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Lamudi, RLC Residences renew partnership

LAMUDI Philippines and RLC Residences renewed their partnership agreement, amid a more positive property outlook.

Top executives from the property developer and the real estate platform signed the new contract at the City Life Gallery in Robinsons Galleria.

Lamudi Philippines Managing Director and CEO Kenneth Stern said demand for condominium projects has increased by 20% since the government eased restrictions in February.

“The Magnolia Residences in Quezon City is doing very well because QC has historically been our most viewed and most transacted area. It continues to be that way even through Q1 this year,” he said.

“Overall, the pent-up demand has been somewhat released, but I do think that over the next quarter and even the second half of the year, we’ll see pent-up demand further drive the economy with a stable industry like real estate.”

RLC Residences Senior Vice-President and Business Unit General Manager John Richard Sotelo said Woodsville Crest and Amisa Private Residences are two other RLC projects that will be highlighted under the partnership.

RLC Residences recently broke ground on Sierra Valley Gardens in Cainta, Rizal.

SC affirms CTA order to refund mining company’s P4-M tax

THE Supreme Court (SC) has affirmed the Court of Tax Appeals’ (CTA) decision for the internal revenue commissioner to refund Taganito Mining Corp.’s reduced amount of P4-million unutilized input value added tax (VAT) on purchases of capital goods attributable to its zero-rated sales for the calendar year 2008.

In its ruling on Dec. 7 last year and made public on March 23, the high court said that the petitions of the both parties lacked merit, thus it affirmed the CTA en banc decision in 2015.

Taganito Mining is a domestic corporation engaged in exploring, producing, and exporting nickel and other metals along with their by-products. It exports and ships 100% of its ores to foreign countries.

The mining company earlier asked the Bureau of Internal Revenue (BIR) for a refund of P42 million of excess VAT for 2008. It then filed an appeal to the CTA after the BIR failed to take action on the refund claim.

The tax court partially granted the appeal with a reduced refund of P4 million of the company’s input VAT.

The high court affirmed the CTA’s ruling, citing a provision in the country’s tax code that states “if the aggregate acquisition cost of capital goods exceeds P1 million, the claim for input VAT would be spread over 60 months or the estimated useful life of the capital goods, whichever is shorter.”

After spreading the company’s purchases of capital goods over 60 months, the court ruled that only P4 million of its purchases of capital goods could be refunded for 2008.

The commissioner of internal revenue (CIR) argued that the company’s judicial claim was premature as the 120-day period mandated by the amended Tax Code of 1997 had not started.

“Since [Taganito Mining] did not submit the complete documents as required under the Revenue Memorandum Order, the CIR posits that the 120-day period has not yet commenced, thus, also depriving the CIR of the opportunity to examine and evaluate its claim for refund,” the high court said, citing the CTA case.

Citing the tax code, it also said the company timely failed the claim within two years from the close of the taxable quarters in question.

It said that the taxpayer decides when complete documents have been submitted to start the 120-day period, as it “enjoys relative freedom to submit such evidence” to prove a claim.

“It is the taxpayer who has that right and the burden of providing any and all documents that would support his claim for tax credit or refund,” it said. “After all, in a claim for tax credit or refund, it is the taxpayer who has the burden to prove his cause of action. — John Victor D. Ordoñez

Global Ferronickel profit up nearly 6% on higher metal prices

GLOBAL Ferronickel Holdings, Inc. announced that its net income in 2021 was up 5.9% to P1.98 billion from P1.87 billion a year earlier due to higher nickel prices.

“We are delighted with the continued surge in nickel prices, which has allowed us to grow our top and bottom line despite having experienced relatively bad weather conditions throughout last year’s mining season,” Global Ferronickel President Dante R. Bravo said in a company disclosure on Monday.

“2021 has been a good year for Global Ferronickel as we received the Presidential Mineral Industry Environmental Award. It is the highest honor bestowed upon responsible mining companies by the Department of Environment and Natural Resources,” he added.

Revenues were also up by 6.2% to P7.71 billion from P7.26 billion in 2020.

Meanwhile, the company reported lower shipment volume at around 13% to 4.89 million wet metric tons (WMT) or 90 vessels of nickel ore in 2021 from 5.6 million WMT or 103 vessels in 2020 due to bad weather.

“The resulting product mix was 77% or 3.761 million WMT low-grade ore and 23% or 1.126 million WMT medium-grade ore in 2021 versus last year’s mix of 68% or 3.831 million WMT low-grade ore and 32% or 1.794 million WMT medium-grade ore,” Global Ferronickel said.

Average realized nickel ore prices last year were higher by 21.5% compared to 2020. Low-grade ore was up 22.2% while medium-grade ore was 27.2% higher.

“We are hoping to have more favorable weather conditions in our Cagdianao site this year to boost production,” Mr. Bravo added.

Global Ferronickel is a holding company with principal business interests in mineral resource exploration, mining and exporting of nickel ore. Its mineral property comprises 4,376 hectares in Cagdianao, Surigao del Norte.

The mining company produces two types of nickel ore, namely saprolite and limonite, which can be blended into six product categories.

Its subsidiaries include Platinum Group Metals Corp., FNI Steel Corp., and FNI Steel Landholdings Corp. Through PGMC, it also owns Surigao Integrated Resources Corp., PGMC-CNEP Shipping Services Corp., and PGMC International Ltd.

At the stock exchange on Monday, Global Ferronickel shares were down by 1.37% or P0.04 to P2.89 apiece. — Luisa Maria Jacinta C. Jocson

BDO Unibank hikes capital stock in bid for long-term growth

BDO UNIBANK, Inc. increased its common shares to 8.5 billion as it aims for flexibility to expand capital and position for long-term growth.

“The increase in the bank’s authorized capital stock provides the bank flexibility to increase its capital during periods of rapid organic growth or in the event of inorganic opportunities,” BDO said in a filing with the local bourse on Monday.

“This will allow BDO to continue to expand its business, strengthen its franchise, and deliver quality earnings to position the bank for long- term sustainable growth,” it added.

The bank’s authorized capital stock was previously at 5.5 billion common shares.

BDO’s board of directors likewise approved an amendment to the bank’s Articles of Incorporation to reflect the increase.

Meanwhile, BDO in a separate filing said they want to raise the capital of its rural banking arm BDO Network Bank (BDONB) by up to P2 billion to expand its reach among the underserved population and the micro-, small-, and medium-sized enterprises.

This will be funded through the issuance of primary common shares, it said.

“The capital increase will allow BDONB to support the sustained expansion in its salary loan and micro, small, and medium enterprises (MSME) portfolios, which have a compounded annual growth rate of 28% over the last 3 years to P37 billion,” the bank said. The plan is subject to regulatory approval.

Major shareholders of the rural bank, including BDO with an 85% stake and Osmanthus Investment Holdings with a 15% stake, have committed to participate in the capital-raising activity up to their proportionate shares.

BDO’s net profit climbed by 51% year on year to P42.8 billion in 2021 as its non-interest earnings recovered and loan loss provisions declined.

The bank’s shares closed at P131.60 apiece on Monday, down by 90 centavos or by 0.68% from its previous finish. — L.W.T. Noble

Tagaytay will host Asian BMX, Junior BMX Championships

TAGAYTAY City will host the 2023 Asian BMX Championships and Asian Junior BMX Championships for racing and freestyle from March 3 to 4 at its bicycle motocross (BMX) track and Tagaytay City International Convention Center complex.

PhilCycling president Abraham Tolentino on Monday made the announcement after the Asian Cycling Confederation awarded the hosting rights to the country during its annual congress in Dushanbe, Tajikistan over the weekend.

“We thank the ACC for granting the PhilCycling’s bid to host the Asian championships,” said Mr. Tolentino, who is also the president of the Philippine Olympic Committee.

“It’s been a while since we hosted international cycling events and with this privilege, PhilCycling, Tagaytay City and the entire country for that matter will put their best foot forward for this event.”

The congressman from Tagaytay is also hoping the Union Cycliste Interantionale (UCI) will approve the 2023 Asian Championships as a qualifying race to the 2024 Paris Olympics.

It will be the first time Tagaytay City is hosting an international cycling meet since it served as venue for road and BMX in the 2019 Southeast Asian Games.

Olympian Daniel Caluag is expected to spearhead the country’s campaign along with brother CJ and 2019 Asian Junior Championships gold medalist Patrick Coo.

BMX Freestyle, now an Olympic and UCI event, consists of Flatland and Street with 2019 SEA Games veterans Renz Viaje and Alan Ray Alfaro leading the charge.

A roof has been built over the BMX Track in Tagaytay City, making it one of the most unique tracks in the continent.

The Flatland competitions will be staged at the Sigtuna Hall inside the TICC and the Street events at the existing skatepark facility at the Tagaytay City athletics oval. — Joey Villar

Entertainment News (03/29/22)

Hannah Precillas

Hannah Precillas releases single

GMA NETWORK affiliated artist Princess Hannah Precillas talks about the sorrows of falling out of love in her latest single, “Sadly Falling,” under GMA Music. Written and composed by director Njel de Mesa, the song’s lyrics capture what Hannah personally experienced losing her feelings for a person she once cherished. Ms. Precillas’ talents in singing and performing were noticed when she won GMA Network’s reality talent show Bet ng Bayan in 2014. In 2021, she took home the Best Novelty Award during the 34th Awit Awards for her song “Sabi Ko Na Nga Ba.” She also emerged as the second runner-up in Dangdut Academy Asia 5 in Indonesia in 2021. Ms. Precillas has sung various drama theme songs including Kambal Karibal’s “Kanlungan” and “Hindi Ko Kayang Iwan Ka,” The Lost Recipe’s “No Matter What it Takes,” Endless Love’s “Kulang ang Sandali,” and Onanay’s “Awit Kay Inay.”

Clara Benin releases music video for single ‘blink’

SINGER-SONGWRITER Clara Benin returns with the music video of her new single, “blink.” Heavily inspired by Michel Gondry’s romantic sci-fi film, Eternal Sunshine of the Spotless Mind, the music video finds the folk-pop singer waking up in bed on a beach. It is directed by Josh Elefan, a close friend and frequent collaborator of Ms. Benin. A month ahead of the International Women’s Day, Ms. Benin was featured on a giant billboard at Times Square in New York for Spotify’s EQUAL campaign, having amassed more than 40 million streams on Spotify. Ms. Benin is the first Filipino signed under Sony Music’s OFFMUTE, a Southeast Asian record label that’s entirely dedicated to cross-collaboration within the region. The single “blink” is available on all digital music platforms via OFFMUTE. Watch the music video at Clara Benin – blink (Official Music Video) – YouTube.

4th Impact joins Sony Music PHL, ShowBT PHL

A SINGING group composed of four sisters — Celina, Mylene, Irene, and Almira Cercado — 4th Impact is the newest addition to Sony Music Philippines and ShowBT Philippines’ roster of music talents, which include SB19 and five-member girl group KAIA. The sister act made waves in the UK after finishing fifth on the British singing contest, The X Factor and peaking at No. 10 on iTunes Brazil with their 2020 single “K(NO)W MORE.” Late last year, the girl group co-headlined the crossover orchestra concert Forte with SB19. “It’s an answered prayer for us,” the sister act said in a statement. “We once prayed for a management who will really take care of us and believe in what we can do. We feel ShowBT and Sony Music are the right companies to help us reach more of our dreams. And it is such a great honor to be part of their roster and be lined up with the P-Pop Kings: SB19.” To mark the start of the partnership, 4th Impact has released a new single, “Here We Go,” which is available on digital music platforms worldwide via Sony Music Philippines.

Actress Sharlene San Pedro releases new single

OUTSIDE of acting and hosting, Sharlene San Pedro is now branching out into a music career. With the guidance of Mayonnaise’s lead singer and chief songwriter-producer Monty Macalino, the young actress has released songs that balance teen pop with easy-listening sounds. This year, Ms. San Pedro returns with a new song, “Running,” written and produced by Macalino. According to the 22-year-old singer-actress, the pop-rock track is all about “feeling all the emotions and trying to live in that particular moment or memory but you know you’re running out of time.” The release of the single is accompanied by a music video directed by Janelle Cristobal. “Running” also serves as one of the culminating releases for Sony Music Philippines’ International Women’s Day Campaign #BabaeAko, which aims to turn the spotlight on women and female artists under the label’s roster through several online and promotional activities this month. “Running” is available on all digital music platforms worldwide via YR Music and Sony Music Philippines.

Globe to hold annual stockholders’ meeting on April 26

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

NOTICE IS HEREBY GIVEN that the annual meeting of stockholders of GLOBE TELECOM, INC. will be conducted virtually via https://www.globe.com.ph/asm2022 on Tuesday, APRIL 26, 2022 at 9:00 o’clock in the morning with the following

AGENDA

1. Call to Order

2. Notice of Meeting, Determination of Quorum and Rules of Conduct and Procedures

3. Approval of Minutes of the Stockholders’ Meeting held on April 20, 2021

4. Annual Report of Officers and Audited Financial Statements

5. Ratification of All Acts and Resolutions of the Board of Directors and Management Adopted During the Preceding Year

6. Approval of Amendments to the Articles of Incorporation:

Seventh Article – To increase the Authorized Capital Stock

7. Election of Directors (Including the Independent Directors)

8. Approval of Increase in Directors’ Fees

9. Election of Independent Auditors and Fixing of their Remuneration

10. Consideration of Such Other Business as May Properly Come Before the Meeting

11. Adjournment

Only stockholders of record as of March 11, 2022 are entitled to notice of, and vote at, this meeting.
Given the current circumstances and pursuant to our By-Laws, our Board resolved on February 8, 2022 that our Annual Stockholders’ Meeting (ASM) be held in a virtual format, hence, stockholders may only attend the meeting by remote communication, by voting in absentia or by appointing the Chairman of the meeting as proxy1.
Duly accomplished proxies shall be submitted on or before April 13, 2022 to the Office of the Corporate Secretary at 4/F Tower One and Exchange Plaza, Ayala Triangle, Ayala Avenue, Makati City or by e-mail to corporatesecretary@globe.com.ph. Validation of proxies is set for April 19, 2022, 9:00 a.m. at the Office of the Corporate Secretary. Stockholders intending to participate by remote communication should notify the Corporation by e-mail to corporatesecretary@globe.com.ph on or before April 13, 2022.
Stockholders may vote through remote communication, or in absentia subject to validation procedures. The procedures for participating in the meeting through remote communication and for casting their votes remotely or in absentia are set forth in the Information Statement.
Bonifacio Global City, Taguig City, Philippines.

 

March 18, 2022.

EXPLANATION OF AGENDA ITEMS

1. CALL TO ORDER. The Chairman of the Board of Directors, Mr. Jaime Augusto Zobel de Ayala, will call the meeting to order.

2. NOTICE OF MEETING, DETERMINATION OF QUORUM AND RULES OF CONDUCT AND PROCEDURES. The Corporate Secretary will certify on the date when written notice of the time, date, place and purpose of the meeting was sent to all stockholders of record as of March 11, 2022 and the date of publication of the notice in the newspapers of general circulation.

The Corporate Secretary will further certify the presence of a quorum. The holders of record for the time being of a majority of the stock of the Company then issued and outstanding and entitled to vote, represented in person or by proxy, shall constitute a quorum for the transaction of business.

Pursuant to Sections 57 and 23 of the Revised Corporation Code which allow voting in absentia by the stockholders, the Company has set up a designated online web address (uniform resource locator or URL), which may be accessed by the stockholders to register and vote in absentia on the matters for resolution at the meeting. A stockholder who votes in absentia as well as a stockholder who participates by remote communication shall be deemed present for purposes of quorum.

Unless otherwise amended, the following, are the rules of conduct and procedures at the meeting:

(i) Stockholders may attend the meeting by remote communication through the URL provided. Questions and remarks may be sent via e-mail prior to or during the meeting to corporatesecretary@globe.com.ph, and shall be limited to the items in the Agenda of the meeting.

(ii) Stockholders must notify the Company of their intention to participate in the meeting by remote communication through corporatesecretary@globe.com.ph to be included in the determination of quorum, together with the stockholders who voted in absentia and by proxy.

(iii) In the event that physical attendance will be allowed at the meeting –

  1. Anyone who wishes to make a remark shall identify himself after being acknowledged by the Chairman and shall limit his remarks to the item in the Agenda under consideration;
  2. Stockholders present at the meeting may opt for manual or electronic voting. For manual voting, each stockholder will be given, upon registration, a ballot where he can write his vote on every item in the Agenda or proposed resolution. For electronic voting, there will be computer stations near the registration table where stockholders may cast their votes electronically using a digital version of the ballot.

(iv) Each of the proposed resolutions will be shown on the screen during the livestreaming as the same is taken up at the meeting.

(v) Voting shall only be allowed for stockholders registered in the Company’s Voting in Absentia & Shareholder (VIASH) System or through the Chairman of the meeting as proxy. Detailed requirements and instructions pertaining to the VIASH System and the use thereof are provided in the Information Statement.

(vi) Stockholders voting in absentia, who have previously registered in the VIASH System, may cast their votes electronically at any time using the VIASH System prior to or during the meeting.

(vii) All the items in the Agenda requiring approval by the stockholders will need the affirmative vote of stockholders representing at least a majority of the issued and outstanding voting stock present at the meeting, unless the law requires otherwise.

(viii) Election of directors will be by plurality of votes and every stockholder will be entitled to cumulate his votes. Each outstanding share of stock entitles the registered stockholder to one vote.

(ix) The Office of the Corporate Secretary will tabulate all votes received and a firm selected for this purpose will validate the results. The Corporate Secretary shall report the results of voting during the meeting.

(x) The meeting proceedings shall be recorded in audio and video format.

3. APPROVAL OF MINUTES OF THE STOCKHOLDERS’ MEETING HELD ON APRIL 20, 2021. Copies of the minutes of the stockholders’ meeting held on April 20, 2021 will be made available to the stockholders before the meeting. Likewise, the minutes of the meeting are available at the Company website, www.globe.com.ph.

4. ANNUAL REPORT OF OFFICERS AND AUDITED FINANCIAL STATEMENTS. The Chairman, Mr. Jaime Augusto Zobel de Ayala, and the President and Chief Executive Officer (CEO), Mr. Ernest L. Cu, will deliver a report to the stockholders on the highlights of the Y2021 Company performance as reflected in the audited financial statements (AFS 2021), and the outlook for Y2022. The AFS as of December 31, 2021 will be included in the Information Statement to be sent to the stockholders at least 28 days prior to the meeting. The AFS 2021 will be released by the Company at least 60 days from the financial year end and available at the Company website, www.globe.com.ph.

A resolution noting the annual report and approving the AFS 2021 will be presented to the stockholders for approval by the affirmative vote of the stockholders representing at least a majority of the outstanding voting stock present at the meeting. Likewise, the stockholders will be given an opportunity to ask questions prior to submitting the AFS 2021 for their approval. Copies of the Information Statement and AFS 2021 will be made available to the stockholders before the meeting.

5. RATIFICATION OF ALL ACTS AND RESOLUTIONS OF THE BOARD OF DIRECTORS AND MANAGEMENT ADOPTED DURING THE PRECEDING YEAR. Ratification by the stockholders will be sought for all the acts and resolutions of the Board of Directors, Executive Committee, and other Board Committees and all acts of Management of the Company taken or adopted since the ASM on April 20, 2021 until April 26, 2022. The acts and resolutions of the Board and its Committees were reflected in the minutes of the meetings including approval of contracts and agreements, projects and investments, treasury matters and acts and resolutions covered by disclosures to the Securities and Exchange Commission, the Philippine Stock Exchange and applicable regulatory agencies. The acts of Management were those taken to implement the resolutions of the Board or its Committees or taken in the general conduct of business.

6. APPROVAL OF AMENDMENTS TO THE ARTICLES OF INCORPORATION TO INCREASE THE AUTHORIZED CAPITAL STOCK. Management will obtain approval of the Board on the proposed increase of Authorized Capital Stock (ACS) on or before April 25, 2022. In accordance with the Revised Corporation Code2, approval by the stockholders representing at least two-thirds (2/3) of the outstanding capital stock will be sought to increase the Corporation’s ACS from Ten Billion Two Hundred Forty-Six Million Seven Hundred Eighteen Thousand Six Hundred Fifty Pesos (Php 10,246,718,650.00) consisting of One Hundred Forty-Eight Million Nine Hundred Thirty-Four Thousand Three Hundred Seventy-Three (148,934,373) Common Shares with a par value of Fifty Pesos (Php 50.00) per share, One Hundred Sixty Million (160,000,000) Voting Preferred Shares with a par value of Five Pesos (Php 5.00) per share, and Forty Million (40,000,000) Non-Voting Preferred Shares with a par value of Fifty Pesos (Php 50.00) per share to Eleven Billion Two Hundred Forty-Six Million Seven Hundred Eighteen Thousand Six Hundred Fifty Pesos (Php 11,246,718,650.00) divided into One Hundred Sixty-Eight Million Nine Hundred Thirty-Four Thousand Three Hundred Seventy-Three (168,934,373) Common Shares with a par value of Fifty Pesos (Php 50.00) per share, One Hundred Sixty Million (160,000,000) Voting Preferred Shares with a par value of Five Pesos (Php 5.00) per share, and Forty Million (40,000,000) Non-Voting Preferred Shares with a par value of Fifty Pesos (Php 50.00) per share.

7. ELECTION OF DIRECTORS (INCLUDING THE INDEPENDENT DIRECTORS). In accordance with the By-Laws of the Company, the Manual of Corporate Governance as revised, and the SEC Rules, any stockholder including minority stockholders, may submit to the Nomination and Governance Committee the names of nominees to the Board of Directors. The Nomination and Governance Committee, in the exercise of its assigned task, will determine whether the nominees for the Board of Directors including the independent directors, have all the qualifications and none of the disqualifications to sit as members of the Board of Directors of the Company before submitting the nominees for election by the stockholders of the 11 members of the Board of Directors including the 3 independent directors. Copies of the curriculum vitae and profiles of the nominees to the Board of Directors will be provided in the Information Statement and on the Company website for examination by the stockholders.

8. APPROVAL OF INCREASE IN DIRECTORS’ FEES. Management will obtain approval of the Board on the proposed increase in directors’ fees on or before April 25, 2022. In accordance with the Revised Corporation Code and Company By-Laws3, the Company will seek approval of the stockholders representing at least a majority of the outstanding capital stock to increase the directors’ fees in the form of retainer fees, in addition to the current attendance fees for each non-executive director. Executive directors do not receive per diem compensation or any attendance fees per meeting.

9. ELECTION OF INDEPENDENT AUDITORS AND FIXING OF THEIR REMUNERATION. The Audit and Related Party Transactions (ARPT) Committee will endorse to the stockholders the appointment of the Independent Auditor for the ensuing year as well as the proposed remuneration of the Independent Auditor. The profile of the Independent Auditor will be provided in the Information Statement and on the Company website for examination by the stockholders.

10. CONSIDERATION OF SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING. The Chairman will open the floor for comments and questions by the stockholders, and take up items included on the agenda received from stockholders in accordance with existing laws, rules and regulations of the Securities and Exchange Commission4.

11. ADJOURNMENT. Upon determination by the Corporate Secretary that there are no other matters to be considered, and on motion by a stockholder duly seconded, the Chairman shall declare the meeting adjourned.

1 The Corporation shall hold a physical meeting if so requested by stockholders holding at least 10% of our outstanding capital stock and provided that the same is allowed by government regulations and issuances. Stockholders have until 22 February 2022 to submit their requests to corporatesecretary@globe.com.ph.
2 Sections 6 and 15 of the Revised Corporation Code of the Philippines or Republic Act No. 11232.
3 Section 29 of the Revised Corporation Code of the Philippines or Republic Act No. 11232; Article II, Section 7 of the Globe By-Laws.
4 SEC Memorandum Circular No. 14, series of 2020 or “Shareholders’ Right to Put items on the Agenda for Regular/Special Stockholders’ Meetings”: https://www.sec.gov.ph/mc-2020/mc-no-14-s-2020shareholders-right-to-put-items-on-the-agenda-for-regular-special-stockholders-meetings/.

 

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How PSEi member stocks performed — March 28, 2022

Here’s a quick glance at how PSEi stocks fared on Monday, March 28, 2022.

Philippines slips in global philanthropy environment list

Philippines slips in global philanthropy environment list

Housing demand sustained for second straight quarter in Q4

Housing demand sustained for second straight quarter in Q4

Peso strengthens as oil prices fall

BW FILE PHOTO
THE PESO gained against the dollar on Monday as oil prices dropped due to a lockdown in China. — BW FILE PHOTO

THE PESO appreciated versus the greenback on Monday as oil prices declined and amid the growth in infrastructure spending.

The local unit closed at P52.13 per dollar on Monday, gaining two centavos from its P52.15 finish on Friday, based on Bankers Association of the Philippines data.

The peso opened Monday’s session at P52.18 versus the dollar. Its weakest showing was at P52.30, while its intraday best was at P52.08 against the greenback.

Dollars exchanged declined to $778.55 million on Monday from $1.105 billion on Friday.

The peso strengthened as global oil prices declined, a trader said.

Reuters reported that fuel prices dropped by more than $5 on Monday due to expectations of weaker fuel demand due to the lockdown in Shanghai as coronavirus infections there surged anew.

Brent crude futures fell to as low as $115.32 a barrel and declined by $5.15 or 4.3% at $115.50 at 0731 GMT. Meanwhile, the US West Texas Intermediate crude futures reached a low of $108.28 per barrel, and dropped by 4.7% or $5.30 at $108.60.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the market also priced in news of rising infrastructure spending as it is an import growth driver.

Data from the Department of Budget and Management showed infrastructure spending in 2021 jumped by nearly a third to P895.1 billion. It also surpassed the P761.2-billion target for the year.

The rise was attributed to the low base in 2020 as well as spending on roads, flood barriers, multipurpose buildings, railways and airports, the agency said.

For Tuesday, Mr. Ricafort gave a forecast range of P52.05 to P52.20 per dollar, while the trader expects the local unit to move within P52.00 to P52.30. — L.W.T. Noble with Reuters

Stocks rise on last-minute buying as risks remain

REUTERS

STOCKS climbed on Monday on last-minute buying as the market remained on edge amid inflation concerns.

The benchmark Philippine Stock Exchange index (PSEi) inched up by 9.52 points or 0.13% to close at 7,134.36 on Monday, while the broader all shares went up by 7.46 points or 0.19% to close at 3,782.05.

“Last-minute buying sent the local market higher this Monday. For the most part of the day, however, the local bourse was in the negative territory as investors booked gains from its preceding four-day rally,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“Inflation concerns also resurfaced amid the anticipated increase in local fuel prices by Tuesday. The lethargic trading shows that many are staying on the sidelines due to the lingering uncertainties,” Mr. Tantiangco added.

Oil companies announced they would raise the prices of gasoline, diesel, and kerosene products by P3.40 per liter, P8.65 per liter, and P9.40 per liter, respectively, effective on Tuesday.

The central bank last week said average inflation could breach the 2-4% target range this year at 4.3%, higher than the previous forecast of 3.7% while average inflation is expected to decline and settle at 3.6% in 2023.

“Philippine shares were bought up ahead of the quarter end and a series of key economic data releases while the street keeps a watchful eye on the Fed’s planned interest rate hikes,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

US Federal Reserve Chair Jerome H. Powell last week signaled at more aggressive rate hikes this year to fight surging inflation.

Majority of sectoral indices ended in the red except for industrials, which gained by 80.80 points or 0.84% to 9,648.35, and holding firms, which rose by 32.37 points or 0.47% to 6,816.36.

Meanwhile, mining and oil fell by 112.26 points or 0.87% to 12,769.23; services dropped by 8.69 points or 0.45% to 1,923.09; property went down by 8 points or 0.24% to 3,328.76; and financials declined by 1.92 points or 0.11% to 1,673.35.

On the other hand, the PSE MidCap Index ended at 1,195.49 up by 0.39 point or 0.03% while the PSE Dividend Yield Index went down by 0.56 point or 0.03% to 1,708. The two new thematic indices were launched on Monday to highlight mid-sized companies and firms that consistently give high-yielding dividends, as well as provide benchmarks for fund managers. (see related story on page S1/1)

Value turnover decreased to P5.19 billion with 768.14 million shares changing hands from P5.48 billion or 599.16 million issues seen on Friday.

Decliners outweighed advancers, 94 versus 77, while 55 names closed unchanged.

Foreigners turned buyers with P185.89 million in net purchases on Monday from P40.22 million in net outflows seen on the previous trading day. — L.M.J.C. Jocson with Reuters

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