EEI’s app for shippers, truckers target 1,500 users

October 5, 2021 | 12:02 am

EEI Corp. on Monday said its logistics mobile app and web-based platform eCarga is aiming to have 400 active users in the last quarter of 2021 and 1,500 by the end of 2022.

“Depending on the actual customer demand, EEI intends to continuously make adjustments in fleet size specific to the type of truck needed,” EEI told the stock exchange.

“The initial fleet accredited by eCarga includes over a hundred trucks combining open and closed type vans. Accreditation of more professional truckers shall continue to allow eCarga adopt to the expected increase in demand from consumers,” the company noted.

The app uses several platforms that will initially serve “hundreds” of shippers, professional truck owners, and drivers operating in Luzon.

Using the platform, truck owners will be able to digitally access requests. They can also perform fleet and schedule management on the platform.

“The first registered truck owner who receives the request gets the delivery task and assign it to one of his drivers. The driver then receives the assignment details through his own mobile application,” EEI said.

The company said eCarga’s operations will be rolled out in three phases for the next three years to eventually cover transport logistics requirements outside of Luzon.

“eCarga also plans to extend its logistics platform and capabilities to support backload service, business-to-business (B2B) market, and offer multi-modal logistics services thru innovative digital platforms,” it added. — Arjay L. Balinbin

Venom sequel feasts on monstrous $90- million debut, setting pandemic record

October 5, 2021 | 12:02 am

LOS ANGELES — Venom: Let There be Carnage roared to $90.1 million in its debut, setting a new pandemic record. It’s an impressive result, one that provides a lifeline to struggling movie theaters and (once again) proves Marvel’s might at the box office.

The much darker Venom follow-up comes from Sony Pictures and is separate from Disney’s Marvel Cinematic Universe, which recently delivered Shang-Chi and the Legend of the Ten Rings and Black Widow — the two highest-grossing films of the year at the domestic US box office. If its first three days in theaters are any indication, Venom: Let There be Carnage looks to find itself among that group as 2021’s biggest earners. The film is playing only in cinemas as opposed to a hybrid release on-demand, a factor that should help ticket sales.

“We are also pleased that patience and theatrical exclusivity have been rewarded with record results,” Sony’s chairman Tom Rothman said in a statement to press. “With apologies to Mr. Twain: The death of movies has been greatly exaggerated.”

The supervillain sequel, starring Tom Hardy as the otherworldly lethal protector, blew past the pandemic-era benchmark set last July by Black Widow, which opened to $80 million in theaters. It made an additional $60 million on Disney Plus, where it was available to purchase on the same day as its theatrical debut.

“Young adult audiences are less deterred by current pandemic conditions than older and family moviegoers, which is benefitting superhero, action and horror movies,” says David A. Gross, who runs the movie consulting firm Franchise Entertainment Research. He adds: “For these movies, playing exclusively on the big screen is clearly an advantage.”

Making inaugural ticket sales for Venom: Let There be Carnage even more impressive: It had a bigger opening weekend than its predecessor, 2018’s Venom. The first comic book adventure with Hardy at the helm opened to $80 million, years before the devastating global health crisis. Despite terrible reviews, the original became a box office juggernaut and grossed $213 million in North America and $856 million globally. Venom was particularly huge in China, where the 2018 movie collected $269 million.

The sequel doesn’t have a release date yet in China, a market that will be crucial to its success. Though it is expected to open there, the country has denied Black Widow, Shang-Chi and the Legend of the Ten Rings and other major Hollywood titles.

Venom: Let There be Carnage wasn’t the only new movie to inject some life into the box office. MGM’s animated adventure The Addams Family 2 pulled in a better-than-expected $18 million from 4,207 theaters while it was simultaneously available to rent on-demand.

Meanwhile, the Warner Bros. movie The Many Saints of Newark, a prequel to The Sopranos, flopped in its debut, generating a paltry $5 million from 3,181 venues. Like the studio’s entire 2021 slate, the film opened concurrently on HBO Max at no extra cost to subscribers.

Elsewhere at the domestic box office, Shang-Chi collected $6 million in its fifth weekend of release, boosting its overall total to $206 million. It’s the first, and so far, only, pandemic-era movie to gross more than $200 million in the US and Canada. The superhero tentpole has generated $386 million globally, which is far less than a Marvel movie would make in non-COVID times but ranks as one of the best hauls at a time when attendance hasn’t come close to reaching pre-pandemic levels. — Reuters

MUFG expects stronger peso this quarter on increased remittances during holidays

October 5, 2021 | 12:02 am

THE PESO is seen to appreciate against the greenback this quarter and rebound from its weak performance last month as the nearing holiday season is likely to boost overseas Filipino worker (OFW) remittances, analysts from MUFG Bank, Ltd. said.

In its monthly foreign exchange outlook published Monday, MUFG said the local currency could rebound to P50.50 per dollar this quarter from its P51.01 close on Sept. 30 and trade within a wide range of P48.50-P52 in those three months.

The peso logged closes ranging from P49.73 to P51.01 against the greenback in September, making it the second-worst performing Asian currency after the Thai baht, according to the report.

It attributed the peso’s decline last month to concerns over stubbornly high inflation as this could affect the economy’s recovery.

Inflation likely quickened beyond the central bank’s target in September, as prices of food and utilities continued to surge, according to analysts.

A BusinessWorld poll of 17 analysts yielded a median estimate of 5% for the consumer price index, near the low end of the 4.8%-5.6% estimate given by the Bangko Sentral ng Pilipinas (BSP).

If realized, headline inflation will breach the BSP’s 2-4% target range for the second straight month. This will also be faster than the 4.9% print in August and the 2.3% a year earlier and mark the quickest rise since the 5.1% in December 2018.

The Philippine Statistics Authority will report September inflation data on Oct. 5.

MUFG said it does not expect the BSP to tighten its policy settings despite elevated inflation as still needs to support economic recovery.

“The BSP would not want to risk hiking rates too soon as the output gap remains fairly large. The BSP is likely to maintain an accommodative monetary policy for some time,” it said.

Evergrande’s debt woes and the US dollar’s strength following the US Federal Reserve’s hints on tapering its asset purchases also contributed to the peso’s drop in September, MUFG said.

“As we head towards yearend, we maintain our view that the peso is likely to receive support from the seasonal spike in OFW remittances particularly in December when it usually peaks due to the Christmas holidays,” it said.

“This is not to mention the fact that remittances continue to be on the rise as more workers are deployed overseas,” MUFG added.

Latest BSP data showed OFW remittances rose by 2.5% from the year earlier to $2.853 billion in July, which was its highest level in seven months or since the $2.89 billion seen in December 2020.

“Robust business process outsourcing revenue is another positive factor for the peso,” MUFG said.

However, following an expected rebound in the last months of 2021, MUFG expects the peso to weaken anew in 2022 and could range between P48.75 and P52.52 versus the greenback in the first quarter of that year for a point foreign exchange projection of P50.75.

It expects the local unit to trade within P49-P52.50 in the second quarter of 2022 and hover within P51-per-dollar level. In the July-September period, the peso is expected to range from P49.25 to P52.65 and settle at around P51.25 against the greenback. — B.M. Laforga

Amaia launches 4^th mid-rise condo in Pasig

October 5, 2021 | 12:02 am

AMAIA LAND is launching the fourth mid-rise condominium building at its Pasig City development.

Amaia Steps Pasig is a 4.5-hectare development located on Eusebio Street, Barangay San Miguel, Pasig City. The condominium project currently has three nine-storey buildings — Aria, Blanca and Esperanza — and is set to add a fourth named Clara.

“Amaia Steps Pasig offers right-sized living spaces perfect for the needs, budget, and preferences of starting families and career-driven millennials,” the developer said.

Units range from studios (23.70-26.95 square meters) to premier (40.56 to 45.47 square meters).

Amenities at Amaia Steps Pasig include a multi-purpose hall, swimming pool, basketball court, and playground.

Datu Puti, PCX team up for plastic neutrality

October 5, 2021 | 12:01 am

CONDIMENTS manufacturer and distributor NutriAsia, Inc. has partnered up with nonprofit plastic offset program Plastic Credit Exchange (PCX) to achieve plastic neutrality for its entire Datu Puti product line.

Datu Puti was awarded a plastic neutrality certificate from PCX, according to a statement from a public relations firm on Monday.

Attaining plastic neutrality requires calculating the amount of plastic used in Datu Puti’s bottles, caps and pouches then diverting an equivalent amount of post-consumer plastic waste — with the help of PCX.

According to NutriAsia President and Chief Operating Officer Angie G. Flaminiano, the collected plastic waste will be transformed into an alternative source of fuel to be used in producing cement and other products.

“This is a more sustainable way of managing our plastic waste, contributing much help in making our country a cleaner, greener place to live in,” Ms. Flaminiano said.

NutriAsia’s Broad Culinary Marketing Group Head Mario Mendoza said the move puts Datu Puti in a “prime position” of being a catalyst and leader of positive change towards sustainability, while helping Filipino consumers adopt a more environment-friendly lifestyle.

Datu Puti is more known in the vinegar industry, but its product line has expanded to soy sauce, fish sauce, oyster sauce, barbeque marinade and adobo sauces. — Angelica Y. Yang

Sun Life to buy DentaQuest to grow in US

October 5, 2021 | 12:01 am

SUN LIFE Financial, Inc., Canada’s largest group-benefits company, agreed to buy US dental-benefits provider DentaQuest for about $2.48 billion, bolstering its business south of the border.

Private equity firm Centerbridge Partners LP will sell its minority stake in DentaQuest as part of the transaction, Toronto-based Sun Life said Sunday. DentaQuest is majority owned by the nonprofit CareQuest Institute for Oral Health, which plans to use the proceeds on programs to improve dental care for underserved communities.

The acquisition gives Sun Life the second-largest provider of dental benefits in the US, more than doubling its employee-benefits revenue there and adding to its portfolio of health and group benefits in the country. Boston-based DentaQuest, founded in 2001, has more than 33 million customers in 36 states and about 2,400 employees.

DentaQuest was particularly appealing because the firm is the largest provider of Medicaid dental benefits and is growing its Medicare Advantage and US Affordable Care Act businesses, giving Sun Life access to the US government market. The dental-benefits market also is less capital-intensive than other businesses like long-term care insurance, making it a more attractive target, Sun Life Chief Executive Officer Kevin Strain said.

“We’ve been looking for ways to add scale to our group benefits business — and we’ve been growing organically quite well — but we always thought that an acquisition would be an important step forward for us in the US group-benefits space,” Mr. Strain said in an interview. “This one came to us in a space that we like, and it fits with our strategy.”

The deal will immediately boost Sun Life’s profit, adding 17 Canadian cents (13 US cents) to underlying earnings per share, according to the statement. Sun Life said that in 2024, after savings from the takeover have been realized, the deal will add 24 Canadian cents a share to underlying earnings. The deal is expected to close in the first half of 2022.

Sun Life shares have climbed 15% this year, in line with S&P/Toronto Stock Exchange Composite Index. — Bloomberg

Entertainment News (10/05/21)

October 5, 2021 | 12:01 am

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TV5 bags awards at Asian Academy Creative Awards 2021

THE ASIAN Academy Creative Awards 2021 — more commonly referred to as the Asian Emmys — recently named TV5 as recipient of five national awards in top categories. TV5 won Best Drama Series (Niña Niño), Best Actress in a Leading Role (Maja Salvador for Niña Niño), Best Non-Scripted Entertainment (Sing Galing), Best Adaptation of an Existing Format (The Wall Philippines), and Best Promo/Trailer (Iba sa 5). TV5 will be a representative of the Philippines at the Asian Academy Creative Awards 2021’s Grand Awards on Dec. 2, and the Gala Finals on Dec. 3. For more information, visit www.asianacademycreativeawards.com.

GMA Affordabox drops special Christmas promo

GMA NETWORK unveils a special Christmas promo as it offers GMA Affordabox, which has an SRP of P888, at a discounted price of P799 from Oct. 1 to Dec. 31. The network’s digital TV receiver, GMA Affordabox allows viewers to see shows and movies on GMA’s six digital channels — GMA, GTV, Heart of Asia, Hallypop, I Heart Movies, and DepEd TV — as well as other available free-to-air channels on digital broadcast, depending on their areas. GMA Affordabox also offers other features like the Personal Video Recorder which lets users record GMA programs. With the multimedia player, users can watch videos, listen to music, and view photos. GMA Affordabox also has a functional auto-on alert feature and a nationwide Emergency Warning Broadcast System (EWBS) that receives alerts from the National Disaster Risk Reduction and Management Council. The GMA Affordabox is available in appliance stores and malls, or online via the official GMA Store website as well as on Shopee and Lazada.

GMA Network’s Heartful Café streams on Netflix

GMA NETWORK’S primetime series Heartful Cafe will start streaming on Netflix Philippines beginning Oct. 14. Following its well-received run at GMA since its premiere in April, Heartful Cafe joins the growing list of GMA shows on the video streaming platform. Directed by Mark Sicat Dela Cruz, the original series stars Julie Anne San Jose as an online romance novelist and coffee enthusiast who owns a cafe called the Heartful Café; and David Licauco as a competitive and goal-driven businessman who takes an interest in the café. Joining them in the series are EA Guzman, Ayra Mariano, Victor Anastacio, Angel Guardian, Zonia Mejia, and Jamir Zabarte.

iQiyi releases animé shows in October

ASIAN entertainment streaming platform iQiyi continues to expand its range of content with a fresh slate of anime available on demand. In the first nine months of 2021, iQiyi’s animé content drove strong viewership across Southeast Asia, Hong Kong, Macau and Taiwan. Animé content exceeded 650 million views with almost 95 million cumulative hours watched. For October, iQiyi’s year-end anime slate is led by Demon Slayer: Kimetsu no Yaiba Entertainment District Arc, My Hero Academia films, as well as Demon Slayer: Kimetsu no Yaiba Asakusa Arc and Demon Slayer: Kimetsu no Yaiba Tsuzumi Mansion Arc movies. The list also features heroic-fantasy series Mushoku Tensei: Jobless Reincarnation (Part 2) and How a Realist Hero Rebuilt the Kingdom, paranormal-themed The Vampire Dies in No Time and Mieruko-chan, along with light romance series My Senpai Is Annoying and Taisho Otome Fairy Tale, among 27 titles that are new on iQiyi. Highlights of the anime films on iQiyi are My Hero Academia: Two Heroes, My Hero Academia: Heroes Rising, One Piece Film: Z (2012), One Piece Film: Gold (2016), One Piece: Episode of East Blue (2017), One Piece: Episode of Skypiea (2018) and One Piece: Stampede (2019). In addition, Boruto-naruto Next Generations will also launch on the platform.

Viu Ph adds animé titles to online library

VIDEO-ON-DEMAND (VOD) streaming service Viu Philippines recently invested in growing its online library with some of the best mainstream and classic animé programs. Viu also offers its subscribers access to simulcasts of ongoing popular shows, as well as titles from childhood. Among the animé titles that are now available on Viu are: Detective Conan, One Piece, Slam Dunk, Dragon Ball Super, and Pretty Guardian Sailor Moon Crystal. Other animé shows available on Viu include: Demon Slayer: Kimetsu no Yaiba, Attack on Titan, Black Clover, Hunter x Hunter, Haikyuu!!, Fairy Tail, Cells at Work!, One Punch Man, That Time I Got Reincarnated as a Slime, Zombie Land Saga, I’ve Been Killing Slimes for 300 Years and Maxed Out My Level, Mob Psycho 100, My Hero Academia, Re:Zero − Starting Life in Another World (Season 2), and Magi: The Labyrinth of Magic, among others. Download the Viu app on App Store, Google Play, selected Smart TVs, and on the web at www.viu.com to access animé titles along with more premium Asian content.

One Dream: The BINI x BGYO Concert to be streamed

LESS than a year after their official launches, Filipino pop groups BINI and BGYO have had several milestones: BINI released a music video for its debut single, “Born to Win,” which was featured in MTV Asia last month and has already crossed one million views, while BGYO has landed on the number one spot on Billboard’s global Next Big Sound chart, coinciding with the release of its latest single, “The Baddest,” which just surpassed one million views on YouTube. Now the two groups will have a joint concert, One Dream: The BINI x BGYO Concert, which will be streamed worldwide on Nov. 6 and 7 on KTX.PH, iWantTFC, and TFC IPTV. The Nov. 6 show feature performances by each group, collaborations on fan-favorite songs, and numbers by surprise guest artists. On Nov. 7, BINI and BGYO will present more live collaborations, sub-unit performances, vocal showcases, and a fan meet on KTX.PH. SVIP tickets are priced at P1,950 or $39.99 which gives access to the two shows and the fan meet on KTX.PH. VIP tickets, meanwhile, cost P1,490 or $29.99 on KTX.PH, iWantTFC, and TFC IPTV and will provide access to the two shows. Before the November concert, both groups are coming out with full-length debut albums of all-original songs.

Shanti Dope collaborates with HELLMERRY

SHANTI Dope drops another single in October titled “Loaded” featuring the up-and-coming artist, HELLMERRY. In the song, Shanti gives listeners a glimpse of what it is like to live a successful life. Over the last five years, the rapper teamed up with Disney star Sabrina Carpenter on the song “Almost Love”; and his single “Amatz” was featured in the premiere season of Marvel Studios’ The Falcon and the Winter Soldier earlier this year. “Amatz” also emerged on Billboard’s World Digital Song Sales Chart as number 10. “Loaded” is available to stream on music streaming platforms.

Eve Alai releases latest single

SINGAPORE-BASED electronic music producer Eve Alai will light up the virtual dancefloor with his latest single “Touch Me,” to be released on Oct. 8 under Umami Records. It features vocals from Z. It is a “techno-inspired bop that underscores the healing power of being hopeful despite the trying times,” says a company release. “It was written originally as an R&B song,” Mr. Alai said in a statement. “I took that vocal and transformed it into a house track.” Pre-save “Touch Me” via Umami Records on https://www.umamirecords.sg/touch-me/.

Alex Mills releases house cut ‘Worst Enemy’

LONDON-BASED artist Alex Mills returns with brand new single “Worst Enemy,” which came out on Oct. 1 on Ultra. A vibrant house track, Mills combines her vocals with a lively and upbeat production. In the last few years Ms. Mills has featured on records from some of the biggest dance music artists, including Basement Jaxx, Hot Since 82, Camelphat, Sonny Fodera and Lee Foss. She has been called the “producers choice” of vocalist by dance music publication, Mixmag.

4 HBO Asia Originals screen at major int’l film fests

FOUR HBO Asia Original productions are debuting globally at prestigious international film festivals in Venice, Busan, and Tokyo. All four productions — Gensan Punch, On The Job, Folklore Season 2, and Forbidden will stream on HBO GO. Two of these productions — Gensan Punch and On The Job are in competition at some festivals. Gensan Punch is inspired by the true story about a Japanese man with a prosthetic leg who goes to the Philippines to train and pursue his dream of becoming a professional boxer. The film will have its world premiere in “A Window on Asian Cinema” section (Competition) at the upcoming 26^th edition of Busan International Film Festival. It is also one of seven Asian films nominated for the Kim Jiseok Award in Busan. It will also screen in the “Gala Selection” (non-Competition) at this year’s 34^th Tokyo International Film Festival. Starring Japanese actor Shogen, Gensan Punch is directed and produced by Brillante Ma. Mendoza. Gensan Punch will premiere on HBO GO and HBO in the next few months. Meanwhile, select episodes of the HBO Asia Original series On The Job were screened as On The Job: The Missing 8 in Competition at this year’s 78^th Venice Film Festival in September, making it the only film from Asia out of the 21 international films Venezia 78. Its star, John Arcilla, won Best Actor. On The Job continues to be screened at other international film festivals including: the 26^th Busan International Film Festival in Korea (Oct. 6 – 15) ad the 29^th edition of Filmfest Hamburg in Germany (Sept. 30 – Oct. 9). Directed by Eric Matti, the six-part crime thriller series is inspired by true events and centers around crime syndicates that temporarily release contracted prison inmates to carry out political assassinations for those in power, except that the crime syndicates are run by politicians. Stream the series exclusively on HBO GO. Two episodes from the second season of the HBO Asia Original horror anthology series Folklore will have its world premiere at the 34^th Tokyo International Film Festival in Japan (Oct. 30 – Nov. 8). The two episode are directed by Seiko Matsuda and Singapore’s 2020 Young Artist Award recipient, Nicole Midori Woodford. The new season of Folklore continues to examine the human condition when exposed to supernatural phenomenon. Folklore Season 2 will premiere on HBO GO and HBO later this year. HBO Asia’s first Thai language original series Forbidden has been selected to make its world premiere at the 26^th Busan International Film Festival in Korea. The screening of the series’ first two episodes is part of the first-ever “On Screen” section, which showcases anticipated drama series streamed over online video streaming platforms. Forbidden follows four friends who travel from Bangkok to a remote village in the mountains for the funeral of one members’ estranged father. Forbidden will premiere on HBO GO and HBO this year. HBO GO can be accessed via Android TV, Apple TV, LG TV and Samsung Smart TV — and comes with AirPlay and Google Cast functionality.

8Ventures CEO joins The Final Pitch

STARTING this month, 8Ventures Chairman and CEO Jay Ricky Villarante will be one of the top investor-judges of CNN Philippines’ The Final Pitch, the country’s first and only business reality TV show which brings together business owners and investors. During the show’s 7^th season, aspiring entrepreneurs and startup owners will have the chance to pitch their ideas to the show’s investor-judges about their respective businesses and/or entrepreneurial ideas on-location at The Final Pitch’s studios. 8Ventures includes companies such as Paylance Inc., a bitcoin payments and rewards platform that lets users send money for free and earn bitcoins; Moneybees, a Bangko Sentral ng Pilipinas-licensed cryptocurrency exchange that is processing billions of pesos of transactions every year; and Secuna, a cybersecurity testing platform for SMEs, government agencies, banks, and multinational companies. The Final Pitch can be viewed on The Final Pitch YouTube channel with new uploads every Wednesday and Friday, 5 p.m. Joining Villarante as an investor-judge are Dave Almirol, Jr., founder and CEO of Multisys Technologies Corp.; Bernard Dy, Mayor of Cauayan City, Isabela; Rosemarie Bosch-Ong, SEVP-Chief Operating Officer of Wilcon Depot; and Dennis Uy, founder, and CEO of Converge ICT Solutions Inc.

Pokémon releases game updates

THE POKÉMON Company has just released updates for Pokémon Brilliant Diamond and Pokémon Shining Pearl in a promotional video. Pokémon fans can find out more on the official introduction of Pokétch and Amity Square at Introducing Pokétch and Amity Square | Pokémon Brilliant DiamondPokémon Shining Pearl. More news is the inclusion of the all-purpose Pokétch, a handy gadget that’s loaded up with various apps, such as the Dowsing Machine to help find hidden items, and the Memo Pad that comes handy when it’s time to take some quick notes. In addition, players can now play with their Pokémon in Amity Square in Hearthome City. Meanwhile, the newest trailer of Nintendo Switch software Pokémon Legends: Arceus has been released. Pokémon fans may check out the trailer at Frenzied Pokémon nobles | Pokémon Legends: Arceus.

Olympic gold medalist picks Nasugbu home

October 5, 2021 | 12:01 am

OLYMPIC GOLD medalist Hidilyn Diaz will soon have a house built in PHirst Park Homes Batulao in Nasugbu, Batangas.

This as Century Properties Group (CPG) recently presented Ms. Diaz with the deed of donation for the PHirst Park Homes house-and-lot promised to her after she won a gold medal at the Tokyo Olympic Games.

Ms. Diaz was given the choice of a single-attached house and lot in any PHirst Park Homes community, but she picked the one in Nasugbu.

The two-storey home will have a floor area of 54 square meters (sq.m.) and sits on a 146-sq.m. corner lot. The company broke ground for the house, which is targeted to be completed by December 2022.

PHirst Park Homes is a partnership between CPG and Mitsubishi Corp.

Philippines ranks eighth most at-risk country for disasters

October 5, 2021 | 12:00 am

How PSEi member stocks performed — October 4, 2021

October 5, 2021 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Monday, October 4, 2021.

PSEi rises on vaccine arrivals, lower infections

October 4, 2021 | 9:00 pm

SHARES climbed on Monday on the arrival of more coronavirus disease 2019 (COVID-19) vaccine doses over the weekend and as the country continued to report lower infections.

The benchmark Philippine Stock Exchange index (PSEi) went up by 37.29 points or 0.53% to close at 6,960.89 on Monday, while the broader all shares index gained 21.68 points or 0.50% to end at 4,348.19.

“The PSEi continued to gain today… amid increased COVID-19 vaccine arrivals over the weekend,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a Viber message on Monday.

“New local COVID-19 cases already eased to among one-month lows, all of which could support or justify further easing of restrictions and further reopening of the economy,” he added.

On Sunday, the country logged 13,273 new infections, which brought active COVID-19 cases in the country to 112,008. The national tally stood at 2,593,399.

The Philippines received some 1.81 million doses of the vaccine developed by Pfizer, Inc. through the World Health Organization’s COVAX Facility. The country expects to receive 10 million more doses in the coming weeks.

“Philippine shares were traded higher as investors sought refuge from regions being sold down due to the Evergande debacle,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a separate Viber message.

Asian shares dipped on Monday as concerns about China’s property sector and inflation worries offset upbeat US data and positive news on new drugs to fight the coronavirus, Reuters reported.

Trading in shares of debt-laden China Evergrande was suspended pending an announcement about a major transaction. That comes a few days after the distressed developer missed a key interest payment on its offshore debt obligation for the second time.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.1%.

Back home, all sectoral indices closed higher on Monday except for industrials, which lost 31.72 points or 0.30% to end at 10,268.62.

Meanwhile, mining and oil climbed 193.58 points or 2.06% to 9,591.13; holding firms went up by 92.95 points or 1.34% to 6,987.23; property improved by 15.61 points or 0.52% to 3,005.49; financials inched up by 7.43 points or 0.52% to 1,419.88; and services gained 2.69 points or 0.13% to 1,951.69.

Value turnover dropped to P5.89 billion with 955.46 million issues traded on Monday, down from the P21.99 billion with 2.32 billion shares that switched hands on Friday.

Advancers and decliners were tied at 93 each, while 55 names closed unchanged.

Foreigners turned sellers anew on Monday, logging P336.54 million in net outflows versus the P2.84 billion in net purchases seen on Friday.

Regina Capital’s Mr. Limlingan said the market is awaiting key economic data for leads.

RCBC’s Mr. Ricafort placed the PSEi’s resistance at 7,000 to 7,100 and its immediate support at the 6,700 to 6,800 levels. — Keren Concepcion G. Valmonte with Reuters

Peso strengthens as dollar takes hit from US debt ceiling impasse

October 4, 2021 | 9:00 pm

THE PESO appreciated on Monday as the debate on the proposed US debt ceiling dragged on, affecting the dollar.

The local unit closed at P50.70 per dollar on Monday, gaining nine centavos from its P50.79 on Friday, based on the Bankers Association of the Philippines’ data.

The peso opened Monday’s session at P50.74 versus the greenback. Its strongest showing was at P50.68, while its weakest point was at P50.815 per dollar.

Dollars traded dropped to $857.54 million on Monday from $882.16 million on Friday.

“The peso appreciated as the greenback’s appeal waned from the lingering political uncertainty around the US debt ceiling and the prospects of more stimulus bills from the Democrats,” a trader said via e-mail.

Investors are getting more nervous over the looming fiscal crisis if the US Congress does not decide on whether the debt ceiling has to be raised or not to avoid a possible government shutdown and its first-ever default, Reuters reported.

Back home, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the delivery of more coronavirus vaccines sparked optimism on the government’s inoculation drive and the economy’s recovery, which boosted the peso.

“Peso is also stronger as the markets anticipate some seasonal increase in OFW (overseas Filipino worker) remittances and conversion to pesos into the fourth quarter, especially towards the Christmas season,” he added.

Latest central bank data showed OFW remittances rose by 2.5% from the year earlier to $2.853 billion in July, its highest level in seven months or since the $2.89 billion in December 2020.

The trader said the peso could weaken anew on Tuesday on expectations of faster inflation in September.

A BusinessWorld poll of 17 analysts showed a median estimate of 5% for September headline inflation, or near the lower end of the Bangko Sentral ng Pilipinas’ estimate of 4.8%-5.6% for the month.

The Philippine Statistics Authority will report September inflation data on Oct. 5.

Mr. Ricafort said the local unit may range from P50.60 to P50.80 on Tuesday, while the trader gave a slightly wider forecast range of P50.60 to P50.85. — B.M. Laforga with Reuters