In recorded call, Trump pressured Georgia to ‘find’ votes to tilt election

January 4, 2021 | 4:45 pm

US PRESIDENT Donald Trump pressured Georgia’s top election official to “find” enough votes to overturn his defeat in the southern state, according to a recording of the hour-long call published by US media on Sunday.

The Saturday call was the latest move in Mr. Trump’s two-month effort insisting that his loss to Democratic President-elect Joe Biden in the Nov. 3 election was the result of widespread voter fraud, a claim that has been widely rejected by state and federal election officials and multiple courts.

Mr. Trump’s call to Georgia Secretary of State Brad Raffensperger, a fellow Republican, came as some of Mr. Trump’s allies in the US Congress plan to object to the formal certification of Mr. Biden’s victory on Wednesday. The former vice president won by a margin of 306-232 in the state-by-state Electoral College, and by more than 7 million votes overall.

On the call, which was released by the Washington Post, Mr. Trump repeatedly pressures Mr. Raffensperger to declare that Mr. Trump has won more votes than Mr. Biden.

“All I want to do is this: I just want to find 11,780 votes, which is one more than we have,” Mr. Trump says, according to audio of the call. “There’s nothing wrong with saying, you know, that you’ve recalculated.”

The state conducted three separate ballot counts, resulting in two official certifications of Mr. Biden’s victory. Final results show Mr. Biden won 11,779 more votes than Mr. Trump out of nearly 5 million cast.

Mr. Raffensperger and his office’s general counsel reject Mr. Trump’s assertions and tell the president that he was relying on debunked conspiracy theories spread on social media about what was a fair and accurate election. “Mr. President, the challenge that you have is the data you have is wrong,” Mr. Raffensperger says.

The White House declined to comment. Mr. Raffensperger’s office did not respond to requests for comment.

Bob Bauer, a senior adviser to Mr. Biden, said the recording captures “the whole, disgraceful story about Donald Trump’s assault on American democracy.”

POSSIBLY CRIMINAL ACT
Mr. Trump’s action drew immediate criticism from election-law experts and congressional Democrats who said it could amount to an illegal act.

“Not only is pressuring election officials against the law, threatening Raffensperger if he doesn’t comply with Trump’s wishes borders on extortion,” said Democratic Senator Dianne Feinstein.

Georgia State University law professor Anthony Michael Kreis said Mr. Trump may have violated state and federal laws against soliciting election fraud.

“If any other person did this — someone else with power to leverage over an election official — there is no doubt in my mind that at the very least a criminal investigation would be opened right away,” said Mr. Kreis, adding that he thought that was unlikely in Mr. Trump’s case.

If Mr. Trump were prosecuted, he would likely argue that he genuinely believed that the election was rigged against him in elaborate ways, said Justin Levitt, an election law professor at Loyola Law School.

Mr. Biden’s narrow victory in Georgia was the first by a Democratic presidential candidate in a generation and has raised hopes among Democrats that they could win a pair of US Senate runoffs in the state on Tuesday, giving their party control of Congress.

Over the course of the call, Mr. Trump alternately cajoles, insults and threatens Mr. Raffensperger as he tries to convince him to overturn the results.

“We won the election and it’s not fair to take it away from us like this, and it’s going to be very costly in many ways,” Mr. Trump says. “I think you have to say that you’re going to re-examine it.”

Since his election loss, Mr. Trump has encouraged supporters to hold raucous street rallies that have occasionally tipped into violence. Mr. Raffensperger and other election workers across the country have faced harassment and threats, with some going into hiding for their safety.

“There’s turmoil in Georgia and other places — you’re not the only one. We have other states that I believe we’ll be flipping to us very shortly,” Mr. Trump said.

Even if Mr. Trump had won Georgia’s 16 Electoral College votes, he would still have lost the White House to Mr. Biden, who will be sworn into office on Jan. 20.

Mr. Trump’s lawyers have had no luck over the past two months as they have pressured officials in Michigan, Arizona, Pennsylvania and other closely contested states to overturn his losses.

Mr. Trump’s call came days before Senator Ted Cruz is set to lead several fellow Republican lawmakers in a long-shot bid to disrupt the formal recognition of Mr. Biden’s win when Electoral College results are tallied in Congress on Jan. 6.

The move is seen as a mostly symbolic protest and is not supported by Senate Republican leaders.

Republican Senator Lindsey Graham, a staunch Trump supporter, said in a statement on Sunday that Cruz’s insistence on a vote audit commission had “zero chance” of success.

Senate Democratic leader Chuck Schumer said on Twitter that if Cruz and “his gang” wanted to investigate election fraud, they should start with Mr. Trump’s call with Mr. Raffensperger.

Ten former defense secretaries urged Mr. Trump to concede, writing in a joint article that the time for questioning the results had passed, and that any effort to involve the US armed forces in resolving election disputes “would take us into dangerous, unlawful and unconstitutional territory.” — Reuters

UK rolls out AstraZeneca vaccine, touts British science triumph

January 4, 2021 | 4:44 pm

LONDON — Britain began vaccinating its population on Monday with the COVID-19 shot developed by Oxford University and AstraZeneca, touting its position as the first Western country to roll out an inoculation programme against the novel coronavirus.

Britain, which is rushing to vaccinate its population faster than the United States and the rest of Europe in a bid to put the pandemic behind it, is the first country to roll out the Oxford/AstraZeneca shot.

It last year rolled out the Pfizer and Germany’s BioNTech vaccine. Dialysis patient Brian Pinker, 82, was the first to get the Oxford/AstraZeneca shot at 0730 GMT at Oxford University Hospital.

“I am so pleased to be getting the COVID vaccine today and really proud that it is one that was invented in Oxford,” Mr. Pinker, a retired maintenance manager who has been having dialysis for kidney disease, said.

He said he was looking forward to celebrating his 48^th wedding anniversary with wife Shirley in February.

“The nurses, doctors and staff today have all been brilliant,” he said.

Britain has put more than 1 million COVID-19 vaccines into arms already — more than the rest of Europe put together, Health Secretary Matt Hancock said, adding that the roll out of the Oxford/AstraZeneca vaccine was a triumph.

“That’s a triumph of British science that we’ve managed to get where we are,” Mr. Hancock told Sky. “Right at the start, we saw that the vaccine was the only way out long term.”

Prime Minister Boris Johnson’s government has secured 100 million doses of the Oxford/AstraZeneca vaccine which can be stored at fridge temperatures between two to eight degrees, making it easier to distribute than the Pfizer shot.

Six hospitals in England are administering the first of around 530,000 doses Britain has ready. The programme will be expanded to hundreds of other British sites in the coming days, and the government hopes it will deliver tens of millions of doses within months. — Reuters

Thailand to get 2M doses of China’s Sinovac shots

January 4, 2021 | 4:44 pm

THAILAND will get its first lot of COVID-19 vaccines from China’s Sinovac Biotech Ltd. next month, allowing the country in the middle of a resurgence of the coronavirus outbreak to begin inoculating people with the highest risks for infections.

The Southeast Asian nation will receive the Chinese vaccine in three batches, with the first 200,000 doses arriving in February, 800,000 in March, and another 1 million in April, according to the Health Ministry. Thailand has also started local production of vaccines developed by AstraZeneca Plc under a technology transfer agreement, which is expected to be ready for distribution in May, the ministry said.

Thailand is racing to curb the spread of a new wave of local infections that started from seafood markets near Bangkok, the nation’s capital and the largest city. Prime Minister Prayuth Chan-Ocha has imposed a new set of restrictions on businesses and gatherings in Bangkok and 27 of its worst-affected provinces from Monday to contain the outbreak.

Thailand, which was relatively successful in containing the pathogen after becoming the first country outside China to report the deadly virus, may see cases spike to about 1,000 a day even with strict control measures, according to the Center for Covid-19 Situation Administration. The country reported 315 new virus cases on Sunday with 294 of them locally transmitted, taking the nation’s total to 7,694.

Mr. Prayuth’s government has set a target of inoculating 50% of its population, or about 33 million people, by the end of 2021 with vaccines from various sources, including the World Health Organization (WHO)-backed Covax program. It’s also negotiating with other vaccine developers for additional supplies, according to the health ministry. — Bloomberg

South Korea expands ban on social gatherings nationwide

January 4, 2021 | 4:43 pm

SEOUL — South Korea expanded a ban on private gatherings larger than four people to the whole country, and extended unprecedented social distancing rules in greater Seoul as the number of daily cases bounced back to more than 1,000 in four days.

South Korea has been experiencing a prolonged surge in infections during the latest wave, which has led to a sharp increase in deaths.

The country reported 1,020 new coronavirus cases as of Sunday midnight, bringing the total to 64,264 infections, with 981 deaths, the Korea Disease Control and Prevention Agency (KDCA).

Only 657 cases reported over the weekend. A health official had said that the recent third wave of infections is being contained.

The extended social-distancing rules imposed on Seoul and neighboring areas include curbs on churches, restaurants, cafes, ski resorts and other venues.

More than 60% of the cases are from Seoul, Gyeonggi province and city of Incheon, with mass cluster outbreaks centered around nursing homes and prisons.

Prime Minister Chung Sye-kyun called for an all-out effort to prepare for the country’s vaccination programme.

“The KDCA should perfectly ready for the entire process the moment the vaccine arrives — the distribution, storage, inoculation and follow-ups,” Mr. Chung told a government meeting.

He also called on the related health, safety and transport ministries to help speed up the process so to not face the sorts of problems seen in the United States and some countries in Europe.

The country plans to start vaccinations in February, with health workers and vulnerable people first in line, but the government has been criticized for that schedule in light of vaccinations under way in the United States and European Union (EU). — Reuters

Pope criticizes people going on holiday to flee COVID lockdowns

January 4, 2021 | 2:15 pm

VATICAN CITY — Pope Francis condemned on Sunday people who had gone abroad on holiday to escape coronavirus lockdowns, saying they needed to show greater awareness of the suffering of others.

Speaking after his weekly noon blessing, the pope said he had read newspaper reports of people catching flights to flee government curbs and seek fun elsewhere.

“They didn’t think about those who were staying at home, of the economic problems of many people who have been hit hard by the lockdown, of the sick people. (They thought) only about going on holiday and having fun,” the pope said.

“This really saddened me,” he said in a video address from the library of the Vatican’s Apostolic Palace.

The traditional Angelus blessing is normally given from a window overlooking St. Peter’s Square, but it was moved indoors to prevent any crowds gathering and limit the spread of COVID-19.

“We don’t know what 2021 will reserve for us, but what all of us can do together is make a bit more of an effort to take care of each other. There is the temptation to take care only of our own interests,” he added.

Many countries have imposed strict restrictions to prevent the spread of coronavirus, which has killed some 1.83 million people worldwide, according to the latest Reuters tally. — Reuters

As end to pandemic mask-wearing nears, South Koreans scramble to arrange cosmetic surgery

January 4, 2021 | 1:43 pm

Cosmetic surgeons say patients are interested in all parts of the face: those that can be easily hidden under masks, such as the nose and lips, as well as those that face coverings don’t conceal, which some consider the criteria of beauty in the coronavirus era.

When Ryu Han-na, a 20-year-old university student, got cosmetic surgery on her nose in mid-December, she had a simple reason: it might be the last chance to do so covertly before people start taking off masks this year as vaccines are distributed.

Ryu, who has been attending her courses online throughout 2020, said the ability to recuperate at home and wear a mask in public without drawing attention were deciding factors.

“I always wanted to get a nose job … I thought it would be the best to get it now before people start taking off masks when vaccines become available in 2021,” she said as she prepared for the 4.4 million won ($4,013) procedure.

“There will be bruises and swelling from the surgery but since we’ll all be wearing masks I think that should help,” she added.

That attitude is fueling demand for such operations in South Korea, which had already experienced a pickup in cosmetic surgery in 2020.

The country has been a world capital of cosmetic surgery even during non-pandemic times. The industry is estimated to be worth about $10.7 billion in 2020, up 9.2% year-on-year, and is expected to hover around $11.8 billion this year, according to Gangnam Unni, the country’s largest online cosmetic surgery platform.

Cosmetic surgeons say patients are interested in all parts of the face: those that can be easily hidden under masks, such as the nose and lips, as well as those that face coverings don’t conceal, which some consider the criteria of beauty in the coronavirus era.

“Both surgical and non-surgical inquiries about eyes, eyebrows, nose bridge, and foreheads—the only visible parts—certainly increased,” said Park Cheol-woo, a surgeon at WooAhIn Plastic Surgery Clinic, who was in charge of Ryu’s operation.

Surgeon Shin Sang-ho, who operates Krismas Plastic Surgery Clinic in the center of Gangnam district, said many people have spent their emergency stimulus payment from the government at hospitals and clinics, boosting revenue in the third and fourth quarter of 2020.

“I felt like it’s sort of a revenge spending. I’ve sensed that customers were expressing their pent-up emotions (from the coronavirus) by getting cosmetic procedures,” Shin said.

Government data showed that of 14.2 trillion won ($12.95 billion) government cash handouts, 10.6% was used in hospitals and pharmacies, the third-largest segment by classification behind supermarkets and restaurants, though the details of hospital types were not disclosed.

Gangnam Unni data showed its users surged 63% from a year earlier to about 2.6 million last year. They requested 1 million counseling sessions, double the amount from a year earlier.

The pandemic made it harder to promote services to foreign clients, so in the last year it embraced a more local and regional focus.

But a third wave of coronavirus at home remains a concern as the country reports record-breaking daily cases.

“We’ve seen growing numbers of cancellations in consultation appointments recently as people refrain more from going outside … especially customers from the suburbs mostly postponed their surgeries to 2021,” Park said. — Joori Roh/Reuters

Dollar drops on first trading day, portending more losses ahead

January 4, 2021 | 12:57 pm

The world’s reserve currency fell on the first trading day of 2021, foreshadowing more losses to come, after a slew of improving Asian manufacturing data bolstered risk assets.

The dollar hit 2018 lows against currencies including the Chinese yuan and the Malaysian ringgit, while also declining against every Group-of-10 peer. Purchasing managers indexes from Japan to Indonesia showed gains for the last month of December, data showed Monday.

“Uncertainty is diminishing and the strong global growth recovery should favor the rest of the world, so we think the USD has some overvaluation to work off,” Patrik Schowitz, global multi-asset strategist at JPMorgan Asset Management, wrote in a note. The dollar’s weakness is likely to be most notable “against the emerging markets FX complex, which should have cyclical upside and is still relatively cheap.”

Onshore yuan breached the 6.5 level for the first time since June 2018, while the ringgit crossed the 4 level mark against the dollar. The Indonesian rupiah jumped more than 1%, while the risk-sensitive Australian and New Zealand dollars rose.

“China’s growth remains strong while the US and Europe struggle to contain the virus, and that is helping the yuan to extend a rally into the new year,” said Ken Cheung, chief Asia foreign-exchange strategist at Mizuho Bank Ltd. “We expect the yuan to gain even further from here, as China will lead the world in terms of economic recovery in the first half. The currency may test 6.3 in the coming months.”

Vaccine optimism and hopes for additional US fiscal stimulus has ramped up demand for risk assets and weighed on the dollar. Calls for greenback declines are also gaining momentum with the likes of Goldman Sachs Group Inc. and BlackRock Inc. favoring emerging market currencies over the greenback. — Ruth Carson and Tian Chen/Bloomberg

Valuation caution returns as emerging markets face 2021 reality

January 4, 2021 | 12:39 pm

Rarely, if ever, can a year have started with price levels in emerging markets looking so divorced from the fundamental backdrop.

Rising COVID-19 case numbers and uneven rates of recovery in the biggest of the developing economies underscore a nagging concern that this will be about as good as it gets for stocks, bonds and currencies. The relative strength index on MSCI Inc.’s emerging-market equities gauge is above 70, suggesting the market is in overbought territory. The average yield on local-currency debt is less than 20 basis points above the all-time low of 3.46% reached in May.

The fact remains though that with central-bank stimulus efforts and vaccine roll-outs providing comfort, most investors are confident the rally has further to run. Emerging-market economies will post an average fourth-quarter growth rate of 2.2%, according to a Bloomberg survey, though many see the efficacy of inoculation programs as a key driver for sentiment. The World Bank’s Global Economic Prospects report on Tuesday is set to provide further clues on the pace of recovery.

“Markets are naturally forward-looking, so we have seen a strong rally despite the dark winter with restrictions still in place in many countries,” said Trieu Pham, a strategist at ING Groep NV in London. “We remain constructive going in early 2021, with hopes that we turn a page on the COVID-19 issue and with major central banks remaining dovish.”

Developing-nation stocks ended 2020 at the highest level in 13 years while currencies edged closer to their 2018 record. Local-currency bonds had their best quarter in more than a decade, with investors staring down more than $17 trillion of negative-yielding debt worldwide.

That’s not to say there aren’t enough events to keep traders on their toes this week. Markets could face headwinds after the New York Stock Exchange said it will delist China’s three biggest telecom companies to comply with a US executive order. Chinese oil majors, including CNOOC Ltd., may be next in line for delisting in the US, according to Bloomberg Intelligence.

The Georgia Senate runoffs on Tuesday may also affect sentiment toward risk assets, with the outcome set to decide control of the US Senate and influence the ability of President-elect Joseph R. Biden to advance his legislative agenda. Elsewhere, the Gulf Cooperation Council summit on the same day is seen as a possible step in resolving a crisis that erupted mid-2017 when Saudi Arabia, the United Arab Emirates, Bahrain, and Egypt severed trade, travel, and diplomatic ties with Qatar.

Among a slew of economic data due this week, Turkey’s year-end inflation rate will be in focus as investors seek clues on whether the new central bank chief return to monetary orthodoxy is here to stay.

INFLATION DATA

Turkey’s expected inflation rate leaves Governor Naci Agbal with little choice but to keep access to credit tight well into 2021
- Consumer prices probably rose an annual 14.2% in December, higher than the central bank’s raised October forecast of 12.1%, and nearly triple the target of 5%
- The lira was the biggest gainer in emerging markets after the Chilean peso in December, trimming last year’s loss against the dollar to 19%
- Governor Agbal delivered another meaty interest-rate hike late last month, bolstering credibility with investors after he pledged to tighten policy when needed to keep prices in check
In Poland, preliminarily December inflation data will probably reflect a slowdown
- The nation’s central bank is analyzing the impact of potential interest-rate cuts that could take place in the first quarter of 2021, Governor Adam Glapinski said
Consumer prices in Ukraine for December, scheduled for Friday, may show a higher reading for the month
Colombia’s December inflation data, to be released on Tuesday, is likely to show that price-growth remains subdued
- While the nation’s peso slipped in 2020, it was still the second-best performer among six Latin American currencies tracked by Bloomberg
December inflation data for much of Asia will also be released this week
- Indonesia’s CPI is predicted to stay below the central bank’s 2%-to-6% target range for a seventh month
- Thailand is expected to report a 10th month of deflation on Tuesday
- Taiwan’s CPI should hold around 0.1% in year-over-year terms in numbers due on Thursday

PMI RELEASES

China’s Caixin services Purchasing Managers’ Index (PMI) is predicted to show a slight increase when it is published on Wednesday
- The yuan was the strongest currency in Asia after South Korea’s won in the second half of the year. Although the currency’s rally has stalled at around 6.50 per dollar in the past two months, January may see it resume gains
India’s services PMIs are due on Wednesday
- The rupee was one of the worst-performing regional currencies in the second half, though it still gained about 3%
- While there should be more room for rupee appreciation in 2021, Brad Setser—who will probably be responsible for the US Treasury report on currencies in the new U.S. Administration—advocates a more forgiving attitude to countries that normally run a current-account deficit
Markets including South Korea, Taiwan, Indonesia, Malaysia, and Thailand will all report Markit manufacturing PMIs for December on Monday
- Many of the gauges may halt the recent streak of gains with sources of potential disappointment including unusually cold weather and power outages in China, and an increase in lockdown measures in South Korea
- China’s Caixin survey of manufacturing—also due on Monday—is forecast to edge lower, according to a Bloomberg survey of economists
Hungary’s purchasing managers’ index is forecast to rise to 52.9 from 51.9 during December
- Poland and Czech Republic’s PMI are set to show an improvement as well

OTHER DATA

Several Asian countries will release foreign-reserves data for December this week
- Intervention probably continued during the month in much of the region, although at a slower pace than in November
- South Korea’s data are due on Wednesday. Exchange-rate valuation effects alone should increase reserves to about $440 billion. The won has stuttered a bit in recent weeks as COVID cases have spiked, but the currency still appreciated almost 11% in the second half of 2020
- Taiwan’s reserves are also due Wednesday. Valuation effects alone would lead to an increase to about $518 billion. The Taiwan dollar continues its pattern of making intraday gains and erasing them into the close. The very high volumes suggest it may only be a matter of time before the authorities yield ground
- Thailand publishes reserves and forwards data to Jan. 1 on Friday. The baht is hovering around the key 30 per dollar level as the central bank debates further measures to arrest currency strength
Taiwan’s trade numbers for December due Friday are expected to show healthy export growth and surplus
South Korea’s November current-account figures—also due Friday—should remain in comfortable surplus
China may release money supply and loans data this week, while the Philippines may release trade figures for November
Chile’s November economic activity on Monday is expected offer its first positive year-over-year reading since before the coronavirus was declared a pandemic, according to seven economists surveyed by Bloomberg
- Investors will also watch for a potential pickup in December inflation figures later in the week. The peso was the lone Latin American currency to gain in 2020, according to a Bloomberg tracker
On Thursday, Mexican policy makers will release the minutes of their most recent meeting, when the central bank left its key rate unchanged
- On the same day, a reading of December inflation will probably flag a pickup from a month earlier
Brazil will release a slew of economic data for December, including trade figures, manufacturing numbers and vehicle sales

— Farah Elbahrawy, Simon Flint, and Sydney Maki/Bloomberg

[B-SIDE Podcast] Bang for your buck: how businesses can change the world a dollar at a time

January 4, 2021 | 10:45 am

Follow us on Spotify BusinessWorld B-Side

Jeremy Meltzer, founder of cause marketing platform i=Change, explains how brands and consumers can make a difference, a dollar a time.

“Cause marketing” is a term coined in 1983 by American Express to describe its campaign to raise money for the restoration of the Statue of Liberty. American Express donated one cent toward restoring the statue every time someone used its charge card. As a result, the Restoration Fund raised over $1.7 million.

Businesses on i=Change give back a dollar to a specific cause with every sale they make. “Customers understand what a dollar is,” Mr. Meltzer told BusinessWorld reporter Patricia B. Mirasol. “It’s more understandable than ‘we give back 1% of our profit to charity.'”

He added: “Don’t think about how clever you can be. Think about how authentic you can impart your message to your customers.”

TAKEAWAYS

Cause marketing differs from corporate social responsibility.

Corporate social responsibility is an umbrella phrase for how corporations behave and choose policies, guidelines, purchasing practices, and waste management. Mr. Meltzer described it as a broad term that looks at the way businesses are responsible for a whole series of indexes.

“Businesses realize they operate as part of a broader community,” he said. “To be successful, businesses realize they need a social license to operate. A business can’t thrive in a community that doesn’t. Cause marketing, on the other hand, is more specifically geared around how brands are giving back to causes hoping to achieve a marketing result.”

Authenticity, transparency, and simplicity get your message across.

“Cause marketing hasn’t been done properly in the past,” Mr. Meltzer said. “We set out to reimagine it as an experience for the customer and a solution for the retailer, to make it simple for them to give back and simple for them to integrate [giving back] in the customer experience.”

He adds that authenticity is crucial in cause marketing. Brands need to be transparent and support causes that are aligned with their core values, else customers will see through the false ploy.

“Don’t think about how clever you can be. Think about how authentic you can impart your message to your customers,” he told BusinessWorld.

Mr. Meltzer cited the US brand Reformation as a company that knows how to do cause marketing: “Similar to Patagonia, that brand has become synonymous with transparency, synonymous with impact, synonymous with being a steward of the community and of the environment.”

It’s easier to understand a dollar than ‘1% of profit.’

Most of the businesses on i=Change give back a dollar to a specific cause with every sale they make. “Customers understand what a dollar is,” Mr. Meltzer explained. “It’s more understandable than ‘We give back 1% of our profit to charity.’”

Mr. Meltzer said that being a force for change makes a business relevant, and that both product and purpose have to be part of the new normal. He hopes that more businesses become stewards of the community and the environment and that they would consciously choose to integrate these values with the way they do things.

“We cannot continue living in a world where profit is the lens in which we measure success. We are all intricately connected to our communities, to our environment, and to the broader world,” he said. “It’s only a lack of vision and imagination and consciousness that prevents us from understanding the importance of that.”

Follow us on Spotify BusinessWorld B-Side

Rising startup SquidPay licensed as an e-money issuer by the BSP

January 4, 2021 | 7:00 am

SQUIDPAY TECHNOLOGY INC. can now operate as an e-wallet after obtaining its Electronic Money Issuer (EMI) license from the Bangko Sentral ng Pilipinas (BSP) last December 2020.

The EMI license’s approval paves the way for the company to offer a broader range of financial services with lower transaction fees to millions of Filipinos. These financial services allow users to transact online and offline to send money, pay bills, purchase mobile load, remit to relatives and pay for goods & services in partner merchant stores.

SquidPay users can cash-in via bank deposit, over-the-counter at SquidPay kiosks, internet banking fund transfer, and payment centers. Personal users and business clients can load up to 1 million and 5 million pesos, respectively. Integrated with Instapay for real-time transfers, SquidPay users can send money to participating BSP-regulated banks and electronic money issuers. On the other hand, users can withdraw through accredited banks, payment centers, and SquidPay kiosks, as well as through their SquidPay debit card via Bancnet, Visa, or MasterCard.

Business Center in Angeles City, Pampanga

Launched in early May 2020, SquidPay is one of the fastest-growing fintech startups in the Philippines. SquidPay strives to advance the country into the digital space and achieve the goal of financial inclusion through digitized payments, collections, and remittances. SquidPay provides end-to-end real-time electronic payments and collections with its mobile application, EMV chip card, NFC stored value cards, and QR codes. SquidPay has partnered with national agencies, local government units, banks, private entities, public utility vehicle operators, and other transport systems to offer a suite of fintech services.

Angeles Market accepting SquidPay for payment and onnboarding of drivers at Angeles City

Apart from successfully securing Php 100 Million Series A funding and a Php100 Million credit facility, the EMI license will allow SquidPay to roll-out operations beyond Baguio and Pampanga. SquidPay aims to increase its Metro Manila presence by the first quarter of 2021 and onboard the majority of the megacity’s population by the end of 2021.

Envisioning a cashless society, Squidpay addresses the need for contactless payments and enables the unbanked to access financial services that it is otherwise unable to. Aligned with the BSP’s broadening financial inclusion goals and promoting digital solutions, SquidPay aims to be the ultimate electronic payment and full-line financial service provider for everyday Filipinos.

With the increasing need for digital transformation and contactless payments brought about by the pandemic, SquidPay rises to the challenge to ease the Filipino’s transition to the new normal. By providing a safe and convenient alternative to physical payments with its newly-acquired EMI license, SquidPay will serve the Filipino citizens more effectively now and in the coming years.

Download SquidPay for free:

Play Store: https://bit.ly/squidpayplaystore
App Store: https://bit.ly/squidpayappstore

For more details visit the following links below:

Website: https://squidpay.ph
FB: https://www.facebook.com/squidpay
IG: https://www.instagram.com/squidpayphilippines/
Twitter: https://twitter.com/SquidpayP

#SmartCity
#BaguioCity
#AngelesCity
#NewYear
#WeHealAsOne

Analysts’ December inflation estimates (2020)

January 4, 2021 | 12:34 am

INFLATION may have eased slightly in December, as the rise in food prices was tempered by the normalization of supply chains after the spate of typhoons in the prior month. Read the full story.

Inflation eased slightly in Dec. — poll

January 4, 2021 | 12:34 am

Inflation may have eased in December from the 21-month high seen in November, a BusinessWorld poll showed. — PHILIPPINE STAR/MICHAEL VARCAS

INFLATION may have eased slightly in December, as the rise in food prices was tempered by the normalization of supply chains after the spate of typhoons in the prior month.

A BusinessWorld poll of 13 analysts last week yielded a median estimate of 3.2%, the midpoint of the 2.9-3.7% forecast range given by the Bangko Sentral ng Pilipinas (BSP) and within the 2-4% target for 2020.

If realized, the estimate will be slightly slower than the 21-month high of 3.3% in November but faster than the 2.5% logged in December 2019.

The Philippine Statistics Authority (PSA) is set to release the December inflation data on Tuesday (Jan. 5).

Analysts said inflation likely eased in December compared with November, when a series of strong typhoons caused crop damage in parts of Luzon that drove up food prices.

“Food prices are expected to have retreated as typhoon season came to end,” ANZ Research Analyst Kanika Bhatnagar said.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the higher food prices in November “already started to ease with some normalization of supply chains/logistics, but offset by the latest storm damage due to Tropical Depression Vicky that caused flooding in parts of Mindanao, Visayas, and Northern Luzon, especially Cagayan Valley.”

Inflation on food items quickened to 4.5% in November from 2.1% in October, data from the PSA showed. This was on the back of a double-digit increase of 14.6% (from -0.5% in October) in vegetable prices as well as faster pickup in prices of meat (8.2% from 4.7%), fruits (5.6% from 4.6%), and fish (5.3% from 3.7%), among others.

University of Asia and the Pacific Economist Victor A. Abola pointed out that rice prices were “stable to slightly down” in December.

PSA data average showed farmgate price of palay or unmilled rice inched up 1.1% week on week to P16.14 per kilogram in the second week of December. Meanwhile, average wholesale prices of well milled and regular milled rice fell by 0.2% and 0.1% to P37.42 and P33.42 per kilogram, respectively.

“This would more than offset the rise in fuel prices due to higher crude oil prices abroad,” Mr. Abola said.

Data from the Energy department showed local oil companies hiked prices of gasoline, diesel, and kerosene cumulatively by P2.65, P2.95, and P3.05 per liter, respectively, in December.

Analysts noted the increase in transport prices may be an upside risk to inflation.

“Higher transport costs will push headline inflation higher. Tepid demand in a time of COVID-19 (coronavirus disease 2019) will offset cost push pressure to some extent,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said.

In November, the transport index eased to 7.6% from 7.9% in October. Despite a slower print, the National Economic and Development Authority said the transport index was among the top contributors to the headline inflation given the restrictions on public transport due to the pandemic.

Inflation stood at 2.5% year to date as of November. If the 3.2% inflation in December is realized, this will bring the annual average to 2.6% — the target set by the BSP.

Given the inflation trajectory remains within the BSP’s target range, analysts said further easing may still be on the table.

“To maintain consumer and investor confidence, BSP might push for another interest rate cut in the first quarter of 2021,” Mitzie Irene P. Conchada, an economist from the De La Salle University said.

“The expected easing of inflation until February 2021 could still support any further monetary easing measures until then,” RCBC’s Mr. Ricafort said.

BSP Governor Benjamin E. Diokno has said in a Bloomberg interview in late December that policy rates may remain low until 2022 to support economic recovery.

Last year, the BSP cumulatively slashed the overnight reverse repurchase, lending, and deposit rates by 200 basis points to record lows of 2%, 2.5%, and 1.5%, respectively.

This year, the Monetary Board’s first policy-setting meeting is scheduled on Feb. 11. — Luz Wendy T. Noble