It’s no secret that breast cancer is one of the most common types of cancer affecting women worldwide. In spite of this, there is still a lot of misinformation about breast cancer.
Watch BusinessWorld Insights: “Talk About Cancer, #BCWeCan” and hear inspiring breast cancer patients’ journey with Dr. Meredith Garcia-Trinidad, Dr. Gia Sison, Jaymee Joaquin and Marlo Mortel.
BusinessWorld Insights: “Talk About Cancer, #BCWeCan” is presented by Hope fromWithin with the support of e-learning platform, Olern.
According to the World Health Organization, cancer is the second leading cause of death globally. Despite this, cancer is curable especially when detected early.
Watch BusinessWorld Insights: “Empowering Women in the Fight Against Cancer”, and hear straight from world-class experts the latest treatments for women’s cancer with Mount Elizabeth Hospital Singapore’s Dr. Lisa Wong, senior consultant, gynaecologist and laparoscopic surgeon, and Dr. Tan Yah Yuen, senior consultant and breast surgeon; and Parkway Cancer Centre’s Dr. Wong Chiung Ing, senior consultant, Medical Oncology.
BusinessWorld Insights is presented by Parkway Cancer Centre and Mt. Elizabeth Hospital with the support of Can Hope Manila; Bank Marketing Association of the Philippines; British Chamber of Commerce Philippines; Management Association of the Philippines; Philippine Foundation for Breast Care, Inc.; Pharmaceutical and Healthcare Association of the Philippines; The Philippine STAR; and E-learning platform partner Olern
Watch the final session of BusinessWorld Insights: A Three-part Online Forum Series presented by PayMaya and the USAID E-PESO Project, as experts and LGU leaders discuss the theme, “Creating Digital Ecosystems to Jumpstart Local Economies”.
This online event is supported by the Department of the Interior and Local Government (DILG), the Union of Local Authorities of the Philippines (ULAP), the Anti-Red Tape Authority (ARTA), and the Management Association of the Philippines (MAP).
The central bank expects cash remittances to fall by 2% this year amid the pandemic crisis. Customers receive money from families working abroad at a money remittance center in Makati City, Sept. 19, 2018. — REUTERS/ELOISA LOPEZ/FILE PHOTO
By Luz Wendy T. Noble, Reporter
CASH REMITTANCES sent by Filipino workers abroad declined in August after two straight months of recovery, as inflows from the Middle East and Japan fell amid the coronavirus pandemic.
Money sent home by overseas Filipino workers (OFWs) through banks stood at $2.483 billion in August, 4.1% lower year on year, according to data released by the Bangko Sentral ng Pilipinas (BSP) on Thursday.
“By country source, the decline in remittances in August 2020 compared to the level in the same month last year was noted from Saudi Arabia, Japan and the United Arab Emirates,” the BSP said.
However, this was partly offset by an “observed remittance growth” from the United States, Singapore, and Malaysia.
For the first eight months of 2020, remittance inflows dropped 2.6% to $19.285 billion from the $19.808 billion during the same period a year ago.
The BSP attributed the lower inflows to the 1.9% decline in cash sent by land-based workers to $15.183 billion, and the 5.3% drop in remittances by sea-based workers to $3.101 billion.
The top source of remittances during the eight-month period is the United States, where 40.2% of the inflows were sourced. It was followed by Singapore, the United Kingdom, Japan, Saudi Arabia, United Arab Emirates, Canada, Hong Kong, Taiwan, and Qatar. All together, remittances from these countries accounted for 78.9% of the total.
Meanwhile, personal remittances, which include inflows in kind, stood at $2.756 billion in August, down by 4.2% from the $2.875 billion logged a year ago.
Year to date, inflows declined 4.2% to $21.414 billion from the $21.995 billion recorded in the first eight months of 2019.
Cash remittances have posted year-on-year growth in June and July, fueling hopes that the worst is over for remittances that support the country’s consumption-driven economy. In May, remittances plunged 19.2%, reflecting the impact of widespread lockdowns around the world.
