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China girds for ‘critical battles’

BEIJING — China’s economy begins 2018 facing what its own leaders call three years of “critical battles.”

Those fights to tackle domestic debt, poverty and pollution pose a hat-trick of risks to the world’s second-biggest economy even before higher interest rates and trade war threats from the US are taken into account.

While the nation is starting from a position of strength, with full-year growth in 2017 poised for its first acceleration since 2010, the expansion is seen slowing in 2018.

As a result, the government of Xi Jinping is signaling that it’s sanguine about more modest economic performance, if progress on the top risk — financial fragility — can be made.

“Significant economic imbalances continue to create downside risk to the outlook for 2018,” said Rajiv Biswas, chief Asia-Pacific economist at IHS Markit in Singapore.

“Risks to the Chinese economy will remain among the key risks to the global growth outlook in 2018, with the Asia-Pacific region particularly vulnerable to the shock waves from a slowdown.”

Those waves haven’t materialized, and in fact economic activity is holding up. The official manufacturing purchasing managers index was at 51.6 in December, signaling improving conditions. New export manufacturing orders also climbed to a six month high, according to a sub-index.

The Caixin manufacturing purchasing managers index, which is more representative of smaller firms, also showed strong momentum with a reading of 51.5 in December, beating all estimates.

However, figures “likely are overstating momentum, particularly in construction,” according to a report by Freya Beamish, chief Asia economist at Pantheon Macroeconomics Ltd in Newcastle, UK.

“The profit story appears to be deteriorating, as input price rises continue to slow.”

Forecasters see expansion slowing to 6.5% — the slowest pace since 1990 — this year, the following are among areas they flag as having the potential to trip up economic growth or spur market turbulence.

FINANCIAL RISKS
The Communist Party recently renewed its pledge to prevent and control financial risk, calling it a pivotal challenge for the next three years.

As the financial system opens further to foreign firms, a debt-to-gross domestic product ratio that’s heading toward more than 320% by 2022 stands as the main danger.

“Even its own propaganda machine admits that this is such a serious problem that Beijing doesn’t expect there to be any solution in anything less than three years,” said Pauline Loong, managing director at research firm Asia-Analytica in Hong Kong.

“Financial instability is the core problem. Solve that and you ease pressure on capital outflows, complications from deleveraging, weaknesses in smaller banks.”

CONSTRUCTION SLOWDOWN
The tightening of financial and environmental regulations to help curb debt may cause tremors in 2018 that slow housing and infrastructure construction, according to Frederic Neumann, co-head of Asian economics research at HSBC Holdings Plc in Hong Kong.

“A sharper-than-expected slowdown in construction could thus weigh on broader activity with emerging sectors not yet vigorous enough to provide a sufficient cushion,” Mr. Neumann said. “The biggest fault line running through the Chinese economy is the construction sector.”

TRADE BRAWL, FED AND TAX
US President Donald Trump’s recent national security strategy speech was a “tee up” for a turn toward protectionism, says David Loevinger, former China specialist at the US Treasury department.

“On the menu for 2018: lots of red meat for the base, and that means bashing imports,” said Mr. Loevinger, now an analyst at TCW Group, Inc. in Los Angeles.

“Since nationalistic populism is as irresistible in China, Chinese politicians will feel compelled to retaliate.”

If the US Federal Reserve raises interest rates more than markets expect and tax cuts build on underlying 3.2% growth, the dollar may get a second wind that puts the yuan and capital outflows under pressure again, according to George Magnus, an associate at Oxford University’s China Centre and former adviser at UBS Group AG.

“If the Fed starts hiking and the dollar goes on a bull run, that would cause big problems,” says Christopher Balding, an associate professor at the HSBC School of Business at Peking University in Shenzhen.

NORTH KOREA
Should tension between the US and North Korea escalate into a more significant confrontation, there will be profound and far-reaching consequences not just for China’s economy but that of the entire Asia-Pacific region, says Zhu Ning, deputy director of the National Institute of Financial Research at Tsinghua University in Beijing. — Bloomberg

BSP eyes third tenor for term deposit offerings

THE CENTRAL BANK is looking to introduce a new tenor for its weekly term deposit auctions, a senior official said, at a time of tepid demand for month-long instruments.

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo said the monetary authority is in talks with banks as it considers adding a new maturity for the term deposit facility (TDF), which would likely be longer than a week but shorter than a month.

“Based on our initial discussion with the banks — these are initial, preliminary discussions — they prefer a third tenor, probably a cross between seven and 28 days,” Mr. Guinigundo told reporters in December.

