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Stocks snap rally ahead of Federal Reserve meet

STOCKS dropped yesterday on profit taking ahead of key central bank meetings.

After three straight trading days of closing at record highs, the Philippine Stock Exchange index (PSEi) on Tuesday fell by 131.44 points or 1.58% to end the session at 8,162.70, wiping out most of its recent gains.

The broader all-shares index also tanked as it lost 58.27 points or 1.19% to finish at 4,828.21.

“Philippine shares erased practically all its gains from yesterday after breaking record highs over the last few days. This happened as investors looked ahead to a key Federal Reserve meeting,” Luis A. Limlingan, business development head at Regina Capital Development Corp., said on Tuesday.

The Fed was set to start a two-day policy meeting yesterday. Markets are expecting the US central bank to keep rates but give hints on planned rate hikes and the unwinding of its bond portfolio.

“Developed markets were more bullish as Wall Street also cheered a big defense industry deal,” Mr. Limlingan added.

The S&P 500 ended slightly higher on Monday as financial stocks rose ahead of a Federal Reserve meeting, but the Nasdaq pared gains sharply as technology stocks lost ground late in the session.

The Dow Jones Industrial Average rose 63.01 points or 0.28% to 22,331.35, the S&P 500 gained 3.64 points or 0.15% to 2,503.87 and the Nasdaq Composite added 6.17 points or 0.1% to 6,454.64.

Back home, all the sectoral indices slumped, with holding firms — one of the major gainers in recent days — giving up 173.26 points or 2.1% to close at 8,061.12.

Mining and oil lost 295.54 points or 2.07% to finish at 13,956.62; services stumbled by 33.35 points or 1.91% to 1,707.66; property stocks gave up 67.99 points 1.7% 3,923.50.

Losses incurred by financials as well as industrials were milder. Financial stocks lost 8.74 points or 0.43% to 1,984.20, while industrial issues dropped 21.17 points or 0.18% to 11,336.87.

Declining stocks outnumbered advancers, 121 to 69, while 54 issues finished unchanged. Trading value reached P8.91 billion, a tad higher than the previous day’s P8.11 billion, with 1.31 billion shares changing hands.

Net foreign selling widened to P272.03 million from P45.63 million the other day.

Still, others are optimistic that local equities will regain their recent strength and advance further.

Miko S. Sayo, trader at Angping & Associates Securities, Inc., earlier said: “I’m looking at 8,500 already in the next few days.”

Asked about the basis of his optimism, he said: “Pure technicals.”

Transpacific Broadband Group International, Inc. was the top gainer, followed by Intergrated Micro-Electronics, Inc.; Filipino Fund, Inc.; 2Go Group, Inc.; and Waterfront Philippines, Inc. F&J Prince Holdings Corp. “B” was the top loser, along with Paxys, Inc.; The Philodrill Corp.; Bloomberry Resorts Corp.; and ATN Holdings, Inc. “B”. — Victor V. Saulon

ERC declines to intervene in 4 Meralco power deals

THE Energy Regulatory Commission (ERC) has denied several petitions to intervene in the case involving four power supply agreements between Manila Electric Co. (Meralco) and four companies that are building coal-fired power plants.

“In a Commission meeting held on 30 August 2017, the Commission deliberated, and resolved to DENY the Petitions filed by Junia, Bait, et aI., and Borja to be admitted as intervenors in the instant case. However, the said Petitions are hereby treated as Oppositions to the instant Application,” the ERC said in four separate orders dated Sept. 14, 2017 and released to media on Tuesday.

The persons whose petitions were denied are Romeo L. Junia; Fe R. Bait, et al.; and Uriel G. Borja.

“The Commission also resolved to DENY the Motion to Dismiss filed by Junia,” the ERC said.

Meralco’s application for power supply agreements (PSA) were all filed for ERC resolution on April 29, 2016. The distribution utility has yet to receive approval for the contracts with power plant developers Redondo Peninsula Energy, Inc.; Panay Energy Development Corp.; Atimonan One Energy, Inc.; and St. Raphael Power Generation Corp.

Asked to explain the significance of the agency’s order, ERC Spokesperson Floresinda B. Digal said: “If you are given the status of an intervenor you can present witnesses as well as cross examine the other party’s witness.”

