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PHOTO FROM VIRGIN GALACTIC AND LAND ROVER

The Landy gets involved in a heavenly mission

WE’VE LIVED through the electronic revolution, the rise of microtechnology, the dawn of the internet, and now, the beginning of mankind’s first commercial space flights. Frankly, I can’t get over it. What a time to be alive!

Surely, you must have heard about Virgin Galactic founder and billionaire Richard Branson’s fairly recent flight to the bounds of outer space. He, alongside three other crewmates and two pilots, took off from Virgin Galactic’s Spaceport America in New Mexico in the United States, and shot up 90 kilometers (approximately 295,000 feet) through the sky to achieve weightlessness in that blurry area between the earth’s atmosphere and outer space. The mission was aboard the sub-orbital vehicle “Unity” and took a total of 90 minutes to complete.

It was the company’s fourth space flight to carry a full crew. Richard Branson decided to join this one because he said he wanted to evaluate the experience before they actually started boarding customers by sometime next year.

But did you know that Land Rover has been a long-time supporter of Virgin Galactic’s journey to realizing commercial space flights? As a matter of fact, Land Rovers have been towing Virgin Galactic space vehicles — transporting their astronauts around the field, and in many other ways supporting their day-to-day operations — since 2014.

Having said that, Richard Branson arrived in the very special Range Rover Astronaut Edition (which was first unveiled by Jaguar Land Rover’s Chief Creative officer, Prof. Gerry McGovern, together with Branson back in 2019), prior to boarding the “Unity 22” for their highly publicized mission. And upon their safe return, their spacecraft was towed back by an ever-dependable Land Rover defender 110.

Moreover, when Virgin Galactic starts boarding their 600 lined-up, paying customers beginning next year, these explorers will likewise all be transported to the spacecraft in Land Rover vehicles.

“It was completely fitting that these capable luxurious and iconic vehicles played a central part in this historic event,” shared Virgin Galactic’s Chief Customer Officer Stephen Attenborough. He added, “As we look ahead to the start of a full commercial service, we couldn’t be more delighted to know that Land Rover will be going above and beyond, as together we open space to change the world for good.”

The very special Range Rover Astronaut Edition was created by Land Rover SV Bespoke and is offered exclusively to Virgin Galactic’s “future astronaut” customers.

In the Philippines, Coventry Motors Corp. President Chris Ward shared his thoughts regarding the Virgin Galactic partnership: “Land Rover’s significant participation in this revolutionary event is such a remarkable move for the brand! For years, the brand has worked on evolving on its research and technology, partnering with brands and efforts that would challenge its passion for adventure and technological advancement. In line with its global plan, “Reimagine,” Land Rover only proves to fulfill its promise to explore and conquer challenges not most are willing to take.”

Yields on gov’t debt end flat after Fitch move

YIELDS ON government securities (GS) traded in the secondary market ended flat last week following the Fitch Ratings’ outlook revision for the Philippines.

GS yields, which move opposite to prices, rose by an average of 0.88 basis point (bp) week on week, based on the PHP Bloomberg Valuation Service Reference Rates as of July 16 published on the Philippine Dealing System’s website.

Yields on Treasury bills (T-bills) were mixed last week. The rates of the 182- and 364-day papers inched up by 0.08 bp and 1 bp, respectively, to 1.4131% and 1.6122%. On the other hand, the yield on the 91-day T-bills fell by 1.60 bps to 1.1615%.

A similar trend was seen in the belly of the curve as yields on the three-, four-, five-, and seven-year Treasury bonds (T-bonds) increased by 0.28 bp (to 2.3385%), 2.67 bps (2.6810%), 4.95 bps (2.9996%), and 7.27 bps (3.5012%), respectively. Meanwhile, the rate of the two-year T-bonds went down 1.62 bps to 1.9643%.

At the long end of the curve, the 10-year debt paper saw its yield pick up by 5.84 bps week-on-week to close at 3.9097%, while the rates of the 20- and 25-year tenors fell by 5.66 bps (4.9099%) and 3.48 bp (4.931%), respectively.

Philippine Bank of Communications Senior Trader Justin Robert G. Ladaban said in an e-mail that Fitch’s outlook revision for the country to “negative” from “stable” affected yield movements last week.

“This brought some defensiveness initially and heading into the 20-year auction last Tuesday,” Mr. Ladaban said. “However, following a relatively tame bond auction and with global yields staying largely range bound, we eventually saw some bargain hunting which generated some buying interest towards the end of the week, particularly in the short end of the curve.

Fitch last week revised its outlook for the Philippines to “negative” from “stable,” while keeping its “BBB” credit rating for the country.

The “negative” outlook means Fitch may downgrade the Philippines’ credit rating if it reverses reforms or departs from the prudent macroeconomic policy framework that leads to continued higher fiscal deficits. A weaker macroeconomic outlook over the medium-term and “diminishing policy credibility” may also lead to a downgrade.

Fitch has kept the Philippines’ rating at “BBB,” which is one notch above the minimum investment grade, since December 2017.

Meanwhile, the Bureau of the Treasury (BTr) raised P16.799 billion via its offer of fresh 20-year T-bonds on Tuesday, less than half of the programmed P35 billion, after yields increased following Fitch’s move. Total bids for the bonds reached P63.069 billion, making the offering nearly twice oversubscribed.

The 20-year notes fetched a coupon of 5.125%, higher by 15.7 bps against the 20-year tenor’s 4.968% rate at the secondary market prior to the auction.

On the other hand, a bond trader attributed the yield movements last week to Federal Reserve Chairman Jerome Powell’s semi-annual testimony to the US House of Representatives last week.

“Yields were actually higher until Mr. Powell’s dovish statement, which then put a cap on yields. Most benchmark bonds are mostly unchanged from last week’s levels,” the bond trader said in a Viber message.

Mr. Powell said the US economy “is still a ways off” from the levels the central bank’s expectations before narrowing its support to the economy, Reuters reported.

In testimony, Mr. Powell also said he is confident higher inflation was connected with the country’s post-pandemic reopening and will ease in the coming months. Data showed that consumer prices increased by the most in 13 years in June while producer prices accelerated to the largest annual increase in more than a decade.

The bond trader expects yields this week to move “sideways with a downward bias.”

“We shall monitor the presence of Delta variant [of the coronavirus] and its effect on phase of reopening,” the trader said.

“[This] week, market players will likely look towards the results of the 10-year auction for some direction although I expect yields to stay generally range bound,” Mr. Ladaban added.

The Treasury will offer P35 billion in fresh 10-year bonds on July 21. — Lourdes O. Pilar

Lexus Design Award 2022 is now open for entries

“Algorithmic Lace,” a 3D printing technology that works in conjunction with handmade elements to create, among other groundbreaking things, a bra for breast cancer survivors.

THE LEXUS Design Award — an international design competition targeting the next generation of innovators around the world — is now open for entries to the 2022 edition. Entries can be submitted online at LexusDesignAward.com from now until Oct. 10.

The Lexus Design Award provides “an opportunity for innovators to work with a world-famous designer as a mentor to create prototypes of their designs,” according to a recent release. The international design competition was launched in 2013.

“Entrants need to demonstrate how their creative ideas express three key principles of the Lexus brand: Anticipate, Innovate and Captivate,” said the release. “Their design should anticipate global challenges facing future society and imagine engaging and innovative ways to contribute to a sustainable and happy future for all. Lexus is looking for captivating designs that intersect with thoughtful solutions and can truly make a brighter future for people and societies in diverse circumstances.”

Among the past winners of the award are Algorithmic Lace, a 3D printing technology that works in conjunction with handmade elements to create, among other groundbreaking things, a bra for breast cancer survivors; Ooho!, an edible capsule-shaped packaging made from seaweed as an alternative to the plastic bottle; and a Portable Solar Distiller which makes clean drinking water from polluted water or sea water, using sunlight.

Six finalists will be announced in early 2022. They will work with four internationally renowned creators who will be their mentors and who “will help the finalists to build prototypes that bring out the potential of their ideas.”

Lexus will fund each of the finalists’ prototype development with a budget of £20,000 (roughly P1.4 million). The final prototypes will be presented to judges in mid-2022. One Grand Prix winner will be chosen.

To learn more, visit the Lexus website at lexus.com.ph or visit its social media pages on Facebook and Instagram @lexusmanila.

Brazil states seek int’l funds to fight deforestation

REUTERS

BRASILIA — Nine Brazilian states that are wholly or partially in the Amazon rainforest are negotiating with international organizations for aid to combat deforestation, circumventing the federal government, their governors said on Friday.

Flávio Dino, the leftist governor of Maranhao state who is often floated as a potential presidential candidate for elections in 2022, presented the project, known as Plano de Recuperação Verde, or Green Renewal Plan, at a press conference in Brasilia.

Among the goals of the group is eliminating illegal deforestation by 2030, generating employment and aiding the region’s transition to a greener economy.

“The world is moving and Brazil can’t stay still due to domestic political reasons. The price for the country could be very high,” Dino said.

Deforestation has surged since right-wing President Jair Bolsonaro took office in January 2019, drawing international outcry from foreign governments and environmentalists. Bolsonaro has called for mining and agriculture in protected areas of the Amazon and has weakened environmental enforcement agencies.

That in turn has caused some states to more actively participate in environmental matters.

The consortium has already begun negotiating with the LEAF Coalition, a fund organized by the US, British and Norwegian governments to protect the rainforest. The Plano de Recuperação Verde consortium will deliver the nine governors’ deforestation reduction targets to LEAF this week, Dino said.

He added that the group plans to begin its work this year and to stop the growth of intentional forest fires and deforestation in the second half of 2021. — Reuters

Chery sales register 351% growth in H1

PHOTO FROM CHERY PHILIPPINES

CHERY AUTO Philippines reported in a release that its vehicle sales in the first half of 2021 grew by a remarkable 351% compared to the same period last year. Its June figure also trended upward by 355% compared to June 2020.

“The growth reflects the warm reception of the Philippine market toward the all-new Chery Tiggo 7 Pro [which accounted for] 37% of total Chery sales in the first six months of the year. Launched just last January, the Tiggo 7 Pro posted June sales 160% higher than the previous month of May. Orders for July onwards project continuous sustained demand for the head-turning, high-performance turbocharged compact SUV,” said the company in a release.

The entry-level Chery Tiggo 2 comprised 33% of total sales, with the brand noting that it “(costs) less than many hatchbacks and subcompact sedans.” With a starting price of P695,000, the Tiggo 2 “presents a compelling proposition with its SUV space and versatility.” The crossover is also available in unique two-tone finishes and comes in manual and automatic transmission.

Said United Asia Automotive Group, Inc. (UAAGI) President Rommel Sytin, “We are buoyed by the strong interest and demand for our Chery Tiggo models, particularly the all-new Tiggo 7 Pro and Tiggo 2. Together with the subcompact Tiggo 5X and the luxurious midsize flagship 7-seater Tiggo 8, they propel the brand’s vision of establishing Chery as the leading crossover brand in the Philippines.”

The company said it is continuing to grow its dealership network — currently 19 strong — “unprecedented for a new brand that’s introduced only less than two years ago.” Chery is said to be continuing to scout unserved areas through the metropolis and the rest of the country.

Chery boasts an industry-leading warranty and preventive maintenance service (PMS) program, which features a 10-year/one-million-km engine warranty, five-year general warranty, three-year roadside assistance, and a free full PMS for three years. For more information, follow Chery Auto Philippines Facebook and Instagram, call the 24/7 Chery Auto Philippines hotline at 0917-552-4379, or e-mail chery@uaagi.com.

Shakey’s looks forward to growth potential of Peri-Peri, R&B Milk Tea

SHAKEYSPIZZA.PH

SHAKEY’S Pizza Asia Ventures, Inc. (SPAVI) is looking forward to the growth potential of the Peri-Peri Charcoal Chicken brand and Singapore’s R&B Milk Tea.

“We have two brands here that [have] all the makings of becoming category leaders, which in the end — in the grand scheme of things, we want to have a portfolio of ‘wow’ brands,” SPAVI President and Chief Executive Officer Vicente L. Gregorio said during the company’s virtual stockholders’ meeting last week.

“And already both Peri-Peri and R&B have shown their full potential in the last few months,” he added.

SPAVI signed an asset purchase agreement for Peri-Peri before the pandemic hit in 2019. The company said it saw an opportunity in the chicken restaurant chain, citing Filipinos’ love for chicken.

Peri-Peri has since “aggressively expanded,” with all stores becoming profitable.

“We thought this was the perfect vehicle for us to go into this category and we believe we have a brand that has the potential to be the leader in this category,” Mr. Gregorio said.

Meanwhile, the company inked a franchise agreement with Singapore-based Kuofu Group Ltd. in August last year, joining the bubble tea craze through R&B Milk Tea products.

Despite the pandemic, the company said the milk tea brand was able to flourish due to Shakey’s delivery platform.

“People are locked in in their homes, they want comfort food. The young, especially… they like this product very much,” Mr. Gregorio said.

R&B Milk Tea is now available in 133 Shakey’s and Peri-Peri stores.

“Clearly, these two brands will provide us the opportunities for more growth, just as we continue to grow Shakey’s in the Philippines and even in the international scene, Peri-Peri and R&B will provide us that extra boost and opportunities for growth,” Mr. Gregorio said.

SPAVI ended 2020 with 279 stores. This year, it plans to open 30 new stores — 15 Shakey’s outlets and 15 Peri-Peri branches. It has so far launched 11 net new stores to bring the total outlets to 290 as of end-May.

Shares of Shakey’s at the stock exchange declined by 0.75% or six centavos on Friday, closing at P7.94 apiece. — Keren Concepcion G. Valmonte

DoF says peso more volatile in the first half

PHILSTAR

THE PHILIPPINE PESO was among the Asian currencies that showed high volatility versus the dollar in the first half, the latest economic bulletin by the Department of Finance (DoF) showed.

The volatility of the peso-dollar exchange rate, measured through the coefficient of variation (CV), picked up to 1.13 in the first half from 0.92 at the end of 2020, DoF Undersecretary and Chief Economist Gil S. Beltran said on Sunday.

This was the second-highest among Asian currencies in the report next to Vietnamese dong’s CV of 1.84 as of June, easing from 4.01 in 2020.

The bulletin covered 11 Asian currencies: the Philippine peso, the Brunei dollar, Chinese yuan, Indian rupee, Indonesian rupiah, Japanese yen, Korean won, Malaysian ringgit, Singapore dollar, Thai baht, and Vietnamese dong.

The peso last year ended at P48.036 per dollar and was among the most stable Asian currencies with a CV of 0.92, the second lowest after the Thai baht, even with markets taking a hit due to the coronavirus pandemic.

However, the peso’s CV picked up to 1.17 in the first quarter and 1.03 in the second quarter, while the volatility of currencies in other economies eased. The peso-dollar CV went up to 0.94 in June alone from 0.82 in May.

The local unit closed at P48.544 against the dollar at end-June, depreciating by 1.05% from the end-2020 level. It has been trading at the P50-per-dollar level in the past days.

“This increase in volatility may be traced to the Fed’s indication to start ‘talking about talking’ about a taper, that is, reducing its purchase of government bonds and mortgage-backed securities,” Mr. Beltran said.

The US Federal Reserve in June said they may gradually reduce their bond purchases soon and start increasing interest rates in 2023 as the US economy shows more signs of recovery.

“Strong fundamentals support the relative stability of the peso. As of end-May, for instance, the country’s reserves of $107.25 billion could cover more than a year’s worth of imports. Furthermore, the country’s exposure to external debt, measured in percent to gross domestic product, is the lowest among major Southeast Asian economies,” Mr. Beltran added.

Economic managers expect the peso to range from P48 to P53 versus the dollar this year. — B.M. Laforga

2021 Old Manila wine dinner series continues

THE 2021 OLD Manila Wine Dinner Series continues, featuring a five-course degustation menu, created by Old Manila Chef de Cuisine Allan Briones, paired with wines from Spottswoode Estate Vineyard & Winery. The wine dinner is set for July 20, 6:30 p.m., at The Peninsula Manila’s signature fine dining restaurant Old Manila. Price per person is P12,000, inclusive of taxes. This is the second time this year that Mr. Briones is collaborating with an award-winning vineyard and winery, and creating a dinner around the wine. During the five-course dinner, select fine wines and Champagnes will be paired with each course. Guests will also have the opportunity to “meet” Spottwoode Estate President and CEO Beth Novak Milliken who will be streaming live from Napa Valley, as well as Mr. Briones and his team and ask questions about the wines and dishes they will be enjoying. The menu includes dishes such as a Goats Cheese and Crab Tart which uses artisanal goats cheese crafted in Butuan and crabs harvested from the waters off Sulu. Also on the menu are a Primavera Truffle Risotto, Mediterranean Dry-aged Lamb Burger on a Rosemary Brioche, Wagyu Parmentier with Potato Textures, and Dark Chocolate and Orange Crémeux. Pre-paid reservations are required for the dinner as there is very limited seating. For inquiries and orders, call 8887-2888 (trunk line) or through PenChat, The Peninsula Manila’s 24-hour e-concierge by using this link: https://bit.ly/PenChatFacebook.

Germany detects first ASF outbreak in farmed pigs near Polish border

REUTERS

HAMBURG — The first cases of African Swine Fever (ASF) have been confirmed in farm pigs in Germany, the country’s federal agriculture ministry said on Friday.

The disease was confirmed in pigs on two farms in the eastern German state of Brandenburg.

Previous cases have only been found in wild animals, with 1,267 ASF cases so far in wild boar in the Brandenburg area. Brandenburg is on the border with Poland, where the disease is widespread.

China and other pork buyers banned imports of German pork in September 2020 after the first case was confirmed in wild animals. Import bans by China and major Asian importers remain in place.

Germany’s Friedrich-Loeffler scientific institute had confirmed the farm animals had ASF, the agriculture ministry said.

The disease was found in pigs on one organic farm with 200 animals and on a smallholding with only two pigs, the Brandenburg health ministry said. All have been slaughtered.

“For almost a year we have been fighting against the enormous pressure of the disease from Poland,” said Brandenburg state health minister Ursula Nonnemacher.

Fencing has been built along the Polish border to prevent wild boars entering Germany and six zones were established with intensified hunting of wild boars, she said.

“I very much regret the first cases in farm pigs, but sadly this possibility could never be fully ruled out,” Nonnemacher said.

The import bans on German pork imposed last year have led to trade displacement, with EU producers including Spain raising exports to Asia while Germany increased sales inside the EU.

The agriculture ministry said the regionalization concept means Germany’s pork exports inside the EU will continue.

The regionalization concept means stopping pork imports from the region of a country where African swine fever has been found but not a blanket ban on sales from the whole country. — Reuters

Jaguar Philippines presents new XF, F-Pace

PHOTO FROM JAGUAR PHILIPPINES

JAGUAR PHILIPPINES last week presented to media the 2021 model year Jaguar XF and Jaguar F-Pace.

The Jaguar XF 2.0 S boasts a refreshed exterior and all-new interior “incorporating luxurious new materials, and seamlessly integrated, connected and future-proof technologies.” Under the hood is a choice between a next-generation, 2.0-liter four-cylinder Ingenium turbocharged diesel engine and the latest 2.0-liter four-cylinder Ingenium petrol mill.

The new XF receives a front bumper with enlarged, lower air intakes to accentuate the car’s width, also helped along with a wider front grille featuring a mesh design detail inspired by Jaguar’s heritage logo. Flanking it are super slim all-LED quad headlights with double-J daytime running lights (DRLs). The side fender vents get the Leaper emblem. At the rear are a wider bumper and body-colored rear upper valance, which visually lowers the car.

“The new cockpit design is bolder, more dynamic and with greater focus on the driver. A new sporty center console, faster in profile, (and) sweeps up to the dashboard incorporating a wireless device charger,” reported Jaguar Philippines in a release. “In the middle… is a seamlessly integrated centrally mounted 11.4-inch curved-glass HD touchscreen, which controls the new Pivi Pro infotainment system.”

A new Drive Selector features an upper section finished with a “cricket-ball” stitching, with the lower part made of precision-engineered metal for improved tactility. A 12.3-inch HD Interactive Driver Display boasts enhanced graphics and a configurable layout features for full-screen navigation mapping with turn-by-turn instructions, digital dials, media, contact list or infotainment details. A new head-up display makes it even easier for drivers to access key pieces of information. Apple CarPlay and Android Auto come standard.

Meanwhile, segment-first Active Road Noise Cancellation technology “constantly monitors vibrations from the road surface and calculates the opposite phase sound wave needed to remove the noise heard by the occupants.” This results in a quieter cabin — ultimately leading to reduced fatigue, which is a usual by-product of prolonged exposure to low-frequency noise. The XF monitors cabin occupancy, then optimizes performance.

A full 3D surround camera system provides drivers an enhanced 3D and 360-degree view around the car through the vehicle’s touchscreen, in aid of parking and maneuvering. The system can display several views simultaneously on the screen — including 3D perspectives, junction view, and ClearSight Plan View with dynamic Parking Aid overlays. An updated Meridian sound system now gets two additional center channel speakers for total of 12 speakers plus a 400W subwoofer.

The Jaguar F-Pace heralds an all-new interior, greater connectivity, and increased refinement. The cockpit design, said Jaguar, puts more emphasis on the driver. A new center console boasts a “faster” profile and “sweeps up to the instrument panel, and incorporates a wireless charger and greater console stowage.”

The F-Pace gets an integrated, centrally mounted 11.4-inch curved-glass HD touchscreen, which controls the new Pivi Pro infotainment system. “Authentic finishes, including wood veneers and aluminum, (are featured) in beautifully formed shapes such as the upper door insert and full-width ‘piano lid’ that is formed across the width of the instrument panel. Laser-etched mid-line speaker frets and the metallic rotary dial of the Jaguar Drive Control epitomize the attention-to-detail.”

The new F-Pace is powered by the company’s latest four-cylinder in-line diesel mild hybrid electric vehicle (MHEV) technology Ingenium engine. The 2.0-liter turbo mill has 199ps on tap, and is mated to an eight-speed automatic which drives all the wheels. The powertrain also boasts a belt integrated starter generator (BISG) “to harvest energy usually lost when slowing and braking. This energy is then stored in a separate 48V lithium-ion battery before being intelligently redeployed to assist the engine when accelerating away, as well as delivering a more refined stop/start system.”

As in the XF, the F-Pace gets a segment-first Active Road Noise Cancellation technology.

Jaguar equips it with its latest 3D surround camera technology to deliver more detail and a choice of real-time viewing when maneuvering the vehicle. The company said it commits to creating strong and lightweight vehicles, with aluminum-intensive architecture that employs recycled aluminum from closed-loop manufacturing for greater sustainability and is an important contribution towards Jaguar’s journey to Destination Zero, a world of zero emissions, zero accidents and zero congestion.

For more information, visit https://www.jaguar.ph/jaguar-range-xf and https://www.jaguar.ph/jaguar-range-f-pace.

Negative market sentiment drags down newbie DITO’s stock price

DITO Telecommunity Corp. saw its stock price go down on a week-on-week basis as negative market sentiment due to the persisting coronavirus pandemic offset any positive development from the telecommunications firm.

DITO’s stock price settled at P8.21 per share to end the trading week last Friday, down 7.3% from its stock price of P8.86 per share last July 9, Philippine Stock Exchange (PSE) data showed.

For the year, the company’s share price has gone down by 36.9%.

“[DITO] was mainly dragged down by the cautious sentiment on the overall market,” AAA Southeast Equities, Inc. Research Head Christopher John J. Mangun said in an e-mail.

Mr. Mangun said the news on the company’s expansion “was already factored into the price.” He also noted the company’s strategy on building its infrastructure in the provinces where there is not much demand for mobile data services, but said its transition to compete with incumbent telco players in Metro Manila and other major cities “will determine its long-term success.”

Mercantile Securities Corp. Analyst Jeff Radley C. See shared the same assessment on DITO building up market share, but nevertheless described the stock’s price movement last week as bearish.

“Volume traded grew but price is going down. It entails market sentiment,” Mr. See said in a Viber message.

A total of 33.80 million shares worth P290.47 million exchanged hands between July 12 and 16. The stock’s value and volume turnover figures last week were higher by 18.1% and 23.2% compared with those the week prior.

In a statement last week, the telecommunications firm announced its mobile services are now available “starting July 15” in 18 more areas, bringing the number to 158 cities and municipalities nationwide. DITO is targeting to complete 4,500 cell towers by December as part of its nationwide expansion. It has built over 3,000 towers as of July 1.

On the other hand, the same week saw the Philippine government announced a travel ban on Indonesia from July 16 to 31 after the latter overtook India in daily infections.

Meanwhile, the Philippines has extended its travel ban on India and six other countries, where a coronavirus variant has caused a surge in infections, until July 30. Also covered by the ban that was supposed to end on July 15 was Pakistan, Sri Lanka, Bangladesh, Nepal, Oman and the United Arab Emirates.

Last Friday, the Health department reported 16 new coronavirus cases of the more transmissible Delta variant. Of these, 11 were detected in Mindanao, Metro Manila, Central Luzon, and the Visayas while the remaining five are in Filipinos who returned from Qatar, the United Arab Emirates, and the United Kingdom.

Last Thursday, the presidential palace announced Manila and nearby cities would remain under a general lockdown until July 31 after some cities in the capital region experienced a spike in coronavirus infections. Other areas saw their respective quarantine levels extended during the same period.

“The market is waiting for earnings and good network to compete with the other two telcos,” Mercantile Securities’ Mr. See said, referring to the two incumbent firms PLDT, Inc. and Globe Telecom, Inc.

“There would not be much of a fundamental side for now since they are just expanding and building everything,” he added.

Mr. See placed the stock’s support levels at P8.15 and P7.00 per share, and resistance levels at P8.75 and P9.30 apiece.

For AAA Southeast Equities’ Mr. Mangun, DITO may “bottom out” and hold support between P7.50-7.80 and major resistance between P10-10.20. — Ana Olivia A. Tirona

How PSEi member stocks performed — July 16, 2021

Here’s a quick glance at how PSEi stocks fared on Friday, July 16, 2021.

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