GMA Network dominates 44th Catholic Mass Media Awards with 18 recognitions

by Manila Bulletin Entertainment

For the second year in a row, “Saksi” won the Best News Program award. The late-night newscast is anchored by GMA News pillar Arnold Clavio (third from left) and seasoned broadcast journalist Pia Arcangel (third from right). Joining the in accepting the award are First Vice President and Head of GMA Regional TV and Synergy and Acting Head of GMA Integrated News Oliver Victor Amoroso (rightmost) and Vice President and Deputy Head for News Programs and Specials Michelle Seva (second from right).

For consistently delivering stellar and value-filled news, public service, and entertainment programs, GMA Network dominated the 44th Catholic Mass Media Awards (CMMA) with 18 recognitions during the awarding ceremonies held last Nov. 23.

The Kapuso Network’s “Love Together, Hope Together: GMA Christmas Station ID” took home the Best Station ID award. A holiday treat that Kapuso viewers look forward to every year, the Network’s Christmas station ID in 2021 also served as a reminder to everyone that as long as there is love and hope in each other’s hearts, Christmas will always be brighter and better if Filipinos are together.

GMA Integrated News programs earned top plums for their respective Super Typhoon Odette coverage. 

For the second year in a row, “Saksi” won the Best News Program award. Anchored by GMA News pillar Arnold Clavio and seasoned broadcast journalist Pia Arcangel, the late-night newscast provided an extensive coverage of the typhoon’s wrath in Central Philippines and the Visayas. Saksi captured not just the devastation but also the government’s relief and rescue efforts, ending with a montage of the patented Bayanihan spirit.

‘Wish Ko Lang’ took home the Best Drama Series/Program. Accepting the award was host Vicky Morales.

Meanwhile, GMA’s flagship newscast and CMMA Best News Program Hall of Famer “24 Oras” earned the Best Special Event Coverage award also for its outstanding coverage of Super Typhoon Odette. Anchored by GMA News pillars Mel Tiangco, Mike Enriquez, and Vicky Morales, 24 Oras provided viewers the information and public service at a time when they needed it the most.

“Wish Ko Lang” added another feather to its cap as it took home the Best Drama Series/Program. Hosted by Vicky Morales, Wish Ko Lang recently celebrated 20 years of granting wishes with cinematic anniversary episodes and biggest presents to date.

Championing sportsmanship among viewers, GMA Synergy’s “Stronger Together, Buo ang Puso: NCAA Season 97” was hailed as the Best Children & Youth Program. NCAA Season 97 marked the much-awaited return of the Men’s Basketball and Women’s Volleyball tournaments. 

The Kapuso Network also dominated the Radio category with its flagship AM and FM stations Super Radyo DZBB 594 and Barangay LS 97.1 Forever! taking home numerous awards.

‘GMA Regional TV Live!’ took home the Special Citation for Best Public Service TV Program.  Receiving the award are GMA First Vice President, Head of GMA Regional TV and Synergy, and Acting Head of GMA Integrated News Oliver Victor B. Amoroso (right), AVP and Station Manager for RTV Central and Eastern Visayas Ann Marie Tan (second from right), Program Executive Producer Mark Regie Abella (third from right), Senior Program Manager Suzzanne Alueta (fourth from left), and Program Host Cecille Quibod-Castro (third from left).

Winning the Best News Program was DZBB’s newscast “Super Balita sa Umaga Nationwide.” The tandem of Arnold Clavio and Connie Sison in “One on One, Walang Personalan” was named Best News Commentary, while earning the Best Public Service Program award was “Serbisyo on the Spot.”

Taking home the Best Entertainment Program, on the other hand, was “Barangay Love Stories” hosted by Papa Dudut of Barangay LS 97.1 Forever!

GMA Synergy’s “Limitless: A Musical Trilogy – Breathe” was conferred with Best Digital Advertisement – Public Service category. Breathe is the first installment of the one-a-kind musical journey “Limitless, A Musical Trilogy” headlined by Asia’s Limitless Star Julie Anne San Jose. Limitless also won the Silver World Medal at the 2022 New York Festivals TV and Film Awards.

