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.
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
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
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
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
Iloilo town leaders told to hasten hiring of 1,092 medical personnel to boost vaccination
THE ILOILO provincial government called on town leaders to hasten the hiring of more than 1,000 medical personnel who will augment the coronavirus vaccine rollout, with only 26% of the target population fully vaccinated as of Nov. 3.
An initial batch of new hires signed their contracts over the weekend, according to the provincial government.
Iloilo Gov. Arthur R. Defensor, Jr. signed an order in end-October for the contractual employment of 1,092 vaccinators, composed of 156 medical officers, 312 nurses, and 624 nursing attendants.
They will be paid by the provincial government but the 42 towns and one component city, Passi, are encouraged to hire among their residents for easier deployment.
“The hiring of medical staff to augment your vaccination teams(s) shall take effect immediately or until Dec. 31, 2021, after which we will evaluate if there is a need to extend their services,” reads the order signed on Oct. 29.
The daily rates are P2,627.50 for medical officers, P1,146.91 for nurses, and P600.64 for nursing attendants.
Department of Health (DoH) data as of Nov. 3 show the province had administered the first vaccine dose to 548,901 individuals or 38% of the target which is 70% of the 2.05 million population.
Those who are fully-vaccinated or have received two jabs stood at 374,462 or 26% of the target.
Aside from designated main inoculation sites, the provincial health office has also been implementing vaccination activities at the communities. The province also started the vaccination of minors aged 12-17 on Nov. 5.
The province is currently under an alert level 2, one of the most relaxed quarantine categories.
As of Nov. 6, DoH data show the province had 2,430 active coronavirus disease 2019 (COVID-19) cases out of the 34,105 recorded since the start of the pandemic. There were 30,695 recoveries and 969 deaths.
Data for the province excludes the urban center Iloilo City, which is administered independently. — MSJ
Metro malls to have longer operating hours by mid-November
SHOPPING malls in the Philippine capital and nearby cities will be on a longer operating schedule starting mid-November, the Metropolitan Manila Development Authority (MMDA) said.
The adjustment comes after Metro Manila mayors lifted the general curfew in the capital region last week along with the easing of the lockdown category to Alert Level 2.
Malls in Metro Manila will operate from 11:00 am to 11:00 pm beginning Nov. 15, MMDA said in an advisory release Saturday night.
Operations during weekends and holidays may start as early as 10 a.m., the metropolis’ development authority said separately in a Viber message.
Independent research group OCTA earlier said Metro Manila is now back to where it was before it struggled to contain a spike in infections spurred by the highly contagious Delta variant, which has been closely watched by health experts worldwide. — Kyle Aristophere T. Atienza
Philippines welcomes South Korea’s lifting of visa restrictions on foreign workers
THE PHILIPPINE Labor department on Sunday welcomed South Korea’s decision to lift its visa restrictions on foreign workers under a so-called employment permit system (EPS).
In a news release, the Department of Labor and Employment (DoLE) said the Philippine Overseas Employment Administration was already directed “to commence processing the deployment of workers to South Korea following the announced lifting of restrictions on the entry of foreign workers there.”
The decision is also “good news” to Korean employers who have been waiting for the return of Filipino workers, it said.
Citing South Korea’s labor ministry, DoLE said the entry of workers under EPS will be subject to pre-entry measures such as “full vaccination and negative PCR test results.”
They will also be required to undergo mandatory quarantine, it added.
“The Korean Embassy in the Philippines said that it is awaiting guidelines from the South Korean government on the issuance of E9 visas to Filipino EPS workers following the announcement” from South Korea’s Ministry of Employment and Labor, DoLE said.
Since 2004, the Philippines has been sending Filipino workers to Korea under a government-to-government cooperation agreement on EPS, the agency said.
“The deployment of workers was temporarily halted due to Republic of Korea’s entry restrictions since June 2020,” it explained. — Kyle Aristophere T. Atienza
House leader urges Malacañang to sign child marriage bill into law
A HOUSE of Representatives leader has called on President Rodrigo R. Duterte to sign a bill that would prohibit child marriage in the Philippines.
House Deputy Speaker Bernadette Herrera-Dy, author and sponsor of the measure in the lower chamber, said that enacting the measure into law could be one of Mr. Duterte’s most important legacies.
“President Duterte could be instrumental in ending child marriage in the country by signing into law the proposed Act Prohibiting the Practice of Child Marriage, consistent with his administration’s resolve to effect meaningful change for Filipinos,” she said in a statement.
Under the measure, people who arrange a child marriage face penalties of up to 10 years in jail and a fine of at least P40,000. They also lose parental authority if the person is an ascendant, parent, adoptive parent, stepparent, or guardian of the child.
Those who officiate a child marriage face the same jail time, pay a fine of at least P50,000, and be disqualified from public office if the person works in government.
Those caught cohabiting with a child out of wedlock will also be jailed for 10 years, be fined at least P50,000, and will be disqualified from appointive or elective office.
The measure was ratified by Congress on Sept. 27.
Ms. Herrera-Dy said the enactment of the legislation into law is “urgently needed” as the Philippines ranked 12th worldwide in terms of absolute numbers of child marriage, citing a 2017 report from the United Nations Children’s Fund (UNICEF). — Russell Louis C. Ku
Severino beats Cuban foe to lead world online chess championship
FIDE Master Sander Severino smashed Cuban Karla Marrero’s Nimzo-Indian Defense in 51 moves to lead two other Filipinos in the 47-player lead pack after two rounds of the online 4th World Chess Championship on Saturday.
The 36-year-old Mr. Severino, last year’s world champion for the physically disabled, gained the positional edge right in the opening phase that he translated to a pawn advantage and eventually to his second straight win.
Fellow ASEAN and Asian Games veterans Jasper Rom and Rodolfo Sarmiento joined Severino in the lead group after trouncing Poland’s Zuzanna Lukasik and India’s Kumar Naveen, respectively.
Mr. Severino seeks to keep his grip of the lead as he was playing Morocco’s Jamal Messala in the third round at press time in this nine-round event that was joined by 249 participants from 40 nations.
Rom and Sarmiento were battling American Griffin McConnell and Argentinian Leonel Amato, respectively, in the third round.
Just half a point behind was Henry Lopez, who bounced back from an opening round draw with a 43-move victory over China’s Ming Wang of a Slav duel to improve to 1.5 points.
The only other Filipino entry, Darry Bernardo, absorbed his first setback to Malaysian Pin Xie Loo in 33 moves of a Caro-Kann to fall out of the share of the lead with just a point. — Joey Villar
Atlanta Braves celebrate World Series title at championship parade
THREE days after winning the franchise’s first World Series title in 26 years, the Braves celebrated in and around downtown Atlanta on Friday.
According to police estimates, approximately 300,000 to 400,000 fans showed up to celebrate the Braves, who closed out the Houston Astros in six games on Tuesday night.
Several Braves players spoke to the energized crowd, with one of the popular topics being the importance of re-signing star first baseman Freddie Freeman, who will be a free agent this winter.
“It might get me in trouble, but re-sign Freddie,” said shortstop Dansby Swanson, a native of nearby Marietta, GA.
As for Freeman, a Braves stalwart for the last decade, he enjoyed every moment of the championship run.
“I’ve been asked a lot over the last few days, has it hit me yet?” Freeman said. “I kept saying, ‘No, I’m just numb.’ But today, it’s hit me. We’re world champions forever.”
Braves president of baseball operations Alex Anthopoulos, who tested positive for coronavirus disease 2019 (COVID-19) last week, watched the parade from a private suite at Truist Park before returning to quarantine at home with his family.
“That parade was the most incredible thing we’ve ever experienced,” Anthopoulos said, according to MLB.com. “We’re going to be world champions, every single one of us in this stadium, for the rest of our lives.”
The championship parade began at the spot where Braves legend Hank Aaron’s record-breaking 715th career home run landed at Atlanta-Fulton County Stadium in 1974.
Many in Atlanta believe that Aaron, who died earlier this year, was looking down on this year’s team. The Braves won 44 games before the All-Star break and 44 games after the All-Star break before winning it all during the 44th week of the year. Aaron, of course, wore No. 44 during his legendary career.
His widow, Billye Aaron, spoke at Friday’s celebration.
“The chickens have come home to roost this time,” she said. “The spirit of Hank Aaron pervades this space. He is here with us. He loves the Atlanta Braves and I am so very, very happy to see these young men who have picked up the mantle and who have carried it on.” — Reuters