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Mini John Cooper Works GP Inspired Edition

PHOTO FROM MINI PHILIPPINES

MINI ASIA and British United Automobiles, Inc. launched last week the Mini John Cooper Works GP Inspired Edition. This special model “draws upon the mettle of its forebear, the third-generation Mini John Cooper Works GP, and features exclusive specifications and an exhilarating 231hp engine in the quintessential three-door hatchback,” said Mini Asia in a release.

Explained Mini Asia Head Kidd Yam, “We received overwhelming response for the Mini John Cooper Works GP when we introduced the car in the Philippines in October last year. As such, we’ve specially developed the Mini John Cooper Works GP Inspired Edition to cater (to) fans who weren’t able to get their hands on the original, but still want to own a unique piece of motorsports history. This special edition was first conceptualized in Singapore, and only five units will be available in the Philippines.”

Meanwhile, Mini Philippines and Autohub Group of Companies President Willy Tee Ten added, “Mini has a longstanding history in motor racing, and the John Cooper Works range draws on this experience to bring authentic racetrack flair to the road. The Mini John Cooper Works GP Inspired Edition packs on the essence of John Cooper Works, and we are very pleased to launch this highly anticipated model here in the Philippines.”

Design elements of the model were directly derived from the Mini John Cooper Works GP. The Inspired Edition receives a gray metallic hue on its body and a contrast color Melting Silver Metallic for its roof. A John Cooper Works rear spoiler and mirror caps are common to both models as well — as are a black engine bonnet scoop, black door handles and black fuel lid.

The Mini John Cooper Works GP Inspired Edition boasts 18-inch lightweight forged wheels in the John Cooper Works Cup spoke design, upon which run-flat tires are fitted. Hub caps bear the GP logo. It gets piano-black headlight surrounds and a blackened inner part for its adaptive LED headlights and rear lights. A unique “GP Inspired” lettering appears in the side doors, as well as the air inlet trim and the C-pillar.

Standard interior equipment includes John Cooper Works sports seats at the front, covered with a Dinamica leather combination. The GP badge appears under the headrests and in the floor mats for the driver and front passenger. The “GP Inspired” lettering is displayed on the high-gloss dashboard fascia, and both front and rear velour floor mats are finished in red stitching.

The John Cooper Works leather steering wheel has been designed in a unique concept. The steering wheel is covered in Walknappa Leather, features red stitching, and a stylish 3D-printed metal center marking for the 12 o’clock position. Associated with the eight-speed Steptronic Sport transmission, the metal shift paddles on the steering wheel with the “GP” logo are likewise 3D-printed in metal. The key cap is also a product of the 3D-printed process, and makes a stylish statement with the “GP” lettering in the middle.

The vehicle is powered by a 2.0-liter, four-cylinder engine with Mini TwinPower Turbo technology. It supplies 231hp (from 5,200 to 6,200rpm) and 320Nm (from 1,450 to 4,800rpm) — enabling the Mini to sprint from standstill to 100kph in 6.1 seconds, onto a top speed of 246kph. Adaptive suspension keeps the driver “feeling in total control especially during dynamic cornering” while the a sports exhaust system “adds an acoustic flourish to the car’s sporty character with its hearty sound track.”

This is mated to the aforementioned eight-speed Steptronic transmission operated via a model-specific electronic gear selector switch. Manual intervention in gear selection is also possible using the standard shift paddles on the steering wheel for particularly spirited driving.

The Mini John Cooper Works GP Inspired Edition is priced at P3.99 million. For more information, visit https://secure.mini.com.ph/gp-inspired-edition/ or make an appointment to view the car in person.

PhilPaSS designated as systematically important payment system

THE Philippine Peso Real-Time Gross Settlement Payment System (PhP-RTGS) has been designated as a systematically important payment system (SIPS) and its participants are expected to comply with the regulatory requirements set by the central bank and international standards.  

The Bangko Sentral ng Pilipinas (BSP) through Memorandum No. M-2021-045 told registered non-bank operators of payment systems with PhilPaSS Plus interface and PhilPaSS direct members to comply with the requirements set by the Payment System Oversight Framework (PSOF).

The Monetary Board in July 29 designated the PhP-RTGS as a SIPS, meaning it could pose a systemic risk that could threaten the stability of the national payment system.

“As participants of a designated payment system, subject recipients are expected to contribute towards observance by the PhP-RTGS payment system of the Principles for Financial Market Infrastructures relevant to SIPS,” the memorandum said.  

Based on the memorandum, subject recipients are expected to participate in surveys meant to assess the safety, efficiency, reliability and performance of PhilPaSS Plus.  

They are also expected to submit reports and documents that will be used to evaluate the PhilPaSS Plus and the national payment system as a whole. This will include relevant documents required by the BSP to be available during onsite examination and assessment.

These subject recipients are likewise required to comply with rules and standards in order to ensure the safety, efficiency, and reliability of PhP-RTGS. Part of this responsibility is to participate in activities such as testing conducted by the operator.

There are 175 direct participants of the PhilPaSS Plus system as of Nov. 30, 2020 including banks, quasi-banks, BSP units, and the Bureau of the Treasury.  

The system facilitates transactions through automated teller machines, clearing houses PESONet and InstaPay, checks, and the trading of government securities in peso and dollar denominations.

The central bank has said the revamped PhilPaSS Plus will support better interoperability and integration among domestic and global payment systems.  

Standards for financial market infrastructures are issued by the Basel-based Bank of International Settlement and Madrid-based International Organization of Securities Commissions.

Meanwhile, the PSOF was approved by the Monetary Board in June last year which mandated the central bank to assign systematically important and prominently important payment systems. — L.W.T. Noble

Style (08/16/21)

Nivea releases Thai Vitamin Lotion in PH

NIVEA has brought its award-winning product from Thailand, Nivea Vitamin Lotion, to the Philippines. The lotion features Vitamin C as its main ingredient. It comes in two variants: Nivea C&E Vitamin Lotion and Nivea C&A Vitamin Lotion. The first contains Vit. C from four sources: pure 95% Vitamin C, Vit. C from camu camu, Vit. C from acerola cherry, and ascorbic acid. Vit. C is known to brighten the skin and keep it hydrated. The lotion contains UV filters to shield the skin, plus a concentrated amount of Vitamin E to moisturize the skin. Meanwhile, Nivea C&A Vitamin Lotion has a unique formula that is fortified with “Super Vitamins C&A.” It also has potent Vitamin A from acerola cherry extract to help lighten stubborn dark spots and areas. It also makes use of grape seed extract for softer, smoother, and younger looking skin. Both variants are available in Watsons, Mercury Drugstore, and all leading supermarkets, and online via Shopee, Lazada, and Watsons.

Wellness center’s Summer Body Luxe Promo extended

THE MAKATIMED Wellness Center is extending the Summer Body Luxe Promo until Aug. 23. Customers can still avail of the Buy 5, Get 1 Free Promo that gives them five individual body shaping procedures plus one more procedure for the same body part — for free. The MakatiMed Wellness Center offers Body Contouring and Sculpting procedures for the abdomen, arms, back, bra line, buttocks, calves, hips, and thighs. For interested walk-in and new patients, a dermatologist on-deck will be assigned for the initial consultation prior to the procedure. The initial consultation fee is not included in the promo package cost and varies depending on the doctor’s preference. All procedures must be scheduled at least one working day in advance, and full payment is required prior to the procedure. Payment may be settled via cash, credit card, or through zero percent (0%) installment for three months using a BDO or Metrobank credit card. Minimum chargeable amount is P3,000, and any amount less than that is not applicable for the 0% installment. Procedures purchased as part of the promo are non-refundable and non-transferrable. They also cannot be exchanged with other facial and body procedures or availed in conjunction with existing packages. Visit the Skin & Laser Hub at the MakatiMed Wellness Center on the 7th Floor of the Ayala North Exchange Tower 1 from Mondays to Fridays at 9 a.m.-5 p.m. For more information contact MakatiMed Wellness Center at 8888-8999 locals 3101 and 8613 or e-mail skin&laserhub.wellnesscenter@makatimed.net.ph.

TV show showcases Filipino fashion brands, designers

A NEW TV show which will start airing soon offers something aside drama to draw in viewers: all-Filipino wardrobe and costumes. Connie Macatuno, the director and costume design head of ABS-CBN’s upcoming series The Broken Marriage Vow, said in a statement that the show’s leads, Jodi Sta. Maria, Zanjoe Marudo, Sue Ramirez, Zaijian Jaranilla, and their co-stars will wear “entirely local” pieces made by Filipino designers and artisans. “I had long thought of doing a show using local designs from local designers. The first thing I thought was I would bring them all together. Most of the local designers will be there in showcasing their original work. It’s the thing that excited all of us,” said the director in a mix of English and Filipino in a video released by Dreamscape Entertainment. The actors will wear locally made apparel including shoes, accessories, indigenous fabrics, hand-embroidered pieces, and traditional Filipino clothes. The director personally picks and matches the elements of the stars’ outfits. Her vision for the Broken Marriage Vow aesthetic is “urban Pinoy,” which “mixes global brands and Filipino luxury brands together” to promote Filipino creativity, culture, and craftsmanship to the world. “We want to showcase our clothes, our roots, our culture in a different way. We get to wear the barong, the pina on a daily basis. We get to wear the weaves of different places here in the Philippines, and showcase original works of different designers that have global appeal,” she said. The Broken Marriage Vow is ABS-CBN’s adaptation of the hit BBC series Doctor Foster. It tells the story of Jill, a dedicated wife and mother who suspects that her husband David is having an affair, turning her picture-perfect life upside down. The series is produced by Dreamscape Entertainment and will soon air on ABS-CBN platforms.

Cartier sponsors Venice Int’l Film Fest

CARTIER has partnered with La Biennale di Venezia to become Main Sponsor of the Venice International Film Festival and jointly contribute to supporting contemporary film creation from 2021 onwards. As part of this collaboration, the Venice International Film Festival and Cartier will pay tribute to outstanding filmmakers through the Cartier Glory to the Filmmaker Award, dedicated to a personality who has made a particularly original contribution to the contemporary film industry. The award ceremony will take place in Lido di Venezia.

SBS swings to P234-M income as sales rise

SBS Philippines Corp. posted a P234.3-million net income for the second quarter amid higher sales, turning around from a P20.8-million net loss in the prior quarter, it said in a market disclosure on Friday.

Net sales during the quarter rose 31% to P228.3 million from P174.1 million quarter on quarter.

However, SBS said its second-quarter net sales was 8% lower compared with the level in the same period last year.

It said the second-quarter net sales were a result of the growth in its pharmaceutical ingredient business and the gradual recovery of its feed ingredient and veterinary raw materials business. Despite the growth, SBS said industrial raw materials remained sluggish.

“Gross profit from core distribution business in the second quarter of 2021 increased by 6% compared to the same period last year. There has been improvement in gross margin by 3 percentage points as a result of active price management effort and improvement in the product mix, cushioning the decline in sales volume of industrial raw materials segment,” SBS said.

Consolidated operating profit for the second quarter improved 27% to P50.9 million from P40.2 million a year ago.

“The company continues to improve its operational efficiency and implement cost saving measures to reduce operating expenses while benefitting from its revenue diversification strategy that increases income stream apart from its core distribution business,” SBS said.

“As a result of the investment program of the group that aims to diversify sources of revenues, it registered P240.2 million on gain on sale of investment in a real estate subsidiary while posting equity in net losses of the associate companies in the amount of P33.9 million in second quarter of 2021,” it added.

For the first half, SBS posted a P213.4-million net income, a turnaround from the P13.7-million net loss it incurred in the same period a year ago.

In a separate disclosure, the company said that it plans to diversify its revenue streams by leveraging non-core real estate holdings across Metro Manila.

SBS said its board of directors has authorized the management to look for possible options and partnerships on the use of its three prime landholdings in Ayala Avenue, Makati City; another property along EDSA; and a third property along Alabang Zapote Road in Las Piñas City.

“This move is aligned with the company’s midterm diversification strategy to generate revenue streams from its investment properties. By developing these three properties with reputable partners in the real estate industry, SBS intends to take advantage of opportunities in the sector that will maximize share value for all its shareholders,” SBS Vice-Chairperson and Chief Financial Officer Aylene Y. Sytengco said.

On Friday, shares of SBS at the stock exchange dropped 0.46% or two centavos to end at P4.31 apiece. — Revin Mikhael D. Ochave

Index inclusion, earnings report lift Converge’s share price

NEWS of Converge ICT Solutions, Inc.’s planned inclusion in the 30-member benchmark Philippine Stock Exchange index (PSEi) and the release of its second-quarter earnings report, made the firm the second most actively traded stock last week.

A total of P4.97-billion worth of 180.32 million Converge shares were traded between Aug. 9 and 13, data from the local bourse showed.

Converge shares finished at P27.35 apiece on Friday, up 2.6% from P26.65 a week ago and its highest closing price since the company’s initial public offering (IPO) on Oct. 26, 2020. Since the start of the year, the stock’s closing price has gone up by 81.4%.

“Converge’s price movement was attributable to two things: the index rebalancing and its [second-quarter] earnings results. Its early inclusion to the index took the market by surprise, therefore boosting Converge’s share price as investors bought it up prior to the effective date of its inclusion to the index,” Regina Capital Development Corp. Equity Analyst Anna Corenne M. Agravio said in an e-mail.

“This rebalancing-fueled rally was also further boosted by Converge’s upbeat earnings reports — which exceeded analyst estimates,” she added.

COL Financial Group, Inc. Research Analyst Adrian Alexander N. Yu shared the same assessment in a separate e-mail: “Following the announcement of [Converge’s] inclusion, its shares rose by 14.4% [last Friday] from P23.9 per share prior to its surprise inclusion,” he said.

The Philippine Stock Exchange announced earlier this month the inclusion of Converge and AC Energy Corp. in the PSEi following its regular review of the 30-member benchmark index and sectoral indices, replacing DMCI Holdings, Inc. and Emperador, Inc. These changes took effect today. 

Moreover, Converge reported last Thursday its earnings results for the second quarter wherein its attributable net income more than doubled to P1.70 billion during the period from P685.10 million in the same three months last year. This brought its attributable net income to P3.25 billion in the first half from P1.26 billion in 2020’s comparable six months.

Total revenues for the quarter climbed 80% to P6.2 billion, Converge said in its quarterly report. For the first-half, total revenues reached P11.78 billion from last year’s P6.49 billion.

“Over the past few quarters, Converge has been able to sustain its aggressive subscriber acquisition, adding an average of 40,000 to 50,000 net subscribers per month. Moreover, with their growing scale, they have been able to improve operating leverage and bring down costs such as bandwidth and leased-line expenses,” COL Financial’s Mr. Yu said.

“Both the topline growth and margin expansion have been driving their robust bottom line results and greatly contributed to the strong financial performance of the company,” he added.

Mr. Yu forecasts the company’s revenues and net income for this year to reach around P24.9 billion compared with the previous year’s P15.65 billion as the firm continues to add more users to its fiber network. Meanwhile, he estimates net income to reach P6.3 billion this year from P3.4 billion last year.

“Despite already seeing rapid growth in the previous quarters, management believes that there is still room for growth in the underserved and underpenetrated fiber broadband market of the Philippines. On top of their strong topline growth, margins are expected to remain elevated as Converge benefits from economies of scale,” he said.

For Regina Capital’s Ms. Agravio: “Converge’s earnings performance has been outperforming the industry average since it is still aggressively expanding its operations across the country. On top of this, the pandemic has also boosted the demand for its services,” she said.

“Revenues and net income will likely sustain their double-digit growth for the full year,” she added.

Ms. Agravio said for this week, the stock may experience a “post-rebalancing correction” but that any downturn “will likely be minimal.”

“In the midterm, Converge will likely sustain its uptrend, which it hasn’t broken out of since its IPO,” Ms. Agravio added.

She pegged the stock’s support and resistance levels at P25 and P29, respectively.

For COL Financial’s Mr. Yu, there should be “minimal resistance from a technical perspective” given the stock closed near its all-time high of P27.35 per share, but noted the stock reached an intraday high of P29.05 per share prior to being sold down during last Friday’s close.

“With regards to support, we believe that strong support should be found in the P23-24 per share area as Converge was recently trading within the band prior to its surprise inclusion in the PSEi index,” he noted. — Nadine Mae A. Bo

Possible lockdown extension seen damaging to poultry industry

A POSSIBLE extension of the strictest quarantine settings will be very damaging to the poultry industry especially for small producers, an industry association said.

Elias Jose M. Inciong, United Broiler Raisers Association president, said the possible extension and rising coronavirus disease 2019 (COVID-19) cases do not bode well for consumption.

“It will be hard on the industry especially the small and medium enterprises (SMEs). Normally, prolonged disruptions cause industry concentration,” Mr. Inciong said in a mobile phone message.

Mr. Inciong said poultry producers will also need to deal with increasing production costs.

Citing data from the Philippine College of Poultry Practitioners, Mr. Inciong said the average farmgate price of yellow corn in July was at P17.8 per kilogram (/kg), higher than the P16.5/kg recorded in June.

“The big corporations have the finances to ride out that kind of lockdown. In fact, it benefits them as it kills their competition.  For ordinary producers, it can be a fatal or very damaging experience,” Mr. Inciong said.

There have been calls to extend the enhanced community quarantine (ECQ) in Metro Manila as a result of surging COVID-19 cases. Metro Manila was placed under ECQ between Aug. 6 and Aug. 20.

However, business groups such as the Employers Confederation of the Philippines are opposing the extension to preserve jobs and keep the economy from sustaining further damage.

Philippine Egg Board Association Chairman Gregorio A. San Diego, Jr. said eggs are currently in surplus due to lower consumption coupled with increased production.

“Egg production went up due to the increased number of layer breeders,” Mr. San Diego said in a mobile phone message.

Mr. San Diego said the lowest farmgate prices for chicken eggs monitored by the group was below P3 for small eggs and below P4 for medium eggs.

“This is compared to the price of more than P5 for medium eggs at the high and more than P4 for small eggs. Another problem is the high cost of feed right now such as yellow corn. Around 50% of feed by volume is yellow corn,” Mr. San Diego said.

 “The wholesale price varies depending on the inventory of egg farms. But the prices go down due to old eggs. The government should regulate the entry of layer breeders,” he added.

The Philippine Statistics Authority estimated that the value of production in the agriculture sector fell 1.5% in the second quarter after output from the livestock and fisheries subsectors dropped 19.3% and 1.1%, respectively.

Meanwhile, production of the poultry subsector rose 2.5% while crop output increased 3.1%. — Revin Mikhael D. Ochave 

Ram 1500 Rebel Crew Cab

PHOTO FROM AUTO NATION GROUP

THE AUTO NATION Group (ANG), official distributor and service provider of Ram in the Philippines, has announced the local availability of the Ram 1500 Rebel Crew Cab. Priced at P4.09 million, the full-size pickup model follows the release of the Ram 1500 Laramie Crew Cab sometime back.

The Rebel highlights Ram’s class-exclusive Ram Box Cargo Management System that “can serve as an icebox storage for beverages and frozen food” or even objects that can prove challenging to fasten or tie down to an average truck bed such cables, fishnets, tripods against tripods, etc. ANG said in a release that the Ram Box is most convenient for segregating objects and makes it possible to easily store and secure items.

Under the hood of the pickup is a 5.7-liter V8 HEMI MDS VVT engine generating 395hp (at 5,600rpm) and 555Nm (at 3,950rpm). This is mated to an eight-speed automatic transmission. The Rebel gets 18 x 8 mid-gloss black wheels, off-road fenders, tow hooks, and Bilstein performance shocks in the front and rear for all-terrain comfort. An electronic locking rear axle furthers its off-roading ability. Illuminating its surroundings are LED headlamps, tail lamps, and fog lamps.

A Rebel can also be distinguished through its two-tone exterior paint, and matte-black accents painted in the Ram logo. It receives tubular side steps, front and rear steel bumpers, and dual exhaust.

Inside the Ram 1500 Rebel is a huge 12-inch Uconnect touchscreen display and a seven-inch TFT colored cluster display. Ram says it is one of the pioneers of the large touchscreen in the segment. For more information, visit https://www.ram.com/ph/en.

Poet and dramatist Virginia Moreno, 98

POET, dramatist, educator Virginia R. Moreno

POET, dramatist, educator Virginia R. Moreno passed away in the morning of Aug. 14. She was 98.

Virginia Reyes Moreno was born on April 24, 1923 in Tondo, Manila. She studied Philosophy at the University of the Philippines where was the editor of the campus newspaper. She pursued further studies as a Fulbright scholar at the Kansas Institute of International Education in the United States. While there, she also received a Creative Writing fellowship from the Rockefeller Foundation.

In her career as a writer, Ms. Moreno wrote many acclaimed poems, plays, and books. In 1956, she wrote the play Straw Patriot (1956) which was translated into Filipino as Bayaning Huwad by Wilfredo Pascua Sanchez in 1967.  In 1969, Ms. Moreno’s full-length play The Onyx Wolf (also known as La Loba Negra and Itim Asu) won the National Historical Playwriting Contest; the following year, it was adapted into a ballet by Ballet Philippines, featuring National Artist for Dance Alice Reyes. In 1972, her first collection of poems, titled Batik Maker and Other Poems, won first prize at the Carlos Palanca Memorial Awards.

Ms. Moreno was the founding director of the Film Center at University of Philippines. She also served as the chairman of the UNESCO Culture Committee of the Philippines.

In 1991, she was conferred as a Chevalier of the Order of Academic Palms in France — a badge and recognition given to those with distinguished contributions in education and culture.

Tributes poured out on social media.

Award-winning fictionist Susan Severino Lara said, “Goodbye to the preternatural poetess and host to our countless literary events, poetry readings, soirees at her iconic place, Cafe Orfeo.”

Filmmaker Raymond Red wrote, “Farewell, rest in peace, the poet, our mentor, the genius behind the UPFI Film Center, Virginia Reyes Moreno.”

Filipino author and translator Beverly “Bebang” Siy recalled an encounter with the late writer on Facebook, “Early 20s ako nang una ko siyang makita. Nalimutan ko na kung saan. Una ko siyang nakita bago nabasa. Pero di ko na siya nalimutan mula noon, kasi nga the way the writers, na mga lodi ko, meet her up at the doorway… nagpupumiglas ang kanilang enerhiya (I was in my early 20s when I first saw her. I do not recall where. I first saw her before I read her works. But I never forgot her since then, because of the way the writers, who were my idols, meet her up at the doorway… they were trying to get a grip of their energy),” she wrote.

“Akala mo ay may diyosang bumaba sa lupa. At tama nga ako ng akala. Hanggang sa muli po, Mam Virginia Moreno. Maraming maraming salamat sa inyong buhay at mga akda (I thought a goddess came down to earth. What I thought was right. Until then, Ma’am Virginia Moreno. Thank you very much for your life and works),” she added.

Television director Noel A. Añonuevo, who was a student of Ms. Moreno at the University of the Philippines where she taught Humanities, wrote on Facebook: “Paalam, Virginia Reyes Moreno aka Aling Barang. ‘Twas a life well lived, you feisty woman.”

Ms. Moreno was the sister of renowned couturier Jose “Pitoy” Moreno, Jr. who passed away in 2018.

Online memorial and tribute details will be posted at www.facebook.com/morenovirginiar.

How do minimum wages compare across regions when accounting for inflation?

How do the minimum wages compare across regions when accounting for inflation?

How PSEi member stocks performed — August 13, 2021

Here’s a quick glance at how PSEi stocks fared on Friday, August 13, 2021.

Peso may rebound on upbeat remittance data

BW FILE PHOTO

THE PESO may appreciate this week on the back of expected upbeat remittance data, although market players will watch out for the announcement of fresh restriction measures and monitor the country’s coronavirus disease 2019 (COVID-19) situation.

The local unit closed at P50.481 per dollar on Friday, depreciating by 9.1 centavos from its Thursday finish of P50.39, based on data from the Bankers Association of the Philippines.

It also weakened by 8.1 centavos from its close of P50.40 versus the dollar on Aug. 6.

The peso weakened due to market concerns over the possibility of an extended lockdown, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Meanwhile, UnionBank of the Philippines, Inc. Ruben Carlo O. Asuncion attributed the peso’s depreciation last week to demand for safe assets like the dollar amid rising COVID-19 infections and data showing the economy’s recovery was dented in the second quarter.

The Philippine Statistics Authority on Tuesday reported that the economy exited recession after 15 months as gross domestic product (GDP) expanded 11.8% in the second quarter, mainly due to base effects from the record 17% decline a year earlier. This brought first-half growth to 3.7%, still below the government’s 6-7% target.

However, GDP fell by 1.3% quarter on quarter in the April to June period against the first three months of 2021, reflecting the impact of the lockdown in March to April.

For this week, Mr. Asuncion said positive expectations on upcoming remittance data may provide support for the peso. June remittance data are scheduled to be reported by the Bangko Sentral ng Pilipinas (BSP) on Monday.

In May, cash remittances rose 13% to $2.382 billion from $2.106 billion a year earlier. It marked the fourth month of inflows rising from year-ago levels and is also the fastest growth pace since the 18.5% in November 2016.

Cash remittances rose 6.3% to $12.28 billion for the first five months of 2021 from $11.554 billion in the same period of 2020. The BSP projects inflows to rise by 4$ this year after the 0.8% decline in 2020.

Meanwhile, Mr. Ricafort said investors will continue to monitor COVID-19 cases while awaiting the government’s decision on whether the lockdown will be extended beyond Aug. 20.

COVID-19 cases in the country rose by 14,249 on Saturday to bring the total active infections to 98,847, based on data from the Department of Health. This was the highest daily tally since the 15,310 logged on April 2.

Business groups including the Employers Confederation of the Philippines, Philippine Chamber of Commerce, and Financial Executives Institute of the Philippines opposed the idea of a possible lockdown extension, citing its adverse impact to the economy.

For this week, Mr. Ricafort gave a forecast range of P50.20 to P50.60 per dollar, while Mr. Asuncion expects the local unit to move within P50.10 to P50.50. — L.W.T. Noble

Volatility to continue as COVID-19 cases climb

PHILIPPINE STAR/KRIZ JOHN ROSALES

PHILIPPINE shares are expected to remain volatile, with the market closely watching the country’s coronavirus disease 2019 (COVID-19) infection rates and its progress on the vaccination program.

The bellwether Philippine Stock Exchange index (PSEi) shed 236.38 points or 3.6% to close at 6,320.19 on Friday, while the broader all shares index lost 82.99 points or 2.04% to end at 3,976.94.

Week on week, the PSEi likewise declined by 219.72 points from its 6,539.91 finish on Aug. 6.

“[The] market [reflected] the MSCi rebalancing adjustments ahead of the month-end implementation of the index weightlifting,” First Metro Investment Corp. (FMIC) Head of Research Cristina S. Ulang said in a Viber message on Friday.

“Market corrected substantially on rebalancing to take effect on Monday, Aug. 16,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message on Friday, referring to the PSEi.

AC Energy Corp. and Converge Information and Communications Technology Solutions, Inc. will be replacing DMCI Holdings, Inc. and Emperador, Inc. in the PSEi following a review.

“Possible fears of a longer lockdown [also affected market sentiment] as infection rates remain high at five digits, while [the] healthcare system is overwhelmed from labor, as well as utilization,” Mr. Pangan said. “Market will continue to be volatile depending on the progress of infection rates, as well as vaccine rollout.”

On Saturday, the country recorded the second-highest daily COVID-19 tally since the pandemic began with 14,239 new infections and a positivity rate of 24.9%. This brought the country’s case tally to 1,727,231. A total of 98,847 are active.

Despite some areas being under the enhanced community quarantine until Aug. 20, the Health department has allowed vaccination programs to continue. Some vaccination centers in Metro Manila have begun operating 24 hours to speed up the country’s vaccination drive as infections continue to rise.

As of Aug. 8, 24,479,750 COVID-19 jabs have been administered in the country, with 11,391,969 fully vaccinated.

“The expected further increased rollout of COVID-19 vaccines in the coming weeks or months, especially in [the third quarter] and/or [the fourth quarter], towards population protection and then towards herd immunity, in able to better justify any further measures to reopen the economy eventually, thereby would help support better economic recovery prospects as well as investment valuations,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail.

Diversified Securities’ Mr. Pangan expects the market to trade between 6,000 to 6,500 this week.

“Buying interest will again emerge when [the] market approaches [the] 6,100 to 6,200 [range],” FMIC’s Ms. Ulang said.

“It’s a market busy with the trading range of 6,200 to 6,600 spiced up with foreign buying and that’s what makes it profitable for traders and short-term investors,” she added. — Keren Concepcion G. Valmonte

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