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Gov’t partially awards T-bills

THE GOVERNMENT partially awarded the Treasury bills (T-bill) it auctioned off yesterday, rejecting some bids for the shortest tenor, as investors expect domestic inflation to decelerate further this year.
It even offered an over-the-counter (OTC) sale of the T-bills as well as a tap facility to take advantage of the strong demand.
The Bureau of the Treasury (BTr) borrowed P16.72 billion out of the P20 billion it intended to raise at its T-bills auction on Monday, its first offering for the year.
Bids from market participants amounted to P29.4 billion, with the bulk of the demand going to the longer tenors.
Broken down, the Treasury borrowed just P2.72 billion out of the programmed P6 billion via the 91-day tenor yesterday. Tenders reached P4.344 billion, also below the amount the government intended to raise. The average rate for the papers went up 8.8 basis points (bp) to 5.411% from the 5.323% fetched during the previous auction.
For the 182-day T-bills, the government borrowed P6 billion as planned out of bids totalling P9.166 billion. Its average yield increased 8 bps to 6.424% from the 6.344% fetched at the auction last Dec. 10 and also bounced back from the full rejection the made for the tenor at the Dec. 17 offering.
The Treasury also made a full award of the 364-day papers, accepting the programmed P6 billion out of total offers amounting to P15.78 billion. The average yield rose 5.6 bps to 6.641% from the 6.585% quoted for the previous award. The government also rejected all bids for this tenor last Dec. 17.
According to the Treasury’s website, it opened a tap facility from 2 to 4 p.m. yesterday for the one-year papers. The facility was opened to the 10 firms who have been named as market makers.
Aside from this, the Treasury also opened the OTC sale of the 91-, 182- and 364-day IOUs to government owned and controlled corporations. The Treasury last opened its OTC window in 2013.
Based on the PHP Bloomberg Valuation Service Reference Rates, the three-month, six-month and one-year papers were quoted at 5.831%, 6.529%, and 6.768% yesterday, respectively.
National Treasurer Rosalia V. De Leon said the Treasury’s first auction this year was “good so far” given that investors now prefer the longer tenors.
“Investors are now going…longer in terms of the bills…given that expectations [on] inflation will continue to trend downwards,” Ms. De Leon told reporters yesterday.
Inflation continued to ease last month, registering a 5.1% print in December. This was slower than market expectations as well as the 5.2-6% estimate range of the central bank.
For 2018, headline inflation averaged 5.2% — faster than the central bank’s 2-4% target range and the highest since 2008’s 8.2%.
Ms. De Leon added that market participants also priced in speculations that the US Federal Reserve might pause from hiking interest rates given the “very guarded” remarks of Fed Chair Jerome Powell.
“[The Fed said] they are listening to the markets and patiently watching also the global economy, so they might take a pause,” she added.
Sought for comment, a trader said the papers fetched higher rates, with the shortest tenor undersubscribed given the higher borrowing volume for this quarter compared with the previous period.
“The rates were still elevated due to the increase in volume despite the market indication that the rates will go lower for this auction,” the trader said in a phone interview. — Karl Angelo N. Vidal

Regus still bullish on PHL market

By Vincent Mariel P. Galang
REGUS Philippines is confident of maintaining its leadership position in the flexible workspace industry, despite the entry of new players and the expansion of existing competitors.
Lars Wittig, Regus Philippines country manager, said the company expects to further expand this year, as demand for flexible workspaces is seen to grow.
“Challenged? No. I think it is very important for the entire industry that we get as much focus on us as possible, and when the growth is as fast as we see globally I don’t feel pressured at all. I think it’s only natural that there are more who will try, but also benefit from this and I can say this with confidence that we are not threatened,” he told BusinessWorld in a interview last Dec. 21.
Part of the International Workplace Group (IWG), Regus is said to have established the first flexible workspace in the Philippines in 1999.
The company has expanded rapidly in the last few years, bringing to 30 the number of facilities in the country. Most are located in Metro Manila, while some are in Davao, Cebu, and Clark.
Mr. Wittig said Regus receives around 1,400 inquiries per month, 33% higher year-to-date.
He believes what sets Regus apart is how the space is used to help the company’s employees be more productive.
“We look at the way people work, productivity and preferences. This is just even more a human resource issue as it is a financial perspective. I mean, when I look at my customers, I need to make the CEO happy and he is only happy if both his HR director and his Finance director are happy. It has to make sense on the bottom line and it has to make sense for the people, so that the people will become more productive,” Mr. Wittig said.
FOREIGN COMPETITORS
In recent months, new foreign players entered the Philippines, particularly US-based WeWork, Malaysia’s Common Ground, Hong Kong’s Compass Offices, and Singapore’s CEO Suite.
“The newcomers from abroad, it’s natural because the market is growing so fast thus we will see a number of different providers from abroad… Are they bringing something new to the market? Not really, because when it comes to flexible working, we have Regus. We have a high network with almost thirty locations. When it comes to major co-working, we are the pioneers with Spaces,” Mr. Wittig said.
Spaces is another co-working space brand under IWG. Its first branch, Spaces World Plaza, occupies 3,200 square meters (sq.m.) of workspace at World Plaza building along 5th Avenue in Bonifacio Global City. Another Spaces hub opened in Makati City.
IWG also has operates other brands like No18, OpenOffice, Basepoint Business Centers, and Signature.

Bird Box madness sparks dining challenge in NY

NETFLIX and grill.
Netflix Inc.’s much-hyped movie Bird Box will be on the menu at the Milleridge Inn on Long Island, New York on Friday.
The film is a psychological thriller based on Josh Malerman’s 2014 post-apocalyptic novel. Set in a world where a mysterious force causes people to kill themselves when they see it, a woman and her children find themselves having to seek safety by going on a dangerous journey — blindfolded. The film, directed by Susanne Bier, stars Sandra Bullock, Trevante Rhodes, Jacki Weaver, Rosa Salazar, Danielle Macdonald, Lil Rel Howery, Tom Hollander, BD Wong, Sarah Paulson, Colson Baker, and John Malkovich.
In keeping with the film’s post-apocalyptic theme, diners will eat blindfolded with the movie’s soundtrack playing and the fear of supernatural monsters gnawing away at them. Their goal will be to finish the meal and be allowed into a safe area where they may remove their blindfolds and, probably not for the first time, watch the movie.
This isn’t the first Bird Box challenge, and memes have garnered notable attention. But pawing through drive-throughs or toppling down escalators doesn’t come without risk, as anyone stumbling around in the dark will testify.
In something of a first for a movie distributor, Netflix tweeted out a warning on Wednesday advising fans to be extra careful out there. — Bloomberg

Smart Wifi partners with Google

SMART Wifi has teamed up with tech giant Google to deliver free, high speed internet services in public locations around the Philippines, according to parent company PLDT, Inc.
In a statement on Monday, the telecommunications giant said the Smart Wifi service will be expanded by adding more hubs in more locations utilizing its existing nationwide infrastructure.
“We are happy to partner with Smart Wifi in giving more Filipinos access to new opportunities and learning tools through the internet — empowering them in a meaningful way,” Google Philippines Country Manager Kenneth Lingan said in the statement.
PLDT said it hopes the partnership with Google will help speed up the digital transformation of the country.
“Technology is a great equalizer of opportunities and as the country’s premier ICT (information and communications technology) and digital services provider, we are constantly looking for ways to innovate and uplift the everyday experiences of our customers,” PLDT-Smart Chief Revenue Officer and ePLDT President and CEO Ernesto R. Alberto was quoted as saying.
Jovy I. Hernandez, Senior Vice-President and Head of PLDT-Smart Enterprise Business Groups added, “It is an honor for us to join hands with an esteemed technology leader who shares in our vision of empowering our citizens with connectivity… [T]his milestone signifies our unwavering commitment to prompt the next chapter of digital transformation for the country.”
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

Workspace providers urged to partner with shopping malls, hotels

FLEXIBLE workspace operators should consider expansion in shopping malls, as well as partnerships with hotel operators and worker dormitories to address the growing demand, according to Colliers International.
In its report “Let’s Get Flexible,” Colliers said flexible working space operators are mostly in Fort Bonifacio, Ortigas, and Makati central business districts (CBD) mainly due to accessibility.
The report showed Fort Bonifacio has the highest ratio of total leasable space to flexible workspace with 123,000 sq.m., followed by Ortigas CBD with 51,000 sq.m. and Makati CBD with 39,000 sq.m.
Monthly leasing rates at flexible workspaces range from P10,000 per seat to P23,000 per seat, depending on the location.
“As flexible workspace operators compete with traditional office tenants for available space in the CBDs, flexible workspace providers have started to take up space along the fringes of the more established CBDs,” Colliers said.
But future flexible workspaces will still be located in Makati, Ortigas and Fort Bonifacio, as Colliers noted that these areas are scheduled to account for a combined 51% of the new office space in the next two to three years.
PARTNERSHIPS
To keep up with rising demand, Colliers said flexible workspace operators should look at leasing spaces in malls like Ayala Land, Inc.’s (ALI) Arca South mall at Taguig City; Aseana Mall (a joint venture of ALI and D.M. Wenceslao and Associate, Inc. (DMWAI); and the expansion of SM Mall of Asia (MoA).
“Flexible workspace and mall operators should partner and provide discounted rates to in-mall retail shops,” it said.
The Manila Bay Area, where Aseana Mall and MoA are located, is poised to become a major flexible workspace hub within the next two years, “given the tight office vacancy and continuous absorption from outsourcing and traditional office occupiers; as well as the aggressive completion of new condominium units,” Colliers said.
Flexible workspace operators are also urged to team up with hotels and worker dormitories to provide temporary workspaces for travellers and dorm residents.
For instance, Savoy Hotel and Lubd currently offer co-working spaces for guests.
“We encourage flexible workspace operators to tie up with developers of worker dormitories as this kind of service will likely be appealing to millennials that require temporary workspaces from their offices, especially those that can work from home,” Colliers said.
Also, Colliers noted major property developers should allocate space for flexible workspace operators in their developments, following the example of Rockwell Land Corp.
“Rockwell Land’s decision to accommodate Common Ground in the penthouse of its 8 Rockwell building indicates strong demand for flexible workspaces in an integrated community such as Rockwell Center. This is also an opportunity for Rockwell to house multinational firms and other high-profile tenants looking for flexible workspace in the fringes of Makati CBD,” it said.
Common Ground, Malaysia’s largest co-working operator, is set to open its facility in Rockwell by the end of January.
Flexible workspace providers should also to work with local governments of second-tier cities like Cebu, Bacolod, Iloilo, Clark, Pampanga, Laguna, and Davao, Colliers said.
“The project teams of outsourcing firms could start operating in co-working facilities in these cities where they could train college students that the BPOs could tap in the future,” it noted. — V.M.P. Galang
Footprint of flexible workspaces in major CBDs and overall lease rate per seat per month

Lower headline inflation seen to cause decline in market interest rates this year

By Melissa Luz T. Lopez, Senior Reporter
LOWER INFLATION will trigger a similar decline in bond yields this year, analysts at First Metro Investment Corp. (FMIC) said, together with expected rate cuts from the central bank.
Analysts from the Manila-based investment firm said market interest rates will likely mirror a downtrend in consumer prices for 2019, as expected by authorities and market watchers.
“Slower global economic growth, a likely pause in [Federal Reserve] policy rate hikes in 2019, low crude oil prices and quickly decelerating domestic inflation should provide a good basis to be optimistic for the bond markets in 2019,” analysts at FMIC said in a recent report.
“We think that the PH yield curve will likely go down in parallel fashion in tandem with domestic inflation and a likely cut in BSP (Bangko Sentral ng Pilipinas) policy rate looms for H2-2019.”
From a nine-year high of 6.7% in September and October, headline inflation eased significantly to six percent in November and to 5.1% in December, according to the Philippine Statistics Authority.
The lower readings for the last two months put 2018 headline inflation at an average of 5.2%, matching the full-year estimate of the central bank, but was higher than the 2.9% rate logged in 2017.
Economic managers of President Rodrigo R. Duterte said the worst is over for commodity prices, with inflation broadly expected to return to the 2-4% target range this year.
FMIC shared this view, noting that this will also pull down market yields as investors become more at ease.
Expected cuts in bank reserves by the BSP — which FMIC sees happening between January-March — should also help boost market liquidity, the analysts said. This will be followed by a reduction in the key policy rate, with the current 4.75% the highest in nearly a decade.
“In short, the focus for Philippine bonds would then be on domestic inflation and borrowing requirements of the national government and banks,” the report noted.
Increased borrowing requirements by the state will be supported by “additional domestic savings” drawn from a fast-growing economy, while corporates will be encouraged to float retail bonds at a time of dwindling inflation, FMIC added.
The state plans to borrow P1.189 trillion in 2019 to fund its spending plan, largely to support its higher infrastructure targets. Of the amount, 75% will be sourced domestically while the remainder will be from foreign creditors.

Bohemian Rhapsody, Green Book win Globes on night of upsets

LOS ANGELES — The Golden Globes gave Queen musical Bohemian Rhapsody its top prize on Sunday in an unexpected victory over romance A Star is Born, and named 1960s segregation-era roadtrip Green Book the best comedy or musical film.
In a night of upsets, Rami Malek won best drama actor for his role as late Queen frontman Freddie Mercury in Bohemian Rhapsody, and Glenn Close won for The Wife over presumed favorite Lady Gaga in A Star is Born.
Lady Gaga, whose role in the movie was her first lead part after a successful music career, won best original song for “Shallow.”
British actors Olivia Coleman (The Favourite) and Christian Bale (Vice) took home the lead comedy movie acting awards.
Mexico’s Alfonso Cuaron won the Golden Globe for best director and, as expected, his lovingly shot semi-autobiographical movie Roma was named best foreign language movie.
The Golden Globes, organized by the Hollywood Foreign Press Association, are the first major showbusiness awards in the countdown to the Oscars in February.
Vice, a scathing political comedy about the rise to power of former US Vice-President Dick Cheney, went into Sunday’s ceremony with a leading six nominations. But the film has proved divisive among audiences and critics and went home with just one for actor Mr. Bale.
In television, the big winners were Cold War spy thriller The Americans, new comedy The Kominsky Method, and limited series The Assassination of Gianni Versace.
SPECIAL AWARDS
Special awards were also given honoring beloved American comedian Carol Burnett and actor Jeff Bridges.
Ms. Burnett was presented on Sunday with the first-ever Golden Globe recognizing a lifetime career in television, an award that was named after her.
The Carol Burnett award, to be presented every year, was established this year to celebrate the new golden age of television marked by high profile shows attracting Oscar-winning actors and directors.
Ms. Burnett, 85, the Emmy-winning star of the 1960s and 1970s TV sketch series The Carol Burnett Show, is regarded as a pioneer for women in comedy and one of the most decorated women in TV.
Ms. Burnett dedicated her award “to all those who made my dreams come true and to all those out there who share the love I have for television.”
The Carol Burnett Show won 23 Emmy Awards and Ms. Burnett went on to receive the Presidential Medal of Freedom, the Mark Twain Prize for American Humor, and become a Kennedy Center honoree.
Mr. Bridges, the rascally dude of cult classic The Big Lebowski and star of Crazy Heart, was awarded the annual Golden Globe for lifetime achievement after a 60-year career on film and TV.
Mr. Bridges, 69, got his start as a child star appearing alongside his parents Lloyd and Dorothy Bridges, and his older brother Beau in the 1950s before carving his own path in mostly offbeat roles.
Never typecast, Mr. Bridges has played a bank robber, a struggling writer, a blank-faced alien, a US president and a video game programmer in both independent and blockbuster movies. — Reuters

