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Treasury bills, bonds may fetch lower rates on strong demand

RATES OF government securities to be auctioned off this week will likely decline on strong demand as investors continue to flock to safe-haven assets.

The Bureau of the Treasury (BTr) is planning to borrow P20 billion via Treasury bills (T-bills) on Monday, broken down into P5 billion each in 91- and 182-day papers and P10 billion in 364-day instruments.

On Tuesday, the BTr will offer P30 billion worth of reissued seven-year T-bonds with a remaining life of two years and 11 months.

A bond trader interviewed Friday said rates of T-bills could drop by 10-20 basis points (bps) or more from the previous auction.

The Treasury increased to P24 billion the volume of T-bills it awarded last week from the P20-billion offer as rates declined across-the-board.

Broken down, it raised P7 billion each from the three- and six-month papers, higher than the programmed P5 billion, at lower average rates of 2.479% and 2.625%, respectively.

The government, meanwhile, made a full award of the P10-billion one-year T-bills it offered at an average rate of 2.945%.

For the seven-year bonds, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said yields could decline to 3.1-3.2%, while the bond trader sees it ranging from 3.15% to 3.3%.

On Jan. 21, the BTr raised P27.2 billion in seven-year papers out of the P30-billion program as the offer was almost twice oversubscribed. The papers fetched an average rate of 4.732%.

At the secondary market on Friday, the 91-, 182- and 364-day T-bills fetched rates of 2.699%, 2.773% and 2.879%, respectively, while the yield on the seven-year IOUs was at 3.249%.

Mr. Ricafort expects strong demand for safe-haven assets like government securities to continue this week, as observed in previous auctions, which could pull rates down.

“Major catalysts/leads [also] include…stronger peso exchange rate among the best in more than two years that help lower inflation and interest rates [and] recent signals about a possible pause in monetary easing measures for now,” he said in an e-mail over the weekend.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno earlier signaled a pause in monetary easing, citing “manageable inflation environment and stable inflation expectations.”

The Monetary Board has aggressively slashed benchmark interest rates delivering a total of 125 bps in reductions to help cushion the blow of coronavirus disease 2019 pandemic on the economy.

The latest reduction was a 50-bp off-cycle cut on April 16, following the 50-bp cut in March and the 25-bp cut in February.

This brought key policy rates to record lows of 2.75% for the overnight reverse repurchase facility and 3.25% and 2.25% for the overnight lending and deposit facilities, respectively.

Mr. Ricafort added that “improvement in market sentiment” recently could help drive yields lower on expectations of easing enhanced community quarantine to a less strict general enhanced community quarantine in some parts of the country as well as the gradual relaxation of lockdown restrictions overseas.

Metro Manila and some high-risk areas have been under strict lockdown for nearly two months as the enhanced community quarantine status was extended until May 15, while some parts of the country have slowly transitioned to relaxed quarantine protocols.

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 T-bonds to be offered fortnightly. — Beatrice M. Laforga

PLDT expects opportunities in e-learning, BPOs

TELECOMMUNICATIONS company PLDT Inc. is working to build a “new normal” ecology for the education sector, which is expected to become an “essential” part of its business, company officials said.

It also expects opportunities in the business process outsourcing (BPO) industry, which has been implementing a work-from-home arrangement for its employees since the start of the coronavirus lockdown.

PLDT Chairman, President and Chief Executive Officer Manuel V. Pangilinan said the company is working with the Department of Education (DepEd) and the Commission on Higher Education (CHEd) to address the needs of the education sector in the new setup, which requires connectivity, e-learning platforms, and even cybersecurity.

“[The challenge is to] implement [this] as quickly as we can, not a hundred percent but at least a portion of the students who will have to go digital,” Mr. Pangilinan told reporters in a recent virtual briefing, noting that basic education classes will reopen on Aug. 24.

PLDT Chief Revenue Officer Alfredo S. Panlilio said the company was looking at both online and offline learning systems and the possible involvement of Cignal TV, Inc. in the initiative as it has its own educational program.

“So we are really building up an ecosystem for that. We have been talking about this for the past couple of weeks already,” he said.

PLDT Senior Vice-President and Head of Enterprise Business Groups Juan Victor I. Hernandez noted that there are schools whose learning management systems are housed outside of the Philippines.

“That’s now going to be a challenge because when we implement e-learning, it is now going to be a question whether the students can really access the contents effectively, and that’s where our data center business comes into play,” he added.

Mr. Panlilio said that aside from PLDT’s possible partnership with DepEd on the provision of connectivity, content, and solutions, cybersecurity is also going to be “a very important aspect” of the entire platform that the company will offer to schools.

“That’s something we are developing now, and it is going to be an important part of our business,” he added.

Mr. Hernandez noted that there are about 1.2 million teachers, 80,000 schools, and 32 million students that PLDT needs to help shift.

“Our primary goal is for our kids to study effectively. I mean any revenue opportunities, moving forward, later na ‘yun,” he added.

HOME-BASED BPO EMPLOYEES
Mr. Hernandez said the demand for high-speed internet has been rising since the start of the enhanced community quarantine (ECQ).

“During the first two weeks of the ECQ, the surge in demand happened first because the BPOs were grappling with the fact that they had to enable their work-from-home employees,” he said.

PLDT, according to Mr. Hernandez, has been working closely with BPO companies.

“If we look at the workflows that a BPO company has to do, for them to be able to enable a work-from-home arrangement, maybe wireless internet is not the more dependable [connection]. We are now working with them to look at the fiber connections,” he said.

