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From freaky to festive

New music at the start of November

By Brontë H. Lacsamana, Reporter

A WELL-KNOWN meme among the chronically online around this time of year has two photos of Mariah Carey next to each other, one of her in a witch costume captioned “Me on Oct. 31” and another of her in a Santa outfit (a la “All I Want For Christmas Is You”) captioned “Me on Nov. 1.”

It’s an amusing sentiment, capturing today’s fast-paced pop culture zeitgeist, switching up the energy from freaky to festive right after Halloween ends and Christmas appears within reach.

The music releases on Nov. 1 also reflect it. Here are three examples to bite into as the holiday season approaches:

liminal space — mxmtoon

American lo-fi musician mxmtoon (real name: Maia) greeted the new month with a new album, titled liminal space, the term for odd transition places that are usually in between destinations, like hallways.

The title may make it seem like a release that would still suit spooky season, but the songs in it reflect Maia’s down-to-earth, earnest singer-songwriter style. The second track, “i hate texas,” is a great example of her confessional voice mixed with calm, soothing melodies, immediately followed by “rain” that is more melancholy in tone.

Fun tracks to check out are the upbeat “passenger side” and the dance tune “the situation,” made in collaboration with London-based pop trio Kero Kero Bonito. But it is Maia’s penultimate track on the album, “now’s not the time” featuring Korean-Canadian musician Luna Li, that leaves an impact, with both girls’ longing-filled voices soaring over gently plucked guitar strings.

HOSONO HOUSE COVERS — Various artists, Haruomi Hosono

Haruomi Hosono, nicknamed Harry Hosono, a Japanese pop icon whose music spanning the 1960s and 1970s shaped East Asian music trends for decades, recently got a bunch of musicians from all over to cover his songs.

The songs in question came from his 1973 album Hosono House, spawning the aptly titled HOSONO HOUSE COVERS a solid 51 years after they first came out. The result is a fun mishmash of sounds: French-American indie pop duo Pearl & The Oysters, for example, take on Mr. Hosono’s  “Koi wa Momoiro” (Love Is Pink) and give the ballad a flighty, jazzy spin.

Updates in genre are expected, of course, with Korean alternative rock band, SE SO NEON, giving the short musical doodle “Party” a simple acoustic treatment albeit in a happy tone. Meanwhile, Japanese tropical pop musician Yuma Abe injected his signature breezy and festive sound to “Fuyugoe” (Overcoming Winter).

An interesting track is “Boku wa Chotto,” covered by Los Angeles-based Canadian singer-songwriter Mac DeMarco, who pronounces the Japanese words very well and sings the heartfelt song with ease.

A Very Laufey Holiday — Laufey

The most explicitly Christmas-themed music release of the day is that of classically trained jazz pop sensation Laufey (pronounced lay-vay).

A Very Laufey Holiday is technically a new EP, though four of its five tracks were compiled from previous Christmas singles released by the artist over the years. The only new track, “Santa Baby,” is Laufey’s cover of the beloved holiday tune, touched with her usual elegant, honeyed voice.

“Winter Wonderland” is definitely the song that brings out her talents best, with the jazzy piano and saxophone in the background fitting her powerful vocals that tackle the familiar melody with ease. Laufey’s collaboration with British bedroom pop singer Dodie, “Love to Keep Me Warm,” is a comforting track to end with — it encapsulates the soft, playful magic of the winter weather, especially when their velvety voices sing in unison.

BSP bullish on banking sector outlook

BW FILE PHOTO

By Luisa Maria Jacinta C. Jocson, Reporter

THE PHILIPPINE banking sector is seen to continue its growth trajectory amid expectations of rising loan activity, the Bangko Sentral ng Pilipinas (BSP) said.

“The Philippine banking system sustains its growth momentum, recording solid performance in line with improved economic conditions,” it said in its latest report on the Philippine Financial System.

“Increasing credit activity is likely to continue as demand remains firm, supported by strong macroeconomic fundamentals.”

Data from the central bank showed that gross total loans jumped by 12.4% annually to P14.3 trillion as of June.

Broken down, real estate was the top recipient of loans (18.3% or P2.6 trillion) followed by households (13.3% or P1.9 trillion), wholesale and retail trade (10.5% or P1.5 trillion), electricity, gas, steam and air-conditioning supply (9.11% or P1.305 trillion), and manufacturing (9.06% or P1.297 trillion).

“Expansion in assets, loans, deposits, and earnings continued, enabling banks to support the growing demand of their clients as well as contribute to the development of the economy through financing of key productive sectors in the country, including households.”

Banks’ credit-to-gross domestic product (GDP) ratio stood at 56.4% in June, improving from the 54.9% a year earlier.

“Banks are well capitalized and highly liquid, with key risk-based capital and liquidity ratios above regulatory standards,” the central bank added.

BSP data showed the banking industry recorded P19.5 trillion in deposits at end-June, up by 9.5% from a year prior. Banks’ capital base also grew by 10.6% year on year to P3.2 trillion from P2.9 trillion.

“This solid performance was accompanied by ample capital and liquidity buffers that exceeded domestic and global standards, allowing banks to support their expanding operations and risk-taking activities.”

Meanwhile, banks were also able to “provide strong credit support to marginalized and priority sectors in the country, contributing to the continued promotion of inclusive growth for all Filipinos,” the BSP said.

Preliminary data showed banks allocated P1.7 trillion of their total loanable funds for agriculture, fisheries, and rural development financing as of June.

Earlier data from the BSP also showed that financing for micro, small, and medium enterprises rose to P488.1 billion at end-June, higher than the P461.4 billion in the same period a year ago.

“Loan quality remained satisfactory despite the increase in nonperforming loans. The combined effect of challenges from post-pandemic recovery and elevated borrowing costs due to the high interest rate environment affected the paying capacity of both business and individual borrower,” the BSP added.

REFORMS
Meanwhile, the central bank said it will continue to implement the necessary policy reforms to support the banking system.

“The BSP’s strategic priority areas will continue to guide the prudential measures that would help equip banks and other supervised financial institutions to rise and navigate the challenges posed by an evolving banking landscape.”

It said it will “enhance its corporate governance and risk management standards to safeguard institutional stability and resilience.”

“These initiatives complement the existing supervisory frameworks, which consider the supervised entities’ business model, risk profile and significant activities,” it added.

The central bank recently issued guidelines for banks’ operational resilience standards to  strengthen their ability to manage and mitigate the impact of potential disruptions to ensure the continuous delivery of services.

“The BSP will also strengthen its macroprudential oversight and enhance the stress testing exercise to complement these reforms,” it added.

The central bank will also push for efforts to promote digital transformation in the financial system.

“Parallel to this, the BSP will issue regulations on digital financial marketplace, enabling banks and other qualified BSP-regulated/supervised entities to form strategic and meaningful partnerships with other financial service providers,” it said.

“This will allow them to offer a range of select financial products and services through a one-stop-shop digital platform.”

The BSP added that it will explore the use of artificial intelligence for financial services and amend regulations on sustainability disclosure requirements, among other initiatives.

Megaworld profit hits P5.17-B, eyes growth in key regions

MEGAWORLD SUBSIDIARY Global-Estate Resorts, Inc. is developing a 150-hectare beachside property in Lian, Batangas. — MEGAWORLDCORP.COM

LISTED property developer Megaworld Corp. recorded a 24.9% increase in its third-quarter attributable net income to P5.17 billion from P4.14 billion a year ago, led by growth across its key businesses.

Third-quarter revenue increased by 25% to P20.69 billion from P16.56 billion last year, Megaworld said in a statement to the stock exchange on Thursday.

Real estate sales grew by 31% to P13 billion on sustained demand across the company’s township developments, led by residential sales.

Rental income rose by 7.4% to P4.83 billion, while revenue from hotel operations, led by Megaworld Hotels & Resorts, increased by 37% to P1.28 billion.

For the first nine months, Megaworld saw a 14.2% increase in its attributable net income to P13.73 billion from P12.02 billion a year ago.

Revenue surged by 23% to P59.78 billion from P48.6 billion in 2023, led by growth across its residential, leasing, and hotel segments.

Real estate sales increased by 30% to P37.85 billion, while rental income surged by 6.5% to P14.16 billion.

Revenue from hotel operations grew by 37.7% to P3.64 billion, led by the global tourism market and expanding capacity for meetings, incentives, conventions, and exhibitions.

“Our performance this year highlights the value of our well-rounded approach. By expanding in areas that matter — residential, commercial, and hospitality — we’re not only building momentum but also creating meaningful communities across the country,” Megaworld President Lourdes T. Gutierrez-Alfonso said.

“We look forward to a strong 2024 with a clear focus on seizing new opportunities for growth that will benefit our stakeholders and the communities we serve,” she added.

Megaworld recently launched two tourism-related townships, namely the 150-hectare Lialto Beach and Golf Estates in Lian, Batangas, and the 25-hectare San Benito Private Estate in Lipa, Batangas.

The property developer also launched the 84-hectare Ilocandia Coastown community in Laoag City, Ilocos Norte, marking the 34th township in its portfolio.

“These strategic developments are integral to Megaworld’s forward-looking strategy, positioning the company for sustained, long-term growth. Our goal is to expand our portfolio in every key region in the country, generate more jobs in these localities, and help build the communities,” Megaworld Executive Director Kevin Andrew L. Tan said.

On Thursday, Megaworld shares dropped by 2.8%, or six centavos, to P2.07 per share. — Revin Mikhael D. Ochave

Trumping Trump

RAWPIXEL.COM

There were many detractors of former and now incoming President Donald Trump especially on his narrow economic nationalism, restrictive immigration policy, and, well, his boorishness. But on the night after the US election, we received this market report from our friend Jonathan Ravelas saying that Trump trumped Harris. There were five elements in the report: Dow futures rallied 900 points to near highest on record; bitcoin surged to $75,000 for the first time in history; the US dollar rose to its highest level since July 2024; the 10-year note yield increased to 4.5% for the first time since June 2024; the volatility index dropped to the lowest level since August 2024; and oil prices sharply retreated to $70/barrel.

Impressive!

But we can’t say for sure whether these market indicators can hold up over the next four years. Trump stood for a political platform that may cause either a disaster for the US economy or, even if ironically, salvation and prosperity to the majority who carried him back to the White House. One thing is certain, that very tight race for the White House turned out to be Trump’s game, and all that remains is his presidential inauguration. Uncertainty has been dimmed from the stage.

On Nov. 6, The ING Group summed it all up, that the American people have spoken and Trump will be the 47th president of the United States. ING’s agenda for the White House included the Federal debt limit which will be reinstated starting Jan. 2 next year. Unless this is lifted or abolished, the Treasury is expected to use “extraordinary measures” to settle the huge federal obligations. This should be a breeze given the impending Republican control of both houses of Congress.

As we know all along, three overriding concerns are expected to be championed by Trump. The first is lower taxation especially for corporates. He will have to extend and modify the Tax Cuts and Jobs Act, which is set to expire next year. The second is to restrict immigration especially from the southern border with Mexico. And finally, to raise tariffs on imports especially from China, and to revive his old call for the re-shoring of production and even the possible recall of business process outsourcing. 

But it would be useful to check some formal assessments of Trump’s economic policies, for example, the research done by Warwick J. McKibbin, Megan Hogan, and Marcus Noland of the Peterson Institute for International Economics (PIIE). Writing last month, these researchers quoted Trump saying that if elected, he promised to improve Americans’ lives presumably under the banner “Make America Great Again” (MAGA).  But the policies he intended to implement upon election may not actually promote the very goals of public policy Trump wishes to achieve. The research included such policies as deporting millions of people from the United States, steeper tariffs, and eroding the Federal Reserve’s political independence.

PIIE argued that these policies could in fact bring US growth and employment down but inflation up. Some of the possible effects could be reversed shortly, but for the other effects, the damage could be protracted until 2040.

Two scenarios were drawn up by the PIIE researchers.

The low scenario involves a 60 percentage point increase in tariffs on US imports from China and a 10 percentage point increase in tariffs on all other imports. Retaliation by other countries by way of higher tariffs on imports from the US is ruled out in this scenario. Some 1.3 million workers are deported while the President gets to influence the US Fed decisions.

The high scenario is deadly: with the same tariff adjustments, the trading partners retaliate. The US is to deport 8.3 million workers, while the US Fed’s independence is undermined by the White House.

What are the possible results under these two scenarios?

In both scenarios, PIIE estimated that US real GDP could grow between 2.8% and 9.7% lower than the baseline by the end of Trump’s four-year term in 2028. In US dollars, it means the US will be losing between $750 billion to $2.57 trillion below the baseline. There could be some bit of a recovery but still lower than what is seen in 2040 or between 1.5% and 6.6% lower than the baseline. Output loss is expected to affect both agriculture and manufacturing.

A double whammy it is for the American people, for aside from lower growth and less job opportunities, higher inflation awaits them, too. By 2026, inflation is projected to be higher by 4.1 and 7.4 percentage points than the baseline of 1.9% or between 6% and 9.3%. By 2028, US consumer prices are expected by PIIE to reach 20% and 28% higher which means inflation could reach 2 percentage points higher than baseline, or nearly 4% from 2034 through 2040.

Therein lie the possible trump cards. As the PIIE researchers concluded: “Trump proposes to help Americans through policies of mass deportations, trade protection, and greater presidential influence over the Fed. But these policies over time would leave the US economy generally worse off than if he did not enact them.” These could trump Trump in his four years in office even as he is no longer qualified for reelection. But he could make a difference if governance is made right and public ownership of government policy is made strong. This is expected of Trump in his second encounter with the American people.

As quoted by ING, the bipartisan Committee for a Responsible Federal Budget estimated that Trump’s policy mix of tax cuts, tariff hikes, and higher spending could add $7.75 trillion to the US national debt in the next 10 years relative to the baseline scenario. Like here in the Philippines, their public debt has bloated because of the sustained increases in their fiscal deficit which at the last account stood at an enormous 7% of GDP. That should send jitters to US creditors, those who buy their Treasuries, driving borrowing costs higher in the US economy. This could constrict growth and employment.

Unfortunately, this is a signal for the US Fed to be more cautious on monetary policy unless the White House starts to wield the trump card over the monetary authorities. In that case politics and fiscal policy trump monetary policy.

Trump’s China containment policy could be strategically important for Southeast Asia, especially for the Philippines and its neighboring countries. They have all indicated their respective claims over parts of the South China Sea and they include Indonesia, Malaysia, and Vietnam, all of which defied Chinese bullying in recent times. In Europe, he will likely insist on burden-sharing with the NATO members in order to help shore up America’s public finance.

What Trump will do with respect to at least two wars in progress remains uncertain. The Ukraine-Russia war may be resolved in favor of Russia as he might decide to withdraw military support of Ukraine. If he succeeds in brokering peace in the Middle East, this might still be fragile if the US is perceived to be vacillating.  One thing is certain at this point.

Americans indeed dismissed warnings that Trump is a threat to their way of life. He was not “chaos and division” but he represented an option to diminished economic prospects for them. Rather, for one retiree Mary Chastain, 74, who voted for Trump, it is “electric, water, groceries, my dues for where I live — everything has gone up” (New York Times, Nov. 6, 2024) even as the economy has remained resilient and inflation is coming down. High-minded talk about failure of institutions, about democracy and constitutional rights did not seem to register with the so-called red states.

True, Vice-President Kamala Harris considered Trump as an outlier in her closing rally prior to the Nov. 5 election, “That is not who we are.” But as Peter Baker of the New York Times observed, it turned out Trump “may be exactly who we are. At least most of us.” While offending a lot of Americans for his anger and unorthodoxy, they found Trump authentic. But if Trump trumped himself during his first time in the White House, his second chance as a convicted criminal, one who questioned constitutional processes like national elections, and simply reenact his playbook in the next four years, God bless America! That would be Trump II. Without doubt, Trump has a choice, and that is not to trump himself. 

 

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

Chinabank net income climbs to record P18.4B as of September

BW FILE PHOTO

CHINA BANKING Corp. (Chinabank) saw its net income rise by 13% year on year to a record P18.4 billion in the nine months ended September as its core businesses posted steady growth.

This translated to a return on equity of 15.7% and return on assets of 1.6%, it said in a disclosure to the stock exchange.

The Sy-led lender’s financial statement was unavailable as of press time.

“This record performance is the result of the hard work of our employees, the continued execution of our strategies, and our steadfast focus on the needs of our customers,” Chinabank President and Chief Executive Officer Romeo D. Uyan, Jr. said.

“We sustained our strong asset expansion and continued to be very purposeful in using Chinabank’s resources to pursue our growth plans and to boost our capabilities to better serve our customers. The improving macro trends and supportive regulatory environment will help the bank’s performance,” Chinabank Chief Finance Officer Patrick D. Cheng added.

The bank’s total operating income grew by 14% to P46.3 billion on the back of higher interest earnings from loans, securities and other investments, along with improved transaction-based income.

Net interest margin stood at 4.4%.

Meanwhile, Chinabank’s operating expenses increased by 9% to P22 billion at end-September “despite bigger volume-related taxes.”

This resulted in a cost-to-income ratio of 48%.

Chinabank’s loan portfolio expanded by 14% to P871.6 billion as of September, driven by growth in its consumer and corporate lending segments “as it responded positively but prudently to companies’ heightened business appetite and consumers’ greater demand for credit.”

Its nonperforming loan (NPL) ratio was at 1.8%.

“Due to the bank’s conservative provisioning stance, credit provisions were hiked by 15% to P1.5 billion resulting in NPL cover of 141%, higher than the industry average,” it added.

On the funding side, deposits went up by 13% year on year to P1.3 trillion in the first nine months.

Chinabank’s assets grew by 13% annually to P1.6 trillion at end-September.

Total capital rose by 15% to P162.7 billion.

Its common equity Tier 1 ratio was at 14.8%, while total capital adequacy ratio stood at 15.7%, both above the central bank’s minimum requirements.

Chinabank shares declined by 95 centavos or 1.61% to close at P58 apiece on Thursday. — A.M.C. Sy

Entertainment News (11/08/24)

Holiday action-comedy Red One arrives in November

IN A mission to save Christmas, action stars Dwayne Johnson and Chris Evans are set to bring a fun holiday movie to theaters with Red One, out in Philippine cinemas on Nov. 6. The two stars team up for a globe-trotting adventure that kicks off when Santa Claus — code name Red One — is kidnapped. Mr. Johnson plays the North Pole’s Head of Security while Mr. Evans plays the world’s most infamous bounty hunter. Tickets to Red One, produced and distributed by Warner Bros. Pictures and directed by Jake Kasdan who brought the recent Jumanji movies to life, are now available online via this link: www.redonemovie.com.ph.

The M hosts discussion on Saguil, Magsaysay-Ho

THE Metropolitan Museum of Manila is hosting a conversation, “Material Inspirations,”  with guest speakers, curator Patrick Flores and art critic Cid Reyes, as they explore the artistic journeys and profound contributions of two distinguished Philippine artists, Anita Magsaysay-Ho and Nena Saguil. This discussion will offer insights into their influence on the art world. The discussion will be held on Nov. 9, 2-3:30 p.m., at the Metropolitan Museum of Manila, at the Mariano K. Tan Centre, 30th St., BGC, Taguig.

Makati launches Christmas lights, holiday events

MAKE IT Makati and Ayala Land have begun their celebration of the holiday season, with Ayala Avenue now lit with the colors of Christmas from the Makati Central Business District all the way to Circuit Makati on weekdays, the Ayala Triangle Gardens will host a selection of buskers — TetViolin, Rose Ko, and The Accordionist. Meanwhile, Random Smiles, a caricature artist, will be present to draw Christmas-themed portraits. On weekends, orchestral music and choirs will fill the the air at the gardens, with guests including Bituin Escalante with the Habemus Pappas, the Philippine Suzuki Youth Orchestra, the UST Singers, The Luminaries (Arman Ferrer, Floyd Tena, Shiela Valderrama-Martinez, Kayla Rivera and Yanah Laurel), Ballet Manila, the Steps Dance Project, balladeer Gian Magdangal, soprano Lara Maigue, and acapella group Acapellagos. Paseo de Roxas will hold “A Spectrum Holiday” market on Nov. 9 and 10, featuring an eclectic mix of merchants offering food, fashion, cosmetics, pet essentials, and more.

Shangri-La Plaza to light Christmas tree

TO usher in the mall’s holiday festivities, Shangri-La Plaza will have its “Shang Christmas Tree Lighting” on Nov. 9, 6 p.m., at the Grand Atrium. Aside from the lighting ceremony, there will be live performances by Myke Salomon and Gab Pangilinan, accompanied by the Manila Philharmonic Orchestra and the dance group GFORCE. Admission is free and open to mallgoers.

Dance-funk band fuels Jeepney Jazz this November

THE band Brass Pas Pas Pas Pas will be playing danceable tunes at the upcoming Jeepney Jazz session on Nov. 9, 8 to 10 p.m. at the Ayala Museum, Makati City. For more than a decade, the collective has gained fame from pulling together disco-funk, soul, blues, jazz, swing, and contemporary groove music. In partnership with Purefoods Deli, the Filipinas Heritage Library aims to highlight Filipino contributions to global music. The Brass Pas Pas Pas Pas show costs P1,500 for regular guests, P1,200 for Ayala employees, and P1,000 for seniors and PWDs, tickets are inclusive of food and drink. Registration is required via this link: bit.ly/fhl-JJ24-bppp.

Pokémon online trading card game debuts

THE Pokémon Company has officially launched Pokémon Trading Card Game Pocket, an app co-developed with Creatures Inc. and DeNA Co., Ltd. The online game allows players to casually collect Pokémon cards, with three booster packs available featuring characters from Pokémon Red and Pokémon Blue. Players can open two packs every day at no cost, with each having different content. The game is now available in the App Store and Google Play.

Afgan releases new single featuring Thủy

INDONESIAN R&B star Afgan has unveiled his new single, “Criminal (Over You),” featuring Vietnamese-American R&B star thủy. The track combines the former’s soulful voice and storytelling with the latter’s vocal prowess. The accompanying music video captures a story of regret, delving into the raw emotions of letting someone down and the pain of a ruined relationship, set in an abandoned factory with dark, moody visuals filmed in both Indonesia and Los Angeles. “Criminal (Over You)” is out now on all digital music streaming platforms worldwide.

Korina Sanchez-Roxas hosts Face to Face: Harapan

AFTER weeks of speculation, TV5 has confirmed that the mysterious “K” it has been teasing as the new host of the revamped Face To Face: Harapan is broadcast journalist Korina Sanchez-Roxas. The TV5 show will return on Nov. 11 on the channel’s “Hapon Champion” afternoon block. It aims to deliver more heated confrontations, heartfelt resolutions, and a fresh twist on the iconic “barangay hall on-air” format. The show is produced by MQuest Ventures and Cignal TV.

JACOTÉNE drops new single and video

Singer JACOTÉNE is back with her latest single and video, “Stop Calling,” a defiant anthem that explores the thrill of independence and self-assurance. “The song is about the frustration and empowerment you feel in the face of a dishonest or manipulative relationship,” said the artist in a statement. JACOTÉNE released the track ahead of her upcoming debut EP slated for 2025. “Stop Calling” is out now on all digital music streaming platforms.

Lionsgate Play recommends autumn season movies

WHILE living in the tropics, Filipinos can now partake in cozy vibes through autumnal films in Lionsgate Play, which released a short list of movies to watch in November. One is Twilight, a nostalgic trip back to the 2000s where Kristen Stewart’s Bella and Robert Pattinson’s vampire Edward Cullen bask in the moody essence of autumn. For a film that mixes humor with heartfelt moments, Silver Linings Playbook is another choice, starring Jennifer Lawrence and Bradley Cooper in an engaging story about mental health and relationships set in the autumn season.

Monde Nissin income down 13.8% on foreign exchange loss, restructuring costs

JULY-TO-SEPTEMBER revenue increased by 3.4% to P21.01 billion from P20.45 billion in 2023. — Monde Nissin — BW FILE PHOTO

LISTED food and beverage manufacturer Monde Nissin Corp. recorded a 13.8% decline in its attributable net income to P1.99 billion from P2.3 billion a year ago due to restructuring costs and foreign exchange loss.

“Reported net income declined by 13.8% to P2 billion in the third quarter due to an impairment loss and restructuring costs in the meat alternative business, and foreign exchange loss, partially offset by a non-cash accounting gain of P495 million on the fair value of meat alternative guaranty asset,” Monde Nissin said in a regulatory filing on Thursday.

July-to-September revenue increased by 3.4% to P21.01 billion from P20.45 billion in 2023.

Revenue from the Asia-Pacific Branded Food and Beverage (APAC BFB) grew by 5.1% to P16.85 billion, while the meat alternative business saw an 8.3% decline to P3.3 billion.

“The APAC BFB business saw solid top line growth year on year in the third quarter, supported by volume growth in biscuits and other categories. Our third-quarter APAC BFB gross margin improved year over year and we expect this to continue in the fourth quarter,” Monde Nissin Chief Executive Officer (CEO) Henry Soesanto said.

For the first nine months, Monde Nissin grew its attributable net income by 5% to P6.08 billion from P5.79 billion last year.

The company increased its revenue by 3.2% to P61.15 billion from P59.65 billion in 2023.

Revenue from the APAC BFB segment recorded a 4.3% increase in net sales to P51.05 billion, while the meat alternative segment saw a 5.6% decline to P10.1 billion.

“Given the continued challenges in the meat alternative business, we plan to streamline costs and simplify operations through a restructuring and business transformation that will affect all parts of the organization,” Mr. Soesanto said.

“We are targeting our meat alternative business to be earnings before interest, taxes, depreciation, and amortization positive in 2025 with a total cash savings of GBP 8 million in 2024 and 2025, and we expect recurring annual cash savings of GBP 8 million,” he added.

Monde Nissin also announced that David Flochel will become the CEO of the meat alternative business at Marlow Foods, Inc. effective Jan. 1 next year as it undergoes a restructuring and business transformation.

On Thursday, Monde Nissin shares fell by 2.94%, or 32 centavos, to P10.56 per share. — Revin Mikhael D. Ochave

Australia proposes ban on social media for children under 16

SYDNEY — Australia Prime Minister Anthony Albanese said on Thursday that the government would legislate for a ban on social media for children under 16, a policy the government says is world-leading.

Australia is trialing an age-verification system to assist in blocking children from accessing social media platforms, as part of a ban that could come into force as soon as the end of next year.

“Social media is doing harm to our kids and I’m calling time on it,” Mr. Albanese told a news conference.

Mr. Albanese cited the risks to physical and mental health of children from excessive social media use, in particular the risks to girls from harmful depictions of body image, and misogynist content aimed at boys.

“If you’re a 14-year-old kid getting this stuff, at a time where you’re going through life’s changes and maturing, it can be a really difficult time and what we’re doing is listening and then acting,” he said.

Legislation will be introduced into parliament this year, with the laws coming into effect 12 months after being ratified by lawmakers, he added.

The opposition Liberal Party has expressed support for a ban.

There will be no exemptions for children who have parental consent, or who already have accounts.

“The onus will be on social media platforms to demonstrate they are taking reasonable steps to prevent access,” Mr. Albanese said. “The onus won’t be on parents or young people.”

Communications Minister Michelle Rowland said platforms impacted would include Meta Platforms’ Instagram and Facebook, as well as Bytedance’s TikTok and Elon Musk’s X. Alphabet’s YouTube would likely also fall within the scope of the legislation, she added.

TikTok declined to comment, while Meta, Alphabet, and X did not respond to requests for comment.

A number of countries have already vowed to curb social media use by children through legislation, though Australia’s policy is one of the most stringent.

France last year proposed a ban on social media for those under 15, though users were able to avoid the ban with parental consent.

The United States has for decades required technology companies to seek parental consent to access the data of children under 13, leading to most social media platforms banning those under that age from accessing their services. — Reuters

Once again, America needs to deal with Donald Trump

RAWPIXEL.COM

DONALD TRUMP wasn’t my choice for president. In fact, I urged Americans to vote for Kamala Harris. But he won fair and square. So let’s get on with it.

Republicans had an exceptionally good night, taking the Senate and likely holding their narrow majority in the House, but their paper-thin majority should not be mistaken for a mandate. The challenges facing the country can only be tackled effectively with bipartisan compromise.

One irony of the outcome is that, on almost every issue that voters identified as a priority, Trump’s proposals would likely make matters worse. The goal for Congress over the next four years should be persuading the president to avoid these bad ideas and offering him better alternatives. Trump himself should recognize that what plays in a campaign is often far different than what works in government.

Take inflation, a top concern for most voters. Trump’s plans for comprehensive tariffs, regressive tax cuts, a devalued dollar, and a newly politicized Federal Reserve seem tailor-made to push prices up, just when the Fed has largely succeeded in getting them under control. Enacting any element of this agenda would be irresponsible, not least because it would worsen the country’s spiraling fiscal problems, to the tune of perhaps $15 trillion in additional debt over a decade.

Lawmakers, including Republicans, should have every interest in averting this course. They could assert Congress’ rightful power to refuse his across-the-board tariffs, for instance, while offering the president more targeted ones focused on national security and market access. A prudent revision of the expiring 2017 tax cuts — one that pairs a higher corporate tax rate with more generous expensing rules, say — might also be feasible. Forming a fiscal commission would be a good way to get on with the hard choices needed to forestall a looming budget crisis.

On immigration, too, Trump’s proposals are hugely misguided. It’s true that the current administration has made a hash of things at the border. But the mass-deportation effort Trump has theorized would be (in addition to cruel) prohibitively costly, while also impeding economic growth and doing little to fix the underlying problem. Legislators should instead revive a bipartisan reform effort, focused on popular policies such as easing the path to citizenship for foreign graduates of US colleges combined with more restrictive enforcement measures. They should also push Trump to focus on the quasi-effective policies from his last term, such as the Migrant Protection Protocols, and avoid needlessly inflammatory rhetoric.

A final priority must be to thwart the corruption that marred Trump’s first term. The president is entitled to his own agenda, but not to his own rules. (The recent Supreme Court ruling granting presidents sweeping immunity could be interpreted to give Trump enormous latitude, but it may be tested in the courts.) Public servants should do their duty while availing themselves of whistleblower protections if asked to engage in misconduct. Reporters and watchdog groups should be on the lookout for Trump’s reflexive financial malfeasance. Congress should pass levelheaded laws that respond to the legitimate concerns of Trump’s voters, while also opposing him as needed, as Mitch McConnell, the departing Republican Senate leader, did during Trump’s first term. Republicans must not allow the president to obliterate norms of American democracy.

Democrats, for their part, might ask themselves how exactly they lost to Trump, an ailing 78-year-old who much of the country despises. It probably wasn’t great to cover up President Joe Biden’s infirmities until they became undeniable on live TV. It wasn’t ideal that party elders replaced him with Harris, a nominee who had received no electoral votes and had failed decisively in a previous presidential run.

But for now, the country will simply need to deal with Trump, and begin to restrain his worst excesses, one more time.

Dealing with a reckless president is an exhausting job, but it can and must be done – and it’s a job for members of both parties.

BLOOMBERG OPINION

Social media’s market influence

In recent years, social media has evolved from a tool for personal connection to a powerful driver of market trends, capable of reshaping industries and altering the trajectories of brands, companies, and entire markets.

The GameStop stock surge in early 2021 is one of the most prominent examples of how social media can exert considerable influence on the stock market. Triggered by discussions on platforms like Reddit, particularly within the subreddit r/WallStreetBets, this phenomenon demonstrated the potential for collective online action to challenge traditional investment strategies. What began as a grassroots movement quickly snowballed as thousands of users united to buy up GameStop stock, aiming to create a “short squeeze” that would drive up its price and inflict losses on hedge funds that had bet against it. Within weeks, GameStop’s stock value skyrocketed from under $20 to a high of $483. This sudden surge caused billions of dollars in losses for established Wall Street firms and underscored how social media could mobilize individual investors in a way that challenges traditional market dynamics.

The GameStop phenomenon highlighted how the democratization of information on social media could disrupt long-standing hierarchies in finance, presenting new opportunities for individuals while posing risks to established institutions.

Another example of social media’s ability to drive market trends is Elon Musk’s influence on cryptocurrency prices, particularly Bitcoin, through his Twitter account (now X). Musk, the CEO of Tesla and SpaceX, has a massive following and often uses his platform to share his thoughts on technology and finance. In 2021, Musk posted several tweets regarding Bitcoin, at times praising its potential and at other times questioning its environmental impact. In one instance, after Musk announced that Tesla would accept Bitcoin as payment, the cryptocurrency’s value surged.

Conversely, when he later expressed concerns over Bitcoin’s energy consumption and stated that Tesla would suspend its use of Bitcoin for purchases, the currency’s value plummeted. This volatility showed how a single influential voice on social media could send shockwaves through the cryptocurrency market. Investors and analysts began to pay closer attention to Musk’s statements, knowing they could significantly impact asset values in real time. Musk’s influence underscores the role of “celebrity CEOs” on social media, where the line between personal opinion and corporate policy can blur, directly impacting market behavior and creating both opportunities and risks for investors.

Similarly, social media has been a critical platform in political campaigns, affecting public perception and even influencing markets by shaping policies and consumer behavior. Donald Trump’s 2016 presidential campaign, fueled in large part by his presence on Twitter, is a prime example. His posts reached millions instantly, often bypassing traditional media channels and directly engaging his followers. His tweets on various policies, tariffs, and trade relations created ripples in markets, with certain sectors benefiting or suffering depending on his statements. During his presidency, Trump’s pronouncements on tariffs with China or on supporting specific industries could lead to rapid stock fluctuations, as businesses and investors anticipated potential impacts on trade and commerce. Social media allowed him to quickly influence public sentiment and set agendas, demonstrating how political figures can sway markets by leveraging online platforms. Trump’s use of Twitter also normalized the practice of real-time policy communication, and today, many political and business leaders use social media to broadcast decisions that can have immediate financial implications.

These instances illustrate how social media’s immediacy and reach have fundamentally altered how market trends are shaped, often with unpredictable outcomes. Businesses now face new pressures to monitor social media closely and respond swiftly to shifts in public sentiment or to statements from influential figures. The virality of social media means that trends can spread far faster than in the past, leading to sudden spikes in demand or, conversely, consumer backlash. A brand can gain popularity overnight if endorsed by a prominent figure, or it can face a PR crisis due to a viral complaint. The speed and unpredictability of these trends require businesses to adopt agile strategies and maintain an active online presence to mitigate risks and capitalize on opportunities.

The implications of social media-driven market trends are profound, affecting industries across the board. In finance, for example, the GameStop event signalled a shift in power dynamics, as individual investors leveraged social media to challenge institutional investors. Hedge funds and large financial institutions, which historically relied on proprietary information and professional analysis, now contend with the influence of online communities. Many are beginning to monitor platforms like Reddit and Twitter as part of their market analysis, recognizing that social media movements can disrupt established models. In response, some investment firms have adapted by incorporating sentiment analysis from social media into their decision-making processes, aiming to better anticipate these collective actions and adjust their positions accordingly.

For companies outside of finance, the influence of figures like Elon Musk exemplifies the need to be attuned to high-profile social media personalities whose statements can affect everything from stock prices to consumer trends. When Musk tweeted favorably about the cryptocurrency Dogecoin, for instance, it spiked in value. Companies in the cryptocurrency industry and beyond are now conscious of how endorsement from a social media influencer can directly translate to financial outcomes. Many companies are even investing in social media listening tools to track mentions of their brand or industry by influential accounts, aiming to act quickly in response to changes in sentiment.

Social media’s impact on politics, as seen in Donald Trump’s campaigns, has also transformed public relations and brand management strategies. Corporations must navigate the politically charged online environment with caution, as an association with a particular figure or issue can sway public perception. Many businesses have found it necessary to establish clear social media guidelines, balancing transparency and engagement while protecting their brand’s reputation. The capacity of social media to drive both positive and negative trends requires that businesses remain vigilant and proactive, prepared to adapt quickly to new realities in a landscape where online influence holds considerable sway.

In a world increasingly shaped by social media, the ability to adapt to rapid changes in sentiment and to respond to the pronouncements of influential figures has become crucial for businesses. Social media has dismantled traditional boundaries, allowing individuals to participate in markets and shape trends in ways previously reserved for institutions.

The views and opinions expressed above are those of the author and do not necessarily represent the views of FINEX.

 

Reynaldo C. Lugtu, Jr. is the Founder and CEO of Hungry Workhorse, a digital, culture, and customer experience transformation consulting firm. He is a Fellow at the US-based Institute for Digital Transformation. He teaches strategic management and digital transformation in the MBA Program at De La Salle University. The author may be emailed at rey.lugtu@hungryworkhorse.com

Seasonal hiring seen masking job market flaws

PHILIPPINE STAR/ MIGUEL DE GUZMAN

By Chloe Mari A. Hufana, Reporter

THE UPTICK in employment towards the end of the year reflects seasonal hiring for the holidays, masking the problems of precarious employment and poor job quality.

The increase in underemployment in September to 5.94 million from 5.11 million a year earlier indicates dissatisfaction with wages or, Bukluran ng Manggagawang Pilipino National President Renecio S. Espiritu said.

The September underemployment rate — a measure of workers seeking longer hours or extra jobs — rose to 11.9% from 10.7% a year earlier and 11.2% in August, according to preliminary data from the Philippine Statistics Authority (PSA), which issued its Labor Force Survey report Wednesday.

“In other words, one out of 10 Filipino workers cannot meet their needs,” Mr. Espiritu told BusinessWorld via Messenger chat.

The “Christmas rush” driving hiring points to a “very backward economy” because production and economic activity “are not strategically planned but are determined by religious traditions.”

“Instead of promoting meaningful, regular employment, what is being offered are seasonal, temporary jobs based on tradition-determined demand. Such an economic arrangement is very primitive and it does not improve our economy and quality of life in the long term,” he added.

Mr. Espiritu noted the growing gig economy’s role pushing up underemployment in September, particularly food delivery platforms, transport network vehicle services, and online sellers.

Gig economy jobs undermine security of tenure with workers not having an employer-worker relationship with companies, he said.

“It’s not surprising that employment numbers have increased. However, let’s be clear — this does not mean that the lives of ordinary Filipinos have improved,” he added.

University of the Philippines Baguio economics instructor Edgar Antonio C. Suguitan said relying on the boost from holiday hiring is “unsustainable” and a “band-aid solution.”

“There is room for policy to better generate or match jobseekers to decent jobs. But policy takes time and need to start early,” he said via Messenger chat.

In its notes accompanying the September data release, the PSA said many workers entering the labor force were not absorbed as regular workers.

Mr. Suguitan said this meant “a lot of temporary engagements expired within the year” and “many people are still looking for better work conditions.”

He said some reasons for this include cost-cutting by companies and the mismatch between available jobs and worker qualifications.

The unemployment rate fell to 3.7% in September, driven in part by the growing number of female workers joining the workforce ahead of the holidays.

The PSA reported that the jobless rate dropped to 3.7% in September from 4% in August and 4.5% in September 2023.

This was equivalent to 1.89 million unemployed in September, down by 177,000 from August and by 370,000 from a year earlier.

The employment rate rose to 96.3% in September from 95.5% a year earlier. This is equivalent to 49.87 million holding down joba, up 2.2 million from September 2023.

Philippines’ quarterly GDP performance

THE PHILIPPINE economy expanded by a weaker-than-expected 5.2% in the third quarter, as bad weather hurt agricultural output and government spending, the statistics agency said on Thursday. Read the full story.

Philippines' quarterly GDP performance

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