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BSP, Fed quips calm local mart

Philippine Stock Exchange index closed at 6,727.60 up by 132.94 points



URC’s Thailand subsidiary delivers a good news as it receives the Good Environmental Governance Award 2021 from the Industrial Estate Authority of Thailand. At the awarding ceremony are Wattawut Ueaphumirat (left), Integrated Supply Chain Director, URC (Thailand) Co., Ltd. and Witoon Ekpiriyamont, Environment Health and Safety Manager. | Photograph courtesy of URC

Stocks were bought ahead of the Bangko Sentral ng Pilipinas (BSP) meeting and as investors digested the retail numbers that came in line with consensus.

Consumer spending on retail rose 0.9 percent, while retail sales ex-autos rose 0.6 percent in April, according to the US Census Bureau.

The Philippine Stock Exchange index closed at 6,727.60 up by 132.94 points.

Recent market swing was also influenced by US Federal Reserves Chairperson Jerome Powell’s statement at a Wall Street Journal conference, saying that “there won’t be any hesitation” about raising rates until inflation is under control, Regina Capital Development Corp. managing director Luis Limlingan said.

A 25 basis points (bps) rate hike is expected to take place at the third policy-setting meeting by the Monetary Board today.

Ahead of the meeting, Diokno was quoted as saying the BSP stands ready to adjust our monetary policy settings, should we see material risk of these supply-side pressures spilling over to the demand side.

URC’s Thai unit cited

Listed Universal Robina Corp. (URC), meanwhile, reported its subsidiary in Thailand has been recognized with the Good Environmental Governance Award 2021 for two of its facilities at the Samut Sakhon Industrial Estate, southwest of Bangkok.

“It’s an honor to be recognized for our excellent business conduct in all aspects of our operations” Tanant Suwanraks, general manager of URC Thailand, said.

“This award inspires us to strengthen our sustainability practices and ensure that we continue to meet good environmental governance standards,” he added.

The award, in recognition of two URC Thailand plants (4 and 6), was presented by Dr. Veeris Ammarapala, governor of the Industrial Estate Authority of Thailand.

In 2018, the company was awarded the same Good Environmental Governance Award for plants 1 and 3.

URC Thailand has been operating since 1992 and currently has five manufacturing facilities in the country. It produces some of Thailand’s top snacks under the Jack n Jill brand such as Dewberry, Cream-O, Roller Coaster, Tivoli, Lausanne, Dynamite, Lush and Fun-O, which was awarded as Thailand’s most admired biscuit brand in 2021.