How PSEi member stocks performed — April 19, 2023
Here’s a quick glance at how PSEi stocks fared on Wednesday, April 19, 2023.
Dining In/Out (04/20/23)
New restaurants opening at Araneta City
DIFFERENT areas around Araneta City are set to offer more dining options for visitors. Gateway Mall 2, the latest lifestyle offering at Araneta City, is set to welcome the public this year, and it will offer more choices of restaurants, cafes, and other food destinations. It will house restaurants owned by chef Margarita Fores and her family — a mano, Mamou, and Grace Park — which will be part of Gateway Mall 2’s Restaurant Collection. Other restaurants to watch out for are Wolfgang Steakhouse Grill, Abe, Cochi Bistro, Choi Garden, Botejyu, Coco Ichibanya, and Tokyo Milk Cheese. And for coffee lovers, UCC Park Café and Starbucks Coffee will open their branches in the new mall. Meanwhile, more restaurants are also opening at Coliseum Plaza. Located just a few steps away from the Smart Araneta Coliseum’s Red Gate entrance, it will host a variety of dining options, ranging from Shake Shack and Mo’s Burger, Hong Kong dim sum at Tim Ho Wan, Pinoy comfort fare at Manam and Nono’s, and a drinks and cocktails bar. Restaurants at the Coliseum Plaza offer both indoor and outdoor seating. Gateway Mall 2 will also feature a food crawl called Palenque — a Pinoy-themed food arena with the best Filipino food heritage. At Palenque, diners can do a “food crawl” through a selection of signature cuisines native and unique to every province or region in the Philippines and prepared by celebrated chefs. Check out Bale Dutung of chef Claude Tayag, Al Puruganan’s Ilocos cuisine, chef Tatung’s Cebu offerings and delicacies, Palm Grill from Zamboanga, Sea Salt Davao Grill, Chinoy’s Chicken Fandian and more Bacolod delicacies, and offerings like Diwal. Behind this food idea is Filipino chef and restaurateur Claude Tayag. Gateway Mall 2 will also host the Asian Village with delicacies from Japan, Hong Kong, Taiwan, China, Thailand, Korea, among others. Coliseum patrons entering or exiting via the mall’s upper ground floor access will be greeted with an array of food choices such as Hawker Chan, BLK 513, French Baker, Tong Yang, Yoshinoya, Llao Llao, Pound, Panda Express, Subway, and more. Also, the largest Mary Grace Cafe in the metro will soon open alongside these restaurants. More restaurants will spread in various parts of the mall. There’s Ramen Nagi, Red Crab, Burgoo, Tsokolateria, Dookki Korean, Banana Leaf, Bread Talk, Peri-Peri, Classic Savory, Via Mare, and more. Vikings buffet restaurant is also set to open. Opening soon there soon is K Pop Town and Café which will provide an additional Korean and local pop experience beyond Araneta City’s usual entertainment scene. Araneta Group-owned brands Pizza Hut, Dairy Queen, and Taco Bell will have more presence in Araneta City with additional branches in Gateway Mall 2.
Summer dining at Shangri-La Mall
SHANGRI-LA Plaza mall has more dining options for visitors this April. On the hunt for more things local? Browse and buy everything from food to charming and quirky knick-knacks at the pop-up bazaars at the Food Forum happening every weekend in April. Meanwhile, Shang’s Food Forum has newly opened dining options like Pepa Wings, known for its chicken wings available in 10 flavors like Cheesy Bacon and Salted Egg, and The Blue Apron, that’s known for its unique poke tacos. Pepper Lunch is back at the Food Forum to serve sizzling plates again. For updates and inquiries, follow Shangri-La Plaza on Facebook at www.facebook.com/shangrilaplazaofficial and on Instagram @shangrilaplazaofficial.
Johnnie Walker limited edition artist series with Quiccs
JOHNNIE Walker has teamed up with internationally renowned street and graffiti artist Quiccs to create the newest Johnnie Walker Luxury Artist Series collection. This latest collection includes four exclusive bottle designs for Johnnie Walker Blue Label, all designed by Quiccs as he pays tribute to his decade-long journey as an artist. The Artist Series collection features the evolution of Quiccs’ signature character in his designs, TEQ63 — 2023 marks the 10th anniversary of the original TEQ63 design. Each bottle design features TEQ63 in vibrant layers of color, inspired by the depth of character and layers of flavor found in Johnnie Walker Blue Label’s blend. The Dragon, OG Blue, and Lightning bottle designs feature TEQ63 in streetwear designed in a vivid blue and liquid gold colorway, while the Manila Killa bottle shows the character wearing a jacket inspired by the flag of the Philippines. The exclusive bottle designs can be purchased at all Secret Fresh branches, S&R, and exclusively online at Singlemalt.ph and Sugbo Wine.
Asia Society presents Asian Eats 2023
ONE of the best ways to understand a country and its cultural nuances is through its food. On April 28-30, discover the diverse cuisines of Asia through Asian Eats at the Grand Atrium of Shangri-La Plaza in Mandaluyong City. The weekend food fest is a collaboration between Asia Society Philippines and various Asian embassies in Manila who put together a curated mix of merchants. Chef, author, and culinary heritage advocate Myke “Tatung” Sarthou will present TinDeli. Bangkok will be represented through The Thai Plate and ChaTruMue; Indian cuisine at Flavours Indian and Mediterranean Cuisine; Korean dining at Kaya; Malaysian cuisine from PappaRam Malaysian Kitchen and the ladies of Perwakilan; Japanese okonomiyaki at Botejyu; Vietnam through Em Ha Noi; and Indonesian comfort dishes at Bakmi Nyonya and at Rumah Makan Padang Huang Jia. Laotian dishes will be prepared by the ladies of the Embassy of the Lao People’s Democratic Republic. Pick up some bottles of Australian wine, cheese, and gourmet products from Unitetris and Silverwave Corp., and have some Vietnamese coffee and pastries from Highlands Coffee’s pop-up cart. Sauces and condiments can be had at NutriAsia’s booth. At the Main Stage, Mr. Sarthou will have a cooking demo on April 29, 4:30 p.m., while the Korean Cultural Center, the Embassy of Indonesia, and Prof. Carlito Camahalan Amalla with the Tinampuso will take centerstage on April 28-30, 4-7 p.m. with cultural performances.
Crimson Hotel kicks off 10th anniversary celebration
CRIMSON Hotel Filinvest City Manila has officially commenced its 10th anniversary celebration with the opening of the Radiance Art Exhibit in partnership with the South Arts Festival. The exhibit features the works of 10 artists from the South, paying tribute to Crimson’s 10-year history. In addition, the hotel launched its Mediterranean Delights promotion, offering guests a chance to enjoy authentic Mediterranean cuisine at Café Eight with guest chef Ranuka Hettiarachchi of Timberland Highlands Resort. From April 21-22, 28-29, to May 5-6, guests can enjoy the boutique dinner buffet promotion for P2,000 net per person. The hotel also has promos during the celebration, featuring 10 exciting ranging from the Perfect 10 Room Package to a special edition FIL the Bear, Baker J’s Sweet 10 Treat promo, special discounts and freebies at Alibi Lounge•Bar, Firehouse Pizza, Deck Bar, and Lobby Lounge. For details about Crimson Hotel’s 10th anniversary offers visit www.crimsonhotel.com/manila, or e-mail info.alabang@crimsonhotel.com.
Macao Imperial Tea, Twinings of London join forces
MACAO Imperial Tea, the biggest milk tea chain in the Philippines, together with Twinings Tea, one of the world’s most renowned tea brands since 1706, have combined their expertise to create six new and exclusive summer beverages. They are Cheesecake Peach Tea featuring peach flavored Twinings black tea and Macao Imperial Tea’s cheesecake blend; Earl Grey Lemon Tea which blends the bergamot flavor of fine black tea with lemons; Mango Jasmine Green Tea; Strawberry Mango Tea, an infusion of fruity flavors and white pearls; Lemon Ginger Tea; and Camomile Honey Tea with Vanilla. The six Macao Imperial Tea and Twinings Cool Refreshers are now available at any Macao Imperial Tea shop.
McDonald’s Chicken McNuggets meets BT21
MCDONALD’S has come out with a new meal partnership, Chicken McNuggets Meets BT21. Now every Chicken McNuggets Meal comes with a BT21 surprise to collect featuring the K-pop group’s members Koya, RJ, Shooky, Mang, Chimmy, Tata, and Cooky. McDonald’s classic 10-piece Chicken McNuggets comes with two servings of the returning, fan favorite Cajun Sauce; the meal is also paired with World Famous Fries, as well as a side of Coke. As part of the limited-edition meal, the BT21 members come as their own collectibles that come with every order, with diners having the chance to complete the seven-piece set. One order of the Chicken McNuggets Meal Meets BT21 is priced at P550 and includes the complete meal, as well as a BT21 collectible of the diner’s choice. An extra order of the Cajun dipping is P20. The Chicken McNuggets Meal Meets BT21 is available only via dine-in, take-out, drive-through and for delivery exclusively through the McDelivery PH App (toy availability may vary per branch). The Chicken McNuggets Meets BT21 Meal is not available for purchase through third-party applications such as GrabFood and foodpanda. It may also not be availed with purchases done through McDonald’s Send To Many, Large Food Orders, Birthday Party, and McDo Party Box.
Kenny Rogers Roasters offers a mix of sweet and spicy
KENNY Rogers Roasters mixes the sweet with the spicy with its newest offering: the Mango Habanero. The restaurant chain’s signature dishes are complemented by the flavors of the sweet-spicy Mango Habanero Sauce and salsa made with fresh mangoes, tomatoes, onions, and parsley. Customers can choose from Kenny Rogers Roasters’ classic offerings, such as the sweet and spicy Mango Habanero Roasted Chicken, the tender Mango Habanero Baby Back Ribs, and the Mango Habanero Burgers made with ⅓ pound of juicy grilled beef patty. Each Mango Habanero Roast Solo (P330) comes with sweet and spicy, quarter roasted chicken, a choice of two side dishes, rice, and a muffin. There’s also the Mango Habanero Roast Group Meal (P1,170), which comes with a whole roast, four side dishes, four cups of rice, four muffins, and 1.5-liter soda. For meat lovers, there is the Mango Habanero Baby Back Ribs (P520) where the classic roasted Baby Back Pork Ribs is served with sweet and spicy mango habanero sauce and fresh salsa. They can also go for the Mango Habanero Burgers (P300) made of freshly baked sesame seed bun with grilled 1/3-pound burger, then topped with the mango habanero sauce and salsa with lettuce. Served with potato chips and soda on the side. Available in all Kenny Rogers Roasters branches nationwide for dine-in, takeout, or delivery through www.kennyrogersdelivery.com.ph, hotline: 8-555-9000, or via Grab Food and Food Panda.
Jollibee customers can make Mix & Match Combos
JOLLIBEE now offers a way for customers to choose their own meal combination through the Jollibee Mix & Match Combos. For P75, the customer can choose one main dish (Jolly Spaghetti, one Burger Steak, Yumburger, or Tuna Pie/Spicy Tuna Pie), and one side dish (Jolly Crispy Fries Regular, Peach Mango Pie, Choco Sundae, Coke Float, or Pineapple Juice Regular). The Sulit-Sarap combination is available via dine-in, take-out, or drive-through only.
Shares continue to decline amid lack of catalysts
PHILIPPINE STOCKS dropped further on Wednesday amid a lack of fresh leads, with the market looking ahead to the US Federal Reserve’s next policy meeting and economic data that could affect the Bangko Sentral ng Pilipinas’ (BSP) own decision next month.
The benchmark Philippine Stock Exchange index fell by 18.37 points or 0.28% to close at 6,446.35 on Wednesday, while the broader all shares index dropped by 7.40 points or 0.21% to end at 3,464.12.
“Shares on the Philippine Stock Exchange edged lower in fairly lackluster trading given the lack of any news or catalyst,” Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in a Viber message.
“Volatility remained in the market as investors scrutinized US economic indicators, US Federal Reserve commentary and corporate earnings for clues about the path for interest rates,” Mr. Arce added.
He said investors are also awaiting key Philippine economic data releases in the coming weeks, including the April inflation report and first quarter gross domestic product (GDP) data.
April consumer price index data will be released by the Philippine Statistics Authority on May 5, while the GDP report will be out on May 11.
“Traders have to contend with looming macroeconomic headwinds after the broader field of companies report quarterly results. Inflation and the prospect of further tightening from the Federal Reserve will return to center stage,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
The Fed will meet to review its policy settings on May 2-3. Markets are pricing in another 25-basis-point (bp) increase at that review.
The US central bank raised the fed funds rate by 25 bps last month to 4.75%-5%. It has hiked rates by 475 bps since March 2022.
Meanwhile, the BSP will have its own review on May 18.
The Monetary Board last month hiked borrowing costs by 25 bps to help bring down elevated inflation, with its policy rate now at 6.25%.
Since May 2022, the Philippine central bank raised benchmark rates by of 425 bps.
The majority of sectoral indices closed lower on Wednesday except for financials, which rose by 8.14 points or 0.45% to 1,799.99.
Meanwhile, mining and oil declined by 154.45 points or 1.41% to 10,782.98; property went down by 21.84 points or 0.81% to 2,671.41; holding firms fell by 29.46 points or 0.46% to 6,275.16; services dropped by 6.79 points or 0.42% to 1,600.18; and industrials inched down by 4.33 points or 0.04% to end at 9,281.36.
Value turnover went up to P3.40 billion on Wednesday with 441.33 million shares changing hands from the P3 billion with 770.44 million issues traded on Tuesday.
Decliners narrowly outnumbered advancers, 88 versus 82, while 51 names closed unchanged.
Net foreign selling went down to P30.41 million on Wednesday from P142.88 million on Tuesday. — A.H. Halili
Peso hits four-month low on Fed hike bets
THE PESO weakened further on Wednesday to hit a four-month low against the dollar due to hawkish comments from US Federal Reserve officials.
The local currency closed at P56.21 versus the dollar on Wednesday, declining by seven centavos from Tuesday’s P56.14 finish, data from the Bankers Association of the Philippines’ website showed.
This was the peso’s worst showing in more than four months or since its P56.22 finish on Dec. 1, 2022.
The local unit opened Wednesday’s session at P56.15 per dollar. It climbed to as high as P55.95 during the day, while its worst showing was at P56.23 versus the greenback.
Dollars traded went down to $1.236 billion on Wednesday from the $1.418 billion recorded on Tuesday.
The peso weakened as the dollar rose amid hawkish remarks from Fed officials, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
The dollar pulled further above last week’s one-year low on Wednesday, as investor focus honed in on what the Fed may have to do to tame inflation, rather than on the recent problems in the US banking sector, Reuters reported.
The dollar index, which gauges the greenback against six major peers, ticked up 0.22% to 101.94 after a choppy few days.
St. Louis Fed chief James Bullard told Reuters in an interview that he leans toward 75 basis points (bps) of additional tightening, versus the market consensus for one more 25-bp hike next month and then the potential for as many as two quarter-point cuts later this year.
By contrast, Atlanta Fed President Raphael Bostic said in an interview with CNBC that he expects just one more quarter-point hike, followed by an extended pause.
The US central bank raised the fed funds rate by 25 bps last month to 4.75%-5%. It has hiked rates by 475 bps since March 2022.
“The peso weakened anew as mixed reports from US-listed company earnings raised concerns on the health of the global economy this year,” a trader said in an e-mail.
For Thursday, the trader said the peso could recover against the dollar on expectations of a strong Eurozone inflation report and weak US initial jobless claims data.
The trader expects the peso to trade between P56.25 and P56.50 a dollar on Thursday, while Mr. Ricafort sees it moving from P56.10 to P56.30. — A.M.C. Sy with Reuters
Vis-Min grid connector project seen hitting full capacity by July
THE Department of Energy (DoE) said the Mindanao-Visayas Interconnection Project (MVIP), which has been in test operations since March, is expected to build up to a full load of 450 megawatts (MW) by July.
“The MVIP… started testing and commissioning… with only 80 megawatts (MW),” Energy Undersecretary Rowena Cristina L. Guevara said via Zoom on Tuesday.
“They are going to increase that until we reach July, back and forth; currently, we are only testing it one way,” Ms. Guevara said.
“They have to do the lines one by one and then if both work, going to Visayas and Mindanao then we can do 225 MW half capacity back and forth (which) will happen sometime in June and then 450 MW by the time we reach July,” she added.
The P52-billion MVIP, a project of National Grid Corp. of the Philippines, will result in the connection of the country’s three main grids, enabling each region to supply surplus electricity as needed.
The DoE is also planning to launch a unified Wholesale Electricity Spot Market once the MVIP is fully operational.
The DoE is looking at a unified electricity spot market to allow Mindanao to trade power while easing the demand pressures on the Luzon grid.
The MVIP was certified in 2018 as an Energy Project of National Significance, granting it an expedited approval process. It was initially targeted for completion by December 2020, though it was ultimately delayed by the pandemic. — Ashley Erika O. Jose
Two potential investors evaluating $10 billion in nickel processing projects
THE Department of Trade and Industry said it hopes to land $10 billion worth of investment in nickel processing operations from two interested parties.
Trade Undersecretary Ceferino S. Rodolfo told reporters in chance remarks in Taguig City on Wednesday that two companies have expressed interest in operating nickel processing businesses, one of which is Chinese.
Domestic nickel processing will allow the Philippines to capture more value than the current arrangement of exporting ore. Domestic processing could also support Philippine ambitions to join the global supply chain for electric vehicles.
According to Mr. Rodolfo, the two companies are investing about $5 billion each in their respective nickel processing operations.
He said the Chinese investor is seeking partners and has opened a representative office in the Philippines, while the non-Chinese investor is currently conducting preliminary studies.
Mr. Rodolfo said the Chinese investor could register its project with the Board of Investments as early as this year if it is able to sign a memorandum of understanding with its local partners.
Mr. Rodolfo added that the government is currently studying imposing a tax of up to 10% on nickel ore exports.
“When we implement a policy, we will have to make sure that it will have a commercial impact meaning that it will bring in the investments. We need to make sure that whatever policy that we issue will really have the desired outcome, which is to have nickel processing (businesses) that will increase the value-added of our nickel ores,” Mr. Rodolfo said.
Nickel is used in the production of lithium-ion batteries for electric vehicles.
In 2022, nickel accounted for 49.4% or P117.58 billion of the Philippines’ P238.05 billion in metallic mineral production, according to the Mines and Geosciences Bureau. — Revin Mikhael D. Ochave
Marcos hopes to avoid rice imports with ‘luck’
PRESIDENT Ferdinand R. Marcos, Jr. said he does not consider the supply-demand situation for rice to constitute a “crisis,” though he acknowledged that the supply of rice could tighten in the near term.
“We are watching and waiting to see what the production levels are going to be after the last planting season,” he said at a livestreamed briefing. “We are keeping the option of importing open,” he added, though that might not be necessary “as long as we are a little lucky.”
Mr. Marcos, who also heads the Department of Agriculture (DA), said the rice supply is sufficient to keep prices stable, adding that imports will be considered if natural disasters affect the harvest.
The DA said on Tuesday that the Philippines aims to be self-sufficient in rice production by 2027.
The Philippines is the second-biggest rice importer behind China, shipping in more than three million tons of rice yearly, mainly from Vietnam.
The DA’s 2023 supply outlook estimates the national supply at 16.98 million metric tons, while demand is projected at about 15.29 million metric tons.
Agriculture Deputy Spokesman Rex C. Estoperez said at a briefing on Tuesday that the National Food Authority will build its buffer stock by offering to procure grain from farmers at prices competitive with those offered by private traders.
The supply is expected to remain sufficient despite an expected El Niño dry spell, which could turn into a full-blown drought if sufficiently severe. — John Victor D. Ordoñez
Austria in discussions with PHL to fill worker shortage, including healthcare industry
THE Department of Migrant Workers (DMW) said it met with a delegation from Austria to discuss the possibility of expanded worker deployments to address Austrian labor shortages, particularly in healthcare.
In a statement issued late Tuesday, the DMW said representatives from the city government of Vienna and the Austrian Federal Economic Chamber met with Migrant Workers Secretary Maria Susana V. Ople on Tuesday.
Gunther Wiesinger, chairman of the Austria Vienna Association of Healthcare Facilities at the Austrian Chamber of Commerce, said Austria needs about 60,000 to 75,000 healthcare workers, with 200,000 job openings across all industries.
There are about 5,824 overseas Filipino workers in Austria, with 1,220 of these in the hospitality and food service industries and 749 in healthcare and social work, the DMW said, citing 2022 government data.
The DMW, Department of Health, and the Commission on Higher Education plan to launch a scholarship fund for nursing students to ensure employment opportunities after they graduate, Ms. Ople told the delegation.
Ms. Ople noted that the Department of Foreign Affairs advised the government to sign a memorandum of understanding to set guidelines for labor agreements between Austria and the Philippines.
Austrian Ambassador to the Philippines Johann Brieger said both countries will benefit from increased worker deployments to Austria.
“Our partnership with the Philippine government through the DMW will create a win-win situation, providing employment opportunities for skilled Filipino workers while contributing to the growth of Austria’s economy.”
In January, Ms. Ople said the government is hoping to conduct discussions with Romania, Hungary and Portugal to conclude more labor agreements. — John Victor D. Ordoñez
LANDBANK launches loan program for power distributors
LAND BANK of the Philippines (LANDBANK) launched a short-term loan facility for electricity distribution companies designed to mitigate price increases with consumption expected to rise due to high temperatures.
The bank said in a statement on Wednesday that it allocated an initial P1.5 billion for the lending program, which was launched on April 14.
Under the program, power distributors may borrow up to 80% of the incremental increase in the working capital requirement during the dry months, the bank said.
However, the amount may not exceed three times the average billings of the power distributors’ suppliers.
“LANDBANK aims to provide consumers more breathing room to pay their energy bills by helping prevent a price surge on their monthly expenditures. We are also committed to boosting the capacity of energy players to provide sufficient, accessible and reasonably-priced supply of electricity nationwide,” LANDBANK President and Chief Executive Officer Cecillia C. Borromeo said.
The lending program is known as Assistance to Narrow and Trim down the Incremental power cost increase via Bridge financing Initiative of LANDBANK to Lower and Spread out Hot summer-triggered monthly Consumption on Konsumers’ Electricity (ANTI BILL SHOCK).
“The launch of your ANTI BILL SHOCK Lending Program is, indeed, a demonstration of your organization’s dynamic initiative to explore all possible opportunities to aid the energy sector, where the electric cooperatives belong,” National Electrification Administration Deputy Administrator Leila B. Bonifacio said at the launch. — Aaron Michael C. Sy
Demographics point to need to expand halal industry — DTI
THE Department of Trade and Industry (DTI) said Philippine and global demographics will support greater opportunities in the market for halal goods, which are prepared in accordance with Islamic dietary rules.
“We see halal food as a sunrise industry. The growing Muslim population is a strong demand driver of the halal economy. Estimated at 1.9 billion in 2020, Muslims are 25% of the world’s population and projected to grow up to 2 billion by 2030,” Trade Secretary Alfredo E. Pascual said in a keynote speech at a National Halal Capacity Building Program event on Tuesday.
The DTI said in a statement that halal goods present an opportunity for micro-, small-, and medium-sized enterprises, and cited the need for an adequately trained workforce.
“The Philippine government is also active in its pursuit of developing and promoting the halal industry through three separate active engagements — one with the United Arab Emirates (UAE), the Gulf Accreditation Center, and the International Halal Accreditation Forum,” the DTI said.
“Aside from this, the government seeks to renew its agreement with Brunei Darussalam and forge trade agreements with its neighbors in the ASEAN region,” it added.
Mr. Pascual said the DTI is developing the domestic halal industry by training producers especially in the Bangsamoro Autonomous Region in Muslim Mindanao.
He added that the DTI’s Halal Board has been tasked with creating the Philippine Halal Development Plan as required by Republic Act No. 10817 or the Halal Export Development and Promotion Act. — Revin Mikhael D. Ochave
South Korea tapped to help develop PHL agriculture machinery industry
THE Department of Agriculture (DA) said on Wednesday that South Korea has offered a three-year official development assistance program to help develop the Philippines’ agricultural machinery industry.
“This undertaking will… ultimately result in a mechanized and modernized Philippine agriculture,” DA Assistant Secretary Arnel V. de Mesa said in a statement.
According to the DA, the Technology Advice and Solutions from Korea (TASK) program will assist Philippine companies in “resolving onsite technical difficulties of machinery and other farm facilities.”
The Philippine Center for Postharvest Development and Mechanization (PhilMech) will work with the Korean Association of Machinery Industry (KOAMI) and Korea Agricultural Machinery Industry Cooperative (KAMICO) to implement the project.
“Through TASK, beneficiaries will be upskilled through the technical know-how and experience shared by experts from KOAMI, KAMICO, and PHilMech,” the DA said.
Ten selected machinery manufacturers and fabricators will be sent to South Korea to be trained by various manufacturing companies.
The companies are ACT Machineries and Metalcraft, Inc., Bestmark Agro-Industrial Manufacturing, Brixton Construction and Industrial Corp., Central Isabela Agri Manufacturing Corp., JHT Micro Enterprises;
Machine Systems Corp., Mariñas Technologies, Inc., Noly S. Hontarciego Metalcraft, Triple J, and VAL Agri Machineries and Machine Shop. — Sheldeen Joy Talavera