Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 7207

Manila Water records P4.5-B attributable net income

EAST ZONE water concessionaire Manila Water Co., Inc. registered an 18.2% fall in net income attributable to equity holders to P4.50 billion for 2020, it said in a disclosure to the stock exchange on Tuesday.

The water provider said the decline was due to lower contribution from its domestic subsidiaries as a result of the coronavirus disease 2019 (COVID-19) pandemic.

Manila Water’s consolidated operating revenues last year fell 2.4% to P21.13 billion as its domestic subsidiaries Estate Water and Boracay Water had lower contributions.

“The group derived 80% of its operating revenues from the sale of water, while 16% came from environmental and sewer charges. Other revenues, which accounted for the balance, are comprised of supervision fees, after-the-meter services, connection fees and septic sludge disposal, among others,” the disclosure said.

Manila Water said its consolidated costs and expenses for 2020 fell 13.2% to P8.34 billion, versus P9.61 billion the earlier year as all of its expense accounts had posted a decline compared to the earlier year.

The company added that lower costs and expenses were because of fewer septic sludge disposal and repairs due to suspension of activities as part of lockdown protocols.

“Notable is the 25% decline in overhead costs, which was largely due to the one-off expenses in 2019 such as the P534 million in relation to the penalty imposed by the Metropolitan Waterworks and Sewerage System (MWSS) and additional expenses which arose in the ordinary course of business,” the disclosure said.

Earnings of the company before interest, taxes, depreciation, and amortization (EBITDA) for 2020 fell 5.7% to P11.94 billion compared to P12.66 billion in 2019.

Meanwhile, Manila Water’s subsidiary Manila Water Philippines Ventures, Inc. (MWPV) posted a net loss of P480 million, a turnaround from the P450 million net income it had in 2019.

MWPV’s consolidated revenues declined 10% to P4.22 billion in 2020 against P4.69 billion in 2019.

Another subsidiary of Manila Water, Manila Water Asia Pacific Pte. Ltd. (MWAP), posted a net loss of P371 million for 2020, reversing the P172-million net income it had the previous year due to the recognition of additional expenses in Cu Chi, Saigon Water, and East Water.

Manila Water Total Solutions (MWTS) recorded a net loss of P109 million for 2020, an improvement from the P165-million net loss it had in 2019.

In a separate regulatory filing on Tuesday, Manila Water announced that Aqua Centro MWPV Corp. (ACMC) signed a P233-million term loan facility with the Bank of the Philippine Islands.

The disclosure said the term loan will be used to fund ACMC’s capital expenditure projects. ACMC is a wholly owned subsidiary of MWPV.

On Tuesday, shares in Manila Water at the stock exchange rose 0.13% or two centavos to close at P15.38 apiece. — Revin Mikhael D. Ochave

Central bank at cusp of reflation trade prepares for long fight with the market

THE Reserve Bank of Australia said it is ready for a prolonged battle with bond traders betting on reflation even as it kept its main policy levers unchanged on Tuesday. — REUTERS

THE Reserve Bank of Australia (RBA) signaled it’s ready for a prolonged battle with bond traders betting on a reflation wave sweeping across the global economy.

“The bank remains committed to the 3-year yield target and recently purchased bonds to support the target and will continue to do so as necessary,” Governor Philip Lowe said in a statement Tuesday, after keeping the main policy levers unchanged. “The bank is prepared to make further adjustments to its purchases in response to market conditions.”

The RBA has stepped up bond purchases to defend its yield target and in an effort to soothe market dysfunction. Australia and New Zealand both find themselves at the front line as early success in containing COVID-19 means they’re further along the road to recovery that will, potentially, trigger an unwinding of ultra-loose policy settings.

Su-Lin Ong, head of Australian economic and fixed-income strategy at Royal Bank of Canada, said the central bank’s unscheduled operations Friday to defend its yield target and doubling of its usual quantitative easing purchases Monday marked a shift in stance.

It signals “a preparedness to be more flexible, deploy its existing tools for better impact,” she said. That suggests the RBA “will err on the side of more, rather than less, accommodation with QE3 likely.”

After the upheaval in yields through February, market reaction was muted to the RBA’s statement today. The 10-year yield spiked seven basis points higher while the three-year yield was just under 1.2%, suggesting markets will continue to test the RBA with reflation bets. The currency trimmed its intraday decline to trade at 77.64 US cents at 5:48 p.m. in Sydney.

Mr. Lowe indicated in his statement that the outlook was largely unchanged from the prior month: inflation will accelerate temporarily after the end of COVID-related price reductions; otherwise, consumer prices will rise 1.25% this year and 1.5% next.

The central bank won’t raise its cash rate “until actual inflation is sustainably” in its 2-3% target range,” the governor reiterated. This, he said, will require “materially higher” wages growth that in turn will need “significant gains” in employment to tighten the labor market.

“The board does not expect these conditions to be met until 2024 at the earliest,” Mr. Lowe said.

Central banks and bonds markets across the world have been locked in a showdown as efforts to keep borrowing costs low are being tested by inflation bets. Fed Chair Jerome Powell last week spent two days telling US. lawmakers the economy is in no state to be thinking about monetary tightening. European Central Bank President Christine Lagarde is “closely monitoring” debt yields.

Mr. Lowe said today the bank is “prepared to do more if that is necessary.” That echoed comments earlier today by The Reserve Bank of New Zealand, which said that it stood ready to ramp up bond purchases.

COVID-19 RECOVERY
Sentiment is strong in Australia, underpinning activity and hiring; on top of that, the nation’s largest export — iron ore — is hovering around $170 a ton, levels last seen a decade ago.

Economists estimate the economy expanded 2.5% in the final three months of last year from the prior quarter, ahead of data Wednesday. Yet, gross domestic product probably contracted 1.9% from a year earlier, they said.

The low cost of borrowing is fueling a rapid rebound in property with the housing market recording its largest monthly gain in 17 years and lending reaching a record high in January.

“Housing credit growth to owner-occupiers has picked up, but investor and business credit growth remain weak,” Mr. Lowe said. “Lending standards remain sound and it is important that they remain so in an environment of rising housing prices and low interest rates.” — Bloomberg

Cancer preparedness of Asia-Pacific countries

With more patients in need of help to access treatments, advocates welcome the recent announcement of the Department of Health (DoH) that it would allocate at least a P700-million annual budget to the cancer assistance fund.

During the “Cancer Conversations: From Policy to Meaningful Action” webinar held in partnership with the BusinessWorld, Health Secretary Francisco T. Duque III reaffirmed the government’s commitment to implement the National Integrated Cancer Control Act (NICCA).

“Historically, the budget trend for the cancer control program has been fluctuating and frankly, insufficient. By having NICCA in place and indicated in the draft Administrative Order on Cancer Assistance Fund, the annual budget for the Cancer Supportive Care and Palliative Care Medicines Access Program will now be at least 700 million pesos. This will allow us to cover more priority cancer types and allow us to give larger numbers of patients in minimizing, if not outright eliminating their out-of-pocket medical expenses,” he said.

With this pronouncement, things are starting to fall in place as the Philippines and other countries face global metrics, with a focus on how they are supporting cancer patients throughout their journey.

One such measure is the Asia-Pacific Index for Cancer Preparedness (ICP) by the Economist Intelligence Unit (EIU). The ICP measures how ready healthcare systems are for the challenge of cancer. It seeks to answer the question of how well-prepared countries are to achieve major reductions in premature deaths from cancer, increase cancer survival rates, and improve the quality of life for cancer patients and survivors.

The index explores the issue of cancer preparedness through three broad domains: (1) Policy and planning: focusing on levers that are mostly in the hands of policymakers; (2) Care delivery: looking at capacity to deliver cancer-specific services within health systems themselves; and (3) Health systems and governance: acknowledging that cancer cannot be defeated by cancer-focused activities alone.

Charles Goddard, editorial director at the Economist Group, discussed the key findings of their report during the policy forum co-organized with the Cancer Coalition Philippines (CCPh). 

This regional index had drawn upon the findings of the global ICP (which evaluated 28 countries based on 45 separate indicators) to provide a comprehensive overview of how well the 10 included countries in the Asia Pacific are doing in the key areas of this challenge.

The data analysis and key findings presented in the report were derived before the coronavirus disease 2019 (COVID-19) pandemic happened. However, as the report itself pointed out, “the key findings and priorities for addressing cancer control provision have now been thrown into sharper focus, and should be interpreted in light of the unfolding health system and economic impacts that the pandemic has wrought.”

The 10 countries included in the report, as discussed by Mr. Goddard, were chosen based on various factors including size, income-level diversity, and progress made towards universal health coverage (UHC). These were Australia, China, India, Indonesia, Japan, Malaysia, the Philippines, Thailand, South Korea, and Vietnam.

In the overall ICP scores ranking, Vietnam and the Philippines were bottom-dwellers. The report acknowledged the reality that countries in the vast Asia-Pacific region show great diversity in their healthcare needs, and responses to cancer are highly influenced by their stage of economic development.

High-income countries with established healthcare infrastructures are primarily dealing with quality-of-care concerns. Upper-middle-income countries are refining their UHC systems to close access gaps and ensure financial sustainability. Lower-middle-income countries, on the other hand, are setting up the foundations for an increasingly important cancer challenge.

The report found a strong positive association between income levels and performance in overall cancer preparedness. An influential indicator for overall performance in the index is “screening and early detection,” highlighting the importance of improving the early management of the disease in the region. Other influential indicators are “cancer registries” and “infrastructure.”

A strong correlation was also seen between the overall index score and cancer control outcomes. This demonstrates that, in broad terms, better performance in the index is consistent with countries achieving better cancer management outcomes.

While healthcare spending (as a percentage of GDP) is positively associated with performance in the index, there is a stronger association with political will, an indicator that includes not only funding but also institutional aspects like the commitment to universal healthcare.

This was echoed by former Health Secretary Manuel M. Dayrit when he said: “The message of the forum is the need for visionary leaders that is sustained at the national level. It’s the leadership that will bring the whole country together for cancer control, and for Universal Health Care.”

Clearly, we celebrate the achievements in the implementation of the Cancer Control Act and commend the people and groups behind them. With the desire to measure up to the global standards in supporting patients and their families throughout their journey, the government and the whole cancer community must continue their collaborations and advocacy.

 

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.

Arts & Culture (03/03/21)

Documentaries on Philippine intangible cultural heritage now on view

THE INTERNATIONAL Information and Networking Centre for Intangible Cultural Heritage in the Asia-Pacific Region, under the auspices of UNESCO (ICHCAP), recently launched 10 video documentaries on different Philippine intangible cultural heritage (ICH) elements. The documentaries, which run for an average of 27 minutes, can be viewed in two versions, one in English (with English subtitles) and the other with Korean subtitles, on ICHCAP’s official YouTube channel. The ICH elements featured are the use of mud in traditional Ifugao textile dyeing (Using Mud as Mordant in the Traditional Dyeing Process of the Ifugao of Northern Luzon); piña weaving of Aklan (Piña: The Pineapple Textile of Aklan, Western Visayas); the traslacion procession of the Black Nazarene image of Quiapo, Manila (Poong Nazareno: The Traslacion of the Black Nazarene of Quiapo, Manila); the moryonan Lenten penitential ritual in Marinduque (Moryonan: A Lenten Tradition in Marinduque Island); the craft of making moryonan masks (Mukha ng Moryonan: Mask Making for Moryonan Lenten Tradition of Marinduque); the giant Christmas lantern tradition of San Fernando, Pampanga (Parul Sampernandu: The Giant Christmas Lantern Tradition of San Fernando City, Pampanga); the feast of Our Lady of Peñafrancia of Naga City, Bicol Region (Ina: Our Lady of Peñafrancia); the buklog ritual of the Subanen of the Zamboanga Peninsula (Buklog: The Ritual System of the Subanen of Zamboanga Peninsula); the igal of the Sama people of Tawi-Tawi (Igal: Traditional Dance of the Sama of Tawi-Tawi); and the boat building practices of the Sama people of Tawi-Tawi (Lepa and Other Watercrafts: Boat Building Traditions of the Sama of Tawi-Tawi). These documentaries are part of ICHCAP’s video documentation of ICH project in the Asia-Pacific region, which has been implemented since 2015. The Philippine ICH video documentation team is led by NCCA Secretariat’s Cultural Communities and Traditional Arts Section headed by Renee Talavera; theater veteran and Mindanao culture expert Nestor T. Horfilla as consultant for Mindanao and co-director of some of the documentaries; and writer Roel Manipon.

CCP launches Kanto Canta tilt

KANTO Canta, a competition initiated by the Cultural Center of the Philippines (CCP) Board of Trustees, is an online music competition for original Filipino musical works, which was officially launched on Feb. 17. It aims to create contemporary music that incorporates traditional musical instruments and local languages in order to create a “new Pinoy sound.” The deadline for submission for the first quarter is on or before Mar. 20. In line with this, CCP collaborates with OPM R&B group BRWN to produce Bangon!, a music video featuring uplifting lyrics and an orchestral arrangement with the Philippine Philharmonic Orchestra and the band’s electronic flair, Philippine ethnic instrumentation and Cordilleran chants. The music video premiered on Feb. 23 on the BRWN YouTube channel. For more details, follow the CCP Kanto Kultura Facebook page (facebook.com/kantokultura) and official social media pages (@kantokultura).  For inquiries, contact the CCP Marketing Department at 8832-1125 local 1409/1800 or e-mail ccpkantokultura@gmail.com.

4 exhibits at West Gallery

THERE are four exhibits which are ongoing at West Gallery this month. First is Yasmon Sison’s “Backyard Jungle Redux” in which she journeys back into archived research work and uses these materials as the source for new work. “Backyard Jungle Redux” is a revisitation of old studies and imagery from a previous collection of paintings for Into the Woods, shown in the early aughts, featuring younger versions of her son, Haraya, and her nieces and nephews. The exhibit runs until Mar. 13 at the Malang Room. A group show, “Grayscale,” features the works of 11 artists: Andres Barrioquinto, Jigger Cruz, Mark Andy Garcia, Winner Jumalon, Raffy T. Napay, Lynyrd Paras, Neil Pasilan, Arturo Sanchez, Jr., Kaloy Sanchez, Luis Antonio Santos, and Hamilton Sulit. The exhibit, curated by Soler Santos, has the artists following a very loose brief concerning black and white. It is ongoing until Mar. 20. There are three other solo shows: Alvin Villaruel’s “Days In and Out of the Sun,” Lendl Arvin’s “At the Top of the Food Chain,” and Demosthenes Campos’ “Inclined to Observe.” The exhibitions run until Mar. 20. West Gallery is located at 48 West Ave., Quezon City. Visits are by appointment only (call 3411-0336), Monday to Saturday  from 9 a.m. to 4 p.m.

Langgam Performance Troupe premieres [KOSMOS]

AFTER six months of lockdown development, Langgam Performance Troupe (LPT) is now ready to premiere its latest virtual work entitled, [KOSMOS], this month. LTP is a contemporary performance company focusing on experimental, process-based, and practice-as-research works. [KOSMOS] is an online collaborative performance piece that explores and examines the meaning, purpose, and utilization of makeup — especially in relation to its gradual loss of use due to the global interruption caused by the COVID-19 pandemic. Through a series of Zoom performances, the project asks the questions: “What now becomes of cosmetics? And what now becomes of the face in this time of facelessness?” Focusing on the word “cosmetics” which derives from the Greek word, kosmos, meaning “order,” this performance piece is envisioned as an attempt in putting things in order, in harmony, in the balance, in perspective, in universe, and in beauty — especially at a time when we are grappling with the world’s existing disorder. [KOSMOS] is conceptualized and directed by Jenny Logico-Cruz. It also features a rotating ensemble of both professional and non-professional actors: Alekxandra Toyhacao, Alex Reloj, Blonski Cruz, Gaya dela Rosa, Jacq Nacu-Garcia, Joel Garcia, JA Sarmogenes, Lawyn Cruz, Nikita Sacha, and Sarina Narida. [KOSMOS] will be running its shows twice a month from Mar. to June: Mar. 13 and 27, April 10 and 24, May 8 and 15, June 5 and 19, all at 8 p.m. via Zoom. Interested parties must make a reservation to ensure a slot in LPT’s Zoom room. The fee to watch [KOSMOS] live is P100. The live show of [KOSMOS] on Zoom will be followed by an Aftershow Talk entitled, “Finding Belongingness in the Remote” at 9 p.m. For more details about the project, go to LPT’s FB Page, Instagram, and official website.

Czar Kristoff wins Portfolio Art Prize

YOUNG artist Czar Kristoff was awarded the second Portfolio Art Prize consisting of P300,000 in a ceremony at the Drawing Room Gallery. The grant, conceived by Italian Ambassador Giorgio Guglielmino and Hugo Bunzl, and supported by the Drawing Room Gallery and by curator Angel Vasco Shaw, is based on the sale of a portfolio containing 10 photographic works by as many artists entitled 2020. With the funds raised with the sale of the portfolio, prizes are awarded to young artists who have been selected by a special jury. The idea is to be able to give artists a financial basis to continue their work in this period of generalized difficulties. The first winner of the grant was Issay Rodriguez. Czar Kristoff (born in Laguna in 1989) works across photography, video, site specific installation and independent publishing. Guglielmino and Bunzl hope that new sales of the portfolio, which is a limited edition, will soon allow to hand over another prize to support young talented artists in this unprecedented time. For more information or inquiries on how to support the 2020 portfolio project, e-mail ailene@a-listconsulting.co or call 0917-536-6856 and look for Ailene Co at The Drawing Room.

Celeste Lecaroz’s art finds joy and hope

PAINTER Celeste Lecaroz — known for her Mamba Forever portrait of Kobe Bryant that went viral, among others works — is holding her fifth one-woman show entitled “Blue Skies, Crimson Wind,” at Eastwood City Mall’s The Atrium from March 1 to 11. The COVID-19 pandemic motivated Ms. Lecaroz to reflect on the impact of the health crisis and ponder on how she could translate her musings into new paintings. She felt that the mission of an artist should continue more so when the entire world is on standstill and in need of hope. “Blue Skies, Crimson Wind” features pastel paintings of playful flower girls in impressionism style. For more information about the artist, visit celestelecaroz.com and follow lecarozart on Instagram.

Bisquera explores patterns

ON MAR. 5, Virtual ArtistSpace presents “ENDPOINTS,” a solo exhibition of visual artist Leo Bisquera. Inspired by lines, movement, and impulsivity, Bisquera’s works seek to explore the vibrant, connected, and awe-inspiring patterns that exist in our world through an abstract lens. All his works are acrylic on canvas achieved without using a paintbrush, and based on movement study. The virtual exhibition will be on view starting Mar. 5, 6 p.m., until Mar. 25. The link to the exhibition will be posted on ArtistSpace Facebook and Instagram pages (@artistspacegallery). ArtistSpace Virtual showcases a new exhibition every three weeks.

Scenes Reclaimed: CCP 50 x Cinemalaya 15 Catalog launched

THE CULTURAL Center of the Philippines launched a publication entitled Scenes Reclaimed: CCP 50 x Cinemalaya 15. The book also serves as educational material for students and makers of film, and a compendium of keywords for a critical pedagogy of Philippine cinema.  Scenes Reclaimed: CCP 50 x Cinemalaya 15 is available at the CCP Shop. To purchase, visit https://www.facebook.com/theccpshop/ or e-mail culturalcenterphshop@gmail.com.

Cebu Pacific removes change fees, hopes to restore passenger confidence

THE budget carrier said its passengers can now rebook as many times as they need. — BW FILE PHOTO

BUDGET carrier Cebu Pacific announced on Tuesday the permanent removal of its change fees.

The move should help restore passenger confidence and rebuild its network, the low-cost carrier said.

With the removal of change fees, Cebu Pacific passengers may rebook their flights as many times as they need free of charge.

“In a recent survey we conducted, flexibility remains to be one of the considerations of our passengers when deciding to travel again,” Candice A. Iyog, Cebu Pacific vice-president for marketing and customer service, said in an e-mailed statement.

“Because of this, we are removing our change fee effective immediately,” she added.

The removal came as the government simplified the requirements for domestic travel.

“Travel authorities and health certificates will no longer be needed. Quarantine protocols will also be only required for those showing symptoms,” the budget carrier said.

Cebu Pacific is expecting to take delivery of eight more aircraft this year despite the ongoing pandemic crisis.

Cebu Air, Inc., the listed operator of Cebu Pacific, suffered a net loss of P14.69 billion for the first nine months of 2020 from the P6.77-billion profit it generated in the same period in 2019.

Cebu Air shares closed 0.11% higher at P45.25 apiece on Tuesday. — Arjay L. Balinbin

How do the occupancy costs in Metro Manila’s premium office spaces compare with those of other markets?

How do the occupancy costs in Metro Manila’s premium office spaces compare with those of other markets?

How PSEi member stocks performed — March 2, 2021

Here’s a quick glance at how PSEi stocks fared on Tuesday, March 2, 2021.

Local stocks extend climb as vaccinations start

PHILIPPINE SHARES closed in the green as investors remained optimistic after the country’s coronavirus disease 2019 (COVID-19) vaccinations started.

The benchmark Philippine Stock Exchange index (PSEi) went up by 46.57 points or 0.67% to close at 6,919.54 on Tuesday, while the broader all shares index climbed 14.52 points or 0.34% to 4,179.92.

“The local bourse managed to close the day above the 6,900 level which is seen as a resistance. [On Wednesday], this level could be retested.” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message on Tuesday.

“We see this uptrend coming from sustained investor optimism as there [are] some developments in the arrival and the rollout of COVID-19 vaccines this week,” Philippine National Bank (PNB) Senior Equity Research Analyst Wendy B. Estacio said via e-mail.

AAA Southeast Equities, Inc. Research Head Christopher John J. Mangun noted that the PSEi began the day lower yesterday, which means the optimism that drove it higher at Tuesday’s close may be short-lived.

“The trading day started slow with the main index in the red in early trading as several concerns remain. Although we saw the PSEi end at its high for the day, we are beginning to see a slowdown in its momentum,” Mr. Mangun said in an e-mail.

“Despite the beginning of the vaccine rollout and easing of restrictions, investors are wary of rising inflation and the prolonged economic recovery,” he added.

Sectoral indices were split on Tuesday. Holding firms increased 98.47 points or 1.4% to finish at 7,114.6; industrials went up by 93.98 points or 1.07% to 8,836.03; and property added 37.65 points or 1.07% to close at 3,528.26.

Meanwhile, financials decreased by 20.97 points or 1.4% to 1,469.60; mining and oil dropped by 50.94 points or 0.54% to 9,329.93; and services went down by 4.23 points or 0.29% to finish at 1,455.61.

Value turnover rose to P9.89 billion on Tuesday with 126.72 billion shares switching hands, from the P8.34 billion with 8.72 billion issues seen on Monday.

Decliners beat advancers, 121 against 105, while 44 names closed unchanged.

Net foreign selling fell to P336.95 million on Tuesday from the P861.24 million seen the previous day.

“This could be due to profit taking as most companies’ earnings results were released this week,” PNB’s Ms. Estacio said.

AAA Southeast Equities’ Mr. Mangun expects the PSEi to reach 7,000 by the end of the week.

“COVID-19 concerns may weigh on the market [on Wednesday] amid the detection of more cases with the more infective strains. Elevated inflation expectations may also cloud sentiment ahead of the release of the February consumer price index data which is on Friday,” Philstocks Financial’s Mr. Tantiangco added. — Keren Concepcion G. Valmonte

Peso climbs vs dollar on stock market’s gains

THE PESO strengthened against the greenback on Tuesday amid positive market sentiment on the back the gains in the local stock market.

The local unit closed at P48.565 per dollar on Tuesday, appreciating by 2.5 centavos from its Monday finish of P48.59 against the greenback.

The peso started the trading session at P48.58 per dollar. Its weakest showing was at P48.61 while its intraday best was logged at P48.50 versus the greenback.

Dollars traded increased to $856.94 million on Tuesday from $678.45 million on Monday.

The peso appreciated on Tuesday following three successive days of gains in the local stock market, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The Philippine Stock Exchange Index (PSEi) gained 46.57 or 0.67% to close at 6,919.54 on Tuesday.

Meanwhile, a trader attributed the peso’s appreciation to risk-off sentiment following assurance from the US Federal Reserve regarding inflation.

“The peso strengthened after Richmond Fed President Thomas Barkin downplayed lingering market concerns on potential resurgence of inflation in his speech on Monday,” the trader said in an e-mail.

Mr. Barkin played down recent Treasury market volatility, in remarks that reinforce the message that the US central bank is not yet troubled by the increase in yields.

“I’m mostly concerned about the labor market,” Mr. Barkin said Monday in a Bloomberg Television interview with Michael McKee in answer to a question about turbulence in the bond market. “At these levels of interest rates, when I talk to businesses in my district, I do not hear any sense that people are dialing back their investment.”

Several Fed officials last week also characterized the bond market upheaval as reflecting economic optimism, with Fed Chair Jerome Powell saying higher yields were a “statement of confidence” in the outlook.

Fed officials have stressed that they will not preemptively raise rates nor would they be bothered by a one-time spike in inflation later this year as parts of the economy reopen.

For today, Mr. Ricafort expects the local unit to move within the P48.50 to P48.60 levels versus the dollar while the trader gave a forecast range of P48.45 to P48.65. — L.W.T. Noble with Bloomberg

House committee approves downstream natural gas bill

THE House energy committee has approved a bill that sets the regulatory framework for the shipment and distribution of imported natural gas.

At a hearing Tuesday, the committee approved the draft substitute bill replacing House Bill No. 3031 or the proposed Downstream Natural Gas Industry Development Act.

The panel’s chairman, Pampanga 2nd District Representative Juan Miguel M. Arroyo said the approval is subject to further work by a technical working group (TWG), which will redraft parts of the bill.

“We will have a separate TWG for this or we will prepare to put this to the floor for the period of amendments,” Mr. Arroyo said, adding this needs to be discussed not only by the committee but also by other House legislators.

If passed, the bill hopes to develop the downstream portion of the sector to “mature industry status” with the resulting gas market competitive.

According to the bill’s explanatory note, the Philippines still lacks a “clear, comprehensive, and integrated legislative framework” to sustain the natural gas sector’s development.

Members of the committee said they will continue to work on parts of the bill — Section 38, 39, and 40 — before it is sent on for discussion by the plenary.

Section 38 and 39 outlines administrative and criminal and penalties for violators. Section 40 covers permit requirements for operators of natural gas facilities. — Gillian M. Cortez

Metro Manila live hog deliveries top 100,000

SOME 101,333 live hogs have been transported to Metro Manila since Feb. 8, when the Department of Agriculture (DA) capped pork retail prices in a bid to keep inflation under control.

In a report, the DA said 5,565 live hogs and 29,445 kilograms of pork in carcass form arrived in Metro Manila on March 1.

Of these, some 1,594 live hogs were sourced from Batangas, Rizal, and Quezon. Western Visayas supplied 1,435 live hogs; and South Cotabato and General Santos provided 1,055.

Other parts of the country that delivered live hogs were the Bicol Region with 756, Central Luzon 425, and Mimaropa (Mindoro, Marinduque, Romblon, and Palawan) 300.

The DA said dating back to Feb. 8, Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) has provided 50,879 live hogs, Western Visayas 13,598, and Mimaropa 10,254.

Over the same period, carcasses transported to Metro Manila have amounted to 657,994 kilograms, mostly from Central Luzon.

The government is subsidizing the transport costs of farmers to encourage shipments to the capital, where the retail price of pork has topped P400 per kilogram, after supply was constricted by an outbreak of African Swine Fever.

As a result, pork and chicken products sold in Metro Manila were subjected to price controls under Executive Order (EO) No. 124, signed by President Rodrigo R. Duterte on Feb. 1.

The EO limited the price of pork shoulder (kasim) to P270 per kilogram, pork belly (liempo) P300 per kilogram, and whole chicken P160 per kilogram.

The price controls are effective until April 8.

The DA reported pork kasim prices of between P270 and P325 per kilogram in public markets. Liempo fetched P300 to P355 per kilogram, and whole chicken P150 to P190 per kilogram. — Revin Mikhael D. Ochave

Japanese suppliers invited to bid for train set contracts of Malolos-Clark, North-South Rail

THE GOVERNMENT is seeking bids from Japanese suppliers for the contract to supply train sets for the Malolos-Clark Railway Project and the North-South Railway Project-South Commuter line.

“The Department of Transportation (DoTr)… through its procuring agent, the Procurement Service (PS), now invites sealed bids in a single stage (without prequalification) two-envelope (technical and financial) from eligible bidders for the procurement” of the train sets, the department announced on its website Monday.

It said the contract involves the design, manufacture, supply, installation, testing, commission, integration, and technical support for “seven-unit eight-car train sets.”

The contract will be funded from proceeds of a loan provided by the Japan International Cooperation Agency (JICA), which was signed on Jan. 21, 2019.

According to a copy of the loan agreement posted on the Finance department’s website, JICA had agreed to lend the Philippines up to 167.199 billion yen for the North-South Commuter Railway Extension Project.

“It is intended that the proceeds of this loan will be applied to eligible expenditure under this contract for the procurement of Rolling Stock – Limited Express Trainsets of the project,” the Transportation department said.

It said bidding procedures are in accordance with the Japanese official development assistance loan guidelines for procurement exercises.

“Bidders may obtain further information from and inspect the bidding documents at the office of PS-DBM (Procurement Service-Department of Budget and Management), from Mondays to Fridays during office hours from 8:00 a.m. to 5:00 p.m.,” the DoTr said.

A complete set of bid documents will cost a non-refundable P45,000, to be purchasable upon the submission of application documents.

The pre-bid conference is scheduled for March 12.

Bids must be submitted on or before 10 a.m. on May 8, accompanied by a bid security of 440.980 million yen.

The DoTr said the criteria include sound financial position on the part of bidders over the past five years. Other qualifications are average annual turnover over the past five years of over $100 million, and liquid assets of $24 million.

“Bidder must have experience as prime contractor (single entity or joint venture member), subcontractor or management contractor for at least 10 years, from Jan. 1, 2009,” it added.

According to the JICA-Philippine government loan agreement, the project aims to strengthen the transportation network and alleviate serious congestion in the greater capital region by extending the North-South Commuter Railway from Malolos to Clark International Airport and from Solis, in Tondo, Manila, to Calamba.

The project is expected to contribute to the expansion of the capital region’s economy and improve its investment environment. — Arjay L. Balinbin

1...7,2067,2077,208...13,031Page 7,207 of 13,031
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube