SMB weighs next move on P3.8-M disallowed refund

February 15, 2021 | 12:03 am

San Miguel Brewery, Inc. (SMB) is weighing its next move after the Court of Appeals (CTA) disallowed its appeal for a refund of P3,792,392.50, its parent firm said on Tuesday.

“SMB will either move for reconsideration or elevate the matter to the Supreme Court,” San Miguel Corp. (SMC) said in its clarification sent to the Philippine Stock Exchange.

The conglomerate clarified that it was SMB, its subsidiary, which is the party to the case at the appellate court and not the listed firm. It also said that the unit had yet to receive a copy of the decision.

It said the case emanated from CTA Case No. 9513, which is a claim for refund filed by SMB with the Bureau of Internal Revenue (BIR) in the total amount of P48,266,780.24, which it said represented “erroneous, excessive or illegal collection of excise taxes on its beer products.”

The collection covered the period from Jan. 1, 2015 up to Dec. 31, 2015.

“The BIR imposed excise taxes at the tax rate of P22.25 per liter when the tax imposed under Section 143 of the National Internal Revenue Code, as amended by Republic Act No. 10351, is only either P19.00 per liter or P22.00 per liter, depending on the net retail price of the product,” it said.

The company said that in a June 13, 2019 decision, the Special Second Division of the CTA partially granted SMB’s petition and ordered the refund of P44,474,387.74 while disallowing the amount of P3,792,392.50.

SMB then appealed the disallowed amount to the CTA En Banc, it said, while the BIR appealed the ordered refund.

SMC said that based on the CTA En Banc’s Feb. 4, 2021 decision that was posted on the court’s website, the June 13, 2019 decision was affirmed.

Note: this story has been updated to correct the name of the company party to the case — San Miguel Brewery, Inc.

LANDBANK books lower net income

February 15, 2021 | 12:03 am

STATE-RUN Land Bank of the Philippines (LANDBANK) saw a 7.57% drop in its net income last year amid the economic downturn caused by the coronavirus pandemic.

LANDBANK’s net earnings went down to P17.1 billion in 2020 from P18.5 billion in 2019, it said in a statement on Sunday.

The bank recorded P168.3 billion in capital, up 13% from the P149 billion recorded the year prior. Its net interest margin was at 3.16%.

On the funding side, its deposits grew by 17.4% to P2.093 trillion last year from P1.783 trillion in 2019.

The bank attributed the increase to the 41% expansion in investments to P983 billion from P695 billion.

Meanwhile, LANDBANK’s assets expanded by 16% to P2.362 trillion last year from the P2.033 trillion logged in 2019.

“LANDBANK posted marked growth in assets and deposits in 2020 — a record achievement given the widespread economic impact of the health crisis. We will build on these gains and continue along this path to better serve our priority sectors, especially small farmers and fishers, micro, small and medium enterprises and other key development players,” LANDBANK President and CEO Cecilia C. Borromeo was quoted as saying.

The lender’s return on assets was at 0.78% while return on equity was 10.8%.

LANDBANK is the conduit bank for social protection projects and lending programs of the government.

One of the bank’s priority areas is the agriculture sector. Its lending to the sector inched up by less than 1% to P237.62 billion in 2020 from P236.31 billion in 2019.

LANDBANK has 411 branches, 66 branch-lite units and 55 lending centers across the country. — B.M. Laforga

Foton PHL fortifies digital touchpoints

February 15, 2021 | 12:03 am

FOTON MOTOR Philippines, Inc. (FMPI) is adjusting to the needs of the new normal by strengthening its presence in the digital realm. The largest commercial vehicle manufacturer in Asia is bringing in “innovative platforms” that aim to better connect customers to the brand, while providing necessary information, quality services and swift assistance.

DIGITAL SHOWROOM
The newly introduced Foton Digital Showroom is an interactive platform accessible on mobile devices and computers. Customers may “walk around” and are afforded a 360-degree view of Foton commercial vehicles. Detailed specification sheets of the units are also linked in the tags, and can be downloaded for offline viewing. Interior and exterior beauty shots, as well as videos, are available as well. Two “showrooms” are available: Showroom 1 presents six units of the Traveler XL 19-seater, TransVan HR 16-seater, TransVan 13-seater, Gratour TM 300 MPV, Thunder 4×2 A/T and the Toano EX 11-seater. Showroom 2 features the Tornado M5.2C Dropside, F-Jeepney F29, Hurricane EST-M 4×2 Dump Truck, and the GTL 8×4 Dump Truck HR.

Visitors may access the showrooms through http://bit.ly/FOTONShowroom1 and http://bit.ly/FOTONShowroom2.

FOTON WEBSITE
The Foton website (www.foton.com.ph) gets a new look, along with more user-friendly features. The portal is now more aligned with the brand’s commitment to provide faster services and easily accessible communication lines. Foton Philippines says the new website plays a vital role in ensuring customer satisfaction by offering useful functions where visitor can check the latest news and promos, browse the complete vehicle lineup, get updates on after-sales programs and warranties, visit the virtual showroom, inquire about a vehicle, find the nearest dealer and even apply for a job.

FOTON PH MOBILE APP
The Foton PH Mobile App provides vital information and offers features and services all in one convenient portal. Launched this year, the interactive mobile application levels up on quality service; users can conveniently browse the latest news updates, prices, promos and reserve their Foton vehicle. Foton owners can also schedule a preventive maintenance service (PMS) appointment or get in touch with the nearest dealer. Users can even earn points and win exciting rewards through successful referrals, services and the purchase of parts. The Foton PH Mobile App is available for download from the Google Play Store and App Store.

For more information, call any Foton dealer or the Foton sales hotline at (0999) 999-9998. E-mail inq@foton.com.ph; follow FB/FotonPhilippines, IG/FotonPhilippines, and Twitter@FotonPH.

Shopee launches beauty page

February 15, 2021 | 12:03 am

SOUTHEAST ASIAN e-commerce platform Shopee has launched a dedicated page for all things beauty in Shopee Beauty, offering the “best deals from top make-up and skincare brands,” according to a company statement.

Among the brands available on the page are Dove, TRESemmé, Cream Silk, Organic Skin, Vice Cosmetics, Beauty Avenue, Senka, and Yves Rocher.

“We are proud to introduce Shopee Beauty as the Filipino’s one-stop destination for all things related to beauty. With the strong demand for make-up and skincare products in our platform, Shopee looks forward to giving our buyers a better buying experience by creating an avenue for them to discover new products and find the best deals from top beauty brands,” Ruoshan Tao, head of marketing at Shopee Philippines, said in a statement.

Shopee’s dedicated beauty page comes a year after competitor Lazada introduced a similar page called Beauty by LazMall.

Aside from the launch of the beauty page, Shopee also introduced a loyalty program, Shopee Loyalty, where users can enjoy a range of exclusive perks, vouchers, and deals every month when they shop more with Shopee. Membership is free and consists of four tiers. Shoppers can unlock higher tiers and enjoy bigger rewards by completing a certain number of orders within a month.

“We are excited to bring more joy and reward Shopee users better with Shopee Loyalty. Shopee has seen online shopping grow in importance for Filipinos in the past year, as more people turn to Shopee for their needs, from groceries to entertainment. Shopee Loyalty gives users more ways to save and have fun with Shopee as they shop online more, together with our in-app features, membership clubs, and shopping campaigns that users enjoy regularly. We look forward to helping users unlock more value with Shopee in the future,” Martin Yu, Shopee Philippines director said in a separate statement. — ZBC

Hog repopulation, ASF control funding set at P2.1B

February 15, 2021 | 12:03 am

THE EFFORT to restore the hog population and curb the spread of African Swine Fever (ASF) has been allocated a combined P2.1 billion, Agriculture Undersecretary William C. Medrano said.

As the government grapples with rising pork prices that is threatening to trigger another inflation crisis, the Department of Agriculture (DA) announced the hog industry revival measures in Batangas on Feb. 11, with Mr. Medrano saying that repopulation will initially receive P600 million and ASF control measures P1.5 billion.

Mr. Medrano said at the program launch that the repopulation program also includes the establishment of breeder farms and the modernization of the hog growing process.

“The program aims to accelerate the repopulation and recovery of the hog industry to ensure availability, accessibility, and affordability of pork and pork products,” Mr. Medrano said.

Agriculture Secretary William D. Dar said during the program launch on Feb. 11 that the ASF program needs a united effort from both the public and private sectors.

“I urge local government units, hog industry stakeholders, veterinary associations, universities and research institutions, farmers’ cooperatives and associations, and backyard and commercial hog raisers to join us in implementing stringent, sustainable biosecurity measures,” Mr. Dar said.

The DA has also set a budget of P800 million in transport subsidies for hog growers and traders to encourage the delivery of more hogs to Metro Manila public markets, thereby increasing supply and bringing down prices.

The DA also announced a P500-million lending program to encourage backyard and semi-commercial raisers in ASF-free areas to return to swine fattening and piglet production. The program offers zero-interest loans payable in three to five years.

Mr. Dar also said the Land Bank of the Philippines and Development Bank of the Philippines have allocated P15 billion and P12 billion, respectively, for lending to commercial hog raisers.

He added that the DA will tap insurance cover to compensate farmers for hogs culled due to ASF, paying out P10,000 each.

“The DA will continuously provide technical assistance in risk assessment, surveillance and monitoring of ASF at the barangay level, strict biosecurity implementation, and use of locally-developed molecular rapid test kit to support disease surveillance,” Mr. Dar said.

Mr. Dar also announced that the national food security summit has been penciled in for April 7 and 8.

“This is the time to bring ideas to the table. This is the time to cooperate. This is the time to understand the mix of interventions that we have put together,” Mr. Dar said. — Revin Mikhael D. Ochave

Damosa tower vies to be certified for sustainability

February 15, 2021 | 12:02 am

THE nearly completed Damosa Land, Inc. building called Damosa Diamond Tower is vying to be the first in Davao to achieve a Berde and Edge certification for its environment-friendly details.

“This iconic structure is a testament to the economic dynamism and potentials of Davao City,” said Damosa Land, Inc. President Cary F. Lagdameo in a statement.

Damosa Diamond Tower is located in Davao City’s Damosa IT Park.

A certification for Building for Ecologically Responsive Design Excellence, or Berde, means passing sustainable and environmentally friendly policies. Edge, which stands for Excellence in Design for Greater Efficiencies, confirms a building’s cost-effective ways to put in energy and water saving options.

Damosa Land is working to make the 20,000-square meter building attractive to business entities that put sustainability on top of their priorities.

The building boasts of LED lighting, solar panels, and eco-friendly insulation, among many of its green features.

Damosa Diamond Tower also highlighted in its design some agricultural elements, including banana plant fiber lines — a homage to Damosa Land’s strong Mindanaoan heritage.

The developer received several awards such as the Philippines Property Awards Best Office Development in 2020, Best Office Architectural Design in 2019, Highly Commended for Best BPO Office Development in 2019, and Highly Commended for Best Office Development in 2019.

“[Damosa Land] is committed to opening this office building on time, despite the challenges brought about by the pandemic, so that we can achieve our vision of creating a knowledge hub that would further establish Davao as an economic powerhouse in the southern Philippines,” Mr. Lagdameo added.

SGV & Co., a member firm of Ernst & Young Global Ltd., will be moving its Davao branch to the Damosa Diamond Tower upon its completion.

“We are honored that SGV & Co., a professional services leader, has confirmed its intent to locate its Davao branch office at Damosa Diamond Tower,” Mr. Lagdameo said. — Keren Concepcion G. Valmonte

Autospeedygo Group strengthens Nissan presence in Northern NCR

February 15, 2021 | 12:02 am

NISSAN PHILIPPINES further grew its footprint and presence in the northern part of the National Capital Region (NCR) as the Autospeedygo Group over the weekend opened two dealerships of the Japanese car maker: the two-storey Nissan Valenzuela last Feb. 12, and Nissan Caloocan yesterday.

“The group takes pride in gaining this important foothold,” said Autospeedygo Group Vice-Chairman and COO Vincent Licup. “While each dealership has a different management and operations team, all adhere to our group’s tagline, ‘your convenience, our priority.’”

Last Dec. 1, Autospeedygo acquired operational control of Metro Manila’s largest Nissan dealer, Nissan North EDSA, a facility measuring 6,000 square meters. It won the Dealer of the Year Award in 2015 and 2016. Autospeedygo also manages Nissan’s reigning Dealer of the Year, Nissan Marilao, which additionally won Nissan’s coveted Global Dealer of the Year recognition.

“Our Nissan dealerships will have a combined 50 service bays and enough numbers of qualified technicians. We are confident that our customers’ experience at any of our locations will be great,” concluded Mr. Licup.

Rock that colorful winged eye

February 15, 2021 | 12:02 am

Now that half our faces are covered with a mask, makeup lovers have to turn their emphasis to the eye.

Here’s an interesting makeup hack one might want to add to their arsenal of techniques: Using bullet matte lipstick to create winged eye makeup. This is an easy way to upgrade a look into something trendier and dramatic as suggested by Blythe by Careline Majestic Matte Lipsticks.

To create a clean winged eye, follow these steps:

Step 1: Using a thin angled brush, angle it from the side of your nose to your outer brow to determine the endpoint of your liner.

Step 2: Mark a small dot just above the eye crease to mark the tip of the wing.

Step 3: Draw a line connecting the dot to the outer corner of your eye. Avoid pulling the skin while drawing the line. Instead, tilt your head back and look down so you can easily trace your lash line.

Step 4: Draw another line connecting the outer corner of the eye to the middle of the upper lash line to create your outline.

Step 5: With the angled brush, fill in the outline using one of Blythe Majestic Matte Lipstick’s four shades: Kelvin, Phoenix, Vixen, and Cosmos.

Clean up any mistakes with makeup wipes or dip a cotton swab in concealer or eye cream to remove any excess eyeliner.

Blythe by Careline Majestic Matte Lipsticks (P165) are available on Careline’s official Lazada page.

Pilmico Foods plans further investment in hog raising

February 15, 2021 | 12:02 am

PILMICO FOODS Corp. said it will continue investing in its hog raising business to participate in the restoration of the hog population, which has been decimated by African Swine Fever.

The Aboitiz-controlled company said in a statement that its initiatives will include increasing sow capacity, improving biosecurity, farm zoning, and refining the pork supply chain.

“These initiatives aim to encourage long-term growth and help secure the future of the livestock industry in collaboration with key stakeholders,” Pilmico said.

The company said it seeks to increase its swine herd and is planning to modernize pork processing in its triple-A slaughterhouse and meat cutting facility in Bamban, Tarlac.

According to Pilmico, its Tarlac Meatmasters facility is capable of slaughtering 1,500 hogs daily and has the latest technology such as a meat management system that ensures the traceability of meat to the animal and the farm that supplied it.

“As a robust support system to the pork supply chain, the facility brings world-class processes, innovative technology and solutions, and the highest standards of food safety and traceability to produce uncompromised quality pork meat cuts,” Pilmico Food Group President Tristan R. Aboitiz said.

Pilmico said it has implemented a campaign to raise awareness of disease prevention among hog raisers.

“Local farmers receive a 10-step guide to ensure strict implementation of biosecurity in backyard farms. Pilmico technical experts, veterinarians, and specialists guide them through the checklist by giving advice and helping them complete the steps,” the company said.

“These include limiting movement of people across sites; establishing decontamination areas for people, materials, and vehicles; setting up centralized transfer stations for hogs to limit exposure; and prohibiting entry of cooked or uncooked pork products in the facilities, among others,” it added. — Revin Mikhael D. Ochave

Style (02/15/21)

February 15, 2021 | 12:01 am

Patek Philippe unveils 3 new models

WHEN Patek Philippe launched its first exclusively feminine collection in 1999, it had the busy lives of modern active women in mind — refined, elegant independent women. As such, the Twenty~4 was born; a watch with an assertive personality and an asset to every occasion whether it be at work, at home, or during leisure activities. It is a watch that embodies timeless style complementing fashionable business clothes as well as elegant eveningwear. Patek Philippe has developed three new models for its Twenty~4 collection. The “manchette” or cuff-style models with quartz movements now include a new version in rose gold with a chocolate-brown sunburst dial. The Twenty~4 Automatic, in a round case, offers two new models, one in steel adorned with an olive-green sunburst dial, the other in rose gold, its dial gilded with a rose-gold sunburst.

Uniqlo to expand its Evia store

JAPANESE global apparel retailer, UNIQLO, will be expanding its Evia store in Evia Lifestyle Center in Las Piñas City starting this month. The expansion aims to bring more shopping convenience and accessibility to its customers. Located at the ground level of the Evia Lifestyle Center, the store was closed on Feb. 1 for renovations and developments. From 660 square meters, the store will be scaled up to 1,878 square meters selling space and will offer the complete LifeWear collection for men’s, women’s, kids and babies. The number of parking slots will also increase to 1,150, from 500. The UNIQLO Evia Store is set to reopen on April 30. For more updates, visit the UNIQLO Philippines’ website at www.uniqlo.com/ph.

Applications for Lush Spring Prize now open

THE LUSH Spring Prize has opened its virtual doors to applications from around the world. As a biennial £200,000 fund, the Spring Prize welcomes applications from any group working to regenerate environmental and/or social systems. Groups can apply in one of four categories: the Intentional Award for great new ideas and projects up to one year old, to help build knowledge and a solid foundation from which to grow; the Young Award for projects or organizations that are one to five years old, to help develop their environmental and social regeneration work; the Established Award for organizations that have worked towards regeneration for five or more years, to help share knowledge and inspire more people and ideas; and the Influence Award for local, national or international organizations and networks that have a core focus on campaigning or lobbying to influence policy, regulation, or public opinion in support of regeneration. The 2021 Spring Prize is also adding an option for groups to be nominated to apply. Those groups will then be invited to fill in an application form. People are invited to nominate groups from Feb. 5 until March 14. Groups can apply to the Spring Prize until March 31. Each prize year, the Spring Prize team welcomes one Lush customer onto the Spring Prize judging panel. This customer works with the other judges to choose the winners from a shortlist of around 50 Spring Prize applications. Lush customers can register their interest in joining the judging panel until Feb. 27. The Spring Prize has run for three cycles, and has welcomed over 700 applications from every continent apart from Antarctica. Previous winners have included the International Permaculture Education Network (IPEN) which works to increase the coherence and effectiveness of permaculture education globally; and Alianza Ceibo, which is composed of members from four indigenous nations in the western Amazon that are together building a holistic movement to prevent the destruction of their cultures and rainforest territories .

Africa’s winemakers toast China’s row with Australia

February 15, 2021 | 12:01 am

CAPE TOWN — For South African winemaker Vergenoegd Löw, the pandemic could have been a disaster but a bitter trade war between China and Australia has thrown the 325-year-old estate a lifeline.

Bottles of its reds, whites and roses piled up when South Africa banned alcohol sales under a strict lockdown and visitors who once flocked to the vineyard near Cape Town to sip wine and snap photos of its famed Indian Runner ducks vanished.

That changed when Beijing slapped tariffs of up to 212% on Australian wine in November after Canberra led calls for an inquiry into the origins of the COVID-19 (coronavirus disease 2019) outbreak in Wuhan.

It wasn’t just wine. Beijing hit a range of Australian goods with punitive duties, created new layers of red tape and banned some Australian imports outright, giving African suppliers of anything from coal to beef to copper a boost.

“We can now get much greater volumes of sales,” said Shaun McVey, marketing manager at Vergenoegd Löw, which has signed a new Chinese deal. “Instead of sending maybe three or four containers in a year, we’ve upped that to 15 to 20 containers.”

Chinese drinkers bought nearly 40% of Australia’s wine exports before the long-simmering tensions between Beijing and Canberra boiled over and brought the trade to an abrupt halt.

Over the past three months, exports of South African wine to China jumped 50%, according to the Wines of South Africa trade body, and hopes are high for even more sales once Australian stocks are polished off during China’s Lunar New Year holiday.

Martyn Davies, Deloitte’s managing director for emerging markets and Africa, said a protracted trade war would create a wide window of opportunity for miners and other sectors such as agribusiness, though seizing the potential would take work.

The Chinese market presents a range of obstacles, from language barriers and inscrutable bureaucracy to tailoring marketing to its unique social media ecosystem, analysts said.

“Many African companies are significantly behind the curve,” said Deloitte’s Davies. “Australian companies have been engaging China for 35 years.”

The lack of trade deals between China and countries in sub-Saharan Africa also means exporters may face an uphill battle.

Despite its increasingly important role as an investor on the continent, China only signed its first free trade agreement with an African country, the Indian Ocean island nation of Mauritius, in January.

So while some African products may leapfrog Australian goods in the pecking order, they remain at a disadvantage when competing against exports from countries with preferential Chinese trading terms such as Chile, Peru or New Zealand.

In the mining sector though, China has spent the past decade ramping up projects in Africa to safeguard the flow of raw materials to the manufacturing juggernaut.

Those investments are now paying off and African producer countries are pocketing the royalties as exports to the world’s second biggest economy get a boost at Australia’s expense.

Last year, state-owned Aluminum Corp. of China Ltd., known as Chalco, shipped the first bauxite cargo from its Guinea project, and a prolonged trade war between China and Australia is only likely to help the West African country’s economy.

Australian shipments to China of the rock used to make aluminum dropped 22% in the final quarter of 2020 while imports from Guinea leapt 70%, according to Chinese customs data.

That’s after Guinea tripled its bauxite output between 2015 and 2019 as mining projects came online, with most of it going to China. Over the same period, Guinea’s gross domestic product jumped 40%. — Reuters

Higher interbank ATM fees, release of bank NPLs drive profit-taking in BDO stock

February 15, 2021 | 12:01 am

By Marissa Mae M. Ramos, Researcher

THE latest banking system data published last week by the central bank and the subsequent profit taking by market players drove BDO Unibank, Inc.’s stock activity last week.

A total of 18.27 million BDO shares worth P2.01 billion were traded from Jan. 8 to 11, data from the Philippine Stock Exchange showed, making it the fifth most actively traded stock in the local bourse.

BDO’s share price dipped 1.8% on a week-on-week basis to P107 apiece on Friday. Year to date, the bank’s share price has gained by 1.9%.

“[I]nvestors digested the latest data about the tempered NPL (nonperforming loans) formation in December as well as the looming increase in fees for ATM transactions,” Unicapital Securities, Inc. Research Head Justin Lawrence J. Tembrevilla said on Thursday in an e-mail.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco saw last week’s trading activity as “investors choosing to book gains causing BDO to end the week in the negative territory.”

“In the prior trading week, BDO surged 8.24% week on week to P109,” he said in a separate e-mail.

Last week, several banks announced higher ATM transaction fees starting April 7 as they migrate to a new charging method where a cardholder is charged for a transaction based on the fees imposed by ATM owners. This is in contrast to the current issuer-based method wherein a fixed transaction fee is charged to the cardholder regardless of the owner of the ATM terminal where the transaction was made.

ATM withdrawal fees currently range from P10 to P15. With the new system, these charges are expected to range higher from P10 to P18. BDO is set to charge P11 per withdrawal and P2 per balance inquiry done by non-cardholders in its ATMs.

Meanwhile, the Bangko Sentral ng Pilipinas (BSP) reported on Tuesday gross NPL ratio of banks easing to 3.61% in December from 3.78% as of end-November, but higher than the 2.08% logged in 2019. Still, the latest figure was better than the 4.6% projection by the BSP for end-2020.

NPLs include credit left unpaid at least 30 days beyond the due date, which are considered as risky assets for banks as these have a high risk of default.

The decline in December ended a 10-month streak of increase in bad loans. However, analysts are expecting this to be temporary as the 60-day moratorium introduced by Republic Act No. 11494 (Bayanihan to Recover as One Act) expired in end-2020.

“We believe that its fundamentals remained intact despite the pandemic. We also note that BDO had the cheapest funding cost and the highest net interest margin (NIM) among the ‘Big Three’ as of Sept. 2020,” Mr. Tembrevilla said, referring to the ratio that measures a bank’s efficiency in investing funds by dividing annualized net interest income to average earning assets.

“We forecast full-year 2020 net income to hit P27.8 billion, a 38% decline from 2019, weighed by the accelerated loan loss provisions,” he added.

Philstocks’ Mr. Tantiangco noted that BDO in the nine months to September increased its loan loss provisions by more than five times to P23.8 billion that dragged its net income by 48.2% to P16.62 billion.

“Still, we saw some bright spots in the company’s results. Net interest income in the first nine months of 2020 posted a 13% year on year growth. Net interest margins at that time stood at 4.36%, higher than the same period in the prior year’s 4.12%, and the bank’s 2015-2019 average of 3.54%,” he said.

For the third quarter alone, the listed bank posted a 3.2% year on year increase in its net income attributable to parent to P12.33 billion.

“Moving forward, for 2021, we’re projecting a 17% growth in BDO’s net income attributable to parent. This is hinged upon the expectation that business and consumer confidence… will continue to improve, which in turn, would lead to more bank lending activities,” Mr. Tantiangco added.

He sees the support range from P100 to P103.50 apiece and resistance from P114 to P115 in the coming weeks.