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Shares may rally ahead of March inflation report

LOCAL SHARES are seen to rally in the week ahead as investors await the release of March inflation data.

The benchmark Philippine Stock Exchange index (PSEi) firmed up 0.56% or 44.53 points to close at 7,920.93 on Friday. On a weekly basis, the main index was down 1.15% or 92.49 points, weighed down by the mining and oil and holding firm sectors which fell 4.9% and 2.6%, respectively.

Turnover also slimmed by six percent to P5.63 billion on average for the week. This was, however, supported by a 133% surge in net foreign buying which averaged at P729 million daily.

“The main index is in an incredibly good position despite the tumble that we saw last week… It could be seen as a slight pullback after being up more than two percent in the week before,” Eagle Equities, Inc. Research Head Christopher John Mangun said in a weekly market report.

Mr. Mangun noted that once the PSEi breaks through the 8,000 mark, this could further boost investor sentiment and allow it to rise to the 9,000 level.

“March inflation numbers are also to be expected [this] week, which we see coming in at the lower end of the government’s target range. This will be very positive and may prompt investors to come into the market with conviction which in turn will help fuel the PSEi’s rally,” he added.

The Bangko Sentral ng Pilipinas’ Department of Economic Research estimates March inflation to have landed within the 3.1-3.9% range, compared to February’s 3.7-4.5%. Actual February headline inflation was reported at 3.8%.

If realized, the lower end of the estimate for last month would be the slowest pace in 15 months, and would be the fifth straight month of slowdown from the nine-year high of 6.7% seen last September and October.

A BusinessWorld poll of 13 economists yielded a 3.5% median inflation rate for the month, which if realized will be slower than February’s pace and the 4.3% rate posted in March last year.

Online brokerage 2TradeAsia.com said slower inflation will give local monetary authorities more leeway to keep current policy settings intact, although noting that there might be potential consumer price index increases from April to June.

“(This depends) on the extent of El Niño’s damages to crops, plus the effect of higher global crude futures pricing on electricity charges. Adjustments are also anticipated post-election, or until 2019’s fiscal budget clearance is granted that would jumpstart infra-based construction initiatives,” 2TradeAsia.com said in a weekly market note.

Overseas, the online brokerage said investors will look at the outcome of high-level trade talks between the US and China.

“At the onset, markets would give regard on possible new timeline for an accord. This runs parallel with the Fed’s next policy stance, as more are inclined to hold the view for a potential rate cut.”

Eagle Equities’ Mr. Mangun placed the PSEi’s support from 7,800 to 7,900, with resistance from 8,000 to 8,140. — Arra B. Francia

Sunscreen made especially for Asian skin

SUMMER has officially begun in the Philippines and together with the hotter (and humid) temperatures (and water shortages), protecting one’s skin from the sun is really important, that’s why American skincare brand Kiehl’s has come out with two new items expanding its suncare line, with one made especially for Asian skin.

“Recently a lot of the growth is coming from Asia and, in fact, right now, Southeast Asia [in particular] is one of the regions to watch out for. That’s why [Kiehl’s] is creating different products that are more suited for the humid weather,” Joan Hwang, Kiehl’s Philippines senior product manager told BusinessWorld during the launch on March 20 at Ascott Makati.

before the launch, Kiehl’s already carried the Ultra Light Daily Defense SPF 50++++ sunscreen (P2,725 for 30ml) but Ms. Hwang noted that many Asians have oily skin and need a lighter formulation. Enter the Ultra Light Daily Defense Aqua Gel SPF 50 PA++++ (P2,100 for 30ml/P3,100 for 60ml).

Like the original, the new formula also offers UVA (premature aging and wrinkles) and UVB (burning) protection and “forms a protective barrier on the surface of the skin to prevent oxidative stress from environmental aggressors,” said a press release.

The new sunscreen also has the pollution protector present in the Aqua Gel variant.

Another suncare product launched during the event was the Activated Sun Protector (P2,100/150ml). If the Ultra Light sunscreens are perfect for daily use and under makeup (because everyone should incorporate sun protection into their daily skin care routines), the Activated Sun Protector is perfect for those going to the beach or other outdoor adventures.

The formula is made for both face and body, is water-resistant and sweatproof, and has SPF 50 PA++++. It also contains Vitamin E and is coral friendly.

Note that even if sunscreens are said to be waterproof and sweat-proof, one must reapply every two hours to ensure proper protection.

“Before, sunscreen was highly seasonal — people (would) only use it during summer — but we also noticed that the interest in sunscreens is moving past summer because people are becoming more and more educated about how important it is to use it on a daily basis,” Ms. Hwang said.

DOING THEIR OWN ONLINE THING
Last year, Kiehl’s entered the online shopping space by selling products on Beauty MNL, a Philippine online beauty and lifestyle e-commerce site, and while Ms. Hwang said that it proved successful, the brand wanted to do its own thing and sell the products itself online.

“We’re gonna do our own project soon. When we sold products on Beauty MNL, I think it was more of we were trying our hand at it first. Now that we know how it works, it makes sense for us to do it on our own,” Ms. Hwang said.

She explained that one of the key advantages Kiehl’s has over other beauty brands is its personalized beauty consultation which allows skin care specialists to examine a customer’s face and recommend products tailored to their needs. They also give out samples so customers can try before they buy, because Ms. Hwang acknowledges that it is an investment.

“But you can’t really do that [in Beauty MNL] so we wanted to recreate the entire Kiehl’s experience on our own online,” she explained.

She said they expect that the new online shop will be up by the second half of the year.

The Ultra Light Daily UV Defense Aqua Gel will be available in all Kiehl’s stores nationwide starting April 15 while the Activated Sun Protector is now available. — Zsarlene B. Chua

How PSEi member stocks performed — March 29, 2019

Here’s a quick glance at how PSEi stocks fared on Friday, March 29, 2019.

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Philippine Stock Exchange’s most active stocks by value turnover — March 29, 2019.

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Gov’t to conduct study on scope of drug problem

By Arjay L. Balinbin
Reporter
THE DANGEROUS Drug Board (DDB) is set to conduct a study on the extent of the drug problem in the country “amid calls for evidence-based indicators of the success of the anti-drug campaign” of President Rodrigo R. Duterte’s administration, according to DDB chairman Catalino S. Cuy.
The study, Mr. Cuy said in a statement posted on the DDB website on Saturday, will “entail the conduct of a census instead of a survey to provide a real picture of the drug situation.”
The DDB said reports from all law enforcement agencies and intelligence information “will also be included and integrated in the data analysis.”
“There were previous studies with similar intentions but the results of which did not include data from law enforcement agencies. This time, we will make sure that these will be included and integrated in analyzing data and coming up with statistical figures,” Mr. Cuy was quoted as saying.
“What we want is an actual census to provide the real picture of the drug situation in the country,” he added.
He further said that his agency is coordinating with the Philippine Statistics Authority (PSA). “The DDB and the PSA have started the talks for the conduct of this activity.”
Section 7 of Executive Order (EO) No. 66, which Mr. Duterte signed in October last year, mandates the conduct of a nationwide survey to determine drug abuse prevalence in the country.
The President’s Order also directed the PSA to provide full technical assistance to the DDB.
All government offices, departments, bureaus, agencies and offices, including government-owned or -controlled corporations and state universities and colleges, were also directed, according to the EO, to implement the Philippine Anti-Illegal Drugs Strategy (PADS), which the DDB formulated to address the drug problem in the country.
The DDB’s PADS “outlines the balanced efforts of the government to strengthen its campaign against prohibited drugs and their precursors, and contribute to international efforts to counter the worldwide illegal drug problem.”
The agencies mentioned, including Local Government Units (LGUs), were further directed to “formulate and adopt their respective Drug-Free Workplace Programs, and conduct authorized drug testing among their respective officials and personnel….”

Palace: ‘We are not in the business of cyberattacks’

MALACAÑANG’S MEDIA security task force on Sunday denied that President Rodrigo R. Duterte’s administration had a hand in the series of cyberattacks against alternative media outfits, including Alipato Media Center Inc. (Bulatlat.com), Altermidya-People’s Alternative Media Network Inc., Kodao Productions Inc., and Pinoy Media Center Inc.
“I’m telling you as a matter of fact, we are not in the business of doing cyberattacks. Should I swear before my dead saints’ graves?” Presidential Task Force on Media Security Executive Director and Undersecretary Joel Sy Egco said in a phone message to BusinessWorld.
Alipato Media Center Inc. (Bulatlat), Altermidya-People’s Alternative Media Network Inc., Kodao Productions Inc., and Pinoy Media Center Inc. filed a complaint for damages against IP Converge Data Services, Inc., and Suniway Group of Companies last Friday, March 29, at the Quezon City Regional Trial Court. The media groups were assisted by the National Union of People’s Lawyers (NUPL).
In a statement, the NUPL said the two domestic corporations “were identified by experts as the source of the unrelenting cyber attacks against the websites of the plaintiffs. The well-funded and orchestrated attacks, “in the form of Distributed Denial of Service” (DDoS), have been inflicted upon the plaintiffs for months amidst a climate of intensifying state-sponsored media repression.
For her part, Altermidya People’s Media Network National Coordinator Rhea Padilla said the attacks were state-sponsored.
“We believe these attacks are state-sponsored and are part of the Duterte administration’s attempt to stifle press freedom in the country. It seems cyber censorship is one of the administration’s tactics to make way for an open dictatorial rule,” she said in a statement.
Sought for comment, Mr. Egco said: “If their allegations are based on ‘belief,’ then it’s baseless.”
“How I wish they could report on the atrocities against civilians and civilian properties committed by the NPA (New People’s Army). There lies the disconnect,” he added.
Denying the government’s involvement in the attacks, he said: “My mandate is clear: to protect media workers and their families.”
Mr. Egco did not answer when asked if these media outfits were part of the list of organizations identified by the government as communist fronts.
The media groups said their websites have been subjected to “sustained” cyberattacks since December last year.
Ms. Padilla said this kind of attack “denies legitimate readers of access to truthful reports.”
“Launching a cyberattack with this kind of magnitude and immensity is impossible without the knowledge of the companies. At the very least, they should be held responsible for gross inexcusable negligence. The attacks are continuing despite the fact that it has been reported in the media,” she also said. — Arjay L. Balinbin

CoA orders 14-year old NLPCSI to make concrete operations plan

THE COMMISSION on Audit (CoA), in its 2018 report, asked the Northeastern Luzon Pacific Coastal Service, Inc. (NLPCSI) to create a concrete plan for its operations, which has not commenced 14 years since its inception. The NLPCSI was established in Jan. 2004 as part of the “Strong Republic Nautical Highway” flagship program of then President Gloria Macapagal-Arroyo. It was jointly organized by the Cagayan Economic Zone Authority (CEZA) and the provinces of Cagayan, Isabela, and Aurora to develop and operate seaports and maritime business in the area. “After 14 years from its creation, NLPCSI has not yet started its principal business of providing and rendering general services incidental to or necessarily connected with the operation and management of coastal service facility in the Pacific Coast,” CoA said. The delay in the NLPCSI operation stemmed from the failure of Stoneworks Specialist International Corporation (SSIC) to deliver two units of coastal service facility vessel, as provided in a Vessel Purchase Agreement signed in Sept. 2009. — Charmaine A. Tadalan

Application for retiring Del Castillo’s post now open

THE JUDICIAL and Bar Council (JBC) has opened for application and recommendation the Supreme Court position to be vacated by Associate Justice Mariano C. Del Castillo, who is retiring on July 29 when he turns 70. Deadline for the applications is on May 14, 2019 at 4:30 p.m. “A recommendation or nomination filed in lieu of an application may be given due course only if the recommendee has signified his or her acceptance thereof either in the recommendation itself or in a separate document, and has submitted two complete sets of the documentary requirements,” the JBC said in its announcement. Mr. Del Castillo is among the senior associate justices in the SC, having been appointed in 2009 by former president and now House of Representatives Speaker Gloria Macapagal-Arroyo. Prior to joining the judiciary, Mr. Del Castillo practiced law in banking and worked with the Araneta Group of Companies. From 1989, he served in various municipal and regional courts, then appointed to the Court of Appeals in Aug. 2001. Mr. Del Castillo obtained his Bachelor of Arts degree in Political Science from San Beda College in 1971 and earned his Law degree from the Ateneo de Manila University in 1976. — Vann Marlo M. Villegas

Pangasinan’s month-long summer festivities start April 5

IT’S A non-working holiday in Pangasinan on Friday, April 5, as the province celebrates its 439th foundation day and the start of the month-long festivities leading up to Pista’s Dayat (Festival of the Sea) on May 1. One of the main activities on opening day is the launch of the Pangasinan Tourism and Trade Expo beside the Capitol Resort Hotel in Lingayen. The fair, which will run until May 3, will feature the province’s local products, food, arts and crafts, and tourism destinations.

PECO to seek reconsideration of CA’s TRO order

PANAY ELECTRIC Company, Inc. (PECO) is preparing to file a motion for reconsideration on the Court of Appeals’ (CA) temporary restraining order (TRO) against the implementation of a Mandaluyong court order that stops MORE Electric and Power Corp. (MORE) from taking over PECO’s assets. In a statement released late Friday, PECO said, “It is unfortunate that the Court of Appeals issued a TRO restraining the RTC of Mandaluyong City in Civil Case No. R-MND-19-00571-SC from enforcing its order enjoining MORE Power from impairing PECO’s rights.” PECO also said that the CA order would not mean that MORE Power can immediately proceed to expropriate the distribution assets of PECO. “At present, there is a Motion to Suspend Proceedings pending before the RTC (regional trial court) of Iloilo City wherein we argued that the threshold issue of the constitutionality of MORE’s legislative franchise has to be resolved first as a prejudicial question by the RTC of Mandaluyong City prior to any act of expropriation on the part of MORE.” PECO, whose franchise ended in January and failed to get a renewal from Congress, said it is ready to “continue to exercise and pursue all other legal remedies to defend our rights and protect the interest of the people of Iloilo against the unwarranted attempt of MORE to confiscate and take over our assets without due process in the guise of an unlawful expropriation procedure.” — Emme Rose Santiagudo
See related story on https://goo.gl/S7ZEix

Toledo Power Company gets P46.8M in tax refund appeal

THE COURT of Tax Appeals (CTA) ordered the Bureau of Internal Revenue (BIR) to refund the excess input value-added tax (VAT) of Toledo Power Company (TPC) for 2010 in the amount of P46.87 million. In a resolution promulgated on March 15, the CTA special second division amended its decision and partially granted the motion for partial reconsideration of TPC as the company was able to prove the excess input VAT attributable to zero-rated sales of P46.87 million. The CTA in June 2017 allowed the refund of only P3.6 million from TPC’s claim of P63.3 million. “Wherefore, premises considered, the instant Petitions for Review are partially granted. Accordingly, respondent is ordered to refund to petitioner the amount of P46,872,156.51, representing the latter’s excess input VAT for the first to fourth quarters of CY 2010 attributable to its zero-rated sales/receipts,” the CTA ruled. The decision was written by Associate Justice Juanito C. Castañeda and concurred in by Associate Justice Catherine T. Manahan. TPC, a unit of Global Business Power Corp., owns and operates two power plants in Toledo City, Cebu. — Vann Marlo M. Villegas

DAR offers to mediate after cease order vs Ayala Land-SIDECO venture in Sicogon Island

THE DEPARTMENT of Agrarian Reform (DAR) has offered to mediate between the Federation of Sicogon Island Farmers and Fisherfolk Association (FESIFFA) and the joint venture of Sicogon Development Corp. (SIDECO) and Ayala Land Inc. (ALI) over alleged breaches of contract on the development of Sicogon Island. “The dialogue will most likely solve the problem especially if both parties are willing to enter into an agreement that will satisfy both parties in their issues and concern. It is much better that they sit down and talk about it, that’s the best way to resolve the problem,” Agrarian Reform Secretary John R. Castriciones said during a press conference in Iloilo last week. Earlier in March, Mr. Castriciones issued a cease and desist order (CDO) against SIDECO and ALI after FESIFFA filed a petition for the revocation of the DAR Conversion Order 334.64 hectares of the island.
COMPLIANCE
Ryan L. Ybañez, general manager of the ALI-led Sicogon Island Tourism Estate Corp. (SITEC), said they have already temporarily stopped the operations of two existing resorts and postponed the opening of a third. “Rallies are being held. We are allowing them to rally. We stopped because the safety of our guest is paramount. So we are observing what is going to happen, but so far it will remain closed until we have absolute certainty that our guests would be safe,” he said at the press conference. Mr. Ybañez said they are hopeful and very much open to comply with the demands of the other parties. “On the livelihood assistance, we deposited P6 million of the P38 million. We cannot deposit because they won’t accept. But, if they want it tomorrow, we can deposit it tomorrow. It’s really more of the willingness, we’re sticking to compliance and we will establish it as hard as we can. We are exploring more and we are open to give more. We want to know what the demands are,” he said. FESIFFA did not send a representatives during the press conference and supposed dialogue session. — Emme Rose S. Santiagudo

Rep. Dimaporo cleared of graft case on P5M farm program

THE SANDIGANBAYAN Second Division dismissed the graft and malversation cases against Lanao del Norte-2nd district Rep. Abdullah D. Dimaporo in connection with the P5-million funding for the Farm Input/Farm Implement Program (FIFIP) in Lanao del Norte. The anti-graft court ruled that the prosecution failed to prove Mr. Dimaporo’s guilt beyond reasonable doubt. Mr. Dimaporo and five other local officials were alleged to have malversed the P5-million allocation for the Lanao Foundation, Inc. (LFI), a non-government organization tasked to implement the FIFIP. “There was no proof presented that accused Dimaporo chose LFI to implement the FIFIP despite knowing that it was not allegedly capable to do so,” the court said in the resolution. It also noted that there were no evidence or witnesses presented to prove the documents had been falsified. In the same 25-page resolution, the court also “lifted and set aside” the hold departure order against Mr. Dimaporo and his co-accused, and “released” the bail bond posted. — Charmaine A. Tadalan

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