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Style (05/01/23)

NEW BALANCE Joe Freshgoods known for its eye-catching pastel colors

Exclusive product drops at Adidas’ adiClub Members Week

THE ADIDAS membership program, adiClub, is holding the adiClub Members Week until May 3. To kick off Members Week, a contest was launched for a lucky member to win one pair of Superstar shoes signed by adidas ambassadors BLACKPINK. From April 21 to May 3, adiClub members can enter the contest through the adidas app where they can answer why they deserve to win the pair, but only the most original and creative answer will win the prize. Tickets to the FIFA Women’s World Cup AU-NZ-23 will also be up for grabs through a contest from April 27 to May 31 where the best answer to “how will you be showing your support to the Filipinas at the FIFA Women’s World Cup AU-NZ-2?” will win the prize. There are also product drops and experiences throughout Members Week: May 1 sees the exclusive release of the adidas Solarboost 5, Solarglide 6, and Supernova 2.0; May 2, a special release exclusively for adiClub members’ biggest ballers is the Harden Vol. 7 in the new Fuschia colorway, with a puffer jacket-inspired upper and a hybrid BOOST and Lightstrike midsole; and on May 3, the drop of the Indigo Herz collection, including apparel and footwear, which was inspired by the adidas Originals-owned NFT. Exclusive product releases are made through adidas.com.ph. To unlock the best of adidas, join adiClub through https://www.adidas.com.ph/membersweek and follow adidas Philippines on Instagram and Facebook to get the latest updates.

New Balance releases new collections

NEW BALANCE opening more stores and launching numerous shoe models in 2022 was just the beginning. The brand, which was established in 1906, this year promises bigger and better things to come as it gears up for the launch of new collections and opening of more stores. With the theme “Life at the Intersection,” the brand will showcase what it’s like living at the intersection of sport and culture with new performance and lifestyle items that are sure to make both loyal and new customers excited. In 2022 it expanded in the Philippines with more stores opening in Robinsons Magnolia, SM City Sta. Mesa, Shangri-La Plaza Mall, Eastwood City, Uptown Bonifacio, and Ayala Malls Capitol Central Bacolod. The store openings also marked the launch of models in running and lifestyle, from the cushioned and flexible Fresh Foam 1080 to the vintage and sporty BB550. This year, New Balance kicks off the “Run your way” campaign, which, aside from serving as the launch of new performance shoes, aims to celebrate people’s independence in running no matter how they choose to do it.  In July, New Balance will be launching a kid’s collection. The annual New Balance Grey Day is another thing sneakerheads can look forward to in mid-2023. The event will pay homage to the classic Grey Collection, including the iconic 574 and 9060 models. New collections are expected to be released from April to July 2023. New stores will also be opened in Metro Manila (San Juan, Quezon City, and Makati) and across the region. A store at Ayala Malls Abreeza opened in Davao this April, while another at Robinsons Tacloban opened in March. The store in Glorietta was relocated last March. To stay up to date with New Balance’s new releases, interested parties may join New Balance’s Viber community bit.ly/NBPHViber and follow New Balance on their official Facebook, Instagram, and Twitter accounts.

Havaianas offers sustainable flip-flops, initiatives in PHL

HAVAIANAS, the iconic Brazilian lifestyle brand, takes a step toward making a positive impact on the environment with the launch of its Sustainability Program aimed at reducing waste and promoting awareness on the proper disposal of trash, for a greener planet. The collected flipflops will be repurposed for construction material, floor mats and even new Havaianas, said Anne Arcenas-Gonzalez, President and Co-Founder of Terry S.A., Inc. Havaianas is also announcing its lineup of Sustainability Pairs. A hundred percent of the production waste from Top, its bestselling basic style, goes back into the manufacturing process. Meanwhile, the feminine fashion line, You, is free from restrictive substances and uses soles made of 36% recycled materials from its own production. The BEI flip-flops represent the love for the Amazon and pay tribute to its diverse ecosystem. A portion of sales will be donated to the CORA Project – Coracoes De Amazonia, which aims to protect the Amazon rainforest. Havaianas also partnered with Conservacao International to donate 7% of the profits to marine life conservation projects in Brazil. The designs for these flip-flops feature colorful prints of the thresher shark and the yellowtail damselfish. The IPE flip-flops have designs that represent Brazilian wildlife; 7% of the profits from these flip-flops are donated to the Ecological Research Institute, which supports conservation efforts in Brazil. The partnership has helped plant more than 3.2 million trees in the Atlantic Forest, helping preserve a range of species. Other Havaianas designs such as Slim Platform, Twist, You Metallic, You St. Tropez Classic, Flash Urban Plus, Slim Nautical, and 4 Nite are also produced with sustainability in mind. And starting May 15, customers will be encouraged to bring their own reusable bags to carry their purchases, while single-use paper bags are available for a fee. Additionally, Havaianas canvas bags will also be available for purchase. To highlight its message of proper waste disposal, Havaianas will hold a Beach Clean Up in Barangay Bucana, Nasugbu, Batangas on May 5. This project is in partnership with the local community. For more information on Havaianas’ Sustainability Program, visit https://havaianas.ph/pages/sustainability.

Adidas’ Adizero offers a shoe for every runner

IN 2022, the ground-breaking technology fueling Adidas’ Adizero range helped elite athletes and ambitious runners to dominate races on the road and the track alike. With 10 World Championship titles secured, two broken world records, and 50% of all world major marathons won, the Adizeros topped the podiums. Already in 2023, Abdesa Tola Adera and Tamirat Tola ran to victory in the Dubai marathon last month wearing the Adizero Adios Pro 3. This season, Adizero launches in a bold new identity with a fresh colorway update (including Solar Red and Coral Fusion). Benefitting from adidas’ record-breaking technology, including Lightstrike Pro and Continental Rubber outsoles, Adizero’s race day shoes are: Adizero Adios Pro 3, which features adidas’ record-breaking Energyrods 2.0 technology from heel to toe, for harmonious stiffness and energy return (P12,000); Adizero Takumi Sen 9, adidas’ leading 5-10 KM racing shoe, the world-record breaking Takumi Sen 9 is for runners looking to dominate speedy, short-distance road races (P9,500); Adizero Adios 7, with superlight cushioning and an energy torsion system, the Adios 7 is a low-profile, lightweight racing shoe designed for speedy races up to 21KM (P6,800); Adizero Prime X Strung, adidas’ first Adizero running shoe with a Strung upper, it features innovative technology, including layers of carbon-infused Energyrods and Lighstrike Pro foam (P16,000). Meanwhile, featuring race-day technology such as Lightstrike Pro foam and a Lighstrike Eva midsole frame, the training models in the Adizero range are the Adizero SL (P6,000) and the Adizero Boston 11 (P8,000). The new colorways are now available to buy globally via the adidas app, online and in store, retailing from P6,000 to P16,000.

Shell Advance to hold gymkhana tilt for bike clubs

InsideRacing’s Al Camba (left), Shell Advance Brand Manager Chi Malabanan (second from left), and The Racing Line’s Jong Uy (right) pose with members of a participating bike club. — PHOTO FROM PILIPINAS SHELL

MOTORCYCLE OIL BRAND Shell Advance recently launched the nationwide “InsideRacing Club Wars powered by Shell Advance” for motorcycle riders. “The Club Wars is a safe, less technical, and beginner-friendly gymkhana event that provides casual riders with an opportunity to try their hand at motorbike competitions,” said the company in a release.

Each run is held head-to-head on identical courses, and an electronic timing system will be visible to the onlookers. A prize kitty of over a million pesos and scooters will go to the winners. At the InsideRacing Bike Festival, visitors were treated to discounted prices, premium items, and exciting raffle prizes at the Shell Advance booth.

“We’re excited to be back in the motorbike scene and working with our partners to bring the best motorcycle driving experience to Filipino riders. This is only one of our many events lined up for this year, and we invite (bikers) to join us and experience the fun and adventure of riding with Shell Advance with safety as our top priority,” said Shell Advance Brand Manager Chi Malabanan.

The Club Wars is ongoing nationwide until Oct. 22, 2023, in partnership with InsideRacing and The Racing Line — to be participated in by local bike clubs from Luzon, Visayas, and Mindanao. The competition is open to small bike clubs with a minimum of 10 members, with various categories for underbone, backbone, and scooter bike users.

Al Camba from InsideRacing expressed his excitement to relaunch the partnership with Shell Advance, saying: “Shell Advance’s participation in the InsideRacing Bike Festival is one way to engage grassroots biker communities in the country, and it’s always exciting to work with a team that shares our passion for the motorcycle industry. We’re looking forward to bringing more engaging events and activities for our riders and motorbike enthusiasts in the future, and with Shell Advance’s support, we can make it happen.”

Interested participants can sign up for just P250 per rider, or join for free with the purchase of any Shell Advance Oil. For more information, visit www.shell.com.ph/motorists/oils-lubricants/advance-for-motorcycles.

Yields on gov’t debt mixed ahead of CPI, Fed meeting

YIELDS on government securities (GS) ended mixed last week amid market anticipation for the release of April consumer price index (CPI) data and the US Federal Reserve’s policy meeting.

GS yields, which move opposite to prices, went up by an average of 0.73 basis point (bp) week on week, based on the PHP Bloomberg Valuation Service Reference Rates as of April 28 published on the Philippine Dealing System’s website.

Yields at the short end of the curve were mixed as the 91-, and 182-day Treasury bills (T-bills) went up by 17.14 bps and 9.30 bps to fetch 5.8194% and 6.012%, respectively. Meanwhile, the 364-day T-bills went down by 0.56 bp to 6.1419%.

Rates of the two-, three-, four-, and five-year Treasury bonds (T-bonds) increased by 6.06 bps (to 6.0195%), 4.56 bps (5.9793%), 3.15 bps (5.9606%), and 1.76 bps (5.9571%), respectively, while the seven-year papers fell by 1.24 bps to 5.9963%.

At the long end of the curve, rates of the 10-, 20-, and 25-year T-bonds declined by 6.41 bps, 12.53 bps, and 13.15 bps to 6.1046%, 6.3093%, and 6.3035%, respectively.

Total GS volume traded more than doubled to P18.47 billion on Friday from P7.58 billion on April 20.

“Buying interest resumed in [Friday’s] afternoon session as players were emboldened after the BSP (Bangko Sentral ng Pilipinas) stated [on Friday] that it expects April inflation to slow down to 6.3%-7.1% due to a decline in electricity prices and select food items,” Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in a Viber message.

“Market does take into account the BSP forecast as it gives an indication of where local inflation will be. We see inflation moderating to 6.9%, which could open the door for a pause at the May meeting,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail note.

If April CPI was within the BSP’s estimate, this would be slower than the 7.6% print in March.

The lower end of the forecast range would match the 6.3% print in August 2022. It would also be the slowest inflation rate in 10 months or since June last year, when it stood at 6.1%.

Still, this would surpass the BSP’s 2-4% target for the 13th consecutive month.

The Philippine Statistics Authority will release the April inflation report on Friday.

BSP Governor Felipe M. Medalla on Thursday said the Monetary Board may cut the central bank’s full-year inflation forecast to 5.7% or 5.8% from the current 6% at their next policy meeting on May 18.

This is due to the better-than-expected lower inflation rates in February and March, Mr. Medalla said.

The BSP chief earlier said if inflation eases further in April, the Monetary Board will likely consider pausing its tightening cycle at this month’s review.

The Philippine central bank has increased borrowing costs by 425 bps since May 2022 to tame inflation, bringing its policy rate to 6.25% — the highest in nearly 16 years.

“The benchmark 9.4-year, 12.5-year, and 13-year bonds traded up to 2.5 bps lower, while the 20-year benchmark bond was seen last dealt 7 bps lower at 6.26%,” Mr. Asuncion added.

Local yields are tracking global sentiment as investors expect the Fed to deliver another rate hike at its May 2-3 meeting, Mr. Mapa said.

The Fed has hiked borrowing costs by a total of 475 bps since March 2022, with its target interest rate now at a range between 4.75% and 5%.

Markets expect the US central bank to raise rates by another 25 bps this week.

Though inflation is gradually slowing, it remains elevated. The personal consumption expenditures (PCE) price index gained 0.1% in March, the smallest increase since last July, after rising by 0.3% in February, Reuters reported.

In the 12 months through March, the PCE price index increased by 4.2%. That was the smallest advance since May 2021 and followed a 5.1% rise in February.

Excluding the volatile food and energy components, the PCE price index rose 0.3%, matching February’s gain. The so-called core PCE price index gained 4.6% on a year-on-year basis in March after rising 4.7% in February.

The Fed tracks the PCE price indexes for its 2% inflation target.

For this week, Mr. Asuncion said: “Market… will look out for local headline inflation due to be released on Friday while also keeping tabs with Fed officials’ statements after the FOMC (Federal Open Market Committee) meeting on May 2-3.” —B.T.M. Gadon with Reuters

Katy Perry loses trademark fight with Australian fashion designer

KATIEPERRY.COM.AU

SYDNEY — An Australian court has ruled that pop superstar Katy Perry infringed the trademark of a Sydney-based fashion designer who has sold her products locally under a label with her birth name “Katie Perry.”

Katie Taylor, who filed the lawsuit in 2019, alleged the singer ignored the trademark and sold Katy Perry clothing to Australian customers during her concert tours in the country in 2014 and 2018 through retailers and websites.

Federal court judge Brigitte Markovic ruled that Katy Perry’s company Kitty Purry partially infringed the trademark of Katie Taylor’s business, which sells mostly clothes online, by promoting the singer’s products through posts on social media, a court filing out on Thursday showed.

Damages are due to be decided at a later date.

“This is a tale of two women, two teenage dreams and one name,” Ms. Markovic said in her judgment.

The judge dismissed a bid by the popstar seeking to cancel the Katie Perry trademark.

Ms. Taylor, whose birth name was Katie Perry, called the verdict a “David and Goliath” win for small businesses.

“Not only have I fought for myself, but I fought for small businesses in this country, many of them started by women, who can find themselves up against overseas entities who have much more financial power than we do,” she said in a blog post.

Representatives of Katy Perry could not be immediately reached.

The tussle between the popstar and the Australian fashion designer over the homophonous name began in 2008 when Ms. Taylor registered the “Katie Perry” brand in Australia.

Katy Perry initially tried to block the registration and later engaged lawyers to try to force the designer to cease and forever desist from using the mark but later abandoned the move, Ms. Taylor said. — Reuters

Gardening program for public schools struggling with sustainability issues

PHILSTAR FILE PHOTO

A SCHOOL gardening program dating to 2007 is limping along with problems ranging from lack of space to inadequate irrigation, an agriculture official said.

Jose Diego E. Roxas, spokesperson for the Department of Agriculture’s (DA) Bureau of Plant Industry, the program’s seed supplier, said in a Viber message that the uneven growing conditions depending on the location could be discouraging to teachers and students seeking to maintain the school’s gulayan (vegetable patch).

He called for urban gardening to be incorporated into the school curriculum as a means of ensuring greater commitment to maintaining the gardens.

“Regular training should also be held to make sure that teachers are technically competent to teach and aid in maintaining their respective gulayans.”

The initiative, known as the Gulayan sa Paaralan Program (GPP), was launched in 2007 by the Department of Education (DepEd), in partnership with the (DA). It encouraged the cultivation of elementary and secondary public school gardens to supply school feeding programs. 

The percentage of schools with gardens has actually increased to 81% (across 38,383 schools) in the 2020-2021 school year, up from 59% (27,898 schools) in 2015-2016, according to an April 24 presentation by Dexter A. Galban, assistant secretary for operations at the DepEd.

Interest in the school gardens had been stoked in recent years by an organic farming advocacy, Mr. Galban said in an e-mail.

He said the main obstacles to production are poor soil quality, access to water, and lack of interest in a number of locations.

“GPP is the lowest-priority program in some schools,” he told BusinessWorld.  

He said the program’s champions include Dipolog City’s Project GREEN (Gardening as Recreation to Engage and Enhance Nutrition), which was created to sustain GPP during the pandemic, and which distributes seeds to learners for planting at home. Antique Province’s programs, known as Project PM mo ako and ProCam teach students backyard planting. 

The success of a school garden depends on the commitment of the school head, as well as the GPP point person at each school, who needs to have a good grasp of gardening, according to Ma. Elena P. van Tooren, executive director of the East-West Seed Foundation, Inc. The foundation has trained DepEd personnel and students from 2,354 schools as of 2022. 

“It is one thing to establish a vegetable garden; it’s another thing to sustain it and get the most out of it. Vegetable production is a science,” she said in an e-mail. Plant nutrition and integrated pest management are necessary for sustainability, she added.

“Your soil may be good at the start, but you have to keep augmenting and amending to continuously feed the plants over many crop cycles,” she told BusinessWorld. “Pests will inevitably want to feed on your plants, and they have their favorite varieties. There is a choice of management methods.”  

SCHOOL-BASED FEEDING
The DepEd’s school-based feeding program (SBFP), which runs 120 days a year, is supplied in part by produce grown by the GPPs.

The Philippines has one of the highest rates of child stunting in the East Asia and Pacific Region, ranking fifth in a World Bank study. It is among the top 10 globally in terms of number of children affected by stunting.

“We do an assessment of the BMIs (body measurement index) of learners a week after class starts,” according to Joel V. Cruz, senior education program specialist for Social Mobilization and Networking at DepEd Nueva Ecija. “In August, we’ll be having an assessment of the weights and heights of the learners to determine who needs supplemental feeding.”  

The 120-day feeding program is extended by some LGUs if they have the funding, he added.

“Our schools also partner with companies and agencies to continue the program for longer, especially in schools with IPs (indigenous peoples),” he said by phone. 

Children are taught vegetable planting in an age-appropriate manner, he told BusinessWorld. In the lower elementary levels, the focus is on the familiarization with the different types of vegetable. Those in the fifth-grade level and above participate in activities like cooking contests and food processing.

“We also teach (high schoolers) how to add malunggay (moringa) when baking bread,” Mr. Cruz said. “There are various ways of teaching students to appreciate the value of planting vegetables.” 

He added that, per a 2023 memorandum, the GSP will be handled henceforth by DepEd’s Health and Nutrition Unit. 

Ms. Van Tooren said that both the DA and the DepEd have done a lot for the GPP. To address nutrition, she recommended interventions for the days that aren’t covered by the SBFP, including training parents on what to feed their children. 

“A kamote (sweet potato) stalk or malunggay branch is all that is needed to start a simple home garden,” she said. — Patricia B. Mirasol

Construction firm takes delivery of 10 Kia K2500 4×4 units

Presiding over the turnover of Kia K2500 units at the Scheirman Construction Consolidated, Inc. (SCCI) office in Cainta are (from left): SCCI AVP for Business Development Edlyn Quesada; SCCI Chief Strategy Officer and Director Armando Inabangan, Jr.; Kia Philippines President Manny Aligada; and Iconic Dealership, Inc. COO Bob Palanca. — PHOTO FROM KIA PHILIPPINES
Presiding over the turnover of Kia K2500 units at the Scheirman Construction Consolidated, Inc. (SCCI) office in Cainta are (from left): SCCI AVP for Business Development Edlyn Quesada; SCCI Chief Strategy Officer and Director Armando Inabangan, Jr.; Kia Philippines President Manny Aligada; and Iconic Dealership, Inc. COO Bob Palanca. — PHOTO FROM KIA PHILIPPINES

As Scheirman Construction Consolidated, Inc. (SCCI) works to meet the needs of its residential, commercial, healthcare, industrial, corporate, and small-business clients, it has chosen the Kia K2500 4×4 Double Cab Dropside as its “do-it-all workhorse.” The company recently took delivery of 10 units of the Kia vehicle.

Established in 2016 and helmed by Engr. William Russell Scheirman, Jr., the company has offices in Cainta, Metro Manila, and Cebu. “With safety, quality craftmanship and service, productivity and timeliness as the benchmarks of a successful construction firm, we need a light-duty truck that can handle our unpredictable weather and road conditions — and can reach even the most remote construction sites,” said SCCI Chief Strategy Officer and Director Armando Inabangan, Jr. “The K2500 suits our very demanding requirements, and because of its unique 4×4 configuration, it makes for a very ideal fleet vehicle for our construction company. We need a dependable truck to arrive at its destination — no matter what.”

The K2500 is powered by a 2.5-liter CRDi turbodiesel that delivers 130ps at 3,800rpm and 255Nm of torque from 1,500rpm to 3,500rpm. Mated to this powerful and efficient engine is a six-speed transmission which allows for better fuel efficiency and flexibility whether on the open road or while navigating gridlock in urbanized areas.

“The K2500 is unique because it is the only light-duty truck in the Philippine market equipped with a 4×4 drivetrain,” declared Kia Philippines President Manny Aligada. “This means maximum traction despite drastic changes in weather and road conditions. This kind of capability gives SCCI the confidence to tackle any unforeseen challenges — even after the paved road ends. Adding to the K2500’s go-anywhere specifications is having one of the highest ground clearances at 200mm. This model is also among the top-three best-selling Kia models. We are pleased to provide this growing construction company the light-duty truck that it needs.”

The K2500 comes with a three-year/110,000-kilometer warranty, whichever comes first, and three-year free 24/7 roadside assistance. It also has a low cost of maintenance to help businesses further minimize spending and maximize profits. And in case of untoward incidents, Kia has a large stock of readily available parts and a nationwide network of service centers that are always ready to serve. This kind of dealership support will greatly reduce any potential downtime.

“SCCI has been a long-time client of Iconic Dealership, Inc. (IDI),” stated IDI COO Bob Palanca. “We are grateful for the trust and confidence that SCCI has toward our dealership network, and we are ready to assist at any time. We are proud of the exceptional customer experience that we provide, and satisfaction through every step of the buying and ownership journey is of utmost importance to us. IDI is pleased to be a partner of SCCI in providing world-class innovation in construction and providing great customer service in the Philippines.”

For more information on the K2500, visit kia.com, like and follow Kia Philippines on Facebook and Instagram, or subscribe to its YouTube channel.

Philippine Misery Index inches down in February

One of the many ways to measure an economy’s health is through the “misery index.” Formulated by the late American economist Arthur Okun in the 1970s, the index was originally calculated as the sum of an economy’s unemployment and inflation rates to assess well-being. The higher an economy’s misery index, the worse its economic condition. This infographic shows an “adjusted” version of the index to include the underemployment rate* to account for the job quality of those employed. Based on latest available data from the Philippine Statistics Authority, the adjusted misery index in February slightly dipped to 25.7% from 26.9% in January largely due to improving job quality (lower underemployment) and easing inflation from the previous month. However, this was higher than 22.6% in the same month last year.

Philippine Misery Index inches down in February

How PSEi member stocks performed — April 28, 2023

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

PSEi posts weekly gain on firms’ strong results

BW FILE PHOTO

PHILIPPINE SHARES closed higher on Friday amid strong corporate earnings results and ahead of the US Federal Reserve’s monetary policy meeting this week.

The benchmark Philippine Stock Exchange index (PSEi) went up by 0.62% or 41.40 points to close at 6,625.08 on Friday, while the broader all shares index rose by 0.67% or 23.67 points to end at 3,532.53.

Week on week, the PSEi gained by 1.6% or 104.64 points from its 6,520.44 finish on April 20.

“The PSEi corrected higher for the second straight week after declining for most weeks since February,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The market managed to edge higher for the second straight week, which we attribute to: strong earnings results thus far, and prospects of the US Fed concluding its rate hike cycle,” China Bank Securities Corp. Research Associate Lance U. Soledad said in an e-mail.

US data released on Friday confirmed inflation is cooling, which could allow the Fed to pause after this week’s expected rate hike, Reuters reported.

The US central bank is expected to increase interest rates by another 25 basis points (bps) at its May 2-3 meeting.

The Fed has raised its policy rate by 475 bps since March 2022 from the near-zero level to the current 4.75%-5% range.

Though inflation is gradually slowing, it remains elevated. The personal consumption expenditures (PCE) price index gained 0.1% in March, the smallest increase since last July, after rising 0.3% in February.

In the 12 months through March, the PCE price index increased 4.2%. That was the smallest advance since May 2021 and followed a 5.1% rise in February.

Excluding the volatile food and energy components, the PCE price index rose 0.3%, matching February’s gain. The so-called core PCE price index gained 4.6% on a year-on-year basis in March after rising 4.7% in February.

The Fed tracks the PCE price indexes for its 2% inflation target.

Mr. Soledad added that continued net foreign buying contributed to the higher week-on-week close of the PSEi.

Net foreign buying rose to P435.61 million on Friday from P79.48 million on Thursday.

Sectoral indices were split on Friday. Industrials rose by 1.64% or 153.78 points to 9,505.89; holding firms climbed by 1.28% or 81.46 points to 6,405.79; and property went up by 0.99% or 26.99 points to 2,735.49.

Meanwhile, services dropped by 0.91% or 14.82 points to 1,605.20; financials went down by 0.46% or 8.89 points to 1,918.13; and mining and oil declined by 0.15% or 16.49 points to 10,586.54.

Value turnover stood at P8.34 billion on Friday with 899.96-million shares changing hands, rising from the P4.69 billion with 549.17-million issues traded on Thursday.

Advancers outnumbered decliners, 102 versus 100, while 43 names closed unchanged.

The stock market is closed on May 1 for Labor Day. — AHH with Reuters

Peso may trade sideways before Fed, key data

BW FILE PHOTO

THE PESO is expected to trade sideways against the dollar this week ahead of the release of April Philippine inflation data and the US Federal Reserve’s policy meeting.

The local currency closed at P55.38 versus the greenback on Friday, climbing by 34 centavos from Thursday’s P55.72 finish, Bankers Association of the Philippines data showed.

Week on week, the peso rose by 64 centavos from its P56.02 finish on April 20.

The peso opened Friday’s session at P55.62 per dollar, which was also its worst showing. Its intraday best was at P55.32 versus the greenback.

Dollars traded went up to $1.24 billion on Friday from the $1.186 billion seen on Thursday.

The peso strengthened on Friday amid a spike in remittances before the long weekend and as market players trimmed their long dollar positions, a trader said in a Viber message.

Philippine financial markets are closed on Monday for Labor Day.

The peso also strengthened after the Bangko Sentral ng Pilipinas (BSP) said April inflation likely settled within the 6.3-7.1% range, slower than the 7.6% in March, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

If realized, inflation would surpass the BSP’s 2-4% target for the 13th consecutive month.

The lower end of the forecast range would match the 6.3% in August 2022 and would be the slowest print in 10 months or since June last year, when it stood at 6.1%.

April consumer price index data will be released on May 5, Friday.

Mr. Ricafort said the BSP could pause increasing borrowing costs if inflation slows in April.

BSP Governor Felipe M. Medalla last month said if inflation eases further in April, the Monetary Board will likely consider pausing its tightening cycle at their May 18 review.

The Philippine central bank has increased borrowing costs by 425 basis points (bps) since May 2022 to help bring down elevated inflation. Its policy rate is now at 6.25% — the highest in nearly 16 years.

The peso was also supported by lower global crude oil prices recently, Mr. Ricafort added.

Oil prices steadied on Thursday after dropping almost 4% on Wednesday, with Brent crude edging up 18 cents or 0.23% to $77.87 a barrel by 1344 GMT, while US West Texas Intermediate crude rose by 12 cents or 0.16% to $74.42, Reuters reported.

For this week, the trader said the peso could move sideways, depending on the April consumer price index data, Friday, as well as the Fed’s meeting on May 2-3.

The Fed has hiked borrowing costs by a total of 475 bps since March 2022, with its target interest rate now at a range between 4.75% and 5%.

Its latest move was a 25-bp increase in its March 21-22 meeting.

Markets expect the US central bank to raise rates by another 25 bps this week.

Data on the Fed’s preferred inflation gauge released on Friday will also affect the peso’s movement against the dollar this week, the trader added.

The US Commerce department’s personal consumption expenditures (PCE) price index showed that consumer spending remained unchanged in March, with the index gaining 0.1% in March, the smallest increase since last July, after rising 0.3% in February.

In the 12 months through March, the PCE price index increased 4.2%. That was the smallest advance since May 2021 and followed a 5.1% rise in February.

The trader sees the peso trading between P55 and P56 per dollar this week, while Mr. Ricafort gave a forecast range of P55.10 to P55.60. —AMCS with Reuters

Unstable power on Panay could persist indefinitely

PHILSTAR FILE PHOTO

THE Energy department said ongoing power interruptions in Panay may continue indefinitely with the National Grid Corp. of the Philippines (NGCP) still working on the full recovery of the island’s power grid.

“The DUs (distribution utilities) will have to manage their load given the limited capacity of substations, and accordingly supply of power, while NGCP is working on full recovery of the grid. Thus, DUs may still impose rotational brownouts until full recovery of the grid,” the Department of Energy (DoE) said in a statement on Sunday.

According to an advisory posted on the NGCP’s Facebook page, interruptions are affecting the supply of power to Iloilo, Antique, Capiz, Aklan and Guimaras.

“The NGCP is tirelessly working with our counterparts in the generation and distribution sectors to resolve the issue at the soonest possible time,” NGCP said.

On Saturday, the grid operator said it is investigating the causes of the system disruptions.

The NGCP said on Saturday, that multiple power plants in Panay disengaged from the transmission system.

“We are cognizant of the suffering the recent spate of power interruptions have wrought on the consumers and businesses in the provinces and cities of Panay Island,” NGCP said.

“While we have assessed our system for possible malfunctions, and confirmed that our protocols are working as intended, we are also exploring the possibility that adjustments need to be made along the supply chain to stabilize power in Panay,” it added.

According to the DoE, the NGCP will impose “very tight limits” to the protection system through the system integrity protection schemes (SIPS) to ensure that the transmission system is stable to head off further deterioration.

SIPS is designed to detect abnormal or predetermined system conditions and take automatic corrective action.

Separately, More Electric and Power Corp., Iloilo City’s electric distribution utility, said that it is ramping up operations to restore normal power.

It said the power outage lasted nearly 12 hours.

On Friday, the DoE announced unplanned maintenance at the 647-megawatt Sual Coal-fired Power Plant (CFPP) Unit 1 in Pangasinan between April 29 and May 1.

“As this would fall on a long weekend, the DoE is optimistic that there will be minimal or no power interruptions because the demand is low during this period,” the DoE said.

CFPP will carry out unplanned maintenance to address boiler tube leaks. Operators will also clean the generator.

However, the DoE warned that if the maintenance lasts until May 5-11, yellow or red alerts are possible.

Yellow alerts are issued when reserves fall below a designated safety margin, while red alerts are raised when the supply-demand balance deteriorates further, signaling the possibility of rotational brownouts.

“The DoE also requests public cooperation by rationalizing the use of power during the peak demand hours of 11 a.m. to 12 noon; 2 p.m. to 3 p.m. and 6 p.m. to 7 p.m.,” the DoE said. — Ashley Erika O. Jose

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