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Chicano, Mangrobang will compete in triathlon, duathlon in Hanoi SEA Games

JOHN Leerams “Rambo” Chicano and Kim Mangrobang will race in both triathlon and duathlon in the Hanoi Southeast Asian  (SEA) Games next year.

Mr. Chicano and Ms. Mangrobang earned their spots to the duathlon team after blowing away the competition in the National Trials held at the Clark parade grounds in Pampanga yesterday.

Mr. Chicano reigned supreme in the men’s side in an hour, 55 minutes and 27 seconds while Ms. Mangrobang dominated the women’s class in 2:14:57.

The recent results mean the two will do twin duty in Hanoi.

Both Mr. Chicano and Ms. Mangrobang snared the individual and mixed relay team SEA Games golds in Subic, but since there will be no team events in Hanoi, they will still have a chance to duplicate the feat thanks to their duathlon qualification.

Triathlon Association of the Philippines (TRAP) President Tom Carrasco said SEA Games veterans Kim Remolino and Fernando Jose Casares also made the squad with unheralded Raymund Torio, who surprised everyone by finishing second to Mr. Chicano in 1:56:49, as top reserve. Jarwyn Banatao and Emmanuel Comendador were also being considered in the pool.

“(Mr.) Chicano and (Ms.) Mangy (Mangrobang) are sure together with (Ms.) Remolino and (Mr.) Casares, who is competing in Spain,” said Mr. Carrasco.

“Torio is a surprise and we will consider him in the duathlon shortlist together with Banatao and probably Comendador, who did not fare well today but remains in the radar,” he added. — Joey Villar

BSP net income doubles in the first 10 months

BW FILE PHOTO

THE CENTRAL BANK booked higher earnings as of October on improved revenues and as it saw foreign exchange gains.

Data released on its website showed the Bangko Sentral ng Pilipinas (BSP) recorded a net income of P63.86 billion in the first 10 months of 2021, twice as much the P31.15 billion it booked in the same period last year.

The BSP’s revenues rose by 47.2% year on year to P142.05 billion as of October from P96.5 billion a year earlier.

Its interest income stood at P95.43 billion, increasing by 35.9% from the P70.21 billion as of October 2020.

Meanwhile, miscellaneous income — which include trading gains, fees, and penalties — climbed by 77.36% to P46.63 billion from P26.29 billion.

The central bank’s expenses grew by 47.4% to P88.5 billion as of October from P60.07 billion a year ago. Interest expense grew by 35% to P50.34 billion from P37.39 billion.

The BSP recognized P10.39 billion in net gains on foreign exchange rate fluctuations in the first 10 months of the year, a turnaround from the P5.14-billion net loss it posted in January-October 2020.

Total assets held by the BSP reached P8.013 trillion as of October from P7.306 trillion last year.

Meanwhile, liabilities rose by 10.22% to P7.877 trillion from P7.146 trillion.

The BSP’s net worth stood at P135.58 billion at end-October, down by 14.9% from P159.44 billion a year earlier. — L.W.T. Noble

Lexus PHL unveils new ES with 2 variants

The ES 300 is one of the core models of Lexus, with more than 2.65 million units sold since the nameplate’s debut in 1989. — PHOTO FROM LEXUS PHILIPPINES

LAST FRIDAY, Lexus Philippines held an online launch for the new Lexus ES, which comes in two trims: the Lexus ES 350 Premier (P4.728 million) and Lexus ES 300h (P3.758 million).

The ES (which stands for “Executive Sedan”) is a midsizer which was introduced in 1989. The seventh generation, to which the updated model belongs, first rolled out in 2018. In a release, Lexus Philippines said that the nameplate is “renowned for its quiet, smooth performance and high levels of cabin comfort and spaciousness. The latest iteration of the ES focuses on strengthening these qualities, refreshing the car’s styling, improving ride and responsiveness, and introducing new, technology-led equipment features.”

A total of 2.65 million Lexus ES units have been sold worldwide since its debut, and is said to be one of the brand’s core models — accounting for one-fourth of its vehicle sales in 2020.

Inside, the ES boasts a driver-centric cockpit along with spacious and comfortable areas for the passengers. Lexus labels this concept “Seat in Control,” a simple idea that says, “from the moment you get in, all the controls you need are within reach and all the information you want is in plain view.” Lexus adopts new cabin colors in the ES.

The new ES gets “human-centered” updates to the Lexus Multimedia System, plus a streamlined instrument panel design for seamless cabin integration. The ES also continues the Lexus Driving Signature philosophy with additional performance updates, including an enhanced rear suspension member brace further improving torsional rigidity, handling stability, and ride comfort. The vehicle’s brake system has also received improvements — with the pedal shape enlarged to improve foot stability and confidence when it is depressed. On ES gas models, the vacuum brake system master cylinder and booster have been optimized to provide a more linear brake pedal feeling and response. The regenerative and hydraulic brake control characteristics of the Electronically Controlled Brake System (ECB) on ES hybrid models have also been optimized to improve pedal feeling.

Up front, the ES displays a new interpretation of the Spindle Grille, flanked by newly designed headlamps.

The Lexus ES 350 Premier is powered by a 3.5-liter V6 engine that offers 302ps and 356Nm of torque, mated to an eight-speed Direct-Shift Automatic transmission. The performance is realized through 235/45 R18 tires.

The variant receives rain-sensing wipers; automatic trunk operation with a kick sensor; semi-aniline leather seats, driver and front passenger 10-way power seats, and front-seat ventilation systems.

Meanwhile, a 12.3-inch Electro Multi Vision Touch Display boasts Apple CarPlay and Android Auto connectivity, Smartphone Linking, and Miracast. A high-end 17-speaker Mark Levinson Premium Surround Sound system provides a voice to the entertainment system. Wireless charging comes standard.

Lexus said that the ES 350 Premier is equipped with the brand’s most advanced safety technology. “The Lexus Safety System (LSS) addresses the three most common accident types: frontal collisions, lane departures, and nighttime accidents. Dynamic radar cruise control; adaptive high beams; lane-tracing assist with lane-departure alert; blind-spot monitor (BSM); and rear cross-traffic alert (RCTA) work in conjunction with an entire suite of standard luxury safety features,” it reported.

The Lexus ES 300h boasts a new-generation hybrid electric system. A 2.5-liter inline-four engine is equipped with laser-clad intake valve seats, which permit increased airflow into the cylinder and an optimized intake port shape that increases the tumble-flow turbulence of incoming air and fuel for high-speed combustion. Lexus said the new engine achieves leading thermal efficiency, combining robust power delivery with excellent response to deliver superb fuel efficiency. The system outputs 178ps and 221Nm, and the ES 300h receives 215/55 R17 tires.

The Japan-headquartered premium car maker said that the ES hybrid electric system achieves excellent fuel efficiency and powerful acceleration owing to a new hybrid transaxle with improved efficient internal power flow and a higher-efficiency power control unit. A new, more compact hybrid battery is located beneath the rear seats, contributing to ideal weight balance and low center of gravity, while assuring cargo space. The ES 300h lays claim to a total system output of 218ps.

The interior features synthetic leather; eight-way power adjustment for driver and front passenger; HEV indicator; eight-inch touch display with Apple CarPlay, Android Auto, Smartphone Linking and Miracast; and a 10-speaker premium sound system. On the safety front, ABS, EBD, and traction control come standard alongside a host of safety features expected in a Lexus luxury sedan.

Michael Nesmith, musician and TV star of The Monkees fame, 78

Michael Nesmith, one of the stars of The Monkees, a 1960s TV comedy series about a rock quartet modeled after the Beatles, died on Friday of natural causes at the age of 78, his family said in a statement on his website.

Mr. Nesmith, known for his trademark wool watch cap and quiet demeanor, was a singer, guitarist, and songwriter for the band, a made-for-television ensemble that would form the cast of the NBC series.

The prime-time hit was inspired in part by the Beatles film A Hard Day’s Night and ran from the fall of 1966 to August 1968.

“With infinite love we announce that Michael Nesmith has passed away this morning in his home, surrounded by family, peacefully and of natural causes,” the family said. “We thank you for the love and light that all of you have shown him and us.”

The band’s albums The Monkees and More of the Monkees, were back-to-back No. 1 LPs and held the top of the chart for 31 consecutive weeks in 1966-67, according to Variety.com.

The TV series, introduced by its catchy theme, “Hey, Hey, We’re the Monkees,” was an immediate ratings hit weeks after the group’s first single, “Last Train to Clarksville,” had topped the pop charts in the autumn of 1966.

The group collaborated early with some of the major songwriters and session musicians of the day, including Neil Diamond, Carole King, Glen Campbell and Hal Blaine.

Their hits included “Mary, Mary,” “You Told Me,” and “You Just May Be the One.”

Mr. Nesmith “expressed the highest part of his being through his voice. And you could get no closer to him then through knowing his work,” his manager, Andrew Sandoval, said on Twitter.

After the series was canceled, Mr. Nesmith branched out with the First National Band, a country-rock band that produced several albums in the early 1970s. He also wrote hits for country stars Linda Ronstadt and Lynn Anderson. He then founded Pacific Arts Corp., a multimedia firm and won the first-ever Grammy Award for music video in 1982.

In 1996-97 Mr. Nesmith rejoined band members Davy Jones, Peter Tork, and Micky Dolenz to tour Britain, make a reunion album and a TV special. Jones died in 2012, and Tork died in 2019.

Mr. Nesmith’s final show was less than a month ago, when he and Dolenz ended a farewell tour at the Greek Theater in Los Angeles on Nov. 14.

“I’m heartbroken. I’ve lost a dear friend and partner. I’m so grateful that we could spend the last couple of months together doing what we loved best – singing, laughing, and doing shtick,” Dolenz said in a Tweet.

When he was young, Mr. Nesmith’s mother Bette Nesmith worked as a secretary, which led to her developing the typewriter correction fluid known as Liquid Paper. — Reuters

Well-milled rice, pork prices up in early Nov.

PHILIPPINE STAR/ MICHAEL VARCAS

THE average retail prices of well-milled rice increased in six trading centers in early November, the Philippine Statistics Authority (PSA) reported.

The PSA said that during Nov. 1-5 period, or the “first phase” of the month, prices of well-milled rice increased by P0.04 to P2.74 compared to October.

Prices in the National Capital Region (NCR) increased P0.04 on average to P42.06 per kilogram. In Baguio City, they rose P0.76 to P38.59, in Batangas City P1.75 to P49.00, in Calapan City P0.42 to P44.02, in Legazpi City P0.56 to P38.18, and in Iloilo City P2.74 to P41.32.

Prices dropped P0.26 to P37.92 in Butuan City, P0.74 to P42.21 in Digos City, and P1.79 to P33.59 in Tuguegarao City.

Retail prices for bone-in pork rose in eight trading centers in the same period.

Prices rose P54.00 to P340 in Batangas City. In Cabanatuan City, they rose P25.00 to P300, in the NCR P9.62 to P273.90, In Iloilo City P24.00 to P250, in San Fernando City P20 to P340, in Legazpi City P10.71 to P354.45, in Tuguegarao City P10.00 to P300, and in Calapan City P2.30 to 287.77.

Prices fell in four trading centers. In Baguio City, they fell P16.97 to P275.76, in Cebu City P16.25 to P178.75, in Digos City P15.31 to P260.20, and in Butuan City P4.13 to P245.87.

The average retail price of galunggong (round scad) rose in nine trading centers.

In San Fernando City, prices rose P55 to P200. In Pagadian City, they rose P43.75 to P148.75, in Tuguegarao City P30 to P220, in Baguio City P14.57 to P194.29, in Calapan City P11.11 to P255.56, in Butuan City P6.58 to P202.53, in Digos City P5.00 to P155, and in the NCR P0.70 to P231.34.

Prices fell P8.31 to P166.23 in Iloilo City, and P60 to P190 in Cabanatuan City. — Luisa Maria Jacinta C. Jocson

Indian farmers end yearlong protests as government caves in

REUTERS

INDIAN farmers, who continued their protests even after parliament repealed three contentious farm laws, have finally decided to call off their agitation after the government accepted most of their other demands.

The farmers ended the strike after Prime Minister Narendra Modi’s government agreed to form a panel to consider guaranteed crop prices across the country, withdraw cases lodged against growers in various states and compensate families of the people who died during the protest, said farm leader Yogendra Yadav.

“We will again meet on Jan. 15 to see whether promises made by the government are kept or not, and after that, we will decide how to proceed further,” said Mr. Yadav. Farmers will start vacating the protest sites from Saturday after a victory march, he said.

The end of the agitation, which started in late 2020 and killed about 700 protesters, may bring relief to Mr. Modi ahead of five state elections next year. The repeal of the laws, his biggest policy reversal since assuming power in 2014, holds significance as farmers form a powerful voting bloc in the country, with 60% of its 1.4 billion people dependent on agriculture for a living.

The rollback has also signaled the government lacks the stomach to push through tough reforms when faced with popular resistance. The three farm laws would have eased rules around the sale, pricing and storage of farm crops.

Despite the repeal of the farm laws last month, the farmers continued to push ahead with their key demands that included setting up of a mechanism to ensure farmers get minimum support rates for all harvests. 

The government earlier said it’s difficult to adopt a universal price guarantee system as any such move would involve a huge budgetary expenditure. It currently fixes the rates for about two dozen farm commodities, including some grains and pulses, and procures limited volumes for its welfare programs at those levels. Private players buy farm goods at market-determined prices.

The highly-coordinated and largely peaceful agitation, one of the longest protests India has witnessed since its independence in 1947, saw hundreds of thousands of farmers gathering along arterial roads into the capital and other cities.

They camped in tents, facing a winter when temperatures plummeted to as low as about 5 degrees Celsius (41 degrees Fahrenheit) and a summer that recorded the mercury soaring as high as 40 degrees Celsius. The police and paramilitary forces had to deploy almost 50,000 personnel, as well as cement and steel barricades, barbed wire and riot-control vehicles. The police even used water cannon at some places.

The two sides were poles apart on Mr. Modi’s bold reforms. The government had said the laws would overhaul the way farm goods are produced and sold in the country, opening up a decades-old system of state-run wholesale markets to more private purchases and helping producers earn more. The farmers feared the laws would give companies and large wholesalers the power to dictate prices to small landholders, who make up the majority of producers.

“The current agitation stands suspended,” Samyukta Kisan Morcha, an umbrella group of protesting farmers’ associations, said in a statement. The battle has been won and the war to ensure farmers’ rights, especially to secure the Minimum Support Price as a legal entitlement for all farmers, will continue, it said. — Bloomberg

D&L unit opens solar water source in Bicol

CHEMREZ Technologies, Inc., a unit of listed manufacturing company D&L Industries, Inc., said it had launched a solar-powered potable water system in Camalig town, Albay, benefiting around 300 households.

The project was carried out in partnership with doTERRA International, LLC, which provided a “substantial financial grant,” and the Lao Foundation, Chemrez Technologies said in a statement on Friday.

It has 12 tap stands that are operated via a solar-powered pump. The community used to line up to fetch potable water from the town’s only water source, which is six kilometers within Mayon volcano’s permanent danger zone, the company said.

At the same time, the Lao Foundation offered scholarships through the technical vocational schools in the area to help deserving students. The scholars will be given job opportunities in the manufacturing facilities of the D&L Group.

The foundation also partnered with sustainable agriculture advocate organization AGREA for a “sustainable, climate change-adaptive farm-based, human-centered, technical, livelihood, and life skills training for close to 30 coconut farmers and their beneficiaries [through] BACODECO (Bantonan Community Development Cooperative).” — Keren Concepcion G. Valmonte

Jack Animam parts way with Serbian club Radnički Kragujevac

JACK Animam and her Serbian club Radnički Kragujevac have parted ways, the team announced over the weekend.

The squad said Ms. Animam is set to return to the United States, thanking her for a brief but solid campaign in the First Women’s Basketball League of Serbia.

“Thanks to (Ms.) Jack for everything she has done in this short time, she was one of the most important players in the senior team,” said Radnicki after giving Ms. Animam a simple sendoff.

Radnicki did not disclose the reason for Ms. Animam’s sudden departure or if they would reunite anytime soon other than a wish for the Filipina’s recovery.

Ms. Animam has not played for Radnicki in the past two games and though there’s no official word on her health status, reports have cited an apparent knee injury as the reason for her absence.

“We wish her a speedy recovery. No goodbyes, just see you,” added Radnicki, which slid to 4-6 without Ms. Animam.

The 6-foot-5 Ms. Animam, after signing last August as the first Pinay player in Serbia, impressed with a double-double average of 20.0 points and 14.3 rebounds in eight games before her injury.

Ms. Animam, 23, has not commented as of press time on the major development of her budding career highlighted by multiple championships with National University in the UAAP, Gilas and Shih Hsin University in Taiwan. — John Bryan Ulanday

Peso seen to weaken on hawkish Fed bets

BW FILE PHOTO

THE PESO could depreciate this week as the market expects the US Federal Reserve to tighten its policy stance faster amid improving economic prospects.

The local unit ended trading at P50.35 per dollar on Friday, shedding nine centavos from its P50.26 close on Thursday, data from the Bankers Association of the Philippines showed.

Week on week, it appreciated by a centavo from its P50.36 finish on Dec. 3.

The local unit depreciated on Friday amid a wider trade deficit, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The country’s trade deficit widened to $4.01 billion in October from the $2.04-billion gap a year earlier, based on data released by the Philippine Statistics Authority on Friday. This also marked the biggest deficit since the $4.27 billion posted in January 2019.

Exports increased by 2% year on year to $6.41 billion in October, slower than the 6.4% growth in September, while imports surged by 25.1% to $10.43 billion.

Meanwhile, market sentiment slightly improved on findings about how some coronavirus disease 2019 (COVID-19) vaccines gave ample protection against the Omicron variant, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail.

Reuters reported Wednesday that BioNTech and Pfizer, Inc. said three shots of their vaccines resulted to neutralizing the new Omicron variant in a laboratory test, showing hopes that booster shots could provide protection from the new variant.

Israeli researchers also said on Saturday they found that a three-shot course of the Pfizer/BioNTech COVID-19 vaccine provided significant protection against the new Omicron variant.

For this week, Mr. Asuncion said the market will be waiting for Fed’s policy statement as officials have become more hawkish in recent remarks.

The Federal Open Market Committee will have its last policy review for this year from Tuesday to Wednesday.

Fed Chairman Jerome H. Powell and other central bank officials have said they will be assessing the need to speed up the tapering of their asset purchases to conclude it within a few months. Some officials have also floated the possibility of raising the interest rates by 2022.

Mr. Ricafort said the market will also factor in the Monetary Board’s policy decision on Thursday.

All 15 analysts in a BusinessWorld poll held last week said the Philippine central bank will likely keep rates steady on Thursday as there is still need to support growth to make it more sustainable.

The possible impact of the Omicron variant on the economy could also cause policy makers to remain accommodative, they said.

For this week, Mr. Ricafort gave a forecast range of P50.10 to P50.50, while Mr. Asuncion expects the local unit to move within P50 to P50.50 versus the greenback. — L.W.T. Noble with Reuters

Meralco’s Metro Manila service fleet is now all electric

PHOTO FROM MERALCO

THE MANILA Electric Co. (Meralco) is deploying 69 electric vehicles (EVs) as it ramps up efforts to adopt sustainable modes of transportation under its Green Mobility Program.

The EV additions are comprised of cars, vans, pickup trucks, and motorcycles that will cater to the transportation needs of its Business Centers and Sector Offices. These will complement some 60 EVs already being used by Meralco field personnel. “With these new EVs, Meralco is on track to electrify 100% of its vehicle fleet, with its Metro Manila service vehicles now all electric,” the company said in a release.

The Green Mobility Program is the company’s effort to reduce greenhouse gas emissions while promoting the country’s transition to electrified transport.

At the ceremonial unveiling and blessing of the new EVs last Dec. 7, Meralco President and CEO Atty. Ray C. Espinosa announced that the Green Mobility Program would be extended to all Meralco subsidiaries, making it a One Meralco initiative. “Through this program, we express our full support to the Philippines’ transition to electric transportation. As we look forward to the government’s enactment of the EV Bill — which will provide incentives to both EV suppliers and users — we welcome a greener, cleaner, and safer environment in our streets and thoroughfares,” he said.

To support the charging requirements of its EVs, Meralco is also installing five charging stations in strategically located company facilities across its franchise area. Through its subsidiary eSakay, Inc., Meralco also offers end-to-end EV and charging infrastructure solutions to institutional customers and to the riding public.

“Beyond delivering accessible and reliable electricity service to households and businesses, we, in Meralco, are also at the forefront of providing sustainable solutions to our customers. With our important and intensified shift to vehicle electrification, we hope to influence and inspire others to follow suit and to likewise embed sustainability in their operations,” said Meralco Chief Sustainability Officer and eSakay President and CEO Raymond B. Ravelo.

The Green Mobility Program is among the core initiatives under Meralco’s sustainability agenda, which is rooted in and supportive of the United Nations Sustainable Development Goals.

Other key priorities in this agenda include the company’s just, orderly, and affordable transition to clean energy through 2030 and beyond; the shift to plant-based ester oil for its distribution transformers; and the One for Trees Program, through which Meralco aims to plant five million trees by 2025.

“All these important initiatives are a testament to One Meralco’s pledge to protect and preserve our planet — and ultimately, to power good lives not only for ourselves today, but also for our children’s tomorrow,” Mr. Espinosa stated.

Taylor Swift to face copyright lawsuit

REUTERS

LOS ANGELES — Pop superstar Taylor Swift must face a lawsuit from songwriters who claim the Grammy-winning singer copied their lyrics in her 2014 hit single “Shake It Off,” a California judge has ruled.

In a decision issued on Thursday, US District Judge Michael W. Fitzgerald rejected Swift’s bid to throw out a suit that said she took wording from 2014 song “Playas Gon’ Play” by R&B girl group 3LW.

Mr. Fitzgerald said there were “some noticeable differences” between the songs but also “enough objective similarities” that the case should go to a jury trial.

“Although Defendants have made a strong closing argument for a jury, they have not shown that there are no genuine issues of triable fact,” the judge wrote.

A spokeswoman for Ms. Swift had no comment on Friday. In 2017, her representatives had called the songwriters’ claim of copyright infringement “ridiculous” and “nothing more than a money grab.”

In “Shake It Off,” Ms. Swift sings: “the players gonna play, play, play, play, play, and the haters gonna hate, hate, hate, hate, hate.”

“Playas Gon’ Play,” written by Sean Hall and Nathan Butler, included the phrases “players, they gonna play, and haters, they gonna hate.”

Hall and Butler said the combination of “playas” or “players” with “hatas” or “haters” was unique to its use in their song. The pair are seeking unspecified damages.

Their case had been thrown out in 2018 but the pair appealed and suit was revived. — Reuters

Stocks may rebound ahead of BSP policy meeting

PHILIPPINE shares may rebound this week ahead of the central bank’s policy meeting this week as coronavirus cases stay low and the government boosts its vaccination drive.

The 30-member Philippine Stock Exchange index (PSEi) declined by 42.75 points or 0.59% to close at 7,192.17 on Friday, while the broader all shares index fell by 12.12 points or 0.31% to 3,830.43.

Still, week on week, the local bourse jumped 136.98 points from its 7,055.19 close on Dec. 3.

“The low daily COVID-19 (coronavirus disease 2019) numbers and the aggressive vaccination campaign will likely keep the index above the key 7,000 level,” Papa Securities Corp. Equities Strategist Manny P. Cruz said in a Viber message.

The Philippines recorded 356 new COVID-19 infections on Saturday, bringing active cases to 11,373, the Department of Health (DoH) reported.

Some 40.69 million Filipinos or 36.9% are already fully vaccinated, DoH data showed. The government wants to inoculate 70% of the population by yearend.

“The market may look forward to the upcoming interest rate decision in the country, scheduled for release in the coming days,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.

The Bangko Sentral ng Pilipinas (BSP) is widely expected to keep benchmark interest rates at record lows to support economic growth amid the threat of the Omicron variant.

All 15 analysts in a BusinessWorld poll held last week expect the Monetary Board to keep borrowing costs steady at its last policy review for the year on Thursday, Dec. 16.

The BSP has not touched its policy settings since November 2020.

The possibility of a faster tapering by the US Federal Reserve could also affect sentiment, analysts said.

“Recently, Federal Reserve Chair Jerome Powell’s disclosed of no longer using the term ‘transitory’ to describe inflation and this is likely an indication that they will raise rates not before long and may have knock-on effect on the global equities,” Papa Securities’ Mr. Cruz said.

Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said the market will continue to be volatile due to rising inflation in most countries and the issues faced by some Chinese developers.

Fitch Ratings downgraded property developers China Evergrande Group and Kaisa Group on Thursday, saying they had defaulted on offshore bonds, while a source said Kaisa had started work on restructuring its $12-billion offshore debt, Reuters reported.

Mr. Pangan said the PSEi could range from 6,920 to 7,265 this week.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the PSEi’s immediate major resistance or gap area for this week will be at the 7,230-7,260 levels, while immediate support will be at 7,000-7,040 levels. — M.C. Lucenio with Reuters

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