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Roxas and Co. plans to further reduce debt in 2021

ROXAS AND CO., Inc. (RCI) plans to carry on its strategy of selling non-essential assets and further reduce its debt this year.

In a regulatory filing on Thursday, the company said it was pursuing major sale and joint venture deals with its land holdings, and would also focus on improving its core businesses this year. It did not disclose details of the said sale and venture deals.

“Over the past two years, the Roxas Group sold raw land to major property developers, Sta. Lucia Land, Inc. and SM Prime Holdings, Inc. as part of its strategy to deleverage and enhance the value of its Nasugbu, Batangas landbank,” the disclosure said.

For 2020, the company and its subsidiaries sold some non-performing assets to reduce its overall debt, such as its land and building in Cubao worth P367 million, and raw land in Batangas to the National Grid Corporation of the Philippines for the Calaca-Nasugbu transmission line project worth P49.82 million. Both figures are exclusive of value-added tax.

The company also signed a put option agreement for the maximum commitment of P800 million as a fund raising option, and restructured existing loans amounting to P2.9 billion to have working capital needed to maintain and grow its operations.

Meanwhile, RCI said its Go Hotels hospitality ventures in Metro Manila remain as quarantine facilities, while the company’s Anya Resort in Tagaytay continue to be an off-city relaxation and staycation option despite travel restrictions due to the ongoing pandemic.

“RCI’s coconut processing subsidiary, Roxas-Sigma Agriventures, Inc., achieved double digit revenue growth for the third straight year and is providing high-quality products for export, while at the same time, uplifting local farmers and its supply chain partners,” the company said.

On Thursday, RCI shares at the stock exchange rose 3.51% or four centavos to close at P1.18 apiece. — Revin Mikhael D. Ochave

BSP to continue digital payments push

THE BANGKO SENTRAL ng Pilipinas (BSP) will continue to encourage a shift to digital payments this year following the surge in electronic transactions seen in 2020 amid the coronavirus disease 2019 (COVID-19) pandemic.

BSP Governor Benjamin E. Diokno said payments from persons to merchants will be available under QR PH this year, which the central bank expects to further boost e-payments.

“This initiative will benefit not only large businesses but also the small unbanked vendors such as tricycle drivers, market vendors, and sari-sari store owners,” Mr. Diokno said, noting this will be an alternative to coin payments as it caters to low-value, high-volume transactions.

QR PH was launched in late 2019. The volume of person-to-person transactions in QR PH surged 5,678% a year after its launch and by 15,687% in terms of value, BSP data showed.

On the other hand, coin demand in 2020 slumped 57% in volume and 60% in value from a year earlier.

“We are on track for the use of QR PH persons to merchants by April this year. This will be followed by a full launch set in July wherein all key payment service providers are expected to be boarded,” Mr. Diokno said.

“While softer economic activity may have partly led to the drop [in demand for coins], broadening access to safe and convenient e-payment options may have also contributed to the decline in coin demand,” the central bank added.

Meanwhile, BSP Acting Deputy Director for Payment Systems Oversight Department Bridget Rose M. Mesina-Romero said they also target to enable multiple settlements under PESONet by the early part of next quarter.

PESONet is an electronic fund transfer service under the National Retail Payment System of the central bank that facilitates batch fund transfers for amounts beyond P50,000. The service allows fund transfers to be credited to the receiver by the end of the banking date.

Mr. Diokno said the combined value of transactions channeled through PESONet and InstaPay, its retail counterpart, surged 225% to P543 billion in December from a year earlier. Meanwhile, the volume of transactions increased 445% to 36 million.

The central bank wants 50% of payments both in terms of value and volume done digitally by 2023.

Mr. Diokno has also said the country could become a coin-less society by 2025.

“The BSP expects the transition to gather pace amid the rise in electronic payments during the COVID-19 pandemic,” Mr. Diokno said.

A report by the Better than Cash Alliance showed online payments increased to make up 10% of the total volume as of 2018 from just 1% in 2013. By value, it also increased to comprise 20% of the total in 2018 from 8% in 2013. — L.W.T. Noble

PCC directs Grab PHL to disburse over P6 million to passengers

RIDE-HAILING company Grab Philippines has been ordered by the country’s competition watchdog to disburse more than P6 million to select passengers in Metro Manila due to pricing issues.

“The Philippine Competition Commission (PCC) has directed Grab Philippines to disburse P6.25 million to select GrabCar Metro Manila passengers who took the service from 11 August – 31 October 2019,” the company said in a statement on Thursday.

It said the commission had found that “there were some pricing issues” from Aug. 11 until Oct. 31, 2019.

Grab Philippines said its fare was compliant with the fare matrix of the Land Transportation Franchising and Regulatory Board.

Metro Manila GrabCar passengers with total fares of every P488 from Aug. 11 to Oct. 31, 2019 would be eligible for a peso disbursement.

“They can claim it through the GrabRewards Catalogue within the Grab App,” the company said.

In November 2019, the PCC had also fined Grab Philippines some P23.45 million for breaching its initial pricing commitments.

The fine included a P5.05-million refund to Grab riders who used its service between February and May 2019. — Arjay L. Balinbin

JobStreet expecting possible recovery in job postings by June

ONLINE JOBS PORTAL JobStreet said it expects the volume of employment offers to return to pre-pandemic levels by the end of June, subject to the continued loosening of quarantine measures that were imposed to manage the public health crisis.

A possible easing of the lockdown by March will prompt businesses to ask employees to return to office work and increase jobs availability, JobStreet Country Manager Philip A. Gioca said in a news conference Thursday.

Jobs availability on the platform rose 20% in the last quarter of 2020, he said, with continued growth seen in the past month.

“We continue to see that growth this month of January, and… we are bullish to see these numbers grow higher in the next six months,” he said, after assessing data from the Labor and Finance departments.

More work-from-home, freelance, and project-based employment will increase opportunities for job seekers, he added.

But Mr. Gioca said new jobs for retrenched workers may not be of the same standing as the work available prior to the pandemic.

“We are not sure whether they will be accepting the same job, or they will be getting the same job,” he said.

Salaries offered to job seekers have also been impacted by the pandemic. Companies during the initial three to six months of the lockdown cut salaries by around 20% to reduce costs, but wages have since improved in the last quarter, Mr. Gioca said.

“Now we’re seeing better numbers. We are seeing better results on expansion and increasing their capabilities of sales and services and therefore their cash flow is now much better as compared to the first three or six months of the pandemic.”

Job posts for higher-level positions are at lower salaries compared to where they were pre-pandemic, he said.

The unemployment rate in October was 8.7%, equivalent to 3.813 million jobless, according to the Philippine Statistics Authority. The rate peaked at 17.6% or 7.228 million unemployed during the strictest phase of the lockdown in April.

JobStreet on Feb. 17 will launch its virtual career fair, offering 55,000 positions across various industries including information technology, digital marketing, sales, and teaching. — Jenina P. Ibañez

How to cut COVID risk in one Paris concert hall? Pump in less air — study

A SCIENTIFIC study into how coronavirus disease 2019 (COVID-19) could spread through the audience at a Paris concert hall has delivered a surprise: for that particular venue at least, the less ventilation there is, the better.

The study, by technology firm Dassault Systemes, used 3D modeling to simulate how airflows would move if there was a packed audience at the Philharmonie de Paris concert hall — currently shut along with the rest of France’s performance spaces because of the pandemic.

The modelling showed that, if the power of the ventilation system in the 2,400-seat hall was turned down by 50%, the spread of droplets and airborne particles from an audience member coughing or sneezing was reduced. When combined with the audience wearing masks, the spread was lower still.

“People may think that by reducing the airflow you increase the risk of virus propagation,” said senior Dassault Systemes executive Jacques Beltran. “In that room, it is the opposite.”

The reason is that, because of the particular characteristics of the Paris concert hall, turning down the ventilation encourages potentially contaminated air to pool in empty spaces, for example staircases, before it is sucked out of the building, said Mr. Beltran.

The conclusions about the Paris hall’s ventilation system, which sees fresh air sucked in, then moved around the building before being expelled, the researchers said, cannot be applied to other venues, because each one has its own unique airflow.

But it does show that 3D modeling could provide a tool for cultural venues to make sure that, when they welcome audiences back again, they can do it safely.

“We talk a lot about this question of whether it will be dangerous to have the public come to concert halls or museums,” said Laurent Bayle, President of the Philharmonie de Paris.

Referring to studies like the one conducted on his concert hall, Mr. Bayle said: “This gives some keys, to think, to imagine about a return (to cultural events) that is a bit more stable, a bit more calm.” — Reuters

Should bosses serve as godfathers at their workers’ weddings?

I’m the vice-president for operations of a small factory in Cavite. Recently, I was requested by one of our workers to be a godfather at his wedding. I was a bit reluctant and told him I will seek the advice of our human resources (HR) department. Unfortunately, our HR manager can’t think of any downside. He even told me it is bad luck to decline such invitations. What do you think? — Lone Ranger.

If you want to establish a close, long, and positive work relationship with your workers, then you must develop a short memory. The trouble is that your workers may have a long memory that they could use to their advantage in due time. Think about it. What are the possible repercussions if you turn a professional relationship into something that borders on kinship with God as the witness?

Whether that worker reports to you or through another line manager, that employee may think he can take advantage of his relationship with you in many ways. For instance, what if that employee seeks approval for one week of leave during off-peak production season, which under normal circumstances, you would approve.

The trouble is that you may be conscious of what other workers would say, such as: “This guy is special. We can’t even file for sick leave, but our friend must have extra powers to be given such privilege.” Even under normal circumstances, it’s not easy to turn people down. You may find yourself approving requests even when it is not in the best interest of the organization. Or even if it is in the best interests, many people would suspect something irregular is going on.

CONSIDERATIONS
Of course, every manager wants to be liked by his workers. When you have good rapport with employees, it’s easy to work with them and they are likely to reciprocate by being loyal to you and the organization. There’s no question about it. But we don’t know what the future might bring.

So take the time to think things through. The circumstances may vary from time to time, but in general, the following points should be helpful in arriving at a firm and objective solution to your current predicament:

One, distinguish professional work relationships from social relationships. That way, when the employee has done something wrong, you can easily call his attention without much wavering. If you don’t, it will be a no-win situation for you.

Two, highlight how such a relationship can work against the employee’s interests. If the employee is due for promotion or has performed beyond expectations to merit a pay increase, it would be difficult for some people to understand that management has made an objective decision. Chances are, there will be critics, led by those who were bypassed for promotion.

Three, establish a formal policy against similar requests from workers. Without one, what would prevent other workers from making such a request? If you accept an invitation to be a godfather at one wedding, expect a deluge of other requests that could hamper the company’s operations in the future.

Last, be as positive as possible when turning down such requests. Explain your position. Don’t let your emotions get in the way. If you appear to vacillate, there’s a chance the worker will press on with his request, or show disappointment. However, if you hold your ground, he could end up understanding your position.

NO SPECIAL TREATMENT
People with higher economic status are the favorite targets to serve as godparents in weddings and other Christian rites. It’s part of our tradition. Many of us take advantage of the situation by focusing on those who appear to be approachable and wield some form of power. Outside of the workplace, this is understandable.

When you bring this kind of relationship into the workplace or even if you’re forced into it, there could be negative repercussions that could affect labor and management relations. Many times, the approach is initiated by the workers themselves. It can happen due to a mistaken belief workers can use the relationship to their advantage.

Managers being friendly with workers is desirable. It is a clear manifestation of a happy, enjoyable, and productive workplace. It is always good to perpetuate open, friendly two-way communication based on mutual concern and respect. However, if a worker intends to go beyond the boundaries and invites his boss to be a godparent, or in some cases invites the boss to meet the family on a regular basis or talks about intimate family details, then that must be considered a no-no.

If that happens, managers must know how to put a stop to it, if they can’t do it with clear limitations. More important, there should be no preferential treatment for anyone.

 

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

Vulcan transfers mining rights, interests in two sites to United Paragon

VULCAN Industrial & Mining Corp. has transferred its rights and interests in two of its sites in Negros Occidental to United Paragon Mining Corp., the latter said on Thursday.

In a regulatory filing, United Paragon said it had a deed of assignment with Vulcan that covers the latter’s rights, interests and participation in the Hinobaan and Sipalay sites.

Before the transfer, Vulcan owned the mineral production sharing agreements covering the 477-hectare Hinobaan and 866-hectare Sipalay sites, according to Mining and Geosciences Bureau (MGB) data as of December 2020.

Both areas were used for exploration activities, MGB data showed.

The deed of assignment is subject to the approval of the bureau, United Paragon said. It was approved by Department of Environment and Natural Resources Secretary Roy A. Cimatu on Dec. 22, 2020, it added.

In a letter addressed to United Paragon President Gerard Antonio S. Ramos, the MGB’s Region 6 Director Raul A. Laput said that the firm was required to file a declaration of mining project feasibility following the approval of the deed of assignment.

