Peso weakens ahead of trading break

March 27, 2018 | 6:00 pm

The peso weakened against the dollar on Tuesday, March 27, in preparation of the market inflow on Wednesday.

The local currency ended Tuesday’s session at P52.32 versus the greenback, 11.5 centavos weaker than the P52.215-per-dollar finish on Monday.

The peso opened the session stronger at P52.15 against the dollar, while its best showing stood at P52.135. Its intraday low was at P52.33-per-greenback.

Dollars traded increased to $712.9 million from the $688.9 million traded on Monday.

A trader told BusinessWorld yesterday that he saw strong dollar demand late afternoon, dampening the local currency near its intraday low.

“I think the upsurge was due mostly on covering of sell flow tomorrow,” the trader said. “We are expecting large amount of inflow come tomorrow that’s why there’s short covering today.”

Meanwhile, Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, attributed the weak peso to the higher oil prices in the world market.

“Although the US dollar value dropped, it seems the downward pressure today came from the lingering tension in the Middle East, pushing the Brent higher,” he said in a text message.

According to a report from Reuters, the oil price rose on Monday, with the Brent crude futures opening above $70 per barrel for the first time since January.

The higher crude prices was due to the expectations that Saudi Arabia may continue the supply cut until 2019, and was also due to the concerns that the US may re-introduce sanctions against Iran. — Karl Angelo N. Vidal with Reuters

SEC approves San Miguel Pure Food’s name change

March 27, 2018 | 5:30 pm

San Miguel Pure Foods Company, Inc. (SMPF) said it has secured the Securities and Exchange Commission (SEC)’s approval to amend its name and primary purpose, among others, to reflect the consolidation of the San Miguel group’s traditional businesses.

In a disclosure to the stock exchange on Tuesday, March 27, SMPF said the SEC has approved the change of its corporate name to San Miguel Food and Beverage, Inc. on Mar. 23. This followed the approval of SMPF’s shareholders to change the company’s name and primary purpose to include its engagement in the alcoholic and non-alcoholic beverage business. — Arra B. Francia

PCCI calls for government to reconsider plan to shut down Boracay

March 27, 2018 | 5:25 pm

The Philippine Chamber of Commerce and Industry (PCCI) has called on the government to hear out stakeholders before finalizing its shutdown on Boracay establishments.

In a Tuesday statement, the largest umbrella group of businesses with about 35,000 members, said the total closure will be “detrimental to the local economy of Boracay and the entire Philippine tourism industry.”

“PCCI appeals that those who are compliant should not be punished and suffer the same fate as those who have short-circuited the environmental laws,” the group added. — Janina C. Lim

Stocks bounce back as investors hunt for bargains

March 27, 2018 | 5:15 pm

Shares bounced back past the 8,000 level on Tuesday, March 27, with investors going bargain hunting after the main index dipped below the record territories in previous weeks.

The 30-member Philippine Stock Exchange index recovered from a two-day slump, gaining 1.445 or 114.65 points to close at 8,047.03. The all-shares index also climbed 1.21% or 57.79 points to finish at 4,854.46.

“Valuations were likely the main driver of today’s rally since the index is already trading at historic lows in terms of P/E. Technical indicators also point to the index being oversold,” China Bank Securities, Corp. Research Director Garie G. Ouano said in a text message.

Regina Capital Development Corp. Managing Director Luis A. Limlingan also attributed the market’s increase to the performance of global markets on Monday.

“Philippine markets got a boost from US markets making a huge comeback to help it with an early window dressing,” Mr. Limlingan said in a mobile phone message.

The Dow Jones Industrial Average jumped 2.84% or 669.40 points to 24,202.60, while the S&P 500 index rallied 2.72% or 70.29 points to 2,658.55. The Nasdaq Composite index meanwhile closed 3.26% or 227.88 points higher to 7,220.54.

Fears on a looming trade war between the US and China have also started to ease, after the Chinese government said it is open to negotiate with the former. The Chinese government said on Monday that it will maintain trade negotiations and ease access to American businesses.

The local market will suspend its operations on Thursday and Friday, in line with the Lenten break. — Arra B. Francia

Government to auction off P325 billion worth of securities in second quarter

March 27, 2018 | 5:06 pm

The government is set to borrow P325 billion from the domestic capital market in the next quarter through government security auctions, the Bureau of the Treasury (BTr) announced on Tuesday, March 27.

In a memorandum posted on its Web site, the Treasury said it will auction off P195 billion of Treasury bills (T-bills) and P130 billion of Treasury bonds (T-bonds) in the second quarter of 2018.

The planned borrowing in the April-June period is higher than the P240 billion it offered in the first quarter and the P200 the Treasury placed on the auction block in the last quarter of 2017.

Treasury auctions will now be held twice a week in the second quarter, compared with the once-a-week offering in the January-March period. — Karl Angelo N. Vidal

Palace maintains conditions for resuming peace talks with rebels

March 27, 2018 | 5:03 pm

Malacañang on Tuesday, March 27, reiterated its conditions for the resumption of the peace talks with the Communist Party of the Philippines- New People’s Army (CPP-NPA).

“As before, we reiterate that there must be an enabling environment that must be present for the desired resumption of peace talks such as genuine sincerity on the part of the CPP-NPA-NDF. They must cease their hostilities against innocent civilians and government forces; end their extortion activities, violent streaks and wanton killings; lay down their arms and return to the fold of law and restart to live normal lives,” Presidential Spokesperson Herminio Harry L. Roque, Jr. said in a statement.

At least 61 congressmen backed the filing of House Resolution (HR) 1803 on March 22 urging President Rodrigo R. Duterte to resume peace negotiations with communist rebels.

The spokesman noted that even without the peace talks, “the government’s efforts at forging peace with communist rebels have been gaining ground, as evidenced by the surrender of NPA fighters.”

“Rest assured that the government will exhaust any and all means to achieve lasting peace towards unity and progress,” he added. — Arjay L. Balinbin

Sidebar | How about a yacht of your own?

March 27, 2018 | 4:06 pm

Continue

Grab to ‘find roles’ for over 500 Uber employees

March 27, 2018 | 2:58 pm

Grab said it will find roles for Uber employees in Southeast Asia following the upcoming integration of operations with the sale of Uber’s operations in the region to Grab.

“We understand it’s been an emotional and trying day for Uber’s employees in Southeast Asia. On the part of Grab, we are committed to try to find roles for over 500 Uber employees. In addition, we will find roles for their contract staff. We will be having conversations with all +500 employees on how they would fit into Grab. In the meantime, all Uber employees are on paid leave.

We have faith that many of Uber’s employees are as committed to improving the lives of people in Southeast Asia as we are. We look forward to welcoming them to the Grab family,” the company said in a statement.

On Monday, March 26, both firms announced that Uber has agreed to sell its Southeast Asian business to Grab. Uber will take a 27.5% stake in Grab and Uber CEO Dara Khosrowshahi will join Grab’s board. Grab was last valued at an estimated $6 billion. — Patrizia Paola C. Marcelo

MICC starts review of suspended mines

March 27, 2018 | 2:30 pm

THE REVIEW of 26 erring mines has begun, the Mining Industry Coordinating Committee (MICC) said over a year since the Department of Environment and Natural Resources (DENR) ordered them to be closed or suspended.

In a statement, MICC co-chair Department of Finance (DoF) said the three-month “fact-finding and science-based” review has started following a meeting on March 7.

Finance Secretary Bayani H. Agabin said they tapped 25 experts clustered into five groups to conduct the first phase of the review, addressing the legal, technical and environmental concerns from mining operations.

“When we were looking at this, we set the period for review for three months. But when the teams were formed, the concern, especially on the economic study, is that they will need the inputs from the technical, the legal and the environment,” Mr. Agabin was quoted in the statement as saying. — Elijah Joseph C. Tubayan

DoF expects remaining tax reform packages approved this year

March 27, 2018 | 2:14 pm

THE DEPARTMENT of Finance (DoF) is confident that Congress will stick to the planned 2018 approval of all of its succeeding tax reform proposals, following the filing of the corporate tax package last week.

“With the timely filing of the measure in the House, we are optimistic that this proposal, along with the remaining tax reform packages, would be approved by the Congress within the year,” Finance Secretary Carlos G. Dominguez III said in a statement on March 27.

House ways and means committee chairman Rep. Dakila Carlo E. Cua, along with Reps. Aurelio D. Gonzales, Jr., and Raneo E. Abu filed House Bill No. 7458 on March 21 before the session adjourned for a seven-week break.

The bill mainly proposed an annual 1% cut from 30% to 20% starting 2019, while removing tax incentives in areas not included in the Strategic Investment Priorities Plan (SIPP).

However, this was different from the conditional 1% cut per P26 billion collected from streamlining the tax perks that the DoF proposed to Congress last Jan. 16. — Elijah Joseph C. Tubayan

Palace: Classes, government work suspended tomorrow noon

March 27, 2018 | 1:30 pm

Work in government offices including government-owned and controlled corporations (GOCC) and local government units (LGUs), as well as classes in all public schools, state universities and colleges will be suspended on Wednesday, March 28, starting at 12 o’clock noon.

The Palace made this announcement in Memorandum Circular no. 43 issued by the Office of the President and signed by Executive Secretary Salvador C. Medialdea on Tuesday, March 27.

The purpose of the said work suspension, according to the memorandum, is to “enable government workers to prepare for their observance of Holy Thursday and Good Friday.”

“However, those government agencies whose functions involve law enforcement, response actions to disasters and calamities and/or performance of other vital services shall make available standby services or arrangements to meet any contingencies.”

Mr. Medialdea said “the suspension of work in other branches of government and independent bodies, as well as in private companies and offices is left to the sound discretion of their respective administrators.” — Arjay L. Balinbin

Learn about Philippine architecture with iMake History Fortress

March 27, 2018 | 12:00 pm

Brick on top of brick. It could describe the fortresses in Intramuros, or playing with LEGOs.

At the iMake History Fortress at Baluarte de Santa Barbara at Fort Santiago, you can enjoy both at the same time. Intramuros Administration, in collaboration with the Embassy of Denmark and Felta Multimedia, Inc., the exclusive partner of LEGO Education in the Philippines, turned what was once a dungeon for Filipino dissidents into a learning hub for architecture.

Using LEGOs, artists and students made scale models of exemplary Filipino‑Spanish buildings, some which were not able to stand the ravages of time. There are also examples of LEGO robotics, like a spinning windmill and a life‑sized Philippine eagle that can extend its seven‑foot wingspan. There’s also a hub where you can create LEGO buildings of your own, with sample patterns like the National Museum and the Manila Central Post Office.

Architecture students from the University of Santo Tomas won first place and most innovative at the iMake History Fortress Architecture Scale Model Competition, with their scale model of the Lourdes Church. Also known as the National Shrine of Our Lady of Lourdes, the original church structure that once housed two sculptures of the Virgin Mary was not able to withstand the bombings of Intramuros during World War II. Using the blueprints provided to them by Felta, UST students were able to make a 1:100 scale model of the old church structure. Their model, along the other top ten entries, will be on permanent display at lower floor of the iMake History Fortress.

“LEGO is a good tool for learning history and architecture,” said Emman Estevan, part of the UST team that created the Lourdes Church model, during an interview with SparkUp at the iMake History Fortress preview last March 19. “In other countries they’re already use LEGOs to visualize structures. Here in the Philippines it’s not being fully integrated in the architecture curriculum probably because LEGOs are expensive here.”

It took Estevan and his team a week of planning and a combined 48 hours of work to build the scale model. Then they had to make a two minute video to go with their work to submit to the contest. He looks forward to using LEGO again in future projects. “At first it was hard, but as we progressed we understood the pattern and it made it easier for us to work.”

LEGOs can be an important tool in learning architecture and architecture, said LEGO Education regional manager for Southeast Asia Brian Dam. “LEGO is a very good way of letting your creativity go and building things that you’ve seen in real life,” Dam told SparkUp. “I think combining that with the teaching of history is a strong combination.”

For the LEGO executive, creativity can save the world. “I believe that creativity is key and not to sound apocalyptic, but if we are to survive as a species we need to think creatively,” said Dam. “We have limited oil, we have limited resources in general so we need to be creative and find solutions to maintain and develop, otherwise it will go in another way that we don’t like.”