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Banks fail to hit MSME credit quota in 1st quarter

BIG AND THRIFT banks did not meet the required lending for small businesses in the first quarter, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Loans extended by the banking industry to micro-, small-, and medium-sized enterprises (MSMEs) reached P534.767 billion in the first quarter versus their total loan portfolio worth P8.433 trillion in the period.

Republic Act 6977, also known as the Magna Carte for MSMEs, mandates lenders to allocate at least 10% of their loan book for small businesses to boost the sector — 8% to micro and small enterprises (MSEs) and 2% to medium-sized enterprises. Big banks often opt to pay penalties for noncompliance instead of taking on the risks of lending to small firms.

Broken down, credit extended to MSEs amounted to P208.301 billion or just 2.47% of banks’ loan portfolio.

Meanwhile, lending to medium-sized firms reached P326.466 billion or 3.87% of their loan book, higher than the 2% quota.

For universal and commercial banks, credit granted to MSEs amounted to P145.473 billion or only 1.92% of their P7.58-trillion loan portfolio. Meanwhile, they disbursed P275.93 billion in loans to medium-sized enterprises or 3.64% of their entire lending book.

Thrift banks also fell short of the required lending for MSEs as their loans to the segment reached P34 billion, equivalent to only 4.64% of their portfolio worth P732.063 billion.

For medium enterprises, thrift banks disbursed loans totalling P35.656 billion or 4.87% of the total.

On the other hand, rural and cooperative banks were able to comply with the lending quotas as their credit to MSEs reached P28.826 billion or 23.8% of their loan portfolio worth P121.101 billion.

These smaller lenders also disbursed P14.88 billion in loans to medium-sized enterprises, equivalent to 12.29% of their credit book.

Earlier this year, the central bank provided regulatory relief measures to encourage lending to small businesses amid the coronavirus pandemic. These include allowing banks to count MSME loans as alternative reserve compliance and the reduced credit risk weight for loans extended to the sector.

MSMEs account for 99% of the roughly one million business establishments in the Philippines in 2018, data from the Department of Trade and Industry showed. They also accounted for 5.7 million or 63.19% of the new jobs during the year. — L.W.T. Noble

San Miguel unit buys more than 400,000 MT of corn

THE FOOD unit of San Miguel Corp. (SMC) has bought 436,209 metric tons (MT) of corn as of Sept. 30 as part of the company’s efforts to help farmers cope with the challenges brought by the coronavirus disease 2019 (COVID-19) pandemic.

In a statement, SMC President and Chief Operating Officer Ramon S. Ang said San Miguel Foods Inc. had been boosting its corn purchases across the country from farmer cooperatives that were hit by quarantine measures and logistics issues, which impeded the transport of their produce.

SMC is planning to buy more corn from farmers in Bukidnon and Pangasinan when their harvest season starts in the first quarter of 2021, he said.

“We will continue to help our local farmers however we can, and at the same time, ensure our supply of raw materials for food production. This pandemic has been a great challenge to all of us Filipinos and our economy, but we if we work together and contribute, we will be able to help out many sectors,” Mr. Ang said.

Further, he said SMC’s corn purchases had encouraged feed millers and local assemblers in boosting their procurement, such as those under the Philippine Association of Feed Millers (PAFMI).

He said the initiative is in response to the call of the Department of Agriculture (DA) for companies to continue assisting farmers affected by the COVID-19 pandemic.

“Back in May, we announced our plan to buy more local corn, to prevent farmers from losing their capital and having the corn just go to waste, and to secure our raw materials for food production. We’re fortunate that we have completed construction of many of our new, modern feed mills nationwide, equipped with large silos with aerators. This allows us to stockpile and store corn and other grains for a year,” Mr. Ang said.

Aside from corn procurement, SMC’s other initiatives include helping the agriculture sector such as the opening of the DA’s Kadiwa ni Ani at Kita stores at select Petron gas stations across Metro Manila and the buying of excess carabao milk that were distributed to communities. — Revin Mikhael D. Ochave

A long evening’s distraction

VIDEO GAME REVIEW
Giraffe and Annika
Nintendo Switch

GIRAFFE AND ANNIKA, the inaugural offering of developer Atelier Mimina founded by veteran game designer Atsushi Saito, isn’t aiming to be a standout. As far as anime-inspired releases go, it’s middle of the road in presentation, with a pleasant art style and fairy-tale narrative designed more to please than to challenge. That said, it manages to offer a pleasant experience that provides no small measure of entertainment in ways that plenty other puzzle platformers don’t.

In Giraffe and Annika, players take control of the neko Annika, thrust into the magical island of Spica with no recollection of her past. Spurred on by a boy named Giraffe who acts as a guide, Annika must do what she can to recover her memories, diving into the world around her and interacting with its inhabitants. She goes on quests, explores dungeons, does battle with enemies, and collects stars along the way, but she finds herself breaking no sweat. The challenges aren’t difficult; puzzles are laid out neatly for crafty but easy solving, while combat — coming by way of rhythm spectacles that require synchronized jumping — offers no threat of death.

In short, Giraffe and Annika engages, but not to the point of exhaustion. Rather, it aims to provide a welcoming experience not unlike a fireside chat with a long-lost friend on a chilly night, warm cookies and milk in hand. Its emphasis isn’t on getting to the end of the story, but, rather, on the fun players have while going on adventures en route. And whatever Annika lacks in skills, she makes up for with intelligence. She can’t beat down her foes, but she can outwit them. Meanwhile, she interacts with her environment to progress.

All told, Giraffe and Annika shows a lot of heart. Its fairly simple interface notwithstanding, it comes off as a labor of love that makes its message stick. It’s not a long game, but it doesn’t let up in vibrancy. It’s aurally and visually pleasing, filled with sugar and spice and everything nice. Featuring pacing that’s perfect for a long evening’s worth of distraction, it’s akin to a bedtime story that ends right before it overstays its welcome.

THE GOOD:

• Cutesy art style combined with an interesting fairy-tale narrative

• Simple puzzle design and rhythm-game mechanics

• Labor of love that makes its message stick

THE BAD:

• Relatively short

• Neither complicated nor challenging

• Occasionally buggy

RATING: 8/10

POSTSCRIPT: Quite a few players remember Pyro Studio’s Praetorians fondly despite its flaws. Released on the personal computer back in 2003, it is best known for its captivating depictions of Romans fighting against barbarian hordes of old. Which, in a nutshell, is why Praetorians HD Remaster is being greeted with anticipation by those who have a history with the original. Like finding an old friend after years of being apart, Millennials see it as a way for them to reconnect with their childhood, albeit with a fresh coat of paint courtesy of Kalypso Media.

In Praetorians HD Remaster, players get to choose one of three ancient cultures and lead them into victory. They get to take over villages, conscript units, hire more elite troops, and prove themselves to be the dominant commanders of the era. En route, this means mastering the game’s combat system, which, at its heart, is akin to a tactical game of rock-paper-scissors. Archers are strong from afar, capable of peppering spearmen down, but close combat or cavalry can bring them down fast. Spearmen are more defensive units, capable of bringing down the cavalry, but are no match against heavier, stronger infantry; the heavy infantry are efficient, capable of throwing pilums or axes before combat, but have their own drawbacks in being hard to recruit. It’s a simple but effective concept, one that even newcomers to the genre will be able to grasp.

Beyond basic units, Praetorians HD Remaster employs uncomplicated progression principles. Victory in combat generates honor points, which can then be used to recruit higher-tier units that can fill out army rosters and counter opponent compositions. At the same time, however, these higher-tier units come at a cost, requiring control of a village, villagers to conscript, and more time to muster them to battle.

The tradeoffs in Praetorians HD Remaster compel players to juggle and incentivize the buildup of different units. With combat locking units together until one side loses, micromanaging becomes less important vis-a-vis having a proper battle plan, as engagements, once started, cannot be cancelled. Instead of kiting opponents to death, having flexible army rosters and exploiting terrains properly become key.

On the flipside, Praetorians HD Remaster shows its age. Compared to titles which have significantly revised gameplay in the genre (Creative Assembly’s Total War is an example), it has not stood the test of time well. While its concepts stand firm, their implementation leaves much to be desired. And taken with uneven quality-of-life features, the clunky interface offsets the improved graphics.

To be sure, Praetorians HD Remaster is exactly what its name promises to be: an improved version of a cult classic. It upscales the video resolution and does little else beyond presenting the original experience as it was back then. Longtime fans of the game will no doubt enjoy the chance to play it anew, buoyed by fond memories. For the new generation of gamers, though, it figures to be wanting.

True, Praetorians HD Remaster does look better than it did before. True, it does run smoothly. And, true, it boasts of a fairly lengthy campaign mode alongside an assortment of skirmish maps. On the other hand, it may well find itself failing to assuage a hitherto untapped segment of players not likely to tolerate its clunky controls. Which is to say it should be a hit for some and a miss for others.

THE GOOD:

• An improved version of the original Praetorians, with upscaled graphics

• Fair amount of content in its campaign and skirmish modes

• Gameplay depth

THE BAD:

• Clunky controls

• Slow paced

• No gameplay improvements

RATING: 7/10

THE LAST WORD: For a while there, it appeared as if Leisure Suit Larry would be consigned to the dustbins of videogame history. The two releases from the series after the turn of the millennium were decided busts, and not simply because original designer and developer Al Lowe had nothing to do with them. Unlike the first six games that featured main protagonist Larry Laffer, Leisure Suit Larry: Magna Cum Laude and Leisure Suit Larry: Box Office Bust boasted of a cruder, more direct approach to humor. The change in tone and treatment of sexual situations was as deliberate as the use of a new character to headline the releases, but failed to bring about the intended results.

In late 2011, however, publisher Replay Games took on the task of remaking Leisure Suit Larry in the Land of the Lounge Lizards. The plan was to tap into Lowe’s desire to, in his words, “redeem my creation” and come up with a modernized version of the title that launched the franchise. After a successful Kickstarter campaign, the game received the high-definition audio-visual treatment along with marked changes in interface, introduced new characters and puzzles, and found itself in several platforms. In other words, it got a new lease on life. For all its politically incorrect themes, it had gamers who grew up in the 1980s and ‘90s waxing nostalgic. At the same time, it tickled the fancy of the younger set with its willingness to walk the fine line between being naughty and being offensive.

Leisure Suit Larry: Wet Dreams Don’t Dry serves as the follow-up to the second remake of the original, but again, without the involvement of Lowe. CrazyBunch, a small development studio based in Hamburg, Germany, best known for virtual reality games, brings the title character to the 21st century with nary an explanation at the start of the game. He simply awakens in a dark room unaware of his circumstances, and, after a short sequence designed to give players a quick tutorial of the interface, finds himself using a manhole cover for an elevator in order to get to street level. He recognizes Lefty’s Bar, but little else. Inside, he gets to talk to the owner of the watering hole, who tells him he has been missing for 30 years.

What comes next is around 12 hours’ worth of fish-out-of-water hijinks that has Larry staying true to himself despite the modern setting — which is to say still chasing skirts while displaying biting humor seemingly more fit in his past. His ultimate objective is to win over Faith, veritable goddess at Prune Inc. and secretary to head honcho BJ Prune. In order to do so, however, he needs to solve puzzles, collect items, and complete tasks, including, yes, going on dates via the Timber app on his PiPhone. If it sounds easy, be forewarned: it’s not. Unlike a plethora of other point-and-click adventures, Leisure Suit Larry: Wet Dreams Don’t Dry requires players to note descriptions of objects to understand how they can be properly used, and, occasionally, combined with others so as to arrive at desired outcomes.

Which should be all well and good, except that, on iOS, Leisure Suit Larry: Wet Dreams Don’t Dry suffers from glitches that bring down the user experience. Thankfully, the immersive gameplay encourages patience. Players who opt to cope with the technical hurdles should be amply rewarded. Additionally, there is the option of jumping straight to the Epilogue, but it would be spoiling the fun. After all, the game is all about the journey and not the destination. It’s a satisfying romp all told, and not at all a bummer at $4.99 despite the bugs. And since it can be enjoyed in small doses, it’s perfect on the go. Recommended.

THE GOOD:

• Immersive fish-out-of-water adventure

• Retains the tone of the series

• Challenging puzzles

• Lively audio-visual presentation

THE BAD:

• Suffers from glitches

• Constant clicking can lead to repetitive audio cues

• Spelling mistakes can put off

RATING: 7.5/10

JLL Philippines names vice chairman

JOEY M. RADOVAN
Vice Chairman of JLL Philippines

JLL PHILIPPINES announced the appointment of Joey M. Radovan as vice chairman this month.

Mr. Radovan has over two decades of experience spanning across commercial real estate providers in the country.

“It is a pleasure to welcome Joey, given his deep understanding of the local commercial real estate market, which can help to identify new business opportunities and drive significant growth for the firm. I’m confident that his skills and expertise will help our team continue delivering exceptional value to our clients,” JLL Philippines Country Head Christophe Vicic said in a statement.

Mr. Radovan was previously with Santos Knight Frank, where he represented the largest US-based bank in completing the single largest build-to-suit office lease transaction located in Bonifacio Global City for 70,000 square meters in 2018.

Insurers studying pandemic-related products

INSURERS are looking at introducing products to address the needs of consumers affected by a pandemic like the coronavirus disease 2019 (COVID-19).

The Insurance Commission (IC) said its survey showed many companies are willing to design products focusing on pandemic-related concerns of consumers.

However, the commission said developing a specific product for pandemic coverage will be difficult as its risks are “very unpredictable.”

“In a survey we conducted, a number of insurance companies are willing to cover pandemics. How they’re going to do that remains to be seen because pandemics in their nature are very unpredictable,” IC Commissioner Dennis B. Funa said in a press briefing at the 23rd ASEAN Insurance Regulators Meeting on Monday.

To reduce risk, industry groups said the government and private firms still need to collect and analyze data on the impact of COVID-19.

“This needs the collaboration of the government to come with historical data in order to create a product that can be sustained in the future. This is something that’s possible but we remain to be very cautious, otherwise it will create a systemic problem to the industry,” ASEAN Insurance Council Secretary General Evelina F. Pietruschka said.

The Philippine Insurers and Reinsurers Association (PIRA) agreed, saying the unknown risks are likely too high and may lead insurance firms to insolvency. It said simply shouldering medical costs for COVID-19 can help firms avoid potential losses.

“Some countries already provide some level of pandemic coverage. Maybe that’s the way to go to limit the amount of liability so when a pandemic hits, it doesn’t damage the solvency of companies,” PIRA Chairman Allan R. Santos said.

Mr. Funa said the second quarter earnings of the insurance industry likely declined as consumers tightened their budget.

Insurance officials said historical data will help firms determine further product prices and benefits for those affected by the new virus, especially business clients.

“There is non-availability of data as a basis for pricing. In the future, this is something we can look at and talk about business continuity insurance and unemployment insurance. We need to give ourselves time,” Philippine Life Insurance Association, Inc. Data Protection Officer George C. Mina said.

Mr. Mina said the association and the National Task Force on Climate Risk Insurance have started discussing possible pandemic-related products.

“The task force is starting to make strides on how possible product development can be done and in what form it can be offered,” he said.

The need for pandemic insurance stemmed from financial losses experienced by various companies, especially small and medium enterprises, due to the pandemic.

Trade Secretary Ramon M. Lopez said that all of the estimated 1.5 million registered micro, small, and medium-sized enterprises (MSMEs) have been affected by the crisis.

He said an estimated 6% or 90,000 MSMEs remain closed, either temporarily or permanently, based on a survey of just 3,000 businesses. — K.K.T. Jose

Globe plans to offer telemedicine in remote areas

GLOBE TELECOM, Inc. on Monday said it targets to bring health services via a telecommunication platform to the country’s remote areas after its “aggressive” network expansion and upgrade works.

The improvement will “bring telemedicine services to more people across the country, particularly those living in far-flung areas who do not have immediate access to licensed medical practitioners,” it said.

Telemedicine is a viable alternative to the traditional hospital or clinic visits during the pandemic, with only “one doctor” available per 33,000 Filipinos today, Globe said in an e-mailed statement.

The telco company currently offers telehealth services through its unit, 917 Ventures.

Its telehealth services include consultations, issuance of e-prescriptions, and reading of laboratory results by licensed doctors.

Medical consultations can be done through a phone call or video chat.

“More telehealth services which utilize online tools are also expected to be introduced as a result of rapid technological advancements,” Globe said.

Globe has an app for consultations, scheduling laboratory tests, and records storage, among others.

“Thus, with increasing demand for data-driven tools and services, Globe continuously invests billions of dollars to upgrade and improve its network. This year alone, Globe has earmarked $1.2 billion in capital expenditure, majority of which goes to network and capacity builds including the rollout of 4G LTE and 5G technology as well as fiber optic cables for better data connectivity, faster speed, bigger capacity, and lower latency,” Globe said.

Telecommunications companies are focusing on improving their services because of the surge in demand triggered by the coronavirus pandemic. They are putting up more cell towers around the country to increase capacity and coverage.

Globe Chief Technology Officer Gil B. Genio said last week the industry could improve its services in remote areas within three years because of the recently signed Republic Act No. 11494 or the Bayanihan to Recover As One Act (Bayanihan II), which removes most of the requirements to put up and operate cell towers.

He said that if the existing telcos and the authorized common tower firms can build about 50 to 60 thousand cell towers in the next three years, the country will get a workable level of penetration for mobile internet. — Arjay L. Balinbin

Entertainment News (10/06/20)

Alessandra de Rossi signs with Lilystars Records

ACTRESS, producer, director, and writer Alessandra de Rossi officially joins the roster of music acts under Manila-based indie label, Lilystars Records. Her first major project as a solo artist is the re-release of the single “Make It Better,” which was released on all digital platforms worldwide on Oct. 2. Delicately arranged with ethereal soundscapes, trip-hop beats, and New Age-inspired vocals, De Rossi’s self-penned and self-produced electro-pop number has been given a remastered treatment, making it sound more polished than ever.  Written in 2010, “Make It Better” is a product of its time: a confessional that simmers with disappointment and heartbreak Aside from “Make It Better,” De Rossi’s debut record, Adrift will also make its way to several music platforms soon in remastered format. Initially released in 2012, the 13-track chillout, electronic, and ambient album was made available for free download as a zip file.

Rick and Morty, new shows now available on HBO GO

HBO GO subscribers now have access to animated comedy, Rick and Morty, which has been added to the streaming service in Asia. Fresh from its Emmy win, Seasons 1-4 of the show are now available to stream. Rick and Morty is the double Emmy award-winning half-hour animated hit comedy series on Adult Swim that follows a sociopathic genius scientist, Rick Sanches, who drags his inherently timid grandson, Morty, on insanely dangerous adventures across the universe. Stream or download three new series on HBO GO this October. A brand-new HBO Asia Original series Miss S premiered on Oct. 5 exclusively on HBO GO. This Mandarin adaptation of the globally popular Miss Fisher’s Murder Mysteries stars Ma Yili as a beautiful and witty socialite who forms an unlikely crime-solving duo with the righteous and serious inspector played by Vengo Gao Weiguang. Meanwhile, Nicole Kidman stars alongside Hugh Grant as a married couple living perfect lives until a violent death leads to a chain of terrible revelations in the HBO Original series The Undoing which premieres same time as the US on Oct. 26, 9 a.m., on HBO GO and HBO. Warrior, the action-packed series based on the writings of martial arts legend Bruce Lee, is back for Season 2 on HBO GO and Cinemax. Access HBO GO via Cignal or at https://www.hbogoasia.com. Download the app from the App Store or Play Store and enjoy a seven-day free trial. HBO GO can now be accessed via Android TV, Apple TV, LG TV and Samsung Smart TV — and comes with AirPlay and Google Cast functionality.

Dey Rose releases new EP, Panting Heart

VANCOUVER-based Filipina singer-songwriter Dey Rose maintains a sense of vulnerability on her debut EP, Panting Heart — released on all digital platforms worldwide via Lilystars Records. Intricately written and produced, the six-track record blends jazz-infused pop with folk, country, blues, progressive rock, ‘70s soul, and R&B, while exploring new directions in terms of arrangements and lyrics. The Baguio-born musician presents a snapshot of confessional intimacy. The EP’s carrier single “Di Mo Lang Alam” is inspired by the stories of new friends Dey Rose met in the Philippines. Its smooth, jazzy runs and suave rhythms swoop and slide in the background, while the Filipina-Canadian artist’s vocals take the center stage. Dey Rose’s Panting Heart EP is now available on all digital and streaming platforms worldwide via Lilystars Records.

Romy releases debut solo single

ROMY has  released her debut solo single “Lifetime,” written and recorded in London during lockdown. It is a song about the dream of being reunited with friends, family, and loved ones. Having co-written her band The xx’s three acclaimed albums, she’s also written songs for the likes of Mark Ronson, Jehnny Beth, Benny Blanco, and Dua Lipa (including her Grammy winning hit single “Electricity”). At the same time honing her craft as a songwriter, Romy has embraced a burgeoning DJ-ing career. These two musical loves come together on “Lifetime,” a piece of driving, warm, club-influenced pop. “Lifetime” is accompanied by a lyric video created by designer Patrick Savile and animator Connor Campbell.

How PSEi member stocks performed — October 5, 2020

Here’s a quick glance at how PSEi stocks fared on Monday, October 5, 2020.

AI readiness in government: How does the Philippines compare?

AI readiness in government:How does the Philippines compare?

Peso inches up vs dollar

THE PESO strengthened on Monday on expectations of slower inflation last month and following tepid manufacturing data from the United States.

The local unit closed at P48.405 versus the dollar on Monday, climbing 7.5 centavos from its P48.48 finish on Friday.

The peso opened Monday’s session at P48.46 against the greenback, which was also its weakest showing for the day. On the other hand, it reached an intraday high of P48.395 per dollar.

Dollars traded sank to $499.3 million on Monday from the $814.9 million logged on Friday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message that the peso inched up as September inflation is seen to have remained “benign.”

A BusinessWorld poll of 16 economists held last week yielded a median headline inflation estimate of 2.3% for September, closer to the higher end of the 1.8% to 2.6% forecast range given by the Bangko Sentral ng Pilipinas and within its 2-4% target for the year.

If realized, the median estimate will be the second consecutive month of slower inflation following the 2.4% pace in August.

The Philippine Statistics Authority will report September inflation data on Oct. 6.

Meanwhile, a trader said the peso strengthened against the dollar after the US manufacturing industry slowed last month.

US manufacturing activity unexpectedly slowed in September as new orders retreated from a more than 16-1/2-year high, in line with expectations of a moderation in economic growth after a fiscal stimulus boost over the summer, Reuters reported.

The Institute for Supply Management (ISM) said on Thursday its index of national factory activity fell to a reading of 55.4 last month from 56 in August, which was the highest level since November 2018. Despite last month’s dip in the index, September marked the fourth straight month of growth.

A reading above 50 indicates expansion in manufacturing, which accounts for 11.3% of the US economy.

For today, Mr. Ricafort expects the peso to range from P48.35 to P48.45 versus the dollar while the trader sees it moving from P48.30 to P48.50.

Meanwhile, the dollar index slipped slightly on Monday but was little changed from Friday’s close as financial markets waited for news about US President Donald Trump’s health and developments in fiscal aid talks in Washington, Reuters reported.

Mr. Trump said on Friday that he had tested positive for COVID-19, triggering investor flight to safer assets and a stock market sell-off.

But early in the Asian session, Mr. Trump made a surprise appearance in a motorcade outside the hospital where he is being treated, which helped improve risk appetite.

The dollar slipped slightly against a basket of currencies, but its index held close to recent ranges, down less than 0.1% on the day at 93.785 at 0650 GMT.

Dollar-yen rose 0.3% to 105.615 at 0659 GMT, recovering from its sharpest fall in more than a month on Friday.

Riskier currencies strengthened overnight but these gains abated by the time European markets opened. — KKTJ with Reuters

PHL shares decline as investors await Trump news

LOCAL SHARES declined on Monday as the lack of a local catalyst pushed investors to react to news of US President Donald Trump’s coronavirus infection.

The benchmark Philippine Stock Exchange index (PSEi) dropped 60.45 points or 1% to close at 5,938.95. The broader all shares index trimmed 27.45 points or 0.76% to end at 3,558.82.

“There are no strong catalysts that could help the market to rally so the market is mostly trading in a sideways movement, ranging from 5,700 to 6,100,” Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a text message.

The PSEi opened at 6,005.58 yesterday and reached a high of 6,010.76 before closing at its intraday low of 5,938.95.

“[I]t was the continued net foreign selling for 14 consecutive days which dragged the market below 6,000. Offshore, investors continue to watch the health condition of President Trump after he has tested positive for the coronavirus,” Ms. Alviar added.

After Mr. Trump announced last week that he has been infected by the virus, several top officials were likewise reported to have tested positive for the coronavirus.

“The PSEi closed lower with investors speculating on the health of the POTUS (President of the United States), and weaker jobs data raised concerns on the fiscal stimulus needed to restart economy,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.

The US reported a 7.9% drop in unemployment rate in September, but the recovery is slower than anticipated, which signals the need for further stimulus.

Stocks rose on Monday as signs that Mr. Trump’s health was improving eased some of the political uncertainty caused by his coronavirus infection, which sent investors rushing for safety last week, Reuters reported.

Mr. Trump, 74, was flown to hospital for treatment for the coronavirus on Friday, but his doctors say he has responded well and could return to the White House on Monday.

That helped US S&P 500 e-mini futures rise 0.62%, while Nasdaq futures gained 0.89%.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.08%.

Back home, sectoral indices at the PSE all ended in red territory on Monday. Property dropped 43.34 points or 1.54% to 2,756.72; services slid 15.37 points or 1.03% to 1,463.82; holding firms declined 43.12 points or 0.69% to 6,156.70; financials cut 5.90 points or 0.50% to 1,166.52; industrials lost 23.61 points or 0.29% to 7,949.93; and mining and oil slipped 5.31 points or 0.09% to 5,863.23.

Value turnover stood at P6.46 billion with 2.73 billion issues switching hands, higher than the last session’s P4.91-billion worth of 1.47 billion issues.

Decliners outnumbered advancers, 130 against 76. Some 42 names ended unchanged.

Net foreign selling ballooned to P1.09 billion on Monday from just P268.64 million last Friday. — D.A. Valdez with Reuters

Duterte approval rating rises to 91% amid COVID-19 pandemic

NINE of 10 Filipinos approved of President Rodrigo R. Duterte’s performance amid a coronavirus pandemic, according to a poll by Pulse Asia Research, Inc.

The tough-talking Philippine leader got a 91% approval rating in the polling firm’s September poll, four points higher than in December.

Mr. Duterte enjoyed majority approval ratings across geographic areas and socioeconomic classes — 88% to 97% and 88% to 95% respectively.

Nine of 10 Filipino also trusted him, eight points higher than in December, Pulse Asia said in an e-mailed report.

“We thank the people because of the latest Pulse Asia survey,” presidential spokesman Harry L. Roque said in an e-mailed statement in Filipino.

Vice President Maria Leonor G. Robredo got a 57% approval rating, a point lower than in December. Her trust rating also fell by three points to 50, according to the poll.

Senate President Vicente C. Sotto III’s approval rating was unchanged at 84%, while the score of Speaker Alan Peter S. Cayetano, who is facing a controversy over a term-sharing deal, fell by 10 points to 70%.

Chief Justice Diosdado M. Peralta got 44%, the only top official who did not get a majority approval score, Pulse Asia said.

“Most Filipinos are appreciative of the work done by four of the country’s leading government officials,” it said. “Public assessment of these officials’ performance is essentially unchanged between December 2019 and September 2020,” it added.

“It’s nice to know that our people acknowledge my effort as the leader of the Senate,” Mr. Sotto said in a Viber group message. “I will continue to remain consistent and commit to work hard even during these uncertain times.”

Mr. Sotto’s trust rating rose by a point to 79%, while Mr. Cayetano’s score fell by nine points to 67%. Mr. Peralta had a trust score of 39%.

The approval rating of the Senate as an institution rose by five points to 71%, while the House of Representatives score fell by a point to 65%. The Supreme Court’s approval rating fell by two points to 61%.

Political analysts earlier said Mr. Duterte’s political capital rests on the success of planned trials involving a Russian coronavirus vaccine.

Mr. Duterte, who volunteered to get a shot of Russia’s Sputnik V vaccine, is under pressure to contain a coronavirus pandemic that has sickened more than 300,000 and killed almost 6,000 Filipinos.

The President, down to his last two years in office and barred by law from seeking reelection, is also hard-pressed to keep his political capital and ensure the victory of his chosen candidate in the 2022 presidential elections. At least three presidents before him had either been sued or jailed for corruption. — NPA, GMC and CAT

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