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Planters Products, Inc. to conduct 2023 Annual Stockholders’ Meeting on Dec. 15

 


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Economic forecast 2024

Only six weeks to go and the year 2024 will be with us. Many people, especially entrepreneurs, are curious about two issues: 1.) What is the economic outlook, the business environment, for the new year? And, b.), what sectors should they invest in more, and where to pull back?

FORECAST 2024
I checked the latest forecast by the International Monetary Fund (IMF), its World Economic Outlook (WEO) October 2023, the Asian Development Outlook (ADO) September 2023 of the Asian Development Bank (ADB), and Trading Economics as of November 2023.

For Table 1, I put countries together into four groups: Group A is the ASEAN-6, Group B contains the large Asian economies, Group C has the largest economies of North and South America, and Group D is made up of the largest economies in Europe. The economic performances of most countries, especially in Europe and the ASEAN-6, have been worse this year than last year.

For 2024, the IMF foresees mild growth recovery in the ASEAN-6, South Korea, France, and Germany. And it sees modest inflation rates of only 1.7% to 4.6%.

The ADB has similar forecast numbers as the IMF, except in the US where it sees only 0.8% growth in 2024 vs the IMF’s 1.5%. And Trading Economics has a low growth forecast for the ASEAN-6, except for the Philippines where it sees high growth of 6.4% next year (see Table 1).

Of the three sources, I believe that Trading Economics has a more realistic forecast than the IMF and ADB — it sees growth of 6.4% for the Philippines. We should keep the growth target of 6.5% to 8%.

Singapore is currently crawling with growth of just 0.5% this year. Recently it pivoted to degrowth economics via high carbon tax — it will raise the current $5/ton to $25/ton in 2024-2025, and up to $45/ton in 2026-2027, and $50-80/ton by 2030. This is a degrowth and deindustrialization policy.

I also checked two other sources, the Budget of Expenditures and Sources of Financing (BESF) 2024 submitted by the economic team to Congress in August 2023, and the forecast by the Bank of Philippine Islands (BPI) in November 2023.

The BESF targets GDP growth of 6.5% to 8% in 2024, BPI sees growth at 6.2%. The BESF targets inflation to be 2% to 4%, while BPI sees it at 3.6%. The BESF targets a US dollar/Philippine peso exchange rate of P53 to P57 per dollar while BPI sees a P53.80 rate.

Tomorrow, Nov. 22, I will go to three big fora. One is the BusinessWorld Economic Forum (BWEF) 2023 with the theme, “Forecast 2024” at the Grand Hyatt Hotel in BGC, Taguig City. There is also the Stratbase’s “Pilipinas Conference 2023” at The Peninsula Hotel in Makati. Then the quarterly membership meeting of the Out-of-Home Advertising Association of the Philippines (OHAAP) in Valle Verde Country Club in Pasig City, where I will give a talk: “Economic Forecast 2024.”

The BWEF will have the regional or country heads of the three multilaterals — the ADB, the IMF, and the World Bank — as its keynote speakers in the morning. Stratbase will have the government’s economic team, the Secretaries of Finance, Budget, Economics/NEDA plus the Secretaries of Trade and Transportation as its morning speakers.

PEB IN SAN FRANCISCO
Last week, on Nov. 15, President Ferdinand Marcos, Jr., and the government’s economic and infrastructure teams held another Philippine Economic Briefing (PEB) in the US, this time at the Ritz-Carlton Hotel in San Francisco, California. The President told business leaders, investors, and bankers there that “A wealth of opportunity awaits you in the Philippines and we are ready to explore new horizons with your investments in the coming years.”

Finance Secretary Benjamin Diokno who leads the economic team said: “We have opened up the economy. We didn’t wait for the virus to subside, we opened up many sectors of the economy and the economy really is doing very well. It is one of the fastest-growing countries in the fastest-growing region in the world. So this is our moment.” Budget Secretary Amenah Pangandaman discussed the priority expenditures in line with the Philippine Development Plan 2023-2028, and key budget reforms like the government’s rightsizing program.

