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Huawei says politicization of tech advancements a major challenge

CHINESE multinational technology company Huawei Technologies Co. Ltd. said countries should address the politicization of technological advancements.

“We must reach a global consensus on this issue and believe in the power of technology to leverage it for the benefit of the society,” Chen Lifang, Huawei senior vice-president and board member, said at a virtual forum on Monday.

“Technological advancements are hyped and politicized, sometimes demonized. Many have stopped believing in the power of technology because of fear and distrust,” she noted.

There have been security concerns regarding Huawei, especially its 5G infrastructure.

“I recently read a report, which said that any important digital platform that is dominated by China will be highly dangerous to the US if not effectively contained and that 5G was one such platform,” Ms. Chen noted.

She said Huawei’s 5G should not be a “bad thing” as it enables the digital transformation of traditional industries.

In the Philippines, both PLDT, Inc. and Globe Telecom, Inc. have partnered with Huawei for their 5G networks.

PLDT inked an agreement with Huawei in 2017 for the development of its 5G network, which involves the establishment of an innovation laboratory and showcase network. The two also signed a $28.5-million deal to overhaul PLDT’s wireless service delivery platforms.

Globe forged a deal with Huawei in 2011, which was renewed in 2015, for the upgrade and expansion of its networks and the formation of a mobile innovation center.

Ms. Chen added that the abuse of new technologies is not a new concern. “But since the industrial revolution, we have seen how establishing rules to manage technological risks can safeguard us.”

“Through rules, technological developments can transcend national boundaries and improve the livelihoods of all without incurring undue risk,” she said. “For the rest of us, it’s time to be confident and open to technological development.”

She called on businesses to take action to utilize technology to create more value for industries.

Huawei recently said it wants to help the Philippine government achieve its goal of increasing the use of renewable energy in the country.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

New central bank sector to support efforts toward cash-lite economy

THE Bangko Sentral ng Pilipinas’ Payments and Currency Management Sector will help the central bank achieve its goal to make the country a cash-lite society by 2023. — BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) has set up a Payments and Currency Management Sector (PCMS) headed by financial inclusion expert Mamerto E. Tangonan as deputy governor as it aims to make the country a cash-lite society by 2023.

“We established the PCMS to further bolster BSP’s capabilities in managing the interplay between digital money and physical currency,” BSP Governor Benjamin E. Diokno said in a briefing on Thursday.

The PCMS will oversee three functional units: the Currency and Securities Production unit under Managing Director Mary Anne P. Lim, the Payments and Currency Development unit headed by Assistant Governor Edna C. Villa, and the Payments and Currency Management Operations unit led by Managing Director Elvira D. Lorico.

Mr. Tangonan will also oversee the operations of the central bank’s Security Plant Complex which is in charge of printing money.

“While cash payments will remain, digital payments are expected to increase as consumers become more familiar with its uses and as more segments of the economy take it up as part of their business model,” Mr. Tangonan said.

Mr. Tangonan previously headed the six-year E-PESO project funded by the United States Agency for International Development which worked towards accelerating the country’s shift to digital payments from cash.

He also spearheaded a team that provided technical assistance to the BSP in the policy formulation and implementation of the National Retail Payments System (NRPS).

The new deputy governor received his bachelor’s degree in civil engineering from the University of the Philippines and took an executive Masters in Business Administration at the Asian Institute of Management.

GOING CASHLESS SEEN TO BOOST ECONOMY
Mr. Diokno said fostering an environment for digital payments will have benefits in terms of financial inclusion and ease of doing business, which could support economic growth.

“One empirical study revealed that moving to a cashless model will have an impact of one percentage point to annual GDP (gross domestic product) among mature economies and more than three percentage points for those of emerging economies,” Mr. Diokno said.

The central bank wants 50% of all payments in volume and value done digitally by 2023.

E-payments made up 10% of the total volume in 2018 from just 1% in 2013, based on a study by Better than Cash Alliance. Meanwhile, it comprised about 20% of the total transactions in terms of volume from a mere 8% in 2013.

Mr. Diokno said the core duties of the PCMS will be anchored on the mandates of the National Payments System Act or the Republic Act No. 11127, which aims to promote safe, efficient, and reliable payment systems.

He said the PCMS will have a different role from the Financial Supervision Sector (FSS) led by BSP Deputy Governor Chuchi G. Fonacier, which is mainly in charge of promoting safety and soundness in the financial system through overseeing banks and quasi-lenders.

“It (FSS) will continue with its mandate to supervise banks and other nonbank institutions while the PCMS will oversee payment systems including non-banks that operate and provide payment services,” Mr. Diokno said.

Mr. Tangonan said he looks forward to helping improve the country’s QR scheme, bills payment and to allow regularly occurring payments such as rent and installments through online transactions. — Luz Wendy T. Noble

LVMH’s Moet Hennessy buys in to rap star Jay-Z’s champagne brand

PARIS — LVMH’s Moet Hennessy is buying a 50% stake in rap star Jay-Z’s Armand de Brignac champagne brand, the latest luxury brand to try to broaden its appeal with a celebrity tie-up.

“I’m proud to welcome the Arnault family into ours through this partnership,” the “Empire State of Mind” singer said in a statement, referring to the family that runs LVMH.

Financial terms of the deal, which was reported earlier by the Wall Street Journal, Financial Times, and New York Times, were not disclosed.

Historic luxury brands around the world have struck partnership deals with celebrities, seeking to appeal to younger customers, with Jay-Z’s pop star wife Beyonce already involved in the Ivy Park sportswear brand.

Last year, cosmetics company Coty agreed to buy a 20% stake in reality TV star Kim Kardashian West’s makeup brand KKW, although earlier this month LVMH put on hold its Fenty fashion venture with pop star Rihanna. — Reuters

Century Pacific launches plant-based food line unMEAT

LISTED food products maker Century Pacific Food, Inc. has introduced a 100% plant-based food line called “unMEAT” that caters to consumers who are choosing a healthier diet.

“The launch of the new plant-based range is in response to the expanding consumer preference for a healthier diet, partly triggered by the pandemic when people aimed to eat healthy to boost their immune system,” the company said in a press release.

Century Pacific, which manufactures and supplies food products, launched the unMEAT brand in the Philippines via Shakey’s Pizza’s Goood Burger. The burger’s plant-based meat is said to be similar to actual meat.

“One of the biggest concerns about plant-based foods is that they are not delicious or as pleasing to the palate as real meat,” Century Pacific Senior Executive Nikki Dizon said.

“Our Nutrition Science team took that as a challenge, and completely delivered by coming up with a meat alternative that unbelievably and undeniably looks, feels, and tastes like meat,” Ms. Dizon added.

After receiving positive reviews for Goood Burger, the company is making the unMEAT line available in the Philippine market, as well as in the US, Singapore, China, and the Middle East.

“In the Philippines, plant-based food options are limited. They’re usually expensive, not palatable or hard to find. For unMEAT, we use simple ingredients by extracting the nutrients from real food rather than using synthetic ingredients and have found ways to make it more affordable and tastier, while retaining all the health-giving benefits of plant-based food,” said Ms. Dizon.

The unMEAT product line consists of meat-free burger patties, Hungarian sausages, nuggets, and minced meat. The products are good sources of fiber and protein, and are free of cholesterol, trans fat, egg, and dairy.

The brand is the company’s latest nutritional meal option, with a tag of P120 to P135 per pack. Century Pacific’s Century Tuna line is popular among fitness enthusiasts. — K. C. G. Valmonte

BDO net profit down 36% in 2020 on higher loss provisions

BDO UNIBANK, INC. (BDO) saw its net earnings plunge by 36.2% to P28.2 billion last year from P44.2 billion in 2019 due to increased loss provisioning on expectations that soured loans would spike amid the coronavirus pandemic.

The Sy-led lender said in a press release on Wednesday that it set aside P30.2 billion in loan loss reserves last year, 387% bigger than the P6.2 billion the year prior, based on its 2019 annual report.

The bank’s nonperforming loan ratio hit 2.65% in 2020, up from the 1.2% logged in 2019. Its bad loan cover, meanwhile, declined to 109.5% from 164.7%.

Last year’s loan loss reserves “are considered more than sufficient to cover for potential losses” as these are equivalent to 3% of gross consumer loans, the bank said.

BDO’s net interest income went up by 12% to P133.7 billion last year, while its loan portfolio inched up by 3% to P2.3 trillion, driven by consumer and corporate sectors.

Non-interest income, meanwhile, went down by 8% to P55.2 billion.

“Business volumes were initially impacted by mobility restrictions, but have since begun to recover gradually,” it said.

Without citing specific numbers, the bank said its trust volumes and fees income still recorded increases last year, while trading gains rose on “favorable market conditions” and insurance premiums saw a modest increase.

BDO’s current account and savings account (CASA) deposits also grew 17% year on year to P2.1 trillion as banking services remained accessible to clients during the long lockdown period, it said.

Meanwhile, the bank’s operating expenses went down by 2.3% to P112.6 billion after slashing marketing and volume-related spending.

“The bank relied on its strong and resilient business franchise and balance sheet to support core business operations, despite significant hurdles from the pandemic and ensuing economic lockdown,” the bank said.

BDO’s capital base went up by 6% to P393 billion from P370.6 billion in 2019.

Its capital adequacy ratio went up to 14.4% from 14.2% in 2019, while its common equity Tier 1 ratio was also higher at 13.2% than 12.7% previously.

Its book value per share also grew by 6% to P88.11.

The bank said it is “cautiously optimistic on a gradual upturn” this year.

It added that it is planning to boost its information and technology (IT) infrastructure and release more digital products and services.

“With its extensive market reach and devoted workforce, the bank remains committed to providing banking products and services attuned to its customers’ needs. These include digital upgrades that allow easier and safer access to services, such as QR code-based ATM and merchant transactions. These are part of the benefits expected from its ongoing next generation IT upgrade,” the statement read.

Shares in BDO went down by 1.71% to P103.20 apiece on Wednesday. — Beatrice M. Laforga

Smart launches 5G plans

SMART COMMUNICATIONS, INC., the wireless arm of PLDT, Inc., has launched its latest mobile data campaign with fifth-generation (5G) plans.

The mobile data plans offer faster data speeds and fiber-like low latency “to upload and download heavy files in seconds, stream high-resolution videos seamlessly, play online games without noticeable lag, and benefit from other cutting-edge apps and services on their smartphone with fiber-like speeds.”

Smart has also teamed up with smartphone manufacturers like Huawei, Samsung, Realme, and vivo to offer Smart 5G-certified devices under Smart Signature 5G Plans.

“To make sure we continue to improve our network and services both PLDT and Smart [Communications] prepared to invest billions in capital expenditure this year,” Smart First Vice-President and Head of Corporate Marketing and Strategy Lloyd R. Manaloto said in an online press launch via Facebook on Feb. 22.

The investment ranges between P88 to P92 billion, according to Mr. Manaloto’s presentation.

The new Smart 5G campaign launched on Feb. 14 with a television commercial featuring Crash Landing on You stars Hyun Bin and Son Ye-Jin. The TVC also features the song “Inevitable” by Ben&Ben.

“As we get more and more speed, it [kind of] changes the way we look at ourselves as a telco. We are now providing more content and experiences, that’s the way we’re now thinking of providing those engaging platforms for our consumers,” Mr. Manaloto said.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — M.A.P. Soliman

SolarWinds, Microsoft, FireEye, CrowdStrike defend actions in major hack at US Senate hearing

WASHINGTON — Top executives at Texas-based software company SolarWinds Corp., Microsoft Corp. and cybersecurity firms FireEye, Inc. and CrowdStrike Holdings, Inc. defended their conduct in breaches blamed on Russian hackers and sought to shift responsibility elsewhere in testimony to a US Senate panel on Tuesday.

One of the worst hacks yet discovered had an impact on all four. SolarWinds and Microsoft programs were used to attack others and the hack struck at about 100 US companies and nine federal agencies.

Lawmakers started the hearing by criticizing Amazon representatives, who they said were invited to testify and whose servers were used to launch the cyberattack, for declining to attend the hearing.

“I think they have an obligation to cooperate with this inquiry, and I hope they will voluntarily do so,” said Senator Susan Collins, a Republican. “If they don’t, I think we should look at next steps.”

The executives argued for greater transparency and information-sharing about breaches, with liability protections and a system that does not punish those who come forward, similar to airline disaster investigations.

Microsoft President Brad Smith and others told the US Senate’s Select Committee on Intelligence that the true scope of the latest intrusions is still unknown, because most victims are not legally required to disclose attacks unless they involve sensitive information about individuals.

Also testifying were FireEye Chief Executive Kevin Mandia, whose company was the first to discover the hackers, SolarWinds Chief Executive Sudhakar Ramakrishna, whose company’s software was hijacked by the spies to break in to a host of other organizations, and CrowdStrike Chief Executive George Kurtz, whose company is helping SolarWinds recover from the breach. 

“It’s imperative for the nation that we encourage and sometimes even require better information-sharing about cyberattacks,” Mr. Smith said.

Mr. Smith said many techniques used by the hackers have not come to light and that “the attacker may have used up to a dozen different means of getting into victim networks during the past year.”

Microsoft disclosed last week that the hackers had been able to read the company’s closely guarded source code for how its programs authenticate users. At many of the victims, the hackers manipulated those programs to access new areas inside their targets.

Mr. Smith stressed that such movement was not due to programming errors on Microsoft’s part, but on poor configurations and other controls on the customer’s part, including cases “where the keys to the safe and the car were left out in the open.”

In CrowdStrike’s case, hackers used a third-party vendor of Microsoft software, which had access to CrowdStrike systems, and tried but failed to get into the company’s e-mail.

CrowdStrike’s Kurtz turned the blame on Microsoft for its complicated architecture, which he called “antiquated.”

“The threat actor took advantage of systemic weaknesses in the Windows authentication architecture, allowing it to move laterally within the network” and reach the cloud environment while bypassing multifactor authentication, Mr. Kurtz’s prepared statement said.

Where Mr. Smith appealed for government help in providing remedial instruction for cloud users, Mr. Kurtz said Microsoft should look to its own house and fix problems with its widely used Active Directory and Azure.

“Should Microsoft address the authentication architecture limitations around Active Directory and Azure Active Directory, or shift to a different methodology entirely, a considerable threat vector would be completely eliminated from one of the world’s most widely used authentication platforms,” Mr. Kurtz said.

Alex Stamos, a former Facebook and Yahoo! security chief now consulting for SolarWinds, agreed with Microsoft that customers who split their resources between their own premises and Microsoft’s cloud are especially at risk, since skilled hackers can move back and forth, and should move wholly to the cloud.

But he added in an interview, “It’s also too hard to run (cloud software) Azure ID securely, and the complexity of the product creates many opportunities for attackers to escalate privileges or hide access.” — Reuters

Dining In/Out (02/25/21)

Chowking upgrades its siopao

CHOWKING has given its best-selling Chunky Asado Siopao a meatier and saucier upgrade. Known for making Chinese cuisine more accessible and affordable to the regular Filipino, Chowking has brought the premium taste of authentic Chinese steamed buns within customers’ reach. The new and improved Chunky Asado Siopao boasts of more full-bodied roasted asado sauce and bigger, meatier pork chunks inside a pillowy-soft steamed bun. Each siopao is P39. Chowking also offers this in three-piece takeout boxes for P115. Chowking’s Chunky Asado Siopao is now available in Metro Manila and select Luzon stores for dine-in, takeout, and delivery via the #9-88-88 hotline, GrabFood, Foodpanda, and ChowkingDelivery.com.

Free delivery grocery shopping with new GrabMart promo

FROM February until March 31, GrabMart, Grab’s on-demand delivery service for grocery and everyday essentials, is holding its “Unlimited Free Delivery” campaign. The new promo applies to all GrabMart orders with a minimum order of P900. Just use the code UNLIFREEDEL upon checking out and customers can expect their essentials and groceries delivered to their doorsteps, free of delivery charge. Their deliveries will arrive within an hour. Launched in April 2020 in the Philippines to address the need for safe, and efficient grocery shopping at the height of pandemic, GrabMart now serves different shopping needs such as weekly grocery restock and last-minute purchases. With its selection of specialty stores, GrabMart caters to customers with specific needs. GrabMart has on boarded stores that offer fresh produce, consumables, snacks, pet essentials, pharmacies, health and beauty products among others. It also boasts of a selection of stores selling vegetarian and frozen and ready-to-eat Korean food. Some of the new shops include retail giants WalterMart, The Marketplace, and Shopwise, among others. Robinson’s is also one of the big box stores that are available on GrabMart. For more details on the Unlimited Free Delivery promo, visit https://www.grab.com/ph/mart/ or visit the Grab app.

Crimson Hotel offers salad boxes

CRIMSON Hotel’s Cafe Eight now has a selection of fresh salads paired with natural detox beverages that are packed, sealed and delivered in a box straight to one’s doorstep. The Fresh in a Box options are: Turmeric Chicken Salad is a salad of chicken breast, quinoa, spinach, carrots, almonds, sweet potato, in grapefruit sauce (P599 inclusive of one bottled beverage); Seitan Tabouleh-Reboot consists of corn, parsley, tomato, bulgur, red cabbage, and onion in lemon dressing (P349 inclusive of one bottled beverage); Salmon Beetroot Salad, which is made with salmon fillet, mix lettuce, beetroot crisp, zucchini, avocado, and walnut in an orange balsamic vinaigrette (P599 inclusive of one bottled beverage): Brown Rice and Artichokes Salad consists of watercress, tomato, cucumber, and carrots in a calamansi-ginger dressing (P399 inclusive of one bottled beverage); and Broccoli and Chickpea Salad, which is mizuna leaves, egg, red radish, sweet pepper, whole grain, and croutons in a moringa pesto (P499 inclusive of one bottled beverage). The salads come with a choice of the following beverages: BEEToxify (beetroot, ginger, elderflower tea, and grapefruit), ‘Tis the Cure (coconut water, matcha, turmeric, and moringa), and RefocuZING (orange, ginger, and cinnamon). For inquiries, call 8863-2222 local 1612, 0998-961-3409, or e-mail dining@crimsonhotel.com.

Max’s Group launches multi-brand delivery service

WITH a diverse array of brands such as Max’s Restaurant, Yellow Cab, Pancake House, and Krispy Kreme, casual dining company Max’s Group, Inc. (MGI) introduces a new multi-brand delivery service that allows customers to order items from different brands in just one transaction. MGI’s latest innovation addresses diverse customer preferences as delivery services continue to gain momentum. MGI’s multi-brand delivery service pilots in Metro Manila for residents to pair or bundle any of their Max’s Restaurant, Yellow Cab, Krispy Kreme, Pancake House, Teriyaki Boy, Dencio’s, Sizzlin’ Steak, or Jamba Juice favorites in just one call (888-79000) or click (maxsgroupdelivers.com). Customers only need to specify their location to see the available brands for them to mix or match and build their orders. The backbone of this new service are MGI stores with multi-brand kitchens, which leads to power conservation and efficiency. Currently, there are 16 multi-brand kitchens located in different areas: Makati, Pasig, Marikina, Quezon City, Caloocan, Cavite, Parañaque, Las Piñas, Manila, and Pasay.  For more information, visit https://www.facebook.com/MaxsGroupInc.   

Aboitiz firms harness data science, AI to reduce emissions

TWO Aboitiz-led companies have adopted data science and artificial intelligence (DSAI) in their business operations to curb emissions and increase efficiency, the group said in a press release on Wednesday.

Listed holding firm Aboitiz Equity Ventures, Inc. (AEV) said Therma South, Inc. is using an automated “control loop system” to feed sufficient amounts of limestone to its furnace to “help in significantly reducing sulfur oxide emissions.”

Therma South is the project company of a 300-megawatt (MW) coal-fired plant in Davao City and Davao del Sur. It is under Aboitiz Power Corp., a unit of AEV.

AEV said adding the right amount of limestone during the combustion process is crucial.

“Too little limestone and the power plant’s emissions spike; too much limestone and the power plant’s waste ash chemically changes into hazardous waste. Data science plays a crucial role in determining the right amount of limestone usage for optimum results,” it said.

Emmanuel V. Rubio, AboitizPower president and chief executive officer, said that the use of data science in operations is in line with the company’s digital transformation, which is seen to drive growth in the next decade.

AEV said that Therma South had reduced greenhouse gas emissions by around 27% between 2017 and 2019, which was partly brought about by the “controlled and automated addition of limestone.”

AEV’s infrastructure unit Republic Cement & Building Materials, Inc. has partnered up with Aboitiz banking and financial services unit UnionBank of the Philippines in creating an AI tool that predicts cement quality based on historical chemical concentration combinations.

“With this data, Republic Cement is able to optimize concentrations of raw materials, including limestone, resulting in better resource management and increased operational efficiency. This is especially important for Republic Cement’s main product Portland cement, a complex product obtained from unprocessed natural limestone and clay,” AEV said.

Nabil Francis, Republic Cement president and chief executive, said that the AI tool helps the firm achieve its goals of producing consistent cement blocks, and reaching the minimum standards for cement quality.

“This case of data science is a perfect example of synergies between the different subsidiaries of the Aboitiz Group,” he added.

According to Aboitiz Group Data Committee Chairman Dr. David R. Hardoon, AboitizPower and Republic Cement have set examples showing that an organization can achieve business value while meeting its environmental and sustainability goals. — Angelica Y. Yang

IP E-Game seeks digital banking license

LISTED IP E-Game Ventures, Inc. announced on Wednesday that it is applying for a digital banking license with the Bangko Sentral ng Pilipinas (BSP).

IP E-Game authorized the Mario A. Oreta and Partners law firm to apply for its digital banking license with the BSP and other pertinent agencies, the company said in a disclosure to the stock exchange.

The company announced in January its plan to engage in the financial technology (fintech) business.

IP E-Game, which was formed to engage in the business of gaming, entertainment, and content distribution, among others, is also changing its corporate name to Oasis Financial Group, Inc.

The listed firm also used to engage in the business of hotel, tourism, leisure, food and beverage.

The company likewise plans to engage in venture capital investment, financing, P2P, remittances, and foreign exchange, among others.

“The change in corporate name and purpose is in relation to the corporation’s plans to transform the company into a company engaged in financial technology,” it said on Jan. 26.

Also on Wednesday, the company announced the resignation of Jaime C. Gonzalez, chairman and member of its board of directors.

“Due to the current pandemic situation, Mr. Jaime C. Gonzalez would like to lessen his increased load of multiple corporate responsibilities,” the company said in a separate disclosure.

Juan Kevin G. Belmonte was elected as the new chairman.

Mr. Belmonte is the president and chief executive officer of Philstar Global Corp., the owner and operator of Philstar.com.

He previously served as director of IP E-Game. — Arjay L. Balinbin

How PSEi member stocks performed — February 24, 2021

Here’s a quick glance at how PSEi stocks fared on Wednesday, February 24, 2021.

Shares drop on delays in gov’t vaccine program

PHILIPPINE SHARES closed in the red on Wednesday as investors processed President Rodrigo R. Duterte’s decision to keep Metro Manila under strict quarantine measures until the country’s inoculation program begins.

The Philippine Stock Exchange Index (PSEi) declined by 58.72 points or 0.86% to close at 6,755.95, while the broader all shares index fell 41.56 points or 1% to end at 4,100.16.

“Investors still digested the decision of the government of rejecting to place the entire country under modified general community quarantine without the coronavirus disease 2019 (COVID-19) vaccine rollout,” Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a Viber message.

“Negative sentiment remains in the market since worries over the economic recovery heightened, given the uncertainties on the rollout of the vaccine,” Ms. Alviar added.

“Traders also took profits ahead of the holiday,” she added.

Financial markets are closed today in commemoration of the EDSA People Power Revolution Anniversary.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said concerns over inflation clouded market sentiment in the region, as Asian markets mostly closed in the red.

“Shares in the Philippines and across Asia as the market’s concerns towards rising inflation needed to be tamed by [Federal Reserve] Chair Jerome Powell’s speech. China and Hong Kong stocks fell as many continued to sell consumer and health care stocks, which many believed to have reached the peak of the valuations,” Mr. Limlingan said in a Viber message.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.8% and has lost 3.2% for the week so far, Reuters reported.

On Tuesday, US Federal Reserve Chairman Powell did not seem too perturbed by a sell-off in Treasuries that has driven 10-year yields up by 40 basis points this year, telling Congress it was a statement on the market’s confidence in the pandemic recovery.

All sectoral indices fell on Wednesday. Mining and oil went down by 291.01 points or 3% to 9,391.44; industrials dropped by 140.01 or 1.58% to 8,673.25; holding firms saw a decrease of 87.13 points or 1.23% to 6,989.65; financials declined by 11.72 points or 0.81% to 1,435.59; property fell 12.26 points or 0.36% to 3,384.71; and services inched down by 0.97 point or 0.06% to finish at 1,446.54.

Value turnover went up to P14.70 billion with 36.10 billion shares switching hands on Wednesday from the P10.67 billion traded the previous day with 25.51 billion issues.

Decliners led advancers, 174 against 58, while 37 names closed unchanged.

Net foreign selling went down to P652.86 million on Wednesday from the P1.25 billion recorded on Tuesday.

“Many are anticipating a selldown on Friday with MSCI’s rebalancing finally [taking] place,” Mr. Limlingan said. — K.C.G. Valmonte with Reuters

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