Facebook Instagram Linkedin X Youtube
Home Blog Page 11263

How to find the best business franchise while working overseas

By Vincent Mariel P. Galang
Reporter
AN alternative source of income is now made easy for overseas Filipino workers (OFW).
“When I flew to Dubai, we saw that there were so many OFWs there who wanted to be able to invest in the Philippines. They are OFWs, white collar workers. They are earning a lot of money, but they don’t know where to put them. They don’t know where to invest their money over here. They need a retirement plan when they come back here,” Rene A. Ledesma, Jr., co-founder of Easy Franchise said during its launch on March 5.
Easy Franchise is a platform developed by Mr. Ledesma together with two other well-known names in the field of franchising and technology. It provides a connection for franchisors and franchisees, making it easy for franchisees to look for the right business for them, and for franchisors to tap potential partners and even advertise their business.
Through the technology implemented by Anton Ojeda for ZomatoPH and BeepbeepPH, Filipinos, especially the OFWs, who would want to invest in something that will make the most out of their money, will be matched with the franchise and the location of their choice.
“Everything we want to do is to help businesses and to help people invest their money correctly. What would technology do to fix this? Make everything transparent. Put all the information there as it is. Put it all in a level playing field. Nobody has an advantage there. All the information is there,”Mr. Ojeda said.
“We can have specific focus areas where they need people to support and the OFW franchise investors can bring in those franchises which are good for specific areas to grow the economy in an area and to put up services which are required to grow that area,” Mr. Ledesma said.
The platform will not only provide the necessary information needed by interested franchisees like the requirements and the amount needed to franchise, they will also be able to rate the franchisor and let others know of their experience with that specific partner.
“At the end of the day they have more information, they have more power, they can make better decisions … they run a business better, everybody benefits from that. You don’t waste your money,” Mr. Ojeda said.
Since the company mainly targets OFWs, it can provide them with other services like accounting and management, given that they cannot really oversee their business while they are overseas.
By end of 2019, the company is targeting to list 2,000 businesses from across different industries and be able to match 1,000 franchisees. Also, it is aiming to aid the local industry achieve its target of hitting the P1.3-trillion revenue mark by 2020.
“There is a huge opportunity for technology to be used to grow the franchise industry. Several other sectors such as transport and energy have seen huge growth and development by introducing disruption through technology. Through Easy Franchise, we hope to support the whole industry in reaching its goal of moving past the P1.3-trillion mark in 2020,” Jose P. Magsaysay, Jr., co-founder of Easy Franchise said in a statement. He is also the president and chief executive officer of the well-known French fries franchisor Potato Corner.

Suits and ties now optional, Goldman Sachs hedges dress code

NEW YORK — Goldman Sachs Group, Inc said last week that it is relaxing the dress code for all its employees, a move once considered unimaginable for the Wall Street firm’s leagues of monk-shoed partners and bankers in bespoke suits.
The new “firm wide flexible dress code” was announced in an internal memo, which said the shift was due to “the changing nature of workplaces generally in favor of a more casual environment.”
The memo sent to the bank’s some 36,000 employees was penned by Chief Executive Officer David Solomon, a former investment banker who took the role in October, along with Chief Financial Officer Stephen Scherr and Chief Operating Officer John Waldron.
Historically known as a white-shoe investment bank, Goldman Sachs traditionally required formal business attire. But since 2017, the bank began relaxing its dress code for employees in the technology division and other new digital businesses. This created a divide in the work force as clear as denim versus pinstripes.
Like other Wall Street banks, Goldman has been competing to secure the best employees. Large technology firms and hedge funds often have more relaxed offices and perks.
Tuesday’s announcement was also meant to bring the bank’s traditional policies up to date for its younger work force. More than 75% of Goldman employees are members of the Millennial or Gen Z generations — people born after 1981.
The memo did not specify which clothes are or are not appropriate.
“All of us know what is and is not appropriate for the workplace,” the memo reads.
The memo also reminded employees to dress “in a manner that is consistent” with clients’ expectations. “Of course, casual dress is not appropriate every day and for every interaction and we trust you will consistently exercise good judgment in this regard.” — Reuters
A man in a suit walks on Wall Street in New York City, US, Aug. 23, 2018. — REUTERS

