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Yuchengco-led EEI partners with 2 Japanese firms

THE construction arm of the Yuchengo group has partnered with Japanese firms to expand its construction equipment business in the Philippines and in Southeast Asia.

In a statement Monday, EEI Corp. said it signed a partnership agreement with Showa Leasing Co. and Saiga Co., Ltd., Japan.

“The parties have agreed to set up a new Philippine based joint venture corporation primarily for the purpose of managing new and second hand construction equipment with the vision to expand its services to Southeast Asia,” the company said.

EEI also noted that the Japanese firms are looking to expand their footprint in the country.

Founded in 1969, Tokyo-based Showa Leasing is part of the Shinsei Bank Group of Japan and describes itself as a general leasing company present in 15 locations across Japan. Its capital stood at 29.36 billion yen as of June 28, according to its website.

Saiga Co. is a crane rental company established in 1967 that operates a fleet of more than 100 cranes. It also has an affiliate company in Dubai. Its services include crane leasing, heavy transportation or installation, plant construction, vehicle inspection, and building and engineering works, according to its website.

Meanwhile, EEI has been operating in the country since 1931 through the installation and construction of power generating facilities, oil refineries, chemical production plants, and cement plants, among others. It is also engaged in a number of construction projects abroad.

EEI’s net income attributable to the parent went up 15% to P326.09 million in the first quarter of 2019, following a 30% uptick in gross revenues to P5.62 billion.

The company is part of the Yuchengco group, which also has interests in banking, financial services, property development, and education. Its market capitalization is currently at P11.32 billion.

Shares in EEI jumped 2.56% or 28 centavos to close at P11.20 each at the stock exchange on Monday. — Arra B. Francia

CPG names new president, CEO

CENTURY Properties Group has appointed Jose Marco R. Antonio, currently its chief operating officer, as the company’s president and chief executive officer.

Jose Eduardo B. Antonio, who founded the company and held the posts for 33 years, will remain as executive chairman.

The appointment took effect immediately after the CPG board approved the appointment.

The younger Mr. Antonio began working for CPG in 1996 after working at The Blackstone Group in New York City. He graduated summa cum laude with a Bachelor’s Degree in Economics (dual major in Finance and Entrepreneurial Management) from the University of Pennsylvania’s Wharton School in 1995 and received his masters degree in Business Administration with a major in Strategic Management from the Wharton School in 2004.

He served as Managing Director for the company for 22 years and held this position concurrently when he was appointed Chief Operating Officer.

“I take on this fiduciary responsibility wholeheartedly as I aim to be the best steward I can be for CPG. Together with our professional management and all our hardworking employees, we will turn to the next exciting chapter of CPG with a culture of passion, excellence and innovation that I believe translates to a better product for our customer, and a better company for all our stakeholders,” Mr. Antonio said.

A can’t-miss af fair

The Legend of Heroes:
Trails of Cold Steel II
PlayStation 4

THERE WAS a time when the Sony PlayStation Vita wasn’t prematurely headed to the dustbins of video game history. Featuring a quad-core 32-bit processor, PowerVR graphics, a five-inch organic light-emitting diode — or, in the case of the slim version, liquid-crystal display — screen, and relatively strong built-in stereo speakers, it offered 8th-generation console technology in a portable format. More importantly, it boasted of an impressive library of titles that could be played on the go without significant sacrifices made on audio-visual fidelity.

Legend of Heroes: Trails is Cold Steel II was one such title. Released near the end of the third quarter of 2014, it found itself claiming two spots in the Top Five sales chart the first week it hit store shelves. Its Vita iteration placed second on the list, outpacing takeups for the PS3. No doubt, it benefited from the handheld’s capacity to meet its resource requirements sans any sacrifices in presentation and gameplay; Nihon Falcom promoted cross-save properties between the handheld and the previous-generation console, thus ensuring that it ran smoothly on both.

That said, Legend of Heroes: Trails of Cold Steel II’s biggest come-on was its representation as the quintessential example of a Japanese role-playing game done right. Above all else, it was unveiled as a direct sequel to the first release in the series. Events occur a month after the end of Legend of Heroes: Trails of Cold Steel, with principal protagonist Rean Schwarzer finding himself on a quest to be reunited with his Class VII mates from Thors Military Academy while Erebonia is in the throes of a deadly civil war. In his efforts to bring them all back together and form a united front against forces of the Noble Alliance, Imperial Liberation Front, and the Ouroboros lies the future of the continent.

