Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 8842

Storytelling through the digital space

THE Philippine Educational Theater Association (PETA) revisits the tradition of storytelling, this time online.

Following the weekly online workshop series, Let’s Get Creative, and an online workshop for kids called Let’s Get Creative PLUS, PETA has launched Storytelling Sundays which showcases stories focusing on Filipino values for families during quarantine.

Performances are livestreamed on PETA’s official Facebook page and YouTube channel.

The first episode, which premiered on May 17, is a tribute to award-winning playwright and author Rene Villanueva (1954-2007). The session features the Palanca award-winning short story for children “Nemo, Ang Batang Papel,”told by Ian Segarra with shadow play animation by John Moran; and “Ang Mga Zimbragatzee ng Planetang Zing,”narrated by Norbs Portales with live creative sound by Ada Tayao and, illustrations by Mikou David.

“He was one of the key writers for Batibot, our version of Sesame Street,” PETA Artistic Director Maribel Legarda, who directed the premiering shows, said of Mr. Villanueva. “He was very involved with PETA and I think this would be a wonderful platform to be able to give tribute to this man who passed away too soon.”

The second episode of Storytelling Sundays on May 24 will feature Bodjie Pascua whom kids and most viewers know as Kuya Bodjie from the television series Batibot. Mr. Pascua will be reading Jeanette Patindol’s “Tight Times,” about how families cope during times of scarcity. Joining Mr. Pascua is the 10-year-old winner of the 2019 Lampara Storytelling Competition, Frances Villadarez, who will be reading Segundo Matias, Jr.’s “Sikat ang Mommy Ko!.”

The third episode, which will be held on May 31, will feature Felinda Bagas’ “Girl in a Box,” directed and performed by Ian Segarra.

To watch the storytelling sessions, visit PETA’s Facebook page www.facebook.com/petatheater and YouTube Channel www.youtube.com/petatheateronline. — MAPS

Investors remain upbeat on Ayala Corp.

By Lourdes O. Pilar
Researcher

IMPROVED investor sentiment made Ayala Corp. one of the most actively traded stock in the exchange last week after President Rodrigo R. Duterte’s apology to the Zobel brothers earlier this month.

Ayala Corp. was the fourth most actively traded stock with a total of 1.860 million shares worth P1.282 billion having exchanged hands on the trading floor during the trading week from May 11 to 15, data from the Philippine Stock Exchange showed.

Shares in Ayala Corp. closed at P670 apiece on Friday, down 4.8% on a week-on-week basis. Since the start of the year, the stock has fallen 13%.

“The upbeat momentum [last] week was driven by improved investor sentiment supported by President Rodrigo R. Duterte’s public apology after months of tirades over the company’s water concession agreement with the government,” Charlene Ericka P. Reyes, officer-in-charge of trading and research at First Resources Management and Securities Corp., said in an e-mail.

Earlier this month, Mr. Duterte apologized to the Zobel brothers and the group of Manuel V. Pangilinan for the “hurting words” he said against their companies in recent months. The apology was prompted by the businessmen’s assistance during the coronavirus disease 2019 (COVID-19) crisis.

Ayala Corp. Chairman Jaime Augusto Zobel de Ayala was among the first businessmen who responded to Mr. Duterte’s call to ease the plight of workers during the crisis.

Late last year, Mr. Duterte threatened to file economic sabotage cases against east zone concessionaire Manila Water Co., Inc., in which the Ayalas hold a 51.4% stake, and Maynilad Water Services Inc., the company led by Mr. Pangilinan’s holding firm which serves Metro Manila’s west zone and nearby provinces.

“I think among the conglomerates Ayala Corp. was the least affected with the drop in their annual and quarterly report,” said Jeff Radley C. See, analyst at Mercantile Securities Corp., in a separate e-mail.

The oldest conglomerate in the country’s net income attributable to owners of the parent company fell by 17% to P6.66 billion during the first three months of 2020 from P8.03 billion in the same period reported a year ago as the COVID-19 pandemic pulled down its property, banking and industrial business segments.

“Looking forward, the company will be regaining its momentum once operation will be back to normal starting end of second quarter. The move by Ayala Corp. to focus on other companies such as hospital and energy was a good move since those industries are the ones resilient to this pandemic,” Mr. See said.

“What we expect with Ayala Corp. is to map out a new normal direction to survive for now due to the volatile situation caused by COVID-19,” Summit Securities, Inc. President Harry G. Liu said in a Viber message.

First Resources’ Ms. Reyes, meanwhile, expects weaker earnings for the second quarter attributed to a longer enhanced community quarantine implementation.

“With the diversified business of Ayala Corp., the coronavirus pandemic is expected to drag its earnings performance with (1) decreased rental income and lower foot traffic from its malls, and hotels; (2) decreased recurring income from its office business segment; (3) lower residential sales and delayed project launches this year; and (4) large loan loss provisions for its banking segment tempering its bottom line,” Ms. Reyes said.

This week, Ms. Reyes gave Ayala Corp. an immediate support level at P660 followed by the next-level support at P600 with an immediate resistance at P709, followed by a resistance at P762.

For Mr. See, he pegged the stock’s support levels at P675, P600, and P507, while resistance levels are at P705, P750, and P856.

Summit Securities’ Mr. Liu placed Ayala Corp.’s support between P550 and P600 and resistance between P700 and P750.

WFH during the ECQ : Robinsons Bank’s Kevin Palma

FOR some people, working from home means converting their TV screen for trading.

Ordered to stay home for two months, Filipinos learned to adapt to the “new normal” and realized that going to office daily physically may not be the best course of action considering the risk of contracting the highly infectious coronavirus disease 2019 (COVID-19).

Companies were forced to adopt continuity plans to avoid massive business disruption during the enhanced community quarantine (ECQ, now the modified ECQ) while many employees learned to establish “offices” in the comfort of their homes.

For Kevin Palma, peso sovereign debt trader of Robinsons Bank Corp., he converted his flat screen TV into a trading platform and gathered four more gadgets to help him trade at home and make up for the four screens he uses in the office.

“I have about four gadgets helping me trade at home. All of those have functions such as trading platforms, real-time news, charts, reading e-mail, my recorded communication with counterparties and colleagues, etc.,” he said in an interview conducted via Viber.

For a job that entails huge risks especially in terms of data protection, he said Robinsons Bank was quick to provide them with the needed tools and support for their work-from-home (WFH) setup ( in his case, trade from home), without compromising work quality and classified information.

“Even before the ECQ was implemented, Robinsons Bank proactively triggered business continuity measures including splitting the operations into two or more sites while adopting a skeleton force, just to name a few,” he said.

His work routine also changed with the work from home scheme, noting that the line dividing work and rest has blurred.

“The thing is, ever since I started working from home, there is this urge to be productive as soon as I wake up. Unlike before, I needed to get ready and drive going to the office and that somehow enables me to warm-up and think how I will be able to attack the day,” he said.

But in terms of work quality, he said nothing changed drastically as he still aims to deliver the same output quality, if not better, so his colleagues and higher-ups will not feel any difference.

“At the end of day, the company provides us with so many tools to be able to work from home efficiently and the least we can do as employees is to give it back and work accordingly,” he said.

Aside from adjusting to his new work setup and work routine, he recalled that the first few days of the lockdown “presented unforeseen challenges across all industries and the first week of it was a pivotal moment to adjust from the old to the new normal.”

“In the case of financial markets, everyone had to adjust to the new normal and digest everything that’s happening as COVID-19 cases continued to escalate at that time and we were just in the initial stage of the global health pandemic,” he said.

It was around mid-March when the benchmark Philippine Stock Exchange index (PSEi) posted its biggest single-day drop since the global financial crisis in 2018 as pandemic fears spooked investors.

Looking back, the Philippines was the first country to shut all financial markets amid the pandemic during the first day of the Luzon lockdown on March 17.

Officials attributed the sudden but temporary shutdown to oversight when the services arm for trading Philippine Dealing & Exchange Corp. (PDEx), securities Philippine Depository & Trust Corp. (PDTC), and payment and transfer Philippine Securities Settlement Corp. (PSSC) were not exempted from home quarantine protocols.

Exemptions were given the following day, prompting the market platforms to resume operations within the week but adopting shortened hours.

For fixed-income trading, the schedule of the pre-open session at 8:30 a.m. and morning session of 9 a.m. to noon were retained, while the break period was shortened to 12:00-12:59 p.m. The start of the afternoon session was moved earlier to 1 p.m. from 2 p.m. previously, and the closing of the market is now at 2 p.m., from 4 p.m., previously.

Following the new work setup, Mr. Palma starts his day at 7 a.m. to go about his morning routine and get ready for his 8:30 a.m. daily virtual meeting with his colleagues and bosses via Microsoft Teams during which they discuss their strategies for the day before formally starting the trading day at 9 a.m.

