Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 8891

One-stop shops, electronic courts to boost PHL’s ‘Doing Business’ ranking

THE PHILIPPINES can make doing business easier for entrepreneurs through one-stop shops as well as by establishing electronic courts to streamline dispute resolution among entrepreneurs, World Bank analysts said on Friday.

In a video press conference televised from Malaysia and aired in Taguig City, World Bank analyst Maksym Lavorsky said enforcement of contracts can be improved more, as it takes 962 days to resolve a commercial dispute in the Philippines, significantly longer than the 580-day average in the East Asia and the Pacific region.

“As you can see, the enforcement of contracts is at the bottom of this table. So you can see, there is room for improvement on that. It takes the Philippines 962 days to resolve a commercial dispute while the average in East Asia and the Pacific region is around 580 days to settle a dispute. So this is an area where the Philippines can improve on,” Mr. Lavorskyi told reporters.

He said the Philippipnes can adopt an electronic court system and streamline its processing of complaints to improve its performance in the court automation index indicator where it scored zero in the World Bank’s Doing Business 2020 report published last Thursday.

“The implementation of electronic courts, as we sometimes call them, makes it possible to file complaints electronically to courts. This is an area where the Philippines can move into because in the court automation index indicator, the Philippines has a score of zero,” he said.

In the report published on Thursday, the Philippines’ ranking rose to 95th place this year from 124th last year as it saw its points inch up to 62.8 from the previous 57.7.

The multilateral bank said the country’s score went up this year as it made it easier to start a business and to deal with construction permits. It also strengthened minority investor protection by requiring greater disclosure of and enhancing director liability for transactions with interested parties, it said.

Another area the Philippines can improve on is in terms of getting credit, World Bank economist Victoria Kwakwa said.

“There is indeed much room for improvement there especially on the rights of lenders with respect to security of transactions and quality of credit information,” Ms. Kwakwa said.

For Arvind Jain, senior economist and statistician at World Bank, the Philippines could enhance its one-stop shops to make it easier for entrepreneurs to start businesses. This includes simplifying procedures, limiting the number of authorities processing requirements to one, as well as lessens costs.

“In terms of why businesses find it difficult to start businesses, across counties, there must be several procedures that businesses need to undertake to start business. they may have to go to one authority, register with main authority, then to tax authority then another procedure. Sometimes, cost in registering a business can be cumbersome,” Mr. Jain said.

Sought for comment, Socioeconomic Planning Secretary Ernesto M. Pernia told reporters on Friday that the government “should adopt single-window policy that will really facilitate the processing of permits and other requirements,” to improve its ranking. — Beatrice M. Laforga

SC ruling on business inspections to boost PCC

THE PHILIPPINE Competition Commission (PCC) said the recent Supreme Court (SC) ruling that authorizes commercial courts to conduct inspection orders on business premises for anti-competitive behavior will bolster its investigation tools.

This implementation of the Rule on Administrative Search and Inspection under the Philippine Competition Act on Nov. 16 will give PCC power to conduct dawn raids, it said in a statement.

This means that deputized agents can “enter, search, and inspect business premises, offices, land and vehicles to examine, copy, photograph, record or print information in order to prevent their removal, concealment, tampering with or destruction.”

PCC said this bolsters their investigations of anti-competitive behavior such as cartels and abuse of dominance.

“Cartels operate on clandestine arrangements or so-called gentleman’s agreements that ultimately affect prices and hurt consumer welfare.” PCC Chair Arsenio M. Balisacan said.

“With the rules on dawn raids now in place, this will intensify PCC’s case-building, uncover anticompetitive behavior, and pin down such white-collar crimes covered by the Philippine Competition Act.”

The SC decision allows inspection orders to be issued if the commercial court finds reasonable grounds to suspect that information sought is stored or accessible at the premises indicated in the application.

Applications for an inspection order are to be acted upon within 24 hours from filing.

Information that can be inspected during dawn raids include books, tax records, documents, papers, accounts, letters, photographs, databases, means of accessing information contained in such databases, and electronically stored information.

Commercial courts in Quezon City, Manila, Makati, Pasig, Cebu City, Iloilo City, Davao City, and Cagayan de Oro City can issue inspection orders that are enforceable nationwide.

PCC said that special commercial courts will have concurrent jurisdiction within their respective territorial jurisdictions.

