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Buskowitz Energy sells signature solar home systems at 40% off

RENEWABLE energy developer Buskowitz Energy is offering its signature Solar Home Systems at a 40% discount per package, with rates starting at around P119,000, as part of its three-day Black Friday Sale, the firm said in a media release.

The sale aims to make the company’s solar energy systems “more affordable for home owners.”

“If more homes adopt solar power, then perhaps in the long run, we’ll see those savings go into more meaningful purchases for family members, lower daily operating costs for households, and create generations of green-conscious homeowners who will help create a more eco-friendly future,” Chief Executive Officer James Buskowitz said in a statement.

The offers under the 40% discount include the 2.2 kilowatt-peak (kWp) Solar Home Lite (P119,397.79); 3 kWp Solar Home (P170,638.76); 5 kWp Solar Home Plus (265,438.07); and 10 kwp Solar Home Max (P517,719.36).

Each package includes high-efficiency, tier-one solar panels; mounting hardware accessories; installation fees; net metering fees and free delivery within Metro Manila and other areas.

The firm, which also provides financing solutions for its customers, said that its residential solar line can help offset lower electricity costs by up to 60%.

Interested customers may avail of the Black Friday discount from today up until Nov. 29. — Angelica Y. Yang

US tech firms can pay gig workers with equity under SEC proposal

WASHINGTON — The US securities regulator on Tuesday proposed a pilot program to allow tech companies like Uber and to pay gig workers up to 15% of their annual compensation in equity rather than cash, a move it said was designed to reflect changes in the workforce.

The Securities and Exchange Commission (SEC) said Internet-based companies may have the same incentives to offer equity compensation to gig-workers as they do to employees. Until now, though, SEC rules have not allowed companies to pay gig workers in equity.

The proposal would not require an increase in pay, just create flexibility on whether to pay using cash or equity. It comes amid a fierce debate over the fast-growing gig economy, which labor activists complain exploits workers, depriving them of job security and traditional benefits like healthcare and paid vacations. The SEC’s Democratic commissioners said giving tech giants such flexibility would create an uneven playing field for other types of companies.

“Work relationships have evolved along with technology, and workers who participate in the gig economy have become increasingly important to the continued growth of the broader US economy,” said SEC Chairman Jay Clayton in a statement.

The proposed temporary rules would allow gig workers to participate in the growth of the companies their efforts support, he added, capped at 15% of annual compensation or $75,000 in three years.

Democratic SEC commissioners Allison Lee and Caroline Crenshaw opposed the move, saying alternative work arrangements, including independent contractors and freelancers, have existed for decades across a range of industries and it was not clear why tech companies should be singled out for special treatment.

“Whatever the potential merits of equity compensation for alternative workers, the proposal does not establish a basis for selectively conferring a benefit on this particular business model,” they wrote in a statement. — Reuters

Calling attention, investment and innovation to the housing market’s invisible segment

It seems to still be “all systems go” in Bogo, a city located in northern Cebu, as noted by Sambag Barangay Chairman, Virgilio Terada. Supply of essential goods are stable while hardware stores selling building materials are still open, except for those that chose to temporarily close shop. The problem, however, is that people still can’t buy anything, even if they need to repair or rebuild their homes.

When the city was placed under enhanced community quarantine in March, many of Terada’s constituents, most of which are construction workers, had returned home because work in Cebu City temporarily stopped. Terada did not only have to deal with their health situation, but also those in need of financial aid because their sources of livelihood had stopped.

“Tricycle drivers and construction laborers are the most affected, because nobody wants to go out and even major construction works stopped around here. There are still those doing minor home repairs, but these homeowners only hire two people at most because of physical distancing,” Terada revealed.

His only hope is for the pandemic to be finally over so they can all return to normal. “We really live in difficult times, and I can’t give all of them jobs or money. And without money, they can’t complete their homes.”

Terada’s community represents the staggering number of people who struggle to incrementally build a decent home, due to a lack of affordable construction materials and access to appropriate services, and whose home building plans are further dampened due to the pandemic. 

Referred to as the owner-driven construction segment, they constitute 55% of what is called the “unserved” segment, whose housing needs reached 5.9 million units, as revealed by a 2020 housing gap study by Habitat for Humanity’s Terwilliger Center for Innovation in Shelter, and Center for Communications and Research (CRC). The study further revealed that, by 2022, the anticipated housing crisis will hit the Philippines hard with a 15-million housing gap if nothing is done to immediately address it.

The study was one of the highlights of the recently launched ‘BAHAYnihan: Rising Together through Housing’ online forum organized by Habitat for Humanity Philippines, the Terwilliger Center, and CRC. The online forum was part of Habitat’s celebration of Urban October and was a first of a series of quarterly online forums that aim to build awareness of the housing needs in the country and the unserved population, and to create partnerships, particularly with the business sector, in solving the gap.

“The economy is at a stand-still, which makes the flow of resources slower and limits the opportunities for income generation. Low-income households are putting house repairs and upgrades on hold, and this continues to happen because the Philippines is one of the most unequal economies and societies in Southeast Asia. This inequality causes exclusion in various aspects of the housing market system: financial, material, services, information, and policy exclusion,” said Jessan Catre, Terwilliger Center’s Philippine Shelter Venture Lab Country Lead. 

Strengthening housing markets

Typically, low-income households build homes that they improve as soon as their resources allow. The process of housing improvement itself is often a ladder out of poverty for families. These changes benefit the larger community, reducing inequality and building resilience against economic and natural disasters.

Additionally, housing is shown to be a larger-than-expected contributor to emerging economies’ GDP, with a contribution of 14.9% of the GDP in the Philippines alone, on par with sectors such as manufacturing that often draw more attention in economic recovery plans. In the Philippines, the undercount of the entire housing sector’s contribution to the country’s GDP is already at Php 1.39 trillion (US$ 29 billion).

Given the importance of housing in social and sustainable development indicators, there is great potential for serving low-income families’ shelter needs. In the Philippines, these incremental builders represent a market value of Php 626.5 billion (US$13 billion).

With the launch of the Terwilliger Center in 2016, and the Philippines’ Shelter Venture Lab in 2019, Habitat for Humanity aims to play a catalytic role by stimulating changes in market systems, including supporting companies to find market opportunities that can meet the shelter needs of low-income families. The Center works with local firms and other market actors to expand innovative and client-responsive services, products and financing. Such an approach enables low-income households, particularly incremental builders, to improve their shelter more effectively and efficiently.

In partnering with Philmetal Products, Inc., the Terwilliger Center supported in expanding the roofing materials company’s distribution channels, in order to enable 2,500 low-income households in Cebu to access more affordable, improved quality materials. 

“We are also working closely with media companies to produce content about better housing targeted at low-income audiences. Our interventions include audience research so we can better understand how low-income households behave, particularly what kind of content they consume and how they access it,” Catre said. Other partnerships have provided provide digital training and educational opportunities to aspiring skilled construction workers and tradesmen.   

Business solutions to housing

To ensure business-driven solutions are making a real difference, the Terwilliger Center is engaging with more market actors across the supply chain, as well as often-overlooked labor groups such as incremental builders and masons.  

“By working through the core business model of companies, we can increase their ability to reach new market segments and change the way the housing and construction sector works for low-income Filipinos. An inclusive approach makes good business sense. By making their products and services accessible to more Filipinos, businesses are also expanding their own resources and markets,” Catre added. 

In the Philippines, the Terwilliger Center and Habitat for Humanity Philippines continue to bring attention to the unserved segment’s housing needs through the BAHAYnihan Forum. In January, the second iteration of the forum will gather national corporate leaders to find and promote business solutions that provide quality products and services to the unserved segment.

Enterprises, corporations, startups, professional associations, academics and other interested parties can apply to join the Terwilliger Center’s programs by sending an expression of interest alongside an organizational or professional profile. Selected organizations will receive financial and technical support, and will benefit from Habitat’s knowledge of low-income housing, and latest findings from ongoing research on the unserved but emerging segment and global best practices. Contact us at TCIS-PH@habitat.org to find our more and submit your expression of interest.

Sexual harassment exposed in a poison-pen letter

Our human resource department received an anonymous letter via suggestion box alleging that a manager from another department is sexually harassing his young assistant. There were no other details, evidence, or witnesses except the words: “My boss (name withheld) is a devil. He must go to hell for lifting my skirt and for touching my shoulder every now and then. I am a victim. Please help!!!” How would you advise on dealing with this situation? — White Lily.

I suppose there are only three persons who are privy to this issue. This includes you, assuming you are from the HR department, the victim, and the manager-harasser. As Benjamin Franklin said: “Three can keep a secret, if two of them are dead.” When you’re handling an employee discipline issue, you must keep this secret from start to finish.

The principle in law, justice, and fair play is that if there’s no victim, no offense was committed. In other words, no corpse, no murder. To extend the analogy further — no complaint, no issue. Of course, there are exceptions to this in extreme cases. Another theory holds that it’s better to acquit thousands of guilty people than to put an innocent man to death.

You’re treading on dangerous ground. Therefore, avoid any legal complications that may arise out of this poison-pen letter, which has no probative value. It won’t be accepted by any court of law. Technically, there should be no issue to begin with. Without a complainant or witness, the case should be dropped pronto. But what if it’s true? Would you turn a blind eye to the victim simply because she doesn’t have the courage to report the matter to you?

What if that manager accuses you of creating friction within his department? What if he asks why you are paying attention to unfounded allegations? If you pay attention to all accusations, how will you prevent other employees from doing the same thing?

SIX MEASURES
A solution to this conundrum is not out of reach. As an HR practitioner, you should be the first line of defense in deterring sexual harassment and preventing it from escalating. You need to be proactive. Here are some pointers that may guide you in managing this particular case and all other cases in the future:

One, review or reestablish a policy on sexual harassment. You can take your cue from a 25-year old law, Republic Act 7877 or the Anti-Sexual Harassment Act of 1995. You can adopt its definition and make it part of the company’s Code of Conduct. Note, however that even in the absence of such provisions in your Code of Conduct, you can still “prosecute” any offender by following the provisions of such law.

Two, remind all workers and managers about such a policy. As soon as the “smoke” comes out, it’s best to issue a circular via bulletin board, e-mail alert, or any other such reminder. You need to make the point that any violation of the law or corporate policy will not be tolerated, subject only to the limitations of due process.

Three, provide a guide on reporting offenses for the victims. Make it clear that a poison-pen letter to management is not the best way. List down all the requirements and provide a template incident report, but make it easy for the victims to file a report to any manager whom they trust or the HR department as the default reporting department.

Four, organize a seminar-orientation on sexual harassment. Do this every three months depending on the population of potential victims or as soon as an ugly rumor begins circulating. Depending on your budget, you can hire a lawyer-specialist, an HR consultant, or invite some officials from the Department of Labor and Employment who can share with you how other companies have handled such cases.

Five, inform the CEO or your department boss about the issue. Your boss may not like being surprised or to hear of the issue from others. Explain the situation right away and your plan to prevent the recurrence of such incidents, regardless of the reliability of the poison-pen letter. More often than not, your plan of action will be accepted.

Last, confer with the alleged offender. This is optional and depends much on the personality of the accused manager or his rank. If that person is known to be abrasive and has a difficult character, it’s better for you not to inform him of the existence of such a letter. Even if you take the high road or do it diplomatically, you may be misinterpreted.

QUICK ACTION
As soon as you hear of a rumor about sexual harassment, you should treat it like an emergency. You must act expeditiously and fairly to both parties. If you keep dragging your feet, you may end up overtaken by events like the victim’s resignation, mass action by other victims, or intervention from the victim’s lawyer or union. Your career may even be at stake.

The circumstances may vary, but in general, you don’t have to accuse the alleged offender or share the letter with him. Again, anonymous letters have no real value and should be discarded right away. But it doesn’t mean sweeping it under the rug. As an HR person, your job is to keep an ear to the ground. Be alert for any issues that could potentially damage work relationships and careers.

 

Send anonymous questions to elbonomics@gmail.com or via https://reyelbo.consulting

Listing Filipino firms abroad

Two homegrown firms are about to be listed in foreign stock exchanges. One of them is fintech venture iWave, Inc., a unit of Philippine Stock Exchange (PSE)-listed DFNN, Inc. engaged in systems integration, information technology, and software development.

Through a reverse takeover of China Sky Chemical Fiber Co. Ltd., iWave is undertaking a backdoor listing in the Singapore Exchange (SGX). Once the scheme is approved by state regulators, China Sky will then transfer its listed status to iWave in the form of shares in the surviving firm, which is an arrangement allowed under SGX rules.

This month, the iWave board appointed Robert Isaacson as an independent director. He is a seasoned investment consultant in North America and the Asia-Pacific region who has completed consulting assignments for leading financial institutions such as the Commonwealth Bank of Australia, Mitsubishi Futures of Japan, and United Overseas Bank of Singapore.

In a storied career spanning 50 years in finance, Mr. Isaacson served as director and adviser of the Chicago Mercantile Exchange, New York Cotton Exchange, American Futures Industry Association, Asia Pacific Managed Futures Association, and Hong Kong Global Arbitrage Conference, among others. As a highly regarded industry expert, he has testified before the US Senate and House of Representatives while as an author, his works have been published in the Wall Street Journal, Dow Jones Commodity Handbook, Chicago Tribune, Nikkei Financial Daily, and Barron’s, to name a few.

These twin developments augur well for iWave as it expands its footprint internationally and is poised to become one of only three Filipino companies listed in the SGX. Its listing in the city-state’s bourse would translate into better access to a wider capital base considering that Singapore is a global financial hub.

Meanwhile, another DFNN unit called Hatch Asia, Inc. (HAI) has been given the green light to list its wholly owned subsidiary, Hatch Australia Holdings Pty. Ltd., in the Australian Stock Exchange (ASX). The Foreign Investment Review Board of Australia recently stated that it had no objection to HAI’s takeover bid for Silver Heritage Group Ltd., a Sydney-based gaming company listed in the ASX.

HAI is acquiring 92% of Silver Heritage’s issued capital after the latter’s existing securities are consolidated and new shares of Hatch Australia are issued. The deal will allow DFNN to fully value its early investments in HAI by tapping the Australian capital market. This merger and the ongoing acquisition process in Singapore will both create new business streams that are seen to pave the way for more Filipino companies to enter the global arena.

REENTERING THE PROPERTY MARKET
Real estate industry veteran Januario Jesus Atencio III has returned to the property business via a 13% equity investment in Ovialand, Inc. (OLI) through his private asset management company Januarius Holdings, Inc. (JHI). It may be recalled that he retired in 2017 as President and CEO of PSE-listed 8990 Holdings, Inc.

Last week, JHI unveiled its partnership with OLI, a housing developer founded by the Olivares family in 2014. OLI’s projects are concentrated in the Southern Luzon provinces of Batangas, Laguna, and Quezon. It expects to generate P4 billion in revenues over the next three years from a current land bank of 32 hectares.

OLI President Pammy Olivares-Vital said Mr. Atencio’s entry was a welcome surprise. She disclosed that it was at a housing convention when she first proposed the joint venture between JHI and OLI. After two more meetings, the agreement was sealed “and what happened next would change the course of our company forever,” she narrated during a virtual media briefing.

Officers of the two companies exchanged ideas during the first wave of the lockdowns when the entire Luzon Island was placed under enhanced community quarantine (ECQ). Surprisingly, OLI was able to sell housing units even during the ECQ period and when construction was allowed to resume, Ms. Vital’s team quickly adapted to the new normal.

While many businesses took a wait-and-see stance in the early stage of the COVID-19 pandemic, both JHI and OLI remained confident that the Philippine economy would bounce back in direct proportion to the willingness of private companies to be bold.

 

J. Albert Gamboa is CFO of the Asian Center for Legal Excellence and chairman of FINEX Publications.

Stuff to do (11/27/20)

Mercatino pop up shop

A NEW eclectic pop-up shop focused on sustainability and supporting local businesses is open from Nov. 28-29 and again on Dec. 5-6 at La Collina, Poblacion, Makati. The pop-up store is curated by Carol de Leon and will feature slow food by Anita Celdran. Visiting the pop-up store is by reservations only although access is free as the store can only accommodate up to 20 people per time slot. To reserve a slot, visit eventbrite.com/e/mercatino-pop-up-shop-tickets-126845242535.

Robinsons Malls holiday promos

IT’S NEVER too late to squeeze in last-minute shopping and tick all of the things off on your shopping lists with Robinsons Malls’ ongoing Christmas Holideals, and get up to 70% off participating merchants with its Holiday Sale from Nov. 16 to Dec. 20. Robinsons Malls are also holding several raffle draws with prizes including an iPad 8th Gen and a 32-inch Devant Smart TV (one raffle entry for a single-receipt purchase worth P2,000) from Nov. 15 to Jan. 31. Visitors who take photos of the mall Christmas decor stand the chance to win Realme Buds Classic and other prizes from Nov. 27 to Dec. 3. For more information visit RobinsonsMall on Facebook; or follow @RobinsonsMallOfficial on Instagram; and @RobinsonsMalls on Twitter.

Greenhills Super Sale

GREENHILLS Mall is having a Christmas Super Sale from Nov. 27 to 30, with discounts of up to 70% at Greenhills’ last sale of the year. From restaurants such as Boulangerie 22, Gloria Maris, Ramen Nagi, and Red Mango, lifestyle stores like PabDer, Fully Booked, Game Extreme, and the Body Shop, to unique fashion and gadget finds from the tiangge stores — there’s something for everyone at Greenhills’s Christmas Super Sale. For the complete list of participating stores, check Greenhills’ announcement on its Facebook Page.

Rustans’ Black Friday and Cyber Monday Sale

WITH CHRISTMAS Day looming, Rustans.com’s Black Friday/Cyber Monday Sale on Nov. 27 to 30 offers designer deals at the most important time of year. Enjoy offers from leading brands of to up to 70% off. From stylish clothing to accessories, best-selling skincare and makeup products to fine jewelry, kid-approved toys and plushy home items, Rustans.com gives customers four days to stock up on all the items one needs for the holiday season.

National Book Store, Art Bar, Kids Ink, and Powerbooks sale

NATIONAL Book Store, Art Bar, Kids Ink, and Powerbooks are holding an ongoing Christmas Sale at their stores nationwide until Nov. 30, with discounts of up to 50% and freebies on participating items. Books, modular learning and online schooling supplies, work from home essentials, and more are included. Strict safety protocols are implemented in all branches, including regulation of the number of shoppers inside the store, required wearing of face masks and face shields, enforcement of social distancing, use of contactless payment methods, and regular sanitation of all floors, counters, surfaces, and shopping baskets. Get more updates by following National Book Store on social media -@nationalbookstore on Instagram and @nbsalert on Facebook, Twitter, and YouTube.

Dua Lipa’s live virtual concert via Smart

DUA Lipa’s Studio 2054, a live virtual concert, will be streamed across the world on Nov. 28, at 4:30 a.m., Philippine time, with replays at 8 and 10 a.m., and 5 p.m. Philippine time. To make it easy for Filipino fans to experience this spectacle, mobile services provider Smart Communications, Inc. has partnered with LIVENow, a pay-per-view service, to enable Smart Signature subscribers to buy their tickets and charge this to their postpaid bill. Just sign up at https://tinyurl.com/SmartDuaLipa, select Pay Your Phone, then choose Smart as the mode of payment. Smart Prepaid customers can also buy concert passes using their prepaid load. Last August, Smart also teamed up with LIVENow to bring Ellie Goulding’s The Brightest Blue Experience Online concert as part of the GigaFest line-up of activities.

‘Suddenly Turning Visible’ exhibit

THE CULTURAL Center of the Philippines and National Gallery Singapore co-produced an online program featuring artist Lani Maestro. Tune in to a conversation between Ms. Maestro, Seng Yu Jin, co-curator of “Suddenly Turning Visible,” and Rica Estrada of the CCP Visual Arts and Museum Division via https://fb.me/e/WxCbHMxW. Suddenly Turning Visible: Art and Architecture in Southeast Asia (1969-1989) features five artworks from the CCP Visual Arts Collection and may be viewed at the Ngee Ann Kongsi Concourse Gallery of the National Gallery Singapore until Nov. 29.

Discovery Shores Boracay miniseries

ON SATURDAY, Nov. 28 at 4 p.m., the World of Discovery (WOD) webinar series by Discovery Hospitality (DHC) is launching a collection of special edition episodes on the return of travel in the new normal. The Discover Now miniseries kicks off with Discover Boracay, with the webcast streaming via Facebook Live from the beaches of Discovery Shores Boracay. Online personalities David Guison, Angelique Manto, and Marj Sia will share every step of their 2020 travel experience to Boracay’s sandy shores. The webinar, hosted in partnership with Cebu Pacific airlines and Philippine Airport Diagnostic Laboratory (PADLAB), will also delve into the details of the travel planning process, including collecting LGU requirements, the at-home swab test, and the flight to Caticlan Airport. Chris Tiu once again joins the WOD webinar to host, alongside Discovery Shores Boracay’s Director of Sales and Marketing Claire del Rosario-Bernabe. All the webinar guests will join the webcast from different areas of Discovery Shores Boracay to highlight the experience across the resort, and of course, to maintain safe social distancing. The webinar will be live on bit.ly/DHC-LIVE.

Deaf students’ online festival

THE 26th Deaf Festival, a tradition that promotes awareness and appreciation of Deaf identity and culture, has moved online. Themed “Festival of Hope: Moving from a spirit of hopelessness to a spirit of hope,” this year the festival is hosted by the School of Deaf Education and Applied Studies (SDEAS) of the De La Salle-College of Saint Benilde (DLS-CSB). It serves as a venue for the Deaf students to enrich their knowledge, skills and creativity. The festival will include an online bazaar, a two-part seminar for both those who can hear and who cannot, games and poster making contests, and will wrap up with a cultural show on Nov. 28, 2 p.m., via a private Facebook group. Tickets are at P80 for students and P100 for adults. Register at: https://forms.gle/VpABBm7gZKMhYbYPA. For inquiries or donations, contact sdeas.deaffestival@benilde.edu.ph or dea.faustino@benilde.edu.ph or visit the event’s official Facebook account @SDEASDeafFestival.

Globe myBusiness Gift Local E-Bazaar

FROM Nov. 27 to 29, the Globe myBusiness Gift Local E-Bazaar in Lazada will feature small-medium enterprise (SME) merchants and bazaaristas from the retail, food, and tourism industries, and social enterprises. Every day at 6 p.m. for the duration of the event, selected merchants will be live-selling on Lazada’s platform and the Globe myBusiness Facebook page. Games, raffle prizes, and entertainment courtesy of Globe Voices also await e-shoppers. Among the merchants participating in the e-bazaar are: Kajg jewelry and accessories, TeeshertCo, BEBE CO., miNEEYture, Obra Kinaiya, Crafts by Lesy, Terra Philippines, Old World Food Enterprise, and Everything About Snack. Globe myBusiness will be donating 100% of the merchants’ joining fee to Ayala Foundation’s Brigada ng Ayala project that seeks to provide help to disaster-affected areas as well as provide connectivity to public school teachers and students.

Araneta City’s deals for the long weekend

As the long weekend starts, Araneta City is holding a slew of sales, promos,and deals. There is the Black Friday Sale on Nov. 27 at the Gateway Mall, Ali Mall, and Farmers Plaza with discounts of up to 70% on select items. On Nov. 30, Bonifacio Day, order food or items from any Araneta City establishment using the Araneta City Assist and enjoy a one-day free delivery. Check out the Araneta City Assist via the mobile app or website, contact any participating store, then place an order — and mention the promo code HEROES TREAT to avail the free delivery service. Over at the Gateway Mall during the long weekend, visit the booth of Novotel Manila Araneta City at the mall activity area for hotel sales and offerings, curated holiday goodies, packages, hampers, and platters. Score discounted room vouchers and dining vouchers that serve as gifts. Visit the official Facebook page of Novotel Manila Araneta City for more details. Drop by the Christmas bazaars at the Gateway Mall, Ali Mall, and Farmers Plaza starting Nov. 27 to find a wide range of Christmas gifts and items for a variety of preferences and budgets. If online shopping is preferred, there is “Ask Araneta: Regalo,” Araneta City’s first virtual gift finder, designed to assist shoppers in finding the best gifts this holiday season. This service is available for items sold in retail establishments at the Gateway Mall. Customers are assigned their own virtual finder, and communication is done via chat. They can ask for gift recommendations, and the virtual finder will reply with a catalogue listing down items matching their query. They can also ask the virtual finder to send pictures of the recommended gifts, and visit a given retail store to ask for more details about the shortlisted items, among other requests. 

CCP Arthouse Cinema Online film screenings

THE Cultural Center of the Philippines (CCP) Arthouse Cinema focuses on nationalism and Filipino heroes with selected Cinemalaya and Gawad Alternatibo films in celebration of Andres Bonifacio Day. The featured films – Ang Paglilitis ni Andres Bonifacio, Dagami Daytoy, Hollow Blocks, Puting Ilaw, and Pilipinas – will be screened for free from Nov. 27 to 29 via the CCP Vimeo Channel. A one-day extension (until Nov. 30) will be offered to CCP Film Society members. To watch the films, go to https://vimeo.com/ondemand/bayanitayo. Choose the film you want to watch and click “RENT.”  At the billing page, type <BAYANI> then click “apply.”

How PSEi member stocks performed — November 26, 2020

Here’s a quick glance at how PSEi stocks fared on Thursday, November 26, 2020.

Spending on non-essential items remains down in Q3 (but shows improvement from Q2)

Spending on non-essential items remains down in Q3 (but shows improvement from Q2)

Peso up on ‘hot money’ data

THE PESO strengthened slightly versus the dollar on Thursday following the release of data showing net hot money inflows in October.

The local unit closed at P48.115 versus the dollar on Thursday, rising by 1.5 centavos from its P48.13 finish on Wednesday, data from the Bankers Association of the Philippines showed.

The peso opened Thursday’s session at P48.11 versus the greenback. Its intraday best was at P48.08. On the other hand, its weakest showing was at P48.12 per dollar.

Dollars traded went up to $575.71 million on Thursday from $565.27 million the previous day.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso rose versus the dollar after the Bangko Sentral ng Pilipinas (BSP) on Thursday released data on net foreign portfolio investments.

“The peso was stronger after the strongest net foreign portfolio investments data in nearly two years for the month of October at $439.5 million, the first net inflow in eight months,” Mr. Ricafort said in a text message.

A trader said the data caused increased demand for peso.

More foreign portfolio investments entered the economy than what left it in October, suggesting signs of improving investment sentiment in the local equities market.

Foreign portfolio investments — also called as “hot money” due to the ease by which these funds enter and exit an economy — posted a net inflow of $439.46 million, data from the Bangko Sentral ng Pilipinas (BSP) showed.

The October tally is a 320% surge from the $104.53 million in net inflows logged in the same month in 2019 and is a reversal from the net outflow worth $493.65 million in September.

Hot money yielded a net inflow for the first time in eight months or since the $40.06 million in February. It is also the highest net inflow since the $762.82 million seen in January 2019.

However, year to date, foreign portfolio investments posted a net outflow of $3.943 billion, climbing by 221% from the net $1.225 billion that left the country in the first 10 months of 2019.

The BSP expects hot money to yield net inflows worth $2.4 billion this year and $3.5 billion in 2021, respectively.

For today, Mr. Ricafort sees the peso moving from P48.05 to P48.15 versus the dollar, while the trader expects a narrower range of P48.10 to P48.15.

PSEi sinks below 7,000 mark as market corrects

By Denise A. Valdez, Senior Reporter

LOCAL SHARES closed lower on Thursday, ending below the 7,000 mark, as investors continued to pocket gains and as global markets weakened overnight.

The benchmark Philippine Stock Exchange index (PSEi) dropped 73.76 points or 1.05% to close at 6,927.75, while the broader all shares index lost 46.19 points or 1.1% to end at 4,138.09.

The index opened the session at 6,987.32, down from the previous day’s close of 7,001.51. This was already its best showing for the session.

Meanwhile, the PSEi sank to as low as 6,843.11 intraday.

“The local bourse extended its decline… as the market’s correction continued (and was) weighed further by the drop of the US markets overnight,” Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a text message.

The market’s decline on Thursday was the third consecutive day that the PSEi posted losses. It follows about three weeks of an uptrend in the bourse, which brought the PSEi to a level that was last reached in February, before the coronavirus lockdown started.

“After a short term rally in the past few days, the market is now correcting as it is overvalued… (The price-to-earnings ratio) is around 28x, which is higher than the 5-year average of around 20x. Traders booked more gains, resulting in the decline of the market,” Ms. Alviar said.

While the PSEi closed lower against the last session, AAA Southeast Equities, Inc. Research Head Christopher John Mangun noted that its decline softened in the final minutes of Thursday’s trading.

“The pullback of DJIA (Dow Jones Industrial Average) index overnight also spilled negative sentiment in the market amid higher weekly US jobless claims versus the prior week,” Ms. Alviar said.

The DJIA and S&P 500 indices gave up 0.58% and 0.16% on Wednesday, while the Nasdaq Composite rose to 0.48%.

“There may be some concerns on whether quarantine restrictions will be lifted by the end of November. We remain confident that the government will ease restrictions and allow more mobility as new coronavirus cases continue to decline,” Mr. Mangun added.

All sectoral indices at the PSE closed lower on Thursday: mining and oil by 237.71 points or 2.77% to 8,320.53; services by 30 points or 1.96% to 1,496.74; property by 48.04 points or 1.38% to 3,425.33; holding firms by 84.15 points or 1.16% to 7,138.19; financials by 15.85 points or 1.07% to 1,456.42; and industrials by 11.02 points or 0.12% to 9,063.22.

Some 3.28 billion issues valued at P15.49 billion switched hands on Thursday, down from the last session’s 8.03 billion issues worth P14.07 billion.

There were more decliners than advancers, 148 against 69, while 46 names ended unchanged.

Net foreign buying continued to grow, reaching P2.29 billion on Thursday from P1.39 billion the previous session.

Senate approves P4.5-T budget for next year

By Charmaine A. Tadalan and Kyle Aristophere T. Atienza, Reporters

THE SENATE on Thursday passed on final reading the P4.5-trillion national budget for next year, which lawmakers said would boost government response to the coronavirus pandemic.

Twenty-two senators voted to approve the proposed General Appropriations Act of 2021, which is targeted to be enacted by yearend. There were no negative votes or abstentions.

Detained Senator Leila M. de Lima and Senator Ronald M. dela Rosa, who tested positive for the coronavirus last week, failed to vote.

“Much of the increases the committee has made is in the health sector and with regard to our COVID-19 response,” Senator Juan Edgardo M. Angara said during Thursday’s session.

President Rodrigo R. Duterte had certified the budget as an urgent measure, allowing the chamber to pass the bill on second and third reading on the same day.

Mr. Angara, who heads the finance committee, said the budget includes P8 billion for vaccines under the Department of Health (DoH) budget. About P54 billion was also set aside for vaccines and P21 billion for their storage, transportation and distribution under unprogrammed funds.

Regional hospitals will get P1.6 billion, while health facilities will get P6.497 billion under DoH.

Senators also allotted P21 billion for the country’s disaster response and P15 billion for local governments’ rehabilitation programs after recent typhoons.

“Our experience in the past few weeks has only underscored how we continue to be threatened by natural calamities,” Mr. Angara said.

“This is why your committee has elected to augment different policies and programs with regard to our disaster response and mitigation,” he added.

At least P180 billion will be used to fund various social welfare programs such as cash aid to displaced workers and conditional cash transfers to the poor.

The fund will also be used to implement a national ID system and help low-income households affected by the pandemic.

The education sector will get the biggest share of the budget with P712.348 billion, which is mandated by the Constitution.

The Senate version of the budget bill increased the budget of the Department of Information and Communications Technology by P5 billion to P15.34 billion.

Senators and congressmen are expected to reconcile disagreeing provisions of their bills at a bicameral conference committee from Nov. 28 to Dec. 3. They plan to approve a reconciled version by Dec. 9, which will be sent to the presidential palace by Dec. 16.

Members of the Senate contingent include Senators Pia S. Cayetano, Cynthia A. Villar, Panfilo M. Lacson, Sherwin T. Gatchalian, Richard J. Gordon, Christopher Lawrence T. Go, Imee R. Marcos, Risa N. Hontiveros-Baraquel, Grace S. Poe-Llamanzares, and Francis N. Pangilinan.

Senators dela Rosa, Emmanuel D. Pacquiao, Maria Lourdes Nancy S. Binay and Ramon B. Revilla, Jr. will act as alternates.

“We now look forward to sitting with our Senate counterparts in conference possibly starting next week to come up with a common version of the budget,” Speaker Lord Alan Q. Velasco said in a statement.

He said the House of Representatives had formed a contingent composed of 21 members from various political parties to represent it at the bicameral conference on the 2021 budget bill.

“These representatives will make sure there will be enough funds for the government’s COVID-19 response, especially the procurement of vaccines for an initial 20 million poor Filipinos and eventually for at least 60 million of our population,” he added.

“We also want to ensure sufficient funding for the rehabilitation and recovery of communities devastated by recent typhoons, including Rolly and Ulysses,” Mr. Velasco said. “We should help our people rebuild their lives.”

The House on Wednesday night named 21 congressmen who will form part of the bicameral conference committee on the 2021 budget.

Mr. Velasco in an earlier statement said the bill must be sent to the palace for Mr. Duterte’s signature before the year ends to prevent a re-enacted spending program that could slow economic growth and hamper the delivery of government services in the wake of the COVID-19 pandemic.

The House contingent will be led by Party-list Rep. Eric G. Yap, who heads the committee on appropriations.

He will be joined by several congressmen from the majority including Oriental Mindoro Rep. Salvador C. Leachon, Party-list Rep. Odylon L. Romero, Leyte Rep. Ferdinand Martin G. Romualdez, Antique Rep. Loren B. Legarda and Ilocos Sur Rep. Kristine Singson-Meehan.

Antipolo City Rep. Roberto V. Puno, Albay Rep. Jose Maria Clemente S. Salceda, and Party-list Reps. Jose Livioko Atienza Jr. and Bernadette Herrera-Dy are also part of the committee.

Also joining the contingent are Party-list Rep. Joseph Stephen S. Paduano, a minority lawmaker, and independent Albay Rep. Edcel C. Lagman.

Mr. Velasco earlier said the House would seek an increase of at least P5 billion in the 2021 calamity fund for the rebuilding of areas devastated by recent typhoons.

Sanofi eyes 1.4B doses of coronavirus vaccines

SANOFI PASTEUR is seeking to produce as many as 1.4 billion doses of coronavirus vaccines by the end of next year as part of a plan to boost its manufacturing capacity to meet global demand, a company official said.

The drug maker is planning to produce a billion doses under its first of two candidate vaccines, Jean-Antoine Zinsou, country general manager at Sanofi Pasteur Philippines, said at BusinessWorld’s annual economic forum on Wednesday.

The vaccine entered the first and second phases of clinical trials in September and is expected to start phase 3 by yearend, he told the online forum.

The company is also seeking to make as many as 360 million doses under its second candidate vaccine, which is expected to enter the first two phases by yearend, Mr. Zinsou said.

Sanofi partnered with GlaxoSmithKline and the US Biomedical Advanced Research and Development Authority for the first candidate vaccine. It also partnered with Translate Bio, a clinical-stage messenger RNA therapeutics company, for the second vaccine. Mr. Zinsou said manufacturers should be ready to produce massive quantities of coronavirus disease 2019 (COVID-19) vaccines.

“You can develop the vaccine and the vaccine can be ready for registration and even have a market authorization, but if there is no manufacturing capacity, it is useless,” he said. “The development of the vaccine is something but the production at a sufficient scale is also extremely important,” he added.

Mr. Zinsou said each government should come up with a vaccination preparedness plan that includes prioritization of those who need to be vaccinated once a vaccine becomes available.

Vaccination plans should also cover logistics and communications.

Mr. Zinsou said that there are more than a hundred candidate vaccines that have to undergo a rigorous process.

“We are not competing with one another, we have billions of people to vaccinate, probably more than one vaccine will be needed,” he said.

The Department of Health (DoH) reported 1,392 coronavirus infections on Thursday, bringing the total to 424,297.

The death toll rose by 27 to 8,242, while recoveries increased by 328 to 387,266, it said in a bulletin.

There were 28,789 active cases, 84% of which were mild, 8.3% did not show symptoms, 4.9% were critical, 2.6% were severe and 0.26% were moderate.

Caloocan City reported the highest number of new cases at 77, followed by Cavite and Laguna at 73 each, Davao City at 62 and Quezon province at 60.

DoH said 10 duplicates had been removed from the tally, while nine recoveries were reclassified as deaths. Nine laboratories failed to submit their data on Nov. 25, it added.

The coronavirus has sickened about 60.8 million and killed 1.4 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization.

About 42.1 million people have recovered, it said.

DoH and the Trade department this week signed a joint administrative order imposing a price cap on swab tests for the coronavirus.

Health Secretary Francisco T. Duque III on Wednesday said private laboratories may charge P4,500 to P5,000, while their state counterparts must have a flat rate of P3,800. The clinical trials for Japanese anti-flu drug Avigan as treatment for the coronavirus started on Nov. 20 with eight participants, DoH said on Wednesday. — Vann Marlo M. Villegas

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