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Figaro, partner open Lobby Café 

FIGARO Coffee Group, Inc. (FCG) has partnered with Kitchen City to open its first collaboration store in Pasay City, the listed food and beverage company said.

“FCG continues to expand not only opening stores but also partnering with other big companies like Kitchen City,” it said in a stock exchange disclosure on Thursday.

“Figaro Coffee remains committed to providing exceptional coffee experiences and supporting local communities,” it added.

The company said it plans to continue its expansion by collaborating with companies like Kitchen City.

Ricardo S. Abelardo, Jr., president of Kitchen City, said the café’s launch “is a celebration of long-term planning of a vision.”

“World Trade Center is one of the leading event venues, they don’t stop what they are doing right now and constantly searching for what is next,” he said, referring to the store’s site.

Kitchen City is operated by Artemisplus Express, Inc. a food solutions provider in the Philippines.

“The Figaro Coffee Group and Kitchen City have been partners since before the pandemic. Kitchen City selected FCG as its coffee provider due to the latter’s commitment to delivering quality and affordable products,” said Ace Azarraga, brand and partnership director of FCG.

Earlier, FCG said it was optimistic about its growth prospects as the company captured the market beyond its coffee brand.

For 2024, FCG earlier announced that it was targeting to open 50 to 75 stores with an investment cost of between P8 million and P13 million per store.

Currently, FCG has 192 stores nationwide across its various food brands, made up of 116 Angel’s Pizza outlets, 60 Figaro Coffee stores, 10 Tien Ma’s Taiwanese Cuisine stores, and six Café Portofino establishments.    

At the stock exchange on Thursday, shares in the company gained two centavos or 3.39% to end at P0.61 each. — Ashley Erika O. Jose

Shakira’s home city unveils giant statue of ‘Hips Don’t Lie’ singer

Shakira — PHOTO FROM SHAKIRA.COM/

GRAMMY-WINNING Colombian singer Shakira, one of the world’s top-selling musicians, has been immortalized in her famous belly-dancing pose in a giant bronze statue in her home city of Barranquilla.

The city’s Mayor Jaime Pumarejo unveiled the 6.5 meter (21 foot) sculpture in a park along the banks of the Magdalena River on Tuesday in the company of the singer’s parents.

The statue by artist Yino Marquez “shows millions of girls that they can, that they can pursue their dreams and any of them can achieve what they want,” said Mr. Pumarejo, noting that he used to see Shakira sing at local children’s concerts.

The sculpture shows the long, curly haired singer belly dancing with her arms overhead, in a sheer skirt with shiny aluminum decoration.

A plaque praises the singer, who won three 2023 Latin Grammy Awards, and cites her charity Pies Descalzos, Spanish for “bare feet,” for early childhood development.

“A heart that composes, hips that do not lie, an unmatched talent, a voice that moves masses and feet that march for the good of children and humanity,” it reads.

Shakira, who lives in Miami, said in a statement from the mayor’s office that she was honored by the statue and that Barranquilla will always be her home. — Reuters

How PSEi member stocks performed — December 28, 2023

Here’s a quick glance at how PSEi stocks fared on Thursday, December 28, 2023.

Net Foreign Portfolio Investments

Net Foreign Portfolio Investments

Peso strengthens amid decline in oil prices, dollar

BW FILE PHOTO

THE PESO rose against the dollar on Thursday amid easing global crude oil prices and a weaker greenback.

The local unit closed at P55.48 per dollar on Thursday, strengthening by seven centavos from its P55.55 finish on Wednesday, Bankers Association of the Philippines data showed.

The peso opened Thursday’s session weaker at P55.65 against the dollar. Its intraday best was at P55.48, while its weakest showing was at P55.69 versus the greenback.

Dollars exchanged fell to $1.03 billion on Thursday from $1.53 billion on Wednesday.

The peso strengthened on Thursday due to falling global crude oil prices, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The peso appreciated tracking the decline in international oil prices amid concerns on the global economic outlook,” a trader likewise said in an e-mail.

Oil prices were subdued having slid on Wednesday as concerns over supplies eased after major shippers announced they would return to the Red Sea, Reuters reported.

Brent edged up 10 cents to $79.75 a barrel, while US crude fell 3 cents to $74.08 per barrel.

The peso was supported by a weakening dollar amid market expectations of rate cuts by the US Federal Reserve next year, Mr. Ricafort added.

The dollar nursed steep losses on Thursday and was headed for a yearly decline on expectations that 2024 will bring deep rate cuts, Reuters reported.

The dollar index, which measures the US currency against six rivals, fell to a fresh five-month low of 100.76. The index is on course for a 2.6% decline this year, snapping two straight years of strong gains.

Investor focus remains on the timing of the interest rate cuts from the Federal Reserve, with markets pricing in an 88% chance of a cut in March 2024, according to CME FedWatch tool. Futures imply more than 150 basis points of Fed easing next year.

For Friday, the trader said the peso could strengthen further amid year-end demand for the currency.

The trader sees the peso moving between P55.35 and P55.60 per dollar on Friday, while Mr. Ricafort sees it ranging from P55.35 to P55.55. — AMCS with Reuters

PSEi climbs to 6,500 level as rate cut bets grow

The lobby of the Philippine Stock Exchange in Taguig City, Sept. 30, 2020. — REUTERS

THE MAIN INDEX climbed to the 6,500 level on Thursday despite low trading volume as market sentiment improved amid expectations of lower benchmark interest rates next year.

The Philippine Stock Exchange index (PSEi) climbed by 56.31 points or 0.87% to end at 6,519.11 on Thursday, while the broader all shares index went up by 24.70 points or 0.72% to close at 3,440.59.

“The index returned above the 6,500 level in thin trading as investor sentiment remained positive about the local market’s prospects for 2024,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

“We saw the same optimism across most Asian markets on the back of growing bets on the dovish direction of interest rates next year,” Mr. Colet added.

The PSEi rallied as investors see a “better year” in 2024, Mercantile Securities Corp. Head Trader Jeff Radley C. See likewise said in a Viber message.

“Interest rates are about to go down due to better economic data coming from the US,” he said.

Value turnover went down to P2.8 billion on Thursday with 385.53 million issues changing hands from the P3.95 billion with 1.44 billion shares on Wednesday.

Asian shares scaled five-month peaks on Thursday as market wagers on ever-more aggressive rate cuts extended a huge rally in US stocks and bonds, while also leaving plenty of scope for disappointment in the new year, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan added another 1.4% to be up 11% in two months and at its highest since August. Futures now imply an 88% chance of a rate cut as early as March, a huge swing from a month ago when the probability was just 21%.

The market has about 157 basis points of easing priced in for 2024, and sees rates reaching 3-3.25% over 2025.

“SPNEC (SP New Energy Corp.) is the only stock that is still making noise aside from index names. Recent corporate news of MVP Group taking control of SPNEC made it shoot up, ending today’s session at P1.35,” Mr. See added.

Manuel V. Pangilinan, chairman and chief executive officer of Manila Electric Co., has taken over SPNEC after the completion of a P15.9-billion investment.

“Philippine equities recorded modest gains as investors braced themselves to end the year 2023. Traders will monitor economic data on jobless claims and pending home sales,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

All sectoral indices rose on Thursday. Industrials went up by 100.20 points or 1.12% to 9,008.21; services increased by 15.38 points or 0.97% to 1,593.34; holding firms jumped by 59.75 points or 0.95% to 6,321.60; mining and oil climbed by 74.63 points or 0.76% to 9,801.69; financials inched up by 9.75 points or 0.56% to 1,736.83; and property added 10.70 points or 0.37% to end at 2,879.58.

Advancers outnumbered decliners, 124 to 61, while 36 names closed unchanged.

Net foreign buying went down to P12.79 million on Thursday from P114.06 million on Wednesday. — S.J. Talavera with Reuters

Jeepneys may operate till Jan. 31, but consolidation deadline stays — LTFRB

PHILIPPINE STAR/WALTER BOLLOZOS

By Ashley Erika O. Jose, Reporter

THE LAND Transportation Franchising Regulatory Board (LTFRB) has issued new guidelines allowing unconsolidated public utility vehicles (PUV) or commuter jeepneys to continue operations until Jan. 31, 2024, providing a one-month grace period beyond the yearend consolidation deadline.

The memorandum order, effective Dec. 25, permits unconsolidated PUVs to operate in areas with less than 60% consolidated authorized units (NAUs).

“To avoid hampering public transportation routes without consolidated TSE (transport service entities), individual operators in said routes shall be allowed to operate until January 31, 2024,” stated the five-page memorandum circular released on Thursday.

The LTFRB, however, will issue show-cause orders to all unconsolidated PUVs, clarifying that units failing to apply for consolidation before the deadline will not be confirmed for registration as PUVs.

The move aligns with the Public Utility Vehicle Modernization Program (PUVMP), mandating operators to consolidate individual franchises under cooperatives or corporations to facilitate the acquisition of new, environmentally friendly transport vehicles.

The Department of Transportation (DoTr) is coordinating with local government units (LGUs) to plan local routes, ensuring passenger demand and required PUV units are met.

“LGUs will assist the LTFRB and DoTr after the Dec. 31, 2023 deadline in the implementation of PUVMP in their jurisdiction, particularly ensuring the adequate supply of PUV,” stated the DoTr.

In Metro Manila, nearly 30% of all units have consolidated, with routes approaching 50%, according to Jesus Ferdinand D. Ortega, Chairperson of the DoTr-Office of Transportation Cooperatives. The government aims to reach at least 65% consolidated units.

SC ORDERS DOTR, LTFRB TO ANSWER PETITION
Also on Thursday, the Supreme Court (SC) ordered the DoTr and the LTFRB to comment on the petition seeking to declare null and void the department order and circulars implementing the PUVMP.

In a four-page order, the SC En Banc required the two transportation agencies represented by Transport Secretary Jaime J. Bautista and LTFRB Chairman Teofilo E. Guadiz III, to personally file their respective comments on the petition within a non-extendible period of 10 days.

The 57-page petition was filed last week by public utility vehicle (PUV) operators and transport groups led by the Pinagkaisang Samahan ng mga Tsuper at Operators Nationwide (PISTON).

The petition sought a temporary restraining order (TRO) against DoTr’s Omnibus Franchising Guidelines, which serves as the framework of PUVMP. It also called for a preliminary injunction on the issuances of LTFRB mandating franchise consolidation and its year-end deadline.

With only a few days left before the deadline for franchise consolidation, PISTON filed on Thursday a supplemental motion before the High Court seeking to expedite its decision on the issue.

“The petitioners likewise pray for the immediate issuance of a TRO to prevent the grave and irreparable injury that the petitioners, the jeepney drivers and operators, their families, the commuters and the public in general will suffer,” read part of the 16-page motion.

Together with another transport group Manibela, PISTON announced that it will mount a protest march to Malacañang on Friday, expecting the majority of the jeepney drivers in Metro Manila to go on strike to join the mobilization.

LABOR SECTOR SEEKS REVIEW OF PUVMP
Meanwhile, labor groups are calling on the government to reconsider pushing through with the PUVMP, citing its effect to the transportation of workers as well as the livelihood of jeepney drivers.

“The nearing deadline for PUV consolidation under the modernization program poses significant concerns for the labor sector, particularly for jeepney drivers and operators,” Jose Sonny G. Matula, president of the Federation of Free Workers (FFW), said in a Viber message.  

“Workers, especially commuters, may need to adapt to higher fares and reduced availability of traditional PUVs. This could significantly affect their daily transportation budget and overall economic well-being,” he added.

Mr. Matula cited a joint trade union report to the International Labour Organization (ILO) which stated the PUV modernization plan’s “potential negative impact on the freedom of association.”

“The plan could disenfranchise many jeepney drivers and operators, hindering their ability to collectively represent their interests and negotiate terms beneficial to their livelihood,” he said.

The Partido Manggagawa labor group estimates that about 144,000 people would lose their livelihoods once the consolidation deadline comes.

Deputy Minority Leader and Party-list Rep. France L. Castro said the program would cripple small jeepney operators in the country, which are counted as micro, small, and medium enterprises (MSMEs).

The FFW called on the government to defer the modernization program for more planning and engagement with transport groups.

“The PUV modernization program, drawing upon legal precedents and international labor standards, calls for a balanced approach,” Mr. Matula said.

For his part, Confederation for Unity, Recognition, and Advancement of Government Employees (COURAGE) president Santiago Y. Dasmariñas, Jr. said the passage of bills on wage hikes, regularization of contractuals, and Public Services Labor Relations Bill would help aid government employees most likely to be affected by the PUVMP. — with reports from Jomel R. Paguian and Beatriz Marie D. Cruz

Congress must fast-track maritime defense bills and publicize it — expert

PHILIPPINE COAST GUARD PHOTO

By John Victor D. Ordoñez, Reporter

CONGRESS should push for the passage of measures that would establish and protect the country’s maritime zones in the South China Sea and build better security ties with the Philippines’ regional partners, policy experts said.

“The ultimate goal for Congress is to make us a maritime powerhouse in our region,” Michael Henry L. Yusingco, a lawyer and a policy analyst, said in a Facebook Messenger chat.

Earlier this month, the Senate passed a bill seeking to boost the country’s defense program through investments in local defense equipment manufacturing amid rising tensions with China. The program will get P1 billion in seed funding.

Mr. Yusingco said lawmakers should ensure that progress in developing the Philippine defense industry is publicized and receiving inputs from national security experts.

“The P1-billion seed money is a good start, but the public needs to be assured that this money will be spent the right way and for the correct purpose. Hence, there is a need for the bill to be subjected to public scrutiny,” he said.

Lawmakers have also proposed measures establishing Philippine maritime zones and territories extending to disputed areas in the South China Sea.

Senator Francis N. Tolentino had said that the Senate Special Committee on Maritime and Admiralty Zones which he heads would craft a Philippine map to assert the country’s claim in the disputed waterway.

Hansley A. Juliano, who teaches political science at the Ateneo de Manila University, said the government should ensure that planned infrastructure in the South China Sea is made accessible to local government units.

“Our fishing communities much-persecuted by the Chinese are already hostile to outsiders, it’s just a matter of keeping them onside and willing to support government action in the area,” he told BusinessWorld. “Investments and development there will make them loyal and more valuable, giving greater incentive to defend them.”

China insists on its claim to almost the entire South China Sea, a conduit for more than $3 trillion of commercial shipping annually, including parts claimed by the Philippines, Vietnam, Indonesia, Malaysia and Brunei.

“We need to build better ties with East Asian and Southeast Asian neighbors, as well as others in the Pacific region and make them value ties with us more than China,” Mr. Juliano said.

Meanwhile, United States Secretary of State Antony J. Blinken spoke on the phone with Philippine Foreign Affairs Secretary Enrique A.  Manalo to tackle recent incidents with Chinese vessels in the South China Sea.

“Secretary Blinken underscored the United States’ ironclad commitments to the Philippines under our Mutual Defense Treaty,” the US Department of State said in a statement.

Armed Forces of the Philippines spokesperson Medel M. Aguilar on Wednesday rebuked China’s previous claims that the Philippines is provoking tensions in the South China Sea.

96% of Filipinos facing New Year with hope — poll

PHILIPPINE STAR/ MIGUEL DE GUZMAN

By Beatriz Marie D. Cruz, Reporter

MORE THAN 96% of adult Filipinos are entering the New Year with hope, according to the Social Weather Station’s (SWS) 4th quarter 2023 survey.

Citing its poll conducted on Dec. 8 to 11 and released on Thursday, the SWS said 96% of adult Filipinos said they are welcoming the New Year with hope, higher than 95% last year and matches the pre-pandemic sentiment in 2019.

“On the other hand, 3% will enter the New Year with fear, down by two points from 5% in 2022,” the SWS said in a statement.

According to the survey, 97% each from Metro Manila and Balance Luzon feel hopeful for the New Year, while 93% of residents in the Visayas and 96% in Mindanao are hopeful.

The percentage of adult Filipinos welcoming the New Year with hope is higher than those who expected a happy Christmas this year at 73%.

“Hope for the coming New Year has always been higher among those who expected a happy Christmas than those who expected a sad Christmas,” the SWS said.

Hope for the New Year also increased across educational levels from the last year, the SWS also noted.

It said that 93% of non-elementary graduates are hopeful, from 92% last year, while 97% among elementary graduates are hopeful, up by 95% in 2022.

The SWS added that 96% of junior high school graduates are hopeful compared to 95% last year, while 98% of college graduates have hope for the New Year, up by 2% from the previous year.

The SWS interviewed a total of 1,200 Filipino adults aged 18 and above through face-to-face interviews.

Out of the total respondents, 52% are from urban areas while 48% are from rural areas.

It had a sampling error margin of ±2.8% for national percentages, and ±5.7% each for Metro Manila, Balance Luzon, Visayas, and Mindanao.

Marcos establishes 5 medical schools

PHILIPPINE STAR/KRIZ JOHN ROSALES

PRESIDENT Ferdinand R. Marcos, Jr. has signed into law seven bills establishing five new medical schools in the Philippines and expanding the academic offerings of seven other colleges, the Palace said on Thursday.

Established through the bills signed into law by the President are the Benguet State University College of Medicine (RA 11970), the Southern Luzon State University-College of Medicine (RA 11971), the University of Eastern Philippines of Medicine in Catarman, Northern Samar (RA 11972), and the Visayas State University-College of Medicine in Baybay, Leyte (RA 11974).

In addition, Mr. Marcos signed RA 11973 establishing the Bicol University-College of Veterinary Medicine in Lagao City, Albay, which aims to produce a new crop of veterinarians.

Under RA 11968, the San Isidro Satellite campus of the Leyte Normal University (LNU) has been converted into a regular campus that will be named LNU-San Isidro Campus, the Presidential Communications Office (PCO) said in a statement.

Another institution converted into a regular college campus is the Bataan Peninsula State University Bagac Extension, through RA 11969.

The PCO said that under the new laws, all of the colleges can provide a Doctor of Medicine program, including an integrated liberal arts and medicine program.

The President signed the new laws on Dec. 20 and shall take effect 15 days after their publication on the Official Gazette website or in a local newspaper of general circulation. — John Victor D. Ordoñez

Pro-admin sentiment declined this year — PUBLiCUS Asia

PHILIPPINE STAR/KRIZ JOHN ROSALES

LESS THAN half of Filipinos said they favored the Marcos administration this year, while citizens averse to the opposition have also decreased in number, according to a survey by PUBLiCUS Asia, Inc.

In a statement on Thursday, PUBLiCUS Asia said its PAHAYAG End of the Year survey of 1,500 respondents showed that Filipinos with political leanings in favor of the Marcos administration decreased to 46%, down from 50% last year.

Those who said they were against opposition politics in the Philippines dropped to 32% from 40% a year prior, the same survey showed.

Results of the poll also showed that Filipinos with an anti-administration sentiment this year stayed at 18%, while those who leaned neutral increased to 36% from 30% a year earlier.

The study was conducted nationwide from Nov. 29 to Dec. 4, 2023, with the 1,500 respondents being randomly chosen among registered Filipino voters.

The consultancy firm noted that, this year, the opposition party was still dealing with “discreditation” from the previous administration.

“Economic concerns, including price inflation, joblessness, low wages, and a perceived lack of productivity, emerge as driving factors behind the changing political landscape,” PUBLiCUS Asia said.

Headline inflation in November eased to 4.1%, the 20th straight month that it breached the Bangko Sentral ng Pilipinas (BSP) target band of 2-4%.

Inflation averaged 6.2% in the first 11 months of 2023, still above the BSP’s 6% full-year forecast.

The Philippines’ jobless rate in October was the lowest in 18 years at 4.2%, the slowest since 2005 and matching the level in November last year, according to the Philippine Statistics Authority.

Job quality improved that month as the underemployment rate, which measures the number of Filipinos seeking more work or additional working hours, fell to 11.7% from 14.2% in the same months a year earlier.

“These issues, left unaddressed by the administration, have prompted a notable migration of pro-administration voters towards neutrality,” PUBLiCUS Asia said.  — John Victor D. Ordoñez

Designated fireworks zones urged

BULACAN.GOV.PH

THE METROPOLITAN Manila Development Authority (MMDA) is urging local government units (LGUs) in Metro Manila to designate fireworks display zones in their respective localities for the New Year’s Eve revelry.

“Setting up a common fireworks display zone can prevent or lessen fireworks-related injuries,” said MMDA Acting Chairman Romando S. Artes in a statement on Thursday.

The Department of Health (DoH) reported 88 fireworks-related injuries as of Thursday, 96% of which occurred at home or in the streets, mostly involving males. Illegal fireworks accounted for over half of the incidents.

The report identified firecrackers like boga, 5-Star, piccolo, pla-pla, and whistle bomb, as well as fireworks like kwitis and luces as accounting for seven out of every 10 (68%) injuries.

In terms of regional distribution, the DoH said the National Capital Region (NCR) recorded the highest number of cases at 31.35%.

Following NCR were Central Luzon at 11.12% and Ilocos Region at 10.11%. The Bicol Region, Davao Region, and Region 12 each recorded a 5.6% share.

The MMDA said that it has reminded NCR mayors regarding the authority’s resolution on designated firework zones during the recent Metro Manila Council meeting, reiterating Republic Act No. 7183 which regulates the sale, manufacture, distribution, and use of firecrackers and other pyrotechnic devices.

“It is a tradition to use firecrackers and other pyrotechnic devices during the holiday season. There is undeniably a significant number of firecracker-related injuries, casualties, and accidental fires recorded every year in Metro Manila related to the indiscriminate and unregulated use of firecrackers and other pyrotechnic devices,” the resolution stated.

Also, the MMDA reminded the public to dispose of garbage, particularly used and unused firecrackers, properly to avoid accidents, fires, and injuries. — Jomel R. Paguian

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