Facebook Instagram Linkedin X Youtube
Home Blog Page 8366

HOFA.PH offers signed sports memorabilia as a sound investment

DO you have extra cash and are looking to grow your money? The people behind authorized internet retailer Hall of Fame Authentics (HOFA.PH) advise to use it on signed sports memorabilia.

Established in 2018 by collector friends Ron Uy, Stephen Songco, and Elvis Gutierrez, HOFA offers authentic signed sports memorabilia to the “underserved” local market.

The online-based store gives Filipino collectors easy access to sports memorabilia they have always wanted, whether it be in basketball, baseball, football, soccer, golf, hockey, and boxing.

Its offerings vary from jerseys, basketball, sneakers, boxing gloves, posters and more.

HOFA has only the best deals in mind for its clients, which is why it makes sure they offer authenticated goods from major companies like Upper Deck, Panini, Steiner, and Fanatics.

Mr. Songco shared that while some may consider spending thousands on collectors’ items as a self-indulgent hobby, and maybe a stretch during these times, forward-looking fans and avowed collectors know it is a sound investment, as they themselves found throughout the years.

He went on to say that a few years back, he sold his car to own a signed, game-worn Michael Jordan sneaker for P400,000. Today, the value of those Air Jordan 11s has gone up to over P2 million.

Mr. Uy, for his part, invested in a pair of Kobe Bryant shoes for $5,000 before The Mamba’s retirement in 2016. It is now worth $20,000.  

“We saw the value of sports heroes and their stories, and that they are represented by objects that become works of art. Their prices appreciate every year, especially for those signed by the sports greats. That’s why people should never be afraid of buying sports memorabilia. It is never, ever a dead investment,” said Mr. Songco in a release.

“Who knows how much its value can rise over the years? You might not be aware that a particular one you own has appreciated to as much as hundreds of thousands to millions of pesos already,” he added.

HOFA believes with the many significant happenings in the world of sports currently, memorabilia collection has gained much momentum, something it wants existing and potential collectors in the country to be part of.

Payment options on HOFA include credit card, PayPal, and installment plans to accommodate a varying range of budgets.

For more information, check it out on Facebook facebook.com/hofa.ph and Instagram @hofa.ph. — Michael Angelo S. Murillo

Justin Thomas notches first win of season at The Players

JUSTIN Thomas used a mid-round charge to push into the lead on Sunday and earn a one-shot victory in The Players Championship at Ponte Vedra Beach, Florida.

Thomas’ first victory of the season and 14th in his career on the PGA Tour came after he delivered a 4-under-par 68 in the final round at the TPC Sawgrass Stadium Course. He finished at 14-under 274 for the tournament following his 3-foot par putt at the final hole.

Third-round leader Lee Westwood of England shot 72 and finished alone in second place at 13 under, while Brian Harman (69 on Sunday) and Bryson DeChambeau (71) tied for third place at 12 under.

Talor Gooch (67) and England’s Paul Casey (70) finished tied for fifth place at 11 under, while Canada’s Corey Conners was alone in seventh place at 10 under.

Thomas was three shots off Westwood’s lead at the start of play on Sunday and was plodding along at 1-over par through eight holes following a three-putt bogey at the par-3 eighth. It managed to light a fire, though, with Thomas playing the next four holes at 5 under, including an eagle 3 at No. 11.

The 19-foot putt for eagle gave him the lead at 13 under, which he pushed to a two-shot advantage at 14 under when he recorded a birdie at No. 12.

Thomas’ bogey at No. 14 helped Westwood pull even briefly, but his birdie at the par-5 16th hole gave him sole possession of the lead again. He had a par at the famed island green on No. 17 before flirting with disaster at 18.

Thomas’s tee shot on the 72nd hole hugged the water on the left side of the fairway but stayed dry. He put his approach shot on the fringe and used two putts from there to close out the victory.

DeChambeau was unable to turn a final-round pairing with Westwood into a victory like he did last week at the Arnold Palmer Invitational. He was at 1-over par for the day when he eagled the 16th hole, putting him two shots off the lead. He had a par on each of the last two holes, just missing a birdie putt at 18.

Westwood entered the final round with a two-shot lead and stayed in contention throughout the final round despite playing the front nine in 1-over par after three bogeys. He had a birdie at 14, but was unable to make up any ground on 16 as DeChambeau was recording his eagle.

A long birdie putt to tie for the lead at 17 was well left and he missed his 9-foot par putt to all but seal his fate. His birdie at 18 gave him sole possession of second place. — Reuters

Golden State Warriors snap slump with victory over Utah Jazz

ANDREW Wiggins snapped out of a recent slump with a season-high 28 points and Stephen Curry chipped in with a game-high 32 on Sunday afternoon as the Golden State Warriors ended a four-game losing streak with a 131-119 victory over the visiting Utah Jazz at San Francisco.

Wiggins, who had failed to score at least 20 points in a career-worst-tying nine straight games, connected on 12 of 16 from the field and three of four from 3-point range in surpassing his previous season high of 27, recorded Dec. 29 at Detroit.

Curry, who had shot just eight of 29 on 3-pointers during the Warriors’ four-game skid, made six of nine against the Jazz, who had entered the game with the NBA’s third-best defense against three-pointers.

Donovan Mitchell (24), Rudy Gobert (24), Mike Conley (23), and Jordan Clarkson (21) all topped 20 points for the Jazz, who have lost four of their last six.

Golden State led almost throughout, but Utah edged within 103-102 on a short jumper by Clarkson with 7:36 to play.

Eric Paschall countered with a jumper for the Warriors, and when Jordan Poole added a dunk, Golden State had a five-point lead. Utah never again got closer than three.

Playing on his 33rd birthday, Curry also found time for nine assists and five rebounds for the Warriors, who won their fourth straight at home going back to Feb. 15.

Draymond Green contributed an 11-point, 12-rebound, 12-assist triple-double in the victory, while Poole finished with 18 points off the bench and James Wiseman had 16.

Gobert snatched a season-best 28 rebounds to complete his third 20/20 game of the season for Utah, which had won its previous five games against the Warriors, including 127-108 at home in January.

The Warriors led 67-54 at halftime, which was mostly the result of a 15-0 burst after Utah had held its only lead of the half for just 17 seconds.

After Royce O’Neal put Utah up 11-9 with a 3-pointer in the sixth minute of the game, Curry immediately flipped the lead with a four-point play, the result of a 3-pointer on which he was fouled by Conley.

After Kelly Oubre, Jr. hit a floater, Curry connected on a layup, a short jumper and another 3-pointer. When Wiseman dropped in a hook shot, Golden State had built a 24-11 advantage.

Utah got within one midway through the second period, but this time, Golden State gradually pulled away, taking their 13-point lead into the break after Green slammed down a dunk with 2.1 seconds left. — Reuters

Ronaldo hails Pele after eclipsing the Brazilian’s goalscoring haul

CRISTIANO Ronaldo hailed Pele after he surpassed the Brazilian great’s goal-scoring haul in official matches by netting a hat-trick in Juventus’ 3-1 Serie A win over Cagliari on Sunday.

Since soccer’s world governing body FIFA does not keep an official record of who is on top of the all-time scoring list, it is a benchmark that is hotly disputed.

Several media outlets previously hailed Ronaldo for breaking the record when he reached 760 goals as he had supposedly surpassed the record set by Austria and Czechoslovakia striker Josef Bican.

However, the Czech FA subsequently said in January that Bican’s total was actually 821 goals, following a review of his statistics during a career spanning from 1931 to 1955.

On Sunday, however, Ronaldo ignored Bican’s revised total to claim he was now on top of the scoring pile after surpassing Pele’s tally of 767.

“My everlasting and unconditional admiration for mister Edson Arantes do Nascimento (Pele), such is the respect that I have for mid-20th century football, led me to take into account his 767 score, assuming his nine goals for Sao Paulo State Team, as well as his single goal for the Brazilian Military Team, as official goals,” Ronaldo wrote on Instagram.

“Today, as I reach the 770th official goal in my professional career, my first words go straight to Pele. There’s no player in the world who hasn’t been raised listening to stories about his games, his goals and his achievements, and I’m no exception.

“And for that reason, I’m filled with joy and pride as I acknowledge the goal that puts me on top of the world’s goalscoring list, overcoming Pele’s record, something that I could never have dreamed of while growing up as a child from Madeira.”

Pele, who helped Brazil to win the World Cup in 1958, 1962 and 1970, states on his own Instagram page that he heads the all-time scoring list with 1,283 goals.

The 80-year-old former Santos striker and his compatriot Romario scored in excess of 1,000 goals during their careers, but those statistics include strikes in amateur, unofficial and friendly matches.

Nevertheless, Pele congratulated Ronaldo on Sunday.

“Life is a solo flight. Each makes his own journey. And what a beautiful journey you are having. I admire you a lot, I love watching you play and this is no secret to anyone,” Pele wrote on Instagram.

“Congratulations on breaking my record of goals in official matches. My only regret is not being able to give you a hug today.” — Reuters

VW to cut up to 4,000 jobs via early retirement, sources say

BERLIN — Carmaker Volkswagen plans to cut up to 4,000 jobs at its plants in Germany by offering early or partial retirement to older employees in a move that could cost several hundred million euros, company sources said on Sunday.

Volkswagen said in a statement it had agreed a plan with the works council to open partial retirement to those born in 1964, while offering early retirement to those born from 1956 to 1960.

Volkswagen said it expected up to 900 workers to opt for early retirement, while a low number in the thousands would choose partial retirement, without giving a precise figure.

Two company sources told Reuters 3,000–4,000 positions would be cut in connection with the programme to be implemented at the six German plants of the main VW brand, which now employ about 120,000 people.

Handelsblatt newspaper, which earlier reported on the plan, had said the company would cut up to 5,000 jobs.

Volkswagen declined to comment on the cost, which will depend on how many employees accept the offer. One source estimated it at close to 500 million euros ($598 million).

As the 83-year old automaker tries to become more of a tech company modeled on Tesla, Volkswagen said it was raising the training budget by 40 million euros to 200 million.

Volkswagen said it was also extending a hiring freeze until the end of 2021. It had previously only been in place until the first quarter. External hires can only be made in areas like electric cars, digitalization and battery cell development.

The Volkswagen Group said in January it would cut overhead costs by 5% and procurement costs by 7% over the next two years. — Reuters

Security forces fire on Myanmar protests after deadliest day since coup

REUTERS

Myanmar security forces fired on pro-democracy demonstrators on Monday killing two people, witnesses said, a day after dozens of protesters were shot dead and attackers torched several Chinese-financed factories in the city of Yangon.

Supporters of detained democratic leader Aung San Suu Kyi marched again including in Mandalay and the central town of Myingyan where police opened fire, two witnesses said.

“They fired on us,” said an 18-year-old protester in Myingyan. “One girl got shot in the head and a boy got shot in the face.”

The protesters took to the streets in defiance of the authorities’ escalating use of violence, with dozens killed on Sunday in the bloodiest day since the Feb. 1 coup.

The arson attacks on Sunday provoked China’s strongest comments yet on the turmoil gripping its Southeast Asian neighbor, where many people see China as supportive of the coup.

The Chinese embassy urged Myanmar’s ruling generals to stop violence and ensure the safety of people and property.

China’s Global Times newspaper said 32 Chinese-invested factories were “vandalized in vicious attacks” that caused damage worth $37 million and two Chinese employees were injured.

Japan, which has long competed for influence in Myanmar with China, said it was monitoring the situation and considering how to respond in terms of economic cooperation.

The worst of Sunday’s bloodshed came in the Yangon suburb of Hlaingthaya where security forces killed at least 37 protesters after arson attacks on Chinese-owned factories, said a doctor in the area who declined to be identified.

Sixteen people were killed in other places, rights group Assistance Association for Political Prisoners (AAPP) said, as well as one policeman.

Media said martial law had been imposed in Hlaingthaya and several other districts of Yangon, and in several parts of the second city of Mandalay.

The latest deaths bring the toll from the protests to about 140, based on a tally by the AAPP and the latest reports.

A junta spokesman did not answer calls requesting comment.

In an apparent bid to suppress news of the turmoil, telecoms service providers were ordered to block all mobile data nationwide, two sources with knowledge of the matter said. Telecom Telenor said in a statement “mobile internet was unavailable.”

The army said it took power after its accusations of fraud in a Nov. 8 election won by Suu Kyi’s party were rejected by the electoral commission. It has promised to hold a new election, but has not set a date.

DUE IN COURT
Ms. Suu Kyi has been detained since the coup and faces various charges, including the illegal importing of walkie-talkie radios and infringing coronavirus protocols. Last week, a charge related to accepting illegal payments was added to the list.

She was due to face another virtual court hearing on Monday but her lawyer, Khin Maung Zaw, told Reuters the session could not go ahead because the internet was down which meant no video conferencing. The next hearing will be on March 24, he said.

Western countries have called for Ms. Suu Kyi’s release and condemned the violence and Asian neighbors have offered to help resolve the crisis but Myanmar has a long record of rejecting outside intervention.

Tom Andrews, the United Nations (UN) human rights investigator on Myanmar, appealed for UN member states to cut the supply of cash and weapons to the military.

“Heartbroken/outraged at news of the largest number of protesters murdered by Myanmar security forces in a single day. Junta leaders don’t belong in power, they belong behind bars,” he said on Twitter.

The Hlaingthaya industrial suburb is home to migrants from across Myanmar. On Sunday, security forces opened fire as black smoke billowed from factories.

China’s embassy described the situation as “very severe” after the attacks on the Chinese-financed factories and it urged authorities to “stop all acts of violence, punish the perpetrators in accordance with the law and ensure the safety of life and property of Chinese companies and personnel.”

Anti-Chinese sentiment has risen since the coup, with opponents of the army takeover noting Beijing’s muted criticism compared with Western condemnation.

China’s Global Times newspaper blamed instigators for the arson and called for their punishment. It said China was trying to promote a peaceful settlement of the crisis.

Protest leader Thinzar Shunlei Yi said Myanmar people did not hate their Chinese neighbors but China’s rulers had to understand the outrage felt in Myanmar over their stand.

“Chinese government must stop supporting coup council if they actually care about Sino-Myanmar relations and to protect their businesses,” she said on Twitter. — Reuters

China’s factory output surges as recovery accelerates

BEIJING — China’s industrial output growth quickened in January–February, beating expectations, as the vast manufacturing sector started 2021 on a firm footing and the economy consolidated its brisk recovery.

Retail sales in the period also rose in a boost to domestic demand, giving a strong lift to business activity on top of the recent upsurge in exports growth.

Industrial output rose 35.1% in the first two months from a year earlier, up from a 7.3% on-year uptick seen in December, data from the National Bureau of Statistics (NBS) on Monday. That was stronger than a median forecast of a 30.0% surge in a Reuters poll of analysts.

China’s ability to contain the coronavirus pandemic before other major economies were able to do so has allowed it to rebound faster, with the recovery helped by robust exports, pent-up demand, and government stimulus.

While the impressive numbers are in part due to distortions from last year’s massive slump in activity, other measures show the recovery is broad-based with industrial output up 16.9% compared with the first two months of 2019, before the pandemic struck.

An NBS official said that positive factors for China’s economy are increasing but the foundation for the recovery is not yet solid.

A rebound in foreign demand drove export growth in February to a record pace, while factory gate prices posted the biggest expansion since November 2018.

China’s economic activity is normally distorted and volatile in the first two months because of the week-long Lunar New Year holiday, which fell in February this year.

Retail sales increased 33.8% from a year earlier in the first two months, compared with a rise of 32% tipped by analysts, marking a significant jump from 4.6% growth in December and after a 20.5% contraction for January-February of 2020.

Sales grew 6.4% compared with the first two months of 2019.

Fixed asset investment increased 35% in the first two months from the same period a year earlier, slower than a forecast 40.0% jump. That compared with 2.9% on-year growth in 2020, and a 24.5% plunge in January–February last year.

Investment grew 3.5% compared with the first two months of 2019.

Private-sector fixed-asset investment, which makes up 60% of total investment, rose 36.4% in January–February, versus a 1.0% increase for the full year of 2020.

China has set a modest annual economic growth target, at above 6%, well below analysts’ consensus forecast of more than 8% this year. It was the only major economy last year to report positive growth, with an expansion of 2.3%.

Chinese Premier Li Keqiang said the focus for growth this year is on consolidating the economic recovery. — Reuters

Celebrate the vibrant culture of the indigenous people at SM

Take a closer look and marvel at the unique culture and heritage of our indigenous people with “Project Epanaw” or “Journey” – a collection of three coffee table books on Indigenous Cultural Communities (ICCs)/Indigenous Peoples (IPs) which wassimultaneously launched at SM Aura Premier and SM Lanang Premierlast March 14, along with a photo exhibit that features the lives and practices of Filipino ICCs/IPs.

“SM Supermalls has always championed the Philippines’ diverse culture, and we continue to do so with the unveiling of Project Epanaw. We hope that through the photo exhibit, along with the launch of the three coffee table books, more people will be more aware of the rich heritage of our indigenous brothers and sisters and their significant contributions to our country,” said SM Supermalls president Steven Tan.

Project Epanaw is a joint project of The National Commission on Indigenous Peoples (NCIP) and Tourism Promotions Board (TPB) under the Department of Tourism. It aims to showcase the ICCs/IPs, their significant indigenous knowledge systems and practices, and their contributions to sustainable development.

To bring the vibrant culture of the indigenous culture communities closer to more people, the photo exhibit will tour select SM malls nationwide starting March 21, and will stay in each mall for two weeks at a time.

Immerse in this eye-opening experience and learn more about the heritage of our ICCs at SM City North Edsa, SM City Baguio, SM City Urdaneta Central, SM City Cauayan, SM City Cabanatuan, SM City Tarlac, SM City Lucena, SM City Naga, SM City Legazpi, SM City Puerto Princesa, SM City Iloilo, SM City Cebu, SM City Mindpro Zamboanga, SM City Cagayan de Oro, SM City General Santos, and SM City Butuan.

For more details, visit www.smsupermalls.com.

Beijing choked in duststorm stirred by heavy northwest winds

BEIJING — The Chinese capital Beijing was shrouded in thick brown dust on Monday due to strong winds blowing in from the Gobi desert and parts of northwestern China, in what the weather bureau has called the biggest sandstorm in a decade.

The China Meteorological Administration announced a yellow alert on Monday morning, saying sandstorms had spread from Inner Mongolia into the provinces of Gansu, Shanxi, and Hebei, which surround Beijing.

The tops of towerblocks in central Beijing were barely visible on Monday morning, and commuters could be seen wearing improvised headwear to protect their faces and hair.

“It looks like the end of the world,” said Beijing resident Flora Zou, 25, who works in the fashion sector. “In this kind of weather I really, really don’t want to be outside.”

Heavy sandstorms also hit neighboring Mongolia, with at least 341 people reported missing, according to China’s state news agency Xinhua.

Flights have been grounded out of Hohhot, capital of China’s Inner Mongolia.

Around a fifth of the incoming and outbound flights at Beijing Capital International Airport and Beijing Daxing International Airport had been canceled as of noon, more than usual during the sandstorm season, according to aviation data provider Variflight.

The sandstorms were expected to shift south towards the Yangtze River delta and should clear by Wednesday or Thursday, the environment ministry said.

Beijing faces regular sandstorms in March and April due to its proximity to the massive Gobi desert as well as deforestation and soil erosion throughout northern China.

China has been trying to reforest and restore the ecology of the region to limit how much sand is blown into the capital.

Beijing has planted a “great green wall” of trees to trap incoming dust, and has also tried to create air corridors that channel the wind and allow sand and other pollutants to pass through more quickly.

The environment ministry said last year that the situation had improved, with the first storms now arriving much later in the year and not lasting as long as they did a decade ago.

Beijing and surrounding regions have suffered from high levels of pollution in recent weeks, with the city shrouded in smog during the national session of parliament which began on March 5.

“It’s hard to claim we are moving forward when you can’t see what’s in front,” Li Shuo, climate advisor with Greenpeace in Beijing, tweeted on Monday. — Reuters

Netherlands halts use of AstraZeneca COVID-19 vaccine

AMSTERDAM — The Netherlands on Sunday joined a fast-growing list of countries suspending use of AstraZeneca’s coronavirus disease 2019 (COVID-19) vaccine after reports of unexpected possible side effects from the injection.

The vaccine will not be used until at least March 29 as a precaution, the Dutch government said in a statement.

The announcement will lead to delays in rolling out shots in the Netherlands, which had pre-ordered 12 million doses of AstraZeneca’s vaccine.

Health authorities had scheduled around 290,000 AstraZeneca injections in the coming two weeks.

The move, which follows a similar decision by Ireland earlier in the day, is based on reports from Denmark and Norway of possible serious side effects, the government said.

Three health workers in Norway who had recently received the vaccine were being treated in hospital for bleeding, blood clots, and a low count of blood platelets, Norwegian health authorities said on Saturday.

No such cases had been found yet in the Netherlands, the Dutch Health ministry said, adding there was no proof yet of a direct link between the vaccine and the reports from Denmark and Norway.

“We can’t allow any doubts about the vaccine,” Dutch Health minister Hugo de Jonge said.

“We have to make sure everything is right, so it is wise to pause for now.”

AstraZeneca said on Sunday a review of safety data of people vaccinated with its COVID-19 vaccine has shown no evidence of an increased risk of blood clots.

Late last week, the Dutch government said there was no reason to stop using the AstraZeneca vaccine, as the European Medicines Agency (EMA) said there was no indication it could cause blood clots.

But Mr. De Jonge said his decision was informed by new reports, which would now be investigated by the EMA.

Along with Denmark, Norway, and Ireland, Iceland has also suspended the use of the vaccine over clotting issues, while Thailand became the first country outside of Europe to do so on Friday.

Italy’s northern region of Piedmont on Sunday said it would stop using a batch of AstraZeneca vaccines after a teacher died following his vaccination on Saturday. Austria also stopped using a particular batch last week. — Reuters

Lagging vaccination rate puts Canadian factories at competitive disadvantage

Canadian automation company Promation had been banking on a weaker currency to help it win a new US contract, but a slower pace of vaccinations in Canada could erase that competitive edge, President Darryl Spector said.

Pandemic travel restrictions make it harder for Promation’s technicians to travel across the border to service and repair plant equipment, a drawback when competing against an increasingly vaccinated US workforce.

“With a fully vaccinated U.S. supply base, why buy from Canada if you can’t access the labor to support it?,” said Mr. Spector.

To prevent spread of the coronavirus, the US-Canadian border has been closed for nearly a year to crossings by all but essential workers and a handful of other exceptions. In Canada, manufacturers fear the slower vaccination rollout could delay an easing of those restrictions.

US President Joseph R. Biden, Jr., told states on Thursday to make all adults eligible for a coronavirus vaccine by May 1. Canadian Prime Minister Justin Trudeau has set a September target for having all Canadian adults vaccinated.

In the United States, some manufacturing workers are already receiving inoculations, such as in Detroit-area auto plants. By contrast, general manufacturing workers like those at Mr. Spector’s Ontario-based firm, are not eligible in Canada yet.

The lag handicaps Canadian firms, they said, and may threaten Canada’s economic rebound in coming months.

While the recovery has picked up pace, the Bank of Canada warned on Wednesday the virus will continue posing a risk to the economy until the population is widely vaccinated.

US health authorities have issued guidelines exempting asymptomatic vaccinated workers from strict COVID-19 protocols in case of exposure, but Canada has not yet considered similar action.

That leaves Canadian firms at greater risk of lost working hours or shutdown for coronavirus disease 2019 (COVID-19) tests and contact tracing if an employee tests positive.

“People can’t work as easily together if they are looking over their shoulder in case someone has COVID,” said Mr. Spector, who recently sent eight workers home and covered the costs of their test results when an employee’s wife tested positive.

Matt Poirier, director of trade policy for Canadian Manufacturers & Exporters, said his association has asked provincial governments to prioritize factory workers for vaccination to curb the impact of outbreaks on plants.

As of March 10, Canada had administered 7.20 COVID-19 vaccine doses per 100 people, compared with 29.67 in United States, according to University of Oxford data.

Canada’s vaccination campaign has been hampered by its dependence on imports, but deliveries are expected to rise in the second quarter.

INVESTMENTS SUFFER

The uncertainty is holding back investment by Canadian companies, with 2021 capital intentions still 12% below pre-pandemic levels, according to Statistics Canada.

By comparison, capital expenditures for S&P 500 companies are forecast to rise by 11.8% in 2021 after dropping 13.7% in 2020, according to IBES data from Refinitiv.

“Businesses … might choose to put their capital where they’ll have faster return on investment,” said Trevin Stratton, chief economist at the Canada Chamber of Commerce. “The vaccination timeline certainly impacts that.”

In Quebec and Ontario, the provinces hardest hit by COVID-19 and home to much of Canada’s manufacturing sector, days of work lost jumped 13.9% and 12.0% respectively in 2020. Businesses there are hoping that higher vaccination rates could help reverse that trend. — Allison Lampert and Julie Gordon/Reuters

Philippine stock index falls over 3% amid surge in infections

Philippine stocks fell the most in Asia, sending the benchmark index below 6,500 as investors dumped the nation’s equities amid escalating daily coronavirus infections.

“Investors are essentially liquidating their holdings” as the renewed spike in COVID cases and renewed mobility restrictions could derail economic recovery prospects, said Lex Azurin, an analyst at AB Capital Securities.

The Philippine Stock Exchange Index lost as much as 3.6%, it’s steepest drop since August, before paring its drop to trade at 6,530.00 as of 12 p.m. local time. All except one of 30 index components declined, with Alliance Global Group Inc, Metro Pacific Investments Corp., San Miguel Corp. and Robinsons Land Corp., each dipping as much as 6%.

The surge in COVID-19 cases in the Philippines, with the second-highest infection count in Southeast Asia, comes after the nation was one of the region’s last to begin inoculations. In contrast, the recent outbreak that’s led to hundreds being quarantined in Hong Kong — where a vaccination program is well underway — hasn’t triggered a similar sell-off.

Philippine COVID-19 cases surged in the last three days, adding 4,817 cases a day through Sunday, and marking the nation’s highest three-day average of new infections. The increase puts a clouds over the strength of Philippine economic recovery.

The Philippine stock index could fall to as low as 6,400 near term depending on the magnitude of daily infections as this could prompt a return to stricter virus curbs, Azurin said. — Bloomberg

1...8,3658,3668,367...14,244Page 8,366 of 14,244
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube