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Gov’t raises P15B from seven-year bonds at auction

By Melissa Luz T. Lopez
Senior Reporter
THE GOVERNMENT raised another P15 billion from its auction of Treasury bonds (T-bonds) yesterday, and decided to shore up more funds by opening a tap facility for the fourth straight week.
The Bureau of the Treasury (BTr) made a full award for reissued seven-year papers on Tuesday, which have a remaining life of six years and four months. Demand for the notes remained strong at P29.92 billion, double the amount the state planned to raise.
The long-term papers also saw a modest increase in rates. This week’s auction fetched a 7.09% average, 11.6 basis points higher than the 6.974% yield fetched when the seven-year notes were offered two weeks ago. It also settled slightly higher than the 7.016% market rate yesterday, based on the PHP Bloomberg Valuation Service Reference Rates.
These IOUs originally carried a 5.75% coupon when they were first offered in April. This week, market players asked for returns ranging from 7-7.145%.
National Treasurer Rosalia V. de Leon said the sustained appetite for the T-bonds come as market players are taking advantage of current spreads, as they see interest rates declining in 2019.
“They are really locking in the rates, anticipating that next year, eventually it will go down as inflation is tapering off,” Ms. De Leon told reporters after the offering.
Domestic inflation eased to 6% in November from a nine-year peak of 6.7% in September and October, affirming views that the pace of price increases will be on a downtrend to eventually return to the government’s 2-4% target.
Ms. De Leon added that global trade tensions as well as a “less hawkish” tone from the US Federal Reserve are bolstering views that yields will fall next year.
With this, the Treasury decided to open the tap facility from 2-4 p.m. yesterday to take advantage of the oversubscriptions for the offering.
This is the fourth straight time a tap window was opened, with the Treasury raising P53.136 billion from the facility in the past three weeks. Raising more funds from the tap facility may allow the Treasury to advance its fundraising activities and avoid higher interest rates in future note offerings.
The 10 banks and investment firms that have been named as market makers by the Treasury can use the tap facility. The Treasury was set to accept bids that match the average rate fetched during the afternoon auction and award the fresh batch of papers at 5 p.m.
Minimum placements are set at P10 million, while the bureau can decide to raise the volume of additional T-bonds it will accept.
“There’s a good chance BTr can sell at least P10 billion,” a bond trader said when sought for comment on the tap facility, noting strong demand for the papers just before inflation declines further.
The Treasury is raising P270 billion from the domestic market this quarter through auctions of securities, offering P180 billion in T-bills and another P90 billion in Treasury bonds. This is part of the P888.23-billion borrowing plan this year from local and foreign sources to fund the budget deficit and support increased government spending.
Meanwhile, Ms. De Leon said the government is “in no rush” to issue a fresh batch of dollar bonds to foreign investors, at a time of “aggravated” trade tensions between the US and China following the arrest of a top official of Huawei Technologies Corp. in Canada, which has shocked business executives from the Mainland and could see retaliation.

Beijing-based 51Talk recruiting more online English teachers in Philippines

ONLINE English education platform 51Talk (http://www.51talk.ph/) is aiming to increase its number of Filipino teachers from 16,000 to 100,000 within the next five years, as demand for online foreign teachers in China continues to grow.
“Our plan is to recruit about 100,000 online Filipino teachers in the next five years… We already have 16,000 teachers…” said Jack Huang, founder and chief executive officer of 51Talk, during a press conference at Shangri-La at the Fort on Tuesday.
“We are going to recruit more Filipino teachers. We believe that Filipino teachers are the best online English teachers in the world,” he added, noting the company needs 1,000 to 2,000 new teachers every month.
51Talk is planning to add more training centers in the Philippines. There are training centers in Baguio City, Angeles City, Quezon City, Pasig City, Cebu City, Bacolod City, Imus City, and Davao City.
Jennifer Que, vice-president for 51Talk’s Philippine operations, said they have partnerships with PLDT, Inc. Globe Telecom, Inc., and Converge ICT Solutions, Inc. to establish centers in areas where the telecommunications firms can provide fiber connection.
51Talk officials said they want to develop the internet infrastructure in the Philippines to improve the online teachers’ connection with online English learners in China.
Last May 2018, 51Talk signed a manifestation of commitment and support with the Department of Information and Communication Technology (DICT) to use their facilities for training and other programs for teachers.
“We will also provide some trainings to the people who use the centers… So, online English teaching training or language specific or, in this case, we can support the teachers that are using the center,” Ms. Que told BusinessWorld.
Established 2011 and was launched in the Philippines in 2012, 51Talk is an online English education platform in China. It is the first Chinese online education company listed in the New York Stock Exchange.
The Beijing-based company is also present in Shanghai, Wuhan, Guangzhou, Jinan, and Suzhou in China. It currently has ten million students in China, and is seen to further increase as more Chinese households invest in education and the English requirements for students rise. — Vincent Mariel P. Galang

An elaborate process creates the deceptively simple

ABSTRACT paintings hold a multitude of meanings depending on the beholder, so instead of looking for meaning, one way to connect to the art work is to look at and appreciate the labor behind the creation.
For example, take a look at the 12 acrylic paintings in Gary Custodio’s exhibit Imagine, which is on view at the Avellana Art Gallery along Harrison St., Pasay City until Jan. 12. The paintings are a showcase of his fascination with grids, lines, and architecture. Inspired not by Cubism but by the Russian Constructivism movement, his works are studies in geometry. The 12 works follow the same light color scheme of yellow, green, blue, and purple in varying saturations.
To the untrained eye, or for the people who are used to seeing figures and outright meanings, the artist’s works look simple, easy to do, and the same. But then again, coherence is a factor when putting up an exhibition, isn’t it?
Consistency, and then there are also the effort and concept.
“The style is the binder, ’eto naman talaga ’yung work ko (this is really my work), but it is about the subject. For this exhibit, Imagine, my idea behind it is there’s an unfolded origami and then you’ll imagine what the figure was before it was unfolded into a flat canvas,” he told BusinessWorld at the sidelines of his exhibit opening on Dec. 1.
What the figures could be depend on your imagination. They could be a cat, a bag, a home, a notebook, or a castle.
While the 12 works look almost the same, they aren’t. “I have studies, so studies pa lang I already have comparison and I worked them out. I didn’t want to be monotonous, so my solution was the combination of three different canvas sizes, 4×4, 4×2, 2×4 to break the sequence,” he said.
Each work takes a long time to finish, from conceptualization and actual painting to waiting for the paint to dry.
The color combinations are also thought out. “The blues are combinations of five different blues, lahat yun puro (all of them are) product and not fresh color. No blue color is the same, but they come from different colors. From a distance, they may all look the same, but they are different because they are products of blended colors, and you cannot a repeat a color mixture,” he said.
Imagine’s colors may be minimalist but there’s a tedious process behind the works. Mr. Custodio said he used multiple layers to achieve the gradients of color. There were works where he used five layers of paint, while some have 12 to 15 layers. “Hindi mo makikitang makapal, pero madami siya talagang patong (You will not see that it’s thick, but in reality there are lots of layers),” he said.
Before Imagine, his works used darker colors, like gray and black. “The Russian discipline was created after the war so it’s dark, [but I guess my style] evolved, because Imagine is lighter, so it’s really a process of evolving [as an artist].”
He likened an artist’s style to his or her penmanship. “Style is like handwriting, they’re the same, but ang dapat makita (but what should be seen) is the intention, the presentation of the idea.”
While he’s already comfortable with his signature style, Mr. Custodio evolves as a creator through “continuous learning, reinventing in terms of materials, more research… it’s more on the technical side and in terms of output, it’s the idea.”
A graduate of Fine Arts, major in Painting, from the University of Santo Tomas, Mr. Custodio is from Aklan where he is also based. But he moves back and forth between the province and Metro Manila to create, do shows, and think of new concepts and ideas.
Kasi dapat gumagalaw ka, nag-iisip, kasi kung hindi patay ka na, stagnant ka na. Nakakapagod mag-isip ng concept, (You should move and think, because if you don’t then you’re dead, you’re stagnant. The most difficult part is to think of a concept,)” said the artist, a winner of the GSIS Art Competition in 2011 and Tanaw, Bangko Sentral ng Pilipinas Art Competition in 2014.
For his current show, he lets the looker come up with a concrete idea. “To use your imagination, think, ano ba ito (what is this)? It’s not really a puzzle, but it’s fun. My ideas was like problem solving. [As the artist who created it] I already solved it. It’s now the audience’s turn. It’s like a game,” he said. — Nickky Faustine P. de Guzman

Insurance firms book growth in net premiums

THE INSURANCE INDUSTRY saw growth in terms of premiums collected as of September, boosted by the life sector’s performance.
Data from reports submitted by life and nonlife insurers as well as mutual benefit associations (MBA) to the Insurance Commission (IC) showed the industry’s total premiums as of end-September rose 18% to P218.91 billion from the P185.51 billion tallied in the same period last year.
Insurance Commissioner Dennis B. Funa said all sectors of the insurance industry posted positive growth during the period.
Broken down, life insurers reported P174.15 billion in total premiums at end-September, 20.4% higher than the P144.63 billion logged a year ago. This accounts for 79.55% of the premiums collected by the industry.
Particularly, the life insurance sector collected P130.14 billion in premiums from variable life insurance products, higher than the P104.89 billion posted a year ago.
Mr. Funa saw “significant” growth in all types of variable life insurance premiums, with first year, single and renewal premiums jumping 20.72%, 21.27% and 29.52%, respectively.
On the other hand, traditional life insurance products posted P44.02 billion in premiums in the period.
Meanwhile, net premiums written by non-life insurers also increased by 7.34% to P36.83 billion from last year’s P34.31 billion.
Consistent with the trend in the past reporting periods, car insurance business made up more than half of the total net premiums written with 51.39%. This was followed by fire insurance (13%) and accident insurance (9.87%).
On the other hand, contributions or premiums posted by MBAs grew 21.2% to P7.93 billion from the P6.54 billion tallied last year.
Overall, the industry’s total assets reached P1.55 trillion as of September, a tad higher than last year’s P1.54 trillion.
Mr. Funa noted that other indicators “consistently point toward positive growth.”
Insurance density — or the ratio of premiums to the total population — grew 16.12% year on year to P2,053.58 from P1,768.49.
On the other hand, insurance penetration, or the ratio of premiums to the country’s gross domestic product, climbed 1.12 percentage points to 1.76% in September from last year’s 1.64%. — Karl Angelo N. Vidal

BSP to require trust companies to have reserves

TRUST COMPANIES will soon be required to maintain reserves for credit losses, as the central bank imposes new standards on financial firms.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said they will adopt the Philippine Financial Reporting Standards (PFRS) 9 for financial instruments under the watch of trust entities (TE), as they look to tighten management standards.
A trust company acts as a wealth manager for a number of investors who are looking to generate profit from their funds.
Among the major changes required by the central bank are the classification and management as well as impairment of financial assets managed by trust firms, as provided under Circular 1023 signed by BSP Governor Nestor A. Espenilla, Jr.
“[I]n line with the PFRS 9 requirement on the adoption of the expected credit loss in recognizing impairment, the TE shall be required to promptly recognize and maintain adequate allowance for credit losses at all times,” the central bank said in a statement on Tuesday.
Banks have been setting aside loan loss reserves to potentially cover for defaulting clients or investors. Trust companies with basic operations can use simple methods to quantify and set aside funds for expected credit losses, but those with more complex business models have to follow a more sophisticated approach.
The board of directors of TEs must also “approve the business models” which they will follow in terms of managing investment portfolios of clients.
“The classification of financial assets for each client shall be aligned with the business models to be determined by the TE,” the BSP said. “For this purpose, the TE may use industry guidelines as reference in the mapping of investment objectives to the corresponding business models to be approved by the board of directors.”
The PFRS 9 is the local version of the International Financial Reporting Standards 9, which took effect January this year. — Melissa Luz T. Lopez

Livin’ in a surreal world

BORN IN 1941, artist Raul H. Lebajo is still a kid at heart. For his ongoing exhibit, he invites viewers into the world of his imagination, of fantastic worlds and phantasmagorias.
His show, Shades of Green, is on view at the Ayala Museum’s ArtistSpace until Dec. 19. Here, he presents surreal figures like birds, butterflies, worms, and flowers with worlds built in their centers, as spherical bouquets, with lush foliage dripping from trellises.
The artist’s imagined world and mystical realms are inhabited by motley characters with boughs growing out their heads or wearing bright red hats.
Earlier this year, a coffee table book called Enter His World showcased the surrealist painter.
Launched at the Ayala Museum and published by LC: Questor Worldwide Corp., it was authored by art critic and historian Dr. Alice Guillermo of the University of the Philippines Diliman.
Ms. Guillermo said: “Raul Lebajo is a true artist of nature, but this does not mean that he does traditional landscapes and still life paintings of flowers. He does not paint valleys of earth, trees, and sky as though they stretched out before him, or does he paint flowers bunched together in a vase for his personal delectation. Not for him is linear perspective, for, in fact, he plays with perspective, and his views are often warped, telescoped, spiraling, and spinning into multiple worlds.” — NFPDG

Ayala Group focusing on four business areas with ‘tremendous’ growth potential

AYALA CORP. has decided to focus on four business areas that hold “tremendous” potential in bringing the Philippines to where the group envisions it to be in the next 30 years and bring a lasting, meaningful impact in building a future-ready country.
“These sectors are inclusive finance, education, health care and sustainable tourism,” Fernando Zobel de Ayala, president and chief operating officer of Ayala Corp., said in his speech on Tuesday when he was conferred the award Management Man of the Year 2018 for his outstanding achievement as a corporate manager.
Mr. Zobel, the 42nd recipient of the award given by the Management Association of the Philippines (MAP), told the members of the organization about the “ingredients” that would elevate the country to the next level.
“Our journey towards future-readiness requires a strong platform,” he said, pointing to what Ayala Corp. has been building over the past years.
On financial inclusion, Mr. Zobel said it was unacceptable that only 23% of Filipinos are part of the banking system. The rest are exposed to unauthorized lenders charging exorbitant rates and face the risk of the “unofficial economy.”
“We are doing our part in providing channels and mobile solutions,” Mr. Zobel said, citing Bank of the Philippine Islands’ BanKo which serves micro, small and medium enterprises with their lending requirements.
“We further recognize that mobile technology has likewise provided a unique opportunity to serve the financial needs of a broad segment of our people,” he said.
He said the group now provides several solutions for payments and mobile wallets, digital lending and wealth management and credit analytics.
Ayala and Globe Fintech Innovations, Inc. (Mynt) last year entered into a strategic partnership with Ant Financial Services Group to accelerate financial inclusion and upgrade payment services.
“While the Philippines is still far from having fintech as ubiquitous as it is in China … we’re excited to further develop our fintech industry” to reach the financially underserved segment of the population,” Mr. Zobel said.
To ensure the success of financial inclusion through mobile technology, he said massive investments will be required.
On education, Mr. Zobel cited a study that placed half of the global labor force or 375 million workers will have to switch jobs by 2030 as certain professions are rendered irrelevant, although new opportunities would emerge.
“Our educational system is in serious need of help,” he said, but adding that the private sector had been contributing in a “significant way.”
For the Ayala group, its solutions revolve around some of the problems that need to be addressed in schools, including the reduction in the dropout rates, increasing the employability of students, and producing competent teachers to sustain educational reforms.
Among these solutions is the Ayala University, a digital learning platform that brings together carefully selected online global content from the best schools.
Mr. Zobel also cited a partnership with the National Teachers College that equips educators with the necessary skills to drastically improve the quality of instruction.
The third area that the Ayala group is focusing on is health care, a critical need for a country that lacks affordable and quality health services.
“How can we possibly have healthy work force and higher quality of life for our people without proper health care,” Mr. Zobel said, citing a study that showed 43% of Filipinos have not seen a doctor in more than a year.
He said the Ayala group believes health care is a fundamental right, thus shaping its approach to its health care business. The group has been focusing on disruptive models and technologies to make health care products and services more accessible and affordable to a broader sector of the population.
On tourism, Mr. Zobel said the country has yet to embrace the sector as a valuable component of its development.
“While tourism continues to contribute much to the economy, there remains a significant value to be unlocked,” he said.
Mr. Zobel, who is also vice-chairman of Ayala Corp., followed his father Jaime and brother Jaime Augusto who were given the same recognition as Management Man of the Year in 1987 and 2006, respectively.
Among others, he thanked his father for taking the risk in entrusting the management of Ayala Corp. to him and his brother at a young age. — Victor V. Saulon

Seaoil’s Davao oil depot gets BoI perks

THE Board of Investments (BoI) has approved the registration of Seaoil Philippines, Inc.’s four storage-tank oil depot in Davao del Sur with a total capacity of 36.9 million liters of both gasoline and diesel fuels.
In a statement on Tuesday, the BoI said Seaoil’s P287-million project had qualified for bulk marketing of petroleum products, which is under the Investment Priorities Plan Special Laws list pertaining to Republic Act 8479 or the Downstream Oil Regulation Act of 1994.
“This combined capacity is actually more than enough to accommodate the average daily requirement of 73 million liters of fuel nationwide. The additional storage capacity of fuel means additional supply of fuel may allow the company to efficiently manage its inventory levels and avoid external shocks that could lead to oil price hikes or at the very least mitigate its price increase in several parts of Mindanao,” said Ceferino S. Rodolfo, Trade undersecretary and BoI managing head.
The BoI said the approved activity, which started operations in September 2018, provides an additional 36.9 million liters of gasoline and diesel to its existing 41.050 million liters of storage in southern Mindanao. The increase translates to a total capacity of 78.150 million liters of fuel.
BoI said Seaoil had been offering one of the lowest per-liter prices of fuel in the southern part of the Philippines. With the additional depot capacity, Seaoil said its diesel prices could drop about 10%, or around P5 cheaper than prevailing prices.
RA 8479 deregulates the downstream oil industry and ensures a competitive market “under a regime of fair prices, adequate and continuous supply of environmentally clean and high-quality petroleum products by encouraging the participation of new oil industry players through the provision of incentives.”
BoI also said Petron Corp. had announced that it was on track to expand the capacity of its oil refinery complex in Bataan from the present 180,000 barrels to around 270,000-300,000 barrels a day by end-2022.
The capacity expansion addresses the strong fuel demand in the coming years, it said. It follows Petron’s P82-billion investment in condensate processing in the same area that received the BoI nod.
At the same time, the BoI approved the application of Balayan Bay Batangas Development, Inc. (BBBDI) as a new manufacturer of linear alkylbenzene sulfonate, coconut fatty alcohol sulfate, and sodium lauryl ether sulfate with a total sulfonation capacity of 40,000 metric tons per year.
The P820-million oleochemicals project is located at the Phoenix Petrochemicals and Industrial Park in Calaca, Batangas. Its commercial operations started in October 2018 with 102 personnel.
Mr. Rodolfo said the products to be produced by BBBDI would serve as a cost-efficient substitute to previously imported oleochemicals.
“Local produce means shorter order-to-delivery lead time, better quality, better pricing and more flexibility,” he said.
He added that local oleochemicals are now able to produce more derivatives and downstream products, which is “a giant step” in building a more integrated industry. — Victor V. Saulon

A new look at Beethoven

By Gideon Isidro
Concert Review
Beethoven Redux
Manila Symphony Orchestra
Nov. 30
Meralco Theater

FOR ITS past few concerts, the Manila Symphony Orchestra (MSO) has been focusing on very popular music: Rockestra 2018 mixed classical and rock music, playing “orchestra-fied” works of Metallica and AC/DC, while Silver Screen Symphonies featured music from beloved movies like Star Wars and The Lion King.
The MSO took a detour from the popular with its latest Beethoven Redux, which was performed at the Meralco Theater. Though the chosen composer is indeed most famous, the works the MSO chose to play were Beethoven’s more obscure ones. This may have be distressing to some, but truth be told, this allowed us to take a new look at Beethoven and comprehend the fulness of his musical portfolio.
To further the flavor of reinvention of Beethoven Redux, the MSO decided to play a reworked version of Beethoven’s violin concerto “Par Clemenza pour Clement” (Through Clemency for Clement) by Filipino composer Jeffrey Ching, a musical achiever having awards spanning from Asia to Europe.
For this concert, the MSO was led by Darrell Ang, a sought-out Singaporean conductor who has lead orchestras in over 20 countries around the globe. Finally, the featured soloist for the performance was Iskandar Widjaja, an Indonesian-German violin virtuoso who has performed in five continents and is a celebrity in his home country.
DIFFERENT VENUE, DIFFERENT SOUND
The show started with the Egmont Overture, conducted by Wilson Ong. I noticed that the sound of the orchestra was different, sensing that the midrange and high pitches were louder compared to the orchestra’s previous performances.
The MSO had previously been playing in The Theatre at Solaire, and it turned out that the Meralco Theater had a remarkably different acoustic profile. Scanning the theater to see how the sound would bounce, I saw that the floor was not carpeted and the walls were covered in wood. In the theater by myself later that evening, I clapped and heard the echo of the higher pitched frequencies bounce back more easily. I knocked on the walls and heard a high thump, instead of the low boom generated by concrete. The theater seemed to be designed more for the human voice, which typically highlights the higher frequency sounds.
Sound wise, this was an advantage for the higher pitched instruments. The clarinet particularly sounded sweet; the flute bouncy. The violins might have been too loud for their own good though, as sometimes, I could feel some raspiness when they were being bowed.
In contrast, the large low-pitched instruments were struggling. The bassoons started to garble, similar to when you hear bass on earphones designed for high pitched frequencies. Thankfully, the double bass and cello were not affected that much by this issue. There was usually enough volume in the bass strings to produce that light yet deep accent, although at times, I felt like the violins were overpowering them.
THE ORIGINAL BEETHOVEN
Wilson Ong retired backstage, and in his place came Darell Ang. Iskandar Widjaja followed after. By the time Mr. Ang conducted Beethoven’s Violin Concerto in D Major, Opus 61, the orchestra seemed to have warmed up a little better: I started to hear less and less raspiness, and their dynamics started to become more balanced.
Mr. Widjaja started to play his solo — or, you could even say, emoted his solo. His face was so expressive, you could see that he was not just playing: he was trying to feel every note that he bowed, and deliver every sentiment, both hope and despair, that Beethoven wanted to bring out in the composition. There were even moments where he seemed like he was dancing to the tune.
Mr. Widjaja’s handwork was superb; his left hand was a well-oiled machine, hitting all the right finger positions at the appropriate times, something expected from one who focuses his repertoire on the most difficult compositions of Bach. His bowing was also excellent, transitions from different strings were smooth and had no issue at all. Now I understand why Strad magazine called him “a force of nature.”
As the orchestra continued playing with Widjaja, the violins did not hit a note at the exact same time at one point in the pizzicato, but it was practically unnoticeable, maybe a quarter second difference. It’s also understandable that there’s a challenge in playing violin pizzicato, the strings are so thin, and it’s a rarely practiced technique for the violin. In contrast, the cellos were able to play their pizzicato parts with no mistakes: cellos have thicker strings after all, and pizzicato is more widely played with it.
BEETHOVEN REINVENTED
After the interval, it was finally time to play the world premiere of Jeffrey Ching’s “Par Clemenza pour Clement” (Through Clemency for Clement), a Diptych after Beethoven’s Violin Concerto. It was supposed to mirror Beethoven’s Opus 61 which had just been played by the orchestra, but rebranded in the vision of Mr. Ching.
The piece started out with some foot stomps, followed by seven seconds of Beethoven-sounding orchestral music which opened the way for Mr. Widjaja’s solo which was Post-Modern (experimental) in nature and incorporated a lot of violin playing techniques. In just a short moment he performed double stops, screeching the violin, and pizzicatos. This was then followed by some Beethoven-sounding music lines provided by the orchestra.
From there, the soloist lines and orchestral lines had numerous interactions: they either exchanged music, like a conversation between two people; or the soloist was supported by the orchestra; or, sometimes, the orchestra was doing a counterpoint against the soloist.
As a more traditionalist listener of Classical music, I really have a hard time listening to the amorphous, and sometimes seemingly random nature of the music being played. Setting my tastes aside, I did see that both soloist and the orchestra were doing well. Mr. Widjaja was able to execute every technique that the piece demanded, bringing out the influences from as far as the Middle East, as old as Beethoven’s era, and as new as today. The orchestra executed its classical part well: the musicians were alert in all the exchanges and responded at the correct times.
By the end of the show, the audience stood up to applaud: something that really surprised me, given that I was doubtful about people appreciating the musical selection.
FOR THE POST-MODERN CLASSICAL LOVER
This performance by the MSO seemed to be the most practiced so far, and I highly commend them for their continuous dedication to their craft. I don’t think the change in venue was for the best though, as the acoustic profile of the theater just doesn’t fit a symphonic orchestra. If the MSO were to go for string quartets or concertos though, they might find the Meralco Theater a feasible place to play.
Personally, I prefer that the MSO stick to the more popular works, or reinventing the more popular works of Beethoven like his most well-known 5th, 6th and 9th symphonies, maybe even a Moonlight Sonata reworked for orchestra; but, hey, it’s their choice and the audience did, surprisingly, end up liking the performance.
Setting aside my preference for the more popular Beethoven works, I’d say well-versed fans of Beethoven and lovers of more Post-Modern flavors of Classical music would have definitely liked this well-performed show.
I give MSO’s Beethoven Redux show a 4.5 out of 5 stars.

Home Credit Philippines targeting to expand customer base by 70% in 2019

By Melissa Luz T. Lopez
Senior Reporter
HOME CREDIT Philippines is looking to expand its customer base by 70% in 2019 as it plans to rev up traffic from online channels.
The consumer finance firm is expecting a surge in new borrowers over the coming year, starting with a four million target by end-December, as they roll out a mobile app for gadget financing and pure cash loans.
“Our plan is to grow number of customers by roughly 70% next year. However, our customer service will stay the same as today,” Home Credit chief IT and Operations Officer Petr Brunclik said in an interview.
The Prague-based company started with a client base of 100,000 in 2015, which grew to roughly 2 million customers as of end-2017. The figure has grown to 3.64 million as of Nov. 23, according to latest available data.
Total receivables stand at P18.8 billion, short of the P25 billion projected by end-2018.
Home Credit currently secures clients through their partner stores, primarily for smartphone purchases. Loans were eventually made available to those buying new furniture, sporting goods, musical instruments and other electronics.
However, Mr. Brunclik added that they are looking to raise the share of online-based borrowings to 20% of new customers, coming from their My Home Credit App which went live in September plus applications filed on the firm’s website.
“Our strategy is to take all of our processes and get it on the mobile phone,” Mr. Brunclik said, which is suited to young and tech-savvy Filipinos.
Home Credit is looking to keep the headcount of its customer service and telesales agents. This can be seen in the number of vacant workspaces at their three-floor office in Vertis North in Quezon City, with only 400 desks occupied versus the 800 initially projected.
On the other hand, the company official said Home Credit is “heavily investing” in IT, as it is targeting to double its technology development staff by next year.
The firm pledges loan approvals for in-store applications in less than 10 minutes, Mr. Brunclik said, while customer calls are picked up in under 20 seconds.
Home Credit offers in-store financing services for gadgets, appliances, and similar goods to those without credit cards and even to first-time borrowers. The nonbank lender has signed up with the Credit Information Corp. to provide client data in building a national credit bureau.

How PSEi member stocks performed — December 11, 2018

Here’s a quick glance at how PSEi stocks fared on Tuesday, December 11, 2018.
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Philippine Stock Exchange’s most active stocks by value turnover — December 11, 2018
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Senate may seek to lift election prohibition on public works

THE SENATE does not expect to pass the proposed budget for 2019 in time for third reading approval before it adjourns this week, but one workaround the chamber is considering to avoid delaying major projects is to lift the ban on public works construction during election season this year only, Majority Leader Juan Miguel F. Zubiri said Tuesday.
“We only have until Thursday under the calendar. We will work on Thursday. We will do our best to finish the budget on Thursday, at least to end the interpellations. But it looks like it will end there. Unless the President calls for a special session, we won’t finish the budget on time,” he told reporters before the Senate session.
To address the concerns of the executive branch on the implications of a reenacted budget, Mr. Zubiri said the Senate will push for a special provision in the General Appropriations Bill or a joint resolution that will exempt “projects that have to be implemented under capital outlay” from the April-May election ban on public works.
The Senate earlier targeted to have the proposed budget approved on third reading on Tuesday, Dec. 11, approved on the bicameral conference committee level on Dec. 12, and ratified on Dec. 14 in order to avoid a reenacted budget in January.
The proposed 2019 budget or the general appropriations bill remains in the interpellation stage at the Senate as of Tuesday afternoon.
Mr. Zubiri said the chamber will lose a day in discussing the proposed budget due to President Rodrigo R. Duterte’s calls to Congress to convene in a joint session on Wednesday, Dec. 12 to decide on the martial law extension in Mindanao.
Budget Secretary Benjamin E. Diokno earlier warned that a reenacted budget next year would disrupt the implementation of new projects due to the delayed passage of the budget and the April-May ban on public works in the run-up to the midterm 2019 elections.
Economic managers also warned the Senate last Monday that gross domestic product (GDP) growth may decline by 1.1-2.3 percentage points if the reenacted budget applies for the entire 2019. They also cited possible job losses and the sectors that will be affected, such as construction, public administration, defense, wholesale and retail trade, land, transportation and education.
The Omnibus Election Code or Batas Pambansa Bilang 881 prohibits the government from releasing and disbursing public funds for public works 45 days before a regular election.
“We want to put a special provision in the budget that will amend the election code for 2019. In other words, in 2019, all the projects that have to be implemented under capital outlay will be exempted from the election ban,” Mr. Zubiri said.
“It’s either a special provision of the budget or we pass a joint resolution of Congress amending this particular year the omnibus election code which bans projects to be implemented during the elections,” he added.
He also said the chamber is also looking to pass the proposed 2019 budget on third and final reading when Congress resumes session on the third week of January. The chamber is also targeting to have the 2019 budget ratified on Jan. 16. — Camille A. Aguinaldo