Persons or entities that refuse to comply with an inspection order may be fined, imprisoned, or both under a contempt of court charge.

“The PCC extends its profound thanks to the Supreme Court for strengthening our armory of investigative tools to detect, investigate and prosecute anti-competitive agreements and conduct. The rules strike a balance between due process and public interest in enforcing the competition law,” Mr. Balisacan said. — Jenina P. Ibañez

Bill on loan program for MSMEs filed

HOUSE SPEAKER Alan Peter S. Cayetano has filed a bill which aims to institutionalize a simplified loan program with low interest for micro, small, and medium enterprises (MSMEs) in the country.

Mr. Cayetano filed House Bill No. 5 or the “Puhunan, Tulungan, Kaunlaran Act of 2019.” It provides a loan program with much lower and affordable interest rates to prohibit enterprises from resorting to “5-6” lenders.

Under the proposed loan program, first time borrowers can loan P10,000; P30,000 for second time borrowers; and P250,000 for third time borrowers. Loan proceeds shall be exclusively used for capital.

Those applying for loans must be at least 18 years old, a member of registered cooperative or association, must bring a comprehensive feasibility study of the business proposal, and has attended a seminar organized by the Department of Trade and Industry.

The proposed measure also creates a comprehensive development and assistance program for MSMEs which will be tailored fit for each administrative region. It seeks to transform MSMEs into five-star businesses.

The measure also mandates free technical and administrative support such as training on development skills, packaging and design, quality control, market promotion, and financial literacy.

Also, the five top-performing enterprises per size and category yearly in each region shall receive grants not less than 10% of their current capital.

Every medium-sized enterprise that evolves into a large enterprise through the help of the program shall also be eligible for a one-time grant of P25,000 for further business capitalization.

The current law that provides help to MSME is the Republic Act No. 10693 or “Microfinance NGOs Act” which encourages non-government organizations to provide microfinance services to MSMEs. — Vince Angelo C. Ferreras

4 firms eyeing Malaya plant — PSALM

FOUR companies expressed interest in participating in the auction for the 650-megawatt Malaya Thermal Power Plant (MTPP) and its underlying land in Pililia, Rizal, according to the Power Sector Asset and Liabilities Management Corporation (PSALM).

In a statement on Friday, PSALM said Panasia Energy, Inc., Phinma Energy Corp., Hill Trench Power, Inc. and Therma Central Visayas Inc. sent representatives to the pre-bid conference held on Thursday.

“The pre-bid conference enabled interested bidders to ask questions and request for clarifications relative to the bidding requirements. This is integral to ensuring that the bidders can eventually submit bids and documents that are responsive to technical requirements of PSALM,” PSALM President and CEO Irene Besido-Garcia said.

The MTPP was declared a Must Run Unit (MRU) in 2014 by the Department of Energy. It is not allowed to compete with the private sector unless the private firms’ reserves are below their minimum level.

The National Grid Corporation of the Philippines currently operates the MTTP.

After privatization, the Department of Energy stated that the MTTP will no longer be required to run as an MRU.

PSALM declared a failed auction for the MTPP last Sept. 18, after only one bid, from the Ayala-owned AC Energy Inc., was received.

For the new auction, the last day for submission of documentary deliverables is on Nov. 7, which PSALM would check for qualification. Qualified bidders would be informed of the reserve price.

The deadline for submission of bids is 12 noon on Nov. 22. The bids will be opened and evaluated on the same day.

In the event that only one bid is received, the PSALM Bids and Awards Committee will declare a second failure of bidding, and will immediately hold a negotiation with the lone bidder. — Jenina P. Ibañez

Now Corp, Korean telco to develop 5G network in PHL

NOW Corp. and its affiliate Now Telecom Co., Inc. is teaming up with South Korea’s SK Telecom Co., Ltd. to launch a commercial fifth generation (5G) network in the Philippines.

In a disclosure to the stock exchange Friday, the Velarde-led company said it signed a memorandum of understanding (MoU) with the South Korean telco to establish a 5G stand-alone network and form a 5G roadmap for the country.

“SK Telecom and Now expect to draw up a Phased 5G Commercialization Plan as part of the agreement,” it said.

SK Telecom is the largest telco in South Korea with a market share of almost 50%. Now said it wants to take advantage of the Korean company’s 5G knowledge to develop in-building solutions, business-to-business services and 5G-enabled enterprise applications.

“This partnership with SK Telecom will help produce a more defined business strategy for Now and its execution programs for the next five to ten years as the country begins to embrace 5G and its various applications,” it said.

Now Telecom said in June it wants to battle Globe Telecom, Inc. and Smart Communications, Inc. in the 5G arena, with plans to adopt 5G technology for enterprises and homes with speeds of up to 20 gigabits per second (Gbps).

Globe is the only telco in the Philippines that currently offers 5G services. It started the commercial availability of its 5G network to home subscribers in July.

Smart, the wireless unit of PLDT, Inc., is scheduled to make its 5G service available commercially by early next year, as it had already fired up two 5G cell sites last year.

In September, Now Telecom was given a cellular mobile telephone system (CMTS) license by the National Telecommunications Commission. This allows the company to operate as a wireless telco in the country, joining other CMTS license holders Globe, Smart and Dito Telecommunity Corp. — Denise A. Valdez

Globe to acquire majority stake in ECPay

GLOBE Telecom, Inc. is spending P1.54 billion to acquire a majority stake in Electronic Commerce Payments, Inc. (ECPay).

The Ayala-led telecommunications firm on Friday told the stock exchange its acquisition of a 77% equity interest in ECPay from Payment One, Inc. and The Andresons Group, Inc. It bought 49.28 million shares in the firm priced at P31.25 apiece.

The deeds of assignment and other definitive documents were also signed Friday to close the transaction. Globe said the transaction was done in cash.

“Integrating ECPay into Globe’s network of retailers will add value to our distribution channels, enabling them to offer a suite of products and services via a single platform,” Globe President and Chief Executive Officer Ernest L. Cu was quoted as saying in a statement.

ECPay is in the business of providing information technology and electronic commerce related solutions. Adding it to Globe’s list of subsidiaries is expected to help small business owners that are with the company to “offer more products and services which in turn will stimulate the e-commerce industry and the digital economy.”

“It will also future-proof Globe’s distribution network, bringing the company a step closer to its vision of a digitally-enabled Philippines,” it said.

BPI Capital Corp. was the exclusive financial advisor to Globe Telecom for the transaction.

Last month, Globe also bought back its shares in tech company Yondu, Inc. from Xurpas, Inc. to become the sole owner of the firm. It said then the move is intended to boost the company’s enterprise business.

In the first six months of the year, Globe posted an attributable net income of P12.05 billion to grow 21% from last year due to the robust growth of its data business. It is allocating P63 billion for capital expenditures this year. — Denise A. Valdez

Rockwell to avail of 2 loans worth P15B

ROCKWELL Land Corp. will avail of two long-term loan facilities worth P15 billion to fund its capital expenditures and repay debt.

The Lopez-led property developer told the stock exchange Friday its board of directors has approved the availment of P5 billion loan from Philippine National Bank and a P10 billion loan from BDO Unibank, Inc.

Rockwell Land said the proceeds will be used to fund its capital spending requirements and to refinance its maturing debts.

The company allocating P12-14 billion for capital expenditures this year, including expanding its land bank.

It is expecting to end the year with more than P10 billion in sales from residential developments, as it announced in May a pipeline of projects such as its first horizontal development in Laguna.

In terms of reservation sales, Rockwell Land is looking at reaching P16 billion by the end of the year, higher than the P15 billion in reservation sales last year.

The company posted an attributable net income of P1.28 billion in the first semester, up 25.5% from the P1.02 billion it reported last year, on the back of a 21% reduction in gross expenses to P5.21 billion. — Denise A. Valdez

Cement manufacturers post higher Q3 earnings

LISTED cement manufacturers saw higher earnings in the third quarter, as they focused on cost and operational efficiency amid a slowdown in construction activity.

Holcim Philippines, Inc. reported a 159% growth in attributable net income to P457.2 million in the July to September period, while Cemex Holdings Philippines, Inc. swung to a net income of P150.49 million from a net loss of P5.78 million last year.

Holcim posted a 3% decline in net sales to P8.28 billion due to lower volumes of cement sold during the period, but “cost improvements across all our operations coupled with better prices of cement and aggregates” pulled up the bottomline.

For Cemex, net sales also went down 3% to P5.87 billion due to lower cement volumes from a slowdown in construction activity. But gross profit climbed 7% to P2.42 billion because of an 8% reduction in cost of sales to P3.44 billion.

In the nine months to September, Holcim’s attributable net income increased 8% to P1.88 billion, while Cemex’s net income soared 1,066% to P1.18 billion.

“Our intensified focus on cost and operational efficiency across all our operations has allowed us to sustain high performance levels amidst a still muted market environment,” Holcim Philippines President and Chief Executive Officer John Stull said in a statement Friday.

The company’s profit from operations stood at P2.94 billion at the end of September, climbing 17% from the same period a year ago.

“We have seen better pricing and a favourable product mix. With our new and improved cement production and dispatch facilities commissioned this year, we are ready to capture opportunities as the market grows and deliver innovative products and solutions to our customers,” Mr. Stull said.

Cemex, on the other hand, noted that “net income for (the nine months) benefited mainly from higher operating earnings, foreign exchange gains and lower income tax expenses.”

Cemex was able to record a 46% growth in operating earnings to P2.12 billion during the nine-month period, as foreign exchange gains stood at P128 million from a foreign exchange loss of P546 million last year, and income tax expenses trimmed 60% to P303 million. — Denise A. Valdez

Fresh RRR cut to boost lending, economy

Cezar P. Consing

THE SURPRISE reserve requirement ratio (RRR) cut announced on Thursday by the central bank will free up more funds for loans, which can help boost the economy, according to Bankers Association of the Philippines (BAP) and Bank of the Philippine Islands (BPI) President Cezar P. Consing.

In a media briefing on Thursday at the inauguration of BPI’s largest branch located in Makati, Mr. Consing also welcomed the RRR reduction as a move by the Bangko Sentral ng Pilipinas (BSP) to catch up with regional peers’ reserve ratios which are much lower.

“I think all banks would benefit because there’ll be an opportunity to make more money available… There’s more loanable funds essentially,” he said.

The BSP cut banks’ RRR for the fourth time this year, with the latest reduction to take effect in December.

In a statement on Thursday, the BSP said its policy-setting Monetary Board (MB) decided to slash the RRR of universal, commercial and thrift banks by another 100 basis points (bp), bringing total reductions to their reserve ratios for this year to 400 bps.

The MB said the cut will also apply to the reserve ratio of non-bank financial institutions with quasi-banking functions.

This latest cut will follow a 100-bp reduction in all banks’ RRR announced on Sept. 27 which takes effect next month and will bring the reserve ratio of universal and commercial lenders to 14% by December, while the RRR of thrift banks will stand at four percent.

Meanwhile, the reserve ratio of rural banks, which will go down to three percent next month, was untouched.

On the other hand, the reserve ratio of NBQBs will be cut to 14% by December.

Mr. Consing expects banks to see their lending activity pick up, supported by the catch-up in government spending.

“I think you saw lending slow down a little bit, partly because the budget was a little late… But my sense is that the government is trying very hard to catch up on the spending side. And so what happens is when the government spends money, especially the infrastructure? The private sector tends to follow,” he said.

“We are now closer to aligning our reserve ratios with the other countries in the region. I think it also reflects the governor’s confidence in the strength of the financial system. Even at the lower rates of [RRR], it’s still higher [compared to the region]. But I think his [BSP Governor Benjamin E. Diokno’s] plan is to gradually bring it down,” Mr. Consing added.

In a note sent to reporters, ING Bank N.V.-Manila Senior Economist Nicholas Antonio T. Mapa said lending activity remains anemic despite the previous rounds of RRR cuts amid a capital formation meltdown.

“Select prominent analysts have tagged the weakness in bank lending to CFOs holding off on investing as they “wait for rates to hit rock bottom”. Thus, successive rounds of RRR reductions will do little to insulate PHL growth momentum unless accompanied by the right tool to provide the economy a nice shot in the arm going into 2020,” Mr. Mapa said.

BSP data showed that domestic liquidity or M3 grew 6.2% year-on-year to P11.9 trillion, slowing from the 6.7% growth print seen in July.

Meanwhile, outstanding loans of universal and commercial banks increased by 10.5% year-on-year in August, slowing from the 11.1% pace logged in July. Inclusive of reverse repurchase agreements, bank lending grew 10% in August from 10.7% the preceding month. — L.W.T. Noble

Metrobank net income climbs 49% in Q3

METROPOLITAN Bank & Trust Co.’s (Metrobank) consolidated net income jumped by 49% in the third quarter on the back of higher operating revenues, it said in a stock filing Friday.

Metrobank said on Friday that its unaudited consolidated net income climbed 49% year-on-year to P8.5 billion during the July-September period, bringing its total income to P21.6 billion in the first nine months.

“The bank is proud to have sustained strong growth momentum by navigating well amid the dynamic movements in the local economy. We continue to focus on customer service, profitability, and quality growth. As always, our philosophy centers on providing solutions so that our customers can have meaningful banking experiences,” President Fabian S. Dee was quoted as saying in the bank’s statement.

Metrobank attributed the double-digit income expansion to “consistent growth in operating revenues on the back of moderate loan growth and margin expansion, strong trading and FX gains, and higher fee-based income”.

In the nine months to September, the bank’s non-interest income likewise grew by 36% to P23.7 billion. Broken down, its earnings from service fees and commissions stood at P10 billion, P8.1 billion from net trading and FX gains and P900 million in fees from asset management.

“Fee-based revenues as well as trading gains continued to benefit from increased customer flows in fixed income and foreign exchange, as well as opportunities in the financial markets,” it said.

During the same period, the lender said its current and savings account ratio (CASA) grew to 64% of its P1.6 trillion total deposits, providing liquidity for the bank to support the loan growth of 7% to P1.4 trillion.

Metrobank said relative to the current performance of the economy, the credit demand was broad-based and led by the corporate sector.

Meanwhile, its net interest income inched up by 10% to P56.2 billion from January to September, accounting for the lion’s share or 70% of the bank’s P80 billion in total revenues.

Its net interest margin further expanded to 3.91% from the 3.83% recorded in the first semester, while its non-performing loans (NPL) stood at 1.5%.

“The bank set aside P7.8 billion provisions for credit and impairment losses, aligned with the increase in its asset portfolio. This pushed NPL cover higher to 96%, from 87% in June 2019,” it said.

Its cost-to-income ratio improved also to 54% from the 58% posted from a year earlier due to “strong revenue growth” while maintaining operating expense growth at a “reasonable level” at 9%.

Meanwhile, the bank’s consolidated assets stood at P2.3 trillion while its equity is now at P304.7 billion.

Its total capital adequacy ratio was at 17.6% with common equity Tier 1 ratio of 16.3%.

Metrobank’s shares closed at P71.65 apiece on Friday, up by 0.92% or 65 centavos. — Beatrice M. Laforga

BPI raises P3 billion from LTNCDs

BANK OF THE Philippine Islands (BPI) has raised over P3 billion from long-term negotiable certificates of time deposit (LTNCTD), which it listed on the Philippine Dealing and Exchange Corp. (PDEx) on Friday.

The papers were priced on Oct. 4 at 4% per annum payable quarterly, which is at a discount of 34.7 basis points from the five-year Bloomberg Valuation Service (BVAL) Reference Rates on the pricing date, the bank said in the disclosure on Friday. The LTNCDTs have a tenor of five-and-a-half years and were offered from Oct. 4-18.

“This capital raise will help finance the growth of a loan book that, with every passing quarter, becomes a bit more green, a bit more sustainable,” BPI President and CEO Cezar P. Consing said in the statement.

LTNCTDs are like regular time deposits that offer higher interest rates but cannot be pre-terminated by holders.

However, the notes can be traded on the secondary market prior to maturity, making them “negotiable.”

Hongkong and Shanghai Banking Corp. Ltd. was the sole arranger and participating selling agent of the LTNCTDs, while BPI Capital Corp. was the sole selling agent.

The issuance is part of the bank’s P50-billion LTNCD program approved by the central bank last month and is BPI’s third foray into the capital markets for the year.

BPI last month issued $300 million in ASEAN green bonds and two-year 100-million Swiss franc-denominated negative-yielding green bonds as part of its $2-billion medium-term note (MTN) program established in June last year.

In its maiden drawdown from the MTN, BPI raised $600 million in August last year via five-year senior unsecured fixed-rate bonds quoted at 4.25%.

BIGGEST BRANCH
Meanwhile, BPI opened its biggest branch in the country located in Makati on Thursday, with further expansion set by December 2020.

The lender is also looking to replicate the 2,943-square-meter branch which caters to both retail and high net worth individuals, according to Mr. Consing.

The Makati main branch of BPI has dedicated areas that cater to retail customers, preferred clients with at least P500,000 in deposits, and a private banking lounge, which will serve clients with at least P25 million in deposits.

“I think this is the biggest for us in the Philippines. I’m hoping we can replicate this in a few other urban centers,” Mr. Consing said.

Despite using new technologies as a quarter of their clients are increasingly using online banking, Mr. Consing said the new branch will also cater to clients who are more at home with traditional banking. This, according to him, makes the branch both high-tech and “high touch.”

“The reason you find a lot of spaces here and a lot of meeting rooms…and a lot of lounges is [because] there are a lot of people that really want to sit down and talk can have a dialogue and get advice and there are a lot of people who just want to do everything on the phone.. We just want to make sure that we can cover a wider spectrum as we can,” he told reporters.

Moreover, Mr. Consing said although the trend in the banking industry outside the country is to go digital rather than to open more branches, the local setting is still keen on opening more branches amid the low penetration rate in the country.

According to him, the country has an average of about nine to 10 branches for every 100,000 people, which is still lower compared to its regional peers where there are 12-15 bank offices for every 100,000 people.

“When you get to the higher level of branch intensity, then you actually branch out coming down. So what we’re trying to do is we’re trying to balance digital with brick-and-mortar, we need both,” he said.

The CEO said the bulk of BPI’s branches are in Central Luzon due to demand in the area.

“I think next year, we’ll do maybe 20 to 25 [new] BPI and BPI Family bank branches,” Mr. Consing added.

Meanwhile, when asked about the construction of their new headquarters, Mr. Consing said they are still working to carefully bring down their old headquarters as there are buildings nearby.

“It will take a few years [to construct a new headquarters] but we’ll spend the next year actually taking [down] the old building. I think it [new headquarters] will be much more people-friendly and it will be more green,” Mr. Consing added.

The lender saw its net income rise by 38.6% year-on-year to P8.29 billion in the third quarter, bringing its bottomline for the first nine months to P22.03 billion, a 29.5% jump from the P17.01 billion it booked in the same period a year ago.

BPI’s shares rose 1.9% or P1.85 to P99 apiece on Friday. — Luz Wendy T. Noble

Banks maintain credit standards in third quarter

MOST BANKS kept their overall lending standards untouched for both enterprises and households, a central bank survey found.

Based on the modal approach of the latest Senior Bank Loan Officers’ Survey of the Bangko Sentral ng Pilipinas (BSP) released Friday, the July to September period marked the 42nd straight quarter when majority of the respondent lenders said their borrowing standards were “broadly unchanged.”

The BSP uses the quarterly survey to monitor the lending decisions made by banks and to look through bank credit. The central bank said 50 of 66 banks responded to the poll, of which 42 were universal and commercial banks and 24 were thrift banks.

According to the survey’s modal approach, 81.6% of lenders said they kept their credit standards for loans to corporates, slightly lower than the 82.1% that said the same in the second quarter.

Meanwhile, the diffusion index (DI) approach found banks tightened their lending standards in the third quarter due to their perception of a deterioration in the profile of borrowers, their reduced tolerance for risk, and the less aggressive competition in the financial industry.

“In terms of specific credit standards, the net tightening of overall credit standards was reflected in reduced credit line sizes, stricter collateral requirements and loan covenants, shortened loan maturities, and increased use of interest rate floors,” the BSP said in a statement.

A positive DI for credit standards means more banks tightened lending rules compared with those that eased. A negative DI indicates the opposite.

On the other hand, 81.3% of the lenders reported that they maintained their overall credit standards, down from the 88% that said the same in the April to June period.

“The overall unchanged credit standards for household loans was attributed by respondent banks largely to their steady tolerance for risk and unchanged profile of bank borrowers,” the central bank said.

For the fourth quarter, majority of the lenders said that they anticipate to keep their credit standards steady. Meanwhile, DI-based result point to banks looking to tighten their lending standards for household loans as they anticipate “a deterioration in profitability of banks’ portfolios and a lower tolerance for risk.” — L.W.T. Noble

1...8,8908,8918,892...12,821Page 8,891 of 12,821
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube