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Guess launches fragrance in PHL

GUESS is introducing its latest fragrance for women, the Guess Bella Vita, in the Philippines. “This fragrance is for the woman who fearlessly takes life into her own hands to create her unique story,” says the Drom perfumer team of Christine Hassan and Valerie Garnuch-Mentzel. “We created Guess Bella Vita as a tribute to all the women out there who love themselves and believe in the power of their femininity.” This fruity-floral fragrance opens with playful and vibrant notes of Italian lemon, cassis and black cherries, followed by a velvety white floral heart composed of jasmine, tuberose and vanilla orchid. The packaging design draws inspiration from the brand’s fashion heritage. The bottle and the carton bear the iconic GUESS peony medallion in the center. Transparent glass reveals the warm, rich color of the fragrance, while the opulent gold cap adds a precious detail. For the Philippine launch, Rustan Marketing Corp. put the spotlight on Filipina beauty queen, model and actress, Kylie Verzosa, as the woman who epitomizes the scent and traits of Guess Bella Vita. The perfume is available in two sizes: Eau de Parfum 50 ml (P3,450) and Eau de Parfum 100 ml (P4,250). It is available at Rustan’s Department Store Shangri-la Plaza and Makati; rustans.com, and zalora.com.ph.

Power Plant holds PHL’s 1st digital Christmas raffle

ROCKWELL’S Power Plant mall works with Aimazing, the retail-tech platform, for a first-of-its-kind mall raffle campaign that offers customers opportunities to earn rewards in real time for their purchases at stores across the entire mall.  Customers will need to leverage their mobile devices and input the alphanumeric code found on their receipt on Rockwell’s loyalty app while shopping on the go. Shoppers need to spend between P1,000 to P3,000 at selected Rockwell locations and stores from Nov. 5 until Jan. 31, 2022 and enter their Christmas Raffle code on Rockwell’s loyalty app for a chance to win a Land Rover Defender worth more than P6.5 million.

Jacinto & Lirio present refill planners for 2022

JACINTO & Lirio has come out with the Alamat, Ati-Atihan, and Bucketlist with Fiesta refill planners for 2022. The Alamat planner is a versatile and customizable desk board planner made with water hyacinth plant leather. It has a built-in cork board to pin notes, a magnetic clipboard to keep any document firmly in place, refillable dateless monthly sheets, magnetic clipboard, and several elastic and garter holders for extra pens and documents. The Alamat vision board has handles on its covers, making it portable and convenient for those who will soon be on-the-go. The Ati-Atihan is a refillable vegan leather traveler’s notebook planner with zipper. Its extended flaps can store pens and mini-stationary while its organizer secures a phone and mobile cords. It also has a flat elastic holder that can mark a new journal entry from the two sets of dateless weekly inserts or the other two sets of dotted sheets. One can also stash their cards here and personalize it by painting on the canvas or adding some keychains on the exterior garter. Finally, there is the Bucketlist with Fiesta refill planners. These planners are also a travel/checkbook wallet that will not only hold a dotted or weekly planner sheets, but a passport as well. The sim card holders, card slots, and paper bill slits help the user keep their items from getting mixed with their cash, and the extra pockets are handy when it comes to getting important notes or documents in an instant. This planner is spacious enough to keep coins, phone, or even a power bank! It also has a retractable wristlet which keeps essentials secure.

Dickies brings its iconic silhouettes to PHL

DICKIES Philippines presents the Dickies Fall/Winter collection, featuring the brand’s five most iconic styles — the 874 Work Pant, Eisenhower Jacket, Work Shirt, Coverall and Bib Overall. The Bib Overall and the 874 Work Pant are now available on the Dickies Philippines website and in its Robinsons Manila Flagship Store. The Bib Overall (P6,498, available in Hickory and Black) is a timeless staple that dates back as the first product ever sold by Dickies nearly 100 years ago. The 874 Work Pant (P3,698, in Military Green and Mushroom) evolved from the original Dickies 100% cotton work pant. Redeveloped in the 1960s to be practically indestructible with a mix of 65/35 poly cotton blend.

Uniqlo opening in Dumaguete

JAPANESE apparel retailer, Uniqlo, is set to open its first store in Dumaguete on Dec. 17. Located at the ground floor of Robinsons Place Dumaguete mall, the store features 243 sqm of sales space which will showcase the latest lineup of LifeWear pieces for Men, Women, Kids, and Babies. From Dec. 17 to 19, for every single receipt purchase with a minimum spend of P3,000 in the new store, customers will receive one free Uniqlo Limited Edition Stainless Bottle and the first 250 customers in line on Dec. 17 will receive one free pack of 10 assorted Silvanas from Sans Rival Cakes & Pastries. During the opening weekend, customers can avail of special offers on select LifeWear pieces. For men these include U Crew Neck Short Sleeve T-Shirt (P390 from P590), Smooth Jersey Lined Parka (P1,490 from P1,990), Cotton Relaxed Ankle Pants (P790 from P990). For Women, these include the Wireless Bra (Shape Lift) (P990 from P1,290) and Ultra Stretch High Rise Leggings Pants (P790 from P990). For Kids, these are the Kids’ Easy Shorts (P390 from P590), and the Girls’ Smooth Cotton Dress (P590 from P790). For updates, visit Uniqlo Philippines’ website at uniqlo.com/ph and download the Uniqlo App via Google Play Store or Apple Store.

Y.O.U Beauty holds Christmas giveaway

WHILE Christmas is the season to be jolly, it can also be a stressful time for many of us. The pressure that comes with finding the perfect gifts, stretching one’s time between all the online get-togethers, and preparing for celebrations can manifest in different ways, sometimes even on one’s face. To help maintain a brilliant glow and healthy skin throughout the holidays, Y.O.U Beauty has a skincare solution to keep your face looking fresh no matter how demanding the Christmas season can get — The Radiance White Nourishing+ Serum. It contains 5% Niacinamide to reduce dull skin and hyperpigmentation, Vitamin C to actively brighten and even out skin tone, and Snow Mushroom to boost skin hydration and collagen production. For those with normal, dry, oily, sensitive, or even a combination skin type, the serum is ideal for use after cleansing and toning — as part of both a morning and nighttime skincare routine. The serum belongs to Y.O.U Beauty’s Radiance White series of skincare products, formulated and designed to clarify, refresh, nourish, and protect an all-day glow. This holiday season, Y.O.U Beauty has included the Radiance White Nourishing+ Serum in a special Christmas box which people can take home for free in three ways: on Instagram, follow Y.O.U Beauty (@youbeauty_ph), like, and leave a comment on the giveaway post, with a total of seven winners chosen between Dec. 6 to 12; post a public photo of the buyer with any of Y.O.U Beauty offline stores and their Y.O.U Beauty products haul purchases with the hashtag #GlowingXmasWithYOU, with three winners per day chosen from Dec. 13 to 24 (the store list can be found on the Y.O.U Beauty Instagram page); and finally, buy any Y.O.U Beauty product from the brand’s Lazada or Shopee stores from Dec. 12-14, with 20 winners (10 from Lazada, 10 from Shopee) chosen during the sale.

Trunc Mystery Boxes auction

TO CELEBRATE the season of giving, multi-brand online boutique Trunc is auctioning Mystery Boxes filled with luxury and premium items until Dec. 8. All proceeds will go to #MentalHealthPH, a non-profit organization that promotes and protects mental health in the Philippines. The auction is open to all residents of the Philippines. To join the auction, create an account at Trunc.ph, go to Offers page, and click the Mystery Box banner. Or visit truncmysterybox.ph. Once on the page, details about the campaign and bidding mechanics will be seen. Under it is the auction section where one can choose from a selection of Mystery Boxes whose retail values range from P9,890 to P98,000. Upon choosing a box, an electronic bidding form will appear, which should be filled out to place the bid. The minimum bid values range from P5,000 up to P48,000, depending on the preferred Mystery Box. Once the form is filled out, the customer will receive an e-mail to confirm the bid. For real time updates, refresh the page and click on the View Current Bids. The highest bidders will win their chosen boxes and will be notified through e-mail and the mobile number registered in their bidding form. They may choose to settle the amount for their boxes via bank transfer or PayPal. Once settled, Trunc will deliver the Mystery Boxes to the winners’ registered addresses. Join Trunc’s auction and support #MentalHealthPH. Visit Trunc.ph for more information.

Chery launches Tiggo 2 Pro

IMAGE FROM CHERY AUTO PHILIPPINES

WITH THE MOTTO “move for more,” Chery Auto Philippines is also setting its sights on addressing “the number of buyers who still need value but want more premium features and a sportier design.” This is what it invoked when it launched the 2022 Tiggo 2 Pro.

“We are excited to introduce the new Chery Tiggo 2 Pro to Filipino new car buyers. With its upmarket styling and premium features, we expect it to surprise and delight Filipinos who are eager to ‘move for more’ who want and expect to get more from this very affordable new car,” said Chery Auto Philippines President Erroll Dueñas in a release.

As with the Chery Tiggo 7 Pro launched earlier this year, the new Tiggo 2 Pro’s upscale European-inspired design was executed by Chery Vice-President and Global Chief of Car Design Kevin Rice. The Briton was instrumental in the design of Mazdas, including the MX-5 Miata, from 1999 to 2005 as Hiroshima’s European Design Director. He also worked with BMW on the exterior design of the previous 1, 3, and 4 Series.

The new Tiggo 2 Pro boasts a big, bold starburst grille and slim, high-mounted LED daytime running lights (DRLs) for enhanced road visibility. The headlights now have a “follow-me-home” feature to illuminate the occupants’ path as they walk away from the car. The lights then automatically turn off after a while.

The Tiggo 2 Pro gets chrome trims on the window beltline and along the rocker panel below the doors. It has distinctive character lines, power side mirrors with turn signals, roof rails, and 16-inch dual-tone alloy wheels with 205/55R16 tires. On the rear are chrome-tipped dual tailpipes housed within a silver-colored under-bumper diffuser, LED tail lights, and a spoiler.

Inside, the new Tiggo 2 Pro features black faux leather and a fabric-covered cabin. Elegant single stitching on the seats and silver trim on the doors, console, and leather steering wheel further add to the upmarket feel. The driver even has a footrest. A biggest-in-class nine-inch touchscreen four-speaker infotainment system boasts Bluetooth, Mirror Link, QDLink, and Apple CarPlay and USB connectivity, as well as a trip computer within the digital instrument panel.

Other premium Tiggo 2 Pro highlights include an Intelligent Remote Key with remote engine start that lets the driver start the engine and cool the interior even before entering the car, push-button engine start/stop, cruise control, reversing camera with dynamic guidelines and reversing sensors, tailgate remote open, headlight height adjustment, six-way adjustable driver’s seat, four-way adjustable front passenger seat, one-touch-down on all four windows, and multi-function control buttons for the tilt flat-bottom steering wheel.

Under the hood is a 1.5-liter, Euro 5-compliant, four-cylinder gasoline engine mated with a nine-speed continuously variable transmission (CVT) for fuel efficiency. The Tiggo 2 Pro’s suite of safety and security features include dual front air bags, four-wheel disc brakes, Isofix seat anchor, an electronic anti-theft system with engine immobilizer, and three-point seat belts for all five occupants.

The new Tiggo 2 Pro is priced at P818,000 and receives Chery’s standard 10-year/one-million-km engine warranty, a five-year/150,000-km general vehicle warranty, free three-year preventive maintenance service (PMS), and free three-year roadside assistance. For more info, follow Chery Auto Philippines on social media: Chery Auto Philippines (Facebook) and @cheryautophilippines (Instagram); call the 24/7 Chery Auto Philippines hotline at 0917-552-4379 or e-mail chery@uaagi.com for more inquiries.

Stocks to rise on expectations of slower inflation

PHILIPPINE STAR/KRIZ JOHN ROSALES

PHILIPPINE stocks may advance this week on expectations that headline inflation eased last month, but worries over the new coronavirus disease 2019 (COVID-19) will continue to affect sentiment.

The benchmark Philippine Stock Exchange index (PSEi) gained 22.65 points or 0.32% on Friday to close at 7,055.19, while the broader all shares index went up by 17.70 points or 0.46% to 3,790.20.

Week on week, the bellwether PSEi fell by 223.25 points from its 7,278.44 finish on Nov. 26.

“[Last] week, majority of the sell-off in equities was attributed to panic induced by the Omicron variant. However, towards the end, bargain hunters dominated as they picked up oversold issues,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

The World Health Organization (WHO) on Friday told Asia-Pacific countries to boost their healthcare capacity and fully vaccinate their people to prepare for a surge in the COVID-19 cases as the Omicron variant spreads globally despite travel curbs, Reuters reported.

First detected in South Africa, the Omicron variant cases has reported in 38 countries, the WHO said. Since then, governments have tightened their border controls.

Worries over the new variant will continue to affect trading this week, Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message.

“Market will continue to be volatile as the Omicron variant start to spread in other countries. Until definitive information on how this variant could be contained, it will continue to create uncertainties in the global communities,” Mr. Pangan said.

Inflation data to be released this week could help calm these fears, analysts said.

“Easing inflation for last month likely near 4% and hopes for a seasonally strong fourth quarter of 2021 may temper Omicron-related jitters, keeping the PSEi resilient,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber Message.

“A low inflation reading may induce some buying into the local bourse,” Regina Capital Development Corp.’s Mr. Limlingan added.

Headline inflation likely slowed in November due to base effects and slower increases in food costs and a decline in oil prices.

A BusinessWorld poll of 18 analysts yielded a median estimate of 4% for the November inflation, which is closer to the upper end of the 3.3% to 4.1% estimate given by the Bangko Sentral ng Pilipinas (BSP) for the month.

If realized, last month’s consumer price index will match the higher end of the 2-4% target of the BSP and be slower than the 4.6% in October and the 3.7% logged a year earlier.

The Philippine Statistics Authority will release November inflation data on Tuesday, Dec. 7.

Diversified Securities’ Mr. Pangan said the PSEi could range from 6,900 to 7,200 this week. — Marielle C. Lucenio with Reuters

Russia considering wheat export quota of 9 million tons

REUTERS

RUSSIA is discussing setting a quota for the wheat export season that runs from mid-February through June of 9 million tons, according to people familiar with the matter.

The figure was proposed by the agriculture ministry, which also suggested a total grains quota of 14 million tons for the period, said the people, who asked not to be identified discussing private information.

Russia, one of the world’s biggest wheat exporters, has been taking steps to slow sales abroad to curb domestic food inflation. It’s also introduced a floating tax on grain exports, though the measures have had limited effects on total seasonal volumes.

However, the decision will be closely watched in the global wheat market, which is facing increasingly tight supplies after crops around the world were hit by droughts, frost and heavy rain.

Benchmark prices in Chicago reached a nine-year high last month.

Next year’s quota will be decided by the government based on a recommendation by the tariffs commission, a spokesman for the agriculture ministry said, without commenting on the figures.

The press service for the economy ministry, which is in charge of the commission, said it plans to discuss the specific dates and volumes of the quota for 2022 together with the ministry of agriculture “in the near future.”

Russia imposed a grains export quota of 17.5 million tons from Feb. 15 through June 30 this year. It didn’t have a breakdown for specific grains within the total.

Wheat futures in Chicago extended declines to trade 1.6% lower on Friday. — Bloomberg

Tokyo Olympic boxing medalists target 2024 Paris Games

By Joey Villar

OLYMPIC boxing medalists Nesthy A. Petecio, Carlo Paalam and Eumir Felix D. Marcial are not discounting the possibility of going for another shot at an Olympic gold in the 2024 Paris Games.

“Pinapangarap ko talaga gold medal sa Olympics (I’m really dreaming of an Olympic gold medal),” said Mr. Paalam during yesterday’s turnover ceremony of the house and lot he, Ms. Petecio and Mr. Marcial received in Tagaytay City.

The house and lot, a 125-square-meter property courtesy of Philippine Olympic Committee (POC) President Abraham Tolentino and his brother Sen. Francis Tolentino, was rewarded to Ms. Petecio, Messrs. Paalam and Marcial for bringing home a silver, silver and bronze, respectively, in the Tokyo meet.

Weightlifter Hidilyn F. Diaz, who delivered the country’s first Olympic mint, was given a 220-square-meter property nearby also from the Messrs. Tolentinos.

And of the three, Mr. Paalam appeared to have the best shot at shooting for the gold in Paris as he is the youngest at 23 years old.

Mr. Marcial is 26 while Ms. Petecio is 29.

Mr. Marcial, who will juggle being a pro, an amateur boxer and an Air Force man, said he still have something left in the tank.

“Kaya pa (I can still do it),” said Mr. Marcial.

Mr. Tolentino said had encouraged the three, as well as Ms. Diaz, to go at it one final time.

“I think they can still do qualify in the Olympics and they’re still young enough to shoot for the Olympic gold,” said the congressman from Tagaytay and PhilCycling chief.

Mr. Tolentino said he dreams of giving future Filipino athletes a home if they will end up snaring Olympic medals.

“I will call it the Olympic Village,” said Mr. Tolentino.

Yields on gov’t debt mixed on RTB sale, variant fears

YIELDS ON government securities (GS) ended mixed last week after strong demand for the retail Treasury bond (RTB) offering and concerns over the new coronavirus disease variant.

Bond yields, which move opposite to prices, rose by an average of 2.32 basis points (bps) week on week, based on PHP Bloomberg Valuation Service Reference Rates as of Dec. 3 published on the Philippine Dealing System’s website.

The short end of the curve saw rates decline from their close on Nov. 26 except for the six-month Treasury bill (T-bill), which inched up by 0.12 bp to fetch 1.4583%. On the other hand, yields on the 91- and 364-day papers went down by 1.49 bps and 3.67 bps to 1.2229% and 1.6596%, respectively.

At the belly of the curve, the two-, three-, four-, five, and seven-year Treasury bonds (T-bonds) increased by 1.53 bps, 6.25 bps, 10.18 bps, 10.97 bps, and 1.26 bps to yield 2.7825%, 3.3275%, 3.8005%, 4.1648%, and 4.5427%, respectively.

Meanwhile, long-dated papers were mixed as yields on the 20-year and 25-year notes went up by 0.46 bps (to 5.0233%) and 0.97 bps (5.0108%), while the rate of the 10-year paper dipped by 1.07 bps (4.9874%).

Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. said local yields were slightly higher last week following the P360-billion retail Treasury bond issuance of the government.

“The market continues to price in the substantial increase in government debt and its impact on the country’s credit ratings,” Mr. Neri said in an e-mail interview.

ING Bank N.V. Manila Branch Senior Economist Nicholas Antonio T. Mapa noted that GS yields rose higher, particularly in the belly of the curve, as “the anticipated trading of the RTB took center-stage…which may have affected trading sentiment with some investors taking profit.”

“Meanwhile, concerns over the potential negative impact from the Omicron variant may have given the market additional trading color,” Mr. Mapa said in a separate e-mail interview.

The Bureau of the Treasury (BTr) last week said the government raised P360 billion through its offering of five-and-half-year RTBs, which was launched on Nov. 16 and ran until Nov. 26.

Broken down, the BTr secured P330.5 billion in fresh funding, while P29.5 billion came from the bond exchange program. The retail bonds carry a coupon rate of 4.625% due 2027 and were issued on Thursday.

These retail bonds are offered to small investors that want low-risk, higher-yielding instruments for as low as P5,000.

Meanwhile, the Philippines is ramping up its vaccination program as the threat of the latest variant of the coronavirus disease, which was first detected in South Africa, looms.

The Omicron variant has yet to be detected in the country but has closed its borders to South African countries as well as other Asian and European countries where such cases have been recorded.

