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Chair of House panel dismisses talks of franchise renewal for ABS-CBN

HOUSE Committee Chair on Legislative Franchises Franz E. Alvarez dismissed proposals to revive talks on the renewal of the ABS-CBN Corp. franchise, adding this can be tackled in the next Congress.

In a statement on Thursday, Mr. Alvarez made the statement after Anakalusugan party-list Representative Michael T. Defensor on Wednesday’s plenary session proposed to discuss the “unfinished business” regarding the media network’s franchise. Other lawmakers declined his motion.

The said “unfinished business” is House Bill 6732, which sought to grant the embattled network a provisional franchise until Oct. 31, 2020. The bill was filed by Taguig City-Pateros Rep. Alan Peter S. Cayetano in May 2020.

“Obviously, this is already moot and academic. Based on my understanding from the House leadership, the ABS-CBN franchise issue is best left to the next Congress,” Mr. Alvarez said.

On Wednesday, lawmakers agreed during the plenary to discuss the matter next week.

Mr. Defensor is among the 70 lawmakers who voted against the franchise application of ABS-CBN last July 10. Mr. Alvarez said any lawmaker who voted against the measure can file a motion for reconsideration to challenge the decision made by his committee, which voted 70-11 for the franchise denial.

“Unfortunately, there was none, thus the committee decision has become final,” he said.

The network earlier said that its closure forced more than 11,000 into unemployment and resulted in “information gaps” in areas that rely on its news services.

ABS-CBN’s 25-year franchise expired on May 4, 2020. Before its closure, President Rodrigo R. Duterte said the network “will not see the light of day” and that its franchise will never be renewed. His ire was centered on unaired election campaign ads. — Gillian M. Cortez

BPOs, related industries post largest share of job listings in 2020 — JobStreet

JOBS PORTAL JobStreet said the call center and business process outsourcing (BPO) industries were top sectors for hiring in 2020 against an overall decline in the job market due to the pandemic.

In a statement Wednesday, JobStreet Philippines Country Manager Philip A. Gioca said, “In the past year, the total jobs in the market declined by 30% versus 2019, but JobStreet is hopeful that the job market will continue to recover, as companies are gradually hiring applicants.”

Based on hiring activity as of January, JobStreet said companies from the Call Center/IT-Enabled/Services/BPO sector were the most active in recruitment with 23% of the total job openings listed.

JobStreet said other industries that have been actively recruiting were Government/Defense (21%), Human Resources Management/Consulting (12%), Education (9%), and Computer/IT-Software (5%).

JobStreet said job listings rose about 3% quarter-on-quarter when the Philippines gradually eased its quarantine rules in the third quarter. The second quarter was the peak of the strictest form of the lockdown nationwide.

In the fourth quarter, sectors that posted sharp gains in job listings quarter-on-quarter were Aviation/Aircraft Maintenance (up 179%), Sales and Financial Services (94%), Merchandising (68%), Advertising/Media Planning (55%), and Biomedical (52%). — Gillian M. Cortez

Philippines has second-worst response vs virus pandemic

By Vann Marlo M. Villegas, Reporter

THE PHILIPPINES scored poorly in its anti-coronavirus response, ranking 79th out of 98 countries in a study by the Lowy Institute.

It got a score of 30.6, the second worst among Southeast Asian countries after Indonesia.

The Sydney-based think tank measured performance by tracking six indicators including cases, deaths and tests for every thousand people, and producing a score from 0 to 100, which is the best performing.

It also tracked confirmed infections and deaths per million people and cases as a proportion of tests in the 36 weeks that followed every country’s hundredth confirmed case of COVID-19.

New Zealand topped the list with an average of 94.4, followed by Vietnam (90.8), Taiwan (86.4), Thailand (84.2) and Cyprus (83.3).

The five worst-performing countries were the US with a score of 17.3, followed by Iran (15.9), Colombia (7.7), Mexico (6.5) and Brazil (4.3).

The study showed that while the coronavirus started in China, nations in the Asia-Pacific region on average “proved the most successful at containing the pandemic.”

The rapid spread of the disease “quickly overwhelmed first Europe and then the United States.” It also said Europe showed the greatest improvement before experiencing a second wave as borders opened.

Lowy said North and South America were the worst affected continent, while many countries in the Middle East and Africa managed to stop the initial surge with preventive measures. But it worsened before stabilizing again in the second half of last year.

In a statement, Health Undersecretary Maria Rosario S. Vergeire said the pandemic is “very dynamic, and the capture of proper context is crucial in assessing the performance of a country.”

She also said Lowy had failed to capture the “complex nature of pandemic response” such as prompt contact tracing and the readiness of health facilities to address the surges, among other things.

The Department of Health (DoH) reported 1,169 coronavirus infections on Thursday, bringing the total to 519,575. The death toll rose by 71 to 10,552, while  recoveries increased by 60 to 475,596, it said in a bulletin.

The Philippine death rate was at 2.03%, while the recovery rate was at 91.5%.

There were 33,427 active cases, 84.8% of which were mild, 9.3% did not show symptoms, 3.1% were critical, 2.3% were severe and 0.47% were moderate.

Quezon City reported the highest number of new cases at 57, followed by Isabela at 54, and Manila, Davao City and Rizal at 42 each.

The coronavirus has sickened about 101.5 million and killed about 2.2 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization (WHO).

About 73.4 million people have recovered, it said.

Philippines among the lowest-ranked economies in managing the COVID-19 pandemic

Philippines among the lowest-ranked economies in managing the COVID-19 pandemic

THE PHILIPPINES scored poorly in its anti-coronavirus response, ranking 79th out of 98 countries in a study by the Lowy Institute. Read the full story.

Philippines among the lowest-ranked economies in managing the COVID-19 pandemic

Entertainment News (01/29/21)

Netflix’s Shadow and Bone premieres on April 23

BASED on Leigh Bardugo’s worldwide bestselling Grishaverse novels, Shadow and Bone is set in a war-torn world where lowly soldier and orphan Alina Starkov has just unleashed an extraordinary power that could be the key to setting her country free, training as part of an elite army of magical soldiers. But as she struggles to hone her power, she finds that allies and enemies can be one and the same and that nothing in this lavish world is what it seems. The eight-episode series drops on the service on April 23.

MAX and BTS’s Suga release ‘Blueberry Eyes’

AMERICAN recording star MAX and Korean boyband BTS’ SUGA are making a comeback with the release of their “Blueberry Eyes” remix — this time, with assistance from two global acts: Lil Mosey and Olivia O’Brien. “Having Lil Mosey, the mastermind behind “Blueberry Faygo,” add his story to “Blueberry Eyes” felt too iconic not to create the ultimate blueberry hit song,” said MAX. “The cherry on top is getting to add the legendary voice of my friend Olivia O’Brien. I’m so excited for this final chapter of “Blueberry Eyes” with my brother SUGA and honored to work with all of these incredible artists on this new version of the song,” he added. The song is now available on streaming platforms worldwide.

BLACKPINK The Show concert happening on Jan. 31

K-POP girl group BLACKPINK will be holding a digital concert on Jan. 31, 2 p.m., specifically for the 1,000 fans who scored membership access to The Show concert. The membership access to the concert was given during a Globe Telecom livestream last week. For those who were granted access, the group’s official YouTube Channel shared steps on how to access and watch the performance on PC, Android, or iOs devices. Follow Globe’s official page and the Kmmunity PH page on Facebook, or visit BLACKPINK’s official YouTube Channel for more information about the concert and how to get membership access.

Tom & Jerry activities ahead of movie release

THIS year, Tom and Jerry fans will get to enjoy a whole lot more of the iconic cat-and-mouse team with a slew of series and movies during February and March on TV, on streaming apps, and at the cinema. In the build-up to the theatrical release of the big-screen Tom & Jerry movie from Warner Bros. Pictures, there are plenty of themed retail activations, online activities and fun competitions. Get a daily dose of Tom & Jerry movies, including their reimagined showcases of classic tales like the Wizard of Oz, Sherlock Holmes, and Robin Hood, among others. Catch them all at 5:15 p.m. every day from Feb. 6, on Cartoon Network.  Fans can also tune in to Boomerang for The Tom & Jerry Show, every day at 6 p.m., and a two-month-long channel takeover featuring various Tom & Jerry series from March to April. Subscribers of the streaming service HBO GO will also get to enjoy a specially packaged box set of The Tom & Jerry Show Seasons 1 to 4 and movies, streaming from Feb. 1. Fans of the cartoon duo can also use the #TomAndJerryChallenge hashtag on their Facebook or Instagram until Feb. 11. They can download the photo templates from cartoonnetworkasia.com/promo/tomandjerrychallenge and insert a photo or video of themselves or their pets. The most creative posts will win Tom & Jerry movie tickets and merchandise. Meanwhile, a Tom & Jerry toddler apparel line will be available at Robinsons Department Stores and Landmark in February. The new Tom & Jerry movie is a blend of classic animation and live action,  starring Chloë Grace Moretz, Michael Peña, Bobby Cannavale, and Ken Jeong. Directed by Tim Story, the movie is distributed by Warner Bros. Pictures, and will arrive in cinemas soon.

LANDBANK’s agricultural loans hit P238B

STATE-RUN Land Bank of the Philippines (LANDBANK) saw its loans to the agriculture sector increase by 0.55% to P237.62 billion last year.

The bank said in a statement on Thursday that loans to the sector went up from the P236.31 billion disbursed in 2019.

Of last year’s total, 60% or P142.75 billion was lent to small, medium, and large agribusiness enterprises, 21% or P50.89 billion went to local government units (LGUs) and government-owned and -controlled corporations for their agriculture projects, and 19% or P43.98 billion assisted small farmers and fishers, cooperatives and farmers’ associations, rural financial institutions and other conduits.

The loans reached 2.67 million farmers and fisherfolk nationwide, beating the bank’s 2020 target of two million.

“The year 2020 was undoubtedly a challenging one, but LANDBANK remained steadfast in its commitment of delivering intensified support to the country’s agriculture sector. We will continue to address the specific requirements of more farmers, fishers, and other players in the local agribusiness value chain amid the pandemic and beyond,” LANDBANK President and CEO Cecilia C. Borromeo was quoted as saying. 

The bank served as conduit for the lending programs of the Department of Agriculture (DA) and the Department of Agrarian Reform (DAR) for farmers and fisherfolk.

As of end-2020, it released P8.36 billion for the credit financing programs of the DA, such as the Agricultural Competitiveness Enhancement Fund, the Socialized Credit Program under the Sugarcane Industry Development Act, the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund, and the Survival and Recovery Assistance Program for Rice Farmers.

Meanwhile, P600 million was disbursed under the DAR’s Credit Assistance Program for Program Beneficiaries Development.

LANDBANK mainly provides credit to the agriculture and fisheries sector, micro, small and medium businesses, countryside financial institutions, LGUs, and government institutions.

Republic Act 10000 or the Agri-Agra Reform Credit Act of 2009 mandates banks to set aside 15% of their loanable funds to the agriculture sector and 10% for agrarian reform-related projects.

Bangko Sentral ng Pilipinas data showed banks once again failed to comply with the minimum lending requirement for these two sectors in the third quarter of 2020. Lenders only released a combined P662.62 billion from July to September 2020 against the required agri-agra credit allocation of P1.627 trillion. — B.M. Laforga

Seeking the approval of a difficult, toxic boss

I’m a manager. Over the past three months, I have observed how difficult it has become to obtain my department vice-president’s approval for my proposals, including an important but inexpensive training program for my team. Even a waste reduction proposal has been ignored. Most of the time, my ideas fall on deaf ears, and often elicit irrelevant questions even for a simple proposal. Last week, he was even somewhat combative when I allowed two of my workers to go on leave for a week. Can you help me decipher what’s happening? How do I manage the situation? — White Horse.

A man was perplexed by his wife’s refusal to admit her hearing problem. Speaking with a company physician, he asked: “How can I get my wife to admit that she is hard of hearing?” The doctor replied: “I’ll tell you what to do. When you arrive home this evening, peek your head through the door and ask — ‘Honey, what’s for dinner tonight?’ If she doesn’t answer, go into the living room and repeat the question.”

“If she still does not answer, walk into the kitchen and ask: ‘Honey, what’s for dinner?’ If she still does not hear you, then walk right up behind her and speak directly into her ear: ‘Honey, what’s for dinner?’ And if she still doesn’t reply, then convince her to see a specialist for her hearing troubles.”

That evening, the man arrived home from work. Just as instructed, he opened the front door and called out: “Honey, what’s for dinner tonight?” He listened carefully but there was no reply. He walked into the living room and repeated: “Honey, what’s for dinner?” No answer. He then walked into the kitchen and asked the same question. Still no answer.

The man walked right up behind his wife and spoke directly into her ear: “Honey, what’s for dinner?” The wife turned around and replied: “My goodness, for the fourth time, I said, we’re having spaghetti!”

The lesson of this story is that you need to take a good look at yourself and your work performance, and not simply define the problem as one being caused by your boss. What most people, even seasoned managers, tend to forget is that dealing with the boss’s individual personality and management style is less than half of the problem.

BASIC APPROACHES
You only have to look in the mirror to possibly discover the real issue. Is it about your performance or your credibility with the boss, or both? Since you mentioned that your boss changed his attitude towards you three months ago, then it could have something to do with what you did or failed to do prior to those months.

How loyal are you to your boss? Did you at one time criticize your boss to a trusted work colleague? Maybe you’ve created a situation that put your boss in a bad light. We don’t know. And yet, there could be many explanations for his attitude towards you. Therefore, getting your boss to appreciate your efforts can’t be achieved overnight. It takes time to regain your boss’s confidence. In that case, we have to explore the following tactics:

One, talk to your boss and rediscover his unspoken expectations. Does he want you to inform him about almost everything, including minor administrative tasks like approving leave applications? He may have changed his style to become detail-oriented, unlike before. To understand his “new” style, make a conscious effort to do things in terms of his “new” expectations.

Two, avoid being argumentative even if you think you’re correct. You may have been comfortable dealing with him before, but you need to adjust to the circumstances. Before you open your mouth, consider whether your ideas are not directly opposed to the boss’s ideas, your input is solicited. Be courteous. Instead of making point-blank statements expressing your doubts about his ideas, say something like: “If you don’t mind, would you like to hear another option?”

Three, make your boss look good in the eyes of his boss and other people. Even if he’s the worst credit-grabber, accept it. The fact remains that he’s still your boss. You may feel cheated that your boss is getting the credit for your direct accomplishments, but that’s nothing if you really want to grow in that company. He controls your career path and it should work to your advantage if he keeps on getting all the credit for all your hard work.

Last, protect your boss when something goes wrong in your department. If your boss has committed a mistake, you can regain his trust by displaying your loyalty to him. Take the blame if necessary, unless your boss has clearly violated a major company regulation or even the law of the land. If it’s not a serious blunder, consider helping your boss cope with the situation.

CHAIN OF COMMAND
Whatever happens, don’t bypass your boss. Follow the chain of command even if you’re not in the military. It is a standard practice for all organizations that everything must have your boss’s prior approval. This includes post facto “for-your-information” notifications that may be important to your boss. Assume you don’t know many of the things that could adversely affect your work relationship.

Working for a long-time boss isn’t not necessarily better or worse than establishing a new relationship with a new boss. Many times, the differences may be subtle, if not invisible if you don’t know how to read body language. Therefore, it’s crucial to keep your eyes open and your ears on the ground to avoid surprises.

Otherwise, you may find yourself on the losing end.

 

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

Villar group orders COVID-19 vaccine for employees, commits to donate

THE VILLAR group, via AllHome Corp., has signed a deal with biopharmaceutical firm AstraZeneca to procure coronavirus disease 2019 (COVID-19) vaccines for its employees and for donation to the public.

In a statement on Thursday, the company said it had signed an agreement, together with the Philippine government, local government units, private sector donors, and AstraZeneca to bring another 17 million doses of COVID-19 vaccine to the country.

AllHome Chairman Manuel B. Villar, Jr. said the vaccine aims to not only save lives, but also jobs and businesses.

“The vaccine will not only provide protection from the virus, but it will help boost consumer confidence to go out again. It is by helping each other during this time that we can start our journey to economic recovery,” Mr. Villar was quoted as saying.

AllHome said the donation has been made possible through Go Negosyo’s “A Dose of Hope Program”.

Meanwhile, AllHome Vice Chair Camille A. Villar said the company continues to find ways to help Filipinos amid the pandemic.

“We continue to find more ways of extending help to even more Filipinos through advocating for safe shopping in-store and providing contactless shopping options to consumers, donating learning tools to aid in distance-learning program, and most recently, the procurement of COVID-19 vaccines for AllHome employees and the public,” Ms. Villar was quoted as saying.

By the end of 2020, AllHome said it had a network of 50 stores across the country.

During the third quarter of 2020, the company posted an attributable net income of P312 million, higher than the P5 million it posted in the previous quarter. Its revenues during the period reached P3.47 billion, higher by 11% than in 2019.

Separately, Villar-led Golden Bria Holdings, Inc. said the Securities and Exchange Commission had approved its petition to change its corporate name to Golden MV Holdings, Inc.

It said the name change is meant to provide flexibility in the expansion of its business. The required written assent from its stockholders to approve the amendment was received on Dec. 12 last year, it added.

On Thursday, AllHome and Golden Bria shares at the stock exchange were both flat at P8.70 and P450 apiece, respectively. — Revin Mikhael D. Ochave

The leasing alternative

DOING business in today’s world has never been more challenging and unpredictable than ever before. Companies need to manage resources very carefully and expanding the business via investment in durable equipment needs to be done in the most efficient manner. While outright cash purchase, bank loans or supplier credit may be the most common alternatives, the prudent businessman or chief financial officer (CFO) will look at leasing as a viable option as it can provide the best leverage for asset acquisition where 95% of total cost can be financed, as provided for under Republic Act 8556.

A lease is a contractual arrangement where the owner or lessor of an asset allows the user or lessee to use an asset/equipment based on a mutually-agreed monthly lease payments. It gives an avenue for business owners to make use of assets at a low initial cash outlay and match monthly payments with economic benefits, income or savings derived from the acquired equipment.

All businesses require asset acquisition: vehicles, racking systems, capital equipment for IT and office, medical and hospital, industrial and heavy equipment, trucks, and the like. A lease can be structured as short or long term, depending on the economic life of the leased asset based on usage and the nature of the business. Leasing companies have also become creative over time as they can now offer various end of term options, lease structures on guaranty deposits, residual values and add-on services.

There are different types of leasing arrangements and various considerations that business owners can identify with their preferred leasing partners. Reputable leasing companies are mostly joint ventures with global players from Japan, including Orix Metro Leasing & Finance Corp., BPI Century Tokyo Lease & Finance Corp., BDO Finance Corp., RCBC Leasing & Finance Corp. and PNB-Mizuho Leasing & Finance Corp.

FINANCE LEASE
Finance lease, also known as a full-payout lease, capital lease or lease-to-own, is a non-cancelable type of lease that obligates the lessee to make periodic lease payments during the lease term. This type of lease is popular across various industries for the acquisition of specialized and non-specialized equipment.

A finance lease generally works like a loan but involves a lower initial cash outlay, with no collateral required and no chattel mortgage fees.  The asset, which is owned by the lessor, will serve as the security for the financing.

OPERATING LEASE
Meanwhile, a lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. The most valuable characteristics of an operating lease are its end of the lease term options: (1) renew the lease if the economic benefits from the asset can still be recognized by the lessee, (2) purchase the equipment at a mutually agreed price, or (3) return the equipment eliminating the costs associated with obsolescence or disposal.

An operating lease also provides low initial cash outlay with no collateral required, similar to a finance lease. Also, since it is essentially a rental contract, there will be no documentary stamp tax nor chattel mortgage fees. If you are a VAT-registered company, the rental payments provide input VAT to the company. All these end of term options and tax benefits become significant for companies that manage a large fleet of non-specialized assets, such as vehicles, which are usually periodically updated or upgraded. This can also be packaged to support company car plan programs, which may allow an employee to purchase the assigned vehicles at the end of the lease term.

Most advanced economies in the world like Japan, US and Europe use leasing as a standard mode of acquisition for various equipment and long-term vehicle rentals are commonplace. So if you are contemplating on buying capital equipment for your industrial, manufacturing, warehouse operations, refleeting your pool of trucks or employee vehicles, upgrading or acquiring new hospital equipment, consider leasing a primary option to leverage on the asset and generate substantial savings.

Thank you to Christine Bandol, president of PNB-Mizuho Leasing, for the inputs in this article.

 

Flor Gozon Tarriela is chairman of the Philippine National Bank, PNB Capital and PNB Mizuho Leasing & Finance Corporation.   She is a former Undersecretary of Finance and the first Filipina vice-president of Citibank N.A.  She is a trustee of FINEX and an Institute of Corporate Directors fellow

How PSEi member stocks performed — January 28, 2021

Here’s a quick glance at how PSEi stocks fared on Thursday, January 28, 2021.


Shares extend decline on 2020 GDP contraction

STOCKS closed lower on Thursday following the release of data showing the Philippine economy continued to shrink in the fourth quarter, resulting in a full-year contraction in gross domestic product (GDP).

The bellwether Philippine Stock Exchange index (PSEi) declined 11.77 points or 0.17% to close at 6,851.84 yesterday, while the broader all shares index fell 22.98 points or 0.55% to end at 4,108.34.

Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the local market closed lower as investors took their cue from the GDP data released yesterday.

The Philippine Statistics Authority reported that GDP shrank by 9.5% in 2020, the worst contraction on record. This, after the economy contracted by 8.3% in the fourth quarter.

Socioeconomic Planning Secretary Karl Kendrick T. Chua attributed the economy’s slump to weak private consumption, saying in a briefing that continued restrictions on mobility hampered spending.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco meanwhile said the market ended in negative territory as investors continued to worry about the country’s coronavirus disease 2019 (COVID-19) cases.

“Bargain hunting was seen in Thursday’s trading, bringing the PSEi to as high as 6,918.30 intraday,” Mr. Tantiangco said in a mobile phone message.

“Selling pressure eventually took over however backed by worries over the country’s COVID-19 situation and how it may slow down or delay our economic recovery,” he added.

The Department of Health reported 1,169 new COVID-19 cases on Thursday, which brought the country’s tally to 519,575.

Quezon City recorded the highest number of new cases at 57, followed by Isabela at 54, and Manila City, Davao City and Rizal at 42 each.

Majority of sectoral indices closed lower on Thursday. Mining and oil retreated by 189.85 points or 2.16% to 8,577.98; services went down 21.54 points or 1.42% to 1,489; industrials shrank 42.86 points or 0.48% to 8,876.44; and financials lost 5.45 points or 0.38% to 1,410.91.

Meanwhile, holding firms rose 6.48 points or 0.09% to 7,024.45 and property improved by 2.94 points or 0.08% to 3,478.04.

Value turnover amounted to P8.80 billion on Thursday with 56.22 billion issues switching hands, lower than the P10.68 billion with 98.96 billion shares seen in the previous session.

Decliners beat advancers, 136 versus 73, while 53 names ended unchanged.

Net foreign selling meanwhile declined to P1.31 billion yesterday from the P1.37 billion in net outflows logged on Wednesday.

“6,700 may be considered the nearest support area, while 7,300 is where resistance may be pegged at,” Timson Securities’ Mr. Pangan said. — Revin Mikhael D. Ochave

Peso retreats on record GDP decline

THE peso weakened versus the dollar on Thursday as the country logged its worst recession on record.

The local unit closed at P48.11 per dollar on Thursday, shedding 3.5 centavos from its P48.075 finish on Wednesday, data from the Bankers Association of the Philippines showed.

The peso opened Thursday’s session lower at P48.115 per dollar. Its intraday low was at P48.145, while its best showing for the session was at P48.097 against the greenback.

Dollars exchanged increased to $1.188 billion on Thursday from $1.123 billion on Wednesday.

The record gross domestic product (GDP) contraction last year caused the peso to decline versus the dollar, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said. 

GDP shrank 8.3% in the fourth quarter to bring the full-year contraction to 9.5%, the Philippine Statistics Authority reported yesterday. The 2020 figure matched the worse end of the government’s -8.5 to -9.5% estimate and was a turnaround from the six percent GDP growth logged in 2019.

Meanwhile, a trader said the peso depreciated following dovish hints from the US Federal Reserve.

The Fed on Wednesday kept benchmark rates near zero and made no change to its monthly bond purchases, Reuters reported.

Fed Chairman Jerome Powell said their efforts to support the economy until Americans in sectors that have lost jobs come back to the workforce.

“The risks are in the near term, frankly,” amid the new strain of the virus, Mr. Powell said. “There is good evidence to support a stronger economy in the second half of this year.”

For today, Mr. Ricafort gave a forecast range of P48.09 to P48.14 per dollar while the trader sees the peso moving within the P48.05 to P48.25 band. – L.W.T. Noble with Reuters