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Order — not Haka— in the House

A SCREENGRAB of Hana-Rawhiti Maipi-Clarke of New Zealand’s Māori party beginning a soaring Haka during the session.

It was so bizarre and inane it could have been mistaken for a Babylon Bee article. Unfortunately, it did happen. As ABC News reported: “Māori lawmakers interrupted a New Zealand parliamentary vote with a Haka on Thursday to protest a proposed law that critics say would erode the land and cultural rights of Indigenous New Zealanders.

“When asked how her party’s representatives would vote during the session, Hana-Rawhiti Maipi-Clarke of New Zealand’s Māori party stood up and began a soaring Haka, a ceremonial Māori dance that demonstrates pride, strength and unity through a series of intricate movements and facial expressions. She ripped a copy of the bill in half as she did the Haka.

“About half of the lawmakers present, including members of the Labor and Green parties, joined in, along with members of the public seated in the gallery, their chants echoing through the chamber.” (“Māori lawmakers in New Zealand interrupt vote on controversial bill with Haka”; November 2024)

The issue behind this dramatic display? The need to legally define the principles of the 1840 Treaty of Waitangi, which came about ostensibly to redress the wrong done to the Māori by the colonizing British.

Unfortunately, the years have merely led to greater divisiveness as a result and the contested bill, introduced by the Act party led by David Seymour (himself of Māori heritage), was supposed to have the treaty interpreted equally regardless of race, and also more fairly through parliament rather than the courts.

In other words, Ms. Hana-Rawhiti Maipi-Clarke and others of her ilk are angered at the prospect that their privileged status was sought to be ended.

And why the privileged status brought by the Waitangi Treaty? Apparently because the Māori were oppressed, such oppression allegedly included stopping the Māori engaging in wars against other tribes where captured prisoners were chopped up, eaten, and later to become feces. Collecting the latter, such would then be sent back to the other tribes to tell them that their fellow tribesmen were turned into excrement.

The fact is, Māori “cannibalism lasted for several hundred years until the 1830s” until the British colonizers stopped the practice. There was also infanticide committed for the purpose of feeding the babies to warriors to make them stronger. (Horrid Practice: The Myth and Reality of Traditional Māori Cannibalism, by Paul Moon, 2008)

The point here is that the West is being demonized by media and the academe to portray the Māori as some sort of oppressed innocent people when they were in fact — like all peoples at a certain point in their history — as horrid and violent as the colonizers who defeated them. It just so happened the British were better at warfare.

In a Financial Times review (“A Splendid Exchange,” Aug. 9, 2008) on the book A Splendid Exchange: How Trade Has Shaped The World From Prehistory To The Present (by William Bernstein), Hugh Carnegy pointedly lays down this fact:

“What is striking is that for much of history, trade was built on conquest and often violently enforced monopolies — not least when Europeans were involved. The urge to ‘truck, barter and exchange,’ as Adam Smith described it, is all very well. But until recently, the much stronger urge was to grab and control by force the trade in goods needed either for basic economic and military needs or for the accumulation of wealth. Even what Bernstein calls the Pax Islamica — some seven centuries of Arab supremacy that established a settled and sophisticated trading empire from the east Mediterranean to the Far East — was built on naval supremacy and bold military action. This ended in 1498 when Vasco da Gama sailed round the southern tip of Africa to reopen European access to the Indian Ocean and beyond.”

In essence, “brutality was a vital element in the development of trade and the successive empires built upon it — Roman, Arab, Mongol, Spanish, Dutch, British — culminating in the 18th and 19th century slave trade. Equally compelling is the sheer doggedness, courage and skill that characterized the pioneers of trade.”

Western ideas and values were spread not only due to their superiority but because their advocates were simply more adept at organized violence. And violence, to reiterate, isn’t a behavior exhibited by the West isn’t alone — it was everyone. The West was just better at it. It is violence and greed, admittedly coupled with philosophy or altruism, that motivated much of history. A lot of other countries’ culture, history, or origins were brought about by systematized mayhem.

The Māori make much of their “warrior culture,” hence the Haka war dance. And they reportedly did commit one of the worst genocides in history against the Moriori tribe of the Chatham Islands. Surely, the Moriori descendants are due reparations as well?

The point is that affirmative action/minority reparation type policies should have been gotten rid of long ago. If history indicates that literally everyone is entitled to it, such should mean no one is.

 

Jemy Gatdula is a lawyer specializing in international economic law and the law of armed conflict, as well as constitutional philosophy and jurisprudence.

https://www.facebook.com/jigatdula/

Twitter  @jemygatdula

Elements of a smart onboarding process

Is there a connection between employee retention and the onboarding process? In other words, how do we determine the success of onboarding with employee motivation and their long-term commitment to the organization? — Light Bulb.

Your questions are better answered in a formal study by management academics and researchers covering time-tested best practices. However, with or without research, it’s easy to understand that an onboarding process must be formal, systematic, and well-planned by human resources (HR).

In addition, a formal onboarding system for new hires must include a follow-up session and a feedback mechanism with the help of a senpai-kohai system (explained below) to determine how effective it is in its objective of ensuring that new employees are constantly motivated to give their best in the long term.

So, what exactly is an ideal onboarding process for all organizations, regardless of their business, culture, and size? How can an onboarding (the old name is “employee orientation”) process increase employee engagement, invoke a sense of pride in new hires, and turn, improve the retention rate?

While the style differs from one organization to another, the onboarding system must be similar in coverage. One basic difference between a big organization and a small one is the amount spent in making the introduction worth the effort.

For example, some major organizations give away lots of corporate swag to every new employee, while small companies would be happy to offer coffee mugs, umbrellas, or desk calendars to their new hires.

While some HR managers consider the onboarding process as a major consideration in employee retention, others would simply treat it as trivial, or even too corny to bother with, until it is too late.

PROCESS
To make the onboarding process interesting for all stakeholders, it must be highly interactive, starting with the formal honorific appointment of a senpai or a senior member of the department who has the clout, experience, hierarchy, or length of service than the kohai or junior hires.

The senpai is the alter ego of HR and department heads.

The job of a senpai who is not the direct boss of a kohai is to offer friendship and guidance outside of the boss-subordinate work relations. To avoid any untoward issues, a senpai must be someone of the same gender as the kohai. The job of a senpai starts as soon as HR has completed the formal orientation process that includes the following basic elements:

One, a welcome ceremony by HR. This includes a pep talk by the chief executive officer and department heads to create the impression that the new hires are important to the organization. This is best done if HR can gather at least 10 new employees in the training room.

Otherwise, a one-on-one welcoming party may be conducted if there are no other new hires to be inducted in the following weeks. Part of the welcome program is a video presentation about the company, its history, its products, its industry, and the profile of its key management officials.

In addition, the program must include the corporate mission, vision, cultural values, and unwritten norms and behaviors, as well as the philosophy that guides all employees.

Two, organize a brief tour of the company facilities. The new workers need to be toured around the office building and its facilities, including the common areas like the medical clinic, locker rooms, cafeteria, and rest and recreational areas. This part makes them feel “at home.”

It is also another opportunity for the new hires to meet other key employees in those areas.

Three, require the completion of paperwork. The important documents to be completed include the distribution and acknowledgment receipt of the company’s Code of Conduct and the employment contract. Each welcome packet may include the annual report and some copies of the employee newsletter.

Other important documents to include in the packet are the worker’s enrollment in a health maintenance organization and enrollment in the ATM payroll system to avoid delay in the release of the first salary and other benefits. The new hire must also submit a birth certificate, marriage contract (if applicable), social security identification, and other requirements.

To avoid any missed signing opportunity, it is ideal for HR to have a checklist of what documents to accomplish with the new hires, so they become ready for the actual work itself and not allow such trivial issues to become a source of their early dissatisfaction.

OBJECTIVES
The objective of onboarding is to ensure an easy and positive assimilation process, giving the new hires every opportunity to affirm their commitment to the company, reduce their anxiety, understand expectations, and create a friendly work environment for everyone.

The onboarding is the accumulation process that assists the new hires, HR, and their department in adjusting to their jobs and instilling a long-term view beneficial to everyone. When done properly, it encourages pride, loyalty, and creates a family belongingness unique to that organization.

 

Have a free consultation with Rey Elbo on your people management issues. Write your concerns to elbonomics@gmail.com, Facebook, LinkedIn, X or via https://reyelbo.com.

Anonymity is guaranteed.

How PSEi member stocks performed — November 21, 2024

Here’s a quick glance at how PSEi stocks fared on Thursday, November 21, 2024.


Philippines improves in Global Knowledge Index

The Philippines went up nine places to 71st out of 141 countries in the 2024 edition of Global Knowledge Index (GKI) developed by the United Nations Development Programme – Regional Bureau for Arab States (UNDP RBAS) and the Mohammed bin Rashid Al Maktoum Knowledge Foundation (MBRF). The index serves as a reference tool to support knowledge-based development and to evaluate country-level performance across various knowledge sectors. In the latest edition, the country achieved a GKI score of 46.69 (out of 100 as highest possible score), but still below the world average of 47.83.

Philippines improves in Global Knowledge Index

Canada sending 300-member biz delegation to PHL in December

REUTERS

By Justine Irish D. Tabile, Reporter

A BUSINESS delegation from Canada consisting of 300 members is visiting the Philippines next month to explore collaborations in food security, clean technology, infrastructure, and information and communications technology (ICT), the Canadian embassy said.

At a briefing on Thursday, Senior Trade Commissioner Guy Boileau said that this will be the largest Trade Mission Canada has sent, dwarfing the contingents sent elsewhere to Asia.

“This is the biggest Team Canada Trade Mission that we have done. It is bigger than the delegations sent to Japan and Korea,” Mr. Boileau told reporters.

“It speaks to the interest of Canada at large in engaging with the Philippines,” he added.

He said potential investors are interested in the Philippines’ growing economy, English-speaking population, young demographics, and significant economic reforms.

“This is a great country that is seen increasingly as a hub in terms of servicing other countries in the region,” he said.

“This is also a country that is English speaking, so it makes things much easier. You also have a very young and very tech-savvy population, and those are elements that resonate when we talk to our companies,” he added.

He said the standout reforms are the amendments to the Public Service Act and Public-Private Partnership Code, the liberalization in key sectors such as renewable energy, and the passage of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE).

“Those are all very positive signals to international investors and exporters, including those in Canada, that at the end of the day are looking for a stable and predictable business environment,” he said.

“And what we have seen over the past few years is that the Philippines is indeed going in that direction. That’s quite interesting and promising for partnerships and collaboration,” he added.

The trade mission, which will run from Dec. 4 to 6, will also be attended by 20 industry associations, including the Business Council of Canada and the Canada-ASEAN Business Council.

“In addition to that, we have representation from most of our provinces and territories. In fact, we have a minister from the province of Alberta who is also joining the delegation,” he said.

“The delegation is (composed) of approximately 60% small and medium enterprises (SMEs) and 20% to 30% large Canadian companies. So this is really important because we know the importance that the Philippines attaches to supporting and scaling up SMEs,” he added.

The delegation will explore priority industries aligned with the objectives of the administration, such as food security, clean technology, infrastructure, and ICT.

“We have companies coming in from agro-industrial solutions and the process food and beverage as well. Within clean tech, we (have delegation members involved in) energy efficiency, water and wastewater management, decarbonization, carbon capture, and so on,” he said.

“The third priority sector is infrastructure. We know that this is very important for President Marcos. So we do have companies that are coming in from this sector specifically on master planning, engineering, and nuclear energy,” he added.

ICT will be represented by companies in the financial technology solutions, satellite communications, cybersecurity and artificial intelligence industries.

“Those are the four priority sectors of the Team Canada Trade Mission. We have other sectors that are also joining. We have companies in defense, aerospace and education,” he said.

The delegation will include Canadian companies that have not yet been significantly involved with the Philippines, he noted.

Mr. Boileau said that international trade plays a key role in the Canadian economy, which points to the importance of diversifying trade.

“When we talk about growth in the Canadian economy, we cannot talk about that without talking about international trade, and that includes the importance of trade diversification,” he said.

“We do know that over-concentration may not always be a good thing, so we do try to provide a platform and rules so that our companies can tap into as many global markets as possible,” he added.

He said negotiations for the ASEAN-Canada free trade agreement are currently ongoing and are set to be concluded next year.

“We have had several rounds of negotiations. Our leaders have committed to concluding those negotiations by the end of 2025,” he said.

Meanwhile, Andrew Green, political and public affairs counselor at the Canadian Embassy, said that the trade mission is part of Canada’s Indo-Pacific strategy declared two years ago.

“This trade mission is part of the Indo-Pacific strategy announced in 2022. So it is disconnected from what has happened in the electoral campaign in the States and the next administration,” he said.

“I would not link those two together. But certainly, a focused trade in the Indo-Pacific will help Canada balance against any particular disruptions around the international system,” he added.

PHL digital transformation gaining momentum — BMI

DICT

THE Philippine digital transformation is picking up steam, with substantial financial and telecommunication investments, Fitch Solutions unit BMI said.

“However, providing broadband connectivity to rural areas remains a challenge,” it said in a commentary on Thursday.

“Government initiatives are focused on addressing these gaps to improve financial inclusion and boost overall competitiveness in the digital economy.”

BMI said digital transformation efforts were fast-tracked following the approval of a $750-million World Bank loan for the Philippine Digital Infrastructure Project (PDIP) last week.

The project seeks to enhance e-government services, mobile payments, and digital infrastructure, adding to the ongoing investments outlined in the Philippine Development Plan (PDP) which aim to improve connectivity through fiber infrastructure investments.

“We expect the financial services sector to offer significant opportunities for fintech solutions as operators aim to expand their customer bases to include the unbanked population,” BMI said.

It said improving interoperability across mobile payment systems will drive development and increase access.

The share of online payments in the total volume of monthly retail transactions rose to 52.8% in 2023 from 42.1% in 2022, the Bangko Sentral ng Pilipinas reported. 

This was ahead of the central bank’s target of digitalizing 50% of retail payments by volume by the end of 2023.

The BSP said the volume of quick response person-to-merchant transactions rose 2,713.9% to 58.6 million in 2023.

“Operators such as Globe Telecom have proactively diversified their services through mobile payment platforms like GCash, directly capitalizing on the rise of digital payments,” BMI said.

It noted that consumers are increasingly adopting “digital payments for everyday use, presenting opportunities for digital transformation.”

However, BMI noted that wireline infrastructure rollout costs are relatively high due to the geographic layout of the Philippines, leaving those residing in rural areas with limited broadband connectivity.

“The government’s initial PDIP loan focuses on bridging the gap in areas where fiber is not available due to perceived low potential returns on investment,” BMI said.

BMI said data usage and mobile penetration continue to increase, creating a surge in demand for innovative digital solutions and the expansion of mobile payment platforms.

It said favorable regulatory policies and public investments seek to address the unbanked population and enhance financial inclusion.

“We forecast the usage and value of e-commerce and ICT services in this market to grow, with Globe reporting a 14% annual increase in corporate data revenue, reaching P15.5 billion in the first nine months of 2024,” BMI said. 

However, banks’ shift to digital platforms could expose them to cybersecurity threats, raising concerns about financial system stability, it said.

BMI also highlighted the need for micro, small and medium enterprises to adopt digitalization as “increased access to digital tools will boost their contribution to the economy.” — Aubrey Rose A. Inosante

‘Small quantity’ of vegetable imports under study

PHILIPPINE STAR/ WALTER BOLLOZOS

THE Department of Agriculture (DA) said on Thursday it is looking to import limited quantities of vegetables due to price rises following the consecutive typhoons that hit the country this month.

“We are seeing that we need to import a small quantity of white onions… carrots, tomatoes, and broccoli,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. told reporters on the sidelines of an event organized by the Philippine Chamber of Agriculture and Food, Inc.

Mr. Laurel, however, said the DA has yet to determine the specific volumes it will allow for import.

“There are no final figures yet. But it is being studied by the Bureau of Plant Industry (BPI),” he added.

Mr. Laurel has ordered the BPI and the High Value Crops office to monitor prices and supply of vegetables to aid in any decision to intervene in the market.

The DA said the increase in vegetable prices was caused by production losses after six consecutive typhoons hit key vegetable growing areas.

Among the affected areas were Nueva Vizcaya, Cagayan, Central Luzon, Quezon, Laguna, and Batangas.

Assistant Secretary and Spokesman Arnel V. de Mesa said vegetable imports typically service demand from the hotel and restaurant industry, while processed vegetables are brought in by food manufacturers.

According to DA price monitors in Metro Manila markets, as of Nov. 20, a kilogram of carrots sold for as much as P230, tomatoes P230, broccoli P470, and white onion P140.

A month earlier, carrots sold for as much as P160 per kilo, tomatoes P180, white onion at P140, and broccoli P570. — Adrian H. Halili

Hog growers see supply of pork building up for year-end holidays

REUTERS

By Adrian H. Halili, Reporter

HOG GROWERS said on Thursday that the supply of pork is building up and will be sufficient to meet demand for the year-end holidays.

“We are assuring our public that… we have enough supply of pork,” National Federation of Hog Farmers, Inc. Chairman Chester Warren Y. Tan told reporters on the sidelines of an event organized by the Philippine Chamber of Agriculture and Food, Inc.

He added that pork demand will be primarily serviced by domestic production, augmented by some imports.

Pork imports during the eight months to August amounted to 450,360 metric tons (MT), according to the Bureau of Animal Industry (BAI). Imports of pork made up 49.6% of all meat imports during the period.

“We made sure that in the past two or three months we were prepared for the incoming December season,” Mr. Tan said.

Mr. Tan said that the prevailing farmgate price for live hogs ranged from P185 to P198 per kilo liveweight. This should translate to about P300 to P340 per kilogram in public markets.

In Metro Manila, a kilo of pork belly (liempo) was fetched between P330 and P400 per kilo, while pork shoulder (kasim) sold for P280 to P360, according to the Department of Agriculture’s (DA) price monitors as of Nov. 20.

Mr. Tan added that growth in hog production has been slow in the past two years, as industry output remains dampened by African Swine Fever (ASF).

“But what’s important is that there has been an increase in population and production,” he added.

During the third quarter, hog production declined 8% to 414,610 MT, according to the Philippine Statistics Authority.

The Philippines has recently logged a resurgence of ASF cases starting August, prompting the government to fast-track its limited vaccine rollout to commercial and small growers.

The DA has said that the increase in ASF cases in recent months was due to rains and tropical cyclone activity, which may have circulated contaminated water to the farms.

“For the past years, farmers have learned to control ASF, we have guidelines on how to minimize, how to protect our farms. Of course, there is no 100% assurance,” Mr. Tan added.

As of Nov. 8, 102 municipalities across 20 provinces had active ASF cases, the BAI reported.

Southern Leyte port set for expansion

THE Philippine Ports Authority (PPA) said San Ricardo port in Southern Leyte will be expanded for P305.02 million.

In a notice posted on the PPA website, the regulator invited interested parties to participate in the bidding to expand San Ricardo port.

The port regulator said it will accept bids until Nov. 26.

The winning contractor must have undertaken a similar-sized contract and complete the San Ricardo expansion within 660 days.

The project covers the construction of a passenger terminal building, a port operations area, and installation of a roll-on, roll-off ramp, the PPA said.

The PPA has said that it is hoping to enhance, upgrade, and develop ports to improve their efficiency and capacity, while also preparing some ports to receive cruise ships.

For the year, PPA said it is expecting cargo volume growth of 7%.

Over the next four years, the PPA plans to allocate about P16 billion for infrastructure projects, including 14 flagship projects, which will undergo feasibility studies. — Ashley Erika O. Jose

Thai building material firm SHERA targets above 40% PHL market share

SHERA Public Co. Ltd., a Thai building material manufacturer, is hoping to increase its market share in the Philippines to over 40% next year by bringing new products to market and increasing its presence in the Visayas and Mindanao.

On the sidelines of the launch of the company’s FYBERTEC Technology, SHERA Philippines Country Head Thunnop Jumpasri said the company expects to end the year with 38% market share.

“We hope to increase maybe 2 or 3 percentage points more by expanding coverage in the Visayas and Mindanao,” Mr. Jumpasri told reporters on Thursday.

“Right now, we are already quite strong in Luzon. If we can (enter) more markets in the Visayas and Mindanao, overall market share will increase,” he added.

He said the company is looking to sell around 170,000 tons of fiber cement products this year.

“We are almost there. For next year, maybe we expect to grow by around 10% to 15% in terms of volume and revenue,” he said.

“The economy of the Philippines next year is still promising. And we have good potential to grow. I think that’s why we’re also very positive with the outlook,” he added. 

SHERA Philippines Marketing Manager Heherson Bala said that the company can increase its market share by introducing more products.

According to Mr. Bala, the FYBERTEC Technology used to develop SHERA Board Pro promises contractor savings of 20% on paint due to its smoother surface.

The company also introduced on Thursday its SHERA Gypsum Standard Board, SHERA Gypsum Moisture Resistant Board, and the Stone Plastic Composite Flooring Interior Floor.

MANUFACTURING PLANT
Mr. Jumpasri said that the company’s plant in Mabalacat, Pampanga, is 90% complete and is on track to start operations by the first quarter of next year.

“We got green-lane (permit approval status), which is why we can make it faster, allowing the plant to be finished one or two months earlier than planned,” he said.

“The initial plan is April or May … But all the civil work is finished, and we are now in the process of installing the machinery. I think it is more than 90% complete. So within the next two or three months it is going to be finished,” he added.

“For the first phase, I think we’re going to hire around 80 to 100 people. So that is for the first (production line),” he said.

Eventually, the company will hire “around 150 to 160 people in total,” he added.

He said that the majority of the plant’s production is for local consumption but noted that the company is considering exports as well.

“In the beginning, we will try to serve local demand first, and then maybe later we can produce more complex products,” he added.

For the first year, the plant will solely produce regular boards, moving on to boards suitable for walling and flooring by the second year, he said.

According to Shera Philippines Executive Vice-President for Marketing Veerasak Kittinantakool, the Philippines, unlike Thailand, is more into regular products.

“In Thailand, we have more complexity. So, in Thailand, we can have the business run on 50% regular products and 50% high-value products. In the Philippines, we rely more on regular products, which are at 70% right now,” Mr. Kittinantakool said.

“So, our plan is to keep promoting and put more variety of products in the Philippines. I think the most important thing is that we try to bring the new products to Philippine consumers and give them more choices for construction,” he added. — Justine Irish D. Tabile

Completion date set for NGCP Northern Mindanao substation

THE Energy Regulatory Commission (ERC) said it set a completion date of Jan. 31 for the National Grid Corp. of the Philippines’ (NGCP) P2.34-billion substation project in Northern Mindanao.

In a resolution issued on Thursday, the ERC said of the NGCP’s Laguindingan 230-kiloVolt (kV) Substation Project: “Failure to meet the deadline will subject NGCP to administrative penalties, as mandated by applicable laws and regulations.”

ERC Chairperson and Chief Executive Officer Monalisa C. Dimalanta said via Viber that the capital expenditure (capex) project is currently 85% complete based on NGCP monthly reports.

The grid operator filed the application for the transmission project in January 2021, Ms. Dimalanta said.

The ERC said that the project will address the overloading at Opol Substation, which serves as the main power supply for the Laguindingan area, and address the limitations of the Tagoloan Substation, where several components require upgrading due to low interrupting capacity.

The new transmission line is expected to improve the power supply for Misamis Oriental I Electric Cooperative and support the province’s domestic industrial zone Laguindingan Technopark with a high-power transmission corridor.

The ERC recently announced that it approved three NGCP capex transmission projects amounting to P38.09 billion.

It approved the development of the P17.09-billion Bolo-Balaoan 500-kV Transmission Line, P16.8-billion Northern Luzon 230-kV Loop, and P4.2-billion Nabas-Caticlan-Boracay Transmission projects. — Sheldeen Joy Talavera

Profit taking, weak peso drag PSEi to 6,800 level

REUTERS

PHILIPPINE STOCKS declined to the 6,800 level on Thursday as investors booked profits after the market’s four-day rally and as the peso weakened to P59 against the dollar.

The Philippine Stock Exchange index (PSEi) dropped 1.61% or 112.62 points to 6,863.01. The broader all-share index shed 0.98% or 38.02 points to 3,809.39.

The PSEi traded as high as 6,919.57 before dropping to the 6,800 level before the bell rang.

“The local market pulled back from its preceding four-day rally this Thursday as investors took profits. The peso’s weakness against the dollar weighed on the bourse,” Japhet Louis O. Tantiangco, a senior research analyst at Philstocks Financial, Inc., said in a Viber message.

The peso closed at P59 a dollar, weakening by nine centavos from its P58.91 close on Wednesday. It was the first time that the peso returned to the P59-a-dollar level since Oct. 17, 2022.

“Philippine shares finally succumbed to profit taking after successive sessions in the green, while Wall Street closed mixed as concerns over Nvidia’s earnings and escalating political tensions weighed on investor sentiment,” Luis A. Limlingan, head of sales at Regina Capital Development Corp., said in a Viber message.

Wall Street had a mixed result on Nov. 20. The Dow Jones Industrial Average index gained 0.32% or 139.53 points to 43,408.47; while the S&P 500 index added 0.0022% or 0.13 point to 5,917.11. The Nasdaq Composite index lost 0.11% or 21.33 points to 18,966.14.

Almost all of the market’s sectoral indexes closed lower. Holding firms lost 2.83% or 167.73 points to 5,758.98, while property declined 2.18% or 58.26 points to 2,603.25.

The industrial index fell 1.17% or 113.16 points to 9,497.64, while financials went down 1.13% or 26.17 points to 2,288.87. Mining and oil retreated 0.74% or 57.14 points to 7,656.05.

The service index bucked the trend, gaining 0.7% or 14.93 points to 2,135.50.

Value turnover grew to P5.64 billion covering 1.37 billion shares from P5.38 billion covering 731.77 million stocks on Wednesday.

Losers beat winners 111 to 86, while 57 stocks were unchanged.

Net foreign selling reached P480,563.13, a turnaround from the P82.21 million of net foreign buying on Wednesday. — Revin Mikhael D. Ochave