MARCH is a distant memory now, the last time many of us did things that we would deem non-essential. But as the lockdown weeks stretched into months, keeping people trapped at home, the dividing line between things that were vital to survival and those that were merely nice to have began to blur. And it鈥檚 fair to say that somewhere along the way, online content creators cemented a place in the homebound routines of a population starved for entertainment and connection.

The first signs of this longing, apart from self-improvement projects like manic workouts or sourdough baking, had an element of escapism, embodied in Netflix watch lists. One indicator of the sheer dependence people developed for Netflix was the dwindling list of recommended shows as audiences with time on their hands watched everything in sight.

Undeniably, entertainment proved to be just as essential to people鈥檚 lives, in whatever form, as the world turned unrecognizable. In the early days of the lockdown, TikTok grew more popular, online concerts became a thing, and live streams were popping up left and right.

For creators of content distributed via traditional channels, the lockdown meant no shoots, no production activity and no new shows. TV had to resort to reruns during the quarantine until it could adapt with new shows and homebound presenters reaching out via videochat.

鈥淓ven when the restrictions were eased, new protocols needed to be adopted. Everything that we did on television had to adapt to the new normal,鈥� Raz de la Torre, director of shows such as Maalaala Mo Kaya for ABS-CBN Corp., said in an Oct. 20 video call.

Some of the protocols are shorter shoot hours, a 10-person limit per scene, sets reconfigured for social distancing, a ban on dining scenes, and the need to obtain performers鈥� consent to stand closer than six feet, among others.

鈥淢any of the things that we used to have the freedom to do were suddenly gone, and that has a creative impact,鈥� Mr. De la Torre said.

While TV struggled to produce new shows, digital content creators were able to adjust with more ease.

鈥淎 lot of creators thrived during this time because they have been able to pivot easily. A lot of vloggers just film their lives, so they can easily make content from their homes. They don鈥檛 need expensive equipment,鈥� Jako de Leon, YouTuber and executive producer of PaperbugTV, said in an Oct. 29 video call.

At the height of the lockdown, Filipinos spent 5.2 hours a day of non-work time online 鈥� the most in Southeast Asia, where the regional average was only 4.7 hours a day at the time, Bain & Company said in its e-Conomy SEA 2020 report prepared with Google and Temasek. After lockdown rules were relaxed somewhat, Filipinos spent 4.9 hours a day in front of screens, still the highest in the region, where the average is 4.2 hours.

鈥淭he market is more ready now, so if you want to be a creator, now is the best time to do it,鈥� Carlo Ople, who maintains a sneaker review vlog and heads tech blog Unbox.ph, said in an Oct. 22 video call.

Having started in digital content creation more than a decade ago, Mr. Ople said he has seen the industry change across various media over time: from blogging, photo sharing (see: Instagram), video blogging (vlogging), micro video blogging (see: TikTok), and now, live streams. The robust digital environment that took years for creators to build, the pandemic was able to develop in a matter of months.

鈥淭he internet was growing and internet usage was growing. But when the pandemic hit, the digitization of the Philippines in terms of market behavior shot up dramatically,鈥� Mr. Ople said.

With people stuck at home, there was only one place for work, school, shopping, hanging out and entertainment. In other words, the past months were like an immersive training environment for understanding how digital platforms work. For a growing industry of digital content creators, this was a more than welcome development.

In January, the Creator and Influencer Council of the Philippines (CICP) was formed, gathering creators, influencers, and marketing professionals whose roles are intertwined with the industry.

Having recognized the usefulness of creators and influencers in brand-building, CICP鈥檚 founders thought it was high time to band together to strengthen the 鈥渋nfluencer ecosystem.鈥� Mr. De Leon and Mr. Ople are both board members of the organization.

鈥淎s they said, there are good things that have also happened during this pandemic, one of which is being able to bring the CICP to life,鈥� Jim Guzman, president of CICP and social media head at Dentsu Aegis Network, said in an Oct. 29 video call.

One solid indication of the industry鈥檚 emerging centrality is how much bigger companies are willing to spend on digital creators. Ten years ago, Mr. Guzman said only about 5% of advertising budgets were allotted to digital. Now, this has shot up to about half the budget. 鈥淣o one can deny the fact that the new celebrities are the internet stars,鈥� he said.

Even Mr. De la Torre, the TV director, acknowledges the impact of digital content in advertising. 鈥淎 lot of digital content, especially the ones that you see on YouTube, have monetization schemes that are actually very similar to a television structure鈥� It鈥檚 still advertising-driven,鈥� he said.

For this reason, some have found an online career to be a viable alternative to a day job. Mark Averilla, known digitally as Macoy Dubs, rose to online fame for creating Tagalog-dubbed videos. While holding on to a job at a creative agency, Mr. Averilla continues to attract new fans online, such as those following the 鈥淎unt Julie鈥� videos launched during the pandemic.

鈥淭oday, content creation is considered a passion and (a possible) source of income. As a matter of fact, a lot of millennials are considering leaving their full-time jobs just to be full-time content creators,鈥� Mr. Averilla said in an Oct. 19 e-mail.

This is also one of the CICP鈥檚 goals. 鈥淢any are (creating content) because they want to entertain, to make people laugh, or to educate people鈥� We鈥檙e here to help them continue that as a living, and not just something that they鈥檙e doing in the meantime,鈥� Mr. De Leon said.

Mr. Ople, the sneaker vlogger, likened the appeal of online content to getting a 鈥渇ix.鈥� He said people watch TV and get sucked in for about 30 minutes, just to get a 鈥渒ilig鈥� fix, for instance. Online, a two-minute video can give a person just about the same feeling.

鈥淭he universal truths and benefits of storytelling will forever be there. What鈥檚 just happening is people can get that across multiple platforms now,鈥� Mr. Ople said.

Mr. De la Torre, who鈥檚 been in the TV industry for more than a decade, said however that there are aspects of traditional narratives that cannot be replaced by digital.听

鈥淵ou don鈥檛 give up how narratives should be told. The teleseryes, they鈥檙e supposed to mirror real life. So the way the scenes are written still has to mimic real life,鈥� he said.

Similarly, Mr. De Leon said the two platforms will likely learn to co-exist, offering consumers more variety.

鈥淲e will still want to watch movies, we will still want to watch high-quality production stuff, we still want to see great shows and great writing. There are just more types of content now,鈥� Mr. De Leon said.

Despite the challenges the pandemic imposed on the TV industry, digital creators agree that the mainstream platform is in no danger of dying out anytime soon. 鈥淚t鈥檚 still the dominant platform that a lot of Filipinos look to, especially in areas wherein you don鈥檛 have robust and strong internet connection,鈥� Mr. Ople said.

Mr. De la Torre also noted that getting featured on TV still gives digital creators a feeling of 鈥渓egitimacy,鈥� as it is acknowledged to have a wider reach than online.

鈥淚n many ways, you could see digital content creators as the ones who are more experimental, and therefore leading the way into treading new territory. But at the end of the day, it鈥檚 still popular mainstream platforms like television that dictate what will be palatable to a greater mass audience,鈥� he said.

As for the future of digital, Mr. Ople said it may have to consolidate at some point. 鈥淚n anything, you will always see the age of exploration and trial. That鈥檚 where people will go to a platform and try it out and experiment. And then you will start to see a consolidation 鈥� either some people will quit, or some people will band together. Some groups will form, and then you can see more structured, formal businesses out of that particular melting pot,鈥� he said.

By Jenina P. Iba帽ez, Reporter
and Denise A. Valdez, Senior Reporter

THE recently signed 15-country mega trade deal could worsen a post-pandemic Philippine economy, some analysts said, as a potential surge in imports could upset the balance of trade.

A study done by United Nations Conference on Trade and Development Senior Economist Rashmi Banga found that imports could increase by around $600 million a year, while exports are only projected to increase by $4.3 million.

Products that may see a potential increase in imports include motorcycles, plastic, military weapons, and some types of motor vehicles and garments.

Signed on Nov. 15 after eight years of negotiations, the Regional Comprehensive Economic Partnership (RCEP) is a trade pact that includes China, Australia, New Zealand, Japan, South Korea and all 10 member countries of the Association of Southeast Asian Nations (ASEAN), which account for around a third of the global population and economy. India had opted out of the agreement, citing the risk posed by imports to its domestic industries.

The projected import surge is lower than Ms. Banga鈥檚 initial assessment of more than $900 million, after the Philippines placed several industries including rice, in a 鈥渟ensitive list鈥� that excludes them from tariff reduction commitments.

Ms. Banga, in an online video interview, pushed back against arguments that RCEP would significantly increase Philippine market access to other countries.

The Philippines already has free trade agreements with countries under RCEP. She said this means its market access would not likely increase unless all countries bring down their own sensitive lists, a move that would then cause import surges that could hurt Philippine industry.

鈥淲e are going through multiple crises right now 鈥� it鈥檚 a health crisis, economic crisis, climate change crisis. And then there鈥檚 going to be globalization. So this may not be the ideal time for a country to look for trade liberalization,鈥� she said.

鈥淚 think the priority of the government should be to save their domestic financial resources, use tariffs to increase revenue and regulate the imports of luxury items. You need the resources for more productive investments, for taking care of your own citizens at this time of crisis.鈥�

The Trade department has been promoting the deal as a market access advantage. Products like garments, automotive parts, and agricultural products such as canned food and preserved fruit stand to benefit, Trade Assistant Secretary Allan B. Gepty said in a recent statement.

But Ms. Banga said that China and Japan will likely benefit from the deal, while Southeast Asian economies like the Philippines, Indonesia, Thailand, and Vietnam could face negative balance of trade.

As the Philippines will share the same preferential trade access with China as it enters the deal, she said countries are more likely to favor efficient producers.

鈥淧hilippine exports are actually going down within ASEAN countries because they are importing more from China than from the Philippines. So the existing exports of the Philippines also decline. RCEP is not really increasing your market access,鈥� Ms. Banga said.

鈥淓xports to China actually goes down post-RCEP because China will then start importing from other more efficient producers like Japan and Australia.鈥�

But Mr. Gepty said that a bulk of the goods that will be imported at reduced tariffs are raw materials and intermediate goods, which means that Philippine manufacturers will be able to buy them at cheaper rates.

鈥淥n exports, definitely, it will further increase because other than the fact that you now have enhanced market access to almost 50% of your export market, but also under very simplified rules, exporting products will become efficient,鈥� he said in English and Filipino at a press conference.

鈥楳ODERN鈥� TRADE
Calling the deal a modern free trade agreement, the Trade department highlighted how the agreement would be unique from other deals, including an intellectual property chapter and a common 鈥渞ules of origin,鈥� which means it simplifies the regulations identifying if products are 鈥渕ade in鈥� a country.

Supporters of equitable trade campaign Trade Justice Pilipinas, however, said in a press conference that stricter intellectual property (IP) rules could limit Philippine medicines access, although Focus on the Global South Philippine Head Joseph Purugganan later admitted in a television interview that the released rules are not as strict as they had anticipated.

Sentro ng mga Nagkakaisang Progresibong Manggagawa President Joshua Mata in the same press conference called on the Trade department to release their cost-benefit analysis and clarify potential risks to local jobs.

鈥淲e don鈥檛 believe that this (deal) can actually turn the tables around in terms of trade at a time where there is no global demand precisely because we are all still reeling from COVID-19,鈥� he said in English and Filipino.

鈥淲hy not use the moment to talk about the possible implications openly?鈥�

Ms. Banga also said that the unified rules of origin are hard to implement and likely to have minimal benefit.

The Trade department has said the intellectual property chapter assures flexibility and听 streamlines IP protection procedures, which would benefit Filipino inventions.

Trade Secretary Ramon M. Lopez had said the deal will further broaden Philippine trade and investment, transparency, and regional supply chains. He has not yet responded to requests for their cost-benefit analysis.

POTENTIAL BENEFITS
Yet for some, RCEP is good news, because it is seen as a way to recover from the Sino-US trade war and the economic slump brought by the coronavirus pandemic.

鈥淐ountry of origin rules have been eased and simplified further under RCEP, from separate bilateral deals, allowing more goods to be eligible for much lower tariff rates even if inputs come from multiple sources from other RCEP member countries,鈥� Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Nov. 18 text message to 大象传媒.

While noting that RCEP is 鈥渞eally nothing new鈥� for the Philippines in terms of trade agreements with some countries, such as China and Japan, Mr. Ricafort said there is still much to gain from the rest of the signatories.

鈥淩CEP would still help strengthen further trade of the Philippines with the rest of the 15 other member countries in terms of increased exports and imports that lead to wider trade deficits, thereby helping increase economic growth,鈥� he said.

He noted the inclusion of Japan, South Korea, Australia and New Zealand in the free trade agreement with ASEAN and China would lead to increased competition and imports, but the relatively lower costs of production and living in other ASEAN countries such as the Philippines may attract more investments.

鈥淭he improved economic and credit fundamentals of the Philippines with improved demographics, having the 12^th biggest population in the world, would help make the country a compelling business destination and help attract more foreign investments into the Philippines,鈥� Mr. Ricafort said.

Caesar B. Cororaton, research fellow at the Virginia Polytechnic Institute and State University, said that exports will increase every year, potentially reaching $214 million in four years. He added that gross domestic product (GDP) will rise as economic activity increases and consumer prices fall with the entry of cheaper goods.

鈥�(China and Japan) will benefit, but the Philippines will not be left behind. We will be lifted as a group. If you鈥檙e not included, you鈥檒l be left behind,鈥� he said in an online interview.

鈥淚f you just focus on the Philippines, it鈥檚 small 鈥� income per capita is very small. How can your industry expand with a very minimum market?鈥� he said.

According to Mr. Cororaton鈥檚 study, potential export growth will be seen in semiconductors, fruits and vegetables.

Electronics exporters believe that the deal will improve industry opportunities.

鈥淚t may not change much for top Philippine electronics export and import markets like China, Japan and South Korea, but I hope trade with Australia and New Zealand as well as some ASEAN countries increase,鈥� Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI) President Danilo C. Lachica said in a mobile message.

Since the trade pact was signed, some companies can only surmise that RCEP will help their businesses, particularly those that either have operations overseas or are heavily engaged in exports and imports.

One of these is GT Capital Holdings, Inc., a Ty-led conglomerate which has interests in automotive through Toyota Motor Philippines (TMP), banking through Metropolitan Bank & Trust Co. (Metrobank), insurance through Philippine AXA Life Insurance Corp. (AXA Philippines) and property development through Federal Land, Inc.

鈥淯pon our initial analysis of RCEP, we believe that several of its provisions benefit GT Capital鈥檚 automotive business, i.e. TMP, the most, as it is the subsidiary or component company that directly engages in international trade,鈥� the investor relations department of GT Capital said in a Nov. 23 e-mail to 大象传媒.

鈥淗owever, Metrobank and AXA Philippines, which are our banking and insurance businesses respectively, may also benefit from RCEP鈥檚 new provisions on expanded access to financial services,鈥� it added.

GT Capital cited that the 鈥渇low-through effects鈥� of RCEP is expected to help its businesses through increased market demand. For example, it anticipates that lower import-export costs will drive up appetite for capital-building, therefore helping its Metrobank segment.

The company also does not fear any disruption in local production, noting it is 鈥減repared to capitalize on expanded Philippine trade relations.鈥�

鈥淭he tariffs provided in the RCEP are higher than other existing trade agreements like the ASEAN Trade in Goods Agreement, JPEPA (Japan-Philippines Economic Partnership Agreement) and ASEAN-China Free Trade Area,鈥� Vince S. Socco, chairman of GT Capital Auto Dealership Holdings, said in the e-mail.

He noted that China-based automakers may introduce completely built-up cars because the previous trade agreement provides a 30% tariff on this category, against RCEPs 28% in five years.

鈥淚n general, the current market dynamics are not expected to be affected. The two models that Toyota assembles locally are the Vios, which has a displacement of 1.3 to 1.5 liters, and the Innova, which is not in the passenger car segment,鈥� Mr. Socco said.

鈥淢oreover, the Vios is registered under the CARS (Comprehensive Automotive Resurgence Strategy) program, enjoying additional production and investment incentives from the government,鈥� he added.

Similarly, Aboitiz Equity Ventures, Inc. (AEV) focused on the positive effects of RCEP, particularly for its feeds business. AEV has interests in power, banking and food, among others.

鈥淥ur feeds business operates in nine countries with markets straddling both ASEAN and China. Our markets will surely benefit from modern, comprehensive, high-quality, and mutually beneficial economic partnerships, stimulating consumption in the region,鈥� the company said in a Nov. 23 e-mail to 大象传媒.

AEV鈥檚 feeds business has operations in the Philippines, Indonesia and Vietnam, and distributes products to Hong Kong, Vietnam, Myanmar, Thailand, Malaysia and Indonesia, based on the company鈥檚 2019 annual report.

It also owns and controls the feeds company Gold Coin Management Holdings Ltd., which has subsidiaries in Singapore, China, Hong Kong, Indonesia, Malaysia, Vietnam, Thailand, Sri Lanka, Myanmar, Pakistan, Brunei and the Philippines.

鈥�(RCEP) will certainly promote greater efficiencies in the sector, so it is good for all, especially for the consumer. However, there remain benefits to being close to your natural markets,鈥� AEV said.

The agreement will be implemented after a ratification process, which could take up to two years.

MEGAWIDE Construction Corp. is bullish on building more transportation terminals and is open to working with mall operators as it continues to garner high foot traffic despite the coronavirus pandemic.

While traditional malls are suffering from fewer goers because of the health crisis, Megawide said its land transportation terminals or 鈥渓andports鈥� are performing relatively better in the current scenario.

Similar to airports 鈥� another business that Megawide is engaged in 鈥� landports are facilities that mainly cater to transportation needs, but are levelled up through the integration of a formal ticketing system and commercial and retail establishments.

Megawide currently operates one landport, the Para帽aque Integrated Terminal Exchange (PITX), which caters to Calabarzon residents going to and from Metro Manila.

As parts of the country remain under stay-at-home protocols, about 56,000 to 57,000 passengers pass through PITX every day. This is only about a 7% dip from the 60,000 daily passengers the facility used to record pre-pandemic.

This could be a bright spot for retail and commercial operators that have suffered a 30% to 50% drop in mall foot traffic, based on third quarter data from property consultancy firm Colliers International Philippines.

鈥淲hat we鈥檙e creating is really an infrastructure development鈥� We can bring in the traffic and work with the other developers such as mall operators,鈥� Megawide Chairman and CEO Edgar B. Saavedra said in a virtual briefing on Friday

鈥淭he core business of Megawide, especially with this transport oriented development, is you manage the traffic鈥� But you need other developments such as malls, commercials, and sometimes residential developments and office developments, to support the transport facilities,鈥� he added.

Megawide noted that unlike ordinary malls where bus bays and transport terminals come as support to the commercial facility, Megawide鈥檚 approach to the business is the other way around.

鈥淓ven before (the pandemic) happened, we were very confident already about the business model of PITX, because unlike a traditional mall where there鈥檚 a lot of people during weekends, in PITX it鈥檚 on regular days,鈥� Megawide Director Manuel Louie B. Ferrer said.

Megawide is currently planning a P5-billion phased expansion of PITX, which will be partly supported by the P4.36 billion it raised from a preferred shares offering last week.

The company is also looking to build more landports across the country after having been approached by about half a dozen local government units (LGUs) for a similar project in their cities.

鈥淵ou know in the Philippines, most of our cities don鈥檛 have proper transportation facilities like terminals. Traffic management is not properly designed. So we鈥檝e been approached by a couple of LGUs,鈥� Mr. Saavedra said.

In the nine months ended September, landport operations contributed P552 million to Megawide鈥檚 revenues, 167% higher from a year ago as its full operations started in the latter half of 2019.

Megawide gets the bulk of its revenues from construction contracts, which fell 30% to P7.41 billion in the nine months.

However, Mr. Saavedra said the company鈥檚 order book is better than pre-pandemic, as it now stands at P45 billion to P46 billion against the first quarter鈥檚 P44 billion. This does not include yet the P28-billion Malolos-Clark Railway Project that the company bagged in September.

鈥淥ne competitive advantage of Megawide, apart from us being particularly integrated, is we also have in-house capability鈥� We can do infrastructure, we can do vertical, we can do horizontal, water treatment plants. All these technical projects, we can also pursue,鈥� Megawide Head of Corporate Finance Jez G. Dela Cruz said.

Shares in Megawide at the stock exchange closed at P9.47 each on Friday, down 21 centavos or 2.27% from the last session.

In advisories on its website, the corporate regulator flagged Cashdrop/Cashdrop Online Store and Lokal.Plate Corp. as unauthorized operators of investment schemes.

It advised the public 鈥渘ot to invest or stop investing in any investment scheme being offered by (Cashdrop and Lokal.Plate)鈥� and to 鈥渆xercise caution in dealing with any individuals or group of persons soliciting investments for and on behalf of it.鈥�

In the case of Cashdrop, the SEC said the group has no record of registration with the commission. All it has is a business name registration given by the Department of Trade and Industry.

鈥淣onetheless, Cashdrop is not authorized to solicit investments from the public since it has not secured prior registration and/or license from the commission as prescribed (by the Securities Regulation Code),鈥� it said.

The group offers packages that supposedly allowed investors to double their money in 15 days.

Lokal.Plate runs a similar scheme and requires passive investments from the public. The group offers franchising for a supposed food service provider called 鈥淟okalplate鈥�, where orders are made through a digital link that franchisees must promote.

The group promises a 15% to 20% earning for every ordered food, and a commission of P3,000 for every recruited investor.

Like Cashdrop, Lokal.Plate is not authorized to solicit investments from the public, the SEC said. The group is a registered corporation, but does not have the secondary license to allow the operation of an investment scheme.

The SEC noted that Lokal.Plate鈥檚 articles of incorporation explicitly says it 鈥渟hall not solicit, accept or take investments/placements from the public neither shall it issue investment contracts.鈥�

For violating the Securities Regulation Code, the people behind Cashdrop and Lokal.Plate may be penalized with a P5-million fine, a 21-year imprisonment, or both. 鈥� Denise A. Valdez

Following months of reacting to the immediate impact of the outbreak and continuing efforts to return to regular operations, the next phase for companies must be learning the new patterns of consumer behavior and planning for reinvention, said Anthony Oundjian, managing director and senior partner at Boston Consulting Group (BCG) in the Philippines.

鈥淚t鈥檚 probably going to take time to get the vaccine, so the next six to 12 months may pretty much look like right now. (That means we) make sure that our employees are safe and we can have positive cash flow. But then, it鈥檚 really time to think about the long term鈥� It鈥檚 time to think what kind of changes in consumer behavior will last beyond this crisis, and to adapt to this new normal,鈥� Mr. Oundjian said at the 大象传媒 Virtual Economic Forum last week.

He introduced the idea of building an 鈥渋magination machine鈥�, which is an active effort to look ahead after realizing that something needs to change.

He said a common trigger for business reinvention is the quest for a surprise, which involves spotting accidents, anomalies and analogies and developing an idea out of patterns.

Other ways to reimagine a business are exploring to find new pain points, creating an open environment to share ideas, and codifying successful practices to form new systems.

鈥淚 think some of the most successful models in the last few years鈥� came from a dream or ambition. In our day-to-day, especially before the crisis when we鈥檙e all so busy, we tend to forget about this, to not step back, not take the time to dream and invent. Today, when we have a bit more time when we鈥檙e home, that is probably something we could do,鈥� Mr. Oundjian said.

He noted that in the Philippines, where the lockdown was implemented sooner and is stricter than in other countries, there are new business models that thrived better than in other jurisdictions.

鈥淰ery early, we went to a very strict lockdown and it was a very long lockdown. I think it has triggered stronger changes in behavior鈥� I think the development of social commerce in the Philippines has been stronger than in many markets precisely because of鈥� the strictness of this lockdown,鈥� Mr. Oundjian said.

Social commerce is the selling of products or services through social media platforms, versus the traditional e-commerce that use designated sites or platforms for transactions.

At the beginning of the lockdown, Mr. Oundjian said he only expected the likes of Lazada and Shopee to be the first or the only winners of the shift of online shopping. But he observed a lot of transactions done through messaging applications, social networking sites, and other peer-to-peer platforms, supported by e-wallets.

鈥淵ou have hundreds of thousands of micro-entrepreneurs now starting to make a living from this. I believe this is a strong space, and it鈥檚 going to get organized and people will scale up,鈥� he said.

鈥淭hey鈥檒l go from selling their fresh crops from home to being a dark kitchen and (opening) more points of presence in the country. I think we鈥檙e at the beginning of a movement鈥� and it鈥檚 a very inclusive movement (that is) unlocking a lot of possibilities for the country,鈥� he added.

While the Philippines鈥� growth trajectory has been reversed this year 鈥� the economy contracted 11.5% in the third quarter 鈥� Mr. Oundjian believes the country will return to its path of a rising middle class for the long term.

鈥淲e鈥檙e going back to this trajectory of growth and opportunities for Filipinos, because the fundamentals are still there. We鈥檙e still a young population, we鈥檙e still very digital, we鈥檙e resourceful. So we鈥檙e going to get back. The question is how quickly and how much,鈥� he said.

鈥淲hen I see where we are today and the resilience that we鈥檝e demonstrated, I鈥檓 quite excited to see companies move on and embrace this phase of reimagination,鈥� he also said. 鈥� Denise A. Valdez

In a statement over the weekend, the Consunji-led property developer said it completed seismic upgrades on the four buildings in its Verdon Parc project, namely Martel, Belvedere, Trevans and Maurin.

It engaged the Office of the City Building Official, Philippine Institute of Civil Engineers and Macro Consulting Structural Engineers Company in the planning and construction of the structural enhancements, it said.

Among the efforts were retrofitting the structure, reinforcing columns and beams with carbon fiber, and adding cross-brace and knee-brace support in strategic locations.

鈥淎s we start the turnover of the Belvedere building this month, our clients can be assured that Verdon Parc is up to the latest seismic safety standards. We have also enhanced the property鈥檚 features and property management services to complete residents鈥� resort-living experience at Verdon Parc,鈥� DMCI Homes Vice-President for Project Development Dennis O. Yap said in the statement.

The Trevans and Maurin buildings are likewise scheduled for turnover by February and October next year, respectively.

Earlier this year, President Rodrigo R. Duterte threatened DMCI Holdings, Inc. that he will 鈥渘ot grant (the company) any permit to dig鈥� following an issue relating to a condominium he said it built in Davao City.

The condominium is Ecoland 4000, which reportedly sustained 鈥渕ajor cracks鈥� after an earthquake in Davao City late last year.

DMCI Holdings is the listed parent of DMCI Homes, which recorded a 58% earnings decline to P3.91 billion during the past three quarters due to the coronavirus pandemic. 鈥� Denise A. Valdez

In a recent statement, the Villar-led property developer said its condominium arm Vista Residences, Inc. will work with the Japanese firm on a 42-storey condominium tower.

The development will have more than a thousand units and a retail space, and will target university students and young professionals in the Taft area.

鈥淰ista Land is excited to present our very first Japanese-inspired condominium property in Manila鈥� We want our homebuyers to be able to balance their purpose and passion while enjoying the convenience of city living,鈥� Vista Land President and CEO Manuel Paolo Villar said in the statement.

The project will offer studio and one-bedroom units and will feature larger common areas and outdoor spaces as it aims to appeal to a premium market.

It will be located close to De La Salle University, College of St. Benilde and St. Scholastica鈥檚 College, and will be a few minutes away from Makati City, Taguig City and the Bay Area.

