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SEC clears Century Properties bond offering

THE Securities and Exchange Commission (SEC) has approved the public offering of Century Properties Group, Inc. of up to P3 billion worth of fixed rate bonds.

In a statement on Friday, SEC said it had given the green light to Century Properties’s registration that covers up to P2 billion of three-year bonds due in 2024. The bonds have an oversubscription option of up to P1 billion pesos subject to certain requirements.

According to the SEC, the company expects to raise up to P2.94 billion from the offer, as long as the oversubscription option is fully exercised.

The commission said that Century Properties would use the proceeds from the offer to refinance maturing debt and bankroll capital expenditures for ongoing projects and general corporate requirements.

“The bonds will be offered at face value, and will be listed and traded on the Philippine Dealing & Exchange Corp. (PDEx),” the SEC said.

China Bank Capital Corp. has been tapped by Century Properties as the sole issue manager, sole lead underwriter, and sole bookrunner for the bond offering.

During the third quarter of 2020, the profits of Century Properties rose 74% to P571.48 million, backed by gains from its investment properties and non-recurring losses recorded in the previous year. Its revenues for the period fell 0.9% to P3.71 billion, against P3.75 billion in 2019.

On Friday, shares in the company at the stock exchange fell 1.12% or P0.005 to close at P0.440 each. — Revin Mikhael D. Ochave

DoE endorses 149 energy projects of national significance worth P795 billion

The Department of Energy (DoE) said it has certified 149 energy projects of national significance (EPNS) to date, with the approved projects involving investment of P795.52 billion.

An EPNS designation for major projects covering power generation, transmission or ancillary services entitles the proponent to expedited permits, having been deemed in line with the DoE’s objectives as set out in the Philippine Energy Plan.

“Out of 399 received applications, 149 were certified as CEPNS while 35 applications are still under evaluation,” the DoE said on its website, citing developments as of Jan. 20.

It also found 76 to be “non-compliant” in terms of documentary requirements while 139 were rejected.

Executive Order No. 30 sets the qualifying standard for EPNS status at a capital investment of at least P3.5 billion, with the potential to contribute to economic development and the balance of payments, or have an impact on the environment.

In a separate advisory Friday, the DoE said that 49% of EPNS applications came from coal, diesel or natural gas power plants. Renewable energy plants accounted for 27%, and transmission networks 18%.

Last month, the DoE said that it suspended the issuance of the EPNS certificates to “evaluate the department’s effectiveness in securing regulatory requirements of energy projects.”

“All applications… will be automatically migrated to the Energy Virtual One-Stop Shop (EVOSS) System,” Energy Secretary Alfonso G. Cusi said in an advisory that took effect on Dec. 10. The EVOSS is a web-based monitoring system for energy applications and a repository of project-related information and permits.

In its November update, the DoE approved four projects of national significance. These are Batangas Clean Energy’s Liquified Natural Gas (LNG) Import Terminal Project and Combined Cycle Gas Turbine Power Plant Project; Bacman Geothermal Inc.’s Bacon-Manito Geothermal Expansion Project; and Excelerate Energy’s Luzon LNG. — Angelica Y. Yang

As vaccines roll out, Congress files import-duty exemption bill

A bill seeking to address the initial non-exemption of vaccine imports from duties, taxes, and has been filed in the House of Representatives.

Muntinlupa Representative Rufino B. Biazon filed House Bill (HB) No. 8375, represents a proposed amendment to Section No. 4 of Republic Act No. 11469, or the Bayanihan to Heal as Act (Bayanihan I).

Under Bayanihan I, Customs Administrative Order (CAO) No. 12-2020 exempts imports of Personal Protective Equipment (PPE), COVID-19 test kits, medical and laboratory equipment and devices, consumable medical supplies, medicines, and other supplies as may be identified by the Department of Health (DoH), from value-added tax (VAT), excise tax, duties, and fees.

“The proposed law expands Customs Administrative Order (CAO) 07-2020, which implements Section 4(o) of Republic Act 11469, or the Bayanihan to Heal as One Act, to include vaccines and other necessary medicines needed to contain a declared public health emergency,” Mr. Biazon said in a statement.

Mr. Biazon, a former Customs commissioner, noted that some critical medical products, essential goods, equipment and supplies needed to address public health emergencies may have to be imported and added that “any impediment therefore that may affect their availability and accessibility to our people, such as import duties, taxes and other fees, must be waived.”

“Government must willingly give up these revenue sources as it will redound to more lives saved.”

The proposed measure also requires the Bureau of Customs (BoC), in coordination with other agencies, to come up with expedited procedures for the entry of critical medical products to address public health emergencies such as the coronavirus pandemic.

“Based on the Most Favored Nation (MFN) tariff 2017-2020 approved by the National Economic Development Authority (NEDA), vaccines have a duty rate of 1%, while other medicines and medical and surgical supplies are imposed a duty rate ranging from 1% to 10%,” Mr. Biazon said.

RA No. 10863, or the Customs Modernization and Tariff Act, exempts relief consignments, or goods imported during a state of calamity and intended for a specific calamity area for the use of the calamity victims, from duties and taxes.

The government hopes to launch its vaccination drive against coronavirus disease 2019 (COVID-19) by next month after the expected arrival of the first batch of vaccines. The targeted vaccine order is 148 million doses from seven suppliers, sufficient to immunize 50 to 70 million people this year. — Kyle Aristophere T. Atienza

Agri-Agra IRR amended to expand coverage, eligible loan targets

AMENDMENTS to the implementing rules and regulations (IRR) of Republic Act No. 10000 or the Agri-Agra Credit Act of 2009 have been completed, which will allow banks to lend to more types of farming communities and classify more loans as compliant with the law’s quotas.

In a statement Friday, Agriculture Secretary William D. Dar said the draft amendments to the IRR prepared by the Bangko Sentral ng Pilipinas (BSP), the Department of Agriculture (DA), and the Department of Agrarian Reform (DAR) have been signed.

Under the new IRR, the law extends the law’s coverage to households of the agrarian reform beneficiary and to agrarian reform communities.

The IRR defined agrarian reform communities as a barangay or cluster of barangays that are composed of or managed by agrarian reform beneficiaries, while the household refers to members of an agrarian reform beneficiary’s household that contribute to the productivity of the awarded land.

“After more than a decade since its enactment…, we finalized and signed on January 20, 2021 the amendments of the IRR of the Agri-Agra Law, which would facilitate higher investments by banks in the agri-agra sectors,” Mr. Dar said.

According to the DA, the other amendments to the IRR of the law include the removal of the accreditation requirements for debt securities; expansion in the modes of compliance with the agrarian reform credit; and change to the computation of total loanable funds of newly-established banks.

“The signing of the amended IRR came at a very opportune time as our agri-fishery sector takes up the challenge of leading the economic recovery amid the protracted health crisis,” Mr. Dar said.

In a statement, former Agriculture Undersecretary and current Monetary Board member V. Bruce J. Tolentino said: “There is no longer any need to have a separate, additional process to approve securities such as bonds and similar financial instruments to be eligible as compliance, as long as these have already undergone the usual prior approval by BSP and/or the Securities and Exchange Commission (SEC),” Mr. Tolentino said.

Banks have over the years routinely failed to comply with the law’s quota of 25% of loanable funds to be set aside for agriculture, often preferring to pay fines because farm loans are deemed risky.

Mr. Tolentino said another amendment to the IRR of Agri-Agra law is the inclusion of other eligible lending activities in the agricultural value chain such as production, processing, and marketing.

“Any agricultural activity listed under the Republic Act No. 8435 or the Agriculture and Fisheries Modernization Act (AFMA) is eligible. Also, (the meaning of) agriculture is (amended and) now understood to cover livestock and fisheries,” Mr. Tolentino said.

Citing data from the BSP, the DA said banks have only extended P714.5 billion worth of loans to the farm sector as of the end of 2019, as against the P1.38 trillion that should have been lent out had the quota been complied with.

Amendments to the law have been filed with House Bill No. 6134 approved in that chamber. Its counterpart, Senate Bill No. 1924, is pending.

“The proposed amendments to the law are important, since the bills recognize that the true problem is not the availability of loanable funds for agriculture, but the lack of creditworthy agricultural projects and borrowers,” Mr. Tolentino said.

“An important amendment is to ensure that funds generated from penalties are directed to organizing, training, and assisting farmers to enable them to establish viable projects and be good managers of borrowed funds,” he added. – Revin Mikhael D. Ochave

PHL ranks 107th in UN human development index, up four places

The Philippines human development index score placed it tied at 107th, up four places from a year earlier but still in the bottom half of the 189 countries studied, according to a report by the United Nations Development Program (UN) issued Friday.

The Philippines had a Human Development Index (HDI) score of 0.718, the UNDP said in its Human Development Report 2020, which carries the title “The Next Frontier: Human Development and the Anthropocene.” The rating scale used in the study has 1 as the top score.

Also tied for 107th place were Indonesia and Bolivia.

A year earlier, the Philippine score was 0.711, good for 111th place.

The HDI measures three key dimensions of human development: life expectancy, expected years of schooling, mean years of schooling, and standard of living, as quantified via per capita gross national income. The estimates for the Philippines were 71.2 years life expectancy, 13.1 years of expected schooling, 9.4 mean years of schooling, and per capita GNI of $9,778.

The UNDP classifies countries with scores of 0.800 as “very high” in terms of human development, those in the 0.700-0.799 range are deemed “high” and those between 0.550-0.699, “medium.” Countries scoring less than 0.550 are classified as having a low level of human development.

The Southeast Asian leader was Singapore, tied for 11th at 0.938. Brunei was 47th at 0.838, followed by Malaysia, tied for 62nd at 0.810, and Thailand, tied for 79th at 0.777. Vietnam was tied for 117th at 0.704.

Norway topped the rankings with a score of 0.957, with Ireland tied for second place at 0.955 with Switzerland. — Beatrice M. Laforga

Unless humanity ‘relaxes its grip on nature,’ COVID-19 will not be the last crisis it faces — UNDP report

The pandemic has exposed the deep flaws in the world’s societies, exacerbating inequalities. The United Nations Development Program (UNDP)’s Human Development Report 2020, titled The next frontier: human development and the Anthropocene, stated that human progress is interconnected with nature and unless humanity relaxes its grip on nature, the coronavirus disease 2019 (COVID-19) pandemic will not be the last crisis it faces.

Anthropocene is an unofficial unit of geologic time used to describe the most recent period in Earth’s history when human activity began to make a significant impact on the planet’s climate and ecosystems. 

According to the United Nations Office for Disaster Risk Reduction, the number of disasters linked to natural hazards has increased 75% over the last 20 years; these disasters have affected more than 4 billion people, claiming 1.23 million lives and causing close to $3 trillion in economic losses. 

INEQUALITY AND PLANETARY PRESSURE
“No country has yet achieved a high HDI (human development index) with low planetary pressure,” said Yemesrach A. Workie, senior policy advisor of UNDP Philippines. “This is the new frontier for human development in the age of the Anthropocene.” 

Inequalities between countries and within countries are at an all-time high, she said in a presentation. This results in a decline in social mobility, rising social instability, and democratic backsliding. 

The Philippines, said Ms. Workie, could gain much from addressing inequality. It continues to make progress in human development, but is slightly lower than the East Asia and Pacific average, ranking 107 out of 189 in 2019. All three components of human development—life expectancy, education, and gross national income (GNI) per capita—in the country showed sustained progress, but there is room for improvement. 

A NEED FOR A COLLECTIVE VISION
People have a difficult time grasping slow-onset phenomena like climate change, said Emmanuel S. de Dios, professor of law and economics at the University of the Philippines School of Economics. The Anthropocene is an era, he noted in a panel discussion, and not a six-year plan. “What’s the future economy supposed to look like that’s consistent with mitigating the challenge of the Anthropocene? There’s no clear picture of that yet.”

He added that there is a need for a collective vision so people are motivated to act on an individual basis. “The report alluded to the problem where people realized the importance of the issue but were less willing to take action. It’s because they don’t know what to do,” said Mr. de Dios. “If you don’t think your action makes a difference, you won’t act.” 

George T. Barcelon, chairman of Philippine Chamber of Commerce and Industry, suggested incentivizing consumers to help reduce overall carbon footprint. “We need to ask ourselves: what would we bequeath future generations if the way we run things is always based on consumption? We have cryptocurrency now. Maybe we could also have carbon footprint currency down the line, and people with reduced carbon footprint could use such currency to get other things.”

