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PCC to look into cold-storage cartel in onion industry

By Janina C. Lim, Reporter
THE Philippine Competition Commission (PCC) said it will look into the Department of Agriculture’s (DA) complaint on the alleged cold-storage cartel in the onion industry.
“PCC will look at the alleged refusal of storage access to onion farmers in favor of large traders and will also evaluate if there are business agreements that are anticompetitive or enablers of cartelistic behavior,” the anti-trust agency said in a Friday statement.
“Specifically, PCC will examine whether there are competition concerns in the onion industry such as restriction of storage space or price manipulation by cartels, or whether the storage concerns are natural consequences of supply conditions,” it added.
Cold storage facilities form an important part in the value chain to prolong the shelf life of onions after harvest season.
On March 20, the DA requested the PCC and the National Bureau of Investigation (NBI) to investigate reports that trading firms have closed down four major cold-storage facilities in an attempt to compel farmers to sell at low prices.
The DA recently suspended the importation of bulb onions pending the results of the investigation of both agencies. PCC said the investigation should not prevent the DA from exercising its own judgment in suspending or allowing importation.
PCC also proposed signing a memorandum of agreement with the DA “to harmonize the objectives of both agencies of fostering fair market competition and promoting agricultural growth.”
Republic Act 10667 or the Philippine Competition Act of 2015 prohibits businesses from forging anti-competitive agreements which, among others, restrict competition in price and other components related to the trade.
The competition law punishes those engaged in cartels with a fine of P100-P250 million and imprisonment of up to seven years.

DTI order out reenlisting flat glass in mandatory standards

By Janina C. Lim, Reporter
THE Department of Trade and Industry (DTI) said it has signed an order reviving the mandatory testing and certification of flat glass and other subproducts before market entry to ensure the safety of consumers.
“Signed the DAO [department administrative order] on mandatory compliance requirement for flat glass. To ensure quality standard and protect consumers. Must be produced by PS [Philippine Standard] certified plants and all imports (should) pass quality test for their ICC [import commodity clearance] mark,” Trade Secretary Ramon M. Lopez told reporters in a mobile message on Friday.
As of press time, the DAO is still up for publication numbering.
Aside from re-enlisting all flat glass products covered by Philippine National Standard (PNS) 193 under the Bureau of Philippine Standard’s product certification scheme, the DAO also broadened the scope to include these subproducts specifically intended for building applications:
• heat-strenghtened and fully-tempered flat glass covered by PNS American Society for Testing and Materials (ASTM) C1048;
• laminated glass and laminated safety glass products covered by PNS 12543-2 and PNS 12543-3;
• and all bent glass products covered by PNS ASTM C1464
The BPS’ certification scheme requires manufacturers and importers or distributors to obtain a PS license and ICC before their BPS-covered products can be sold in the market.
Products affixed with these marks assure consumers of their passing quality and safety tests.
Any retailer or wholesaler found selling uncertified products will be seized of such products and will be fined up to P300,000, without prejudice to the filing of criminal or civil actions under applicable laws.
Flat glass, most commonly used for windows and doors in houses, buildings and automobiles, was delisted from the BPS’ certification scheme in 2015.
Nonito B. Galpa, Executive Vice-President of Pioneer Float Glass Manufacturing, Inc., the manufacturing affiliate through which TQMP produces flat glass, welcomed the DTI’s move.
“This is a welcome development, especially so that we have been praying for the reenlistment of flat glass in the mandatory standards. After all, this has been our advocacy to ensure the safety and welfare of the consumers. As we can see, all modern high rise buildings now are made up of 3 major components; cement, steel, and glass. So this is just a right timing to regulate the said products,” Mr. Galpa said in a mobile message yesterday.
TQMP had been making appeals to re-enlist flat glass amid the flooding of substandard imports which have thinned the market share of local manufacturers.
Mr. Galpa said TQMP’s over P5 billion expansion plan, which had been deferred due to the influx of substandard flat glass imports, “will push through and has been [put back] in the drawing table.”
A plant in Bataan will have a groundbreaking next year, with operations targeted by early 2022.

CA issues TRO aganst RTC-ordered suspension of Iloilo power franchise turnover

THE Court of Appeals (CA) said it issued a temporary restraining order (TRO) preventing the implementation of a Mandaluyong court order which had barred MORE Electric and Power Corp. (MORE) from taking over the assets of Panay Electric Company, Inc. (PECO).
In an eight-page resolution on March 28, the CA special seventeenth division issued a 60-day TRO against the March 12 decision of Mandaluyong City regional trial court (RTC) Branch 209. The RTC had issued a 20-day TRO on the implementation of Republic Act (RA) No. 11212 which granted MORE the franchise to operate in Iloilo City.
“The Court perceives more than adequate grounds for the grant thereof,” the CA ruled.
In issuing the TRO, the appellate court said PECO’s franchise to operate the distribution of electric power in Iloilo City had expired after its franchise to operate was granted to MORE.
It also said that under Section 78 of the Electric Power and Industry Reform Act (EPIRA) of 2001, only the Supreme Court may issue an order enjoining the implementation of EPIRA, which includes RA 11212. The order of the RTC stops the Energy Regulatory Commission (ERC) and Department of Energy (DoE) from performing their mandate, which is illegal.
The Court of Appeals also said that the TRO against the implementation of RA 11212 effectively extends the franchise of PECO, which is an authority vested only to the Congress.
“Wherefore, considering that the issues raised are of transcendental importance, and to avoid any grave and irreparable injury which would be suffered by petitioner pending disposition of the instant petition, and likewise so as not to render the outcome of the petition moot and academic, let a temporary restraining order issue effective for sixty days from service to the respondents,” the CA ruled.
The CA also gave MORE 10 days to pay P50 million for any damages PECO may suffer under this TRO. It also directed PECO to file its comment to the petition PECO within 10 days and explain why a writ of preliminary injunction should be issued against the order of the RTC.
Judge Monique Quisumbing-Ignacio of Mandaluyong RTC Branch 209 on March 12 issued a TRO against RA 11212 includiing the expropriation proceedings and takeover of PECO’s distribution assets in the franchise area and the issuance by the DoE and ERC of a Certificate of Public Convenience and Necessity, which would authorize MORE to operate in the franchise area.
In the petition to the CA, MORE said Ms. Ignacio committed grave abuse of discretion in issuing a TRO against the implementation of Republic Act No. 11212.
The decision was written by Associate Justice Elihu A. Ybañez and concurred in by Associate Justices Nina G. Antonio-Valenzuela and Ma. Luisa Quijano-Padilla. — Vann Marlo M. Villegas

Travellers 2018 net profit up sharply after launch of new gaming space, hotels

TRAVELLERS International Hotel Group, Inc. said 2018 net profit was P1.44 billion, up sharply from P279.82 million a year earlier, after the owner and operator of Resorts World Manila (RWM) posted robust growth after launching more gaming and hotel space.
“The improved performance was helped by the opening of the ground floor gaming at the Grand Wing as well as the launch of Hilton Manila and the Sheraton Manila Hotel,” said Kingson Sian, president and chief executive officer of RWM, in a disclosure to the stock exchange.
“Both hotels added 747 rooms to the company’s hotel portfolio,” he added.
Gross revenue rose 17% to P24.7 billion, while earnings before interest, tax, depreciation and amortization (EBITDA) increased 27% to P3.88 billion.
Travellers said gross gaming revenue was buoyed by sustained growth in all gaming segments. Non-gaming revenues rose by 17% to P4.7 billion, a record for the company.
“Property visitation increased by 11% averaging 28,500 per day while the average occupancy rate for the four hotels — Marriott Hotel Manila, Maxims Hotel, Hilton Manila, and Holiday Inn Express Manila Newport City — was 79% with a total room count of 1,811,” the company said.
The Grand Wing, RWM’s development project dedicated to gaming activities, will have three international luxury hotels, Travellers said. Aside from Hilton Manila, which opened in October 2018, the group had a soft opening for Sheraton Manila Hotel.
Hotel Okura Manila, which opens this year, will bring the Grand Wing hotel room count to around 940. It will include new gaming, entertainment, and retail spaces, plus six basement parking decks.
“When the Grand Wing is fully operational, RWM will be the largest and most versatile integrated resort in the country offering our customers thrilling experiences,” Mr. Sian said.
Travellers said once construction of all hotels is completed, RWM will have the highest number of hotel rooms for a single property in the Philippines. — Victor V. Saulon

PXP Energy, Dennis Uy holding firm terminate share purchase deal

PXP Energy Corp. said on Friday that the subscription agreement it signed with Davao City businessman Dennis A. Uy’s Dennison Holdings Corp. had been terminated by the two parties effective on March 29, 2019.
In a disclosure to the stock exchange, PXP Energy said on the termination date, all rights of Dennison to subscribe for the common shares of the PXP, and any of its obligations to issue such shares, are terminated “without any residual rights of any kind remaining” with Mr. Uy’s holding firm.
Accordingly, all other rights of PXP Energy under the agreement are terminated, it said, including the right to receive payment of the remaining balance of the subscription price.
On Oct. 26, 2018, the two parties entered into a subscription agreement calling for PXP Energy to issue 340 million common shares and for Dennison to subscribe for those shares for a total amount of P4.029 billion. The agreement, which priced the shares at P11.85 apiece, was amended on Dec. 26, 2018.
The issuance and subscription deal was subject to certain conditions. In particular, the agreement provided that strategic investor Dennison will be entitled to all rights of a shareholder only upon full payment of the subscription price.
“The cancellation of the Agreement does not affect the funding obligations of the Company in respect of its various service contracts this year,” PXP Energy said.
It also said that it had relinquished any and all preferential rights granted under the preferential rights agreement dated Oct. 26 among Phoenix Petroleum Philippines, Inc., PXP Energy, and the strategic investor after the termination of the agreement.
On Friday, PXP Energy closed down 0.97% at P12.28.
The company made the disclosure after the end of the day’s trading. — Victor V. Saulon

ICTSI’s Subic unit expands cargo handling capacity

SUBIC Bay International Terminal Corporation (SBITC), a unit of International Container Terminal Services, Inc., said it added four reach stackers, increasing capacity at the port.
The terminal operator said the equipment will increase its handling at its New Container Terminals 1 and 2 at the Subic Bay Freeport Zone.
“These firm up our position as a competitive international gateway for industries in the freeport area and the North and Central Luzon region,” SBITC said in a statement Friday.
Each of the reach stackers, all to be fully operational in April, has a 45,000-kilogram capacity and can stack up to five containers high.
SBITC said more equipment is expected to arrive in the first half which will ensure efficient port operations and optimize container yard space of the Subic port terminal.
“This is only the first leg of the improvements planned for the year,” SBITC added.
The terminal operator has been boosting its capacity following SBITC ports’ assignment last year as a pickup and evacuation point for empty containers amid a surge in imports.
The port currently has seven reach stackers for yard and vessel operations.
SBITC is the container port operator of the Subic Freeport Area in Subic, Zambales, where cargo operations serve Northern and Central Luzon. — Janina C. Lim

PSALM sets April deadline for HQ redevelopment submissions

THE Power Sector Assets and Liabilities Management Corp. (PSALM) said it set a new deadline fora design competition for the redevelopment of its Quezon City compound.
“The design contest shall select the most energy-efficient conceptual design that could be used as basis for the master planning and redevelopment of the 5.1-hectare Diliman property,” the company said in a statement on Friday.
PSALM, the agency tasked to privatize the government’s energy assets, has set 4:00 p.m. on April 5, 2019 as the new deadline for the submission of expressions of interest and first-stage requirements of the architectural conceptual design contest.
The property currently houses the National Power Corp., National Transmission Corp. and National Grid Corp. of the Philippines.
“The entire property is centrally located in a long stretch of commercial establishments adjacent to Centris Walk and Vertis North in Quezon City,” PSALM said.
PSALM did not immediately respond to a request for comment on the property redevelopment’s timeline or whether its completion is expected to be within the term of the current administration.
Earlier this month, PSALM launched the contest and set the deadline at March 22, 2019. It opened the contest to local and international architectural firms.
The company said the postponement of the original schedule would allow more time to update the contest’s mechanics and to consider the preparation of the eligibility requirements from interested participants.
In a previous interview, PSALM President and Chief Executive Officer Irene Joy B. Garcia said the redevelopment of the property was meant to maximize the gains to be derived from the assets.
She said the property could be developed with one building housing all the offices, possibly on a joint venture with a private entity on a profit-sharing arrangement.
PSALM was created under Republic Act No. 9136, the Electric Power Industry Reform Act (EPIRA) of 2001, the law that restructured the Philippine power sector. It took over the ownership of all existing government-owned power generation assets. Its principal purpose is to manage the orderly sale and privatization of the assets. — Victor V. Saulon

Cebu Landmasters JV to develop new business district in Matina, Davao City

CEBU Landmasters, Inc. (CLI) is partnering with the Villa-Abrille clan to develop a site currently occupied by 22-hectare golf course into a new business district, the company told the stock exchange on Friday.
The Davao Global Township (DGT) project, which the company valued at P33 billion, will be executed via YHEST Realty and Development Corp., a joint venture between the Visayas-Mindanao property developer and the Yuson, Huang and Tan families belonging to the Villa-Abrille clan of Davao.
The township will rise in the Matina district of Davao City, one of the city’s residential areas. Groundwork on the first phase of the project has started.
“The size of the (DGT) property, our first township development, will allow us to have a diversity of uses to make a complete and truly sustainable community,” said Jose R. Soberano III, president and chief executive officer of CLI, in a statement.
“We envision DGT to be the central business district with a dynamic lifestyle that will provide economic and social value to Davao, one of the fastest growing economic regions in the country,” according to Mr. Soberano, who chairs both CLI and YHEST.
The first phase of the township, which is estimated to cost P10 billion, will involve 93,000 square meters of gross floor area as envisioned by YHEST with masterplanner RTKL, a global planning and design firm responsible for the revival of some downtown centers in various countries. It is set for completion in 2022.
“Edifices planned for this phase include a corporate center, two premier residential towers, a retail strip with a cineplex, and outdoor retail spaces called the DGT Town Strip, as well as a civic center to be named DGT Gallery,” CLI said.
The listed company quoted YHEST President Frederick H. Yuson as saying: “These are exciting times for Davao and the Philippines as this tie-up (with CLI) ushers a new generation of local homegrown developers ready to be at par with the best of the world.”
CLI said Mr. Yuson is a fifth-generation descendant of one of Davao’s forefathers, the businessman Francisco “Juna” Villa-Abrille. It said the Villa-Abrille family is one of the oldest clans in Davao that is into leasing of commercial offices and buildings such as Matina IT Park and Sutherland Global Services. They launched Davao’s first residential subdivision in 1952 and put up the Davao City Golf Club, the first and oldest golf course in the city which was closed in 2018 to make way for DGT.
“As the descendants of Juna Villa-Abrille, we commit ourselves to his legacy of hard work, humility and generosity. We are happy that in our generation, we are able to kick-start all these simultaneous developments and there’s no better way but to partner with VisMin’s leading developer Cebu Landmasters,” Mr. Yuson said.
He said his family decided to partner with CLI because of the latter’s vision to be the top regional property company in the Philippines and its ability to quickly turn around its projects.
DGT is the clan’s third and biggest project with CLI. MesaTierra, a garden residential condominium, is 98% sold. The Paragon Davao, a mixed-use property that will host Citadines Paragon Davao, was launched in November. The residential component One Paragon Place is 75% sold after three weeks of sales.
“Things are happening fast in our generation and we trust CLI’s expertise particularly in the VisMin market,” Mr. Yuson said.
CLI was down 2.33% on Friday at P4.20. — Victor V. Saulon

Feb. M3 growth slowest in 6 years at 7.1%

MONEY supply growth eased further in February to post its slowest level in over six years, in line with softer growth in bank loans, the Bangko Sentral ng Pilipinas (BSP) said yesterday.
Domestic liquidity or M3, which is the broadest measure of money supply, grew 7.1%% year-on-year to P11.497 trillion. This was lower than the upwardly-revised 7.7% growth recorded in January, and the weakest since September 2012.
Money supply rose 0.7% month-on-month.
“Demand for credit eased but remained the principal driver of money supply growth,” the central bank said in a statement.
Net claims on the central government accelerated in February, posting a 8.3% rise against the 5.3% increase the previous month. However, domestic claims grew 11.7%, easing from January’s revised 12.4%, but still supported by strong borrowing by the private sector.
Meanwhile, net foreign assets (NFA) expressed in pesos declined 1.5% year-on-year after posting a 1.2% decline in January. NFAs of banks fell further even as foreign assets grew as a result of higher loans and investment in debt papers.
On the other hand, the central bank’s NFA position continued to expand for the month driven by foreign exchange inflows mainly from overseas Filipinos’ remittances, business process outsourcing receipts as well as foreign portfolio investments.
BSP officials voted to keep benchmark rates steady at the 4.25-5.25% range during their March 21 policy meeting, pointing out the need to be cautious even as with inflation steadily dropping.
The market is expecting a reduction in the 18% reserve requirement ratio (RRR), with a one percentage point cut expected to release around P90-100 billion into the economy.
Bank lending growth also slowed for a fourth straight month, dragged down by softer demand from corporate borrowers.
Outstanding loans rose 13.7% year-on-year in February, easing from the 15.3% pace in January. However, they declined 0.17% month-on-month.
Factoring in reverse repurchase agreements, bank lending growth also softened to 13.9% from 14.5%.
Production loans, accounting for the bulk of credit at 88.4%, grew at a slower pace of 13.6% in February from 15.5% previously.
Construction loans continued to see the biggest rise at 44.4%, followed by financial and insurance activities (22.2%); wholesale and retail trade, repair of motor vehicles and motorcycles (14.6%); and manufacturing (13.7%).
All other industries also received increased credit lines during the period, the BSP said, except professional, scientific and technical activities which slipped by 25.2%, as well as in other community, social and personal activities, declining 5.1%.
The slower pace of corporate borrowing was somehow tempered by the growth in household credit which accelerated by 14.9% from the upward-revised 13.2% in January.
This was due to a sustained growth in automobile loans as well as expansion of salary-based consumption loans and other types of credit.
“The BSP will continue to ensure that the expansion in domestic credit and liquidity proceeds in line with overall economic growth while remaining consistent with the BSP’s price and financial stability objectives,” the statement from the central bank read.
ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said that money supply growth and bank lending continued to decline, with domestic liquidity “grinding to single digit growth for half a year now.”
“Market players have for some time noted some tightening conditions in domestic liquidity, pointing to both the supply (M3) and the demand (short term TD rates) as data to show this assertion,” Mr. Mapa said in an e-mail.
“BSP has vowed to remain data dependent in its dealings and has promised to deliver a RRR reduction for as long as data supports it.” — Karl Angelo N. Vidal

