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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

Alex Gonzaga is newest Chery PHL brand ambassador

PHOTO FROM CHERY AUTO PHILIPPINES

A 60-SECOND video that recently debuted on the Chery Auto Philippines Facebook and YouTube channels reveals multimedia influencer Alex Gonzaga skillfully driving the Chery Tiggo 7 Pro. The celebrity is the latest endorser of the Chery brand in the Philippines.

“Honestly, I used to think that driving wasn’t meant for me until I was introduced to Chery Auto Philippines. I was acquainted with the Chery Tiggo lineup and these vehicles left me amazed with the comfort, tech features, and colors! I love the style and most of all, the value for money.”

Alex Gonzaga-Morada, or simply Alex G, is among the top 10 most influential YouTubers in the Philippines. She has over 10.7 million subscribers and is also one of the most-followed Instagram icons with over 11 million followers.

“Having Alex G as the newest member of the Chery family is very timely. Earlier this year, we shifted our campaign (to focus) on how fun to drive a Chery is. The overall messaging is bright, colorful, vibrant, and sensational, and frankly, I can’t think of any other influencer that fits this car personality other than Alex G,” said Chery Auto Philippines President Rommel Sytin in a release.

The 33-year-old actress, vlogger, and entrepreneur remarked that Chery is her first automotive brand endorsement. “I’m also an owner of a Chery Tiggo 7 Pro and, during my first time driving it, admittedly, it made me feel like I’ve been a Pro driver for years,” Alex G revealed.

What made her choose the Pro? “After a long day at work, the luxurious leather seats comfort me. The dual-zone function of its air-conditioning is also perfect not just for the driver but also for the passengers — it’s cool and just right for my hot morning call times. I can also put all my wardrobe sets, make-up, and other equipment in its spacious cargo hold, and I never had a hard time opening it because of its automatic tailgate lifting function.”

She added, “Another fave is the 360-around view monitor shown on its infotainment system. The surroundings of the car automatically pop out on the screen, and it feels like I have an eye on every corner and inch of my (vehicle). The ambient lighting which smoothly jams with the beat of my music is lit. I’m down for loud drives, and the flashing lights intensify my fun driving mode especially at night. It’s like holding a club party on wheels.”

Alex G also said she loves the wireless mobile charger of the car, along with its huge panoramic sunroof. “Aside from my tapings, I also head the marketing division of our family’s beverage business. On top of that, I am also a dedicated housewife… That’s why the Tiggo 7 Pro is a big help in fulfilling my daily duties because of the driving comfort it provides.”

The Chery “Fun to Drive” campaign envisions the Tiggo crossover lineup as being go-to rides for the youth, for families, and for every lifestyle that requires dynamic, exciting, and fully functional mobility. “Just like Alex G, we want our customers to feel that driving is no longer just a responsibility. It’s now a fun experience that you can look forward to whatever your daily routine is. It gives you the time to enjoy the roads, to relax, and to bring out the ‘Pro’ in you,” Mr. Sytin added.

For more information, follow the company’s official social media pages @cheryautophilippines, visit www.cheryauto.ph, or download the Chery Auto PH mobile application available on Google Play, App Store and App Gallery.

Mati building fishport, dairy plant to diversify agricultural base

PHILIPPINE STAR/ MICHAEL VARCAS

MATI, the capital of Davao Oriental province, recently celebrated its 14th year of cityhood with projects supporting agri-ventures, particularly fisheries and dairy production.

The city broke ground on a modern fishport, which is expected to pave the way for a processing industry.

Mati Mayor Michelle N. Rabat, in an online interview with BusinessWorld, said the city is projecting an annual fish catch of over 10,200 metric tons and more than 1,600 vessels that will utilize the port once completed.

The project has been given an initial P150-million allocation by the Philippine Fisheries Development Authority, divided into two P75-million multi-year releases.

“The fish port will greatly enhance the capability of the local government of Mati to preserve, protect, and develop the full potential of the Pujada Bay to greater management and balanced utilization in the long term,” she said.

She said the sectors expected to be enhanced or started include boat/yacht works, storage facilities, and value-added processing like cannery businesses.

Meanwhile, the Department of Agriculture’s Philippine Carabao Center (PCC) turned over the first dairy processing plant and marketing outlet in the city to KARBENA, an association of agrarian reform beneficiaries.

“It is not easy to take a step into dairying but we at DA-PCC and our other partners are always here to support you,” PCC Deputy Director Caro B. Salces said during the turn-over ceremony.

Coconut has been the traditional agricultural commodity of Mati, as in the rest of Davao Oriental, but various diversification programs have been launched in recent years, including aquaculture and cacao. — Maya M. Padillo

AC Energy investors take profit after sustained increase

MARKET players cashed in last week on AC Energy Corp. after sustained uptrend seen the previous weeks.

A total of 144.49-million AC Energy shares worth P1.21 billion exchanged hands from June 21 to 25, data from the Philippine Stock Exchange (PSE) showed, making the firm the third most actively traded issue last week in the local bourse.

On a weekly basis, the share price of Ayala Corp.’s energy platform dropped by 3.8% to P8.18 per share last Friday from its June 18 closing price of P8.50 apiece. Since the first trading of the year, the stock has fallen by nearly a fifth.

“This week’s movement is likely a minor correction to three weeks of uptrend, due to the issue being slightly overbought and some participants locking in gains, though for the medium term we see the uptrend continuing,” First Resources Management and Securities Corp. equity analyst Kyle L. Maamo said in an e-mail interview.

“AC Energy was able to maintain its uptrend previously because fundamentally it is a healthy growth company in the integrated power sector and investors were recognizing its value especially as it is on track to meet its renewables capacity goal of 5,000 megawatts (MW) by 2025, with 50% already realized,” he added.

In a separate e-mail, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco attributed the stock’s downward movement last week to profit taking.

Last Tuesday, AC Energy announced that “GigaSol Alaminos” — a 120-MW solar farm in Alaminos, Laguna — went online and started supplying renewable energy to the grid.

AC Energy is a unit of AC Energy and Infrastructure Corp. (ACEIC), the holding company of the Ayala group’s energy and infrastructure businesses.

The energy firm aspires to become the largest listed renewables platform in the Southeast Asia, targeting a net attributable capacity of 5,000 MW by 2025.

So far, AC Energy’s power assets has a net attributable capacity of about 1,200 MW, more than half of which or about 670 MW come from renewable resources.

Mr. Maamo said investors are likely to treat the latest solar project as an overall good sign and an added revenue stream for AC Energy, proving the company’s commitment to renewable energy.

“As we enter the rainy season, the solar farm will give investors an idea of what to expect as to the potential seasonality of solar power, and how it affects ACEN’s output and earnings,” he said, referring to the firm’s ticker symbol.

Mr. Tantiangco shared the same sentiment, saying that any plans, developments, or acquisitions that would bring AC Energy closer to its goal may spur investor optimism.

“Investors may also be waiting for the completion of the planned infusion of ACEIC’s international assets to ACEN which would give the latter an additional 1,400 MW capacity,” he added.

Earlier this month, the Securities and Exchange Commission has greenlit AC Energy’s capital hike to P48.40 billion from P24.40 billion previously. This would pave the way for the asset-for-share swap with ACEIC for the latter’s international assets.

AC Energy’s attributable net income jumped by more than half to P829.32 million during the first three months of the year as electricity sales increased by a fourth to P5.69 billion.

“We expect [ACEN’s] double-digit growth of around 15%-25% for top and bottom lines [this year], though costs of the sale of electricity will also rise due to fuel prices and overall increased demand,” Mr. Maamo said.

“The improving state of the economic reopening will only pressure electricity demand further, although the relatively low-cost nature of wind farms will likely offset or at least lessen this burden on ACEN,” he added.

Given the recent developments in the energy and the expected economic recovery in the second half of the year, AC Energy’s growth momentum may continue, Mr. Tantiangco said.

