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Peso to climb on expectations of strong local data

THE PESO is expected to appreciate this week, to be supported by local data releases, including inflation and trade balance.

The local unit closed at P49.55 versus the dollar on Friday, appreciating by 18 centavos from its P49.73 finish on Thursday, data from the Bankers Association of the Philippines showed.

The peso also strengthened by 37 centavos from its P49.92 close on June 26.

The market favored the peso over the dollar amid a continued surge in infections in the US, said Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, Inc.

“The dollar weakness comes from investors still weighing signs of increasing COVID-19 (coronavirus disease 2019) infections in the [world’s] biggest economy, potentially hurting quick recovery hopes,” Mr. Asuncion said in a text message.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso was supported by prospects of a vaccine for the virus and the improvements in US jobs data.

“The peso exchange rate closed the strongest in more than three years or since June 14, 2017’s close of P49.505, after stronger-than-expected US jobs data and positive developments on possible vaccine versus COVID-19 led to improved global market risk appetite,” he said in a text message.

Data from the US Labor department showed nonfarm payrolls increased by 4.8 million jobs in June, Reuters reported. This is a record high since the government started keeping records in 1939, on the back of the reopening of more restaurants and bars as restrictions have been eased.

Analysts said the peso will keep strengthening versus the greenback this week on local data.

“The peso is expected to continue its strength with economic data releases (June inflation, exports and imports) possibly providing downward pressures),” Mr. Asuncion said.

A BusinessWorld poll of 16 economists yielded a median estimate of 2.2% for June headline inflation, within the 1.9% to 2.7% forecast range of the Bangko Sentral ng Pilipinas’ Department of Economic Research and the 2-4% target this year. If realized, the estimate would be quicker than the 2.1% pace in May but still slower than the 2.7% seen in June 2019.

Analysts said increases in oil and rice prices were the upside pressures to inflation.

The Philippine Statistics Authority will report June inflation and May international merchandise trade data on July 7 and 10, respectively.

Aside from these, the market will also watch development related to COVID-19, said Mr. Ricafort.

“Markets would also take cues on any further progress on possible vaccines versus COVID-19,” he said.

For this week, Mr. Asuncion said the peso could move around the P49.60 to P50.00 levels while Mr. Ricafort gave a forecast range of P50.30 to P50.80 per dollar. — L.W.T. Noble with Reuters

Positive economic data to lift stocks this week

PHILIPPINE SHARES may continue moving sideways this week with an upward bias as positive economic data across the world are expected to continue.

The benchmark Philippine Stock Exchange index (PSEi) picked up 8.58 points or 0.13% to close at 6,372.66 on Friday. On a weekly basis, the PSEi went up 3% to reverse the 1.95% decline in the prior week.

Value turnover rose 27% to an average of P8.48 billion. Foreign investors became net buyers with net inflows reaching an average of P1.08 billion, reversing the previous week’s average net foreign selling of P1.15 billion.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun said the positive performance in the local bourse was in line with other markets which were boosted by better-than-expected economic data.

Among these were the improvements in manufacturing data in many economies including the Philippines and the growth in nonfarm payrolls in the United States.

“The PSEi started the week lower as it moved toward its support at 5,950, but then, it quickly changed course and started moving higher as bargain hunters took advantage of low prices,” Mr. Mangun said in a market note.

In the coming week, Mr. Mangun said the market may keep its upward trajectory as June marked the third consecutive month of the PSEi’s gains.

“After last week’s performance, we may see the main index continue higher and test its next resistance at 6,600. A successful breakout above this resistance level by the end of the week will signal an even stronger move higher in the coming weeks,” he said.

For Philstocks Financial, Inc. Research Associate Claire T. Alviar, the market is likely to move sideways with investors still weighing economic recovery hopes against mounting cases of coronavirus infections in the Philippines.

“The difference between past weeks and (this) week is the optimism for the week ahead could be higher given the strong data coming offshore… This can boost investors’ sentiment as it can be viewed as the start of economic recovery,” she said in a text message.

“Here at home, recovery hopes have also started as the government eased lockdown measures, and more businesses are reopened already with additional available transportation modes,” Ms. Alviar added.

She also said investors may price in comments from Socioeconomic Planning Acting Secretary Karl Kendrick T. Chua that the gradual recovery of the local economy may start this month.

