Honda’s 10th year of reforestation efforts continue with 5,000 trees planted in Real, Quezon

November 25, 2019 | 12:03 am

HONDA FOUNDATION, INC. (HFI), composed of the Honda Group of Companies — Honda Cars Philippines, Inc. (HCPI), Honda Philippines, Inc. (HPI), Honda Parts Manufacturing Corporation (HPMC) and Honda Trading Philippines — recently conducted its tree-planting activity with 5,000 tree saplings planted in Real, Quezon.

Honda has been actively contributing in the restoration of the Philippines’ rainforests through this effort. Not only does the activity help restore communities and ecosystems, the tree-planting activity also contributes solutions to environmental problems such as climate change and air pollution.

Done in partnership with Haribon’s Forest For Life Movement, Honda aims to restore damaged rainforests through planting various native tree species such as Narra, Apitong, and Lauan. “For 10 years now, we have been doing tree planting with Haribon and our commitment to leave blue skies for our children goes stronger,” Hirotake Shimosaka, HFI adviser, mentioned during his opening remarks. Since 2010, around 50,000 trees have already been planted across 36 hectares of damaged forests in the provinces of Laguna, Quezon and Rizal.

According to a biophysical survey conducted by Haribon to check the health of the reforested areas, about 28 species of birds were found in the various restored habitats. 18 of these species are endemic to the Philippines. Some of these birds are the Philippine Magpie-robin (Copsychus mindanensis), the Blue Headed Fantail (Rhipidura cyaniceps), the Lowland White-eye (Zosterops meyeni), and the Sulphur-billed Nuthatch (Sitta oenochlamys). The presence of these birds highlights the progress of reforestation as efforts continue to make a better ecosystem for local communities and wildlife conservation.

In line with Honda’s 2030 vision of providing a sustainable society for the next generation, the project offers options for sustainable livelihood to nearby communities, while recovering biodiversity, clean air and water, resilience to climate change and natural hazards.

Deutsche Bank closer to easier capital hurdle

November 25, 2019 | 12:03 am

CHRISTIAN SEWING’S efforts to scale back Deutsche Bank AG are paying off, with authorities saying the lender is now less of a risk to the financial system.

The German bank moved down a notch in the Financial Stability Board’s (FSB) ranking of risk, meaning it will probably face a lower requirement for the so-called leverage ratio, a list published on Friday showed. JPMorgan Chase & Co. remained the world’s most global systemically important bank while Toronto-Dominion Bank was added to the list at the lowest level.

Mr. Sewing, Deutsche Bank’s chief executive officer, is rolling back years of breakneck expansion when the lender sought to go head to head with US investment banks. In July he unveiled the most sweeping restructuring plan in decades, including cutting a fifth of the work force through 2022 and exiting equities trading. The bank is also shrinking the fixed-income business, long one of its major areas of strength.

“We’ve been taking active steps to make the firm simpler, clean up the balance sheet, and focusing on making the bank smaller and having more stable revenues,” Dixit Joshi, group treasurer, said in an interview.

The FSB’s list is based on data as of the end of 2018 and doesn’t take into account the lender’s additional changes this year, he said. “While I can’t speak to future scores directly, as we continue execution of our strategic plan, there may be potential reductions in the G-SIB score categories.”

Deutsche Bank had already flagged the potential FSB change, although it probably won’t affect its risk-based capital requirements because German regulator BaFin has its own measure. The FSB assessment suggests that the leverage ratio, a measure of bank’s balance sheet that doesn’t take account of its risk, will be 3.75% of 4% when the requirements take effect in 2022. The bank targets a level of about 5% by the end of that year.

That means the change may not make Mr. Sewing’s overhaul much easier. He plans to use some of the bank’s risk-based capital to shoulder restructuring charges. Still, it may be viewed as an acknowledgement of Deutsche Bank’s efforts to become simpler and improve relations with regulators.

The rankings reflect an international consensus about the relative risk posed by the world’s biggest lenders.

Banks included in the group face more stringent capital demands, requirements that they have more capacity to absorb losses in a crisis and more stringent supervisory expectations about risk management. The actual capital requirements are set by supervisors in a bank’s jurisdiction.

The FSB includes the representatives from authorities, including the European Central Bank and Bank of England, and is chaired by Randal Quarles, a vice chairman of the US Federal Reserve. — Bloomberg

Davao City launches ‘Peace Economy’ in Paquibato to address insurgency

November 25, 2019 | 12:03 am

DAVAO CITY formally launched its “Peace Economy” program last week in Paquibato, a remote district known as one of the strongholds of the communist New People’s Army (NPA). “It is rooted in equality and fairness in partnerships and builds a bridge between producers, the business sector, civil society and government. It increases connectors among people and communities. It builds peace,” city government peace adviser Irene Santiago said during the launch held at the Ateneo de Davao University. Mayor Sara Duterte-Carpio, in a message read by Councilor Mary Joselle D. Villafuerte, said peace economy is a model of development that aims to get all sectors involved in “wealth sharing” alongside the improved delivery of government services. Barangay Chairman Jessie Areja of Malabog, the pilot village in Paquibato, said the program has helped their vegetable farmers increase income through a partnership with Helen’s Farm of homegrown NCCC Group of Companies, which is involved in retail distribution, shopping mall and supermarket operations. “Since the start two months ago, Peace Economy has had a major impact on us because middlemen used to give our farmers very low prices,” Mr. Areja said in Filipino. “Tomatoes, for example, our farmers used to sell it at P10 per kilo, but now through Helen’s Farm, it is P25 per kilo,” he said in an interview. Ms. Duterte said the program will need more partners and could eventually be expanded outside the city. The Paquibato District covers about 27% of the city’s over 2,400-square kilometer land area. It is also home to the ancestral domain of the Ata indigenous group. “Many adults (in Paquibato) talk about not knowing anything else but gubot or violent conflict since the ‘60s under the Marcos martial law with atrocities committed by both the military and the New People’s Army,” Ms. Santiago said. — Maya M. Padillo

MinDA to expand Tienda project to Marawi City, other parts of Lanao del Sur

November 25, 2019 | 12:02 am

THE MINDANAO Development Authority (MinDA) is expanding its retail outlet livelihood project in Marawi City and other parts of Lanao del Sur. In a statement, MinDA said it is partnering with non-government organization Plan International for the inclusion of Tienda under the Livelihood Opportunities in Villages for Economic Upliftment program. “In a meeting with Plan International officials, I emphasized that success of these projects should be measured in terms of the reduction of the poverty incidence in the area,” MinDA Chair Emmanuel F. Piñol said. The Tienda project was initially launched for those affected by the series of earthquakes last October in several towns in Cotabao and Davao del Sur. In Lanao del Sur, MinDA will assist organized women groups “in starting a community store which would offer basic household needs at prices lower than in the market,” MiNDA said.

POULTRY PROJECT
Meanwhile, MinDA also announced the implementation of a communal poultry raising project in the earthquake-affected areas with the help of Thai firm Charoen Pokphand Foods Philippines Corp. The company will provide inputs, technical assistance as well as buy the produce “in excess of what the community needs.” — Carmelito Q. Francisco

Philippine Men’s Under-22 team begins SEA Games group play football bid opposite Cambodia today

November 25, 2019 | 12:02 am

By Michael Angelo S. Murillo
Senior Reporter

THE 30^th Southeast Asian Games campaign of the Philippine Men’s Under-22 team begins today in a group play match against Cambodia at the Rizal Memorial Football Stadium.

Set for 8 p.m., the Philippines looks to set its football bid on the right note in Group A where it is also lumped with Malaysia, Myanmar and Timor-Liste apart from Cambodia.

For the SEA Games, the U-22 team is made up of some of the top young talents in the country, boosted by two veteran members of the Philippine Azkals, namely Stephan Schrock and Amani Aguinaldo.

In the SEA Games, teams are allowed to put in a maximum of two overage players in their U-22 rosters.

Messrs. Schrock, 33, and Aguinaldo, 24, both play for top local football club Ceres-Negros FC and recently played with the Azkals in away matches in the joint World Cup and Asian Cup qualifiers.

Joining the two in the SEA Games team are Anthony Pinthus — Kosova Zurich (Switzerland), Michael Asong — San Beda University, Justin Baas — AZ Alkmaar (Netherlands), Elias Mordal Suerti — Brattvag IL (Norway), Mar Diano — Mendiola FC 1991, Marco Casambre — Chainat Hornbill FC (Thailand), Jordan Jarvis — Resources Capital FC (Hong Kong), Griffin McDaniel — California Baptist University (USA), Christian Rontini — Sangiovanesse FA (Italy), and Yrik Gallantes — Gala Fairydean Rovers (Scotland).

Also part of the squad are Pocholo Bugas — Far Eastern University, Jerome Marzan — Mendiola FC 1991, Dylan De Bruycker — Ceres-Negros FC, Dennis Chung — Zehlendorf (Germany), Troy Limbo — Sunderland RCA (England), Chima Uzoka — Global Makati FC, and Jarvey Gayoso — Ateneo de Manila University.

The Philippine U-22 team has been preparing for the biennial regional sporting meet since the middle of the year and competed in the Copa Paulino Alcantara as part of its preparation.

“The team has been training well. It joined in the recent Copa Paulino Alcantara to hone their skills and game and it made a good impression. The staff is very competent and it motivates the team well. First target is to make it to the semifinals and take it from there. Hopefully the fans will come out and support the team,” said Philippine Football Federation President Nonong Araneta when asked for his thoughts on the U-22 team’s chances.

Also playing today are Malaysia versus Myanmar in Group A in Rizal at 4 p.m. and Vietnam against Brunei in Group B at 4 p.m. at the Imus Grandstand and Track Oval in Cavite.

Bracketed in Group B along with Vietnam and Brunei are defending champion Thailand, Indonesia, Laos and Singapore.

In the SEA Games, teams will play each other once in their respective groupings with the top two advancing to the crossover knockout semifinals.

In the last edition of the Games in 2017, the Philippines failed to move past group play, finishing with a record of two wins and three losses for six points.

PHISGOC MAKES CLARIFICATION
Meanwhile, the Philippine Southeast Asian Games Organizing Committee apologized and made clarifications over some problems encountered by arriving SEA Games football teams at the weekend.

Four teams — Thailand, Cambodia, Timor-Leste and Myanmar — all took to social media to share the inconvenience they experienced upon arrival on Saturday, which ranged from slow accreditation process, slow immigration clearing, problems in transportation and transfer, traffic and accommodation.

In a statement on Sunday, PHISGOC said they have taken note of the issue and vowed to work on the problems.

“We sincerely apologize to our athlete guests from Timor-Leste, Myanmar and Cambodia for the inconvenience caused to them by the confusion regarding their transportation and hotel arrangements. While PHISGOC strives to ensure proper coordination of the arrival details, airport welcome and transportation provisions of all international teams to their respective assigned hotels, we acknowledge our shortcomings in this particular incident and vow to do better,” the PHISGOC statement read.

It nonetheless made some clarification.

“For the information of the public, the confusion with the Timor-Leste football team happened when some of their members were initially brought to the Century Hotel along with the rest of the team. However, the Timor-Leste coordinator pointed out that some were actually billeted at the nearby Hotel Jen. PHISGOC was able to arrange the delegates’ shuttle to the other hotel,” it said.

“As to the Cambodian football team, their change in arrival details was relayed late to the PHISGOC Games Services Department. Instead of the arrival time initially relayed to PHISGOC, the Cambodian team arrived in NAIA at 4 a.m. Transportation was immediately provided, but since their hotel rooms were not yet available because the standard check-in time is 2 p.m., PHISGOC requested that the team be allowed to wait at an air-conditioned private hotel conference room with tables and chairs where the members could rest and feel comfortable while waiting for their rooms,” it added.

Malaysian palm oil expected to meet EU food safety levels by 2021, minister says

November 25, 2019 | 12:02 am

KUALA LUMPUR — Malaysia, the second-biggest producer and exporter of palm oil after Indonesia, will enforce regulations to ensure that by 2021 its palm oil meets new food safety standards under consideration by the European Union, a minister said on Tuesday.

The EU is considering setting new limits by an as-yet unspecified date on food contaminants in refined fats and oils, and is discussing imposing a safety level for so-called 3-MCPD esters found in palm oil.

The European Food Safety Authority has said the esters raise potential health concerns.

“The palm oil industry in Malaysia has been instructed (by the government) to adhere to the EU-prescribed level of 3-MCPDE of 2.5 ppm for food products by 2021,” Malaysia’s minister of primary industries, Teresa Kok, told an industry event, referring to contaminants in milligrams per kilo of oil.

“We are now in the process of enforcing several regulations to ensure that palm oil produced meets the acceptable safety level for 3-MCPDE.”

Malaysia last month said new EU rules could hurt demand for palm oil in food — which accounts for nearly 70% of global consumption of the oil, and where it is used in products such as bread and chocolate spread.

The $60 billion palm industry is often blamed for stripping tropical rainforest, and the EU this year introduced a law to phase out palm oil from renewable fuel by 2030 due to deforestation concerns. Malaysia and Indonesia have said they plan to challenge the law at the World Trade Organization.

The EU biodiesel market is worth an estimated 9 billion euros ($10 billion) a year.

“Despite our best efforts, if certain importing countries choose to impose discriminatory trade barriers against palm oil producing countries, we not must not keep silent nor hesitate to take counter measures,” Malaysian Prime Minister Mahathir Mohamad said at the same event on Tuesday.

Kok said 60% of the country’s total oil palm planted area had received the Malaysian Sustainable Palm Oil (MSPO) certification, which requires growers to meet certain standards regarding environmental protection and workers’ rights.

The Southeast Asian country aims for 70% oil palm areas to have received MSPO certification by February, Kok said.

She reiterated the Malaysian Palm Oil Board’s warning of legal action or licence cancellation if palm mills and growers with plantations of 100 acres and more are not certified by Jan. 1.

Kok said on Monday certification among smallholder farmers, who account for nearly 40% of Malaysia’s total palm oil production, was particularly low because of concerns they would not be able to recover the high costs of complying with the regulations. — Reuters

Victoria’s Secret holiday fashion show canceled as marketing plans ‘evolve’

November 25, 2019 | 12:02 am

THE ANNUAL Victoria’s Secret fashion show, known for its jewel-encrusted bras and supermodels sporting angel wings, will not be held this holiday season, parent L Brands Inc. said on Thursday.

The decision comes after the apparel retailer said in May the TV special was not going to be part of network TV as the company evaluates its marketing strategy for the show.

The brand was once the destination for all things lingerie and has been losing customers as more women shift to cheaper bralettes and sports bras from companies like American Eagle Outfitter’s Aerie and pop singer Rihanna’s lingerie line, Savage X Fenty.

Television audiences for the show have slumped in the last few years. The December 2018 show, aired on Walt Disney Co.’s ABC network, was watched by 3.3 million Americans, compared with 12 million in 2001 when it was first broadcast.

When asked if the fashion show would be held this holiday season, Chief Financial Officer Stuart Burgdoerfer said: “No, we’ll be communicating to customers, but nothing that I would say is similar in magnitude to the fashion show.”

“We think it’s important to evolve the marketing of Victoria’s Secret,” he said on the earnings call on Thursday.

The company, which forecast an upbeat holiday season on Wednesday, said it was not commenting further at this time. — Reuters

Gojek reapplies to enter PHL mart and challenge Grab’s monopoly

November 25, 2019 | 12:02 am

INDONESIAN ride-hailing start-up Gojek has reapplied to enter the Philippines and face off with Grab Holdings, Inc., which controls about 90% of the market.

Gojek’s filing is under evaluation by the Department of Transportation‘s franchising and review service, Assistant Secretary Goddes Libiran said in a mobile-phone message Saturday.

Regulators have rejected Gojek’s application twice this year for breaching the 40% foreign-ownership limit for public transport services, as its local unit Velox Technology Philippines, Inc. was wholly-owned by a Singaporean firm. Velox has since sold a stake and the company is now owned 60% by Filipino company Pace Crimson Ventures Corp., Securities and Exchange Commission documents showed.

Zalora Philippines CEO Paulo Campos, whose father Paulo E. Campos, Jr. is the largest shareholder in Pace Crimson through a 35% stake, said in a mobile-phone message that the online shopping platform partly owned by conglomerate Ayala Corp. “has no involvement in the investment” and “has no connection whatsoever to Gojek or their efforts to enter the Philippine market.”

Ayala Corp. was earlier said to be in talks with Gojek for a partnership. Nikkei, earlier this week, reported Gojek’s fresh application. — Bloomberg

PCSO donates 45 Nissan NV350 ambulances to gov’t hospitals, health facilities

November 25, 2019 | 12:02 am

WITH THE HELP of Nissan Philippines, Inc., the Philippine Charity Sweepstakes Office (PCSO) turned over 45 new ambulance units to various government hospitals and health facilities nationwide to enhance the delivery of emergency health services to the public.

PCSO Chairperson Anselmo Simeon Pinili and Vice-Chairperson and General Manager Royina Garma led the ceremonial turnover rites of the 45 brand-new Nissan NV350 Urvan type-2 advanced life support ambulance units held at the Philippine National Police (PNP) headquarters in Camp Crame, Quezon City.

“The PCSO has always been a firm advocate of efficient health services to the Filipino people, especially those who have little resources to spend on their medical and health care. We will never waver from this commitment as we reaffirm our dedication in providing free but quality assistance to the public,” Ms. Garma said.

Ms. Garma assured PCSO’s accessibility to families and individuals who require medical and social assistance from the government.

“The PCSO is on standby 24/7 to help those who need assistance, especially indigent families who rely on their government for financial relief,” Ms. Garma said.

New Ambulances. The Philippine Charity Sweepstakes Office (PCSO) turns over 45 new ambulances to various government hospitals and health facilities nationwide in a ceremony in Camp Crame, Quezon City. The move seeks to equip local government units, government hospitals, municipal health offices, and other health institutions/facilities all over the country with medical transport vehicles to immediately respond to the needs of patients especially from poverty-stricken areas.

The Medical Transport Vehicle Donation is one of the key programs of the PCSO to equip local government units, government hospitals, municipal health offices, and other health institutions/facilities all over the country with medical transport vehicles to immediately respond to the needs of patients especially from poverty-stricken areas.

The program underscores the importance of a reliable and functional ambulance for emergency transport of sick patients and stresses the value of quick access to health care.

Maj. Gen. Guillermo Eleazar, chief of the PNP Directorial Staff; Dr. Gerardo Aquino, Jr., Medical Center Chief II of the Vicente Sotto Memorial Medical Center; and Brig. Gen. Eriel M. Niembra, Commander of Presidential Security Group, accepted the keys of the ambulance units on behalf of their health facilities.

Also present during the turnover ceremonies were DoH Undersecretary Roger Tong-An representing Secretary Francisco Duque III as a guest of honor and speaker and Dr. Larry Cedro, PCSO Assistant General Manager for Charity Sector.

The new medical transport vehicles will benefit patients from Metro Manila’s government hospitals, which include Amang Rodriguez Medical Center (Marikina City), Dr. Jose Fabella Memorial Hospital (Manila), East Avenue Medical Center (Quezon City), Jose R. Reyes Memorial Medical Center (Manila), National Center for Mental Health (Mandaluyong City), National Children’s Hospital (Quezon City), Philippine OrthopedicCenter (Quezon City), Quirino Memorial Medical Center (Quezon City), Research Institute for Tropical Medicine (Muntinlupa City), Rizal Medical Center (Pasig City), San Lazaro Hospital (Manila), Tondo Medical Center (Manila), Lung Center of the Philippines (Quezon City), National Kidney and Transplant Institute (Quezon City), Philippine Children’s Medical Center (Quezon City), Philippine Heart Center (Quezon City), and Valenzuela Medical Center (Valenzuela City).

Vessels expected to avoid areas lacking cleaner maritime fuel

November 25, 2019 | 12:02 am

HOUSTON — Shortages of low-sulfur fuel oil could appear at some ports in Africa, South America and Southeast Asia next year, but most major ports around the world will have adequate supplies, panelists at a shipping industry conference said.

International Maritime Organization (IMO) standards take effect Jan. 1 that cap the sulfur content of shipping fuel at 0.5% unless vessels use exhaust-cleaning scrubbers. The mandate aims to improve human health by reducing air pollution from sea-going vessels.

Overall, supplies of the cleaner-burning fuel will be available at the start of the year, said panelists at a Mare Forum USA conference. However, shortages in some places force vessels to detour to ports with ample supplies, said Maria Burns, a supply chain specialist. She said any diversions would be costly for fuel sellers and ship owners.

Only about 6%, or 3,000, of the world’s 55,000 ocean-going vessels are expected to have scrubbers installed by 2020, far less than originally expected, said Burns, an assistant professor at the University of Houston. Global marine fuel oil consumption could reach 5 million barrels a day (bpd) by 2020 and rise to 8 million bpd by 2040, she added.

Compounding supply issues, global refiners have not been able to guarantee the quality and compatibility of the shipping fuels they supply, said Sean Kline, a director at industry group Chamber of Shipping of America.

“If something is keeping us up at night, it’s the quality and compatibility of the fuels. You can get a different blend with different components at the same port. If they get bad fuel, they have to deal with it onboard,” Kline said.

“Basically, if you can’t get the low-sulfur fuel, be transparent about it” with the U.S. Coast Guard, he said to an audience of marine executives. — Reuters

SSS collects P30.5M in delinquencies

November 25, 2019 | 12:02 am

STATE-RUN Social Security System (SSS) said it collected P30.5 million in contributions after 71 non-compliant employers settled their delinquencies.

However, SSS President and Chief Executive Officer Aurora C. Ignacio said they are still expecting more collections from 93 other employers with P200 million in contribution delinquencies.

The 71 employers complied after receiving preliminary assessment notices and final assessment notices before seizure under the process of serving Warrants of Distraint, Levy, and Garnishment (WDLG), Ms. Ignacio said in a statement.

She said the initial procedure of serving assessment notices allows delinquent employers to choose between settling their delinquencies, avail an installment payment scheme or give them the option to file a request for reconsideration.

As of September, the pension fund said two non-compliant employers with a combined delinquency worth P2.91 million are set for warrant execution.

“The SSS has allowed these employers to fulfill their obligations under the Social Security Act of 2018, especially by offering a Contribution Penalty Condonation Program (CPCP) from March until September this year, but they still failed to comply,” Ms. Ignacio was quoted as saying.

She said employers are mandated by law to remit the SSS contributions of their employees regularly.

“We would like to remind non-compliant employers to obey the law and remit religiously the SSS contributions of their employees. This is your obligation not only under the law but also show your empathy to your employees who have been your partners in business. Give them the social safety net they deserve,” she said.

So far this year, the SSS conducted 14 execution of warrants of arrest in coordination with the Philippine National Police. — BML

Stocks may drop on negative market sentiment

November 25, 2019 | 12:01 am

By Denise A. Valdez
Reporter

PHILIPPINE STOCKS are seen to trade lower this week amid negative sentiment caused by developments in the global scene.

The Philippine Stock Exchange index ended flat on Friday with a 5.7-point or 0.07% uptick to 7,824.59. The all shares index inched up 8.28 points or 0.17% to 4,679.04 at the close of last week’s trading.

On a weekly basis, the main index declined 1.65% to 7,824.59 mainly due to the hazy progress of the trade talks between United States and China. This is the second straight week the PSEi recorded a loss.

Value turnover last week climbed to P25.87 billion from P25.77 billion a week ago. Net foreign selling for the week increased to P3.22 billion from P2.43 billion previously.

Last week, Reuters reported that trade experts are flagging the unlikelihood of signing the “phase one” US-China trade deal within the year. US President Donald Trump himself said he finds China is not meeting his expectations in the trade talks.

“This market will not rally until we see a pick up in trading volumes and until investors start to look at economic and corporate fundamentals,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in a market note sent over the weekend.

“Investors continue to focus on the sentiment which has been very grim due to external factors abroad and the uncertainty on the direction of our own economy since last year. Several companies are at multi-year lows which could encourage bargain hunters to start loading up and position themselves for the longer term,” he added.

Mr. Mangun said the Philippine market has been moving sideways all year long and investor optimism is “slowly fading away due to a lack of conviction that the market can go higher.”

“We may see it continue lower and test stronger support levels at the 7,500 area in the coming weeks,” he said.

Online brokerage 2Tradeasia agreed with Mr. Mangun’s thoughts on bargain hunting in the upcoming week.

“Several large caps have breached fresh lows during the week, and most are already trading oversold zones. With seasonal liquidity this December, it would be worth to consider shopping for bargain stocks,” it said.

“While equities may be in competition with the roster of bond issuances from both government and private sectors, not all will be awarded the fixed income float. As such, free cash should find its way into equities than stay idle,” it added.

However, it said foreign investors may remain bearish on the local market, noting the Thanksgiving holiday in US on Nov. 28 and the MSCI rebalancing. The Southeast Asian Games in the Philippines may also sidetrack investors this week.

“Within such lull, it would be good to gradually position on prime stocks ahead of an expected rebound. Immediate support is 7,700, resistance 7,900-7,950,” 2Tradeasia said.