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By Keisha B. Ta-asan
MONEY SENT HOME by overseas Filipinos rose by 3.2% in March, reflecting improved economic conditions in many host countries as pandemic restrictions eased.
Data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed cash remittances sent through banks stood at $2.59 billion in March, up from $2.51 billion in the same month in 2021.
This is the biggest monthly inflow recorded since the $2.66-billion remittances seen in January.
The March remittance growth is also the fastest in three months or since the 3.3% rise in December 2021.
“The expansion in cash remittances was due to the growth in receipts from land-based and sea-based workers,” BSP said in a statement.
In March, remittances sent by land-based workers jumped by 3.7% to $2.02 billion from last year’s $1.94 billion, while those sent by sea-based workers increased by 1.3% to $573 million from $566 million a year ago.
“Cash remittance growth was sustained as deployment, both official and unofficial continued. Meanwhile, better economic prospects in host countries also helped OFs (overseas Filipinos) send home more of their income back home to beneficiaries,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.
Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a note that global economic recovery prospects have been improving as many countries reopened their economies, boosting jobs outlook for some overseas Filipino workers (OFWs).
However, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the weakness of the peso against the US dollar may have affected the remittances sent by OFWs in March.
“OFWs are usually encouraged to see an exchange rate more favorable to them. If the peso is weaker (nominally a higher value), then they are attracted to have their hard-earned money sent home and eventually exchanged,” Mr. Asuncion said in an e-mail.
Mr. Asuncion said some OFWs may have also sent more money to help their families with household and school expenses amid rising prices.
Inflation quickened to 4% in March, amid a spike in oil and food prices.
For the first three months of the year, cash remittances rose by 2.4% to $7.77 billion, from $7.59 billion in the comparable period last year. This was mainly due to higher inflows from the United States, Japan, Singapore, Taiwan, and Saudi Arabia.
By country, the United States, Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, Taiwan, Qatar, and Malaysia accounted for 79.1% of total cash remittances in the first quarter.
Meanwhile, personal remittances, which include inflows in kind, increased by 3.1% to $2.88 billion from the $2.80 billion posted in March 2021.
This brought personal remittances 2.3% higher to $8.64 billion in the first quarter, from the $8.45 billion recorded in the comparable period in 2021.
“Remittances will likely prove to be steady this year as deployment continues but we are unlikely to see growth accelerate from hereon given global headwinds and with no particular changes to deployment of overseas Filipinos,” Mr. Mapa said.
Mr. Asuncion said their forecast for April remittance annual growth has been penciled in at 11.1%.
“If factors cited (weak peso and rising inflation) continue, we may see April actual growth outperform,” he added.
The BSP expects remittances to grow by 4% this year.
By Tobias Jared Tomas
THE PHILIPPINES is “likely” to achieve upper middle-income status by next year, Socioeconomic Planning Secretary Karl Kendrick T. Chua said, given the strong first-quarter print and economic reforms.
“It’s likely, especially since we broadened the economy’s potential with all the reforms that we have done,” Mr. Chua said at an ANC interview on Monday. “We were hit by a pandemic like the rest of the world, but we are seeing one of the biggest bounce backs in the entire world.”
Philippine gross domestic product (GDP) expanded by 8.3% year on year in the first quarter, a turnaround from the 3.8% contraction in the same period last year. The first-quarter growth was also within the government’s 7-9% target for this year.
Mr. Chua said the economy needs to grow by 6.6% in the next three quarters to achieve the full-year target.
“That’s doable. The bulk of the growth is going to come from domestic demand and we have to ensure a strong domestic rebound, which we are seeing,” he said, adding that recent economic liberalization measures will help attract more investments.
The Philippines had originally targeted to graduate to the upper middle-income status by 2022, but this was derailed by the coronavirus pandemic.
Last year, the World Bank increased its income range for the upper middle-income bracket to a gross national income (GNI) capital of $4,096-$12,695 from $4,046-$12,535. This definition is expected to be updated by the World Bank by midyear.
According to Philippine Statistics Authority (PSA) data, the country’s GNI per capita stood at P182,438, or about $3,500 in 2021, slightly higher than the GNI per capita of P177,546 in 2020. However, this is still lower than the GNI per capita of P200,135 in 2019.
Mr. Chua last week said the country’s GNI per capital had significantly fallen in the last two years as remittances took a hit after nearly a million overseas Filipino workers lost their jobs and were repatriated due to the pandemic.
Other economists have also expressed optimism the Philippines will reach the upper middle-income status by next year.
“I think it’s more than doable, just simply going by the strict definition of what an upper middle-income country is… The Philippines looks set to cross that threshold next year, assuming no material shock to the economy,” Pantheon Chief Emerging Asia Economist Miguel Chanco said in an e-mail.
At present, upper middle-income countries include Malaysia, Thailand, and China.
“We believe that the goal is now more achievable given that the economy appears to be on the mend after the strong first-quarter GDP showing and a likely robust second-quarter GDP print as well,” Nicholas Antonio T. Mapa, ING Bank N.V. Manila senior economist, said in an e-mail.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that improving employment data, with unemployment rates already below pre-pandemic levels, and the further reopening of the economy makes a strong case for the Philippines to reach the upper middle-income status.
The resumption of face-to-face classes, increased tourism, and higher infrastructure spending, among other reopening measures, would temper growth headwinds caused by the Russia-Ukraine war and pandemic scarring.
However, Security Bank Corp. Chief Economist Robert Dan J. Roces was more cautious.
“We are emerging from the deep scarring we experienced from the pandemic faced with elevated inflation, as such, the prime driver — private consumption, may be dampened with price growth, and by this definition, this also dampens growth recovery,” Mr. Roces said in an e-mail.
Headline inflation for April surged to a three-year high of 4.9%, as energy and food prices continued to soar.
“Nonetheless, with fiscal support poised to complement the monetary side, and with most indicators near or at the pre-pandemic level, the trajectory for an upper middle-income country status may be returning,” Mr. Roces said.
PRESIDENT Rodrigo R. Duterte ordered all government agencies to use digital methods in disbursing and collecting payments, a step that could put the Philippines closer to becoming a cash-lite society.
In Executive Order (EO) No. 170, Mr. Duterte said the digitalization of payments is in line with the government’s effort to develop an inclusive digital financial ecosystem, which would make formal financial services accessible to more Filipinos.
“All departments, agencies, and instrumentalities of the government, including state universities and colleges, government-owned or -controlled corporations, are hereby directed, and local government units are hereby enjoined, to adopt digital payments for their respective disbursements and collections,” the order stated.
The EO also directed all covered agencies to use “safe and efficient” digital disbursement, including distribution of financial assistance and payment of salaries, wages and allowances to employees.
“Covered agencies shall be allowed to disburse funds directly into the transaction accounts of recipients or beneficiaries, whether held in government or private financial institutions, without need of a special arrangement from the financial institutions concerned,” the order read.
A government servicing bank will carry out the payment instructions, and is allowed to collect fees from covered agencies for electronic fund transfers.
The EO also requires all covered agencies to offer a digital mode of collecting payments for taxes, fees, tolls and other charges. These agencies should still accept cash and other traditional forms of payment.
“Digital collection of payments will expedite transactions, generate savings for the government, and reduce the risk for graft and corruption,” Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said via Twitter.
Covered agencies are expected to adopt a business continuity plan that will be implemented in times of calamity to ensure digital payments will not be affected, and to ensure traditional payout channels can be offered.
These institutions can also tap payment service providers that are compliant with the National Retail Payment System Framework.
A technical working group (TWG) on the adoption of digital payments will be formed, composed of representatives from the departments of Finance and Budget, Bureau of the Treasury, Bureau of Internal Revenue (BIR), and the Government Procurement Policy Board Technical Support Office.
Implementing rules and regulations (IRR) should be released within 90 days from the effectivity of the EO.
Covered agencies will be given six months after the issuance of the IRR to fully implement digital disbursements and collections. However, a tiered transition period may be allowed for other government agencies, depending on their operational readiness and capability.
Funding for the initial implementation of the EO will be under the respective budgets of the covered agencies. For the succeeding years, the funding will be incorporated in their respective regular appropriations or corporate operating budgets.
“Concerned agencies are encouraged to establish programs to capacitate their personnel on innovative technologies, payment systems, and cybersecurity and data privacy protection tools, and shall build public understanding on digital financial services,” the order stated.
The TWG will determine which agencies are capable of adopting digital payments within a shorter or longer period.
Fintech Alliance.ph Chairman Angelito M. Villanueva said that government-to-person as well as person-to-government transactions are among the largest financial transaction use cases that could help boost digital adoption in the country.
“This must be complemented with fast, reliable, and affordable data and telecoms infrastructure even in remote areas in the country to allow more users to embrace it,” Mr. Villanueva said in a Viber message.
Based on data from the Bangko Sentral ng Pilipinas, 93.2% of government payments were done digitally in 2020. Payment of salaries for government employees was fully digitalized in the same year.
Digital payments made up 20.1% of all transaction volumes in 2020. By 2023, the BSP is looking to bring digital payments to 50% of all transaction volume. — Luz Wendy T. Noble
RETAIL PRICES of goods in Metro Manila grew in January at their slowest pace in six months, preliminary data from the Philippine Statistics Authority (PSA) showed.
The National Capital Region’s (NCR) general retail price index (GRPI) grew by 1.9% year on year in January, slower than the 2.1% posted in December but quicker than the 1.5% in January 2021.
The January growth rate was the slowest in six months since the 1.8% expansion in July last year.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the slower growth in January to “seasonal slowdown” after the holidays.
January also saw lockdown restrictions tightened to curb an Omicron-driven surge in coronavirus cases.
The PSA reported declines in the prices of food and crude materials, inedible except fuels which dropped to 1.8% year on year (from 2.2% in December) and 0.1% (from 0.9%), respectively.
Other commodities where prices accelerated included beverages and tobacco (3.4% from 3.3%), mineral fuels, lubricants and related materials (18% from 17.8%), and machinery and transport equipment (0.6% from 0.5%).
Mr. Ricafort warned the GRPI could pick up in February and March as oil and commodity prices spiked after Russia invaded Ukraine on Feb. 24.
“Russia’s invasion/war with Ukraine that led to higher prices of oil/energy, grains/flour/other food items, metals, and other global commodities imported by the country, thereby could lead to pass-on/higher prices of other goods and services,” he said.
The weaker peso could also add to import costs and overall inflation, Mr. Ricafort said. — Ana Olivia A. Tirona
COMPANIES led by businessman Lucio L. Co reported strong profit growth in the first quarter, with his retail holding firm Cosco Capital, Inc. posting a 10.9% increase in consolidated net income to P2.7 billion.
In a disclosure on Monday, Cosco Capital said its consolidated revenues were up by 2.8% to P40.68 billion from P39.57 billion in the same period of 2021.
“The company continued to benefit by way of a better bottom line results from a combination of the gross margin enhancements thru stronger suppliers supports, sustained strategic cost and expense management as well as the income tax savings from the implementation of the CREATE Law,” it said, referring to Republic Act No. 11534, or Corporate Recovery and Tax Incentives for Enterprises Act.
The group’s grocery retailing businesses, Puregold Price Club, Inc. and S&R Membership Shopping Club, contributed 68% to the total core net income.
During the first quarter, the grocery retail segment’s net income grew 6.5% to P2.15 billion from improvements in gross profit margins and cost reduction measures.
Consolidated revenues also rose by 2.1% to P38.5 billion, driven by an increase in customer traffic.
“This was fueled by the company’s continuous organic expansion of grocery retail outlets, diligent cost management and sustained strong consumer demand,” Puregold said in a disclosure.
Consolidated net sales increased 2.1% to P38.51 billion. The group opened five new Puregold stores in the first quarter of 2022.
As of end-March, the group had a total of 504 grocery retail stores nationwide. These include 435 Puregold stores, 22 S&R membership shopping warehouses, and 47 S&R New York Style quick service restaurants.
Meanwhile, Cosco Capital’s liquor distribution business contributed 17% to the total profit of the group.
The Keepers Holdings, Inc. reported that its consolidated net income jumped 34.3% to P333.5 million, resulting from strong sales performance and cost control of its distribution, marketing and promotion expenses.
The company said consolidated revenues grew 23.3% to P2.17 billion on the back of a 17% growth in the volume of cases sold totaling more than 831,000 for the first quarter.
“This was driven principally by the continued robust performance of Alfonso, the leading imported brandy in the market, which has already surpassed its pre-pandemic levels despite some challenges brought by the continuing impact of the Covid-19 lockdowns experienced during the year,” The Keepers Holdings said in a disclosure.
Cosco Capital’s commercial real estate segment, which contributed 14% to total earnings, posted net income growth of 13.3% to P227 million for the period from P200 million in the same period in 2021.
The company said the increase was due to a combination of strategic cost efficiencies in the management of its cost of services as well as operating expenses.
“The real estate group continued to expand its real estate assets portfolio through acquisitions of additional land banking assets for future development and initiated the development of two commercial assets to be completed during the year,” Cosco added.
Lastly, the group’s specialty retailing segment, Office Warehouse, Inc., accounted for 1% of its total net income.
The Office Warehouse’s net income slightly dropped to P16 million from P18 million and revenues also decreased by 8% to P390 million amid lockdown restrictions.
At the stock exchange, Cosco Capital shares gained by 11 centavos or 2.37% to P4.75 on Monday. Puregold shares rose by P0.85 or 2.69% to finish at 32.50 apiece.
Shares in The Keepers Holdings slipped a centavo or 0.86% to P1.15 each. — Luisa Maria Jacinta C. Jocson
PROPERTY developer Megaworld Corp. reported a 30% increase in net income attributable to parent company equity holders to P3.1 billion, calling it a “strong start” of an expected sustained performance.
In a disclosure on Monday, the listed company also reported an after-tax income of P3.5 billion, up 41% from a year ago. Consolidated revenues climbed 29% to P13.1 billion.
“This is definitely a strong start for us, and affirms that our improved performance can be sustained. While there was some concern last January due to the omicron variant, consumer confidence remained on the uptrend and our quick recovery showed that we are now in a better position to manage the pandemic and move forward,” Megaworld Chief Strategy Officer Kevin L. Tan said in a statement.
Of the company’s business segments, real estate sales recorded a 36% year-on-year growth to P8.1 billion as construction activities normalized. Reservation sales also increased by 12% to P23.2 billion.
Meanwhile, Megaworld Premier Offices registered P3 billion in rental income for the first three months of the year, up by around 16% from P2.6 billion.
Megaworld Lifestyle Malls’s rental income jumped 40% to P717.1 million on the back of improved foot traffic and the increase in retail locators that have restarted their operations.
The company’s hotel business, Megaworld Hotels & Resorts, posted a 50% growth in revenues to P502.9 million, driven by the uptick in leisure-related activities and expansion in domestic travel. Meetings, incentives, conferences, exhibitions, and similar activities have also started to pick up in the middle of the quarter, it noted.
“We are now focused on returning to our pre-pandemic performance and to grow beyond that. In fact, we are now looking at opportunities to further expand our geographical footprint in the country this year with the launch of several new townships,” Mr. Tan said.
To date, the company has 28 integrated urban townships, lifestyle communities, and lifestyle estates across the country.
Megaworld shares went up by 0.74% or two centavos to close at P2.72 at the stock exchange on Monday. — Luisa Maria Jacinta C. Jocson
EMPERADOR, Inc. said it is increasing its capital expenditure (capex) budget this year to P3 billion from P1.74 billion in 2021 as it further expands to international markets.
“Most of the capex budget will be spent outside the Philippines, bulk of which will be on the whisky business. We operate in an ever-changing, dynamic and highly competitive industry,” Emperador President Winston S. Co said on Monday.
“Strategic investments are key to ensuring that as a global company, we can adapt to evolving consumer preferences and demands. Not only this, but we are also able to deepen and strengthen our premiumization and internationalization efforts,” he added.
In 2021, the company reported that normalized net income was up 35% to P10.8 billion and normalized earnings to owners increased 34% to P10.6 billion.
“Emperador stayed the course as we continued to pursue the vision to grow the company achieving another banner year this 2021. I attribute this to the resilience of our company whose financial position allowed us to weather logistical challenges brought by Covid-19,” Emperador Director Kevin Andrew L. Tan said.
“We witnessed record breaking growth as our whisky and brandy sectors expanded their reach and introduced innovations,” he added.
Revenues were up 6% to P55.9 billion, of which 67% came from the brandy segment and 33% from the whisky business.
“Resilience appropriately describes Emperador’s financial performance against a backdrop of a pandemic,” Kenneth V. Nerecina, investor relations director, said.
Mr. Nerecina said that strong whisky sales, tamer growth in the brandy sector, and improved product mix and less promotional expenses contributed to the company’s financial performance.
Emperador said it is pursuing a “global strategy of premiumization and internationalization,” which includes adapting to consumer preferences and working on stronger distribution and availability across the globe.
At the stock exchange, Emperador shares rose by 0.10% or two centavos to finish at P19.64 apiece on Monday. — Luisa Maria Jacinta C. Jocson
LISTED fiber internet provider Converge ICT Solutions, Inc. saw its first-quarter attributable net income increase by 27% to P1.97 billion from P1.55 billion in the same period a year earlier as a result of higher revenues from residential and enterprise subscribers.
The company’s revenues rose by 40% to P7.75 billion from P5.55 billion in the same period in 2021, its first-quarter report showed.
Revenues from the company’s residential business increased by 42% to P6.81 billion during the period from P4.80 billion previously, driven by a 52.5% year-on-year growth in its subscriber base. It ended the quarter with 1,802,202 residential subscribers.
Enterprise revenues increased by 25% to P935 million in the first three months of the year from P750 million in the same period in 2021.
According to the company, the increase was fueled by robust growth in the small and medium enterprise (SME) segment. Its SME customers rose by 200%, reaching 25,810 as of March 31.
Cost of services went up by 30% to P3.02 billion from P2.33 billion in the first quarter of 2021, resulting in a gross profit of P4.72 billion, which is 47% higher than the P3.22 billion gross profit reported in the same period the previous year.
“Converge has been able to maintain its strong balance sheet and cash flows with ample liquidity and gearing comfortably within bank covenants, as we drew down from available facilities to finance the significant network expansion done during the first quarter of the year,” the company said.
Its net debt position rose from P11.76 billion as of Dec. 2021 to P16.30 billion as of March 2022.
“The company availed of a total of P4.96 billion in new debt in 1Q2022 offset by repayments and amortizations amounting to P486 million,” it noted.
“The company’s debt service coverage ratio was 6.1x and the gross debt position as a percentage of total equity was 0.7x, well above the required financial covenants from its debt facilities.”
Its total undrawn debt facilities amounted to P26.5 billion as of March 31, 2022.
Last week, the company announced that it was added in the MSCI Global Standard Indexes, an international equity index which tracks stocks across 33 markets.
Converge said the latest additions will take effect on May 31 this year.
“Our inclusion in the global benchmark, the MSCI, is yet another testament to our strong market position. We’re pleased to have joined another index that will further broaden our exposure to international passive investors,” said Maria Grace Y. Uy, president, chief resource officer, and chief risk officer of the company.
Converge ICT shares closed 0.18% higher at P27.80 apiece on Monday. — Arjay L. Balinbin
LOPEZ-LED First Gen Corp. posted a recurring net income of $59 million in the first quarter, down by 24.4% from $78 million in the previous year, as its natural gas and geothermal energy platforms recorded lower operating profit.
In a media release on Monday, First Gen President and Chief Operating Officer Francis Giles B. Puno said the company generated more power in the first quarter compared with the same period last year, but its Avion gas-fired power plant and a geothermal unit Energy Development Corp. (EDC) were hit by unscheduled shutdowns.
“In EDC’s case, it led to high replacement power costs as Typhoon Odette debilitated transmission capacity despite the plants’ ability to produce power. EDC was able to wheel out its power by mid-January. As for the rest of the natural gas fleet, it was plagued by gas interruptions at the Malampaya field. This resulted in the importation of expensive liquid fuel,” Mr. Puno said.
In peso terms, the power generation company’s net income was down to P3 billion from P3.8 billion previously, using a weighted average rate of $1 to P50.938 for the period ended in March this year and $1:P48.12 in end-March 2021, the company said.
During the quarter, consolidated revenues from the sale of electricity rose by 18% to 570 million from $483 million.
First Gen said the revenue growth came from higher electricity sales that was supplemented by elevated fuel prices and wholesale electricity spot market prices. The natural gas portfolio accounted for 62% of total consolidated revenues, while EDC’s geothermal, wind, and solar revenues contributed 33%. The hydro plants made up 4% of the total.
Recurring earnings for the natural gas platform declined by 27% to $38 million. The 97-megawatt (MW) Avion power plant’s unit 1 was found to have incurred damage in December 2021, but was brought back to operations by February 2022 with a new turbine.
The 420-MW San Gabriel power plant recognized lower capacity fees due to its de-ration from gas supply restrictions.
“While all four natural gas fired plants benefited from greater electricity sales, higher fuel prices and operating expenses contributed to its lower earnings,” First Gen said.
Including non-recurring items, the gas platform’s attributable net income to parent decreased to $43 million from $57 million previously.
Mr. Puno said that to address the recurring gas issue, the importation of liquefied natural gas can happen by the fourth quarter of this year when First Gen’s LNG terminal operates.
Meanwhile, the EDC geothermal, wind, and solar platform suffered from outages, which was largely of Typhoon Odette. This led to transmission constraints and lower wind generation from Burgos wind farm.
EDC contributed both recurring and attributable earnings of $17 million, 38% lower than the previous year’s.
The hydro platform’s contribution doubled to $10 million from $5 million last year as the 132.8-MW Pantabangan-Masiway power plants generated higher operating income from its contract with Manila Electric Co. and merchant sales.
First Gen has 3,495 MW of installed capacity in its portfolio, which it said accounts for 19% of the country’s gross generation.
On Monday, shares in the company slipped by P0.55 or 2.66% to close at P20.10 each at the stock exchange. — Victor V. Saulon
LISTED transportation and logistics company 2GO Group, Inc. announced on Monday that it trimmed its net loss for the first quarter of the year to P35 million from a loss of P292 million previously.
The company attributed its improved financial performance to the reopening of the country’s economy.
Its revenues, both from shipping and non-shipping businesses, remained nearly P4 billion in the first three months of the year, the company’s first-quarter report showed.
However, the cost of services and goods sold went down by 9% to P3.66 billion from around P4 billion in the same period in 2021, resulting in a gross profit of P335.15 million from a loss of P4.89 million previously.
The company reported an operating income of P92.15 million versus an operating loss of P230.67 million reported in the first quarter of 2021.
“With the country’s economic reopening underway, shipping revenues rose 53%, as both sea freight and travel gained traction,” the company said in an e-mailed statement.
“Logistics and other services revenue grew 14%, boosted by the growth in cold chain reefers, e-commerce fulfillment and international courier services. In aggregate, 2GO Group delivered PHP3.9 billion in revenues for the first three months of 2022,” it added.
2GO Group President and Chief Executive Officer Frederic C. DyBuncio said the company mainly focused on profitable services and customers, while “driving efficiencies in its operations and stringently controlling costs.”
“We are encouraged by the country’s reopening as it opens opportunities for us to facilitate economic activity,” he added.
The company is modernizing its operations to improve customer experience and strengthen services.
“As the economy continues on its path towards recovery, 2GO looks forward to the return of travel and tourism. Our ships and port operations have been upgraded in preparation for this to provide passengers with an enhanced onboard and terminal experience. We are optimistic that our continued modernization efforts will further improve service standards and drive profitability,” Mr. DyBuncio said.
2GO Group shares closed 0.14% lower at P6.89 apiece on Monday. — Arjay L. Balinbin
