Manila Bulletin

Stocks sustain rebound, PSEi ends above 7,000

By MADELAINE B. MIRAFLOR

Local stocks rose again yesterday but closed off the day’s peak as investor sentiment was boosted by gains in US bourses. The Philippine Stock Exchange index (PSEi) gained 22.65 points, or 0.32 percent, to close at 7,055.19 as sub-indices were evenly mixed with the Property sector advancing the most. Volume weakened to 1.3 billion shares worth ͊6.97 billion as gainers beat losers 2-to-1 or 131 to 65 while 38 were unchanged. “A broad rally on Wall Street stocks pushed sentiment across the region in the green including the Philippines, as the PSEi market continued recoup some of its losses after several days of volatile trading,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He noted that,

“It looks like the heavy selling in recent days may have presented too tempting an opportunity for traders as bargain-hunting began after the panic-selling.“Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse rose further as investors took cues from Wall Street’s rebound overnight.“He added though that trading was lethargic with the lower net value turnover. “This shows that many investors have stayed out of the market due to the lingering COVID-19 uncertainties caused by the Omicron variant,” he said. (James A. Loyola)

The Department of Agriculture (DA) has pushed for ÖùùĢŶĢŋłÖķ ͊ːˑ̟ðĢķķĢŋł ðŽùget next year as the agency ũÖĢŭāù ÖķÖũĿ ŋƑāũ ŶĞā ķŋŋĿĢłė ėķŋðÖķ food crisis.

In a letter to Senate President Vicente “Tito” Sotto III and House Speaker Lord Allan Velasco, Agriculture Secretary William Dar said the agriculture sector now needs a “lifeline” amid surmounting food and ÖėũĢóŽķŶŽũā ėķŋðÖķ óĞÖķķāłėāŭ̍

Dar said the DA could use an adùĢŶĢŋłÖķ ðŽùėāŶ ŋĕ ͊ːˑ ðĢķķĢŋł ŋł Ŷŋť ŋĕ ĢŶŭ ũāóŋĿĿāłùāù ͊˘˔ ðĢķķĢŋł ðŽùėāŶ ĕŋũ ˑˏˑˑ̍ ¦Ğā ' ŋũĢėĢłÖķķƘ ũāŨŽāŭŶāù Ö ðŽùėāŶ ŋĕ ͊ˑ˒ː ðĢķķĢŋł ĕŋũ łāƗŶ ƘāÖũ̍

“We are entering a ‘New World’ – ŶĞā ėķŋðÖķ ŭóÖķā ŋĕ ŶĞā ̨łāƒ łŋũĿÖķ̪ Öŭ Öł ŋƦŭĞŋŋŶ ŋĕ ŶĞā !zÁR'̟ː˘ ťÖłùāĿĢó – wherein every country in the world is coping with huge challenges. These include the lingering and mutatĢłė !zÁR'̟ː˘ ťÖłùāĿĢó̇ ĢłóũāÖŭĢłė prices of petrol, fertilizers and feeds, climate change, population dynamĢóŭ̇ ŽũðÖłĢơÖŶĢŋł̇ Öłù ÖėĢłė ĕÖũĿāũŭ̇ Öłù ťũāƑāłŶĢłė āłŶũƘ ŋĕ ŶũÖłŭðŋŽłù

¦Ğā 'āťÖũŶĿāłŶ ŋĕ DĢłÖłóā ̛'zD̜ has directed three government social institutions (GSIs) to fully comply with the Philippine Financial Reporting Standards (PFRS) 4 in reporting their ŭŋóĢÖķ ðāłāƩŶ ķĢÖðĢķĢŶĢāŭ ̛œ dŭ̜̍

Rł Ö ðũĢāĕĢłė̇ DĢłÖłóā œāóũāŶÖũƘ !Öũķŋŭ F̍ 'ŋĿĢłėŽāơ RRR ŭÖĢù ŋł DũĢùÖƘ̇ 'āó̍ ˒̇ ŶĞÖŶ œŋóĢÖķ œāóŽũĢŶƘ œƘŭŶāĿ (SSS), the Government Service Insurance System (GSIS), and Philippine NāÖķŶĞ RłŭŽũÖłóā !ŋũťŋũÖŶĢŋł ̛”ĞĢķHealth) were not properly reporting ŶĞāĢũ ķĢÖðĢķĢŶĢāŭ̍

œ dŭ ũāťũāŭāłŶ ŶĞā FœRŭ̪ łāŶ ķāėÖķ ŋðķĢėÖŶĢŋł Ŷŋ ťÖƘ ŭťāóĢƩó̇ ėŽÖũÖłŶāāù ÖĿŋŽłŶŭ ŋĕ ĿŋłāƘ ŋũ ðāłāƩŶŭ Ŷŋ ŶĞāĢũ ťŋķĢóƘĞŋķùāũŭ̇ ƒĞĢóĞ ĢłóķŽùā ðŋŶĞ ÖóŶŽÖķ óķÖĢĿŭ Öłù ŶĞā ũāŨŽĢũāù ũāŭāũƑā for future claims.

The implementation of the direcŶĢƑā ƒĢķķ ŭŶÖũŶ ƒĢŶĞ ŶĞā ˑˏˑˏ ƩłÖłóĢÖķ reports of the SSS, the GSIS, and PhilNāÖķŶĞ̇ ƒĞĢóĞ ƒĢķķ ŭĞŋƒ Ö óŋĿðĢłāù ŶŋŶÖķ ķĢÖðĢķĢŶƘ ŋĕ ͊˘̍˘˓ ŶũĢķķĢŋł ÖĕŶāũ ĕŽķķ compliance with PFRS 4. ary animal and plant diseases,” Dar said.

̦¦Ğāŭā ėķŋðÖķ challenges will continue to impact adversely on food proùŽóŶĢŋł̇ ùĢŭŶũĢðŽŶĢŋł̇ and consumption łāƗŶ ƘāÖũ Öłù ðāƘŋłù̍ Hence, in the case of the Philippines and we at the Department of Agriculture, there Ģŭ Ö ĕāķŶ łāāù ĕŋũ ðĢėėāũ ðŽùėāŶÖũƘ ŭŽťport,” he added.

He further said that “there is an urgency for the government to support our farmers in ùāÖķĢłė ƒĢŶĞ ŶĞāŭā ėķŋðÖķ Öłù ķŋóÖķ challenges.”

¦Ğā ÖùùĢŶĢŋłÖķ ðŽùėāŶ̇ 'Öũ ŭÖĢù̇ ƒĢķķ ðā ÖķķŋóÖŶāù Ŷŋ ĕāũŶĢķĢơāũ ŭŽðŭĢùƘ ̛͊˗̍˘ ðĢķķĢŋł̜̇ óŋũł ťũŋėũÖĿ ̛͊ˑ ðĢķķĢŋł̜̒ Öłù ŽũðÖł ÖėũĢóŽķŶŽũā ̛͊ː̍ː ðĢķķĢŋł̜̍

Dar said the increase in prices of inorganic fertilizers due to the declinĢłė ėķŋðÖķ ŭŽťťķƘ ĞÖŭ ðāāł ÖķÖũĿĢłė̍

̦ Ģė óŋŽłŶũĢāŭ Öłù ťũŋùŽóāũŭ ĞÖƑā

Dominguez said there is no need for the ťŽðķĢó Ŷŋ ðā ÖķÖũĿāù ÖðŋŽŶ ŶĞāŭā ĞŽėā ķĢÖðĢķĢŶĢāŭ ðāóÖŽŭā ŶĞā

GSIS, the SSS, and PhilHealth are still ƩłÖłóĢÖķķƘ ŭŋŽłù Öłù óÖł ĿāāŶ ŶĞāĢũ ŋðķĢėÖtions to their respecŶĢƑā ĿāĿðāũŭ̍

Adoption of PFRS 4 will ensure the accurate and transparāłŶ ũāťŋũŶĢłė ŋĕ ðŋŶĞ the incomes and liÖðĢķĢŶĢāŭ ŋĕ ŶĞā œœœ̇ ŶĞā GSIS, and the PhilHealth.

“This directive is in line with the 'ŽŶāũŶā ÖùĿĢłĢŭŶũÖŶĢŋł̪ŭ āƦŋũŶŭ Ŷŋ āłŭŽũā ŶĞÖŶ ŶĞā ƩłÖłóĢÖķ ũāťŋũŶŭ ŋĕ FœRŭ Öũā ŶũÖłŭťÖũāłŶ Öłù ðÖŭāù ŋł ĕÖóŶŭ̧̍ Dominguez, the concurrent chairman ŋĕ ŶĞā œŋóĢÖķ œāóŽũĢŶƘ !ŋĿĿĢŭŭĢŋł ̛œœ!̜̇ ŭÖĢù̍

This new directive, he said, is only a change in accounting policy in terms of stocked up most of the fertilizer supply to ensure their loóÖķ ũāŨŽĢũāĿāłŶŭ ĕŋũ crop production and ĕŋŋù ŭāóŽũĢŶƘ̍ zŶĞāũ threats such as the rising oil prices, increasing prices of raw materials for feeds, and increasing cost of transport due to ðÖóĴķŋė Ģł ķŋėĢŭŶĢóŭ transport service are adding to the lingerĢłė āƦāóŶ ŋĕ ŶĞā ťÖłdemic, which is still ÖĕĕāóŶĢłė ŶĞā ėķŋðÖķ supply chain,” Dar said.

̦pŋƒ̇ Ŀŋũā ŶĞÖł āƑāũ̇ ŶĞā złā' family will strongly encourage local government units and the private secŶŋũ Ŷŋ ĢłƑāŭŶ Ģł ÖėũĢóŽķŶŽũā Öłù ƩŭĞāũƘ infrastructure and livelihood projects, particularly in palay procurement, provision of drying, storage and rice milling facilities, farmers’ trading, and consolidation centers, cold storage facilities and logistics like reefer and food delivery vans,” he further ũāóŋũùĢłė ŶĞā œ dŭ ŋĕ ŶĞā FœRŭ̇ Öŭ ũāŨŽĢũāù under PFRS 4.

ŋŋĴĢłė Öłù ũāťŋũŶĢłė ŶĞā œ dŭ Ģł accordance with the generally accepted accounting principles ùŋ łŋŶ ÖƦāóŶ ŶĞā FœRŭ̪ óÖŭĞ ƪŋƒ Öłù ĕŽłùĢłė situation.

He explained that ŶĞā FœRŭ ĞÖù łŋŶ ðāāł properly reportĢłė ŶĞāĢũ ķĢÖðĢķĢŶĢāŭ Ģł ŶĞāĢũ ƩłÖłóĢÖķ ŭŶÖŶāĿāłŶŭ ĕŋũ ː˔ ƘāÖũŭ̍ As a result, they have ðāāł ŋƑāũŭŶÖŶĢłė ŶĞāĢũ ĢłóŋĿā Öłù ŽłùāũŭŶÖŶĢłė ŶĞāĢũ ķĢÖðĢķĢŶĢāŭ ĕŋũ ƘāÖũŭ ĕŋũ ƩłÖłóĢÖķ ÖóóŋŽłŶĢłė purposes.

“It is only the Duterte administration that has acknowledged this issue and is determined to correct it once and for all in order to provide the stakeholders and policymakers with a more accurate financial situation said.

ðŽùėāŶ ŋĕ ͊˘˔ ðĢķķĢŋł Ģŭ ŋłķƘ ŭķĢėĞŶķƘ ĞĢėĞāũ ŶĞÖł ŶĞā ͊˖ː ðĢķķĢŋł ŶĞā DA received for this year.

'Öũ āÖũķĢāũ ŭÖĢù ŭŽóĞ Ö ðŽùėāŶ ķāƑāķ ƒĢķķ łŋŶ ðā āłŋŽėĞ Ŷŋ ðŋŋŭŶ ŶĞā óŋŽłtry’s agricultural production, which ĞÖŭ ðāāł ŋł Ö ùāóķĢłā ĕŋũ ŶĞā ťÖŭŶ ĕŋŽũ ŨŽÖũŶāũŭ̍

In an earlier statement, the PhilipťĢłā !ĞÖĿðāũ ŋĕ ėũĢóŽķŶŽũā Öłù Dŋŋù Rłó̍ ̛”! DR̜ ðķÖĿāù ŶĞā ' ƒĞƘ ŶĞā ĕÖũĿ ŭāóŶŋũ ƒĢķķ ũāóāĢƑā Ö ķŋƒ ðŽùėāŶ next year.

Ŷ ŶĞā ŶĢĿā̇ ”! DR ũāŨŽāŭŶāù 'Öũ Ŷŋ āƗťķÖĢł ŶĞā ƩłùĢłėŭ ŋĕ ŶĞā !ŋĿĿĢŭŭĢŋł ŋł ŽùĢŶ ̛!z ̜ ŋł ŶĞā ÖėāłóƘ̪ŭ ƩłÖłóĢÖķ Öłù ŋťāũÖŶĢŋłÖķ ĞĢėĞķĢėĞŶŭ ķÖŭŶ ƘāÖũ̍ ¦ĞĢŭ̇ ŭĢłóā ŶĞā ėũŋŽť ðāķĢāƑāŭ ŶĞÖŶ ŶĞā łāėÖŶĢƑā !z ƩłùĢłėŭ ƒĢķķ óŋĿťũŋĿĢŭā ŶĞā āƦŋũŶŭ ŋĕ ðŋŶĞ the private sector and the governĿāłŶ Ŷŋ Žũėā !ŋłėũāŭŭ Ŷŋ ėĢƑā ŶĞā ' Ö ĞĢėĞāũ ðŽùėāŶ ĕŋũ ˑˏˑˑ̍

In a formal letter to Dar in Septemðāũ̇ ”! DR ÖŭĴāù 'Öũ Ŷŋ āƗťķÖĢł ŶĞā ƩłùĢłėŭ ŋĕ !z ŭĞŋƒĢłė ŶĞā ĿĢŭŽŭā ŋĕ Öł āŭŶĢĿÖŶāù ͊˓˕̍˕˗ː ðĢķķĢŋł ŋĕ ťŽðķĢó funds that farmers were expecting to receive amid the harsh impact of the !zÁR'̟ː˘ ťÖłùāĿĢó Ŷŋ ŶĞāĿ̍ of government social institutions,” Dominguez added.

PFRS 4 is the current and interim accounting standard imposed on insurance entities in the Philippines. It was adopted from the International Financial Reporting Standards or IFRS, which provides guidance on the ťũŋťāũ ƩłÖłóĢÖķ ÖóóŋŽłŶĢłė ŋĕ ĢłŭŽũance contracts.

Under PFRS 4, when an insurance entity receives money from its memðāũŭ Öłù āłŶāũŭ ĢłŶŋ Ö óŋłŶũÖóŶ ƒĢŶĞ ŶĞāĿ Ŷŋ ťũŋƑĢùā ĿŋłāŶÖũƘ ŋðķĢėÖŶĢŋłŭ when certain events occur, it must set ÖŭĢùā Ö ũāŭāũƑā Ŷŋ óŋƑāũ ĢŶŭ ķĢÖðĢķĢŶĢāŭ̍

Nāłóā̇ ŶĞā óŋłŶũĢðŽŶĢŋłŭ̓ťũāĿĢŽĿŭ̓ĕāāŭ ŶĞā FœRŭ ũāóāĢƑā ŭĞŋŽķù ðā ũāƪāóŶāù Ģł ŶĞāĢũ ƩłÖłóĢÖķ ũāťŋũŶŭ ðŋŶĞ Öŭ ĢłóŋĿā Öłù ķĢÖðĢķĢŶƘ̍

Dominguez said full compliance ƒĢŶĞ ”D˜œ ˓ ƒĢķķ āłŭŽũā ŭŶÖðĢķĢŶƘ Öłù transparency throughout the reporting ťũŋóāŭŭ ŋĕ FœRŭ̇ ðŋķŭŶāũ ŶĞā óũāùĢðĢķĢŶƘ ŋĕ ŶĞāĢũ ƩłÖłóĢÖķ ŭŶÖŶāĿāłŶŭ̇ Öłù provide policymakers with accurate and factual information to make sound economic decisions.

Business

en-ph

2021-12-04T08:00:00.0000000Z

2021-12-04T08:00:00.0000000Z

https://manilabulletin.pressreader.com/article/281749862639260

Manila Bulletin Publishing Corp