The economic team has targeted a reduction in the country’s budget deficit to only 3% of GDP by 2028 and public debt of 51% or lower by 2028, while sustaining high infrastructure spending of 5% to 6% of GDP yearly.

These are hard to achieve targets considering the economic damage done by the lockdown dictatorship where public debt jumped from 37% of GDP in 2019 to 57% to 58% in 2020-2021. But we must pursue these targets with the goals of reducing the deficit, the public debt, and inflation rate while sustaining fast growth.

WHERE TO INVEST
Table 2 is a breakdown of the industrial origins of the Philippines’ GDP in 2021-2023. The biggest sub-sectors are the wholesale and retail trade, repair of motor vehicles and motorcycles (WRTRMVM), and manufacturing. They both constitute 18-19% of GDP each.

The good business prospects in terms of double-digit growth for at least two years are: Accommodation and food service activities, meaning the hotels, resorts, restaurants, and bars. Next are transportation (air, land, sea) and storage, although these two have a small percentage share of total GDP. Third would be construction. The Electricity, steam, water and waste management (ESWWM) sector has a modest growth of 5-6%.

Also a good business prospect — but which comes with high political risk — is mining, both metallic and non-metallic. Gold, copper, nickel, etc. will never fade in importance but the problem is politics, there are too many political actors opposing corporate and open-pit mining. We should prioritize more prosperity via responsible resource extraction, than more poverty with “undisturbed” lands.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers.

minimalgovernment@gmail.com

Sean ‘Diddy’ Combs, ex-girlfriend settle sex trafficking, rape lawsuit

HIP-HOP mogul Sean “Diddy” Combs and his ex-girlfriend R&B vocalist Cassandra Ventura on Friday settled her lawsuit that accused the rapper of serial physical abuse, sexual slavery, and rape, according to lawyers for Ms. Ventura.

Terms of the settlement were not disclosed.

In a joint written statement with Mr. Combs, Ms. Ventura said that she “decided to resolve this matter amicably on terms that I have some level of control.”

Mr. Combs wrote: “We have decided to resolve this matter amicably. I wish Cassie and her family all the best.”

Ms. Ventura, who performs under the stage name Cassie, filed the lawsuit on Thursday in federal court. In it she accused Mr. Combs of forcing her to engage in sex acts with a succession of male prostitutes he hired while he watched and filmed the encounters for his own pleasure.

The lawsuit, filed in US District Court in Manhattan, also accused Mr. Combs of regularly beating Ms. Ventura over the course of a 10-year professional and romantic relationship in which he controlled her through intimidation and by plying her with drugs and alcohol.

Ms. Ventura, 37, alleged that Mr. Combs raped her near the end of their relationship in 2018 when she broached the idea of leaving him.

Mr. Combs strongly denied all the allegations.

Ben Brafman, a lawyer for Mr. Combs, said Ms. Ventura filed a lawsuit “riddled with baseless and outrageous lies” after a failed attempt to blackmail Mr. Combs into paying her $30 million by threatening to write a damaging book about their relationship.

Mr. Combs, 54, founder of Bad Boy Records, is one of the most influential producers and executives in hip-hop, as well as the impresario of his own Sean John clothing line.

According to the lawsuit, Ms. Ventura met Mr. Combs in late 2005 when she was 19 and he was 37, signed a 10-album recording deal with Bad Boy Records within months and began a romantic relationship with him a few years later. — Reuters

Manulife Philippines appoints new agency, health and product heads

THE MANUFACTURERS LIFE Insurance Co. (Phils.), Inc. (Manulife Philippines) has appointed Sailesh Nalinakshan as its new chief agency officer (CAO) and Grace M. Mallabo as its chief health and product officer (CHPO), it said on Monday.

As CAO, Mr. Nalinakshan will take on an expanded role coming from his previous position as head of Agency Transformation and Strategy, where he was responsible for the company’s new agency operating model.

He will continue to be in charge of strategy, with a focus on digitalization, sales and productivity, talent recruitment and development, training and data analytics-based planning and decision making.

“As depth, expansion, and quality continue to be key enablers for our bigger and bolder growth ambitions, his strategic vision and leadership will play a pivotal role in strengthening our agency distribution channels and driving our growth trajectory for years ahead,” Manulife President and Chief Executive Officer Rahul Hora said in a statement.

Meanwhile, Ms. Mallabo will head the company’s health strategy, product development and management, and in-force management as they seek to help meet the growing demand for life insurance products among Filipinos.

Ms. Mallabo has almost two decades of professional experience in the insurance industry, including strategy, product management, and health business leadership.

“Grace’s leadership will be crucial in driving Manulife Philippines’ goals to bridge the country’s protection gap. Given her vast experience developing innovative life and health solutions that can help enrich people’s lives, we are excited to welcome her to our growing winning team as we deliver on our goals for our customers and the communities we serve,” Mr. Hora added.

Manulife Philippines’ premium income stood at P4.07 billion in the first quarter. It posted a net profit of P409.64 million in the same period. — AMCS

France wants to cut gov’t spending on office space

A MAN rides a bicycle along a bike path on the Pont de Bir-Hakeim bridge near the Eiffel Tower in Paris, France, Jan. 19, 2023. — REUTERS

PARIS — France wants to reduce government spending on office space and may consider real estate sales in a bid to reduce the state deficit, the budget and finance ministers said in a media interview on Sunday.

The government also plans to review unemployment benefits for seniors, they said.

Budget Minister Thomas Cazenave told La Tribune that the government wants to reduce the amount of office space occupied by the administration by 25%.

“There is real leverage for savings there, in particular given the new ways of working,” he said, referring to the increase in home working following the COVID-19 pandemic.

He said the ratio of office space area per civil servant is 24 square metres (258 square feet), far above private industry standards, and the government wants to reduce that to 16 square metres.

“We may also consider real estate sales,” he added.

Asked about whether the government could achieve its target of reducing the unemployment rate from 7% to 5% by 2027, Finance Minister Bruno Le Maire said this would require reviewing social policies, notably unemployment benefits.

“We have worked hard to move from 9% to 7%, but to move to 5%, courageous choices need to be made… All the schemes that feed seniors’ unemployment must be reviewed,” Le Maire said.

Cazenave also confirmed that the government will seek an additional 12 billion euros of spending cuts for the 2025 budget, as discussed with Prime Minister Elisabeth Borne on Thursday.

“We confirm spending cut targets of 16 billion euros ($17.5 billion) for the 2024 budget, and we are already preparing 12 billion of savings for the 2025 budget,” he said, adding that the government was still aiming to reduce its deficits to 4.4% of GDP in 2024 and 3.7% in 2025. — Reuters

First Gen awards second LNG tender

SINGAPORE — Philippine power producer First Gen Corp. said it had awarded its second tender seeking a cargo of liquefied natural gas (LNG) to Swiss commodity trader Trafigura Pte. Ltd.

The cargo of LNG will be delivered to the BW Batangas, First Gen’s floating storage and regasification unit (FSRU), which is currently berthed at the First Gen Clean Energy Complex in Batangas City, the company said in a statement dated Nov. 16.

The LNG will be used by the gas-fired power plants there, it added.

First Gen had issued a tender in late October seeking its second LNG cargo for delivery between Nov. 25 and Dec. 25 on a delivered-ex-ship basis.

In July, the company bought its first LNG cargo from Shell to commission its FSRU in Batangas.

First Gen has four existing gas-fired power plants with a combined capacity of 2,017 megawatts that are powered by gas from the Malampaya indigenous offshore gas field.

Its unit FGEN LNG Corp. has built an interim offshore LNG terminal and executed a five-year charter of the BW Batangas, which will provide LNG storage and regasification services as part of the project.

First Gen said its LNG terminal “will play a critical role in ensuring the energy security” of the Luzon power grid and the Philippines.

Shares in the company finished unchanged at P18.12 each on Monday. — Reuters

Entertainment News (11/21/23)


QCinema holds free screenings, Q&A sessions

QCINEMA International Film Festival 2023 has announced that certain film screenings throughout the festival — which is ongoing until Nov. 26 — are free, while others allow audience members to meet the directors, ask questions, and get their insights. This includes the free screening of National Anarchist: Lino Brocka on Nov. 22, 1 p.m., at Gateway Cineplex, which will have a Q&A with director Khavn afterwards. At the same day and time in Robinsons Magnolia, this year’s batch of QCShorts will be shown for free with the short film directors also available for a Q&A session. The documentary film Divine Factory will have a free screening on Nov. 23, 1 p.m., at Gateway Cineplex while LGBTQ shorts will be shown for free on Nov. 25, 5 p.m., at Shangri-La Mall. For a full schedule of this year’s films, visit QCinema’s social media pages.


Operatic pop superstars return to Manila

THE CLASSICAL crossover group Il Divo (which translates to “divine performer”) will be performing at the Newport Performing Arts Theater at Newport World Resorts on Nov. 24 and 25, 8 p.m. They will be performing together with special guest vocalist Steven LaBrie. Composed of French pop singer Sebastien Izambard, American tenor David Miller, and Swiss tenor Urs Bühler, the trio is a pioneer of the “popera” or operatic pop genre, in which classical and pop music come together. The chart-toppers took the world by storm with hits including “Time to Say Goodbye,” “Amazing Grace,” and “Unchained Melody,” with lyrics in English, Spanish, and Italian. Tickets to Il Divo – A New Day Tour range in price from P3,500 up to P18,500, and are available at all TicketWorld and SM Tickets outlets.


Alviera holds 1st Northern Floats Fest in Pampanga

THERE will be an extra dose of color and light in Porac, Pampanga this holiday season as Ayala Land and Leonio Land launch the first-ever Alviera Northern Floats Festival. Happening from Nov. 25 to Dec. 17, the festival will highlight larger-than-life floats which will introduce Alviera’s Christmas characters: Alvie, Sandy, Christoff, Sparkles, Fin, and the Jingle Belles. There will be carnival-themed activities like game booths, zorbs, a kite display, as well as live music and food stalls. Festival goers can also enjoy special access to the SandBox adventure destination, bike trails, and the exclusive Alviera Country Club. For P125, guests can access the Alviera Northern Floats Festival and enjoy one Sandbox ride. For P375, guests can enter with a P150 food and drinks voucher, a P100 voucher for activities, and one SandBox ride. Meanwhile, for P525, guests get all that plus access to the Giant Swing, Free Fall, and Roller Coaster Zipline. The “ultimate” festival experience costs P725, inclusive of a one-day Alviera Country Club guest pass with complimentary food and drinks. Tickets are available via Tickelo. Visit the official Alviera Facebook page for more information.


Snoopy takes over Megamall

SM MEGAMALL has partnered with Peanuts Worldwide to bring Snoopy and friends to life through a unique and interactive exhibit. The exhibit features the largest inflatable in the Philippines. To try out the Snoopy Mega Adventure Tunnel, located at the Event Center, Mega A, customers must present any P1,000 single receipt purchase from SM Megamall, SM Center Shaw, or SM Center Pasig at the exhibit entrance to get two passes to enter. Valid receipts are those dated from Nov. 17, 2023 to Jan. 6, 2024. “The Snoopy Mega Adventure” exhibition is an immersive journey of four seasons with Snoopy and friends through a multimedia display of Snoopy’s Comic Strips. Visitors can bring home Snoopy collectibles and merchandise from MINISO at the end of the exhibit. The Snoopy Inflatable has been set up at the rooftop of Mega Fashion Hall. The 50-foot gigantic Snoopy will be on display for a year, until Dec. 31, 2024. Meanwhile, SM Megamall’s Paw Park, at the 5th Level Mega Fashion Hall, gets a Snoopy revamp starting this December. For updates, follow @smmegamall on Facebook, Instagram, and TikTok.


Horror movie Thanksgiving opens in cinemas

AS A slasher movie, Eli Roth’s Thanksgiving promises to deliver scary and gory kills, with the help of prosthetics genius Adrien Morot (who won an Oscar for Best Makeup for The Whale). The film was actually born in 2006, when Quentin Tarantino and Robert Rodriguez were working on the gory double feature Grindhouse and asked Roth for fake trailers to come along with it. Roth saw the perfect opportunity to create a trailer for an American holiday that Hollywood horror movies had yet to celebrate: Thanksgiving. For 17 years, fans had wondered if the movie would ever be made for real. This month, the new horror legend will finally emerge. It stars Patrick Dempsey and opens in Philippine cinemas on Nov. 22.


Rosie Darling releases debut album

INDIE POP artist Rosie Darling has released her debut album Lanterns, an exploration of confessions, heartbreak, and acceptance. The latest emphasis track from the record is “The Longest Goodbye,” a heartfelt reflection on the enduring pain and nostalgia of a past relationship that lingers. Each track illuminates different facets of the singer’s life and emotions. It also has several collaborations with Justin Gammella (FINNEAS, Ashe), Wynter Bethel of Tommy Lefroy, and Swedish-based songwriters Boy in Space and Hilda Stenmalm. The collection of poetic alt-pop tracks is out now on all streaming platforms.


Fantasy romcom series exclusively on Prime Video

A FUN romance starring Jang Dong-yoon and NANA, My Man Is Cupid, will premiere on Prime Video in the Philippines this December. It features a star-crossed love story between a love fairy, Cheon Sang-hyuk (Jang Dong-yoon), who lost his wings in a tragic incident and is living as a human, and a veterinary surgeon, Oh Baek-ryun (NANA), whose beauty attracts many men. The fantasy romantic-comedy or romcom series will stream on Prime Video on Dec. 1, with new episodes released weekly every Friday and Saturday.


Willy Wonka prequel coming in December

DIRECTOR Paul King, known for the family-favorite Paddington movies, has adapted the beloved book Charlie and the Chocolate Factory by Roald Dahl, which focuses on the eccentric chocolatier Willy Wonka. Wonka tells the story of the character’s younger days, when he was just starting out as a chocolate-maker and setting up shop at the cathedral of candy known as the Galeries Gourmet. It is a prequel to the 2005 hit Charlie and the Chocolate Factory, also produced by David Heyman, who previously produced the Harry Potter movies. The cast is led by Timothée Chalamet as Willy Wonka, and includes Olivia Colman, Sally Hawkins, Keegan-Michael Key, Hugh Grant, and Rowan Atkinson. Wonka opens in Philippine cinemas on Dec. 6, one week ahead of the US.


The Simon & Garfunkel Story at Solaire

Following sold-out performances in London’s West End and a worldwide tour, The Simon & Garfunkel Story makes its way to the Philippines, with a performance at The Theatre at Solaire on March 2, 2024. Featuring a cast of West End actor-musicians, the musical will take audiences back through the 1960s, featuring the story of both Paul Simon and Art Garfunkel from their humble beginnings as the rock ‘n’ roll duo Tom and Jerry, right through to their massive success and dramatic break-up, and finishing with a recreation of the 1981 Central Park reunion concert. Using a huge projection screen, the show features 1960s photos and film footage whilst a full live band performs all their hits including “Mrs Robinson,” “Cecilia,” “Bridge Over Troubled Water,” “Homeward Bound,” “Sound of Silence,” and many more. Presented by Concert Republic, The Simon & Garfunkel Story will have a performance at The Theatre at Solaire, Paranaque City on March 2, 2024, at 8 p.m. Tickets are available at all Ticket World outlets with prices ranging from P1,350 to P6,350.

Ridley Scott’s Napoleon and our need for historical heroes

JOAQUIN PHOENIX in Napoleon.

RIDLEY SCOTT’s Napoleon promises to be the highlight of the cinematic season. Scott has already proven he is a master of the historical epic with Gladiator. Both the lavish trailers and reviews suggest the new film will have all the ingredients of a blockbuster: cavalry charges, military parades, cannon fire, hand-to-hand conflict, and blood-thirsty revolutionary crowds. Who could ask for more at Thanksgiving?

The two-and-half-hour extravaganza also provides us with an excuse to revisit one of the thorniest of all historical questions: What is the role of great men and women in history? Is history made by unique individuals pursuing their dreams? Or is it the product of vast impersonal forces? This is more than just an idle question. The answer we give shapes the sort of history we teach in schools and universities. It also influences our approach to civic life: The more we emphasize the role of human agency, the more we will be inclined to be active citizens.

The question of Napoleon’s role in history divided two of the greatest writers of the 19th century. Thomas Carlyle used Napoleon to illustrate his contention that “the history of the world” is essentially “the biography of great men.” Leo Tolstoy, by contrast, presented him as a silly little man who was swept along by the majestic forces of History. Carlyle the historian thought the proper attitude to the past was to marvel at the way great spirits shape events. Tolstoy the novelist thought the proper attitude was to look beneath individuals and events to see more profound currents at work.

Since then, the public has tended to side with Carlyle and the historical profession with Tolstoy. Napoleon is reputedly the subject of more biographies than anybody other than Jesus (the first full-scale biography was written before his 30th birthday). He is also the subject of numerous previous films, starting with one of the first films ever made, Louis Lumiere’s 1897 short, and including one of the masterpieces of silent cinema, Abel Gance’s Napoleon. But most historians have generally turned away from Napoleon the man, not to mention Napoleon the lover, and focused instead on the deeper currents of history: the mood of the masses, the price of grain, or the logic of imperialism.

E.H. Carr’s classic What is History? (1961) — a set-text for generation upon generation of Oxbridge history candidates — provides a sense of the contempt that serious historians have for the “great man” theory. Carr described this view of history as “the Bad King John and Good Queen Bess view” and argued that it belonged to the view of historiography adopted by primitive peoples and children. It might just about be fit for the nursery, but it was certainly unfit for the seminar room where serious historians discussed social forces and economic trends. (Carr devoted most of his professional life to producing a 14-volume favorable history of Soviet Russia, an opus that combined credulity and dullness in equal measures.)

Carr’s disdain for the “great man” theory was reinforced by interlocking historiographical fashions. Marxist historians such as Eric Hobsbawm and E.P. Thompson promoted “history from below” — that is, the history of ordinary people rather than namby-pamby elites. French historians such as Fernand Braudel focused on “anonymous, profound and silent history” rather than that of mere events. (Braudel’s two-volume The Mediterranean and the Mediterranean World in the Age of Philip II had a great deal to say about the sea and almost nothing about Philip.)

It was also reinforced by seemingly discordant intellectual tendencies. Political scientists downplayed the role of individuals because they wanted to prove that their subjects were predictive sciences. What is the point of all that tedious quantification if fate can be changed by the whim of any one person? And post-structuralist theorists such as Roland Barthes and Michel Foucault tried to write individuals out of history in their pursuit of the deeper structures of power.

The historians made a substantial point — that individuals don’t make history just as they please but do so in the context of established power relations. Alexander the Great could not have conquered the known world if his father had not been the most powerful king in Greece. Napoleon would not have been able to seize control of France if a popular revolution had not swept aside the old regime and plunged the country into anarchy. But structural determinism can go too far by emptying history entirely of agency and personality.

Consider a few questions. Would Britain have stood firm against Nazi Germany if Lord Halifax had become prime minister rather than Winston Churchill, as many leading Conservatives wanted? Would the 1980s have gone as they did in Britain if Ted Heath had continued to lead the Conservative Party? Or would Singapore be the economic powerhouse that it is today if Lee Kuan Yew had not taken it in hand?

There are certain moments in history — when wars break out, when regimes break down — that make room for great individuals. Paradoxically, many great men and women feel that they are nothing more than agents of something bigger than themselves: Churchill talked about walking hand-in-hand with destiny, and Bismark about grasping the hem of History’s cloak and walking with him a few steps. But in fact, they can also change the direction of events.

Great leaders are change-makers precisely because they mobilize human qualities that cannot be reduced to a social “force” or an “economic” factor: determination, charisma, vision, imagination, even deceit. Churchill inspired faith because he refused to acknowledge the possibility of defeat despite Britain’s parlous position. Charles de Gaulle restored France’s postwar position because he revived the country’s belief in itself by spinning a tale of glory. Lee Kuan Yew turned Singapore into a hub of the global economy through sheer force of will and vision. “What seems inevitable becomes so by human agency,” as Henry Kissinger remarks in Leadership.

Napoleon remains the perfect example of the ability of a single individual to change the course of history, so much so that, to this day, ambitious young MBA students dream of becoming the Napoleon of finance or retailing. He certainly came along at the right time — when the revolution was running out of control and people craved order and national reunification. But his idiosyncratic decisions also shaped events in ways that could not have been predicted. If Napoleon’s remarkable military talent turned an obscure Corsican into the master of Europe, his disastrous vanity also drove him to embark on a doomed campaign to conquer Russia.

He is also the perfect example of the mixture of good and bad that resides in the souls of the most famous leaders. There are plenty who have been wholly bad: Hitler most obviously, but also Lenin, Stalin, Pol Pot and many others. But nobody qualifies as wholly good. Napoleon the Great justifies both Goethe’s description of him as being “in a permanent state of enlightenment” and Madame de Stael’s as being “an oriental despot, a new Attila, a warrior who knows only how to corrupt and annihilate.”

The new historians who now control what history is taught in universities and schools have done much good. They have rescued the history of regular people from obscurity. They have revealed many of the hidden structures of power and influence that drive day-to-day events. But they have gone too far in downplaying the role of individuals or denouncing the exercise of moral judgement. It is time to push back. 

Putting the great individual back at the heart of history teaching is not only good for our collective education in citizenship, it also teaches us that history is a matter of choices rather than a fait accompli, and that those are moral, not just technical, choices. It is also good for exciting young people’s interest in the past: Just try contemplating Napoleon’s rise from the periphery of French civilization to the summit of European power, and fail to be enthralled.

BLOOMBERG OPINION

Philippines: Balance of payments (BoP) position

THE PHILIPPINES’ balance of payments (BoP) position swung to a surplus in October, ending six straight months of contraction, the central bank said. Read the full story.

How PSEi member stocks performed — November 20, 2023

Here’s a quick glance at how PSEi stocks fared on Monday, November 20, 2023.


Peso climbs further as inflation concerns ease

BW FILE PHOTO

THE PESO appreciated to a new three-month high against the dollar on Monday amid easing inflation concerns here and in the United States.

The local unit closed at P55.55 per dollar on Monday, strengthening by 12 centavos from its P55.67 finish on Friday, based on Bankers Association of the Philippines data.

This was the peso’s best close in more than three months or since its P55.52-per-dollar finish on Aug. 3.

The peso opened Monday’s session at P55.54 against the dollar. Its intraday best was at P55.45, while its weakest showing was at P55.56 versus the greenback.

Dollars exchanged went up to $1.51 billion on Monday from $1.18 billion on Friday.

“The peso appreciated amid easing local and global inflationary concerns following the softer inflation reports for October,” a trader said in an e-mail.

Philippine headline inflation fell to a three-month low of 4.9% in October from 6.1% in September. For the 10-month period, inflation averaged 6.4%.

Meanwhile, US consumer prices were unchanged in October as Americans paid less for gasoline, and the annual rise in underlying inflation was the smallest in two years, bolstering the view that the US Federal Reserve was probably done raising interest rates, Reuters reported.

The unchanged reading in the consumer price index (CPI), the first in more than a year, followed a 0.4% rise in September. In the 12 months through October, the CPI climbed 3.2% after rising 3.7% in September.

The peso tracked the dollar’s decline against other currencies due to dovish Fed bets following the CPI data, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The dollar slid to a two-month low on Monday, extending a downtrend from last week as traders reaffirmed their belief that US rates have peaked and turned their attention to when the Federal Reserve could begin cutting rates, Reuters reported.

The dollar index in Asia trade bottomed out at 103.53, its weakest level since Sept. 1, extending its nearly 2% decline from last week.

For Tuesday, the peso could rise further ahead of the release of minutes of the Fed’s latest meeting, which markets expect to reinforce their expectations that the US central bank is done hiking rates, the trader said.

The trader sees the peso moving between P55.40 and P55.65 per dollar on Tuesday, while Mr. Ricafort expects it to end at P55.45 to P55.65. — AMCS with Reuters

Stocks drop on profit taking, lack of fresh leads

PHILIPPINE STAR/KRIZ JOHN ROSALES

PHILIPPINE STOCKS closed in the red on Monday as local investors opted to pocket their gains from the market’s recent rally amid a lack of positive catalysts.   

The benchmark Philippine Stock Exchange index (PSEi) dropped by 28.26 points or 0.45% to end at 6,183.63 while the broader all shares index fell by 19.45 points or 0.58% to close at 3,305.32. 

Local shares ended in negative territory on Monday as traders “seized the opportunity to lock in profits following the market’s runup since the beginning of November,” AB Capital Securities, Inc. Vice-President Jovis L. Vistan said in a Viber message.

“The susceptibility to profit-taking was heightened by the recent rally’s insufficient volume for it to sustain its upward momentum. On a fundamental basis, the prospect of a potential peak in both inflation and interest rates may indicate the groundwork for a near-term market bottom,” Mr. Vistan added.

The Bangko Sentral ng Pilipinas (BSP) is likely done hiking rates this year, with analysts expecting a pause in their policy meeting next month amid easing inflation.

The Monetary Board is expected to keep its policy rate at a 16-year high of 6.5% at their Dec. 14 meeting, the last review for the year, analysts said.

The BSP kept its key policy rate unchanged at its Nov. 16 meeting, following the 25-basis-point off-cycle rate hike on Oct. 26.   

Inflation fell to a three-month low of 4.9% in October from 6.1% in September and 7.7% in the same month a year ago. Still, inflation went above the BSP’s 2-4% target band for the 19th straight month.

Year to date, inflation stood at 6.4%.

The lack of trading drivers caused the market to decline, Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

The majority of sectoral indices closed lower on Monday. Holdings firm went down by 69.35 points or 1.15% to 5,941.65; financials declined by 16.68 points or 0.95% to 1,733.88; mining and oil retreated by 60.77 points or 0.63% to 9,450.90; and industrials decreased by 7.10 points or 0.08% to 8,677.69. 

Meanwhile, services climbed by 6.25 points or 0.42% to 1,493.41 and property rose by 1.92 points or 0.07% to end at 2,659.20.

Value turnover reached P3.73 billion on Monday with 690.86 million issues changing hands, lower than the P4.93 billion with 461.72 million issues recorded on Friday.

Decliners outnumbered advancers, 119 versus 66, while 42 names closed unchanged.

Net foreign selling rose to P105.9 million on Monday from P61.66 million on Friday.

“With the downside risk considered limited, support is seen around the 6,100 level, while immediate resistance is at 6,300,” Mr. Vistan said. — Revin Mikhael D. Ochave