China’s biggest lender starts local operations

THE INDUSTRIAL and Commercial Bank of China (ICBC) Ltd. has started operations in the Philippines, two months after it secured its license from the central bank.
The Bangko Sentral ng Pilipinas (BSP) said it has given ICBC a certificate of authority to put up a branch here and operate as a commercial bank.
Circular Letter 2019-017 signed by BSP Deputy Governor Chuchi G. Fonacier stated that ICBC started its operations in Manila on Feb. 14. This comes after the China-based lender registered with the Securities and Exchange Commission in August last year and secured a banking license from the central bank in November.
ICBC is the biggest lender in China in terms of total assets. It is listed at the Shanghai Stock Exchange and the Stock Exchange of Hong Kong Ltd.
The bank’s foray into the local market comes at a time of warmer trade ties between China and the Philippines, which came after President Rodrigo R. Duterte’s announcement of a “pivot” towards the East Asian country during his visit to Beijing in October 2016.
ICBC is the 12th foreign lender to secure the BSP’s nod to start operations in the country, following the passage of a 2014 law allowing more global banks to offer their services here. It is also the first Chinese bank to set up shop in recent years after Bank of China’s entry in 2002.
Republic Act 10641 signed by then-President Benigno S.C. Aquino III removed the limit that only 10 foreign-owned banks can operate in the country at any given time. Prior to this, a new foreign bank can set up a branch here only if one of the previously accredited foreign lenders pulls out.
Malaysia’s CIMB Bank is the latest lender to secure the BSP’s approval to set up a Manila branch.
Five Taiwanese banks have opened branches in the Philippines over the last three years: Cathay United Bank, Yuanta Commercial Bank Co. Ltd., First Commercial Bank, Hua Nan Commercial Bank Ltd., and the Chang Hwa Commercial Bank, Ltd.
The South Korean lenders Industrial Bank of Korea, Shinhan Bank, and Woori Bank also started their businesses here, as well as the Japan-based Sumitomo Mitsui Banking Corp. and the Singapore-based United Overseas Bank Ltd. — Melissa Luz T. Lopez

