Facebook Instagram Linkedin X Youtube
Home Blog Page 5688

Opening up can ease mental burden, say trauma survivors 

PIXABAY

SHARING experiences and stepping out of one’s comfort zone can help with healing, according to trauma survivors and mental health advocates who shared their coping strategies at a recent mental health summit. 

“One way to protect your mental health is by challenging yourself and doing something out of your comfort zone,” said Issa Colmenares, an information technology sales professional who raised funds for mental health therapy sessions through a charity boxing match. “When you do that, you build resilience and confidence.”  

“That’s the thing with trauma … even if you put it in a box, if it’s unresolved, it stays unresolved,” said Ms. Colmenares at the National Mental Health Summit organized by mental health services provider Mind You and the Department of Health. 

Empower Philippines founder and Chief Executive Officer Katherine Anne Alano guested on a podcast nine years after she was raped, when she realized that talking about her experience could help others. 

“I was so scared and crying,” said Ms. Alano. “I said, ‘I don’t want to do it’ … until a friend of mine from primary school called and said, ‘I’m so glad you’re doing it. I was raped in college and had no one to talk to.’”  

In the Philippines, only 34% of women who experienced physical or sexual violence sought help through formal systems, according to a 2020 report by UNICEF East Asia and the Pacific Regional Office. 

Survivors may choose not to come forward to report the crime until much later — or in some cases, not at all — out of fear, embarrassment, and/or shame.  

The rates of depression, anxiety disorders, and unplanned pregnancies are higher in women who have experienced violence compared to women who have not, according to UN Women (United Nations Entity for Gender Equality and the Empowerment of Women).  

“One day, I decided to be happy,” said Ms. Alano. “I didn’t know what that looked like. I just started to take a step at a time because I wanted to be better and healthy.”  

Meanwhile, vlogger Marissa “Small” E. Laude prayed and consulted a therapist when she couldn’t pinpoint the reason behind her sadness. A friend eventually introduced her to the world of vlogging, which she said has since given her a sense of purpose.  

“It’s not nice to be idle because you entertain negative thoughts,” said Ms. Laude. “When I found my purpose, my negative thoughts disappeared.”  

Victor B. Consunji, chief executive officer of real estate developer Victor Consunji Development Corp., spoke about the stress of perceived privilege.  

Contrary to popular belief, Mr. Consunji said his family didn’t give him “a massive trust fund to play with and squander.”  

“Having this kind of life, you also have a lot of pressure,” said the third-generation scion of the family that owns D.M. Consunji, Inc. (DMCI), one of the Philippines’ largest construction companies. “The more exposure you have, the more expectation there is for people to impose what they feel you should be.”   

“I will admit my last name, the education I got, helps … but the truth of the matter is, it’s sink-or-swim in my family. We put in blood, sweat, and tears in our ventures,” he continued, noting the importance of the entire organization. “The road is never smooth. You need everybody’s support.” — Patricia B. Mirasol 

MGen expects 200-MW renewables capacity in Q1

MERALCO PowerGen Corp. (MGen) expects to reach 200 megawatts (MW) of renewable energy by the first quarter of 2023.

“On the road to 1,500 MW with the ongoing construction of our projects, we will be at around 200 MW by [the] first quarter of 2023,” MGEN President and Chief Executive Officer Jaime T. Azurin said in a virtual briefing last week.

MGEN, the power generation arm of Manila Electric Co. (Meralco), is targeting to build 1,500 MW of renewable energy in the next seven years.

In September, MGen subsidiary PH Renewables, Inc. secured a P2.65-billion loan for the construction of its 75-MW-alternating current (MWac) solar project in Baras, Rizal.

“For the Baras project, we expect to complete it by January 2023,” Mr. Azurin said.

The solar farm is scheduled to start operations by the first quarter of 2023. It will supply renewable energy to MPower, the local retail electricity arm of Meralco.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — A.E.O. Jose

US judge says Penguin Random House book merger cannot go forward

WASHINGTON — A planned $2.2-billion merger of Penguin Random House, the world’s largest book publisher, and rival Simon & Schuster cannot go forward, a US judge ruled on Monday.

Judge Florence Pan of the US District Court for the District of Columbia, said in a brief order that she found the Justice Department had shown the deal may substantially lessen competition “in the market for the US publishing rights to anticipated top-selling books.”

Unlike most merger fights, which are focused on what consumers pay, this one focused on authors’ earnings. The government argued the deal should be stopped because it would lead to less competition for blockbuster books and lower advances for authors who earn $250,000 or more.

Penguin Random House said the decision was “unfortunate,” and said it would “immediately request an expedited appeal.” It said it considered the deal pro-competitive.

Penguin writers include cookbook author Ina Garten and novelists Zadie Smith and Danielle Steele, while Simon & Schuster publishes Stephen King, Jennifer Weiner, and Hillary Rodham Clinton, among others.

Penguin is owned by German media group Bertelsmann SE & Co. while Paramount Global owns Simon & Schuster.

“The proposed merger would have reduced competition, decreased author compensation, diminished the breadth, depth, and diversity of our stories and ideas, and ultimately impoverished our democracy,” US Assistant Attorney General Jonathan Kanter said in a statement.

The US Justice Department had filed a lawsuit aimed at stopping the deal in November 2021.

In hearings held in August, the government argued that the largest five publishers control 90% of the market, and a combined Penguin and Simon & Schuster would control nearly half of the market for publishing rights to blockbuster books while its nearest competitors would be less than half its size.

Penguin Random House lawyer Daniel Petrocelli, who defeated the government in a previous merger challenge, argued during the trial that the deal would have “enormous benefits” for readers and authors alike because the imprints, or brands, owned by the two giants would continue to compete against each other.

Best-selling author Stephen King, who testified during the three-week trial, took issue with this pledge. “You might as well say you’re going to have a husband and wife bidding against each other for the same house. It’s kind of ridiculous,” Mr. King told the court.

The top five publishers are Penguin Random House, HarperCollins, Macmillan, Simon & Schuster, and Hachette, with Walt Disney Co. and Amazon.com, Inc. also in the market. HarperCollins is owned by News Corp.

Pan was nominated to the US District Court for the District of Columbia by President Joseph R. Biden, who then nominated her to the appeals court in Washington. She was confirmed in September. — Reuters

More Filipino millennials, Gen Zs investing to meet financial needs

THE NUMBER of young Filipino investors has been growing since the coronavirus pandemic as they now recognize the importance of ensuring they can meet their future financial needs, Manulife Investment Management and Trust Corp. (Manulife IM Philippines) said. 

“Because of the pandemic, the number of our young investors, the millennials and Gen Zs, actually nearly doubled since March 2020,” Manulife IM Philippines President and Chief Executive Officer Aira Gaspar said in an interview on Oct. 14.

Ms. Gaspar said 48% of their agency channel’s client base are younger generations as of September. Inclusive of direct and broker clients, millennials accounted for 50% of their customers. 

The firm’s assets under management (AUM) also grew by 325% over that period on the back of its expanding client base, outpacing its agency channel’s AUM growth rate of 300%.

“This experience of ours actually dovetails with the study that was done by Manulife on understanding the behavior of Gen Ys and Zs. In that study, we actually found out that the pandemic has somehow accelerated the financial adulting of the young Filipinos included in that survey,” Ms. Gaspar said. 

“Some of them lost their jobs or experienced reduction in the total family income because of the pandemic-induced economic disruption. So, the pandemic has caused a shift in their behavior that puts savings, investing, and necessities, in their priorities,” she added.

Ms. Gaspar said it is never too early to start investing since a lot of professionally managed funds can be accessed at affordable amounts. 

“Our goal is to make investment solutions very affordable to young investors,” she said, adding that their money market fund can be accessed for as low as P1,000 and their offshore funds can be tapped for as low as P5,000 or $100. 

She added that Manulife IM Philippines has also been holding webinars and virtual learning sessions to help investors rebalance and diversify their portfolios.

“Financial education is really important as it empowers individuals to make informed financial choices that can help them meet their current needs, as well as their long-term financial goals,” Ms. Gaspar said. — Keisha B. Ta-asan

Health News (11/02/22)

MakatiMed accredited by DoH as cancer specialty center

The cancer center of Makati Medical Center (MakatiMed) has been accredited by the Department of Health (DoH) based on its use of a multidisciplinary approach to treating and managing the disease, its board-certified staff, and its access to the latest cancer care technologies and modalities. The center has existing partnerships with the University of California-Davis Comprehensive Cancer Center and Stanford Medical Center, which include on-site clinical rotation in various oncology subspecialties, the development of an international Cancer Care Network, a cancer registry in MakatiMed, a second opinion program, and participation in various training programs for cancer care. For more information, contact MakatiMed On-Call at 8888-8999, e-mail mmc@makatimed.net.ph, or visit www.makatimed.net.ph. Follow @IamMakatiMed on Facebook and Twitter.

Philips pushes air purifiers with return to face-to-face classes, onsite work

Air-conditioned rooms without access to outside air can be cleaned with air purifiers with high-efficiency particulate air (HEPA) filtration systems. HEPA filters work by forcing air through a fine mesh that traps pollutants such as pollen, pet dander, dust mites, and tobacco smoke. Portable air purifiers that use HEPA filters as the primary mechanism of air cleaning are both easy to install and can be placed in different areas of a classroom and other indoor spaces. The Philips 800 Series Air Purifier can help indoor spaces clean by filtering viruses, allergens, or pollutants in areas up to 48 square meters. It uses multilayer filtration technology to catch dust and air, while the NanoProtect HEPA filter is designed to capture over 99% of particles as small as 0.003 microns, which is smaller than the smallest known virus. Philips Air Purifiers are available on Lazada.

MediCard offers coverage for elderly

MediCard, a health and maintenance organization (HMO), offers several packages for senior citizens. MediCard Select members only pay for the services they use; remaining funds can be refunded. The plan covers hospitalization, outpatient treatment, and preventive healthcare. Members who are 30 years old and above are entitled to an annual physical exam (APE) that includes eight blood chemistries: fasting blood sugar, total cholesterol, uric acid, creatinine, BUN, HDL, LDL, and triglycerides. The refundable revolving fund starts at P58,000 for those over 60 years old. MediCard VIP, meanwhile, allows patients to pick their doctors while covering treatments in five-star hospitals, executive checkups, and pre-existing conditions. A partnership with Assist America provides referrals to doctors and medical monitoring in case of an emergency, on top of transportation with an escort to return home. Other privileges include access to the MediCard Lifestyle Center, which includes fitness and conference rooms, weight loss programs, dietary counseling, diamond peel at its Skin and Body clinic, and yoga classes at Surya Fitness. Annual premium starts at P32,993 for those who are 61 to 65 years old. For more information, visit www.medicardphils.com.   

Trina Solar aims to supply more local groups

CHINESE company Trina Solar Co., Ltd. targets to partner with more Philippine companies for its solar modules, a company official said.

“We have a lot of partners in the Philippines to supply solar modules to local companies,” Todd Li, president of Trina Solar Asia-Pacific, said in a Viber message on Oct. 26.

Mr. Todd said that Trina Solar will be supplying solar modules to at least nine outlets of KFC Philippines, under Ramcar Food Group. In September, the company said it supplied solar modules to local companies under Ramcar.

The solar manufacturer also supplies modules for the 94-megawatt-peak solar project of Aboitiz Power Corp. in Pangasinan which is expected to be completed by the fourth quarter of 2022.

In a media release, Trina Solar said that KFC Philippines continues to ramp up its efforts toward more sustainable and environment-friendly operations with the installation of solar power systems.

Earlier, Trina Solar said that it sees the solar market thriving in the Philippines, as installing rooftop solar allows companies to meet rising electricity needs.

The Department of Energy is targeting to increase the share of renewable energy in the country’s power generation mix to 35% by 2030 and to 50% by 2040. — A.E.O. Jose

Climate activists glue themselves to dinosaur exhibit at Berlin museum

BERLIN — Two women glued themselves to the handrails around a dinosaur exhibit at Berlin’s Natural History museum on Sunday in the latest protest by climate activists, calling on the German government to scale up measures to fight climate change.

The two activists glued themselves to the handrails around the skeleton of a dinosaur that lived millions of years ago, holding a banner that read: “What if the government doesn’t have it under control?”

“The dinosaurs became extinct because they couldn’t withstand the massive climate changes. The same threatens us,” said Caris Connell, one of the women, aged 34.

The Last Generation group, which was behind the protest, said Germany must cut emissions immediately to stop mass extinction of species and called on Berlin to impose a speed limit on motorways.

The Germany government has set CO2 reduction targets to become carbon neutral by 2045 but has not set a speed limit on the country’s motorway network.

The protest continued for 20 minutes until police arrived. Releasing the women from the handrails took another 40 minutes.

The Natural History Museum said it had filed a criminal complaint for trespassing and property damage. — Reuters

Dovish FOMC to cause traders to scramble

FOR MONTHS, investors have been eagerly awaiting a US Federal Reserve policy pivot. But now, at least for some, it might come too soon.

The latest MLIV Pulse survey suggests that if the Fed Chair Jerome H. Powell gives any dovish signals during this week’s press conference, he might send investors scrambling.

Almost half of 250 respondents polled last week said they were buying the dollar ahead of the Nov. 1-2 Federal Open Market Committee (FOMC) meeting, and about 78% expected two-year Treasury yields to go up. These bets, which worked out well through the Fed’s aggressive tightening, could go sour if Mr. Powell suggests a step down toward a 50-basis-point (bp) rate increase in December, or quarter-point moves to finish off the Fed’s hiking cycle in early 2023.

The Fed is projected to raise rates by 75 bps on Nov. 2 as it wages its battle against relentless inflation. The aggressive tightening campaign, threatening to push the US into recession, has left Treasuries on pace for their worst annual decline on record and stocks for the biggest losses since 2008. To be sure, rising hopes of a dovish signal allowed for recovery of some of the losses last week.

As for the survey respondents, many are neither buying the short nor the longer end of the Treasury yield curve in advance of the Fed meeting. More than 60% of survey participants see the Bloomberg Dollar Spot Index higher a month from now.

That suggests potential for a major reaction in the currency and fixed-income markets on any strong signal of deceleration in rate hikes.

“The data does warrant a Fed pause,” Alec Young, chief investment strategist at MAPsignals, said in an interview. “Markets are hoping for that, and would rally if we actually get that — because there’s still a lot of skeptics.”

Recent moves by Fed peers suggest a dovish surprise isn’t impossible. The Bank of Canada and Reserve Bank of Australia each raised their benchmark rates by less than economists and traders had expected at their most recent policy meetings. The European Central Bank was also perceived by investors to have been less aggressive.

Some traders have seen enough to attempt front-running a softening in the Fed’s hawkish tone. The dollar is on pace for its first monthly decline since May and stocks have risen from their lows of earlier this month, despite disappointing earnings from a number of technology giants.

“If the Fed gives us a 50-basis-point rate hike in December, there is going to be a relief rally in the market,” Nicole Webb, SVP and financial advisor at Wealth Enhancement Group, said in an interview.

Mr. Powell will likely seek to keep his options open for December, according to Morgan Stanley economists led by Ellen Zentner. While some data point to further weakness in the economy, inflation remains historically elevated. Haunted by the lessons of the past and faulted for being too late on tackling price pressures, Mr. Powell has been reluctant to pin hopes on forecasts for inflation to ease and therefore warrant taking the foot off the pedal.

As borrowing costs rise and the ensuing economic downturn eats into profits, distress and a pickup in default rates in credit markets are emerging as a top concern for investors, according to 54% of respondents. Stress in corporate debt supersedes worries about liquidity strains in Treasuries, which have approached 2020 crisis levels after a year of steep losses for bonds, raising concerns about market functioning.

Shelved leveraged-buyout financings, plunging issuance and surging yields have recently raised fears of dysfunction in corporate bonds. Asia has suddenly come back in focus as more cracks opened up. The outlook for defaults looks grim. Growing concerns about credit — long seen as a canary in the coalmine for recession — would only add to expectations for a Fed pivot. — Bloomberg

Stemming the silent diabetes epidemic

PXHERE.COM

Long before the coronavirus disease 2019 (COVID-19) pandemic, a silent epidemic of diabetes was causing blindness, lower limb amputation, kidney failure, heart attack, stroke and death among hundreds of millions of people. Worse, the prevalence of diabetes continues to increase globally.  

Together with cardiovascular diseases, hypertension, cancers, and chronic respiratory diseases, diabetes is one of the world’s four major noncommunicable diseases (NCDs), presenting a major threat to global health.  

Today, an estimated 537 million adults around the world are living with diabetes, according to the 10th edition of the International Diabetes Federation (IDF) Diabetes Atlas. Four in five adults (80%) with diabetes live in low- and middle-income countries (LMICs), including almost 4 million Filipino adults. This number is predicted to rise to 643 million by 2030 and 783 million by 2045. Nearly 1 in 2 people who have diabetes are undiagnosed. Diabetes was responsible for 6.7 million deaths in 2021 — 1 every 5 seconds. It cost at least $966 billion in health expenditure — a 316% increase over the last 15 years.  

Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin (hormone that regulates blood sugar) or when the body cannot effectively use the insulin it produces, a condition known as insulin resistance.  

Diabetes in its early stages is often asymptomatic. When symptoms do occur, these may include increased thirst and urination, increased hunger, fatigue, blurred vision, numbness or tingling in the feet or hands, sores that do not heal, and unexplained weight loss. Some people do not find out they have the disease until they have diabetes-related health problems, such as blurred vision or heart trouble. If you experience these symptoms, consult your doctor immediately.   

There are two types of diabetes, type 1 and type 2. The most common form is type 2 diabetes. One is more likely to develop type 2 diabetes if you are not physically active and are overweight or obese. Extra weight sometimes causes insulin resistance and is common in people with type 2 diabetes. Other risk factors include being 45 or older, a family history of diabetes, high blood pressure, and a low level of HDL (“good”) cholesterol or a high level of triglycerides.   

The good news is there are steps to lower one’s risk of developing diabetes. If one is overweight, it is best to shed the excess pounds and keep these off. A person may be able to prevent or delay diabetes by losing 5%–7% of their starting weight. For instance, if a person weighs 200 pounds, the goal would be to lose about 10–14 pounds. A person may get at least 30 minutes of physical activity or talk to a doctor about the best exercise regimen. Eat a high-fiber, low-fat diet rich in fruits, vegetables, and fish. Eat smaller portions and drink water instead of sweetened beverages.  

To improve access to diabetes care in LMICs, there is a need to provide increased and sustained financing for diabetes prevention and care; enact fit-for-purpose regulatory approval frameworks and policies to ensure the right products are readily available; establish or strengthen existing supply chain infrastructures; provide healthcare professionals with the right tools and training for the prevention, diagnosis and control of the disease; and finally, empower people with quality information so they can better manage their condition.  

In April 2021, the World Health Organization (WHO) launched the Global Diabetes Compact to unite stakeholders across sectors, including people living with diabetes, to shape a common agenda and drive action toward improved solutions to diabetes treatment and care in LMICs.  

The biopharmaceutical industry committed to collaborate with WHO, governments, civil society, health system stakeholders, and other private sectors to scale up existing initiatives and explore new collaborative models.   

The biopharmaceutical industry is likewise involved in numerous partnerships on the ground, focusing its efforts on disease awareness and prevention, diagnosis, treatment, and control. They are also engaged in several collaborations for the prevention, timely testing and diagnosis, access to medicines, and management of patients on a course of treatment for diabetes.  

But the work is not yet done. At present, there are more than 160 medicines in development to manage diabetes and related conditions to help save lives.   

  

  

Teodoro B. Padilla is the executive director of the Pharmaceutical and Healthcare Association of the Philippines (PHAP), which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are at the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos. 

Manila drops in Global Cities Index

Manila fell three places to land at 72nd out of 156 cities in the 2022 Global Cities Index report by management consulting firm AT Kearney. The report looks at which cities are most competitive now as well as which ones are “creating conditions for their future status as global hubs.” In the Global Cities Outlook, Manila also dropped three places to 120th.

Manila drops in Global Cities Index

Cautious trade seen ahead of Fed meet, inflation

REUTERS

PHILIPPINE STOCKS will be range-bound as trading resumes this week ahead of the release of October inflation data and the US Federal Reserve’s policy meeting.

On Friday, the benchmark Philippine Stock Exchange index (PSEi) went down by 77.15 points or 1.23% to finish at 6,153.43, while the broader all shares index declined by 25.09 points or 0.76% to end at 3,257.29.

Still, week on week, the PSEi climbed by 169.87 points or 2.84% from its close of 5,983.56 on Oct. 21. 

China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said in an e-mail that the PSEi went down on Friday on selling pressure as investors pocketed their gains after the market’s four-day rally.

“The index capped four straight days of gains with profit taking. The index surged throughout the week as sentiment got a boost from a strong start to the third-quarter earnings season, a Fed official’s pronouncement, which raised prospects of a scaling back in the pace of future rate hikes, and the peso’s strength against the greenback,” Mr. Mercado said in an e-mail on Friday.

The Fed has raised rates by 300 basis points (bps) since March and is expected to deliver a fourth straight 75-bp hike in its Nov. 1-2 meeting before considering slower increases by December.

Meanwhile, the peso closed at an over one-month high of P57.97 on Friday, rising by 25 centavos from its P58.22 finish on Thursday and by 78 centavos from its P58.75-per-dollar close on Oct. 21. 

For this week, Mr. Mercado said the Fed’s meeting and the release of October Philippine inflation data will drive sentiment.

The Bangko Sentral ng Pilipinas on Monday gave a 7.1% to 7.9% estimate for October headline inflation amid higher food prices and transport fares.

The Philippine Statistics Authority will release October inflation data on Nov. 4.   

First Metro Investment Corp. Research Head Cristina S. Ulang said investors are awaiting the result of the Fed’s policy meeting.

“If Fed signals a pivot to slower hikes, it will be cheered by the local market,” Ms. Ulang said in an e-mail on Friday. “A key risk is if the Fed surprises by more than 75 bps, which can trigger further profit taking.”

“The PSEi is likely to be range-bound in the coming week. Volatility may only resume Wednesday given the market’s two-day absence in light of the holiday,” COL Investment Management, Inc. President Marvin V. Fausto said in an e-mail on Friday.

Local financial markets were closed on Monday and Tuesday in observance of public holidays.

“The recent recovery in the peso should provide tailwind for local equities to be more buoyant, so long as it remains at the P58 level or lower,” he added.

First Metro Investment’s Ms. Ulang placed the PSEi’s support and resistance at 5,700 and 6,300, respectively, while COL Investment Management’s Mr. Fausto put support at 6,080 and resistance at 6,200. — A.E.O. Jose

Peso may weaken anew vs the dollar as large Fed hike looms

BW FILE PHOTO

THE PESO may decline anew against the dollar this week on expectations of another large rate increase from the US Federal Reserve at their monetary policy meeting.

The local unit closed at P57.97 on Friday, strengthening by 25 centavos from its P58.22 finish on Thursday, data from the Bankers Association of the Philippines showed.

This was the peso’s best close in over a month or since it finished at P57.48 a dollar on Sept. 20.

Week on week, the peso climbed by 78 centavos from its P58.75-per-dollar close on Oct. 21.

The peso opened Friday’s session at P58.30 per dollar. Its weakest showing was at P58.35, while its intraday best was at P57.82 versus the greenback.

Dollars exchanged dropped to $912.35 million on Friday from $1.077 billion on Thursday.

Philippine financial markets were closed for public holidays from Oct. 31 to Nov. 1.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the peso’s climb on Friday to an increase in remittances from overseas Filipino workers ahead of the long weekend.

MUFG Global Markets Research Currency Analyst Sophia Ng said the peso appreciated week on week on expectations of slower Fed hikes by next month.

“The peso’s 1.3% rebound against the dollar last week was its strongest weekly gain since the week ended July 29. This was mainly driven by dollar weakness as markets pared back expectations of Fed rate hikes in the near term, as well as exceptionally hawkish rhetoric by the authorities,” Ms. Ng said.

The dollar posted losses towards the end of last week due to expectations that the Fed could consider smaller interest rate hikes by December following dovish comments from some officials and weak data that indicated a slowing US economy.

Meanwhile, Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla last week said the Philippine central bank could match the Fed’s rate hikes point by point to support the peso and prevent its depreciation from adding to inflation risks.

He said the Monetary Board may raise benchmark interest rates by 75 basis points (bps) at their Nov. 17 meeting if the Fed delivers a hike of the same magnitude at their Nov. 1-2 review.

“We now see the BSP hiking the benchmark overnight reverse repurchase rate by 75 bps in November and at least 50 bps in December after 225 bps of cumulative rate hikes so far this year,” Ms. Ng said. This will bring the policy rate to 5.50% by yearend, the highest since December 2008.

“Markets have pared back Fed rate hike expectations the past week, but if the FOMC (Federal Open Market Committee) turns out to be more hawkish than expected, [the exchange rate] is likely to rise again. The P59 mark still looks to be a good level of topside resistance for now,” she said.

However, the dollar’s recent weakness may only be temporary as market players will seek guidance on the Fed’s rate action in December after the central bank delivers another large rate hike at their meeting this week, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail. The FOMC’s last rate-setting meeting for the year is scheduled on Dec. 13-14.

Aside from the Fed’s policy meeting, Ms. Ng said investors will also look at October inflation and merchandise trade data releases for trading leads.

The BSP on Monday said October headline inflation could have settled at 7.1% to 7.9% in October, driven by rising food prices, higher transport fares and the peso’s depreciation. 

If realized, October inflation would exceed the central bank’s 2-4% target for the seventh straight month. This would also be faster than the 6.9% seen in September and 4% in the same month last year.

A BusinessWorld poll of 14 analysts conducted last week yielded a median estimate of 7.2% for annual inflation in October.

For this week, Mr. Ricafort sees the local unit moving from P57.50 to P58.25 per dollar, while Mr. Asuncion expects the peso to trade weaker at P57.80 to P58.60. — Keisha B. Ta-asan

1...5,6875,6885,689...14,243Page 5,688 of 14,243
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube