How PSEi member stocks performed — July 26, 2021
Here’s a quick glance at how PSEi stocks fared on Monday, July 26, 2021.
Hidilyn Diaz delivers first-ever Olympic gold medal for Philippines
Hidilyn Diaz on Monday secured the first-ever gold medal for the Philippines, winning the women’s 55-kilogram (kg) category for weightlifting at the Tokyo Olympics in Japan.
The four-time Olympian lifted a combined weight of 224 kg, breaking out in tears after completing her final and record-breaking lift.
Ms. Diaz lifted 97 kg in the snatch and completed her gold conquest by lifting 127 kg – an Olympic record — in the clean and jerk in her final attempt.
The 30-year-old weightlifter beat China’s Liao Qiuyun Liao, who settled for a silver with a total of 223 kg.
Kazakhstan’s Zulfiya Chinshanlo won the bronze with a total of 213 kg.
Ms. Diaz won a silver medal in the Rio Olympic Games in 2016. — Michael Angelo S. Murillo
Peso slips ahead of Fed review
THE PESO closed nearly flat versus the greenback on Monday as local stocks declined and ahead of the US Federal Reserve’s two-day policy meeting this week.
The local unit finished at P50.35 per dollar on Monday, barely changed from its P50.34 close on Friday, based on data from the Bankers Association of the Philippines.
The peso opened Monday’s session at P50.33 against the dollar. Its weakest showing was at P50.40, while its intraday best was at P50.265 versus the greenback.
Dollars exchanged increased to $944.37 million on Monday from $804.6 million on Friday.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the peso’s performance to losses at the stock market.
The benchmark Philippine Stock Exchange index shed 148.13 points or 2.27% to close at 6,372.61 on Monday, while the broader all shares index lost 73.36 points or 1.81% to end at 3,965.15.
Meanwhile, a trader said the peso moved sideways as investors are waiting for signals from the Federal Open Market Committee’s (FOMC) meeting this week and amid lingering concerns over the Delta variant of the coronavirus disease 2019 (COVID-19).
The FOMC will hold its policy review from July 27-28. The Fed last month kept borrowing costs near zero to support economic recovery, but said rate hikes may come as soon as 2022 or 2023, earlier than what was previously signaled.
Meanwhile, the Health department on Sunday reported 55 new cases of the Delta variant of COVID-19 in the country, bringing the total to 119 infections so far. Of these, four have died, while 103 are tagged as recovered. Active cases of the variant stood at 12.
Overall, there were 5,479 new COVID-19 infections reported that day, which brought the country’s active cases of the virus to 54,262.
The government on Friday placed Metro Manila and the provinces of Ilocos Norte, Ilocos Sur, Davao de Oro and Davao del Norte under general community quarantine “with heightened restrictions” until the end of the month to stem the spread of the virus.
For Tuesday, Mr. Ricafort expects the local unit to move within P50.20 to P50.40 versus the dollar, while the trader gave a forecast range of P50.25 to P50.45. — LWTN
PHL shares drop further ahead of Duterte’s SONA
PHILIPPINE shares declined ahead of President Rodrigo R. Duterte’s State of the Nation (SONA) address on Monday and lingering worries about the Delta variant of the coronavirus disease 2019 (COVID-19).
The benchmark Philippine Stock Exchange index (PSEi) shed 148.13 points or 2.27% to close at 6,372.61 on Monday, while the broader all shares index lost 73.36 points or 1.81% to end at 3,965.15.
“Investors sold out of the market as investors await the final SONA to be addressed by the President Duterte,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
“Most expect the President to discuss how he will shepherd the country out of the pandemic,” he added. “The other narrative theme will focus on the administration’s heirloom legacies.”
“The market dropped as investors continue to monitor the Delta variant’s spread in the country,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a separate Viber message.
“In the global scene, market participants seem to be observing how the recent stricter quarantine measures being enforced in several countries may affect the global economic recovery,” Mr. Pangan added.
Mr. Duterte was set to deliver his last annual address after the market closed on Monday, with less than a year left in office and with the pandemic still threatening the country’s outlook.
The government on Friday placed Metro Manila and the provinces of Ilocos Norte, Ilocos Sur, Davao de Oro and Davao del Norte under general community quarantine “with heightened restrictions” until the end of the month to stem the spread of the virus.
The Health department on Sunday reported 55 new cases of the Delta variant of COVID-19 in the country, bringing the total to 119 infections so far. Of these, four have died, while 103 are tagged as recovered. Active cases of the variant stood at 12.
Overall, there were 5,479 new COVID-19 infections reported that day, which brought the country’s active cases of the virus to 54,262.
All sectoral indices closed lower on Monday. Holding firms declined by 158.89 points or 2.42% to 6,391.43; financials went down by 33.11 points or 2.33% to 1,382.51; services lost 32.43 points or 2.08% to finish at 1,519.94; property shaved off 61.71 points or 2.02% to 2,980.83; industrials dropped 153.19 points or 1.67% to 9,006.29; and mining and oil shed 111.10 points or 1.17% to 9,375.43.
Value turnover slumped to P4.15 billion with 1.95 billion shares switching hands on Monday, from the P8.90 billion with 2.22 billion issues logged on Friday.
Decliners beat advancers, 151 versus 49, while 39 names remained unchanged.
Foreigners turned sellers anew with P630.51 million in net outflows logged on Monday from the P4.37 billion in net purchases recorded on Friday.
“Next immediate support may be placed at 6,160, while nearest resistance may be pegged at 6,670,” Timson Securities’ Mr. Pangan said. — Keren Concepcion G. Valmonte
Ease of paying taxes bill in House priority list
By Russell Louis C. Ku
THE HOUSE of Representatives will include the ease of paying taxes bill among its priorities, Speaker Lord Allan Jay Q. Velasco said on Monday as the 18th Congress reconvened for its third and final regular session.
“The lockdowns and other restrictions being imposed due to the pandemic heightened the need for flexible and more efficient ways of doing business in administering access,” Mr. Velasco said in his speech to House members.
House Bill 8942 seeks to simplify rules and processes in filing and paying taxes such as removing venue restrictions and segmenting taxpayers; remove the P500 annual taxpayer registration fee; create registration facilities for non-resident taxpayers; and institutionalize a “Taxpayer’s Bill of Rights.”
The measure has been approved by the House Committee on Ways and Means and is currently undergoing plenary deliberations.
Albay Representative Jose Ma. Clemente S. Salceda welcomed the inclusion of the bill among the priority measures and said he expects it to be passed in the House by August.
He explained that the streamlining of tax procedures can provide additional government revenue, adding that the measure eliminates “tax uncertainty” amongst potential investors and lowers the tax gap due to “outdated” policies.
The bill is one of the priority legislations being pushed by business groups and foreign chambers.
“The increased tax compliance resulting from the tax administration efficiency introduced through this measure may bring in an estimated P73.1 billion for the government in the first five years of implementation,” Mr. Salceda told BusinessWorld.
The other House priorities cited by Mr. Velasco include the Philippine Creative Industries Bill along with measures earlier listed such as Philippine Virology Institute Bill, Center for Disease Control Bill, Medical Stockpiling Bill, and Unified Military and Uniformed Services Personnel Separation, Retirement, and Pension Bill.
“We also recognize the devastating impact of COVID-19 (coronavirus disease 2019) on our creative industries and truly support to organize and institutionalize the Philippine creative economy,” he said.
2022 BUDGET
On next year’s budget, the House leader said they aim to begin deliberations as soon as the administration submits the 2022 National Expenditure Program to Congress.
“We have to scrutinize, refine, and construct the budget properly in order to address the growing needs of our country, especially in the midst of an ongoing pandemic,” Mr. Velasco said in Filipino.
In the upper chamber, Senate President Vicente C. Sotto III emphasized the urgency of passing all important bills before receiving the budget or General Appropriations Bill from the House.
Mr. Sotto, who has announced that he is running for the vice presidency in the 2022 elections in tandem with Senator Panfilo M. Lacson, said he trusts that all senators will not let the campaign preparations affect their work.
“Most of the senators act like statesmen. They will prioritize their work. That is the leadership that I always show. I don’t see the campaign becoming a problem. I’m sure work will be the priority because that will be my priority and our priority,” he said.
Among the measures that the Senate will focus on, according to Mr. Sotto, include the Retail Trade Liberation Act, Foreign Investments Act, and Public Services Act, which have all been certified as urgent by President Rodrigo R. Duterte and pending in the bicameral committee.
If these are not settled, Mr. Sotto said, only then will the Senate prioritize the third COVID-19 stimulus package under the Bayanihan III bill of the House and Bayanihan to Heal as One Act by the Senate.
Mr. Sotto and Senate Majority leader Juan Miguel F. Zubiri said the potential impact of the more transmissible coronavirus Delta variant, with more than 100 cases already recorded in the country, could also push the Bayanihan III bill at the top of the priority list.
On charter change involving economic provisions, Mr. Sotto said no talks had been undertaken, but Mr. Zubiri said there will be time to tackle it early next year.
“We have plenty of time to discuss it because at the latest, we have to have this passed by February, before the break,” he said in a mix of English and Filipino. — with Alyssa Nicole O. Tan
Local transmission being assessed on Delta variant cases
THE DEPARTMENT of Health (DoH) is already studying whether there is already a community transmission of the more contagious coronavirus Delta variant, the type that is ravaging southeast Asian countries.
Health Undersecretary Maria Rosario S. Vergeire told a virtual press briefing Monday that they are waiting for the “phylogenetic analysis” of the Philippine Genome Center to establish local transmission.
Ms. Vergeire earlier explained that there is a community transmission when health authorities “do not see any linkage of the cases anymore.”
Of the 55 new Delta cases reported on Sunday, 37 were local patients, 17 were returning migrant Filipinos and one was still being verified, DoH said.
Fourteen of the 37 were in Southern Luzon, eight in Northern Mindanao, six each in the capital region and Central Luzon, two in the Davao Region and one in Ilocos.
Meanwhile, the Health official confirmed that only nine of the total 119 Filipinos infected with the Delta variant were vaccinated against the coronavirus.
Of the nine vaccinated, four received two doses, while five received one dose, she said. Of those fully vaccinated, three had mild coronavirus symptoms while one was asymptomatic. Three of those who received initial doses were mild cases and two did not show symptom.
More than 20 Delta variant cases were unvaccinated while 86 cases are still being verified.
Meanwhile, DoH reported 6,664 coronavirus disease 2019 (COVID-19) infections on Monday, bringing the total to 1.55 million.
Ms. Vergeire said the increase in additional cases nationwide could not be classified yet as a new surge.
“Cases are going up, that we can verify,” she said.
The death toll rose to 27,247 after 23 more patients died, while recoveries increased by 5,766 to 1.47 million, it said in a bulletin.
There were 55,140 active cases, 93.6% of which were classified as mild, 1.1% were asymptomatic, 2.3% were severe, 1.61% were moderate and 1.4% were critical. — Kyle Aristophere T. Atienza
Nurses’ group slams continued shortage of health workers
A GROUP of nurses slammed the administration of President Rodrigo R. Duterte for its failure to address the shortage of nurses and other healthcare workers.
In a statement, the Filipino Nurses United (FNU) said the total 9,088 health workers hired through the Department of Health’s (DoH) emergency hiring program is “way below” Mr. Duterte’s vow in his 2020 State of the Nation Address to hire more than 20,000 this year.
Instead of mass hiring nurses, the group noted that the Health department “resorted to emergency hiring of contract of service for three months’ employment that included 3, 909 nurses.”
“This is even way below the FNU’s recommendation of 48,000 nurses more so considering that there are 1,700 COVID 19 referral centers all over the country,” it said.
Citing data from DoH, the group said the number of deployed nurses were reduced by 12% or 2,319 nurse slots. The 13,000 vacant plantilla positions of health workers since 2016 remain unfilled, it said.
“The preventive and promotive aspects of health care have become even much less at a time when people are in critical need of basic, essential health services to prevent increase of COVID-19 infection,” the group said.
The group also lamented that many health workers still have not received their special risk allowances under the country’s second stimulus law, known as Bayanihan II, which expired last June 30. In a virtual press briefing on Monday, Health Undersecretary Maria Rosario S. Vergeire said the DoH would look into bottlenecks preventing the release of the special allowances. — Kyle Aristophere T. Atienza
SONA protesters take to the streets amid rains, coronavirus threat
VARIOUS GROUPS carried on with their march Monday despite the rain and continued threat of coronavirus transmission to voice their objection to President Rodrigo R. Duterte’s political plans as he delivered his final State of the Nation Address (SONA).
With the theme “Goodbye, Duterte,” the rallyists expressed opposition to Mr. Duterte’s recent pronouncement that he might run for vice president in the 2022 elections to protect himself from lawsuits.
Under the Philippine Constitution, a president cannot run for reelection.
“The law says if you are vice president, you have immunity, so I will just run for vice president,” Mr. Duterte said during a political party’s assembly on July 17.
Protesters also called on the government to increase social pension, end contractualization, junk the Anti-Terror Law, hasten justice for victims of extrajudicial killings, and to fight for the country’s jurisdiction over the South China Sea, among others.
Police chief Guillermo Lorenzo T. Eleazar and the Quezon City local government allowed the protest as long as the minimum health protocols such as social distancing and wearing of face masks and face shields were followed.
The protesters were also only allowed to march from the University of the Philippines Diliman compound to Tandang Sora, which is about 10 kilometers away from House of Representatives complex where the SONA is held every year.
Mr. Eleazar instructed policemen to exercise maximum tolerance while being on alert at pre-designated areas for protesters who might violate the rally permit and health protocols. — Bianca Angelica D. Añago
Philippine Coast Guard’s ‘largest’ vessels to arrive next year from Japan
THE TRANSPORTATION department announced on Monday that the two 94-meter multi-role response vessels (MRRVs) it acquired for the Philippine Coast Guard will start arriving in Manila by March next year.
“Through the accelerated construction of the Japanese shipbuilder, the first 94-meter MRRV is expected to arrive in Manila by March 2022, while the second vessel will arrive two months later or by May 2022,” the Department of Transportation (DoTr) said in a statement.
It said one of the vessels was launched at the Shimonoseki Shipyard of Mitsubishi Shipbuilding Co. Ltd. in Japan on Monday.
“The two MRRVs will be the largest vessels of the PCG’s fleet, once delivered. These MRRV’s modeled after the Japan Coast Guard Kunigami-class vessels are expected to improve the PCG’s maritime security and maritime safety capabilities,” the department added.
The vessels measure about 94 meters. They have a maximum speed of not less than 24 knots, and an endurance of not less than 4,000 nautical miles, the DoTr said.
“The ships are capable of conducting sustained maritime patrols in the country’s maritime jurisdictions, including the West Philippine Sea and Philippine Rise,” the department noted.
The vessels were acquired under the Maritime Safety Capability Improvement Project Phase II, a Japan-assisted project funded by an official development assistance loan from the Japan International Cooperation Agency amounting to approximately JPY16.5 billion. — Arjay L. Balinbin
DA hastening transition to province-led support system for farmers, fisherfolk
THE DEPARTMENT of Agriculture (DA) aims to improve the delivery of extension services and provision of technical and marketing assistance to farmers and fisherfolk in the last year of President Rodrigo R. Duterte’s term.
In a statement on Monday, Agriculture Secretary William D. Dar said the department, in the remaining time of Mr. Duterte’s administration, will transition to the province-led Agriculture and Fisheries Extension Systems (PAFES).
The shift will be undertaken in partnership with local government units (LGUs), state universities and colleges, the private sector, and farmers’ organizations.
Mr. Dar said efforts to strengthen the delivery of extension services to farmers is also in anticipation of the Mandanas-Garcia ruling set to take effect in Jan. 2022, which will give LGUs a bigger share from national taxes.
“PAFES would serve as the modality of implementing banner programs in the provinces. Under the system, we at the national government will do the steering, while the LGUs will do the rowing,” Mr. Dar said.
According to the DA, agricultural extension and advisory services have an important role in strengthening farm productivity and income, increasing food security, improving rural livelihood, and promoting agriculture.
Mr. Dar said PAFES will help improve the ability of provincial LGUs in accomplishing agri-fishery extension services and combining multiple programs of the DA with the respective provinces serving as the operations hub.
“We have to understand that agriculture is local. Agriculture is provincial. Therefore, the LGUs are in a much better position in identifying and supplying these services that would bring more progress to the countryside, and make the country food-secure and resilient,” he said.
Meanwhile, Mr. Dar said the potential of the country’s agriculture and fishery sector can be further tapped with the provision of the appropriate budgetary support and private sector investments.
“For 2022, we are proposing a budget of P250 billion, which is three times more than this year. We pray that the country’s agriculture sector could be afforded that long-delayed financial support so the Philippines could keep pace at least with our counterparts in the ASEAN (Association of Southeast Asian Nations) region,” Mr. Dar said. — Revin Mikhael D. Ochave
Gov’t eases entry rules for foreign family members
FOREIGNER PARENTS, spouses, and children of Filipino citizens will be allowed to enter the Philippines without the need for entry exemption documents starting Aug. 1, the Bureau of Immigration announced on Monday.
Immigration Commissioner Jaime H. Morente said the new travel guidelines approved by the national task force handling the coronavirus response apply to foreigners who are not accompanied by their Filipino spouses, parents, or children in entering the country.
They need to secure a tourist visa from Philippine consulates abroad.
“Foreigners who are traveling with their Filipino spouses or parents are eligible for the Balikbayan program and they may be admitted visa-free for a one-year stay,” Mr. Morente said.
Meanwhile, the travel ban on those coming from India, Pakistan, Nepal, Bangladesh, Sri Lanka, Oman, United Arab Emirates, Indonesia, Malaysia, and Thailand will also be lifted by Aug. 1, unless the task force announces an extension within the week. — Bianca Angelica D. Añago