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Heading towards a ‘cash-light’—not cashless—society

During his visit to the Philippines in October last year, Chinese billionaire Jack Ma rooted for the country’s transformation into a “cashless society.” But while transitioning seems to be a good move for the Philippines,  the reality is that the country still has a long road ahead before fulfilling the vision.

For Lito Villanueva, managing director of FINTQnologies Corp., who entered the fintech space in 2007, the Philippines is poised to become a “cash-light society” where people minimally use cash while utilizing digital means of payment.

The reason for this, he said, runs deep through Filipinos’ way of handling money.

“For us to be able to push for a cash-light or cashless society, it’s cultural and at the same time behavioral,” he said in panel discussion at QBO Philippines, Makati City last May 8.

His first order of business at Smart was spearheading its international mobile financial services. With him at the helm, Smart developed and launched “Smart Mobile Money Transfer,” allowing users to send money using their mobile phone outside the Philippines and vice versa. This venture is among the telecommunication giant’s projects aimed at innovating ways of providing financial services to Filipinos. Another one is Smart Money, which despite being present in as early as 2000, has still yet to generate more users.

He explained, “A lot of Filipinos would still put their savings under their mattresses. There are still a lot of Filipinos who are not into mobile banking.”

Villanueva said the key to “accelerate inclusive financial growth” in the country is “awareness” among common Filipinos such as farmers, vendors, and drivers.

A good start in doing so, he added, is to introduce the concept of “sachet banking” that involves sari-sari stores (neighborhood sundry store) in providing anyone with insurance or investment plan with just as low as ₱15 using mobile phones.

“In emerging markets like the Philippines, such a sachet marketing is the key towards success,” he said.

Still, Villanueva believes that the country is bound to become a cashless nation as many fintech businesses eye expansion in the region.

“There is the proliferation of the likes of PayMaya, GCash, Coins.ph, and you could see now that there [is] a huge influx of fintech players going into the Philippines. In fact a lot of foreigners who are fintech advocates are now going to the country to start a business because there’s a huge opportunity for everyone in the country today

For Robertson Chiang, chief operating officer of online payment provider DragonPay Corporation, moving to a cashless society is “not a necessity.”

Fintech platforms are not new to the Philippines, with established companies like Globe Telecommunication running GCash and Mynt and Smart having Lendr and Fintq as part of their business. But Chiang said the country is still waiting for a “killer app” that will commonize the use of fintech platforms among Filipinos.

“Logic would dictate that somehow all of us eventually will be going to that cash-light setup. As to how long that will happen, it’s really difficult to say,” he said.

Peso dips as trade war tensions subside

THE PESO weakened on Tuesday, May 15, over indications of easing US and China relations after US President Donald J. Trump’s pronouncements on extending assistance to Chinese telecommunications giant ZTE, amid a brewing trade war between the two countries.
The local unit closed at P52.29 against the greenback on Tuesday, shedding 10 centavos from the P52.19 finish on Friday.
The local currency immediately slid to P52.36 as the market opened, then depreciated further to P52.5 per dollar to be its intraday low.
The peso’s peak for the day was P52.25 versus the dollar.
The volume of dollars traded grew to $1.35 billion from the $1.13 billion recorded on Tuesday.
“The peso dipped strongly today as US and China trade relations eased over the long weekend after Pres. Donald Trump intended to extend assistance to Chinese telecom ZTE, which was seen to be heavily affected by the trade tensions between the two major economies.” a trader said in an email yesterday.
However, he added that traders took profits when the local currency touched the P52.5 per dollar resistance that tempered the overall depreciation. — Elijah Joseph C. Tubayan

Stocks rally as investors remain optimistic

Stocks jumped on Tuesday, May 15, as investors remained optimistic on the rate hike implemented by the local central bank last week.
The 30-member Philippine Stock Exchange index climbed 1.73% or 133.86 points to close at 7,885.97. The broader all-shares index likewise increased 1.3% ot 60.99 points to finish at 4,770.14.
“I guess it’s the investors cheering on the rate hike last week that’s keeping our market high…The recent move by the BSP (Bangko Sentral ng Pilipinas, which a lot of people think was long overdue, lured back investors to buy our index stock at low prices,” Timson Securities, Inc. trader Jervin S. De Celis said on Tuesday.
Four sectoral counters ended in positive territory, while two closed in the negative. The property sector soared 4.8% or 177.13 points to close at 3,870.50. This was boosted by the 7.43% increase in shares of SM Prime Holdings, Inc to P38.30 each.
Holding firms inched up 1.35% or 104.72 points to 7,850.22, while services added 0.51% or 7.94 points to 1,553.86. Financials went up 0.51% or 9.81 points to 1,943.47.
Industrial dipped 0.03% or 3.1 points to 11,185.74, while mining and oil also shed 0.03% or 2.83 points to 10,191.34.
Investors started to come back to the market as value turnover reached P8.66 billion after some 995 million issues switched hands. This is higher than the average P5.8-billion turnover seen last week.
Advancers outpaced decliners, 110 to 91, while 47 issues were unchanged. — Arra B. Francia

Proposal to build Manila cruise port submitted to Malacanang

The Tourism Infrastructure and Enterprise Zone Authority (TIEZA) has submitted to Malacanang a proposal to construct a P308-million Manila cruise port in Paranaque City.
In a statement on Tuesday, May 15, it said it had submitted on May 9 a proposal from Sureste Properties Inc. to build a Solaire Cruise Center. It said Bloomberry Resorts Corp. and International Container Terminal Services, Inc. (ICTSI) presented to President Rodrigo R. Duterte a plan for the Solaire Cruise and Yachting Centre, which the President welcomed as long as it acquires all permits and environmental clearances.
“The proposal includes marine and terminal facilities, homeport and port-of- call operations, an expanded harbor offering dining, shopping, entertainment and maritime recreation, and walkable esplanades and plazas,” TIEZA said.
It added, the project will be applied to become a Tourism Enterprise Zone to avail of fiscal and non-fiscal incentives. — Denise A. Valdez

Cebu Air net income surges 12% in first quarter

Cebu Air, Inc. reported its net income for the first three months of 2018 stood at P1.437 billion, a 12% surge from the P1.283 billion recorded in the same period last year.
Its revenues also grew to P18.261 billion, 8.3% higher from the P16.864 billion in the first quarter of 2017.
In a regulatory filing, the Gokongwei-led company said the turnout is expected. “The Group generally records higher revenues in January, March, April, May and December as festivals and school holidays in the Philippines increase the Group‟s seat load factors in these periods,” it said.
Passenger revenues were up at P13.676 billion, 11.4% higher than P12.277 billion in 2017.
“This increase was largely due to the 10.0% increase in average fares to P2,805 for the three months ended March 31, 2018 from P2,551 for the same period last year,” the carrier wrote.
It also said, passenger volume grew to 4.876 million from 4.813 million last year, which added to the revenue hike.
A 26% increase in cargo revenues was also seen in the report, as it rose to P1.279 billion from P1.015 billion in the same period last year.
The company’s operating expenses was up 11.8% at P15.997 billion compared to last year’s P14.302 billion, due to higher fuel prices, weak Philippine peso and the airline’s purchase of new aircraft.
“The increase was primarily attributable to the rise in fuel prices in 2018 coupled with the weakening of the Philippine peso against the U.S. dollar…. The growth in the airline‟s seat capacity from the acquisition of new aircraft also contributed to the increase in expenses,” it wrote. — Denise A. Valdez

DOTr, JICA agree on 43-month MRT rehab

The Department of Transportation (DOTr) and the Japanese government, through the Japan International Cooperation Agency (JICA), have finalized on Friday, May 11, the terms of the rehabilitation and maintenance deal for the Metro Rail Transit-3 (MRT-3), inching closer to the signing scheduled next month.
In a statement on Tuesday, May 15, the DOTr said the two parties have agreed on the estimated cost, scope and schedule of the project, which will take 43 months, or more than three years.
“Based on the discussions, the Rehabilitation and Maintenance Project of MRT-3 will take 43 months: 31 months for the simultaneous rehabilitation and maintenance works to restore MRT-3 to its original design condition and capacity, and 12 months for the defect liability period,” it said.
The Japanese government will finance the project, amounting to ¥34.480 billion JPY or P16.985 billion. The DOTr said it and Japan is aiming to sign the loan agreement and mobilization of the maintenance and rehabilitation provider by next month.
In November, the DOTr was reported to be in discussions with the Japanese government regarding the maintenance of the MRT-3, following its termination of contract with Busan Universal Rail, Inc. Japanese company Sumitomo Corp. was the MRT-3 maintenance provider from 2000 to 2012. — Denise A. Valdez

