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The next-gen Lexus NX is now here, priced from P3.338M

Touted as more sophisticated, dynamic, mature, and muscular, the all-new NX will come in three trims. — PHOTO FROM LEXUS PHILIPPINES

LEXUS PHILIPPINES has brought in the all-new NX which, the luxury car maker’s local distributor announced, “marks the beginning of a significant evolution of Lexus design.” The company said in a release that, “while remaining true to the brand’s main philosophies, the new model presents a more sophisticated, dynamic, and mature appearance and a more muscular character.”

The all-new version of the crossover is said to boast overall advancements in performance, safety, and luxury — and is expected to surpass the discriminating expectations of the Philippine luxury-crossover browsers. It started with an overall goal for “functional beauty,” with the NX boasting balanced, strong proportions with a powerful road-gripping stance. The overall length, wheelbase, width, and height have been increased for a more commanding presence on the road when compared to the outgoing NX. Lexus added that there is now more space for rear-seat passengers as well.

At the front, the hallmark Lexus Spindle Grille has been rendered more upright and with a subtler frame which accentuates the long bonnet and contributes to the overall form and volume of the body. The more upright position also improves the grille’s cooling performance. In the rear are L-shaped rear combination lights with the signature Lexus blade lighting that spans the width of the vehicle. The oval Lexus emblem has been replaced with the “LEXUS” name emblazoned on the tailgate, creating a simple and more modern look.

Inside, the all-new NX marks the first application of the brand’s new Tazuna concept for the driver’s cockpit design. Taking its name from a Japanese word describing a rider’s control of their horse using the reins, it focuses on giving direct, intuitive control of the vehicle, following the principle of “hands on the wheel, eyes on the road.” Tazuna also adds to the rewards of the driving experience, making the driver feel confident and in control of the vehicle and surroundings. More intuitive design groups all relevant controls together and brings them closer to the driver — from the multimedia screen, information display, and central gauges in one easy eye-level area to the starter button, shift lever, and air-conditioning controls on another.

Additionally, designers worked with the brand’s takumi artisans to “perfect the design relationship between the steering wheel and shift lever.” The cross-section of the wheel provides the driver the best grip feel and ease of use while the shift lever now gives a snug fit at an ideal angle. Lexus also researched the shoulder-to-fingertip distance of people around the world to define a layout that provides excellent control without disturbing the driver’s posture.

Passengers are greeted with an increased sense of spaciousness plus an elevated level of comfort, quality, and attention to detail that are distinctly Lexus. For the front passenger environment, the design goal was to create the feeling of a luxurious lounge, with no intrusion from the driver’s area. The cabin finish employs high-quality materials that both look and feel good. Comfort is addressed in details such as a precise front seat design with attention to the cross-section shape of the seat, the position of the side-supporting bolsters and even the forming of concave areas to make space for the occupant’s elbows. Extensive use of materials to absorb and insulate noise and vibrations makes for a quiet and calm environment.

Lexus Philippines said that all variants of the Lexus NX here will feature as standard the Lexus Safety Sense (LSS) suite of advanced safety features which include the Pre-Collision System (PCS), Adaptive High Beam System (AHS), Automatic High Beam System (AHB), Lane Tracing Assist (LTA), Lane Departure Alert (LDA), and Dynamic Radar Cruise Control (DRCC). The latest development of LSS introduces upgrades in performance and functionality. These systems have also been tuned to operate in a way that feels more natural to the driver, and thus more reassuring, adding to the sense of driving confidence inspired by the NX’s new platform and powertrains. With this evolution, Lexus Safety System moves to the next level as a personal driving partner.

Three trims will be available in the Philippines. The NX 350 F Sport (P4.548 million) features a newly developed T24A-FTS 2.4-liter inline-four turbocharged engine, a new high-torque Direct Shift-8AT, and a new electronically controlled full-time AWD. In addition to the New Global Architecture’s high-speed combustion system, the engine features the brand’s first center-injection direct-injection system and close placement of the turbocharger and catalyst in order to meet increasingly stringent exhaust and fuel economy regulations around the world, while at the same time being conscious of carbon neutrality. The system generates 279hp at 6,000rpm and while 430Nm from 1,700rpm to 3,600rpm.

The transmission has been optimized for the turbocharged engine, which can generate high torque from low revs. The newly developed shift control technology enables acceleration and deceleration that is faithful to the driver’s will and provides a pleasant shift schedule.

For the hybrid variants available in the Lexus NX 350h Premier (P4.488 million) and NX 350h (P3.338 million), these are powered by the A25A-FXS 2.5-liter inline-four mill with a high-output electric motor, and use a control logic exclusive to Lexus to achieve an optimized balance of acceleration performance and reduced fuel consumption. The gasoline engine develops 190hp and 239Nm of torque, while the front and rear motor generators add 182hp and 54hp, respectively. The NX 350h Premier comes with electric folding rear seats, a 17-speaker Mark Levinson Surround Sound system, and a power rear hatch with a kick sensor.

For more information, visit Lexus Manila or the Lexus website at lexus.com.ph and social media pages (@lexusmanila). To arrange a consultation with a personal sales consultant, visit the Lexus Remote page at https://fal.cn/3eSWW or download the MyLexus App available for both Android and iOS users.

Rate hikes are likely to help regional banks more than Wall Street giants

BANK EXECUTIVES spent earnings season predicting the Federal Reserve will raise interest rates to combat rising inflation. Those hikes are set to benefit regional lenders more than their Wall Street counterparts.

Financial firms are including about three central-bank increases into their guidance for the year, with Charlotte, North Carolina-based Truist Financial Corp. seeing the possibility for as many of four. The hikes are likely to translate into higher net interest income — the revenue lenders collect from customer loan payments minus what they pay depositors. Traditional lending accounts for a greater share of revenue at regional banks than at the Wall Street giants.

“Regional banks often times are more balance-sheet dependent in terms of their revenue,” US Bancorp Chief Financial Officer Terry Dolan said in an interview after the bank reported fourth-quarter results Wednesday. “A rising-rate environment will help the regional banks maybe more so than those that are capital-markets dependent.”

The Minneapolis-based bank said it expects net interest income to increase “at a mid-single-digit pace” this year after dropping 2.6% in 2021.

LOSING INTEREST
The expected increases to the federal funds rate loom as the Fed winds down measures it took to prop up the economy during the COVID-19 pandemic, and the US government’s stimulus payments to individuals and businesses fade. Taken together, those factors may herald a return of long-awaited loan growth.

“Main Street banking should be the best that it’s been in over three decades at a time when Wall Street banking is subsiding from record levels last year,” Wells Fargo & Co. analyst Mike Mayo said in a phone interview.

The outlook isn’t without potential pitfalls. For one thing, liquidity in the system and strong overall credit quality have allowed banks to release reserves they’d set aside for a surge in loan defaults that never ended up emerging during the pandemic — a cushion lenders may not be able to depend upon for much longer. Bank executives said they now expect credit quality to revert to a more typical level in coming months.

And if the Fed raises interest rates too quickly, economic growth could be hurt, also causing pain to lenders eager to see their business and individual customers resume their borrowing, Barclays Plc analyst Jason Goldberg said in a phone interview.

Still, the outlook across the industry appears mostly rosy, especially if the central bank is able to thread the needle.

“You’ve seen a decline in net interest margin since COVID hit in March of 2020,” Truist Chief Financial Officer Daryl Bible said in a phone interview Tuesday. “You’ll start seeing a reversal of that probably in the second quarter.” — Bloomberg

Bali Pure signs ex-Ateneo Jhoana Maraguinot

FORMER Perlas Jhoana Maraguinot (13) acquired by Bali Pure. — PVL

BALI Pure has acquired former Ateneo star Jhoana Maraguinot to beef up its revamped roster that is eyeing a stronger performance in the 2022 Premier Volleyball League (PVL) tentatively set on March 3 in Lipa City.

The popular power-hitting outside spiker, who will turn 26 tomorrow, was picked up by the Purest Water Defenders early this year after her former squad Perlas recently took a leave of absence.

The club also tapped Janine Marciano, Julia Ipac and Rapril Aguilar from Cignal, Alyssa Eroa from PLDT, Marian Buitre from Chery Tiggo, Jamie Lavitoria from Choco Mucho, and veteran Patty Orendain.

The recruits will join Alina Bicar, Gyra Barroga, Bernadette Flora, Carlota Hernandez, Satriani Espiritu and Genevive Casugod, remnants of last year’s Rommel Abella-mentored team.

“We know that the other teams have also gotten stronger, but I think we’re capable of making the semifinals, they can’t sleep on us,” Bali Pure team manager Gil Cortez told The STAR on Sunday.

The Purest Water Defenders finished eighth with a 3-6 record last season in Bacarra, Ilocos Norte, but they made a big impression after pulling the rug from under eventual champion Chery Tiggo in a thrilling five-set masterpiece in the elimination round.

Mr. Cortez loves their chances this time around.

“We’re deeper, we have more firepower and we’re more experienced this year. We’re optimistic of our chances,” he said. — Joey Villar

Farm co-op receives banana flour facility upgrade

DTI-DAVAO DE ORO

A COOPERATIVE of agrarian reform beneficiaries in Davao de Oro has received a food-grade facility for making banana flour, paving the way for expanded commercial production of the cooking ingredient, which is touted as a gluten-free alternative.

The Department of Trade and Industry’s (DTI) Davao de Oro office said P1.68 million worth of banana flour manufacturing equipment was turned over last week to the VPI Agrarian Reform Beneficiaries Cooperative.

The project was undertaken under the government’s Shared Service Facility program.

“Our SSF projects are intended to enhance productivity and efficiency of our MSMEs (micro, small and medium enterprises), but at the same time generate more jobs and increase sales,” DTI Provincial Director Lucky Siegfred M. Balleque said during the turnover ceremony on Jan. 20. 

The cooperative has been making flour from surplus Cavendish, the main banana variety exported fresh by the Philippines.

Banana flour is also used for livestock feed.

In October, the DTI provincial office also provided a banana chips processing facility to another group, the Semco Agrarian Reform Beneficiaries Cooperative.

Two other SSFs were launched last week, a coco beads production facility in cooperation with Maco Centro Overseas Family Association, and a 20-unit business process outsourcing center to be operated by VPI Employees Multipurpose Cooperative.

DTI Davao de Oro said it co-operates 38 shared facilities across the province. Another five are lined up for launch this year. — Marifi S. Jara

ICTSI: Tanza terminal can receive containers during Roxas Blvd. closure

Containers from the Manila International Container Terminal being offloaded at the CGT.

LISTED port operator International Container Terminal Services, Inc. (ICTSI) on Sunday said its terminal in Tanza, Cavite is ready to receive containers from the Manila port during the closure of the southbound portion of Roxas Boulevard.

“Enhancements at CGT (Cavite Gateway Terminal)… came at an opportune time with the temporary closure of the southbound portion of Roxas Boulevard,” ICTSI said in an e-mailed statement. The road is part of a cargo truck trade route connecting the Port of Manila to Southern Luzon.

“Close to 900 trucks and over 1,000 trailers daily travel the road’s southbound direction alone,” the company noted.

According to the Department of Public Works and Highways (DPWH), the two-month closure of Roxas Boulevard southbound lane began on Jan. 15 to give way for the repair of the damaged box culvert directly in front of HK Sun Plaza in Pasay City heading to the EDSA-Roxas Boulevard flyover.

“We support the Metropolitan Manila Development Authority’s (MMDA) call to look for other ways to transport containers, and we are happy to be able to offer an alternative through the services provided by CGT,” ICTSI Executive Vice-President Christian R. Gonzalez said.

The DPWH said the northbound portion of the road will also be closed for another two months after repairs on the southbound portion are completed by March 15.

In December, officials from ICTSI, Department of Transportation, DPWH, and Philippine Ports Authority met to discuss solutions for trucks and trailers which will be affected by the closure.

Among the solutions considered was transporting container vans via barges from the Manila International Container Terminal to CGT in Tanza, Cavite.

ICTSI said it recently strengthened yard and wharf operations at CGT with the deployment of additional landside container handling equipment and directly contracted barge equipment.

“With an area of six hectares, the CGT has the capacity to handle 115,000 TEUs (twenty-foot equivalent unit annually),” the company added. — Arjay L. Balinbin

Bat Out of Hell singer Meat Loaf, 74

Meat Loaf/youtube — MEAT LOAF/YOUTUBE

LONDON —  Meat Loaf, the US rock star whose debut Bat Out of Hell became one of the best-selling albums of all time, has died aged 74.

Delivering epic anthems about love, lust and motorcycles with an intensity bordering on melodrama, Meat Loaf became an enduring — and sometimes bombastic — rock icon in the late 1970s.

The singer and actor, otherwise known as Michael Lee Aday, sold more than 100 million records worldwide and had roles in films The Rocky Horror Show and Fight Club.

With hits including the near 10-minute-long title track from Bat Out of Hell, “Paradise by the Dashboard Light” from the same album, and 1993’s “I’d Do Anything for Love (But I Won’t Do That)”, Meat Loaf’s appeal extended far beyond hard rock fans.

“Like a bat out of hell I’ll be gone when the morning comes; When the night is over, like a bat out of hell, I’ll be gone, gone, gone,” Meat Loaf sang in “Bat Out of Hell,” with a passion that became his hallmark.

The singer died with his wife by his side. His daughters, Pearl and Amanda, had been with him in his final hours. No cause of death was immediately disclosed.

“Our hearts are broken to announce that the incomparable Meat Loaf passed away,” his family said in a statement. “From his heart to your souls … don’t ever stop rocking!

BAT OUT OF HELL
Born in Dallas, Texas, in 1947, to an alcoholic father who beat him and once tried to kill him, Mr. Aday was teased at school about his weight. But he would become one of the world’s rock legends.

In search of stardom, he left for Los Angeles where he formed his first band. He found success on the stage in the 1970s, performing in the musicals Hair and The Rocky Horror Show.

But his breakthrough into the big league would come with Bat Out of Hell, a collaboration with composer Jim Steinman.

The debut album, a cocktail of gothic horror and guitar rock that initially struggled to find a record label, showcased his powerful voice and established his long-haired, ruffle-shirted rock persona.

He toured extensively in the 1980s but chart success eluded him early in that decade until he collaborated again with Mr. Steinman on a sequel to his debut, Bat Out of Hell II: Back into Hell, in 1993.

The comeback included “I’d Do Anything for Love (But I Won’t Do That),” which topped the charts in 28 countries, including for seven weeks in Britain.

Mr. Steinman died in April.

Meat Loaf treated interviews as a performance, spinning elaborate tales about his life, including the origin of his stage name, some of which referenced teenage taunts about his size.

ROCKING IN HEAVEN
Former US President Donald Trump was a big fan.

“Meat Loaf was a great guy — got to know him very well doing Celebrity Apprentice,” he said in a statement, referring to the reality TV show Mr. Trump hosted. “He was smart, talented, open, and warm.”

Cher, who duetted with Meat Loaf on 1981’s “Dead Ringer for Love,” said she had so much fun making the record.

British writer Stephen Fry, who appeared in a television sketch with the rock star, said, “I hope paradise is as you remember it from the dashboard light, Meat Loaf.”

“He had the quality of being simultaneously frightening and cuddly,” British producer Pete Waterman said: “It was his voice — you knew what you got with Meat Loaf. It was 100% of everything.”

British composer Andrew Lloyd Webber said: “The vaults of heaven will be ringing with rock. RIP Meatloaf.” — Reuters

Mitsubishi ushers in the Year of the Water Tiger with new deals

MITSUBISHI MOTORS Philippines Corp. (MMPC) said it is looking to “bring luck to customers this Year of the Water Tiger” by serving up affordable deals on new Mitsubishi vehicles.

Until Jan. 31, customers get to choose from an array of all-in down payment deals available in any Mitsubishi dealership nationwide.

Said MMPC Assistant Vice-President for Brand Communications Mark Parulan, “Over the years, celebrating Chinese New Year has become a part of our multi-faceted culture. It is a time where we welcome ‘positive energy’ in hope of attracting prosperity and success… We want to embody that symbolism and send some good fortune to customers who have been eyeing to drive home a Mitsubishi. This is our own twist to this well-known tradition with the ultimate goal of uplifting Filipino lives one vehicle at a time.”

This special promo package includes a three-year LTO registration plus one-year comprehensive insurance and chattel mortgage for the featured variants. Prices do not include freight and handling for provincial dealers. For the full mechanics, visit www.mitsubishi-motors.com.ph.

Peso may weaken vs dollar on expectations of hawkish Fed statement

BW FILE PHOTO
THE PESO could decline against the greenback this week ahead of the US Federal Reserve’s policy meeting. — BW FILE PHOTO

THE PESO is likely to depreciate this week, on expectations of slower economic growth in the fourth quarter of 2021 and more hawkish signals from the US Federal Reserve at its first policy review this year.

The local unit finished trading at P51.37 per dollar on Friday, depreciating by three centavos from its P51.34 close on Thursday, based on data from the Bankers Association of the Philippines.

It also weakened by 26 centavos from its P51.11-per-dollar close a week earlier.

The surge in oil futures was a major factor for the peso’s depreciation last week, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail.

While oil prices declined on Friday, oil futures climbed for the fifth week due to tightening supply, Reuters reported.

Both Brent and West Texas Intermediate futures gained around 2% the past week. Year to date, prices have gone up by 10% as investors are still worried on tight supply.

The two crude benchmarks rose to their highest levels since October 2014 last week.

Higher jobless claims in the US also made investors risk averse on Friday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

US jobless claims for the week ended Jan. 15 rose by 55,000 to 286,000, the highest since mid-October, Reuters reported.

For this week, Mr. Asuncion said the outcome of the first policy review of the Fed on Jan. 25-26 will be monitored by the market.

Median forecasts of a Reuters poll showed analysts expect three rate hikes from the US central bank this year starting in March.

Fed officials have said the US economy is ready for monetary policy tightening amid elevated inflation.

Meanwhile, Mr. Ricafort said the market will also price in fourth-quarter and full-year 2021 gross domestic product (GDP) data, which will be reported by the Philippine Statistics Authority on Thursday. Jan. 28.

A BusinessWorld poll of 18 analysts yielded a median estimate of a 6.5% year-on-year expansion in the fourth quarter.

If realized, this would be slower than the 7.1% in the third quarter. This would also bring full-year growth to 5.3%, which is within the downwardly revised 5-5.5% target of economic managers.

For this week, both Mr. Asuncion and Mr. Ricafort gave a forecast range of P51 to P51.50 per dollar. — L.W.T. Noble with Reuters

NSA travel expenses to be reimbursed if athletes win medals

NATIONAL Sports Associations (NSAs) that will shoulder its own trip to the Hanoi Southeast Asian (SEA) Games set May 12-23 will get the chance to get its money back if it could bring home a medal of any color.

Plus incentives.

Philippine Olympic Committee (POC) President Abraham Tolentino said there are 80 athletes from football, table tennis, archery, badminton, tennis, gymnastics, e-sports, pencak silat and bowling in the appeals list who are hoping to join the biennial meet at their own expense.

They were the ones downgraded following the POC’s decision to trim down the national team roster to 584 athletes from 627 due to budgetary reasons.

A medal finish though would earn them a reimbursement from the Philippine Sports Commission (PSC) plus incentives worth P300,000 for a gold, P150,000 for a silver and P60,000 for bronze as mandated by law.

“Yes, plus incentives. Most of them are additional athletes with some from the original list,” said the congressman from Tagaytay and PhilCycling chief.

Mr. Tolentino and the PSC are looking for contingency fund from the Department of Budget and Management since the remaining SEA Games budget worth P121 million will not be enough to bankroll the country’s campaign.

The country would need around P150 million to P200 million to mount a successful bid in Hanoi. — Joey Villar

Fertilizer-price drop may signal relief at last for US farmers

REUTERS

WHOLESALE US prices for fertilizer are dropping, and that could signal easing food-cost pressures and relief for farmers getting set for spring planting.

Cornbelt urea prices fell 8.2% on Friday to $675 per short ton, the lowest since October, according to Bloomberg’s Green Markets. Prices have fallen each week this month as the market adjusts to recent reports of full warehouses, signaling the anticipated shortage of the crop nutrient this year may not come to pass. 

Retail prices are still at stratospheric levels, but that could soon reverse, Green Markets analyst Alexis Maxwell said in an e-mail.

“US retail urea prices are firm as wholesalers have higher-cost inventory in their system,” Maxwell said. “As they replace inventory with lower-cost urea, I expect them to pass on the savings to farmers ahead of spring plantings and in the first quarter.”

Fertilizer prices soared to repeated records over the last few months, spurred by setbacks including an energy crunch in Europe, unexpected plant closures and halted exports from major suppliers. The increase has stoked concerns over prospects for further food inflation at a time when consumers are already paying more for staples like grains and coffee.

Still, urea “remains a significant on-farm expense” despite the drop in January, according to Maxwell, who said prices are still almost double the level they were at this time last year. — Bloomberg

ERC approves interim power supply deal for Bantayan Island

ISLA NORTE Energy Corp. (INEC) can continue supplying power to Bantayan Electric Cooperative, Inc. (Banelco) after the Energy Regulatory Commission (ERC) approved their interim power supply agreement (IPSA).

In an order notice posted on the regulatory commission website, the approved fixed interim rate is at P5.92 per kilowatt-hour (kWh), while the fuel fee is subject to the guaranteed fuel consumption rate of P0.28 per liters/kWh (Li/kWh) and P0.0020 Li/kWh, whichever is higher.

The commission has also ordered Banelco to verify the subsidy fees paid for by the National Power Corp.’s small power utilities group (NPC-SPUG) in every billing month and confirm that the pricing is according to what’s agreed; certify to the NPC-SPUG each billing period that INEC has been operating and maintaining the power plant; and submit a monthly fuel cost.

Banelco also has an existing 2.7-megawatt (MW) power supply agreement with Bantayan Island Power Corp.

Meanwhile, INEC, a joint venture of Vivant Integrated Diesel Corp. and Gigawatt Power, Inc., was directed to submit an audited financial statement including its operations and maintenance expenses, plant cost and actual plant capacity factor, and to conduct preventive maintenance during off-peak hours.

In November 2021, INEC powered up the energy supply of Bantayan Island after the operations of its 23.3-MW diesel power plant, which was allowed by the ERC to operate on Oct. 28, 2021. — M.C. Lucenio

Stocks may climb ahead of GDP data, Fed review

BW FILE PHOTO

STOCKS could move higher this week on the back of declining coronavirus disease 2019 (COVID-19) infections in the country ahead of the release of Philippine gross domestic product (GDP) data and the US Federal Reserve’s policy meeting.

The Philippine Stock Exchange index (PSEi) went up by 54.24 points or 0.74% to close at 7,293.52 on Friday, while the broader all shares index advanced 13.56 points or 0.35% to finish at 3,869.40.

Week on week, the main index went up by 32.19 points from its 7,261.34 close on Jan. 14.

Online brokerage 2TradeAsia.com said in a note sent over the weekend that trading was volatile last week due to hawkish hints from the US central bank.

For this week, analysts said the market’s focus will be on the Fed’s policy review as well as local developments such as the country’s COVID-19 situation and the release of GDP data for the fourth quarter of 2021.

The Fed is holding its first policy review this year on Jan. 25-26. Investors expect the US central bank to hike benchmark rates aggressively this year to quell rising inflation, with the first action seen as soon as March.

Meanwhile, the Philippine Statistics Authority is scheduled to report fourth quarter and full-year 2021 GDP data on Jan. 27.

Cristina S. Ulang, First Metro Investment Corp. head of research, said the PSEi could move with an upward bias this week and could touch the 7,400 level amid decreasing COVID-19 cases in Metro Manila.

OCTA Research Group said on Saturday that new coronavirus infections in the capital declined by 30% from Jan. 15 to 21.

OCTA Research fellow and University of the Philippines Professor Fredegusto Guido P. David said in a tweet that while cases are decreasing in the capital region, numbers are expected to surge in provinces like Cebu, Iloilo, and Davao.

“Mining and oil, consumer discretionary, and financials are the sectoral indices that are seen to improve in the next days,” Ms. Ulang said in a Viber message.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said accelerated COVID-19 vaccination drive will also boost sentiment.

The government has allowed pharmacies to start offering COVID-19 booster shots for wider accessibility.

Last week, the government was able to vaccinate 54 million Filipinos against the virus, a target it wanted to hit at the end of 2021.

Data from the Health department showed 56.4 million individuals have been fully vaccinated against COVID-19 as of Jan. 20, while another 59.4 million have received their first dose.

“Increased vaccination or booster doses inoculated can better justify any further measures to reopen the economy, after the adoption of the granular lockdowns under the Alert Level System and possible further easing of the Alert Level 3 for Metro Manila and some provinces,” Mr. Ricafort said in an e-mail over the weekend.

2TradeAsia.com put the PSEi’s immediate support at 7,200 and resistance at the 7,400 level. — MCL