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Yields on government debt drop on BSP bets

By Jobo E. Hernandez, Researcher

YIELDS ON government securities (GS) fell last week on expectations of rate cuts from the Bangko Sentral ng Pilipinas (BSP) and safe-haven demand due to lingering tensions in Hong Kong.

GS yields dropped by an average of 14.3 basis points (bps) week on week, based on the PHP Bloomberg Valuation Service Reference Rates as of May 29 published on the Philippine Dealing System’s website.

At the secondary market, GS yields fell across-the-board at the close of trading last Friday. The 91-, 182-, and 364-day Treasury bills (T-bills) declined by 4.8 bps, 6.7 bps, and 11.5 bps, respectively, to yield 2.08%, 2.186%, and 2.512%.

At the belly of the curve, yields on the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) also fell by 19.6 bps (2.54%), 21.8 bps (2.607%), 20.6 bps (2.674%), 17.5 bps (2.756%), and 12.4 bps (2.949%), respectively.

Rates of the 10-, 20- and 25-year T-bonds likewise went down 11.9 bps, 23.8 bps, and 6.4 bps from the previous week to 3.155%, 3.949% and 4.224%, respectively.

“Philippine GS continued to rally across the curve over strong liquidity and dovish remarks from BSP Governor [Benjamin E.] Diokno,” First Metro Asset Management, Inc. (FAMI) said in an e-mail.

FAMI also noted the full award of the reissued T-bonds offered last Wednesday.

“The 5-year and below space continued to see strong demand as the reissuance of FXTN 5-76 received P118.42 billion versus the P30-billion offer. This led to an additional tap of P20 billion at an average yield of 2.676% — 134.2 bps lower than the 4.018% rate in the last March 3 auction,” FAMI said.

“The Treasury also released their borrowing plan for June, retaining auction volumes and offering the same bond tenors of 3- and 5-year papers. The June auction size brings total borrowing [in the second-quarter] to P530 billion,” it added.

In a separate e-mail, a bond trader attributed the fall in GS yields to “safe-haven demand” amid escalating US-China tensions over the political situation in Hong Kong, as well as market expectations of a BSP policy rate cut in its meeting on June 25.

Last Tuesday, Mr. Diokno said among the factors they will consider at the Monetary Board’s June 25 meeting include May inflation data, the first-quarter gross domestic product (GDP) report and “high-frequency indicators” such as the purchasing managers’ index, trade, and the number of flights and passengers, which will be used to gauge if there will be a pickup in transport and tourism when the lockdown is lifted.

Headline inflation stood at 2.2% in April, marking the third consecutive month of a slower rise in prices of commodities. Last month’s decline was on the back of lower oil prices and other non-food items.

May inflation data will be reported by the Philippine Statistics Authority on Friday.

Meanwhile, first-quarter GDP dropped by 0.2%, the first contraction since the three percent fall recorded in the fourth quarter of 1998. Economic managers now expect the economy to shrink by 2-3.4% on expectations of a worse fallout due to the pandemic.

Abroad, China approved on Thursday a new national security legislation for Hong Kong that seeks to, among others, criminalize acts that threaten national security in the semiautonomous city such as subversion and secession. Earlier, the US has threatened to impose sanctions on Hong Kong and mainland China if the security law is passed.

“Yields might continue to decline [this] week amid likely weaker Philippine inflation for May 2020 and expectations of downbeat US labor reports, including hints of more monetary easing from the European Central Bank,” the bond trader said.

For FAMI: “We see strong interest in the front-end to steepen the curve further.”

“May inflation print should remain within the BSP forecasts of 1.9-2.7% albeit price pressures on agricultural products due to typhoon Ambo. We see that the highly liquid market and accommodative monetary measures will sustain current levels across the curve for now,” FAMI said.

Nissan looking to leverage Mitsubishi PHL factory for production

NISSAN MOTOR CO. LTD. is looking to rein in costs and mitigate the business effects of COVID-19 by taking a long hard look at its operations. Part of its vision may entail Nissan vehicles rolling out of a Mitsubishi production line here.

