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Central bank sets rules for lenders’ management of reputational risks

BW FILE PHOTO

THE CENTRAL BANK on Tuesday released guidelines for managing reputational risk to strengthen financial institutions’ guard against events that could impact their financial standing and affect stakeholder confidence.

Circular No. 1114 signed by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno on April 16 sets rules for both banks and nonbank financial institutions, assigning responsibilities to officials and employees in monitoring reputational risks.

The guidelines define reputational risk as those that could affect earnings, capital and liquidity due to negative perception on the financial institution and adversely impact their business relationships and hinder new venture establishments or continuous access for funding

These risks could be caused by customers, shareholders, investors, employees, market analysts, the media, and other stakeholders, including regulators and government agencies.

“A BSP-supervised financial institution is expected to adopt a reputational risk management framework that is commensurate to its size, nature and complexity of operations, overall risk profile, and systemic importance,” the circular said.

The central bank said financial institutions that are part of a group or a conglomerate are prone to getting affected by reputation events involving their parent firms or other members of the conglomerate.

It also stressed that timeliness of response and crisis preparedness could determine the magnitude of the impact of reputational risks.

“Poor or delayed response to a crisis can increase reputational damage than the event itself, and possibly lead to a liquidity crisis/ and or major disruptions to operations,” the BSP said.

“Meanwhile, effective and timely crisis management arrangements, including stakeholders and media communications, could quickly allay stakeholder fears, regain their trust, and even enhance reputation,” it added.

The central bank said financial institutions may be affected by perceptions of stakeholders in the areas of corporate and risk governance, personnel/management ethics and integrity, staff competence, organizational culture, business practices, product and service quality, employee and customer relations, financial soundness or business viability, and legal or regulatory compliance.

“A clear understanding of various sources of reputational risk and how these may impact the institution is crucial in determining the approach to manage reputational risks,” it said.

The regulation assigns banks’ board of directors and trustees with the responsibility to implement adequate oversight in relation to an institution’s strategic direction, key policies, risk appetite, and overall governance framework. They should ensure an independent party periodically assesses and reviews the institution’s reputational risk management tools are operating as intended.

Meanwhile, senior management officials are expected to be in charge of training and communication programs that are in line to preserving and promoting reputational risk management.

Individual business units of financial institutions, as well as departments attending to risk management function, compliance, internal audit, and the crisis management team are likewise expected to carry out their duties to preserve reputation and prevent events from having material impact on the institution’s stability and standing.

Financial institutions are expected to implement mechanisms meant to monitor reputational risks which could be through early warning indicators such as volume of complaints, number of negative news, number of violation of laws or regulations, and codes of conduct with material penalties or sanctions for non-compliance.

The circular also requires BSP-supervised financial institutions to alert the central bank within five calendar days from the date of determination about any reputation event affecting them. They are given a one-year transitory period to fully comply with the circular.

“Results of monitoring activities shall be regularly reported to the board and senior management in a timely manner and in sufficient detail to aid in their decision-making,” the central bank said.

Last week, the BSP released Circular 1112 which requires banks to tighten their know-your-employee process by tightening hiring process and performance management and screening applicants in relation to previous BSP records. — Luz Wendy T. Noble

Holcim records 15% drop in co-processing of waste amid pandemic

COMPANY HANDOUT

GEOCYCLE, the waste management unit of Holcim Philippines, Inc., has co-processed more than 100,000 tons of waste last year, a 15% drop due to operational challenges caused by the pandemic, the listed firm said.

“The combined volumes of plastics and biomass co-processed as alternative fuels reached over 100,000 tons in 2020, but declined from 2019 levels by 15%,” Holcim told BusinessWorld in an e-mail on Tuesday.

The building solutions provider previously said that in 2019, it had used up over 170,000 tons of waste materials, including non-recyclable plastics, for its co-processing operations. It was able to avoid using coal for 38 days, which led to lower carbon emissions and reduced fuel costs that year.

Co-processing recovers mineral or energy properties of qualified waste materials while simultaneously producing cement, according to the Environment department’s “Guidelines on the Use of Alternative and Raw Materials in Cement Kilns.”

Holcim clarified that the process is different from waste incineration, which is not authorized for use in the country.

“With incineration, the process is meant to destroy waste by combustion, generating bottom ashes and fly ashes which are hazardous waste. Both wastes have to be managed and represent up to 20% of the initial stream,” Holcim said.

“With co-processing, the intent is to reuse suitable wastes from various streams which, after pre-treatment, become alternative fuel or alternative raw material with specific quality ranges [that are] compatible with the manufacturing of cement,” the firm added.

Holcim said that co-processing also allows the firm to reduce carbon dioxide emissions, contribute to the country’s waste management, and save raw materials while producing high-quality building materials.

In a Trade department webinar in March, Geocycle Project Manager Jon Alan M. Cuyno said the unit had reduced the amount of plastic waste that would otherwise end up in landfills, rivers and oceans.

On its website, Geocycle said that it has co-processing facilities located at La Union, Bulacan, Misamis Oriental, and Davao.

Holcim posted a net profit of P1.04 billion in the fourth quarter, lower by 39.4% from a year earlier due to a drop in sales. Its net sales slid by 26.2% to P7.24 billion from October to December.

Holcim shares at the local bourse inched down by 1.58% or nine centavos to close at P5.59 apiece on Tuesday. — Angelica Y. Yang

Christie’s to auction ‘highest-estimated Asian artwork’ in Hong Kong

XU BEIHONG, Slave and Lion — CHRISTIES.COM

HONG KONG — Auction house Christie’s unveiled on Monday what it called “the highest-estimated Asian artwork” to ever go under the hammer, a Xu Beihong painting called Slave and Lion, which it expects to fetch between $45 million and $58 million.

The 1924-dated painting by Mr. Xu, who is regarded as one of the most important figures of Chinese realism, will go on public preview in Beijing and Shanghai this month before being auctioned in Hong Kong on May 24.

The painting was sold in the global financial hub in 2006 at Christie’s for HK$53.9 million ($6.9 million), a record at the time for a Chinese oil painting.

“The market at the very top is very strong; (there is) a lot of demand, extremely driven by rarity, which is exactly what this work is about,” Christie’s Asia Pacific President Francis Belin said.

The story behind the painting is rooted in Roman mythology, according to Christie’s presentation.

A runaway slave was captured and, as punishment, thrown into the Colosseum with a lion. But the animal did not attack the slave, who had earlier removed a thorn stuck in the lion’s paw. The slave and the lion were eventually set free. —  Reuters

To cope with chronic stress, turn to nature (even fake plants will do)

LOOKING AT IMAGES of the great outdoors on your computer monitor, tending a fake plant, and listening to birds chirping through headphones can help deal with chronic stress. “Nature is the cheapest and most effortless thing you can do to improve the stress response,” said Dr. Stanley A. Chua, a certified practitioner of functional medicine.

“Exposure to sunlight is really important, although this is a big problem this pandemic, especially for those who are stuck in condos and aren’t able to go to the common areas,” he added in a stress management webinar organized by BioBalance Wellness Institute.

The good news is that multiple studies have shown that experiencing simulated nature — photos, 3D images, and virtual reality — “induces a more physiological relaxing state.” (See, among others, Jo, Hyunju et al. “Physiological Benefits of Viewing Nature: A Systematic Review of Indoor Experiments.” International Journal of Environmental Research and Public Health vol. 16,23 4739. 27 Nov. 2019, doi:10.3390/ijerph16234739)

Aside from visualizing tranquil scenes, Dr. Chua suggested reducing stress by going for a walk (if possible), adopting an active hobby like gardening, dancing, journaling, expressing gratitude, being creative, spending time with a supportive network, and body scanning meditation.

CHRONIC STRESS
Stress is a normal reaction, even beneficial under the right circumstances. “Stress can be good, as in moderate exercise, or when we’re given new tasks at work because it encourages us to learn,” said Dr. Chua, who advocates personalized care for chronic disease combined with lifestyle and behavioral interventions.

This normal human reaction becomes bad, he continued, when it persists for prolonged periods (as in this pandemic), or when individuals become so overwhelmed they can’t anymore function as usual.

Repeated activation of the stress response takes a toll on the body over time. Chronic stress contributes to high blood pressure, promotes the formation of artery-clogging deposits, and causes brain changes that may contribute to anxiety, depression, and addiction, according to Harvard Health in a July 2020 article.

Signs of poor stress response include reliance on stimulants like coffee, an increased need for sugary or carbohydrate-rich food, alcohol dependence, sleep deprivation, and a lack of enriching social connections.

Chronic stress may contribute to obesity, both through direct mechanisms (causing people to eat more) or indirectly (decreasing sleep and exercise). “Try to eat healthy despite your unhealthy cravings. When you’re stressed, nutrient depletion is accelerated, which snowballs the stress response,” Dr. Chua added. “Eating healthy also helps regulate bowel movement, which in turn helps excrete excess hormones and reduce the toxic burden on the body.”

CALMING AGENTS
Individuals may also opt to take supplements, said Dr. Chua, who mentioned adrenal adaptogens such as ashwagandha (also known as Indian ginseng), nutraceutical support such as vitamin B complex and vitamin C, and calming agents such as chamomile.

“Before using narcotic sedatives, you can try melatonin first — but with the guidance of a healthcare professional,” said Dr. Chua. “If the stressors are always there, however, then these supplements will not work as well as they should.”

Restoring proper stress response is, among other things, a matter of dealing with emotions as needed and not letting these linger. Dr. Chua said that when one’s quality of life is already significantly affected, then it’s time to ask for help.

“If you can’t function at work and if you can’t sleep at night, then it’s time to seek professional help. It’s not wrong to seek help early on,” he added, “although I would reserve the need to use drugs towards the latter part of the treatment, and not as a first step.” — Patricia B. Mirasol

Life insurers’ premium income up 6%

PHILSTAR

THE OVERALL premium income of the life insurance industry inched up by 5.9% in 2020 despite the coronavirus pandemic’s impact on overall sales, data from the Insurance Commission (IC) showed.

The industry saw its premium earnings go up to P247.72 billion last year from P233.92 billion in 2019, the IC said in a statement on Tuesday, citing reports from 31 life insurance companies in the country.

The increase mainly came from the 7.7% growth in the premium income from variable life insurance products, which rose to P183.2 billion last year from P170 billion in 2019. Single premiums and renewal premiums went up by 19.72% and 13.58%, respectively.

Meanwhile, premiums written in traditional life policies inched up by 1.09% to P64.48 billion in 2020 from P63.78 billion in 2019, largely from the 13.7% growth in renewal premiums.

“It has been observed by the financial sector leaders that generally the savings of the middle-class sector grew due to restraints in consumer spending because of the pandemic,” Insurance Commissioner Dennis B. Funa said in a statement.

The life insurance industry saw its paid-up capital jump by 7.66% to P25.28 billion in 2020.

The regulator attributed this to higher investments of companies both in traditional and segregated businesses, which grew by 6.5% to P1.48 trillion in 2020 from P1.39 trillion the year prior.

This pushed the sector’s combined assets to hit P1.53 trillion in 2020, up 7.7% from P1.42 trillion in 2019.

Despite higher overall premiums written, however, the industry’s total sales measured through new business annual premium equivalent (NBAPE) still declined last year because of the limited face-to-face selling that agents could do during the coronavirus pandemic.

The IC said life insurers’ NBAPE fell by 19.8% to P46.2 billion last year from P57.6 billion in 2019.

“The industry grappled with the on-and-off quarantine and lock-down measures, and the fact that we were unable to continuously offer insurance agents’ examinations greatly hampered the production of insurance companies,” Mr. Funa said.

The regulator said NBAPE is computed by adding the value of first year premiums from products newly sold in a certain year and 10% of single premiums written.

The regulator said it is expecting that the pandemic’s impact on the industry last year to taper off this year, especially once the government’s mass vaccination program gains traction in the second half.

“It will be interesting to see the impact of the shift from face-to-face selling to remote selling via videoconferencing technologies in the sale of insurance products, which was already institutionalized in the Circular Letters issued by the IC,” Mr. Funa said.

“Also, we also hope to see the impact of the increased awareness of the importance of having life insurance as a way to provide security and peace of mind amid the threats of the COVID-19 pandemic to the lives and health of the Filipino people,” he added. — BML

AboitizPower to use data science for planned energy trading platform

ABOITIZPOWER.COM

LISTED Aboitiz Power Corp. said on Tuesday that it is harnessing data science to develop a new energy trading platform and other tools to improve its processes and services.

In a press release, the firm said that its commercial operations business unit made “significant strides in innovating and adopting data science practices.” The unit is in charge of trading and selling the company’s energy generation capacities.

AboitizPower said the business unit has been “working on a new energy trading platform that uses advanced analytics and trading optimization technologies to support its trading operations, further enhancing data analysis and efficiency wherever possible.”

It said the system will ensure that the company’s generation facilities trade power with high levels of accuracy, comply with stringent market rules, and optimize margins based on data-driven trading strategies.

In a separate e-mail on Tuesday, AboitizPower told BusinessWorld that the project is divided into modules, with some scheduled to be delivered this year. The platform is set to be implemented by 2024. The firm added that this will be an “internal system of AboitizPower.”

The company said its use of data science and platforms has also reduced the turnaround time and negotiation period for its business unit, which serves at the frontlines of customer interactions.

In its media release, AboitizPower said that it recently partnered with UnionBank’s data science and artificial intelligence team to build tools that leverage data science models in a bid to expand the company’s knowledge of its customer base and help build long-term solutions for its business.

AboitizPower Head of Commercial Operations Sandro A. Aboitiz was quoted as saying: “In Commercial Operations, we encourage an innovative mindset within the group in order to come up with unique ideas to give what our customers need even before they ask.”

“We remain committed to our goal of being the partner of choice for the customers we serve, always aiming to go above and beyond our services levels and constantly seeking new ways of serving our customers through data science and other automation tools,” he added.

AboitizPower is the holding firm for the Aboitiz group’s investments in power generation, distribution, and retail electricity services.

In February, the group said that it was embracing digital technology — using data science and artificial intelligence to enhance the productivity of its business units in the banking, power, food, infrastructure and real estate sectors.

Shares of AboitizPower in the local bourse improved 0.43% or 10 centavos to finish at P23.60 apiece on Tuesday. — Angelica Y. Yang

McDonald’s to offer BTS Meal in local restos in June

THE “BTS Meal” of McDonald’s will arrive in the Philippines starting June 18.

POPULAR food chain McDonald’s has partnered with Korean supergroup BTS for a specially designed meal to be offered in participating restaurants nationwide in June.

In an announcement made on Monday night, McDonald’s said its “BTS Meal” will arrive in the Philippines starting June 18, part of a one-of-a-kind menu “tour” for the offering that will have the band’s signature order served in some 50 different countries in the world.

The BTS Meal includes a 10-piece Chicken McNuggets, medium fries, medium Coca-Cola, and sweet chili and Cajun dipping sauces inspired by popular recipes from McDonald’s South Korea.

The burger chain has seen its revenue outside the United States drop during the coronavirus disease 2019 (COVID-19) pandemic. The company is tapping on promotional campaigns through celebrity endorsements and limited-time menu items to get customers back into restaurants as economies reopen with the roll-out of vaccines.

The BTS meal follows similar US-only deals with singers J Balvin and Travis Scott, which McDonald’s says boosted sales in the later half of last year.

The spike in demand during the Travis Scott promotion caused the company to temporarily run short of ingredients to assemble its signature Quarter Pounder burgers at some restaurants.

The BTS Meal, McDonald’s Philippines said, should be a hit in the local market as the band has a large following among Filipinos.

“This band is truly a global phenomenon with a fan base that knows no borders, and we couldn’t be more excited to bring the BTS Meal to our customers in the Philippines starting June,” said Oliver Rabatan, McDonald’s Philippines Marketing & Channels Head, in a release.

For the management of BTS, the partnership is a welcome development since the group finds much affinity with the food chain.

“The band has great memories with McDonald’s. We’re excited about this collaboration and can’t wait to share the BTS Meal with the world,” said BIGHIT MUSIC, label of BTS.

BTS has had a steady presence in the global music scene in the last decade, churning out chart-topping hits like “DNA” (2017), “Boy with Luv” (2019) and “Dynamite” (2020).

For more information on the BTS Meal and other updates, follow McDonald’s social channels McDo.ph on Facebook and McDo_PH on Twitter and Instagram. — Michael Angelo S. Murillo with Reuters 

Who should get the COVID-19 vaccine first?

REUTERS

Public health officials and scientific experts decide who in their country or region will get the vaccines first, and there may be differences in their prioritization. While there are still limited supplies of coronavirus disease 2019 (COVID-19) vaccines, the World Health Organization (WHO) and health authorities have recommended prioritizing the following groups: (1) people who have a higher chance of exposure to the virus; and (2) people who have a higher chance of having severe COVID-19 illness. (“COVID-19 Vaccines FAQs,” International Federation of Pharmaceutical Manufacturers & Associations, March 2021)

In line with these recommendations, the Interim National Immunization Technical Advisory Group for COVID-19 Vaccines has come up with a list of priority population groups. The top three in the list are (A1) frontline workers in health facilities both national and local, private and public, health professionals and non-professionals like students in health and allied professions courses with clinical responsibilities, nursing aides, janitors, barangay health workers, etc.; (A2) senior citizens aged 60 years old and above; and (A3) persons with comorbidities.

A number of local government units have started their vaccination rollout for priority groups, including senior citizens.

HOW WELL DO COVID-19 VACCINES WORK IN OLDER PEOPLE?
During most COVID-19 vaccine clinical trials, people of different ages took part to confirm the vaccines’ safety profile and effectiveness in older age groups, who are most at risk of serious illness and death from COVID-19. Extremely frail older persons and persons above the age of 95 years were not included in clinical trials. Most of these trial results showed high levels of effectiveness in different age groups, including in some cases those over age 65.

When deciding to get vaccinated or not, older adults should remember that they have been disproportionally affected by the COVID-19 pandemic. They have a higher chance of needing hospital care or dying if they get COVID-19 compared to younger adults. The chance of severe illness with COVID-19 goes up with age, with older adults at the highest risk. The greatest risk for severe illness from COVID-19 is among those aged 85 or older.

This is why the WHO has identified older adults as a priority group to get the vaccine. While vaccination is recommended for older persons due to the high risk of severe COVID-19 and death, very frail older persons should be individually assessed. If there are concerns, it is always best to talk to your doctor about whether or not you should get a COVID-19 vaccine.

HOW WELL DO COVID-19 VACCINES WORK IN PEOPLE WITH LONG-TERM ILLNESS OR WEAKENED IMMUNE SYSTEMS?
According to the WHO, people with underlying medical problems like high blood pressure, heart and lung problems, diabetes, obesity, or cancer, are at higher risk of having serious illness from COVID-19.

Clinical trials are designed to assess all races, genders, different ages, as well as people with well-controlled underlying health conditions, such as diabetes or heart disease. However, as with other vaccines, clinical trials for COVID-19 vaccines do not include people with weakened immune systems, such as people who are undergoing chemotherapy or bone marrow treatment. As COVID-19 vaccines are put into widespread use, safety and effectiveness data will continue to be collected, analyzed, and reported for all populations, including people with conditions that suppress their immune response.

While COVID-19 vaccination might provide a lower level of protection in people who are immunocompromised compared with the rest of the population, it is still very important to get vaccinated, as well as continue washing hands, using social distancing, and wearing a mask even after getting a vaccine.

Some types of COVID-19 vaccines may be more suitable than others for people with weakened immune systems. If there are concerns, the advice is to always consult your doctor.

Vaccines are not the only way to stop the virus, but they are one of our best chances of returning to normal. The current COVID-19 pandemic is a global crisis, with devastating health, social, and economic impacts. COVID-19 vaccines are a long-term solution to tackle the virus.

The more people get COVID-19 vaccines, the more successful we will be at: (1) helping to stop the spread of the virus and protecting our communities; (2) lowering the number of COVID-related hospitalizations and deaths and helping to protect our health systems; and (3) allowing people and businesses to get back to normal.

We know from the past that vaccines are very important to public health and provide great value to society. The WHO estimates that vaccines currently save about 2 to 3 million lives each year globally.

 

Teodoro B. Padilla is the executive director of the Pharmaceutical and Healthcare Association of the Philippines (PHAP). PHAP represents the biopharmaceutical medicines and vaccines industry in the country. Its members are at the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

How PSEi member stocks performed — April 20, 2021

Here’s a quick glance at how PSEi stocks fared on Tuesday, April 20, 2021.

Philippines slips further in World Press Freedom Index

THE PHILIPPINES dropped by two places to 138th in the World Press Freedom Index this year, according to Reporters Without Borders (RSF), which cited “extremely draconian laws or decrees” that allegedly criminalized state criticism. Read the full story.

Philippines slips further in World Press Freedom Index

Peso up on gov’t euro bond offer

BW FILE PHOTO

THE PESO strengthened against the greenback on Tuesday following the announcement of the government’s euro-denominated bond offer.

The local unit closed at P48.32 per dollar on Tuesday, appreciating by three centavos from its P48.35 finish on Monday, data from the Bankers Association of the Philippines showed.

The local unit opened the session at P48.33 per dollar. Its weakest showing was at P48.34 while its intraday best was at P48.27 against the greenback.

Dollars exchanged fell to $684.6 million from $784.3 million on Monday.

The peso appreciated versus the dollar after the announcement of the government’s euro-denominated bond issuance, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“Proceeds of the borrowings could add to the country’s gross international reserves,” Mr. Ricafort said in a text message.

Citing a Philippine government filing with the US Securities and Exchange Commission (SEC), Bloomberg on Monday reported the government is eyeing to offer debt papers with tenors likely of four years, 12 years, and/or 20 years.

The papers will be senior unsecured bonds registered with the US SEC while volume will be based on benchmark levels. 

The government last issued euro-denominated bonds in January 2020, raising €1.2 billion via its dual-tranche offering.

Meanwhile, a trader attributed the peso’s gains to profit taking amid lower US interest rates.

For today, Mr. Ricafort expects the local unit to move within the P48.27 to P48.37 levels versus the dollar while the trader gave a forecast range of P48.25 to P48.45. — LWTN

Shares rise on vaccine rollout, bargain hunting

COURTESY OF PHILIPPINE STOCK EXCHANGE, INC.

LOCAL shares closed in the green on Tuesday as investors went bargain hunting amid progress in the country’s coronavirus disease 2019 (COVID-19) vaccinations and the peso’s strength versus the dollar.

The benchmark Philippine Stock Exchange index (PSEi) went up by 40.66 points or 0.62% to close at 6,500.42 on Tuesday, while the broader all shares index increased by 19.81 points or 0.49% to 3,988.83.

“Market has risen today on bargain hunting on optimism brought about by continued vaccine rollout, easing of restriction, and stable peso,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message on Tuesday.

Meanwhile, First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message that the index improved due to positive economic data, such as the growth in remittances from overseas Filipino workers in February, the relaxation of mining rules, and a pause in the rise of the yield on the benchmark 10-year US Treasuries.

For his part, AB Capital Securities, Inc. Junior Equity Analyst Lance U. Soledad, equity analyst at AB Capital Securities, Inc., attributed the PSEi’s climb to last-minute buying.

“Trading was still thin and foreigners remained net sellers for the 13th straight session despite the rally,” Mr. Soledad said via Viber message.

Net foreign selling slowed to P486.97 million on Tuesday from the P704.45 million seen on Monday.

“The market is in equilibrium as buyers and sellers have balanced each other out,” AAA Southeast Equities, Inc. Research Head Christopher John J. Mangun said in an e-mail.

“Optimism on the economy’s recovery and inoculation progress was canceled out by soaring new COVID-19 cases and tighter restrictions,” Mr. Mangun added. “Several mining issues advanced as investors’ speculate potential developments while taking advantage of the broader market’s advance.”

All sectoral indices posted gains on Tuesday. Mining and oil improved by 197.23 points or 2.17% to close at 9,259.99; industrials went up by 141.24 points or 1.64% to 8,703.89; property rose by 20.71 points or 0.65% to end at 3,203.25; financials gained 6.95 points or 0.49% to finish at 1,400.48; holding firms increased by 16.56 points or 0.25% to 6,593.84; and services inched up by 3.30 points or 0.23% to 1,439.21.

Value turnover increased to P5.52 billion on Tuesday with 5.84 billion issues traded from the P4.89 billion with 6.26 billion shares switching hands in the previous day.

Advancers outperformed decliners, 106 versus 84, while 56 names closed unchanged.

AB Capital Securities’ Mr. Soledad said he expects the PSEi to finish between 6,400 to 6,700 before the release of data on the country’s first quarter gross domestic product next month. — K.C.G. Valmonte

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