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Connecting road in Panay Island to be completed in 2020 — DPWH

The Department of Public Works and Highways (DPWH) expects to finish in 2020 a 41-kilometer road that will cut the travel time between Central Iloilo and Antique by 30 minutes.
The DPWH said the P2.6-billion Panay East-West Lateral Road project covers the construction of a 41-kilometer long, 20-meter wide road, including bridges and slope protection. The road will connect the provinces of Antique, Central and Northern Iloilo, and Capiz in Panay Island.
“More than the shorter travel time, the road is seen to boost tourism and deliver positive impacts on the agricultural productivity in the highland communities in Western Visayas Region,” DPWH said in a statement. — Denise A. Valdez

Dependable rides

Among the most sought-after — and, incontestably, the most essential — features in a vehicle are those that pertain to safety, comfort and reliability. Automobile manufacturers heedfully make sure that their four-wheeled offerings, from entry level to top of the line, are safer and much more enjoyable to drive than their predecessors.

But there are autos that are head and shoulders above most everything else in terms of the three abovementioned areas. Here are a few worth noting:

Honda Odyssey

The latest variants of Honda Cars Philippines, Inc.’s minivan are aimed at answering the need for luxurious and comfortable mobility. Introduced late last year, they offer interior flexibility.

The EX-V Navi variant has a customizable, seven-seater capacity (2-2-3) layout, a full-leather interior, black wood and silver trim panels, and a large armrest with center console. The EX variant, meanwhile, features an eight-seater capacity (2-3-3) layout with soft fabric seats, integrating a 60:40 split bench seat to accommodate three passengers in the second row. Both EX-V Navi and EX contain magic seats in the third row.

Smart entry with push start system is now a feature shared by the two variants (only EX-V Navi had it before). Aside from that, they both possess a seven-inch touchscreen display system with Bluetooth for hands-free telephone functionality and audio streaming. EX-V Navi, however, has added entertainment features like a nine-inch rear entertainment system with DVD and HDMI playback.

Safety-wise, the variants have lots of safety technologies — airbags, anti-lock braking system with electronic brake-force distribution, vehicle stability assist, hill start assist, speed sensing auto door locks, and multi-view reverse camera, among others.

Mazda CX-3

The small sport utility vehicle offering of Mazda, which is distributed by Bermaz Auto Philippines, Inc., makes driving hassle-free with its active driving display (heads-up display), a screen that pops up above the main instrument pod that shows information like vehicle speed and more to keep the driver’s eyes on the road.

It also has a driver selection switch (sport switch) that changes the driver mode. When in sport mode, CX-3 responds better against accelerator operation. (Disengaging from the sport mode is recommended when traversing slippery roads).

The G-vectoring control of the CX-3 is another feature that helps with driving. It uses the engine to enhance chassis behavior, handing and riding comfort. Particularly, it varies engine torque based on steering input to control lateral and longitudinal acceleration and deceleration forces, optimizing the vertical load on each vehicle and improving traction.

CX-3 comes with an infotainment system that allows access to music, streaming apps, and social media platforms all from touchscreen located centrally, within the driver’s field of vision. There is also a voice command feature for menu switching and audio.

Suzuki Vitara

Suzuki Motors Corp.’s Vitara, which made its Philippine debut last year, is equipped with a number of advanced safety features. One of which is the electronic stability program that, after detecting wheel slip, takes control of the engine torque and brakes to suppress the slip and help the driver stay in directional control.

Another is the brake pedal release system; the structure to which the pedal brake is connected limits the pedal’s movement toward the driver in the event of a frontal impact. In the event that the SUV comes into contact with a pedestrian, there is the pedestrian protection feature; the bonnet, bumpers and other parts of the body have impact-absorbing structures that mitigate injuries.

Vitara is roomy; luggage space is 375 liters, and even when the rear seats are not folded, a golf bag for instance, can be stored. But for storing larger items, the rear seats can be folded.

To create additional space and height for storing tall luggage, the luggage board can be lowered to the floor. It can also be temporarily locked at an angle to access luggage and tools below the board without having to hold it.

Volkswagen Jetta

Jetta, a sedan offering of the official importer and distributor of Volkswagen cars in the country, Volkswagen Philippines, has two variants: Comfortline and Highline.

Some of the sedan’s entertainment features include the Fender Premium Audio System (available in Highline), a 400-watt system that delivers uncompromised sound quality in high, low and mid ranges. Each of the eight speakers is carefully situated to give the best listening experience possible.

For comfort, Climatronic air-conditioning system, which comes as standard in the Jetta Hybrid, allows temperature to be regulated separately on the driver and passenger sides. It also allows the blower speed to be automatically adjusted to reduce noise levels at lower driving speeds.

With the blind spot monitor, as soon as another vehicle enters a blind spot, the Jetta driver is warned of a potential hazard by a LED indicator in the wing mirror that blinks and becomes brighter. This optional feature operates at a speed that is at least 15 kilometers per hour.

Maintained wheels for smoother trips

Generally in life, it pays to invest in the things that keep between you and the ground. A great chair can mean the difference between a bad back or a productive workday. Good shoes can keep you on your feet longer and make your walks more pleasurable. A carefully chosen mattress can give you peaceful, comfortable slumber. The same goes for the wheels on your car.

As anyone who has ever ridden through a rocky mountain pass or barren countryside can attest, your vehicle’s tires are the only things that separates you from the harsh and dangerous roads. Keeping them well-aired and well-maintained is a top priority for any driver.

Fortunately, it can be very simple to maintain the look and feel of your wheels.

Inspect your tires regularly

“Simple things like checking your tires’ pressure to make sure that they are properly inflated can make a real difference in how long your tires last,” tire manufacturer Michelin wrote on its United States Web site.

“Under or overinflated tires don’t wear evenly and won’t last as long. For example, a tire that is consistently 20% underinflated can last 20% less. That means a tire that should normally last 60,000 miles would be worn out by 48,000 miles. Also, since the front and rear axles and right and left sides of your car wear down your tires differently, rotating your tires regularly between the different positions will ensure they wear evenly and last longer.”

Michelin North America is a $10.76-billion a year company that manufactures and sells tires for airplanes, automobiles, farm equipment, heavy duty trucks, motorcycles, and bicycles.

The company added that as drivers may not immediately notice any damage on a vehicle’s tires, regular inspection for any wear and tear can avoid any sudden problems on the road. Car owners should also have a professional inspect their tires every year.

Be aware of your load

In addition, check that you follow the recommended tire pressure for your car. Driving with incorrect tire pressures, especially carrying an unreasonable load, can affect a vehicle’s handling and braking, This is particularly dangerous in wet conditions, and can seriously compromise your safety.

“Driving on severely underinflated tires can cause heat buildup and eventually a premature failure. Check your tire pressure monthly and before every long trip,” Michelin wrote.

“Do not exceed the load capacity relative to the tire’s load index. Tires loaded beyond their maximum loads can build up excessive heat that may result in sudden tire destruction.”

Practice careful driving

Perhaps the most obvious, and the most important, tip is to avoid engaging in reckless driving.

“Wheels and gutters are notoriously bad at getting along. Indeed, some drivers are themselves notoriously persistent in introducing the two. The most obvious solution? Don’t hit them,” AMG Australia, a company that has been importing and distributing wheels all over the world, advised.

High-speed driving can also place an excessive amount of stress on a vehicle’s wheels, especially if the car is not designed for it. Michelin said that at greater speeds, tires have greater a chance of being damaged by road hazards or heat buildup.

“High speeds can also contribute to a rapid air loss or even a sudden tire explosion, which can cause the loss of control of the vehicle,” the company wrote.

Tighten your nuts

AMG Australia also suggests checking your tires’ nuts as they keep your tires attached to the vehicle. It is critical to driver and passenger safety that none of them are loose.

“It won’t take that long. Perhaps when you get your car serviced, ask the team to check this for you. It’s rare that they will work their way loose but when they do, you may get to see your beautiful wheel trundling off down the road whilst you fight for control of your vehicle,” AMG Australia wrote.

Use your spare tire as needed

Any damage whatsoever to a tire or wheel should be attended to immediately. All drivers should keep a spare tire for emergencies and should replace them whenever they are used. Michelin also recommends that all spare tires be checked by a professional.

Have them cleaned

Lastly, not only are wheels integral to your vehicle’s safety and performance on the road, they also enhance its look and presence. Keeping your tires clean of any dirt and grime can help your car convey an air of confidence while on the road. Not to mention that clean tires can improve the longevity and the overall ‘age’ of a car.

“The biggest challenge comes when heated dust particles from your brake pads settle on your wheels and get baked on (notice that your front wheels especially have that coat of black dust on them?). Leave it there for too long and a process known as “galvanic corrosion” will set in and destroy the wheels’ finish,” AMG Australia wrote.

“Five minutes work on the weekend will keep it at bay (or a coffee and read of the newspaper at the car wash café will suffice).” — Bjorn Biel M. Beltran

Theft-proofing your car

Cars are perhaps one of the most valued assets Filipinos have invested on. Having bought it from hard-earned money, owners would want to protect their autos as much as possible, especially since apart from natural calamities, cars are also vulnerable to theft.

According to reports, more than 5,000 carjacking incidents have been recorded in the country by the Philippine National Police (PNP) Highway Patrol Group in 2017. More than 700 of these cases happened in Metro Manila.

Moreover, cars do not need to be the latest model or belong in the luxurious line to be stolen. PNP have stated in previous reports that certain car models have been frequently carjacked because of their resale value and availability.

With car theft persistently remaining to be a rampant crime in the country, undertaking measures to secure your car from thieves is becoming more vital than ever. Apart from observing practical tips like parking your car on a safe and secured place at all times as well as keeping your doors always locked, installing anti-theft devices could help in preventing any misfortunes. These security devices not only secure your valued asset, but also spare you from bouts of anxiety and worry.

For example, car alarms activate during any sign of intrusion, window breaking, or even at the occurrence of loud noises. Although most cars have this feature already built-in, there are after-sales alarms for those cars that don’t have one. These alarms usually make deafening noises through a siren to alert the owner and draw attention to the thief.

Some car alarm brands in the market have additional convenient and sophisticated features such as keyless entry; remote starters; and smartphone integration, which allows the car owner to be notified in case the car is being broken into. Meanwhile, experts advise car owners to have it professionally done to avoid issues with your car’s electrical system because installing alarms can be complex in procedure.

In case thieves found a way to hotwire your car, steering wheel locks can serve as another line of defense to thwart the stealing. Inexpensive and easy to install even without professional help, these locks will render your car not driveable. Since these locks are made from steel, it would be difficult for thieves to cut, saw, or pry on it. Similarly, car owners can also opt for tire locks. Having one visibly installed can deter theft from happening.

Another useful device is the kill switch. Kill switch disrupts the flow of electricity at the battery or ignition switch, or disables the fuel pump — making it impossible to start the car. Installing one in a well-hidden spot can make it harder for thieves to pursue the crime. Some say that it is advisable to install several kill switches and assigning an order in which these devices should be flipped. Doing this adds a layer of protection to your car. However, it is recommended to have someone with enough knowledge on the car’s wiring system install the kill switches.

When all else fails, having a GPS (global positioning system) tracking device could come in handy in case you car gets stolen. This device gives car owners a real time location of their vehicle on any mobile device, which then could also be helpful to authorities upon responding to your case. Some of these tracking devices in the market now have improved and exceptional features that make it more valuable and desirable equipment for one’s car.

Apart from its  accurate GPS positioning capability, some devices include ignition detection that allows a car owner to prevent a thief by remotely shutting down the engine using a smartphone. Some even have an SOS button to send out vehicle location when in need of assistance during emergencies.

Some of the leading electronic tracking options in the market have indicated high percentage of return rates on stolen vehicles — proving that having one can be reliable tool in times of dire need.

Apart from protecting your car from possible stealing, installing security devices have other benefits as well. Some insurance companies offer discounts when vehicles are equipped with certain safety features. Meanwhile, whatever security device you have chosen to install on your car, experts say it is best to figure out first all its features for you to be able to maximize it to its fullest potential.

While these devices are worthy to invest on to help prevent cars from being stolen, authorities also advise owners to be vigilant of how thieves operate, especially since thieves can forcibly take your car while you are driving on the road. Authorities also encourage citizens to always report should they spot any suspicious activity; or to file a case if victimized. — Romsanne R. Ortiguero

Partners for a better work force

In any country, a healthy staffing industry can be a surefire sign of a developing economy. Staffing agencies deal with one of the primary concerns in the lifeblood of a nation’s economy: unemployment. The more robust the staffing industry becomes, the more people get hired for jobs. Those people will then gain a more consistent source of income and can further spur the economy by becoming consumers of goods and services. In a way, a strong staffing industry can be a herald for prosperous times ahead for any country.

This is why in the Philippines, over half or 54% of businesses with at least 20 workers have hired employees through staffing agencies, according to data from the Philippines Statistics Authority. Manufacturing has taken the lion’s share of workers, as the biennial Integrated Survey on Labour and Employment data found that of 691,341 surveyed agency-hired workers, the manufacturing industry had the most number of agency-hired workers at 311,722 when the survey was conducted in June 2016.

Meanwhile, in the first quarter of 2018, Philippine economic growth was recorded at a remarkable 6.8%, the 10th consecutive quarter that the economy grew by 6.5% or higher.

The trends in employment can be attributed to the Philippines’ meteoric rise in prominence with regard to its rapid pace of economic development. Many foreign investors are coming ashore, bringing their businesses along with them, and needing sizeable native talent to help them thrive. From where the country is currently standing, and given the strong momentum, it will only get better when it comes to staffing.

According to this year’s JobStreet.com Job Outlook Report, 2018 is “poised to be a good year in the Philippine job market, with both employers and talents expressing an optimistic view in relation to their hiring and job search activities”.

The report, now on its second year, conducted a survey of companies for their job market outlook in 2018. On a 7-point scale, employers averaged a 5.01 showing an increase in outlook optimism versus 2017, while candidates maintain their optimism at 4.68.

“This positive sentiment among employers and candidates is backed by indications of increased hiring and job-hunting activity, as 95% of Philippine companies claim to be expanding, hiring more personnel, and maintaining their hiring rate, while 88% of talents will be either monitoring the job market or applying for jobs in 2018,” JobStreet.com wrote.

“Confidence among employers is also seen in the increase in job postings, which experienced a 14% increase year on year and is driven by growth in the top three hiring industries — call center/IT-enabled services, retail, and manufacturing.”

“While more candidates see themselves to be more participative in the job market this year, companies are also foreseeing robust hiring activity, which means the competition to attract and retain top talent will be more vigorous. What will make or break employers this year is how attentive and primed they are to address the emerging needs of employees,” said JobStreet.com Philippines Country Manager Philip Gioca.

Nezda Global, a prominent player in the staffing industry in the Philippines, echoed this confidence, saying that the staffing industry is seeing considerable growth owing to how integral human resources is to the success of these sectors.

“Every sector is witnessing unprecedented growth, all because of technology and the brilliant minds working day and night to make this a reality. Every sector, be it banking, financial services, insurance, telecommunication and media, retail and manufacturing and many more, are dependent on technology and human resources to grow. That is the reason companies in every sector are dependent of staffing companies to get the right people,” Nezda Global wrote on its Web site.

“The staffing industry is going to grow at an even faster rate now, as the organizations are not quite equipped to deal with the rapid changes in technology and the competition is getting tough. The staffing industry in itself has become a billion-dollar industry.”

As the Philippines continues to grow in population, and its economy continues to expand, business and industry leaders will encounter new challenges that would need the specific talent and human resources that staffing organizations can provide. The more the country grows in wealth, the more important it is for a good workforce to keep things running smoothly.

Nezda Global noted that staffing agencies are now investing strategically in hiring the right recruiting leaders. There is already competition brewing between staffing companies for hiring and retaining top talent.

“Companies, in every sector, need staffing partners as it is becoming exceedingly difficult to find the right talent. About 80% of the talent is passive and that is where the staffing firms play a very important role,” the company wrote.

More than anything else, Nezda Global added, companies need the right people with the right attitude. With the magnitude of work that needs to be done in every developing sector of the economy, the staffing industry needs to be ready to face up to the task. — Bjorn Biel M. Beltran

The Future of Recruitment is Here

By Gilbert Camasura, AFPM, President, Asia Select, Inc.

​Imagine waking up one day when everything in the world is automated. Individuals go about their business without ever having to speak to another person, and all of life’s needs are just one’s fingertips in your computer or mobile application. The reality around the world now is every organization is looking for ways to streamline processes using the latest technologies in driving business. Artificial intelligence (AI) has started to dehumanize a number of business services that most leaders welcome as a change. Now, it’s being considered in human resources as an option to eliminate the lengthy and often inaccurate process of recruiting the best candidates.

Technology in recruitment through AI seems to be the new buzzword going around the boardrooms of every big and small company as human resources functions continue to be regarded as one of the most important aspects of a business. The truth is artificial intelligence has started disrupting recruitment practices over the past years, and as each new piece of recruitment software is introduced and gets integrated into our world, it has continually dehumanized the process but somehow managed to improve the human side of recruitment and quality talent management.

While wisdom says that change is the essence of life, a majority would still resist it. This is the same case for some people resisting AI in recruitment. Newsmongers would go so far as to push the wrong notion that AI would lead to losing jobs in recruitment. This would be ironic to many scientists’ concept of automation, which is to serve its purpose of removing the repetitive work from the hands of people while increasing the value of human capability to support business goals. It will be a foolish idea to fear machines that were created by us. It would be prudent to say that leveraging AI in recruitment can be a great tool in a company’s hand since it can lead to various advantages for the organization.

In a LinkedIn survey report, it presented that “Artificial Intelligence has become the top secret in recruiting talents. Further, 35% of talent professionals and hiring managers say that AI is the top trend impacting how they hire. In the recruitment practice, AI was regarded most helpful in sourcing, screening, interview scheduling and nurturing candidates.”

Can artificial intelligence recruiters work with HR professionals?

As AI continues to be integrated into the recruitment world, talent acquisition professionals will be expected to become more efficient by “doing more human relations work with talents by lessening repetitive administrative task.” Recruiters will have to be less worried about sourcing and screening. This allows them to refocus on engaging with qualifying candidates who are more aligned with the technical and culture fit requirement of the company. They will be more focused on handling the human relations aspect of closing job offers and improving the quality of candidate experience. With AI working with recruiters, it does not only speed up the recruitment process, which reduces the time it takes to hire a candidate, but also increases the chances of hiring the best talent before they get swept up by a competitor.

While a lot of people fear that AI and robotics will replace the recruiter, this is not the reality. This progress merely means AI will never fully replace the role, it will just change the job by enhancing their part in the hiring process and increase the chances of a quality hire. AI in recruitment can be a significant leap ahead in the sector. It would be pretty challenging in the coming days for manual recruitment to compete with it.

THE BENEFIT OF AI IN RECRUITMENT:

AI reduces a recruiter’s tedious task and boosts productivity. Using AI technology to initially assess resumes for keywords and concepts hidden in the text would give recruiters the ability to turn those piles of resumes into a short list of qualified candidates. Integrating AI, recruitment specialists can spend more time on the resumes that warrant more attention and not deal with the ones who are not qualified to begin with. This improvement in the recruitment process saves time for recruiters in an organization, which allows them to make better hires faster. On average, every corporate job opening attracts 250 resumes but only 10% of these applicants will be assessed and qualified for an interview and only one will be extended an offer for the job. Let’s say a recruiter’s goal is to make 8 to 12 hires a month. This means they would have to review about 2,000 resumes — which is a tough part of the recruitment process — to find the right fit applicant.

Automation streamlines the whole recruitment process and reduces the hiring time by half. AI for recruitment is an emerging category of HR technology designed to reduce — or even remove — time-consuming activities like manually screening resumes. Automating the recruiting workflow through AI will ironically allow recruiters to become more “human” by freeing up their time to more deeply explore candidate’s needs and desires and determine fit. One of the biggest advantages of using AI recruitment is that it is designed to integrate seamlessly into a company’s current system without disrupting their workflow. It also speeds up the process of recruitment through automation which, for a company, means that they are less likely to lose out on the best talent due to stiff competition in the industry.

A company’s reputation as an employer of choice increases due to the responsiveness of the AI to the candidate experience. Applicants sending their resumes to corporate job advertisement would always expect to get replies from signifying interest in job opportunity. The truth is, it has been a frustration for many to not receive any acknowledgement or communication from the hiring company at all or never be contacted again for update or feedback regarding the status of their application; wondering day-in and day-out if someone received their information or even cared about their expectation and experience. This is where Artificial Intelligence comes to the rescue. By using AI, it helps in engaging candidates throughout the application process. A recruiter will have a better time managing their candidate’s experience as AI will continue to track, monitor, and communicate progress with the candidate.

AI aligns and standardizes recruitment process by removing biases and the quality of hire can be drastically improved. On top of ensuring recruitment efficiency and improvement of the candidate experience, using AI recruitment also has the ability to reduce bias in the hiring process. In a Gallup study, “researchers found gender-diverse business units in the retail sector have 14% higher average comparable revenue than less-diverse business units. The probability of having bias is eliminated as artificial intelligence recruitment system will assess based on the desired competencies. There is also a 15-fold increase in sales revenue of companies with a high rate of racial diversity. Implementing AI in the hiring process can help achieve the goal of diverse teams as it will rank and score candidates based on qualification and leave bias out of the decision of whom to add to the short list of top candidates”.

Lastly, this automation will definitely take out the stress from the entire hiring process, making it vastly efficient. AI is set to dominate our lives in the near future. With various industries wholeheartedly embracing AI and furiously implementing it in their companies, it would be a no-brainer to say that AI would cover almost every aspect of our lives in the next five to ten years.

The Future of Recruitment is here. With AI, you can now HiRe for Organization (HiRo) Anytime, Anywhere. Should you be more interested in how you can leverage on artificial intelligence in your recruitment, please send an e-mail to ceo@ asiaselect.com.ph.

Rice tariffication to temper inflation

By Melissa Luz T. Lopez
Senior Reporter
REPLACING import quotas on rice with tariffs would stand as a significant counterweight to rising prices, a senior central bank official said, noting that its timely passage would temper overall inflation.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo said introducing rice tariffs by the third quarter could pull inflation lower.
“If Congress and the Senate are able to pass the rice tariffication bill to be implemented in the third quarter of the year, we expect some reduction by at least 0.4 percentage points (ppt) for 2018 and next year around 0.6%,” Mr. Guinigundo told reporters last week.
The central bank expects inflation to average 4.6% for 2018. Changes in the rice imports regime are expected to mitigate price pressures, although its impact would not be enough to bring the full-year print back to the 2-4% target range.
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.
Delays in the passage of the law would mean a softer impact on inflation, with Mr. Guinigundo saying that rice tariffs would ease the overall pace by 0.2% if implemented by the fourth quarter.
Philippine authorities can limit the volume of rice imports every year via the quantitative restrictions (QR), which is a preferential trade deal secured by the Philippines since 1995. This cap is in place to prevent the influx of cheap rice from abroad to protect local farmers.
Once lifted, individuals and businesses can import additional volumes of the crop but will have to pay a 35% tariff.
Mr. Guinigundo has said that he expect new taxes to add “less than one percentage point” to overall inflation, which would be countered by an equal 1ppt reduction expected easing in the price of rice once the QR is lifted.
Economic managers of President Rodrigo R. Duterte have thrown support for the lifting of the QR as it would have “beneficial” effects to inflation, with tariffs collected by the government expected to support mass irrigation, warehousing, and rice research.
Congress is yet to approve a bill on this matter.
The BSP raised its key rates last week, marking its first tightening move in nearly four years at a time of five-year highs for inflation and robust economic growth.
The Monetary Board raised its borrowing costs by 25 basis points during their third review for the year. Rates now stand at 3.75% for the overnight lending rate, 3.25% for the overnight reverse repurchase rate, and 2.75% for the overnight deposit rate.

Remittances likely grew in March despite deployment ban

MONEY sent home by overseas Filipino workers (OFWs) likely kept growing in March despite a deployment ban to Kuwait, HSBC Global Research said.
Remittances likely grew by 4.5% during the month, matching the pace clocked in February although slower than the 10.7% increase logged in March 2017.
“We expect March remittances to rise 20.5% month on month, after two straight months of sequential contraction. This would lead to a rise of 4.5% year on year, which is the same as the previous month’s pace,” the bank said in a report released over the weekend.
The Bangko Sentral ng Pilipinas (BSP) will report latest remittances data on Tuesday.
Cash remittances totalled $2.267 billion in February as it logged the slowest growth pace in three months, according to central bank data. However, the figure slipped from the $2.379-billion cash transfers received in January.
If the forecast is realized, March remittances will hit $2.7 billion, improving from last year’s $2.615-billion tally and will mark the highest since the record $2.741 billion tallied in December.
The two-month tally currently stands at $4.647 billion, 7.1% higher than the $4.338 billion received during the comparable period last year.
Remittances fuel domestic consumption, which in turn supports overall economic growth. It also stands as a counterweight to the country’s huge import activities, which keeps the country’s external position at a modest deficit.
The Philippine economy expanded by 6.8% during the first quarter, with household spending contributing 3.9% to overall growth.
HSBC sees cash transfers to post a steady climb this year, despite some disruptions in the Middle East.
“Remittances this year, so far, have largely been driven by inflows from Asia, Europe, and the Americas,” the report read. “Meanwhile, inflows from the Middle East have contracted on a yearly basis since start of 2018, which may be partly due to the Duterte administration’s ban on overseas Filipino workers to Kuwait.”
President Rodrigo R. Duterte announced a deployment ban to Kuwait following the discovery of the body of OFW Joanna D. Demafelis in a freezer in an abandoned apartment back in February.
Kuwait-based Filipino migrant workers were ushered back home following reports of abuse. The Kuwait government staged a protest to the Philippines, saying that this was a violation to their sovereignty and declared Manila’s ambassador as persona non grata.
Tensions simmered leading up to the signing of a memorandum of agreement between the Philippines and Kuwait last Friday, with the deployment ban “partially lifted.”
Remittances from Kuwait have slipped by 13.3% as of end-February, according to central bank data.
HSBC previously said that improving global growth as well as rising oil prices will benefit economies where OFWs are based, which in turn will lift their incomes. Remittance values are also helped by a weaker peso-dollar exchange rate, as the remitted funds have bigger value once converted to into the local currency.
The central bank expects remittances to grow by another four percent this year or above $29 billion versus last year’s $28.06 billion. — Melissa Luz T. Lopez

DICT seeking to lower interconnection rates

By Patrizia Paola C. Marcelo
Reporter
THE Department of Information and Communications Technology (DICT) is seeking to lower the interconnection rates between telecommunications operators, saying this will benefit mobile phone subscribers as well as the incoming “third” telecommunications player.
In Department Order no. 2 dated May 11, the DICT directed the National Telecommunications Commission (NTC) to come up with measures that would reduce the interconnection rates for both mobile voice and short message services (SMS) to a “minimum.”
The DICT noted the Philippines has one of the highest mobile voice and SMS rates in Asia. At present, interconnection rates between telecommunications operators are pegged at P2.50 for voice calls and P0.15 for SMS.
DICT Acting Secretary Eliseo M. Rio, Jr. said the NTC should craft the measures as soon as possible, but declined to say how much the reduction in interconnection fees should be.
“We would not want to wait before a law (that would remove interconnection charges) is passed. This would also help when we name hopefully by August the third player,” Mr. Rio told BusinessWorld in a phone interview on Sunday.
Senate Bill 1636 or the “Lifetime Cellphone Number Act,” which allows users to retain their phone numbers even if they change network providers, was passed on second reading at the Senate. The bill also includes a provision on the removal of interconnection fees.
The House Committee on Information and Communications Technology last month approved its own version of the Mobile Number Portability (MNP) bill. A House measure on the reduction of interconnection charges was filed in 2016.
“Affordable interconnection charges would encourage competition and would attract new major telecommunications players by creating a healthy environment conducive for competition and fair level playing field,” the DICT said.
The DICT aims to name a third player at least within the year to challenge the duopoly of PLDT, Inc. and Globe Telecom, Inc.
PLDT spokesperson Ramon R. Isberto declined to comment on the matter until they have studied the proposed measures.
Globe Telecom Inc. Senior Vice-President for Corporate Communications Ma. Yolanda C. Crisanto said they have yet to receive a copy of the DICT order.
Voice calls and SMS messaging are slowly declining as the preferred form of communication among mobile phone users. Many smartphone users have opted for messaging apps such as WhatsApp, Messenger, Viber and WeChat.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

Central banks’ forward guidance doesn’t always map the route

LONDON — After the financial crisis rocked the framework of monetary policy, rate setters took to giving “forward guidance” to steady the ship, but the recent experience of British and Japanese central banks suggests it doesn’t guarantee a smooth journey.
Just a few weeks ago markets and economists were convinced the Bank of England was all set to hike interest rates on May 10, until Governor Mark Carney gave a surprisingly dovish interview and suddenly all bets were off.
In just a couple of weeks, the pound tumbled 7 cents against the dollar and, in probably the most dramatic turnaround in Reuters polling history, virtually every economist in a panel of more than 60 changed their forecast.
In theory, forward guidance smoothes the outlook, mitigating risk for businesses and financial institutions, and helping to spur investment. It also is supposed to make it easier for the general public to plan their personal finances.
The problem is, not following through with it can stoke even more confusion.
“Carney rather jumped the gun in hinting there was very likely to be a May hike and he had to row back because the data turned out to be slightly different to what they had anticipated,” said Andrew Kenningham, chief global economist at Capital Economics.
“I would think Carney will be a little bit more careful about what hints he drops in future.”
And this was not his first such experience. Carney was dubbed an “unreliable boyfriend” by a lawmaker in 2014, accused of giving inconsistent messages on the outlook for interest rates.
Treasury Committee member Pat McFadden said at the time businesses and consumers had been “left not really knowing where they stand” by statements made by the Bank.
“The only people who throw that term at me are in this room,” Carney retorted in a testy exchange with journalists at a news conference on Thursday, trying to turn the discussion toward the Bank’s stated primary audience, households and businesses, not the financial markets and media.
“They expect us not to be on some pre-set course. They expect us to be prudent, not passive, and so if the situation is appropriate we will adjust policy,” Carney said.
So why give guidance?
Statements from central bankers are always going to be scrutinized by financial professionals, word by word, for any changes in nuance.
“You need to give some guidance to markets as to how you are going about decision-making,” said Capital Economics’ Kenningham.
“In terms of speeches… perhaps governors need to be a bit more careful than other members of the committees about expressing views because markets will jump on anything they say as being more definitive than it is.”
KEEP CALM AND CARRY ON
The Bank of England is not alone in having to put forward guidance into reverse.
Bank of Japan Governor Haruhiko Kuroda jolted markets in March when he told parliament the central bank could consider and debate exiting its ultra-easy policy if inflation hit its 2 percent target as projected in the fiscal year ending in March 2020.
But he went back on his words just a few days later.
“I didn’t say the BOJ will immediately exit the easy policy in fiscal 2019. I only said there could be some debate of an exit if inflation hits 2 percent during fiscal 2019, as we project,” Kuroda clarified.
Perhaps his climbdown was warranted, given it now appears Japan’s economy likely contracted for the first time in two years in the three months to March.
Weak economic performance in the first quarter is one of the reasons the BoE changed its tune so abruptly.
NO FREAKOUTS
European Central Bank President Mario Draghi has been more successful of late with forward guidance.
Despite clear signs in business surveys of a slowdown, Draghi said at his post-decision press conference on April 26 growth was expected to remain solid and broad-based.
Sources have told Reuters ECB policy makers were keen not to upset investor expectations that its 2.55 trillion-euro stimulus programme would end this year and its policy rate would rise for the first time since 2011 towards the middle of next year.
And the U.S. Federal Reserve is now debating how to describe conditions under which it would try to slow the economy without alarming financial markets.
The Fed began raising rates in December 2015 and is now approaching a point where its stance can be described as neutral rather than accommodative, the first time it will face such a transition since its rate-hiking cycle in 2004-2006.
None of the policy makers charged with overseeing the move today were in the same position back then.
“What is the message we should be sending out to accompany that move?” Atlanta Fed president Raphael Bostic said in an interview with Reuters.
“We don’t want to freak out the market.” — Reuters

Bringing back the terno

Fashion is like language. While words and clothes are made to say or show just a certain amount, a world of meaning can be concealed in a word or a garment, and only careful scrutiny reveals its true intention. As well, both language and clothing are so tied to a people’s identity, and if they are not in constant use, they will die, and so does the culture that thrived with their use.
Last year, the Cultural Center of the Philippines (CCP) partnered with clothing brand Bench for a mentoring program for regional designers called Fashioning The Terno, with the Philippine national dress for females, the terno, as its focus. The two entities teamed up once again this year for Ternocon, a terno-making convention and contest for regional designers which will culminate in a fashion and cultural showcase at the CCP on November.

A printed blue and white terno by Ramon Valera circa 1950s-1960s.

The Fashioning The Terno mentoring workshop last year served as this year’s first phase. From this collection of regional designers, 30 designers were chosen from 17 regions nationwide, and each finalist is expected to come up with a balintawak (the terno’s less-formal sister) and a terno. A preparatory workshop was slated earlier this month at the CCP’s lobby, making it a positive beehive with sewing machines chugging and the sound of scissors snipping away. The workshops were headed by fashion designers JC Buendia, Len Cabili, Cary Santiago, and Inno Sotto.
BusinessWorld caught up with Mr. Sotto just a few moments after he entered the CCP lobby. Educated in San Francisco and New York, he claimed in an interview that he has been in the industry for “800 years.” Of course this isn’t true, but he has been around long enough to dress many of society’s luminaries, from former first ladies and senators, to many, many socialites, and the queen bee herself, the dictator’s wife Imelda Marcos.
The terno came from the traje de mestiza, more popularly known as the Maria Clara (after the character from the Jose Rizal novels), complete with angel sleeves, a fichu, a blouse, and an overskirt. After the Spanish period of colonization which lasted centuries, the fledgling nation was thrust into the hands of the Americans, and soon enough, American influences entered into Philippine culture. The terno in its present form has influences from fashions popular in the 1930s and ’40s, during the height of the American occupation period. The sleek bodices and the varied hemlines of the skirts are definitely not from these islands. The terno’s butterfly sleeves, which stick out from the woman’s shoulder in a stiff fan-like shape is what sets the terno apart from Western dresses, and the shape of the sleeves contain echoes from the Maria Clara’s past, and therefore, of this nation. According to Mr. Sotto, the terno sleeve must be two to three inches high, and the width of the sleeves should be proportional to the distance between the shoulders and the elbow, and must have an odd number of pleats to strengthen the strongest center pleat. The work that goes into this single element, are invisible to many except the person who made it, and the woman who wears it.
A draped white jersey terno by Ramon Valera for Luz Banzon-Magsaysay circa 1950s-1960s.

Since the terno evolved from the Maria Clara, it could be argued that the Maria Clara is the purer form for it. Mr. Sotto avoids that distinction, and instead argues that the terno is an evolution of it, and sans the sleeves, it’s mostly a Western gown. We can then suppose that maybe, the terno is the perfect distillation of the Filipino spirit, in the sense that while we pick up influences from here and there, and thus change and adapt to them, we still retain a certain part of ourselves, that small certain part making all the difference. “That’s really who we are. We’re influenced by many things.”
IMELDA AND THE TERNO
While the terno was worn by many glamorous Filipinas, it arguably reached its zenith during the 1960s and ’70s, as worn by former first lady Imelda Marcos, whom Mr. Sotto speaks of in fond terms. Mrs. Marcos had a passion for clothes and show, a passion which would contribute to the country’s foreign debt. Either way, it was undeniable that in her earlier years, before her husband’s abnormally lengthened term from martial law, Mrs. Marcos was quite the attractive woman. Mr. Sotto said: “If there was any woman who actually knew what looked good on her, at a certain point in time, it was Mrs. Marcos.”
The terno looked great on her, and by extension, made the country look great during her official state visits. According to Mr. Sotto, this was because Mrs. Marcos modified some elements of the terno to better suit her. While her predecessors Mrs. Magsaysay and Mrs. Macapagal had their terno sleeves cut at the elbow, Mrs. Marcos had hers cut slightly above the elbow, the better to accentuate her waistline. Neither of the previous first ladies had Imelda’s height, either. Mrs. Marcos also asked for her sleeves to flare slightly outward from the dress, the better to frame her face, and to create an illusion of shapeliness as the silhouette from the flared-out sleeves tapered inward. During the Marcos regime, it was popular to wear ternos during formals, because having the then first lady traveling all over the world while in it made it look, well, cool. It had been so associated with Imelda that if one would look at the portrait of her husband Ferdinand’s successor, Corazon Aquino, Mrs. Aquino wore a different style of Filipiniana. For a long time, the terno was avoided by many to distance themselves from the Marcos regime. Since then, the ternos would only make an outing during the president’s State of the Nation address, and ever since the current president and his austerity measures have been in place, we haven’t seen a terno fashion show there since.
SCARCITY
It’s this scarcity of the terno’s use that Mr. Sotto finds troubling. “An entire generation after, all these designers, and the designers after, should at least know what a Philippine terno should look like.” This is why Mr. Sotto finds the Ternocon important. When told that maybe designers do know what the terno looks like, he answered, “But they don’t know what to do with it.”
“Whether your specialty is something very avant-garde… you must at least know something about your national costume.”
Supply follows demand, so there must be a market for ternos for designers to want to make them. When asked what a terno says about the Filipina who wears one, he said, “I don’t know what it will suggest to anyone, the same way that I don’t know what a kimono would suggest when a Japanese wears it. I don’t think it will necessarily suggest anything of the woman — except she’s proud of who she is, wherever she’s from.” He continued, “The mere fact that she wants an element in her attire to suggest that it is a national costume says something about that woman.”
An increasingly globalized world has led to a multitude of disguises and identities that one can slip on and off like a glove. Our polished English and our cool Netflix comedies can make it easy to pass of as not-Filipino, and many times, the situation in our country makes it increasingly tempting to do so. When asked what sort of woman chooses to wear a terno, Mr. Sotto said: “Somebody who is proud and confident of who she is.” As for the terno, much like our national identity, “You’ll have to want to wear it.” – Joseph L. Garcia

DMCI net income jumps 5% in 1st quarter

By Victor V. Saulon
Sub-Editor
DMCI HOLDINGS, Inc. posted a first-quarter net income of P4.3 billion, up 5% compared with the P4.1 billion in the same period last year, with higher coal prices offsetting the setback in the power business.
“Our power generation business suffered some setbacks this quarter because of the unplanned outages of Sem-Calaca Power Corp. and Southwest Luzon Power Generation Corp.,” said DMCI Holdings Chairman and President Isidro A. Consunji said in a statement.
“But we believe that higher coal sales and average selling prices will more than offset the impact of these outages on our bottom line,” he added.
The higher income for the period comes as consolidated revenues grew 8% to P20.3 billion from P18.8 billion.
Aside from the higher coal prices, the listed diversified engineering conglomerate’s performance was also boosted by the increase in billed volume and construction revenues.
Main contributor Semirara Mining and Power Corp. (SMPC) reported a first-quarter net income of P4.6 billion, up 3% from last year’s P4.4 billion after a 24% increase in the average selling price of coal.
The listed subsidiary’s contribution to the parent firm increased by 3% to P2.6 billion from P2.5 billion.
DMCI Homes, Inc. registered an 11% drop in net income share to P848 million from P950 million because of a slowdown in revenue recognition.
The parent firm said the property unit recognizes revenues based on the progress of its development and once at least 15% of the contract price has been collected from the buyer, under the percentage of completion accounting method.
Maynilad Water Services, Inc. contributed P315 million, higher by 12% compared the previous year’s P282 million, largely after the 4.9% increase in billed volume and a 2.8% adjustment in the inflationary rate adjustment on its basic charge starting in January 2018.
Meanwhile, D.M. Consunji, Inc. recorded an 85% jump in net income contribution after the realization of variation orders from projects nearing completion, the parent firm said. Its share hit P336 million from P182 million previously.
Off-grid energy company DMCI Power Corp. accounted for a smaller share during the period at P76 million, down 12% from P87 million mainly because of the lower-than-expected provisional tariff granted to its Aborian power plant in Palawan.
“The company has a pending motion for recomputation with the Energy Regulatory Commission which is expected to be resolved soon,” it said.
DMCI Mining Corp.’s contribution increased by 41% to P45 million from P32 million, with the strong growth attributed to the shipment of higher grade nickel from old stockpile and lower depreciation costs.
Other income urged more than three times to P37 million from P11 million because of higher interest gains.

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