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Dining In/Out (08/19/21)

Sheraton Manila Bay’s Lechonito Special

FILIPINO celebrations are never complete without a lechon — a roast pig. But since most celebrations are now confined at home with only a few family members and friends, lechonito or cochinillo — roast suckling pig — is a practical alternative. The Sheraton Manila Bay offers its own version, Lechonito Special, for P7,888 net, with each lechonito set including vegetable kare-kare (a peanut based stew), bringhe rice, ube (purple yam) leche flan, and a healthy fruit beverage. The package is good for sharing by up to four persons. To order for delivery, call 5318-0788, 0917-583-7294, 0917-583-7326 or e-mail sh.mnlsb.fnb@sheraton.com. Twenty-four hours advance order is required. For a full listing of the hotel’s gourmet takeaways menu, visit http://bit.ly/ccmnlsb.

Special edition bag for Conrad Manila’s mooncakes

THE CONRAD Manila celebrates the Mid-Autum Festival with restaurant China Blue by Jereme Leung’s selection of handmade mooncakes in four flavors, which come in limited edition Filipino-designed bags. The mooncake flavors include the new Baked fragrant pandan with taro black gold charcoal (embellished in black and gold edible paint, it has a smooth pandan paste and creamy taro center), along with Baked red bean single salted egg yolk, and Baked white lotus single egg yolk versions. The mooncakes come in special bags and boxes. There is the new Harvest Mooncake Bag, a collaboration with local fashion designer Zarah Juan, available in two limited editions and come in two colors, red and tan. The bag’s embroidery depicts traditional barong Tagalog fabric, with an intricate design of rice grains. Each bag is handcrafted from upcycled wood by artisans in Paete, Laguna. Then there are previous favorites, the Tropical Allure by Christy Ng bag in purple or red, the Pacific Allure bag, and the Pacific box. Each mooncake gift set comes in a box of four baked mooncakes, with options to mix and match flavors. The Harvest Mooncake Limited Edition bag containing four mooncakes costs P5,888 net, the Tropical Allure bag with four mooncakes is P3,888, the Pacific Pearl bag with four mooncakes is P2,888, and the Pacific box with four mooncakes is P2,588. The mooncake gift set are available for purchase until Sept. 21, with an early bird discount of 20% for pre-orders until Aug. 31. Orders can be placed at https://bit.ly/CBJLOrderForm. For more details on the mooncake offerings, call 8833-9999 or 0917-650-4043, e-mail conradmanila@conradhotels.com, or visit www.eatdrinkhilton.com.

Limited time offer from New World’s Jasmine

NEW World Makati Hotel’s guests can enjoy dim sum and an array of whole cakes while staying safe at home during the quarantine with limited-time offers until Aug. 31. Self-pick-up orders at Jasmine are 15% off while whole cakes from The Shop are at P1,000 net. For guests who prefer to have their Jasmine orders delivered, the restaurant is available on mobile food apps Grab, Food Panda, Pickaroo for added convenience. Jasmine recently added six new dim sums — shrimp with corn and Chinese parsley dumpling, minced chicken with truffle mushroom dumpling, shrimp with Pacific clam dumpling, curry bun with chicken, mushroom, carrots and corn, Youtiao shrimp mousse with wasabi sauce, and seafood cheese net spring roll — to its all-you-can-eat lunch and dinner, also available to enjoy at home. The six new items may only be ordered for self-pick-up for now and are not available yet on mobile food apps. Home celebrations are made more special with The Shop’s lineup of whole cakes available for P1,000 net. Choose from the Strawberry Shortcake (layers of butter sponge cake and sliced strawberries cooked in sugar syrup, topped with macarons, ganache frosting and fresh berries), Chocolate Truffle Crunch (dark chocolate cake with layers of moist sponge and a hint of crunch topped with a dark chocolate coating), Almond Praline Crunch (cream and soft cheese with a mixture of caramel hazelnut praline paste, finished with praline Chantilly cream and almond flakes), and Red Velvet (sponge cake layered with cream cheese frosting, topped with a mirror glaze). Orders are for self-pick-up and must be made at least 48 hours in advance. Order directly until end of August by calling 8811-6888 ext. 3679, e-mailing fb.reservations@newworldhotels.com or joining the Viber app community at www.tinyurl.com/NewWorldMKTViber.

Foodie photo workshop

LEARN how to snap the best photos of food with a smartphone at the Photo Foodie workshop with photographer Sandra Dans on Aug. 21, (10 a.m. to 12 noon). Ms. Dans has worked as a professional photographer since 2010. She also teaches photography education at a local university. She graduated with a BFA in Visual Communication from the College of Fine Arts at UP Diliman and has an MFA in Photography from the Savannah College of Art and Design. The program fee is at P500, open to participants aged 14 years and above. Prepare a smartphone and a dish or dishes to photograph. For more information and to register, visit www.bgcartscenter.org/summer-art-fun.

Del Monte Kitchenomics now an app

DEL Monte Kitchenomics keeps up with the times with a mobile app that makes easy-to-follow recipes more accessible to everyone. Launched in 1984 as a consumer culinary platform, Del Monte Kitchenomics started out as a direct mail-based customer relationship management program, where registered members were sent recipe cards and cooking tips, then it became a TV cooking show. Del Monte Kitchenomics solidified its presence in the digital space and social media with a mobile app version freely available at Google Play and Apple App Store. Beyond recipes and cooking tips, the app enables users to prepare a meal plan, generate a shopping list, and order their favorite Del Monte products through Shopee and Lazada. The platform also offers kitchen novices its Del Monte Kitchenomics University to level up their cooking skills with lessons to elevate their daily meals or jumpstart an entrepreneurial culinary journey.

Crimson Hotel offers free delivery

THE CRIMSON Hotel is offering free delivery within Muntinlupa City until Aug. 31 with a minimum order of P500 from Baker J, Firehouse Pizza, and Café Eight. Aside from Firehouse Pizza’s Signature, Classic, and Vegan pizzas, one can try out the Pizza of the Month and the Hungry Feast. Meanwhile, Café Eight adds spice and color to dining at home with its Thai-inspired food bundle, Thai’s the Limit, which includes Thai shrimp cake, Pomelo salad, Thai grilled chicken, Pad Thai, and Sticky mango rice (P1,500 net per order, good for four people). The Thai grilled chicken and Pad Thai are served in a self-heating portable hotbox. Order at least one day prior to date of pick-up. Message the hotel on Viber (0998-590-0428).

New restaurants added to GrabFood Signatures program

FOLLOWING the successful rollout of GrabFood Signatures in April, a new batch of restaurants and brands have joined the program. GrabFood Signatures is a collection of premium food brands only available for delivery on Grab. The newest roster of restaurants includes crowd favorites ranging from Papa John’s, Lugang Café, Yabu, Ippudo, and TGI Friday’s, to Botejyu, Paper Moon Café, and Pepi Cubano, and many more. To order, open the GrabFood tab on the Grab app, then look for the widget labeled “Only With GrabFood” to see all the restaurants under GrabFood Signatures. Consumers can also look forward to P100 off when they buy food items with a minimum spend of P550 from any of the new merchants under GrabFood Signatures. To do so they must type in the code SIGNATURES upon checkout. Merchants under GrabFood Signatures offer a long-distance delivery option. The initial roster of restaurants available under the GrabFood Signatures program includes brands like Angel’s Pizza, Frankies, New York Buffalo Wings, Andok’s, Kimono Ken, Mann Hann, Turks, Cibo, Sinangag Express, Wildflour Burger, and Popeyes. Customers can also order snacks, desserts, or drinks from restaurants like Big Al’s Cookie Jar, J.Co Doughnuts & Coffee, Banapple, Cake2Go, and Café Mary Grace.

Bo’s Coffee marks 25 years

IN THE midst of the coronavirus disease 2019 (COVID-19) pandemic and the competitive market, homegrown brand Bo’s Coffee is celebrating its 25th year with the rollout of new products and continuing expansion here and abroad. For its silver year, the famous café chain is returning to its roots by helping uplift the coffee farm communities. For every purchase of beans from Bo’s Coffee Philippine Coffee Origins line, 10% of the proceeds will go to its adopted farm in Atok, Benguet. Bo’s Coffee also recently launched its Cakes in Tubs, available in Carrot Cake, Deluxe Chocolate Cake, and Burnt Cheesecake flavors. Customers can also enjoy the classic Kapeng Barako in whole Coffee Beans and Single Drip Coffee. Beginning with a single store in Cebu City 25 years ago, Bo’s expanded rapidly across the archipelago and currently operates over 100 stores, making it the country’s largest homegrown brand. It also expanded globally, starting with a café in Doha, Qatar in the Middle East. Aside from coffee farmers, Bo’s Coffee has also championed startup businesses and social enterprises by selling farm merchandise and food in its stores. Even before the pandemic, it had an online ordering platform called “Bo’s Coffee Order Ahead” on Facebook Messenger. This allowed customers to skip the queue, pay online and pick up their orders from a nearby store or have them delivered home. In mid-2020, it launched its first digital coffee service, Bo’s Coffee Daily, as a new way for customers to enjoy the barista experience. The chain also unveiled two more digital brands, Urbanica Milk Coffee and S’Wich, in partnership with Foodpanda, ensuring that its beans and baked goods are available nationwide through the webstore.

Cooking suggestions from Midea

MIDEA offers five meal suggestions that can be made using its multifunctional air fryers. Best known as a way to fry food without oil, there are other things that can be cooked with it aside from fried dishes. Here are some tasty and healthy suggestions: Bacon-wrapped Asparagus, with the correct preset on the digital air fryer, the asparagus and bacon will come out crispy and delicious; Homemade chips, set the appropriate temperature and time on the Midea air fryer, and “fry” for 15 to 17 minutes, turning every five to seven minutes to make the chips crispy and golden brown; Roasted savory chicken; Grilled barbecue, broil meat and achieve that char finish in 15 minutes; Air Fryer Desserts like warm chocolate lava cake and classic bread pudding. Midea’s 5.5L Digital Air Fryer is available exclusively at www.mideaph.com, Midea’s official Lazada page (www.lazada.com.ph/midea) and at Midea’s official Shopee page (www.shopee.ph/mideaphilippines), and the Midea 3.5L Mechanical Air Fryer is at their e-commerce and leading appliance stores nationwide.

Chefs share recipes to try at home this lockdown

PINOY chefs Boy Logro and Aileen Conde are sharing a variety of easy-to-recreate recipes in cooking show Solane Kitchen Moments. They have recipes for the healthy eater, the sweet tooth, and even the kids, together with a handful of tips and tricks from these professional chefs. There is Mr. Logro’s Pinaisang Isda using fresh ingredients that can easily be found in the nearest palengke or supermarket. While maya maya is his fish of choice, any fish will do. For a kid-friendly recipe, have a go at Logro’s Omurice, a fun way to make the young ones eat their greens and proteins. Meanwhile, Ms. Conde, a pastry chef and cake shop Honey Glaze Cakes owner, shares easy recipes for Frozen Mango Chiffon Cake and Dulce de Leche Cheesecake, and Double Dutch Cookies. The Solane Kitchen Moments can be found among the videos on Solane’s Facebook page.

Food temperature tips from Samsung

KEEPING food at optimal storage temperature ensures that when you are ready to cook or eat, they are at their tastiest best. Samsung, which has a range of refrigerators and freezers, notes that most people tend to just put all their meat in the freezer when in reality, some of the steak can be stored in the temperature required for most vegetables to keep their quality. Certain steaks certain steaks like Wagyu can be kept at an optimal temperature of 2°C before cooking. (Samsung’s French Door Refrigerator has a FlexZone feature where one can store different foods and drinks depending on the desired temperature which can be easily changed to accommodate a different temperature storage.) For stocking up on additional steaks or steaks like Angus, place them at around -1°C to preserve their freshness while frozen. Store your cheese where the temperature is cold and stable: keep hard cheeses like Manchego at 4°C to 6°C, and soft cheeses like brie stored at a lower temperature of around 3°C to 4°C, away from other produce. Additionally, place the cold cuts in the same temperature mode as Fruits & Vegetables to preserve their deli-like quality. They can be stored right there for weeks. The newest Samsung French Door Refrigerator and other appliances can be had through Samsung’s FlexiDeals promo, which offers convenient payment options from straight cash discount up to 35% off. Get 12-month 0% installment plans, and a low monthly interest via Home Credit and In-house Financing. The promo runs until Aug. 31. For details on the Flexideal promo, visit https://www.samsung.com/ph/offer/offline/2021/flexideals/.

Manulife IM Philippines launches India-focused fund

MANULIFE INVESTMENT Management and Trust Corp. (Manulife IM Philippines) has launched a new equity feeder fund where majority of assets will be invested in India as it aims to capture the growth of the world’s sixth-biggest economy.

Manulife IM Philippines said in a press release on Wednesday that its India Equity Feeder Fund is an equity unit investment trust fund (UITF) that invests at least 70% of its net assets in listed companies and securities of firms across various sectors in India.

“India is an economic powerhouse offering investors attractive growth opportunities. With its large and young population, India is poised to deliver solid growth, supported by its domestic-driven economy and transformative reforms, especially as its vaccine manufacturing capacity has started ramping up amid the pandemic,” said Aira Gaspar, president and CEO of Manulife IM Philippines.

Ms. Gaspar said the Indian economy will likely benefit from faster digital transformation as it attracts global investments.

She added that the country’s low labor costs and policies on import substitution supporting the local market would also benefit its manufacturing sector amid disruptions in global trade.

The fund is available in either peso- and dollar-denominated share classes for minimum investments worth P5,000 and $100.

Manulife IM Philippines is the wealth and asset management arm of life insurer Manufacturers Life Insurance Co. (Phils.), Inc.

In July, Manulife IM Philippines launched its global feeder fund that will invest 70% of its total assets in real estate investment trusts listed across international markets.

Ms. Gaspar had said the company will launch two new offshore funds this year to take advantage of the changes brought about by the coronavirus pandemic. — BML

Etaily raises $1.6M in seed funding, to expand services

E-COMMERCE solutions provider Etaily plans to develop additional services and expand its retail reach after raising $1.6 million in seed funding.

Etaily’s seed funding round was led by Ayala Ventures, Foxmont Capital and Magsaysay Logistics, while additional investments came from Boston Consulting Group Managing Director Anthony Oundjian, along with other angel investors.

“We plan to use the funds to develop more e-commerce solutions for our growing customer base of retailers, of vendors, of small, medium, and large enterprises on a local as well as a regional level,” Etaily Chief Executive Officer Alexander Friedhoff said in a virtual event on Tuesday.

“We are aiming to use those funds in the development of our proprietary end-to-end e-commerce operating ecosystem and to further build obviously on the success of digitizing the department stores and scaling this offline to online experience also with other offline retailers.”

Etaily works on mobile application and online store development, customer analytics, inventory management, and warehousing and fulfillment solutions for online transactions. Its legal structure is in Singapore, while its head office is in the Philippines.

Mr. Friedhoff said the company has generated more than a million transactions and made more than 50,000 unique products since it started last year.

“(We) managed more than 20 brands across all online channels, and even more importantly, we have activated more than 10 offline retailers for online capability,” he said.

The e-commerce sector could contribute P1.2 trillion to the economy by 2022, representing 5.5% of gross domestic product (GDP), according to the government’s e-commerce roadmap. This projection is double the 2020 baseline of P599 billion, or 3.4% of the GDP. The government plans to increase the number of e-commerce businesses from 500,000 in 2020 to 750,000 by 2021 and one million by 2022. — Jenina P. Ibañez

FDC targets workplace herd immunity this year

GOTIANUN-LED Filinvest Development Corp. (FDC) has expressed optimism about its prospects for the rest of 2021 as it aims to fully inoculate its work force before the year ends.

“We never stopped pushing our projects and growth initiatives forward despite the challenges borne out of the pandemic. With the light of vaccinated hope, we choose to be on the side of optimism. This confidence is borne out of our fast-moving vaccination program FilVax and our accelerated digital transformation,” said Lourdes Josephine T. Gotianun-Yap, FDC president and chief executive officer, in a statement.

To date, the group’s vaccinated population surged to 71%, with 65% fully vaccinated and 35% with their first dose. The inoculation goal covers employees and third-party service providers.

“We are looking forward to achieving herd immunity by the fourth quarter of the year, which will be a critical milestone in the group’s continued growth and recovery curve amid this pandemic. FilVax is only one of the entire group’s synergistic efforts in ensuring that we keep the Filinvest family safe and healthy as we continue to respond to the needs of our stakeholders,” Ms. Gotianun-Yap said.

FilVax is the Filinvest group’s free vaccination program for employees, drivers, messengers, utility workers, and security guards assigned to FDC properties and workspaces nationwide.

It kicked off on Aug. 4 at the Filinvest Mega Vaccination Center at Festival Mall, Filinvest City, Muntinlupa.

FDC has so far accelerated its digital transformation amid the pandemic and implemented measures to keep its employees, customers, and stakeholders safe.

Companies under FDC include Filinvest Land, Inc., EastWest Banking Corp., Filinvest REIT Corp., FDC Utilities, Inc., Filinvest Alabang, Inc., and Filinvest Supermall, Inc.

The Filinvest group also owns Crimson Resorts in Boracay, Mactan, and Alabang, and The Quest Hotels in Cebu, Clark, and Tagaytay.

DFNN incurs P35-M loss after gaming halt

DFNN Inc. recorded a P35.25-million attributable net loss during the second quarter, citing the temporary closure of its gaming operations due to the coronavirus disease 2019 (COVID-19) pandemic.

The listed company said in a stock exchange disclosure on Wednesday that its bottom line for the April-to-June period is 45.4% lower than the previous year’s P64.5-million net loss attributable to parent firm equity holders.

DFNN’s total revenue for the quarter rose 104.1% to P112.42 million, of which commission income contributed P86.42 million, followed by service fees at P22.28 million, and sale of licenses at P3.71 million.

For the first half, DFNN reported a P63.25-million attributable net loss, 24.2% lower compared with the P83.49-million loss incurred in the same semester in 2020.

Total revenue for the six-month period fell 17.2% to P268.89 million from P324.88 million the previous year.

Of the total, commission income accounted for P213.14 million, followed by service fees at P45.85 million, and sale of licenses at P9.9 million.

“Total revenue during the first six months decreased by 17.2% compared to the same period of 2020 mainly due to the decrease in commission income. Total revenue derived from commission income amounted to P213.14 million compared to P243.53 million for the same period in 2020 attributable to the temporary shutdown of gaming operations due to the COVID-19 lockdown,” DFNN said.

DFNN President and Chief Executive Officer Calvin Lim said the positive result of the company in terms of revenue was due to InPlay.ph.

“It is an undeniable success as customers now opt to use the same for the reliability and convenience that it offers,” Mr. Lim said.

Gross gaming revenue (GGR) of InPlay.ph, under DFNN’s subsidiary Inter-Active Entertainment Solutions Technologies Inc. (IEST), reached P113.9 million in the first half.

Consolidated costs and expenses of DFNN for the first half fell to P311.9 million due to the temporary closure of the gaming business sector amid lockdown measures.

Meanwhile, DFNN said its subsidiary, iWave, Inc., launched the Global Trade Exchange (GTX) platform under its Seychelles unit GlobalTradeX, Ltd., which allows the issuance, custody, and trading of digital assets across borders under the jurisdiction of the Authority of the Freeport Area of Bataan.

“iWave was awarded a license to operate the Digital Asset Exchange to serve exclusively non-Filipino clients and non-Filipino issuers,” DFNN said.

The company disclosed that GTX has over $2.9 billion in the pipeline from issuers that plan to list on the exchange before the end of 2021.

“iWave’s mandate allows for the operation of various financial and capital market services on the platform. This includes the trading and settlement of Digitized Securities, Futures, Commodities, and Derivatives. Currently, GTX has over 500 Digital Asset pairs available for Spot, Margin, and Futures trading via the web, iOS and Android. GTX also provides Fiat P2P, Lending and Staking as a service,” DFNN said.

On Wednesday, shares of DFNN at the stock exchange rose 6.10% or 23 centavos to end at P4 apiece. — Revin Mikhael D. Ochave

D&L adjusts timeline for P5-B bond offering

D&L Industries, Inc. on Wednesday said it is adjusting the timeline for its P5-billion fixed-rate bonds as it completes regulatory requirements.

It is now aiming to secure a permit to sell by Aug. 27 or 31 from the initial Aug. 20, while it is now targeting the offer period to run from Sept. 1 to 6 from Aug. 24 to 31.

“The corporation is still in the process of complying with the requirements of the Securities and Exchange Commission,” the company said in a disclosure.

The offer consists of Series A bonds with a three-year term due 2024 and Series B bonds with a five-year term due 2026. The principal amount of the offer was set to P3 billion, with an oversubscription option of up to P2 billion.

D&L plans to use proceeds from its maiden bond offering to partially finance capital expenditures, repayment of bridge loans and interest costs drawn to fund capital expenditures, and for general corporate purposes.

The bonds will be listed and traded through the Philippine Dealing & Exchange Corp. It scheduled its settlement, issue, and listing date on Sept. 10 from the initial Sept. 7 plan.

Shares of D&L at the stock exchange improved by 1.34% or 11 centavos, closing at P8.31 apiece. — Keren Concepcion G. Valmonte

Philippines ranks 3rd most restrictive to FDI

Philippines ranks 3<sup>rd</sup> most restrictive to FDI

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How PSEi member stocks performed — August 18, 2021

Here’s a quick glance at how PSEi stocks fared on Wednesday, August 18, 2021.


Peso drops on hawkish Fed comments 

BW FILE PHOTO

THE PESO weakened versus the greenback on Wednesday following hawkish signals from the US Federal Reserve. 

The local unit closed at P50.43 per dollar, shedding 2.9 centavos from its P50.401 finish on Tuesday, based on data from the Bankers Association of the Philippines. 

The peso opened Wednesday’s session at P50.37 per dollar. Its intraday best was at P50.25, while its weakest showing was its close of P50.43 versus the greenback. 

Dollars exchanged dropped to $796.1 million on Wednesday from $859.9 million on Tuesday. 

The peso weakened due to the hawkish remarks of US Fed Chairman Jerome Powell on Tuesday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said. 

Mr. Powell on Tuesday said that it remains unclear if the outbreak of the more infectious Delta variant will have noticeable repercussion for the economy, Reuters reported. 

He said while the pandemic will likely continue “for a while”, “people and businesses have improvised and learned to adapt” in order to carry on. 

Separately, Minneapolis Federal Reserve President Neel Kashkari said trimming the central bank’s bond-buying program could be “reasonable” by late 2021, although this will be dependent on further progress in the labor market. 

Meanwhile, a trader said the peso depreciated as players waited for the release of the minutes of the Fed’s policy meeting in July later on Wednesday. 

Last month, the US central bank kept the policy rates unchanged near zero saying concerns over the pandemic remains despite some signs of progress in the economy. 

For today, both Mr. Ricafort and the trader gave a forecast range of P50.25 to P50.50 per dollar. — LWTN with Reuters 

PSEi extends rally on firms’ positive Q2 results

PHILIPPINE STAR/KRIZ JOHN ROSALES

PHILIPPINE shares climbed on Wednesday, along with other markets in the region, as earnings of most companies rebounded in the second quarter.

The Philippine Stock Exchange index (PSEi) went up by 118.77 points or 1.81% to close at 6,680.18 on Wednesday, while the all shares index gained 45.94 points or 1.12% to end at 4,118.41.

“We’re on a medium-term rally due to the big drop ever since months ago,” Summit Securities, Inc. President Harry G. Liu said in a phone call.

“With earnings of most listed companies improving in the second quarter despite the lockdown or restrictions, local market continued to recover as investors’ sentiment [improved] with net foreign investors buying and most Asian markets on the upside,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message.

“The local bourse climbed together with most Asian markets as investors look forward to the US Federal Reserve’s stimulus updates,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.

Asian stocks edged up from a three-week low on Wednesday, but gains were capped by ongoing fears about the Delta variant of the coronavirus, Reuters reported.

Japan’s Nikkei snapped a four-day close in the red to climb 0.59% to 27,585.91; the Shanghai SE Composite index rose 1.11% to 3,485.29; and Hong Kong’s HSCEI went up by 0.73% to 9,125.69.

Most sectoral indices closed in the green on Wednesday except for mining and oil, which went down by 129.06 points or 1.35% to close at 9,375.25.

Meanwhile, holding firms climbed 174.19 points or 2.68% to 6,651.15; property rose 80.78 points or 2.64% to 3,141.06; financials added 14.90 points or 1.04% to finish at 1,445.34; services increased by 10.44 points or 0.64% to 1,639.24; and industrials went up by 57.20 points or 0.59% to 9,641.08.

Value turnover inched down to P6.18 billion with 1.14 billion shares switching hands on Wednesday, from the P6.76 billion with 1.20 billion issues traded on Tuesday.

Advancers outperformed decliners, 94 against 88, while 55 names closed unchanged.

Foreigners turned buyers anew with P90.51 million in net purchases from the P534.4 million in net outflows seen in the previous trading day.

“Currently trading at its immediate resistance at the 6,680 level, we may have to see in the remaining days of the week if this area holds,” Timson Securities’ Mr. Pangan said. “Otherwise, next immediate support is at 6,270.”

Summit Securities’ Mr. Liu expects the market to “calm down” from the rally and test lows.

“If [in] the third quarter, all the [companies] will be doing well and [are forecasted] to do better next year, then we will be able to reverse the market before the year ends,” he added, noting that all market fundamentals have been showing up, considering the slew of initial public offerings slated for the year. — K.C.G. Valmonte with Reuters

DoF still sees PhilHealth as ‘viable’ but may need to adjust coverage

THE PHILIPPINE Health Insurance Corp. (PhilHealth) is expected to remain viable over the near term with P160 billion in reserve funds, but Finance Secretary Carlos G. Dominguez III warned that the insurer will have to adjust its coverage in the event of a prolonged public health crisis.

Mr. Dominguez said PhilHealth has P160 billion in reserves but is currently “struggling” to pay claims due to rising expenses and plummeting contributions during the pandemic.

“PhilHealth is still very viable on a cash flow basis but again, let us point out that PhilHealth has in fact incurred a drop in contributions because of the problems with the COVID-19, and there’s also the increase in expenditures. But so far, I believe they can handle the situation,” he told reporters Tuesday.

Mr. Dominguez said the health insurer “is okay” for a few more months but warned that “everybody has to change their lifestyles” if the pandemic drags on for five years.

The insurer had a P25.5-billion deficit as of June, which is fully covered by the subsidies it obtained from the National Government worth P44.6 billion, he said.

Mr. Dominguez said PhilHealth can still sustain heavy spending for years and will not “disappear” despite its deficits, which need to be offset with subsidies.

“What will happen is some of the coverage might change. It’s hard to tell exactly,” he added.

PhilHealth officials have warned that the insurer may incur a P17-billion net loss this year if a scheduled contribution rate hike is postponed.

They project a diminution of reserve levels to P143.5 billion if the contribution rate hike is deferred.

Bills have been filed in Congress seeking to defer the scheduled increase in member monthly premiums to 3.5% of their basic salary, from 3% previously.

PhilHealth has also built up a backlog in paying hospitals, who are struggling to sustain their operations due to the prolonged pandemic.

BusinessWorld asked PhilHealth for comment but had not responded at the deadline. — Beatrice M. Laforga