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Roxas and Co. says units set for recovery

SUBSIDIARIES of listed firm Roxas and Co., Inc. (RCI) are seen to benefit from higher demand, expected travel resurgence, and real estate developments amid the coronavirus disease 2019 (COVID-19) pandemic.

RCI said in a stock exchange disclosure on Wednesday that its coconut unit Roxas Sigma Agriventures, Inc. (RSAI) is increasing production after the approval and partial release of a P100-million loan from the Development Bank of the Philippines in July.

“August tonnage versus same period last year rose 13%, netting a 40% improvement in average throughput year on year. The company forecasts up to a 50% increase in full year revenues versus 2020,” RCI said in the disclosure.

Meanwhile, RCI said the four budget Go Hotels of its hotel business unit, Roxaco Asia Hospitality Corp. (RAHC) have recorded strong occupancy figures due to high demand for affordable and health-compliant quarantine locations.

It added that RAHC is beginning to book corporate clients as it slowly regains regular guests.

RCI also disclosed that Anya Resort Tagaytay is gearing to reopen for clients in the National Capital Region (NCR), where 90% of its customers are coming from.

“It offers room, dining, wellness, and events services with its 78 world-class rooms, two restaurants, a heated pool, and a new spa offer in a secure and serene location. It also caters to conferences, meetings, and family functions,” RCI said.

Further, RCI’s property development unit Roxaco Land Corp. (RLC) has various projects in progress.

“The southward expansion of housing and commercial developments as well as tollway and utility investments by private firms and government open compelling options for RLC’s strategically located landbanks,” RCI said.

“The group achieved an overall 89% vaccination rate across its businesses, with RCI companies on track to hit 90% in all companies by early fourth quarter of 2021,” it added.

For the first half, RCI trimmed its net loss to P98 million while its revenues rose 250% to P632 million “as its real estate, hospitality, and coconut processing units bucked the pandemic and recession.”

On Wednesday, shares of RCI at the stock exchange rose 7.79% or 60 centavos to end at 83 centavos per share. — Revin Mikhael D. Ochave

TVIRD starts mining in Zamboanga del Sur

TVI Resource Development Philippines Inc. (TVIRD) has started on Sept. 30 the commercial mining operations of its Balabag gold and silver project in Bayog, Zamboanga del Sur, it said on Wednesday.

Jun Gringo, TVIRD Balabag project manager, said in a statement that the company is operating at a capacity of 1,000 tons daily.

He added that the company made its first gold dore shipment, at 855 kilograms containing 932 ounces of gold and 25,959 ounces of silver.

Mr. Gringo expects TVIRD to double its operating capacity due to the 24-hour operation of the Balabag plant and mining activities. It also cited the experience of its workers and its newly installed mill plant.

According to TVIRD’s website, the Balabag gold and silver project is covered by Mineral Production Sharing Agreement 086-97-IX spanning 4,779 hectares in three provinces in Zamboanga Peninsula.

“With its Balabag gold and silver project coming online, the company remains committed to exploration and mining practices that promote transparency, responsible stewardship of the environment, and the inalienable rights to life, dignity, and sustainable development of its host communities,” TVIRD said.

TVIRD is the local affiliate of TVI Pacific, Inc., a publicly listed Canadian mining company focused on projects in the Philippines. — Revin Mikhael D. Ochave

More businesses to use digital technologies by 2022

TRUSTPAIR.COM

HUAWEI Technologies Co., Ltd. on Wednesday said 70% of enterprises will have accelerated their use of digital technologies by next year as they strive to improve customer experience and employee productivity amid the pandemic.

“By 2022, 70% of organizations will be using digital technologies for their business processes and improve their customer experience, employee productivity, and resilience,” Nicholas Ma, president at Huawei Asia-Pacific Enterprise Business Group, said at the virtual Philippine Digital Convention (PH Digicon) 2021, citing the global forecast of the International Data Corp. (IDC).

Mr. Ma also noted the extension of digitization to traditional industries like manufacturing, education, healthcare, finance, transportation, and energy.

Metro Pacific Investments Corp. Chairman Manuel V. Pangilinan said digitization among companies outside the telecommunications sector has become “imperative.”

Digitization is “no longer a luxury” for them, he added, citing the Metro Pacific toll road’s use of radio-frequency identification (RFID) for contactless transactions.

“At the center of it all is the customer experience. In all of these, the mantra has always been the customer experience,” Mr. Pangilinan said.

Huawei has been a long-time vendor to the PLDT group’s fixed-line and wireless businesses.

“Cisco as well is a supplier to us and also Nokia. In fact, our first wireless network was supplied by Nokia way back in 1993,” said Mr. Pangilinan, who also serves as chairman of PLDT.

In its 2021 Worldwide Digital Transformation Predictions, IDC said by 2025, “75% of business leaders will leverage digital platforms and ecosystem capabilities to adapt their value chains to new markets, industries, and ecosystems.”

“To thrive in digital supremacy economy, 50% of enterprises will implement the organizational culture optimized for DX (direct digital transformation) in 2025, based on customer-centric and data-driven,” IDC said.

The other panelists at the PH Digicon 2021 on Wednesday were NTT Global Data Center President Yasuo Suzuki, John Harrington, Nokia senior vice-president and head of Asia-Pacific and Japan, and Dave West, president for Cisco Asia-Pacific, Japan, and Greater China.

The PH Digicon 2021 featured industry experts and thought leaders from global companies to share insights and technologies that can help enterprises in their digital transformation.

MPIC is one of three key Philippine units of First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Adele teases new music with video clip

MULTI-AWARDED singer Adele — FACEBOOK.COM/ADELE

LONDON —  British singer Adele has teased her first new music since her 2015 Grammy Award winning album 25, with a video clip for the song “Easy on Me.”

Known for chart-toppings ballads such as “Hello” and “Someone Like You,” Ms. Adele posted the black and white video on her Twitter and Instagram pages on Tuesday, with the caption “Easy On Me — October 15.”

The video shows the singer in a car, putting a tape into a cassette player, checking the rear-view mirror, increasing the volume and then driving off in a vehicle carrying packed up belongings. Soft piano music plays in the background as sheets of music fly out of the window.

Ms. Adele released 25 in November 2015. It topped charts around the world and scooped the coveted album of the year prize at the Grammy Awards.

Over the last few days, her fans have speculated online that the 33-year-old was set to release new music as the number 30 was mysteriously beamed onto buildings around the world. Adele has referenced her age when naming her past three albums, 19, 21, and 25. — Reuters

JPMorgan’s seal of approval gives boost to SOFR

REUTERS

AS FINANCE MILESTONES go, what happened Tuesday in the US leveraged-loan market isn’t going to catch fire in the public consciousness. This is not the Dow Jones Industrial Average hitting some five-digit number for the first time.

But the announcement of a new loan offering tied to the Secured Overnight Financing Rate, or SOFR, is a huge moment for Wall Street. It raises hopes that the leveraged-loan market is finally making a real attempt to ditch Libor, like other parts of the financial markets — such as derivatives and investment-grade bonds — where far more progress has been made over the past few months, or even years.

The bank marketing the loan, JPMorgan Chase & Co., has enormous clout. Its embrace of SOFR on behalf of a customer could finally break the logjam that’s prevented borrowers from using SOFR — the rate regulators want as the US replacement for Libor, the disgraced benchmark that can no longer be tied to new loans and other financial products sold after New Year’s Eve. Existing loans will be able to reference Libor through mid-2023.

The deal “should help to set a precedent and encourage other lenders to quickly move to offering more SOFR loans,” said Tom Wipf, chairman of the Alternative Reference Rates Committee, the Federal Reserve-backed body guiding the transition.

For months, finance pros have waited for SOFR deals in the $1.2-trillion leveraged loan market. Instead they were met with silence, and nothing to suggest the new rate was going to be battle tested in time. Now, with Tuesday’s deal, there’s suddenly greater confidence that other companies will step forward with similar offerings.

“There is no more time,” Federal Reserve Governor Randal Quarles said Tuesday at a conference in Las Vegas. “Banks will not find Libor available to use after yearend no matter how unhappy they may be with their options to replace it.”

Real estate lending company Walker & Dunlop, Inc. is the guinea pig, through a $600-million leveraged loan deal led by JPMorgan. Its offering will use so-called term SOFR, according to people with knowledge of the matter. The company is also an ideal candidate to be a first mover since it’s already using SOFR for mortgages, said one of the people, who asked not to be identified discussing a private transaction.

Representatives for JPMorgan and the company declined to comment.

Leveraged loans are a vital part of the funding realm for some of the world’s most heavily indebted companies — so nerves had been growing about the impasse. The acquisition of chicken processing company Sanderson Farms, Inc. will be funded with a loan that shifts to SOFR in 2022. But it’ll rely on Libor at first, unlike Walker & Dunlop which is unlinked to Libor from the beginning.

Walker & Dunlop “is an important milestone for two reasons,” said Anne Beaumont, a partner at law firm Friedman Kaplan Seiler & Adelman LLP. “It doesn’t rely on fallback language to shift to SOFR down the line, using SOFR from day one, and because it involves nonbank lenders, who have been slow to start using SOFR.”

‘TIP OF THE ICEBERG’
Expect many SOFR loans in the coming months, said Meredith Coffey, executive vice-president of research and public policy at the Loan Syndications and Trading Association.

“This is the tip of the iceberg,” she said. “It’s important for the leveraged loan market because we have to get off Libor. We have to get to a replacement rate.”

JPMorgan tops Bloomberg’s league table for US leveraged loan sales this year. That means it has the potential to set the standard for how others will structure SOFR-based loans.

Companies have been dealing with a “first-mover disadvantage” because whoever went first would be testing the waters of the market in terms of how spreads and adjustments would be determined, said Steve Hasnain, a portfolio manager at PineBridge Investments who invests in leveraged loans.

“The pace of SOFR-tied loan issuance is expected to pick up for the rest of the year,” he added.

LONG ROAD
It took months of work to ready the leveraged loan market for this switch.

Acceptance of SOFR was impeded partly by the lack of tenors beyond a day, whereas Libor has versions going up to a year. Bankers, companies and investors had been waiting for the ARRC to ratify one-, three- and six-month versions of SOFR. That occurred on July 29 — but there’s mostly been silence since then.

Another obstacle: anyone wanting to embed a SOFR rate beyond a single day in a deal had to get a license from CME Group, Inc., the administrator. CME has already issued dozens of those licenses, and has hundreds more in the works, said Agha Mirza, the company’s global head of rates and over-the-counter products.

Another quirk for banks and companies holding up the transition was how to structure the pricing. Notably, Walker & Dunlop’s loan has two key elements to its SOFR loan that investors are closely watching.

First, the company is using a “credit spread adjustment” of 10 basis points (bps) — which is lower than a special set of adjustments provided by regulators to assist with the transition.

Second, the loan also has a 50-bp floor. That means even if SOFR is below 0.5%, investors still get paid at least half a percentage point in interest, in addition to the spread.

Ultimately, how JPMorgan markets this deal and investors receive it could set the tone, and structure, for future SOFR loans.

“We’re at the start of a healthy phase of price discovery,” said Steven Abrahams, a senior managing director at Amherst Pierpont Securities. — Bloomberg

Converge included in FTSE ASEAN Stars Index

LISTED fiber internet provider Converge ICT Solutions, Inc. has been included in the global benchmark Financial Times Stock Exchange (FTSE) ASEAN Stars Index, its top official said.

“We are pleased to see an improvement in the weights of Converge stocks across all FTSE indices as it reflects the continued strong growth of the company amid our fiber rollout nationwide,” Converge President Maria Grace Y. Uy said in a disclosure to the stock exchange on Wednesday.

The FTSE ASEAN Stars Index is intended as a “barometer and not to be used as the basis for investment products,” investment management company FTSE Russel, a subsidiary of London Stock Exchange Group, said on its website.

The FTSE ASEAN Stars Index is composed of 30 firms from each exchange in the region, except for Vietnam where 15 companies are selected from the Ho Chi Minh and Hanoi stock exchanges.

“The inclusion of Converge to this new index under the FTSE ASEAN Index Series was made as the weights of Converge stocks across all FTSE indices increased from August to September this year,” the Philippine company said.

“Converge shares rose to a new all-time high of P42 per share at the close of trade on Tuesday, with its market capitalization now reaching over P300 billion,” it also noted.

The company was earlier included in the FTSE Global Equity Index Series under the Small Cap Index.

It was also admitted to the FTSE Renaissance IPO Index and the FTSE ASEAN All-Share Index.

The company qualified for early inclusion in the 30-member benchmark Philippine Stock Exchange index.

Converge shares closed 4.76% higher at P44 apiece on Wednesday. — Arjay L. Balinbin

Dining In/Out (10/07/21)

Malagos chocolates win int’l food tilt

MALAGOS Chocolate has announced that they are once again winners at the 2021 Great Taste Awards in the UK, one of the largest food and drinks award-giving body in the world. The winning Malagos Chocolate products are: Malagos Porter (two stars), which the judges said was “a faultless beer”; Malagos 72% Dark Chocolate (one star), “the flavor, though gentle, has a real appeal with notes of tobacco, spice as well as honeyed fruitiness and earthy cocoa richness,” said the judges; Malagos 85% Dark Chocolate, “a dark and neat looking chocolate with a good snap to the bar”; and, Malagos Chocolate Coated Cacao Nibs w/ Sea Salt, “the crunch is perfect and the taste lingers in the mouth.” These items, along with the rest of the company’s Tree-To-Bar collection, are available for purchase online. Those who wish to start Christmas shopping early can access Malagos’ limited edition 2021 gift catalog by sending an e-mail to sales@malagoschocolate.com.

Drive-in restaurants are back at Robinsons Magnolia

ROBINSONS Magnolia brings the nostalgic experience of drive-in restaurants — with hand-delivered food consumed on steering wheels or lap tables — with Park & Dine. Park at the designated alfresco parking area of Robinsons Magnolia, and use a mobile phone to order and pay through Robbie & Rosie (0921-499-2958), your personal carhop, curb girl, or tray-boy ready to take your orders. Unlike drive-in restaurants in the metro, where food choice is limited to what the restaurant has on its menu, Robinsons Magnolia gives diners the widest choice of restaurants in one stop. There are 60 restaurants to order from. Park & Dine has 10 reserved car parking bays with markers, each car a respectable distance from the other. The guards and staff stationed are fully vaxxed and wear masks and face shields at all times. Trays, steering wheel, and tap tables are also cleaned and sanitized after each use. Diners have a view of Robinsons Magnolia’s garden, all lit-up with Christmas décor. Orders should take about 20-30 minutes to arrive. There’s a dedicated Robbie & Rosie, Robinsons Malls Personal Concierge for Park & Dine customers. Diners can also opt to order in advance, like on the way to the mall. Among the many participating restaurants are Cibo, Botejyu, Bon Chon, Conti’s, Crisostomo’s, Ippudo, Hap Chan, Gong Cha, Max’s, Mesa, Krispy Kreme, Mary Grace, Kee Wah Bakery, Pancake House, Pepper Lunch, Ossu, Pho Hoa, Starbucks, Yabu, Sans Rival, Mary Grace, Ramen Nagi, Sumosam, Potato Corner, Le Petit Bizu, Cafe Breton, Bad Bowl, Paper Moon, and UCC Park Cafe.

Book for 4, dine for 5 promo at Sofitel

SOFITEL Philippine Plaza Manila’s Spiral, Sunset Bar, and The Food Truck reopened on Oct. 1 with a special treat for guests. In celebration of Sofitel Manila’s 45th anniversary, flagship restaurant Spiral and al fresco dining destination The Food Truck return with an exclusive Book for 4, Dine for 5 limited offering that is ongoing until Oct. 30. At Spiral, dining options are spread across 21 “ateliers,” with signature specialties prepared àla minute for a guaranteed safe dining experience. Spiral is open for lunch, dinner, and Sunday brunch. Rates are set at P3,100 net for Monday-Thursday lunch, P3,500 net for Friday-Saturday lunch, P4,500 net for Sunday Brunch (without champagne), P5,900 net for Sunday Brunch (with free-flowing Moët & Chandon champagne), and P3,900 for Monday-Sunday dinner. After sundown, The Food Truck features a dinner feast including unlimited servings of smokehouse-grilled specialties such as smoked salmon, bellychon, and beef brisket; sizzling platters such as classic sisig, sizzling gambas, and sizzling squid; and food truck fare like tacos and burgers. These are complemented with free-flowing local beer, iced tea, and soda. The Food Truck is open every Thursday-Sunday, 6-9:30 p.m. Rate is set at P2,950 net per person. Meanwhile, the Sunset Bat at the bayside garden is also open, featuring international àla carte specialties and a wide menu of drinks and cocktails, served in a safe setting. The Sunset Bar is open at noon to 9 p.m. Mondays to Wednesdays, and noon to 4 p.m. Thursdays to Sundays. For reservations and inquiries, call F&B Reservations at (02)8-832-6988 or e-mail H6308-FB12@sofitel.com.

