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Grab to pilot test scooter service in Intramuros

GRAB Philippines is partnering with the Department of Tourism (DoT) to pilot test a scooter service in Intramuros and to stream Philippine tourism videos in Grab cars across Southeast Asia.

The ride-hailing company signed two memoranda of understanding with DoT yesterday to join efforts in promoting “personal mobility” and tourism.

“Grab is present in eight different countries across Southeast Asia…and we want to see how we could use this as a platform to educate our fellow Southeast Asians about the beauty and wonders of the Philippines,” Grab Philippines President Brian P. Cu said in a briefing in Intramuros.

For GrabWheels, the company is deploying 30 scooters that may be used within Intramuros for free for three months — similar to what Grab launched in Bonifacio Global City (BGC) earlier this year.

“Personal mobility is a trend we’re seeing in transport. It’s taking over the zero to three-kilometer trips… It’s a cheaper and faster option,” Mr. Cu said.

After the three-month pilot test in Intramuros, the Grab president said the company would have to evaluate if the transport option is viable to maintain in the area.

Looking forward, Mr. Cu said Grab is looking at areas in Quezon City, Pasig City, Subic and Clark to test the scooter service, noting that the offer had to be pulled out from BGC as the area is yet to finalize its traffic scheme.

“The city needs to come up with its regulations on bike lanes and pedestrian lanes. The whole initiative of the DILG (Department of the Interior and Local Government) to take back the streets and give it to pedestrians is going to be beneficial for the future of a service like GrabWheels,” he added. — Denise A. Valdez

Facebook gets German data probe into voice transcriptions

FACEBOOK INC. is being probed by Hamburg’s data protection authority over transcribing audio from users of its services, adding to an investigation into Google’s automatic speech assistant.

Facebook “is currently the subject of a separate investigation” into transcription of human-to-machine and human-to-human communications, the Hamburg Commissioner for Data Protection said in a press release on Monday. “Manual evaluation was used in Facebook Messenger to optimize the transcription function.”

Bloomberg reported earlier in August that Facebook has been transcribing the audio of users who chose the option in Facebook’s Messenger app to have their voice chats transcribed. While users could opt in to service, there was no mention of human involvement in its permissions or information pages. The human review was aimed at checking whether Facebook’s artificial intelligence correctly interpreted the messages.

In an emailed statement, the Irish data protection commissioner’s office, Facebook’s main privacy watchdog in the EU, said that while the voice-to-text feature was not offered to users in Europe, Facebook inadvertently manually transcribed the audio clips of fewer than 50 European users across 14 countries. The situations occurred when a US-based user of the feature engaged with a Europe-based contact.

The Irish watchdog said it had notified the relevant national privacy authorities of the 14 countries and said Facebook had pledged to inform it before starting manual transcription of European users’ audio data. It’s unclear how many US-based users were impacted.

European privacy authorities have the power to fine companies as much as 4% of annual turnover for violating the bloc’s data protection rules, but such tough measures are usually reserved for major breaches.

Facebook is facing intense regulatory scrutiny of its businesses in Europe, including an antitrust probe into its Libra cryptocurrency and numerous privacy investigations that could lead to hefty fines.

Facebook declined to comment.

Google said in a statement that it has met with the Hamburg regulator to discuss the issue.

“We’re currently assessing how we conduct audio reviews and help our users understand how data is used,” Google said. “These reviews help make voice recognition systems more inclusive of different accents and dialects across languages.” — Bloomberg

PDIC sells P223.1M worth of assets

THE PHILIPPINE Deposit Insurance Corp. (PDIC) sold P223.1 million worth of properties held by 533 shuttered banks through six public biddings from January to July this year.

In a press release, the PDIC said this activity enhances the chances of creditors of closed banks to recover their funds.

“Collectively, the public biddings yielded an aggregate premium of P57.9 million over the total minimum disposal price of P165.2 million,” it said in an statement.

Proceeds from the sale of closed banks’ properties are added to the pool of funds of these banks for distribution to creditors and uninsured depositors in accordance with the rules on concurrence and preference of credits, it added.

PDIC, an attached agency of the Department of Finance, was created in 1963 by virtue of Republic Act No. 3591 as amended to insure the deposits of all banks.

This government-owned and -controlled corporation exists to protect depositors by providing deposit insurance coverage up to P500,000 per depositor.

Its net income went up 13% to P6.426 billion last year from P5.689 billion in 2017. — MTA

Fundador Supremo 18 is named ‘world’s best brandy’

FUNDADOR SUPREMO 18 recently bested some of the world’s top brands to win the coveted “Best Brandy in the World 2019” title at the International Wine and Spirits Competition (IWSC). Since Fundador Supremo Oloroso 18 is aged in special oloroso sherry casks, the brandy stands out with its aromatic warm, round notes of dried fruit and roasted nuts combined with smooth, strong, intensive hints of vanilla, walnuts, and dried fruit, while notes of wood stand out and provide a very elegant and lingering finish. The Fundador Supremo Sherry Cask Collection is comprised of three unique expressions of Fundador Solera Gran Reserva brandy aged in 12-, 15-, and 18-year-old sherry casks.

Philippine stocks may bounce back into bull market on earnings — analysts

PHILIPPINE bulls see the nation’s stock index climbing back to 8,000 later this year as corporate profits recover and economic growth accelerates.

Earnings of companies in the benchmark gauge grew faster in the second quarter, supporting expectations of double-digit expansion this year, according to analysts at COL Financial Group, Inc. and First Metro Investment Corp. GDP growth should pick up from a four-year low in the second quarter as inflation continues to cool while the government ramps up spending, they said.

“The second-quarter results give us more confidence that the market will hit our target,” said First Metro’s Cristina Ulang, who forecasts earnings to grow 10% this year and for the index to reach 8,400 to 8,800 by the end of 2019. “We should see more improvements in earnings and the economy as government spending steps up.”

After breaking into a bull run that sent the Philippine Stock Exchange index to a 16-month high in July, the benchmark measure slumped 7.4% and closed at 7,747.38 on Tuesday as the trade war between the US and China escalated. Slower-than-expected second-quarter Philippine economic expansion and another round of rebalancing, raising the weighting of China shares in the MSCI Index, also added to the weakness. The index rose 1.3% to 7,847.50 at the close Wednesday, the biggest gainer among major gauges in Asia.

After getting cut by more than half to 4.34% in 2018 when margins and consumer spending were squeezed by rising inflation, earnings per share of companies in the Philippine Stock Exchange index are forecast to grow by 14.3% this year, the fastest pace since 2012, according to data compiled by Bloomberg.

“It’s safe to keep our targets right now for there’s nothing extremely negative,” said April Lee-Tan, research head at COL Financial. “The second-quarter results are just right and it supports our outlook that earnings will get better.”

Ms. Tan forecasts the benchmark index will reach 8,600 this year on a prediction that earnings will expand 13%. Property companies and banks are likely to sustain strong results while cooling inflation will benefit consumer-related companies, some of which had some earnings disappointments, such as Jollibee Foods Corp., she said.

More than $23 billion in Philippine stock market value was erased from last month’s peak through Tuesday, while overseas funds withdrew almost $140 million over the same period. From a peak of 16.9 times 12-month estimated earnings in July, the outflows helped trim valuations to 15.6 times, a three-month low.

“Corporate earnings are showing resilience and will hit double digits this year — that’s why the index bounces each time it hits the 7,700 level,” Ms. Ulang said. “Earnings aren’t bad so every dip is a buying opportunity.“

Still, “a climb above 8,000 will be unsustainable if government spending and economic growth don’t pick up,” said Rachelle Cruz, an analyst at AP Securities Inc. “The trade war will also be a constant headwind.” — Bloomberg

Tencent launches WeChat for drivers

HONG KONG — Tencent Holdings on Monday unveiled a version of its popular social media app WeChat tailor-made for drivers with state-backed Chinese carmaker China Chang’an Automobile Group, marking a further foray into transportation solutions.

China’s most popular messenger, with more than 1.1 billion users, will be embedded in new car models coming to the market later this year, the two companies said at the annual Smart China Expo in Chongqing.

While the mobile app offers services such as payment and entertainment, the car version will have limited functions based on voice control and a button on the wheel, allowing the driver to send or receive messages and make calls while driving, and integrate Tencent Map’s navigation service, Tencent said.

Tencent, which is trying to transform itself from a consumer-oriented social and gaming firm to an enterprise service provider, said in a statement it had secured partnership agreements with 21 automakers including BMW, Mercedes-Benz and Audi to roll out solutions for connected cars on 45 models.

China’s state-run news agency Xinhua said on Monday 530 deals worth 817 billion yuan ($115.2 billion) had been signed at the Smart China Expo. — Reuters

How PSEi member stocks performed — August 28, 2019

Here’s a quick glance at how PSEi stocks fared on Wednesday, August 28, 2019.

 

Slower price increases bring some respite to poor households

Slower price increases bring some respite to poor households

Senate seeking accounting of RCEF disbursement

THE Senate Committee on agriculture and food was told at a hearing Wednesday that very little of the initial release of funds for the Rice Competitiveness Enhancement Fund (RCEF) went to farmers, with 80% captured by the Department of Agriculture (DA) National Rice Program.

The Department of Budget and Management (DBM) in December 2018 released P5 billion for the RCEF, a component of the Rice Tariffication Law which by law is entitled to P10 billion a year from rice import tariffs, of which Agriculture Secretary William D. Dar said P4 billion was allocated to the National Rice Program.

“With respect to the P4 billion initially released to the Department in December last year, it is reported by our officials that around P2.8 billion has been utilized for farm mechanization; of which P2.75 billion was spent on production-related farm machinery,” Mr. Dar told the panel on Wednesday.

“P241 million for small-scale irrigation facilities was given to 6,658 farmer groups and cooperatives in all regions in the country; roughly P1 billion went for the same program, benefiting 181,526 farmers; the remaining P200 million had been spent for buffer stocking for quick response.”

The Rice Tariffication Law was enacted in February, going into the books as Republic Act No. 11203.

The DA added that the DBM sourced the P5 billion from unprogrammed funds, which it said may be used fully or partially for rice programs.

Senator Cynthia A. Villar, the committee chair, also asked the DA to report on the utilization of the P7-billion budget for the National Rice Program.

“Alam ko may P7 billion kayong Rice Program, dapat ‘yun ang ginamit niyo pero ang ginamit niyo P4 billion ng RCEF (I know you have P7 billion in funding for the Rice Program, but you ended up using P4 billion from RCEF),” she said. “Wala naman ditong ibinigay kung san dinala ‘yung P7 billion. (I have yet to see an accounting of the P7 billion)” — Charmaine A. Tadalan

DA studying financing plan for direct palay buyers

THE Department of Agriculture (DA) said it is considering providing low-interest financing for rice inventory purchases by entities seeking to source palay, or unmilled rice, directly from farmers.

“We’ll provide traders, cooperatives, local government units and other stakeholders a new inventory financing program from LANDBANK at 2% interest, provided they buy directly from farmers,” Agriculture Secretary William D. Dar said during a public hearing on the implementation of the Rice Tariffication Law.

Mr. Dar said that he will also look into restoring the palay buying price to P17 per kilo, from P20.70 for farmer organizations, and P20.40 for individual farmers with incentives added. He added P17 will also be the basis for the new financing program.

“We will process this but that is the direction,” he said in a chance interview.

“The incentive system was (offered) during the crisis situation in 2018, so I think we will have to revisit that formally in the NFA [National Food Authority] council so that during this period we can cover and really buy more palay at P17 per kilo,” he said.

The incentive system was implemented in October 2018, which added a P3.00/kg buffer stock incentive on top of the P0.20/kg drying, P0.20/kg delivery, and P0.30/kg Cooperative Development Incentive Fee.

Asked to comment, Samahang Industriya ng Agrikultura (SINAG) Chairman Rosendo O. So noted that the NFA should be able to absorb the entire domestic harvest, with the season due to begin next month.

“Ang harvest time talaga kasi is next month. Dapat kasi ngayon yung mga binebenta (palay) kaya i-absorb ng NFA… kasi konti lang ito kasi may P1 billion pa sila… so kung may ganong problema kailangang pumasok ang NFA,” he said. (The harvest is next month. Palay sold today should be absorbed by the NFA… it’s only a small volume and the NFA still has P1 billion… if there are problems in selling palay, the NFA should step in.) — Vincent Mariel P. Galang

Poultry farmers see possible shift away from pork consumption if ASF fears spread

THE poultry industry said it expects sagging prices to be supported by any shift away from pork consumption if a still-unconfirmed disease detected in pig farms spreads beyond its current containment area.

“In the next few weeks… it will become clear as to the impact (of the hog disease), but there is no doubt… there will be an impact because of substitution,” United Broilers and Raisers Association (UBRA) President Elias Jose M. Inciong said in a phone interview.

“I expect chicken prices to largely move independently of hog, unless (the hog disease impact) worsens,” he said.

Poultry have decreased in the past two weeks due to competition from imports. He said average prices for regular-sized chicken fell to P100 per kilo from P104 previously, while the average price for prime-sized chicken fell to P103.93 from P106.63.

“Magulo kasi ngayon ang trade dahil nga atras abante ang mga growers dahil mataas ang inventory ng imported. Syempre they are not as confident about loading. Pag mataas ang price signal naglo-load, pagni-nerbyos, aatras” (Growers have no firm view of the market because imported chicken inventories are high. When price signals are pointing higher they load up on production but they can reverse themselves at the slightest sign of worry about the market).

According to the National Meat Inspection Service (NMIS), imported dressed chicken in cold storage amounted to 21,905.8 metric tons (MT) as of July 22, 2019, while domestically-produced dressed chicken amounted to 8,976.84 MT. Imported supply was 40% higher year-on-year.

The Department of Agriculture has not yest ruled out several suspected diseases currently affecting the backyard hog farm sector, nor has it identified the areas affected. News reports from Taiwan last week placed the outbreak in Rizal and Bulacan. The reports also said Taiwan authorities have imposed special baggage checks on travelers from the Philippines to guard against the possible entry of African Swine Fever (ASF).

The DA said it has started to cull hog populations in affected areas and imposed restrictions on the movement of live animals. It expects lab results to confirm the disease in a few weeks.

“In due time we will tell the public… but even before the arrival of the confirmatory lab test results, as I’ve said (we will take) all preventive measures, all quarantine measures, all food safety measures are now in place nationwide,” Agriculture Secretary William D. Dar told reporters on Wednesday. — Vincent Mariel P. Galang

PWDs to be granted 5% discount on staples

PERSONS with disabilities (PWDs) will be entitled to a 5% special discount on basic necessities starting next month, according to the latest regulations released by the Bureau of Internal Revenue (BIR).

BIR issued Tuesday Revenue Regulations (RR) no. 9-2019, amending RR no. 5-2017, granting PWD a 5% special discount on the regular retail price of basic necessities and prime commodities. They are not exempt from 12% value-added tax (VAT).

“Every PWD shall enjoy a special discount of five percent (5%) of the regular retail price, without exemption from the value-added tax (VAT) of basic necessities and prime commodities,” the BIR said in a statement.

The discount is limited to purchases not exceeding to P1,300 “per calendar week without carry-over of the unused amount,” it said.

The items purchased should only be for the PWD’s own consumption, it said.

The regulations will be effective as early as next month or 15 days after its publication in the Official Gazette or in any two newspapers.

Basic necessities were defined as goods “vital to the needs of consumers” while prime commodities are goods that are “essential” to them.

Necessities include rice, corn, root crops, bread, fresh, dried or canned fish and other marine products; fresh pork, beef and poultry meat; fresh eggs, potable water in bottles and containers; fresh and processed milk; fresh vegetables and fruits; locally manufactured instant noodles; coffee, coffee creamer; sugar, cooking oil, salt, laundry soap, detergent, firewood, charcoal, candles, household liquefied petroleum gas and kerosene.

Meanwhile, prime commodities include flour, dried, processed or canned pork, beef and poultry meat; dairy products not falling under basic necessities; onions, garlic, vinegar, patis, soy sauce, toilet soap, fertilizer, pesticides and herbicides; poultry, livestock and fishery feeds and veterinary products; paper, school supplies, nipa shingles, sawali, cement, clinker, GI sheets, hollow blocks, plywood, plyboard, construction nails, batteries, electrical supplies, lightbulbs and steel wire.

The regulations were signed by Finance Secretary Carlos G. Dominguez III on Aug. 8 and also by BIR Commissioner Caesar R. Dulay.

Republic Act. No. 20754 or An Act Expanding the Benefits and Privileges of PWD entitles PWDs to a 20% discount and VAT exemption on medicine, hotel and restaurant services, theater and concert tickets, among others.

Currently, PWDs also enjoy a 20% discount and VAT exemption on medical and dental services and domestic air and sea transportation fares, land transportation fare, and funeral and burial services. — Beatrice M. Laforga

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