Focus on getting digital right, and care about the community
IT’S just a matter of time before the Millennials and Gen Z take over. Early this year, according to the 5W Public Relations’ 2020 Consumer Culture Report, the Millennial demographic had been projected to spend $1.4 trillion in 2020. It is then vital to tap these markets, keeping in consideration the changes that the coronavirus disease 2019 (COVID-19) pandemic has brought.
BusinessWorld’s Virtual Economic Forum ran a Breakout Session on Nov. 25 with the topic “The Youth Market: Marketing to Gen Z and Millenials Post-COVID,” featuring speakers Gary de Ocampo, CEO of Insights Division, Kantar Philippines; Pauline Fermin, Managing Director, Acumen Strategic Consulting, Inc.; and Elly Puyat, CEO of Ogilvy & Mather Philippines. The talk was moderated by Day 3 Innovations COO Santiago Arnaiz.
For starters, Mr. De Ocampo places markers where Millennials end and Gen Z begins. Millennials are those born from 1981 to 1996. This sets their age at 24-40 years old, and they are thus beginning to slip from the perception of being the youth market. Gen Zs, meanwhile, are those born after 1996, setting their ages at 23 and below. “Gen Zs are not like Millennials. They are probably the most down-to-earth and sober youth generation ever,” said Mr. De Ocampo. Other factors that differentiate Gen Zs personalities from Millennials, he said, are the fact that they are mobile, and not just digital natives; as well as have a belief in creating change and leading by example. He uses climate activist Greta Thunberg as an example. “As personified by Greta, this generation does not just expect someone else to take action,” he said. They are also meticulous planners, “Which is not a surprise, given the uncertainty around them.” He then outlines the disasters Gen Z has seen: the Great Recession of 2008, the Climate Crisis, and now COVID-19. “The journey of every generational cohort begins amidst an amalgamation of economic, demographic, andcultural realities that shape expectations, and open or close avenues of opportunity.”
THE WORRIED GENERATION In a COVID-19 Cultural Barometer launched in 60 countries before the March lockdowns, Mr. De Ocampo said that the report noted that Filipino Gen Zs are more worried than Millennials, and are the most worried of all current generations. “They have expectedly become more price-smart than their older counterparts,” he said, noting that more go out of their way to shop around for the best price.
“They are the generation that will dictate the cultural zeitgeist in our post-COVID future,” he said.
Meanwhile, Ms. Fermin reported that her firm coordinated a deep-dive research study into the psyche of Filipinos during the pandemic by talking to anthropologists and conducting focus group discussions. According to that research, four key values emerged that cut across different generations, but how they responded to those values can be different. These values are: faith, perseverance, family, and maximization. The youth market responded to faith by trusting in God, and focused on getting through each day, while believing in God’s grander plan for the future. For perseverance, they adjusted their lifestyles, both learning and work, to help support the family in new ways. They also used digital platforms to advocate for causes and people in need. “They see themselves as champions and activators of change,” said Ms. Fermin. For maximization, they discovered new ways to connect, increase productivity, and shop.
Ms. Puyat then discussed various strategies for tapping into this market. “If anything, the pandemic has strengthened their resolve to improve society,” said Ms. Puyat. Thus, there is an expectation for businesses and governments to mirror that commitment. A way to become relevant to this market is to create experiential campaigns on digital, taking a vocal stance, tapping the right partners for small businesses and communities, and leveraging on purpose. “These tried and tested brand values still apply, with or without the pandemic. What’s important is that we stay true to our own voice in any situation,” she said.
“I guess the key theme I would highlight for companies right now is that if these generations adapted, we also need to adapt and transform,” Ms. Fermin said. Businesses must be digital-first, and “do that very, very well.” According to her, the youth are digital-savvy, and not very forgiving when the end-to-end process is not as seamless. She also highlights the value of financial flexibility for business transactions.
GEN Z, MILLENNIALS IN THE FUTURE The talk also predicted the world’s landscape when these generations begin to be decision-makers themselves, both in the workplace and in the market (a position currently held by their seniors).
When they are decision-makers, they will expect a digital-first; very well-executed digital omnichannel. They will expect to engage with brands one-on-one, so conversation commerce is going to be very important. Loyalty will be shaped by how excellent their digital experience has been,” said Ms. Fermin.
As for their future roles as leaders in the workplace, she says that they will be prime movers in digital acceleration within companies. She also says that they will be champions of agility as a culture within organizations, and will place greater focus on the impact of their own brands on communities and entrepreneurs on society, as well as providing a voice on social issues. The future workplace will also place a premium on holistic wellness for its organization.
Ms. Puyat meanwhile, says, “Overall, what this pandemic has brought to us is to really question the values of capitalism. Will we choose between profits and people?
“Are we in a recession because of this pandemic, or are we already led to this even before the pandemic?” she says. “How can we run a business, that is doing well, in terms of shareholders and owners and the like; but also how we are in terms of being able to give back to communities?
“They expect us to be very participative in this area.” — Joseph L. Garcia
THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday even as yields edged up following faster-than-expected inflation last month.
The Bureau of the Treasury (BTr) raised P20 billion as planned from the T-bills as the offer was nearly four times oversubscribed, with tenders reaching P74.79 billion.
Broken down, the BTr borrowed the programmed P5 billion via the 91-day debt papers as bids for the tenor hit P17.11 billion. The average rate of the three-month debt inched up by 0.9 basis point (bp) to 1.015% from the 1.006% logged in the previous auction.
The government likewise raised P5 billion as planned from the 182-day T-bills out of tenders worth P15.583 billion. The six-month securities fetched an average rate of 1.399%, climbing by 1.3 bps from the 1.386% quoted in the prior week.
Lastly, for the 363-day securities, the Treasury made a full award of its P10-billion offering as demand hit P42.097 billion. The one-year T-bills fetched an average rate of 1.695%, inching up by 0.2 bp from 1.693% last week.
National Treasurer Rosalia V. de Leon said T-bill rates remained low despite the slight uptick as the faster-than-expected headline inflation rate recorded in November is expected to be transitory due to recent typhoons.
“Liquidity is very much around and rates remain low as markets see November inflation as a one-off with recent typhoons,” Ms De Leon told reporters via Viber after the auction.
Headline inflation picked up to 3.3% last month from 2.5% in October and 1.3% in November 2019 after recent typhoons and massive floods that hit the country pushed up prices of agricultural goods.
Year to date, inflation averaged at 2.5%, still within the 2-4% target of the Bangko Sentral ng Pilipinas (BSP) as well as the 2.4%-2.6% estimate of the economic team. The BSP expects inflation to average at 2.4% this year.
Meanwhile, a bond trader attributed the slightly higher yields seen yesterday to slightly weaker but still ample demand for the securities.
“There are less tenders this week compared to previous week, indicating less demand at this really low level for T-bills. It seems that the interest is just coming from those with consistent demand for the product,” the trader said via Viber.
Total bids for last week’s T-bill auction stood at P75.906 billion.
The Treasury plans to borrow P120 billion from domestic lenders in December: P60 billion in weekly T-bill auctions and P60 billion in fortnightly Treasury bond offerings.
The BTr is also currently offering the second tranche of Premyo bonds to raise at least P3 billion, until Friday, Dec. 11.
The government wants to raise around P3 trillion this year from local and foreign lenders to help fund its budget deficit, which is expected to hit 9.6% of the country’s gross domestic product. — Beatrice M. Laforga
OYO, QOALA, a multi-channel Insurtech, and Insurance Company of North America (a Chubb company) has teamed up to extend complimentary insurance coverage to guests who book rooms at any one of over three hundred OYO partner-hotels in the Philippines.
“Most consumers are still wary of travel, but those who have traveled recently report a substantial increase in confidence. As we’ve seen in other markets across Asia, during the initial phase of the pandemic, consumers prioritized brand trust, which they equated with health and safety measures,” Ankit Gupta, country head of OYO Philippines, said in a statement.
The partnership between OYO and Qoala is the fourth in Southeast Asia, after Indonesia, Thailand and Vietnam.
The insurance coverage — hotel protection — is underwritten by Insurance Company of North America (a Chubb company) and powered by Qoala, a multichannel insurtech in Southeast Asia backed by Sequoia Capital, Bank Central Asia group and Telkom group.
The coverage ensures customers for personal accidents, emergency hospitalization, loss of luggage and personal effects and other benefits for every night they spend at an OYO partner hotel.
Customers can provide any potential claims information online via OYO using the oyo.qoala.app.
AGRARIAN reform beneficiaries will soon have their own houses after the government partnered with an Ayala-led property developer.
The Department of Agrarian Reform (DAR) on Dec. 4 signed a memorandum of understanding with the Department of Human Settlements and Urban Development (DHSUD) and Bellavita Land Corp. for the development of the Balai Farmers Housing Program.
Agrarian Reform Secretary John R. Castriciones said the program aims to develop cheap and eco-friendly housing designs that come with production and income-generating facilities for beneficiaries.
He added the initiative is the first housing program for farmers in the country.
“The idea is to provide our farmers decent shelters as well as make them self-sufficient by providing each housing unit sufficient space for state-of-the-art gardening,” Mr. Castriciones said.
Mr. Castriciones said the housing program is a follow-up to DAR’s land distribution efforts.
“This project, the Balai Farmers Housing Program, is a means towards that end to keep them attached to their farm lots,” Mr. Castriciones said. “During the pandemic, they are the ones keeping food available on our table. This should prompt us to have a paradigm shift towards them. We should strengthen them and uplift their economic life.
DAR last month launched the P24.63 billion Support to Parcelization of Lands for Individual Titling (SPLIT) project, which aims to fast-track the distribution of individual land titles to 1.14 million agrarian reform beneficiaries.
The SPLIT project will cover 1.37 million hectares of land and will divide collective certificates of land ownership awarded under the Comprehensive Agrarian Reform Program into individual land titles. — Revin Mikhael D. Ochave
Video Game Review Disgaea R Complete+ Personal Computer via Steam WRC 9 FIA World Rally Championship Sony PlayStation 4
PLAYSTATION.COM
“How do I succeed? Let me count the ways.” As crude as the paraphrase to the first line of Elizabeth Barrett Browning’s arguably most famous sonnet may be, it provides a succinct view of how Sony Interactive Entertainment’s regional executives must be absorbing the runup to its Philippine launch of the PlayStation 5 on Dec. 11. To know the mechanics for pre-orders in the Pearl of the Orient Sea, gamers counted exactly seven days after the latest-generation console’s Nov. 12 release everywhere else in the world. And, once informed, they counted on their luck to see them through; they realized they needed to have a lot, seeing as how everything would be done online.
Indeed, local distributors – including gaming shops DataBlitz, Game One, iTech, GameXtreme, and Gameline and such hardware outfits as Avid, Abenson, and Memoxpress — were being counted on to provide remote storefront operations that would absorb the inevitable deluge for preorder slots. What’s more, said slots were to be made available to the teeming hopefuls within a five-minute window. Talk about pressure. And so it came to pass that between 2:00 and 2:05 p.m. of Nov. 20, internet traffic in the Philippines — invariably on the high side in view of the citizens’ predilections to be wired 24/7 — reached fever pitch. Gamers in the five figures counted down the minutes, and then the seconds, and, when the opportunities came and went, counted themselves out of the running for the elusive PS5.
Sony Interactive Entertainment (SIE) honchos foresaw the positive reception, knowing they could count the PS5 among their smash hits given gamers’ intense loyalty for the platform. Even as local distributors were forewarned of the online onslaught, however, they failed to anticipate it overwhelming their backend operations. DataBlitz, for instance, went to the trouble of issuing pre-registrants with a unique link that would go live at precisely 2 p.m. on Nov. 20, but the result was still the same: a few triumphant souls against the wrath of most. Such was the backlash that it was forced to make a subsequent announcement explaining its predicament. With a finite number of preorder slots, it had no choice but to serve only what it could, and then close the window. No one needed to count to five minutes; the slots were literally gone in 60 seconds.
Other online options were likewise inundated with connection requests they could not fulfill. Game One’s site slowed to a crawl before 2 p.m. and well into the next hour; those fortunate enough to get a preorder in their carts could not check out, with handshakes to payment gateways staying uncompleted. Sister company iTech suffered a worse fate; its site crashed, so much so that it was forced to schedule another round the next day, promising to be armed with a much bigger bandwidth. Well, guess what? The site crashed again. Meanwhile, Gameline’s site suffered another kind of glitch; traffic was smooth, but, as things turned out, too smooth for comfort — allowing more preorders than available slots and compelling subsequent cancellations and refunds.
To contend that most failed in their quest to claim gaming’s latest grail would be an understatement. BusinessWorld counts itself in the group of the heartbroken. Nothing worked. Not multiple devices online and countless stabs at the F5 key to refresh sites. Not the raffle Toy Kingdom set up. Not the mobile numbers Toys R Us gave for branches to receive pre-order requests, also at 2 p.m. on Nov. 20. Most gamers familiar with the law of supply and demand, and especially how it always applies to console releases, chalked everything up to experience and moved on. They knew well the pitfalls of going against a madding crowd, and of hanging their fate on lottery-type odds.
There were, of course, small factions that cried foul, that found cause to identify vulnerabilities in the system, and that saw fit to vent their anger in social media. For this small aggrupation of gamers, it didn’t help that resellers joined the fray, no doubt snagging preorder slots through the use of bots. The enterprising, if unscrupulous, lot didn’t even wait for the actual units to be released on Dec. 11. Ads were posted in the usual marketplace haunts as soon as the preorder slots were secured, with significant markups to reflect demand. In one instance, an influencer had a posting for confirmed preorders for both the PS5 Standard and Digital Editions, in direct contravention of rules limiting the number of slots to one per person. And the irony? Another influencer working in the same industry lamented how he was not able to get a slot for his son.
There was no blood shed on Nov. 20. It wasn’t Saint Crispin’s Day, either. But, as with Henry V and his band of brothers in William Shakespeare’s outstanding play, the happy few who will be getting their PS5s on Dec. 11 cannot be blamed for feeling as if they survived the Battle of Agincourt. Such is the power of the PlayStation brand. It may be 26 years old and seemingly under threat from a paradigm shift to streaming, but it continues to live long and prosper.
POSTSCRIPT: Those familiar with Nippon Ichi’s legacy should already know what the name Disgaea entails. High stat caps, cute sprites, ridiculous stories, and an overall charming aesthetic design are par for the course for any Disgaea game, andDisgaea 4 is no different. Initially released on the Sony PlayStation 3, Disgaea 4 was later offered for the PS Vita in 2014, and on the PS4 and Nintendo Switch in 2019. Now almost nine years since its original appearance, it finds a home with its other sister titles on Steam. The question is, how well does it stack up against its predecessors?
Disgaea 4 follows the exploits of vampire Valvatorez, a proud tyrant-turned-teacher who has sworn to keep every promise he makes. When his pledge brings him at odds with the current government of the Netherworld, he finds himself gathering allies and rising up to the challenge, all while uncovering a sinister plot that threatens to undermine the fragile balance between the human and demon worlds. While initially seeming a bit too simple for a Disgaea game, the plot starts to ramp up in intensity pretty quickly. The cast of characters is ridiculous but fun, made up of lovable dorks with quirky flaws that go through a narrative taking a more serious turn in the end. And regardless of the situation, the tongue-in-cheek humor never fails to entertain.
That’s pretty much how Disgaea 4 can be described in a nutshell. It might seem tame in its earlier stages, looking like any other turn-based role-playing game, but make no mistake: It runs true to its roots, reveling in its unique combination of tactical depth with interesting map gimmicks. In the latter parts of the story, its lineage becomes abundantly clear in its combat sequences, letting players loose with a multitude of combos and special skills. At the same time, oodles upon oodles of content are on offer via multiple character endings, New Game+, and even an ever-changing random map generator in Item World.
Everything is tied together by what is essentially the definitive edition of Disgaea 4. Disgaea 4 Complete+on the personal computer brings with it all the content its original release had plus all subsequently released downloadable content at no additional cost. With visuals updated to look better on high-definition monitors, this essentially wraps the title in a neat little package that any lover of the turn-based RPG genre will enjoy. As far as ports go, it ranks right at the top. It definitely delivers in content and functionality.
True, Disgaea 4 Complete+ is by no means perfect. As with other titles in the franchise, it requires a lot of grinding. While its user interface and quality-of-life features do help in reducing much of the frustration one can encounter, its forced gameplay loop can prove tedious to the uninitiated. The humor can also be a little off-putting, not because of the quality of its jokes or writing, but because of its overall tone. It is light-hearted to excess, and isn’t afraid to throw in a punchline or two even during more serious story segments. It often hits its mark, but can induce irritation on occasion, especially when characters feel archetypal and tropey.
Overall, Disgaea 4 Complete+ comes highly recommended. Gameplay-wise, the series will peak in Disgaea 5, but it sets gamers up well for the next installment. Once again, Nippon Ichi Software delivers a title that’s sure to entertain for hours on end.
THE GOOD:
• Superb port for the personal computer, with myriad quality-of-life features present
• Outstanding core gameplay loop
• The Disgaea series near its peak, combining an immersive narrative with unique gameplay
• Tons of content to go through with all the previously optional downloadable content packed in
THE BAD:
• Micromanagement of characters and equipment can get a little clunky, as is typical of turn-based RPGs
• Humor can feel out of place during more serious story segments
• Requires constant grinding
RATING: 9.5/10
THE LAST WORD: There’s something about Kylotonn’s WRC 9 FIA World Rally Championship that appeals even to casual fans of racing video games. Whether it’s the constant hum of the engines or the smoothness of the controls, there’s a comfortable assurance in how WRC 9 presents itself. It looks and feels inviting, even for those with little experience in the genre.
In simple terms, WRC 9 pits players against the road. Pick a car of choice and a track to speed through, and then race all the way to the finish line. With 14 different locations, WRC 9 offers hours upon hours of adrenaline rushes, in between eliciting the need to adapt, drive, and conquer its various tracks, and end in the fastest time possible. Pretty modest goals? Perhaps, but what it seems to lack in extravagant fanfare and complicated narratives, it more than makes up for it in plenty of other ways.
For instance, WRC 9 oozes beauty every which way. With its touched-up graphics on the PS4 Pro, it becomes remarkably lifelike, taking gamers through vastly different photorealistic environments. Its lush sceneries, rendered so beautifully, peek through the windshield and turn into distant landmarks that elicit regret from moist eyes. If only there were time to savor the experience of driving through Kenya’s dirt roads or speeding through the quiet countryside of Japan. Meanwhile, the call and calling of competition is highlighted amid the instructions of the navigator and the squeal of the tires. The drive is made even more immersive by the temptations all around.
Outside of just plain racing, WRC 9 also has a pretty solid Career Mode. Gamers are asked to manage and shift team members around, participate in rallies, and attend events to earn cash prizes, with the end-goal of becoming the next WRC champion. The better the finish in each race, the more money earned, and the higher the rep. In turn, the developments allow the hiring of more experienced team members to help out during races, and, with good fortune, even lead to endorsement contracts. With a slew of different events to participate in, and various weather and driving conditions to endure, it’s pretty much a racer’s wildest dream turned to life. Whether driving full-speed in a snowstorm or blazing a trail through a dimly lit night, WRC 9 has the scenario covered in spades.
To be sure, WRC 9 wouldn’t be half as entertaining as it looks and sounds if the cars didn’t handle well. And they do. Outside of some initial clunkiness, WRC9’s driving mechanics are top-notch. Whether series veterans or newcomers, gamers are afforded a large degree of freedom in how they take control of the wheel. Pretty much anyone, even seemingly uninterested quarters, can speed through tracks and drift around corners to their heart’s desire. This isn’t to say that the game is needlessly easy; to the contrary, cars feel weighty and heavy, and with unique handling quirks. That said, at no point will cars ever feel floaty. Driving in WRC 9 feels, well, just right.
All in all, WRC 9 comes exactly as advertised. It’s a racing title to the bone, one that sets out to be immersive and engaging. It meets its objectives well. And with the high amount of customization options available, it has pretty much something for everybody. Recommended.
THE GOOD:
• Immersive racing experience, both in how it looks and how it plays
• A lot of variety in race tracks, weather conditions, and environments to speed through
• Inviting and not overly difficult
• Large degree of customization options available
THE BAD:
• Content is mostly similar to WRC 8’s offering
• Fairly simple gameplay loop that’s mostly about racing and little else
THE PHILIPPINES joined the Singapore-based global network for technology startups called the Global Innovation Alliance (GIA) in a bid to boost small businesses.
The addition of Manila to the GIA on Monday brought its member Southeast Asian cities to four, along with Bangkok, Thailand, Ho Chi Minh City, Vietnam and Jakarta, Indonesia, as the network aims to help startups and small- and medium-sized enterprises (SMEs) connect with other overseas businesses and technology hubs, Alvin Tan, Singapore’s minister of state for trade and industry, said during the virtual conference for the Singapore Week of Innovation and Technology 2020 (SWITCH 2020).
This will allow more collaboration to happen between the tech startups and SMEs in Singapore and the Philippines, he said.
“GIA Manila will assist tech startups and SMEs based in Singapore with their internationalization and innovation efforts in Manila. Our partner, Plug and Play, will run programs together with Launchgarage, one of the leading tech startup accelerators in the Philippines,” Mr. Tan said.
“Through these programs, participating startups and SMEs will be able to plug themselves into the Philippines ecosystem and gain business connections and collaboration opportunities which can help them in their growth overseas,” he added.
The GIA has a total of 14 member cities, which include Beijing, Suzhou and Shanghai in China; San Francisco in the United States; Berlin and Munich in Germany; Paris in France; London in the United Kingdom; Tokyo in Japan; and Bangalore in India.
Speaking at the same conference, Bangko Sentral ng Pilipinas (BSP) Director for Technology Risk and Innovation Supervision Department Melchor T. Plabasan said a wider adoption of financial technology (fintech) can spur growth among SMEs in the country.
“For an inclusive fintech growth, there has to be a level playing field with respect to regulations that’s why our approach has always been to regulate based on the type of technology not on the type of entities offering services. If a bank can take advantage of KYC (know your customer) and other relaxed rules, fintech players can also take advantage of those,” he said.
Mr. Plabasan said the central bank has been rolling out regulations for both traditional and fintech players to help more firms and individuals get access to financing.
“I think that would help the Philippines harness fintech innovation to promote growth and hopefully, economic recovery,” he said.
“While this pandemic has brought a lot of destruction, undoubtedly it has also served as unexpected catalyst for going digital,” Mr. Plabasan said. “The BSP will continue to call for responsible innovation, (which will) allow beneficial innovation without sacrificing or compromising consumer protection, cybersecurity and financial stability.”
The BSP last month approved a regulatory framework for digital banks. Under the rules, digital banks will be another classification alongside universal, commercial, thrift, rural, cooperative and Islamic banks.
The central bank has said that digital lenders could help the BSP achieve its goal to bring 70% of adult Filipinos into the financial system and to have at least 50% of payments by volume and value done digitally by 2023.
Only 29% of Filipino adults had accounts with financial institutions as of 2019, leaving some 51.2 million unbanked, BSP data showed.
Meanwhile, e-payments made up 10% of the total transaction volume in the country in 2018 from only 1% in 2013, data from the Better Than Cash Alliance showed. By value, online transactions made up 20% of the total in 2018 from just 8% in 2013. — BML
THE PESO weakened against the greenback on Monday, snapping its winning streak last week, after tensions between the world’s two largest economies, the United States and China, sparked anew.
The local unit ended the trading day at P48.08 per dollar, depreciating by four centavos from its previous close of P48.04 on Friday, data from the Bankers Association of the Philippines showed.
The peso opened Monday’s session at P48.07 per dollar. It climbed to as high as P48.055, while its intraday low was at P48.09 against the greenback.
Dollars traded sank to $539.45 million yesterday from the $1.02 billion seen on Friday.
The peso depreciated against the dollar as tensions between the US and China sparked anew as the former is reportedly preparing sanctions against several Chinese officials over Beijing’s continued crackdown in Hong Kong, Michael L. Ricafort, the chief economist at Rizal Commercial Banking Corp., said via Viber.
The United States is preparing to impose sanctions on at least a dozen Chinese officials over their alleged role in Beijing’s disqualification of elected opposition legislators in Hong Kong, according to three sources, including a US official familiar with the matter, Reuters reported.
The move, which could come as soon as Monday, will target officials from the Chinese Communist Party (CCP) as US President Donald Trump’s administration keeps up pressure on Beijing in his final weeks in office. US President-elect Joe Biden takes over on Jan. 20.
The State department and the White House did not immediately respond to requests for comment.
Up to 14 people, including officials of China’s parliament, or National People’s Congress, and members of the CCP, would likely be targeted by measures such as asset freezes and financial sanctions, two sources said.
The US official, speaking on the condition of anonymity, said multiple individuals would be sanctioned. A person familiar with the matter said the group would likely include officials from Hong Kong as well as the mainland. The sources did not provide names or positions of those being targeted for sanctions. Two sources cautioned an announcement could still be delayed until later in the week.
“Peso also slightly weakened after the slight upward correction in the US dollar vs. major global currencies from new 2.5-year lows after the softer US jobs data that could encourage US stimulus package,” Mr. Ricafort added.
The peso weakened after the US dollar appreciated over the weekend on lower-than expected employment data, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in a Viber message.
“The lower-than-expected jobs data further reinforces the need for more fiscal stimulus that the US Congress should come up with. Expectations of more fiscal stimulus are now higher, pushing the USD higher,” he said.
Latest US jobs data showed only 245,000 jobs were added to non-farm payrolls in November, against the 610,000 additional jobs recorded in October and the forecast of Reuters where the tally would have increased by 469,000 jobs, according to a separate report from Reuters.
Mr. Ricafort said other factors that weighed on the peso on Monday were rising global oil prices as well as the continued increase in coronavirus infections back home, averaging at over 1,000 per day.
For Tuesday, Mr. Asuncion expects the peso to trade between P48.10 and P48.40 per dollar while Mr. Ricafort sees it settling within P48.02 to P48.12 against the greenback. — Beatrice M. Laforga
SHARES bounced back on Monday as investor optimism was sparked by the impending rollout of a coronavirus disease 2019 (COVID-19) vaccine and stronger foreign inflows.
The bellwether Philippine Stock Exchange index (PSEi) inched up 69.11 points or 0.96% to close at 7,203.67 on Monday, while the broader allshares index rose 35.68 points or 0.83% to end at 4,286.05.
Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said the market breached the 7,200 level on continued investor optimism regarding the distribution of a COVID-19 vaccine in the United Kingdom.
“The bourse ended higher today on vaccine hopes, as Britain continues to prepare for the eventual rollout of a vaccine in their country,” Mr. Pangan said in a mobile phone message on Monday.
“Investors may be feeling optimistic over these developments about coronavirus vaccines, as they may help quicken the pace of the global economy’s recovery,” he added.
Britain begins its vaccine program this week and others are likely to follow soon, so governments are seeking to reassure people of vaccines’ safety and efficacy in order to get a critical mass to take them, Reuters reported.
For Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco, the local market improved on hopes of a fiscal stimulus in the United States (US).
US president-elect Joe Biden last week promised a group of workers hit by the raging COVID-19 pandemic that more aid would be on the way, Reuters reported.
Republicans and Democrats are trying to resolve a months-long standoff in Congress over a stimulus package for businesses affected by coronavirus shutdowns as well as the millions who have lost jobs.
Mr. Tantiangco added that the market climbed on the back of support from foreign investors.
Net foreign buying amounted to P113.94 million on Monday, a turnaround from previous session’s net selling worth P269.08 million.
All sectoral indices at the PSE ended in positive territory on Monday. Industrials improved 127.67 points or 1.38% to 9,374.30; property climbed 48.13 points or 1.34% to 3,624; mining and oil increased 105.14 points or 1.2% to 8,822.62; services went up 15.37 points or 1% to 1,547.48; holding firms jumped 63.4 points or 0.85% to 7,446.38; and financials rose 4.17 points or 0.28% to 1,484.90.
Value turnover on Monday stood at P9.56 billion with some 45.27 billion issues switching hands, lower than P8.47 billion with 12.61 billion issues in the previous trading day.
Advancers beat decliners, 122 against 114, while 37 names ended unchanged.
“Next resistance may be placed at 7,600 while immediate support is at the 6,700 to 6,900 area,” Timson Securities’ Mr. Pangan said. — with Reuters
A MEASURE tapping rice tariffs to provide cash assistance to farmers affected by the pandemic as well as the November typhoons was approved on third and final reading at the Senate Monday.
With 19 affirmative votes, no negatives and no abstentions, the chamber approved Senate Bill No. 1927, which will be financed automatically from any rice import tariffs collected in excess of the P10 billion funding commitment to the Rice Competitiveness Enhancement Fund (RCEF).
“Sa kabila ng paghagupit ng sunod-sunod na bagyo na bilyong pisong halaga ang winasak sa sektor ng agrikultura, patuloy pa rin pagbagsak ng presyo ng palay (Farmers have suffered damage from consecutive typhoons and low prices of palay),” Senator Francis N. Pangilinan said in a statement.
“Kumbaga sa maysakit, nasa kritikal na kondisyon sila ngayon. Emergency ito dahil dito rin nakasalalay ang ating food security (Their condition is critical. It is an emergency because we depend on farmers for food security).”
If signed, the proposed Cash Assistance for Filipino Farmers Act of 2020, automatically sets aside any rice import tariffs in excess of the RCEF’s P10 billion for cash assistance to farmers until 2024.
Eligible for aid are farmers owning one hectare of rice land or less. Beneficiaries will be identified via the Department of Agriculture’s Registry System for Basic Sectors in Agriculture.
The November typhoons caused at least P12 billion worth of crop damage.
Senator Cynthia A. Villar had said in the October hearing on the proposal that preliminary data showed P13.861 billion were collected by the Bureau of Customs between January and September. — Charmaine A. Tadalan
A CONSOLIDATED BILL providing for subsidized rent in aid of relocating informal settler households was approved at committee level in the House of Representatives.
The still-unnumbered consolidated bill, which hurdled the House committee on housing and urban development is intended to help such households transition to rental accommodations in the public and private housing markets.
The legislation, if passed, may also be invoked to support families displaced by natural and man-made disasters.
The bill provides for a rent subsidy of P3,500 monthly for qualified beneficiaries in Metro Manila. In the provinces, the subsidy is subject to adjustment by the Department of Human Settlements and Urban Development (DHSUD) and the National Economic and Development Authority, but capped at P3,500.
The DHSUD will pay the subsidy to qualified beneficiaries identified by the National Housing Authority. The department will also initially fund the subsidy from its own budget. Later, the subsidy will be sourced from the national budget. — Kyle Aristophere T. Atienza
For starters, Mr. De Ocampo places markers where Millennials end and Gen Z begins. Millennials are those born from 1981 to 1996. This sets their age at 24-40 years old, and they are thus beginning to slip from the perception of being the youth market. Gen Zs, meanwhile, are those born after 1996, setting their ages at 23 and below. “Gen Zs are not like Millennials. They are probably the most down-to-earth and sober youth generation ever,” said Mr. De Ocampo. Other factors that differentiate Gen Zs personalities from Millennials, he said, are the fact that they are mobile, and not just digital natives; as well as have a belief in creating change and leading by example. He uses climate activist Greta Thunberg as an example. “As personified by Greta, this generation does not just expect someone else to take action,” he said. They are also meticulous planners, “Which is not a surprise, given the uncertainty around them.” He then outlines the disasters Gen Z has seen: the Great Recession of 2008, the Climate Crisis, and now COVID-19. “The journey of every generational cohort begins amidst an amalgamation of economic, demographic, and cultural realities that shape expectations, and open or close avenues of opportunity.”
