from Kapa-Community International Ministry, Inc. (Kapa) failed to show up on Friday in the Department of Justice’s(DoJ) first preliminary probe on the alleged Ponzi scam spearheaded by the organization on its members.

On Friday, Kapa founder and president Joel A. Apolinario and seven of his officials did not appear at the preliminary investigation on the Securities and Exchange Commission’s (SEC) complaint against Kapa for engaging in an investment scheme that violates Republic Act No. 8799 or the Securities Regulations Code.

Kapa was supposed to file a counter affidavit before the DOJ panel of prosecutors, chaired by Assistant State Prosecutor Zenamar Machacon-Caparros, on Friday. Subpoenas had already been sent to all the accused to show up for Friday’s hearing.

Among those accused by the SEC are Mr. Apolinario and his wife and Corporate Secretary Reyna Apolinario, Kapa executives Margie A. Danao, Catherine Evangelista, Rene Catubigan, Marisol M. Diaz, Adelfa Fernandico, and Moises Mopia.

Justice Undersecretary Markk L. Perete said that the accused may show up in the next hearing.

“They have another opportunity on the 15th,” Mr. Perete said in a mobile message to BusinessWorld on Friday.

On June 17, the SEC filed a complaint against Kapa for luring the public to donate at least P10,000 to the organization with the promise that this would be returned with 30% interest monthly. On June 4, the SEC petitioned the Court of Appeals (CA) to freeze the assets of Kapa.

Earlier this week, Davao City Regional Trial Court Branch 16 issued a precautionary hold departure order against the accused Kapa officials, barring them from leaving the country while the case is ongoing. — GMC

Sandiganbayan to await lifting of TRO before continuing with SAF 44 case

THE Sandiganbayan Fourth Division will wait until the Supreme Court lifts the temporary restraining order (TRO) on the graft and usurpation cases against former President Benigno C. Aquino III before it can hear Ombudsman Samuel R. Martires’ motion to withdraw the cases.

The cases revolve around the former president’s role in the deaths of 44 special action force (SAF) personnel in the 2015 Mamasapano Clash.

Sandiganbayan Associate Justice Alex Quiroz made the call on Friday, July 5. “We will have to await the Supreme Court order,” said Mr. Quiroz.

Last year, the SC’s First Division issued a TRO on court proceedings on the graft and usurpation of official function case against Mr. Aquino, former Philippine National Police (PNP) chief Alan Purisima, and former PNP-Special Action Force director Getulio P. Napeñas, Jr.

The petitioners wanted the Ombudsman to file homicide charges against Mr. Aquino, Mr. Purisima, and Mr. Napeñas.

However, Ombudsman Samuel R. Martires said that former president could not be charged for usurpation of power as he was the chief executive.

“The President cannot be charged for inducing something. He can call any official,” said Mr. Martires.

In a later interview, the Ombudsman added: “Presidente ng Pilipinas ’yun…. So paanong ’yung Presidente ay magyu-usurp ng powers ng kahit police? Siya ang commander-in-chief.” (He is the President of the Philippines… So how can he usurp his powers over the police? He is the commander-in-chief.)

The Office of the Ombudsman moved for the withdrawal of graft and usurpation of authority cases filed against the former president at the Sandiganbayan. — Vince Angelo C. Ferreras

50,000 prospective BPO jobs gone with moratorium on new ecozones — IBPAP

THE business process outsourcing (BPO) industry is seeing 50,000 job opportunities going up in smoke thanks to the government’s moratorium on opening new ecozones in Metro Manila.

In a statement released on Friday, the Information Technology and Business Process Association of the Philippines (IBPAP) said that while it was supportive of the intention to boost countryside development, President Rodrigo R. Duterte’s new policy ordering the Philippine Economic Zone Authority (PEZA) to stop processing applications for ecozones in Metro Manila may lead to insufficient supply to meet the demand for contact center spaces in the city in the medium term.

“It is estimated that there are only 126,940 square meters of PEZA-accredited office space versus the forecasted annual demand of 450,000 square meters. This shortage in PEZA-registered IT-BPM (Information Technology and Business Process Management) space in Metro Manila could result to as much as 40,000-50,000 job loss in the industry…,” it said.

It also said that this may also result in “a significant increase in rental rates,” and that all this may affect “the competitiveness of the Philippines for future expansions.”

Administrative Order (AO) No. 18, which took effect last month, called for inter-agency efforts to strengthen ecozones in the countryside and put a moratorium on the processing of applications for ecozones in Metro Manila.

IBPAP noted it is “pleased and supportive” of the government’s thrust to grow ecozones in the countryside, but asked the Office of the President to continue processing pending ecozone applications given the expected harm to the industry.

“…IBPAP is requesting to facilitate the proclamation of pending PEZA applications in Metro Manila with the Office of the President,” the group said, referring to 22 ecozone applications awaiting Mr. Duterte’s approval.

Aside from the possible loss of jobs opportunities, IBPAP pointed out that the lack of availability of talent in the countryside is a concern in the new policy.

“While some IT-BPM has been successful in expanding to provinces, these are primarily driven by voice services. However, as the industry pivots to digital, talent availability for mid- to high-complexity work has predominantly [been] limited to metro cities such as Manila and Cebu,” it said.

For its part, Contact Center Association of the Philippines (CCAP) said it supports promoting more work in the countryside, but noted there may be a need to hold more discussions with stakeholders to temper worries on the new policy’s impact.

“(AO No. 18) is causing some concerns within the industry. CCAP sees that more dialogues between the industry and government is needed to alleviate these concerns,” it said in a statement released Friday.

CCAP Chairman Louie Benedict C. Hernandez noted that global companies entering the country are generally more drawn to invest in Metro Manila because of the infrastructure, accessibility, and available talent in the area.

“If you are a new Fortune 1000 company, typically if you want to invest in the Philippines for the first time, you will first think about going to Manila… Their first safety comfort is to see how this works in the established Metro Manila as their location,” he said in a media briefing Friday.

With AO No. 18 in place, the CCAP chairman said companies that would still want to be in Manila would have to “price in that cost of doing that business,” noting that investing in Manila is already around 10% more expensive than operating in the provinces.

“We want the government to help us build another Metro Manila. We’re so successful in Metro Manila, but I think we’re not able to replicate the success of Metro Manila for our industry outside Metro Manila… We need more provincial locations replicating what we did,” CCAP President Jojo J. Uligan added. — Denise A. Valdez

Skyway Stage 3 Plaza Dilao Ramp to open this month

THE Department of Public Works and Highways (DPWH) is scheduling to open a portion of the Metro Manila Skyway Stage 3 within the month.

After an inspection of the road works on Friday, DPWH Secretary Mark A. Villar said in a statement that the Plaza Dilao ramp in Manila may be opened this July.

“Construction of Skyway Stage 3 is in full blast. We are working 24/7 to deliver the infrastructure this July,” he was quoted in the statement as saying.

The Skyway Stage 3 project is an 18.68-kilometer elevated toll road that will connect Gil Puyat Ave. (formerly Buendia) in Makati City to the North Luzon Expressway (NLEx) toll plaza in Balintawak, Quezon City.

Private concessionaire Citra Central Expressway Corp. (CCEC), a unit of San Miguel Corp., earlier said that substantial completion of the project is expected by the end of the year. The partial opening will cover the portion connecting Gil Puyat to EDSA in Balintawak.

For the remaining segment from Balintawak to the NLEx toll plaza, the target completion date is within the first quarter of next year.

“Section 1 from Buendia Ave. in Makati City to Quirino Ave. in Nagtahan, Manila is now 83% completed, while Section 3 from Ramon Magsaysay Ave. to Balintawak is 81% completed,” Mr. Villar said in the statement.

Skyway Stage 3 will have eight access ramps: along Gil Puyat Ave. (South Super Highway, Makati City), Pres. Quirino Ave. (Malate, Manila), Plaza Dilao (Paco, Manila), Nagtahan/Aurora Boulevard (Manila), E. Rodriguez Ave. (Quezon City), Quezon Ave. (Quezon City), Sgt. Rivera St. (Quezon City), and NLEx.

Once the whole alignment is completed, it is expected to reduce travel time from Buendia to Balintawak to 15-20 minutes from the current two hours. — Denise A. Valdez

Philstocks hikes PSEi yearend target to 8,500

By Arra B. Francia, Senior Reporter

LOCAL brokerage firm Philstocks Financial, Inc. revised upward its yearend target for the Philippine Stock Exchange index (PSEi) to 8,500, banking on the continued slowdown of inflation and better earnings in the second half of the year.

In a media briefing, Philstocks Research Associate Japhet Louis O. Tantiongco said they now project inflation to settle within the 2.5-3% range. This is lower than the company’s forecast of 4.5-5.5% back in January for a yearend PSEi close of 8,400.

“The assumption that the PSEi would reach 8,500 is based upon first the slowdown in inflation,” Mr. Tantiongco told reporters after the briefing in Pasig City on Friday.

The company’s new target came alongside the release of official inflation data for the month of June by the Philippine Statistics Authority, which showed the average increase in prices of goods and services settling at 2.7%. This is lower than May’s 3.2% and June 2018’s 5.2%.

“Now if we have low inflation together with the accommodative policies of the government, such as monetary and fiscal…this will boost aggregate demand, aggregate spending — extend corporate margins so with that corporate margins will climb to 10-15%,” Mr. Tantiongco explained.

In terms of economic expansion, Philstocks trimmed its gross domestic product (GDP) growth forecast to 5.9-6.3%, lower than its estimate of 6.2-6.7% last January.

Meanwhile, Philstocks also expects the peso-to-dollar exchange rate to stay within the P52-53 level then close at P52.37 by the end of 2019. This is seen to encourage more foreign investors to park their funds in the local bourse.

Its target for corporate margins remain the same at 10-15%, while the PSEi’s weighted average earnings per share is seen to grow by 7.7%. This is better than its five-year compounded annual growth rate of 3.23%.

Challenges for the period will include uncertainties in oil prices and prevailing geopolitical tensions, primarily the ongoing trade war between the United States and China.

Philstocks also remains optimistic for the property sector, which could benefit from the recent excitement on real estate investment trusts (REITs). Ayala Land, Inc. is expected to be the first company to place its property assets into a REIT this year.

Its top picks for the second half include DM Wenceslao & Associates, Inc. at a target price of P15-17 apiece, Cebu Landmasters, Inc. (target of about P7.20), and Megaworld Corp. (target of about P7.10).

The company is likewise bullish on retail stocks, particularly Puregold Price Club, Inc.

“Puregold offers promising opportunities over the medium-term given its push to open more legacy Puregold and S&R stores, in addition to the eight in the first quarter and sustained improvements in its activity and efficiency ratios,” the company said.

EEI, Hanjin Heavy partner for construction projects

YUCHENGCO-LED EEI Corp. has partnered with South Korea’s Hanjin Heavy Industries & Construction Co. Ltd. (HHIC) for potential construction projects in the country.

In a statement on Friday, the listed firm said it has signed a strategic alliance agreement with HHIC. The two companies have previously teamed up for local projects such as the Berth 6 Manila International Container Project.

Founded in 1937, HHIC provides shipbuilding, construction, and plant services both in South Korea and overseas markets. It builds commercial ships such as container and gas carriers, tankers, bulk carriers, and special purpose ships, among others.

EEI noted that HHIC has already completed more than 100 construction projects in the country since 1973.

HHIC’s local unit, Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), filed for corporate rehabilitation last January before an Olongapo court that left some $412 million in outstanding loans from BDO Unibank, Inc. Metropolitan Bank & Trust Co., Land Bank of the Philippines, Bank of the Philippine Islands and Rizal Commercial Banking Corp.

The five banks are now assessing interest from foreign shipbuilding firms over the local unit’s assets in order to recover their funds.

On the other hand, EEI has been involved in the installation and construction of power generating facilities, oil refineries, chemical production plants, and cement plants, among others, since 1931. It is also engaged in a number of construction projects abroad.

