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Exploring the Philippines’ fastest fixed networks

Photo from unsplash / frederikli

Digital transformation has enabled growth and development across industries globally. E-commerce platforms and online marketplaces have become essential in retail, digital features are added in banking and financing, and the workforce is going digital as well. Making all these possible is the internet, which has become more of a lifeline for both individuals and businesses at present. It is important, therefore, for internet service pro-viders (ISPs) to constantly deliver connectivity at reliable speeds and avoid as much interruption and outages as possible.

As of January 2024, according to global connectivity intelligence Ookla, the Philippines recorded an average fixed broadband upload speed of 93.05 megabits per second (Mbps) and a download speed of 93.31 Mbps in January 2024. This quite exceeds what online reference library DataReportal indicated (also citing data published by Ookla) as the expected internet speed of internet users in the Philippines at the start of 2024, which is 92.19 Mbps.

DataReportal added that Ookla’s data shows that fixed internet connection speeds in the Philippines increased by 10.71 Mbps, or by 13.1%, in the twelve months to the start of 2024.

However, the 2023 edition of the Worldwide Broadband Speed League by price comparison site Cable.co.uk ranked the Philippines 86th out of 220 countries and territories even as its average download speed improved by 11.76 Mbps to 43.36 Mbps. The said speed was found slower than the Asian average of 45.72 Mbps.

Ookla’s Speedtest Awards report for the Philippines show that among ISP, particularly in the fixed internet category, Converge ICT Solutions, Inc. (Converge) takes the lead for the third and fourth quarters of last year with a “Speed Score” of 123.18, followed by PLDT Home Fiber at 119.98, and Globe at 88.50.

To determine the fastest internet carriers, Ookla uses speed scores, which consider upload speeds (20% of the score) and download (80% of the score) speeds. These scores are calculated using a modified trimean, which combines speeds at the 10th percentile, 50th percentile (median), and 90th percentile. By prioritizing download and median speeds, Ookla aims to capture the daily user experience of these network providers.

Fixed networks, or fixed-line networks, is defined by Thomson Reuters as wired networks which are usually made of copper paired wires or fiber optic cables and are used for voice and data communications through which a user can make phone calls or connect to the internet.

During the last quarter of 2023, Converge solidified its position as the top fixed network in the country. With a speed score of 123.18, Converge achieved remarkable top download speed of 457.56 Mbps and top upload speed of 448.15 Mbps. It also scored trimean download and upload speeds of 123.36 Mbps and 122.46 Mbps, respectively.

Additionally, Converge was also awarded the best internet gaming experience, top-rated fixed network, and best video experience in the Philippines’ Speedtest Awards by Ookla.

According to Converge, which provides fiber optic speed internet services nationwide, its network spans 682,000 kilometers, making it the largest fiber network in the country with almost 7.9 million fiber ports, reaching two million residential subscribers in 2023.

Photo from unsplash / priscilladupreez

Meanwhile, PLDT’s Home Fiber delivered a Speed Score of 119.98, according to Ookla with top download and top upload speeds of 400.09 Mbps and 407.53 Mbps, respectively. Its trimean download speed is 120.28 Mbps, while its upload speed is 118.80 Mbps.

According to 2023 figures, PLDT’s fiber infrastructure has spanned over 1.1 million kilometers, while its total number of fiber ports rose to 6.15 million, covering over 18,000 barangays nationwide.

Another major telco player, Globe Telecom, Inc. (Globe) ranked third in Ookla’s Speedtest Awards rankings of top fixed networks, garnering a Speed Score if 88.50, with top download speed of 284.43 Mbps and top upload speed of 264.55 Mbps. Its trimean download and upload speeds are 89.40 Mbps and 84.91 Mbps, respectively.

Globe was also recently recognized for network reliability. A survey by intelligence firm Standard Insights Consumers’ Awards showed that Globe is a top choice, recognizing it as a leader in network reliability.

Improving internet services

Moving forward, the aforementioned ISPs aim to expand and develop more high-quality network solutions and services in the country.

Converge, for its part, aims to boost the digital landscape and global connectivity in the Philippines through investments. Such investments are expected to significantly enhance the country’s internet capacity, bandwidth, and network diversity.

Among these investments is the first trans-Pacific cable called the Bifrost Cable System, which connects Southeast Asia to the west coast of North America, and the SEA-H2X Submarine Cable System, that directly connect the Philippines to Hong Kong and Singapore, as well as Hong Kong to Singapore.

“As a company dedicated to digital transformation and providing world-class internet services, Converge reaffirms its commitment to serving the unserved and underserved, constantly expanding its fiber broadband backbone, and offering the fastest, most innovative, reliable, and value-for-money products and services,” Converge said in a statement.

PLDT is looking to expand its Gigabit Fiber plan to Cebu and Davao this year. With the growing digital landscape, customers will demand faster and more reliable internet connections, resulting in PLDT’s fiber plan becoming more mainstream in the years ahead.

“Gigabit Fiber… is a little bit more expensive than the average. That’s true. Like all new technologies and all the changes, it starts off in a certain segment. It is something that will start off in the premium segment, but we are looking forward to it over time, actually making its way to becoming a very mainstream product,” PLDT Senior Vice-President and Head of Consumer Business Jeremiah M. de la Cruz said.

Globe said it will further expand its broadband business, as it continues to ride a wave of remarkable growth in broadband revenues from the previous year. Its fiber broadband revenues increased by 18%, thanks to the rising demand for internet access in the country.

“We’re seeing an encouraging uptrend in our fiber broadband business, and our commitment to delivering exceptional service is stronger than ever,” Globe Telecom Vice-President and Head for Brand Management, Broadband Business Raymond Policarpio said in a media release.

“Our focus is not just on expanding our reach but also on acquiring quality subscribers who value longevity and reliability,” Mr. Policarpio said.

“This unlimited prepaid fiber service offers cost-effective options for superior connectivity, ensuring that high-speed internet is within everyone’s reach,” Globe added. — Angela Kiara S. Brillantes

Filipino calamansi farmers — a success story

About 25% of the Philippine workforce is employed in agriculture, yet it contributed less than 10% to GDP in 2022. Agriculture’s share in GDP is on a declining trend, from 9.7% in 2018 to 8.9% by 2022. How sad that the average age of a farmer is more than 60 years old, farmers’ children don’t go into farming anymore due to hard work and little pay.

But there are pockets of success in farming such as the MASIFAGCA Pangkabuhayan, Inc., a calamansi-producing farmer group from Nueva Ecija. Calamansi is a small citrus fruit native to the Philippines, with many uses (food, juice, cleaning agent and even as a mosquito repellant) and health benefits (boosts immune system, lowers cholesterol and stimulates growth).

It all started when calamansi farmers from Nueva Ecija became members of TSPI and its Palayan Program (TPP) in 2016. TSPI is a Christian microfinance nongovernment organization. TSPI offered access to farmer loans, microinsurance and social services and eventually connected the farmer group to Jollibee Food Corp., one of Asia’s largest fast-food companies. TSPI entered into a partnership with Jollibee Group Foundation to help small farmers through its farmer entrepreneurship program become agri-enterpreneurs, with MASIFAGCA its pilot project, enrolled as a fresh vegetable supplier.

How does it work? The Jollibee foundation teaches farmers proper production techniques and technical skills through training programs, seminars and by getting them to visit other farms. TSPI provides loans and teaches them the value of paying these on time. TSPI’s  Sambayanihan “Usapang Paglago” also influenced farmers to look up to God during trying times.

MASIFAGCA experienced different challenges including pre- and post-production management, marketing and natural calamities. Members struggled to sort and pack calamansi in their first delivery of 262 kilos of the produce in 2018 as part of its test marketing. The first delivery is usually a reason to celebrate, but it caused conflicts, leading some members to leave the group.  Fortunately, the group persevered and progressed in learning and improving their processes.

In 2019, a major setback occurred. Ants were found in delivered calamansi packs. The farmers thought some ants in food packs were acceptable, but were shocked when the deliveries were rejected, resulting in more than P100,000 in losses. They later tried to improve and strictly comply with Jollibee’s standards.

Through the pain, TSPI supported and prayed with the farmers. Policies and processes were strengthened. The farmers got a certification for good agriculture practices (GAP), continued marketing with Jollibee and were linked with other institutional buyers.

Then the coronavirus pandemic happened in early 2020. TSPI coordinated with Jollibee to accept MASIFAGCA deliveries to meet demand in Metro Manila. Monthly deliveries went up from an average of 5 tons of calamansi to about 8 tons, harvested from 300 trees per member, with a monthly average gross income of P600,000. At the height of the pandemic and against all odds, past due obligations with TSPI were fully paid.

MASIFAGCA has gone a long way from being farmers to being agripreneurs and even an award-winning group. It was a Bronze Awardee at the Jollibee Global Supplier Summit in 2021 and a Model GAP-certified calamansi farmer group. We hope to see the MASIFAGCA model replicated all over the country, not just with calamansi but with other produce. As consumers, let’s buy local and support our farmers.

What are the valuable lessons that made MASIFAGCA rise above the challenges?

Good governance and leadership to stand up for the group. A nurturing leadership with good governance best practices helped to attain unity among members and stay focused on the ultimate goal — to produce quality calamansi.

Determination and persistence. Each struggle and rejection became steppingstones. The “ant incident” was a “fail forward” lesson. Despite the challenges, they pressed on and didn’t give up.

Innovation and continuous education. The farmers were open to continuous education, whether formal or experiential. By attending seminars and visiting farms to gain confidence and share best practices, they developed good habits and discipline. TSPI has introduced digitalization, and they are trained to use an in-house mobile application platform.

The strong partnership and collaboration with Jollibee Foundation in teaching technical skills, while loans and transformational support from TSPI contributed to their success.   

Happy Women’s Month! Congratulations to the women leaders in this success story: Jollibee Foundation President Gisela Tionson, TSPI Executive Director Alice Cordero, TPP Business Manager Lorena Mandanas, MASIFAGCA President Emelita Macaso and Vice President Imee Patingo. Mabuhay!

The views expressed herein are her own and does not necessarily reflect the opinion of her office as well as FINEX.

 

Flor G. Tarriela is a former PNB chairman and now serves as a board adviser. A former Finance undersecretary, she is a lead independent director at Nickel Asia Corp., a director at LTG, Inc. and FINEX. A gardener and an environmentalist, she founded Flor’s Garden in Antipolo.

HR as gatekeeper against overstaffing

I was a job applicant for the post of human resources (HR) manager in a medium-sized company. After some pleasantries and harmless questions, the chief executive officer (CEO) asked: “What’s the most important part of the recruitment process?” I blurted out an uncertain answer — “the interview portion.” How would you answer that question? — Green Nomad.

The best answer is to determine, first and foremost, if there are compelling reasons why a certain job vacancy must be filled. Vetting the request for personnel is an important part of the recruitment process. No doubt about it. The HR manager must be there to challenge every bid to hire additional workers.

This can be done via interventions like promoting from within, multi-skilling, intra- or inter-department transfer, and equipping people with additional skills, among others. Doing more with fewer workers is the key to labor productivity.

The HR manager must not be a yes-person agreeing to all requisitions for additional manpower after the CEO clears it. It should be the other way around. All requests to fill a vacancy or create a new post must pass through HR before it goes to the CEO for approval.

Understanding this is more critical than knowing the ins and outs of the recruitment process. The HR manager must serve as gatekeeper to counter the tendency of department heads to build their empires, under the impression that having more workers makes them valuable or even indispensable to the organization.

RATIONALE
A job vacancy can only happen for two reasons. One, when an employee resigns, retires, dies or is dismissed. And two, when a new post is created or added as a result of expansion or restructuring resulting in the transfer of some employees to departments where they are best needed.

When a vacancy occurs due to one of these two events, the following questions must be asked by the HR manager: Why do we need a replacement? Can the tasks be distributed to the incumbents? If the job is not sensitive, can it be done by contractors? Can we hire temps to fill the gaps while we wait to stabilize your operations?

These are tricky questions. Many times, it can be a source of friction between HR and department heads. To avoid this, HR must formulate a clear-cut policy on how to proceed in hiring additional manpower. Of course, there are many alternatives to hiring regular workers or even temps. They include student-trainees who can be assigned to work on boring, but important tasks like encoding. You can even challenge these students to think of a better way of doing things.

This is also beneficial to those students who must perform at least 300 to 400 hours as on-the-job trainees. What’s important when hiring student-trainees is to pay them a reasonable allowance for their transport and meal expenses.

Another option is an apprenticeship program. Beneficiaries must complete at least three months of training in highly technical, vocational jobs. And they must be paid no less than 75% of the applicable minimum wage.

DRAWBACKS
Many HR managers and other managers don’t realize the disadvantages of hiring people from outside the company. In fact, they may simply ignore the risks in the hope that any problems can be cured in due time. On top of my list of such disadvantages are the following:

One, it’s costly to hire people from outside. The expenses include job ads if you want your announcement to reach as many people as possible. Other costs include onboarding and training programs.

Two, outsiders may not fit in. Many of them may take some time to acclimatize to the culture and values, the better to achieve teamwork in the workplace. In some cases, this means staying beyond the work hours (read: work without pay), as practiced by some Japanese companies.

Three, the risks of the outsider’s failure. Many times, the new worker can turn out to be less effective than what was promised in the curriculum vitae and job interviews. This happens when your interviews are unproductive.

Last, incumbents may sabotage the work of outsiders. Demoralized employees who do not get promoted may refuse to cooperate with the new workers.

I benefited from internal promotions during my corporate years. This explains my bias against external candidates. If there’s no choice, the only recourse is to weigh the advantages and disadvantages of hiring external candidates. At times, hiring from outside might be unavoidable.

 

Bring Rey Elbo’s leadership program called “Superior Supervision Subordinate” to your management team. Contact him on Facebook, Linked, X (Twitter) or e-mail elbonomics@gmail.com or via https://reyelbo.com

Property Guru unveils ESG category in 12th PHL property awards

PROPERTY TECHNOLOGY company PropertyGuru has introduced a new category, the environmental, social, and governance (ESG) developer, in its 12th edition of property awards in the Philippines, aimed at recognizing developers’ commitment to sustainability.

“A lot of developers are coming forward, sustainability is a priority,” PropertyGuru Asia Property Awards and Events’ General Manager Jules Kay said during a media launch.

“We’ve worked with a couple of ESG partners…, and they want to set new criteria and to split ESG into more measurable chunks,” he added.

The ESG developer category offers four awards: sustainable design, sustainable construction, energy efficiency, and social impact.

The other categories include developer awards, publisher’s choice award, best of the best awards, and design awards.

TAJARA Leisure & Hospitality Group, Inc. President and Chief Executive Officer (CEO) Cyndy Tan Jarabata said that the awarding body encompasses developers from Visayas and Mindanao.

The 12th PropertyGuru Philippines Property Awards is now open for entries from eligible developers and projects, as well as nominations from the public.

The submission of entries will close on June 14. Site inspections will be scheduled from July 1 to Aug. 9, while final judging will take place on Aug. 12.

The gala dinner will be held on Sept. 6, 2024, at the Shangri-La The Fort, Manila, and will also be livestreamed on their official social media accounts.

The panel of judges is chaired by Ms. Jarabata, Vice-Chairman Jaime A. Cura of RGV Group of Companies, and President & CEO Carlo Cordaro of Atelier A. ESCA, Inc. CEO Jean Jacquelyn De Castro and Vitamin B, Inc. Founder & CEO Michelle Barretto also join as judges.

Main award winners may qualify to compete for regional honors at the 19th PropertyGuru Asia Property Awards Grand Final in December 2024 in Bangkok, Thailand.

Robinsons Land Corp. won the best developer award in the previous PropertyGuru Philippines Awards. — Aubrey Rose A. Inosante

From cast to teens, Barbie film’s view on patriarchy resonated

RYAN GOSLING and Margot Robbie in a scene from Barbie. — IMDB

LOS ANGELES — Actor Simu Liu, who played one of the Kens in the Oscar-nominated Barbie movie, experienced a revelation when he first read the script and its commentary about the harm inflicted by patriarchy.

“We all like to think that we’re different, that we’re progressive,” Liu said in an interview with Reuters. “And then we read a scene that calls us out so fully and utterly, that I’m like, ‘Oh yeah, I’m part of the problem.’”

The Barbie movie, which will compete for best picture and other honors at Sunday’s Oscars, generated a chart-topping $1.4 billion at global box offices in 2023. Co-written by married couple Greta Gerwig and Noah Baumbach, it also changed some attitudes about men and women.

The film moves between Barbie Land, run by President Barbie and other female dolls, and the Real World — a patriarchy ruled by men who provide few opportunities to women.

Liu pointed to scenes in which the Kens try to impress the Barbies by playing Matchbox Twenty song “Push” on guitar while the women stare into their eyes. “I’ll play guitar at you,” Ryan Gosling’s Ken says to Margot Robbie’s Barbie.

“My mind instantly flashed to 19-year-old me in college,” Liu said of the scene. “Yeah, that’s definitely me.”

The actor said he felt the movie’s aim was to show that patriarchy “is just bad for everyone.”

“It affects men because it puts this weird shit in our minds about what we have to be and who we have to be,” he said. “And then, obviously, makes it really tough for women.”

Dr. Ellen Rome, head of adolescent medicine at Cleveland Clinic Children’s Hospital, sought reactions to the film from about 100 tweens, teens, and their parents who visited her clinic after the movie came out.

TEENS GET IT
Most of the kids “picked up on how normative society’s patriarchy is, and how it can negatively impact both women and men,” Rome said. “Kids at 11, 12, and 13 got this.”

Boys “saw and could pick up on how inappropriate it was to treat women as objects, or to make negative comments about them,” she said.

The boys also wanted a more empowered Ken, she said.

“That he was an accessory wasn’t lost on the boys,” Rome said. “They wanted Ken to be able to have his own agenda.”

Rome said she appreciated that the movie tackled mental health directly. The “stereotypical Barbie” played by Robbie dealt with depression and thoughts of death and worked her way through it.

“They did beautifully addressing the fact that mental health challenges can affect anybody, and that you can do a hero’s journey to face that depression and figure out how to empower yourself,” she said.

Rome did have some critiques. She said the movie showed little body diversity among the Barbies or the Kens. There were no Kens with obesity, for example.

And, the “weird Barbie” played by Kate McKinnon, “is valued but isolated,” Rome said.

Barbie maker Mattel Inc. said its consumer research showed that 87% viewed the Barbie brand as empowering for girls after the movie’s release, and 80% said the brand “showcased body diversity.”

One outside survey found the film altered some perceptions about men and women in the workplace.

Resume Builder, a website for job seekers, commissioned a poll of 300 Americans who had seen Barbie. Fifty-three percent of all viewers said the film improved their opinion of women in the workplace, and 63% of men said the film made them more aware of the partriarchy at work.

Actor Ariana Greenblatt, who played a Barbie-skeptical teen in the film, said girls have thanked her for putting a spotlight on the issues they face.

“I think people will look at things differently forever,” she said. “And that’s the coolest thing in the world. Hopefully we change the journey of society.” — Reuters

The fact-checkers were wrong: Vaccines can harm people

PHILIPPINE STAR/MIGUEL DE GUZMAN

In one recent episode of The View, Whoopi Goldberg tried defending the COVID-19 lockdowns and mandatory vaccination by saying that: “Maybe we’re lucky they [children] didn’t [die] because we kept them out of the places that they could get be sick.” But the guest, Dr. Phillip Calvin McGraw — better known by his stage name, Dr. Phil — would have none of such nonsense.

In as even a voice he could muster, the psychologist replied: “I’m saying it [children] was the safest group. They were the less vulnerable group, and they suffered [from measures] and will suffer more from the mismanagement of COVID than they will from the exposure to COVID. And that’s not an opinion. That’s a fact.”

And that’s when the audience broke into loud cheer.

That, in a snapshot, is the story of the entire lockdown fiasco, vaccine lie, and mask asininity.

Every new piece of evidence coming in merely confirms what sane people have been saying for three years — that more time was needed to reasonably prove the COVID vaccines were safe, that the vaccines likely had foreseeable adverse consequences, and that people should be allowed the freedom not to take it.

Thus, The Daily Wire reports, “a global study that looked at medical issues among nearly 100 million people who received the COVID vaccine found a higher-than-expected increase in neurological- and heart-related problems following the shot.” The study also “found a higher risk of myocarditis than was expected from mRNA vaccines made by Pfizer, BioNTech, and Moderna” and also “an increased risk of a type of blood clot in the brain in people who received viral-vector vaccines, such as the one developed by the University of Oxford and produced by AstraZeneca.”

Finally, “researchers also found a ‘significant increase’ in Guillain-Barre syndrome within the first 42 days of an initial AstraZeneca vaccine. Guillain-Barre syndrome is an autoimmune disorder where an immune system attacks its body’s nerves, according to the Mayo Clinic.” (“Largest COVID Vax Study to Date Finds Higher-Than-Expected Increase in Heart and Brain Issues Following Jab,” The Daily Wire, February 2024)

According to the Vigilant News Network or VVN1, the study — The Global Vaccine Data Network’s (GVDN) COVID Vaccine Safety study — was quite detailed as to pinpoint the effects per shot:

Moderna (1st/2nd Dose):

• Swelling of the brain and spinal cord: Almost four times (400%) increased risk (1st dose)

• Myocarditis: 3.48 times increased risk (1st dose)

• Pericarditis: 1.74 times increased risk (1st dose)

• Myocarditis: 6.1 times increased risk (2nd dose)

AstraZeneca:

• Blood clots: 3.23 times (320%) increased risk

• Guillain-Barré syndrome (could lead to paralysis): 2.49 times increased risk

• Pericarditis (3rd Dose): 6.91 times increased risk

Pfizer:1

• Myocarditis (1st Dose): 2.78 times increased risk

• Myocarditis (2nd Dose): 2.86 times increased risk

• Myocarditis (3rd Dose): 2.09 times increased risk

Moderna (Further doses beyond the first):

• Myocarditis from the 2nd shot: 6.1 times increased risk

• Pericarditis (4th Dose): 2.64 times increased risk

• Myocarditis from the 3rd Dose: 2.01 times increased risk

To reiterate, none of the claims made in this new study are new. But it does support previous findings consistently made from 2021. To take just one example — Inside Precision Medicine reported two years ago that “the risk of myocarditis from COVID-19 vaccination was higher in males and increased with the number of vaccinations and boosters that people received” and that “there have been worldwide reports of cases of myocarditis/pericarditis after mRNA-based COVID-19 vaccines (Pfizer-BioNTech and Moderna), especially among younger male persons zero to seven days after they received dose two. Data is just starting to be gathered about the incidence of myocarditis/pericarditis after booster doses.”2

Hence why it is strongly reiterated here in the Philippines that RA 11525 provides compensation for any person “inoculated through the COVID-19 Vaccination Program” who because of it suffered “severe adverse effects” including “death, permanent disability or hospital confinement.” The law set aside P500 million for this purpose.

Furthermore, it is not true (as is widely reported in media) that “public officials and employees, contractors, manufacturers, volunteers, and representatives of duly authorized private entities” are free from liability and cannot be sued for actions in relation to the “administration or use of a COVID-19 vaccine.” RA 11525 actually provides that they can be sued and held liable if proven that they acted with “willful misconduct and gross negligence” in using or administering COVID vaccines.

Filipinos (or their family members) that suffered serious adverse effects arising from COVID vaccination should document their experiences and claim government compensation, and, more importantly (as provided by law), prosecute and hold accountable those that forced or misled people into talking vaccines.

And that liability should definitely include so-called “fact checkers” and all those that suppressed articles or information that questioned the crack-brained mandatory vaccination policy.

1“Largest COVID Vaccine Study Ever Reveals Bad News,” VNN, February 2024, citing “COVID-19 vaccines and adverse events of special interest: A multinational Global Vaccine Data Network (GVDN) cohort study of 99 million vaccinated individuals,” Faksova, et al., February 2024.

2“Risk of Myocarditis after COVID-19 Vaccine Rises with Number of Shots,” Inside Precision Medicine, October 2022; citing “Incidence of Myocarditis/Pericarditis Following mRNA COVID-19 Vaccination Among Children and Younger Adults in the United States,” Goddard, et al., October 2022.

The views expressed here are his own and not necessarily those of the institutions to which he belongs.

 

Jemy Gatdula read international law at the University of Cambridge. He is the dean of the Institute of Law of the University of Asia and the Pacific, and is a Philippine Judicial Academy lecturer for constitutional philosophy and jurisprudence.

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

Twitter  @jemygatdula

Manila tops 100-city Prime International Residential Index

Manila led the latest edition of the 100-city Prime International Residential Index (PIRI 100) published in The Wealth Report 2024 by real estate consultancy Knight Frank. The Philippine capital’s prices of luxury residences rose by 26.3% last year. It was higher than 3.8% average price pickup in the Asia-Pacific region, as well as the global increase of 3.1% in 2023.

 

Manila tops 100-city Prime International Residential Index

How PSEi member stocks performed — March 7, 2024

Here’s a quick glance at how PSEi stocks fared on Thursday, March 7, 2024.

Amaia revolutionizes living with the launch of Amaia Home Solutions in Scapes Bulacan Sector 3C

Amaia Land stands out as a leading developer of innovative residential solutions.

Amaia Land stands out as a leading developer of innovative residential solutions within Ayala Land’s residential business group as it is set to unveil a groundbreaking advancement in modern living with the introduction of Home Solutions in Amaia Scapes Bulacan Sector 3C.

Home Solutions promises to revolutionize the daily living experience. These innovative household functions are meticulously designed to elevate efficiency and convenience through the seamless integration of technology and the internet.

The Centralized Control System ensures effortless management of various home functions, while features such as the in-wall outlet with USB ports, outdoor CCTV, Smart Door Lock, Smart Light Switch, and Smart Smoke Sensor contribute to creating a sophisticated and secure living environment. These features are available in the Single Home 60 house model unit in Amaia Scapes Bulacan Sector 3C.

Beyond innovation, Home Solutions also prioritizes sustainability. This incorporates eco-friendly features, including heat-reflective roofs and light-colored facades that minimize ultraviolet emissions. Adequate number of windows foster natural ventilation for a healthier indoor environment, while the inclusion of patio greens helps to create a lush and cool atmosphere.

Amaia Land is dedicated to creating homes that harmonize technology, convenience, and sustainability. As the future unfolds, Amaia Land continues to lead the way in revolutionizing the real estate landscape.

 

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ECB keeps rates on hold but acknowledges some inflation cooling

BW FILE PHOTO

FRANKFURT – The European Central Bank left interest rates unchanged as expected on Thursday but acknowledged that inflation is easing faster than once thought, potentially opening the way for rate cuts later this year.

The ECB has held borrowing costs at record highs since September and has so far batted back any call for a rate cut, even if policymakers are now openly acknowledging that such a move is coming and only the timing is up for debate.

“Inflation (projections have) been revised down, in particular for 2024 which mainly reflects a lower contribution from energy prices,” the ECB said in a statement.

The more benign outlook comes as the bank lowered its inflation projections for the second consecutive quarter, putting price growth at 2.3% this year and at its 2% target next year.

Inflation has been on a downward trend for months as energy prices dip and the 20-country euro zone economy stagnates for the second year in a row.

But underlying price pressures, particularly from wages in the bloc’s vast services sector, remain uncomfortably high, raising the risk that price trends could reverse.

That is why the ECB has insisted that rate cuts will only come once the bank is sure that wage restraint is becoming established and the inflation slowdown is durable.

“Although most measures of underlying inflation have eased further, domestic price pressures remain high, in part owing to strong growth in wages,” the bank added.

Investors see a total three or four rate cuts this year with the first move in June, taking the 4% deposit rate down to 3.25% or 3% by December.

While only a few policymakers have discussed specific dates for a first rate cut, several have mentioned June and others have said any move should come only after crucial wage data becomes available in May.

Attention now turns to ECB President Christine Lagarde’s 1345 GMT press conference, where she will be quizzed about the timeline of ECB policy moves and the triggers for action. – Reuters

Yen fired up by speculation of March BOJ policy shift

JUN RONG LOO-UNSPLASH

LONDON – The yen was set for its biggest daily rally versus the dollar this year on Thursday, driven by growing speculation that the Bank of Japan could finally raise rates this month, while the euro steadied ahead of a European Central Bank meeting.

The Japanese currency JPY=EBS rallied by as much as 1.2% against the dollar, the most in a day since mid-December, and made gains against the euro EURJPY=EBS and sterling GBPJPY=.

The euro was last 1.1% lower at 161.04 yen, while the pound fell 0.9% to 188.51 yen.

BOJ board member Junko Nakagawa said on Thursday Japan’s economy was moving steadily towards sustainably achieving the central bank’s 2% inflation target.

Her comments come one day after Jiji news agency reported that at least one of the central bank’s nine board members is likely to say that removing negative interest rates would be reasonable at this month’s policy meeting.

The yen has gained nearly 1.8% in the last three trading days alone, thanks also to data that has shown inflation, and specifically wage inflation, continues to pick up in Japan.

“The market, over the last couple of days, has started to buy into the idea that the BOJ are probably quite close to getting rid of negative rates and that could actually come as soon as two weeks‘ time,” Pepperstone strategist Michael Brown said.

“There seem to be a number of jigsaw pieces that the BOJ want to see in order to deliver that hike – and we’re only talking about a 10-basis point hike, but it’s significant nonetheless – it seems like everything is starting to fall into place,” he said.

The yen has been under pressure for most of the past two years because of the gap between sub-zero Japanese interest rates and a global rise in rates, as other major central banks aggressively hiked interest rates to tame inflation.

A move by the BOJ away from negative interest rates would coincide with growing bets on rate cuts elsewhere – particularly from the Federal Reserve – which would give some much needed support to the battered Japanese currency.

In the broader market, traders warmed to the idea that U.S. rates are likely to fall this year, even if inflation is still persisting longer than expected, which dented the dollar.

Fed Chair Jerome Powell said on Wednesday rate cuts will “likely be appropriate” later this year “if the economy evolves broadly as expected” and once officials gain more confidence in inflation’s steady deceleration.

Those remarks, coupled with data released the same day that pointed to an easing of labor market conditions, sent US Treasury yields skidding, which in turn pushed the dollar broadly lower.

Carol Kong, a currency strategist at Commonwealth Bank of Australia, said Powell’s comments were less hawkish than some had expected.

“Markets were likely relieved that Powell didn’t change his risk assessment on inflation even after the January CPI figures,” she said.

All of that left the greenback pinned near a one-month low against a basket of currencies. The dollar index =USD dipped 0.2% to 103.15.

The euro EUR=EBS and sterling GBP=D3 held near one-month highs struck in the previous session and last bought $1.0899 and $1.2755, respectively.

The ECB releases its decision on interest rates later on Thursday. The central bank is not expected to make any changes to monetary policy this month.

The yuan was little changed and last stood at 7.208 per dollar in the offshore market CNH=D3, brushing off China’s stronger-than-expected export and import growth in the January-February period.

In the cryptoverse, bitcoin BTC= retreated from a record high struck earlier in the week, but still rose 0.67% on the day to $66,922, while ether ETH= fell 1.6%% to $3,788, having peaked at an over two-year high on Wednesday. – Reuters

US threatens action against Iran at IAEA over continued ‘stonewalling’

STOCK PHOTO | A billet of highly enriched uranium that was recovered from scrap processed at the Y-12 National Security Complex Plant. Original and unrotated. Source: https://tinyurl.com/4rrrydku

VIENNA– The United States on Thursday threatened future action against Iran at the U.N. nuclear watchdog if Tehran keeps “stonewalling” the watchdog by denying it the cooperation and answers it seeks on issues including long-unexplained uranium traces.

At a quarterly meeting of the International Atomic Energy Agency’s 35-nation Board of Governors, Washington again told Iran to cooperate with IAEA inspectors who for years have been seeking explanations from Tehran on the origin of uranium particles at undeclared sites.

The United States has stopped short, for now, of seeking a resolution against Iran, however. Diplomats have cited the US presidential election in November as a reason Washington has been reluctant to do that. Tehran bristles at such resolutions and often responds by stepping up its activities.

“We believe we have come to the point that we and the broader international community must consider anew how to respond to Iran’s continued stonewalling,” the United States said in a statement to the Board meeting. “We cannot allow Iran’s current pattern of behavior to continue.”

It is now more than a year since the last Board resolution against Iran, which ordered it to cooperate urgently with the investigation into the particles. Tehran dismissed the resolution as “political” and “anti-Iranian” even though only China and Russia opposed it.

The United States and its three top European allies – Britain, France and Germany – again opted against seeking a resolution against Iran at this week’s meeting but the United States said that if Iran did not provide the necessary cooperation soon, it would act.

“It is our strongly held view that Iran’s continuing lack of credible cooperation provides grounds for pursuing further Board of Governors action, including the possibility of additional resolutions and consideration of whether Iran is once again in noncompliance with its safeguards obligations,” it said.

In 2018 then-President Donald Trump pulled the United States out of a 2015 deal under which major powers lifted sanctions against Iran in exchange for restrictions on its nuclear activities. After sanctions were re-imposed, Iran expanded those activities far beyond the deal’s limits.

It is now enriching uranium to up to 60% purity, close to the roughly 90% of weapons grade and far above the deal’s cap of 3.67%. Western powers say there is no credible civil explanation for enriching to that level and the IAEA says no country has done so without producing a nuclear bomb.

Iran says its aims are entirely peaceful and it has the right to enrich to high levels for civil purposes.

The United States said Iran should provide the IAEA with cooperation including access “for the purposes of collecting environmental samples … and it must begin to do so now”.

If it did not, it would ask IAEA chief Rafael Grossi to provide a “comprehensive report” on Iran’s nuclear activities more wide-ranging than his regular quarterly ones, it said.

“Then, based on the content of that report, we will take appropriate action in support of the IAEA and the global nuclear nonproliferation regime,” it added. – Reuters

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