ADDRESSING VULNERABLE SECTORS
Poverty and inequality, two perennial issues in development, were raised in the discussion. Progress had been made in poverty alleviation pre-pandemic, with nearly six million people lifted out of poverty in 2018, according to the Philippine Statistics Authority. The vulnerable lower middle class, however, still find themselves in a precarious situation because of their differential access to mechanisms like healthcare and security of employment. 

“There is that part of the population that is not poor and so isn’t part of the government’s attention. They’re not rich either so they’re also not benefiting from economic growth,” said Mr. de Dios. “There needs to be an in-between. Social mechanisms are needed in order to address inequality.”

Addressing this point, Rosemarie G. Edillon, undersecretary of the National Economic and Development Authority (NEDA), shared that the agency has already finalized a social protection floor, which it hopes will be approved this year. 

“We recognize that it’s not just the poor that’s affected by this but also those who are beyond poor but not really rich,” she added. “Of course it’s still a matter of resources. That’s a problem with us.” — Patricia B. Mirasol

Globe-powered ISDApp helps fisherfolks to safely navigate seas

Fisherfolks in the coastal areas of the Philippines can look forward to a brighter and safer year ahead with the development of ISDApp – the community app that allows fisherfolks to access useful weather information to help them plan their trips to the sea, even without a smartphone or an internet connection.

Developed by iNON IT Solutions and powered by Globe, ISDApp collects localized weather data, converts it to simplified weather forecasts, and sends it to the registered mobile numbers of fisher folks via scheduled daily SMS which includes the crucial hours before they go out to sea.

The launch was primarily a joint initiative between the National Fisheries Research and Development Institute (NFRDI) and Globe, with Dr. Mudjekeewis Santos, Scientist IV serving as its focal person. In partnership with the Bureau of Fisheries and Aquatic Resources (BFAR) Region IV-A, the local government of Sariaya in Quezon was then selected as the pilot community for the project which will run in the first quarter of the year.

“With the country having more than 20 typhoons and tropical depressions every year, we are hopeful that ISDApp will serve as an added tool to aid our fishermen before they set sail. The technology will inform them of the latest weather data and the timely sending of alerts can help ensure their safety,” said YolyCrisanto, Globe SVP for Corporate Communications and Chief Sustainability Officer.

To use the app, a community leader who will act as the Community Controller installs ISDApp on his/her smartphone which then generates a unique ISDApp community number. Fisherfolks in the area can then register via SMS for free and start receiving weather forecasts several times a day, a few hours before they sail to the sea.

The ISDApp weather forecast includes the date and time of forecast, a simplified explanation of the weather condition, and some tips or reminders such as:

“Kabayan, itoangtaya ng panahonngayong Dec 31, mamayang 4:00AM.

May panaka-nakang pag-ulan. Siguraduhing magdala ng raincoat o anumang pananggalang sa ulan.

Tandaan, ito ay gabay lamang para samas ligtas at masaganang pangingisda. Kung may katanungan, mag-text o tumawag saiyongI SDApp Community Leader. Ingat!”

“Kabayan, may paparating na masamang panahon. Mangyaritayo’y mag ingat lamang sa ating pagpapalaot. Tandaan, ito ay gabaylamang para sa mas ligtas at masaganangpangingisda. Kung may katanungan, mag-text o tumawag saiyong ISDApp Community Leader. Ingat!”

“Information dissemination is very important in rural areas, especially to our fishing communities. With their limited access to sources of information and resources to announce relevant advisories, ISDApp will provide weather forecasts and data in real-time which will be made accessible to underserved communities. In light of the recent typhoons, the importance of timely alerts is very apparent now more than ever,” said Regional Director Sammy Malvasof BFAR Region IV-A.

The pilot community which will use ISDApp will be a group of 300 fisherfolks from seven coastal barangays in Sariaya, Quezon.

“Napakahalagang aplikasyon para sa mga mangingisda dahil kadaapat na oras nagpapadala ito ng paalaala kung may parating na masamang panahon. Bago umalis ng bahay para lumaot, makakapaghanda ang mga mangingisda tulad ko kung ano ang dapat gawin,” said Nonilo Rate, a fisherfolk from Barangay Castaَñas.

The BFAR is the government agency responsible for the development, improvement, management and conservation of the country’s fisheries and aquatic resources.  The NFRDI meanwhile is the main research arm of BFAR of the Philippines’ Department of Agriculture. It ensures sustainable national fisheries through research and development and aims to raise the income of fishermen. It also aspires to make the Philippines one of the top five producers of fish in the world.

“The NFRDI supports this initiative of iNON and Globe to address the digital divide in rural fishing communities in the Philippines. This pioneering innovation will surely be a great help to keep our fishermen informed and safe in their fishing activities in the coming years,” added Dr. Lilian Garcia, CESO V, Acting Executive Director of NFRDI.

Both agencies will oversee the ground coordination with the Municipal Agriculture Office of Sariaya, Quezon for the pilot. Moreover, the partnership with BFAR Region IV-A and NFRDI will ensure more communities will benefit from the technology.

Department of Agriculture Undersecretary for Agri-Industrialization and for Fisheries Cheryl Marie Natividad-Caballero also lauded the development of the app, as it is aligned with the department’s vision of having a resilient and food-secured Philippines.

The developer of the app, iNON IT Solutions, became the first Filipino team to win in the NASA Space Apps Challenge in October 2018, with ISDApp as their entry. iNON was awarded as the Global Winner in the Galactic Impact category, besting four other finalists, and thousands of teams around the world. During the early stages of its development, ISDApp garnered support from the Animo Labs of DLSU and the Embassy of the United States in the Philippines. It eventually led to a partnership with Globe.

Globe supports the United Nations Sustainable Development Goals, specifically UNSDGs No. 9 and 11 which emphasize the importance of fostering innovation; and building sustainable cities and communities. Globe is committed to upholding the 10 United Nations Global Compact principles and 10 UN SDGs.

Power restored to 98% of Albay households after late-year typhoons

Electricity has been restored to 98% of households in Albay, which absorbed extensive damage from the series of typhoons that hit Luzon late last year, the National Electrification Administration (NEA) said on Friday.

In a statement Friday, the NEA said that the Albay Electric Cooperative, Inc. (ALECO) reported Thursday that it had restored power to 170,560 out of the 197,878 affected households.

ALECO said power was being restored to 2,755 households. Meanwhile, 24,563 homes were destroyed or damaged and unable to receive power.

Areas where power was fully restored are: Legazpi City, Ligao City, Camalig, Daraga, Guinobatan, Manito, Polangui, and Santo Domingo. Partial restoration was reported for Tabaco City, Rapu-Rapu, Jovellar, Oas, Pio Duran, Bacacay, Libon, Malilipot, Malinao, and Tiwi.

NEA added in the statement that power has restored to 78% or 31,591 of households in Catanduanes, according to a report from First Catanduanes Electric Cooperative, Inc. (FICELCO).

There are currently around 24,067 households in Catanduanes still without access to power. Some 8,943 households are being reconnected, while restoration is not possible for 15,124 damaged or destroyed houses.

Citing FICELCO, the NEA said that power in Pandan has been fully restored, while electricity in Viga, Caramoran, Panganiban, Virac, Bagamanoc, Bato, Baras, San Miguel, San Andres, and Gigmoto municipalities has been partially restored.

Last year, FICELCO borrowed P25 million in calamity loans from the NEA to rehabilitate its power distribution facilities which were damaged by Super Typhoon “Rolly” (international name: Goni) and Typhoon Quinta (international name: Molave).

Earlier this month, the NEA said that it handed out P128.08 million in calamity loans to electric cooperatives in 2020. The calamity loan had an interest rate of 3.25% per annum, with a 10-year repayment term and one-year grace period.

Albay and Catanduanes were among the Bicol provinces that were hit by Super Typhoon Rolly, Typhoon Ulysses and Typhoon Quinta (international names: Goni, Vamco and Quinta) last year. — Angelica Y. Yang

Shares drop as investor optimism wanes on lack of leads

LOCAL shares ended lower on Friday as investor optimism was dampened on the lack of positive catalysts and the ongoing coronavirus disease 2019 (COVID-19) pandemic.

Continuing its decline for a sixth consecutive day, the 30-member Philippine Stock Exchange index (PSEi) dropped 94.46 points or 1.32% to close at 7,045.83, while the broader all-shares index fell 39.29 points or 0.91% to end at 4,261.69.

In a mobile phone message, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said the local bourse ended lower due to a lack of positive catalysts.

“Optimistic expectations towards the local economy is seen to be waning amid the lack of a catalyst while COVID-19 concerns continue to weigh on sentiment,” Mr. Tantiangco said.

Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said the market declined, together with most Asian markets, as investors were concerned about the increase in COVID-19 cases in China.

Other Asian markets were in red territory at the close of trading at the local bourse. Japan’s Nikkei 225 and Topix indices, and Hong Kong’s Hang Seng index were all in a downward trend. Meanwhile, China’s CSI 300 index was in green territory as of press time.

According to Reuters, Beijing on Friday has launched mass COVID-19 testing in some areas while Shanghai was testing all hospital staff as China faces its worst outbreak of the disease since March.

Mainland China posted 103 new COVID-19 cases on Friday, lower than the 144 cases a day earlier.

“Locally, market breadth remained negative as traders chose to take profits from a few second and third liner issues which have been trending upward for the past few days,” Mr. Pangan said.

For Regina Capital Development Corp. Head of Sales Luis A. Limlingan, the market ended lower as investors shifted their focus to the economic situation in the United States.

“Local shares were hammered down near the 7,000 psychological support as investors shifted their focus towards the US, where optimism picked up on plans of President Joe Biden to combat the pandemic,” Mr. Limlingan said in a mobile phone message.

Back home, property declined 58.49 points or 1.61% to 3,568.11; financials retreated 20.44 points or 1.39% to 1,449.12; holding firms shrank 97.28 points or 1.32% to 7,225.15; and services decreased 18.91 points or 1.21% to 1,536.13.

Meanwhile, mining and oil increased 71.62 points or 0.77% to 9,321.95, and industrials picked up 6.83 points or 0.07% to 9,175.1.

Decliners bested advancers, 117 against 104, while 39 names ended unchanged. Value turnover on Friday amounted to P11.39 billion, with 135.08 billion issues switching hands, lower than the P12.51 billion with 102.66 billion issues traded during the previous session.

Net foreign selling reached P1.42 billion, higher than the net outflows worth P995.96 million logged on Thursday.

“The bourse seems to have held the 7,000 support area this week as it coincidentally rests just around its simple moving average (SMA)-50 line. Nearest resistance still lies at the 7,300 level,” Mr. Pangan said. — Revin Mikhael D. Ochave

Gen Zs value financial independence, long-term growth when it comes to investments

Nicole Alba, a Generation-Z YouTuber with 100,000 subscribers, creates videos on personal finance, investing, and self-development. She posted her first video in May 2020, shortly after the pandemic broke out because she wanted to have something to work on during the lockdown.

“I don’t think I can speak for Gen Z as a whole, but I personally save and invest so I won’t be trapped in a 9–5 job in the future,” she said. 

The political science student had little background in personal finance growing up. A dilemma on which course to take in college led her to online resources on ways to earn money and start preparing for the future. In the beginning, she followed the advice she read about buying blue-chip stocks in the market and invested in Jollibee. 

For financial advice, she now consults Investopedia, PH Invest on Reddit, and BusinessWorld, as well as personal finance YouTubers like Graham Stephan, who became a millionaire by the time he turned 26; Andrei Jikh, who became a millionaire in one year; Meet Kevin, a 28-year-old real estate broker and investor; and Nate O’Brien, who posts videos on productivity and minimalism aside from personal finance. These YouTubers have a wide audience, with subscribers in the millions.

“For the most part, I don’t monitor what happens in the markets on a regular basis. I prefer to keep my investments simple, boring, and mostly automated,” said Ms. Alba, “so I can focus my time doing other things, like making videos for my YouTube channel and finding other ways to increase my income.”

Many who belong to her cohort (those born between 1996 and 2010), she added, are “interested in starting their own businesses online to leverage the power of Internet platforms.”

Ms. Alba’s entrepreneurial bent is representative of multiple studies that say members of Generation Z want to run their own businesses.

The Deloitte Global Millennial Survey 2020, meanwhile, found that while long-term finances are a top cause of stress, more than half of millennials, and nearly half of Gen Zs, are saving money and could cope if they unexpectedly received a large bill. The said survey also found that family, financial future, and job prospects remain the primary sources of stress of both millennials and Gen Zs, with Gen Zs being more concerned about longer-term money issues.

GET-RICH-QUICK?

Among the specific funds Ms. Alba invests in are the First Metro Philippine Equity Exchange-Traded Fund, Inc. (FMETF), a local exchange-traded fund, and the MP2 (Modified Pag-IBIG 2) Savings Fund, a savings facility with a five-year maturity designed for Home Development Mutual Fund (HDMF, or more popularly known as the Pag-IBIG Fund) members. 

“Before I decide what to invest in or what action to take, I always identify my goal first. Since I’m mostly investing for the long-term (10–15+ years), I’m able to be more aggressive in my investments and take on more risk when it comes to investing,” said Ms. Alba. 

Her YouTube subscribers who are around her age, she noted, are interested in investing and trading because they are seen as viable paths “to get rich.” Those who are new to personal finance are vulnerable to scams. “People comment on my videos and ask if [this or that business] is legit or not. I see that as a problem,” she said.

A self-learner, Ms. Alba turns to finance education websites like Investopedia, which tells you that if an advisor guarantees returns higher than 12–15%, it is likely a scam. She also warned against chain referral schemes and Ponzi schemes. “At the end of the day, it’s also a business, so ask: how do they generate revenue? How do they give back money to their investors?,” said Ms. Alba.

New app Amigo enters on-demand delivery industry

Amigo, a new player in the local on-demand delivery industry, provides parcel delivery, cash handling (a service involving the delivery of cash and payments on behalf of a customer), queuing service (a service involving lining up at an establishment on behalf of a customer to complete a delivery or claim an item), and “pasabuy” (a play on the Filipino pasabay, a term used when requesting someone to get something at a store they plan to shop in) via motorcycles. Amigo will officially launch second week of February.

Customers can book immediate or scheduled parcel delivery, and can pay a priority fee if no rider accepts their booking. Up to 20 drop-off locations can be placed for a single booking, with a route optimization feature created for such multiple drop-offs. 

Each merchant partner, meanwhile, can expect a weekly analytics report as well as a dedicated account manager to cater to their business needs and concerns. Available too is package insurance with guidelines on possible scenarios like product damage, rider cancellations, and mishandling.

Partner riders similarly have the benefit of advanced analytics plus job cards containing details such as earnings and parcel details to improve their personal delivery business. Riders are not required to sign exclusivity agreements, and are supported through onboarding and training.

“Riders are their own bosses. Everyone is accountable for their own time,” said Kimberly Siy, Amigo’s co-founder and managing director. 

To ensure privacy, riders are required to encode a one-time password (OTP) at each pick-up and drop-off location. A number masking feature will additionally be rolled out in the coming months to hide contact numbers from app users.

“I don’t think it’s bad timing to launch at the tail end of the pandemic,” said founder and president Matthew Siy Cha, replying to a question regarding the app’s unveiling. “The pandemic sped up the projection the Philippines is headed towards. What sets us apart is that Amigo recognizes every delivery should be [a happy experience] for all stakeholders, and not just for customers. We want to live up to our name and really be an amigo.”

The app will initially be available in Metro Manila, Rizal, and some parts of Cavite. — Patricia B. Mirasol

SquidPay taps MultiSys to upgrade digital platforms

Fastest-growing payment solutions provider SquidPay has tapped leading software solutions company Multisys Technologies Corporation to upgrade its existing system platforms.

SquidPay is a major shareholder of Premiere Horizon Alliance Corporation—one of the top gainers in share price among the publicly-companies in the local bourse—holding 55 percent stake in the investment holding company.

Through the partnership, MultiSys will provide its expertise in system development and integrations that will give a boost to SquidPay’s various financial services like bills payment, remittance, bank transfers, over-the-counter transactions, and SquidPay kiosk machines.

SquidPay CEO Marvin Dela Cruz said, “Since onboarding, MultiSys has only shown tangible results and hard efforts to support PHA and SquidPay. I have personally witnessed its founder David Almirol when he was just starting when he was growing; and through all those years, we’ve shared the same passion and vision. We are on the same page—the same wavelength. As we leap forward and realize our vision and goals, we cannot wait to see what lies ahead in this marriage between homegrown finance and technology.”

In December 2020, SquidPay has obtained it’s Electronic Money Issuer (EMI) license from the Bangko Sentral ng Pilipinas (BSP). The EMI license will allow the company to provide more financial services, whether online or offline, with lesser transaction fees, including money transfer, remittance, bills payment, mobile load top-up, and payment for goods and services in partner merchant stores.

Caltex surges with 11 new stations in last two months to start strong in 2021

Clean and high-quality fuels are now made available in more provinces as Caltex, marketed by Chevron Philippines Inc. (CPI), recently opened new service stations in Pampanga, Pangasinan, Bataan, Batangas, Cebu, and Bukidnon in support of the reopening of the economy. This brings the total number of newly-opened Caltex stations in 2020 to 30.

Caltex presently has a growing retail structure composed of nearly 650 retail stations across the archipelago, a figure that is expected to climb as Caltex opens more stations this year. This is a testament to the success of its retailer-owned retailer-operated business model.

CPI recently opened a Caltex service station in the municipality of Guagua, Pampanga. Situated along the Jose Abad Santos Avenue, Barangay San Antonio, this12-pump fueling station is now ready to supply fuel for motorists traveling in the area and to support the transport of forestry and fishery resources, such as rice, corn, and tilapia, which are staples in the province.

Another Caltex service station stands in the highly urbanized Olongapo City. Located along the busy stretch of Rizal Avenue, this service station now serves the fuel needs of residents in Barangay West Bajac-Bajac and its neighboring districts.

The newly-established service station in Barangay Culis, Hermosa, Bataan also serves as a vital pit stop for private and commercial vehicles traversing the Roman Highway, which is a national arterial road that straddles 10 Bataan towns.

A new18-pump Caltex fueling site also opened in Inosluban, Lipa City, Batangas and is now ready to cater to its residents and tourists. Aside from being once known as the coffee center of the world, Lipa City is also dubbed as the “Little Rome of the Philippines” for being home to many Catholic churches.

In Visayas, another Caltex station rose in San Fernando, a coastal municipality of Cebu. The area is part of Metro Cebu, which encompasses the largest domestic port in the Philippines. The fuel station’s presence in the area provides a reliable source of power for the engines of shipping and logistics vehicles operating around Metro Cebu.

The newly-opened Caltex service station in San Fernando, Cebu offers cleaner and reliable fuels for private vehicles and commercial fleets around Metro Cebu, where the largest domestic port in the country is situated.

Down south, two Caltex stations opened along the National Highway in Bukidnon, ensuring an uninterrupted journey for motorists in the area. The stations are located in the landlocked areas of BarangayAglayan, Malaybalay City, and Barangay Kisolon, Sumilao. Bukidnon is regarded as the “Food Basket of Mindanao” as it is a major producer of rice, corn, and sugarcane.

All Caltex stations carry the premium Euro 4 compliant fuel Caltex with Techron, which guarantees maximized vehicle performance, enhanced engine protection, and lower emissions. Aside from providing clean and quality fuels, Caltex also maintains strict safety protocols and offer contactless payment methods for safer travels.

“To match the Filipinos’ increasing demand for better fuel, while catering to key industries that are gradually reopening, we seek to sustain the upward trend of our retail network growth this year and onwards. We are constantly expanding our brick-and-mortar network to power a worthwhile journey for our customers wherever they are,” said CPI Country Chairman and General Manager Billy Liu.

The opening of more Caltex stations will help the local fuel industry meet the increasing demand stiffened by the country’s improving economy. According to the Asian Development Outlook 2020 Update, the Philippines’ Gross Domestic Product is forecast to grow by 6.5% in 2021.[1]

Caltex’s launch of new service stations and quality fuel products, partnerships, and latest promotions allow it to kick-start 2021 stronger and more equipped to serve the country’s fuel needs.

Motorists can find the nearest Caltex station in their area at www.caltex.com/ph/find-a-caltex-station.

[1]The Philippines’ GDP is expected to contract by 7.3% in 2020 and grow by 6.5% in 2021 – ADO 2020 Update, Asian Development Bank

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