Investors will also await the June inflation report of the Philippine Statistics Authority to be released on Tuesday.

“Anticipated benign June inflation rate to be released…could add positive sentiment as this may, at least, strengthen purchasing power — helpful in the consumer stocks, as well as in the overall economy,” Ms. Alviar said.

AAA Southeast Equities’ Mr. Mangun is putting support for the market within 6,040-6,350 and resistance within 6,600-6,800. — Denise A. Valdez

Toyota gets its e-game on with GR Supra GT Cup Asia-Philippines

NOWADAYS when most sporting (and motorsports) events have been shut down by the COVID-19 pandemic, Toyota Motor Philippines (TMP) is leveraging the power of the digital medium to capture the familiar waku-doki (heart-pumping excitement) — particularly of its grassroots-level event Vios Racing Festival (VRF) — with the Philippine staging of the GR Supra Cup Asia.

With this, TMP ventures for the first time into e-motorsports. The competition is organized under Toyota’s global Gazoo Racing brand, and the company said in a release that “the virtual racing tournament aims to find the Philippines’ top esports racers who will represent the country in the Asian Regional Round in the last quarter of this year.”

It could be recalled that TMP’s long-running VRF one-make-race’s 2020 calendar had been scuttled due to the pandemic, so the GR Supra Cup Asia takes its place, albeit online, bannering the brand’s premier sports car.

Tuason Racing School (TRS) has been tapped to help stage the esporting event which boasts two classes: Promotional (for novice drivers with no professional esports background), and Sporting (for intermediate and professional e-racers). Qualified to join are Filipino gamers aged 18 and above, who will compete against other participants for a chance to represent the country against other contenders from Asia Pacific countries in the GR Supra GT Cup Asia Regional Round.

How does it work? Responding to a question from “Velocity,” the minimum requirements, according to JP Tuason of TRS, is a PlayStation 4 console, a Gran Turismo Sport game, and decent Internet service. Underscoring how easy it is to join, Mr. Tuason said that a second-hand gaming console might cost P9,000, then the game itself around P1,000. The participant also needs to register to the PlayStation Network (which will require a valid credit card, which won’t be charged). “That’s why we have an 18-and-above requirement,” he explained.

Mr. Tuason said he and the rest of the organizers are aware of Internet speed limitations in many parts of the country, so the events will be held at night when bandwidth is typically better. A faster connection also helps assure that participants won’t be disconnected from the game while it’s on.

“The qualifying rounds will start this July and will be concluded with the grand finals in August, in time for the regional competition towards the latter part of the year. To join, interested players may check out the complete mechanics and register online via toyota.com.ph/gtcup,” said TMP.

A separate class for media and celebrity partners will be created based on a different selection process by TMP. A Junior Class, where racers below 18 years old can join, will also be opened, but winners cannot qualify for the regional round in compliance with international tournament rules.

TMP President Atsuhiro Okamoto said, “This e-motorsports program will not only continue Toyota’s racing legacy, but will also discover the Philippines’ top esports talents. We are very excited to find them so they can represent the country in our international races.”

The company also announced its support to pandemic frontliners who have been working to keep road safety in check. “Our motorsports programs have always been linked with our responsible driving and road safety advocacy. The GR Supra GT Cup is no different,” declared TMP Executive Vice-President Kei Mizuguchi. “We are encouraging our racers and livestream viewers to donate any amount to be used for to provide food packs for military, police and medical frontliners deployed to man our highways and checkpoints. TMP will match the donation from racers and viewers to reach out to more frontliners. It’s our simple way of helping and thanking them for keeping us safe on the road during these challenging times.”

For more information, visit www.toyota.com.ph or check out Toyota’s official social media pages at ToyotaMotorPhilippines (Facebook and Instagram), and @ToyotaMotorPH (Twitter). — KMA

How PSEi member stocks performed — July 3, 2020

Here’s a quick glance at how PSEi stocks fared on Friday, July 3, 2020.

Lawmakers critical of Duterte join calls versus anti-terror law

OPPOSITION LAWMAKERS on Sunday joined the dissent against a stronger anti-terror measure that President Rodrigo R. Duterte enacted last week, saying it arms the government to violate human rights and stifle dissent.

“With legal challenges expected to reach it, I call on our Supreme Court to protect our democracy and invalidate this legal abomination before Mr. Duterte, and other tyrants that might follow him,” Senator Leila M. de Lima, a staunch critic of the President, said in a statement.

She said the law could “inflict further oppression and repression upon our people.”

Mr. Duterte signed the bill into law on Friday amid criticisms from militant groups and calls from his allies to review the measure.

A group of lawyers led by Howard M. Calleja asked the Supreme Court at the weekend to void the law that they said was “repugnant and perilous to the constitutional rights of every citizen.”

The Anti-Terrorism Act neither contained compelling state interests nor did it show “that the least intrusive means were undertaken,” according to an excerpt of the lawsuit posted by the lawyers on Facebook.

The group, which asked the tribunal to stop the enforcement of the law, said they sent the petition to the high court by electronic filing and would submit a printed copy on July 6.

Named respondents were Cabinet officials including the heads of the Foreign Affairs, Defense, Interior and Local Government, Finance and Justice departments.

Meanwhile, Albay Rep. Edcel C. Lagman said the law had repressive provisions. “The new Anti-Terrorism law must be cleansed of its constitutional infirmities notwithstanding the say-so of its implementors,” he said in a statement.

“It is incumbent upon the Supreme Court to use the scalpel of judicial review to excise the numerous oppressive and unconstitutional provisions of the new law in its adjudication of relevant petitions,” he added.

The law allows an anti-terror Council made up of Cabinet officials to perform acts that are otherwise reserved for courts, such as ordering the arrest of suspected terrorists. It also allows the state to keep a suspect in jail without an arrest warrant for 14 days from three days now.

It also considers attacks that cause death or serious injury, extensive damage to property and manufacture, possession, acquisition, transport and supply of weapons or explosives as terrorist acts.

“The palace will leave it to the Supreme Court to decide on these petitions and will abide by whatever the ruling is,” Presidential Spokesman Harry L. Roque said in a statement on Sunday.

National Security Adviser Hermogenes Esperon, who was also named a respondent in the lawsuit, said the government would face the legal challenge.

“Our legal team is ready and the President studied that thoroughly,” he told DZBB radio on Sunday.

Mr. Esperon said the rules that will enforce the law would contain safeguards against abuse.

The law will take effect 15 days after it is published. The rules must come out within three months.

The House of Representatives last month adopted the Senate version of the bill that it approved in February.

The measure would have lapsed into law on July 9 had Mr. Duterte failed to sign or veto it. — Charmaine A. Tadalan and Gillian M. Cortez

New COVID-19 infections hit record as lockdowns eased

THE Department of Health (DoH) reported 2,434 new coronavirus infections on Sunday — a record increase — bringing the total to 44,254.

The death toll rose to 1,297 after seven more patients died, while recoveries increased by 489 to 11,942, it said in a bulletin. DoH traced the increase in cases to the eased lockdown.

“As the country continues to ease community quarantine measures, the rise in the number of cases today may be attributed to the increased contact among the population,” it said.

Meanwhile, Health Undersecretary Maria Rosario S. Vergeire told reporters in a Viber message they would stop giving the HIV drug lopinavir/ritonavir and anti-malarial drug hydroxychloroquine to coronavirus patients, taking their cue from the World Health Organization (WHO).

The WHO said results showed that these drugs did not cut the death rate. — Vann Marlo M. Villegas

Immigration workers sacked over Wirecard

TWO IMMIGRATION workers were relieved over a false report that the former chief operating officer of German payment company Wirecard AG had entered the country in June before leaving for China.

“We’ll find out if other persons were involved, as well as their motives, once the work of the Bureau of Immigration fact-finding committee is completed,” Justice Secretary Menardo I. Guevarra told reporters via Viber on Sunday.

He said one of them was stationed at Mactan Cebu International Airport, while the other worked at the head office. They were transferred to other units pending investigation, he added.

“Once the fact-finding report shows culpability, the appropriate sanctions will be imposed,” Mr. Guevarra said.

The justice chief on Saturday said the bureau had found that Jan Marsalek did not visit the Philippines, based on CCTV footage, airline manifests and other records.

He said they were investigating people involved in encoding fictitious entries. “I will direct the National Bureau of Investigation to probe into this matter more deeply and determine possible criminal responsibility,” he told reporters in a Viber message at the weekend.

Mr. Guevarra last month said Mr. Marsalek, a dismissed board member and former chief operating officer of Wirecard, arrived in the country on June 23 and left for Cebu morning the next day based on the Immigration bureau’s central database.

However, closed-circuit television footage did not show him arriving and there was no record of any flights to China that day, he said.

Mr. Guevarra last month ordered state agents to probe people involved in the missing $2.1 billion from Wirecard.

Philippine central bank Governor Benjamin E. Diokno had said none of the German company’s missing money had entered the country’s financial system. — Vann Marlo M. Villegas

Gov’t allows bigger religious gatherings

THE GOVERNMENT would allow bigger religious gatherings to test health protocols for the coronavirus before easing the lockdown in many places around the country, according to the Justice department.

The presidential palace earlier said congregations may accommodate a tenth of their usual capacity starting July 10.

“There will be pilot dry runs in a few selected churches, mosques and temples until July 10,” Justice Secretary Menardo I. Guevarra told reporters in a Viber message on Sunday. “Thereafter, 10% attendance in all religious worships in general community quarantine areas will begin.”

Churches may voluntarily suspend worship activities amid the pandemic, he added.

The state has allowed 50% religious attendance in areas under a modified general quarantine since July 1.

Presidential Spokesman Harry L. Roque on Friday also said travel agencies could operate with a skeletal workforce to process refunds for canceled bookings.

Salons and barbershops were now allowed to operate, while professional basketball and football teams were allowed to resume practice.

Metro Manila remains under a general quarantine along with the provinces of Benguet, Cavite, Rizal, Leyte, Ormoc and Southern Leyte, and some cities in Cebu province. — Vann Marlo M. Villegas

Regional Updates (07/05/20)

More tourism areas start catering to home crowd

THE HUNDRED Islands National Park in Alaminos City is among the latest tourism sites to reopen for the local crowd as the government banks on domestic travelers to help bail out the industry that is among the most affected by the coronavirus crisis. The park reopened on July 1 for residents of Pangasinan’s 1st District at least until Aug. 31. The district is composed of the towns of Agno, Sual, Anda, Bani, Bolinao, Burgos, Infanta, Dasol, Mabini, and Alaminos City. “Health protocols and guidelines have been laid to ensure your safety, health and wellbeing during your visit,” the City Tourism Office said in a post on its Facebook page. Among the guidelines include a limit of 1,000 guests per day for the island tours, with priority to be given those who will make reservations online or via phone call. Fifteen accommodation establishments in the city have also been given a certificate to operate by the Department of Tourism. The city and the rest of Pangasinan are under the modified quarantine category, where tourism facilities are allowed to operate at 50% capacity. As of July 5, the city had six confirmed coronavirus cases, of whom four recovered, one under treatment, and one died.

PALAWAN VISIT
Boracay, the country’s most popular beach destination for both local and foreign tourists, was the first to reopen for residents of the Western Visayas Region. Tourism establishments in Panglao, Bohol have also resumed operations for the provincial market. In Mindanao, some of the areas that have reopened to local tourists include Davao Oriental, Samal, and Bukidnon. Last Friday, Tourism Secretary Bernadette Romulo-Puyat visited another tourist favorite, Palawan. Three of the most popular areas in the province — Coron, El Nido, and San Vicente — are being prepared for reopening. “The Department of Tourism sees domestic travel as the catalyst to reviving our industry. We are happy that Governor (Jose C.) Alvarez had earlier expressed his intention to reopen tourism in the province as early as possible, and we will be pleased to work with you towards recovery every step of the way,” Ms. Puyat is quoted in a statement.

Nationwide round-up

More Filipinos from Japan, Saudi Arabia arrive; repatriation count now over 68,000

NEARLY 600 overseas Filipinos from Japan and the Kingdom of Saudi Arabia arrived at the weekend, bringing the total number of repatriations since February to 68,440 as the coronavirus pandemic displaces workers and affects global travel. The most recent arrivals include 558 stranded Filipinos from Japan and Saudi Arabia who were brought home via two chartered flights on Saturday, the Department of Foreign Affairs (DFA) reported in a social media post Saturday evening. Of this, 204 were stranded tourists, students and workers in Japan, according to the Philippine Embassy there. “The 204 passengers, some coming from as far as Okinawa, departed from Narita International Airport onboard the 3rd repatriation flight organized by the Embassy,” it said in a statement. There have been 830 repatriated Filipinos from Japan, including 445 seafarers who were on board the M/V Diamond Princess and another batch of 160 stranded individuals, among others. Of the full repatriation count, 35,059 are seafarers and 33,381 are land-based workers. Meanwhile, the DFA has so far monitored 8,629 confirmed coronavirus cases involving Filipinos abroad, of whom 5,200 have recovered, 2,866 are undergoing treatment and 563 have died.

CLOSED OFFICES
In a separate development, the DFA announced its Office of Consular Affairs in Aseana in Parañaque City and NCR South in Alabang will be closed on Monday until further notice for disinfection and other health safety protocols. “Applicants who have prior appointments will be accommodated as soon as these offices resume operations,” the department said. — Charmaine A. Tadalan

Filipinos still banned from foreign travel for leisure, business

THE BUREAU of Immigration (BI) reminded the public that travelling abroad for leisure, or even business, is still prohibited. “We want to emphasize and reiterate that Filipinos are still prohibited from leaving the country unless they are Overseas Filipino Workers, holders of study visas or permanent residents in the country of their destination,” Commissioner Jaime H. Morente said in a statement on Sunday. The reminder was issued after six Filipinos bound for Cambodia via a chartered flight were barred from travelling. Port Operations Division Chief Grifton SP. Medina said the six passengers were offloaded from the flight after telling immigration officers that they are going there for a business meeting. BI said there were several other instances of Filipino tourists who were stopped from boarding their flights at the international airport in Manila given restrictions due to the coronavirus crisis. “These travel restrictions are only temporary and we should always bear in mind that the government implemented these measures to protect our countrymen against this deadly coronavirus,” Mr. Medina said. The country has been under quarantine since mid-March to contain the spread of the virus. — Vann Marlo M. Villegas

POEA adapts online submission for overseas worker agencies

EMPLOYMENT AGENCIES for overseas workers are now required to submit online the requirements for license renewal and application while actual inspections are suspended amid the coronavirus crisis. The Philippine Overseas Employment Administration (POEA) announced the policy through Advisory No. 90 dated July 3. Apart from sending via e-mail, another option is leaving hard copies of the required documents in designated drop boxes at the POEA office lobby. The new rule applies to agencies of both land-based and sea-based workers. “(T)he ocular inspection/assessment of landbased and seabased agencies, including applicant-companies, undertaken by the Inspectorate of the Licensing branch and the POEA Regional Offices have been temporarily suspended,” the agency said. POEA will validate the documents after the suspension is lifted. — Gillian M. Cortez

No more Bayanihan grants to LGUs after low usage rate of 15%

LOCAL GOVERNMENT units (LGUs) have used only P5.5 billion of their one-time grants to support their coronavirus disease 2019 (COVID-19) containment efforts, a Budget official said, adding that no more additional funding will be provided.

Undersecretary Laura B. Pascua told BusinessWorld that counting by liquidation reports, only 14.86% has been used of the P37-billion Bayanihan grant program.

“The largest part of the fund was used by LGUs for food assistance and medical supplies,” Ms. Pascua said via Viber last week.

She said LGU constituents were also benefiting from the social programs of the national government, including those implemented by the social welfare, health and labor departments.

“There is no plan to give additional funds to LGUs aside from their IRA (internal revenue allotment) for this year, and the funds under Local Government Support Fund (LGSF),” Ms. Pascua added.

In a hearing by a House of Representatives committee last week, Acting Socio-economic Planning Secretary Karl Kendrick T. Chua said that LGUs have sufficient funds to respond to the pandemic as the usage rate of their Bayanihan grants is still “really small.”

However, Bataan Second District House Rep. Jose Enrique S. Garcia III said the funds were difficult to utilize as LGUs because of the limited spending areas eligible for funding.

“I think the problem with the downloaded funds for the LGUs is may menu, limited lang din kasi ‘yung pwede nilang gamitin with the menu… parang nasa health lang ‘yung menu eh, so talagang hindi ganun kadaling i-utilize (LGUs were limited by the menu, which mostly allows health expenses, and that makes the grant not easy to utilize,” Mr. Garcia said at the same hearing.

The Department of Budget and Management (DBM) in mid-April released to LGUs the one-time financial aid worth P30.8 billion to cities and municipalities and P6.2 billion to provinces. The amount is equivalent to one month of their IRA, or their share of the national taxes, for cities and municipalities and half a month’s worth for the provinces.

The grant is meant to boost LGUs’ war chest against COVID-19 pandemic, which can only be used during the six-month period of state of calamity that started on March 16. If not extended, the state of calamity across the country will end by September.

Among the items where the Bayanihan grant can be used are personal protective equipment; test kits; medical supplies, tools and equipment; food, transportation and accommodation expenses for health workers and other personnel of public hospitals; construction, repair or rental of additional establishments to accommodate COVID-19 patients or those for monitoring; training of personnel and other COVID-19-related expenses of the local government and the hospitals it operates.

The DBM said the funds cannot be used for cash assistance programs; personnel services expenditures such as salaries; administrative and traveling expenses; registration fees for training, seminars and conferences; furniture, fixtures, equipment or appliances for administrative offices, and motor vehicles, including ambulances.

Unutilized funds will be remitted back to the national treasury. — Beatrice M. Laforga

Senate to legislate bad loan transfers from banks via separate bill

THE Senate will legislate bank bad loan transfers to asset management companies in a separate bill, rather than as an amendment to the Bayanihan 2 bill, the head of the chamber’s finance committee said Sunday.

Senator Juan Edgardo M. Angara said among the amendments proposed by the executive department is the measure that will unburden the banking system of bad loans in the Bayanihan 2 bill.

“Dun sa pinadala na gusto pa nilang dagdagan, ‘yung iba baka gawin na lang separate measure tulad ‘nung tinatawag na FIST bill (Financial Institutions Strategic Transfer) (Among the proposed amendments, we might have to file a separate measure for FIST),” he said over DZBB radio Sunday.

“I think ididinig na po ‘yun ng banks committee ni Senator Grace (It’s still being heard by Senator Grace’s banks committee),” according to Mr. Angara, who is also vice chairman of the banks, financial institutions and currencies committee. He was referring to Sen. Grace Poe-Llamanzares, who chairs that committee.

The proposed amendments also included minor changes to the Bayanihan 2 bill, which Mr. Angara said it will be tackled in the bicameral conference committee, as the measure has been approved on second reading.

Bayanihan 2, also known as Senate Bill No. 1564, hurdled second reading on June 3, but was not able to obtain final-reading approval immediately in the absence of notice from Malacañang certifying it as an urgent measure. Non-urgent measures need a gap of three days between second and third readings, while urgent measures may be passed on third reading on the same day as the second.

Mr. Angara said the FIST legislation is similar to the Special Purpose Vehicle Law, enacted in 2002 in the wake of the Asian financial crisis.

“Maraming gipit na negosyo, dapat mabigyan ng puwang sa pagbabayad ng utang, at para naman ma-incentivize o ma-encourage ‘yung ating mga bangko na gawin ‘yan (There are many businesses in financial distress that need debt relief, and we need to give banks incentives to do so),” he said.

“Tanggalin o luwangan natin ‘yung mga regulasyon sa mga bad loans o non-performing loans. (That will involve the removal or easing of many rules on bad loans or non-performing assets),” he added.

The House of Representatives approved its version of the measure, House Bill No. 6816, on final reading on June 2.

The House version provides that transfers of non-performing assets from financial institutions to asset-management companies are exempt from documentary stamp tax, capital gains tax, value-added tax and creditable withholding income tax.

Rizal Commercial Banking Corporation Chief Economist Michael L. Ricafort said if passed, the measure will provide “greater flexibility” for banks to unload bad loans and focus on lending further to keep the economy afloat.

“The FIST Bill when signed into law provides greater flexibility/leeway for banks to unload NPLs and ROPAs (real and other properties acquired), so banks can better concentrate on increasing/expanding their lending activities as well as better service their deposit and loan clients,” he said in an e-mail.

“The FIST Bill would help support the overall economic recovery program by ensuring the continued financial strength/resilience of the banking system after the COVID-19 lockdowns.” — Charmaine A. Tadalan

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