How PSEi member stocks performed — January 10, 2019
Here’s a quick glance at how PSEi stocks fared on Thursday, January 10, 2019.
Philippine Stock Exchange’s most active stocks by value turnover — January 10, 2019.
Storm-lashed 2018 dampens farm output, growth falls to 1%
AGRICULTURE output rose 1% in 2018, dampened by storms that damaged farmland and fisheries, the Department of Agriculture (DA) said on Thursday.
“Philippine agriculture and fisheries were hobbled with a mere 1% growth in 2018 as a super typhoon and 12 more tropical storms battered the country almost every month of the year destroying 1.8 million metric tons of crops with an estimated value of P36 billion,” Emmanuel F. Piñol Agriculture Secretary said in a Facebook post.
“A review of the performance of the sector during the Management Council (MANCOM) meeting yesterday in Tanza, Cavite showed that the Department of Agriculture (DA) missed most of its target production levels for the year, except for poultry which exceeded growth projections,” Mr. Piñol added.
According to Mr. Piñol, rice production in 2018 amounted to 19.1 million metric tons (MT), missing the 19.4 million MT target by 1.54%. It also fell 170,000 MT from the year-earlier total.
Corn, meanwhile, lost about P10 billion worth of production, Mr. Piñol said.
“The 2018 Agri-Fisheries Performance paled in comparison to the vigorous 3.9% growth posted by the sector achieved by the Duterte Administration in 2017, a year with fairly good climate and fewer typhoons,” Mr. Piñol said.
“In contrast, 2018 opened with Tropical Storm Agaton in January, Tropical Depression Basyang in February, Domeng in June, Henry, Inday and Josie in July, Karding in August, Super Typhoon Ompong in September, Rosita in October, Samuel in November and the year-ender Tropical Depression Usman towards the end of December,” he added.
The MANCOM, meanwhile, identified five key areas of focus for funding in the agriculture sector to support a new growth outlook of 2.5% to 3.5%.
These are: 13,000 kilometers of farm-to-market roads, solar-powered irrigation projects (SPIP) covering 500,000 hectares over the next three years, post-harvest facilities to minimize losses and boost productivity; investments in logistics and transportation facilities especially for the movement of goods from the remote regions to urban centers, and greater focus on the Easy Access Credit Program.
“The MANCOM identified the key focus areas for 2019 and set a growth target of between 2.5% to 3.5% for the year,” Mr. Piñol said.
The Philippine Statistics Authority (PSA) is scheduled to release its data for gross domestic product (GDP) growth for 2018 on Jan. 24. Farm data output for the year is usually published days prior to publishing of GDP data. — Reicelene Joy N. Ignacio
Senate lists priority measures for action next week
SENATE PRESIDENT Vicente C. Sotto III on Thursday listed the priority measures that the chamber is seeking to pass on third and final reading, aside from the proposed 2019 national budget, when it resumes session next week.
At the Kapihan sa Senado media forum, Mr. Sotto said the Senate’s list of priority bills, which he noted will be finalized on Monday, included the following measures:
• Proposed amendments to the Human Security Act, pending in the committee on public order and dangerous drugs
• The medical scholarship bill, pending in the committee on health
• Proposed amendments to the Public Service Act, pending on second reading
• The proposed Mindanao Railways Authority measure, pending in the committee on government corporations and public enterprises
• Unified uniformed personnel retirement benefits and pension Reform Act, pending in the committee on corporations and public enterprises
• The budget reform bill, pending on second reading
• The rightsizing the national government bill, pending on second reading
• The value for money procurement bill, pending at the committee on finance
• The traffic and congestion crisis bill, pending on second reading
• The salary standardization bill, pending on second reading
Mr. Sotto also cited the Senate’s priority measures among those whose bicameral conference committee reports were ratified by both chambers of Congress last year, such as the tax amnesty bill, the universal health care bill, the coconut levy bill, and amendments to the fair elections act.
The Senate leader noted that Malacañang has its own “wish-list” of priority bills as well, which he said came from the Legislative Executive Development Advisory Council (LEDAC) technical working group.
This list includes the Allowable Recoverable Systems Loss bill, the Security of Tenure bill, amendments to the Public Services Act, the National Transport Act, federalism, the rightsizing the national government bill, the budget reform bill, and the national land use bill.
“We’re trying to be practical to say that this is what we can pass within the next two or three weeks. But hopefully we can fit it all in since we have a good record of what we have passed from the previous year,” Mr. Sotto said.
“I’ll be very honest about it. In the list that we mentioned, if we’re able to pass more than 50% of these then, we will be very glad and we’ll be very happy in the performance of the 17th Congress,” he added.
Asked if the Senate will also prioritize the bill increasing tobacco and alcohol taxes after President Rodrigo R. Duterte agreed to certify it as urgent, Mr. Sotto said, “if he (referring to Mr. Duterte) is going to certify it as urgent, then I’m sure the Senate committee handling it ill act on it. I just hope that we have enough time to be able to tackle it.”
The bill, which seeks to impose a P60 tax per pack of tobacco, is being eyed as among the measures to help boost funding for the expected roll-out of the government’s universal health care program this year.
Asked for comment, Senator Juan Edgardo M. Angara said the committee on ways and means, which he chairs, will “do its best” to push for the passage of the bill.
“We’ll do our best to push it forward under the circumstances. I’m sure the leadership of the Senate will also see what can be done in the few remaining weeks of congressional sessions,” he said in a text message to BusinessWorld.
Congress is set to resume session on Monday, Jan. 14 with only four weeks before it adjourns on Feb. 8. — Camille A. Aguinaldo
Inflation projected to dip below 4% in 2019
By Melissa Luz T. Lopez
Senior Reporter
INFLATION is expected to fall 4% this year with risks to prices seen balancing, the Bangko Sentral ng Pilipinas (BSP) said, after the indicator spiked in 2018.
The Monetary Board (MB) opted to pause its tightening cycle in December as it projected a tamer inflation outlook over the next two years, coming from jolting price increases observed during the second half of 2018.
Policy makers voted to keep benchmark rates steady at 4.25-5.25% during their Dec. 13 review, breaking a five-meeting streak of rate increases cumulatively worth 175 basis points (bp). This brought the key rate to 4.75%, the highest in nearly a decade.
“[T]he MB observed that the risks to the inflation outlook have become more evenly balanced for 2019 and lean towards the downside for 2020 amid a more uncertain global economic environment, which could further mitigate upward pressures from commodity prices in the coming months,” according to the highlights of the central bank’s policy meeting.
Back then, the central bank saw inflation slide sharply in November to 6%, coming from a nine-year high of 6.7% in September and October.
“The latest inflation outturn confirms the BSP’s assessment that price pressures have started to ease in Q4 2018,” the policy makers added.
Data released by the Philippine Statistics Authority last week showed a sustained decline to 5.1% in December, which kept the 2018 average at 5.2%.
BSP Assistant Governor Francisco G. Dakila, Jr. said last month that the authorities are now “a lot more comfortable” that inflation will return to the 2-4% target band, even as early as late in the first quarter.
“The risks to future inflation are seen as evenly balanced for 2019. Meanwhile, downside risks to the outlook will dominate in 2020 largely due to downside risks to global growth,” the report added.
The BSP expects 2019 inflation to average 3.2%, while the 2020 figure is seen settling at 3%. A sharp decline in world crude prices, the P1 rollback in minimum jeepney fares, and the series of rate hikes from the central bank are seen tempering price adjustments moving forward.
Slower global economic growth dampened by a trade war between the United States and China is also expected to help tame inflation, despite upside risks drawn from higher electricity rates and a fresh round of sin tax increases this year.
Still, the central bank said it will take further policy action “as appropriate” to ensure stable prices.
Bank analysts have said that the BSP is now at the end of its tightening cycle as inflation is becoming less of a problem, with some even noting that there may be room to unwind by lowering bank reserves anew as well as possible rate cuts later this year.
The BSP will hold its first policy meeting for 2019 on Feb. 7.
Poe signals court challenge to two tower-company limit
SENATOR Grace S. Poe-Llamanzares on Thursday said she will go to the courts if the common tower policy proposed by Presidential Adviser for Economic Affairs and Information Technology Communications Ramon P. Jacinto goes ahead.
“I will really oppose that and I will not just oppose that because in case they will not listen to us — Because you know, when they face the Senate, all the good points are being mentioned but are not being implemented, so we will file a case because we really need to stop this type of policy, which I think will harm the public,” she said in a radio interview, the transcript of which was released in a statement.