Parenthetically, Legend of Heroes: Trails of Cold Steel II retains the JRPG look and feel of its predecessor; though it enriches its milieu by abandoning the rigid structure of the academy in favor of open-world exploration, the interface it leans on is the same. Characters travel as a party to engage in missions on the side while en route to fulfilling their ultimate objective. Combat is turn-based and involves combinations of physical and magical attacks, not to mention special offensives, albeit with a decidedly welcome twist: a link system enables gamers to combine their champions’ attributes and thereby induce more significant damage.

If Legend of Heroes: Trails of Cold Steel II appears to have not inconsiderable heft, that’s because it wisely leans on the myriad strengths of its source material. Its narrative and characters are already fleshed out, and its gameplay exhibits the maturity only experience can bring. And, in this regard, gamers would do well to navigate the first game before immersing themselves in it. Even as the extensive prologue gets them up to speed on developments in the series, they become all the richer for actually going through what the main characters did.

Still and all, Legend of Heroes: Trails of Cold Steel II excels as a standalone offering. Care is done to ensure that gamers know exactly what’s going on at any given time, and, in this regard, the outstanding work on the localization cannot be overstated. Moreover, it possesses timeless traits that make its move to the PS4 a good, and perhaps overdue, one. Critical enhancements for its release on the personal computer last year are carried over, thus ensuring that the experience even for those who have already played it stays fresh and representative of the console.

On the PS4 Pro, Legend of Heroes: Trails of Cold Steel II proves to be engaging in its exhibition of the added bells and whistles. It runs at 60 frames per second, and apart from occasional hiccups and stutters (particularly when the screen becomes busy with animated effects), it manages to trumpet its audio-visual improvements with aplomb. The 5,000-plus new lines of dialogue recorded for the PC release have been included, complementing the first-time-ever option to toggle between equally excellent English and Japanese voice tracks. And, for good measure, previous saves on the PS3 and Vita can be used to carry over progress and downloadable content, allowing gamers to literally pick up from where they left off.

In all, Legend of Heroes: Trails of Cold Steel II should be a no-brainer pickup on the PS4. It’s a superb port that shows both the painstaking work Nihon Falcom has done and the enduring appeal of true-blue JRPGs. And it’s a beneficiary of sound business strategy as well; the release of its enhanced version coincides with those of its prequel and sequel, thereby guaranteeing that gamers new to the lore don’t miss out on all the reasons the series has managed to gain an extremely loyal following. As the best console iteration of one of the finest in the genre, it’s a can’t-miss affair that competently meshes all the interest-generating trappings of the new with the soothing familiarity of the old.

THE GOOD:

• Quintessential example of a JRPG done right

• Direct sequel that carries over both storyline and gameplay

• Enhancements for current-generation gaming enrich the experience

• Previous saves on the Vita and PS3 can be used to carry over progress

THE BAD:

• Occasional stutters

• Uneven pace

• Playing the prequel first leads to better appreciation of the game and the series as a whole

RATING: 9/10

PostScript: Nihon Falcom president and Legend of Heroes: Trails of Cold Steel series producer Toshihiro Kondo will be having an Ask Me Anything session on Reddit at 6 a.m. on Thursday, Manila time. He will then be seen playing Legend of Heroes: Trails of Cold Steel III on a Twitch live stream hosted by NIS America at 8 a.m.

Deutsche Bank plans to cut as many as 20,000 jobs in revamp

DEUTSCHE BANK AG is looking at slashing its headcount by more than a fifth. — REUTERS

DEUTSCHE BANK AG is considering slashing headcount by more than a fifth in what’s shaping up to be its biggest makeover in years, two people familiar with the matter said.

The lender under Chief Executive Officer Christian Sewing may decide to cut as many as 20,000 jobs when he presents his latest restructuring plan, perhaps as early as this week, the people said, asking not to be identified as the matter is private. The decision hasn’t been formally adopted yet and the number may yet change, they said.

“Deutsche Bank is working on measures to accelerate its transformation so as to improve its sustainable profitability,” a spokeswoman said by email. “We will update all stakeholders if and when required.”

Sewing announced at the lender’s annual general meeting in May he’s working on “tough” cutbacks after he decided to walk away from merger talks with domestic rival Commerzbank AG in April. His previous turnaround plan, unveiled shortly after he took over as CEO a little over a year ago, has failed to restore the bank to a healthy level of profitability.

Deutsche Bank had 91,500 staff at the end of the first quarter, down from 95,400 when Sewing took over.

Deutsche Bank shares gained as much as 3.5% in Frankfurt trading amid a broader stock rally in Europe and were up 3.4% at €7 as of 9:13 a.m. The Euro Stoxx 600 index was up 1.1%.

The bank expects to make a formal announcement no later than July 8, one person said. The Wall Street Journal first reported on the plan to cut as many as 20,000 jobs.

EQUITIES CULL
The sweeping restructuring is likely to hit Deutsche Bank’s investment banking division the hardest, particularly its US operations as well as trading equities and interest rate derivatives, people familiar have said. The bank is planning to cut its global equities headcount by 50%, they have said.

Reuters reported on Sunday that the lender is looking to hire 300 people globally for its wealth management arm by 2021. It plans to hire those managers across Europe, America and emerging markets, according to the report, which cited Fabrizio Campelli, global head of wealth management.

Deutsche Bank will also make changes to the management board, with investment banking head Garth Ritchie, Chief Regulatory Officer Sylvie Matherat and Chief Financial Officer James von Moltke all potentially leaving, people familiar with the matter have said. Sewing is likely to take over formal oversight of the investment bank at the management board level, they said.

Deutsche Bank is also planning to set up a unit for assets such as long-dated interest rate derivatives it wants to wind down or sell in an effort to cut unprofitable business and free up capital for other business lines, people familiar have said. The unit could hold as much as €50 billion ($57 billion) in risk-weighted assets, they said. It had €347 billion of RWAs at the end of the first quarter. — Reuters

Robinsons Retail considers exit from fashion business amid stiff competition

BILLIONAIRE John Gokongwei’s Robinsons Retail Holdings Inc. is considering an exit from the fashion business as it struggles to compete with cheaper, faster chains like Fast Retailing Co.’s Uniqlo. Stock jumps to three-week high.

The Filipino retail giant, whose fashion portfolio includes the Topshop and Dorothy Perkins brands, instead sees better returns from pet, health and beauty products where demand is growing, said Chief Executive Officer Robina Gokongwei-Pe in an interview.

“We are shrinking fashion, for it has become very difficult,” Ms. Gokongwei-Pe said. “There are other brands that came in who are more progressive and cheaper. We are already reducing the number of stores and we have to think if we move out altogether.”

Shares rose as much as 2.2% on Monday before paring gains.

The Manila-based company is relooking its business as it faces shrinking operating margins and growing competition in the low-cost space. It’s pivoting into wooing higher-spending consumers by entering into the premium grocery market, as well as expanding foreign franchises in beauty products and pet care, hoping to achieve 15% revenue growth annually for the next five years.

“Pets have become very big,” said Ms. Gokongwei-Pe. “Dogs now are very spoiled. Just look at Instagram and Facebook, it’s all about dogs. You should put money where the money is, which is food, drugstores, hardware, and growing businesses like pets and beauty.”

Robinsons Retail’s fashion portfolio has contracted to six brands and 40 stores at end-2018 from nine brands with 60 stores in 2014. Fashion is among the company’s specialty shops, which were cut to 341 in March from 387 at end-2018.

The company in December bought the local franchise for South Korean personal care and beauty products retailer Arcova and Club Clio, adding to 15 stand-alone stores selling Elizabeth Arden, Shiseido and Benefit Cosmetics. It also procured the license for Singapore’s Pet Lovers Center in October and plans to open a second outlet as early as this year.

“Robinsons Retail is deploying its capital in a way that promises more growth,” said Miguel Ong, analyst at AP Securities, Inc. “Fashion isn’t attractive as before with the rise of online platforms and brands like Uniqlo dominating the market.”

Under a five-year plan targeting mid-to-high teen revenue growth, Robinsons Retail will spend between P3 billion ($59 million) and P5 billion to add 100 to 150 stores a year, according to Ms. Gokongwei-Pe. The retailer has 1,911 stores in various formats, excluding 1,960 outlets of its The Generics Pharmacy.

Revenue contribution from supermarkets will rise to 55% this year from 47% in 2018 after its acquisition of former rival Rustan Supercenters, whose 36 supermarkets cater to affluent shoppers. Robinsons Retail’s own 160 supermarkets cater mainly to mainstream consumers.

The acquisition and other new stores will improve gross profit margin by 10 to 20 basis points this year, said Ms. Gokongwei-Pe.

Operating margin, which fell below 5% in 2018, will shrink further due to write-offs related to the Rustan purchase. It will “definitely” improve in 2020, when the integration is completed, she said.

A foreign executive has been hired to manage Mini Stop, which has potential to double its 5% sales contribution in 2018, if the convenience stores are “scientifically” ran.

Robinsons Retail is considering creating its own e-commerce app for its supermarkets to fill the gap left by Honestbee’s closure in the Philippines. It may start from scratch or expand Growsari, Inc., a grocery delivery service for mom-and-pop stores.

The closure of Honestbee caused a dip in supermarket sales and will impact this year’s performance as same-store sales growth could have been 4.2% to 4.5% instead of 3%. — Bloomberg

Lamudi to hold housing fair

LAMUDI is hoping to attract more property seekers when it holds the Affordable Housing Fair at the Glorietta Activity Center in Makati City on July 20-21.

The Lamudi Affordable Housing Fair will gather property buyers, top property developers, financial institutions and government agencies.

There will be a free home buying seminar, as well as an auction. Property buyers can also avail of freebies and discounts during the fair.

Online real estate marketing experts from Lamudi Academy will give a lecture on how sellers can take advantage of various digital channels.

Among the developers and financial institutions that will participate at the fair are SM Development Corp., Lancaster New City by ProFriends, Federal Land, DMCI Homes, BPI Family Housing Loan, Aboitiz Land, PA Properties, Megaworld Prime RFO, and Camella Homes.

How PSEi member stocks performed — July 1, 2019

Here’s a quick glance at how PSEi stocks fared on Monday, July 1, 2019.

 

BSP estimates 6% GDP growth in 2nd quarter

THE Bangko Sentral ng Pilipinas (BSP) estimates that the economy grew about 6% in the second quarter on the back of government spending and low inflation.

BSP Deputy Governor Diwa C. Guinigundo said on the sidelines of the Pre-State of the Nation Address Economic and Investment Forum on Monday that gross domestic product (GDP) growth was estimated “at about 6%.”

If realized, this estimate will be higher than the 5.6% growth posted in the first quarter of the year, the economy’s worst performance in four years.

The government said the economy will need to expand by an average of 6.1% over the next three quarters to reach the floor of the full-year growth target of 6-7%.

“Government spending is very important,” Mr. Guinigundo told reporters yesterday.

The fiscal balance was in surplus for a second straight month in May, at P2.6 billion — smaller than the surplus of P86.9 billion in April — but turned around from a P32.9-billion deficit a year earlier.

The government spent 7.8% more year-on-year or P314.7 billion in May, with interest payments falling 6.8% and “others” — a category that includes infrastructure and other capital outlays — rising 9%.

“With lower inflation, consumption expenditure will be stronger. With low inflation and low interest rates, private investment will also be important drivers of economic growth,” Mr. Guinigundo added.

On Friday, BSP’s Department of Economic Research estimated inflation in June of between 2.2% and 3% on the back of lower rice and domestic oil prices, downward adjustments in electricity rates and the recent appreciation of the peso.

If realized, headline inflation for June — to be reported July 5 — would have resumed its slowdown after May inflation came in at 3.2%, interrupting six straight months of declines after a nine-year-high of 6.7% in September and October 2018.

The central bank is expected to continue its with easing stance at its August meeting.

During its June 20 meeting, the central bank kept interest rates unchanged, in what it called a “prudent pause” to assess previous monetary adjustments, including the phased reductions in banks’ reserve requirement ratio.

Mr. Guinigundo added he also expects full-year GDP growth of about 6%.

“In effect, if you had a 5.6% in Q1 and Q2 around 6%, Q3 and Q4, which are normally the high-growth quarters, should catch up in the same way that the national government is putting up a catch-up program so that the tight (spending) situation in first and second quarters can be addressed by the third and fourth quarters,” he said.

The central bank’s estimate matched the projection of First Metro Investment Corp. (FMIC) and University of Asia and the Pacific (UA&P), who also expect the economy to rebound in the April-June period.

“[T]he pace hovers around 6.0%, it’s good enough to revive positive sentiment for all economic players,” according to the June 2019 issue of “The Market Call” published by FMIC and UA&P.

“While May inflation may have blipped to 3.2% from 3.0% a month earlier, and NG (national government) infrastructure spending fell in April, these should prove temporary and the economy would rebound starting Q2.”

FMIC and UA&P added they maintained their view that national government spending was expected to go into higher gear in May with the signing of the 2019 national budget on April 15, which “should provide a boost in economic activity” starting in the second quarter. — Karl Angelo N. Vidal

BI restricts special work permits to foreigners in 14 occupations

THE Bureau of Immigration (BI) said its new guidelines on granting temporary work permits to foreign nationals prioritizes 14 categories for the issue of Special Working Permits (SWPs), including athletes, performers, and persons with special abilities.

In an interview with BusinessWorld on Monday, BI Spokesperson Dana Krizia M. Sandoval said that BI’s Operations Order No. JHM-2019-008 will specify which occupations are allowed to be issued SWPs, where previously there was no guidance.

“One of the main differences is in the past, it is not clearly stated that foreign nationals cannot do blue collar jobs. In this one, it is clear that it’s only in these 14 categories that the BI can issue Special Work Permits to because in the past there was no restriction on the issuance of Special Work Permits,” she said.

Operations Order No. JHM-2019-008 listed only the following occupations eligible for SWPs: professional athletes, coaches, trainers and assistants; international performers with exceptional abilities; artists, performers and their staff who perform before an audience for a fee; service suppliers coming primarily to perform temporary jobs and who do not receive salary or other remuneration from a Philippine source other than expenses connected to their temporary stay; treasure hunters authorized by government agencies to search for hidden treasure; movie and television crews authorized by government agencies to film in the country; foreign journalists practicing their profession or covering a specific event in the country; trainees assigned to government institutions, government-owned and -controlled corporations (GOCC), and private entities; lecturers, researchers, trainers and others pursuing academic work who are assigned to schools, universities, educational and research institutions, government agencies and other entities (with or without compensation); religious missionaries and preachers; commercial models and talents; culinary specialists and chefs; professionals; and consultants or specialists.

Some work categories on the list are subject to special documentary requirements prior to application for an SWP. An SWP will be valid for a maximum period of six months.

The BI does not issue SWPs and Provisional Working Permits (PWPs) to foreign nationals seeking to work in blue-collar jobs such as construction work, janitorial services, and other jobs that do not entail special work skills. Professions regulated by the Professional Regulation Commission (PRC) also are not eligible for SWPs/PWPs unless they are approved by the PRC.

The order forms part of is the Implementing Rules and Regulations (IRR) of Joint Guidelines No. 01 signed by the BI, Department of Labor and Employment (DoLE), Department of Justice (DoJ), and the Bureau of Internal Revenue (BIR) on May 1. The Joint Guidelines cover the issuance of all work permits given to aliens, which includes SWPs, PWPs), and Alien Employment Permits (AEPs).

Ms. Sandoval said that in order for foreign nationals to obtain an SWP, they must have a Tax Identification Number (TIN) to ”ensure that the foreign national will be paying the appropriate taxes.”

Operations Order No. JHM-2019-008 also further defined the agency’s mandate in issuing the SWPs. Since foreign nationals under SWPs render short-term services, there is no “employer-employee” relationship between the foreign worker and a company engaging them to work in the Philippines.

The order also lays down guidelines on the issuance of PWPs, which are permits foreign nationals are issued by the BI while their applications for work visas and AEP are pending. PWPs will also be subject to the TIN requirement.

According to the order, any violation of these terms will invalidate all permits applied for and render the alien subject to deportation. — Gillian M. Cortez

Taxation of foreign POGO workers to start this month

THE Bureau of Internal Revenue (BIR) will start to collect taxes this month from foreign workers employed by Philippine Offshore Gaming Operators (POGOs), Finance Secretary Carlos G. Dominguez III said.

“I talked to the BIR end of last week and they said they are already in position to start collections from foreign workers in the POGO industry,” Mr. Dominguez told reporters in Pasay City on Monday.

“BIR said they will start making the collections in July,” Mr. Dominguez added.

He noted that the government foregoes revenue of about P2 billion a month for every 100,000 foreign workers that do not pay tax, amounting to P24 billion a year.

Earlier, the BIR said that foreign nationals and non-residents planning to work in the Philippines should obtain a Taxpayer Identification Number (TIN) before securing a work permit.

“Calls have been made for a public inquiry into the proliferation of foreign workers in the country,” the bureau has said.

The DoF led a task force to consolidate data on foreign workers. The initial finding turned up 138,000 foreigners, with 54,241 holding alien employment permits and 83,760 holding special working permits.

The DoF estimates that foreign workers earning an average of $1,500 per month and taxed at 25% of gross income can generate P32 billion in taxes each year. — Reicelene Joy N. Ignacio

Palace proclaims new IT economic zone in Bonifacio Global City

PRESIDENT Rodrigo R. Duterte issued proclamation designating as a special economic zone a building at the Bonifacio Global City in Taguig City, which will be known as BGC Corporate Center.

The site was classified as an Information Technology Center.

The proclamation signals movement in the ecozone approval process for the information technology industry, which the Philippine Economic Zone Authority said last week had about 22 pending proclamations from the Office of the President.

Mr. Duterte signed on June 26 Proclamation No. 759, known as “Creating and designating a building and the parcel of land upon which it stands, located at Block 1, 30th Street, Corner 5th Avenue, Bonifacio Global City, Taguig City, as a Special Economic Zone (Information Technology Center), pursuant to Republic Act No. 7916, as amended by Republic Act No. 8748.”

Mr. Duterte signed the proclamation “upon the recommendation” of the Board of Directors of the Philippine Economic Zone Authority (PEZA).

The building has a gross floor area of 35,439.29 square meters. The land where the building stands has an area of 2,149 square meters.

The project’s developer was Ayala Land Inc.

“This office tower is bound by two main roads, 11th Avenue and 30th Street and within close proximity to Ayala Land Premier’s residential condominium One Serendra, Ayala Land’s Seda hotel and steps away from Bonifacio High Street. With a Gross Leasable Area of 28,000 square meters, [the building] is set to capture the increasing demand for office space in Bonifacio Global City,” Ayala Land said. — Arjay L. Balinbin

Dominguez says gov’t taking ‘close look’ at sugar import liberalization

FINANCE Secretary Carlos G. Dominguez III said that the government is looking into liberalizing sugar imports because prices of the domestic product are uncompetitive.

At a news conference for the Pre-State of the Nation Address (SONA) Economic and Infrastructure Forum at the Philippine International Convention Center in Pasay City Monday, Mr. Dominguez said domestic prices are double the world market price, weighing on the competitiveness of the food processing industry.

“Just compare it to Thailand, where they have a very, very healthy food and fruit processing industry. There the price of sugar is world market price even though they are also producers of sugar,” he said.

“We are looking at this and saying maybe we should really take a close look at who is benefitting from these restrictions her and probably… some kind of liberalization will actually benefit the country as a whole,” he said.

The interests of the sugar and food industry have clashed in recent months, with Philippine Food Exporters, Inc. (PhilFoodex) President Roberto C. Amores saying that domestic producers are greatly affected by the high cost of domestic sugar.

Confederation of Sugar Producers (CONFED) Spokesperson Raymond V. Montinola said that the price of sugar has not drastically increased, and described calls for liberalization as a lobbying effort by the food processors to ease the rules on imports.

He added that imports could threaten over 5 million jobs tied to the industry.

SRA Administrator Hermenegildo R. Serafica has dismissed the need for imports since supply is sufficient.

“We still have lots of sugar in warehouses so if need be, SRA is always prepared to do what it takes,” he said in Pasay City last week.

Meanwhile, sugar production as of the first week of June rose 1.29% year-on-year, the Sugar Regulatory Administration (SRA) said.

SRA said raw sugar production was 2.064 million metric tons (MMT) in the first week, up from 2.038 MMT a year earlier. This is equivalent to 41.29 million 50-kilo bags, compared with 40.76 million a year earlier.

The crop year for sugar starts in September and ends in August.

Demand for raw sugar declined 16.89% to 1.61 MMT. Total sugarcane milled decreased 7.03% year-on-year to 21.67 MMT. Refined sugar output fell 6.65% year-on-year to 780,430.45 MT.

The millgate price fell 20.07% to P1,479.22 per 50-kilo bag. The retail price was stable at P45 to P55 per kilo. — Vincent Mariel P. Galang

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