Analysts said the release of November inflation data and the auction of reissued 10-year T-bonds, which have a remaining life of nine years and seven months, on Tuesday will drive yield movements this week.

The Bangko Sentral ng Pilipinas expects November inflation to settle between 3.3% and 4.1%, slower than the 4.6% clip in October, amid a stronger peso and oil price rollbacks.

A low inflation figure will help push renewed bond buying, Security Bank Corp. Chief Investment Officer for Trust and Asset Management Group Noel S. Reyes said.

“We could have a positive December movement from potential window dressing and relatively lower issuance for the month by the Bureau of the Treasury. The curve could flatten favoring long dates similar to US Treasuries,” he added in an e-mail. — Abigail Marie P. Yraola

New COVID variant drags URC stocks

UNIVERSAL Robina Corp. (URC) saw its stock price go down on a week-on-week basis as negative market sentiment brought by the emergence of a potentially more contagious coronavirus disease 2019 (COVID-19) variant offset any gains made from the acquisition of a Malaysian snack firm.

URC’s stock price settled at P130 per share to end the trading week last Friday, down 1.7% from its stock price of P132.2 per share last Nov. 25, Philippine Stock Exchange (PSE) data showed.

A total of 12.23 million shares worth P1.6 billion were traded from the week of Nov. 29 to Dec. 3.

Trading of URC shares were suspended on Nov. 26 in accordance with the PSE’s “Substantial Acquisition” rule following the firm’s recent acquisition of a Malaysian-based firm. Meanwhile, last week only had four trading days as the market was closed last Tuesday in observance of Bonifacio Day.

For the year, the company’s share price has gone down by 14.6%.

“Market reacted positively on the acquisition with price moving up and volume at more than three times the normal trade upon resumption of trading after the disclosure [of URC’s latest acquisition overseas]. Unfortunately, it was affected by the negative sentiment in the market when the uncertainty of the Omicron variant sets in,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a Viber message.

In a disclosure to the stock exchange on Nov. 26, URC said it agreed to buy a 100% stake in Malaysian biscuits company Munchy Food Industries and its subsidiary from private equity firm CVC Capital Partners for around 1.925 billion ringgit (around P22.9 billion).

Munchy’s is described as the top biscuit brand in Malaysia. Among its products include Munchy’s Cream Crackers, Choc-O cookies, and Lexus Cream Sandwich, which are available in over 50 countries.

On the other hand, the emergence of the Omicron variant led the government to approve a plan to keep Manila, nearby cities, and all provinces under Alert Level 2, except Apayao, which is now under Alert Level 3.

The government announced the quarantine levels, which run on Dec. 1 to 15, after it tightened border controls to prevent an outbreak of the Omicron variant, which authorities said has had several mutations.

The country has also suspended inbound flights from several countries from South Africa, Botswana, Namibia, Zimbabwe, Lesotho, Eswatini and Mozambique, Austria, the Czech Republic, Hungary, the Netherlands, Switzerland, Belgium, and Italy.

“Investors were focused on the effects of the Omicron variant to the global economy, which sparked volatility in the market. Nonetheless, [URC’s acquisition of the market-leading snack manufacturer in Malaysia]… would add value to URC’s operations given the potential revenue and cost synergies between the two companies,” said RCBC Securities, Inc. Equity Research Analyst John Renz S. Alvarado in an e-mail.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan shared this assessment.

“The recent acquisition would add value to URC’s global presence, particularly scale up their manufacturing capabilities and market position in the region given that Munchy’s is a well-loved biscuit brand in Malaysia,” Mr. Limlingan said in a separate e-mail.

URC posted a P2.47-billion net income attributable in the third quarter this year, up 25% from a year ago as sales inched up by nearly 3%. Year to date, its attributable net income went up by 40% to P10.52 billion from P7.50 billion in last year’s comparable nine months.

“Though URC’s income was affected by the stricter restrictions during the third quarter of this year, we may expect a yet better performance from the company going into the fourth quarter. with the ease in restrictions,” Diversified Securities’s Mr. Pangan said.

“Estimated income may reach P4 billion for the fourth quarter. while annual income may reach P14.5 billion, better than its annual income at pre-pandemic level,” he added.

For RCBC Securities’s Mr. Alvarado: “We expect demand to pick up in Q4 due to holiday spending, in addition to increased consumer mobility due to declining COVID-19 cases. However, we expect commodity costs to remain elevated,” he said.

“Nevertheless, URC’s earnings performance will depend on how they manage their inventory in an inflationary environment.”

In another separate e-mail, RCBC Securities equities trader Rachele Y. Lee said the stock may continue to trade in the P128-P134 range until a breach is made, in which case, it will lead to P125 and P137 as the next support and resistance levels, respectively.

Regina Capital’s Mr. Limlingan expects “modest growth” amid recovering consumer confidence along with the upcoming holiday season.

Mr. Limlingan pegged URC’s immediate support at P128 per share and resistance at P134 per share.

“We see URC going sideways in the coming week as there’s little to no momentum,” he said.

Meanwhile, Diversified Securities’s Mr. Pangan placed URC’s immediate support and resistance levels at P128 per share and P132 per share, respectively. — Bernadette Therese M. Gadon

Leisure & Resorts World Corporation to conduct virtual stockholders’ meeting on Jan. 7, 2022

Click to enlarge.

Big banks’ asset growth picks up pace as loans recover

THE THIRD QUARTER saw the country’s biggest banks post the fastest asset growth since the start of the coronavirus pandemic, while aggregate loans rose for the first time in a year. Read the full story.

Big banks’ asset growth picks up pace as loans recover

Analysts’ November 2021 inflation rate estimates

HEADLINE INFLATION likely eased in November amid a slower rise in food prices and a drop in pump prices, analysts said. Read the full story.

Analysts’ November 2021 inflation rate estimates

How PSEi member stocks performed — December 3, 2021

Here’s a quick glance at how PSEi stocks fared on Friday, December 3, 2021.

Banks expect to keep lending to coal-fired power projects

PHILSTAR FILE PHOTO

Banks expect to continue lending to coal-fired power projects as the Philippines shifts to cleaner and renewable energy sources by 2040, pending developments in an Asian Development Bank (ADB) program funding the energy transition, a senior banker said.

“There’s a current initiative from the (ADB) for the energy transition. That’s something that the banks haven’t really appreciated yet, but we will talk to the ADB,” BDO Capital & Investment Corp. President Eduardo V. Francisco said during the Energy investment Forum Friday.

“We want any way for the transition of coal to happen smoothly also, so there will be no stranded assets for the original coal investors,” Mr. Francisco said.

He also said that if the Department of Energy (DoE) allows nuclear energy, BDO Capital & Investment is willing to explore financing whatever companies decide to venture into nuclear.

During the United Nations Climate Change Conference (COP26) in November, Finance Secretary Carlos G. Dominguez III, head of the Philippine delegation, said the country has partnered with the ADB to establish the Energy Transition Mechanism (ETM) in the Philippines.

ETM is ADB’s initiative to “shorten the life of coal-fired power plants and unlock new investments in sustainable and renewable energy.”

Through partnerships, public and private investment will support and finance country-specific ETM funds to retire coal-fired power plants earlier than scheduled.

“In parallel, proceeds from the assets or other investments will be mobilized onward renewable energy plants and enabling infrastructure such as grids and storage to provide clean energy,” the ADB said on its website.

In Oct. 2020, the DoE announced a moratorium on new coal-fired power plant projects.

Prior to the suspension, there were 3,436 megawatts (MW) worth of approved coal-fired power plants in Luzon including projects from Meralco Powergen Corp. and GNPower Dinginin Ltd. Co.

The equivalent capacities are 135 MW and 420 MW for the Visayas and Mindanao, respectively.

To hit its target of 50% renewable energy (RE) capacity outlined in the Philippine Energy Plan by 2040, Energy Undersecretary Felix William B. Fuentebella said in his presentation during the forum on Friday that the Philippines needs an additional 92,320 MW of installed capacity by 2040 under what it calls the Clean Energy Scenario (CES). — Marielle C. Lucenio

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