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FWD Life Philippines unveils new life insurance products

FWD Life Philippines has launched a line of protection plans suited to meet individual customer needs.
In a statement sent to reporters on Monday, the FWD Philippines President and Chief Executive Officer Peter Grimes introduced the Set for Tomorrow protection plans.
“The coverage amount and period can be customized to any personal situation and budget,” Mr. Grimes was quoted as saying in the statement. “Our aim is to make real and substantial protection accessible to everyone.”
The insurance product has three variants that address the different needs of the family should the unexpected happen.
The Short Term Cover is an “affordable term life plan” that provides life insurance coverage between five and 10 years.
The Income Protector product ensures families to sustain their lifestyle should the breadwinner pass away. On the other hand, the Estate Protector is a whole-life plan that provides life insurance coverage until 120 years of age. — Karl Angelo N. Vidal

SSS launches loan program for pensioners

The Social Security System (SSS) on Monday launched the Pension Loan Program (PLP), allowing 1.3 million retiree pensioners to borrow funds.
In an event in Quezon City, SSS President and Chief Executive Officer Emmanuel F. Dooc unveiled the pension lending program to shield its pensioners from loan institutions that offer steep interest rates, helping them with their short-term needs such as emergency medical expenses.
“[T]he launch of this program is our way of extending our assistance to our dear pensioners,” Mr. Dooc was quoted as saying in a statement.
Borrowers who wish to avail of the program must be between 55 and 80 years old at the end of the month of loan term and have no outstanding loan balance and benefit overpayment payable to the SSS.
The retiree must also have no advance pension under the SSS Calamity Package and have been receiving his regular monthly pension for at least six months.
Minimum loan amount for qualified pensioners is twice the amount equivalent to their basic monthly loan pension plus the additional P1,000 benefit. Meanwhile, pensioners can borrow as much as six times their basic monthly pension plus the additional P1,000 benefit. — Karl Angelo N. Vidal

Asian markets sink as global trade concerns return

Hong Kong — Asian markets started Monday on a negative note as trade tensions returned to the fore with Donald Trump eyeing fresh tariffs on a swathe of Chinese goods and NAFTA talks with Canada hitting a wall.
The optimism that flowed through trading floors at the start of last week has been replaced by a now-familiar sense of dread after the US president hit out at Ottawa over the weekend as the two sides struggle to hammer out a new deal.
In a tweet over the weekend, Trump threatened to exclude Canada from a new North American Free Trade Agreement after negotiations to rewrite the 25-year-old pact ended without an agreement Friday.
He said there was “no political necessity to keep Canada in the new NAFTA deal. If we don’t make a fair deal for the US after decades of abuse, Canada will be out”.
While talks will resume Wednesday, his outburst seemed designed to ramp up pressure on Canadian negotiators.
The comments threw a spanner in the works for investors after the US and Mexico said earlier in the week they had agreed a revised pact.
Trump also roiled markets last week by saying he wanted to impose tariffs on $200 billion of Chinese imports as soon as public consultation ends on Thursday, adding to the $50 billion already targeted.
That rekindled fears of an all-out trade war between the world’s top two economies, while European Commission chief Jean-Claude Juncker on Friday warned the EU would retaliate in kind if Trump pushes through duties on foreign cars.
The end of the month sees the Federal Reserve’s next policy meeting at which it is expected to lift interest rates for a third time this year, with analysts poring over its statement for an idea about a possible fourth rise before January.
‘Looking for exits’
“Batten down the hatches as the main feature that stands out about this week — and the month of September for that matter — is (that) the market risk is massive as the central bank and the political worlds collide,” said Stephen Innes, head of Asia-Pacific trading at OANDA.
“Indeed, such collisions tend to escalate volatility exponentially, and I expect some episodic moments that will have traders looking for the exits or end up over the barrel.”
Japan’s Nikkei ended the morning session 0.5 percent lower, Hong Kong lost 0.9 percent and Shanghai fell one percent. Singapore lost 0.4 percent, Seoul shed 0.6 percent and Sydney was marginally lower.
There were also losses in Wellington, Taipei, Manila and Jakarta.
On currency markets, the Turkish lira continued its downward spiral — losing more than one percent to 6.60 to the dollar — having recovered slightly Friday after the government made it more expensive to hold foreign currency savings.
The Indonesian rupiah is also hovering around lows last seen during the Asian financial crisis 20 years ago, hit by a ballooning current account deficit.
Other emerging-market and high-yielding currencies were also under pressure with South Korea’s won 0.2 percent off, the South African rand 0.5 percent lower and the Russian ruble down 0.4 percent. — AFP

Things to look for when buying a laptop

The laptop is one of the most significant and essential tools of today’s modern world. Just like the desktop with various useful functions, and a tablet that offers supreme portability, the laptop brings the best of both worlds, helping individuals perform their day-to-day tasks efficiently wherever and whenever they want.

Nowadays, choosing the right laptop is more challenging than ever; there’s a wide variety of brands in the market with multiple product lines, sizes, specifications, features, and pricing schemes — making it an exciting process.

According to Integrated Computer Systems, Inc. (ICS), one of the leading information technology solutions providers in the Philippines, there are several factors to consider when looking for the right laptop, and it all depends on the requirements of the end-user.

First, consider why you’re buying a laptop. What are you buying it for? Is it to create documents, presentations, and requirements for school? Do simple business tasks in the office? Or do you plan on running heavy applications, watching high-definition movies, or playing video games?

While there are specific laptops in the market that can meet these requirements, factors like a laptop’s size and weight shouldn’t be overlooked.

“Based on engagements with various customers, we find that their main considerations in selecting a laptop are, first and foremost, the device’s size and weight. Laptops are meant to be mobile, and mobility is optimized by these qualities,” ICS said in an e-mail to BusinessWorld.

Choosing the right laptop size also depends on how the user will use the computer. According to size, there are four main types of laptops — netbook, standard, hybrid laptop and ultrabook.

The netbook is the smallest laptop available. It best suits users who travel often. Its main functionality is to run a Web browser and to connect to the Internet while still being able to process documents.

The standard laptop is suitable for a wide range of situations and is available in various configurations.

Hybrid laptops, on the other hand, are those with touch screens and detachable keyboards.

Finally, the ultrabook is the largest laptop and is usually the most powerful.

According to ICS, laptop size choice is greatly dependent on the purpose or usage. For example, an on-the-go professional would do better with a smaller and lighter laptop while those who constantly use heavy applications and software, like those in finance or graphic design, would benefit from units with bigger screens.

Aside from the size and weight, ICS mentioned that special features like design and security and the overall performance of the laptop should also be considered.

Moreover, inspecting the specifications of each laptop is a must. Every laptop in the market is different — even two models that cost the same may have a huge difference.

Based on customer feedback and run rate orders recorded by ICS, some of the most sought-after laptops are those with the capability of working for extended periods of time, and durability amid rigorous environmental conditions.

Ease of component and software upgrade should also be considered. ICS explained that buying a “good” laptop is useless if the laptop does not grow with the user and his or her needs.

Furthermore, ICS said: “In this age of hyperconnectivity, the value of security cannot be emphasized enough. We need to ensure our data is safe against cybertheft, hacks, and malware.”

For consumers thinking of buying a used or refurbished laptop, according to ICS, “We always recommend our customers to refresh every three to five years in order for them to continue being effective and efficient at work when they replace with units of higher or better technology.”

“Though we are not averse to customers purchasing refurbished units, they should be open to certain risks involved when doing so. This would mean limited warranty and actual machine condition due to wear and tear.”

When asked what laptop trends and designs may possibly take place in the coming years, ICS said: “We may look forward to 3D technology and maybe even virtual or mixed reality as a feature component in a laptop. We already have improved biometrics, take Windows Hello as an example. We have fingerprint and iris readers, faster charging, lighter in weight, faster and virtual laser keyboards, and improved wireless capabilities — such as better wireless docking connections.”

Filipinos fintechs need to get creative to be competitive

Once siloed among only the most extreme enthusiasts, the local cryptocurrency craze is going nationwide, grabbing the attention of even those at the highest level of government.
Earlier this month, the Cagayan Economic Zone Authority (CEZA) announced plans to build a “Crypto Valley of Asia” in the Cagayan Special Economic Zone, which will serve as a hub for both cryptocurrency and fintech companies.

The CEZA initiative — in collaboration with Northern Star Gaming and Resorts — is set to host 25 crypto and fintech companies, with the hopes that an influx of IT firms will revitalize the area, create jobs, and improve the local and national economy.

The government has already tapped a number of international companies willing to relocate to the Cagayan region. But more than simply bringing global firms to the Philippines, this project presents a unique opportunity for one (or more!) homegrown groups to take the global stage.
In addition to contributing to the economic resurgence of the Cagayan Special Economic Zone, the message this would send would be clear: We can stand shoulder-to-shoulder with the most cutting-edge firms in the region, if not the world.
Southeast Asia is full of great examples of how creative startups are riding the fintech wave. If local founders hope to stay competitive, they’re going to have to start taking notes. Here are three examples to get you inspired:

Pundi X — The popularizer

Most cryptocurrencies have leaped forward in popularity purely based on speculation. People buy the tokens that they think will rise in value, praying it one day does. Cryptocurrencies are thus to this point almost a misnomer. Outside of a small minority of ecommerce sites, there’s still no meaningful place for consumers to use them as an actual currency.

Pundi X, a tech company from Indonesia, is working to change that. They produce blockchain-based, point-of-sale systems that enable consumers to transact with cryptocurrencies in offline settings.
The company is currently rolling out 100,000 of the Pundi XPOS and will celebrate a major milestone next month, when it powers Ultra Taiwan 2018, making the EDM music festival the first in the world powered by blockchain.

At the festival, users will be able to used Ultracoin to purchase items from 35 different vendors, outfitted with Pundi XPOS terminals. That Pundi X is set to facilitate transactions from over 30,000 attendees over Sept. 8 and 9, just goes to show the power of being a digital enabler.
In much the same way, rather than adding yet another token in the mix, Filipino founders might want to start thinking of ways to help people use them.

SmartKarma — The enricher

As fintech in the Philippines is still relatively young, many people still make the mistake of assuming that fintech is a field that specializes in new ways to access and store money (e.g. digital wallets).
In truth, an important function of fintech is to not just help us store funds, but generate wealth.

Singaporean company SmartKarma provides institutional investors around the world with market research, enabling them to make smarter investment decisions. As part of a larger field of advisory services towards wealth-generation, SmartKarma represents a new way to empower people.
Similar services have even started developing robo-advisory platforms. As the name suggests, these are AI-based platforms that help users make better investments.
With such a robust financial literacy industry, chock-full of of seminars, workshops, and courses, wouldn’t the Philippines benefit from a fintech complementing that drive? Filipino founders should think beyond the digital wallet, and like SmartKarma, conceptualize solutions around wealth generation.

Dropfoods — The bridger

In the parlance of tech journalism, Dropfoods has been variously classified as both fintech and as retailtech. And that dual label is fitting. Dropfoods bridges the worlds of both fintech and traditional retail through its mobile app and smart vending machines.

Based out of Vietnam, Dropfoods operates 40 vending machines across the country, powered by mobile wallets. Consumers can pay for items they want out of the machine by accessing it with their phones and paying through an app.
Dropfoods takes the convenience of a traditional vending machine, and takes it a step further by removing the need for cash altogether. The company aims to expand with an even wider national rollout next year.
Filipino founders ought to look to Dropfoods for inspiration, especially given that Vietnam’s market is arguably the most similar in ASEAN to that of the Philippines.
Like Dropfoods, local founders should also try to bridge fin-tech into adjacent industries to create value for multiple stakeholders.

Ma. Flordelin Ensomo is a Certified Public Accountant. She currently works as an Audit Associate at SGV and Co.

Robinsons Retail hikes stake in Ministop to 59%

Robinson’s Inc., a subsidiary of Robinsons Retail Holdings, Inc., will be purchasing Mitsubishi Corp.’s shares in Robinsons Convenience Stores, Inc. (RCSI), in a bid to grow its convenience store business.
In a disclosure to the stock exchange on Monday, Sept. 3, Robinsons Retail Holdings, Inc. said its subsidiary will purchase around 8% stake in RCSI, which holds the exclusive master franchise of Japanese convenience store Ministop.
This places Robinsons Retail’s ownership to 59.1% from 51%, the company added.
Likewise, Ministop Co., Ltd., Mitsubishi Corp.’s other partner, also purchased the latter’s remaining 4% stake. This brings Ministop Co. Ltd.’s shares to 40.9%.
Robinsons Retail President and chief executive officer Robina Y. Gokongwei-Pe in the same disclosure said that increase of the company’s stake in RCSI is due to its commitment “in keeping and growing our convenience store business.”
There are currently 492 Ministrop branches in Metro Manila, Luzon and Visaya, the company said.
“The CVS (convenience store) format is the fastest growing retail channel in the region and we intend to take advantage of this trend,” she added.
In the first half of 2018, Robinsons reported that Ministop posted system-wide sales of P4.5 billion. Merchandise sales amounted to P3 billion in the same period. — Anna Gabriela A. Mogato

Poll sees fresh multiyear-high inflation

WORKERS unload from a truck newly arrived sacks of rice from Vietnam at a National Food Authority warehouse in Manila in this Aug. 12, 2010 photo. Government critics have blamed late importation of rice for recent inflation spikes. — AFP

By Melissa Luz T. Lopez, Senior Reporter
INFLATION likely zoomed to a fresh multi-year high in August due largely to higher food costs, analysts said in a BusinessWorld poll, boosting the case for another rate hike this month to douse surging prices.
A poll among 14 economists late last week yielded a median inflation estimate of 5.9%, which if realized will mark another high coming from July’s 5.7% and from 2.6% in August 2017.
This also matches the estimate given by the Bangko Sentral ng Pilipinas (BSP) Department of Economic Research on Friday, in the middle of a 5.5-6.2% range. This is the first time the BSP gave a specific figure for headline inflation ahead of the release of official data due on Wednesday.
Analysts point to thin rice supply as the main culprit, worsened by heavy rains that damaged crops. Food items account for more than a third of the consumer basket used in tracking overall price movements.
“Retail prices of rice (up by about 10% year on year) and sugar (up by about 15-20% since early 2018) increased recently amid shortage in local supply. Prices of other food items also increased after storms/floods in recent weeks,” said Michael L. Ricafort, economist at the Rizal Commercial Banking Corp.
Analysts’ August inflation rate estimates
Higher global crude oil prices also added to inflation pressures last month alongside a rise in electricity rates, the analysts added.
The impact of the first of up to five planned tax reforms continued to be felt in August, with second-round effects still sending price shocks eight months into its implementation.
“The continued effect of the TRAIN (Tax Reform for Acceleration and Inclusion) law, which raised the prices of fuel, automobile, mineral, and coal, as well as the further weakening of peso against the greenback may have also boosted local inflation,” said Guian Angelo S. Dumalagan, market economist at Land Bank of the Philippines.
Last week, BSP Governor Nestor A. Espenilla, Jr. said he expected prices of basic goods to have climbed even faster in August, with the pace, however, not breaching 6%. He added that TRAIN-related pressures are “slowly tapering off.”
Still, some analysts gave higher forecasts while others were unconvinced that August had seen the peak.
“I’m hoping that this will be the highest this year, but prices of oil and other food items such as rice have not yet stabilized so we might still experience higher inflation but at a slower rate,” said Mitzie Irene P. Conchada, associate dean at the De La Salle University School of Economics.
Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, said he sees the peak occurring some time next quarter.
“As such, the BSP may further consider raising interest rates in its September meeting,” Mr. Asuncion said.
“Although September is the start of the harvest season and is expected to influence a downward push on rice prices, we anticipate a more realistic and practical impact on supply and actual prices by October.”
Prices of widely used goods and services surged by an average of 4.5% as of end-July, well above the BSP’s 2-4% full-year target range for 2018. The central bank, which sees full-year 2018 inflation averaging 4.9%, expects the pace to return to target next year.
The central bank has blamed supply-side factors such as surging global oil prices, additional excise taxes on certain products which took effect this year, as well as weather disturbances that disrupted food supply — factors which are beyond the scope of the BSP’s policy tweaks.
Still, the BSP fired off its strongest response in a decade by raising interest rates by 50 basis points (bps) in its Aug. 9 policy review. That pushed yields 100 bps higher so far this year, with the benchmark yields now ranging 3.5-4.5%.
“Monetary Board will likely hike policy rates by 25 bps if 6% inflation is exceeded,” Victor A. Abola, economist at the University of Asia & the Pacific, said as he gave a 6.1% estimate.
Ildemarc C. Bautista, vice-president and head of research at the Metropolitan Bank & Trust Co., cited the need for another 25-bp hike to “address second-round effects.”
The BSP will review its policy stance for the sixth time this year on Sept. 27. Mr. Espenilla said monetary authorities have “kept the door open” for future rate adjustments in a bid to ease price pressures, with the view that the economy can still absorb further tightening moves while keeping the growth momentum intact.

Analysts’ August inflation rate estimates (2018)

INFLATION likely zoomed to a fresh multi-year high in August due largely to higher food costs, analysts said in a BusinessWorld poll, boosting the case for another rate hike this month to douse surging prices. Read the full story.
Analysts’ August inflation rate estimates

Fiscal perks overhaul seen keeping investors on edge

THE PHILIPPINES still receives the least foreign direct investments (FDI) among Southeast Asian nations, a global bank has noted, pinning the blame on constitutional restrictions and uncertainty over a new system for tax perks.
Restrictions on foreign participation in several sectors as well as proposals to remove fiscal incentives the government deems redundant may be discouraging more foreign capital from entering the country, HSBC Global Research said.
“Many countries in the region must also continue to find ways to remain competitive in the long term. For instance, the sustainability of investment incentives may be in question for countries with reduced fiscal space, such as Vietnam, while the Philippines is also considering amending its incentives to corporations and investments in the second phase of tax reforms,” the bank said in a report published last week.
While Southeast Asia on the whole has been enjoying an investment boom given its “tremendous economic potential,” FDIs are not distributed equally among individual states.
HSBC said the biggest considerations are “rule of law, strength of institutions, demographics and investment incentives,” HSBC said.
The Philippines, Vietnam, and Indonesia have seen big gains in Global Competitiveness Index rankings in the past 10 years, the bank noted, citing progress in improving infrastructure and fiscal management, as well as in reducing corruption.
At the same time, it cited major risks, including trade tensions between the world’s two biggest economies — the United States and China — as well as policy changes in each emerging market.
The second tax reform package, which has been named by the House of Representatives as the Tax Reform for Attracting Better and High-quality Opportunities (TRABAHO) bill, seeks to cut the corporate income tax rate gradually to 20% from 30%.
The measure also proposed to limit incentives to a single menu with perks capped at five years. Business groups and ecozone locators have cautioned that changing the set of perks could dampen investor appetite towards the Philippines and derail expansion plans of foreign firms already operating here.
Southeast Asia’s top FDI sources are Europe with an average of $21.97 billion from 2010-2017, followed by intra-Association of Southeast Asian Nations (ASEAN) flows with $21.191 billion and the US with $15.124 billion. These FDIs mainly go to financial and insurance activities, manufacturing, and wholesale and retail trade, the report noted.
“[T]he Philippines receives the least amount FDI from its ASEAN peers, averaging just $200 million since 2010. This may be partly due to the country’s onerous restrictions on foreign ownership of certain key industries, as protected by its constitution,” HSBC said. “Unsurprisingly, the most developed economies (i.e. Singapore, Malaysia, and Thailand) are also largest source of intra-ASEAN FDI, with their largest recipient being Indonesia — the biggest economy in the region.”
The 1987 Constitution as well as the Foreign Investment Negative List limit foreign participation in key sectors like retail, small-scale mining, public utilities, private lands, education, suppliers to state agencies, as well as financing and investment companies. — Melissa Luz T. Lopez

Fastest-growing major emerging market holds shaky crown as risks mount

MUMBAI/NEW DELHI — India’s world-beating economic growth is running up against some big risks: high oil prices, emerging market stress as the era of easy money draws to a close, and policy paralysis in the run-up to next year’s federal election.
Those factors may push the rupee, Asia’s worst performer this year, even lower, as well as dampen some of the optimism that has propelled the local stock market to record highs. They also serve as a reminder to investors that Asia’s third-largest economy, which has overcome the twin shocks of a cash ban and the chaotic introduction of a nationwide consumption tax, is not fully out of the woods yet.
Policy paralysis ahead of elections is also a threat investors will have to factor in. That together with a record low rupee and rising local interest rates could hurt consumption and throttle the recovery. Exports are separately at risk from the global trade war.
“The outlook for the remainder of the year is not as optimistic,” said Priyanka Kishore, head of India and South East Asia Economics at Oxford Economics Ltd. in Singapore.
“Reform momentum is likely to slow ahead of the 2019 general election, as the government shifts focus to capturing votes.”
Data on Friday showed gross domestic product grew 8.2% in the three months ended June from a year ago, the fastest in nine quarters, while beating the 7.6% median estimate in a Bloomberg survey. For now, that number cements India’s position as the world’s fastest-growing major economy, putting it ahead of China, where an intensifying trade conflict with the US is dimming the growth outlook.
While India’s share in world trade is relatively small, it isn’t entirely immune from global spats.
Case in point: the oil price gain following American sanctions on Iranian crude.
Every $10 increase pushes up the inflation rate by 30-40 basis points and hurts economic growth of the world’s fastest growing oil user by about 15 basis points, according to Nomura Holdings Inc.
Add a weaker currency to this equation, and the problem gets compounded. Every rupee change in the exchange rate against the US dollar impacts New Delhi’s crude oil import bill by about 109 billion rupees ($1.5 billion) on an annualized basis, according to the oil ministry’s Petroleum Planning and Analysis Cell.
A few indicators compiled by analysts at Nomura Holdings Inc. already point to some slowing. That is “consistent with our view that growth is set to slow cyclically due to tighter financial conditions, high oil prices, slowing global growth and a pullback in investment spending ahead of elections,” analysts led by India economist Sonal Varma wrote in a report the other week.
The median of a Bloomberg survey released the other week shows that economists expect the economy to slow from here on. Economists forecast growth at 7.4%, 7.1% and seven percent in the remainder three quarters of the financial year through March 2019, respectively. That will put average growth a notch below the Reserve Bank of India’s (RBI) forecasts of 7.4%.
The RBI appears confident that domestic recovery is well entrenched with various indicators suggesting that economic activity has remained strong. It raised interest rates twice this year in a bid to curb inflation.
It’s not all gloomy though.
In a sure sign that demand was holding up, companies have passed on higher input costs to consumers, amid a revival in investment activity and improvement of capacity utilization.
Pranjul Bhandari, chief India economist at HSBC Holdings Plc, says as the twin shocks of the cash ban and consumption tax fade, demand and production have picked up — even leading to some “overshooting” in growth.
HSBC estimated growth during January-June will average 7.8%, and will return to its trend of 7.1% by December as the base normalizes and inventories are re-stocked, she said.
(Key details from Friday’s GDP data: gross value added — a key input of GDP that strips out taxes — rose 8% in April-June versus 7.5% survey estimate; agriculture expanded 5.3%; manufacturing rose 13.5%; electricity, gas expanded 7.3%; construction, 8.7%.
Siddharth Sanyal, India chief economist at Barclays Bank Plc, expects the trend of investment uptick to continue.
“We believe that the government’s continued focus on unlocking supply bottlenecks, reviving stalled investment projects and stepped-up emphasis on public infrastructure projects is driving investment momentum,” Mr. Sanyal said, pointing to higher steel and cement production during the first half of 2018. — Bloomberg

Getting things clean

THE Electrolux 11, 7 kg UltimateCare washer dryer

IT’S NEVER easy to clean up a mess. It gets harder when you have to clean up a mess that happened to an extension of yourself: your own clothes.
For centuries people washed clothes alongside river and lakes, giving them a good bashing in the process of cleaning them, and in tubs filled with well-water, scrubbed down with some strong lye soap, sometimes even boiling the clothes to make sure they got clean.
Then around 1855 came dry-cleaning, which is a misnomer as it is not a truly “dry” process since the clothes are treated with liquid — it is called “dry” because the clothes are cleaned using a chemical solvent other than water.
In the early days of dry-cleaning, getting a dress cleaned was like rolling dice: you never knew what you were going to get. As launderers poured chemicals on clothing, experimental materials, then new, like rayon and nylon, often took one for the team. Diana Vreeland, eminent editor of fashion magazine Vogue, recalled in her memoirs how she got a dress back from the cleaners in fragments, as the fabric couldn’t take the dry-cleaning process and simply disintegrated while it was being cleaned.
Meanwhile, versions of the washing machine had been around much earlier — the first English patent for one was given in 1691 — and in the succeeding centuries, inventors worked to find ways of giving laundresses a break from their backbreaking chores. And all through its history, the washing machine has been the subject of great improvements including almost complete automation.
One of the many reputable washing machine makers is the Swedish appliance brand Electrolux, which recently came out with the UltimateCare line of washing machines. To launch the line in the Philippines, the brand worked with entrepreneur Janice Vilanueva, and designers Amina Aranaz-Alunan and Rajo Laurel.
To demonstrate what the new washing machines can do, on Aug. 30 in Makati, prized items from the three — a gray woolen cardigan from Ms. Villanueva, a bright orange Hermes silk scarf from Ms. Aranaz-Alunan, and a bright red double-faced silk dress designed by Mr. Laurel — were all placed in a washer.
This reporter gave an internal gasp as buttons were pressed and the machine whirred on. Care labels on silk scarves and other items usually note that the item must be dry-cleaned, or else handwashed. Even with handwashing, sometimes the dye runs from these scarves anyway. As for wool, placing an item in a machine at the wrong setting usually deforms it, either expanding the fibers or else shrinking them to a laughable size.
After the demonstration, the clothes were dried and taken out, and they were miraculously intact. The silk scarf kept its pattern, color, and sheen, and the same could be said for the red dress. The woolen cardigan, meanwhile, kept its shape.
Made of galvanized steel, and with 14 settings (including specific ones for wool, delicates, and cottons), the machine has a drum with perforations embedded in honeycomb indentations, the better to clean the clothes. Andrea Soto Peonilla, Country Marketing Manager for Electrolux in the Philippines noted that the smaller perforations enable the front-load washing machine to give the clothes a more thorough clean. Meanwhile, Mr. Laurel notes that he prewashes his fabrics in these machines, including chiffon, silk, and cashmere.
Ms. Peonilla said that the technology comes from its facilities in Thailand. While Electrolux is headquartered in Sweden, she told BusinessWorld, “The insights for Southeast Asia are really what drives the innovation behind [it].”
So should we just abandon all dry-cleaning altogether? Ms. Peonilla says about the machine, “It’s your second option.”
“I cannot speak for them (the clothing manufacturers),” she said.
See, some manufacturers of delicate products like silk scarves place the dry cleaning instructions on their labels as insurance that you won’t attempt to wash, and possibly destroy their products at home. “The assurance for Electrolux is that this has been rigorously tested, not just by Electrolux, but also third-party [labs]. We know what we’re talking about.” — Joseph L. Garcia

SEC drafting rules for virtual currency exchanges

By Arra B. Francia, Reporter
THE SECURITIES and Exchange Commission (SEC) will be releasing a draft of new guidelines on virtual currency exchanges (VCE) this September, as it rushes to regulate the number of companies seeking to operate as a trading platform for virtual currencies (VC) in the country.
SEC Commissioner Ephyro Luis B. Amatong said the release of the draft rules this month will allow them to come out with the final regulations by the end of the year.
“We will put out a draft rule for the virtual currency exchanges hopefully within the first half of September,” Mr. Amatong told reporters after the commission’s en banc meeting on Thursday last week.
Mr. Amatong said they are in talks with the Bangko Sentral ng Pilipinas (BSP) for joint cooperative oversight over the exchanges.
Virtual currencies are defined by the BSP as a “type of digital currency created by a community of online users, stored in electronic wallets, and generally transacted online.” These are not issued or guaranteed by central banks or government authorities. Meanwhile, virtual currency exchanges are companies or businesses that exchange VCs into fiat currency (and vice versa).
The BSP implemented a formal regulatory framework for VCEs through Circular No. 944 in February last year, where the exchanges are required to register with the local central bank as remittance and transfer companies. Here, people can exchange VCs into Philippine money, which can then facilitate payments and remittances.
There has since been five VCEs approved by the BSP as of July, namely Virtual Currency Philippines, Inc., ETranss, Rebittance, Inc., Betur, Inc. (better known as Coins.ph) and BloomSolutions.
However, Mr. Amatong noted the rules set by the BSP do not specify how VCEs can operate as trading platforms.
“Yung VCE na ni-license nila, parang money changer lang yun, yung crypto to fiat currency (The VCEs that they licensed are like money changers, from cryptocurrency to fiat currency). But many of the VCEs, all of the VCEs are applying to allow them to act as trading platforms. So pagpasok ng trading platforms, may concern ang SEC na pag-usapan na with BSP (When the trading platforms come in, this is a concern of SEC that we will discuss with BSP), we will have a joint cooperative oversight,” Mr. Amatong said.
The commission is taking the cue from VCE regulations in other countries such as the United States, Australia, and Switzerland.
The new guidelines on VCEs aim to promote investor protection and allow small to medium enterprises (SMEs) to have alternative ways to raise capital.
“We want to create an environment where investors can feel more or less safe in investing in what are essentially securities that have a digital form… Instead of paper or securities that are housed within PDTC (Philippine Depository & Trust Corp.), the depository they’re being proposed to be housed on a blockchain,” Mr. Amatong explained.
The release of new guidelines for VCEs will coincide with the commission’s release of rules for initial coin offerings and crowdfunding, which Mr. Amatong will benefit SMEs in raising funds.
“Previously you had to go through all of the infrastructure of the PSE (Philippine Stock Exchange) or a PDEx (Philippine Dealing & Exchange Corp.), a traditional stock in order to raise the funds but what the fintech promises is you can achieve that through technology at a lower cost,” Mr. Amatong said.
“So kahit maliit na kompanya ka, may paraan ka na magpalabas ng, maghanap ng investors (Even if you’re a small company, you can have a way to look for investors) without going through that whole process,” he added.

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