What 51Talk can offer local English teachers, and what is required

By Vincent Mariel P. Galang
Reporter
51Talk’s newly appointed country head is aiming to professionalize English as a Foreign Language (EFL) industry in the Philippines.
“In the Philippines 51Talk is looking for a lot of teachers, but most of the graduates now still see the traditional kind of opportunities. I’m not saying these opportunities are not good, but EFL is going to be there as another consideration for our graduates, even teachers,” Jennifer Que, country head of 51Talk told BusinessWorld in an interview on Feb. 22.
“They can consider teaching English online from home,” she said.
The Beijing-based company is an online English school catering to the Chinese community. It utilizes technology as a means to teach the language to the Chinese people of any age, who are very much particular in learning the language since they consider this as a way to be more competitive. This would help them to be able to grow more in terms of getting education overseas, or being employed by an international company, which requires learning the language to be able to communicate. Through a webcam and a stable internet connection, one can already teach, which can serve as an alternate source of income, or even a career for some.
With this, Ms. Que said that professionalizing the EFL industry will give anyone, especially the Filipinos, the chance to have a source of income within the comforts of their homes.
She said teachers should consider teaching English online as a career even after graduation.
All they need is a high-speed internet, a computer or a laptop with at least 4 gigabyte of random-access memory (RAM), i3 and above CPU central processing unit (CPU), a headset, and a quiet corner. They can teach in the evening and weekends.
They can register online through 51talk.ph and if they pass all the English communication screening, technical check and demo, then an opportunity is opened to them to earn and gain a livelihood by teaching English online from home, Ms. Que said.
What sets EFL from English as a Second Language (ESL) is it requires the teacher to be fully hands-on with the student or to the “learners” without the need for physical interaction. ESL requires students to go to an English-speaking country to learn the language.
“The difference being is that in the ESL industry, the students go to a country where English is spoken widely, so outside of the classroom they can practice speaking English, while in the EFL industry, such as 51Talk, the students are at home with limited opportunity to practice speaking English outside of the online classroom,” Ms. Que explained.
“The work of teaching English in the EFL industry is much more difficult because the student only practices with you as a teacher during that lesson,” she said.
Thus, the job requires patience for the learners, which she said is a very much observed trait of the Filipinos.
“Why Filipinos? Number one, Filipinos are naturally happy, who want to sing and dance, and the accent is neutral. Filipinos are nurturing. They are very friendly and patient, so our Chinese51Talk students really love their Filipino teachers,” Ms. Que said.
“Filipinos also learned English as a second language, so they can naturally teach it. And another one is the cultural compatibility, [for] example Filipinos eat Chinese food at home, so they can naturally relate to the Chinese culture,” she said..
Of its approximately 20,000 teachers, about 18,000 are Filipinos, while the remaining number is composed of those from other English-speaking countries like the Americans and South Africans.
“The opportunity for home-based [work] is welcomed now because the traffic situation is getting worse. There are limited livelihood opportunities in some areas, some cannot leave their homes due to child care or want to earn extra in the evenings and weekends. The technical infrastructure and connectivity are also ready,” she said.
Just like how a Grab driver should drive more to earn more, a teacher will be able to earn more as he becomes more active in the platform. Ms. Que noted that one teacher who has been in the platform for about five to six years is able to earn about P80,000 per month.
“Earnings depend on how active, how popular and how often a teacher is booked,” she said.
“It’s like an online store. If you open your store, people will walk in. If you don’t no one walks in, and if you don’t do a good job, people will not come back. If you do a good job, people will come back and they will refer you, so then you will have more and more students,” she added.
The online English education platform based in Beijing announced late last year that it was aiming to recruit about 100,000 online Filipino teachers in the next five years as demand for online English teachers in China continues to grow. Every month, the company needs 1,000 to 2,000 new teachers.
“In my three decades with the corporate industry, the nature of work has evolved from sending people abroad to work then outsourcing, and now the opportunity or the livelihood is done at home. In 51Talk, this is another stage for Filipinos to be able to showcase their talent in online English teaching and be productive and be empowered from home,” she noted.
51Talk was established in 2011 and was launched in the Philippines in 2012. It is the first Chinese online education company listed in the New York Stock Exchange. It caters to markets in Shanghai, Wuhan, Guangzhou, Jinan, and Suzhou in China, and currently has more than 250,000 active users ranging from kids to adults who would want to learn the language.

Malaysia says palm oil curbs by EU lack scientific proof, breach WTO rules

BRUSSELS — A European Union proposal to limit the use of palm oil lacks comprehensive scientific evidence and breaches global trade rules, Malaysia’s marketing agency for the edible oil said on Friday.
Malaysia, the world’s second largest palm oil-producing country, which accounts for two-fifths of global production, has along with world number one Indonesia and other producing countries challenged the EU move announced in January last year.
The European Commission wants to phase out the use of palm oil in motor fuel because it says its cultivation leads to deforestation. The move is part of the EU’s bid to achieve its climate goals. Interested parties were allowed to provide feedback starting from Friday. The EU executive wants to finalize the Act on March 14, after which the European Parliament will have two months to review and potentially object to the plan.
The Commission failed to do an impact assessment of the curbs in the EU and on trade, and used selectively chosen or assumed data, according to a document submitted by the Malaysian Palm Oil Council (MPOC) to the EU and seen by Reuters.
The proposal “is not based on sound, accurate and comprehensive scientific evidence… thereby jeopardizing the methodological approach and the conclusions reached,” the paper said.
The document also criticized the 2008-2016 reference period the EU used to conduct its scientific modeling, saying it had been intentionally selected to show disproportionate growth in palm oil compared to other crops like wheat, maize and soybeans.
It said total acreage of palm oil production worldwide is much smaller than that for these three crops.
The EU curbs violate the World Trade Organization’s non-discrimination obligations, while some elements go against the General Agreement on Tariffs and Trade (GATT), the paper said. — Reuters