He usually spends his one-hour lunch period working on the reports he needs to finish and squeezes in a light snack before government securities reopen at 1 p.m.

“The GS market ends at 2 p.m. daily and from there I do my end-of- day reports that I need to report to the management,” he said.

Mr. Palma said there are pros and cons to working from home, and for someone who learned to adapt like he did, he said remote working benefits both the employees and the company.

“Looking forward, I think the work from home scheme is sustainable for some since it saves a reciprocal deal of time and money for both the employees and the company,” he said.

“Satellite trading is not as exciting as trading onsite but the technology is exactly the same as we had in the workplace minus the social interactions with colleagues,” he added. — Beatrice M. Laforga

Relax and take a deep breath

LET ME go a bit against the grain here. Have you seen the Metro Manila skyline lately? It’s incredible. Frankly, I didn’t anticipate the day when I could look forward to opening my windows in Makati to welcome in some refreshing whiffs of crisp, clean air as flocks of birds occasionally fly by, or ever notice that it was actually possible for me to peer straight into the horizon of Manila Bay, while watching a beautiful sunset silhouette of a bunch of ships floating close to our harbor.

Gosh, I always daydreamed about what our Makati Central Business District would look and feel like if we at least had the air quality of Singapore (not during the haze, of course) — and this is it! This is as good as it can get.

This is how breathtaking (pun intended) a regular day in our metropolis could be, if only we could, as the country’s capital, rid ourselves of our daily sources of air pollution. Yes, I’d like to think that these last few months of the community quarantine may actually be our “free trial period” of how amazing our urban air quality could be, if we completely shifted to electric vehicles (EVs)! Wishful thinking comes for free, doesn’t it? I wish it was as simple as having us all agree on this one thing, and then clicking “subscribe” to opt in.

I know, I know… We’ve got a hell of a long way to go! But I think we’re already off to a positive start. And doesn’t it always help to have a little prelude of the grand prize to give that extra nudge of encouragement? The largest ever number of local automotive players have begun announcing their interest (pledges, even) to bring in electric vehicles to the Philippines, since last year. I cannot wait for Nissan Philippines to bring in their world-acclaimed Nissan Leaf for Filipinos to consider. I also am closely following the progress of the MX-30 — Mazda’s first-ever plug-in electric vehicle, which will soon be commercially available in Europe — and am clutching my seat as I await when its debut in the ASEAN region may be.

Meanwhile, even the lavish, performance-driven brands have started going in this direction. Lotus has announced that interested Filipino customers may order and customize the specs of their latest all-electric hypercar, the Evija — whose manufacture will begin in the latter part of 2020.

Furthermore, we all know about the government’s ongoing push to convert PUVs into e-jeepneys and e-trikes. Why, even electric motorcycles are (finally) slowly gaining some recognition among riders, and are beginning to build their own unique fanbase. Yes, I agree that EV progress is slow, but at least it’s a step in the right direction. And I’m banking on the fact that maybe more people will be convinced now that they’ve gotten a free taste of the bigger picture. Or maybe some people (like motoring journalists, ahem) should point it out to their faces — just in case it’s something they haven’t yet realized without someone else deconstructing it for them.

And we have everything to gain. Everything. Isn’t our current COVID-19 predicament a global health concern? As we know, clean air isn’t just about a visual appreciation of clear skies, epic sunsets, and the overall magnificence of nature. It isn’t fantasizing about whether the Philippines could ever feel like a first-world country (environmentally, at least). Clean air is not simply an aspiration of the financially free, who seek the luxury of driving their convertibles top-down into the city. Rather, the benefits of clean air are universal. Clean air is a huge economic gain for all Filipinos — simply because, well, health is wealth!

Some individuals have argued that clean air is the least of the problems of our poor (after all, breathing air is free), and yet I think they fail to recognize that poor air quality often leads to respiratory issues — and these all come with economic cost, including a budget line from the government. Not only is it a simple computation of accumulated medical costs; it should factor in productive years of life lost from being less fit for work.

Ultimately, a complete shift to electric vehicles is no silver bullet for solving our air quality concerns and/or keeping our carbon emissions at bay. They do have their own setbacks, and we are far from having perfected the manufacture and recycling process of high-capacity batteries. But as with anything, we have to start somewhere — and as soon as possible. Frankly, I’d love to wake up to beautiful, clear morning skies and to pleasant views of cyclists traveling alongside EVs because, for once, they don’t have to huff and puff toxic fumes!

Don’t you?

Baking goods sales spike during lockdown

BAKING goods sales are up in supermarkets during the enhanced community quarantine, as a spike in demand in certain goods signals possible price increases while supplies are still beginning to improve.

Philippine Amalgamated Supermarkets Association (Pagasa) President Steven T. Cua said in a phone interview on Friday that there has been some improvement in overall goods supplies in Metro Manila supermarkets after the movement at checkpoints eased, while supplies in Cavite and Palawan are still down.

He said baking and cooking goods demand has increased, including baking powder and hotcake mix.

“Hotcakes are selling like hotcakes — two boxes, three boxes, agawan ang tao (buyers compete),” he said.

Mr. Cua said that the increased demand in certain goods explains an increase in prices at supermarkets.

“Tumataas ang demand, mababa ang supply (demand is increasing, supplies are down)…We now have to source outside our regular source of supplies.”

The price freeze on essential goods ended on May 15, returning price regulations to the trade department’s suggested retail prices released in September.

“It’s very difficult to monitor prices right now. We show them how we got (the goods) and how much we got it at… all they could of course do is convince us, plead with us to retain prices at which we had them before,” he said.

“Of course, these are dating prices naman na galing sa supplier namin. We don’t increase prices naman; hindi kailangan. Tumaas naman benta. (Of course these are the old prices coming from our suppliers. We don’t increase prices. It’s not needed. Sales have gone up.) But ‘yung other items that we had to go out of our way to get for customers, there’s a lot of extra effort in that and we have to add people for that,” he added.

Mr. Cua said that among non-food products, demand for alcohol, disinfectants, and hair trimmers are up.

He said the increase in online grocery demand has not significantly affected their brick-and-mortar sales, as most e-commerce buyers are a small number of wealthier customers who are willing to pay delivery fees.

Pagasa is now considering its future in the “new normal” as lockdown restrictions ease. Mr. Cua said that their members now have different plans given varying rules in different local governments.

“We don’t have a common plan. Kasi kanya-kanyang (each are dealing with their own) situation din…Maraming (there are plenty of) constraints…Just handling those constraints takes the time away from you to plan ahead. You’re just dealing with the day-to-day issues that you have to contend with.” — Jenina P. Ibañez

UP Visayas develops low-sodium patis made from green mussels

A LOW-SODIUM fish sauce made from fermented green mussels, or tahong, has been developed by the University of the Philippines-Visayas Institute of Fish Processing Technology.

In an e-mail interview, project head Ernestina M. Peralta said that the product, branded ‘Patis Tahong,’ is being positioned as a substitute for patis, a fermented fish sauce known as patis in the Philippines which is used as a condiment all over Southeast Asia.

“It is high in protein, amino acids, zinc, calcium, and iron. Meanwhile, it is low in salt, fat, cholesterol, and calories. Also there’s no monosodium glutamate (MSG) added,” Ms. Peralta said.

Patis Tahong has also been found to contain antioxidants she said.

“The newly-developed product can be showcased as a gourmet condiment that can compete with other premium quality fish sauce products from other countries like Thailand and Vietnam,” Ms. Peralta said.

Ms. Peralta said mussels are one of the top 10 aquaculture species produced in volume, but their value is low compared to other shellfish such as scallops.

In 2014, tahong production was 18,800 metric tons, the Department of Science and Technology (DoST) said.

“The development provides an opportunity to utilize the species and convert it into a value-added product. Patis Tahong was conceptualized and developed as an addition to the array of Philippine salt-fermented products,” Ms. Peralta said.

Patis Tahong also provides livelihood options in areas with surplus tahong production, she said.

“The capital requirement for production is low and the technology used is easy to adopt,” Ms. Peralta said.

Patis Tahong is the result of the Mussel Sauce Project funded by the DoST’s Philippine Council for Agriculture, Aquatic, and Natural Resources Research and Development (PCAARRD). — Revin Mikhael D. Ochave

VLF 2020: On family and acceptance

FOR the first time since its launch in 2005, the Cultural Center of the Philippines (CCP)’s Virgin Labfest (VLF) theater festival, which focuses on new, unstaged works, is going online.

From June 10 to 28, the 16th edition of Virgin Labfest, titled VLF 2020 KAPIT: Lab in the Time of Covid (A Virtual Labfest Lockdown Edition), will go “onstage” on YouTube and Facebook.

Ten new works, three revisited works, and six staged readings will take the virtual stage. All the plays will premiere with live performances on the CCP’s YouTube channel and Facebook page. Then from June 14 to 28, the shows will be streamed on iWant.