ONE Championship officially launches free mobile app

By Michael Angelo S. Murillo
Senior Reporter
SINGAPORE — Staying true to its push to bring mixed martial arts in its truest form to more people and continue to evolve as a game-changing organization, ONE Championship officially launched here on May 14 its mobile app.
Available for download on both Android and iOS platforms, the app has been up since early this month but was finally presented to the public in conjunction with ONE’s upcoming “Unstoppable Dreams” event on May 18 with group CEO Chatri Sityodtong leading the unveiling.
The new ONE Championship mobile app aims to provide millions of martial arts fans around the world with access to every ONE Championship live event, as well as the complete library of digital content all for free.
Content will stream in Full HD and will also provide users with statistical information and a detailed background on their favorite ONE Championship superstars.
Mr. Sityodtong touted their latest offering as a “big moment” not only for martial arts but for sports in general, saying “There is no major sports media property that has done this in history. With the app, we are giving the power to our fans to celebrate alongside with us.”
The ONE CEO went on to say that the mobile app should only complement the major inroads they have made across the board since setting up shop seven years ago even as he allayed fears that making the app available for free would take a toll on the group’s revenues.
“The world’s most valuable sports property today is the National Football League, which is worth $75 billion. I genuinely believe in my heart that ONE Championship will become the world’s biggest media sports property. We will surpass the NFL, a single American sport played within the country with only 325 million people,” said Mr. Sityodtong at the launch of the mobile app at the Marina Bay Sands Expo and Convention Centre.
“Asia has 4.4 billion people. If 4.4 billion people download the ONE Championship app and are watching it, I don’t think I have to worry [of our revenues],” added the ONE official.
MAJOR OFFERING
For one of the app’s early offerings, Mr. Sityodtong said fans will be in for a treat with ONE: Unstoppable Dreams, which he said is arguably the best fight card that organization has made to date.
Headlining the event is the women’s atomweight world championship fight between champion Angela Lee of Singapore and Mei Yamaguchi of Japan.
Also on tap is the world featherweight battle between Australian champion Martin Nguyen and Christian Lee of Singapore as well as the ONE Super Series muay thai flyweight world championship clash between Sam-A Gaiyanghadao of Thailand and Sergio Wielzen of the Netherlands.
Set to see action as well are Filipino mixed martial arts star Eduard “The Landslide” Folayang against Russian Kharun Atlangeriev, MMA legend Shinya Aoki versus Russia’s Rasul Yakhyaev, and Singapore’s Amir Khan against Sung Jong Lee of South Korea.
“Having Unstoppable Dream was really part of the plan as we went on with the launch of the app. For May 18 we knew we had to have a huge card because we are launching the mobile app. We wanted to have millions, and eventually billions, of fans see the beautiful work of Angela Lee, the beautiful work of Mei Yamaguchi, the beautiful work of Martin Nguyen, Christian Lee, Sam-A Gaiyanghadao, Shinya Aoki and Eduard Folayang. These are some of the best in what they do bar none and we designed May 18 to be a big event and we are super-excited that the fans get to see this now on more platforms,” Mr. Sityodtong said.

Warriors steal series opener in Houston

WASHINGTON — Season wins leader Houston battled an entire campaign to seize a home-court edge throughout the NBA playoffs, but defending champion Golden State stole it away with a 119-106 victory Monday.
Kevin Durant scored 37 points and Klay Thompson added 28 for the Warriors to capture the best-of seven Western Conference final opener in a rare series start on the road for a team seeking its third NBA crown in four seasons.
“We’re just trying to win every game we play,” Warriors forward Draymond Green said. “It ends up being ‘stealing home court’ but we don’t look at it that way. We won one game on the road. Let’s try to win two.”
Stephen Curry added 18 points, six rebounds and eight assists while Green contributed nine rebounds and nine assists for the Warriors.
“It’s a great start. We played well,” said Thompson, who scored 11 points in the fourth quarter. “We’re not going to relax. We’re still not where we want to be. We still have a long way to go.”
NBA scoring champion James Harden netted 41 points to lead the Rockets, who host game two on Wednesday.
“We’ve got to do a better job of taking better shots, not turning the ball over and getting back on D,” Harden said. “We’ve got to make them rotate and take tougher shots.
“They do a really good job if you take bad shots or turn the ball over. That’s what they thrive on. Those mistakes can’t happen.”
Durant scored 17 first-half points and sparked Golden State after the Rockets played aggressively at the start, using two big runs to jump ahead only to have the Warriors overtake them by the middle of the second quarter.
“You know they are going to come out with a lot of energy,” Durant said. “We just tried to take their best punch and keep fighting.”
“To withstand that run says a lot about our team,” Green said. “The further you get along in the playoffs, the more intensity you need to bring.”
Rockets coach Mike D’Antoni knows that all too well.
“If we’re going to knock these guys off we have to get a better mental focus,” D’Antoni said. “We ran out of gas a little bit in different spots and they didn’t.
“It’s just a bunch of stuff we can clean up and we will. We’ll come out and attack them Wednesday.”
‘THEY MADE US PAY’
Chris Paul had 23 points and 11 rebounds for the Rockets, who fell behind in the third period and couldn’t catch up in the fourth.
“Every time we made a mistake they made us pay,” Paul said. “Some of it was breakdowns, things we can clean up and do better. We have to communicate better.”
Durant says the Warriors know Harden will always be a threat but Golden State must remain poised against a Rockets lineup that can unleash a barrage of 3-pointers if their focus lapses.
“We know James is always going to score over us. We just had to keep solid and keep playing hard,” Durant said.
“This Houston team never stops. They are always in the game with 3-point shots. We play a calm steady game, look for a good shot and play good D every time down.”
STAYING MENTALLY SHARP
Thompson had a 3-pointer and two free throws in a 10-2 Warriors run that Durant capped with a 3-pointer for a 100-87 lead with 7:58 remaining in the fourth quarter. Houston never threatened again.
“We can do a little better job against them mentally,” D’Antoni said. “They are champions for a reason. If we want to beat them we have to be mentally sharp.
“KD was on. We can live with that. But we can’t have that and mental mistakes.”
The Rockets jumped ahead 9-2 and 21-12 but the Warriors battled back, taking their first lead of the game at 35-33 on David West’s layup 2:57 into the second quarter.
“They took the challenge and played awfully well,” Warriors coach Steve Kerr said. — AFP

Busmen eye another ASEAN Zone final appearance in Yangon

DEFENDING ASEAN Zonal winner Ceres-Negros FC shoots for a second consecutive final appearance in a key AFC Cup away matchup today against Yangon United FC in Myanmar.
A 4-2 winner in the first leg of their knockout matchup on May 9 in Bacolod City, Ceres is out to finish things and advance to the next round of the tournament in the second leg to be played at the Thuwunna Stadium in Yangon.
The “Busmen” were towed to the first-leg victory over Yangon by the brace of team leading scorer Bienvenido Marañon and goals each from Patrick Reichelt and Super.
Mr. Marañon got the scoring going for Ceres in the 29th minute after racing on to a throughball from teammate Manny Ott.
It was followed up on to by Mr. Reichelt four minutes later off a rebound from a blocked shot, helping Ceres to a 2-nil lead.
Spaniard Marañon further buried the visitors with another goal as the opening half drew to a close, scoring in the 44th minute to make it 3-0.
Yangon was able to break through 10 minutes after the start of the second half, with Sekou Sylla, who used to play for Global Cebu FC, on the scoring end.
The hosts though were quick to check any momentum that Yangon was trying to build with a 63rd-minute goal from Super setting the visitors back anew.
Yangon tried to claw its way back but could only come within two points with Mr. Sylla providing another point in the 83rd minute.
Now a step closer to advancing to the ASEAN finals anew, Mr. Marañon encouraged his teammates to take cue from the first-leg victory and play inspired football.
“I think we played really, really well. They had two or three chances and scored two goals so they had a lot of luck, but I think 4-2 is really good for us as we can score at any moment over there. We have to continue like this and keep the ball because we will get chances. We have to play like we did today, we have to try to score and if we do that it’s finished,” said Mr. Marañon following their first-leg victory.
Ceres-Negros now needs protect its two-goal advantage in the first leg to ensure their place in the final legs in August.
The Ceres-Yangon match is to be played at 3:30 p.m. (Myanmar time), 5 p.m. in Manila, and will be shown live over Fox Sports. — Michael Angelo S. Murillo

NLEX Road Warriors gun for back-to-back wins

By Michael Angelo S. Murillo
Senior Reporter
FINALLY barged into the win column of the ongoing Philippine Basketball Association (PBA) Commissioner’s Cup in their last game, the NLEX Road Warriors look to sustain the momentum of that victory and win back-to-back games when they take on the GlobalPort Batang Pier in the 7 p.m. main game today at the Smart Araneta Coliseum.
Defeated the Phoenix Fuel Masters in overtime, 120-115, in an out-of-town game in Laguna on May 11 to notch their first win in four tries, NLEX now focuses on building on it when it treks back to action and get its campaign soaring.
Playing in the 4:30 p.m. opener, meanwhile, are the Magnolia Hotshots Pambansang Manok and Columbian Dyip.
Import Arnett Moultrie led the way for the Road Warriors in their debut victory in the midseason PBA tournament.
Mr. Moultrie finished with 37 points to go along with 17 rebounds.
JR Quiñahan added 16 points with Alex Mallari and Larry Fonacier finishing with 13 and 11 points, respectively.
NLEX had control for much of the contest only to encounter a furious charge back in the payoff quarter from Phoenix, which leveled the count as regulation expired.
In extra time though, the Road Warriors would regain their footing, with Messrs. Mallari and Fonacier taking charge.
The Road Warriors raced to a 118-110 lead in the first four minutes of overtime and never looked thereafter.
Following their hard-earned victory, NLEX coach Yeng Guiao heaved a sigh of relief and expressed hope that it is the start of a turnaround for them in the Commissioner’s Cup.
“We finally learned how to win. After three losses we have to start somewhere,” the NLEX coach said.
RETURN TO WINNING
Out to counter NLEX and its forward thrust is GlobalPort, which is angling to get back to winning after being rebuffed in its previous game by Magnolia, 92-87.
The defeat effectively ended for the Batang Pier a two-win ascent and dropped them to 2-2.
Forward Sean Anthony had a huge game of 20 points and 11 rebounds but it turned out to be not enough to tow GlobalPort over Magnolia.
Import Malcolm White had 17 points and 14 boards with Stanley Pringle and Mo Tautuaa adding 14 and 12 points each.
In the second game, Magnolia (1-1) shoots for its second win in three matches while Columbian (3-2) tries to stretch its winning record before taking a break for the PBA All-Star festivities.
Meanwhile, named PBA player of the week for the period of May 7 to 13 was Alaska muscleman Vic Manuel, who has helped the Aces to a 3-1 record early in the Commissioner’s Cup.
Mr. Manuel had a career-high 29 points and pulled down 12 boards in their 110-100 win over the TNT KaTropa on May 13 to hand Alaska its third win in four games and push himself in front for the weekly individual PBA award.
In winning the award, Mr. Manuel beat out Meralco’s Baser Amer and Chris Newsome, Columbian’s RaShawn McCarthy, Rain or Shine’s Raymond Almazan, Barangay Ginebra’s Kevin Ferrer and NLEX’s Quiñahan.

Mark Barriga expresses readiness for world title shot

PROVING himself very deserving of a shot at the International Boxing Federation (IBF) minimum weight title following an impressive win on May 13 in his headlining fight at “Survival Instinct,” Olympian Mark Anthony Barriga expressed his readiness to take the next challenge and cultivate further what has been a flourishing professional career.
Head and shoulders above Colombian Gabriel Mendoza in their IBF minimum weight title eliminator that went the full 12 rounds at the SM North Skydome on Sunday, 22-year-old Barriga positioned himself as the mandatory challenger for the belt currently held by Japanese Hiroto Kyoguchi.
Making full use of his speed and displaying solid marksmanship all throughout the fight, Mr. Barriga pretty much had his way against his opponent en route to the dominating 120-108, 120-108 and 119-109 unanimous decision win.
The victory stretched the 2012 London Olympics campaigner’s pro record to 9-0, something he is very thankful for and angling to further building on.
“First of all, I would like to thank God for making this possible and all my supporters who were with me in the lead-up to this fight,” an appreciative Barriga shared to members of the media after his fight.
“Regarding the title shot, me and my team are always ready. We will work hard in training as we await our shot,” added Mr. Barriga.
Interestingly, Davao native Barriga could well face compatriot Vince Paras for the IBF minimum weight title if the latter wins his fight against Mr. Kyoguchi on May 20 in Japan.
IN LINE WITH THE GAME PLAN
Speaking on his overwhelming conquest of Mr. Mendoza at Survival Instinct, Mr. Barriga said it was a direct result of their team sticking to its game plan.
“Coach Joven [Jimenez at Survival Camp] kept reminding me not to forget about the jab because it was one way to disrupt his (Mendoza) attack. And we kept on doing it and it paid off well for us,” Mr. Barriga said.
The Filipino fighter shared further that he was hoping to get the stoppage against Mr. Mendoza but knew he had to be smart and guard himself from being too overzealous, which could have led to disaster.
“I was hoping for a knockout, of course, but I had to deal with what was given to me and stay patience and not get overzealous. What was important was we got the win,” he said.
Also victorious at Survival Instinct were former world champion Marvin Sonsona, AJ Banal and Genesis Servania.
Survival Instinct was organized by Joven Sports Promotions and was part of ESPN5’s “Live Boxing Month” fare. — Michael Angelo S. Murillo

Integrity fears hit US leagues after sport betting ruling

WASHINGTON — A US Supreme Court decision Monday allowing states to legalize sports betting brought integrity worries for sports leagues, the NBA and NFL among those seeking a federal regulatory framework.
Nevada had been the only state where US sports wagering was legal, but several states are ready to pass laws and join them after the ruling overturning a law that had banned other states from such gambling offerings.
That could open the door for as many as 50 different systems without some federal guidance on the issue, something the leagues emphasized.
“We remain in favor of a federal framework that would provide a uniform approach to sports gambling in states that choose to permit it, but we will remain active in ongoing discussions with state legislatures,” NBA Commissioner Adam Silver said.
“Regardless of the particulars of any future sports betting law, the integrity of our game remains our highest priority.”
The NBA was hit with gambling issues in 2007 when referee Tim Donaghy pleaded guilty to two charges related to an FBI probe alleging he bet upon NBA games that he officiated. He was sentenced to 15 months in prison. The league responded by banning all sports betting by its referees.
The NFL also backed US lawmakers taking quick action to avoid chaos in multiple states over betting regulations.
“The NFL’s long-standing and unwavering commitment to protecting the integrity of our game remains absolute,” the NFL said in a statement.
“Congress has long-recognized the potential harms posed by sports betting to the integrity of sporting contests and the public confidence in these events. Given that history, we intend to call on Congress again, this time to enact a core regulatory framework for legalized sports betting.
“We also will work closely with our clubs to ensure that any state efforts that move forward in the meantime protect our fans and the integrity of our game.”
The NFL Players Association (NFLPA) vowed to work with other player unions in looking out for the integrity of the sport.
“The Supreme Court’s decision today reaffirms the decision to collaborate with the other sports unions on the issues of player safety, integrity of our games and privacy and publicity rights,” an NFLPA statement said.
INTEGRITY KEY TO MLB
Major League Baseball (MLB) said in a statement the ruling would have “profound effects” on the league.
“As each state considers whether to allow sports betting, we will continue to seek the proper protections for our sport, in partnership with other professional sports. — AFP

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