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Yields on term deposits climb to fresh highs amid strong demand

By Melissa Luz T. Lopez, Senior Reporter
YIELDS ON term deposits offered by the central bank soared to fresh highs yesterday, as demand for shorter maturities surged ahead of the upcoming holidays.
Banks wanted to place as much as P120.72 billion in term deposits offered by the Bangko Sentral ng Pilipinas (BSP) on Wednesday, well above the P100 billion it placed on the auction block. The amount is however little changed from the P121.077 billion in bids received a week ago versus a P110-billion offer.
Players sought for bigger returns across all tenors, even as demand mostly went to the shorter-termed deposits.
Tenders for the seven-day papers reached P62.078 billion, surging from the P48.206 billion bids seen a week ago and surpassing the P40 billion which the central bank wanted to sell. Despite the abundant bids, the average yield still climbed to 3.7006% from 3.693% a week ago as banks maximized higher interest rates and asked for returns ranging from 3.6-3.725%.
Meanwhile, the 14-day tenor saw steady demand at P45.367 billion, just a tad lower than the P46.966 billion offers a week ago and settling above the P40-billion offer. Still, the average interest rate climbed to 3.6916% from 3.6683% fetched during the May 30 auction.
On the other hand, appetite for the 28-day deposits waned to P13.275 billion, roughly half of the P25.905 billion worth of bids seen the previous week. This fell short of the P20 billion which the BSP wanted to sell.
In turn the average yield climbed by some 7.5 basis points to 3.7179%.
The term deposit facility (TDF) is the central bank’s main tool in capturing idle funds in the local financial system.
The BSP actively tweaks auction amounts each week in order to bring market and interbank rates within its desired spread, which currently ranges from 2.75-3.75% following a rate hike announced on May 10.
RETAIL BONDS AFFECT DEMAND
“The higher demand for the 7-day TDF is likely due to banks preparing for the settlement of the RTB (retail Treasury bonds) on June 13 as well as the two non-working days next week,” BSP Deputy Governor Diwa C. Guinigundo said in a text message.
He is referring to the non-working holiday on Tuesday for Independence Day.
On the other hand, Malacañang has yet to declare work suspensions for June 15 to mark the end of Ramadan.
The government is in the middle of a public offering of RTBs until June 8, with the three-year debt papers enjoying “good reception” thus far. The offering raised P66 billion on its first day on May 30, already well above the P30-billion program.
Mr. Guinigundo also noted that banks have been preferring shorter lock-in periods over the past few days. He pointed out that banks “have been parking their funds” in the BSP’s overnight deposit and reverse repurchase facilities worth a total of P400 billion.
A fresh cut in bank reserves which took effect on June 1 unleashed at least P90 billion from bank vaults, which players can use for additional lending and other financial transactions.
The central bank will again offer P100 billion worth of term deposits next week, split into P40 billion each for the one-week and two-week tenors and P20 billion under a month-long tenor.

DICT hopes to see Filipino ‘unicorns’ as homegrown tech start-ups go regional

THE Department of Information and Communications Technology (DICT) sees growth in Filipino technology start-ups penetrating the regional market as technological breakthroughs empower entrepreneurs to scale their business easily and at a great speed.
“In the next five years, we hope to see a Filipino [tech] unicorn,” DICT Undersecretary Monchito B. Ibrahim told BusinessWorld on the sidelines of the launch of ConnecTechAsia 2018, a technology trade show that will showcase innovations from start-ups in the Asia Pacific.
“A lot of our Filipino-founded start-ups are ready for the regional market, and we’ve also been seeing some start-ups who are already positioning themselves for the regional market so we felt that by exposing them to large events like this, we would help them reach their goals. This our small way of providing exposure that they needed,” Mr. Ibrahim said.
Out of 22 applications this year, DICT selected 10 local companies that will form the Philippine delegation, seven of which are start-ups.
According to the 2017 Philippine Start-up Survey by QBO Innovation Hub and PwC Philippines, 61% of the 106 CEOs of start-ups surveyed are planning to enter new territories outside the Philippines.
ConnecTechAsia provides the venue for technology-related start-ups to foray into the regional and international scene with key industry players in telecoms, media and technology coming together to talk about the latest innovations in digital transformation of businesses and cities across Asia.
“We need to be seen and we need to maintain that visibility in all markets. It’s an opportunity for us to show the innovative ideas that we have here. We like to be able to tell the world that we have also great ideas coming out of the Philippines.”
Participating Philippine start-ups include HYBrain, Kollab Guru Group, Inc., MediAid, MobileOptima, Inc., Payruler, Rumarocket Ltd., Inc., and Snapcart. These start-ups will be showcasing their latest offerings in software development, platform adoption, digital marketing, human resource management systems, talent sourcing, and data acquisition and analytics. They are also joined by outsourcing firms Advance World Solutions, Magellan Solutions and Titanium Technologies.
Mr. Ibrahim added that aside from ConnecTechAsia, the DICT is also looking at bringing tech start-ups to its upcoming trade missions in Australia, Japan, France and the United States.
A MASSIVE TRADE SHOW
ConnecTechAsia will see more than 1700 companies representing 52 countries and regions to make up a showcase of the telecoms, media and technology (TMT) sectors, presenting a holistic ecosystem of infrastructure, enterprise hardware, new innovations and services businesses and governments in Asia need to thrive in this new era of digital convergence.
“As Asia pursues digital transformation at an accelerated pace, it is critical that the event evolves alongside the dramatic shifts happening in the spaces we serve,” Calvin Koh, assistant project director (Telecom, Media and Technology), UBM, ConnecTechAsia organizer, said in a statement. “The new event reflects the pulse of Asia today, and is the only business platform covering the converging ecosystems of communications, broadcasting and emerging technologies connecting the physical and digital worlds.”
ConnecTechAsia combines long-running events CommunicAsia, BroadcastAsia, with newly launched NXTAsia.
ConnecTechAsia will be held on June 26-28 in Singapore. — MBG

Heart-stopping meal at a skewer restaurant


By Zsarlene B. Chua, Reporter
WHAT BETTER WAY to spend a Friday than gorging on a dozen fried meat skewers and clogging one’s arteries in the process? Well, that’s exactly what this reporter did last week as she paid a visit to the first Philippine branch of Kushikatsu Daruma, Osaka’s popular kushikatsu restaurant.
Kushikatsu are deep-fried meat skewers breaded with Japanese bread crumbs (panko) and dipped in a special sauce reminiscent of the usual tonkatsu (deep-fried pork cutlet) sauce with Worcestershire sauce as base.
Upon entering the restaurant — located on the al fresco section at the second floor of BGC’s Uptown mall — one is welcomed with a myriad of daruma dolls (hollow dolls fashioned in the likeness of Bodhidharma, the founder of Zen Buddhism) on dividers and Japanese lanterns hanging from the eaves alongside emphatic streamers saying, “no double dipping,” because, as this writer found out, the dipping sauce is served using one container per table.
A note on the menu indicated that the one-container-per-table policy is meant to reduce wastefulness, a philosophy Osakans live by.
In the Philippines, it is not uncommon to see street food vendor stalls hawking fish balls and squid balls with single containers for the sweet, sweet and spicy, and vinegar dipping sauces. And the same rules apply — “no double-dipping.” So the “no double-dipping” rule is easy to follow. Besides, the sauce — though a bit runnier than other tonkatsu sauces — easily coats the entire skewer and is adequately absorbed by the breading so it doesn’t require a second dip.
The menu offerings are mostly skewers of all shapes and sizes — from the humble potato to foie gras — and are billed per stick, with the cheapest ones coming at P39 per stick (for the vegetables and crabsticks, among others) to P199 a stick for Japanese oysters and foie gras.
The restaurant also offers sets: the Beginner Level with nine sticks at P480, which includes the classic kushikatsu (pork cutlet), prawn, tsukune (chicken meatball), chikuwa (fish cake) and Camembert cheese; while the Advance Level with 11 sticks (also at P480) includes gyoza, leeks, pork intestine, and chicken heart.
This writer got the Beginner Level set alongside a stick of foie gras and Japanese oyster and almost immediately upon serving, I found myself confused about which was which because all the breaded food looked roughly the same.
But I pressed on. Armed with the menu, I managed to somehow connect the photo in the menu to the platter in front of me (it was helpful that the menu points out which is which). I realized that this would be an interesting experience for people who like surprises and a frustrating exercise for those who don’t.
I fall in the middle of the spectrum so I was reasonably excited — yet frustrated. The first skewer I picked was the Camembert cheese whose earthy, nutty flavors paired well with the sweet, tangy dipping sauce.
The cheese and the kushikatsu and tonkatsu were the standouts in this platter as the pork cutlets were suitably tender, though the kushikatsu affords you a smaller cut of meat against the heartier tonkatsu.
It was when I took a bite of the foie gras that I realized that this is probably the unhealthiest meal I’ve had in recent memory because while the portion of the fatty duck liver is small, the combination of its oils and the oils in which it was fried in was almost too much for my fragile little heart. The oyster was also a bit of a miss as I realized I was not fond of fresh oysters with breading — the slimy and crunchy contrast was not something I would want to experience again.
Faced with the realization that I might have shortened my lifespan in the course of a single meal, I ordered a gyudon (beef over rice) for P330 with egg to soak up all the oil I’d accumulated in the last 15 minutes.
And it was quite possibly one of the best gyudons I’ve had (though a personal favorite will always be Botejyu’s gyudon) as the egg was cooked perfectly with a runny yolk and not-quite-set whites that coats the steaming rice. The beef was also tender and sweetness of the sauce (made using mirin, soy sauce, and dashi broth) was mild and not overpowering. (It seemed that the dish is a customer favorite as I heard several people order it while I was there.)
So if there was a clear winner in this lunch, it was certainly not my cardiovascular system​ — it was the rice bowl and my lipstick because it managed to stay put without any visible fading after eating such an oily lunch. (For those taking notes, I was wearing Maybelline Super Stay Matte Ink Liquid Lipstick [P299] in the shade Lover, a beautiful mauve pink.)
A piece of advice for those wanting to give this restaurant a try — eat in moderation and please do bring friends with you to share the oily, yet satisfying burden.
The next day, I committed to only eating vegetables and fruits to apologize to my body.
Kushikatsu Daruma is located on the second floor of Uptown Mall, Bonifacio Global City, Taguig.

Honor unveils AI-powered phone

HUAWEI’s “e-brand” Honor launched in Manila last week its latest flagship smartphone, Honor 10.
Honor introduced its latest handset with its sights on the millennial market. Initially priced at P23,990 (via e-commerce site, Shopee), the Honor 10 features artificial intelligence (AI) applied chiefly to the smartphone’s dual camera, with f1.8 aperture, and 4K video recording. Aside from a bokeh mode, which is increasingly becoming a standard feature among smartphones these days, the Honor 10 also boasts real-time recognition of over 500 scenarios across 22 categories, as well as a variety of shooting modes to select from.
In terms of its hardware, the Honor 10 is also powered by an independently built-in NPU processor with the 4GB RAM 128GB ROM storage that gives sufficient space to stock all your exciting moments recorded in galleries, applications and files. The Honor 10 also comes with Honor Super Charge 5V/4.5A with the 3,400 mAh (typical value) battery and can recharge 50% of power within 25 minutes.

China’s central bank injects net 203.5 billion yuan with hefty one-year MLF rollover

SHANGHAI — China’s central bank lent 463 billion yuan ($72.43 billion) to financial institutions on Wednesday via its 1-year medium-term lending facility (MLF), with interest rates unchanged, it said in a statement.
The fund injection via MLF effectively rolled over 259.5 billion yuan worth of such loans maturing on the same day, as markets had expected.
It also added a net 203.5 billion of liquidity, the central bank said.
The move comes as more Chinese companies are concerned about tightening credit conditions, which are pushing up borrowing costs and leading to a gradual increase in corporate bond defaults.
Analysts believe the People’s Bank of China (PBoC) may be adjusting the way it conducts its various liquidity operations as financing conditions change, with Wednesday’s move possibly pushing back the timing of another expected cut in banks’ reserve requirement ratios (RRR).
Markets have generally expected another RRR cut in the second half after a surprise reduction in April, with some speculation that it could come as early as June or July.
“Today’s China MLF operation reinforces our view for a delay in the next possible reserve requirement ratio cut,” Frances Cheung, head of Asia macro strategy at Westpac First said.
Cheung noted 238.5 billion yuan of MLFs due in June was repaid with money from the RRR cut in April.
“Following this pattern, the RRR cut might have covered MLF up to August. Second, the PBoC more than rolled over the remaining 259.5 billion yuan maturing in June, suggesting the near-term strategy may be to cover liquidity needs via MLF.”
The PBoC cut the cash commercial banks must hold as reserves in April to help them repay their outstanding MLFs, describing it as a liquidity operation and not a signal of a monetary policy shift.
Wednesday’s injection was aimed to “keep liquidity reasonable and stable in the banking system, strengthen its support for small-and-micro companies, the green economy and other areas, and promote healthy development of credit bond market,” the PBoC said in the statement on its website.
The interest rate for the one-year MLF was unchanged at 3.30%.
After the operation, outstanding MLF loans will be increased by 203.5 billion yuan to 4.2205 trillion yuan, according to the statement.
The MLF rollover was also the first since the central bank expanded the guarantee scope of the bond instrument last Friday, by allowing banks to use suitably good collateral to ensure stable liquidity in its financial system.
ING economist Iris Pang said the move to expand collateral for MLFs also suggested the PBoC will be in no rush to cut RRR in June.
“Collateral expansion for MLF would reduce contagion risks and calm the market, however, we still expect standalone default cases, especially for companies with weak financials as financial deleveraging reform continues,” Pang wrote in a note earlier on Wednesday.
Pang cited a Securities Daily report that said seven issuers had defaulted on 22 bonds this year as of June 1. “Though the number of issuers and default amount look small, default risk is rising in the onshore bond market.”
ING believes the PBoC will still raise money market rates in mid-June, following an expected policy rate hike by the US Federal Reserve.
But given that liquidity is tight, Pang said the PBoC’s move would be a modest five basis points, echoing similar small adjustments it has made in the past year to maintain the interest rate spread between China and the United States.
The PBoC also said it had skipped reverse repos on Wednesday morning. 180 billion yuan worth of reverse repos is set to expire on Wednesday. — Reuters

Renewable energy developers urged to consider ‘green’ bonds

PURE ENERGY Holdings Corp. said renewable energy (RE) developers along with banks and investment firms should look at issuing ”green” bonds to finance their projects amid growing demand for renewables in the Philippines.
“We are closely monitoring the potential of green bonds in financing renewable energy projects in the country. Renewable energy is a sound and sustainable alternative energy source especially with the rise of oil prices due to geopolitical tensions and a weaker peso,” said Dexter Y. Tiu, chief executive officer of Pure Energy, in a statement.
Pure Energy said the issuance of green bonds would bolster private sector funding of local renewable energy projects. He noted demand for these securities should rise once the Securities and Exchange Commission issues guidelines for their issuance.
The investment holding company said green bonds posted strong growth in the international market last year with an issuance record of $157 billion. These bonds are an investment opportunity for the Philippines despite cost and demand issues that some investors are unwilling to take, it added.
“Investors should look past numbers and examine closely their investments. Investing in green bonds is not just profitable but proves to be a great investment in the long-run as it helps reduce greenhouse gas emissions through supporting RE projects. While green bonds are still at its early stage in the country, I am optimistic that local investors will see it as a growing asset and tap this potential investment,” Mr. Tiu said.
He called green bonds as the next frontier for renewable energy in the country, but admitted that the sector has a long way to go to convince investors and the public to shift to sustainable energy.
“The continuous decline of RE prices enables the RE sector to gain more traction but shifting to sustainable energy remains to be a challenge that we are proud to advocate for. We continue to be positive that issuance of green bonds will become the future of renewable energy financing in the Philippines marked by a stable bond market,” Mr. Tiu said.
Pure Energy said it was looking to acquire assets and “develop natural resources that are sustainable, and be a basic provider for the needs of the community.”
Aside from renewable energy, the company is into bulk water services and distribution to various cities, municipalities and communities. — Victor V. Saulon

Manila among cities facing biggest economic risks from natural and man-made disasters

How PSEi member stocks performed — June 6, 2018

Here’s a quick glance at how PSEi stocks fared on Wednesday, June 6, 2018.

DoE in discussions for CEZA nuclear power plant study

By Victor V. Saulon
Sub-Editor
THE Department of Energy (DoE) has held discussions with a South Korean company which tackled a possible feasibility study for a modular nuclear reactor in an economic zone in Cagayan province.
In a statement on Wednesday, the DoE said the modular reactor being considered would have a capacity of 100 megawatts (MW) to be located in an area managed by the Cagayan Economic Zone Authority (CEZA).
The Energy department identified the company as Korea Hydro & Nuclear Power, or KHNP, with its president and chief executive officer, Chung Jae Hoon, holding talks with Energy Secretary Alfonso G. Cusi, Undersecretary Donato D. Marcos and Assistant Secretary Gerardo D. Erguiza, Jr.
The discussions took place in South Korea on June 5, the DoE said. President Rodrigo R. Duterte visited the country this week and reportedly brought home investment pledges.
CEZA supervises the development of the Cagayan Special Economic Zone and Freeport in the northeastern Philippines. The freeport includes Sta. Ana town and islands in Aparri town in Cagayan province. It covers around 54,118.95 hectares.
Asked for comment, a staff member for CEZA Administrator and Chief Executive Officer Raul L. Lambino said the official has yet to report for work after traveling to South Korea. The staff member said Mr. Lambino was part of the President’s official delegation.
During the visit, the DoE said Mr. Cusi received submissions of letters of intent from South Korean companies, which it identified as SK Engineering & Construction, Sy Enc Co. Ltd., BKS Energy Industry Ltd., and SK E&S.
The event took place during the Philippines-Korea business forum and luncheon hosted by the South Korean business community for Mr. Duterte.
The letters of intent, which the DoE said cover “various potential energy investments in the country,” was presented by Mr. Cusi to the President on Tuesday.
The DoE quoted Mr. Marcos and Mr. Erguiza as saying that SK Engineering & Construction deals in coal-fired power generation and submitted its proposal for a coal-fired power plant. Sy Enc is involved in renewable energy and submitted a proposal for a wind power project, they added.
BKS Energy Industry Ltd. is also into renewables and proposed a solar power generation facility, the officials said.
“SK E&S put forward its proposal for an LNG [liquefied natural gas] terminal hub,” they added.
Mr. Cusi has described nuclear energy as an option for the Philippines. He has maintained a stance of being technology-neutral, as long as the energy source can provide secure and reliable power supply.
He has said that based on the technical assessment of the International Atomic Energy Agency, the use of nuclear technologies, including nuclear energy, is a possible inclusion for the country’s energy mix.
In March 2017, he said the DoE was studying the possibility of putting up a modular nuclear facility in Sulu ahead of a decision on whether the mothballed Bataan nuclear power plant will be rehabilitated or converted into a different power generation project.
In April, Mr. Cusi announced his submission to the Office of the President of the department’s proposed national policy on nuclear energy. He said the policy answers whether nuclear energy is going to be an option for the country, especially since “there are provinces already that are available [and] ready to take nuclear as a power source.”

‘Third player’ may need 2G to compete effectively — PCC

THE Philippine Competition Commission (PCC) said that the third entrant to the telecommunications industry will have to be allocated more second generation (2G) frequency over the long term to allow it to serve the 2G market.
PCC Commissioner Johannes Benjamin R. Bernabe said that reallocation of frequency will have to take into account a specific bandwidth range for 2G services in order for the so-called “third player” to reach the market of 2G users.
“There are several frequencies which are being allocated to the third player. But one thing we noticed, there is a certain bandwidth (like the 250-290 megahertz [MHz]) where there are no available frequencies,” Mr. Bernabe said in a roundtable discussion with BusinessWorld on June 1.
“Some say that it’s just 2G and if you’re given 4G and 5G you can supply 2G, but 5G and 4G are available if you have smartphones… the last statistic I saw on this is that… 40% of Filipinos still use non-smartphones, so that bandwidth is probably important for the third telco player to reach out to that 40% of the market… That has to be carefully calibrated by whoever is going to be the group of agencies which will look into the assignment of frequency for the third telco player.”
The Department of Information and Communications Technology (DICT) estimates that the 300 MHz assignable to the third player is sufficient for it to compete with PLDT, Inc and Globe Telecom, Inc.
The NTC estimates that 30.32% of available frequency is controlled by PLDT, while Globe holds around 24.9%. Some 39.35% is unassigned or subject to litigation, and another 5.41% is unallocated. Acting Secretary Eliseo M. Rio, Jr. has said that the frequencies held by Bayan Telecommunications, Inc. (Bayantel), control of which is being contested in court, might be available by the time the third player is selected since there is already an agreement to settle the issue out of court.
For long-term equitable allocation, however, the DICT may resort to re-farming of frequency, which may require legislation to head off legal action from the incumbents.
Senate Bill 1742 (“An Act Providing for the Allocation and Management of the Radio Frequency Spectrum”) proposes a process for allocating frequency, including dividing usable spectrum into blocks to ensure adequate competition, and a competitive bidding process for frequency assignment. The last time the National Telecommunications Commission (NTC) assigned frequencies it was done through a “beauty contest,” where regulators selected the proposals it deemed most advantageous.
The DICT may loosen its coverage conditions for the third player to attract more bidders.
Analysts said that the government may not strictly enforce coverage requirements given that the paid-in capital requirement will serve to filter out participants that are not financially capable.
“The DICT may become more lenient to attract more bidders,” Jervin S. de Celis, equities trader at Timson Securities Inc., said in a message.
“Generally, only a few players can realistically enter into telco in the country given huge capital spending required,” Luis A. Limlingan, head of sales at Regina Capital Development Corp. said in a message.
Other requirements include a telco track record of at least five years; a congressional franchise not related to either PLDT or Globe; and no uncontested liabilities with the NTC as of Jan. 31.
The DICT has said that the earliest period for selecting the third player is the end of August. The oversight committee is currently reviewing issues such as frequency assignments, use of unused or “dark” fiber of the National Transmission Corp. (TransCo), a common tower policy, and interconnection rates.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Patrizia Paola C. Marcelo

DPWH ‘open’ to San Miguel Corp. plan extending TPLEx to Ilocos Sur

THE Department of Public Works and Highways (DPWH) has confirmed it is expecting an unsolicited proposal from San Miguel Corp. (SMC) to extend the Tarlac-Pangasinan-La Union Expressway (TPLEx) toll road to Ilocos Sur.
DPWH Secretary Mark A. Villar told reporters last week that he has been informed of the SMC proposal.
“It’s not yet complete. They have a proposal but we’re asking them to complete it. So it’s not yet officially done. It still needs details,” he said.
According to the DPWH public information office, the proposal will have to go through a review from the engineers of the department’s Public-Private Partnership Service. The acquisition of the right of way for the proposed alignment of the extension is one of the most important considerations, an official with the office who asked not to be identified said.
Mr. Villar has said that the department is “very open” to the plan, as SMC is also the government’s concession holder for TPLEx. But he noted that the new proposal is not part of the existing concession agreement.
“They are the existing operator for TPLEx, so it would make sense that they propose to do this,” he added.
As an unsolicited proposal, the TPLEx extension to Ilocos Sur requires original proponent certification from the DPWH. From there it would be passed on to the National Economic and Development Authority for approval from the Board. After that, it will be subjected to a Swiss challenge where other companies may submit counterproposals, with SMC holding the right to match these offers.
Aside from the proposal to extend the toll road up to Ilocos Sur, the construction of the TPLEx extension to Rosario, La Union is also pending. DPWH earlier said it is expecting its completion by June 2019. — Denise A. Valdez

DICT targets 12 schools for cybersecurity training

THE Department of Information and Communications Technology (DICT) said it hopes to expand its cybersecurity awareness programs in schools this year.
Assistant Secretary Alan S. Cabanlong said the target is for programs in 12 schools this year.
“We target 12 schools for 2018. We had two caravans in January,” Mr. Cabanlong said in a text message, referring to road shows promoting cybersecurity awareness.
The two caravans visited Bataan province and Taytay, Rizal.
Caravans will visit the island of Catanduanes, Naga City in Camarines Sur, and Legazpi City in Albay.
Mr. Cabanlong said the programs have been meet with high levels of student turnout and engagement.
The programs teach students proper Internet use as well as avoiding cyber crimes including trafficking.
The DICT is also conducting separate digital parenting programs to educate parents on online usage. — Patrizia Paola C. Marcelo

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