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ECB hopeful data would vindicate €1.85-trillion purchasing scheme

ECB
THE EUROPEAN Central Bank hopes data to be released in coming quarters will confirm that its €1.85 trillion Pandemic Emergency Purchase Program set in December was appropriate, an official said. — DANIEL VORNDRAN/EN.WIKIPEDIA.ORG

LISBON — The European Central Bank (ECB) is hopeful brighter data in coming quarters will confirm that the amount of its €1.85-trillion ($2.21 trillion) Pandemic Emergency Purchase Program set in December was appropriate, ECB policy maker Mario Centeno said.

Centeno told Reuters on Monday the ECB would adjust the money-printing scheme, which has so far been “quite successful,” on a monthly basis to respond to challenges after new lockdowns in the first quarter dampened recovery in Europe.

“So the decision is going to be taken on a monthly basis, because we can adapt the baseline amount up or down depending on market conditions,” the Bank of Portugal governor said during the interview — his first after the ECB’s meeting on Thursday — at the Money Museum adjacent to the central bank.

However, as countries revised growth for the last three months of 2020 upwards, the carry-over effect may offset part of the negative economic impact early in 2021, Mr. Centeno said.

“We now continue to be hopeful that the second and third quarters will prove that the trajectory was right, and if that happens, then the decision that we took in December about the (PEPP) amount is appropriate,” he said.

“No one challenged that in our debates” during Thursday’s ECB Governing Council, he added, explaining that the ECB remained flexible about whether to use up the whole amount.

STAY ‘HUMBLE’
But he warned that policy makers needed to be “humble” in their assessments and much still depended on new variants of the virus and vaccinations, making immediate forecasts riskier than projections for the second half of the year.

“Hopefully we can all look at the numbers and say ‘hey, the summer was OK, the services sector across Europe has been able to guarantee cash flows to get into the future in a much stronger position’ — this is not the case yet.”

“We are quite happy with the impact of PEPP (but)… the second and third waves of the pandemic show us we are still under emergency procedures, not yet out of the woods, we are very far from that yet and we must keep all our policies actively in place.”

‘NEXT GENERATION’ FUNDS
He also called for a swift approval of the European Union’s (EU) €750-billion Next Generation EU spending package, which is taking “longer than we’d like”, but acknowledged that the EU process needed to run its course for maximum beneficial effect.

Mr. Centeno said the monetary policy’s potential in dealing with the crisis, which he argues is temporary and not structural, has not been exhausted yet, and works even better when complemented with EU fiscal measures.

Despite a recent surge in euro zone bond yields, Mr. Centeno said adopting yield curve control was unlikely to be needed and in any case he “would not support its strong implementation.”

“Again we are quite happy with the way our policies are responding to the crisis and I don’t see a reason for us to change that. If time comes (to seriously consider curve control)…we will get to that point, but honestly I don’t see that happening.” — Reuters

Saint James, ‘brother’ of Jesus: it turns out his ancient remains belong to someone else

HUNCHED innocuously in the shadow of Rome’s mighty Piazza Venezia, just a stone’s throw from one of the city’s busiest thoroughfares, the Santi Apostoli church might be forgiven for having more respect for the dead than for the living.

That’s because of the treasures that the church protects. As well as having briefly accommodated the tomb of Michelangelo, the church has, since the year 556, housed relics of particular significance to the Holy Catholic Church: the remains of two of Jesus’ contemporaries, Saint Philip and Saint James, the latter of whom is believed to have been Jesus’ brother.

Now, after careful extraction and analysis, a bone said to have belonged to Saint James has been radiocarbon-dated — and sadly de-authenticated. Despite being incredibly old, having died at some time between 214 and 340, the individual housed in the Santi Apostoli church for one and a half millennia turns out to have been a few generations off the real deal.

Yet the surprise finding that the wrong person’s remains were likely transported to Rome from the Middle East has prized open a fascinating history: of plundered tombs, holy men’s bones, and the remarkable relocation of saints from one ancient empire to another.

In ancient Rome, families commemorated the birthdays of their ancestors by taking festive meals at their graves. This custom was later taken up by early Christians, who came together around the tombs of their saints on their name days.

But there was a problem. As Christianity became more dominant, the tombs of saints became overcrowded. Plus, the tombs were often situated outside the city walls, which made the feasts potentially risky. In an effort to make them safer and more accessible, saints’ remains were exhumed and transferred into churches in a process called translation.

The practice of translation began in modern-day Turkey. The first known translation was of Saint Babylas in AD 354, who was moved from a cemetery outside the ancient city of Antioch (near the modern-day Turkish city of Antakya) to a purpose-built Byzantine church. There followed a boom in exhumations: Saint Timotheus, Saint Andre and Saint Lukas were all translated to churches in Constantinople (modern-day Istanbul) the following year.

At its peak, the translation trend saw the Christian church issue edicts calling for order amid the energetic violation of sacred tombs. During this period, dozens of bodies were finding their way, by sea and on foot, from tombs into church crypts. The flow of saintly bones was eventually directed from the Middle East, where the saints had died, towards the center of Rome: the seat of the Roman Catholic church.

The remains of Saint Philip and Saint James were assumed to have been caught up in this frenzy of translation. Unsurprisingly, their skeletons are far from complete today. Only fragments of a tibia, a femur, and a mummified foot remain.

The tibia and foot are attributed to Saint Philip, who was one of the original 12 apostles, and was said to have been present at the miraculous feeding of the 5,000.

The femur, meanwhile, was said to belong to Saint James, an altogether more ambiguous figure. Saint Paul calls him “the pillar” of the first Christian church in Jerusalem. This position led to his death, claims the historian Josephus, after the Jewish high priest Ananus had James stoned to death in AD 70.

Paul also describes James as the “Lord’s brother,” something that seems to directly contradict Catholic dogma regarding Mary’s lifelong virginity. This has nonetheless led to speculation that James was either Jesus’ cousin, his half-brother, or even his brother.

To authenticate the bones stored in the Santi Apostoli church, our research team needed to work out when the individuals died. That involved peeling back the layers of history that had accumulated on the bones over the course of their long and well-traveled past.

Doing so, we found mercury embedded deep within the pores and cracks of the bone: a common sign of past mummification. There was evidence of sporadic embalming over the centuries, too. We even found insecticide on the relics, which we dated to the 1950s.

During this process it became clear that only the femur was substantial enough to be radiocarbon dated. But we still couldn’t use its collagen in an Accelerator Mass Spectrometer, as we usually would, because we couldn’t be sure that all the contamination was removed from the sample.

Instead, we had a single amino acid within the collagen, called hydroxyproline, isolated and dated using equipment at the University of Oxford. The unequivocal result was that the individual died sometime between 214 and 340, so the femur could not have belonged to Saint James. It originates from another person some 160 to 240 years younger.

Our international research team also decided to radiocarbon-date some rapeseed oil, which we found, during excavation, at the very bottom of the original altar. The oil dated from between 267 and 539.

As the Santi Apostoli church was likely erected around 556, this oil is older than the church itself and could possibly have followed the relics on their translation from the Middle East to the yet-unbuilt church.

So, we can be sure that the long-protected femur did not belong to Saint James. But our findings have cast an unprecedented flicker of light into the dark period between the death of the apostles around AD 100, and the subsequent storing of Christian relics, centuries later, in the heart of Rome.

 

Kaare Lund Rasmussen is a Professor of Archaeometry at the University of Southern Denmark while Lautaro Roig Lanzillotta is a Professor of New Testament and Early Christian Studies at the University of Groningen.

Prenatal package

THE PRENATAL package of Makati Medical Center (MakatiMed) includes outpatient laboratory and ultrasound procedures, including an anti-HBS test, blood typing, congenital anomaly scan, glucose tolerance test, hepatitis B serologic test, HIV screening test, transvaginal or pelvic ultrasound, and urinalysis. The package is available to all maternity patients till Nov. 25. For more information, call 8-888-8999 locals 7193 and 3778 or e-mail mmc@makatimed.net.ph.

Ayala Land reaches over 90% of carbon neutrality goal

LISTED property developer Ayala Land, Inc. said on Tuesday that it has achieved 91% of carbon neutrality in its commercial properties by switching to renewables and embarking on reforestation efforts, keeping the firm on track in reaching its 100% target by 2022.

Carbon neutrality refers to a balance between emitting and absorbing carbon from the atmosphere to achieve net zero emissions.

Manuel A. Blas II, Ayala Land’s estate group head of corporate services, said in a press release that around 63% of the total gross leasable area of commercial properties have been using renewable energy, as of last year.

He added that some 25,000 trees were planted across 24 hectares in its carbon forests last year; and 80% of the “total carbon forest area” are now covered with trees.

“We’re confident we will hit our target by the end of next year,” Mr. Blas said, referring to the firm’s goal of fully reducing the use of fossil fuels in powering Ayala Land’s malls, offices, hotels and resorts and protecting 586 hectares of carbon forests by 2022.

Four years ago, the company embarked on a program to reduce its carbon footprint to zero by 2022.

Ayala Land Chairman Fernando Zobel de Ayala said that the firm’s efforts to achieve carbon neutrality “affirms its commitment to sustainable and inclusive growth.”

Ayala Land is one of the major subsidiaries of diversified conglomerate Ayala Corp. It has five residential brands in the housing market, and holds a commercial development and leasing portfolio composed of Ayala Malls, Ayala Land Offices, and Ayala Land Hotels and Resorts Corp.

Shares of Ayala Land in the local bourse inched down 0.42% or 15 centavos to finish at P35.75 apiece. — Angelica Y. Yang

Bitcoin ATMs now in US gas stations

A NEW FEATURE has appeared at smoke shops in Montana, gas stations in the Carolinas and delis in far-flung corners of New York City: a brightly-lit Bitcoin ATM, where customers can buy or sell digital currency, and sometimes extract hard cash.

The machines have multiplied quickly through the United States over the past year, fueled by a frenzy in crypto trading that sent Bitcoin prices over $58,000. Kiosk operators such as CoinFlip and Coin Cloud have installed thousands of ATMs, scouring areas competitors have not yet reached, executives told Reuters.

“I just assumed there was demand and people wanted Bitcoin everywhere,” said Quad Coin founder Mark Shoiket, who flew to Montana after scanning a US map for Bitcoin ATM deserts.

During a weeklong road trip, he found seven places to install machines, including 406 Glass, a store in Billings, Montana, that sells tobacco, vape juice and colorful glass pipes.

As of January, there were 28,185 Bitcoin ATMs in the United States, according to howmanyBitcoinatms.com, an independent research site. Roughly 10,000 came within the prior five months.

Bitcoin’s growing popularity has been the primary driver for new installations.

The reasons people use ATMs rather than transacting online vary. Some get paid in cash, some lack bank accounts, some want to send remittances abroad or want anonymity, while others feel more comfortable interacting with a physical machine.

Rebecca White, a 51-year-old Bitcoin investor who lives in the Pittsburgh area, makes larger investments online and uses Bitcoin ATMs when her family has extra money.

“When we do our grocery shopping and we have $60 left, I will stop at the Bitcoin ATM,” said Ms. White, who works in the nuclear power industry.

Some machines only offer Bitcoin, while others let customers invest in various digital currencies. Few Bitcoin ATMs can actually spit out cash, and they cost more than regular ATMs or transacting online.

Fees range from 6% to 20% of a total transaction, said Pamela Clegg, director of financial investigations and education at cryptocurrency compliance firm CipherTrace. Fees vary depending on the location and Bitcoin ATM operator.

“The growth of the ATM market — it is not even a gentle increase, it is almost a 45% increase,” said Ms. Clegg. “The growth is quite astonishing.”

Government agencies have raised red flags about some machines because of their cost and the potential for illicit activity. The New Jersey State Commission of Investigation detailed some of those concerns in a February report titled “Scams, Suspicious Transactions and Questionable Practices at Cryptocurrency Kiosks.”

None of those concerns have stopped the industry’s growth.

COAST TO COAST
There are now Bitcoin ATMs in every state except Alaska, as well as in Washington, DC, according to an online map by Coin ATM Radar. Reuters journalists spotted recent additions at gas stations, stores and restaurants in North Carolina, South Carolina, rural Pennsylvania and the outskirts of New Jersey and New York City.

Las Vegas-based Coin Cloud has 1,470 machines around the United States and expects to have 10,000 by yearend, said CEO Chris McAlary. Although there were concerns that the pandemic might hurt business, foot traffic actually rose during lockdowns.

“We expected the worst as COVID hit, but stimulus payments came out and that helped quite a bit,” Mr. McAlary said. “Some people took stimulus and bought digital currency with it.”

Chicago-based competitor CoinFlip grew its ATM footprint from around 420 last year to 1,800 now, said CEO Daniel Polotsky. Transactions per ATM nearly tripled during that period.

“There are people who don’t have bank accounts or don’t like to use them,” Mr. Polotsky said.

CoinFlip charges customers 6.99% to buy crypto and 4.99% to sell, he said.

Atlanta-based Bitcoin Depot similarly grew its number of ATMs from 500 to more than 1,800 machines over the past year, said CEO Brandon Mintz. Most customers are 25-40 years old and find machines by searching online, he said.

General Bytes, which manufactures Bitcoin ATMs, temporarily ran out of stock last summer as demand soared. The company sold 3,000 machines last year, 90% of which went to North America, said founder Karel Kyovsky.

Not every ATM draws lines of customers.

Quad Coin’s Shoiket removed a handful of the 200 ATMs he installed last year because they had not turned a profit within six months.

At Grassy Point Bar & Grill in Broad Channel, New York, an employee had to plug in a Bitcoin ATM for a Reuters journalist to see how it worked.

And only a handful of truck drivers have stopped by the Pioneer Auto Museum in Murdo, South Dakota, to use a Coin Cloud machine installed five months ago, said owner Vivian Sonder.

Coin Cloud offered her $200 a month to house the machine, and periodically sends maintenance people to check on it from Rapid City, 140 miles away.

“I didn’t understand why they wanted to put one here,” said Ms. Sonder. “It’s a seasonal business in a town with less than 500 people.” — Reuters

Arts & Culture (03/17/21)

‘Tuloy Po Kayo’ at the CCP

TAKING its cues from the Pasinaya, the country’s largest multi-arts open house festival, the Cultural Center of the Philippines (CCP) welcomes audiences inside its virtual theaters through “Tuloy Po Kayo: Palihan. Palabas. Palitan” on Mar. 19-21, 26-28, via the various online platforms of the CCP. In the virtual arts festival, the audience is invited into the artists’ creative spaces — their homes, ateliers, salons, performance spaces and venues — and becomes part of the whole creative process. For two weekends, the audience can enjoy and join over 260 artistic and cultural activities, workshops, and performances. There are the virtual projections of the CCP theaters where viewers can choose which activity they want to participate in. Each workshop, performance or artistic activity will be 15 minutes long. The activities are held from 9 a.m. to 7 p.m. There will also be film screenings via the CCP Vimeo Channel. Museums and venues will offer virtual house tours of their facilities and exhibitions. Online games similar to what was offered during Cinemalaya will also be included in the line-up of presentations. For the full schedule, follow the CCP official social media accounts on Facebook (www.facebook.com/CulturalCenterofthePhilippines), Twitter (www.twitter.com/theCCPOfficial), and Instagram (www.instagram.com/CulturalCenterPH).  For more information, visit (www.culturalcenter.gov.ph)

The Cultural Center launches the CCP Channel

THE CULTURAL Center of the Philippines (CCP) launches the CCP Channel, an online streaming platform featuring new online productions and curated archival documentation from the CCP Digital Archives. From Facebook, YouTube, and Vimeo, the art and culture channel offers audiences of all ages a wide variety of online content that will be offered over the year. The curation of content will focus on the educational, inspirational, and beneficial themes that contribute to the social and mental well-being of the viewers. It has several main channel sections — the CCP Channel From The Archives, the CCP Channel Themed Showcases, the CCP Channel HD Premieres, and the CCP Arthouse Cinema Online. For March, the CCP Channel launches the Cultural Exchange Showcase, showcasing digital productions featuring the artists from the CCP’s cultural networks. In celebration of National Women’s Month, a themed showcase will be available on the CCP Channel Vimeo (bit.ly/CCPChannelWomen).

Ricky Lee films shown on KTX

THE ABS-CBN Film Restoration department and Sagip Pelikula showcase the classic films of screenwriter Ricky Lee from Mar. 15 to Apr. 16 on ktx.ph. These include the restored version of Separada (1994), directed by Chito S. Roño and starring Maricel Soriano. Other restored films include Anak (2000), Patayin sa Sindak si Barbara (1995),  and Himala (1982). Ticket prices start at P99, depending on the chosen duration of access to the films. To watch, visit https://www.ktx.ph/.

‘Striking Affinities’ featuring Santiago Bose at Silverlens

SILVERLENS presents “Striking Affinities,” a solo exhibition of works by the late Santiago Bose from Mar. 20 to Apr. 17. Curated by Patrick Flores, is the second cycle of the three-part project planned for Mr. Bose following the first installment, “Bare Necessities,” in 2019. All spaces within the gallery will be dedicated to this presentation, which features a myriad of works that reflect Mr. Bose’s artistic influences from a lifetime of travel and creative experimentation. The exhibition explores the geographic coordinates of Santiago Bose’s practice: Baguio, Manila, New York, Adelaide, Bali, and the Spratly Islands. These places are homelands, contact zones, passage ways, hot spots, exhibition sites — shaping the work of Mr. Bose in the same way that the artist, in a reciprocal gesture, shaped them. The exhibition will be ready for online viewing on Mar. 19 and open for physical viewing on Mar. 20. The gallery visits are strictly by appointment only. Schedule visits at https://bit.ly/Visit-Silverlens. For more information, contact info@silverlensgalleries.com or call 0917-587-4011.

Firebird goes online

BALLET Philippines’ PB Onstream is screening the 47th season production Firebird and other Ballets on ballet.ph. The performance is composed of four dances: Weighted Whispers, featuring the music of Bach, Schumann, and Barbers, and choreography by Carlo Pacis; Moving Two, with music by Pachelbel and choreography by Dwight Rodrigazo; Ne Ne Le Dej, with music by Iva Bittova and choreography by David Campos; and, Firebird with music by Stravinsky, choreography by George Virkadze, and costumes by Marc Lewis Higgins.

ARTablado celebrates women’s creativity

TWENTY-three talented artists gather at Robinsons Galleria’s ARTablado to celebrate International Women’s Month with an exhibit running until Mar. 31. The exhibit, The Art Journey of a Woman, features works by Mary Rose Gisbert-Domingo, Ronna Manansala, Precy De Guzman-Brady, Joanne Rebustillo, Nam Intal, Sheena Ira Tan, Rhea Jai Fernandez, Inna Naanep-Vitasa, Nida Cranbourne, Daisy Velasco Carlos, Joscephine Gomez, Kristine Costo, Kaye Gorospe, Summer De Guia, Alice Anatan, Marte Goyon, Jade Alfonso, Eunice Vergara, Wencyl Mallari, Myleen Velasquez, Christine Ibarra, Rowena Balita, and Sarah Geneblazo. Through their art, they are able to share their insights and experiences on what it means to be a woman in today’s world, using various media and distinctive styles.

Insights on storytelling and art in free virtual workshop

A PUBLIC discussion featuring industry-experts and educators on the impact of the digital landscape on storytelling despite physical restrictions will be held in a free online workshop on Mar. 18, 2 p.m.. The webinar will be facilitated by scenographer Lawyn Cruz, stop motion and graphic artist JP Bonoan, and multidisciplinary artist Teta Tulay, who will share their distinct artistic journeys amid the lockdown. They will likewise re-examine how cyberspace reshapes new perceptions on art as well as provides a venue for the interweaving of diverse forms and disciplines. Hosted by the Production Design and Animation Programs of the De La Salle-College of Saint Benilde School of Design and Arts, the webinar will be moderated by Animation instructor Sheila Marie Lee and Production Design Chairperson Tuxqs Rutaquio Jr. Interested participants may register through this link: shorturl.at/bfnBK. The webinar will be conducted via Zoom and will be livestreamed on the official Facebook pages of Benilde Arts and Culture Cluster (https://www.facebook.com/benildearts) and Benilde Animation (https://www.facebook.com/Animotion.benilde). For more information, e-mail benildeartsandculturecluster@benilde.edu.ph.

Lecture on the Ifugao Bulul

THE AYALA Museum presents the second part of its two-part Discovery Lecture, “The Changing Face of the Ifugao Bulul” with Floy Quintos on Mar. 20, 4 p.m. In this lecture, Mr. Quintos will trace the changing face of the bulul (granary god) by linking them to specific periods of Ifugao history. From the archaic, pre-contact period to the attempts of Spanish colonizers, to the period of pacification by the Americans to the expansion of local trade and commerce, viewers will see how the bulul reflected all these important chapters of Ifugao history. To take part in this lecture, register through ayalamuseum.org/events or e-mail virtualevents@ayalamuseum.org. Tickets to the lecture cost: P400 Regular, P285 Senior/PWD/Members, and P240 Discounted (Undergrad student/Teacher/AGC/Member).

String quartet at Robinsons Magnolia

LISTEN to the sounds of string quartet performances at The Garden, Robinsons Magnolia on Mar. 20 and 27 at 3 pm. Enjoy a meal ala al fresco as the quartet performs everything from Classical standards to Broadway, pop songs and OPM to kundiman.  To see the complete line-up of upcoming performances, events and promos, visit www.robinsonsmalls.com or its Virtual Directory bit.ly/RMallsVirtualMallDirectory; or follow Robinsons Magnolia on Facebook; @RobinsonsMallsOfficial on Instagram; and @RobinsonsMalls on Twitter.

Multi-stakeholder call to implement UHC Law

It was a historic day when President Rodrigo R. Duterte signed the Universal Health Care (UHC) Law in February 2019. The landmark legislation expands access to health services by automatically enrolling all Filipinos in the National Health Insurance Program. The law aims to provide all Filipinos with equitable access to quality and affordable healthcare services while being protected against financial risks. However, a little over a year later, the coronavirus disease 2019 (COVID-19) pandemic happened, severely affecting the global economy and overwhelming health systems in many countries, including some of the world’s wealthiest nations.

“COVID-19 has exposed the gaps and deficiencies in health systems across Asia and the Pacific and underscored the interdependence between health security and economic stability. That, in turn, has highlighted another reality: the importance of universal health coverage. Countries that have made good progress towards UHC have been able to better manage the health impacts of the pandemic — and, therefore, the economic impacts,” said the World Health Organization (WHO).

In the Philippines, the pandemic has exposed severe gaps in both public health infrastructure and national health policies. According to Francesco A. Pangalangan, executive director of Stratbase Albert del Rosario Institute, the pandemic highlighted the importance of a resilient health system to ensure universal health coverage.

Recently, CitizenWatch Philippines, the Philippine Alliance of Patient Organizations (PAPO), and Health Justice Philippines launched the UHC Watch Advocacy whose goal is to initiate a constituency-led advocacy to raise awareness on the urgent need to implement the UHC Law. Transparency and accountability on the implementation of the UHC Act to provide quality and affordable healthcare are high on the UHC Watch agenda.

The group said that UHC will entail serious investments from the government and constant participation from different stakeholders. It called for the adoption of a whole-of-society and people-centered approach to improve overall health system performance. Representatives of civil society organizations, the academe, and public sector stakeholders, participated in the launch and declared their support for UHC Watch.

PAPO President Girlie Garcia-Lorenzo spoke about the patient perspective on UHC. “Every person across the globe has the right to access the healthcare they need. Health systems must be designed and health services delivered to meet the needs of the patients. Patients must be the first consideration,” she said.

Ms. Garcia-Lorenzo added that the principle of accessibility means that patients must have healthcare services when it is needed. Patient-centeredness and equity, meanwhile, means that all people regardless of condition, age or background must have fair and impartial access to healthcare. The principle of choice and empowerment, on the other hand, requires that all patients have the right to know about the healthcare services available and must be meaningfully involved in healthcare decision-making. Quality is also a major consideration as it is not enough for patients just to access healthcare. Ms. Garcia-Lorenzo said that healthcare must be safe and of the highest attainable standard.

Former Senator Joseph Victor “JV” Ejercito, committee on health chairperson and a primary author of the UHC Act, said that “a strong and integrated health ecosystem is key to preventing another health and economic crisis, hence the strategic importance of the fast and full implementation of the UHC Law.”

“Though it is understandable that the virus has disrupted the implementation of UHC and other health laws, as health advocates we must not give up our watch. We must persistently remind the government to fulfill its mandate to deliver the programs of these laws,” he added.   

UHC Watch stakeholders signed a manifesto for UHC in the Philippines that stated in part: “We raise our collective voice and call on our country’s leaders to action. We appeal to the government to prioritize the implementation of the Universal Health Care Law.”

 

Teodoro B. Padilla is the executive director of the Pharmaceutical and Healthcare Association of the Philippines (PHAP). PHAP and its member companies represent the research-based pharmaceutical sector in the country.

NGCP taps banks for $1.5-billion IPO

NATIONAL Grid Corp. of the Philippines (NGCP) has picked banks to work on its initial public offering (IPO) and has increased its targeted size to at least $1.5 billion, according to people with knowledge of the matter, paving the way for the biggest listing in the nation’s history.

The high-voltage electricity network operator, commonly known as NGCP, has selected Bank of America Corp., JPMorgan Chase & Co., and UBS Group AG to work on the first-time share sale, said the people, asking not to be named as the process is private. It may also add other banks to help with the listing, they said.

The company aims to raise about $1.5 billion from the IPO though the figure could go as high as $2 billion, the people said. NGCP is seeking a valuation of $8 billion to $10 billion from the share sale, which could happen as soon as the fourth quarter, the people said.

At $1.5 billion, which is higher than Bloomberg News had previously reported, NGCP’s IPO will be the biggest ever in the Southeast Asian nation, surpassing the $1.3 billion Monde Nissin Corp. is seeking to raise in its upcoming first-time share sale. Robinsons Retail Holdings, Inc.’s, which raked in $621 million in 2013, is the largest in the Philippines to date, according to data compiled by Bloomberg.

Deliberations are ongoing and details of the offering such as size and timing could still change, the people said. Representatives for Bank of America, JPMorgan, NGCP and UBS declined to comment.

NGCP reached out to bankers to submit proposals for the prospective listing early this year, Bloomberg News reported in January.

Under a law signed in 2008 that granted NGCP the franchise, the network operator is required to make a public offering of at least 20% of its outstanding capital within 10 years from the start of operation.

NGCP was created as the result of a consortium including State Grid Corp. of China winning the 25-year concession to run the nation’s power transmission network in 2007. The company also counts Synergy Grid & Development Phils, Inc. President Henry Sy, Jr. and Prudential Guarantee & Assurance, Inc. chairman Robert Coyiuto, Jr. as shareholders.

The power network operator officially started in 2009, according to its website. It has over 21,000 kilometers of transmission lines, 20,000 transmission towers and 140 substations.

The IPO plan comes after the Energy Regulatory Commission denied NGCP’s request to further extend the deadline for the share sale. Senator Sherwin T. Gatchalian urged the watchdog in October to issue an ultimatum on NGCP to comply with the requirement. — Bloomberg

How essential is manufacturing to the economy?

How essential is manufacturing to the economy?

How PSEi member stocks performed — March 16, 2021

Here’s a quick glance at how PSEi stocks fared on Tuesday, March 16, 2021.

Peso declines vs dollar on cautious trade ahead of Fed

THE PESO continued to weaken against the greenback on Tuesday, reflecting cautious sentiment in market as seen in the local bourse and ahead of the policy-setting meeting of the US Federal Reserve.

The local unit closed at P48.635 per dollar on Tuesday, depreciating by 9.5 centavos from its Monday finish of P48.54 against the greenback, data from the Bankers Association of the Philippines showed.

The peso started Tuesday’s trading session at P48.55 versus the dollar. Its weakest showing was seen at P48.66 while its intraday best was at P48.51 against the greenback.

Dollars traded went down to $721.9 million on Tuesday from $798.55 million the prior day.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso’s weakness reflects cautiousness among investors that was also seen in the local bourse.

“The peso was weaker as the local stock market remains among four-month lows despite modest gains,” Mr. Ricafort said in a text message.

The Philippine Stock Exchange index rose by 6.62 points or 0.1% to finish at 6,559.08 on Tuesday after government officials said they have acquired some 30 million doses of a coronavirus disease 2019 (COVID-19) vaccine.

Meanwhile, a trader attributed the peso’s depreciation to the market’s anticipation of the US Federal Reserve’s latest policy decision.

The Federal Open Market Committee will review its stance on March 16-17. The Fed has maintained policy rates near zero in the past year. Fed policy makers are expected this week to forecast that the US economy will grow in 2021 at the fastest rate in decades, with unemployment falling and inflation rising, as the COVID-19 vaccination campaign gathers pace and a $1.9-trillion relief package washes through to households, Reuters reported.

For today, Mr. Ricafort gave a forecast range of P48.60 to P48.70 per dollar while the trader expects the local unit to move within the P48.55 to P48.75 band. — LWTN with Reuters

Shares inch up as gov’t seals new vaccine deal

PHILIPPINE SHARES inched up on Tuesday after government officials said they have acquired some 30 million doses of a coronavirus disease 2019 (COVID-19) vaccine.

The benchmark Philippine Stock Exchange index (PSEi) rose by 6.62 points or 0.1% to finish at 6,559.08 on Tuesday. The broader all shares index likewise increased by 4.28 points or 0.1% to 3,954.15.

“Philippine shares [reversed earlier] losses… to close in the green as news reports say the government signed a supply deal for 30 million Novavax doses. Speculation is now arising as to how soon these said vaccines will arrive,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“Meanwhile, sentiment also got a boost as investors grew optimistic about the economic reopening from the pandemic worldwide,” Mr. Limlingan added.

Facing criticisms about a slow-moving vaccination drive, vaccine czar Carlito Galvez, Jr., who is also the chief enforcer of the state’s anti-coronavirus efforts, said more doses should arrive soon, Reuters reported.

Nearly 2.4 million doses are expected by early April, comprising 979,200 doses of AstraZeneca’s vaccine through the COVAX facility and 1.4 million Sinovac shots including 400,000 donated by China, he said.

The government has also signed an agreement with the Serum Institute of India for 30 million Novavax vaccine doses, due to arrive in the third or fourth quarter of the year, said Mr. Galvez.

AB Capital Securities, Inc. Junior Equity Analyst Lance U. Soledad, meanwhile, said the local bourse was unable to hold on to earlier gains as investors continue to look for fresh leads.

“The market was not able to sustain its rally for the session and closed flat amid lack of positive catalyst,” Mr. Soledad said in a separate Viber message.

Most sectoral indices improved on Tuesday, except for holding firms, which declined by 62.44 points or 0.92% to 6,687.56; and property, which slumped by 4.15 points or 0.12% to close at 3,279.56.

Meanwhile, financials gained 24.05 points or 1.75% to end at 1,398.35; industrials went up by 98.78 points or 1.17% to 8,501.37; services added 12.83 points or 0.9% to close at 1,425.21; and mining and oil climbed by 30.75 points or 0.36% to 8,471.53.

Value turnover decreased to P5.9 billion on Tuesday with 3.3 billion shares switching hands, lower than the P9.23 billion with 5.56 billion shares that were traded on Monday.

Advancers beat decliners, 118 against 97, while 41 names closed unchanged.

Net foreign selling dropped to P298.84 million on Tuesday from the P1.12 billion seen on Monday.

AB Capital Securities’ Mr. Soledad sees the local bourse trading sideways for now.

“We expect [the support to be] at 6,500 and 6,450 and resistance at 6,600 and 6,800,” he said. — Keren Concepcion G. Valmonte with Reuters

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