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Aboitiz group leads Mindanao livelihood recovery program

THE corporate social responsibility arm and hydropower systems unit of the Aboitiz group announced that they would be rolling out a P450,000-livelihood recovery program in parts of Mindanao to help communities affected by the global health emergency.

In a press release on Tuesday, Aboitiz Power Corp.’s hydro subsidiary Hedcor, Inc. said that it would be helping the Aboitiz Foundation, Inc. (AFI) in donating egg machines to various associations in Bukidnon and Davao del Sur.

The egg machines, which come with hens and rearing cages with built-in feeding systems, can produce eggs within 16 months.

“This initiative is part of a bigger program by AFI [for partner cooperatives]. The program involves the provision of in-kind donations for livelihood recovery and training to select cooperatives nationwide,” Hedcor said in a statement.

The Aboitiz livelihood assistance program will also provide a month’s supply of poultry feeds and training from Pilmico, the integrated agribusiness and food company of Aboitiz Equity Ventures, Inc.

Hedcor said that it had been constantly collaborating with its partner communities since it began hydropower operations in Manolo Fortich, Bukidnon, and Santa Cruz, Davao del Sur. Hedcor operates the 69.8-megawatt (MW) hydro plant in Bukidnon, and the 42.5-MW Sibulan hydro plant in Davao del Sur. — Angelica Y. Yang

Asian credit funds say junk bonds will be key in 2021

WHEN global bond markets dipped in February, fund manager John Stover dove in, predicting a rebound, only to watch prices collapse as the coronavirus pandemic raged on. Mr. Stover kept buying.

“It never feels good to buy at the bottom or when things are going down,” he recalled earlier this month, describing hasty phone calls to portfolio companies checking how much money they had left.

The bargain hunting as panicked investors hit the sell button helped Stover’s $50-million Tribeca Vanda Asia Credit Fund gain almost 21% this year as government stimulus kicked in — well above the Bloomberg Credit Multi-Strategy Hedge Fund Index, which has been flat. The fund is among several that are bullish about trading opportunities in Asian bonds next year — including those in the junk-rated space — after generating returns during this year’s volatility.

Despite a spike in defaults and a resurgence in the virus, some investors expect Asia’s debt market to offer superior returns than their European and US peers. Still, the prospect of a pullback in fiscal support and government efforts to force Chinese property companies to deleverage will make 2021 a difficult year for the region’s credit funds.

“You’re seeing fund flows come into Asian credit because it’s still cheaper — especially high-yield,” said Rachana Mehta, who helps run Maybank Asset Management Singapore’s fixed income team. Its Maybank Bluewaterz Total Return Bond Fund is up more than 9% since January. “We have positive real yield, which is very rare in this negative-rate environment.”

Tribeca’s Mr. Stover, whose parent firm manages about $1.7 billion, remains similarly bullish on Asia. One of his favorite trades is Indonesia property developer Lippo Karawaci, despite S&P and Fitch Ratings both assigning it a negative outlook. But with the company cutting costs and property presales there on the rise, he is betting he can again beat the crowd.

“There’s a misperception in the market that Asia credit is a lot riskier than other regions, whereas the data just doesn’t support that and you’re getting paid for that misperception,” he said.

Today, about one-fifth of Mr. Stover’s fund is in Chinese property-developer bonds such as Sunac China Holdings Ltd., which are under orders to deleverage. Another 20% is in travel and leisure providers — up thanks to vaccines — and he also holds positions in Indonesian property companies, renewable-energy providers and battery suppliers.

HIGH YIELD
Hong Kong-based L&R Capital’s $650- million Asia-focused credit fund has returned almost 30% after fees this year through Dec. 15, according to a person with knowledge of the matter. Chief Operating Officer Francis Tan declined to comment on behalf of the firm, led by former Lehman Brothers Holdings Inc. portfolio manager Li Ran.

Part of the return came from bearish bets in February and early March on companies that had a high probability of running into liquidity, cash flow or refinancing difficulties in the next six to 12 months, said the person, who asked not to be named because the returns are private. For example, it shorted some Asian commodity company bonds as lockdowns hit global demand.

The fund also profited from price dislocations on a relative-value basis, such as pairing long positions in high-quality, liquid dollar-denominated Chinese junk bonds with short positions in Indonesian and Indian peers. China’s high-yield dollar corporate debt was trading at the widest spreads over domestic yuan bonds even as the economic rebound took hold, while outflows from offshore emerging-market funds were pressuring Indonesian and Indian credit.

It also bought some heavily sold-off bonds yielding 15% or more, betting they had high potential to rebound as fundamentals improved. For instance, the fund turned long on some commodity bonds in late March and early April, correctly anticipating a recovery in commodity prices in the second half.

CHINA PROPERTY
Chinese companies defaulted on about $25 billion of onshore and offshore bonds this year and borrowers cancelled some 92 billion yuan of planned bond sales last month, the most since April 2017, according to data compiled by Bloomberg.

Triada Capital’s Asia credit fund returned more than 10% through Dec. 11, said Hong Kong-based Chief Investment Officer Monica Hsiao.

It picked up cheap bonds, including China Evergrande Group and Kaisa Group Holdings Ltd. during the March selloff, and again when investors dumped them in late September as Evergrande faced a cash crunch.

“We believed the fundamentals in China property would continue to play out to support a fast rebound in prices, and we had two bites at the apple in playing this thesis,” Hsiao said. “Next year we will see a lot more credit differentiation that will throw up more opportunities.”

Australian banks and Chinese property were big winners for Maybank Asset Management’s Mehta. Indonesian sovereign debt also generated strong returns, she said, adding she had already cut her exposure to high-yield bonds just before the start of 2020 in preparation for a downturn.

When bond markets tanked in March, Mehta moved to quickly cash out of several positions, even when they resulted in a loss, so that she could redeploy faster than rivals while hedging by switching to higher-duration bonds.

“Then the Fed came in and saved the world,” she said.

As the US dollar continued to dive thanks to the Federal Reserve’s quantitative easing and record-low interest rates, she used the cash to buy local currency sovereign bonds in places like the Philippines, Thailand, Singapore and Indonesia. Green bonds in India also remained strong and will be a target next year. — Bloomberg

How PSEi member stocks performed — December 22, 2020

Here’s a quick glance at how PSEi stocks fared on Tuesday, December 22, 2020.

No price hike on Noche Buena goods

No price hike on Noche Buena goods

Peso slips vs dollar on new virus strain in UK

THE PESO inched down against the greenback on Tuesday amid risk-off sentiment due to the new coronavirus strain seen in the United Kingdom.

The local unit finished trading at P48.095 per dollar, shedding a centavo from its Monday close of P48.085.

The peso opened Tuesday’s session P48.10 a dollar. Its weakest showing was at P48.125 while its intraday best was at P48.07 against the greenback.

Dollars exchanged went up to $457.4 million on Tuesday from $399.9 million on Monday.

Market players became cautious after the recent findings on the new virus strain in the UK, causing a slight depreciation in the local unit, a trader said.

Several territories including India, Pakistan, Poland, Spain, Switzerland, Sweden, Russia, Jordan, and Hong Kong tightened their borders and suspended arrivals coming from the UK following Prime Minister Boris Johnson’s confirmation that the country found a highly infectious mutation of the coronavirus disease 2019 (COVID-19), Reuters reported.

The new coronavirus strain, said to be up to 70% more transmissible than the original, has put some 16 million Britons under tougher lockdowns and prompted several countries to shut their borders to the UK.

Borders were completely closed in Saudi Arabia, Kuwait and Oman. Meanwhile, France, the Netherlands, Germany, Italy, the Netherlands, Austria, Ireland, Belgium and Canada, imposed earlier travel restrictions for flights coming from the UK during the weekend.

Amid the risk-off sentiment, investors also went for some “healthy profit taking,” which also contributed to the peso’s weakness, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

This Wednesday, the trader gave a forecast range of P48.05 to $48.25 per dollar, while Mr. Ricafort expects a tighter trading band of P48.06 to P48.14. — LWTN with Reuters

Shares drop on concerns over new virus strain

By Revin Mikhael D. Ochave, Reporter

SHARES ended in red territory on Tuesday as investor sentiment reeled from the recent discovery of a new coronavirus disease 2019 (COVID-19) strain in Britain.

