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Managing diabetes: A collaborative and interprofessional effort 

What crucial roles do patients and health professionals play in diabetes management?

With diabetes remaining as one of the leading causes of death among Filipinos, it is vital for patients to have constant access to quality healthcare and information. At the same time, many should be made aware of this chronic disease and of how it can be diagnosed and prevented. 

Achieving these goals requires strong collaboration among patient and their families, health professionals, and government agencies. As highlighted in a recent BusinessWorld Insights online forum, held in partnership with Mercury Drug Corporation and health care company MSD in the Philippines, interprofessional collaboration among physicians, nurses, pharmacists, and other healthcare professionals is likewise vital in managing diabetes.

Dr. Cecilia Jimeno, FPCP, FPSEDM of the Philippine Society of Endocrinology, Diabetes, and Metabolism (PSEDM), discussed the burden of diabetes on persons who already have it or might have it if the disease is not yet diagnosed.  She stressed that diabetes, or having a long-term or chronically elevated blood sugar, poses a great burden because its symptoms do not show until blood sugar reaches a very high level.

Even if the symptoms are many —which include frequent urination, waking up thirsty, itchiness, ants swarming in toilet after urination, blurring of vision, numbness, and wounds that do not heal up very quickly— a greater majority of people with diabetes do not experience symptoms in the first place, Dr. Jimeno said.

This makes screening very important, especially when one has risk factors, such as age (with older ones more prone to developing the disease), family history, lack of physical activity, being overweight or obesity, and even diseases like tuberculosis or lupus. Moreover, gestational diabetes and polycystic ovary syndrome (PCOS) are also risk factors of women. “If you have just one risk factor, you can already have yourself screened,” explained Dr. Jimeno.

She also emphasized that among families with history of diabetes, there should be determination among members not just to get screened but also to prevent diabetes by adopting healthy lifestyles such as avoiding smoking and sugary beverages.

In addressing diabetes, face-to-face consultation is usually the immediate action. With the pandemic making it difficult to hold such interactions, telemedicine comes as a helpful alternative even if many still prefer face-to-face. This insight was shared by Leyden Florido, a nurse and diabetes educator who also serves as president of the Philippine Association of Diabetes Educators (PADE).

“Technology is important during this pandemic, but our doctors, nurses, nutritionists, pharmacists, dietitians are there to help them,” Florido added.

Sharing the same train of thought, Dr. Jimeno shared that telemedicine can be as effective as face-to-face in spite of its limitations. “If done well, in cooperation with the patient and their family, it can be very effective,” she said, adding that she has observed some of her patients were able to improve their sugar level even through telemedicine consultations. For those who might not be able to access this digital channel, she encourages using other means of communication, such as telephone call or online messaging for consultations to proceed.

Aside from continuing consultations, proper adherence to management of diabetes is crucial for patients with diabetes, Florido pointed out. “We have to facilitate your treatment and we are going to explain why you need that,” she advised patients in adhering to how their doctors manage their condition, which she noted does not only involve medications but also proper nutrition, exercise, as well as preventing stress.

Pharmacists’ role in diabetes care

In addressing the prevalence of diabetes in the country, pharmacists also play a crucial part in helping patients deal with diabetes. 

Ma. Gilda Sebua-Saljay, RPh, president of the Philippine Pharmacists Association, shared that pharmacists have three roles in managing diabetes— in terms of treatment, health promotion, and collaboration with health care professionals. “During this pandemic, more than ever, pharmacists are the most accessible healthcare professionals in the community,” Sebua-Saljay said.

“Pharmacists in the drugstores or in the community setting are the community-based knowledge resource health practitioners,” she added, “and we can help patients understand the dangers of chronic diseases [like diabetes] and the importance of prevention.”

