Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 7210

Stuff to do (02/12/21)

Regine Velasquez Valentine’s concert postponed

ABS-CBN Events and IME have postponed the Freedom: Regine Velasquez-Alcasid Digital Concert scheduled on Feb. 14 because Ms. Velasquez-Alcasid was recently exposed to someone who tested positive for coronavirus disease 2019 (COVID-19) and is now in quarantine. ABS-CBN, in a statement, said all tickets sold for the original date will be honored at the new Freedom concert schedule, which will be announced soon.

Indian embassy holds yoga classes

THE EMBASSY of India, Manila presents a specially curated 10-week online course on Yoga by certified Indian and Filipino experts from Feb. 14 onwards.  There will be regular classes every Tuesday (8 to 9 a.m.) and Saturday (10 to 11 a.m.). There will also be special classes held every alternate Sunday with the  Isha Foundation. For more information, visit https://www.eoimanila.gov.in/page/yoga-classes/. To register visit : https://docs.google.com/forms/d/1OyaL8WsuuR1lCulGm4dWFk14byNQMTdFR2UnrKDLDu8. Registration is necessary and is on a first come, first served basis. The classes are free.

PPO holds virtual pocket performances

THE PHILIPPINE Philharmonic Orchestra (PPO) will stage online performances through its Pocket Concert Series from February to July. Billed as The PPO Spotlight: Virtual Pocket Performances, the first of the series of concerts will be streamed on Feb. 12 and 19, 8 p.m., Friday through the Cultural Center of the Philippines’ (CCP) Website. The repertoire for the Feb. 12 concert includes: “Romance Op. 19 no. 1” by Georg Goltermann to be performed by the PPO Cello section, “Ikaw at Ako” by Moira Dela Torre and Jason Marvin to be interpreted by Gary Silangcruz (flute), “Go the Distance” by Alan Menken to be rendered by Ernani Pascual (French horn), and “Nakikinig ka ba sa Akin?” by Ben & Ben to be played by Rey Casey Concepcion (viola). The PPO Online Pocket Concert Series is a program of the Philippine Philharmonic Orchestra which can be viewed from the PPO FB page and the CCP YouTube as platforms.

New Hope exhibit at Robinsons Galleria

TO CELEBRATE Art Month this February, Robinsons Land ARTablado presents a group exhibition dubbed as “New Hope.” The participating artists are Vicson Apostol, Salvador “Buddy” Ching, David De Vera, Rigor Esguerra, France Landicho, Rudy Lunod, Mary Jane Palma, Thomas Papa, Myleen Velasquez, and Gabriel Villalobos. This exhibit was conceptualized to help various artists who were greatly affected by recent typhoons Rolly and Ulysses. These artists were able to create artworks which were not damaged by the typhoons. Thirty-eight artworks will be on display in this selling exhibit. “New Hope” runs until Feb. 28 at the Level 3 Veranda of Robinsons Galleria.

Lunar New Year, Valentines events at Shang Plaza

THE COMING weekend calls for a double celebration as the world marks both the Lunar New Year and Valentine’s Day. Mall guests at Shangri-La Plaza can join in the mall’s lineup of activities to ring in the Year of the Metal Ox and celebrate love too. No new year celebration is complete with the traditional Chinese dragon and lion dance that’s meant to drive bad vibes away and usher good fortune in. This year, the Shang will host them on Feb. 12 and 13. As a treat, mall guests will also receive fortune cookies upon entry at the Shang on the same dates. Mall goers can also have a chance to attract long life and luck — and enjoy a favorite noodle dish at a discount. Shang’s month-long Oodles of Noodles promo lets mall guests enjoy their favorite kind of ramen, pho, pasta, or japchae at discounted prices at participating restaurants: Banana Leaf, Kimono Ken, Ikkoryu Fukuoka Ramen, Italianni’s, Sbarro, SumoSam, Watami, Pho Hoa, Lemongrass, Hen Lin, Bon Chon, Pepper Lunch, and Sweet Inspirations. Meanwhile, Shang is pushing through with its annual Valentine’s Day Fair, which offers bouquets, sweet treats, and other gift ideas at the Level 1 of the Main Wing from Feb. 11 to 14. JV Bautista and Tek Cortez, the metro’s top buskers, will be going around the mall on Feb. 13-14 to serenade mall guests.  For inquiries, call 370-2597/98 or visit www.facebook.com/shangrilaplazaofficial.

BGC’s drive-in concert

THIS year, Bonifacio Global City (BGC) celebrates love in all its shapes and forms with a lineup of activities that includes the metro’s first drive-in concert. The 30th Street Open Carpark, BGC Corporate Center turns into a big concert ground with live performances by Rico Blanco and KZ Tandingan enjoyed from the safety and comfort of one’s car. To attend, exchange P2,500 worth of receipts (single or accumulated) from participating Bonifacio High Street (BHS) establishments at One Bonifacio High Street’s concierge booth (limited slots available on a first come, first served basis; only four persons per car will be allowed). The concert, which will be held on Feb. 13, 6 p.m., will also be broadcast on Q Radio 105.1 and livestreamed on BGC’s official FB page. Meanwhile, in partnership with HoritFilipina, a free-for-all al fresco dining area will be made available at Bonifacio High Street’s amphitheater from Feb. 13 to 14. Guests can order take-away from any BHS restaurant or scan the QR codes available to order and arrange for pickup or delivery. On Feb. 14, 7 p.m., a fireworks show will light the sky above BHS’ alfresco restaurants. For more information on these events, visit https://www.facebook.com/bonifacioglobalcityph or https://www.facebook.com/BoniHighStreet.

Welcome the Year of the Metal Ox at Ortigas Malls

THE ORTIGAS Malls — Greenhills Mall, Tiendesitas, Estancia, and Industria — roll out a grand welcome to the year of the Metal Ox that everyone can join. To bring in abundance and prosperity in the coming year, Ortigas Malls has laid out a host of activities that visitors can join on-site or from wherever they are through its zodiac forecasts and mall serenades. Astrologer Maritess Allen will give her forecast based on one’s Chinese animal zodiac sign. She will share her predictions on the year ahead for each sign at each Ortigas Mall on Feb. 12. Meanwhile, start the new year right by picking up some essentials and enjoy some Chinese delicacies at the Chinese New Year Fair in Greenhills Mall, Tiendesitas, and Estancia. The malls’ restaurants and shops are holding various Chinese New Year and Valentines’ promos and sales. Meanwhile, for Valentines, the Greenhills Mall, Tiendesitas, Estancia at Capitol Commons, and Industria are ready to make the celebration extra memorable and safe at the same time. Whether one opts to visit any of the restaurants, or choose to have these delivered to one’s home,  there are a wide variety of restaurant options that suit every taste and preference, just check out Greenhills’, Tiendesitas’, and Estancia’s social media pages to learn about the specials and promos of the restaurants in their areas. For home delivery, make a choice via My Home Dashers (Greenhills 0917-815-6640 or Estancia 0917-851-9262). For an added touch, there will be acoustic music and saxophonists serenading visitors at Greenhills and Tiendesitas on Feb. 14. Drop by Letters of Love and get inspired by the beautiful words of aspiring romantic poets on Feb. 14 at 12 nn and 6 p.m.

Araneta City welcomes the Ox

ARANETA City welcomes the Year of the Metal Ox with a number of activities throughout February. Gateway Mall, Ali Mall, Farmers Plaza will all host Chinese Zodiac Sign Exhibits daily until Feb. 20. Meanwhile, a CNY & VDAY Bazaar is ongoing until Feb 16 at the Gateway Mall and Farmers Plaza. A Lunar New Year celebration is not complete without a Lion and Dragon Dance so they will be held on Feb. 12 at the Gateway Mall’s Activity Area (2 to 2:30 p.m.), the Araneta Coliseum Green Gate (2:30 to 3 p.m.), Ali Mall’s Activity Area (3 to 3:30 p.m.), and Farmers Plaza’s Activity Area (3:30 to 4 p.m.). Quieter acoustic performances and Valentines dining will be available. The Oasis at Gateway Mall will host performances by the quartet Mahestra.PH on Feb. 13, 6 to 9p.m., and Feb. 14, 5 to 8 p.m. The Times Square  Food Park will feature performances by JC Laborte on Feb. 12, 6 to 9 p.m., Karl Zarate on Feb. 13, 7 to 8 p.m., and Josh Concepcion on Feb. 14, 6 to 9 p.m. There will be Pop Up Nights at Manhattan Row on Feb. 12, 6 to 9 p.m., with Josh Concepcion; Feb. 13, 6 to 9 p.m., with JC Laborte; and Feb. 14, 7 to 8 p.m., with Karl Zarate.

CCP debuts new short film, dance video

THE CULTURAL Center of the Philippines (CCP) brings healing and hope this Love Month with the world premiere of award-winning filmmaker Jerrold Tarog’s new film Ang Kabaligtaran ng Gunaw (The Opposite of the End), back-to-back with the launch of Hilom: Sayaw Dalangin ng Pag-asa at Pagkakaisa, on Feb. 14, 8:30 a.m. and 4:30 p.m., airing on CNN Philippines channels. Director Tarog translated the original poem with the same title written by playwright Eljay Castro Deldoc into a cinematic experience, featuring the original concept and choreography by Ronelson Yadao. Tarog also composed the music for the dance film. The eight-minute short feature film brings together the different art forms — from literature, dance, music, theater and film — to create a unique collaboration. Meanwhile, Hilom features folkloric dances associated with Filipino rituals and dance traditions to show how relevant dance is to the lives of the people especially during times of difficulty and challenges. After the twinbill premieres on CNN Philippines, the CCP plans to have a hybrid outdoor screening, Cinema Under the Stars, at the CCP grounds, following strict health protocols. There will also be an online premiere through the CCP social media accounts (official Facebook page and YouTube channel). For more information and updates, visit the CCP website www.culturalcenter.gov.ph and follow the official CCP Facebook page, Twitter and Instagram accounts and YouTube Channel.

Juris, Jed Madela headline YouTube Music Night

Singers Juris and Jed Madela will headline the second YouTube Music Night in Southeast Asia with a back-to-back Valentine’s digital concert dubbed Hearts on Fire: Juris and Jed. The free digital concert will stream on Feb. 13, 8-9 p.m., via the YouTube channels of ABS-CBN Star Music, MOR, MYX, and One Music. Viewers can look forward to Madela’s version of Moira Dela Torre’s “Paubaya” and Juris’ classic “’Di Lang Ikaw,” and more love-themed performances.

La Sabina online

THE OPENING movie of the film series dedicated to Spanish actress Ángela Molina is La Sabina, a drama directed by José Luis Borau in 1979. The story, which in a way is a new adaptation of the myth of the femme fatale Carmen, is about an English writer who moves to a Spanish village and, once there, decides to investigate the life of a compatriot who lived in the same town in the 19th century, and who, according to the locals, was killed by a dragon woman known as “La Sabina.” The movie will be accessible for free online from the Philippines only on Feb. 13 and 14. It will be in Spanish with English subtitles. To access the film, go to https://vimeo.com/501867137. For further information on the film, visit https://cultura.cervantes.es/manila/en/La-sabina/140154 and https://www.facebook.com/events/161791552193592

Private sector commits support to national government’s COVID-19 vaccination program

With the impending arrival of the first batch of vaccines under the COVAX global vaccine sharing facility this month, the private sector coalition that launched Taskforce T3 (Test, Trace, Treat) vowed to strengthen its ongoing collaboration with the national government to accelerate the pace of the vaccination program roll-out.

“The private sector eagerly anticipates the arrival of the first batch of vaccines from the COVAX facility in order for the country to jumpstart its vaccination program. The collective goal for both the private sector and government is to vaccinate as many people as possible at the soonest possible time,” Guillermo Luz, Chief Resilience Officer of Philippine Disaster Resilience Foundation (member of T3) said.

These initial vaccine doses have been earmarked by the national government for priority sectors led by healthcare professionals and senior citizens.

“Our medical front liners have been tirelessly protecting and treating Filipinos from the beginning of the pandemic and we support the government’s prioritization of healthcare workers in receiving the initial vaccine doses,” Paolo Borromeo, CEO of AC Health (member of T3) added.

For the vaccination rollout, Taskforce T3, in partnership with the DOH and the National Task Force (NTF) against COVID-19, is developing a vaccine education campaign that will educate citizens about vaccine safety and efficacy and ensure public uptake. T3 is also providing technical support on vaccine administration and cold-chain logistics for the transit of temperature-controlled vaccine vials.

All these efforts of Task Force T3 are on top of the vaccine doses donated by the private sector to the national government which were part of the procurement by the private sector for its economic and essential front liners. The private sector procurement is intended to augment the supply purchased by the national government and the vaccines secured from the COVAX facility.

“A successful vaccination rollout is crucial to our country’s efforts to manage the COVID-19 pandemic and support our ultimate goal to protect lives and provide livelihood. The private sector is unwavering in its commitment to assist the national government by providing resources and expertise to ensure the success of its vaccination program,” Joey Concepcion, Founder of Go Negosyo and Presidential Adviser for Entrepreneurship said.

Taskforce T3 was formed in April 2020 to work closely with the National Task Force (NTF) against COVID-19 to manage the outbreak of the pandemic in the country.

Last October the group launched the “Ingat Angat Tayong Lahat” campaign, which aimed to build consumer confidence and encourage Filipinos to once again enjoy activities outside the confines of their homes to help rebuild the economy and protect jobs — as long as strict safety guidelines and protocols are followed. The country’s biggest brands and companies across various industries united for this effort.

For more information, please contact Guillermo Luz, Chief Resilience Officer, Philippine Disaster Resilience Foundation, gm.luz@competitive.org.ph.

 

PSEi ends lower on earnings, BSP policy decision

LOCAL STOCKS declined on Thursday following the release of more corporate earnings results and as investors awaited the Bangko Sentral ng Pilipinas’ (BSP) policy decision, which was announced after the market’s close.

The Philippine Stock Exchange index (PSEi) dropped by 91.14 points or 1.28% to close at 6,991.01 on Thursday. The all shares index likewise decreased by 37.85 points or by 0.88% to end at 4,222.96.

Regina Capital Development Corp. Managing Director Luis A. Limlingan said the market went down as more companies announced their earnings and following the release of latest inflation data.

“Philippine shares closed lower ahead of the long weekend as the market absorbed new corporate earnings releases and upon the release of the tamed CPI (consumer price index) data. Others realigned portfolios to match that of the recalibrated PSE index which takes effects on Monday, Feb. 15,” Mr. Limlingan said in a text message.

The market was also waiting for the central bank’s policy statement, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a text message.

“Investors booked gains out of the market’s prior five-day rally ahead of the long weekend. At the same time, investors are looking towards the upcoming policy decision of the Bangko Sentral ng Pilipinas (BSP). While the expectation is that policy rates would be kept unchanged, investors are seen to look for clues regarding the country’s inflation moving forward,” Mr. Tantiangco said ahead of the decision that came after market hours.

The BSP Monetary Board on Thursday kept the interest rate on the central bank’s overnight reverse repurchase facility unchanged at two percent. The rates on the overnight deposit and lending facilities were likewise kept at 1.5% and 2.5%, respectively.

The central bank said while inflation is likely to remain elevated in the coming months amid supply issues, it is expected to return within target in the coming months.

Most sectoral indices dropped on Thursday save for financials, which went up by 2.69 points or 0.18% to 1,457.08 and mining and oil, which increased by 11.9 points or 0.13% to 9,116.27.

Meanwhile, holding firms decreased by 127.85 points or 1.74% to 7,204.98; property lost 51.08 points or 1.41% to 3,552.84; industrials dropped by 115.71 or 1.26% to close at 9,035.84; and services gave up 6.8 points or 0.45% to 1,499.69.

Value turnover totalled P15.09 billion with 22.92 billion issues switching hands on Thursday, up from the P11.67 billion seen on Wednesday.

Decliners outnumbered advancers, 131 to 95, while 44 names closed unchanged.

Foreigners turned sellers, with net outflows recorded at P185.64 million, a reversal of the P122.87 million in net buying recorded the previous day. — K.G. Valmonte

Peso dips on expectations of steady BSP policy

THE PESO weakened against the dollar on Thursday on expectations that the central bank will keep benchmark interest rates untouched at record lows.

The local currency went down by 0.7 centavo on Thursday to close at P48.045 against the greenback from the P48.038 finish logged on Wednesday, data from the Bankers Association of the Philippines showed.

The peso’s weakest showing for the day was at 48.049. It opened Thursday’s session at P48.04 versus the dollar and climbed to as high as P48.023 against the greenback.

Dollars that changed hands declined to $727.5 million on Thursday from $897.5 million the day before.

Week on week, the local unit still gained 2.5 centavos from its P48.07-per-dollar close on Feb 5. The market is closed on Friday, Feb 12 in observance of Chinese New Year.

“The peso was marginally weaker but generally little changed vs. the US dollar for most of the day amid market expectations that the local policy rate would be kept unchanged at the record low of 2% amid higher inflation recently, thereby effectively reducing the odds of further cuts and could even lead to a potential hike should there be second-round inflation effects,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said via Viber.

In a statement released after the market’s close, the Bangko Sentral ng Pilipinas (BSP) said its Monetary Board kept the key policy rate at 2% during its first policy meeting this year. The overnight lending and deposit rates were also left untouched at 2.5% and 1.5%, respectively.

This matched the expectations of 17 out of 18 analysts polled by BusinessWorld last week.

The BSP meanwhile raised its inflation forecast for this year to 4% from 3.2% on expectations that prices will remain elevated in the coming months. This will hit the higher end of the central bank’s 2-4% annual target.

A trader shared the same view, saying via email: “The peso weakened after Monetary Board Member [Felipe M.] Medalla  dismissed the possibility of any rate hike and some caution ahead of the BSP policy meeting.

Mr. Medalla said on Tuesday that a rate hike “is not in the picture” since the central bank still has enough room to maintain an accommodative stance.

Mr. Ricafort added that weak investment data also weighed on the peso.

Preliminary BSP data released late Wednesday showed net inflows of foreign direct investments fell by 16.5% year on year to $537 million in November amid the coronavirus pandemic.

This brought the 11-month total to $5.792 billion, down 10.8% from the $6.493 billion seen a year ago.

“Healthy downward correction/profit-taking at the local stock market today, by -1.3%, after rising for 5 straight days partly weighed on the peso, amid some slight declines in the US stock markets,” he said on Thursday. — B.M. Laforga

Gilas Pilipinas open to playing in the PBA as a guest team

“WE’RE DEFINITELY OPEN TO THE IDEA OF PLAYING IN THE PBA,” said Samahang Basketbol ng Pilipinas President Al Panlilio in a statement as they welcomed the offer of the local pro hoops league to accommodate Gilas Pilipinas in the PBA. — FIBA

By Michael Angelo S. Murillo, Senior Reporter

PRESENTED with the opportunity by the Philippine Basketball Association (PBA) to have the national team participate in the league’s next tournament as a guest team, the Samahang Basketbol ng Pilipinas (SBP) said it is open to the idea and will discuss the matter in the coming days.

“We’re definitely open to the idea of playing in the PBA,” said SBP President Alfredo “Al” S. Panlilio in a statement as they welcomed the offer of the local pro hoops league to accommodate Gilas Pilipinas in the PBA.

In a special meeting between officials of the league and SBP on Monday, among the matters tackled was Gilas’ possible participation in a regular PBA tournament.

League officials said the PBA is open to welcoming the national team if Gilas has no scheduled competition.

The nationals can suit up as early as the Philippine Cup, which is targeted to open in April.

Mr. Panlilio said the PBA offer is much appreciated, seeing it as an added boost to the national team’s preparation for international competitions, including the 2023 International Basketball Federation (FIBA) World Cup where the country is one of the hosts.

But the SBP president, who is also the board representative of the Meralco Bolts in the PBA, said they will reserve decision on it to a later date as they will focus first on more pressing matters, particularly Gilas’ campaign this month in the third and final window of the FIBA Asia Cup Qualifiers in Doha, Qatar.

“Once the team (Gilas) arrives from Doha, we will sit down with the PBA to discuss the matter further. Right now, the focus of Gilas Pilipinas program director Tab Baldwin, together with his coaching staff, is preparing our team for the upcoming games against South Korea and Indonesia,” said Mr. Panlilio, referring to the scheduled matches of the Philippines in Group A of the window from Feb. 18 to 22.

The team of cadet and PBA players are set to leave for Doha this weekend off a training “bubble” at the INSPIRE Sports Academy in Laguna.

As a guest team, Gilas is to be bannered by the special draft players selected for the national team in 2019, namely: Isaac Go (Terrafirma), Rey Suerte (Blackwater), Matt Nieto (NLEX), Allyn Bulanadi (Alaska), and Mike Nieto (Rain or Shine).

They are to be joined by the players selected in another special Gilas draft this year, which was also discussed in the special meeting.

The team could also be shored up by collegiate standouts, who have to get clearance from regulators first to be able to participate in the professional tournament.

As an added incentive, Gilas is eligible to win a PBA title even if it is a guest team.

Gilas’ participation in the PBA if ever is not the first time that such is happening.

Back in the 1980s, the national team backed by Northern Consolidated Cement competed in the PBA and even won a title — the 1985 PBA Reinforced Conference.

Early iterations of Gilas Pilipinas also paraded their wares in the PBA.

In the event SBP declined the offer, however, the PBA board asked the basketball federation to allow all special draftees to play for their respective mother teams in the PBA if Gilas has no scheduled training camps or competitions.

Alex Eala advances to another pro tournament quarterfinals

Alex Eala of the Philippines advanced to the quarterfinals of the ITF W25 Grenoble Tournament in France after beating Spain’s Cristina Bucsa, 2-6, 6-3 and 7-6 (10-8), in their second-round match on Thursday (Manila time).  (Rafa Nadal Academy Twitter page)

By Michael Angelo S. Murillo, Senior Reporter

Filipino tennis wunderkind Alex Eala advanced to her fourth straight professional quarterfinal stint after defeating Spain’s Cristina Bucsa, 2-6, 6-3 and 7-6 (10-8), in the second round of the International Tennis Federation (ITF) W25 Grenoble Tournament in France on Thursday (Manila time).

Rafa Nadal Academy scholar and Globe ambassador Eala bucked a rough opening set to charge back and claim the victory in the match which lasted for two hours and 33 minutes.

The Filipino tennis ace struggled to get her game going in the first set, marked by three double faults which the seventh-seeded Bucsa capitalized on to race to the early match lead.

But 15-year-old Eala steadied in the second set, showing more control to get the better of her opponent and level the count to force a deciding set.

In the decider, Eala trailed early, 2-3, but dug deep in the next two games to overtake Ms. Bucsa, 4-3.

The two battled it out the rest of the way but Eala just had more to give in the end and win the tiebreaker, 10-8.

The win came on the heels of Eala’s impressive opening match victory over Romanian Laura-Ioana Paar on Tuesday.

The W25 Grenoble Tournament is the fourth straight professional tournament Eala is competing in after seeing in the three legs of the ITF W15 Manacor Tournament in Spain previously.

The third-ranked juniors player in the world, Eala earned a slot in the tournament through the junior exempt program of the ITF, which gives top-ranked juniors players the chance to compete in a set number of professional tournaments every year.

Her juniors ranking lets her compete in three $25,000 and two $60,000 pro events this year.

Eala is now awaiting her opponent in the quarterfinals between Maja Chwalinska of Poland and Gaelle Desperrier of France.

Fully funded portion of Bayanihan II 100% released 

THE BAYANIHAN II stimulus package’s fully funded portion, worth P140 billion, has been released in its entirety, the Presidential spokesperson said in a televised briefing Thursday, citing the Department of Budget and Management (DBM).

The second Bayanihan law, known formally as the Bayanihan to Recover as One Act or Republic Act No. 11494, provided for up to P165 billion in spending items, supported by P140 billion in appropriations and P25 billion contingent on the availability of funds.

“Ang kabuuan ng P140 billion ay na-release na po sa iba’t-ibang ahensya (The entire P140 billion has been released to various agencies). As far as the DBM is concerned, P100% released,” Presidential Spokesperson Herminio L. Roque, Jr. said at the briefing.

Bayanihan II, which took effect in September, was originally due to expire in December but was extended by Congress for six months because disbursements had fallen behind the pace.

A third Bayanihan package is in the works in the House where more than 100 legislators expressed support for House Bill No. 8031, which if enacted will be known as the Bayanihan to Arise as One Act. It calls for another round of stimulus measures worth P420 billion, including P108 billion for cash assistance to families affected by the prolonged pandemic, P100 billion for establishments in critically impacted industries, P70 billion for workers in the agriculture sector, and P52 billion for small businesses.

At the briefing, Mr. Roque said the executive branch will look into another stimulus program once the funds allocated under the 2021 budget and the extended Bayanihan II package are depleted.

“Titingnan muna kung kailangan talaga ‘yan. Tingnan muna ang utilization rate ng bawat departamento bago mag-decision kung kailangan talaga (We will study whether a third package is necessary. Among the things we will study is to what extent departments use the funds before coming to a decision if a third round is needed,” he said.

Nevertheless, Mr. Roque added: “We really welcome the filing of this bill para kung kinakailangan ay mabilis na ang proseso (so if we decide it is necessary, things will run faster).”

The Small Business Corp. said a third round of assistance is needed to allow it to extend more loans to small businesses, which have been hit hard by the pandemic.

“Dahil mandato naman ng SB Corp. na i-prioritize ang MSMEs (micro, small, medium enterprises) at bigyan sila ng financing, ‘yung Bayanihan III na pino-propose ay talagang sinusuportahan namin ‘yan. (We support Bayanihan III from the standpoint of our mission to help MSMEs) We look forward to the other financing programs para mas marami pa tayong matulungan (to ensure we help more small companies),” SB Corp. Spokesperson Azel Solano said in a televised briefing Thursday.

Ms. Solano said SB Corp. hopes to extend assistance to 50,000 to 60,000 MSMEs this year via its special financing facility.

“Maraming nangangailangan (Many are in need). With the amount of funds that we have, hopefully marami pa ang makapag-apply for loans (I hope many more can apply for loans),” she said. — Kyle Aristophere T. Atienza

Consumption rebound seen in third quarter

HOUSEHOLD CONSUMPTION could pick up in the third quarter as sentiment improves and remittances recover, but this may not be sufficient to bring economic growth this year to pre-crisis levels, according to Standard Chartered Bank.

Household consumption, on which the economy is heavily dependent, is expected to post sustainable and steady growth by the three months to September because consumer sentiment, job creation and wages are expected to remain muted in the first half, according to Chidu Narayanan, an economist at Standard Chartered, who was speaking at an economic briefing organized by the Bank Marketing Association of the Philippines.

Lockdowns and uncertainty over the resolution to the pandemic dampened sentiment and consumption last year as businesses closed and millions lost their jobs. Gross domestic product (GDP) in 2020 posted a contraction of 9.5%.

“If the government does engage in infrastructure investment very strongly in the first half of the year, that could boost sentiment and we could see a rebound (in consumption) in Q3,” Mr. Narayanan said.

He said a robust increase in remittances can be expected this year after an 0.8% contraction in 2020.

Effective government spending to stimulate the economy is expected to take two forms, he said — direct cash transfers to poor households and affected sectors, and efficiently spending the P1.2-trillion budget for infrastructure projects.

Muted consumer demand in the coming months will likely dampen credit growth as well despite the low interest rate environment according to Mr. Narayanan, as companies defer their expansion plans while their plants are operating below capacity.

“We think that credit growth will remain subdued for a few months at least. One big reason for this is there is no appetite to invest. Corporations are running below capacity because of the big contraction last year,” he said.

“Unless you see forecasts and expectations going back to pre-pandemic levels soon, corporations do not have an incentive to be investing,” he added.

Without an increase in investment, bank lending will remain subdued, he said, and the earliest Standard Chartered expects a solid pickup in credit growth is the second half.

Bank lending dipped for the first time in 14 years in December, falling 0.7%, after a rise of 0.5% in November, according to the central bank.

Standard Chartered does not expect the Bangko Sentral ng Pilipinas (BSP) to further reduce benchmark interest rates this year after bringing them to record lows last year, adding that it expects inflation to remain manageable.

The bank expects inflation to remain elevated in the first half given the low base in 2020 and rising global oil prices. It forecast headline inflation to average 3.5% this year, or towards the higher end of BSP’s 2-4% target range.

Standard Chartered expects GDP growth this year of 6.1%, accelerating to 6.5% next year. Its outlook falls outside the official estimates of 6.5-7.5% this year and 8-10% next year. — Beatrice M. Laforga

Caps set on landed cost of hogs shipped to Metro Manila

THE Department of Agriculture (DA) has set maximum prices for the landed cost of hogs shipped to Metro Manila from farms across the country, in order to keep a lid on high pork prices and avert another inflation crisis.

In a memorandum order, Agriculture Secretary William D. Dar said once additional hogs contracted on an emergency basis arrive in Metro Manila via subsidized transport, the landed cost of hogs from Mindanao will be capped at P165 per kilogram. Those from the Visayas, Bicol, MIMAROPA, Ilocos Region, and Cagayan Valley can command P170. The ceiling on Central Luzon and CALABARZON hogs is at P180.

The DA is providing transport subsidies to pig farmers via regional field offices, a cost already factored into the price caps.

“There is a need to provide assistance to legitimate suppliers, sellers, raisers, and traders of hogs to Metro Manila in the form of transport support to ensure unhampered supply, distribution, marketing, and pricing of pork,” Mr. Dar said.

The transport subsidy for hogs from Mindanao was set at P21 per kilogram; from the Visayas, Bicol, MIMAROPA, Ilocos Region, and Cagayan Valley P15; and Central Luzon and CALABARZON P10.

“The transport support is going to be added to their farmgate price, thus the landed cost. The figures are still in the range of the implemented price ceiling,” Agriculture Undersecretary Ariel T. Cayanan said in a virtual briefing Thursday.

President Rodrigo R. Duterte has signed Executive Order (EO) No. 124 capping the price of pork and chicken products sold in Metro Manila to address high retail prices.

EO 124 set the retail price of pork shoulder, or kasim, at P270 per kilogram, pork belly, or liempo, at P300, and whole chicken at P160.

According to the DA memorandum, hog raisers, suppliers, and traders can avail of transport subsidies by presenting documentation such as shipping permits; receipt with information on the number of animals shipped, their destination, the amount paid for them, the date of transport; a certification from the slaughterhouse where the hog was butchered in the case of live animals, and a meat inspection certificate from the National Meat Inspection Service for pork carcasses.

“All transport support claims shall be in the form of reimbursement to be submitted to DA regional field offices where the hogs were sourced,” it said.

Mr. Dar said legitimate suppliers, hog raisers, and traders of live hogs and carcasses with pre-arranged buyers will be entitled to transport subsidies.

He said all live hogs or pork carcasses should be transported to Metro Manila only, with the hogs to be brought to slaughterhouses, and carcasses delivered to cold storage facilities.

According to the DA’s Thursday price monitoring report, the price of pork kasim was reported at P270 to P310 per kilogram, pork liempo P300 to P350, and whole chicken P160 to P200 per kilogram. — Revin Mikhael D. Ochave

NGCP seeks ERC’s OK for 41 capex projects

THE National Grid Corp. of the Philippines (NGCP) has asked the Energy Regulatory Commission (ERC) to approve 41 capital expenditure (capex) projects which are scheduled to be built starting this year, according to documents obtained from the ERC.

On Dec. 4, the NGCP filed two petitions for the immediate implementation of capex projects from its “Group 1” and “Group 3” categories, which it said will help the company maintain the reliability, security and stability of the grid.

Twenty-two of the planned projects are due to be built in Luzon. Nine projects are to be constructed in the Visayas, and 10 in Mindanao.

The Visayas Substation Upgrading Project 2, from the Group 1 category, carries the highest estimated project cost of a Group 1 project at around P18.71 billion. The Visayas substation project is due to be implemented over 32 months, the NGCP said.

Meanwhile, the Western Luzon 500 kilovolt Backbone Project (Stage 2) will cost P18.96 billion, the most expensive in the Group 3 category. The Western Luzon backbone will be implemented over 65 months.

In its petitions, the NGCP asked the ERC to “immediately issue an order provisionally authorizing the implementation of the proposed capex projects; approve — after notice and hearing — the proposed projects; and for other equitable relief.”

In its initial orders posted on its website on Feb. 9, the ERC said that it has found the applications to be sufficient in substance, and that the required fees have been paid. It has set dates for the online hearings on both petitions. — Angelica Y. Yang

DoTr starts work on engineering design of delayed Metro Manila BRT Line 1 project

THE Transportation department said Thursday it is starting work on the preliminary engineering design and detailed engineering design of the 12.3-kilometer Metro Manila Bus Rapid Transit (BRT) Line 1, a flagship infrastructure project.

“We are now starting the preliminary engineering design and detailed engineering design,” Transportation Assistant Secretary Goddes Hope O. Libiran told BusinessWorld in a phone message.

“Last year, this was not started due to the pandemic and lack of budget. But now that the need for public transport is very much felt, we continue to add mass transport for efficient mobility of the people,” she added.

The project, which is being implemented by the department in coordination with the cities of Manila and Quezon City, was financed via official development assistance from the World Bank.

The World Bank approved the financing for the project in 2017.

The total cost of the project is $109.4 million, with the World Bank providing $64.6 million and the government responsible for the balance of $44.8 million.

The loan for the project, according to the World Bank’s website, is set to expire on Nov. 30, 2022.

In a statement, the Transportation department said the implementation of the project, which will traverse España Boulevard and Quezon Avenue, serving about 300,000 commuters daily, is being “fast-tracked.” — Arjay L. Balinbin

Steel industry not planning to request new safeguard duties

THE steel industry does not expect to apply for new safeguard duties following the expiry of the last round of duties in 2019, after concluding that manufacturers have since recovered.

Industry representatives at a public hearing with the Tariff Commission on Thursday said that steelmaker Lunar Steel Corp. moved from loss to profit. The industry had doubled to 21 licensed local players from the previous 10 after the decade-long protection.

“There will be no need for an extension of the safeguard or a reapplication considering that imports are down and continues to be down during this period of pandemic,” Jose Salvador Rivera, Jr., the legal counsel of the petitioner, said after citing discussions with industry leaders.

The official stance of the petitioners, he said, is not to reapply for another round of measures with members showing financial growth.

Ramon Tan, president of a segment of the industry, the Steel Angles, Shapes and Sections Manufacturers of the Philippines, Inc. said, however, that unregistered angle bars are still entering the country.

“With the safeguard duty in place, we are assured of protection coming from the government that… our costs can compete with the imported product. We cannot say (when) the market… will dump another tide of cheap imported angle bars,” he said.

“As of now, (safeguards are) not yet badly needed, but soon it will be a tool to equip the local manufacturer with an additional shield or weapon against an influx of imported angle bars.”

Safeguard duties on steel angle bars were extended to 2019, after first being implemented in 2009 to 2015. The Safeguard Measures Act, or Republic Act No. 8800, allows domestic producers to ask the government to conduct an investigation into their foreign competitors if they claim to have been injured by excessive imports.

The steel angle bar industry successfully petitioned for an extension after it demonstrated that imports seriously injured the industry.

Mr. Rivera said that the problems of the industry have now shifted to smuggling and unfair trade practices, which he said would require remedies other than safeguards.

“As of the present, provided that the trend continues and there is a relatively level playing field, (the) petitioner is confident… that adjustment measures would allow them to compete against imports.”

The tariff commission’s 2017 assessment found that the domestic steel angle bar industry complied substantially with commitments to adjust to competition.

The initial application for safeguards came from Cathay Metal Corp., Dragon Asia Rolling Mills, Inc., and Lunar Steel Corp. — Jenina P. Ibañez

1...7,2097,2107,211...12,954Page 7,210 of 12,954
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube