Home Blog Page 8765

Meet the ‘pangolin pickup’

 

This Mazda BT-50 model is a truck on a species-saving mission

DID YOU have any idea that the Philippines has its own endemic species of pangolin? Well, we do — and it’s appropriately named the Philippine pangolin or Palawan pangolin (Manis culionensis) because, as the name obviously states, they live mostly in the islands of Palawan. Very little is known about the ecology and biology of the Philippine pangolin because it was only very recently when the animal was identified as a distinct species from the Sunda pangolin, which can be found in Indonesia. To differentiate, our Philippine pangolins have the greatest number of rows of scales among all Asiatic species. They accommodate more on their bodies because their scales are smaller; and they also have a shorter head-and-body-to-tail-length ratio.

Although they remain to be shy and mysterious animals, what we do know for sure is that they are now a critically endangered species! That may sound quite ironic, since the pangolin isn’t such a famous creature to begin with, but they’ve suffered from relentless poaching mainly due to the fact that (although there is no scientific evidence to support it) their scales are highly sought after as an ingredient for Chinese traditional medicine.

And sadly, so little is known about our Palawan pangolins that we’re not even sure what their exact remaining population is. We just know that, compared to the sightings in the past years, their numbers are rapidly dwindling. Our very own unique wildlife species is on the verge of going extinct before our very eyes, and they need all the help they can get from us, now.

Enter Mazda Philippines and its newfound advocacy to help save the Philippine pangolins, under the direction its President and CEO Steven Tan — who is an avid nature-lover himself. The Japanese car brand committed to lend out a Mazda BT-50 4×4 Pangolin pickup truck to the Katala Foundation for at least a year, to help them as they venture into the forests of Palawan to study and rescue our critically endangered pangolins.

The Katala Foundation, under the leadership of its Filipino-speaking German founder Sabine Schoppe, is a Philippine NGO that is active in protecting and conserving threatened endemic wildlife in the country, especially in Palawan.

“What an appropriate choice Mazda made to give the much-needed attention that the Palawan Pangolin deserves,” shared Katala Foundation Program Director Indira Lacerna-Widmann. She added: “We hope that with this vehicle, we will have the right direction to achieve the conservation status of this species. It’s an honor for us. The passion that we work for this species — and for other species we are working on — is carried also in the passion for this vehicle.”

The new BT-50 Pangolin is a pimped-up version of the Mazda BT-50 that we’ve long known. New to this special variant are its locally manufactured 17-inch Rota alloy wheels, which meet the highest safety standards — including passing Japan’s Light Wheel Automotive Wheel Testing Council (JWTC). These are custom wheels that match the BT-50’s fender flare extensions and consequently gift it with a visually wider, more powerful stance.

The BT-50 Pangolin also carries a lightweight, aluminum matte-black roof rack; and can offer a total of up to 1,214 liters of storage volume. Meanwhile, its supplemental cargo-bearing capability is set at 1,086 kilograms.

Inside the BT-50 Pangolin is a seven-inch touchscreen JVC infotainment system that is already Apple CarPlay- and Android Auto-compatible. And consistent with the Mazda brand’s commitment to providing premium-quality vehicles, the BT-50 Pangolin’s seats are wrapped in soft black leather, as is its ergonomic steering wheel which is pleasant to the touch.

Powering this strong but comfortable pickup is Mazda’s 3.2-liter five-cylinder common-rail turbo diesel engine — which also happens to be the highest diesel-powered displacement of a pickup currently available in the local market. This engine delivers 200ps of power alongside 470Nm of smooth-flowing torque. This also makes it a perfect vehicle for the Katala Foundation to negotiate through primary and secondary forests in Palawan, in search for our pangolins.

Mr. Tan expressed, “Like the BT-50, the Philippine pangolin is a reserved yet highly proficient, hard worker. That is why together with the Katala Foundation, we at Mazda Philippines will make use of the enduring nature of the BT-50 to promote awareness and inspire conservation of one of the Philippines’ and the world’s most critically endangered mammals.”

The new BT-50 Pangolin comes in any of six colors: Cool White, Titanium Flash, True red, Jet Black, Aluminum Metallic, and Deep Crystal Blue. As an extra treat, it is now offered at a special introductory price of only P1.4 million — which is P150,000 less than the regular BT-50 4×4 SRP of P1.55 million.

Moreover, it also comes with Mazda Philippines’ five-year free service plan, that includes 10 PMS sessions over five years (or 100,000 kms, whichever comes first).

And you just have to love that pangolin graphic.

Returning OFWs targeted for agribusiness programs

FIVE government agencies have tied up to offer agribusiness training and support for repatriated overseas Filipino workers (OFWs).

The Department of Agriculture (DA), Department of Trade and Industry, Department of Science and Technology, Technical and Skills Development Authority, and the National Economic Development Authority recently signed a joint memorandum circular for the launch of “Agri-Negosyo Para sa OFWs” program.

Agriculture Secretary William D. Dar said the joint memorandum circular will offer agribusiness-related programs and services from the five agencies to address the OFWs’ livelihood needs.

“This whole-of-government approach will be key to helping them succeed at the end of the day and there is much opportunity for us to challenge ourselves and encourage the OFWs to get engaged in micro, small and medium enterprises with our nurturing and support,” Mr. Dar said.

The DA said the Inter-Agency Task Force Food Security Sub-Task Group on Agribusiness will work with the Department of Labor and Employment and Overseas Workers Welfare Administration to identify OFWs, monitor, and implement the programs covered by the joint memorandum.

Meanwhile, Mr. Dar called on OFWs to consider venturing into agriculture and becoming agricultural entrepreneurs.

“One of the major strategies of DA to elevate the income opportunities of its stakeholders is to go beyond production and productivity by introducing agribusiness as the way forward,” Mr. Dar said. — Revin Mikhael D. Ochave

Aboitiz Group’s contribution to government coronavirus response efforts reaches P2.2B

THE ABOITIZ GROUP’S contribution to the country’s coronavirus disease 2019 (COVID-19) response has reached over P2.2 billion, with the company being among the firms that first offered support to the government at the beginning of the pandemic.

The Aboitiz Group said in a statement that its total contribution to the national COVID-19 response has reached over P2.2 billion as of Sunday.

“The Aboitiz Group believes that a strong collaboration between the public and private sectors is critical to our battle against COVID-19. Through these vaccines, we will be able to help ensure people are safe and protected from the virus while keeping our economy moving,” Aboitiz Group President and Chief Executive Officer Sabin M. Aboitiz said.

“The Aboitiz Group was among the first conglomerates to extend help and support to the government at the start of the pandemic, especially for Cebu and Davao City,” Presidential Peace adviser and the former general in charge of the strategy to combat COVID-19 Carlito G. Galvez, Jr. said.

Expressing his gratitude to the company, Mr. Galvez said the virus response required “close cooperation” between the public and private sectors.

The Aboitiz Group was one of the companies that inked a tripartite agreement in a virtual event last Friday to collaborate with the government and UK-based drugmaker AstraZeneca Plc to provide 2.6 million COVID-19 vaccine doses to Filipinos.

The procured vaccines will be deployed by the Department of Health and administered to government frontline workers and private-sector employees. Two doses of the vaccine are expected to cost around P500 or $10.

Presidential Adviser for Entrepreneurship and Go Negosyo founder Joey A. Concepcion, who was present during the tripartite agreement signing, said that he expected the vaccines to arrive by May or June next year.

Meanwhile, AstraZeneca Pharmaceuticals Philippines, Inc. president Lotis Ramin said the firm is “working closely with regulatory authorities across the globe in bringing solutions to end the pandemic.” — A.Y. Yang

Government debt yields drop on safe-haven demand

YIELDS ON government securities (GS) fell on average last week as market players continue to buy safe-haven assets following the central bank’s rate cut earlier this month.

GS yields fell by an average of 5.5 basis points (bps) on a week-on-week basis at the secondary market, based on the PHP Bloomberg Valuation Service Reference Rates as of Nov. 27 published on the Philippine Dealing System’s website.

Yields were lower than week-ago levels, except for those on the 91-day Treasury bills (T-bills) and the 10-year Treasury bonds (T-bond), which rose by 4.7 bps and 0.7 bp, respectively, to 1.131% and 2.941%.

At the short end, rates on the 182- and 364-day T-bills declined by 0.1 bp and 5.4 bps to 1.428% and 1.704%, respectively.

At the belly, yields on the two-, three-, four-, five-, and seven-year T-bonds fell by 4.1 bps (1.912%), 3.3 bps (2.19%), 2 bps (2.443%), 2.4 bps (2.639%), and 3.7 bps (2.838%), respectively.

At the long end, rates on the 20- and 25-year papers yielded 3.858% and 3.834%, down by 20.7 bps and 24.6 bps compared to a week ago.

“Dealers and investors alike continued to put their excess cash to work amid the Bangko Sentral ng Pilipinas’ (BSP) accommodative stance permitted by a benign inflation outlook,” Robinsons Bank Corp. peso sovereign debt trader Kevin S. Palma said in a Viber message on Friday.

The BSP’s policy-setting Monetary Board on Nov. 19 trimmed the rates on the overnight reverse repurchase, lending, and deposit facilities by 25 bps to 2%, 2.5%, and 1.5%, respectively.

The latest easing move followed a “prudent pause” by the central bank since its June meeting. Benchmark interest rates have already been slashed by 200 bps thus far this year.

At that meeting, the central bank also upgraded its inflation forecast for this year to 2.4% from the 2.3% it gave in the October review. Headline inflation averaged 2.5% as of October this year.

“[B]ond yields are still expected to move in a tight range amid strong two-way demand as bond bulls and profit takers continue to collide,” Mr. Palma said of this week’s outlook.

Meanwhile, Security Bank Corp. First Vice-President and head of Wholesale Treasury Sales Carlyn Therese X. Dulay said yields “will likely move sideways” this week “with heavy support concentrated on the short-end of the [yield] curve.”

“Although the BSP has telegraphed that it still has room to move in case of further economic slumps, the likelihood of this diminished and market players would think it more prudent to wait for firmer leads before repositioning, especially on the belly to long end of the curve,” Ms. Dulay said in an email. — Lourdes O. Pilar

Style (11/30/20)

Holiday bazaars at the Shang

AS the holidays approach, Shangri-La Plaza fills up with bazaars and fairs where mall guests are sure to find the perfect Christmas gifts for family, friends, and themselves. Premium local and imported plants and plant care essentials that are fitting for every plantito and plantita at The Plant Place by Shang featuring HOME by Ralph and Co. at Level 1 Main Wing until Dec. 31. Drop by for surprises too as HOME by Ralph and Co. gives away freebies for those who purchase P1,000 worth of plants at the pop-up store. An array of  food will be on offer at the Infinite Christmas bazaar at the Lower Ground Level Main Wing on Dec. 3-9 and at the Flavors of Christmas bazaar at the Food Forum on Dec. 17-23. Mall guests can also find gift-ready Filipino-made pantry staples like grains, coffee, and salad dressings at the Paskong Pinoy bazaar at the Lower Ground Level Main Wing until Dec. 2 and again on Dec. 24-30 and at the Deck the Halls a Christmas bazaar at the Grand Atrium on Dec. 16-22. Looking for quirky items from local artists? The Curious Creatives bazaar at the Lower Ground Level Main Wing will offer a range of finds from Dec. 10-16. Get regular updates from Shangri-La Plaza on Facebook and Instagram, or join the community on Viber. There are also new mall hours: 11 a.m. to 8 p.m. on weekdays and 11 a.m. to 9 p.m. on weekends. For updates and inquiries, follow Shangri-La Plaza on Facebook at www.facebook.com/shangrilaplazaofficial and on Instagram @shangrilaplazaofficial.

Christmas gifts from Arte Fino

AT this time of giving, choosing to purchase items that are not only great gifts to give loved ones, but ones that also contribute to helping the communities that made them, are the best presents to bestow. The Arte Fino artisans fair, which is now online at SHOPARTEFINO — shopartefino, has many available items including Upcycled Parol Ornament from the NVC Foundation which is made of coffee pods. The fair has also made it easier to shop by price, with suggestions for gifts under P3,000, P1,500, and P500. Gifts under P3,000 include the Bagtok Pouch from Joanique, shoe horn from Silnag, and the Silang Pineapple Veggie Basket from Zarah Juan. Gifts under P1,500 include the Plorera ng Bulaklak which comes in a set of three from Cornerstone Pottery, a Marawi notebook cover from Great Women; and the Plato Gadget Tray from Haspe Design Studio. Gifts under P500 include a Embroidered Tea Towels, which come in a set of three, from Beyond Borders, and Tipsy Twig wine bottle holders from SustainablyMade by MARSSE.

Holiday containers from Britory

TAKING glass skin to the next level, Britory offers the perfect gift for the skincare junkie —  or for those just dipping their feet in beauty essentials —  with its Holiday containers that come free with a purchase of a combination of Britory Like Snow Serum and Britory Like Snow Cream. Purchase both Britory Like Snow Serum for Glass Skin and Britory Like Snow Cream for Glass Skin on Shopee and Lazada until Dec. 25 and get a free Britory Holiday Container. Britory Like Snow Serum is a functional serum that gives glass skin that glows like snow with the help of ingredients such as niacinamide, glutathione, arbutin, ceramide, neem tree flower extract, walnut leaf extract, and galactomyces ferment filtrate, while Britory Like Snow Cream contains additional ingredients to help soften and lighten the skin as it works its way into the skin’s layers: panthenol, lactobacillus ferment filtrate, niacinamide, glutathione, ceramide, and neem tree flower extract. Learn more about Britory by checking out its social media pages: Facebook https://www.facebook.com/britorykorea/, Instagram https://www.instagram.com/britorykorea/, and Twitter (https://twitter.com/BritoryKorea).

Give the gift of travel this holiday season

GIFT a loved one a seaside escape in Boracay, take the family to swim with the turtles in Coron, or plan a luxurious staycation in the city — all something to look forward to in the New Year. Avail of open-dated vouchers until Dec. 11 with Discovery Hospitality’s Black Friday-Cyber Monday Travel Sale, for stays at the award-winning hotels and resorts Discovery Shores Boracay, Club Paradise Palawan, Discovery Suites, and Discovery Primea. Special perks such as airport transfers, drinks and dining packages, and hi-speed WiFi access are also included in the offers. In addition to meeting all LGU and DOT-mandated health protocols, each Discovery destination also implements Home Safe, the health and safety program developed by managing company Discovery Hospitality Corporation. For more information on Discovery’s Black Friday offers, visit bit.ly/DiscoveryBFCM2020.

E-Regalo sa mga Bata launched

CHRISTMAS is the season of giving and if you have plans to make it meaningful for others, especially to children affected by the COVID-19 pandemic and recent typhoons, you can pay it forward through Save the Children Philippines’ E-Regalo sa mga Bata, a Christmas fundraising campaign where individuals can set up their own Simply Giving online page and ask family, friends, and loved ones to make a donation in lieu of their gifts to you. For every P10,000 raised through E-Regalo sa mga Bata, Save the Children will provide learning kits and life-saving essentials to 20 children to help them recover and rebuild their lives. Givers of E-Regalo sa mga Bata will receive an E-Regalo kit to help them build their Simply Giving page. As an added treat, fundraisers will be given an E-Christmas Tree and a link to songs by classical singer Lara Maigue upon reaching their target to honor their contributions. E-Regalo sa mga Bata is part of Save the Children Philippines’ ongoing E-Save Natin ang Pasko fundraising campaign. The child rights organization has been providing humanitarian emergency support to thousands of children and their families in the Bicol region. At least 2,000 hygiene kits, family emergency essentials, and water kits have been distributed to affected children and their families in Albay, Camariñes Sur, and Catanduanes. To know more about E-Regalo sa mga Bata, visit bit.ly/ESAVEPASKO.

Matteo Guidicelli is new Nissan PHL ambassador

NISSAN PHILIPPINES, INC. (NPI) recently introduced celebrity Matteo Guidicelli as the new face of the Japanese car brand here during its annual Dealer of the Year Awards.

Mr. Guidicelli, who guested and performed at the online awards, is said to possess a “spirit of defying conventions and challenging boundaries (that) binds him and the Nissan brand together. Like Nissan’s proven heritage of game-changing innovations and pioneering technology such as Nissan Intelligent Mobility, Mr. Guidicelli lives with passion and excitement in every phase of his life. He is now part of the company’s move to propel the brand to greater heights as its storyteller and embodiment of Nissan’s daring spirt.”

The celebrity has proven himself in various fields — successfully dabbling in racing, acting, singing, hosting, and even helping run a restaurant. At age 11, Mr. Guidicelli first entered the world of karting, and went on to join local and international races. He collected Karter of the Year honors three times. After racing, he became a serious triathlete, and did several stints in the renowned Ironman triathlon.

Last year, he joined the Philippine Army, where he earned the rank of second lieutenant and completed a tough, month-long Scout Ranger training. Mr. Guidicelli is also an award-winning leading man in numerous films and TV shows, and pop music recording artist with a gold album. He also hosted “The Philippine STAR’s Wheels,” the first newspaper-to-television motoring show.

After revealing a new brand logo sometime back, Nissan launched what it considered a disruptive “Dare the Impossible” brand campaign in the Philippines and other markets across the region. This includes a new brand positioning and a bold new digital-first direction under a multi-platform strategy.

Mr. Guidicelli said in a release: “The Dare the Impossible campaign is a brilliant way to further ignite the passion and innovation behind Nissan. In combination with the brand’s new look, this attitude is something I can totally relate and live by. I am looking forward to the full experience from the vehicle lineup, including the Nissan Terra, Navarra, Patrol, the 370Z, the fully electric Nissan Leaf, and beyond.”

Meanwhile, NPI President and Managing Director Atsushi Najima declared, “With Matteo, we are further igniting the Nissan brand in the Philippines. He is an inspiration and is fully aligned to how we manage marketing, sales, consumer touchpoints, dealer network, aftersales and communications. We are proud to have Matteo with us, as Nissan boldly shapes an innovative and human-centric future in the country and in the region.”

For more information, visit www.nissan.ph/brand.

Agricultural workers’ daily pay averaged P247.81 in 2019

FARM WORKERS received an average basic wage of P247.81 per day in 2019, according to the Philippine Statistics Authority (PSA).

In a report, the PSA said the 2019 average was up 4.4% from a year earlier and well above the pay reported in 2015 of P194.50.

The PSA also said that fisheries and aquaculture workers received 2019 wages averaging P262.42 per day against P235.40 a year earlier, while those in forestry earned P246.62, lower than the P266.10 posted in 2018.

“From 2015 to 2019, the basic pay of wage and salary workers in agriculture and forestry grew by an average of 6%, slightly faster than the average yearly wage increment of those in fishing and aquaculture at 5.8%,” PSA said.

The PSA said the agriculture sector employed around 9.70 million people in 2019 and accounted for 22.9% of the national workforce.

Western Visayas had the highest number of agricultural workers with 873,000 in 2019.

“Increases in the number of workers employed in the agriculture sector were noted in Central Visayas with 657,000 persons, Northern Mindanao with 776,000 persons, SOCCSKSARGEN (South Cotabato, Cotabato, Sultan Kudarat, Sarangani, and General Santos City) with 800,000 persons, and BARMM (Bangsamoro Autonomous Region in Muslim Mindanao) with 697,000 persons,” PSA said.

The PSA said the agriculture sector employed 7.46 million males and 2.24 million females in 2019.

“The biggest counts of male agricultural workers in 2019 were located in Western Visayas with 685,000 and in SOCCSKSARGEN with 610,000. For the female agricultural workers, the highest numbers were recorded in Northern Mindanao with 250,000 and in Central Visayas with 203,000,” PSA said.

PSA said that in 2019, the number of self-employed workers in the agriculture sector was 5.07 million, equivalent to 52.2% of total farm employment, followed by wage and salary workers at 3.3 million or 33.6%, and unpaid family workers at 1.4 million or 14.1%.

The PSA said children working in the agriculture sector were estimated at 560,000 in 2019.

“Across regions, Northern Mindanao continued to record the most number of children aged 5 to 17 years old who were working in agriculture at 122,000 in 2019,” PSA said.

“A child is considered working or economically active if at any time during the reference period he or she is engaged in any economic activity for at least one hour. He may be studying, looking for work and/or housekeeping at the same time,” it added.

The daily minimum wage rate for employees in the National Capital Region ranges from P500 to P537, according to the National Wages and Productivity Commission. — Revin Mikhael D. Ochave

Profit taking drags URC shares despite rubbing alcohol foray

 

 

INVESTORS opted to pocket gains last week, pulling back Universal Robina Corp.’s (URC) share price despite its announcement of its foray into rubbing alcohol production.

A total of 11.35 million shares worth P1.64 billion were traded from Nov. 23-27, placing URC as the 13th most traded issue, data from the Philippine Stock Exchange (PSE) showed.

The Gokongwei-led food company closed at P142 apiece on Friday, declining by six percent from its Nov. 20 closing price of P151 each. Since the start of the year, the stock inched up by 0.5%.

“URC’s move downward [last] week may have mostly been sentiment driven, as investors chose to take profits off the table after the overall market’s upward move during the past few weeks,” Darren T. Pangan, trader at Timson Securities, Inc., said in a Viber message.

“The downtrend that we saw from URC [last] week was more of a reflection of market sentiment as a whole, rather than something specific to the company’s fundamentals,” Regina Capital Development Corp. equity analyst Anna Corenne M. Agravio said in an e-mail.

URC announced on Tuesday it is diversifying its product offering to include two pharmaceutical-grade alcohol brands: Shield+ and Biosure.

This rubbing alcohol line will be handled by URC’s agro-industrial and commodities division and will be supplied by its distillery in La Carlota, Negros Occidental.

The Biosure brand is already being sold as of this month, while Shield+ will begin distribution in December.

This venture is good for the company as the coronavirus pandemic has boosted demand for these products, Ms. Agravio said. However, this development “barely dented the overall market correction from its preceding highs.”

URC’s attributable net income for the first nine months went up by 7.2% to P7.50 billion from P7.27 billion last year.

In terms of negative profit shocks brought by the pandemic, URC is among few industries that were least affected, Ms. Agravio said.

“From this narrative, we can conclude that URC’s growth will be sustained for the next one or two years — demand for its products will remain stable enough to ensure at least single-digit net income growth,” she said.

“In the coming months, we may have to observe how consumer spending on basic food and beverages plays out as we go through the present COVID-19 (coronavirus disease 2019) situation,” Mr. Pangan said.

He placed the immediate support price level for URC at P140 each, while resistance level is seen at P155 apiece.

“We’ll have to see [this] week if P140 holds, otherwise, its next support area is at P130,” Mr. Pangan added.

For Ms. Agravio, she expects URC’s “closest and most reliable” support level at P139.50, its 50-day moving average, with resistance ranging between P148 and P150. — Ana Olivia A. Tirona

How PSEi member stocks performed — November 27, 2020

Here’s a quick glance at how PSEi stocks fared on Friday, November 27, 2020.


PSE’s month-on-month market cap growth tops regional peers; But remains down compared with last year (as of October 2020)

PSE’s month-on-month market cap growth tops regional peers; But remains down compared with last year (as of October 2020)

PSEi ends higher in November on vaccine hopes

By Denise A. Valdez, Senior Reporter

THE WAVE of positive news on coronavirus disease 2019 (COVID-19) vaccine candidates and improved third-quarter earnings of listed companies pushed the Philippine stock market to one of its best months in November.

The Philippine Stock Exchange index (PSEi) ended Friday’s trading at 6,791.46, down 136.29 points or 1.96% against the previous session.

Still, the PSEi’s close for the month was higher by 467.46 points or 7.39% than October’s finish of 6,324. The market is closed on Monday in observance of Bonifacio Day.

“The month of November has been the second best month of the local market for the year so far as it rallied by 7.39% m/m (month-on-month), next to October’s 7.84% m/m,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a text message.

Another milestone for the PSEi this month was hitting the 7,000 mark, a level last seen in February before the imposition of a lockdown to contain the worsening coronavirus outbreak. The PSEi jumped as much as 349.63 points or 5.23% on Nov. 10 when it broke through 7,035.48. It also reached a high of 7,178.62 on Nov. 23.

“The rally seen from Oct. 30 to Nov. 23 was driven by the improvements in our third quarter economy (gross domestic product/GDP) and some of our corporate figures compared to their second quarter counterparts,” Mr. Tantiangco said.

Philippine GDP contracted by 11.5% in the third quarter, better than the record 16.9% decline posted in the previous quarter. Year to date, the economy contracted by 10%.

Corporate earnings of PSEi members also improved in the third quarter. Their aggregate earnings fell 38% year-on-year based on data from the Philippine National Bank, better than the second quarter’s 59% year-on-year drop.

Another catalyst for the market’s performance in November was the optimism brought by the positive developments on COVID-19 vaccine candidates and the central bank’s latest interest rate cut, Mr. Tantiangco said.

The Bangko Sentral ng Pilipinas also unexpectedly reduced benchmark rates by 25 basis points to fresh record lows in mid-November to mark its fifth rate cut this year to support the economy amid the ongoing pandemic and following the recent typhoons that hit the country.

However, the PSEi’s three-week rally saw its end last week when the market posted four consecutive days of decline and fell back to 6,700.

“From Oct. 30 to Nov. 23, the market surged by 14.87%. Eventually, the optimism waned while the fundamental reality of a challenged local economy remains, causing the four straight days of decline we saw this past week,” Mr. Tantiangco said.

This week, he expects the market’s support to be at 6,600 and resistance at 7,150.

Peso may climb further

THE PESO may strengthen further versus the dollar this week ahead of the release of data on manufacturing, inflation and unemployment.

The peso closed at P48.06 against the dollar on Friday, rising by 5.5 centavos from its P48.115 finish on Thursday, data from the Bankers Association of the Philippines showed.

Week on week, the peso strengthened by 17 centavos from its P48.23 finish on Nov. 20.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso strengthened against the dollar after the central bank released the October balance of payments (BoP) report.

The Bangko Sentral ng Pilipinas reported on Thursday that the country posted a BoP surplus of $3.44 billion last month, up from the $163 million in the same month last year.

This was the biggest monthly surplus since the $3.95 billion recorded in November 2010.

A trader added the demand for the peso increased as the country saw growth in exports amid the pandemic.

For this week, Mr. Ricafort said the local currency may rise as the economy reopens further, which could drive growth in the manufacturing sector.

He said other major catalysts include data on inflation and unemployment rate set to be released on Dec. 4.

A trader meanwhile said further progress on coronavirus vaccine candidates will boost the peso this week.

Inflation likely settled between 2.4% and 3.2% in November on higher oil prices and crop damage caused by typhoons, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said on Friday.

Inflation quickened to 2.5% in October from 2.3% in September, the fastest pace in three months. The uptick was mainly due to faster increases in prices of food and nonalcoholic beverages, as well as in education, restaurant and miscellaneous goods and services.

Year to date, inflation averaged at 2.5%, within the BSP’s 2-4% target. The central bank expects inflation to average at 2.4% this year.

For this week, Mr. Ricafort sees the peso moving from P47.90 to P48.15 versus the dollar, while the trader expects a range of P47.90 to P48.10.

ADVERTISEMENT
ADVERTISEMENT