Skechers’ ‘pam-porma’ sneakers

THE NEW Skechers Sport Gym to Street line isn’t really focused on one’s workout needs.
According to Ritz Bernardo, Marketing Manager for Skechers Philippines, the shoes can be used for light workouts, cardio, dancing, and, as she terms it, “porma” (style).
The line is aimed at the young, with Ms. Bernardo giving a very specific situation: kids in schools and universities who don’t want to bring spare shoes to physical education classes, and want to go straight from the gym to the streets.
For anything more intense, like heavy lifting and running, one must be pointed to the Skechers Performance line.
The Skechers Sport Gym to Street line was launched in a light workout session at BGC’s Celebrity Fitness gym last Friday.
The new line has Skechers’ air-cooled memory foam, which conforms to any type of foot, and air pockets at the bottom which provide much needed ventilation and comfort. The midsoles, meanwhile, are made of a material composed of both plastic and rubber for both lightness and durability. The uppers are made of either mesh or light knits, which provide again, more breathability and comfort for the foot.
The workout also served as the launch for celebrity Sanya Lopez as a brand ambassador. Her workouts while wearing the shoes can be seen at Skechers PH’s Facebook page, Facebook.com/SkechersPhilippines. — JLG

Argentina’s soymeal plants battered by trade war and taxes

ROSARIO, ARGENTINA/CHICAGO — In the grains hub of Rosario on the banks of Argentina’s Parana River, the local soy crushing factories are feeling the chill of a trade war between the United States and China.
Some of the massive plants along the river have been idled; some have laid off workers. All of them are hurting, as the industry loses market share for the soymeal produced from raw soybeans.
In the past, much of the Argentine soymeal has been exported to markets such as Vietnam and Indonesia. But those sales have been supplanted by the United States, just one of the many shifts in global trading patterns that have resulted from Washington’s trade dispute with Beijing.
Those shifts have far-reaching consequences. In this case, Beijing imposed retaliatory tariffs on U.S. sales of soybeans, which, in turn, stranded millions of tonnes of soybeans in the United States, pushing down prices. That has made it more economical to crush the beans and export soymeal to Southeast Asia — undercutting Argentina’s industry in the process.
“We are normal people stuck in the middle of the U.S.-China tariff war,” said Javier Spinelli, an official with the union that represents about 1,300 workers in Rosario’s soy crushing industry. “We are constantly watching the news to see if there is a change in tariffs, or a tweet from Donald Trump announcing a truce with China.”
While China and the United States are in talks to resolve the dispute, it is unclear what the final agreement would look like or what impact it would have on future trading patterns.
But the damage, at least for now, has been done in Argentina, which turns more soy into processed meal for export than any other country. Nearly half of the country’s soy crushing capacity could be idled this year, the highest rate since 1987, according to the country’s chamber of crushing companies, known by its Spanish acronym CIARA.
“U.S.-China trade tensions have had one effect in the United States and the opposite effect in Argentina,” Emilce Terre, research head at the Rosario grain exchange, told Reuters. “We are seeing more exports of raw beans to the detriment of value-added soymeal and soyoil production.”
As is always the case in trade, there have been winners, including Archer Daniels Midland Co, a global grains merchant with no crushing in Argentina. Last month, it reported a nearly 80 percent jump in oilseeds profits, citing crushing volumes in the fourth quarter “among the highest ever.”
Other global players, including Bunge, Cargill and Dreyfus, have adjusted by shifting crushing from Argentina to the United States. Local Argentine companies, which have invested heavily in soy crushing over recent years, don’t have that flexibility. Instead, they have been forced to cut production, despite healthy soymeal demand from Argentina’s traditional export markets, said CIARA crushing chamber chief Gustavo Idigoras.
“Idle capacity should not be more than 20 or 25 percent,” he said.
Adding to the disruption, Argentina’s soy crushing industry is coping with a new national tax scheme that put an equal levy on soymeal exports and raw beans. Previously, soy by-products were taxed at a lower rate to stimulate the crushing industry.
“Tax irrationality and the trade war is battering the crushing sector in Argentina,” Idigoras said.
JOBS LOST ALONG THE RIVER
In Rosario, where soybeans are crushed into soymeal and loaded on ships along the river, some 250 processing jobs have been lost over recent months, said Federico Calderon, an official with the Rosario Soy Crushers Union.
Instead of soy by-products, ships are being loaded with raw beans. Argentina soybean exports are expected to hit 16 million tonnes this year, up from the normal 10.5 million. But exports of soy by-products are forecast to drop to 35 million tonnes from around 42.5 million normally.
An executive with a crushing firm with operations in Rosario said over half of local capacity was unused in December. “Those companies with crushing capacity in the United States or the European Union are taking advantage of the trade war,” he said.
U.S. exporters shipped out a record 13.6 million tonnes of soymeal in 2018, a 29 percent jump from 2017, according to U.S. Department of Agriculture data.
U.S. shipments to Vietnam and Indonesia, Argentina’s top markets, rose 295 percent and 326 percent, respectively. Argentine crushers say the trade issue is being compounded by the tax policy change, adopted in September as part of a $56.3 billion finance deal with the International Monetary Fund.
That hit soymeal and other products with a levy that amounted to about 28 percent.
“It’s a strategic mistake to have the export tax on soybeans and processed soy products at the same level. It’s a policy that will cost jobs,” said Daniel Yofra, head of the Federation of Oilseed Industry Workers labor organization.
Argentine President Mauricio Macri said he wants to get rid of export taxes. But he is under pressure from the IMF to raise funds and cut the fiscal deficit.
“We had an (economic) emergency and we had to raise taxes on all exports. Not just the farm sector,” Santiago del Solar, chief of staff at Argentina’s agriculture secretariat, told Reuters.
He added it would be tough to tax raw beans and crushed products at different rates, given the importance of the country’s grain farmers.
“That would be taking money from someone’s pocket and putting it in someone else’s,” he said. — Reuters

Japanese banks to stop using a piece of 1800s tech

IT HAS TAKEN more than a century, but Japanese banks are finally parting ways with a piece of technology that hasn’t felt cutting edge since the shogun reigned.
Hanko, the personal stamps required for even simple transactions in Japan since the 1800s, are getting phased out at some of the country’s biggest financial institutions.
Lenders have begun allowing customers to transfer money or make payments with their smartphone or a tablet, instead of pressing wood to ink and paper like their ancestors. For millennials in Japan, one of the most tech-obsessed places on Earth, the change is long overdue.
“It’s too much work to bring hanko and do the paperwork just to withdraw money at branches,” said Tomoyuki Shiraishi, a 24-year-old construction worker in Kurashiki, western Japan.
After arriving late to the fintech revolution, Japanese banks are racing to catch up as they try to slash paperwork, boost efficiency and appeal to younger generations.
Small businesses use them for many contracts, and they’re still required for things like marriage and home ownership
Mitsubishi UFJ Financial Group Inc., the country’s biggest lender, is a case in point. The bank has started offering accounts that don’t require hanko or passbooks and is overhauling its branch network to replace rows of tellers with tablet computers and video booths.
The goal is to help customers adapt to digital platforms so they can eventually do more banking on their own devices. As many as 100 of MUFG’s 500-plus domestic outlets will convert to the new format by 2024. The Tokyo-based lender plans to halve the number of branches with traditional counters over the same period.
MUFG isn’t alone. Resona Holdings Inc. last year started allowing customers to open accounts without hanko at about 600 branches. The shift to digital has support from Prime Minister Shinzo Abe’s administration, which has drafted a bill to make more government services available online.
Winning over Japan’s bureaucracy hasn’t been easy. It took MUFG two years to convince 450 local governments to begin processing tax payments electronically, said Takayuki Ogura, a director at the group’s main banking unit.
In other areas of Japanese officialdom, hanko are firmly entrenched. Small businesses use them for many contracts, and they’re still required for things like marriage and home ownership.
Parents often buy hand-crafted hanko for their children when they come of age, and tourists take them home as souvenirs, said Keiichi Fukushima, a licensed carver and fourth-generation owner of a shop that sells the stamps in Tokyo’s historic Ueno district. Hanko-making is a $1.5 billion-a-year industry, said Fukushima, who is vice chairman of the national trade group.
“There are still lots of occasions where we need to use hanko in our lives,” Fukushima said. — Bloomberg

Women show that they can excel in STEM

WOMEN should not be discouraged from being in and excelling in Science, Technology, Engineering, and Mathematics (STEM), a field dominated by men, as shown by those who have managed to persisted and proven themselves.
During the UN International Day of Women and Girls in Science Filipina STEM Leaders Forum on Feb. 22, women leaders in the said field shared how their company is aiming to close the gap between men and women.
“We’re trying to make sure that aside from them getting better at their technical skills, helping them improve every time because technology is just so fast and you have to learn new things. We have to add in those soft skills. We have to teach them that it’s okay to negotiate,” Michie Ang, founding director of nonprofit organization Women Who Code Manila, and a co-founder of technology company Tecsoft.
She said that the organization is making ways for women to get more knowledge about the technology, but also provide them with soft skills to help them be more confident of themselves.
“We want more women to speak at different events. Be confident about themselves …. We just have to help them, kind of like, it’s okay to do this. Be comfortable with yourself,” Ms. Ang said.
As noted in a study by the International Labor Organization (ILO), 49% of employment, or 18 million jobs are at risk of being automated in the Philippines most pf which require low STEM skills, which are most of the time taken by women. Therefore, there is a 140% chance that women will be losing their jobs compared to men.
Ambe C. Tierro, senior managing director of Accenture Technologies, noted the importance of having role models in the industry could further encourage women to be in the field.
“It can be very discouraging … You’re afraid to talk. You’re even afraid to raise your hand … it’s scary,” she said.
“We need more women examples of different kinds … varied kinds of role models will help women see themselves and reflect, Ah, I can be like that,” she said.
Maria Cristina G. Coronel, president and chief executive officer of homegrown company Pointwest Technologies Corp., further noted the importance of role models in a company for women especially for those letting go of opportunities due to their responsibilities as homemakers.
“It takes two. The organization has to provide opportunities for them to advance… second, it’s actually the ladies wanting, but that’s where the problem comes in, while the organization can provide opportunities for you to grow… it’s really the ladies holding back… that’s why we make sure that we are able to inspire them that it’s alright to be a leader,” she said.
“I think there is still this guilt feeling that if you become more of a mother, you become less of a manager or conversely, if you become more of a manager, you are less of a mother, so I think we have to change that mindset,” she added.
For Aileen Judan-Jiao, who was named president and country manager of IBM Philippines in July 2018, sustaining these women in the field is a big challenge. It’s important to show women that being in this field is okay to push them to stay and not be discouraged.
“I think what is important here is we see what is really the problem we’re trying to solve. I think… it’s really the middle part…. I would focus on the phase where the really issue really is about getting them sustain. Getting them interested is not the problem that’s the easier part, I would say… the interest is there, [but] the question is when it’s time to show and game na… they are not there,” she said.
“It’s really more about the work-life, the integration and seen that it’s okay to have these different roles whether they are very technical professions… or even management positions. It’s got to be very inclusive,” she said. — Vincent Mariel Galang

Stocks seen sideways as markets turn cautious

By Arra B. Francia
Reporter
LOCAL EQUITIES are seen to trade sideways in the week ahead as investors turn cautious on the supposed slowdown of the global economy, alongside lingering concerns on the trade war between the United States and China.
The 30-member Philippine Stock Exchange index (PSEi) dropped 1.07% or 84.68 points to close at 7,797.11 on Friday. Despite the decline on Friday, the main index jumped 2% or 155 points on a weekly basis largely due to the 4.6% gain in the financials counter.
“Local players gave more weight on slower February inflation as well as hints from new Bangko Sentral ng Pilipinas (BSP) Governor [Benjamin E.] Diokno to hasten cuts in reserve requirement,” online brokerage 2TradeAsia.com said in a weekly market note.
Turnover for the week was thin, averaging at only P5.9 billion daily or 44% lower from the week before. Foreign investors also left an average net sales print of P59 million versus net inflows of P612 million the week before.
“The main index held support at 7,600. However, if we continue to see thin trading volumes, the main index may continue trading sideways between 7,600 and 7,900 in the coming weeks,” Eagle Equities, Inc. Research Head Christopher John Mangun said in a weekly market report.
“This may be attributed to the fact that the general investor sentiment is cautious as is all over the world over concerns on the US-China trade deal and worries over the slowdown in global growth,” Mr. Mangun added.
Last week saw China and the European Central Bank cutting their growth outlooks for the year, while the US and China have yet to announce how they plan to resolve their trade dispute.
Amid negative sentiment overseas, 2TradeAsia.com said the market may be more inclined to trade within range and after the local elections in May.
“Given the pace of fiscal infra rollout (post-election), revenue-enhancing measures will deserve priority, specifically for sectors that have long lagged due to policy delays,” the online brokerage said, citing real estate investment trusts (REITs), mining, oil exploration, and renewable energy.
The firm noted that the approval of REITs will support property firms’ expansion, that the mining industry is a solid source of export earnings for the country, and that oil exploration could eventually reduce power charges.
Eagle Equities’ Mr. Mangun also noted that despite a dimmer global outlook, the Philippines’ economic fundamentals continue to improve.
“Decreasing inflation and stronger corporate earnings growth will improve market sentiment in the longer-term. If inflation stays below 4 percent in the coming months, we may see the BSP cut interest rates which will be a major catalyst for the equities market,” he said.
The analyst placed the market’s support level from 7,900 to 8,000, with resistance from 8,100 to 8,300.

How PSEi member stocks performed — March 8, 2019

Here’s a quick glance at how PSEi stocks fared on Friday, March 8, 2019.
psei030819
 
Philippine Stock Exchange’s most active stocks by value turnover — March 8, 2019.
pseiactive030819

Andaya dares Senate to allow Palace to veto ‘flawed’ budget

HOUSE APPROPRIATIONS committee chair Rolando G. Andaya, Jr. of the 1st district of Camarines Sur on Sunday told Senators to let President Rodrigo R. Duterte decide on whether to veto provisions of the 2019 General Appropriations Bill (GAB) amid alleged “manipulation” of the budget after it was approved by both chambers.
“If the senators really feel that the budget we have ratified is constitutionally infirm and legally flawed, then they can tell the President what specific portions and provisions to veto. And we will respect the presidential veto,” Mr. Andaya said in a statement.
“That is his prerogative. Don’t take that right away from him. If the contested appropriations represent 2% of the national budget, then why should it jeopardize the uncontested 98%? Why hostage the national budget over unfounded and unreasonable fear?”
Senate President Vicente C. Sotto III reported that the Legislative Budget Research and Monitoring Office found P79 billion to have been realigned from the ratified P3.757-trillion national budget.
Senator Panfilo M. Lacson last week also flagged the delayed transmittal of the budget bill to the Office of the President, which he said was due to manipulation of the Department of Health’s allocations. Both Houses ratified the 2019 GAB on Feb. 8.
Mr. Andaya has said that the House contingent “itemized” lump-sum funds for transparency.
“The proposed 2019 GAA (General Appropriations Act), when ratified by the Senate and the House of Representatives, contained lump-sum funds that need to be further itemized by both Houses. That was the agreement at the conclusion of the meetings of the Bicameral Conference Committee,” he said in the same statement.
“We will print the 2019 GAA so the people would know where the projects and programs that will be implemented this year from health to education to agriculture to infrastructure would go.”
Mr. Andaya last week said the bill will be ready to be transmitted for the signing of the President by March 10 or 11. Senator Sotto, however, still has reservations about signing the enrolled copy.
“I’ll wait for the copy that (the) HoR will send. If they made internal realignments other than what we approved (and) ratified in plenary then I will not sign it,” he told BusinessWorld in a phone message on Sunday. — Charmaine A. Tadalan

1...11,26211,26311,264...14,243Page 11,263 of 14,243
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube