Facebook Instagram Linkedin X Youtube
Home Blog Page 10750

Apo Agua on schedule to complete Davao water project by 2021

DAVAO CITY — Apo Agua Infrastructura Inc., a joint venture between Aboitiz Equity Ventures, Inc. and JV Angeles Construction Corp., is on track to complete the P12.6-billion bulk water supply project for Davao City by the first half of 2021.

Apo Agua General Manager Cirilo C. Almario said the venture is now preparing to start laying the 55-kilometer raw water pipeline going to the reservoir of the Davao City Water District (DCWD)by August.

“I hope by June 2021, basically everything will have to end around that time… It is a multi-project, we have the water treatment plant, pipelines. Sabay sabay gagawin ito lahat at matatapos (All these will be constructed at the same time and done by the) first half of 2021,” Mr. Almario said at the Connect media forum on Friday.

The project, which will source water from the Tamugan River, will also have a small hydro-electric plant to power the water treatment facility.

Apo Agua broke ground for the project in November and started construction early this year for the intake and water treatment facilities.

Once operational, Apo Agua will deliver 300 million liters per day (MLD) to DCWD as provided under their bulk water supply agreement.

DCWD Deputy Spokesperson Jovana Cresta T. Duhaylungsod, meanwhile, said that its own P2-billion pipe laying project to improve and expand the distribution system, which started in 2015, is more than halfway done in sub-project terms.

Ms. Duhaylungsod said out of the 32 projects, 20 are completed.

DCWD currently takes in 300 MLD from groundwater sources.

Once Apo Agua starts delivering water, DCWD intends to stop tapping ground water and maintain these sources as back-up. — Maya M. Padillo

PNOC signs exploration agreement with Israel’s Ratio Petroleum

PHILIPPINE National Oil Co. (PNOC) and Israel’s Ratio Petroleum Ltd. signed a memorandum of understanding (MoU) to “seek to establish cooperation” for the exploration and development of oil and gas resources in the Philippines, the Energy department said Friday.

In a statement, the Department of Energy (DoE) said the MoU was signed by Reuben S Lista, PNOC president and chief executive officer, and Itay Raphael Tabibzada, Ratio Petroleum chief, on Friday at the PNOC office in Taguig City. The signing was witnessed by Energy Secretary Alfonso G. Cusi, the ex-officio chair of the company.

The DoE said the MoU includes the entry of PNOC to Service Contract (SC) 76 based on terms to be mutually agreed upon by the parties.

In October, the administration signed its first service contract — SC 76 covering eastern Palawan — with the Israeli firm, signaling the country’s intent to revive the upstream petroleum industry.

The DoE said the MoU provides for cooperation in the conduct of research and feasibility studies; the exchange of technical information, including coordination to facilitate necessary permits and clearances; and the sharing of technical resources and capabilities for project development, starting with SC 76.

It said PNOC had been looking for technology partners to assist its energy activities, particularly in the exploration and development of new oil and gas fields to intensify its contribution to building the country’s energy security and self-sufficiency.

It described Ratio Petroleum as part of the Ratio Group “with an experience of more than three decades in the exploration and production (E&P) industry.

The Israeli company is operating in six countries around the world and is credited with helping develop the Leviathan natural gas field — the largest natural gas field (22tcf) in the Mediterranean Sea.” — Victor V. Saulon

Shopee focuses on growing number of transactions

ONLINE mall Shopee Philippines expects shopping activity to rise towards the end of the year, with the first half of the year comparatively more quiet on the e-commerce front.

Shopee Associate Director Martin Yu told reporters Thursday that Shopee is focusing on growing the number of transactions and gross merchandise value (GMV).

“A lot of Filipinos love shopping during Christmas and it’s just the start of that ber-months so it’s basically the time of the year, the most wonderful time of the year,” Mr. Yu said.

In Asia, GMV for the first quarter of 2019 amounts to USD3.5 billion, with Indonesia and Taiwan comprising the biggest chunk of the market.

“…between 1 to 2% of retail is now shopping online, on e-commerce, but in countries like Taiwan that number is 10 to 15% …it’s at a mire developed stage there,” he said, noting that the platform is not new in such markets. “So we can still see a huge potential to where it can get to eventually,” Mr. Yu added.

Asked to provide details on the number of transactions, he said: “We have seen sustained growth in the past months, and we’re still growing with ever-greater efficiency.”

Categories like health and beauty, women’s fashion as well as baby products were among its best-sellers.

“So now it’s between health and beauty and women’s fashion that are top categories, also mobiles and gadgets. So it’s a mix of young women’s products and electronics that are growing.”

Mr. Yu said that the motoring and the groceries categories are among the laggards because they started selling the products much later.
The company aims to raise awareness about its platform by working with more brands to reassure consumers that they are dealing with a credible seller.

“I think that’s something we want to build…how can we make it (that) you trust the online buying process, you’re confident that you do it every day,” he said.

Shopee had around 30 million downloads in the Philippines and around half a million active sellers on the platform.

Peso continues rally vs dollar

THE peso continued to rally against the dollar on Friday amid lingering expectations of a rate cut by the U.S. Federal Reserve.

The local currency appreciated by 6 centavos to close at P51.13, according to data from the Bankers Association of the Philippines. It opened stronger at 51.25, posting its best intraday value of P51.08 against the dollar. It weakened during the day to as much as P51.28.

Dollars traded rose to $910.96 million from $883.31 million.

“The US dollar has slipped for a third straight day, which may have been due to the dovish comments of US Fed Chairman Jerome Powell that there is space for monetary easing,” said Ruben Carlo O. Asuncion, chief economist at Unionbank of the Philippines.

In a prepared speech to the U.S. House Financial Services Committee, Mr. Powell hinted of an interest rate cut, saying the central bank will act as appropriate to sustain expansion as trade tensions and global growth concerns weigh on the economy.

The U.S. was embroiled in a trade war with China as they imposed tariffs on each other’s imports. Tensions cooled late last month after Washington and Beijing agreed to resume negotiations.

Mr. Powell’s testimony strengthens the case of a rate cut from the Fed when its policy-making Federal Open Market Committee (FOMC) meets again later this month.

The peso is expected to continue to strengthen next week and may move between P51 and P51.30 a dollar as the Fed’s dovish stance lingers, Mr. Asuncion said. — Reicelene Joy N. Ignacio

Caritas to appeal IC stop order

CARITASHEALTHSHIELD.BUSINESS.SITE

CARITAS Health Shield said it would appeal an Insurance Commission (IC) order that stopped it from selling new products and adding clients for alleged fraud.

The health maintenance organization (HMO) in a statement on Friday said it does not condone spurious practices among its staff.

The insurance agency on July 8 issued a cease order on Caritas after reports of “fraudulent swiping of credit/debit cards” and misrepresentation of the company’s sales agents. — Reicelene Joy N. Ignacio

PSEi closes in on 8,200

By Vincent Mariel P. Galang, Reporter

LOCAL SHARES closed in on 8,200 on Friday — fueled partly by a return of net foreign buying — but failed to hit that level and finished lower at the end of the session amid lack of sufficient leads to sustain the lift.

The Philippine Stock Exchange index (PSEi) lost 12.67 points or 0.15% to finish at 8,141.82 — still up 0.29% from July 5’s 8,117.94 finish — after opening 0.06% stronger at 8,159.63 and hitting a high of 8,197.52 before closing at the day’s low.

The all-shares index gave up 13.27 points or 0.26% to close at 4,944.7.

“It almost looked as if the index was going to break the 8,200 mark as the PSEi traded strongly throughout the day. A strong sell-down at the close prevented this from happening however, with the PSEi closing 12 points in the red at 8,141.82,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an e-mail on Friday.

At the same time, Mr. Perez said that “[w]ith the index maintaining its foothold above the 8,139 recent breakout level by just a few points, the trek to 8,200 in the near term is still very much alive.”

Jervin S. de Celis, equity trader at the Timson Securities, Inc., noted that the 2.04% drop to P960 apiece in price of SM Investments Corp. (SMIC) weighed on PSEi since it has one of the heaviest weights in the index.

“Our index retested the 8,200 resistance that it touched last Feb. 6…” Mr. de Celis said in a mobile phone message.

“Although the PSEi stayed positive during the day, it closed in the red and trailed the muted US market session last night and it was also dragged by the two percent drop in SM Investments after it failed to breach its resistance at P1,000.”

Reuters reported that Wall Street rose on Thursday as health insurers gained after the Trump administration scrapped a plan designed to rein in prescription drug prices. The Dow Jones Industrial Average gained 0.85% to 27,088.08 and the S&P 500 added 0.23% to 2,999.91, while the Nasdaq Composite Index retreated by 0.08% to 8,196.04.

Among major Asian markets on Friday, Japan’s Nikkei 225 went up 42.37 points or 0.20% to 21,685.90, Shanghai Composite gained 12.79 points or 0.44% to 2,930.55, South Korea’s KOSPI Index added 6.08 points or 0.29% to 2,086.66 and Hong Kong’s Hang Seng Index increased by 46.33 points or 0.14% to 28,471.62.

Back home, the six sectoral indices were equally divided between those that gained and those that lost.

Sectoral indices that went up consisted of financials (22.61 points or 1.28% to close at 1,788.79), mining and oil (39.47 points or 0.53% to 7,437.16) and services (5.75 points or 0.34% to 1,693.65).

Those that lost consisted of holding firms (54.74 points or 0.7% to 7,758.23), industrials (62.55 points or 0.52% to 11,791.25) and property (14.57 points or 0.32% to 4,423.93).

Friday’s list of 20 most active stocks showed six that ended in red. Besides SMIC, they were: SM Prime Holdings, Inc. (-2.3% to P38.30 apiece); GMA Holdings, Inc. (PDR — -1.65% to P5.37); Security Bank Corp. (-0.44% to P179); Metro Pacific Investments Corp. (-0.42% to LP4.78) and Jollibee Foods Corp. (-0.21% to P280.40 each).

Those that gained were led by Filinvest Land, Inc. (6.11% to P1.91 apiece); Megaworld Corp. (3.79% to P6.30); GT Capital Holdings, Inc. (2.86% to P900); BDO Unibank, Inc. (2.21% to P148.20); Robinsons Land Corp. (1.85% to P27.50); Metropolitan Bank & Trust Co. (1.25% to P72.90) and Bank of the Philippine Islands (1.06% to P81.05 each).

Stocks that gained outnumbered those that lost 108 to 82, while 52 others ended flat.

Trade volume increased to 3.387 billion shares worth P6.864 billion on Friday from Thursday’s 1.273 billion shares worth P6.094 billion.

Overseas investors returned to buying mode, resulting in P419.491 million in net buying on Friday that was a turnaround from Thursday’s P253.726-million net selling.

How OGPI keeps Didipio’s water safe and clean

Can you imagine using clean water that’s already been used in a mining operation? In Didipio, Nueva Vizcaya, this is possible because of OceanaGold Philippines’ (OGPI) innovations.

Extractive industries like mining require large amounts of water to process mineral products. OGPI is taking the lead in using clean and sophisticated technologies, making it one of the best in the world in terms of water management.

“In 2016, the company recycled an average of 75% of the process plant’s water requirements. We reduced abstraction of water from local catchments and overall operating costs. As of December 2018, our continuous efforts to improve the water recycling rate resulted in an increase of 90%,” David Way, OGPI General Manager noted.

The company has a PHP 268 million (USD 6.1 million) water treatment plant (WTP), where water from tailings storage facilities (TSF) go through before being discharged to the receiving water body. This WTP has an operating cost of PHP 6.38 million (USD 128,000) per year and has a treatment capacity of 1,980 m3 per hour.

Non-toxic tailings dam

The Didipio Mine is among the 10% of mining companies in the world that does not use cyanide and mercury in gold processing. Therefore, the resulting tailings stored in the tailings dam is non-toxic and non-hazardous to the surroundings. The design of the mine’s Tailing’s Storage Facility (TSF) maintains a robust dam wall capable of containing the mill tailings in a mountainous terrain which experiences rainfall up to 3,000 mm per year.

To meet international engineering standards, the tailing’s dam foundation was stripped of all alluvial material down to base rock and keyed in to reduce seepage. Based on the bathymetric survey conducted in June 2018, the actual volume impounded is 12,572,851 cu.m. This is 34.5% of the TSF’s design volume capacity which is 36,351,006 cu.m.

Fish that thrives in the TSF is one biological evidence of the water’s non-toxicity. There are also migratory birds and wild ducks that prey in the area.

Surface water management

At the mine, separate drain systems were created to intercept mine runoff from haul roads and slopes; drains for clean water runoff from seeps and streams. Mine water is then diverted towards sediment ponds before being discharged into the environment, while clean water is channeled directly towards the river.

OGPI aims to minimize surface water runoff in the Didipio Mine as this reduces pumping costs; decreases risk of slope failure; improves mine safety and production; and maximizes clean water that goes to rivers.

“OGPI is an environmentally and socially responsible community member. We only use world-class technologies to ensure the safety and efficiency of our operations. Rest assured, we will continue to operate with the highest levels of safety and cleanliness, and with the benefit of our community in mind,” Way concludes.

In addition, the Didipio Mine’s environment team strictly implements washing only on designated vehicle wash bays equipped with oil and water separators. Water quality monitoring and maintenance are being conducted regularly to ensure efficiency of oil and water separator.

Sharing the technology

Recently, OGPI began collaborating with the International River Foundation (IRF) to bring coaching and mentoring to community members, leaders and regulators to help improve water quality in Didipio. It also partnered with the Isabela State University (ISU) and the Quirino State University (QSU) to conduct a study on the Integrated Watershed Management of Addalam Basin and to establish a Biodiversity Reservation Area.

Recognizing the significance of water to its operation and its surrounding communities, the Company is currently constructing the Didipio Water System Project which includes water storage, treatment and supply infrastructure. This will ensure potable water supply to each household and other institutions within the Didipio community. On completion, the system will have the capacity to provide water for up to 11,000 individuals or about 2,400 households.

Wells Fargo Embraces Diversity and Inclusion

Wells Fargo Enterprise Global Services (EGS) Philippines showed its support to the LGBT (lesbian, gay bisexual and transgender) community this year by joining the 25th anniversary of the Metro Manila Pride March at the Marikina Sports Complex. The annual walk with the theme #ResistTogether aimed to call for heightened awareness on equality among the LGBT group in the country.

More than a hundred Wells Fargo EGS team members joined the parade led by the Pride Team Member Network (TMN) wearing shirts that read “you are empowerful”.

Deep-rooted cause

Ian Gabrinao, Wells Fargo operations manager, walked loud and proud supporting the cause. As Pride Team Member Network’s chairperson, he participates in the Pride march every year to freely express his gender identity and show respect to the LGBT advocates who fight for the community’s rights.

Pride Team Member Network (TMN) is a group that specifically caters to the members of the LGBT community and its allies while implementing noteworthy initiatives that address their interests. “It is the voice of equality for the LGBT community in the workplace. We are here to promote mutual respect among team members regardless of sexual orientation and diverse expressions.” said Gabrinao.

Pride TMN Philippines started in September 2015. This group now has 271 members and is regarded as a non-virtual Pride chapter outside the US.“We hold awareness campaigns on our main advocacies such as SOGIE (sexual orientation, gender identity and expressions) talks, HIV/AIDS education, support on anti-bullying and inclusion efforts for transgender team members,” added Gabrinao, who is certified by the Philippine Financial Industry Pride (PFIP) as a SOGIE facilitator.

 

Wells Fargo’s culture of diversity and inclusion

Over the past 30 years, Wells Fargo has built a reputation as the financial institution truly supportive of the LGBT community. The company’s ongoing and unwavering commitment to the LGBT community is evident through its support to various strategic partners. Wells Fargo has offered HMO coverage for domestic partners in August 2016, a benefit which is not yet prevalent in the local market.

Pat Zaraspe, Wells Fargo team leader, is a transgender woman and a mother to a 7-year old boy. “Wells Fargo has been very generous to me ever since I joined this prestigious company. I was very grateful when HR worked on the HMO plan for domestic partners. I was one of the team members who availed this. It was very helpful to us because my partner was previously diagnosed with a bladder tumor. Good thing it was benign,” shared Pat.

The inclusive workplace

Working in a safe and conducive environment is key to team member experience. Wells Fargo facilities cater to diverse groups of people such as the differently-abled and the LGBT community through PWD accessible fit-outs and gender neutral restrooms. Wells Fargo definitely considers diversity and inclusion as a priority.

Jess Porras, Wells Fargo quality manager, is a Pride core member. As a PFIP-certified SOGIE facilitator, he continues to promote awareness on causes related to diversity and inclusion. “I have been with the bank for 5 years and I see myself growing in this wonderful company which fosters a culture of equality and acceptance.” stated Porras.

 

EDITOR’S NOTE:

Spotlight is BusinessWorld’s new sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to www.bworldonline.com.

Boosting Filipinos’ financial literacy, one program at a time

The Philippines has a financial literacy problem. Citing a 2015 survey by the World Bank, the Bangko Sentral ng Pilipinas (BSP) noted in a statement last year that Filipino adults could answer only three out of seven financial literacy-related questions correctly. These questions were about basic numeracy, computing compounding interest, fundamentals of inflation, and investment diversification. Furthermore, a measly 2% of Filipino adults could answer all seven correctly.

“The study also showed that Filipinos lack specific knowledge to make informed financial decisions. However, the same study indicated that money management habits formed in childhood stay into adulthood. Those who began saving as children display better attitudes to saving, and tend to outperform their counterpart group who did not develop the habit early in the areas of choosing financial products and services, monitoring expenses and planning for retirement,” the BSP said.

It added, “A growing body of literature also reveals that a financially-literate population is able to make better financial decisions, has higher levels of savings and diversified investments, and is more competent in managing debt.”

Government institutions like the BSP and private-sector players like banks have mounted their respective efforts to improve the financial literacy of Filipinos, particularly students, overseas Filipino workers (OFWs), and disadvantaged people like farmers.

BSP runs “Economic and Financial Learning Program” (EFLP), its flagship initiative for financial education. According to the central bank, this is in line with its drive to promote greater awareness and understanding of essential economic and financial issues that will help the Filipino public acquire the knowledge and develop the skills to make well-informed economic and financial decisions and choices.

The program is composed of learning sessions aimed at different audiences. One is the Financial Education Expo, which is designed for students, teachers, and other members of the academe, as well as employees and professionals from the public and private sectors. It’s a two- to three-day long affair offering various financial education activities.

“The expo aims to instill awareness about the availability and accessibility of financial education programs, increase personal financial consciousness on the values and benefits of being financially empowered, and inform the public about available financial tools that can help in the promotion of their financial well-being,” BSP said.

Another project under the EFLP is the “Financial Learning Campaign for Overseas Filipinos and their Beneficiaries,” which aims to educate participants on the importance of using remittances to build up savings and also direct these into investments in financial products and/or business ventures.

BSP, in partnership with BDO Foundation, the corporate social responsibility arm of BDO Unibank, Inc., launched another program for OFWs and their families last February called “PiTaKa or “Pinansyal na Talino at Kaalaman.” Through this program, it is hoped that OFWs will develop the abilities to better manage their remittances, get out of debt, set aside savings and make prudent investments. It also aims to help the families of OFWs realize the temporary nature of overseas employment and to learn how to spend wisely, save regularly, and look for ways to augment their income.

In November last year, BSP conducted the first-ever Financial Education Stakeholders Expo that brought together key stakeholders, decision makers, influencers, and representatives from public and private institutions. This two-day expo included talks on financial stewardship and plenary discussions on the financial education landscape in the country and around the world. It was the beginning of an annual tradition in which the central bank, DepEd, and other key financial education stakeholders could engage, build connections and pave the way for more productive and impactful partnerships in financial education.

Last March, BSP and BDO Foundation turned over a set of financial tools — five videos and 18 lesson plans about such topics as financial planning, debt management, entrepreneurship, investing, insurance and scam prevention — to the Department of Education (DepEd). The tools were produced under the three entities’ “Financial Literacy Program for Schools” that aims to support the integration of financial literacy education into the K to 12 curriculum.

“Studies show that those who develop the habit of saving outperform their peers in choosing financial products and services, monitoring expenses, managing debt, and planning for retirement. Financially-literate individuals are known to better able to protect themselves from unsound financial practices, fraud, and scams. School children who understand financial concepts have the capacity to influence their families and their communities — creating a multiplier effect. Thus, it is imperative to ingrain lessons on wise money management and healthy financial behaviors in the basic education system,” the central bank said in a statement about the donation.

Early this year, BDO Foundation forged a partnership with National University (NU) to develop simple accounting and bookkeeping modules for farmers nationwide. The faculty members of the university will train farmers in communities chosen by the foundation in these modules. Through this initiative, the foundation aims to give farmers the chance not only to grow their business but also to alleviate their poverty. It also hopes to improve financial literacy and inclusion in the country.

“Countless farmers still experience financial hardship partly because they lack financial education. They are skilled in crop production but they are not able to grow their business because they don’t know much about the financial side of farming. They do not know how to budget or differentiate between disposable income and what should be plowed back to production. Because of this, they are always in need of fresh funds and become victims of predatory lending,” Mario A. Deriquito, president of BDO Foundation, was quoted as saying in a statement. “With the help of NU, farmers will learn simple accounting, bookkeeping, and even budgeting and financial planning.”

Besides the faculty members, select senior students from NU’s College of Business and Accountancy will participate as observers during the training and researchers who will monitor the progress of the farmers and the effectiveness of the training. “This collaboration is meant to further develop the education that we provide our students, as it cuts across not just academics, but also research, and community engagement,” Renato Carlos H. Ermita, Jr., president of National University, said in a statement.

Investing: A considerable choice for Gen Zers

Investing was viewed before as an activity that only the rich or older people do, but nowadays it turns out that younger people are also interested to venture on it.

The emerging Generation Z (Gen Z), people who are born between 1996 to 2014, are apt to invest their money, according to chief financial officer (CFO) and co-founder of stock chart app TradingView Andrew Kirillov.

“Known for their frugality and tendency to stockpile cash for the future, the members of Generation Z are actually more informed about investing than their millennial counterparts. And with one eye on their future financials, Gen Zers are already thinking of ways to stretch every dollar earned and ways to save for retirement,” Mr. Kirillov wrote in an article in financial news site InvestmentNews.

With newly-developed tools such as financial technology, or fintech, members of Gen Z — also known as Gen Zers — are living at a time when they can make informed decisions for their money in more efficient ways. As much as there is an app they can use to order a meal, buy an item, or book a ride, fintech apps are also within the reach of Gen Zers to help them manage their finances.

“Generation Z is also the best prepared for the digitization of money management and financial services given their ability to navigate new technologies,” Mr. Kirillov wrote.

Therefore, Gen Zers can tap investment as one of their means to maximize their finances and save for the future. What hurdles them, however, is an apparent fear of what might happen when money is involved, coupled with a lack of understanding of how investment works.

Nevertheless, with their attitude toward finances and with the resources within their reach, Gen Zers should not fear investment. “Today’s teenagers are in the best position to experiment with the stock market because of their youth, and they stand to benefit the most when they invest early on in their careers,” Mr. Kirillov noted.

What Gen Zers must first keep in mind is that the whole point of investing is to work smarter, not harder. As beginners, they must obtain hands-on experience and real-time feedback.

How, then, should they work smarter as investors? An important key for Gen Zers to invest is getting vital knowledge and tapping into efficient tools maximizing these things to their advantage.

“The best thing to do if you freeze at the idea of investing is to arm yourself with as much knowledge as you can. Keep learning on a regular basis. The more you know, the more confident you’ll feel,” Jill Cornfield wrote in a report published on CNBC.com.

There are various means that can be instrumental for Gen Zers to be successful investors. Mr. Kirillov listed three, namely online forums, gamified investment platforms, and micro-investing applications.

“Forums are an excellent source of information coming from people who have tried a variety of investing techniques and can speak to what works and what doesn’t,” Mr. Kirillov wrote. Discussion boards, meanwhile, serve as a venue where Gen Zers can ask questions and learn in a collaborative environment.

In addition to these, Gen Zers could also build up their investing knowledge by watching lectures and videos online, as well as picking up books on investment.

Aside from online resources, beginning investors can also learn how to invest using gamified investing tools before going straight to the stock market.

“Games are also much better at simulating a real-life trading experience than a textbook or online training course, giving Gen Zers a feel for what investing is actually like,” according to Mr. Kirillov.

Gen Zers could also practice investment by opening an account in a stock market simulator like that in financial website Investopedia. These platforms allow them to learn the basics without having to experience the real-life risks.

Micro-investing applications are also a recommended tool for Gen Zers. Fitting for on-the-go youngsters, it allows them to start with even few amounts of money at a time. Mr. Kirillov added that these applications “make it easier than ever for people to invest on the go, and they let consumers bypass the usual brokerage account minimums. This eliminates a previously expensive barrier to entry, and makes investing more accessible to younger audiences.”

Another good thing for Gen Z investors to do is be observant, keeping abreast of developments and trends which might influence rates and prices.

“The hardest thing about investing is all the variables that affect the stock market. But those variables can work in your favor,” Ms. Cornfield pointed out.

It is also recommended to look at the stocks of companies Gen Zers know and understand, as well as trace patterns of the stock’s performance.

Gen Zers are in a good position at the present to embark on investing. As long they are equipped with sufficient knowledge and they make the most out of the tools available to them, they shall find investing worthwhile and profitable. — Adrian Paul B. Conoza

Duterte sets massive Customs cleansing

By Arjay L. Balinbin
Reporter

PRESIDENT Rodrigo R. Duterte on Thursday said that he will be axing 64 ranking officials of the Bureau of Customs (BoC) due to their involvement in corruption.

The President made the announcement in his speech after the official signing of a $1.3-billion loan agreement for the Malolos-Clark Railway Project at the Malacañan Palace on Thursday afternoon.

“I will be dismissing 64 Customs employees. In the meantime, I want them to report here in Malacañang,” he said.

“I will be asking them to report here and, from the sources, I have cut down corruption by a third or one half. Most of them ’yung andyan (are the ones involved in corruption), we will be filing charges, 64 of them,” he added, telling reporters afterwards that they will report to Malacañang “on Monday.”

Presidential Spokesperson Salvador S. Panelo, in his press briefing at the Palace on Thursday morning, said Commissioner Rey Leonardo B. Guerrero is not among the officials who will be fired.

“Ang pagkakaalam ko ay mayroong nagsumbong kay Commissioner Guerrero at inimbestigahan niya… Maraming anomalya (What I know is that someone told Commissioner Guerrero of irregularities and he investigated the tip… There are a lot of anomalies) involving certain officials,” Mr. Panelo said.

In a statement he issued late Wednesday night, Mr. Panelo said: “The President has directed the freezing of several high-ranking Customs officials and employees, whose names would be disclosed at the appropriate time, as they face administrative and criminal charges, for unlawful activities.”

“The President’s latest action underscores this Administration’s zero tolerance on corruption among erring officials. The anti-corruption campaign is continuing as it is relentless. No one will be spared,” he added.

Asked at the Palace briefing on Thursday what he meant by “freezing,” Mr. Panelo said the officials concerned are now on “floating” status. “Floating muna sila, floating, kasi they have pending administrative and criminal charges,” he explained.

Sought for comment, Mr. Guerrero replied in a mobile phone message only: “We will follow the President’s orders.”

The President named Mr. Guerrero, his former Armed Forces chief of staff, as Customs chief in October last year, instructing him to “double the zealousness” in ridding the agency of corruption.

Mr. Guerrero replaced Isidro S. Lapeña whom Mr. Duterte transferred to the Technical Education and Skills Development Authority after P11 billion worth of methamphetamine hydrochloride was found to have been allowed to leave Customs gates under his watch.

The Customs bureau has been improving collections lately, growing its take by 9.8% to P251.7 billion as of May — making it the second-biggest contributor to total state revenues behind the Bureau of Internal Revenue at a fifth in that period — from P229.3 billion in last year’s first five months

The Bureau of the Treasury, which reports the government’s monthly fiscal balance, attributed steadily improving overall revenue collections to “stringent monitoring and continuing efforts to enhance revenue-collection capabilities and intensified control measures against undervaluation, misdeclaration and other forms of technical smuggling.”

Sought for comment, Philippine Exporters Confederation, Inc. President Sergio R. Ortiz-Luis, Jr. said in a telephone interview that the firing of “corrupt” Customs officials “will facilitate business” since “corruption will go down.”

“There have been a lot of complaints [from traders]. There are horror stories even now about it. There’s a lot,” Mr. Ortiz-Luis said, noting for instance that some importers find it difficult to have their shipments released by Customs, while others are able to do so promptly. “What’s the difference?”

“This is good news to me, kung talagang corrupt ‘yung tinatanggal (if those removed from posts were really corrupt). Well… anything that brings down corruption, brings down red tape, brings down the cost and the headaches of businessmen,” Mr. Ortiz-Luis explained.

“So it is good news always.”

Automobile sales recover in June, first semester

CAR SALES recovered to post year-on-year increases both in June and last semester, according to data jointly released to media on Thursday by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA).

The joint CAMPI-TMA sales report showed total industry sales increased by 8.7% to 31,950 vehicles last month from 29,395 a year ago, taking the six-month total to 174,135 units, about 1.46% more than the 171,635 vehicles sold in 2018’s first half.

In a separate press release accompanying the report, the groups said the industry “continues to show signs of recovery and stability,” especially as preliminary data in 2018 — when consumers reeled from an increase in auto excise tax rates in January and successive multi-year-high overall inflation — showed sales falling by 21.7% in June last year and down 12.5% in 2018’s first half.

“We remain very optimistic that the local auto industry is already on a path of steady growth after we conclude the first half of the year on a positive note,” the press release quoted CAMPI President Rommel R. Gutierrez as saying. “The automotive brands’ collective efforts — highlighted by fleet sales, good financing deals as well as model updates and upgrades — show that we have learned to adjust and adapt to market conditions, thus helping consumers acquire new vehicles with fewer hurdles.”

Broken down, June saw passenger car sales surge by 22% to 9,532 vehicles from 7,811 a year ago, while commercial vehicle sales grew 3.9% to 22,418 units from 21,584.

The increase in commercial vehicle sales was driven by an 18.1% hike in light commercial vehicle (LCV) sales to 17,921 units from 15,179 vehicles. The overall impact of the increase in this segment was capped by drops of 33.1% to 3,387 units of Asian utility vehicles (AUVs) and 17.6% to 582 light trucks, among others.

Year to date, the passenger car segment still saw sales drop 6.4% to 52,418 vehicles from 56,029 in 2018’s first half, while commercial vehicle sales increased by 5.3% to 121,717 units from 115,606 vehicles. Among commercial vehicle segments, AUV sales dropped by 42.9% to 16,147 vehicles from 28,279, while LCV sales increased by 23.1% to 98,783 units from 80,248 and light trucks added 8.8% to 3,778 vehicles from 3,473.

Last semester saw Toyota Motors Philippines Corp. still lead the pack with a 42.18% share of total industry sales with 73,454 units, up just 0.4% from last year’s first half; followed by Mitsubishi Motors Philippines Corp. that accounted for 17.92% with 31,210 vehicles sold, down 6.9% from a year ago; Nissan Philippines, Inc. that contributed 12.09% with 21,060 units, reflecting a 59.3% jump; Ford Motor Company Philippines, Inc. which sold 11,227 vehicles — 6.45% of the total — down 10.2%; and Suzuki Philippines, Inc. that sold 10,817 vehicles — 6.21% of total industry sales — 14.4% more than a year ago. — K. T. Mina

1...10,74910,75010,751...14,236Page 10,750 of 14,236
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube