PSE board member sees 'better' 2019 for stocks | ABS-CBN

ADVERTISEMENT

dpo-dps-seal
Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!

Business

PSE board member sees 'better' 2019 for stocks

PSE board member sees 'better' 2019 for stocks

Michelle Ong,

ABS-CBN News

 | 

Updated Jan 02, 2019 01:37 PM PHT

Clipboard

MANILA – This year is shaping up to be a "better" one for the stock market, as equities ride on a strengthening peso and easing inflation, an official of the local bourse said Wednesday.

The Philippine Stock Exchange Index was up 0.39 percent to 7,494.78 at noon on the first trading day of the year. The benchmark could reach the 8,400 level by year-end if corporate earnings grow at an average 8 to 10 percent, said PSE board member and fund manager Wilson Sy.

"We are quite hopeful that we will have a better year this year," Sy told ANC. There could be more initial public offerings if the market rebounds this year, he said.

A new brass bull and a new bell were commissioned for the PSE's new trading floor, which began operating in February last year.

ADVERTISEMENT

More investment products will help encourage the public to invest, said PSE board member Vivian Yuchengco. Real Estate Investment Trusts or REITs could be launched as early as the first quarter, she said.

Short selling products can also help tap foreign investors, PSE president and CEO Ramon Monzon said.

In short selling, a trader borrows shares whose price he thinks will decline and then sells them in the open market. Once the shares' price falls, he buys them back at the lower price and returns them, making a profit via difference in the stock's old and new price.

Monzon said companies might also "reconsider" their initial public offerings (IPOs) if the market improves this year.

"They say when you’re down there’s only one way to go, to go up, right? This is the year we hope," Monzon said.

ADVERTISEMENT

Business

DA to put up close to 100 cold storage facilities under P3-B program

DA to put up close to 100 cold storage facilities under P3-B program

ABS-CBN News

Clipboard

Customers sift through red onions at a stall in Divisoria market in Manila on Aug. 18, 2022. George Calvelo, ABS-CBN News/File

MANILA — The government will this year start construction of around 99 cold storage facilities meant to help extend the shelf life of produce and keep supply and prices stable, the Department of Agriculture said in a release Sunday.

The planned facilities, which are part of a P3-billion DA project, will have low operating costs and will be powered by renewable energy sources and by the power grid.

“This approach not only addresses immediate agricultural needs but also aligns with broader environmental goals,” Agriculture Secretary Francisco Tiu Laurel Jr. said.

The DA said most of the smaller cold storage facilities — modular chillers that can store between 7 to 15 metric towns — are expected to be operational within the year.

ADVERTISEMENT

Larger facilities will take longer, around 18 to 22 months to build, the DA said, adding there are plans to put those up in Camarines Sur as well as in Oriental Mindoro and Nueva Ecija.

“The DA will oversee and manage these mega-cold storage facilities through and in cooperation with local government units, and farmers' cooperatives and associations to ensure efficient operations and community involvement,” it also said.

Funding for the project will come from P1.5 billion in unprogrammed funds in the 2024 national budget and another P1.5 billion in the budget for this year.

"By improving the cold chain infrastructure, we will strengthen the agricultural sector, reduce farm losses, extend the shelf life of agricultural products, stabilize supply and prices, and ensure food security,” Tiu Laurel said.

Lack of cold storage facilities has contributed to produce being sold at a loss or left to spoil, and to price spikes in goods like onions.

ADVERTISEMENT

ADVERTISEMENT

It looks like you’re using an ad blocker

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker on our website.

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker on our website.