Home Blog Page 6515

Peso may weaken vs dollar on new COVID-19 variants

THE PESO may weaken against the dollar this month on the emergence of new variants of the coronavirus disease 2019. — BW FILE PHOTO

THE PESO could depreciate versus the greenback this month after posting gains in May as new coronavirus disease 2019 (COVID-19) variants cloud the country’s economic outlook, MUFG Global Research said on Wednesday.

“The emergence of COVID-19 variants poses uncertainties on how the pandemic will pan out in the near term. This creates uncertainties on risk sentiment, which could weigh on Philippine risk assets,” MUFG said in a note on Wednesday.

The peso closed at P47.76 per dollar on May 31, appreciating by 34 centavos or by 0.7% from its P48.10 finish versus the greenback on April 30.

The local unit also gained 26.3 centavos or 0.54% from its P48.023 close on Dec. 29, 2020.

The daily tally of COVID-19 cases in the country have gone down from their highs of around 10,000 in March and April, but the Health department last month reported that it detected infections involving variants first found in the United Kingdom and India, among others. As of Tuesday, the Philippines’ COVID-19 tally reached 1.235 million, based on Health department data.

Meanwhile, dollar flows for investments in equities are unlikely to be sustained in June, MUFG said, which could affect the local currency’s performance versus the greenback.

“The initial public offering (IPO) flows in May from one blockbuster IPO launch are one-off. As such, risks are tilted towards the downside for the peso in the near term,” it said.

Monde Nissin Corp. debuted at the stock market on Tuesday following its P55.9-billion IPO, said to be the largest in Philippine history and the biggest food and beverage public offering to date in Southeast Asia.

MUFG added that the country’s trade deficit likely narrowed due to the ongoing lockdown in the capital and nearby provinces, which could affect the peso this month.

“The reduction in import demand due to extended mobility restrictions is likely to stabilize. This means that the reduction in trade deficits would not be as substantial as that seen in the second quarter of 2020 when it narrowed to $2.9 billion from the $8.4 billion in the first quarter of 2020,” MUFG said.

The country’s trade deficit stood at $2.41 billion in March, narrower than the $2.73-billion gap a year earlier as well as the $2.71-billion shortfall in February, based on data from the Philippine Statistics Authority.

This, as imports rose 16.6% to $9.10 billion while exports jumped 31.6% to $6.68 billion. — L.W.T. Noble

Dining In/Out (06/03/21)

Pinoy Pizza at Parklet

World Cuisine Options at RWM’s Newport Parklet

RESTAURANTS in Resorts World Manila (RWM) bring their dishes street-side with the Newport Parklet, catering to guests who want to indulge in signature RWM flavors but who opt to dine al fresco. The five restaurant pop ups at Newport Parklet are: Hilton Manila’s Hua Yuan which offers a limited selection of Hua Yuan dim sum including pork cabbage dumpling, spinach pork siomai, steamed pork bun, and mushroom bun, best paired with Red Dates Fruit Milk Tea (price ranges from P500 to P700 for two); RWM’s Bolahan which offers a curated special street-side menu of Filipino staples such as grilled items (ihaw-ihaw), Pinoy street food, Pinoy-flavored pizza, and desserts, including special Halo-Halo (price range: P500 to P800 for two); Sheraton Manila’s Oori, offering popular Korean street finds including teok bokki (rice cake and fish cake in sweet and spicy sauce), eomuk tang (fish cake soup), samgyupsal, and tong dak (fried chicken with rice), plus plum lemonade (price range: P400 to P600 for two); Hotel Okura at Home offers classic Japanese favorites such as okonomiyaki, tamagoyaki, tonkatsu rice bowl, and sukiyaki udon bento, plus a selection of sake, Japanese beers, and soda (price range: P800 to P1,200 for two); Peri-Peri Charcoal Chicken offers a package that consists of a whole Peri-Peri Charcoal Chicken, one Chicken Tenders Salad, a pasta to share, four regular sides and java rice, and one liter of drink, a choice of Lime-ade or house blend iced tea (price range: P999 for four people). RWM’s Newport Parklet also offers dishes from Wolfgang’s Steakhouse, Macao Imperial Tea, Crustasia Asian Seafood Market, Fiery Style Southwestern Flaming Grill, Starbucks, and Marriott Manila. This pet- and bikers-friendly al fresco place is open daily from 3 to 9 p.m. Newport Mall Parking is free.