“For this quarter, we saw a relatively strong electricity demand and tight power supply which even led to power disruptions in Luzon. The situation may have given a boost to ACEN’s top line and consequently, bottom line,” he said.

Currently, AC Energy is testing its 10-day exponential moving average, which serves as its initial support, Mr. Tantiangco said.

“If ACEN gives up its position above the said moving average, traders may wait and see first if its next support at the P8.00 level would hold before buying the share [this week],” he said.

He gave the stock’s resistance this week at P9.42.

Meanwhile, Mr. Maamo placed the stock’s support between P8.10 and P8.15, while its resistance level at P8.60.

“A short-term consolidation with declining volume may see ACEN trading between that range next week, although if we see a retest of P8.60 and a successful breakout, we will most likely further see a sustained uptrend with minimal barriers as ACEN draws closer to its 52-week high,” he said. — A.M.P. Yraola

Yields on gov’t debt drop on July borrowing plan

YIELDS ON government securities (GS) at the secondary market inched down last week following the Bureau of the Treasury’s (BTr) auction of reissued 10-year bonds and announcement of its July borrowing program.

GS yields, which move opposite to prices, fell by 1.32 basis points (bps) on average week on week, based on PHP Bloomberg Valuation Service Reference Rates as of June 25 published on the Philippine Dealing System’s website.

At the short end of the yield curve, rates of the 91-, 182-, and 364-day Treasury bills (T-bills) dropped by 3.95 bps, 0.94 bp, and 0.81 bp, respectively, to 1.1822%, 1.4173%, and 1.6286%.

At the belly, yields on the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) declined by 2.54 bps (to 1.9562%), 1.86 bps (2.3587%), 2.51 bps (2.7202%), 2.82 bps (3.0387%), and 1.59 bps (3.5023%), respectively.

On the other hand, long-dated papers saw their yields inch up from a week ago. The rate of the 25-year paper went up by 1.09 bps to 4.9595%, while the yields on the 10- and 20-year T-bonds rose by 0.80 bp (to 3.8962%) and 0.64 bp (4.9578%), respectively.

“The GS curve was generally sideways [last] week with the movement largely influenced by the BTr’s reissuance of the FXTN 10-61 last Tuesday and the subsequent release of its auction schedule for July,” Philippine Bank of Communications (PBCom) Senior Trader Justin Robert G. Ladaban said in an e-mail, referring to the 10-year T-bonds auctioned off last week.

“The BSP (Bangko Sentral ng Pilipinas) decision to keep key rates unchanged was widely expected by the market, so there was hardly any reaction from there,” Mr. Ladaban added.

First Metro Asset Management, Inc. (FAMI) said investors “turned defensive” following the release of the July borrowing schedule.

“Selling ensued in liquid [five- to 10-year] securities leading to a steeper curve as yields in the belly to [the] back ended 5-9 bps higher,” FAMI said.

The Treasury borrowed P35 billion as planned via its auction of reissued 10-year T-bonds on Tuesday. Bids for the papers, which have a remaining life of five years and 10 months, stood at P65.091 billion, nearly twice as much as the auction volume and also more than the P50.25 billion in tenders seen when the same notes were last offered on March 9.

The 10-year bonds fetched an average rate of 3.185%, down by 54.7 bps from the 3.732% quoted previously. The Treasury also opened its tap facility to raise another P5 billion via the debt papers to accommodate the excess demand and take advantage of the low yield.

Meanwhile, the BTr hiked its planned borrowings from the local market to P235 billion in July as it seeks to offer longer tenors amid strong demand and a low-rate environment.

In a memorandum posted on its website on Tuesday, the BTr said it is planning to borrow P60 billion via T-bills and P175 billion from T-bonds. This is 9.3% higher than the P215-billion borrowing plan in June, which consists of P75 billion in T-bills and P140 billion in T-bonds.

For next month, the BTr will offer P5 billion each via the 91-, 182-, and 364-day T-bills every Monday.

It will also hold auctions of the P35 billion in T-bonds every Tuesday. It will offer 11-year bonds on June 29; seven-year papers on July 6 and July 27; 20-year notes on July 13 and 10-year securities on July 20.

On the other hand, 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 support economic recovery.

The BSP 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.

“Amid the upward revision of the BSP’s inflation forecast…investors remained cautious and will probably keep a close eye on future CPI (consumer price index) prints, along with any changes to [the US Federal Reserve’s] rhetoric and BSP’s language,” FAMI said.

“For [this week], sideways trading is likely to be the case as players take cues from developments in the global bond space. Some defensiveness may be seen in the back-end securities heading into the 11-year auction next week,” it added.

PBCom’s Mr. Ladaban the market will monitor the Treasury’s auction of reissued 20-year bonds.

“[The] market will more likely take its cue from the auction of the FXTN 20-20 [on Tuesday], an 11-year bond that has been quite illiquid for some time. Apart from that, I expect little else in terms of local data and events, so we’ll probably look towards flows and swings in global yields for some direction,” he said. — N.M.A. Bo

Style (06/28/21)

COS opens first PHL store at AM Aura

COS, the London-based fashion brand, has opened its first store in the Philippines at the Upper Ground Floor of SM Aura Premier, Bonifacio Global City, Taguig. The 380 sq.m. store space is designed with the brand’s minimalist aesthetics and sustainability in mind. The textured cladding material extending across the staggered walls are constructed of “Really,” an engineered material developed using upcycled textiles such as end-of-life cotton and wool. Housing both Women’s and Men’s collections, the store debuts with the Summer 2021 collection, featuring a series of wardrobe icons inspired by the renewal of the seasons and the brand’s optimism for the future. Embracing warmer weather, pieces remain versatile and timeless. Materials such as linen and hemp were chosen for their durability, whilst appearing weightless, fostering movement and draping. Repurposed materials are adopted throughout, with recycled nylon utilized in swimwear. To celebrate the opening of the COS SM Aura Premier store, a limited-edition repurposed-cotton tote bag will be given along with all purchases over P10,000 net, while stocks last.

Shop & Shop holds payday sale

FROM June 28 to July 3, Shop & Shop will hold a week-long grand payday sale with exclusive offers up to 80% off on beauty, fashion, luggage and home products. There will be discounts of up to 60% from Tefal Cookware, Cuisinart, Beka, Oneida, Aladdin, and Reisenthel, and up to 80% off on bags and luggage from Samsonite, American Tourister, High Sierra, Kamiliant, and Lipault. Stylish wadrobe pieces are available with discounts of up to 80% from Jack Nicklaus, Savile Row, Levi’s Footwear & Accessories, Nine West Footwear & Bags, Anne Klein Watches, and Diesel Footwear. Make-up, hair-care, and skin-care products are available for discounts of up to 80% from Max Factor, Covergirl, Nuxe, Australis, Babyliss, VS Sassoon, bkr, and Sally Hansen. Shop & Shop is open from Monday to Saturday at 10 a.m. to 7 p.m. Shop & Shop is the new chat commerce channel of Rustan Marketing Corp. Browse the newest items and deals at Shop & Shop by Rustan Marketing Corp. on Facebook then order through Shop & Shop’s social media channels to complete your purchase.

New smartwatches from Garmin

GARMIN champions overall wellness in style with the new Venu 2 series GPS smartwatches — the Venu 2 and Venu 2S GPS smartwatches (with a 45mm watch case and 40mm watch case respectively). The latest Venu 2 series GPS smartwatches add a new fitness age and sleep score to its portfolio of all-day health monitoring features that provide users with deeper and more meaningful insights into their overall wellness. A new Health Snapshot helps users log, record, and share important health stats with a healthcare provider. The improved interface design allows users to effortlessly track their health and wellness with a comprehensive suite of health monitoring features right on their wrist. Users can find more ways to move with over 25 built-in sports apps with enhanced strength training profile and added muscle map graphics come to life on the bright AMOLED display. Battery life extends up to 11 days in smartwatch mode on the Venu 2 and 10 days on the Venu 2S with rapid recharging. The Venu 2 and Venu 2S can be purchased for P22,995 in all Garmin Brand Stores, official online Garmin stores (Lazada, Shopee, Kinetic.com.ph) and the Garmin PH Viber Community. For more information on product features, visit Garmin’s Facebook, Instagram, and YouTube pages.

BOSS Fall/Winter collection out

BOSS captures the spirit of Generation Next in a new collection that mixes statement styles and casual silhouettes with ease. Sporty designs are combined with tailored pieces — a baseball jacket with suit pants for him; slouchy track pants with a tailored coat for her. The iconic BOSS suit is transformed from purely professional outfit to everyday fashion staple, reworked in more casual, adaptable iterations for the way we live now. The entire collection is designed to be mixed and matched by the individual wearer, and is conceived as an invitation to play with easy, modern style, where rules are made to be broken. The base palette of black, cream, and camel is brought to life by the addition of vivid orange, red ochre, navy, tourmaline, and mineral blue. The timeless aesthetic of baseball, referenced in previous collections, is once again evident, with leather baseball bags, and sporty bomber jackets in wool-cashmere and leather. Collegiate styles for him and for her are embellished with contrast chenille patches, handmade in Germany. A tonal check is made new with the addition of striking embroidery, while the same check pattern is also combined with iconic stripe motifs and sporty shapes. Unisex crossbody bags add contemporary appeal to the accessories collection. In the Philippines, BOSS is exclusively distributed by Stores Specialists, Inc., and is located at Greenbelt 5, Shangri-La East Wing, Rustan’s Shangri-La, Rustan’s Makati, City of Dreams, 158 Designer’s Blvd. Newport Mall and Rustan’s Cebu.

Careline unveils new skincare product line

CARELINE Cosmetics is expanding its product portfolio as it launches a new line of skincare products specially developed to care for young skin. Careline offers an easy, four-step skin care solution — the new Skin Hero Set (P395). Enriched with active ingredients such as AHA, BHA, PHA, and Niacinamide, the set helps improve skin tone and texture as well as hydrate, smoothen, brighten, and treat the skin. The four products are: Captain Cleanser for sensitive skin, Fighting Toner, the non-comedogenic Wonder Moisturizer, and the Super Serum which treats hyperpigmentation and acne and improves skin tone and texture. For total facial skin cleansing, the Gentle Jelly Cleanser (P285) is formulated with aloe vera extract and centella asiatica to calm and soothe skin, reduce dryness and irritation. To remove makeup without residue, there is Micellar Tonic (P220) — alcohol-free and made of glycerin, salicylic acid, centella asiatica, niacanamide and licorice root extract, ideal for sensitive and acne-prone skin. Careline has also come out with two new sheet masks: The Lemon Brightening Sheet Mask (P90) with hyaluronic acid and vitamin C for dull and tired-looking skin; and Watermelon Moisturizing Sheet Mask (P90) with hyaluronic acid and watermelon for dry and rough skin. Careline products are available on Careline’s official Lazada page (Bit.ly/CarelineSkinLazada) and Shopee (Bit.ly/CarelineSkinShopee) and in leading supermarkets, groceries, and department stores nationwide.

Shop and donate through ShopeePay

SHOPEEPAY, Shopee’s integrated mobile wallet, partners with more than 30 foundations to offer users an easier, safer, and more convenient way to donate to their beneficiaries of choice. Over the last three months, there was a steady increase in foundations adopting digital payment options like ShopeePay. These newly onboarded foundations are AHA Learning, Animal Kingdom, For Our Farmers, Green Space, Hope, LovedVolunteers, Silid Aralam, Save Philippine Seas, TV Maria, and Waves for Water. There are two ways to donate via ShopeePay: scan the QR Code found either on the microsite (https://shopee.ph/m/scan-to-pay) or on the organization’s social media page or website; or take a screenshot and upload the QR code. Among the foundations one can donate to via ShopeePay are: 2KK Tulong sa Kapwa Kapatid Foundation, AHA Learning, Animal Kingdom Foundation, Caritas Manila, CRIBS Foundation, For Our Farmers PH, FundLife, Gawad Kalinga, GMA Kapuso Foundation, Good Neighbors, Green Space PH, Habitat for Humanity, Hope, Kaya Natin Movement, Kythe, LovedVolunteers, Project Pearls, Red Cross Philippines, Ronald McDonald House Charities, Save Philippine Seas, Save The Children, Silid Aralan, SOS Philippines, Teach for the PH, TV Maria, UNICEF, Virlanie Foundation, Waves for Water PH, World Vision, and Young Focus.

Mercedes-Benz Cebu kicks off VisMin service caravan today

IMAGE FROM MERCEDES-BENZ PHILIPPINES
IMAGE FROM MERCEDES-BENZ PHILIPPINES

GLOBAL STAR Motors (GSM) Corp., the official dealer of Mercedes-Benz vehicles in Cebu City, begins a service caravan today which will wind its way to select locations in Visayas and Mindanao. It is said to be an exclusive opportunity for all Mercedes-Benz owners in Dumaguete, Bacolod, Iloilo, Bohol, Cagayan De Oro, Davao, General Santos, Dipolog, Zamboanga, Tacloban and Ormoc cities to have their vehicles examined by professionally trained service advisors and technicians.

This follows an initial sales and service caravan in Western Visayas that happened in January, then another in Bohol and some cities of Mindanao in March and May.

The next series of service caravans starts today at the Dipolog Shell Station on the National Highway, Sta. Isabela, Dipolog City.

“We implemented this sales and service caravan as our way to reach our clients in the Visayas and Mindanao regions. We want to come to you as we always aim to deliver the best or nothing, and ensure that our clients continue to rely on us to maintain their Mercedes-Benz vehicles in the best condition,” said Mercedes-Benz Cebu General Manager Kenneth Huan.

Mercedes-Benz Philippines reminded its customers to never compromise on service and parts. “Our service and genuine parts provide safety and comfort to our customers. With the Mercedes-Benz service caravan, our team is here to perform first-rate maintenance to keep our customers’ Mercedes safe to drive and peace of mind when on the road. That’s because safety has a home with Mercedes-Benz service,” it maintained in a release.

To book an appointment and for more details, visit the Mercedes-Benz showroom on Cebu Veterans Drive, Nivel Hills, Cebu City or contact the customer relations department at 0917-703-0620 or service manager at 0917-322-6201. Dates may be changed, depending on the community quarantine guidelines of each municipality.

Subdued demand for residential properties drags housing index in Q1 (2021)

RESIDENTIAL PROPERTY prices slumped anew in the first quarter, mainly due to a double-digit decline in prices of condominium units and duplexes in the Philippine capital as demand remained muted due to the pandemic. Read the full story.

Subdued demand for residential properties drags housing index in Q1 (2021)

How PSEi member stocks performed — June 25, 2021

Here’s a quick glance at how PSEi stocks fared on Friday, June 25, 2021.

Peso may weaken ahead of key reports

THE PESO could depreciate against the greenback this week ahead of the release of manufacturing and labor data.

The local unit closed at P48.481 per dollar on Friday, strengthening by 25.4 centavos from its P48.735 finish on Thursday, data from the Bankers Association of the Philippines showed.

However, it weakened by 5.1 centavos from its P48.43-per-dollar finish a week earlier.

The peso gained versus the dollar on Friday as data showed “hot money” reverted to a net inflow in May, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

Foreign portfolio investments yielded a net inflow of $416.74 million in May, data released by the central bank on Friday showed. This was a turnaround from the $1.006-billion net outflow logged a year earlier as well as the net $373.95 million that fled the country in April.

Meanwhile, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said month-end corporate demand for the dollar caused the local unit to weaken earlier in the week.

For this week, the market is anticipating the release of the June Philippine Manufacturing Purchasing Managers’ Index (PMI) report on Thursday, July 1, Mr. Ricafort said.

The PMI was at 49.9 in May, IHS Markit reported earlier this month, below the 50 neutral mark that differentiates expansion from contraction but improving from the 49 reading in April.

Manufacturing activity in May contracted at a softer pace due to higher orders and production as restriction measures were relaxed in Metro Manila and nearby provinces, IHS Markit said.

May unemployment data to be released on Thursday, July 1, will also affect peso-dollar trading this week, Mr. Ricafort added.

The jobless rate rose to 8.7% in April from the 7.1% seen in March, latest data from the Philippine Statistics Authority (PSA) showed. This represented 4.138 million unemployed Filipinos versus the 3.441 million seen a month earlier.

The PSA attributed the increase in unemployed individuals in April to lockdown measures imposed that month as infections surged in Metro Manila and nearby provinces.

For his part, UnionBank’s Mr. Asuncion said the upcoming US nonfarm payrolls data to be released on Friday, July 2, will also be monitored by the market.

He said positive data could support the dollar as this could mean the US economy is getting closer to a more solid recovery, which may cause the Federal Reserve to unwind its easy monetary policy sooner rather than later.

For this week, Mr. Ricafort gave a forecast range of P48.30 to P48.70 per dollar, while Mr. Asuncion expects the peso to move within a wider band of P48.45 to P48.95. — L.W.T. Noble

PSEi may test 7,000 as vaccine rollout continues

BW FILE PHOTO

THE main index is expected to test the 7,000 level this week ahead of the release of manufacturing data and as investors continue to monitor the country’s coronavirus disease 2019 (COVID-19) vaccination program.

The Philippine Stock Exchange index (PSEi) went up by 64.51 points or 0.93% to close at 6,950.51 on Friday, while the broader all shares index rose 29.69 points or 0.7% to end at 4,229.58.

The benchmark index gained 99.13 points week on week.

“The market closed higher for the week mainly due to the BSP (Bangko Sentral ng Pilipinas) keeping the policy rate unchanged and reiterating its stance to continue to support the local economy for as long as necessary to ensure sustainable recovery,” AB Capital Securities, Inc. Junior Equity Analyst Lance U. Soledad said in a Viber message on Friday.

“Investor sentiment likely got a boost from news of stabilizing food prices and pronouncements from the BSP chief that [the] upcoming Fed rate hike are less of [a] threat to the country vis-a-vis other economies. The BSP also held its fourth policy meeting for 2021… keeping rates steady,” China Bank Securities Corp. Research Associate Zoren Philip A. Musngi said via e-mail on Friday.

The BSP 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.

Meanwhile, BSP Governor Benjamin E. Diokno last week said the US Federal Reserve’s plan to hike rates by 2023 would be less of a threat to the Philippines versus other emerging markets as the country’s economic fundamentals remain sound.

For this week, analysts said continued progress in the country’s vaccination program will boost investor sentiment.

“Latest figures [show] COVID-19 infections remain high at more than 6,000 while [vaccine] rollout [is] still at less than 10% of the population, far from the 70% to reach herd immunity,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message on Friday. “We may continue to see market move on consolidation from 6,800 to 7,000.”

The Philippines has administered around 9.54 million COVID-19 jabs so far, and at least 215,204 doses are administered daily.

“We think the market will retest the 7,000 resistance level [this] week as vaccine rollout continues to improve,” AB Capital Securities’ Mr. Soledad said, adding a major catalyst would be the release of the June Philippine Manufacturing Purchasing Managers’ Index report on Thursday, July 1.

China Bank Securities’ Mr. Musngi said the PSEi’s attempt to climb to 7,000 will likely be met with strong selling pressure.

“There are little catalysts to justify another strong surge at this point,” Mr. Musngi said. “Note that foreign funds, which contribute around half of market turnover and usually [drive] broad-based rallies in equities, are already cashing in on their gains over the past month.” — Keren Concepcion G. Valmonte

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