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Yields on 7-day deposits slip on demand

YIELDS ON the central bank’s term deposits inched down. — BW FILE PHOTO

YIELDS on the central bank’s term deposit facility (TDF) dipped on Wednesday as oil prices continued to correct amid renewed demand.

Tenders for the seven-day notes offered by the Bangko Sentral ng Pilipinas (BSP) on Wednesday amounted to P328.68 billion, higher than the P170 billion on the auction block and also surpassing the P273.755 billion in bids seen last week for the P150 billion up for grabs.

Banks asked for yields ranging from 2.25% to 2.2525%, a narrower margin compared to the 2.25% to 2.254% seen the previous week. This caused the average rate of the seven-day deposits to settle at 2.251%, down by 0.06 basis point from the 2.2516% logged on May 27.

“The results in the TDF auction reflect the market’s continued interest for BSP’s deposit facilities amid ample liquidity in the financial system,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement.

The TDF is the central bank’s primary tool to shore up excess liquidity from the financial system and to better guide market interest rates.

Offerings of the 14- and 28-day term deposits remain suspended. The BSP halted offering term deposits in mid-March to support the banking system amid the imposition of the lockdown measures.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the continued strong demand for the TDF shows investors are searching for higher yields as they park their excess funds. He said the lower rates came amid a correction in the global oil prices.

“The consistent marginal easing of the 7-day TDF auction yield may be partly attributed to the fact that global oil prices recently corrected higher to the highest levels in nearly 3 months, that could limit any further easing on inflation,” Mr. Ricafort said in a text message.

Oil prices saw some recovery in May after succumbing to negative territory in April. This, as demand picked up after the gradual reopening of some economies and as major oil exporters committed to cut down production by 10 million barrels per day.

Mr. Ricafort said the decline in the average rate was marginal as its yield continued to inch closer to the headline inflation print.

“Any rate lower than inflation will be considered negative net interest rate considering also that there is a 20% withholding tax on interest rate income,” he said.

Headline inflation in April settled at 2.2% on the back of lower food and oil prices, the Philippine Statistics Authority (PSA) reported last month. This is slower than the 2.5% in March as well as the three percent recorded in April 2019.

Meanwhile, May inflation likely settled at 1.9% to 2.7%, the BSP Department of Economic Research said, giving a point projection of 2.3%. A poll by BusinessWorld among 17 economists yielded a median estimate of 2.2%, with analysts citing higher prices of some food items and fuel as upward pressures.

The PSA will report the official May inflation data on June 5. — L.W.T. Noble

Robots dish out the drinks at reopened Dutch restaurant

MAASTRICHT, Netherlands — At the Dadawan restaurant in the southern Dutch city of Maastricht, an unusual group of new staffers has been brought in to help after the Netherlands eased its coronavirus lockdown this week: robots. A robotic trio of waiters named Amy, Aker, and James roll back and forth from the bar at the Asian fusion restaurant, handing out drinks — and lessening the number of trips that human staff need to make through the restaurant. Each robot has a simple humanoid figure, including arms to hold serving trays. Simple displays on their faces shows a smile, or occasionally a frown. Customers must pick up their own drinks. Though robotic servers were introduced in China several years ago and have since become a novelty at restaurants around the world, only a handful of Dutch eateries have so far introduced them. For now, Dadawan’s robo-service is limited to drink delivery, but the owner hopes to quickly widen their repertoire. Restaurant representative Paul Seijben said waiters’ jobs are not threatened by the newcomers. “Our team is actually really happy with the robots,” Seijben said. Staff, who wear face masks, load drinks onto the trays, press a table number, then stand back as the robot rolls away. Restaurants in the Netherlands were closed from mid-March to June 1 for everything but take out and delivery. Since Monday, restaurants have been allowed to receive up to 30 people with a minimum distance of 1.5 meters between tables. Diners must make an appointment in advance. — Reuters

Metro Pacific provides PPEs to Mindanao hospitals

METRO Pacific Investments Corp. (MPIC) has provided personal protective equipment (PPE) to frontliners in hospitals, medical institutions and local government units in Mindanao in their fight against the coronavirus disease 2019 (COVID-19) pandemic.

The move comes as MPIC Chairman Manuel V. Pangilinan in the early days of the pandemic cited the need to increase the PPE supply and mobilized companies in the group to prioritize the health and safety of health workers in hospitals under the group.

The group expanded its supply reach to hospitals outside its network, especially those in Davao and Zamboanga that have reported high cases of the dreaded disease.

Through PLDT Inc.’s logistical resources, the full PPE kits were flown to Mindanao and delivered to the hospitals for distribution to their determined recipients. Each kit included a surgical face mask, an N95 facemask, a disposable head cap, disposable shoe covers, a disposable surgical gown and a pair of anti-fog goggles or a faceshield.

MPIC said the kits were given to Dr. Jorge P. Royeca Hospital in General Santos City, Cotabato Regional Medical Center, Bishop Joseph Regan Memorial Hospital in Tagum, Kidapawan Doctors Hospital, Zamboanga City Medical Center, South Cotabato Provincial Hospital in Koronadal, and Northern Mindanao Medical Center in Cagayan de Oro City.

The recipient local government units are Butuan City, Agusan del Norte province, and Surigao del Norte province, through its four Mindanao hospitals. The provision was intended to augment the depleting number of protective equipment used by their doctors, nurses, and hospital staff during the two month-long COViD-19 defense.

Better e-payment regulation may improve, cut cost of transactions

LOCAL regulations on electronic payments (e-payments), especially on blockchain technology, can be improved further to lower remittance costs and make transaction processes more efficient, according to a technology company looking to expand in the Philippines.

Ripple’s head for Southeast Asia operations Kelvin Lee said in an interview that the blockchain company will still push through with its expansion plans in the country despite the ongoing coronavirus pandemic, but declined to give specific details.

This is in line with the central bank’s aim to promote e-payments across the country, he said.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno wants 50% of all payments, both in value and volume, done digitally before his term ends in 2023.

Ripple provides services to partner financial institutions to aid them in sending money globally via blockchain.

However, Mr. Lee said the Philippines could further improve the cost efficiency in sending or receiving money through better regulations.

Citing data from the World Bank, he said the country is among those with remittance corridors relatively cheaper compared to other countries.

“Improving cost efficiency of cross-border payments will largely boil down to regulatory controls. The current regulations meted out by the Philippines government and BSP in lowering the cost of cross border payments are welcomed as it enables more fintech players to enter the market, while also protecting consumer interest,” Mr. Lee said via email last week.

The central bank has launched Philippine Payment and Settlement System or PhilPaSS and the regulatory framework National Retail Payment System (NRPS) to promote an efficient payments and settlements systems.

“The cost efficiency of cross-border payments can also be further improved with the emergence of blockchain technology and digital assets — both of which require regulatory clarity to drive innovation and protect consumer interest,” Mr. Lee added.

However, he warned that regulatory control should be balanced as over-regulation could be “disruptive” to innovation, while under-regulation may give rise to financial crimes or issues on compliance.

“BSP is on the right track and we are very optimistic about the current laws they are pushing for to spur growth in the fintech sector,” he said.

Mr. Lee said digital services can substantially lower the transfer costs for customs, such as overseas Filipino workers when sending money back home.

For instance, Ripple uses blockchain technology and digital asset XRP to process the transfer of money faster and at a reduced cost as this “eliminates the need for pre-funding in destination currencies, thus dramatically lowering costs while enabling real-time payments in emerging markets like the Philippines.”

Mr. Lee said the company and one of its partners are also looking at waiving or lowering the end-user remittance fees for transactions into the Philippines to give customers financial relief amid the COVID-19 pandemic. — Beatrice M. Laforga

Insular Life to invest P500M in digitization

INSULAR Life Assurance Co. Ltd. (InLife) has set aside some P500 million for its digitization efforts as it adapts to the changing environment and consumer behavior.

In an online press briefing on Tuesday, InLife Executive Chairman Nina D. Aguas said the life insurance company was set to make huge investments to boost its digital capacity last year, but this might be increased further as the need to adapt has been more evident early this year.

“Last year, we were ready to invest and we’ve set aside certain amounts to make this investment but that number may change if we want to accelerate even further our digital capability. For now, it’s in the ballpark of half a billion (P500 million) and we could do more,” Ms. Aguas told reporters.

Ms. Aguas said InLife aims to be “equally aggressive” in technology and digitization efforts as its partner bank UnionBank of the Philippines, Inc.

Ms. Aguas said the life insurer will also tap financial technology (fintech) firms, particularly those that can service InLife’s healthcare products, for potential partnerships as it ramps up its digitization efforts.

In the first few months of the year up to now, she said InLife saw a “phenomenal rise” in customers buying prepaid life insurance and health coverages available through the online selling platform Lazada and the company’s own electronic store.

“We are investing, we are doing it internally now with no partners, but that is not to say that we will not do so, because the opportunity is clearly there particularly on the healthcare side… We do not mind looking at partners who could co-invest with us,” she said.

However, in terms of looking for partners that could provide digital services for its life insurance products, she said there will be some “limitations.”

InLife had discussions with several potential fintech partners in the past only to find they are “culturally not aligned.” She noted that InLife is trying to preserve its culture as a Filipino life insurance firm.

“We are very open particularly on the healthcare side looking at partnerships… Telemedicine for example, we have partners now in telemedicine, but we would like to expand that some more,” she said.

In 2019, InLife recorded P12.67 billion in total premium income for both traditional and variable life insurance products to rank eighth in the sector.

The company, meanwhile, ranked 10th in terms of new business annual premiums equivalent (NBAPE) with P1.91 billion last year.

For this, Raoul Antonio E. Littaua, senior executive vice president and head of agency distribution group at InLife, said their goal is to maintain the levels of NBAPE they had in 2019 despite the adverse impact of the coronavirus crisis on the company and the whole economy.

“I think we have a better chance at maintaining the NBAPE so to speak, [however, in terms of variable universal life (VUL) products], that will be a bigger challenge because VUL policies, investment policies, with all the uncertainty, we don’t see that coming in at least in the next few months. Maybe down the road, who knows. All of these things will change as soon as an announcement is made that there is a vaccine already or fewer (infections),” Mr. Littaua said.

InLife booked P2.94 billion in net income last year, ranking fifth among all life insurers in the country. — B.M. Laforga

Parisian cafés eke out space along sidewalks

PARIS — The Café de Flore in Paris, once a favorite drinking hole of Simone de Beauvoir and Jean-Paul Sartre, spread its tables along the pavement, in front of the neighboring book store, and reopened on Tuesday for the first time in 11 weeks. Locals could once again enjoy a morning espresso, albeit only at tables spaced a meter apart, as the government allowed cafés and restaurants to open outdoor terraces, lifted travel curbs within France and permitted sunbathing on beaches. Across Paris, café owners encroached on sidewalks to maximize the number of tables they could set. Each had to submit their new configuration to the local authorities online and in the days ahead their new layout will be inspected. Those without little or no outdoor seating have been less fortunate. Across the boutique-lined Boulevard Saint-Germain from the Café de Flore, the Brasserie Lipp, which kept serving through World War Two but was shut down by the coronavirus pandemic, remained closed. Some cafés replaced menus with chalkboards, others asked patrons to scan a barcode to bring up the menu on their smartphone. Finance Minister Bruno le Maire on Tuesday promised a solidarity fund to help cafés and restaurants would run until the end of 2020. Many depend on the tourists who in normal times swarm through Paris, the world’s most visited city. — Reuters

Maynilad donates alcohol to 32 hospitals

WEST zone water provider Maynilad Water Services, Inc. donated alcohol to 32 hospitals within its concession areas, as part of the company’s efforts to support medical personnel during the coronavirus disease 2019 (COVID-19) pandemic.

In a statement, Maynilad purchased one-gallon bottles of 70% isopropyl alcohol from its social enterprise community in Tondo, Manila, which were then distributed to secondary hospitals.

The water concessionaire said it plans to donate alcohol bottles to other hospitals such as the Quezon City General Hospital, Caloocan City Medical Center, Ospital ng Parañaque, Ospital ng Muntinlupa, Las Piñas General Hospital, Ospital ng Maynila, Bacoor District Hospital, and Cavite Naval Hospital, among others.

Maynilad said it continues to conduct several relief activities to assist frontliners such as the donation of bottled water, hygiene kits, and isolation tents.

Other assistance done by the water company include the set-up of free metering and water piping works to provide water supply at the quarantine center established in Philippine Arena, and the provision of free water supply for the treatment facilities at the World Trade Center, Philippine International Convention Center, and Rizal Memorial Sports Complex.

Metro Pacific Investments Corp., which has majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific, the others being Philex Mining Corp. and PLDT Inc.

Zoom doubles forecast of sales as users surge

ZOOM Video Communications Inc. nearly doubled its expectations for annual sales on Tuesday, driven by a surge in users as more people work from home and connect with friends online during coronavirus lockdowns.

But Zoom’s costs also rose sharply, and executives said gross margins would likely remain below Zoom’s historical norms in the coming quarters, sending shares of the San Jose, California-based down 3.5% to $200.75 in after-market trading.

The company has transformed itself into a global video hangout from a business-oriented teleconferencing tool. It came under fire over privacy and security issues, prompting it to roll out major upgrades.

The company raised its full-year revenue forecast to a range of $1.78 billion to $1.80 billion from $905 million to $915 million. Analysts on average expected revenue of $935.2 million for the fiscal year ending January 2021.

The latest quarterly report shows the company now has about 265,400 customers with more than 10 employees, a near fourfold increase from a year earlier.

But there were also possible signs the Zoom boom may be slowing as economies reopen. Chief Financial Officer Kelly Steckelberg said the April peak usage of 300 million daily meeting participants declined slightly in May.

The company expects it to rise eventually above 300 million again.

Zoom company competes with Cisco Systems Inc.’s Webex, Microsoft Corp. Teams and Google’s Meet platform for paying customers, particularly enterprises, while offering a free version to consumers.

Zoom reported fiscal first-quarter revenue of $328.2 million, beating analysts’ estimates of $202.7 million, according to IBES data from Refinitiv.

While Zoom’s revenue increased sharply, its costs rose even more steeply. The company’s cost of revenue was up 330% to $103.7 million, which lowered its gross margin to 68.4% from 80.2% a year earlier.

One of Zoom’s biggest costs is data centers and bandwidth to host calls. The company runs some of its own data centers, but also pays for cloud computing services from Amazon.com Inc.’s Amazon Web Services and Microsoft, and in April added Oracle Corp. as a vendor.

On a Zoom call with investors, Chief Executive Eric Yuan said Amazon provided the “majority” of new capacity that Zoom needed to meet demand.

Steckelberg said on the call that the company planned to expand its own data centers to become more efficient, which should boost margins to the mid-70% range in the next several quarters. Analysts had expected gross margins to hover between 79% and 81% over the coming year, according to Refinitiv data.

Excluding items, the company earned 20 cents per share in the latest quarter, beating analysts’ estimate of 9 cents.

Zoom’s shares have more than tripled this year. — Reuters

Pandemic brings Asia’s booming online lending sector to a halt

HONG KONG/MUMBAI/SINGAPORE — The spring started out rosy for the Indian arm of ClearScore, a company that offers online credit scores and loans.

Within weeks, the coronavirus pandemic had taken hold, drastically changing the picture for the online lending industry in Asia.

“In the second week of March, we were talking about what a great quarter it would be and a month later I had to let go of the team,” said Hrushikesh Mehta, country manager for India at ClearScore.

The UK-based company shuttered its India business on April 13, as 10 out of 14 lending partners withdrew their products within three days of the launch of a nationwide lockdown.

Alternative lending companies and platforms across Asia are scrambling to raise funds and stave off bankruptcy as they face a wave of bad loans.

Sixteen lenders and investors in markets across Asia Pacific said companies were laying off staff and cutting costs to survive.

Online lending had been one of the hottest sectors in recent years, as new players bet that a digital approach meant they could lend profitably to entities that banks found too costly or bothersome.

Asian online lenders raised more than $4 billion in 2017 and 2018, with Indian and Indonesian companies most prominent, according to data provider Tracxn.

In India there are nearly 500 online lending start-ups, and roughly 160 in Indonesia, many backed by Chinese money.

Some are peer-to-peer platforms (P2P), which match borrowers with individual lenders who hope to earn a higher return on savings; others use their own funds or partner with other institutions. Many combine all three approaches.

But as economies across Asia went into lockdown to limit the spread of the new coronavirus, many borrowers defaulted.

“I think it is only about 20 to 30% of (Indian online lenders) that are well capitalized, and the rest are going to struggle. 70% are staring at an existential crisis,” one online lending chief executive said, speaking on condition of anonymity because of the sensitivity of the matter. “Since the lockdown started, demand is down by 90% and lending now is down by 95%”.

Dima Djani, CEO of sharia-compliant Indonesian business P2P lender ALAMI, described the situation as “natural selection”.

“This is a test. Those come out unscathed will be the champions in a more saturated P2P landscape going forward,” he said.

ESPECIALLY VULNERABLE
The IMF expects Asia to record zero growth for the first time in 60 years, as lockdowns bring service sectors to a halt, exports plunge, and companies and individuals stop spending.

Small- and medium-sized enterprises and workers in the informal economy have been particularly hard hit. Asia-focused banks including, HSBC and DBS have taken greater provisions against bad loans, but alternative online lenders are worse off than their traditional competitors.

Indonesian online lenders had an NPL ratio of 4.22% in March, according to data from financial regulator OJK, up from 3.65% in December, compared to 2.77% for traditional banks.

“Most fintech companies provide smaller-sized loans for middle-low borrowers to fill the gap that banks could not reach. This cohort is unfortunately one of the most impacted by the pandemic,” said Markus Rahardja, of BRI Ventures, the corporate venture arm of state-owned Bank Rakyat Indonesia.

It is also harder for some lenders to get repaid.

“Because everything from the paperwork to lending happens online, consumers find it easier to default,” said Ashvin Parekh, a Mumbai-based independent financial consultant.

Online lenders that fall outside the traditional bank regulations have fewer requirements in many markets about how much capital they must have on hand. That makes them more vulnerable to a wave of defaults, said Etelka Bogardi, a Hong Kong-based financial services regulatory partner at law firm Norton Rose Fullbright.

SURVIVAL OF THE FITTEST
Lenders must decide whether to lend more — there is demand from businesses and individuals desperate for cash — or hunker down.

“If you have lots of money and you have reporting requirements, you might choose the approach of issuing more loans,” said Jianggan Li of from Singapore-based venture outfit Momentum Works. “But that’s dangerous, the minute the loans are issued, people can’t pay back on time.”

Abheek Anand, head of Southeast Asian investments at Sequoia Capital, told a DealStreet Asia event he had warned portfolio companies to be careful and avoid temptation.

More cash is necessary for either strategy. But venture capital funds invested just $388 million in online lenders in Asia in the year to May, a sharper decline than overall fintech investment.

“The last thing I want to be getting into at the moment is online lending,” said one China-based VC investor. “It’s just one turn of the glass and you go from being the good guy supporting microfinance, to backing loan sharks.” — Reuters

Keeping safe, stylishly

WE understand that in times like these, one would like a little bit more of protection. But this does not mean that style has to be abandoned.

One must keep in mind that full-body PPEs (Personal Protective Equipment) should be reserved for frontliners due to the equipment’s actual necessity in their field, as well as safety guidelines in donning and doffing them for which they have received training. What follows is a list of a few designers and brands that have come up with protective outerwear that suit civilian needs and lifestyles.

We must note that these are not medical-grade and are only suitable for everyday tasks. We also urge people to research on how to put on and remove protective outerwear properly, to avoid contact with the virus that causes COVID-19 (coronavirus disease 2019).

Kamiseta

Local brand Kamiseta is releasing a line of protective clothing that come as either waterproof tracksuits, 1950s-inspired shirtwaist dresses, or else wraparound numbers. They cost between P795 and P995. To shop, visit kamiseta.com.

Bianca Cordero

Stylist and designer Bianca Cordero usually makes formals for both men and women. Since there is no need for these days, she has pivoted to designing waterproof coats and jumpsuits suitable for both men and women. We’re particularly entranced by a trench hoodie with a zip-up mask with large pockets (perfect for shopping), as well as a frilly coat made in clear plastic. To shop, visit her Instagram @biancacordero.

Bayo

Another local brand, Bayo, has a collection of protective outerwear also made of water-repellent fabric. The texture of the tracksuit is akin to piña, but the collection also includes two hooded trench coats. All pieces come with two free face masks. Although currently sold out, one can still check out the pieces at styleshops.com.ph.

Lian Martin

Designer Lian Martin, who was once found making draped and high necked ternos, now puts that skill to use in making hooded waterproof jackets. The jackets have huge pockets and come in black (although they are customizable), and have an oddly flattering shape suitable for both men and women (thanks to a very slight flare around the hips). Each purchase comes with a free 3D mask. To shop, visit @lianmartiin.

Mark Bumgarner

Former racing ace and now designer to the stars Mark Bumgarner is known for his softly feminine creations. The same care and attention to design is not lost in his vision for protective outerwear. Called The Armor Project, the line is made up of jumpsuits, track separates, and even dresses. They come in many prints and designs (yes, even floral), and have the look and feel of those jumpsuits worn by aviators in the 1930s and ‘40s, and can be styled with versatility. For inquiries, visit Mark Bumgarner’s Instagram @markbumgarner. — Joseph L. Garcia

ARTHALAND’s Notice of 2020 Annual Stockholders’ Meeting

 NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

NOTICE is hereby given that the 2020 annual stockholders’ meeting of ARTHALAND CORPORATION will be held on 26 June 2020, Friday, at 8:30 A.M. and will be conducted through remote communication.

The Agenda for the meeting is as follows:

1. Call to Order
2. Secretary’s Proof of Due Notice of the Meeting and
Determination of Quorum
3. Approval of Minutes of the Annual Stockholders’ Meeting
held on 28 June 2019
4. Notation of Management Report
5. Ratification of Acts of the Board of Directors and Management
During the Previous Year
6. Approval of the Proposed Amendment of the By-laws
7. Approval of the 2020 Stock Option Plan
8. Election of Directors (including Independent Directors)
9. Appointment of External Auditor
10. Other Matters
11. Adjournment

Only stockholders of record at the close of business on 04 June 2020 are entitled to further notice of and to vote at this meeting. The electronic copy of the Information Statement which includes the manner of conducting the meeting and the process on how one can join the same, as well as vote in absentia, among other relevant documents, is available in www.arthaland.com and in the Electronic Disclosure Generation Technology of the Philippine Stock Exchange (PSE EDGE).

WE ARE NOT SOLICITING YOUR PROXY. However, if you cannot personally attend the meeting or participate through remote communication but would still like to be represented thereat and be considered for quorum purposes, you may inform the Office of the Corporate Secretary with contact details indicated below or through (+632) 8 403 6910 or investor.relations@arthaland.com not later than 19 June 2020 (Friday). You will be advised the following business day of any further action necessary on your part, which may include accomplishing a proxy.

Taguig City, Philippines.

RIVA KHRISTINE V. MAALA
Corporate Secretary

 

ARTHALAND CORPORATION
Head Office, 7F Arthaland Century Pacific Tower
5TH Avenue corner 30TH Street, Bonifacio Global City
1634 Taguig City, Philippines

SMC sets strict office safety protocols

SAN MIGUEL Corp. (SMC) said on Wednesday that it had put in place stringent protocols to ensure a safe workplace for its employees who are physically reporting for work starting this week after Metro Manila’s transition to a relaxed lockdown.

Ramon S. Ang, SMC president and chief operating officer, said the PCR (polymerase chain reaction)-testing for company staff is in full swing nationwide. He said health protocols had been in place in all facilities for the employees’ peace of mind and to help prevent transmission of the coronavirus.

“Only 20% of our employees are required to report to the office under the existing skeletal work arrangement. And to ensure that these employees will work in a clean and sanitized environment, we will aggressively implement these protocols for their safety and the safety of their families,” Mr. Ang said.

He said there are those who need to be present at the offices due to the nature of their jobs. Only employees who have been tested and were found to be negative for the virus will be allowed entry to the office premises. They have been given a badge that also serves as their access pass.

“The testing is being done in batches so as to reduce unnecessary crowding in the testing areas. And those who were given a clean bill of health will be regularly checked for indicative symptoms, so they can be isolated if needed and early intervention can be made,” Mr. Ang said.

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