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Online concert to protest SONA

AN ONLINE protest concert featuring the likes of Martin Nievera, Ebe Dancel, and Noel Cabangon is to stream on July 27, 3 p.m., at the Radyo Katipunan Facebook page, in response and in protest of the State of the Nation Address (SONA) of President Rodrigo Roa Duterte.

Dubbed Tinig ng Bayan, the online concert was mounted by several artists after Filipino playwright Jerry B. Gracio posted on Twitter that “instead of listening to the SONA, can all of the artists who are fed up with what’s happening to the country hold an online concert instead?”

“Let’s have the Congress be the ones to listen to his lies (boladas),” Mr. Gracio said in the vernacular in a tweet on July 15.

The tweet was then reposted by talent manager and producer Noel Ferrer who responded with “Game?” on his Facebook page.

A few days later, Mr. Ferrer, again on his Facebook page said that they have “heeded the call.”

“We are mounting an alternative SONA concert on July 27 (Monday), 3 to 6 p.m. at @radyokatipunan,” he said before adding that interested artists should send him a direct message.

Radyo Katipunan is the FM radio station of Ateneo de Manila University.

The current lineup of the concert includes Martin Nievera, Frankie Pangilinan, Jim Paredes and Boboy Garovillo, Noel Cabangon, Kean Cipriano, Johnoy Danao, Agot Isidro, Iza Calzado , Mylene Dizon, Enchong Dee, Ria Atayde and the League of AKTOR, Odette Quesada, Celeste Legaspi, Mitch Valdes, Bituin Escalante, Bayang Barrios, The Company, Bullet Dumas, Moonstar 88, True Faith, Baihana, Toma Cayabyab, Arman Ferrer, the Jesuit Music Ministry, and PETA, among others.

“With a virtual gathering of some of the greatest talents the country has ever produced performing in one unparalleled online concert event that will likely never happen again whether live or online, Tinig ng Bayan promises to be not just an epic music event, but a historical one, and this bit of history will never repeat itself,” a press release promoting the concert said.

The concert is for the benefit of De La Salle Philippines’ Project Paghilom. For donations visit https://www.jescom.ph/product/tinig-ng-bayan-donation/. — Zsarlene B. Chua

An introvert’s guide to Zoom: Four tips for remote meetings

NEW YORK — Jia Wertz may be a documentary filmmaker in New York City, but these days she feels like a full-time resident of Zoom world.

The director of the new documentary short Conviction finds herself on a video chat every single day, often multiple times, since the pandemic has upended all our lives. As a self-described introvert, she is having a hard time getting a handle on the new medium.

“With Zoom calls, you’re ‘on’ 100% of the time, which is so mentally draining,” says Wertz, who juggles a scampering two-year-old at the same time.

In this era of nonstop video-conferencing, you are not alone in feeling like you have just run a marathon or been hit by a truck. Many employees and managers are reporting that online video-conferences seem particularly taxing — often more so than in-person meetings.

“I’m an introvert, and they totally drain me,” says Hannah Morgan, a job search strategist in Rochester, New York, and founder of Career Sherpa.

Why do Zoom meetings seem so fatiguing? Just think about all the information being processed: There might be five or 10 or 20 participants online at the same time, like a Brady Bunch title sequence from hell. Since much of communication is nonverbal — like facial expressions and body language — you are interpreting such signals from multiple colleagues simultaneously.

Meanwhile there are other issues to unravel, like tone, pitch, as well as silences and their meaning. Plus, people often talk over one another.

For extroverts who thrive in that kind of buzzy cocktail party-like format, that communication style might not seem so foreign. But for introverts who are at their best one-on-one, in a quieter environment, Zoom can feel like an overload.

We are not just talking about one or two isolated employees: From one-third to one-half of the US population can be considered introverts, according to Susan Cain, author of the bestselling book Quiet.

That being said, this New Normal is something we will all have to get used to. According to a survey by Wainhouse Research, 57% of companies are now using Zoom, compared to 30% before the pandemic — a growth spurt almost overnight.

And working from home doesn’t look like it will be going away anytime soon. The Society for Human Resource Management and Oxford Economics found that a whopping 64% of salaried and 49% of hourly employees now working from home most of the time, compared to only 3% and 2% back in January.

So how can introverts adapt to a Zoomified world, without harming their career prospects or having to morph into a completely different personality? Here are four ideas for employees and managers:

• Make video optional. Video chats can make you feel like you are constantly onstage. Hold occasional meetings that are audio-only, or where the camera can be directed away so you are not always onscreen.

• Develop the skill sets of chat leaders. In any in-person meeting, there is a natural mix of quieter people and louder people. Now managers need to become adept at eliciting the participation of introverts without putting them on the spot. Use the chatbox feature, where you can enter thoughts by text that can then be taken up by the group.

• Limit the number of meetings. Near the beginning of the COVID-19 lockdowns, staffers may have felt obligated to participate in every single staff meeting in order to feel connected and relevant. Being more selective now can preserve your energy, and improve your contributions for the ones you remain in.

For managers, consider: “Could this meeting have been an e-mail?” asks Brea Giffin, marketing director for Toronto-based corporate wellness platform Sprout, who also suggests scheduling buffer times between Zoom meetings. “Be conscious of how often you’re using the tool.”

• Think like a broadcaster. The reality of the current situation is that elements of presentation like good lighting, a professional background, a decent microphone, camera angles, posture, voice projection — “all that stuff matters,” Morgan says. “With a few minor adjustments, you will come across much better on camera — and reduce your own anxiety about how you look.” — Reuters

Most small businesses optimistic about growth — Facebook survey

MAJORITY or 64% of small businesses currently operating on the social media platform Facebook said they were optimistic they would grow despite the challenges of the coronavirus pandemic.

“True to character, of those Philippine micro, small and medium enterprises (MSMEs) operational on Facebook, 64% are saying that they are optimistic about the future of their business and are stepping up to take their business forward despite the setbacks of the pandemic,” Facebook Philippines said in statement e-mailed to reporters on July 23, citing its latest study on the state of small businesses.

Facebook’s “State of Small Business Report” covers 30,000 small entrepreneurs and employees in over 50 countries, including over 100 respondents in the Philippines. The survey was conducted from May 28 to May 31 in partnership with the World Bank and the Organization for Economic Co-operation and Development.

“The survey captures the impact of the coronavirus disease 2019 (COVID-19) pandemic on MSMEs business operations, their financial performance, and the actions that they have taken to mitigate the impact of the pandemic throughout the world,” Facebook Philippines said.

The survey showed 35% of Philippine MSMEs had reduced their workforce due to the pandemic crisis.

Facebook Philippines added 46% of MSMEs that remain operational on the social media platform reported a decline in sales, with some “by 50% or more compared to last year.”

“The respondents also noted that they are expecting cash flow to continue being a challenge over the next few months,” it added.

The Finance department has said about 436,000 of the country’s 1.6 million small businesses were forced to halt operations amid the government-imposed strict lockdown from mid-March to May. One million of them operated with a skeletal workforce.

More than 99% of the roughly one million business establishments in the country in 2018 were MSMEs, according to the Trade department. The smallest of them accounted for 88% of the total, or a little more than 887,000 establishments.

MSMEs had created 5.7 million jobs or 63.19% of the country’s new jobs in 2018. A fifth of the country’s MSMEs are in Metro Manila, which generated more than a quarter of the total jobs.

Facebook Philippines said the pandemic has forced many small business owners to shift their operations to the platform, noting that “52% or more” of MSMEs on Facebook reported “25% or more” of their sales in April were made digitally.

“Last year, we launched Facebook Community Boost events across different cities in the Philippines to support MSMEs and communities in their digital journey. This year we’re back with a completely online webinar series, Boost with Facebook. The objective of this series is to help MSMEs quickly recover and help businesses build resilience — so they can be well-equipped to get started in their online transformation journey and navigate challenges in the new normal,” Facebook Philippines Country Director John Rubio was quoted as saying in the statement. — Arjay L. Balinbin

The new essentials in the new normal

WITH THE ongoing COVID-19 (coronavirus disease 2019) pandemic, everyone has had to evaluate what are or what aren’t essentials as far as they are concerned. Multi-brand store Urbanize has put together a collection of items of what it considers new essentials. BusinessWorld had a chance to give these items — which include a handy little door gadget, a reusable face mask, rolls of copper film, and an air purifying necklace — a spin.

PACSAFE SILVER ION FACE MASK
Pacsafe is best known for its anti-theft travel bags, but the brand’s technology is being used for another kind of safety for this season of the virus. The brand uses the antimicrobial properties of silver for its face mask. It has five different layers which promise “99% filtration efficiency against microbials and airborne particles.”

The mask fitted loosely at first but the loops that go around the ear are adjustable, giving a customizable fit. For something five layers thick, it’s quite easy to breathe in, and even has an adjustable nose clip. Other features it boasts of include the advanced silver ion layer (we’re guessing it’s the one outside, with silver thread), a high fluid resistance barrier, and an antimicrobial lining made with ultra-soft Modal fabric and Graphene that disinfects and reduces microbials. It also claims to reduce odor-causing bacteria.

Finally, it’s reusable and washable, and retails for P590 at Urbanize and Pacsafe stores.

PACSAFE VIRALOFF FACE MASK
Another new item from Pacsafe is the ViralOff Face Mask which uses a technology that can reduce 99% of viruses that could be building up in your mask because of constant use.

Treated with Polygiene, the Pacsafe ViralOff promises to hold 99% fewer viruses in just two hours. Its water-repellent fabric also ensures that you or the people around you are protected against droplets from coughs and sneezes. Additionally, because it uses Polygiene fabric material, the mask can easily break down unpleasant odors without the need for constant washing — saving you time and money.

The mask has a suggested retail price of P790, and is available in all Urbanize and Pacsafe stores.

MOBEWORK AIR PURIFIER
The package makes no claims to being able to protect against the COVID-19 virus, but it does claim to reduce one’s risk by reducing exposure to smoke, odors, formaldehyde, volatile organic compounds, and allergens.

The gadget, a tiny little lozenge on a string, uses electrostatic purification to do its job. It emits “26 million negative ions into the air that push harmful pollutants away from your breathing zone, creating a sphere of protection around you,” according to a release.

It emitted a blue light when we tested it with cigarette smoke, but it otherwise did not beep in a panic.

A full charge can last up to 20 hours, and the air purifier sells for P3,490 at Urbanize stores and at urbanizeexclusives.com.

DR. CU ANTIMICROBIAL COPPER FILM
Coming inside a cardboard tube, the adhesive film is wrapped around another sheet of cardboard, which you unstick and peel depending on how much you need. You can wrap these bits of film around elevator handles, doorknobs, and door handles, staircase handrail, and even mobile phone screens, to control bacteria and viruses on surfaces.

Copper has been used since ancient times for its antimicrobial properties, and recent studies have shown its efficacy in defeating germs such as e. coli, and, surprise, even some strains of the flu (this according to a study from the American Society for Microbiology). “Influenza A virus particles… were inoculated onto copper or stainless steel and incubated at 22°C at 50 to 60% relative humidity. Infectivity of survivors was determined by utilizing a defined monolayer with fluorescent microscopy analysis. After incubation for 24 hours on stainless steel, 500,000 virus particles were still infectious. After incubation for 6 h[ours] on copper, only 500 particles were active,” said the study’s abstract.

A one-meter roll retails for P1,000, and a five-meter roll sells for P4,490  in all Urbanize stores and online at urbanizeexclusives.com.

TRUE NO CONTACT GADGET
Finally, we have something that allows us not to touch anything.

It has a sponge at the tip and a little foam strip at the back with disinfectant (you may be able to refill it when it dries up). The back opens for you to grab some door handles (it was difficult to jimmy a rounded doorknob open). Meanwhile, the tip has a little pointer that allows you to press touchscreens — no more touching grubby ATM screens or phone screens.

This sells for P390 at Urbanize stores and online at urbanizeexclusives.com. — Joseph L. Garcia

SEC flags unauthorized investment groups, lending firm

THE Securities and Exchange Commission (SEC) has issued new warnings against groups taking investments from the public without authorization from the government.

In separate advisories on its website, the regulator told the public to be cautious of Lucky Likers Digital Marketing Services and Maxi Trendy Sales Corp./Trendy Unlimited Trading Corp. (Trendy).

It said these groups do not have secondary licenses from the government to solicit investments or sell investment contracts, and are therefore punishable by the Securities Regulation Code.

In the case of Lucky Likers, the SEC said the group operates through social media under the name Lucky Likers Club (LLC). It invites members into the group by paying investment packages priced P500-P1,000.

Once a member, an investor is allowed to participate in clicking jobs where they may earn up to 200% of their investment in a month. Other earnings may be collected through referral bonuses.

Trendy operates similarly, offering investment packages priced P750-P1,500 to earn P100-P1,500 a day. Through the SEC’s investigation, it found that the group provides earnings in the form of watching videos, global profit sharing and referral bonuses.

In both schemes, the SEC said LLC and Trendy are essentially selling securities to the public, which requires that a company doing so is registered with the commission and has obtained a secondary license for the specific activity.

However, both LLC and Trendy are neither registered nor have obtained secondary licenses from the SEC. They may be punished with a P5-million fine, up to 21 years of imprisonment, or both.

In another advisory, the SEC warned the public of a certain Ceazar Pacific Money Lending Co. Ltd., which it said provides lending services without obtaining a secondary license from the commission.

The Lending Company Regulation Act of 2007 and the Financing Company Act of 1998 require that lending and financing companies secure an authority from the SEC to operate.

However, Ceazar Pacific does not have the necessary certification based on SEC records. The SEC said it registered as a partnership in 2017, but its Certificate of Registration was revoked due to its failure to obtain authority to operate as a lending company.

“The public is… advised to avoid or stop participating in any kind of credit activities conducted by (Ceazar Pacific) and dealing with any individual representing it,” it said. — Denise A. Valdez

Keeping safe fashionably

CLOTHING BRAND Verve presents an exclusive PPE Collection at pop-up stores in Rustan’s Makati, Shangri-La, and Alabang.

As the COVID-19 (coronavirus disease 2019) pandemic shows no signs of abating, people are looking for protective gear beyond face masks, and some people are looking for items which provide both style and protection for everyday wear. To fulfill this perceived need, Verve owner and designer Bebet Sto. Tomas partnered with Rustan’s to launch the Verve 2020 PPE Collection.

The line features color blocking in bright hues: orange and pink; blue, black and white; as well as pops of red. Made with water resistant microfiber cloth, Verve’s PPEs — tunics, pants, dresses and jumpsuits — are versatile and make a statement whether one is going to work or a grocery run, or any other daily errand in this new normal.

To stay even safer, one can shop-from-home with Rustan’s Personal Shopper On-Call program. One can contact a Rustan’s store to request for the personal shopper service and a Sales Associate will be assigned to assist with inquiries, order confirmation and payment transactions. Fulfilled orders can be collected via curbside pick-up or items can be delivered to for free, for a minimum purchase requirement of P2,000. 

For more information, visit www.rustans.com.

Alsons considers sale of property business

ALSONS Consolidated Resources, Inc. (ACR) is considering the sale of its property business as part of its transition into a pure energy company.

The listed firm of the Alcantaras said it was examining its options, whether to sell Alsons Land Corp. (ALC) immediately or develop the land unit first before disposing its shares to buyers.

“We are moving to make ACR a pure power company. This will mean the divesting of our property business,” ACR Executive Vice-President Tirso G. Santillan, Jr. said during the company’s recent annual stockholders’ meeting.

“We are still looking for a more effective way of accomplishing this: is it to dispose [of] ALC now or have ALC develop and dispose of its properties later?” he added.

Alsons will do the business sale in a manner that maximizes its stockholders’ value, Mr. Santillan said.

Its property unit runs the 700-hectare Eagle Ridge Golf & Residential Estate in Cavite, its joint venture project with Sta. Lucia Realty Development, Inc. It also manages the 11-hectare Campo Verde with Sunfields Realty Development, Inc.

In the first quarter, the listed firm saw its earnings rose by nearly three times to P310 million over the same period a year ago.

Its “income-driver” 210-megawatt (MW) Sarangani Energy Corp. coal-fired baseload plant mainly contributed to its profit growth. The plant’s 105-MW second unit, which came online in October last year, helped lift the company’s revenues to P2.21 billion in the quarter, compared with P1.22 billion previously.

ACR owns four power generating companies with a combined capacity of 468 MW. Currently, it is building two projects: the 14.5-MW hydropower plant in Maasim, Sarangani province and the 105-MW San Ramon Power, Inc. coal-fired power plant in Zamboanga City, which are expected to commercially run by 2022 and 2023, respectively. — Adam J. Ang

T-bill rates seen easing further

RATES OF Treasury bills (T-bills) on offer on Monday will likely decline as the market continues its flight to safe assets like government securities.

The Bureau of the Treasury (BTr) wants to raise P20 billion via T-bills on Monday: P5 billion each via the 91- and 182-day debt papers and P10 billion from the 364-day securities.

The BTr canceled the auction for 35-day papers scheduled on Tuesday to give way to the ongoing offer of five-year retail Treasury bonds (RTBs).

A bond trader said they expect the rates to slip by 5-10 basis points (bps) from the previous auction for the three-month papers, while the yield on the six-month T-bills may decline by just up to 5 bps.

“While there are no clues on future economic policy yet and while the RTB offering is ongoing, preference is for debt securities at the shorter end of the curve. Also, it seems like the excess liquidity is being mopped up by the ongoing RTB offering,” the trader said via Viber on Friday.

Yields will continue to ease by no more than 10 bps due to “relatively large excess peso liquidity in the financial system recently that could help keep local interest rate benchmarks near record low levels,” said Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp.

“(Another factor is the) slower economic recovery prospects especially should there be stricter quarantine measures amid the recent spike in new COVID-19 cases (that) would eventually support more or longer monetary easing measures including any possible further cut in banks RRR,” Mr. Ricafort said via text message.

T-bill rates dropped across- the-board last week on strong demand, prompting the BTr to make a full award of the P20 billion it offered out of P72.467 billion in bids.

It raised P5 billion as planned via the 91-day T-bills from P23.414 billion in tenders. The three-month papers fetched a lower average rate of 1.454% from the 1.587% logged at the June 13 auction.

The government also made a full P5-billion award of 182-day securities out of bids worth P18.852 billion. The average rate of the six-month T-bills dipped to 1.625% from 1.687% previously.

For the 364-day instruments, the Treasury borrowed P10 billion as planned from bids worth P23.414 billion. The one-year debt papers fetched an average rate of 1.77%, down from 1.782% previously.

Yields on the 91-, 182- and 364-day T-bills were at 1.501%, 1.613% and 1.807%, respectively, at the secondary market on Friday, based on the PHP Bloomberg Valuation Service Reference Rates.

Mr. Ricafort added the surprise 100-bp cut in the reserve requirement ratios (RRR) of thrift and rural banks will infuse around P10 billion in additional liquidity into the financial system, which “could still support any further slight easing in the upcoming Treasury bill auction yields.”

The Bangko Sentral ng Pilipinas (BSP) last week trimmed the RRR of smaller banks by one percentage point to three percent for thrift banks and two percent for rural and cooperative lenders. The reduction will take effect on Friday, July 31.

The move is part of the central bank’s efforts to beef up liquidity in the market amid the ongoing coronavirus crisis. In April, the BSP also reduced the RRR of universal and commercial banks by two percentage points to 12%.

The Treasury is now in the second week of its three-week offer period for the five-year RTBs.

National Treasurer Rosalia V. de Leon said last week the amount raised via the retail bond offer so far has already exceeded the record P310 billion sold in three-year RTBs in February.

The Treasury awarded an initial P192.71 billion in five-year RTBs at a coupon of 2.625% at the rate-setting auction on July 16.

The public offer period is set to run until Aug. 7, unless closed earlier by the Treasury.

The Treasury also opened an exchange offer program for holders of the RTB 10-01, FXTN 05-73, RTB 10-02 and FXTN 07-57 who want to swap their old bonds for the new retail bonds. The amount of bonds eligible for swap is about P321 billion.

The retail bonds will be issued on Aug. 12 and will mature on Aug. 12, 2025. The papers will be listed on the Philippine Dealing and Exchange Corp.

The government has set a P205-billion borrowing program for July and will offer P145 billion in T-bills via weekly auctions and P60 billion in T-bonds to be auctioned off fortnightly.

It borrows from local and foreign lenders to plug its budget deficit seen to hit 8.4-9% of gross domestic product this year. — Beatrice M. Laforga

Sensible and chic: The $185 luxury face mask from Belgium

BRUSSELS — Take a face mask, adorn it with jewels or attach it to a long, flowing neck scarf. What have you got? A pandemic precaution, yes, but also a luxury fashion statement that can cost anywhere from 75 to 160 euros ($87-185).

As mask-wearing becomes part of everyday defenses against the coronavirus, Belgian designers are turning medical masks into chic accessories.

Brussels-based stylist Aude De Wolf has created a “scarf mask” that uses linen, cashmere and other high-quality materials to combine masks with luxurious shawls.

“I was inspired by my mother because she doesn’t like her neck,” De Wolf, who has already sewn some 1,500 free medical masks for hospitals, told Reuters from her workshop.

“You can slip the mask off when you’re in the car and slip it back on in the shops … You could say it’s a luxury product,” she said of the masks, which she is selling for 160 euros ($185) each.

Haute-couture garment and accessory maker Olivia Hainaut has turned her skills to creating masks with sequins, jewels and other flamboyant touches, such as silk flowers. They sell from 75 euros, depending on the work and materials involved.

“These are not masks for everyday wear, perhaps for a party or a wedding … the idea is to bring some joy to something that is very sad,” she said of the pandemic. — Reuters

Supply chain for food, other goods challenged by overloaded shippers

DAVAO CITY — Cargo logistics operations are slowly improving with the easing of lockdown rules, but the industry says supply chains remain challenged due to the workload imposed on freight forwarders and the failure of government agencies in charge of approvals for the movement of goods to fully embrace digital processes.

Elmer U. Sarmiento, president and chief executive officer of Royal Cargo, Inc., said while inventories at the company’s warehouses are now “going down,” it is taking care not to take on more shipments too rapidly in order not to overburden couriers.

“This will exert more pressure on freight forwarders… forwarding companies should be ready and prepared for this,” he said during Friday’s online conference on logistics organized by the European Chamber of Commerce of the Philippines-Southern Mindanao Business Council, in partnership with All Transport Network, and the German, British, and Dutch business chambers.

Mr. Sarmiento also noted that flights and shipping schedules remain irregular, which affects both the domestic and international movement of food and other manufactured products.

Dan C. Lachica, president of the Semi-conductors Electronics and Industries of the Philippines, Inc., said apart from the still-unreliable transportation and high costs, there are also problems with delays at ports.

Meat Importers and Traders Association President Jesus C. Cham said some of the delays can be attributed to some government agencies’ failure to fully embrace the digital shift.

“We all know that government has started digital and doing everything online. One of the major problems that we have encountered is still they don’t want to let go, they still want the final process, a final approval… so they don’t want totally to automate the process,” Mr. Cham said. “They still have the final say, and this final say is giving us a problem… and I think we need to look at that and bring it up with the government,” he said.

Erastus Sandino B. Austria, district collector of the Bureau of Customs (BoC) in Davao, said the BoC and other government agencies are actively trying to reduce the impact of the coronavirus crisis on the supply chain.

“So far, we keep the disruption in the supply chain very minimal,” he said, noting that the bureau is now in the final stages of fully migrating to an online portal. — Maya M. Padillo

Megaworld raises P3 billion from continued lot sale

MEGAWORLD CORP. has generated P3 billion from having completely sold out a residential village in Cavite while under quarantine.

In a statement over the weekend, the Andrew L. Tan-led property developer said it sold all lots at its 18-hectare upscale residential village, Arden Botanical Village, last month.

This despite the challenges of the coronavirus pandemic, and two price increases implemented in January and May.

“Amid the lockdown, we have booked sales from buyers in the Philippines and across the world who were looking for purposeful, more livable spaces to build a house,” said Eugene Em Lozano, first vice-president for sales and marketing at Megaworld.

The project is located within Megaworld’s 251-hectare Arden Botanical Estate in Trece Martires. It was launched almost seven months ago and offered a total of 329 lots to buyers.

“A P7-million lot bought when we started selling late last year can now be sold at almost P9.5 million. Our early takers are so happy with their investments today,” Mr. Lozano said.

The lots are scheduled to be turned over to buyers starting 2024.

“Arden Botanical Village’s concept gave us a convenient push, and the unique concept of Arden Botanical Estate as an integrated lifestyle community was a huge factor in selling this fast even amidst the pandemic,” Mr. Lozano said.

The 251-hectare Arden Botanical Estate, where Arden Botanical Village is located, is a joint development of Megaworld and its listed subsidiary Global-Estate Resorts, Inc. (GERI). Both Megaworld and GERI are allocating P18 billion to develop the project over a 10-year period.

In the first quarter, Megaworld posted a 9% profit decline to P3.5 billion due to the impact of the Taal Volcano eruption and the coronavirus pandemic to its operations. Residential sales were flat at P9.6 billion due to the delayed construction of its ongoing projects.

The company has set a P36-billion budget for capital expenditures this year, lower by 40% from its initial allocation, in consideration of the effects of the ongoing pandemic.

Shares in Megaworld closed at P3.07 apiece on Friday, down seven centavos or 2.23% from a day earlier. — Denise A. Valdez

Peso to weaken on rising local coronavirus cases

THE PESO may depreciate this week due to the continued increase in coronavirus disease 2019 (COVID-19) cases, which could dampen sentiment on the local unit.

The local unit finished trading at P49.33 per dollar last Friday, appreciating by 3.50 centavos from its Thursday close, data from the Bankers Association of the Philippines showed.

It also gained 11 centavos from its P49.44-per-dollar close on July 17.

The peso’s Friday finish was its strongest in more than three years or since the P49.17 close on Nov. 15, 2016, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

The currency gained as demand for dollars waned due to the surge in US infections, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said.

“The peso still trended toward strength as the US continues its bout against increasing COVID-19 infections,” Mr. Asuncion said in a text message.

Total cases in the US reached more than four million on Thursday. The US new COVID-19 infection rate is at an average of 2,600 per hour, which is the highest in the world, Reuters reported.

Meanwhile, Mr. Ricafort attributed the peso’s gain to less preference for the dollar after the latest weekly US jobless claims data.

The weekly US jobless claims data released Thursday showed nearly 32 million people receiving unemployment benefits in early July.

For this week, local economic data as well as the continued rise in COVID-19 infections will be major factors that could affect the peso, the analysts said.

“Upcoming major Philippine data releases include BoP (balance of payments) as of June as well as bank loans and M3 growth,” Mr. Ricafort said.

The country’s BoP position stood at a surplus of $2.431 billion in May, wider than the $928 million seen a year ago as well as the $1.666-billion surfeit in April, central bank data showed. It was also the biggest since the $2.704-billion surfeit in January 2019.

The BoP position was at a surplus of $4.02 billion from January to May, thinner than the $5.19-billion surfeit in the same period last year.

Meanwhile, M3 or money supply growth was at 16.6% to P13.7 trillion in May, quicker than the 16.2% pace in April.

However, outstanding loans disbursed by universal and commercial banks rose 11.3% in May, slower than the 12.7% growth pace in April.

For his part, Mr. Asuncion said the peso will likely continue its appreciation, although the recent surge in infections, especially in Metro Manila, may affect sentiment.

Confirmed COVID-19 patients in the country reached 78,412 cases as of Saturday, of which 50,763 are active cases, health officials said.

For this week, Mr. Ricafort expects the peso to move around the P49.20 to P49.45 range versus the dollar while Mr. Asuncion gave a forecast range of P49.20 to P49.40. — LWTN with Reuters

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