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Nation at a Glance — (12/08/17)

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

How to answer killer job interview questions

I’m 29 and looking for a job, after being laid off by a bankrupt company. This week, I was totally disappointed when a hiring manager asked me several difficult questions, which I believe are irrelevant to a supervisorial post that I’m applying for. One question that plastered me was this —  “Why do kamikaze pilots wear helmets when they are supposed to die anyway?” What’s happening now to the job market? — Being Tricked.

Why do golfers have to ask a fellow golfer: “Did you lose the ball?” or “Did you find it yet?” when you’re still out in the rough trying to look for it? What do they think you’re doing out there — checking on the fire ants or something? Why do people ask a motorist who’s trying to dig out of a sink hole that obvious question — “Are you stuck?”

If you’re a motorist, you’ll feel like answering: “No, my car died, and I want to give it a decent burial.” Or, while changing a flat tire on a rainy night beside a busy road, why is one asked, “Have you got a flat tire?” Then, you may feel like replying: “Of course, not! I always rotate my tires at night on a busy road, and particularly, when it’s raining.”

And so, asking irrelevant questions is not a monopoly of hiring managers. People tend to ask those questions, sometimes as a “normal” opening statement to help establish rapport, sympathy or for whatever its worth. If you respond positively, the one asking questions may offer help.

In your case, much depends on the timing when those killer questions are asked. Usually, an experienced and self-respecting employment manager would ask such difficult questions only after an applicant has already been put at ease. In the first few minutes of a job interview, the manager or his deputy must be amiable and friendly so that the applicants feel relaxed.

The sooner that an applicant has displayed his confidence, then those killer job interview questions may come, including those questions that you feel are immaterial.

Setting aside the timing, what prods some employers to ask those questions, anyway? The Internet is a repository of tough interview questions. There are even sites offering the best answers to those questions. But few of them explain why employers ask those questions.

In our context here in the Philippines, there are some wannabe technology companies that are trying to ape Microsoft and Google to win the war on talent. Remember that employers still rule the job market here. Take it or leave it. That’s why people and organizations often display a toxic style when conducting job interviews.

In your case, unless you’re applying for a job in a similar technology company, it’s difficult to understand why those questions are being asked in the first place. But let me tell you, asking those tough questions is one thing, but giving the right answers is also another thing. They may have the most difficult questions, but many of them don’t mind if you give the wrong answers as you’re normally assessed by how you react to those questions.

I’m not exactly sure what happened to you, but there are hiring managers out there who would conduct stress interviews to approximate situations that are actually happening in their organizations. And so, how would you save a “doomed interview?”

William Poundstone, author of Are You Smart Enough to Work at Google (2012) and How Would You Move Mount Fuji? (2004) offers this advice: “If you’re stumped, you’re stumped, and it’s no consolation that some may find the question easy. There is, however, an art to salvaging an ill-fated response. I’m not saying you can fake your way through these kinds of interview questions. I am saying it’s better interview etiquette to keep trying to answer the question until the interviewer cuts you off. Interviewers ought to know that innovation takes persistence, intuition, and luck. You can at least show you got the persistence part covered.”

In addition to what’s being offered by Poundstone, you may feel like getting back at those irrelevant questions, here’s my advice to you. You won’t lose anything if you diplomatically ask the hiring manager the following equally difficult questions. What’s the reason for the vacancy? Why doesn’t your management promote someone from within? Do you have a succession plan? What is the turnover rate of this company?

What’s the management style of my prospective boss? I read the company’s mission statement, tell me — what’s the meaning of “excellence in service is our creed?” Can you please give me a concrete example? What’s the plan of the company to become the number one player in the industry? If you don’t mind, how long have you been working for this company? What motivates you to stay long in this company?

With those intelligent questions, I’m almost sure you can turn the tide, and you can possibly get the next chance of being interviewed by the next-ranking hiring manager. Keep your fingers crossed. Whatever happens, “NO” should mean “next opportunity” with another prospective employer who can possibly give you another kind of stressful job interview.

elbonomics@gmail.com

How PSEi member stocks performed — December 7, 2017

Here’s a quick glance at how PSEi stocks fared on Thursday, December 7, 2017.

Duterte mulls ‘mass arrest’ of communist rebels

 

President Rodrigo R. Duterte on Wednesday, Dec. 6, said that he will soon order the mass arrest of the communist rebels.

“For those who are out temporarily out, you just maybe zero in now, because any day, I will order for their mass arrest,” Mr. Duterte said during his speech before newly-appointed generals and flag officers.

Mr. Duterte made the remarks a day after he declared the Communist Party of the Philippines (CPP) and the New People’s Army (NPA) as an identified terrorist organization.

“Wala akong magawa eh. Ginusto ninyo. I’m addressing them to the TV, ginusto ninyo eh. I gave too much too soon. (You left me with no choice. You asked for it. I’m addressing [the communists] on TV: you asked for it)… You know, I released almost about 32 [political prisoners],” he added.

Mr. Duterte also made mention of NDF consultants Benito and Wilma Tiamzon who were freed by authorities upon the order of the chief executive to participate in the peace talks.

On Nov. 23, Mr. Duterte has signed Proclamation 360 terminating the peace negotiations between the government and the CPP-NDF-NPA.

Following the termination of talks, Mr. Duterte has warned communist leaders who have been released from jail in 2016 to surrender to the government or face “punitive actions”.

“I have ordered release of about 30, 40 communist leaders from Muntinlupa. Now, I will consider the movement of the Communist Party of the Philippines as a terrorist group. I am ordering those I have released temporarily to surrender or face again punitive actions,” he said during a Nov. 24 speech in Bulacan.

“You have to go back where you belong. I released you because I thought it might help you. Eh kung hindi makatulong then you are undercutting me before the eyes of the Filipino people, you must be joking. You must be joking because I will go after you and I do not really care whatever happens thereafter,” he added.

Infor to expand PHL footprint as it doubles down on AI

Enterprise software provider Infor is keen on growing its footprint in the Philippines as it ramps up its global strategy on cloud computing and artificial intelligence.

Soma Somasundaram, Infor’s executive vice president of global product development, said the company is actively looking for a new office space in addition to its Taguig office to house its growing workforce.     

Infor_Soma Somasundaram
Soma Somasundaram —
Photo: Infor

“[The Philippines] is a key location for us. We have a lot of technical expertise here. Two-thirds of the employee population here works on products. We actually have innovations coming out of this location,” Mr. Somasundaram said in an interview with BusinessWorld at Infor’s office in Bonifacio Global City, Taguig.  

Mr. Somasundaram, who manages the rollout of Infor’s suite of business applications, said the company’s workforce in the country “more than doubled in the last four years” as it hired more engineers to meet the company’s goal to expand into more vertical industries and accelerate the company’s cloud push.

“We are already running out of space. We need an additional office location within the next six months because we are hiring very, very aggressively,” he said, adding that the company adds 200 to 300 new employees every year.

Infor is beefing up its efforts to augment its cloud-based business applications to stay ahead of the digital curve, with a key focus on artificial intelligence (AI). In July, it launched Coleman, an AI platform that uses machine learning to improve processes such as inventory management, transportation routing, and predictive maintenance.

“Coleman is a digital assistant, much like Amazon Alexa or Google Home, designed for enterprises. You can ask questions like, ‘Tell me more about this particular product…’ and Coleman will pull up the data and show you things like, ‘Here’s how your product performed over the last four quarters’ or ‘Here’s how much inventory you have’”, Mr. Somasundaram said.

Infor is leveraging machine learning — a subset of AI that uses algorithms to analyze a massive amount of data, recognize patterns among the data, and make a prediction — to allow Coleman automate jobs and make AI-driven recommendations to enable users to make smarter business decisions.

“The days have gone when people fill out forms and somebody will key in the data in a computer. User experience now is much more intuitive. We say the best user experience is no user experience at all,” he said. 

Infor is just one of the many companies betting big on the promises of AI. Cloud giant AWS, a partner of Infor, announced during its re:Invent conference in early December a wide array of AI-powered cloud solutions.  

It’s a trend that will keep going over the next few years. According to market research firm International Data Corp. (IDC), global spending on cognitive and AI solutions will continue to see significant corporate investment over the next several years, achieving a compound annual growth rate (CAGR) of 54.4% through 2020 when revenues will be more than $46 billion.

“Intelligent applications based on cognitive computing, artificial intelligence, and deep learning are the next wave of technology transforming how consumers and enterprises work, learn, and play,” David Schubmehl, research director, Cognitive Systems and Content Analytics at IDC, said in IDC’s Worldwide Semiannual Cognitive Artificial Intelligence Systems Spending Guide.

“These applications are being developed and implemented on cognitive/AI software platforms that offer the tools and capabilities to provide predictions, recommendations, and intelligent assistance through the use of cognitive systems, machine learning, and artificial intelligence. Cognitive/AI systems are quickly becoming a key part of IT infrastructure and all enterprises need to understand and plan for the adoption and use of these technologies in their organizations,” he was quoted as saying in the report.

AI: THREAT OR ENABLER?

While AI is being heralded as the key to digital transformation, its integration in some industries is seen as a threat to jobs. News of robots increasingly taking over professions in healthcare, human resources and investment banking cast doubts on the impact of AI breakthroughs.

Infor’s Mr. Somasundaram, however, dismissed these claims and pointed out the unwarranted hype surrounding AI. Robots, he said, should be viewed as enablers, not as threats.

To prove his point, he cited one of Infor’s award-winning services, Infor Team Dynamics, which combines AI, in this case, Coleman, and Infor’s predictive behavioral analytics tool, Infor Talent Science, to streamline recruitment process. This AI-driven hiring tool uses large quantities of behavioral and performance data to predict who will be a company’s high performers, who will stay on the job longer, and who is most likely to receive a promotion. This service automates the process of candidate selection, succession planning, and development.

“My view is, worldwide, human talent is on the rise. People don’t want to do mundane work anymore. They want to be challenged, they want to pushed. I believe that human beings should be doing higher value work. I think by replacing mundane work and getting people to do more value work is actually an exciting thing,” Mr. Somasundaram said.  — Mira B. Gloria

Gov’t firms up dirty money reporting

THE ANTI-MONEY LAUNDERING Council (AMLC) has released new rules requiring banks and other covered firms to submit reports and alerts through the regulator’s online system within five days from its discovery.

In a statement, the state financial intelligence unit announced the adoption of the AMLC registration and reporting guidelines (ARRG) for financial institutions that will digitize submissions of alerts, analysis, investigation, and escalation of reports to the regulator.

The AMLC is tasked to track, investigate and recover ill-gotten wealth and combat terrorist financing.

The changes are outlined in Resolution No. 107, which takes off from the revised implementing rules finalized in 2016 and requires covered institutions to submit covered transaction reports (CTR) and suspicious transaction reports (STR) within five to 10 days from occurrence or discovery of suspected deals or incidents.

As a rule, covered entities must report to the AMLC any fund transfers amounting to more than P500,000 in a day. Suspicious transactions are those that appear out-of-pattern or unjustifiable compared to a person’s financial position, which may be taken as a potential case of unexplained wealth from illicit sources.

Under the ARRG, all reporting institutions are required to upload reports through AMLC’s online system, after logging on using unique 18-digit numbers assigned upon registration.

Covered firms should also put in place a STR chain spelling out the process of alerts, analysis and investigation that would determine whether a transaction would warrant being brought to the AMLC’s attention.

“The submission of CTRs beyond 12:01 a.m. of the day following the fifth working day from occurrence of the transaction shall be considered as non-submission of CTRs, and may be subject to appropriate administrative sanction,” the watchdog said.

The new platform also provides for the uploading of know-your-customer documents on the AMLC portal which may be used in tracing potential crimes such as kidnapping, drug trafficking or terrorist financing as the source of questioned wealth.

A separate facility will be created for casinos, the AMLC said, following the enactment of Republic Act No. 10927 last July. Casinos must regularly report single cash transactions worth more than P5 million as well as suspicious transactions to the AMLC.

“[T]he adoption of the ARRG should strengthen the tools available to the AMLC in its fight against money laundering and terrorism financing,” Executive Director Mel Georgie B. Racela said in the statement, noting that the new system will accommodate a bigger number of reported transactions. — Melissa Luz T. Lopez

State infrastructure expenditures, other capital outlays rise in October

GOVERNMENT SPENDING on infrastructure and other capital outlays grew by double-digit pace at the start of the fourth quarter on road works, purchase of transport equipment and rail extension projects, as agencies ramped up disbursements ahead of the year-end expiry of allotments.

An excerpt of a disbursement assessment report which the Department of Budget and Management (DBM) released to journalists yesterday showed infrastructure and other capital expenditures growing 17.8% to P51.5 billion in October from the P43.7 billion recorded in the same month last year.

At the same time, such expenditures slid by four percent from the P53.6 billion the government spent in September.

The Budget department said the increase was due to public works projects like road repair, upgrading and widening, flood control and rehabilitation or improvement of dike systems by the Department of Public Works and Highways (DPWH); acquisition of transport and other equipment under the Philippine National Police’s (PNP) Capability Enhancement Program; payment for various communication, navigational and air traffic management system projects; as well as consultancy and civil works for the Transportation department’s Light Rail Transit Lines 1 and 2 extension projects.

The 10 months to October saw infrastructure and other capital outlays increase by 11.8% to P442.7 billion from P395.8 billion in the same period in 2016.

This is equivalent to 80.58% of the P549.36-billion infrastructure and capital outlays programmed for this year.

Sought for comment, DBM Undersecretary Laura B. Pascua said in a text message: “The 1 yr validity of obligation appropriations should have guided the agencies for the whole year, and that’s why we saw continuous double-digit growth in infra for the whole year.”

The DBM attributed the increase in year-to-date expenditures to the implementation of the DPWH’s road infrastructure program, the Armed Forces of the Philippines’ (AFP) modernization program, the PNP’s capability enhancement program, repair and rehabilitation of schools under the Department of Education (DepEd) as well as of state universities and colleges, and the Health department’s acquisition of medical facilities and equipment.

The Budget department said it expects state expenditures to pick up further in the year’s last two months.

“Line agencies have been expediting the requests for the release of their allotments, as well as obligating these funds since the 2017 appropriations are valid only until Dec. 31 this year,” the report read.

As of October, the DBM has released P3.018 trillion, or 90.1% of the P3.35-trillion budget for 2017, according to a Status of Allotment Releases.

This means the government had some P332 billion yet to be released to agencies for November and December.

The DBM said that based on a preliminary report, about P137.5 billion worth of allotments were released as of the last week of November.

“The balances from agency-specific budgets meanwhile include mainly the requirements for the Basic Educational Facilities Fund (P73.4 billion), creation and filling up of positions in the DepEd (P33.9 billion) and AFP Modernization Program (P20.0 billion),” the Budget department noted.

“These releases are on top of the releases made earlier this year and could further fan the growth of disbursements in the last two months of 2017,” the report read.

Ms. Pascua noted that the fourth quarter usually sees bigger disbursements from agencies.

“So we expect this trend to continue.” — Elijah Joseph C. Tubayan

ESCAP cuts Philippine GDP growth projections

THE UNITED NATIONS’ (UN) regional development arm has lowered its Philippine economic expansion forecasts for 2017 and 2018, even as the country will still be rivaled only by China and India among Asia’s fastest-growing major economies in those years.

In a year-end update to its Economic and Social Survey of Asia and the Pacific 2017, the UN Economic and Social Commission for Asia and the Pacific’s (ESCAP) cut its Philippine gross domestic product (GDP) growth projections to 6.6% this year and 6.8% next year, from its previous 6.9% and 7.0% estimates, respectively, that were given in May.

If realized, it would be slower than 2016’s actual 6.9% expansion. The Philippines outpaced comparable major Southeast Asian peers last year and China (6.7%), even as it was outdone by India (7.1%). The Philippines also outpaced Southeast Asia’s 4.5% average and the 5.2% recorded for developing ESCAP economies in 2016.

Philippine GDP growth clocked 6.7% in this year’s first three quarters, against the government’s 6.5-7.5% full-year target. The government has adopted a 7-8% annual target till 2022, when President Rodrigo R. Duterte ends his six-year term.

At ESCAP’s projected pace, the Philippines will be matched by India and outpaced only by China (6.8%) this year among comparable Asia-Pacific economies, and will outdo China (6.6%) but will be outpaced by India (7.0%) next year.

The Philippines is projected to lead the other four major Southeast Asian economies on the list (Indonesia, Malaysia, Thailand and Vietnam) in both years.

It will also top the 4.8% and 4.9% projected averages for Southeast Asia and developing ESCAP economies’ 5.4% and 5.3% for 2017 and 2018, respectively.

ESCAP’s projection matches the International Monetary Fund’s (IMF), World Bank’s and Organization for Economic Cooperation and Development’s (OECD) 6.6% estimates this year, and compares to Asian Development Bank’s (ADB) 6.5%.

Next year, IMF, World Bank and ADB forecast a 6.7% growth rate for the Philippines, while the OECD has projected a 6.4% annual average in 2018-2022.

Philippine inflation is also expected to remain supportive of growth, with the pace expected to pick up to 3.1% in 2017 and 3.3% in 2018 from last year’s actual 1.8% — staying within the central bank’s 2-4% target range for the next two years. Inflation averaged 3.2% in the 11 months to November, matching the central bank’s forecast average for this year.

“Economic conditions in Asia and the Pacific are stable, and economic growth is expected to increase slightly in the near future,” the report read.

“Domestic private consumption remains the dominant source of economic growth. This is facilitated by relatively low and steady inflation, low interest rates, growing purchasing power and high consumer confidence… The increase in consumer confidence has been supported by declining economic uncertainty since January 2017.”

While the report did not cite the reason for lower Philippine GDP projections, it noted that “the currency that is experiencing depreciating pressure most is the Philippine peso” and that “efforts of the Philippines to build infrastructure has increased capital imports, thus, worsening the country’s external position and increasing its reliance on foreign financing; this situation is amplifying the downside for the currency despite rising remittances.” — Elijah Joseph C. Tubayan

BSP ready to use policy toolkit to arrest potential overheating

By Melissa Luz T. Lopez,
Senior Reporter

THE Bangko Sentral ng Pilipinas (BSP) stands ready to deploy an array of tools to dodge potential overheating in the Philippine economy, its chief said, noting that rapid credit growth should not ring alarm bells just yet.

BSP Governor Nestor A. Espenilla, Jr. quelled fresh concerns over the double-digit bank lending growth which persisted in October, saying that this should not be expressly viewed as a source of caution.

“[O]verheating happens when the present demands on the economy significantly exceeds its present capacity to provide. Easy to say but always hard to discern since our economy is complex, with many moving parts,” the BSP chief said in a text message to reporters, noting that one cannot diagnose an overheat using the pace of loan growth alone.

Bank credit grew by 19.9% in October as consumer lending surged by 23.4% and as production loans rose by 18.7%, latest central bank data showed. The pace, however, slowed from a 21.1% increase the previous month.

Mr. Espenilla noted that the economy is “constantly improving” through good investments which enter the country, against risks drawn from external shocks.

“We have to strategically examine a whole lot of information to tell us how the overall economy is doing and, no less important, how should we respond if at all,” he added.

The central bank regularly keeps close monitoring of economic developments via their cyclical review of monetary policy settings every six weeks, Mr. Espenilla said.

The BSP has kept its monetary policy stance unchanged during their Nov. 9 review, citing manageable inflation and upbeat domestic economic activity. Policy makers will again meet on Dec. 14 for their eighth and final review of policy settings for the year.

Beyond monetary policy, the central bank chief other tools are available for targeted response to emerging threats.

“The policy toolkit of BSP is not just monetary policy. Don’t forget its considerable supervisory powers over the banking and financial system to prevent imprudent and reckless behaviors in individual entities and sectors that lead to unsustainable risk build ups — that grinds on relentlessly,” the central bank said.

The BSP chief likened the economy to a race car: “We are working hard to run our economy competitively so it finishes a winner. We are talking careful preparation, regular tune-ups and upgrades, skillful driving, and constant monitoring.”

“The engine is expected to get hot along the way — that’s what running engines do,” Mr. Espenilla said. “But there’s a huge difference between a hot engine and an overheated engine. If we don’t like hot engines, we should keep our car parked.”

Mr. Espenilla has tagged uncertainty over the pace of monetary policy tightening in the United States and other advanced economies, exchange rate movements and disruptive financial technology as among the biggest risks to the Philippine economy.

Still, he maintained that the central bank stands well-equipped to guide the economy in weathering such headwinds.

PTT Philippines sets P500-M capex for 2018

By Victor V. Saulon, Sub-Editor

PTT PHILIPPINES Corp. is setting aside P500 million for its capital expenditure budget for next year, saying it remains bullish on both its oil and non-oil businesses in the country.

Next year’s budget forms part of the Thai company’s P5-billion allocation for its Philippine unit for the next five years, company officials said in a briefing on Wednesday. They did not disclose the comparative capex last year.

Sukanya Seriyothin, PTT Philippines president and chief executive officer, said next year’s spending would go largely into the opening of more than 30 gasoline stations and about 12 Cafe Amazon stores “in various parts of the country, particularly in Luzon.”

“We remain confident of the business climate in the Philippines, that’s why from 20 stations that we targeted this 2017, which we actually exceeded, we are targeting more than 30 stations next year,” she said.

Under the company’s five-year target, PTT Philippines General Manager Danilo Alabado said it is projecting a compounded annual growth rate of around 17%.

“Roughly our revenue projection this year is around P20-P22 billion. Right now we are more or less flat because we changed some dynamics in our business approach,” he said. “Next year [revenues] should be around P28 billion.”

PTT Philippines has a total of 120 gasoline stations in the Philippines, of which 15 are in Metro Manila.

The company is also expanding the PTT-owned coffee chain Cafe Amazon, which will end the year with six stores.

The first Cafe Amazon opened in the last quarter of 2016 at PTT Philippines’ largest service station — the two-hectare complex along the Subic-Clark-Tarlac Expressway (SCTEx).

“By end of this year, we will have a total of six stores that are fully operational,” said Thitiroj Rergsumran, PTT Philippines marketing director.

This year, the company opened cafes at PTT Dasmariñas, Cavite and SM North EDSA.

“This month, we are opening our stores at PTT EDSA Veterans in Quezon City, another one at PTT Pulilan (Bulacan) and PTT Lubao (Pampanga),” he said.

PTT offers a partnership deal through dealerships for its gasoline station, while opening its Cafe Amazon to franchising with an initial investment of P4-P6 million.

Another SC justice to attend impeachment hearing

ANOTHER Supreme Court justice is expected to join the resource persons who will testify in the House committee on justice’s inquiry on the impeachment complaint against Chief Justice Maria Lourdes P.A. Sereno.

According to Oriental Mindoro Rep. Reynaldo V. Umali, committee chairman, Associate Justice Samuel R. Martires is set to testify regarding the purchase of a Toyota Land Cruiser 2017, an asset cited in the complaint filed by lawyer Lorenzo G. Gadon to point out Ms. Sereno’s alleged lavish lifestyle. A check on the Internet shows the vehicle to be priced around P5 million.

Mr. Martires is scheduled to appear before the committee on Monday, Dec. 11.

On Wednesday’s hearing, lawmakers inquired how Ms. Sereno came to be in charge of the administrative matter regarding the request of Justice Vitaliano N. Aguirre II to transfer the cases involving the Maute Group outside of Mindanao.

Ms. Sereno’s spokespersons explained that the assignment of the case to her “was confirmed by the members of the raffle composed of three justices of the Supreme Court.”

In his complaint, Mr. Gadon had alleged that Ms. Sereno manipulated and thereafter delayed the resolution of A.M. No. 17-06-02-SC dated June 6 (Designating the Court of Appeals, Cagayan de Oro Station, and the Regional Trial Courts of Cagayan De Oro City to Hear, Try, and Decide Cases and Incidents Arising From and Related to the Maute Group Take Over of Marawi City).

Ms. Sereno’s counsels said she “acted promptly” on Mr. Aguirre’s written request, and at a time when the Supreme Court was in recess. The request was made part of the agenda of the SC en banc when the high court reconvened on June 6.

SAGIP party-list Representative Rodante Marcoleta asked resource person and Clerk of Court Felipa B. Anama how A.M. No. 17-06-02-SC came to be “raffled” to Ms. Sereno.

Ms. Anama explained that the numbers 1 to 15 are assigned to each Justice in order of seniority (1 for Chief Justice Sereno, 2 for Justice Antonio Carpio, and so on). A tambiolo (lottery drum) is used, and Justice Carpio, as the chairman of the en banc raffle committee, picks a number. The case then goes to the name the number corresponds to.

But, in this particular instance, Ms. Anama said, the case was Ms. Sereno’s from the start because the agenda had already been acted upon. “Whoever acted upon the matter, and discussed this in the en banc, it becomes his or hers,” she explained to the committee.

“Maliwanag… walang nangyaring raffle (It is clear, then … no raffle occurred),” Marcoleta concluded.

Ms. Anama affirmed that, on June 19, A.M. No. 17-06-02-SC was part of the items to be raffled, but given the circumstances, it became Ms. Sereno’s.

Ms. Sereno’s spokespersons explained further: “As the letter of the Secretary of Justice was personally addressed to her and considering the urgency of the matter, she discussed the matter with the Supreme Court en banc even prior to the matter being raffled. Since the Supreme Court en banc acted on the request, the raffle committee assigned the administrative matter to the Chief Justice consistent with the standard practice of the Clerk of Court. The administrative matter was part of the raffle proceedings and, although it was assigned to the Chief Justice, the assignment was confirmed by the members of the raffle committee composed of three justices of the Supreme Court.”

For his part, Compostela Valley 2nd District Ruwel Peter Gonzaga asked Mr. Gadon about his allegation that Ms. Sereno called up Justice Noel Tijam for the transfer of the Maute cases to be assigned to him.

Mr. Gadon confirmed that he, indeed, alleged this.

Mr. Umali then read Ms. Sereno’s answer, where she said that, contrary to Mr. Gadon’s “hearsay,” Mr. Tijam actually circulated a letter to the members of the court expressing his opinion and vote on Mr. Aguirre’s request. Based on her answer, the Chief Justice also said that Mr. Tijam’s letter was not a draft resolution on the matter.

Ms. Anama said it was normal for the justices to pass around their opinions to one another.

Mr. Umali then asked Ms. Gadon about Ms. Sereno’s denial that Mr. Tijam’s letter was a draft of the resolution.

Mr. Gadon replied that, as far as he knew, Mr. Tijam’s opinion was his position on the matter, and he wrote it because Ms. Sereno told him the case was assigned to him. — Tricia Aquino of News5/interaksyon.com, with M.N.R. Dela Cruz

United Coconut Planters Bank posts higher net income at end-September

UNITED COCONUT Planters Bank (UCPB) saw its net income rise in the first nine months of the year on the back of sustained growth in its consumer loan portfolio and the upbeat performance of its bancassurance business.

In a statement sent to reporters on Tuesday, the state-led UCPB said it booked a net income of P3.03 billion in the nine months ended September, climbing 5% from the P2.88 billion recorded in the same period a year ago. This was coming from a P2.01-billion net income booked in the first half of the year.

Net interest income for the January to September period rose 15% to P8.3 billion.

On the other hand, UCPB’s non-interest income dropped 23% to P1.86 billion due to “lower trading opportunities.”

The bank’s total loan portfolio stood at P157.57 billion as of end-September, up from P135.97 billion in the first nine months of 2016. UCBP’s consumer loans contributed 16% to the growth, driven by “growing consumer spending confidence and investment appetite.”

Deposits also grew 11% to P277.96 billion versus the same period last year.

Meanwhile, UCBP’s bancassurance business, launched in April, posted a P38 million income.

Operational expenses were kept at bay, posting a 9% increase year-on-year.

“All of our business segments contributed strongly to our record performance this quarter, notably consumer and corporate loans on the back of steady economic growth,” UCBP President and Chief Executive Officer Higinio O. Macadaeg Jr. said in the statement.

In October, the twelfth largest bank in asset terms completed its transition of upgrading its automated teller machines and bank cards to the Europay, MasterCard and Visa technology, months ahead of the central bank’s deadline of June 30, 2018.

UCPB has also implemented a one-day check clearing system as mandated by the central bank, giving its clients faster access to their funds at 12 noon the next banking day.

“As the year draws to a close, UCPB will be relentless in continuing to achieve operational efficiencies and raising productivity. Judging from our performance these past nine months, we look forward to an even better year in 2018 for UCPB,” Mr. Macadaeg added. — K.A.N. Vidal

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