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China plans cap on Ant’s lending rates to curb risk

CHINA’S financial regulators plan to cap the interest rates Ant Group can charge borrowers on quick consumer loans, a move that could curb the financial technology giant’s biggest revenue driver as it prepares for a mega initial public offering (IPO).

Loans made by Ant Group and other consumer lenders will be subject to a ceiling imposed by a China Supreme Court ruling last month, said people familiar with the plans, who asked not to be named as the information is private. Linked to a benchmark rate, the cap is currently 15.4%. The court said the rule doesn’t apply to licensed financial institutions, but it so far hasn’t specified whether it would impact fintech firms such as Ant.

While the rule isn’t targeting Ant specifically, the company is now the largest in online consumer lending, often helping smaller banks in competition with China’s largest lenders. Ant, the cornerstone of the Alibaba Group Holding Ltd. empire, tracks the spending behavior of hundreds of millions of users on China’s biggest online malls, helping analyze their creditworthiness. It’s said to be poised to raise $30 billion in an IPO.

Ant has worked with about 100 banks, doling out 1.7 trillion yuan ($249 billion) of consumer loans and 422 billion yuan in small business loans as of June 30. Only about 2% of the loans sit on Ant’s balance sheet, while the rest are offered by third party banks or have been packaged as securities and sold on, according to its prospectus. It’s unclear what proportion of Ant’s loans are issued at a rate above the court’s threshold.

“Ant’s profit margin will likely shrink,” said Wang Zhen, a Shanghai-based analyst with Uob-Kay Hian Holdings Ltd. “It’s very likely that after Ant’s IPO, consumer lending will not be its biggest source of revenue growth going forward.”

The company declined to comment in an e-mailed statement. The China Banking and Insurance Regulatory Commission didn’t immediately respond to a request for comment.

Ant’s lending business has grown to become its biggest source of revenue as it faces growing competition in the online payments market. Lending revenue jumped 59% to 29 billion yuan in the first six months of the year, accounting for 40% of the group’s total. That’s underpinning Ant’s plans to seek a $225- billion valuation in its pending IPO.

Its Huabei product, similar to a credit card, and Jiebei, a type of unsecured consumer loan product, mostly charge about 0.04% or lower on a daily basis, or about 15% annualized. For its more than 20 million small business borrowers, the annualized lending rate was below about 11% in the 12 months through June. Still, that’s almost double the average 5.94% rate small borrowers can get from banks.

The new loan ceiling issued by China’s Supreme Court isn’t a set rate. Under the rule, rates can’t exceed four times the benchmark Loan Prime Rate (LPR). Based on the latest LPR, the ceiling would be lowered to 15.4% from a range of 24% to 36% under a previous judicial interpretation in 2015.

While it’s unclear whether firms must use an annual percentage rate or internal rate of return for the new threshold, Ant is expected to receive some leeway because of its efforts to support small businesses during the virus outbreak, one person said.

If calculated on an IRR basis, most credit card companies wouldn’t be able to comply with the rules since their rates average about 18%, said UOB-Kay Hian’s Wang.

Ant said in its IPO prospectus that its partners also include policy banks and large national state-owned lenders. It added that a ceiling could force changes to loan pricing or the business model as a whole, resulting in “material and adverse” effects.

Lian Ping, head of research at Zhixin Investment and former chief economist at Bank of Communications Co., said the cap may drive some weak lenders out of the market because they won’t be able to price risks properly or cover their funding costs, tightening the credit supply.

Still, Ant can help banks reach previously underserved consumers and small businesses, said Yin Zhentao, Director of the Research Center for FinTech, Chinese Academy of Social Sciences.

Ant “can support partner financial institutions,” said Yin. “This kind of collaboration is in line with China’s policy maker’s objective to stimulate domestic consumption.” — Bloomberg

Robert Pattinson’s positive test on Batman set underscores challenges for Hollywood

LOS ANGELES — British actor Robert Pattinson tested positive for COVID-19, news media reported last week, halting production of The Batman and highlighting the industry’s struggles to get back to business after months of a pandemic-induced shutdown.

Movie studio Warner Bros. said in a statement that “a member of The Batman production” in Britain had tested positive for the coronavirus, but did not give a name. “Filming is temporarily paused,” the studio’s statement added, but did not say for how long.

Variety, the Hollywood Reporter and Vanity Fair all cited sources as saying the person who tested positive was Pattinson, the film’s star.

Warner Bros. and Pattinson’s representatives did not return calls seeking comment. It was not clear to what extent Pattinson, 34, best known for his breakout role in the vampire movie series Twilight, was suffering COVID-19 symptoms.

Filming of The Batman had resumed north of London only three days ago after being shut down in mid-March, along with dozens of other movies and TV shows around the world due to the coronavirus.

The movie, in which Pattinson stars as the comic book hero, has about three months of material left to shoot, according to Hollywood trade outlets. Its release was pushed back earlier this year from June 2021 to October 2021.

Movie and TV production has been slow to get going again in the US under complex safety procedures that include testing, quarantine, and social distancing on sets that employ dozens of crew members, makeup artists, actors, extras and other production staff.

Some productions, including Universal Pictures’ Jurassic World: Dominion, have restarted in London or in Eastern Europe, while the cast of the Avatar sequel is back at work in New Zealand, where the coronavirus has been kept in check.

Tom Cruise in July got permission to shoot parts of the next Mission Impossible thriller in Norway without having to follow quarantine requirements. However, Variety reported that the production has hired two cruise ships to house the crew to keep them apart from locals. — Reuters

Arthaland tops off new green office tower

ARTHALAND CORP. recently topped off its new multi-certified green office building in Cebu IT Park, Cebu City.

The developer held a virtual topping-off ceremony for Cebu Exchange. The handover of Phase 1 units will take place within the month, as originally scheduled.

The building will have over 2,600 square meters of open spaces, including a terrace garden, sky park and penthouse deck. It will also have its own independent greywater recycling system and materials recovery facility.

“In addition to our unwavering commitment to these sustainable features, we continue to deliver projects on time and with the highest standards for excellence in design and quality,” Jaime C. Gonzalez, Arthaland vice-chairman and president, said.

Filipino Fund, Inc. announces stockholders’ meeting via remote communication

ECPay says merchant partners, customers increase

CUSTOMERS and merchant partners of Electronic Commerce Payments, Inc. (ECPay), a subsidiary of Globe Telecom, Inc., had increased by 114% and 18%, respectively, from April to July, as more Filipinos shifted to digital channels for their payment transactions amid a pandemic crisis.

“ECPay has recorded an 18% increase in digital merchant partners in April to July, resulting in a 114% hike in the number of customers reached via mobile apps for eMoney, banking, lending as well as payment vending machines,” as compared to pre-pandemic levels, Globe said in an e-mailed statement on Monday.

ECPay, according to Globe, currently has access to about 27 million customers nationwide.

The multi-payment platform has 560 merchant partners with a total of 25,000 outlets spread across the country, according to Globe.

ECPay also saw a 20% increase in its biller portfolio from 286 to 345 unique billers during the said period. This improvement expands ECPay’s portfolio to “2,872 billers, with growth coming from billers engaged in loans, water, electric cooperatives, cable and internet, schools, and courier services,” Globe said.

Jasmin Montelibano, ECPay chief executive officer, said: “We are seeing the public’s growing willingness to adopt the digital lifestyle and we are glad to be able to support them by providing convenience through various touch points that may be closer to our customers and easier to get to for bills payment, cash-in services, and purchase of electronic load.  We now have a good mix of traditional and digital channels that we enable with the one-stop shop proposition.”

Globe also noted that the cash-in volume of its mobile wallet arm GCash had gone up by “five times.”

In June, GCash said its transaction volume soared by 700% year on year in May.

The finance app also saw its registration volume more than triple during the first month of the enhanced community quarantine.

Globe acquired 77% equity interest in ECPay for about P1.5 billion last year.

“This in turn will help stimulate growth in the e-commerce industry and the digital economy, supporting Globe’s commitment to the United Nations Sustainable Development Goals,” it said. — Arjay L. Balinbin

Credit assistance for coconut, coffee farmers readily available — LANDBANK

STATE-LED Land Bank of the Philippines (LANDBANK) has guaranteed local coconut and coffee farmers that lending programs are ready to help boost their production and incomes.

LANDBANK President Cecilia C. Borromeo said in a statement they are prepared to provide assistance to industry stakeholders via existing credit assistance initiatives with low interest rates.

One loan program farmers can avail of is the Coconut Production and Processing Financing Program, under which LANDBANK offers credit assistance to those involved in the production and processing of coconut-based products.

Meanwhile, stakeholders engaged in high-value crop production such as coffee, abaca, banana, cacao and rubber can avail of credit support from LANDBANK through the Sulong Saka program or High-Value Crops Financing Program.

LANDBANK said the two lending programs can also be availed by individual small farm holders, small and medium enterprises, local government units and farmers’ cooperatives and association, among others.

“Eligible borrowers may apply for a loan under these programs with an affordable interest based on prevailing market benchmark rate,” it said.

Loans by smallholder farmers will have a 5% interest rate per annum to fund their coconut and coffee production, while payment will be based on a crop cycle and payback period.

A tenor of three years will be provided for permanent working capital while one year is allotted for working capital.

“The tenor for fixed asset acquisition is based on project cash flow but not more than the economic useful life of fixed assets or remaining useful life for second hand or refurbished machines,” LANDBANK said.

Meanwhile, Ms. Borromeo encouraged the creation of coconut-based farming systems and the adoption of coconut-coffee intercropping for additional farmer income.

Coconut-based farming involves the planting of high-value crops such as coffee and vegetables under the coconuts.

“We fully agree that a coconut-based farming system will increase productivity and farmers’ income, and promote value-adding operation. We also support promoting the adoption of coconut-coffee intercrop,” Ms. Borromeo said.

“Aside from the technical requirement for shade to young coffee plants, this production model will lead to increased land productivity and farmers’ income,” she added. — R.M.D. Ochave

Intimate and grandiose

VIDEO GAME REVIEW
The Legend Of Heroes:
Trails Of Cold Steel III
Nintendo Switch

NIHOM Falcom’s The Legend of Heroes: Trails of Cold Steel series enters the latter half of its quadrilogy with the release of the third installment. Pushed out on the Sony Playstation 4 last year and the personal computer earlier this year, The Legend of Heroes: Trails of Cold Steel III has now also made its way to the Nintendo Switch to predictably stellar results. The extremely popular franchise’s steampunk setting mixed with magic locked away behind the mystical Quartz stands strong no matter what platform it is played on. Is it even a surprise, really?

Set a year and a half after the events of The Legend of Heroes: Trails of Cold Steel II, the latest release has players following the exploits of student turned professor Rean Schwarzer. Tasked with teaching a brand new set of students at the Thors Military Academy (albeit away from the main campus), he soon finds himself leading them on missions around the continent. His eventual meddling has him stumbling on a plot far more sinister than he could’ve imagined, and only his skill as a warrior, along with the talents of his students and ex-classmates, can help him overcome obstacles along the way to a remarkable resolution.

The decidedly generic description of The Legend of Heroes: Trails of Cold Steel III’s plot notwithstanding, the staples of Nihom Falcom’s solid writing are present throughout the game. And, needless to say, the presentation’s wonderful imagery is half the reason for the series’ loyal following. Its unique artstyle, while anime-inspired, doesn’t look cartoony or out of place, and players can easily appreciate the characters’ distinctive appearances. The various locations stand out; the modern grandeur of cities contrast heavily with the more industrialized, if cold, military settings.

To be sure, even those new to the franchise will find plenty to appreciate in The Legend of Heroes: Trails of Cold Steel III. As it unfolds at its typically deliberate pace, it is able to contextualize the importance of familiar characters while taking time to flesh out and develop the newer parts of its cast. Meanwhile, players already having devoted hundreds of hours to its predecessors will find plenty of new things to uncover, what with its storyline focusing on the Branch Campus. In school, interactions serve to deepen relationships. Outside its walls is a clearer picture of post-war proceedings. From the suburbs of Heimdallr in Central Erebonia to Crossbell in West Zemuria, change is portrayed through the eyes of citizens of the republic determined to restore a semblance of normalcy to their lives.

Significantly, The Legend of Heroes: Trails of Cold Steel III runs exceedingly well on the Switch. Character models look good, backgrounds are sharp and colorful, cutscenes play smoothly, and the interface exhibits nary a hitch even when the screen is busy. In short, it’s a technical marvel that squeezes the most out of the hybrid console’s hardware limits in order to maximize the playing experience. And it remains eminently engaging when played undocked; the benefits of portability more than overcome any discernible hits in graphical fidelity.

Progression in The Legend of Heroes: Trails of Cold Steel III is counted in days, but its sheer depth and the ample support provided by well-produced cutscenes lead to immersive gameplay. And, soon enough, Schwarzer and Company are thrust in battle. Not surprisingly, the superb combat mechanics in previous installments are retained save for a handful of improvements, among them the Brave Order system which grants the party of four hot-swappable characters collective offensive and defensive benefits. It faces the enemies in turn-based fashion, during which gamers can choose to improve field positioning, make use of items on inventory, or launch attacks. And, yes, certain instances again lend to mechanical warfare by way of Deus-Excellion and Panzer Soldat weaponry.

FOUR difficulty options are on tap, but it bears noting that The Legend of Heroes: Trails of Cold Steel III also has a Nightmare Mode that lives up to billing. As in all but the most crucial elements, gamers are given the option to speed up play. Most cutscenes can be skipped, and enabling Turbo Mode allows for accelerated combat phases and traversal of field areas and dungeons. In any case, at no point will the effective “rushing” compromise comprehension of the overarching narrative. Significantly, there’s also plenty for those so enjoined to stay on the other extreme of the spectrum. Side quests for bonuses abound. Vantage Master is, for all intents, a full-fledged deck builder, amping your stakes for in-game collectors. And, for good measure, fishing is back and still eminently enjoyable.

Indeed, The Legend of Heroes: Trails of Cold Steel III proves to be more than the sum of its parts. It lures players in with excellent writing and keeps their interest with its excellent gameplay. It’s a veritable masterpiece designed to be both intimate and grandiose, darker than Trails of Cold Steel I and II but likewise deeply affecting. It can last anywhere from 70 to north of 100 hours, but, regardless of the time spent awash in its splendor, it culminates in a twist that ably earns its shock value. And therein lies what is, perhaps, it’s only lasting negative: the inevitable — and, under the circumstances, seemingly interminable — wait for The Legend of Heroes: Trails of Cold Steel IV. Highly recommended.

THE GOOD:

• Deep combat system, relying more on team setups and planning than on brute force

• Outstanding storyline featuring easily relatable themes

• A technical marvel

THE BAD:

• Game mechanics may overwhelm less-patient newcomers to the series

• Uneven character development

• A very slow burn

RATING: 9.5/10

POSTSCRIPT: Anyone familiar with the survival horror/visual novel series Corpse Party already knows what to expect from it. After first releasing in Japan back in 1996 on the personal computer, Corpse Party officially ventured West with its remake for the PlayStation Portable iwn 2010, with XSEED Games providing the English translation. The rest is history, with the franchise becoming popular enough to warrant a sequel in the form of Book of Shadows, and a spin-off/extension of the main story by way of Sweet Sachiko’s Hysteric Birthday Bash. All of these games feature a healthy amount of horror, a dash of comedy to lighten the mood, and a whole lot of spooks to keep players on their feet.

Corpse Party: Blood Drive is no exception, and if anything, embodies the best of the series’ writing so far. Set two months after the events of Book of Shadows, Blood Drive follows the story of Ayumi Shinozaki, one of the original protagonists, and a survivor of the Sachiko Ever After curse that set off events in the franchise’s first game. Now, still feeling a healthy amount of survivor’s guilt, Ayumi continues her journey to learn more of her family’s psychic origins, and comes across a rumor that the Book of Shadows that had caused the curse might also be able to end it. The newfound knowledge gives Ayumi a sense of purpose: a way to right the wrongs she had unknowingly caused. With the prospect of bringing back her friends in mind, Ayumi must use her knowledge of the occult to reclaim her family’s legacy, tame the Book of Shadows, and use its power to bring the dead back to life.

That’s one thing that Corpse Party; Blood Drive does excellently. Even newcomers to the series will find its characters and its writing easy to follow. While the narratives of Corpse Party games aren’t exactly the deepest, it’s easy to get caught up in their shenanigans, particularly when the art and voice acting are done spectacularly well. Blood Drive is one such example; while the title does have some garish designs, silly dialogue, and B-rated quips, there’s actually a lot of personality that went inside it to the point that these end up being more charming than annoying. They become clear references to the game’s roots, the horror-visual-novel aspects coming full force with its style of dialogue, and its simplistic exploration sequences. It might not appeal to everyone, but fans of the series will no doubt love its return; they’re given the opportunity to bask in its atmosphere, explore its dark, creepy areas, and eventually, experience its endings.

This is part of the attraction of Corpse Party in general; there’s a lingering fear in its writing and acting, almost as if death is nearby. Players stalk its halls, looking for reprieve, at times running into clues, and in others, stumbling right into an angry spirit. In some cases, death actually is just around the corner, with some bad endings being downright creepy as spirits call for safety, only to tear into the players and cause the Game Over screen to appear. What’s amusing about it is that it’s not even as gruesome as it seems. Timely black screens and good writing provide much of the scares, if nothing else proving that over-the-top visuals and loud stinging jump scares aren’t needed to frighten players. Corpse Party is about atmosphere done extremely well.

Say what you will about the anime presentation, but Corpse Party: Blood Drive nails the dour, depressing themes of the series without being overly negative. Its outstanding voice acting, combined with solid art design, never feels overly out of place, allowing it to deliver its unique dose of horror in spades. If anything, Blood Drive understands what its players expect from it, and toys with their expectations even as it gives them exactly what they were craving for. And while its gameplay isn’t stellar, pretty much being a run-of-the-mill exploration/horror game, it’s the setting and the writing that lets it stand apart from the dregs of the genre. True, it can lean on cliches at times. That said, there’s a beauty in the simplicity of its goals and how well it hits the right notes at the right times.

As longtime fans of the series know only too well, Corpse Party actually does so many things that modern horror games seem to have set aside, and Blood Drive is no exception. It slowly builds up its spooks instead of barraging players with gory images or loud noises. It gives pretty decent pay-offs which are at home with its universe. And it never forgets to have fun or highlight its sillier moments; at the end of the day, Blood Drive seeks to entertain. Like a horror story said over a campfire, it can venture towards the cheesy on occasion. Nonetheless, it’s well worth the experience, and horror fans shouldn’t think twice to pick up on the Switch.

THE GOOD:

• Corpse Party at its finest

• Great voice acting, solid art, and a decently fun story to keep players interested

• Atmospheric tension

THE BAD:

• Load times can be a tad slow

• Exploration segments are simplistic, and its gameplay can be bogged down by reading

• The silliness can take unprepared players out of the moment

RATING: 9/10

THE LAST WORD: Azur Lane: Crosswave, from the popular mobile title retrofitted for gaming platforms, will be releasing five new characters through downloadable content next month. The DLCs will be made available separately on the PlayStation Network or via Steam for $7.99 each or as a pack for $33.95. Each of the five DLCs unlocks one main playable character, three new support ships, and additional Story Mode content.

DMCI Homes completes 3rd tower of Parañaque project

DMCI HOMES completed the third building of its Calathea Place development in Parañaque City.

In a statement, the developer said turnover of units at the Marantina building started last month.

Marantina building is one of the two 12-storey condominiums of the four-building mid-rise development. The eight-storey Zebrina and Leonia were already turned over to unit owners in April 2019 and October 2019, respectively.

Lavender, another 12-storey building, is set to be completed in the next few months.

“Despite the many difficulties brought about by the health crisis, we continue to persevere to remain true to our promise of delivering quality and best value homes,” DMCI Homes Vice-President for Project Development Dennis Yap said in a statement.

Job quality remains a concern

Job quality remains a concern

How PSEi member stocks performed — September 7, 2020

Here’s a quick glance at how PSEi stocks fared on Monday, September 7, 2020.

Local shares advance on easing worries over virus

By Denise A. Valdez, Senior Reporter

LOCAL SHARES advanced on Monday as investor worries started to ease following last week’s economic data releases and the extension of the relaxed quarantine until the end of the month.

The benchmark Philippine Stock Exchange index (PSEi) rose 150.76 points or 2.6% to close at 5,935.85, while the broader all shares index added 64.28 points or 1.84% to end at 3,558.01.

“The PSEi ended with substantial gains led by the recovery in large-cap property stocks Ayala Land, Inc. (ALI) and SM Prime Holdings, Inc.,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

ALI and SM Prime were the biggest gainers among blue chip stocks, growing 6.38% and 5.67% respectively, leading the other 24 PSEi members that posted gains on Monday. Only three PSEi members posted losses, while one ended flat.

“Investors may have gained optimism from the pickup in mall foot traffic over the weekend. The 5,690 support level proves to be a strong turning point,” Mr. Mangun said.

Aside from optimism towards property developers, overall investor sentiment improved due improved jobs data reported last week showing the unemployment rate slowed to 10% in July from 17.7% in April, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said.

“[T]he drop in unemployment rate… was a sign of improvement in our labor market situation, which has somehow lessened macroeconomic concerns,” he said in a text message on Monday.

The claim of a researcher from the University of the Philippines that the coronavirus curve has already flattened and it also helped ease worries, he added.

“The main index may continue higher toward the end of the week,” AAA Southeast Equities’ Mr. Mangun said.

All sectoral indices ended in green territory at the close of the market on Monday. Property rose 107.15 points or 4.06% to 2,743.42; holding firms accelerated 165.89 points or 2.76% to 6,164.12; mining and oil increased 130.69 points or 2.18% to 6,122.77; financials climbed 20.60 points or 1.82% to 1,147.01; services grew 21.74 points or 1.49% to 1,477.15; and industrials picked up 101.76 points or 1.30% to 7,916.26.

Value turnover stood at P3.9 billion, lower than the last session’s P5.45 billion. Some 2.95 billion issues switched hands.

Philstocks’ Mr. Tantiangco noted the turnover was “anemic” and below the year-to-date average of P5.9 billion, which means the rally may not be sustainable.

Advancers outnumbered decliners, 132 against 65, while 37 names ended unchanged.

Net foreign selling continued for the 14th straight day, reaching P841.39 million on Monday, up from Friday’s P770.19 million.

Peso drops as US jobs data show continued recovery

THE PESO weakened against the dollar on Monday as jobs data out of the United States last week pointed to a continued recovery in the world’s largest economy.

The local unit closed at P48.67 against the greenback on Monday, down five centavos from its P48.62-per-dollar finish on Friday, data from the Bankers Association of the Philippines showed.

The peso opened Monday’s session at P48.58 per dollar and reached an intraday high of P48.555. Meanwhile, it closed at its lowest point for the day.

Dollars traded climbed to $765.80 million on Monday from the $689.60 million logged on Friday.

A trader said the peso dropped versus the dollar as the US recorded a higher employment rate in August.

“The peso weakened following the release of upbeat US jobs report for August… last Friday,” the trader said in an e-mail.

US employment growth slowed further in August and permanent job losses increased as money from the government started running out, raising doubts on the sustainability of the economy’s recovery from the deep COVID-19 recession, Reuters reported.

Nearly a fifth of the job gains reported by the US Labor department on Friday were from the government’s temporary hiring for the 2020 Census. While the unemployment rate fell below 10%, it was biased down by a continuing misclassification problem.

Non-farm payrolls increased by 1.371 million jobs last month after advancing 1.734 million in July. Government employment rose 344,000, with 238,000 temporary workers hired for the decennial census.

Excluding government, payrolls rose 1.027 million. Private sector employment gains were led by the retail sector, with 249,000 jobs created. Though professional and business services added 197,000 jobs, more than half of the gain was in temporary help services, reflecting the uncertain economic environment.

Employment in leisure and hospitality increased by 174,000 jobs, but hiring has stepped down from June and July when 2.0 million and 621,000 jobs were added respectively. Manufacturing employment rose 29,000 and construction added 16,000 jobs.

Meanwhile, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the peso weakened as the country recorded the smallest surplus in its balance of payments (BoP) in July.

The country posted an $8-million BoP surplus in July, the smallest in more than seven years, amid a surge of inflows from foreign borrowings of the National Government to fund its coronavirus pandemic response, data released by the Bangko Sentral ng Pilipinas on Friday showed.

The July figure was lower than the $248-million surplus in July last year and the $80-million surfeit in June. The BoP position has been in surplus for four straight months.

The central bank expects the overall BoP position to post a surplus of $600 million by yearend, which is equivalent to 0.2% of gross domestic product.

For today, the trader expects the local currency to range from P48.50 to P48.70 versus the dollar while Mr. Ricafort sees the peso moving within P48.60 to P48.75. — KKTJ with Reuters

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