Resorts World celebrates October Fiesta

THIS LAST quarter of the year, Resorts World Manila (RWM) kicks off the holiday season by bringing back its October Fiesta celebrations straight to people’s homes. RWM offers an exclusive beer-pairing package for delivery right to one’s doorstep via Delishvery. For P1,888 net, enjoy October Fiesta Beers and Bites Bundle for the whole month of October. The package includes 12” RWM Pizza Hamonado, six pieces of Crispy Chicken Wings, three pieces each of signature Tapa Burger and Pinoy Inasal Hotdogs. This special set also comes with six bottles or cans of San Miguel Beers, with a choice of Light or Pale Pilsen, 0.0 Non-Alcoholic Beer, or Red Horse. To complete the celebrations at home, check out the L.O.V.E Project at www.facebook.com/TheLoveProjectOfficial, an online marketplace platform for professional musicians, theater actors, singers, and performers where one can book virtual live entertainment. Delishvery also continues to deliver select RWM signature dishes from Casa Buenas, Happy 9, Kimchi Mojou, and Victoria Harbour Café, which are also available in Hot Box packages and Rice Topping set menu. Vaccinated patrons can also take advantage of RWM’s Good Jab Rewards promo, offering 30% off on Delishvery orders, by sending a photo or scan copy of their valid vaccination card upon ordering. Call Delishvery hotline at (02) 7908-8885 or 0917-878-8856 (also available via Viber or WhatsApp) for inquiries for the minimum order requirements, delivery orders, and payments. Visit www.rwmanila.com or follow the official social media accounts @rwmanila for more updates.

M Bakery opening 2nd branch in Power Plant Mall

M BAKERY will be opening its second branch at the Power Plant Mall in Rockwell, Makati on Oct. 10. At its second branch, M Bakery will be offering its signature line of freshly baked American desserts and baked goods, from its cupcakes, cookies, pies, and brownies, to cheesecakes, muffins, and icebox desserts, as well as its banana pudding. The new branch will exclusively offer Magic Banana Pudding as its October Flavor of the Month. The treat is made up of layers of vanilla pudding, toasted coconut, graham crackers, bananas, and chocolate chips with a new banana pudding flavor. There will also be M Bakery staples like Classic and Chocolate Banana Pudding flavors, the Bubbly Cupcake (a vanilla cupcake is topped with vanilla bean meringue buttercream), Choc Nut Cupcake (a cupcake filled with Choc Nut butter spread and topped with Choc Nut buttercream with Choc Nut chunks), Banana Streusel (a banana muffin topped with a brown sugar pecan streusel), Chocolate Hazelnut Hand Pie, and Blueberry Hand Pie. The new branch of M Bakery is at the 2nd floor across Uniqlo store at the Power Plant Mall in Rockwell, Makati City. Call 0917-822-1262 to place advance orders. The new store will be open daily from 11 a.m. until 9 p.m.

Nespresso offers limited edition coffees

NESPRESSO now offers two limited edition coffees to the Ispirazione Italiana family, inspired by the distinct tastes and roasting expertise of regional Italian-style coffee. The first is Ispirazione Novecento which was inspired by classic Italian espressos from the 1940s and uses a traditional roasting technique. The coffee is an intense espresso with notes of spices, nuts and wrapped in a dense and dark cream. The second is Ispirazione Millennio which follows aromatic profiles of new trends in artisanal roasting that has fruity flavors. Brazilian and Colombian Arabicas were roasted lighter and in less time. The result is a full-bodied and pleasantly intense coffee with spicy notes, good acidity, and a fruity touch. These variants are available for a limited time only in Nespresso’s boutiques, pop-up stores, and online at www.nespresso.ph.

Food ideas from foodpanda

WONDERING where to get the best coffee, pasta, rice bowls, and more on your next delivery with foodpanda? Make new food discoveries through foodpanda’s Eatventures and discover fresh options from long-time favorites. The delivery service suggests the following: for tea and coffee, try newcomer Urbanica; for milk tea there are Black Scoop and Wantea Milk Tea; for food wraps and sandwiches, there are Faasos, Salad Stop, and S’wich!; for treats and desserts, try Tokyo Milk Cheese Factory or Puro Ice Cream; for lunch or dinner, choose from fried chicken, salads, rice bowls or pasta, knocked out in 20 minutes from places like Pasteria, Jackson’s Fried Chicken, Noah’s Green Kitchen, and Simot; and finger foods from Fries & More. Use the code TAPMONAYAN to get ₱100 off Jackson’s, S’wich, Simot and more for a minimum spend of ₱299, valid for new customers only. For more information about Eatventures on foodpanda, visit foodpanda Instagram and foodpanda Facebook.

Mega Global offers new beverage line

MEGA Global has a new line of premium beverages called Primo Sparkling Juice, a nonalcoholic carbonated beverage imported from Spain that can be consumed by people of all ages. Now available in grocery stores nationwide, Primo comes in sparkling white and red grape flavors. Primo is available in MegaMart, Shopee, Lazada, and supermarkets nationwide.

Landers holds 50% off membership promo

LANDERS Superstore is now offering 50% off on membership promo for a limited time. To avail of this offer, visit any Landers Superstore branch or go to www.landers.ph and sign up for membership or renewal for P400 (For Primary Memberships) and P500 (for Business Memberships). This offer is available up to Oct. 12 only. Ongoing  until Oct. 12 is the Super Crazy Sale In-store at all Landers Superstore branches. Members can satisfy their cravings at Landers Central’s New York-inspired menu, while coffee lovers can grab their favorites at Doppio, the superstore’s in-house coffee shop. Landers is also offering the lowest priced medicines at Capital Care, the superstore’s in-house pharmacy, while a free haircut is available at Federal Barbers, Landers’ in-house barbershop. Landers members are also entitled to discounts on fuel with up to P10 off per liter at any Landers-Caltex gas stations. The offer is exclusive to those applying or renewing primary premium and business memberships only. Extension memberships are not included. Terms and conditions apply.

UBX establishes second office in Singapore

UBX PHILIPPINES Corp. has established an office in Singapore to help companies there that are looking to enter the local market.

The fintech arm of UnionBank of the Philippines, Inc., which began operating in 2018, said setting up its second office in Singapore is the “natural move” given the city-state’s position in the fintech industry.

“We aim to support companies who would like to enter the Philippine market through strategic partnerships leveraging both UBX’s technological expertise and open finance footprint in the Philippines,” UBX President and Chief Executive Officer John Januszczak said in a statement.

The firm said it has appointed Cyrus Cruz as UBX Singapore country head to oversee its operations there. He is also concurrently the venture lead for Assured, the embedded insurance platform of UBX.

“We are thrilled to further extend our presence in the region, starting with Singapore — known as the main regional fintech hub of upcoming startups and great talents in Asia,” Mr. Cruz said.

UnionBank, the parent firm of UBX, saw its net earnings increase by 57% to P3.586 billion in the second quarter from P2.287 billion a year earlier. With this, its net income for the first half of the year climbed 94% to P8.315 billion from P4.503 billion in the same period of 2020.

The Aboitiz-led lender’s shares closed at P85.60 on Wednesday, up by 65 centavos or by 0.77%. — LWTN

Facebook outage felt acutely by small-business owners

REUTERS

DURING Facebook, Inc.’s global outage on Monday, online clothing boutique Exul recorded no sales for the first time since it opened last November.

“Every day counts, every penny counts for a small business,” said owner Porsche Jones.

Ms. Jones doesn’t have a large marketing budget, so she relies on Facebook and Instagram to target and communicate with potential customers. “As long as I’m active on social media, I’m producing some kind of value,” she explained. But when a technical issue kept Facebook’s social media properties, including Instagram and WhatsApp, offline for almost six hours, Ms. Jones couldn’t post pictures of new merchandise or news of a sale.

The disruption affected more than just Jones’s marketing. She also uses WhatsApp to communicate with her packaging suppliers, so she couldn’t place orders.

Now, with the whole network of services back up and running, Ms. Jones has to make up for lost time and she never wants to end up in a similar situation.

The worldwide crash laid bare just how much of the world relies on Facebook’s services, leading to renewed criticism that the nearly $1-trillion company has too much power. Regulatory authorities in the US and Europe seized the opportunity to focus on Facebook’s dominance and the “serious consequences” of dependency on one company for key communication channels, according to one German member of the European Parliament. But on the ground, the effects weren’t just esoteric.

The outage was a lesson on diversifying to other platforms, Ms. Jones said. She spent much of Monday on Twitter, learning how to use the app and working to grow her engagement. She is also now planning on advertising on Pinterest, Inc., connecting with clients over e-mail, and even creating in-person pop-up stores in her home city of Houston.

In Northern Alberta, Canada, small-business owner Carolyn Gerk was struggling with a similar marketing issue. Ms. Gerk runs Velvet Hand Designs, where she sells ink and watercolor portraits, logos and prints online and has an Instagram storefront. “I live in a rural location, so in-person sales, markets, events can be very limiting. I need to be able to connect with people,” she said. Instagram is her main marketing tool.

Facebook and Instagram facilitate Ms. Gerk’s ability to communicate with other small business owners. Given her remote location, Ms. Gerk said the ability to share advice and support online is essential. In the time that Facebook’s apps were down, she said she felt a noticeable absence. “It was striking how quickly we had to become detached from one another for that short time.”

And, in the tangled, convoluted way that the modern world works, Ms. Gerk’s inability to sell her goods in Canada was also impacting women in Texas.

Ms. Gerk is part of a small nonprofit group called @truecrimecreatives who donate 15% of a week’s worth of sales to a charity once a month. This week, the group is raising money for an abortion rights organization in Texas called West Fund. “It’s discouraging to lose any of the advertising for that week,” she says.

Now, like Ms. Jones, Ms. Gerk is thinking about ways to expand to other services. She’s focused on increasing engagement on Twitter, Inc. and ByteDance Ltd.’s TikTok.

Facebook shares gained 2.1% on Tuesday in New York. — Bloomberg

How much did each commodity group contribute to September inflation?

How much did each commodity group contribute to September inflation?

How PSEi member stocks performed — October 6, 2021

Here’s a quick glance at how PSEi stocks fared on Wednesday, October 6, 2021.

PSEi rises to 7,000 level on lower COVID-19 cases

BW FILE PHOTO

PHILIPPINE shares climbed past the 7,000 mark on Wednesday on the country’s improving coronavirus disease 2019 (COVID-19) situation and the slower inflation print logged in September.

The Philippine Stock Exchange index (PSEi) gained 76.21 points or 1.09% to close at 7,057.45 on Wednesday, while the all shares index rose 50.97 points or 1.17% to end at 4,409.14.

“PSEi’s breakout above 7,000 reflects growing optimism about greater economic reopening (potentially a shift to Alert Level 3 in the weeks ahead) as infection cases slow and the generally risk-on mood in offshore equities markets,” First Metro Investment Corp. Head of Research Cristina S. Ulang, head of research at First Metro Investment Corp., said in a Viber message.

“Investors took positively the recently released inflation report for the month of September, as well as the improving COVID-19 situation in the country,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a separate Viber message.

Headline inflation slowed to 4.8% in September from the 4.9% recorded in August, the Philippine Statistics Authority reported on Tuesday.

Meanwhile, the country logged 9,055 new COVID-19 infections on Tuesday. Active cases stood at 103,077, while the national tally went up to over 2.61 million.

The country has received 77.4 million vaccine jabs so far. As of Oct. 5, the government has administered nearly 47.78 million vaccine doses with over 22.4 million fully vaccinated.

The government hopes to vaccinate 50% of the population by the end of the year.

The Finance department on Tuesday said it is in talks with the World Bank, the Asian Development Bank and the Asian Infrastructure Investment Bank to secure up to P45.6 billion or $900 million in loans to procure vaccines.

All sectoral indices closed in the green on Wednesday. Property climbed 70.76 points or 2.35% to 3,073.38; services went up 45.82 points or 2.32% to 2,017.13; mining and oil rose 136.33 points or 1.41% to finish at 9,763.74; financials gained 17.57 points or 1.24% to 1,430.81; industrials improved by 112.09 points or 1.08% to 10,441.98; and holding firms inched up by 10.40 points or 0.14% to 7,027.73.

Value turnover went up to P9.55 billion with 2.71 billion issues traded on Wednesday, an improvement from the P6.57 billion with 1.08 billion shares that switched hands on Tuesday.

Advancers beat decliners, 113 against 92, while 41 names closed unchanged.

Net foreign selling slowed to P356.05 million on Wednesday from the P709.34 million logged the previous day.

“The next immediate resistance lies at the 7,320 area as we see in the coming days if the 7,000 level holds,” Timson Securities’ Mr. Pangan said. — Keren Concepcion G. Valmonte

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