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Travellers signs management contract for Hotel Okura Manila

TRAVELLERS International Hotel Group, Inc. has chosen Japanese luxury hospitality chain Hotel Okura Co., Ltd. to operate a 191-room hotel within the country’s first integrated resort, the listed company told the stock exchange on Friday.

Travellers International, owner and operator of Resorts World Manila (RWM) in Pasay City, said it had formalized an agreement with the Japanese firm to operate Hotel Okura Manila, which is planned to have its soft opening in the fourth quarter of 2018.

“The Philippines, especially Manila, is a very promising market considering the nation’s gross domestic product (GDP) and population size, both of which are growing fast. The local hotel business is benefiting from these and other favorable trends,” Travellers International quoted Okura President Toshihiro Ogita as saying.

Hotel Okura Manila is set to join RWM’s portfolio of international hotel brands, which include Marriott Hotel Manila and the soon-to-open Sheraton Manila Hotel and Hilton Manila.

Travellers International also said Remington Hotel, RWM’s value-for-money offering, will be rebranded Holiday Inn Express.

The signing of the agreement with Okura was held at the Marriott Hotel Manila, and was attended by Mr. Ogita and Hidetoshi Ishimaru, corporate executive officer of Okura and Yeonhang Chua, senior advisor, InterAsia Links Co.

Kingson Sian, Travellers International president and chief executive, represented the listed company along with Bernard Than Boon Teong, chief financial officer and Georgina A. Alvarez, chief legal and corporate services officer.

“Having worked closely with Mr. Kingson Sian, we are confident that we will receive their full support as a reliable partner to operate the hotel. We will leverage the group’s expertise in traditional Japanese hospitality to make Hotel Okura Manila a much-beloved hotel among both local and foreign visitors,” Mr. Ogita said.

Travellers International said Okura plans to expand its growing portfolio to 100 properties worldwide, with focus on Asia. It said Hotel Okura Macau opened in 2011, followed by the opening of The Okura Prestige Bangkok and The Okura Prestige Taipei in 2012.

It also said Okura plans to open Okura brand hotels in Cappadocia, Turkey in 2019, Manila, Phnom Penh, Ho Chi Minh City and Yangon in 2020, and Taichung, Taiwan in 2021.

“Hotel Okura aims to strengthen the bond with promising markets including the Philippines. To enforce its commitment, Hotel Okura has made a donation of 100,000 USD to the Philippine Red Cross for natural disaster recovery in 2018,” it also said.

On Friday, Travellers International rose 0.74% in early afternoon trading to P4.08.

Philippines tops Mastercard Asia-Pacific consumer confidence survey

CONSUMER confidence across the Asia-Pacific region will be positive in the first half of the year, with Philippine respondents singled out as the most optimistic, driven by “rising economic growth” among others, Mastercard said.

“The findings from the latest index reveal that consumer confidence in Asia Pacific bubbles with youthful optimism stemming from rising economic growth, a soaring travel industry and greater intra-regional economic cooperation in the region,” the latest Mastercard Index of Consumer Confidence revealed.

The results of Mastercard’s index, disclosed to reporters via e-mail on Friday, showed that consumers aged above 30 posted a 6.3-point jump in optimism, while confidence rose five points in people 30 years old and below.

The trend of rising optimism started in the latter half of 2016.

In addition, Mastercard noted that the millennial consumers, aged 18 to 30, are very confident about the next six months. However, consumers aged 30 and above have a ”tempered outlook towards the future.”

“These lifts are reflected across buoyant consumer sentiment towards the stock market, employment and economic performance,” the statement added.

Meanwhile, the Philippines booked the highest level of optimism among its Asian peers as it scored 94.5 points.

Other emerging economies in the region such as China, Cambodia and Myanmar also scored high on optimism, with 92.2 points, 92.2 points and 91.7 points, respectively.

“High levels of optimism in emerging markets can be attributed to infrastructure investments which are seen to drive more opportunities for jobs and upward social mobility.”

Developed markets such as Taiwan, Malaysia and Japan were more pessimistic, logging 44.2 points, 45.9 points and 51 points, respectively.

The Mastercard Index of Consumer Confidence is the most comprehensive and longest-running survey of its kind in the region, with over 20 years of consumer confidence indices collected from over 200,000 interviews. — Karl Angelo N. Vidal

BPO network, groups kick off campaign for safer workplace

By Maya M. Padillo, Correspondent

DAVAO CITY — The BPO Industry Employees Network (BIEN) along with progressive groups AnakBayan-Southern Mindanao Region (SMR), Kilusang Mayo Uno-SMR, Nonoy Librado Development Center and the Church-Labor Solidarity Network in Dava,o started a campaign on Friday for safe work places dubbed #SafeWorkplacesNow outside the burned NCCC Mall following the deaths of SSI workers and one NCCC Mall employee.

“Safe workplace must be ensured now! We do not want another workplace tragedy where workers will die as they try to earn a living,” public relations officer Jupiter L. Delda told media.

The groups are also calling for the immediate passage into law of the occupational safety and health (OSH) bill (HB 64 and SB 1317) to increase penalties and criminalize violations or non-compliance of safety standards that imperil workers.

“The BIEN Philippines supports the immediate passage of the Senate Bill 131 and House Bill 64 for stricter compliance the companies para mapatawan ng kaso ang mga employers na hindi compliant sa health and safety standards ng manggagawa,” Mr. Delda said.

BIEN along with the Nonoy Librado Development Center and the Church-Labor Solidarity Network conducted an independent fact finding mission on December 29 until January 4 this year.

Mr. Delda cited instances pointing to violations of OSH standards, saying survivors of the fire did not participate in any fire drills, in the course of their work.

They also found out that fire alarms were not functioning and there were no emergency lightings to guide the evacuees towards the fire exits, Mr. Delda pointed out.

Based on their initial fact-finding mission, BIEN deemed that both research NOW SSI and NCCC be held accountable for these apparent lapses.

“Despite the fact that Davao City has been boosting…its most well-trained fire fighting and rescue team in the country, testimonies from families who witness the fire reveal otherwise,” he also said.

They are also calling for the scrapping of the Philippine Economic Zone Authority (PEZA) and holding the said agency accountable for this tragedy.

Mr. Delda said NCCC has been accredited by PEZA and the information technology special economic zone (PEZA-SEZ) because it houses a BPO company. He said: “In fact where BPO companies exist (these) are almost always accredited by PEZA-SEZ. This is because a BPO industry is a favored industry by the government….”

The press conference was simultaneously held in Quezon City led by BIEN together with the Center for Trade Union and Human Rights, Church People Workers Solidarity, Institute for Occupational Health and Safety, Ecumenical Institute for Labor Education and Research and KMU and Gabriela Women’s Party.

Phoenix evaluating service stations to host Family Mart stores

PHOENIX Petroleum Philippines, Inc. is evaluating the “viability” of the gasoline stations in which it will put up Family Mart units as it formally expands its business to include convenience stores after anti-trust regulators approved its offer to buy the retail brand’s local franchise.

“With this we can further expand Phoenix Petroleum’s business by entering the convenience store retailing market that will allow us to offer quality products withing the public’s immediate reach,” said Raymond T. Zorrilla, the company’s vice-president for external affairs, when sought to comment on plans for Family Mart.

In its decision dated Jan. 3, 2018, the Philippine Competition Commission (PCC) approved the acquisition by Phoenix Petroleum of shares in Philippine Family Mart CVS, Inc. It said the transaction, which was first disclosed in October 2017, does not result in a substantial lessening of competition in the relevant market.

Phoenix Petroleum, which said it was “elated” by the PCC’s decision, will determine viability of existing gasoline stations “to accommodate Family Mart as part of our non-fuel related business,” Mr. Zorrilla said.

“Determination will be based on available locator spaces, vehicle traffic as well as work/household population within the trading areas,” he said.

He said the deal has yet to close as PCC approval was issued only recently. He added the full announcement of the company’s plans “will be very soon.”

In its approval, PCC said sufficient competitive constraints on the parties remain from other market participants.

Phoenix has said the acquisition of Family Mart complements its retail fuel business. The deal marks its entry into the fast-growing domestic convenience retail market. Family Mart has 67 stores in Luzon.

As of the third quarter of 2017, Phoenix had a total 523 service stations, or 18 more than at end of 2016, company officials said.

On Friday, Phoenix Petroleum rose 3.24% in early afternoon trading to P13.40 each. — Victor V. Saulon

MICC experts to start mine closure review this month

THE Mining Industry Coordinating Council’s (MICC) teams of independent experts will begin this month the investigation of 26 mines ordered closed by the Environment department under previous leadership last year.

“The interagency Mining Industry Coordinating Council (MICC) is set to begin this January its ‘fact-finding and science-based’ review of an initial batch of 26 mine sites ordered either suspended or shut down last year by the previous leadership at the Department of Environment and Natural Resources (DENR), following the completion of the list of 25 experts who will undertake this reevaluation,” the Department of Finance — which co-chairs the MICC with DENR — said in a statement on Friday.

The start of the review comes nearly a year since former Environment Secretary Regina Paz L. Lopez issued the directive on Feb. 1, 2017, citing violations such as being located in watersheds and the pollution of surrounding bodies of water.

President Rodrigo R. Duterte backed Ms. Lopez’s order, even saying that the Philippines could survive without a mining industry.

In the same statement, National Economic and Development Authority (NEDA) Assistant Secretary Mercedita A. Sombilla said the review “should come up with recommendations on mining-related methodologies and procedures to maximize the benefits of mining and avoid damage.’

That, on top of the “list of inefficiencies/violations/damage done by mining companies that are difficult to address by the DENR alone” as well as the “appropriate penalties that have to be imposed for such inefficiencies/violations/damage done.”

Ms. Sombilla said that the review teams should also come up with measures to deter futuref violations and damage to the environment and the surrounding communities.

She added that the team should also recommend amendment to laws or implementing rules to “ensure the development of a responsible mining sector.”

“The final report will be a consolidated one. We will not see individual reports for each of the mines. It’s going to be consolidated. It’s going to be general — the key results that will come out of the 26 mining sites,” Ms. Sombilla said.

She said that the teams were given three months to complete their reports.

The five teams will investigate the legality of the closures, and arrive at comprehensive recommendations covering the economic, technical, and social implications of the order.

MICC earlier said that it will tap the Development Academy of the Philippines (DAP) to implement and manage the “fact-finding and science-based” review process on these mining operations.

The council has said that that the review groups will be based on mine location and type of ore. The first team will investigate gold, copper and nickel mines in the Cordillera Administrative Region, Cagayan Valley, and Mindoro, Marinduque, Romblon and Palawan; the second team is to investigate iron and nickel mines in Central Luzon; the third team will look into chromite, nickel and iron mines in Eastern Visayas and Caraga; while the fourth and fifth teams will handle nickel and chromite mines in the Caraga region.

The MICC in October agreed to conduct another review in 2019 and succeeding ones every two years thereafter, in keeping with the MICC mandate under Executive Order No. 79 to review all mining operations every two years. — Elijah Joseph C. Tubayan

Peso hits six-and-a-half month high but ends session weaker

THE peso rallied to a six-and-a-half month high against the dollar in intraday trade on Friday after latest government data showed inflation remained subdued in December, but the local currency pared some of those gains to close weaker against the greenback for a second straight session.

The peso rallied to as much as P49.705 against the dollar in midday trade, its best showing since June 15, 2017, according to Philippine Dealing System data. The local currency was Asia’s third worst performing currency in 2017, losing as much as 0.5% against the greenback, but remained among the region’s “most stable”, the Department of Finance said on Friday.

The intraday gains came after the Philippine Statistics Authority reported that inflation settled at 3.3% in December so that the average for the year, 3.2%, fell within the central bank’s target range for 2017.

Still, traders took profit in late trading and trimmed their holdings in favor of the dollar. The peso-dollar exchange rate settled at P49.865, a depreciation of four-and-half centavos from Thursday’s close.

“Dollar-peso [trading] tried to head [higher in the] morning, but failed to sustain the momentum in the afternoon,” a trader said over the phone on Friday.

“The local currency opened stronger after the release of December inflation rate at 3.3%, sustaining November’s pace which has shrugged fears of an overheating Philippine economy,” another trader said in an e-mail.

“[T]raders took the opportunity for bargain-hunting towards the afternoon so that the peso lost its initial strength.”

The amount of dollars traded rose to $715.7 million from the $519.25 million that changed hands in the previous session.

Ruben Carlo O. Asuncion, chief economist of Union Bank of the Philippines, said the subdued inflation data for December boosted optimism over the local currency.

“I think it’s [inflation] a major indicator that inflation will be manageable in spite of probable spikes,” Mr. Asuncion said in a phone interview on Friday, adding that the spikes will be brought about by the effects of the local tax reform.

“Although we’re not expecting big spikes, there’s still the impact of the TRAIN (Tax Reform for Acceleration and Inclusion Act) on inflation, but it’s going to be short-term rather than something long-term,” he added.

“It’s [inflation data] an indication that 2018 will be okay, so they’re betting on the peso.” — Karl Angelo N. Vidal

PSEi sets fresh record in Wall Street’s wake

By Patrizia Paola C. Marcelo

THE Philippine Stock Exchange index (PSEi) has set a new all-time high on Friday, the latest in a string of records propelled by investor optimism over the Philippine economy and corporate earnings.

Philippine stocks took the cue from Wall Street’s gains overnight that saw the Dow industrials break above the 25,000 for the first time.

The bellwether PSEi closed at 8,770, a gain of 30.17 points or 0.35%. The all-shares index closed at 5,076.32, higher by 16.57 points or 0.33%.

“Our market has breached records for the first three days of 2018 after a string of favorable news in the local scenario buoyed investors’ sentiment,” Jervin S. de Celis, equities trader at Timson Securities, Inc., said in a text message.

“The above 7% gross domestic product (GDP) growth prospects, the expected higher government spending, and double digit earnings per share (EPS) growth for the blue chips were the reason behind the rally of the index from the 8,500 level to as high as 8,858,” Jervin S. de Celis, equities trader at Timson Securities, Inc., said in a text message.

Analysts said that Philippine economic growth can be expected to accelerate further this year, above 7% given favorable domestic and global conditions despite commodity price pressures from a revised tax law.

First Metro Investment Corp. (FMIC) has a 7-7.5% growth forecast for this year, faster than its 6.5-7% estimate for last year.

Finance Secretary Carlos G. Dominguez told reporters on Thursday that disbursements grew by 13.8% for 2017, which would mean P2.901 trillion, based from recorded P2.549-trillion overall disbursements in 2016.

“This is an indication that investors are pricing in these news in the market already as macroeconomic fundamentals appear to be really attractive. For this reason, foreigners have bought P730 million worth of shares this week,” Mr. de Celis added.

“Philippine markets ended the week on another record high, while U.S. stocks posted their third consecutive day of gains on Thursday,” Luis A. Limlingan, managing director of Regina Capital Development Corp., said in a text message.

The Dow Jones Industrial Average closed at 25,075.13, breaching 25,000 mark for the first time. The S&P 500 closed at 2,724.85 and Nasdaq Composite at 7,077.92.

Five of the PSEi’s six sub-indices gained. Financials went up by 1.50 points or 0.07% to close at 2,253.48; industrials by 155.84 points or 1.37% at 11,500.13; holding firms by 9.67 points or 0.11% at 8,940.68; mining and oil by 70.22 points or 0.61% at 11,599.49; and property by 41.98 points or 1.03% at 4,096.22.

Services closed at 1,606.65, losing 11.76 points or 0.73%.

Total value traded was P10.57 billion. Gainers outnumbered losers 126 to 87 while 51 stocks were unchanged.

2017 forex reserves beat BSP forecast

THE country’s foreign exchange reserves rose to a level that surpassed the Bangko Sentral ng Pilipinas’ forecast for 2017 on the back of higher gold valuations and higher inflows from the central bank’s investments abroad, data on Friday showed.

Gross international reserves (GIR) totalled $81.467 billion last month, preliminary data from the BSP showed. This is up from November’s $80.309 billion and $80.691 billion logged in December 2016.

The end-2017 level of reserves was higher than the central bank’s forecast of $80.7 billion, Reuters reported on Friday. The BSP expects the GIR to be at $80 billion by year’s end.

Boosting the reserves were “inflows arising from the BSP’s foreign exchange operations, net foreign currency deposits by the National Government, revaluation adjustments on the BSP’s gold holdings resulting from the increase in the price of gold in the international market, and income from the BSP’s investments abroad,” the statement read.

Value of BSP’s gold holdings rose to $8.336 billion from November’s $8.045 billion and December 2016’s $7.259 billion, reflecting higher gold prices in the market.

Central bank’s foreign investments, which accounts for the bulk of GIR, grew to $65.763 billion, up from $65.178 billion registered in November, but shrinking from end-December 2016’s $68.290 billion.

The BSP’s foreign exchange holdings also rose to $5.742 billion at end-December from $5.445 billion in November and from $3.563 at end-2016.

The central bank sometimes uses the reserve fund to influence daily peso-dollar trading by buying or selling more units in a “tactical intervention” in attempts to temper exchange rate swings.

The peso averaged P50.379 versus the dollar last month, recovering slightly as the local currency traded between the P50 and P51 level in November.

The country’s special drawing rights — the amount which the country can tap from the IMF’s reserve currency basket — was $1.2 billion.

Amounts in the IMF basket are expressed in US dollar, Japanese yen, euro, British pound and the Chinese yuan.

“The end-December 2017 GIR level remains adequate as it can cover 8.3 months’ worth of imports of goods and payments of services and primary income,” the BSP statement read.

“It can likewise pay up to 5.8 times the country’s short-term foreign debt when computed on original maturity, and up to 4.2 times based on residual terms,”

International reserves are a key measure of a country’s macroeconomic footing, providing a buffer against external financial shocks. — Karl Angelo N. Vidal

Faeldon vents on Twitter about Senate punishment

By Arjay L. Balinbin

DETAINED former customs commissioner (BoC) Nicanor E. Faeldon posted a statement on his Twitter account on Thursday night, Jan.4, accusing Senator Richard J. Gordon, chairperson of the Senate blue-ribbon committee (SBRC), of inflicting “cruel, degrading and inhuman punishment” upon him.

“I thought all along that cruel, degrading and inhuman punishment had been outlawed under our Constitution. I was wrong,” Mr. Faeldon said.

“Sen. Gordon, in his capacity as Chairman of the SBRC, and for reasons known only to him, has inflicted and is inflicting upon me the following cruel, degrading and inhumane punishment: a.) he deprived me of the company of my loved ones last Christmas and New Year’s day, b.) he deprived me of my right to be examined by my cardiologist, in view of my heart ailment for which I was confined last August 2017, c). he deprived me of my right to my religious practices, d.)he deprived me of my right to take my oath of office before DND Secretary (Delfin N.) Lorenzana and Usec. (Ricardo B.) Jalad at 0800 hours on 10 January 2018, and to whom I was supposed to take orders from before returning to my detention room (a mere 4-hours request, under guard), and, e.) he deprived me of my human and father’s right to be present at my youngest child’s birth.”

President Rodrigo R. Duterte appointed Mr. Faeldon as deputy administrator III of the Office of Civil Defense (OCD) last Dec. 22.

Mr. Faeldon has been detained since September last year for failing to attend the Senate probe on the P6.4-billion shabu smuggled from China. He has been also accused of raking in bribes, including the P100-million “welcome gift” he purportedly received upon assuming office at the Bureau of Customs in 2016.

The former customs chief likewise said that Mr. Gordon inflicted those punishments “upon the orders of the cement-smuggler senator, who vowed vengeance against (him) for exposing him and his son’s cement-smuggling racket.”

Mr. Faeldon had earlier accused the son of Senator Panfilo M. Lacson, Jr. last year of smuggling cement through the BoC. He claimed that the younger Mr. Lacson’s company, Bonjourno, is the country’s number one smuggler of cement.

“I thought that Sen. Gordon was man enough to stand up to the cement-smuggler senator. I was wrong again. While I totally expected extreme cruelty from the likes of Lacson and (Sen. Antonio F.) Trillanes, I never expected that from Sen. Gordon. What happened to you, Sen. Gordon?” Mr. Faeldon also said.

He further said he was “warned” that if he “came out with this press statement, (his) visitation rights would be totally cut off, along with the electricity and water in (his) detention room.”

“Go ahead Sen. Gordon, kick me and punish me some more, if that makes you a bigger man,” Mr. Faeldon said.

Responding to Mr. Faeldon’s accusation, Mr. Gordon said, “It is…preposterous for there to be any claim that Captain Faeldon would be deprived of water, power and visitation rights. This is beneath the dignity of the Committee and the Chair.”

Mr. Gordon also said Mr. Faeldon’s “request for a furlough could not be granted…because (he) is held for contempt of the Committee and thus of the Senate. The citation for contempt was, and still is, a collegial act which the Chair, on his own, cannot reverse,” adding, “(he) has been appointed to a position in the Executive Department. If he is allowed to go out and take his oath, nothing can prevent him from hiding behind his appointment and then saying, you cannot detain me anymore as I am now Assistant Secretary.”

“Prudence, in this situation, dictates that such possible constitutional crisis between the Legislative and Executive be prevented before it becomes probable,” Mr. Gordon further explained.

For his part, Mr. Lacson said: “No wonder Faeldon is in big trouble facing a non bailable case of agricultural smuggling. He doesn’t have a clue about the customs and tariff code and the CMTA (Customs Modernization and Tariff Act). Why? There can’t be smuggling of cement simply because it is not subject to tariff. For quite a long time that he served as commissioner, he dedicated most if not all his time counting Tara instead of learning the customs code.”

MBC up sharply after taking control of hotel affiliate

MANILA Broadcasting Co. (MBC) shares rose 10.3% on Friday to P18.20, days after the company acquired more shares in an affiliate hotel business for P240 million to bring its stake to a controlling 80%.

“The acquisition aims to maximize MBC stockholders’ returns by investing in the high growth industry of hotel and resort business,” the Elizalde-owned listed media and events company told the stock exchange.

MBC said it acquired on Dec. 29, 2017 an additional 43.64% shares in Elizalde Hotels and Resorts Inc. (EHRI), an affiliated company. The purchase price was determined based on the par value of the acquired firm, it added.

Company officials did not immediately respond to phone calls for additional information on the deal.

“The closing of the transaction shall be subject to the completion of all customary closing conditions as stated in the agreement,” MBC said.

The terms of payment of the cash transaction include 25% upon subscription and 75% within a year. Standard conditions in the deal include the delivery of original stock certificates and the execution of the necessary transfer documents.

“This acquisition will increase MBC’s income through dividends and capital gains that will be beneficial to MBC stockholders,” the listed company said.

In its disclosure, MBC placed the 440,000 shares it had acquired to account for 80% of EHRI’s total 550,000 issued shares. Elizalde Holdings Corp. holds the remaining 20%. It described the acquired firm’s major project or investment as Feliz Hotel in Boracay.

MBC, which was incorporated on Sept. 30, 1947, started in radio broadcasting until it expanded to organizing special events. Its business model provides advertisers with a combination of benefits, including its AM and FM networks as well as exposure in company-led events.

MBC was the second top gainer at the Philippine Stock Exchange on Friday with a total of 181,000 shares changing hands valued at around P3.73 million. — Victor V. Saulon

DICT delays one-year validity for some prepaid ‘load’

THE Department of Information and Communications Technology (DICT) has given telecommunications companies PLDT, Inc. and Globe Telecom, Inc. six more months to implement a one-year validity period for prepaid phone services, also known as “load,” covering amounts under P300, saying that companies need time to adjust their systems.

A memorandum circular (MC) jointly issued in December by the Department of Trade and Industry (DTI), DICT, and the National Telecommunications Commission (NTC) providing for a one-year validity period for prepaid mobile load due to take effect on Jan. 5.

Prepaid load of P300 and higher bought after Jan. 5 will be valid for one year.

“We are giving the telcos six months from today (January 5) to adjust their systems so that all regular prepaid loads no matter what amount will be valid for one year. However, loads of P300 and higher made after Jan. 5 shall be already valid for one year,” DICT Officer-in-Charge and Undersecretary Eliseo M. Rio, Jr. said in a social media post.

“We allowed this to prevent their systems from the possibility of crashing if changes are made abruptly, which will not only highly inconvenience the consuming public but may even cause serious damage to the telco industry,” he added.

Mr. Rio added that the DICT has instructed NTC to monitor and address complaints of load expiring before their validity lapses during the adjustment period.

In a statement, Smart Communications, Inc. Public Affairs Head Ramon R. Isberto said that Smart, Talk ‘N’ Text (TNT) and Sun Celllular will comply with the MC.

He said that the extension will give the PLDT wireless subsidiary time to reconfigure its systems. “This provides us more time to implement the extensive reconfiguration of our IT and other support systems, and to conduct the needed tests, in order to ensure trouble-free implementation of the new expiry period.”

Globe Telecom, Inc., general counsel Vicente Froilan M. Castelo said that the company will need to build more capacity and purchase additional licenses, including software programming by third party vendors.

The company will also conduct system tests and need additional number series from the NTC.

“Furthermore, there may be new conditions applied to prepaid services within the next six months to ensure a sustainable quality of service,” Mr. Castelo said.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Patrizia Paola C. Marcelo

December inflation hits 3.3%, gov’t says

By Jochebed Gonzales, Senior Researcher

Prices of widely used goods logged in 3.3% year-on-year increase in December, sustaining growth observed in the previous month, the Philippine Statistics Authority (PSA) reported this morning.

The headline print landed within the 2.9-3.6% estimate range given by the Bangko Sentral ng Pilipinas (BSP) on Dec. 29. It also matched the median estimate yielded in BusinessWorld poll among economists last week.

For the entire 2017, inflation averaged at 3.2%, well within BSP’s 2%-4% target band, at the same time, matching the central bank’s full-year forecast.

Excluding volatile food and energy prices, core inflation stood at 3% last month, faster compared to December 2016’s 2.5%.

The PSA said higher mark-ups were observed in the following indices: food and non-alcoholic beverages (3.5%); alcoholic beverages and tobacco (6.4%); furnishing, household equipment and routine maintenance of the house (1.9%); and restaurant and miscellaneous goods and services (3%).

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