Several Kapuso programs and projects were also conferred with Special Citations.

Asia’s Limitless Star Julie Anne San Jose. GMA Synergy’s ‘Limitless: A Musical Trilogy – Breathe‘ was conferred with Best Digital Advertisement – Public Service category. 

Earning Special Citations for Best TV Special are GMA Public Affairs’ specials “The Jessica Soho Presidential Interviews” and “Year of the Superhero.” 

Hosted by GMA News pillar Jessica Soho, “The Jessica Soho Presidential Interviews” set the bar high for future election specials, with Soho boldly asking four of the leading presidential aspirants tough questions. Meanwhile, “Year of the Superhero” was GMA News and Public Affairs’ year-end special, which featured inspiring stories behind some of the most heroic moments of 2021. The special was hosted by Kapuso power couple Dingdong Dantes and Marian Rivera.

Hit primetime series “First Lady” won a Special Citation as Best Drama Series/Program. The sequel to the Philippines’ No. 1 show for 2021, “First Yaya” (The First Nanny), “First Lady” stars the swoon-worthy pairing of award-winning actor Gabby Concepcion and dazzling actress Sanya Lopez.

GTV’s public affairs show “I Juander” likewise earned a Special Citation as Best News Best Adult Educational / Cultural Program. Hosted by Susan Enriquez and Mark Salazar, I Juander feeds Filipinos’ inherent curiosity about their identity and culture.

Papa JT and Papa Dudut

For giving Kapuso in the regions more reasons to ‘wake up to a new morning,’ “GMA Regional TV Live!” took home the Special Citation for Best Public Service TV Program. Airing weekdays via GMA Regional TV’s Central and Eastern Visayas channels, GMA Regional TV Live! is hosted by Cecille Quibod-Castro and Nikko Sereno.

Super Radyo DZBB 594’s “Bahay at Buhay Kasama si Lala Roque” and “Sumasapuso kasama si Toni Aquino” earned Special Citations as Best News Feature and Best Entertainment Program, respectively.

Also receiving the Special Citation in Best Digital Advertisement – Public Service category was the Network’s election advocacy campaign, “DapatTotoo, GMA News and Public Affairs.”

Over the years, the Kapuso Network has been recognized by the CMMA for upholding Filipino and Christian values through its wide selection of shows and telecasts.

Stocks rally past the 6,600 level

by James A. Loyola

The local stock market finished strong after a sluggish start to end the week at the 6,600 level as foreign buying continued.

The main index rose 77.43 points or 1.17 percent to close at 6,606.94 with the Property sector leading the rally although the Industrial counter lagged behind. Volume grew to 489 million shares worth P7.14 billion as gainers topped losers 100 to 69 with 42 unchanged. 

PSE

“The Philippine market remained upbeat as investors continued to assess the latest meeting minutes and its implications,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “The latter signaled that the central bank is seeing progress in its fight against high inflation and is looking to slow the pace of rate hikes, meaning smaller ones through the end of this year and into 2023.”

Philstocks Financial Research Manager Japhet Tantiangco said “The local market extended its rally this Friday still due to expectations that the Federal Reserve and the Bangko Sentral ng Pilipinas will take a slower pace in their monetary tightening.”

He added that, “Investors also digested the Philippines’ October foreign portfolio investments which registered a net inflow of $83.44 million.”

Ballet Philippines brings back the magic this holiday season with ‘The Nutcracker’

Published November 25, 2022, 11:54 AM

by Feliciano Rodriguez III

After two years of lockdowns, it’s time to go back to the theatre and enjoy this treasured holiday show

Ballet Philippines closes the year 2022 with a full-length, on-site, ballet of “The Nutcracker,” a first since the start of the COVID-19 pandemic. There will be performances at the CCP Main Theater on Dec. 17, 8 p.m., and on Dec. 18, 2 p.m and 8 p.m.

“It’s time to go back and watch,” exclaimed Ballet Philippines’ President Kathleen Liechtenstein, at a media preview of the ballet, which was held at the beautiful and historic Mira-Nila House in Quezon City.

After two years of just watching shows remotely, Lichtenstein told guests that it was high time to get out again and enjoy ballet, and that “The Nutcracker” is the perfect piece for the “new normal” holiday season.

The Mira-Nila House was the perfect venue for the press preview. The old, genteel mansion was a suitable backdrop for the minutes-long ballet preview. The skillful Ballet Philippines dancers pranced, twirled, and wowed guest at the mansion’s courtyard. The ballet company also showed off the wondrously designed costumes that are to be featured in this year’s “The Nutcracker.”

Ballet Philippines’ Artistic Director Mikhail “Misha” Martynyuk was also present, “The uniqueness of our performance is its high level of musicality. Every scene is built precisely to the rhythm of the composer’s work.”

Lichtenstein also revealed that this year’s The Nutcracker will be extra special, as it will be performed to live music from the Manila Symphony Orchestra.

“Playing time-honored compositions of Peter Tchaikovsky, audiences can expect complete enchantment as music and dance transport senses to the Land of The Sugar Plum Fairy,” they shared.

Choreographed by Martynyuk, this full length performance of The Nutcracker brings the complete Christmas experience to audiences. Martynuk explains, “We are creating a fresh version while still respecting the classical version of the play. The performance will not only uphold the motives of E.T.A Hoffman’s Nutcracker and The Mouse King, it equally showcases the brilliant libretto of Marius Petipa.”

For tickets to Ballet Philippines’ The Nutcracker, visit www.ballet.ph or go to TicketWorld

I feel I'm not good enough

Often in life we come across such relationships and people, who are never happy with you. There may be times when you have given your all but you still realize that you’ll never be good enough for some people.

This feeling is really sad and hurting which makes you doubt yourself. This is when you feel the world will never be satisfied with you, and there could be days when you feel like a failure.

But life is not about perfection, it's about accepting people we love as they are. When the expectation of one person is too high it's not possible to be every good enough for them no matter what you do. Never let this feeling make you depressed and feeling low.

Among daily changes within the world of work, there’s never been a better time for employees to cultivate skills to help them better manage workplace challenges. This is where the idea of the ‘growth mindset’ comes roaring in – the belief that workers are capable of actively improving their abilities, rather than being innately able or unable to complete certain tasks.

Yet, this ‘can do’ mindset can be more difficult to harness than it seems. Doing so means getting comfortable with embracing hurdles, learning from criticism and persisting when things get difficult.

Even if we believe that such tenacity is worth developing, in practice, doubts and fears can dominate. “We're wired to believe our emotions,” says Elaine Elliott-Moskwa, psychologist and author of The Growth Mindset Workbook, based in Princeton, New Jersey, US. “When a person says ‘I feel I'm not good enough’, that feeling is very powerful, even though that is a belief about their abilities.”

At the heart of the growth mindset is learning to overcome such feelings of inability or inadequacy in the face of obstacles, and instead recognise an opportunity to learn. And there can be profound benefits to cultivating this approach. Employees with a growth mindset can tap into useful skills to manage stress, build supportive relationships with colleagues, cope with failure and develop attributes to help further their careers.

Approaching a challenge with a growth mindset over a fixed mindset is a choice anyone can take

Stanford professor and psychologist Carol Dweck narrowed this concept down to two approaches that can determine results: ‘fixed mindset’ and ‘growth mindset’. “Fixed mindset is the idea that your abilities are high or low, and there's not too much you can do to change it,” says Elliott-Moskwa, “whereas the growth mindset is the view that your abilities are malleable or changeable.”

While some people may naturally lean more one way than the other, people don’t outright have either a fixed or growth mindset to all problems, full stop – instead, approaching a challenge with a growth mindset over a fixed mindset is a choice anyone can take.

For many people, though, moments of difficulty often spur fixed mindsets. For example, says Elliott-Moskwa, when people take in criticism from a boss, or struggle with a new task, they might feel a sense of inadequacy. In these situations, a fixed-mindset response might be “I’m not good enough”, or “I can’t do it”, she says.

By contrast, a growth mindset approach takes a different tack on the same situation. People with growth mindsets don’t interpret such moments as personal failings, but instead recognise a need to improve. Crucially, people working with a growth mindset believe they are capable of such improvement, and are able to break down challenges into achievable steps.

This means getting out of the comfort zone and accepting a certain level of risk, uncertainty and the potential for failure that comes with trying something new. “It feels a little bit uncomfortable, and also a little bit exciting,” says Isabella Venour, a London-based mindset coach, who helps professionals understand the role their beliefs, values and patterns of thinking play in the workplace. “You've got a bit of risk that it might go wrong, but you’ve also got the potential to learn something and to grow as an individual.”

Why is the growth mindset important in the workplace right now? A can-do approach is always a plus in the workplace – it demonstrates that workers are adaptable and willing to evolve within their jobs and organisations. But fostering a growth mindset plays an important role in helping workers navigate turbulence as well as improve resilience as they feel more confident and capable of handling difficulties.

How can you improve your growth mindset? The first step towards encouraging a growth mindset is personal awareness: the ability to identify fixed-mindset thinking when it occurs, which often manifests as feelings of discomfort or inadequacy in the face of a challenge.

First, Elliott-Moskwa advises recognising and accepting such feelings – instead of beating yourself up about them. “Then, mindfully make another choice to take an action step in keeping with what you would be doing if you had a growth mindset – the belief that you could increase your abilities,” she says.

To help clients approach obstacles with a growth mindset, Venour often breaks down challenges that feel overwhelming into smaller pieces. For example, if a worker feels unable to give a presentation in front of colleagues, “how much of that is emotional and how much of that is factual?”, she asks. “Can they talk? Yes. Have they spoken in front of more than one person before? Yes. Have they done presentation slides before? Yes. So, if there are elements that they can do, [what] is the bit that they’re not comfortable with?”

Narrowing down an overwhelming challenge to a specific point of difficulty helps workers focus, and reduces the element of learning required to an achievable level.

Often, the learning itself requires asking for help. One of the key concepts of growth mindset is seeing others as inspiration rather than competition, an approach that can help foster collaborative teams. “If workers view others as resources and not as competitors, they’re open to sharing other people's skills and abilities and learning from fellow employees,” says Elliott-Moskwa.

Over time, recognising fixed mindset and practicing a growth mindset can become easier, and the prospect of taking on challenges less daunting. “Growth mindset is an empowering attitude,” says Venour. “You can really develop and grow over time as a person.”

Sometimes you might feel like you're not good enough or unique enough, but everyone is! Everyone has different personalities.

The world awaits New Year’s Countdown to 2023

by Manila Bulletin Entertainment

The countdown to the new year is on, and Newport World Resorts is capping off The World of Christmas festivities with the much anticipated New Year’s Countdown to 2023.

Power-packed performances from Power Divas Lani Misalucha and Gigi De Lana are on the slate of the Newport Performing Arts Theater (NPAT) for an epic countdown experience for a live audience on Dec. 31, starting at 9 PM.

Cap the year on a high note as Asia’s Nightingale Lani Misalucha mesmerizes with her classic hits with multi-instrumentalist Mel Villena and the big AMP band. There is nothing like welcoming the new year with the new generation diva Gigi De Lana and her band The Gigi Vibes as they pump up the evening with vibrant performances.

The grand event will be hosted by multi-talented artist, Nicole Laurel Asensio. Sweet endings and lucky
beginnings await guests as tickets are inclusive of special prize and F&B voucher worth Php 1,000.

The New Year’s Countdown is the grand culmination of Newport World Resorts’ series of live events for The World of Christmas holiday celebration. Tickets are now available at all TicketWorld and SM Tickets
outlets: P13,800 (PLATINUM) P12,500 (SVIP), P11,300 (VIP), P6,500 (GOLD), P4,800 (SILVER), and P3,000 (BRONZE). For inquiries, contact the Newport World Resorts National Sales Team via Archli Enriquez at 0917 823 9602 and Kenneth Navoa at 0917 807 9387, or call Ticketworld (02) 8891-9999, or SM Tickets (02) 8470-2222.

Escape the ordinary at Newport World Resorts, you know you want to. For more information on The World of Christmas presented by Newport World Resorts, visit www.newportworldresorts.com and follow @newportworldresorts on Facebook and Instagram, and @nwresorts on Twitter.

Make the most of your visit and sign up for an Epic Membership or download the Newport World Resorts Mobile App for free at the Apple App Store and Google Play Store.

Do not forsake the elderly

Published November 25, 2022, 12:05 AM

by Manila Bulletin

“Do not cast me away when I am old; do not forsake me when my strength is gone.”

Citing this biblical passage from Psalm 71:9, Manila Rep. Bienvenido Abante Jr. called for the establishment of a geriatric hospital and more benefits for senior citizens.

In pushing for measures to care for the elderly, Abante cited the Longitudinal Study of Aging and Health in the Philippines (LSAHP), showing that “Filipinos aged 60 and above are far less healthy and economically secure than the younger, working-age Philippine citizens.”

The study was presented at the recent “Policy Priorities for Dignified Aging Webinar,” organized by the Congressional Policy and Budget Research Department.

To underscore the urgency of his call, the congressman said indicators in the LSAHP study “reinforce the case for better care, increased benefits, and special programs to address the concerns of our senior citizens.”

“In the twilight of their lives, our senior citizens should be able to rely not just on their families, but also on the state. Having served as productive members of society, they have earned the right to rest, retire, and live the rest of their days free from sickness and stress,” he said. “I feel that the greatest concerns of most of them that need to be addressed with urgency are financial assistance, mobility, medical and health care, and recreational and health activities, which may ultimately address the issues of stress and depression among them.”

Abante has filed House Bill No. 191 (Geriatric Health Act) that calls for the establishment of a National Center for Geriatric Health and Research Institute as well as regional geriatric specialty centers in DOH-retained hospitals. Aside from this, Abante also filed HB 4543 (An Act Increasing and Expanding the Benefits Granted to Senior Citizens).

The Manila solon’s move is aligned with the UN Decade of Healthy Ageing, a global collaboration that “seeks to reduce health inequities and improve the lives of older people, their families and communities through collective action in four areas: changing how we think, feel and act toward age and ageism; developing communities in ways that foster the abilities of older people; delivering person-centered integrated care and primary health services responsive to older people; and providing older people who need it with access to quality long-term care.”

The United Nations General Assembly declared 2021–2030 the UN Decade of Healthy Ageing after the World Health Organization (WHO) observed that “people worldwide are living longer,” noting that one in six people in the world will be aged 60 years and above by 2030.

On the domestic front, the Commission on Population and Development (POPCOM), citing data from the Philippine Statistics Authority, said that in 2020, Filipinos 60 years old and above comprised 8.5 percent of the population, or 9.2 million — more than 50 percent higher than the 4.5-million elderly population in 2000.

We express hope Congress would heed the Manila congressman’s call because of its social impact, it’s a response to the UN’s global collaboration, and its biblical implication.

We need to care for the elderly.

As we begin another liturgical year

By Fr. Roy Cimagala *

THE season of Advent, which this year starts on November 27, marks another beginning of the liturgical year or the Church year. The immediate thought that comes to mind in this transition of the old and new liturgical years is that while we should have the mind of ending well and also beginning well, we should neither forget that this cycle of life is meant to catapult us to the eternal life where there will be no more changes of seasons and shifts of days and nights.

We have to understand then that the season of Advent implies that we have to learn how to begin again very well. What is presumed is that we have a global picture of our life. 

We ought to know the different constitutive elements of our life here on earth as well as their relations among each other. We have to distinguish as well as relate the different dimensions of our life, like the material and the spiritual, the temporal and the eternal, the natural and the supernatural, the mundane and the sacred, the theory and the praxis, piety and morals, work and prayer, etc.

In this regard, we have to learn how to be properly focused amid the many distractions we have today. At the moment, we can see a disturbing development involving many people, especially the young. A big segment of the people is getting addicted to games and the many other novelties played out in the Internet and in the new technologies.

They are now more self-centered and self-absorbed, prone to idleness, laziness and comfort and pleasure seeking. God and their relationship to others are all but blotted out of their consciousness.

In this regard, we have to be most careful in handling our intentions. They play a strategic role in our life, for how and where we direct them would determine whether we want to be with God and simply with our own selves.

         Our intentions express who and where in the end we want to be. Do we choose God, or do we simply choose ourselves, or the world in general? It’s actually a choice between good and evil.

       

           Even if we are not aware, or refuse to be aware, of this choice, which is usually the case, the choice between God and us, between good and evil is always made with every human act we do. 

             

             We need to realize then that we have to take utmost care of our intention, making it as explicit as possible, and honing it to get engaged with its proper and ultimate object, who is God. 

We should try our best to shun being simply casual or cavalier about this responsibility. We can easily play around with it, since intentions are almost invariably hidden from public knowledge. We are urged to be most sincere in directing our intentions properly.

We can easily fall into hypocrisy and deception, doing what can appear good externally but is not internally, since we could refuse giving glory to God, which is the proper intention to have, and instead feed and stir our vanity, pride, greed, lust, etc.

             Our intentions can and should only have at their core the love of God, the giving glory to God. As St. Paul once indicated, “Whether you eat or drink, or whatsoever else you do, do all to the glory of God.” (1 Cor 10,31) That’s how our acts become good, or moral. Otherwise, they are bad, or at least dangerous.

* Chaplain Center for Industrial Technology and Enterprise (CITE), Talamban, Cebu City

Email: roycimagala@gmail.com

Global Peace Festival set in Clark

By The Manila Times

THE Global Peace Foundation will host the Global Peace Festival 2022 on December 1 to 3 at Clark Global City in Pampanga with the theme "One Family Under God: A Vision for a World of Freedom and Peace."

The event, which was launched on Wednesday at the Marriott Hotel in Clark, Pampanga, will gather thousands of global peace advocates from all over the world. It will provide them with a platform to exchange best practices and build multisector collaborations to promote long-term peace and development.

The Philippine national motto will be highlighted at the event — Maka-Diyos, Maka-tao, Makakalikasan at Makabansa (For God, People, Nature and Country). The phrase expresses a collection of four essential Filipino principles, each of which is linked to the others.

"It is exactly in times of uncertainty that a clear vision is needed to provide solutions to the many vexing problems of our age," Dr. Hyun Jin Preston Moon, chairman of the Global Peace Foundation, said in his speech.

The three-day event will feature three major programs — the Service Learning Program, Global Peace Leadership Conference and the Global Peace Festival.

The Service-Learning Program focuses primarily on young people and addresses local issues in celebration of International Volunteers' Day through simultaneous service project missions by women and the youth.

The Global Peace Leadership Conference is a high-level strategic event that aims to build networks of key leaders and address critical issues on education, women, corporate social responsibility, religious freedom, peace and security, and the media.

The Global Peace Festival, meanwhile, will be the highlight of the event. It aims to inspire, motivate and activate a global network of people to work together to realize the dream of One Family Under God.

The famous KPop co-ed group K.A.R.D, PPop Girl Group BINI and the Filipino Autotelic will perform live and free of charge during the peace concert.

The main organizer, Global Peace Foundation, is an international nonsectarian, nonpartisan, nonprofit organization established in 2009. It aims to promote an innovative, values-based approach for peace motivated by the idea of One Family Under God.

The Global Peace Festival was first launched in the Philippines in 2007.

DMW warns of fraudulent job offers on Facebook

by Jun Marcos Tadios, MB

Department of Migrant Workers (DMW) Secretary Susan Ople warned the public, especially those seeking jobs abroad, against online illegal recruitment scheme offering jobs for Filipinos to work in Myanmar and Thailand.

This, after the government rescued 12 overseas Filipino workers (OFWs) who were duped into working as online scammers allegedly being run by Chinese mafia in Myanmar.

Ople said she met with the rescued victims of a Chinese call center based in a remote area in Myanmar near the border of Thailand and was informed that most of the victims were offered a job as “customer service relations” and “technical support” staff in a Chinese-operated company.

“According to the victims, they were recruited online via Facebook and promised a monthly salary of P40,000 for six months of work as data encoders, customer service relations, and technical support staff,” said Ople.

“They were also made to believe that they would be working in Thailand but ended up in a ‘techno park’ in a remote area in Myanmar that took eight hours to reach by land travel and by foot,” she added.

The victims were part of a larger group of 12 people rescued from their Chinese handlers through the coordinated efforts of the Office of Senator Risa Hontiveros, the DMW, and the Department of Foreign Affairs (DFA).

“Our department wishes to thank Senator Risa Hontiveros. It was a communication between one of the victims and the staff of Senator Risa that triggered a lot of things. She met one of the victims yesterday and I met around 10 of the human trafficking survivors,” Ople echoed.

The victims confessed to Ople that they were assigned to a cubicle and given instructions through Google Translate.

“They (OFWs) were instructed by the Chinese to enter dating apps and other social media platforms to search and cultivate relations with potential bitcoin investors,” the official added.

Meanwhile, acting POEA Administrator and DMW Undersecretary Bernard Olalia signed Advisory No. 54 on August 2, 2022, suspending any further deployment to Myanmar.

The advisory warns aspiring OFWs from applying for jobs in Myanmar due to violence and armed conflict and the rising incident of illegal recruitment and human trafficking.

 

Peso appreciates to P56-level

by Lee C. Chipongian, MB

The peso strengthened vis-à-vis the softer US dollar on Wednesday, Nov. 23, at P56.94, appreciating by P0.43 from its close of P57.37 the day before.

This is the first time the peso was back at the P56-level since the first week of July this year.

Based on Bankers Association of the Philippines data, the peso closed at its strongest on Wednesday, after hitting a low of P57.33, but still better than the previous close.

PH peso/Manila Bulletin article photo

The spot market’s weighted average rate was P57.203 versus P57.394 last Tuesday. Total volume stood at $687.85 million from $684.40 million.

The US dollar has been weakening in the last month following the US Federal Reserve’s pronouncements of lesser rate increases in the next quarters. The tamer US inflation which was still decades high, is also contributing to the softening of the greenback.

When the US dollar was its strongest, the peso depreciated to P59 on Sept. 29, the lowest exchange rate on record. The previous record was P56.45 in 2004.

The Bangko Sentral ng Pilipinas (BSP) in its latest Monetary Policy Report said the exchange rate could remain above the P55-level until next year and possibly in 2024.

The inter-agency Development Budget Coordination Council (DBCC) has an exchange rate assumptions of P51 to 53 versus the greenback for 2022, and P51 to P55 for 2023 and 2024. The DBCC approved the exchange rate assumptions last July 8, when the peso was at P56.

The BSP said the projected exchange rate reflects “the continued depreciation of the peso as well as higher outlook for US interest rates” and that it was “consistent with cumulative policy rate hikes by the Federal Reserve of 425 bps (basis points) in 2022 and 50 bps in 2023.”

Since June this year, the strong US dollar has caused the peso to sharply depreciate. It fell to P53 on June 10, P54 on June 17, P55 on June 29, P56 on July 7, P57 on Sept. 6, P58 on Sept. 21 and P59 on Sept. 29.

The country’s exchange rate policy supports a freely floating exchange rate system where the BSP leaves it to market forces to dictate the exchange rate level. The BSP will only enter the spot market to ensure “order and temper destabilizing swings” in the peso-US dollar rate.