“If you are treated as an oppositor, you may submit your position paper anytime during the proceedings for the Commission’s consideration,” she said in a text message.

In its order, the ERC said petitions for intervention must be filed within five days before the date of scheduled hearing. But it said these were filed belatedly by the petitioners.

Mr. Junia, for instance, filed seven months after the initial hearing, while Ms. Bait et. al. filed seven months after the initial hearing. Mr. Borja filed nine months after the hearing, the ERC said.

The regulator also said that a petition for intervention may still be considered by the commission provided a petition has a direct and substantial interest in the subject matter of the proceedings.

It said one of the petitions, for instance, raised an issue concerning the country’s commitment to the Paris Agreement and the fact that the PSA application involves coal energy.

But it said, as pointed out by St. Raphael Power, whether the approval of the application will violate the Paris accord on climate change is beyond the scope of the commission.

“The Commission finds no merit in the explanation advanced by the Petitioners for the belated filing of the Petitions for Intervention,” the ERC said.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Victor V. Saulon

How PSEi member stocks performed — September 19, 2017

Here’s a quick glance at how PSEi stocks fared on Tuesday, September 19, 2017.

Nation at a Glance (09/20/17)

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

Financial inclusion? Not apps. Let them text

Have you ever taken a jeepney at night, passed through the notorious crime‑ridden streets of the metro, and thought, “this is it, this is where I’m going to die?” How do you think Manong jeepney driver felt during that moment, or Aling streetsweeper in her barely fluorescent vest? As primary breadwinners of their respective families, they, too, must worry about what might happen to them in case of an emergency.

BIMA, a Swedish insurance tech player, knows the importance of bringing insurance and consumer education to emerging markets. Like most disruptive technologies, it is using the mobile phone.

But unlike the path that most tech companies have gone to—developing an app—BIMA went another way: it’s relying on text.

Taking into consideration how almost everyone in the Philippines has a cellphone with a dismal mobile internet speed, they created a system that works for the market it targets. In partnership with Smart Communications, Inc. and Pioneer Insurance, BIMA deducts ₱45 to ₱70 at most per month from cellular phone prepaid load to provide people with up to ₱210,000 insurance coverage.

“We want to adapt to the Philippine context,” BIMA country manager Lindsey Lim told SparkUp as other BIMA employees introduced their product at the Baranggay Center of Baranggay Wack‑wack. “We have low wifi connectivity, people want to buy things patingi‑tingi, and people are more highly familiar with texting than with using apps.”

As long as Manong Driver and Aleng Sweeper have Smart or Talk ‘N Text sim cards loaded with cellphone credit, they can avail of BIMA’s insurance for accidental death, fire, animal bites, vehicular accidents, food poisoning, murder, flood and earthquakes. If they applied for the ₱70 per month insurance process, BIMA will deduct ₱5 pesos per day for fourteen days. They will be able to claim a ₱210,000 peso insurance in case something happens to them next month, but they will also be able to claim ₱35,000 in case they need it the same month they applied. Should they not be able to pay the full ₱70, their insurance will be equivalent to the amount deducted. (So if BIMA was only able to deduct ₱35, the insured will be covered for ₱105,000. And if BIMA was only able to deduct ₱5, then the insured will be covered for ₱15,000.)

But it hasn’t always been this way. BIMA has been in the Philippines since 2014, and Ms. Lim in BIMA since 2016. In the interim, the partnership with Smart did not exist and they tried collecting the insurance fees personally. “Before we tried having people pay via cash. We had about 16,000 customers via cash. But its not efficient because we have to personally collect ₱70 every month. With technology, the process became scaleable.”

Recognizing that there are a lot of areas where you just can’t get wifi signal, the mobile app that BIMA uses does not need to be online while it collects the information of clients. “Our staff’s app operates offline to collect information, then they can sync online to submit all the information to our records,” Ms. Lim added.

BIMA’s process is also paperless, a simple text message or phone call to BIMA plus proof of their predicament is all the person enrolled in their program has to do to redeem their insurance. However, more education seems to be needed for this to happen, as the respondents in their Baranggay Wack‑Wack presentation did not seem comfortable with the paperless process. “Anong ipapakita ko na pruweba kung wala akong papeles,” one of them asked.

BIMA is going from town to town, and wherever people might need them—like in market places and jeepney stations—to reach out to the people who need them the most. While they are currently in their pre‑registration stage, Ms. Lim hopes that someday reach more people who need insurance the most.

“We aim to have one million people insured by 2020,” said Ms. Lim.

Project happiness

By Bjorn Biel M. Beltran

It was in the pursuit of dreams that pushed Ryan Gaspay to leave his home city of Tacloban for the hustle and bustle of Manila. Ten years later, he himself would be involved in the business of dreams, along with his business partner, Ryan Joseph Dacillo, starting a venture which promises to take and transform the desired visions of its clients into “a celebration you, your family, and guests will remember forever”.

As an event planning business based in Mandaluyong City, The Party Project Manila works with clients to assemble their dream celebrations, primarily birthday parties for children, under a specific theme. “The aim is to help everyone to put things together, conceptualize, and articulate the desired vision into a celebration that everyone will remember forever through the help of our creative minds, “ Mr. Gaspay told BusinessWorld in an e-mail.

The business was his brainchild. Mr. Gaspay, as a little boy, had developed a deep passion for the arts and fashion. He went to Manila, believing that it was the best place to realize his dreams.

“The first and last company that he was involving himself with was the company that honed him to become what he is now: an event stylist,” Mr. Dacillo also said in an e-mail. “Holiday parties, birthday parties of his officemates and colleagues, company parties, these were the things that helped him to become a better and a very talented stylist.”

Soon, this talent for planning and arranging events manifested into an idea for an enterprise, and The Party Project was born. Through their combined passion, the two entrepreneurs left the corporate world, Mr. Gaspay helming the creative side of the company, while Mr. Dacillo took care of the business side.

It was not easy at first. The two owners soon found that their own knowledge and experiences were not enough to sustain the business. Over the course of establishing The Party Project, Mr. Gaspay, a graduate of BS Hotel and Restaurant Management, and Mr. Dacillo, bachelor of mathematics graduate, somehow had to become architects, engineers, interior designers, and even psychologists to learn and acquire the traits necessary for their line of work. 

Eventually, the company found success. From an initial staff of three people, The Party Project grew to 17, and was quickly featured in local and international blogs, social media websites like Instagram, as well as magazines.

In addition to Mr. Gaspay and Mr. Dacillo’s leadership, The Party Project’s unique recruitment strategy also plays a role in how the company has grown. Not content with merely helping its clients fulfill their dream celebrations, The Party Project also extends its hands to out-of-school youth around Metro Manila, offering the most creative of them the chance to work with the company in the creation of props to be used for events.

“What we are very proud of is that The Party Project Manila is not only helping those people who want to have their dream themed party develop into a reality, but also helping out-of-school youth develop their creative thinking by joining the team,” Mr. Gaspay said.

“These youths are the ones behind the beautiful and amazing props that are being used by the company,” Mr. Dacillo said. “If it is not for these people, the ‘creative minds’ the company needs cannot be executed properly. That is why we love these youths and treat them as our very own family.”

Throughout its existence, The Party Project Manila has always maintained its principles and faith. This, as well as the determination to continually challenge themselves, is what Mr. Gaspay and Mr. Dacillo believe sets them apart from other event planning services.

“We always offer all our works to God Almighty Father. Without Him, The Party Project will not exist. Without Him, we won’t be able to help those out-of-school youth earn money through their own hands. Without Him, we won’t be where we are right now,” Mr. Gaspay said.

“We cannot say that this business is already successful. We think everyday how to become a successful leader in this industry. We challenge ourselves to think outside the box, and make ourselves different to all other stylists,” Mr. Dacillo added.

The Party Project Manila expects to grow further still, fueled by passion and dedication to their craft. Taking it upon themselves to act as the fulfillers of dreams, Mr. Gaspay and Mr. Dacillo are now currently working on taking their styling efforts across a broader range of services like weddings and corporate events.

“When you are very passionate with what you are doing, you are not after the price that people are paying for. It is all in the happiness in their eyes when you make their dreams a reality,” they said.

Beautiful and tasty creations

By Mark Louis F. Ferrolino

After completing her bachelor’s degree in international studies, Maria Roma Getueza engaged in retail management and in their family business. But her love for baking is what keeps her busy these days as she started a self-run business, The Nameless Baker, in which devotion and artistry have became her secret recipes.

The Nameless Baker offers fresh and homemade baked products, designed and topped with delicate flower frosting. It is a hobby turned into a part-time business after Ms. Getueza accidentally discovered her passion in baking. Unlike other businesses, The Nameless Baker offers a variety of unique and creative cake design options that fit any occasions. The handcrafted sweets are made with no extenders and preservatives added.

In an interview with BusinessWorld, Ms. Getueza said that she considers cake as a canvass. After coming up with fresh and perfectly moist cake, she carefully mixes the colored icings by hands and plays around them. An eight-inch cake takes her around two to three hours to finish, ensuring that it looks and tastes good.

“What separates me [with other bakers] is the color combination [I used for pastries] and my approach to colors. It’s difficult to pipe the flowers but it’s more difficult to have the colors that will look harmonious and elegant both in the pictures and physically,” Ms. Getueza said.

Aside from cakes with flower accents, The Nameless Baker also offers custom-made cakes and cakes decorated with succulents and manly stuff like barrels and liquors. It also accepts orders of cupcakes that can be given as gifts or giveaways in parties or different occasions.

“You’re not only paying for the cake itself, but you’re paying for the art and for the pleasure of the eyes,” Ms. Getueza said. “It’s a wow factor for the visitors of the party.”

Way back in 2012, when The Nameless Baker started, most of its customers were Ms. Getueza’s friends who found its cupcakes, cream puffs and other pastries, a perfect pair for coffee. Since then, Ms. Getueza has always been seeking her customers’ feedbacks to know what needs to be improved or adjusted in her recipes.

Staying consistent in pursuing the owner’s passion, The Nameless Baker has now blossomed into a successful business. Referrals of her relatives and friends as well as customers’ posts in social media have helped the business gained popularity and reached bigger market.

To ensure the quality and art of every product, Ms. Getueza only accepts a maximum of four to five cakes and five to 10 dozens of cupcakes per day.

She handles the business all by herself as she takes all the responsibility of purchasing, marketing and baking, as well as the pickup and delivery of the products. But for her, everything is just a matter of time management.

“If you’re doing something that you like, you won’t be bored na parang ay nakakapagod (like it’s tiring); it’s something you will enjoy. Then, time will just pass by,” Ms. Getueza said.

If given the chance, Ms. Getueza aspires to open a small café where she can apply her skills in baking and cooking. She wants to come up with a go-to place where home dishes are served and customers will find value for their money.

As a piece of advice to aspiring entrepreneurs, Ms. Getueza said, “Don’t be afraid to start small. Do what you love. Do what you are passionate about because you won’t get bored in doing that. Passion outweighs talent. If you have the talent but you don’t have the passion, it’s not going to work.”

Unique and personalized

The inspiration for the establishment of Hippie Event Styling was a surprise birthday bash the founders threw for their mother in 2014. The hippie-themed party was a success, exhilarating the celebrant, the attendees and the organizers themselves.

“We realized that we could do something like this as a business,” said Camille Villaruel, the youngest of the seven siblings who set the celebration up. In the same year as their mother’s 60th birthday, the Villaruel siblings founded Hippie Event Styling.

The styling business caters to all types of events, Ms. Villaruel said. It has already styled a number of birthday parties and weddings since 2014. But no matter what the occasion is, the goal is always the same: make it as unique and personalized as possible.

Clients of Hippie are asked about the theme they want. There are times, however, when they give too broad answers or too many answers. “What we do is we ask for photo inspirations if they can provide them so it’s easier for us to imagine, to visualize what they really want,” Ms. Villaruel said. In several discussions, mostly face-to-face, the Hippie team helps clients narrow down the choices and clarify their thinking about their ultimate goals.

“It’s important for us and the client to meet halfway,” said Cristel Villaruel-Dialogo, the middle child. She said they are not the kind who say yes to every request. “We really make sure to be transparent and honest with them that this might not work. And we make sure they really understand and are not offended.”

Ms. Villaruel-Dialogo also noted that they do not usually take on projects that provide little lead time as personalization is not easy, and it takes a lot of time, attention and resources. That’s why in a given month, Hippie styles an average of two events. “We like to treat our clients’ events as our own,” Ms. Villaruel said. “We don’t want to overbook,” Ms. Villaruel-Dialogo added, otherwise, the quality of their work, which is to be valued above anything else, suffers.

Fee depends largely on the requirements of the clients, but since there is painstaking work involved in event styling, it is not cheap; one should expect to pay thousands of pesos. For full-event styling, which includes everything from decking out the entire venue to creating materials that are sometimes handcrafted, Hippie may charge around P65,000.

Every Villaruel sibling, along with several in-laws and other relatives, has a role to play in the conceptualization, production and execution phases of a project and in running of the business. For instance, Ms. Villaruel, who is also a make-up artist, manages the finances and ensures that every production is within budget. Ms. Villaruel-Dialogo, meanwhile, is in charge of Hippie’s marketing. She juggles her marketing duties with those of her position as a general manager at a private firm in Mandaluyong City.

The siblings see every project that they work on not merely as a money-making activity but as an opportunity to bond with each other, which, as every adult with a brother or sister knows, gets rarer with age. Even if times can be stressful, Ms. Villaruel-Dialogo said, “At the end of the day, hey, we got to spend more time together.”

It is their desire to grow Hippie, which has started to turn a profit this year, and give it a space of its own in the future. They also wish to expand into bigger events like corporate events. “For as long as we can do it, and because we enjoy doing it, we think that this will be a long-term venture,” Ms. Villaruel-Dialogo said.

Guest books for keeps

By Sigourney V. Tulfo

Momentous events are often captured by cameras. Photos can freeze time. Videos can preserve moments. But while these mediums can help document special events, it is the messages that these provoke that will leave the most lasting impression. 

For one entrepreneur-couple, taking photos and asking guests to write messages on the photos can create an extraordinary guest book that will make their clients happy.

Husband and wife Nappy and Santi Tanalgo are the founders of Snap Scribble, an event guestbook service that combines Instax photos and handwritten messages to create a “quirky guestbook with a twist.” 

The business started as an expression of support for a friend who was getting married in September 2016. The Tanalgos’ close friend sought their help to create a unique guest book and they imagined taking Instax photos of guests, and having them write their personal messages on the printed photos.

“We looked and researched for a peg,” Nappy Tanalgo said in a recent interview with BusinessWorld. Their researched made them realize that the concept has been done before but not commonly in the Philippines. The couple decided that this was the gift that they wanted to give their friend but added a little bit of Tanalgo flair.

At the wedding reception, the couple manned a set-up to take photos of guests and encourage them to write their messages to the bride and groom. The guests’ reception was great. The next month, another member of their circle, sought their help. Since then, Snap Scribble became an official enterprise. 

Snap Scribble creates customized hardbound guestbooks. Clients can choose from the business’ existing themes but they can also request for a new theme. Santi Tanalgo shared that the “twist” in their tagline means the set-up.

The set-up, much like a creative photo booth, reflects the event’s theme and includes a backdrop, interesting items and pens that guests can use to create their messages.

Nappy Tanalgo added that this becomes a source of “entertainment”  for the guests. At the end of the day, he said that their client goes home with a guest book containing creative pages of 40 snaps and messages from their valued guests. 

As the business started to pick up, the Tanalgos also had their share of challenges. The first challenge was not having proper transportation. This made carrying big set-ups to and from the event difficult. Time was another challenge for them as preparing the set-up would take a lot of time. Also, some clients will sometimes ask for additional concepts on top of what has already been discussed.

For the Tanalgos who also hold office jobs, these issues cannot be ignored. The couple has since resolved these issues with a better transportation solution and set-ups that can be easily dismantled. They also delegate better now. 

“Snap Scribble is like our breather from  the stress of the corporate world,” Nappy Tanalgo said. “Ang sarap lang din noong feeling na nabigay mo ‘yung gusto nila kahit mahirap. (It just feels good to be able to give clients what they want despite some difficulties),” Santi Tanalgo said.

Their passion for their craft and some memorable clients are what keep the couple motivated.

Their first memorable client is their friend who got them started in the busines. The second is a priest who sought their help on more than one occasion.

The couple shared that the event for the priest was memorable because this paved way for their business to be blessed and it also made them see a different side of priests. Santi Tanalgo said that she saw the sincerity of a group of priest friends enjoying their snaps. For the Tanalgos, this is the kind of appreciation for their snaps that makes them feel good about what they do.

She said that their guest book becomes something else when people treat it like a gift or a “keepsake”. While the snaps usually get a lot of attention, the messages leave the more lasting impression to the client, she added. 

Snap Scribble is just a year old but the Tanalgos see it expanding into an event styling business in the future. 

The couple has this advice for aspiring entrepreneurs. “Don’t be afraid to take risks,” Santi Tanalgo said. She added that one would never know the outcome of their vision if they wouldn’t try to pursue it.

Bourse notches straight fresh peak

By Arra B. Francia
Reporter

THE PHILIPPINE Stock Exchange index (PSEi) rocketed to another record high on Monday, stopping less than six points short of the 8,300 mark as investors continued to ride optimism over the economy’s growth prospects and strength of the bourse’s counterparts abroad.

The 30-member bellwether index closed at 8,294.14 on Monday, climbing 1.38% or 113.29 points from last Friday’s 8,180.85 record finish. PSEi has been on a roll since first hitting this year on Thursday last week another historic high at 8,144.91.

Before that, PSEi had last notched an all-time high on April 10, 2015, closing at 8,127.48.

The broader all-shares index likewise rallied 1.03% or 50.15 points to end 4,886.48 yesterday.

Year to date, the PSEi has gained 21.2%.

“The PSEi’s ascent was mostly in-step with gains in Wall Street and other Asian markets,” PSE President and Chief Executive Officer Ramon S. Monzon said in a statement.

PNB Securities, Inc. President Manuel Antonio G. Lisbona said in a mobile phone message: “The move today is evidence of the very bullish sentiment among market investors.”

“The economic environment is widely expected to be conducive to growth, hence investors are taking positions aggressively,” Mr. Lisbona noted.

COL Financial Group, Inc. Chief Technical Analyst Juanis G. Barredo noted that the PSEi’s upward trajectory signals opportunity for the market to align itself with the movement of peers abroad. “I think the PSEi consolidated long enough and needed to align with other solid market movements abroad. US (United States) and many in Asia have had good upswings and we had to have our turn,” Mr. Barredo said.

IB Gimenez Securities, Inc. Head of Research Joylin F. Telagen also noted that PSE’s climb has been fueled by the performance of its peers.

“ (Investors) are hopeful that interest rate rises will be gradual, ahead of the Fed meeting this week,” Ms. Telagen said, referring to the US Federal Open Market Committee’s Sept. 19-20 meeting.

Wall Street itself hit fresh record highs last week, while Hong Kong’s Hang Seng Index, the Shanghai-Shenzhen CSI 300 Index and the S&P/ASX 200 Index yesterday added 1.27%, 0.31% and 0.45%, respectively.

RCBC Securities, Inc.’s Jeffrey Lucero said: “We are looking at 8,350 in the next few days to weeks as the next resistance,” while IB Gimenez’s Ms. Telagen gave a 8,400-8,500 range, with support seen at 8,000.

Asked on possible risks investors should watch out for, COL Financial’s Mr. Barredo replied: “I think we zigzag upwards — may have a few pit stops as few headwinds still show like rates, North Korea and some local issues.”

Philippines tops Asia on financial inclusion list

THE PHILIPPINES remains Asia’s leader in financial inclusion due to policies supportive of wider banking access, the Brookings Institution said in a report, even as the country slipped a rung from its rank a year ago.

Philippines tops Asia on financial inclusion list

 

The Philippines also remained the world’s fourth best in terms of access to financial services, according to The 2017 Brookings Financial and Digital Inclusion Project Report published in August that evaluated the efforts of 26 countries in offering “affordable” and “secure” financial channels to the public.

The Philippines maintained its 76% overall score and specific grades per indicator from a year ago, remaining in a tie with Rwanda.

But it was overtaken by Mexico, which jumped over the Philippines this year from fifth spot in 2016 to place second this year with Brazil, both with 79%.

Kenya remained the global leader in financial inclusion with 86%, according to the Washington-based think tank, citing the other economies that bested the Philippines as Colombia, South Africa and Uganda with 78%.

Brookings gave the Philippines a perfect score of 100% for its commitment to broaden financial inclusion and for its regulatory environment to enable greater access to formal money channels. Mobile capacity was rated 94%, with some 74% of Filipinos subscribed to telecommunication services. The country got its lowest score — 42% — in adoption of financial technology.

FACTORS
Brookings cited new and updated regulations introduced by the Bangko Sentral ng Pilipinas (BSP) over the past year that encourage financial transactions through formal banking platforms.

“The BSP has issued a series of circulars aimed at supporting digital financial inclusion,” the Brookings report read.

“Examples include circulars that enhanced regulations for pawnshops, remittance agents and other transfer companies that facilitate access to basic financial services; allowed banks to use third-party cash agents to help expand access to financial services; and permitted certain institutions to implement reduced know-your-customer rules for low-risk accounts.”

The Brookings report also cited the central bank’s latest efforts to set up a government-run identification system covering biometrics and basic client data that has been said to help client verification and allow more Filipinos to open bank accounts.

The National Baseline Survey on Financial Inclusion released by the central bank in 2015 showed that only 43% of Filipino adults held savings, with 68% of them opting to keep their money at home rather than place them in bank deposits.

The central bank is looking to prod more Filipinos to use e-payment channels under the National Retail Payments System initiative, which aims to increase the share of online transactions to up to 20% of total transactions by 2020 from one percent currently. — M. L. T. Lopez

Inspiring innovation: The Entrepreneur Of The Year Philippines 2017

The Entrepreneur Of The Year Philippines 2017 has concluded its search for the country’s most successful, inspiring entrepreneurs. Entrepreneur Of The Year Philippines is a program of the SGV Foundation, Inc. with the participation of co-presenters Department of Trade and Industry, the Philippine Business for Social Progress, and the Philippine Stock Exchange. In the next few weeks, BusinessWorld will feature each of the finalists for the Entrepreneur Of The Year Philippines 2017.

IN A WORLD where disruption is constant, changes and challenges can happen in an instant.

It is a world where experienced entrepreneurs thrive because they know that the only way to stay ahead is to embrace creativity and innovation. While every entrepreneur’s tale is unique, the finalists’ stories have similar core elements — an eye for opportunity, a mind open to new ideas and a heart filled with passion and determination. With their powerful resolve to make a true difference for the community and the country, Filipino entrepreneurs are instrumental to our national socioeconomic progress and development.

Now in its 14th year, the Entrepreneur Of The Year Philippines program celebrates the remarkable men and women of vision, courage, resilience and resourcefulness who catalyze innovation in their respective enterprises and industries.

SGV Foundation President J. Carlitos G. Cruz says: “Now, more than ever, entrepreneurs are disrupting the way people do business, encouraging others to be more resourceful, ingenious and creative. In keeping with today’s highly competitive business world, they pursue, develop and promote new opportunities that help generate income, create more jobs and, ultimately, contribute to Philippine economic development.”

This year’s finalists come from diverse industries, such as food and beverage, real estate development, furniture and foam manufacturing, retail, finance, events styling, technology, personal care products, education and water services.

One of our finalists this year leveraged on childhood memories and food experiences to build a nationwide chain of fast-food outlets.

Another finalist credits his creativity for helping him pioneer events styling in the Philippines.

A finalist’s drive to address the needs of Filipino mobile phone users led him to create one of the country’s first homegrown phone brands.

Yet another entrepreneur focuses on relationships to build and market quality homes and real estate developments.

Through hard work, determination and a deep focus on quality, one finalist grew her home-based food business into a leading catering company.

Another finalist, who spotted an opportunity to market healthy fruit beverages, established a company that now manages 18 diverse food brands.

One finalist had an overarching vision to promote economic and infrastructure development in Mindanao.

Realizing an opportunity to address the potable water needs of people in some provincial areas, another finalist expanded a waterworks company that has transformed the lives of people in several municipalities.

One finalist, driven by a desire to help his family recover from business losses caused by a fire, revolutionized retail and grocery shopping in his province.

Believing in the importance of developing quality, yet affordable homes, one finalist built one of the biggest real estate development companies in the Visayas.

Another finalist applied innovation and integrity to turn a small company into the leading foam manufacturer in the Philippines.

With a keen drive to develop new processes and technologies, one finalist pioneered several building technology innovations in the country.

Another finalist transformed a rural bank into a leading microfinance credit provider in southern Luzon.

Still another used her determination and love for Kapampangan food into a highly popular chain of buffet restaurants.

One finalist parlayed a family tradition of excellence and values into establishing world-class education in the provinces.

Another finalist overcame various challenges to become a market leader in personal care paper products.

One finalist used boldness and unconventional ideas to take Philippine-made furniture to a global market.

Realizing that women needed cosmetics that combined skin care with beauty, one finalist developed a unique line of products.

And, driven by a desire to bring more and better brands and products to his people in Antique, one finalist focused on building a multi-unit franchise company.

By understanding their stories, we can trace their personal and professional journeys as they capitalize on purposeful innovation to drive meaningful change.

The Entrepreneur Of The Year Philippines program, as well as its categories, nominees, finalists and winners, is assessed and judged based on ongoing trends, changes and developments in the business environment. All nominees were screened using a system developed by Entrepreneur Of The Year in the United States and used in all countries that participate in the program. Qualified nominees were interviewed and given the chance to submit additional information as necessary. The list was further screened to determine the finalists. An independent panel of judges will select the winners from among the finalists.

The overall winner of the Entrepreneur Of The Year Philippines 2017 program will represent the country in the World Entrepreneur Of The Year in Monte Carlo, Monaco in June 2018.

The Entrepreneur Of The Year program was developed in the United States in 1986 by professional services firm Ernst & Young (EY). Through the program, successful entrepreneurs can come forward and share their inspiring stories to awaken the entrepreneurial spirit in others. In 2001, EY expanded the program and launched the World Entrepreneur Of The Year awards.

The SGV Foundation launched the program locally in 2003 and presented its very first Entrepreneur Of The Year Philippines award to Jollibee Foods Corp. President and Chief Executive Officer (CEO) Tony Tan Caktiong, who went on to win as World Entrepreneur Of The Year in 2004. Socorro Cancio-Ramos, founder of National Book Store, was next named Entrepreneur Of The Year Philippines in 2004, followed by Lance Y. Gokongwei, president and CEO of Cebu Air, Inc. in 2005; Senen C. Bacani, chairman and president of La Frutera, Inc. in 2006, Wilfred Steven Uytengsu, Jr. of Alaska Milk Corp. in 2007; Jesus P. Tambunting of Planters Development Bank in 2009; Tennyson G. Chen of Bounty Fresh Foods, Inc. in 2010, Erramon I. Aboitiz, president and CEO of AboitizPower Corp. in 2011; Jaime I. Ayala, Founder and CEO, Hybrid Social Solutions, Inc. in 2012; Ben Chan, chairman of Suyen Corp. in 2013 and Nico Jose S. Nolledo, chairman and CEO of Xurpas, Inc. in 2015.

The 2017 search for the Entrepreneur Of The Year Philippines is conducted every two years with the participation of the Department of Trade and Industry, the Philippine Business for Social Progress, and the Philippine Stock Exchange. Its official airline is Philippine Airlines. Media sponsors are BusinessWorld and the ABS-CBN News Channel.

Beginning Sept. 20, BusinessWorld will be featuring finalists’ stories of how vision and innovation inspired each one to excel in his/her respective industry.

The winners of the Entrepreneur Of The Year will be known on Oct. 18 at a formal awards banquet at the Makati Shangri-la hotel.

Banquet Sponsors are Bench; Bounty Fresh Food, Inc.; CDO Foodsphere; Fiori Di Marghi; Hyundai Asia Resources, Inc.; Jollibee Foods Corp.; LBC; SteelAsia and Universal Harvester, Inc.

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