March 23, 2023

PSEi slips after Fed rate hike decision; peso strengthens

The within-expected hike in the Federal Reserve’s key rates resulted in the negative close of the local bourse’s main index on Thursday but the peso gained against the United States dollar.

After a two-day winning streak, the Philippine Stock Exchange index (PSEi) shed 0.15 percent, or 9.91 points, to 6,536.36 points.

All Shares also ended in the negative territory after dipping by 0.21 percent, or 7.2 points, to 3,492.77 points.

Most of the sectoral indices also declined – Services, 0.48 percent; Industrial, 0.32 percent; Financials, 0.25 percent; Holding Firms, 0.06 percent; and Property, 0.002 percent.

Only the Mining and Oil index gained during the day after it rose by 0.37 percent.

Volume reached 428.16 million shares amounting to PHP3.7 billion.

Decliners led advancers at 98 to 56 while 62 shares were unchanged.

Luis Limlingan, Regina Capital Development Corp. head of sales, said aside from the 25 basis points increase in the Federal Reserve rates, investors also took note of the indications that the Fed’s move to fight the US’ elevated inflation rate is nearing its end after the removal of the words ‘ongoing increases’ from the post-meeting statement.

After the two-day meeting that ended on March 22, the Federal Open Market Committee (FOMC) increased the Federal Reserve’s key rates between 4.75 percent and 5 percent.

This development, which weakened the US dollar, resulted in the rise in the prices of oil in the international market to USD76.69 per barrel for Brent crude oil and USD70.90 per barrel for the West Texas Intermediate.

Meanwhile, the peso gained against the greenback and finished the day at 54.27 from Wednesday’s 54.5.

It opened the day at 54.38 and traded between 54.595 and 54.27, averaging 54.451.

Volume reached USD1.14 billion, lower than USD1.4 billion during the previous day.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the local currency ended the day at its lowest since Feb. 3, when it closed at 53.68, partly due to the cut in the Bangko Sentral ng Pilipinas’ (BSP) average inflation projections for this and next year.

After the meeting of its policy-making Monetary Board on Thursday, the BSP announced that its 2023 average inflation forecast was reduced from 6.1 percent to 6 percent while that for 2024 from 3.1 percent to 2.9 percent.

Ricafort said the weakening of the US dollar, due in part to another hike in the Federal Reserve’s key rates, also contributed to the peso’s strength.

For Friday, the local currency is expected to trade between 54.20 and 54.40.

Source: Philippines News Agency

March 23, 2023

Hallasgo wins 10,000m in ICTSI PH Athletics Championships

Christine Hallasgo of Malaybalay City, Bukidnon province stamped her class in the women’s Open 10,000m to claim the gold medal in the ICTSI Philippine Athletics Championships at the Ilagan City Sports Complex here on Thursday.

The 30-year-old Hallasgo, representing the City of Ilagan-National Team, registered a personal best time of 36 minutes and 38:54 seconds to beat Art Joy Torregosa of Cebu City (40:09:20) and Ailene Tolentino of Philippine Army (40:58:34).

“Her time is already good for the silver medal in the Cambodia SEA Games,” said national coach Eduardo ‘Bertek’ Buenavista, a two-time Olympian who holds the Philippine record for multiple long-distance events.

“But she still has more than a month to train, she can still improve her time,” added Bautista, and four-time national champion in 10,000m.

Hallasgo’s time was better than the silver medal performance of Myanmar’s Khin Mar Se (38:22.01) at the 2022 Vietnam SEA Games where local Pham Thi Hong Le Thi clocked 35:56.38 to claim the gold medal.

Singaporean Goh Chui Ling took the bronze medal in 39:22.26.

Her previous best time of 37:19.51 was set during a competition at the Philsports, Pasig City last year.

She debuted at the 2019 Manila SEA Games, winning the marathon gold medal over compatriot Mary Joy Tabal.

Meanwhile, Malaysian Nani Sahirah Maryata topped the women’s Open shot put in 14.69 meters, while Jamela de Asis of the University of Santo Tomas (UST) (12.50) placed second and Aira Teodosio of City of Ilagan (12.36) was third.

In the 200m event, Fil-American Kyla Richardson, representing the City of Ilagan-National Team, clocked 24.10 seconds to win the gold medal in the women’s Open category. Malaysian Zaidatuk Husniah Zulkifli checked in second (24.17) followed by Fil-American Danae Manibog (24.76).

The men’s Open gold medal went to Iraqi Taha Hussein Yaseen (21.20) while Fil-American Umajesty Williams (21.40) and Iraqi Mohammed Abdulridha Al-Tameemi (21.67) pocketed the silver and bronze medals, respectively.

In the Under-20 category, Thailand’s Phiraphat Ponjon ruled the men’s 200m in 22.27 seconds. Edrick Feivel Florentius of Sabah, Malaysia bagged the silver medal in 23.45 while Mark MJ Giray of La Paz Tracksters secured the bronze medal in 23.79.

Karenmae Pelegria of Guang Ming College (27.06) was crowned champion in the women’s 200m. UST bets Lea Kriszeda Ordinario (27.72) and Christine Guergio (28.22) finished second and third, respectively.

Alvin Lopez Jr. of La Paz Trackster won the men’s triple jump gold medal in 13.56 meters. Renchard Pagulayan of UST got the silver medal (13.49) while Christian Rie Avila of the City of Tacurong took the bronze medal (13.02).

Other winners were Joana Marie Bandal (women’s discus throw), Sean Henry Carag of UST (men’s pole vault) and Nicko Atas of LPU Cavite Junior Pirates (men’s discus throw).

Winners in the Under-18 category were Joseph Stephan Bayya of the City of Tacurong (boys’ long jump), Almie Peter Aiso Jr. of Leyte Province (boys’ 2,000m steeplechase), Liznie Delfino of Bohol Province Track and Field Team (girls’ 2,000m steeplechase) and Sophia Angela Mae Dela Vega of San Jose City (girls’ long jump).

Source: Philippines News Agency

March 23, 2023

Comelec approves higher honararia for teachers in October BSKE

Poll workers who are serving as Electoral Boards (EBs) during electoral exercises in the country are set to receive higher honoraria in the upcoming Barangay and Sangguniang Kabataan Elections (BSKE), the Commission on Elections (Comelec) announced on Thursday.

According to Comelec Chairperson George Garcia, the teachers who will be part of the October 2023 polls are set to receive a minimum of PHP8,000 to as high as PHP10,000.

‘We will make it PHP10,000; PHP9,000 and PHP8,000. We will match it to what teachers receive in automate elections,’ he said in a press conference Thursday.

‘We will make it effective in the Barangay and SK elections,’ the poll body chief added.

But, Garcia noted that the payment for teachers is not exempted from the Value Added Tax (VAT) deduction as the teachers’ honoraria would still be subjected to 20 percent VAT.

The new payment is higher than what the teachers received in the last BSKE, which was at PHP6,000, PHP5,000, and PHP4,000.

In the May 2022 polls, over 75,000 teachers served as Electoral Boards.

An EB is composed of a chairperson, two members, Department of Education Supervisor Official (DESO) and support staff.

Source: Philippines News Agency