“From a demand perspective, we’ve seen a surge in demand for fiber. We are very excited when the ECQ will be lifted so we can install all of these lines. If you are going to take a look at the magnitude, we are talking about 1.2 million FTEs (full time employees) nationwide. And if the BPOs will implement that 50% of their workforce will be at home, then you could see the magnitude of the demand that we will be working on,” Mr. Hernandez added. — Arjay L. Balinbin

How will the post-lockdown showroom look like?

IF YOU’VE been paying close attention to the recent deluge of auto news online, beyond the heartening work that many brands are doing amid the quarantine — this clichéd “new normal” that’s anything but — you would have noticed that a number of marques are bracing to open shop as soon as the government gives the thumbs-up. It has indeed happened in a number of areas now under the less severe, so-called “general community quarantine (GCQ).”

For the rest of us still under lock and key, the light at the end of the tunnel is appearing once more. Though the chance for a renewed extension remains very real, business surely can’t wait to get in gear.

As we’ve discussed in this section over the course of the past weeks under lockdown, the auto sector (just like other industries) has been hemorrhaging. Once bustling showrooms and service centers have been rendered into ghost towns, minus the tumbleweed. And really, did we even have the opportunity to rejoice and savor pump prices in free fall because, well, when was the last time you even got behind the wheel — much less had the need to gas up?

But there’s no time to get down on ourselves. Rather, we need to use the time that we’ve got plenty of these days to engage in positivity and apply ourselves on what we can change and improve. That COVID-19 virus is not going away soon, or even next year. So, in the absence of a vaccine, we have to work around it, and apply ourselves toward making sense of that much-ballyhooed “new normal.” Thumbing our noses at the virus and going in denial is not going to help in any way — unless we want more of us to get sick and die.

Last Tuesday, automotive portals Carmudi Philippines and Zigwheels Philippines presented a webinar predicated on the findings of third-party business analytics, research, and advisory firm Praxis Global Alliance. “Preparing for a Post-COVID Future: Impact on Car Buyers” attempted to divine the future of the Philippine automotive scene by looking at the effects of the pandemic, considered by many to be a “black swan” event. The theory developed by essayist, scholar, and statistician Nassim Nicholas Taleb refers to a high-profile yet improbable occurrence — and pandemics obviously fit this description. The webinar ascertained the “economic shock” on the business environment, and looked at the business indicators in China to reckon what lessons or similar trajectory we can expect here. Praxis also interviewed close to half-a-thousand Filipinos looking at buying a vehicle, whether brand-new or used.

Among the findings is that people are now, more than ever, keen on doing digital transactions — from browsing and even buying vehicles. To be clear, this does not sound a death knell for brick-and-mortar dealerships, but this new reality does ask them to take a long hard look at how they should conduct business in this time of COVID-19.

I posed a number of questions to dealer principal Vincent Licup, who is involved with the following brands (in alphabetical order): Chery, Chevy, Foton, MG, and Nissan. He expressed confidence in the industry being able to bounce back. Interestingly, Mr. Licup reported that, contrary to logical assumptions, there were vehicle sales completed during the lockdown period utilizing online channels. Yes, not all has been gloom and doom. “One dealer group even reported almost 4,000 applications online for 50 days,” he shared.

Here’s our exchange with Mr. Licup.

TALK BOX: How will the showroom experience change in dealerships?

Vincent Licup: Showroom visits will be by appointment. Norms like temperature checking, disinfecting, and the wearing of face masks will be strictly followed.

Will there still be room for sales associates?

We are looking at one group on duty per day. Those who are not on duty will work from home online.

Aside from the obvious option to browse online or digitally, how can potential customers choose or examine vehicles?

We recently pioneered a demo through Facebook live featuring one of our dealerships. It garnered 30,000 views in five hours, with 600 inquiries.

What if they want to test-drive?

This will also be for appointment, and with social distancing. We recommend a maximum of three people in the vehicle, including our representative.

How will a typical customer lounge look like?

It’s going to be the same, but there will be disinfectants/sanitizers in every corner. We obviously have to limit the number of people there as well.

Do you see a change in the layout of a typical dealership?

In the future, yes. I think boutique dealerships will be the norm.

How are you aiming to redefine traditional car displays in places like malls?

This is a bitter pill we have to swallow. There will no longer be mall displays until the antivirus or vaccine is developed. We’re looking at rolling out FB live features and YouTube channel demos, at least for our dealer group.

How will vehicle marketing evolve in this new normal?

One hundred percent of it will be done online.

When people go for their PMS or any service for that matter, what changes can they expect — aside from having to schedule an appointment in advance to manage traffic?

We’re even anticipating payments to be done online — through PayPal, GCash, and other gateways. And while we’re promoting physical distancing, customers don’t have to feel like they’re out of touch. We will be installing a CCTV camera in each repair bay so they can monitor the work done on their car from the comforts of their home via an app. Speaking of repair bays, the Philippine Automotive Dealers Association is also suggesting to keep adjacent repair bays vacant for proper distancing of our technicians. There will be one technician per bay as well.

As far as staffing goes, we see that under GCQ, government is mandating that industries or establishments work on skeleton force or even 50% complement. What does that mean for the dealership work force?

As much as possible, we want to keep our existing work force intact. We look at it as another CSR (corporate social responsibility) effort. One idea is to have a three- or even four-tier dismissal time: 3 p.m., 4 p.m., 5 p.m. and 6 p.m.

Palay farmgate price rises 0.71% in third week of April

THE farmgate price of palay, or unmilled rice, rose 0.71% week on week to P18.54 per kilogram in the third week of April, with prices up 0.32% year on year, according to the Philippine Statistics Authority (PSA).

In its weekly update on palay, rice, and corn prices, the PSA said that the average wholesale price of well-milled rice rose 0.08% to P39.10 while the retail price rose 0.5% to P42.33.

The average wholesale price of regular-milled rice rose 0.52% to P35 while the retail price rose 0.48% to P37.58.

The farmgate price of yellow corn grain rose 2.46% to P12.50.

The average wholesale price of yellow corn grain fell 24.27% to P19.13 while the retail price fell 11.71% to P23.29.

The farmgate price of white corn grain rose 1% week on week to P15.10. The average wholesale price of white corn grain fell 24.48% to P18.88 while the retail price fell 11.91% to P27.60. — Revin Mikhael D. Ochave

Yields on gov’t debt drop on inflation, GDP data

YIELDS ON government securities (GS) fell last week following lower April inflation as well as the contraction of the Philippine economy in the first quarter to its worst performance in more than 20 years.

Debt yields, which move opposite to prices, declined 15 basis points (bps) on average week on week, according to the PHP Bloomberg Valuation Service Reference Rates of May 8 published on the Philippine Dealing System’s website.

At the secondary market last Friday, yields were lower than week-ago levels across all tenors, except for 25-year papers which inched up 9 bps to 4.555%.

The 91-day Treasury bill went down 27.5 bps to yield 2.699%. The 182- and 364-day papers likewise declined 29.1 bps and 13.1 bps, respectively, to fetch 2.773% and 2.879%.

At the belly, rates of two-, three-, and four-year bonds went down 15.8 bps (2.919%), 17.9 bps (2.980%), and 19.1 bps (3.045%), respectively. Yields on the five- and seven-year papers likewise dropped 19.3 bps (3.112%) and 16.4 bps (3.249%).

At the long end of the yield curve, rates on the 10- and 20-year notes decreased 14 bps and 2.1 bps, respectively, to 3.350% and 4.300%.

“Local yields fell due to some safe-haven demand ahead of the Philippine inflation and economic growth reports. Later [last] week, these data turned out to be weaker readings which pulled yields further,” a bond trader said in an e-mail last week.

In a separate e-mail interview, Security Bank Corp. First Vice-President and Head of Institutional Sales Carlyn Therese X. Dulay said GS yields continued to move lower last week on “strong buying interest from clients and market participants and on expectations of more rate cuts by the Bangko Sentral ng Pilipinas (BSP).”

She also added that the first-quarter gross domestic product (GDP) results “put a slight damper on the rally” last week.

On March 5, the Philippine Statistics Authority (PSA) reported April inflation eased to a five-month low of 2.2%, slower than 2.5% annual rate in March, and three percent in April 2019.

The April reading was slower than the 2.1% median estimate in a BusinessWorld poll of 13 economists conducted last week but still within the 1.9%-2.7% forecast range given by the BSP Department of Economic Research for the month.

Year to date, inflation settled at 2.6%, still within the central bank’s 2%-4% target band and above the revised two-percent forecast for the entire 2020.

The central bank already cut benchmark rates thrice this year — a 25-bp cut in February followed by 50-bp reductions in March and April — now ranging from 2.25% to 3.25%.

Last Thursday, BSP Governor Benjamin E. Diokno said this 125-bp cumulative cut to interest rates is “appropriate” to cushion the country’s growth momentum and boost market confidence to weather strong headwinds.

The central bank chief has said they will assess banks’ response to the policy moves as well as regulatory relief measures at the Monetary Board’s (MB) next meeting on June 25.

The MB has called off its May 21 meeting following the off-cycle 50-bp cut on April 16.

The PSA reported last Thursday the Philippine economy snapped its 84 quarters of uninterrupted growth after the gross domestic product (GDP) contracted 0.2% during the first three months of the year.

The last time GDP fell into negative territory was in the fourth quarter of 1998, when the economy shrank three percent at the height of the Asian financial crisis.

The first-quarter result was a reversal from the 6.7% and 5.7% growth recorded in the previous quarter and in the first three months of 2019, respectively. This also came unexpectedly lower than BusinessWorld median consensus of 2.9% growth for that period.

However, this was still within the Cabinet-level Development Budget Coordination Committee’s projection last month that the economy could contract by 0.8% or post zero growth this year.

“The weak economic imprint for the first quarter of 2020 might increase expectations of easing actions from the BSP either in the lowering of the policy rate or the reserve requirement ratio, both of which will cause local yields to drop,” the bond trader said.

Moreover, the bond trader expects that there could be some “safe-haven demand” amid uncertainty over possible government quarantine policies beyond May 15.

Meanwhile, Ms. Dulay said the recent outlook downgrade from Fitch Ratings may cause yields to move sideways to slightly higher this week.

Less than three months since it gave a “positive” outlook, debt watcher Fitch downgraded last Thursday the country’s sovereign rating outlook to “stable” as the economy faces a recession due to coronavirus disease 2019 pandemic.

Meanwhile, it maintained the country’s credit rating at “BBB” – a notch above the minimum investment grade which it gave in December 2017.

“The latest move by Fitch Ratings essentially minimized our prospects of a near-term credit upgrade to an ‘A’ level,” the bond trader said, adding that this development “might put some upward pressure on local yields, however, broad market expectations of monetary easing from the BSP in the future might offset this bias.” — Jobo E. Hernandez

Tribute song for frontliners released

PROMINENT Filipino singers have banded together to create a tribute single for the COVID-19 frontliners “who work tirelessly to keep society functioning despite collective struggles.”

