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Wilcon to open eight stores this year

WILCON Depot, Inc. is aiming to open eight stores this year, as it ramps up its expansion to take advantage of the growing demand for home improvement and construction supplies.
Wilcon President and Chief Executive Officer Lorraine Belo-Cincochan said the company is currently mapping out its next phase of expansion to reach its goal of having 100 stores.
“We’re thinking sana maka-100 pero inaalam pa namin kung anong year mapa-plot. We’ll average five to six (store openings) a year. This year we’ll have eight, then mag-taper off (in the next years),” Ms. Belo-Cincochan told reporters in a chance interview in Makati City last week.
The listed home improvement and construction supplies retailer had set a target of 65 stores by 2020, to be funded by the proceeds from its P7-billion initial public offering back in 2017.
Wilcon ended 2018 with a total of 51 stores. This year, it has opened one in Puerto Princesa, Palawan, bringing its current store count to 52. The next store opening for the year is scheduled in April.
Ms. Belo-Cincochan said the company is looking at both new and existing markets where it can further boost its presence.
She added that Wilcon is still bullish on the business’ prospects.
“Consumer demand is, I think affected ’yung consumer (business). We weren’t that affected cause we’re not fast moving consumer goods. People will still build houses,” she explained.
Asked on the company’s profit guidance for the year, Ms. Belo-Cincochan said they want to push for a double-digit profit growth. Same-store sales growth is also seen to be steady and in line with its 5% target in 2018.
Ms. Belo-Cincochan added that they are hoping that the Philippine economy, in light of the May elections, would show steady growth this year to boost business.
Wilcon launched earlier this year its digital store where customers can shop from a wide range of product categories, including appliances, automotive, building materials, electrical, furniture, home interior, outdoor living, sanitary wares, and hardware, among others.
The online shop is seen to complement Wilcon’s brick and mortar stores, in an effort to ride the growing e-commerce trend in the country.
Incorporated in 2015, Wilcon is a subsidiary of Wilcon Corp., which opened its first branch along Quezon Avenue in Quezon City in 1977. It operates two retail formats, the depot store format and home essentials format.
Wilcon saw its net income rise by 24% to P1.39 billion in the first nine months of 2018, following a 17.9% increase in net sales to P15.36 billion.
Shares in Wilcon slipped 0.84% or 12 centavos to close at P14.20 each at the stock exchange on Friday. — Arra B. Francia

Stocks trek higher ahead of corporate earnings

By Arra B. Francia
Reporter
THE MAIN INDEX managed to end in positive territory last week amid sideways trading for most of the period as investors awaited the release of more corporate earnings.
The 30-company Philippine Stock Exchange index (PSEi) rose 0.38% or 30.83 points to close at 7,962.13 on Friday.
On a weekly basis, the PSEi firmed up 0.67% or 53.24 points, supported by industrials’ 1.93% increase amid financials’ 1.8% plunge. The main index was also seen to trade within a much tighter range of 7,830 to 7,964, with a variance of 134 points, compared to the previous week’s 7,889 to 8,105, with a variance of 216 points.
Foreign buying averaged at P178 million last week on the back of an average value turnover of P8 billion.
“Here at the PSE, the main index ends the week flat as the investor sentiment remains cautious and as investors wait for more earnings reports to come in,” Eagle Equities, Inc. Research Head Christopher John Mangun said in a weekly market report.
“It basically continued its negative momentum from last week and if not for the bounce that we saw on Wednesday, it would have ended the week with losses.”
For online brokerage 2TradeAsia.com, the PSEi’s ascent was due to developments in the trade war between the United States and China.
“The market closed the week on the plus side, as hopes were kept afloat by positive hints on US-China trade discussion,” 2TradeAsia.com said in a weekly market note.
Investors have been closely watching the developments between US and Chinese officials to see whether they could arrive at a trade deal before their 90-day truce expires on March 1. US and Chinese negotiators held a two-day meeting in Washington from Thursday to Friday to arrive at a deal.
Reports over the weekend noted that Chinese negotiators had agreed to extend their stay in the US capital, with a statement from both parties saying there was progress in the negotiations.
While the US had initially threatened to increase tariffs on $200 billion worth of Chinese goods to 25% from 10% if they fail to agree on a deal by March 1, US President Donald J. Trump recently said he may not impose the increase on the said date.
Optimism on the trade deal propped up global equities markets abroad. Wall Street’s major indices were up on Friday, with the Dow Jones Industrial Average closing 0.7% higher or 181.18 points to 26,031.81. The S&P 500 index rose 0.64% or 17.79 points to 2,792.67, while the Nasdaq Composite index jumped 0.91% or 67.84 points to 7,527.55.
Local financial markets are closed on Monday to commemorate the EDSA People Power Revolution.

UA&P to launch agribusiness book on March 20

THE UNIVERSITY of Asia and the Pacific (UA&P) will launch a book by Rolando T. Dy, the head of its agribusiness studies center, on March 20.
The book is called Agribusiness: Pathways to Prosperity by Mr. Dy, a professor and the executive director of the UA&P Center for Food and Agribusiness.
The book contains 63 articles about agriculture from global and Southeast Asian perspectives and industry or business-specific concerns on the use of agricultural productivity to reduce poverty.
“Agribusiness: Pathways to Prosperity” is the fourth book written by Mr. Dy and is intended as a reference for agribusiness practitioners, economists, researchers, policymakers, students, and the public.
Mr. Dy’s earlier books are “Agribusiness and Rural Progress: Actions for Poverty Reduction” released in 2017, “Agribusiness and Inclusive Growth: An Expert’s Advocacy” in 2015, and “Food for Thought: How Agribusiness is Feeding the World” in 2009, along with other books he has co-authored.
Mr. Dy has been studying international agribusiness for nearly 40 years, with engagements in the ASEAN countries, especially Indonesia, Malaysia, Thailand, Vietnam and the Philippines.
Proceeds of the book sales will fund the scholars of UA&P’s Agribusiness Executives’ Program (AEP), of which Mr. Dy is the academic director. — Reicelene Joy N. Ignacio

SSS to accept applications for employers’ penalty condonation soon

THE SOCIAL SECURITY System (SSS) will start accepting applications for condonation of penalties within six months after the measure seeking to amend its charter was enacted.
In a press briefing, SSS President and Chief Executive Officer Emmanuel F. Dooc said the state-run pension fund will accept applications to condone penalties imposed on employers due to unpaid contributions within six months from the effective date of Social Security Act of 2018.
“Once passed, within six months from its effective date, delinquent employers or employees can apply for condonation. That’s in the provisions,” Mr. Dooc told reporters on Thursday in a mix of English and Filipino.
“We are now ready for that once it gets effective. We can accept application for condonation.”
Republic Act No. 11199, which was signed into law earlier this month, allows the Social Security Commission (SSC) — the policy-making body of the SSS — to launch a condonation program without the approval of the president.
Mr. Dooc added that the SSS can start accepting applications as soon as March 5 or the first day of the effectivity of the law.
“The penalty, which used to be 3% per month, under the new law, it was reduced to 2%. But if they will avail of the…condonation… They can pay in installment but there will be a 6% interest per annum, as compared to the 2% per month penalty,” SSS Vice President of Large Accounts Division Antonio S. Argabioso explained.
He added that the condonation program will still depend on the approved implementing rules and regulations of the law.
“We don’t want to preempt our board, but I believe that they will allow installment. You can either pay in cash or apply for an installment.”
In a statement last Friday, Senator Richard J. Gordon said the ability “of the SSC to launch a condonation program without the president’s approval would enable the pension fund to generate more funds faster and ensure its long-term viability.
“Lalaki ang pondo, hahaba ang buhay ng SSS. Matutuwa ang mga negosyante dahil imbes na lumaki [nang] lumaki ang utang nila, mako-condone, magbabayad sila at makakapagsimula ulit sila (The fund life of SSS will be extended. Employers will be glad because instead of incurring more debt, it will be condoned, which will enable them to pay and start all over again),” said Mr. Gordon, who is also the author of the new measure.
The SSS launched a Loan Restructuring Program with penalty condonation in April last year to help members who have outstanding short-term obligations. During its five-month run, the pension fund generated P2 billion from nearly 300,000 participants, prompting it to extend the restructuring program until April 1, 2019.
In April 2016, the pension fund also offered a one-year restructuring program, collecting P6 billion from more than 800,000 members with past-due loans. — Karl Angelo N. Vidal

Despite increased production, SMC reduces water use by 23% in 2018

Diversified conglomerate San Miguel Corp. (SMC) said it has slashed operational water use across its businesses by 23% last year, beating its goal of reducing water consumption by 20% in 2020.
In a statement, SMC said the reduction resulted in 7.7 billion liters of water saved in 2018.
The company attributed this to “the effective implementation of programs aimed at increasing use of alternative, ‘non-scarce’ water, including rainwater, recycled water, and seawater.”
SMC is undertaking the “Water for All” sustainability project, which aims to cut utility and domestic use of water by 50% by 2025.
“This is a significant milestone for us, and we’re highly encouraged by these results,” Ramon S. Ang, president and chief operating officer of SMC, was quoted as saying.
“It’s only the second year since we announced this major sustainability goal, and already, the effort and commitment of those in our company tasked with making this goal a reality, have started to pay off,” he added.
While total water volume for 2018 rose due to higher production and new manufacturing plants, SMC said it increased the use of non-scarce water sources.
“Water is an integral part of our operations, and a vital need of our people and communities. While we’ve long worked to conserve and protect water in our areas of operation, this initiative will see us drawing even less water in the future,” Mr. Ang said.
SMC said it also donates water facilities to communities with no access to water. Its recent beneficiaries are the municipalities of Malita in Davao Occidental, Maasim in Saranggani, and Mulanay in Quezon province. — V.M.P.Galang

adidas now has boots for every football player


WITH FOOTBALL a key part of its business, adidas makes sure that it caters to every player of the sport, addressing their needs and likes.
Recently, adidas Philippines introduced in the country its “Exhibit Pack” for 2019, which is composed of four boots which are touted as being in synch with players whatever their style of play may be.
The Exhibit Pack is composed of the X18, Predator19, NEMEZIZ18, and COPA19.
The X18 boasts of red and silver branding and a speed mesh upper while the Predator19 has a supportive mesh upper and stretchy collar and has bold blue and silver metallic colors.
The NEMEZIZ18, meanwhile, glows with a yellow and blue color theme while featuring an elastic 360 Agility Bandage system.
Finally, the COPA19 comes in a core black and solar yellow colorway. It has foam pads and an ortholite sockliner which provides cushioning and comfort, and comes in a super-soft k-leather.
“Football is the main category for adidas worldwide and we don’t want to let go of football as a sport here as we see the potential of it growing,” said Jen Dacasin, Brand Communications and Sports Marketing Manager of adidas Philippines, in an interview with BusinessWorld at the trial run for the Exhibit Pack on Feb. 19 at Sparta Philippines in Mandaluyong City.
She went on to say that the “bold” colors of the boots are fit for the players of today, who take pride in standing out on the field with their gear apart from their game.
“The four… have different colors. It’s just there is a theme that covers everything. We played with the primary colors but the execution was more solar,” said Ms. Dacasin.
For adidas brand ambassador and Philippine national football player James Younghusband, the comfort that each boot in the Exhibit Pack provides is a big deal, especially for players who want to perform well and get the most from their gear.
He said that for the type players that he is — more tactical on the field — he likes how the COPA line performs but was quick to say that the other styles in the pack also deliver.
“The X is for the speedy players because they are light, Predator allows one to put power on the ball, and NEMEZIZ is fit for more controlled players,” said Mr. Younghusband, who wore the COPA shoes during the Philippine Azkals’ campaign in the 2019 Asian Cup in the United Arab Emirates last month.
The Exhibit Pack boots are now available for purchase at adidas and selected adidas retail partner stores.
For more information, visit adidas.com/football or follow @adidasfootball on Instagram or Twitter. — Michael Angelo S. Murillo

How PSEi member stocks performed — February 22, 2019

Here’s a quick glance at how PSEi stocks fared on Friday, February 22, 2019.
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Philippine Stock Exchange’s most active stocks by value turnover — February 22, 2019.
pseiactive022219

US clarifies drug war stand as claimed by Palace

By Arjay L. Balinbin
Reporter
THE government of the United States remains concerned about the human rights situation in the Philippines amid President Rodrigo R. Duterte’s drug war, a US Embassy press attache said over the weekend when sought for comment.
Presidential Spokesperson Salvador S. Panelo announced in a press briefing last week that US Ambassador Sung Y. Kim and the US-Philippines Society, a bilateral organization based in Washington, D.C., had met with Mr. Duterte at Malacañang on Feb. 20.
The meeting, according to Mr. Panelo, centered on the administration’s drug war. “The US Ambassador said that the US government supports the fight against drugs,” he said.
Asked for more details about the meeting, Trude Raizen, acting press attache at the US Embassy in Manila, said via e-mail on Saturday, Feb. 23: “We have privately discussed our concerns with the prosecution of the drug war directly with the Philippine government, and we will continue to do so. We remain committed to human rights protection around the world.”
She added that both parties “discussed a range of bilateral, regional, and international issues of concern to the United States and the Philippines.”
The US, she also said, “faces its own challenge with illicit drugs, and we want to work together to end drug trafficking and support those with substance use disorders in accordance with international human rights standards.”
“We remain dedicated to working with the Philippine government to strengthen the criminal justice system, counter transnational crime, improve respect for human rights, and reduce drug demand through prevention, treatment, and recovery programs,” she explained.
Ms. Raizen said further that the US government supports the efforts of the Philippine government “to counter the harmful effects of illicit drug trafficking through our assistance programs with police, prosecutors, and judges to prevent, investigate, and successfully prosecute transnational crimes.”
Mr. Duterte instructed the police last week to step up its operations against drug trafficking in the country. “I’m declaring war and I’ve raised it to the level of a national security [threat],” he said in a media interview on Feb. 20. “Destroy my country and I will kill you,” he added.
“I’m just reiterating my warning here that this drug problem is a national security threat. Meaning to say it can destroy the Philippines. And the order is: destroy the enemy.”
In a statement on Feb. 22, Commission on Human Rights Spokesperson Jacqueline C. de Guia said: “Since the start of the campaign against illegal drugs, the Commission has expressed its support for it but repeatedly denounced the methods used. We recognize the need to address the drug problem and if the methods need to be harsh, we will not question it for as long as it is in accordance with the rule of law and does not result to loss of lives.”
“While the President’s ‘harsher drug war’ remark might be intended to forewarn those who are into the business of doing drugs, threatening to kill can be interpreted as a directive and embolden state agents to dismiss due process,” she also said.

De Lima marks 2nd year in detention

SUNDAY, Feb. 24, marked opposition Senator Leila M. De Lima’s second year in detention, a situation flagged by her allies as well as international groups as a highlight of President Rodrigo R. Duterte’s administration. In her statement, Vice-President Maria Leonor G. Robredo said in part, “my prayers and best wishes go to my friend and fellow Bicolana, Leila….I have no doubt, the day will come soon, when you will walk under free skies, head held high in vindication, to the thanks of all those you sacrificed your own freedom for.”

Duterte on Chinese illegals: ‘Let them work here’

PRESIDENT Rodrigo R. Duterte will not order the deportation of Chinese nationals who are illegally working in the country, saying there are also at least 300,000 undocumented Filipino workers in China. “Iyong mga Chinese dito hayaan mo ‘yan na dito magtrabaho. Hayaan mo. Bakit? We have 300,000 Filipinos in China. Kaya hindi ako maka — sabihin, o umalis kayo dito, deport ka doon. Eh kung bigla paalisin ‘yun doon 300 of them?” Mr. Duterte said in his speech at a campaign rally by the Partido Demokratikong Pilipino-Lakas ng Bayan (PDP-Laban) in Laguna. (Allow the Chinese to work here. Why? We have 300,000 Filipinos in China, and that is why I cannot tell them to leave or have them deported. What if they deport the 300,000 [Filipinos working China]?). — Arjay L. Balinbin

Reds slam gov’t petition to delist disappearance cases in UN

THE Communist Party of the Philippines (CPP) in a statement on Saturday slammed the Armed Forces of the Philippines (AFP) for its call on the United Nations (UN) to delist disappearance cases filed before that body. “The AFP is shameless for wanting to revise historical records that trace the bloody trail of military abuses,” the CPP said in its statement. “The part played by military officials and soldiers in hundreds of abductions since the 1970s is indubitable. In fact, Gen. Jovito Palparan was convicted a few months ago for the abduction, illegal detention, torture and disappearance of activists Karen Empeño and Sherlyn Cadapan in 2006.” The government has asked the UN Working Group on Enforced and Involuntary Disappearances to delist 625 cases from 1975 to 2012. — Vince Angelo C. Ferreras

Laguna bank shuttered

THE Monetary Board has shuttered the Rural Bank of Mabitac in Laguna, the second lender to fold this year. A circular last Thursday by the Bangko Sentral ng Pilipinas (BSP) ordered the bank, which operates 14 extension offices across Southern Luzon, to stop its operations. The bank also ran two branches in Candelaria and Infanta, Quezon. As of end-2018, it held P367.1 million in deposits across 45,807 accounts, of which P288.3 million or 78.52% are insured. Individual depositors with balances of up to P100,000 can seek early payments if they do not have outstanding obligations to the bank, while corporate clients and account owners with bigger positions must file claims with the Philippine Deposit Insurance Corp. The Mabitac bank joins the Bagong Bangko Rural ng Malabang in Lanao del Sur as the second bank to be closed by the BSP this year. BSP shuttered 12 banks last year. — Melissa Luz T. Lopez

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