The weekly term deposit auctions are currently the central bank’s primary tool to capture excess funds in the financial system by allowing banks to park the extra cash they hold under the window, in exchange for a small margin.

The central bank has not offered 28-day term deposits at the weekly auctions since Dec. 20, citing shrinking excess liquidity held by financial firms which they can park under the window.

The month-long tenor was last offered on Dec. 13, during which the P40-billion auction volume was met by just P33.005 billion in total demand.

The central bank will place just P40 billion on the auction block today, which will mature in seven days. This is the third straight week of the reduced offerings.

“[T]he BSP decided to zero out the TDF for 28 days because we know that banks have alternative use for their money instead of just putting it there with BSP,” Mr. Guinigundo said, explaining that expected demand for cold cash among depositors prompted banks to hold on to more funds rather than have them locked away for a month.

There is a seasonal spike in demand for cash during the holidays as families spend for celebrations and gift-giving activities. Apart from the Christmas rush, Mr. Guinigundo said the recent retail Treasury bonds offering which yielded P255 billion for the government in December also trimmed excess money supply in the financial system.

Banks also continued with their lending and investment activities, which are considered high-yielding compared to the margins paid by the central bank for term deposits. Yields for the TDF range within the 2.5-3.5% benchmark set by the BSP.

The seven-day deposits fetched a rate of 3.3995% during the Dec. 27 auction, lower than the 3.4004% posted the previous week.

Traders previously interviewed by BusinessWorld said 14-day and 21-day instruments may be viable options amid ample market liquidity, as well as a length between the 28-day and the 91-day Treasury bills.

DoubleDragon bets big on countryside growth

By Krista A. M. Montealegre,
National Correspondent

DOUBLEDRAGON Properties Corp. is pushing through with its follow-on offering, as the property developer bets big on the growth in the countryside.

DoubleDragon is awaiting the go signal of the Securities and Exchange Commission (SEC) to launch the P7.3-billion share sale originally slated late last year.

“We are looking at launching the deal first half of this year,” DoubleDragon Chief Investment Officer Hannah M. Yulo said in a mobile phone message.

A newcomer in the property sector, DoubleDragon is focusing its expansion on second- and third-tier cities, with plans to build a network of industrial leasing hubs in 40 provinces and community malls in 100 cities.

“Everybody has to go there in the next two to five years so we’re getting there ahead,” DoubleDragon Co-Chairman Edgar “Injap” Sia II said in an interview.

“For a new player, we have to position just in time before everybody else will. Kung mahuli ka lang nang konti, wala ka na rin because we have less resources, less everything,” he added.

DoubleDragon plans to capitalize on the synergies between Central Hub and CityMalls since most of the latter’s tenants will need a commissary, cold storage, warehouse, distribution center and manufacturing facility to support their operations.

The venture into industrial leasing and hotels prompted DoubleDragon to upgrade its 2020 target for its leasable portfolio to 1.2 million square meters (sq.m.) from 1 million sq.m. and revise its net income goal to P5.5 billion from P4.8 billion.

Unable to compete in shopping mall and township development, DoubleDragon has found gaps in the fragmented property sector which have been overlooked by the industry behemoths.

“If we focus on areas that are already dominated by big players, it is difficult. Even if they stop growing in five years and we don’t sleep in five years, they are too far,” Mr. Sia said.

DoubleDragon courted investors in 2014 when it embarked on a P1-billion initial public offering with nothing to show except for a piece of land and a vision to make the company one of the country’s biggest property developers.

Three years after its debut, DoubleDragon has made progress on that promise and is coming back to the equities market with a follow-on offering that will cement the foundation of the company and move it a step closer towards joining the big league — the Philippine Stock Exchange index.

“This is the best time to provide that window for investors to start taking a position in the company if they think we can deliver and make the company really grow beyond 2020,” Mr. Sia said.

“Confidence will be far higher because it looks so far impossible then three years later it happened. It will strengthen the company in all aspects especially in terms of its credibility and that will translate to opening up to extraordinary opportunities to further grow exponentially beyond 2020,” he added.

Consumer lending to be banks’ new battleground

By Melissa Luz T. Lopez,
Senior Reporter

CONSUMER LENDING will serve as the main battleground for banks in the Philippines over the next few years, a central bank official said, depending on how fast and efficient players can adopt digital channels to enhance financial services.

“I think the battle would really be on the retail banking. Given advances in technology right now, it’s really more on the digitization — that’s where the battle will be in the next couple of years,” Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said in a recent interview.

“The name of the game would really be digital over the next couple of years.”

Ms. Fonacier, who heads the central bank’s Supervision and Examination Sector, said lenders are now seeing the retail segment as the new space for competition as corporate lending grows concentrated.

The country’s young population — with a median age of 24, according to the Philippine Statistics Authority — proves that the Philippines is a “very conducive” market to introduce digital banking products, she added.

The same openness to new technology would also help local players maintain comparative advantage despite the entry of more foreign banks looking to capture a slice of the Philippine market, amid growing interest from offshore lenders to cash in on robust economic growth here.

“I think they (local banks) are well-positioned when it comes to competition, but what’s critical is for domestic banks as well to embrace digital transformation because that’s where the future is leading us when it comes to banking,” Ms. Fonacier said.

“For as long as a domestic bank would embrace such kind of advancement and development in that space, then they are well-positioned to compete.”

Ms. Fonacier said she sees more foreign banks expanding in the Philippines in search of better yields and strong growth, taking stock of a strong middle class market in the country.

She recently said that six Asian lenders are in talks with the BSP to set up branches here, which would add to 11 foreign players who have entered the country over the last three years.

Domestic banks have been increasingly tapping digital platforms to complement over-the-counter transactions, especially with e-commerce on the rise. The central bank is likewise embracing electronic channels as it leads the National Retail Payment System, which seeks to shift more transactions to online means in this cash-heavy economy.

The BSP targets to lift the share of digital payments to 20% of total transactions by 2020, coming from the 1% share recorded in 2013.

PLDT forges $28.5-M partnership with Huawei to overhaul services

PLDT, Inc. on Tuesday said it sealed a $28.5-million (P1.5-billion) partnership with China’s Huawei Technologies Co., Ltd. to overhaul its wireless service delivery platforms.

In a statement, PLDT said its partnership with Huawei is part of its efforts to improve its fixed and wireless infrastructure, and information technology systems. The company is earmarking a record P50-billion capital expenditure (capex) for this year.

“This partnership will enable PLDT Group’s wireless services under the brands PLDT, Smart, Sun and TNT to become much more agile, efficient and resilient in developing and delivering a growing array of digital services,” PLDT Chairman, President and CEO Manuel V. Pangilinan was quoted as saying in the statement.

PLDT Group Chief Corporate Services Officer Ray C. Espinosa said under the 15-month agreement, Huawei will “improve Smart’s online charging platforms and electronic loading for prepaid subscribers.”

“This involves consolidating similar applications for different brands under one system and streamlining business processes through a unified platform and simplified processes,” Mr. Espinosa said, noting it would allow the company’s units to provide personalized offers and bundled services to its customers more efficiently.

Wilson Zang, president of Huawei Revenue Management product line, said the company is proposing the use of its OCS and eLoad Solutions to “accelerate PLDT’s evolution in the Digital Market through this Transformation Program.

“Huawei is confident we can successfully deliver this critical program in a timely way together with PLDT,” Mr. Zang said.

Huawei Revenue Management is a unit of Huawei Technologies.

PLDT’s deal with Huawei comes after President Rodrigo R. Duterte last December said he wants a third telecommunications provider to start operating by the first quarter in order to challenge the duopoly of PLDT and Globe Telecom, Inc. in the country.

“We’ll make sure that we’ll future-proof our network,” Mr. Pangilinan had said in December.

He said PLDT is “trying to get ready in case it happens as early as the first quarter,” referring to the entry of China Telecommunications Corp. (China Telecom), the third player chosen by the Chinese government to invest in the Philippines.

In February 2017, PLDT partnered with Huawei for the research and development on fifth-generation (5G) wireless broadband, which promises lightning fast Internet connectivity.

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.

ALI tightens grip on Malaysian developer

REAL ESTATE giant Ayala Land, Inc. (ALI) signed a deal to cement its control over Malaysian developer MCT Bhd. that could set the stage for a mandatory takeover offer for the remaining shares held by minority investors.

The property arm of Ayala Corp. said in a disclosure on Tuesday its wholly-owned subsidiary Regent Wise Investments Limited (RWIL) inked a conditional share purchase agreement to buy an additional 17.24% stake in MCT Bhd.

In a filing with Bursa Malaysia, MCT disclosed that Ayala Land will acquire 230.16 million ordinary shares from Tan Sri Dato’ Sri Goh Ming for a cash consideration of RM 202.50 million.

The transaction will jack up ALI’s interest in MCT to 50.19% from 32.95%, breaching the 33% trigger point for extending a mandatory takeover offer, according to the Capital Markets and Services Act and the Malaysian Code on Take-Overs & Mergers.

This will force RWIL to launch a mandatory takeover offer in accordance with the laws of Malaysia once the agreement becomes unconditional, Ayala Land said.

The precedent involves obtaining a waiver from Bursa Malaysia Securities Clearing Sdn Bhd to allow for 51% of the cash consideration to be settled in tranches to the selling party, MCT said.

“This increase in ownership will strengthen ALI’s commitment to enhance MCT’s operations and expand its business further,” the real estate firm said, citing its “solid track record in developing large-scale, integrated, mixed-use and sustainable estates across the Philippines and in growing its diversified product lines.”

“This will also provide ALI with a greater opportunity to take advantage of the growth potential and long-term prospects of the real estate sector in Malaysia and will affirm ALI’s role as a key player in the ASEAN property sector.”

Ayala Land bought a 9.16% interest in MCT in April 2015, marking its first investment in Southeast Asia. Eight months later, it exercised its option to buy additional shares and boost its stake to 32.95%.

Founded in 1999 as a construction company, MCT is a property development company specializing in mixed-use projects that include retail, office, hotel, and mid-range to affordable residential properties.

Ayala Land President Bernard Vincent O. Dy previously said it continues to scout for opportunities in Southeast Asia, identifying Vietnam, Myanmar and Indonesia as potential investment destinations.

Under its 2020 Vision, Ayala Land is targeting a 20% annual growth rate to hit a net income of P40 billion.

For the first nine months of 2017, ALI saw an 18% increase in earnings to P17.8 billion, on the back of a 16% growth in revenues to P98.9 billion. — Krista Angela M. Montealegre

Peso expected to start the year on a strong note on remittances

THE PESO is seen to start the new year stronger against the dollar as it is boosted by the continued influx of remittances.

On Friday, the trading day of 2017, the local currency closed at P49.93 against the greenback, gaining five centavos from its P49.98-to-a-dollar finish the previous session.

The last trading week of 2017 saw the local unit rally as it returned to the P49 level for the first time in over six months.

The peso’s ascent was attributable to the reduction of long dollar positions, continuous remittance flows, and some concerns over the US tax revamp.

Traders interviewed over the weekend said the peso will likely sustain its rally against the greenback this week as overseas Filipinos continue to send home money even after the holidays.

“We’re still expecting a surge of remittance inflows, so this will continue to drive the peso,” a trader said over the phone, noting that there would be a backlog following the two-day holiday break.

Aside from this, Ruben Carlo O. Asuncion, chief economist of UnionBank of the Philippines, said the peso will be boosted by upbeat views on the country’s economic growth.

“[Another driver] will be the lingering optimism on Philippine economic growth, both for [fourth quarter] and 2017 as a whole,” Mr. Asuncion said in a text message.

In mid-December, the World Bank hiked its 2017 growth forecast for the Philippines to 6.7% from 6.6% previously on the back of the stronger-than-expected gross domestic product (GDP) growth rate for the third quarter, as well as the upward revision of the second-quarter print.

Asian Development Bank also raised its economic growth projection in the Philippines for 2017 to 6.7% from 6.5%, citing robust growth and accelerated infrastructure spending.

However, Mr. Asuncion noted that: “[I]nvestors would be cautious based on expected future monetary policy tweaks.”

Market players in the US are looking at the Federal Reserve to hike their rates four or more times this year, more than their forecast of three rate hikes, as they might be compelled to normalize their policies quicker following the Republican tax overhaul.

Meanwhile, Asian currencies firmed on Tuesday, marking a strong start for the new year as sentiment was boosted by gains in the euro, while a weaker US dollar prompted further interest in Asia.

The Taiwan dollar was the biggest percentage gainer, rising 0.8% against the dollar to a more than four-year high.

The Chinese yuan was also firmer, gaining 0.1% to a near four-month high against the greenback. Growth in China’s manufacturing sector unexpectedly picked up to a four-month high in December, a private business survey showed, highlighting unexpected resilience in the world’s second-largest economy.

The South Korean won was also stronger against the dollar, edging up after North Korean leader Kim Jong Un offered an olive branch to South Korea, saying he was open to dialogue. Increased tensions in the Korean peninsula had served as a major detriment to the won. — K.A.N. Vidal with Reuters

Supreme Court challenge to tax reform looms

OPPOSITION legislators said they may seek to block in the Supreme Court the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Act, citing procedural defects in the approval of the law, such as the absence of a quorum.

“We will challenge the legality of this run-away TRAIN as it was railroaded in the House without the required quorum and distribution of approved copies to the members,” Bayan Muna party-list Rep. Carlos Isagani T. Zarate, member of the Makabayan bloc, said in a statement.

Mr. Zarate said that the poor do not stand to benefit since they are already tax-exempt under the old rules but will have to spend more on transportation, among others, due to higher taxes on fuel.

“Majority of our poor people will suffer more and would be mired further in poverty with the expected spike in the prices of major basic commodities and services beginning this month,” he said, estimating that about 15.2 million poor families will suffer because of tax reform.

“These would have a severe domino effect on the prices of other products and services which is further aggravated by the VAT increases on these said products themselves. The effect of this ‘price shock’ can be crippling to the 15.2 million poor families and even to the whole economy,” Mr. Zarate said.

The Makabayan bloc earlier cited the lack of a quorum during the ratification of the TRAIN bicameral report last month before Congress went on a one-month holiday break.

The TRAIN Act was signed into law by President Rodrigo R. Duterte on Dec. 19. The law exempts from income tax those with annual salaries of less than P250,000.

The first package of the tax reform program also charges P1 per liter of excise tax on liquefied petroleum gas starting this month, rising to P2 in 2019, and P3 in 2020 onwards. The new tax on diesel fuel is P2.50, rising to P4.50 in 2019 and P6 in 2020.

The tax on regular and unleaded premium gasoline will rise to P7 in 2018 from P4.35 in 2017 and will rise further to P9 in 2019 and P10 in 2020. — Minde Nyl R. dela Cruz

PFF expects better, busy year for football in 2018

By Michael Angelo S. Murillo
Senior Reporter

THE Year 2017 proved to be a landmark one for local football marked by notable achievements and events that officials hope to build on in the brand-new year.

In its Christmas message posted on its official Web site, the Philippine Football Federation (PFF), the association in charge of affairs in the sport in the country, detailed the highlights of the year just passed as far as football goes while at the same expressed hope that 2018 will be another solid year.

Foremost of the highlights of 2017 was how the Philippine women’s national team qualified for the AFC Women’s Asian Cup 2018 to be played in Jordan later this year.

In the qualifier held last year, the Filipina footballers made a huge impression with a quality performance, booking three wins, one draw and one loss for 10 points and good to advance to the prestigious continental competition for the first time since 2003.

The Malditas will begin their quest in the Asian Cup in April where they are lumped in Group A along with Jordan, China and Thailand. The teams will play each other once and the top two squads advance to the knockout round along with those from Group B — Japan, Australia, South Korea and Vietnam.

If the Philippines manages to move to the semifinals, it automatically qualifies for the FIFA Women’s World Cup in 2019 in France.

Also gearing up for greater heights is the national men’s team which is currently in pole position in its grouping in the AFC Asian Cup UAE 2019 Qualifiers.

The Azkals are sporting a record of two wins and three draws with nine points and for good measure just have to win in their final game against Tajikistan here at home in March to formalize their entry into the Asian Cup.

Trailing the men’s team in the qualifiers are Tajikistan (2-0-2) and Yemen (1-3-0), which are tied at second spot with six points apiece.

Also making waves last year was the Philippine Girls Under-15 National Team, which again clinched a runner-up finish in the AFF Girls Under-15 Championship in May.

The PFF also touted the programs and initiatives it was able to set up in 2017 which are all geared toward the further development of the sport in the country.

Among them were the numerous FIFA and AFC coaching courses it had which were designed to give local coaches more “tools” in dispensing their duties and at the same time inspire others to make a career out of coaching.

The PFF Football Turf Field was also inaugurated last year. Funded by world-governing body FIFA, the newly built field will serve as the nucleus of the planned National Football Center in Carmona, Cavite.

The Year 2017 also saw the birth of the first national professional league, the Philippines Football League.

Planned and organized by the PFF with help from the Asian Football Confederation (AFC) and FIFA, the PFL saw eight pioneering clubs play a total of 112 Regular Season matches and six Finals Series matches with Bacolod-based Ceres Negros FC eventually being crowned inaugural champion.

In closing the message, the PFF, through President Mariano V. Araneta, Jr. and General-Secretary Edwin B. Gastanes, expressed its gratitude to all those which helped it make 2017 the kind of year it was and said it hopes to gain more help from various stakeholders in what it expects to be another busy year in 2018.

“We would like to thank everyone who have helped us reach where we are today. This year (2017) has been a year to remember and we expect that next year will be another busy year for Philippine football,” the message read.

DoF targets 2018 launch for key ease-of-doing-business projects

THE Department of Finance (DoF) has set 2018 launch targets for key projects intended to improve the ease of doing business, addressing current hurdles to trade and access to credit information, among others.

These platforms include the National Single Window (NSW) trade facilitation system, the Advanced Security Operations Center (ASOC) cybersecurity defense system, digital registries such as the Philippine Business Data Bank (PBDB), the Credit Information System (CIS), and a movable collateral registry system under the Land Registration Authority (LRA).

“For 2018, the DoF will continue expanding the NSW to realize the goal of connecting a total of 76 government agencies online to the BoC (Bureau of Customs),” the agency said in a statement yesterday.

The NSW, also known as TradeNet, was launched in December and is expected to shorten the processing time of import/export clearances, reduce the number of transactions and required documents to be submitted.

It also serves as the Philippines’ link to the Association of Southeast Asian Nations (ASEAN) Single Window (ASW) gateway to speed up cargo clearances and promote economic integration by enabling the electronic exchange of border documents among the organization’s 10 member-states.

Currently, the system is only available for inbound and outbound shipments of rice, sugar,  used motor vehicles, chemicals such as toluene, frozen meat, medicines for humans and animals and cured tobacco, regulated by 16 government agencies overall.

“The cybersecurity system will be set up through an Advanced Security Operations Center (ASOC)  and would involve deploying communication ‘brokers’ to connect all online security appliances of each attached agency to this ASOC,” the DoF said.

“By 2021, the DoF expects the system to be fully in place and operational. The DoF will also work with the DICT (Department of Information and Communications Technology) to ensure the sustainability of the system,” it added.

The program aims to ensure that the government’s online portals and communication systems are secure against cyberattack.

Meanwhile, the Finance department said that the Online Unified Business Permit Application Form under the Philippine Business Data Bank “could be pilot-tested by the first quarter of this year.”

The PBDB platform — a universal registry of businesses’ public information — was piloted by the Quezon City government in December. Finance Undersecretary Gil S. Beltran said in the statement that he hopes “to cover all 1,634 local government units nationwide within a two-year period.”

Mr. Beltran said that the online business platform will aid the Securities and Exchange Commission in seamlessly launching the CIS and the movable collateral registry this year, after the targeted approval by Congress of the amendments to the Warehouse Receipts Law, or Republic Act No. 2137, within the year.

The amendment overhauls the 105-year-old law to provide a legal basis for a computerized central registry for all warehouse receipts, which are used by the agriculture sector as collateral to obtain credit.

Farmers are issued warehouse receipts as proof of ownership of their goods stored in warehouses. Such receipts are then traded or encumbered in exchange for credit to informal lenders as banks are often hesitant to extend loans using unreliable and easily-counterfeited paper receipts as collateral.

“Both these initiatives aim to benefit micro, small and medium enterprises as the CIS would help banks assess the credit worthiness of its potential borrowers using a credit information database,  while the movable collateral registry system will enhance and simplify the process on taking movable assets, such as inventory, equipment, sales contracts, quedan and other intangible assets as collateral,” the DoF said. — Elijah Joseph C. Tubayan

Gallup poll ranks PHL 3rd place among happiest countries

THE PHILIPPINES — which had been in the global limelight amid a fierce anti-drug campaign on the Duterte administration’s watch — placed third among the ten happiest countries in the world, according to a survey on 55 countries by Gallup International covering the period of October to December last year.

Gallup poll ranks PHL 3rd place among happiest countries

Gallup’s 41st Annual Global End of Year Survey showed the Philippines with a net score of +84, below top scorer Fiji’s +92 and Colombia’s +87 and above Mexico, Vietnam, Kazakhstan, Papua New Guinea, Indonesia, India, and Argentina and the Netherlands sharing the 10th spot at +64.

Iran led the Top 10 Unhappy Countries with a net score of +5, followed by Iraq, Ukraine, Greece, Moldova, Brazil, Hong Kong, South Africa, Turkey, and Ghana at the 10th spot.

Among the Top 10 Optimists, Kosovo and the Philippines placed eighth and ninth with each having a net score of +40, above Sweden’s +38. Indonesia topped the optimists, followed by Nigeria, Fiji, Bangladesh, India, Vietnam, and Albania on 7th place; while Italy led the Top 10 Pessimists, followed by Greece, Bosnia & Herzegovina, Iran, Mexico, Papua New Guinea, Poland, Turkey, Republic of Korea, and Ukraine, Latvia and South Africa on the 10th spot.

In the Economic Optimism Index, the Philippines placed fifth in its economic outlook toward the new year, with a net score of +32 (optimists +42 over pessimists +10). Nigeria led the optimists with a net score of +59, followed by Vietnam’s +55, Indonesia’s +53, and India’s +46.

On the other hand, the survey noted, “Economic optimism has declined over the last months. The study shows that 28% of the world is now optimistic for the economic outlook in 2018, but the economic pessimism is 2 points higher. Net optimism (the shares of those saying the next year will be one of economic prosperity minus the shares of those who say the next year will be one of economic difficulties) has shown a downward trend +23 (at the end of 2015), +20 (at the end of 2016) to -2 (at the end of 2017).”

“About two-thirds (59%) of the surveyed world claim they are happy. This is almost 10 points lower than twelve months ago. 2017 was a tough year with terrorist attacks over almost each week and it may have influenced personal lives all around the world. Nevertheless, a majority in all polled countries are happy,” the survey said.

Presidential Spokesperson Harry L. Roque, Jr. said in part about the latest poll: “(H)ope about the country’s economic prosperity and hope about the new year can be attributed to the palpable change our people have felt under the leadership of President Rodrigo Roa Duterte. Our economy is one of the fastest growing in the region. The local stock market ended the last trading day of 2017 in an all time-high. Board of Investments-approved investments are record-breaking. The government decisively liberated Marawi.

“Our people have, indeed, appreciated these changes as reflected in the survey numbers. The challenge, therefore, is for us in the government to sustain the pace and momentum of our economic growth and bring it to the greatest number of our people.”

Communications Secretary Martin M. Andanar, for his part, said: “While Gallup places the Philippines as the third happiest country in the world with a net score of +84 and two places behind Fiji, many Filipinos will agree that we are the happiest people in the world despite our circumstances.”

“In the coming months and years of this administration, we are determined to give greater substance and a more solid foundation for our people’s happiness through a booming economy, effective governance, enduring peace and justice.” — with Minde Nyl R. dela Cruz and Arjay L. Balinbin

New Year, new shows

WITH THE NEW YEAR comes new shows and encores to the delight of theater fans. Here are some of the plays, musicals, ballets, and a special music festival which are scheduled for the first half of 2018.

Comedy of Tenors
Jan. 26 to Feb. 18
Onstage Theater, Greenbelt Mall 1, Paseo de Roxas St., Makati City

Set in 1930s Paris hours before an important concert, a harassed producer and his assistant, a temperamental Italian tenor singer and his passionate wife, their daughter and her lover, a singing waiter, and an opera diva suddenly find themselves together in a room. What ensues inside that room is a comedy and chaos of mistaken identities, mayhems, and bedroom fun.

Repetory Philippines’ Comedy of Tenors is directed by Miguel Faustmann and stars Loy Martinez, Jeremy Domingo, Noel Rayos, Issa Litton, Mica Pineda, Arman Ferrer, and Sheila Martinez.

’Night Mother
Feb. 2 to March 3
PETA Theater Center, 5 Eymard Drive, New Manila, Quezon City

Closing the 50th season of the Philippine Educational Theater Association — better known as PETA — ’Night Mother is a powerful drama that tackles mental health and relationships. Starring Eugene Domingo and Sherry Lara, the Pulitzer Prize-winning drama tells the tale of a mother-daughter household and their relationship when, on a rather ordinary night, Jessie (Domingo) announces her plans to kill herself before another day begins and her mom, Thelma (Lara), works to convince her that life is worth living.

Don Quixote
Feb. 9-18
Tanghalang Nicanor Abelardo, Cultural Center of the Philippines, Roxas Blvd., Pasay City

Ballet Philippines’ last show in its 48th season is a classic — Don Quixote which is based on Miguel de Cervantes’ tale. The ballet follows the adventures of Don Quixote in Barcelona where he meets Kitri, an innkeeper’s daughter whom he thinks is his ladylove Dulcinea. Kitri is in turn enamored by Basilio, the town barber of whom her father doesn’t approve. Mayhem ensues as the gentleman from La Mancha unwittingly helps the two lovers have their happy ending.

Ballet and Ballads
Feb. 10 and 18
Aliw Theater, CCP Complex, Pasay City

Part of “Flights of Fantasy,” the 22nd performance season of Ballet Manila, comes this concert featuring the ballet company’s dancers and balladeer Christian Bautista.

Himala the Musical
Feb. 10 to March 4
Power Mac Center Spotlight, Circuit Lane, Circuit Makati, Makati City

Sandbox Collective and 9 Works Theatrical present the musical based on the masterful 1982 film by writer Ricky Lee and director Ishmael Bernal, Himala (Miracle), about Elsa, a woman who symbolically becomes the savior of a small town longing to find peace and an end to its misery. In 2004 Himala was translated from the screen to the stage via a musical featuring music and lyrics by Vincent de Jesus, script by Mr. Lee, and orchestration by Jed Balsamo. The revival stars Aicelle Santos, Bituin Escalante, Sandino Martin, Kakki Teodoro, Neomi Gonzales, David Ezra, and Floyd Tena.

Chitty Chitty Bang Bang
Feb. 22 to March 25
Newport Performing Arts, Newport Mall, Resorts World Manila, Newport Blvd., Pasay City

After a successful run in 2017, this “fantasmagorical” family musical returns to the Newport stage. Based on the film directed by Ken Hughes and written by Roald Dahl and Hughes, which in turn was based on a novel by Ian Flemming — who is best known as the creator of James Bond — Chitty Chitty Bang Bang tells the tale of struggling inventor Caractacus Potts (Gian Magdangal) who, together with his children Jeremy (Noel Comia/Albert Silos alternating) and Jemima (Isabeli Araneta-Elizalde/Zoey Alvarade), and his love interest Truly Scrumptious (Yanah Laurel), sets out on an adventure aboard a restored race car — which magically flies — to the faraway land of Vulgaria to face its spiteful ruler Baron Bomburst (Raymund Concepcion). Also in the cast are Menchu Lauchengco-Yulo, Michael Williams, Lorenz Martinez, Mako Alonso, Reb Atadero, and James Paolleli.

The 43rd International Bamboo Organ Festival
Feb. 23-26 and Feb. 28
St. Joseph Parish Church, Pas Piñas City and the San Ezekiel Moreno Oratory, Villar Sipag Cmpd., C-5 Extension Rd., Pulanglupa, Las Piñas City

Classical music lovers look forward to this yearly treat when the only bamboo organ in the world takes centerstage in a festival of classic and church music. This year’s festival includes the concerts Sing to Him with Psalms…Italian Baroque Music on Feb. 23 and 25, and A Night of My Favorites on Feb. 24, all at the parish church; and The Splendor of Choral Music on Feb. 28 at the oratory.

Kinky Boots
March 2-18
Carlos P. Romulo Auditorium, RCBC Plaza, corner Ayala and Gil Puyat Aves., Makati City

The Kinky Boots squad returns on stage to tell the funny and inspiring story of a fabulous entertainer called Lola (Nyoy Volante) and Charlie (Laurence Mossman), a struggling shoe factory owner, as they forge a friendship that will test their dreams — and their sturdy kinky boots.

The award-winning musical show (it won, among others, a Tony, Grammy, and London’s Olivier Award) has music and lyrics by Cyndi Lauper and book by Harvey Fierstein. The Atlantis Theatrical Entertainment Group’s production, which had a very successful run in 2017, is directed by Bobby Garcia.

Silent Sky
March 2-26
Onstage Theater, Greenbelt Mall 1, Paseo de Roxas St., Makati City

Repertory Philippines presents this Lauren Gunderson play which tells the true story of a woman who literally reached for the stars — Henrietta Levitt whose pioneering work in the 1920s was responsible for the discovery of the existence of galaxies other than our own. Told with a great deal of humor, the play follows Henrietta from her small hometown to Harvard. Directed by Joy Virata, it stars Kathy Azanza Dy, Caisa Borromeo, Naths Everette, Sheila Francisco, and Topper Fabregas.

The Lion King
March 18 to April 22
The Theatre, Solaire Resort & Casino, Entertainment City, Tambo, Parañaque City

Get ready to relive the iconic songs “Circle of Life” and “Can You Feel the Love Tonight” as Michael Cassel Group and Concertus Manila, in association with Disney Theatrical Productions, make Metro Manila one of the stops in the first international tour of The Lion King.

Under the direction of Thomas Schumacher, The Lion King tour marks the 20th anniversary of the stage musical and leads up to the 25th anniversary of the animated movie it is based on. The show won six Tony Awards in 1998 and has earned more than 70 major awards since it started, including the 1998 NY Drama Critics Circle Award for Best Musical, the 1999 Grammy for Best Musical Show Album, the 1999 Evening Standard Award for Theatrical Event of the Year, and the 1999 Laurence Olivier Awards for Best Choreography and Best Costume Design.

Arsenic and Old Lace
April 6-29
Onstage Theater, Greenbelt Mall 1, Paseo de Roxas St., Makati City

For the third time in 50 years, Repertory Philippines is restaging the 1929 classic Joseph Kesserling farce Arsenic and Old Lace, the tale of two sweet old ladies who, aided by their slightly off nephew, keep their lonely houseguests eternally with them by offering them a sip of their elderberry wine. When another nephew discovers their special brand of hospitality, he finds himself trying to protect them from the law while keeping the secret from his fiance. Directed by Jamie Wilson, it stars Joy Virata, Jay Glorioso, Raymond Concepcion, Jeremy Domingo, Barbara Jance, Nelsito Gomez, Nino Alejandro, Miguel Faustmann, Steven Conde, and Gabe Mercado.

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