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Netflix price cuts are heating up India’s streaming war

NETFLIX Inc. and its rivals are facing a price war in India as a jump in the cost of watching video on mobile phones threatens to slow demand in what is shaping up as a key growth market globally for streaming.

The country’s three wireless carriers hiked data tariffs by as much as 41% earlier this month, leaving some customers in India, where most streaming is done on phones, with less to spend on entertainment services like Netflix, Apple Inc.’s TV+ service — which debuted there last month — and those of local competitors.

Cheap broadband, a well-established film culture and a vast English-speaking population have helped make India a lucrative streaming battleground, with Netflix targeting 100 million subscribers in the country, almost 25 times the customer base as of this year. But an increase in data costs, coupled with a wider slowdown in the economy, could make customers more sensitive to how much they pay for content, just as players like Apple and Amazon.com Inc.’s Prime try to dig a foothold in the market.

“This is a challenge that will affect growth, as the mobile data boom has been a big factor driving adoption in India,” said Utkarsh Sinha, managing director of Bexley Advisors, a boutique investment bank focused early-stage deals in tech and media. “The Indian user has largely used data like running water without thought.”

Netflix is already trying to get ahead of the move, slashing prices by as much as half for subscribers that commit to at least three months. Most of the country’s streaming services, including Apple TV+, Amazon Prime and Walt Disney Co.’s Hotstar have also offered discount deals this year and subscriptions at prices well below those in other markets. Apple’s new TV+ service, for example, sells for about $1.40 a month in India, compared with about $5 in the US and Japan.

Spokespeople for Netflix, Amazon, Apple and Hotstar in India declined to comment.

“As all platforms become equally competitive on content, pricing will be a key lever to pull to draw in customers and encourage churn,” said Sinha. “Netflix has introduced an India-only price, and Amazon is already subsidizing its Prime offering through a package deal.”

The price pressures add to what is already a cutthroat streaming market, with some 30 operators hawking online video services in the country of 1.3 billion people. Viu, a smaller streaming player run by Hong Kong-based PCCW Ltd.’s media arm, recently decided to exit the market because it lacks the cash to challenge bigger rivals, India’s Economic Times reported Dec. 16, citing an executive it didn’t name at Viu.

While the affect of higher mobile phone tariffs will ripple across the industry, services that draw higher-income Indians who can easily afford to pay a little more for wireless access are somewhat insulated, said Mihir Shah, India vice president at Media Partners Asia in Mumbai. Free services — like Bytedance Inc.’s TikTok and social media video sites will take a more direct hit as it becomes more expensive to watch on wireless devices, he said.

In aggregate, streaming services will continue to grow, even as costs rise, he said.

While the big streaming brands are competing on price, they’re also spending money on content to offer India’s viewers more.

Netflix Chief Executive Officer Reed Hastings has said the company wants to become “more Indian” in its content offering and plans to spend as much as $420 million to create local TV and films. Disney’s Hotstar has drawn hundreds of millions of active users to exclusive sports programming, especially cricket, the nation’s most popular game. For its part, Apple is adding to its TV+ offering a series based on the bestselling novel Shantaram about a convicted Australian bank robber and heroin addict who escapes from prison and lands in the slums of Mumbai. — Bloomberg

BPI Family Savings Bank targets to grow loan portfolio by 10-15%

BANK of the Philippine Islands’ thrift unit is looking to expand its lending business.

BPI FAMILY SAVINGS Bank (BFSB) is looking to expand its credit portfolio by 10-15% next year on expectations of strong demand for housing and auto loans.

The country’s largest thrift bank by asset is likewise considering issuing long-term negotiable certificates of deposit (LTNCDs) after finally making its foray into the capital market through a bond issuance earlier this month, said BFSB President Maria Cristina L. Go.

“Our strategies really continue to be focused on growing our consumer loans market businesses, particularly housing and auto loans,” she said in an interview with BusinessWorld on the sidelines of the listing ceremony of their maiden bond issue worth P9.6 billion on Dec. 16.

Ms. Go is bullish that loan growth can be fuelled by the country’s economic expansion, the government’s infrastructure push, as well as monetary easing by the central bank.

“We are still very optimistic on the prospects of both housing and auto loans simply because of the very good positive economic environment. The property sector remains to be a very good investment for many Filipinos particularly outside Metro Manila supported by the ‘Build, Build, Build’ program,” Ms. Go said.

Aside from housing loan demand from families which remain to be the core market of BFSB, Ms. Go also noted that they have seen an increase in millennials applying for loans to get housing in the form of condominium units.

Meanwhile, Ms. Go said they observed an initial slowdown in the first half of the year in terms of auto loan applications.

“The auto loans industry has started to pick up with ‘Build, Build, Build’ program again in full steam,” she said, adding that the delay in the passage of the 2019 national budget also dented auto loan growth in the first semester.

She said that their auto loan business is mostly buoyed by families seeking to have their own cars as well as some that are looking to operate as a driver for ride-hailing firm Grab Philippines.

The thrift bank’s loan portfolio is mainly comprised of housing (60%) and auto loans (30%). The remaining 10% is shared between the SME (small and medium-sized enterprises) sector as well as credit cards, Ms. Go said.

LTNCD ISSUANCE
The Bank of the Philippine Islands’ thrift arm is also open to issuing LTNCDs in 2020, having already secured regulatory approval to offer these instruments.

“Again, if the timing is right and there’s demand for longer-tenored deposits, which is tradable, then we’ll go and do LTNCDs,” Ms. Go said.

Like regular time deposits offered by banks, LTNCDs offer higher interest rates. However, LTNCDs cannot be pre-terminated but can be sold on the secondary market, making them “negotiable.”

The first tranche of BFSB’s P35-billion bond program issued earlier this month was oversubscribed, with the initial target at just P2 billion. The P9.6-billion bond issue has a fixed rate of 4.3% per annum to be paid quarterly until 2022.

Ms. Go has said the issuance of the next tranches of its bonds will be a “matter of timing” and also depend on the interest rate environment. — Luz Wendy T. Noble

Grab eyes more incentives for drivers

GRAB Philippines is looking to give its drivers more incentives to encourage them to operate during rush hours as the shortage of available drivers pushes fares higher.

Grab officials also expressed hope the Transportation Franchising and Regulatory Board (LTFRB) will open more slots for the application of new Transport Network Vehicle Service (TNVS) units to address the shortage.

“Oo. Pero hindi pa tayo makakapagbigay kung anong exact amount (Yes, but we cannot give an exact figure),” Grab Philippines Public Affairs Manager Nicka Hosaka-Maningat told reporters on Dec. 18 when asked if the company is planning to give its drivers more incentives.

“As an example, dahil mas mataas ang demand kapag peak hours… meron tayong mga bonus na binibigay sa kanila para ma incentivize sila na magmaneho kapagka rush hour… So pinag-aararalan natin yan kung papaano natin ‘yun magawa for the drivers (because demand is higher during peak hours… we give a bonus to incentivize drivers to drive during rush hour… We are studying how to give that to the drivers),” she added.

The Philippine Competition Commission (PCC) has imposed new fines on Grab Philippines for overpricing and increased driver cancellations. The new set of fines includes P14.15 million for pricing deviations, and P2 million for driver cancellations of 7.76% of rides, instead of the 5% ceiling.

Ms. Hosaka-Maningat said Grab will comply with PCC’s order, which covers the May to August monitoring period.

In November, PCC also ordered Grab to pay a P23.45 million fine, P5.05 million of which should be refunded to consumers.

Despite these fines, Ms. Hosaka-Maningat said Grab will continue to provide incentives for drivers.

“’Yung sa drivers natin, the fares that you pay actually go to them, at nagbabayad lang sila ng 20% for the use of the platform (The fares you pay go to the drivers, who pay 20% for the use of the platform). We still want to have that incentive scheme for our drivers so that para sa kanila as TNVS operators and as drivers, reasonable at fair ‘yung kinikita nila (what they earn),” she said.

She said none of the fines will be passed on to consumers or drivers.

“Lahat ito Grab ang sasalo, walang ipa-pass on. Walang makakaltas sa drivers (Grab will shoulder the fines, nothing will be passed on. Nothing will be taken from the drievers),” she added, noting that the fines the company needs to pay will be taken from its contingency fund.

Ms. Hosaka-Maningat also reiterated that Grab continues to comply with the LTFRB fare matrix, which takes into consideration the time and distance travelled by the customer.

However, the PCC said in its press release on Dec. 18 that Grab’s pricing commitment is separate and independent from the LTFRB fare matrix.

“While LTFRB has imposed a fare matrix for all transport network vehicle services, the PCC binds Grab to its voluntary commitments, including keeping its fares within a range as if a competitor like Uber were present in the market,” it said.

Ms. Hosaka-Maningat said Grab had negotiated with the PCC from September to October on the new system-wide average monitoring scheme, which takes into consideration the market condition.

As for the supply problem, Ms. Hosaka-Maningat said the company is hoping that the LTFRB would open 20,000 new TNVS slots.

She said that as of December, there are only 35,000 to 36,000 active drivers in a day. She noted that there are around 700,000 to 800,000 bookings a day.

“If we wanna talk about profitability, moving forward, we intend to stay in the market, we intend to continue providing our services… So, we continue to coordinate with the LTFRB para magbukas sila ng panibagong slots,” the Grab official said. — Arjay L. Balinbin

Do the Right Thing’s Aiello, 86

DANNY AIELLO, a veteran stage and film actor remembered for his roles in Spike Lee’s Do the Right Thing, Woody Allen’s The Purple Rose of Cairo, and dozens of other movies, died at age 86, his publicist and agent said on Friday.

Aiello, who earned Academy Award and Golden Globe nominations for his supporting role as Sal the pizza guy in Lee’s 1989 movie, died on Thursday night after a brief illness, publicist Tracey Miller said in an e-mail.

The actor and musician who had amassed more than 100 film and television credits in his career chronicled his life story in an autobiography titled I Only Know Who I Am When I Am Somebody Else.

“All I can say is that Danny was a rare talent and a wonderful man,” his literary agent, Jennifer De Chiara, told Reuters in an e-mail. “The world loved Danny, and he loved them right back.”

The New York-born Aiello grew up in poverty in the city’s West Side and the Bronx borough during the Great Depression and worked as a baggage handler, union leader, and night club bouncer before beginning his acting career at age 35 with roles in stage productions.

He worked his way up to bit parts in films as tough guys, including as a mobster in Francis Ford Coppola’s The Godfather Part II, in roles that were informed by his background as a self-described man of the streets.

Money was scarce in the early years of his acting career. He piled up debt, and anguished over how to support his family.

His fortunes changed when directors began giving him roles with considerable screen time in the 1980s, including a turn as an abusive husband in Woody Allen’s 1985 film The Purple Rose of Cairo and in Norman Jewison’s 1987 Moonstruck, in which he had a role as the befuddled fiance of a character played by Cher.

Tall and heavyset, with black hair combed back, Aiello was a commanding presence on screen and seemed to have a capacity for violence.

In Do the Right Thing, Aiello’s character, Sal, clashed at times with the black customers of his Brooklyn pizzeria and refused to put photos of African-American celebrities on the restaurant’s “wall of fame.”

Aiello told the Orange County Register that Lee gave him creative freedom to write bits of dialogue for his character. The actor helped concoct a scene in which Sal explained to his racist son that he prided himself on making food that black children grew up eating. In the film’s climax, Sal’s Famous Pizzeria is destroyed in a riot.

After Do the Right Thing, Aiello began receiving fees of nearly $1 million per role, according to a 1991 New York Times profile.

“People call me an instinctive actor. I used to consider that an insult early on, only because I had never studied,” he said. “Now, when people call me instinctive, I love it, because it’s what I am.”

Aiello had been married for nearly 65 years. He and his wife Sandy Cohen had four children, including Danny Aiello III, an actor and stuntman who died of pancreatic cancer in 2010 at age 53, as well as 10 grandchildren. — Reuters

Economists divided over unorthodox RBA

ECONOMISTS ARE divided over the likelihood of the Reserve Bank of Australia (RBA) deploying unorthodox policy next year once it runs out of conventional ammunition — though a majority expect it will exhaust interest-rate cuts.

Thirteen of the 17 economists in a Bloomberg survey expect the RBA to cut the policy rate twice to 0.25%, the level Governor Philip Lowe estimates as the effective lower bound when unconventional steps become an option. The remaining four predict one more cut to 0.5%.

In a speech last month, Mr. Lowe said any decision to adopt unorthodox policy would be of a different order of magnitude to a rate cut and wouldn’t be taken lightly. He reiterated that the RBA didn’t expect to have to go this route; however, if it did, the preferred option would be quantitative easing (QE) — or buying government bonds in order to lower interest rates across the economy.

The survey showed six economists, including Westpac Banking Corp.’s Bill Evans and JPMorgan Chase & Co.’s Sally Auld, predict the RBA will deploy QE next year. Goldman Sachs Group, Inc. and Nomura Holdings, Inc. see it as possible, with the latter assigning a 50%-60% probability. Su-Lin Ong of Royal Bank of Canada sees a 40% risk late in 2020, but is forecasting QE for early 2021.

“The hurdle remains high with the onus on the labor market to deteriorate and core inflation to weaken,” Ong said, predicting a minimum A$40 billion ($27.6 billion) QE package through an open-ended commitment to monthly purchases of A$1.5-A$2 billion of government bonds.

QE OPTION
Eight economists, including National Australia Bank Ltd.’s Alan Oster and Justin Fabo at Macquarie Bank Ltd., don’t expect QE to be adopted. Yet even here there is hedging: Mr. Fabo sees it as “almost inevitable” at some point in years ahead and Mr. Oster cites a “growing risk” unemployment rises higher and growth turns out weaker than forecast, which could trigger the adoption of QE.

Bank of America, Goldman, Macquarie and Morgans Financial Ltd. are the four expecting only one more cut from the current 0.75% cash rate as their base case.

Every economist in the survey said either the government will loosen fiscal policy, or will do so reluctantly or be forced to do so, or at least should do so. Not one of those surveyed suggested that using budget stimulus to support the expansion would be the wrong decision.

At his press conference following the release of last week’s mid-year budget update, Treasurer Josh Frydenberg left himself a little wriggle room on the issue.

WEAK CONSUMPTION
The fiscal update showed a slimmer surplus forecast this fiscal year and in the three following due to a lower tax take. That came after gross domestic product data earlier this month showed consumption grew just 0.1% in the three months through September, as households saved tax rebates and used rate cuts to pay down their mortgages faster.

Asked whether he’d have to do more to lift consumption, potentially bringing forward tax cuts scheduled for 2022, Mr. Frydenberg said: “this is a midyear update and so we’ll wait for the budget.” That was a softer response than in the past, when he repeatedly argued that the government’s tax rebates and existing spending were sufficient.

If the government did bring forward tax cuts or more spending, it would make the RBA’s job easier and represent a significant development for the economy.

But, as Michael Blythe of Commonwealth Bank of Australia, the nation’s leading lender, said in the Bloomberg survey following the midyear update: “the surplus target has been further embedded in government policy. So the focus for any fiscal response will be the May 2020 Budget but at this stage any meaningful response seems unlikely.” — Bloomberg

US government study finds racial bias in facial recognition tools

MANY facial recognition systems misidentify people of color more often than white people, according to a US government study released on Thursday that is likely to increase skepticism of technology widely used by law enforcement agencies.

The study by the National Institute of Standards and Technology (NIST) found that, when conducting a particular type of database search known as “one-to-one” matching, many facial recognition algorithms falsely identified African-American and Asian faces 10 to 100 times more than Caucasian faces.

The study also found that African-American females are more likely to be misidentified in “one-to-many” matching, which can be used for identification of a person of interest in a criminal investigation.

While some companies have played down earlier findings of bias in technology that can guess an individual’s gender, known as “facial analysis,” the NIST study was evidence that face matching struggled across demographics, too.

Joy Buolamwini, founder of the Algorithmic Justice League, called the report “a comprehensive rebuttal” of those saying artificial intelligence (AI) bias was no longer an issue. The study comes at a time of growing discontent over the technology in the United States, with critics warning it can lead to unjust harassment or arrests.

For the report, NIST tested 189 algorithms from 99 developers, excluding companies such as Amazon.com Inc. that did not submit one for review. What it tested differs from what companies sell, in that NIST studied algorithms detached from the cloud and proprietary training data.

China’s SenseTime, an AI startup valued at more than $7.5 billion, had “high false match rates for all comparisons” in one of the NIST tests, the report said.

SenseTime’s algorithm produced a false positive more than 10% of the time when looking at photos of Somali men, which, if deployed at an airport, would mean a Somali man could pass a customs check one in every 10 times he used passports of other Somali men.

SenseTime said the report “reflects an isolated case” and that what it submitted had bugs it has addressed. “The results are not reflective of our products, as they undergo thorough testing before entering the market (and) all report a high degree of accuracy,” it said.

Yitu, another AI startup from China, was more accurate and had little racial skew.

Microsoft Corp. had almost 10 times more false positives for women of color than men of color in some instances during a one-to-many test. Its algorithm showed little discrepancy in a one-to-many test with photos just of black and white males.

Microsoft said it was reviewing the report and did not have a comment on Friday morning.

Congressman Bennie Thompson, chairman of the US House Committee on Homeland Security, said the findings of bias were worse than feared, at a time when customs officials are adding facial recognition to travel checkpoints.

“The administration must reassess its plans for facial recognition technology in light of these shocking results,” he said. — Reuters

How PSEi member stocks performed — December 23, 2019

Here’s a quick glance at how PSEi stocks fared on Monday, December 23, 2019.

 

Which basic goods and services do consumers expect to spend more/less in the first quarter of 2020?

Which basic goods and services do consumers expect to spend more/less in the first quarter of 2020?

Stocks seen climbing further on window dressing

LOCAL SHARES are seen to sustain their upward momentum on Thursday backed by the continued recovery of water stocks, window dressing, and expectations of a better year ahead.

“Market may continue its upward momentum as water concessionaires continue to recover and on window dressing,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message

He set support and resistance levels at 7,745 and 7,900, respectively.

“We still see an upward bias for the local market tomorrow. The rally could be extended as investors continue to take positions in anticipation of a better year ahead for the market. Local fundamentals, though challenged are still sound,” Japhet Louis O. Tantiango, research associate at Philstocks Financial Inc. said in a text message on Wednesday, noting favorable policies like low interest rates and the expected on time signing of the 2020 budget.

“Global circumstances are also expected to be supportive with the US-China phase one deal about to be signed,” he added.

On Monday, the 30-member Philippine Stock Exchange index continued its recovery to end at 7,872.60, up 99.48 points or 1.28%, while the broader all shares index climbed 46.50 points or 1.01% to end 4,645.33.

Some 478.95 million issues valued at P8.30 billion switched hands on Monday, down from previous session’s P13.15 billion.

Net outflows for Monday’s session was at P1.22 billion, down from previous session’s P1.27 billion.

Water stocks continued to move upwards on Monday. Manila Water Co., Inc., rose 15.19% to end P8.57 each; Metro Pacific Investments Corp., which owns more than half of Maynilad Water Services Inc., gained 4.91% to close P3.42 each, and DMCI Holdings, Inc. increased 0.31% to close P6.40 apiece.

This was fuelled by optimism on water companies as shareholders expect favorable developments regarding the government’s decision on their contracts, which is scheduled for January 2020.

Earlier this month, President Rodrigo R. Duterte warned water concessionaires Manila Water and Maynilad that he would scrap their contracts, since their concession deals disadvantaged the government. He also warned that all of those responsible with the deals will be charged with economic sabotage.

On Dec. 16, Justice Secretary Menardo I. Guevarra said that the Department of Justice is not considering replacing the two companies as water providers, but is renegotiating their contracts. There is still no definite date as to when the companies and the government will meet to discuss the contracts, but this will likely happen early next month.

Fitch Solutions Macro Research said the government’s move to revoke the extension of its agreement with the two water concessionaires reflects “high regulatory risk” faced by the private sector in coming up with deals with the Philippines. This also shows “deficiencies in the due diligence and contracting processes in the past and present.” — V.M.P. Galang

Peso likely to rise on holiday spending

THE PESO may climb on remittances and development in the US-China talks.

THE PESO will likely strengthen further on the back of remittances for holiday spending and as US President Donald J. Trump said they are close to signing the phase one of Washington’s trade deal with Beijing.

The local unit closed at P50.83 against the greenback on Dec. 23, shedding 1.5 centavos from Friday’s finish of P50.815 a dollar, according to data from the Bankers Association of the Philippines.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort attributed the peso’s movement last Monday to new leads regarding the trade deal between the world’s two biggest economies.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said profit taking before the Christmas break may have dominated the market.

For today, RCBC’s Mr. Ricafort said a major factor for a stronger peso would be the inflows of foreign currencies converted and accumulated for spending on Christmas and New Year.

“Any window-dressing activities as the account yearend draws closer would have a positive impact on the local financial markets, including the peso,” he added.

For his part, UnionBank’s Mr. Asuncion said the market will keep an eye out for developments related to the phase one deal of US and China.

“The details of the phase one of the US-China trade deal has been trickling out and provides many insights into the future of trade between the two biggest economies. Market has been positive and upbeat about these,” he said.

Mr. Trump said on Tuesday that he and Chinese President Xi Jinping will have a ceremony to sign the first phase of their trade deal agreed to this month, Reuters reported.

“We will ultimately, yes, when we get together. And we’ll be having a quicker signing because we want to get it done. The deal is done, it’s just being translated right now,” Mr. Trump said.

For today, RCBC’s Mr. Ricafort sees the peso moving within the P50.60-50.90 range, while UnionBank’s Mr. Asuncion expects the exchange rate to settle within the P50.50-50.80 band. — LWTN with Reuters

Foreign work permits exceed 100,000 in 2019, led by POGOs

THE Department of Labor and Employment (DoLE) said the number of foreign work permits it issued this year is nearly five times the 2018 total, with the influx of workers for Philippine Offshore Gaming Operators (POGO) accounting for much of the growth.

Labor Secretary Silvestre H. Bello III said in his year-end speech that more than 100,000 Alien Employment Permits (AEPs) were issued in 2019, against 21,320 a year earlier.

“We have also issued 111,583 Alien Employment Permits to foreign nationals working in the Philippines. Of this figure, 75.07% or 83,764 AEPs were issued to POGO-related establishments nationwide,” he said.

Acting Labor Assistant Secretary and Bureau of Local Employment (BLE) Director Dominique R. Tutay said that most of these workers in the POGO industry are foreign based on data from the Philippine Amusement and Gaming Corp. (PAGCOR).

“As of data from Dec. 10, there were about 118,239 workers in POGO-related establishments and 82% or 97,283 were foreign workers while the remaining 17.7% or 20,956 are Filipino workers,” she said.

DoLE said the growth was also due to improved enforcement of permit rules on foreign nationals seeking employment. In May, it released Joint Guidelines No. 01 or the “Rules and Procedures Governing Foreign Nationals Intending to Work in the Philippines” in partnership with the Bureau of Immigration (BI), Department of Justice (DoJ), and the Bureau of Internal Revenue (BIR).

Senator Joel J. Villanueva announced that he is planning to investigate the industry, alleging that POGOs attract illegal foreign workers and serve as fronts for other activities. Last week, 342 illegal Chinese aliens were arrested in Quezon City while working at a POGO that did not have an operating license and were suspected of committing cybercrimes. — Gillian M. Cortez

Service sector gains 4 million jobs between 2012 and 2018

SERVICE SECTOR jobs increased by more than four million between 2012 and 2018, led by professional scientific and administrative support workers, the Philippine Institute for Development Studies (PIDS) said.

According to its Regional Analysis of the Philippine Services Sector report released this month, PIDS said over the period, employment grew 69.12% in administrative and support service activities and 45.38% in professional scientific and technical activities.

In total, services employment grew by 21.42%, accounting for more than half of total employment and 60% of Gross Domestic Product (GDP).

Growth was lowest in accommodation and food services, arts entertainment and recreation, and education.

“Industry-specific factors in education services were quite strong that the dynamism of the economy failed to offset the industry mix effect. It was the only sector that registered lower total employment during the period,” according to the report.

It said higher employment in services can be attributed to the shift in final demand from goods to services due to higher incomes.

The shift was also influenced by changes in the structure of household expenses through urbanization, more labor participation among women, and changes in demographics.

“The inter-industrial demand of services by manufacturing which is linked to outsourcing processes is another factor. On the supply side, inter-industry productivity differentials between manufacturing and services with the former enjoying higher productivity… has been cited as the reason for increased employment in services.”

Among the four million added jobs, more than a million were in Region IVA. This was followed by 716,378 jobs in the National Capital Region and 435,587 in Region III.

Region IVA, or CALABARZON, has the largest population with almost 15 million people. Only this region reported expansion across all services subsectors. — Jenina P. Ibañez

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