And the winner is…

LOS ANGELES — The Golden Globes for movies and television, chosen by the Hollywood Foreign Press Association, were handed out at a gala dinner in Beverly Hills on Sunday, hosted by actors Sandra Oh and Andy Samberg.
Following is the list of winners:
MOVIES
• BEST DRAMA — Bohemian Rhapsody
• BEST COMEDY OR MUSICAL — Green Book
• BEST ACTOR, DRAMA — Rami Malek, Bohemian Rhapsody
• BEST ACTRESS, DRAMA — Glenn Close, The Wife
• BEST ACTOR, COMEDY OR MUSICAL — Christian Bale, Vice
• BEST ACTRESS, COMEDY OR MUSICAL — Olivia Colman, The Favourite
• BEST DIRECTOR — Alfonso Cuaron, Roma
• BEST SUPPORTING ACTOR — Mahershala Ali, Green Book
• BEST SUPPORTING ACTRESS — Regina King, If Beale Street Could Talk
• BEST ANIMATED FILM — Spider-Man: Into the Spider-Verse
• BEST FOREIGN FILM — Roma, Mexico
• Best original score — Justin Hurwitz, First Man
• BEST ORIGINAL SONG — “Shallow,” A Star is Born
TELEVISION
• BEST TV DRAMA SERIES — The Americans, FX
• BEST TV COMEDY/MUSICAL SERIES — The Kominsky Method, Netflix
• BEST TV MOVIE OR LIMITED SERIES — The Assassination of Gianni Versace: American Crime Story, FX
• BEST ACTOR, TV DRAMA — Richard Madden, Bodyguard
• BEST ACTRESS, TV DRAMA — Sandra Oh, Killing Eve
• BEST ACTOR, TV COMEDY/MUSICAL — Michael Douglas, The Kominsky Method
• BEST ACTRESS, TV COMEDY/MUSICAL — Rachel Brosnahan, The Marvelous Mrs. Maisel
• BEST ACTOR, TV MOVIE OR LIMITED SERIES — Darren Criss, The Assassination of Gianni Versace: American Crime Story
• BEST ACTRESS, TV MOVIE OR LIMITED SERIES — Patricia Arquette, Escape at Dannemora
• BEST SUPPORTING ACTOR — Ben Whishaw, A Very English Scandal
• BEST SUPPORTING ACTRESS — Patricia Clarkson, Sharp Objects — Reuters

Jolliville raises rate for property dividends

JOLLIVILLE Holdings Corp. (JOH) has increased the rate of its property dividends consisting of shares in two subsidiaries.
In a disclosure to the stock exchange on Monday, the company led by businessman Jolly L. Ting said its board of directors has approved a rate of 66.03% for its property dividends amounting to P185.86 million, from its previous rate of 65.85% worth P185.37 million.
The property dividends will consist of 76.5 million shares in Philippine Hydro Electric Ventures, Inc. (Phil Hydro) at P1 each, and 42.23 million shares in Tubig Pilipinas Corp. (Tubig Pilipinas) at P2.59 apiece. The company said the share values were based on the interim financial statements of both units in the period ending Sept. 30, 2018.
With this, eligible shareholders will receive 27 shares in Phil Hydro and 15 shares in Tubig Pilipinas for every 100 shares in JOH.
The company noted that fractional shares will be converted into cash and released to the shareholders at the same time the property dividends will be handed out.
The release of the property dividends could indicate that JOH is spinning off these units.
JOH recently sold its 36.728% stake Philippine H2O Ventures Corp. (H2O) to Davao-based businessman Dennis A. Uy through his property firm Udenna Development Corp. (UDEVCO).
Including JOH’s stake, UDEVCO was able to acquire 62.006% of the total outstanding shares of H2O from other shareholders valued at P320.11 million. UDEVCO also agreed to purchase 62.006% of the remaining cash assets of H2O, valued at about P320.11 million.
Mr. Uy’s group then changed H2O’s corporate name to PH Resorts Group Holdings, Inc., which will now be used for his resorts and gaming businesses.
PH Resorts currently has four projects in the pipeline, including a casino in Mactan and Clark and two hotels in Davao and Bohol. The company is spending up to $500 million for the two casinos.
JOH booked a net income attributable to the parent of P373.66 million in the first nine months of 2018, 620% higher year-on-year amid a 47% uptick in revenues to P491.78 million.
Incorporated in 1986, JOH has interests in leasing, management services, property development, land banking, local waterworks system, business process outsourcing, and power generation. It also owns several properties in Metro Manila, Calapan City, Agoo in La Union, and Puerto Galera intended for future businesses.
Shares in JOH went down 0.34% or two centavos to close at P5.88 each at the stock exchange on Monday. — Arra B. Francia

How flexible working space operators can distinguish themselves

FLEXIBLE WORKING spaces seem to be popping up all over the metropolis, but how can they distinguish themselves in an increasingly competitive market?
Commercial real estate services company Cushman & Wakefield Philippines Inc. said flexible workspace operators for serviced offices and co-working spaces can differentiate themselves in terms of niche, space and value-added services.
“With a growing number of operators, both homegrown and foreign, serving the Philippines, differentiation strategies are vital,” Cushman & Wakefield said in its study “Standing out: Differentiation Strategies of Flexible Workspace Operators in Manila.”
Flexible workspace operators should first determine their target market.
“Operators have also realized that despite selecting a niche, their target market do not always end up being their only regular clients — they come from all sorts of industries. Although, identifying the target market is still essential as this provides basis on how to craft the service offerings that the operator will provide, including aspects such as location, visual appeal, and cost,” the commercial real estate services firm said.
While many focus on serviced offices, some new foreign entrants are offering a hybrid model with both private offices and hot desks that allow them to attract individual and corporate clients.
Location is also important, and will depend on the target market. The report showed serviced offices and hybrid flexible workspaces targeting corporate clients are mostly in business districts, such as Makati, Bonifacio Global City, and Ortigas Center.
On the other hand, co-working spaces targeting freelancers, start-ups, small businesses and students are usually found near residential areas in Metro Manila.
Rates of flexible workspaces would also depend on the target market and the location. For instance, a seat at a flexible workplace in Manila will range from P35-P50 per hour, while in Makati, the rates will range from P100 to P700 per hour.
SPACE
Flexible workspace operators can also differentiate themselves with ambience of the office, either professional, creative, or relaxed.
Serviced offices in business districts usually adopt a professional look, as they mainly target corporate clients.
To gain an edge over competitors, Cushman & Wakefield said operators can also offer value-added services such as food and beverage, 24-hour service, accommodation, support services, and events, on top of the usual amenities.
“Particularly applicable to flexible workspaces with 24-hour operations is the need for providing sleeping quarters for its users,” the commercial real estate services firm said.
Food and beverage services also play an important factor in attracting clients. Aside from the usual free coffee, some have in-house food stalls, while some allow food deliveries and even offer alcoholic beverages to their clients.
Some flexible workspace operators have also become “one-stop-shops” for business registration, provide information and technology, administrative, human resource, accounting, legal, and marketing services to their clients.
Cushman & Wakefield expect flexible workspaces to continue its growth in the Philippines, with many operators adopting a hybrid model since it can cater to both individual and corporate clients.
“Flexible workspaces are here to stay, and a lot of improvements are anticipated. As this sector develops, more operators are predicted to enter the scene. As this happens, operators who fail to stabilize their businesses would find themselves losing the game,” Cushman & Wakefield said.
“In the end, differentiation is the key to achieve sustainability.” — V.M.P. Galang

PSBank starts P8-billion rights offer

PHILIPPINE SAVINGS Bank began offering P8 billion worth of stock rights on Monday.

PHILIPPINE Savings Bank (PSBank) started its P8-billion stock rights offering (SRO) yesterday, with proceeds to be used to support the lender’s growth.
PSBank, the thrift banking arm of Metropolitan Bank & Trust Co. (Metrobank), will offer 184.7 million common shares equivalent to its remaining unissued shares through an SRO which will run from Jan. 7-11.
The shares are priced at P56 apiece.
In a Dec. 14 filing, PSBank said the proceeds from the capital-raising activity will be used to “strengthen its CET1 (common equity Tier 1) capital, further solidifying the bank’s capital adequacy and financial strength.”
In particular, the additional funds will be used to support the bank’s expected asset growth, primarily in consumer loans.
In a previous interview, PSBank President Jose Vicente L. Alde said the lender is expecting better loan growth for this year as decelerating inflation coupled with other economic conditions translate to softer loan rates.
PSBank has tapped First Metro Investment Corp. to be the issue manager and underwriter of the offer, while Metrobank’s Trust Banking Group will serve as the stock transfer agent.
Local banks have been conducting various fund-raising activities to meet the tighter risk management requirements by the central bank under the international Basel 3 standard.
Last September, the Ty-led savings bank announced it will issue medium-term notes amounting to P10 billion to “give PSBank an opportunity to access medium-term and stable funding as the bank further expand its consumer banking business.”
Prior to this, it raised P5.08 billion in August through the issuance of long-term negotiable certificates of time deposits which carry a 5% coupon.
PSBank booked a P2.03-billion net income in the first nine months of 2018, 8.1% higher than the P1.88 billion logged in the comparable year-ago period, supported by sustained loan growth and higher fee-based revenues.
Shares in PSBank closed at P59.55 each on Monday, up P2.05 or 3.57% from the previous finish. — Karl Angelo N. Vidal

Moving to the music


IT IS a universally acknowledged truth that when January rolls in, gym membership spikes with many people trying to fulfill their “new year, new me” resolutions or to simply burn away all those holiday calories.
Colorado-based fitness business solutions provider Zen Planner, reported on Dec. 31 that historically their customers have seen their gym memberships increase by an average of 18% during the first month of the year and then steadily decline until June rolls in which is when people in temperate zones want to get their beach bodies ready.
So music streaming service Spotify decided to aid all the new gym goers by compiling the most popular workout songs in the Philippines and globally so that those sticking with their resolutions can create a playlist — or choose from 43.5 million existing workout-themed playlists on the service — that will make them run longer or pump those irons harder.
Topping the list globally is American rapper Eminem’s 2002 hit, “Till I Collapse” from his fourth studio album The Eminem Show, while another Eminem hit follows second, “Lose Yourself,” another 2002 hit which was the lead single of the 8 Mile (2002) film soundtrack.
Rounding up the top five workout songs of all time list are two Kanye West songs — “Stronger” (2007) from his third album Graduation, and “POWER” (2010) from My Beautiful, Dark Twisted Fantasy — and “Can’t Hold Us,” the 2010 hit from American rapper Macklemore and music producer/DJ Ryan Lewis featuring vocals from Ray Dalton which occupies the fifth spot.
Back home, Filipinos loved working out to UK singer Jessie J’s 2014 hit “Bang Bang,” featuring vocals from Ariana Grande and Nicki Minaj, as it sits on the top spot of the country’s top workout songs of all time.
“Bang Bang” is then followed by another 2014 hit, “Uptown Funk,” this time by UK music producer Mark Ronson featuring American singer, Bruno Mars.
Completing the top five are two entries from the global list — Eminem’s “‘Til I Collapse” at number three and “Lose Yourself” at number five — while fourth place went to the American girl group Fifth Harmony’s 2015 bop, “Worth It.”
In 2018, Canadian singer Drake’s song “God’s Plan,” off of his Scorpion album released in 2018, was the most popular workout song globally according to Spotify. This is followed by “I Like It” by American rapper Cardi B from her 2018 album, Invasion of Privacy.
Completing the top five are “Til I Collapse,” Drake’s “Nice for What” (also from the Scorpion record) and “One Kiss” from American singer Dua Lipa and UK DJ/music producer Calvin Harris.
GETTING CHILL, LITERALLY
Aside from the top song streamed while getting the sweats done, Spotify noted that they saw an increase in the number of cryotherapy/ice bath-themed playlists making it the top workout trend of 2018.
“It seems people are getting into the chill of this practice, which involves exposure to very cold temperatures in an effort to heal tissue,” said the company in a statement.
And the top songs in these playlists are Vanilla Ice’s 1989 hit, “Ice Ice Baby” and Foreigner’s 1977 hit, “Cold as Ice.”
Spotify also named Finland as the most active country in terms of the amount of workout music it streams while Sweden is the most “zen,” based on the Swedes’ enthusiasm for yoga-themed playlists. — Zsarlene B. Chua

DoE: 300 fuel retailers start collecting new tax

THE Department of Energy (DoE) said on Monday a total of 268 retail stations of Petron Corp. had already imposed the excise and value-added taxes (VAT) under the second tranche of the tax reform law, while 32 Flying V stations implemented the higher tax.
In a press conference on Monday, DoE Undersecretary William Felix B. Fuentebella said out of Petron’s 8,630 stations, 268 had reported to the department that they had implemented the taxes as called for under the Tax Reform for Acceleration and Inclusion (TRAIN).
“Consumers have the power of choice,” he said, calling on fuel users to report to the DoE any fuel retailers that imposed the taxes without the required notices.
Mr. Fuentebella also said the DoE will check the stations whether these complied with the required tarpaulin notice disclosing the petroleum products that already carry the taxes.
Under the second tranche of TRAIN, an additional excise tax of P2 will be imposed per liter of diesel and gasoline, and P1 per kilogram on household liquefied petroleum gas (LPG).
An additional 12% VAT will also be imposed, which totals to P2.24 for both diesel and gasoline, and P1.12 for LPG. The imposition of the taxes took effect on Jan. 1, 2019.
The higher taxes have already been imposed by a number of Petron and Flying V retail stations in Metro Manila.
However, the DoE said it expected petroleum supply from 2018 to last by at least 15 days from the start of the year for importers, and at least 30 days for refiners. But it said inspectors would also take into consideration the storage capacity and the turnover in each retail stations.
“We will ensure the fuel stocks for 2018 will be utilized first and sold at the pre-implementation prices,” said DoE Secretary Alfonso G. Cusi in a statement on Monday.
DoE officials pointed out that the increase in pump prices resulting from the imposition of the second tranche of fuel excise tax would still be smaller.
“This is due to the offsetting effect of the rollbacks implemented in 2018 and January 2019,” the DoE said.
While there is an uptick in the price of oil in the world market, Mr. Cusi said industry forecasts did not see crude oil prices hitting record high prices, such as in October 2018 when Brent crude oil price breached the $80-per-barrel level.
“If the trend continues, we do not expect it to have as much impact on fuel prices as it did last year. Besides, we can cushion the effect of any new oil price increases by becoming more efficient in our use of energy,” he said. — Victor V. Saulon

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