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Lenovo announces new laptops, phones

TECHNOLOGY COMPANY Lenovo has announced a slew of new products, including the introduction of the fifth generation entries for its convertible laptop line, Yoga, a gaming phone, and new phones from Motorola.

“Lenovo aims to deliver our vision, Smarter Technology for All, through designs that perfectly meet consumer needs. Premium Lenovo Yoga devices are engineered to be among the thinnest and trimmest on the market, combining ultra-portability with convenience and style,” Michael Ngan, Lenovo Philippines President and General Manager, said in a statement.

During the media event on Oct. 20, Lenovo announced they are planning to make 16GB RAM the minimum for all laptops.

The new Yoga line, meant to provide “a smarter style statement,” is led by its flagship product, the Yoga Slim 9i notebook and the Yoga 9i convertible, both priced at P99,995 and are powered by the up to the latest 10th Gen Intel Core i9 HK-Series mobile processors and graphics based on the Intel Xe architecture.

The 14-inch Yoga Slim 9i laptop has a thinness of 13.9 mm and weighs 1.26 kilograms, features an “authentic European” black leather cover bonded with “an aerospace-grade aluminum chassis” for durability. The same leather cover comes optional on the Yoga 9i, a 14-inch convertible.

The Yoga 9 series also has water-resistant, edge-to-edge Glass Palm Rest, a fingerprint-resistant Smart Sensor Touchpad utilizing haptic technology to “recreate the familiar feeling of a real click,” and a Smart Sense Keyboard that auto-adjusts the backlighting based on ambient light conditions.

The Yoga 7 series, meanwhile, includes the Yoga Slim 7i Pro (price starts at P64,995), the Yoga Slim 7i Carbon (price starts at P59,995), the Yoga Slim 7i (no price announced), and the Yoga 7i (price starts at P59,995).

The Yoga Slim 7i Pro is a 14-incher that comes with up to Intel Core i7-1165G7 and an NVIDIA GeFore MX450 GPU meant to provide “a remarkable increase in speed and balanced performance.” It also has a 2.8K resolution display with 100% sRGB life-like color and clarity at up to 400 nits brightness and a 90Hz refresh rate designed to decrease time lags while gaming or streaming content. The Yoga Slim 7i Pro is ideal for responsive multi-tasking, video editing, and more.

The Yoga Slim 7i Carbon’s selling point is its less than 1 kg weight (966 grams) and it also comes with “aero-grade strength carbon fibers.” The product is targeted towards “always-on-the-go business leaders, entrepreneurs, and millennials” with its 15-hour battery life and up to Intel Core i7-1165G7 processor, up to 16GB RAM, and up to 1TB SSD paired with a QHD 16:10 panel.

The Yoga Slim 7i is a 13.9-mm all-metal machine-cut laptop with a clamshell design and is likewise equipped with the latest processors. While pricing has yet to be announced, Lenovo noted it will “likely have the most aggressive price tag for a premium laptop.”

The final product of the 7 line is the Yoga 7i, an ultra-thin convertible with a battery that can last for up to 16 hours and comes in either a 14-inch or 15.6-inch touchscreen display.

YOGA, IDEAPAD
Meanwhile, the mid-ranged Yoga 6 line (prices start at P49,995) can include up to an AMD Ryzen 7 4700U Mobile Processor with built-in AMD Radeon graphics and up to 1TB of SSD inside a 13-inch chassis and a battery that can last up to 18 hours.

The IdeaPads, considered the most affordable of the Yoga lines, includes the IdeaPad Slim 5i (price starts at P42,995), the IdeaPad Flex 5i (price starts at P49,995), and the IdeaPad Slim 3i (price starts at P44,995).

The IdeaPad Slim 5i includes a charging port using Type-C connection and front-facing speakers. The IdeaPad Flex 5i features a 360-degree hinge for flexibility and comes with the Lenovo Digital Pen. The IdeaPad Slim 3i, meanwhile, comes with Intel Core i7 or core i3 (P29,995)

All the devices in the launch except for the IdeaPad Slim 3i with Intel Core i3 come pre-installed with Microsoft Office Home & Student 2019 (worth P6,995) and upgraded to Lenovo’s 3-Year Premium Care Warranty (worth P9,100).

Customers buying select devices under the Yoga 9, 7, and 6 lines will receive Lenovo x Herschel Stowaway Jacket (P10,995), a Gibson Travel Bag (P7,495), a Spokane Sleeve (P3,495), and other Lenovo accessories for free. Those purchasing select devices from the IdeaPad 5 and 3 series or select IdeaCentre desktops and AIOs will also receive the Stowaway Jacket plus other accessories, amounting to up to PHP 43,365. Meanwhile, certain models of the IdeaPad 3 series come with the Stowaway Jacket and the Fifteen Hip Pack (P2,495) among other freebies, and the Smart Tab M8 and M10 FHD also come with the Fifteen Hip Pack.

LEGION, MOTOROLA PHONES
Due to the popularity of mobile gaming, Lenovo Philippines also brought to the country the Lenovo Legion Phone Duel (P39,995), a gaming phone featuring the latest Qualcomm Snapdragon 865 Plus Mobile Platform plus 5G support in select markets. The phones also include 5th gen memory chips up to 16GB LPDDR5 high capacity ramp and storage of up to 512GB.

The phone includes two 2,500 mAh batteries, located on the sides of the phone and a dual Type-C charging bundled with a 65W charger that can charge from 0% to 100% in 34 minutes.

It also has two shoulder controls, dual front-facing speakers, and a dual live streaming feature. Cameras are at 64MP and 16MP on the rear and a 20MP front-facing camera. The cameras can record videos of up to 4K and at 30FPS (rear camera).

Meanwhile, Motorola is coming back to the Philippine market with two new 5G phones, the Motorola Razr 5G and Moto G 5G Plus.

“Lenovo and Motorola both recognize the need to constantly innovate in this industry. The iconic clamshell design of the original Razr was way ahead of its time and made motorola not only one of the biggest tech brands globally but also a pop culture icon,” Mr. Ngan said in a statement.

The new Razr includes the iconic clamshell design of the Razr line, with a hinge that leaves no space in between when folded closed and designed to last up to 200,000 flips. When flipped, the phone has a 2.7-inch Quick View display that can use the camera, call contacts, and run eight pre-selected apps. Unfolded, the phone has a 6.2-inch Flex View display, a rear-mounted fingerprint sensor, a Cinema Vision technology that brings in 21:9 resolution quality, a 48MP camera with Quad Pixel technology, and contains Qualcomm Snapdragon 765 processor.

The Moto g 5G Plus (P16,990) is touted by Lenovo as the “most affordable 5G-enabled phone in the Philippines” and comes with a 6.7-inch display and a Snapdragon 765 processor. The front-facing camera features an 8MP ultra-wide camera and a 16MP Quad Pixel camera while the rear camera includes four cameras led by a 48MP Quad Pixel camera. — Zsarlene B. Chua

ABS-CBN launches stay-home movies, inks new partnerships

ABS-CBN Corp. has partnered with streaming platform iWantTFC, digital site KTX.ph, and cable companies SKYcable and Cignal to stream its newly produced movies.

“Even if the pandemic has been challenging, it has pushed us to think out of the box. And with the theaters still closed, we thought of ways to reach our audience in different ways,” ABS-CBN Films Managing Director Olivia M. Lamasan said in an e-mailed statement on Wednesday.

Viewers will have access to a new ABS-CBN film for 48 hours for P150.

“Viewers now have strong and powerful choices on where to consume content,” Ms. Lamasan noted.

ABS-CBN said its first offering is a horror film which will be released on Oct. 30.

The film “U-Turn” will have its celebrity digital premiere on KTX.ph on Oct. 29, it added.

Ms. Lamasan is also hoping that cinemas will be allowed to reopen soon.

“It’s just that for now, we are in this circumstance and we also need to find ways to connect and still be of service to our audience. But we are praying and are in full support for the reopening of cinemas,” she said. — Arjay L. Balinbin

Dining In/Out (10/29/20)

Chef Jessie accepts events and catering

CHEF Jessie’s Place and Chef Jessie Rockwell Club now accept reservations for events for 12 to 100 people from 10 a.m. to 10 p.m. every day. They also do catering for big and small groups with customized menus to suit the needs of every patron. Located at 1997 Pililla St. corner Obrero and Tanay St., Makati City, Chef Jessie’s Place offers numerous options for small and big groups. Its Mezzanine A can accommodate 30 guests while Mezzanine B can hold a smaller group of 12 persons. The Events Hall can seat 60 while the rooftop overlooking the Makati skyline offers enough space for 100 guests. These numbers follow the guidelines set by the government. Meanwhile, Chef Jessie Rockwell Club accepts dine-in reservations for 25 persons at a time. It serves lunch, merienda, and dinner. For reservations, inquiries, and to place take out and delivery orders, call 0917-833-0797, 0917-896-7880, 0917-858-5466; e-mail chefjessiesplace@chefjessie.com or rockwell.club@chefjessie.com. For reservations at Chef Jessie Rockwell Club, call 8890-6543, 8890-7630 and 0917-858-5466. To see Chef Jessie’s menu offerings, visit www.chefjessie.com.   

Celebrations with The Plaza

FOR 55 years, The Plaza has been part of people’s milestones and it is still here to help people celebrate special occasions with loved ones, whether together or apart. The Plaza’s Party Packs with themed menus are suited for any occasion. These include The Plaza Classics, the USDA Angus Roast, the Rib-Eye Dinner, Spanish Favorites, The Plaza Hamwich Kits, The Plaza Burger Kits and more. Orders should be placed at least three days in advance. For orders and inquiries, call 7729-0001 to 03 or 0917-718-2200.

Napa de Oro launches wine in the Philippines

THIS year, Philippine global wine brand Napa de Oro launches its luxury line that includes Rosé, Sauvignon Blanc, Chardonnay, Grenache, Merlot, Cabernet and its exclusive Caroline Red Blend — a hearty and spicy Bordeaux-style blend of Cabernet Sauvignon, Merlot, and Cabernet Franc — and the rare Au79 Estate Reserve whose name comes from the chemical element symbol and atomic number for gold. These wines are produced in the Coombsville region of the Napa Valley in California. Napa de Oro is a partnership between award-winning winemaker Rudy Zuidema, and a group of Davaoeño wine aficionados: Butchoy and Bing Taojo, Andreas Taojo, and US-based attorney Abe Marapao. Butchoy Taojo says their target market is not just the Philippine wine segment but also a global audience that is starting to appreciate wines that are suited to varied tastes. As such, Napa de Oro will be available in the US, along with an online store in the Philippines and through Bloom Café + Bar at the Greenbelt Mall. Order Napa de Oro’s fine wines at www.napadeoro.com.

Resorts World Manila offers stress-busting desserts

WITH 86% of adult Filipinos stressed because of the pandemic, according to a Social Weather Stations survey, and scientific studies saying that desserts can help alleviate stress, Resorts World Manila (RWM) would like to highlight the plethora of world-class desserts, from Filipino to Korean to Mediterranean, which are available in its restaurant outlets and hotels. Guests can enjoy the wide range of selections, from Marriott Manila’s Marriott Cafe Berliner and Halloween Cake; Sheraton Manila’s Mango Bingsu and Songpyeon (rice cake) from Oori, Ube Macapuno Cake, and Mango Sansrival; Savoy Manila’s Paris-Brest and Baklava Cheesecake; RWM’s Garden Wing Cafe’s Mango Yogurt Cheesecake, Black Forest Cake, and Macadamia Mousse Cake; and RWM’s Casa Buenas’s Emperador Strudel and Tablea Fondant Cake. To know more about RWM offers, visit rwmanila.com or download the RWM Mobile App for free on the AppStore or GooglePlay.

Jamba Juice offers new ready-to-blend and frozen fruit kits

JAMBA Juice introduces its new products: the Live Fruitfully Kits and Superfood Smoothie Tubs. The Live Fruitfully Kits contain fresh frozen fruits vacuum packed into various bundles, depending on the customer’s need or preference. Want different flavors per day? The Daily Mix (P300) contains five packs of 100gm fruit mixes: two packs of strawberry and banana, blueberry and banana, peach and banana, and mango. The kits are also available in 500g Big Packs for those looking to experiment with different flavors or want to stick with their favorites. Starting at P299, The Big Packs come in four different fruit combinations: blueberry and banana, strawberry and banana, five fruit mix (with blueberry, mango, peach, banana, and strawberries), and the kale and mango mix.  Meanwhile, the Superfood Smoothie Tubs are creamy frozen versions of Jamba Juice’s all-time favorites. For P225, choose among four different flavors: Creamy Strawberries Wild, Banana Berry Blush, Mango-a-go-go Whirl’d, and PB is a Moo’d. Jamba has also launched new flavors: The BGV — Berry Good Vibes, PB But Better, and Tropical Dreamin’. These are only out for a limited time. The Live Fruitfully Kits and Smoothie Tubs are now available in all Jamba Juice stores, and can be ordered for dine-in/ take-out and via delivery through https://delivery.jambajuice.ph, Grabfood, and foodpanda. For more information, visit www.facebook.com/jambajuiceph/.

Max’s Group crossover deal

FOR the last quarter of the year, the Max’s Group continues to offer bang-for-the-buck promos across its brands. First there is the Ultimate Chicken Crossover from Max’s Restaurant, Pancake House, and Yellow Cab which focuses on fried chicken. For a minimum of P1,399, the bundle includes three pieces of Max’s Sarap-To-The-Bones Chicken Leg Quarter, six pieces of Pancake House’s Classic Pan Chicken, and 10 pieces of Yellow Cab’s Chicken Wings (choose up to two flavors from Sriracha, Garlic Parmesan, Sweet Soy, and Hot Chix). It comes with a free box of six Original Glazed Doughnuts from Krispy Kreme which can be claimed by presenting the Ultimate Chicken Crossover receipt in select Krispy Kreme stores until Nov. 30, and on Dec. 1 to 31, a free condiment set from NutriAsia featuring a combination of banana ketchup, Worcestershire sauce, and hot sauce. The Ultimate Chicken Crossover is available via delivery, take-out, and Curbside Pick-Up from EDSA Eats, Burgos Circle (Max’s Forbestown), Hampton Gardens, and Harbor Square starting Oct. 30, and from SM City Sucat, Waltermart Makati (Yellow Cab Avida), Market! Market!, SM City Bicutan (Yellow Cab Bicutan), and SM City San Lazaro (Yellow Cab San Lazaro) starting Nov. 6. Fried chicken and doughnuts in one bundle? Pancake House teams up with Krispy Kreme to bring a Classic Meets Original experience. Buy a box of five pieces of Pancake House’s Classic Pan Chicken for P499 and get a voucher for a free Krispy Kreme box of six pieces Original Glazed Doughnuts. Dencio’s, together with Max’s, offers the best of both worlds with its Sisig Party Promo: Max’s Chicken Sisig and Dencio’s Krispy Sisig for a sulit price starting at P488. Teriyaki Boy introduces its new bundle in tandem with Krispy Kreme: the newest Original Best Sellers Bundle. Available until Nov. 10, each order of Teriyaki Boy Chicken and Tonkatsu with four servings of Gohan will come with a Krispy Kreme box of 6 Original Glazed Doughnuts for P699. Finally, Sizzlin’ Steak introduces the Perfect Combo Promo with Teriyaki Boy for P299 which features classic Sizzlin’ Beef Strips and Teriyaki Chicken Rice.

7-Eleven Chef Creations launches Rico’s Lechon

CONVENIENCE store chain 7-Eleven has partnered with Rico’s Lechon to offer Filipinos comfort food served with convenience. Through the 7-Eleven Chef Creations line, customers can now enjoy Rico’s Lechon Paksiw (P99) and Lechon Dinuguan (P95) anytime. Both come with white rice. Customers can avail of the two meals in select 7-Eleven stores in Metro Manila stores and soon in stores at the Pampanga and Batangas areas.

Marks & Spencer is now in MetroMart

Award-winning food and wine from Britain’s leading multinational retailer are now available in the Filipino online grocery MetroMart. Marks & Spencer (M&S) is adding MetroMart to its growing list of online channels. Order through the MetroMart website or the mobile app to receive a contactless delivery in two hours. Simply register a free account and purchase a minimum order of P1,000. Even a customer abroad with an active MetroMart account can order for their family and friends in the Philippines as long as the recipient is within MetroMart’s allowable delivery area which is a distance radius of 7 km per store. With the partnership that launched on Oct. 19, one can order from the following M&S branches: Alabang Town Center, BGC Central Square, SM North Edsa, Eastwood, SM Megamall, Rockwell Powerplant, Glorietta 4 and Robinsons Place. Prices in the app are updated live. If an item you ordered has sold out during transit, MetroMart’s Personal Shopper will contact you to make replacement suggestions that you may approve or reject. To get the latest updates, follow Marks and Spencer at facebook.com/MarksandSpencerPH and Instagram @marksandspencerph

Apple plans smaller AirPods Pro, revamped entry-level model

APPLE, Inc. is planning updates to its AirPods earbuds next year, seeking to capitalize on the success of a product that has become an important source of growth.

The Cupertino, California-based technology giant is working on two new models: third-generation entry-level AirPods and the second version of the AirPods Pro earbuds, according to people familiar with the plans.

The models will join other new Apple audio devices like the HomePod mini and upcoming over-ear headphones. The company has also weighed launching another smart speaker that would sit between the HomePod mini and the original version in the line up.

The design of the updated entry-level AirPods will be similar to the current AirPods Pro, gaining a shorter stem and replaceable ear tips. Apple is also looking to improve battery life. That model however will not have higher-end AirPods Pro features like noise-cancellation, said the people, who asked not to be identified discussing private matters.

For the new AirPods Pro, Apple is aiming to make the earbuds more compact by eliminating the short stem that currently sticks out from the bottom. A design in testing has a more rounded shape that fills more of a user’s a ear — similar to the latest designs from Samsung Electronics Co., Amazon.com, Inc. and Google.

Integrating noise-cancellation, wireless antennas and microphones into a smaller AirPods Pro casing has proved challenging during development, which could result in a less ambitious design when the product is finalized, the people said. An Apple spokeswoman declined to comment.

Apple has internally discussed launching the new low-end AirPods during the first half of next year. The company is also planning new wireless chips to power both models. Luxshare Precision Industry Co. and Goertek, Inc. are expected to handle most of the production for the new earbuds.

Goertek, which derives roughly 40% of its revenue from Apple, jumped 2.5% to a record in Shenzhen trading Tuesday. Luxshare inched up 0.2%, after having more than doubled this year.

AIRPODS LEAD TAPERING
After being mocked by some early on, AirPods have become one of Apple’s biggest hits in recent years. The company’s Wearables, Home and Accessories division, which includes AirPods, reported $6.5 billion in revenue in the latest quarter, up more than 70% from two years ago. The earbuds may get a new sales boost soon because Apple stopped including headphones with new iPhones.

The success has attracted rivals such as China’s Xiaomi Corp. that offer more affordable options.

Apple currently sells entry-level AirPods for $159 and the AirPods Pro at $249. The original AirPods launched in 2016 and were last updated in March 2019. The AirPods Pro came out in October last year.

Beyond the new AirPods, Apple has also internally weighed a new HomePod that sits in size, price and sound quality between the original $299 HomePod and the $99 HomePod mini. It’s unclear if Apple will ultimately launch that product or just further cut the price of the higher-end version.

Apple is still planning to announce high-end, noise-canceling over-ear headphones. The device has faced several development challenges over the past two years and has been delayed multiple times.

The headphones were due to go into production weeks ago, but that was pushed back due to problems with the headband, a person familiar with the matter said. That part was deemed too tight in some testing.

The company initially wanted to include large touch pads on the sides of the headphones, but reduced the size of those panels. Apple has also scaled back some of the interchangeable functionality of the headphones that were a hallmark of the initial concept. The latest version of the product is likely to lack a replaceable headband, but could still include interchangeable ear pads. — Bloomberg

Nickel Asia unit halts operations after reported COVID-19 cases

A SUBSIDIARY of mining firm Nickel Asia Corp. has temporarily stopped its operations after several of its employees have tested positive for the coronavirus disease 2019 (COVID-19).

In a stock exchange disclosure on Wednesday, Nickel Asia said its Hinatuan Mining Corp. (HMC) suspended activities in its mine site in Surigao del Norte on Oct. 27 up to Nov. 10 to mitigate the spread of the virus among its employees and nearby communities.

So far, the company said that 19 employees had tested positive for COVID-19 after it conducted testing in its mine site.

HMC said it will continue to perform mass testing to its employees in the site, while additional isolation and quarantine facilities have been on standby.

“Infected employees will be managed and treated in accordance with the Department of Health (DoH) and mine site health and safety protocols. Contact tracing continues to be done in coordination with government authorities,” the disclosure said.

Further, HMC said it continues to distribute food and other basic necessities to its employees, while implementing measures such as regular disinfection and physical distancing.

The mining company said it will continue to enforce the necessary measures to limit the spread of COVID-19, together with the assistance of local government units (LGUs).

Meanwhile, Nickel Asia projected that the suspension of operations of its subsidiary will not be significant since HMC is at the end of its mining season and the last of its ore shipments have already been loaded, while the remaining have been diverted to its other subsidiaries, Rio Tuba Nickel Mining Corp. and Cagdianao Mining Corp.

“In 2019, HMC accounted for 11% of the Nickel Asia Corp. Group’s total ore sales volume,” the disclosure said.

On Wednesday, shares in Nickel Asia at the stock exchange rose 1.06% or P0.04 to close at P3.81 per piece. — Revin Mikhael D. Ochave

AMLA amendments may ‘over-regulate’ property sector

PROPOSED AMENDMENTS to the Anti-Money Laundering Act (AMLA) that will prevent the Philippines from being grey listed, as proposed in the Senate, may “over-regulate” the real estate industry, stakeholders said.

Senate Bill No. 1412, which will amend Republic Act No. 9160, proposes to include real estate developers and brokers among covered persons, and single cash transactions amounting to more than P1 million among the covered transactions that must be reported to the Anti-Money Laundering Council (AMLC).

“We register our objection to the proposed amendments to the AMLA, particularly within the context of the growing housing backlog, existing constraints to production, which refutes the necessity to regulate some more an already overly-regulated sector,” Christopher Ryan T. Tan of the Organization of Socialized and Economic Housing Developers of the Philippines, Inc. (OSHDP) said in an online hearing on Wednesday.

Mr. Tan spoke before the Senate Committee on Banks and Financial Intermediaries, tackling measures strengthening the AMLA in compliance with the recommendations of the Financial Action Task Force (FATF).

The FATF had earlier given the government one year until this month to address gaps in its AML laws and anti-terrorism measures. However, this was extended until February due to the pandemic.

Mr. Tan argued that FATF Recommendation 22 specifies real estate agents, rather than developers and brokers. He added the P1-million threshold is also not provided by the FATF and was lower than the P3 million they had proposed.

“OSHDP specifically requested to exclude low-cost economic housing and socialized housing from covered persons and transactions — that would mean price points above P3 million. The P1-million transaction is not something we agreed to,” he said.

AMLC Executive Director Mel Georgie B. Racela said in the same hearing that the recommendation took into account discussions with social housing representatives.

“Because it will affect the social housing initiatives and project of the government, we were able to agree that the P1-million cash transaction will not be covered [and] more than P1 million will be covered…,” he said.

He added that inclusion of the real estate industry as covered persons was considered as they confirmed that the sector is being used to launder funds.

Senator Grace S. Poe-Llamanzares, who chairs the panel, and Senate Minority Leader Franklin M. Drilon proposed the mandatory reporting of covered transactions be placed under the Registry of Deeds instead of developers and brokers. The senators also proposed to increase the threshold to P3 million.

The Professional Regulation Commission reported there are currently more than 11,000 real estate salespersons and about 31,000 brokers.

Mr. Drilon also said the government should amend the AMLA according to interest of the country versus simply complying with the recommendations of the FATF.

“Let us pass what we believe is reasonable. What we believe is consistent with our national interest and submit it to FATF and debate to them that this is compliant with regulations. These brokers agents, to me, it is unreasonable to require 41,000,” he said.

The bill also proposes allowing the AMLC to investigate suspicious transactions, upon its own determination; interview witnesses, conduct surveillance undercover investigations, and court-approved searches and seizures.

The council may also subpoena persons and documents relevant to the investigation as well as implement targeted financial sanctions, such as freezing assets either directly or indirectly owned by individuals identified by the United Nations Security Council. — Charmaine A. Tadalan

COVID-19 impact on income less severe than before; Filipinos among most optimistic about recovery

COVID-19 impact on income less severe than before; Filipinos among most optimistic about recovery

How PSEi member stocks performed — October 28, 2020

Here’s a quick glance at how PSEi stocks fared on Wednesday, October 28, 2020.

PHL stocks extend decline on increased selling

By Denise A. Valdez, Senior Reporter

THE MAIN INDEX continued to decline on Wednesday as selling pressure grew and overseas concerns over rising coronavirus cases loomed on the market.

The bellwether Philippine Stock Exchange index (PSEi) lost 37.29 points or 0.58% to close at 6,377.79. The broader all shares index also gave up 9.82 points or 0.25% to end at 3,808.29.

“More investors are now securing profits from the recent rally, which is giving investors who have not been able to ride the rally a chance to pick up shares at lower prices,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

The PSEi is now on its second consecutive day of decline and has been down 113.4 points or 1.75% since its six-day rally ended.

Foreign investors have also returned to selling, ending five straight days of bullishness, after it posted P442.88 million worth of net outflows on Wednesday.

“I think this is due to investors taking profits amid uncertainties in US markets as virus cases are surging again,” Philstocks Financial, Inc. Research Associate Piper Chaucer E. Tan said in a text message.

“The market may test the 6,000 level… thus we expect selling pressure coming off from the investors,” he added.

The United States reported 66,784 new coronavirus cases as of Tuesday, raising its total case count to 8.7 million, based on data from Johns Hopkins University.

Increasing concern over the growing cases weighed on US markets on Tuesday’s trading, resulting in a 0.80% and 0.30% drop for the Dow Jones Industrial Average and S&P 500 indices, respectively. The Nasdaq Composite index increased 0.64%.

Despite this, the release of third quarter earnings reports are still expected to be the main driver of the PSEi in the coming days.

“As more Q3 earnings reports come in, investors are realizing that the numbers are not as bad as what was expected. With more mobility and business restrictions lifted by the day, economic activity will continue to pick up,” Mr. Mangun said.

Sectoral indices ended mixed at Wednesday’s close. Industrials added 42.16 points or 0.49% to 8,571.93 and services increased 2.19 points or 0.14% to 1,473.71.

However, property dropped 63.33 points or 2.04% to 3,040.36; mining and oil slid 75.71 points or 0.99% to 7,571.19; holding firms shed 26.07 points or 0.39% to 6,610.65; and financials trimmed 0.67 points or 0.05% to 1,251.68 at the end of trading.

Value turnover on Wednesday stood at P6.8 billion with 1.75 billion issues switching hands, down from the previous day’s P8.02 billion with 6.49 billion issues.

Advancers outpaced decliners, 112 against 89. Some 46 names ended unchanged.

Peso ends flat against the dollar on uncertainty over US stimulus

THE PESO was steady versus the dollar on Wednesday after the House of Representatives transmitted the 2021 national budget bill to the Senate and amid further delays in the passage of a stimulus measure in the United States.

The local unit closed at P48.375 versus the dollar on Wednesday, unchanged from its previous finish, data from the Bankers Association of the Philippines showed.

The peso opened slightly stronger at P48.35 on Wednesday, peaking at P48.33 per dollar. Meanwhile, its weakest showing intraday was at P48.40 against the greenback.

Dollars traded declined to $534.6 million on Wednesday from $838.37 million on Tuesday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso was flat after the House of Representatives submitted to the Senate its proposal for a P4.5-trillion national budget for next year, earlier than Malacañang’s Oct. 28 deadline.

Meanwhile, a trader said the peso was steady versus the dollar as hopes for the approval of a stimulus before the US presidential elections on Nov. 3 faded. The stimulus is meant to help sectors affected by the coronavirus pandemic.

US President Donald Trump acknowledged on Tuesday that a coronavirus economic relief deal would likely come after the Nov. 3 election, with the White House unable to bridge differences with fellow Republicans in the US Senate as well as congressional Democrats, Reuters reported.

Mr. Trump and House of Representatives Speaker Nancy Pelosi have traded blame for the impasse over another large stimulus package worth around $2 trillion to help Americans weather the pandemic.

Ms. Pelosi, the top elected Democrat, led the House to pass a $3-trillion coronavirus relief bill in May, but Republicans who control the Senate balked at another large bill. They pushed a much smaller measure, which failed, then left Washington after confirming Mr. Trump’s nominee, Amy Coney Barrett, to the Supreme Court.

The White House has said aid to state and local governments has been the main sticking point in the talks, while Democrats also cited the lack of a national coronavirus testing plan.

Infections are surging again in the United States and 36 out of 50 states have seen an increase for at least two weeks in a row, according to the Reuters analysis. Deaths have also more than doubled in seven states.

For Thursday, Mr. Ricafort expects the peso to move from P48.32 to P48.42 versus the dollar, while the trader sees it ranging from P48.35 to P48.45. — KKTJ with Reuters

Justice dep’t forms core group to investigate state corruption

THE DEPARTMENT of Justice (DoJ) has formed a “core group” that will lead investigations of various agencies for corruption, in line with President Rodrigo R. Duterte’s earlier order, it said in a statement on Wednesday.

Justice  Secretary Menardo I. Guevarra met with senior officials of the agency on Tuesday, including Prosecutor General Benedicto A. Malcontento and National Bureau of Investigation (NBI) Officer-in-Charge Eric B. Distor to discuss how to proceed with the probe.

The officials discussed “methods of securing information regarding incidences of corruption in government, and possible approaches for the conduct of the investigations,” DoJ said.

The probe will take into account the gravity of the allegations and their  impact on the delivery of government services, according to the statement.

The core group will consist of  members of the task force that probed corruption allegations at the Philippine Health Insurance Corp. (PhilHealth).

The group will be headed by the DoJ and its members are the NBI, Presidential Anti-Corruption Commission (PACC), Office of the Special Assistant to the President, National Prosecution Service and Anti-Money laundering Council, DoJ said.

“The task force shall also invite the Commission on Audit, Civil Service Commission and the Office of the Ombudsman to work together with the task force, with due consideration for their independence as constitutional bodies,”  it added.

Mr. Duterte on Tuesday ordered the Justice department to probe all agencies for corruption, effective until 2022.

The DoJ was also authorized to create separate task forces for the probe.

Mr. Guevarra, whom the President ordered to probe the Agriculture and Public Works departments, earlier said the job was the toughest he had received from the President.

In a televised speech on Monday, Mr. Duterte read a memo for Mr. Guevarra asking him to investigate “the entire government” until his six-year term ends in less than two years.

Mr. Duterte flagged former officials from PhilHealth, adding that their resignation does not absolve them of the charges.

The President, whom critics have faulted for failing to disclose his net worth despite his vow of transparency, earlier ordered the DoJ to form a task force that investigated corruption at the state health insurer.

Lawmakers allegedly involved in corruption at the Public Works department get as much as a 15% cut for every infrastructure project, PACC Commissioner Greco Belgica told the ABS-CBN News Channel this week.

District contractors and engineers also get kickbacks, he added.

Mr. Belgica said only half of the fund goes to the infrastructure project, resulting in substandard work.

He said the agency was investigating the entire Public Works department and was building up its case against some officials.

Public Works Secretary Mark A. Villar on Tuesday said he had formed a task force that will probe the allegations.

The investigation will cover all engineers regardless of their ranks, he told GMA News, adding that they won’t favor anybody. — Vann Marlo M. Villegas

Senator rejects bill honoring dictator with special holiday

A senator on Wednesday rejected a bill that seeks to declare Sept. 11 as a special nonworking holiday to remember the birth of the late dictator Ferdinand E. Marcos.

In a statement, Senator Maria Lourdes Nancy S. Binay said she had left the hearing by the Senate local government committee on Monday by the time the panel voted to endorse the bill to the plenary.

“I wish to reiterate that I did not vote for the approval of the bill and will not support any bill that would cause historical revisionism,” she said.

The committee approved in principle the Marcos holiday bill and nine other bills on local holidays upon Senator Sherwin T. Gatchalian’s motion. Senator Francis N. Tolentino, who heads the body, approved the move.

The motion sought the approval of all the measures subject to a technical working group that might look at the “wording requirements,” Mr. Tolentino said at that time.

Eight members of the committee — Ms. Binay, Mr. Tolentino, Mr. Gatchalian and Senators Cynthia A. Villar, Christopher Lawrence T. Go, Ronald M. de la Rosa, Emmanuel Joel J. Villanueva and Marcos daughter Imee R. Marcos — attended the virtual hearing.
BusinessWorld had reported that the lawmakers agreed to adopt the Marcos holiday measure.

Mr. dela Rosa and Mr. Villanueva confirmed in separate mobile phone messages on Wednesday that they had not voted for the measure. Mr. Go had left the hearing after manifesting support for the bill, his legislative staff John Cyril E. Santiago said by telephone.

Mr. Gatchalian also issued a statement last night saying he had not voted for the approval of the Marcos holiday bill.
“I merely moved to have the bill, along with other local bills, tackled by the local government committee in last Monday’s hearing, subject to further study by the technical working group,” he said in a statement.

Roughly 3,000 people died and thousands more were tortured when Mr. Marcos suspended elections and declared martial law in the 1970s.

The Senate body has eleven members from the majority bloc, two minority senators and three ex-officio members.
“It would be inappropriate to honor a tyrant and a thief,” Senator Francis N. Pangilinan, a committee member, said in a statement on Monday.

He said Congress passed a bill in 2013 that allotted P10 billion in payments to thousands of Marcos human rights victims, “recognizing the widespread abuses and atrocities committed by the Marcos regime.”

The fund was taken from the Marcos family’s ill-gotten wealth recovered by the government. “The amount of P10 billion was declared as ill-gotten by no less than our Supreme Court,” Mr. Pangilinan said.

He also asked why the bill was being pushed while the country was battling a coronavirus pandemic.

Congressmen approved the bill on final reading on Sept. 2, with 197 yes and seven no votes, and one abstention. A similar bill hurdled the previous House of Representatives but was not approved by the Senate.

Ilocos Norte Rep. Angelo Marcos Barba, the dictator’s nephew, told senators the province, the dictator’s hometown, had always dedicated a week to celebrate his birthday. The committee tackled nine other local holiday bills.

He said the proposed holiday is seen to boost tourism and create jobs in the region. If enacted, Sept. 11 will be called “President Ferdinand Edralin Marcos Day.”

In 2017, President Rodrigo R. Duterte issued a proclamation declaring Sept. 11 a special nonworking holiday in Ilocos Norte to remember Mr. Marcos’s birth centennial.

He also allowed the dictator to be buried at the Libingan ng mga Bayani in Taguig City near the capital after the Supreme Court in 2016 ruled this was legal.

About 3,200 people died, 70,000 were jailed and 34,000 were tortured during Mr. Marcos’s two-decade rule. — Charmaine A. Tadalan

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