Vulcan shares on Thursday improved 18.53% to close at P2.43 apiece. Meanwhile, United Paragon shares climbed 36.99% to finish at P0.010 apiece. — Angelica Y. Yang

Entertainment News (02/05/21)

BGC holds first-ever drive-in concert in the Metro

THIS year, Bonifacio Global City (BGC) celebrates love with a lineup of activities where you can spark joy with fresh, intimate, and safe experiences designed for our new reality. First is Love Street: A Valentine Drive-In Concert which will be held at the 30th Street Open Carpark, BGC Corporate Center. Vibrant lights and a cool stage with giant LED screens, serve as the backdrop to live performances by two OPM powerhouse talents: Rico Blanco and KZ Tandingan — all enjoyed from the safety of one’s car. Food is not an issue as restaurant booths will be available for audience members to call and order for delivery. QR codes with menus will be provided upon entrance. For tickets, exchange P2,500 worth of receipts (single or accumulated) from participating Bonifacio High Street establishments at One Bonifacio High Street’s concierge booth, but only limited slots will be available on a first come, first served basis. Only four persons per car will be allowed. Done in partnership with Globe, the metro’s first drive-in concert will be held on Feb. 13, 6 p.m. Those unable to attend can tune in to Q Radio 105.1 to hear the concert audio in real-time or stream it live through BGC’s official FB page.  Meanwhile, in partnership with HoritFilipina, a free-for-all alfresco dining area called Garden StrEAT will be made available at Bonifacio High Street’s amphitheater on Feb. 13 to 14. Guests can order take-away from any BHS restaurant or scan the QR codes available to order and arrange for pickup or delivery. On Feb. 14, a Valentine’s Fireworks Display will be held at 7 p.m. For more details, stay updated through Bonifacio Global City’s official social media pages.

Justice League to premiere on HBO GO in PHL on March 18

WARNER Bros. Pictures and DC full-length Max Original feature film Zack Snyder’s Justice League will premiere at the same time as the US on HBO GO in the Philippines on March 18. The announcement came with the debut of three new teaser posters. The release of Zack Snyder’s Justice League will be supported across WarnerMedia and DC platforms, including a soundtrack release on WaterTower Music, a curated collection from Warner Bros. which is available exclusively as DC Shop at shop.dccomics.com. In the film, Batman (Ben Affleck) is determined to ensure Superman’s (Henry Cavill) ultimate sacrifice was not in vain, so he joins Wonder Woman (Gal Gadot) to recruit a team of metahumans to protect the world from an approaching threat of catastrophic proportions. The task proves more difficult than they imagined, as each of the recruits must face the demons of their own pasts to come together. Batman, Wonder Woman, Aquaman (Jason Momoa), Cyborg (Ray Fisher), and The Flash (Ezra Miller) have to save the planet from Steppenwolf, DeSaad and Darkseid and their dreadful intentions. Download HBO GO at the App Store or Play Store and enjoy a free trial. Or access HBO GO via Cignal or at https://www.hbogoasia.com/.

My French Film Festival.com is ongoing

THE 11th edition of My French Film Festival.com — ongoing until Feb. 15 — lets moviegoers from all over the globe have access for free to 13 feature films and 20 short films in this first online French-language film festival (MyFrenchFilmFestival 11e Edition). Meanwhile, throughout 2021, the Alliance Française de Manille presents Institut Français’ online offerings of films free of charge anywhere in the world. Already launched on an ad hoc basis in 2020 to compensate for the closure of cinemas due to the health crisis, IFcinéma à la carte had been a huge success. The operation, promoting the eclecticism of French and African cinema, is thus renewed throughout 2021. IFcinéma à la carte brings together a selection of short and feature films, which will be regularly updated, intended for audiences of the French cultural network around the world. For more information, contact info@alliance.ph.

UnLoving You, a series about forbidden love drops on iWant TFC on Feb 8

REAL-LIFE couple Loisa Andalio and Ronnie Alonte find themselves falling in love but doomed to stay apart as they play step-siblings in iWantTFC’s special Valentine treat and the couple’s first original series titled “Unloving U,” which begins streaming this February 8. Having to live under one roof after their parents’ marriage, Fiona (Loisa) and Alfie (Ronnie) are forced to learn how to live together as step-siblings. With completely different personalities, the two are initially at odds with each other but eventually fall in love with one another which certainly complicates things. The six episode series directed by Easy Ferrer will begin streaming for standard and premium subscribers worldwide on the iWantTFC app (iOs and Android) or on iwanttfc.com on Feb. 8, with daily episodes dropping at 8 PM until February 13. Viewers can also enjoy watching on a bigger screen through select smart TV brands, ROKU streaming devices, and Telstra TV for global users. For the complete list of compatible devices, sign in instructions, and account activation, visit https://iwanttfc.com/help#tfc-on-smart-tv.

Digital rally praying for peace on Feb. 6

THE UNIVERSAL Peace Federation (UPF), an NGO holding general consultative status with the United Nations (UN), will conduct the One Million Rally of Hope Philippines this weekend. The event will be virtual and is a call for collective prayers for greater hope, peace and solidarity during these dire times. The program is from 3 p.m. to 5 p.m. on Saturday, February 6th. The theme is “One Million People Praying for the Healing of the Nation and the World.” In addition to featuring prominent global leaders, there will be world-class entertainment from Jed Madela, 4th Impact, Ms. Gerphil Flores, Reo Brothers, Baliktanaw Dance Company and the Philippine Meistersingers. Messages of hope from famous personalities will also be featured in the online event. The event will be televised and livestreamed via PTV4. There will also be livestreaming in various social media platforms.

Australian singer Reuben de Melo drops “How Does It Feel”

PERTH-BASED singer Reuben de Melo launched his newest single “How Does It Feel.” The song was inspired by the artist’s past relationship experiences with his partner and is about the human nature of wanting more. With an unsettled heart, broken pride and a handy ukelele, this song was written to be a form of catharsis for the indie singer-songwriter, as he makes peace with his frustrations and personal growth. He shares, “The opposite of giving is never to take but receive because it is in receiving that you realize your giving is endless — this is what I think love is, endless.” Accompanying this release, is a lyric video that describes the beautiful married couple’s life in a simple yet lovely animation.

Building back better in Cagayan Valley

LAST November, the Cagayan Valley region in northeastern Luzon bore the brunt of Super Typhoon Rolly and Typhoon Ulysses, which were classified as category-5 and category-4 tropical cyclones, respectively.

Residents of Isabela and Cagayan provinces were most affected by the massive flooding in the aftermath of both weather disturbances. They blamed the National Irrigation Administration (NIA) for opening the floodgates of the nearby Magat Dam at the 11th hour, submerging the two provinces in waters as high as two-story buildings.

However, NIA authorities stood firm on their position that the release of water from Magat Dam was not the main cause of flooding. They insisted that ample warnings were given to those communities in low-lying areas and the volume of water released was only 25% of the carrying capacity of the Cagayan River, the Philippines’ longest stream that serves as the catch basin for nine provinces in three regions.

Another issue that arose was illegal magnetite mining at the mouth of the Cagayan River in the municipality of Aparri. In 2019, the provincial board of Cagayan appealed to President Rodrigo Duterte to stop the dredging operations of Pacific Offshore Exploration, Inc. (POEI) because it posed a threat to the environment and the livelihood of residents.

POEI’s Chinese partner in the dredging operation, the Zhong Hai Gravel Group headed by Dong Biao Su, has lately become controversial after the Bureau of Customs (BoC) and the Philippine Coast Guard raided its Zhonhai 68 dredging vessel during a maritime security patrol off the Bataan coast. BoC officials are poised to issue a warrant of seizure and detention against the undocumented vessel, which the Chinese Embassy in Manila has claimed to be non-Chinese technically because it is registered under an African flag of convenience.

It turns out that JDVC Resources Corp. is the first and only company to be granted a declaration of mining project feasibility by the Department of Environment and Natural Resources (DENR) to extract magnetite sand and associated minerals in Cagayan. Also the country’s first large-scale offshore iron sand mining firm, JDVC is a subsidiary of publicly listed Apollo Global Capital, Inc.

Cagayan’s decades-old black sand mining problem will soon be a thing of the past with the launch of the Cagayan River Rehabilitation Project on Feb. 2. Kicking off the project in the municipality of Lal-lo were DENR Secretary Roy Cimatu and Public Works Secretary Mark Villar, who co-chair the multi-agency Build Back Better Task Force that will facilitate the rebuilding efforts in those areas ravaged by recent typhoons. Defense Secretary Delfin Lorenzana, Labor Secretary Silvestre Bello III, and Transportation Secretary Arthur Tugade also attended the ceremonial start of the river restoration project, which will hopefully put an end to the perennial flooding of the Cagayan River Basin.

GROWTH AMID THE PANDEMIC
A fast-rising firm with roots in Cagayan Valley is 100% Filipino-owned South Pacific, Inc. (SPI). Owned by the Ty family of Isabela province, SPI continues to grow phenomenally despite the pandemic-induced economic crisis.

SPI President and Chief Executive Officer Iñigo Golingay, Jr. disclosed that the liquefied petroleum gas (LPG) company’s volume for 2020 reached 512,000 metric tons, soaring 25% from the year-ago level as the company increased its sales in the Visayas and Mindanao. He said last year’s sales jumped 24% from P12.75 billion in 2019. As a result, gross earnings went up by 11% and net income of P603.27 million reflected a 19% increase year on year, according to SPI’s 2020 unaudited financial statements.

Founded in 2015, SPI has terminals in Pampanga, Batangas, and Cebu which have boosted its market share in such a short span of time. Based on the Department of Energy’s “Oil & Gas Industry Report” for the third quarter of 2020, it has overtaken Petron Corp. and is now the second largest in the LPG industry.

Another firm that recently expanded to Cagayan Valley is Philippine Stock Exchange-listed Fruitas Holdings, Inc. (FHI), which recently opened its community stores in Tuguegarao City, Cagayan and Santiago City, Isabela.

FHI’s community store network is set to grow from 30 stores as of end-2020 to its target of 100 stores by December 2021 after it secured 20 new locations and is in final negotiations for 20 more. FHI President and Chief Executive Officer Lester Yu said the rollout program, which also includes another 100 kiosks, is even ahead of schedule.

 

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

Top ten 5G economies

THE Philippines posted the second-largest gain globally in terms of 5G download speeds relative to 4G in the fourth quarter, according to UK mobile analytics company Opensignal Ltd. Read the full story.

Top 10 5G economies

How PSEi member stocks performed — February 4, 2021

Here’s a quick glance at how PSEi stocks fared on Thursday, February 4, 2021.


Local shares rise on ratification of CREATE bill

BW FILE PHOTO

SHARES closed higher on Thursday after the ratification of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill and ahead of the release of January inflation data.

The 30-member Philippine Stock Exchange index (PSEi) improved 44.29 points or 0.64% to finish at 6,903.75, while the broader all shares index rose 22.07 points or 0.53% to end at 4,165.33.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a mobile phone message that the market closed higher as the proposed CREATE law now awaits the signature of President Rodrigo R. Duterte.

“Economic recovery hopes got a boost from the Congress’ ratification of the CREATE bill, compelling investors to pick up shares this Thursday,” Mr. Tantiangco said.

The Congress on Wednesday ratified the CREATE bill, which aims to reduce the country’s corporate income tax rate to 25% from 30%.

Once signed, the bill will also reduce corporate income tax to 20% for micro, small, and medium enterprises with a net taxable income under P5 million and total assets below P100 million.

Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the local bourse improved as investors opted to buy shares ahead of the upcoming release of January inflation data.

A BusinessWorld poll among 16 economists yielded a median estimate of 3.6% for January, within the 3.3% to 4.1% projection of the Bangko Sentral ng Pilipinas (BSP). January inflation data is scheduled to be released on Feb. 5.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun said the market ended in positive territory even as the market remained cautious.

“Last-minute buying allowed the main index to end at its high for the day. Volatility on blue chips continues to decline as investors await earnings,” Mr. Mangun said in an e-mail.

“The general sentiment remains cautious as investors monitor the economy’s recovery,” he added.

Majority of sectoral indices at the PSE ended higher on Thursday. Holding firms increased 85 points or 1.22% to 7,045.95; property climbed 17.58 points or 0.5% to 3,518.47; financials went up 5.58 points or 0.39% to 1,431.12; and mining and oil gained 13.18 points or 0.15% to 8,698.53.

Meanwhile, industrials retreated 18.82 points or 0.2% to 9,045.35 and services dropped 2.15 points or 0.14% to 1,497.74.

Value turnover on Thursday amounted to P10.42 billion with 36.20 billion issues switching hands, higher than the P9.58 billion with 40.57 billion shares in the previous session.

Advancers bested decliners, 123 against 99, while 43 names ended unchanged.

Net foreign selling climbed to P471.61 million yesterday from the P460.10 million seen on Wednesday.

“In the last trading day of the week, we’ll have to confirm if the nearest support at 6,600 holds, with nearest resistance at 7,300,” Timson Securities’ Mr. Pangan said. — Revin Mikhael D. Ochave

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