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Yields on gov’t debt mixed after less hawkish Fed

YIELDS on government securities were mixed last week after less hawkish comments from the US Federal Reserve.

The yields, which move opposite to prices, fell by 1.43 basis points (bps) on average week on week, according to data from the PHP Bloomberg Valuation Service Reference Rates as of May 3 posted on the Philippine Dealing System website.

Rates at the short end were mixed, with yields on the 91- and 182-day Treasury bills (T-bills) going down by 4.41 bps and 8.92 bps 5.8577% and 5.9309%. The 364-day debt rose by 1.34 bps to 6.0642%.

At the belly of the curve, the rates of the two-, three- and seven-year Treasury bonds went up by 6.76 bps, 2.74 bps and 1.03 bps to 6.527%, 6.6021% and 6.9369%. The rates of the four- and five- year T-bonds shed 0.26 bp and 1.6 bps to 6.6744% and 6.7590%.

The 10- year bonds rose by 4.21 bps to 6.9887%, while the rates of the 20- and 25-year bonds fell by 8.36 bps and 8.21 bps to 6.9831% and 6.9837%.

Volume jumped to P17.38 billion from P11 billion on April 26. Financial markets were closed on May 1 for Labor Day.

“The holiday-shortened week saw yields still impacted by global bond market movements,” Nicholas Antonio T. Mapa, senior economist at ING Bank N.V. Manila Branch, said in an e-mail. “Investors were focused on two developments: the [Federal Open Market Committee] meeting and the US job report on Friday.”

The Fed kept its policy rates steady at 5.25%-5.5% on May 1, holding off rate cuts until “greater confidence” that inflation will continue to fall, Reuters reported.

Mr. Mapa said the Fed’s stance was less hawkish than investors anticipated, leading to a dip in bond yields.

“Weak demand at recent auctions further pressured local yields upwards,” the market seems to be pricing in a scenario where concerns about growth and inflation will prevent the Fed from cutting rates this year,” Robert Dan J. Roces, chief economist at Security Bank Corp., said in an e-mail.

The government partially awarded reissued 20-year T-bonds on Tuesday, raising P27.476 billion.

Global developments would continue to influence sentiment this week, Mr. Mapa said. “We do get some important data reports locally as well, with gross domestic product and inflation out in the coming days, which could add additional color to this week’s trading,” he added.

Inflation probably quickened to 4.1% in April, according to a median estimate of 16 analysts in a BusinessWorld poll last week. The economy likely grew by 5.9% last quarter, according to a median estimate of 20 economists in a separate BusinessWorld poll.

The local statistics agency will report April inflation and first-quarter GDP data on May 7 and 9. — Karis Kasarinlan Paolo D. Mendoza

South Korea to slap fines on food manufacturers for ‘shrinkflation’

REUTERS

SEOUL — South Korea’s antitrust regulator said food makers and suppliers will be required to notify shoppers if they reduce the size of their products or face fines of up to 10 million won ($7,300).

The Fair Trade Commission (FTC) said it has designated the practice of some businesses to cut product portions while keeping the price the same, or so-called shrinkflation, as an unfair transaction subject to penalties.

Most processed food makers and manufacturers of household supplies such as toilet paper, shampoo and detergents will have to display labels for three months if they downsize their products in a way that prompts the unit price to go up.

The rule will take effect in August after a three-month grace period, and violators will be fined 5 million won for their first offense and 10 million won for a second.

“The change was aimed at preventing a situation where companies reduce the size, standard, weight or quantity of their products without sufficient notice so that consumers unknowingly bear a substantial price increase,” the FTC said in a statement.

Shrinkflation has become a headache for consumers and governments around the world as households grapple with dwindling purchasing power in the face of soaring inflation over the past few years, despite some recent signs of easing price pressures.

Surging food prices and living costs were a major issue in the run up to last month’s parliamentary elections in which President Yoon Suk Yeol’s ruling party suffered a stinging defeat.

Mr. Yoon’s government has taken various steps in a bid to tame price rises, including cutting tariffs on food imports and putting pressure on companies to limit price hikes. — Reuters

Our Code of Practice

FREEPIK

The ethical exchange of scientific information on prescription medicines is vital to the pharmaceutical industry’s mission of helping patients through the research and development of new and innovative medicines. Ethical interactions help ensure that healthcare professionals have access to the right information they need, and that all patients have access to the right medicines at the right time.

Industry relationships with healthcare professionals (HCPs) must support, and be consistent with, the professional responsibilities that they have for their patients. Pharmaceutical companies must, on the other hand, maintain high ethical standards in their interactions with HCPs, Patient Groups, and Patient Organizations. They must also comply with applicable legal, regulatory, professional requirements and international guidelines on both face-to-face and virtual interactions.

Since 1993, the Pharmaceutical and Healthcare Association of the Philippines (PHAP) has had its “Code of Practice” to ensure that medical decisions are made in the best interests of patients. The Code is a requirement for membership of all 40 members of PHAP. Through the years, PHAP Members have adhered to the Code of Practice to benefit the patients and the healthcare community. They firmly believe that unethical interactions hurt patients and weaken the healthcare system.

The PHAP Code of Practice fully adopted the Department of Health’s Administrative Order (AO) 2015-0053 Implementing Guidelines on the Promotion and Marketing of Prescription Products and Medical Devices. The AO aims to guarantee that ethical interactions between industry and other stakeholders must be guided by the principles embodied in 2011 APEC Mexico City and Kuala Lumpur Principles, whose adoption in the Philippines is what PHAP vigorously campaigned for. Despite strong objections from certain parties unwilling to change the status quo, using threats detrimental to those pushing for their passage, these Principles were enshrined into Department of Health and Food and Drug Administration regulations, and the country was honored with the APEC Lighthouse Award.

The APEC Mexico City Principles were endorsed by heads of states of APEC Member economies, including the Philippines. The guiding principles are Healthcare and Patient Focus, Integrity, Independence, Legitimate Intent, Transparency, Accountability, Appropriateness, and Advancement.

The following PHAP Code of Practice Guiding Principles set out basic standards that apply to the conduct of all Member Companies and their agents:

• The healthcare and well-being of patients are the first priority for pharmaceutical products and medical devices companies;

• Pharmaceutical and medical devices companies will conform to high standards of quality, safety and efficacy as determined by regulatory authorities;

• Pharmaceutical and medical devices companies’ interactions with stakeholders must at all times be ethical, appropriate, and professional. Nothing should be offered or provided by a company in a manner or on conditions that would have an inappropriate influence to ensure the independence of the HCP;

• Pharmaceutical and medical devices companies are responsible for providing accurate, balanced, and scientifically valid data on products;

• Promotion must be ethical, accurate, balanced and must not be misleading. Information in promotional materials must support proper assessment of the risks and benefits of the product and its appropriate use;

• Pharmaceutical and medical devices companies will respect the privacy of healthcare professionals and patients’ personal information obtained during face-to-face and virtual engagements; and,

• All clinical trials and scientific research sponsored or supported by companies will be conducted with the intent to develop knowledge that will benefit patients and advance science and medicine. Pharmaceutical and medical devices companies are committed to the transparency of industry-sponsored clinical trials in patients.

PHAP Member Companies should adhere to both the spirit and the letter of this Code and ensure that all relevant personnel are appropriately trained.

The PHAP Code of Practice covers not only member companies but also local subsidiaries of member companies belonging to the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA). The Code of Practice also aligns itself with the Joint Guidance on Virtual International Medical Congresses Impacted by COVID-19, the 2020 Amended Code of Practice of the IFPMA.

Furthermore, it incorporates local requirements and practices in relation to registration, labeling, and scientific claims approved by the Philippine Food and Drug Administration. PHAP and its members are committed to educational activities that benefit patients, as well as programs and collaborations that enhance the practice of medicine.

PHAP, through its Code of Practice, seeks to preserve the independence of the decisions taken by healthcare professionals in prescribing medicines to patients. Through the promotion of this Code, we seek to ensure that ethical promotional practices are established and at par with international standards worldwide.

PHAP takes pride with its member pharmaceutical companies for adhering to the Code of Practice and for complying with pertinent laws and regulations both here and abroad to benefit those whom we serve — Filipino patients.

 

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP). PHAP represents the biopharmaceutical medicines and vaccines industry in the country. Its members are in the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

Volkswagen is UAAP Season 86 mobility partner of Ateneo Blue Eagles

From left are Volkswagen Philippines COO Josh Altarejos, Ateneo Assistant Director for Operations of the University Athletics Office Mickey Gavino, Ateneo Women’s Team Coach PJ Navarro, Ateneo Men’s Team Captain Alonzo Luna, Ateneo Women’s Team Captain Sandra Villacruz, Ateneo Men’s Team Coach Nico Salva, Ateneo Student-Athlete Services Assistant of the Office of College Athletics Trina Aligada, and Ateneo AVP for Student Activities and Leadership Formation Marie Joy Salita. — PHOTO FROM VOLKSWAGEN PHILIPPINES

THE ATENEO BLUE EAGLES drove Volkswagen vehicles to and from games of the University Athletic Association of the Philippines (UAAP) Season 86 3×3 Basketball Tournament held last week at Ayala Malls Manila Bay.

As the Ateneo Blue Eagles’ Official Mobility Partner for UAAP Season 86, Volkswagen offered its popular German-engineered models — the T-Cross subcompact crossover and the Lamando executive sedan — to the Ateneo Men’s and Women’s 3×3 Basketball Teams.

Said Volkswagen Philippines Chief Operating Officer Josh Altarejos, “The Ateneo basketball team’s pursuit of excellence is a trait Volkswagen’s German-engineered lineup equally projects. With the Ateneo Blue Eagles’ championship pedigree, we are confident that they will positively impact the sport this year, in the same way the Volkswagen brand creates fun and memorable experiences for its owners everywhere.”

Joined Ateneo Athletic Director Emmanuel Fernandez, “We are thankful for the partnership and mobility boost provided by Volkswagen Philippines. The 3×3 Basketball Tournament highlights a different way of playing the country’s most popular sport. Driving worry-free to and from the games with the three stand-out and stylish Volkswagen models will give them the additional confidence they need going into the tournament. Together with Volkswagen Philippines, we aim to embody excellence in our game this year.”

All German-engineered Volkswagen Philippines models are covered by a once-a-year periodic maintenance service (or every 10,000 kilometers, whichever comes first), a three-year/100,000-kilometer vehicle warranty, and free one-year 24/7 emergency roadside assistance.

For more details, visit a Volkswagen dealer or go to www.volkswagen.com.ph.

D&L Industries, Inc. to conduct 2024 Annual Stockholders’ Meeting virtually on June 3

 

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Q1 2024 GDP growth forecast

PHILIPPINE economic growth likely picked up in the first quarter from the prior three-month period amid strong private consumption and government spending, but elevated inflation and interest rates could have hampered expansion, analysts said. Read the full story.

 

Q1 2024 GDP growth forecast

How PSEi member stocks performed — May 3, 2024

Here’s a quick glance at how PSEi stocks fared on Friday, May 3, 2024.

Philippine shares to track inflation, GDP data

REUTERS

PHILIPPINE April inflation that exceeds 4% could hurt market sentiment, but a pickup in economic growth from 5.5% in the fourth quarter of last year could spur optimism, analysts said.

“Investors are expected to watch out first for our April inflation report,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message last week.

“An inflation print exceeding the upper end of the government’s 2-4% target may cause negative sentiment. A first quarter gross domestic product (GDP) growth above 5.6% may spur optimism, while one that falls below that could weigh on the bourse,” he added.

The local statistics agency will release April inflation and first-quarter GDP data on May 7 and 9. Inflation quickened to 3.7% in March from 3.4% in February.

On Friday, the benchmark Philippine Stock Exchange index (PSEi) fell by 0.46% or 31 points to close at 6,615.55. The broader all-share index shed 0.18% or 6.41 points to 3,498.17.

The PSEi dropped by 0.2% or 13.2 points from a week earlier.

“An expected nonmove from the US Federal Reserve barely moved the bellwether index to action, as locals look ahead to April inflation next week,” online brokerage 2TradeAsia.com said in a market note.

Mr. Tantiangco said the market might also resort to bargain-hunting ahead of the data release.

“At its current level, the market is trading at a price-earnings ratio of 13.2x, below its 2019-2023 average of 18.2x,” he said. “This shows that the market is at attractive levels. Given this, we may see episodes of bargain-hunting next week.”

He placed market support at 6,400 points and resistance at 6,700.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., put immediate support at 6,360 and resistance at 6,800 to 6,820.

“The PSEi corrected lower for the third consecutive trading day [on Friday] ahead of the local inflation and GDP data [this] week as potential local market catalysts, after local market sentiment was partly weighed by China’s water cannon attack on some Philippine ships in disputed waters,” he said in a Viber message.

2TradeAsia.com placed the market’s immediate support at 6,400 to 6,500 and resistance at 6,750.

“Index movement has been capped by intraday selling pressure, keeping rallies short and the overall trend generally unexciting,” it said. “Positive gaps in the chart open up opportunities for range-trading and modest gains in the very short term. A deluge of analyst briefings and corporate guidance in the coming week may help rouse animal spirits.” — Revin Mikhael D. Ochave

Peso may trade sideways as markets await CPI, GDP data

BW FILE PHOTO

THE PHILIPPINE PESO is expected to trade sideways against the dollar this week as markets await inflation and economic growth data.

Slower-than-expected April job growth in the US could also lead to a weaker dollar, analysts said.

‘[Markets will consider] the recent labor data in the US, where unemployment is pointing upwards again, while locally we have inflation and gross domestic product (GDP) growth data,” Robert Dan J. Roces, chief economist at Security Bank Corp., said in a Viber message.

The peso closed at P57.345 a dollar on Friday, 19 centavos stronger than a day earlier, according to Bankers Association of the Philippines data posted on its website. Week on week, the peso appreciated by 36.5 centavos.

The peso strengthened against the dollar due to lower oil prices amid easing tensions between Israel and Iran, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.

The peso was also supported by the slower-than-expected US jobs growth, Mr. Roces said.

Inflation probably quickened to 4.1% in April, according to a median estimate of 16 analysts in a BusinessWorld poll last week.

This is within the 3.5-4.3% forecast of the Bangko Sentral ng Pilipinas (BSP) but beyond its 2-4% target. Inflation was 3.7% in March and 6.6% a year ago.

The local statistics agency will report April consumer price index (CPI) and first-quarter GDP data on May 7 and 9.

Finance Secretary Ralph G. Recto last week said the Philippine economy likely grew by 5.8-6.3% last quarter.

The lower end of Mr. Recto’s forecast is faster than the 5.5% growth in the fourth quarter, but slower than the 6.4% expansion a year earlier.

The government expects economic growth at 6-7% this year after expanding by 5.5% last year.

Mr. Roces expects the peso to move between P57.20 and P57.60 a dollar this week, while Mr. Ricafort sees it ranging from P57.10 to P57.60. — Aaron Michael C. Sy

PHL must seek defense manufacturing pacts with its allies — security analyst

PHILIPPINE STAR/KRIZ JOHN ROSALES

By John Victor D. Ordoñez, Reporter

THE PHILIPPINES must seek out more defense partnerships with its global allies amid increasing aggression by China’s coast guard in areas of the South China Sea that are well within Manila’s exclusive economic zone, security analysts said at the weekend.

“Manila must leverage its partnerships to improve its national manufacturing capabilities in critical industries and motivate partners to engage in technology transfers beyond the buyer-seller framework,” Don Mclain Gill, who teaches international relations at De La Salle University, said in a Facebook Messenger chat.

Last week, the Philippines summoned China’s envoy to protest its coast guard’s use of water cannons that damaged two of Manila’s vessels in the South China Sea.

Philippine officials called out China when a Philippine Coast Guard (PCG) ship and a fishery vessel were damaged after Chinese coast guard vessels fired water cannons at them while on their way to the disputed Scarborough Shoal to help Filipino fishermen.

“While this internationalization of its maritime security problem may not immediately push China’s aggressions back, it is extremely important to building the Philippines’ long-term security capacity, as well as increasing its leverage in dealing with Beijing in the future,” Raymond M. Powell, a fellow at Stanford University’s Gordian Knot Center for National Security Innovation, said in an X message.

Aaron Jed Rabena, who specializes in geopolitics and foreign policy at the University of Philippines Asian Center, said there has been a shift in public sentiment on the Philippine government’s efforts in the South China Sea.

“There has been a shift from resentment towards China to the feeling of inadequacy with the response of our coast guard,” he said in a Facebook Messenger chat. “There is a clamor now from the public, if you would look at any comment section on news reports about this, most of them would say that the Philippine side needs to do more and needs to resist.”

Last Tuesday, the PCG said two China Coast Guard ships had used jet stream water cannons against its vessel sailing some 1,000 yards away from the Scarborough Shoal, resulting in damage to its railing and canopy.

A Bureau of Fisheries and Aquatic Resources vessel’s electrical, navigation and radio systems were also damaged after being rammed thrice by Beijing’s coast guard vessels,

Manila summoned Zhou Zhiyong, deputy chief of mission of the Chinese Embassy in Manila in March after the Chinese coast guard fired a water cannon at a Philippine resupply mission near Second Thomas Shoal, where Manila grounded a World War II-era ship in 1999 to assert its sovereignty.

Lucio B. Pitlo III, who is also a research fellow at the Asia-Pacific Pathways to Progress Foundation, said the government of President Ferdinand R. Marcos, Jr. is likely to continue deepening its security ties with the United States, Australia and Japan to counter Chinese aggression.

“Manila will likely coordinate with these countries in how to respond to China’s increased assertiveness in the West Philippine Sea,” he said in a Facebook Messenger chat.

The Philippines and the US are holding their annual Balikatan (shoulder-to-shoulder) military exercises until May 18 with 5,000 Filipino soldiers and 11,000 American servicemen participating in the war games. Mr. Marcos earlier said he was considering to include Japan in the exercises amid worsening tensions in the South China Sea.

The Philippine Senate last year passed a bill that seeks to boost the country’s defense program through investments in local defense equipment manufacturing amid tensions with Beijing.

Tensions between the Philippines and China have worsened in the past year as Beijing continues to block Manila’s resupply missions to Second Thomas Shoal, where it grounded a World War II-era ship in 1999 to assert its sovereignty.

In 2016, a United Nations-backed tribunal in the Hague voided China’s expansive claims in the South China Sea. It also upheld the rights of small-scale Filipino and Chinese fishermen to fish at Scarborough Shoal.

“Practically speaking, China has shown that it has no incentive to tone down its salami-slicing strategy in the South China Sea,” Mr. Gill said.

“While it is difficult to change China’s behavior for the short term, Manila must give great focus to improving its national capabilities to better position itself in the region in the long term.”

Defense chief insists no deal made with China on disputed sea

PHILIPPINE STAR/MICHAEL VARCAS

By Kyle Aristophere T. Atienza, Reporter

THE PHILIPPINE Department of National Defense (DND) denied on Sunday that it had been involved in any agreement with China over Second Thomas Shoal, following the Chinese embassy’s statement that the two sides had agreed on a new model for the South China Sea feature.

Defense Secretary Gilberto C. Teodoro, Jr. in a statement called the insinuation a “devious machination of China through their Embassy in Manila”’ and a “falsehood” aimed at distracting Filipinos away from China’s intrusions into the Philippines’ exclusive economic zone (EEZ) in the South China Sea.

The Chinese Embassy in Manila on Saturday said the Armed Forces of the Philippines Western Command and China “early this year” had agreed on a so-called “new model” for managing tensions in the Second Thomas Shoal.

The agreement, according to the statement, was “approved by all key officials in the Philippine chain of command, including the Secretary of National Defense and the National Security Advisor.”

Mr. Teodoro said he has not allowed any contact between the Defense agency and the Chinese Embassy since the courtesy call of Chinese Ambassador Huang Xilian a few days after he took office in July 2023.

“During the said courtesy call, there was no discussion or briefing on any ‘gentleman’s agreement’ or ‘new model,’ which is contrary to the Chinese Embassy’s pronouncements,” said the Philippine defense chief.

Mr. Teodoro said the claim was made right after China’s aggressive moves within the Philippine EEZ were condemned in a recent meeting in Hawaii with his counterparts from the US, Japan, and Australia.

“I am issuing this statement to generate awareness of this clear attempt by China to advance another falsehood in order to divide our people and distract us from their unlawful presence and actions in our EEZ,” he said.

Beijing’s coast guard ships backed by maritime militia vessels have been firing water cannons at Philippine vessels delivering supplies to BRP Sierra Madre, a Navy vessel that Manila grounded in Second Thomas Shoal in 1999 years after China’s seizure of Mischief Reef.

The shoal is located 240 kilometers off the coast of Palawan province and is about 900 kilometers from Hainan, the nearest major Chinese landmass.

Second Thomas Shoal was among the five features most frequented by patrols of the Chinese Coast Guard last year, according to the Asia Maritime Transparency Initiative.

The supposed new model followed a revelation from former presidential spokesman Herminio L. Roque, Jr. in March that Mr. Marcos’ predecessor, Rodrigo R. Duterte, had entered into a “gentleman’s agreement” with China over the shoal.

Under the alleged agreement, the two nations supposedly agreed to keep the “status quo” in Second Thomas Shoal, which meant only basic supplies and not building materials would be delivered to the BRP Sierra Madre.

The Philippine foreign affairs department in March said Beijing had raised the supposed gentleman’s agreement in its proposals to Manila on how to de-escalate their tensions in the South China Sea.

“We advise our citizens, the media, and the international community to beware of China’s methods of manipulation, interference, and malign influence in furthering its own interests,” Mr. Teodoro said.

Group advises gov’t to adopt climate-smart practices

REUTERS

By Chloe Mari A. Hufana

THE PHILIPPINE government has been urged to adopt climate-smart practices to mitigate the effects of climate change, which a group said over the weekend would take decades and trillions of pesos worth of funding to address.

Speaking at a media briefing on Sunday, John Leo C. Algo, national coordinator of Aksyon Klima Pilipinas, said the government must take decisive action while committing to sustained efforts over decades to address the deep-seated challenges posed by climate change.

“We need investment in implementing solutions, either for the government, businesses, or society,” he said, explaining how climate-smart practices are strategies, techniques, and actions that adapt to climate change, mitigate their adverse effects and promote sustainable development.

He said these practices typically involve reducing greenhouse gas emissions, enhancing resilience to climate impacts, and ensuring food security, all while minimizing negative environmental and social consequences.

The Department of Environment and Natural Resources Secretary Maria Antonia Yulo-Loyzaga echoed this sentiment in the past, warning that without intervention, climate change could result in substantial economic losses amounting to approximately P1.4 trillion by 2030.

Earlier, she stressed the urgent need for significant investments, estimating a requirement of P3.6 trillion by 2030 to mitigate these adverse effects.

“When we look at the GDP, the needed investments, or the kind of losses and damages our country will experience, those trillions of pesos that we would lose because of climate change, that could have gone to other development projects,” Mr. Algo told BusinessWorld on the sidelines of the same media briefing on Sunday.

He added that the budget could go to other development programs, such as housing, agriculture, or health.

“But instead, because of climate change, it would significantly impact the Philippines’ pursuit of sustainable development,” he added.

By adopting climate-smart practices in the agriculture sector, he said farmers would be educated on resilient farming techniques to safeguard crop yields and ensure food security amidst evolving climatic challenges.

Recent findings from the Department of Agriculture underscore the severity of the situation, with El Niño-induced damages nearing P6 billion, with rice still the most affected crop, absorbing P3.1 billion in losses.

It said MIMAROPA, Cordillera Administrative Region, and Western Visayas are the three most affected regions.

“There’s a strong El Niño and there’s global warming and we’re seeing the same patterns, the same trends from before to now, only now is worse,” he said.

“For people to say that what they’re feeling in their skin right now is worse than eight years ago, even though many factors are the same, indicates that from first-hand experience of many Filipinos, global warming is becoming worse because we are now really feeling it.”

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