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Maynilad donates alcohol to 32 hospitals

WEST zone water provider Maynilad Water Services, Inc. donated alcohol to 32 hospitals within its concession areas, as part of the company’s efforts to support medical personnel during the coronavirus disease 2019 (COVID-19) pandemic.

In a statement, Maynilad purchased one-gallon bottles of 70% isopropyl alcohol from its social enterprise community in Tondo, Manila, which were then distributed to secondary hospitals.

The water concessionaire said it plans to donate alcohol bottles to other hospitals such as the Quezon City General Hospital, Caloocan City Medical Center, Ospital ng Parañaque, Ospital ng Muntinlupa, Las Piñas General Hospital, Ospital ng Maynila, Bacoor District Hospital, and Cavite Naval Hospital, among others.

Maynilad said it continues to conduct several relief activities to assist frontliners such as the donation of bottled water, hygiene kits, and isolation tents.

Other assistance done by the water company include the set-up of free metering and water piping works to provide water supply at the quarantine center established in Philippine Arena, and the provision of free water supply for the treatment facilities at the World Trade Center, Philippine International Convention Center, and Rizal Memorial Sports Complex.

Metro Pacific Investments Corp., which has majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific, the others being Philex Mining Corp. and PLDT Inc.

Zoom doubles forecast of sales as users surge

ZOOM Video Communications Inc. nearly doubled its expectations for annual sales on Tuesday, driven by a surge in users as more people work from home and connect with friends online during coronavirus lockdowns.

But Zoom’s costs also rose sharply, and executives said gross margins would likely remain below Zoom’s historical norms in the coming quarters, sending shares of the San Jose, California-based down 3.5% to $200.75 in after-market trading.

The company has transformed itself into a global video hangout from a business-oriented teleconferencing tool. It came under fire over privacy and security issues, prompting it to roll out major upgrades.

The company raised its full-year revenue forecast to a range of $1.78 billion to $1.80 billion from $905 million to $915 million. Analysts on average expected revenue of $935.2 million for the fiscal year ending January 2021.

The latest quarterly report shows the company now has about 265,400 customers with more than 10 employees, a near fourfold increase from a year earlier.

But there were also possible signs the Zoom boom may be slowing as economies reopen. Chief Financial Officer Kelly Steckelberg said the April peak usage of 300 million daily meeting participants declined slightly in May.

The company expects it to rise eventually above 300 million again.

Zoom company competes with Cisco Systems Inc.’s Webex, Microsoft Corp. Teams and Google’s Meet platform for paying customers, particularly enterprises, while offering a free version to consumers.

Zoom reported fiscal first-quarter revenue of $328.2 million, beating analysts’ estimates of $202.7 million, according to IBES data from Refinitiv.

While Zoom’s revenue increased sharply, its costs rose even more steeply. The company’s cost of revenue was up 330% to $103.7 million, which lowered its gross margin to 68.4% from 80.2% a year earlier.

One of Zoom’s biggest costs is data centers and bandwidth to host calls. The company runs some of its own data centers, but also pays for cloud computing services from Amazon.com Inc.’s Amazon Web Services and Microsoft, and in April added Oracle Corp. as a vendor.

On a Zoom call with investors, Chief Executive Eric Yuan said Amazon provided the “majority” of new capacity that Zoom needed to meet demand.

Steckelberg said on the call that the company planned to expand its own data centers to become more efficient, which should boost margins to the mid-70% range in the next several quarters. Analysts had expected gross margins to hover between 79% and 81% over the coming year, according to Refinitiv data.

Excluding items, the company earned 20 cents per share in the latest quarter, beating analysts’ estimate of 9 cents.

Zoom’s shares have more than tripled this year. — Reuters

Pandemic brings Asia’s booming online lending sector to a halt

HONG KONG/MUMBAI/SINGAPORE — The spring started out rosy for the Indian arm of ClearScore, a company that offers online credit scores and loans.

Within weeks, the coronavirus pandemic had taken hold, drastically changing the picture for the online lending industry in Asia.

“In the second week of March, we were talking about what a great quarter it would be and a month later I had to let go of the team,” said Hrushikesh Mehta, country manager for India at ClearScore.

The UK-based company shuttered its India business on April 13, as 10 out of 14 lending partners withdrew their products within three days of the launch of a nationwide lockdown.

Alternative lending companies and platforms across Asia are scrambling to raise funds and stave off bankruptcy as they face a wave of bad loans.

Sixteen lenders and investors in markets across Asia Pacific said companies were laying off staff and cutting costs to survive.

Online lending had been one of the hottest sectors in recent years, as new players bet that a digital approach meant they could lend profitably to entities that banks found too costly or bothersome.

Asian online lenders raised more than $4 billion in 2017 and 2018, with Indian and Indonesian companies most prominent, according to data provider Tracxn.

In India there are nearly 500 online lending start-ups, and roughly 160 in Indonesia, many backed by Chinese money.

Some are peer-to-peer platforms (P2P), which match borrowers with individual lenders who hope to earn a higher return on savings; others use their own funds or partner with other institutions. Many combine all three approaches.

But as economies across Asia went into lockdown to limit the spread of the new coronavirus, many borrowers defaulted.

“I think it is only about 20 to 30% of (Indian online lenders) that are well capitalized, and the rest are going to struggle. 70% are staring at an existential crisis,” one online lending chief executive said, speaking on condition of anonymity because of the sensitivity of the matter. “Since the lockdown started, demand is down by 90% and lending now is down by 95%”.

Dima Djani, CEO of sharia-compliant Indonesian business P2P lender ALAMI, described the situation as “natural selection”.

“This is a test. Those come out unscathed will be the champions in a more saturated P2P landscape going forward,” he said.

ESPECIALLY VULNERABLE
The IMF expects Asia to record zero growth for the first time in 60 years, as lockdowns bring service sectors to a halt, exports plunge, and companies and individuals stop spending.

Small- and medium-sized enterprises and workers in the informal economy have been particularly hard hit. Asia-focused banks including, HSBC and DBS have taken greater provisions against bad loans, but alternative online lenders are worse off than their traditional competitors.

Indonesian online lenders had an NPL ratio of 4.22% in March, according to data from financial regulator OJK, up from 3.65% in December, compared to 2.77% for traditional banks.

“Most fintech companies provide smaller-sized loans for middle-low borrowers to fill the gap that banks could not reach. This cohort is unfortunately one of the most impacted by the pandemic,” said Markus Rahardja, of BRI Ventures, the corporate venture arm of state-owned Bank Rakyat Indonesia.

It is also harder for some lenders to get repaid.

“Because everything from the paperwork to lending happens online, consumers find it easier to default,” said Ashvin Parekh, a Mumbai-based independent financial consultant.

Online lenders that fall outside the traditional bank regulations have fewer requirements in many markets about how much capital they must have on hand. That makes them more vulnerable to a wave of defaults, said Etelka Bogardi, a Hong Kong-based financial services regulatory partner at law firm Norton Rose Fullbright.

SURVIVAL OF THE FITTEST
Lenders must decide whether to lend more — there is demand from businesses and individuals desperate for cash — or hunker down.

“If you have lots of money and you have reporting requirements, you might choose the approach of issuing more loans,” said Jianggan Li of from Singapore-based venture outfit Momentum Works. “But that’s dangerous, the minute the loans are issued, people can’t pay back on time.”

Abheek Anand, head of Southeast Asian investments at Sequoia Capital, told a DealStreet Asia event he had warned portfolio companies to be careful and avoid temptation.

More cash is necessary for either strategy. But venture capital funds invested just $388 million in online lenders in Asia in the year to May, a sharper decline than overall fintech investment.

“The last thing I want to be getting into at the moment is online lending,” said one China-based VC investor. “It’s just one turn of the glass and you go from being the good guy supporting microfinance, to backing loan sharks.” — Reuters

Keeping safe, stylishly

WE understand that in times like these, one would like a little bit more of protection. But this does not mean that style has to be abandoned.

One must keep in mind that full-body PPEs (Personal Protective Equipment) should be reserved for frontliners due to the equipment’s actual necessity in their field, as well as safety guidelines in donning and doffing them for which they have received training. What follows is a list of a few designers and brands that have come up with protective outerwear that suit civilian needs and lifestyles.

We must note that these are not medical-grade and are only suitable for everyday tasks. We also urge people to research on how to put on and remove protective outerwear properly, to avoid contact with the virus that causes COVID-19 (coronavirus disease 2019).

Kamiseta

Local brand Kamiseta is releasing a line of protective clothing that come as either waterproof tracksuits, 1950s-inspired shirtwaist dresses, or else wraparound numbers. They cost between P795 and P995. To shop, visit kamiseta.com.

Bianca Cordero

Stylist and designer Bianca Cordero usually makes formals for both men and women. Since there is no need for these days, she has pivoted to designing waterproof coats and jumpsuits suitable for both men and women. We’re particularly entranced by a trench hoodie with a zip-up mask with large pockets (perfect for shopping), as well as a frilly coat made in clear plastic. To shop, visit her Instagram @biancacordero.

Bayo

Another local brand, Bayo, has a collection of protective outerwear also made of water-repellent fabric. The texture of the tracksuit is akin to piña, but the collection also includes two hooded trench coats. All pieces come with two free face masks. Although currently sold out, one can still check out the pieces at styleshops.com.ph.

Lian Martin

Designer Lian Martin, who was once found making draped and high necked ternos, now puts that skill to use in making hooded waterproof jackets. The jackets have huge pockets and come in black (although they are customizable), and have an oddly flattering shape suitable for both men and women (thanks to a very slight flare around the hips). Each purchase comes with a free 3D mask. To shop, visit @lianmartiin.

Mark Bumgarner

Former racing ace and now designer to the stars Mark Bumgarner is known for his softly feminine creations. The same care and attention to design is not lost in his vision for protective outerwear. Called The Armor Project, the line is made up of jumpsuits, track separates, and even dresses. They come in many prints and designs (yes, even floral), and have the look and feel of those jumpsuits worn by aviators in the 1930s and ‘40s, and can be styled with versatility. For inquiries, visit Mark Bumgarner’s Instagram @markbumgarner. — Joseph L. Garcia

ARTHALAND’s Notice of 2020 Annual Stockholders’ Meeting

 NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

NOTICE is hereby given that the 2020 annual stockholders’ meeting of ARTHALAND CORPORATION will be held on 26 June 2020, Friday, at 8:30 A.M. and will be conducted through remote communication.

The Agenda for the meeting is as follows:

1. Call to Order
2. Secretary’s Proof of Due Notice of the Meeting and
Determination of Quorum
3. Approval of Minutes of the Annual Stockholders’ Meeting
held on 28 June 2019
4. Notation of Management Report
5. Ratification of Acts of the Board of Directors and Management
During the Previous Year
6. Approval of the Proposed Amendment of the By-laws
7. Approval of the 2020 Stock Option Plan
8. Election of Directors (including Independent Directors)
9. Appointment of External Auditor
10. Other Matters
11. Adjournment

Only stockholders of record at the close of business on 04 June 2020 are entitled to further notice of and to vote at this meeting. The electronic copy of the Information Statement which includes the manner of conducting the meeting and the process on how one can join the same, as well as vote in absentia, among other relevant documents, is available in www.arthaland.com and in the Electronic Disclosure Generation Technology of the Philippine Stock Exchange (PSE EDGE).

WE ARE NOT SOLICITING YOUR PROXY. However, if you cannot personally attend the meeting or participate through remote communication but would still like to be represented thereat and be considered for quorum purposes, you may inform the Office of the Corporate Secretary with contact details indicated below or through (+632) 8 403 6910 or investor.relations@arthaland.com not later than 19 June 2020 (Friday). You will be advised the following business day of any further action necessary on your part, which may include accomplishing a proxy.

Taguig City, Philippines.

RIVA KHRISTINE V. MAALA
Corporate Secretary

 

ARTHALAND CORPORATION
Head Office, 7F Arthaland Century Pacific Tower
5TH Avenue corner 30TH Street, Bonifacio Global City
1634 Taguig City, Philippines

SMC sets strict office safety protocols

SAN MIGUEL Corp. (SMC) said on Wednesday that it had put in place stringent protocols to ensure a safe workplace for its employees who are physically reporting for work starting this week after Metro Manila’s transition to a relaxed lockdown.

Ramon S. Ang, SMC president and chief operating officer, said the PCR (polymerase chain reaction)-testing for company staff is in full swing nationwide. He said health protocols had been in place in all facilities for the employees’ peace of mind and to help prevent transmission of the coronavirus.

“Only 20% of our employees are required to report to the office under the existing skeletal work arrangement. And to ensure that these employees will work in a clean and sanitized environment, we will aggressively implement these protocols for their safety and the safety of their families,” Mr. Ang said.

He said there are those who need to be present at the offices due to the nature of their jobs. Only employees who have been tested and were found to be negative for the virus will be allowed entry to the office premises. They have been given a badge that also serves as their access pass.

“The testing is being done in batches so as to reduce unnecessary crowding in the testing areas. And those who were given a clean bill of health will be regularly checked for indicative symptoms, so they can be isolated if needed and early intervention can be made,” Mr. Ang said.

Kaspersky says unwanted ads in apps may lead to data leakage

INTERNET security firm Kaspersky has warned app users that unwanted advertisements could result in data leakages.

In a statement emailed to reporters on Monday, Kaspersky said its researchers have found that “the number of applications capable of bombarding users with unwanted advertising is increasing on official marketplaces.”

It said Kaspersky researchers have discovered three new applications with “adware” modules on Google Play store “in a span of just three months, potentially affecting millions of users.”

Kaspersky defined adware as an “unwanted software that displays ads to users.”

It said adware has been one of the most popular non-virus threats for years.

“The monetization methods used in such software can pose a threat to users, and yet bring in more revenue for developers due to greater viewership, with the latter adopting new techniques in order to make such ad modules harder to detect by both users and cybersecurity technologies,” Kaspersky explained.

One of the adware-carrying applications discovered by Kaspersky researchers is an interactive questionnaire “with millions of downloads.” The company said the app used a post-installation delay before showing ads its researchers have also seen in other adware apps.

“This long delay from installation of the application to the first advertisement appearing made it much harder for the user to find the culprit for all the ads that suddenly appeared on the screen. This technique is frequently used to trick automatic protection mechanisms, such as sandboxes in app stores. The developer of the interactive questionnaire application promptly removed the adware module once informed,” it said.

Kaspersky also noted that adware-spreading is not done purposely, and even legitimate applications can end up distributing undesirable ads unintentionally.

“Most often this is due to the use of advertising software development kits (SDKs) and lack of testing an integrated advertising library. As a result, adware modules sneak into the final code of applications,” it explained.

Kaspersky Security Expert Igor Golovin was quoted as saying: “Nowadays, we heavily rely on our phones.”

“We work, share personal information and watch entertainment — all on our mobile devices. Obviously, this attracts adware creators’ attention. The problem here is that adware does not create usability inconveniences that frustrate users; it also — with improperly developed SDKs — could result in data leakages.”

He advised app users to use a reliable mobile security solution capable of preventing adware-carrying applications from invading their digital privacy. — Arjay L. Balinbin

BSP to extend alternate reserve compliance until 2022

THE CENTRAL BANK will extend banks’ alternative reserve compliance until 2022 in a bid to support the financial system and struggling sectors due to the coronavirus pandemic.

“The period was extended to give more banks to consider the nuances in extending credit to this sector,” Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said in a text message.

The BSP last week released new guidelines to include loans extended to large enterprises not part of conglomerates as reserve compliance in addition to credit to micro-, small- and medium-sized enterprises (MSMEs), which was already announced earlier.

“The circular will be issued maybe next week,” she said, adding that they are awaiting confirmation from the Monetary Board on the decision. — LWTN

Dining In At Home (06/04/20)

WHILE the general community quarantine has opened up several establishments, restrictions on dining in at restaurants are still present. So we’ve come up with a list of meals and treats you can have delivered to enjoy at home.

Pilsner Urquell

Have you ever tasted the world’s first pale lager? Well, now you can — four liters of it. Pilsner Urquell, first served in 1842, serves as the template for most pale lagers today. Pilsner Urquell draft beer will be poured inside a four-liter glass jug upon ordering. It’s poured, sealed, and delivered chilled and packed with ice upon ordering. All four liters must be consumed within 24 hours and kept chilled (otherwise it goes flat). This is available only until June 15 or while supplies last. To order, call the Community Dealer at 0917-639-8089.

Peninsula Manila

Want to enjoy a Peninsula cocktail without the prep work? The Bar at The Peninsula Manila now has bottled cocktails in one-liter containers for P2,490. Available are its Negroni (London Dry Gin, Cinzano 1757, and Campari), Beast of Burden (Laphroaig 10 years old, Lustau Pedro Ximenez sherry, and Campari), Aperol Spritz (Aperol, lemon juice, and lemon bitters), and Espresso Martini (vanilla-infused vodka, coffee liqueur, and espresso). Available for delivery or takeout at The Peninsula Boutique. For details call 8887-5747, 8887-2888, or e-mail penboutiquepmn@peninsula.com. The Peninsula Boutique is open from 9 a.m. to 5 p.m. daily.

Shake Shack

Beloved Shake Shack burgers are now available for delivery, with the added fun of you making them by yourself with the DIY ShackBurger Kit. Priced at P1,600, the DIY ShackBurger Kit includes eight patties made with a custom blend of 100% Angus beef with no added hormones or antibiotics, Martin’s Potato Rolls, American cheese, secret Shack Sauce, and, of course, cooking instructions. The kits can be directly ordered and picked up from Shacks in Central Square in BGC and SM Megamall. To purchase, go to bit.ly/ShackBurgerDIYKitsAdvanceOrderForm and fill out the DIY Kit order form as they are currently only accepting advance orders. By ordering DIY ShackBurger Kits, you will also help feed frontliners. Check out @shakeshackph on Instagram and Facebook for updates.

Tim Hortons

Tim Hortons launched the new Chocoberry Donut, a soft, yeast-filled donut dipped in chocolate fondant with fruity strawberry filling. It’s regularly priced at P60 when bought in Tim Hortons branches and P70 when ordered via GrabFood. The donuts are offered at a 4+2 promo where you can get two pieces for free when you buy four Chocoberry Donuts. The promo is priced at P240 in stores and P280 when ordered via GrabFood. The promo is available for takeout and delivery via GrabFood, Foodpanda, and LalaFood. Promo is valid from June 2 to 30, all day in open Tim Hortons Philippines restaurants.

Cardinal Cakes

Cardinal Cuisine, a catering and events company, turned to cakes when the ban on mass gatherings saw the cancellation of weddings and other parties. Currently, Cardinal Cakes has four regular offerings: a moist Dark Chocolate Cake, a Naked Red Velvet Cake, a Walnut Carrot Cake, and a Caramel Cake — with prices ranging from P450 to P1,000. It’s best to order at least 12 hours in advance to give them enough lead time. For more information, visit facebook.com/CardinalCuisine. To order, contact 0905-420-4030 or call 8821-0057.

Sheraton Manila Bay

Gourmet takeaways from the hotel are available for pick-up daily from 9 a.m. to 6 p.m. and will feature “home-cooked goodness” which are dishes good for sharing, rice specialties, salads, pastas, sandwiches, breads, pastries, and cakes. The “home-cooked goodness” selection includes pot roast beef, lengua estofado, pepper roasted pork loin, whole Spanish roasted chicken, and “Buchon” pork belly roulade. There is also their beef shawarma, chicken shawarma, and their bestseller, pulled pork ala Cubano. For healthy options, there are four — Mango Kani Salad, Vegan Aubergine Salad, Caesar Salad, and Caesar By The Bay. Also on offer are Sheraton Gourmet Rice Box or Seafood Paella. There are pasta specialties — spaghetti shrimp scampi, fettuccine carbonara, and penne puttanesca with blackened chicken — and baked treats including dark chocolate brownies, homemade banana bread, chocolate chip cookies, and their new ube cheese pandesal. Finally, there are cakes like the hotel’s Signature Mango Tart, Dalgona Tiramisu, Dark Chocolate Supreme, and Mango Cheesecake. Advance orders are required, and allow a one-day lead time for breads, pastries, cakes, and meat dishes. Diners must arrange pick-up with their courier of choice. Cash and credit card payments are accepted. The hotel will strictly implement a No Mask, No Pick-up Policy and has designated a pick-up point at the hotel main entrance canopy area to ensure social distancing measures are followed and health and safety precautions are met. For the full gourmet takeaways menu, visit http://bit.ly/theculinarycouriermenu. For orders, call 5318-0788 or e-mail sh.mnlsb.fnb@sheraton.com.

Richmonde Hotels

As an initial offering for the Richmonde Hotels’ comfort food takeaway options, Executive Chef Vic Barangan curated the best-selling comfort food of the hotels’ all-day dining restaurants and paired them up to make sets that are good for sharing. Richmonde offers four Black Box combos that can serve up to two to three persons. Black Box 1 is a choice of two Breakfast Favorites (garlic longganisa, pork tocino, beef tapa, or bangus a la pobre), served with fried egg and garlic rice, and priced at P650. Black Box 2 is focuses on Filipino Flavors: kare-kare (beef and tripe in a peanut sauce), and lechon liempo (deep-fried pork belly, grilled eggplant, tomato salsa) for P900. Black Box 3 is a Taste of Asia offering with Nasi Goreng (Indonesian-style mixed satay of beef and chicken, with scented rice and kropek) and Pad Thai (rice noodles, shrimps, egg) for P750. And Black Box 4, is a Sandwich Bundle of Richmonde’s signature 100% Angus beef burger on a pretzel bun, and Gruyere cheese, and a Club Sandwich with bacon, lettuce, tomato, chicken, egg salad, ham and cheese, for P750. All prices are inclusive of VAT and other applicable taxes. Deliveries to Makati, Mandaluyong, Pasig, and Quezon City will have a flat rate of P150. Delivery is free for orders within Eastwood City. One day lead time is required and payments may be settled via online bank transfers, cash, or credit card (for curbside pickups only). To preorder, call, text or Viber 0917-821-0333 (Eastwood Richmonde Hotel) or 0917-859-7954 (Richmonde Hotel Ortigas) with your name, address, Black Box choices, and preferred time and date of delivery or pickup.

Lung Hin

Missing fine Chinese cuisine at this time is understandable. Marco Polo’s Lung Hin has a range of takeout options that include baked barbeque pork buns, crispy roasted suckling pig, and signature salt baked chicken. Premium specialities such as the roasted Hong Kong Peking Duck, deep-fried pigeon, and the sautéed sliced abalone with fresh scallops and broccoli are also available for advanced orders. To maintain the quality of the dishes, the Lung Hin team prepares them on the day when the order is scheduled for pick up. The hotel follows an online, contactless payment policy, accepting credit and debit cards. Order through 7720-7777 or by sending an order request via Facebook on the official Marco Polo Ortigas Manila page (@marcopoloortigasmanila). For more information, visit marcopolohotels.com or e-mail manila@marcopolohotels.com.

Century Park Hotel

The hotel is reopening its kitchens for takeout and delivery. On offer are grilled lamb chops, sirloin steak Café de Paris, and country crispy chicken, among others. Pasta, salads, and burgers are also available. For baked goods, there are baguettes, raisin bread, cinnamon rolls, Danish pastries, empanadas, cookies, and brownies. To order, call 8528-5855 or send a message to 0917-633-2497, either via SMS or Viber. Leave your full name, contact number, complete address, order description and quantity. One can pay either with cash or credit card through PayPal at payments@centurypark.com.ph, and then send a proof of payment to their Viber number. Orders will be accepted daily from 9 a.m. to 5 p.m. To claim, either opt for delivery or personal pickup through any shipping service provider such as Grab Express, Lalamove, or Happy Move. For information and menus, visit www.centurypark.com, contact information@centurypark.com.ph or call 8528-8888.

Marriott Manila

Craving a CRU Steakhouse’s Prime Ribeye Steak for lunch or Marriott Café’s Roasted Duck for dinner? Manila Marriott has just added their best-sellers to a wide-ranging pick-up and take-away menu. Customers now have the option to order their favorite dishes from the hotel’s restaurants namely, Marriott Cafe, Marriott Cafe Bakery, CRU Steakhouse, and Gourmet Express — their chicken and pizza hotel-exclusive delivery. CRU Steakhouse’s ready-to-eat 900g US Certified Angus Prime Rib Steak comes with four sides and sauces (choose from black truffle risotto, whipped potatoes, twiced baked cheddar cheese potatoes, five cheese baked macaroni, grilled corn and carrots with cilantro chili butter, cream of spinach, maple syrup carrots, and steamed broccoli for sides, and black pepper sauce, forest mushroom sauce, and red wine sauce). Those who prefer to cook their own can order CRU’s Cape Grim Tasmania Grass Fed steak, US Certified Angus Beef Prime, and Australian Rib Eye Wagyu MBS+9 along with two ready-to-eat sides and a sauce of their choice starting at P2,500. From Arroz Caldo Overload from Marriott Cafe’s All-Day Breakfast to Marriott Café Bakery’s sandwiches like the Asian Spiced Vegan Pork Wrap or the Chicken Caesar Wrap, the menu is long and varied. Manila Marriott is now open for pick-up and take-away daily from 8 a.m. to 7 p.m. Manila Marriott is now open for pick-up and take-away daily from 8 a.m. to 7 p.m. To place an order, call 0917-859-9521 and pay through Paymaya or BDO, wait for the SMS confirmation, and pick-up your order at the hotel. Aside from pick-up and take-away, Marriott favorites are also available on Foodpanda. For inquiries, orders, and more information on the latest offers of Manila Marriott, call (02) 8988-9999, or visit www.manilamarriott.com.

How PSEi member stocks performed — June 3, 2020

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

Filipinos less willing to return to shops, visit indoor and outdoor venues once they reopen

Filipinos less willing to return to shops, visit indoor and outdoor venues once they reopen

Peso climbs to two-year high as economies reopen

THE PESO rallied against the greenback on Wednesday to close at its strongest in more than two years following gains in the stock market as well as market optimism on the gradual reopening of economies across the world.

The local unit finished trading at P50.10 per dollar on Wednesday, rising by 24 centavos from its P50.34 close on Tuesday, according to data from the Bankers Association of the Philippines.

The peso opened the session stronger at P50.18 per dollar. Its weakest was at P50.23 while its intraday best was at its close of P50.10 against the greenback.

Dollars traded however dropped to $855.72 million from the $877.10 million seen on Tuesday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso’s appreciation came amid gains in the local stock market. He noted that the local unit’s close on Wednesday was its strongest since the P49.82 finish recorded last Jan. 4, 2018.

“Continued gains in the local stock market today, highest in nearly three months, supported the appreciating trend of the peso,” Mr. Ricafort said in a text message.

The Philippine Stock Exchange index closed at 6,245.65 on Wednesday, gaining 220.48 points or 3.65% from the previous close. All indices also saw gains during the day.

Meanwhile, a trader attributed the peso’s strength to better risk appetite as more economies reopened.

“The peso appreciated anew from appetite for riskier currencies improved amid optimism from various economic reopening efforts locally and abroad,” he said in an e-mail.

More countries are lifting restrictions meant to curb the virus spread, according to Reuters. In Dubai, malls and private businesses fully started operations on Wednesday, a glimmer of hope for an economy that relies heavily on retail, tourism, and hospitality.

In Europe, France has started to allow restaurants, bars and cafes to reopen starting June 2, though tighter restrictions are in place in Paris.

For today, Mr. Ricafort gave a forecast range of P50 to P50.25 versus the dollar, while the trader sees the peso moving between the P50.10 to P50.30 levels. — L.W.T. Noble with Reuters

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