Term deposit yields up as market awaits Fed hike

May 5, 2022 | 12:04 am

YIELDS on the term deposits of the Bangko Sentral ng Pilipinas (BSP) went up on Wednesday, with market players positioning ahead of an expected hike from the US Federal Reserve and the national elections.

Total demand for the term deposit facility (TDF) of the central bank amounted to P296.062 billion on Wednesday, well above the P270-billion offering as well as the P276.324 billion in bids a week ago.

Broken down, tenders for the seven-day papers reached P139.258 billion, surpassing the P100-billion auctioned off by the BSP as well as the P102.146 billion in bids the previous week.

Banks asked for yields ranging from 1.89% to 2.0222%, a narrower band than the 1.85% to 2.18% seen a week ago. With this, the average rate of the one-week term deposit inched up by 0.02 basis point (bp) to 1.9597% from 1.9595% previously.

Meanwhile, the 14-day papers fetched bids amounting to P156.804 billion, lower than the P170-billion offer as well as the P174.158 billion in tenders logged a week ago.

Accepted rates for the tenor were from 1.925% to 2.37%, thinner than the 1.84% to 2.39% range seen on April 27. This caused the average rate of the two-week papers to increase by 6.72 bps to 2.0352% from 1.968% in the prior auction.

The central bank has not offered 28-day term deposits for more than a year to give way to its weekly auctions of securities with the same tenor.

Both the TDF and 28-day bills are used by the BSP to mop up excess liquidity in the financial system and to better guide market rates.

TDF yields rose ahead of an expected rate hike from the US Federal Reserve, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Federal Open Market Committee is widely expected to fire off another rate hike at its May 3-4 review following the 25-bp increase it made in March.

Fed Chairman Jerome H. Powell has said they will consider increasing borrowing costs by a bigger 50 bps to help tame inflation that has reached multi-decade highs.

Fed policy makers are looking set to deliver a series of aggressive interest rate hikes at least until the summer, Reuters reported.

There won’t be economic or dot plot projections at this meeting, but the market will pay close attention to Mr. Powell’s press conference for clues on interest rates and balance sheet reduction.

Higher TDF yields were also seen ahead of the national elections on Monday, Mr. Ricafort added.

Former Senator Ferdinand R. Marcos, Jr., who faces tax evasion allegations, remains the frontrunner for the presidency based on the latest round of surveys.

Meanwhile, a Bloomberg poll of analysts showed analysts and investors want Vice-President Maria Leonor G. Robredo, the second leading candidate, to become the country’s next chief executive. — L.W.T. Noble with Reuters

Johnnie Walker opens pop-up bar in BGC

May 5, 2022 | 12:03 am

JOHNNIE Walker is making the wholesome Burgos Park in Bonifacio Global City (BGC) one of the city’s evening hotspots with the opening of the Johnnie Walker Highball Bar.

The pop-up bar will be open until May 28 (following an opening on April 28), every day from 5 p.m. to 1 a.m.

Aside from the highballs themselves, the bar features arcade games like a claw machine, air hockey, and a football table, where one can play games to win Johnnie Walker merchandise. The drinks cost a minimum of P250.

There were six drinks up for grabs during the opening evening: Johnnie and Lime, Johnnie and Ginger, Johnnie and Apple, the Johnnie Citrus Smash (basically a whisky mojito), the Johnnie Root Beer Float (you read that right), and the Johnnie Brown Sugar Boba (a milk tea with Johnnie Walker).

Diageo Brand Ambassador Rian Asiddao told BusinessWorld what makes a good highball. For starters, he explains what a highball is: a drink template that uses spirit and a mixer, citing gin and tonics as one. “For me, what makes a good highball is a good ratio — 1:4, 1:3; one part of your Johnnie Walker and three parts of your mixer,” he said.

Citing the more unconventional mixers like the root beer and the milk tea (he specified using Earl Grey, to get some earthiness), he discusses what other mixers can go with Johnnie Walker Black Label. “The good thing about whisky is it’s all about flavors,” he said. He cites the smoky, fruity, creamy, and spicy notes in Johnnie Walker, which a mixer can bring out individually. For example, the root beer would complement Black Label’s spiciness. He also gave other unconventional whisky mixers like kombucha and tea and soda a mention.

“A lot of people think that a cocktail can be complicated, but it’s very easy to make,” Merell Beltran, Diageo Marketing Manager for Culture and Advocacy said, citing as well Mr. Asiddao’s 1:3 ratio.

Highballs are perfect for the Philippines, she noted: “It’s really the perfect drink, especially with weather such as in the Philippines. You want something that’s really fresh, really cold, and easily enjoyable by everyone.”

Ms. Beltran touched on their performance during the pandemic, as well as measures they have taken to face changes in a world that had been forced to stay at home. “A lot of industries have really shifted into channels that allow us to accommodate the needs of consumers who are stuck at home.” This means that Diageo has opened official online stores, one in Lazada, and one in Shopee. “That’s basically the route that we’ve heavily invested on,” she said. — Joseph L. Garcia

IMI incurs $2-million net loss amid supply chain delays

May 5, 2022 | 12:03 am

INTEGRATED Micro-Electronics, Inc. (IMI) on Wednesday reported a net loss of $2 million in the first quarter of 2022 due to supply chain disruptions.

“As the entire industry has been dealing with the global component shortage for more than a year, IMI teams across the globe continue to embody the resilience and determination that has enabled us to rebound from similar macro-economic obstacles in the past,” IMI Chief Executive Arthur R. Tan said in a statement.

The company said that supply chain delays hindered profitability but cost saving measures and continued collaboration with customers and suppliers mitigated the increased costs.

IMI did not provide a comparative year-ago figure, but it said the current loss figure “narrowed” compared with the previous quarter.

Meanwhile, revenues during the first quarter of this year grew 2% to $334 million year on year.

“Customer demand remains strong and new product development is still in high gear as evidenced by our revenue growth and strong pipeline performance despite the global supply chain issues in the past several quarters,” Mr. Tan said.

He added that the focus of the company now is on driving profitability by “collaborating with customers and improving supply chain efficiency as the component situation normalizes.”

IMI’s wholly owned businesses ended the first quarter with $258 million in revenues, or up 1% from the same period last year.

Meanwhile, its subsidiaries’ revenues improved by 4% to $76 million.

“However, with these business units having more specialized products in the automotive, aerospace and defense markets, extended supply lead times and limited opportunities to use alternative components have significantly affected margins. COVID-related shutdowns and transportation disruptions in Suzhou, China have also affected operations in VIA [Optronics GmbH],” IMI said.

In total, non-wholly owned subsidiaries reported a net loss of $5.3 million.

“The recent lockdowns in China and intense geopolitical tension in Europe have created a new set of uncertainties in the global market. Along with the extended recovery of the electronics supply chain, IMI is still being challenged by multiple macroeconomic headwinds,” IMI President Jerome S. Tan said.

“However, globally, we have been managing these disruptions while taking advantage of opportunities to improve our operations. As more economies start to open up and the world returns to normalcy, the company remains committed to manufacturing excellence and accelerating our return to better profitability,” he added.

IMI is the manufacturing arm of AC Industrial Technology Holdings, Inc., a wholly owned subsidiary of Ayala Corp.

It specializes in “highly reliable and quality electronics for long product life cycle segments such as automotive, industrial electronics and more recently, the aerospace market.”

At the stock exchange on Wednesday, IMI shares were up by two centavos or 0.29% to close at P7.00. — Luisa Maria Jacinta C. Jocson

La Salle survives late UP rally in 83-80 UAAP final four upset

May 5, 2022 | 12:03 am

Evan-Nelle_The-UAAP-copy — DE LA Salle Green Archers guard Evan Nelle — THE UAAP

THIRD-seeded La Salle withstood a late uprising by No. 2 and twice-to-beat-armed University of the Philippines (UP), escaping with a narrow 83-80 win to forge a do-or-die Game 2 in the Final Four of the University Athletic Association of the Philippines (UAAP) Season 84 at the Mall of Asia Arena in Pasay City.

The Green Archers led by as many as 22 points but needed one last stand to survive the Fighting Maroons’ comeback to keep their finals hopes alive.

Evan Nelle was on target for the Green Archers, unloading 26 points on crisp 8-of-13 shooting, including five triples, six rebounds, seven assists and three steals. Justine Baltazar manned the paint with 15 markers, 18 boards and two blocks.

Kurt Lojera was also instrumental with 11 points as Michael Phillips, Cyrus Austria and Schonny Winston chipped in seven apiece for La Salle, which will try to get the job done in sudden death tomorrow.

“Well, I think the boys really played hard. They played 40 minutes of solid basketball discipline, which I’ve been asking them to do. It was really a team effort and everybody was on the same page,” said coach Derrick Pumaren as La Salle finally got back at UP after two losses in the eliminations, 61-59 and 72-69.

“We’re happy we won the ballgame, but we only tied the series. There’s still one more game,” he added.

Ranged against a spirited UP side that put a lone defeat in Ateneo’s previously pristine slate last weekend, La Salle did not shy away from the challenge and shocked its counterpart with a hot 24-16 start that swelled to 66-44 midway through the third period.

It was all La Salle, which still held a 79-63 lead in the last three minutes, until UP regained its bearings and uncorked a 15-2 rally highlighted by Gerry Abadiano’s triple to get within 81-78 in the last 12 seconds.

But Nelle came to the rescue once again, draining two of his four charities as UP tried to make it a free throw shooting game, to ice La Salle’s win despite Maodo Diouf’s dunk at the horn for the final count.

Diouf hauled down 18 points, 20 rebounds and three blocks but his frontcourt partner Carl Tamayo struggled for just seven markers in a dismal 2-of-14 outing that dealt a big blow to UP’s chances.

Ricci Rivero (18) and Zavier Lucero (17) also played their part in a losing cause for the Fighting Maroons, who still can make the finals with a win in Game 2. — John Bryan Ulanday

The Scores:

La Salle 83 – Nelle 26, Baltazar 15, Lojera 11, M. Phillips 7, Austria 7, Winston 7, Nwankwo 4, Nonoy 3, Manuel 3, B. Phillips 0.

UP 80 – Diouf 18, Rivero 18, Lucero 17, Tamayo 8, Abadiano 7, Cagulangan 6, Spencer 3, Alarcon 3, Ramos 0, Fortea 0, Webb 0, Lina 0.

Quarterscores: 24-16, 48-37, 66-55, 83-80.

Entry-level vivo Y01 now available in PHL

May 5, 2022 | 12:03 am

SMARTPHONE brand vivo last week launched a new entry-level mobile phone, the vivo Y01, which it said is an “all-rounder” device that is “easy on the budget.”

The vivo Y01 is an addition to the brand’s entry-level Y series and is priced at just P5,299, the company said in a statement last week.

The phone features a 5000mAh battery that supports reverse charging and a larger, high-definition screen with 6.51-inch FullView display with a 1600×720-pixel resolution.

The Y01 will automatically adjust the phone’s brightness based on ambient conditions and also comes with Eye Protection Mode filters.

For a better gaming experience, its Multi-Turbo 3.0 feature “optimizes core scenes to reduce stuttering and lags.”

“When running multiple applications simultaneously, the vivo Y01 will allocate and prioritize CPU and internal storage at 32GB ROM to ensure smooth and steady performance,” vivo said.

Based on vivo’s website, the phone is powered by a Helio P35 processor and comes with 2GB RAM and 32GB storage. Its three card slots can accommodate two SIM cards and a microSD card for memory expansion of up to 1TB.

The mobile phone has an 8-megapixel (MP) rear camera and 5MP front camera. vivo said the cameras support time lapse to face beauty modes. They also have a macro or bokeh mode.

The vivo Y01 also comes with FaceWake, a face recognition feature that can unlock the phone when picked up.

“For busy users, the iManager serves as a mobile butler than clean up space or scans issues at night to keep the phone in good shape for even better performance the next day,” vivo said.

The Y01 comes in two color variants: Elegant Black and Sapphire Blue. vivo said the Y01 is “the thinnest and lightest phone in its price range” as it weighs at just 178g.

The phone is now available at vivo stores nationwide. It is also available via vivo’s Shopee store exclusively for two weeks starting April 30. Following this, it will be released on the brand’s Lazada store. — BVR

Gov’t fully awards bonds

May 5, 2022 | 12:03 am

THE GOVERNMENT fully awarded the reissued Treasury bonds (T-bonds) it offered on Wednesday as investors were defensive ahead of the release of April inflation data and the US Federal Reserve’s latest policy decision.

The Bureau of the Treasury (BTr) raised P35 billion as programmed through the reissued three-year bonds auctioned off on Wednesday, with tenders reaching P41.49 billion.

The debt papers, which have a remaining life of two years and 11 months, were awarded at an average rate of 4.598%. This is 34.8 basis points (bps) higher than the coupon rate of 4.25% fetched when the papers were last offered on April 8, the first time the series was auctioned off. Accepted yields ranged from 4.3% to 4.85%.

The average rate for the tenor was also 45.92 bps higher than the 4.1388% quoted for the three-year debt papers at the secondary market prior to the auction, based on the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters it is “not appropriate” to simply compare the yield fetched at Wednesday’s auction to the coupon seen for the bond series last month as “significant developments” have occurred since then.

“Markets are bracing for a hawkish pivot from the Fed with 50 bps rate hike in tandem with balance sheet reduction to battle inflation,” Ms. De Leon said.

“Onshore, inflation forecast for April is 4.6% and BSP (Bangko Sentral ng Pilipinas) has issued a warning that it may start hiking this June. Interestingly, in 2018, when inflation hovered at 4.6%, the three-year rate was at 4.79%,” she noted.

The first trader in a Viber message said that the average rate was “a bit steep compared to its last traded level prior to the auction.”

“Market submitted defensive bids ahead of the FOMC (Federal Open Market Committee) meeting results and Philippine April CPI (consumer price index) figure, both due out Thursday,” the second trader added.

The Fed’s policy-setting FOMC is widely expected to fire off another rate hike at its May 3-4 review following the 25-bp increase it made in March.

Fed Chairman Jerome H. Powell has said they will consider increasing borrowing costs by a bigger 50 bps to help tame inflation that has reached multi-decade highs.

Fed policy makers are looking set to deliver a series of aggressive interest rate hikes at least until the summer, Reuters reported.

There won’t be economic or dot plot projections at this meeting, but the market will pay close attention to Mr. Powell’s press conference for clues on interest rates and balance sheet reduction.

Meanwhile, inflation likely accelerated beyond the central bank’s target in April, analysts said, as food and oil prices continue to climb amid the ongoing Russia-Ukraine war and agricultural damage caused by Tropical Storm Agaton.

A BusinessWorld poll of 17 analysts yielded a median estimate of 4.6% for the April CPI, matching the midpoint of the BSP’s 4.2% to 5% forecast.

If realized, this would be faster than the 4% in March and the 4.5% in April 2021 and would be the first time that inflation would exceed the BSP’s 2-4% target band since the 4.2% print in November 2021. It will also match the 4.6% print seen in October.

BSP Governor Benjamin E. Diokno said in an interview with Bloomberg TV last week that the central bank may consider hiking key interest rates at its June 23 meeting.

This marks a departure from Mr. Diokno’s previous statements that the central bank would only consider normalizing its stance in the second half or when the Philippine economy’s recovery firms up.

Meanwhile, a second trader said the BTr’s full award despite the low demand and higher yields shows they need cash.

“BTr’s award of bids as high as 4.85% will create uncertainty once more in local markets,” the second trader said in an e-mail. “The high of 4.85% is 40 bps higher than the secondary market bid in the morning.”

“They have been inconsistent, to say the least, with last week’s 10-year auction partially awarded and capped at 30 bps above secondary levels. With this development, I think the market will be cautious in succeeding auctions,” the second trader added.

The BTr wants to raise P200 billion from the domestic market in May, or P60 billion via Treasury bills and P140 billion through T-bonds.

The government borrows from local and external sources to help fund a budget deficit capped at 7.7% of gross domestic product this year. — T.J. Tomas with Reuters

PBA to conduct three-conference calendar for Season 47

May 5, 2022 | 12:02 am

THE Philippine Basketball Association (PBA) is upbeat about recouping its financial losses during the hardest times of the pandemic as it conducts a stacked three-conference calendar for Season 47.

Chairman Ricky Vargas said after incurring a loss of P100 million in the coronavirus disease 2019 (COVID-19)-disrupted, single-conference 45^th season in 2020, the pro league earned a net of about P48.8 million last year. This, he said, should provide the momentum for the PBA’s targeted P200-million net in the coming season.

“It’s a very positive news for us,” Ms. Vargas said of the profit the PBA had from its two-conference offering in Season 46.

“We’re going back to three conferences and to deliver that, we’re looking at an expense of P300 million. But we’re also looking at a revenue of about P500 million so essentially we’re looking at a net profit of P180 to 200 million, if everything pushes through.

“That really brings us back to where we were (pre-pandemic) and hopefully regain what we lost in Season 45,” said Mr. Vargas, who was joined in an online press conference by vice chairman Bobby Rosales of Terrafirma, treasurer Raymond Zorrilla of Phoenix and commissioner Willie Marcial on Wednesday.

The PBA ushers in hostilities on June 5 for the First Conference, which will run until Sept. 2. The Second Conference is slated for Oct. 2 through Jan. 25, 2023 and the Third Conference is set for Feb. 1 to May 10 next year.

In between, the league is lending players to Gilas Pilipinas and sending its Top 2 teams to the East Asia Super League hoopfest. The All-Star festivities as well as out-of-town and overseas sorties are also eyed during the last conference.

Mr. Vargas also bared the league’s plan to expand to 14 teams soon.

“We want to expand the revenue base of the PBA,” he said. “When it was reported that there’s interest from new teams to join the PBA, we said why don’t we start looking at expanding to 14 teams?”

The PBA’s standalone 3×3 league, according to Mr. Rosales, will go “regional” for its next season with simultaneous tournaments in Luzon, Visayas and Mindanao culminating in a national championship.

“This is the first step of the PBA to go regional,” he said. — Olmin Leyba

RFM income rises 4% on volume, price increases

May 5, 2022 | 12:02 am

LISTED food and beverage company RFM Corp. reported a 4% increase in net income to P334 million in the first quarter, driven by higher sales volume and product prices.

“Amid the inflationary situation in the economy today, RFM is trying to balance passing the commodity inflation thru managed price increases on one hand and absorbing the cost inflation on the other hand, because consumer spending power is constrained. We think if we pass on all the cost inflation, there will be demand destruction,” RFM Chief Executive Jose Ma. A. Concepcion III said in a statement on Wednesday.

Sales grew by 17% to P3.9 billion due to volume and price increases in its brands and products, particularly in its ice cream, milk and institutional segments.

“We expect our margins to continue to be under pressure and thus we are cautious in our spending this 2022. We are finishing the capex (capital expenditure) we have already started and we are also reviewing other proposed capex in the meantime,” Mr. Concepcion said.

He said that the “strong pricing power” of the company’s brands, especially in ice cream and milk, helped keep margins from declining.

“The company’s balance sheet remains very strong with excellent liquidity… the rise in raw material prices have also increased the working capital requirements for 2022 but the good cash position of the company funded all of the increase in working capital,” Mr. Concepcion said.

For 2022, the company is looking at continued growth in its topline and single-digit growth to “flattish” income.

“If commodity prices reverse from their steep uptrend, then income could possibly trend higher in the second half of 2022,” Mr. Concepcion said.

From its original business of flour milling, the company diversified into poultry and livestock production and areas of food manufacturing that include flour-based products, margarine, milk and juices, canned and processed meat, ice cream, and bottled mineral water.

RFM also operates non-food businesses such as barging services and leasing of commercial or office spaces.

Its subsidiaries and affiliates in food and non-food businesses include Unilever RFM Ice Cream, Inc.; RFM Foods Philippines Corp.; Southstar Bottled Water Co., Inc.; Engrain-RFM Pacific, Inc.; FWBC Holdings, Inc.; RFM Equities, Inc.; Rizal Lighterage Corp.; WS Holdings, Inc.; and Selecta Wall’s Land Corp.

At the stock exchange, RFM shares ended lower by 10 centavos or 2.28% to finish at P4.29 apiece. — Luisa Maria Jacinta C. Jocson

Two Makati bars among Asia’s best

May 5, 2022 | 12:02 am

A50BB21-TheCurator-Interior — The Curator (Makati) Interior — WORLDS50BESTBARS.COM

1 of 2

TWO Makati bars have made it to the top 100 of Asia’s 50 Best Bars. For the first time, the list, created by William Reed Business Media (among other 50 Best lists) showed the 51-100 candidates in Asia. Legazpi Village’s The Curator was No. 62, while Poblacion’s Oto ranked No. 63.

Oto previously made it to the list at No. 47 in 2019, while The Curator has placed at least twice, ranking No. 42 in 2020, and No. 38 in 2020.

A bar focused on agave spirits, Hong Kong’s Coa, earned the top spot this year.

“At Coa, owner-bartender Jay Khan pays homage to mezcal tequila and other agave-based liqueurs in this candle-lit, industrial-style space. The thorough menu also features signature cocktails such as the grapefruit-spiked La Paloma de Oaxaca, which is the only beverage that has been on the list since the bar opened,” said the list.

The awards, sponsored by Perrier, were held at the Mandarin Oriental in Bangkok, after a two-year hiatus due to the pandemic.

The list had been created with the help of over 220 experts within an academy of voters, headed by academy chairs. “We strongly believe that by amplifying all the great talent across Asia, 50 Best can play a crucial role in encouraging guests to get back out into bars when the time is right,” said Mark Sansom, Content Director for Asia’s 50 Best in a video shown prior to the event livestream on YouTube last week.

“The past 15 months have been incredibly difficult, but the way the bar community has pulled together has been an inspiration to the entire hospitality sector,” said Mr. Sansom. “Asia has led the way for the rest of the world to follow and continues to be an incubator for fresh ideas and exciting new talent.” — J.L. Garcia

Asia’s 50 Best Bars for 2022

1. Coa (Hong Kong)
2. Jigger & Pony (Singapore)
3. Argo (Hong Kong)
4. Tesouro (Colva, Goa, India)
5. Bar Benfiddich (Tokyo)
6. Indulge Experimental Bistro (Taipei)
7. Charles H (Seoul)
8. MO Bar (Singapore)
9. Manhattan (Singapore)
10 BKK Social Club (Bangkok)
11. Sober Company (Shanghai)
12. Republic (Singapore)
13. Darkside (Hong Kong)
14. Sidecar (New Delhi)
15. No Sleep Club (Singapore)
16. Quinary (Hong Kong)
17. Tropic City (Bangkok)
18. Hope & Sesame (Guangzhou, China)
19. Vesper (Bangkok)
20. Lamp Bar (Nara, Japan)
21. The SG Club (Tokyo)
22. Penicillin (Hong Kong)
23. Atlas (Singapore)
24. Aha Saloon (Taipei)
25. Bar Trench (Tokyo)
26. Hoots’ (New Delhi)
27. Tippling Club (Singapore)
28. Bar Cham (Seoul)
29. Bar Trigona (Kuala Lumpur)
30. Home (New Delhi)
31. Sago House (Singapore)
32. The Cocktail Club (Jakarta)
33. The Pontiac (Hong Kong)
34. The Wise King (Hong Kong)
35. Junglebird (Kuala Lumpur)
36. Nutmeg & Clove (Singapore)
37. Analogue (Singapore)
38. The Aubrey (Hong Kong)
39. Le Chamber (Seoul)
40. Alice (Seoul)
41. Memento Mori (Tokyo)
42. Smoke & Bitters (Hiriketiya, Sri Lanka)
43. Asia Today (Bangkok)
44. Copitas (Bengaluru, India)
45. Union Trading Company (Shanghai)
46. The Bamboo Bar (Bangkok)
47. Bee’s Knees (Kyoto, Japan)
48. Zest (Seoul)
49. 28 HongKong Street (Singapore)
50. Speak Low (Shanghai)

Musk says Twitter may charge slight fee for commercial, government users

May 5, 2022 | 12:02 am

ELON MUSK said on Tuesday Twitter, Inc. will always be free for casual users but may charge a slight fee for commercial and government users, as the billionaire entrepreneur tries to boost the social media platform’s reach from “niche” to most Americans.

“Twitter will always be free for casual users, but maybe a slight cost for commercial/government users,” Mr. Musk said in a tweet.

Twitter declined to comment when contacted by Reuters.

Tesla chief Mr. Musk has been suggesting a raft of changes to Twitter since last month. After adding the company to his cart recently, Mr. Musk said he wanted to enhance the platform with new features, make the algorithms open source to increase trust, defeat spam bots, and authenticate all humans.

Last month, even before reaching a deal with Twitter, Mr. Musk had suggested few changes to the Twitter Blue premium subscription service, including slashing its price.

Earlier this week at the annual Met Gala in New York on Monday, Mr. Musk also said he would make Twitter transparent about how tweets are promoted or demoted and wanted its software to be publicly available for critique. — Reuters

Islamic banking development seen to help boost investments in Mindanao

May 5, 2022 | 12:02 am

INITIATIVES to develop the country’s Islamic banking industry will help open investment opportunities in Mindanao and, in turn, bring down poverty in the region.

The Bangko Sentral ng Pilipinas (BSP), the Department of Finance, the National Commission on Muslim Filipinos, and the Bangsamoro Government on Wednesday signed the memorandum of agreement for the creation of the Shari’ah Supervisory Board (SSB) in the Bangsamoro Autonomous Region in Muslim Mindanao.

The SSB is expected to help craft and develop the regulatory environment for Islamic banking. It will be responsible for issuing opinions on Islamic banking products and services.

“The creation of the SSB can also boost trading activities, participatory financing schemes and entrepreneurial undertakings with financial institutions that are committed to provide end-to-end Shari’ah compliant products and services,” BSP Governor Benjamin E. Diokno said.

“For the Department of Finance, it opens investment opportunities for the Southern Philippines and complements ongoing government initiatives to develop the BARMM,” BSP Deputy Governor Chuchi G. Fonacier said in a speech at the event.

“For us in the BSP, Islamic banking promotes our financial inclusion agenda as it is a tool for poverty alleviation and inclusive growth,” she added.

To promote Islamic banking, the Bureau of Internal Revenue issued implementing regulations on tax neutrality for Islamic financial services. Under this, taxes imposed on Islamic banking transactions will be at par with those levied on their conventional counterparts.

Meanwhile, the Insurance Commission issued guidelines for takaful or Islamic insurance undertakings.

“The government agencies and private sector must continue to collaborate until our vision on an Islamic banking and finance ecosystem that viably operates alongside the conventional system, is realized,” Mr. Diokno said.

Among the main principles of Islamic banking is the departure from riba or interest. Institutions are also allowed to issue funding instruments called sukuk for their operations and capital needs.

The BSP has said they have not yet received any application from players who want to go into Islamic banking in the country. However, there have been local and foreign entities that have expressed interest in establishing Islamic banking units in the country.

Al Amanah Islamic Bank is the only Islamic lender operating in the country. It is under the Development Bank of the Philippines. — L.W.T. Noble

Richardson seen as sprint double contender in Hanoi SEA Games

May 5, 2022 | 12:01 am

FIL-AM Kyla Richardson has been mistakenly viewed as a replacement to Southeast Asian (SEA) Games double-gold medalist Kristina Knott, who pulled out recently due to a foot injury.

In truth, the 24-year-old Ms. Richardson is a legitimate gold contender not just in the 100 meters but also in the 200m after snaring the sprint doubles triumph in the 2022 Pac West Championships in San Diego last week.

Ms. Richardson, who is coached by former Jamaican Olympian Robert Foster at Fresno Pacific, clocked 11.31 seconds in the century dash and 23.12 in the 200m, which makes her a legitimate gold contender in both events in the Hanoi Games set on May 12 to 23.

Her 100m time is faster than the 11.54 set by Vietnamese Le Tu Chinh in snatching the mint in the 2019 edition at the New Clark City in Capas, Tarlac while her 200m clocking was closer to Ms. Knott’s gold-winning 23.01 also in Capas.

Incidentally, both Mses. Knott and Le backed out due to injuries, leaving the golds in the sprint events up for a picking.

If it happens, Ms. Richardson will have a chance at becoming the first to win the two sprint events since legendary Lydia de Vega-Mercado achieved the same feat in Singapore 29 years ago.

Ms. Richardson, though stressed, is not putting too much pressure on herself come Hanoi.

“This season, I’m trying not to have too much pressure on me and just keep doing what I do, run and have a fun experience,” said a shy Ms. Richardson, who will compete alongside twin sister Kayla. — Joey Villar