EEI’s net income attributable to the parent grew by 15% to P326.09 million in the first quarter of 2019, following a 30% increase in gross revenues to P5.62 billion.

The company is part of the Yuchengco group, which also has interests in banking, financial services, property development, and education. Its market capitalization is currently at P11.32 billion.

Shares in EEI were unchanged at P11 each at the Philippine Stock Exchange on Friday. — Arra B. Francia

Reserves climb for eighth straight month in June

By Karl Angelo N. Vidal, Reporter

GROSS international reserves climbed for the eighth straight month in June, the central bank reported Friday.

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed the GIR level stood at $85.379 billion in June, 0.02% higher than the upward-revised $85.358 billion logged in May and up 10.13% from the $77.525 billion recorded in June 2018.

This was the highest reserve level in 23 months or since October 2016 when the GIR stood at $86.139 billion.

The end-June GIR settled above the BSP’s $83-billion projection for the year and the end-2018 level of $79.193 billion.

The central bank attributed the growth in GIR to inflows arising from revaluation gains from the BSP’s gold holdings resulting from the increase in the price of gold in the international market as well as the national government’s net foreign currency deposits.

Apart from these, inflows were also mainly driven by the central bank’s foreign exchange operations and income from overseas investments.

“However, the increase in reserves was tempered by payments made by the NG for servicing its foreign exchange obligations,” the BSP added.

The BSP’s foreign investments — accounting for bulk of the reserves — generated $72.206 billion in June, higher than the $62.356 billion recorded in the same month last year, although lower from the upward-revised $72.479 billion in May.

Meanwhile, the country’s foreign currency stash stood at $2.62 billion last month, lower than the $5.573 billion in June last year as well as the $2.851 billion in May.

A stronger peso usually means losses for the BSP, while a weaker peso pads the GIR.

The central bank uses its reserves to temper sharp swings in the exchange rate.

The BSP’s gold holdings stood at $8.855 billion in June, up from $8.332 billion in May and $7.913 billion in the same month last year, reflecting improved gold valuations in the international market.

Reserves maintained under the International Monetary Fund (IMF) dropped 0.6% to $523.4 million in June from $520.6 million in May.

Special drawing rights — or the amount which the Philippines can tap under the IMF’s reserve currency basket — were at $1.175 billion last month, steady from May’s downward-revised figure.

The current level, which the BSP said “serves as an ample liquidity buffer” can cover up to 7.4 months’ worth of import duties and is equivalent to 5.1 times of the country’s short-term external debt based on original maturity, and 3.7 times based on residual maturity.

On the other hand, net international reserves, which refers to the difference between the BSP’s GIR and short-term liabilities, likewise increased to $85.36 billion as of end-June from $85.34 billion recorded in May.

Nicholas Antonio T. Mapa, economist at ING Bank N.V.-Manila, said the GIR climbed to back to its pre-2018 level as the central bank slowly rebuilds its buffer stock of foreign currency.

“Quickly rebuilding its defenses after a substantial drawdown in 2018, the BSP now boasts a formidable cache of reserves to fend off any speculative attack on the currency,” Mr. Mapa told reporters in an e-mail on Friday.

He added that the buffer stock shows the country can “repay all foreign currency obligations due within the next 12 months, almost five times over.”

“With the GIR defenses rebuilt and the Philippines standing tall after taking the worst that the global headwinds could throw at it, BSP would be wise to simply carry out cursory presence in the FX (foreign exchange) spot market and utilize monetary policy for its real directive: price stability conducive for robust economic growth,” Mr. Mapa said.

Liquidity, bank lending growth ease in May

MONEY SUPPLY growth eased in May due to lower demand for credit, the Bangko Sentral ng Pilipinas (BSP) reported Friday.

Domestic liquidity or M3, which is the broadest measure of money in an economy, grew 6.4% year-on-year to about P11.7 trillion in May, slower than the seven percent expansion recorded in April, latest BSP data showed.

Money supply increased 1.6% month-on-month.

“Demand for credit eased slightly but remained the principal driver of money supply growth,” the central bank said in a statement.

Net claims on the central government contracted by 6.4% in May, a reversal from the upward-revised 0.6% expansion tallied the previous month, party due to the increase in deposits by the national government with the BSP.

Meanwhile, domestic claims grew 6.8%, decelerating from December’s downward-revised 8.9% pace, but still supported by sustained growth in loan to the private sector.

The central bank said loans for production activities continued to be driven by lending to key sectors such as real estate activities, financial and insurance activities, manufacturing, electricity, gas, steam and airconditioning supply, construction, as well as wholesale and retail trade, repair of motor vehicles and motorcycles.

“Loans for household consumption likewise moderated due to the decline in salary-based general purpose consumption loans,” the BSP added.

On the other hand, net foreign assets (NFA) expressed in peso terms expanded by 4.4% in May from upward-revised 3.9% in April, propelled by foreign exchange inflows coming mainly from business process outsourcing receipts as well as remittances from overseas Filipinos.

By contrast, the NFA of banks continued to decline as their foreign obligations increased due to higher placements and deposits made by offshore banks with their local branches and other lenders.

BANK LENDING SLOWS
Meanwhile, bank lending growth also decelerated in May due to slower growth in loans for the corporate and household sectors.

Outstanding loans grew 11.9% in May, slower than the 12.7% pace recorded in April. Inclusive of reverse repurchase agreements, bank lending growth also eased to 10.6% in May from 12.8% the previous month.

Production loans accounted for the bulk of the credit at 88.2% even as growth eased to 11.5% in May from the 12.4% the previous month.

Construction loans continued to log the highest increase at 43%, followed by financial and insurance activities at 21.2%; real estate activities at 13.6%; electricity, gas, steam and airconditioning supply at 13.1%; manufacturing at 11.6%; and wholesale and retail trade, repair of motor vehicles and motorcycles at 9.3%, BSP data showed

Bank lending to other sectors also increased during the month except those in other community, social and personal activities which dropped 55%, and professional, scientific and technical activities, which declined 22.5%.

Loans for household consumption grew 14.6% in May, slightly lower than the 15% booked in April, as decline in salary-based general purpose consumption loans during the month slightly offset growth in credit card loans and other types of household loans.

“Going forward, the BSP will continue to ensure that the expansion in domestic credit and liquidity remains consistent with promoting non-inflationary and sustainable growth,” the central bank said. — Karl Angelo N. Vidal

Allianz PNB sees slower growth in life insurance sector

ALLIANZ PNB Life Insurance, Inc. expects the life insurance industry to post slower growth in 2019 dragged by liquidity issues in the first half of the year.

Allianz PNB Life President and Chief Executive Officer Alexander Grenz said he expects the life insurance sector to post “slightly above 10%” growth in premiums this year.

Data from the Insurance Commission showed total premiums of life insurers at P228.61 billion as of end-2018, 12.89% higher than the P202.5 billion tallied a year ago.

“We see challenges in the market anyway,” the newly-appointed chief told reporters in a press conference. “[T]he market is suffering a little bit because there’s little liquidity in the first half of the year in the market. That will also slow down the market growth this year.”

However, he noted that market liquidity is “expected to recover in the second half of the year” following the central bank’s cut in reserve requirements.

In May, the Bangko Sentral ng Pilipinas (BSP) announced a 200-basis-point cut in reserve requirement ratio (RRR) which will be completed on July 26.

The phased reduction will bring down the reserve requirement of universal and commercial banks to 16% and to 6% for thrift lenders. Meanwhile, the RRR of rural and cooperative banks was brought down to 4%.

“I do believe we can still outperform the market growth…so I would hope, that end of the year, we would see bigger growth than 10-11%. That’s what I’m 100% committed to,” Mr. Grenz said.

Earlier this year, the former chief of Allianz PNB Life Olaf Kliesow said the joint venture between German insurer Allianz SE and Lucio C. Tan-owned Philippine National Bank (PNB) is expecting “low double-digit” growth this year.

In April, the life insurer announced the appointment of Mr. Grenz as the new chief of Allianz PNB Life effective June 1, as Mr. Kliesow took the role of global head of rewards & performance at Allianz SE.

The German insurer completed the 51% acquisition of PNB Life Insurance, Inc., the life insurance arm of PNB, in June 2016.

Allianz PNB Life was the ninth-largest life insurer in terms of premium income with P8.99 billion as of end-2018, higher than the P5.3 billion booked in 2017. — K.A.N. Vidal

Peso weakens ahead of US jobs data

THE PESO declined against the dollar on Friday as the currency continued to trade sideways ahead of the release of jobs data in the United States.

The local unit closed the week at P51.195 versus the greenback, down 6.5 centavos from its P51.13-per-dollar finish on Thursday.

The peso opened the session at P51.20 per dollar. It surged to as high as P51.10 intraday, while its worst showing stood at P51.21 against the US currency.

Trading volume thinned slightly to $770.24 million from the $775.7 million that changed hands the previous day.

A trader said in a phone interview that the peso moved sideways against the dollar as market players were still on a wait-and-see mode ahead of the US non-farm payrolls data scheduled for release Friday night.

“The dollar-peso traded sideways today still as market remains focused on the US data,” the trader said on Friday. “Despite the Philippine inflation data coming lower than expected, the reaction was muted even in the fixed-income market.”

Headline inflation slowed to 2.7% in June from the 3.2% tallied in May and 5.2% pace in June 2018. It was also the slowest since the 2.6% print in August 2017.

The June result fell within the Bangko Sentral ng Pilipinas’ (BSP) 2.2-3% forecast for the month and was lower than the 2.9% median estimate in BusinessWorld’s poll of 12 economists conducted late last week.

“The slowdown of inflation in June 2019 was mainly driven by slower annual rate posted in the index of the heavily-weighted food and non-alcoholic beverages at 2.7% [from 3.4% in May],” the Philippine Statistics Authority said in a statement.

Another trader said the softer inflation print last month boosted “further bets of a possible BSP rate cut in the August Monetary Board meeting.” — Karl Angelo N. Vidal

Stocks rise as inflation slows anew

By Arra B. Francia, Senior Reporter

STOCKS climbed on Friday as inflation decelerated to its slowest level in almost two years in June.

The benchmark Philippine Stock Exchange index (PSEi) rose 0.65% or 53.02 points to close at 8,117.94 on Friday, snapping the market’s two-day decline. The broader all shares index likewise firmed up 0.27% or 13.69 points to 4,945.68.

“Investors took the latest inflation reading as a sign to buy into the market as the June reading came in better than most analysts expected,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message.

The Philippine Statistics Authority reported Friday that inflation decelerated to 2.7% in June, lower than May’s 3.2% record and June 2018’s 5.2%. This is the slowest since the 2.6% seen in August 2017.

“Among the notable declines were in food (2.7%), transport (1.6%) and education (-4.5%). The favorable base effects also helped push inflation to its lowest in nearly two years,” Mr. Limlingan added.

Inflation averaged 3.4% for the first six months of the year, within the government’s 2-4% annual target.

“Suffice it to say the market was happy about June’s inflation figure of 2.7% (vs. expectations of 2.8%), as the index traded in the green the entire day. Unfortunately, the index still failed to breakout past the 8,139 resistance mark,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an email.

Four sectoral indices moved to positive territory, led by property which jumped 0.9% or 39.41 points to 4,379.75. Holding firms gained 0.76% or 59.20 points to 7,797.21; industrials went up 0.69% or 82.78 points to 11,988.32, while financials added 0.31% or 5.53 points to 1,742.01.

In contrast, mining and oil slumped 0.72% or 54.02 points to 7,439.29, while services declined 0.22% or 3.80 points to 1,699.04.

Some 759.24 million issues valued at P5.49 billion switched hands, slightly higher than the previous session’s P5.06 billion.

Despite the PSEi’s uptick, market breadth was negative with 116 decliners versus 80 advancers. Meanwhile, 53 names closed unchanged.

Foreign investors remained net sellers at P35.37 million, albeit lower than Thursday’s P216.68 million.

“Let’s hope the positive momentum continues on to next week with the PSEi making another run for its resistance mark,” Papa Securities’ Mr. Perez said.

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