SHARE prices fell as rising oil prices stoked inflation fears, while foreign selling also weighed on large caps, pulling down the main index.
The Philippine Stock Exchange index dropped 0.28% or 21.84 points to 7,672.28. The broader all-shares index fell 0.30% or 13.80 points to 4,664.94.
“Our market dipped as oil price heads towards $80 per barrel. Since we are a net importer of oil, this may put further pressure on inflation which is of major concern for investors,” Timson Securities Inc. Equity Trader Jervin S. de Celis said in a mobile message on Friday.
“Investors are also liquidating shares in the absence of fresh leads and with Treasury yields in the US steadying at current levels, so they are choosing the safer havens rather than betting on riskier instruments,” he added.
PNB Securities, Inc. President Manuel G. Lisbona said the market generally took a breather today amid thin turnover.
“Declines in Index heavyweights SM and AC exerted enough downward influence on the PSEi,” Mr. Lisbona said in a mobile message, attributing this drop to the continuation of foreign selling.
“In terms of valuation, both companies are expensive at P/E ratios of 22x and 29x forecast earnings for AC and SM, respectively,” he added.
“The market was mostly quiet after yesterday’s 133-point fall and will likely tread water in the next few days,” Mr. Lisbona added, noting that investors will be closely watching the US-China trade talks and oil prices.
Decliners outnumbered advancers 115 to 86 while 53 issues were unchanged.
By sector, the picture was mixed on Friday. Mining and oil saw the biggest losses, falling 1.64% or 167.81 points to 10,041.14; holding firms slid 1.25% or 94.58 points to 7,491.24; and industrials shed 0.37%
Meanwhile, property rose 0.54% or 20.49 points to 3,803.28; financials edged up 0.25% or 4.79 points to 1,921.59; and services rose 0.10% or 1.57 points to 1,534.23.
Foreigners were net sellers of P2.436 billion worth of shares, nearly double Thurday’s level of P1.32 billion.
A total of 1.306 billion shares worth P4.216 billion changed hands, against 1.32 billion shares worth P7.16 billion on Thursday. — Janina C. Lim
Windsor, United Kingdom — On the eve of Prince Harry and Meghan Markle’s wedding, the picturesque town of Windsor has taken on the character of an impregnable fortress.
Every nook and cranny has been scoured and every imaginable security measure deployed to guarantee the safety of the royal couple and the tens of thousands of spectators set to flood the streets.
In a dress rehearsal Thursday for the journey Harry and Meghan will take through the town after the Windsor Castle ceremony, uniformed police — some armed — were out in force.
On one of the roads near Windsor Castle — where Queen Elizabeth II often spends weekends — officers used handheld torches to examine street lights, traffic lights, rubbish bins and manholes, anywhere along the road where a suspicious device could have been hidden.
“We’re just checking to make the wedding safe”, one told AFP as his colleague led a sniffer dog on a hunt for hidden explosives.
– D-day approaches –
Huge barriers have been hauled into place to prevent a vehicle attack and many roads are now closed in the town of 30,000 inhabitants, 30 kilometres (19 miles) west of London.
Number plates are also being automatically scanned and surveillance cameras have been deployed en masse.
Two months in the planning, the security measures are in line with the huge crowds expected.
The wedding is expected to attract around 100,000 spectators in Windsor itself, with at least 5,000 journalists, according to Thames Valley Police.
“A broad range of visible security measures are in place,” a spokesman told AFP.
On D-day, train stations will be on high alert, vehicles will be inspected and visitors can expect to be searched.
No drones will be allowed to fly over the wedding zone.
“Things can go wrong whenever you have big crowds of people,” Chris Phillips, former head of Britain’s counter-terrorism security office, told AFP.
“Terrorism is obviously the biggest threat.”
“You have to treat everyone as a possible troublemaker or terrorist,” said Phillips, who now runs security consultancy IPPSO.
Sent reeling after a series of attacks by the Islamic State group in 2017, Britain’s current terror threat level is “severe” — the second highest it can possibly be — indicating an attack is “highly likely”.
But if “everyone can be a threat” then “everyone also can be a positive pair of eyes”, said ex-police officer Phillips.
– ‘Ambassadors’ as eyes and ears –
More than a terror attack, one local seems to fear the hordes of well-wishers set to descend on the town.
Rekha Parker will try to take her daughter to see the newlyweds on Saturday, but will call off the effort if the crowds are too dense.
“If it’s too busy then I’ll go back home,” she told AFP.
“There’s more than enough police but at the end of the day if people are going to strike, they are going to strike,” said her friend Leigh Smith, a 40-year-old mother.
For the royal couple themselves one of the greatest risks is their open-top carriage procession.
“You can make sure there’s no room for snipers and things and just don’t let people to get too close to it. It’s the key,” said Phillips.
Totally eliminating the risks on the day is an impossible task, but police have assured residents “there is no intelligence to suggest that the event is a target”.
Local councils have also deployed dozens of “ambassadors”, volunteers who will guide visitors but also act as extra sets of eyes and ears on the ground.
“We report anything that looks suspicious. We’ve just recovered a rucksack this morning, fortunately we could find the owner,” ambassador Bob Gardner told AFP.
The number of police set to guard the ceremony has not been disclosed, but is “probably at least thousands”, according to Phillips.
That is to say nothing of the cost of the security, which will be billed to the British taxpayer. — AFP
Asian shares traded mixed Friday, remaining on track for a weekly loss as investors mulled the implications of a jump in benchmark U.S. 10-year Treasury yields to their highest level since 2011. The dollar steadied near its strongest for the year.
News that China has offered President Donald Trump a $200 billion reduction in the bilateral trade gap with the U.S. had little immediate reaction early Friday. Japanese and Korean shares rose, Chinese and Hong Kong equities fluctuated while Australian stocks declined. The S&P 500 Index closed little changed after a direction-shifting session, though domestically focused U.S. small caps hit a fresh record. U.S. futures pointed to modest gains. Brent crude rose to a level unseen since 2014 amid mounting signs that global stockpiles are shrinking.
Investors are dealing with recent evidence that the world’s largest economy will continue its solid expansion, as well as issues stretching from peace talks on the Korean peninsula to populists taking power in Italy. Looming over it all are trade talks between the U.S. and China, the outcome of which could cement the global growth story — or derail it. China’s $200 billion trade-deficit reduction offer came in talks in Washington this week, a Trump administration official said.
The euro is heading for another weekly loss, while Italian bonds dropped this week as an agreement was sealed by populist parties to form a coalition government. The Turkish lira deepened its losses, while emerging-market stocks slipped. — Bloomberg
San Francisco — YouTube is launching a revamped, standalone streaming music service as part of an effort to step up competition against fast-growing rivals like Spotify and Apple Music.
The new YouTube Music is set to launch next week in the United States, Australia, New Zealand, Mexico and South Korea, with more markets coming online soon.
The move enables the Google-owned service to separate its paid, premium video plan from the music service, offering a variety of free and paid options.
The free, ad-supported version of the music service will be available along with an ad-free subscription membership at $9.99 per month.
The standalone music service, which will be two dollars more expensive than its current plan, includes “a reimagined mobile app and brand new desktop player” along with “thousands of playlists, the official versions of millions of songs, albums, artist radio and more.”
YouTube will offer the “premium” streaming music as a standalone, or in combination with its original video plan, which is being rebranded as YouTube Premium from YouTube Red.
The video service, which includes shows like Karate Kid-inspired “Cobra Kai,” will be priced at $11.99 and include ad-free music.
The move by YouTube comes following a splashy stock market debut by Swedish-based Spotify, which claims 75 million paying subscribers and another 99 million monthly users on its free, advertising-supported tier.
Apple chief executive Tim Cook said in a recent Bloomberg interview that the company has 50 million paid and trial subscribers on its music service, which launched in 2015 and does not have an equivalent free tier. — AFP
Washington — The International Monetary Fund will move quickly to agree on a loan program to support Argentina but there are no details yet on what it will entail, a fund spokesman said Thursday.
However, the official stressed that the current situation — marked by “renewed financial market volatility” that has hit the country’s currency — is very different than the last time Argentina went to the IMF for aid.
Officials don’t have a date for concluding the talks but the IMF “can move quickly…and we intend to move quickly,” spokesman Gerry Rice told reporters at a briefing.
However, the size, exact type and terms of the financial package will be “part of discussions” with Argentine authorities that began last week and details will be developed.
The IMF board will hold an informal meeting on Argentina on Friday to get an update from staff but the final loan will not be approved until negotiations have been completed, he said.
The country is seeking a “high access” standby arrangement, which according to press reports could amount to $30 billion. SBAs can last up to three years and usually grant periodic disbursements as the country meets previously agreed economic targets. ‘Vastly different’
Argentine President Mauricio Macri’s decision to seek help from the Washington-based lender was a risky move given the bitter relations during the last crisis 17 years ago and the popular view that the IMF imposed tough conditions that worsened the economic pain.
But Rice stressed that conditions have changed.
“Our ultimate goal is to help support the authorities in their efforts to strengthen the Argentine economy and to protect the living standards of the Argentine people, and particularly for the most vulnerable groups,” he said.
But the situation is “vastly different” than the previous crisis and policies and institutions have been “strengthened considerably.”
A crisis of confidence in the Argentine peso has seen it plunge nearly 20 percent over the past six weeks and forced Argentina to seek a financial lifeline from the IMF. On Monday, it dipped to a historic low of 25.51 against the dollar.
But Macri on Wednesday said the currency crisis had passed.
“The central problem is the fiscal deficit,” Macri added. “We have to reduce it. We cannot spend more than we have and depend on international loans to finance it.”
Rice said the IMF “strongly welcomed” Macri’s comments, including the recognition of the challenges his administration faces and “the government’s ownership of the policies needed to address those challenges.”
The budget deficit has narrowed to the equivalent of 3.9 percent of GDP under Macri, a businessman who came to power in 2015.
Argentina’s economy, Latin America’s third largest, grew 2.8 percent in 2017 — growth it hopes to continue this year.
However, the government has not managed to limit persistently high inflation, which has exceeded 20 percent for more than a decade — though this is a key aim of Macri’s center-right government. — AFP
Washington — US and Chinese officials will hold further trade talks in Washington on Friday, the White House said, after President Donald Trump discounted the chances of reaching a deal to avert a trade war.
Trump met with a Chinese delegation headed by Vice Premier Liu He on Thursday as talks aimed at easing frictions between the economic powers got underway.
“The two sides agreed to continue the discussions on Friday,” the White House said.
But speaking earlier in the day about the prospects for the talks to be successful, Trump was not optimistic, saying: “I tend to doubt it.”
“China has become very spoiled… Because they always got 100 percent of whatever they wanted from the United States,” he said.
Trump unleashed a barrage of criticism against former US administrations for allowing Beijing to take advantage of the United States.
“We have been ripped off by China. And an evacuation of wealth like no country has ever seen before given to another country that’s rebuilt itself based on a lot of the money that they’ve taken out of the United States,” he said.
“Trade has been a total one-way street,” Trump said. “And I explained to (China’s) President Xi (Jinping) that we can’t do that anymore.”
Trump also had harsh words for the European Union, which is likewise at loggerheads with Washington over US export tariffs on steel and aluminum. ‘Meet each other halfway’
“The European Union has been terrible to the United States on trade,” he said. “They’ve been terrible to our workers.”
China’s Liu met held talks with Trump and other top US officials, saying the two countries should “meet each other halfway, respect each other, and work together to push forward bilateral ties in a healthy and stable manner,” according to China’s official Xinhua news service.
The US has threatened to impose 25 percent punitive duties on up to $150 billion in Chinese goods while China has targeted $50 billion in American exports.
In Beijing, the Commerce Ministry said China hoped the two sides could resolve the trade frictions through talks.
“But of course we’ve prepared a response for various possibilities,” spokesman Gao Feng said at a press briefing.
The meetings, part of a busy week of US trade negotiations and tight deadlines in Washington, have become enmeshed in political intrigue after a Trump advisor considered a hardliner on China was left out.
Trump economic aide Peter Navarro, who was seen as having a more dominant role following the departure of White House economic advisor Gary Cohn over trade issues, was left off the list of participants, unlike for the talks in Beijing two weeks ago.
According to press reports, Navarro sparred with Treasury Secretary Steven Mnuchin over his handling of the China talks and was barred from attending the meetings this week.
Trump has also faced accusations of quid-pro-quo after vowing to soften punitive US sanctions on the Chinese telecoms equipment firm ZTE — an announcement which came after AFP reported a Chinese state firm would pour cash into a Trump-tied real estate venture in Indonesia.
Trump, however, has denied weakening the US stance toward ZTE, and repeated Thursday that he told Xi he would “take a look at that.”
“But anything we do with ZTE is a small component of the overall deal.” — AFP
Riyadh, Saudi Arabia — The Saudi and Emirati energy ministers voiced concerns on Thursday over oil price fluctuations, saying they were determined to maintain output, the Saudi oil ministry said.
In a phone call, Saudi Arabia’s Khaled al-Faleh and the United Arab Emirates’ Suheil al-Mazrouei “voiced their concerns about recent market volatility, fuelled by anxiety over geopolitical events despite the availability of ample supply,” the ministry said.
Benchmark oil contract Brent North Sea hit its highest level since late 2014 on Thursday, breaching $80 per barrel amid uncertainties over supply.
Global crude output could be hit by President Donald Trump’s decision to pull the United States out of the Iran nuclear deal, and also by falling production in crisis-hit Venezuela, the International Energy Agency said Wednesday.
Patrick Pouyanne, the chief executive of French oil behemoth Total, said Thursday he “wouldn’t be surprised to see $100 per barrel” in the coming months.
Prior to Thursday’s oil-price rally, crude futures had already risen thanks to steady demand growth and a landmark production cut deal between members of the OPEC cartel and other major producers.
The Saudi and UAE energy ministers agreed to meet their Russian counterpart Alexander Novak at an international economic forum in Saint Petersburg next week to “continue the discussions”. — AFP
United Nations — The global economy is set to expand faster than expected in 2018 and 2019, the United Nations said Thursday, predicting a new a growth rate of 3.2 percent.
“Growth in the world economy is surpassing expectations and global GDP is now expected to expand by more than three per cent this year and in 2019,” the UN report said.
It said that surge reflected “strong growth in developed countries and broadly favorable investment conditions.”
The new figures show the rate of expected growth for this year revised upwards by 0.2 percent from earlier predictions made in late 2017, and up 0.1 percent for 2019.
“World trade growth has also accelerated, reflecting a widespread increase in global demand,” the report said.
Elliott Harris, the UN Assistant Secretary-General for Economic Development, said that multilateralism, which is facing mounting criticism worldwide, “is not an option, it’s a necessity”.
In remarks apparently aimed at US President Donald Trump, the report warned that “a shift away from unambiguous support for the multilateral trading system, marked by further trade barriers and retaliatory measures, threatens the strength and sustainability of global growth, with potentially large repercussions, especially for developing economies.”
It also highlighted the dangers of “high inequality and the renewed rise in carbon emissions.” — AFP
Washington — Newly inflamed trade war fears and disappointing earnings sent US stocks lower on Thursday, running counter to gains made in European equities.
Benchmark oil contract Brent North Sea briefly hit its highest level since late 2014, breaching $80 per barrel and sparking fears it could soon hit $100, before calming later in the day.
Higher oil prices, in turn, pushed the shares of energy firms in European stock markets higher, helping London’s FTSE to set a new all-time high, and the Paris CAC to establish a fresh 2018 peak.
Wall Street had an indecisive trading day, flipping in and out of negative territory on a swirling mix of worries to finish lower: the Dow and Nasdaq both lost 0.2 percent.
The day’s final southward turn came after US President Donald Trump lashed out at European and Chinese trading partners and cast doubt on the chances of reaching a deal with Beijing, even as visiting Chinese officials were in Washington to conduct talks.
“I tend to doubt it,” Trump said about the chances for successful talks. “China has become very spoiled… because they always got 100 percent of whatever they wanted from the United States.”
In a sign that investors could be looking for safe harbor amid geopolitical turmoil, the Russell 2000 — an index of small-cap stocks more insulated from global trade — hit an all-time high.
Karl Haeling of LBBW bank told AFP Thursday’s dip in stocks was more a question of “general uncertainty about trade and interest rates” rather than any single concern. And the Russell 2000’s out-performance of the wider market suggested this, he said. Oil, Iran and inflation
“Given the uncertainty over trade, Iranian sanctions and various other geopolitical hot spots, people are making a bet that US growth will outperform the rest of the world and that these companies will be less affected,” he said.
But Dow heavyweights Walmart and Cisco weighed on the index, falling after posting strong earnings that failed to impress Wall Street analysts.
Meanwhile, Patrick Pouyanne, the CEO of French oil giant Total, said Thursday he “wouldn’t be surprised to see $100 per barrel” in the coming months.
Global oil supplies could be hit by President Donald Trump’s decision this month to pull the United States out of the 2015 Iran nuclear deal, and also by falling production in crisis-hit Venezuela, the International Energy Agency said on Wednesday.
Prior to Thursday’s oil-price rally, crude futures had already risen thanks to steady demand growth and a landmark production cut deal. Oil’s rise could meanwhile further push up inflation, impacting growth by quickening the pace of expected increases in interest rates.
With markets expecting inflation to pick up pace, including for other reasons such as improved wage growth, 10-year US bond yields have hit seven-year highs, adding to expectations of a series of US rate hikes this year.
On currency markets, the dollar benefited from bets on higher US rates, keeping it around multi-month highs against its major peers. A string of disappointing data on the European Union is also bearing down on its single currency.
In Milan, shares in Banca Monte dei Paschi di Siena, the world’s oldest bank, fell nine percent after the anti-establishment Five Star Movement and the far-right League said that after forming a government they wanted to “redefine its mission.” — AFP
By Melissa Luz T. Lopez Senior Reporter
BMI RESEARCH has raised its growth forecast for the Philippines, but still expects that the pace will log below the government’s full-year goal amid softer private investments and tighter financial conditions.
The Fitch unit now sees 2018 gross domestic product (GDP) growth at 6.5%, faster than their previous 6.3% estimate, “on the back of a stronger-than-expected” performance during the first quarter.
The Philippine economy expanded by 6.8% from January-March led by a 13.6% surge in government spending and a 12.5% increase in capital formation, according to the Philippine Statistics Authority. Of this, public construction grew by 25.1%, versus a 6.8% climb in private sector activity.
Despite its higher forecast, BMI said the government’s 7-8% GDP growth target for the year will be missed, with current conditions pointing to easing growth for the months ahead.
“[W]e are sticking to our view that economic growth is likely to moderate over the coming quarters,” BMI said in a May 16 report.
“Even as the Philippines continues to enjoy positive demographics, the economy is showing signs of overheating, and we expect the deterioration in the business environment to weigh on private investment.”
Still, BMI expects that growth will continue to trend above six percent, cementing the Philippines’ position as one of the fastest-growing economies in Asia. Such confidence is boosted by the expansionary fiscal policy taken by the Duterte administration, focused on its aggressive infrastructure spending push.
“Given that the Philippine government has embarked on fiscal reforms to boost revenue and deleveraged considerably since the early 2000s, this should allow the Duterte administration to continue to keep up its strong spending in the near term,” the research firm said.
The country’s young population will keep manufacturing as well as business process outsourcing industry upbeat, and will likewise keep the retail and consumer goods sector buoyant, it added.
Capping these favorable terms are rising inflation and higher interest rates, BMI said.
“While the Monetary Board increased its benchmark interest rate by 25bps to 3.25% on May 10, inflation will likely remain an issue over the coming months,” BMI analysts said, noting that they expect another rate hike from the Bangko Sentral ng Pilipinas (BSP) by the year’s end.
“Such a move may slow domestic demand and will likely act as a dampener to growth,” the report noted.
The BSP’s rate hike last week marked the first tightening move in nearly four years at a time of five-year highs for inflation and robust economic growth.
Prices of widely used goods hit a fresh peak in April as headline inflation came in at 4.5%, accelerating from March’s 4.3% and 3.2% a year ago. This pushed the year-to-date average to 4.1%, above the government’s 2-4% target range for 2018.
Inflation is expected to keep rising and hit a peak towards the end of the year, with added price pressures expected from world crude rates as well as wage hike petitions.
This, as BSP Governor Nestor A. Espenilla, Jr. previously acknowledged that inflation may have “spread somewhat” to cover more goods. However, he earlier said the economy’s growth momentum is robust enough to accommodate higher interest rates.
The local business climate is also seen to weigh on private investments, which has exhibited slower growth as of the first quarter. BMI pointed to the six-month closure of Boracay island as well as threats to shut down open-pit mining operations as “stifling” investor confidence.
Multilateral lenders and credit raters also see economic growth remaining robust but falling below the government goal this year.
The International Monetary Fund and the World Bank expect Philippine GDP to expand by another 6.7% this year to match the growth pace last year, while the Asian Development Bank forecasts a slightly faster 6.8% expansion.
For their part, Fitch Ratings and Moody’s Investors Service likewise expect the economy to expand by 6.8% this year, while S&P Global Ratings sees full-year GDP growth at 6.7%.
By Victor V. Saulon Sub-Editor
AN EQUAL CHANCE for Filipino women in the workplace and in society could translate into a 7% increase in the country’s economic growth or $40 billion a year by 2025, said a new study that ranked the Philippines as the region’s leader in gender equality in work.
In Asia-Pacific, advancing women’s equality could add $4.5 trillion a year to the regional economy, a 12% rise over a business-as-usual gross domestic product (GDP) scenario.
These are among the findings of McKinsey Global Institute (MGI), the research arm of McKinsey & Co., in its report “The Power of Parity: Advancing Women’s Equality in Asia Pacific” released on Friday.
“On gender equality in work, the Philippines stands out for its progress,” the report said, citing the government’s pro-active legislation to close gender gaps in a society that is traditionally matriarchal and egalitarian.
Based on the Gender Parity Score calculated by MGI for all Asia Pacific countries, the Philippines has low gender inequality on six out of the 15 indicators, but “high” or “extremely high” inequality on four.
In calculating the GPS, MGI identified five gender equality indicators in work, namely: labor-force participation rate; professional and technical jobs; perceived wage gap for similar work; leadership positions; and unpaid care work.
The Philippines scored a GPS of 0.73 on gender equality in work, the best in Asia-Pacific, and outperformed the regional average of 0.44.
The MGI report said the country is also the region’s best performer on women’s participation in professional and technical jobs, and in leadership positions.
The Philippines has achieved a female-to-male ratio of close to 1.00 in leadership positions, making the country stand out in a region with low level of women in this indicator.
On gender equality in society, the Philippines is in line with the regional GPS average on essential services and enablers of economic opportunity and on physical security and autonomy, but is above average on legal protection and political voice.
Looking at individual indicators, the Philippines is in line with the best in Asia-Pacific on education and financial inclusion, and near best in the region on sex ratio at birth and child marriage.
Within the Philippines, regional variations on gender inequality exist, which partly reflect a decentralized policy. But overall, this means that the Philippines is relatively advanced in its progress towards parity on the global stage, the MGI study said.
The study further said the largest variation in the country’s regions is in leadership positions, followed by unmet need for family planning and maternal mortality.
There is gender parity on literacy rates and educational attainment, which the study said helps to explain why there is also uniformity across the Philippines on labor-force participation, women’s representation in professional and technical jobs, and violence against women. CHALLENGES
“The Philippines has already made significant advances towards gender parity and has established a solid foundation on which to build further progress,” McKinsey & Company Managing Partner for the Philippines Kristine Romano was quoted as saying in a statement.
“The next challenge is to support lower-income women to make the most of their economic potential, pursue careers that will earn them higher wages, and give them the support and flexibility they need,” she added.
In all, the MGI research said there is scope for improvement for the Philippines.
“The experience of women in the Philippines still depends largely on their socioeconomic status. Lower-income women still confront considerable gender gaps and less opportunity,” it said.
For educated women, there is scope for higher representation and equal pay in professional and technical fields, which is already a strength. Another priority is to increase women’s access to finance.
The MGI research said increasing women’s participation in the labor force accounts for 58% of the country’s gross domestic product (GDP) potential. Raising women’s representation in higher-productivity sectors makes up 42%, it added.
“The Philippines has an opportunity to build on its strengths in women’s representation in professional and technical jobs, and in business leadership,” it said.
The study identified six priority areas that the government and companies should consider measures to advance women’s equality.
These are: increase access to, and equal provision of, family-friendly policies in the workplace; introduce policies and programs to improve gender balance in male-dominated industries; strengthen economic incentives for women to remain in the workplace; reduce barriers to labor-force participation for young mothers and single parents; use financial products and services to increase economic empowerment for less-educated women; and accelerate implementation of programs to improve maternal health in rural and isolated areas.
THE TWIN FORCES of innovation and disruption are sweeping the country’s current business landscape, and industry leaders must be quick to adapt or be left behind.
Following the theme of “Disruptor or Disrupted? Philippines at the Crossroads,” entrepreneur and “rock star” management executive Dennis A. Uy will deliver the keynote address at the BusinessWorld Economic Forum, to be held on May 18 at the Grand Ballroom of Grand Hyatt Manila in Bonifacio Global City, Taguig City. Dennis A. Uy Founder, Chairman & CEO, Udenna Corporation
Mr. Uy will draw on his knowledge and experience as the founder, chairman, and chief executive officer (CEO) of Udenna Corp. to speak on the phenomenon of disruption.
No stranger to disruption himself, Mr. Uy has successfully led Udenna Corp. to become one of the fastest growing holding companies in the country, with businesses in fast-changing industries like oil and petroleum under the Phoenix brand, and in shipping and logistics through the wholly owned subsidiary, Chelsea Logistics Holdings Corp.
Phoenix Petroleum is currently the third biggest oil company in the Philippines after just over a decade in operation, while Chelsea Logistics holds a dominant position in the shipping and logistics industry with the acquisition of a major stake in the publicly listed 2GO Group, the country’s leading shipping and logistics provider, where Mr. Uy also serves as chairman and CEO.
Udenna Corp. also has interests in real estate and property development, education, leisure, gaming and tourism and infrastructure.
Born and raised in Davao City, Mr. Uy graduated from De La Salle University in Manila with a degree in Business Management. He has been the Honorary Consul of Kazakhstan in the Philippines since November 2011, and has been recognized by various award-giving bodies for his leadership and management. These awards include the ASEAN Business Awards’ Young Entrepreneur of the Year in 2017, the MVP Bossing Award in 2016, the Agora Award for Outstanding Achievement in Entrepreneurship-Large Scale in 2013, the Datu Bago Award in 2013 from the City Government of Davao, and he was a finalist for the CNBC Asia Business Leaders Award from 2011 to 2013.
The BusinessWorld Economic Forum will be a whole-day forum that aims to bring together industry leaders and key figures from the private and public sectors to explore and discuss timely and relevant topics that promote economic growth and technological advancement without overlooking society’s general welfare.
The first session will focus on “DISRUPTION: What Big Data is Already Predicting — or Warning — About Philippine Competitiveness,” and aims to explore the significance of innovations like the Internet of Things (IoT) in an era of hyper-connectivity; and how mobile, digital, and cloud technologies are reshaping not only consumer lifestyles but also how companies are conducting businesses.
Sharing their knowledge about the topic are Department of Information and Communications Technology Officer-in-Charge Eliseo M. Rio, Jr., McKinsey & Company Philippines Managing Partner Kristine Romano, and Professor at the Department of Analytics, Information & Operations, Asian Institute of Management Dr. Erika Fille T. Legara.
The second session will tackle “Artificial Intelligence, E-Commerce, Cashless Transactions: What New Consumer Expectations Mean for Businesses,” which will attempt to dissect the current landscape of the banking, retail, and services sectors, and the role of online platforms in engaging customers.
Bangko Sentral ng Pilipinas Managing Director Pia Bernadette Roman-Tayag, Union Bank of the Philippines President and CEO Edwin R. Bautista, Accenture, Inc. (Philippines) Country Managing Director Lito Tayag, and Adobomall creator and CEO Walt Steven Young will share their thoughts about the topic in this session.
To discuss how companies can use technology in turning disruption into an opportunity for growth, and how the country can foster a sustainable startup community anchored on innovation, the third session will center on “Finding Opportunities in the Age of Disruption.”
To lead the discussion are Voyager Innovations President and CEO Orlando B. Vea, Mynt (Globe Fintech Innovations, Inc.) CEO Anthony Thomas, Grab Philippines Country Head Brian Cu, and Satoshi Citadel Industries Co-Founder and Chief Community Officer Miguel Cuneta.
The last session, which will focus on “The Next-Generation Boardroom,” aims to discuss the future of the workplace and how disruption would affect leadership and management.
Speakers for this session will be Aboitiz Power Corp. Executive Vice-President and Chief Operating Officer — Corporate Business Group Luis Miguel O. Aboitiz, Mobext Philippines Co-Founder and CEO Arthur Policarpio, and Vista Land & Lifescapes, Inc. Managing Director Camille A. Villar.
The BusinessWorld Economic Forum, organized by BusinessWorld Publishing Corp., has been held annually since 2016. It serves as a live platform for industry leaders and key figures in society to discuss issues and challenges that affect the country.
The event is open to BusinessWorld subscribers, readers, and the public.
