Home Blog Page 9083

More efforts needed to fight cyber crimes as countries move to 5G

HUAWEI TECHNOLOGIES Co., Ltd. said the global community needs to step up efforts to stop cyber crimes as countries starting to adopt the fifth generation (5G) of cellular technology may become more vulnerable to attacks.

“Too few people are prosecuted for cyber offenses. The global community needs to work together better to shut them down, because as we move to the 5G , the global community is going to be much more dependent on information and communications technologies,” Andy Purdy, chief security officer at Huawei Technologies USA, said in an online forum last week.

“Because if the bad guys decide, they can shut things down… We’re going to be vulnerable if we don’t step up and do what is necessary now,” he added.

He said emerging technologies are driving digital growth while bringing new challenges to cyber security and privacy protection. New technologies such as the cloud, 5G, IoT (Internet of Things), and AI (artificial intelligence), among others, bring new opportunities, he added.

“Cloudification enables resource sharing and service platforms transform from closed platforms to open platforms, while AI and big data power the in-depth mining of information,” Mr. Purdy said.

He said mobile networks and sensors also help users achieve “high-density interconnection.”

Among the challenges Mr. Purdy cited were the “traditional boundaries for protection,” which he described as becoming “increasingly blurred”; more complex data processing and the increasing risk of data leaks; and the larger “attack surface” and the increasing vulnerabilities.

He added the mobile industry also requires a global and mutually recognized security evaluation framework.

“We have to reduce the frequency, impact, and risk of malicious activities… Governments will need to work with telecoms, mobile operators, and internet services providers to drain the swamp of malicious activities,” Mr. Purdy said.

Internet security firm Kaspersky said recently that ransomware attacks against small and medium businesses in the Philippines had dropped by 49% or 9,701 in the first six months of the year, from 18,997 attempts detected in the same period last year.

Kaspersky said ransomware attacks in Southeast Asia have actually declined to 1 million in the first half from last year’s 1.4 million.

However, businesses should remain vigilant, as “prolific attacks may always fly under our radar and we need to continue to watch out for them,” Yeo Siang Tiong, Kaspersky’s general manager for Southeast Asia, said in a recent statement. — Arjay L. Balinbin

Crown Asia Chemicals stays Shariah-compliant

CROWN ASIA CHEMICALS Corp. has retained its status as a Shariah-compliant publicly listed company for the third straight year, the company said on Wednesday.

“A quarterly evaluation is made of Shariah-listed companies to ensure conformity to the Islamic Law and Finance standards aimed to encourage trade and investments,” it said in a statement.

It said Crown Asia Chemicals joins the latest list of 53 firms disclosed by the Philippine Stock Exchange (PSE) as of June 25, 2020. The company manufactures plastic compounds, plastic pipes and other related products such as polyvinyl chloride (PVC) pellets.

In April this year, the PSE issued a memorandum aimed at adjusting the standards for the evaluation of business conformity with Shariah principles and eliminating certain previously imposed restrictions.

“Such measures have been taken to align Shariah guidelines with the Accounting and Auditing Organization for Islamic Financial Institutions Shariah Rulebook,” the company said.

Facebook removes fake accounts spreading propaganda

FACEBOOK INC. said it detected and removed a small scale network of fake accounts aimed at distributing Chinese propaganda and disinformation across Southeast Asia and the US.

Disguised as local operators, the accounts sought to amplify pro-China messaging over its control of the South China Sea and surrounding area, while promoting political leaders deemed to be sympathetic to China’s influence in the region, according to Graphika Inc., which seeks to uncover disinformation operations and released a report on the China-based activity. Facebook said the fake accounts also pushed messages for and against US President Donald Trump, his Democratic opponent Joe Biden and former Democratic presidential candidate Pete Buttigieg.

Although researchers could not attribute the operation to the Chinese government or the Chinese Communist Party, the propaganda campaign was the second squashed by Facebook in a month over fake content related to the November election. Weeks ago, Facebook removed a small network of accounts linked to Russia’s Internet Research Agency, the Kremlin-linked troll farm that used social media accounts to deepen divisions in the US and help Trump in the 2016 presidential campaign.

The China-based operation appeared likely to be leveraging the US election — a hotly discussed topic on social media — to build its own audience rather than attempting to influence voters to tip the outcome, said Ben Nimmo, who leads investigations at Graphika.

The campaign’s US operations were deemed to be weak in both sophistication and scale, and did not indicate preferential treatment for either presidential candidate, Mr. Nimmo said.

“On the grand scale of the American internet, it’s not even a feather on the scale. It’s really small,” said Nimmo. “They got caught early, but overall, it didn’t feel like a sophisticated operation.”

The operation began in late 2016 by targeting Taiwan, as some of its posts attacked President Tsai Ing-Wen. In early 2018, fake users posted about the Philippines with content that supported President Rodrigo Duterte and argued in favor of Chinese regional influence. Concurrently, they also created a collection of pages that focused more broadly on the South China Sea and defended China’s contested policies there, Graphika said in the report.

It wasn’t until late 2019 and early 2020 that the disinformation operation shifted its attention to the US. But even those accounts and groups often brought the conversation back to China’s maritime security, according to Graphika.

“Many of the accounts in this phase of the operation were barely active,” according Graphika’s report.

In total, Facebook said it removed 155 Facebook accounts, 11 pages, 9 groups and 6 Instagram accounts. The campaign attracted more than 130,000 followers, but less than 3,000 were based in the US. The accounts were removed because they violated Facebook’s policies against coordinated campaigns with false identities, the Menlo Park, California-based company said. — Bloomberg

Term deposit yields inch higher on wider August budget deficit

YIELDS ON term deposits auctioned off by the Bangko Sentral ng Pilipinas (BSP) mostly inched up on Wednesday following the release of data showing a budget deficit in August.

Demand for the BSP’s term deposit facility (TDF) hit P575.31 billion on Wednesday, above the P390 billion on the auction block. This was also higher than last week’s P527.984 billion in bids for the P350-billion offering.

Broken down, the seven-day papers attracted tenders amounting to P262.56 billion, higher than the P170 billion auctioned off by the central bank as well as the P212.569 billion in bids logged last week.

Lenders asked for yields from 1.8% to 1.87%, a narrower band compared with the 1.785% to 1.89% seen a week ago. This caused the one-week paper’s average rate to drop to 1.8346%, down by 0.31 basis point (bp) from the 1.8377% logged on Sept. 16.

For the 14-day papers, demand totaled P253.87 billion, surpassing the P190 billion on offer and the P265.685 billion in bids logged the previous week for the P170-billion offering.

Accepted yields fell within the 1.8015% to 1.87% range, a tad narrower than the 1.8% to 1.87% recorded in the previous auction. This brought the average rate of the 14-day term deposits to 1.852%, rising by 0.6 bp from the 1.846% seen a week ago.

Meanwhile, tenders for the one-month term deposits totaled P58.88 billion, beating the P30-billion offer volume and the P49.73 billion in bids logged for the P20 billion up for grabs last week.

Rates for the 28-day ranged from 1.818% to 1.8522%, a thinner margin compared to the 1.783% to 1.8522% seen on Sept. 16. This caused the tenor’s average rate to settle at 1.8416%, inching up by 0.07 bp from the 1.8409% seen last week.

The TDF is one of the central bank’s tools to shore up excess liquidity in the financial system to better guide market interest rates. Last week, the BSP made its maiden offering of securities, which are also meant to mop up cash. It fully awarded P20 billion in 28-day bills.

TDF yields inched up after the release of the August budget deficit data, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

“Most TDF auction allowed to be marginally higher after the recent upward correction, especially after the continued widening of the latest budget data from a year ago due to COVID-19 (coronavirus disease 2019), Mr. Ricafort said in a text message on Wednesday.

The budget deficit reached P40.1 billion in August, ballooning from the P2.5-billion gap seen in the same month last year, Treasury data released on Wednesday showed. However, last month’s level was lower than the P140.2-billion deficit seen in July.

The August figure brought the eight-month deficit to P740.7 billion, surging by 515% from the P120.4 billion seen in the comparable year-ago period. This has already exceeded the record P660.2-billion gap seen last year. — L.W.T. Noble

Is it criminal to like this wine?

THE NAME “19 Crimes” sounds more like a book or movie title than a wine brand from Australia. Its wine labels also look like mug shots of “creepy” criminals — and the weird thing is, the photos on the labels actually are of real British criminals from the 18th century. So, instead of going with cute and relevant names and labels, usually featuring critters, castles, village or street names, 19 Crimes went the opposite way with the morbid and murky. And this is absolutely ingenuous, as 19 Crimes stands out from the zillions of wine labels competing for space in consumer’s minds and in cluttered retail shelf spaces.

THE BRAND NAME EXPLAINED
The 19 Crimes name came from the British Empire during the 18th century. These refer to the 19 specific crimes of that period that could force convicted offenders into what was called “penal transportation.”

The convicts were basically punished by being banished from society through relocation to an overseas British penal colony. Penal transportation was considered more humane than the usual capital punishment, and had been used not only on criminals, but also on military and political prisoners. Some of the 19 crimes included: grand larceny (theft of items above the value of one shilling); petty larceny (theft of items under the value of one shilling); buying or receiving of stolen goods, jewelry and plate; and even some unheard of in modern times — acts like impersonating an Egyptian, clandestine marriage, and stealing a shroud out of a grave.

Initially penal transportation saw prisoners brought to the Americas until this practice ended following the American Revolution, so the under-colonized Australia (then inhabited by the Torres Strait island people and the Aboriginal Australians) was the next destination. In January 1788, the first fleet arrived in Botany Bay but immediately moved to Port Jackson because of better conditions, landing eventually in Sydney Cove on Jan. 26 — now celebrated as Australia Day. The convicts-turned-colonists were vastly credited for building a new country, civilization, and culture, and the rest ,as they say, is history.

Crimes wines is a celebration of the emancipation of the transported convicts who contributed to what is Australia today.

WATCH LABELS COME ALIVE
The 19 Crimes wines feature actual criminals convicted of these listed 19 crimes in their mug shot-like labels. And perhaps a first of its kind, at least for wine labels, the criminals come alive when you use an augmented reality app, the Living Wine Labels. Download this Living Wine Labels app from either Google Play or Apple Store, and then point your phone at the front label and watch the criminal on the label “come alive” and tell his story. Admittedly this experience can be freaky at first, but the brilliant gimmick works and resonates.

Aside from the cool augmented reality experience, under each screw cap of 19 Crimes wines, you will see printed text about one of the 19 crimes. I do not know if any consumer wants to collect all 19 Crimes caps but it surely is another novelty to talk about.

Recently, 19 Crimes made headlines in the wine industry when it partnered with rap and hip-hop icon Snoop Doggy Dog to collaborate on its first non-Australian wine, the Cali Red, featuring Snoop Dog himself on the label. Snoop Dog has had his share of brushes with the law and may have been approached to collaborate because of this. Just as the other labels, Snoop Dog comes alive talking when you use the Living Wine Labels app. The Cali Red should be available in the Philippines next year.

MY CUSTOMARY TASTING NOTES:
19 Crimes Red Blend 2018, Southeastern Australia – “Lusciously ripe nose, jammy, rich, supple texture, with so much lavish red cherry and black berry flavors, semi-sweet, very round and sweet delicious finish”; while there is no information on the varietal blend, I suspect the mix to be a Shiraz-Cabernet blend given its taste profile.

19 Crimes Cabernet Sauvignon 2018, Southeastern Australia – “smell of menthol cigarette, ripe black berries, cinnamon, velvety texture, sweet and round, pure fruit power on the finish.”

19 Crimes Shiraz 2019, Southeastern Australia – “alluring nose like spiced rum cake, rhubarb, very plummy and juicy on the palate, super yummy from first quaff, nicely round, no frills type of wine that can immediately be enjoyed with or without food.”

19 Crimes is another fast-growing wine brand from the giant Treasury Estate Wines group. Launched initially in 2012, distribution in the Philippines started only by May of 2018. 19 Crimes is already making an impact in the tough P600-P700/bottle price range category. This year 19 Crimes ranked No. 4 in The World’s Most Admired Wine Brands by Drinks International. It is an easy wine for both novice and regular Filipino wine drinkers to appreciate because of its straight-forward fruit power, ripeness and almost candied sweetness. 19 Crimes wines are available in leading supermarkets nationwide.

Erratum: In my last column on “Defying Odds in Bordeaux,” I misspelled a few times the name of JCP Maltus’ Regional Export Manager. The correct name is Xiao Qi not Xiao Li. Also, I want to add that JCP Maltus wines, from its top brand Le Dome, Chateau Teyssier, to their other Bordeaux wines, are already available in the country via Wine Story.

The author is a member of the UK-based Circle of Wine Writers. For comments, inquiries, wine event coverage, wine consultancy and other wine related concerns, e-mail the author at protegeinc@yahoo.com or via Twitter at www.twitter.com/sherwinlao.

Seaoil ‘closer’ to network expansion target

SEAOIL PHILIPPINES, Inc. continues to expand its retail network, saying it is “on-track” to meet its target number of operating fuel stations.

The independent oil retailer on Wednesday unveiled its 500th fuel station along Meralco Avenue in Pasig City.

“This milestone brings us closer to our goal of having 600 stations nationwide by the end of this year,” Seaoil Chief Executive Officer Glenn L. Yu said in a statement.

Before this, it opened fuel retail stations across 11 provinces in the country.

The company claimed its efforts to widen its footprint contributes to the Philippines’ recovery from the coronavirus pandemic.

“With the opening of more stations, Seaoil aims to generate local jobs, provide business for new franchise partners, and offer specialized promotions to serve the communities they operate in,” it said.

Seaoil has set aside P10 million to aid the country’s pandemic response through offering free fuel and discounts for medical workers, local government personnel, and the transport sector. — Adam J. Ang

BSP allows UITF distribution via third parties

TRUST CORPORATIONS will now be allowed to sell unit investment trust funds (UITFs) through individual and institutional agents to level their playing field with banks that have broad distribution networks, the central bank said.

In Circular No. 1097 signed by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno, the central bank outlined the role of branches and marketing officers of trust corporations for the sale of UITFs.

It said individual agents and institutional agents will be allowed to sell trust corporations’ UITFs provided they can comply with the requirements and classifications set out by the central bank.

Currently, trust corporations distribute their UITFs through their main offices.

BSP Deputy Governor Chuchi G. Fonacier said they have been looking into allowing trust corporations to offer their products via individual and institutional agents even before the coronavirus pandemic.

“This will in a way level the playing field as far the as distribution channel is concerned. Trust departments of banks have branches as their distribution channel,” Ms. Fonacier said in a text message.

According to the circular, trust corporations need to be prudent in selecting third-party distributors and make sure they meet qualificatory requirements.

Among these requirements are training programs that were conducted by respective trust entities, the Trust Officers Association of the Philippines or other training providers acceptable by the BSP.

Meanwhile, institutional agents are required to be registered as a corporation with the Securities and Exchange Commission; actively operating; in good financial standing; and need to have secured authority from the appropriate regulatory agency to engage in the distribution of UITFs.

“Consistent with the expectation for the board and senior management to maintain an effective and efficient internal control framework, the trust corporation shall adopt appropriate control mechanisms to ensure the protection of client funds,” the circular said.

The responsibility of knowing customers still lies with the trust corporations, the BSP said, although both individual and institutional agents can conduct client suitability assessment processes and customer identification under existing anti-money laundering and counter-terrorism financing laws. — LWTN

Dining In/Out (09/24/20)

The Peninsula has mooncakes

THE PENINSULA Manila marks the mid-autumn harvest season with the treasured tradition of giving mooncakes. This year, customers can enjoy 10% savings for every 10 boxes of mini mooncakes ordered. Areas within Makati City also enjoy complimentary delivery service with every order of mooncakes. These handcrafted mooncakes come in Traditional Lotus Seed Paste with Yolk and Egg Custard flavors and are available as a selection of eight assorted mini mooncakes for P3,888 or an indulgent box of four mini Egg Custard mooncakes for P2,388. Orders can be placed online through PenChat while the limited edition Peninsula Mooncakes are still available by clicking on https://bit.ly/PenChatFacebook.

Johnnie Walker marks 200th year with Black Label Origin series

MARKING its 200th year, Johnnie Walker introduces the Johnnie Walker Black Label Origin Series in partnership with Manila cocktail joint OTO. The limited edition collection celebrates the spirit of exploration and the many flavor profiles of Scotland. The Johnnie Walker Black Label Origin Series features two blends: the Johnnie Walker Black Label Speyside Origin and the Johnnie Walker Black Label Lowlands Origin. Each of the two blends are made exclusively using whiskies from the Speyside and Lowland regions of Scotland to bring out the primary flavor characteristics of those areas. Johnnie Walker Black Label Speyside Origin is a light and fruity whisky with hints of cut green apple and orchard fruit. Made exclusively from quality single malts from the Speyside region, it features whisky from the distilleries of Cardhu and Glendullan at its heart. Johnnie Walker Black Label Lowlands Origin has a luxuriously sweet and creamy mouthfeel, with vanilla character and subtle notes of toffee. It is made exclusively from a variety of single malt and grain whiskies from the Lowlands, including distilleries of Glenkinchie and Cameronbridge.  The Johnnie Walker Black Label Origin Series is available for P1,899  SRP per bottle exclusively at The Booze Shop (www.boozeshop.ph). There will be two Johnnie Walker Black Label Origin Series cocktails available in OTO for a month in September. The Take Over, The Breaks Over is made with Johnnie Walker Black Label Speyside Origin as the base, plus sherry port, pandan syrup, and citric adjusted tepach. Meanwhile, Good Times, Bad Times features Johnnie Walker Black Label Lowlands Origin, corn tea, ripe mango, and palm sugar syrup. These special cocktails come as the second installment of OTO’s monthly collaboration concoctions, most of the proceeds from which will go to helping the Poblacion bar community. Each order will come with a 120ml cocktail and a free 60ml bottle of the base whisky used. More details will be announced soon; check out OTO’s Instagram page at @oto.ph for more details.

New cooking series US Pork, Eats the Best premieres on Youtube

CELEBRITY chef Rosebud Benitez shares a series of delectable dishes on US Pork, Eats the Best, the newest e-cooking series on her YouTube channel. Featuring US pork as themain ingredient of the recipes,  the first two episodes feature Ms. Benitez’ Pork Belly Casserole recipe, and US Pork Spareribs Sinigang (sour soup). Authentic US pork, stamped with the US Pork logo on its packaging, is available at all leading supermarkets nationwide. Subscribe to Chefmom Rosebud Benitez on YouTube.

Microsoft develops a ‘virtual commute’ for remote workers

MILLIONS of employees now commute from their bed to a desk at home. After the initial euphoria of skipping smog-filled traffic jams and cramped train compartments, a new reality has dawned in which the work day blends into the rest of life, like a never-ending video conference call. Microsoft Corp. has a solution for this.

The company’s Teams collaboration software is adding the ability to schedule a “virtual commute.” It won’t start your car or ride the subway for you, but it will remind users about the end of the work day, suggest tasks to help workers wind down and create a little mental space before kids’ homework, dinner, laundry, and other obligations come crashing in.

For example, Teams will prompt users to list tasks as completed or add them to tomorrow’s to-do list, while asking workers to rate how their day went and suggesting guided meditation, through an integration with the Headspace app.

Pandemic-related burnout and difficulty separating work and personal life has become a surprisingly common concern among Microsoft’s corporate customers, according to Chief Marketing Officer Chris Capossela. “The thing we didn’t predict that we’ve learned is now at the top of customers’ mind is really the well-being of their employees,” he said.

Companies initially worried about employees having the right technology to work from home. “Now it’s getting to be much more about ‘hey how do I know if an employee is burned out, how do I know how they are doing — if they are working too hard?’ All of the things around the emotional well-being or the mental health of employees has risen to the top faster in a way that we didn’t really predict,” he added.

Microsoft will also enable its workplace analytics software to help employers spot and support workers who are at risk of burnout. The software looks at things like after-hours collaboration by an entire team and how that compares with similar teams. New features coming next year will let employers run programs that remind team members to avoid undue overtime.

The new features were set to be announced at Microsoft’s virtual Ignite conference on Tuesday. One more pandemic-era tool from Microsoft: the company’s artificial intelligence software is adding a new Spatial Analysis service that will help clients map and measure physical spaces, which Microsoft said will come in handy for figuring out how to keep customers and workers 6 feet apart. — Bloomberg

How PSEi member stocks performed — September 23, 2020

Here’s a quick glance at how PSEi stocks fared on Wednesday, September 23, 2020.


PSEi flat as market anticipates new restrictions

By Denise A. Valdez, Senior Reporter

PHILIPPINE SHARES continued moving sideways on Wednesday as investors started taking into consideration the expiration of current quarantine measures in the country towards the end of the month.

The benchmark Philippine Stock Exchange index (PSEi) closed flat, shedding 1.56 points or 0.02% to end at 5,892.72. The broader all shares index was, likewise, flat, posting a 1.21-point or 0.03% uptick to 3,545.14.

The main driver of sentiment remains to be the coronavirus disease 2019 (COVID-19) situation in Europe, where cases have surged in the past days, said Darren T. Pangan, trader at Timson Securities, Inc.

COVID-19 cases in Europe swelled 5,331 to 4.54 million as of Wednesday, prompting new restrictions to contain the fresh virus outbreak in the region. Britain has announced tighter restrictions on Tuesday, which Prime Minister Boris Johnson said may last up to six months.

“Locally, investors may be weighing the government’s decision on the quarantine measures to be enforced after the month of September,” Mr. Pangan said in a text message.

The relaxed quarantine restrictions currently in place in Metro Manila and nearby cities are set to last until the end of the month. By October, the government will announce a new set of restrictions, which may tighten, relax or maintain current protocols.

“The general sentiment remains cautious, despite the daily improvement in economic activity. There is some concern that without additional mobility, with the easing of restrictions on public transportation as well as reopening of tourism focused industries, economic activity may be at its peak,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

Timson Securities’ Mr. Pangan said the PSEi’s nearest support area is 5,750, and resistance is 6,100. AAA Southeast Equities’ Mr. Mangun expects the PSEi to continue lower in the remaining two days of the week.

Four of six sectoral indices recorded losses on Wednesday’s closing. Mining and oil dropped 63.35 points or 1.05% to 5,944.54; services trimmed 8.69 points or 0.59% to 1,446.72; property lost 10.62 points or 0.38% to 2,733.81; and financials dipped 0.07 point or less than a percent to 1,142.48.

The two gainers were industrials and holding firms. Industrials improved 68.46 points or 0.87% to 7,872.45, while holding firms picked up 11.63 points or 0.18% to 6,158.34 at the end of session.

Value turnover slipped to P4.45 billion on Wednesday from P4.63 billion the previous day. Some 1.47 billion issues switched hands.

Advancers beat decliners by two, 92 against 90, while 56 names ended unchanged.

Foreign investors were net sellers for the ninth straight day, but net outflows declined to P95.86 million from P655.13 million the previous day.

Peso inches down vs dollar

THE PESO inched lower versus the dollar on Wednesday after the government posted a wider budget deficit in August amid lower revenues.

The local unit closed at P48.47 versus the greenback on Wednesday, down by a centavo from its P48.46-per-dollar finish on Tuesday.

The peso opened Wednesday’s session at P48.52 against the dollar. It climbed to a peak at P48.465 during the session and hit an intraday low of P48.54 versus the greenback.

Dollars traded went up to $580.05 million on Wednesday from $548.8 million on Tuesday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso weakened slightly following the release of data showing a wider budget deficit in August.

“The peso was weaker after wider budget deficit data for the month of August due to the coronavirus disease 2019 (COVID-19) and continued decline in government revenues,” Mr. Ricafort said in a text message.

The government’s budget deficit reached P40.1 billion in August, ballooning from the P2.5-billion gap seen in the same month last year, Treasury data released on Wednesday showed. However, last month’s level was lower than the P140.2-billion deficit seen in July.

The August figure brought the eight-month deficit to P740.7 billion, surging by 515% from the P120.4 billion seen in the comparable year-ago period. This has already exceeded the record P660.2-billion gap seen last year.

BDO Unibank, Inc. Chief Market Strategist Jonathan L. Ravelas said in a text message that the dollar strengthened as the US economy continues to show signs of recovery.

The US dollar rose against major currencies on Wednesday, supported by positive US economic data and concerns about a second wave of coronavirus infections in Europe and Britain, Reuters reported.

The dollar index, which pits the dollar against a basket of six major currencies, rose to 94.197 on Wednesday, the highest in two months.

For today, Mr. Ricafort sees the peso moving from P48.40 to P48.55 versus the dollar while Mr. Ravelas expects it to range from P48.30 to P48.60. — KKTJ