Facebook Instagram Linkedin X Youtube
Home Blog Page 11620

PSEi expected to reach 8,300 level by end-2019

By Arra B. Francia, Reporter
BPI Securities Corp. projects the local bourse to reach the 8,300 level by the end of 2019, driven by a rebound from the consumer sector on expectations of slower inflation next year.
BPI Securities President and Chief Executive Officer Hermenegildo Z. Narvaez said the forecast is based on individual outlooks for the different stocks forming the Philippine Stock Exchange index (PSEi).
“Our expectation is the market will probably grow in line with earnings growth, so this will suggest that we’re looking at a 9-10% growth over the next year,” Mr. Narvaez said during a yearend market outlook briefing in Makati City on Wednesday.
BPI Securities predicts the PSEi will end the year at the 7,650 level.
The local brokerage is particularly upbeat on the consumer sector, which could benefit from higher margins once inflation slows down next year. BPI Lead Economist Emilio S. Neri, Jr. said during the same briefing that he expects inflation to fall below 4% by the middle of 2019, predicting full-year inflation to settle at 3.6%.
Slower inflation will address the key concern of higher input costs that consumer companies have been experiencing this year.
“The underlying numbers for the consumer sector is quite strong. If you look at the revenue growth of the likes of CNPF and DNL, you’re actually able to see a double-digit growth,” Mr. Narvaez said, referring to Century Pacific Food, Inc. and D&L Industries, Inc.
“It’s important to note that given that we’re expecting inflation to slow down, companies probably should be benefiting from some margin expansion in 2019,” he added.
Mr. Narvaez also noted the upcoming midterm elections will support spending in 2019, further helping boost consumer stocks.
BPI Securities’ stock pick for the consumer sector is CNPF, expecting an upside of 12.3% to P17.50 from its price of P15.58 on Tuesday.
Slower inflation is also seen to benefit retailers’ gross margins next year. Mr. Narvaez noted the business model of retailers already allow them to pass on higher input costs to end-consumers.
“Moving forward, they’re going to be able to continue to raise prices. They’ve been able to absorb the increase in input costs, and the growth of these input costs will probably slow down in 2019,” Mr. Narvaez explained.
The brokerage selected Puregold Price Club, Inc. as its top pick for the retail sector.
Meanwhile, the BPI Securities executive noted investors should be more selective when dealing with the restaurant sector. He cited Jollibee Foods Corp., which has been able to sustain healthy same-store sales growth as it was able to pass on higher input costs to consumers.
For the property sector, Mr. Narvaez said demand for real estate remains strong because of both domestic and overseas Filipino buyers, alongside demand from the offshore gaming sector.
The only concern for the property sector is that pre-sales have been “so strong” over the previous years, raising the question whether or not this high base can be sustained.
“The good thing though is a lot of property companies have anticipated this increase in interest rates, so a lot of them are moving away or trying to focus less on the development side of the business and more on the leasing side,” Mr. Narvaez said.
BPI Securities named Ayala Land, Inc. as its top pick for the property sector, expecting its shares to rise 21.2% to P51.69 each from its price of P42.65 on Tuesday.

Alain Ducasse: ‘Cuisine must respect the Earth and also people’

SEVERAL French chefs have gone down in history as the best: there’s Escoffier, and then there’s Careme; and many others besides. But these men were the best for personifying the cooking styles of their day: the excesses of the Belle Epoque are firmly stamped with Escoffier’s name, while the French Empire lives on with Careme’s. Alain Ducasse, the French superstar chef who currently has the most Michelin stars (21 at our last count; Joel Robuchon had 31) for his restaurants, will go down in our age perhaps, for understanding the Zeitgeist that has gripped our world, from lifestyle to climate change.
Mr. Ducasse was born in 1956 in southwestern France, and received his introduction to food in a farm. Beginning in the 1980s, his career expanded across continents, from most of Europe and on to the United States and Asia.
Last week, Mr. Ducasse visited the Ducasse Education institute in Enderun Colleges in Taguig City for his charity work and for the inauguration of a new kitchen. The Ducasse Education institute here, with the partnership of Enderun, is the first outside France.
“Filipino students are very eager to learn,” said Mr. Ducasse, speaking through an interpreter. “That’s something that really touches him,” said the interpreter, as the chef’s answer when asked why the Philippines is so lucky to boast of the first Ducasse institution in Asia.
Growing up near a farm was influential to Mr. Ducasse’s culinary philosophy, which works around natural ingredients and making them sublime through cooking them simply, with just the right seasoning and temperature. “Nature is an inexhaustible source of inspiration: it is nature that dictates the rhythm of the kitchen, of the farmers, breeders, and fishermen. Conscious of his responsibility to the preservation of natural resources, he works only with seasonal produce, produced naturally or fished durably,” it says on his Web site. “The original taste; the ingredients, they’re closest to the Earth. That’s what influenced him the most,” Mr. Ducasse told BusinessWorld. “You respect the products, and make it a star.”
Asked how he got so many Michelin stars, he said, “I work harder.”
“Just work more, and better.”
“Cuisine must respect the Earth, and also people. We must respect the palates as a whole,” he said. This lines up with his principle of “humanist cuisine” and on his Web site, it said, “For Alain Ducasse, the chef is the liaison between nature and humanity, the artisan whose role is to make happy those he feeds.”
Mr. Ducasse also cites working with the right suppliers “that respect the environment,” and use sustainable techniques, and “take care of the planet and society as a whole.”
Someday, Mr. Ducasse will join the late and great chefs of his tradition. The planet will live on long after he is gone, and an imprint he would like to leave is this. Grasping the world’s situation of inequality, set against an environment changing for the worse, he said, “We have societies which eat too much and have obesity problems and die from it.” On the other side of the spectrum, “Others who are underfed.” While he advocates reducing salt, fat, and sugar, he says, “Once we will find the middle-point, then the planet as a whole will be… happy.” — Joseph L. Garcia

Exciting Enderun auction raises funds for Tuloy Foundation scholars


EXCITEMENT filled the Enderun Tent as the live auction of the Harvest of Hope fundraising dinner began. The sale’s tempo started off at a stately pace, with auctioneers setting bid increments at P10,000. By the end of the run, guests were furiously bidding for “72 Hours in the World of Alain Ducasse,” with each paddle raise corresponding to a price increase of P100,000.
The “72 Hour” lot was the biggest in the auction, and the only one that went live. Other lots that were silently auctioned off throughout the evening included the Livre Ducasse at Home cookbook; two-night stays at Hijo Resorts in Davao, Misibis Bay in Albay, and Donatella Hotel in Bohol; dinner for two at Rech Hong Kong; a bottle of Ducasse Champagne; the famous cookpot designed by the famous chef and Pierre Tachon; and a chef’s jacket signed by Mr. Ducasse.
Harvest of Hope was meant to raise funds for Youth With a Future, a program which provides scholarships at Ducasse Education Philippines at Enderun Colleges, along with job placements, to select culinary students of the Tuloy Foundation which provides shelter and education to former street children.
THE DINNER
Chef Alain Ducasse was the guest of honor on Nov. 27 at the sumptuous dinner created by teachers and alumni of Ducasse Education Philippines.
Front and center at the tent’s foyer were the items up for the silent auction, while lining the walls were booths featuring the organizations which were chosen to provide the ingredients used in the dinner — Kitayama Beef, Sambali Beach Farm, Pinkie’s Farm, Shumei Natural Agriculture, Hineleban Farms, Meliomar, DowntoEarth, Malagos Farmhouse, AWC Philippines, and Bestworld Beverage Brands and Federated Distributors, Inc. (distributors of Evian and Badoit). These organizations were featured in video clips shown during the dinner as the event’s different chefs introduced the next dish on the menu, giving the guests a glimpse into the secret life of the items on the plates before them.
Guests, who had each shelled out P10,000 for a seat at the table, were first served Greek-style micro cucumbers, local white cheese, and edible flowers — a balanced dish, with a sweetish dressing well matched by the sour yoghurt and strong feta cheese, and the miniature cucumbers adding crunch to the soft concoction. Then came Tuna belly escabeche with local fruit vegetables, a cold dish, almost “gazpacho-like” as someone at the table said. Made with exceedingly fresh vegetables — hydroponic peppers, eggplant, radish, squash blossoms, and cherry tomatoes on a bed of caramelized onions, the dish could almost stand on its own without the fish. The main course was Kitayama beef loin with local farm vegetables, dalandan and black pepper jus which had the carnivores at the table satisfied. The fact that it came with a tasty adlai risotto instead of regular rice was a bonus.
The meal ended with a plate of local artisanal cheese from Malagos Farmhouse paired with mulberry jam and pili nuts followed by Tropical Lemongrass Vacherin with mango, passion fruit and coconut, and tarragon tea.
RAISING MONEY
Tuloy Foundation Founder and President Fr. Marciano “Rocky” Evangelista took to the stage and talked about how the organization started back in 1993 with 12 children, and how it has 1,000 children today, with three dorms, a gym, a chapel, a football pitch, and workshops for nine skills that the children learn. And yet, he noted, they had no money then and they have no money today, and are reliant on donors like those filling the Enderun Tent, giving an impetus for the diners to open their wallets wider.
At the end of the dinner, another heartwarming video, featuring several of the successful Youth With a Future scholars was shown. According to a release from Enderun Colleges, “all 30 past scholars from the Youth with a Future initiative have flourishing careers worldwide: one is working in the prestigious Ducasse Sur Seine, a river cruise and restaurant boat in Paris, France, seven are employed in Four Seasons Resort Dubai, three in an international shipping line, and 19 are placed in restaurants in the Philippines.”
“In the coming year, Ducasse Education Philippines at Enderun Colleges is set to train 10 scholars from Tuloy Foundation with the proper knowledge and skills that they need to contribute and succeed in the tourism industry under the wing of its world-class chef instructors,” it continued.
Then came the main event — the auction of “72 Hours in the World of Alain Ducasse,” which includes three nights at Plaza Athenee in Paris, dinners and lunches for two at Ducasse Sur Seine (a river cruise and restaurant boat in Paris), the three-Michelin Star Plaza Athenee, at Allard, at Ore (with a tour of the castle of Versailles), and the two-Michelin Star restaurant Le Meurice, and a culinary short course for two at Ecole de Cuisine Alain Ducasse.
The bidding started at P280,000, and as the paddles were eagerly rising around the room, the auctioneers started to increase the increments, and the numbers quickly rose — P300,000, P350,000, P450,000, P500,000, P600,000… In the middle of the furious bidding, Ducasse Education CEO Cyril Lanrezac announced that they would be adding one more night to the package. After a bidding war between two tables, things stalled at P800,000, at which point Davao-based businessman Dennis A. Uy, founder, president, and CEO of UDENNA Corp. which acquired Enderun Colleges, went up on stage and announced that he would match the bid if it reached P1 million.
And it did.
And then two more tables announced that they too would buy the “72 Hour” package for P1 million.
By the end of the night, Mr. Uy again went up on the stage and announced that they had raised P6.5 million that evening.
Fr. Rocky had a big smile on his face. — AA Herrera

TV5 franchise extension gets House approval

THE House of Representatives on Tuesday approved on third and final reading the renewal of the legislative franchise of ABC Development Corp., currently known as TV5 Network, Inc.
House bill no. 8630, which extends the broadcast operations of TV5 by another 25 years, received 207 affirmative votes and one negative vote.
TV5 mainly airs sports programs, through ESPN, and news programs, through News5. TV5 also caters to overseas Filipino audiences through Kapatid International.
Once HB 8630 is signed into law, TV5 can continue to operate and maintain its radio and television broadcasting facilities in the Philippines.
Under the measure, TV5 is required to provide the government with adequate public service time or a maximum aggregate of 10% of the paid commercials or advertisements.
The network is prohibited from broadcasting obscenity, indecent language, speech and the like, as well as the deliberate dissemination of false information.
Under the bill, the Philippine President is given the right to temporarily take over and operate the TV station and its facilities; to temporarily suspend its operations in interest of public safety, security and public welfare; and to authorize the temporary use and operation of any government agency in times of “war, rebellion, public peril, calamity, emergency, disaster, or disturbance of peace and order.”
In compliance with the Constitutional provision promoting public participation in public utilities, TV5 is required to conduct a public offering of at least 30% of its outstanding capital stock within five years from commencement of operations.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — C.A.Tadalan

An abundance of seafood


SELECTING a variety of seafood dishes for a meal may be a tough decision, but a pleasant one. And over at Isla Sugbu Seafood City you can choose, cook, and eat; but unlike a regular dampa restaurant, it offers a fourth step — repeat.
First opened in Cebu in 1989, the restaurant was re-established as Isla Sugbu Seafood City in 2014 after a hiatus. Since its reopening, it has won the Sunstar’s Best of Cebu Award for Best Seafood Restaurant from 2014 to 2017.
The restaurant recently opened its first branch in Manila at the Venice Grand Canal mall in Taguig City.
“It’s a nice addition to the food scene in Manila. It’s not common. It’s a place that you can bring guests to if you feel like spending some money that’s not going to burn a hole in your pocket,” Winglip K. Chang, president of Kuya J Holdings Group, Inc., told BusinessWorld shortly after the program at last week’s launch.
The restaurant offers Paluto All-You-Can — a buffet concept with its all-seafood station. Guests choose from a variety of locally sourced fresh seafood including shrimps, scallops, oysters, mud crabs, and king fish. The seafood is then prepared in an open kitchen according to the cooking style guests prefer. Items labeled “premium” are excluded from the offer. Diners can keep returning to the buffet to get more choice seafood cooked at no extra cost.
As part of its launch, promo rates are being offered — P848 for weekday lunch, and P888 for dinner and weekends. The regular rate is P1,300 per head.
Mr. Chang noted that guests are obliged to finish their food. “The Paluto All-You-Can has no limit on what you can eat. But we want people to also be responsible in picking how much food they want to have cooked,” he said about the leftover charge which is twice the promo rate.
Mr. Chang said the promo rate will remain for quite a while. “We want to get as many people to enjoy the restaurant,” he said. “It doesn’t have to be fancy. It’s just nice and fresh seafood, cooked well at a very good price.”
The P848 promo rate is available from Monday to Thursday, 11 a.m. to 3 p.m.; and P888 from Monday to Thursday, 6-11 p.m.; and on weekends, 11 a.m. to 3 p.m., and 6-11 p.m. on Fridays, and 10 a.m. to 3 p.m., 6-11 p.m. on Saturday and Sunday.
For information, visit www.seafoodcity.ph. — Michelle Anne P. Soliman

Sophos flags emergence of targeted cyber attacks

By Denise A. Valdez
Reporter
CYBERSECURITY COMPANY Sophos said next-generation technology is needed to address new types of cyber attacks, which it found are starting to be more targeted based on its 2019 Threat Report.
The United Kingdom-based firm said many businesses that are affected by cybersecurity breaches are subscribed to antivirus softwares, but are still penetrated because cybercriminals have also started to adapt.
“Next generation threats are not the traditional threats we know of in the past, where we could stop them with traditional antivirus. We need to look at new ways to stop them,” Sophos Managing Director for ASEAN and Korea Sumit Bansal said in a media roundtable on Tuesday.
It said its survey of 2,000 organizations globally found that 54% were hit by ransomware last year, and 77% of the those had an up-to-date antivirus at the time of the attack. It added that the average cost for every ransomware attack is $133,000.
“The threat landscape is undoubtedly evolving ‚ a less skilled cyber criminals are being forced out of business, the fittest among them step up their game to survive and we will eventually be left with fewer, but smarter and stronger, adversaries,” Sophos Chief Technology Officer Joe Levy said in a statement.
Sophos Senior Manager for Security Solutions Engineering in ASEAN Julius Suarez explained the start of targeted attacks that’s veering from emailed viruses. He said cybercriminals are using a search engine for Internet-connected devices to find those that use vulnerable softwares.
“Cybercriminals are targeting any server that has this vulnerability… They are not infecting the server, but they are using the server to hop into your network,” Mr. Suarez said.
He added that aside from targeted attacks, some attackers are also beginning to utilize Windows system administration tools which are already installed in one’s computer. He said with this, cybercriminals may more easily hack into a device by uploading just a script and exploiting built-in tools to execute an attack.
To address these emerging trends in cyber breaches, Mr. Suarez said it is important for business organizations to tap next-generation antivirus tools that are more equipped to detect and address the new forms of attacks.
He added that it is also helpful to employ security basics such as a using virtual public network and multi-factor authentication, reassigning default applications in a device and restricting the applications that a work station can run.

Yields on term deposits go up

By Melissa Luz T. Lopez, Senior Reporter
DEMAND for term deposits improved this week but failed to fill the auction amount set by the central bank, driving yields higher into the five percent level.
Banks wanted to place P69.643 billion under the term deposit facility (TDF) yesterday, higher than the P59.428 billion tenders received the previous week although still short of the P70 billion which the Bangko Sentral ng Pilipinas (BSP) wanted to sell.
Bids for all tenors improved, although appetite for the one-week papers settled just below the BSP’s offer weeks into the Christmas season.
Players put forward P36.406 billion in bids under the seven-day term, surging from the P28.894 billion placements a week ago. However, this fell short of the P40 billion which the central bank placed on the auction block.
Still, lenders asked for bigger margins for the term deposits, with the average yield rising to 5.0168% from the 4.942% fetched during the Nov. 28 exercise.
The 14-day papers also saw stronger demand as offers improved to P20.057 billion from last week’s P19.837 billion, with banks maximizing the P20-billion offering made by the BSP.
Players then sought for higher rates at 5.1271%, inching up from the 5.0715% fetched the prior week.
Appetite likewise improved for the 28-day deposits as tenders reached P13.18 billion on Wednesday, up from P10.697 billion previously to sustain a trend oversubscription.
Yields climbed ahead to 5.1433% from 5.1103% a week ago.
The TDF has been the central bank’s main tool in mopping up excess liquidity, which they also expect to push short-term interest rates. Through the weekly auctions, the BSP can bring market and interbank rates closer to its desired range by setting the standard for short-term instruments via the margins that they pay to bank for these placements.
The rise in TDF rates reflect market players taking advantage of higher policy rates after another hike worth 25 basis points took effect in November. This marked the fifth straight hike from the BSP this year, which brought benchmark rates between 4.25-5.25%.
BSP Deputy Governor Diwa C. Guinigundo said stronger appetite for the longer tenors are due to improving market sentiment.
“They can now afford to go a little longer knowing that lower inflation gives the BSP greater latitude in terms of monetary policy options,” the BSP official said in a text message.
He added that banks are likely holding on to more money to service bigger client payments and withdrawals, as demand for cash usually spikes going into the Christmas season.
Mr. Guinigundo likewise pointed out that liquidity will improve in the coming weeks given more dollar inflows from remittances, outsourcing revenues, and tourism, which often peak during the holidays.
The central bank is keeping its auction volumes steady for next week’s offering.

PT&T to venture into e-payments

PHILIPPINE Telegraph and Telephone Corp. (PT&T) is poised to foray into digital payments with its new deal with Paynamics Technologies, Inc.
The listed company said in a statement on Wednesday it signed a partnership agreement with electronic payment solutions provider Paynamics to further PT&T’s goal to become a digital services provider.
“PT&T’s 10,000 kilometers of 100% fiber allows for seamless connectivity while Paynamics has an extensive payment processing network that offers multi-channel pay-in and pay-out options. As commercial brands and government agencies rush to make their products and services available online, consumers require reliable internet services and secure digital payment services now more than ever,” the company said.
PT&T said it tapped Paynamics because of its flexibility and scalability.
In its website, Paynamics said it has created an internet payment gateway system called “Paygate,” which is used as the “last mile connection” for merchants trying to connect to banks.
“We are highly confident in the strategic vision of the new PT&T management. We are excited to bring our payment solutions to more Filipino business organizations through PT&T’s 100% fiber network,” Paynamics Chairman and Founder Ronald P. Magleo was quoted as saying.
After it lost its bid to become the country’s third major telco player, PT&T said it wants to become a “digital services provider offering a wide range of telecommunications and IT services.”
While the company still has a case filed before the Supreme Court seeking to overturn its disqualification in the government’s bidding, PT&T said among its plans is to raise P7 billion in the next two years to fund its network expansion project. — Denise A. Valdez

To find New York’s most innovative sushi bar, go to a hotel room


NEW YORK — When you walk into the foyer of Hotel 3232 in Midtown Manhattan and give the desk attendant your name, that person will hand you a plastic keycard.
Take the elevator to the 10th floor, and it’s not hard to find Room 1001: The 17-story building has only three rooms per floor. Wave the keycard over the pad, and you’ve arrived at New York’s most innovative new sushi bar.
Sushi by Bou, which opens in January and starts taking reservations on Dec. 3, is set in a modest room. It’s all of 150 square feet — tiny even by New York City standards. Where there was once a queen bed, there’s now a four-seat sushi counter. Behind the bar is David Bouhadana, co-creator of the quick-serve omakase counter Sushi by Bou.
The American, trained-in-Japan chef specializes in radical sushi experiences: At his other two Sushi by Bou locations, including one in the Jue Lan Club, the experience lasts 30 minutes and costs $50. Inside the hotel room on East 32nd Street, the meal will take a relatively luxurious one hour and cost $100, not including drinks or gratuities. Customers prepay for the meal along with drink options. There will be six seatings per night, seven nights a week.
“My business partner [Michael Sinensky] has a penchant for underutilized spaces,” says Mr. Bouhadana as he spoons marinated salmon roe on top of a mound of nori-wrapped rice. “I want to put sushi everywhere it’s never been.”
The middle of the room has a small sofa and doubles as a compact lounge. “That’s where the work desk and the $10 hotel water was,” Mr. Bouhadana points out. While the closet is now labeled as a coatroom, the bathroom is unchanged aside from the black barriers covering the shower.
A safe remains intact, too, “in case anyone needs to lock up valuables,” he says. “Or cellphones.” There’s a 25-seat balcony for those who want a rooftop vibe before or after their meal.
But the transformation wasn’t as simple as moving furniture. It took seven months for the restaurant to get a Certificate of Occupancy from the city.
Mr. Bouhadana offers 15 to 17 pieces that might start with madai (red snapper) brushed with house soy sauce and include glistening Alaskan spotted prawn. There’s also a thick slice of Hokkaido scallop, sprinkled with lightly smoky charcoal salt.
Arctic char has a brush of green yuzu kosho sauce that delivers a slow burn. Among the best dishes are monkfish liver in a red wine braise that tastes like a warmly spiced pâté, as well as toro that’s torched briefly so the fatty tuna melts in your mouth.
At a time when an omakase sushi meal in New York routinely starts at $200, Mr. Bouhadana’s parade of raw fish represents a good deal. The counter is a little more than six feet long — enough space that you can move your stool without disrupting anyone down the line.
But it’s still tight quarters. Mr. Bouhadana breaks down the real estate: “Sushi bars are designed like this: There are 18 to 22 inches per seat at a noodle bar — you’re not moving. A Michelin-star place gives diners 24 to 28 inches each. If you’ve got 30 inches at a counter, it’s superfine dining.”
Another unconventional feature of the coming Sushi by Bou is a sake-dispensing machine from Wine Emotion that features six bottles. Customers can prepay $30 onto their keycard for a tasting, or make a game-time decision and pay at the restaurant.
There’s also a $50 beverage pairing designed by the restaurant’s sake sommelier, Rick Zouad, that could include bottles such as Born Gold — the round, smooth sake served to President Barack Obama when he dined at Sukiyabashi Jiro in Tokyo. Also part of the tasting are Japanese accents on classic cocktails, like a powerful “Umegroni” that riffs on a Negroni with bitter melon-infused sake in place of Campari.
Sushi by Bou isn’t the only new space coming to Hotel 3232 in January. The cocktail makers at Death & Co. will open a 30-seat bar, Lost Gaijin, and there will be an additional 10-seat counter called Handies by Bou, where Mr. Bouhadana will offer an array of hand rolls including wagyu and uni.
Mr. Bouhadana is no stranger to controversy. He was forced out of the acclaimed Sushi Dojo for not wearing gloves. Last year a Sushi by Bou counter closed at Gansevoort Market not long after it was reported that Mr. Bouhadana sometimes used a fake Asian accent during service. (He calls the allegations “completely false,” and says he moved because the market never got a liquor license, which was crucial to his business model.) But he’s optimistic about his future. “I’m 32 years old,” he says. “Jiro is 86. He didn’t get his three Michelin stars until he was in his 70s.” — Kate Krader, Bloomberg

LexMeet launches ‘Uber of lawyers’ application for clients

LEXMEET HAS launched its application which matches clients with lawyers for legal consultations.
The LexMeet app, which can be downloaded through the Google Play Store and soon through Apple’s App Store, just requires clients to register for free.
“LexMeet serves as the Uber of lawyers, where client can seek lawyer’s advice by a mere click. Instead of a Uber vehicle matching with the nearest rider, LexMeet is where client’s legal problem is matched with the lawyer’s expertise, location and language and we serve as a bridge for them to meet via video or call conference,” Marlon P. Valderama, president and founder of LexMeet, said in a statement.
For the consultation, the app will match the client’s concerns to a specialist on that matter. They should also submit inquiries, objectives, and documents, among others, that are relevant to their legal concern through the app’s sign-up forms. All consultations are done through voice or video calls.
Credits are automatically paid to the lawyer after the meeting ends. Credits can be purchased through Paypal, Dragonpay, Coins.Ph, and soon through Google Pay. The minimum amount P500.
Currently, the platform has 250 lawyers who cater to 7,500 clients.
Since its birth in 2017, the LexMeet website (www.lexmeet.com) has served as an online legal consultation platform for overseas Filipino workers (OFWs) and small and medium enterprises (SME).
“As we all know, the Philippines have more than 10.23 million migrant workers scattered all over the world. With Filipino diaspora, there is a demand for legal services for the legal issues left behind by our migrant workers such as marriage, support and custody issues, inheritance, investments, among others. Also, we have so many SMEs, almost 1 million now, who are needing legal guidance from lawyers. The lack of online facility to help our OFWs and SMEs in solving their legal problems is our prime motivation on establishing a primary hub of e-lawyering,” Mr. Valderama explained.
Mr. Valderama first introduced e-lawyering in 2010 through his law office’s website, E-Lawyers Online (www.e-lawyersonline.com). — Vincent Mariel P. Galang

BPI looking to put up 20-30 branches annually

BANK of the Philippine Islands is adding to its network modestly.

BANK OF THE Philippine Islands (BPI) expects to grow its branch network by 20-30 per year as it ramps up spending on enhancing information technology.
BPI President and Chief Executive Officer Cezar P. Consing said the Ayala-led lender is looking at growing its branch network by 20-30 offices annually.
He added that the bank eyes to grow its physical presence modestly as it “makes more sense” to develop and enhance its digital channels.
“Long term, what makes sense for BPI is [going] digital,” Mr. Consing said last week.
“My concern is if we continue to build branches, maybe a hundred branches a year and all of a sudden the digital capability and penetration is so high, we’ll have to reduce our branches.”
To support its digital push, the bank is allotting 6-7% of its revenues to IT, with a huge chunk is allotted for building up cybersecurity.
In five or six years’ time, Mr. Consing said the local banking sector will reach a “tipping point” where banks will have to reduce the number of their branches as more people use digital channels.
“What makes the difference is the cost of smartphones. The moment the cost of smartphones come down to a certain level, all of a sudden, you (clients) can have digital access,” he said. “There will come a time, maybe five or six years from now, where it will be mostly digital and you can reduce your branch size.”
However, banks’ physical presence will not become obsolete, Mr. Consing said, as central bank regulations still require clients to physically show up and submit forms.
“That’s why you still need branches. A lot of KYCs (know your customer) still require physical presence. I think it’s a question of balance.”
Amid its digital spending push, the Ayala-led lender said it will continue to put up more branches through its microfinance lending arm BPI Direct BanKo to support small businesses.
“If you notice, our big branch rollout is in BanKo. But for the main bank and for the [BPI] Family [Savings] Bank, we’re talking 20-30 branches a year,” Mr. Consing said.
In a previous interview with reporters, BanKo President Jerome B. Minglana said the microfinance arm eyes to open another 100 branches by next year to end 2019 with 300 branches as it aims to increase its presence in Mindanao.
BPI reported a P5.98-billion net profit in the third quarter on the back of the double-digit expansion of its net interest income.
The Ayala-led bank’s shares went down by 50 centavos or 0.53% to P93.50 apiece on Wednesday. — Karl Angelo N. Vidal

PSALM: 4 companies submit bids for Malaya plant

STATE-LED Power Sector Assets and Liabilities Management Corp. (PSALM) has received four proposals for the 650-megawatt (MW) Malaya thermal power plant in Rizal that serves as the government’s back up facility to ensure power supply stability.
“Out of the 11 [interested bidders], we have four who submitted,” PSALM President and Chief Executive Irene Joy B. Garcia told reporters about the agency’s latest effort to privatize the power plant.
She identified the companies are Ayala-led AC Energy, Inc., DM Wenceslao and Associates, Inc., Consunji-led DMCI Power Corp., and Lopez family’s FGEN Reliable Energy Holdings, Inc.
Ms. Garcia said 11 companies had expressed interest in the power plant but come bidding deadline in late November, only four came forward with an offer.
“They purchased the bidding documents, they indicated intention to bid, pero come the deadline last week for the presentation of the submission of all the documentary requisites aba eh apat lang ang nag-submit (only four submitted,” she said.
The plant in Pililla, Rizal was designated in 2014 as a “must-run” unit by the Department of Energy. A must-run plant is compelled to run and provide the needed power supply as deemed necessary to ensure reliability of power supply in the Luzon grid, especially in times of supply shortfall, system security and voltage support.
The bidding is the latest attempt by PSALM to sell the plant, for which previous bidding exercises resulted in failure. This time, the agency is hiring a third-party “valuator,” the selection of which will also be done through bidding.
Ms. Garcia said she had to go back to the PSALM board to seek a two-month extension for the bidding of the third-party valuator otherwise she had expected none would be interested.
“There are two things going on with Malaya. The first one is the bidding for the consultancy services so that we can get a third-party valuator that would become the basis for our board of directors for setting the floor price,” she said.
Ms. Garcia declined to estimate the value of the power plant, saying the third-party valuator is the one tasked to set the valuation.
“The second thing that’s going on with Malaya is mismong bidding na (the bidding itself) for privatization. You will remember that we were setting the schedule for the consultancy earlier than the other one,” she said.
Ms. Garcia said she expects the bidding for the plant to be completed early next year.
Earlier this year, PSALM approved a budget of P264 million for a one-year contract to operate and maintain the thermal power plant.
The Malaya plant is being managed by PSALM through an operation and maintenance service contract. It was rehabilitated in 1995 by Korea Electric Power Corp. under a 15-year rehabilitate-operate-manage-maintain agreement. — Victor V. Saulon

1...11,61911,62011,621...14,238Page 11,620 of 14,238
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube