Home Blog Page 5650

Isuzu celebrates 25th year, reveals ‘Road to Progress’ vision

Isuzu Philippines Corp. (IPC) President Noboru Murakami (second from left) leads a toast at the 25th anniversary celebration of the company. With him are (from left) IPC Executive Vice-President Shojiro Sakoda, House of Investment Senior Vice-President and Car Business Operations Head Johnny Fetalvero, and AC Motors Automobile Group President Antonio “Toti” Zara III. — PHOTO FROM ISUZU PHILIPPINES CORP.

ISUZU PHILIPPINES CORP. (IPC) marked its 25th inaugural anniversary last week at the SMX Convention Center in Pasay City, where company officials also disclosed a new “Road To Progress” vision.

In a speech delivered to shareholders, dealers, suppliers, bank partners, members of the media, VIPs of the industry, and executives and employees, IPC President Noboru Murakami thanked everyone who contributed to the success of company. “The main reason why IPC has attained these countless achievements throughout the years is because we have the unwavering support of each and every one of you,” he said.

Isuzu Philippines also received congratulatory messages from Isuzu Motors Ltd. Executive Officer Koji Nakamura, Mitsubishi Corp. Division COO Kyoya Kondo, AC Motors Automobile Group President Antonio “Toti” Zara III, and House of Investment Senior Vice-President and Car Business Operations Head Johnny Fetalvero.

In the anniversary video shown during the program, former IPC employees from different divisions: Myrna Valle (Administration), Arnel Deunida (Manufacturing), Joseph Bautista (Sales & Marketing), Edward De Guzman (Aftersales), and Arthur Balmadrid (SVP), all of whom are pioneers, also shared their significant Isuzu experiences at the time IPC was just starting. The video conveyed that the values instilled by the pioneers are now serving as one of the pillars of foundation of the current employees in attaining new achievements in the years to come.

Apart from celebrating 25 years of success, IPC also shared the company’s plans on adhering to the sustainable development goals through a new vision, “Road to Progress,” which is going to be the underlying motive of business activities and goals moving forward.

According to the presentation of IPC President Murakami, the vision aims to realign IPC’s business process through a new perspective focusing on environment, social, and governance. One of the steps IPC takes in protecting the environment is shifting its energy source from coal power plants to renewable forms like solar energy to decrease the carbon emission of its manufacturing activities.

IPC is also encouraging its dealers to follow its lead in switching to renewable energy in the next years — envisioning a lower carbon footprint for the entire Isuzu dealer network.

For more information and updates, visit the firm’s official website at www.isuzuphil.com or follow www.facebook.com/IsuzuPhilippines.

Style (07/25/22)

Havaianas gets Heart Evangelista to endorse sandals

FLIPFLOP brand Havaianas has tapped actress Heart Evangelista to endorse its Sandals collection. The sandals feature a colorful strap across the foot. They are available on havaianas.ph.

Le Pliage Re-play: colorful to the end of the roll

WHAT happens to stocks of canvas left over from previous collections? Surely, they shouldn’t go to waste? To utilize its end-of-the-roll materials as responsibly as possible, Longchamp has come up with a solution: the Le Pliage Re-Play. The line consists of three formats — a spacious vertical tote, a small shoulder bag, and an on-trend belt bag — each combining two different colors of end-of-the-roll nylon canvas with a third color of Russian leather trim. The line is a retrospective over the many seasons of Le Pliage’s constantly renewed color palette, while simultaneously making the best use of available resources. Le Pliage Re-Play comes in nine different color combinations, available in varying quantities in boutiques throughout the world. The line is — quite literally — a limited edition. Once the stocks of canvas and leather are exhausted, these bags can never be reproduced. Longchamp is exclusively available at Rustan’s Makati, Rustan’s Shangri-La, Rustan’s Cebu, Greenbelt 5 and Rustans.com.

New portal All Things Hair

UNILEVER’S All Things Hair is a content portal with very easy-to-follow hair how-to’s, hair hacks, hair care solutions, and even hair inspirations for Filipinos. Behind the site is a community of beauty editors, hair stylists, and experts united by their passion for hair and their understanding of people’s everyday hair matters. All Things Hair offers personalized tips that make hair care fun. There are over 800 articles really practical and easy to understand, with an extensive section on haircuts based on different hair lengths, hair types, and even face type. There’s also hairstyle articles, tips, and product recommendations. An extra-wide gallery of photos gives readers ideas about what they can do. For help and guidance in DIY, the At Home section has videos, how-to’s, and product recommendations for styling hair at home. There’s also a wide section catering to men, offering plenty of information on haircare and hairstyle goals for every kind of preference, plus product recommendations. The articles could be explored according to length, trends, and products for men. To top it all off, All Things Hair has a chatbot for hyper-personalized hair recommendations based on the reader’s unique hair type.

Philippines to host Asian Volleyball Cup for women

AFTER a successful staging of two legs of the Volleyball Nations League last May, the Philippines will host another major international event in the Asian Volleyball Confederation Cup for Women set Aug. 21 to 29 at the PhilSports Arena in Pasig City.

A total of 10 teams including an all-collegiate national squad are seeing action in the seventh edition of the nine-day tournament that was originally set two years ago but was canceled due to the coronavirus disease 2019 (COVID-19) pandemic.

“This is a strong tournament and our young players, who we vision as the future of Philippine volleyball, will get the needed exposure against the continent’s best teams,” said Philippine National Volleyball Federation president Ramon Suzara.

The country is bracketed in Pool A with reigning champion China, South Korea, Iran and Vietnam while Pool B is composed of 2018 runner-up Japan, Thailand, Kazakhstan, Chinese Taipai and Australia.

The preliminaries are set from Aug. 21 to 25 with the Philippines facing Vietnam on Aug. 21, China on Aug. 23, Iran on Aug. 24 and South Korea on Aug. 25, all scheduled at television prime time 7 p.m.

The top five teams from each pool will advance to the knockout quarterfinals set on Aug. 27 with the semifinals set for Aug. 28 and the qualification matches and final on Aug. 29.

China won five of the tournament’s six editions — Nakhon Ratchasima 2008, Taicang 2010, Shenzhen 2014, Vinh Phuc 2016 and Nakhon Ratchasima 2018.

Thailand broke the streak in Almaty 2012. — Joey Villar

Cautious trading seen ahead of Fed review, SONA

REUTERS

PHILIPPINE SHARES may move sideways this week on expectations of another aggressive rate hike from the US Federal Reserve and ahead of President Ferdinand “Bongbong” R. Marcos, Jr.’s first State of the Nation Address (SONA) on Monday.

The benchmark Philippine Stock Exchange index (PSEi) inched up by 7.22 points or 0.11% to close at 6,263.39 on Friday, while the broader all shares index declined by 0.80 point or 0.02% to 3,381.06.

Still, week on week, the PSEi jumped by 68.13 points or 1.1% from its close of 6,195.26 on July 15.

“[Last] week’s trades had an upward bias ahead of Fed meeting and more local earnings results [this] week. The PSEi ended with a modest gain of 68 points to 6,274,” online brokerage 2TradeAsia.com said in a report.

“The PSEi modestly ended higher [on Friday] … amid the recent gains in the US stock markets to new highs in nearly 1.5 months, after global crude oil prices eased to near three-month lows that could lead to further rollbacks in local fuel pump prices and help ease inflationary pressures,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in an e-mail.

For this week, 2TradeAsia.com said they expect volatile trading ahead of the US central bank’s July 26-27 review.

“[A] 75 bps (basis points) rate hike is practically set in stone, although 100 bps is not too far from imagination as inflation remains stubbornly high and is pushing the US to recession territory,” the online brokerage said.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message that as investors have already priced in a 75-bp hike at that meeting, “[a] policy tightening more aggressive than the aforementioned may cause downward pressure on the market.”

“[This] week, we expect the local market to start on cautious trading as investors await President Ferdinand Marcos, Jr.’s first State of the Nation Address for clues on the local economy’s direction,” Mr. Tantiangco added.

2TradeAsia.com said the market will also wait for more second-quarter results from listed firms.

“As our corporate notes suggest, overall results for the first half should print better year on year… Balance sheet strength will be a metric that will prove itself more critical in the coming quarters,” it said.

“As market sentiment continues to walk on eggshells, there is something to be said on how valuations have been favorable to the long-term investor now versus when the pandemic started, back when concerns were relatively graver,” the brokerage added.

2TradeAsia.com put the bellwether index’s immediate support at 6,000-6,100 range and resistance at 6,500.

Meanwhile, Philstocks Financial’s Mr. Tantiangco placed the PSEi’s immediate support at 6,100-6,150 and resistance at its 10-day exponential moving average of 6,274.17, while RCBC’s Mr. Ricafort sees the psychological support being at the 6,000 mark and resistance between 6,300 and 6,500. — Justine Irish D. Tabile

Rising interest rates seen to benefit Metrobank

By Ana Olivia A. Tirona, Researcher

INVESTORS placed their bets on financial companies like Metropolitan Bank & Trust Co. (Metrobank) amid a rising interest rate environment that could push profits higher this year.

Data from the Philippine Stock Exchange showed the Ty-led Metrobank trading P653.91 million worth of 14.14 million shares from July 18 to 22, making it the 10th most actively traded issue last week.

It went up by 0.6% or 30 centavos to close at P46.70 apiece last Friday from P46.40 on Thursday. On a week-on-week basis, Metrobank dipped by 1.1% from its closing price of P47.20 per share on July 15.

Year to date, the bank’s share price was down by 13.5%.

Stocks in the financial sector, which includes Metrobank, performed “good” last week after Bangko ng Sentral ng Pilipinas (BSP) announced a surprise rate hike to battle inflationary pressures in the week before, Mercantile Securities Corp. Analyst Jeff Radley C. See said in an e-mail.

The financials subindex was flat week on week as it finished at 1,502.18 on Friday from 1,502.41 on July 15.

The BSP increased its key rate rates in an off-cycle meeting last July 14 by a record 75 basis points (bps) to 3.25%, bringing it back to March 2020 level. Rates on the overnight deposit and lending facilities were also hiked by 75 bps to 2.75% and 3.75%, respectively.

The central bank has made a total of 125 bps rate hikes so far this year.

BSP Governor Felipe M. Medalla has signaled he would not rule out another rate hike at its next policy meeting in August.

“Investors with [a] relatively higher appetite for risk considered certain plays in the Philippine banking sector, as a number of tailwinds — from better margins due to rising interest rates to new opportunities emerging from the ongoing push to go digital — are seen as a boon to the sector given higher fee-based income and savings growth,” Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in a separate e-mail.

Mr. Arce said larger banks like Metrobank are “safer bets” and will likely benefit most in the rising interest rate environment as a large chunk of their deposits is unlikely to be repriced upwards in line with loans.

“Metrobank is one of the top picks as net interest margins expand and loan growth accelerates as the economy continues to recover amidst relaxed COVID-19 restrictions,” Mr. Arce added.

Furthermore, Mr. See said that Metrobank being recognized as “Best Bank in the Philippines” at the Euromoney Awards of Excellence 2022 may have been a “bonus” in terms of positive sentiment on the company.

Euromoney said the bank’s performance was commendable in the past year faced with uncertainty, as it still recorded “strong capital and asset quality.”

Euromoney also focuses on the following key metrics for a company to win the category: market capitalization, total revenues, pre-tax profit, net income, return on tangible common equity, return on assets, net interest margin, cost-to-income ratio, Basel III Tier 1 capital, market share of deposits, market share of loans, and loan-to-deposit, nonperforming loan (NPL) and NPL coverage ratios.

Likewise, Metrobank has expanded its partnership with remittance company Pera Hub to allow fund transfer services to its users.

The new service allows persons who intend to send cash to a Metrobank client to go through Pera Hub branches.

Bank transfers, with a transaction fee of P100, can range from P100 to P25,000. Recipients can withdraw the cash from a Metrobank automated teller machine or through over-the-counter processes.

Pera Hub is the retail network brand of PETNET, Inc., a transaction network with over 3,000 locations nationwide. Aside from remittance, Pera Hub offers products and services such as money changing, payment transactions and micro-insurance, among others.

Mr. See said investors are anticipating a “good” second-quarter earnings report.

Meanwhile, Mr. Arce estimated the bank to reach P8.3 billion in net income in the second quarter and to finish the year at P28.4 billion.

The Ty-led bank was the third largest lender in the country in terms of total assets in the first quarter, central bank data showed.

Metrobank’s net income increased by 3.4% year on year to P8.104 billion in the first quarter. Its net income attributable to equity holders of the parent company likewise edged up by 2.6% to P7.986 billion.

Mr. See expects the bank’s support level to sit at P44.60 and resistance at P47.50 this week, while Mr. Arce placed its support at a range of P46.00 to P45.60 and resistance between P48.00 and P50.00.

Peso may move sideways ahead of Fed policy meeting

BW FILE PHOTO
THE PESO is seen to get support from the Bangko Sentral ng Pilipinas’ preemptive hike ahead of the US Federal Reserve’s policy meeting this week. — BW FILE PHOTO

THE PESO is expected to move sideways against the dollar this week, with a preemptive move by the central bank this month seen to give the currency support ahead of another aggressive rate hike from the US Federal Reserve.

The local unit closed at P56.28 per dollar on Friday, rising by seven centavos from its P56.35 finish on Thursday.

The peso also appreciated by eight centavos from its P56.36-a-dollar finish on July 15.

The local currency opened Friday’s session at P56.35 against the dollar. Its weakest showing was at P56.39, while its intraday best was at P56.27 versus the greenback.

Dollars exchanged went up to $789 million on Friday from $647.45 million on Thursday.

The peso strengthened versus the dollar on Friday following the downward correction of the dollar against major global currencies amid recession risks as well as the European Central Bank’s (ECB) bigger-than-expected rate hike, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a Viber message.

The ECB on Thursday raised its benchmark deposit rate by 50 bps to 0%, its first rate increase in 11 years and a departure from eight years of negative interest rates, to rein in runaway inflation. It also raised its main refinancing rate to 0.50% and signaled more hikes.

The dollar lost ground on the heels of the business activity data, as investors weighed slowing economic activity against easing inflation, Reuters reported.

The dollar index fell by 0.047%, with the euro down by 0.18% to $1.021.

For this week, Mr. Ricafort said the Bangko Sentral ng Pilipinas’ (BSP) surprise 75-basis-point (bp) rate hike on July 14 could lend support to the peso ahead of the Fed’s July 26-27 meeting, where it is expected to continue raising borrowing costs aggressively.

“The surprise +0.75 local policy rate hike to 3.25% effective July 14, 2022 is meant to support or at least stabilize the peso exchange rate, as part of the toolkit related to the exchange rate vis-a-vis the inflation-targeting framework since 2002 and the price stability mandate,” Mr. Ricafort said.

“This is a preemptive move on a possible large Fed rate hike of 0.75-1.00 to 2.50%-2.75% (upper range of the Fed target) in the next Fed rate-setting meeting, which would make the interest rate differential in favor of the US dollar … after US CPI (consumer price index) again posted a new 40-year high of 9.1% that could require more aggressive Fed rate hikes/monetary tightening to bring down elevated inflation,” he added.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion likewise said the BSP’s off-cycle hike, as well as lower oil prices, could prop up the peso against the dollar.

US crude settled down by 1.71% at $94.70 per barrel last week and Brent ended at $103.20, down by 0.64% on the day, Reuters reported.

Mr. Asuncion said the Fed’s review, where it is expected to raise rates by at least another 75 bps, will be the main driver of foreign exchange trading this week, as well as month-end corporate demand for the dollar.

He gave a forecast range of P56 to P56.60 per dollar for this week, while Mr. Ricafort expects the peso to move from a narrower band of P56 to P56.40. — D.G.C. Robles with Reuters

EU plans to ease crop rotation rules as global food risks mount

REUTERS

BRUSSELS — The European Commission on Friday proposed a suspension of EU crop rotation rules to increase cereal production and help head off a global food security crisis due to the impact of the war in Ukraine.

The European Union (EU) executive said in a statement that its plan, which followed a request from the bloc’s member states, said the short-term derogation would put 1.5 million hectares of land back into production compared to today.

“The global food system faces strong risks and uncertainties stemming in particular from the war in Ukraine where in the near future also issues of food security may arise,” it said. “Every ton of cereals produced in the EU will help to increase food security worldwide.”

If formally adopted by EU member states, the measure will apply only in 2023 for land that would be set aside under Common Agriculture Policy rules and would exclude the planting of crops typically used for feeding animals such as maize and soy.

The Commission proposal said that, with the proposal, it had sought a careful balance between global food availability and affordability on the one hand, and protection of biodiversity and soil quality on the other. — Reuters

Philippine peso 46.5% undervalued against us dollar

The Economist’s Big Mac Index is based on the theory of purchasing power parity (PPP), which states that in the long run, the exchange rates of any two economies should move towards the rate that would equalize the prices of an identical basket of goods. Using this approach for a Big Mac, one can estimate how much one currency is under- or overvalued relative to another. As of July 2022, a Big Mac costs $5.15 in the US compared to P155 in the Philippines, implying an exchange rate of P30.10 versus the dollar. Compared to the actual exchange rate of P56.27, this means that the peso is 46.5% undervalued.

Philippine peso 46.5% undervalued against us dollar

Philippine Veterans Bank to hold ‘Ride for Valor’

IMAGE FROM PHILIPPINE VETERANS BANK
IMAGE FROM PHILIPPINE VETERANS BANK

AS IT TURNS 30 years, the Philippine Veterans Bank (PVB) is set to hold a so-called “Ride for Valor.” The “non-competitive bike ride” will happen on Aug. 28 as a tribute to the Filipino soldiers who defended the country against Japanese forces during World War II.

PVB Vice-President for Communications Mike Villa-Real shared in a release that the event was supposed to be held last April, but due to pandemic restrictions and the elections, it has been postponed to Aug. 28 to coincide with National Heroes Day. The activity is also meant to celebrate the bank’s 30th anniversary.

“Through this event, we commemorate the unsung and unknown heroes of World War II and the Bataan Death March who bravely fought and sacrificed their lives for our country and freedom,” he said.

The bike ride aims to raise funds for the Filipino-American Memorial Endowment (FAME), a nongovernment organization that maintains the kilometer markers of the Bataan Death March from Mariveles, Bataan to Capas, Tarlac.

Some 80,000 Filipino and American soldiers and prisoners of war were forced by the Japanese military to march 69 miles from Bataan to Tarlac during World War II. Around 54,000 managed to reach the camp, with the rest dying due to starvation, dehydration, diseases, and the brutality of Japanese captors.

The format for the bike activity is Gran Fondo or “Big Ride.” Each participant will have a “passport” which needs to be brought to three checkpoint stops: Mt. Samat in Bataan, San Fernando Train/Water Station in Pampanga, and the Death March Memorial Shrine in Capas, Tarlac.

Each stop will have optional destinations such as the Stotsenburg Park near the Clark Parade Grounds, and the Bamban Museum of History in Tarlac, where participants will receive their ride kits.

Mr. Villa-Real said a 12-hour cutoff will be implemented during the event, and participants may finish the entire route or join along the stops. “There will be a mechanic to help those who will experience mechanical issues, and roving marshals (will be present) to monitor the progress of the participants. Support vehicles are allowed, but participants should not ride the vehicle unless they decide to withdraw from the bike ride.”

Those interested in joining the bike ride may register online at bit.ly/RideforValor2022 and pay P550 per individual and P2,100 per group of five. Only bikes with brakes are allowed in the event, and participants must be fully vaccinated. Each participant will be given a bib number, a bike sticker, an event shirt, a loot bag, and commemorative patches on the day of the event.

PVB is a commercial bank owned by World War II veterans and their families. As part of its charter, PVB allocates 20% of its annual net income for the benefit of its shareholders.

For more information, visit www.veteransbank.com.ph and bit.ly/FB_RideforValor2022.

Pat Benatar won’t perform ‘Hit Me with Your Best Shot’ anymore

SINGER Pat Benatar — PHOTO FROM BENATARGIRALDO.COM

NEW YORK — US singer Pat Benatar will no longer perform her song “Hit Me with Your Best Shot” at live shows out of respect for American families affected by mass shootings.

In an interview with USA Today on Thursday, Ms. Benatar said her view of the song’s lyrics, which include the words “fire away,” have changed.

“I can’t say those words out loud with a smile on my face, I just can’t,” said Ms. Benatar, who is touring through September.

The tongue-in-cheek song, written by Eddie Schwartz and released as a single in 1980, became Ms. Benatar’s first Top 10 hit on the Billboard 100 chart.

In November, Ms. Benatar will be inducted into the Rock and Roll Hall of Fame along with Eminem, Dolly Parton, Duran Duran, Lionel Richie, Eurythmics and Carly Simon.

There have been more than 350 mass shootings across the United States since the beginning of the year, according to Gun Violence Archive. The organization categorizes mass shootings as incidents involving four or more people who were injured or killed in a single event, not including the shooter.

The deadliest mass shooting of 2022 was in May when a gunman killed 19 children and two teachers at an elementary school in Uvalde, Texas.

Just 10 days earlier, a gunman targeted Black people at a grocery store in Buffalo, New York, killing 10 people and injuring three others.

On Fourth of July, seven people were killed and 47 others were injured by a gunman who opened fire during a parade in Highland Park, a suburb of Chicago. — Reuters

How PSEi member stocks performed — July 22, 2022

Here’s a quick glance at how PSEi stocks fared on Friday, July 22, 2022.


Los Angeles-Indiana trade talks involving Westbrook fall apart

TRADE talks between Los Angeles and Indiana, involving the Lakers’ Russell Westbrook and the Pacers’ Myles Turner and Buddy Hield, have fallen apart, according to The Athletic.

The Lakers were willing to part with one first-round draft pick, but not two, according to the report.

Westbrook exercised his $47.1 million player option with the Lakers last month and was reported to be the subject of negotiations between the Lakers and New Jersey Nets in a trade that would include Kyrie Irving going to Los Angeles.

The 33-year-old Westbrook, a nine-time All-Star point guard and 2016-17 Most Valuable Player, is entering the final season of a five-year, $206 million contract.

Westbrook, a two-time NBA scoring champion, averaged 18.5 points, 7.4 rebounds and 7.1 assists in 78 games last season, his first with the Lakers. He posted his lowest scoring average since 2009-10, and the Lakers (33-49) missed the playoffs.

He didn’t mesh well with ex-coach Frank Vogel and became a target of fans as injuries pulled apart the veteran-laden roster.

After spending his first 11 seasons with the Oklahoma City Thunder, Westbrook has been with the Houston Rockets, Washington Wizards and now the Lakers for one season each. — Reuters