Mother’s Day treats

May 9, 2024 | 12:02 am

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MOTHER’S DAY is on Sunday (May 12) and we made a list of things you can do together at some of the country’s best properties. We also included a couple of sweet treats you can buy for celebrations at home.

City of Dreams Manila spoils moms

City of Dreams Manila unwraps thoughtful offerings in appreciation of moms on their special day. Crystal Dragon offers Mother’s Day exclusive ala carte dishes available until May 12 for lunch and dinner. Meanwhile, moms who dine at Crystal Dragon on Mother’s Day will receive a complimentary sweet surprise. Over at Nobu Manila, moms will be treated to a celebrity-inspired Saturday and Sunday brunch experience which highlights the new-style Japanese cuisine of world-renowned Chef Nobu Matsuhisa. Not to be missed on Sunday is a lavish spread that includes a carving station consisting of roasted whole US Prime Ribeye, Smoked Beef Brisket, and Grilled Tuna Collar; and at the sushi station, fresh slices from a whole salmon. The a la carte selection will also feature new Nobu-style dishes on Mother’s Day, to complement the staple brunch offers and confections. Nobu Manila’s Mother’s Day brunch is priced at P4,388 net per person and Nobu Saturday brunch is at P3,499 net per person. Brunch service is from 11:30 a.m. to 3 p.m. Nobu’s seven-course dinner tasting menu (P8,871.43 net per person) is a perfect choice for a dinner date with mom. The seasonal tasting menu is offered until end of June. Nobu’s dinner service is from 5 to 10 p.m. from Sunday to Thursday and until 11 p.m. on Fridays and Saturdays. At Haliya, City of Dreams Manila’s restaurant specializing on reimagined Filipino cuisine, a colorful celebration of Mother’s Day awaits mom and the family with the Pahiyas Festival special menu. Inspired by the fiesta in Lucban, Quezon, the menu is available for the whole month of May. Haliya is open for dinner from 5 to 11 p.m from Mondays to Fridays, also at lunch on Saturdays and Sundays from 11 a.m onwards. Café Society sweetens the occasion with pastries and confections offered from May 9 to 12. As a special gift to moms, the options include a white chocolate tulip cake, a red box full of colorful handcrafted chocolates, granola-filled chocolate dome, and other Mother’s Day-themed confections. For inquiries, call 8800-8080 or e-mail guestservices@cod-manila.com or visit www.cityofdreamsmanila.com.

Discovery Primea pampers moms

The highlight of Discovery Primea’s Mother’s Day celebration is the Stay In The City Room Package, offering a staycation experience in the heart of Makati. Rates start at P8,500++ per night in a Business Flat. For this special occasion, Flame’s chefs present the Mother’s Day Feast, a set menu highlighted by Roasted US Beef Tenderloin Wellington and a decadent Gianduja Chocolate dessert. The set menu is offered for lunch and dinner on May 12 at P9,500++ for a party of four, with a complimentary glass of sparkling wine for all dining moms. Terazi Spa offers the Holistic Holiday Package, designed to rejuvenate Mom’s body, mind, and spirit, with a choice of a 45-minute Body Scrub, a 45-minute Terazi Signature Massage, and a 45-minute Natural & Organic Facial. This special treatment is available for P6,500 net throughout May. For more information, visit https://bit.ly/PrimeaMothersDay. For inquiries and reservations, call 7955-8888 or e-mail dp.rsvn@discovery.com.ph.

Conrad Manila has gifts, dinners for moms

Every day until May 12, Conrad Manila’s pastry chefs prepare All About Mom Mother’s Day-themed cakes, pastries, and special hampers from Bru Coffee Bar. Cakes start at P1,500 net, while pastries are available from P200 net. The hamper box is priced at P5,000 net, and includes flaky sea salt, assorted dry nuts, red velvet crinkles, chocolate lipsticks, vanilla ganache moisturizer, and raspberry creamer, among others. Spend the weekend of May 11 to 12 for the lunch or dinner buffet at Brasserie on 3 which will feature colorful photo booths and live performances. For every four full-paying guests, mom gets lunch or dinner for free, with a “Love you, Mom” message. Diners can enjoy special meals featuring a themed cake and champagne, at P2,750 net per person for lunch (11 a.m. to 2:30 p.m.) and P3,888 net per person for dinner (6 to 10 p.m.). “Tribute to Mom” is China Blue by Jereme Leung’s specially curated lauriat menu for lunch and dinner on May 11 to 12, celebrated with the whole family. Priced at P49,888 net, this set menu good for 10 persons. Special mocktail drinks may be shared among four dining family members. Party packages set menu are also available for takeaways at lunch or dinner. At C Lounge, from May 6 to 12, spoil mom with a Mother’s Day-themed afternoon tea for P3,606 net. There are also Mother’s Day spa experiences, offering 90 minutes and 120 minutes of pure relaxation using ESPA product. Rates start at P7,500 nett. A weekend or overnight get-away at one of Conrad Manila’s rooms overlooking Manila Bay or the city view comes with a breakfast buffet for two at Brasserie on 3. For inquiries, call 8833-9999, e-mail conradmanila@conradhotels.com or visit https://eatdrinkhilton.com/brasserie-on-3-conrad-manila/.

Mother’s Day treats at Newport World Resorts

Casa Buenas at the Newport Grand Wing offers the Dulce Reina Mother’s Day menu, available throughout the month of May for P5,500 net. Highlights are Grilled Wrapped Barramundi, Roasted Herb Pork Loin with Chorizo Stuffing, and Roasted Pulpo and Tomato Salad among other savory dishes, with Strawberry Shortcake for dessert. Over at the Garden Wing Cafe at the Newport Garden Wing, a Mother’s Day special Afternoon Tea is served for P1,500 net for two persons. At Hotel Okura Manila, for Mother’s Day on May 12, the buffet at Yawaragi (P3,950++ per person) comes with a complimentary glass of Shinomine Junmai Daiginjo Aiyama Sake for mom. Yamazato Japanese Fine Dining restaurant offers a Mother’s Day Obento Kaiseki exclusively available for lunch and dinner on May 11 and 12. For P3,500++ per person, the meal is highlighted by the sustainable Filipino Maya-Maya. Mothers receive an extra treat in the form of one flight of Yamazato’s Natsu Sake Selection. Hilton Manila is serving Mama’s Fine Feast for brunch at the Kusina Sea Kitchens (with free-flowing Barefoot Pink Moscato) on Mother’s Day for P2,800++ per person. At the Madison Lounge and Bar, grab a few sweet treats like the Duo Chocolate Brownie Fudge Whole Cake for P2,500++ and Flower Mango Cream Whole Cake for P2,900++ or a box of Chocolate Roses and Pralines for P888++.

Meanwhile, the Marriott Manila has a limited-edition “HERitage Gift” from the Marriott Cafe Bakery for every dining and retail purchase worth P2,000 to P4,000 throughout the month. The special offer is exclusive to members of Club Marriott, Marriott Bonvoy, and Newport World Resorts. Sheraton Manila’s S Kitchen has a Mother’s Day lunch for P3,880 net per person, which includes photo souvenirs for families. At the Holiday Inn Express Manila-Newport City, Mother’s Day is an overnight affair in a Standard Room with breakfast for two (kids below 12 years old stay and eat breakfast for free). For P4,900 net, the package includes welcome drinks for two, a P1,000 hotel F&B voucher, and a gift. At the Newport Mall, a French Quintet will be serenading families at The Plaza while sketch artists offer live portrait sketches amid flower store pop-ups on May 12. Swarovski, Furla, Pandora and other premium retail stores will offer special Mother’s Day specials. For more information on Mother’s Day offers from Newport World Resorts, visit www.newportworldresorts.com and follow @newportworldresorts on Facebook and Instagram, and @nwresorts on Twitter.

May is for Mothers at Marco Polo Ortigas Manila

Marco Polo Ortigas’ Lung Hin restaurant has created a 10-dish Lauriat feast to celebrate mothers. From May 1 to 12, groups of five and 10 will enjoy an authentic Cantonese banquet. On Sunday, May 12, the hotel’s all-day dining restaurant, Cucina showcases Asia’s best dishes. Children below seven years old dine free of charge. For reservations, call 7720-7777.

Richmonde Hotels’ adventure for moms

The Richmonde Hotels in Ortigas, Eastwood and Iloilo have prepared to welcome all mothers with a lineup of treats in celebration this May. At the Ortigas branch, let mom pick any day in May to have a staycation and she’ll get a petite Mother’s Day cake, a Richmonde neck pillow, Sampaguita smoothies good for two, and a 15% discount on in-room massage services, and along with regular amenities including the heated indoor pool. Rates start at P4,200 net (room only) and P5,200 net (with breakfast buffet for two) and are valid until May 31. Richmonde Ortigas’ Richmonde Café serves up a Feast for Mom at the Mother’s Day Lunch Buffet from 11:30 a.m. to 2:30 p.m. The buffet is priced at P1,785 net, inclusive of one round of mimosa, and coffee or tea, plus a token for mom. Children six to 12 years old get 50% discount and those five years and below eat for free. At Eastwood, check out the summer staycation package with breakfast buffet for two adults and two children five years old and below, welcome drinks for two at Eastwood Café+Bar (choice of coffee, tea, or iced tea), a 20% discount on food and beverage orders, use of the gym and swimming pool, and, just for mom, an in-room body massage, all for P5,800 net. This promotion is available for stays from May 10 to 13. Eastwood Café+Bar brings a Feast from the Sea for mom on its Mother’s Day Buffet, available for lunch from 11:30 a.m. to 2:30 p.m., and dinner from 6 to 10 p.m., for P1,799 net inclusive of bottomless iced tea and coffee or tea. Children six to 12 years old get 50% off while those five and below eat free. Mom also gets to dine for free with the 4+1 Deal where if four persons at the table pay the full price, mom’s buffet is on the house. At Iloilo, the Wonders of Wellness Room Package is available. That includes accommodations in a spacious room; a choice of a Moroccan full body massage, aromatherapy, Ventosa, head and back massage or head and foot massage for mom; a 10% discount on additional massage and wellness services; and use of the hotel’s gym and pool. A buffet breakfast for two at The Granary, and a serving good for two of the hotel’s signature All Day Treats are also part of the package. Rates start at P7,275 net. There are also the Waves of Wanderlust Room and Cruise Packages where mom and the family get to see a different side of Iloilo City via an exclusive boat tour and relish the comforts of Richmonde at the same time. Mom’s Sunset Cruise includes a view of the sunset along Guimaras Strait from 4 to 7 p.m. and is priced at P30,000 net. A nighttime city tour along Iloilo River from 7:30 to 10:30 p.m. is also available, priced at P27,400 net. Both packages include the following: overnight stay in two Deluxe rooms for a maximum of two adults and two children 12 years old and below per room, breakfast buffet for two adults and two children five years old and below, 50% discount on buffet breakfast for children six to 12 years of age, van transfers from the hotel to The Boat Club and vice versa, charter cruise good for a maximum of 10 persons with refreshments (non-alcoholic). For additional room bookings, the special rate of P5,300 for a Deluxe room with breakfast may be applied. On Sunday, May 12, at Richmonde Iloilo’s The Granary will serve a dinner buffet filled with global cuisine. To add to the fun, MOMosas (mimosas) and other refreshments will be served at the Mother’s Day Dinner Buffet, which is priced at P1,650 net. Children six to 12 years old get half off the buffet rate and toddlers five years and below eat for free. Contact Richmonde Hotel Ortigas via 8638-7777, 0917-859-7914 or e-mail stay@richmondeortigas.com; for Eastwood Richmonde Hotel, call 8570-7777 or 0917-521-6867 or e-mail stay@eastwoodrichmonde.com; and for Richmonde Hotel Iloilo, call (6333) 328-7888 or 0917-580-9642 or e-mail stay@richmondeiloilo.com.

Pizza Hut melts mother’s hearts

Pizza Hut made Melts for dessert, with three flavors to choose from. First is the new KitKat Melt, a cheesy and chocolatey treat made with a dollop of KitKat Spread, KitKat pieces, marshmallows, and stretchy mozzarella cheese, all folded into a thin, crispy wrap and finished with powdered sugar sprinkle. The second is the Ube Cheese Melt, made with ube halaya (purple yam jam), cheddar cheese, marshmallows, and mozzarella cheese, also encased in a thin and crispy wrap and then sprinkled with powdered sugar. Finally, there’s the Apple Cinnamon Melt, also in a wrap, with apple filling, cinnamon sugar, marshmallows, and mozzarella cheese. All three Sweet Melts flavors come with a milk dip. There is also an option to top the Melts with a scoop of ice cream (available in select stores only). The new Sweet Melts flavors start at P199 and are available for dine-in and takeout orders in all branches nationwide, and for delivery via the 8911-1111 hotline, www.pizzahut.com.ph, the Pizza Hut mobile app, and Pizza Hut’s official delivery partners GrabFood and foodpanda (prices may vary).

A cake for every mom at Red Ribbon

Red Ribbon’s Specialty Cakes offer a selection of cakes to match every mom’s taste on Mother’s Day. There is Black Forest Cake, a rich chocolate fudge cake with creamy icing, cherry filling, a coating of grated chocolate and chocolate square toppings. The new Caramel Delight Cake features caramel icing inside and out. Then there are the Ube Bloom Cake and the Chocolate Heaven Cake. Visit a Red Ribbon store or order online at order.redribbon.ph, the Red Ribbon App, or the GrabFood and foodpanda.

Free ice cream and more at Mang Inasal

From May 1 to 12, mothers can enjoy the “Treat kay Mommy” Promo at all Mang Inasal stores nationwide. Customers can get free extra ice cream scoop for every purchase of Extra Creamy Halo-Halo Regular Size. The promo can be enjoyed via dine-in, takeout, and delivery. There is also the Mother’s Day Fiesta Treat, which can be enjoyed via takeout and delivery. From May 10 to 12, families can enjoy a special Family Fiesta bundle that comes with four Extra Creamy Halo-Halo 8 oz. Add-On and four drinks small size. Mother’s Day Fiesta Treat can be availed via https://manginasaldelivery.com.ph, Mang Inasal Delivery App, GrabFood and foodpanda.

PAL Holdings, Inc. to hold Annual Stockholders’ Meeting on May 30 via remote communication

May 9, 2024 | 12:02 am

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Why digitization is critical for Philippine Customs to stay globally competitive

May 9, 2024 | 12:02 am

Customs operations serve as the gatekeepers of international trade, regulating the flow of goods across borders and ensuring compliance with trade laws and regulations. These operations play a crucial role in facilitating trade by enforcing import and export regulations, collecting duties and taxes, and protecting against illegal trade practices.

In today’s globalized economy, the volume of cross-border trade has increased significantly, leading to a greater need for efficient and effective customs operations. Efficient customs operations are essential for the competitiveness of countries in the global market. Delays in customs clearance can result in increased costs for traders and can hinder the timely delivery of goods. By streamlining customs processes and implementing modern technologies, countries can improve the efficiency of their customs operations and enhance their competitiveness in the global trade arena.

The Philippine customs system is confronted with substantial challenges stemming from its outdated practices and lack of digitization. A 2022 study released by the Bureau of Customs revealed that most delays in import processing are attributed to pre- and post-customs processes. The reliance on manual entry for product information reflects systemic weaknesses in our customs operations that hinder the system’s ability to meet the demands of modern trade. The delays can also be attributed to the submission process of documents, with permits from government agencies not directly transmitted to the BOC. These practices underscore the necessity of improving customs digitization and enhancing trade facilitation.

The manual processes in the Philippine customs system make it difficult to keep up with the increasing volume and complexity of international trade. As trade continues to grow, customs operations become more challenging, requiring greater efficiency and transparency to ensure the smooth flow of goods across borders.

Digitization has been contributing to the dominance of several countries in global trade. China, for instance, has made significant strides in modernizing its customs operations. Its customs have adopted a systematic approach to product identification, moving away from traditional processes to digital systems. In the past two years, over 780,000 products from Chinese imports have been verified across 99 countries with the use of the Global Trade Item Number (GTIN), a unique identifier for trade items that is commonly encoded into barcodes.

The shift towards digitalization has led China’s customs to mandate the inclusion of GTINs for certain products such as infant food, wheat-based foods, biscuits, beer, imported wines and liquors, and cosmetics since 2022. This requirement has enabled automatic product identification and the determination of tariff classifications. Through this system, a consistent application of tariff rules is enforced, improving transparency for both customs authorities and businesses and reducing opportunities for fraud or discrepancies.

GTINs allow for the automatic identification of imported products, with their classification, country of origin, and specification appearing in the single window system if their GTIN is provided. This represents a key step for the adoption of barcodes in customs clearance, which has helped China to standardize customs declaration procedures and efficiency. As goods are traded globally, border agencies worldwide can be overwhelmed by the growth in the volume of trade and the increasing regulatory requirements are putting pressure on border agencies to collect taxes, tackle illicit trade, and facilitate legitimate trade.

Adopting the use of GTINs has standardized the product attributes needed in customs declarations, helping China avoid information inconsistencies that often occur when importers manually fill in product information as it circulates across multiple steps of the supply chain process. This shift has not only improved efficiency but also enhanced transparency and reduced instances of corruption in the entire customs ecosystem.

This standardization is particularly beneficial when coupled with the Single Window System implementation. The system allows traders to submit all required documents through a single electronic platform, streamlining customs procedures and reducing the time and cost associated with clearance processes. It simplifies the complexities of import, export, and transit-related regulatory requirements, benefiting businesses engaged in cross-border trade. By eliminating the need for traders to interact with multiple agencies separately, all clearances can be obtained through a single electronic interface, enhancing transparency and efficiency in trade operations.

Thanks to various government initiatives and trade agreements, the Philippines has experienced a significant increase in international trade. The Bangko Sentral ng Pilipinas (BSP) reported a 5.4 percent increase in the country’s exports in 2023, translating into an increase of 48.42 billion USD from 45.95 billion USD in 2022.

To take advantage of this increase in trade and enhance its operations, the Philippine customs system must undergo a modernization effort, drawing valuable lessons from China’s successful example. Embracing digitization is a pivotal step toward efficiency and transparency. By implementing digital systems for product identification and customs procedures, the country’s customs system can streamline processes and minimize the risk of errors and corruption.

Much like China’s adoption of the GTIN standard, the integration of a simple barcoding system can revolutionize customs operations in the Philippines. One of the steps taken for the digitization efforts in the country is the adoption of the Bureau of Customs (BOC) to the Electronic-to-Mobile (e2m) System. This system, introduced in 2004, is an internet-based technology that automates customs procedures and significantly reduces processing times for import and export transactions. Through the system, the BOC can streamline its core processes and improve trade facilitation between the agency and its stakeholders as well as other government agencies as well as reduce human interference that will induce corruption.

To sustain the momentum for modernizing its customs operations, the Philippines must keep up to date with newly implemented processes and technologies, such as the transition from 1D barcodes to 2D QR codes that enhance the accessibility of consumers with product information and interaction with manufacturers. These QR codes leverage new technologies and the existing barcoding system to store more essential information, boosting transparency and providing in-depth product information within reach. This commitment to modernization should be complemented by a focus on capacity building, informing manufacturers on these technologies to effectively operate and maximize modernized systems.

The Philippines must remain adaptable to change, embracing new technologies and regulatory frameworks as they emerge. By staying agile and responsive, the country can ensure that its customs operations remain efficient, transparent, and capable of meeting the evolving demands of the global trade landscape.

Roberto “Bobby” Claudio is president of GS1 Philippines, is a renowned figure in the retail industry and is the president and a founding member of the Philippine Retailers Association. With his extensive experience and unwavering dedication to the local retail industry, he has played a crucial role in the association’s growth and success over the years.

Philippine Labor Force Situation

May 9, 2024 | 12:02 am

THE PHILIPPINE jobless rate jumped to a two-month high in March as inflation and an El Niño-induced dry spell limited economic output, according to the local statistics agency. Read the full story.

DMCI Holdings net income falls 25% to P5.6 billion in first quarter

May 9, 2024 | 12:02 am

CONSUNJI-LED engineering conglomerate DMCI Holdings, Inc. recorded a 25% drop in its first-quarter consolidated net income to P5.6 billion from P7.5 billion last year due to lower contributions from most of its businesses and stabilizing commodity prices.

The company’s first-quarter net earnings rose by 19% from P4.7 billion in the previous quarter, and almost doubled compared with the P2.9 billion net income in the first quarter of 2019, DMCI Holdings said in a stock exchange disclosure on Wednesday.

First-quarter consolidated revenue fell by 17% to P27.4 billion from P33 billion last year as a result of stabilizing coal, nickel, and electricity prices, lower construction accomplishments, fewer real estate accounts that qualified for revenue recognition, and higher real estate sales cancellations.

“Market prices pose a significant challenge for us this year. We do not expect coal, nickel, and electricity prices to recover to the highs of the past two years due to shifts in demand-supply dynamics,” DMCI Holdings Chairman and President Isidro A. Consunji said.

“To mitigate these external challenges, we will focus on improving operational efficiency and refining our marketing strategies to enhance the value of our products and services,” he added.

Among DMCI’s businesses, the net income contribution from coal producer Semirara Mining and Power Corp. (SMPC) declined by 27% to P3.7 billion from P5.7 billion in 2023 due to weaker market prices that muted the impact of higher coal shipments and electricity dispatch.

DMCI Homes contributed P879 million, down by 12% from P994 million, because of revenue recognition slowdown from ongoing and new accounts.

Contribution from affiliate water provider Maynilad Water Services, Inc. rose by 28% to P664 million from P519 million owing to higher billed volume, better customer mix, and improved average effective tariff.

DMCI Power increased its net income contribution by 97% to P264 million from P134 million driven by increased generation capacity and electricity demand, coupled with lower fuel expenses.

D.M. Consunji, Inc. contributed P98 million, down by 64% from P273 million, due to project delays and fewer ongoing projects.

DMCI Mining recorded a P22 million net loss, a turnaround from the P473 million net income, due to decreased shipments, lower nickel grades, and weaker selling prices.

Previously, DMCI Holdings, SMPC, and Dacon Corp. acquired Cemex Holdings Philippines, Inc. (CHP) for $305.6 million under a share purchase agreement to bolster the conglomerate’s portfolio. The transaction is expected to close before the end of 2024.

DMCI bought the entire shares of Cemex Asia B.V. in Cemex Asian South East Corp. (CASEC), the majority owner of CHP with an 89.96% equity interest.

DMCI will acquire a 56.75% stake in CASEC, Dacon will secure 32.12%, and SMPC will purchase the remaining 11.13%.

Dacon has been appointed as the bidder for the mandatory tender offer to acquire the remaining 10.14% of the total issued and outstanding capital stock of CHP.

On Wednesday, DMCI Holdings shares fell by 2.51% or 28 centavos to P10.88 each. — Revin Mikhael D. Ochave

On declining inflation and unemployment, and trade with China

May 9, 2024 | 12:02 am

This week, the Philippine Statistics Authority (PSA) released three important pieces of economic data — the inflation rate for April, and the unemployment rate and international trade numbers for March. To put the Philip-pines data in context, I update the data for other countries to see what the trends are over the past few years or quarters.

DECLINING INFLATION RATE
The Philippines’ inflation rate continues its deceleration at 3.8% in April 2024 vs 6.6% in April 2023 — this is good.

This same trend is true for many other countries and the challenge for the various stakeholders here is how to bring this down further, to below 3%, in the coming months. Especially the food inflation rate which remains stubbornly high at 5.6% and 6% in March and April this year, versus the overall inflation rate of 3.7% and 3.8% over the same period.

There have been various proposals to amend the Rice Tariffication Law and thus help reduce rice and food prices, but one thing that seems missing in these proposals is to encourage large-scale corporate rice farming to sig-nificantly increase output and reduce crop losses and waste, especially in the harvesting, drying and milling phases. Thailand and Vietnam are doing large-scale corporate farming. This plus their favorable geography — they have wide swathes of flat land with access to huge water bodies like the Mekong River and Ton le sap River — is why they are major rice exporters.

DECLINING UNEMPLOYMENT RATE
The country’s unemployment rate in January, February, and March 2023 were 4.8%, 4.8%, and 4.7% respectively. Over the same months in 2024 the unemployment rate was 4.5%, 3.5%, and 3.9%. Our job generation situation is improving — this is good.

Many countries do not share the same trend as many of them have seen either flat or rising unemployment rates in Q1 2024 vs Q1 2023, including all G7 industrial countries except Italy, and other East Asians except Indone-sia (see Table 1).

So, congratulations to the Philippines’ economic team for steering the country away from the trend of flat or rising unemployment rates seen in many countries in the world.

NO. 1 TRADE PARTNER
Looking at total merchandise trade (exports plus imports) per country from 2021 to Q1 2024, we see that China is our No. 1 trade partner, with a 19.6% average of total trade over this period. This is followed by Japan with 10.8%, the US with 10%, South Korea with 6.5%, Hong Kong with 6.2%, Singapore with 5.4%, Thailand with 5.3%, and Malaysia with 4.2%.

The yearly exports and imports over these four years are shown in Table 2. I did not include columns for total trade in million dollars and percent share to total for purposes of brevity.

But with the ongoing political noise and lobbying for war preparations versus China — a very dangerous, very costly, and backward maneuver — we have to ask our people and businesses if they are prepared for the mas-sive trade distortions that could result if the situation would further deteriorate?

We have progressed far since World War 2, which ended in September 1945. We have had nearly 80 years of peace, with no world or regional wars. People are conducting more trade and commerce, and there have been more tourism and investment flows across countries and continents for eight decades. Conflicts were discussed peacefully without resorting to shooting.

We should avoid taking sides in the deteriorating conflicts of the US vs Russia in Ukraine, the US vs Iran in the Middle East, and the US vs China in Taiwan and the South China Sea. Our main concern should remain high economic growth, sustained fast growth and job creation for our people.

We should want more trade and investments promotion, not war preparations; more negotiations and international diplomacy, not saber rattling. Our tax money should be used for more physical infrastructure here, not for the purchase of unproductive submarines, battleships, and missiles.

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

BPI expects BSP to cut rates by 50 bps

May 9, 2024 | 12:02 am

BANK of the Philippine Islands (BPI) expects the Bangko Sentral ng Pilipinas (BSP) to implement fewer rate cuts this year after inflation picked up slightly in April.

The listed lender now sees the central bank reducing interest rates by just 50 basis points (bps) this year, smaller than its previous forecast of 75 bps, it said in a note on Wednesday.

“We now expect a rate cut of around 50 bps this year, assuming the FOMC (Federal Open Market Committee) eases sometime in the second semester,” BPI said.

Philippine consumer price index (CPI) quickened to 3.8% year on year in April from 3.7% in March, preliminary data showed. Still, this was slower than the 6.6% print in the same month a year ago.

For the first four months, headline inflation averaged 3.4%, still below the BSP’s 3.8% full-year forecast and within its 2-4% target.

The central bank has said it expects inflation to overshoot its annual goal anew this quarter and next amid the impact of the El Niño dry spell on prices of key commodities like rice.

BSP Governor Eli M. Remolona, Jr. earlier said the central bank may begin to cut rates if inflation can ease to about 3% and stay within that range for several months.

Meanwhile, markets are pricing in 45 bps of cuts from the Fed this year, with a rate cut in November fully priced in, Reuters reported.

The Ayala-led bank added that if the BSP cuts earlier than the US central bank, this could add to inflationary pressures as the peso could depreciate further against the dollar.

“Moreover, the economy has been resilient despite the normalization of interest rates, with loan growth accelerating for the third straight month in February,” it said.

BPI has also cut its full-year inflation forecast to 3.5% from 3.7%, it said.

It added that inflation is likely to exceed 4% from May through July due to risks related to food, the weak peso, and oil prices, in line with the BSP’s expectations.

“However, the breach in the inflation target may be temporary and may be more benign than originally expected, with inflation likely to ease in the second half of the year,” BPI said.

The bank saw its net income grow by 25.8% year on year in the first quarter to P15.3 billion as higher revenues offset increased provisions and expenses.

BPI’s shares dropped by 60 centavos or 0.48% to end at P124.40 apiece on Wednesday. — A.M.C. Sy

Kevin Spacey overturns UK ruling in sex assault case over lawyers’ mistake

May 9, 2024 | 12:01 am

Kevin-Spacey-in-The-Man-Who-Drew-God-(2022) — KEVIN SPACEY in a scene from the 2022 film The Man Who Drew God. — IMDB

LONDON — Oscar-winning US actor Kevin Spacey on Tuesday overturned a London court ruling which effectively found him liable for an alleged sexual assault on a British man, after his lawyers mistakenly failed to serve a defense to a civil lawsuit.

Mr. Spacey is being sued at London’s High Court by a man, who cannot be identified for legal reasons, who alleges that in 2008 he was sexually assaulted by the Hollywood star. The actor has denied the allegations.

In 2022, the 64-year-old was charged in Britain with nine sexual offenses against four men between 2004 and 2013 but was acquitted of all charges after a high-profile trial last year.

One of those four complainants separately sued Spacey in a civil lawsuit at London’s High Court in 2022.

Earlier this year, a judge granted the man “judgment in default” — a ruling in his favor without a trial — after Mr. Spacey’s lawyers failed to serve a defense to the lawsuit in time.

Adam Speker, a lawyer representing Mr. Spacey, said it was a “genuine error” by the actor’s legal team from the prominent British law firm Carter-Ruck.

Mr. Speker argued it would be unfair for the claimant to effectively win his lawsuit against Mr. Spacey without a trial when he had been “disbelieved on oath by a jury.”

Judge Jeremy Cook ruled in Mr. Spacey’s favor and overturned the judgment in default against the actor.

“The defendant’s solicitors have made an error,” Mr. Cook said. “In my view, that error should not be visited upon the defendant.”

Tuesday’s ruling means that the claimant’s case against Mr. Spacey will proceed towards a full trial.

The ruling comes a day after Britain’s Channel 4 broadcast a documentary featuring testimony from several men who made allegations of inappropriate behavior by Mr. Spacey.

Mr. Spacey gave an interview to British broadcaster Dan Wootton ahead of the broadcast in which he denied any illegal activity and said he would not allow himself to be “baselessly attacked without defending himself.”

“I take full responsibility for my past behavior and my actions, but I cannot and will not take responsibility or apologize to anyone who’s made up stuff about me or exaggerated stories about me,” he said. — Reuters

UnaCash partners with Comworks for smartphone loans

May 9, 2024 | 12:01 am

FINANCIAL SOLUTIONS provider UnaCash has partnered with Comworks, Inc. to offer point-of-sale loans for gadgets at the retailer’s branches, it said on Monday.

The partnership aims to allow Filipinos to increase their accessibility to smartphones, UnaCash said in a statement.

Customers may apply for an installment option through the UnaCash app for up to 12 months and as low as 0% interest.

“With 28 years in the industry, Comworks, Inc. has facilitated wholesaler telecommunications services and mobile network equipment to cater to the needs of the local market. UnaCash is thrilled to advance this partnership as we are confident that we can bring in innovative point-of-sale solutions to address their customers’ needs, and support them in expanding credit accessibility within the Philippines,” UnaCash Product Head Erwin G. Ocampo said.

“We are excited to partner with Una-Cash to bring greater convenience and accessibility to our customers. This partnership reflects our dedication to innovation and customer-centric solutions in the smartphone market,” Comworks Chief Operations Officer Elizabeth M. Leyeza added.

Data from UnaCash showed 70.17% of purchases made through its app are electronics and gadgets.

UnaCash and Comworks are looking to expand their offerings to the local market, the former said.

“This partnership is forged through a shared commitment to meeting the increasing demand for digital innovation and ensuring accessibility to high-quality products and services for all Filipinos,” UnaCash said.

The financial solutions provider recently introduced installment loans worth P3,000 to P50,000 with flexible repayment terms.

This new feature is offered to existing customers with outstanding credit history as it aims to promote responsible borrowing. — A.M.C. Sy

Performance of Philippine Agriculture

May 9, 2024 | 12:01 am

PHILIPPINE AGRICULTURAL production growth was flat in the first quarter amid a prolonged dry spell induced by El Niño, according to the local statistics agency. Read the full story.

RLC Residences opens Dubai office

May 9, 2024 | 12:01 am

RLC Residences announced on Wednesday the opening of its first international office in Dubai.

This office will serve as a central hub for after-sales service operations in the Middle East, the company said in a statement.

“We have one major purpose in mind — help our clients abroad after they decide to invest in one of our developments,” RLC Residences Senior Vice-President, Business Unit General Manager, and Robinsons Land’s Chief Marketing Officer John Richard B. Sotelo said.

Mr. Sotelo said this addresses the need to assist home investment seekers’ queries during the “longest stage of their investment journey.”

The company said the office gives customer support for buyers and investors based in the region. This also answers the challenge of managing international clients’ home investments in the Philippines while they are abroad.

“We look forward to our next international office so we can continuously extend our after-sales support to more clients wherever they are in the world,” Mr. Sotelo said.

RLC said the service expansion comes at a time of rapid growth for the company, which has seen strong demand in the properties situated in key areas of the Philippines.

The company’s portfolio includes pre-selling and ready-for-occupancy residential development.

RLC Residences is the property arm of Robinson Land Corp. — Aubrey Rose A. Inosante

Coins.ph gets sandbox approval from central bank for peso stablecoin

May 9, 2024 | 12:01 am

CRYPTOCURRENCY platform Coins.ph has received sandbox approval from the Bangko Sentral ng Pilipinas (BSP) to issue a peso stablecoin called PHPC, which will be available to retail customers.

“PHPC is unique in that it will be the first regulated Philippine stable point for, and not just for all users. Users such as you and I can actually buy PHPC, transfer it, trade it on Coins.ph, and potentially on other wallets and exchanges, as we roll out its adoption and can make further approvals for the PHPC,” Coins.ph Chief Executive Officer Wei Zhou said at a briefing on Wednesday.

Stablecoins are pegged to a fiat currency or commodity to give it a stable value, unlike other cryptocurrencies like Bitcoin or Ethereum, which have volatile prices as they are not backed by assets.

PHPC will remain at a stable value of one-to-one to the peso and backed by cash and cash equivalents stored in Philippine bank accounts, he said.

“These will be secured in trust accounts with our banking partners to ensure that the stablecoin is 100% fully backed, fully redeemable for pesos,” he added.

Mr. Zhou said Coins.ph expects to receive full approval for the stablecoin in two to three months, and the pilot is expected to be launched on the Coins.ph platform early June.

The platform aims to have at least 20,000 to 30,000 users of PHPC within the first month or during the sandbox period.

“We’re being monitored for performance and there’s a set of metrics that we have to hit. Once we hit those metrics, then we can leave the sandbox,” Mr. Zhou said.

Coins.ph aims to allow the use of PHPC for remittances, trading, business to business (B2B) payments, and Web3 gaming to help lower costs.

“PHPC will empower Filipinos to transact seamlessly and securely in the digital economy, while also providing a stable store of value as they participate in the rapidly evolving digital asset landscape,” Mr. Zhou said.

“Remittance senders can actually purchase the PHPC and actually send it directly to the wallets here at Coins.ph. That it will reduce costs of sending funds across borders. It will also improve efficiency and turnaround time,” he added. “I think [the cost of remittance] has been going down, which is a good thing. I think about five years ago it was hovering around 10%, now it’s around 5% or 6%. But I think with these rails, we hope to get down into the 1% to 2% range.”

The company hopes to list PHPC on other exchanges, wallets and blockchains.

Coins.ph is also targeting to make PHPC available on remittance platforms in countries where money is frequently being sent to the Philippines, Mr. Zhou said.

He added that Coins.ph, which is a virtual asset service provider and an electronic money issuer, will add PHPC to the e-money products available on its partner banks’ platforms.

“This will be an addition to the e-money that we currently carry,” he said. — AMCS