“The loss of remittance support to household consumption will likely be felt well into 2021, weighing on growth rebound prospects,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in a note to reporters.
The August remittance figures reflect the impact of the continued repatriation of OFWs amid the crisis, said Asian Institute of Management Economist John Paolo R. Rivera.
“Although the Philippines has also been deploying OFWs abroad in the midst of the pandemic, the returning OFWs are still greater than deployed OFWs,” Mr. Rivera said in an e-mail.
More than 213,000 OFWs have been repatriated as of Oct. 11, according to the Department of Foreign Affairs. The numbers are expected to reach 300,000 by December.
The International Monetary Fund had earlier warned that migrant workers may not be able to sustain giving support to families back home through their savings if the recession deepens in host countries.
The latest data also showed OFWs committing to seasonal expenses back home in the previous months, said UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion.
“It [August inflows] does confirm that the June-July recovery combo may be because of the household requirements for schooling, such as tuition fees, tech upgrade, etc.,” Mr. Asuncion said in an e-mail.
Mr. Asuncion said he expects remittances in the next few months to remain soft, with an “inflows bonanza” by December due to the holidays.
“The trend is becoming unusually unpredictable. Christmas is coming so we expect a surge in remittances in the coming months, by virtue of altruism as motivation for remittances,” Mr. Rivera said.
The BSP expects cash remittances to fall by 2% this year amid the pandemic crisis.
CASH REMITTANCES sent by Filipino workers abroad declined in August after two straight months of recovery, as inflows from the Middle East and Japan fell amid the coronavirus pandemic. Read the full story.
THE COUNTRY’S gross international reserves (GIR) reached a new record, breaching the $100-billion level as of end-September, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said on Thursday.
“The September 2020 GIR level is equivalent to 10 months of imports of goods and payment of services and primary income. It is also about 9.2 times the country’s short-term external debt based on original maturity,” Mr. Diokno told reporters in a Viber message.
The latest GIR level exceeds the BSP’s $100-billion projection for the full year.
The end-September tally of $100.49 billion is 17.42% higher than the $85.581-billion level a year ago. It is also 1.55% up from the $98.954 billion as of end-August.
Ample foreign exchange buffers protect the country from market volatility and ensure the country is capable of paying its debts in the event of an economic downturn.
“The month-on-month increase in the GIR level reflected inflows mainly from the BSP’s foreign exchange operations and National Government’s foreign currency deposits with the BSP,” the central bank said in a statement.
Partially offsetting factors include revaluation losses from the GIR’s gold components amid lower market prices and foreign currency withdrawals used to pay debt obligations of the National Government.
As of end-September, gold reserves climbed 44.6% to $11.594 billion from the $8.015 billion a year ago but down 3.69% from the $12.039 billion in August.
Gains from investments abroad, which make up the bulk of the dollar reserves, reached $84.406 billion. This is 15.67% up from the $72.97 billion as of end-September 2019 and 2.47% higher from the $82.37 billion in the prior month.
Meanwhile, foreign currency deposits stood at $2.527 billion for the second straight month but fell 11.9% from the $2.869 billion logged a year ago.
The dollar buffers in the form of reserves in the International Monetary Fund (IMF) rose by a third to $747.9 million from the year-ago level of $561.3 million but slipped by 0.76% from the $753.7 million as of end-August.
Special drawing rights, or the amount the Philippines can tap from the IMF — stood at $1.214 billion for the second consecutive month and inched up by 4.29% from the $1.164 billion a year ago.
The record GIR reflects the continued surplus in the balance of payments (BoP), according to ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa.
The BoP — which shows the country’s economic transactions with the rest of the world within a given period — yielded a surplus $493 million in August, higher by a third compared with the $657-million surfeit in the same month of 2019 and the $8-million surplus in July.
The BoP also yielded a surplus of $4.774 billion in the first eight months of 2020, falling by 13.6% from a year ago.
“The external account shows some resilience but we caution against over emphasizing the headline amount as the rise in reserves was borne about by a combination of increased foreign borrowing and stark import implosion,” Mr. Mapa said in an e-mail.
“The rise in GIR, however, does show that we have a more than ample cache of foreign currency to thwart any speculative attack on the currency and quell any concern on a shortage in dollar liquidity,” he added. — Luz Wendy T. Noble
THE Department of Labor and Employment (DoLE) on Thursday said companies will not be allowed to defer the distribution of the 13th month pay of its workers, even as businesses struggle amid the economic slowdown.
“We will not postpone, we will not defer and we will not give any exemption to the payment of the 13th month pay,” Labor Secretary Silvestre H. Bello III said in an online briefing, Thursday.
“Hindi pwedeng i-defer (It cannot be deferred)… the employers should pay employees 13th month pay on or before Dec. 24,” he added citing Presidential Decree No. 851.
The DoLE will issue a new order on the 13th month pay on Friday (Oct. 16).
Mr. Bello also made it clear it will not exempt any company from the 13th month pay, but said the DoLE is working on a proposed government subsidy for companies badly affected by the crisis. He said the proposal will be submitted to Finance Secretary Carlos G. Dominguez III.
“Maliban sa proposal namin na magbigay ng subsidy ang ating government, meron alternative proposal, and that is to open ’yung linya ng mga bangko, para makautang ’yung ating mga micro and small enterprises (Aside from the proposal to grant a subsidy, we also have an alternative proposal and that is for banks to extend loans to MSMEs),” Mr. Bello said.
This followed the National Tripartite Industrial Peace Council meeting attended by Mr. Bello, Trade Secretary Ramon M. Lopez, Employers Confederation of the Philippines (ECoP) and other labor groups to settle discussions on the 13th month pay.
ECoP earlier sought a deferment of the 13th month pay or exemption for some firms. As a compromise, ECoP urged the government to grant loans for companies in order to cover the 13th month pay.
ECoP President Sergio R. Ortiz-Luis, Jr. said the exception provided under the law applies to businesses incurring substantial losses for the last two years.
“The reality is I don’t believe anybody is going to apply for the exemption. To begin with under the law, the exemption, di naman kasama ang pandemic (is not covered),” he said over phone, Thursday.
“My suggestion, which readily everybody agreed… why don’t the government come up with a facility to lend those who have no cash to pay the 13th month pay.”
Meanwhile, the Associated Labor Union-Trade Union Congress of the Philippines (ALU-TUCP), which was also present during the meeting, welcomed the DoLE’s decision.
“This positive development proves that social dialogue between labor, business and government particularly on important issues involving these key sectors really works,” ALU National Executive Vice-President Gerard R. Seno said. — Charmaine A. Tadalan
A SURVEY showed the Philippines ranked third among eight East and Southeast Asian countries in terms of consumers admitting to having accessed piracy websites, behind Thailand and Vietnam. — REUTERS
NEARLY HALF (49%) of Filipinos admitted to using illegal streaming websites or torrent websites, which has hurt potential growth of subscription-based content service providers in the country, a study commissioned by the Asia Video Industry Association (AVIA) showed.
The study also found that 47% of Filipino participants who illegally watched or downloaded videos through piracy websites had suspended their subscriptions to video content service providers.
Conducted by YouGov for Asia Video Industry Association (AVIA) in September, the online survey covered 1,098 Filipinos. AVIA is an industry association whose members include TV broadcast, digital content, advertising and video delivery service providers.
“While legal SVOD (subscription video on demand) monetization is growing, piracy remains pervasive in the Philippines,” Neil Gane, general manager of AVIA’s Coalition Against Piracy, was quoted as saying in a statement.
Subscription video on demand is projected to become a $250-million industry in the Philippines this year, but Mr. Gane said the industry is expected to lose around $120 million to piracy. SVOD players currently in the country include Netflix, Viu, HBO Go and Prime Video.
“Piracy is depriving SVOD of $120 million in revenue per annum, more than 90% of the current legal opportunity,” Mr. Gane said.
The survey showed the Philippines ranked third among eight East and Southeast Asian countries in terms of consumers admitting to having accessed piracy websites, behind Thailand (53%) and Vietnam (50%).
On the other hand, Malaysia and Indonesia saw significant reduction in online piracy with 64% and 55% decline, respectively, over the last 12 months.
“In both countries, a key variable for the decline in online piracy levels was the government’s proactive piracy site blocking initiative. In Malaysia, more than half (55%) of online consumers noticed that a piracy service had been blocked by the Malaysian government, which subsequently influenced viewing habits with 49% stating that they no longer accessed piracy services and 40% saying that they now ‘rarely accessed’ piracy services as a result of the site blocking,” the AVIA’s study said.
The survey showed 53% of Filipino respondents agree that a “government order or law for ISPs to block piracy websites” would be the most effective measure.
Senate Bill No. 497 or the Online Infringement Act proposes a regulatory site blocking mechanism to allow the authorities to ensure that internet service providers (ISP) take “reasonable steps to disable access to sites whenever these sites are reported to be infringing copyright or facilitating copyright infringement.”
“We are confident that Indonesia and Malaysia will rise to become market leaders in video (intellectual property) protection in the region, as a result of their site-blocking strategies. We are also confident that other countries in Asia, such as the Philippines, will take note and follow suit, boosting the growth of legal consumption of Filipino and international content,” Mr. Gane said.
Around 50% of the respondents said online piracy would lead to job losses in the creative industry. About 49% of respondents also said online piracy increases the risk of malware infections on computers and devices. — Arjay L. Balinbin
THE Securities and Exchange Commission (SEC) is now allowing companies to apply for conversion from an ordinary stock corporation to a one person corporation, and vice versa.
The regulator signed Memorandum Circular No. 27 on Aug. 25, which outlines the guidelines to convert to either ordinary stock or one person corporation. It was posted on the SEC website on Wednesday.
The circular puts into action Republic Act No. 11232 or the Revised Corporation Code of the Philippines, which was enacted last year to allow the creation of one person corporations and encourage company formation in the country.
Based on the guidelines, an ordinary stock corporation whose outstanding capital stocks are all held by a single stockholder may apply for conversion into a one person corporation.
In doing so, the articles of incorporation of the company will be amended, and all its outstanding liabilities will fall under the one person corporation. The company may retain its SEC registration number with an “OPC” suffix to indicate its one-person nature.
On the other hand, when the shares in a one person corporation is no longer held by a single stockholder, it must apply to be an ordinary stock corporation. Its articles of incorporation will be amended and its liabilities will be transferred to the ordinary stock corporation.
The company’s SEC registration number will be retained, but will lose its “OPC” suffix to indicate it is no longer a one-person firm.
The rules are set to take effect after the circular is published in a newspaper of general circulation, which the SEC intends to do this week.
The regulator has previously said that allowing one-person corporations will open opportunities for entrepreneurs to open a limited liability company. Based on 2018 data from the Department of Trade and Industry, 99.52% of businesses in the Philippines are micro-, small-, and medium-sized enterprises.
The initiative of the SEC is seen to benefit business owners as this will allow them to benefit from corporate perks such as those under the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Bill, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.
The bill aims to reduce the corporate income tax rate to 25% from the current 30%, until it reaches 20% by 2027.
“Allowing the conversion of ordinary stock corporations to one person corporations, and vice versa, would allow greater leeway on the part of the business owner/s to adapt to their respective peculiar business situations in terms of flexibility on the preferred ownership structure and the requirements that come along with either forms of corporations,” Mr. Ricafort said in an email to BusinessWorld.
“At the same time, this allows the business owner/s to enjoy the benefits of continuously having a corporation as a juridical entity/form of business, especially in terms of having limited liability only up to the extent of the shareholdings/equity of the owner/s in the corporation, unlike in other forms of ownership such as sole proprietorships and partnerships where the liability extends to the personal capacity/assets of the business owner/s,” he added. — Denise A. Valdez
THE United States-listed New Fortress Energy LLC (NFE) will be screening for investment opportunities in the country for future liquified natural gas (LNG) projects.
On late Wednesday, the state-owned Philippine National Oil Co. (PNOC) and New Fortress signed a memorandum of understanding centered on developing the Philippine LNG industry.
“NFE can help us bridge the gaps in the value chain for a robust LNG industry and enable us [to] take that giant leap towards the realization of the Philippines’ potential as a strategic LNG hub for the Asia-Pacific region,” PNOC President Reuben S. Lista said in a statement on Thursday.
Founded in 2014, New Fortress is a global energy infrastructure company that specializes in the construction and operation of LNG import terminals and other related facilities.
The government is rushing to promote the country to both local and foreign investors who can help in raising its LNG capacity amid the depleting reserves in its sole natural gas field in Malampaya, posing a threat to energy security.
Recently, it published its LNG investors’ guide for those interested in tapping the country’s indigenous gas resources.
“We hope that this partnership would bear fruit that would redound to the advantage of our people,” said Energy Secretary Alfonso G. Cusi, who is also present at the virtual signing as PNOC’s ex-officio board chairman.
“We are confident that, with this cooperation with New Fortress Energy, PNOC will find meaningful ways to contribute to achieving energy security and stability in the country,” Mr. Lista said.
New Fortress Chairman and Chief Executive Officer Wes Edens said the deal would enable “cleaner, more affordable, and more reliable energy for the people of the Philippines.”
“Increasing access to power across the islands at a rapid pace will create significant growth opportunities,” he added.
The Malampaya gas-to-power project under Service Contract 38 supplied 3,200 megawatts of electricity, accounting for 21.1% of the country’s gross power generation in 2019. The Department of Energy (DoE) projects that its resources will be gone by 2027.
Aside from vetting for prospective LNG spots around the country, the government also targets the importation of LNG as the alternative to the Malampaya reserves.
So far, it signed off LNG terminal projects forwarded by the Lucio Tan group with Blackstone group’s affiliate Gen X Energy, First Gen Corp. with Tokyo Gas Co. Ltd., US-based Excelerate Energy, and Energy World Gas Operations Philippines, Inc.
Among the four groups, Lopez-led First Gen is poised to deliver imported natural gas as early as 2022 with the construction of its interim gas terminal starting the last quarter of this year. It was given the go-signal by the DoE last month to proceed with the construction of its project.
PNOC was already in the process to pick a contractor for its LNG terminal when it decided to shelve the project in 2018 to give way to private players to build their own gas facilities. — Adam J. Ang
AFTER reintroducing entertainment shows to its programming in August, TV network TV5 is once again introducing a whole slew of programs this October as it attempts to go head-to-head with what is now, with the non-renewal of ABS-CBN’s franchise, the biggest TV network in the country, GMA.
“The new program line-up does not only set the bar higher for innovativeness and production values but also reinforces TV5’s vision to become a formidable force in Philippine television as it continues to challenge traditional programming standards and reinvigorate the network’s adaptability to survive and thrive in this pandemic and beyond,” Robert C. Galang, CEO of TV5 and Cignal TV, said in a press conference on Oct. 12.
In August, TV5 announced that its entertainment lineup would come from independent producers who want to enter into blocktiming, a practice where a program with its own producers buys a time slot from a network to show their program. The network partnered with Archangel media to produce game shows such as Bawal na Game Show.
Many of the hosts and actors on the new programs are from ABS-CBN, the embattled network which had to stop airing on free TV after failing to secure a renewal of its franchise in July. The move to introduce new programs, according to Manny V. Pangilinan, chairman of Cignal TV and TV5, was to offer “alternative jobs for displaced workers in the entertainment industry,” and that the doors of Cignal TV and TV5 are open to accept “creatives, talents, directors, scriptwriters, cameramen, etc.,” according to a statement.
This time, the network partnered with Brightlight productions to produce six more programs. Sunday Noontime Live, directed by Johnny Manahan, is a Sunday noontime musical variety show which will start airing on Oct. 18, 12 p.m. It will be hosted by actor Piolo Pascual and beauty queen Catriona Gray together with Maja Salvador, Donny Pangilinan, and Jake Ejercito.Another show is I Got You, directed by Dan Villegas, a romance drama series starring Beauty Gonzales, Jane Oineza, and RK Bagatsing. It is set to premiere on Oct. 18 at 2 p.m.
Sunday Kada is a weekly comedy show directed by Edgar Mortiz featuring Jayson Gainza, Ritz Azul, Wacky Kiray, Miles Ocampo, Daniel Matsunaga, Jerome Ponce, Josh Colet, Sunshine Garcia, Jhen Maloles, and Badji Mortiz. The show will premiere on Oct. 18, and will air every Sunday at 3 p.m. Lunch Out Loud, meanwhile, is a noontime variety show with games and surprises for its at-home viewers. The show will be hosted by Billy Crawford, Alex Gonzaga, Wacky Kiray, K Brosas, Bayani Agbayani, KC Montero, and Macoy Dubs and air every weekday at noon starting Oct. 19.
Long-running news magazine and lifestyle show Rated Korina (formerly Rated K) made the switch from ABS-CBN. Hosted by Korina Sanchez-Roxas, it is set to premiere on Oct. 24, 4 p.m., and air every Saturday thereafter.
“I feel blessed that I didn’t have to wait so long to get back on free TV. I have many friends in TV5 so it’s like having a family again,” Ms. Sanchez-Roxas said in a statement.
Finally, Oh My Dad, a family sitcom directed by Jeffrey Jeturian and starring Ian Veneracion, Dimples Romana, Sue Ramirez, Louise Abuel, and Adrian Lindayag, will premiere on Oct. 24, and air at 5 p.m. every Saturday. — Z.B. Chua
ISOC HOLDINGS, Inc. is bullish to expand its property portfolio in the coming years as it looks at the capital market as a viable investment tool in the future.
The holding firm of businessman Michael C. Cosiquien, co-founder of listed Megawide Construction Corp., said it launched two real estate projects this year despite the coronavirus pandemic.
Before the year ends and through the coming years, it looks to launch more commercial and residential projects in Metro Manila, and an integrated resort in Clark, Pampanga.
“The real estate industry is probably one of the most resilient sectors given that despite the pandemic, the industry remains to be stable,” Mr. Cosiquien, chairman of ISOC Holdings, told BusinessWorld via e-mail.
To support this growth, the company is studying possibilities for fundraising through an initial public offering (IPO) or a real estate investment trust (REIT) IPO.
“We want to establish a strong and consistent track record of sustainability that will satisfy, if not delight, our home owners. Doing an IPO or a REIT listing is a consideration in our long-term plan,” Mr. Cosiquien said.
ISOC Holdings, through I-Land, Inc., has two commercial properties, a residential property and a seven-hectare master-planned complex in Clark, Pampanga in its portfolio.
This year, it launched I-Land Bay Plaza in Pasay City and I-Land Residences Sucat in Parañaque City. I-Land Bay Plaza is already 50% leased out and is scheduled to be topped off next month. I-Land Residences is recording “very good” sales take-up, with all its one-bedroom units sold out.
“That’s why we are planning to launch Tower 2 of Sucat soon with more one-bedroom units,” Mr. Cosiquien said.
In the years ahead, the company plans to launch new residential and commercial projects in Quezon City, Pasig City, Makati City, and Taguig City. “We want to be able to satisfy our future homeowners and create a long term partnership and loyal following,” Mr. Cosiquien said.
Aside from real estate, ISOC Holdings also has interests in cold chain solutions, energy, and infrastructure businesses.