A draft memorandum circular (MC) on the common tower policy put together by Mr. Jacinto only allows two independent providers to build towers for the first four years of the implementation of the policy.
Potential tower companies have noted that such restrictions may reduce the number of towers that can be built while the Philippine Competition Commission (PCC) has said the draft policy may anti-competitive.
Department of Information and Communications Technology (DICT) Secretary Eliseo M. Rio, Jr. also said last week in a Facebook post that Mr. Jacinto’s draft policy may be challenged in court due to possible violations of the franchises of Globe Telecom Inc. and PLDT, Inc., which authorize them to build their own towers.
Mr. Jacinto earlier pointed out that the implementation of the policy will be handled by the incoming DICT Secretary, Senator Gregorio B. Honasan, not Mr. Rio.
Ms. Llamanzares, chair of the Senate committee on public services, reiterated that the policy go against the government’s aim of improving the telecommunications infrastructure in the country.
She added that the government should work towards improving the infrastructure that will help upgrade Internet and cellular service.
“If (Mr. Jacinto’s proposed policy) happens, it will slow the pace of the construction of cell towers. Isn’t it true that the President wants more competition, especially in the cellular services so there will be lower prices and it will be more efficient? What the Presidential Adviser on Economic Affairs is doing is the opposite,” Ms. Llamanzares said. — Camille A. Aguinaldo
DA to compensate Cordillera farmers for dumped crops
AGRICULTURE Secretary Emmanuel F. Piñol said that the Department of Agriculture (DA) will compensate farmers in the Cordillera Administrative Region (CAR) who were forced to dispose of their vegetables due to oversupply and lack of means to transport the harvest to market.
“Cordillera farmers who were forced to dump or throw away truckloads of vegetables because there were no buyers will have to be compensated by the government,” Mr. Piñol said in a Facebook post on Thursday.
“I made this decision tonight following confirmation by Cordillera Agriculture officials that the reason behind the failure of the farmers to sell their produce was Tropical Depression Usman which caused floods in the Bicol Region,” Mr. Piñol added.
According to Mr. Piñol, traders were not able to buy the produce to transport to Bicol and the Visayas due to flooding brought by Usman.
Bicol is part of the overland supply route to the Visayas, connected by ferries.
“It was made clear that Tropical Depression Usman was the root cause. I made the decision to order the compensation of the farmers,” Mr. Piñol said.
Prices of vegetables such as cabbage, carrots and potatoes dropped to as low as P5 per kilo at the trading post level due to oversupply.
An economics professor specializing in agriculture said that there should be agroprocessing facilities in the Cordillera region to absorb the produce of the farmers, as well as farm-to-market roads (FMR).
“Agroprocessing plants are needed in Benguet. The current practice is to process in Clark because it’s an export processing zone and has good logistics,” Marites M. Tiongco, Dean of the De La Salle University (DLSU) School of Economics (SoE), told BusinessWorld in a mobile message.
“The vegetable production of Benguet can be distributed to different outlets — the domestic, processing and export markets,” according to Ms. Tiongco.
Ms. Tiongco also pushed for commodity contract trading to do away with middlemen.
“Commodity exchange center with cold storage facilities the solution, and efficient logistics,”
The Securities and Exchange Commission (SEC) said it is planning to set up a commodity exchange, with discussions set for the coming month.
“It’s among our plans. We will firm it up during our strategic planning next month. But it’s still a plan as of now,” SEC Chairman Emilio B. Aquino said in a text message.
Ateneo de Manila University (ADMU) Dean of the School of Government Ronald U. Mendoza, meanwhile, said in a Facebook post that technocrats, and not politicians should hold key jobs in agriculture.
“Farmers need support to be better organized and equipped into competitive and well managed coops. There should also be safety nets available for shocks. And we should mitigate smuggling,” Mr. Mendoza said in a text message.
University of Asia and the Pacific (UA&P) Center for Food and Agribusiness Executive Director Rolando T. Dy said that the oversupply was caused by supply chain problems with the region’s access to urban markets breaking own.
“It’s force majeure. It is related to supply chain infrastructure, [which] can be a rising problem,” Mr. Dy said.
Asked what is lacking in the agriculture industry of the region, Mr. Dy replied, “connectivity to urban markets from CAR.”
Mr. Piñol said that most of the farmers who lost their produce are beneficiaries of the DA’s Production Loan Easy Access (PLEA) program wherein farmers can borrow up to P50,000 at 6% annual interest.
Another lending program is run by the Agricultural Credit Policy Council (ACPC) which has allocated P100 million for Cordillera vegetable farmers. Some might have also borrowed funds from informal lenders, Mr. Piñol noted.
“Tomorrow, the DA and the Philippine Crop Insurance Corp. (PCIC) will start the validation process which will involve the identification of farmers who suffered losses and the estimated value of the vegetables they threw away,” Mr. Piñol said.
“The validation process could take two weeks, after which the release of the insurance payments will start,” he added. — Reicelene Joy N. Ignacio
Inflation for low-income households eases in Nov.
By Leo Jaymar G. Uy
Research Head
INFLATION, as experienced by low-income families, softened in November driven by slowdowns in the growth of prices of food and utilities, the Philippine Statistics Authority (PSA) reported yesterday.
The consumer price index (CPI) — a measure of the average rate of change in the retail price of a basket of goods and services — showed inflation for the bottom 30% of households easing to 8.2% in November from 9.5% in October, though it was much higher than the 3.4% growth posted in November 2017.
The CPI for the bottom 30% income segment reconfigures the model basket of goods, putting a heavier weight on food, beverage, and tobacco (FBT) as well as other necessities as these are thought to more accurately capture the spending patterns of the poor.
Inflation in the FBT index decelerated to 9.3% in November from the 10.7% reading in October. Likewise, the food -alone index slowed to 8.3% from 9.8% previously.
The PSA noted that relative to their annual rates in October, slower upticks were noted in the following food groups: rice (9.7% in November from 11.5% in October); corn (3.4% from 5.6%); fish (11.3% from 12.6%); fruits and vegetables (10.4% from 13.8%); meat (6.2% from 7.1%); and “miscellaneous” foods (6% from 6.3%).
Price growth in the fuel, light and water index also slowed to 8.1% from 9.8%. On the other hand, increases were seen in the indices of clothing (3.1% from 2.9%); housing and repairs (5.4% from 5.1%); services (3.7% from 3.5%); and miscellaneous goods and services (2.3% from 2.2%).
Inflation for the bottom 30% segment in the National Capital Region declined to 6.2% in November from the previous month’s 6.9%. The same case was also seen for those living outside of Metro Manila, which recorded slower inflation at 8.3% from 9.5%.
Asked for comment, Ruben Carlo O. Asuncion, chief economist at the Union Bank of the Philippines, said: “It was in November that headline inflation eased to 6% from two consecutive months clocking in a 6.7% (September and October). The government’s moves to arrest rising price levels, I can assume, were front and center in the decline of general price levels.”
“The bottom 30% is where much of the inflation is felt and consequently endured. If inflation were to ease quickly, this particular segment of the population should be the recipient of the said decline,” he added. — with Lourdes O. Pilar
Makati City 2018 revenue P17.8 billion
THE Makati City government said it collected P17.8 billion in 2018, mainly from business tax and real estate tax, beating its full-year target of P15.67 billion.
According to an initial report from the Office of the City Treasurer, business tax was the biggest source of revenue at P9.1 billion, followed by realty tax at P6.2 billion.
“The reforms and innovations we have put in place since I came on board at City Hall have not only earned for us the trust of investors and taxpayers, but also the highest audit rating from the Commission on Audit,” said Makati City Mayor Abigail S. Binay-Campos during her State of the City Address on Tuesday, Jan. 8.
Ms. Binay cited the measures that the city government implemented to make things convenient for taxpayers such as the establishment of a Business One-Stop Shop at the city hall and streamlining the process for business permit renewal and new applications.
In November, the Commission on Audit found that Makati City had P196.57 billion in assets, the top total of any local government.
The mayor proposed this year to provide P10,000 annual cash gift to senior citizens aged 90 to 99 under the Blu Card program, which is awaiting approval by the City Council.
Ms. Binay also noted that the completion of the Makati Subway Project in 2025 will help in reducing traffic congestion.
“With a reliable, comfortable, and highly-efficient mass transport system, Makati will have less traffic congestion and parking woes, and less greenhouse gas emissions as well. Workers will be more productive, and companies and establishments will be more profitable,” said Ms. Binay. — Vince Angelo C. Ferreras
Napocor seeking to dispose of missionary fund excess
THE National Power Corp. (Napocor) has asked the Energy Regulatory Commission (ERC) to allow it to offset the excess of the basic universal charge for missionary electrification (UCME) against the P17.805 billion that has yet to be collected for 2019.
The excess, which it placed at around P1.484 billion for 2016, is covered by a provisional authority previously granted by the commission.
Napocor also asked to be given a choice to offset the excess against the unrecovered amounts under previous years — from 2012 to 2015. It placed the total pending petitions at around P17.645 billion. The company said that of the pending amount, it had recovered P11.947 billion, leaving a balance of P5.698 billion.
The government-owned and -controlled corporation also asked the ERC that the unpaid balance of the renewable energy developer’s cash incentive amounting to P15.037 million be charged to all electricity end-users at an equivalent amount of P0.0002 per kilowatt-hour (/kWh).
Napocor is the government agency tasked to perform the missionary electrification function through its small power utilities group (SPUG). It is responsible for providing power generation and its associated power delivery systems in areas that are not connected to the power transmission system.
Missionary electrification is funded from the revenue coming from power sales in these areas and from the universal charge to be collected from electricity users as determined by the ERC and in line with provisions of Republic Act. 9136 or the Electric Power Industry Reform Act (EPIRA) and its implementing rules and regulations.
Napocor said the total P1.484 billion excess translates to P0.0162/kWh using the 12-month projected energy sales nationwide for 2019 and the shortfall for the renewable energy developer’s cash incentive.
The company has a pending application for provisional approval to collect in 2019 up to P17.805 billion from electricity users or an increase to P0.1948/kWh in their power consumption.
In its petition filed in July before the ERC, Napocor said the UCME it is seeking to collect will result in an increase of P0.0768/kWh from the previous rate.
It said the proposed basic UCME “is necessary in order to cover the required subsidy requirements and at the same time, maintain a reliable and stable funding source for its operating costs requirements.”
It said the amount includes subsidy for payment to new power providers, renewable energy developers, and qualified third-parties that have taken over in full or in part the power generation function of Napocor in certain areas.
Napocor said the lack of funds from the UCME subsidy and from supposedly transitory funds that can be sourced through loans “will definitely affect flexibility in [the company’s] funding and operation.” The court has suspended its authority to borrow funds or enter into a loan agreement.
In its petition, Napocor computed the proposed UCME based, among others, on the fuel cost for 2019, which was derived from the actual 2017 fuel cost in peso per kilowatt-hour multiplied by the projected energy sales. Many of the plants in off-grid areas are diesel-fueled.
It also factored in the excise tax on fuel based on next year’s projected quantity/volume multiplied with approved rate of P4.5 per liter under R.A. No. 10963 or the Tax Reform for Acceleration and Inclusion, or TRAIN law.
The company also considered other costs, including operating expenses, cost of personnel services and depreciation. — Victor V. Saulon
DTI sees Feb. release of barter order’s IRR
THE Department of Trade and Industry (DTI) said it will release next month the implementing rules and regulations which will revive barter trade in Mindanao.
Trade Undersecretary for Special Concerns Abdulgani M. Macatoman said the department is in the process of finalizing the draft rules which have already gone through nationwide consultations.
“Anytime next month there will be an IRR (implementing rules and regulations),” Mr. Macatoman told reporters on Wednesday in San Juan City.
Mr. Macatoman said the IRR will arrive at valuations for the products covered for barter.
In October, President Rodrigo R. Duterte issued Executive Order (EO) 64 to regulate barter trade in Mindanao.
The move was meant to spur economic activity in the affected areas and strengthen trade and commerce among member states of the Brunei Darussalam-Indonesia-Malaysia-Philippines-East ASEAN Growth Area (BIMP-EAGA).
The order designates barter ports for the entry of goods including Siasi and Jolo in Sulu, and Bongao in Tawi-Tawi.
The order noted that products with tariff protections and/or quantitative restrictions such as rice, corn, and sugar, as well as those requiring special import permits and/or subject to standard requirements, will continue to observe current laws.
The EO noted as well that national and local tax laws are applicable to “all goods imported under this order whose valuation, as determined by appropriate authorities, exceeds the de minimis value of P10,000, or in such threshold amounts as may be adjusted by the Secretary of Finance.”
The order created the Mindanao Barter Council (MBC) which will be attached to the DTI with the Trade secretary to sit as its chairman.
Meanwhile, the heads of Mindanao Development Authority and Bureau of Customs will serve as vice-chairs. — Janina C. Lim
Business federation seeks review of SC’s UCPB ruling
THE president of the Federation of Philippine Industries (FPI) asked the Supreme Court (SC) to investigate the tribunal’s justices who ruled against United Coconut Planters Bank (UCPB), alleging violation of internal rules and the Constitution.
In his five-page letter, FPI President Jesus I. Arranza said the SC should look into whether Justices Lucas P. Bersamin, Samuel R. Martires, Noel G. Tijam, and Alexander G. Gesmundo violated the Constitution and SC internal rules in rendering the decision on Aug. 16, 2017.
Mr. Arranza argued that most of the justices in the Third Division were appointed only two to three days before Mr. Bersamin wrote the decision.
He argued that the Constitution says that cases or matters heard by a division shall be decided with the concurrence of majority of those who were part of the deliberations. The SC’s internal rules, meanwhile, require that a written report of the case be sent to all justices concerned seven days before the deliberations.
“From the circumstances surrounding the case, one cannot help but conclude that it was not possible for the members of the Third Division to have actually deliberated upon the case before the Decision dated August 16, 2017 was signed and released,” his letter read.
“Trusting that this matter will be included in the agenda of the Supreme Court En Banc to enable Honorable Chief Justice and Associate Justices to promptly discuss and act on this request,” he added.
He also said that UCPB “stands to lose at least a billion pesos if the decision dated Aug. 16, 2017 is not reconsidered.”
The Third Division on Aug. 16, 2017 reversed the 2014 decision of the Court of Appeals and reinstated the ruling of Lucena City regional trial court Branch 59, declaring that the loan obligations of the spouses Felix A. Chua and Carmen L. Chua of P103.9-million to UCPB were fully paid through a Memorandum of Agreement dated March 21, 2000.
UCPB was also ordered to execute the appropriate Deeds of Reconveyance to the petitioners over 18 real properties listed in the Real Estate Mortgage.
The bank was also ordered to return plaintiff’s titles in the amount of P200-million. It likewise ordered the payment of P249.31-million worth of damages. — Vann Marlo M. Villegas
Peso rises to new peak
THE PESO strengthened further against the dollar on Thursday to a near eight-month high following the release of the narrower trade deficit data for November.
The local unit ended Thursday’s session at P52.225 versus the greenback, 12 centavos stronger than the P52.345-per-dollar finish last Wednesday.
This was the peso’s best finish in nearly eight months or since it closed at P52.195 against the US currency on May 22.
The peso traded stronger the whole day, opening the session at P52.20 against the dollar. It climbed to as high as P52.13, while its intraday low stood at P52.23 per US unit.
Trading volume surged to $1.098 billion from the $775.63 million that changed hands the previous day.
Foreign exchange traders said the peso strengthened against its US counterpart following the release of November trade data.
Data from the Philippine Statistics Authority showed the country’s trade deficit narrowed in November as imports grew at a slower pace while exports shrank. The trade gap stood at $3.9 billion in the said month, narrower than the record high of $4.08 billion recorded in October but still wider than the $3.28 billion a year ago.
A trader said in a phone interview that the slightly better trade deficit data was one of the factors that supported the peso yesterday.
The trader added that the peso continued to rally as the greenback “moved significantly lower” against major currencies overnight, with the support level of the dollar index broken.
“The dollar was lower mainly due to the positive sentiment from the US-China trade talk as well as the slightly dovish stance of the US Fed[eral Reserve],” the trader said. “Although there is still no definite deal, the comments from both China and the US were positive, so it boosted optimism in the market.”
Meanwhile, UnionBank of the Philippines Chief Economist Ruben Carlo O. Asuncion said the peso “just moved a bit” probably due to the release of the Fed minutes of its December meeting, which “confirms that there will be lesser rate hikes this year.”
For today, Mr. Asuncion expects the peso to trade between P52.10 and P52.30, while the trader gave a P52-P52.25 range.
“The peso might depreciate ahead of US December inflation data [release],” another trader said in an e-mail, projecting that the local unit will trade from P52.10-P52.30. — Karl Angelo N. Vidal