Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 8854

DA, PayMaya team up on cash card for farming entrepreneurs

THE Department of Agriculture (DA) has launched an initiative where young entrepreneurs who want to venture into agribusiness via the agency’s financing program can now get their loans using a cash card

On July 6, Agriculture Secretary William D. Dar partnered with PayMaya Philippines, Inc. Founder and Chief Executive Officer Orlando B. Vea on the “KAYA” cash card under the DA’s Kapital Access for Young Agripreneurs (KAYA) financing program.

Mr. Dar said that young Filipino entrepreneurs can receive their approved loan under the DA’s KAYA financing program from ATM terminals using their cash card, adding that they do not need to come to Metro Manila to get their financing.

Under the initiative, PayMaya will allow KAYA partner lending conduits to disburse loans digitally though reloadable cash cards with real-time crediting using a web-based portal.

Loan beneficiaries with the cash card will have access to other PayMaya financial services like e-wallet account, remittance, bills payment, and fund withdrawal.

“With this digital platform, we will be able to reach out and convince more Filipino millennials to engage in agriculture, fishery and agribusiness ventures, and more importantly bankroll their respective projects,” Mr. Dar said.

“As our lockdown experience has shown, we need to further explore cyberspace and take our digitalization efforts to the next level as part of the new normal,” he added.

Under the KAYA financing program, the DA’s Agricultural Credit Policy Council (ACPC) offers zero-interest, uncollateralized loans of up P500,000 and payable in five years.

Entrepreneurs aged 18 to 30 years old and are graduates of formal or non-formal schooling can avail of the said loans.

ACPC Executive Director Jocelyn Alma R. Badiola said that KAYA is the first digitized ACPC financing program. The training and mentoring components of the program are conducted through web conferencing while the disbursement and collection will be done through PayMaya.

“Now, more than ever, as we continue fulfilling our mandate of providing easy, timely, and affordable credit to farmers and fisherfolk, we are recognizing that digital financing is the way forward,” Ms. Badiola said. — Revin Mikhael D. Ochave

Italian film composer Ennio Morricone, 91

ROME — Ennio Morricone, the Oscar-winning Italian composer whose haunting scores to Spaghetti Westerns like A Fistful of Dollars and The Good, the Bad and the Ugly helped define a cinematic era, died on Monday. He was 91.

Mr. Morricone broke his femur 10 days ago and died at dawn in a clinic in Rome, his lawyer Giorgio Assumma told Reuters.

Outside the clinic, Assumma handed reporters a death notice written by the composer himself, beginning “I, Ennio Morricone, am dead.”

In a moving one-page text, Mr. Morricone thanked his close friends and family for their companionship, naming his children and grandchildren and saying “I hope they understand how much I loved them.”

He dedicated “the most painful goodbye” to his wife Maria Travia, whom he married in 1956, saying “to her I renew the extraordinary love that bound us together and that I am sorry to abandon.”

He said he wanted a private funeral because “I don’t want to disturb.”

TRIBUTES
Born in Rome in 1928, Mr. Morricone wrote scores for some 400 films but his name was most closely linked with the director Sergio Leone, with whom he worked on the Spaghetti Westerns as well as epic crime drama Once Upon a Time in America.

Mr. Morricone worked in almost all film genres — from horror to comedy — and some of his melodies are perhaps more famous than the films he wrote them for.

“We will forever remember, with infinite gratitude, the artistic genius of Maestro Ennio Morricone. He made us dream, moved us… writing memorable notes that will be unforgettable in the history of music and cinema,” Prime Minister Giuseppe Conte said on Twitter.

State President Sergio Mattarella said Mr. Morricone had “greatly contributed to spreading and reinforcing the prestige of Italy in the world.”

Italian film producer Aurelio De Laurentiis said: “With Ennio Morricone goes a part of world cinema. His humility, combined with a greatness he never flaunted, allowed him to support small and big movies, giving them a unique soul that made them perfect and unforgettable.”

Mr. Morricone is survived by his wife, three sons Andrea — a composer and conductor — Giovanni and Marco, and his daughter Alessandra. — Reuters

Gov’t fully awards fresh 10-year bonds

THE GOVERNMENT made a full award of the fresh Treasury bonds (T-bonds) it auctioned off on Tuesday on the back of strong liquidity and benign inflation.

The Bureau of the Treasury (BTr) raised P30 billion as planned from its sale of fresh 10-year T-bonds out of total tenders worth P59.71 billion. The debt papers carry a coupon of 2.875%.

At the secondary market, the 10-year tenor was quoted at 2.788%, based on the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website.

National Treasury Rosalia V. de Leon said demand for government securities remained strong with the “market still awash with liquidity.”

Ms. De Leon said market participants likely priced in the latest inflation data reported Tuesday.

The Philippine Statistics Authority (PSA) said headline inflation picked up to 2.5% in June from the 2.1% logged in May. Still, this is slower compared to the 2.7% rate in June 2019.

The latest inflation print is faster than the 2.2% median estimate in a BusinessWorld poll conducted last week. It also fell closer to the higher end of the 1.9%-2.7% estimate given by the Bangko Sentral ng Pilipinas (BSP).

This brought the year-to-date average to 2.5%, well within the BSP’s 2-4% target for the year.

Moving forward, a bond trader said the market has its sights set on the government’s retail Treasury bond (RTB) sale next week.

“People will now shift focus on the RTB,” the trader said via Viber.

Ms. De Leon said they moved the start of the offer period to July 16, Thursday, from the July 15 announced earlier.

The official on Monday said the government will launch its second RTB sale this year next week to take advantage of low interest rates while providing the market with an additional investment outlet.

Ms. De Leon said the proceeds of the fundraising activity will support the national budget.

Other details regarding the RTB sale have not been released as of press time.

RTBs are offered to smaller investors and consist of low-risk, higher-yielding savings instruments backed by the National Government.

In February, the BTr raised a record P310.8 billion from its sale of RTBs, consisting of P250 billion from “new money” and P60.8 billion from the exchange offer program.

Under the exchange offer program for that RTB issue, bondholders were given the option to switch their retail bonds issued in 2017 for new debt papers.

The BTr has set a P205-billion borrowing program for July and will offer P145 billion in Treasury bills via weekly auctions and P60 billion in T-bonds to be auctioned off every other week.

The government borrows from domestic and foreign lenders to plug its budget deficit, which is seen to hit 8.4% this year. — B.M. Laforga

Liquidity expands faster in May

MONEY SUPPLY growth logged a faster pace in May on the back of liquidity-boosting measures from the central bank and the National Government to help the country weather the pandemic’s fallout.

Domestic liquidity or M3, the broadest measure of money supply in an economy, rose by 16.6% year on year in May to P13.7 trillion, quickening from the 16.2% seen in April, data from the Bangko Sentral ng Pilipinas (BSP) showed. M3 picked up by 0.6% month on month.

The growth was mainly driven by demand for credit, the BSP said. Money supply has been growing at a faster rate since March.

Net claims on the central government increased 59.6%, faster than the 45.5% logged in April. This was due to higher domestic borrowings by the National Government, the BSP said.

Meanwhile, domestic claims climbed 16.2% in May, quicker than the 15% the month prior.

Net foreign assets in peso terms also expanded by 12.1%, coming from the 11.9% seen in April.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said the improvement in liquidity came on the back of the government’s local borrowing as well as central bank moves meant to help the financial system amid the crisis.

“Reductions to reserve requirements and the recent repurchase agreement with the national government have all helped bolster liquidity with flows totaling P581 billion by May,” Mr. Mapa said in an e-mail.

The central bank slashed the reserve requirement ratio (RRR) of universal and commercial banks by 200 basis points (bps) to 12% in April in a bid to boost liquidity during the lockdown. This followed the 400 bps in RRR reductions done in 2019.

The Monetary Board has authorized RRR cuts of up to 400 bps this year.

The BSP also bought P300 billion in government bonds through a repurchase agreement with the Bureau of the Treasury in March.

“For the coming months, M3 growth could still pick up amid possible cut in banks’ RRR in the coming months as well as the maturing government securities worth about P100 billion in August,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail.

BANK LENDING SLOWS
Meanwhile, bank lending continued to log a slower growth print in May, with analysts saying credit may pick up in the coming months as the economy gradually reopens.

Outstanding loans disbursed by universal and commercial banks rose 11.3% in May, easing from the 12.7% print in April, the BSP said in a separate statement on Tuesday.

Inclusive of reverse repurchase agreements, bank lending picked up 10.3%, slower than the 10.9% growth the previous month.

Production loans, which made up 87.1% of total lending in May, was the principal driver of growth, even as it expanded by a slower 9.8% versus the 11.1% seen in April.

The BSP said the sustained increase in production loans was driven by the expansion in credit to sectors such as information and communication (24.9%); transportation and storage (20.4%); real estate activities (19.6%), financial and insurance activities (13.9%); and electricity, gas, steam and air-conditioning supply (8.6%). Lending to other sectors also picked up in May except for mining and quarrying (-5.6%), professional, scientific, and technical services (-23.4%), and manufacturing (-3.2%).

Consumer loans also saw a slower growth of 30.2% in May from the 33.3% in April amid a slowdown in credit card and motor vehicle loans.

“Amid the challenge of keeping credit flowing to affected businesses and households, the BSP has adopted a range of measures to support bank lending, including a further reduction of the policy rate to complement the various liquidity-enhancing and regulatory measures by the BSP,” the central bank said.

“The BSP reassures the public of its commitment to deploy its full range of instruments to ensure that domestic liquidity and credit remain adequate amid the ongoing coronavirus pandemic,” it added.

The central bank last month slashed benchmark interest rates by 50 bps, bringing the rates on the overnight reverse repurchase, lending and deposit facilities to record lows of 2.25%, 2.75% and 1.75%, respectively.

The BSP said it chose to keep an accommodative stance to support the country amid dimming global economic prospects due to a worsening fallout from the coronavirus pandemic.

The record-low rate environment could encourage borrowers to take out loans from banks to finance business activities and their household needs, RCBC’s Mr. Ricafort said.

“The further reopening of the economy starting June could lead to a corresponding pick up in the demand from loans as more businesses further reopen from lockdowns and more individuals return to work,” he added, saying manufacturing and imports will pick up in the coming months and could bolster loan growth as well.

ING’s Mr. Mapa said the central bank has already done its part in helping the economy as far as monetary policy support is concerned.

“It appears that we are in the situation that no matter how many times BSP may cut policy rates, incomes and consumer confidence will need to be restored or replaced to get the economic engines running once again,” he said.

“[U]nless we get fresh spending measures off the table to “plant the seeds of recovery,” we will be staring at an empty field with no crops or produce to show for it,” Mr. Mapa added. — Luz Wendy T. Noble

Vista Residences launches contactless property investing

VISTA Residences, Inc. has introduced innovations in property investing by providing contactless solutions to ensure the safety, security and convenience of both its employees and customers.

“In times of uncertainty, customers’ expectations rise with the need around safety, convenience and quality service. We, at Vista Residences, recognize the need to double our efforts in virtually engaging with our customers through the use of various digital channels,” said Elizabeth M. Kalaw, chief operating officer of Vista Residences, in a statement.

“For us, contactless and digital payment methods require less physical interaction and are more safe and secure,” she added.

One of the country’s leading leisure condominium developers said in the face the coronavirus disease 2019 (COVID-19) pandemic, physical distancing, hand hygiene and contactless transactions have become an essential part of the new normal.

It said it has stayed true to its commitment to focus on the people who matter most to its success — its employees and customers.

Property investors, first-time and returning customers can view Vista Residences properties via 360-degree virtual tours, property lookbook and e-catalogue available on the company’s website and social media channels such as YouTube and Facebook.

For those who want a more personalized customer experience, online presentation with a digital sales officer may be scheduled. Condominium unit buyers may send their online presentation request through Vista Residences Facebook page, via e-mail at info@vistaresidences.com.ph or SMS through mobile number +639089148457.

Vista Residences also enables its customers to reserve the property of their choice from the comfort of their home. Customers can reserve their preferred condominium unit by sending scanned copies of the required documents, a valid government-issued ID, and proof of online payment of the reservation fee.

BDO raises $600M from dollar bond offer

BDO Unibank, Inc. saw strong demand for its latest offshore issuance, allowing it to raise $600 million via the fixed rate notes to fund the bank’s dollar-denominated projects.

BDO said in a filing with the local bourse on Tuesday that it issued $600 million in long-term dollar-denominated notes from total orders worth $2.9 billion, or nearly five times the offered amount.

The debt notes have a tenor of 5.5 years and a coupon rate of 2.125% per annum. Moody’s Investors Service gave the issue a rating of Baa2.

“The senior note issue is part of the bank’s liability management initiatives to tap longer-term funding sources to support dollar-denominated projects,” the statement read.

BDO’s issuance was part of its $5-billion euro medium-term note program.

The notes will be listed on Singapore Exchange Securities Trading Ltd.

Standard Chartered Bank served as sole global coordinator for the issuance, while Standard Chartered Bank and Merrill Lynch (Singapore) Pte. Ltd. were the joint bookrunners and lead managers for the transaction.

The issuance came just a week after the Sy-led lender raised P36 billion on Friday via 1.75-year peso-denominated bonds. The debt papers fetched a coupon of 3.125%

In January, BDO also raised P40.1 billion from 2.5-year bonds, higher than the initial P5-billion offer due to strong demand.

The Sy-led bank’s net income dropped 10.2% in the first quarter from a year ago to P8.8 billion on weak market conditions.

Shares in BDO closed at P98 apiece on Tuesday, up 0.51% or by 50 centavos from Tuesday’s close of P99.30 each. — BML

Protecting your employees at a time of great uncertainty

In the wake of the coronavirus disease (COVID-19) pandemic, many Filipinos have their minds awash with fear and worry. Not only are they worried about their own health and their families’, they are also uncertain about the future of their income. The Department of Labor and Employment has predicted in a Senate hearing in May that an estimated 10 million Filipinos will lose their jobs this year due to the COVID-19 pandemic.

This kind of fear and uncertainty is unhealthy for any business that is already struggling to survive in the crisis. Low morale can hurt productivity and inevitably lead to further losses in revenues and sales, not to mention the very human impact that hopelessness can wreak in the workplace.

Taking care of employees is important

One way that businesses can care for and show their support to their employees during this time is by giving them additional medical benefits through a group life insurance. People are worried about their health, so aside from ensuring the safety and cleanliness of their workplace, company leaders can further lessen the burden on employees through benefits.

“If we relate it to our situation now, studies undertaken by reputable organizations have shown that getting sick can really drain a person’s resources,” Ging De Venecia of Sun Life Philippines’ Head for Group Life and Employee Marketing said.

“If that happens to an employee, not only will the employee’s family life be affected, but the employer as well because the staff’s productivity takes a toll.”

Ms. De Venecia added that for companies, a protection benefit, whether it’s for life insurance or critical illness, is one of the least expensive packages an organization can give to their employees, yet it is the ones that provides the most substantial returns.

“While it may be viewed as the least costly form of benefit, the impact to the organization is significant. It builds up loyalty and can lead to high employee morale and productivity,” she added. 

What is group life insurance?

Group life insurance is a single contract which provides life insurance coverage to a group of people. This type of insurance is offered mainly by organizations and companies to their members or employees. It’s one way for employers to protect their employees and members by creating a unique benefits package that can fit the needs of the business or organization.

Prioritizing health and safety 

Currently, health and safety have become the foremost concern in Filipinos’ minds in the wake of the COVID-19 pandemic. Recognizing this, Sun Life of Canada (Philippines), Inc. (Sun Life), the first and longest-standing life insurance provider in the country, recently launched its Group Life Insurance Critical Illness Benefit Rider. 

The benefit rider, one of the most comprehensive in the market today, would act as a supplementary benefit to the Sun Life Group Yearly Renewable Term Life base plan. It will provide a guaranteed lump cash benefit upon first diagnosis of any of the 36 covered critical illnesses, provided that such diagnosis happened 90 days after the employee’s coverage is in effect and is alive within 15 days after such diagnosis.

This means that employees who suddenly get diagnosed with critical illnesses such as invasive cancer, stroke, or even disabilities such as total blindness and paralysis can expect their insurance provider to pay a fixed and lump sum cash benefit that they can use for their treatment, on top of any existing medical coverage.

For companies with existing medical coverage, the Group Critical Illness Benefit Rider can act as a second layer of protection, providing a high amount of benefits yet budget-friendly. 

“Health and safety are some of the main considerations that employees would be looking at. Having this type of benefit would help put an employee’s mind at ease knowing that his employer cares for him and his family,” Ms. De Venecia said.

“On the part of Sun Life, it is our thrust to look into what our clients needs and we do our best to respond. The launch of this health coverage solution is our way of telling the general public that we are listening and we’re here to provide,” she added.

For more details on Sun Life Philippines’ Group Life Insurance, you may check out www.sunlife.com.ph or you may send inquires through email: GroupLife_Sales@sunlife.com.

Arts & Leisure (07/08/20)

Illustration, writing workshops

THE Filipinas Heritage Library will be holding workshops on illustration and writing later this month. The workshops are done along with the US Embassy and Adarna House as part of Liberation: War & Hope, a series of events in commemoration of the 75th anniversary of the end of World War II. The Basics of Character Designing, an illustration workshop with Marcus Nada, will be held on July 17, 9 a.m. to noon, via Zoom. It is open to students ages 13 and above with intermediate skills. Go to bit.ly/FHLXADARNACharacterDesignWorkshop to register. Meanwhile, Writing from Your Memories, a beginners writing workshop with Maya Calica Collins, will be held on July 18, 2-4 p.m. Open to women ages 16 and above. The workshop is a space for women to freely share their stories. It is part of the online efforts connected to the online exhibit War Through the Eyes of the Child. Register at bit.ly/FHLWomenOnlyWritingWorkshop. There are only limited slots available for the workshops which are free. Meanwhile, War & Children in Books: E-Storytelling and Q&A will be held on June 19. The Q&A will feature facilitators Marcus Nada and Maya Calica Collins on the conceptualization and process of illustrating and writingbooks for children about the war. For inquiries, e-mail asklibrarian@filipinaslibrary.org.ph. The virtual exhibit is at https://artsandculture.google.com/exhibit/war-through-the-eyes-of-the-child/LwJyQdqPZcY7JA.

The Met holds Zoom seminar

The Metropolitan Museum of Manila presents Cues from the Times: Arts & Crisis, a Zoom seminar, on July 8, 4 p.m. Speakers are curator Patrick Flores and artists Yason Banal and Mark Salvatus. This is a timely conversation with artists on how art has consistently reflected on and responded to crisis over time. Flores draws insights from the works of nine contemporary Filipino artists in the ongoing exhibition Cue from Life Itself: Filipino Artists Transform the Everyday, which opened last February at the Metropolitan Museum of Manila and was temporarily closed due to the Enhanced Community Quarantine. This webinar is organized by the Metropolitan Museum of Manila and facilitated by Alliance of Greater Manila Area Museums for its Museum Online Talk Series, with the support of Philippine Arts in Venice Biennale, National Commission for Culture and the Arts, and the Office of Deputy Speaker and Congresswoman Loren Legarda. The event will be hosted on Zoom and broadcast live on Facebook.

CCP grounds open to recreational visitors

AS Metro Manila gradually opens up under the GCQ and life begins under the new normal, the Cultural Center of the Philippines welcomes back visitors to its outdoor spaces. The CCP grounds are open for jogging, exercising and other physical wellness activities. Visitors are requested to practice social distancing, wear face masks and face shields for their own protection as well as everyone else. The use of the CCP Front Lawn will be limited to only 30 people at a time while the CCP Ramp will be closed. For many years, the CCP Complex has provided residents of Manila and Pasay with the freedom and enjoyment the outdoors have to offer. On a seasonal basis, the CCP continues to present visitors with outdoor art installations, cultural programs with open-air performances and light and sound shows on its facade. The CCP Complex, although not officially a park, has always been a place for people to play and spend time with family.

Silverlens holds exhibits at the gallery

SILVERLENS presents, Try Pushing a Big Tree, bringing together works by Dina Gadia, Lou Lim, Jonathan Ching, Mariano Ching, and Mark Andy Garcia. In the gallery’s front room, these pieces tackle the perennial issue of man against nature, outlining man’s hubris towards the natural world. Try Pushing a Big Tree is on view onsite alongside Sustainable Anxiety by Pow Martinez, and Little Blue Window by Corinne de San Jose through July 24. While the physical space is open, gallery visits are strictly by appointment only to prevent the spread of COVID-19. In line with the city’s guidelines for social distancing, no walk-ins will be accepted. Gallery visits are limited and by appointment only, from Tuesday to Saturday, 10 a.m. to 4 p.m. Upon entering the compound, security guards will take the visitor’s temperature and they will be asked to fill out a health inspection form. Hand sanitizer will be provided, and high-touch surfaces will be cleaned following each visit. All visitors are required to wear masks. The gallery is located at 2263 Don Chino Roces Ave. Extension, Makati City. For more information, contact info@silverlensgalleries.com or call 0917-587-4011.

How PSEi member stocks performed — July 7, 2020

Here’s a quick glance at how PSEi stocks fared on Tuesday, July 7, 2020.

Peso retreats as inflation picks up in June

THE peso weakened versus the greenback on Tuesday after data showed a faster-than-expected rise in consumer prices in June.

The local unit closed at P49.54 against the dollar on Tuesday, depreciating by 15.9 centavos from its P49.381 finish on Monday, data from the Bankers Association of the Philippines showed.

The peso opened the session at P49.35 per dollar. Its weakest showing was at P49.55 while its intraday best was at P49.30 against the greenback.

Dollars traded surged to $1.092 billion from the $609.77 million on Monday.

The peso dropped due to inflation data released yesterday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“The peso closed weaker, largely brought about by the higher than expected inflation data,” he said in a text message.

The Philippine Statistics Authority on Tuesday reported that headline inflation in June stood at 2.5%, slower than the 2.7% seen in the same month last year but quicker than the 2.1% seen in May. The pickup was due to higher food, fuel and transport prices.

The 2.5% June print is also faster than the 2.1% median estimate in BusinessWorld’s poll of 16 economists last week.

Meanwhile, a trader attributed the peso’s depreciation to profit-taking.

“The local currency weakened from dollar bargain-hunting by market participants following the appreciating trend of the peso in the past few days,” the trader said in an email.

For Wednesday, Mr. Ricafort and the trader expect the local unit to move around the P49.40 to P49.60 levels versus the dollar. — LWTN

Stocks sink further as virus tally continues to rise

By Denise A. Valdez, Reporter

SHARES continued to decline on Tuesday due to sustained worries over the thousands of new coronavirus disease 2019 (COVID-19) cases reported in the Philippines.

The bellwether Philippine Stock Exchange index (PSEi) lost 61.01 points or 0.96% to end at 6,267.40, while the broader all shares index shed 24.34 points or 0.65% to close at 3,677.83.

“The market trading today is somehow giving us a hint that the investors are not quite optimistic on the market given the current situation, fears of Metro Manila going back to stricter quarantine measures and uncertainties in US,” Philstocks Financial, Inc. Research Associate Piper Chaucer E. Tan said in a text message on Tuesday.

The Philippines reported 2,099 new COVID-19 cases on Monday, pushing the country’s total tally to 46,333 cases, where 32,845 are still active. The virus has killed 1,303 so far, while 12,185 were able to recover.

But quarantine measures in Metro Manila remain relaxed, worrying investors that the number of COVID-19 cases may keep growing, making it difficult to return to normal operations. For example, the Metro Rail Transit Line 3, which ferries passengers along EDSA to central business districts, has suspended operations starting Tuesday because of the hundreds of COVID-19 cases among its staff.

Across the world, the virus has already infected 11.62 million people as of Tuesday and some 538,079 have died.

“Local shares traded lower at close as investors couldn’t shake off a continued rise in coronavirus cases and inflation came out much higher than expected for June,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.

The government reported on Tuesday that inflation picked up to 2.5% in June from 2.1% in May, but lower than the 2.7% seen in the same month in 2019. The turnout is higher than the median estimate of 2.2% in BusinessWorld’s poll of economists.

Higher inflation was attributed to the easing of lockdowns during the month, which drove up the prices of widely used goods.

The market closed with four sectoral indices posting declines. Property dropped 70.47 points or 2.24% to 3,070.28; services fell 18.68 points or 1.28% to 1,432.39; industrials slid 71.72 points or 0.90% to 7,858.27; and holding firms shed 13.71 points or 0.21% to 6,518.82.

The gainers were mining and oil, which added 14.32 points or 0.26% to 5,473.23, and financials, which climbed 2.18 points or 0.17% to 1,241.89 at the end of the session.

Value turnover on Tuesday stood at P7.59 billion with 1.48 billion issues switching hands, up from the previous day’s 6.15 billion with 1.07 billion issues.

Advancers narrowly outnumbered decliners, 99 against 96, while 47 names ended unchanged.

Foreign investors remained sellers, with net outflows growing to P2.51 billion from P745.45 million the previous day.

PEZA expecting to approve P2B in new investments

THE Philippine Economic Zone Authority (PEZA) is estimating approvals of P2 billion worth of investments at its board meeting on Friday, after its June meeting was postponed following health care risks at its offices.

The 27 projects up for approval will generate an estimated 3,694 jobs.

Approved investments fell nearly 32% to P29.5 billion in the first five months.

PEZA has yet to release complete data on total approvals for the first half of 2020.

The investment promotion agency’s June meeting was postponed after employees at its shared facility tested positive for coronavirus disease 2019 (COVID-19).

PEZA Director General Charito B. Plaza said in a news conference Tuesday that she remains optimistic about investment opportunities for the rest of the year.

“In fact, we will be doing continuous virtual investor forums. We have now arranged for investor forums in various countries with the help of our commercial attachés,” she said, adding that foreign investors consider the Philippines’ shortcomings to include the cost of doing business and poor information technology infrastructure.

Ms. Plaza said that some service providers have recently canceled their PEZA registration.

“These are minor industries but the very reason they are cancelling their registration with PEZA is because they lost their buyers,” she said, adding that lack of raw materials were also a factor in the cancellations.

She said these companies are facility and service providers employing fewer than 1,000 workers.

“We are closely monitoring… ang kinakatakutan ko (what I fear) is with the world recession, there might be export companies who will consolidate their resources so that they have to stop or close their other branches and concentrate their resources in countries which are investor-friendly, where the cost of doing business is low,” she said.

PEZA is also launching its Development Outreach for Labor, Livelihood, and Advancement of Resources program, starting with its quarterly job fair on June 13. The job expo is intended to give repatriated overseas Filipino workers opportunities.

The available jobs will mostly come from the outsourcing sector, while other sectors will be hiring for administrative and technical work.

The program is touted as an employment generator for areas outside of Metro Manila. Ms. Plaza said most of the companies will be hiring in Metro Manila, Calabarzon, Central Luzon, Baguio, Ilocos Norte, Cebu, and Iloilo, along with other ecozone locations.

Ms. Plaza said there will also be online work-from-home jobs.

As of its June 15 to 19 report, 78% of PEZA-registered companies are operational, with 75% of employees continuing to work. — Jenina P. Ibañez

1...8,8538,8548,855...13,744Page 8,854 of 13,744
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube