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EEI swings to profit as revenues rise

CONSTRUCTION firm EEI Corp. registered a net income attributable to equity holders amounting to P250.17 million in the second quarter, a reversal of its year-on-year losses of P843.35 million, after generating higher revenues from its construction contracts as well merchandise and property sales.

In a regulatory filing on Thursday, EEI said that its total revenues in the three months ending June reached P4.89 billion, more than three times the value in the same period last year.

Earnings from construction contracts, which comprised majority of the listed firm’s earnings, reached P4.56 billion or more than double the previous level of P1.59 billion.

Meanwhile, EEI incurred higher expenses at P4.01 billion, up from P2.59 billion last year.

“EEI’s construction operations continued to improve during the second quarter of 2021, without any serious COVID-19 (coronavirus 2019) threats as the NCR (National Capital Region) Plus bubble remained mostly in the less stringent General Community Quarantine classification during the period,” the firm said.

EEI said its sustainable backlog of projects valued at P49.2 billion is enough to sustain the group for the next two to three years.

It added that it is “well-positioned” to win more contracts for mega infrastructure projects under the government’s Build, Build, Build program, and is confident in its investments and joint ventures, which have proven to be “resilient” amid the pandemic.

“The Group is positive that it will continue its recovery for the rest of the year and the years to come,” it added.

EEI is primarily engaged in the construction of power generating facilities, oil refineries, chemical production plants, cement plants, food and beverage manufacturing facilities, semiconductor assembly plants, roads, bridges, rails, ports, airports, high rise residential and office towers, and hotel buildings.

EEI shares improved by 4.03% or 31 centavos to finish at P8 apiece on Thursday. — Angelica Y. Yang

Marcventures incurs P51-M loss as revenues fall

MARCVENTURES Holdings, Inc. reported a P50.65 million net loss for the second quarter due to lower revenues.

The company said in a regulatory filing on Thursday that its net loss for the April to June period is a turnaround from its P261.48-million net income in the same period last year.

Revenues of Marcventures for the quarter reached P299.85 million, down 74.2% from P1.16 billion a year ago, while operating expenses fell 23.3% to P68.23 million against P88.9 million in 2020.

For the first six months of the year, the company recorded a P166.31-million net loss, a reversal of its P137.52-million net income in 2020.

Revenues during the January to June period fell 74.2% to P299.85 million compared to P1.16 billion in 2020.

“It was attributable to a lower volume of nickel ore shipped out during the period which led to a decrease in revenue as compared to last year of the same period,” the company said.

Operating expenses reached P206.37 million, up 2.1% from P202.20 million recorded the previous year, as a result of increases in taxes and licenses, professional fees, community relations, and environmental expenses.

“Aside from the volatile prices of ore in the market and US Dollar exchange rate, there are no other known trends, events or uncertainties that have had or that are reasonably expected to have a material favorable or unfavorable impact on net sales or revenues or income from continuing operations,” the company said.

Marcventures, through its subsidiary Marcventures Mining and Development Corp., operates a nickel mine under a mineral production sharing agreement in Surigao del Sur. The company’s other subsidiaries include BrightGreen Resources Corp., Alumina Mining Philippines, Inc., and Bauxite Resources, Inc.

On Thursday, its shares at the stock exchange dropped 12.50% or 15 centavos to finish at P1.05 each. — Revin Mikhael D. Ochave

Entertainment News (08/06/21)

Spotify launches new daily, weekly subscription plan

THIS week Spotify launched Premium Mini in the Philippines, a new bite-sized plan that offers flexibility with daily and weekly subscriptions for as low as P7/day and P26/week. Premium Mini users can enjoy almost all the benefits of the regular Premium plan, including: ad-free individual music listening on mobile with unlimited skips, with access to more than 70 million music tracks and over 2.9 million podcast titles; download and play up to 30 songs offline on one mobile device; and Premium Mini Listeners also have the ability to tune in to the same playlist or podcast with up to five friends via Group Session in beta. Spotify has introduced expanded payment options for people to easily access Premium Mini plans on the go via digital wallets such as GCash and PayMaya or through Carrier Billing. To sign up for Spotify Premium Mini, download Spotify’s mobile app or head over to Spotify’s website on desktop;click the “Premium” section at the top right of the website or at the bottom right of the Spotify app; choose “Get Mini” and choose “daily” or “weekly” plan (this is a prepaid offering); choose payment methods; register or log in to the Spotify account. Spotify’s Premium Mini Plan is currently available in the Philippines for Android mobile and tablet.

Dayaw Season 11 highlights Philippine sports

AWARD-winning documentary series Dayaw’s new season on the ABS-CBN News Channel (ANC premieres on Aug. 5. The show’s 11th season, titled “Kaka-ibang Sigla: Our Vital Energy,” focuses on traditional games, sports, and dance. The episodes will feature Filipino childhood games, Ifugao’s annual punnuk tug-of-war ritual, Filipino martial arts, and folk and indigenous dances. Dayaw is a production of ANC and the National Commission for Culture and the Arts (NCCA). It airs on Thursdays at 6 p.m. on ANC on cable and the ANC Facebook page.

Baguio mayor backs youngest Miss Universe PHL hopeful

BAGUIO City Mayor Benjamin B. Magalong has extended his support for Miss Universe Philippines 2021 candidate Kristina Alexandra S. Rodriguez, the lone representative of the Cordillera Administrative Region (CAR) in this year’s pageant. During the courtesy call on Wednesday, Mr. Magalong reminded Rodriguez to always strive to become a good leader despite the difficulties that may be thrown her way, and to continue having strong passion and determination to pursue her dreams. For her part, the 18-year-old Rodriguez — the youngest among this year’s Miss Universe Philippines’ hopefuls and an incoming first year college student — said she took this opportunity to make the most out of the pandemic. Ms. Rodriguez is representing Baguio City, which is also in the midst of an impressive transformation amid this still-raging pandemic. Ms. Rodriguez is among the 100 candidates vying for the Miss Universe Philippines title this year. A series of challenges will decide who will advance in the next rounds. The coronation night is on Sept. 25.

KZ Tandingan, TJ Monterde release 2 songs

SINGERS and real-life couple KZ Tandingan and TJ Monterde have released the Bisaya songs, “Dodong” and “Inday,” respectively dedicating each tune to each other. “Dodong” is a lullaby that is Ms. Tandingan’s ode of gratitude for TJ’s love for her. Meanwhile, Mr. Monterde said that he wrote “Inday” as a song of reassurance for his partner. The two songs are part of the “Simula” playlist available on Star Music’s YouTube channel. The songs are out now on music streaming platforms.

GMA RTV airs Regional TV News on GTV

GMA Regional TV (RTV) now airs its flagship news program Regional TV News in the morning, weekdays at 9 a.m., and on Saturdays at 10 a.m. on GMA Network’s GTV channel. Regional TV News is produced by the teams behind the high-rating and award-winning newscasts GMA Regional TV Balitang Amianan (North Central Luzon), GMA Regional TV Balitang Bisdak (Central & Eastern Visayas), GMA Regional TV One Western Visayas (Western Visayas), GMA Regional TV One Mindanao (North, Central, South Central, Western, and Southern Mindanao) and GMA Regional TV Balitang Bicolandia (Bicol Region). Regional TV News provides the latest and most relevant news from the different regions and provinces on the national level.

iQiyi announces Amazon TV partnership

IQIYI, the Asian entertainment streaming service, launches its iQiyi International app on all Amazon Fire TV devices. In the Philippines, this is the Fire Stick Basic Edition. Amazon Fire TV device owners will be able to access iQiyi’s growing collection of pan-Asian content with more than 3,000 show titles. To facilitate international accessibility, iQiyi also offers streaming experience with localized user interfaces and subtitles in up to 12 languages, customized playback settings, and proprietary technology that allows users to watch their shows two seconds after clicking the play button. Owners of newer models of Amazon Fire TV Basic Edition (PH) sticks will be able to indulge in the Asian content viewing experience at home. Existing subscribers will be able to download and login to iQiyi on Amazon Fire TV devices, while new users can download and enjoy the free content. iQiyi International App is also currently available on iOS and Android devices, Samsung, Sony, Phillips, LG, and Apple TV.

Promos at the Shopee 8.8 Mega Flash Deals Sale

UNTIL Aug. 8, enjoy discounts up to 90% off on essentials, free shipping with no minimum spend, and others deals at the Shopee 8.8 Mega Flash Deals Sale. There are Midnight Flash Deals that drop from 12 to 2 a.m.; daily ₱8 Deals (if the desired flash deals aren’t live yet, click “Remind Me” to receive a notification once it’s available); free shipping vouchers (before checking out, see if your order is eligible for other platform or shop vouchers); a chance to claim up to 70,000 coins by playing the Shopee Quiz on Aug. 6, 7:20 p.m. (the prize pool will be divided among players who answer all questions correctly during the game); a shot at winning ₱10,000 by joining Shopee’s #ShopeeMegaLook Raffle; exclusive ShopeePay deals with up to 50% cashback when you pay your electricity, water, and internet bills with ShopeePay, ShopeePay ₱1 Deals from Puregold, Seaoil, Potato Corner, and more, 10% off on mobile load, and flash deals on load and data for as low as ₱1; and a chance to win ₱5,000 worth of ShopeePay credits by joining the #BudolFinds challenge on Tiktok which is ongoing until Aug. 8. To discover more about flash deals, visit https://shopee.ph/m/8-8.

Money Heist Part 5 on Netflix

Netflix presents Money Heist Part 5 in two installments. Volume 1 premieres on Sept. 3 and Volume 2 on Dec. 3. In this season, the robbery gang has been shut in the Bank of Spain for over 100 hours. While they have managed to rescue Lisbon, they also lost one of their own, the Professor has been captured and doesn’t have an escape plan. Just when it seems like nothing else could go wrong, an enemy comes on the scene that is much more powerful than any they’ve faced: the army. Watch the trailer of Money Heist Part 5 on YouTube at www.youtube.com/watch?v=p_RRfBnSikc.

PayMaya addressing customer reports on unauthorized transactions

MOBILE WALLET firm PayMaya Philippines is addressing concerns of users regarding unauthorized transactions using cards linked to their accounts.

“We have indeed received reports that some of our PayMaya customers recently experienced suspicious and unauthorized transaction attempts involving MasterCard, Inc. or Visa, Inc. cards linked to their PayMaya accounts,” PayMaya Head of Public Affairs and Communications Nick Bautista-Wilwayco said in an e-mail.

“Most of these transactions were unsuccessful as PayMaya’s anti-fraud system automatically detected and declined these attempts. For customers with unauthorized transactions, we are addressing these cases urgently,” she added.

Several PayMaya users on Thursday took to social media to inquire with the firm after they received notifications of these suspicious transactions, with some seeing their balance debited for payments to merchants with indecent business names.

“We would like to remind our account holders to keep their accounts secure by not sharing account and card details, passwords, and other personal information with any third party especially through phone, SMS, e-mail, social media, and website links…,” Ms. Wilwayco added.

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said they have also reached out to PayMaya regarding these reports.

“The BSP is closely coordinating with the relevant BSP-supervised financial institutions on consumer-related concerns such as fraudulent and/or unauthorized transactions,” Ms. Fonacier said via text.

She said customers can submit their complaints to the BSP’s Consumer Protection and Market Conduct Office in case they are not satisfied with how financial institutions handle their concerns.

“Rest assured that BSFIs are bound to comply with applicable consumer redress/recourse mechanisms so that customers would be able to duly retrieve their funds,” Ms. Fonacier said.

PayMaya is a subsidiary of Voyager Innovations, Inc., the digital arm of PLDT, Inc.  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. — Luz Wendy T. Noble

Are human resource people critical thinkers?

I’m the operations manager of a medium-sized organization. My concern centers on our human resource (HR) manager, a 34-year-old man who appears to be clueless about what’s happening in our company and around the industry. He’s reactive on many people management problems and his programs don’t generate the maximum participation of the intended beneficiaries. And yet, he’s been doing the same things over and over for the past three years. I’ve seen the same thing happening in other companies as well. This is confirmed by my industry friends who think that many HR “professionals” are plain administrative managers incapable of being critical thinkers in this challenging world. What are your thoughts? — Blue Star.

I’m not sure if it’s the adverse effects of the pandemic on mental health. I’ve seen people jumping to conclusions, antagonizing their colleagues, sidestepping responsibility, and pushing their luck without any concrete evidence about their expertise. So, what’s making us focus our attention on HR people?

First and foremost, it’s the job of the Chief Executive Officer (CEO) to evaluate the HR manager’s work performance. And that should not prevent you from sharing your thoughts with the CEO if you perceive the HR programs are not meeting your department requirements and those of the organization.

But you’re right, except that we can’t make a generalization about the poor qualifications and performance of HR people unless we can come up with objective metrics for measuring what they can and cannot do.

“Recent complaints about the HR function have touched a nerve in a large, sympathetic audience, particularly in the United States,” according to Wharton management professor Peter Capelli in Forbes (2015). “The most vocal critics say that HR managers focus too much on ‘administrivia’ and lack vision and strategic insight.”

I share the same view. Here in the Philippines, I’ve seen many HR practitioners who perpetuate the reactive practice of exit interviews for resigned employees instead of promoting the “stay” interview or a kumustahan, motivational approach long before the employees even think of leaving.

LEAN HR
So, how do we define “critical thinking?” My short and crisp definition is “challenging the status quo to discover the best way of doing things.” You can create your own definition, but I’m confident that regardless of how you define “critical thinking,” the terms originality, initiative, rational or logical thought will be included.

The World Economic Forum’s Future of Jobs Report (2020) highlights the finding that “(c)ritical thinking and problem-solving top the list of skills employers believe will grow in prominence in the next five years.” Does the critical thinking requirement apply to HR? There’s no doubt about it. Critical thinking is imperative for all, including those in the HR profession. There is no cogent and practical reason why not.

If there’s a single formula for HR to follow in practicing critical thinking, I would recommend “Lean HR” or the application of kaizen and lean principles to help reduce, if not eliminate waste in operations. In so doing, we end up asking a lot of questions about how HR is doing its job. Here are some of them:

One, why does it take time for HR to hire job applicants? The last time I checked with my industry sources, I was told they’re averaging two-and-a-half months to source, screen, interview, negotiate, and do the on-boarding of new employees in across all jobs. There are many reasons that contribute to the delay. One thing that irritates me is when they refuse to interview applicants with incomplete documents.

Are we not supposed to do only paper screening of the applicants’ curriculum vitae? Interviews can be fast-tracked online, with or without the pandemic. Further, should we not secure only pre-employment documents from the top two candidates?

Two, why focus on the perfect attendance award instead of merit? Why reward people who are required to report daily and on time? Why focus on physical presence rather than actual results? Why do we micromanage people on work-from-home arrangements by turning on their laptop cameras? Why not strengthen the performance management system instead?

Or, if your organization can afford it, procure software that monitors worker progress on an hourly basis. Why must we retain the services of deadwood who can’t do other jobs?

Last, why delay the issuance of an employment certificate? You won’t believe the arrogance of HR people on this issue. Many organizations drag their feet in issuing this simple, one-page document stating only bare facts like the employee’s job title and the duration of their employment. And yet HR would often claim the signatories were absent, which is another issue — why should a simple document require several signatories?

Due to the increasing number of complaints from the general public, the labor department issued Labor Advisory 06-20 (signed on Jan. 31, 2020) that requires employers to issue a certificate of employment within three days and to release the clearance and terminal pay of resigned employees within 30 days.

REACTIVE APPROACH
The list of issues against HR is endless. That’s because they’re reactive to many people issues, if not outright wrong on many things. Do a simple check of what HR people post on social media. You’ll wonder how they can call themselves “HR managers” when they write and behave poorly in a public setting.

HR people are averse to critical thinking. They hate to experiment with new things. Identifying with tradition has been a survival strategy for many in HR. They prefer to be “yes” men and women rather than rock the boat. Submissiveness to top management rather than persuading them to do something new reflects how they understand risk and avoid uncertainty.

 

Have a consulting chat with Rey Elbo on Facebook, LinkedIn, or Twitter or you can send anonymous questions to

elbonomics@gmail.com or via https://reyelbo.consulting

How PSEi member stocks performed — August 5, 2021

Here’s a quick glance at how PSEi stocks fared on Thursday, August 5, 2021.


Philippines’ Olympic medal haul through the years

FILIPINO boxers Carlo Paalam and Eumir Felix D. Marcial ended up in different poles in semifinal boxing action in the Tokyo Games on Thursday. Read the full story.

Headline inflation rates in the Philippines (July 2021)

PHILIPPINE INFLATION eased to a seven-month low in July, lending support to expectations for the central bank to keep its rates accommodative. Read the full story.

Headline inflation rates in the Philippines (July 2021)

Peso retreats on Fed taper hints, virus concerns

BW FILE PHOTO

THE PESO weakened to the P50-a-dollar level on Thursday due to signals from the US Federal Reserve of a possible tapering of its asset purchases within the year and lingering concerns over the spread of the Delta variant.

The local unit closed at P50.235 per dollar yesterday, shedding 48.5 centavos from its Wednesday finish of P49.75, data from the Bankers Association of the Philippines showed.

The peso opened Thursday’s session at P49.83 a dollar. Its weakest showing was at P50.37, while its intraday best was at P49.76 versus the greenback.

Dollars exchanged increased to $1.47 billion on Thursday from $1.041 billion on Wednesday.

A trader attributed the peso’s weakness to demand for the dollar following hints from the Fed on the timing of the reduction of its bond purchases.

Fed Vice Chairman Richard Clarida said in a Wednesday webinar that he is in favor of the Fed making an announcement later this year that it will begin to scale back its bond purchases if the economy’s growth stays strong, Bloomberg reported.

The Fed has vowed to retain its asset purchases “until substantial further progress” is seen in its goal of maximum employment and 2% inflation. It is currently purchasing $120 billion of assets every month which include $80 billion of Treasury securities and $40 billion of mortgage-backed debt.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso weakened on rising cases of the Delta variant in countries that already saw a decline in coronavirus cases previously, such as China.

For this Friday, Mr. Ricafort gave a forecast range of P50 to P50.30 while the trader expects the local unit to move between 50.15 and 50.40 a dollar. — L.W.T. Noble with Bloomberg

PSE index snaps rally as investors pocket gains

REUTERS

STOCKS snapped their three-day rally on Thursday as investors went profit taking and shrugged off data showing a slightly slower July inflation print.

The benchmark Philippine Stock Exchange index (PSEi) declined by 37.94 points or 0.57% to close at 6,547.27 on Thursday, while the broader all shares index lost 17.02 points or 0.41% to finish at 4,042.57.

“As the market was up for three consecutive trading days, market succumbed to profit taking today as global growth concerns hounded the US and most of regional markets,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message on Thursday.

Asian shares mostly held onto this week’s gains on Thursday, despite hawkish remarks from a senior official at the US Federal Reserve that boosted the dollar while weighing on risk appetite, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.16%. Japan’s Nikkei climbed 0.45%.

US stocks closed mostly lower on Wednesday, with the S&P 500 receding 0.46% from a record high. The blue-chip Dow slid 0.92%, though the tech heavy Nasdaq eked out small gains with investors there attaching greater weight to positive data from the services sector than to negative job figures.

“We believe that market has largely shrugged off the release of July inflation data as it came within expectations,” China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said in a text message.

Preliminary data from the Philippine Statistics Authority showed July inflation slowed to 4% from 4.1% in June. However, it was higher than the 2.7% print logged in the same month last year.

All sectoral indices closed in the red on Thursday except for services, which gained 10.43 points or 0.65% to end at 1,605.72, and industrials, which went up by 42.36 points or 0.45% to 9,305.30.

Meanwhile, property dipped by 81.08 points or 2.63% to 2,996.97; mining and oil shed 53.65 points or 0.54% to 9,786.97; financials inched down by 7.36 points or 0.51% to close at 1,431.63; and holding firms declined by 14.35 points or 0.21% to 6,540.97.

Value turnover inched up to P4.77 billion with 962 million issues traded on Thursday, from the P4.64 billion with 1.10 billion issues seen on Wednesday.

Decliners outnumbered advancers, 108 against 80, while 34 names closed unchanged.

Net foreign buying increased to P237.61 million on Thursday from the P83.72 recorded the previous day.

“Short-term market moves will continue to be driven by pandemic-related developments, with specific sensitivity to prospects of an extension of stricter quarantine measures,” Mr. Mercado said.

He expects the PSEi to trade sideways within the 6,500 to 6,600 range or to retest the 6,270 to 6,300 levels.

“Investors may also stick to the sidelines ahead of the second quarter GDP (gross domestic product) report due out next week,” he added. — Keren Concepcion G. Valmonte

$7B in infrastructure projects being negotiated with Japan

PHILSTAR

Global Trade Venture Co. Ltd. (GTV) and Philippine local governments are in talks for $7.5 billion worth of projects in aquaculture development, health, and artificial intelligence, the Japan-based firm said Thursday.

The company, which works on engineering and design, will help implement five concession projects in the Philippines, several of which will be built over a two-year period.

GTV in a briefing said that an industrial park for marine and aquaculture project, plus a supporting cargo hub, will entail providing robotics and artificial intelligence to local government units, putting up warehouse and logistics facilities, and creating training institutes for organic farming.

“Agriculture and aquatic products produced and processed (have) already been pre-determined (along with) a ready market for product distribution lines, particularly in Japan and in other countries,” the company said in its presentation.

A Philippine offshore sea concession for fish farming will have artificial intelligence-controlled fish cages and will be backed by research and development centers, power generation and water processing plants, and warehouses. The floating facility will be 5-15 kilometers from the shoreline. 

Meanwhile, a global digital datalink service network will have satellite ground station facilities for big data used for secure information transfer between GTV joint venture members and for artificial intelligence-backed operations.

A 20,000 square-meter regional medical center project operated by the Japan Medicinal Association will have a pharmacy and clinic to provide medical services to local residents.

A Philippine global artificial intelligence corridor will also be developed to attract software research and development and robot manufacturing. It is a response to Japanese manufacturing firms’ exit from China by providing locations for Japanese advanced-technology industries.

Project sites and funding details will be announced by the Philippine local governments, GTV Japan Group Senior Consultant Kazuo Sato said.

The company is an engineering consulting group supporting government projects, he said.

GTV Chairman and Chief Executive Officer Yoshihisa Arai on Thursday signed an industrial park development concession agreement for aquatic products with the provincial government of Marinduque. — Jenina P. Ibañez

DoE seeks fuel discounts for frontliners, consumers

PHILSTAR

THE DEPARTMENT of Energy (DoE) has asked oil companies to provide fuel discounts to frontliners and other consumers to offset the additional cost of fuel following rising crude prices and the impact of the public health emergency.

“The rising price of oil in the world market is regrettably beyond our control; however, we as members of the Philippine energy family could help ease some of the financial burdens of our countrymen in our continued battle against the COVID-19 (coronavirus disease 2019),” Energy Secretary Alfonso G. Cusi said in video posted on his Facebook page Wednesday.

“Once again, ako po ay nananawagan sa ating mga kasamahan sa industriya, ang mga oil companies na kung pwede magbigay ng diskwento sa fuel sa ating pong mga frontliners at sa iba po nating mga kababayan sa kahirapan po ng dinaranas natin dahilan sa pandemic, I am calling on the industry… that if able, they grant discounts to frontliners and other users to provide relief from their burdens during the pandemic,” he added.

Mr. Cusi also urged the energy sector to ensure the unhampered delivery of services in areas placed under enhanced community quarantine, including Metro Manila.

On Thursday, the DoE said that global oil demand has risen, resulting in crude oil deficits of 370,000 and 140,000 barrels per day (bpd) in the first and second quarters of 2021, respectively.

“This market sentiment will continue to develop, with projected increasing demand versus ongoing supply restrictions from the Organization of Petroleum Exporting Countries and US sanctions against Iran and Venezuela, which all seen to be the underpinning factors pointing to sustained price increases for the rest of the year,” the department said in a statement.

The US restrictions affect the supply of 2 million bpd from Iran and 700,000 bpd from Venezuela, the availability of which could have helped ease the global supply deficiency, the DoE said.

This week, gasoline, diesel and kerosene prices rose P1.05 per liter, P0.8/L and P0.75/L, respectively, following price adjustments by Seaoil Philippines, PTT Philippines Corp., Caltex Philippines, Pilipinas Shell, Petron Corp. and Phoenix Petroleum Philippines, Inc. — Angelica Y. Yang