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A taste of the South

THE NEGROS region, from where Don Papa gets its sugarcane, always reminded me of the American South: there’s the hot sun, the slower pace of life, an agricultural base, and fanciful stories hidden in every home, at least for some people.

This makes the marriage of rye whiskey and Don Papa Rum make sense for its latest variation, launched on Nov. 20: the Don Papa Rye Aged Rum. This drink is aged in rye barrels, while Don Papa is usually aged in barrels that once held rye’s gentler cousin, bourbon. This expression comes on the heels of previous ones: Rare Cask, Sherry Cask, and Don Papa Sevillana (which was finished in casks that held vino de naranja, Spanish orange liqueur).

A kit containing three bottles was delivered, sealed with a coded padlock. It contained a bottle of Don Papa Rye Aged Rum, as well as two cocktails, the Rum Manhattan (with sweet vermouth, maraschino, and bitters), and Don Creole (absinthe and bitters).

The rum by itself had an aggressive scent with notes of grass, honey, and wildflowers under a hot Southern sun. The first note did have that throaty rye kick as expected, but mellowed down into that ladylike honey and floral note hinted at in the scent. The heat was present as well, reminding one of sunbeams in the way it makes the eyes narrow. It’s like meeting a brash, swearing, smoking, but well-dressed Southern belle in her garden at the height of summer. That’s funny when you consider the masculine elements in its promotion, accompanied by bluegrass musicians during the Zoom press conference. It does go very well with hardwood-smoked beef jerky; perhaps due to their shared woody origins. While it doesn’t sound like I like her, but as I poured a third jigger in a glass, she proved to be good company. The Manhattan tasted like it should — cigar-smoky and cool — but my my, that Don Creole. It had a flirty but clean scent, a bit like jasmine, thanks to the absinthe and bitters, and was sweetly sophisticated. This wouldn’t have been out of place in the hand of a woman like Blanche Dubois.

AJ Garcia, Bleeding Heart Rum Co.’s co-founder discussed the different expressions that they’ve created. “One of the reasons why we do this is because when we started the brand, we started with one product. I think you could easily say that we could’ve sat on that one product, and just focused on that, and be very monolithic,” he said during the launch. “I think it’s always important, especially with the rum industry… to always kind of find different ways to improve the product; find different ways to offer people different experiences.”

Adding a flourish to a product that is already quite good comes from a different place: home. “When you think about rum, through the years, people think of the Carribean, Central America, South America; and then maybe India. But what we want people to know is that the rum-making tradition has been in the Philippines for about 200 years. It’s really been part of our DNA. It’s born out of the sugarcane industry, and this is a sugar-producing country.

“We should be making great rum. That alone motivates us to explore more and more.”

Don Papa Rye Aged Rum is currently available online for delivery through Boozy.ph for P3,399 and Boozeshop.ph for P3,250 and will soon be available in different brick and mortar shops. — Joseph L. Garcia

Phoenix Petroleum to settle P3 billion in commercial papers

Dennis A. Uy-led Phoenix Petroleum Philippines, Inc. approved on Wednesday the settlement of P3 billion in outstanding commercial papers issued last year, the firm told the local bourse.

Series C of the firm’s commercial paper program had a tenor of 360 days from its issue date of Dec. 5, 2019. Phoenix Petroleum issued P3 billion in commercial papers at a discount to a face value of 4.6657% per annum.

The firm earlier said it aimed to raise P2.82 billion from the offer to “refinance existing short-term loans in the regulation (and) importation of fuels and lubricants.”

Phoenix Petroleum made the disclosure to comply with the Securities and Exchange Commission’s revised disclosure rules and the Securities Regulation Code.

The company reported a net income of P296 million in the third quarter, reversing its P5-million loss in the second quarter. Overall volume sales climbed by 42% from July to September with the recovery of its local business and relaxed quarantine measures.

Phoenix Petroleum’s shares inched up by 0.47% to close at P12.80 apiece on Wednesday. — Angelica Y. Yang

Double-digit nonperforming loan ratio unlikely

LENDERS are unlikely to see double-digit bad debt ratios despite the coronavirus pandemic, a bank executive said. — FREEPIK

BANKS WILL NOT see a repeat of the double-digit nonperforming loan ratios (NPL) seen during the Asian financial crisis (AFC), with their experiences to differ depending on their credit exposures, UnionBank of the Philippines, Inc. President and Chief Executive Officer Edwin R. Bautista said on Wednesday.

“We’re not expecting the kind of credit problems that we had during the AFC where the NPLs are in the double digits. I don’t think that’s going to happen this time around,” Mr. Bautista said in a briefing.

The NPL ratio of the banking industry hit 17.6% in the aftermath of the AFC in 2002. The Bangko Sentral ng Pilipinas (BSP) expects banks’ NPL ratio to reach 4.6% this year due to the coronavirus pandemic’s impact on both households and businesses.

Latest central bank data showed the bad loans ratio of the banking system stood at 3.4% as of end-September, the highest since the 3.42% logged in May 2013. This, as soured debt — or credit unpaid for at least 30 days following their due date — surged 60% year on year to P364.672 billion.

Mr. Bautista said December will be a crucial period for lenders as the 60-day mandatory loan moratorium under Republic Act No. 11494 or the Bayanihan to Recover as One Act lapses.

He said banks now have to make sure their clients clearly understood what will happen after the moratorium, which may include restructuring of loans.

UnionBank’s loan loss provisions hit P7.5 billion in the first nine months of the year. However, Mr. Bautista said heightened credit provisioning does not necessarily mean they expect bad loans to go up by too much.

“In our particular case, a large part of our consumer portfolio is teacher loans. Public school teachers did not get laid off. So this sector of the economy will not mirror the experience of the entire economy,” Mr. Bautista said.

Another significant part of UnionBank’s credit book is mortgage loans, where collateral will be high. In this case, Mr. Bautista said borrowers may consider selling the property or asking help from other parties instead of losing their collateral and defaulting on the loan.

The UnionBank chief executive said their portfolio mix did not change that much amid the pandemic.

“Maybe tilted a little bit more on the consumer side and the reason is because some of the big corporates prepaid their long-term loans, taking advantage of the interest rates… As a result, our corporate loan book has been flat,” he said.

Since March, UnionBank has disbursed loans for teachers, motorcycle financing, and small businesses worth 26.1 billion, P3.2 billion, and P2.9 billion, respectively, the official said.

UnionBank’s net earnings in the third quarter jumped 11% year on year to P4.2 billion.

This brought its nine-month net income to P8.5 billion, down 0.9% year on year due to higher loan loss reserves amounting to P7.5 billion in the period amid impact of the coronavirus pandemic on the economy.

The Aboitiz-led lender’s shares increased by 0.45% or 30 centavos to close at P67 apiece on Wednesday. — L.W.T. Noble

How useful is Huawei’s new $1,445 phone without Google?

HUAWEI Technologies Co. was on track to become Google’s most prolific Android partner until it was blacklisted by the US government last summer and saw its relationship with the Alphabet, Inc. unit terminated. Now, the Chinese tech giant is trying an alternative strategy to make up for the absence of Google apps and services in its global devices.

The Huawei Mate 40 Pro, tested by Bloomberg News, offers an early indication of what Android smartphones without Google can be. The Shenzhen-based company’s technical chops are impressive, but it’s hard to imagine anyone outside its home country, beyond hardcore enthusiasts, spending well more than $1,000 for a phone without Google Maps or Gmail.

Huawei’s success has been built on its dominance in China, where Google services have long been unavailable. The company has more than 490 million monthly active users for its App Gallery globally, including a music service supported by deals with the major labels. It also has its own alternatives to offerings like the Chrome browser and Google Assistant.

“It helps that Huawei already has a lot of the right pieces in place for the China market, but many things do not necessarily translate from that market to others,” said Anshel Sag, senior analyst at Moor Insights & Strategy.

The App Gallery, for example, lacks Google basics like Maps and YouTube, along with Facebook, Inc. essentials such as WhatsApp and Instagram. For most consumers, that makes the Mate 40 Pro, which retails for €1,199 ($1,445) in Europe, a non-starter. Its availability in the US is limited.

“It’s fine if you are a bit of a geek and prepared to persevere, but it’s just nowhere near slick enough for mass adoption,” said Ben Wood, chief of research at CCS Insight.

To address the absences, Huawei has developed a system for finding installation packages online and also has a cloning utility that will take an existing Android device and copy its apps and data. Still, that’s a lot of work for the premium price.

A RAREFIED CLUB
Discounting outside China could undercut the Mate ​40 Pro’s positioning at home, where it’s a full-featured contender. The 6.7-inch handset has a huge display and battery, wireless charging, advanced multi-camera photography and a bespoke 5nm processor — the only such offering outside of Apple, Inc.’s iPhones so far. It’s the sort of tech leadership that Huawei’s ascent has been built on, outpacing Samsung Electronics Co. in the spec race.​

Still, that leadership is in jeopardy. The latest US sanctions mean Huawei likely won’t have access to key chip suppliers, leaving questions about its ability to power future devices. The company just sold its lower-end Honor brand so that business could try to restore access to US technology.

For now, the company’s making the best of its situation by working to attract app developers with lower fees and better exposure on its App Gallery. Huawei takes a 15% cut of app earnings versus Google’s typical 30%. The company now has more than 2 million registered app developers, up 87% from last year. It has more than doubled the number of apps integrated with its Huawei Mobile Services (HMS Core) framework over the past year to in excess of 100,000.

Huawei is “doing some great work helping non-Chinese app developers break into the lucrative Chinese market,” said CCS Insight’s Wood.

Huawei is also making promotional moves by offering exclusive perks for players of popular titles like AFK Arena by Lilith Games. It says it already has several games — such as Lords Mobile by IGG — earning in excess of €1 million per month in Europe through its platform.

To plot a path for its consumer electronics business, Huawei is relying on its massive scale, engineering strength and the general hunger for a third player in the mobile ecosystem. Its effort to compete with Apple and Google shows more promise than prior ventures from the likes of Samsung and Microsoft Corp.

But in order for Huawei to expand its nascent ecosystem to the point where it can make high-powered devices like the Mate 40 Pro compelling internationally, its first challenge will be to ensure it can keep producing such high-spec handsets. — Bloomberg

Dining In/Out (12/10/20)

Christmas recipes from Maya Kitchen

MAKE your Christmas spread merry and bright with these three The Maya Kitchen-tested recipes: Marseille Seafood Soup, Lechon Belly with Bacon Saffron Rice Stuffing, and Mini Bibingka. Marseille Seafood Soup is a light and flavorful French soup that’s versatile enough that can include your family’s preferred seafood — shrimp, squid, or clams — which comes out with a cheery ochre color from saffron powder. As Noche Buena may be a bit pared down this year, ordering a whole lechon seems too much for a single household. Opt to prepare Lechon Belly with Bacon Saffron Rice Stuffing, which combines the juicy tenderness of pork belly and the crispiness of lechon, plus some earthy and sweet saffron rice stuffing surprise. To round out the Christmas feast, why not prepare a medley of Mini Bibingka in ube, buko pandan, coffee, or chocolate flavors. These recipes and more can be found at www.themayakitchen.com. Like and follow The Maya Kitchen on Facebook @MayaKitchen and Instagram @TheMayaKitchen1.

Krispy Kreme’s Winter Wonderland doughnuts

KRISPY Kreme has come out with Winter Wonderland doughnuts featuring classic snowy holiday characters and ornaments. Available until Dec. 31 only, the doughnut designs include Rudolph (a salted caramel-filled doughnut topped with pretzels and a red candy nose), the Polar Bear doughnut (white chocolate and Iced Kreme filling), the Holiday Sprinkles doughnut (hand-dipped in red or green glittergelli topped with golden sprinkles), the Cranberry White Choco doughnut (hand-dipped in white chocolate topped with nuts and cranberries), the Holiday Tree doughnut (it comes in either KitKat Green Tea or chocolate variants), the Holiday Wreath doughnut (double chocolate cake with chocolate cream cheese Icing, chocolate curls, Vanilla Kreme filling, cherries), and Santa Claus doughnut (hand-dipped in white chocolate, colored sugar coating, and Iced Kreme filling). These start at P55 a piece at Krispy Kreme stores now, or have it delivered by calling 2-888-79000, ordering online at now.krispykreme.com.ph, GrabFood, foodpanda, or LalaFood.

Mrs. V redefines a traditional Christmas

MRS. V Restobar offers special grazing boxes and a holiday-set menu from Dec. 1 to Jan. 31, 2021. The handcrafted grazing boxes range in price from P1,300 to P1,900 and include wines, fresh fruits, pastries, cheeses, and cold cuts. While there are pre-made boxes available, customers can also create custom packages based on their budget and preferences. These are limited edition boxes that will only be available for this holiday. Pre-order these glazed boxes through the restaurant’s social media pages. Mrs. V Restobar is also known for its Filipino-Spanish meals and the holiday menu highlights its best-sellers: Wagyu salpicao; tapas such as Plato de tapa frias, Plato de quezo; Salted egg tapenade and assorted canapes. These dishes can be paired with any of the restaurant’s selection of wines from reds to rosés to whites. For orders and reservations, contact Mrs. V Restobar at 6682-71211.

US meats available at weekend booths

US Meats will bring in the holiday cheer with their special weekend booths on Dec.12 and 13 at the Glorietta Activity Center, as well as Dec. 19 and 20 at The Block in SM North EDSA, and their continued presence in local restaurants. For those looking to prep their own homemade meals in celebration of the holidays, US Meats is available in groceries in the form of Johnsonville Sausages, SPAM, and Evergood Sausages. For those who like to go out and eat together at the mall, they can enjoy these premium pork and beef options at Burgoo, Yabu, Soban K-town Grill, Marugame, Outback Steakhouse, Teriyaki Boy, Pepper Lunch, Big City, Yoshinoya, TGIFriday’s, Number 1 Barbecues, Conti’s, and Jinjoo Korean Grill, among other restaurants. Customers should remember to keep those receipts for an extra treat, as anyone with a receipt worth at least P500 of US Pork or US Beef dishes from restaurants or US Meats products from supermarkets can hand them in at the Glorietta and SM North Edsa — The Block booths to redeem a special holiday present. Any receipt from Dec. 1 to 20 will be eligible. There will also be a photobooth and menus that can inform visitors about other offers. These booths will have a health check and face mask and shield requirement for all who enter, will maintain social distancing guidelines, and provide a designated sanitation area with all the necessary equipment.

‘Sparkles of Hope’ at Crimson Hotel

CRIMSON Hotel Filinvest City lit up the holidays with sparkles of hope, love, and inspiration through its virtual Christmas Tree Lighting on Nov. 18. The hotel’s gallery was transformed into a luminous festive spot, reusing old decorations and creative installations made out of recycled materials by the upcycling artist Jevie Pagpaguitan to keep the Christmas spirit alive. In line with the Sparkles of Hope Christmas theme, Crimson’s CSR initiatives will be focused on those who have been affected by the pandemic, including its employees and their families. Proceeds from the festive offerings and a portion of the sales from the unique plant pots made by Jevie Pagpaguitan will be donated to them. One can now enjoy the hotel’s signature menus, festive goodies, and pastries at home. Guests may choose from an a la carte menu selection from Café Eight or buy the whole set with appetizers, main course, and desserts. This season’s holiday treats and hampers for the kids and the kids at heart are available for take-out or delivery. For gift-giving, pastry-lovers may check out new pastries and flavors from Baker J. Or try out Firehouse Pizza’s Christmas cocktail collection on-the-go. Bulk orders for intimate or virtual Christmas parties are possible with Take Eat Easy — Crimson’s food delivery service for corporate requirements or out-of-hotel events. Christmas Eve dinner, reunions with friends and family, or milestone celebrations can be accommodated in any of the hotel’s private dining areas. On Dec. 11, the Crimson Club Lounge on the 28th floor will be open for diners for a four-course dinner with premium cut steaks, appetizers, and desserts. For more information on holiday promos or reservations, visit http://www.crimsonhotel.com/manila/ or call 8863-2222.

Get free pasta with Yellow Cab take-out

AVAILABLE until Dec. 31, score a free regular Chicken Alfredo Pasta — a creamy pasta topped with chicken strips, olives, and basil chiffonade — with a minimum spend of P749 in ala carte orders of Edge-To-Edge Pizza at Yellow Cab. This deal is exclusive to take-out, curbside pick-up, and drive-through orders only in all Yellow Cab stores nationwide. Order online at delivery.yellowcabpizza.com. For more information, visit https://www.facebook.com/YellowCabPizzaOfficial/. Meanwhile, to cut down on holiday stress, Yellow Cab suggests ordering in advance — and getting a free pizza to boot. From Dec. 1 to 21, place an order through Yellow Cab’s online delivery website, and enjoy a free 150ml bottle of Yellow Cab’s signature Red Pepper Sauce with your free nine-inch pizza of choice; choose between classic Pepperoni or a BBQ Chicken pizza. The promo is available exclusively when orders of products worth at least P999 are placed online, with delivery dates scheduled on Dec. 24, 25, 31, and Jan. 1, 2021.

Richmonde Hotel Ortigas’ Christmas

CELEBRATING Christmas is a little different this year but you can still create memorable moments with loved ones and enjoy the season safely and joyfully with Richmonde Hotel Ortigas’ holiday offerings. Have a scaled-down Yuletide get-together in with an intimate banquet event at Richmonde. For as low as P1,000 nett per person for a maximum of 10 persons, get a plated lunch or dinner meal with one round of iced tea, coffee or tea (upon request), basic sound system, projector with screen, and special Christmas tokens for the attendees. Function rooms will be adorned with holiday-themed ornaments. For even smaller groups, one can opt to hold the get-together in one of Richmonde’s guest rooms. This Private Dining Experience starts at P3,500 nett for two persons and includes four hours of in-room dining between 10 a.m. and 10 p.m., and set menu choices for breakfast, lunch or dinner meals. Rooms that can accommodate up to four persons are also available. Meanwhile, home celebrations with the family are convenient, worry-free, and festive with Richmonde’s Holiday Bento HotBoxes. Available for takeaway and delivery, these packed meals heat up in an instant for one’s dining enjoyment wherever one may be. Choose from a selection of Yuletide dishes good for one to two persons such as Grilled BBQ pork ribs, Marinated grilled beef belly, Seafood paella, and Osso bucco for as low as P1,000 per order. For bigger groups, HotBox Platters of Grilled beef belly with German sausages, Lemongrass roast chicken, Pan-seared salmon, Grilled baby back ribs, Roast pork belly, Tuna steak and Chicken BBQ are available starting at P2,500 per order and are good for three to four persons. All offerings are served with mixed vegetables and a choice of rice or mashed potato. For larger parties at home or at the office, Richmonde’s Holiday Party Trays have generous servings for six to eight persons starting at P1,500 per tray. Choose from a selection of dishes like Skewered chicken inasal fillet with salted eggplant ensalada, Grilled salmon with dill cream sauce and haricot beans, and Grilled beef with peppercorn or wild mushroom sauce. The hotel also has baked goodies such as Revel Bars, White Chocolate Caramel Cake, and a pack of assorted white cranberry, rocky road, and peanut butterscotch cookies. Its signature breads and pastries like the Richmonde Ensaymada, Richmonde Chocolate Cake, Pistachio Double Cream Cheese Bread), Banana Walnut Bread, Cinnamon Cluster, and Salted Swirl are also available. For a gift there is the Holiday Hamper consisting of an assortment of Richmonde’s all-time favorite freshly baked items, with a bag of ground coffee, a bottled juice drink, and a pack of tablea tsokolate in a seagrass basket and priced (P2,500). Advance orders are required with 50% deposit and a 48-hour lead time prior to pick up. These holiday items are available until Jan. 5, 2021. For inquiries, banquet reservations, takeaway and delivery orders, call 8638-7777. Orders may also be made online at www.richmondehotelortigas.com.ph via the website’s e-commerce page.

Gift boxes from Naked Patisserie

NAKED Patisserie wants to make sure that Christmas is still festive and enjoyable with the launch of its latest Holiday collection of desserts, gift boxes, and giveaways. The pastry shop specializes in making premium bespoke cakes, gift sets, spreads, wines and other food using naked and quality ingredients. Known for its signature Strawberries ‘N Cream, Chocolate Oreo Cheesecake Truffle and sweet and savory Holiday Snackers, Naked Patisserie has new flavors and boxes to try this Christmas including The King’s Crown (P6,950), a moist chocolate ganache cake finished with edible gold and Ecuadorian sugar roses; Strawberries ‘N Cream Wreath Cake (P2,850), a moist strawberry cake with cream cheese frosting surrounded with premium strawberries, sprigs of rosemary, and edible gold dust; the Luxe Chocolate Ganache Christmas Cake (P2,950), a chocolate ganache cake finished with Chocolate Oreo Cheesecake Truffles, ripened strawberries, sprigs of fresh rosemary, and edible gold dust; the Choco-Berry Drip Cake (P4,150), a moist chocolate cake covered in rich dark chocolate ganache and finished with dark chocolate drippings, chocolate ganache, crushed Oreos and premium imported berries; a Luxe Whiskey Set (starts at P6,545) which includes one’s choice of Naked Patisserie cake, Chocolate Oreo Cheesecake Truffles, and Johnny Walker Black Label Whiskey; the Luxe Wine Gift Set (starts at P4,145), with one’s choice of Naked Patisserie Cake, 12 Chocolate Oreo Cheesecake Truffles, and sparkling wine, rose, white or red wine; the Savory Holiday Snacker (P3,950), a grazing box  shaped like a Christmas tree with cheeses and cold cuts, and 10 Chocolate Oreo Cheesecake Truffles; the Sweet Tooth Holiday Snacker (P3,950), with French Kiss Cookies, French macarons, Chocolate Oreo Cheesecake Truffles, candied almonds, Chocolate Covered Pretzels and more; and the shop’s Chocolate Oreo Cheesecake Truffles which come in boxes of The truffles come in three, eight, or 16 pieces (P260 to P1,250). Order online through www.nakedpatisserie.com, online store http://store.nakedpatisserie.com/ or message them on Viber at 09454685141 and/or 0965-139-6609.

Mabuhay Vinyl signs P160-M loan agreement with Philippine Resins Industries

MABUHAY VINYL Corp. (MVC) has entered into a loan agreement worth P160 million with Philippine Resins Industries, Inc. (PRII) in effort by both companies to improve the utilization of their resources.

In a disclosure to the stock exchange on Wednesday, MVC said the loan is payable not later than 163 days counted from drawdown and can be extended upon agreement from both companies.

Under the agreement, MVC is the lender while PRII is the borrower. Both companies are subsidiaries of Tosoh Corp., a Japanese company with business interests in several markets like chemical, petrochemical, bioscience and consumer electronics, among others.

MVC said the initial interest rate for the loan agreement is the PHP Bloomberg Valuation Reference rate on Nov. 22.

“The interest rate will then be repriced every thirty days thereafter, plus 0.50% per year. The loan earns interest starting the drawdown date until the loan is fully paid,” it said in a statement.

MVC and PRII entered a previous loan agreement worth P240 million, bringing the total principal amount of both agreements to P400 million.

Based on its website, MVC is the sole chlor-alkali producer in the Philippines. It produces caustic soda and hydrochloric acid.

Meanwhile, PRII said in its website that it manufactures polyvinyl chloride (PVC) and has a PVC resin manufacturing facility in Mariveles, Bataan.

Shares of MVC climbed 0.21% or one centavo to close at P4.70 per piece on Wednesday. — Revin Mikhael D. Ochave

Underemployment eases in October (2020)

Underemployment eases in October (2020)

How PSEi member stocks performed — December 9, 2020

Here’s a quick glance at how PSEi stocks fared on Wednesday, December 9, 2020.

Barangay Ginebra is Philippine Cup champion once again

By Michael Angelo S. Murillo, Senior Reporter

THE Barangay Ginebra San Miguel Kings are back as PBA Philippine Cup champions after closing out the TNT Tropang Giga in their best-of-seven final series with an 82-78 victory in Game Five on Wednesday at the Angeles University Foundation Sports Arena in Pampanga.

Last won the Philippine Basketball Association All-Filipino crown 13 years ago, the Kings did not waste any opportunity to go for the jugular and shut the door on any TNT series comeback to win it all, 4-1.

The title was the 13th league crown for Barangay Ginebra and first Philippine Cup conquest since the 2006-07 season.

The contest had it competitive in the opening half, with the teams engaging in an affair of runs and counter-runs.

It was a levelled game at 19-all at the end of the first quarter before the Kings secured a narrow two-point cushion, 38-36, at the halftime break.

In the third canto, the teams continued to jockey for leverage and swing momentum in their favor.

Roger Pogoy, after a slow start, towed TNT to an early 48-41 leverage in the first five minutes.

The Kings though got some real estate back, care of Scottie Thompson and Japeth Aguilar, coming to within two points, 48-46, by the 5:35 mark.

TNT tried to hold off the Barangay Ginebra fight-back the rest of the period and successfully did so as it held a 56-55 advantage entering the final frame.  

Rebuffed in the previous quarter, the Kings opened the fourth with more aggression, outscoring the Tropang Giga, 9-2, to take a 64-58 lead with 10 minutes left to play.

Barangay Ginebra continued to hold sway, 68-67, at the halfway point. 

Back-to-back triples by Simon Enciso in the next minute gave the lead to TNT, 73-68

The Kings, however, got their footing and strung up five straight points to tie the knot at 73-all with 4:10 remaining.

Stanley Pringle, who was quiet in the first three quarters, drained a triple, with 3:18 left to make it a 76-73 game in favor of Barangay Ginebra.

TNT had its chance to come closer after but failed to connect and the Kings made it pay for it with Mr. Aguilar scoring a deuce to extend their lead to five points, 78-73, with 1:56 to go.

The Tropang Giga, off a timeout, turned the ball over but Barangay Ginebra was not able to take advantage of it.

But the Kings showed no letup and kept attacking,

Joe Devance made it a seven-point lead for Barangay Ginebra, 80-73, with 53 ticks remaining.

It was a distance TNT could not make up for until the final buzzer and the Kings went on to claim the crown. 

Mr. Aguilar had a career-high-tying 32 points to go along with nine rebounds and three steals.

Mr. Pringle finished with 13 points and six dimes while LA Tenorio had 10 points and six assists.

Mr. Tenorio, meanwhile, was adjudged finals most valuable player after averaging 13.6 points, 6.2 assists, 2.8 rebounds and 1.4 steals in winning his first All-Filipino title.

For TNT, which played sans key cogs Jayson Castro and Ray Parks Jr. because of injuries, Mr. Pogoy showed the way with 23 points and eight rebounds.

JP Erram had a double-double of 18 points and 15 rebounds while Mr. Enciso had 17 markers and five assists.

“The players just found ways to win and I’m proud of them,” said Kings coach Tim Cone after surviving another gallant stand from TNT.    

The win gave Mr. Cone his 23rd PBA title and fifth with Barangay Ginebra.

Wednesday’s closeout dropped the curtains on what turned out to be a successful tournament “bubble” for the PBA where all participants stayed in the Clark City area for the duration of the competition to guard against the spread of the coronavirus.

The league restarted its pandemic-hit Season 45 in October in the hopes of squeezing at least one conference and help in jump-starting the return of sports in the country. 

Peso gains on vaccine progress in US, UK

THE PESO strengthened anew against the greenback on Wednesday, backed by hopes of positive vaccine developments in the United States and the United Kingdom.

The local unit finished trading at P48.05 per dollar on Wednesday, gaining three centavos from its close of P48.08 on Monday, data from the Bankers Association of the Philippines showed.

The peso opened Wednesday’s session at P48.12 versus the greenback. Its weakest showing was at P48.125, while its closing level was its intraday best.

Dollars traded dropped to $505.8 million yesterday from $539.45 million on Monday.

News related to vaccines resulted in risk-off sentiment that benefited the peso, analysts said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the vaccine progress in the UK made market sentiment upbeat.

On Tuesday, 90-year-old Margaret Keenan became the world’s first person to receive a vaccine shot in central England, Reuters reported. The United Kingdom is the first globally to kick off mass vaccinations and administer a shot developed by Pfizer, Inc. and BioNTech SE.

Meanwhile, the trader cited new findings in the US about Pfizer’s vaccine.

“The peso strengthened anew from market optimism after the US Food and Drug Administration (FDA) noted that the Pfizer vaccine does not have any untoward findings for its emergency use application,” the trader said in an e-mail.

The US FDA gave its seal of approval to the firm on Tuesday and released documents showing there were no issues relating to safety or efficacy from emergency use of the vaccine.

For today, the peso is seen declining against the dollar ahead of the European Central Bank’s policy review.

“The local currency might depreciate [this Thursday] amid expectations of dovish guidance from the European Central Bank tomorrow as the policy-setting authority is expected to provide details in its asset purchases program from its December meeting,” the trader said.

Mr. Ricafort gave a forecast range of P48.00 to P48.10 per dollar. — L.W.T. Noble with Reuters

Stocks drop on profit taking, economic outlook

By Revin Mikhael D. Ochave, Reporter

SHARES ended in negative territory on Wednesday as investors booked profits and as market sentiment was affected by the revised gross domestic product (GDP) forecast of the World Bank for the Philippines.

The bellwether Philippine Stock Exchange index (PSEi) fell 101.01 points or 1.4% to end at 7,102.66 on Wednesday, while the broader all shares index dropped 32.92 points or 0.76% to close at 4,253.13.

Philstocks Financial, Inc. Research Associate Claire T. Alviar said the market ended weaker on profit taking, which was further dampened by the trading day’s net foreign selling result.

Net foreign selling on Wednesday reached P685.74 million, a turnaround from the foreign inflows worth P113.94 million seen on Monday.

“At the 7,200 level, PSEi’s price-to-earnings ratio is already at 21x which is overvalued compared with its historical average of around 18x so traders took profits already after [Tuesday]’s break,” Ms. Alviar said in a mobile phone message.

Ms. Alviar added investor sentiment was dragged by the World Bank’s revised forecast for the country’s GDP performance this year.

In its latest Philippines Economic Update released Tuesday, the World Bank once again lowered its GDP forecast for the Philippines this year to an 8.1% contraction from the 6.9% slump penciled in last October.

The government’s economic team expects GDP to shrink by 8.5-9.5% this year.

For AAA Southeast Equities, Inc. Research Head Christopher John Mangun, the bourse dropped as investors were concerned about the possible spike in local coronavirus disease 2019 (COVID-19) cases after the holiday season as a result of increased mobility and gatherings.

“Investors are not willing to pay a higher price for blue chips, at least not before the holidays. They also may want to see how well the economy performs this December before justifying a higher valuation,” Mr. Mangun said in an e-mail.

Most sectoral indices at the PSE closed in the red on Wednesday. Property declined 65.4 points or 1.8% to 3,558.60; holding firms went down 132.64 points or 1.78% to 7,313.74; services retreated 25.46 points or 1.64% to 1,522.02; and financials shrank 7.02 points or 0.47% to 1,477.88.

On the other hand, mining and oil climbed 336.38 points or 3.81% to 9,159 while industrials increased 69.48 points or 0.74% to 9,443.78.

Value turnover on Wednesday stood at P9.88 billion with some 99.2 billion issues switching hands, higher than the previous session’s P9.56 billion with some 45.27 billion issues.

Advancers outnumbered decliners, 132 against 117, while 27 names ended unchanged.

“We may continue to see the main index move sideways between 6,700 and 7,200 in the coming weeks,” Mr. Mangun said.

Congress to tackle Bayanihan II extension next

THE SENATE and the House of Representatives will focus next on extending the validity of the Bayanihan to Recover as One Act (Bayanihan II), after the chambers concluded their discussions on the 2021 spending plan.

The chambers are looking at extending the Bayanihan II law, or Republic Act No. 11494, will expire on Dec. 19, until March or June 2021.

“Iniisip namin until March, but s’yempre depende pa ‘yan… kung sa tingin natin hindi pa na-utilize lahat, pwede pa natin i-extend longer (We are thinking of an extension to March, but that will depend on whether we are capable of utilizing the funds; if so we will consider a longer extension),” House Appropriations Committee Chairman and ACT-CIS Representative Eric G. Yap said in a livestreamed briefing.

Six bills are pending with the House panel extending the effectivity of the Bayanihan II law, which provided up to P165 billion worth of assistance to sectors hit by the pandemic. The bills contemplate extensions until January, March or June.

Meanwhile, the panel has approved House Bill No. 6656, extending the validity of the 2020 budget until December 2021. He noted that the chamber is awaiting notice certifying the bill as urgent to expedite its approval in the plenary.

“Inaantay na lang namin na ma-certify as urgent ng Malacañang (We are waiting for the Palace to certify it as urgent) then we can finish that today until third reading,” he said.

Senator Juan Edgardo M. Angara, that chamber’s Finance committee chairman, said the Senate is considering extending the Bayanihan II until June 2021; and some provisions of the P4.1-trillion 2020 national budget until June or December 2021.

“We’re looking at… March, perhaps June; Whereas, for the 2020 (national budget), we’re studying either June or December next year, but we have to look at the items, I suppose that we are extending,” he said.

Two bills are pending in the Senate, one extending the Bayanihan II until December 2021, and the other extending selected provisions of the same law and the 2020 spending plan until March 2021. He noted that Congress has passed measures extending the validity of the 2018 and 2019 spending plans.

He also said the certification “will make a big difference” considering that Congress has until Dec. 19, or four session days, to act on measures before it goes on a month-long break. The certification will allow Congress to do away with the three-day interval in passing bills on second and third reading.

“It’s a bit tight honestly, so (the) certification will make a big difference (because) we only have four session days left including today. Without the certification the extension doesn’t look good,” he said. — Charmaine A. Tadalan

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