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Allianz PNB Life Insurance to craft more products for millennials

By Karl Angelo N. Vidal, Reporter
ALLIANZ PNB Life Insurance, Inc. is gearing up to attract more young Filipinos to get protected as it launched an insurance product designed for millennials.
In an event in Makati City on Wednesday, Allianz PNB Chief Finance Officer Efren C. Caringal said the insurer is keen on crafting products and services that are catered towards the needs of younger generations.
“We’re making sure we have exciting propositions for millennials so it is attuned to their needs,” Mr. Caringal told BusinessWorld yesterday.
“When we design our products, we really talk to them. We do focus group discussions. We make sure that we’re developing products that are suitable for their needs.”
To address the needs of the so-called “Filennials” or Filipino millennials, Allianz PNB launched AZpire Growth, a regular pay unit-linked insurance product that acts both as protection and an investment vehicle.
“What we’ve done in this variant of unit-linked [insurance] is we made the premium charges really low so that you can accumulate funds faster,” Mr. Caringal said.
Coverage can be as low as P30,000 a year as clients can choose to pay premiums annually, semi-annually, quarterly and monthly.
As premiums go higher, charges and fees will be reduced for clients to get more of their investment. Loyalty bonuses will be given at the end of 10 and 20 years.
Mr. Caringal said the insurance product was mainly designed for millennials as they are becoming increasingly inclined to save and invest for the future.
According to the 2018 Allianz Life Generations Ahead Study conducted online in May 2017 among American adults, 41% of the millennials who responded said they set aside money each month for saving, compared with 36% for Gen X-ers.
Some 58% of the respondent millennials also see saving for retirement as a basic necessity like food and housing.
“We’re positioning it for millennials because we’ve learned that they actually have the desire to save and invest,” Mr. Caringal said. “We’re giving them the platform to do it.”
Aside from this, Mr. Caringal added that Allianz PNB is making its customer experience better for millennials.
“We’re making sure that they get the best customer experience because we know millennials are a bit impatient. They demand only the best,” he said.
According to latest Insurance Commission data, Allianz PNB was the twelfth-largest life insurer in terms of premium income with P5.3 billion as of end-2017.

Researchers find new security flaw in Intel chips

WASHINGTON — Researchers have discovered a new security flaw that could let hackers pry information from supposedly secure virtual vaults in Intel chips, the company warned on Tuesday.
Intel said software updates are already available and it did not appear anyone had taken advantage of the “Foreshadow” vulnerability, which has been likened to troubling “Meltdown” and “Spectre” flaws exposed in computer chips early this year.
“If used for malicious purposes, this class of vulnerability has the potential to improperly infer data values from multiple types of computing devices,” Intel said on its website.
“Intel has worked with operating system vendors, equipment manufacturers, and other ecosystem partners to develop platform firmware and software updates that can help protect systems from these methods,” it said.
The “Meltdown” and “Spectre” flaws roiled the Silicon Valley chip maker, prompting a series of lawsuits and a congressional inquiry about Intel’s handling of the matter.
“We are not aware of reports that any of these methods have been used in real-world exploits, but this further underscores the need for everyone to adhere to security best practices,” Intel executive vice president and general manager of product assurance and security said of “Foreshadow” in a post on Intel’s website.
“Once systems are updated, we expect the risk to consumer and enterprise users running non-virtualized operating systems will be low.” — AFP

The sweet taste of success: a Syrian’s journey from Gitmo to pastries

MONTEVIDEO, URUGUAY — Ahmed Ahjam spent more than 12 years in the Guantanamo Bay prison for terror suspects, but now he has seen a dream come true by starting a business in the country that welcomed him when the nightmare ended.
“Ahmed Ahjam. Arab gastronomy,” reads a sign marking the small food stand that Ahjam opened Monday in Uruguay’s capital with help from city hall. He mainly sells sweets.
Ahjam, 41 and born in the northern Syrian city of Aleppo, arrived here in 2014 along with six other prisoners from Guantanamo under an accord signed by the United States and Uruguay.
Washington was seeking countries willing to accept such inmates so it could move to empty the facility for terror suspects that was notorious for mistreating prisoners. Ahjam was one of the roughly 780 people sent to Guantanamo prison since 2002.
His stand has small chalkboards advertising some of his wares: baklava, the sesame paste tahini or Uruguayan-style candy.
A “NEW LIFE”
Ahjam now aims to make a new life in Uruguay thanks to this undertaking he began by selling his treats on Facebook.
“For me it is a dream come true. It is very important in my new life. I am very grateful to the Uruguayans who are close to me. I am going to work very hard,” Ahjam told reporters as he inaugurated his stand. He declined to take questions.
US Department of Defense officials believe he fought US and Coalition forces in the Tora Bora mountain cave complex in Afghanistan used by late Al-Qaeda leader Osama Bin Laden.
He fled bombardment before being captured by Pakistani authorities. According to Department of Defense records, he was handed over to US authorities in the Afghan city of Kandahar in January 2002 and incarcerated at Guantanamo from June 14, 2002.
Many of the assertions in the records are contested by former Guantanamo detainees and their lawyers and cannot be independently verified.
His is a success story that comes out of an integration initiative that has had its ups and downs here. Uruguay took in the Guantanamo prisoners in exchange for economic aid that grows smaller and smaller over time.
These men had trouble integrating into Uruguayan society and finding work. One of them left several times, only to come back, until he managed to depart definitively this year.
But Ahjam seeks just the opposite: he wants to remain in the country that welcomed him.
“It is highly symbolic that someone who is a refugee finds an alternative way to live, a productive thing to do. Everyone deserves an opportunity,” said Montevideo mayor Daniel Martinez, who was at the opening of the food stand.
HELP FROM CITY HALL
Ahjam’s store, which also serves coffee and juices, is located in the Montevideo Farmers Market, which used to be a wholesale venue but underwent a makeover to feature food stands, cultural exhibits, and shops.
His project was developed with help from a city agency called Cedel.
“In Syria he was a jeweler. These are different markets and times now, and in wanting to live in Uruguay and develop himself here, he thinks the cuisine of his country could be a way to make a living,” said Veronica de Gregorio, who runs one of the departments at Cedel.
“He is not in the program because he is a former prisoner at Guantanamo but rather because he has entrepreneurial spirit,” she added. — AFP

PAL asks SEC to approve equity restructuring

PAL HOLDINGS, Inc. said it sought Securities and Exchange Commission’s (SEC) approval of a new equity restructuring plan.
In a disclosure to the stock exchange on Wednesday, the listed operator of Philippine Airlines (PAL) said it is seeking to use its additional paid-in capital of P25.340 billion last year “to partially wipe out its deficit” in the same year, which amounts to P29.074 billion.
In its 2017 annual report filed with the SEC, PAL Holdings said it employed the same strategy in October 2007, when it wanted to erase a deficit of P253.73 million against paid-in capital.
The SEC then allowed PAL to use its additional paid-in capital of P4.03 billion, “subject to the condition that the remaining additional paid-in capital will not be used to wipe out losses that may be incurred in the future without prior approval of the Philippine SEC.”
In September last year, the airline also requested from the SEC to reduce its authorized capital stock and cut on the par value of each share in the company-also a move to remove PAL’s deficit.
PAL was permitted to reduce its capital stock to P13 billion from P20 billion, which lowered the par value of each share to 13 centavos from 20 centavos.
PAL’s application for equity restructuring is intended to prepare the company for the entry of a new strategic investor.
PAL President Jaime J. Bautista also said in 2017 they are looking for a strategic investor that may buy “less than 40%” of the company. But he told reporters last month they have yet to come up with a resolve in their ongoing discussions.
“The situation kasi is very volatile at this time because of the oil price.” Mr. Bautista said.
PAL’s losses slipped by 17% in the second quarter to P290.817 million, from the P349.5 million it posted in the same period last year, driven by an increase in total revenues. — Denise A. Valdez

Restaurant Row (08/16/18)

Friday Asian street buffet


PAN PACIFIC Manila’s Pacific Lounge has come up with an Asian street food themed dinner buffet every Friday starting 7 p.m. For P1,000 net per person, dine on balut and penoy (native duck egg delicacies), chicharon baboy at bulaklak (crispy pork rind and entrails); hot-off-the Indonesian mixed satay; straight-from-the-wok fish and prawn balls, Yakitori Japanese skewers, tokwa’t baboy (tofu and pork), Singaporean laksa, Arabic grills and shawarma; fried rice specials such as Chinese yang chow, nasi goreng, Indian biryani; sweets such as taho (tofu with sweet syrup), turon saba (a roll of fried plantain bananas with jackfruit, kamote-Q (sweet potato on a stick) and ube (purple yam) among others. The Pacific Lounge is at the 21st floor, Pan Pacific Manila, M. Adriatico cor. Gen Malvar Sts. Malate, Manila. For inquiries and reservations, e-mail fb.ppmnl@panpacific.com or call 318-0788.

A mall food trip to Japan

SEVERAL kinds of yakitori from Tori Ichi Yakitori & Bar at Festival Mall.

FOODIES who can’t go to Japan at the moment can instead trek to Festival Mall which is home to several Japanese restaurants to cater to the South Metro community. These are Hakata Ikkousha at the Expansion Wing which specializes in tonkotsu or pork bone ramen that originates from Hakata; Tenya, the No. 1 tempura tendon in Japan, also at the Expansion Wing; JAEU Bistro and Ramen Bar which features a fusion of two cuisines: Japanese and European, and is especially known for its Hell Ramen or jigoku; Tori Ichi Yakitori & Bar which is all about its oishi yakitori in chicken, pork, and vegetables, at the LGF, Water Garden; and, Asahikawa Ramen Bangaichi whose Spicy Miso Ramen is an intense flavor rollercoaster, and is located at the mall’s River Park.

Eco-conscious eating

SaladStop! new seasonal menu will be available from Aug. 13 to Sept. 8. The new dishes are Ahi Ono Grain Bowl and the Howdy! Salad and Wrap. The Ahi Ono Grain Bowl has adlai which is a good substitute for rice, baby spinach, seared Tuna, roast mushrooms, carrots, edamame, cherry tomatoes, grated eggs, and Japanese wafu ginger dressing. Howdy! contains romaine lettuce, cheddar cheese, grated eggs, cherry tomatoes, red onions, and oat-breaded chicken with Smokey Ranch dressing. From Aug. 13 to Sept. 8, customers can collect 12 stamps from their purchase of a salad or wrap to get one reusable steel straw and bamboo cutlery set for free. Drop by any SaladStop! store and see posters for more details. There is also a limited edition eco-tote for P220.

Indonesia fights Turkey contagion with surprise hike

INDONESIA’S central bank surprised most economists by raising its benchmark interest rate a fourth time since May, moving swiftly to contain the volatility sweeping across emerging markets and curb a slide in its currency.
The seven-day reverse repurchase rate was raised to 5.5% from 5.25% on Wednesday, as forecast by seven of 28 economists in a Bloomberg survey. The rest had predicted no change.
Turkey’s crisis is adding to Indonesia’s woes, dragging down a currency that’s already been hit by an emerging-market rout triggered by higher US interest rates and a stronger dollar.
Bank Indonesia has been among the most aggressive in Asia in tightening policy this year, with Governor Perry Warjiyo reiterating the central bank’s pledge to remain pro-active.
“Bank Indonesia has reaffirmed its preemptive stance with another rate hike and more are likely to come,” said Charu Chanana, an economist at Continuum Economics in Singapore. “Warjiyo is doing all it takes to regain investor confidence and a reversal of outflows will come fast once the global volatilities subside.”
Authorities are stepping up action to curb the halt in the rupiah, which is one of Asia’s worst performers this year, down almost 7% against the dollar.
President Joko Widodo ordered import curbs on Tuesday to shore up foreign reserves, which have been drained by almost $14 billion since January as the central bank stepped up intervention.
“The decision is consistent with efforts to maintain the attractiveness of domestic financial markets and control the current-account deficit so that it will still be in the safe level,” Warjiyo said. Indonesia’s current-account deficit and a relatively high foreign ownership of government bonds make the economy vulnerable to outflows. Chanana said these factors would probably keep up pressure on the currency.
Bonds rallied after the decision, with the 10-year government yield dropping to 8% from 8.03% earlier.
Central banks in emerging markets from Argentina to India have tightened monetary policy to defend their currencies and curb inflation risks. The collapse in Turkey’s lira has added to the slump in investor sentiment, prompting Argentina’s central bank to take emergency steps on Monday by hiking its benchmark rate by 5 percentage points.
Indonesia’s strengthening economy is giving confidence to policy makers, with growth accelerating to a five-year high of 5.3% last quarter. Inflation remains within the central bank’s 2.5% to 4.5% target band. — Bloomberg

Podcasts take growing role in shifting media landscape

AS PODCASTING becomes more popular, some are attracting big stars and offering tie-ins to film and television programs. Gimlet Media, for example, created the ABC TV show Alex Inc. starring Zach Braff based on one of its podcasts.

NEW YORK — As radio fades in the new world of digital media, podcasting has become hot.
In less than 15 years, on-demand podcasts have become a key part of the media landscape that is luring advertisers to a market that is worth tens of millions of dollars and growing.
According to Edison Research, 124 million Americans listen to audio podcasts including 73 million on a monthly basis.
“Podcasts are now getting to the point where they sit alongside other forms of premium media like video and books and television and music,” said Matt Lieber, a co-founder of Gimlet Media, a major podcast producer.
“Now there are reviewers of podcasts. The Financial Times has a person on staff that reviews podcast. It’s almost like if you’re not listening to podcast you’re out of the loop.”
Podcasts are a natural choice for a generation accustomed to on-demand services like Netflix. Listeners are younger and better educated than the average radio listener, with more women in the mix, creating an important demographic for advertisers.
Podcast ad revenues doubled in 2017 to $313 million, according to a study by PricewaterhouseCoopers (PwC) with the Interactive Advertising Bureau (IAB).
That is far less than the estimated $14 billion in radio ad revenues for 2016, but podcasting is showing strong growth — likely to double again by 2020 according to the PwC/IAB report.
A study by New York University researchers found traditional AM/FM radio is rapidly losing ground to in-demand services, especially among younger audience, with listening by those 13-18 down by almost 50 percentage points between 2005 and 2016.
“Podcast sponsorship revenue is growing just like the audience is growing,” said Neal Carruth, general manager of podcasts for National Public Radio, a key player in podcasting.
“Large brand advertisers have become more interested in recent years. They’re very attracted to the age of the podcast audience, to the engagement of the podcast audience, to the intelligence, the education, and the professional accomplishments of the podcast audience. It’s a very desirable audience.”
NPR, one of the earliest entrants in podcasting more than a decade ago, has some 17 million listeners to its podcasts such as Planet Money, Fresh Air, and Ted Radio Hour, far more than any rivals.
MONETIZING
Popular podcasts have been able to create a successful revenue model as well, say analysts.
“When you look at the top 500 or 1,000 podcasts, there are now hundreds of shows with hundreds of thousands of listeners each that are making sustainable amount of revenue in the half a million to million dollar range, which is a significant jump from a few years ago,” said Erik Diehn, chief executive of the podcast ad firm Midroll Media.
While the majority of the estimated 500,000 podcasts produce little or no revenue, some top podcasts can generate “millions of dollars” annually, according to Diehn.
But some are starting to introduce a subscription model, like Midroll’s Stitcher platform offering “premium” podcasts for $4.99 a month.
Spotify, the big streaming music platform, is also in podcasting and recently invested $1 million for a podcast hosted by actress Amy Schumer.
Other models like one offered by the Castbox platform are based on the newspaper “paywall” system allowing access to a certain number of podcasts for free, with paying customers getting more.
As podcasting becomes more popular, some are attracting big stars and offering tie-ins to film and television programs.
Gimlet Media, for example, created the ABC TV show Alex Inc. starring Zach Braff based on one of its podcasts. And the new Amazon show Homecoming starring Julia Roberts is based on one of Gimlet’s podcasts.
Podcasting is particularly suited to the smartphone generation and is likely to grow with increased use of connected devices.
“Right now we’re spending a lot of time thinking about how our work should be presented on connected speakers, in connected cars and other technologies that are here with us but maybe haven’t evolved to their final state yet,” said NPR’s Carruth.
“People recognize the value of audio and are really embracing it. That’s an incredible foundation to build on. We can be the trusted companion for people wherever they are.” — AFP

How PSEi member stocks performed — August 15, 2018

Here’s a quick glance at how PSEi stocks fared on Wednesday, August 15, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — August 15, 2018

Duterte wants ‘likes’ of Marcos, Escudero as his successor


By Arjay L. Balinbin, Reporter
PRESIDENT Rodrigo R. Duterte on Tuesday said once he steps down, he prefers the “likes” of Senator Francis Joseph G. Escudero or former senator Ferdinand R. Marcos, Jr. as his successor over his constitutional successor Vice-President Maria Leonor G. Robredo.
“If you follow the succession and Robredo takes over, hindi niya kaya (she can’t handle it)….That’s my honest opinion. Kung sino lang sana diyan (anybody there), in the likes of Escudero or Bongbong Marcos,” Mr. Duterte said in his remarks at his dinner with the Kapisanan ng mga Brodkaster ng Pilipinas (KBP) on Tuesday evening, Aug. 14.
At another event on Tuesday, Mr. Duterte also said he would prefer a military junta to lead the country over Ms. Robredo’s leadership.
“I would suggest to the military… if you want yourselves to be the junta, I said line up here, I’ll put you in your proper place,” Mr. Duterte said at the launching at Malacañang of business advocacy group Go Negosyo’s “Pilipinas Angat Lahat” program.
The President claimed that Naga City, the hometown of Ms. Robredo where her husband, the late former interior secretary Jesse M. Robredo, served as mayor for 19 years, was once a “hotbed” of illegal drugs.
“It was there. And you can ask the Naga guys and the Naga addicts. I’m not saying…but look at Davao,” he said.
He added: “I am ready to step down. Given the right conditions, I will step down. I’m tired. I cannot control…”
In a radio interview Wednesday, Presidential Spokesperson Harry L. Roque, Jr. said, “So dismayado po ang Presidente kaya sinabi niya, ‘Gusto ko nang magbitaw, magbitiw.’ Pero iyon nga po, ang sinasabi nga niya ay wala pa siyang nakikita na tao na tamang maging successor sa kaniya kaya naman po naririyan pa rin ang ating Presidente (The President was dismayed, so he said, ‘I want to resign, resign. But he was also saying that he could not step down because he has not found the right successor yet.)
He also said: “Pero ang sabi nga niya, kapag conditions are ripe at may nakita siyang tao na pupuwedeng magpatuloy ng kaniyang trabaho eh gagawin daw po niya iyan.” (But as he said, if the conditions are ripe and he finds the person who can continue his job, he will do that [resign].)
Mr. Roque added: “Sinabi rin po niya na sa tingin niya ay hindi sapat ang kakayahan ng ating Bise Presidente kung siya ay bababa at magkakaroon ng constitutional succession.” (He also said he thinks that the Vice President’s abilities are not enough if he steps down and there will be a constitutional succession).
Sought for comment, University of the Philippines political science assistant professor Dr. Perlita M. Frago-Marasigan said in a phone interview: “We have to learn to read between the lines, though the President speaks with resolve and finality when he says something. He will not step down if VP will take over. So that means he won’t step down. Yes, it may sound like an endorsement for Senator Escudero but the President is consistent when it comes to (former) senator Marcos.”
Mr. Marcos has a pending protest against Ms. Robredo at the Presidential Electoral Tribunal (PET).
Ms. Frago-Marasigan said the President’s remarks “could be interpreted by some people that he would somehow intervene in the said case.”
She added: “But I don’t think so. It should be treated independently because it’s just an opinion….”
“He questioned the legitimacy of VP Robredo at the outset. I do not think that he will intervene in the case. That lowly strategy will be beneath him. Apparently, he also sees ‘men’ as better successors to the presidency. Either he is a conservative or a chauvinist, or both,” Ms. Frago-Marasigan said further.
Lawyer Ibarra M. Gutierrez, Ms. Robredo’s spokesperson, said when sought for comment: “Tatlong bagay lang. Una, 155,000 na pamilya ang natulungan ni VP Leni, na walang anomalya, walang kurakot, at habang walang puwesto sa Cabinet.” (Just three things. First, VP Leni has helped 155,000 families, without anomalies, without corruption, and without a Cabinet post).
“Pangalawa, pasensiya na siya, pero talo si BBM (Bongbong Marcos) at Chiz noong eleksyon.” (Second, I beg his pardon, but BBM and Chiz lost the [2016 vice-presidential contest].)
“Pangatlo, hanggang dito ba naman nakalimutan pa rin si Alan (Third, even on this point he still forgot Alan)?” Mr. Gutierrez also said, referring to Mr. Duterte’s running mate in 2016 and now his foreign affairs secretary, Alan Peter S. Cayetano. — with Charmaine A. Tadalan

GOCC dividends at P32.03B in Jan.-July, exceeding P27.3B in 2017

GOVERNMENT-OWNED and Controlled Corporations (GOCCs) have remitted a total of P32.03 billion this year to the National Government, the Department of Finance said in a briefer on Wednesday, Aug. 15, marking 2018 GOCC Day.
The turnover covers the first seven months of dividends remitted by 54 GOCCs, the DoF said.
“The total dividend collections in the first seven (7) months of this year already exceeded the full-year total of P27.73 billion dividends contributed by GOCCs in 2016 and P30.46 billion in 2017,” the department said, adding that seven of these GOCCs remitted at least P1 billion, representing 69% or P22.05 billion of remittances.
The Civil Aviation Authority of the Philippines topped the list of GOCCs with P6.225 billion, followed by the Philippine Ports Authority with P3.103 billion, the Philippine Deposit Insurance Corporation with P2.844 billion,the Philippine Amusement and Gaming Corporation with P2.593 billion, the Philippine Charity Sweepstakes Office at P2.535 billion, the Bangko Sentral ng Pilipinas with P2.5 billion, and the Manila International Airport Authority with P2.251 billion. — Arjay L. Balinbin

Peso weakens further as market remains cautious

THE PESO declined further against the dollar on Wednesday to hit a three-week low as investors continued to flock to safe-haven currencies due to concerns over the Turkish economy.
The local currency closed Wednesday’s session at P53.47 versus the greenback, eight centavos weaker than its P53.39 finish the previous day.
This was the peso’s weakest finish in more than three weeks since it closed at P53.48 against the US currency on July 23.
The peso traded weaker the whole day, opening the session at P53.45 per dollar, which was already its best showing for the day. Its intraday low on was at P53.535 against greenback.
Dollars traded declined to $585.9 million from the $693 million that switched hands the previous day.
A trader said the peso tested its weakest levels for the year.
“The peso was still on the defensive side along with the regional emerging market (EM) currencies even though we saw the Turkish lira improve,” he said.
The Turkish currency rallied by 6% driven by the move of its central bank limiting swap transactions to prevent short-selling, Reuters reported.
This followed an earlier move of the monetary authority to cut currency reserve requirements for domestic banks, freeing up $6 billion and additional $3 billion equivalent of gold liquidity into the financial system.
“We saw the peso…at yearly [lows] at around P53.52, but it closed at P53.47,” the trader said.
Another trader said investors pocketed gains to drive the local currency stronger in afternoon trade.
“The peso is dependent on the sentiment given there’s a lot of reasons why we continue to see risk sentiment on the downside,” the first trader said, citing the trade tensions between the United States and China as well as Turkey.
Turkey on Wednesday slapped tariffs on some US imports including cars and alcohol in retaliation to the move of Washington.
In a tweet, US President Donald J. Trump said it authorized to double the duties on Turkish steel and aluminum to 20% and 50%, respectively, saying that its relations with Ankara “are not good at this time.”
“All these things, when you combine them, it still points to pessimism. That’s why the peso remains to be on the defensive,” the first trader added, noting that an intervention by the Bangko Sentral ng Pilipinas (BSP) was seen intraday.
“There’s a BSP intervention. We saw a lot of offers near the [low].”
As the country’s monetary authority, the BSP sometimes conducts “tactical interventions” to temper any sharp swings that may cause the peso to appreciate or depreciate.
For Thursday, the traders expect the peso to move between P53.35 and P53.55.
“The peso might continue depreciating ahead of likely upbeat US housing data tomorrow and sustained pressure on the EM currencies due to the ongoing US-Turkey economic conflict,” the second trader said. — Karl Angelo N. Vidal

PHL stocks rebound as Wall St. ends losing streak

THE LOCAL BOURSE took a breather on Wednesday, recovering after two days of dampened sentiment due to fears of a contagion amid a crisis in Turkey.
The bellwether Philippine Stock Exchange index (PSEi) rose 0.17% or 13.14 points Wednesday, August 15, to close at 7,540.92.
The broader all-shares index also went up 0.35% or 16.13 points to 4,595.05.
“Investors gave some breathing space midweek to reassess the movement of the index after the sudden change of the global macroeconomic environment,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.
“US stocks bounced back with the S&P 500 breaking its longest losing streak since March as the worst of the panic over Turkey’s currency crisis eased. However, this was offset by the remittance data which fell for the month of June,” Mr. Limlingan added.
The S&P 500 and the Dow Jones Industrial Average ended four-day losing streaks with broad-based gains across industry groups.
The Dow Jones Industrial Average rose 112.22 points or 0.45% to 25,299.92; the S&P 500 gained 18.03 points or 0.64% to 2,839.96; and the Nasdaq Composite added 51.19 points or 0.65% to 7,870.89.
“The PSEi ended positive after ALI (Ayala Land, Inc.) closed by 1.61% higher than [Tuesday]’s closing as investors bought its shares when it traded above its 100-day average,” Jervin S. de Celis, trader at Timson Securities, Inc. said in a mobile message.
“This rally contributed 10 points to the index while AEV (Aboitiz Equity Ventures, Inc.) and BPI (Bank of the Philippine Islands) were also bought up by investors before market close which also added a few points to lift our index,” Mr. De Celis added.
Wednesday, August 15, ALI rose 1.61% or 0.65 point to end P41.10 per share; AEV went up 1.74% or 1 point to P58.60 per share; while BPI finished 1.19% or 1.1 points to P93.5 apiece.
“Foreigners, however, sold P645 million worth of shares as Turkey refuses to follow the demands of US,” Mr. De Celis added.
Net foreign selling thinned to P645.47 million Wednesday, August 15, from Tuesday’s P1.47-billion outflow.
“We can assume that the PSEi’s close [Wednesday, August 15,] was forced up as investors try to find support above 7,500 which was also the support level earlier this year,” he added.
Counters were divided on Wednesday. Financials climbed 1% or 18.11 points to 1,820; industrials rose 0.58% or 63.58 points to 11,014.02; and holding firms edged up 0.05% or 4.33 points to 7,413.69.
Meanwhile, mining and oil slumped 1.54% or 155.55 points to 9,903.36; services dropped 0.32% or 4.84 points to 1,499.83; and property declined 0.06% or 2.21 points to 3,703.43.
Advancers outnumbered losers, 113 to 91, while 60 issues were unchanged.
Value turnover totaled P5.12 billion as 1.97 billion shares switched hands, down from Tuesday’s P5.31 billion. — Janina C. Lim with Reuters

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