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Agri dep’t opens TienDA farmers’ market in Taguig

THE Department of Agriculture (DA) said it opened a direct-from-farmers store in Taguig City as part of continuing measures to offer low-cost farm products to the public.
The store, under the DA’s “TienDA Malasakit” brand, opened Sunday at Taguig Lakeshore Hall in Bicutan, in partnership with the city government.
Secretary Emmanuel F. Piño said at least 30 farmers and fishermen’s organizations will sell their products at farm gate prices, including tuna and other goods from General Santos City.
Tomato farmers from Kalayaan, Laguna plan to bring three tons of tomatoes to the Bicutan market, while shrimp of the vannamei variety will be sold by growers from all over the country, while Central Luzon tilapia suppliers and Pangasinan milkfish growers will also participate.
The National Food Authority (NFA) has allocated 1000 bags of rice to be sold at P27 per kilo while farmers from Central Luzon will sell well-milled rice at P39 per kilo.
In a social media post, Mr. Piñol said: “The program is expected to be replicated in other cities and towns in Metro Manila to stabilize the supply and prices of basic food commodities.”
The DA also operated a TienDA Malasakit Store in Muntinlupa last week. — Reicelene Joy N. Ignacio

BFAR orders tracking systems for all commercial fishing boats

THE Department of Agriculture (DA), through the Bureau of Fisheries and Aquatic Resources (BFAR), said all commercial fishing vessels are subject to government tracking and must have vessel monitoring measures (VMM) and electronic reporting systems (ERS).
In Administrative Order 260, series of 2018, the BFAR said all Philippine-flagged vessels allowed to operate in the high seas and those with access rights to fish in other countries’ exclusive economic zones should be VMM and ERS-compliant.
VMM logs the vessel’s position, course, and speed at any given time for the purpose of traceability and management of fisheries resources and fishing effort.
ERS, on the other hand, is a device used to transmit and record catch data to the BFAR near real time or simultaneous to transitions of location data.
The ERS must be able to transmit the following information: species of fish caught, volume caught, position of the vessel where the fish was caught, date and time, vessel activity, and port of origin and arrival.
Vessel operators will have access to the information generated by VMM and each will be issued a unique username and password by the BFAR.
All VMM systems are subject to certification by the BFAR. — Reicelene Joy N. Ignacio

OUTLIER: Now Corp. (NOW)

By Lourdes O. Pilar, Researcher
NEWS of telecommunications firm Now Corp.’s purchase of bid documents for the third player selection, followed by its decision to sue the National Telecommunications Commission (NTC) over the terms of reference sent its stock price moving last week.
Data from the Philippine Stock Exchange showed the Velarde-led firm trading P660.5-million worth of 119.9 million shares from Oct. 8-12, making it the tenth most actively traded stock last week.
On a week-on-week basis, its share price was down by 23.2% to P5.61 apiece last Friday from its closing price of P7.3 on Oct. 5. However, Now shares are still up by 96.8% year to date.
“Most of the activity came from when the news regarding the third telco bidding was released… More trading even came about when Now made headlines saying they were planning to sue the NTC for a supposed ‘money making scheme,’” said Regina Capital Development Corp. managing director Luis A. Limlingan.
“This news created a shift in sentiment, which added to the volatility of the stock,” he added.
Christopher Adrian T. San Pedro, certified securities representative at Unicapital Securities, Inc., concurred: “Investors sold on the news fearing that this move would delay the bidding process of the new major player, which is due on Nov. 7.”
In a statement last Tuesday, affiliate Now Telecom Company, Inc. said it filed the case against the NTC at the Manila Regional Trial Court (RTC) Branch 42, questioning certain items in the terms of reference for the new telco player such as the “(1) P700 million ‘participation security’; (2) P14 to P24 billion performance security; and (3) P10-million non-refundable appeal fee,” claiming these are barriers to entry and that the terms were changed without being disclosed during public hearings.
The company asked for a 20-day temporary restraining order (TRO), but was rejected by the RTC in an Oct. 12 order, saying that Now’s petition failed to meet the standards for issuing a TRO. Specifically, it failed to prove its “unmistakable right” to be protected by a TRO, the “urgent necessity for such relief, and the “serious damage” that will ensure if the order is not issued, adding that the performance security is “contingent” upon Now Telecom being declared the winning bidder.
Now Telecom had likewise sought a preliminary prohibitory injunction, which is scheduled for Oct. 23 and 24 this year.
Prior to filing a case versus the NTC, Now Telecom bought selection documents last Monday, firming up its interest to participate in the bidding.
The deadline for submission of bids is set to be on Nov. 7, and the awarding of the third telco before Christmas.
Regina Capital’s Mr. Limlingan gave Now’s support and resistance levels of P4.5 and P6, respectively.
For Unicapital’s Mr. San Pedro: “I expect the stock to maintain its volatility as it consolidates between a P4 support and P5.94 resistance in the short term.”
Now reported a P5.82 million net income in the first half of the year, 158% more than the P2.26 million in 2017’s comparable six months. The company likewise cited a 29% increase in its gross revenues to P87.38 million during the same period from P68.1 million.

Peso may weaken on Fed minutes

THE PESO may weaken against the dollar this week as likely hawkish hints from the minutes of the latest US Federal Reserve policy meeting may boost the greenback.
The local currency ended last week at P54.13 against the dollar, stronger than the P54.18-per-dollar finish last Thursday.
It also rose week-on-week from its P54.23 finish on Oct. 5.
A foreign exchange trader said the peso’s movement will be dependent on how the dollar will react to global equity markets this week.
“We’re not expecting huge data from the US, so it’s more of how the global equity market will move and how the dollar will react to that,” the trader said by phone.
The recent decline in stocks has yet to spread into foreign exchange markets, with currencies in emerging economies still appreciating and safe-haven currencies such as the yen and franc not budging significantly, according to a Reuters report.
Guian Angelo S. Dumalagan, market economist at Land Bank of the Philippines, said the dollar might remain strong this week as market players bet on hawkish hints from the Fed minutes.
“In the first three days of the week, the greenback might just move sideways with an upward bias,” Mr. Dumalagan said in an e-mail on Sunday, as potentially strong US data on building permits and retail may overshadow possibly softer reports on housing starts and industrial production.
“The excepts of the latest US monetary policy meeting are widely expected to affirm views of more US rate hikes ahead, despite lingering concerns on global trade,” Mr. Dumalagan added.
Meanwhile, possibly slower Chinese economic growth could “ignite fears of slowing global growth” which may prompt investors to flock to safer currencies such as the dollar and yen, he said.
This week, the trader expects the peso to move within P54 to P54.20, while Mr. Dumalagan gave a wider P54-P54.20 range. — K.A.N. Vidal

Shares seen sideways amid outflows, lack of leads

By Arra B. Francia, Reporter
SHARES are seen to trade sideways in the week ahead as the market tries to bounce back from this year’s record low, amid the continued outflow of foreign investors and lack of positive leads.
The bellwether Philippine Stock Exchange index (PSEi) climbed 1.74% or 120.39 points to close at 7,004.77 on Friday, recovering from Thursday’s plunge into the bourse’s record low finish of 6,884.38 for 2018. The main index joined the global equity sell-off last week, which showed the Dow Jones Industrial Average skidding to a eight-month low.
“Overall, our market performed better than the rest of the global markets… It could be because of the fact that western markets are coming off recent highs while our market has been taking a beating for most of the year,” Eagle Equities, Inc. Research Head Christopher John Mangun said in a weekly market note.
On a weekly basis, the index dropped 1% or 73 points, weighed down by holding firms, which dropped 2.2%, and financials, which was down 1.6%. Turnover inched up by a percent to P4.82 billion.
Foreign investors dumped more funds, with average net foreign outflows rising by four percent to average at P555 million per day last week.
“Friday’s rebound should see some follow-through support, which backs up our range-trading view on the market. The important thing to remember is surviving the volatility, until external anxieties ebb,” online brokerage 2TradeAsia.com said in a weekly market note.
The online brokerage noted that while inflation, the weaker peso, and higher interest rates are still “top-of-the-mind” for investors’ watch list, they should also look at economic growth.
“Despite recent downgrades from multilateral institutions (e.g. International Monetary Fund, World Bank), the fact exists they still see growth, albeit at a slower pace versus their earlier bullish tone at the start of the year,” 2TradeAsia.com said.
For Eagle Equities’ Mr. Mangun, the index’s performance this week will rely on foreign investors.
“The index is struggling to stay above 7,000 and local investors are doing their best to support this market. However, the bottom line is that we will not see any significant gains in this market until we see foreign outflows slow down,” Mr. Mangun said in a weekly market note.
Mr. Mangun mapped out two scenarios for the index in the week ahead, saying it could either move sideways and stay above the 7,000 level or fall and test the next support level of 6,800.
“Based on market sentiment, there is a stronger possibility of the latter scenario. Majority of investors will continue to stay on the sidelines while foreigners are dumping and let the market decide what it’s going to do. The result is lower trading volumes,” he explained.
2TradeAsia.com placed the market’s support at 6,900 to 7,000, while resistance could be from 7,200 to 7,250.

Kenya Hara on the design philosophy of Muji

ON OCT. 22, renowned Japanese graphic designer, curator, and board member of Japanese lifestyle brand MUJI, will visit the Philippines for the first time for a design talk at the De La Salle University Manila (DLSU).
The two-hour DLSU lecture, entitled “EMPTINESS — The Design Philosophy of MUJI,” is centered on the brand’s history and concept which is greatly influenced by the simplicity of Japanese design. Mujirushi Ryohin, MUJI for short, is known as a “no brand” company that offers simple yet quality everyday products. With the simplicity of its products, Mr. Hara explains how the philosophy of “emptiness” has inspired MUJI’s design which is loved around the world today.
In 2000, Mr. Hara produced an exhibition entitled RE DESIGN — Daily Products of the 21st Century where he gathered talented architects and designers and asked them to redesign ordinary things. This exhibition emphasized that astonishing design can be found in the context of the ordinary.
Through this exhibit, Mr. Hara was discovered by Ikko Tanaka, one of the founders and art director of MUJI and a famous graphic designer. In 2002, Mr. Hara became a member of MUJI’s advisory board and began acting as its art director. In MUJI today, Mr. Hara is responsible for the total art direction of the brand, its concept, advertisements, and he spearheads its design projects and exhibitions.
His work is deeply rooted in Japanese culture. His main works include the programs of the Opening and Ending Ceremony of the Nagano Winter Olympic Games and Expo in 2005. He produced exhibits in Paris, Milan, and Tokyo entitled Tokyo Fiber — Senseware in 2007 and 2009; and from 2008 through 2009, had an exhibit, Japan Car, in Paris and at the Science Museum in London in 2008-09, and a travelling exhibit entitled DESIGNING DESIGN Kenya Hara 2011 China Exhibition. He has also authored several books such as Designing Design, White, and Galapagos which was released last year.
Mr. Hara will share the concept behind the brand and his work for MUJI with students and the public on Oct. 22, 10 a.m., at the Teresa Yuchengco Auditorium. Admission is free at a first come first served basis. Interested participants must register at MUJI Philippines official Facebook Page at muji.ph. The first 300 participants of the lecture will receive a MUJI giveaway.
In the Philippines, MUJI is exclusively distributed by MUJI Philippines Corp., a member of SSI Group, Inc., with shops at Greenbelt 3, C1 Bonifacio High Street Central, Power Plant Mall, and Shangri-La Plaza East Wing.

Trade gap widens further

Trade gap widens further

How PSEi member stocks performed — October 12, 2018

Here’s a quick glance at how PSEi stocks fared on Friday, October 12, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — October 5-12, 2018

Detailed Sangley airport plan due by yearend

THE Department of Transportation (DoTr) said it will give the provincial government of Cavite until the end of the year to finalize its proposal to build an airport in Sangley Point, Cavite.
“Of course I will give them a deadline. I hope to have something before the end of the year,” Transportation Secretary Arthur P. Tugade told reporters recently. He did not say what will happen if the deadline is not met.
Mr. Tugade said despite having an unsolicited proposal from a private company to build a Sangley airport, the DoTr is required to prioritize a government-to-government deal.
Asked if the private proposal will be considered when the Cavite government fails to meet the deadline, he declined to answer other than to say “We’ll see.”
The Cavite government submitted in February a P552.018-billion proposal to develop an airport in the former US naval facility at Sangley Point, Cavite.
The project contains two phases, with the first segment at around P208.487 billion and the second segment around P343.531 billion.
Although the DoTr issued a no-objection clearance in July, it said the proposal still needs to be refined as the draft memorandum of agreement it was presented with has no details on obligations and responsibilities.
Transportation Undersecretary for Planning Ruben S. Reinoso, Jr. earlier said if the Cavite government wants to proceed with its plan, it has to do so independently and with no guarantee, subsidy or equity from the national government.
Going head-to-head with the Cavite government’s plan is a $12-billion unsolicited proposal from Sangley Airport Infrastructure Group, Inc. (SAIG), a consortium formed by Solar Group’s Wilson Y. Tieng and the SM Group’s Henry T. Sy, Sr.
SAIG, led by All-Asia Resources and Reclamation Corp. and Belle Corp., wants to develop an airport at a 2,500-hectare site in Sangley Point with a 50-year concession period. — Denise A. Valdez

Davao expecting visits from Singapore, Malaysia firms

DAVAO CITY — Business delegations from Singapore and Malaysia, two of the country’s major trading partners, are expected to visit Davao before the end of the year to scout for possible ventures within the city and other parts of Mindanao.
These trade missions come after a Mindanao group, led by Davao City Chamber of Commerce and Industry, Inc. President Arturo M. Milan, recently completed a three-day visit to the two countries to pitch investment prospects.
“They (business sectors of the two countries) have expressed interest, particularly in agriculture and tourism,” Mr. Milan told BusinessWorld.
Among the first to arrive are officials from five Malaysian companies to evaluate investment leads.
“They are eager to visit the city and see for themselves the progress that it has achieved,” he said.
Mr. Milan also said that the Mindanao business sector is positive that increased trade and investment activity with Malaysia will help sustain the direct air link between Davao City and Kuala Lumpur.
“Some Malaysian investors did not know that there is still a flight between Kuala Lumpur and Davao. So when they heard that the flight is still there, they expressed their interest to visit the city, either to look for potential investment ventures or as tourists,” he said.
Budget carrier AirAsia, which serves the Davao-KL route, decided to maintain the service at reduced frequency, after previously announcing plans to cancel it in August due to low passenger traffic.
Mr. Milan said the Singapore delegation is interested in sourcing fresh fruit from Mindanao, among others.
“Right now, what we need to solve is how we can ferry our fruits to them in a better way than the other countries,” he said.
Davao currently exports bananas and durian to Singapore.
Singapore was the Philippines’ top trading partner within the Association of Southeast Asian Nations (ASEAN) and is sixth overall with a total trade value of $5.18 billion, according to the first half report of the Philippine Statistics Authority. Exports to Singapore stood at $2.16 billion while imports were valued at $3.02 billion.
Malaysia, meanwhile, was fourth among ASEAN members and 10th overall with a total trade value of $2.73 billion. Exports were valued at $881 million and imports at $1.85 billion. — Carmelito Q. Francisco

Gov’t borrowing sharply higher after Samurai bond issue

GOVERNMENT borrowing more than doubled in August after tapping the yen bond market, the Bureau of the Treasury (BTr) said.
The government borrowed a total of P134.05 billion in August, up 118.64% from a year earlier.
Foreign-sourced debt grew fivefold to P75.85 billion, accounting for 56.58% of the overall borrowing portfolio for the month.
On Aug. 8 the government raised P74.04 billion in multi-tranche yen-denominated securities known as “Samurai bonds,” its first such issuance in eight years.
The government also borrowed P1.81 billion in program loans that month.
On the domestic front, the government borrowed a total of P58.20 billion in August, up about a fourth from a year earlier, reflecting the increase in Treasury bill issuance to P28.20 billion from P17.06 billion year earlier, while issues of longer-dated Treasury bonds were unchanged at P30 billion.
The government borrows funds to pay for public projects and programs beyond its ability to finance from the budget, after embarking on an aggressive spending program largely focused on infrastructure.
The government hopes to maintain a budget deficit of 3% of gross domestic product, a rule of thumb widely deemed to represent prudent deficit-spending levels.
In the eight months to August, overall gross borrowing rose 9.98% to P639.35 billion.
This is equivalent to 71.98% of the P888.23 billion programmed for borrowing this year.
Of the total, P254.75 billion was sourced from foreign lenders, up 64.74%, and accounting for 39.84% of the loan portfolio.
On the other hand, the government borrowed P384.56 billion from domestic creditors, down 9.86% from a year earlier. — Elijah Joseph C. Tubayan

Foreign minigrid firms express interest in rural projects

A FOREIGN GROUP engaged in rural electrification expects 16 of its members that participated in a matchmaking forum last month to invest in the installation of minigrids in the Philippines through partnerships with electric cooperatives.
Katarina Hasbani, vice-president of the Alliance for Rural Electrification (ARE), said members of the group are keen on deploying their technology and projects in the country.
“They have the industry expertise, technology know-how and project implementation experience. ARE members do not just bring electricity, but they also create revenue generation for local communities,” she said in a statement during the weekend.
The expected number of interested entities reflects the results of a post-event survey conducted by ARE, which co-organized the first Philippines Minigrid Business-to-Business Forum in Manila in September.
The three-day B2B forum was organized by the Department of Energy (DoE) with the support of the European Union (EU). The National Electrification Administration (NEA), which oversees the country’s 121 electric cooperatives, was among the supporting organizations.
More than 280 technology providers, project developers and investors from Asia, Europe and North America took part in the forum, which aimed to provide the foreign participants a platform to partner with electric cooperatives in bringing electricity to rural communities by building clean renewable energy minigrids.
Of the participants, about a hundred entered into at least 185 direct personal meetings on the final B2B matchmaking day, with almost 90 meetings leading to cooperation, the forum’s organizer said.
Among the forum participants were 60 representatives of the government and public sector, such as the NEA, National Power Corp. and the Energy Regulatory Commission, 50 from electric cooperatives in the Philippines and 25 investors, it added.
“The B2B forum is timely as the government of Philippines is targeting 100% electrification by 2020 using the least-costly and reliable energy technologies for the many unserved and underserved island grids in the country,” said DoE Undersecretary Jesus Cristino P. Posadas during the event. — Victor V. Saulon

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