Facebook Instagram Linkedin X Youtube
Home Blog Page 11622

Azkals carry dogged desire to Suzuki Cup semis

IN THE last edition of the AFF Suzuki Cup in 2016 which the country co-hosted, the Philippine men’s national football team did not have it good, failing to advance beyond the group stage and effectively ended a string of three straight semifinal appearances in the biennial regional tournament.
This year though, the Philippine Azkals made sure there was no early exit for them, banking on a tremendous effort that has been fuelled by tremendous heart and desire to assure themselves of a spot in the next round.
Finishing second in Group B in the first round of the Suzuki Cup with two wins and two drawn matches, the Azkals moved to the two-leg crossover semifinals against Group A top team Vietnam.
It has not been a perfect campaign for the team but the Azkals have been delivering, showing a concerted conscious effort to fight for one another and making the country proud.
“I like our team, I like it very much, we have a lot of good football players and we are playing with a big heart. I’m proud of the team, we qualified and had a good game against Indonesia,” Philippine coach Sven-Goran Eriksson was quoted as saying by the official AFF Suzuki Cup Web site following their nil-nil draw with Indonesia last time around that assured them of a spot in the semifinals.
The World Cup coach went on to say said that they still have to work on facets of their game heading into their match with Vietnam and shared that they will use the week-long break before the semifinals to address whatever concerns they may have.
“(The match against) Vietnam is in one week and we look forward to that. It’s good for all the players that the game is next Sunday because we need these days to and adjust and recover,” he said.
For Azkals forward Patrick Reichelt, apart from all-out effort that their team is showing, what is doing for them is everybody in the team is on the same page as far as what they want to accomplish and are doing the things needed to achieve it.
“Everybody is fighting for the next guy. There’s a lot of communication on the pitch and positive screaming and encouragement, I feel this year we have a good group,” he said.
It is something that Mr. Reichelt said they hope to continue doing as they take on a strong team like Vietnam, which has yet to drop a game in the ongoing tournament.
The first leg of the semifinals between Vietnam and the Philippines is on Sunday, Dec. 2, at the Panaad Park and Football Stadium in Bacolod City with the second leg slated for Dec. 6 in Hanoi.
The game on Sunday, with kickoff set for 7:30 p.m., will be shown live over ESPN5 and livestream over ESPN5.com. — Michael Angelo S. Murillo

Upsets

If there’s anything the National Basketball Association has been of late, it’s unpredictable. Games which are supposed to lean heavily one way wind up in the opposite direction. Teams otherwise in the fringes are making significant strides. And league standings look, well, more scrambled than friendly neighborhood fantasy affairs. Even the top-heavy Warriors, defending titleholders boasting of historically outstanding numbers in recent memory, have faltered out of the gate. Nothing is etched in stone. Everything is open to question.
From a competitive standpoint, the shaky positioning of old reliables has led to increased interest. Yesterday, for instance, the Mavericks blasted the Rockets out of the court, reigning Most Valuable Player James Harden’s triple-double notwithstanding. True, Chris Paul’s absence crimped the style of 2018-19 West champions, but, hey, it still shouldn’t have tilted the outcome in the vast underdogs’ favor. For the latter’s surprisingly steady showing to date, credit goes to resident scientist Rock Carlisle, who has managed to make Luca Doncic play like a veteran All-Star and not a rookie with still much to learn — and with certain Hall of Famer Dirk Nowitzki sidelined to boot.
Need more proof? How about the shellacking the Spurs received at the hands of the Timberwolves, also yesterday? One side’s supposed to be as sure as the rising run, and the other as shaky as a roller-coaster ride. Instead, stalwarts of the black and silver led by highly regarded DeMar DeRozan and LaMarcus Aldridge wound up being blitzed from the get-go by a spirited effort from the blue and white. For good measure, the win was ensured by new acquisition Robert Covington and former headliner turned journeyman Derrick Rose.
Other examples abound and contribute to a development that has the Celtics playing .500 ball, the Rockets next to last in the same conference the supposedly rudderless Clippers are at the top of. Meanwhile, the Grizzlies are safely in the playoff picture despite an elephant-walk offense that runs counter to the NBA’s preferential options. In short, the first quarter of proceedings has fans scrambling to make sense of what they see, and on the edge of their seats waiting for the remaining three-fourths of the season to unfold.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Cutting your commute could save the planet 214M tons of CO2: Regus

A new economic study found that continued growth in flexible workspaces could save over 3.5 billion hours of commuting time every year across 16 countries by 2030. That translates not only to an immense productivity boost, but as much carbon dioxide (CO2) kept from the atmosphere as 5.5 billion trees can sequester over a decade.
The economic study, commissioned and published by global workplace provider Regus, estimated the growth of flexible workspace between now and 2030. The study looked at 16 countries around the world and predicted that a rise in flexible working in these countries would contribute over US$10 trillion to the global economy by 2030 — more than the current GDP of Japan and Germany combined.
The Regus study analyzed the socio-economic impact of flexible working in 16 countries: Australia, Austria, Canada, China, France, Germany, Hong Kong, India, Japan, Netherlands, New Zealand, Poland, Singapore, Switzerland, United Kingdom, and the United States.
In the United States alone, flexible work could save almost 960 million hours in commuting time. That’s equivalent to nearly an entire extra day of holiday for each working person in the US.
China sees the greatest potential gain in time saved, with as much as 1.4 billion commuting hours claimed back via flexible working. The study projected this could translate to a 193 percent jump in economic output in 2030 compared to 2017 — an overall boost of US$1.4 trillion.
“Simply changing the dominant culture of commuting to a central office for work could contribute towards climate change goals,” said Lars Wittig, country manager of Regus for the Philippines, Vietnam and Cambodia.
“According to the UN Environment Program, the world needs to slash its annual greenhouse gas emissions by an additional 12 to 14 billion metric tons by 2030 to have a chance of limiting global warming,” he said. “By allowing workers to set up at a location closer to home, and cut down on commuting, millions of tonnes of carbon could be saved each year.”
“With an environment in crisis, offering flexible working isn’t just a business or personal imperative, but one that also benefits the planet,” he said.
 

The sound of silence

In the era of #BabaeAko and #MeToo, women have found a voice that has long been silenced.
With clarity and conviction, women have spoken up against harassment and discrimination. The discourse surrounding #BabaeAko and the state of women’s rights in the Philippines gathered enough momentum for international recognition, enough to be included on Time’s list of 25 Most Influential People on the Internet. This doesn’t mean, however, that society has learned to listen.
Women have long spoken about their struggle. As allies, men should learn to speak up, instead of creating space for misogynist noise.
When excerpts from a leaked group chat which allegedly involved resident members of Upsilon Sigma Phi found its way online and on Twitter, it revealed the kind of conversations men are more than willing to engage in when they are in the company of men — “brothers” — whom they trust. This trust is hinged on secrecy.
Perhaps the most surprising thing about the leaked conversations wasn’t that they spoke the way they did. In a colonial, capitalist, and patriarchal society that has yet to address inequalities based on social class and gender, these conversations are part and parcel of the oppressive structures we are struggling to dismantle.
That we are still fighting for the rights of women, LGBTs, indigenous peoples, and other marginalized sectors mean that these conversations exist, and the violence often translates from vile words to violent acts here and elsewhere.
It was surprising that in the time of women speaking out against sexism and harassment, hardly anyone spoke against the abusive language used so liberally in the conversation. There was a moment of reprimand, but it was hardly an objection to what was said.
When one of them said “I firmly believe that women should use their mouths to suck dick and not speak, feminism be damned,” the response was clear: “Ba’t mo sinabi ‘yan sa harap ng babae?” which is to say, “never say this in public, only in private. Only with your brothers.”
There are rare moments in the conversation when someone would speak up in defense of activists or indigenous peoples, denouncing red-tagging. However, recognition of the inherent rights and the struggle for fulfillment of these rights seems to fall short when it comes to women.
Women are often the subject of conversation, with an attached picture or a link to an Instagram profile. Women are described in no uncertain terms — “bobo,” “sa kwarto o kusina lang dapat,” “daming bikini pics.” Women are seen as subservients, as conquests, as objects.
At one point one of them asks “why do you view women like that? […] You weren’t like this during the app process; I don’t know you,” to which the person responds without hesitation.
“I simply didn’t talk as much back then.”
And therein lies the problem. People talk differently when they are around those whom they trust not only to listen, but to raise no objections against their problematic views. Men count on other people – especially other men – to raise no objections against their sexism and misogyny, and respond to confrontation by simply moving on to other groups that support their prejudice.
These men trust that this culture of enforced silence means no one will challenge their worldviews, and no one will take these views against them. In case their hateful language finally prove to be too much, they trust that they will be rebuked in private. As long as other men stay true to this unspoken, but no less upheld code of silence, their public lives will be shielded from the critique and judgment their values (or more accurately, the lack thereof) so badly need and require.
This culture of impunity is cultivated in silence, and this is not limited to fraternities in chat groups. Attacks against women often find an audience among men, with acceptance and agreement often assumed in the absence of an argument against them.
This has been said so many times, but it bears repeating: Silence is complicity.
Audre Lorde, feminist, once wrote of how her silences had not protected her, and how the silence of women will not protect them. Men might benefit from heeding Lorde’s advice as well. “It is not difference which immobilizes us” she writes, “but silence.”
“There are so many silences to be broken,” Lorde writes. And that includes the silence of men.

Helping achieve the Filipinos’ life goals

PNB Savings Bank holds ARTspiration 2018, presents innovations inspired by you

Last Saturday, the consumer lending arm of the financial giant Philippine National Bank (PNB), PNB Savings Bank, took over the Open Park of Eastwood Mall in Quezon City, where people of all ages, most notably the youth, came together for a day of great art and great music.

At the bank’s ARTspiration 2018, a live art show, student artists from different universities armed with brushes and acrylic paints drew their aspirations in life on huge blank cubes for everyone to see. The event was open to all, so those who wanted to paint an image of their dream were able to do so.

“This activity as part of our Innovations Inspired by You campaign is PNB Savings Bank’s way of inspiring our fellow Filipinos to not be afraid to pursue their dreams and life goals” Jovencio Hernandez, president of PNB Savings Bank said. Whatever the participants were hoping to achieve — a car, a house, a chance to travel the world — they were free to draw.

The event reached its high point at six in the evening, when a flash mob of tens of young dancers occupied the entire park, showing off peppy dance moves in front of stunned spectators to the tune of the PNB Savings Bank’s theme song, Abot na, Pilipino, which was sung by young, promising artists. The song couldn’t be more fitting; it’s about reaching one’s goals, with help from the bank as it offers new and smart way of banking (Makabagong Pagbabangko).

Customer-inspired innovations

PNB Savings Bank is constantly transforming its products and services, embracing digital innovations, to provide better customer experience. One of its recent innovations is its fully digital branch, KONEKT. 

This branch provides customers with interactive digital banking experiences, equipped with smart digital technologies that simplify banking transactions. Interactive touch screens, self-service kiosks, tablets, full-function automated teller machines (ATM), chatbot, telemedicine kiosk, fun virtual games, the branch has it all. This new hub is located at the Ground Floor ETON Square Ortigas in San Juan City.

Unlike traditional bank branches, this branch has no bank tellers and promotes paperless transaction. Everything is carried out through its self-service facilities. It has a friendly interior that gives off a casual and relaxing vibe and not to mention it houses courteous Universal Officers who can get you acquainted and comfortable with the digital facilities in the branch. The Universal Officers may also provide financial advice to help you choose the best financial solutions and services offered by the Bank that are tailor-fit to your needs and lifestyle.

This digital branch launches the first GRG H34NL Full Function ATM in the country that offers unparalleled performance and flexibility, with rich functionalities including high capacity bank note dispensing and intelligent cash, check and mixed deposits processing. With this machine, you no longer need to line up to deposit cash and check payments and can enjoy fast and reliable transactions with real-time crediting.

“KONEKT is much more than just a showcase of the new digital technologies in banking but it is an actual channel that efficiently connects you to new opportunities. It is a testament to the Bank’s commitment to transform customer experience and carry out innovations that are responsive to the real needs of the Filipino people,” said Mr. Hernandez.

“What we’re doing is something good, something the market appreciates,” Mr. Hernandez said. “Basically, everything comes from the basic proposition that everything that we do is inspired by customer needs and wants. We adapt to their experiences and adjust to their lifestyle.”

PNB Savings Bank continues its innovations inspired by you campaign, all these to deliver its promise of making every Filipino’s dream reachable.

Recognizing the best in the real estate sector

Lamudi concludes The Outlook 2018: Philippine Buyers’ Choice Property Awards

The Philippine real estate sector continued to exhibit a steady growth in recent years. The confluence of economic forces has driven this upward trend, which shows no signs of slowing down. It is apparent that there is a constant effort from the local property developers to keep up with the demands of the market and to sustain their contributions to nation building.

Taking this into account, online property platform Lamudi once again honored the country’s outstanding real estate developers and their projects at The Outlook 2018 gala dinner and awards presentation, held at Makati Shangri-La, Manila last Nov. 15.

In addition to awarding the local real estate excellences of the year, the gala featured keynote speakers including Budget Secretary Benjamin E. Diokno, Bangko Sentral ng Pilipinas Deputy Governor Diwa C. Guinigundo, and Philippine Ambassador to China Jose Santiago L. Sta. Romana, thereby offering an unparalleled opportunity for discussion and knowledge sharing.

This year, Lamudi officially opened the nominations for The Outlook 2018 Philippine Buyers’ Choice Property Awards from May to June where property developers were given the chance to nominate their most notable projects under various categories. An independent panel of judges, composed of some of the most reputable names in the industry, short-listed the nominations.

The short-listed nominations were then put to a test through a nationwide survey of 10,000 property seekers. The respondents of the survey were classified based on their search interests and were only surveyed for categories that are relevant to them to ensure tailor-fitted results.

As a result, the Best Developer of the Year for Luzon award was given to Ayala Land, Inc., while the Best Developer of the Year for Visayas and Mindanao was awarded to Megaworld Corp.

Primehomes Real Estate Development, Inc. bagged the Best Boutique Developer of the Year for Luzon, while King Properties, Inc. won for Visayas and Mindanao.

For the special awards, Jeffrey Lim, president, and executive director of SM Prime Holdings, Inc., was named as the Personality of the Year. Meanwhile, Miramonti Green Residences of Italpinas Development Corp. and Solana Verde of Imperial Homes Corp. received the Best Innovation Project of the Year and the Best Green Project of the Year, respectively.

Here are the properties in Luzon that also won awards: Sorrento Oasis of Filinvest Land, Inc. (Value for Money) and Ridgewood Towers Premier of C5 Mansions Development Corp. (Investment Opportunity) for Best Affordable Condo of the Year; Kai Garden Residences of DMCI Homes, Inc. (Amenities) and Avida Towers Asten of Avida Land Corp. (Trust & Reputation of Developer) for Best Premium Condo of the Year; Grand Hyatt Manila Residences of Federal Land, Inc. (Customer Service) and Copeton Baysuites of Anchor Land Holdings, Inc. (Location) for Best Luxe Condo of the Year; Claremont of Filinvest Land, Inc. for Best Affordable House of the Year; Portofino Alabang of Brittany Corp. for Best Premium House of the Year; and McKinley Hill of Megaworld Corp. (Amenities & Location) and SM Mall of Asia Complex of SM Prime Holdings, Inc. (Investment Opportunity) for Best Mixed-Use Development of the Year.

Meanwhile, here are the winners from Visayas and Mindanao: Amaia Steps Mandaue of Amaia Land Corp. for Best Affordable Condo of the Year; Solinea of Alveo Land Corp. for Best Premium Condo of the Year; Casa Mira South of Cebu Landmasters, Inc. for Best House of the Year; and Iloilo Business Park of Megaworld Corp. for Best Mixed-Use Development of the Year.

“Lamudi is very impressed with the quality of the nominations this year, more so the winners,” Lamudi said in an e-mail to BusinessWorld, noting that these developers are working beyond their means to deliver outstanding projects and developments. “With that, we are very positive that the future is bright for the industry.”

The Outlook initially started as an analysis of onsite and listings data for Lamudi Philippines. The company took this data-driven approach to real estate marketing by surveying 10,000 property seekers and gathering industry leaders for a night of knowledge sharing and awards presentation of the best industry players and projects.

As a trailblazer in helping Filipino property seekers shift from traditional to digital property discovery, Lamudi has curated a wealth of data, enabling them to dive deep into the needs and preferences of the ever-changing real estate market.

“This has always been the mission of Lamudi: to provide an easy-to-use platform for property seekers to find their dream property. To continue this commitment, the company realized it was essential to recognize those who have succeeded in this undertaking, thus, The Outlook, came about,” Lamudi said.

Lamudi believes that The Outlook is essential in advancing the local real estate further by providing insights that drive the market, and by giving every property developers the opportunity to adapt and reevaluate their projects. — Mark Louis F. Ferrolino

Marawi rehab gets P35-B pledges

DAVAO CITY — Multilateral funding agencies and foreign governments have pledged P35.1 billion in assistance for the rehabilitation of war-torn Marawi City, covering almost half of the estimated P72.58 billion needed for the overall recovery program.
The balance will be sourced locally, according to Finance Secretary Carlos G. Dominguez III.
“The government’s planned issuance of Marawi bonds worth about P13.5 billion (for the first tranche) along with the regular budgets of government agencies and P32.5 billion in pledges will adequately cover the P72.6-billion funding requirement for the Bangon Marawi Comprehensive Rehabilitation and Recovery Program (BMCRRP),” the Finance chief said during a press conference here following a pledging session with representatives of foreign funding partners on Wednesday.
Those who made pledges were the Asian Development Bank (ADB), World Bank (WB), International Fund for Agricultural Development (IFAD), as well as the governments of China, Japan and Spain. Of the total pledges, P32.7 billion will be in the form of concessional loans, while P2.4 billion will be in grants.
“In reality, this is really an almost equal partnership between our foreign development partners and the Filipino people themselves for the reconstruction of Marawi,” Mr. Dominguez said.
He also thanked the ADB, WB, the United Nations (UN), as well as the governments of the United States, Australia, China, Germany, Japan, South Korea and Spain for their technical assistance and support for preparations for the Bangon Marawi program and community-based initiatives.
He also acknowledged the UN and its specialized agencies, as well as the governments of Australia, Italy, Japan, Korea, United States of America, and private sector partners, for help in the relief operations and humanitarian grant assistance worth around P6.9 billion.
The P72.58-billion estimated budget, which will be spent up to 2022, includes P47.2 billion for the overall BMCRRP; P17.20 billion for the rehabilitation of the approximately 250-hectare most-affected area; P1.25 billion for livelihood assistance projects; and some P6.9 billion in humanitarian assistance required in the early stages of the recovery program.
Marawi, the capital city of Lanao del Sur province in the Autonomous Region in Muslim Mindanao and considered as the main Muslim city in the country, was attacked in late May 2017 by Islamic State-affiliated local terrorists.
Intense gun battle with government forces lasted for five months, leaving much of the city center in ruins and more than 77,000 families displaced, according to official estimates.
Mr. Dominguez said that with the financing strategy now mostly in place, “Marawi City will be ready in due time to continue playing its historic role as a center of culture and commerce in this part of Mindanao.” — Marifi S. Jara

Mindanao SMEs cite concerns

REPRESENTATIVES of small- and medium-scale enterprises (SMEs) in Mindanao cited the need for more government help in developing the farm sector and improving conditions for doing business during the last leg of the regional Sulong Pilipinas-Philippine Development Forum in Davao City on Wednesday.
The list includes: availability of equipment and new technology for processing high-value crops like coconut and cacao; a bridge connecting Davao City and Samal island; minimizing documentary requirements in government financial transactions; police visibility in rural areas, intensive monitoring of coastal areas and continued martial law in Mindanao; construction of bicycle and motorcycle lanes; establishing regular positions for Negosyo Center personnel; strengthening information technology use for ease of doing business; expanding opportunities for farmers; formation of the Davao International Airport Authority; and expansion of financial assistance for agribusiness.
The Department of Finance (DoF) estimated that the consultation saw about 350 participants, mostly representing SMEs.
“The results of the workshops were quite encouraging. There is much enthusiasm from the business sector, especially our SMEs, for the great task of modernizing our economy. We are eager to receive your actionable recommendations and we’ll thoroughly study and act on them with as much seriousness as we have done in the past,” Finance Secretary Carlos G. Dominguez III said in his speech at the forum.
The first Sulong forum was held in Davao City in June 2016. This year, the forum was held in various regional centers, beginning with Cebu City earlier this month, followed by San Fernando City in La Union and Clark, Pampanga.
“Mindanao is at the front and center of this program. The package of infrastructure projects in this area includes irrigation systems, extensive road networks, construction and rehabilitation of key regional airports, long-span bridges and the Mindanao Railway project that will help dramatically enhance regional connectivity, reduce the cost of moving goods and people across long distances and spur economic activity for this part of the country,” Mr. Dominguez said.
He also sought to dispel accusations of minority leader Rep. Danilo E. Suarez of Quezon’s third district that the Duterte administration has been spending less that what it has programmed.
The House of Representatives last week filed a resolution — backed by House Speaker Gloria M. Arroyo — to hold a “question hour” with the Budget department on alleged underspending to the tune of P975 billion.
“I’m very happy to note that Congress is going to call a hearing on what is perceived as underspending, because we would like to inform Congress and the public that the bad old days of underspending — which the critics faulted the government for moving too slowly in getting the projects done — is now over,” said Mr. Dominguez.
“Now that we are moving ahead of our spending schedule, we are now being faulted for enlarging the budget deficit when in fact, we said that our budget deficit is going to be three percent of GDP (gross domestic product). And we have hit it on target this year.”
Mr. Dominguez noted that infrastructure spending amounted to P571 billion in the nine months to September, up 46% year-on-year and 7.2% above target, as the government frontloaded most of the projects in the first half of the year in order to take advantage of generally fine weather needed to ensure smooth construction.
He compared its infrastructure disbursement performance to that of the previous administration, noting that only P345.3 billion was spent for whole year of 2015, which was 20% below target.
“Set against the infrastructure investments we are seeing now, the previous administration delivered anemic performance. It demonstrates that the Department of Public Works and Highways and the Department of Transportation — the two lead agencies in the ‘Build, Build, Build’ program — are moving faster than expected,” the Finance chief said.
“The old problem of absorptive capacity has been solved. The mantra of fast and sure is being observed.” — Elijah Joseph C. Tubayan

Traffic crisis bill advances in House

THE HOUSE of Representatives on Tuesday approved on second reading a measure designed to address worsening traffic in three key metropolitan areas in the next three years.
House Bill No. 6425, or the proposed “Traffic Crisis Act of 2017. Makiisa. Makisama. Magkaisa,” provides a framework to ease traffic in Metropolitan Manila, Metropolitan Cebu and Davao City.
The bill designates the secretary of the Department of Transportation as Traffic Chief for the duration of the law, “with full power and authority… to streamline the management of traffic and transportation and to control road use in the identified metropolitan areas.”
While the law is in force, Transportation Secretary Arthur P. Tugade will have “power of supervision and control” over the Metropolitan Manila Development Authority, the Metropolitan Cebu Traffic Coordinating Council and the Davao Traffic Administrator to be formed by the law, the Philippine National Police Highway Patrol Group, the Land Transportation Office, the Land Transportation and Franchising Regulatory Board, the Road Board and “all other executive agencies, bureaus and offices with functions related to land transportation regulation.”
He will also “supervise all LGUs (local government units) within the metropolitan areas with respect to enforcement of rules, policies and programs enacted pursuant to this Act and for harmonization and enforcement of all traffic rules and regulations… and establish and implement… a comprehensive and unified road use plan and a unified traffic management system to be followed by all component LGUs…”
Section 17 suspends the authority of LGUs in the covered metropolitan centers “during the effective period of this Act… to issue franchises to padyak tricycles and all other PUV (public utility vehicle) units…”
The Transport Chief can also revoke or modify PUV franchises and — “in accordance with Section 17, Article XII of the 1987 Constitution” governing “times of national emergency” — “may take over or direct the operation of any PUV franchise …”
The same proposed law authorizes President Rodrigo R. Duterte to “abolish or create offices; split, group or merge offices; transfer functions, equipment, properties, records and personnel in accordance with existing law…”
The Transport chief is also authorized, for the duration of the law, “to enter into negotiated contracts for priority projects for the construction, repair, restoration, rehabilitation, improvement or maintenance of critical infrastructure, projects and facilities and any directly related procurement of goods and services …”
It also forms a Joint Congressional Oversight Committee which will hold bi-monthly meetings and to which the Transport Chief will submit monthly reports on steps taken under the law as well as a list of priority projects.
The law also forms a special traffic crisis court in each covered metropolitan center “to hear and expeditiously resolve all actions that may emanate from the implementation of this Act…”
Sought for comment, Philippine Chamber of Commerce and Industry Chairman George T. Barcelon said in a telephone interview: “This traffic thing is both discipline and, at the same time, we need to have the proper bus stop and pickup points.”
“The solution here is for the government to also have more of the infrastructure… but I think this is a measure that is needed.” — Charmaine A. Tadalan

MB member cites ebbing price pressures

INFLATION PRESSURES “have subsided” after overall price increases hit a nine-year peak the last two months, according to a member of the central bank’s policy-making Monetary Board, even as he cited the need to lift import restrictions for rice soonest as a key step to keep such pressures at bay.
“The pressure has subsided for now,” Monetary Board Member V. Bruce J. Tolentino told reporters yesterday.
“Harvests are in and even for meat and vegetables and fish, the pressure is down. We’re being helped by the oil, so in total, the big things — food prices and rice prices — the pressure is off right now.”
Inflation steadied at 6.7% in October from the previous month’s level, which was a nine-year peak, driven largely by food and oil costs.
However, central bank officials noted a sharp decline in month-on-month inflation, which they took as a sign that price pressures are ebbing.
Prices rose by 5.1% overall in January-October, well beyond the original 2-4% target set by the Bangko Sentral ng Pilipinas (BSP) for 2018. That prompted the central bank to carry out five consecutive rate hikes totaling 175 basis points (bp) to rein in inflation expectations, in hopes of bringing full-year inflation down to a 3.5% average in 2019.
Mr. Tolentino, who once served as deputy director general of the International Rice Research Institute, flagged that rice supply problems may recur in the coming years, which could spur inflation to shoot beyond target anew.
“On food, unless we do tariffication, unless we start investing in R&D (research and development) and irrigation, it will happen again,” he said.
Lifting of rice import restrictions coupled with investment in climate-resilient crops will help sustain the long-term reduction of rice prices, experts said in a forum on rice and inflation at the central bank headquarters in Manila on Wednesday.
Authorities hope to bring inflation below four percent in 2019, saying that lifting import quotas on rice and replacing them with regular tariffs would reduce the headline rate by 0.7 of a percentage point in 2019. The increased supply of the crop is expected to bring down rice retail prices by as much as P7 per kilogram (kg).
The measure, which has been approved by both chambers of Congress and now awaits signing by President Rodrigo R. Duterte, will allow private parties to import rice from abroad subject to a regular 35% tariff.
The government allocated an average of P15 billion annually for the National Food Authority’s subsidized rice acquisition from 1995-2015, representing half the total rice program budget for the decade. However, this has not translated to lower rice prices and stable supply.
Mr. Tolentino said local rice has been two to three times more expensive than those produced by Thailand and Vietnam. Production cost stand at P12.41/kg in the Philippines, versus P8.55/kg and P6.53/kg, respectively.
Looking ahead, he cited the need to develop flood-tolerant rice to help improve productivity.
Emil Q. Javier, chair of the Coalition for Agriculture Modernization, said that the NFA should be “re-engineered” to focus on maintaining rice reserves and for emergency food distribution.
He added that the state should aim for higher incomes of rice farmers and allow them to diversify to other crops, rather than pursue rice self-sufficiency. — Melissa Luz T. Lopez

Tencent, KKR complete $175-M investment in PLDT’s Voyager

By Denise A. Valdez, Reporter
CHINESE tech company Tencent Holdings Ltd. and investment firm Kohlberg Kravis Roberts & Co. (KKR) on Wednesday completed its $175-million investment in Voyager Innovations, Inc., according to PLDT, Inc.
PLDT Chairman, CEO and President Manuel V. Pangilinan said the company targets to close the $40-million investment in Voyager by World Bank sister organization International Finance Corp. (IFC) and IFC Emerging Asia Fund within the next two weeks.
“Money in today was $175 million. IFC I think is Dec. 10 for the $40 million. That should complete $215 million. That’s it for Series A funding,” Mr. Pangilinan told reporters in Makati City on Wednesday.
He noted additional Series B funding would need to be raised after two years, but the $215 million should be enough to expand Voyager in the meantime.
“We look at the business plan. They’re going to rev it up. So the scale of the business will expand in the next two years… I think we have enough cash to fund the next two to three years, but then on the third to fourth year we’re going to raise a bit more, Series B,” Mr. Pangilinan said.
After the financial closing, PLDT’s stake in Voyager would be reduced to 48%, but will remain the biggest single shareholder in the technology company.
Mr. Pangilinan expects the new investments to help PLDT reduce its losses from Voyager, which grew to P1.8 billion in the nine-month period from P800 million in the same period last year.
“Hopefully the level of losses we will pick up would be much less. But again, it depends on the level of losses that they will realize next year and in 2020,” he said.
In its disclosure to the stock exchange, PLDT quoted Voyager President and CEO Orlando B. Vea as saying, “We believe with investors like KKR and Tencent leading the way, the Philippines’ profile as a destination for tech investment is on the rise.”
While Tencent and KKR will have seats on Voyager’s board, Mr. Pangilinan said IFC and IFC Emerging Asia Fund will be given observer status.
“They’ll have some observance on the board. They’re not entitled to a board seat, given the level of the size of investments of both Tencent and KKR. They are two principal investors… There are certain governance matters that we have to adhere to, because that’s the way they are. They are a supernational institution. We expect them to be active on the board,” he said.
Voyager is the digital innovations arm of PLDT, which manages mobile wallet PayMaya Philippines, Inc. and mobile remittance brand Smart Padala, online loaning platform Lendr, and free mobile browsing app Freenet.
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.

Cargill to invest P12.5B in PHL

ANIMAL nutrition provider Cargill is investing P12.5 billion ($235 million) to grow its business in the Philippines over the next two years, amid rising domestic demand for chicken and pork.
Philip G. Soliven, president of Cargill Philippines, Inc., said the funds will be used to expand its animal feed and nutrition business, as well as agricultural supply chain business.
“The focus is not necessarily on the specific areas of investment but on the fact that is a very significant number for investments in food and agriculture sector in the Philippines,” he said during a press conference in Taguig City on Wednesday.
“Investments in agriculture are sorely needed by the country. Cargill is one of the companies that said we’re going to respond to the need for more investments in the sector. We’re going to do it because it makes sense for the company,” he added.
Dave MacLennan, Cargill chairman and chief executive officer, said the company’s investment in the Philippines is part of its bigger plan to expand in Southeast Asia and China.
“Southeast Asia and China are top regions for investment and growth in the next five years. We want to get bigger in Asia, specifically Southeast Asia and China and that is really our intention… P12.5 billion is specifically for the Philippines. We have other capital budget for Thailand, Vietnam, Indonesia,” Mr. MacLennan said during the same briefing.
Cargill is celebrating its 70th anniversary in the Philippines, having opened its first office in 1948. Cargill currently has 2,200 employees in 27 locations in the country.
The company is also marking the first anniversary of C-Joy, its joint venture with Philippine fast food giant Jollibee Foods Corporation. C-Joy is a facility that processes chicken for domestic consumption.
“Jollibee is among our major customers in the business and I think we will continue to support Jollibee requirements,” Mr. Soliven said.
Mr. Soliven also said Cargill will continue to invest in the copra oil business despite falling prices.
“Rest assured, we remain a significant copra oil exporter in the Philippines and we will continue to do so. We continue to have faith in the business,” he said.
At the same time, Cargill is contributing P7 million ($130,000) to the Inclusive Business Capacity Building Fund for Filipino farmers.
“Supporting the Inclusive Business Capacity Building Fund is another way we can help the world build food security. Smallholder farmers are an essential piece of feeding nearly 10 billion people by 2050 and they need all the help they can get to become more productive and profitable,” Mr. MacLennan said. — R.J.N.Ignacio

1...11,62111,62211,623...14,215Page 11,622 of 14,215
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube