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Sylvia Plath’s love letters to Ted Hughes up for sale

PLATH in July 1961, at her Chalcot Square flat in London — GIOVANNI GIOVANNETTI/GRAZIA NERI / EN.WIKIPEDIA.ORG
PLATH in July 1961, at her Chalcot Square flat in London — GIOVANNI GIOVANNETTI/GRAZIA NERI / EN.WIKIPEDIA.ORG

LONDON —  A trove of love letters that explore American poet Sylvia Plath’s passion for her British husband, fellow poet Ted Hughes, are up for auction at Sotheby’s, along with their wedding rings, family recipes, and photo albums.

Ms. Plath, whose haunting poems turned the demons of her trauma into some of the most unsettling verses of modern English, killed herself in 1963 aged 30 by putting her head in a gas oven. Her young children were asleep in the flat but she had sealed their room against the gas. They were unharmed.

Ms. Plath and Mr. Hughes married in 1956 and their relationship was as tumultuous as it was passionate. Her letters to Hughes explore her agony of separation from him while she was studying at Cambridge.

“My flesh is colder than wet sod,” Ms. Plath wrote. “Do you know that you have the most delicious quirked lovely mouth and your eyes crink up and you are all warm and smooth and elegantly muscled and long-striding and my god I go mad when I let myself think of you.”

The letters will be sold at Sotheby’s on July 9-21. The sale comprises 55 lots and comes directly from the collection of Sylvia’s daughter, Frieda Hughes.

The sale also includes a deck of Tarot cards given to Ms. Plath by Mr. Hughes for her birthday and a striking ink portrait drawn by Ms. Plath during the couple’s honeymoon in Benidorm. — Reuters

RBA expects record low interest rates until 2024

REUTERS

AUSTRALIA’S CENTRAL BANK took the first steps toward winding back emergency monetary stimulus for an economy that’s exceeded forecasts.

Governor Philip Lowe opted against extending the yield-target horizon and scaled back purchases of longer-dated bonds, the Reserve Bank of Australia (RBA) said in a statement Tuesday after keeping interest rates unchanged. Once the current A$5 billion a week quantitative easing program ends in September, it will shift to A$4 billion a week with a review in mid-November.

“It makes sense for the RBA to start winding back its emergency stimulus moves,” said Shane Oliver, chief economist at AMP Capital Investors Ltd. in Sydney. “But it also makes sense to do this gradually.”

The Australian dollar briefly dipped after the statement, then recovered to be trading at 75.68 US cents at 3:38 p.m. in Sydney. The April 2024 bond yield stuck just above the RBA’s 0.1% target while the yield on the November 2024 note climbed 6 basis points (bps) to 0.43%. Ten-year yields rose 4 bps.

The RBA is determined to stay near the tail of global central banks unwinding emergency stimulus — particularly the Federal Reserve — even as Australia has recovered earlier and faster than many peers. That stance is likely aimed at avoiding the currency damage of previous early exits while also reflecting the continued vulnerability of the nation to further virus outbreaks due to a low vaccination rate.

“The bond purchase program is playing an important role,” Mr. Lowe said Tuesday. “The bank will continue to purchase bonds given that we remain some distance from the inflation and employment objectives. However, the board is responding to the stronger-than-expected economic recovery and the improved outlook by adjusting the weekly amount purchased.”

COVID UNCERTAINTY
While Sydney’s ongoing coronavirus outbreak, which leaked to several other states and at one point forced the lockdown of almost half the population, adds a layer of uncertainty to the near-term outlook, the RBA sees limited long-term impact for now.

“The experience to date has been that once outbreaks are contained and restrictions are eased, the economy bounces back quickly,” Mr. Lowe said,

The governor and the government are using a monetary-fiscal combination to push the economy toward maximum employment as the governor seeks to drive wage growth above 3%, a level it hasn’t reached since the start of 2013. Faster wage gains would help spur long dormant inflation.

The bank “will not increase the cash rate until actual inflation is sustainably within the 2 to 3% target range,” Mr. Lowe said. “The bank’s central scenario for the economy is that this condition will not be met before 2024.”

The key debate is how quickly the labor market tightening — unemployment has fallen to 5.1% from 7.4% in less than 12 months — translates into pay gains.

Part of the reason the jobless rate has fallen so fast is border closures that have locked out temporary workers. With these not expected to lift until at least the second half of next year, wages could rise quickly. Alternatively, a prolonged period of weak price growth might mean it takes longer for broad-based wage-push inflation to take hold across the economy.

“Despite the strong recovery in jobs and reports of labor shortages, inflation and wage outcomes remain subdued,” Lowe said. “While a pickup in inflation and wages growth is expected, it is likely to be only gradual and modest.”

The governor was scheduled to deliver remarks and take questions at a press conference at 4 p.m. in Sydney on Tuesday. — Bloomberg

LGUs must ramp up vaccination of seniors — WHO

PHILSTAR

IN LIGHT of emerging variants of coronavirus disease 2019 (COVID-19), the World Health Organization (WHO) Philippines and the National Commission of Senior Citizens (NCSC) have called on local government units (LGUs) to increase the rate of vaccination of senior citizens due to their high risk of getting infected.

“Vaccines are an essential addition to our protective measures against COVID-19, especially with the risk of fast-spreading variants,” said Dr. Rabindra R. Abeyasinghe, WHO Representative to the Philippines, in a media briefing Thursday. “We need to protect our senior citizens the soonest and with the highest coverage.”

Only 28.3% of the country’s recorded 8.2 million seniors have received a first dose of the COVID-19 vaccine, while only 8.5% have received their second dose as of June 28, according to Dr. Abeyasinghe. Meanwhile, 7 out of 10 COVID-19-related deaths in the Philippines are of patients who are 60 years old and above, illustrating their vulnerability.

“We strongly urge our LGUs to ramp up efforts to improve access of the elderly to vaccines, along with improving convenience at vaccination sites,” he added, stressing that a fast vaccination rollout should work hand-in-hand with public health protocols to protect against fast-spreading variants.

Aside from mobility, another issue that the elderly A2 priority group faces is the inability to get information about vaccination. “There are senior citizens who would like to have themselves vaccinated but they don’t know where to go, how, and when,” said Franklin M. Quijano, NCSC chair and chief executive officer.

Dr. Abeyasinghe and Mr. Quijano commended efforts that aimed to reach the elderly wherever they may be, including Puerto Princesa’s mall vaccination sites, Marikina’s mobile clinics, Taguig’s vaccination buses, and Manila’s house-to-house visits.

Speaking on the limited supply of vaccines, Dr. Beverly Lorraine C. Ho, director of the Health Promotion Bureau and the Disease Prevention and Control Bureau of the Department of Health (DoH) encouraged LGUs to keep improving their efforts.

“There are local demand generational activities that will need to be customized specifically for the local community and it might be different for one city versus another municipality, or one urban area versus another rural area, so we do recognize everyone needs to help each other out on data,” she said, referring to the DoH’s surveys which have been used as tools to gauge the progress of the vaccine rollout.

“We likewise encourage senior citizens or family members of senior citizens who have gotten their jabs to become influencers in their own communities since they are the most credible endorsers that can attest to the safety of the vaccines,” she added. — Brontë H. Lacsamana

Arts & Culture (07/07/21)

CAST presents Lemons5

THE COMPANY of Actors in Streamlined Theater (CAST) PH will stream a production of Sam Steiner’s Lemons, Lemons, Lemons, Lemons, Lemons at ticket2me.net on July 17, 24, and 31 (7 p.m.). The average person will speak 123,205,750 words in their lifetime. But what if there were a limit? Two people are about to find out. Lemons Lemons Lemons Lemons Lemons imagines a world where we are forced to say less. Directed by Nelsito Gomez and Bejamin Jimenez, it stars Mr. Gomez and Gabby Padilla.  Tickets are priced at P200. For tickets, visit https://ticket2me.net/e/33401. 

Young at Art brings together generations

YOUNG at Art, a web series where two different generations of artists talk about their shared passions, premieres on July 14, with each episode aired every Wednesday (6 p.m.) via the CCP YouTube Channel. Season 1 will have 18 episodes. Directed by Karl Alexis Jingco, the project features a series of conversations between young children and veteran artists, where the older generation talks about their passion on arts and culture.

3 exhibits at Silverlens

SILVERLENS has three exhibits showing concurrently until July 24. They can be viewed online and at the gallery. “Share Location” is a show by Filipino-American light and media artist, James Clar. It is Mr. Clar’s first solo exhibition as a represented artist of the gallery. Developed over the last year while transitioning his studio from New York to Manila, Mr. Clar’s new body of work derives its title from the GPS communication function of digital devices. It is a way of letting your presence be known, shared, or tracked. The works question ideas of presence, connection, and identity in a globalized world recently forced into a fifth space, where the rift between network time and solar time is ever increasing. Meanwhile, Luis Antonio Santos’ “Threshold” marks the artist’s 4th individual presentation with the gallery. He creates hyper-realistic renderings of draped canvas, allowing us to think about liminal spaces, and the meanings we imbue in innocuous materials. Finally, there is “Volume” by Micaela Benedicto, which extends the artist and architect’s exploration of the spatial dimensions of memory and loss. Working at the intersection of photography and sculpture, Ms. Benedicto exploits the alchemical properties of metal and paper to construct pieces that register never-to-be-completed processes of becoming and ruination. The gallery is at 2263 Don Chino Roces Ave. Ext., Makati City. Gallery visits are limited and by appointment only, from Tuesday to Saturday, 10 a.m. to 4 p.m. To view the exhibits online, go to www.silverlensgalleries.com.

Instituto Cervantes presents LGBTQ+ short films 

THROUGHOUT July, the Instituto Cervantes Vimeo channel will host the short-film series Te estoy amando locamente (Falling in love with you madly), featuring eight different LGBTQIA+ stories told by various Spanish filmmakers. The series kicks off on July 7 with the screening of the 10-minute documentary Una dedicatoria a lo bestia (2019) by Nucbeade. It is a testimony about a rehabilitation center for women between 13 and 21 years old that was in operation in a town near Madrid for four decades. The short film will be available for 48 hours through this link: https://vimeo.com/557671872. The film series will continue on July 10 and 11 with Después también (2019) by Carla Simón, a short film about HIV. The movie will be accessible through this link: https://vimeo.com/557676690.

Bahay Pukyutan Playground readied

THE MUSEO Pambata Foundation, Inc. blessed its new playground space on June 24, Manila Day. The Bahay Pukyutan Playground features living and learning spaces for children and adults that emphasize the connection and importance of our environment and the natural world. Last year, Museo Pambata started working on the outdoor spaces of the museum. Its design was inspired by the late National Artist for Architecture, Francisco “Bobby” T. Mañosa who made an original wooden structure in the old Parks and Wildlife Bureau in Quezon City (now called Ninoy Aquino Parks and Wildlife). Patterned after the geometry of the honeycomb, the interconnected hexagonal shapes of the Bahay Pukyutan provide a multi-level play space. The space will be open to the public once coronavirus disease 2019 (COVID-19) restrictions are lifted and Museo Pambata can reopen.

Retired diplomat publishes protocol guidebook

RETIRED Ambassador Monina Estrella Callangan Rueca has just come out with a Guide to Protocol, Social Graces and Etiquette, a manual for behavior, courtesy and related matters in and out of the diplomatic world. The 280-page softcover compendium features the modern-day decorum insights she amassed through her career as a diplomat and a lecturer. Former Philippine President Fidel V. Ramos wrote the book’s foreword. Ms. Rueca served in foreign posts including Paris, Tokyo, Geneva, and Madrid before being appointed as Philippine Ambassador to Hungary with concurrent jurisdiction over Serbia, Bosnia Herzegovina and Montenegro. Prior to her retirement, she became Assistant Secretary and Chief of Protocol. Today she imparts her knowledge at the School of Diplomacy and Governance of the De La Salle-College of Saint Benilde. For queries and orders on Guide to Protocol, Social Graces and Etiquette, contact Susan Ubina at 0917-638-6285 or susanubina@yahoo.co.uk.

CCP announces 1st winners for Kanto Canta

GROUPS from Tuguegarao City, La Union, Las Piñas City, Lanao Del Norte, and Taguig City were among the top winners announced in the first-ever online band competition Kanto Canta via live-streaming at the official Facebook pages of the Cultural Center of the Philippines (CCP) and Kanto Kultura on June 30. Letrang Norte from Tuguegarao City in Cagayan was the grand winner while Abel of La Union and The Bratcave of Las Piñas City got second and third places, respectively. The fourth placer was IMCC Kapagintaw Entho-Rock Band from Lanao Del Norte, while Far East Bronxx of Taguig City took the fifth spot. The Kanto Canta grand winner will get P50,000, the Kanto Kultura Trophy, and and an exclusive management and recording contract from Widescope Entertainment. Kanto Kultura seeks to encourage Filipino talents to create artistic content that showcases innovation and creativity through this first online band competition. The live-streamed program can be viewed on Facebook, facebook.com/kantokultura. 

Del Monte Philippines to expand health, kids products

DEL Monte Philippines, Inc. (DMPI) is planning to expand its healthy beverage business as well as offer products specifically for children.

“I think it would be really more in the area of very healthy beverages, specialized beverages, that will further extend our health and wellness products,” DMPI Chief Operating Officer Luis F. Alejandro said in an interview with ABS-CBN News Channel on Tuesday.

“We’re looking at the children’s segment also where we believe we have to further grow because as you know that is the future — having a very strong franchise among children will really extend our growth into the future,” he added.

The company said it was able to weather the pandemic by focusing on health and wellness through its products. It also banked on its convenient cooking items and desserts and its Del Monte Kitchenomics program.

DMPI’s fresh pineapple business also continues to be one of its main growth drivers. The company will be maximizing the opportunities of the segment in China. The company also recently entered the dairy and snacks segments.

DMPI is said to be the “crown jewel” of its listed parent company, Del Monte Pacific, Ltd. (DMPL). In April, it revived its plans for an initial public offering (IPO), which aims to raise as much as P44 billion. The offer consists of existing common shares owned by DMPL’s subsidiaries.

The company said it went back to its IPO plans after realizing it is now in a “better position.”

“We have expanded our footprint in our parent four categories and we have also expanded [internationally]. For the potential investors, this is a stronger company than what you probably have seen three years ago,” Mr. Alejandro said.

DMPI is now waiting for the go signal from regulatory bodies.

On Tuesday, shares of listed parent company DMPL at the stock market rose by 4.28% or 64 centavos to close at P15.58 apiece. — Keren Concepcion G. Valmonte

BFSB seeks bondholders’ consent ahead of planned merger with BPI

BPI FAMILY SAVINGS Bank (BFSB) is seeking consent from its bondholders to allow the Bank of the Philippine Islands (BPI) to take over the obligations for their papers after the lenders’ merger.

The consent solicitation period for holders of BFSB’s fixed- rate bonds will run from July 13 to Aug. 24, which could change at the thrift bank’s discretion, its parent BPI said in a filing on Tuesday.

“The merger will not alter the interest rate or maturity date of the bonds. Once the merger becomes effective, BPI will assume the issuer’s obligations under the bonds such as the payment of interest and the principal upon maturity date,” the listed bank said.

Consent forms may be submitted to the Trust Banking Group of the Land Bank of the Philippines (LANDBANK) or to BPI Capital Corp. through BPI or BFSB branches until noon of Aug. 24.

LANDBANK’s Trust Banking Group is the consent solicitation advisor for BFSB while BPI Capital is the trustee for the procedure.

Bondholders will be informed of the terms and conditions and will be provided with the forms and requirements for the consent solicitation through a kit that will be distributed from July 13 to 30, BPI said.

BFSB will pay consenting bondholders that have completed the requirements with an applicable consent fee of P1 per P1,000 of the principal amount of the bonds they purchased.

BFSB raised P9.6 billion from its maiden bond issuance in December 2019. The papers have a fixed rate of 4.3% per annum paid quarterly.

The merger plan between the Ayala-led lenders with BPI as the surviving entity was announced in January.

The merger will take effect once the Securities and Exchange Commission issues a certificate of merger or by Jan. 1, 2022, whichever is later, BPI said.

BPI last week said it has secured approval from the central bank to increase its capital stock to P50.6 billion ahead of the effectivity of the merger.

“We believe this merger will help realize savings on operating expenses given the consolidation of branch locations and marketing support, reduction in tax leakages from inter-company services, and streamlining of compliance and reportorial requirements,” BFSB President Ma. Cristina L. Go said in a statement on Monday evening.

BFSB’s assets stood at P286.2 billion as of end-2020, based on central bank data. Its loan portfolio is mainly focused on the housing and auto sector.

Meanwhile, its parent BPI’s net earnings dropped 21.64% to P5 billion in the first quarter from P6.381 billion a year earlier. This was caused by declining revenues amid lower net interest income.

BPI’s shares closed at P89 apiece on Tuesday, down by 40 centavos or 0.45% from its previous finish. — L.W.T. Noble

COVID-19 lessons can help in country’s fight vs dengue

Public Health Image Library/US Centers Disease for Control and Prevention

Lessons learned from the coronavirus disease 2019 (COVID-19) pandemic can be applied to prevent dengue outbreaks in the Philippines and enhance the country’s outbreak response, according to health experts during the recent Health Connect forum titled “Dengue Awareness: How to Protect Ourselves from the Next Dengue Epidemic.”

“Addressing dengue requires a whole-of-society approach. The COVID-19 pandemic highlighted the importance of improved case surveillance and early diagnosis, cooperation between public and private sectors, and responsible health communication,” said physician and medical anthropologist Dr. Gideon Lasco, senior lecturer at the Department of Anthropology of the University of the Philippines Diliman.

Dr. Lasco noted that disease is determined by social, economic, and environmental factors. “This is why we need to adopt a holistic approach that involves the government, the community and the private sector, which is more comprehensive and more effective in the long run.”

Dr. Beverly Lorraine Ho, Director of the Disease Prevention and Control Bureau of the Department of Health (DoH), agreed. “LGUs [local government units] and local communities supported by non-governmental organizations and the private sector serve as the backbone of our dengue response. Successful implementation of key strategies relies heavily on the active participation of community members.”

The DoH has deployed a number of dengue prevention and control strategies anchored on intersectoral collaboration. The “4 o’clock habit” vector control program rallies community members, including housewives, students, and office employees to work with the LGU to search and destroy mosquito breeding sites at 4 p.m., which is the time when mosquitoes carrying the dengue virus are most active.

The Enhanced 4S Strategy encourages households to “search and destroy” mosquito-breeding sites; employ “self-protection measures” like wearing long pants and long-sleeved shirts; “seek early consultation” if one develops symptoms associated with dengue; and “support fogging/spraying” only in hotspot areas with documented increase in dengue cases for two consecutive weeks to prevent an impending outbreak. The DoH also conducts periodic anti-mosquito fogging and misting, and larval trapping activities as part of vector surveillance.

Proactive communication of dengue prevention, transmission, and symptoms are crucial in enabling community members to protect themselves against the mosquito-borne disease, Dr. Ho stressed. Symptoms of dengue include sudden onset of fever of 2 to 7 days, plus two of the following: headache, body weakness, joint and muscle pains, pain behind the eyes, loss of appetite, vomiting, diarrhea, and skin rashes. Adequate information can be a catalyst in promoting proper health-seeking behavior such as seeking early consultation at the nearest health facility if dengue symptoms develop, she added.

The DoH emphasized the need for continued vigilance, noting that dengue infected about 400,000 Filipinos and caused more than 1,000 deaths in 2019, prompting the DoH to declare a national dengue epidemic that year. They believe that stay-at-home directives as part of COVID-19 community quarantine protocols may have complemented dengue prevention and control strategies, resulting in a significant decrease in dengue cases and deaths since the pandemic began. DoH data showed an 81% decrease in dengue cases and deaths for 2020 compared to 2019, with a continued 55% decrease in cases and 56% decrease in deaths during the same time period.

“While we celebrate our country’s gains in our fight against dengue, we must always keep our guard up to protect the people from this threat. There is a cyclical rise and fall in the number of dengue cases in the Philippines, with outbreaks occurring every three to five years. The country cannot risk another surge of dengue infections that would further burden our health system. We encourage communities to practice the DoH 4S strategies to prevent a dengue outbreak and protect our children and their families during these challenging times,” Dr. Ho said.

Dengue has caused immense human suffering for individuals and families, and has also resulted in huge health and economic burden for the country. Dengue is a cyclical disease which the public cannot be complacent about.  Lessons from the COVID-19 pandemic could be well applied in preventing a surge in dengue cases. There is need to prepare while cases are low. Preparations must center on close monitoring or disease surveillance, responsible health communication, strengthening of the health system and a whole-of-society approach in the fight against this vector-borne disease.

 

Teodoro B. Padilla is the executive director of the Pharmaceutical and Healthcare Association of the Philippines (PHAP). PHAP represents the biopharmaceutical medicines and vaccines industry in the country. Its Members are in the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.   

Headline inflation rates in the Philippines (June 2021)

PHILIPPINE INFLATION eased to a six-month low in June following three straight months of steady price increases, the Philippine Statistics Authority (PSA) said on Tuesday. Read the full story.

Headline inflation rates in the Philippines (June 2021)

How PSEi member stocks performed — July 6, 2021

Here’s a quick glance at how PSEi stocks fared on Tuesday, July 6, 2021.

Peso weakens further ahead of Fed minutes

THE PESO weakened versus the greenback for the fourth straight day on Tuesday as the market expects hawkish signals from the US Federal Reserve and due to an impasse in talks among the world’s largest oil producers.

The local unit closed at P49.50 per dollar on Tuesday, retreating by 26 centavos from its P49.24 finish on Monday, based on data from the Bankers Association of the Philippines.

Tuesday’s close was the weakest in nearly a year or since July 16, 2020 when it finished trading at P49.535 per dollar, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The peso opened Tuesday’s session at P49.23 per dollar, which was also its strongest showing for the session. Meanwhile, its weakest showing was at its close of P49.50.

Dollars traded inched down to $1.068 billion on Tuesday from $1.073 billion on Monday.

The peso weakened on risk-off sentiment as investors await clearer signals from the Fed on its monetary policy, Mr. Ricafort said.

Minutes from the Fed’s June 15-16 policy meeting are set to be released on Wednesday. The meeting saw more US central bank officials expecting the first rate hike to happen in 2023, sooner than its previous projection of 2024. Seven officials even believe increasing rates will start by 2022, Reuters reported.

Meanwhile, a trader attributed the peso’s continued decline to concerns on higher inflation after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) failed to reach an agreement on oil production.

International benchmark Brent crude oil was trading above $77 a barrel on Monday, or 1.2% higher in the session, as OPEC+ ministers called off oil output talks after clashing last week when the United Arab Emirates rejected a proposed eight-month extension to output curbs, meaning no deal to boost production has been agreed, Reuters reported.

Some OPEC+ sources said there would be no oil output increase in August, while others said a new meeting would take place in the coming days and they believed there will be a boost in August.

For Wednesday, Mr. Ricafort expects the local unit to move within the P49.35 to P49.55 band versus the dollar, while the trader gave a forecast range of P49.40 to P49.60. — L.W.T. Noble with Reuters

Shares decline as trading volume remains low

COURTESY OF PHILIPPINE STOCK EXCHANGE, INC.

STOCKS snapped their three-day rally on Tuesday despite a better-than-expected June inflation print on weak trading volume and as investors booked profits from the market’s recent climb.

The Philippine Stock Exchange index (PSEi) shed 43.95 points or 0.62% to close at 6,992.43 on Tuesday. The broader all shares index lost 16.95 points or 0.39% to end at 4,298.66.

“Philippine shares slipped below the 7,000 mark as investors sold on news with the release of June CPI (consumer price index) which was an improvement from the previous reading,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“There was very little excitement about the confirmed continuing deceleration of inflation, which means that it was already priced in by the market,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

“Trading volumes remain below the daily average and just about half of what we saw when the market rallied at the beginning of the year. This tells us that risk appetite may be peaking, which is also how the technicals are looking,” Mr. Mangun added.

Value turnover increased to P5.1 billion on Tuesday with 2.51 billion issues traded from the P4.31 billion with 1.79 billion shares switched hands the previous day.

The Philippine Statistics Authority reported that headline inflation stood at 4.1% in June, easing from the 4.5% logged in May and the slowest rate in six months or since the 3.5% recorded in December 2020. However, this was above the 2.5% recorded in June last year.

The June figure was lower than the 4.3% median in a BusinessWorld poll conducted late last week. It likewise fell within the 3.9%-4.7% estimate given by the Bangko Sentral ng Pilipinas for the month, but was still higher than the central bank’s 2-4% target for the year.

“Investors may have chosen to remain on the sidelines while the US markets were closed on Monday,” Timson Securities, Inc. Trader Darren Blaine T. Pangan added in a Viber message.

Majority of sectoral indices closed in the red on Tuesday except for services, which went up by 8.02 points or 0.49% to 1,628.06.

Meanwhile, property went down by 35.15 points or 1.03% to 3,368.25; holding firms declined by 51.78 points or 0.73% to 7,010.53; industrials lost 48.39 points or 0.49% to close at 9,738.24; financials inched down by 3.51 points or 0.23% to 1,512.42; and mining and oil shaved off 9.42 points or 0.09% to 9,867.90.

Decliners beat advancers, 112 against 96, while 52 names closed unchanged.

Net foreign selling slowed to P37.55 million on Tuesday from P82.10 million on Monday.

Timson Securities’ Mr. Pangan expects the index to trade between 6,820 and 7,080 on Wednesday.

“The lack of potentially positive catalysts in the short term will incite profit taking,” AAA Southeast Equities’ Mr. Mangun said. “The PSEi is looking toppish around the 7,000 area and may pull back towards stronger support levels.” — Keren Concepcion G. Valmonte

NGCP sees completion of repairs to island grid cable link this year

NGCP FB PAGE

By Angelica Y. Yang, Reporter

THE NATIONAL Grid Corp. of the Philippines (NGCP) said it plans to complete repairs on a crucial transmission project which will connect the separate grids of Mindanao and Visayas by the end of the year.

“We are targeting completing repairs by end of year,” NGCP Spokesperson Cynthia P. Alabanza told BusinessWorld via Viber Tuesday.

She was referring to the Mindanao-Visayas Interconnection Project (MVIP), the timeline of which was further pushed back after the NGCP discovered damage in February to portions of a submarine cable connecting Zamboanga del Norte and Cebu.

The MVIP had been delayed also by travel restrictions imposed by the pandemic.

Asked to comment on the cause of the damage to the cable, Ms. Alabanza said the company was “not yet at liberty” to make a disclosure.

The NGCP has said it received initial reports of a vessel present in the area a month after the cable was laid. It discovered the damage when it was laying the second cable for the project.

NGCP said that repairs will require another cycle of procurement, awarding, and cable laying. Weather and tides will dictate the schedule of the operation, it said.

By connecting the grids in Mindanao and Visayas, the MVIP will allow for excess power to be exported where it is needed, minimizing the instances when one grid has too little in reserve.

In 2018, the Energy department certified the MVIP as an energy project of national significance, whose proponent is entitled to an expedited permitting process.

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