In a series of interviews which will be released in the weeks leading up to the festival, BusinessWorld talked to VLF directors and scriptwriters about their stories.

Tyron Casumpang’s BlackPink follows a father’s discovery that his youngest son — a staunch fan of Korean girl group BlackPink — was prohibited by his school principal to dance to BlackPink’s “Kill This Love” for the Family Day Talent Contest. The boy’s only chance to join the competition is if he finds other male students to dance with him.

The play’s director, Jethro Tenorio, noted that in the story, the long-time widower assumes that his youngest son is gay. “The father is very supportive from the very start,” Mr. Tenorio said in the interview via Zoom. As the story unfolds, the father’s assumption is proven wrong.

“Kung may malawak na spectrum ang LBGTQIA [community], huwag nating kalilimutan na meron din ibang mukha ang heterosexuality na hindi din dapat nasa iisang mold lang ang straight male (If there is a wide spectrum in the LGBT community, we should not forget that there are also different faces of heterosexuality, a straight male is not come in a single mold). [Sa] dulang ito (In this play), the straight male can be in touch with his feminine side,” Mr. Tenorio said.

“It’s a celebration of the connection between the family and the connection also relies on their acceptance of each other,” he said.

CHALLENGES AND LESSONS
The cast is composed of four actors who assume the roles of the father and his three sons.

Mr. Tenorio said that the cast has just finished the blocking for the play, and is currently working on “the challenging part” which includes chase scenes.

“Enjoy siya kasi ibang timpla ng creative juice ‘yung hinihingi sa atin (It’s enjoyable because it requires a different mix of our creative juice),” he said. “Every rehearsal, [we] discover possibilities of storytelling. May maitutulak pa pala sa storytelling sa theater kahit nasa online format (There are ways to push theatrical storytelling forward even through the online format).”

“Ito ay kwento ng pagtanggap [at] pagmamahalan, sa paraang nakakatawa. At dahil fresh pa sa memory natin yung “Kill this Love” ng BlackPink, sana mapasayaw tayo kahit sa sari-sarili nating bahay (This is a story of acceptance and love showcased through a comedy. And since Blackpink’s “Kill This Love” is still fresh in our memory, I hope we dance along in our own homes).”

BlackPink will stream live on June 11 (5 p.m.), and June 28, (8 p.m.).

Aside from the revisited plays and staged readings, viewers can also catch the VLF Playwright’s Fair online with this year’s featured writers on June 11-14, 17-20, 25-27 at 8 p.m. Meanwhile, the Virgin Labfest 2020 Writing Fellowship Program will culminate with an online staged reading of the fellows’ works on June 28 at 2 and 5 p.m.

For more details and show schedules, visit https://www.facebook.com/culturalcenterofthephilippines/ and https://www.facebook.com/thevirginlabfest/. — Michelle Anne P. Soliman

New Lamborghini Huracán EVO RWD Spyder revealed via AR

AUTOMOBILI LAMBORGHINI did something it had never done before — launch a car digitally through augmented reality (AR). That’s how the Italy-based super car maker chose to reveal the new Lamborghini Huracán EVO Rear-Wheel Drive Spyder on its official website, www.lamborghini.com.

The new model is a rear wheel-driven super car boasting lightweight engineering and a specially tuned Performance Traction Control System (P-TCS). Its naturally aspirated V10 power plant churns out a brutish 610hp and 560Nm of torque. As with its coupe version, this Spyder zooms from standstill to 100kph in 3.5 seconds, onward to a top rate of 324kph.

Lamborghini says that the Lamborghini Huracán EVO RWD Spyder is engineered as a “pure driver’s car,” remaining focused on the driver’s skills. Along with the setup of its rear-wheel-drive powertrain, the vehicle is said to guarantee “unfiltered physical feedback and maximum engagement, delivering an exhilarating driving experience via hardware rather than software.”

While delivering copious amounts of torque, the specially tuned P-TCS system also assures traction. The Anima button on the steering wheel controls driving modes, with the P-TCS adjusting to the chosen mode. In Strada mode, the vehicle focuses on stability and safety in all conditions through minimal rear-wheel slippage. The system also manages torque delivery in conditions of low grip. Sport mode allows “drifting fun as the rear wheels can slide and skate during acceleration.” The system still limits torque output whenever oversteer angles increase rapidly — leading to stabilization and control. Corsa mode optimizes the car’s traction and agility when exiting a corner at high speeds.

The Huracán EVO RWD Spyder’s aluminum and thermoplastic resin body sits on a lightweight chassis made from aluminum and carbon fiber. It tips the scales at 1,509 kilograms and boasts a weight-to-power ratio of 2.47 kg/hp. The vehicle’s front/rear weight distribution is 40/60; and it boasts ventilated and cross-drilled steel brakes that stop 19-inch Kari rims fitted with special Pirelli P Zero tires. Optional are optional carbon ceramic brakes and 20-inch wheels.

The RWD is different from the earlier Huracán EVO 4WD Spyder as it sports updated front and rear features — like a splitter and vertical fins within the larger, framed front air intakes, and a unique diffuser incorporated into the rear bumper that’s finished in high-gloss black.

The soft-top roof stows under the rear hood within 17 seconds, a functionality possible even at speeds of 50kph. The car’s rear window can be electronically opened regardless if the roof is up or down, functioning as a windshield when it is up. Two removable lateral wind shields dampen lateral aerodynamic noise in the cabin, permitting conversations even at high speeds.

An 8.4-inch HMI touchscreen placed on the center console controls the car’s various functions, as well as provides comprehensive connectivity for telephone calls, internet access and Apple CarPlay. Color and trim customization options are available via Lamborghini Ad Personam.

Said Automobili Lamborghini Chairman and CEO Stefano Domenicali: “The Huracán EVO Rear-Wheel-Drive Spyder doubles the driving fun, delivering raw driving pleasure with the opportunity to celebrate life outside. The driver is perfectly in touch with Lamborghini’s engineering heritage, experiencing the feedback and engagement from the setup of a rear-wheel drive car where electronic intrusion is minimized, while enjoying the sense of freedom and spirit of life that only open-top driving provides.”

Rates of T-bills seen declining further

RATES OF Treasury bills (T-bills) on offer this week will likely ease further on robust liquidity as investors put their idle funds to work via the short-term government papers.

The Bureau of the Treasury (BTr) on Monday will auction off P20 billion in T-bills, broken down into P5 billion each for 91- and 182-day papers and P10 billion worth of 364-day securities.

On Tuesday, the BTr will offer P15 billion in 35-day T-bills.

For Noel S. Reyes, first vice-president and chief investment officer of the Asset Management Group at Security Bank Corp., yields on the short-term papers will continue to decline as investors still prefer investing in this part of the curve.

“Expect short end rates to continue to trend lower as the curve steepens and investors shift to this part of the curve. The long end maturities have had a decent run and should warrant profit taking. Hence, this flow will see a shift to the shorter dates,” Mr. Reyes said in a text message on Saturday.

Particularly, rates for the T-bills could drop by as much as 20-30 basis points (bps) from the yields fetched in the previous auction while rates for the 35-day papers could range within 2.2-2.3%, according to Michael L. Ricafort, chief economist of Rizal Commercial Banking Corp.

Last week, the BTr upsized the volume of T-bills it awarded to P22 billion from the programmed P20 billion as rates dropped across-the-board and bids soared to P87.187 billion.

It fully awarded P5 billion in three-month papers at an average rate of 2.269%, 21 bps lower than the 2.479% rate the week prior.

The Treasury also raised P7 billion in six-month T-bills as rates declined to 2.374%, while it made a full award of the programmed P10 billion via the one-year securities at an average yield of 2.761%.

At the secondary market, yields on the short-term papers stood at 2.271%, 2.405%, 2.454% and 2.733% for 35-, 91- 182 and 364-day T-bills, respectively on Friday, based on PHP Bloomberg Valuation Service Reference Rates.

For this week, Mr. Ricafort said the auctions will be met with strong demand which will pull down rates further as investors put their excess funds in safe-haven assets.

He said investors are taking a “more conservative stance” during the community quarantine period and are opting to hold on to cash due to reduced business and spending activities.

“Easing inflation at 2.2% in April 2020 and economic contraction of -0.2% in 1Q 2020 fundamentally supported easing local interest rate benchmarks (PHP BVAL yields), despite recent signals from BSP (Bangko Sentral ng Pilipinas) Governor [Benjamin E.] Diokno about a possible pause in monetary easing at the moment,” he said via Viber over the weekend.

“On other external factors, increased tensions recently between the US and China that could further weigh on the global economy (on top of economic contraction with risk of recession largely due to COVID-19 lockdowns) could have also supported the recent easing trend in interest rate benchmarks in the US and locally,” Mr. Ricafort added.

Meanwhile, the BTr announced in an advisory that the first and second rewards draw for the Premyo bonds will push through on June 18 after a series of postponements during the lockdown.

The government is planning to borrow P170 billion from the local market this month: P110 billion via its weekly T-bill auctions and the remaining P60 billion via Treasury bonds to be offered fortnightly. — Beatrice M. Laforga

Vista Malls reopen on shortened hours, limited services

THE OPERATOR of Vista Malls has joined similar businesses in opening over the weekend as the government relaxed quarantine measures to jumpstart the economy.

In a statement Sunday, Villar-led Vistamalls, Inc. said it had opened 20 Vista Malls last Saturday and will be opening another one today, Vista Mall Taguig.

While operations have resumed, Vista Malls are still on shortened mall hours and only allow limited services and shops as they continue observing safety protocols against the coronavirus disease 2019 (COVID-19).

Other facilities such as Vista Cinemas, play areas and rest areas will remain closed as ordered by the government.

“Vista Mall’s priority is to continue serving the essential needs of its communities while protecting everyone from the potential spread of the virus,” it said.

Mall goers are required to go through temperature scanning upon entry, and only those with body temperature below 37.5 degrees Celsius will be allowed inside. Hand and foot sanitation through alcohol and foot bath will also be part of the procedure.

Once inside, wearing of face masks is required at all times. Each person must observe physical distancing by keeping at least two meters from one another.

For tight spaces such as elevators and escalators, floor stickers have been mounted to guide traffic and a three-step rule is in place to set per-rider distance.

Vista Malls also promised to do regular disinfection of common areas and ultraviolet sterilization of high-touch spots such as handrails.

“Vista Mall reopening its doors is a step towards facing the new normal. With new paths being forged in navigating this new reality, Vista Mall remains committed to continue providing unparalleled service to its customers, business partners, and tenants,” it said.

Other malls that have resumed operations while Metro Manila and parts of the country transition to a modified enhanced community quarantine (MECQ) are Megaworld Corp., Robinsons Malls and SM Supermalls.

MECQ in Metro Manila is in place from May 16 to May 31. — Denise A. Valdez

China urges food companies to boost supplies on fears of further COVID-19 disruption

SINGAPORE/BEIJING — China has asked trading firms and food processors to boost inventories of grains and oilseeds as a possible second wave of coronavirus cases and worsening infection rates elsewhere raise concerns about global supply lines.

Both state-run and private grain traders as well as food producers were urged to procure higher volumes of soybeans, soyoil and corn during calls with China’s Ministry of Commerce in recent days, three trade sources told Reuters.

“There is a possibility of a breakdown in supply pipelines due to the coronavirus infections. For example, a port of origin or destination might shut down,” said a senior trader at one of China’s leading food processors, which was on a call last week with authorities to discuss purchases.

“They have advised us to increase stocks, keep supplies higher than we usually have. Things are not looking good in Brazil,” he added, referring to China’s main supplier of soybeans and a key meat exporter where the number of coronavirus cases has surpassed those in Spain and Italy.

A second source in China who was briefed by a person who attended one of the meetings said China’s Ministry of Commerce met with some state companies on Tuesday to discuss how to guarantee supplies during the pandemic.

“One of the main concerns is how the epidemic in South America might impact supplies (of beans) to China,” the source said.

China’s Ministry of Commerce did not respond to a fax seeking comments on plans to increase food stocks.

Brazilian shipments of soybeans were delayed in March and April due to a combination of heavy rains and reduced manpower as coronavirus containment measures took effect, leading to a plunge in Chinese soy inventories to record lows.

Arrivals from Brazil have since rebounded, but authorities remain wary of fresh disruptions.

China’s state-owned agriculture conglomerate COFCO and grain stockpiler Sinograin have been stepping up purchases of US soybeans and corn in recent weeks.

Chinese importers bought at least four cargoes, or about 240,000 tonnes, of US soybeans on Monday for shipment beginning in July, two traders familiar with the deals said.

Beijing has also increased its allocations of crop import quotas to major grain buyers, paving the way for further potential purchases.

China is under pressure to buy more US farm products under a trade deal signed between Washington and Beijing in January, and trade sources expect more of China’s crops to come from the United States once the South American export season ends and the North American harvests approach in the autumn.

“The effort is to build supplies, not just from Brazil, but from all over,” said the senior trader at the food processing company. “US beans are looking attractive from September onwards,” he added.

US crop export sales data show that Chinese buyers have accelerated soybean purchases of the upcoming crop, with new crop bookings of 374,000 tonnes already registered, compared with an average of 60,000 tonnes for this period since 2016.

China is also a top meat importer and is facing a large domestic supply shortfall following an outbreak of African swine fever which has decimated its pig herd, the world’s largest.

Imports from the United States — the top global pork exporter — had been expected to surge as a result, but widespread COVID-19 outbreaks at US slaughterhouses and processing plants have cut national meat output.

China has booked a record volume of US pork shipments already this year, raising concerns about fresh tensions between the countries if US meat production problems curb domestic supplies at a time when shipments to China remain strong. — Reuters

Flying in a pandemic: How Cebu Pacific copes

THE pandemic has effectively shuttered the airline industry. In the Philippines alone, the lockdowns have caused airlines to lose P7 billion monthly according to the Air Carriers Association of the Philippines, Inc. (ACAP), prompting them to seek almost P9 billion in monthly aid from the government.

Just a year ago, more than 1.45 billion people travelled the world, according to the United Nations World Trade Organizations. Last year, the Philippines welcomed 8.26 million foreign travellers.

While international travel has paused indefinitely, local carriers like Cebu Pacific Air (CEB) continue to work with a skeleton workforce doing sweeper and cargo flights.

“When our first passenger for 5J 646 boarded, I clearly remembered her saying that she couldn’t believe that they were going back to Manila. Her words struck me and I felt the weight of what we were doing for them. For many, it was an answered prayer,” Christine Joy Madamba, a CEB cabin crew member, was quoted as saying in a company release.

Ms. Madamba worked on two repatriation flights (5J 646 and 5J 690) from Puerto Princesa to Manila on March 26, shuttling hundreds of people from the vacation island to the capital. It was the first time she has done so.

“Volunteering to fly during difficult times is not new to me. I feel a certain sense of responsibility — a lot of people are counting on me to bring our guests home safely,” she said.

In early May, the Department of Tourism (DoT) said it had rescued more than 1,100 stranded domestic tourists through sweeper flights.

Ever since the lockdowns started in March, the carrier has done “over 50 sweeper flights to various provinces, as well as to and from some international destinations, to fly out stranded passengers,” Charo Logarta Lagamon, CEB corporate communications director, told BusinessWorld in an e-mail.

The carrier is also doing an average of eight “all-cargo flights” daily from Manila to domestic and select international destinations, “depending on where there is a need to support logistics to transport vital goods,” Ms. Logarta Lagamon added.

Many of the cargo flights are used to shuttle medical equipment like the one Katrina Valencia was on.

“The call of duty is stronger despite the risk of COVID-19. We are doing our part by bringing cargo, including the PPEs needed by frontliners in the hospitals… by doing our jobs, we are helping each other combat this pandemic,” Ms. Valencia was quoted as saying in the statement.

CEB’s 72-strong fleet is down to 20 aircrafts which are being used on rotation while the others are preserved and maintained regularly.

“It was a sight to behold. They were cheering for each other and seemed very grateful to be given a chance to go back home. Hearing them say the words, ‘thank you for rescuing us’ and ‘thank you for coming to get us’ made it all worthwhile,” Ms. Madamba said, recalling her sweeper flights.

The pandemic will undoubtedly change the world of travel and the losses are steep but there is still hope for recovery, according to Ms. Logarta Lagamon.

“Ultimately, while there will be a recovery, it may take some time before business goes back to normal,” she said.

She acknowledged that passengers have apprehensions when it comes to travelling but ensured that CEB has “placed stricter protocols to ensure everyone’s safety and boost passengers’ confidence,” including “extensive and more frequent disinfection of all [their] aircraft” alongside measures requiring ground staff and cabin crew to wear PPEs and passengers wearing masks and maintaining proper distance.

“As this is quite a dynamic and rapidly changing scenario, we cannot provide exact guidance, but our conservative outlook is that there will be a gradual recovery and we are hopeful that things normalize by the end of the year,” she said.

The airline will continue to work with a skeleton crew while most of its employees work from home though they will re-assess if they need more employees on-site by June.

“For now, we are planning for a gradual introduction of our network, but it depends on how things progress. We will likely begin with the reinstatement of trunk domestic routes — keeping in mind that this may be a time when only essential travel will be done,” Ms. Logarta Lagamon noted. — Zsarlene B. Chua

1...8,8418,8428,843...13,541Page 8,842 of 13,541
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube