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Fruit growers sign logistics deal for major-city delivery

FRUIT GROWERS in Mindanao and a Davao City logistics firm have signed an agreement to bring fresh produce to Metro Manila and other major urban areas starting September.

The Durian Industry Association of Davao City (DIADC) will provide 15 tons of various fruits daily that will be transported six times a week by John Gold Cargo Forwarder.

“Since there will be no tourists coming to the city during the durian peak season, we need to bring our products to major cities to minimize if not eliminate waste,” said DIADC President Emmanuel Belviz in a statement from the Department of Agriculture (DA)-Davao Region office.

Aside from durian, the deal also covers mangosteen, lanzones and marang.

The regional agriculture office’s Agribusiness and Marketing Assistance Division facilitated the logistics deal, which was signed on Aug. 12.

“The agreement is a big help to our farmers as we are assured of cargo space that will bring our harvest to major markets such as Metro Manila, Cebu, and Iloilo,” Mr. Belviz said.

John Gold President and Chief Executive Officer John T. Baricuatro said his company will provide aircraft space at a special rate of P35 per kilo.

The agreement is good for a month, but Mr. Baricuatro said extensions are a possibility.

“If tourists and consumers from other parts of the country cannot visit Davao City during this year’s harvest season, then we will bring the fruits to their localities,” DA-Davao Regional Executive Director Ricardo M. Oñate, Jr. said.

MINDA TIENDA
Separately, the Mindanao Development Authority (MinDA), said it is preparing to bring its Tienda program to Manila.

Tienda was initiated last year to help Mindanao farmers bring fresh produce directly to market. The rolling store concept was also tapped for areas affected during last year’s earthquakes.

MinDA Tienda sa Manila will be expanded to include various processed food products and other manufactured goods from the south.

It is scheduled for Sept. 20-26 at the Mehan Garden in Manila.

MinDA Chair Emmanuel F. Piñol, in a statement last week, said Manila Mayor Francisco M. Domagoso has given a permit for the market.

Mr. Piñol said among the goods that will be showcased are fruits from the Davao Region and central Mindanao areas, seafood “from as far as Sulu and Tawi-Tawi,” organic rice, vegetables from Bukidnon’s IMTASULA Vegetable Complex, and indigenous woven products. — Marifi S. Jara

Ford gets territorial in the mini, small SUV segments

FORD PHILIPPINES President and Managing Director PK Umashankar succinctly described the all-new Territory SUV it launched last Friday as one that “delivers on space, size, technology, and powertrain.”

But when viewing from a strategic perspective, the introduction of the Territory (particularly at its size and price point), you could almost see how Ford is nicely filling in the price gaps of its portfolio. The new SUV clearly slots in between the EcoSport and Everest.

Compared to the EcoSport, the Territory is taller, longer, wider, and with a longer wheelbase as well, but it’s still considered a smaller SUV. Now don’t get lost in the jargon: The EcoSport is a mini SUV, while the Territory is considered as covering the niche between “mini” and “small.” More on that later.

I asked Mr. Umashankar during our Zoom session as to how Ford distinguishes one from the other at least from a marketing standpoint. He said that the EcoSport is “targeted toward youngsters who are stepping into the utility space that wasn’t there before. Actually… we created that space.” He should know as well as anybody since the executive was once involved in the regional launch of the EcoSport.

“The Territory is taking it one level higher. It gets into the operating space of a small utility… delivering (the) right space, a wider track, ample shoulder room, better powertrain capabilities, a higher platform, more driver-assist technologies engineered in the vehicle at a base level. By pedigree it’s a class above.”

Obviously, Mr. Umashankar is keenly looking at how the segments of the EcoSport, and additionally the Territory, are faring in this new normal. “Each product occupies its own space in the marketplace,” he explained. “The mini utility segment today in the Philippines is much bigger than the small utility segment.”

He revealed that mini utility vehicles “(account for) about eight to nine percent of the total automotive market because of the price band where it operates — below P1 million all the way to P1.1 million-P1.2 million.”

If you didn’t hear about it yet, Ford had basically nixed sedans in many markets (although we still have the Mustang, of course) in favor of SUVs and pickups. Speaking of pickups, Ford Philippines has an industry-leading 15 models in the Philippines.

As for the EcoSport and Territory: “It’s an appropriate price band (which) overlaps the sedan space. Consumers might want to switch to a different body style (i.e., an SUV) for practicality, higher ground clearance, ability on rough terrain,” stated the executive, and added that SUVs have proven to be a better draw for millennials anyway.

More mature or developed SUV markets, Mr. Umashankar posited, have overlapping points between mini, small, and large utility vehicles. “In a market like the Philippines with our size, you do not see that. You have very disparate set of elements. (There’s a) wide gap between mini and small.”

Again, the Territory is envisioned to “fill the value between the mini and small so that you come in and offer a proposition to the mini utility customers who are not comfortable with the compactness and not so practical nature of it, and want to jump to something real and give all of that.”

The affordable price positioning in the Territory should also “attract small utility customers who do have as much technology today that they would want, but they are paying a huge premium for what they have.”

The game plan, shared the Ford executive, is to “attack from both sides,” operating between the mini and small segments.

Consider that ours is the first, well, territory in the 100-strong International Markets Group (IMG) of Ford Motor Co. to get the Territory. Ford Philippines AVP for Communications Edward Joseph Francisco explained that the IMG is comprised of “a mix of growth and emerging markets” such as Thailand and Vietnam in the ASEAN region, plus “the company’s operations in Africa, ASEAN, Australia, India, Mexico, Middle East, New Zealand and South Korea.”

Clearly, Ford likes what it sees in the Philippines. And that doesn’t end with the Territory, of course. “Yes, the search is always on — the pursuit of getting more products is always on and we continue to look at more options to bring into the market,” concluded Mr. Umashankar.

Peso to strengthen as investors expect easing of restrictions

THE PESO will likely appreciate further this week on increased risk appetite amid expectations that restriction measures in Metro Manila will be lifted to support the economy.

The local unit closed at P48.765 per dollar on Friday, appreciating by 7.50 centavos from its P48.84 finish on Thursday, data from the Bankers Association of the Philippines showed. Week on week, the peso strengthened by 27.6 centavos from its P49.041-per-dollar close on Aug. 7.

The peso rallied last week as investors were looking ahead and factoring in the possible easing of restriction measures, said UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion.

“Expectations of looser quarantine conditions coupled with some commercial flows also encouraged more selling in the dollar-peso spot market,” Mr. Asuncion said in a text message.

Metro Manila and some nearby provinces are under stricter lockdown until Aug. 18. President Rodrigo R. Duterte said last week he is unlikely to extend the modified enhanced community quarantine, saying funds are depleted and people need to go out and work.

Presidential Spokesperson Harry L. Roque, Jr. said on Saturday a general community quarantine will continue to be imposed in some key business areas outside Metro Manila, including Batangas, Quezon, Iloilo City, and Cebu City, among others.

Meanwhile, the fate of the National Capital Region, as well as Bulacan, Laguna, Rizal, and Cavite, will be announced by Mr. Duterte himself this Monday, Mr. Roque added.

The peso’s gain also came after gains in the US stock market which led to risk-on sentiment, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

“The peso closed stronger amid continues weakness in the dollar after improved global market risk appetite that sent most US stock markets among 5.5 month highs,” he said in a text message.

For this week, the market will factor in the government’s decision on restriction measures as well as the Monetary Board’s policy-setting review on Thursday, Mr. Ricafort said.

A BusinessWorld poll last week said 11 out of 16 economists predict key policy rates will remain untouched as the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board meets on Aug. 20.

Mr. Diokno last week signaled they do not see enough reasons to adjust rates at the moment, saying the current policy stance could be kept “for the next few quarters” as the central bank’s previous decisions were preemptive.

The Monetary Board’s 50-basis-point cut in its June meeting brought the central bank’s total reductions this year to 175 bps. This brought the reverse repurchase, lending and deposit facilities to 2.25%, 2.75% and 1.75%, respectively.

Meanwhile, Mr. Asuncion said some external developments, including the prospects of a finalized economic stimulus package in the United States, will also impact the peso.

For this week, Mr. Asuncion gave a forecast range of P48.80 to P49.50 per dollar while Mr. Ricafort expects the peso to trade within the P49.60 to P49.00 band. — L.W.T. Noble

China’s fashion grannies return to Beijing street ‘catwalk’

BEIJING — Four famous amateur model grandmothers took off their masks during a saunter down the streets of Beijing last Thursday to demonstrate life returning to normal as the COVID-19 (coronavirus disease 2019) pandemic eases in China.

Glamma Beijing, a group of four women who met during a modelling training course after retiring 20 years ago, became an internet sensation in China last year.

A 15-second video of them walking in Sanlitun, one of Beijing’s busiest shopping districts, wearing traditional qipao dresses and oversized dangling fringe earrings, was viewed more than 50 million times in a day, according to local media.

Since then, Lin Wei, Wang Xinghuo, Sun Yang, and Wang Nianwen, all aged over 60, have enjoyed dressing up and performing in videos on short-video platform Douyin for likes.

“Your life is grey if you are always afraid of ageing and death,” said Lin Wei, 64, explaining her philosophy on growing older and enthusiasm for donning stylish clothes and makeup.

“You are old, you have wrinkles, you don’t have too much energy, or your figure becomes baggy. But this is something you can’t go against, so you need to face it with positivity.”

During the COVID-19 pandemic, when the group had to stay indoors, they reverted to creating videos about their lifestyle. They now have more than a million followers on Douyin.

On Thursday, the stylish grannies, as they call themselves in Mandarin, turned heads as they walked in figure-hugging qipaos down a street like a catwalk, in Beijing’s central business district of Guomao.

“Beauty is in all ages,” said Liu Jing, a passer-by. “You can be young and stylish, or feminine. And you can also be elegant just like these grannies.” — Reuters

Robusta coffee bean purchases rise 27%

FOOD and beverage manufacturer Nestlé Philippines, Inc. reported a 27% year-on-year increase in the local buying of Robusta coffee beans for crop year 2019-2020 due to better crop yields than originally expected.

In a statement, the manufacturing giant said that through its long-term coffee road map dubbed Nescafé plan, Robusta coffee farmers in the country have improved their output and incomes.

Nestlé Philippines said the production and earnings of 1,500 farmers in Bukidnon and Sultan Kudarat have increased under Project Coffee+, the company’s training initiative that is a part of Nescafé plan.

“On average, production by participating farmers has doubled, while incomes have tripled, as independently verified by the Rainforest Alliance,” Nestlé Philippines said.

Nestlé Philippines Chairman and CEO Kais Marzouki said the company consistently made efforts to assist Filipino coffee farmers who are in need of aid from various stakeholders such as consumers.

“With Nescafé as the biggest domestically produced coffee brand in the Philippines, we are buying as much coffee as we can locally, and are increasing our direct purchasing from farmers and cooperatives,” Mr. Marzouki said.

“As we help generate livelihood opportunities, we offer a ready market for Robusta coffee farmers based on world market prices,” he added.

Last year, Nestlé Philippines updated its criteria for local coffee bean procurement, while keeping the quality of its products.

For instance, one of its products, Nescafé Classic, has only one ingredient: green coffee. Nestlé Philippines said that during the manufacturing process, only green coffee and water are used.

The company said that processing time for coffee was reduced, which increased the frequency of deliveries. Farmer workload also went down, particularly in harvesting, drying and sorting produce.

“Farmers selling coffee beans to the company have said the new criteria are making it easier for them to sell their produce and to provide greater volumes to the company,” Nestlé Philippines said. — Revin Mikhael D. Ochave

Fish production rises 3.1% in second quarter

FISHERIES OUTPUT rose 3.1% year on year to 1.18 million metric tons (MT) in the second quarter led by commercial fisheries and aquaculture producers, the Philippine Statistics Authority (PSA) said.

In its fisheries situation report, the PSA said production of commercial fisheries, which accounted for 27.3% of total output, rose 13.5% to 321.72 thousand MT.

Harvests from aquaculture farms rose 3.4% to 566.94 thousand MT and accounted for 48.2% of total production.

Production of municipal fisheries fell 7.1% to 287.81 thousand MT and accounted for 24.5% of fisheries output.

Of the total output, 88.7% or 255.27 thousand MT consisted of fish unloaded at municipal landing centers while the rest were fish caught in inland waters.

The PSA said that of 20 major fish species in the country, the biggest increase in production was in bali sardinella (tamban) at 45.7% to 125,996 MT, followed by skipjack (gulyasan) at 19.7% to 74,048 MT, and round scad (galunggong) at 18.6% to 74,709 MT.

Other fish showing output gains were cavalla (talakitok), up 8.1% at 7,086 MT, yellowfin tuna (tambakol/bariles), up 3.5% at 29,847 MT, tiger prawn (sugpo), up 2.3% at 12,652 MT, milkfish (bangus), up 2.2% at 106,915 MT, and seaweed, up 1.1% at 312,480 MT.

Registering declining output were fimbriated sardines (tunsoy), down 45.9% at 13,096 MT, Indian mackerel (alumahan), down 24% at 13,906 MT, slipmouth (sapsap), down 17.5% at 9,324 MT, squid (pusit), down 15.2% at 12,694 MT, and big-eyed scad (matangbaka), down 13.2% at 25,994 MT. — Revin Mikhael D. Ochave

Mitsubishi PHL sales up by 39% in July

MITSUBISHI MOTORS Philippines Corp. (MMPC) reported that it registered sales growth last July. Its total of 3,149 units sold was 39% compared to June sales, and the company noted that the increase was reflected across its model lineup. The Mitsubishi Xpander moved 1,038 units, 63% improvement over June, followed by Mitsubishi Strada (up 58%), and the Mitsubishi L300 (up 19%).

Said MMPC President and CEO Mutsuhiro Oshikiri in a release, “We at Mitsubishi Motors Philippines Corp. very much appreciate the significant sales improvement achieved in the month of July — not just for the Mitsubishi brand but for the entire automotive industry. The progress represents the commendable capability of the Philippine market to adapt during these trying times. We hope that the strong momentum will continue and we at MMPC will strive harder to provide better offerings both in sales and aftersales service. Despite the very challenging situation that we are facing, (we remain) optimistic and inspired to serve our customers.”

MMPC is currently offering its “Head Start” promo giving free two-month amortization on the Xpander and Mirage G4, and the “Mid-Year Lowdown” for low down payment plans on the Strada, L300 and Mirage. The Montero Sport 4WD GT is also available for as low as P98,000 down payment or savings as high as P230,000 for cash buyers, or zero interest for 36 months. For more information, visit www.mmpc.ph or contact any Mitsubishi Motors dealership.

Yields on gov’t debt end flat as market trades RTBs

YIELDS ON government securities (GS) ended flat last week as market players traded the newly listed five-year retail Treasury bonds (RTB) and on news of the central bank funding state debt.

Bond yields, which move opposite to prices, were unchanged on average from the previous week, based on the PHP Bloomberg Valuation Service Reference Rates as of Aug. 14 published on the Philippine Dealing System’s website.

“Despite the flat week-on-week yields movement, market turned active once again after daily trading volume reached P40 billion on Aug. 13, for the first time in over a month, on newly listed RTB 5-13 trades — closing the week 7.8 bps (basis points) lower since its listing date,” First Metro Asset Management, Inc. (FAMI) said in an e-mail.

“Buying interest also reemerged for the FXTN 10-65 (10-year bonds) after it was reissued above market expectations, ending the week at 2.604%, down 12 bps from 2.724% awarded rate during the auction,” it added.

Meanwhile, a bond trader attributed the movement to investors welcoming hints from government officials on easing the lockdown in Metro Manila and nearby provinces beyond Aug. 18.

“However, the rise in yields was capped after data from the Bureau of the Treasury (BTr) indicated that the Bangko Sentral ng Pilipinas (BSP) bought almost half of local government debt issuances last July,” the trader said in an e-mail.

“The recent BSP action…was adopted by advanced economies right after the 2008 Global Financial Crisis as a way to influence long-term yields lower by purchasing government securities. This is highly seen to provide an accommodative lending environment which is pivotal to economic recovery,” the trader added.

On Aug. 7, the Treasury ended the three-week public offer for the RTBs after it raised a record P516.3 billion — P488.5 billion in fresh funds and P27.8 billion in switch subscriptions.

These bonds carry a coupon rate of 2.625% and were issued last Wednesday. They were also listed on the Philippine Dealing & Exchange Corp.

Meanwhile, the Treasury fully awarded reissued 10-year debt last Tuesday, raising P30 billion as planned and even opening the tap facility for P10 billion more to take advantage of strong investor demand and low rates.

Bloomberg reported on Wednesday the central bank purchased about P800 billion or 45% of government debt as of July, citing data from the Treasury.

Around P300 billion were obtained directly from the government while the P500 billion were bought from the secondary market, according to the report. The Treasury has yet to confirm the data.

The Monetary Board in March authorized the central bank to buy P300 billion in government securities from the Treasury via a repurchase agreement with a maximum repayment period of six months to boost the government’s war chest against the coronavirus disease 2019 (COVID-19).

Funding government debt has also been done by other emerging economies like Indonesia as the public sector scrambles to finance their COVID-19 response.

At the close of trading on Friday, GS yields ended mixed compared to Aug. 7 as rates of the 91-, 182-, and 364-day Treasury bills went down by 5.1 bps, 4.6 bps, and 1.1 bps, respectively, to finish at 1.237%, 1.489%, and 1.779%.

At the belly, the yield on the two-year Treasury bond (T-bonds) slipped by 0.3 bp to 2.006%, while rates of the three-, four-, five-, and seven-year T-bonds increased by 4 bps (2.183%), 7.8 bps (2.343%), 9.6 bps (2.477%), and 5.1 bps (2.636%).

The 10-year debt also rose by 1.1 bps to yield 2.704%, while the 20- and 25-year papers fell 8.9 bps (3.499%) and 7.4 bps (3.591%).

Both market participants see the yields this week being influenced by the Monetary Board meeting on Thursday, Aug. 20, even as BSP Governor Benjamin E. Diokno said last week there are “no compelling reasons” for further rate cuts at this time.

The central bank has cut policy rates by 175 bps so far this year, putting the rates of the overnight reverse repurchase, lending, and deposit facilities at record lows of 2.25%, 2.75 and 1.75%, respectively.

The bond trader, however, said escalating US-China geopolitical tensions and uncertainty on lockdown decisions may weaken yield gains.

“We see liquid five-year and 10-year securities to trade on slight downward bias,” FAMI said. — Marissa Mae M. Ramos

Style (08/17/20)

Farmers Garden plants online

PLANTITOS and plantitas may be interested to learn that they can visit their favorite Araneta City Farmers Garden plant shops online. Check out the various stalls’ online catalogue and avail of their online pabili service by visiting https://farmersmarketandgarden.aranetacity.com/index.html#Farmers-Garden, or join the Farmers Market & Garden P Viber group (bit.ly/FarmersMarketPH).

Aerian Essentials launches anti-viral masks

AERIAN ESSENTIALS has launched its first line of wearable face masks that are supposed to actively kill viruses upon contact. Designed and developed by a team led by Albert Andrada, Aerian Essentials has three design variants: premium, luxewear, and classic. The Aerian Premium masks are made for everyday use, while the Aerian Luxewear masks come in Andrada’s signature opulent colors and prints. The Aerian Classic masks incorporate indigenous prints from The Kadama Collective. Aerian Nanosilver has been developed with patented technology that binds nanosilver particles less than 5 nanometers in size to cloth, giving it anti-viral properties. The nanosilver does not leach, making it safe for the user and the environment. Each Aerian protective wearable has three layers: an exterior layer that blocks particles, the nCamM middle layer that kills viruses upon contact, and a protective inner layer that enhances the item’s longevity. The Aerian Classic is available for P299, the Premium mask is available at P799, and the Luxewear mask is available for P1,999. With proper care, each mask can last up to four months.  All of the masks are reusable. Aerian Essentials products are available via www.aerianessentials.com, through Instagram (@aerian.essentials) and Facebook (@aerianessentials). 

Self-disinfecting face mask

FINE HYGIENIC Holding’s Fine Guard mask uses virus control methods created by Swiss hygiene technology company Livinguard Technology, which are clinically proven to immediately neutralize and kill viruses on contact, with the added benefits of comfort, eco-friendliness, and cost-efficiency. Fine Guard masks have obtained multiple FDA certifications from around the globe. The Fine Guard Comfort  and N95 antiviral masks sterilize the air that passes through the mask, killing bacteria and viruses that slip through. The masks are designed to fit snugly and comfortably on the face, with size choices. They are available in blue and black. The masks have adjustable ear bands and can be easily worn by those who use eyeglasses as the masks sit right below the top of the nasal bone. It has been tested by Nelson’s Laboratories in the US for sensitization, irritation and acute dermal toxicity and its self-disinfecting textile have passed all three standards. The Fine Guard Comfort Mask retails for P995 and the N95 Mask is priced at P1,495; they are exclusively distributed by RPG Distribution Services, Inc. Fine Guard is available in True Value, Afpces, Rustan’s, and will soon be available in other leading retailers nationwide and e-commerce sites. For more information about Fine Guard products visit www.fineguard.me.

Galderma Aesthetics offers Restylane

ONE OF the pillars of the broad aesthetic portfolio of Galderma Aesthetics Philippines — which includes Dysport, Azzalure, and Sculptra — is Restylane, the world’s first stabilized non-animal hyaluronic acid (HA) filler. Restylane offers a diverse range of fillers that can be tailored to any individual look. Since its launch in 1996, Restylane has been producing innovation, specifically through its gel technologies: Restylane NASHA and Restylane OBT. Due to the high flexibility of these products, they’re able to move with the animation of the face and are suited for finer lines. Restylane ensures to give real and reliable results within a week, with immediate and visible results as one undergoes the procedure. Galderma Aesthetics Philippines is now expanding its presence online through Facebook and Instagram (@galdermaaestheticsph).

Landers’ 4th anniversary promo

MEMBERSHIP SHOPPING establishment Landers Superstore kicks off its 4th anniversary celebration by offering perks to new and renewing members. For starters, Landers is offering 25% off on its membership fee (P600 after the discount) for new members and those renewing their membership. The promo is valid for in-store applications and renewals until Aug. 31 and is open to all Premium and Business Primary cardholders. For every new membership or renewal, Landers is also giving away P200 worth of gift certificates from Kuya J, P200 worth of gift certificates from Isla Sugbu Seafood City, with an additional P200 gift certificate from either Popeyes (Manila only) or Majestic (Cebu only), for a total of P600 worth of gift certificates. Landers Superstores have an expansive shopping area with spacious well-lit aisles and  products ranging from imported products from the US, Canada, and Australia to high-quality local and exclusive brands. Members also get to join online and in-store sale events with discounts and promos for members, plus have access to the Landers’ website where they can shop and and have their purchases delivered to their homes. For more information or to apply for membership, visit any Landers superstore. Follow @landersph on Facebook and Instagram for the latest deals and promos.

Index inclusion, market expansion plan boost Emperador share price

By Lourdes O. Pilar, Researcher

NEWS of Emperador, Inc.’s inclusion in the 30-member benchmark Philippine Stock Exchange index (PSEi) and its plan to expand to Latin America next year lifted the liquor manufacturer’s stock price last week.

A total of P1.63 billion worth of 155.23 million shares exchanged hands from Aug. 10-14, data from the Philippine Stock Exchange showed. Emperador was the third most active stock that week.

Emperador shares finished at P10.98 apiece on Friday, up 20.7% from P9.1 a week ago. Since the start of the year, they went up 52.3%.

“This was mainly driven by the PSE’s announcement last Aug. 7 that Emperador will replace Semirara Mining and Power Corp. in the PSEi starting Aug. 17. This created demand on the stock from passive funds that are tracking the PSEi,” Philippine National Bank (PNB) Vice-President and Head of Equity Research Division Alvin Joseph A. Arogo said in an e-mail.

Mr. Arogo added the company’s plans to bring its local brandy brand to Latin America in 2021 has “helped marginally” in the stock’s price movements.

The PSE on Aug. 7 released the result of its semi-annual review of indices compositions. Included among the changes was the addition of Emperador to the PSEi, which means the company ranked among the highest in market capitalization and the top 25% by median daily value per month in nine out of 12 months, as well as having maintained a float level of at least 15%.

Emperador was also added to the PSE’s industrial subindex.

As of Friday, Emperador’s market capitalization was P162.37 billion, higher than Semirara’s P40.81 billion.

On Aug. 11, the Andrew L. Tan-led company said in a statement that its Mexican subsidiary, Casa Pedro Domecq, cornered 57% of the brandy market share in Mexico, citing data from marketing firm Nielsen Corp. This prompted the company’s plan to begin next year the export of its Emperador Brandy to Mexico and other Latin American countries.

Casa Pedro Domecq, which Emperador took control in 2017, manufactures three brandy brands in Mexico: Presidente, Don Pedro and Aztec de Oro. Together, these contribute 96% of Casa Pedro’s brandy sales in the country.

Emperador currently exports Emperador Brandy to North America, Asia, Europe, Russia and Africa.

Emperador’s brandy business accounted for P14.9 billion, or 69% of its total P21.5-billion revenues in the first half. Its attributable net income during the period grew 2.4% year on year to P3.3 billion.