鈥淲e are grateful for our partnership with Vista Land that will enable us to take on another challenge to share our expertise and passion in real estate development, and we hope to explore more opportunities with Vista Land,鈥� Mitsubishi Estate Senior Executive Officer Yutaro Yotsuzuka said in the statement.

鈥淲e look forward to our collaboration in terms of concept, architecture and technology that will differentiate this project from the rest of the condominium properties in Manila,鈥� he added.

The two companies first announced their 60-40 joint venture for a condominium project in Taft last year. 鈥� Denise A. Valdez

LOCAL SHARES are expected to move sideways this week as some investors may start bargain hunting after last week鈥檚 four-day decline.

The benchmark Philippine Stock Exchange index (PSEi) closed Friday鈥檚 session at 6,791.46, down by 136.29 points or 1.96% against the previous day.

On a weekly basis, the index was lower by 378.33 points or 5.28%, reversing the uptrend it recorded for three consecutive weeks.

Value turnover grew 58% to an average of P16.42 billion, while net foreign selling expanded 162% to an average of P1.56 billion.

鈥淧rofit taking dominated following consecutive sessions of strength. The PSEi failed to hold the 7,000 level, plunging 378 points to 6,791,鈥� online brokerage 2TradeAsia.com said in a market note.

The market has been on an uptrend since the start of November due to improved third-quarter corporate earnings and a string of positive news on the coronavirus disease 2019 (COVID-19) vaccine.

However, strong selling pressure pushed the PSEi to correct last week, which led the market to break below its 10-day exponential moving average, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said.

鈥�(This) trading week, we may see sideways movement from the market. Investors may hunt for bargains from last week鈥檚 sell off,鈥� Mr. Tantiangco said in a text message.

Aside from bargain hunting, investors may also turn bullish if there will be positive developments on coronavirus vaccine candidates. Another catalyst is the upcoming November manufacturing data, which is expected to come out this week.

鈥淚mprovement in our manufacturing data could provide boost to market sentiment,鈥� Mr. Tantiangco said.

Investors may also react to the passage of the corporate tax reform bill, Senate Bill No. 1357 or the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE).

鈥淭he CREATE bill鈥� will be a primary point of discussion for 2021, especially for the next earnings reporting seasons,鈥� 2TradeAsia.com said.

Among the bill鈥檚 salient points, based on the brokerage鈥檚 analysis, are the reduced corporate income tax, as this will help pad earnings recovery, and the net operating loss carry-over extension, which will assist small and medium enterprises.

鈥淭ruly, there is no such thing as free lunch, but the CREATE bill, in general, will put the Philippines on par with ASEAN economies in taxation 鈥� a plus in the long run,鈥� 2TradeAsia.com said.

Other developments that will help improve sentiment are the passage of the P4.25-trillion national budget for next year and news that the government is preparing for COVID-19 vaccinations by as early as the second half of 2021.

The brokerage set the immediate support for the PSEi at 6,650 and resistance at 7,000, while Mr. Tantiangco put support at 6,600 and resistance at 7,150.

The home improvement retailer said in a statement over the weekend that it recently opened a new store in Cabanatuan City to mark the 48^th store in its portfolio.

It is also planning to open one more store in Bulacan before the year ends, which will leave it with a total of 49 stores heading into 2021.

鈥淲e resumed opening of new stores as soon as we have seen the positive results of the previous months. This is a testament to how fast we can mobilize our store expansion programs, which we attribute to our synergies with the Villar group of companies,鈥� AllHome President Benjamarie Therese N. Serrano said.

AllHome Cabanatuan is seen to target not only customers from the city, but also from Pampanga, Bulacan, Tarlac and Aurora. Other Villar-owned stores are also in the area, such as AllDay Supermarket, Coffee Project coffee shop, and Bake My Day bakery.

鈥淭he AllValue retail eco system has proved to be valuable in the expansion of AllHome. The presence of AllDay Supermarket, Coffee Project, and Bake My Day helped to capture the local market,鈥� AllHome Chairman Manuel B. Villar, Jr. said in the statement.

鈥淭he third quarter showed promising results. Based on historical sales, we are looking forward to a better fourth quarter with the holiday rush coming in,鈥� he added.

In the July to September period, the company booked an attributable net income of P312 million, flat from a year ago but 6,140% higher than the previous quarter鈥檚 P5 million.

As lockdown rules were eased, AllHome recorded sales of P3.47 billion in the third quarter, up by 11% from last year.

But for the nine-month period, its attributable net income fell 21% to P588 million due to dampened sales when its stores were closed during the strict lockdown in the first half.

鈥淏eing a home essential provider, AllHome will continue to provide service to those who are fixing their own homes or contractors who have resumed construction activities,鈥� AllHome Vice-Chairman Camille A. Villar said in the statement.

Shares in AllHome at the stock exchange closed at P8.52 each on Friday, up 43 centavos or 5.32% from the previous session. 鈥� Denise A. Valdez

THE WAVE of positive news on coronavirus disease 2019 (COVID-19) vaccine candidates and improved third-quarter earnings of listed companies pushed the Philippine stock market to one of its best months in November.

The Philippine Stock Exchange index (PSEi) ended Friday鈥檚 trading at 6,791.46, down 136.29 points or 1.96% against the previous session.

Still, the PSEi鈥檚 close for the month was higher by 467.46 points or 7.39% than October鈥檚 finish of 6,324. The market is closed on Monday in observance of Bonifacio Day.

鈥淭he month of November has been the second best month of the local market for the year so far as it rallied by 7.39% m/m (month-on-month), next to October鈥檚 7.84% m/m,鈥� Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a text message.

Another milestone for the PSEi this month was hitting the 7,000 mark, a level last seen in February before the imposition of a lockdown to contain the worsening coronavirus outbreak. The PSEi jumped as much as 349.63 points or 5.23% on Nov. 10 when it broke through 7,035.48. It also reached a high of 7,178.62 on Nov. 23.

鈥淭he rally seen from Oct. 30 to Nov. 23 was driven by the improvements in our third quarter economy (gross domestic product/GDP) and some of our corporate figures compared to their second quarter counterparts,鈥� Mr. Tantiangco said.

Philippine GDP contracted by 11.5% in the third quarter, better than the record 16.9% decline posted in the previous quarter. Year to date, the economy contracted by 10%.

Corporate earnings of PSEi members also improved in the third quarter. Their aggregate earnings fell 38% year-on-year based on data from the Philippine National Bank, better than the second quarter鈥檚 59% year-on-year drop.

Another catalyst for the market鈥檚 performance in November was the optimism brought by the positive developments on COVID-19 vaccine candidates and the central bank鈥檚 latest interest rate cut, Mr. Tantiangco said.

The Bangko Sentral ng Pilipinas also unexpectedly reduced benchmark rates by 25 basis points to fresh record lows in mid-November to mark its fifth rate cut this year to support the economy amid the ongoing pandemic and following the recent typhoons that hit the country.

However, the PSEi鈥檚 three-week rally saw its end last week when the market posted four consecutive days of decline and fell back to 6,700.

鈥淔rom Oct. 30 to Nov. 23, the market surged by 14.87%. Eventually, the optimism waned while the fundamental reality of a challenged local economy remains, causing the four straight days of decline we saw this past week,鈥� Mr. Tantiangco said.

This week, he expects the market鈥檚 support to be at 6,600 and resistance at 7,150.

By Denise A. Valdez, Senior Reporter

THE coronavirus pandemic is prompting companies to prioritize big investments in the healthcare sector, in preparation for any future outbreaks.

鈥淧eople are saying, how does one learn from a crisis like this? I think one area that all of us must focus on is reinforcing our whole healthcare system… I think pandemics will be with us as a new form of crisis in the future,鈥� Jaime Augusto Zobel de Ayala, chairman and CEO of Ayala Corp., said during the 大象传媒 Virtual Economic Forum on Thursday.

Noting that the whole world is getting denser and the Philippine economy relies heavily on exporting its workers, Mr. Zobel said it is imperative to prepare for any viral outbreak in the future.

鈥淚 believe all of us should have a renewed focus on our healthcare platforms, on what we need both from a government and from a private sector point of view, and make sure something like this doesn鈥檛 catch us unprepared in the future again,鈥� he said.

The Ayala Group started investing in healthcare five years ago with the formation of Ayala Healthcare Holdings, Inc. (AC Health). Mr. Zobel said having a team of healthcare professionals within its group was a big help during this crisis.

Focusing on healthcare is also seen as key to reviving consumer confidence, which would help businesses recover faster.

Citing the government鈥檚 efforts on how to bring COVID-19 vaccines to the Philippines, Magsaysay Group of Companies President and CEO Doris Magsaysay-Ho said these developments help in improving market confidence that will spur more consumption.

鈥淚 think that in itself is hopeful that we鈥檙e on to that next step of how to ensure health is really addressed, and how fear can be overcome so that people can go back to their normal consumption and modes of living,鈥� Ms. Magsaysay-Ho said.

The partnership between the public and private sector is also heightened during crises like this, which Mr. Zobel said should push companies to increase coordination with groups outside of its own.

鈥淪olutions cannot be found by one entity by itself… The pandemic will not be the last thing that we have to tackle as a community. There are going to be so many other issues where we not only have to coordinate as a country, we have to coordinate with other countries as well,鈥� Mr. Zobel said.

However, Ms. Magsaysay-Ho noted that businesses must also remember to remain competitive despite a shared crisis.

鈥淭he pandemic forces all to have a common purpose because we have a common enemy… (But) we have another (challenge), which is… competition. We have other countries that are competing with us,鈥� she said.

She cited as example the companies that left China at the start of the pandemic, but which opted to go to other countries in Southeast Asia, and not the Philippines.

鈥淲e must be able to be in that picture of where people will come to invest,鈥� Ms. Magsaysay-Ho said. 鈥淲e must think a little more strategically to see how we can really build that prosperity.鈥�

Mr. Zobel noted that the Philippines is full of very capable individuals in the medical field, which should serve as a competitive advantage against regional peers.

鈥淚 think we have the software, which are extraordinary nurses and doctors. We now have to support that with more capital infusion into some of the bricks and mortars side, the equipment side, and see if we can create the kind of infrastructure a country like ours would need for its healthcare space,鈥� he said.

In a disclosure to the exchange on Thursday, the diversified company said it is positioned to grab a significant portion of the expected demand for construction materials through the government鈥檚 Build, Build, Build program.

It said it has a stockpile of about a million ton of finished goods, more than 200 million tons of rock reserves, hollow blocks to support the construction of 5 million mass housing units, and a facility that has an hourly capacity of 500 tons.

鈥淲e are initially setting a P1-billion sales target for 2021-2022 to be derived from a combination of rock aggregates, pre-mixed concrete and boulders,鈥� ATN Chairman and CEO Arsenio T. Ng said in the statement.

鈥淥ur finished products meet the stringent criteria of quadruple A-rated contractors after passing rigorous multiple testing standards with specific gravity of 2.7 and above, for its premium basalt rocks as conducted by international technical experts on rock quality,鈥� he added.

Among the projects ATN identified to support infrastructure build-out are the Metro Manila Subway project, the NLEX-SLEX Connector Road project, the Bulacan Airport project, and reclamation initiatives in Luzon island.

One project that the company had already committed to participate in is the Tutuban-Malolos segment of the North-South Commuter Railway, for which it will provide rock aggregates.

鈥淥ur regular discussions with notable industry stalwarts underpin the extensive demand for our core products. To our favor, most of them have firmly indicated their voluminous rock supply requirements and intention to work with us,鈥� Mr. Ng said.

鈥淣onetheless, while we aspire to be the premier construction material brand in the country, we also deeply regard ourselves as an inclusive partner of the government in nation-building and climate change resiliency development,鈥� he added.

The Philippines is looking at a P4.5-trillion national budget for 2021, from which about P1.107 trillion may be allocated to infrastructure projects. This is about 36% higher than 2020鈥檚 reduced P785.5-billion budget for infrastructure. 鈥� Denise A. Valdez

The company told the exchange on Thursday its board of directors has accepted Mr. Nicol鈥檚 decision to retire effective Nov. 30. He will remain an advisor to the board for the next 12 months for transition.

As replacement, the board elected June Cheryl A. Cabal-Revilla as chief financial officer, chief sustainability officer and board member beginning Dec. 1.

Ms. Cabal-Revilla is currently chief sustainability officer, senior vice-president and group controller at the PLDT Group and chief finance officer of Smart Communications, Inc.

Prior to his retirement, Mr. Nicol was also executive vice-president and director at MPIC.

鈥淢r. Nicol does not have any disagreement with the board of directors of MPIC, and there are no matters relating to his retirement that need to be brought to the attention of the shareholders of MPIC,鈥� the company noted.

Mr. Nicol first crossed paths with MPIC Chairman Manuel V. Pangilinan in 1991 through First Pacific Co. Ltd. Mr. Pangilinan is the managing director and chief executive officer of the Hong Kong-based firm. Mr. Nicol joined MPIC in 2002.

MPIC is one of three Philippine subsidiaries of First Pacific, the others being PLDT Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains an interest in 大象传媒 through the Philippine Star Group. 鈥� Denise A. Valdez

LOCAL SHARES closed lower on Thursday, ending below the 7,000 mark, as investors continued to pocket gains and as global markets weakened overnight.

The benchmark Philippine Stock Exchange index (PSEi) dropped 73.76 points or 1.05% to close at 6,927.75, while the broader all shares index lost 46.19 points or 1.1% to end at 4,138.09.

The index opened the session at 6,987.32, down from the previous day鈥檚 close of 7,001.51. This was already its best showing for the session.

Meanwhile, the PSEi sank to as low as 6,843.11 intraday.

鈥淭he local bourse extended its decline鈥� as the market鈥檚 correction continued (and was) weighed further by the drop of the US markets overnight,鈥� Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a text message.

The market鈥檚 decline on Thursday was the third consecutive day that the PSEi posted losses. It follows about three weeks of an uptrend in the bourse, which brought the PSEi to a level that was last reached in February, before the coronavirus lockdown started.

鈥淎fter a short term rally in the past few days, the market is now correcting as it is overvalued鈥� (The price-to-earnings ratio) is around 28x, which is higher than the 5-year average of around 20x. Traders booked more gains, resulting in the decline of the market,鈥� Ms. Alviar said.

While the PSEi closed lower against the last session, AAA Southeast Equities, Inc. Research Head Christopher John Mangun noted that its decline softened in the final minutes of Thursday鈥檚 trading.

鈥淭he pullback of DJIA (Dow Jones Industrial Average) index overnight also spilled negative sentiment in the market amid higher weekly US jobless claims versus the prior week,鈥� Ms. Alviar said.

The DJIA and S&P 500 indices gave up 0.58% and 0.16% on Wednesday, while the Nasdaq Composite rose to 0.48%.

鈥淭here may be some concerns on whether quarantine restrictions will be lifted by the end of November. We remain confident that the government will ease restrictions and allow more mobility as new coronavirus cases continue to decline,鈥� Mr. Mangun added.

All sectoral indices at the PSE closed lower on Thursday: mining and oil by 237.71 points or 2.77% to 8,320.53; services by 30 points or 1.96% to 1,496.74; property by 48.04 points or 1.38% to 3,425.33; holding firms by 84.15 points or 1.16% to 7,138.19; financials by 15.85 points or 1.07% to 1,456.42; and industrials by 11.02 points or 0.12% to 9,063.22.

Some 3.28 billion issues valued at P15.49 billion switched hands on Thursday, down from the last session鈥檚 8.03 billion issues worth P14.07 billion.

There were more decliners than advancers, 148 against 69, while 46 names ended unchanged.

Net foreign buying continued to grow, reaching P2.29 billion on Thursday from P1.39 billion the previous session.

In a statement on Wednesday, the Sy-led property developer said it is opening SM City Mindpro at the end of this week 鈥� its first mall in Zamboanga City and seventh mall in Mindanao.

The building will have nearly 38,000 square meters of gross floor area, where more than 90% of the space-lease has already been awarded to tenants.

鈥淭he opening of SM City Mindpro in Zamboanga is a testament to the flourishing economic activities in Mindanao boosting the confidence of SM Prime to continue its expansion plans in the region,鈥� SM Prime President Jeffrey C. Lim said in the statement.

鈥淲e are delighted to welcome our fellow Zamboangue帽os to this newest SM mall, and assure every one of safety protocols implemented in accordance to government guidelines.鈥�

Unlike the lockdown in Metro Manila 鈥� where most of SM Prime鈥檚 existing mall footprint is located 鈥� Zamboanga City has been under a 鈥渕odified general community quarantine鈥� since mid-August. This is the most relaxed form of lockdown by the government that allows more economic activity.

鈥淭he easing of quarantine protocols in various areas in the country has led to the reopening of businesses that will help our economy bounce back quicker. We hope that through SM City Mindpro, which provides a center of convergence for economic, social and cultural activities, Zamboangue帽os will experience utmost convenience as they seek essential services as well as entertainment during these times,鈥� Mr. Lim said.

SM Mindpro will have four levels and a carpark, with stores and facilities ranging from a department store, a supermarket, foreign retail brands, sports brands, health stores, hardware shops and a cinema, to name a few.

Earlier this month, SM Prime also opened a new mall in Agusan del Norte to tap the growing economic activity in the region.

SM Prime booked P18.3 billion from the operations of Philippine malls in January-to-September, down 57% from a year ago, due to temporary mall closures and low foot traffic.

Its attributable net income dropped 48% to P14.37 billion.

Shares in SM Prime at the stock exchange closed at P37.30 each on Wednesday, lower by P1.20 or 3.12% from the last session. 鈥� Denise A. Valdez

In a statement on Wednesday, CPG said its affordable housing subsidiary PHirst Park Homes, Inc. recently did a 鈥渄igital property launch鈥� for PHirst Park Homes Magalang, a 10-hectare masterplanned development in Barangay Santo Rosario, Pampanga.

This expands the company鈥檚 presence north of Metro Manila following its 18-hectare PHirst Park Homes Pandi in Bulacan.

鈥淧Hirst Park Homes is culminating the year with the very positive reception on the much-anticipated launch of our Pampanga project. Aside from Calabarzon, we are eyeing projects in the key growth areas of Central Luzon where there continues to be strong demand,鈥� PHirst Park Homes President Ricky M. Celis said in the statement.

The first phase of the Magalang project will include 556 house and lot units. It will offer four types of housing, namely the 40-square meter Calista End, the combinable 80-square meter Calista Pair, the 40-square meter Calista Mid and the 54-square meter single-attached Unna. Prices per unit start at P1.5 million.

Some of the amenities in the development are a clubhouse, swimming pool, kiddie pool, basketball court, and other play areas.

鈥淲e are on track with our development plans as more Filipinos recognize the value of home ownership as a primary essential and a way to provide a safe and secure place for their families,鈥� Mr. Celis said.

As of end-October, PHirst Park has sold 6,916 house and lot units of the 9,940 from its P12.7-billion inventory. These came from sales in its developments in Cavite, Batangas, Laguna, Bulacan, and Nasugbu.

PHirst Park is a joint venture between CPG and Japan鈥檚 Mitsubishi Corp.

In the nine months through September, CPG鈥檚 attributable net income slid 2% to P1.03 billion due to a slowdown in real estate activity because of the coronavirus pandemic.

CPG shares at the stock exchange shed 0.5 centavo or 1.05% to 48 centavos each on Wednesday. 鈥� Denise A. Valdez

In a statement on Wednesday, AC Health said it doubled its COVID-19 capacity by adding more beds to the QualiMed Hospital 鈥� Sta. Rosa in Laguna and the QualiMed Hospital 鈥� San Jose Del Monte in Bulacan.

The Laguna facility now has 75 beds dedicated to COVID-19 patients, while the Bulacan facility has 30 beds allocated for the same purpose.

鈥淚t has been encouraging to see national and local numbers improving, but our experience has taught us that managing this pandemic requires continuous vigilance,鈥� AC Health President and CEO Paolo Maximo F. Borromeo said in the statement.

鈥淲e used this time to increase our capacity even further at QualiMed, and we also expanded our services across AC Health to include telehealth and home services, with the goal of ensuring we are ready to deal with this virus for the long haul,鈥� he added.

Aside from increasing the bed capacity, the two facilities also implemented efforts to strengthen their COVID-19 response, such as updating treatment protocols, implementing comprehensive triaging processes and conducting risk-based testing to frontliners and doctors.

They are likewise looking to build a portable dialysis unit and buy more equipment such as high flow nasal cannula machines, closed circuit ventilators and suction pumps.

鈥淭his expansion project signifies another milestone in our partnership with AC Health鈥� This is a necessary addition to our existing initiatives, such as ramping up safety protocols and improving testing capacities, as we support our country鈥檚 fight against the health crisis,鈥� QualiMed Health Network President and CEO Edwin Mercado said.

AC Health and QualiMed forged a partnership in April to jointly roll out initiatives to address the COVID-19 pandemic.

Since the beginning of the health crisis, the Laguna and Bulacan facilities have admitted more than 400 COVID-19 patients, triaged more than 21,000 suspect cases and conducted close to 41,000 tests.

In May, AC Health said it is setting aside P300 million for COVID-19 efforts.

The total number of COVID-19 cases in the Philippines stood at 421,722 on Tuesday, accounting for 26,745 active cases, 8,185 deaths and 386,792 recovered patients. Parts of the country remain under varying levels of quarantine to contain the outbreak. 鈥� Denise A. Valdez

In a disclosure to the exchange Wednesday, Anglo said it has acquired 12,000 shares in Shang Properties at P2.72 each. The shares were previously owned by National Book Store, Inc.

鈥淐onsidering the track record of Shang Properties and that it has consistently paid dividends with a dividend yield of about 6% in the last couple of years, management believes it is a safe and solid investment for Anglo in which to deploy current funds,鈥� it said.

The plan has been approved by the company鈥檚 board of directors in a special meeting on Monday.

The acquisition would comprise approximately 0.3% of Anglo鈥檚 total consolidated assets. It would be paid in cash via regular cross sale.

Shang Properties鈥� main business is the development of office, retail, and residential properties. Some of the projects in its portfolio are Shangri-La Plaza Mall, The Shang Grand Tower, The St. Francis Shangri-La Place, One Shangri-La Place, Shang Salcedo Place and Horizon Homes.

The company also holds a 70% stake in KSA Realty Corp., which owns The Enterprise Center, and a 60% stake in Shangri-La at the Fort.

In the first nine months of 2020, Shang Properties recorded an attributable net income of P1.12 billion, sliding 44% from the same period a year ago.

Meanwhile, Anglo booked an attributable net income of P96.06 million in the same period, swinging from a loss of P37.89 million a year ago. It has businesses in mineral exploration, property development, and power generation, among others.

On Wednesday, shares in Anglo closed flat at 71 centavos each, while shares in Shang Properties shed one centavo or 0.36% to P2.73 each. 鈥� Denise A. Valdez

STOCKS CONTINUED to decline on Wednesday as investors kept taking profits and preferred markets that are expected to beat others in getting the coronavirus disease 2019 (COVID-19) vaccine.

The 30-member Philippine Stock Exchange index (PSEi) lost 107.16 points or 1.5% to close the session at 7,001.51. The wider all shares index likewise gave up 44.27 points or 1.04% to end at 4,184.28.

鈥淟ocal shares were sold ahead of the Thanksgiving holiday, while foreign funds continued to flock back to regions, which they believe would be the first ones to receive the vaccine upon mass production,鈥� Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.

US and European markets closed with gains on Tuesday鈥檚 trading. In Wall Street, the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite indices picked up 1.54%, 1.62% and 1.31%, respectively. In Europe, the Euro Stoxx 50, FTSE 100 and Dax indices also increased 1.30%, 1.55% and 1.26%, respectively.

At home, net foreign selling jumped to P1.39 billion on Wednesday against the previous session鈥檚 P621.19 million. It also marked the third straight day that foreign investors in the local bourse posted net outflows.

While optimism reigned in the PSEi in the past weeks because of news of developments by companies making a COVID-19 vaccine, the Philippine government expects that it may take about another year before any vaccine reaches the country.

This added to the selling pressure from investors that pocketed profits from the local market, Timson Securities, Inc. Trader Darren T. Pangan said.

鈥淭he bourse ended lower for the second straight day as the market experienced some profit-taking activity after briefly visiting the 7,200 levels,鈥� Mr. Pangan said in a text message.

鈥淚nvestors may be taking a step back to assess their positions before we move to the last month of the year 2020,鈥� he added.

Five of six sectoral indices at the PSE ended Wednesday鈥檚 session lower. Property dropped 93.25 points or 2.61% to 3,473.37; holding firms cut 92.06 points or 1.25% to 7,222.34; industrials lost 104.08 points or 1.13% to 9,074.24; services shed 13.62 points or 0.88% to 1,526.74; and financials trimmed 2.13 points or 0.14% to 1,472.27.

Mining and oil was the only index that increased, climbing 281.81 points or 3.4% to 8,558.24 at the end of trading.

Some 8.03 billion issues valued at P14.07 billion switched hands on Wednesday, against the previous day鈥檚 8.27 billion issues worth P12.95 billion.

Decliners outnumbered advancers, 120 against 97, while unchanged names ended at 40.

In a statement on Tuesday, the Gokongwei-led food company said it is diversifying its product line to include two pharmaceutical-grade alcohol brands: Shield+ and BioSure.

The rubbing alcohol business will be handled by URC鈥檚 agro-industrial and commodities division. The La Carlota distillery of the company in Negros Occidental will supply the ingredients in the long term.

鈥淭his is aligned with our core values of looking after the Filipino community, in light of the ongoing pandemic. We have the capability, and we want to help. There鈥檚 demand out there. It just makes sense,鈥� Vincent C. Go, managing director of URC鈥檚 agro-industrial group, said in the statement.

URC said that the alcohol category was valued at P4.1 billion last year. Because of the COVID-19 outbreak, its sales jumped 76% to P1.8 billion in the first quarter of 2020.

The BioSure products are already being sent out to community stores and institutions early this month, while the Shield+ alcohol brand will begin distribution in December.

As early as July, URC obtained approval from its board of directors to amend its articles of incorporation and include production of pharmaceutical-grade alcohol as its secondary purpose.

The goal is to leverage the company鈥檚 sugar distillery facilities in producing bio-ethanol fuel products from sugarcane.

URC generated an attributable net income of P7.5 billion in the first three quarters of the year, higher by 7% than last year, due to lower costs and expenses.

It shares closed at P147.20 apiece on Tuesday, down P4.80 or 3.16% from the last session. 鈥� Denise A. Valdez

In a disclosure to the exchange on Tuesday, IP E-Game said its wholly-owned subsidiary New Wave Strategic Holdings Ltd. entered into an initial documentation with Emissary Capital Growth Fund 1 LLP for the plan.

New Wave and Emissary Capital will form a joint venture that will target technology companies with links or presence in Malaysia.

New Wave will have an investment of up to $7.5 million as a limited partner to the fund. Its purpose is primarily to build a stronger Malaysia-Philippines relationship for technology and venture capital, it said.

鈥淲e are looking to strengthen the corridor between Malaysia and the Philippines, as well as with the rest of Southeast Asia. Technology businesses today must have a regional outlook and entrepreneurs must demonstrate ability to scale this way,鈥� New Wave Director Enrique Gonzalez said in the statement.

鈥淥ur fund is looking to invest in Southeast Asia鈥檚 growth companies led by founders that have proved resilience and success,鈥� he added.

The companies said they both look forward to a stronger digital economy as a tool for post-coronavirus recovery. 鈥淸T]he investment firms are keeping a bullish outlook on Malaysia and the Philippines as growth hubs, especially for tech-based startups,鈥� the statement said.

New Wave handles more than $40 million of assets under its belt, while Emissary Capital is a boutique investment firm with a focus in the ASEAN. The investment of the two companies is still听 subject to definitive documentation and closing conditions. 鈥� Denise A. Valdez

In a statement on Tuesday, the company said it is introducing a dairy-based and a soy-based ice cream line under the brands Fruitas and Soy & Bean, respectively.

These will be distributed through the company鈥檚 Babot鈥檚 Farm and Soy & Bean physical stores, and eventually, its own delivery service CocoDelivery and select kiosks.

鈥淚ce cream has long been the go-to dessert of Filipinos鈥� Recognizing this customer need, Fruitas came up with two new premium ice cream lines which will certainly make Filipinos happy, yet keep them healthy at the same time,鈥� Fruitas President and CEO Lester C. Yu said in the statement.

The company claims to use all-natural ingredients to make the ice cream. The Fruitas brand will have eight flavors: mango, mango melon, strawberry calamansi, four seasons, strawberry melon, mango pineapple, dark chocolate and Benguet coffee. The Soy & Bean brand will have three lactose-free flavors: classic, chocolate and coffee.

Earlier this year, Fruitas partnered with Carmen鈥檚 Best Ice Cream to carry its products across select locations. This is part of Fruitas鈥� plan to open more revenue streams by expanding its product offerings.

Fruitas currently has more than 20 brands in its portfolio, such as Fruitas Fresh from Babot鈥檚 Farm, Buko Loco, De Original Jamaican Pattie, Juice Avenue, Black Pearl, Shou La Mien Hand-Pulled Noodles, and Sabroso Lechon.

As of November, the company has re-opened about 800 kiosks and put up nearly 20 community stores under the Babot鈥檚 Farm and Soy & Bean brands. It targets to open 30 community stores by end-2020 and 100 by end-2021.

In the nine months through September, Fruitas booked an attributable net loss of P32.23 million, reversing last year鈥檚 profit of P52.98 million, due to a 55% drop in gross revenues from closing its stores during the coronavirus-related lockdown.

Shares in Fruitas at the stock exchange increased five centavos or 3.27% to close at P1.58 each on Tuesday. 鈥� Denise A. Valdez

LOCAL SHARES surrendered to profit taking on Tuesday following a rally that brought the main index to its highest level since the coronavirus pandemic started.

The Philippine Stock Exchange index (PSEi) shed 69.95 points or 0.97% to close the session at 7,108.67. The broader all shares index also trimmed 25.71 points or 0.6% to end at 4,228.55.

鈥淭he market was down today on profit-taking after it moved up substantially on the last two trading sessions on overbought condition,鈥� Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message on Tuesday.

鈥淲ith a lofty valuation of the PSEi despite the higher contraction in GDP (gross domestic product) in the third quarter than estimated, the market is bound to correct as what happened today,鈥� he added.

Despite the weaker-than-expected economic backdrop, the market鈥檚 decline on Tuesday is necessary to help it maintain a stronger momentum, AAA Southeast Equities, Inc. Research Head Christopher John Mangun said.

鈥淭he PSEi ended with substantial losses as selling pressure picked up, which was to be expected as it hovered around its eight-month high, Mr. Mangun said in an e-mail.

鈥淭rading volumes came in at a whopping P12.4 billion, more than double the daily average of about P6 billion as investors remain confident in the current environment,鈥� he added.

Value turnover stood at P12.95 billion with 8.27 billion issues switching hands, higher than the previous day鈥檚 P11.93 billion with 10.3 billion issues.

But after the correction on Tuesday, Mr. Mangun said the PSEi 鈥渕ay rebound and begin to move higher鈥� on the back of optimism that quarantine restrictions will be further eased before December.

Contrary to the local market, other Asian stocks were treading in green territory on Tuesday due to another positive news of a coronavirus disease 2019 (COVID-19) vaccine.

On Monday, news wires reported that United Kingdom-based AstraZeneca Plc has seen a 70% success rate in its COVID-19 vaccine. This followed news in the prior weeks that the COVID-19 vaccines of Pfizer, Inc. and BioNTech SE and Moderna, Inc. were similarly recording positive results.

Nearly all sectoral indices at the PSE posted losses on Tuesday. Mining and oil dropped 140.43 points or 1.66% to 8,276.43; holding firms lost 109.89 points or 1.48% to 7,314.40; industrials cut 136.17 points or 1.46% to 9,178.32; services fell 17.01 points or 1.09% to 1,540.36; and financials slid 3.17 points or 0.21% to 1,474.40.

Property was the only index that posted gains, improving 9.84 points or 0.27% to close at 3,566.62 on Tuesday.

Decliners outnumbered advancers, 134 against 101. Some 40 names ended unchanged.

Net foreign selling grew to P621.19 million on Tuesday from P351.89 million in the previous session.

EARNINGS of blue-chip stocks may fall deeper this year as third-quarter earnings results came in weaker than expected due to quarantine measures meant to contain a coronavirus pandemic.

The reporting season for corporate earnings ended last week, and the 30 members of the Philippine Stock Exchange index (PSEi) posted an aggregate profit decline of 38% in the third quarter, based on data from Philippine National Bank (PNB).

This was better than the previous quarter鈥檚 59% year-on-year drop, but resulted in a 52% slump in earnings for the nine months through September.

鈥淎lthough the slower decline in the third quarter was expected, the magnitude of the improvement was lower than our expectations,鈥� PNB Vice-President and Head of Equity Research Alvin Joseph A. Arogo said in a Nov. 20 e-mail to 大象传媒.

The lender鈥檚 full-year forecast was a 34% year-on-year decline for the aggregate earnings of PSEi members.

鈥淭his will be revised down given that the total nine-month听 decline was 52% year on year,鈥� Mr. Arogo said. 鈥淓arnings growth in the fourth quarter is unlikely given the slower-than- expected recovery in the economy.鈥�

Philippine economic output fell by 11.5% in the third quarter, resulting in a year-to-date contraction of 10%.

Earnings weakened in the third quarter after the capital region and nearby provinces reverted to a stricter lockdown after a fresh surge in infections in August, breaking the recovery momentum.

Government spending growth also slowed to 5.8% last quarter from 21.8% in the second quarter, Mr. Arogo said.

Some sectors managed to perform better or on par with expectations, Christopher John Mangun, research head at AAA Southeast Equities, Inc. said in an e-mailed reply to questions.

鈥淏ank earnings came in better than expected as revenues are at their highs,鈥� he said. 鈥淭he reduction in net income was only due to added buffers for potential bad loans.鈥�

Mr. Mangun also said property earnings were 50-70% lower year on year, but almost double the level in the previous quarter.

He now expects full-year earnings to slump by 50-60% from a year earlier, with fourth- quarter earnings improving by as much as 40% from the previous quarter.

鈥淭he PSEi is currently up 22% since the beginning of the fourth quarter, recovering all its losses from the drop that we saw back in March,鈥� Mr. Mangun said. 鈥淲e may see it climb further towards the end of the year.鈥�

Mr. Arogo expects corporate earnings to start posting growth next year as the economy recovers from the crisis.

鈥淜ey factors that will drive earnings growth next year are containment of new virus cases, which would allow consumers and businesses to spend even without a vaccine, as well as timely and meaningful government spending,鈥� he added.

Among PSEi members, those that will drive recovery next year are companies that made the biggest adjustments to new trends, such as going online and improving logistics, Mr. Mangun said.

Companies in the retail and manufacturing sectors might continue to lag, along with those that rely heavily on exports, he added.

鈥淥ur economy is consumer-based,鈥� Mr. Mangun said. 鈥淲e need to see a pickup in spending from consumers as well as the government, which is highly possible as consumers gain confidence that the risks of the pandemic are gone and it is OK to spend again.鈥�

He expects government spending to pick up next year after the national budget was increased to P4.5 trillion to fund more infrastructure projects and boost state response to the pandemic.

The PSEi closed at 7,169.79 on Friday, its highest finish since February after gaining 2.46% or 172.17 points from the previous session.

PHILIPPINE SHARES are expected to see tempered gains this week after extended optimism in the past few days on the back of news on several coronavirus disease 2019 (COVID-19) vaccine candidates.

The benchmark Philippine Stock Exchange index (PSEi) jumped 172.17 points or 2.46% to end Friday鈥檚 session at 7,169.79. This marked the PSEi鈥檚 best finish since Feb. 24 when it closed at 7,187.44.

On a weekly basis, the index was also higher by 199.91 points or 2.87%.

However, value turnover slowed 30% to an average of P10.4 billion. Foreign investors also posted an average net selling of P596.24 million, which reversed the prior week鈥檚 average net inflows of P799.12 million.

鈥淟ocal shares rallied on news of successful COVID-19 vaccine trials, shrugging off early-week weakness brought about by the devastation of Typhoon Ulysses,鈥� online brokerage 2TradeAsia.com said.

鈥淭his week, we may see a pullback as investors book gains out of the market鈥檚 three-week rally. The local bourse may also test its initial support, which is its 10-day exponential moving average currently at 6,922.88,鈥� Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco added.

The PSEi has been flirting with the 7,000 level since Nov. 10, when news on the success of Pfizer, Inc. and BioNTech SE鈥檚 COVID-19 first came out. Market optimism was sustained until the past week, when Moderna, Inc. reported similarly positive results on its vaccine.

To keep the flame alive, 2TradeAsia.com said there will be two key elements that investors will look at: news on the logistical aspect of distributing the vaccines and follow-through efforts to ensure herd immunity.

鈥淎ny concerted program at the national level and plans will be appreciated by the market, and will be crucial in turning valuations higher,鈥� the brokerage said.

It noted that 鈥渢he tide is turning quickly,鈥� recalling that six months ago, it seemed too ambitious to hope for a vaccine soon and a return of the PSEi to the 7,000 level.

鈥淸W]hile some correction is due, it鈥檚 not bound to cut as deep,鈥� 2TradeAsia.com said.

Aside from the vaccine watch, investors will be looking at upcoming economic figures, such as the October budget balance report and latest bank lending and money supply data.

鈥淧rimary downside risk seen for this week is a surge in COVID-19 cases here and/or offshore as this is still considered as the main impediment to economic recovery,鈥� Mr. Tantiangco said.

Philstocks put the PSEi鈥檚 support within 6,922.88 to 6,600. 2TradeAsia.com put support at 7,000 and resistance between 7,200 and 7,300.

In an advisory on its website, the corporate regulator said it has received reports that a certain foundation, claiming to be named President: Rodrigo Duterte Charity Foundation, is sending text messages that it is giving away P750,000 through an electronic raffle.

鈥溾�resident: Rodrigo Duterte Charity Foundation is not registered with the commission as a corporation. Further, the Policy and Specialized Supervision Sector of the Bangko Sentral ng Pilipinas (BSP) has confirmed that the alleged electronic raffle is a fake,鈥� the SEC said.

Based on its investigation, the SEC said that the text scams claim to be working with the central bank for a 鈥淗andog Maagang Pamasko Pangkabuhayan鈥� and 鈥淗andog Pangkabuhayan鈥� program.

It gives an approval number by the Department of Trade and Industry (DTI) and tells the recipients to contact a hotline number to claim the prize.

A similar scam had been found by the SEC earlier this year, and accordingly, it issued an advisory against it on Apr. 2.

鈥淸T]he public is hereby advised not to reply or call the hotline numbers given,鈥� it said. 鈥淪hould you receive any text scam, you are advised to report the matter to the National Telecommunications Commission (NTC), the National Bureau of Investigation (NBI), the Bangko Sentral ng Pilipinas (BSP), the Department of Trade and Industry, or this commission.鈥�

The people behind the text scams are warned of criminal prosecution and penalties under Republic Act No. 11469 or the Cyber Crime Law and Data Privacy Act. This includes a two-month imprisonment, a fine of P10,000 to P1 million, or both. 鈥� Denise A. Valdez

In a meeting with stockholders on Friday, the Gokongwei-led company said stockholders representing 87.36% of its total outstanding capital stock approved its previously disclosed fundraising plans.

Specifically, the stockholders gave the go-signal to increas the company’s authorized capital stock to P1.75 billion from P1.34 billion at present, from which it will create a new class of convertible preferred shares.

These shares will be offered for sale through a stock rights offering, which should generate about $250 million (about P12.07 billion) for the company. The underlying common shares of the convertible preferred shares will then be listed at the Philippine Stock Exchange (PSE).

The stockholders also greenlit the issuance of convertible bonds, warrants, bonds with detachable warrants and other similar securities, whose underlying common shares will likewise be listed on the PSE.

The measures are part of Cebu Pacific’s “Business Transformation Fundraising Plan,” which the company crafted to strengthen its balance sheet amid the crisis.

When the company first announced this plan in October, Cebu Air said it has been struggling to cope as passenger traffic plunged due to travel restrictions.

As of end-September, Cebu Pacific’s net loss has reached P14.69 billion, reversing last year’s profits of P6.77 billion. Revenues slumped 70% to P19.34 billion, as air passenger traffic dropped 72% to 4.7 million.

In a separate statement, Cebu Pacific said on Friday it is adding self-service features to its online booking portal to allow travelers to manage their information more easily.

“We have been enhancing our contactless experience and accelerating our digital initiatives because these provide quicker and safer options for our passengers. Our customers remain at the heart of our business, so you can expect more enhancements from us that further support and enable a self-service journey for everyone,” Candice Jennifer A. Iyog, Cebu Pacific vice-president for marketing and customer experience, said in the statement.

Shares in the company closed at P49.70 each on Friday, up 15 centavos or 0.30% from the last session. — Denise A. Valdez

In a statement Friday, the telco operator said it is ramping up its tower build-out to reach areas that have been affected by the recent typhoons Rolly and Ulysses.

It will be building new cell sites in Metro Manila, Albay, Aurora, Batangas, Bulacan, Cagayan, Camarines Sur, Cavite, Isabela, Laguna, Masbate, Quezon, Rizal and Sorsogon.

“Our accelerated network expansion efforts will help us reach even the unserved and underserved areas in the country,” PLDT Chief Revenue Officer and Smart President and CEO Alfredo S. Panlilio said in the statement.

The company has already obtained nearly 1,500 permits to build its pipeline of cell sites across the identified areas. Other places covered are Abra, Benguet, Ilocos Sur, Mountain Province, Nueva Ecija, Palawan, Pampanga, Pangasinan, Tarlac, Zambales, Aklan, Antique, Bohol, Cebu, Iloilo, Leyte, Negros Occidental, Northern Samar, Southern Leyte, Agusan del Norte, Agusan del Sur, North Cotabato, Davao del Sur, Davao Oriental, Lanao Del Norte, Lanao del Sur, Maguindanao, Misamis Oriental, South Cotabato, Sultan Kudarat, Zamboanga Sibugay and Zamboanga del Norte.

Smart said it has also engaged six tower companies to build an initial 180 to 200 common towers. These will be shared with other telco operators, in line with the common tower policy of the government.

The PLDT Group has allocated P432 billion in capital investments from 2011 through September this year, which has expanded the reach of Smart’s mobile networks to 96% of the Philippine population. Capital expenditures for 2020 are expected to reach P70 billion by yearend.

In the first three quarters of the year, PLDT generated an attributable net income of P19.69 billion, 23% higher than last year. PLDT shares at the stock exchange added P7 or 0.51% to P1,377 each on Friday.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in 大象传媒 through the Philippine Star Group, which it controls. — Denise A. Valdez

In a statement Friday, SMC President and Chief Operating Officer Ramon S. Ang said it is opening some 100 RFID installation sites, 鈥渟oon as the expected bulk delivery of RFID stickers are received.鈥�

These sites will accommodate walk-in customers and those that set an appointment through its online system.

SMC is also extending installation hours to 24 hours, seven days a week at the Skyway Runway Plaza, Old NAIAX toll plaza, C5 toll plaza and Nichols and Calamba toll plazas.

While toll roads will not allow vehicles without RFID stickers to enter starting Dec. 1, San Miguel said motorists may still buy the stickers past the deadline.

鈥淎lthough vehicles without RFID will no longer be allowed to travel on tollways beginning December 1, we will still have RFID installation in various locations, as well as continuing programs for motorists to get stickers. We will also maintain installation sites at major entry plazas. You can still secure stickers at a more convenient time, even after the deadline,鈥� Mr. Ang said.

SMC operates the South Luzon Expressway (SLEx), Southern Tagalog Arterial Road (STAR) Tollway, Metro Manila Skyway, NAIA Expressway (NAIAX) and Tarlac-Pangasinan-La Union Expressway (TPLEx).

“Traditionally, because most of our expressways-SLEx, STAR, Skyway, NAIAX-are in the south, the vast majority of our users are in the south. However, we have received so many inquiries, requests, and applications from non-regular users in the north, so we are increasing the number of installation sites there,鈥� Mr. Ang said.

The government is implementing cashless toll payments at expressways to help mitigate the spread of coronavirus disease 2019 (COVID-19). The plan was supposed to be in full implementation last Nov. 2, but was moved later due to difficulties in providing sufficient RFID stickers to motorists. — Denise A. Valdez

In a statement Friday, the LRT-1 operator said it has inked a partnership with the outsourced payment collection company to turn a ticket booth at the LRT-1 Balintawak station into a Bayad Center lane.

Through the designated bills payment facility, commuters may pay more than 300 types of bills such as utilities, telecommunications and cable, government contributions and loan payments, and airline ticketing.

Eventually, the two companies plan to put up Bayad Center lanes in LRT-1 stations at EDSA, Gil Puyat and Doroteo Jose, among others.

“We are glad to finally launch this initiative as it is in line with our goal to make the LRT-1 network a one-stop shop for our commuters’ needs-not just their need to travel through Metro Manila,” LRMC President and CEO Juan F. Alfonso said in the statement.

“As we add more and more payment touchpoints for the public, this ultimately helps by lessening one’s visit to several establishments for errands, minimizing the risk of virus contact… We look forward to scaling this up in all our train stations soon…” Bayad Center President and CEO Lawrence Y. Ferrer added.

LRMC is a consortium of Ayala Corp.’s AC Infrastructure Holdings Corp., Metro Pacific Investments Corp.鈥檚 (MPIC) Metro Pacific Light Rail Corp. and Macquarie Infrastructure Holdings (Philippines) Pte. Ltd.

MPIC is one of three Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains an interest in 大象传媒 through the Philippine Star Group. — Denise A. Valdez