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Construction jobs eyed for displaced firecracker industry workers

THE Department of Trade and Industry (DTI) said workers in the firecracker industry who may be displaced by a looming ban on their products may be offered assistance in setting up businesses or retrained for construction work.

“We will definitely help offer livelihood and negosyo offers, [o]r jobs like in the construction industry,” Trade Secretary Ramon M. Lopez said on Thursday in a text message to reporters.

President Rodrigo R. Duterte on Monday called for a law banning firecrackers nationwide. Such a ban would displace around 75,000 workers, especially in Bulacan.

Retrained workers can help partly make up for the shortage of construction workers, a potential bottleneck for the government’s ambitious infrastructure program.

Former undersecretary for competitiveness and ease of doing business Ruth B. Castelo said late last year that there is a shortage of about 2.5 million workers in the construction industry.

Workers in the construction industry are estimated at 3.3 million.

The DTI has a collaboration with the Technical Education and Skills Development Authority to supply the needed workers and has signed an agreement with Japan to help train them. — Anna Gabriela A. Mogato

The Chinese digital giants — coming to a store near you!

By Professor Michael R. Wade with Jialu Shan

BACK in 2010, almost all unicorn start-ups came out of North America or Europe, whereas Chinese success stories were hard to come by; Alibaba was not yet listed on the Nasdaq and Tencent’s remarkable social media platform Wechat was not even born. In short, China’s reputation was still one of a copycat producer of Western innovation. But times, they are a-changin’!

According to data from CB Insights, one in every three unicorns today is born in China. The top Chinese tech giants, Baidu, Alibaba and Tencent (collectively referred to as BAT), have as strong an influence on the Chinese stock market as Facebook, Amazon, Netflix, and Google (FANG) have in the United States. They are big — all three are among the world’s top 10 Internet companies by market capitalization.

They are cash-rich, innovative, and actively investing in new ventures. In fact, BAT are involved in almost all Chinese Internet ventures of significant size.

Baidu is the most popular search engine in China, both on desktop and mobile devices. Baidu covers more than 80% of the Chinese market. Like Google, Baidu also provides maps, translation, and cloud storage services, and is currently developing a self-driving car. Earlier this year, Baidu opened the source code for its autonomous driving platform to facilitate accelerated progress.

Unlike Google, Baidu has invested heavily in Online to Offline (O2O) services, which let users connect with nearby activities through location-based apps. However, Baidu is believed to be lagging behind its Chinese competitors. Within the ride-hailing services sector, for example, Baidu first invested in Uber China in December 2014. As a comparison, its rivals Alibaba and Tencent invested in Kuaidi Dache and in Didi Dache, respectively, back in 2013. Baidu also made a massive $3.2-billion investment in Nuomi, the market’s number three within the group-buying service, but it has turned out to be only a marginal competitor to the merged market leader Meituan-Dianping.

Baidu has been criticized for not being able to diversify its income sources. Though the video revenue from iQiyi reached $1.6 billion (16% of total revenue) last year, it is still losing money. Its profits rely heavily on advertising.

Baidu intends to expand beyond China. The company’s preferred region is Southeast Asia, South America, and the Arabic-speaking world, and it claims that its services already extend to more than 200 countries. Last year, however, 99% of Baidu’s revenue came from China, whereas Google generated less than half of its revenue from the United States.

ALIBABA — THE AMAZON OF CHINA
Most Westerners know very little about Alibaba, except that it is the Amazon of China. This is not completely wrong; just like Amazon, Alibaba’s growth has been largely driven by its e-commerce business, complemented by cloud services. Moreover, both companies dominate their home markets. But unlike Amazon, Alibaba is not a seller. “Alibaba is not an e-commerce company, it is an e-commerce enabler.” Jack Ma, the founder of Alibaba recently stated at the Bloomberg Global Business Forum in New York, when compared with Amazon.

Alibaba has a more complex platform ecosystem than Amazon, including Taobao.com (c2c), Tmall.com (b2c), 1688.com (b2b), and aliexpress.com (international portal). In addition to its direct e-commerce sites, Alibaba also owns a PayPal-like service called Alipay — a dominant player in the online and mobile payment market. Alibaba’s Yu’e Bao allows consumers to save and invest money “left over” in digital wallets into a market fund and earn interest. With Ant Financial, the company also provides access to credit for consumers and small businesses via Sesame Credit — which calculates credit scores based on shopping transactions. In short, Alibaba is transforming China’s payment and micro finance industry.

Alibaba earns less revenue than global peers (see Figure 3), making most of its money by charging merchants for advertising and transaction fees; 60% of its revenue comes from Alimama, its advertising platform. That also makes Alibaba’s net profit margin exceptionally high.

Despite these obvious differences, Alibaba and Amazon will continue to be compared to each other. They are locked in a battle to become the world’s largest e-commerce firm by market capitalization. On October 11, 2017, after more than two years, Alibaba’s market capitalization topped Amazon’s for a short period of time. As both Alibaba and Amazon look to expand overseas into similar markets, the battle between the two will only intensify. Recently, Alibaba released the new Tmall Genie — a voice-controlled smart home assistant — as a direct challenge to Amazon’s echo. Similarly, Amazon’s blockbuster purchase of Whole Foods could be viewed as an attempt to change the entire grocery shopping experience, much like Alibaba’s Hema has done for fresh food in China. The next battleground is in Southeast Asia, where the ecommerce market is believed to be relatively untapped and fragmented.

TENCENT — THE FACEBOOK OF CHINA
Tencent is best known for its instant messaging and social media platforms — Wechat and QQ, which have almost one billion active accounts each. Like Facebook, Tencent has diversified its services beyond social media and chat apps. Tencent’s “other” businesses are performing astonishingly well. Its online payment service Tenpay is rapidly closing the gap with market leader Alipay. Tencent’s web-based entertainment portal QQ.com is one of the largest web portals in China. Tencent is expanding Wechat’s e-commerce platform and has become a major shareholder in JD.com, the country’s second-largest e-commerce firm.

Unlike Facebook, Tencent is a giant in the gaming industry. According to Newzoo, Tencent is the world’s largest video game publisher by game revenue, and currently owns 13% of the world’s video gaming market. Tencent’s Chinese MOBA game “Honour of Kings” is the most profitable game worldwide in the mobile segment. Tencent is also spending heavily to acquire game developers globally. Back in 2013, Tencent invested in EPIC Games. In June of 2016, Tencent bought an 84% stake in Supercell, the maker of Clash of Clans, for $8.6 billion, setting a new record for the acquisition of a video game maker.

Not surprisingly, a majority of Facebook’s revenue is from advertising, and mostly from its mobile settings. This is not the case for Tencent. More than half of its revenue is generated from online gaming. Tencent’s advertising makes up only about 14% of its total revenue — including ads from other Tencent companies, such as QQ video.

As the BATs start to saturate the Chinese market, it is inevitable that they will look elsewhere for growth. Their first moves have been regional, to South East Asia and India. However, they have their eyes squarely on the large and lucrative markets of Europe and North America. The BATs are likely to enter these markets with a strong value proposition and aggressive marketing. Local players should prepare for a lengthy and costly battle.

 

Michael Wade is director of the Global Center for Digital Business Transformation at IMD, and co-author of Digital Vortex: How Today’s Market Leaders Can Beat Disruptive Competitors at Their Own Game.

Jialu Shan is Research Associate at the Global Center for Digital Business Transformation, an IMD and Cisco Initiative.

Restaurant Row (01/11/18)

Breakfast at Dean and Deluca

WELCOME each day with breakfast at Dean and Deluca. For a heavy start try Angus Beef Tapa with parsley pesto rice, farm fresh, free-range sunny side up egg, and house ricotta cheese. Fancy a sandwich? Choose your bread — French croissant, House Artisan Sourdough Bread or Rustic Italian Bread and Brioche — then All-American Grilled Cheese, Cubano, Reuben, Smoked Turkey or The Scramble. When in season, get the healthy Organic Avocado Tartine with Poached or Scrambled Egg. Traditionalists can opt for pancakes, waffles, and French toast: Buttermilk Ricotta Pancake comes with fruits, berries, maple butter syrup and French cream. Banana and caramelized walnuts top Buttermilk Pancakes and yes, there is Salted Egg Pancake. Dean & Deluca is at the G/F Eton Tower, Dela Rosa St., Legaspi Village, Makati City or at Edades Tower and Villas, Rockwell, Makati City.

New chicken fillet dish

TRY something new this year: McDonald’s latest addition to its chicken fillet range, Sweet Soy Chicken Fillet. It is a crispy chicken fillet glazed in a rich, sweet, and garlicky sauce. It joins old favorites Chicken Fillet ala King and the Crispy Chicken Fillet with Rice paired with gravy. The three dishes start at P55 for solo orders. Upgrade any rice meal to garlic rice with an additional P5.

New Year, new dishes

AFTERNOON TEA at Marco Polo Ortigas

THE seafood station at Marco Polo Ortigas Manila’s Cucina has been upgraded and now features oysters (fresh or baked), clams, mussels, Blue Swimmer Crabs and Curacha. Meanwhile, Lung Hin Cantonese restaurant introduces a new menu that goes across dim sum, carvery and seafood, with new dishes with a twist such as Baked Prawns with Cheese and Avocado, Peking Duck with Osmanthus Flower Jelly on Potato Chip, and Chilled Dragon Fruits with Mango Mix. Different takes on dim sum with Steamed Vegetarian Dumplings and Steamed Mushroom Buns. New to the lineup of authentic dishes with Mini Buddha Jump Over the Wall Soup and Braised Japanese Sea Cucumber with Canadian Wild Rice. Finally, enjoy Afternoon Tea Delights at the Connect Lounge. Choose from the Marco Polo Asian set and the Traditional English set for P888 for two persons. It is available Mondays to Fridays, 2 p.m.-5 p.m., and on Saturdays and Sundays, 2 p.m.-6 p.m.

How PSEi member stocks performed — January 10, 2018

Here’s a quick glance at how PSEi stocks fared on Wednesday, January 10, 2018.

Philippine trade year-on-year performance

THE PHILIPPINES can be expected to remain one of Southeast Asia’s fastest-growing economies, the World Bank said in its latest report, even as the global lender maintained the country’s growth projection for this year. Read the full story.

Monsanto sees profit rise on more soy planting

EVERYTHING’S pointing to another year of growth for US seed giant Monsanto.

Pretax earnings in the fiscal year through August are expected to increase, the St. Louis-based company said Thursday is its first quarter earnings statement. Commodity prices have stabilized from the free-fall of recent years, with corn prices starting 2018 at the same price they began 2017. Like last year, farmers are expected to buy the most expensive, newest hybrid seeds, and companies won’t have to slash prices to keep customers.

Prices “are challenging for growers, but when the environment is stable, they can figure out how to operate in that environment,” Brett Wong, an analyst at Piper Jaffray & Co., said by phone. “The industry has stabilized and there’s good demand for new products.”

While the company isn’t providing detailed guidance for full-year earnings, as its $66-billion takeover by Germany’s Bayer AG is still pending, Monsanto will be helped by growth in its soybean business. US farmers are planting the crop more than ever, devoting as many acres to the oilseed as they will to corn. Adoption of Xtend, the company’s new herbicide system for soy, is expected to double in acreage this year.

South American farmers are also buying more of the company’s Intacta-branded soybean seeds, which are resistant to caterpillars, and at higher prices, Christopher Perrella, a Bloomberg Intelligence analyst, said in a note last month.

Recent US tax reform legislation will have a positive impact on Monsanto’s effective tax rate in fiscal 2019, the company said. Early estimates are that the rate for the current financial year shouldn’t be more than 30%, and could be lower.

Monsanto expects the Bayer deal to close in early 2018, with about half of regulatory approvals secured so far. It also said its digital agriculture platform, Climate FieldView, was on 35 million paid acres last year, and expects the total to grow to 50 million acres.

Roundup, Monsanto’s blockbuster herbicide, is also making a comeback. The price of glyphosate, the active ingredient in the weedkiller, is rebounding faster than expected as Chinese producers of generic brands cut output due to environmental restrictions, Don Carson, an analyst at Susquehanna Financial Group, said in a note. The increase for gross profit in 2018 for the company’s unit that produces glyphosate will exceed $1 billion for the first time in three years, according to Carson.

A positive regulatory environment is also helping glyphosate, with the European Union recently renewing the chemical’s registration for five years, and the US Environmental Protection Agency concluding that it likely doesn’t cause cancer.

Monsanto’s Xtend made headlines last year because dicamba, a herbicide that the new seeds are resistant to, has a propensity to drift when sprayed. There have been thousands of complaints made by farmers who say drifting dicamba damaged non-resistant crops in adjacent fields. The EPA has issued more restrictive rules for applying the herbicide, and some states are adding other constraints.

Monsanto’s corn business saw lower volumes in the US and Brazil, and its profit declined 22% in the first quarter.

Overall, net income excluding one-time items was 41 cents a share in the three months through November compared with 21 cents a year earlier. That compares with the 42-cent average of 14 analysts’ estimates compiled by Bloomberg. Revenues of $2.65 billion missed the $2.77-billion average estimate. — Bloomberg

VAT refunds from this day forward

MOST PEOPLE are delighted to jump-start 2018 with their new set of bucket lists such as #travelgoals, #fitnessgoals, and of course, #relationshipgoals.

On the corporate side, retailers are hustling to unload last season’s collections to give way to new arrivals; gym owners excitedly welcome back existing members as well as new joiners who wish to unload excess inches gained over the holidays; and auditors embark on another busy season with the aim of finishing the audit of their clients’ financial statements in time for the April 15 deadline of the Bureau of Internal Revenue (BIR).

It is essential for companies reporting a VAT-refundable position to consider the following relevant points of Revenue Memorandum Circular (RMC) 89-2017 issued by the BIR in November to amend the provisions of RMC 51-2007 in relation to the processing of requests for refund or Tax Credit Certificate (TCC) of excess input VAT.

AVENUE FOR FILING REFUND/TCC
Previously, taxpayers seeking to secure a refund/TCC of their excess input VAT from the government filed their applications with the Revenue Office where they are registered. Direct exporters, on the other hand, had the option to file such applications with the VAT Credit Audit Division (VCAD) of the National Office (pursuant to Revenue Administrative Order No. 2-2014). Under the new RMC, the BIR now requires direct exporters to submit their refund applications to VCAD. However, if the direct exporter is registered as a large taxpayer, it has still the option to file claims with the LT Division having jurisdiction over the claimant.

Moreover, VAT refund/TCC claims filed by indirect exporters, i.e., those supplying goods and services to direct exporters registered with the Board of Investments (BoI), Philippine Economic Zone Authority (PEZA), and the Subic Bay Metropolitan Authority (SBMA) among others, as well as claims for other tax types (e.g., income tax) shall still be processed by the concerned Revenue Office.

AUTHORIZED APPROVING OFFICIAL
The circular also designated the approving BIR official depending on the amount sought for refund. Claims amounting to P75 million and below shall be approved by the Assistant Commissioner — Assessment Service (ACIR-AS), while those in excess of P75 million but not more than P150 million shall be authorized by the Deputy Commissioner — Operations Group (DCIR-OG). Claimants seeking refunds/TCCs of more than P150 million need the approval of the Commissioner of Internal Revenue (CIR).

With regard to the claims filed with the RDO amounting to P10 million or below, the Regional Director shall be authorized to recommend the issuance of the refund or TCC.

TIMELINE
Until last year, the BIR had 120 days to process VAT refund/TCC claims counted from the date of filing of the application pursuant to Section 112(C) of the Tax Code. Following this provision, the RMC also provides the timeline for processing VAT refund claims, which basically formalized the existing practice of the BIR prior to the issuance of the new RMC.

Under the RMC, all claims processed by VCAD and claims amounting to more than P10 million filed with the RDO shall be forwarded to the Tax Audit Review Division (TARD) within 80 days from the date of application for further review. The TARD, on the other hand, shall process and forward such claims to the approving official within 100 days from the date of application. Lastly, the approving official shall issue the BIR’s decision on the refund/TCC claim within the 120-day period.

For dockets that will be transmitted to the National Office after the 80-day period, the TARD shall no longer have the authority to accept and process these claims except for justifiable reasons.

However, with the enactment and implementation of the Republic Act No. 10963, also known as the Tax Reform for Acceleration and Inclusion (TRAIN), effective January 2018, the period for the BIR to grant a refund or issue a TCC was shortened to 90 days. While there is a need for the BIR to issue a clarification as to the timeframe moving forward, the author is hopeful that the 30-day reduction under the TRAIN will not affect the feasibility of meeting the 90-day timeline given the BIR’s current practice. Of course, actual results depend largely on the volume of the application and the BIR’s existing human resources.

In case the BIR is not able to issue its decision (i.e., whether to grant or deny the request for refund/TCC) within the prescribed period, the claim is “deemed denied” and the only remedy available in this type of situation is to seek judicial cure by way of elevating the claim to the Court of Tax Appeals (CTA).

It would be worthwhile to know that refund claims filed with the Courts undergo a more tedious process; it takes two to three years before an appeal is decided. Further, this course of action entails additional costs like filing fees, professional fees for legal and Independent Certified Public Accountant (ICPA) services (as needed), and other incidental expenses. Prudence would suggest that monitoring and timely coordination with the BIR (considering the stringency of the new RMC as to the timeline of processing VAT refund claims) as regards the requirements and resolution of any issues that may be noted during the review of the application should be undertaken by the claimant not only to expedite the processing of refund/TCC claims but also to prevent the incurrence of such additional legal costs.

The success of a refund claim largely depends on the compliance of the claimant to the requirements set by the tax laws and regulations. But more important, planning personal events and corporate agendas and deadlines in an orderly fashion and ahead of time is a sure prescription for a worry-free 2018.

The views or opinions expressed in this article are solely those of the author and do not necessarily represent those of Isla Lipana & Co. The content is for general information purposes only, and should not be used as a substitute for specific advice.

Ranier C. Matriano is a Senior Consultant at the Tax Services Department of Isla Lipana & Co., the Philippine member firm of PwC global network.

845 2728

ranier.c.matriano@ph.pwc.com

Nation at a Glance — (01/11/18)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

ECB hawks take lead on QE debate as doves stay quiet

AS THE European Central Bank (ECB) enters 2018, the debate over its stimulus plans is being dominated by policy makers warning against keeping policy ultra-loose for too long.

With the euro-area economy expanding solidly after three years of negative interest rates and quantitative easing (QE), hawks such as Bundesbank President Jens Weidmann have stepped up calls for a definite end-date to bond purchases. Even Executive Board member Benoit Coeure, a leading proponent of QE when the region faced deflation, now sees a “reasonable chance” the latest extension of the program to September will be the last.

The key though is whether President Mario Draghi and doves such as chief economist Peter Praet also adjust their positions. They’ve stayed quiet this year, letting the latest slowdown in inflation do the talking. Investors should gain an insight into the discussion on Thursday, when the account of the Dec. 14 Governing Council meeting is published.

“If we continue to hear only from the hawks there may be a perception that the mood has shifted in their direction more than it actually has,” said Oliver Rakau, an economist at Oxford Economics in Frankfurt. “The numbers clearly show the recovery is more sustained now, but I wouldn’t expect any sudden shift in ECB policy.”

The euro has climbed more than 1% since the ECB’s December policy meeting, though it has weakened slightly in recent days.

Bond holdings under QE will reach €2.55 trillion ($3 trillion) by September — equivalent to a quarter of gross domestic product, similar to the Federal Reserve’s program at its peak — and officials have pledged to do more if needed. Their own projections don’t see inflation back in line with the goal of just under 2% until at least late 2020.

HALF AND HALF
Yet economic growth is the fastest in a decade, and the broadest in the single currency’s history. That’s giving credence to the arguments of minority, if vocal, dissenters such as Weidmann and Dutch central-bank governor Klaas Knot who say price pressures are mounting and the ECB must stop before risks such as elevated asset valuations undermine financial stability.

Half of the six-member Executive Board, which proposes and implements policy, appears to be reluctant to extend QE again. In addition to Coeure, Yves Mersch has warned his colleagues that the ECB shouldn’t “fall behind the curve” by acting too timidly. Sabine Lautenschlaeger has long been on the record as saying she’s skeptical of the need for QE.

STATUS QUO
“Hawks such as Weidmann and Knot are still the outliers, but where they lead, the rest of the council is likely to soon follow,” Marchel Alexandrovich, an economist at Jefferies International Ltd. in London, wrote in a client note. Even so, “with core inflation once again disappointing expectations, makes it easy for Draghi to maintain the status quo for another few months.”

Euro-area inflation slowed to 1.4% in December and the underlying rate, excluding volatile components such as food and energy, held at a meagre 0.9%.

One development policy makers will be keenly watching is wage negotiations in Germany, where the IG Metall union is negotiating on behalf of 3.9 million metalworkers and engineers for a 6% pay hike and more flexible hours. It’ll hold talks with employers such as automakers on Thursday.

Without a significant pick-up in salaries in Europe’s strongest economy, where unemployment is at a record low, the ECB has little reason to believe it’s on track to hit its goal.

“Core inflation is still subdued and the German pay negotiations are key,” said Piet PH Christiansen, an economist at Danske Bank A/S in Copenhagen. “But in any case, with the strong economy emboldening the hawks, we are in for a more split Governing Council.” — Bloomberg

Manila to host Blockchain & Bitcoin Conference Philippines

On January 25, Manila for the first time will host Blockchain & Bitcoin Conference Philippines, an event dedicated to cryptocurrency, blockchain and ICO.

Philippines is a pioneer in the digital assets regulation
At the end of November 2017, the Philippines` Securities and Exchange Commission announced its intention to introduce cryptocurrencies in the legal field. This means that soon the state can become one of the pioneers in the field of regulating digital assets. Legislative security will positively affect the popularity of the Philippines in the crypto community.

Participants are crypto industry professionals
Crypto experts from all over the world will take part in the event: representatives of financial institutions, bankers, entrepreneurs, investors, lawyers, developers of blockchain solutions, startups and professional traders.

Guests will enjoy not only the conference, but also an exhibition
The event takes place in the format of a conference + exhibition, which simplifies the search for potential business partners. Within the conference, speakers will discuss legislative changes in the field of cryptocurrencies and tokens in the Philippines, share the experience of preparing a startup for the ICO, advise which digital assets should be invested in the new year and tell about the benefits of blockchain for business.

Representatives of the international crypto community will gather in the exhibition area: suppliers of mining equipment and farms, crypto exchanged, blockchain projects and investment funds.

The event is held by the international company Smile-Expo
The organizer of the event is Smile-Expo, the company that conducts events of the Blockchain & Bitcoin Conference network in 15 countries of Europe and Asia.

Venue: Edsa Shangri-La Hotel, Manila.

Follow the news on the official website of Blockchain & Bitcoin Conference Philippines.

Trade deficit widens in November as imports outpaced exports

THE Philippines registered a November trade deficit of $3.78 billion in its balance of trade in goods, wider than the $2.49 billion shortfall in the same month last year, the Philippine Statistics Authority reported earlier.

Merchandise exports grew 1.6% to $4.96 billion in November according to the government’s latest trade data that was released earlier this morning. This was slower compared to the 7.1% posted in October, but was a reversal from the 4.5% decline during the same month last year. By major commodities, exports of mineral products grew 128.5% to $364.28 million, offsetting the declines seen in exports of manufactured goods (-1.5% to $4.13 billion) and agro-based products (-28.5% to $288.48 million). Electronic products, which accounts 58.1% of the total outbound shipments, expanded by 12.7% to $2.88 billion in November.

Meanwhile, imports grew 18.5% to $8.74 billion in the same month, higher than October’s 13.1% growth albeit lower than the 21% seen in November 2016. Imports of raw materials and intermediate goods increased by 18.9% to $3.31 billion while that of capital goods ($2.88 billion) and consumer goods ($1.62 billion) went up by 16.1% and 14.4%, respectively. — Lourdes O. Pilar

Factory output contracts in November 

FACTORY output declined for the third straight month in November, the Philippine Statistics Authority (PSA) reported earlier this morning.

Preliminary results from the PSA’s Monthly Integrated Survey of Selected Industries (MISSI) showed that the November factory output – as measured by the Volume of Production Index (VoPI) – contracted by 8.1%. The recent figure was lower than the 5.8% contraction recorded in October and a reversal of the 15.1% growth registered in November 2016.

Sectors that posted double-digit declines were: chemical products (-62.7%), tobacco products (-48.3%), textiles (-33.8%), and footwear and wearing apparel (-23.9%).

Average capacity utilization, which is the extent by which industry resources are being used in the production of goods, was estimated at 83.9% with eleven of the 20 sectors registered capacity utilization rates of 80% and above. — Camille A. Aguinaldo

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