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African swine fever detected in more provinces

AFRICAN SWINE FEVER (ASF) has spread further, Agriculture Secretary William D. Dar announced on Friday, identifying more areas north and south of Metro Manila as the latest affected sites.

“Meron sa (There is in) Nueva Ecija, but very small area… One affected area in Cavite… Dasmariñas [City],” he told reporters on Friday, adding that both areas are now implementing quarantine protocols.

The Agriculture department also confirmed that hogs culled now totaled 52,000, about 0.41% of the country’s 12.7 million hog population. Of the culled hogs, about 17,000 — a third — were infected by the virus.

Affected areas have reached 22, including in Bulacan, Pampanga, Rizal and Quezon City.

“Ang (The) lapses, number one, ‘yung mga nagba-baboy ay nagtatago. Apektado na, kinakatay pa, may nagne-negosyo din. ’Yun ang kumakalat (Hog raisers hide affected pigs. Their hogs are already infected, but are still slaughtered and sold. And so the virus spreads). Number two, ’yung hog raisers transporting from one area to other areas [with] affected na mga baboy (hogs), ito ’yung isang pinaka problema natin ngayon (this is one of our biggest problems now),” Mr. Dar explained.

He said that the time has come to use the state’s police powers to force affected hog raisers to comply with disease protocols.

“The DoJ… will now lead in bringing these hog raisers to court kung hindi sila susunod sa batas (if they will not follow the law),” Mr. Dar said, referring to the Department of Justice.

“This is not the time to take advantage of the situation… Pakiusap lang po: tayo lahat Pilipino (We are appealing: we are all Filipinos). Let’s protect our hog industry [now valued at about] P260 billion. Ang daming mawawalan ng income sources kung maaapektuhan lahat (many will lose their livelohood if this will affect the whole industry).”

The department had announced in its Swine Bulletin No. 11 last week that Cabinet members agreed in an October 11 meeting that cases will be filed against hog raisers and traders who will be caught selling or buying and transporting live hogs, as well as slaughtering ASF-infected pigs and selling products infected by the virus. — Vincent Mariel P. Galang

Duterte promises business sector an audience for corruption concerns

PRESIDENT Rodrigo R. Duterte told the business sector Thursday night that he is willing to leave Cabinet meetings to hear out any corruption issues that investors may bring up.

Speaking late Thursday at the 45th Philippine Business Conference and Expo (PBC&E) at the Manila Hotel, Mr, Duterte encouraged his audience to bring any corruption concerns to his attention.

“I may not know all of you but I’m sure that you know one or two or three na may contact mo, ‘Kilala mo ba ‘yan si Rodrigo?’ ‘O ‘di sabihin mo nga may reklamo ako sa kanya,’ (I am sure you all have contacts who can get word to me about any complaints you have about corruption)” Mr. Duterte said in his speech.

“And I will give you the space. I will even cut a Cabinet meeting just to hear you out,” he added to applause.

In attendance were Philippine Chamber of Commerce and Industry President Ma. Alegria S. Limjoco and Chairman George T. Barcelon, Trade Secretary Ramon M. Lopez and PBC&E Chairman William S. Co.

Mr. Duterte called on the business sector to cooperate in his bid to end corruption, a key part of his platform before taking office in 2016.

“I cannot succeed no matter how, even if I fire or dismiss every day as I did, as I’ve been doing for the last so many months ‘pag hindi kayo tumulong sa akin (if you don’t help me)“ he said.

His remarks follow the forced resignation of Pedro A. Aquino as president and chief executive officer of the Philippine National Oil Corporation-Exploration Corp. over an unauthorized Russian deal.

“Here is a guy who prepared a contract with the Russians and the Russians thought that… that was all there is to it… He wanted now the board to ratify what he prepared,” Mr. Duterte said, instead of obtaining prior board approval.

According to reports, Mr. Aquino signed a memorandum of agreement without seeking the approval of the board, which is chaired by Energy Secretary Alfonso G. Cusi.

At the same speech, the President cited the PCCI, the Department of Environment and Natural Resources and the Natural Resources Development Corporation for their partnership agreement.

“The environment is a priority under my administration. Business should not only comply with all environmental rules and regulations but shall also take part in taking care of the environment,” he said, without disclosing details about the agreement.

He encouraged businesses to also build more disposal sites for waste as well as treatment facilities. — Charmaine A. Tadalan

BoC expects full national coverage for fuel-marking scheme by June

THE Bureau of Customs (BoC) said it expects full coverage nationwide for the fuel marking system within four months of the trial period beginning in February.

In a statement Friday, the BoC said it will begin field testing alongside the Bureau of Internal Revenue (BIR) on Feb. 3 for all domestically-sold gasoline, diesel and kerosene products, including those in storage.

Any fuel found unmarked with a special dye, adulterated or diluted, will expose the fuel sellers to penalties, it said.

Fuel marking is an anti-smuggling measure meant to signify that fuel is tax-compliant at the various stages of importation or production. The absence of the special marker dye, as determined by field inspectors, is deemed prima facie evidence of smuggling or tax evasion.

BoC has reported that over 71 million liters of fuel was marked at the Seaoil Bulk Terminal in Mabini, Batangas where the first marking exercise was conducted. Meanwhile, other marking activities are also expected to begin this month at the terminals of Pure Petroleum Corp., Phoenix Petroleum Corp., Unioil Petroleum Philippines and the entire network of Chevron Philippines, Inc.

The BIR is in charge of collecting excise on domestically-refined petroleum products, while the BoC will take charge of imported fuel products.

Fuel marking was authorized by the Tax Reform for Acceleration and Inclusion (TRAIN) Law.

The Department of Finance (DoF) has estimated that the government foregoes P20-40 billion in revenue each year from fuel smuggling and misdeclared import values. The DoF said the marking scheme will help curb smugglling, thereby increasing government revenue.

“The implementation of the Fuel Marking Program is a milestone for the Bureau of Customs as well as the Bureau of Internal Revenue and the Department of Finance, as we have painstakingly worked together ensure the success of the Program. With the cooperation and support of partner agencies and stakeholders, we are ready to implement the Fuel Marking program and make it work,” Customs Commissioner Rey Leonardo B. Guerrero was quoted as saying. — Beatrice M. Laforga

Rice farmers to be granted P5,000 in one-time cash assistance

THE government is setting aside P3 billion from rice import tariffs to fund a one-time cash assistance program for rice farmers affected by the plunging price of palay, or unmilled rice.

“Ang dinecide ng Cabinet ay magbigay ng cash assistance… (The Cabinet has decided to extend cash assistance) sa mga magsasaka na may one hectare,” Agriculture Secretary William D. Dar told reporters Friday, adding that the grant will be worth P5,000. “This will be taken from the tariff being collected out of the Rice Tariffication Law and I am hoping hoping that this can be given before Christmas.”

“We’re now drafting the guidelines…. so far almost P11 billion (has been generated from tariffs), so by the end of the year the excess will be used,” he said.

The Department of Agriculture (DA) announced on Oct. 11 that it terminated the process of imposing safeguard duties on imported rice.

He said that the Cabinet members decided to resort to cash assistance to prevent the safeguard duty’s possible impact on inflation.

The cash assistance targets 600,000 farmers, sugesting that rice tariffs need to exceed the P10 billion mark by P3 billion.

The Rice Tariffication Law requires that P10 billion a year be set aside for the Rice Competitiveness Enhancement Fund,” which will support farm mechanization, expand credit, and help farmers use higher-yielding seed, among others.

The assistance will be extended to farmers listed in the Registry System for Basic Sectors in Agriculture (RSBSA).

The P3 billion will supplement the P2.5-billion expanded Survival and Recovery Assistance Program, which involves a P15,000 loan at 0% interest, payable in eight years.

Mr. Dar said that the imposition of a safeguard duty is still an option, but it is currently not a priority.

“Nandyan palagi, fallbck yun (It is always available as a fallback). Now, wala pa (The time is not right for it yet),” he said.

The DA decided to look into imposing safeguard measures on imported rice after higher import volumes softened the price traders were willing to pay for palay, the form in which domestic farmers sell their crop.

The Philippine Statistics Authority (PSA) reported that in the fourth week of September, the average farmgate price of palay dropped 0.9% to P15.82 per kilogram (kg) week-on-week. — Vincent Mariel P. Galang

ERC approves amended net metering rules

THE Energy Regulatory Commission (ERC) has adopted amendments to the rules on net metering, the program that allows ordinary electricity consumers with their own power generation systems to sell their excess capacity to the distribution grid.

ERC Chairperson and Chief Executive Officer Agnes VST Devanadera said the amended net-metering rules address the concerns raised by various stakeholders on the program’s implementation.

The amendment is covered by Resolution No. 06, Series of 2019, the Rules Enabling the Net-Metering Program for Renewable Energy. The amended program, among others, simplifies the process for ordinary electricity consumer to become a “prosumer.”

“It provides benefits that work for the welfare of the prosumers or Qualified End-User, including a simplified permitting procedure and reduced installation soft costs for renewable energy facilities, among others. It likewise takes into account the impact of this program to non-net-metering customers,” she said in a statement on Friday.

The net metering program is a non-fiscal incentive mandated by the Renewable Energy Act. To implement this incentive, the ERC promulgated the rules as early as 2013, but at that time concerns were raised by the stakeholders, the ERC said.

Ms. Devanadera said the program is “ERC’s contribution to empower the consumers.”

The amended rules prescribe a maximum 20-day processing timeline for the distribution utilities (DUs) to complete the whole interconnection process from receipt of the letter of interest; provided all necessary permits and licenses from various concerned agencies are secured and completed.

The distribution impact study (DIS) fee and other related soft costs were also removed in order to encourage participation from end-users. The ERC has considered that the conduct of DIS is a regular activity of the DU to ensure the reliability and stability of the distribution system.

The ERC said it deemed it unnecessary to impose additional charges for holding the DIS.

The pricing methodology under the amended rules maintained the DUs’ blended generation cost excluding other generation adjustments, instead of the proposed retail rate. Adopting the blended generation cost as basis for pricing would result in the avoidance of higher cost of electricity for consumers, the ERC said.

The amendment also rationalized the sharing of lifeline rate subsidy among all consumers. — Victor V. Saulon

DTI bats for duty-free parts imports for Lufthansa aircraft repair unit

TRADE Secretary Ramon M. Lopez said an aircraft maintenance and repair company, Lufthansa Technik Philippines (LTP), should enjoy tax-free and duty-free spare parts imports under the proposed Comprehensive Income Tax and Incentives Rationalization Act (CITIRA).

He said as an aircraft maintenance, repair and overhaul (MRO) provider, Lufthansa Technik, a unit of Deutsche Lufthansa AG, is effectively an exporter and must enjoy tax exemptions on parts it brings in, which are “raw materials.”

“That’s part of their business model. As long as they are exporting, it’s part of their operating cost. Kasama ‘yan doon sa aming request, doon sa aming position na kung exporter ka ‘yung inputs mo should be tax-free (The exemption is part of our request. It’s our position that exporters’ inputs should be tax-free) ,” Mr. Lopez told reporters Thursday.

He added: “‘Yung spare parts nila is part of their MRO, so parang raw material nila ‘yun (Spare parts are like raw materials in the MRO model)… So that has to untaxed.”

Lufthansa Technik has said that it is hoping for Congress to extend the provisions for duty and VAT-free raw materials in the current form of the bill to spare parts.

The bill, which will reduce the corporate income tax rate to 20% by 2029 from 30% currently and overhaul fiscal incentives, forms part of the administration’s comprehensive tax reform program (CTRP).

The Trade department announced in July that Lufthansa Technik is planning to invest $40 million to expand its facility at Villamor Airbase in Pasay City, saying this would help boost the Philippines’ efforts to become an aerospace and MRO hub.

The company’s expansion project was expected to create 300 more jobs in addition to current headcount of 3,200. — Arjay L. Balinbin

AirAsia resumes Clark service to Aklan airports amid rising Boracay demand

AirAsia Philippines said Friday that it resumed its thrice-weekly flights service Clark to Kalibo and added more flights from Clark to Caticlan amid “increased demand” for flights to Boracay.

“The thrice-weekly flights from Clark to Kalibo and additional flight from Clark to Caticlan commenced on Oct. 17,” the low-cost carrier said in a statement.

The Clark-Kalibo service was launched in March 2017 and was suspended when Boracay was closed to visitors.

“Our additional services are in response to the increased demand for flights to Boracay, especially this holiday season. Guests can fly from Clark… to either Kalibo or Caticlan, giving them more flexibility and options,” AirAsia Philippines chief executive officer Ricardo P. Isla was quoted as saying in the statement.

“Boracay is a top holiday destination and we are proud to contribute to the region’s reemerging tourism since its closure last year,” he also noted.

AirAsia said it is offering “all-in promotional fares” from P890 for its “BIG Loyalty Members” and P957 for non-members from Clark to Kalibo.

The low-cost carrier also offers P1,090 for “BIG Loyalty Members” and P1,157 for non-members from Clark to Caticlan.

AirAsia said such offers are available on its website, airasia.com, from Oct. 17 to 27 this year for travel between Dec. 2, 2019 and Jan. 14, 2020. — Arjay L. Balinbin

NEA sued over Zamboanga power contract award

FORTY-SEVEN residents of Zamboanga sued officials of the National Electrification Administration (NEA) for alleged graft in approving the investment management contract (IMC) between the Zamboanga City Electric Cooperative, Inc. (Zamcelco) and Crown Investment Holdings, Inc.

The 23-page complaint before the Office of the Ombudsman was filed on Oct. 11, 2019 against the board of administrators of NEA led by Edgardo R. Masongsong, and board members Rene M. Gonzalez and Alipio Cirilo Badelles.

Included as respondents are Department of Energy (DoE) Undersecretary Felix William B. Fuentebella, who sits as NEA alternate chairman of the board, as well as Crown Investment and its partner Desco, Inc., which were awarded the investment management contract, which the complainants claim was “fraught with irregularities.”

The complainants, which are said to represent various sectors, allege that the board of administrators approved the award of the IMC to Crown and Desco despite their full knowledge of irregularities in the bidding process that violate NEA rules.

The complainants cited the minutes of the NEA board of administrators meeting that showed that even the legal opinion of both the DoE and NEA legal departments pointed to irregularities in the bidding process.

On Aug. 31, the board of Zamcelco awarded the contract to the joint venture of Crown and Desco for the management and operation of the utility. The electric cooperative owed more than P2 billion to its power suppliers.

The complaint also charged Mr. Masongsong of acting beyond his powers provided for by law and, usurping the powers of the NEA board of administrators with his issuance of an order that created a new Zamcelco board. The new board led the way to the execution of the investment management contract.

The complainants want the NEA officials to be held criminally liable for violating the anti-graft law together with the officers of Crown and Desco. They are also asking that the NEA officials be found administratively liable and that they be preventively suspended pending the resolution of the case. — Victor V. Saulon

SSS discontinues benefits disbursal by check

THE Social Security System (SSS) said Friday that it will no longer use checks to disburse benefits and will release payouts through accredited banks.

According to SSS President and Chief Executive Officer Aurora C. Ignacio, the lump sum disability, death and retirement benefits including emoloyees’ compensation disability benefit will now be “mandatorily” released through 67 SSS-accredited banks. The bank disbursements started Friday last week.

The member or claimant will have to present a bank document to the agency such as a savings account passbook, ATM card with name and account number, validated initial deposit slip or copy of bank certificate or statement or an accomplished Visa cash card enrollment form, the SSS said in a statement.

Ms. Ignacio added that EMV-chip enabled Unified Multi-purpose Identification (UMID) cards, enrolled as an ATM card, can also be used.

For those with no savings accounts, the SSS said it can issue a letter of introduction to help them apply for an account with an accredited bank.

“This improvement allows the SSS to efficiently and safely administer the payment of benefits to its members and their rightful beneficiaries,” Ms. Ignacio said.

However, the pension fund said some exemptions from the check-less disbursement system apply, include “cases whenre the address of the member or claimant is beyond 30 kilometers to the nearest SSS-accredited bank or in a high-risk area where peace and order is unstable due to the presence of armed conflict,” it said.

Exemptions also apply to benefits below P1,000, the beneficiary’s institutionalization at a “penitentiary, correctional institute or rehabilitation center,” those physically incapable to transact with banks, and in cases where there are multiple legal heirs as claimants.

It said the 67 accredited banks include Asia United Bank Corp., Bank of the Philippine Islands, China Banking Corp., Development Bank of the Philippines, EastWest Bank, Land Bank of the Philippines, Metropolitan Bank and Trust Co., Philippine National Bank, Philippine Veterans Bank, RCBC Savings Bank, Security Bank and Trust Co., and Union Bank of the Philippines.

“The program has been really effective since its implementation. It is more convenient for our members since they do not have to wait for or get their checks and personally encash it with the assigned bank. They’ll just have to wait for their benefits to be credited to their respective accounts and withdraw whenever they need it,” Ms. Ignacio said. — Beatrice M. Laforga

Fintech held back in PHL by infrastructure, preference for cash — Visa

INFRASTRUCTURE and an enduring preference for cash are holding back the financial technology (fintech) industry in the Philippines, but the tide will turn when international firms decide that the market is ready, a Visa official said Thursday.

“There’s huge potential, a few players are emerging already. There are a few established players and a few challenger brands. The turning point will be when brands outside the Philippines come into the market and that’s what we see often in many countries. It sparks competition within the industry,” Visa Head of Products and Solutions for Southeast Asia Adeline Kim said.

Ms. Kim said the fintech market is currently constrained by “infrastructure limitations” but the biggest challenge will be convincing consumers to move away from using cash.

According to the 2019 e-Conomy report released early October by Google and Temasek Holdings Pte. and Bain & Co., the internet economy in Southeast Asia is projected to grow by $100 billion this year fueled by growth in the e-commerce, online media and ride hailing sectors.

At that rate, the study is projecting growth to $300 billion by 2025. In the Philippines, it said the Internet economy accounted for 2.1% of gross domestic product (GDP) and singled out the country as having the “most room for growth.” It expects the Internet economy to be equivalent of 5.3% of GDP by 2025.

Ms. Kim said she expects Visa’s recent partnership with Razer in the prepaid e-wallet segment to open up the unbanked sector and expand financial inclusion due to the gaming firm’s established customer base.

“Cash opportunity in Southeast Asia is so huge while the banks and financial institutions were only able to cater to a certain sector of customer. Razer’s plan is to move down the pyramid and cater to a wider sector of customers,” she said.

The partnership, announced in June, involves a prepaid payment solution for countries across the region.

“Southeast Asia has a large unbanked and underserved population of over 438 million. The partnership between Razer Fintech and Visa has the potential to extend micro-financial services to this underserved segment,” the two fims said in June.

Ms. Kim said Visa’s strategy for financial inclusion is to target those “at the middle of the pyramid” first before moving to the unbanked sector at the base.

“In the past a lot of people were saying that Visa only operates and only caters to the top end of the pyramid because credit cards are not accessible to everyone and there are few credit cards. For a lot of these products we’re able to go down… to the really unbanked, but it will take time,” she said.

This month, Visa also announced a partnership with a UK fintech, Revolut, to bring the latter’s products to other countries including the Philippines.

Revolut’s products include a mobile application, currency exchange, budgeting and person-to-person (P2P) payments, to be linked to a Visa card. — Beatrice M. Laforga

Peso rises on Brexit deal, weak US data

THE PESO rose further on Friday on the back of positive Brexit developments and a series of weak US data.

The currency ended trading at P51.295 against the dollar on Friday, strengthening by about 12 centavos after closing at P51.42 Thursday.

Week-on-week, it strengthened by 28 centavos after closing at P51.58 on Oct.11.

The peso started the session at P51.36. Its low was P51.395 and the high was P51.29.

Dollar volume on Friday fell to $1.036 billion from $1.291 billion on Thursday.

Traders attributed the peso’s rally to positive sentiment surrounding Brexit and weak US data.

“The continued strength and recovery of the peso came on the back of positive risk-on sentiment as we’re seeing weak US data on manufacturing and housing,” a trader told BusinessWorld by phone, while also noting signs of optimism from the Brexit deal between the UK and Brussels.

A second trader concurred, adding: “There’s progress on the Brexit deal with the EU after three long years. It’s not the (final hurdle) yet,” pending a vote in parliament Saturday.

US manufacturing output fell more than expected in September, dragged down by a strike at General Motors, and the outlook for factories remained weak amid slowing global growth and unresolved trade tensions.

The Federal Reserve said Thursday that manufacturing production fell 0.5% last month after an upwardly revised 0.6% rise in August. Excluding motor vehicles and parts, overall industrial production and manufacturing output still fell 0.2%.

The manufacturing sector, which makes up about 11% of the US economy, has been weakened by a 15-month trade war between the United States and China, which has hurt business confidence and investment.

US homebuilding also tumbled from more than a 12-year high in September, but single-family home construction rose for a fourth straight month, suggesting the housing market remains supported by lower mortgage rates even as the economy is slowing.

Housing starts declined 9.4% to a seasonally-adjusted annual rate of 1.256 million units last month as construction in the volatile multi-family housing segment dropped, the Commerce Department said. Data for August was revised higher to show homebuilding accelerating to a pace of 1.386 million units, which was the highest level since June 2007, instead of marching to a rate of 1.364 million units as previously reported.

Meanwhile, European Union leaders gave their unanimous backing to a Brexit deal with the UK on Thursday, putting the onus on Prime Minister Boris Johnson to secure the British parliament’s approval for the deal in a vote in two days’ time. — Luz Wendy T. Noble

China data, profit-taking and FTSE rebalancing pull down Philippine stocks

THE MAIN INDEX ended two straight days of gains on Friday, as reports on slowing growth in the world’s second-biggest economy weighed and investors took profits.

The Philippine Stock Exchange index (PSEi) gave up 45.32 points or 0.57% to end 7,885.23 — still up 0.45% on the week and marking the second weekly climb — while the all-shares index dropped 15.89 points or 0.33% to finish 4,755.04.

“Weak growth data from China caused some concern among market participants of global economic slowdown given its trading dominance in the region,” PNB Securities, Inc. President Manuel Antonio G. Lisbona said in a mobile phone message.

News wires on Friday reported that China’s economy grew six percent in the third quarter, marking the slowest expansion in nearly three decades on weaker investments and factory output.

“The market also looked ripe for profit-taking as the market moved up around 380 points in the past two weeks on the back of some reentry by foreign funds,” Mr. Lisbona added.

For Regina Capital Development Corp. Head of Sales Luis A. Limlingan, “[s]hares traded negative as investors realigned with the latest FTSE rebalancing came out today.”

Reuters reported that major Wall Street indices gained on Thursday, riding optimism from the United Kingdom’s agreement with the European Union on the former’s exit from the group and upbeat statements from Beijing and Washington that again fueled hopes for an eventual agreement on an end to their trade war. The Dow Jones Industrial Average, the Nasdaq Composite Index the S&P 500 increased by 0.09% to 27,025.88; 0.4% to 8,156.85; and 0.28% to 2,997.95, respectively.

Many major Asian bourses, however, lost on Friday: Japan’s Topix by 0.13% (though the Nikkei 225 gained 0.18%), the Shanghai SE Composite by 1.32%, Hong Kong’s Hang Seng by 0.48%, South Korea’s KOSPI by 0.83%, Singapore’s Straits Times Index by 0.38% and the MSCI Asia Apex 50 by 0.36%.

India’s S&P BSE Sensex on the other hand gained 0.57%.

Only one of the six sectoral indices at home gained: services, by 4.51 points or 0.29% to 1,530.25.

The rest fell: industrials by 144.08 points or 1.33% to 10,643.01, holding firms by 47.12 points or 0.61% to 7,676.89, mining & oil by 49.31 points or 0.55% to 8,907.35, financials by 7.08 points or 0.38% to 1,841.26 and property by 8.73 points or 0.2% to 4,177.25.

Friday saw 830.779 million shares worth P5.467 billion change hands, compared to Thursday’s 715.388 million shares worth P5.55 billion.

Stocks that gained narrowly edged out those that lost 89 to 83, while 46 others ended flat.

Friday’s list of 20 most active stocks saw 12 that lost, seven that gained and one that ended flat: First Gen Corp. at P25 apiece.

Those that gained were led by DMCI Holdings, Inc., which increased by 3.64% to P9.10 apiece; Puregold Price Club, Inc., which rose by 3.25% to P41.30 and Metropolitan Bank & Trust Co. which added 3.05% to P70.90 each.

Those that ended the day in red included BDO Unibank, Inc., which gave up 2.61% to P145.60 apiece; Manila Electric Co., which dropped 2.28% to P360.60; D&L Industries, Inc. which lost 2.35% to P8.30; and Jollibee Foods Corp. which shed 2.13% to P230 each.

Overseas investors turned bearish after two straight days of net buying, ending Friday with P244.465-million net selling that was a reversal from Thursday’s P841.283-million net purchases.

“We are looking at 7,770 as a first support area from which the bulls will have to fight through the 8,000 psychological resistance level,” PNB Securities’ Mr. Lisbona said.

“Otherwise, the market will consolidate between those two levels until earnings season justifies higher valuations.” — Vincent Mariel P. Galang

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