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RFM profit up 10% in Q3 on pasta, ice cream sales

EARNINGS of RFM Corp. grew 10% in the third quarter on higher sales of its ice cream, milk and pasta brands.

In a regulatory filing yesterday, the Concepcion-led firm said its attributable net income reached P255 million in the July to September period from P232 million a year ago. Net revenues also increased 9% to P3.81 billion during the same three months.

Year to date, the company’s attributable net income stood at P835 million, 10% higher from the same period last year. Net revenues as of end-September was P10.77 billion or 10% up from 2018.

“The drivers of the group’s revenue growth were the flagship brands — Selecta Ice Cream, Selecta Milk, Fiesta Pasta and Royal Pasta. These brands combined posted 9% revenue growth,” it said, referring to figures recorded in the nine-month period.

“Institutional Segment also posted revenue improvement of 13% compared to last year. The higher income of the company is mainly driven by its higher revenues delivering higher absolute gross margins as compared to (the) same period of last year,” it added.

Aside from selling dairy and pasta products, the Concepcion-led company also produces wheat, flour, juices, margarine and other food and beverage products. Among the brands it owns are White King, Sunkist Orange Pulp and Vitwater.

It is also in the business of barging services, leasing of commercial or office spaces, canning services and toll processing through its various subsidiaries. — Denise A. Valdez

Your Weekend Guide (October 25, 2019)

GOT7 2019 World Tour

GOT7 — the multi-awarded KPop boy group, and  Billboard Music chart-toppers — are coming back to Manila. The group’s members (JB, Mark, Jackson, Jinyoung, Youngjae, BamBam and Yugyeom) will be performing in the Manila stop of the GOT7 2019 WORLD TOUR ‘KEEP SPINNING’ on Oct. 26, 7 pm, at the Mall of Asia Arena. The show is presented by PULP Live World. Tickets are available at SM Ticket outlets nationwide or online at www.smtickets.com.

Cha Eun Woo Fan Meeting

KOREAN actor and singer Cha Eun Woo will be coming to Manila for the CHA EUN-WOO 1st Fan Meeting Tour [JUST ONE 10 MINUTE] in Manila on, Oct. 26 at the New Frontier Theater. The show is presented by Wilbros Live. Cha Eun Woo started as a member of the K-Pop group ASTRO which was named by Billboard as one of the best new K-Pop groups in 2016. He also ventured into hosting and acting while still being a part of ASTRO. He subsequently started acting, cast in the romantic comedy series Gangnam Beauty. He currently stars in a historic drama entitled “Rookie Historian Goo Hae-ryung. ” Tickets are available via TicketNet.com.ph and at all TicketNet outlets nationwide. For more information, call TicketNet hotline at 911-5555.

Rocktoberfest

INDUSTRIA, in partnership with Snipple Animations Studios, will be celebrating Octoberfest in a special way this year. On Oct. 25 at 6 p.m. to midnight, Basti Artadi, Jejaview, Munimuni, Mntklya, and Jeepney Joyride will be performing at the Rocktoberfest 2019 for the benefit of A Stroke of Hope, a non-profit organization engaged in helping children with cancer at the Philippine General Hospital. They hold art teaching programs for therapeutic purposes and create outlets such as concerts, bazaars, and other events where the kids sell their artworks to build funds for their treatment. A Stroke of Hope believes that healing power of art to kids with cancer. Industria is at Circulo Verde, Calle Industria, Libis, Quezon City

People’s Pride Cultural Fair

GREAT Women and Shangri-la Plaza present the People’s Pride Cultural Fair, a pop-up trunk show until Oct. 27 at the East Atrium. In line with National Indigenous Peoples’ Month, the event will showcase food and craftsmanship of Filipino indigenous groups such as the T’boli, Yakan, and Maranao.

SEA artists festival

TRAVERSING Southeast Asia with concerts, workshops, and talks about exploratory sound, Nusasonic has landed in Manila for a joint program with WSX X: Festival of the Recently Possible until Oct. 28. Celebrating its 10th edition, WSK X is a 13-day international electronic music and arts festival, showcasing concerts, residencies, and workshops with experimental sound artists, engineers, and musicians. For information, visit wsk.io.

Rustan’s Oct. 24 sale

RUSTAN’S starts Christmas early with a holiday shopping spree which runs from Oct. 24 to Nov. 20. Spend a minimum of P15,000 on a single-receipt transaction, and receive a special assorted dozen Krispy Kreme doughnuts. Take home a bottle of Henriot Brut Souverain for a minimum of P100,000 worth of single-receipt purchase. Patrons get X3 FSP points multipliers on all items on Oct. 24 from 5-10 p.m. A whole lot of brands will be offering discounts — ranging from 25-50% — and gifts with minimum spends on that day too. Brands from the Women’s Department, the Jewelry Department, Beauty section, the Men’s Section, The Children’s Department, and the Houseware section will be participating. Meanwhile, there will be games and prizes and holiday-inspired goodies for guests, including sweets for the kids and drinks for the grown-ups, on every floor of Rustan’s Makati on Oct. 24. Every customer will receive a Holiday Shopping Map upon registration at the 5th floor. The first 500 customers who complete any of the activities per division on the map, can have it stamped at the activity area and claim a P500 gift card at the 5th floor Customer Service Counter. Newly registered and existing FSP and Beauty Addict members get a complimentary stamp. Rustan’s also offers a Christmas Registry service, where kids and kids at heart can write down their wish lists which will be sent to Santa and to their chosen friends and family, or even shared on social media. For more information about Rustan’s holiday offerings and activities, visit rustans.com.

Sweeney Todd

ATLANTIS Theatrical Entertainment Group caps it’s 20th anniversary season with Stephen Sondheim’s Sweeney Todd: The Demon Barber of Fleet Street until Oct. 27 at The Theatre at Solaire. Directed by Bobby Garcia, it stars Jett Pangan and Lea Salonga. For tickets, visit TicketWorld (www.ticketworld.com.ph, 891-9999).

Katsuri

TANGHALANG Pilipino stages a Hiligaynon adaptation of John Steinbeck’s Of Mice and Men titled Katsuri (Visayan “mouse”) until Oct. 27 at the Studio Theater of the Cultural Center of the Philippines. The play is set in present day Negros and presents the plight of sugarcane farmers. An adaptation by Bibeth Orteza and directed by Carlos Siguion-Reyna, the play stars Jonathan Tadioan and Marco Viaña, and the Tanghalang Pilipino Actors Company. For tickets, visit TicketWorld (www.ticketworld.com.ph, 891-9999).

The Quest for the Adarna

REPERTORY Philippines’s Theater for Young Audiences presents a musical retelling of the Philippine folk tale “Ibong Adarna.” The Quest for the Adarna has performances until Jan. 26, 2020 at Onstage Theater, Greenbelt 1, in Makati. When the king of Berbania falls mysteriously ill, his family learn he can only be healed by the song of the mythical bird, Adarna. The three brothers then take turns attempting the dangerous journey to help their father. Tickets are available through TicketWorld (www.ticketworld.com.ph, 891-9999).

Minions at SM Supermalls

THE CHARACTERS from Despicable Me — Kevin, Stuart, and Bob — invade SM Supermalls around the country with the “Monstacular Fun with Minions.” The Minions-themed Halloween event includes a new Minions apparel line for children, teens and young adults. Shoppers and fans can participate in spooky games and activities such as DIY workshops until Nov. 3 at SM Malls. They can also get a chance to dress-up in Illumination’s Minions Halloween costumes exclusively at SM North EDSA and SM Fairview. For more information, visit www.supermalls.com.

McDonald’s Halloween

ON Oct. 26, McDonald’s celebrates a Grand Halloween Family Experience at the SMX Convention Center, Pasay City (F1 and F2). Families are encouraged to show off their best costumes and watch Ronald and the Gang help save Halloween from disappearing. There will be a Trick or Treat experience at the Plaza del Halloween Trick Street and the Barrio Sweet Treats Zone, with games and activities at the Trick Street, as well as inflatables, face painting, and a toy bazaar at the Treats Zone. Families can register and purchase tickets at participating McDonald’s stores or at the registration booth on the day of the event. Tickets are P250 for kids and P125 for adults and come with a Happy Meal of Chicken McDo with rice and regular orange juice, plus a crown and pouch giveaway for kids, and a Chicken McDo with rice and regular orange juice for adults. Visit bit.ly/McDoHalloweenFunDay to see the full list of participating branches where one can register.

Halloween at Ortigas Malls

WICKED WEEKEND at the Ortigas Malls starts on Oct. 26, 2 p.m. Wear costumes and enjoy the fun at Estancia where there will be musical performers at the Bridgeway. They can also take part in a potion class, games, and many other activities while amassing treats during trick or treat at Estancia. At Greenhills, Shoppesville is all suited up for a truly wicked Halloween Weekend. There will be a potion class, performances, and games for young and old. Get your share of tricks and collect one-of-a-kind treats from the Halloween-themed stores across the mall. Tiendesitas transforms Food Village into a frightfully fun venue for Halloween activities. There will be a Lego minifig MOC, a cosplayers’ event, and a musical show, games and a kiddie trick or treat parade that. To participate, pre-register on Oct. 24 and 25 (10 a.m. to 10 p.m.) or on the event day on Oct. 26 (11 a.m. to 1 p.m.) at designated areas per mall. These activities are open to children and their families who have pre-registered. To receive one entry, present a single or accumulated purchase receipt of P2,000 from Oct. 18-23 from any of the Ortigas Malls.

Shriektober at Ayala Malls

CARTOON NETWORK and Ayala Malls have teamed up for Shriektober. Tricks, treats, and toons await kids and kids-at-heart in different Ayala Malls from Oct. 25 to Oct. 31, starting off at the UP Town Center. Dress up as a Cartoon Network character for a chance to win a prize. For more info on event schedules and activities, visit www.CartoonNetworkAsia.com/Shriektober.

Some US electronics factories start layoffs as trade tariffs hit

US ELECTRONICS factories are investing less and slowing hiring or laying off workers in some cases due to the rising costs of trade tariffs, according to an industry survey set for release on Wednesday.

The IPC, a global electronic industries trade association, found that nearly a third of all the dollar value of what its members with US operations import has been hit by increased costs from the protracted US-China trade war.

The electronics industry has increasingly sourced raw materials, components and manufacturing equipment from Chinese factories. They are then assembled into final products, ranging from control panels for tractors to medical imaging machines, in factories closer to customers, including in the United States.

The survey from the IPC, based in Bannockburn, Illinois, found that one in five companies with US operations said they were investing less in the United States due to the new tariffs. About 13% said they were cutting hiring or reducing headcount.

“It seems clear that loss of profitability is impacting the ability of these companies to invest in the US,” said Shawn DuBravac, IPC’s chief economist.

DuBravac said many association firms had indicated they were leaving China, but “it doesn’t appear from our results that a lot of that is flowing back to the US” Rather, the focus is on moving to other low-cost countries, including Vietnam and Malaysia, he said.

Brad Heath, chief executive of VirTex, an Austin, Texas-based manufacturer, said he paid over $200,000 in tariffs for Chinese electronics parts last month on behalf of his clients.

VirTex is a contract manufacturer, which means it assembles parts into sub-assemblies for bigger companies. It can usually pass costs through to final customers, Heath said.

“But our customers don’t have that ability,” he added. “So someone is suffering margin erosion.”

The IPC survey found many companies were struggling to pass along tariff costs, with more than a third saying they could not increase their prices to compensate for them.

Nearly 70% said tariffs had eroded their profit margins, according to the survey, which also said just over half of companies were now sourcing from countries outside China to avoid tariffs. — Reuters

Indonesia cuts key rate for fourth straight month to spur economy

INDONESIA’S CENTRAL BANK cut its key interest rate for a fourth straight month to spur the economy amid a deteriorating outlook for global growth.

Bank Indonesia (BI) lowered the seven-day reverse repurchase rate by 25 basis points to 5% Thursday, as predicted by 23 out of 30 economists surveyed by Bloomberg. The rest had forecast no change.

“The decision is in line with an inflation estimate that remains under control and investment yields that remain attractive, also as a preemptive step to push the domestic economy amid slowing global economy,” Governor Perry Warjiyo told reporters in Jakarta.

The latest round of easing comes after the International Monetary Fund revised down its forecast for global growth and cut its 2019 projection for Indonesia to 5% from 5.2% in July. Despite signs of an impending deal between the US and China, the trade war between the two behemoths is continuing to weigh on Indonesia’s economy, which grew at its slowest pace in two years in the second quarter.

At the same time, Indonesian policy makers remain comfortable with a relatively subdued inflation environment that has allowed them to lower borrowing costs since July. Consumer prices rose 3.39% in September from a year ago, well within Bank Indonesia’s target band of 2.5%-4.5% for this year.

The central bank kept its economic forecasts broadly unchanged from last month.

“BI’s rate cut today was no surprise given the combination of sluggish growth, benign inflation and a reasonably stable” rupiah, said Krystal Tan, an economist at Australia & New Zealand Banking Group Ltd. in Singapore. “As long as external stability is maintained, the bias is probably toward a deeper easing cycle.”

The Jakarta Composite Index was little changed after the decision, up 1% as of 2:39 p.m. local time.

Bank Indonesia raised interest rates by 175 basis points last year as it battled an emerging-market rout that was pressuring the currency, but this year its focus has shifted to supporting growth. The rupiah has gained more than 2% against the dollar this year. — Bloomberg

CLI reports brisk sales of its Metro Cebu condo

CEBU Landmasters, Inc. (CLI) sold out 80% of its P5.3-billion Mivela Garden Residences project in Metro Cebu less than a month after its launch.

In a stock exchange disclosure yesterday, CLI said it is now on track to hit its P12.5-billion reservation sales target for the year, thanks to the “overwhelming buyer interest” in Mivela Garden Residences condominium in Banilad, Cebu City.

Construction work on the four-tower residential condominium is set to begin soon.

“[T]his is a very strong indicator that our products are right-sized and right-priced,” CLI President and Chief Executive Officer Jose R. Soberano III was quoted in the statement as saying.

A primer uploaded on the company’s website said the project involves the construction of four towers in a 1.26-hectare property, which will have a total of 1,536 residential units and 507 parking units.

CLI said it is targeting individuals and young families to take interest in the development, as it is located within a kilometer away from hotels and shopping malls.

“Even as Cebu Landmasters expands in VisMin, we will continue to keep our strong presence in Cebu which sets the trends for this region,” Mr. Soberano said.

CLI is targeting to reach a consolidated net income of P2.6 billion and parent net income of P2 billion by the end of 2019.

In the first six months of the year, CLI recorded an attributable net income of P854.34 million, up 13% from a year ago, as revenues climbed 34% to P3.5 billion. About 61% of the company’s total revenues came from projects located in Cebu. — Denise A. Valdez

FDC’s outstanding bonds keep top credit rating

FILINVEST Development Corp. (FDC) retained the top credit rating for its P8.8-billion outstanding bond issue, according to Philippine Rating Services Corp. (PhilRatings).

In a statement, PhilRatings said FDC’s bonds retained its “PRS Aaa” credit rating, which means it has an “extremely strong” capacity to meet its financial commitment.

PhilRatings also gave FDC a stable outlook for the rating, meaning it is expected to stay the same for the next 12 months.

The debt watcher cited FDC’s strengths such as its stable diversified revenue stream; conservative and professional management, main subsidiaries with steady income and cash flows, and growing real estate and banking businesses.

FDC’s subsidiaries include Filinvest Land, Inc. East West Baking Corp., Pacific Sugar Holdings, Corp., and Seascapes Resorts, Inc.

The company’s net income attributable to the parent increased 19% to P6.13 billion in the first six months of the year, driven by a 14% increase in revenues to P37.23 billion. — Vincent Mariel P. Galang

Principles for Responsible Banking

Modern banks play two important roles in the financial system. One, they are at the heart of the clearing and payment system so that transactions are consummated as seamlessly as possible. Two, they are major intermediaries in the reallocation of money or credit from those with excess of funds, the savers, to those with needs or opportunities, the borrowers. Banks make money from spreads or margins as well as from fee business. Traditionally, banks who are able to handle the functions well and efficiently are able to make a lot of money for their main profit objective.

Society today however has more expectations from the banking sector. Banks are expected to embrace the call for multiple bottom lines. In the language of the United Nations, the world must adopt sustainable development goals that extend beyond profit or prosperity. The UN adds four other P’s — people, planet, partnership and peace.

Banks must thus be transparent and clear about how their products and services create value for their customers, clients, investors and society. It was this rationale that drove members of the UN Environment Programme’s Finance Initiative (UNEP-FI) to craft “Principles for Responsible Banking.” This will help any bank leverage business opportunities with the new era of sustainable social, environmental and economic development. Signatories of the principles pledge the following:

1. Alignment. “We will align our business strategy to be consistent with and contribute to individuals’ needs and society’s goals, as expressed in the Sustainable Development Goals, the Paris Climate Agreement and relevant national and regional frameworks.”

2. Impact and Target Setting. “We will continuously increase our positive impacts while reducing the negative impacts on, and managing the risks to, people and the environment resulting from our activities, products and services. To this end, we will set and publish targets where we can have the most significant impact.”

3. Clients and Customers. “We will work responsibly with our clients and customers to encourage sustainable practices and enable economic activities that create shared prosperity for current and future generations.”

4. Stakeholders. “We will proactively and responsibly consult, engage and partner with relevant stakeholders to achieve society’s goals.”

5. Governance and Culture. “We will implement the Principles through effective governance and a culture of responsible banking.”

6. Transparency and Accountability. “We will periodically review our individual and collective implementation of these principles and be transparent about and accountable for our positive and negative impacts and our contribution to society’s goals.”

Banks who are signatory to this pledge are expected to take steps that will ensure the quality and credibility of their commitment. This will be done in three basic stages. Through impact analysis, the bank will review its main activities to identify significant positive and negative impacts for the people and environment where it does its business. The bank will then set ambitious targets to reduce significant negative impacts and increase positive impacts. There should be milestones for effective monitoring and measurement. Finally, the bank must adapt a reporting and self-assessment template to keep track of its progress. This is to demonstrate accountability.

The principles guide banks by way of a comprehensive framework, at the strategic, portfolio and transactional levels. It aims to enable the bank to seize new opportunities in an emerging sustainable development economy. It likewise should strengthen trust in the bank as it remains responsive, relevant and competitive while improving its value addition to customers, investors and society.

Because this is a collaborative effort of the UNEP-FI, knowledge, experience and expertise will be shared with tools and resources to be made available to the participants. UNEP-FI will conduct activities for knowledge sharing and publish materials that can be useful to the interested participant.

The principles have been endorsed by 132 official “Signatory Banks” and launched by UNEP-FI in September 2019. While the Development Bank of the Philippines is the sole Philippine signatory in this recent exercise, we believe this set of principles should be seriously considered by other local banks. Our country needs a pro-active banking industry willing to collaborate for a common good if we want to build the future that our children deserve. We have to collectively manage the emerging risks associated in servicing this volatile, uncertain, complex and ambiguous world.

As the UNEP-FI advocates, the imperative is to finance change and change the way we do finance. This means cultivating a breed of responsible bankers who will participate in building a global sustainable development economy.

 

Benel D. Lagua is Executive Vice President at the Development Bank of the Philippines. He is an active FINEX member and a long time advocate of risk-based lending for SMEs. The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX.

Seven elements of a perfect resignation letter

I’m no longer happy with my job. My boss doesn’t care about my career success. I wish I could stay longer with this major company, but I can’t be patient, especially now that I’ve already secured a lucrative job with a prospective, new boss who appears to be caring and helpful, judging from the feedback of his workers. Is it advisable to list down all of my complaints in my resignation letter so that I can get back to my toxic boss and let the fact be known by the Human Resource Department and other managers? — Feeling Nasty.

A man died and left his great wealth to his long-time secretary. Naturally, his wife was furious. She went to have the inscription on his tombstone changed, but was too late. To change it, she would need to buy another expensive stone. She thought for a moment. She certainly didn’t want to spend any more of her little money, so she went to the craftsman and requested:

“Right after ‘Rest in Peace’ I want you to chisel in these additional words – ‘Until We Meet Again!’”

That story sums up what I’d like to tell you upfront. No! Don’t even think about taking revenge against your former boss. You’ll never know when you’ll meet again. And when that happens you may need his help for something else. You need to be strong and resist the temptation of taking revenge. Don’t be a weakling as most bitter people are.

Mahatma Gandhi was right: “The weak can never forgive. Forgiveness is the attribute of the strong.” Instead of hate perpetually consuming your body and soul, think only of all the good things about your boss and the organization. It’s difficult, but somehow, you can find greatness in him. If the only reason for your resignation is that you’re not being helped to achieve your ambition, then take it with a grain of salt as you may not know what’s keeping your boss from helping you.

Go ahead. Write that resignation letter using only the most positive approach. The following tips should help you minimize the emotional let-down for you and your boss:

One, your resignation letter must be business-like. Now that you’ve made a decision to resign, write your resignation as if you’re already an outsider. It should not be like a corporate memorandum complete with a “To” and “From” salutation. It must be addressed to your boss, complete with his job title, company name, and complete address.

Start with the usual salutation “Dear Mr…” and close it with either “Sincerely,” “Yours Truly,” or “Yours Sincerely” which are basic, simple, and profound way of concluding a letter.

Two, state the main point of your resignation and its effective date. The legal and professional approach is to give an advance 30-day notice to your management. Your new employer would surely understand that. Explain why you are leaving. “Greener pastures” is obsolete and over-rated. Instead, simply inform your boss that you are joining another company.

You don’t have to identify the name of your new employer. You can’t be forced to reveal it, anyway. Whatever approach you take, don’t dwell on the higher pay and perks package you would be receiving. Don’t rant. It’s too late for you to do that. Otherwise, you can be blamed for bringing it too late in the day.

Three, express appreciation for the assistance given to you by your boss. Remain positive and optimistic after you’ve terminated your employment. You can identify many things out of his goodness, including the early years of your working relationship. Man is basically good and life is too short to dwell on all the negative things in this planet, especially now that you’ve decided to leave them behind.

Four, offer any assistance to look for your replacement, if needed. Continue focusing on full collaboration and cooperation as much as practical. Make it easy for your boss to get a ready replacement as a sign of goodwill. If he doesn’t feel like accepting your offer, then leave it at that. Don’t be offended. We live in a small world and chances are you’ll bump into each other again, not necessarily within the same industry.

Fifth, volunteer to train your replacement up to a certain extent. Your offer may not be accepted due to your boss’s ego or pride. Just the same, leave the door and all windows open for future collaboration. Indicate your contact details in your resignation letter where you can be contacted for help. Who knows? It could open business opportunities for both of your respective organizations. Or you may be offered a different but lucrative job in the future.

Sixth, complete all your pending projects before you go. It’s an act of professionalism that you can’t afford to ignore. Commit this in your resignation letter, unless your boss is not interested. You may dislike your boss, but do not let your pending projects be another reason for your poor work relationship with only one person. After all, your boss does not represent the whole organization.

Last, send a copy of your resignation letter to HR. Require them to acknowledge your file copy. It’s your protection in case your boss fails to act on or even accept your resignation. Do everything shortly before the end of office hours. Timing is also important. Your honest feelings about your situation with your former boss and the bad time when you submit your resignation can be a painful combination.

Even in your exit interview, don’t burn the bridge no matter how much light it gives you in the dark. Be practical. Badmouthing your boss and your organization could compromise the release of your terminal pay, clearance and certificate of employment.

ELBONOMICS: Don’t burn the bridge, even if it gives you the best light in the dark.

 

Send anonymous questions to elbonomics@gmail.com or via https://reyelbo.consulting

What to see this week

3 films to see on the week of October 25 — October 31, 2019

Paradise Hills

Uma wakes up in Paradise Hills, a school for girls on an isolated island where they are trained to be prim and proper. However, the island hides a sinister secret. Directed by Alice Waddington, the film stars Emma Roberts, Danielle Macdonald, Awkwafina, and Milla Jovovich. The Hollywood Reporter’s Leslie Felperin writes, “Words can’t do justice to the truly lavish sets and costumes on display here which are so dazzling, intricate and bizarre they serve as a useful distraction from the awkward dialogue and plot holes.” The film has a score of 72% on the Rotten Tomatoes page which aggregates movie reviews.

MTRCB Rating: R-13

Zombieland: Double Tap

A DECADE after the first film, the team of Columbus, Tallahassee, Wichita, and Little Rock reunite as they move to the American heartland and struggle to survive around a new breed of zombies, meet fellow survivors, and deal with the pains of their makeshift family. Directed by Ruben Fleischer, the film stars Emma Stone, Jesse Eisenberg, Woody Harrelson, and Abigail Breslin. The Rolling Stone’s Peter Travers writes, “There’s no sense coming down too hard on a movie thwat’s so eager to please. Turns out a double dip of Zombieland goes down easy when you see it for the irresistible escapism it is.” The film has a score of 66% on Rotten Tomatoes’ Tomatometer.

MTRCB Rating: R-13

Unforgettable

JASMINE takes her dog named Happy on a long journey to pay a visit to her grandmother. They encounter challenges on the way and meet interesting strangers. Directed by Jun Robles Lana and Perci Intalan, the film stars Sarah Geronimo, Gina Pareño, Ara Mina, Regine Velasquez, and Kim Molina.

MTRCB Rating: PG

How PSEi member stocks performed — October 24, 2019

Here’s a quick glance at how PSEi stocks fared on Thursday, October 24, 2019.

 

Infrastructure spending likely surged in September

INFRASTRUCTURE spending rose 69% year-on-year in September but remained lower in the year to date, indicating limited overall progress in the government’s bid to “catch up” on spending delayed by the late approval of the 2019 budget, according to economic managers who cited preliminary estimates.

Budget Undersecretary Laura B. Pascua said that spending on infrastructure and other capital outlays on September climbed by 69% year-on-year to P100.3 billion.

“For September, infrastructure and other capital outlays (spending) was P100.3 billion,” Ms. Pascua said in a mobile phone message to BusinessWorld yesterday.

In the nine months to September, spending on infrastructure and other capital outlays was still down 4.2% year-on-year at P546.3 billion and also 8% short of the P594 billion target for the period, Finance Secretary Carlos G. Dominguez III said in a media briefing late Wednesday following the economic development cluster meeting.

“Actual disbursements from January to September 2019 amounted to P546.3 billion which is about 92% of the program of P594 and a half billion in disbursements for the period, but 4.2% lower than the actual disbursements for the same period of 2018,” Mr. Domginguez told reporters.

Mr. Dominguez said that while the catch-up plan continues to depend on “accelerated infrastructure spending” for the last two quarters, overall state spending so far was still “weighed down” by the 4.2% contraction from infrastructure expenditure.

“However, this was weighed down by the contraction recorded by the disbursements of infrastructure and other capital delays which were mainly due to the delay in the passage of the 2019 national budget and the election ban,” he said.

The Bureau of the Treasury (BTr) reported earlier that national government expenditure rose 39.01% to P415.1 billion in September, its fastest rise since the 42.7% increase posted in April last year.

Year-to-date spending likewise grew 5.51% year-on-year to P2.627 trillion but missed its P2.685-trillion spending program for the period.

With around 30% or P1.14 trillion left to disburse out of the P3.769-trillion expenditure program for the year, Mr. Dominguez said that the economic team remains “confident” of hitting the target “based on updates from main infrastructure agencies.”

He said that the Department of Public Works and Highways’ spending as of September was P424.7 billion, leaving P300.3 billion left to disburse out of the department’s P725 billion spending plan for the year.

He said DPWH is expecting to inaugurate several projects this year such as the Central Luzon link Express project phase one, the Tarlac-Pangasinan-La Union Expressway, Ciudad de Victoria interchange overpass bridge and a bypass road in Bulacan.

Meanwhile, the Department of Transportation’s spending was P43.7 billion, with P51.37 billion left to disburse to meet its P82-billion goal for the year.

“The DPWH is implementing reforms to effectively address right away issues and accelerate implementation of big-ticket projects,” he said.

Asked why August infrastructure spending was down, Mr. Dominguez said that payments for construction jobs are usually made 30 days after completion.

“You don’t pay for the work done today. You pay about 30 or 40 days later. So what we’re paying for is work that had accelerated a couple of months ago. So that’s the flow of the work. The jobs have been steady and the payments continue to accelerate,” he said.

“We’re hoping that the (2020) budget gets passed, there’s still seven weeks until the end of the year, seven legislative weeks. So there’s enough time to pass the budget,” he added.

The BTr also reported that despite revenue growth 16.89% to P236.5 billion in September, the budget deficit for the month rose 85.52% year-on-year to P178.6 billion, bringing the year-to-date fiscal gap to P299 billion, down 20.95% from a year earlier.

In a note to journalists yesterday, a Philippine National Bank Macro Alert cited “robust primary expenditures” which are continuing to “strengthen fiscal stimulus and imply a larger fiscal contribution” to third quarter GDP growth.

Mr. Dominguez still expects GDP growth to accelerate in the last two quarters with headline inflation expected to settle within the 2-4% official target.

“The government accelerates implementation of the ‘Build, Build, Build’ infrastructure and human capital development projects to make up for the underspending earlier this year due to the delay in the budget. We will intensify our efforts to restore last year’s upward momentum in our growth rate,” he said. — Beatrice M. Laforga

Philippine carriers Sept. NAIA on-time performance 83%

CEBU PACIFIC, Cebgo, Philippine Airlines, PAL Express and Air Asia Philippines had a running average on-time performance (OTP) of 83% in September on flights to and from Metro Manila’s main gateway, the highest in 2019, according to the Air Carriers Association of the Philippines (ACAP) and the Department of Transportation (DoTr).

“In a report to the Department of Transportation (DoTr), ACAP-member carriers reported an average 83% OTP for flights at NAIA in September 2019,” both DoTr and ACAP said in a statement on Wednesday.

The two organizations noted that last month’s OTP was “up seven percentage points versus the OTP rates posted in July and August 2019.”

“The last time OTP was at this level was in September 2018 at 85%,” they said.

OTP in the three months to September was 78%, up from 65% and 62% in the first and second quarters respectively, they said.

“This brings OTP in NAIA at 68% from January to September 2019,” it added.

“We thank the airlines for their cooperation and for making changes in their respective operations to enhance the travel experience of airport users. While we catch-up and expedite aviation infrastructure projects, I hope we continue the solidarity and hard work to try to provide some measure of comfort and convenience to our air passengers,” Transportation Secretary Arthur P. Tugade was quoted as saying.

Both organizations said the improvements came after the ACAP-member airlines signed the pledge in June, signifying their support for improving the air sector’s performance and aid in the decongestion of Ninoy Aquino International Airport (NAIA). — Arjay L. Balinbin

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