EDC to power Mc Bride’s shift to renewables

January 10, 2023 | 12:02 am

ENERGY Development Corp. (EDC), the renewable energy arm of First Gen Corp., said on Monday that it will power Mc Bride Corp.’s shift to renewable energy.

“We are more than glad to be a part of Mc Bride’s decarbonization journey by helping them reduce their carbon footprint even as they continue to grow their business through our reliable source of 100% clean and green power,” Carlos Lorenzo L. Vega, vice-president and head for power marketing, trading and economics of First Gen.

In a media release, EDC said MC Bride will switch its operations to renewables, which will involve the latter’s entire 1.39-megawatt (MW) power demand for its two facilities in Caloocan.

Mc Bride is a provider of plastic packaging to various manufacturers of fast-moving consumer goods in the ASEAN region.

“Aware of the impact of plastics to the environment, the company is taking great strides to reduce this through various measures such as implementing proper waste segregation and disposal, and energy conservation,” EDC said.

Mc Bride’s move to renewable energy will allow the company to reduce its carbon footprint by 7,231 tons per carbon dioxide equivalent each year.

The company will also launch its polyethylene terephthalate bottle recycling facility to accelerate the reduction of its carbon footprint. It said it “hopes that First Gen will also be able to power it with 100% RE.”

“In line with our green goal, Mc Bride is really looking for a partner that has the same mission and care for the environment. We actually want to slowly shift to the use of renewable energy, especially considering our present situation,” Harvey S. Keh, president of Mc Bride, said.

EDC is sourcing the renewables from its geothermal facility whose output is considered baseload energy. The company’s renewable energy brand is called Geo 24/7.

On its website, EDC said that it has an installed renewable energy capacity of 1,476.59 MW. It also said geothermal energy is the company’s major power source at an installed capacity of 1,181.8 MW or 61.3% of the country’s total. — Ashley Erika O. Jose

Avatar 2 is 7^th highest grossing film with $1.7 billion in global sales

January 10, 2023 | 12:02 am

TRINITY Jo-Li Bliss in Avatar: The Way of Water

TICKET sales for Walt Disney Co.’s Avatar: The Way of Water have reached the $1.7 billion mark, making it the highest-grossing film released in 2022.

The sci-fi epic, directed by James Cameron, is ahead of Paramount Global’s Top Gun: Maverick, the Tom Cruise-action picture which has generated close to $1.49 billion in ticket sales since its May debut. That includes a two-week re-release in theaters in December. Top Gun: Maverick got less than half of its sales from overseas — and never opened in China — whereas the Avatar sequel scored 69% internationally, with China alone producing $169 million.

The Way of Water’s haul goes some length to vindicating Burbank, California-based Disney’s vision for the Avatar franchise, which includes sequels every two years through 2028. Disney acquired the Avatar rights as part of its $71 billion purchase of 20^th Century Fox in 2019.

Mr. Cameron’s original Avatar, released in 2009, is the highest-grossing film of all time with $2.9 billion in sales. Like that picture, The Way of Water started off strong but not spectacularly, before gaining steam over the coming weeks. Over four weekdays between Christmas and New Year’s, the film took in around $300 million, more than most pictures generate in a year.

The softening economy and three hour-plus length of the film many have delayed many people from seeing it immediately after its Dec. 16 release, according to Kevin Near, an analyst with Bloomberg Intelligence.

“I really suspect there is a large lump of consumers out there who were just trying to make it to Christmas before taking their family out to go see it,” he said.

Now, the test will be whether The Way of Water can continue to generate these kinds of sales with consumers returning to work and students going back to school. The film benefits from a movie release schedule with little competition, notes Barton Crockett, an analyst with Rosenblatt Securities. These box office numbers should allow the picture to be profitable for Disney, even given its high production costs.

“My bet is that the movie can make money at this point,” Mr. Crockett said. — Bloomberg

IC to conduct study on impact of COVID-19 on mortality trends

January 10, 2023 | 12:02 am

THE INSURANCE Commission (IC) will conduct a study on the impact of the coronavirus disease 2019 (COVID-19) pandemic on mortality trends and life insurers’ claims experience.

The 2022 Philippine Intercompany Mortality (PICM) study will be conducted by the IC’s Actuarial Division and the Actuarial Society of the Philippines, the insurance regulator said in IC Circular Letter 2022-55 dated Dec. 29, 2022 and uploaded on its website on Monday.

“It aims to examine the industry’s mortality experience compared to the 2017 PICM Table and the impact of COVID-19 to the experience. The study will not result in an updated mortality table,” the IC said.

“The analysis of the mortality claims experience, as significantly affected by the pandemic, is imperative in analyzing its impact to pricing adequacy and the industry’s financial stability,” it added.

All life insurers with policies issued before Dec. 31. 2022 are invited to participate in the study.

The IC said the mortality tool it used to gather data for the 2016 PICM will be used for the 2022 study. The same software used to submit data will also be utilized again.

“In order to quantify the impact of COVID-19 on the mortality, 2 sets of results are expected to be submitted for the study with 1) all deaths tagged as DEATH and 2) only COVID-19 deaths tagged as DEATH. Even as COVID-19 claims are recent and may not yet be fully reported, the experience from claims reported may already give an indication of the minimum impact of COVID-19 on industry mortality,” the regulator said.

It said the study will be conducted using policy count and will only cover direct, standard risk, individual business.

It will cover experience from policy anniversaries in 2014 to 2021 and track experience by policy duration.

“The study aims to analyze the experience under various study parameters, such as age, gender, product type, distribution channel, and underwriting basis,” the IC said.

“The results of the experience will be assessed in comparison with the 2017 PICM Table. Actual/Expected ratios will be represented and Expected will be based on the 2017 PICM,” it added.

The data to be used must be current data available by not earlier than June 30, 2022. These must include data on all direct business on basic standard individual ordinary (whole life, endowment, term) and variable life policies issued on or before Dec. 31, 2021 but not terminated before their policy anniversaries.

The deadline for the submission of data is on Feb. 3.

“The IC will conduct an initial review of the data submission on a company level and may ask the company representative questions or clarifications related to the submission. The companies are requested to keep all files used and generated (input and output) and data certification report for at least 3 years,” the regulator added. — A.M.C. Sy

Robinsons GenSan receives award for energy efficiency

January 10, 2023 | 12:01 am

THE TEAM behind Robinsons General Santos (GenSan) Mall received the award for excellence at the Department of Energy’s Annual Energy Efficiency Awards.

The mall was cited for its best practices in energy efficiency and conservation in line with Republic Act 1125 or the Energy Efficiency and Conservation Act.

Robinsons GenSan is one of Robinsons Land Corp.’s (RLC) active players in renewable energy production through its Solar Rooftop PV System which generates 2,048 megawatts (MW) of power “compensating for 80-100% of its power demands during peak season.”

The mall also uses LED lighting 24/7, and utilizes mall spaces for recreation and health.

RLC is currently the largest solar-powered mall operator with solar rooftop installations in 24 Robinsons Malls, generating a total capacity of over 30 MW of clean and renewable energy.

Entertainment News (01/10/23)

January 10, 2023 | 12:01 am

Tom Hanks (Finalized);Mariana Trevino (Finalized) — A SCENE from the film A Man Called Otto.

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PCCI to showcase Asong Gubat in new dog show

THE PHILIppine Canine Club, Inc. (PCCI) returns to showcase some of the best-purebred show dogs worldwide at the 2023 Philippine Circuit, on Jan. 12 to 15 at the Smart-Arneta Coliseum and Novotel in Araneta City, Quezon City. Now on its 8^th edition, the event will be staging 12 all-breed championship dog shows and three Philippine derby shows. The organization will also formally introduce to the public the Philippine Forest Dog or Asong Gubat which will hopefully be the first FCI-recognized dog breed from the Philippines.

Sneak previews for A Man Called Otto

COLUMBIA Pictures’ comedy A Man Called Otto, starring Tom Hanks, will arrive in Philippine theaters earlier than expected when it holds special sneak previews on Jan. 16 and 17 nationwide. Its regular release in the country starts on Jan. 25. Based on the No. 1 New York Times bestseller A Man Called Ove by Fredrik Backman, A Man Called Otto tells the story of Otto Anderson (Hanks), a grump who no longer sees purpose in his life following the loss of his wife. Ready to end it all, his plans are interrupted when a lively young family moves in next door, and he meets his match in quick-witted Marisol — she challenges him to see life differently, leading to an unlikely friendship that turns his world around. Directed by Marc Forster (Finding Neverland), the film also stars Mariana Treviño, Rachel Keller, and Manuel Garcia-Rulfo. It has been hailed as one of the best “feel-good” movies of the year, earning a 97% Audience Rating at review aggregate website Rotten Tomatoes. The Los Angeles Times said “the film has an easygoing, please-like-me quality that somehow never comes off as desperate but instead gives it a reassuring quality,” while The Hollywood Reporter says “Director Marc Forster applies a restrained, subtle approach resulting in a film to which you ultimately find yourself succumbing even though you never stop being aware that your heartstrings are being pulled.” A Man Called Otto is distributed by Columbia Pictures, the local office of Sony Pictures Releasing International.

OST of Whitney Houston: I Wanna Dance with Somebody out

THE OFFICIAL 35-SONG soundtrack of TriStar Pictures’ Whitney Houston biopic, Whitney Houston: I Wanna Dance with Somebody has been released by RCA Records and Sony Music Entertainment. “This totally unique soundtrack album brings many of Whitney’s classics into 2023 and beyond. Contemporary, current and often scorching, if you love Whitney’s music, you must own this album,” said Clive Davis in a statement. Featuring music spanning two decades of Houston’s legendary career, I Wanna Dance With Somebody (The Movie: Whitney New, Classic and Reimagined) includes nearly two hours of remixed and original versions of Whitney Houston songs, with special guest features by BeBe Winans, Clean Bandit, Kygo, Lucky Daye, SG Lewis, Samaria, Jax Jones, Leikeli47, P2J, Oxlade, Pheelz, and more. The original soundtrack (OST) includes some new never-before-released tracks, including “Far Enough” and three rare versions of “Don’t Cry For Me” — a never-before-released a cappella, a full-length film version by Rodney “Darkchild” Jerkins, and a reimagined recording by record producer Sam Feldt. The OST includes “Higher Love” (Whitney Houston and Kygo). “The Greatest Love Of All” (Whitney Houston and Jax Jones), “I’m Every Woman” (Whitney Houston and SG Lewis), and “You Give Good Love.”

Filipino bands gather at Newport World Resorts

THE NEW year is off to a rockin’ start at Newport World Resorts as it opens the year with a concert series featuring legendary OPM bands. The two-night concert series, dubbed Musiko: Timeless Pinoy Bands, features back-to-back performances from Itchyworms and Rocksteddy on Jan. 20 and South Border and Neocolours on Jan. 21 at the Newport Performing Arts Theater. Both concerts are at 7:30 p.m. Tickets are now available at all TicketWorld (8891-9999) and SM Tickets outlets (8470-2222), with prices ranging from P900 to P6,500.

The Ransom Collective reunite in a concert

FILIPINO indie folk band The Ransom Collective return to the live stage after years of remote collaborations and pursuing individual projects. Aptly titled Hello Again: The Ransom Collective Reunion Show, the outdoor concert marks the first time that they will be performing together as a band in four years. The event is set to take place at 123 Block in Mandala Park, Mandaluyong on Feb. 4, 6 p.m. The six-piece act — Kian Ransom (vocals/guitars), Jermaine Choa Peck (vocals/percussion), Leah Halili (vocals/bass), sisters Lily (keyboards) and Muriel Gonzales (violin), and Redd Claudio (drums) — is set to perform some of their most notable songs, as well as new ones in their repertoire. They’re also dishing some rearranged numbers with guest sessionists. “It’s been over two years since we’ve all been in the same room together,” the band said in a statement. “Life has taken each of us in all sorts of different directions. After countless Zoom meetings and remote collaboration, we are so excited to finally have the chance to create and perform live together once again.” Sharing the stage are some of their contemporaries including Cheats, syd hartha, and Gabba. Special merchandise will be available at the venue, and there will be booths and activities. Hello Again: The Ransom Collective Reunion Show is presented by GNN Entertainment Productions and The Ransom Collective. Tickets to the show are available for purchase via bit.ly/helloagaintrc.

New shows streaming on Disney+

THIS January, catch these new titles now available to stream on Disney+. Star Wars: The Bad Batch Season 2, is set months after the events on Kamino. The Bad Batch continues their galactic journey, right off the heels of the fall of the Republic. As they find a new home world, they take on missions and meet new and old friends along the way. The film The Menu follows Tyler, Margot, and their acquaintances, as they get a glimpse of the chef’s killer specialty in a meal like no other. It stars Ralph Fiennes, Anya Taylor-Joy, and Nicholas Hault. Beauty and the Beast: A 30^th Celebration celebrates three decades of magic in a hybrid live-action and animated special. The two-hour tribute includes a never-before-seen musical performance and live renditions of the original songs. The show stars H.E.R., Josh Groban, Shania Twain, Martin Short, and Rita Moreno.

Avatar: The Way of Water back in regular cinemas

WITH the end of the Metro Manila Film Festival, the epic adventure that is Avatar: The Way of Water returns to regular cinemas nationwide. During the festival, it was limited to screenings in IMAX, 3D, and 4D cinemas which are not covered in the film festival lock-out. The sequel is set 10 years after the events in the 2009 Academy Award-winning film Avatar, which is the highest-grossing film in history. Sam Worthington and Zoe Saldaña return as Jake Sully and Neytiri, who have built their lives and family in Pandora, but are now being threatened by the return of an old enemy. The motion-capture film is written and directed by James Cameron, and also stars Sigourney Weaver, Stephen Lang, Cliff Curtis, Joel David Moore, CCH Pounder, Edie Falco, Jemaine Clement, Giovanni Ribisi, and Kate Winslet.

GMA Network releases 2023 show lineup

GMA Network has announced its roster of television shows and films for 2023. It is led by the much-anticipated live-action/animation adaptation of Voltes V: Legacy, top-billed by Miguel Tanfelix, Ysabel Ortega, Radson Flores, Matt Lozano, and Raphael Landicho. Another epic series will be Mga Lihim ni Urduja, bannered by Kylie Padilla, Gabbi Garcia, and Sanya Lopez. Sofia Pablo and Allen Ansay bring on the romance in LUV IS: Caught In His Arms together with talents from Sparkle: Sean Lucas, Vince Maristela, Raheel Bhyria, and Michael Sager. Also airing this year is LUV IS: Love at First Read, a collaboration between GMA Network and Wattpad WEBTOON Studios featuring Kyline Alcantara and Mavy Legaspi. Ashley Ortega and Xian Lim team up for the first time and show off their figure skating skills in Hearts on Ice. Other shows in the TV line-up are Lady Boxer, Love Before Sunrise, Royal Blood, and Love, Die, Repeat. GMA Afternoon Prime’s slate will feature the remake of the 1980 hit film Underage, headlined by Lexi Gonzales, Hailey Mendes, and Elijah Alejo together with Sunshine Cruz and Snooky Serna. It follows the story of three sisters who embark on a journey to clear their names after being accused of murder. Meanwhile, Herlene Budol stars in Magandang Dilag, together with Benjamin Alves, Rob Gomez, Christopher de Leon, Sandy Andolong, Chanda Romero, Al Tantay, Maxine Medina, Adrian Alandy, Bianca Manalo, and Pam Prinster. The series revolves around an heiress who was deceived by her greedy husband and friends, exact revenge, and ultimately get the love and happiness she deserves. The Seed of Love, starring Glaiza de Castro, Mike Tan, and Valerie Concepcion, tackles the story of a couple who undergoes in-vitro fertilization. Other shows are the body switching Stolen Life starring Carla Abellana, Gabby Concepcion, and Beauty Gonzalez; family drama Arabella, headlined by Shayne Sava, Althea Ablan, Camille Prats, Wendell Ramos, Klea Pineda, Alfred Vargas, and Faye Lorenzo; the dramas Atty. Mataas, The Missing Husband, and Mechanical Heart. Talk show host Boy Abunda returns to GMA to give the hottest showbiz news via Fast Talk with Boy Abunda. Following the success of its first season, the No. 1 game show in the country, Family Feud, returns for a second season with Dingdong Dantes. New Saturday and Sunday shows include Sparkle University and Battle of the Judges, while Happy ToGetHer returns for a new seasonas does the all-original Filipino singing competition, The Clash 2023.

ATEEZ releases new EP

SOUTH Korean boyband ATEEZ continues to dominate several global music charts with the release of their new EP, Spin Off: From the Witness. The eight-member pop group’s latest release debuted at No. 1 on iTunes in several major music markets worldwide, including South Korea, the USA, Italy, Sweden, the Philippines, Indonesia, and Brazil. The EP contains five tracks, with “HALAZIA” as the title song, followed by three remix tracks of previously released popular songs, and ending with “Outro: Blue Bird.” The EP comes after the announcement of the European leg of The Fellowship: Break the Wall Tour. The group will go on tour of nine shows in seven European cities, starting in Amsterdam on Feb. 10 and closing in Paris on March 8. Spin Off: From the Witness is available on all digital streaming platforms.

Wednesday confirmed for Season 2

IT’S two snaps for Wednesday, as Netflix confirms that the record-breaking series will return for a second season. It sits at No. 2 on Netflix’ Most Popular (English) TV list with 1.237 billion hours viewed within its first 28 days. More than 182 million households have seen the series since its debut. The series, which premiered on Nov. 23, 2022, follows Wednesday Addams’ years as a student at Nevermore Academy where she attempts to master her emerging psychic ability, thwart a monstrous killing spree that has terrorized the local town, and solve the murder mystery that embroiled her parents 25 years ago. In an exclusive interview with Tudum.com the show’s creators and showrunners Alfred Gough and Miles Millar said: “It’s been incredible to create a show that has connected with people across the world. Thrilled to continue Wednesday’s tortuous journey into season two. We can’t wait to dive head first into another season and explore the kooky spooky world of Nevermore. Just need to make sure Wednesday hasn’t emptied the pool first.” Details on Season Two will be will be released at a later time.

MREIT targets to complete P5.3-B acquisition in Q1

January 10, 2023 | 12:01 am

MREIT, Inc. said it expects the acquisition of four prime properties worth P5.3 billion to be completed within the first quarter of the year.

“We remain committed to delivering competitive returns to our shareholders through a combination of organic growth and acquisitions,” MREIT President and Chief Executive Officer Kevin L. Tan said in a press release on Monday.

“We aim to complete within this quarter our planned acquisitions announced last year,” Mr. Tan added.

In April 2022, MREIT announced the acquisition of four prime properties, which will keep the company on track to achieving its goal of having 500,000 square meters (sq.m.) of gross leasable area by the end of 2024.

The four properties — the Festive Walk 1B and Two Global Center in Iloilo Business Park, and One West Campus and Five West Campus in McKinley West, Taguig City — are all located within Philippine Economic Zone Authority-accredited zones.

The grade A office properties are said to increase the total gross leasable area of MREIT by 44,567 sq.m.

Once realized, the company will start infusing income from the assets to the trust beginning Jan. 1 and is expected to increase MREIT’s property value by P5.3 billion.

“The acquisition will increase MREIT’s property value by 9% to P64.5-billion and will provide added growth in line with our promise to deliver sustainable value to our shareholders,” said Mr. Tan.

According to the company, the acquisition is still subject to the approval of the Securities and Exchange Commission.

Meanwhile, the company declared dividends of P0.24 per share to its shareholders based on the distributable income in the fourth quarter of 2022.

The dividends will be payable on Feb. 15 to stockholders on record as of Jan. 24.

The declared dividends brought total dividends for the year to P0.98 apiece and the company’s dividend yield to 7.1% as of MREIT’s closing price of P13.70 per share on Jan. 6. — Justine Irish D. Tabile

CIMB cash-in transactions hit all-time high in 2022

January 10, 2023 | 12:01 am

CIMB BANK Philippines, Inc. (CIMB Bank PH) saw a 68% growth in total transaction value in 2022, citing strong performance on its deposits and lending portfolios.

The bank said in a statement on Monday that it reached an all-time high cash-in transaction value of P128 billion in 2022, 68% higher than the P76 billion recorded in 2021.

Loan disbursements also more than doubled (167%) to 38 billion from 14 billion a year prior, the bank said.

“2022 has been a year of unprecedented growth as we continue our innovative embedded banking digital business model. We are proud to be the leader in disrupting the banking experience and will continue to bring unmatched value and experience to our customers,” CIMB Chief Executive Officer Vijay Manoharan said.

He attributed the higher deposits to its 12% per annum anniversary promo, where the bank saw deposits rise to over P1 billion within the first five days of the promo’s launch.

“By offering the highest ever interest rate in the country, CIMB Bank PH allowed its customers to earn a 12% per annum interest rate on their incremental average daily balance (ADB) growth for December,” he said.

The digital lender also saw its customer base double to two million last year from one million in 2021, while improving its asset quality and nonperforming loans.

Mr. Manoharan attributed the strong performance of its lending portfolio to CIMB Bank PH credit products REVI Credit and GCredit, as well as the launch of its partnership with SeaMoney for SPayLater.

“We are excited for the coming new year as we continue to live out our mission of providing Filipinos accessible digital financial solutions so that they can achieve their life purpose,” he added.

In November 2022, the bank partnered with SeaMoney to onboard 2.5 million loan customers this year, adding to the 1.3 million SPayLater users in the country.

Meanwhile, CIMB Bank PH launched REVI Credit for all its customers in December 2021, which gives clients access to higher credit limits of up to P250,000 and interest rates as low as 1% with no annual fees. It also allows clients to convert a portion of their credit lines into cash or a term loan at any time for emergency financing needs.

CIMB Bank PH provides mobile-first digital banking solutions and services. It is currently serving around six million Filipinos and over two million lending customers.

The bank’s total assets as of September stood at P24.4 billion, based on central bank data. — Keisha B. Ta-asan

How PSEi member stocks performed — January 9, 2023

January 10, 2023 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Monday, January 9, 2023.

How minimum wages compared across regions in December

January 10, 2023 | 12:00 am

JANNELLE MICA D. VIDEZ plans to leave her job as a business analyst in the Philippine capital and move to Australia to work in public relations.

“While it’s true that the cost of living is also more expensive there, workers are paid better than in Manila,” the 22-year-old Filipina said in a Facebook Messenger chat. “Price tags only keep getting higher here, but the quality of life remains stagnant.” Read the full story.

Peso surges on GIR data, hopes of slower Fed hikes

January 9, 2023 | 9:00 pm

THE PESO surged against the dollar on Monday on bets of slower rate hikes from the US Federal Reserve and as the Philippines’ gross international reserves (GIR) rose at end-2022.

The local currency closed at P55.11 versus the greenback, up by 53 centavos from Friday’s finish of P55.64, data from the Bankers Association of the Philippines showed.

The peso opened Monday’s trading session stronger at P55.30 per dollar. Its weakest showing was at P55.32, while its intraday best was at P55.09.

Dollars traded rose to $1.22 billion from $1.052 billion on Friday.

“The peso appreciated significantly after the latest US labor reports showed softer wage inflation, which hinted at a potential easing in price pressures,” a trader said in an e-mail.

“The local currency might appreciate further amid prospects of a softer US policy rate hike in the upcoming Fed meeting,” the trader added.

Nonfarm payrolls increased by 223,000 jobs last month after rising 256,000 in November. However, average hourly earnings rose 4.6% in December from a year earlier, down from 4.8% in November.

Fed officials on Friday acknowledged cooling wage growth and other signs of a gradually slowing economy, with Atlanta President Raphael Bostic hinting at the chance of a quarter-percentage-point hike at the next policy meeting on Jan. 31 to Feb. 1.

The US central bank last year raised borrowing costs by 425 basis points to a 4.25%-4.5% range.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the peso strengthened against the dollar as central bank data released on Friday showed the country’s GIR climbed to $96.01 billion as of December 2022 from $95.12 billion in November.

This was above than the Bangko Sentral ng Pilipinas’ year-end projection of $93 billion.

It was also the highest since the $97.44 billion recorded as of August 2022.

For Tuesday, Mr. Ricafort expects the peso to move from P55 to P55.20 against the dollar, while a trader gave a stronger forecast range of P54.95 to P55.20. — AMCS

Local stocks track Wall St. rally on Fed hike bets

January 9, 2023 | 9:00 pm

PSE-720p-2 — PHILIPPINE STAR/KRIZ JOHN ROSALES

SHARES went up on Monday, mirroring Wall Street’s climb, as investors were hopeful that improved US economic data could lead to slower tightening by the US Federal Reserve.

The 30-member Philippine Stock Exchange index (PSEi) rose by 122.27 points or 1.83% to close at 6,790.24 on Monday, while the broader all shares index added 55.90 points or 1.59% to end at 3,568.97.

“The PSEi mimicked the strong move from the US market, closing today up 1.83%,” Mercantile Securities Corp. Head Trader Jeff Radley C. See said in a Viber message on Monday.

“The Dow Jones was up 700 points last Friday, continuing its strong start this 2023. With good data results, investors are still hopeful that the central bank will pivot,” Mr. See added.

Sentiment on Wall Street got a boost last week from a benign blend of solid US payroll gains and slower wage growth, combined with a sharp fall in service-sector activity, Reuters reported. The market scaled back bets on rate hikes for the Fed.

On Friday, the Dow Jones Industrial Average rose by 700.53 points or 2.13% to 33,630.61; the S&P 500 gained 86.98 points or 2.28% at 3,895.08; and the Nasdaq Composite added 264.05 points or 2.56%, at 10,569.29.

US nonfarm payrolls rose by 223,000 jobs in December, the smallest gain in two years after rising 256,000 the previous month, while the 0.3% rise in average earnings was smaller than expected and less than the previous month’s 0.4%.

“The market was up on hopes for eventual Federal Reserve’s pause in its rate hiking amid falling inflation,” First Metro Investment Corp. (FMIC) Head of Research Cristina S. Ulang said in a Viber message.

In November, the US consumer price index rose less than expected by 0.1% after advancing by 0.4% in October. The December inflation report will be released on Jan. 12, Thursday.

The Fed in 2022 hiked rates by 425 basis points.

Back home, all sectoral indices closed higher on Monday. Mining and oil surged by 343.72 points or 3.04% to 11,631.66; financials added 37.22 points or 2.20% to end at 1,723.38; holdings firms increased by 118.36 points or 1.82% to 6,600.33; property rose by 52.57 points or 1.77% to 3,020.51; services gained 21.93 points or 1.31% to close at 1,686.21; and industrials went up by 122.01 points or 1.27% to 9,682.91.

Advancers overwhelmed decliners, 148 versus 47, while 43 names closed unchanged.

Value turnover climbed to P6.41 billion on Monday with 2.46 billion shares changing hands from the P5.47 billion with 7.15 billion issues traded on Friday.

Net foreign buying went up to P283.83 million from P180.11 million the previous day.

“The index will likely break its resistance level at 6,840 and might move further to its next resistance at 7,150,” Mercantile Securities’ Mr. See said.

He placed the PSEi’s support levels at 6,623 and 6,400, while FMIC’s Ms. Ulang placed market’s support at 6,500 and resistance at 6,900. — Justine Irish D. Tabile

Business chambers see tourism, agriculture driving 2023 recovery

January 9, 2023 | 8:45 pm

Boracay-Tourists — Tourists continue to flock to Boracay, considered one of the top tourist attractions in the country. — PHILIPPINE STAR/KRIZ JOHN ROSALES

BUSINESS GROUPS said they expect tourism and agriculture to drive the economic recovery in 2023, with remittances providing a cushion against any possible external shocks.

George T. Barcelon, Philippine Chamber of Commerce and Industry president, said his organization is “cautiously optimistic” of the country’s economic performance this year.

“Our economy will sustain a healthy pace in the first half of the new year. There may still be interest hike(s) mirroring the US and EU actions to mitigate inflation (but) remittances and the rebounding domestic economy will allow the Philippines to weather it,” Mr. Barcelon told reporters in a Viber message.

The Bangko Sentral ng Pilipinas increased interest rates by 350 basis points in 2022, bringing its benchmark rate to 5.5% in response to high inflation and the weakening peso.

Mr. Barcelon said that the government should address high food prices, which have added to the pressure to raise wages, raising the prospect of more inflation going forward.

“This is a vicious cycle that could stunt business and negatively impact the competitiveness of the export sector. As such, the outlook on both job creation and sustainability for the year may encounter headwinds,” Mr. Barcelon said.

Mr. Barcelon said tourism and agriculture could be the economy’s sources of strength, as will infrastructure.

“The government’s plans to continue infrastructure spending and massive housing projects for the homeless will certainly give impetus to our economy. From worldwide trends, travel and leisure business are coming back on strong. The recent trip of President Ferdinand R. Marcos, Jr. has (secured) China’s support for our tourism and agricultural sectors,” Mr. Barcelon said.

Lily Lim, vice chair for media and public information affairs for the Federation of Filipino Chinese Chambers of Commerce & Industry, Inc., said in a separate televised briefing on Monday that the group is projecting 6.5% to 7.5% gross domestic product (GDP) growth for 2023.

According to Ms. Lim, the forecast will come on the back of agriculture.

“We will hit 6.5% to 7.5% (GDP growth) for sure within the year with exports of our agricultural products to China. We have fruits such as durian, avocado, bananas, mangosteen, and others,” Ms. Lim said.

“Following the trip of Mr. Marcos to China, we expect improvement in the agricultural sector. We should also expect improvements in development cooperation, infrastructure, maritime security, and tourism,” she added.

GDP grew 7.6% in the third quarter. Fourth-quarter GDP is set to be released on Jan. 26.

The government projects GDP to have increased between 6.5% and 7.5% last year. For 2023, the government has set a target range of 6% to 7%.

Ms. Lim called for a further easing of coronavirus disease 2019 (COVID-19) related restrictions in order to boost economic growth.

“There are so many countries and also for us, the case count has dropped. (We should ease) restrictions… and also prepare ourselves to grow agriculture, tourism… (and) infrastructure — everything needed to support (the economy),” Ms. Lim said.

Mr. Marcos has said the Philippines will monitor the COVID-19 situation in China, which reopened its borders to international travelers on Jan. 8. — Revin Mikhael D. Ochave