Earl Grey Tea selection for Father’s Day

FOR the dad who seemingly has it all, honor him with a bold and luxurious afternoon tea experience this Father’s Day with the TWG Tea Earl Grey Collection. Have a leisurely conversation over a cup of TWG Tea’s French Earl Grey — a fragrant variation on the classic, this black tea blend has been infused with citrus fruits and French blue cornflowers. A dashing tea of sophistication, perfect for catching up with your dad. Transform luxury tea-drinking into an olfactory experience by accompanying afternoon tea time with the White Earl Grey Tea Scented Candle. The French Earl Grey in Haute Couture Tea Collection (P1,895), French Earl Grey in Cotton Teabags (P1,255), and White Earl Grey Tea Scented Candle (P3,895) are available at all TWG Tea Boutiques in the Philippines and on the TWG Tea LazMall Flagship Store. TWG Tea Boutiques are located in Greenbelt 5, Central Square, Alabang Town Center, and Ayala Center Cebu.

Piattos are supersized

ICONIC snack brand Piattos is launching its new Piattos Supersized. The new Piattos Supersized is available in two flavors: the classic Cheese and the new Sour Cream and Onion. Piattos Supersized is now available at a store near you and online via Shopee and Lazada.

CCA Manila offers culinary arts management course

CULINARY school CCA Manila has partnered with the University of Asia and the Pacific (UA&P), for a groundbreaking entrepreneurial management course with a major in culinary arts. The program is a Bachelor of Science in Entrepreneurial Management Major in Culinary Arts (BSEM-CA), the first of its kind in the country. Aside from kitchen skills, students will learn how to operate a food enterprise and at the same time have the character to survive the competitive field of entrepreneurship. For inquiries, call 0917-840-8400., visit http://www.cca-manila.edu.ph, facebook.com/ccamanila or e-mail talktous@cca-manila.edu.ph.

Benguet Corp. records income surge on mining projects’ strong revenues

BENGUET Corp. reported a first-quarter net income of P518.56 million, more than nine times higher year on year, on the back of stronger revenues from its gold, nickel, and lime projects.

The listed mining company said in a stock exchange disclosure on Wednesday that revenues for the January-to-March period increased 314% to P1.28 billion from P408.46 million in the same quarter in 2020.

Revenues of the company’s Acupan gold project for the period increased 31% to P207 million due to higher production and gold prices.

“Total gold sales reached 2,387 ounces as against the prior year’s first quarter sales of 1,959 ounces. Average prices rose from $1,585.91 per ounce in first quarter in 2020 to $1,801.13 per ounce this quarter,” the company said in the disclosure.

Revenues of Benguetcorp Nickel Mines, Inc. (BNMI) for the period amounted to P1.05 billion as a result of higher shipments and nickel prices.

“The positive variance was mainly attributable to the eight boatloads of nickel ore exported during the first three months of 2021 with an aggregate volume of 435,475 tons valued at P1.05 billion compared to three boatloads weighing 158,650 tons valued at P205.2 million for the same period last year,” the company said.

“The favorable market is reflected in the increased average selling price of BNMI’s nickel exports for the quarter this year to $49.31 per ton almost double the average price of $24.87 per ton for the same period in 2020,” it added.

Revenues of the company’s Irisan lime project reached P18.4 million for the quarter, with sales volume up 19% to 1,963 tons from 1,646 tons last year.

“Lime products were sold at average price of P10,237 per ton this quarter versus P10,370 per ton in 2020 first quarter,” the company said.

Meanwhile, Benguet Corp. said its costs and operating expenses for the period also went up 68% to P571.1 million from P340.75 million last year.

“Expenses unavoidably went up due to higher corresponding production, selling expenses, and payment of excise taxes and royalty fees to the government…,” the company said.

Moving forward, Benguet Corp. said it would continue to pursue a growth strategy as it maintains precautionary measures to ensure the safety of its employees, contractors, and host communities.

On Wednesday, shares of Benguet Corp. “A” at the stock exchange rose 5.2% or 21 centavos to end at P4.25 apiece while stocks of Benguet Corp. “B” improved 2.01% or eight centavos to finish at P4.06 per share. — Revin Mikhael D. Ochave

Twitter testing ads on Fleets to catch up to Snap, Facebook

TWITTER, Inc. said on Tuesday it will begin testing ads on its disappearing posts feature called Fleets, as it works to offer more options for advertisers.

The social media company previously said it set a goal of doubling its annual revenue by 2023 from last year’s levels, which it plans to achieve in part by selling ads on more parts of its site and mobile app.

Fleet ads will be the first on Twitter that appear full screen on phones, the company said. Advertisers generally like full-screen ads because they capture the user’s attention.

The new offering is part of Twitter’s aim to catch up to larger social media platforms like Facebook, Inc. and Snap, Inc., which have long offered a “Stories” posts feature that disappears after 24 hours and is monetized with ads.

Brands that create Fleet ads can also use a feature that would direct a user to the company’s website or other web destination if they swipe up on the ad. — Reuters

How PSEi member stocks performed — June 2, 2021

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


Philippines Ranks 89th out of 130 Economies in Business Environment Resilience Ranking

Philippines Ranks 89<sup>th</sup> out of 130 Economies in Business Environment Resilience Ranking

Higher oil prices cause peso to drop

BW FILE PHOTO

THE PESO declined against the dollar on Wednesday as oil prices edged higher even as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) said it would hike output.

The local unit closed at P47.82 versus the dollar on Wednesday, down by six centavos from Tuesday’s finish of P47.76, data from the Bankers Association of the Philippines’ website showed.

The peso opened Tuesday’s session at P47.76 against the dollar, which was its strongest showing for the day. Meanwhile, it dropped to as low as P47.87 versus the greenback.

Dollars traded went down to $1.044 billion on Wednesday from the $1.124 billion recorded on Tuesday.

The peso retreated versus the dollar due to higher global oil prices, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

Crude oil prices rallied again after closing above $70 a barrel for the first time in two years, aided by investors wagering that the economic recovery would lift energy demand and that supply would fall behind, Reuters reported.

Brent futures added 0.6% to $70.65 per barrel and US West Texas Intermediate crude added 0.56% to $68.10 per barrel, despite the OPEC+ alliance agreeing to hike output in July.

OPEC+ oil producers agreed on Tuesday to stick to the existing pace of gradually easing supply curbs through July, as they sought to balance expectations of a recovery in demand against a possible increase in Iranian supply.

Meanwhile, a trader attributed the peso’s weakness to better-than-expected US manufacturing data.

US manufacturing activity picked up in May as pent-up demand amid a reopening economy boosted orders, but unfinished work piled up because of shortages of raw materials and labor, Reuters reported.

The Institute for Supply Management (ISM) survey on Tuesday found companies and their suppliers “continue to struggle to meet increasing levels of demand,” noting that “record-long lead times, wide-scale shortages of critical basic materials, rising commodities prices and difficulties in transporting products are continuing to affect all segments” of manufacturing.

The ISM’s index of national factory activity increased to a reading of 61.2 last month from 60.7 in April. A reading above 50 indicates expansion in manufacturing, which accounts for 11.9% of the US economy.

For Thursday, the trader expects the peso to move between P47.70 and P47.90 versus the dollar, while RCBC’s Mr. Ricafort gave a forecast range of P47.80 to P47.90. — IBC with Reuters

Shares rise as House approves 3rd stimulus bill

COURTESY OF PHILIPPINE STOCK EXCHANGE, INC.

PHILIPPINE shares closed higher on Wednesday on the House of Representatives’ approval of a third stimulus package amounting to more than P400 billion to help boost the economy amid the coronavirus pandemic.

The bellwether Philippine Stock Exchange index (PSEi) improved 214.26 points or 3.23% to end at 6,841.69 on Wednesday, while broader all shares index rose 94.68 points or 2.35% to close at 4,117.98.

Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a mobile phone message that the market improved due to positive investor sentiment on the approval of House Bill No. 9411 or the Bayanihan to Arise as One Act on third and final reading.

Ms. Alviar added that the decision of the government to keep Metro Manila and its nearby provinces of Bulacan, Cavite, Laguna, and Rizal under general community quarantine also affected sentiment.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail that the market closed in positive territory on the slight improvement in the country’s Manufacturing Purchasing Managers’ Index (PMI).

IHS Markit said on Tuesday that the country’s manufacturing PMI reached 49.9 in May, a slight uptick from 49 in April but still below the 50 neutral mark that delineates contraction from expansion.

“We expected more downside as inventors were taking profits from last week’s rally, which was what we have been seeing in the last few trading days,” Mr. Mangun said.

“The lack of selling pressure in [Wednesday]’s session was a clear sign that most investors were willing to hold on longer instead of locking in their profits. This drew buyers back into the market which ultimately pushed prices a lot higher,” he added.

All sectoral indices closed higher on Wednesday. Property went up 144.35 points or 4.4% to 3,420.50; holding firms increased by 238.62 points or 3.58% to 6,887.42; industrials climbed 225.10 points or 2.54% to 9,087.78; services gained 35.15 points or 2.36% to 1,521.69; financials inched up by 12.93 points or 0.9% to 1,447.33; and mining and oil rose by 74.86 points or 0.81% to end at 9,320.12.

Advancers beat decliners, 153 against 52, while 49 names ended unchanged.

Value turnover on Wednesday reached P9.51 billion with 1.90 billion issues switching hands, down from the P14.78 billion with 4.08 billion issues logged in the previous trading day.

Net foreign buying rose to P1.82 billion on Wednesday from the P341.37 million recorded on Tuesday.

“The rally is starting to look like what we saw back in October and if continues like this, we are going to see substantially higher valuations in the short-term,” Mr. Mangun said.

“The sentiment is improving as hopes for economic recovery are rising, thus, we expect further upside but only up to 6,900 or the market’s resistance level,” Philstocks Financial’s Ms. Alviar added. — Revin Mikhael D. Ochave

9M COVID-19 vaccines to arrive this month

PTV4 VIA PHILIPPINE AIRLINES/KAREN VILLANDA

THE PHILIPPINES will take delivery this month of about nine million doses of coronavirus vaccines, according to the country’s vaccine czar, as the government struggles to reach its vaccination targets.

About 4.5 million doses of CoronaVac, made by China’s Sinovac Biotech Ltd., are expected to arrive this month, vaccine czar Carlito G. Galvez, Jr. told ABS-CBN News on Wednesday. He added that 2.2 million doses of the vaccine made by Pfizer, Inc. and two million doses from AstraZeneca Plc are also coming in.

Several hundreds thousands of vaccine doses made by Moderna, Inc. and Russia’s Gamaleya National Research Center of Epidemiology and Microbiology are also due this month, he said.

Mr. Galvez said a number of economic frontliners would get vaccinated against the coronavirus once the shots from SinoVac and Pfizer arrive. The Pfizer vaccines were obtained under a global initiative for equal access.

“More or less, we will have five million doses this coming mid-June,” he said.

The government earlier said the vaccination of the country’s workforce would start in the capital region and other areas experiencing a fresh surge in infections, such as Metro Cebu, Metro Davao, Pampanga, Bulacan, Cavite, Laguna, Rizal and Batangas.

Teodoro J. Herbosa, a special adviser to the government’s pandemic task force, told a televised news briefing the vaccination of 28 million workers under the fourth priority group would probably extend until November.

DAILY TALLY
The Department of Health (DoH) reported 5,257 coronavirus infections on Wednesday, bringing the total to 1.24 million.

The death toll rose by 146 to 21,158, while recoveries increased by 6,266 to 1.17 million, it said in a bulletin.

There were 52,132 active cases, 1.5% of which were critical, 93.1% were mild, 2.3% did not show symptoms, 1.9% were severe and 1.32% were moderate.

It said eight duplicates had been removed from the tally, six of which were tagged as recoveries. Eighty-six recoveries were reclassified as deaths. Three laboratories failed to submit data on May 31, the agency said.

About 12.6 million Filipinos have been tested for the coronavirus as of May 31, according to DoH’s tracker website.

The coronavirus has sickened about 171.9 million and killed 3.6 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization.

About 154.4 million people have recovered, it said.

The Philippines took delivery of about 50,000 more doses of Sputnik V made by Gamaleya on Sunday night.

The vaccines would be given out in areas experiencing a fresh surge in infections, presidential spokesman Herminio L. Roque, Jr. said on Monday. The government has received 80,000 Sputnik V doses from Russia, he said. 

The government had also taken delivery of about 193,000 doses of the Pfizer vaccine. Thousands of Filipinos flocked to vaccination sites in Manila, the capital and a nearby city last month to get the Pfizer shot, which many Filipinos supposedly prefer.

President Rodrigo R. Duterte earlier ordered health authorities to give the Pfizer vaccines to indigent Filipinos. He also barred local governments from announcing available vaccine brands to avoid crowding at vaccination sites.

Mr. Galvez has said the country’s vaccine portfolio would include vaccines made by AstraZeneca, Moderna and Gamaleya.

His deputy Vivencio B. Dizon said the government seeks to vaccinate as many as five million Filipinos this month.

Mr. Galvez earlier said more than five million Filipinos have received their first dose.

Meanwhile, Mr. Roque said the World Health Organization’s approval of CoronaVac for emergency use would boost vaccine confidence in the Philippines.

“Another institution has said the Sinovac vaccine, of which we have a lot in the Philippines, is safe and effective,” he told state television PTV4 in Filipino.

The World Health Organization validated CoronaVac for emergency use after reviewing the latest clinical data on the vaccine’s safety as well as the company’s manufacturing practice. 

“Vaccine efficacy results showed that the vaccine prevented symptomatic disease in 51% of those vaccinated and prevented severe COVID-19 and hospitalization in 100% of the studied population,” it said in a statement.

The WHO said a vaccine must be included in its emergency use listing to be eligible for the global vaccine sharing program and international procurement. It also allows countries to expedite their own approval to import the vaccine.

The inactivated vaccine has “easy storage requirements” which makes it very manageable and particularly suitable for low-resource settings, the WHO said.

CoronaVac, the first vaccine to arrive in the country, was approved for emergency use by Philippine drug regulators in February.

Local health authorities initially did not recommend CoronaVac for health workers at risk of exposure to the coronavirus and seniors due to efficacy issues.

The Chinese shot’s efficacy rate is 65% to 91% for people aged 18 to 59, according to the evaluation made by the local drug regulator. It is 50.4% and 51% effective for health workers and seniors, respectively.

Filipinos preferred CoronaVac over other vaccines, according to a poll by the Social Weather Stations. It was most preferred in the southern and central parts of the country, it said.

About five million doses of CoronaVac have arrived in the country. — Kyle Aristophere T. Atienza and Vann Marlo M. Villegas

House OK’s measure that seeks to regulate parking fees, standards

FREEPIK

THE HOUSE of Representatives on Tuesday unanimously approved on third and final reading a bill that seeks to regulate parking fees and standards.

The measure, passed by 253 congressmen who mostly voted online, will regulate parking rates while still giving parking operators a fair return on their investments, lawmakers said.

The bill also sets standards for all government-owned and privately owned covered and open area parking establishments.

The proposed law will apply to all types of vehicles as well as bicycles and motorcycles.

“I am glad that the bill is one step closer to becoming a law despite some misgivings of the owners of retail and commercial establishments and independent parking operators,” Deputy Speaker for Trade Weslie T. Gatchalian said in a statement on Wednesday.

Under the measure, confined and out-patients may use hospital parking facilities for free. Visitors will be charged P20 per hour.

The bill also proposes free parking for customers in hotels, motels, hostels, inns and resorts, as long as they can present proof of their transactions. Non-customers will be charged P20 per hour.

Parking fees at restaurants will be free for the first two hours for customers, who will then be charged P20 per hour for the succeeding hours. Non-customers will also be charged P20 per hour.  Parking at malls, supermarkets and other retail shops will be free for customers for the first two hours as long as they can present proof transactions worth at least P1,000. Non-customers will be charged P20 an hour and as much as P100 a day.

Meanwhile, open parking areas may charge P30 for the first three hours and P20 per succeeding hour, while multilevel parking enterprises may charge P40 for the first three hours and P20 per succeeding hour. The rates for both parking spaces must not exceed P100 a day.  

Street parking will be charged P50 per hour, while overnight parking and lost parking ticket fees must not exceed P150 per vehicle.

The bill will also order parking businesses to observe safety standards by installing CCTV cameras and employing security guards. — Bianca Angelica D. Añago

Drug war records have no security aspect — opposition lawmaker

SENATE PRIB

RECORDS of President Rodrigo R. Duterte’s deadly war on drugs do not have national security implications, a senator said on Wednesday, citing a Supreme Court ruling in 2018.

“In the words of the Supreme Court, drug war records ‘do not obviously involve state secrets affecting national security,’” Senator Franklin M. Drilon said in a statement.

“That is, plain and simple, a police blotter,” he said. “This is public record and people have the right to know the truth,” he added in Filipino.

Mr. Drilon said police are “walking on a thin line between following the high court’s order or keeping the records under wraps.” “But they must abide by the court ruling.” 

The Supreme Court ruling said drug war records “do not involve rebellion, invasion, terrorism, espionage, infringement of our sovereignty or sovereign rights by foreign powers, or any military, diplomatic or state secret involving national security.”

“To claim that it involves national security is unfounded,” Mr. Drilon said. “By any stretch of imagination, I could not think how a single poorest of the poor Filipino, who was killed in an anti-narcotic operation, planned to overthrow the government.”

The Philippines won’t give full access to records on its deadly war on drugs and anti-insurgency drive, Mr. Duterte said on Monday night, citing national security concerns.

The Philippine National Police (PNP) on May 25 said it would let the Department of Justice, which is leading a probe of drug-related deaths, access the records of 61 investigations against policemen in anti-drug operations.

A human rights group has said these make up less than 1% of more than 7,800 drug-related deaths.

National police chief Guillermo Lorenzo T. Eleazar on Monday said the PNP would soon turn over 53 out of 7,884 cases of extrajudicial killings, including those involving policemen, after the cases are authenticated. — Vann Marlo M. Villegas

DoST proposes P2-B budget to establish virology institute 

THE DEPARTMENT of Science and Technology (DoST) has proposed a P2-billion budget for the establishment of the proposed Virology Institute of the Philippines, which will conduct research and development on diagnostics, vaccines, and therapeutics.

In a meeting of the House of Representatives health committee on Wednesday, DoST Industrial Technology Development Institute Director Annabelle V. Briones said the budget will cover about P156 million for personnel services, P824 million for maintenance and operation, and P1 billion for equipment and construction.

The committee approved the proposal, contained in House Bill 9559, on second reading.

In the same meeting, Philippine Society of Allergy, Asthma and Immunology’s Michelle Joy B. De Vera announced that they will be conducting a study to evaluate the effectiveness and benefits of combining different anti-coronavirus vaccine brands.

The study will be conducted for 18 months, or from June 2021 to Nov. 2022, with an approved budget of P133.4 million.

Ms. De Vera said the results of the study will help the government “address vaccine supply shortages…(and) offer flexibility in the administration of the second dose of vaccines.”

The University of the Philippines Manila will also conduct a parallel research to evaluate the safety of combining different coronavirus disease 2019 (COVID-19) vaccine brands. — Bianca Angelica D. Añago