Only in the Philippines!

There are many fascinating traits and practices that make up the Filipino character, making it interestingly remarkable at the same time odd. These qualities gave rise to the saying, “Only in the Philippines!”

During the recently held Asia-Pacific Economic Cooperation (Apec) summit, the Filipino’s brand of hospitality was displayed. It earned profuse praises from almost everyone.

Civilian cooperation was outstanding and police performance was exemplary. Activists held rallies. Yet, everything played out as a demonstration of the Filipino’s praiseworthy, yet sometimes absurdly odd character.

Speaking of something absurdly odd that may eclipse the recent “tanim-bala (bullet-planting)” issue is the “good news” announced by Manila Electric Company (Meralco).

Meralco proudly announced it is ready to implement the refund promised to customers in connection with the “Bill Deposit Update Program.” The bill deposit is required from customers as a guarantee for their payment.

The oddly amusing part of the story is that, while Meralco assured customers will be surely paid in full, this will only be done “if you are able to pay your monthly bills on or before the due date for three consecutive years.”

To add more insult to injury, Meralco went on coolly to say that, “We shall notify you once you have achieved this good payment record.”

The market also continues to be amusing like Meralco’s policy. It was able to advance with hardly a change in both the world and local economic settings.

The market’s advance was modest, with the weekly gain only at 22.92 points or 0.58 points. Much of it were earned in last Friday’s trading, when the market ended with a net gain for the day of 107.43 points or 1.57 percent. It also brought the benchmark index back near the take-off 7,000 psychological level at 6,932.81.

It was the property sector that led the advance with its net gain of 66.62 points or 2.31 percent when it closed for the week at 2,956.67. The power behind the sector’s advance was from the strong stock price actions in Ayala Land, Inc. (ALI). ALI made a net advance of 5.39 percent as it closed at P35.20 a piece.

Next was the services sector, which made a total advance of 17.06 points or 1.11 percent.

On the other hand, the financial sector’s advance did not come from any particular stock on its list but from the fair pricing received by its component stocks across the board.

One stock was behind the holding firm sector’s advance. This mainly came from the strong price action on Lopez Holdings Corporation (LPZ) stocks, based on considerable volume and value turnover.

Of note, daily average transaction for the week was low at P5.58 billion. This was a far cry from the market’s year-to-date daily average of P9.15 billion.

Also, the percentage of market participation for the week by foreign investors was high at 60.17 percent—because they were net sellers.

There may still be enough reasons to be optimistic of the market. Better stay tuned.

(The writer is a licensed stockbroker of Eagle Equities, Inc. You may reach the Market Rider at [email protected], [email protected] or at www.kapitaltek.com)