How PSEi member stocks performed — September 1, 2023
Here’s a quick glance at how PSEi stocks fared on Friday, September 1, 2023.
Okada Manila launches ‘Come Home to Harmony’ campaign
What is it like to come home to Okada Manila?
An extraordinary staycation in a deluxe setting. A gustatory dining experience featuring a world of flavors. A wonderful celebration at the beautiful event venues. A relaxing wellness treatment at The Retreat Spa. An afternoon at the pool or PLAY at Okada Manila for the kids. A shopping escapade. A spectacular viewing experience at the iconic The Fountain. A lucky streak at the gaming floors and more. A renowned Forbes 5-star service that combines Japanese excellence and the Filipino’s warm hospitality, Okada Manila offers integrated and authentic experiences to cater to guests’ wants and needs, and provides all the comforts of a second home in the heart of the metro.
Okada Manila: Come Home to Harmony
Seven years since Okada Manila opened its doors, the property has welcomed thousands of guests from the local and foreign market. Through their stays and visits, as well as celebrations, many remarkable stories have been woven within the walls of Okada Manila.
Guests’ varied and genuine experiences in Okada Manila tell the narrative and inspiration behind the property’s new branding campaign dubbed as “Come Home to Harmony.” The campaign encapsulates the holistic and seamless authentic experience through property offerings that cater to families, couples, and individuals under one roof.
“We have been relentless in our pursuit in working towards creating an experience that goes beyond just luxury and entertainment,” said Victor Galzote, Okada Manila’s Director of Property Marketing and Branding under the Corporate Marketing and Communications Division. The guiding principle behind this transformative journey — the essence of “Come Home to Harmony” is the next chapter of the Okada Manila story. “We have crafted well-curated seamless and integrated experiences and offerings that cater to different key market segments from each of our business unit that’s distinctively Okada Manila, blending harmoniously to ensure that our guests feel right at home and that their stay or visit is truly unforgettable every single time,” concluded Mr. Galzote.
Okada Manila’s “Come Home to Harmony” branding campaign, which officially launched last Aug. 31, is just the beginning of an incredible journey that will unfold over the next few months.
Come to Home Harmony: An Integrated and Authentic Experience
Okada Manila’s well-curated experiences are integrated and seamless across the property and cater to different key market segments both domestic and foreign.
Family staycations offer something special for every member at Okada Manila. The entire family can enjoy a relaxing stay, use the resort’s premium facilities such as the expansive swimming pool then opt to dine at the ample dining establishments. While the adults go on a shopping spree at the Retail Boulevard or a wellness treatment at The Retreat Spa, the kids can enjoy a fun day at Play at Okada Manila. To conclude the day, families can flock to the property’s iconic The Fountain for a mesmerizing multi-color dancing fountain show.
Couples can take a romantic getaway within the city and book a candle-lit dinner and cap the night off with drinks and entertainment at Okada Manila’s Okada Lounge or Sportsbook Bar. Individuals can also enjoy some “me time” in luxury at one of Okada Manila’s well-appointed rooms or spend the day with friends by going shopping or a food crawl, as well as a visit at The Retreat Spa.
And for foreign guests who are keen to experience Filipinos’ world-famous hospitality, an extraordinary service awaits at Okada Manila, which proudly holds a Forbes 5-star rating for its stellar service.
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BPI chosen as the Most Selected Main Bank at The Asian Banker Philippines Awards 2023
The Bank of the Philippine Islands (BPI) was chosen as The Most Selected Main Bank in the Philippines at the recently concluded The Asian Banker Excellence in Retail Financial Services and Technology Innovation Philippines Awards 2023.
This was based on the votes received from the Annual BankQuality Consumer Survey conducted by The Asian Banker (TAB) where it gathered feedback from more than 1,000 online consumers in the Philippines between January and February 2023 to ask consumers about their experience and satisfaction with their retail institutions.
Based on the survey conducted, 20% of the bankable population of the Philippines selected BPI as their main retail bank. Consumers said that the Bank’s diverse products and convenient services are the main reasons for making BPI the main bank they transact and engage more with.
“We are honored to receive this award from The Asian Banker. We understand customers have more options today. To be the bank most selected by Filipinos is to be the most trusted. As we go through our digitalization journey, we remain focused on our North Star — our customers. By putting them at the center of everything we do, we are able to offer product solutions more relevant to their needs and provide a seamless omni-channel ‘phygital’ experience that empower them towards financial success and security,” Maria Cristina L. Go, BPI Head of Consumer Banking, said.
The Asian Banker Philippines Awards recognizes achievements in retail financial services and technology innovation that is specific to financial institutions, banks and non-banks in the Philippines. Aside from an international council of advisors and an audit-based approach in the evaluation process, The Asian Banker also takes into account consumer perception surveys such as its very own BankQuality Consumer Survey in determining the awards recipients.
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Ayala Malls is booming with its world-class and diverse cultural offerings
Globally, the urgency to return to normalcy and recover from the ongoing pandemic has never been more critical. No longer are we plagued by extensive lockdowns, and with the resumption of economic activities, people are venturing out more frequently, a clear indicator that recovery is indeed under way.
In the Philippines, where mall-going has become a big part of our culture, these retail centers have evolved into an integral facet of daily life. The enduring popularity of malls stems from their ability to offer an immersive retail experience, encompassing fashion, dining, and entertainment, unmatched by other venues.
Despite facing challenges such as e-commerce competition, inflation, and economic turmoil, the retail sector has adeptly leveraged this evolving landscape as a competitive edge. This strategic maneuvering has resulted in consistent profitability, buoyed by the nation’s consumption-driven economy, as per the latest Collier Flash report.
Amid this dynamic environment, Ayala Malls, a pioneering force in Philippine shopping center development, continues to thrive as a lifestyle and cultural epicenter. As individuals rediscover the joys of physical shopping and dining, Ayala Malls has witnessed a resurgence in foot traffic and revenues, surpassing pre-pandemic levels, as reported to BusinessWorld.
Fresh and innovative offerings
So, what distinguishes Ayala Malls as a premier shopping destination? Renowned for embracing creativity and diversity, the mall has once again captivated its loyal patrons with fresh and innovative concepts. This allure keeps visitors returning time and again.
Ayala Malls reports a resurgence in physical luxury stores, with iconic brands like Gucci and Bottega Veneta reopening their boutiques in Greenbelt 4. Additionally, flagship boutiques of Tiffany & Co. and Cartier grace Greenbelt 5. The mall’s directory has also expanded to include international sports brands like Foot Locker, boasting the largest Southeast Asian branch, as well as Nike Rise and Adidas Brand Center at Glorietta, and Jordan Store at BGC. Ayala Malls has also introduced an expansion of the all-natural and organic store, Healthy Options, across various locations and unveiled new fine-dining options with Kiwami Food Hall and Helm restaurant.
A variety of entertainment experiences
Beyond retail, Ayala Malls offers live entertainment, with exciting events occurring every weekend. The mall has hosted prominent K-pop artists, including Itzy and NCT DoJaeJung, drawing thousands of fans to the Glorietta Activity Center. International performers like Phum Viphurit, The Valley, Eric Nam, and up-and-coming band TAN have enchanted audiences at the mall concert arena. Local acts have also been a highlight, with Filipino artists like Felip, Lola Amour, Dilaw, PlayerTwo, BGYO, Bini, among others, gracing the Ayala Malls A-Live series.
Capitalizing on the country’s sports and fitness culture, Ayala Malls has also seized opportunities to host major sports events, including the renowned basketball tournament, the PBA 3×3 Tournament, and the historic campaign of the Philippine Women’s National Football Team for the 2023 FIFA Women’s World Cup.
To promote a healthy lifestyle, the mall developer has introduced various fitness-related activities, including the installation of a pickleball court inside its premises at select locations. Fitness enthusiasts can also explore the bouldering gym at the Bouldering Hive, while centers like Surge Training and Anytime Fitness cater to diverse fitness needs.
Ayala Malls consistently offers activities for all, whether you seek solitude or bonding moments with loved ones. For family outings, dates, or gatherings with friends and colleagues, the arcade gaming company Timezone remains a popular choice, consistently attracting significant foot traffic within the malls.
Ayala Malls plans to expand Timezone branches at TriNoma and Fairview Terraces into the Philippines’ largest outlets, featuring 160 amusement games, the country’s first-ever Hologate Virtual Reality Arena, SpinZone mini bumper car park, billiards areas, bowling alleys, and Music Zone karaoke rooms.
For those seeking arts and culture, Ayala Malls remains a haven. From pop culture icons to Instagram-worthy arts and crafts, immersive and interactive museums such as Omniverse Museum, Craft Academy, Museum of Emotions, Food Wanderer, Rage Museum, and Dream Lab offer enriching experiences.
Enhancing the movie-going experience
Watching movies in cinemas, long cherished by Filipinos, is experiencing a renaissance. Ayala Malls Cinema enhances the movie-going experience by showcasing blockbuster favorites like Barbie, The Little Mermaid, Insidious, and the acclaimed film festival Cinemalaya, drawing substantial audiences back to theaters.
Two new Ayala Malls within the year
With a commitment to elevating the quality of life for all Filipinos, Ayala Malls plans to expand its reach by opening two additional malls in Makati and Cavite by the fourth quarter of the year. One Ayala will be a dynamic retail and dining destination situated in a world-class transit hub in Makati. Meanwhile, Ayala Malls Vermosa will emerge as Cavite’s go-to destination for retail, active lifestyle, and outdoor activities amid green spaces.
Ayala Malls remains dedicated to enriching cultures and lifestyles, ensuring that its patrons continue to experience boundless fun and enjoyment.
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Ortigas Land’s GH Tower offers prime, accessible, and sustainable office spaces in Greenhills Center, San Juan City
A new and exciting business address at the heart of Metro Manila has opened its doors for business. Prospective tenants seeking a vibrant location for their business can check out the newly opened show suite of the GH Tower and personally experience a myriad of possibilities.
GH Tower is a proud project of Ortigas Land, a trusted developer with over 90 years of experience in real estate development of commercial, residential, and mixed-use properties. It is a modern office building with 15 storeys of workspace, and a gross leasable area of 40,880 square meters. It is perfect for professionals wanting to work in an office tower that values the environment with its sustainability potentials.
GH Tower welcomes employees and guests into spacious common areas and lobbies designed by the Chat Fores Design Studio. The neutral hues of the lobbies and common areas create an atmosphere of health and wellness, uplifting day-to-day working experiences.
“We wanted GH Tower to be an efficient and productive office space where tenants and employees, especially those who live nearby, will be excited to go to work, while also giving them convenient access to a variety of amenities within Greenhills Center and the new Greenhills Mall slated to open in the 4th quarter of this year,” said Trina Chan, Ortigas Land Assistant Vice-President and Head of Office Business Unit.
Prime location
Centrally located, GH Tower is only five minutes away from the Ortigas Central Business District and with a 30- to 45-minute access for residents and workers from Taguig, Makati, Quezon City, North, East, and West of Metro Manila. Travel time to and from all points in the Metro is lessened, improving the well-being of all car users. GH Tower has ample parking spaces at the basement levels of the building. Other parking spaces and facilities are additionally available in adjacent buildings within the estate.
There are several commuter routes servicing the area, including the existing MRT and LRT lines, along with buses and jeepneys. It is also near the upcoming MRT-4 station.
Further to this, GH Tower is situated within a master-planned estate that promotes work-life balance. Its direct access to the new Greenhills Mall conveniently provides employees a break from their hectic workday and time to unwind at the new restaurants, cafes, shops and cinemas.
Show Suite
Interested tenants can have a peek at their future workplace by visiting GH Tower’s show suite located on the 7th floor of the building. The show suite was set up by Cornersteel Systems Corporation, a full-service fit-out solutions company. It features an open concept that highlights the column-less feature of the floors, and expansive workstations and collaboration areas. It also highlights the floor-to-ceiling glass walls, which allow tenants to appreciate the breath-taking skylines of the Ortigas business district, Quezon City, Pasig City, Taguig City and Manila.
Sustainable spaces
On top of GH Tower’s state-of-the-art features and amenities, it is designed with sustainability in mind by using energy-saving LED lighting fixtures and double glazed, double low-e glass panels that offer natural lighting during the day. GH Tower also gives importance to water conservation with water-efficient plumbing fixtures and a rainwater collection system.
To further its sustainability drive, GH Tower incorporated bike-friendly facilities, such as secured bike racks that promote the use of bicycles and other non-motorized vehicles. Showers and changing facilities for biker tenants are also available on each floor. In addition, charging stations will be installed at the basement parking level of the new Greenhills Mall for electric vehicle users within the estate.
These environmental initiatives are in line with GH Tower’s aim for a Leadership in Energy and Environmental Design (LEED Silver) certification.
Schedule a tour of the show suite today. For inquiries, call 0917-874-7842 or email officeleasing@ortigas.com.ph.
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Analysts’ August inflation rate estimates
HEADLINE INFLATION may have seen an uptick in August, ending six months of steady decline due to rising prices of fuel and key food items. Read the full story.
Stocks to move sideways before inflation report
PHILIPPINE STOCKS may move sideways this week ahead of the release of August inflation report and amid hopes that the US Federal Reserve is done hiking rates following soft US data that came out last week.
The Philippine Stock Exchange index (PSEi) inched up by 0.09 point or 5.81% to close at 6,181.06 on Friday, while the broader all shares index went up by 0.21 point or 7.19% to 3,341.97.
Week on week, the PSEi also gained 20.45 points or 0.33% from its close of 6,160.61 on Aug. 25.
For this week, trading will be driven by economic data, analysts said.
“This week’s market direction will be shaped by investors’ reaction to the latest US jobs report, China’s efforts to prop up its economy, and the Philippine August inflation print,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.
The market’s movement will be affected by US and local data releases, China Bank Securities Corp. Research Director Rastine Mackie D. Mercado likewise said in an e-mail on Friday.
“Domestic inflation data for August will be top of mind for most investors. The expectation is that this will be higher than July’s 4.7%, but a steep jump could introduce fresh volatility to the market,” Mr. Colet said.
US job growth picked up in August, but the unemployment rate jumped to 3.8% and wage gains moderated, suggesting that labor market conditions were easing and cementing expectations that the Federal Reserve will not raise interest rates this month, Reuters reported.
The economy created 110,000 fewer jobs than previously reported in June and July, which some economists said suggested there had been business closures that were not previously captured.
The labor market is slowing in response to the US central bank’s hefty rate hikes to cool demand in the economy.
Meanwhile, a BusinessWorld poll of 18 analysts yielded a median estimate of 4.9% for August Philippine headline inflation, close to the lower end of the central bank’s 4.8% to 5.6% forecast for the month.
If realized, this would be faster than the 4.7% print in July, but lower than the 6.3% seen in August 2022.
It would mark the 17th straight month of inflation exceeding the Bangko Sentral ng Pilipinas’ 2-4% target for the year.
August inflation data will be released on Sept. 5, Tuesday.
“We also see the index possibly retesting the 6,150 support level after last week’s oversold rally fizzled out. A successful retest of a support level is an important indicator that the recent downtrend could be reaching a trough,” Mr. Mercado said.
For this week, Mr. Mercado placed the PSEi’s support at 6,150 and resistance at 6,370-6,420, while Mr. Colet put support at 6,150 and resistance at 6,350. — S.J. Talavera with Reuters
Peso may move sideways before Aug. inflation data
THE PESO could trade sideways against the dollar this week ahead of the release of August inflation data.
The local unit closed at P56.595 versus the dollar on Thursday, strengthening by 13 centavos from Wednesday’s P56.725 finish, data from the Bankers Association of the Philippines’ website showed.
Week on week, however, the peso dropped by 2.50 centavos from its P56.57 per dollar finish on Aug. 25.
Trading was suspended on Friday as Malacañang suspended work in government offices due to inclement weather.
For this week, the peso could stay at the P56-per-dollar level ahead of the release of the August consumer price index (CPI) report, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
A BusinessWorld poll of 18 analysts yielded a median estimate of 4.9% for August headline inflation, close to the lower end of the central bank’s 4.8% to 5.6% forecast for the month.
If realized, this would be faster than the 4.7% print in July, but lower than the 6.3% seen in August 2022.
It would mark the 17th straight month of inflation exceeding the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target.
August inflation data will be released on Sept. 5, Tuesday.
Bets on the US Federal Reserve’s next move could also affect the peso’s movement, as this could be matched by the BSP, Mr. Ricafort added.
Financial markets are now betting the central bank is done raising rates and may start cutting them next year, according to CME Group’s FedWatch Tool, Reuters reported. Futures tied to the Fed’s policy rate show only a slight chance of a rate hike at the Sept. 19-20 meeting.
Since March 2022, the Fed has raised its policy rate by 525 basis points (bps) to the current 5.25%-5.5% range.
Meanwhile, the BSP kept its policy rate at a near 16-year high of 6.25% for a third straight meeting last month.
The BSP raised borrowing costs by 425 bps from May 2022 to March 2023 to tame inflation.
The Monetary Board will next meet on Sept. 21 to review policy.
Mr. Ricafort expects the peso to range from P56.30 to P56.80 per dollar this week. — AMCS with Reuters
Chipmakers say incentive reform has had limited impact on FDI
By Justine Irish D. Tabile, Reporter
THE Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) said reform of the incentive system has not yet made the industry attractive to foreign investors, who are also concerned about high costs.
“From the electronics industry perspective, the appeal (to the government) still is to study the effect of incentives rationalization and figure out why we’re still not getting as much foreign direct investment (FDI) compared to Vietnam, Thailand, or Malaysia,” SEIPI President Danilo C. Lachica told reporters last week.
Mr. Lachica said another factor behind the dearth of FDI is the high cost of power, logistics, labor and water.
Multinationals deciding where to locate chip operations will not look too favorably on the Philippines because of cost factors. Such investors “have sites in different countries outside the Philippines and can compare the numbers,” Mr. Lachica said.
“If you have high operating costs, if you have high power costs, and if you don’t have some measures to mitigate that like incentives, then where do you think the CEO will place these new products?” he said.
He said the industry will end up producing legacy products and be left behind as technology turns over very rapidly.
Mr. Lachica said another challenge to the electronic industry is the tax imposed on the depreciated equipment which the industry donates to educational and government institutions.
“The depreciated equipment is still in good working condition and so to aid our students and government agencies, the companies want to donate it, but they are charged the full tax on the acquisition value, even if it’s worth zero today,” he said.
“I think the legislators have agreed (to act on this). But it just hasn’t happened,” he added.
He added that the application process to avail of research and development incentives is burdensome.
“The companies are not able to avail of that easily because what will happen is filing for reimbursement for these incentives is just too difficult for the company. So if you look at the availment rate of these incentives, it is not that high,” he said.
“The clock is running. We have eight and a half years or so for the transition period under the CREATE incentives rationalization, and after that we’re already seeing some expansion projects that are not coming here, investments are not as high as we’d like. So, that’s a big threat to our industry,” he said, referring to the Corporate Recovery and Tax Incentives for Enterprises (CREATE), a component of the comprehensive tax reform program.
The CREATE law made incentives targeted, performance-based, time-bound and transparent. It allowed qualified exporters to enjoy four to seven years of income tax holidays (ITH), followed by 10 years of 5% special corporate income tax or enhanced deductions.
Meanwhile, domestic enterprises are eligible for four to seven years’ ITH, followed by five years of enhanced deductions.
Asked what amendments SEIPI would like to insert in the implementing rules and regulations of the CREATE law, Mr. Lachica said measures that will address the high operating costs will be high on the list.
“Specific measures that would one address the high operating cost and two not make it difficult for the companies to (access) the incentives that will help reduce the operating cost,” he said.
According to Mr. Lachica, the industry is being required to implement an electronic tracking system which adds to the cost burden on the industry, reducing its competitiveness.
“These kinds of things reduce the competitiveness of the industry and make it more difficult. Our appeal to the government really is to have a risk-based (assessment before) making these regulations,” he said.
Customs exceeds collection target for August
THE Bureau of Customs (BoC) said it collected P75.642 billion in August, surpassing its target for the month by 4.7%.
The BoC had exceeded its target for the month of P72.275 billion, according to preliminary data.
In the eight months to August, the BoC collected P582.133 billion in revenue, up 4.24% from a year earlier. It also surpassed its target for the period by 2.54%.
The BoC attributed the performance to “efficient customs operations, enhanced trade activity, and robust revenue collection measures.”
“We will continue to monitor trade activity and implement measures to sustain this positive momentum in revenue collection,” Customs Commissioner Bienvenido Y. Rubio said in a statement.
The BoC also reported that it conducted 687 anti-smuggling operations in the eight months to August, which yielded smuggled goods valued at P31.118 billion.
This year, the BoC expects to collect P874.166 billion. Last year, the agency collected P862.929 billion, exceeding its target by 19.6%. — Luisa Maria Jacinta C. Jocson
Manufacturing at scale in PHL seen as key to lowering cost of medicine
AYALA Healthcare Holdings, Inc. said local manufacturing at scale will be instrumental in lowering the overall cost of medicine, as will digitalizing the drug regulator.
Paolo Maximo F. Borromeo, the company’s president and CEO, was citing recommendations made by the Private Sector Advisory Council (PSAC).
The PSAC had proposed the digitalization of the Food and Drug Administration to expedite drug approvals; and to provide support for medicine to be manufactured in the Philippines.
According to Mr. Borromeo, Philippine manufacturers cannot as yet compete on scale with rivals from other countries.
“We were not able to give them much investment and attention before, so we were not able to make them big; therefore, we don’t have the right level of scale to be competitive,” he told BusinessWorld on Friday.
“Indonesia, Thailand, or India have scale. You can be more competitive with scale. Traditionally, we find it hard to compete with imports,” he added.
Mr. Borromeo said the government can help scale up domestic drugmakers by giving them preference in procurement and making it easier for them to export.
“The government already provides incentives and other benefits to local manufacturers, but we need a little bit more. One is in finding partners for procurement. When there is government procurement for medicine, they should encourage procurement from local manufacturers,” he said.
He said the government should also make it easier for exporters to obtain permits and clearances in aid of helping Philippine manufacturers achieve scale.
“We have a lot of local manufacturers who want to export; they have a lot of products they want to sell outside of the country, but there are really many steps and barriers for our manufacturers to export,” he said. — Justine Irish D. Tabile
Further consultation needed on gas-power quota for Luzon grid
THE Department of Energy (DoE) said it continues to consult on a proposal to require Luzon distribution utilities to source an as-yet undetermined percentage of their power needs from gas-fired power plants.
“It’s just still a proposal… the team that is working on that is looking at the legal basis,” Energy Assistant Secretary Mylene C. Capongcol told BusinessWorld on the sidelines of an energy forum last week.
“There will be consultation and further study. (The goal is to ensure) that the energy supply is adequate, reliable, and sustainable,” she added.
Advocacy groups have claimed that the setting of a quota for power derived from gas bypasses the competitive selection process for power-supply agreements and will undermine the transition to renewable energy (RE).
“This department circular is unlawful because the DoE has no power to do what it wants to do in the circular. Its bias for gas also violates the equal protection clause of the Constitution,” Gerry C. Arances, convenor of Power for People Coalition, said in a Viber message.
Asked if a percentage has been set for power generated from gas, Ms. Capongcol said a working group is still conducting studies on the matter.
“There are no details yet… just to clarify, it is still under study. The review of the proposed policy is ongoing,” she added.
Meanwhile, Ms. Capongcol said that the DoE plans to release a notice of auction by November and conduct the actual bidding early next year for the third Green Energy Auction (GEA).
In July, the DoE announced that GEA-2 resulted in bids for 3,440 megawatts (MW) of RE capacity, well below the target of 11,600 MW. — Sheldeen Joy Talavera