NSSLAs book higher operating income in 1^st half

November 3, 2021 | 12:02 am

NONSTOCK SAVINGS and loan associations (NSSLAs) recorded a higher operating income in the first semester of the year as more loans were disbursed, the Bangko Sentral ng Pilipinas (BSP) said.

In its Report on Philippine Financial System for the First Semester of 2021, the BSP said the total operating income of NSSLAs increased 5.8% year on year to P14.2 billion from the P13.4 billion seen in the January to June period in 2020.

The NSSLA industry’s return on assets declined to 6.8% as of end-June from 8.8% a year earlier, while return on equity fell to 10.5% from 13.5%. This, as equity and asset growth outpaced the increase in its earnings.

The industry’s core earnings were mainly driven by interest from lending activities, which stood at P15.4 billion as of June, increasing by 6.4% from P14.5 billion a year earlier.

Total assets held by NSSLAs saw a muted growth of 1.4% to P270 billion as of end-June as more funds channeled to lending and investment activities and sourced from members’ capital and deposits.

The NSSLA industry’s total loan portfolio, net of allowance for credit losses, made up the largest share of its assets at 81%, which was equivalent to P218.8 billion, the BSP said in the report.

Meanwhile, their nonperforming loan ratio (NPL) and nonperforming asset (NPA) ratio increased to 7.7% and 6.4% as of end-June, respectively. NPL and NPA coverage ratios for the same period were at 119.2% and 118.5%, respectively.

“Loan quality has remained manageable in spite of uptick in non-performing loans. The increase in bad loans was matched with high loan-loss provisions,” the BSP said.

The BSP in April released Circular No. 1115 Series of 2021, which streamlined the duties, responsibilities and qualifications of members of NSSLAs’ board of trustees, officials, and employees.

“The BSP will continue working on other policy enhancements involving NSSLAs, including those related to well defined group and compensation regulations,” the central bank said. — L.W.T. Noble

Arts & Culture (11/03/21)

November 3, 2021 | 12:01 am

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Heirloom showcases dance performances in online concert

HEIRLOOM, an online mini dance concert, celebrates the bond between creative dancers and the interconnections of art and dance as a passed-on heritage, on Nov. 6. The virtual showcase features a series of special performances with the goal of inspiring the next generation. They reveal the motivation, creative process, and meaning behind their respective pieces. Produced by Benilde Experimental Dance Company (BED) of the De La Salle-College of Saint Benilde, Heirloom was organized by the graduating batch of the Dance Program under the guidance of BED Artistic Director Christine Crame and Dance Program Chairperson Nina Anonas. The show hosts numbers from budding dance students Marie Erika Grace Arandez, Daniella Bondoc, Michaella Carreon, Florencio De Guzman IV, Stella Mee Estriber, Eduardson Evangelio, Emmerson Evangelio, Michelle Katherine Miranda and Rochelle Marian Santiano. Guest artists include Ronelson Yadao, Cultural Center of the Philippines (CCP) Professional Dance Support Program grantee, choreographer, and modern dance ballet master; and Denise Parungao-Phillips, Luva Adameit Awardee at the National Music Competition for Young Artists (NAMCYA) and Ballet Philippines principal dancer. Completing the roster are Carlos Serrano III, Team Elite director and Team Package Makers 2020 Choreographer of the Year; Monica Gana, CCP Dance Workshop artist and educator; and Elijah Mendoza, professional performer and creative collaborator. Heirloom is open to the public and will go live on Nov. 6 at 5 p.m. Tickets are available at P150 each. Register at https://forms.gle/B6RNm4ELtWQTQBkV8. For more information, visit https://www.facebook.com/BenildeExDance.

Literature webinar on women authors

ON THE occasion of the 150^th birth anniversary of Italian writer and Nobel Prize Winner, Grazia Deledda, the Embassy of Italy in Manila, the National Library of the Philippines, the Philippine Italian Association, the Ateneo de Manila University, and the Italian Chamber of Commerce in the Philippines, are hosting a literature webinar on Grazia Deledda, from Sardinia, Italy, and Madgalena Jalandoni, from Iloilo, Philippines. The webinar, titled “Women Writing on the Margins,” will focus on the lives and works of the two women writers and parallels on the main themes that cross their works: women and society, self and country, identity and traditions, language and history, center and the margins. It will be held on Nov. 22, at 3:30 p.m. (Manila time), and will feature two presentations by Stefania Lucamante, Professor of Italian Contemporary Literature at the University of Cagliari, in Sardinia, and Alice Gonzalez, award-winning fictionist and faculty member at UP Visayas, followed by an open forum moderated by the Ateneo Institute of Literary Arts and Practices. To register, visit https://bit.ly/NLPPIAWWM.

Artbooks.ph accepting consignments

ARTBOOKS.PH is accepting consignments for art, culture, and history-related books, zines, postcards, posters (old and new) from non-publishers. Artbooks will assist in selling the titles online at their physical store at Pioneer Studios, 123 Pioneer St., Mandaluyong City. For inquiries and details, visit artbooks.ph | Facebook, contact 8632-7683, or e-mail infor@artbook.ph.

Artist dedicates art series to a lost loved one

ARTIST Ed Lorenzo’s recent work collection is a celebration of the life of a lost loved one and the sweet sorrow that fuels his passion moving forward. Mr. Lorenzo stopped creating art for two years after he lost his father in 2019, followed by the death of his closest brother due to an autoimmune disease in 2020. These events led Mr. Lorenzo to put everything away and shelve all his works. Recently, he found the courage to continue making art. “‘Di Magmaliw,” the name of his series, is a Tagalog term that means “not to forget.” Using colors that are sometimes monochromatic, analogous, or complementary, Mr. Lorenzo accentuates his works with a mix of other mediums to depict flow and movement matched with concentric circles and round textures in gold and bronze. To order a customized piece, contact Ed Lorenzo on Instagram at @thelorenzosart or e-mail at lorenzosart@icloud.com.

COVID‑19 vaccine effectiveness

November 3, 2021 | 12:01 am

sinovac-vaccine-philstar-1024x683 — PHILIPPINE STAR/ MICHAEL VARCAS

Vaccine makers must follow very strict scientific and health authority processes to bring a new vaccine to the public, even during the current pandemic.

With vaccine development moving so quickly, it is understandable that some people are asking whether a vaccine for coronavirus disease 2019 (COVID-19) will be safe and effective.

The people working on the research and development and manufacturing of vaccines are strongly committed to rigorous regulatory standards for approval of COVID-19 vaccines.

No matter how urgently action is needed against the coronavirus public health emergency, it is imperative that the highest standards of quality, safety, and efficacy are upheld everywhere.

They are also fully committed to transparency in reporting clinical trial results. They likewise support the need to inform the public of what they know, as well as what they don’t know about the vaccines in development.

These points were emphasized by Thomas B. Cueni, Director General of the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA), the global body that represents the research-based pharma industry.

“We must prioritize thorough validation of the results of pre-clinical and clinical trials by independent expert bodies. Only the most rigorous application of science and openness in the regulatory process can ensure that everyone, starting with healthcare workers, has confidence in COVID-19 vaccines once they have been properly approved,” he said.

IMPORTANCE OF CLINICAL TRIALS
As the foremost representative of the global research-based medicines and vaccines industry, the IFPMA provided information on how we know COVID-19 vaccines are effective and work well to prevent the virus.    

It explained that Phase 3 clinical trials are the last and largest phase of vaccine testing before authorization or approval. These trials test how effective a vaccine is at preventing COVID-19 and are being conducted with tens of thousands of volunteers around the world.

During Phase 3, some volunteers get a COVID-19 vaccine and some get a placebo, a harmless injection with no active drug or treatment, for example, like normal saline.

To learn how effective a vaccine is at preventing a specific disease, researchers assess the vaccine efficacy rate which compares (a) the number of volunteers who got COVID-19 after getting the vaccine being studied; and (b) the number of volunteers who got COVID-19 after getting a placebo.

Thousands of people have volunteered to take part in different COVID-19 Phase 3 trials around the world. Some of these trials reported vaccine efficacy rates of over 90%.

All of the authorized COVID-19 vaccines go beyond the Food and Drug Administration’s minimum efficacy level of 50%.

This means that the FDA would not authorize a vaccine unless it prevented COVID-19 or lessened its severity in at least 5 out of 10 (50%) of people who got the vaccine. After a vaccine is authorized, health authorities continue to monitor its safety and effectiveness.

PROTECTION: HOW SOON, HOW LONG?
After receiving a vaccine, your body’s immune system needs a little time to learn how to detect and fight the virus. This maturation of the immune system can vary but is usually around a few weeks. Each authorized or approved COVID-19 vaccine has different speeds for how quickly it protects you. The speed of response can depend on factors such as the dosing schedules or the number of doses.

Based on clinical trial data of the currently authorized or approved COVID-19 vaccines, optimal protection is reached within a few weeks of vaccination. For two-dose vaccines, some early protection is achieved after the first dose.

It is too early to know how long COVID-19 vaccines will provide long-term protection. More research is needed to answer this question.

The currently available data suggest that most people who recover from COVID-19 infection develop an immune response that provides at least some protection against reinfection (getting it again) — this is called natural immunity. We’re still learning how strong this natural immunity may be, and how long it lasts.

Health authorities will continue to monitor the clinical trial volunteers for many months to check how long they are protected. Both natural immunity and immunity from a vaccine are important aspects of COVID-19 that experts are trying to learn more about.

AFTER THE JAB, CAN YOU STILL GET COVID-19?
Maybe. Clinical trials have shown that COVID-19 vaccines significantly lower the chance a person will have symptoms, including hospitalizations and severe symptoms.

However, none of the COVID-19 vaccines tested so far have been 100% effective at preventing COVID-19. So, some people who get the vaccine may still get the virus.

Furthermore, we still do not know if the vaccines will prevent someone who is infected (but doesn’t have symptoms) from spreading COVID-19 to others.

Research tends to show that a vaccinated person is less likely to spread COVID-19 to those who are more vulnerable (have a higher risk of severe COVID-19 infection), similar to what happens with vaccines for other respiratory infectious diseases such as influenza.

This is why it remains important to wash your hands, practice social distancing, and wear a mask even after you get vaccinated.

Teodoro B. Padilla is the executive director of 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.

AyalaLand Logistics’ profit jumps 117% as of Sept.

November 3, 2021 | 12:01 am

AYALALAND Logistics Holdings Corp.’s (ALLHC) consolidated net income surged by 117% to P402 million in the first nine months of the year on the back of strong domestic demand for industrial lots.

ALLHC’s topline amounted to P2.6 billion at end-September, 12% higher than the P2.3 billion logged in the same period last year. Revenues from the company’s industrial lot sales jumped 126% to P1.1 billion from last year’s P511 million.

Clients taking up the gross leasable area of the warehouses ALLHC completed last year led to a 6% increase in warehouse leasing to P299 million from the P282 million logged in the same period last year.

Meanwhile, ALLHC said revenues from commercial leasing operations continued to decline due to the pandemic restrictions and as the company continued to provide rental assistance to its tenants.

For the nine-month period, rentals from Tutuban Center and South Park Center declined by 16% to P311 million from P369 million. The company said South Park Corporate Center’s office leasing operations, which posted a 100% lease-out rate, is “cushioning the impact.”

Tutuban Center forayed into the digital space via Tutubuy, which serves as an online business platform for the small, medium, and emerging enterprises based in the Divisoria mall.

ALLHC said it also recently reopened the Tutuban Night Market, hosting over 400 stalls from 3 p.m. to 11 p.m.

“We see signs of recovery in our business lines with industrial lot sales driving significant improvement in our overall performance this quarter,” ALLHC President and Chief Executive Officer Maria Rowena M. Tomeldan said in a statement on Tuesday.

“While the current business environment still proves to be challenging, we trust that our growing diversified portfolio of assets will keep ALLHC resilient amidst the ongoing crisis,” Ms. Tomeldan said.

ALLHC, a unit of Ayala Land, Inc., focuses on real estate logistics and industrial estate development.

The company is present in five areas across the country via its businesses in industrial parks, warehouses, cold storage facilities, and commercial leasing.

Shares of ALLHC at the local bourse went up by 1.72% or 10 centavos on Tuesday to finish at P5.90 apiece. — K.C.G. Valmonte

Singapore has grand ambitions to become a global cryptocurrency hub

November 3, 2021 | 12:01 am

Singapore-skyline-720p — A VIEW of the city skyline in Singapore, Dec. 31, 2020 — REUTERS

SINGAPORE is seeking to cement itself as a key player for cryptocurrency-related businesses as financial centers around the world grapple with approaches to handle one of the fastest growing areas of finance.

“We think the best approach is not to clamp down or ban these things,” said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), which regulates banks and financial firms.

Instead, MAS is putting in place “strong regulation,” so firms that meet its requirements and address the multitude of risks can operate, he said in an interview.

Nations differ vastly when it comes to how they handle crypto: China has cracked down on large amounts of activity in recent months, Japan only recently allowed dedicated crypto investment funds — though El Salvador has embraced Bitcoin as legal tender. In the US, while there are an abundance of options for investing in the burgeoning asset class, regulators are concerned about everything from stablecoins to yield-generating products.

“With crypto-based activities, it is basically an investment in a prospective future, the shape of which is not clear at this point,” said Mr. Menon, who has helmed the MAS for about a decade. “But not to get into this game, I think risks Singapore being left behind. Getting early into that game means we can have a head start, and better understand its potential benefits as well as its risks.”

The stakes are high for the small island nation, which has already earned a reputation as a global wealth hub. Singapore must raise its safeguards to counter risks including illicit flows, Mr. Menon said.

The city state is “interested in developing crypto technology, understanding blockchain, smart contracts and preparing ourselves for a Web 3.0 world,” he said, referring to the third generation of online services.

Singapore isn’t the only place with crypto ambitions. Locations as diverse as Miami, El Salvador, Malta and Zug in Switzerland, are also making efforts. It can be a fine line to tread, given the crypto industry grew up with few regulations, so many players balk at government officials’ attempts to impose guardrails.

BINANCE, GEMINI
Singapore’s approach has attracted crypto firms from Binance Holdings Ltd., which has had a series of run-ins with regulators around the world, to Gemini, a US operator targeting institutional investors, to set up base.

Some 170 companies applied for a MAS license, taking the total number of firms seeking to operate under its Payment Services Act to about 400, after the law came into effect in January 2020.

Since then, only three crypto firms have received the much-coveted licenses, while two were rejected. About 30 withdrew their application after engaging with the regulator. Among those approved is the brokerage arm of DBS Group Holdings Ltd., Singapore’s largest bank, which is also a pioneer in setting up a platform for trading of digital tokens while offering tokenization services.

The regulator is taking time to assess applicants to ensure that they meet its high requirements, Mr. Menon said. The MAS has also boosted resources to cope with high volumes of prospective services operators, he said.

“We don’t need 160 of them to set up shop here. Half of them can do so, but with very high standards, that I think is a better outcome,” he said.

Mr. Menon said the benefits of having a well-regulated local crypto industry could also extend beyond the financial sector.

“If and when a crypto economy takes off in a way, we want to be one of the leading players,” he said. “It could help create jobs, create value-add, and I think more than the financial sector, the other sectors of the economy will potentially gain.” — Bloomberg

How PSEi member stocks performed — November 2, 2021

November 3, 2021 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Tuesday, November 2, 2021.

Manufacturing purchasing managers’ index of select ASEAN economies, October 2021

November 3, 2021 | 12:00 am

PHILIPPINE manufacturing activity inched up to a seven-month high in October as new orders stabilized and business confidence improved with the further easing of lockdown restrictions in the capital, IHS Markit said on Tuesday. Read the full story.

Decline in virus infections slows; risk still low

November 2, 2021 | 9:01 pm

vaccination — PHILIPPINE STAR/ MICHAEL VARCAS

THE DECLINE in coronavirus infections in the Philippines has slowed, according to health authorities, even as the country remained at low risk from the virus.

Infections have declined by 49% nationwide in the past two weeks, Alethea de Guzman, director of the Health department’s Epidemiology bureau, told an online news briefing on Tuesday.

The daily infection tally fell by 14% to 4,183 cases on Oct. 26 to Nov. 1 from a week earlier, compared with a 26% decline in the first few weeks of October and 35% by the end of the month, she said.

“We have seen that the decline in new cases has slowed down,” Ms. De Guzman said in Filipino. “It is still going down but the decline is slower than in the previous weeks.”

The decrease in infections in the capital region, which is also at low risk from the coronavirus, had also slowed, she said.

The daily infection tally in Metro Manila fell by 14% to 770 cases on Oct. 26 to Nov. 1 from a week earlier, compared with a 36% decline on Oct. 19 to 25.

If the trend continues, coronavirus infections might start increasing again, Ms. De Guzman said, adding that local governments should continue their contact-tracing efforts.

The Department of Health (DoH) reported 2,303 coronavirus infections on Tuesday, bringing the total to 2.8 million.

The death toll rose to 43,404 after 128 more patients died, while recoveries increased by 4,677 to 2.7 million, it said in a bulletin. 

There were 40,786 active cases, 71.2% of which were mild, 5.1% did not show symptoms, 7.5% were severe, 12.02% were moderate and 3.2% were critical.

DoH said 22 duplicates had been removed from the tally, 19 of which were reclassified as recoveries, while 106 recoveries were relisted as deaths. Eight laboratories failed to submit data on Oct. 31.

The agency said 46% of intensive care units in the Philippines were occupied, while the rate in Metro Manila was 40%.

Ms. De Guzman said the Cordillera and Cagayan Valley regions were still at moderate risk from the coronavirus.

Infections there have declined in the past two weeks, but their average daily attack rates were still above seven, which is considered high, she added.

Meanwhile, Metro Manila’s average daily attack rate fell to 5.97 for 100,000 people from Oct. 19 to Nov. 1 from 11.9 a week earlier, Ms. De Guzman said.

Business groups have been urging the Philippine government to further relax quarantines in Manila, the capital and nearby cities after a decline in its daily tally. 

Metro Manila is now under Alert Level 3, which allows 50% capacity for outdoor services and 30% capacity for indoor activities.

The government started enforcing granular lockdowns with five alert levels in the capital region after the country struggled to contain a fresh spike in infections triggered by a highly contagious Delta variant.

Meanwhile, the Philippines was set to take delivery of 2.7 million Sputnik V coronavirus vaccines from Russia on Tuesday, according to the presidential palace. 

The government had received more than 100 million vaccines doses as of Oct. 28, presidential spokesman Herminio L. Roque, Jr. told a televised news briefing on Tuesday.

He said 59.3 million doses had been given out as of Nov. 1. More than 27 million people or 35.47% of adult Filipinos have been fully vaccinated against the coronavirus, he added.

Metro Manila had the highest vaccination rate among regions in the country, Health Undersecretary Myrna C. Cabotaje separately told a televised news briefing. 

Calabarzon, Central Luzon, Central Visayas, Western Visayas and Davao also had high vaccination coverage, she added.

Ms. Cabotaje said the half-a-million coronavirus vaccines were given out daily in the past few days. The government seeks to vaccinate at least 50% of its adult population by yearend.

Meanwhile, Mr. Roque said at least 100,000 doses of coronavirus vaccines were damaged in a fire that hit the Department of Health’s regional office in Zamboanga del Sur.

The government could replace the doses destroyed by fire since vaccine supply was no longer a problem, he said. — Kyle Aristophere T. Atienza

DFA says 58 migrant workers arrived from Bahrain last week

November 2, 2021 | 9:00 pm

OFW-airline-passenger — PHILIPPINE STAR/EDD GUMBAN

THE PHILIPPINE Embassy in Bahrain sent home 58 migrant Filipino workers last week, including detainees, overstaying and sick Filipinos overseas, the Department of Foreign Affairs (DFA) said in a statement on Tuesday.

Due to travel restrictions, many distressed Filipinos in Bahrain sought the help of the embassy there in booking tickets at a special rate given by Gulf Air, the agency said.

The embassy also worked with DFA and other agencies in exempting the returning Filipinos from quarantine restrictions.

The embassy has helped 287 stranded Filipinos in Bahrain to come home via Gulf Air’s direct flight to Manila since August. The government paid for the airfare of 175 workers, it said.

Meanwhile, DFA has lowered the alert level for Iraq to Alert Level 3 (voluntary repatriation) from Alert Level 4 (mandatory repatriation) due to improved security and upon the request of overseas Filipino workers.

Filipino workers returning to Iraq would be exempted from the deployment ban, subject to conditions, the agency said.

DFA said Filipinos in Iraq should be cautious, restrict movements and keep communication lines with the Philippine Embassy in Baghdad open.

Meanwhile, the Philippine Chamber of Commerce and Industry (PCCI), said it supports a plan to further ease the lockdown in Metro Manila in two weeks, which it said would let more businesses to reopen.

Metro Manila is now under Alert Level 3, which allows 50% capacity for outdoor services and 30% capacity for indoor activities.

“The easing of restriction to Alert level 2, which will allow most businesses to operate and restaurants to increase the capacity of allowed diners is a good move, especially now as we enter the Christmas season,” PCCI President Benedicto V. Yujuico said in a statement.

He urged the government to boot the capacity of public transport vehicles to help revive businesses and the economy.

Under Alert Level 2, 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.

At least 80% of Metro Manila residents have been fully vaccinated against the coronavirus.

An inter-agency task force last week approved a plan to increase passenger capacity in road- and rail-based public transportation in Metro Manila and nearby provinces from 70% to full capacity starting Nov. 4.

The government started enforcing granular lockdowns with five alert levels in the capital region after the country struggled to contain a fresh spike in infections triggered by a highly contagious Delta variant.

Mr. Yujuico said some countries in Southeast Asia including Thailand and Singapore have reopened their hotel, travel and tourism industries.

He also cited the need to fast-track the government’s vaccine rollout amid a decline in infection rates to help micro, small and medium enterprises in the countryside.

The OCTA Research Group from the University of the Philippines earlier said coronavirus infections nationwide would probably fall to 2,000 by the end of the month.

Daily virus cases in Metro Manila could go down to 500 by mid-November, OCTA fellow Fredegusto P. David said on Sunday. — Alyssa Nicole O. Tan and Angelica Y. Yang

Shares go up on bargain hunting, lower cases

November 2, 2021 | 9:00 pm

PHILIPPINE SHARES snapped their three-day decline on Tuesday on bargain hunting and as market sentiment got a boost from the improving pandemic situation in Metro Manila.

The Philippine Stock Exchange index (PSEi) went up by 51.31 points or 0.72% to close at 7,106.01 on Tuesday, while the broader all shares index gained 15.25 points or 0.34% to 4,402.04.

“Investors took opportunities out of its preceding three-day decline,” Japhet Louis O. Tantiangco, senior research and engagement supervisor at Philstocks Financial, Inc., said in a Viber message, adding that “positive cues from Wall Street’s record high performance also gave the market a boost.”

Back home, the country’s improved coronavirus disease 2019 (COVID-19) situation in the National Capital Region (NCR) also gave market sentiment a boost.

“The continuous improvement in our COVID-19 situation helped spur optimism since it raises the chances of social restrictions being eased in the government’s next deciding period,” Mr. Tantiangco said.

“Investors continued to count on lower restrictions by the middle of the month after OCTA Research expressed its support for the further easing in NCR amid low risk of coronavirus resurgence,” Papa Securities Corp. Equities Strategist Manny P. Cruz said in a text message.

“Market rebound was spearheaded by [Globe Telecom, Inc.] after news that its fintech arm Mynt [Globe Fintech Innovations, Inc.] secured $300 million in funding from different foreign investors led by Warburg Pincus,” Mr. Cruz added.

Globe gained 4.61% or P138 on Tuesday to close at P3,134 per share. Mynt is the operator of e-wallet platform GCash. The additional $300-million funding from the global investment firm brought Mynt’s value to over $2 billion.

“In contrast, [Semirara Mining and Power Corp.] and [DMCI Holdings, Inc.] weakened after coal futures plunged 30%. China’s government stepped up its intervention by boosting coal output in the local market in an effort to calm the economy sparked by an energy crisis,” Mr. Cruz said.

The majority of sectoral indices closed in the green on Tuesday except for mining and oil, which dropped 228.33 points or 2.26% to 9,867.53, and industrials, which lost 180.91 points or 1.67% to finish at 10,650.32.

Meanwhile, holding firms gained 106.84 points or 1.54% to 7,044.24; financials rose 17.10 points or 1.11% to 1,550.19; property went up by 17.43 points or 0.55% to finish at 3,136.32; and services inched up by 6.65 points or 0.35% to 1,895.79.

Value turnover decreased to P7.49 billion with 930.47 million issues traded on Tuesday from the P7.70 billion with 1.12 billion shares that switched hands on Friday.

Decliners beat advancers, 104 against 81, while 46 names closed unchanged.

Net foreign selling declined to P177.79 million on Tuesday, dropping from the P1.24 billion seen on Friday. — Keren Concepcion G. Valmonte

Peso up on manufacturing PMI

November 2, 2021 | 9:00 pm

THE PESO climbed as the Philippine factory activity improved. — BW FILE PHOTO

THE PESO strengthened versus the greenback on Tuesday on the back of strong local manufacturing data.

The local unit closed at P50.39 per dollar on Tuesday, appreciating by 2.5 centavos from its P50.415 finish on Friday, based on data from the Bankers Association of the Philippines.

Financial markets were closed on Monday in view of All Saints’ Day.

The peso opened Tuesday’s session weaker from its previous close at P50.46 per dollar. Its weakest showing was at P50.52, while its intraday best was at P50.36 against the greenback.

Dollars exchanged increased to $1.149 billion on Tuesday from $983.38 million on Friday.

The peso gained versus the greenback on Tuesday as market sentiment improved following the release of strong manufacturing data, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Factory activity in October was the strongest in seven months, with the Philippines Purchasing Managers’ Index (PMI) reading at 51, IHS Markit reported on Tuesday. This is higher than the 50.9 in September and above the 50 mark that separates growth from contraction.

IHS Markit noted that growth in factory activity last month was due to the easing of restriction measures and the stabilizing of new orders.

In contrast, the US posted weaker manufacturing data last month, which a trader said also boosted the peso versus the dollar.

The Institute for Supply Management said the index of national factory activity slipped to 60.8 in October from 61.1 in September, Reuters reported Monday.

Based on the report, supply chains in the US were constrained as all industries saw record-long lead times for raw materials.

For Wednesday, Mr. Ricafort gave a forecast range of P50.30 to P50.50 per dollar, while the trader expects the local unit to move within P50.20 to P50.45. — L.W.T. Noble with Reuters

Duterte to join APEC leaders’ meet with pandemic recovery, global outlook up for discussion

November 2, 2021 | 8:59 pm

PRESIDENT Rodrigo R. Duterte will join fellow heads of states in a virtual meeting on Nov. 12 for the annual leaders’ meeting of the 21-member Asia Pacific Economic Cooperation (APEC) forum, his spokesman said on Tuesday.

“The President is expected to attend the APEC on Nov. 12 via video conferencing,” Palace Spokesman Herminio “Harry” L. Roque, Jr. said in mixed English and Filipino.

This year’s APEC Economic Leaders’ Meeting will be hosted by New Zealand, whose exports to the country were valued at NZ$729 million in 2020.

Mr. Duterte will participate in the International Monetary Fund’s presentation of its global economic outlook, the Palace official said. The President will also join discussions related to the pandemic recovery of various countries and witness the handover of the region’s chairmanship to Thailand. — Kyle Aristophere T. Atienza