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More counterfeit banknotes documented in 2021

THE CENTRAL BANK documented more fake money last year as the economy reopened, which allowed for an increase in cash transactions.

“With renewed economic activities following the vaccination program and more relaxed community quarantine guidelines, the number of documented counterfeit banknotes rose by 7% from a year-ago,” the Bangko Sentral ng Pilipinas (BSP) said in its annual report.

The majority of these were retrieved from the country’s centers of economic activity.

Findings from the central bank showed more than half (55%) of the counterfeit notes were documented in Metro Manila, followed by CALABARZON (14.3%), Central Visayas (8.6%), and Central Luzon (5.6). These areas accounted for 83.5% of the volume of documented counterfeit bank notes in 2021.

In terms of parts per million (PPM), the volumes of counterfeit banknotes and coins in circulation in 2021 were at 7.9 PPM and 0.2 PPM, respectively.

Amid the rise in counterfeit money, the BSP noted the improved capacity of banks’ cash handlers to detect fake bills and coins.

Correctly classified counterfeit bank notes surrendered to the BSP for investigation rose 14.8%, while number of undetected counterfeit banknotes in banks’ deposits with the central bank dropped by 21.3%.

Throughout the year, the BSP conducted 11 law enforcement operations that resulted in the arrest of 19 individuals and the filing of 15 criminal charges.

“By the end of 2021, the BSP was able to secure a 100% conviction rate, with the conclusion of the three counterfeiting cases and conviction of the accused in criminal cases for counterfeiting or possession, or both, of counterfeit currencies,” it said.

Through the operations, the BSP confiscated 813 pieces of counterfeit New Generation Currency banknotes, 144 counterfeit dollars, other foreign currencies, firearms and ammunitions, and other counterfeiting- related items.

“As the country forges toward rebuilding the economy, the BSP shall continue its work of paving inclusive pathways to smoothly transition the national payment system from cash-heavy to cash-lite,” the central bank said.

BSP Governor Benjamin E. Diokno has said they are proposing stiffer penalties such as longer imprisonment for those involved in faking banknotes.

Central bank officials have said Filipinos remain heavily reliant on cash despite the rise in cashless transactions during the pandemic. By 2023, the BSP wants 50% of all payments done digitally. — L.W.T. Noble

Ukraine corn, wheat exports will plummet further, US says

REUTERS

THE US continued to slash estimates for Ukraine’s grain exports as sea routes were curbed following Russia’s invasion.

Ukraine’s corn exports will drop by another 4.5 million tons to 23 million tons and wheat exports by 1 million tons, according to the US Department of Agriculture’s (USDA) closely watched World Agricultural Supply and Demand Estimates, or WASDE. Global wheat stockpiles were revised down to 278.4 million tons, less than expected by a Bloomberg survey.

Russia’s war in Ukraine is upending trade flows out of the critical Black Sea breadbasket region, prompting warnings of food shortages as crucial supplies of wheat, corn and cooking oils are at risk. Food prices are surging at the fastest clip ever and worsening world hunger, putting pressure on other big growing areas to produce big crops this year.

“There’s an increased possibility of the conflict getting out of hand again. Peace is not coming any time soon,” said Jack Scoville, analyst at Price Futures Group Inc. in Chicago.

Grain and oilseed futures have jumped to record or near record highs, and also caused a spike in prices of farm necessities like fertilizer and fuel. Meanwhile, weather woes and inflation in key producers like the US and Brazil are clouding the outlook for this year’s crop supplies.

While USDA raised its forecast for Brazil’s current corn crop more than expected, the real test will unfold over the next several weeks. April is a critical growing period for the grain and if adequate rains don’t arrive in time it could crimp yields.

Most-active corn futures in Chicago briefly plunged after the US report hit but quickly bounced back to settle 1.4% higher at $7.6075 a bushel. Benchmark wheat rose 3.2% to $10.5825 a bushel and soybeans jumped 2.6% to reach $16.89.

Prices had been up prior to the report’s release amid news that Russia bombed a major rail evacuation hub in Ukraine, killing dozens of people.

SIDELINED SUPPLIES
To see how significantly the war is upending crop flows from Ukraine, its corn stockpiles tell the story. The war has left the country saddled with huge amounts of grain that it’s largely unable to move. With its ports shut, Ukraine is working to ramp up exports via rail, but the flows remain well below normal seaborne trade.

The chaos in the Black Sea so far hasn’t led to a jump in US grain exports, though there were signs of fresh corn demand this week when China scooped up 1.1 million tons, the Asian nation’s biggest such buy in almost a year.

Besides the worsening war that’s affecting Black Sea exports, the report was bearish, according to Naomi Blohm, senior market adviser at Total Farm Marketing in Wisconsin, with no changes to US corn reserves, bigger wheat supplies and a smaller-than-expected cut in US soybeans stockpiles.

SOY SWITCH
Shifts in the soybean markets are also underway. The report raised US exports while lowering shipments out of Brazil, as well as Ukraine and Russia.

South American soybean crops are down a combined 33 million tons below initial estimates from November, which marks a record loss for the region after a strong drought caused by La Nina weather patterns. With that cut in production, the smaller South American exports will drive more demand to the US for summer and early fall.

Bigger US exports will likely to shrink end-season US soybean stockpiles by 8.8%, the largest decline in the month of April since 2012. It’s an unusual move because supplies in America are typically well known at this time of year. — Bloomberg

PriceLOCQ app now accepted in more Seaoil stations nationwide

IMAGE FROM SEAOIL

INTRODUCED IN 2020, PriceLOCQ now has more than 200,000 active users. Seaoil, in partnership with financial technology company LOCQ, OPC, looks to grow the acceptance of the facility from 260 Seaoil stations to more than 400 before the year ends.

“PriceLOCQ’s primary goal of helping our consumers be more cost-efficient and save on fuel costs is timelier than ever. Doubling the expansion and rollout of PriceLOCQ in Seaoil stations is one of our targets this 2022 and it’s steadily moving. The app being available to more motorists is needed as fuel prices are volatile due to events happening around the world that affect the global fuel market,” said Seaoil President for Retail and CFO Mark Yu in a statement, adding that businesses can also make the most out of their fuel budget through PriceLOCQ for Business (PLB).

Packaged as an all-in-one web portal, PLB can lock current oil prices before a projected increase for future use, and fuel can still be redeemed at the same price. Fleet managers and businesses can opt to buy and store as much as 10,000 liters of gasoline or diesel in a virtual tank, reflected as “fuel balance.”

Fleet managers and owners using PLB can distribute purchased fuel to drivers anywhere in the Philippines via SMS through the portal. Once sent to recipients, they can simply present the code sent and gas up at Seaoil branches nationwide that accept PriceLOCQ.

As a reminder, Seaoil shared some tips on how to maximize PriceLOCQ’s money-saving benefits. First, consumers are asked to understand price trends by making long-term and short-term comparisons. Compare long-term price trends to understand if current prices are really high or if are merely in flux for a short period. Conversely, use short-term price trends to plan current fuel purchases. Second, maximize savings from PriceLOCQ by buying fuel when prices are low and redeeming when prices are high. Remember, fuel can be purchased ahead of time through the PriceLOCQ app and PriceLOCQ for Business platform. Lastly, consumers are asked to be realistic about the amount of fuel that is purchased.

For more information on PriceLOCQ, visit www.pricelocq.com. Learn more about PriceLOCQ for Business by visiting https://www.pricelocq.com/about-us/pricelocq-for-business.

Ateneo battles La Salle in second round of the UAAP Season 84 men’s basketball

ATENEO’S TYLER TIO — THE UAAP FB

ARCHRIVALS Ateneo and La Salle will usher in the equally exciting second round of the University Athletic Association of the Philippines (UAAP) Season 84 men’s basketball tournament starting this Holy Tuesday at the Mall of Asia Arena in Pasay City with the presence of their throng of fans at last.

Unbeaten Ateneo and La Salle figured in the last playdate that was held behind closed doors last Saturday owing to the UAAP’s strict bubble setting before it decided to welcome in-game crowds last Tuesday.

The three-time defending champion Blue Eagles (7-0) and the Green Archers (5-2) cross paths again in the main game at 7 p.m. of the latest schedule released by the league over the weekend following the thrilling first round.

Favor is on Ateneo, which took a 74-57 win over La Salle in the first salvo as part of its first-round wipeout and a 33-game winning streak in 2018.

In other games, second-running University of the Philippines (6-1) and No. 4 National University (NU) (4-3) bid to stay inside the top four at 10 a.m. while No. 5 Far Eastern University (FEU) (3-4) and No. 7 Adamson (1-6) collide in a crucial outing at 12:30 p.m.

Cellar-dweller University of the East (UE) (0-7) shoots for first win against No. 6 Santo Tomas (2-5) at 4:30 p.m.

All teams then will have a long break for the Holy Week before plunging back to action next Tuesday. — John Bryan Ulanday

Investors cash in Globe shares as Russia-Ukraine war continues

By Bernadette Therese M. Gadon, Researcher

INVESTORS chose to take profit on Globe Telecom, Inc. last week as the market’s overall negative sentiment amid Russia’s invasion of Ukraine dampened the telco’s data center joint venture and digital entertainment foray.

A total of 313,295 Globe shares worth P767.28 million were traded from April 4 to 8, data from the Philippine Stock Exchange showed.

Shares went down by 1.6% week on week, finishing at P2,480 apiece on Friday from its P2,520 closing on April 1. For the year, the stock fell by 24.3%.

“The news of Globe Telecom’s joint venture with ST Telemedia and its parent company Ayala Corp. as well as the launching of KROMA Entertainment seems to have been taken well by market players over the week,” Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in an e-mail interview on Friday.

“Unfortunately, the positive developments were overshadowed by negative sentiments abroad causing investors to adopt to a ‘sell on news’ mentality and cash in on any gains made,” Mr. Arce said.

He added that investors went back on the telecommunication stock “taking advantage of the dip” by Friday, however, it still underperformed compared with April 1’s closing.

Last Monday, Globe unveiled its joint venture with the Singapore-headquartered ST Telemedia Global Data Centres and Globe’s parent company Ayala Corp. to develop and build data centers in the Philippines, with a post-money valuation of around $350 million.

Globe aims to address the “significant and growing demand for data center services in the country.”

The Ayala-led telco remains to be the major shareholder in the venture with 50% ownership, followed by ST Telemedia (40%), and Ayala Corp. (10%).

It will also recognize a P10.5-billion pre-tax gain from partial monetization of its current data business center unit together with the revaluation of carrying value of Globe’s retained interest.

Separately, Globe officially launched on Wednesday its digital entertainment arm, KROMA Entertainment.

Formerly Sphere Entertainment, Globe’s media and entertainment leg first launched back in 2016 with film and TV production, and live concert/event management. KROMA added other projects such as digital magazine, artist and talent agency, and production house.

KROMA Entertainment Chief Executive Officer Ian Monsod said in a briefing that the entertainment company’s goal is to be the “leading digital entertainment player” in the country.

However, these developments were overshadowed by Russia’s invasion of Ukraine that pushed domestic inflation to a six-month high of 4% amid soaring global oil prices. The market’s sentiment was also dampened by the fresh waves of coronavirus disease 2019 (COVID-19) new infections in other countries.

In a Viber message, Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said that the announcements had given Globe a positive outlook, however, the stock and the market are dependent on current events and inflationary pressures’ impact on global growth.

“Aside from this are the uncertainties in the local election plus the possible surge of a new variant after the World Health Organization warned of it in the next two months,” he said.

“Basically, the [ST Telemedia] joint venture and the KROMA launch are good news for Globe. Unfortunately, those just got overshadowed [by the market’s overall negative sentiment],” Mr. Arce said.

“The percentage of disposable income for stock investments will likely decline,” Mr. Arce said. “In relation to Globe, with more and more people returning to the office and the potential resumption of face-to-face learning, spending for faster mobile and fixed internet plans may dwindle and eat into the company’s bottom line in the long run,” he added.

With the uncertainties posing on the stock market, Mr. Pangan said that the stock may be “bearish” in the short term, noting that the stock market will depend on how the conflict unfolds in the future, the Fed’s rate hikes, and the demand and supply strains.

Mr. Arce expects Globe to post P4.6 billion in net income in the first quarter and P5 billion in the second quarter to end the year with a net profit of “around P20.2 billion.”

Mr. Arce said that investors might opt to cash out amid the shorter trading week due to the Holy Week holidays.

He put his support and resistance levels for Globe at P2,220 and P2,680, respectively.

Meanwhile, Mr. Pangan placed his immediate support and resistance levels for the stock at P2,280 and P2,650, respectively.

Will Smith banned from attending Oscars for 10 years after slap

Will Smith in a scene from the film King Richard. — IMDB.COM

LOS ANGELES — Hollywood’s film academy on Friday banned Will Smith from attending the Oscars for 10 years after the best actor winner slapped presenter Chris Rock on stage at the Academy Awards ceremony 12 days ago.

The board of governors of the Academy of Motion Picture Arts and Sciences took the action at a meeting held one week after Mr. Smith pre-emptively resigned from the group over his outburst at the live, televised event.

“The 94th Oscars were meant to be a celebration of the many individuals in our community who did incredible work this past year,” academy President David Rubin and Chief Executive Dawn Hudson said in a statement.

“However, those moments were overshadowed by the unacceptable and harmful behavior we saw Mr. Smith exhibit on stage.”

In a statement, Mr. Smith said, “I accept and respect the Academy’s decision.” The actor has issued previous statements apologizing to Mr. Rock, the Oscars producers, nominees and viewers. In addition to the Oscars, the film world’s most prestigious awards, the board banned Mr. Smith from all other academy events and programs, in person or virtually, for 10 years.

The group did not say, however, that he would be ineligible to be nominated for Oscars during that time. Smith’s next movie, action thriller Emancipation, about a man who escapes from slavery, had been set for release later this year. No update on the Apple TV+ film has been given since Mr. Smith strode up to the stage at the March 27 ceremony after comedian Mr. Rock made a joke about the appearance of the actor’s wife, Jada Pinkett Smith, then smacked Mr. Rock across the face.

Less than an hour later, Mr. Smith gave a tearful speech on stage as he accepted the best actor award for his role in King Richard, portraying the father of tennis superstars Serena and Venus Williams. After the ceremony, he was seen dancing at Vanity Fair’s annual post-Oscars party.

Mr. Rock’s joke about Pinkett Smith made a reference to the 1997 film G.I. Jane in which actress Demi Moore shaved her head. It was unclear whether Rock was aware that she has a condition that causes hair loss.

Dana Harris-Bridson, editor-in-chief of online entertainment publication IndieWire, called the academy’s ban of Mr. Smith “too little, too late,” saying the group should have removed the actor from the ceremony at the Dolby Theater.

After the fact, the academy had few options, particularly since Mr. Smith resigned before his membership in the group could be revoked, she said.

“The moment they had was the moment in the theater,” she said.

In the Friday statement, the academy’s leaders said they did not adequately address the situation during the telecast.

“For this, we are sorry,” they said. “This was an opportunity for us to set an example for our guests, viewers and our Academy family around the world, and we fell short — unprepared for the unprecedented.”

Shortly after the incident, the academy said it had asked Mr. Smith to leave, but details of that statement have been disputed and the actor did stay for the rest of the ceremony.

The academy’s CEO and president also expressed “deep gratitude to Mr. Rock for maintaining his composure under extraordinary circumstances.

“We also want to thank our hosts, nominees, presenters and winners for their poise and grace during our telecast,” they said.

“We also hope this can begin a time of healing and restoration for all involved and impacted.” —  Reuters

Shares to move sideways due to shortened trade

BW FILE PHOTO

SHARES could move sideways due to the shortened trading week, which could prompt investors to hold off on buying or pocket their gains.

The benchmark Philippine Stock Exchange index (PSEi) rebounded by 91.99 points or 1.32% to close at 7,018.02 on Friday, while the broader all shares went up by 38.22 points or 1.03% to end last week at 3,739,45.

Week on week, the PSEi fell by 134.86 points from its finish of 7,152.88 on April 1.

“As we look forward to a shortened trading week ahead, investors may assess a few economic reports scheduled for release in the coming days, one of which would be the US inflation report for the month of March. We’ll have to see if participants choose to either take profits or hold on to their positions over the upcoming Holy Week holidays,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.

“The upcoming Holy Week holidays and the seasonal increase in tax payments in April could have led to some healthy profit taking after gains in the previous two weeks, before some investors go on vacation or break,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a text message.

Philippine financial markets will be closed from April 14 to 15 due to regular holidays in commemoration of Maundy Thursday and Good Friday, respectively.

The March US consumer price index is scheduled to be released on Tuesday, April 12.

US inflation rose by 7.9% in February, mainly due to the faster increase in the prices of rent, food, and gasoline, based on data from the Labor department. This is the quickest pace since January 1982 and is nearly four times the 2% target of the US Federal Reserve, Reuters reported.

China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said the PSEi could retest 6,800 but a reversal remains possible.

“Given [last] week’s price action, momentum has now shifted to the side of the bears, which makes a retest of the deeper 6,800 support juncture a possible scenario. However, it can still go either way as historical price movement of the index over the past six months shows that a swift recovery may still follow a steep sell-off,” Mr. Mercado said in an e-mail.

“Given the outlook for continuing volatility, prioritizing risk management is crucial while staying on the lookout for possible redeployment opportunities,” he added.

RCBC’s Mr. Ricafort added that the last month of the campaign period for the national elections could lead to increased spending.

“[This] could boost economic and business activities and could also benefit some listed companies in terms of higher sales, net income, and valuations,” he said.

For this week, Mr. Ricafort put the PSEi’s immediate major support at the 6,600 to 6,700 levels and resistance at 7,200. — Luisa Maria Jacinta C. Jocson with Reuters

Peso may rise vs dollar on remittance inflows ahead of Holy Week break

BW FILE PHOTO

THE PESO may appreciate versus the greenback this week due to expected remittance inflows for the Holy Week holidays and amid the recent decline in oil prices.

The local unit closed at P51.59 per dollar on Friday, weaker by 17 centavos from its P51.42-a-dollar finish on Thursday, based on Bankers Association of the Philippines data.

Still, it strengthened by eight centavos from its P51.67 finish a week earlier.

The peso opened at P51.45 versus the dollar on Friday, which was also its intraday best. Meanwhile, its weakest showing was at P51.62 against the greenback.

Dollars exchanged increased to $1.056 billion on Friday from $885.5 million on Thursday.

The peso was weaker on Friday due to fresh hawkish signals from the US Federal Reserve.

St. Louis Fed President James Bullard on Thursday said the central bank is already “behind the curve” in taming inflation, adding interest rates need to increase by another 3 percentage points by the end of 2022, Reuters reported.

The Fed in March raised interest rates by a quarter percentage point for the first time since 2018 to help fight rising inflation.

“I would like to get there in the second half of this year… We have to move,” to get ahead of inflation running at triple the Fed’s 2% target,” Mr. Bullard said.

Market players also priced in a statement from the Bangko Sentral ng Pilipinas (BSP) chief noting the local central bank’s readiness to respond to rising inflation risks, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said.

BSP Governor Benjamin E. Diokno on Tuesday said they are ready to take preemptive action if inflation expectations become at risk or disanchored. He said March consumer price index data released that day suggest inflation will likely be elevated in the coming months.

Headline inflation in March was at 4%, matching the upper end of the central bank’s 2-4% target. It was quicker than the 3% in February, showing the impact of the surge in oil prices caused by the Russia-Ukraine war.

This week, Philippine financial markets will be closed from Thursday to Friday in observance of Holy Week.

Mr. Ricafort said the peso could be supported by a possible increase in remittances for the coming holidays.

Meanwhile, Mr. Asuncion said participants will continue to monitor the war in Ukraine and its impact on oil prices.

Kremlin spokesperson Dmitry Peskov on Thursday said they have already incurred significant losses in Ukraine since it invaded the country on Feb. 24, Reuters reported.

The United Nations said more than a thousand civilians have been killed since the war started, and its true toll is likely to be much higher.

Oil futures on Friday increased by 2%, but still posted its second consecutive weekly decline as countries committed to plans of releasing crude from their stocks due to supply concerns caused by the war in Ukraine.

For this week, Mr. Ricafort gave a forecast range of P51.30 to P51.70 per dollar, while Mr. Asuncion expects the local unit to move within P51.10 to P51.60 — L.W.T. Noble with Reuters

How minimum wages compare across regions in March (2022)

(After accounting for inflation that month)

The infographic compares the current minimum wages set by the country’s Regional Tripartite Wages and Productivity Board and the inflation-adjusted “real” minimum wages as of March based on latest data by the Philippine Statistics Authority. While the current minimum wages are determined at the regional level to account for factors such as companies’ capacity to pay and costs of living, real wages are obtained when general price increases (i.e., inflation rates) are accounted for. Real wages are 8.3%-14.8% lower in March than their respective current salaries.

How minimum wages compare across regions in March (2022)

How PSEi member stocks performed — April 8, 2022

Here’s a quick glance at how PSEi stocks fared on Friday, April 8, 2022.

Philippine trade year-on-year performance (Feb. 2022)

The country’s trade-in-goods deficit narrowed in February as exports grew by its fastest pace in six months on stronger demand, while growth in imports slowed. Read the full story.

Philippine trade year-on-year performance (Feb. 2022)

Real Madrid strolls past Getafe to close on title

MADRID — Real Madrid moved a step closer to the LaLiga title after easing past city rival Getafe 2-0 on Saturday thanks to goals from Casemiro and Lucas Vazquez.

With seven games left, Real extended their lead atop the standings to 12 points over Sevilla and 15 clear of Barcelona, who has two games in hand and face second-bottom Levante on Sunday.

Casemiro opened the scoring after 38 minutes, diving to head home a brilliant outside of the boot cross from Vinicius, Jr.

The young Brazilian winger was once again instrumental for Real Madrid, a constant threat to Getafe’s defense who created most of his teams chances from the left flank.

Totally in control, Real extended their lead in the second half as Vazquez finished coolly with a precise cross-shot after a nice exchange of passes with Rodrygo.

Getafe, who are four points away from the relegation zone and have only won two of their last eight league games, managed no shots on target.

“It wasn’t easy, we made it look easy,” Real Madrid captain Marcelo told Movistar Plus.

The experienced defender was one of several squad players who started as coach Carlo Ancelotti rotated his squad ahead of the Champions League quarter-final second leg against Chelsea on Tuesday.

“We ran a lot and played hard until the end,” Marcelo said.

“Everyone in the locker room needs to feel important, it was nice to see some of us who don’t have many minutes to enjoy themselves in front of our fans. We all have to be ready if needed at the end of the season.”

One player who did not get a warm reception was Welsh forward Gareth Bale, who came off the bench in the 74th minute to loud booing from the Real Madrid fans for his first appearance at Santiago Bernabeu in more than two years.

“It’s hard, it happened to many players in this club,” Marcelo said.

“Fans need to understand that we are all important. We are at the end of the season, we have a lot at stake, we have to help each other, our team mates. We are with him.” — Reuters

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