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ARMM youth agency brings play about the Bangsamoro to Manila

THEATER
Mas Mabigat Ang Liwanag Sa Kalungkitan
Presented by the UP Repertory Company and Ang Teatro ng Timog Silangang Asya
Sept. 15-17
Teatro Marikina, corner of Shoe Ave. and V. Gomez St., Barangay Sta. Elena, Marikina City

HOW DOES the conflict in the Bangsamoro shape the country’s history, and how does it affect the lives of the youth?

These are pressing questions given current conditions, and Rogelio Braga’s play, Mas Mabigat Ang Liwanag Sa Kalungkitan, seeks to help Filipinos figure out the answers for themselves, while helping them navigate the Bangsamoro’s history and their struggle for self-determination.

Liwanag revolves around Bangsamoro youth whose lives have been touched by conflict in different ways — some find love in unexpected places, some leave home in search of a better future, while some join revolutionary groups to carry on their people’s struggle.

The play, which was once staged in a limited run back in 2015, is now being brought back to the stage with the help of the Office on Bangsamoro Youth Affairs (OBYA). Members of the UP Repertory Company and Ang Teatro ng Timog Silangang Asya (ATISA) will breathe new life to Braga’s work, guided by the vision of award-winning actor and director Manuel Mesina III.

OBYA’s executive director, Amir Mawallil, says that mounting the play once again and making it available to a bigger audience has been a long time coming.

“We really believe in this story, because this is our story. It is about our own lives and struggle, and Ogie (Braga) tells it as it is. There is no agenda here other than the truth,” Mr. Mawallil said.

And Mr. Mawallil’s trust is far from misplaced. Mr. Braga has spent years doing research on the Bangsamoro and writing about what he has learned in the process. His voice has found an audience among those who seek honest and uncompromising storytelling when it comes to a narrative that is often oversimplified and misrepresented in Philippine discourse.

There will be an 8 p.m. show on Sept. 15, and 3 p.m. and 8 p.m. performances on Sept. 16 and 17. For ticket inquiries, text or call Michelle Timaan at 0916-398-1149.

Star Wars: Episode IX delayed after J.J. Abrams takes over

LOS ANGELES – Walt Disney Co. delayed the release of the ninth installment of the Star Wars saga to Dec. 20, 2019 after announcing on Tuesday the return of filmmaker J.J. Abrams to the franchise to write and direct the movie.

Disney pushed back Star Wars: Episode IX from its initial May 2019 release date after Abrams replaced filmmaker Colin Trevorrow, who parted ways with Disney last week citing differing creative visions with the studio.

Abrams launched Disney’s reboot of the Star Wars franchise with 2015’s box-office hit The Force Awakens, which reunited original 1977 stars Harrison Ford, Carrie Fisher, and Mark Hamill and introduced a new generation of characters. The film made more than $2 billion at the global box office.

“With The Force Awakens, J.J. delivered everything we could have possibly hoped for, and I am so excited that he is coming back to close out this trilogy,” Lucasfilm President Kathleen Kennedy said in a statement.

Episode IX faced creative challenges after the sudden death of Fisher, who plays the franchise’s Princess Leia, last year. Her character, now called General Leia Organa, has a central role in the upcoming December film Star Wars: The Last Jedi, the eighth installment in the saga written and directed by Rian Johnson.

Episode IX was the second Star Wars project to lose a director this year. Disney said in June that filmmakers Phil Lord and Christopher Miller had left the upcoming Han Solo Star Wars spin-off movie due to creative differences. They were replaced by Hollywood veteran Ron Howard, the Oscar-winning director of A Beautiful Mind.

Star Wars: Episode IX is part of Disney’s expanding slate of Star Wars films that continue George Lucas’ Skywalker saga as well as introducing standalone spin-off films set within the galaxy far, far away. – Reuters

UNAHCO says sales not affected by bird flu

UNIVET NUTRITION and Animal Healthcare Company, Inc. (UNAHCO), manufacturer and distributor of animal health and nutrition brands, said the avian influenza outbreak last month had no adverse impact on sales.

Di sya bumagsak,” UNAHCO Poultry Business Unit Chief Fe Marie Alejandre-Colico said on Thursday when asked on bird flu’s impact on poultry feeds sales.

She added that the firm’s Central Luzon operations are minimal.

UNAHCO President and Chief Operating Officer Ricardo C. Alba also noted poultry feeds make up a small share of the firm’s total feeds business.

“But rather than veering away from situation, talagang we were there,” Ms. Alejandre-Colico added.

The official said UNAHCO extended credit to affected farmers who use the firm’s feeds brand Sarimanok.

UNAHCO is the animal health and nutrition subsidiary of United Laboratories, Inc., the leading pharmaceutical company in the Philippines and in Southeast Asia.

UNAHCO manufacturers, markets, and distributes veterinary and feed products for swine, poultry, gamewfowl, ducks, quail, pigeons and dogs. — Janina C. Lim

Cityland tops off condominium project

CITYLAND Development Corp. has topped off the Pines Peak Tower II in Mandaluyong City last week, moving closer to the delivery of the property to its residents.

In a press release issued Thursday, the listed real estate firm said it conducted the topping off ceremony for the medium-sized condominium last Sept. 8.

Pines Peak Tower II is located along Union Corner Pines Street, Mandaluyong City. The 27-storey tower is strategically found near commercial centers like Shangri-La Mall, Robinson’s Place Pioneer, and SM Megamall. The property also provides easy access to transport, as it is a block away from EDSA, Shaw Boulevard, and Metro Rail Transit’s Boni Station.

The company targets families looking for affordable homes for the project, which have studio, one-bedroom and two-bedroom units.

The tower offers amenities such as a swimming pool, fitness gym, multi-purpose function room with movable playset, a viewing deck as well as round the clock security.

Earnings of Cityland attributable to the parent fell by 12% to P127 million for the second quarter of 2017, following revenues of P443 million for the period.

Shares in Cityland were unchanged at P1.57 each at the close of the stock exchange on Thursday. — Arra B. Francia

DA purges garlic importers’ list amid cartel investigation

THE Department of Agriculture (DA) has suspended the accreditation of 50 more garlic importers amid allegations of cartel-like behavior raised by a Senate investigation.

“I have issued a suspension order for another 50 based on the listing of the Department of Justice (DoJ) as a result of the investigation conducted by Senator (Cynthia A.) Villar. I have signed the suspension order,” Agriculture Secretary Emmanuel F. Piñol told reporters in Quezon City when asked for updates on the garlic cartel investigation.

“We have to ban them pending the results of the DoJ investigation and the filing of the cases. When they are exonerated, then we will also lift the ban,” said Mr. Piñol. 

The DA ordered last July the suspension of the accreditation of 43 importers for failing to ship 70,100 metric tons of garlic they were expected to import, contributing to a rise in domestic prices.

These importers allegedly brought in only 19,000 metric tons of garlic within the six months to June, the DA said.

In November, the DA revoked all sanitary and phytosanitary permits for the shipment of agricultural products in the process of validating its list of accredited importers, with the aim of weeding out “fictitious” entities.

Some 93% of domestic demand for garlic is met by imports from China and India. — Janina C. Lim

Packed with tourists, Ibiza struggles to house locals

IBIZA TOWN, Spain – Gabriel Alberto Andrade has lived in a van for a year, unable to pay for a home in Spain’s Ibiza where rental prices have shot up as mass tourism takes its toll on locals.

Known as much as a wild-party island as a place of tranquility with coves of turquoise blue water, Ibiza has increased in popularity over the years.

But behind the sea, sun, dancing, and yachts lurk a serious problem of tourism overcrowding that is preventing many locals from finding affordable accommodation.

“It’s not easy living in a van but rental prices are crazy, you just can’t pay them,” says Mr. Andrade, a 47-year-old Argentine who has lived in this part of the Balearic Islands since 2000, but was forced to move out of his home when he separated from his wife.

In his metallic blue van, he sleeps on a sofa-bed and makes meals on a small gas cooker. On the roof, solar panels provide him with electricity.

Just under a decade ago, he says he could rent a country house for just €400 ($470) a month. Now for that price, he would be reduced to sharing a room.

The number of tourists visiting Ibiza, a small island of just 142,000 inhabitants, has almost doubled from 1.7 million in 2010 to three million in 2016, according to the regional statistics institute.

This mirrors a similar trend in the rest of Spain, the world’s third tourism destination which close to 76 million people visited in 2016, although there are fears last month’s terror attacks in Barcelona and Cambrils may dampen their enthusiasm.

In Ibiza, high demand for accommodation prompted the appearance of scores of tourist rentals, most of them without a permit, provoking a rise in real-estate prices and making it hard to find a room for less than €600.

The citizens’ Platform of those Affected by Rental Prices in Ibiza has detailed the existence of countless abusive offers – €500 a month to live on a balcony, €300 for a mattress not including the bathroom, or €2,100 for a small caravan.

TROUBLE ATTRACTING WORKERS
With a salary of just €1,400 as a truck driver and vendor, Mr. Andrade chose to buy his van for €3,000.

Four caravans are parked next to his van in a wasteland, its occupants opting for a nomadic lifestyle due to high rental prices.

The situation gets even worse in high season, when the number of people on the island triples and temporary workers are needed in the tourism industry and other sectors, such as health services.

Such is the difficulty to find affordable housing that the Can Misses Hospital in Ibiza, the main one on the island, has rehabilitated an unused floor to provide accommodation for temporary workers.

Javier Segura, a 30-year-old microbiologist, arrived in June and was forced to stay there after an unsuccessful search for a flat.

“Some of the offers were rip-offs and others were really pricey… over €2,000 to €3,000,” he says.

“And the offers with accessible prices, between €1,000 and €2,000, were all taken.”

In an ironic twist, the tourism sector itself is finding it hard to find much-needed temporary workers if it doesn’t offer accommodation with the contract.

Years ago “in May, I would receive 10 to 12 CVs every day to come work in the summer, now just one or two come,” says Joan Riera, owner of the Can Alfredo rice restaurant in Ibiza Town, who has since opted to hire local personnel only.

REDUCING TOURISM
“We have perverted the system,” deplores Lucas Prats, president of an organization that promotes tourism.

Before there were “buildings dedicated to residential homes and those in tourism zones. Now everything is for tourism.”

As such, the regional parliament of the Balearic Islands has passed a law banning the use of apartments for tourists without a permit.

It also limits to just over 623,000 the number of visitors who can stay in hotels or legal rental accommodation in one go, and plans to reduce that figure to around 500,000.

The aim is to stop locals from turning against tourism, an important activity for an island that was once poor and relied solely on fishing and agriculture before turning into an attraction for visitors in the 1960s.

“In Ibiza there are no exceptions, we all live off tourism,” says Prats. – AFP

No relief for banks’ traders as bosses signal enduring client activity slump

WALL STREET executives had a worrisome message for investors this week: The lack of client activity that sunk trading results in the second quarter has continued.

JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. are seeing declines ranging from 15% to 20% in the third quarter from the same period a year ago, executives announced at an investor conference hosted by Barclays Plc in New York. Goldman Sachs Group Inc. didn’t put a number on its performance, even as co-President Harvey Schwartz lamented “a pretty challenging environment” for fixed-income, currency and commodities (FICC) trading.

“While the direction was not a surprise, we would argue the magnitude of the weakness was greater than expected,” Charles Peabody, an analyst at Compass Point, wrote in a note to clients Wednesday. “We would expect FICC trading revenues to be much weaker than equity trading.”

The biggest investment banks posted declines in trading revenue in the second quarter as asset managers waited to see if central banks would raise interest rates and President Donald Trump’s administration could enact any of its policy goals. Goldman Sachs posted its worst first-half trading results in the 11-year tenure of Chief Executive Officer Lloyd Blankfein.

JPMorgan’s trading revenue is on pace to drop about 20% in the current period from a year earlier, CEO Jamie Dimon said Tuesday at the conference. The projected decline would be JPMorgan’s worst for the July-through-September period since 2011, and is bigger than the 15% drop Citigroup and Bank of America have signaled.

Last year’s third quarter was “particularly good,” Dimon said. Back then, the firm posted $5.7 billion of markets revenue, a 33% increase driven by fixed-income desks.

Another trading decline may mean more job cuts in that business, which already faces pressure from the constant creep of automation. Client-facing roles in equities trading at the 12 biggest global investment banks dropped 2% from a year earlier at June 30, while staff in fixed-income trading fell 1%, according to data from industry analytics firm Coalition Development Ltd. That was the fifth-straight annual decline in front-office headcount for both businesses.

