Philippines shares cheer NCR’s shift to Alert Level 3

Philippine shares closed in the green on Thursday as investors cheered the National Capital Region’s (NCR) shift to a more relaxed Alert Level 3 from October 16 to October 31.

The bellwether PSEi gained 114.19 points or 1.62% to 7,183.11 at the closing bell. The broader All Shares increased by 40.69 points or 0.92% to 4,443.95.

“Investors bought back into the Philippine market as NCR eased its restriction to Alert Level 3, thus reopening the economy and stimulating more business activity,” Regina Capital head of sales Luis Limlingan said.

On Wednesday, the Inter-Agency Task Force (IATF) green-lighted the recommendation to downgrade Metro Manila’s alert status to Level 3.

Under Alert Level 3, several establishments will be allowed to operate at 30% indoor venue capacity only for fully vaccinated individuals and 50% outdoor venue capacity, provided that all employees are fully vaccinated.

“According to the latest guidelines, intrazonal and interzonal travel will be allowed, subject to reasonable restrictions. For the first time since lockdown, entertainment venues such as cinemas will now be allowed to take in guests as well,” Limlingan said.

“The alert level system however remains in effect only in Metro Manila and will be monitored for the next few days,” he added.

Socioeconomic Planning Secretary and National Economic and Development Authority chief Karl Kendrick Chua said Metro Manila’s downgrade to Alert Level 3 is consistent with the government’s trimmed economic growth target for this year.

More than 1.006 billion shares valued at P10.283 billion, changed hands. Advancers led decliners, 111 to 86, and 45 issues were unchanged. -NB, GMA News