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The limited-edition Elliot Brown Holton Land Rover Trophy II Expedition timepiece will be limited to 1,000 examples, and costs £595 (around P40,000) each. — PHOTO FROM JAGUAR LAND ROVER

CELEBRATING the continuing partnership of Land Rover Classic and watchmaker Elliot Brown, 1,000 examples of the Elliot Brown Holton Land Rover Trophy II Expedition watches will be made available.

Priced at £595 (around P40,000), the timepiece is inspired by the New Classic Defender Works V8 Trophy II, which in turn is a homage to seven decades of global Land Rover exploration and adventure. The watch is based on the best-selling Holton Professional model of Elliot Brown, and bears features influenced by the iconic 4×4. For instance, it highlights the unique camouflage of each car, and bears a design with the outlines of 23 locations that have played a part in Land Rover’s off-roading and exploration adventures for more than 70 years.

The watch is available in addition to the unique Competitor’s Edition timepiece reserved exclusively for customers of the vehicle.

The case is made of 316L marine-grade stainless steel, and the caseback is individually numbered, stamped and engraved with the Land Rover Trophy logo and Union Jack, and is bolted down with oversize seals. The bezel is a 120-click divers type with high grip, 1200HV stainless steel inserts and SuperLuminova markings. A Swiss Ronda Caliber 715 with low battery indicator drives the movement — secured in an internal “floating” shock-absorption housing.

In a release, the watchmaker said “hidden silhouettes of Defender series Land Rovers both old and new (which) are visible in the dark and by day via a UV torch that is supplied with each timepiece.” Meanwhile, the camouflage design extends to the watch dial, which boasts SuperLuminova that glows in white, ice blue, and pale green in the dark.

On the dial are black hands and a white lollipop counterbalance on the blue-tipped second hand. At the base of the dial under the “6” baton are “Freezing Point,” along with a “frozen star” at the 32 seconds position. “The case displays the unique number given to every watch, along with the Land Rover Trophy logo, Union Flag and silhouettes of Series Land Rovers, brightly brushed in contrast to the dark matt background,” continued the release. The watch is matched with a soft rubber deployant strap.

Each watch comes with strap-changing tools plus the aforementioned high-power UV/white LED rechargeable micro torch. The watch is pressure-tested “three times including in water at 200 meters.” For more information, visit https://elliotbrownwatches.com/pages/land-rover-classic-trophy.

Ghana parliament approves $1.3-B loan to buy cocoa

REUTERS

ACCRA — Ghana’s parliament on Thursday approved a $1.3-billion syndicated loan to finance the purchase of cocoa for the 2022-23 season.

The receivable-backed trade finance facility is between the Ghana Cocoa Board (COCOBOD) and a consortium of banks and financial institutions with the government as the guarantor.

Ghana, one of the world’s two top cocoa producers with Ivory Coast, borrows money every year to purchase cocoa from farmers.

The loan was approved despite efforts to overcome an economic crisis and a nearly $1-billion balance-of-payments deficit.

With inflation at 29.8% in June, a debt-to-GDP ratio up to almost 85%, and the cedi currency losing nearly a quarter of its value this year, the government has had to turn to the International Monetary Fund for help stabilizing the economy.

COCOBOD also canceled the remaining $250 million of a $600-million loan it secured from the African Development Bank in 2019. The cancellation was mainly due to uncertainties over crop forecasts and unfavorable cocoa prices, according to the Parliament Finance Committee report. — Reuters

Metro Manila’s construction materials retail price index

THE GROWTH in retail prices of construction materials in Metro Manila continued in May to its highest level in more than 13 years, driven by the higher cost of imports and the reopening economy. Read the full story.

Metro Manila’s construction materials retail price index

Top 5 Auto Brands by unit sales H1

How PSEi member stocks performed — July 29, 2022

Here’s a quick glance at how PSEi stocks fared on Friday, July 29, 2022.

Peso may strengthen further vs dollar

BW FILE PHOTO

THE PESO may appreciate versus the dollar this week as the Bangko Sentral ng Pilipinas (BSP) chief remained hawkish despite the US Federal Reserve’s dovishness, but expectations of faster Philippine inflation in July could dampen sentiment.

The local unit closed at P55.13 per dollar on Friday, surging by 69 centavos from its P55.82 finish on Thursday, based on Bankers Association of the Philippines data.

It also strengthened by P1.15 from its P56.28-per-dollar finish a week earlier.

Dollars exchanged rose to $1.57 billion on Friday from $1.27 billion on Thursday.

The peso strengthened on Friday following softer US economic growth in the second quarter that fueled recession fears, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The US Commerce department on Thursday said gross domestic product (GDP) fell at a 0.9% annualized rate last quarter amid aggressive monetary policy tightening by the Federal Reserve to quell high inflation.

The Fed raised rates by 75 basis points (bps) for a second straight meeting last week.

The dollar weakened as comments from Fed chief Jerome H. Powell after their July 26-27 meeting were seen as dovish, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail.

The Fed’s decision to deliver a third straight increase of 75 bps at its Sept. meeting will be guided by whether they see firm evidence of inflation beginning to subside, Mr. Powell said last week.

“The peso also stronger recently after global crude oil prices hovered among the lowest in about three months… alongside the downward correction in other global commodity prices that could help ease inflationary pressures and lower the country’s oil import bill,” Mr. Ricafort added.

For this week, Mr. Asuncion said the Fed’s dovish tone could cause the dollar to decline. With the BSP continuing to be hawkish, this could support the peso, he said, along with lower oil prices.

However, expectations of above 6% headline inflation in July may affect market sentiment, Mr. Asuncion added.

Inflation likely quickened in July as food and oil prices continued to climb, but lower electricity rates and oil price cuts may slow down the monthly gain, according to analysts. 

A BusinessWorld poll of 14 analysts last week yielded a median estimate of 6.2% for July inflation, within the BSP’s 5.6-6.4% forecast for the month. If realized, this would be faster than the 6.1% print seen in June and the 3.7% in July 2021. 

BSP Governor Felipe M. Medalla last week said they could hike benchmark rates by 25 bps or 50 bps at their Aug. 18 meeting to keep inflation in check.

For this week, Mr. Asuncion gave a forecast range of P55.50 to P56.10 per dollar, while Mr. Ricafort expects the peso to move within P54.80 to P55.40. — Keisha B. Ta-asan

Stocks to move sideways ahead of inflation data

PHILIPPINE SHARES may move sideways this week ahead of the release of July inflation data and more second quarter corporate earnings reports.

The benchmark Philippine Stock Exchange index (PSEi) ended its three-day rally on Friday, declining by 63.33 points or 0.99% to close at 6,315.93, while the broader all shares index went down by 26.14 points or 0.76% to 3,398.82.

Still, week on week, the PSEi went up by 52.54 points or 0.84% from its close of 6,263.39 on July 22.

“The local market fell this Friday by 0.99% to 6,315.93 as investors took profits from its preceding three-day rally. Worries over the negative spillovers of the US economy’s weakening on the Philippine economy weighed on sentiment,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“Assuring statements from [Federal Reserve Chairman Jerome] Powell that the US economy is not in recession guided local gauges on the plus side, as latest Q2 US GDP (gross domestic product) data supported expectations for less aggressive consideration on sequel rate increases,” online brokerage 2TradeAsia.com said in a report.

For this week, Mr. Tantiangco said the market is expected to move sideways as investors wait for catalysts such as the July inflation data on Aug. 5, Friday.

“A slowdown from June’s 6.1% may spur positive sentiment, while a further acceleration may cause selling pressures in the local bourse,” Mr. Tantiangco said in a Viber message.

He added that investors are also expected to take cues from the release of more second quarter corporate earnings reports and foreign exchange trading.

“The peso is now back above the P56 per dollar level, closing at P55.13 last week. If its appreciation continues, then it may help spur optimism in the market,” Mr. Tantiangco added.

2TradeAsia.com said expectations of another rate hike in the Bangko Sentral ng Pilipinas’ meeting this month could also affect market sentiment.

“This would give enough reprieve for interest rate-sensitive sectors, especially those aiming for improved sales take-up for the remainder this year (i.e., property shares),” the online brokerage said.

Philstocks Financial’s Mr. Tantiangco trading could remain tepid amid the start of the “ghost month,” a period in the Lunar calendar when some Asian investors refrain from making big investments or decisions, resulting in lower trading volumes. For this year, the period started on July 29 and will run until Aug. 26.

He placed the PSEi’s immediate support at its 10-day and 20-day exponential moving averages of 6,282.48 and 6,292.59, respectively, and resistance at 6,350-6,400. Online brokerage 2TradeAsia.com put immediate support at 6,100-6,200 and resistance at 6,450-6,550. 

INDEX RECOMPOSITION
Meanwhile, Semirara Mining and Power Corp. (SCC) will join the 30-member PSEi starting Aug. 8, replacing Security Bank Corp. (SECB), after the PSE’s review for 2021, the bourse operator said on Friday.

This is the last index recomposition with a free float requirement of at least 15%, with firms now needing a public ownership level of 20% to qualify for inclusion in the PSEi in the next review period.

The PSE also announced changes in the composition of sectoral indices: Rizal Commercial Banking Corp. will now be part of the financials index; Benguet Corp. will be under mining and oil; 8990 Holdings, Inc. and DDMP REIT, Inc. will be in the property index; and Phinma Corp., Shakey’s Pizza Asia Ventures, Inc., and Synergy Grid & Development Phils., Inc. will be part of the industrial index.

The 20-member PSE MidCap and Dividend Yield indices will also be revamped, with SCC, Cebu Air, Inc., DoubleDragon Corp. and Filinvest Land, Inc. to be taken out of the MidCap index. They will be replaced by AyalaLand Logistics Holdings Corp., DDMP REIT, Inc. (DDMPR), SECB, and UnionBank of the Philippines, Inc.

Robinsons Land Corp., Robinsons Retail Holdings, Inc., SECB, and Universal Robina Corp. will also be removed from Dividend Yield Index to be replaced by DDMPR, Filinvest REIT Corp., MREIT, Inc. and RL Commercial REIT, Inc. — J.I.D. Tabile

Magnitude 7 earthquake death toll climbs to 10

OFFICE OF REP. ERIC GO YAP

DEATHS from the magnitude 7 earthquake that rocked northern Philippines on Wednesday have climbed to 10, according to the local disaster agency.

More 300,000 people from about 82,000 families were affected by the quake, the National Disaster Risk Reduction and Management Council (NDRRMC) said in an 8 a.m. bulletin on Sunday.

The earthquake also damaged more than 21,000 houses, 302 of which were totally destroyed, the agency said.

Damage to infrastructure has reached P414 million in the Ilocos region, Cagayan Valley and Cordillera Administrative Region.

The quake damaged several ancient bell towers, churches and heritage houses as well as cars and other properties in the country’s north.

The tremors were also felt in Manila, the capital and nearby areas, forcing workers to evacuate buildings and halting train operations during rush hour.

The state seismology agency had recorded at least 1,162 aftershocks as 4 p.m. on Sunday the NDRRMC said.

The NDRRMC added that 43 roads and seven bridges got damaged, though cars could now pass through 84% of these.

Electricity to all of the 48 towns that lost power has been restored, while three of four affected areas now had water supply.

Twenty-seven areas have been placed under a state of calamity, the council said.

Meanwhile, agricultural and irrigation damage has climbed to P44.2 million, according to the Department of Agriculture.

Damage and losses were recorded mainly in irrigation systems, farm-to-market roads and other structures.

In the Upper Chico main canal in Tabuk, Kalinga province, four national irrigation systems and two communal irrigation systems were damaged by the quake, according to the National Irrigation Administration.

Pantabangan and Magat dams did not sustain any damage based on initial assessment, it added.

The Agriculture department said it had mobilized two trucks loaded with 2.66 metric tons of assorted highland vegetables, dried fish and other basic food items to municipalities in the province of Abra, where the quake’s epicenter was located.

These included the municipalities of San Quintin, Pidigan, Bangued, Tayum, Dolores, Lagangilang and Bucay.

The country had enough rice buffer stock inventory for immediate relief operations in the northern provinces, the National Food Authority said.

The department was also helping affected farmers and fishers by giving them 126,045 bags of rice seeds, 20,454 bags of corn seeds and 3,379 kilos of assorted vegetable seeds in CAR and the Ilocos, Cagayan Valley and Central Luzon regions.

It added that 1,000 doses of vitamins, 1,000 doses of antibiotics, 500 doses of dewormers and 3,000 doses of vaccines for livestock and poultry had been made available in Cagayan Valley.

The agency said it would fast-track the release of fuel subsidy and cash aid to farmers through the Agricultural Credit Policy Council and Quick Response Fund.

The quake struck about 13 kilometers (km) southeast of the town of Dolores in Abra province at a depth of 10 km on July 27, the US Geological Survey (USGS) said on its website.

Since 1970, 11 other earthquakes of magnitude 6.5 or larger have occurred within 250 km of Wednesday’s earthquake, the USGS said.

The largest of these earthquakes was a magnitude 7.7 earthquake on July 16, 1990 in Baguio City in Benguet, where at least 1,600 people died and more than 3,000 were hurt.

The 1990 earthquake also caused landslides in the Baguio-Cabanatuan-Dagupan area.

The Philippines lies in the so-called Pacific “Ring of Fire,” a belt of volcanoes around the Pacific Ocean where most of the world’s earthquakes strike. — Kyle Aristophere T. Atienza and Luisa Maria Jacinta C. Jocson

Ex-president Ramos, who helped topple Marcos, dies at 94

FORMER Philippine President Fidel V. Ramos, who helped topple the late dictator Ferdinand E. Marcos’ regime as one of his military generals, has died. He was 94.

The death of Mr. Ramos, who was president from 1992 to 1998, was confirmed by Press Secretary Rose Beatrix Cruz-Angeles.

“It is with great sorrow that we learn of the passing of former President Fidel V. Ramos. He leaves behind a colorful legacy and a secure place in history for his participation in the great changes of our country, both as military officer and chief executive,” she said in a statement.

During the 1986 People Power Revolution, he was hailed as a hero by many Filipinos for leading a coup against the dictator and supporting his successor, the late President Corazon C. Aquino.

He was also credited with the creation of the Southern Philippines Council for Peace and Development in 1996, which was part of the final peace agreement with the Moro National Liberation Front. The Moro Islamic Liberation Front, a faction of the MNLF that broke away in 1977, rejected the peace deal for being inadequate.

Mr. Ramos served as Armed Forces chief of staff under Ms. Aquino and later as her Defense secretary.

He was known for his Philippines 2000 socioeconomic program, which envisioned the country achieving a newly industrialized country status by the end of the millennium and beyond.

“President Ramos will always be remembered as one of the most intelligent and accomplished politicians in the Philippines — West Point-trained and a highly decorated officer who rose to the highest position in the military,” Arjan P. Aguirre, a political science professor at the Ateneo de Manila University, said in a Facebook Messenger chat.

“He was a minority president who managed to improve the Philippine economy in the 1990s. He was a known tactician who could stabilize a government through an effective coalition politics,” he added. 

Politicians sought his advice on campaigns, policy making and crisis management, Mr. Aguirre said.

Mr. Ramos was born on March 18, 1928 in Lingayen, Pangasinan. His father, Narciso Ramos, was a lawyer and congressman who later served as Foreign Affairs secretary of Mr. Marcos.

His mother Angela Valdez was an educator and a member of the Valdez clan of Batac, Ilocos Norte, making him a second cousin to Mr. Marcos.

Mr. Ramos got his civil engineering degree from the National University and graduated with a Bachelor of Science in Military Engineering degree from the US Military Academy. He also earned his masters in civil engineering at the University of Illinois. — Norman P. Aquino and Kyle Aristophere T. Atienza

Marcos: ROTC to boost country’s disaster response

PHILIPPINE ARMY RESERVE COMMAND FACEBOOK PAGE

PHILIPPINE President Ferdinand “Bongbong” R. Marcos, Jr. at the weekend said mandatory military training for Filipino students would boost the country’s disaster response.

The training, which was dropped two decades ago after a university student who exposed corruption in the program died, would train students not only for national defense preparedness but also for disaster response, he said in his video blog on Saturday night.

“Although it’s natural for us Filipinos to be helpful, it is still different if there is training and correct response preparation,” the president said in Filipino, based on a statement from his office.

Senator Sherwin T. Gatchalian has a refiled a bill seeking to revive the military training for Grades 11 and 12 students to ensure the country has enough soldiers during war. The bill is part of Mr. Marcos’ priority agenda.

The Child Rights Network last week said mandatory military training for students violates international commitments on child human rights and existing laws.

The state should instead follow the United Nations Convention on the Rights of the Child recommendation in 2008 to promote the values of peace and respect for human rights. These should become basic subjects, it said.

Mr. Marcos again pushed the revival of mandatory student military training days after the country’s north was rocked by a magnitude 7 earthquake, which was also felt in the capital region.

The President said the country should also build “disaster-proof” infrastructure and communities.

Mr. Marcos, meanwhile, thanked the private sector for responding to the needs of quake victims by sending food, water, and generators.

He also pushed the creation of a medical reserve corps under the Department of Health that will be tapped during disasters and public health emergencies.

The corps will be composed of licensed physicians, registered nurses, licensed allied health professionals and medical students who have completed four years of medical course.

But some health groups said the bigger problem is the shortage in health workers. Mr. Marcos should also prioritize raising the salaries of health workers especially those who serve in remote areas, they said. — Kyle Aristophere T. Atienza

Samal resort owners seek review of bridge project’s environmental certificate 

AMBASSADOR HUANG XILIAN FACEBOOK PAGE

A FAMILY that owns beach resorts in Samal Island has asked the new administration to intervene in the Samal-Davao bridge project by canceling its environmental compliance certificate (ECC) and undertake a reassessment.    

Lawyer Julito R. Sarmiento, one of the legal counsels of the Rodriguez family, said the ECC issued by the Department of Environment and Natural Resources (DENR) on January 4, 2021, was null and void as it did not undergo clearance from the Protected Area Management Board.  

Mr. Sarmiento said they sent a letter on July 20 addressed to President Ferdinand R. Marcos, Jr., DENR Secretary Ma. Antonia Yulo-Loyzaga, and Public Works Secretary Manuel M. Bonoan asking them to revisit the bridge alignment.  

The bridge’s landing site on the Samal side will cover a reef in between Paradise Island Park and Beach Resort and Costa Marina Beach Resort, both owned by the family.    

“We are appealing to the current administration to cancel the ECC and conduct a new environmental impact assessment (EIA), honest to goodness, and… inform the people,” he told the media last week.   

“The EIA should look at what are the alternative sites.”  

Another family legal counsel, Marcelino C. Rongo, said all possible alignments should have an EIA to determine which one would be the best option.  

“An EIA is a planning tool and if you assessed only one area with the sole purpose to justify a decision that was already made, then that is not a genuine EIA. That makes the ECC void,” he said in mixed English and Filipino.   

Mr. Rongo also cited that the entire Samal Island was proclaimed a protected area in 1981 and that a proposal reducing the coverage area of that declaration has yet to be approved either through a presidential order or legislation.   

Mr. Sarmiento said they are prepared to take the matter to court but will first exhaust all other possible appeal routes.   

“Part of the key agenda of the present government is for sustainable development and environment protection. This is what the President mentioned in his State of the Nation Address so we are hoping and waiting from the Office of the President to respond to us,” he said.    

Mr. Sarmiento emphasized that the resort owners are only calling into question the alignment, and that they fully support the bridge project, which is seen to bring faster economic development to the island.    

The Philippine government under the previous administration of President Rodrigo R. Duterte signed a $350-million loan deal with China on June 13 for the bridge linking Samal Island to mainland Mindanao in the country’s south.   

The bridge was proposed years before Mr. Duterte was elected as the country’s chief executive. It was included in his administration’s priority infrastructure program.     

In January 2021, the Department of Public Works and Highways and China Road and Bridge Corporation signed a P19.32-billion design and build contract for the project, which was a prerequisite for the loan agreement application with China. — Maya M. Padillo 

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