The company controls Emperador Distillers, Inc.; Scotch whiskey maker Whyte and Mackay Group Ltd.; and Spain-based Bodegas Fundador S.L.U.

“Emperador’s share price will likely continue to be buoyed by buying from passive funds,” PNB’s Mr. Arogo said.

In a separate e-mail, Mercantile Securities Corp. Analyst Jeff Radley C. See said the stock “might slide a bit” as investors take the opportunity to sell at a profit, but noted that overall, “it is still bullish.”

Mr. See pegged the stock’s support at P10 and resistance levels to be between P11.50-P11.60.

New quarantine measures to dictate stock trading

LOCAL SHARES are expected to rally this week as investors wait for the government’s announcement on quarantine measures to be implemented in Metro Manila.

The bellwether Philippine Stock Exchange index (PSEi) fell 20.87 points or 0.34% to end at 6,076.91 on Friday, which broke the local market’s four-day winning streak.

Net foreign buying reached P516.25 million on Friday while value turnover was at P9.46 billion, with 6.80 billion shares changing hands, against Thursday’s P17.15 billion worth of 1.35 billion shares.

Philstocks Financial, Inc. Research Associate Piper Chaucer E. Tan said in a mobile phone message that the market may move to positive territory this week as a result of optimistic investor sentiment in light of the upcoming announcement by President Rodrigo R. Duterte on quarantine measures in Metro Manila.

“The market may rally towards and will move at our forecasted range for this week at the 6,000 to 6,300 range due to the positive sentiment of moving the nation’s capital to general community quarantine, which more businesses are allowed to operate,” Mr. Tan said.

Metro Manila and the nearby provinces of Bulacan, Laguna, Cavite, and Rizal were placed under stricter lockdown protocols for two weeks until Aug. 18 due to requests from medical frontliners for a respite amid rising cases of coronavirus disease 2019 (COVID-19).

The request aims to provide the government an opportunity to curb the growing number of COVID-19 cases in the capital.

Mr. Duterte is expected to announce new quarantine measures for these areas on Monday.

However, Mr. Tan said rising COVID-19 cases during the upcoming week may be negative for the market.

Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said the market’s next line of support may be at the 5,700 level.

“We may have to see if the psychological support at 6,000 holds. However, if the market moves higher, we’ll see if the index ends near the 6,400 resistance area,” Mr. Pangan said in a mobile phone message.

“The meeting between the US and China’s trade officials set to take place this weekend was postponed, and we’ll see how this may affect market sentiment on Monday,” he added.

The scheduled meeting between the two economic superpowers on Saturday was delayed due to conflicting schedules and the need for China to buy more US exports as part of their phase one trade deal signed earlier this year.

Meanwhile, online brokerage 2TradeAsia.com said in a market note placed the PSEi’s resistance between the 6,200 to 6,250 levels.

“Guidance might stem from the local central bank’s policy meeting and the national government’s next move on quarantine restrictions,” it said. — Revin Mikhael D. Ochave

Philippines bans chicken imports from Brazil on coronavirus scare

MANILA — The Philippines imposed a temporary ban on poultry meat imports from Brazil on Friday after two cities in China found traces of the new coronavirus in cargoes of imported frozen food, including chicken wings from the South American country.

Shenzhen city authorities identified the chicken as originating from a plant owned by Aurora, Brazil’s third-largest poultry and pork exporter.

Brazil has the world’s second-worst COVID-19 (coronavirus disease 2019) outbreak after the United States, recording more than 3.2 million cases and more than 105,000 deaths since the pandemic began.

“With the recent reports from China and in compliance with the country’s Food Safety Act to regulate food business operators and safeguard Filipino consumers, the temporary ban on the import of chicken meat is imposed,” the Department of Agriculture said in a statement.

It did not say how long the ban would be enforced. Brazil accounts for around 20% of the Philippines’ poultry meat imports.

Aurora, which is unlisted, said it had not been formally notified by the Chinese authorities of the alleged contamination. The company said it takes all possible measures to prevent the spread of the coronavirus and there is no evidence it is spread through food. Brazil’s agriculture ministry said it was seeking clarification from Chinese authorities.

The Philippines’ Department of Agriculture assured the public, however, that chicken products currently in the local market were safe to eat.

The World Health Organization said on Thursday it saw no evidence of coronavirus being spread by food or packaging and urged people not to be afraid of the virus entering the food chain. — Reuters

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