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Sotto signs with Wasserman after going undrafted in NBA

KAI SOTTO — SACRAMENTO KINGS

KAI Sotto will have new representation for his international basketball aspirations after signing with a renowned agency in Wasserman after going undrafted in the 2022 National Basketball Association (NBA) Rookie Draft.

Mr. Sotto and Wassermen announced the signing late on Wednesday night, ushering in a new start for the 7-foot-3 Filipino wunderkind in an unwavering bid to still make it to the NBA.

“Blessed,” said Mr. Sotto on the official welcome of Wasserman, a sports marketing and talent management agency based in Los Angeles, USA.

Wasserman represents top NBA talents led by former MVPs Russell Westbrook and Derrick Rose as well as four-time champion Klay Thompson.

Mr. Sotto, for his part, was previously represented by Joel Bell.

The 20-year-old Mr. Sotto last month missed out on a dream to become the first Filipino homegrown player in the NBA through the draft that was held in Brooklyn, New York.

With a seasoned agency in Wasserman by his side now, Mr. Sotto is expected to explore other routes abroad with the NBA as still the ultimate goal down the road.

An anchor for Gilas Pilipinas in FIBA competitions, Mr. Sotto had a brief stint with Ignite in the NBA G League and the NBL in Australia before testing his luck in the NBA.

Aside from being the first full-blooded Filipino in the big league, Mr. Sotto is hoping to follow Filipino-American stalwarts in Jordan Clarkson of the Utah Jazz and Jalen Green of the Houston Rockets as the Philippine bets in the NBA. — John Bryan Ulanday

Singapore steps up inflation fight with surprise central bank tightening

SINGAPORE — Singapore’s central bank tightened its monetary policy on Thursday, in an off-cycle move, saying the action would slow inflation as the city-state joins other economies scrambling to fight mounting price pressures.

The Singapore currency jumped broadly after the news and was last up almost 0.7% to S$1.3963 per dollar, with economists expecting further tightening in October.

The tightening was the Monetary Authority of Singapore’s (MAS) fourth in the past nine months and comes hot on the heels of Canada’s surprise 100-basis-point (bp) interest rate hike on Wednesday and just before an out-of-cycle 75-bp hike in the Philippines on Thursday.

“Clearly, MAS is very concerned about inflation. It is just going to try to do all they can to put the brakes on inflation,” said Chua Hak Bin, an economist at Maybank.

The US Federal Reserve is also seen stepping up its monetary tightening campaign with a supersized 100-bp rate hike this month after a grim inflation report showed inflation racing at four-decade highs.

New Zealand and South Korea both delivered half percentage point rate hikes on Wednesday. 

The MAS said it would re-center the midpoint of the exchange rate policy band known as the Nominal Effective Exchange Rate. There will be no change to the slope and width of the band, it said.

“This policy move, building on previous tightening moves, should help slow the momentum of inflation and ensure medium-term price stability,” the MAS said in a statement.

The central bank also said Singapore’s gross domestic product growth is expected to come in at the lower half of the 3-5% forecast range for 2022, while core inflation is now projected between 3.0–4.0% for the year, up from an earlier forecast of 2.5–3.5%.

Preliminary data on Thursday showed Singapore’s GDP grew by 4.8% in the second quarter, missing forecasts.

Singapore’s core inflation rate — the central bank’s favored price measure -— rose in May at its fastest pace in more than a decade, to 3.6%, just above forecasts, driven by higher inflation for food and utilities.

The city-state has eased most of its COVID-19 local and travel restrictions since early April this year, supporting the economic recovery of the Asian financial and business hub.

MORE TIGHTENING AHEAD?
In April, Singapore’s central bank tightened its monetary policy to slow inflation momentum against soaring prices made worse by the Ukraine war and global supply snags.

The central bank holds two scheduled monetary policy meetings a year, in April and October.

The latest move is the second out-of-cycle change this year, after an unscheduled tightening in January and leaves the door open to further rate increases, economists say.

“It’s telling you that we are worried about inflation and therefore we welcome a strong currency,” said Moh Siong Sim, a strategist at Bank of Singapore.

“It probably wasn’t fully expected in terms of the timing and extent of the move. It leaves open the question of how much tightening is left to come?”

The MAS manages monetary policy through exchange rate settings, rather than interest rates, as trade flows dwarf its economy.

It adjusts its policy via three levers: the slope, midpoint and width of the policy band, which let the Singapore dollar rise or fall against the currencies of its main trading partners within an undisclosed band.

“With forecasts pointing to even higher inflation prints down the road, we consider it likely that we will see further action by the MAS at the October meeting,” ING economists said in a report. — Reuters

Entertainment News (07/15/22)

Sony Music PH x Electric Studio

TV5 launches new Station ID

THIS month, TV5 has launched its newest Station ID which focuses on the network’s message of inclusivity, content variety, and Filipino values. With the new campaign tagline of “Iba’ng Saya Pag Sama-Sama (The fun is different when we are all together),” the Station ID highlights new and upcoming shows to air on TV5, led by the cast of Oh My Korona with Maja Salvador; Suntok Sa Buwan with Aga Muhlach, Elijah Canlas, and Maris Racal; and ABS-CBN’s Darna with Jane De Leon, Joshua Garcia, Janella Salvador, Zaijan Jaranilla and Iza Calzado. Featured as well are hosts, celebrities, news anchors and athletes from the network’s flagship shows Sing Galing, News5, Frontline Pilipinas, and PBA. The Station ID also showcased programs concurrently airing on TV5 such as Brightlight Productions’ Lunch Out Loud, Sari-Sari Network’s Rolling In It Philippines Season 2, and ABS-CBN’s FPJ’s Ang Probinsyano, 2 Good 2 Be True, A Family Affair, Love in 40 Days, and ASAP Natin ‘To. Lunch Out Loud and It’s Showtime are set to start airing on July 16. The Station ID can be seen on TV5’s Facebook page and YouTube channel.

Sony Music Ph holds electric spinning event

SONY Music Philippines, in partnership with Electric Studio, recently held an indoor spinning event. The Somebody Like You: Electric Spinning Event featured some of the label’s most prominent club music releases of 2022 as backdrop to an energizing workout which took place at the Electric Studio, BGC, Taguig City on July 8. Most notably highlighted during the session was “Somebody Like You,” a critically acclaimed collaboration between Filipina R&B/soul songstress KZ Tandingan and international producers GATTÜSO and Frogmonster. The EDM track recently topped Mixmag Asia’s list of 20 Summer Anthems: Festival Edition. It is a truly global collaboration that features two versions: one in English and another one in Mandarin. Also played during the spinning session were some songs off The Chainsmokers’ No. 1 Billboard Dance/Electronic album, So Far So Good, including the chart-topping hit “High” and new single “The Fall,” featuring fast-rising producer duo Ship Wrek.

Sezairi and Young Cocoa release new track

SINGAPOREAN musician and singer-songwriter Sezairi teams up with rising Filipino rapper Young Cocoa for the new R&B track “Dead.” The song is produced by Canadian hiphop/electronic producer duo Potatohead People. “Dead” is the focus track for Sezairi’s upcoming album Violets Aren’t Blue.

Pamungkas, Ben&Ben, Munimuni headline Gimme Shelter

AFTER holding hybrid and online events during the height of the pandemic, GNN Entertainment returns with Gimme Shelter, an outdoor concert on Aug. 6 at the 123 Block, Mandala Park in Mandaluyong City. Indonesia’s most-streamed artist of 2021, Pamungkas is set to headline the serialized event, and will mark his first time to perform in the Philippines. The Jakarta-based singer-songwriter continues to make waves in the region with the hit single “To The Bone” peaking at no. 1 on Spotify Indonesia’s Top 50 charts and no. 5 on Spotify Philippines’ Top 50 charts for multiple weeks. Earlier this year, he was nominated for Best Solo Asian Act at the BandLab NME Awards 2022. Ahead of their North American tour and an upcoming major concert, Ben&Ben is returning to the live stage at this year’s Gimme Shelter. The nine-piece collective will also join Pamungkas as one of the headliners, along with  Munimuni, She’s Only Sixteen, and Cheats. Pre-selling tickets are available for purchase, with a price of P950 for a limited time only.

Spider-man: No Way Home premieres July 17 on AXN

SPIDER-MAN: No Way Home will debut on Sunday, July 17 at 9:45 p.m. exclusively on AXN Asia (Cignal Ch 121, SKYcable HD Ch 247, SKYcable SD Ch 49, GSAT Ch 57, and various provincial cable operators nationwide). Earlier that evening, at 9:15 p.m., a special 30-minute retrospective piece, celebrating 20 years of Spider-man will serve as a lead up to Spider-man: No Way Home.

BLACKPINK holds first ever in-game concert

K-POP group BLACKPINK collaborates with PubG Mobile for an In-Game Concert: THE VIRTUAL. All PUBG MOBILE players can catch the K-Pop group performing for free. The concert will take place for North and South America on July 22-23 and 29-30, and the rest of the world on July 23-24 and 30-31.

Ace Banzuelo releases new breakup song

RELEASED under Sony Music Philippines is recording artist Ace Banzuelo’s new single entitled “Walang Himala.” The song is written, produced, mixed, and mastered by Banzuelo. The song is out now on all digital music platforms worldwide via Sony Music Philippines.

Gloc-9 and Liezel collaborate on new track

GLOC-9 returns with a brand-new track “Buhok,” which will be part of his full-length album Pilak, a celebration of his 25th anniversary in the Philippine music industry. Joining him on the song is new Asintada Management signee, former Pinoy Dream Academy Season 2 finalist Liezel Garcia. Stream “Buhok” on Spotify and Apple Music.

AR/CO share their debut single

RISING London-based electro duo AR/CO share their very first single entitled “Call Me By My Name” on Spotify, Apple Music, and Instagram.

LRT-1 operator, Ateneo tie up to offer courses in railway engineering

LIGHT RAIL Manila Corp. (LRMC), the private operator of Light Rail Transit Line 1 (LRT-1), said on Thursday that it will collaborate with the Ateneo de Manila University on designing courses that it hopes will generate more railway workers.

“Under the intended arrangement, LRMC is working with ADMU in designing railway engineering courses and programs,” the company said in an e-mailed statement.

Ongoing railway projects include the LRT-1 Cavite Extension, the Manila Metro Rail Transit System-7, the Metro Manila Subway, the North-South Commuter Railway, and the Mindanao Railway. 

“We live in an exciting time for our railway sector, with several infrastructure projects taking shape and more sustainable modes of transport being pushed,” according to LRMC President and Chief Executive Officer Juan F. Alfonso, who is also a member of the advisory board of the Ateneo Research Institute of Science and Engineering.

There is a need to support the “growing need for highly-skilled, competent, and world-class rail workforce as the country develops further the local railway industry,” the company said.

Ateneo is working on preparing courses in Transportation and Society, Principles of Railway Transportation, and Railway Management and Engineering.

The first course is a general course on transportation that will be an interdisciplinary elective, the company said.

“The second course a technical interdisciplinary course intended for students with majors under the Department of Electronics, Computer, and Communications Engineering, while the third course, a major elective, will be open to all Computer Engineering students taking the railway engineering track and to all students taking the minor program in railway engineering,” it added.

LRT-1 will serve as Ateneo students’ laboratory for their five-month internship program.

Students will be exposed to railway maintenance and construction management, project management, and working in a corporate setup, LRMC said.

The company noted that it is also discussing with the university how railway innovation and technology can be the subject of research projects to be undertaken by students or faculty.

LRMC is a joint venture of Ayala Corp., Metro Pacific Light Rail Corp. and Macquarie Infrastructure Holdings (Philippines) Pte. Ltd.

Metro Pacific Investments Corp. is one of three Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains interest in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Auto sales

VEHICLE SALES in the Philippines accelerated by 27% in June, driven by increased demand for commercial vehicles.  Read the full story.

Auto sales

Philippine to host Southeast Asian Games in 2033

PHILIPPINE GEAG HOSTING

PHILIPPINE Olympic Committee president Abraham Tolentino on Thursday said the country has earned the right to host the 2033 Southeast Asian Games, or 14 years after the country successful hosted the biennial meet.

“We offered a bid to host anew in 2033 and the council unanimously approved,” said Mr. Tolentino, referring to last Wednesday’s SEA Games Federation Council Meeting in Phnom Penh where next year’s 32nd edition of the games will be staged.

It would be the fifth time the country would host the SEA Games with the last in 2019 when the Filipinos ran away with the overall title with a historic harvest of 149 gold, 117 silver and 121 bronze medals.

The country also hosted it in 1981, 1991 and 2005.

After Phnom Penh, Bangkok, Thailand will host it in 2025, Kuala Lumpur, Malaysia in 2027, Singapore in 2029 and Laos in 2031.

The mayor from Tagaytay said the 2033 hosting would be officially present to Malacañang for the Philippine government’s acceptance of responsibility.

“After presenting the hosting bid to the council, and following its approval, the POC and the SEA Games Council will ask the Philippine government to issue a letter of support,” said Mr. Tolentino.

“If the government declines, the hosting chores will be offered to another country,” he added.

The Filipinos were third overall in 1981 with a 55-55-77 (gold-silver-bronze) tally, second to Indonesia by one gold in 1991 with 91-62-84, first in 2005 with 112-84-94 and again in 2019.

And there is optimism the country could replicate its dominating effort the last two hosting opportunities in 2033. — Joey Villar

What to See This Week (07/15/22)

Doraemon: Nobita’s Little Star Wars 2021

DIRECTED by Susumu Yamaguchi, the Japanese animated film Doraemon: Nobita’s Little Star Wars 2021 follows Nobita, who picks up a small rocket from which a small humanoid alien named Papi comes out. He came to Earth to escape from the army of his planet. When the army follows Papi to Earth, Doreamon and friends end up going off-world to save Papi and his planet. The film features the voices of Megumi Ohara, Wasabi Mizuta, and Yumi Kakazu.

MTRCB Rating: PG

What to do with an adverse employee morale survey

Low compensation and toxic boss-subordinate relations are major employee issues that came out from the recent employee opinion survey conducted by our human resource (HR) department. However, the department does not seem to want to recognize the validity of those issues. If you’re the HR head, how would you handle this situation? — Banana Boat.

The first question you should answer is, how do these two issues affect the company’s attrition rate? If the turnover rate is in the single digits, in the vicinity of 7%, then it’s a healthy number and is no cause for alarm. Employee resignations are not exactly bad.

What is worrisome is any direct correlation between the two issues you mentioned alongside a two-digit turnover rate. Definitely, you could conclude that employees are not happy with their salary and work relations with their boss.

But why does HR refuse to acknowledge the result of its work? This is worrisome. If HR doesn’t want to believe its own work, then who will? One option for you would be to hire a third-party service provider to lend an independent view and an objective opinion that will be accepted by both labor and management.

HR should not be the sole arbiter of the survey findings. If the result is contrary to management expectations, then it has more reason to publish it to improve employee trust and as a manifestation of proactive, two-way communication.

WHAT TO DO
The most important part of people management is generating employee trust. If you collect feedback and don’t act on it, then what’s the use? Next time, you may not be able to get the information you want. Of course, everything has its limits and much depends on the organization’s capacity to meet employee expectations.

However, it requires honest management commitment, along with a considerable amount time and effort. To do this, management may have to take the following steps:

One, summarize the survey result for sharing with employees. Focus on the adverse findings and how management intends to resolve those issues. At the same time, highlight all positive feedback and acknowledge the cooperation of employees in making the organization a vibrant workplace.

Going back to the two issues, if employee perception shows that salary is low, then cite an independent industry survey showing the contrary. In most cases, wrong perceptions are debunked by calculating the annual total equivalent for the right context.

Likewise, identify the most common issues between line executives and their workers without naming names.

Two, release the survey result within a reasonable time. Avoid giving the impression that management is indecisive or hiding something. Any delay gives the impression that management is not serious in seeking feedback. It may be better to admit sometimes that management has no ready answer rather than provide a haphazard reply that destroys its credibility. If more time is needed, explain the reason for the delay.

Always be professional and polite. Make everything clear. Avoid using any buzzwords or jargon unless everyone is familiar with those terms. If necessary, translate your message into Taglish (Tagalog-English) to be easily understood by factory workers.

Last, conduct the employee survey every year. This way, you can detect improvements from year-to-year. Ensure the anonymity of respondents and aim for as much as 70% of the work force.

Having a greater number of workers in the survey is imperative as it would help diminish minor issues that are often magnified by few disgruntled workers. Regardless of the issue, whether it’s low pay or internal conflicts between bosses and subordinates, a quick resolution will prevent escalation and keep bystanders from improperly intervening.

TWO-WAY COMMUNICATION
Sharing information and allowing the workers to participate in management up to a certain extent is the key to a proactive, two-way communication process. Giving people a voice will help them build confidence in working with management. However, this is easier said than done.

Part of the problem is when top management extols the virtues of communication without actually implementing practical approaches to convert their “inspirational” talks into reality. In fact, many of their actions often translate into a command-and-control approach to management, rather working in a way that shows trust and confidence in the workers.

There are many things to be done to promote two-way communication, not only within departments but throughout the company. Having an annual survey taking in the opinions of a majority of employees must be supported by individual engagement dialogue and team kaizen problem-solving.

Whatever you do, distinguish between data and facts. Data are important, but facts are more important. Consider this: High attrition rates are data while low salary and toxic bosses are facts.

 

Consult with Rey Elbo on Facebook, LinkedIn or Twitter or send your questions to elbonomics@gmail.com or via https://reyelbo.consulting

SL Agritech pushes hybrid rice research to boost production

SCREENGRAB FROM YOUTUBE/SL AGRITECH CORPORATION

SL AGRITECH Corp. is ramping up efforts to enhance hybrid rice technology in the country to further boost production and provide more income for farmers.

“Our team is committed to pioneering research and development initiatives with the hope to continuously discover high-yielding rice varieties that would meet the demand of our countrymen while uplifting the lives of our farmers,” SL Agritech Senior Vice-President Michelle L. Gankee said in a statement.

“With these varieties, we are one step ahead of battling the threat of food shortages because farmers can then produce rice crops with robust panicles and stems, which eventually translates to a higher yield,” she added.

The firm said it is helping farming communities through several agri-programs that aim to double or triple their harvest.

“Food stability in the Philippines has been a continuing problem that is projected to lead to a food crisis by the end of this year,” SL Agritech said.

“It is inevitable for public and private entities to work hand-in-hand in supporting the industry through sustainable initiatives that will help our farmers while stabilizing the prices of rice in the market,” it added.

In 2020, SL Agritech launched the Masaganang Ani 300 program which aimed to increase the country’s rice productivity. 

“Through the program, farmers were able to produce 300 to 339 cavans of rice, equivalent to more than 15 metric tons (MT) of rice production using hybrid rice seeds,” it added.

SL Agritech also previously launched the high-yielding SL-8H seed variety.

“Since then, other SL varieties have been introduced with new yields ranging from 7 to 15 MT per hectare that thrive even at the most unfavorable climatic condition,” it added.

SL Agritech Chief Executive Henry Lim Bon Liong said the firm’s technology is capable of meeting the country’s growing demand for rice.

“My goal, not just for SL Agritech but also for the country, is to enable the utilization of hybrid rice technology that would boost our rice production while increasing the net income of our farmers,” he added.

SL Agritech is engaged in the research, development, production and distribution of hybrid rice seed and premium quality rice. — Luisa Maria Jacinta C. Jocson

Business communications in the new normal

FOR the first time during the pandemic, the International Association of Business Communicators (IABC) decided to hold a face-to-face global convention. The IABC World Conference 2022 took place at the Marriott Marquis in New York City on June 26-29 with the theme, “Communication Can!”

More than 70 sessions were lined up by IABC featuring experts from over a dozen countries. Topics ranged from inclusive communications and purpose transformation to climate science and sustainability.  The keynote speakers were Microsoft Corporate Vice-President of Communications Frank Shaw and Edelman US Chief Executive Officer Liza Osborne Ross.

Hundreds of delegates from Asia-Pacific, Africa, North America, Europe and the Middle East attended this in-person conference, which was the first since 2019. The Philippine delegation was led by former Socioeconomic Planning Secretary Ernesto Pernia, University of the Philippines (UP) President Danilo Concepcion, UP Vice-President for Public Affairs Dr. Elena Pernia, and Metro Pacific Foundation President Melody Del Rosario.

Since the conference venue is right at the heart of Manhattan’s Theater District, delegates had the opportunity to watch Broadway shows and experience the myriad entertainment offerings of Times Square. It is just a stone’s throw away from Central Park and also close enough to Wall Street in the Financial District of Lower Manhattan.

Highlighting the four-day convention was the IABC Gold Quill Awards recognition night where winners over the last three years were invited to celebrate together with the conference delegates. Several Filipino entries won the Gold Quills, including the 50th anniversary coffee-table book of the Financial Executives Institute of the Philippines.

TOKENIZATION PROJECT OF THE YEAR
Last month, a Filipino fintech firm bagged the Tokenization Project of the Year Award during the 2022 Artificial Intelligence and Blockchain Conference (AIBC) World Summit in Toronto, Canada.

iWave Advanced Research Group, Inc. (iWAR) was the recipient of the AIBC award for its Oz Finance project, a proprietary blockchain protocol under iWAR’s Global Trade Exchange (GTX) located at the Freeport Area of Bataan (FAB), the Philippines’ oldest and fastest-growing ecozone.

A pioneering FAB-registered enterprise, iWAR also developed the world’s first residency enabled token with real-world utility known as TOTOZ. This will bolster the bid to position FAB as a global offshore financial center that will integrate emerging fintech markets.

In 2019, the Authority of the Freeport Area of Bataan (AFAB) opened its doors for the registration of offshore fintech companies. Subsequently, it granted iWAR an exclusive license to operate GTX, a platform for cross-border trade and exchange of digital assets between international investors.

AFAB, a government agency attached to the Office of the President, commissioned the development and launch of Oz to provide operators access to credit and seed capital for business and operations. Commending iWAR for garnering the AIBC award, AFAB Chairman Pablo Gancayco said: “This recognition clearly shows Oz as a financial instrument that can change the way global citizens, companies, and governments interact.”

 

J. Albert Gamboa is the chief finance officer of Asian Center for Legal Excellence and chairman of the FINEX Media Affairs Committee. The opinion expressed herein does not necessarily reflect the views of these institutions and BusinessWorld. #FinexPhils www.finex.org.ph

How PSEi member stocks performed — July 14, 2022

Here’s a quick glance at how PSEi stocks fared on Thursday, July 14, 2022.


Peso strengthens on aggressive BSP hike

THE PESO continued to strengthen against the dollar on Thursday as the Bangko Sentral ng Pilipinas (BSP) delivered its biggest-ever rate hike amid growing inflation pressures.

The local unit closed at P56.15 per dollar on Thursday, gaining 11 centavos from its P56.26 finish on Wednesday, based on Bankers Association of the Philippines data.

Still, year to date, the local unit has weakened by 10.09% or by P5.15 from its close of P51 versus the dollar on Dec. 31, 2021.

The peso opened Thursday’s session at P56.30 per dollar. Its weakest showing was at P56.45, while its intraday best was at P55.98 against the greenback.

Dollars exchanged surged to $1.65 billion on Thursday from $994 million on Wednesday.

“The peso appreciated following the off-cycle large 75-bp (basis point) policy rate hike from the BSP today,” a trader said in an e-mail on Thursday.

The BSP Monetary Board on Thursday delivered an all-time high hike of 75 bps in an “urgent action” amid signs of “sustained and broadening price pressures.”

The hike was done outside of their scheduled policy meetings and was the first off-cycle increase since April 16, 2020. Following Thursday’s move, the BSP has now raised rates by a total of 125 bps this year and the key rate is now at 3.25%, matching the March 2020 level.

The central bank in 2020 cut borrowing costs by a cumulative 200 bps to support the economy amid the coronavirus pandemic.

The BSP has become more aggressive as headline inflation reached 6.1% in June, the fastest in nearly four years. This brought the first-half average to 4.4%, above the central bank’s 2-4% goal but still lower than its 5% forecast for the year.

This also comes as the Federal Reserve is expected to continue being hawkish, especially after US consumer prices jumped by 9.1% annually in June, the fastest in more than 40 years, data released on Wednesday showed.

BSP Governor Felipe M. Medalla last week said the Fed’s aggressive stance has put pressure on the peso, with the local currency’s weakening adding to inflation pressures.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the rate increase could help support the peso but could also lead to higher lending costs.

MUFG Bank analyst Sophia Ng said reaction to the BSP’s move was felt immediately in the market on Thursday. 

“It is also due to this tightening move that the peso is one of the only two AXJ (Asia ex-Japan) currencies that is strengthening against the dollar so far today while most others are under pressure from a stronger dollar driven by rising market expectations of more aggressive tightening by the Fed,” Ms. Ng said in a note.

“Prospects of more rate hikes by the BSP do not change our overall outlook on the PHP, as other factors such as ongoing dollar strength and widening trade deficits will continue to be key drivers of the peso’s weakness in 2H22,” she added.

For Friday, the trader said the peso may weaken anew against the dollar due to a potentially elevated US producer inflation report overnight.

The trader sees the peso moving between P56.00 and P56.20 on Friday, while Mr. Ricafort gave a slightly wider forecast range of P56 to P56.25 per dollar. — Keisha B. Ta-asan