Facebook Instagram Linkedin X Youtube
Home Blog Page 12401

Empowering Filipinos financially

Some would frown upon hearing about multi-level marketing, which is usually confused with scams or fraudulent schemes. However, these kinds of businesses — along with network marketing and direct selling — are accepted as a legitimate sales and marketing method, which have financially empowered many individuals regardless of economic stature throughout time.

Multi-level marketing is usually defined as a mode of business wherein products are directly marketed or sold to consumers instead of the traditional way of selling products from a fixed retail location.

Reports indicate that in recent years, direct selling has gained a strong foothold in the country as a retail option. In fact, citing a 2016 report from Euromonitor International, the Direct Selling Association of the Philippines (DSAP) noted that direct selling in the Philippines continues to grow as more Filipinos from the lower-income segment — which holds a large share of the population — choose to purchase products from this channel due to the availability of installment payment schemes and familiarity of consumers towards sellers, which are usually relatives or close friends.

DSAP further cited the report and said that there is also a notable percentage of the population who were encouraged to enter direct selling and become sales agents because of the minimal start-up requirements and the limitless profits and opportunities that they can gain from it.

Separate media reports noted that direct selling is one of the major alternative sources of income or as a means of augmenting finances for some, especially among women. It is also said that one of the advantages in direct selling is its flexibility — allowing individuals who are either employed or unemployed to earn extra income at their own pace and time.

Moreover, it is said that Filipinos opt to be involved in this industry because it doesn’t require business experience or high educational background.

Apart from the income-generating opportunities and financial success multi-level marketing and direct selling presents, individuals who engage in the business also have the opportunity to be mentored and trained by companies involved in the industry.

According to some  companies, they invest in harnessing the potential of its members by developing their personality, entrepreneurial skills, and leadership skills among others.

DSAP, for example, made initiatives in educating the public about direct selling through various programs as indicated in the association’s Web site. DSAP said that as service to its members, they invite speakers from related fields to help them benchmark against other industries.

In a larger perspective, DSAP reportedly said that as membership in direct selling grows, these sellers generate income for themselves, pay taxes, and generate employment — thus contributing to the development of the country.

Meanwhile, the future of direct selling in the country seems to have a healthy outlook. According to a 2018 report by Euromonitor, direct selling continues to allure Filipinos who aim to better themselves.

“Direct selling seeks to exploit the market potential through a network-centric business model, often with an emphasis on health and beauty products. The prevalence of underdeveloped retail markets and the growing obsession with health amongst women make direct selling alluring to Filipinos who are looking for economic power, and those looking to better themselves via self-improvement.”

Avon Cosmetics, for example, as cited by Euromonitor, can reach far-flung provinces, beating even the expanding reach of shopping centers and online retailing in the Philippines.

On the other hand, the report continued to note that companies selling products related to wellness is seen to benefit from the rise in concern for healthy living. Euromonitor noted that a recent Asia Pacific Sports Nutrition Survey reported that seven out of 10 Filipinos consumed some form of supplement in the last six months.

Meanwhile, separate reports indicate that direct selling is thriving despite the rise of e-commerce and convenient online shopping as Filipino consumers continue to trust products that are recommended by families and friends.

While network marketing or direct selling creates boundless opportunities, companies warn of fraudulent schemes like pyramiding that disguises as legitimate direct selling enterprises.

DSAP defines pyramiding as an illegal money scam often confused with legitimate network marketing plans, where people are convinced to pay money for a chance to profit from the payments of others who might join later.

But, how to differentiate legitimate ones from the frauds? Experts say that pyramiding usually involves entities primarily earning by recruiting other people with the latter paying registration fees to join the pyramid scheme.

DSAP, on the other hand, suggested to consider some factors first before joining a multi-level marketing or direct selling company. The association advised to consider if companies have a product and that these products have fair market value, or if there is a reasonable product return policy among other factors to make sure that the enterprise you are joining is legitimate. — Romsanne R. Ortiguero

Turning potentials into successes

Network marketing or multi-level marketing (MLM) remains a popular business model today but is anchored with an undesirable reputation. Many people often associate the word “scam” to this strategy as many pyramid schemes attempt to present themselves as legitimate MLM businesses. The bad image of this strategy makes it harder for many distributors and MLM companies to get ahead and be successful.

There are several ways to succeed in the world of direct selling such as building self-confidence, developing excellent communication skills, and creatively introducing the products to the others. But before distributor gets this far, it must actually start with an understanding on what network marketing is and how to properly look at it.

According to Don Teague, an online marketer based in United States, a distributor must understand that network marketing is a business opportunity and not a get rich quick scheme.

“Any network marketing opportunity should be considered a business opportunity and not a get rich quick scheme. Any reputable opportunity is going to take hard work. If it were a ‘simple’ way to get rich quick, would anyone really tell you about it? You should also treat anyone whom you may do business with as a potential business partner. The only way to be successful in network marketing is to have a network of trusted alliances, who can help build your business foundation,” Mr. Teague said.

And since many people see network marketing and a pyramid scheme as the same thing, a distributor must know its difference. Mr. Teague cited an excerpt from a statement made by the Federal Trade Commission, an independent agency of the US government that protects consumers and promotes competition, to show the discrepancy of the two.

“Multi-level marketing programs are known as MLM’s, and unlike pyramid or Ponzi schemes, MLM’s have a real product to sell. More importantly, MLM’s actually sell their product to members of the general public, without requiring these consumers to pay anything extra or to join the MLM system. There are two tell-tale signs that a product is simply being used to disguise a pyramid scheme: inventory loading and a lack of retail sales,” the excerpt reads.

In the Business Reference Guide of Amway Corporation, the world’s top direct selling company, Amway presented tips to succeed in MLM business.

“Building a balanced business requires three components: use the products yourself so you get to know them better, sell the products to customers, and help new IBOs (Independent Business Owners) to do the same,” Amway said.

The company explained that product sales are the key to earning money, so an IBO should think of the products the customers would likely order again and again by experiencing it firsthand.

“Product experience is the best tool,” Amway said, noting that being familiar with the products help an IBO talk about the products with confidence and make it easy to sell to customers. “Share your favorites, and friends and family will likely be interested in buying them too,” the company added.

After becoming familiar with the products and introducing them to customers, the last key to succeed in MLM, according to Amway, is to build for profitability. This can be achieved by expanding the business and sharing the MLM opportunity through sponsoring others.

In the case of Amway, the IBO may earn monthly performance bonuses based on its sales, as well as on the monthly and annual leadership bonuses based on the sales of downline IBOs.

These tips are actually the structure to stride the ladder of success in MLM, and it still depends on the capacity of an IBO or distributor to get through it, specifically in selling the products and building the network.

Social media seems like an obvious choice for marketing; there is Twitter and Facebook. But as Mr. Teague explained, there are still other social networking sites and there is a best way to post content over these 50 websites at once.

“Sure, you know about Twitter and Facebook. However, did you know there are over 50 different websites that could be considered a social network site?” he said. “OnlyWire.com will allow you to post your content to 50 social networks through one easy platform.”

Blogs are another great tool to build network marketing opportunity. However it takes work to build a blog, with one of the most important factors being regularly updated quality content, Mr. Teague said. In this matter, consider automating the posts through software packages that have the ability to schedule posts, and have them go ‘live’ on the site at preferred date and time.

Another tip for building network marketing business is webinars. Mr. Teague explained that a webinar is a great way to share your message with a large group of people at one time. “You could hold a webinar each week with continually updated content, which would keep people coming back for more if your content is valuable,” he said. — Mark Louis F. Ferrolino

Koreas discuss reunions for war-separated families

North and South Korea on Friday held Red Cross talks to discuss resuming reunions for families separated by the 1950-53 Korean War, the latest step in the diplomatic thaw on the peninsula.
Millions of people were separated during the conflict that sealed the division between the two Koreas nearly 70 years ago.
Most died without having a chance to see or hear from their relatives on the other side of the border, across which all civilian communication is banned.
The resumption of the family reunions — last held in 2015 — was one of the agreements reached between North Korean leader Kim Jong Un and the South’s president Moon Jae-in at their landmark summit in April.
Only about 57,000 people registered with the South Korean Red Cross to meet their separated relatives remain alive, most of them aged over 70.
Even if reunions are arranged, only 100 participants from each side will be selected.
For the lucky few chosen to take part, the experience is often hugely emotional, as they are given only three days to make up for decades of time apart, followed by another separation at the end, in all likelihood permanent.
“Let’s make the meeting a success by conducting it from a humanitarian perspective,” said the South’s chief delegate Park Kyung-seo, as he began discussions at North Korea’s scenic Mount Kumgang resort.
Pak Yong Il, Pyongyang’s chief delegate, responded: “The fact that the North and South are holding the first Red Cross talks in our famous Mount Kumgang is meaningful in itself.”
The reunion programme began in earnest after a historic inter-Korean summit in 2000 and they were initially held annually, but strained cross-border relations have made them rare.
Pyongyang has a lengthy track record of manipulating the divided families’ issue for political purposes, refusing proposals for regular reunions and cancelling scheduled events at the last minute.
North Korea has previously demanded it will not agree to family reunions unless Seoul returns several of its citizens, including a group of waitresses who defected from a restaurant in China. — AFP

YouTube offers creators new ways to earn money

YouTube, often criticized for not compensating creators well enough, will allow them to set up paid channel memberships, the company said on Thursday.
Currently the vast majority of revenue at the Google-owned service comes from advertising and that will remain a focus, said Neal Mohan, YouTube’s chief products officer.
“But we also want to think beyond ads. Creators should have as many ways and opportunities to make money as possible,” he said.
Viewers will pay $4.99 a month for channel memberships giving them access to exclusive content including livestreams, extra videos or shout-outs on channels with more than 100,000 subscribers.
Creators will also be able to sell merchandise like shirts or phone cases directly on their channels, the company said.
YouTube returns a small part of its advertising revenue to content creators who regularly accuse the platform of giving them only crumbs.
The site is facing increasing competition from other platforms using more and more video.
YouTube says it has more than 1.9 billion users but the figure only counts those who log in via their accounts. — AFP

Most mines pass review — MICC

THE MINING INDUSTRY Coordinating Council (MICC) cleared 23 of the 27 mines that were reviewed for compliance with state regulations, reducing uncertainty about potential supply disruptions at the world’s no. 2 nickel ore supplier.
“Four failed out 27,” Finance Undersecretary Bayani H. Agabin said in a press briefing on Thursday when asked about findings of the review team.
However, Mr. Agabin said that the findings may still be subject to change.
The mines were assessed on various criteria, including legal, technical, economic, social and environmental compliance, Mr. Agabin said.
He did not identify the four miners that failed the review, saying only that they were “large-scale mines” engaged in extracting nickel and chromite.
Danilo U. Uykieng, assistant director at the Mines and Geosciences Bureau, confirmed that the findings were not final.
The economic aspect of the review is not fully covered, Mr. Uykieng said, and the number of those who failed could increase or decrease.
All findings are also subject to a final decision by the office of President Rodrigo R. Duterte and the Department of Environment and Natural Resources (DENR).
The panel will meet again in the last week of July, Mr. Agabin said.
The review began in March, a little over a year since former Environment Secretary Regina Paz L. Lopez in February 2017 ordered to either close or suspend 27 of the country’s 41 metallic mines due to environmental violations, especially for being located in watersheds.
Mr. Agabin said the MICC did not explicitly recommend whether the mines should be closed.
“What was done is a review pursuant to the mandate of EO 79 to review the operations of mining companies,” he said, referring to the executive order signed in 2012 that formed the MICC and ordered a halt to the approval of new mining permits until the government, by law, gets a bigger share of mining revenues.
The legal aspect of the review verified whether the mining firms had secured required permits to operate a mine, while the environmental component looked at rehabilitation efforts, and the social component checked whether mining firms’ social development programs were “properly timed and redound the benefit of the community.”
The technical aspect meanwhile assessed firms’ capitalization, while the economic aspect covers contribution of total mining operations to the host community.
Mr. Agabin said that after the review team concludes its review, the findings will be circulated to the 29 members of the MICC for comments, and will have another meeting “by the fourth week of July.”
“The MICC is a recommendatory body. Depending on the action of the MICC it may accept it, approve it, and resolve to submit it to the DENR and the Office of the President,” he said.
Mr. Agabin added that the MICC will next review the rest of the country’s mines.
President Rodrigo R. Duterte began his term in July 2016 with a vow to put a stop to mining practices that damage the environment, and has since been vocal in his opposition to open-pit mining that is otherwise allowed by law.
There are 50 operating mines in the Philippines, 30 of which extract nickel ore.
Indonesia has been the top nickel ore supplier so far this year after Jakarta relaxed an ore export policy. — Reuters and Elijah Joseph C. Tubayan

Construction at major state projects set to begin

CONSTRUCTION WORK for at least nine of the 75 key large-scale infrastructure projects of the Duterte administration is set to begin next semester.
Department of Finance (DoF) data show that projects moving to the construction stage include the P4.61-billion Binondo-Intramuros bridge and the P1.37-billion Estrella-Pantaleon Bridge in Metro Manila, both of which are funded by China grants.
The list also includes the China-funded P4.37-billion Chico River Pump Irrigation Project and the P35.26-billion Tagum- Davao-Digos segment of the Mindanao Railway Project.
The Panguil Bay Bridge Project worth P4.86 billion financed by Korea official development assistance (ODA) will also start in the second half of the year, as well as the P1-billion repair of walls and drainage improvement along the Pasig River stretch from Delpan Bridge to Napindan Channel.
There are also three public-private partnership projects ready for construction, namely: the P3.33-billion mixed-income housing center, P1.78-billion government center and P850-million commercial center components of the Clark Green City.
The National Economic and Development Authority (NEDA) said in a separate statement yesterday that its Investment Coordination Committee-Cabinet Committee (ICC-CabCom) has approved the revision of terms of two big-ticket infrastructure projects after its June 14 meeting.
The ICC-CabCom — led by Socioeconomic Planning Secretary Ernesto M. Pernia and Finance Secretary Carlos G. Dominguez III — agreed to extend the loan validity of the Italian government-backed P2.62-billion Agrarian Reform Community Development Support Program from April 2019 to April 2021, as well as its implementation period from December 2018 to December 2020.
According to NEDA, the project “aims to increase and stabilize the income of agrarian reform beneficiaries (ARBs) in Sarangani, Sultan Kudarat, Maguindanao, and Lanao del Sur, along with improving their access to key services through support in infrastructure and agri-enterprise development, local capacity building, and project management.”
The Cabinet-level panel likewise approved the increase of the supplemental loan for the New Bohol Airport Construction and Sustainable Environment Protection project to P2.18 billion from P1.23 billion.
The supplemental loan is from the Japanese government and covers foreign exchange movements, price escalation in the construction of the project and also facilitates start of commercial operations in October 2018.
Construction for the New Bohol Airport has already started costing about P7.77 billion, and is seen to replace the Tagbilaran airport.
In a separate statement, Finance Secretary Carlos G. Dominguez III told members of the Asia Pacific Investors Cooperation network during its meeting in Tokyo yesterday that it is a “good time to build partnerships in the Philippines,” as the government is embarking on its infrastructure program.
“The modernization of our infrastructure and our governance will bring enhanced connectivity to the Philippine economy. They will open many opportunities for the global investment community. I hope that you will examine our ongoing programs and decide to participate in the strong emergence of the Philippine economy,” said Mr. Dominguez.
“It is our desire to see the strategic projects completed at the shortest possible time in order to immediately realize their economic value and lessen unnecessary financing costs,” he added.
The government targets the economy to grow at least seven percent this year from 6.7% in 2017 on the back of sustained increase in public infrastructure spending that will add to robust household expenditures. — Elijah Joseph C. Tubayan

Second rate hike may not be enough to help markets

WHILE the Bangko Sentral ng Pilipinas increased its benchmark interest rate for a second month on Wednesday, the action may not be enough to help lift Asia’s worst-performing market, according to some analysts.
Thursday saw the peso, which has lately been hitting 12-year lows against the dollar, 7.07% weaker from end-2017 at P53.46 to the greenback (read article on S2/3) and the Philippine Stock Exchange index down 17.06% year-to-date to 7,098.15 as it entered bear-market territory (story on S2/2).
Lexter A.L. Azurin, assistant vice-president and senior equity analyst at AB Capital Securities, Inc., said the latest increase in benchmark interest rates should ease investor concerns on the peso, which in turn will be good for equities. He noted that one of the reasons for the market selloff in the past few months is uncertainty over the policy environment.
AP Securities, Inc. Research Analyst Rachelle C. Cruz noted that for the equities market, a rate hike is better than no rate hike since the move is meant to calm the market and anchor inflation expectations.
For Ms. Cruz, there’s more room for peso weakness if inflation peaks in the third quarter of this year and the BSP’s Monetary Board does not increase rates at its Aug. 9 meeting. This, she said, will put pressure on the peso and the stock market will remain weak because foreign selloff will continue.
Inflation picked up to a fresh five-year-high 4.6% in May, keeping the year-to-date pace beyond the BSP’s 2-4% full-year target at 4.1%. Overall price hikes, however, have been slowing month-on-month, encouraging state economic managers to say that inflation should fall within target next year. The BSP on Wednesday also tempered its full-year inflation forecast for 2018 to 4.5% from 4.6% previously.
Krung Thai Bank’s Jitipol Puksamatanan said the BSP’s latest interest rate increase will probably only help to stop declines in the peso in the short term, adding that the latest action isn’t enough because the key rate remains below the nation’s inflation.
The move is unlikely to help strengthen the currency, he said, adding that a significant depreciation in the peso would be negative for inflation, while the peso may weaken further to as low as 54.50 in the third quarter.
Divya Devesh Asia FX strategist at Standard Chartered Bank said the second rate hike for 2018 — and in nearly four years — “certainly provides some respite” for the peso, but the currency is likely to continue to underperform due to weak external balances — a condition that is unlikely to change in the short term.
Mitul Kotecha, senior emerging markets strategist at TD Securities, said Wednesday’s policy tightening is not going to buoy the peso much given still relatively low real yields and current-account deficit.
Over the near term, he believes the peso may benefit from some consolidation in risk appetite but the dollar-peso pair is likely to remain in upward trend towards P54 to a dollar as the next psychologically important level.
WHAT’S NEXT?
The jury is also out on what to expect from the BSP in the coming months.
For Andy Ji, FX and Rates Strategist/Asia ex-Japan economist at the Commonwealth Bank of Australia, the Monetary Board could deliver another interest-rate increase this year after the hike on Wednesday, as inflation will probably quicken if the peso remains weak.
But even further hikes will do little to bolster the peso as the United States Federal Reserve is expected to embark on a more aggressive tightening path.
Mr. Ji noted that the peso is more vulnerable than regional peers to higher US interest rates as the Philippines has a more acute inflation problem.
In separate reports, analysts at ANZ Research and Nomura said they see additional tightening moves from the central bank following a back-to-back rate increase during the Monetary Board’s May and June meetings.
“We therefore maintain our forecast that BSP will follow up with another 25bp policy rate hike at its next meeting in August, taking the policy rate to 3.75% this year,” Nomura economists said.
The global bank echoed the BSP’s expectations of inflation hitting its peak during the third quarter, as it bared an estimate for third-quarter inflation at 5.1% coming from a 4.7% average expected for April-June.
The BSP introduced another rate increase as it saw that inflation expectations “remain elevated” for the year, especially given “more volatility” in the exchange rate.
For ANZ economists, “higher crude oil prices and a potential upward revision in minimum wages were seen as the key upside risks.”
“The important thing to watch out would be the magnitude of wage revisions in October, in our view,” they added, noting that the sustained peso weakness may have prompted the BSP to raise rates anew.
The peso has been trading at the P53 level versus the dollar since last week, touching fresh 12-year lows.
On the other hand, HSBC said the BSP’s move may be the last for now.
“We do not see further hikes this year, given easing inflationary momentum,” HSBC economist Noelan Arbis said.
“We still expect headline inflation to peak on a yearly basis in 2H18, but mainly due to base effects and higher oil prices, which we believe aren’t reason enough for additional monetary tightening.” — reports of Bloomberg and Melissa Luz T. Lopez

Throw volunteering into your travel and Instagramming mix


Text and photos by Erka C. Inciong
Today’s Filipino young professionals love to travel. Department of Tourism numbers show they — with the income and modern-day opportunities to travel — make up a big slice of the domestic tourist market. And for yuppies, traveling is almost synonymous with a chance to fill up their Instagram pages with “IG-worthy” shots, whether it be a sunset, breakfast, or a salagubang (beetle) hanging from a lens cap.
Enjoying new places and capturing special moments digitally has a lot to do with the YOLO (you only live once) mind-set, as is the reality that there are limits to taking a leave from work. Nonetheless there are dimensions, such as social relevance and environmental awareness, that we can add to our travels without giving up the YOLO principle.
That is where VolunTourista PH comes in, a group of young professional women who travel and, at the same time, do volunteer work for communities at a chosen location. The aim is not just to visit a province and take shots of all its “instagrammable” places and food, but to make an impact on the community, and be able to give back and create a memorable experience with the locals, even for just a short time.
VolunTourista PH members understand the need to go on holiday, escape from the daily grind, and get that much-deserved break from long working hours and the traffic jams. At the same time, they want to tap into the young’s passion and energy for something meaningful, or simply something different from the usual vacation.
Packing art materials, painting a mural, or teaching kids a new song or game to enjoy are not the usual holiday activities. But they can be as relaxing and recreational. It’s fun to meet new people along the way, interact with them, and know their stories.
VolunTourista PH doesn’t just pick a random tourist destination. There is planning involved. The members pick a province which promotes community-based tourism, wherein human ecology is at the core of the program, and coordinate the visit. It is the kind of tourism where the environment is protected and locals benefit through livelihood opportunities.
The group’s first outing was held during the summer of 2017, at Roxas, Mindoro. The second was a three-day trip to Bongabong, Mindoro at the end of November, and the most recent was at Donsol, Sorsogon, in May this year.
In only three days in Donsol, the members managed to swim with the butandings (whale sharks); took an excursion to see fireflies; painted a mural that promotes the Save our Seas campaign; taught grade school kids how to draw butandings and emphasized these creatures’ importance to the sea (and played some games too); taught high school girls how important their bodies are and how to prevent teenage pregnancy, hosting an Amazing Race-like activity to teach the importance of spiritual love; and, of course, tried out and took photos of all the specialty food from Donsol. (Don’t miss the fresh crabs cooked in coconut milk or ginataan — so soft you don’t need a cracker to get the meat out of the claws.
Next time you start thinking about a new holiday adventure, consider hooking up with VolunTourista PH.
Doing volunteer work while being a tourist is not really tiring. In fact, it’s fulfilling.
VolunTourista PH is open to women who are interested in touring and volunteering. They can like the Facebook page theVolunTourista PH (@VolunTouristaPH) and leave a message stating their interest in joining the advocacy.
(The author is a BusinessWorld layout artist, community volunteer, and member of VolunTourista PH.)

South Cotabato’s ‘convergence’ approach to primary health care

HEALTH is on the top of the list of South Cotabato’s convergence approach in the responsive delivery of social services.
“We realized that if we wanted to go down to the villages… we had to do it together and help each other. That was when we decided to adopt the convergence approach in delivering social services to our people,” said South Cotabato Governor Daisy Avance Fuentes when she spoke during the 2018 Health for Juan and Juana: Moving Forward with the Philippine Health Agenda forum.
Ms. Fuentes stressed that a functional local health board is crucial. The Provincial Health Board of South Cotabato is composed of the Governor, the Chairperson of the Sangguniang Panlalawigan Committee on Health, a representative of the Department of Health (DoH) Regional Office, and an NGO partner.
In one of the board’s regular meetings, Ms. Fuentes and her team found out that they were not getting the feedback needed to respond to the health needs of their constituents. As a result, there were many gaps in the province’s health service delivery network. “This was because we were all bureaucrats in the regional and provincial government.”
She proceeded to enroll in the DoH and Zuellig Family Foundation’s Provincial Leadership and Governance Program (PLGP) which aims to bridge leadership towards an improved and integrated provincial health system. “The program gave me a deeper understanding of the challenges in the health system, as well as empathy for our health workers and my constituents.”
Ms. Fuentes noted that the national government mandates local government units (LGUs) to ensure poor patients in hospitals have no out-of-pocket expenses and benefit from PhilHealth’s No Balance Billing policy. “But this is not possible if LGUs rely only on PhilHealth reimbursements because we pay for indigent patients admitted in both public and private hospitals.”
To address this gap, the South Cotabato provincial government established a trust fund for the purchase of medicines and medical, laboratory, and radiology supplies of South Cotabato Provincial Hospital, Norala District Hospital, and Polomolok Municipal Hospital. Funding comes from contributions of the three provincial hospitals, which allot 25% of their total income to the trust fund.
“Even if we procure by bulk on a semestral or quarterly basis, many of the supplies we purchase do not arrive on time. With the trust fund, our provincial hospitals have an alternative means to procure supplies in a timely manner.”
The South Cotabato provincial government also signed a Memorandum of Agreement with all pharmacies and drugstores in the province and Davao from which the provincial government can purchase medicines and hospital supplies.
Moreover, the provincial government has partnered with the Mahintana Foundation, a local NGO that operates a chain of community drugstores. One of these is the Health Plus Shop-in-a-Shop (HPSiS), a public-private partnership (PPP) between Mahintana Foundation and the South Cotabato provincial government aimed at improving poor patients’ access to quality and affordable medicines in public hospitals.
“Whatever medicines the provincial government cannot supply in time, HPSiS addresses the gap. We pay them every 15 days, and 70% of their net profit goes back to the provincial government,” Ms. Fuentes explained. HPSiS is a 2015 Galing Pook awardee and one of the 2017 10 Best PPP Stories of the Department of Interior and Local Government.
Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP). Medicine Cabinet is a weekly PHAP column that aims to promote awareness on public health and health care-related issues. PHAP and its member companies represent the research-based pharmaceutical and health care industry.
medicinecabinet@phap.org.ph

Eagle Cement’s 3rd facility to operate at full capacity by Q3

EAGLE Cement Corp. (ECC) expects its third cement facility in Bulacan to start contributing to earnings by the second half of the year, after partially commencing operations last April.
The listed cement manufacturer said its third cement line in San lldefonso, Bulacan will add two million metric tons (MT) to its current capacity of 5.1 million MT per year. The plant will start operating at full capacity by the third quarter of this year.
“We’re expecting some volume growth compared to previous year’s second half… impact financially will be second half,” ECC President and Chief Executive Officer John Paul L. Ang said in a press briefing after the company’s annual shareholders’ meeting in Mandaluyong City yesterday.
The capacity expansion will allow the company to expand its market range to areas in Region 1, Mimaropa, Bicol, and Western Visayas.
The Bureau of Investments granted an income tax holiday to ECC as an expanding producer of cement. The company said this will give them P530 million in savings over the next three years.
Once the third line operates at full capacity, Mr. Ang said this will make ECC the largest cement firm in the company in terms of size.
ECC is also currently constructing its fourth cement line in Cebu, which will expand the company’s market to the Visayas and Mindanao regions. The plant in Malabuyoc, Cebu will have a capacity of two million MT, with target completion by 2020. Asked whether the company will start exporting cement given its expanded capacity, Mr. Ang said the surplus for cement in Southeast Asia is keeping them from doing so.
“The line 4 in Cebu has a pier of which we can receive massive amounts of raw materials and at the same time, export cement of at least four million ton[s]. The pier is built to handle two lines, so there’s a possibility of export. But currently the ASEAN — Vietnam, Indonesia, Malaysia, there’s a surplus of cement capacity. It only makes sense to export in nearby areas,” Mr. Ang explained.
The company said the rising foreign exchange rates will have a minimal effect on its operations, since it does not import cement products.
“May tama samin (We will see an effect) because all these inputs are dollar denominated. There’s some effect, but since we make our own clinker, some effect but minimal. We don’t import clinker, we don’t import cement so we are less vulnerable to exchange rate,” Mr. Ang said.
With this, Mr. Ang said there is no need to increase prices to improve profitability.
This year, ECC targets to grow its net income to P6.5 billion, from the P4.26 billion it generated in 2017. Revenues are also seen to grow to around P23 billion for the year.
Shares in ECC went down by 0.13% or two centavos to P15.88 each at the stock exchange on Thursday. — Arra B. Francia

70 years since 1st LP released, vinyl enjoys revival

LONDON — In the basement of the British Library, curator Andy Linehan inspects the latest addition to a massive archive of wax cylinders, cassettes, LPs and CDs — a vinyl record that made musical history.
Released in the United States in 1948, Mendelssohn’s Concerto in E minor, performed by violinist Nathan Milstein with the New York Philharmonic Symphony Orchestra, was the very first vinyl LP, or long playing record.
The 12-inch 33 1/3 rpm format allowed longer pieces to be recorded, changing the way listeners enjoyed their music.
“The fact that the long playing record came into existence was a huge step for music sound recording and for the listener,” Linehan, curator of popular music in the British Library sound archive, said.
“Previously you could only get three minutes or so onto one side of a record and now because you had a narrower groove and a slower speed, you could get up to 20 minutes, which meant you could get a whole classical piece on one side of a record… you could get a whole package of songs together on one record.”
Thursday marked 70 years since Columbia Records introduced the LP, and British music retailer HMV and label Sony Classical recreated 500 copies of the concerto to give away to fans, with one replica donated to the British Library’s archive.
The record adds to the library’s 250,000 collection of LPs, usually commercial releases in Britain, and artifacts going back to the beginning of sound recording, such as wax cylinders, patented by Thomas Edison in 1877, the first way fans could buy music to listen to at home.
Thursday’s anniversary comes at a time when vinyl has been enjoying a revival. In Britain, while it still only accounting for 7% of album sales, it draws fans of all ages.
According to the British Phonographic Industry (BPI), vinyl LP sales rose to 4.1 million last year from 205,292 in 2007.
“Vinyl is popular because people see it more artifact rather than utility,” Gennaro Castaldo, BPI communications director, said. “They love the whole ritual around buying it and then playing it at home and also the sound quality is much warmer, richer and people appreciate that.”
Rock remains the best selling vinyl genre and last year, the biggest seller on the format in Britain was Ed Sheeran’s Divide album. Older titles such as Amy Winehouse’s Back To Black and Fleetwood Mac’s Rumours were also in the top 10.
“Our record stores are stocking more vinyl than we’ve ever stocked in terms of the last 10 years,” Simon Winter, PR and events manager at HMV, said.
At the flagship HMV store on Oxford Street, in central London, music aficionados buying vinyl records said they appreciated its sound quality.
“I grew up with mum and dad listening to a lot of Meat Loaf and a lot of heavy metal and rock and roll… and a lot of that was done on vinyl,” Steve Pound said. “That recording is just very, very unique.” — Reuters

IRC expands into infrastructure

By Arra B. Francia, Reporter
IRC Properties, Inc. is changing its name and expanding its business to include infrastructure development and mass transport, as the Tiu-led company prepares to build a subway system in Makati City.
In a disclosure to the stock exchange on Thursday, IRC said its board of directors has approved to change the company name to Philippine Infradev Holdings, Inc.
“The amendment shall enable the company to expand its business operations to include infrastructure and real estate development projects,” IRC said.
The renamed Philippine Infradev has been authorized to incorporate a new firm called Alternative Metro Transport System, Inc. (AMTSI), which in turn will enter into mass transportation projects such as transportation, subway, ferry, and bus.
“AMTSI aims to provide alternative solutions to decongest Metro Manila by developing and/or operating ferry, subway, and electric vehicles providing green alternatives to Filipino commuters,” the company said in an e-mailed statement.
Meanwhile, IRC’s wholly owned subsidiary Interport Development Corp. will also be renamed to Greater East Metro Development Corp. IRC plans to change the directors and officers of the unit as well as increase its capitalization.
The changes follow the Makati City government’s acceptance of the IRC-led consortium’s proposed $3.7-billion Makati Mass Transport System. The 11-kilometer intra-city subway system is set to have eight to 10 stations, and should address the traffic situation in the country’s leading business district.
While the IRC-led consortium was given original proponent status, project will still undergo a Swiss challenge. IRC is partnering with international firms Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd., Kwan On Holdings Ltd., and China Harbour Engineering Company Ltd. for the Makati subway.
The company looks to interconnect the subway to the Metro Rail Transit-Line 3, the proposed Metro Manila Mega Subway, and Pasig River Ferry.
IRC further authorized its Executive Vice-President and Chief Operating Officer Georgina A. Monsod to sign a letter of intent to the Metropolitan Manila Development Authority (MMDA) for the rehabilitation and modernization of the Pasig River Ferry Service.
In May, the company saw a change in leadership, with the appointment of businessman Antonio L. Tiu as president and chief executive officer. The new chief also heads listed firms AgriNurture, Inc. and Greenergy Holdings, Inc.
Incorporated in 1975, IRC originally engaged in the acquisition, reclamation, development, and exploration of land, forests, minerals, oil, gas, and other resources. It ceased exploration activities in the 1970s following the global recession, and bounced back in 2013 as a property developer.
The company currently has a residential project in Binangonan, Rizal called Casas Bauhinia which offers residential units for the lower income segment.
IRC’s net income attributable to equity holders of the parent soared 407% to P25.4 million during the first three months of 2018, supported by a 47% uptick in revenues to P75.17 million for the period.
Shares in IRC shed seven centavos or 5.15% to close at P1.29 each at the Philippine Stock Exchange on Thursday.

1...12,40012,40112,402...14,238Page 12,401 of 14,238
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube