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Customer data is key to business growth – Ogilvy executives

By Arjay L. Balinbin, Senior Reporter

DEEPER understanding of customer behavior, purposive use of customer data, and creative technology solutions are the keys to growing businesses today, experts said.

“Everyone’s starting to go into digital now with apps, sites, tech, chat bots, e-commerce, but the bigger challenge is how to stand out, be noticed, and really matter to customers. The starting point should not be the technology itself, but customers,” Ogilvy Philippines Head of Consulting Manny P. Gonzales told BusinessWorld in a recent online interview. 

Ogilvy is an integrated creative agency with capabilities in brand strategy, advertising, customer engagement and commerce, public relations and influence, digital transformation, and partnerships.

He said growth-seeking companies should start with knowing their customers in the new normal, then look into technology and digital implications later on.

Mr. Gonzales outlined three transformational imperatives for growth: transforming how companies get to know their customers, which means having a deeper understanding of their journeys; transforming how they use data, which means it should be purposive; and transforming how they implement technology, which requires creativity and innovation.

Ogilvy Philippines Head of Technology Solutions Francis M. Dy said that what the businesses are seeing “is a shift where customer experience takes over the price and product improvements as a key differentiator.”

“What that means is it’s no longer about price and product improvements. It’s now also about customer experience,” he said. “Your growth is actually going to be tied up to understanding customer sentiment feedback and using that data to actually improve customer experience.”

Having a “deep” understanding of customers, Mr. Dy said, entails recognizing how “customer behavior has evolved” in terms of choosing or purchasing brands, the new pain points and delight points that have emerged, and their business implications.

“Collect data not just for the sake of collecting, but to understand actions, behaviors, and the real human stories behind numbers. After which, go beyond reporting. Use data to power growth and better experiences for the brand,” he said.

Mr. Dy pointed out that the shift to a cookie-less future is a challenge for digital marketing today. “Less cookies means less precise targeting of your audience, and your campaigns now will be more expensive.”

“Personal and transactional data alone are insufficient. The brands need to expand their data foundations to collect more contextual and behavioral data to drive an increase in customer share of moments,” he said.

Companies can “collect and make use of consumer data in all the activation programs that they have in a manner that will help them,” Mr. Dy added.

On technology as a growth driver, he said: “What affects your growth is actually the customer experience, and this is where the creative tech comes in, by adding value through exceptional experiences.”

“Creative tech is basically the intersection of creativity, technology and innovation. We try to get a whole omnichannel experience for our clients. The things that we actually have right now within our network are artificial intelligence or AI, virtual and augmented reality, cognitive AI, Zero UI (zero user interface), voice user interfaces, wearables, and robotics,” he added.

How PSEi member stocks performed — September 2, 2021

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

Entertainment News (09/03/21)

Cinema Under the Stars canceled

DUE to the current pandemic situation and the heightened IATF quarantine protocols on public gathering, the Cultural Center of the Philippines (CCP) and the Cinemalaya Foundation, Inc. (CFI)’s Organizing Committee have had to cancel the outdoor cinema until further notice. Originally scheduled to be held on Sept. 2 to 4, the hybrid outdoor cinema called The CUTS was part of the new programming for the 17th edition of the Cinemalaya Philippine Independent Film Festival, which is still ongoing until Sept. 5 via ktx.ph. The CUTS is considered a “movable feast” because the dates are highly flexible and changeable in response to the government safety protocols, as well as inclement weather conditions. It evolves and adjusts to the nuances of the times. The team behind CUTS is ready to roll out this event when the situation turns around. For more information on this and other Cinemalaya news, follow the official CCP and Cinemalaya social media accounts on Facebook, Instagram and Twitter. Meanwhile, Cinemalaya 17 Main Competition films are now on Vimeo until Sept. 5. All Main Competition Shorts are available to view on Vimeo for P300 with 48 hours unlimited access at https://bit.ly/Cinemalaya17onVimeo. Cinemalaya’s competition and exhibition films are still available for streaming at ktx.ph. Visit https://bit.ly/Cinemalaya2021.

New Lego Harry Potter sets out

THE LEGO Group and Warner Bros. Consumer Products have revealed new Lego sets to help young witches and wizards explore the adventures of Harry Potter’s second year at Hogwarts. The sets are packed full of popular characters, creatures, and imaginative features to help young builders reenact their favorite adventures from the films, as well as crafting magical storylines of their own. Many of the sets also interconnect to extend the play into different areas of Hogwarts. A number of the new sets come with an exclusive golden minifigure to mark the 20th Anniversary of Lego Harry Potter. There is also a specially designed the new Lego Harry Potter Hogwarts Icons — Collectors’ Edition for adult enthusiasts. The set includes memorabilia from the series such as Harry’s wand and glasses, Ron’s chocolate frog, Hermione’s potion tray, Tom Riddle’s diary, the Golden Snitch, and a customizable school scarf. To top it all off, the set features Hedwig with an invitation to Hogwarts. The Collectors’ Edition set is available only on bankeebricks.ph and in all branches of the Lego Certified Stores (LCS) in Trinoma, The 30th Mall, BGC, Greenbelt, and Alabang Town Center. The other new sets are available on bankeebricks.ph, all LCS branches, and selected retailers such as Lazada, Shopee, Dotcom, and Zalora.

PBB opens auditions for 10th season

ABS-CBN’s Pinoy Big Brother (PBB) Kumunity Season 10 begins its search for new housemates as it gears up new season. Auditions for the Adult Edition are running until Sept. 30 via the Pinoy community platform Kumu. The upcoming 10th regular season of PBB will also feature Celebrity and Teen Editions. To audition for PBB Kumunity Season 10, aspiring housemates need to download the Kumu app, create an account, and upload a one-minute Kumu clip where they introduce themselves and say why they deserve to become a housemate, and use the hashtag “PBBKumuAdults.” Auditions for Adult Edition are open to 20 to 40 year olds. Auditions for the Teen Edition, which are open to aspirants ages 15 to 19 years old, will run from Dec. 1 to 31.

BINI and BGYO concerts, fan meet in November

LESS than a year after their official launches, P-pop groups BINI and BGYO have enjoyed several milestones with their fans. BINI’s music video for their debut single, “Born to Win,” 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. BINI and BGYO are collaborating on a concert titled 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 show on Nov. 6 will be filled with performances by each group, collaborations on fan favorite songs, and performances by surprise guest artists. On Nov. 7, BINI and BGYO will present more live collaborations, and a fan meet on ktx.ph. SVIP tickets are priced at P1,950 or $39.99 and are inclusive of two shows and the fan meet on ktx.ph. VIP tickets are priced at P1,490 or $29.99 on ktx.ph, iWantTFC, and TFC IPTV and will provide access to the two shows.

GMA drama to star Xian Lim, Jennylyn Mercado

GMA Network star Xian Lim stars opposite Jennylyn Mercado in the upcoming primetime series Love. Die. Repeat. Ms. Mercado plays Angela Zafra, a woman who relives the day of her husband’s death many times over. Mr. Lim plays Bernard Yuzon, Angela’s husband. “First page pa lang ng script, gustong-gusto ko na (from the first page of the script, I really liked it). I’m a huge fan of the genre ng time loop.,” Mr. Lim said in a statement.  The project will be directed by Ulan and Meet Me in St. Gallen director Irene Villamor

Philippines continues to be top destination for remittances in 2020

Philippines continues to be top destination for remittances in 2020

New pandemic measures seen helping rebound build momentum

PHILSTAR

THE ECONOMY has the potential to post a solid rebound next year if the government can effectively implement its “more integrated approach” to managing the pandemic, Moody’s Analytics said.

It cited new strategies such as increased vaccine procurement and distribution and focused, “granular” lockdowns instead of a broader quarantine declared over larger areas, it said.

“If executed well, this could finally help an economy that has been very sluggish under the weight of severe and lengthy lockdowns,” Moody’s Analytics Chief Asia Pacific Economist Steven Cochrane said in a note Thursday.

“This new integrated approach creates some upside potential to the pace of recovery but mostly for 2022, since most of this policy shift will not begin until this year’s final quarter,” he added.

Moody’s Analytics in August reduced its gross domestic product (GDP) growth forecast to 4% from 4.9% previously after weighing the impact of the two-week lockdown last month which was accompanied by “limited” government support. This latest estimate falls roughly within the low end of the government’s 4-5% full-year target, which had been downgraded from 6-7% previously.

In a separate report, Nomura Global Markets Research analysts Euben Paracuelles, Charnon Boonuch, and Rangga Cipta also cited the improvement in the vaccination drive and noted that the Philippines saw “the most progress” in Southeast Asia since August.

“The number of doses administered per day has been volatile but, on average, increased to around 450,000 from 260,000 in July, exceeding the government’s target of 2 million per week,” the report said.

Nomura Global expects GDP to grow by 5.4% this year and noted a weakening of the downside risks to the estimate given the improvement in vaccinations. But it warned that further surges could dampen a recovery.

“The country has again been facing another coronavirus disease 2019 wave since mid-July, which looks more severe than the previous wave and is forcing the authorities to re-implement lockdowns in hotspots, including economic centers like Manila. Signs of sizeable fiscal support measures despite the lockdowns also remain limited,” it said.

The country has fully vaccinated 13.958 million or 12.91% of its population, according to Johns Hopkins University. The government hopes to vaccinate 70% of the adult population by the end of this year.

New infections rose by 16,621 to bring the active case count to 146,510 Thursday, the Department of Health said.

Mr. Cochrane said the country was heavily reliant on lockdowns to control wave of infections. He called spending to aid companies and individuals “modest.”

“All of this has been to little effect, as the number of new COVID-19 cases is now at a record high and the number of deaths per capita attributed to the virus is among the highest in the region,” he said, adding the country is “experiencing the slowest economic recovery in the Asia-Pacific region.”

Metro Manila and other provinces have been placed on a quarantine setting known as modified enhanced community quarantine (MECQ) until Sept. 7. Officials are gauging a shift to two-week granular lockdowns in high-risk areas where restrictions will be limited to buildings, streets, or barangays.

ING Bank Senior Economist Nicholas Antonio T. Mapa said policies should focus on limiting the outbreak and relieving the burden on the healthcare system before the economy can be reopened safely.

“We recognize that a total solution to the public health crisis is a necessary condition that ought to be satisfied first, prior to any hopes for an economic recovery.  So far attempts to chase both goals have not been particularly successful,” Mr. Mapa said in an e-mail.

The economy exited recession after 15 months with GDP rising 11.8% in the second quarter, mainly due to base effects However, GDP fell by a seasonally adjusted 1.3% quarter on quarter in the April to June period, following growth of 0.7% growth in the first quarter. — Luz Wendy T. Noble

Gov’t think tank backs stimulus to be directed to ‘green recovery’

THE GOVERNMENT should align the objectives of its stimulus package programs with the goal of bringing about a green recovery, in order to ensure that the rebound is sustainable, according to representatives from a government think tank.

“We should tie up the conditions for stimulus packages that are being asked of the government, to ESG (environmental, social, and governance) metrics (following) green and inclusive recovery principles,” according to Adoracion M. Navarro, senior research fellow for the Philippine Institute for Development Studies (PIDS), at a PIDS webinar Thursday.

Ms. Navarro is a former undersecretary at the National Economic and Development Authority.

The government has released two stimulus packages during the pandemic, allotting P275 billion for the Bayanihan to Heal as One Act (Bayanihan I), which includes cash aid and wage subsidy programs, followed by the P165-billion Bayanihan II, which provided additional support to pandemic-hit sectors.

Legislators are batting for a third stimulus package worth up to P400 billion to help finance the rebound, but the Finance department is maintaining its policy of keeping funds in reserve for a long pandemic in order not to unduly expand the budget. It maintains that it can tap only P173 billion for a possible Bayanihan III.

At the PIDS forum, Rosa T. Perez, a member of the National Panel of Technical Experts at the Climate Change Commission, said there are various growth opportunities for the Philippines to achieve not just a “green” recovery but also one that benefits the oceans.

She said an economic rebound strategy with strong environmental and climate-change components would be beneficial for a disaster-prone country like the Philippines.

Citing findings from the Asian Development Bank, she said green recovery will “reduce the risk of future pandemics, (help the Philippines) mitigate and adapt to the impact of climate change, create jobs, increase competitiveness and meet Sustainable Development Goals.”

Ms. Perez said growth opportunities in a green economic recovery include productive and regenerative agriculture; a transition to clean energy sources; sustainable urban development and transport systems; and opportunities to adopt circular-economy practices.

She called for investment to benefit the oceans and waterways including sewers and wastewater infrastructure, the restoration and conservation of coastal and marine ecosystems, and sustainable community-led mariculture.

She added the Philippines can also incentivize a shift to ocean-based renewable energy and the transition to zero emissions in marine transport.

“Building back better should go beyond the green recovery and embrace a blue recovery. From my point of view, this green or blue recovery is better taken as an integrated approach which we already recognized even before the pandemic,” Ms. Perez said. — Beatrice M. Laforga

Subic industrial park executive calls for council powers to supersede CREATE

THE HEAD of an industrial park in the Subic freeport said the proposed Regional Investment and Infrastructure Coordinating Hub (RICH) for Central Luzon must have the power to make rules that supersede the provisions of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law.

In a Senate hearing, Willy Wang, president of the Subic Bay Development and Management Corp, Inc. (SBDMC) said the CREATE law is not favorable to new investors, and expressed a preference for regulation that does not identify preferred industries to be granted incentives.

SBDMC operates the Subic Bay Gateway Park and assists locators and potential investors. It is a joint venture between the Subic Bay Metropolitan Authority, and United Development Corp. of Taiwan. Mr. Wang originally came to Subic as head of the local operations of Taiwan’s TECO Group.

Senate Bill No. 1549 or the RICH bill, was filed by Senator Richard J. Gordon, Sr. to help coordinate investment promotion in areas outside the National Capital Region, with the goal of dispersing industries to the countryside and decongesting Metro Manila.

The CREATE Act reduces corporate tax rates and rationalizes the process for granting incentives, linking them more closely to an investing company’s performance and setting time limits on the perks granted.

“The new bill should not be selective of preferred investment” in order to broaden the types of companies eligible for incentives, Mr. Wang in the Thursday hearing of the Senate Committee on Government Corporations and Public Enterprises. “As long as the investor establishment has been registered in the freeport zone or the special economic zone and is able to create job opportunities for the local community or region, they should be eligible to enjoy all the incentives from this bill.”

Senator Richard J. Gordon, Sr., primary author of the RICH bill and chairman of the committee, said he will work with the Department of Finance to ensure there is no confusion in implementing the bill while remaining in compliance with CREATE, which he said was intended to make investment policy more uniform.

The RICH bill is touted as a recovery measure for the post-pandemic period, by empowering the regions to coordinate investment activity. Under the bill, the Central Luzon hub has the power to attract investment and develop infrastructure.

“All the government needs to do is to create the atmosphere of equal opportunity,” Mr. Gordon said at the hearing.

A similar bill was filed by Mr. Gordon in the 17th Congress and passed in both houses of Congress. It was vetoed by President Rodrigo R. Duterte. — Alyssa Nicole O. Tan

DA calls for subsidies to address high fertilizer prices

PHILSTAR

FERTILIZER SUBSIDIES are needed to help farmers deal with rising prices, the Department of Agriculture (DA) said.

Agriculture Undersecretary Fermin D. Adriano said during a hearing of the House Committee on Agriculture and Food Thursday that subsidies are the quickest way to address rising prices, and must be handed out immediately in order not to affect production.  

“The quickest way to help our farmers is to provide fertilizer subsidy because we cannot really control international prices since we are price takers. But the subsidy will require additional funding,” Mr. Adriano said.  

“We are worried about the (price) increase because a lot of farmers will be reducing their fertilizer input, which will definitely have an effect on productivity,” he added.

Wilfredo C. Roldan, Fertilizer and Pesticide Authority (FPA) executive director, said during the hearing that the average retail price of urea in August rose to P1,495.21 per kilogram (/kg), from P1,014.42/kg a year earlier. 

Mr. Roldan said freight costs have increased to $40 per ton from $20 per ton, while urea demand has also increased. Indian fertilizer production has also had to be booked in advance, covering 1.8 million metric tons (MT).

When asked by Bayan Muna Party-list Rep. Eufemia C. Cullamat whether the FPA plans to increase local production of fertilizer, Mr. Roldan said there are no government programs for such a purpose.

Mr. Roldan said that in 2020, 90% or 2.61 million MT of the fertilizer supply was imported.

“We do not have a program for improving local production since we are not capable of producing fertilizer. One thing that I can suggest is to invest in organic fertilizer which can be an alternative to chemical fertilizer,” Mr. Roldan said.

Leonardo Q. Montemayor, Federation of Free Farmers board chairman, said alternatives such as bio-fertilizer need to be found in order to address high prices.

“The technology is available whether it is for rice, corn, fruit trees, ornamental plants, etc. We have azolla, vermicast, and other types of organic fertilizers,” Mr. Montemayor said. — Revin Mikhael D. Ochave

ADB urged to rule out investment in fossil fuel

THE ASIAN Development Bank (ADB) needs to stop financing all types of fossil fuel and waste-to-energy (WTE) projects when it updates its energy policy, non-government organizations (NGOs) said Thursday.

The NGOs were reacting to a bank working paper on its 2021 energy policy, which called for selective support for projects in the downstream oil, and midstream and downstream natural gas sectors.

“When we look at the wording of the ADB’s draft policy, what we see (that) it lines up alongside provisions to finance oil (and) gas… We call on the ADB to explicitly drop financing for new oil and gas projects, and clearly screen financial intermediaries to make sure that none of these modalities are exposed to coal, oil or gas,” Tanya Lee Roberts-Davis, the Energy Policy and Campaigns Strategist of NGO Forum on ADB, said during a virtual briefing Thursday.

The ADB’s working paper, posted on its website on Aug. 16, cited plans to limit funding for downstream oil projects to hybrid electricity solutions that use petroleum-based backup systems along with renewable energy (RE) for off-grid areas.

It added that it is considering supporting natural gas projects that will improve universal access to clean energy for cooking, as well as finance investment in natural gas infrastructure, based on criteria consistent with the Paris Agreement.

Center for Energy, Ecology and Development Research, Policy and Law Program Head Avril de Torres said the ADB must “close the door on all fossil fuels.”

“We need ADB to take on the greatest ambition and ramp up support for long-term RE alternatives instead of short-term alternatives that can perpetuate fossil fuel dependence, create barriers eventually or even crowd out RE,” she said in the briefing.

In a statement Thursday, Executive Director of the NGO Forum on ADB Rayyan Hassan said there are “loopholes” in the ADB’s working energy policy that may allow support for coal investment through financial intermediaries.

“While the coal exit language has been retained, loopholes remain. There is nothing stopping the ADB from supporting investment in coal via financial intermediary lending, or in transport and connectivity infrastructure that will enable further coal trade and extraction,” he said.

He added that the working paper also did not have well-defined or time-bound criteria on ending support for the expansion of fossil fuel infrastructure.

In its draft, the ADB also said it will consider supporting WTE investment for heat and electricity.

“WTE investments can improve local environments and health in cities and rural areas by removing the environmental hazards caused by open waste dumping… The potential environmental and social impacts of waste-to-energy investments will be managed by using the best internationally available technologies in the design and operation of such projects,” it said.

Yobel Novian Putra, an Asia-Pacific Climate and Clean Energy campaigner for Global Alliance for Incinerator Alternatives, said that the ADB should exclude investment in WTE since the technology emits more carbon than coal-fired plants. 

“Science has clearly shown that waste incineration is not a low-carbon investment and studies also have shown that waste-to-energy incinerators emit more carbon than coal-fired power plants (CFPP). It also costs more than CFPPs per MW produced. In fact, it’s three times more expensive than renewable sources such as solar and wind,” he said.

In its draft, the bank said it plans to withdraw from investing in new coal-fired power projects, upstream and midstream oil projects, natural gas exploration, and nuclear power.

BusinessWorld asked the ADB to comment but had not received a reply at deadline time. — Angelica Y. Yang

Output gains posted for most major vegetables, root crops in Q2 

PHILSTAR

PRODUCTION of most major vegetables and root crops rose in the second quarter, according to the Philippine Statistics Authority (PSA).

PSA said in a report that cabbage production for the three months to June rose 13.1% year on year to 25,274.80 metric tons (MT).

Cordillera Administrative Region (CAR) accounted for 81.1% or 20,509.30 MT of the crop, followed by Central Visayas with 5% and Ilocos Region 3.4%.

Eggplant output rose 2.1% to 106,656.02 MT with 59.9% or 63,856.51 MT grown in the Ilocos Region, followed by the Cagayan Valley with 7.6% and Central Luzon 6.8%.

Potato output rose 24.8% to 15,628.98 MT led by CAR with 88.2% or 13,790.93 MT, followed by Davao Region with 7.4% and Cagayan Valley 2.2%.

Tomato production increased 3% to 76,469.59 MT led by the Ilocos Region with 37.8% or 28,874.88 MT, followed by Central Luzon, 10.9% Cagayan Valley 9.7%.

Ampalaya (bitter gourd) output rose 2.7% to 31,494.92 MT led by Central Luzon with 42.2% or 13,289.67 MT followed by Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon), 12.7% and Ilocos Region 11.4%.

Production of Bermuda onion rose 22% to 67,021.69 led by Mimaropa (Mindoro, Marinduque, Romblon, and Palawan) with 68.1% of overall output or 45,621.11 MT, followed by Central Luzon, 29.2% and Ilocos Region 1.4%.

Native onion production rose 22.9% to 1,252.11 MT compared led by Ilocos Region with 79.4% or 993.94 MT, followed by Central Luzon, 15.6%, and Cagayan Valley 4.7%.

Second quarter production of sweet potato rose 0.1% to 157,681.91 MT led by the Bicol Region with 31% or 48,877.60 MT, followed by Central Luzon, 18.2% and the Eastern Visayas 14%.

Mung bean output fell 8.5% to 21,773.17 MT. Top producers were the Ilocos Region with 41.3% or 8,988.58 MT, followed by Central Luzon, 26.9% and Cagayan Valley 21.7%.

Cassava production fell 4.2% to 692,600.41 MT, with 37.3% or 258,034.74 MT produced by Northern Mindanao, 32% by the Autonomous Region in Muslim Mindanao and 7% by the Cagayan Valley.

In a separate report, the PSA said banana production in the second quarter rose 1.3% to 2.26 million MT. Cavendish bananas, the main type for export, were the top variety, accounting for 52.3% or 1.18 million MT, followed by Saba, 28.2% and Lakatan 10.4%.

Davao Region produced 38.9% or 878,648.65 MT, followed by Northern Mindanao 19% and Soccsksargen (South Cotabato, Cotabato, Sultan Kudarat, Sarangani, and General Santos City) 12.2%.

Pineapple production rose 4.6% to 744,824.15 MT led by Northern Mindanao with 48.6% or 362,000.13 MT, followed by Soccsksargen, 25.2%, and the Bicol Region 11.5%.

The PSA said mango output for the period fell 0.2% to 556,815.09 MT, with 80.9% consisting of the carabao mango variety. Ilocos Region was the top producer with 22.4% of the total or 124,684.87 MT, while Zamboanga Peninsula and Soccsksargen both accounted for about 9.8%, or 54,296.52 MT and 54,452.50 MT, respectively.

Calamansi production during the quarter fell 7.8% to 13,380.91 MT, with the Zamboanga Peninsula accounting for 20.1% or 2,692.12 MT, followed by Mimaropa, 15.5%, and Central Luzon 14.9%. — Revin Mikhael D. Ochave  

DTI receiving requests to raise prices of Christmas food items

PHILSTAR

THE DEPARTMENT of Trade and Industry (DTI) has received requests to raise prices of products that traditionally feature in the Christmas eve feast, or noche buena.

“We’re just beginning to receive requests for price movement,” Trade Undersecretary Ruth B. Castelo said at a briefing Thursday.

She said the department will ask manufacturers to refrain from hiking prices, but the agency is still studying the products’ pricing.

Noche buena products include ham, fruit cocktail, cheese, pasta, sandwich spread, mayonnaise, macaroni, cream and spaghetti and tomato sauce.

The suggested retail prices (SRP) for noche buena products were retained last year after the DTI released the same price list from 2019, although for a limited timeline.

Major brands at the time agreed to keep prices stable due to the economic crisis.

The DTI in its most recent SRP list allowed for price increases in some essential goods and basic necessities such as canned sardines, milk products, and instant noodles.

The main reason behind the hike is the increased cost of raw materials and packaging materials like tin cans, Ms. Castelo said. — Jenina P. Ibañez

Peso rises as more vaccine doses arrive in the country 

BW FILE PHOTO

THE PESO strengthened versus the dollar on Thursday after the arrival of more vaccine doses in the country.  

The local unit closed at P49.825 per dollar yesterday, appreciating by 24.5 centavos from its P50.07 finish on Wednesday, data from the Bankers Association of the Philippines showed. 

The peso opened Thursday’s session at P50.04 per dollar. Its weakest showing was at P50.13, while its intraday best was at its close of P49.825 versus the greenback. 

Dollars exchanged rose to $1.146 billion on Thursday from $1.054 billion on Wednesday. 

The peso climbed as the arrival of more coronavirus vaccines fueled hopes for the gradual reopening of the economy, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said. 

More than 700,000 vaccine doses from Pfizer, Inc. arrived on Wednesday evening. Some 15,000 doses of Sputnik V were also delivered on Tuesday. 

Meanwhile, a trader said the peso rose on preference for the local unit following the weak US private jobs report. 

The ADP National Employment reported showed private payrolls rose 374,000 in August, higher than the 326,000 in July, Reuters reported on Wednesday.  

For Friday, Mr. Ricafort gave a forecast range of P49.70 to P49.95, while the trader expects the peso to move at P49.70 to P50 versus the greenback. — LWTN with Reuters 

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