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The show must go on

Ayala Triangle’s Christmas lights and sound show goes virtual

WHILE many of our Christmas celebrations and traditions have to be put on hold, the lights and sounds show at the Ayala Triangle Gardens went in step with the times. As we do almost all things virtually now, the lights and sounds show has also gone online on the social media pages of Ayala Land Inc. (facebook.com/officialayalaland and on Instagram as @ayalaland).

The lights and sound show, an annual tradition at the park in the center of Makati’s major streets Paseo de Roxas, Makati Ave., and Ayala Ave., has moved from the real world to the virtual world this year due to the pandemic.

“The annual lights and sound show has been a family favorite for years. It’s one of the most-awaited Christmas events that brings happiness to people,” said Mel Ignacio, Head of Makati Estate, Ayala Land said on Nov. during an online press conference. “For this reason, Ayala Land and Make It Makati decided to continue the annual tradition by bringing the show through digital channels. We want the event to spark hope among Filipinos — hope that will help them remember that brighter days lie ahead for all of us.”

Ms. Ignacio pointed out that the lights along the avenues have already been displayed: “Although the decorations are simpler, the response has been just as overwhelming. We are happy that we are able to bring a glimmer of hope especially during these challenging times.”

The lights show was brought online by making a 360-degree video superimposed with lights and holograms. Guests during the online press conference were given a preview, spotting a whizzing Santa Claus, fireworks, and fairy lights. This year’s virtual digital lights and sound show was conceptualized in collaboration with Globe Studios. Production was led by filmmaker and director Quark Henares. The video is accompanied by renditions of Christmas songs by singer Reese Lansangan.

Mr. Henares said during the press conference that Ayala Land had approached them as early as June, during the height of the pandemic. “Christmas was a world away from our minds. I guess we also realized that this Ayala Triangle tradition has to continue, especially this year,” said Mr. Henares.

The video was shot from June to August, in the park and surrounding areas. “It took us longer than we thought to shoot everything. It’s basically taking thousands of pictures so that we can all stitch them together. Wherever you look, because it’s VR, you’ll be able to see all around you,” he said. The effects were added in post-production.

A preview of the video made some eyes shine, basing on the reaction of event host Issa Litton. “That feeling of still trying to celebrate the holidays especially on such a difficult year — even if you can’t physically go there — they brought it to us,” said the host.

Now for the fun stuff: One can use the AR Ayala Triangle Garden filters on Facebook and Instagram starting this week, with new filters added every week in December. There’s also a Finders Keepers contest, where one can win prizes from Grab and Shopee. Visit www.makeitmakati.com and follow MakeItMakati on Facebook, Twitter, and Instagram, and Ayala Land Inc. (facebook.com/officialayalaland and on Instagram as @ayalaland) for details. — J.L. Garcia

BSP seen to continue easing to support economy

SOME ASIAN central banks, including the Bangko Sentral ng Pilipinas (BSP), will likely remain accommodative in 2021 to provide support to their coronavirus-battered economies, a think tank said.

“Indonesia, the Philippines and Vietnam have all cut rates in recent weeks, and we have further easing pencilled in for these three economies as well as India next year,” Capital Economics said in a report published late Monday.

Meanwhile, it said China may be the only country where rate hikes would be on the table in 2021.

The research firm said the Philippines, Thailand and India are among the region’s worst-hit by the virus as output remains 5-10% smaller than its pre-crisis level.

“Given the big hole that many countries still find themselves in, monetary policy will need to remain loose for some time to come,” it said.

In the Philippines, further easing is likely amid “the weakness of recovery and low level of fiscal support,” said Capital Economics.

The BSP last month unexpectedly cut benchmark rates to new record lows, the fifth reduction this year, citing the continued uncertainty caused by a fresh surge in coronavirus cases globally and the impact of recent typhoons on the struggling economy, with business and household confidence remaining low.

The Monetary Board trimmed the rates on the BSP’s overnight reverse repurchase, lending, and deposit facilities by 25 basis points (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. The central bank has already cumulatively lowered interest rates by 200 bps this year.

A central bank official last week said the regulator has space to keep an accommodative policy stance if the economy needs a monetary boost.

“For the foreseeable future, while there’s this impact of the pandemic that’s dampening of economic activity, then you can expect that the policy stance will remain accommodative over the near term. There’s a lot of available policy space should there be the need to act,” BSP Deputy Governor Francisco G. Dakila, Jr. said at the BusinessWorld Virtual Economic Forum on Thursday.

Meanwhile, on the fiscal side, government spending was down for the second consecutive month in October by 6.84% year on year to P290 billion from P310.8 billion.

Based on the policy tracker of the International Monetary Fund, fiscal measures implemented so far by the Philippine government are equivalent to 3.9% of the gross domestic product (GDP). This is smaller compared with responses from regional neighbors, including Malaysia at 5% of GDP, Thailand at 9.6%, Vietnam at 4.2% and Indonesia at 4.4%.

The Philippine economy remained in recession in the third quarter as GDP contracted by 11.5%, following the record 16.9% decline in the three months ended June.

This brought the GDP performance for the first nine months to a 10% contraction.

The government expects the economy to shrink by 4.5-6.6% this year. — L.W.T. Noble

Globe network upgrades done by 2021

GLOBE TELECOM, Inc. is expecting to complete its network upgrades by next year to offer a “dependable” telecommunications service to customers, as they continue to adopt digital solutions for their everyday needs, its top official said.

“As we target the completion of our network upgrades by 2021, expect a first-world network primed to serve Filipinos today and in the future,” Globe President Ernest L. Cu said at the virtual “Wonderful World of Globe” event on Tuesday.

He added that “a reliable and dependable” network is seen to encourage Filipinos to adopt digital solutions “with increasing trust and confidence to use technology in making their lives easier and more fulfilled.”

Mr. Cu also introduced the telco’s new offering, Surf4All, which allows prepaid, postpaid, Globe-at-Home, and TM customers to control how they want to use their data.

“With 20GB for all sites valid for seven days and for only P249, Surf4All provides a single data wallet that is seamlessly accessible and shareable with up to four users across Globe brands,” he said.

The Ayala-led telco recently reported a 22% drop in its attributable net income for the third quarter to P4.39 billion.

The company’s service revenues declined 3% to P36.68 billion, driven by the sustained drop in traditional voice and mobile SMS, but partly mitigated by the increase in the mobile data segment.

Globe is hoping that its fourth-quarter performance will be better than the third quarter as the economy gradually reopens, according to Mr. Cu.

Globe shares on Tuesday closed 1.13% higher at P1,970 apiece. — Arjay L. Balinbin

Weekend pop-up features art, crystals, antiques, and plants

IF the folks on your Christmas gift list are interested in art, crystals, essential oils, vintage clothing, antiques, plants, and flowers, these items and more are available at the boho-chic pop-up Mercatino. Held over three weekends at La Collina restaurant in Poblacion, Makati, the final weekend will be on Dec. 5 and 6.

The pop-up was put up by fashion designer and consultant Carol de Leon and La Collina chef patron and cultural and environmental activist Anita Celdran.

“It is because of the lull in retail sales across the Philippines that Mercatino Pop Up was born,” said Ms. De Leon, explaining why they held a pop-up now, during a pandemic. “March is the biggest month for retail sales and we definitely missed that while we were locked down,” she said in an e-mail to BusinessWorld on Nov.24.

“My mind was thinking about our artisans who depend on a vibrant retail market to support their livelihood. La Collina restaurant is a beautifully remodeled space that lacked customers due to the lockdown, so Anita and I took this chance to provide an opportunity for artisans and small brands to show their items in a safe place,” said Ms. De Leon, who is a product development specialist and advisor to the Department of Trade and Industry (DTI) and Design Center Philippines.

“We were not motivated by profits, we didn’t have any projections set at all, especially because this is a time of uncertainty. We were motivated by our common passion to uplift our community and give hope for a brighter future. That being said, we were pleasantly surprised to see many vendors excited to participate.”

The pandemic did affect the vendors in other ways. “We did have a few vendors that declined because they were not ready to risk being too exposed to the chance of catching this virus. It’s a calibrated choice that each person needs to make and we respect that,” said Ms. De Leon.

Keeping the health and safety of both customers and vendors, shopping has been divided into three time slots, and these are by RSVP only. “We took online reservations so we could closely monitor the flow of the people in the designated spaces,” said Ms. De Leon. “masks were mandatory, but since the venue is a restaurant, there were periods where we were ‘masks-off’… and could actually socialize in the New Normal. Our first day was a success, we had all our reservation slots full. People showed up and shopped and we were pleasantly surprised by the sales generated. The vendors were all in a good mood and just happy to feel a new energy moving, some ray of hope that this situation will pass.”

The items up for sale are a very eclectic but carefully chosen. “With the holiday season around the corner I wanted to curate a show that offered gifts from the Earth: handmade pottery from Sagada, healing oils, crystals, and vintage products that give a nod to sustainability and value to the handmade,” said Ms. De Leon.

While fairs are ostensibly meant to sell and promote products, they also become a venue to promote values. This is especially true in fairs such as Mercatino, where thought goes into the process of making the products, or at least the communities responsible for making them. Ms. De Leon said, “This is the conscious consumerism I would like to move towards. I’m from the USA, a country plagued by overconsumption of everything, which leads to irresponsible production and waste. That is why I repatriated from LA to Manila to pursue slow fashion and sustainability.”

Many of the world’s problems (perhaps even the pandemic) are due to people not caring enough for the environment and the planet. But now the trend seems to be towards catering to a new and more conscious consumer, one who wants to know if any collateral damage was incurred by what they hold in their hands. The values of sustainability are seen less as a bonus, and more as a requirement. “Having worked as a designer for over 25 years, my job has been to create more products that bring in high sales. Corporate profits over people is not sustainable. I’m certain this pandemic is related to the hyper consumerist lifestyle we have been leading for the past 60 years. The lesson is being taught to us by this pandemic: we need to slow down and make conscious decisions, spend more time with our families, be more patient, and shift the focus from financial wealth and to investing and growing our spiritual wealth,” said Ms. De Leon.

While this weekend will see the last Mercatino in La Collina, others are forthcoming. “I feel it would be interesting to hold a Mercatino pop-up in the south — maybe in Alabang. When this pandemic is over, I definitely want to pursue my advocacy to market Philippine-made goods to Europe and the USA, especially in sectors where we have favorable trade duties,” said Ms. De Leon.

Reserve a slot for Friday and Saturday’s Mercatino and RSVP through 0906-402-1291 and 0917-817-2487. — J.L. Garcia

Moody’s sees sluggish loan growth on banks’ tighter credit standards

THE COMING YEAR will likely remain challenging for Philippine banks as they may face continued tepid loan growth and downside risks to profitability, an analyst from a debt watcher said.

“Loan growth will likely be muted in 2021 as the banks cautiously navigate the challenging economic environment,” Joyce Ong, an analyst at the Financial Institutions Group of Moody’s Investors Service, said in an e-mail.

Banks continued to impose tighter lending standards as of the third quarter to guard themselves against soured debt, a study from the Bangko Sentral ng Pilipinas (BSP) showed.

Despite record low interest rates amid aggressive policy easing, credit growth remained sluggish due to these stricter standards and with borrowers’ confidence remaining low amid the coronavirus pandemic. Outstanding loans by universal and commercial banks rose 2.4% in September, the slowest pace since the 2.4% recorded in June 2007.

Meanwhile, asset quality has also deteriorated. The banking industry’s nonperforming loan (NPL) ratio stood at a seven-year high of 3.4% at end-September, the highest since the 3.42% logged in May 2013. This, as bad loans surged 60% year on year to P364.672 billion from P227.504 billion.

Allowance for credit losses set aside by Philippine banks surged 60% to P334.57 billion as of September from P209.069 billion a year ago. In the coming year, Moody’s expects credit loss provisions in the Association of Southeast Asian Nations (ASEAN) to decline from the high levels seen this year.

“We expect credit costs to remain elevated as problem loans continue to increase in 2021 after the end of the second credit grace period,” Ms. Ong said.

Republic Act (RA) No. 11494 or the Bayanihan to Recover as One Act (Bayanihan II) provides a one-time 60-day loan moratorium following the initial debt relief under Bayanihan I (RA 11469).

Ms. Ong added that banks will continue to face profitability pressures in the coming year.

“We do not expect to see a repeat of the significant trading gains recorded in 2020. Low interest rates will erode loan yields, but this will be somewhat offset by the corresponding decline in funding costs,” she said.

The Philippine banking industry’s net profit reached P123.431 billion in the first nine months of the year, declining by 28% from the P171.162 billion logged in the comparable year-ago period, BSP data showed. — L.W.T. Noble

BoI OK’s P93-M modular housing components production project

THE BOARD of Investments (BoI) has approved a P93-million modular housing components production project in Davao del Norte.

The Connovate Philippines, Inc. project is expected to produce 47,763 square meters in wall area each year after it starts operations this month. Modular buildings involve the off-site construction of individual sections or modules.

The project will have 46 employees, the BoI said in a press release on Tuesday.

“Given the pandemic, construction firms will likely adapt to modularization and prefabrication for a more effective assembly line and cost-efficiency that will result in accelerated project completions and more productivity for workers,” Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said.

“Once modular and prefabrication gain more traction, it will not only lead to lower costs, but also a tougher and longer life-span of structures, as studies have shown.”

CPI currently produces concrete panels at its facilities in Cavite and Camarines Sur.

The company has submitted a trademark application pending at the Intellectual Property Office. Its Connovate Precast Wall Panel product is accredited by the Accreditation of Innovative Technologies for Housing (AITECH), which assesses the reduction of housing costs.

Local workers will be trained to use the technology and processes being used by Connovate Denmark, with which CPI has an exclusive production licensing agreement.

The modular housing project is the company’s third project registered with the BoI. — J.P. Ibañez

Arts & Culture (12/02/20)

Ballet Philippines on video

DURING these extraordinary times, Ballet Philippines’ passion burns bright to keep dance and the arts alive. So its members have created videos meant to “uplift spirits, enliven dreams, and be a source of inspiration and hope. Together we continue to keep dancing with our collaborators, supporters, and like-minded artists.” The videos include Chessplay, danced to a Piano and String Quartet in A minor Allegro by Gustav Mahler, choreographed by Marcelino Libao for Ballet Philippines, and performed and filmed at the SDA Theater of the College of Saint Benilde. Another is Tara, Sayaw Tayo, performed to Camile Saint-Saens’ Dance Macabre, with choreography by Mikhail Martynyuk, and Brothers, with choreography by Joseph Philips. More dance videos can be viewed at ballet.ph.

West Gallery opens four exhibits

THE WEST Gallery will be opening four exhibits —  three solo exhibits, and one group shtow —  on Dec. 3, all will be on view until Jan. 2, 2021. They are Argie Bandoy’s “Snake Charmer”; Buen Abrigo’s “Fleet in Being”; Mike Crisostomo’s “The 2022 Experience”; and the group show “A. Play B. Work C.__” featuring the works of Bad Student, Gino Bueza, Beejay Esber, Veronica Peralejo, Miguel Puyat, Christina Quisumbing Ramilo, Julio San Jose, Carina Santos, Pam-Yan Santos, Isabel Santos, Yasmin Sison, Nicole Tee, and Jemima Yabes.  Visitors are welcomed to the gallery by appointment only. Call 3411-0336.   

Ofelia Gelvezon-Tequi virtual exhibition

LAST February, the Cultural Center of the Philippines’ (CCP) Visual Arts and Museum Division opened the exhibition “Allegories and Realities: Ofelia Gelvezon-Tequi In Retrospect” at the Bulwagang Juan Luna, Pasilyo Juan Luna, Pasilyo Guillermo Tolentino, and Library & Archives. The retrospective exhibition brought together over 200 works by the artist, including pieces from over 20 institutional and private collections, and was curated by Ma. Victoria Herrera. The artworks in the exhibit spanned Gelvezon-Tequi’s over five decades as an artist, with her early paintings and prints from her time as a student in the late 1960s, to her numerous and highly-varied series of prints in the ‘70s, to her paintings on silk in the ‘80s, to her Philippine Works and Days series of paintings in the ‘90s, to her more recent still life paintings and mixed media works, among others. “Allegories and Realities” remained open until the CCP closed its doors to the public on March 13 due to the wide lockdown. Now the public can see the exhibit again, this time through the virtual exhibition of “Allegories and Realities: Ofelia Gelvezon-Tequi In Retrospect.” The virtual exhibit allows guests to walk through the entire exhibition and view all the artworks exhibited in the various galleries. To enter the exhibition, go to bit.ly/allegoriesandrealitiesonline. The virtual exhibit is housed within the CCP Collections website. The CCP Collections is an online catalogue of the center’s material effects consolidated from its various archives. Aside from the exhibit, the CCP Collections currently showcases a sundry of folios and catalogues from the CCP Library and Archives. Items from both selections are made available to download for free. To visit the website, visit https://collections.culturalcenter.gov.ph/.

Creative masterclass for online learning

A FREE and public creative masterclass and panel discussion on creative online learning and homeschooling,  to be facilitated by ACTS Manila Artistic Director Chelo Borromeo-Gemina, ACBA, will be held on Dec. 2 via Zoom. The live session will engage the participating parents in in-depth conversations on how they can build a quality homeschool learning environment and journey for their children, especially today that physical schools are disrupted by the pandemic. The talk is open to parents, teachers, and students. It will be conducted via Zoom on Dec. 2,  from 4 to 5:30 p.m. The event will provide a Filipino Sign Language (FSL) interpretation. Interested attendees may register through this link: https://bit.ly/LiveED04. The dialogue is hosted by the Hub of Innovation for Inclusion of the De La Salle-College of Saint Benilde in partnership with Power Mac Center.

Children’s workbook for a cause

WITH the advent of virtual learning in the new normal, parents and children are coping by exploring other activities that will soften the effects of stress and fatigue of online learning. SiningSaya, the SiningSaysay Exhibit Children’s Workbook is an activity book that contains fun and challenging activities for children that will deepen their knowledge of Philippine history and culture. The workbook — a supplement to Gateway Gallery’s “SiningSaysay: Philippine History in Art” exhibit at Araneta City — tells the past of the Filipino through images and tasks. It also contains the images of the paintings of SiningSaysay made by UP artists led by National Artists BenCab and Abdulmari Imao. The 24-page workbook was created for children and teens. It is a project of the J. Amado Araneta Foundation, curated by Gateway Gallery, and designed and printed by Adarna House. The workbook sells for P200, and the purchase will support the victims of Typhoon Ulysses through Operation R.E.A.C.H. (Relief Efforts of Araneta City to Help). The promotional offer runs until Dec. 4. To inquire or get a copy, visit the Gateway Gallery website www.gatewaygallery.aranetacity.com, or send a message on Facebook GatewayGalleryPH, or visit the Gateway Gallery kiosk at the Gateway Mall Activity Center, Monday to Friday, 2 to 5 p.m.

S&P Global’s $39-billion IHS deal shows market data’s dominance

S&P GLOBAL, Inc. grew out of a firm that provided bond ratings and railroad data. IHS Markit Ltd. traces its roots to a British barn and an effort to offer prices for the opaque world of credit derivatives.

Now, the second-biggest acquisition of 2020 will combine the two into a data Goliath that tracks everything from the price of wheat to the movements of hundreds of thousands of ships criss-crossing the world’s oceans.

The $39-billion deal underscores the central role of data in financial markets and the ever-growing demand from investors for information that gives them an edge in increasingly fast and computerized markets. Global spending on market data and analysis rose almost 6% to $32 billion last year, according to Burton-Taylor International Consulting.

“Data is the lifeblood of markets,” said Roman Ginis, chief executive officer (CEO) of Imperative Execution, an equities-trading venue. “Diversifying into data makes a lot of sense, and the more people need this data, the more you can charge for it.”

S&P is widely known for its ratings and index businesses, and the purchase of IHS Markit would give it a stronger foothold in more opaque markets for financial derivatives including credit default swaps and collateralized loan obligations. In commodities, S&P Global Platts is the main provider of benchmark prices for key raw materials, including oil and refined products. That business could be complemented by IHS Markit’s maritime products, which include ship tracking, port data and information on trade flows.

In an interview, S&P Global CEO Doug Peterson said the small business of providing data on energy transition and climate initiatives could be one of the biggest areas of growth. IHS Markit CEO Lance Uggla said the indexing and private markets business could also bring new opportunities.

“With IHS Markit, they’ve got benchmarks and data on battery metals, hydrogen, wind, solar, biofuels, as well as information that’s coming out of every single car in the United States,” Peterson said in a Bloomberg Television interview. “That is a real exciting growth area.”

Bloomberg LP, the parent of Bloomberg News, competes with IHS Markit and S&P Global in providing financial analytics and information. Other providers include Moody’s Analytics, FactSet and Intercontinental Exchange, Inc., according to Burton-Taylor.

Some recent transactions in the industry have come under scrutiny. London Stock Exchange Group Plc is still negotiating with the European Union over its agreement last year to acquire Refinitiv Holdings Ltd. for $27 billion, over concerns that the company’s control of data could make it the gatekeeper for an entire industry.

But Bloomberg Intelligence analyst Larry Tabb said he doesn’t see significant antitrust risk in the S&P deal. The primary competitive overlap between the companies’ businesses is in energy research and data, but otherwise they have different specialties, he said.

Mr. Peterson said on a conference call with analysts Monday that S&P doesn’t foresee any regulatory issues “that can’t be resolved if they do come up.”

The deal will likely get separate scrutiny from merger regulators in the European Union and UK as the British authority starts weighing deals after the country’s exit from the EU.

The combination could also reduce S&P Global’s reliance on a ratings business whose fortunes are somewhat tied to market activity. IHS Markit said almost 90% of its revenue in the nine months ended in August was recurring.

S&P shares rose 3% in New York trading. IHS shares climbed more than 7%.

“With a more diversified portfolio of assets and increased visibility (i.e. more recurring revenue) on earnings, we believe the combined entity can command a higher earnings multiple longer term,” Oppenheimer & Co. analyst Owen Lau wrote in a note. “We believe the potential merger will benefit the shareholders of both companies.”

IHS Markit has grown rapidly over the past two decades and has faced regulatory concerns about competition before. A civil probe by the US Justice department (DoJ) examined whether banks conspired to use Markit before the financial crisis to maintain their dominance in credit-default swaps and prevent new players from gaining a foothold. The DoJ probe was dropped after government concerns were addressed by new rules under the Dodd-Frank Act, people said at the time.

The European Commission said in 2013 it probed difficulties faced by Deutsche Boerse AG and Chicago-based CME Group, Inc., two of the world’s largest derivatives clearinghouses, as they sought to start a central clearing platform for instruments including credit default swaps from 2006 to 2009. Markit and the International Swaps and Derivatives Association, which was also under investigation, settled the claims in 2016. — Bloomberg

PELCO II awards 15-MW power supply contract

PAMPANGA II Electric Cooperative, Inc. (PELCO II) has awarded a 15-year power supply agreement to Vivant Energy Corp. and Gigawatt Power Inc. to supply 15 megawatts (MW) of the electric utility’s peaking requirements.

These were the results of PELCO II’s successful competitive selection process, a regulatory filing made by Vivant Energy’s parent firm Vivant Corp. on Tuesday showed.

Vivant Energy will own 50% equity in the embedded power plant project, which would “contribute to the company’s growth in the power generation sector.”

Last July, Vivant Energy announced that Isla Norte Energy Corp., its joint venture with Gigawatt Power, has tapped Finnish firm Wärtsilä to provide engineering and equipment for a 23-MW power plant that would supply power to Bantayan Island, Cebu.

Shares of Vivant climbed by 4.17% to close at P15 apiece on Tuesday. — A.Y. Yang

How PSEi member stocks performed — December 1, 2020

Here’s a quick glance at how PSEi stocks fared on Tuesday, December 1, 2020.

PSEi climbs on vaccine news, bargain hunting

STOCKS ended in green territory on Tuesday following positive developments on a coronavirus disease 2019 (COVID-19) vaccine candidate and bargain hunting.

The bellwether Philippine Stock Exchange index (PSEi) rose 218.1 points or 3.21% to close at 7,009.56 on Tuesday, while the broader all-shares index improved 99.39 points or 2.42% to end at 4,199.67. The market was closed on Monday in observance of Bonifacio Day.

Philstocks Financial, Inc. Research Associate Claire T. Alviar said the local market improved on the progress made in the development of a COVID-19 vaccine.

“The market had four straight days of decline. It was boosted by the positive results from Moderna’s COVID-19 vaccine, showing that it is more than 94% effective, and its plans to ask the United States Food and Drug Administration (FDA) for emergency clearance,” Ms. Alviar said in a mobile phone message.

Moderna Inc. said on Monday it has applied for US emergency authorization for its COVID-19 vaccine after full results from a late-stage study showed it was 94.1% effective with no serious safety concerns, Reuters reported.

The US Food and Drug Administration said an advisory committee would meet to discuss the request on Dec. 17, making Moderna’s candidate the second highly effective vaccine likely to receive US regulatory backing and a potential roll out this year.

Meanwhile, Ms. Alviar said the local market was also affected by Chinese manufacturing data released on Tuesday.

“This lifted (market) sentiment as well as China is one of our top trading partners,” Ms. Alviar said.

China’s Caixin/Markit Manufacturing Purchasing Managers’ Index rose to 54.9 from October’s 53.6, marking the highest level since November 2010.

“The market managed to close above the 7,000 mark [on Tuesday], as bargain hunters rushed to buy heavily battered shares from last week’s profit-taking activity,” Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said in a text message.

Almost all sectoral indices finished in positive territory on Tuesday except for financials, which dropped 11.12 points or 0.77% to 1,416.17. Meanwhile, property increased 155.24 points or 4.55% to 3,566.26; holding firms went up 277.01 points or 3.99% to 7,208.08; services climbed 48.02 points or 3.2% to 1,548.23; industrials rose 174.99 points or 1.95% to 9,125.74; and mining and oil gained 118.44 points or 1.39% to 8,593.84.

Advancers outpaced decliners, 119 to 102, while 35 names ended unchanged. Value turnover amounted to P10.89 billion with some 4.04 billion issues switching hands, against the P27.65-billion worth of 4.52 billion issues on Friday. Net foreign selling declined to P1.33 billion yesterday from the P3.17 billion logged in the previous trading day.

“As we go through the first week of December, we’ll have to watch how our local market moves, with 7,200 being the nearest resistance, while 6,800 may be considered the nearest support area,” Mr. Pangan said. — Revin Mikhael D. Ochave

Peso inches higher as holiday season starts

THE PESO inched up versus the dollar on Tuesday as consumer spending is expected to increase with the start of the holiday season and on news of progress in the development of a vaccine against coronavirus disease 2019 (COVID-19).

The peso closed at P48.05 against the dollar, inching up by one centavo from its P48.06 finish on Friday, data from the Bankers Association of the Philippines showed. The market was closed on Monday in observance of Bonifacio Day.

The peso opened Tuesday’s session at P48.11 against the greenback. Its intraday high was at P48.045 while its weakest showing was at P48.16 per dollar.

Dollars traded declined to $722.6 million on Tuesday from $783.4 million on Friday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso strengthened versus the dollar as families of overseas Filipino workers (OFWs) are expected to spend more of their remittances during this holiday season.

“The financial markets are anticipating the seasonal increase in over OFW remittances and conversion to pesos for the Christmas spending season,” Mr. Ricafort said in a text message.

Meanwhile, a trader said the peso rose after Moderna, Inc. said it will apply for emergency authorization from the US Food and Drug Administration (FDA) to distribute its COVID-19 vaccine.

Moderna said on Monday it has applied for US emergency authorization for its COVID-19 vaccine after full results from a late-stage study showed it was 94.1% effective with no serious safety concerns.

The US Food and Drug Administration said an advisory committee would meet to discuss the request on Dec. 17, making Moderna’s candidate the second highly effective vaccine likely to receive US regulatory backing and a potential roll out this year.

A shot developed by Pfizer Inc. and BioNTech SE that was 95% effective in its pivotal trial is set to be reviewed by a panel of outside experts a week earlier. The FDA will decide on the emergency use authorizations after the advisers make their recommendations.

For today, Mr. Ricafort sees the peso moving from P48.02 to P48.12 versus the dollar while the trader expects it to range from P47.95 to P48.15. 

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