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Rates of T-bills, bonds to move sideways on steady BSP policy

BW FILE PHOTO
TREASURY bills and bonds on offer this week could see their rates inch sideways. — BW FILE PHOTO

RATES OF government securities to be auctioned off this week will likely move sideways after the central bank kept borrowing costs at record lows at its latest policy meeting.

The Bureau of the Treasury (BTr) is looking to borrow P15 billion via the Treasury bills (T-bills) on Monday, broken down into P5 billion each from the 91-, 182- and 364-day papers.

On Tuesday, the Treasury will auction off P35 billion in reissued 20-year Treasury bonds (T-bonds), which have a remaining life of 11 years and eight months.

Traders said they expect the rates of the T-bills to move sideways or inch lower by 5 basis points (bps) on Monday from the yields quoted at last week’s auction.

“T-bill yields will just move sideways from the previous auction. Strong demand will persist as the market is still very much awash with liquidity and some players opt to park their funds on the short end of the curve while waiting for firm developments,” the first trader said.

Meanwhile, the first trader expects the reissued 20-year notes’ average rate to fall within 4% to 4.25%, while a second trader gave a narrower forecast range of 4.1%-4.25%.

“The 11-year reissuance is also expected to be met with strong demand as yield hunters are in this segment of the curve at the moment as inflation fears ebb,” the first trader noted.

The second trader said the market will also price in the Bangko Sentral ng Pilipinas’ (BSP) decision to keep benchmark rates steady to support the economy’s recovery.

The BSP kept its key interest rate at a record low for a fifth straight meeting on Thursday, as it vowed to maintain an accommodative stance to boost the economy.

The central bank left the rate on the overnight reverse repurchase facility at 2%, as expected by 14 of 16 analysts in a BusinessWorld poll. Interest rates on the overnight deposit and lending facilities were also kept at 1.5% and 2.5%, respectively.

At that meeting, the central bank raised its inflation outlook for this year to 4% from the previous forecast of 3.9%. This matches the upper end of the BSP’s 2-4% target.

If realized, this would be faster than the 2.6% logged in 2020.

On the other hand, inflation is expected to average 3% for 2022 and 2023.

Headline inflation stood at 4.5% for the third straight month in May. Inflation for the first five months of the year averaged 4.4%.

The second trader added that rates of government securities will also track US Treasury yields ahead of the release of June inflation data on July 6.

The rate of the benchmark 10-year US Treasuries inched up to 1.54% on Friday from 1.5% a week ago.

The BTr last week upsized the volume of T-bills it awarded to P17 billion from the original P15-billion program as total bids reached P59.064 billion or nearly four times the offered amount.

Broken down, it borrowed P5 billion as planned from the 91-day paper at an average rate of 1.078%, lower by 4 bps than the 1.118% logged in the June 14 auction.

The Treasury also made a full P5-billion award of the 182-day papers. The average rate for the tenor stood at 1.348%, down by 2.4 bps from 1.372% previously.

Lastly, the government raised P7 billion via the 364-day securities, higher than the P5-billion plan. The one-year T-bills were quoted at an average rate of 1.563%, declining by 1.4 bps from 1.577% in the previous week’s offering.

Meanwhile, the 20-year T-bonds on offer on Tuesday have not been reissued since its maiden issuance on March 21, 2013. At that auction, the BTr raised P25 billion as bids reached P118.33 billion and the notes fetched a coupon rate of 3.635%.

At the secondary market on Friday, the 91-, 182- and 364-day T-bills were quoted at 1.822%, 1.4173%, and 1.6286%, respectively, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website. Meanwhile, the 20-year paper fetched 4.9578%, while the 10-year T-bond — the closest benchmark tenor to the remaining life of the bond series on offer on Tuesday — was quoted at 3.8962%.

This week’s auctions of government debt are the last ones for June. The BTr wants to borrow P215 billion from the local debt market this month: P75 billion via weekly offers of T-bills and P140 billion from weekly auctions of T-bonds.

Next month, the Treasury is programmed to raise P235 billion from the local market.

The government wants to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of gross domestic product. — L.W.T. Noble

PayMaya sees more gov’t agencies adopting digital payment technologies

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MORE government agencies are now using digital payment technologies, PayMaya Philippines, Inc. said, citing as examples the Social Security System (SSS), Bureau of Internal Revenue (BIR), Bureau of Customs (BoC), and Home Development Mutual Fund (Pag-IBIG Fund).

“With PayMaya as enabler, more national government agencies and government-owned corporations are heeding the call of providing ease of doing business and efficient delivery of services by adopting digital payment technologies,” PayMaya Philippines Chief Executive Officer and Founder Orlando B. Vea said in a statement issued on June 26.

The company said it was tapped by SSS to allow its members to pay their contributions through a mobile app using credit, debit, prepaid cards as well as e-wallets.

“The agency also uses PayMaya’s platform for disbursement of member benefits and loan proceeds,” it noted.

Top tax-collecting agencies BIR and BoC are using PayMaya’s plug-and-play solutions: PayMaya Checkout, One by PayMaya, and PayMaya QR.

PayMaya has also partnered with Pag-IBIG and other top revenue-generating government agencies such as Land Transportation Office, Department of Foreign Affairs, National Bureau of Investigation, Department of Trade and Industry, Securities and Exchange Commission, Professional Regulation Commission, Philippine Statistics Authority, and Land Registration Authority.

PayMaya is also used by SSS, Department of Agriculture, Department of Social Welfare and Development, Land Transportation Franchising and Regulatory Board, and SB Corp. for their social assistance programs.

Local government units Quezon City, Manila City, Taguig City, Pasig City, Caloocan City, Mandaluyong City, Marikina City, Parañaque City, Valenzuela City, and Antipolo City utilize the company’s payment acceptance and disbursement platforms for their services and programs.

“It is important to enable government agencies and local government units with the ability to accept all kinds of digital payments — whether it’s via credit, debit, or prepaid cards, e-Wallets, and even payments from the unbanked through on-ground agents,” Mr. Vea said. — Arjay L. Balinbin

How to wash your hair like a royal (well, maybe)

KERASTASE.COM/PRODUCTS
KERASTASE.COM/PRODUCTS

UNCONFIRMED reports from British tabloids say that The Duchess of Cambridge is partial to Bain Oleo Relax Shampoo. Strangely enough, Kerastase Philippines Brand Ambassador and Basement Salon Shangri-La Creative Director Stefan Wilczynski says that the Oleo Relax line (consisting of a mask, oil, and shampoo) is the line perfect for Filipino hair. “Filipino hair is often wavy,” he said during a press conference on June 16. The combination of this hair texture and the humid tropical climate creates frizz. The line, which professes to “smoothen and discipline hair,” according to the Kerastase website, makes it possible to fix this issue (and maybe make you look like a royal).

A super brand day in Lazada for Kerastase brings this beauty secret within reach. (Normally, the cost of the Oleo range is from P1,750 to P3,200, the Genesis range is from P1,750 to P2,750, and the Specifique range is from P1,500 to P2,200.) On June 30, the brand is giving discounts and free gifts on its Lazada store. These include all-day gifts such as free fluffy slides for buying the best-sellers (Genesis Anti hair-fall serum, Night hair vitamin serum, and Oléo relax oil), two free travel-size hair masks and samples for every check-out, and free shipping nationwide. As for timed gifts, one can get a free eco yoga mat if one checks out between midnight to 2 a.m., a free reed diffuser if one checks out between 8 and 10 a.m., a free paddle brush set if one checks out between noon to 2 p.m., and a free tote bag with pins and two travel-size shampoos if one checks out between 6 to 10 p.m.

Back to hair: Mr. Wilczynski gave tips and tricks during the press conference to navigate a pandemic-ridden world. Apparently, the top three hair concerns at the salon right now include dryness, an itchy scalp, and hair fall.

What do these have to do with the pandemic? According to him, they are all stress-related issues. “Everybody is stressed right now,” he said.

For hair fall, he recommends the Genesis Ritual, a line consisting of a serum, a mask, a treatment, a conditioner, shampoos, and a spray, all powered by Aminexil, Edelweiss native cells, and Ginger roots. Dry hair is solved by the Bain Oleo Relax line, while the sensitive scalp can be remedied with products from the Spécifique line, namely the Dermo-calm range. Other products exist within the Spécifique line which seek to address a multitude of issues, from dandruff to oiliness and hair loss.

Mr. Wilczynski offered that when it comes to scalp problems, it’s wise to use different products for different parts of the hair. “If you have a serious scalp problem, you should use the shampoo for the scalp,” he says, and use a different product for the ends. “You can use two different shampoos,” he said. For this concern, one must go from tip to root.

On the subject of shampooing, we’ve been told conflicting stories: do we shampoo every day, or skip a day or two? Mr. Wilczynski gave an answer: “You can shampoo every day.” He follows this up with a warning. “But: first, when you shampoo every day, don’t scrub it like you haven’t washed it for three weeks,” he said. “You can over-wash it, especially when your hair is colored.” He says to just wash the scalp, then work your way gently down, showing a light pulling and squeezing motion during the press conference. “That’s already enough.”

For details and deals on the June 30 sale, visit Kerastase.LazadaPH. — J.L. Garcia

Team Mazda rules 12-hour race at Clark

The winning team: Mazda Philippines President Steven Tan (center) with (from left) Marc Soong, Allan Uy, Aaron Guevara and Gaby Dela Merced — PHOTO FROM MAZDA PHILIPPINES

A near-stock MX-5 pulls away from the competition

THERE’S SOMETHING quite special about the art of endurance racing. It is a unique kind of motorsport that entails vehicles to run long distances over several hours — with only a few pit stops in between — while being driven by teams of drivers, who have to “endure” the lengthy race.

Perhaps among the most famous (and oldest) of its kind in the world is the annual 24 Hours of Le Mans which, as can be inferred from its name, is held near the town of Le Mans in France. Some people have even dubbed it the “Grand Prix of Endurance and Efficiency.”

Coincidentally, this 2021, Mazda celebrates the 30th anniversary of its 24 Hours of Le Mans victory back in 1991. Their specific vehicle entry at the time was the Mazda 787B which carried the Mazda R26B rotary engine. Mazda’s car #55 — then driven by team members: Weidler, Herbert, and Gachot — completed the race smoothly and took overall victory without any issues.

Here in the country, Mazda Philippines is now also celebrating a recent victory from the 2021 Petron Kalayaan Cup 12-Hour Endurance Challenge held at the Clark International Speedway, just last June 15. The vehicle entry was a near-showroom-stock MX-5 (Miata Spec series car), driven by race veterans Allan Uy, Aaron Guevarra, Gaby dela Merced, and Marc Soong. It clocked in a fastest lap time of 2:21.186 and finished the race way ahead of 16 other entries. In fact, it finished an impressive nine whole laps ahead of the second placer.

If you’d like a bit more of the exciting details, the Mazda MX-5 had, during one point, an incredible 14-lap advantage over the closest competitor. But an introduction of a safety car which came in the last 10 minutes of the race inevitably slowed down the group and brought the cars closer together. Nevertheless, the MX-5 finished its final 274-lap count with only six pit stops in between.

In the end, this year’s showroom-fresh Mazda MX-5 also matched the record set by its fully tuned MX-5 Global Cup race car, which won the Kalayaan Cup back in 2019. The annual Philippine 12-hour race was not held in 2020 because of lockdown restrictions due to the pandemic.

When we asked Mazda Philippines President and MX-5 team fan Steven Tan about his thoughts regarding Mazda’s recent participation in the Kalayaan Cup, he shared: “It is not difficult or challenging to make a car be more powerful and to go fast. It is much more difficult to make a car go fast consistently, for a long time! Hence an endurance race is the most challenging and the most meaningful in motorsport competitions.”

And when asked why Mazda chose to elect the showroom-fresh MX-5 as its 2021 entry to the endurance race, he replied: “The MX-5 was chosen for having the ingredients to win; among them is top reliability. To win, one has to first finish. Rear-wheel drive and its being lightweight and having perfect balance all give the MX-5 a big advantage over heavier cars, which may be more powerful, but are slower around the corners on the circuit. The lighter MX-5 needs a smaller and less powerful engine, and that makes it more fuel-efficient — so it requires less refueling pitstops. It also experiences less tire wear and is less prone to brake fades — which saves precious time from coming into the pits. This of course, means more laps for the MX-5 over the course of the endurance time limit.”

It is also impressive to hear that Mazda’s MX-5 entry actually ran the entire 12-hour race only on a single set of tires and brake pads! Furthermore, Mr. Tan also explained how good handling and balance also allowed the drivers to be more relaxed, and thus less prone to both fatigue and making mistakes. “So all four drivers finished the race relaxed and fresh, even after 12 hours of high-speed driving,” he added.

When we asked Mazda team member Marc Soong about his Kalayaan Cup experience, he shared: “Driving a 12-hour endurance race is a physical and mental challenge. We are limited to two-hour stints, but driving to your limit and the car’s limit on a racetrack is challenging. The MX-5 though is a beautiful car to drive on the track! It was an awesome experience to race in a 12-hour endurance challenge and even more amazing that we won it, and matched the lap record for 12 hours.”

We also asked him to share his highest moments, to which he replied: “A high moment? Just to be able to race in these challenging times would be it! And for 12 hours, we were in a different world, like the old times.”

Cacao farmers urged to intercrop to access coco trust fund aid

THE cacao industry has the potential to improve if farmers intercrop with coconut, a crop due to receive substantial support from a newly-signed law, according to the Department of Agriculture (DA).

Agriculture Undersecretary Evelyn G. Laviña said by e-mail that a nixed crop of cacao and coconut can help increase incomes and productivity in both industries.

Ms. Laviña said the cacao and coconut industries are set to benefit from Republic Act No. 11524, or the Coconut Farmers and Industry Fund Act.  

“Under Section 4 of the law, 10% of the trust fund shall be allocated for farm improvements through diversification and/or intercropping with livestock, dairy, poultry, coffee, and cacao production,” Ms. Laviña said.  

Signed by President Rodrigo R. Duterte on Feb. 26, the law places coconut levy assets in a trust fund that seeks to improve and modernize the local coconut industry under a development plan and improve the lives of coconut farmers.

Aside from intercropping, Ms. Laviña said cacao farmers need to adopt good agricultural practices with focus on soil amelioration and identification of good planting inputs in order to improve production.

Citing the Philippine Statistics Authority, Ms. Laviña noted that cacao production is steadily increasing, to 9,340 metric tons (MT) in 2020, from 8,489 MT in 2019 and 7,983 MT in 2018.

Ms. Laviña said the increase in production follows the expansion of planted area, which rose 3.4% to 31,285 hectares in 2020.  

“It is expected that the (DA’s) distributed planting materials will produce 552 MT of cacao beans three years after planting. Afterwards, the yield is expected to have an incremental increase of 4-6% annually with proper care and maintenance of the crop,” Ms. Laviña said.

“Postharvest equipment distributed will lower the cost of processing and will increase profit due to value adding since cacao beans can be sold at P116 per kilogram, but fine chocolates can be sold at a higher price of P150-180 per bar,” she added.  

Non-profit organization Cocoa Foundation of the Philippines, Inc. has said the cacao industry is benefiting from growing demand.

The group also said the cacao industry is ideal for “absentee” farmers with idle farmland since the crop can grow anywhere with minimal maintenance. It can only be grown around the equator in conditions of high humidity, rain, and sunlight.  

On May 27, Mr. Duterte declared Davao Region the cacao capital of the Philippines and Davao City the chocolate capital of the Philippines. — Revin Mikhael D. Ochave

PLDT, Orange International Carriers renew partnership

PLDT, Inc. and Orange International Carriers, the wholesale arm of multinational telecommunications operator Orange S.A., have renewed their partnership deal for another year to continue enhancing the Philippine telco’s international voice customers’ experience.

“[O]ur partnership with Orange will continue for another year. This collaboration is part of PLDT Group’s broader program to deliver the best experience for our customers both here in the Philippines and overseas,” Katrina Luna-Abelarde, first vice-president and head of PLDT-Smart International and Carrier Business and Strategic Partnerships, said in a statement issued on June 26.

PLDT and Orange started working last year on the implementation of multi-layer security and anti-fraud solutions aimed at improving the quality and security of calls.

PLDT said the partnership benefits Filipinos living abroad as well as enterprise customers making calls to the Philippines. 

Emmanuel Rochas, chief executive officer of International Carriers at Orange, said: “Our voice partnership results with PLDT in the last 12 months are very positive despite the very volatile market conditions that prevailed in 2020 with the pandemic impact on international communications.”

“The model we put in place with PLDT proved its strong efficiency to provide quality to Filipinos as well as reinforce resilience for international voice value. I am very happy that this partnership will continue for a second year,” he added.

According to PLDT, Orange has a global business service presence and is a retail operator in 26 countries.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Bill establishing deposit insurer for cooperatives filed at Senate

A SENATOR has filed a measure to help protect cooperatives’ money by establishing the Philippine Cooperative Deposit Insurance Corp.

Senator Francis N. Pangilinan filed Senate Bill No. 2249 or the Cooperative Depositors Act of 2021.

Mr. Pangilinan said while cooperative banks are included in the membership of the Philippine Deposit Insurance Corp., other savings and credit cooperatives are not.

“In the 2019 data of the Cooperative Development Authority, it is estimated that more or less 40% of the total number of cooperatives are engaged in the business of savings and credit,” he said. “In view of the foregoing, the immediate passage of this bill is earnestly sought.”

Under the bill, the proposed Philippine Cooperative Deposit Insurance Corp. will be a tax-exempt government corporation attached to the Finance department.

It will provide deposit insurance for cooperatives and can also receive, liquidate and wind up any cooperative in case of insolvency.

The Cooperative Development Authority can appoint it as a receiver of a closed cooperative. As a receiver, it “shall control, manage and administer the affairs of the closed cooperative.”

An insured deposit, under the bill, is the “amount due to any bona fide depositor for legitimate deposits in an insured cooperative net of any obligation of the depositor to the insured cooperative as of the date of closure, but not to exceed P300,000.”

The permanent insurance fund of the deposit insurer shall be P500 million, according to the bill.

When an insured cooperative is closed by the Cooperative Development Authority, the payment of the insured deposits with the closed cooperative shall be made either through cash or via the transfer of their original deposit to another insured cooperative.

The cooperative deposit insurer shall also report annually to the Congress on its operations and its financial transactions, which will be audited by the Commission on Audit. — VMMV

Nadine, Together With Us virtual concert honors drag queens, elderly gays

ACTRESS/SINGER Nadine Lustre and LGBTQIA+-friendly business services company TaskUs are collaborating on a virtual concert, Nadine, Together With Us, which aims to raise funds to support displaced drag artists and the elderly gay community.

The virtual concert will be streamed via the official TaskUs PH Facebook page today, June 28, 6:30 p.m.

Ms. Lustre will be joined on stage by some members of the drag community, which has been heavily affected by the coronavirus pandemic as performance venues — which served as “safe spaces” to many Filipino queer folk — have halted operations.

Ms. Lustre will perform some of her latest songs in the digital event, like “White Rabbit,” “Seconds,” “Dance with Danger,” “Glow,” and “Ivory” together with drag queens Vinas DeLuxe, Lady Gagita, and Andy Crocker.

“I have always admired drag queens and the level of artistry that they put into every look and act. It’s an art that only drag queens can pull off, so to lose them in the scene is also to lose a unique art form,” Ms. Lustre was quoted as saying in a press release.

“I am very proud to be part of a cause and help amplify the voices of our queer community. To all members of the LGBTQIA+ community, I want you to know that you are loved and valued.”

The event will also raise funds for the Home for the Golden Gays Foundation, a non-profit organization that provides support and care for elderly LGBTQIA+ people. The Home for the Golden Gays Foundation was founded in the 1970s by the late LGBTQIA+ rights activist Justo Justo.

Toyota, SWAT Mobility continue on-demand shuttle system

IMAGE FROM TOYOTA MOTOR PHILIPPINES

FIRST ROLLED out in May 2020, the on-demand shuttle (ODS) system of Toyota Motor Philippines (TMP) and SWAT Mobility continues the “effort to address the demand for safe and reliable mobility of the workforce,” particularly during this time with pandemic concerns and public transportation capacity limitations.

The system aims to provide safe, comfortable, and reliable shuttle services to companies for their employees’ daily commute to and from work. Through a mobile booking application called SWATBiz, the system automates route preparation and streamlines the seat booking process, eliminating manual arrangement of shuttle destination points. The app also helps operators monitor the shuttle vehicles through its real-time tracking system which optimizes asset management at the same time.

TMP said the system can be tailored to more keenly meet specific needs of passengers. Routing can be dynamic or fixed. Dynamic routing is more appropriate for arrangements where work schedules constantly change, ridership count in the vehicles varies, and where close-to-door pickup and drop-off points are preferred. Fixed routing, on the other hand, suits fixed work schedules, pre-defined routes, and shared drop-off points. TMP added, “With (the) ODS system, on-demand mobility gets taken care of as the simplified shuttle service management provided by the system improves work efficiency and ultimately optimizes operating costs.”

For more information, e-mail OnDemand.Helpdesk@toyota.com.ph.

Regular-milled rice retail prices rise in five regional centers

PHILIPPINE STAR/ MICHAEL VARCAS

THE AVERAGE retail prices of regular-milled rice increased in five regional centers during the first week of June, the Philippine Statistics Authority (PSA) said.

The PSA said in a price report that Digos City recorded the highest increase in the retail price of regular-milled rice of P2 to P37.50 per kilogram (/kg) compared to the mid-May period.  

Other areas that posted higher average retail prices include National Capital Region (NCR), up 12 centavos at P38.20/kg, Cabanatuan City, up 50 centavos at P35/kg, Legazpi City, up 50 centavos at P33.50/kg, and Pagadian City, up 25 centavos at P34/kg.

The PSA said Cagayan de Oro City recorded the sharpest decline in the average retail price of regular-milled rice among trading centers, down P1 at P40/kg.

Prices also fell in Baguio City by 40 centavos to P32.90/kg, Tacloban City by 40 centavos to P39.10/kg, and Kidapawan City by 25 centavos to P35.50/kg.

The PSA said the average retail price of bone-in pork rose P15 in both Cagayan de Oro City and Batangas City, to P195/kg and P360/kg, respectively.

Higher average retail prices were also posted in Tuguegarao City, up P10 at P320/kg, Tacloban City, up P7.50 at P270/kg, Digos City, up P5 at P250/kg, and Iloilo City, up P2.50 at P255/kg.  

San Fernando City, La Union, recorded the sharpest decline in average retail price, down P55 at P275/kg, followed by Legazpi City, down P10 at P310/kg, NCR, down P6 at P323.56/kg, Pagadian City, down P5 at P240/kg, and Cabanatuan City, down P5 at P340/kg.

The average retail price of milkfish (bangus) in Batangas City fell P25 to P190/kg, San Fernando City by P10 to P130/kg, and NCR by P1.56 to P167.33/kg.

Areas that posted higher bangus retail prices were Digos City, up P30 at P185/kg, Cebu City, up P24.50 at P300/kg, and Pagadian City, up P20 at P160/kg.

The PSA said the average retail price of red onion rose most sharply Legazpi City, by P40 to P150/kg, followed by San Fernando City by P20 to P100/kg, Iloilo City by P15 to P100/kg, Cabanatuan City by P10 to P90/kg, and NCR by P2.67 to P103.78/kg.

The average retail price per kilogram fell by P5 in Butuan City to P120/kg, by P10 in Calapan City to P80/kg, and by P15 in Kidapawan City to P95/kg, the PSA said. — Revin Mikhael D. Ochave  

Stocks ‘notched records’ during Aquino administration

THE Philippine Stock Exchange (PSE) said the country’s benchmark index hit all-time intraday highs and broke records under President Benigno S.C. Aquino III’s administration.

“I fondly recall the time when I used to personally send stock market updates to President Aquino each time the market breached new milestones,” PSE Chairman Jose T. Pardo said in a statement.

Barely three months since Mr. Aquino took office in July 2010, the 30-member PSE index (PSEi) broke past the 4,000-mark, reaching an intraday high of 4,011.27 on Sept. 14.

Two days later, the PSEi closed at 4,005.46.

The bellwether index also breached the 5,000 to 8,000 levels during the Aquino administration. The PSEi first closed above these levels at 5,016.30 on March 2, 2012, finished at 6,044.91 on Jan. 7, 2013, closed at 7,120.48 on April 22, 2013, and climbed to 8,053.74 on April 6, 2015.

In Mr. Aquino’s six-year term from 2010 to 2016, the PSEi surged 135.2%.

The main index also rose to all-time intraday highs 131 times and reached an all-time high at the close 119 times, breaching all-time-high records for seven consecutive days at most.

“We have to give credit to PNoy and his good governance drive which promoted political stability and transparency that translated well in market’s strong performance,” Mr. Pardo said about the former president who is also referred to as PNoy.

The PSE also recorded the highest net foreign buying under Mr. Aquino’s term, logging P109.98 billion net purchases in 2012.

The year 2012 also saw the highest capital-raising activity at the PSE amounting to P219.07 billion from initial public offerings, follow-on offerings, stock rights offerings, and private placements, sans sales of secondary shares.

The highest total value turnover reported is at P2.55 trillion and the highest average daily value turnover at P10.52 billion, both of which were recorded in 2013. The local bourse started having electronic data of these in 1998.

“All these stock market records during President Aquino’s time served as a strong testament to the level of investor confidence in his governance. The strong macroeconomic fundamentals served as the ideal backdrop for foreign and domestic investors to raise capital and invest in the Philippine stock market,” PSE President and CEO Ramon S. Monzon said.

Mr. Aquino led a number of bell-ringing ceremonies at the PSE to commemorate record highs of the stock market.

When he stepped down from office on June 30, 2016, the PSEi closed at 7,796.25.

Mr. Aquino, 61, died on Thursday, June 24, because of renal failure due to diabetes. He passed on peacefully in his sleep, people close to him said.

He was laid to rest at the Manila Memorial Park on Saturday afternoon next to his parents, democracy icons Corazon C. Aquino and Benigno S. Aquino, Jr. — Keren Concepcion G. Valmonte

Jonny Lee Miller joins The Crown cast as Major

Jonny Lee Miller in Elementary (2012) — WWW.IMDB.COM

ACTOR Jonny Lee Miller, known for playing drug addict Sick Boy in the 1996 film Trainspotting, is joining the cast of hit Netflix series The Crown, in which he will portray former British Prime Minister John Major. The award-winning drama about Britain’s royal family has cast a spate of new actors for its fifth season, with Imelda Staunton set to play Queen Elizabeth and Elizabeth Debicki portraying the late Princess Diana. Miller’s casting as Major, who was prime minister from 1990 to 1997, was announced in a post on The Crown’s official Twitter page on Friday. Miller, 48, shot to fame in Trainspotting, which followed a group of Edinburgh drug addicts. Miller is also known television series Elementary, Dexter, and Smith. — Reuters

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