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Filipinos use BNPL services to manage budgets — study

ALMOST half or 40% of Filipinos use buy now, pay later (BNPL) services to manage their budgets, a survey by UnaCash showed.

An online survey of 115 individuals, which included UnaCash clients, users of other services, and non-users, showed that 49.6% of respondents heard of or used BNPL services, while 37.4% have heard about BNPL services but have not used it, the online loan app said in a statement on Tuesday.

In terms of familiarity with BNPL, 38% of the respondents said they think about using these services monthly, 29% said they plan to use them at least once every six months, while 26% intend to use them at least once a year.

The top reason cited by respondents for using BNPL at 37% was having an urgent need for a specific product without the availability of funds.

This was followed by having an even distribution of expenses in the long term (23%), BNPL’s simplicity and convenience (20%), the ability to purchase products without relying on future funds (13%), and the instant gratification of a high-value product (7%).

UnaCash said the results of its online survey showed an underlying interest in BNPL and its relevance in the market.

“Our findings highlight the calculated approach Filipinos take to manage their finances and practice good spending habits, and dispel the assumptions that BNPL is used for impulsive purchases. It also sheds light on the strategic adoption of BNPL among Filipino consumers, highlighting its role as a financial ally rather than a mere payment method,” UnaCash Product Head Erwin G. Ocampo said.

Meanwhile, 53.3% of respondents who first learned about BNPL services from the survey said they will consider using these on a monthly basis, while 26.7% said they intend to use them once every six months.

On the other hand, 13.3% said they would potentially use BNPL services once a year, while 6.7% did not show any interest.

Almost all or 93.3% of respondents in this category said they will use BNPL services for urgent purchases in case of insufficient funds, while 40% intend to tap them to acquire high-value items immediately without the need to save in advance.

“Despite having zero to limited experience in using this payment solution, 86.7% perceive BNPL as an effective budgeting tool,” UnaCash said.

“As BNPL continues to gain traction in the Philippines, it is clear that it can also be perceived as a safety net for unforeseen financial needs, aside from an effective planning and budgetary tool,” Mr. Ocampo added.

UnaCash added that the survey’s findings were in line with its internal data that showed customers belonging to a middle class are often in need of additional resources for purchases like smartphones (36%), appliances (30%), furniture (30%), and laptops (4%). — A.M.C. Sy

China needs a Green Marshall Plan for the Global South

FREEPIK

MONEY doesn’t just make returns. It builds alliances, too.

That was the thinking behind the Marshall Plan, the US aid package intended to restart shattered European economies in the aftermath of World War II. “If Europe fails to recover, the peoples of these countries might be driven to the philosophy of despair,” and return to totalitarianism, President Harry Truman told Congress in proposing the program.

The political effect of turning the continent’s war-ravaged economies into a prosperous, integrated group of US allies is hard to deny. Rich countries need to contemplate that as they raise barriers ever higher against Chinese clean technology. If Beijing is serious about building mutual alliances abroad, it will do everything it can to use its industrial and financial power to emulate Marshall’s example.

As in postwar Europe, much of the world right now is struggling to recover from crisis. Lower-income countries whose budgets were shattered by the COVID-19 pandemic have struggled to roll over their debts thanks to deteriorating government balance sheets. Emerging middle powers such as Egypt, Pakistan, and Bangladesh, heavily dependent on imported liquefied natural gas, have faced further problems as Russia’s invasion of Ukraine pushed prices out of their reach.

Meanwhile China — like the postwar US — emerged from the global crisis looking stronger than ever, with its economy about a third larger in real terms in 2023 than in 2019. Its current account surplus peaked at $460 billion in the third quarter of 2022, meaning foreign countries are sending more money for its goods and services than it’s sending back in return.

To balance out this surplus, Beijing has to invest more overseas — traditionally, by buying US Treasury bonds. Recently, however, the mix has shifted toward direct ownership of businesses. Over the past few years, outflows of foreign direct investment, or FDI, have been running ahead of inflows for the first time since the mid-2010s, when President Xi Jinping’s Belt and Road infrastructure program was in its first flush, and acquisitive conglomerates such as HNA Group Co. and Dalian Wanda Group went on a shopping spree for prestige assets.

The trend is only accelerating. Outbound FDI rose 19% in the first four months of 2024 relative to its level a year earlier, to more than 343 billion yuan ($47 billion), the Ministry of Commerce said last month.

With developed democracies casting a skeptical eye over Chinese businesses, more and more of this money is flowing into emerging economies. Europe and the US accounted for just $10.3 billion of a total $28.2 billion of Chinese FDI in electric vehicle manufacturing last year, according to Rhodium Group, a consultancy. Far larger shares went to Asia, Latin America, and North Africa, with Morocco alone receiving $6.3 billion.

EV manufacturers have been working on building new car plants in Mexico and Brazil, where State Power Investment Co. is adding to the 3.8 gigawatts of solar and wind farms it has operating.

All this spending represents a dramatic change for a country that was once the destination of others’ inward investment. China “appears to be undergoing a significant shift, from capital importer to capital exporter,” FDI Intelligence wrote last week.

There are many reasons to welcome such a shift.

China has built a clean-technology manufacturing sector that can go a long way toward getting the world to net-zero emissions. However, the two largest export markets, the US and Europe, are shunning this technology with tariffs and investigations into solar and wind exports and internet-connected cars. Poorer nations could provide an export market for the solar panels, rechargeable batteries, and EVs that rich countries appear to no longer want.

That’s not just a benefit to China. Developing countries need energy and capital to get richer, something China’s growth miracle amply demonstrates. By turning its current account surplus into investments in renewable power projects and EV plants, China can provide the fuel for other countries’ journeys to riches.

There are more strategic reasons for Beijing to favor such a policy. FDI is a potent form of soft power that often goes hand-in-hand with political hegemony. Just as a previous generation of foreign policy experts hoped that FDI in China would sway it toward a more democratic path, so Beijing may hope to build alliances with emerging economies through spending.

That’s going to be particularly important as China’s own growing wealth makes it look less and less like would-be allies in the Global South. The country may be just months away from joining the ranks of high-income nations, and meanwhile accounts for more than 40% of the world’s emissions.

If Beijing wants to maintain its diplomatic standing with low- and middle-income countries and not look like another heedless rich polluter, it will need to do everything it can to borrow from the altruistic legacy of the Marshall Plan.

BLOOMBERG OPINION

In a Greek jail, inmates find freedom in theater

KORYDALLOS PRISON, Greece — On a stifling summer evening, the actors took to the stage: a grassy courtyard enclosed by towering prison walls, topped with barbed wire and lit by a floodlight.

The performers were inmates at Greece’s maximum-security jail, and so was the audience. The play — ancient Greek tragedy Antigone, a story about free will, disobedience, and authority — spoke to their hearts. For a short hour, they felt free.

Dressed in cream-colored costumes, the men, aged between 24 and 63, had been practicing for this moment for months.

“Tomorrow is not a dead-end,” they shouted in chorus as they took a bow, hand in hand, in the final act.

For two dozen inmates, the theater workshop at Korydallos prison, a sprawling complex in an impoverished part of Athens, had been a respite from the mundane and often grueling routine of daily prison life and their crammed, rowdy cells.

“You forget you’re in prison,” said 37-year-old Konstantinos Bougiotis, who played King Creon, the antagonist.

“You stop being in this misery, looking only at bars and walls,” he said.

Every rehearsal was a taste of freedom, said another inmate, 54-year-old Dimitris Kavalos, who never imagined he could stand before his fellow inmates and read lines.

“I felt freedom in my soul,” Mr. Kavalos said.

Around 250 inmates have taken part in the prison’s workshop since it launched in 2016, and more than 1,800 have watched the shows. One man came back to take part in the performance despite being recently released so as not to disappoint the other inmates.

For this year’s play, director Aikaterini Papageorgiou said she was looking for something a person in confinement could identify with.

In Antigone, the most political of plays written by Greek tragedian Sophocles around 441 BC, the titular character disobeys her uncle, King Creon, to bury her brother, while grappling with life’s written and unwritten rules.

Even the more skeptical among the inmates were forced to tackle life’s big philosophical questions.

“In real life too, we put on a show,” Mr. Bougiotis said. “Life is theater too.”

Ms. Papageorgiou said directing the group through the toughest period of their life was a huge source of hope.

“For those of us who are not in this world, to see this fervor that their minds cannot be imprisoned even though their bodies are is very inspiring,” she said.

“It’s very hopeful for humankind, for its strength… and for redemption.” — Reuters

Philippines remains Asia’s laggard in competitiveness ranking

THE PHILIPPINES saw its ranking in an annual global competitiveness report remain unchanged and continued to be one of the laggards in the Asia-Pacific region amid a drop in business efficiency. Read the full story.

Philippines remains Asia's laggard in competitiveness ranking

Crypto startup funding overcomes blow-ups to reach $100 billion

MICHAEL FÖRTSCH-UNSPLASH

CRYPTO STARTUPS have drawn in roughly $100 billion of venture funding since the industry’s inception, after a recent pick-up in investment that coincided with a rally in Bitcoin and other major tokens.

Data collected by DeFiLlama suggest the crypto sector’s fundraising haul stands at $101 billion since 2014, while The Block Research has tallied more than $95 billion of cumulative investment starting from 2017.

Fundraising in the form of venture capital deals and token sales has been a major propellant of the crypto industry’s growth, but the billions of dollars poured into startups have produced decidedly mixed results for investors.

Traditional exits in the form of landmark acquisitions and public listings have “definitely taken longer than I think you normally expect from traditional VC,” said Paul Veradittakit, managing partner at Pantera Capital, the $4.7-billion crypto investment firm.

Coinbase Global, Inc.’s $86 billion direct listing on the Nasdaq in 2021 during the last crypto bull market is a notable exception, he added, but exits in general have been scarce, largely limited to a smattering of trade sales.

GIANT BLOW-UPS
Investors have also been scarred by outlandish blow-ups at once-vaunted crypto startups like Sam Bankman-Fried’s FTX and crypto lender BlockFi.

The likes of Tiger Global Management LLC and Temasek Holdings Pte have largely retreated from the sector since. Tiger Global notched just four crypto deals since the start of 2023, after an earlier flurry that saw the firm back dozens of startups, according to The Block Research data.

Temasek said last year it had no plans to invest in crypto exchanges after writing down a $275 million stake in FTX to zero. Temasek declined to comment further while Tiger Global didn’t immediately reply to a request for comment.

Fundraising by crypto startups dropped off sharply after the excesses of 2021 and 2022, in line with a broader decline in venture investment across fintech, which peaked at over $110 billion globally in 2021 alone.

TOKEN RETURNS
Helping to offset the challenges are tokens issued by startups, which venture capitalists often purchase as part of early-stage funding pacts. Typically listed on crypto exchanges, the tokens are another proxy for the value of projects.

Institutional backers that lost money on crypto bets did so because they arrived too late or were “lured into” investing in equity, according to Ray Hindi, chief executive officer of L1 Digital. “That was the wrong investment,” he said.

Tokens are a different story. While subject to certain lockups, sales of these volatile digital assets are often possible relatively swiftly and can generate short-term returns. Many large crypto venture outfits, such as Polychain Capital, have in-house funds to help manage the tokens amassed through investments.

Kinjal Shah, general partner at Blockchain Capital, is among those taking a more old-school approach. “The way that we really position investing is still oriented around a venture style return,” she said. “So still fund lifecycles of five to 10 years and really orienting around what can be accomplished in a decade.”

For some, liquid tokens can cut the return cycle for venture investors down from 5-10 years to as little as two, according to Richard Galvin, co-founder of Digital Asset Capital Management.

DEALMAKING
The Block Research data shows that Coinbase Ventures tops the charts with 443 investments or roughly 4% of all deals since 2017. Animoca Brands Corp. and Outlier Ventures Ltd. are in second and third spots respectively.

Crypto venture investment rose to $2.5 billion in the first quarter of this year, up from a recent low of $1.9 billion in the fourth quarter of 2023, according to PitchBook data. With that uptick came the return of eye-catching billion-dollar valuations for startups like Farcaster, Berachain and Hidden Road Partners.

Those investments came alongside a wider crypto rally, including a record of $73,798 for Bitcoin in March. The climb has stalled but some analysts expect fresh momentum and a wave of crypto-related initial public offerings (IPO).

As many as 15 crypto firms could go public, Matthew Kennedy, senior market strategist Renaissance Capital, said in a recent interview. In the Bitcoin mining sector, mergers and acquisition (M&A) activity has picked up, with Core Scientific, Inc. and Bitfarms Ltd. fielding takeover bids.

M&A and IPO activity will accelerate in the digital-asset industry as the sector matures, said Hoolie Tejwani, director of corporate development and ventures at Coinbase. “This activity has been held back by the lack of regulatory clarity, which we are fighting for in courts and in Congress,” Tejwani said.

L1 Digital’s Hindi remains circumspect, unconvinced that a trickle of deals will turn into a flood. “We’re talking about a few data points,” he said. “We’re not talking about a wave of M&A and there’s no reason to think that.” — Bloomberg News

Monde Nissin says new program to aid sari-sari stores, agri groups

MONDE Nissin Corp. and social enterprise group Hapinoy have entered into a yearlong partnership aimed at supporting sari-sari stores and agricultural groups, the listed company said on Tuesday.

The partnership will provide educational opportunities and capital grants through Monde Nissin’s Tulong Sulong livelihood program, the company said in an e-mailed statement.

On June 1, Monde Nissin and Hapinoy signed a memorandum of agreement for the program, which includes training for 40 existing sari-sari stores.

The initiative will establish new sari-sari stores that will be operated by five agricultural cooperatives and community organizations in Ilocos Norte, Ilocos Sur, Negros Region, and Davao Region, the company said.

“Sari-sari stores bridge gaps, ensuring that our products are readily available at the neighborhood level. Meanwhile, the agricultural sector plays a crucial role in producing the raw materials that make our products what they are today,” Monde Nissin Corporate and Government Affairs Head Maria Olive Y. Misa said.

For its part, Hapinoy will distribute learning modules on business and financial management and offer packages that include inventory grants, store merchandise, and marketing materials to beneficiary sari-sari stores.

It will also open the ground-up stores as avenues for new business ventures for selected multipurpose agricultural cooperatives.

“Under the Tulong Sulong campaign, Monde Nissin’s sari-sari store enablement program is a step towards the company’s north star advocacy of inclusive growth,” Monde Nissin said.

“Monde Nissin plans to launch more programs aimed at its ambition of improving the well-being of people and the planet through sustainable solutions for food security,” it added.

A global food and beverage company, some of Monde Nissin’s brands include Lucky Me! noodles, SkyFlakes crackers, Fita crackers, Monde baked goods, and Quorn meat alternative products.

The program is in line with the company’s 45th anniversary celebration.

Monde Nissin stocks fell by 2.32% or 24 centavos to P10.58 per share on Tuesday. — Revin Mikhael D. Ochave

NATO targets AI, robots and space tech in $1.1-B fund

JEZAEL MELGOZA-UNSPLASH

LONDON — A consortium of North Atlantic Treaty Organization (NATO) allies has confirmed the first tranche of companies awarded funding as part of the group’s one-billion euro ($1.1 billion) innovation fund.

The alliance unveiled the fund in the summer of 2022, months after the Russian invasion of Ukraine, promising to invest in technologies that would enhance its defenses. The fund is backed by 24 of NATO’s 32 member states, including Finland and Sweden, which joined the alliance earlier this year.

On Tuesday, the NATO Innovation Fund confirmed it had directly invested in four European tech companies, which it said would help address challenges in defense, security and resilience.

The body has allocated funding to Fractile AI (artificial intelligence), a London-based computer chipmaker aiming to make large language models like those that power ChatGPT run faster, as well as Germany’s ARX Robotics, which designs unmanned robots with functions ranging from heavy-lifting to surveillance.

The other two startups were British manufacturer iCOMAT, which makes lighter materials for vehicles, and Space Forge, a Welsh company that harnesses the conditions of space — such as microgravity and vacuum conditions — to build semiconductors in-orbit.

“Enabling access to strategic technologies is key to securing a safe and prosperous future for the alliance’s one billion citizens,” said Andrea Traversone, the fund’s managing partner.

The fund has also partnered with venture capital firms Alpine Space Ventures, OTB Ventures, Join Capital and Vsquared Ventures to support further investment in deep tech on the continent. — Reuters

Strengthening consumer trust: BSP’s new redress mechanism for electronic fund transfers in the Philippines

FREEPIK

The COVID-19 pandemic accelerated the adoption of digital payments in the Philippines, leading to a widespread preference for mobile wallets and card payments even as COVID-19 restrictions eased. With this shift, more Filipinos are increasingly concerned about the status of their fund transfers, particularly when their transactions encounter issues (i.e., whether their accounts have been credited correctly or if they will receive refunds).

To address these concerns, the Bangko Sentral ng Pilipinas (BSP) issued BSP Circular No. 1195 (Consumer Redress Mechanism Standards for Account-to-Account Electronic Fund Transfers under the National Retail Payment System Framework) on June 1, 2024 (Circular No. 1195). Circular No. 1195 aims to establish an effective consumer redress mechanism specifically for account-to-account electronic fund transfers (EFTs). BSP mandates that all supervised institutions offering EFTs provide timely consumer recourse mechanisms for issues raised by consumers, facilitated through their participation in the Automated Clearing House (ACH).

Circular No. 1195 applies to all Clearing Switch Operators (CSOs) and ACH participants involved in domestic EFTs, including Person-to-Person (P2P), Person-to-Merchant (P2M), and Person-to-Biller (P2B) payments. However, Circular No. 1195 does not cover disputes concerning the delivery of products or services linked to the payment transaction.

ACH is a multilateral agreement among ACH participants governing the clearing and settlement of payment orders for a specific payment stream. On the other hand, CSO refers to the party designated which provides clearing switch services by acting as the operator of a payment system to be used by the ACH participants in accordance with the guidelines and principles set forth in related ACH documents.

The institutions covered by Circular No. 1195 must adhere to the following BSP requirements:

a. Notification on EFTs. The National Retail Payment System (NRPS) framework, encompassing all retail payment-related activities, mechanisms, institutions and users, requires that the beneficiary’s account receive immediate credit within two to three seconds after the receiving financial institution (RFI) receives the clearing advice from the CSO. For batched EFTS the turnaround time for credit shall not exceed two hours or not later than the next settlement cycle for multiple settlement cycles.

The originating financial institution (OFI) should promptly notify the sender about the status of the EFT, while the RFI must inform the beneficiary once the funds have been credited to their account.

The notification should also clearly provide information that allows easy identification of the transaction using language that is easily understandable by consumers.

b. Return of Funds. For instant retail payments, such as those facilitated by InstaPay, refunds must be processed within one hour of receiving the sender’s instruction. This policy applies to transactions that are rejected, returned, and timed out.

Payments processed through batch clearing systems, like PESONet, and electronic payments settlement require refunds to be processed within two hours of receiving the settlement report from the CSO for rejected and returned transactions.

With respect to multiple-debit transactions and unsuccessful transactions due to OFI control lapses, funds debited from the sender’s account will be returned as follows:

1. Within one hour of receiving the sender’s instruction for instant payments; and,

2. Within two hours of receiving the settlement report from the CSO for batch clearing and settlement of payments.

However, it should be noted that the foregoing timeframes do not apply to unauthorized or erroneous transactions.

c. Collection and Return of EFT Fee. The BSP likewise requires that guidelines regarding fund transfer fees be clearly established in the ACH operating guidelines and effectively communicated to consumers.

When an EFT transaction warrants the return of collected fees to the sender, the OFI must adhere to the aforementioned timeframes. Additionally, senders are not responsible for fees related to unsuccessful transactions or EFTs that fail due to disruptions in the operations of either the CSO or ACH participants.

d. Disruption of Services and Operations. Circular No. 1195 requires CSOs and ACH participants to inform consumers about scheduled or unscheduled downtime, detailing the timing, method of notification, subsequent updates, and resolution of the downtime.

The responsibilities outlined in the ACH operating guidelines during disruptions that impact the efficient processing of EFTs are separate and additional to those stated in current BSP regulations governing disruptions in financial services and operations.

Covered institutions that violate the provisions of Circular No. 1195 may be held liable, along with their respective directors, officers, and/or employees, for both monetary and non-monetary sanctions. These sanctions may involve fines, imprisonment, or both, as well as the suspension or revocation of their authority to provide financial services and to settle through the Philippine Payment and Settlements System.

As covered institutions have until Dec. 31, 2024 to prepare the required resources for compliance with Circular No. 1195, its impact on electronic transactions in the Philippines remains to be observed. It is anticipated that Circular No. 1195 will foster trust and confidence in the utilization of digital payments.

The views and opinions expressed in this article are those of the author. This article is for general informational and educational purposes only and not offered as and does not constitute legal advice or legal opinion.

 

Alexandra Yvonne A. Orias is an associate of the Corporate and Special Projects Department of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW).

aaorias@accralaw.com

SSS begins sending members text reminders on late loan payments

THE SOCIAL Security System (SSS) last month began notifying its members via text message regarding late payments or past due on their short-term loans, it said on Tuesday.

“SSS will now regularly issue these messages to its loan borrowers, ensuring they are promptly reminded whenever they miss their loan payments or have loans that have remained unsettled after its maturity,” SSS Senior Vice-President for Lending and Asset Management Group Pedro T. Baoy said in a statement.

SSS members can log in to their My.SSS accounts to check if their approved loans have been fully settled to avoid accumulating penalties for late payments.

SSS began sending alerts through text as most members do not check their e-mail inboxes, Mr. Baoy said.

“We send loan billing statements to our member-borrowers through their registered e-mail address. However, unlike reading text messages, most members do not open their e-mail inboxes. Most of them carry their mobile phones wherever they go, so we saw text alerts as a great way to remind them,” he said.

“If they miss their loan payments, they will be charged a 1% monthly penalty on unpaid principal and interest until fully paid. If their loan remains unsettled for over five years, the incurred penalties will exceed the outstanding principal amount and interest. We do not want that to happen to our member-borrowers, so we are helping them avoid reaching that situation,” Mr. Baoy said.

Members can avail of the Consolidation of Past Due Short-Term Member Loans with Condonation of Penalty to manage their payments and avoid penalties, the SSS said.

Under the program, the SSS will combine the principal and interest of members’ past-due short-term loans into one consolidated loan, which they can settle via one-time payment or an installment plan. — AMCS

Inside Out 2 N. American box office debuts at $155 million 

IMDB

LOS ANGELES — Animated Pixar movie Inside Out 2 generated an estimated $155 million in US and Canadian ticket sales over the weekend, the year’s largest debut, according to estimates released on Sunday.

The Friday through Sunday tally topped the $82.5 million brought in by previous box office leader Dune: Part Two in March.

Walt Disney, which owns animation studio Pixar, said the movie in international markets brought in a global total of $295 million through Sunday.

The results provided a boost for theater owners, who have fewer movies to show this year because of delays caused by strikes in Hollywood last year.

Total US ticket sales through Sunday are running 24% behind the same point in 2023, Comscore said.

The last two Pixar releases, Elemental and Lightyear, had mediocre ticket sales. Three prior Pixar films were sent straight to streaming during the COVID-19 pandemic.

Inside Out 2 is a sequel to the 2015 hit about the inner workings of a young girl’s mind. In the second installment, lead character Riley has become a teenager and is grappling with new emotions including anxiety and envy.

The original Inside Out opened with about $90 million in its first weekend in the summer of 2015. — Reuters

Tourism contributed 8.6% to the economy in 2023, largest share since 2019

THE tourism industry accounted for 8.6% of gross domestic product (GDP) in 2023, up from 6.4% a year earlier, due to the post-pandemic reopening, the Philippine Statistics Agency (PSA) reported on Tuesday. Read the full story.

Tourism contributed 8.6% to the economy in 2023, largest share since 2019

IDC Prime signs joint venture for Palawan mixed-use project

REAL ESTATE developer Italpinas Development Corp. said its subsidiary IDC Prime, Inc. has entered into a joint venture agreement for the development of a mixed-use property in Palawan.

In a stock exchange disclosure, the company said IDC Prime agreed to enter into an unincorporated agreement with Edwin C. Fabro and Calvin Ryan O. Coherco, the owners of the land being developed by the company.

The company said IDC Prime intends to develop the area into a mixed-use condominium complex, while Italpinas Development will provide management and technical oversight. The project cost is valued at P2.81 billion.

“For the purpose of developing their property, consisting of 20,000 square meters, located at Mitra Road, Brgy. Sta. Monica, Puerto Princesa City, Palawan. The parties likewise entered into a Sales & Marketing Agreement for the Landowner’s share under the JVA,” Italpinas Development said in its regulatory filing.

The company said the agreement has already been approved by its board.

Further, the company said both the landowners will be entitled to 20% of the number of saleable units, while IDC will be entitled to the remaining 80%.

On Tuesday, shares in the company closed five centavos or 5.1% higher at P1.03 apiece. — Ashley Erika O. Jose

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