Titled “Life in Your Hands,” the song — written by Chito Ilagan, Therese Marie Villarante, Ito Rapadas, and Njel de Mesa, produced by Ito Rapadas and arranged by Rye Sarmiento — brought together artists from PolyEast Records and Universal Records.

The artists who lent their voices to the project were Martin Nievera, Christian Bautista, Ebe Dancel, Julie Anne San Jose, TJ Monterde, Eunice Jorge of Gracenote, Tutti Caringal of 6Cyclemind, Kyle Juliano, Janina Vela, Kiara San Luis of Imago, Daniel Paringit of Better Days, Kurei, Sassa Dagdag, Drei Rana, Selena Marie, and Raffy Calicdan.

The song uses Scottish folk song “Auld Lang Syne” as its backing track but it has been modernized and given lyrics apt to the current situation of a world suffering from a pandemic.

“With gratitude in their hearts and the song’s calming and reassuring lyrics, the song hopes to give further thanks to the silent heroes of our world today,” a press release said.

“Life In Your Hands” is now available for purchase on iTunes and streaming on Spotify and all platforms under Universal Records. — ZBC

NHMFC remits highest dividends to National Government at P264M

STATE-OWNED National Home Mortgage Finance Corp. (NHMFC) has remitted P264 million to the national government, marking its highest ever dividends comprising those for calendar year 2019 net earnings and back dividends for past years.

In a statement, the secondary mortgage firm said the amount is 49% higher compared with P177 million for in 2018.

It said from 2012 to the present, NHMFC has remitted a total of P937 million dividend contributions. It expects the remaining dividends for the past years to be paid out next year.

Under Republic Act No. 7656 known as the “GOCC’s Dividend Law,” government-owned and controlled corporations are required to declare and remit at least 50% of their annual net earnings as cash, stock, or property dividends to the national government on or before May 15th of each year.

However, with the challenges from the coronavirus disease 2019 (COVID-19) outbreak, GOCC’s are requested by the Department of Finance (DoF) to remit their dividends a month earlier in support to the Bayanihan to Heal as One Act.

“Given the current health emergency, our early dividends remittance will help our government in its effort to lighten the economic situations faced by our people most affected by the COVID-19 crisis,” said Department of Human Settlements and Urban Development (DHSUD) Secretary Eduardo D. Del Rosario, who also chairs the NHMFC board of directors.

NHMFC is one of the government’s key shelter agencies under DHSUD.

“We assure you that we at the housing sector are also committed to working with our government in sourcing more funds to battle this pandemic,” he added.

This year, NHMFC’s dividends are paid through the transfer of government securities carried at fair value, in which any under- or over-remittance of dividends due to market fluctuations is to be reflected as an adjustment to dividends in arrears. This scheme has been approved by DoF.

NHMFC said it had continuously proven its strong financial performance as it is also set to pay its highest corporate income tax for calendar year 2019 amounting to P83.43 million on June 12, 2020. It said the amount exceeds the previous year’s remittance by 119% or P45.38 million.

The corporation also said it had paid its percentage tax levied from its gross sales/receipts amounting to P34.34 million, or 160% or P21.13 million higher that the 2018 remittance.

Mr. Del Rosario said that NHMFC is among the GOCCs that steadily contributes to the national treasury through its yearly increasing annual payment of dividends and corporate taxes.

Local shares to move sideways on ECQ decision

LOCAL SHARES may move sideways this week as investors digest talks between the United States and China and watch out for announcements on an extension or lifting of the enhanced community quarantine (ECQ) in Metro Manila.

The benchmark Philippine Stock Exchange index (PSEi) closed Friday’s session down 31.22 points or 0.55% to 5,621.94. On a weekly basis, it slid 1.38% to end two straight weeks of uptrend.

Value turnover improved 14.4% to an average of P5.66 billion. Foreign investors remained net sellers at the local bourse, but outflows were trimmed 26.4% to P493.07 million.

Online brokerage 2TradeAsia.com described last week’s trading activity as “mixed and narrow,” noting sentiment was focused on coronavirus disease 2019 (COVID-19) statistics and the timeline of reopening of economies.

This week, it said investors’ attention would be on the possible lifting or extension of the ECQ after May 15, as this would indicate the chances of resumption of local businesses.

“Uncertainties could resurface depending on approaches that will be taken by city mayors, specifically whether they would uphold May 15’s ECQ extension deadline, or further extend this to June 15,” 2TradeAsia.com said in a market note.

“Any motion to get things restarted on GCQ (general community quarantine) basis by May 15 would be lauded. Otherwise, negative undertone should be seen in case NCR (the National Capital Region) lags behind similar reopening plans from regional peers,” it added.

For Diversified Securities, Inc. Equity Trader Aniceto K. Pangan, the local market has a chance to go up this week to follow the movement of US markets last Friday.

“The local market may try to break the 5,750 level as US Market moved up at last trading session…on renewed investors optimism after US-China had an amicable trade talk last week…,” he said in a text message.

Reuters reported US President Donald Trump was “very torn” on ending the first phase of the US’ trade deal with China following tensions over the COVID-19 pandemic.

Despite possible investor optimism due to this, Mr. Pangan said investors may remain cautious as they assess further economic impact of the pandemic. The Philippines’ gross domestic product in the first quarter contracted 0.2% despite only accounting for two weeks of ECQ.

2TradeAsia.com said investors will also start to factor in the capital expenditure adjustments of listed firms in their portfolio building.

“Braving the investing environment against the backdrop of COVID-19 takes a lot of patience and deep sense of courage. Overall however, listed companies are further flexing their micro approaches, as changes in the macro setting evolve,” it said. “Include in portfolio selection stocks with solid operating cash flows and prime assets.”

The brokerage is putting immediate support for the PSEi at 5,500 and resistance at 5,750. — Denise A. Valdez

Dashboard (05/11/20)

Toyota Cagayan de Oro customers practice safe physical distancing through floor markings on the dealership floor.

Toyota dealers reopen in GCQ areas

TOYOTA MOTOR PHILIPPINES (TMP) reports that it is opening its dealership network once the enhanced community quarantine (ECQ) transitions into a more relaxed general community quarantine (GCQ).

In connection, it is issuing guidelines and SOPs in accordance with Department of Health (DoH) and World Health Organization (WHO) protocols to ensure the safety of all customers and employees.

First, dealers are directed to take the temperature of customers of employees, as well as to perform regular disinfection of the entire facility. Common areas will be disinfected more frequently. Physical distancing will be ensured through a change in the layout of showrooms and service reception areas, designed to control the number of persons inside the facility at any given time.

Customers are highly encouraged to set appointments before visiting the dealer, as dealers will only be accommodating confirmed service appointments — easily booked through the recently launched digital tool MyToyota PH (mytoyota.ph).

Meantime, Toyota Financial Services Philippines extends payment terms for customers as well as expiring insurance policies under Toyota Insure. Warranty coverage of Toyota vehicles are likewise extended until after the ECQ is lifted. Toyota vehicles scheduled for periodic maintenance services are also given a grace period after the quarantine is lifted.

Said TMP President Atsuhiro Okamoto, “While we are facing challenging times, this also presents an opportunity to come back better and stronger, to review our current processes and find improvements, to constantly provide ever better products and services, and to make our team members’, customers’, and partners’ lives safer and more convenient.” He continued, “The new normal will take a while to get used to but together we can overcome this. Stay home, stay safe, and please observe precautionary measures if you need to go out. We are working hard to prepare our dealerships and ensuring that everyone will be safe upon their visit. We look forward to serving our valued customers again. See you in our dealerships.”

To date, the following Toyota dealer outlets located in areas under general community quarantine have resumed operations:

For more dealership updates, visit https://toyota.com.ph/news/ToyotaAdvisory. For more Toyota updates, visit www.toyota.com.ph or check out Toyota’s official social media pages at ToyotaMotorPhilippines (Facebook and Instagram), and @ToyotaMotorPH (Twitter).

Two sessions of the BMW Live Chat happen today.

BMW PHL holds ‘live chat’ today

BMW in the Philippines will hold a “simultaneous live chat session” today with select dealer partners, allowing the network to engage with existing customers and aspiring BMW owners.

In a release, SMC Asia Car Distributors Corp. (SMCACDC), authorized Philippine distributor and service provider of the Munich-headquartered brand, said “select BMW dealers will be standing by to communicate with participants for two hours in the morning (10 a.m. to 12 p.m.) and two hours in the afternoon (3 p.m. to 5 p.m.). The chats will be leveraging Facebook as a messaging platform, and the so-called BMW Live Chat aims to answer questions, give proper guidance, and assist customers and clients with regard to products, experiences, and service or after-sales initiatives — essentially anything about the brand. The BMW Live Chat will be able to address chat messages only.

“We want to ensure people that BMW is just a click away despite these difficult times, and will always continue to be ready to help. BMW has always maintained a strong digital presence, and the brand has always found new ways to engage and make itself more accessible for fans and customers,” said SMCACDC President Spencer Yu. More information on the specific BMW Live Chat schedules may be found on the Facebook pages of participating BMW dealers:

Autoallee BMW (Eton Centris, Brgy. Pinyahan, Quezon Avenue corner EDSA, 1100 Quezon City)

https://www.facebook.com/autoalleeBMW36994/

Autobahn BMW (Zone 15, North National Highway, Talisay City, Negros Occidental, 6115)

https://www.facebook.com/AutobahnBMWTalisay/

Motor Ventures BMW (Madrigal Business Park, Commerce Avenue, Alabang, Muntinlupa)

https://www.facebook.com/motorventuresbmw/

Premier Cars BMW (CGIC Bldg., San Fernando-Olongapo Road, San Fernando, Pampanga)

https://www.facebook.com/PremierCarsBMWPampangaPage/

RSA Motors (184A E. Rodriguez Jr. Avenue, Bagumbayan, Quezon City)

https://www.facebook.com/rsamotorsbmw/

Peso may strengthen ahead of lockdown easing

THE PESO may strengthen this week as it continues to be supported by the country’s strong economic fundamentals and as investors anticipate a gradual lifting of the lockdown in the country’s capital.

The local unit closed at P50.42 to the dollar on Friday, strengthening by 14 centavos from its Thursday finish of P50.56, according to data from the Bankers Association of the Philippines.

However, the local unit shed two centavos from its P50.40 close on April 30.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso rose after signals of a pause in easing from the central bank.

“The peso closed stronger after BSP (Bangko Sentral ng Pilipinas) Governor (Benjamin E. Diokno) signalled a possible pause in policy rate cuts,” Mr. Ricafort said in a text message.

On Thursday, Mr. Diokno said the 125 basis points (bps) in cumulative rate cuts for this year are “appropriate to provide support to the economy and boost market confidence” amid a manageable inflation environment.

The overnight reverse repurchase, lending, and deposit rates stand at 2.75%, 3.25% and 2.25%, respectively.

“The peso was also stronger after developments on the US-China trade talks,” Mr. Ricafort added.

Reuters reported that Chinese Vice Premier Liu He, US Treasury Secretary Steven Mnuchin and United States Trade Representative Robert Lighthizer held a phone call late on Thursday in which they spoke about US-China trade, the US government said in a statement.

The talk included the phase one agreement between the two countries signed earlier this year, the statement by the US Treasury Department and Trade Representative’s office after the call said.

The two sides agreed there was “good progress” made to meet the phase one agreement and that they expect to meet the obligations under the deal, it said.

Under the deal, China agreed to expand its purchases of US goods from a 2017 baseline by $200 billion over two years, with about $77 billion in increased purchases in the first year and $123 billion in the second year.

Meanwhile, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the peso continues to be fueled by the country’s financial buffers that could help it weather the economic fallout from the virus.

“The market has been pricing in the Philippines’ financial strength and it has been evident in returns from currency trading,” Mr. Asuncion said in a text message.

A major factor this week that may have an impact on currency trading is the government’s decision on the implementation of the enhanced community quarantine (ECQ) which raises hopes of a gradual reopening of the economy, Mr. Ricafort said.

“Major leads this week include possible easing of the lockdown after May 15, which could be decided anytime soon,” he said.

Presidential Spokesman Harry L. Roque, Jr. said on Saturday some areas in Metro Manila will continue to be under ECQ after the scheduled end of the lockdown in the region on May 15. He said the assessment on the lifting of the ECQ and the transition to general community quarantine of cities will be dependent on cases within the vicinity of the area.

Metro Manila has been under lockdown for nearly two months to prevent the spread of the virus.

Meanwhile, Mr. Asuncion said the country’s strong financial buffers will continue to back the peso this week.

“That gives you an idea of the underlying strength of the peso and how the Philippines will fly during this pandemic. It may be difficult but the finances seem to be holding up.

For this week, Mr. Asuncion gave a forecast range of P50.40 to P50.60 while Mr. Ricafort sees the peso moving around the P50.25 to P50.65 levels. — L.W.T. Noble with Reuters

Stuff to do at home (05/11/20)

PETA’s Rated: PG

Liza Magtoto’s Rated: PG, a play on positive discipline, directed by Mae Quesada-Medina, is now available for streaming on PETA’s YouTube channel (www.youtube.com/petatheateronline).

REPisode 2: “Stage Kiss and Tell”

Repertory Philippines presents its second REPisode titled “Stage Kiss and Tell” features the cast and production team of REP’s “Stage Kiss” — this year’s season opener — on May 11 (8 p.m.). Participants in the behind the scenes roundtable discussion include director Carlos Siguion-Reyna, set designer Ohm David, and cast members Missy Maramara, Tarek El Tayech, and Jamie Wilson. The project is in support of the Open House fundraiser (https://www.facebook.com/OpenHouseFundraiser/) which gives aid to displaced performing arts workers during the COVID-19 crisis. To donate, visit http://bit.ly/DonateOpenHouse.

The National Theatre

The National Theatre is streaming Shakespeare’s Antony & Cleopatra, directed by Simon Godwin, and starring Ralph Fiennes as Antony and Sophie Okonedo as Cleopatra. It is available for viewing until May 14. To watch, visit (https://www.youtube.com/user/ntdiscovertheatre).

National Library of the Philippines

The National Library of the Philippines offers free scholarly eResources including research related to COVID-19. The list of resources come from the National Emergency Library, Cochrane Library (Medical & Health Science), De Gruyter — Journals (Multidisciplinary), and more. To view access links to eResources, visit https://www.facebook.com/NLP1901/photos/a.375779479606724/912930019224998/?type=3&theater.

Jenkins at Royal Albert Hall

Welsh mezzo-soprano Katherine Jenkins performed alone at The Royal Albert Hall. The online show is the first in a series of performances of the London Together initiative as a tribute to the COVID-19 frontliners. Watch the concert at The Royal Albert Hall’s YouTube channel at https://www.youtube.com/channel/UCugNt9gmBgZSFEv4lc4B6Zg.

The Royal Opera House online

As part of its #OurHousetoYourHouse, the Royal Opera is now streaming Giuseppe Verdi’s La Traviata at its official Facebook page at (https://www.facebook.com/royaloperahouse/). The show stars Renée Fleming as Violetta and Joseph Calleja as Alfredo.

PBT’s Darangen ni Bantugen

Philippine Ballet Theater’s 2016 production of Darangen ni Bantugen is currently streaming on its YouTube channel (https://www.youtube.com/channel/UCn-3UHbvnSrbZY8fXPViw4A). Depicting the story of the Maranao hero Bantugen, the show is choreographed by Gener Caringal and Ronilo Jaynario, with music by Jesse Lucas. It is available until May 15.

Guggenheim artbooks

The Solomon R. Guggenheim Museum offers downloadable items from its archives for free. Titles include modern and contemporary art books about Vincent Van Gogh, Pablo Picasso, Vassily Kandinsky, Gustav Klimt and more. The archive is searchable by artist, year, medium and artistic style or movement. Visit the archives, https://archive.org/details/guggenheimmuseum.

Silverlens Galleries’ At Home With series

To keep in touch with art lovers, Silverlens presents Art Boost, an online drive to maintain engagement with art through social media, exhibition catalogues, and videos. The current At Home With series features Bernardo Pacquing, Hanna Pettyjohn, and Chati Coronel. Revisit contemporary artist Gary-Ross Pastrana’s notes on collage making; and Mit Jai Inn’s use of light, color, and structure in his Actantis exhibit. Visit Silverlens’ official social media accounts and its website (https://www.silverlensgalleries.com/) to view the exhibitions.

BenCab Museum online

Azor Pazcoguin’s solo exhibition, TAYP. RAYT. ER, which features oil paintings of items such as typewriters, phones, cameras, is now online from the BenCab Museum’s Facebook page at www.facebook.com/pg/bencabmuseum/photos/?tab=album&album_id=3024306460961023&__tn__=-UC-R.

BioBalance Wellness consultation

The BioBalance Wellness Institute offers the following services and features: free online consultation with its clinical nutritionist and nurse practitioners, wellness expert psychologist; online health and immunity risk assessment; and more payment options for availed services and products. For more information, contact 0917-521-4860 or concierge@biobalanceinstitute.com.

IkotMNL tour from home

The Museo de Intramuros, Ayala Museum, and Presidential Museum and Library in Malacañang Palace have partnered with Google to put their works online. Learn new things at home and visit the museums through a virtual tour: https://artsandculture.google.com/partner/malacanang-presidential-museum-and-library; https://artsandculture.google.com/partner/ayala-museum; and https://artsandculture.google.com/partner/intramuros-administration.

CAST recordings on Spotify

CAST PH offers CAST Recording, a collection of one act plays, recorded online and released as radio/audio drama. The first recordings are A Matter of Husbands by Ferenc Molnár, featuring Pinky Amador and Giannina Ocampo-Van Hoven; and Enemies by Neith Boyce and Hutchins Hapgood, featuring David Bianco and Jennifer Blair-Bianco. Listen at https://open.spotify.com/show/5bLSOsJPkZnlaEFDfSSHbl?si=fDsW-kNpT6iP89En-dWbog.

National Bookstore delivery

National Book Store has reopened its branch in Cubao, Quezon City and now offers delivery services for its supplies to selected areas around Metro Manila. For orders from Marikina, San Juan, and Quezon City, contact 0917-631-1374; Mandaluyong, Pasig, Pateros, and Taguig contact 0917-834-3224; Caloocan, Manila, Navotas, and Valenzuela, contact 0917-302-7475; Makati, Muntinlupa, Parañaque, Pasay, and Las Piñas, contact 0917-791-0916. Orders are accepted on weekdays from 9 a.m. to 4 p.m.

Film masterclasses

Learn film concepts through interviews and film retrospectives from more than 60 directors, producers, writers, and actors including Bong Joon-Ho, Abbas Kiarostami, Agnès Varda, Spike Lee, Werner Herzog (with Roger Ebert), Jane Campion, Jodie Foster, Todd Haynes, Ang Lee, Jessica Lange, and Clint Eastwood. To watch, visit https://walkerart.org/magazine/series/dialogues-film-retrospectives.

Fully Booked delivery

FULLY BOOKED is back in business for book orders (https://www.fullybookedonline.com/). In a Facebook post, Fully Book stated: “[O]ur Lazada and Shopee stores will be back online, too. Please do expect some delays and changes in our processes.” For advisories, visit bit.ly/fb-ecq-advisory.

English National Ballet shows online

ENGLISH National Ballet launched ENB at Home, releasing one show weekly for its Wednesday Watch Parties. The first in the lineup is Broken Wings, a Frida Kahlo-inspired production starring lead principal and ENB artistic director Tamara Rojo as Frida. It is available to stream for free for 48 hours. Watch at https://www.youtube.com/user/enballet or https://www.facebook.com/EnglishNationalBallet/.

The Royal Opera House shows online

THE Royal Opera House in London launched its #OurHouseToYourHouse series where shows can be streamed through its official Facebook page https://www.facebook.com/royaloperahouse/. Watch Arthur Pita’s dance-theater adaptation of Franz Kafka’s Metamorphosis at https://www.facebook.com/royaloperahouse/videos/217068512883588.

Radiohead Concerts

BRITISH rock band Radiohead has been uploading some of its concerts via its official YouTube page (https://www.youtube.com/user/radiohead). Fans of the Rock and Roll Hall of Fame band, known for songs like “Creep” (1992) and “Fake Plastic Trees” (1995), can watch the concerts Live from a Tent in Dublin (2000) and Live in Berlin (2006).

David Guetta: United at Home

FRENCH DJ David Guetta, the man behind the song “Titanium” (2011) featuring singer SIA, held a live concert fundraiser inside his Miami home benefitting the World Health Organization and other charities. The two-hour concert is currently available on his YouTube page (https://www.youtube.com/user/davidguettavevo).

Josh Groban concerts

JOSH Groban brings his concerts to your home via online, streaming every Thursday on YouTube (https://www.youtube.com/user/joshgroban). The second concert in the series, Stages: Live (2016), premiered on April 30. The singer has also includes commentary throughout each film. For more information, visit https://www.facebook.com/JoshGroban/.

Worldwide Concert for Our Culture

JAZZ at Lincoln Center’s annual Spring Gala: Worldwide Concert for Our Culture is now available to stream online. The honorees of the event are Clarence Otis and Jacqueline L. Bradley (Ed Bradley Award for Leadership in Jazz) and Phil Schaap (Jazz at Lincoln Center Award for Artistic Excellence). Performers at the gala include: Wynton Marsalis, Cecile McLorin Salvant and Sullivan Fortner, Chucho Valdes, Nduduzo Makhathini, and Baqir Abbas. For more information, visit jazz.org/gala2020. Watch on YouTube: https://youtu.be/IjJbZetCvGw.

Dior’s Designer of Dreams exhibition

DIOR’S exhibition titled Christian Dior: Designer of Dreams is now available to view online. Originally held at Paris’ Musée des Arts Décoratifs from 2017 to 2018, the exhibition traces the evolution of the house of Dior from post-war Paris to the present through a behind-the-scenes in-the-making of the exhibition, plus a virtual tour of its rooms. Visit Dior’s YouTube channel to watch the documentary (https://www.youtube.com/watch?time_continue=1521&v=FLWDWzMrkBE&feature=emb_title).

Frank Lloyd Wright virtual tours

THE Frank Lloyd Wright Building Conservancy, in partnership with the Frank Lloyd Wright Foundation and Unity Temple Restoration Foundation is offering #WrightVirtualVisits every Thursdays (1 p.m. Eastern/10 a.m. Pacific time) in participating sites. Check the participating sites at https://savewright.org/news/public-wright-sites-swap-virtual-visits/.

Color Tolkien characters

THE official Facebook page of the late author J.R.R. Tolkien has uploaded an illustration of Smaug the Magnificent from The Hobbit Movie Trilogy Colouring Book. Download the coloring sheet at https://bit.ly/2wKY3lp.

MoMA free courses online

After offering virtual tours, the Museum of Modern Art (MoMA) is now offering free online courses. The courses include a series of five free classes for contemporary art, fashion, and photography. It includes readings and exercises which can be completed within 12 to 38 hours. For details, visit https://www.coursera.org/moma.

Print & Play activities for kids

Keep kids entertained with new curated Print & Play activities from HP. The activities from craft making, mazes, dot-to-dot drawing and puzzles are suitable for ages 2 to 12. With HP Print & Play, parents can choose from a range of activities that are best suited to their children’s needs to achieve the best possible learning outcomes. To try the activities, visit https://www8.hp.com/ph/en/printers/printandplay/index.html?jumpid=va_u19mhncewr.

Harry Potter exhibit online

The British Library’s Harry Potter: A History of Magic exhibition is available online through Google Arts and Culture. Its features include video clips and sketches, a Q&A with exhibit curator Julian Harrison. To view, visit https://artsandculture.google.com/project/harry-potter-a-history-of-magic.

The Nanny’s Pandemic Table Read

The cast of the ‘90s comedy sitcom The Nanny reunites for The Pandemic Table Read of the show’s pilot episode. It stars Fran Drescher as Fran Fine who finds a job as a nanny to the three children of wealthy widower and theater producer Maxwell Sheffield (played by Charles Shaughnessy). To watch, visit Sony Pictures Entertainment’s YouTube channel at https://www.youtube.com/watch?v=C3a6KuP1X14&feature=youtu.be&fbclid=IwAR1eEwvK0A7lrLMnt2GTXBPoDR7y8_Q5TXMexTLIo9es9Gei4W1Yi-asITM.

Science experiments at home

Enjoy 44 science experiments with the kids at home with the James Dyson Foundation Challenge cards. To download the challenge cards, visit https://www.jamesdysonfoundation.co.uk/resources/challenge-cards.html.

Hogwarts online

Hogwarts Is Here, an online version of the Harry Potter series’ magical school by Harry Potter fans that allows visitors to take courses like the characters from J.K. Rowling’s book series. Various courses include Astronomy, Herbology, History of Magic, and Transfiguration. The website also includes a forum, groups, and library feature. Visit http://www.hogwartsishere.com/.

Color Manolo Blahnik designs

Manolo Blahnik shares a selection of his original sketches for coloring. The shoe designs are downloadable at https://www.manoloblahnik.com/gb/smile.html.

Podcasts on Philippine crime

Stories After Dark features podcasts on Philippine true crime and mystery stories. It currently has 14 episodes including The Maguindanao Massacre (2009), The Ozone Disco Fire (1996), and Pepsi Paloma: Rape or Publicity Stunt? Suicide or Murder? (1982/1985). To listen, visit https://www.facebook.com/storiesafterdarkph/.

Palacio de Memoria virtual tour

Art and history enthusiasts can now go on a virtual tour of Palacio de Memoria, the resplendent Colonial Revival mansion, and marvel at its luxurious facilities and hundreds of Euro-Filipino paintings, sculptures, art displays, and historical pieces online. It features the showroom of Palacio de Memoria’s auction house, Casa de Memoria or the Casa, which houses the Lhuilliers’ unrivalled collection of antiques, the Mosphil Lounge, and a passenger plane that was refitted to be a lounge for special occasions. To view the complete Palacio de Memoria’s virtual tour, visit https://www.palaciodememoria.com/tours. For more updates, follow @thepalaciodememoria on Facebook and @palacio.de.memoria on Instagram.

E-coloring books

The Getty Museum and the Getty Research Institute of Los Angeles offers the Color Our Collections edition for 2020. To view, visit http://library.nyam.org/colorourcollections/page/11/.

BFAR raises red tide warning over three provinces

THE BUREAU of Fisheries and Aquatic Resources (BFAR) has warned consumers against eating shellfish harvested from three areas due to red tide contamination.

The BFAR said that shellfish from Dauis and Tagbilaran City in Bohol; Lianga Bay in Surigao del Sur; and Balite Bay, Mati City in Davao Oriental are not safe for human consumption for the duration of the red tide.

“All types of shellfish and Acetes sp. or alamang gathered from the areas are not safe for human consumption. Fish, squid, shrimp, and crab are safe for human consumption provided that they are fresh and washed thoroughly, and internal organs such as gills and intestines are removed before cooking,” the BFAR said. — Revin Mikhael D. Ochave

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