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Focus on RE capacity-building, active mobility needed

EDUCATION and support for active mobility are critical as the Philippines strives to become more climate friendly, a climate and energy policy group said.

Arturo A. Tahup, associate for community resilience at the Institute for Climate and Sustainable Cities (ICSC), called on the private sector to not only invest in renewables, but also invest in courses to help educate people in managing renewable energy (RE) systems.

“Invest in education and capacity-building courses so that we can have more trained, educated, and empowered RE technicians and engineers,” Mr. Tahup said at a virtual forum last week.

Small islands and coastal communities are said to be the most vulnerable to climate impacts. Access to electricity is also one of the pressing issues, however, Greenergy Solar PH Co-Founder Philline Marie P. Donggay said this is an opportunity “to provide clean energy systems.”

Meanwhile, Arielle Celine L. Tabinga, urban transition analyst at the ICSC, stressed that the “mobility revolution” is underway.

Citing a report by the IEA (International Energy Agency) and the International Council on Clean Transportation in 2018, she said the transport sector is the largest source of global transport emissions accounting for 24% of global carbon dioxide (CO2) emissions for the year’s study.

Nearly half or 45.1% of the emissions come from passenger road transport, which includes cars, motorcycles, buses, and taxis. It is also expected to grow at a faster rate compared with other sectors such as freight road transport, aviation, shipping, and rail, among others.

“The level of air pollution that we have… is essentially equivalent to every Filipino smoking one cigarette per day,” said Center for Research on Energy and Clean Air (CREA) Analyst Isabella L. Suarez.

She said greenhouse gas emissions also contribute to air pollution, which is said to be the “leading environmental health threat” in the Philippines. The economic impact of poor air is also affecting healthcare costs as well as the ability to work.

“The estimates are essentially equivalent to 23% of our GDP (gross domestic product) in 2019,” Ms. Suarez said. “With the level of air pollution that we are breathing and the impacts on our health and cost and spending, it’s scraping 23% of our GDP every year.”

On the other hand, ICSC’s Ms. Tabinga noted that one of the solutions to reduce CO2 emissions is a shift to the “most efficient modes,” an example of which is non-motorized transport.

The private sector, as well as the government, is urged to promote programs that enable active mobility, like cycling and walking.

“Not only does active mobility [reduce] emissions, it also taps into the concerns [and] takes into consideration [issues such as] equity and accessibility,” Ms. Tabinga said.

The Mobility Awards recognizes establishments as well as cities that are deemed “bicycle-friendly.” CREA’s Ms. Suarez said, “Companies that invest in solutions to address air pollution can simultaneously reduce their carbon footprint.”

“We believe that businesses, together with the local governments, have an essential role to play in developing programs where the ultimate aim is not defined by scale or size, but their impact on the working households in the country,” Ms. Tabinga said. — Keren Concepcion G. Valmonte

Yields on government debt inch up on inflation, Fed meeting

DEBT YIELDS at the secondary market mostly rose last week on still elevated inflation and the US central bank’s policy meeting.

Yields on government securities (GS) increased by 4.46 basis points (bps) on average week on week, based on PHP Bloomberg Valuation Service Reference Rates as of Nov. 5 published on the Philippine Dealing System’s website.

At the short end of the curve, rates of the 91- and 364-day Treasury bills (T-bills) inched up by 0.33 bp and 3.22 bps, respectively, to 1.2164% and 1.655%. Meanwhile, the six-month paper’s rate inched down by 0.61 bp to finish at 1.4427%.

At the belly, yields on the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) rose by 3.7 bps (to 2.4128%), 8.3 bps (to 2.9645%), 12.28 bps (to 3.4782%), 13.66 bps (to 3.9137%), and 11.02 bps (to 4.5083%), respectively.

Meanwhile, yields on the 20- and 25-year T-bonds fell by 4.62 bps to 5.109% and 8.84 bps to 5.1254%, respectively. On the other hand, the rate of the 10-year paper increased by 10.61 bps to end the week at 4.9573%.

A trader said debt yields inched higher after the Bureau of the Treasury (BTr) last week awarded T-bonds at a higher-than-expected rate.

“It didn’t help that market also anticipated the consumer price index data, which despite coming lower than expected failed to calm the selling pressure,” the trader said in a Viber message.

The government made a full award of the reissued T-bonds it offered on Wednesday as rates went up, with the market anticipating the result of the US Federal Reserve’s policy review.

The BTr raised P35 billion as planned via the reissued five-year T-bonds with a remaining life of four years and five months.

Tenders reached P46.65 billion, higher than the offer but lower than the P56.08 billion in bids fetched the last time these debt papers were auctioned off on Oct. 12, where the government made a full award.

The five-year notes fetched an average rate of 3.762%, up by 18.6 bps from the 3.576% quoted for the tenor during the previous auction.

Meanwhile, inflation eased to a three-month low in October amid a slower increase in food prices, the Philippine Statistics Authority (PSA) reported on Friday. Headline inflation settled at 4.6%, slower than the 4.9% median estimate of 21 analysts in a BusinessWorld poll.

The October figure was slower than the 4.8% in September, but faster than 2.5% a year earlier. Still, this was the third straight month inflation exceeded the 2-4% target of the Bangko Sentral ng Pilipinas (BSP) for the year. Inflation has topped the BSP target this year except in July.

This brought headline inflation for the first 10 months to 4.5%, faster than the 4.4% forecast by the central bank for the year.

The market also priced in the policy meeting of the Federal Open Market Committee last week, where it announced its plan to start reducing its monthly asset purchases, as expected, another trader said. 

“There was some caution ahead of the US Federal Reserve policy meeting,” the second trader said in an e-mail.

The Fed on Wednesday announced it will start reducing its monthly Treasury asset purchases, although it maintained policy rates near zero. Both are in line with market expectations.

For this week, yields could continue to rise ahead of key local and US data.

“Local yields this week are seen to move with some upward bias as the likely stronger US consumer and producer inflation reports might reinforce more hawkish views by market participants,” the second trader said.

“This upside, however, might be limited due to some market caution ahead of the third- quarter Philippine (gross domestic product) growth report,” he added.

Third-quarter GDP data will be released by the PSA on Nov. 9. A BusinessWorld poll of 18 economists yielded a median estimate of 4.65% for third-quarter GDP growth. If realized, this would be slower than the 11.8% expansion seen in the April to June period but better the 11.5% contraction in the same period last year.

Analysts said the lockdown imposed amid the fresh surge in coronavirus cases due to the Delta variant last quarter likely dented growth.

“Expect upward pressure on yields and wait for more clues on the weekly auctions,” the first trader said. — Luz Wendy T. Noble

Style (11/08/21)

Merrell releases limited edition Funfetti MOAB 2 Boot

OUTDOOR lifestyle brand Merrell has been at the forefront of the hiking shoe category for 40 years. Known for the Moab boot — a staple in yearly lists for “the best hiking boots” by The New York Times, Travel and Leisure, and Forbes — Merrell has a devoted fanbase that spans hardcore hikers to those who embrace outdoor fashion. To celebrate its 40th anniversary, the “Mother of All Boots” is given the funfetti treatment from its uppers down to its outsoles. The Funfetti Moab 2 Mid Waterpoof bears the hallmarks of the regular Moab such as durable leather uppers, a supportive footbed, and incredible on-trail traction. The uppers are reimagined in off-white while the speckled Vibram outsole is supposed to imitate rainbow sprinkles. The boot is punctuated by multicolor laces that tie the birthday theme together. These shoes may look like a sweet treat but they’re made to perform in the trails. This limited-edition Moab comes in whole men’s sizes from 7 to 12. Shop the Moab 2 Funfetti in Merrell concept stores nationwide and online at www.merrell.com.ph.

Unbox gifts from Korres

GREEK skincare brand Korres was born out of Athens’ oldest homeopathic pharmacy in 1996. This festive season, the brand is highlighting Korres Pure Greek Olive with an extensive selection of skincare, body care, and lip care essentials, as well as the Korres Eau De Toilette Collection featuring scents that tell different stories. One of the best-selling products, the Pure Greek Olive 3in1 Nourishing Oil, is rich in organic extra virgin olive oil and reinforced with a mixture of vitamins C, E, F, and omega-6 fatty acids for smooth and elastic skin. This multitasking product can also be used to achieve shiny, silky hair and prevent breakage and frizz. For removing impurities and make-up, there is Pure Greek Olive 3-in-1 Cleansing Emulsion. Another product is the creamy exfoliator Pure Greek Olive Creamy Exfoliating Scrub which has natural olive stone grains to effectively get rid of dead skin cells. To keep skin moisturized throughout the day without the sticky feeling, there is a lightweight day cream, the Pure Greek Olive Moisturizing Day Cream. Pure Greek Olive Nourishing Night Cream is enriched with antioxidant olive leaf extract, extra virgin olive oil, and hyaluronic acid. For lips, the Pure Greek Olive Lip Oil will keep them plump and supple. The ultra-hydrating lip oil also adds shimmer and a shiny finish. Pure Greek Olive Traditional Soap is a 100% natural olive oil soap base that gently cleanses the skin and leaves behind a soft and supple feel. The Pure Greek Olive Showergel is available in different, scents like olive blossom, verbena, sea salt, golden apple, lime, pomegranate, and peach blossom. It can be paired with Pure Greek Olive Body Cream which is available in the same scents. Other products are Pure Greek Olive Body Balsam and Pure Greek Olive Hand Cream. Korres also has a line of fragrances including Morning Mimosa, Vanilla Freesia, White Tea, Mountain Pepper, and Oceanic Amber. Korres products are available in select Beauty Bar stores, beautybar.com.ph, trunc.ph, and the Korres Flagship Store in LazMall.

Montblanc releases eco-conscious bags

MONTBLANC is introducing Montblanc Blue Spirit, a collection of bags and accessories containing regenerated fabric and other environmentally conscious materials. The bags are crafted for customers who care about their environmental footprint while expressing themselves through their style. All the material used in the eco-friendly line was selected to minimize environmental impact, starting with the fabric used both externally and for the lining of each piece — a sustainable nylon yarn called Econyl which is made of waste like fishing nets, carpets, and fabric scraps. Econyl can be recycled infinitely without losing its quality. The collection uses leather made with less water, chemical products, and CO2 emissions. The stainless steel in the detailing in 100% recyclable. Every detail made from plastic including the closures and buckles in certain styles have had a previous life. The straps are made with recycled polyester (Rpet or rePET) that is almost identical to virgin polyester in terms of quality, but its production requires 59% less energy and results in a 32% decrease in CO2 emissions. An internal leather tag stitched inside each of the pieces features a manifesto: “Those who dare, those who will, those who care make the difference.” The full Montblanc Blue Spirit assortment includes two city backpacks, a tote with straps so it can be worn as a backpack, an envelope bag to be worn over the shoulder and a mini envelope, a belt bag, and a duffle, wash bag, a pouch, and a case for overnight trips.

Uniqlo has offers, promos for holidays

GLOBAL apparel retailer Uniqlo will have a series of mega sales and promotions leading up to Christmas. The festivities begin with the 11.11 on Nov. 11, where shoppers can enjoy special offers and discounts on select LifeWear pieces. This will be followed by the Kanshasai (Thank You) Festival from Nov. 19 to 25. New and existing Uniqlo customers can also look forward to the Black Friday and Cyber Monday Sales on Nov. 26 and Nov. 29, respectively. To cap off the season’s festivities and special sale dates, Uniqlo will be conducting a 12.12 sale on Dec. 12. This Holiday season customers will be given a new and limited-edition design of the Uniqlo paper bag which includes parols (lantern). Uniqlo Philippines is also introducing singer and actress Sarah Geronimo-Guidicelli as the new Holiday ambassador. She will join Jose Mari Chan for a new and original Christmas jingle that will be played in Uniqlo stores nationwide. For more updates, visit Uniqlo Philippines’ website at www.uniqlo.com/ph.

Globe 0917 Lifestyle launches first sustainability line

GLOBE’S 0917 Lifestyle brand collaborates with Revolve, a Philippine-based social enterprise, to create products including T-shirts and totes using recycled polyethylene tetraphyte (RPET) bottles. The 0917 Lifestyle Sustainability Shirt, an especially recycled custom unisex shirt, is made from 60% cotton and 40% RPET, equating to roughly four to six one-liter plastic bottles. The tote bag is made from 100% recycled plastic bottles, exactly three one-liter bottles worth. The new sustainability collection is available online at http://0917lifestyle.com/collections/globe-of-good-for-sustainability. To know more about 0917 Lifestyle, visit www.0917Lifestyle.com or check its social media pages. Instagram: @/0917 and Facebook: 0917 Lifestyle.

Yankee Candles on sale

PERFECT Serenity Bliss, Inc., the authorized distributor of Yankee Candles in the Philippines, is holding the PSBI Anniversary Online Sale on its website and online stores. There is an extensive catalog of marked-down Yankee Candle items, from the collection of home fragrances and candle accessories to car scents. The newest candle collection, launched in September, is The Signature Collection. For details on the sale and more, visit www.serenitybliss.com.ph, or follow its social media pages on Facebook www.facebook.com/yankeecandlephilippines and Instagram www.instagram.com/yankeecandlephilippines.

Xiaomi teams up with Swarovski

TECHNOLOGY brand Xiaomi has announced its partnership with Swarovski on a limited edition offering of Xiaomi 11 Lite 5G NE. An iconic Swarovski pendant will be included with selected Xiaomi 11 Lite 5G NE variants across Malaysia, Philippines, Singapore, Thailand and Vietnam. The limited-edition box contains a state-of-the-art Xiaomi 11 Lite 5G NE paired with Swarovski’s signature swan necklace, embellished with a gradation of blue crystals. Xiaomi introduced a new color for the limited edition — Snowflake White, matte and frosted white similar to freshly fallen snow, matching the elegance of Swarovski. The 8+128GB variant of Xiaomi 11 Lite 5G NE packaged in a premium gift box that comes with the Swarovski pendant will retail at P18,990 in all participating Xiaomi Authorized Stores from Nov. 5 to 12. For details on the Xiaomi and Swarovski’s limited time offer, follow the official Xiaomi Facebook page.

OPPO gadgets up to 56% off on 11.11

OPPO will be offering discounts of up to 56% on select gadgets during the 11.11 online brand sale on Shopee and Lazada on Nov. 11. Get deals on OPPO smartphones, including A15 (3GB), A15s, A16 (3GB), A54 (6GB), A74 5G, Reno5, Reno5 5G, and select IoT accessories such as Enco Buds, and OPPO Band B1. Starting Nov. 5, shoppers can start collecting store vouchers amounting to P200 for every minimum spend of P9,999 and P400-off for a minimum purchase of P14,999 which can be redeemed on Nov. 11. Shoppers will have a chance to get free wireless G25 Earphones for all mobile phone orders for a limited time on Nov. 11, from midnight to 2 a.m. Additionally, orders made during the sale will be included on the 11.11 OPPO Livestream raffle via Lazada and Shopee. Ten winners from Shopee and Lazada will receive their orders for free, and six winners from Lazada will win Globe LTE-A Home Prepaid WiFi Modem with three months of 100GB of data. For more updates and detailed promotion mechanics about the sale, visit OPPO’s official website at www.oppo.com/ph or via the official Facebook page at OPPO Philippines.

Scandinavian oral care design arrives in PHL

JORDAN, a Scandinavian brand that has been caring for people’s teeth since 1927 and with world-wide presence in over 50 global markets has now arrived in the Philippines. It brings its range of good quality, easy-to-use, and stylish products to make people’s dental care routine as uncomplicated as possible. Each product is made with carefully selected materials and a purposeful design that has been recognized by international design award-giving bodies such as the Red Dot Design Award and Norwegian Design Council. Its product range for kids, Jordan Steps, offers toothbrushes and toothpastes that are designed with different features that are tailor-made for the child’s age and oral development to help parents establish fun and good dental care habits. For adults, Jordan has a range of products that fit different oral care needs and preferences. Reflecting the Scandinavian and Nordic countries relationship to nature, sustainability is an integral part to Jordan’s product portfolio. The Green Clean toothbrush is made of sustainable and recycled materials — with bio-based nylon bristles, a 100% recycled plastic handle, and packaging made of recycled paper fibers. Jordan Oral Care products are now available in all South Supermarket branches and its official stores on Shopee and Lazada.To know more about Jordan, visit https://www.jordanoralcare.com/.

4-in-1 body lotion includes mosquito repellant

HELLO Glow has introduced Citronella 4-in-1 Body Lotion which contains citronella which irritates and drives away mosquitoes. It is also enriched with Vitamin E which helps protect the skin from damage. It hydrates the skin and serves as a moderately effective natural barrier against the sun. It also contains aloe vera, which has anti-inflammatory properties that can reduce pain or swelling. Aloe vera also helps moisturize, soothe, and hydrate the skin. Finally, Hello Glow 4-in-1 is also infused with the cooling effect of peppermint, for that cool, refreshing feeling. Hello Glow Citronella 4-in-1 Body Lotion (P250) available in Watsons, Lazada (lazada.com.ph/shop/hello-glow/), Shopee (shopee.ph/helloglowofficialstore), and in Ever Bilena Direct Sales.

Anytime Fitness PHL launches year-end sale

ANYTIME Fitness Philippines concludes 2021 with a nationwide Year-End Sale. It will be launched on 11.11 and will run until Nov. 25. The campaign offers the lowest rates for both NCR (National Capital Region) and provincial clubs. The sale also activates the online sign-up option for all clubs nationwide, a first for Anytime Fitness PH. New joiners can avail of the sale rates by visiting any Anytime Fitness club or via the online sign-up links in the clubs’ social media pages. For inquiries visit the Anytime Fitness Facebook page https://www.facebook.com/AnytimeFitnessPhilippines, Instagram page https://www.instagram.com/afphilippines_/, and website https://www.anytimefitness.ph/.

Brazil’s coffee crop expected to rebound after experiencing above-average rainfall

REUTERS

BRAZIL’S 2022-23 coffee crop will probably rebound after favorable rains brought relief from drought, according to Ecom Trading, one of the world’s biggest traders of the commodity.

“We are very optimistic about the recovery,” said Jorge Esteve, a vice-president of Ecom’s Brazilian unit in Sao Paulo. “Rains have been very good, above average since September.”

