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Woman testifies about R. Kelly prodding her to have sex

SINGER R. Kelly attends Brooklyn’s Federal District Court during the start of his trial in New York, US, Aug. 18, 2021 in a courtroom sketch. — REUTERS/JANE ROSENBERG

NEW YORK —  A woman testifying against R. Kelly at the R&B singer’s racketeering trial said on Tuesday he pressured her to have sexual relations with him not long after they met, even though she was not ready.

The woman, who identified herself as Faith, said the May 2017 encounter occurred after a concert in Westbury, New York, that a Kelly assistant had arranged, two months after Faith first met the singer backstage at a concert in San Antonio.

Faith, who was 19 when she first met Mr. Kelly and not a fan — she attended the San Antonio concert with her older sister, who was a fan — said the 50-year-old Mr. Kelly at first seemed “friendly” and “down to earth,” even as he asked her to call him “Daddy.”

She said that after waking up at her hotel the morning after the Westbury concert, Mr. Kelly stopped by and invited her to take off some of her clothes and “rub on Daddy.” Faith said she wasn’t ready for sex, and that Mr. Kelly replied: “I’m at my best when wanted.”

The testimony came on the ninth day of Mr. Kelly’s trial for running what prosecutors call the now-54-year-old Kelly’s decades-long targeting of women and girls for sex, with the help of employees and assistants.

Several accusers and former employees have testified for the government, saying Mr. Kelly demanded they obediently follow “Rob’s rules” even as he preyed on victims, including former fans and people who hoped Mr. Kelly could jump-start their own music careers.

Earlier Tuesday, former Kelly assistant Suzette Mayweather testified that her former boss threatened to “fine” her for speaking with his girlfriends, and once ordered her to fetch him sweet potato pie at 1 or 2 a.m. as punishment for doing so.

Ms. Mayweather also said one girlfriend named Dominique once told her about wanting to be a writer, and that when Mr. Kelly learned they had spoken lied to protect her by saying she, not Dominique, had initiated the conversation. “It was the first time I had ever seen Rob this upset,” Ms. Mayweather said. “It was the look in his eyes.” —Reuters

Four lending apps removed from Google Play Store over privacy risk

FOUR online lending applications flagged for alleged privacy violations have been removed from the Google Play Store.

The National Privacy Commission (NPC) has ordered the immediate takedown of four online lending apps that have been the subject of complaints for alleged unauthorized use of personal data.

Borrowers complained that online lending apps (OLAs) JuanHand, Pesopop, CashJeep, and Lemon Loan have been using users’ personal data to shame and harass them to collect debt.

The NPC in a press release on Wednesday said it sent copies of the order to Google LLC to remove the apps from the mobile application store, noting the apps pose privacy risks to people who download them.

Before their removal, the four apps had been downloaded for a total of over 2.1 million times from the Google Play Store.

The NPC recently linked with Google’s regional office for the immediate execution of the commission’s orders.

Privacy Commissioner Raymund Enriquez Liboro said online lending apps should use lawful and reasonable methods of processing data.

“For other OLAs, the NPC strongly urges you to employ know-your-customer (KYC) and debt collection practices that are aligned with NPC Circular No. 20-01, where we laid out guidelines,” he said.

The commission in four separate orders directed Wefund Lending Corp., Joywin Lending Investor, Inc., Cash8 Lending Corp., and Populus Lending Corp. — operators of JuanHand, Lemon Loan, CashJeep, and Pesopop, respectively — to stop processing their borrowers’ personal data. The companies operating the apps are being investigated for violations of the Data Privacy Act.

The NPC is investigating more than 200 online lending apps available for download. — Jenina P. Ibañez

UBX bullish on expansion of PHL embedded insurance market

UBX PHILIPPINES Corp. is bullish on the growth prospects of embedded insurance in the country as the market remains under-penetrated.

The fintech arm of UnionBank of the Philippines, Inc. said the increased use of digital channels will help attract more consumers to avail of embedded insurance, UBX Philippines President and Chief Executive Officer John Januszczak said at an online forum on Wednesday.

“Digital natives engage with companies in new and different ways. With the emergence of subscription models — like Netflix and Spotify, the sharing economy, like Airbnb and Grab, cryptocurrency — insurance likewise needs to be digitally native,” Mr. Januszczak said.

Embedded insurance works by making it an add-on to another product or service accessed by a consumer.

UBX has an embedded insurance platform called Assured. UBX, through its payments channel i2i, offers consumers paying bills via the platform access to a personal accident insurance underwritten by Chubb.

Mr. Januszczak said they want to offer embedded insurance to Filipinos through e-commerce.

“The Philippines’ e-commerce market for consumers grew to P200 billion and with this comes the risk of mishaps in delivery. Imagine protection for lost or damaged items, extendable returns and failed delivery takes directly into the online shopping experience,” he said.

Another sector that could benefit from embedded insurance are micro-, small- and medium-sized enterprises (MSMEs) struggling during the crisis, he added.

“We aim to introduce MSMEs to insurance with coverage that is relevant, seamlessly integrated into the activities that truly matter to them, like managing their inventory, buying products and paying staff,” Mr. Januszczak said.

The official said he believes Filipinos will appreciate how embedded insurance will give them protection broken down into “simple, bite-size products.”

Meanwhile, Coherent CEO and co-founder John Brisco said with younger Filipinos becoming more comfortable with online transactions, prospects for the embedded insurance market are bright. Coherent, an insurtech firm, partnered with UBX for Assured.

“Embedded insurance in the next 10 years is going to be a trillion-dollar market. This is an opportunity from the population of younger adults who wanted a different experience of how they acquire insurance,” Mr. Brisco said. — LWTN

D&L sets coupon rates for maiden P5-B bond offer

D&L Industries, Inc. has set the coupon rates for its P5-billion fixed-rate bonds, which consists of P3-billion fixed-rate bonds with an oversubscription option of up to P2 billion.

According to its final registration statement filed with the Securities and Exchange Commission on Aug. 31, the company will offer P2-billion three-year Series A Bonds with a 2.7885% rate per annum (p.a.) due 2024 with an oversubscription option of up to P1 billion.

It is also offering P1-billion five-year Series B bonds with 3.5962% p.a. due 2026 with an oversubscription option of up to P1 billion.

The company said in a statement dated Aug. 26 that the offer period of the bonds will run until Sept. 6, while its issue and settlement date was set on Sept. 10.

D&L may net up to P4.93 billion from the offer, should the oversubscription option be exercised. Proceeds will primarily be used to fund the company’s expansion project in Batangas, as well as its corresponding capital requirements.

The estimated capital expenditures (capex) for the plant amount to P8 billion. D&L said the remaining capex to be spent is around P3.5 billion. The plant will be catering to D&L’s growing export business in food and in the oleochemicals segment.

Once completed, the company said the plant will be key to its future growth in developing more coconut-based products and in trying to enter new international markets.

Philippine Rating Services Corp. has rated the bonds with a PRS Aaa rating with a “stable outlook,” the highest rating assigned by the credit rating agency.

On Wednesday, shares of D&L at the stock market went up by 1.86% or 15 centavos to close at P8.20 each. — Keren Concepcion G. Valmonte

PNB cleared by BIR, BSP to offer PERA

BW FILE PHOTO
PHILIPPINE National Bank has received clearance from regulators to offer a Personal Equity and Retirement Account product. — BW FILE PHOTO

PHILIPPINE NATIONAL Bank (PNB) has secured regulatory approval to offer a Personal Equity and Retirement Account (PERA) product starting this month.

PNB’s trust banking group was allowed by the Bureau of the Internal Revenue (BIR) and the Bangko Sentral ng Pilipinas (BSP) to offer the instrument, the lender said in a statement on Wednesday.

PERA is an investment tool created under Republic Act 9505, which aims to encourage Filipinos to save up for their retirement. It is designed to complement the mandatory contributions made by public and private sector workers to the state pensions Government Service Insurance System and Social Security System.

“Through PERA, we are making it easier for Filipinos to save and build their retirement fund. We support the BSP in offering this savings plan to help Filipinos live comfortably in their sunset years,” PNB President and Chief Executive Officer Jose Arnulfo A. Veloso said in the statement.

An investor can open up to five accounts, where contributions are capped at P100,000 per year for residents and at P200,000 for overseas Filipinos.

Contributions to PERA are voluntary and clients can invest any amount at any time as long as the annual limit is not exceeded.

PNB is part of the PERA ecosystem through its PNB PERA Bond Fund. Clients may start with investments as low as P1,000.

“As an investor or contributor, you can redeem your PERA contributions once you have reached 55 years old and have contributed for at least five years. In addition, qualified distributions made upon the death of the contributor are not subject to estate tax, making it an ideal estate planning tool,” PNB Chief Trust Officer Jiah R. Santos said.

BSP Governor Benjamin E. Diokno last year said the government wants five million Filipinos to have a PERA in the next five years after they launched an online platform to make this more accessible.

PNB’s income surged to P20.388 billion in the second quarter from P52.597 million a year earlier as its core businesses recovered from the levels seen at the height of the crisis in 2020.

The Tan-led lender’s shares closed at P20.20 apiece on Wednesday, up by 10 centavos or by 0.5% from its previous finish. — L.W.T. Noble

Dining In/Out (09/02/21)

Kee Wah Bakery mooncake arrives in Manila

THE MID-Autumn Festival is almost here — it falls on Sept. 21 — and so is the season of mooncakes. Gemini Premium Label, Inc., the official distributor of Hong Kong mooncakes from Kee Wah Bakery, brings the best-selling premium mooncakes to the Philippines. The Kee Wah Supreme Mooncakes come in Kee Wah Bakery’s signature tin can, decorated with a classic emperor’s portrait; available in two varieties: White Lotus Seed Paste with Two Yolks and Golden Lotus Seed Paste. A tin containing four 185 gm mooncakes goes for P3,400. There are also mini variants, with each mooncake weighing around 60 gm. The two variants — Mini Golden Lotus Seed Paste with Yolk and Mini White Lotus Seed Paste Mooncake with Yolk — come in a box of eight for P2,100. Other flavors are also available: Red Bean Paste Mooncake, Assorted Nuts Mooncake, and Red Bean Paste Mooncake with Two Egg Yolks (prices of a tin containing four 185-gm pieces can range from P2,800 to P3,200 depending on the flavor). Also available are the Kee Wah Celestial Series Mooncakes in a selection of sweet and savory flavors. Each gift box is packaged in an ethereal cloud or moon design. This series offer the Quadrangle Mooncake Gift Box containing four Assorted Best-seller mooncakes for P4,500, the Supreme Assorted Mini Mooncake with eight assorted mooncakes for P2,500, and the Supreme Selected Mini Mooncake with eight assorted mooncakes for P2,400. The Celestial Series Mooncake flavors include Golden Lotus Seed Paste Mooncake, Eu Yan Sang Red Bean Paste Mooncake with Mandarin Peel, Mini Eu Yan Sang Red Bean Paste Mooncake with Mandarin Peel, the Date Paste Mooncake with Pine Nuts, and the Assorted Nuts Mooncake with Salted Pork ( prices per box vary depending on flavor). There are also lower calorie versions of their classic mooncakes, made with natural sugar substitute, maltitol. Going beyond the tradition lotus seed paste filling, also on offer are Egg Custard Mooncakes with a variety of flavors (prices for boxes of 35 gm mooncakes vary according to flavor): Egg Custard Mooncake, Chocolate and Egg Custard Mooncake, Earl Grey Tea and Egg Custard Mooncake, and Fruit Yogurt Custard Mooncake with strawberry and orange peel variants. There are also ongoing special promos to make the most out of every purchase: buy any two Kee Wah Supreme Mooncake to get one free Kee Wah Bakery tote bag (promo runs until supplies last); and free delivery within Metro Manila for every order worth P6,000 made via Facebook, Instagram, Metromart, and Pickaroo until Sept. 21. The mooncakes and other Kee Wah Bakery biscuits, cookies, eggrolls, Chinese tea and other snacks (which are available year-round) can be found at the Lazada Official Store (Hong Kong Kee Wah Products Philippines), Shopee Official Store (Hong Kong Kee Wah Products PH), Pickaroo (Kee Wah Bakery), Metromart (Kee Wah Bakery), and  GrabMart (Kee Wah Bakery). There are also pop-up stores in the following locations: The Podium, Ground Level East; Robinsons Magnolia, Upper Ground; and Power Plant Mall (Rockwell), R2 Bridgeway. Visit the Kee Wah Bakery website at www.keewahproductsphilippines.com/ and its official social media pages for more details: Facebook (@hongkongkeewahproductsphilippines) and Instagram (@hongkongkeewahproductsph).

Hong Kong’s MX mooncake is back in Manila

HONG KONG’S best-selling mooncake and pastry brand, Hong Kong MX, is back with classic and new mooncake flavors in time for this year’s Mid-Autumn Festival on Sept. 21, care of its official Philippine distributor, Double Down Import & Export, Inc. The mooncakes are 100% made and imported from Hong Kong, guarantee only the best quality. Among the many flavors are Lava Custard Mooncake, which utilizes the unique double-baked technique which folds pre-baked crushed golden egg yolk-laced creamy custard paste into layers of milky crust. The flavor now comes in new packaging. The Lava Quartet Mooncake set offers two pieces of classic Lava Custard Mooncake, along with two Lava Chocolate Mooncakes, two Lava Caramel Macchiato Mooncakes, and two Lava Cheese Mooncakes. There is the Custard Duet Mooncake which contains three Lava Custard Mooncakes and three Creamy Custard Mooncakes. A box of Delightful Moon Assorted Mooncake contains three Lava Custard Mooncakes and three pcs of Lava Chocolate Mooncakes. This year, Hong Kong MX launches a special tumbler gift box series featuring the Minions’ Stuart and Dave. The Stuart mooncake gift box features eyes that will move along the chubby tumbler and goggles that light up. The tumbler is filled with Hong Kong MX’s new original Lace Lotus Seed Paste Mooncake with an egg yolk filling. The Dave mooncake gift box also gets a tumbler makeover, sporting a playful expression when flipped over and similar goggles that light up. It contains the new Purple Sweet Potato Mooncake. Each Minions gift box comes with four mini mooncakes, along with a special packaging box and bag featuring a Minion in a Chang’e costume. Also on offer is the classic Lotus Seed Paste mooncake series: White Lotus Seed Paste Mooncake with two Egg Yolks and Lotus Seed Paste Mooncake with two Egg Yolks. The newly designed gift box is inspired by the Moon Goddess Chang’e. New this year is the Lace Lotus Paste Mooncake, a hybrid of aromas, flavors, and texture made with salted egg-yolk filling, white lotus seed paste, and a skin with crushed caramelized peanuts. Hong Kong MX also offers low-sugar mooncake variants which make use of sugar substitutes. The Low Sugar Series is comprised of Reduced Sugar White Lotus Seed Paste Mooncake and Reduced Sugar White Lotus Seed Paste Mooncake with Pine Nut. Both comes in boxes of six pieces. Also available are eggrolls. Choose from its original flavor that comes in the classic cube-shaped tin containing 32 eggrolls or the assorted variant containing 36 eggrolls. The Assorted Petite Eggroll carries flavors such as original, coconut, chocolate, and matcha. Visit https://doubledownimportexportinc.storehub.me for more details. Hong Kong MX mooncakes are available on different channels such as Facebook (Hong Kong MX Products Philippines), Instagram (@hkmxproductsph), Lazada and Shopee (Hong Kong MX Products Phils), GrabFood (Hong Kong MX Bakery), Pickaroo (Hong Kong MX), and MetroMart (Hong Kong MX). There are also pop-up store in the following locations: SM Mall of Asia, Greenhills V-Mall, Robinson’s Manila, Uptown BGC, and Ayala Cloverleaf.

Johnnie Walker launches limited edition 200th anniversary bottles

IN CELEBRATION of its 200th anniversary, Johnnie Walker is unveiling a brand-new bottle design for three of its iconic blends. For a limited time only, Johnnie Walker Red Label, Black Label, and Gold Label Reserve will come in an eye-catching look. The Johnnie Walker 200th Anniversary Limited Edition Red Label has a suggested retail price (SRP) of P685, the Black Label has an SRP of P1,440, and the Gold Label Reserve has an SRP of P2,069. They are available in all leading supermarkets nationwide and select e-commerce specialty stores. As part of its 200th anniversary celebration, Johnnie Walker has partnered with popular local streetwear brand Support Your Friends (SYF) to produce limited edition merchandise inspired by the Johnnie Walker 200th Anniversary Limited Edition Bottle: a shirt, a tote bag, and a bucket hat. The Johnnie Walker x SYF shirt is available for an SRP P1,200; the tote bag at P850, and the bucket hat comes free with every purchase of the Johnnie Walker Black Label 200th Anniversary Limited Edition Design Bottle, all available only while stocks last at syf.ph. For more information, check out the Johnnie Walker Facebook page at Facebook.com/JohnnieWalkerPH.

McDonald’s offers Barbie or Hot Wheels Limited Edition Tumbler

MCDONALD’S is giving limited edition tumblers for free with its Barbie or Hot Wheels Happy Meal Collector’s Sets. Order four of the Happy Meals, which come with four Barbie or Hot Wheels toys of your choice, and a get a limited-edition tumbler starting at P399. The Barbie Happy Meal comes with either the Princess Barbie, Ballerina Barbie, Racer Car Barbie, or the Vet Barbie. Meanwhile, the Hot Wheels Happy Meal includes the Gazella-R Jump, Twin Mill Hoop, Bone Speeder Track Switcher, or the Blitzspeeder Blast-off Gate. Order a Barbie or Hot Wheels Happy Meal or a Collector’s Set — available during breakfast and regular hours via McDelivery, Drive Through and Take Out. Too, McDonald’s Philippines launched its first Ride-Through Dual Lane in the country in August. Having two Ride-Through lanes means less time queuing. The first dual lane was launched on Aug. 30 at McDonald’s Anabu in Cavite. OPening soon is the dual lane in McDonald’s SLEX Mamplasan.

The Good Meat offers consistency

GET consistently fresh, quality, and safe meat from The Good Meat, the retail meat brand of Pilmico. The Good Meat has various fresh cuts, including cochinillo (roast pig). The lineup of new fresh cuts includes belly soft bone, lechon kawali, and pork tonkatsu and pork tenderloin. The Good Meat also has Ready-to-Cook Lechon Paksiw and Chicken BBQ, Lumpiang Shanghai and BBQ Belly. The products are available through https://thegoodmeat.ph. The website is categorized by meat, ready-to-cook, and pantry needs. Or opt to add their products to a shopping cart through online partners, Shopee and Lazada. The Good Meat is also in MetroMart, GrabMart, and GoRobinsons, and at select partner supermarkets such as Robinsons Supermarket, DiviMart, Shopwise, Puregold, and The Marketplace. For more information on The Good Meat, visit its Facebook page https://www.facebook.com/TheGoodMeat.

Mimi & Bros curates Happy Boxes for home

MIMI & BROS now offers its Happy Boxes — The New Vacay, Thirsty Thursday, Mimi’s Girls Night In, Sunny Sunday Brunch and Munch Box — through its Facebook Page (facebook.com/mimiandbros), Instagram page (instagram.com/mimiandbros), or Viber (0945-79-85176). The New Vacay includes five signature cocktails in a bottle — the Hanging Garden, The Sexy Cappuccino, The Red/White Summer Sangria, and Mango Martini —  along with 10 pieces of umbrella luau (P1,500). Thirsty Thursday on 32nd Street: Party in a Box includes all favorite beer matches. The box, available for P990, includes croquettes, corn dogs, Mimi’s Half Chicken, two side dishes, and one set of paper fans. This is good for two to three party people. Mimi’s Girls Night In: No drama, good for three to four people, includes corn dogs, Ragu pasta, Mimi’s whole chicken, four side dishes, burnt Basque cheesecake, and one set of paper fans (P2,600). The Sunny Sunday Brunch (P3,000) includes croquettes, corn dogs, Lola’s Ragu, whole Mimi’s Fried Chicken, burnt Basque cheesecake, six side dishes, and two sets of party fan decors. The Sunny Sunday Brunch is good for five to six people. The Munch Box includes two Double Smash Cheeseburger or two Chicken Sandwiches, four croquettes, a half order of Chicken Fingers, one order of fries, and two cans of soda or iced tea. This is available for P950 pesos. The boxes and other Mimi & Bros comfort food are available for take-out and through delivery apps including Grab, FoodPanda, and Dingdong app.

Intuit in talks to buy e-mail firm Mailchimp for more than $10B

INTUIT, Inc., the maker of TurboTax and QuickBooks software, is in talks to buy e-mail marketing firm Mailchimp for more than $10 billion, according to people familiar with the matter.

No final decision has been made and discussions could fall through, said the people, who asked to not be identified because the matter isn’t public. Another buyer could also emerge for the company and others are interested, they added.

The deal would unite two providers of services for small businesses. Intuit has offered QuickBooks accounting software to clients for decades, supplementing it with services such as Credit Karma, which it acquired last year. Mailchimp is focused on digital marketing services, including social advertising, so-called shoppable links and automation products.

Representatives for Intuit and Mailchimp didn’t immediately respond to requests for comment.

Bloomberg reported earlier in August that Mailchimp was exploring a sale. The company also has considered offering a minority stake, people with knowledge of the matter have said. It has attracted interest from both private equity firms and large tech companies such as Intuit. Mailchimp had about $300 million in earnings before interest, taxes, depreciation and amortization in 2020, one of the people said.

The Atlanta-based company traces its origins to a web design agency called the Rocket Science Group, which was founded in 2001 by Ben Chestnut and Dan Kurzius. In January, Mailchimp acquired SMS marketing platform Chatitive, Inc., which allows two-way personalized communication between businesses and their customers.

If talks are successful, it would be the largest deal to date for Intuit, according to data compiled by Bloomberg. The company paid $7.1 billion for Credit Karma, a personal finance website.

Intuit was founded in 1983 by Scott Cook and Tom Proulx and went public a decade later. Its TurboTax product has become synonymous with online tax filing, but small-business services account for a larger part of Intuit’s business — and don’t suffer the same seasonal swings.

Intuit, based in Mountain View, California, is looking to build on a small-business recovery that’s helped fuel sales of QuickBooks and other products. With business customers getting their operations back on track after coronavirus disease 2019 (COVID-19) disruptions — and many digitizing their books for the first time — Intuit has been able to capitalize.

Its latest 2022 forecast, released last week, called for earnings of as much as $11.25 a share, excluding some items. Analysts had projected $10.73. The company also gave a rosy outlook for sales.

The shares have gained 49% this year, closing Tuesday at $566.11 — a record high. — Bloomberg

Carmen Copper to protect jobs amid pandemic

CARMEN Copper Corp. said it aims to ensure its business resilience to sustain the livelihood of its employees despite the coronavirus disease 2019 (COVID-19) pandemic.

“Our co-workers are our valued partners and are key to attaining sustainable operations. As the pandemic took its toll on jobs, we secured our employees’ livelihood,” said Carmen Copper President and Chief Executive Officer Roy O. Deveraturda in a statement on Wednesday.

He said with improved production, the company will remain focused on stable and efficient operations, product quality, accessibility and scale, and producing shared value through responsible stewardship.

Carmen Copper, a subsidiary of listed mining firm Atlas Consolidated Mining and Development Corp., is engaged in metallic mining and mineral exploration and development.

For the second quarter, Carmen Copper recorded a 43% quarter-on-quarter increase in its copper metal production to 22.80 million pounds while its gold production also improved 9% quarter on quarter to 5,829 ounces, based on a July 23 stock exchange disclosure of Atlas Mining.

Meanwhile, Carmen Copper said in a report to the Chamber of Mines of the Philippines that it assured the continued salaries of its employees, provided assistance, and established precautionary protocols to limit infection risks.

According to the mining firm, it carried out flexible work arrangements such as work-from-home options for non-critical personnel and accommodations for those in mine and mill operations, and the provision of free bus rides for commuting employees.

Carmen Copper also disclosed that it has a 30-bed medical facility accredited by the Philippine Health Insurance Corp. The facility treated COVID- 19 positive employees and their dependents.

“The company’s emergency responders and medical teams meticulously traced contacts of people exposed to those who are COVID-19 positive and provided regular testing. It also established quarantine areas inside the mine site and provided nutritious meals, vitamins and supplements for workers who have been exposed to positive patients,” the company said.

Parent firm Atlas Mining posted a P1.94-billion net income in the first half of the year, a reversal of the P190-million net loss it incurred in 2020, due to improved metal prices and better operations.

On Wednesday, shares of Atlas Mining at the stock exchange dropped 2.42% or 15 centavos to finish at P6.06 apiece. — Revin Mikhael D. Ochave

Manufacturing Purchasing Managers’ Index of select ASEAN economies (August 2021)

MANUFACTURING ACTIVITY sharply declined to a 15-month low in August as a fresh surge in coronavirus disease 2019 (COVID-19) infections led to another strict lockdown in the Philippine capital. Read the full story

Manufacturing Purchasing Managers’ Index of select ASEAN economies (August 2021)

How PSEi member stocks performed — September 1, 2021

Here’s a quick glance at how PSEi stocks fared on Wednesday, September 1, 2021.

Peso drops vs dollar on weak PMI 

THE PESO weakened versus the greenback on Wednesday following the release of data showing weak manufacturing activity and the country’s rising debt stock. 

The local unit closed at P50.07 per dollar yesterday, shedding 31 centavos from its P49.76 finish on Tuesday, data from the Bankers Association of the Philippines showed. 

The peso opened Wednesday’s session at P49.73 against the dollar. Its weakest showing was its close of P50.07, while its intraday best was at P49.73 versus the greenback. 

Dollars exchanged climbed to $1.054 billion on Wednesday from $848.73 million on Tuesday. 

The peso dropped against the dollar due to data showing manufacturing activity contracted in August, a trader said. 

The Philippine Purchasing Managers’ Index dropped to 46.4 in August from 50.4 in July, IHS Markit said on Wednesday. This was below the 50 neutral mark that separates expansion from contraction and was the lowest reading since the 40.1 in May 2020. 

IHS Markit attributed the drop in the index to the impact of the two-week lockdown in August, which forced the closure of factories and businesses. 

The continued rise in the country’s debt stock also affected peso-dollar trading, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said. 

The country’s outstanding debt jumped 26.7% to P11.61 trillion from a year earlier as of end-July, based on data from the Bureau of the Treasury released on Tuesday. It also rose by 4% from June. 

For Thursday, Mr. Ricafort gave a forecast range of P49.95 to 50.15 per dollar, while the trader expects the local unit to move within the P50 to P50.25 range. — LWTN 

Stocks fall as manufacturing PMI drops in Aug.

BW FILE PHOTO

SHARES declined on last-minute profit taking after manufacturing activity in the country dropped last month as strict lockdown restrictions were reimposed amid a surge in coronavirus disease 2019 (COVID-19) cases.

The benchmark Philippine Stock Exchange index (PSEi) dropped 69.50 points or 1.01% to close at 6,785.94 on Wednesday, while the all shares index lost 10.32 points or 0.24% to end at 4,215.26.

“The PSEi gave up its gains from the day before on massive last-minute selling pressure. The price momentum of blue-chip issues was the opposite of the previous session,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

“The large contraction in factory output according to the Philippines’ purchasing managers’ index (PMI) may have been a factor for lightening positions,” he added. “The large number of cases from the greater Metro Manila areas of Cavite, Laguna and Bulacan which is where a lot of manufacturing facilities are located, could be the reason for the perceived slump in factory output.”

Manufacturing activity in the country contracted in August, sinking to its lowest level in 15 months, as the reimposition of strict lockdown measures caused sluggish demand and forced factories and businesses to halt operations, IHS Markit reported on Wednesday.

IHS Markit said the Philippines Manufacturing PMI fell to 46.4 last month from 50.4 in July to again fall below the 50 neutral mark that separates contraction from expansion due to a “renewed contraction in operating conditions” in the sector.

“The local market ended lower along with some Asian markets, as investors weigh carefully the ongoing spread of the Delta variant across the globe, against the pace of the local government’s vaccination program,” Timson Securities, Inc. trader Darren Blaine T. Pangan said in a separate Viber message.

Most sectoral indices declined on Wednesday except for mining and oil, which gained 70.25 points or 0.76% to finish at 9,295.23, and financials, which went up by 9.84 points or 0.68% to 1,437.55.

Meanwhile, property dropped 52.22 points or 1.68% to 3,042.76; holding firms shed 97.26 points or 1.41% to close at 6,778.54; industrials declined by 64.81 points or 0.64% to 9,985.12; and services inched down by 9.32 points or 0.52% to 1,764.29.

Value turnover decreased to P8.82 billion on Wednesday with 2.02 billion shares switching hands, from the P14.85 billion with 2.92 billion issues traded the previous day.

Advancers narrowly beat decliners, 101 against 97, while 41 names closed unchanged.

Foreigners turned sellers, logging P30.61 million in net outflows on Wednesday, from the P306.96 million in net purchases recorded on Tuesday.

“Support may be placed at 6,590, while immediate resistance may be drawn at the 6,900 level,” Timson Securities’ Mr. Pangan said. — Keren Concepcion G. Valmonte

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