As the country’s leading pharmacy chain, Mercury Drug Corporation (MDC) is helping patients manage the treatment of diabetes through their programs and advocacies. MDC’s Nellie Calipjo, RPh shared that a major program they have implemented in this regard is the “Get Well at Mercury Drug – Diabetes Care” specialty hubs, a one-stop-shop section in some Mercury Drug branches dedicated to the needs of patients with diabetes. “We are proud to say that our specialty hub has been recognized as a first in the retail or community pharmacy industry,” Calipjo said.

“A lot of pharmacists in Mercury Drug were trained by experts from PSEDM and PPhA to improve how they counsel and guide certain customers on all relevant aspects of diabetes management,” explained Calipjo.

To date, there are 29 “Get Well at Mercury Drug – Diabetes Care” specialty hubs nationwide, and MDC plans to add more of these to reach more patients frequenting their stores.

Progress in diabetes treatment and prevention

As the world moves forward from the current pandemic, the panel expressed their hope that diabetes management will further improve, especially with stronger collaboration from various fields and sectors.

“All the technology is here, and in the near future, with the introduction of Universal Health Care in the Philippines, our government will start to pay for outpatient services. Even the consultations will gradually be paid for by the government,” Dr. Jimeno said.

Moreover, Florido also emphasized the need to put more focus on prevention and advocacy to mitigate the burden of diabetes to patients and their families.

Lastly, Calipjo shared that MDC is leveraging its digital channels to spread awareness on diabetes and reach more people who can benefit from reliable information. “We believe that a well-informed patient can better manage or control his or her diabetes,” she said.

TNT books a spot in the PBA Philippine Cup finals

By Michael Angelo S. Murillo

The TNT Tropang Giga booked a spot in the finals of the PBA Philippine Cup following their 91-81 victory over the Phoenix Super LPG Fuel Masters in their semifinal rubber match on Friday at the Angeles University Foundation Sports Arena in Pampanga.

The steadier team throughout the match, TNT frustrated Phoenix on its way to barging into the championship of the Philippine Basketball Association All-Filipino Cup, where it was last in seven years ago.

Ray Parks Jr. led the way for the Tropang Giga in the win, churning out all-around numbers of 26 points, 10 rebounds and six assists.

The contest got off to a competitive start, with the teams knotted at 10-all midway into the opening quarter, before TNT sprinted to build a 25-20 lead at the end of the first 12 minutes.

In the second quarter, offense tapered off a bit as defense was stepped up by both ends.

The score was at 40-34, in favor of the Tropang Giga, at the halftime break.

Phoenix tried to make its move in the third period, led by Calvin Abueva, but still found the going tough with TNT ready for everything its opponent threw en route to padding its lead to nine points, 62-53, heading into the final canto.

The Tropang Giga went for the jugular early in the fourth quarter, stretching their advantage to 16 points, 83-67, with 3:26 to go.

The Fuel Masters tried to make a last-ditch attempt to salvage the victory after, but could only come to within eight points, 89-81, with 32 seconds to go before TNT went to close things out.

Guard Simon Enciso finished with 12 points to backstop Mr. Parks, with Roger Pogoy, Jayson Castro and Jay Washington each adding 11 markers.

For Phoenix, who came just a win away from making its first-ever PBA finals appearance, it was Mr. Abueva who led with 23 points, 13 rebounds, six assists and three blocks.

Matthew Wright had 13 points with Jason Perkins tallying 11 points and 11 boards. TNT was awaiting its opponent in the finals between the Barangay Ginebra San Miguel Kings and Meralco Bolts, who were to play in their own semifinal winner-take-all later on Friday.

The best-of-seven PBA Philippine Cup finals begin on Sunday, Nov. 29.

Tolentino reelected as POC president

By Michael Angelo S. Murillo

Philippine Olympic Committee president Abraham “Bambol” Tolentino got a fresh mandate as head of the sports body after being reelected on Friday in elections held at the East Ocean Palace Restaurant in Paranaque City.

Looked to serve a full four-year term after assuming office only last year in special elections, Mr. Tolentino, head of the Integrated Cycling Federation of the Philippines (PhilCycling), got his wish after beating lone challenger Jesus “Clint” Aranas of the archery federation, 30-22.

A total of 53 eligible voters got to cast their votes, broken down to representatives from 50 national sports associations, two representatives from the Athletes Commission (Hidilyn Diaz and Jhessie Lacuna), and International Olympic Committee (IOC) representative to the Philippines Mikee Cojuangco-Jaworski.

The proceedings were done under strict compliance with health and safety protocols to guard against the spread of the coronavirus.

Also winning were handball’s Steve Hontiveros, who retained his post as chairman, winning over triathlon’s Tom Carrasco, 28-25; basketball’s Al Panlilio (first vice- president), fencing and modern pentathlon’s Richard Gomez (second vice-president), gymnastics’ Cynthia Carrion-Norton (treasurer), and baseball’s Chito Loyzaga (auditor).

Earning executive board seats, meanwhile, were Raul Canlas of surfing, Pearl Managuelod of muay thai, Charlie Ho of netball, and Dave Carter of judo.

Save for Messrs. Hontiveros and Ho, all of the winners ran under the ticket of Mr. Tolentino, with Ms. Managuelod an adopted candidate as well of Mr. Aranas’ group.

“It’s an honor to serve the Filipino athletes in the country. This is a full four-year team and definitely there will be a lot of surprises. In the one year [I was in office] we did a lot, what more with four years with this team,” said Mr. Tolentino, also a sitting Congressman representing the eighth district of Cavite, in the press conference following his election victory.

He went on to say that a lot of work is ahead of them, especially for next year when a lot of athletes will be competing in various international tournaments, including the rescheduled Olympics.

“We have to focus on the athletes. There are a lot of challenges next year, a lot of big competitions outside. We have a lot of work but with the help of this team starting Jan. 1, [we can do it],” the POC president said.

Mr. Tolentino was first elected president in July last year after erstwhile POC chief Ricky Vargas decided to step down. 

This year’s election was one of the more contentious proceedings in the sports body’s history, with the parties not seeing eye-to-eye on certain issues and took one another to task.

The elections were overseen by members of the electoral board, namely, Atty. Teodoro Kalaw IV (chairman), University of the Philippines president Danilo Concepcion and former IOC representative Frank Elizalde.

BSP sees November inflation at 2.4-3.2%

Inflation likely settled between 2.4% and 3.2% in November on higher oil prices and crop damage caused by typhoons, said Philippine central bank Governor Benjamin E. Diokno on Friday.

“Higher domestic oil prices, as well as the impact of weather disturbances on the prices of rice and select agricultural commodities contributed to upward price pressures during the month,” he told reporters in a Viber group message.

Local oil prices rose by 50 centavos a liter for diesel and by 30 centavos for kerosene this month, according to the Energy department’s website, citing data as of Nov. 24.

Oil prices have fallen by P4.62 a litter for gasoline, P8.86 for diesel and P12.29 for kerosene this year, it said.
Crop damage from Typhoon Vamco, locally named Ulysses, has reached P4.18 billion, affecting 106,619 farmers and 106,489 hectares of land, according to the Agriculture department.

The storm followed four other typhoons and submerged many parts of Luzon island including the capital region this month.

Mr. Diokno said higher oil prices could be tempered by the stronger peso and lower electricity rates in areas served by Manila Electric Co. (Meralco).

Meralco has said the rate for a typical household went down by P0.0395 a kilowatt-hour (kWh) to P8.5105 this month, resulting in a net rate reduction of P1.35 a kWh since the start of the year.

The peso appreciated by 5.5 centavos to P48.06 against the dollar at the close of trading on Friday.

“Looking ahead, the Bangko Sentral ng Pilipinas (BSP) will remain watchful of economic and financial developments to ensure that its primary mandate of price stability conducive to balanced and sustainable economic growth is achieved,” Mr. Diokno said.

The central bank cut its policy rates again by 25 basis points last week, bringing its overnight reverse repurchase, lending and deposit facility rates to record lows of 2%, 2.5%, and 1.5% respectively.

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.

Inflation has averaged at 2.5% to date, within the BSP’s 2-4% target. The central bank expects inflation to average at 2.3% this year.

The Philippine Statistics Authority will report November inflation data on Dec. 4. — Beatrice M. Laforga

Philippine-German companies see zero, lower investment

Almost half of German companies and their partners in the Philippines expect zero or lower investment in the next 12 months as economic recovery remains uncertain amid a global coronavirus pandemic.

More than a third of these companies saw their current situation as “bad,” while 45% said theirs was “satisfactory,” according to the results of a German-Philippine Chamber of Commerce and Industry poll.

Only 19% rated their condition as “good,” it added.

“The number of companies that plan no or lower investment in the next 12 months fell from 56% in spring 2020 to 46% in fall 2020,” according to the study.

German-Philippine companies that expect higher investments remained below a fifth, though higher than 13% before.

“We are glad to see the upward trend in the Philippines,” Executive Director Martin Henkelmann said in a statement “However, compared to the business sentiment in other countries in the Asian-Pacific region, we are running behind concerning the overall business outlook.”

The group held its fall survey from Sept. 30 to Oct. 19. It had collected 69 responses, 21% of which came from industry and construction, 22% from trade and 57% from services.

Almost half or 47% of the companies expect to see a better situation in the next 12 months, followed by 35% who said the situation would be “about equal.” Only 18% were pessimistic.

It added that 29% of companies expected things to worsen versus 24% who expected better economic conditions. It said 37% of these companies thought economic development in the next 12 months would be “about equal.”

The German business chamber said 35% of companies polled expected a slimmer workforce in the next 12 months, while 38% said jobs would be “about equal.” A larger workforce was expected by 27%.

The companies identified demand (64%), economic policy (58%) and financing (51%) as the top risks to development in the next 12 months.

Almost all of the respondents (86%) said travel restrictions were “the most damaging impact” brought by the COVID-19 pandemic, according to the study.

Also a major effect of the pandemic was the cancellation or postponement of investment, according to 61% of the respondents. This was followed by less demand (55%) and cancellation of orders (49%).

The German chamber said 78% of these companies were cutting costs, 64% were increasing digitization and 54% were postponing or canceling investment to cope with the health crisis. It said 41% were cutting jobs (41%), 23% were changin their supply chains.

Almost half or 48% of the respondents expect to recover in 2022, while 31% expect to recover next year.

“Companies already see some light at the end of the tunnel,” German-Philippine Chamber of Commerce and Industry President Stefan Schmitz said in the statement. “However, many risks persist and the uncertainty in the economy remains.” — Arjay L. Balinbin

UN body says drought to worsen poverty

Drought threatens food security and poverty in Southeast Asian countries including the Philippines because it damages agricultural land and hurts the incomes of small farmers the most, according to the United Nations Economic and Social Commission for Asia and the Pacifc (ESCAP).

Drought in much of Southeast Asia has been a recurring natural hazard and is expected to worsen in the coming years, with the poorest communities expected to suffer more, ESCAP said in a report published on Friday.

It noted that from 2015 to 2020, the region experienced the most severe droughts in decades that affected more than 210 million people at some point.

The Philippines was among the countries that posted the highest overall drought risks — a combination of exposure, vulnerability and the magnitude of the hazard — in October 2015 and in February this year.

“Projected changes in drought risk threaten to further exacerbate food insecurity by damaging agricultural land, planted crops and livestock health, and delaying planting seasons,” according to the report.

“These challenges are particularly disruptive for small-scale farmers, who have less capacity to cope with even small economic shocks, compared with large-scale commercial farming,” it added.

Because water is scarce during the drought season, small farmers take longer to collect water and have less time for other productive activities, ESCAP said. “This tempers the availability of food produced, that could push prices up, as well as disrupt agricultural livelihoods which would lead to lower revenues for the farmers.”
It said southern Philippines is among areas in the region suffering the most from frequent drought, along with Brunei Darussalam, Indonesia and Malaysia.

The most affected region in the country in terms of food security is Mindanao, which incurred damage worth more than $6.73 million to 5,730 hectares of rice and 15,416 hectares of corn.

“Worst affected were the poorest farmers, who had little savings to cope due to their exposure to repeated armed conflict and natural hazard,” ESCAP said.

In some provinces, more than 70% of farmers reported damage to crops and food shortages, with more than 60% of households forced to sell their assets, it added.

It found that some areas in the Philippines marked as drought hotspots also reported high poverty rates. These include the regions of Zamboanga Peninsula, Northern Mindanao, Davao and Caraga.

Aside from its impact on health and livelihoods, disruptions caused by droughts to the agriculture sector result in losses to economic output.

“Food security across Southeast Asia is threatened both by the ongoing drought and the COVID-19 pandemic,” ESCAP said. “The two disasters are converging at a critical time in agricultural crop calendars, during the harvesting and planting seasons.”

ESCAP said governments should start developing national drought plans to mitigate its impact.
“A strategic approach to drought risk management must be a coherent effort across the whole of society, and must include long term, proactive measures that incorporate climate change projections to mitigate intensifying drought risk,” it said. — Beatrice M. Laforga

Ayala energy unit raises $300M from green bonds

AC Energy and Infrastructure Corp. has raised $300 million from its green bond issuance, its parent firm Ayala Corp. said in a regulatory filing on Friday, marking the country’s first fixed-for-life perpetual bond offering in about a year.

“We are very pleased to see the high level of investor confidence in AC Energy and the strong market response to our perpetual green bond, following our maiden green bond in 2019,” AC Energy CEO and President Eric T. Francia said in a statement.

The green bonds were priced at 5.1%, some 30 basis points tighter than the initial price guidance, AC Energy said, adding that the final book order volume went over $1.3 billion, around 4.33 times higher than the starting issue size.

“We believe that this will power AC Energy in its pursuit to scale up renewable investments in the region as we continue the transition to a low carbon portfolio,” Mr. Francia said.

Ayala Corp. said the green bonds of its energy platform AC Energy are the first public green bonds out of the Philippines in 2020. They were issued by the unit’s wholly owned subsidiary AC Energy Finance International Ltd. under its $2-billion medium-term note program.

The bonds were certified by the Securities and Exchange Commission as ASEAN Green Bonds on Nov. 18.

The issuance’s net proceeds will be used to finance AC Energy’s ongoing tender offer for its 5.65%, $400-million senior perpetual notes callable in December 2022. Part of the proceeds will be used to fund the company’s green energy projects.

BPI Capital Corp. was the sole global coordinator for the transaction, and a joint lead manager and joint bookrunner along with Credit Suisse (Hong Kong) Ltd., The Hongkong and Shanghai Banking Corp. Ltd., and UBS AG Singapore Branch.

China Bank Capital Corp., First Metro Investment Corp. and RCBC Capital Corp. participated in the issuance as the domestic lead managers.

On Friday, shares in AC Energy’s parent Ayala Corp. inched down by 0.12% to close at P823.50 apiece. — Angelica Y. Yang

MacroAsia, Pro-Friends team up for water supply project

MACROASIA Corp. has partnered with Maplecrest Group Inc., the parent company of Property Company of Friends (Pro-Friends), in a joint water project in Cavite.

In a disclosure to the stock exchange on Friday, MacroAsia said its wholly owned subsidiary Naic Water Supply Corp. entered into a joint venture agreement that will provide water in the communities developed by Pro-Friends such as Lancaster New City, Bellefort Estates, Carmona Estates, and other ongoing and future projects.

The agreement will also include Pro-Friends’ development in Iloilo, the company added. MacroAsia entered water distribution in 2016 and currently has business interests in the provinces such as Nueva Vizcaya, Cavite, Bulacan, Albay, and Boracay. The company is also pursuing other water projects in Cebu, Iloilo, and Rizal.

“Recently, MacroAsia completed the construction and installation of its Maragondon Plant for its bulk water project in Cavite which is currently under commissioning stage,” the disclosure said. Pro-Friends’ Lancaster New City is a 1,700 hectare township development project that covers the towns of Kawit, Imus, and General Trias in Cavite.

“Lancaster New City now has close to 20,000 house and lot units built and delivered,” the disclosure said.

Other projects of Pro-Friends in Cavite include Bellefort Estates in Bacoor; Carmona Estates in Carmona; and Micara Estates in Tanza. The firm also has a project in Pavia, Iloilo named Monticello Villas.

On Friday, MacroAsia shares at the stock exchange rose 5.84% or 45 centavos to close at P8.15 per piece. — Revin Mikhael D. Ochave

Cebu Pacific, GenSan to start trial of ‘test before boarding’ on Dec. 3

Budget carrier Cebu Pacific announced on Friday that it would be working with the local government of General Santos City and the Philippine Airport Diagnostic Laboratory on a two-week trial period for its “test before boarding” or TBB offering.

The trial period will run from Dec. 3 to Dec. 14, 2020, the airline said in an e-mailed statement.

All Cebu Pacific passengers flying from Manila to General Santos during the trial period “will be required to undergo TBB” for free, the company added.

“This is in compliance with the Executive Order of General Santos; passengers no longer need to take any other test prior to their flight,” the budget carrier also said.

Candice A. Iyog, Cebu Pacific vice-president for marketing and customer experience, said: “We look forward to the results of this pilot so we can pave way for a more confident restart of non- essential travel and a standardization of requirements across all Philippine destinations.We would also like to laud General Santos City for piloting TBB with us.” — Arjay L. Balinbin

Italpinas posts 28% rise in net income despite pandemic

Italpinas Development Corp. (IDC) posted a 28.2% increase as of the third quarter to P46.74 million, with its two ongoing residential projects largely accounting for the sales revenue during the nine-month period.

Romolo V. Nati, IDC chairman and chief executive officer, said in a regulatory filing on Friday that the company was “fortunate” that business operations were weathering the pandemic. He said the main revenue sources were the real estate developer’s mixed-use green residential condominium Primavera City in Cagayan de Oro, and Miramonti Green Residences in Sto. Tomas, Batangas.

“We would attribute these projects’ remarkable performance, despite the pandemic, to the high market acceptance for IDC’s trademark combination of Italian design, green lifestyle, and well- chosen locations,” Mr. Nati was quoted as saying in the stock exchange disclosure.

“As of September 2020, residential units available for sale at Citta Verde (Primavera City Phase 1) were almost fully sold. In addition, for the same nine month period, sales made at Citta Bella (Primavera City Phase 2) already accounted for 67% of the 291 available residential units,” he added.

IDC said its total assets also improved 3% to P1.94 billion for the nine-month period. Further, the company said its total shareholders equity is now at P753.62 million.

“The company was able to improve on its Debt to Equity from 6.52:1.00 in 2013 to 1.67:1.00 by the end of 2019, and finally to 1.58:1 in the third quarter of 2020,” IDC President Jose D. Leviste III was quoted as saying.

Meanwhile, Mr. Leviste said the company is ready to contribute to the government’s “Balik Probinsya” program by providing quality housing at accessible prices in areas outside the big metropolises.

“The coronavirus disease 2019 (COVID-19) pandemic has been difficult, but it has also had the result that our value proposition of underscoring great potential in the provinces is now even more relevant than ever,” he said.

On Friday, shares in IDC at the stock exchange rose 2.73% or 8 centavos to end at P3.01 apiece. — Revin Mikhael D. Ochave

Globe says acquisition of tech firm Cascadeo completed

Globe Telecom, Inc. has officially completed the acquisition of US-based cloud managed services provider Cascadeo, the Ayala-led telecommunications company said on Friday.

“The collaboration between the two tech-driven companies started back in 2019, with a purchase agreement signed earlier this year. Now, the partnership has fully transitioned, with Globe making major investments in the leading cloud managed services provider,” Globe said in an e-mailed statement.

The two companies have been working closely “to help enterprises remain competitive” amid a pandemic crisis, Globe added.

The listed telco announced in April that it had entered into an agreement to acquire for $4 million (P200 million) substantially all of the assets of Cascadeo Corp. and Cascadeo Partners. The purpose of the agreement is to speed up the development of the company’s ICT capabilities and solutions and provide a full suite of cloud-native products and services to its customers, Globe said.

Cascadeo was founded in 2006 and focuses on automation, cloud-native platform, data analytics, serverless infrastructure, and programmatic security.

The company, headquartered in Seattle, Washington, also provides professional consulting services.

Cascadeo also operates a Cloud Operations Center of Excellence in Manila, which serves its customers in both the US and the Philippines.

“During the quarantine, many companies had a difficult time adapting to the sudden shift to online services due to their reliance on outdated IT infrastructure and operations,” Jared Reimer, founder of Cascadeo, was quoted as saying in the statement.

“Our partnership with Globe allows us to showcase in the Philippines that the cloud is more than just a virtual storage space. It’s an enabler of innovation, maintaining system uptime, and scaling digital resources to meet demand in whatever capacity,” explained He added that Cascadeo also continues to expand in North America. — Arjay L. Balinbin

Stocks finish lower as market continues to correct

Local shares tumbled on Friday and closed below the 6,800-mark, as the market continued to correct a week after the central bank announced a surprise interest rate cut.

The market’s decline is the fourth consecutive day that the bellwether index posted losses.

The benchmark Philippine Stock Exchange index (PSEi) lost 136.29 points or 1.97% to close at 6,791.46 on Friday, while the broader all shares index was trimmed by 37.81 points or 0.91% to finish at 4,100.28.

“[The] market continued the correction today on overvaluations after the huge market rally last week attributed mainly to the COVID-19 vaccine progress, as well as, the unexpected Bangko Sentral ng Pilipinas’ lowering of rates and the generally better earnings performance of companies in the 3rd quarter,” said Diversified Securities, Inc. equity trader Ancieto K. Pangan in a mobile message.

For Regina Capital Development Corp.’s Managing Director Luis A. Limlingan, local stocks fell below the 6,800-mark as investors “realigned with the latest Morgan Stanley Capital International (MSCI) index rebalancing that would take effect by the end of November.”

“The U.S. stock market was also closed Thursday due to Thanksgiving, so most opted to take profit as well,” Mr. Limlingan said in a Viber message.

US stocks were mixed: the Dow Jones Industrial Average and S&P 500 indices went down by 0.58% and 0.16%, respectively. The Nasdaq Composite index ended higher by 0.48%. Asian stocks logged higher values when the local bourse closed, except for the S&P/ASX 200 index, which ended 0.53% lower.

Back home, four of the PSEi indices recorded losses: holding firms by 207.12 points or 2.90%; industrial by 112.47 points or 1.24%; financials by 29.13 points or 2%; and property by 14.31 points or 0.42%. Mining and oil increased by 154.87 points or 1.86%, and services inched up by 3.47 points or 0.23%.

“Oil rose for a 5th straight day, as a surprise drop in crude inventories extended the rally driven by vaccine hopes,” Mr. Limlingan said.

“Gold prices rose as grim U.S. jobs data and worries over surging COVID-19 cases worldwide cast doubts over a quick economic recovery and bolstered the metal’s safe-haven appeal,” he added.

Some 4.5 billion issues valued at P27.65 billion switched hands on Friday, higher than the previous day’s 3.28 billion issues valued at P15.49 billion. Advancers led decliners, 129 against 75, with 50 names closing unchanged. — Angelica Y. Yang

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