Even with another weak quarter, Goldman Sachs said it was moving to grow more in its fixed-income business after years of cutting. The bank said its lateral hires from other firms were double that of a year ago as it adds salespeople and staff in its European business.

The outlooks didn’t stop the big banks’ stocks from rallying. Shares of each of the four firms have climbed every day this week.

Citigroup Chief Financial Officer John Gerspach said trading has suffered as volatility remains “somewhat subdued.” Last year’s performance benefited from a boost in activity as clients wagered on the prospects for the US election, he said Monday.

This quarter, even mounting tensions with North Korea, two deadly US hurricanes and escalating political turmoil haven’t provided a comparable catalyst. The last three weeks of this month could swing the quarterly results, he said.

SEPTEMBER MATTERS
“For the whole third quarter you really don’t know what happens until you figure out what the operating environment is in September,” Gerspach said.

Citigroup reported $4.07 billion of trading revenue in the third quarter of last year, according to the company’s earnings supplement. A 15% drop would mean revenue of $3.46 billion, which would be the lowest quarterly figure since the final three months of 2015.

At Bank of America, CFO Paul Donofrio said that trading revenue will probably decline 15% from last year’s third quarter. He said on Tuesday that some company CEOs and treasurers the bank counts as clients are less optimistic than they were before the election. The Charlotte, North Carolina-based bank had trading revenue of $3.6 billion a year ago. — Bloomberg

Cebu gov’t assessing more alternate routes to Cebu City as it opens access from Compostela town

AN ALTERNATE road from Compostela town going to Cebu City — skipping Mandaue City and the towns of Consolacion and Liloan — has been opened by the Cebu provincial government as part of its Greenway Links Project intended to help decongest traffic in the Metro Cebu area. “It’s not (a) shorter distance but definitely, shorter travel time kay wa man tay maagian nga (as there is no heavy vehicular) traffic,” said Vice-Governor Agnes A. Magpale in a statement. She added that the alternate road would be especially useful when traffic gets really bad in Liloan, Consolacion, and Mandaue City. She cited that “with terrible traffic,” traversing the 35-kilometer existing highway, “it takes a Capitol employee three hours to get to the town.” Governor Hilario P. Davide III, for his part, said the Cebu City-Compostela alternate route is just a start. “We are still looking for alternate roads for motorists in other parts of Cebu who want to avoid traffic in the national highway,” Mr. Davide said.

Trump’s White House: a gift or a curse for TV comics?

LOS ANGELES — If you thought the election of Donald Trump has been a gift for comedians, think again.

Just as news media outlets struggle to keep pace with the controversies and personalities at Trump’s White House, comedy writers, producers, and talk show hosts have scrambled to process material that a year ago appeared to be a comedy gold mine, but which some no longer see as a laughing matter.

“People say, you comedians must be so happy about Trump,” said Miles Kahn, writer and producer on Samantha Bee’s Full Frontal television show on TBS, a unit of Time Warner, Inc.

“I don’t think any of us are. We’re scared. We get very anxious, we’re kept on edge and when you’re anxious it’s really hard to concentrate and write something funny,” Kahn said.

Full Frontal is competing on Sunday for a variety talk series Emmy — the highest awards in American television — in a tight race that includes late-night shows featuring Stephen Colbert, John Oliver, and Bill Maher, who all have relentlessly attacked Trump and his policies.

Asked about the plethora of Trump material, Bee told reporters last week, “As citizens, we would actually ask for less…. We have what we have, so we make what we can out of it.”

Colbert’s skewering of Trump sent ratings soaring for his The Late Show and helped win him the job of hosting Sunday’s prime time Emmy Awards show.

After its most-watched season in 23 years, sketch show Saturday Night Live, got 22 Emmy nominations. Melissa McCarthy’s impersonations of former White House press secretary Sean Spicer brought her a guest actress Emmy last Sunday, while Alec Baldwin’s take on Trump and Kate McKinnon’s spoofs of Trump aide Kellyanne Conway are in the race this weekend.

STILL A LAUGHING MATTER?
In a nation divided by the 2016 presidential election, comedy fills a vital role, even if laughter is sometimes being replaced by outrage, said Dannagal Young, associate professor of communications at the University of Delaware.

“Comedy has a history of making light of tragedy. A lot of people are looking to these shows to make sense of the political world, to find some kinship with other people watching and in recognizing the insanity for what it is,” Young said.

TV comics like Bee, Colbert, Oliver and Seth Myers, host of Late Night with Seth Meyers, have been so hard-hitting that their material sometimes “comes close to being didactic, and not cheerful,” Young said.

In August, Meyers called Trump a “lying racist.” In May, Colbert said Trump has “more people marching against (him) than cancer.”

Writers on topical shows are constantly being outpaced by news from the White House and Trump’s freewheeling Twitter habit.

“Pretty much on a weekly basis we are throwing out something that we wanted to talk about. After we have rehearsed the show and are in rewrite, we are constantly checking the news to make sure we are not missing anything,” said Kahn.

Meanwhile, shows like White House comedy series Veep, which is bidding for its a third Emmy, and nefarious Washington drama House of Cards, a contender for best drama series, are in danger of being sidelined.

Young questioned whether the once far-fetched premise of such TV shows is still compelling.

“I have been a huge fan of House of Cards, but I’ve not even started watching the new season because I don’t have room for the fictional version. I’m already overflowing with the real version,” she said. — Reuters

Demonstrating potential new medicine safety and efficacy

THE QUALITY, safety, and efficacy of medicines are primary to the drug discovery and development process. When a candidate medicine demonstrates promising results, its entire history from the early discovery to the development stage will be written in a 100,000-page report for regulatory review.

The lengthy report contains results and data analysis from the entire clinical development program, pre-clinical testing, and proposals for manufacturing and labeling. It also includes results of extensive studies that demonstrate the safety and efficacy of a potential medicine.

With understanding about diseases at the molecular level, potential new medicines go through the discovery process, which includes early phases of basic research, drug discovery, and pre-clinical stages.

The discovery process could take approximately three to six years of identifying an investigational drug and conducting initial laboratory tests. It involves identifying potential targets and eventually narrowing it to one lead compound, or a promising molecule that could influence the target and, potentially, become a medicine.

Another six to seven years are required for the next stage called the development process. Clinical trials are an integral part of the development process. These are conducted in three phases with specific purposes to help researchers answer particular questions on safety, efficacy, and the benefits and risks of the candidate medicine. It involves careful coordination in the various clinical trial sites and close monitoring of about 5,000 patients across the globe.

After hurdling the complex clinical trials stage, and when results indicate that a candidate medicine is both safe and effective, a biopharmaceutical company may now submit a new drug application (NDA) or biologics license application (BLA) to the regulatory agency requesting approval to market the drug.

Accelerating the availability of medicines to patients with serious diseases — or where there is an unmet medical need — is possible when the regulatory agency implements expedited approaches to accelerate the development and review of new medicines. The agency may grant a fast track, breakthrough therapy, accelerated approval, or priority review status to a medicine which meets its criteria.

A medicine under “fast track” status allows an expedited review of drugs that treat serious conditions and fulfill an unmet medical need. “Breakthrough therapy” status, on the other hand, provides for an expedited development and review of drugs that may demonstrate substantial improvement over available therapy.

“Accelerated approval” status gives accelerated approval for drugs that address a serious condition or fulfill an unmet medical need, based on a surrogate or an intermediate clinical endpoint.

“Priority review” status, meanwhile, accelerates regulatory agency evaluation of drugs that would have significant improvements in the safety or effectiveness of the treatment, diagnosis, or prevention of serious conditions.

The regulatory agency, on the other hand, reviews the report containing all the results of the studies with their own scientists, physicians and statisticians. They will weigh the benefits and risks of the potential medicine and decide whether to grant approval. They may also ask for additional data before granting approval or convene an independent expert advisory panel to further review the data submissions.

(For more information about R&D, read the “Biopharmaceutical Research and Development: The Process Behind New Medicines” on phrma.org.)

(To be continued)

Medicine Cabinet is a column of the Pharmaceutical and Healthcare Association of the Philippines (PHAP), representing the research-based medicines and vaccines sector in the country. The author is the executive director of PHAP. E-mail the author at medicinecabinet@phap.org.ph.

Captain picks

No eyebrows were raised when United States captain Steve Stricker last week chose Phil Mickelson to be one of his two at-large picks for the 2017 Presidents Cup. It didn’t matter that the 47-year-old veteran carried a spotty record for the season and finished 15th in points standings. As far as the skipper was concerned, the unique blend of leadership, commitment, and experience slated to be provided by the 42-time PGA Tour winner trumped perceived performance deficiencies.

All the same, Stricker couldn’t have been anything but pleased by Mickelson’s sixth-place finish at the Dell Technologies Championship the immediate past weekend. If nothing else, it underscored the strides the Hall of Famer had been making to a hitherto-iffy game. So previously mediocre was he that he actually wound up splitting with longtime caddie and close friend Bones Mackay in an effort to get something — anything — going.

For Stricker, it doesn’t hurt that Mickelson is beloved in the Tri-State Area, not to mention a member of the Liberty National Golf Club, where the Presidents Cup will be held late this month. As he noted in the formal presser of the biennial event, “The way the people have treated me and my family has been remarkable…To be able to play in the Metropolitan area, where the fans are so supportive, is exciting. And to do it in the golf course I love is just as meaningful.”

Significantly, Mickelson’s selection keeps alive his streak of appearances in the Presidents Cup since its inaugural in 1994. And while he will likely be less busy inside the ropes through his 12th tour of duty, he figures to be just as influential in the sidelines. Not for nothing has he invariably been viewed as the consummate teammate. “He adds so much to the team,” Stricker said. “Great in the team room, great in the golf course, and it would [have been] hard to imagine not having him on the team.” Simply put, his importance to the cause of the hosts cannot be understated. Whether as a player, or as a mentor, or as a de facto vice-captain, he’ll stand front and center for the red, white, and blue.

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is the Senior Vice-President and General Manager of Basic Energy Corp.

Stocks extend rally as market sentiment improves

THE Philippine Stock Exchange index (PSEi) rose on Thursday, tracking Wall Street to hit a record, reaffirming investor interest in local equities.

The bellwether index climbed 91.03 points or 1.13% to close at 8,144.91. This is a new record high for the PSEi, besting the 8,127.48 finish logged on April 10, 2015.

The all-shares index rose by 39.56 points or 0.82% to 4,815.91.

“Philippine stocks traded higher as it challenged the previous all-time closing high today. Investors are anticipating the approval of a revised tax reform to be passed in October,” Luis A. Limlingan, business development head at Regina Capital Development Corp., said on Thursday.

“US stocks closed slightly higher on Wednesday, notching another record high, as a gain in the energy sector offset losses in tech,” he said. “President [Donald J.] Trump’s push for bipartisan support on tax reform helped to support the greenback with some short covering on the dollar ahead of next week’s FOMC (Federal Open Market Committee) meeting and expected details of the shrinking of the balance sheet.”

Wall Street edged up to a record high on Wednesday. The Dow Jones Industrial Average rose 39.32 points or 0.18% to 22,158.18 The S&P 500 gained 1.89 points or 0.08% to 2,498.37, and the Nasdaq Composite added 5.91 points or 0.09% to 6,460.19.

Mr. Limlingan also told Reuters that “some investors are also hopeful that the Senate will pass the tax reform measures next month.”

The House passed the tax reform bill in May aimed at generating revenue to fund a multibillion-dollar infrastructure program key to the government’s economic agenda.

“It seems money is now coming back after the ghost month. But the volume is not significant, so it’s too early to say that this is sustainable,” Joseph Y. Roxas, president of Eagle Equities Inc. told Reuters.

Analysts say China’s “ghost season” stalls momentum in the markets as some Chinese investors reduce trading during this period.

All counters finished higher, with property stocks leading the charge as it logged a 68.32-point rise or 1.79% to 3,876.61.

Holding firms rose by 123.86 points or 1.56% to 8,042.56; mining and oil jumped 143.47 points or 1.02% to 14,088.15; services gained 4.59 points or 0.26% to 1,726.32; financials advanced by 4.37 points or 0.22% to 1,982.68; and industrials rose 16.55 points or 0.14% 11,292.04.

Value turnover dropped to P8.45 billion from Wednesday’s P12.88 billion, with 1.26 billion  shares changing hands.

Advancing stocks totaled 111, outpacing decliners at 85, while 62 issues finished unchanged.

Foreigners however sold their shareholdings, with net outflows logged at P99.81 million yesterday, a reversal of the P3.34-billion net inflow seen on Wednesday. — V.V. Saulon with Reuters