Megawide unit obtains relief on Cebu Airport debt payment terms

May 7, 2021 | 6:54 pm

Megawide Construction Corp. said Friday that the lenders of its subsidiary GMR-Megawide Cebu Airport Corp. (GMCAC) have agreed to adjust the airport company’s debt servicing commitments and relax debt covenants.

The agreement covers “the end-2020 outstanding P23.9-billion project financing contracted to develop, operate, and maintain the… Mactan-Cebu International Airport (MCIA),” Megawide said in a statement to the stock exchange.

GMCAC is a consortium between Megawide and Bangalore-based GMR Infrastructure Ltd.

According to the final terms of agreement recently executed by GMCAC and its lenders, “the exercise will temporarily free up approximately P3.6 billion in cash from 2021-2023 and reinforce GMCAC’s financial position, which can be utilized to support operations while the ongoing pandemic limits air travel,” Megawide said.

“Principal payments will be postponed to 2027-2029, based on the renewed Omnibus Loan and Security Agreement, when the travel industry is expected to have fully recuperated” from the effects of the coronavirus pandemic, it added.

The airport company’s lenders are BDO Unibank, Philippine National Bank, Bank of the Philippine Islands, Development Bank of the Philippines, Land Bank of the Philippines, Metropolitan Bank and Trust Company, and Asian Development Bank.

Megawide Chairman and Chief Executive Officer Edgar B. Saavedra said the agreement is a “strong sign of support and confidence” in the company’s airport business model.

“The more relaxed debt servicing schedule will provide our airport operations a clearer runway to full recovery once the situation normalizes,” he added. — Arjay L. Balinbin

AUB net profit plunges in Q1 on heavy provisioning

May 7, 2021 | 6:50 pm

Asia United Bank Corp. (AUB) said net profit declined 38% year-on-year to P736 million in the first quarter after it increased provisioning levels in anticipation of a rise in non-performing loans.

In a disclosure to the bourse, AUB said: “While lockdown persists and the economy continues to reel from the impact of the global pandemic, AUB has set aside an additional P638 million in loan loss provisions in the first quarter of 2021.”

The provisions were 586% higher from a year earlier, bringing the bank’s bad loan cover to the equivalent of 3.4% of its loan portfolio.

The bank’s return on equity was 8.5% while return on assets was 1%.

Deposits grew 20% to P261 billion, it said.

Growth was driven by an increase in low-cost current account/savings account (CASA) deposits, which now account for 73% of the deposit base compared to 65% previously.

AUB President Manuel A. Gomez said the performance of its deposits reflect the bank’s sustained investment in digital channels, which “have been paying off.”

Assets rose 14% year-on-year to P313 billion.

It started adopting the QR code “QRPH” this week after the central bank allowed person-to-merchant payment transactions through the code.

AUB shares shed 20 centavos on Friday to close at P43.80. — Beatrice M. Laforga

Peso rally continues on strength of exports

May 7, 2021 | 6:48 pm

3-peso-dollar-currency-021820 — PHILIPPINE STAR/ MIGUEL DE GUZMAN

The peso rally passed the one-week mark Friday following improving trade data, featuring a strong rebound in exports.

The peso closed at P47.855 against the dollar Friday, following the Thursday finish of P47.98, according to the Bankers Association of the Philippines.

The peso’s close was the high for the day, with the rally marking its seventh consecutive day.

The peso opened at P47.92 and hit a low of P47.945.

Dollar volume rose to $985.37 million from $978.05 million Thursday.

Week-on=week, the peso strengthened by 24.5 centavos from April 30.

The rebound in international trade in March, during which exports and imports surged year-on-year, supported the peso rally Friday, according to Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

The Philippine Statistics Authority reported Friday that merchandise exports grew 31.6% to $6.68 billion in March, the highest growth rate in more than 10 years and a strong rebound from the 1.5% slump in February.

Goods imports rose 16.6% year-on-year to $9.1 billion, picking up from the 8.9% growth the month prior. This narrowed the trade deficit to $2.41 billion in March from $2.71 billion a month earlier.

A sluggish outlook for manufacturing data due to quarantine restrictions also helped buoy the peso, with slower economic activity possibly dampening demand for the dollar.

Meanwhile, a trader said the peso appreciated after unemployment eased to 7.1% in March from 8.8% in February, its lowest level during the pandemic.

The number of unemployed fell to 3.441 million in March from 4.187 million in February, according to official estimates.

Unemployment was the lowest since the 5.3% posted in January 2020, as well as the record 17.6% in April 2020.

The underemployment rate likewise eased to 16.2% in March from 18.2% the month before. — Beatrice M. Laforga

Facebook confronts human rights dilemma on political speech

May 7, 2021 | 5:34 pm

Facebook Inc. oversight board’s extension of former US President Donald J. Trump’s banishment from the social network failed to settle how it will balance political leaders’ freedom of speech and its responsibility to make sure hateful rhetoric does not incite violence.

The 20-person board, which includes legal scholars, activists, and a former prime minister, upheld Mr. Trump’s suspension from Facebook for the time being but said the company needed to do far more to prepare for volatile political situations.

The company’s policies on these issues have huge importance not just in the United States but in countries including India, Brazil, Myanmar, and the Philippines. Political leaders there have turned to the social network to stoke hate or spread misinformation, both with deadly consequences, according to critical reviews by the United Nations and other bodies.

“Facebook has become a virtually indispensable medium for political discourse,” the board said in its Wednesday ruling. “It has a responsibility both to allow political expression and to avoid serious risks to other human rights.”

The Oversight Board gave Facebook credit for evaluating Mr. Trump’s actions during the Jan. 6 attack on the US Capitol, which prompted his ban from the service, against the Rabat Plan of Action, a globally accepted test for distinguishing incitement of hatred and violence from what should be protected as free speech.

The six-point Rabat plan considers the context and intent of the speech, the speaker, the content itself, its reach and the imminence of harm. Mr. Trump, president at the time, told protesters in a Facebook video that they were “very special,” even as some were still storming into the Capitol. Mr. Trump’s account had 35 million followers.

The board concluded that Mr. Trump “used the communicative authority of the presidency in support of attackers,” and his violation of Facebook’s policies against glorifying violence was “severe in terms of its human rights harms.” It did not exercise its authority to tell Facebook it must ban Mr. Trump permanently.

But the board chastised Facebook for not having a process for re-applying that or some other test to determine when Trump’s privileges should be restored. It gave Facebook six months to decide on Mr. Trump’s status and urged the company to develop a policy to handle crises in which its existing options would not prevent imminent harm.

Facebook said it is reviewing the feedback.

INDIA TURMOIL

Mr. Trump’s suspension was the first time Facebook blocked a current president, prime minister or head of state. In March, it booted Venezuela President Nicolas Maduro for 30 days for spreading coronavirus disease 2019 (COVID-19) misinformation. His administration called the penalty “digital totalitarianism.”

As it has become a major information source, Facebook has mostly given leeway to political leaders because what they say is newsworthy and important to the functioning of governments. Still, its policing of rule-breaking politicians, and political speech more broadly, has prompted backlash from governments and new regulatory threats in India, Hungary and Mexico.

Many civil society advocates say the company is too ready to silence political dissent and has no toolkit for dealing with the many ways authoritarian governments are manipulating its services, which also include Instagram and WhatsApp.

The issue is especially fraught in India, where users since last year have criticized Facebook for being slow to police hate speech and other actions by politicians of the ruling Bharatiya Janata Party. Meanwhile, the government demanded that Facebook remove posts critical of its handling of the pandemic, including some by local lawmakers.

At the heart of the board’s order in the Trump case is the view that every Facebook user, including Trump, deserves clarity on actions that will get them banned forever and steps they can take to ensure temporary suspensions are lifted.

United Nations conventions, which establish a widely respected though voluntary framework for international human rights law, hold that freedom of expression is a bedrock right, and thus people should not be subject to arbitrary muzzling by Facebook. The company committed to upholding such human rights in a corporate policy unveiled in March that includes annual follow-up reports.

“If you believe in the international human rights law principles that guide the decision, it is hard to see how a lifetime ban could EVER be permissible for any content violation,” Nate Persily, a Stanford University law professor, tweeted on Wednesday.

But human rights law also holds that people must be protected from violence and other forms of harm.

Sarah Morris, director of New America’s Open Technology Institute, said the board’s decision indicates Mr. Trump’s repeated problematic postings in the run-up to Jan. 6 and their impact on the attack “make it a particularly egregious case that warranted deplatforming” him.

The board declined to go down the road recommended by a minority of members that Trump should not be reinstated until the company is satisfied that he has stopped making false claims about widespread fraud in the election he lost last year and disavowed support for those involved in the Capitol attack.

If Facebook adopted that requirement, Trump’s return may be far off. He has called Joseph R. Biden, Jr.’s 2020 presidential election victory “THE BIG LIE!,” repeating the claim as recently as Monday. — Paresh Dave/Reuters

Best bonding ideas for an awesome Mother’s Day celebration

May 7, 2021 | 5:20 pm

Treat your mom to a wonderful celebration at SM Supermalls.

If there’s one thing that moms want most when celebrating Mother’s Day, it’s spending time with the entire family. If you’re out of ideas on how to make bonding time with Mom extra special this coming May 9, let SM Supermalls give you a few fun and creative suggestions to make your date with the most important woman in your life one for the books.

Make it a blessed Mom’s Day. Start the day off with a special mass dedicated for mothers at participating SM malls or online through SM Supermalls’ Facebook page. It’s a great way to make Mom feel blessed and grateful for all the best things she receives in her life.

Enrich her career. It’s never too late for Mom to learn something new! Gift her with the special “SuperMOMpreneurs Power Up Webinar” presented by SM and Facebook Philippines this May 5 at 11:00 AM. In celebration of International Small Business Week, the webinar, which will be released on SM Supermalls Facebook Page and #WatchSM YouTube Channel, will surely be appreciated by Mom to help boost her business.

Surprise her with all-day access to her favorite places. Moms always love some “me” time, so why not make it a whole-day tour of some of her fave stress-relieving places? On May 5, SM will be holding the 5.5 Mom’s Sale featuring awesome discounts on food, shopping, and pampering! So, gather the whole fam, head of to her favorite SM mall, and enjoy a scrumptious meal at her chosen restaurant. Check out the Instagram-worth outdoor dining areas at SM malls where the whole family can dine safely. Next, make a stop at her preferred stores for some exciting retail therapy then finish off with a relaxing session at her favorite spa or salon.

Give her a feast to remember. If she’s not too keen to go out or simply wants to enjoy a low-key celebration, opt for a Mother’s Day feast at home, featuring all her best-loved dishes. From appetizers to desserts, you can have them all conveniently delivered to your home or take out via the SM Malls Online app or through its hotline (8-8761111 for Metro Manila malls or 09178761111 and 09088761111 for provincial malls).

Make her bloom even more. Nothing makes Mom smile more than a fresh bouquet of beautiful flowers, so a whole garden of blooms would definitely make her grin from ear to ear. At Mom’s Bloom Fair bazaar from April 29 to May 9, she can indulge in fresh and dried flowers and succulents and get a lovely shot of this flourishing paradise for Instagram.

Turn her into a TikTok star. Who says Mom can’t enjoy her 15 minutes of fame? Join her for a dance showdown and let the world know just how aweSM she is via TikTok. Just record a dance video of you and Mom and post it on TikTok anytime between April 29 to May 9, tagging @smsupermalls and including the hashtags #MOMentsWithSM and #FamTimewithSM, for a chance to be one of the 3 most viewed videos to win P3,000 SM gift certificates. Don’t forget to include SM Supermalls in your video to make it even more fun and creative!

Join #MOMentsWithSM Tiktok Dance Challenge

Arrange a special date for her and her furry friend. A certified pet parent like your mom deserves a bonding date with her fur baby, too. For SM’s Mom’s Pet Day, they can indulge in fun and exciting activities together, like photo sessions in their twinning outfits, from May 1 to 9. Plus, there will be special deals and discounts the two of them will surely enjoy. Just visit the Paw Park at participating SM malls to experience this paws-ome treat!

Cater to her sweet tooth. Baked goodies are always a nice idea to cap off a tiring but fruitful day, so before heading home, drop by Mom’s Bake Fair from April 29 to May 9 to bring home some of her favorite cakes and baked sweets. She will also be inspired by fellow empowered moms, as the bazaar features women entrepreneurs offering these sweet products.

Go the extra mile for Mom with these great bonding ideas for Mother’s Day at her favorite SM mall. Visit www.smsupermalls.com or like and follow @smsupermalls on all social media platforms for more information.

Are US firms ready to do more than voice concerns on trans rights?

May 7, 2021 | 4:46 pm

lgbt_c — Image via Ted Eytan/Flickr/CC BY-SA 2.0

NEW YORK — Leading US companies have become more vocal in criticizing proposed laws restricting transgender rights and taking a stand on LGBT+ issues but have failed so far to take concrete action against states with such legislation, advocates said.

Nearly 100 companies, including Facebook, Pfizer, and Dell, said late last month they were “deeply concerned” about a slew of trans-related legislative proposals presented recently in conservative states, calling the bills “discriminatory.”

Anne Lieberman, director of policy and programs at Athlete Ally, a US-based nonprofit LGBT+ athletic advocacy group, said the joint statement underscored the broader willingness of American corporations to step into the political arena.

“Since George Floyd’s murder over the summer, that was really a moment … where you saw businesses across the country really taking a strong stance in wading into political water in ways they haven’t done before,” Ms. Lieberman said.

Republican lawmakers have introduced a record 175 bills in at least 32 states on trans issues so far this year, according to Human Rights Campaign (HRC), the country’s largest LGBT+ advocacy group.

Most of the legislative proposals seek to stop trans girls and women from competing in school sports, and to restrict children’s access to gender transition-related medical care.

Proponents of the measures say they want to protect young people from medical procedures they could later regret and have voiced concerns that trans athletes have a physical edge that disadvantages girls and women.

It is not the first time big companies have taken a stand on LGBT+ rights issues. Last year, 36 firms signed a statement condemning a Tennessee law allowing adoption agencies to turn away LGBT+ couples on religious grounds.

“The sheer volume of businesses that engage is higher,” said Jessica Shortall, director of corporate engagement at Freedom For All Americans, an LGBT+ advocacy group that coordinated the statement with HRC.

“And honestly, practically speaking, there’s strength and safety in numbers,” Ms. Shortall added.

‘POLITICAL WATER’

The business community’s stance against conservative trans legislation came soon after leading companies spoke out against US state voting curbs that activist groups say unfairly target Black and other racial minorities.

Apple, Amazon.com, and Starbucks were among more than 100 companies to sign a letter in April opposing “any discriminatory legislation or measures that restrict or prevent any eligible voter from having an equal and fair opportunity to cast a ballot.”

Still, some trans rights advocates want business leaders to take a stronger line — as some companies did in North Carolina after the state passed the so-called “bathroom bill” in 2016.

The legislation banned trans citizens from using the public restrooms that correspond with their gender identity, prompting companies including PayPal, Adidas and Deutsche Bank to axe expansion plans in the state.

In an open letter in April, the HRC advocacy group urged companies to refuse new business in states where trans athletes were barred from competing and pull their support from sporting events where trans athletes cannot compete.

“Although we certainly appreciate those efforts, they are not enough,” the letter said.

More recently, Jennifer Pritzker — the world’s first trans billionaire and a Republican — has threatened to move her family’s business out of Tennessee due to a range of restrictive trans-related bills, several of which have passed.

Despite the dozens of proposals presented this year, so far only Arkansas, Tennessee, Mississippi, and South Dakota have pushed through measures banning trans women and girls from playing in female sports.

Idaho passed a similar law last year that has been blocked by federal court.

Last month, Kansas Governor Laura Kelly, a Democrat, and North Dakota Governor Doug Burgum, a Republican, vetoed bills in their states that aim to restrict trans athletes, with Kelly calling her state’s version of the bill “regressive.”

Both chambers of Arkansas’s state legislature passed a measure that would have made the state the first in the country to criminally punish doctors for providing certain types of care to trans youth.

Arkansas Governor Asa Hutchinson, a Republican, vetoed the bill shortly afterwards, saying it would be “vast government overreach,” however his veto was overturned by the legislature.

But despite the reprieve in some states, more such bills are bound to become law — particularly if lawmakers do not fear repercussions for their local economies, Ms. Lieberman said.

“Money, not morals, shifts the conversation far too often,” said Ms. Lieberman. — Matthew Lavietes/Thomson Reuters Foundation

Twitter shuts down accounts for attempting to evade Trump ban

May 7, 2021 | 3:15 pm

Twitter Inc. suspended several accounts this week that were set up to share statements from a new part of former US President Donald J. Trump’s website, saying they broke its rules against evading an account ban.

Mr. Trump was banned from Twitter, where he had more than 88 million followers, and multiple other social media platforms following the deadly Jan. 6 siege of the US Capitol by his supporters.

On Tuesday, a page was added to Trump’s site, dubbed “From the Desk of Donald J. Trump,” where he posts messages that can be shared by his audience to both Twitter and Facebook.

“As stated in our ban evasion policy, we’ll take enforcement action on accounts whose apparent intent is to replace or promote content affiliated with a suspended account,” a Twitter spokesman said in a statement.

A Trump representative said they had nothing to do with the suspended accounts, which included @DJTDesk, @DJTrumpDesk, @DeskofDJT and @DeskOfTrump1.

Twitter, which has said that its ban on Trump is permanent even if he runs for office again, has said users can share content from the Trump page as long as it does not fall foul of its ban evasion rules.

On Wednesday, Facebook Inc’s oversight board upheld Facebook’s suspension of Trump but said the company should not have made it indefinite. The board gave Facebook six months to decide a proportionate response.

Trump plans to launch his own social media platform, an adviser has said. — Elizabeth Culliford/Reuters

WTO vaccine waiver could take months to negotiate, faces opposition — experts

May 7, 2021 | 1:56 pm

WASHINGTON — World Trade Organization (WTO) negotiations on a waiver of intellectual property rights for coronavirus disease 2019 (COVID-19) vaccines could take months — provided they can overcome significant opposition from some member countries, trade experts say.

The talks also are likely to focus on a waiver that is significantly narrower in scope and shorter in duration than the one initially proposed by India and South Africa last October.

Prior to US President Joseph R. Biden, Jr.’s decision on Wednesday to back talks for a vaccine waiver, the two countries confirmed their intention to draft a new proposal after seven months of opposition.

WTO Director General Ngozi Okonjo-Iweala welcomed Mr. Biden’s move on Thursday and urged talks on the new plan to start as soon as possible. “The world is watching and people are dying,” she added.

“At a minimum, it’s going to be a month or two,” Clete Willems, a former Trump White House trade official who previously worked at the US trade mission to the WTO in Geneva, said of any possible agreement.

“Right now, there is no proposal on the table that would waive the TRIPS agreement simply for vaccines,” he said, referring to the WTO’s agreement on Trade-Related Aspects of Intellectual Property Rights that governs the transfer of property like movie rights or vaccine-manufacturing specifics.

A more realistic goal may be completion of the agreement in time for the WTO’s next ministerial conference, scheduled for Nov. 30 through Dec. 3, said Mr. Willems, now a trade partner at the Akin Gump law firm in Washington.

That would give vaccine producers more time to boost global supplies which could help contain the virus and ease pressure for the waiver.

The initial IP waiver proposal by India and South Africa last October included vaccines, treatments, diagnostic kits, ventilators, protective gear and other products needed to battle the COVID-19 pandemic.

HAGGLING OVER WORDS

US Trade Representative (USTR) Katherine Tai said on Wednesday that she will pursue “text-based negotiations” on the WTO waiver, the standard but tedious process for trade deal talks. Negotiators trade texts with their preferred wording, then try to find common ground, sometimes leaving blank spaces for thorny differences to be settled by politicians.

All 164 WTO member countries must reach consent on such decisions, with any one member able to block them.

“Those negotiations will take time given the consensus-based nature of the institution and the complexity of the issues involved,” Ms. Tai said in a statement that tamped down expectations for a quick deal.

While Mr. Biden’s backing adds political impetus to get a deal done, Germany, home to Pfizer’s vaccine partner BioNTech SE, on Thursday rejected the waiver proposal.

A German government spokeswoman said that manufacturing capacity was the main constraint on supplies, not intellectual property.

European Commission president Ursula von der Leyen said only that she was willing to discuss Biden’s plans.

US companies, which strive to influence the USTR’s trade negotiations, are already mobilizing to try to ensure the WTO talks lead to a waiver that is as narrowly targeted as possible.

“This is a mitigation effort. We’re aiming to make it less bad than it otherwise would be,” one industry source said.

Some Republican lawmakers are pushing the argument that the decision will hand American technology to China.

“What this decision will do, if it goes forward, is benefit countries like China that are aggressively trying to obtain US technology to bolster their own domestic champions,” Republican Senator Mike Crapo said in a statement.

On the plus side, a successful waiver negotiation would “improve the atmospherics” at the WTO, which has been marked by failure to reach agreement on substantive new trade policy since its inception in 1995, said Harry Broadman, a former Clinton administration trade official who helped negotiate the trade body’s creation.

“It’s good that the WTO hopefully can actually think about a consensus,” Mr. Broadman said, adding that he sees slim prospects that a vaccine deal could revive prospects for broader WTO negotiations. — David Lawder/Reuters

On vaccinating the globe, Blinken warns: ‘We have to speed this up’

May 7, 2021 | 1:15 pm

vaccine-12 — PHILIPPINE STAR/ MICHAEL VARCAS

NEW YORK — Vaccinating the globe against coronavirus disease 2019 (COVID-19) needs to be sped up to beat mutations of the virus, and the United States is looking at how it can do more to help, US Secretary of State Antony Blinken said on Thursday.

“If the entire world doesn’t do more, the world won’t be vaccinated until 2024. We can speed this up and get that done, I think, in much shorter time,” Mr. Blinken said in an interview with MSNBC during a visit to Ukraine.

The United States has pledged to start sharing up to 60 million doses of AstraZeneca Plc’s vaccine with other countries, and President Joseph R. Biden, Jr., on Wednesday threw US support behind waiving intellectual property rights for COVID-19 vaccines.

“We’re looking at other things too, but the main thing is we have to speed this up,” Mr. Blinken said. “None of us are going to be fully safe until … we get as many people vaccinated as possible.”

Mr. Blinken described a patent waiver as “one possible means of increasing manufacture, and access to vaccines.” The US decision paved the way for what could be months of negotiations at the World Trade Organization (WTO) to hammer out a specific plan.

UN spokesman Stephane Dujarric said on Thursday that, if agreed by the WTO, the patent waiver would be an important move, “but we also need to work simultaneously on the scaling up of manufacturing … ensuring that everyone has access to all the basic elements that are needed to manufacture the vaccine.”

Mr. Dujarric said financial support was also needed to ensure that vaccines are produced “in as many places as possible and as close as possible to those who will be consuming them.”

The US waiver support comes amid a devastating outbreak in India, which accounted for 46% of the new COVID-19 cases recorded worldwide last week, and signs that the outbreak is spreading to Nepal, Sri Lanka and other neighbors.

“If it’s mutating with a new variant, it could come back here and bite us even after people have been vaccinated, so we have to get ahead of that and we have to get ahead of it around the world,” Mr. Blinken said. — Reuters

Australia says international borders might not fully reopen until mid-to-late 2022

May 7, 2021 | 12:18 pm

SYDNEY — Australia’s international borders might not fully reopen until the middle or second half of 2022, Trade Minister Dan Tehan said on Friday, in a blow to airlines and the tourism sector.

Asked in a Sky News interview when borders might open, Tehan said “the best guess would be in the middle to the second half of next year, but as we’ve seen throughout this pandemic things can change.”

Mr. Tehan said he hoped more travel bubbles could be opened similar to the one between Australia and New Zealand. — Reuters

March export growth fastest in more than 10 years

May 7, 2021 | 11:25 am

THE COUNTRY’S trade-in-goods deficit narrowed in March as exports grew at its fastest pace in a decade, the Philippine Statistics Authority reported this morning.

Merchandise exports grew 31.6% to $6.68 billion following an annual decline of 1.5% in February, preliminary data by the PSA showed.

The export tally for March was bigger than $5.35 billion and $5.08 billion in February 2021 and March 2020, respectively.

Meanwhile, merchandise imports expanded by 16.6% to $9.10 billion in March, higher than the 8.9% growth in the previous month.

For exports, the March result was the fastest in more than 10 years, or since the 46.8% growth in September 2010. Meanwhile, import growth was fastest in 29 months or since the 26.2% print in October 2018.

This brought trade deficit to $2.41 billion in March, smaller than the $2.71-billion gap in February, as well as the $2.73-billion shortfall posted in March 2020.

Year to date, exports increased by 7.6% to $17.56 billion compared with the Development Budget Coordination Committee’s (DBCC) projection of a 5% growth for the year.

Likewise, imports were up 3.2% to $25.56 billion on a cumulative basis compared with $24.76 billion the previous year. This was still below DBCC’s 8% target this year.

That brought the year-to-date trade balance to an $8-billion deficit, narrower than last year’s deficit of $8.45 billion. — L.O. Pilar

TikTok launches media solutions in the Philippines to help local companies grow their business

May 7, 2021 | 10:28 am

TikTok For Business levels the playing field and empowers businesses of all sizes to reach their ideal customers

TikTok, the leading short-form video platform for creating, sharing, and discovering short-form video content, is now open to advertisers of all sizes in the Philippines. To complement TikTok’s rapid user adoption in the country, local SME advertisers will now be able to join their enterprise counterparts in reaching their audience on the app through TikTok’s authorized agencies and partners in the market.

TikTok has been the #1 downloaded app in Southeast Asia since February 2020 (Source: App Annie, February 2021), creating a large user base, highly engaged community, and diverse content and audiences. The app has experienced tremendous growth in users in SEA, with 2 out of every 5 users in the Philippines being parents, and 1 out of every 2 users being purchase decision-makers (Source: Global Web Index). Users have also driven rapid growth across a variety of content topics, the fastest-growing being finance and money, and education.

Through TikTok For Business, advertisers in the Philippines can now reach and engage with these diverse audiences to drive their business success. Advertisers will now have access to all of TikTok’s present and future marketing solutions designed for brands. TikTok aims to give marketers the tools they need to tap into unique opportunities that can only be found on the app.

Through TikTok Ads Manager, TikTok For Business empowers small and mid-size enterprises (SMEs) to be discovered and connect with the community of users on the app, build their brands, and achieve their business goals. These tools are designed to support advertisers through each step of the campaign creation process. Marketers can now make the most out of the creativity of the TikTok community, reach new audiences, and optimize their marketing campaigns, all within an easy-to-use platform.

While the launch of TikTok Ads Manager is designed to empower small and medium enterprises, TikTok will continue to strengthen existing relationships with enterprise customers across CPG, Food & Beverage, BFSI, Telco, eCommerce, Pharma, and Healthcare in the Philippines. Now, SMEs will also be able to enhance their advertising campaigns on the app through TikTok Ads Manager.

Grow business with TikTok Ads Manager

With TikTok Ads Manager, small and mid-size businesses will get to reach potential customers, and share their online journey in a fun and creative way. A business can advertise by creating and posting video ads with a flexible budget, including repurposing their existing creative assets to easily run ad campaigns on TikTok. Advertisers can also track the progress and success of every campaign using TikTok’s vast array of measurement and analytics tools, including third-party mobile measurement partners for app developers, and TikTok’s own pixel for website tracking. This helps businesses make sure that they are running effective and efficient campaigns on the platform.

A variety of creative tools are also available for advertisers to use on TikTok Ads Manager. These are:

Quick Optimisation – Adds TikTok style visual effects or opening frames to your video with a single click.
Smart Video – Leverages innovative technology to analyze uploaded videos and images, automatically selecting clips and music to create beautifully edited videos.
Smart Video Soundtrack – Incorporates music, which is a vital part of every TikTok video ad. Select from up to 4,000+ copyright free sounds
Video Templates – Turns image assets into TikTok ready videos with over 60 customizable video templates for various aspect ratios
TikTok Video Editor – Edits video creatives down to individual frames, add transitions, and precisely place elements within a video with TikTok’s free web-based video editor

TikTok’s Lead Generation, the first-party solution that helps businesses reach prospects in order to convert them into potential customers with ease, is also available to businesses in the Philippines. With Lead Generation, businesses can share details of their products and services that are related, appealing, and interesting to their customers with a few simple taps.

Digital solutions for boosting business growth

2020 was a challenging year for businesses all over the Philippines, with a crippling months-long lockdown as one of its greatest hurdles. According to the 2020 Asia Pacific Small and Medium Business Digital Maturity study conducted by International Data Corp. (IDC), 70.6% of micro, small, and medium enterprises in the country were forced to temporarily cease operations due to the COVID-19 outbreak. The same survey also shows that 58.8% of businesses reported zero income, while 28% had revenues drop by over 30%.

As they recuperate over the coming months, investing in digital transformation could actually help companies, particularly SMEs, to meet their business goals. It has been found that digitally mature SMEs are generally more productive, and are able to report higher revenues, versus those that are slow to adapt to digitalization. In the present scenario, digital tools have also become necessary and effective means for businesses to reach consumers. These are some of the primary reasons for the development of TikTok Ads Manager, at a time when consumers are found to opt for online transactions and interactions in light of the ongoing pandemic.

The global agency, We Are Social, reports in its Digital 2021 study that Filipinos spend an average of 4 hours and 15 minutes each day on social media, a 22-minute increase from the country’s Digital 2020 average. The Philippines also led the world in social media use in 2019 and 2020. Now, through TikTok Ads Manager, SMEs gain access to this large, highly engaged local community that exists online.

“We want to give brands and businesses the ability to reach millions of potential customers online in a unique way, with every single short-form video they share on TikTok. Through the platform’s easy to use advertising solutions, we hope to help businesses find their authentic voice, and enable them to maximize their creative potential in order to grow and thrive, while also being able to save on advertising expenses,” said Esme Lean, Head of Small and Medium Businesses, Southeast Asia – TikTok.

Start advertising in 3 easy steps

Businesses that are interested to start advertising on TikTok may do so by following 3 simple steps:

1. To sign up for a TikTok Ads Manager account, please visit https://ads.tiktok.com/i18n/signup/

2. You can start advertising by creating a campaign together with your video assets or design an eye-catching ad or videos using TikTok Ads Manager’s creative tools.

3. Once you set your targeting, budget, and creative, submit your ad for review and go live.

To learn more about TikTok Ads Manager, please visit our Help Center: https://ads.tiktok.com/help/?refer=from_advertising_platform.

Download TikTok on your iOS and Android devices today.

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