Fast Group prepares for COVID vaccine distribution

December 16, 2020 | 12:03 am

FAST LOGISTICS Group is planning to expand its existing facilities in the country and take part in the distribution of coronavirus vaccines, after CVC Capital Partners, a private equity and investment advisory firm, committed to invest P6 billion in the company.

“The investment of CVC here amounting to P6 billion, which goes directly to the company, will be used to accelerate our growth here, including expansion of the present facilities that we have. We will definitely be investing also in digital transformation and technology, and looking also at other opportunities [to increase our footprint through] mergers and acquisitions here,” Bonifacio O. Doroy, Fast Group director, said at a virtual press briefing on Tuesday.

William B. Chiongbian II, the group’s president and chief executive officer, said Fast Group would “definitely be in the supply chain for vaccines.”

“We have a number of customers… We are now trying to liaise with the offices, the vaccine czar, and the private side,” he added.

Brice Cu, managing director at CVC, said the equity and investment advisory firm had been working closely with Fast Group “for a year” now.

“[We] have made excellent progress on a number of important strategic initiatives, most notably in building a pipeline of attractive acquisition opportunities,” he added.

Fast Group said its clients include Nestlé, Johnson & Johnson, Procter & Gamble, and NutriAsia.

It also works with healthcare services provider Zuellig Pharma and consumer goods company Green Cross. — Arjay L. Balinbin

China offers $145B to banks as liquidity tightens

December 16, 2020 | 12:02 am

CHINA INJECTED CASH into the financial system by offering medium-term loans, in the government’s latest effort to ensure the country’s banks have sufficient liquidity.

The People’s Bank of China (PBoC) added 950 billion yuan ($145 billion) of one-year cash via the medium-term lending facility (MLF) on Tuesday, more than offsetting the 600 billion yuan that matures in December. That’s the fifth straight month of net injections using the tool. It kept interest rates on the loans unchanged at 2.95%.

The need to buoy the amount of liquidity in the financial system has becoming more pressing after a spate of corporate defaults squeezed lending in China’s interbank market. As the PBoC seeks to stabilize the amount of debt in the economy, its policy of tapering stimulus has pushed up money-market rates. Higher borrowing costs spilled over to government bonds, which are on track for an eighth month of losses. That would be their longest losing streak in 13 years.

Demand for cash typically increases toward the end of the year, as banks withhold it for regulatory checks. This month, lenders also need another 2.4 trillion yuan to repay short-term interbank debt and buy newly issued government bonds.

“Banks are still under rather big funding pressure,” said Ming Ming, head of fixed-income research at Citic Securities Co. The move was not in conflict with the authorities’ plan to exit pandemic-related emergency measures, he added.

China’s money market rates declined following the MLF injection, with the benchmark seven-day repurchase rate sliding 6 basis points to 2.04% as of 10:38 a.m. local time. Futures on 10-year government bonds climbed 0.23%.

The economy strengthened in November, supported by strong demand from home and abroad, data released on Tuesday showed. The country’s industrial output rose 7% last month from a year earlier, in line with the median estimate in a Bloomberg survey of economists. Its retail sales expanded 5% in the period.

In its monetary policy report released last month, the PBoC said the macro leverage ratio will likely stabilize, following comments from a deputy governor earlier in the month that exiting emergency support measures was only “a matter of time” and “necessary.” A gauge tracking China’s level of debt has surged to 277% of the country’s gross domestic output, the highest since Bloomberg started compiling the data in 2014.

Government bonds have continued to retreat this month, even after the PBoC unexpectedly added 200 million yuan via the MLF at the end of November. The yield on China’s 10-year notes is still near the highest since May 2019.

The PBoC typically conducts MLF operations on or around 15th day of every month. Some 300 billion yuan of one-year funds matured on Dec. 7, and another 300 billion yuan will come due Dec. 16. Separately, the central bank on Tuesday drained a net 50 billion yuan in short-term funding by letting most of its seven-day reverse repurchase agreements mature. — Bloomberg

And the top tweets are…..

December 16, 2020 | 12:02 am

SINCE all of us have been glued to a screen at one point or another during this pandemic, we’ve all contributed somehow to this year’s selection of top tweets — presented in a webinar by Twitter last week.

Taking home the country’s Top Retweet and Most Liked Tweet was singer Sam Smith’s tweet about a Filipino boy singing at a karaoke machine. The tweet, posted on Feb. 8, read in capital letters, “Who is this kid!!!!!? You are out of this universe whoever you are.” This tweet garnered 8,100 replies, 313,600 retweets, and one million likes.

Other notable tweets included a sketch of a snail by Twitter user @titsay, with the snail saying, “Slow progress… is still progress.” @titsay captioned the tweet, “Do not be too hard on yourself.” This account had 138,000 retweets and 344,900 likes. A tweet by user @akarri promoted body positivity, showing common microaggressions towards Filipina bodies. This tweet had 123,000 retweets and 173,000 likes.

A saga about an online dating catfishing scam, a thread by user @JzanVern posted on March 30, was the country’s most “Quote Tweeted Tweet” with 197,500 retweets, 245,300 likes, and 12,100 replies.

Meanwhile, celebrities ruled the roost for the most tweeted hashtags for this year: pop group #sb19, love team #mayward (about Maymay Entrata and Edward Barber), #mainemendoza, #morhot, #maymayentrata, #aldenrichards, #donkiss, #edwardbarber, #kissesdelavin, and #karjon. Most of the celebrities’ main accounts on this list also entered the list of the Most Tweeted-about Accounts. For sports, athletes Ricci Rivero and CJ Cansino’s conversations trended and placed them at Top 1 and Top 2 for the Most Tweeted-about Sports Account in the Philippines. Third, Fourth and Fifth Placers were NBA teams the Los Angeles Lakers, Miami Heat, and the Golden State Warriors.

Meanwhile, Twitter launched its #BestofTweets 2020 Philippines Awards to celebrate brands that created outstanding campaigns. These included the HomeSURF199 campaign for Globe, while Smart Communications, Inc. was awarded Best Brand Voice. The Andok’s chicken chain was awarded for Best Use of Video for the #ChibokNgPasko campaign, which featured actor Piolo Pascual. The Best Brand Launch on Twitter was given to Gatorade Ion’s campaign with brand ambassador Kathryn Bernardo, and Jollibee’s Valentine’s Campaign, #KwentongJollibee, was named as having the Best Connection to Culture.

The 10 most tweeted-about brands in the Philippines were (in descending order) Spotify, Netflix Philippines, Apple, Shopee Philippines, Google Philippines, Lazada Philippines, Grab Philippines, Samsung Philippines, Pepsi Philippines, and PLDT.

“In this time of upheaval, there was no rule book to go by, or tried and tested method to keep audiences engaged. Instead, brands and marketers have had to roll with the punches and learn as the year evolved. This meant really listening to and connecting with their communities, before reaching out in an authentic and genuine way. We’ve been humbled and inspired by how brands throughout the region have leveraged Twitter to tap into conversations and cultural moments. And as we look to the New Year, it’s clear that community building will only increase in importance,” said Arvinder Gujral, Twitter Managing Director, Southeast Asia, in a press release. — JL Garcia

Megawide loses OPS for NAIA rehab project

December 16, 2020 | 12:02 am

MEGAWIDE Construction Corp. announced on Tuesday that the government had revoked its original proponent status (OPS) for the proposed P109-billion Ninoy Aquino International Airport (NAIA) rehabilitation project.

“Today, the Manila International Airport Authority (MIAA) announced the revocation of the partnership of Megawide and GMR Infrastructure’s original proponent status,” Megawide said in a statement via Viber.

Megawide said it would “immediately file a motion for reconsideration” for the proposed project.

“At all stages, Megawide has complied with all requirements and interpretations of the government for its unsolicited proposal. There are no justifiable grounds to deny the Filipino people a transformed NAIA,” it said.

No reason for the revocation of the OPS was mentioned in Megawide’s news release.

Last month, Megawide said the National Economic and Development Authority-Investment Coordination Committee had asked for the full submission of the requirements from the consortium “to demonstrate capabilities to deliver a first-world NAIA.”

Megawide said it submitted on Nov. 20 additional documents to prove its financial capability to undertake the project. — Arjay L. Balinbin

FWD Life gains market share on digitization efforts

December 16, 2020 | 12:01 am

FWD Life Insurance Corp. has cornered a higher market share in the country and is bullish their digitization efforts will continue to help them reach more clients in 2021, said its president and chief executive officer Li Hao Zhuang.

The firm on Tuesday launched a financial literacy app to help educate more Filipinos about the necessity of having an insurance plan.

“In the second quarter, we know that we increased our market share by 50% from 5% to almost 8% market share,” Mr. Zhuang said in a briefing on Tuesday, citing figures from the Insurance Commission (IC).

The official said this was because they were able to do remote operations since the start of the lockdown.

“On the agency side, actually, we saw a 20% increase in the number of policies,” he added.

FWD Life inked a partnership deal with the Medical City over the weekend, Mr. Zhuang said. Earlier this year, the company also tied up with players from different industries, including Cebuana Lhuillier Pawnshop, Asalus Corp. (which operates under brand name Intellicare), and Lazada.

It also launched an app called FWD Affiliate PH where users can earn points and freebies whenever they share financial literacy contents from the app to their social media and via messenger apps.

“We see this to help us reach as many Filipinos as possible, to educate them, to help them consider insurance,” Mr. Zhuang said.

The insurer’s total premium income climbed 25% to P9.55 billion in 2019 from P7.65 billion in 2018, data from the IC showed. — LWTN

Converge ICT gives free speed upgrades as subscribers hit 1 million

December 16, 2020 | 12:01 am

FIBER internet provider Converge ICT Solutions, Inc. announced on Tuesday its existing and new users would be given free speed increases of up to 300 megabits per second (Mbps), after it hit one million subscribers.

“Converge ICT celebrates this milestone, and in the spirit of Christmas, by giving free speed increases to its customers of up to 300 Mbps,” the listed company said in a statement.

The company said the plans of its old and new customers would be permanently upgraded for free starting Dec. 15.

“New subscribers can also enjoy their first month completely free when they apply for any Converge plan from December 12, 2020 to January 31, 2021,” it added.

Converge Founder and Chief Executive Officer Dennis Anthony H. Uy said, “We want to ensure they receive uninterrupted reliable Internet that will allow them to stay connected to their loved ones this Christmas.”

“This offering is exclusive for existing Plan 1500 Subs who only need to pay an additional P99 per month to enjoy 10Mbps on top of their plan,” Converge said. — Arjay L. Balinbin

PHL finishes in lower half of rankings for digital readiness

December 16, 2020 | 12:01 am

THE PHILIPPINES was ranked towards the lower half of a 90-country study on digital infrastructure quality, according to a study conducted by Tufts University in Massachusetts and Mastercard, Inc.

The study, Digital in the Time of COVID, classified the Philippines as among those countries that need to “reduce its infrastructure friction for better digitalization.” It ranked the country 64^th on a metric called “digital evolution” and 52^nd in terms of “digital momentum.”

On the other hand, the Philippines placed 28^th in terms of fostering digital trust, and was 10^th in terms of digital user experience.

The ranks were determined based on the study’s Digital Intelligence Index, which weighed more than 350 indicators.

The study described the Philippine economy as being in the “watch out” category, signifying “significant challenges with its relatively lower state of digitalization and momentum.”

The study also found that the younger segments of the Philippine population are highly engaged and enthusiastic about the digital shift.

“High levels of engagement are seen through social media and technology use, a potential bright spot for technologists, policymakers, and business leaders to convert this demand into future growth,” it said.

This year’s Digital Intelligence Index builds upon earlier editions in 2014 and 2017. In a separate statement, the report’s authors said the index presents a snapshot of global digital development, and what key factors are driving the shift in the new normal.

Mastercard President of Cyber & Intelligence Ajay Bhalla said it was crucial to understand the factors driving digitalization and digital trust.

“With that knowledge, businesses and governments can work together to help all 7.6 billion people around the world benefit from the vast opportunities a digitally advanced economy can bring. While much remains uncertain today, it is clear that digital success will be a key building block in our collective recovery,” he said in a statement. — Angelica Y. Yang

Arts & Culture (12/16/20)

December 16, 2020 | 12:01 am

CCP’s Simbang Gabi goes digital

FOR the last 15 years, it has been a tradition at the Cultural Center of the Philippines (CCP) to hold Simbang Gabi when the Christmas season comes. For the Center, holding the novena (nine) masses is no ordinary program, but a special event that needs careful and meticulous planning. The dawn masses would be held at the CCP Main Ramp, while the Misa de Aguinaldo (Christmas Eve Mass) at the Main Theater, with performances from resident companies, would draw a capacity crowd, spilling over to the Main Theater Lobby. But as the pandemic made such large gatherings impossible, the CCP Simbang Gabi 2020 migrates to the digital platform. The virtual Simbang Gabi runs from Dec. 15 to 23, 9 p.m. (anticipated masses), and Dec. 16 to 24, 5 a.m. (dawn masses), and is streamed via the official CCP Facebook page and YouTube Channel. It will also be broadcast on CNN Philippines Channel. For the masses, the Center has partnered with parishes all over the country — Our Lady of Sorrows in Pasay City; St. Peter the Apostle Parish in Loboc, Bohol; Our Mother of Perpetual Help (Redemptorist) Church in San Miguel, Iligan City; Holy Cross Parish (Margot) in Sapang Bato, Pampanga; Our Lady of Montserrat Parish in Jaro, Iloilo City; San Pedro Cathedral in Davao City, Davao; Our Lady of Piat Basilica in Piat, Cagayan; Sto. Niño de Tacloban Parish in Tacloban City; and St. Francis Xavier Parish in Pueblo de Oro, Cagayan de Oro City. On Dec. 24, 9 p.m., the Misa de Aguinaldo will be celebrated from St. Gregory the Great Cathedral Parish (Albay Cathedral) in Legazpi City. The CCP Simbang Gabi will culminate with a special Christmas Day Mass (Dec. 25, 10 a.m.) with Cardinal Luis Tagle celebrating from Rome, Italy. As a pre-mass event, there will be a 10 to 15-minute video clip of the past Simbang Gabi activities (i.e. performances of the Philippine Madrigal Singers and other groups, Philippine Philharmonic Orchestra, Tanghalang Pilipino, Ramon Obusan Folkloric Group, among others).

Webinar on art community challenges

THE METROPOLITAN Museum of Manila and the National Commission for Culture and the Arts (NCCA) through the Philippine Arts in Venice Biennale present the webinar “Taking Care of Ourselves: Art & Community,” on Dec. 19, 4-6 p.m. The event will bring together artists, art managers, and gallerists — Rocky Cajigan, Alfredo and Isabel Aquilizan, Charlie Co, Kublai Millan, and Isa Lorenzo, moderated by Patrick Flores — to discuss the relationships between various stakeholders in the artworld in different places in the Philippines, and examine the strengths and potentials of the the current systems of collaborations, as well as the challenges that stem from competing interests, structures, and forces that we encounter. “Taking Care of Ourselves” is the first installment of “Art and Community,” a series of dialogues that examine and explore the ecology of relationships within the Philippine art world and its ties to society. Free and open to the public, This webinar will be hosted on Zoom with Facebook Live.

Usapang MaArte: webinar on marketing to Filipinos

THE MUSEUM Foundation of the Philippines presents the webinar “Usapang MaArte: Marketing the Filipino Way” on Dec. 19, 1-2:30 p.m., via Zoom and Facebook Live. Admission is free but limited slots are available. To register go to https://bit.ly/UsapangMaArteMarketing. Dr. Felipe M. de Leon, Jr.’s lecture will enumerate essential conditions that can attract and persuade Filipinos to buy. Dr. De Leon, Jr., is a professor, writer, and composer who is active in promoting and preserving Philippine indigenous cultural heritage and specializes in aesthetics, music theory, and culture and human development issues.

Gateway Gallery holds a webinar on Rizal

THE GATEWAY Gallery will air its fifth KulturaSerye webinar “Rizal Kritikal: Mga Aral sa Sibika, mga Isyung Panlipunan, at Pagbubuo ng Bansa,” on Dec. 19, 2 p.m. It will be live-streamed from Gateway Gallery’s Facebook page GatewayGalleryPH. The free webinar is open to the public and does not require pre-registration. The KulturaSerye webinar will be delivered by historian John Ray Ramos, a History lecturer at Ateneo de Manila University and author of the book Bayani Biographies: José Rizal. The talk gives an overview of Rizal’s critical ideas as seen from his novels Noli me Tangere and El Filibusterismo as well as his political and social writings. Games and prizes await the viewers during the KulturaSerye talk. For inquiries on KulturaSerye webinar, contact Gateway Gallery at gatewaygallery@aranetagroup.com, 8588-4000 local 8300, or via its social media at Facebook (GatewayGalleryPh), Instagram (gateway.gallery), Twitter (gateway_gallery), and YouTube (Gateway Gallery).

Tuloy ang Pasko at MOA

FOR a unique drive-in experience, visit the SM Mall of Asia Concert Grounds on Dec. 19 and 20, where two dance films — The Nutcracker Ballet Act 2 and Tuloy Ang Pasko — will be screened back to back at 5:30 and 8:30 p.m. An added treat, behind-the-scenes footage documenting the making of these dance films will be shown in between the two productions. This treat offers audiences a rare opportunity to enjoy a twin-bill of one classic Christmas ballet and a contemporary work by the artists of the CCP Dance Workshop, and have a fun outdoor movie experience while staying safe amidst the COVID-19 pandemic. This is a presentation of the Cultural Center of the Philippines, in cooperation with SM Mall of Asia and the support of Century Tuna Premium Red. Both dance films are directed by Carlos Siguion Reyna, and were filmed at the CCP Tanghalang Nicanor Abelardo without a live audience. For tickets, log on at smtickets.com or call 8470-2222 for inquiries.

Ballet Philippines’ Christmas treat

IN CELEBRATION of Christmas, Ballet Philippines (BP) presents the world premiere of Fantasy on Christmas Eve and Maligayang Pasko. In honor of the 180^th anniversary of P.I. Tchaikovsky, Fantasy on Christmas Eve is a heartwarming story celebrating the Christmas Season. It centers around a girl who experiences a fantasy she wakes up to on Christmas Eve. Meanwhile, Maligayang Pasko features a coterie of dancers, set to Christmas classics performed by the London Symphony Orchestra. Aside from the performance videos, BP OnStream Centerstage, which focuses on dancers who live and breathe the art of dance, presents this month’s feature: Mark Balucay – Pursuing his dreams amidst uncertainty. All the videos can be viewed on ballet.ph.

Muni-Muni Stories focuses on church songs

FILIPINAS Heritage Library and the OPM (Original Pilipino Music) Archive present Episode 6 of MUNI-MUNI STORIES: A Podcast on Filipino Music. The episode focuses on Jesuit priest and composer, Fr. Manoling Francisco, who reflects on music as a form of praise to God. The podcast also highlights his song “Tanging Yaman.” The episode will be released on Dec. 18, 6 p.m., on Spotify. Muni-Muni Stories podcast is available on Spotify and Apple Podcasts. For updates regarding the episode upload schedules, visit Filipinas Heritage Library and the OPM Archive.

Comics tackle Maria Clara

WHAT is the essence of a modern Filipina? This was the question raised by 23-year-old graphic artist and illustrator Marian Hukom in her comics Nagmamahal, Maria Clara, which explores the concept of family, community, and what makes a Filipino woman in the 21^st century. In this series, Maria Clara, the embodiment of the traditional dalagang Filipina archetype, finds herself literally and figuratively lost in the chaotic city swarming with liberal values completely alien to her. Hukom, together with classmate Riza Malolos, initially created this concept as a thesis film requirement to complete their Multimedia Arts degrees in the School of Design and Arts of De La Salle-College of Saint Benilde. Nagmamahal, Maria Clara currently has four issues, all currently available on view on local online comic hub penlab.ink.

Regular hours back at BenCab Museum

THE BENCAB Museum and Cafe Sabel in Baguio are back to regular hours: Tuesday to Sunday, 9 a.m. to 6 p.m. (last entry at 5:30 p.m.). They will be open on Dec. 24 and Dec. 31 (Christmas eve and New Year’s eve) from 9 a.m. to 4 p.m. (last entry at 3:30 p.m.). They are closed on Mondays, Christmas Day, and New Year’s Day. In light of the coronavirus disease 2019 (COVID-19) pandemic, safety measures are implemented to safeguard visitors and staff. Upon entry visitors must wear face masks, have their temperature taken, complete health declaration forms or present QR codes, and practice safe distancing. A “by appointment only” visiting system is also put in place. To book an appointment, send an e-mail to bencabartfoundation@gmail.com. The museum is located at K. 6 Asin Road, Tuba, Metro Baguio.

How competitive is the Philippines’ digital economy compared with other economies?

December 16, 2020 | 12:00 am

THE PHILIPPINES was ranked towards the lower half of a 90-country study on digital infrastructure quality, according to a study conducted by Tufts University in Massachusetts and Mastercard, Inc. Read the full story.

How PSEi member stocks performed — December 15, 2020

December 16, 2020 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Tuesday, December 15, 2020.

Peso down ahead of Fed, BSP meetings

December 15, 2020 | 9:00 pm

THE PESO depreciated against the dollar on Tuesday due to cautious investor sentiment ahead of the US Federal Reserve’s policy meeting.

The local unit finished trading at P48.063 versus the dollar yesterday, weakening by 1.30 centavo from its P48.05 close on Monday, data from the Bankers Association of the Philippines showed.

The peso opened the session at P48.06 per dollar. Its weakest showing was at P48.08 while its strongest was at P48.05 against the greenback.

Dollars exchanged amounted to $490.65 from $358.8 million on Monday.

A trader said in an email that the peso weakened versus the dollar as investors were treading with caution ahead of the policy meetings of the Fed and the Bangko Sentral ng Pilipinas this week.

The Federal Open Market Committee will have its last meeting for the year from Wednesday to Thursday where it is widely expected to keep the key policy rate.

Meanwhile, the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) will also have its final policy setting on Thursday, Dec. 17. All 15 analysts polled by BusinessWorld last week said rates may be unchanged due to the recent uptick in inflation and to give time for previous moves to be fully absorbed by the financial system.

The central bank has already slashed rates by a total of 200 basis points this year, bringing the reverse repurchase, lending, and deposit facilities to record lows of 2%, 2.5%, and 1.5%, respectively.

Another downside risk to market sentiment on Tuesday was the continued rise of coronavirus disease 2019 infections and mortalities in the US, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

This Wednesday, Mr. Ricafort expects the peso to move within the P48.01 to P48.11 per dollar band while the trader expects the local unit to play around the P48.00 to P48.10 range. — L.W.T. Noble

Shares decline as coronavirus cases surge anew

December 15, 2020 | 9:00 pm

By Revin Mikhael D. Ochave, Reporter

STOCKS ended their three-day rally, finishing in red territory on Tuesday, as market sentiment was affected by rising coronavirus disease 2019 (COVID-19) cases globally.

The benchmark Philippine Stock Exchange index (PSEi) dropped 53.62 points or 0.73% to end at 7,227.73, while the broader all shares index fell 17.5 points or 0.4% to close at 4,321.01.

Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the local bourse fell as investors were “spooked” by the sudden increase of COVID-19 cases around the world.

More than 71.69 million people have been reported to be infected by the novel coronavirus globally and 1,617,065 have died, according to a Reuters tally.

“Locally, market participants may be expressing some concern that the COVID-19 transmission rate may increase over the upcoming holidays,” Mr. Pangan said. The Health department reported that as of Monday, the country’s total COVID-19 case count was at 450,733.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said the local market was affected by the return of other countries to firmer lockdown measures.

“The negative sentiment caused by the surging COVID-19 cases around the world and the return to strict lockdowns primarily in the US and in England have also contributed to Tuesday’s decline,” Mr. Tantiagco said in a mobile phone message.

London is set to move into England’s highest tier of COVID-19 restrictions, while Canada began its inoculation drive to become the third nation to administer the Pfizer-BioNTech vaccine after the UK and the United States (US), Reuters reported.

Daily new cases in South Korea also continued to hover at unprecedented levels, with the country’s prime minister pleading with residents to abide by social distancing rules to avoid greater restrictions.

Back home, among sectoral indices, financials was the only gainer on Tuesday, rising 0.72 point or 0.04% to close at 1,511.02.

Meanwhile, holding firms went down 84.79 points or 1.13% to 7,408.52; services declined 13.74 points or 0.89% to 1,528.56; industrials shrank 62.82 points or 0.66% to 9,459.14; property retreated 13 points or 0.35% to 3,677.96; and mining and oil decreased 8.84 points or 0.09% to 9,402.09.

Decliners outpaced advancers, 128 versus 95, while 49 names ended unchanged.

Value turnover on Tuesday reached P10.13 billion with 63.91 billion switching hands, higher than the P8.93 billion with 46.02 billion issues during the previous session.

Net foreign selling amounted to P615.94 million on Tuesday, down from the P816.66 million in net outflows seen in the previous session.

“Immediate resistance may still be drawn at 7,500, while nearest support is pegged at 6,700,” Timson Securities’ Mr. Pangan said.