In a press conference streamed via YouTube, the Japan-headquartered automaker revealed its four-year plan “to achieve sustainable growth, financial stability and profitability by the end of fiscal year 2023.” Amid impending sweeping changes in the Japan-headquartered company, its management team is looking at leveraging its partnerships in the region in the wake of its “rationalization to restructure, reduce costs, and improve efficiency.”

Said Nissan COO Ashwani Gupta, “Asia is a great market for us in terms of customers… products (and) partners which we have in this region. However, when we look at our capability and capacity to cater to the demand of this region, we do believe that we need a partner who is much stronger than us in this region.”

Nissan revealed it will be shuttering its Indonesia manufacturing facility, along with its Barcelona factory, and then leverage its Thailand plant as a production base.

Mr. Gupta continued, “As far as Nissan is concerned, we are going to use (the) Thailand plant for Asia, ASEAN, (and) for exports (to) other parts of the world.”

As far as the Philippines is concerned, Nissan is looking to partner with Mitsubishi Motors Philippines Corp. “Our second biggest market in ASEAN is the Philippines where we enjoy great market share on the frame-based SUV and frame-based pickup,” the executive said. “We don’t have a plant today, and we are now studying with Mitsubishi to utilize (its) plant in (the) Philippines so that we can localize our great products in the Philippines.”

Part of the company’s rationalization moves include “rightsizing” production capacity by 20% to 5.4 million vehicles per year, upping plant utilization rate to more than 80% toward more profitable operations, shrinking the global lineup of cars from 69 to 55 models, reducing fixed costs by around 300 billion yen, and, yes, looking at alliance partners to share resources. Nissan will focus on what it calls “global core model segments, including enhanced C- and D-segment vehicles,” according to a release.

Nissan President and CEO Makoto Uchida also revealed the company’s move to prioritize core markets and core products. Three key markets were identified as Japan, China, and North America. Nissan has also decided to exit South Korea, and terminate its Datsun business in Russia.

Despite the consolidation moves, the company plans to “introduce 12 models in the next 18 months,” and grow its portfolio of electric vehicles and electric motor-driven cars… with “more than one million electrified sales units expected a year by (the) end of FY 2023.” — KMA

Covering up stylishly

THE virus strips away a little bit of ourselves every day — including half our faces. When our faces are covered, how can we continue to express ourselves? For some designers, the answer is chic face masks.

At a time like this masks allow a certain freedom. As Chuck Palahniuk writes in the novel Invisible Monsters: “In the way our world is, everybody shoulder to shoulder, people knowing everything about you at first glance, a good veil is your tinted limousine window. The unlisted number for your face. Behind a good veil, you could be anyone. A movie star. A saint.”

BusinessWorld has put together a listing of sources for stylish masks below, but note that since a lot of them are not medical grade, it may be best to wear a filter or a second surgical mask underneath them.

ATELIER DEBBIE CO
We love the toile du jouy masks of Debbie Co, which have a bit of a Gone With the Wind vibe to them. They’re made in washable cotton and printed in red, black, or blue, and might remind you of blue-and-white china. Other materials are also available, such as a set made of silk brocade. Prices vary, but the toile du jouy sets cost P950 for two. Order through Instagram @atelierdebbieco. Part of the proceeds will go towards donating PPEs to frontliners.

RHETT EALA
Esteemed designer Rhett Eala is also making face masks, costing P1,250 for a pack. Each pack contains five face masks in assorted fabrics and prints, but we’re keeping our fingers crossed that it includes the one in silk brocade, with a raised pattern of a peacock. For every purchase, P200 will be donated to select organizations to help feed the frontliners and families in need. Order through rhetteala.ph.

ZARAH JUAN
Designer Zarah Juan is known for using local textiles for her work, and her line of face masks wouldn’t be different. She has the Bagong Pag-Asa mask, a triple-layered mask made with indigenous fabric, with a nose-pinch wire, soft garters for the ears, and six non-woven filters. Order through Facebook @zarah821.

KELVIN MORALES
Designer Kelvin Morales, who we admire for his barongs, is releasing a line of masks embroidered with a Death’s-head hawkmoth (like in Silence of the Lambs). A portion of the sales will go to a charity helping out “no work, no pay” workers. Order through Instagram @kelvinmmorales.

BASIC MOVEMENT
For just the right amount of quirk, Basic Movement is offering masks printed with polka dots, or else eggs; or in denim. Several other patterns are also available. They are made by local brands such as Proudrace and Vina Romero, and a portion of the proceeds go toward providing N95 masks for frontliners. Order through Instagram @basicmovement.

BIBSISITA
The line of masks by local brand Bibsisita is made by local sewers in woven cotton. What makes them special are the little artworks printed on them, depicting quiet scenes with Filipinas. The masks have three layers of fabric, have a filter pocket, and are washable. Order through bibsisita.com.

MASABEL ILOCO
Made with the inabel fabric of Ilocos, the washable and reversible cotton masks in various patterns look cozy. The masks, made by local weavers, help support their continued livelihood. Order through Instagram @masabel.iloco.

FINO LEATHERWARE
La Mascherina, meaning “mask” in Italian, is a new line by Fino Leatherware suited for these times. It’s made with French calfskin and lined with sheepskin, and comes with two detachable and washable filters. Thirty percent of the sales’ proceeds go towards a fund for frontliners. Order through Instagram @finoleatherware. — Joseph L. Garcia

PNB announces annual meeting of stockholders via remote communication on June 23

Century Pacific Food, Inc. to conduct annual stockholders’ meeting via remote communication on June 30

Indonesia keeps palm oil, cocoa export taxes unchanged for June

JAKARTA — Indonesia will keep its export tax for crude palm oil at zero for a third month in June, the country’s trade ministry said in a statement on Friday.

The country’s cocoa export tax will also be kept at 5% in June.

Indonesia imposes its progressive export tax on crude palm oil based on the government’s reference price. The tax kicks in when the price goes above $750 a tonne.

The reference price in June was $568.94 a tonne, the ministry said, down from May’s $635.15

Based on existing regulation, the decline in reference price should mean crude palm oil exporters will not have to pay an additional levy.

Indonesia, the world’s biggest producer and exporter of palm oil, collects an additional export levy when the reference price is above $570.

Finance Minister Sri Mulyani Indrawati’s said earlier this month that the government planned to raise palm export levies by $5 to support the country’s biodiesel programme. — Reuters

Peso may depreciate against dollar on continued US-China tensions

THE PESO is likely to weaken this week as markets monitor ongoing tensions between the US and China as well as local developments including inflation and the virus spread.

The local unit finished closed at P50.61 to a dollar on Friday, appreciating by eight centavos from its P50.69 finish on Thursday, according to data from the Bankers Association of the Philippines.

It also strengthened by nine centavos week on week from its P50.70-per-dollar close last May 22.

A trader said the announcement of the easing of lockdown measures was a reprieve for market sentiment and to the peso despite the continued tensions between the US and China recently.

“The peso was the lone outperformer because the Philippines announced the transition of some areas to GCQ (general community quarantine) on Thursday night,” a trader said in a phone call.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said aside from the transition to GCQ, weak US data also boosted the peso.

“The peso closed stronger after weaker dollar recently versus global currencies after weak US economic data on durable goods and home sales,” Mr. Ricafort said in a text message.

For this week, the trader said market sentiment will be guided by developments related to the US-China trade tensions.

“Everything right now is fundamentally headline-driven,” the trader said, noting that US President Donald J. Trump’s statements will have an impact on currency trading in the following days.

Reuters reported that Mr. Trump said on Friday that his administration will start the process to remove the special treatment for Hong Kong, a retaliatory move after China’s plans to impose new security legislation in the special administrative region.

For his part, Mr. Ricafort said major catalysts for foreign exchange trading this week will be the trend of new virus infections in the country as well as inflation, among others.

A BusinessWorld poll of 17 economists yielded a median inflation estimate of 2.2% for May, with analysts citing the uptick in food prices and a modest rebound in oil prices.

This falls close to the lower end of the 1.9% to 2.7% estimate given by the central bank. It also compares to the 2.2% print in April and the 3.2% seen in May 2019.

The Philippine Statistics Authority will report May inflation data on June 5.

For this week, the trader expects the peso to trade between P50.40 to P50.90 versus the dollar, while Mr. Ricafort sees the local unit moving around the P50.40 to P50.85 levels. — L.W.T. Noble with Reuters

Suzuki PHL reopens most dealerships, gives ‘cost-efficient’ promotions

SUZUKI PHILIPPINES (SPH) reports that “a majority” of its dealerships have opened this month. These facilities are now ready for sales, after-sales services, and test drives. SPH said in a release that it “will continuously find ways to present customers with promos that are cost-efficient for interested vehicle buyers, including down payment policies and discounts.” Here are the reopened dealerships:

SPH recently reassured customers that dealerships will be following so-called SMART guidelines, encouraging personnel and customers to: sanitize thoroughly, maintain safe distancing, adhere strictly, reach people online, and think positive. For more information, visit www.suzuki.com.ph.

Market to watch case count as economy reopens

By Denise A. Valdez, Reporter

THE country’s ability to keep the number of coronavirus disease 2019 (COVID-19) cases low despite a relaxed lockdown will determine the movement of the market this week.

The benchmark Philippine Stock Exchange index (PSEi) soared on Friday to 5,838.84, up by 268.62 points or 4.82% from the previous day’s close.

After ending the week in green territory for three out of four trading days, the PSEi rose 5.4% on a weekly basis.

The anticipation and the eventual confirmation of easing quarantine measures in Metro Manila boosted market confidence last week. Value turnover surged 121% to an average of P8.88 billion. Net foreign outflows went down 34% to an average of P227.71 million.

“Currently, the local market is enjoying the optimism stemming from the easing of restrictions here in the Philippines,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a text message on Sunday.

“Our major regions in terms of economic contribution are now allowed with more economic activities. The said optimism has even brought the market above its 5,700 resistance level,” he added.

As President Rodrigo R. Duterte relaxed the lockdown in Metro Manila starting June 1, industries and government offices are set to resume work. This is expected to kick off the economy’s recovery after a lockdown of over two months, which resulted in a 0.2% gross domestic product (GDP) contraction in the first quarter.

However, several sectors are wary about the decision as local COVID-19 cases continue to rise. The Health department said there were 17,224 COVID-19 cases in the Philippines as of Saturday, of which 12,466 are active and the rest have either recovered or died.

Mr. Tantiangco said sustaining investor optimism would depend on local developments regarding the spread of the virus.

“(This) week, the number of new coronavirus cases here in the country would be monitored to see if the downgrading of restrictions has brought an unwanted consequence namely, a further spread of the virus. If so, the local market could fall below the 5,700 level again,” he said.

Online brokerage 2TradeAsia.com said the market may still rise as investors hold on to hopes of economic recovery.

“Having run above 5,700 on good volume last Friday, eyes are set on the PSEi’s ability to move towards 6,000-6,500. Note overall that volatility remains in place, as sentiment remains hyped-up with several countries’ gradual transition in reviving business activity,” it said in a market note.

2TradeAsia.com said it is important for companies now to emphasize how they plan to boost revenue streams, such as by incorporating an e-commerce model.

2TradeAsia.com is putting immediate support within 5,700-5,750 and resistance within 5,900-6,000. Mr. Tantiango of Philstocks is setting the trading range from 5,700 to 6,100.

Stuff to do at home (06/01/20)

Plays on CCP Online

Watch Virgin Labfest 15 entries A Family Reunion by Anthony Kim Vergara and Ang Paguulyanin ni Olivia Mendoza by Rolin Migyuel Obina at the Cultural Center of the Philippines’ (CCP) YouTube channel (bit.ly/CCPOnlineYT). The shows will be online for one week.

We Are One: Global Film Festival

International film festivals come together for the We Are One: Global Film Festival from May 29 to June 7. It will feature full-length films, shorts, music, documentaries, and panel discussions curated by the Berlin International Film Festival, BFI London Film Festival, Cannes Film Festival, New York Film Festival, Sundance Film Festival, Sydney Film Festival, Tokyo International Film Festival, Toronto International Film Festival, Tribeca Film Festival, and Venice Film Festival. To watch, visit https://www.youtube.com/weareone. For more information and film schedules, visit http://www.weareoneglobalfestival.com/.

J.K. Rowling’s The Ickabog

Best-selling author J.K. Rowling is releasing her new children’s novel The Ickabog online. Ten chapters are currently available, with more chapters to be released over the next seven weeks. The book is set for full release in November. Read the chapters for free at https://www.theickabog.com/.

Swans for Relief


Thirty-two premier ballerinas from 22 dance companies in 14 countries — including Ballet Philippines’ Denise Parungao and Jemima Reye — dance in a video of Le Cygne (The Swan) to the music by Camille Saint-Saëns, performed by cellist Wade Davis. The video was done in support of Swans for Relief, a fundraising program organized by dancers Misty Copeland and Joseph Phillips. Funds will be distributed to participating dance companies as a COVID-19 relief fund. To watch performances, visit https://www.youtube.com/watch?v=PT14o5Wq7gE/ To donate, visit https://charity.gofundme.com/o/en/campaign/swansforrelief.

TP’s Pantawid ng Tanghalan

Tanghalang Pilipino (TP) launches the Pantawid ng Tanghalan fundraising project to sustain its commitment to providing the public with artistically excellent and socially relevant productions during the pandemic. From May 30 to June 30, TP will be streaming six of its original plays through iWant. The plays are Lam-ang: An Entho Epic Musical, Mabining Mandirigma, Coriolano, Pangarap sa Isang Gabi ng Gitnang Tag-araw, Der Kaufmann, and Sandosenang Sapatos. To donate, visit https://ktx.abs-cbn.com/events/25444/pantawid-ng-tanghalan.

NCCA online

The National Commission for Culture and the Arts (NCCA) presents The National Artists series of Sagisag Kultura TV at the NCCA YouTube channel (https://tinyurl.com/NationalArtistSeries). Episodes include videos of National Artist for Literature Nick Joaquin, National Artist for Dance Leonor Orosa-Gocquinco, and National Artist for Music Lucrecia Kalisag.

NHCP Museums

LEARN about Philippine history by visiting various National Historical Commission of the Philippines museums across the country online. To do so, visit https://www.facebook.com/historymuseumsPH/photos/a.474072142988822/769005046828862/?type=3&theater.

The Royal Opera House online

AS part of its #OurHousetoYourHouse, the Royal Opera is streaming Cathy Marston’s The Cellist at its official Facebook page at (https://www.facebook.com/royaloperahouse/). The show stars Marcelino Sambé and Lauren Cuthbertson.

Foo Fighters at the Wembley Stadium

THE Foo Fighters’ concert film Live at the Wembley Stadium is now available online at the band’s YouTube channel (https://www.youtube.com/watch?v=jcwBsntqjmY&feature=emb_title). The show features guest performances by Jimmy Page, and John Paul Jones of Led Zeppelin.

Gateway Gallery’s interactive website

THE Gateway Gallery has launched its own website https://gatewaygallery.aranetacity.com/ featuring online exhibits including SiningSaysay: Philippine History in Art which retells the story of the Philippines from prehistory to contemporary period in 30 monumental paintings. The gallery’s Art Heals: Echoes of the Pandemic exhibition is also on view.

Tanghalang Ateneo’s Lysistrata ng Bakwit

TANGHALANG Ateneo’s Lysistrata ng Bakwit (2018), an adaptation of Aristophanes’ Greek classic, is available for viewing online at https://www.youtube.com/watch?v=S8HhUJTXE2A&feature=emb_title. Directed by Ricardo Abad, the story is set in a fictional war-torn Philippine province and follows the revolt of women evacuees fighting their own wars over territory, familial ties, and tribal disputes.

National Museum of the Philippines

THE National Museum of the Philippines releases a new illustration by Larie Dianco featuring the dugong or “sea cow.” Download the coloring sheet at https://www.facebook.com/nationalmuseumofthephilippines/photos/a.195151237175869/3239298052761157/?type=3&theater.

Jerrold Tarog’s Senior Year

WRITTEN, directed, edited and scored by Jerrold Tarog, the film Senior Year (2010) is now streaming on Vimeo (https://vimeo.com/404089376). Set in a Catholic school the story follows the struggles and anxieties of students during their final year in high school.

Dulaan UP’s Adarna

DULAANG UP’s play Adarna (2013) is now streaming online. Adapted by Vlad Gonzales and directed by José Estrella, the story is based on the narrative poem about three princes’ quest to save their ailing father by capturing the Adarna bird which is believed to have curative powers. To watch, visit https://www.youtube.com/watch?time_continue=1&v=hV2UPXi1wMA&feature=emb_title.

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.

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.

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.

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.

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 benefiting the World Health Organization and other charities. The two-hour concert is currently available on his YouTube page (https://www.youtube.com/user/davidguettavevo).

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 two 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/.

OUTLIER: Investors snatch up Puregold after earnings, MSCI inclusion

By Marissa Mae M. Ramos, Researcher

INVESTORS took positions on Puregold Price Club, Inc. last week with analysts attributing it to its earnings result and its addition to a global equity index.

The grocery operator was the top actively traded stock last week with a total of P4.41 billion worth of 95.81 million shares exchanged, data from the Philippine Stock Exchange showed.

Shares in the Lucio L. Co-led company closed at P46 apiece on Friday, down 0.3% from its May 22 closing price of P46.15 apiece. Year to date, its price per share gained 14.9%.

“[The Puregold] stock was actively traded during the week following the release of full-year 2019 earnings as well as the anticipation for its first quarter 2020 results,” Unicapital Securities, Inc. Research Head Justin Lawrence J. Tembrevilla said in an e-mail.

He said its first-quarter results were expected as a “positive surprise” compared with other listed companies as most Puregold stores and S&R warehouses remained open during the Luzon-wide lockdown.

For Diversified Securities, Inc. Equity Trader Aniceto K. Pangan: “it is mainly a non-discretionary consumer stock that has been upgraded by MSCI to its list of big stocks replacing Security Bank Corp. this month of May.”

Anna Corenne M. Agravio, equity analyst at Regina Capital Development Corp., also described Puregold’s inclusion to the MSCI index as the biggest driver for investors.

“With news of [Puregold] being added to the index, investors likely bought it up in anticipation,” Ms. Agravio said in an email.

“In addition to this, [Puregold] is under less COVID-19 (coronavirus disease 2019) pressures than most listed stocks, since panic-buying led to a strong surge in sales a few days before the ECQ (enhanced community quarantine) was declared as evidenced in its recently released earnings,” she added.

The adjustments on the MSCI Global Standard index released on May 13 saw Puregold replacing Security Bank effective at the close of market on Friday.

On the same day, the company disclosed to the bourse that its consolidated net income grew 16.8% to P1.76 billion in this year’s first three months compared with last year’s P1.51 billion. Its net sales also expanded by 17.4% to P40.95 billion in the same period.

The retailer attributed the income growth to stronger than expected sales of its existing Puregold stores and S&R Membership warehouse clubs due to “higher consumer spending and pantry loading prior to the [lockdown] as well as the low inflation environment in 2020.”

The Puregold group ended the past quarter with 443 stores nationwide. These include 384 Puregold stores, 20 S&R membership shopping warehouses, and 39 S&R New York Style quick-service restaurants which were higher by four Puregold stores, two S&R shopping warehouses, and one quick-service restaurant compared with year-end figures.

On Wednesday, it reported its consolidated core net income increased year on year by 16% to P6.75 billion in 2019 while net sales inched up by 9.5% to P154.49 billion.

“Near-term, bottom line may be challenged despite healthy sales due to any and all unexpected costs brought about by the pandemic; but long-term, the potential for upside is still high,” Regina Capital’s Ms. Agravio said.

Unicapital Securities’ Mr. Tembrevilla shared this view as spillover effects from the health crisis will likely take its toll on consumer spending in the coming months.

“[Puregold] can achieve a high single-digit to low double-digit sales growth through store expansion, but not without challenges,” he said.

“Disposable income could take a hit due to the higher incidence of unemployment as the economy was on a standstill during ECQ. The dip in remittances as a result of job displacement of overseas Filipinos could also dampen consumer spending going forward,” he added.

For this week, Ms. Agravio sees Puregold’s resistance “solid” at P50, while support is positioned anywhere between P43 and P45.

How PSEi member stocks performed — May 29, 2020

Here’s a quick glance at how PSEi stocks fared on Friday, May 29, 2020.

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