The 30-member Philippine Stock Exchange index (PSEi) declined 22.5 points or 0.31% to end at 7,202.39, while the broader all shares index fell 36.2 points or 0.83% to close at 4,290.14.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a mobile phone message that the local bourse dropped as investors were worried over news of a new COVID-19 strain in Britain.

The World Health Organization (WHO) advised that the new and highly infectious variant of the new coronavirus is a “normal part” of the pandemic’s evolution, Reuters reported.

Based on data from Britain, WHO officials have found no evidence proving that the new strain makes people sicker or is deadlier than existing COVID-19 variants.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun said the local market dropped due to massive selling earlier in the trading day due to worries over news on the new COVID-19 strain.

“Buyers were quick to pick up shares of blue chips that were sold down, while second liners and speculative issues also took a beating after the substantial rally that it has seen in the prior trading days,” Mr. Mangun said in an e-mail.

“Market participants may also be much more comfortable staying on the side lines over the upcoming holidays, thus the profit taking activity,” Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message.

Majority of sectoral indices at the PSE ended lower on Tuesday, with property being the only gainer, rising 22.88 points or 0.62% to end at 3,708.06.

Mining and oil retreated 231.33 points or 2.44% to 9,236.82; services dropped 25.78 points or 1.67% to 1,515.68; industrials went down 143.03 points or 1.51% to 9,299.63; financials shrank 17.43 points or 1.17% to 1,461.58; and holding firms decreased 7.6 points or 0.1% to 7,452.44.

Decliners overwhelmed advancers, 203 against 39, while 33 names ended unchanged.

Value turnover on Tuesday amounted to P10.09 billion with 22.72 billion shares switching hands, higher than the P8.49 billion with 33.48 billion issues during the previous session. Net foreign selling expanded to P743.02 million from the P104.76 million on Monday.

“The PSEi maintains its support at 7,200. However, it is getting more fragile by the day. We may see it continue lower before it recovers,” AAA Southeast Equities’ Mr. Mangun said.

“In the remaining days of the year, we’ll have to see if the 7,000 level holds. Otherwise, 7,300 may be considered the nearest resistance area,” Timson Securities’ Mr. Pangan said. — with Reuters

Congressmen seek probe of coronavirus vaccine program

SEVERAL congressmen have sought an investigation of the government’s coronavirus vaccination program, citing a conflict between high-ranking Executive officials about vaccine orders.

There seems to be an “apparent conflict” within the Duterte administration about the procurement of the vaccines, representatives from the six-man Makabayan bloc of the House of Representatives said in a resolution.

Foreign Affairs Secretary Teodoro Locsin, Jr. earlier tweeted that someone had bungled a deal to buy 10 million vaccine doses from US drug maker Pfizer, Inc. for delivery next month.

He said he and Philippine Ambassador to the US Jose Manuel  Romualdez had secured the contract “but somebody dropped the ball.”

Health Secretary Francisco T. Duque III refuted the social media post, saying he signed the agreement on Oct. 20 after reviewing it for potentially onerous provisions.

Controversies “have already hounded the procurement  process, with alleged issues of supposed conflict of interest, corruption and  profiteering surfacing,” according to the House resolution.

Even if the vaccines are ordered on time, there are issues that need to be resolved such as the country’s supply chain and cold storage capacity.

The lawmakers also cited the Health department’s poor immunization track record. The Department of Health (DoH) has been “lagging  behind in its immunization programs, with only 10.6% of the  population fully vaccinated, they said, citing government data from 2017.

DoH reported 1,314 coronavirus infections on Tuesday, bringing the total to 462,815.

The death toll rose by 66 to 9,021 while recoveries increased by 247 to 429,419, it said in a bulletin.

There were 24,375 active cases, 82.6% of which were mild, 8.5% were symptomatic, 5.7% were critical, 2.9% were severe and 0.31% were moderate.

Quezon City reported the highest number of new infections at 93, followed by Rizal province at 89, Benguet at 78, Bulacan at 61 and Davao City at 60.

DoH said four duplicates had been removed from the tally, while 31 recovered cases were reclassified as deaths.

Two cases reported as deaths have recovered after validation. 10 laboratories failed to submit their data on Dec. 21, it said.

Health authorities on Monday said they have not detected a new coronavirus strain similar to a rapidly spreading variant that has caused cases to soar in the United Kingdom.

It did not see the need to impose a similar ban on British diplomats and investors who are allowed to come here, but the government would boost monitoring to prevent the virus from entering, it said.

Europe has closed its doors to British travelers after the UK tightened its COVID-19 restrictions for London and nearby areas, and reversed plans to relax restrictions during the Christmas holiday.

The coronavirus has sickened about 77.8 million and killed 1.7 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization (WHO).

About 54.7 million people have recovered, it said. — Vann Marlo M. Villegas and Kyle Aristophere T. Atienza

Duterte to sign P4.5-T national budget next week — spokesman

PRESIDENT Rodrigo R. Duterte will sign the P4.5-trillion national budget for next year on Dec. 28, according to his spokesman.

“The signing is on the 28th and this will be done in Davao,” presidential spokesman Harry L. Roque told an online news briefing in Filipino on Tuesday.

Five congressmen and five senators would be present at the ceremonial signing, he said.

The President flew to his hometown of Davao City this week to spend the holidays there. The palace earlier said Mr. Duterte would review the measure for potential vetoes.

The bicameral conference committee increased the allocation for the health sector by 42% to P287.47 billion. The funds will go to the Department of Health (DoH), Philippine Health Insurance Corp. and healthcare personnel, among others.

Under the budget, P72.5 billion will be set aside for the implementation of a coronavirus disease 2019 (COVID-19) vaccine program. Of this, P2.5 billion is under the DoH, while the remaining P70 billion consists of unprogrammed funds.

The amount is lower than the Senate-approved P83-billion allocation for vaccines, which included P8 billion under DoH and P75 billion in unprogrammed funds for vaccine procurement, distribution and storage.

Lawmakers had worked to avoid a repeat of the 2019 budget scenario that led to the reenactment of the 2018 budget for more than four months. The delay stemmed from an impasse between congressmen and Budget officials, and later with the Senate.

The 2019 budget was also reenacted for less than a week in 2020, after President Rodrigo R. Duterte signed the 2020 budget only on Jan. 6.

The largest share of the 2021 budget goes to the education sector with P708.18 billion, in line with the Constitution. The education sector’s budget, however, was 6.12% lower than initially proposed.

The second-largest chunk goes to the Department of Public Works and Highways (DPWH) with P694.82 billion, up by 4.12%, as the government boosts infrastructure projects to drive the sluggish economy.

Economic output slumped by 11.5% in the third quarter after a 16.9% contraction in the second quarter pushed the country into its first recession in nearly three decades. — GMC

Rail operations in capital to be cut on Dec. 24 and 31

THE OPERATIONS of Metro Manila’s major rails will be shortened on Dec. 24 and 31, which are both special non-working days.

Light Rail Transit (LRT) Line 1 will be open from 4:30 a.m. to 8 p.m. on Christmas Eve, and until 7 p.m. on New Year’s Eve, operator Light Rail Manila Corp. said in an e-mailed statement on Tuesday.

LRT Line 2 operations will be until 8 p.m. on Dec. 24 and until 7:30 p.m. on Dec. 31, operator Light Rail Transit Authority said on Facebook.

“We will shorten our operating hours on Dec. 24 and 31 in anticipation of a significant decline in ridership,” it said. Regular train operations will resume on Dec. 25 and 30.

MRT-3 will be open from 4:37 a.m. to 7:45 p.m. for north-bound stations on Dec. 24 and 31. For Taft Avenue or south-bound stations, the rail will operate from 5:17 a.m. to 8:25 p.m. — Arjay L. Balinbin

Nationwide round-up (12/22/20)

PHL to get 30M doses of Novavax

AROUND 30 million doses of the Novavax vaccine for the coronavirus disease 2019 (COVID-19), to be manufactured in India, will be sent to the Philippines next year.

Secretary Carlito G. Galvez Jr., appointed head of the government’s COVID-19 vaccine procurement and distribution program, said they are securing the deal this month with Novavax, Inc., a pharmaceutical company based in the United States.

Novavax will team up with the Serum Institute of India, which will produce the vaccines next year.

“They assured they will give us 30 million doses,” Mr. Galvez said in a televised meeting on Monday with the COVID-19 task force and President Rodrigo R. Duterte.

He added that a deal with UK firm Astrazeneca Plc may be finalized by the end of the month, which would ensure an additional 30 million doses of the company’s COVID-19 vaccines. — Gillian M. Cortez

IBP appeals to Duterte to take action vs rising number of lawyers killed

THE NATIONAL organization Integrated Bar of the Philippines (IBP) asked President Rodrigo R. Duterte to address the spate of killing of lawyers under his administration.

In a letter dated Dec. 17, the group said more than 50 documented lawyers have been killed since the start of the term of Mr. Duterte, himself a lawyer, in 2016.

“We appeal to our brother-lawyers in all branches of government who occupy positions of great authority and power to take concerted action to decisively address attacks on lawyers,” the letter read.

“We hope to hear from and work with you or the appropriate official from your good office toward a more coordinated, effective, and sustainable solution to the pressing problem,” it added.

The letter was also submitted to Vice President Maria Leonor G. Robredo, also a lawyer.

The IBP said they appreciate ongoing efforts to improve the criminal justice system but “much can still be done.”

For its part, IBP said it is implementing a Lawyer Justice and Security Program, which includes agreements with security, investigation, and law enforcement agencies, lawyer security training and assistance, a P25-million fund for crucial information and witnesses legal assistance, among others.

The program helped in the timely resolution of the killings of lawyers Eric Jay Magcamit in Palawan and Joey Luis Wee in Cebu City, it said.

“We hope to see similar dedication and resoluteness in other cases” it said.

The IBP noted that “certainty and timeliness of accountability and punishment is a proven antidote to criminality and impunity,” aside from addressing the root causes.

Justice Secretary Menardo I. Guevarra said he also received the letter and will invite the leadership of the IBP to coordinate action on the increasing number of lawyers killed. — Vann Marlo M. Villegas

Peralta asks law enforcers to ‘press on’ with probe of CA justice’s murder

SUPREME Court Chief Justice Diosdado M. Peralta condemned the killing of a former Court of Appeals justice who was reported missing in late October, urging law enforcers to continue with their probe on his death.

National Bureau of Investigation (NBI) Spokesperson Ferdinand M. Lavin, in a text message late Monday, said the body found in Tarlac on Oct. 30 was confirmed to be former CA Associate Justice Normandie B. Pizarro through DNA test.

“The killing and murder of any person is never tolerated by law. In fact, our courts will always condemn it,” Mr. Peralta said in a statement on Tuesday.

“I ask our law enforcement agencies to press on with their investigation so that the perpetrators of this barbaric act can be caught and brought to justice,” he added.

Justice Secretary Menardo I. Guevarra told reporters via Viber that the NBI is focusing on four persons of interest, one of whom “is willing to divulge what he knows.”

Mr. Guevarra also said the NBI  “is looking at all possible angles,” including the victim’s previous work at the appellate court.

Mr. Pizarro ruled on controversial cases, including the acquittal of pork barrel scam mastermind Janet Lim Napoles and affirming the dismissal of the enforcement of a Hawaii court ruling granting $2 billion damages to Martial Law victims, among others.

Mr. Pizarro retired in February 2018.

The Supreme Court in March 2018 ordered the former justice to pay a fine of P100,000 after he was found guilty of gambling, following an anonymous letter-complaint. — Vann Marlo M. Villegas

Over 2,500 bills processed in House so far

THE HOUSE of Representatives processed more than 2,500 measures since the start of the 18th Congress in 2019, of which 40 were signed into law.

Another 453 have been approved on third and final reading.

Under Philippine rules, a bill passed at the House of Representatives will have to be referred to the Senate. Both chambers must approve the law before submission to the President for signing or veto.

“Despite this challenging year, we remain unfazed and true to our mandate to enact laws that will improve the lives of the Filipino people. The accomplishments that we have this year would not be possible without the hard work of our Speaker, our colleagues both in the majority and minority, as well as our staff,” House Majority Leader and Leyte Rep. Martin G. Romualdez said in a statement on Tuesday.

Among the bills passed into law this year were the Bayanihan Acts, which contain response measures on the coronavirus crisis.

Mr. Romualdez cited that among the notable measures that hurdled final reading include the following: House Bill No. 8136, the proposed Coconut Farmers and Industry Trust Fund Act; HB 7302, an Act Rationalizing the Disability Pension of Veterans; HB 7068, the Tax Amnesty Act; HB 5989, which creates the Department of Disaster Resilience; HB 7679, which recognizes abandoned children with unknown parents as natural-born citizens of the Philippines; HB 7406, which strengthens and modernizes the Bureau of Fire Protection; and HB 7440, which improves the confirmation process for imperfect land titles. — Kyle Aristophere T. Atienza

Regional Updates (12/22/20)

Plebiscite for Palawan’s division into 3 provinces set on March 13

THE COMMISSION on Elections (Comelec) announced that the plebiscite that will determine the division of Palawan into three separate provinces will be held on March 13, 2021. In its Resolution No. 10682 dated December 16 and published on Tuesday, the Comelec en banc set the voting date as well as the plebiscite period from February 11 to March 20. During this period, authorized activities include campaigning for the law, fundraising events, and setting up of voting precincts. Palawan’s division into three provinces — Palawan del Norte, Palawan Oriental, and Palawan del Sur — is contained in Republic Act No. 11259, which was signed into law in April 2019. The plebiscite for its ratification was originally scheduled May 11 this year but was postponed due to the coronavirus pandemic. Registered voters in the affected areas can vote for or against the law’s implementation. — Gillian M. Cortez

NHA vows completion of delayed housing projects for Davao Region gov’t workers by 2022

THE NATIONAL Housing Authority (NHA) has committed to complete the projects for government workers in Davao Region by 2022 after facing delays due to restrictions brought about by the coronavirus pandemic. In a statement from the NHA Office of the General Manager, the agency said the target completion dates for ongoing projects under the Government Employees Housing Program (GEHP) have been pushed back, but assured beneficiaries that construction will be done within the next two years. There are four GEHP projects in the region, with two in Davao City and one each in Samal and Mati City. The housing projects are township-type complexes, with community facilities such as small market, covered multi-purpose court, transport terminal, livelihood training center, and health center, among others. The GEHP is intended to provide decent, affordable housing to government employees, including uniformed personnel. — Maya M. Padillo

BPI sees prolonged ‘W-shaped’ recovery for PHL, lagging region

THE recovery is expected to be prolonged and “W-shaped” in 2021, strengthening the case for more fiscal stimulus, according to Bank of the Philippine Islands (BPI) Lead Economist Emilo S. Neri, Jr.

“Production is responding positively to easing of quarantine measures. But the country’s recovery may continue to fall behind our ASEAN neighbors if reopening remains slow and the fiscal response remains too conservative,” Mr. Neri said in a statement.

A W-shaped recovery, so called because of the pattern traced by the growth line when charted, points to an unsteady pattern of expansion and contraction. In contrast, a V-shaped recovery indicates a sharp rebound after a sharp fall, while a U-shaped recovery describes a prolonged bottoming-out period before a recovery takes hold.

The International Monetary Fund policy tracker estimates that fiscal packages implemented by the Philippines are equivalent to 3.9% of gross domestic product (GDP). Meanwhile, Thailand has rolled out packages worth at least 9.6% of GDP, Indonesia 4.4%, and Malaysia 4.9%.

The P4.5-trillion budget bill, which contains many economy-stimulating provisions, has been transmitted to Malacañang and is awaiting the signature of President Rodrigo R. Duterte.

Meanwhile, the peso is likely to strengthen while interest rates will rise, but both movements will be gradual and manageable, Mr. Neri said.

The peso has been strengthening towards the P48 to the dollar level in recent weeks.

Gross domestic product declined 11.5% in the third quarter. The year-to-date performance was a decline of 10%.

The government expects the economy to contract by between 8.5% and 9.5% this year before recovering next year with growth of between 6.5% and 7.5%.

Meanwhile, the overnight reverse repurchase, lending, and deposit facilities are currently at 2%, 2.5%, and 1.5% after the central bank slashed rates by a total of 200 basis points this year.

“Inflation risk is low but supply disruptions need to be watched closely,” Mr. Neri added.

The consumer price index rose 3.3% in November, the fastest pace since 3.8% reading in February 2019. The Bangko Sentral ng Pilipinas expects headline inflation to average 2.6% and 3.2% for 2020 and 2021, respectively — all within the 2-4% target band. — Luz Wendy T. Noble

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