Thrift banks to expand outreach to unbanked Filipinos

THE Chamber of Thrift Banks (CTB) said its members will seek to reach more unbanked Filipinos through new technology, in compliance with a Bangko Sentral ng Pilipinas (BSP) mandate to increase inclusivess.
During its annual annual convention in Makati City on Friday, new CTB President Cecilio D. San Pedro said the thrift banking sector is well-positioned to reach out to unbanked persons.
“Thrift banks’ role within the communities that we serve puts us at a fundamental position that can contribute significantly to broadening access to financial services,” Mr. San Pedro said in a speech yesterday.
“We shall align our direction with the government’s agenda to decentralize economic activity and increase infrastructure development which is is targeted to boost economic growth through financial inclusion and digitalization.”
On the sidelines of the event, Mr. San Pedro told reporters: “We want to make sure that we serve those clients that are not tapped by the big banks. With that in mind, we fully support the central bank’s move to make sure that we reach out to the unbanked.”
According to the BSP’s latest Financial Inclusion Survey conducted in 2017, only 22.6%, or some 15.8 million Filipino adults, maintain a formal bank accounts. The unbanked cited lack of money and lack of need to have an account as the main reasons.
To address this, the central bank developed the National Retail Payment System (NRPS) framework with the objective of promoting a “cash-lite” economy where financial transactions will move away from cash and checks toward electronic fund transfers (EFT) and digital wallets.
The BSP targets to raise the share of digital payments to 20% of the total transactions by 2020 from 1% in 2013.
Mr. San Pedro said more savings lenders are tapping the Philippine EFT System and Operations Network (PESONet) as well as InstaPay, two automated clearing houses (ACH) under the NRPS framework.
“Marami na (there are many) but it’s all dependent on timing, capital requirement and how member banks are going to approach it,” he added.
PESONet collates transfer instructions and are processed in batches and are made available by the end of the banking day. Meanwhile, InstaPay is another ACH which processes real-time transfers worth P50,000 or lower, with the money credited to receivers after a few seconds.
The central bank targets to shift cash-heavy transactions to digital avenues — which, in turn, should help broaden access to financial services and spur increased economic activity.
Mr. San Pedro added that “most” of the thrift banks are gearing towards harnessing financial technologies (fintech), with some lenders already implementing them.
“With all these fintech companies around, all the new technologies that’s being introduced, we are all prepared for that,” said Mr. San Pedro, who is also the president of Sterling Bank of Asia.
According to central bank data, the thrift banking industry’s assets stood at P1.245 trillion in 2018, up 6.6%. Gross loans were at P916.02 billion, up 6.73%. — Karl Angelo N. Vidal

Peso stronger on risk-on sentiment amid developments in US-China trade talks

peso dollar
PHLSTAR/MIGUEL DE GUZMAN

THE peso strengthened against the dollar on Friday, as investors sought to park their funds in riskier currencies pending the outcome of the United States-China trade negotiations.
The peso ended the week at P52.50 against the dollar, against P52.75 on Thursday.
The peso traded stronger the whole day, opening the session at P52.70. The low for the day was P52.74, and the high was P52.46.
Trading volume declined to $901.77 million from the $929.72 million that changed hands the previous session.
“The peso appreciated today due to risk-on sentiment following the resumption of trade talks between the United States and China,” a trader said in an e-mail.
Reuters reported that US Trade Representatives Robert Lighthizer and Treasury Secretary Steven Mnuchin were in Beijing for a meeting with Chinese officials.
“We had a very productive working dinner last night, and we are looking forward to meeting today,” Mr. Mnuchin said.
The negotiations are expected to continue next week in Washington.
“Yes, the US-China trade talks contributed to the risk-on sentiment of the market,” another trader said in a phone interview.
He added that investors saw an opening to put their money after adopting a risk-off stance in the past few days.
“Exchanges are all green and that signals that there is already risk-on sentiment in the market, thus a weaker dollar.” — Karl Angelo N. Vidal

Window dressing, US-China trade hopes lift PSEi

THE MAIN INDEX ended March on a positive note, even as it was down from the previous week, partly on month-end window dressing and in step with other bourses that took heart from a fresh round of Sino-US trade talks well into next week.
The Philippine Stock Exchange index (PSEi) gained 44.53 points or 0.56% to finish 7,920.93 on Friday — though 1.15% down from its 8,013.42 finish a week ago on March 22 — while the all-shares index went up by 20.73 points or 0.42% to end 4,864.17.
“Philippine shares closed on an upbeat pace to end with a quarterly gain of more than six percent as part of window dressing and while investors watched developments between US and China. Steven Mnuchin and Robert Lighthizer are now in Beijing with China Vice-Premier [Liu He] heading to the US next month,” Luis A. Limlingan, Regina Capital managing director, said in a mobile phone message.
“Sentiment was also pushed from other regions. US markets recovered from earlier losses as investors focus on trade talks between China and the US, with US trade delegates in Beijing this week. This overshadows the weakness from a weaker US macro data and another huge depreciation in the Turkish Lira.”
A Stock Market Weekend Recap prepared by RCBC Securities, Inc. Research Analyst Fiorenzo D. de Jesus noted that “[t]he local market continued its advance, taking cue from Wall Street’s gains last night and supported by a surge in net foreign buying to almost P1.6 b[illion].”
He noted that “foreign funds picked up their buying” of International Container Terminal Services (ICTSI) that yielded P381 million in net foreign buying; as well as Ayala Land, Inc., P180 million; SM Prime Holdings, Inc., P343 million and JG Summit Holdings, Inc., P114 million.
Revived hopes from a fresh round of US-China trade talks fueled Wall Street’s rise on Thursday, with the Dow Jones Industrial Average rising 0.36% to 25,717.46, the S&P 500 increasing also by 0.36% to 2,815.44 and the Nasdaq Composite Index adding 0.34% to 7,669.16.
Much of Asia was up as well on Friday, with Japan’s Nikkei 225 and Topix, the Shanghai SE Composite, Hong Kong’s Hang Seng, South Korea’s KOSPI and India’s S&P BSE Sensex Index rising by 0.82%, 0.56%, 3.2%, 0.96%, 0.59% and 0.33%, respectively.
Five of the six sectoral indices at home gained: services by 21.65 points or 1.36% to 1,608.34, property by 47.99 points or 1.18% to 4,115.57, industrials by 62.2 points or 0.53% to 11,720.35, financials by 7.87% or 0.44% to 1,762.71 as well as mining & oil by 15.09 points or 0.19% to 7,930.78.
Only holding firms fell, by 10.09 points or 0.13% to 7,736.37.
Fifteen of Friday’s 20 most active stocks gained, led by MacroAsia Corp. whose stock increased by 5.16% to P22.40 apiece, extending the previous day’s gains after reporting strong P1.2-billion 2018 core net income that was a fourth bigger year-on-year.
It was followed by Max Group, Inc. that went up 4.7% to P13.80; ICTSI which rose 2.51% to P130.70; JG Summit which climbed 2.09% to P63.50 and Ayala Land that added 2.05% to P44.90 each.
Four on the same list dropped: GT Capital Holdings, Inc. by 4.95% to P931.50 apiece; SM Investments Corp. by 1.16% to P934; Metropolitan Bank & Trust Co. by 0.13% to P79.90 and Alliance Global Group, Inc. by 0.12% to P16.16 each.
Bank of the Philippine Islands finished Friday flat at P84.20 apiece.
Investors abroad remained predominantly optimistic for the seventh straight trading day, yielding P1.589-billion net buying that was more than double Thursday’s P699.008 million and was the biggest net inflow in those seven sessions.
Still, stocks that declined outnumbered those that gained 112 to 97, while 35 others ended flat.
Trading volume grew to 1.705 billion shares worth P6.679 billion from Thursday’s 900.566 million shares worth P5.086 billion. — with Reicelene Joy N. Ignacio

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