The wold’s biggest producer will collect the high-yielding cycle of the arabica harvest next year. This year’s crop was hurt by dry weather that reduced output to 54.7 million bags from a record above 70 million bags in 2020-21. Brazil’s crop year spans from July through the following June.

Bigger production could replenish depleted stockpiles and clip the rally in prices. Arabica coffee futures surged 62% this year in New York, with tighter supplies in South America compounded by soaring freight costs and a shortage of containers. That’s lifted the cost outlook for companies such that use the beans such as Starbucks Corp. and Nestlé SA.

Yields from farms south Minas Gerais and Alta Mogiana hit hard by frosts in July will still be affected. Other places like Zona da Mata or robusta-growing regions that experienced milder weather should see better crops. Added plantings in places like Bahia and Rondonia should bump robusta production, Esteve said.  

Ecom’s projections tend to be higher than official forecasts in Brazil and are typically more aligned with the US Department of Agriculture. Brazil consumes around 23.6 million bags a year, with exports exceeding 30 million. A bag weighs 60 kilograms.

Like the rest of the world, the nation is dealing with logistical snarls that have held back about 6 million bags from export over the past few months, Esteve said. A trucker-driver strike  this week has delayed shipments to ports, he said. — Bloomberg

Mitsubishi Xpander Black Series boasts elegant, sophisticated look

PHOTO FROM MITSUBISHI MOTORS PHILIPPINES CORP.

MITSUBISHI MOTORS Philippines Corp. (MMPC) unveils a new trim of its popular MPV model. The Xpander Black Series “takes on a more elegant look with new black accessory accents,” said MMPC in a release. The grille, Dynamic Shield garnish, lower bumper, fog light bezel, and door mirrors are rendered in black to project an aggressive look. For the side and back profile, the sill garnish, door handles, panel moldings, rear lower bumper, and 17-inch alloy wheels are also painted black.

The company said that “the Mitsubishi Xpander is a nameplate that is known to have revolutionized the MPV segment.” Rolled out in the Philippines in 2018, the Xpander pioneered a “bold and sporty design that broke the traditional conservative and practical look of multi-purpose vehicles.” The Xpander was the first Mitsubishi Motors vehicle to carry the Dynamic Shield. The model quickly became the leader in its category.

MMPC President and CEO Takeshi Hara said, “The new Xpander black series is developed to rejuvenate excitement towards our number-one-selling MPV. The Xpander remains to be a very important product in our vehicle lineup and we at MMPC are geared to consistently enhance its offerings to cater to the various demands of the market. With the Black Series, the Xpander presents a more sophisticated look.”

Apart from its new style and personality, the Xpander Black Series still boasts a spacious interior that can accommodate seven adults; flexible seating configuration; a dependable and fuel-efficient 1.5-liter MIVEC engine; a range of comfort, convenience, and safety features; and easy ownership experience.

The Xpander Black Series is available in two colors, Quartz White Pearl and Black Jet Mica, and is priced at P1,138,000. For more information, visit www.mitsubishi-motors.com.ph/cars/xpander/black-series or schedule an appointment with a preferred dealer.

AllDay’s expansion plans lure investors in first week

By Keren Concepcion G. Valmonte, Reporter

NEWLY-LISTED AllDay Marts, Inc. was one of the most actively traded stocks last week, as investors sought a piece of one of the fastest-growing grocery retailers.

Data from the Philippine Stock Exchange (PSE) showed a total of 4.6 billion AllDay shares worth P3.97 billion were traded from Nov. 3 to 5, making AllDay the fifth most active stock on the market.

Friday saw AllDay’s stock close at 77 centavos apiece compared to its initial public offering (IPO) price of 60 centavos per share.

AllDay made its market debut last Wednesday, hitting the 50% daily trading limit at the beginning of the trading session.

“Investors who haven’t been allocated enough shares during the offer period attempted to buy AllDay shares in the open market instead, which may have played a part in the stock’s strong close during the first day of trading,” Darren Blaine T. Pangan, trader at Timson Securities, Inc., said in a Viber message on Friday.

“Profit taking activity was more pronounced and eventually pulled the stock lower during its second day of trading,” Mr. Pangan said. “[AllDay], however, still closed higher than its IPO price.”

On Nov. 4, AllDay shares hit a high of P1.10. It reached an intraday low of 71 centavos before closing higher than its IPO price by 23.33%, or 14 centavos, to 74 centavos apiece. However, this is lower than its 90 centavos finish on Nov. 3.

Investors were drawn to the stock because of the company’s expansion plans, said Claire T. Alviar, senior research and engagement officer at Philstocks Financial, Inc.

“It is… one of the fast-growing grocery stores in the Philippines with earnings growing by a two-year CAGR (compound annual growth rate) of 94.92%,” Ms. Alviar said in a Viber message on Saturday.

“Positive sentiment in the market given the easing of restrictions and reopening of the economy also helped in the first-week performance of [AllDay],” she added.

Metro Manila’s quarantine restrictions have been lowered to Alert Level 2, which will be in effect until Nov. 21.

The Villar-led grocery operator plans to use its IPO proceeds to pay off debt, fund capital expenditures, and expand its store network.

AllDay intends to expand its current 33-store network to 45 by next year and 100 by the end of 2026.

AllDay’s sales surged to P7.93 billion in 2020 from P3.05 billion in 2018, representing a CAGR of 61.4%, according to its final prospectus dated Oct. 12. Its net profit increased at a CAGR of 94.2% during the period, reaching P219.6 million in 2020.

“The management’s confidence that their strong performance over the years can be sustained may have given a boost to the stock’s performance over the past few days,” Timson Securities’ Mr. Pangan said.

First-half profits rose 58.8% to P179.6 million, while sales grew 19.7% to P4.49 billion in the first half of 2021. Philstocks Financial’s Ms. Alviar believes that AllDay’s momentum will continue into the second half of the year.

“This year, we expect [AllDay’s] net income to grow by 79.28% year on year to P393.69 million since we project [AllDay’s] top line in the second half to be 1.5 times higher than the first six months, given the seasonality factors in the last quarter of the year, particularly with the easing of restrictions,” she said.

“We remain bullish but we will monitor its expansion plans, particularly if it will be able to meet its target [store openings] next year.”

Ms. Alviar pegged the stock’s support at 75 centavos and its resistance at 80 to 83 centavos.

Meanwhile, Mr. Pangan placed the support and resistance levels at 74 centavos and P1.10, respectively.

“As the volatility quiets down in the coming days, we’ll have to see if its support at P0.74 holds, otherwise its IPO price at P0.60 may be considered the next support area to watch,” he said.

How PSEi member stocks performed — November 5, 2021

Here’s a quick glance at how PSEi stocks fared on Friday, November 5, 2021.

Analysts’ Q3 2021 GDP estimates

ECONOMIC GROWTH likely slowed in the third quarter after lockdowns were reimposed in August to curb a surge in coronavirus infections, economists said. Read the full story.

Analysts’ Q3 2021 GDP growth estimates

Shares may move sideways before Q3 GDP data

STOCKS are expected to move sideways this week as ahead of the release of the country’s third-quarter gross domestic product (GDP) data and companies’ financial reports.

The 30-member Philippine Stock Exchange index (PSEi) rose 137.05 points or 1.90% to close at 7,340.77 on Friday, while the broader all shares index increased 53.84 points or 1.21% to end at 4,491.01.

Week on week, the benchmark PSEi inched up by 286.07 points from its 7,054.70 finish on Oct. 31.

Friday’s close was a “new high in nearly 11 months or since Jan. 11, 2021 and also well into pre-pandemic highs or since Feb. 21, 2020,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a Viber message.

“Market rally last week was due to the pleasant inflation surprise, lower than expected for the month of October, and the economy’s transition to Alert Level 2,” First Metro Investment Corp. (FMIC) Head of Research Cristina S. Ulang said.

Inflation eased to a three-month low in October amid a slower increase in food prices, the Philippine Statistics Authority (PSA) reported on Friday.

Headline inflation settled at 4.6%, slower than the 4.8% in September, but faster than 2.5% a year earlier. Still, this was the third straight month inflation exceeded the 2-4% target of the Bangko Sentral ng Pilipinas for the year.

This brought headline inflation for the first ten months to 4.5%, faster than the 4.4% forecast by the central bank for the year.

Meanwhile, National Capital Region is under the lower Alert Level 2 on Nov. 5 to 21.

Investors also cheered the “positive manufacturing report for the month of October” as the economy further reopened, Timson Securities, Inc. Trader Darren Blaine T. Pangan said.

The Philippines Manufacturing Purchasing Managers’ Index edged up to 51 last month from 50.9 in September, IHS Markit reported last week. A reading above 50 indicates improving conditions for the manufacturing sector versus the previous month, and below the threshold means deterioration.

For this week, “the market rally will extend and attempt a breakout above 7,400,” FMIC’s Ms. Ulang said.

“There could be bouts of profit taking but will be muted by resurgent corporate earnings growth as of (the ninth month of 2021),” she added.

“Investors may be looking forward to the country’s GDP report for the third quarter of the year” which will be released by the PSA on Tuesday, Timson Securities’ Mr. Pangan added.

RCBC’s Mr. Ricafort said other leads for the market are US Federal Reserve Chair Jerome H. Powell’s speech on Tuesday and the release of US inflation data on Wednesday.

The PSEi’s next resistance is at 7,400 to 7,500 “prior to further upside potential to new highs for 2021 as well as prior to new highs since the pandemic started last year,” he added, while immediate support is at 7,000. — B.A.D. Añago

Analysts warn against compulsory vaccination

PHILSTAR

By Kyle Aristophere T. Atienza, Reporter
and Alyssa Nicole O. Tan and Russell Louis C. Ku

REQUIRING people to get vaccinated against the coronavirus may lead to political divisions and tarnish the credibility of the government’s pandemic response, according to analysts.

“Mandatory vaccination has no legal basis and may even be violative of some persons’ human rights,” Party-list Rep. Carlo Isagani T. Zarate said in a Facebook Messenger chat. The state is partly to blame for vaccine hesitancy because it needs to educate people about it, he added.

“The problem is that the administration has enforced military solutions and has not performed to control the pandemic” he said. “Now, they plan to force and scare people into getting vaccinated, instead of convincing them with a good explanation.”

Last week, vaccine czar Carlito G. Galvez, Jr. said he was in favor of making coronavirus vaccinations compulsory, otherwise Filipinos would be at risk.

Mr. Zarate cited the need for information campaigns “so that more Filipinos would see the importance of vaccination in the fight against this pandemic.”  “Public health education is key.”

“Forcing people to get vaccinated does not take into consideration the fact that there are actually still more people who really want to get vaccinated,” said Maria Ela L. Atienza, a political science professor at the University of the Philippines.

A poll conducted by the Social Weather Stations from Sept. 27 to 30 showed that 64% of adult Filipinos were now willing to get vaccinated against the coronavirus, up from 55% in June.

The government wants to increase the number of vaccinated people “so that they can claim it as an achievement,” Ms. Atienza said in a Viber message. “That is why they want to make it mandatory.”

“There may be legal challenges in court should this proposal push through,” she added.

More businesses around the world have been prioritizing fully vaccinated job seekers. Critics have said making employment conditions based on vaccination status is highly discriminatory.

In the Philippines, business groups have been urging the government to allow the private sector to impose stricter requirements on unvaccinated employees and patrons, and to decline unvaccinated job applicants.

Last month, President Rodrigo R. Duterte said government workers who refuse to be vaccinated should resign.

A bill seeking to make COVID-19 vaccination mandatory is pending at the House of Representatives.

Health Undersecretary Maria Rosario S. Vergeire has said compulsory vaccinations would help the country achieve herd immunity. 

Ramon Lorenzo Luis “Renzo” R. Guinto, a medical doctor and associate professor of global public health at the St. Luke’s Medical Center College of Medicine, said the right to refuse vaccines is not absolute “especially if there is a strong case for improving the overall public welfare — including the health of the one being immunized.” 

“In a health emergency such as this pandemic, the government can argue that this temporary suspension of the right to choose can lead to lifelong protection of health and of that same right to choose,” he said in a Facebook Messenger chat. “If you die of COVID-19, there is no more right to choose, no human rights, no civil liberties to enjoy.”

Mandatory vaccinations could lead to boycott and lowered business income, said Bienvenido S. Oplas, Jr., head of think tank Minimal Government Thinkers.

The state should let businesses impose vaccination policies on their own if necessary and face the consequences, he said in a Viber message.

Philippine Chamber of Commerce and Industry (PCCI) President Benedicto V. Yujuico in an e-mail said the group favors both the “no vaccine, no entry” and “no vaccine, no work” policy.

He also said there is no need for legislation to enforce the policy, which he said could fast-track economic recovery through increased consumer confidence.

Mr. Yujuico said people have a right to choose not to get vaccinated, but “it is not their right to contaminate and expose others to COVID.” “Therefore, they must accept the consequences of being unvaccinated for the good of the majority.”

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. said the positives of mandatory vaccination outweigh the negatives in terms of economic impact.

This would lead to a further reopening of the economy, create more jobs and livelihood, he added.

Gene A. Nisperos, a board member of the Community Medicine Development Foundation, said forcing people to get vaccinated is wrong “legally and ethically.” He added that the state’s vaccination program is flawed.

“We respect patient’s rights and uphold their autonomy,” he said in a Viber message. “At the very least, intake of medicine is part of shared decision-making. Thus, convincing the patient thru painstaking explanation is key.”

Trade Union Congress of the Philippines (TUCP) spokesman Alan A. Tanjusay said low vaccine supply in some provinces remained a problem.

“Many. of the workers are willing to get vaccinated but they have accessibility problems,” he said in a Viber message.

He added making vaccination mandatory could worsen discrimination against unvaccinated workers.

“It’s discriminatory and unfair to workers who have a difficulty accessing limited and inadequate supply of vaccines, and to employers and business owners who can’t buy vaccines for their employees,” he said.

The Philippines aims to give out as many as 1.5 million vaccine doses daily starting Nov. 20. The government has started inoculating children aged 12 to 17 years old and is planning to vaccinate children below 12 years next year.

Philippines adds 2,605 COVID cases, 191 more deaths

PHILIPPINE STAR/ MICHAEL VARCAS

THE DEPARTMENT of Health (DoH) reported 2,605 coronavirus infections on Sunday, bringing the total to 2.8 million.

The death toll rose to 44,430 after 191 more patients died, while recoveries increased by 3,901 to 2.7 million, it said.

There were 33,526 active cases, 66% of which were mild, 5.7% did now show symptoms, 9% were severe, 15.41% were moderate and 3.8% were critical.

The agency said the intensive care unit occupancy rates in the Philippines and Metro Manila were 42% and 38%, respectively.

DoH said 13 duplicates had been removed from the tally, nine of which were recoveries, while 151 recoveries were relisted as deaths. Two laboratories failed to submit data on Nov. 5.

Daily coronavirus infections in the Philippines could fall to fewer than 1,000 by the end of the month, according to researchers from the country’s premier university.

The granular lockdowns in the capital region had helped reverse a surge of the more contagious Delta coronavirus variant, OCTA Research Group fellow Fredegusto P. David told CNN Philippines on Friday.

The capital region was placed under Alert Level 2 from Nov. 5 to 21 amid decreasing infections.

Under the lockdown level, businesses may operate indoors at 50% capacity. They will get an additional 10% capacity if they have a so-called safety seal from the government. For outdoor operations, they may operate at 70% capacity.

It will also allow minors to leave their homes. Local government units can impose “reasonable restrictions” on their movements as long as they are not stricter than higher alert levels.

Mr. David tweeted that the average cases in Metro Manila had fallen to 493, the lowest since Feb. 18.

Health Undersecretary Maria Rosario S. Vergeire has said the alert level system first tested in Metro Manila would be expanded nationwide by Dec. 1.

The state started granular lockdowns in the capital region in mid-September to spur business activity.

The Commission on Higher Education (CHEd) has also allowed limited face-to-face classes in colleges for all degree programs in areas under Alert Level 2, the presidential palace said on Friday.

These would be subject to conditions set by the commission, presidential spokesman Herminio L. Roque, Jr. told a televised news briefing. Students and faculty participating in face-to-face classes must have been fully vaccinated against the coronavirus. Room capacity will be limited to 50% and facilities will be retrofitted to ensure social distancing. Local government units must also approve the setup. — Kyle Aristophere T. Atienza

P1-B fresh fund set for EU, Germany-supported Mindanao peace, economic program  

BW FILE PHOTO

A P1-billion peace program backed by the European Union (EU) and German government was launched last week, targeting to benefit marginalized sectors, including smallholder farmers and fisherfolk in Mindanao.  

The four-year project, called SPADe or Strengthening the Implementation of Regional and Local Peace and Development Agendas in Mindanao, will support plans set out by the peace and economic councils across six regions.   

“Special attention will be given to vulnerable and marginalized groups such as smallholder farmers and fisher folk, indigenous peoples, internally displaced people, women, and youth,” according to a statement released Friday by the European External Action Service, the EU’s diplomatic service.   

EU Ambassador Luc Véron said the project “is consistent with our EU vision, which calls for an integrated approach to conflicts, supports state and societal resilience, addresses extreme poverty, inequality and chronic fragility.”  

“Building on our past and current engagements… by investing in improved social cohesion and resilience of communities and by creating economic opportunities, we will contribute to peace,” Mr. Véron said during the launch ceremony.      

SPADe is part of the Mindanao Peace and Development Programme (MinPAD RISE), intended to contribute to inclusive economic growth in the country’s southern area. 

MinPAD RISE initially received a €35.5 grant, or about P2 billion, in June 2020.   

The SPADe program will be implemented by the Mindanao Development Authority (MinDA) and the Department of Interior and Local Government, with support from German development agency GIZ GmbH.  

“Germany remains committed to contributing to the comprehensive efforts of the peace-building process in Mindanao by providing substantial funding and experts,” German Ambassador to the Philippines Anke Reiffenstuel said.   

Undersecretary Janet M. Lopoz, executive director of MinDA which is also the implementing agency of MinPAD RISE, said it is important to complement “the different initiatives” relating to peace and economic development.  

SPADe will focus on farm and fishery value chain development and investment promotion, strengthening cooperatives and small enterprises, promotion of good governance among local units, natural resources management, and empowerment of vulnerable groups.  

“To reach its socio-economic objectives, the project will promote climate-smart agricultural value chains and improve the services of agricultural cooperatives to their members,” the statement said. — Marifi S. Jara 

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