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PT&T to test 5G services

LISTED telecommunications services provider Philippine Telegraph and Telephone Corp. (PT&T) is planning to evaluate the viability of its plan to offer 5G fixed-wireless broadband services.

PT&T said in a statement e-mailed to reporters at the weekend that it would be “testing 5G fixed-wireless broadband on a proof of concept basis soon.”

“This is in line with the company’s initiative to get into 5G broadband services in the near future,” it added.

The company noted it had 23% revenue growth year-on-year for the first six months of the year due to the 22% increase in its broadband connections.

James G. Velasquez, president and chief executive officer of PT&T, said: “We are now benefiting from having spent the past two years transforming both PT&T’s operations and product offerings to be relevant in the digital age.”

“This makes us even more resilient during these times as the requirement for high speed internet and digital services becomes a priority,” he added.

The company said it had signed a partnership deal with Go Philippines, a social enterprise, to “offer critical broadband internet solutions for the academe, improving user experience for a quality education.”

PT&T said it currently has “a network reach of 13,500 fiber kilometers in high-growth areas and covering almost 40% of the total Philippine population.”

PT&T remains keen on its plan to provide mobile services in the country since the penetration of smartphones continues to grow and the advent of 5G technology provides an ability for the company to enhance various applications.

The company has been studying the latest concepts in implementing “vizualization of network components into data centers.”

“This will expectedly reduce the numbers of network elements deployed throughout the country and will substantially reduce cost and implementation period,” PT&T said in a statement in June. — Arjay L. Balinbin

Armani takes over prime-time TV for catwalk in the time of COVID

MILAN — Forty-five years after founding his fashion group, Giorgio Armani came up with a new way of showing his latest catwalk creations on Saturday — a prime-time TV show.

The show was one of the highlights of Milan’s fashion week, which has hosted a mix of live and virtual catwalks for its first edition since coronavirus restrictions made the heady mix of glamor, celebrity and hype at such events more complicated.

The 86-year-old Armani, affectionately called “King Giorgio” in his native Italy, presented his “Timeless Thoughts” Spring/Summer 2021 show for both men and women using soft, pastel tones, floral prints and intricate embroideries.

The show, preceded by a short documentary about Mr. Armani’s career curated by the designer himself, was broadcast on Italian free-to-air La7, one of the country’s main channels, with the aim of opening up to a wider public.

While there was no traditional VIP front row to applaud the designs, Mr. Armani’s trademark clean, elegant style was on display: trouser suits, short jackets with round collars, silk and organza blouses in pale grey, beige, light blue and green, and shimmering evening wear.

“Out there hell has broken loose, I prefer to think that we can keep the hell outside,” Mr. Armani said of his sober designs as he spoke to reporters at a preview of the collection.

He said that travel restrictions made presenting men’s and women’s designs together more sensible, although it was too early to say whether he would follow that model again in the future.

“We have to anxiously wait to see what happens,” said the designer, who has already announced that he will present his next haute couture show in Milan rather than Paris.

Italy enforced one of the strictest and longest lockdowns, from early March. Now new infections are just under 2,000 a day, steadily rising again, but below levels seen in France, Spain and Britain.

Its fashion and textile industry, with a turnover of 95 billion euros ($98 billion) and 600,000 workers is the second most important nationwide, is reeling from a plunge in sales.

According to business lobby Confindustria, exports of women’s’ fashion fell by 24% in the first six months of the year.

Mr. Armani’s collection ended with a model in an evening robe sporting the face of a black cat on a sequined, silvery waistcoat, a tribute to Mr. Armani’s pet Angel, who died in July. — Reuters

PESONet may soon allow two settlements daily

THE PESONet Steering Committee is targeting to increase settlements that can be done in a day and even on holidays and weekends by next year as more Filipinos shift to online payments.

“By Q1 or Q2, we will have two settlements per day, including holidays and weekends. This means beneficiaries can receive their funds earlier within the day, and even on non-banking days,” PESONet Steering Committee Head John Cary L. Ong said in a text message.

Aside from looking into increasing allowed settlements per day, Mr. Ong said they are exploring first-level account validation for PESONet that will allow the system to reject erroneous account number formats immediately.

“This means the senders can be notified immediately and their funds returned to them much faster, and will also greatly help the receiving banks as they will have less transactions to process and return,” he said.

PESONet is the electronic fund transfer service under the National Retail Payment System of the central bank which enables batch fund transfers for bigger amounts. The service allows fund transfers to be credited to the receiver by the end of the banking date.

Its retail counterpart, InstaPay, facilitates real-time fund transfer for amounts less than 50,000.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno has said the combined transactions of PESONet and InstaPay surged by 122% in terms of volume and by 59% in value in the second quarter. This, as more people opted for online transactions amid restrictions due to the pandemic.

The central bank wants 50% of transactions done digitally by 2023.

Mr. Ong, who is also Security Bank Corp.’s Transaction Banking Group and Channel Network Group Head, said PESONet was built for large volumes of transactions, enabling it to accommodate consumers’ shift to online payments.

“The challenge was really on the receiving banks which suddenly received a deluge of transactions,” he said.

“We are working closely with the banks that receive large volumes of inward transfers, to ensure that they credit the beneficiaries and provide status feedback in a timely manner,” Mr. Ong added.

E-payments in the country comprised 10% of total transactions in 2018 from a mere 1% in 2013, according to a United Nations-based Better than Cash Alliance report.

In terms of value, digital transactions made up 20% of the total in 2018 from just 8% in 2013. — LWTN

PhilRice develops seed distribution voucher system with PayMaya

THE Philippine Rice Research Institute (PhilRice) said it co-developed with PayMaya Philippines, Inc. and other groups a digital voucher system that will simplify seed delivery and distribution to rice farmers.

In a recent online event, PhilRice, PayMaya, the Development Bank of the Philippines (DBP), and the Nueva Ecija Seed Growers Multipurpose Cooperative unveiled the “Binhi e-Padala” system, which will dispatch claim codes to farmers via mobile phone. It will also serve as a record of seed claims and releases.

Digital vouchers can be used to redeem certified inbred rice seed from outlets of the Nueva Ecija Seed Growers Multipurpose Cooperative.

PhilRice Deputy Executive Director Flordeliza H. Bordey said the digital vouchers can also assist in project monitoring and reporting to enable faster payment settlement with the cooperative via the DBP, the authorized depository bank for the project.

“With this innovation, we hope to promote the more efficient and timely conduct of seed distribution activities, in which farmers’ transaction time is reduced, and payment for our partner-seed growers is hastened,” Ms. Bordey said.

DBP President Emmanuel G. Herbosa said the voucher system will play a crucial role in supporting the agriculture sector during the coronavirus disease 2019 (COVID-19) pandemic.

“It’s an initiative that is timely as we are facing a global health crisis that has affected many sectors including agriculture. The project will help our government address those challenges. Moreover, we need to ensure the nation’s food security in a post-lockdown future,” Mr. Herbosa said.

The initial implementation of the voucher system will be in October, in time for the dry season initiatives under the Rice Competitiveness Enhancement Fund — Seed Program.

The system will be pilot-tested in the Nueva Ecija towns of Aliaga, Bongabon, Cabanatuan City, Cuyapo, General Natividad, Guimba, Licab, Llanera, Lupao, Nampicuan, Quezon, Rizal, San Jose City, Science City of Muñoz, Sto. Domingo, Talavera, and Talugtug.

It will also be implemented in parts of Tarlac, including Gerona, Paniqui, Pura, Ramos, Tarlac City, and Victoria.

“Binhi e-Padala is expected to benefit around 5,000 farmers in the pilot areas,” PhilRice said. — Revin Mikhael D. Ochave

Peugeot dials ‘508’ on its 210th birthday

 

This fast number is first offering of brand’s new high-performance division

IT MAY HAVE opened shop in the Philippines much later than the other car brands, but do not let that fool you: Peugeot is one of the three oldest car brands in the world. This year, it’s celebrating its 210th anniversary!

What started as a family-owned business, an old grain mill, was one day transformed into a steel foundry. This later moved on to produce steam tricycles, then bikes, and eventually cars. The beauty of the transformations was that it showed resilience — allowing the business to adapt to the changes of each age and therefore, survive and prosper. Think about it: The lion trademark lasted through the Industrial Revolution, the Great Depression of 1929, the Economic Crisis of the ’80s, and even through two World Wars!

John F. Kennedy once said, “History is a relentless master. It has no present, only the past rushing into the future.” And that seems to be quite aligned with the French car maker’s mantra these days. The brand wishes to take us from the past and into the future. This time, it doesn’t want to simply endure; it wants to continuously reinvent itself.

Along these lines of philosophy, Peugeot last week unveiled the very first model of its new Peugeot Sport Engineered (or high-performance) division, the 508 Peugeot Sport Engineered AWD plug-in hybrid. It is the most powerful Peugeot production car ever built, wielding 360hp and 520Nm of torque (thanks to its combined internal combustion engine and two electric motors, positioned at the front and rear). The car can carry a maximum speed of 250kph, and can go from standstill to 100kph in a quick 5.2 seconds. It appears lower, wider, and flashy with its 20-inch alloy wheels fitted with Michelin Pilot Sport 4S tires. Seen through those wheels are 380mm brakes that encapsulate this creation’s stopping power. And impressively, the vehicle only spits out 46 grams/km worth of CO2 emissions. That makes the Peugeot Sport Engineered AWD plug-in hybrid simultaneously eco-friendly, high-performance, and truly enjoyable to experience.

Compared to the standard 508, the new 508 Peugeot Sport Engineered vehicle has a lower driving position and a wider front and rear track. It has, however, adapted the chassis of the standard 508, to deliver its performance and agility. There are three modes available for its variable shock absorption, namely: Comfort, Hybrid, and Sport.

Within the 508 Peugeot Sport Engineered’s center console are five driving modes one can select from: Electric Mode, which is zero-emission and 100% electric driving with a range of 26 miles under the WLTP protocol; Hybrid Mode, which switches between using internal combustion and electric energy, depending on the driving circumstances; Comfort Mode, which is basically Hybrid Mode but with a softer suspension; Sport Mode, which delivers its maximum power of 360hp while simultaneously adjusting the car’s steering, suspension and accelerator pedal mapping to provide the ultimate performance; and 4WD mode, which delivers maximum traction for special off-road conditions.

As for its charging convenience, the 508 Peugeot Sport Engineered can fully charge in less than seven hours using a standard household socket, and can fully charge in less than two hours using a specially installed 7kW wall box charge point.

The newly-launched Peugeot Sport Engineered division also coined a new type of performance, which it likes to call “Neo-performance,” They describe it as symphony of sportiness and technology with low CO2 emissions. Its new signature mark is the three Kryptonite claws, which you will find on the 508 Peugeot Sport Engineered’s steering wheel and other locations.

Alongside the introduction of its new Sport Engineered high-performance division, Peugeot also made a big announcement — declaring its much-awaited return to the World Endurance Championship in the Le Mans Hypercar category, beginning in 2022.

Finally, when Peugeot’s CEO, Jean-Philippe Imparato was asked how he envisions Peugeot vehicles of the farther future, he said, “They will definitely be carbon neutral. Perhaps even, carbon-neutral flying cars!?”

vCargo Cloud to roll out trade platform in 2021

TECH company vCargo Cloud is rolling out its import and export “digital ecosystem” GUUD in the Philippines by the second half of 2021, focusing its initial efforts on the seafood industry.

GUUD Chief Executive Officer Desmond Tay said that under this ecosystem, businesses that do not traditionally have access to the global market would be able to connect to buyers overseas by linking them to customs, financing, logistics, and shipping platforms.

“We’re looking to actually start off with the seafood market, the seafood industry. That is one of the industries which we think that will be a very quick start for us because we have a strong community in terms of seafood trade itself and this is actually would be a very good start,” he said in an online interview on Friday.

Mr. Tay said that the company is trying to find local partners to help finance “underserved markets” or micro-, small-, and medium-sized enterprises.

“We need to work with local partners. Let’s say, in the case of the Philippines, to actually have a partnership and then offer trade finance solutions to the local companies there as well.”

The platforms also digitally connect businesses to government agencies such as the Custom bureau and the Agriculture department for the required licensing and permits.

“Compliance could be a very challenging thing. So one of the things that the platform does is really to integrate directly with the various customs,” Mr. Tay said.

As a business-to-business ecosystem, GUUD plans to link specific industries among major exporters and importers.

“If you talk about seafood, then the strategy here is to actually go into the different countries that are major exporters and importers of seafood and actually onboard them,” Mr. Tay said.

“In the Philippines case, definitely food products — whether it’s in seafood, whether it is in mango products — we’re actually looking at how they onboard. It can be different stages of the products, it can be raw materials… or processed,” he added.

He said that the pandemic has created stronger demand for digitalization, as well as a need to address warehouse and supply chain disruptions.

The Philippine warehouse logistics industry is expected to grow in the next three years due to an e-commerce boom, property consultancy firm Lobien Realty Group has said. — Jenina P. Ibañez

Prada returns to minimalist roots for first joint collection

MILAN — Miuccia Prada went back to her trademark minimalist style for her first collection with Belgian designer Raf Simons, who joined the Italian fashion group as co-creative director in February.

The pair’s Spring/Summer 2021 women’s show was streamed live on Thursday for Milan’s fashion week, where most collections are being presented digitally and without audiences due to coronavirus social distancing rules.

“It’s a really strange situation,” Ms. Prada said in a video after the show, where she and Simons answered questions from people around the world.

“But we have the occasion to really show the clothes, we can’t see the real people, the public, but at least we hope you can enjoy and see the clothes better.”

Models wore mostly black and white or pastel-coloured vests, trousers and long skirts in simple, monochrome designs which Ms. Prada said were inspired by the idea of uniforms. Many clothes had round-shaped holes cut out of the fabric.

“Clothes are pared-back, refined, focused, without superfluous decoration: shell tops, straight pants, overcoats in industrial re-nylon,” the brand said in a statement.

Mr. Simons, 52, said he had never expected to be, one day, co-designing a collection with Miuccia Prada, but that he was “extremely happy” with the result.

“Maybe it’s harder as you have more dialogue, and that can also impact on the timing, but all in all I find it easier,” he said when asked what it was like to jointly create a collection.

“Decision-making for me is strengthened when I know that Miuccia likes very much what I also like very much. Even if I am convinced, my decision is strengthened when I know that she too is convinced.” After becoming one of Italy’s best-known fashion houses, Prada has struggled in recent years.

A restructuring drive began to pay off in 2018 when sales returned to growth for the first time in four years thanks to a new strategy aimed at rejuvenating the label by renovating shops, launching new products, and boosting online sales.

But the Hong Kong-listed group has, like luxury rivals, been hit hard by the pandemic, which forced high-end houses to temporarily shut shops and idle manufacturing sites.

Mr. Simons’ appointment, announced in February, marked the first time the Italian fashion house has hired an outsider to work with its head designer. He was most recently creative director at Calvin Klein and before that at Christian Dior and Jil Sander.

Miuccia Prada, 71, said at the time the move was not intended to pave the way for a possible succession as the group’s top designer. — Reuters

Over 60,000 Calabarzon farmers participate in seed program

MORE THAN 60,000 farmers in the Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon and Mimaropa (Mindoro, Marinduque, Romblon, and Palawan) regions have participated in the seed distribution program of the Rice Competitiveness Enhancement Fund (RCEF).

According to the Philippine Rice Research Institute (PhilRice), around 200,000 bags of certified inbred rice seed were delivered to 104 municipalities and cities in the two regions.

The program’s priority seed recipients were farmers listed under the Registry System for Basic Sectors in Agriculture.

PhilRice said it has also distributed seed under the program to members of indigenous peoples in the two regions.

Aside from the distribution of seed, about 44,000 brochures on modern rice farming were distributed under the RCEF-Rice Extension Services Program.

“Distribution of rice production information materials is expected to be amplified this coming dry season,” PhilRice said.

The brochure gives farmers information on land preparation, fertilizer application, and harvesting.

RCEF is funded P10 billion yearly under Republic Act No. 11203 or the Rice Tariffication Law, which employs revenue from rice tariffs to make the rice industry more competitive. — Revin Mikhael D. Ochave

The 8th Philippine Electric Vehicle Summit goes online

 

I’VE ALWAYS looked forward to my yearly visit to the Manila Electric Co. (Meralco) compound in Pasig City for the Philippine Electric Vehicle Summit (PEVS). This is staged by the Electric Vehicle Association of the Philippines (EVAP), which “envisions a nation wherein the use of electric vehicles is highly promoted, encouraged and supported by its government and the society in order to develop a transportation landscape that is one with the environment ecologically and economically.”

More than a lobby for electric mobility, the PEVS brings together “various stakeholders across the EV (electric vehicle) value chain as well as policy makers, regulators, academe, consultants, transport companies, utilities and end-users to exchange and share their experiences and research results on all aspects of electric vehicles and supporting infrastructure.”

Sadly though, as EVAP turns 10 (and celebrates a decade of partnership with Meralco), the PEVS was not staged in its old stomping grounds.

For the first time ever, the PEVS went digital because, well, it’s 2020. Themed “Moving Forward to an Electrified Mobility in the New Normal,” EVAP partnered with e-learning training and consulting company Olern to make the shift to virtual possible for the three-day event.

The online discussion at PEVS continued a focused conversation on “electric vehicle adoption and the challenges and opportunities brought about by the COVID-19 pandemic on both the supply and demand side of the electric vehicle market.”

In his welcome remarks, EVAP President Edmund Araga posited, “While the current times are full of uncertainty and the next few years look bleak, they also provide new opportunities and insights on how to make the world a better place including on how to push forward electric vehicles in the Philippines. Among others, it allows us to reboot the way we move.”

Key partners of the 8th PEVS included Mitsubishi Motors Philippines Corp. and Nissan Philippines, Inc., with PMFTC Unsmoke; Department of Transportation; United Nations Development Programme; Department of Energy; and eSakay.

Meanwhile, Department of Trade and Industry Secretary Ramon Lopez delivered a speech on the opening day of the PEVS, saying he wants to see the Philippines become an EV production hub in the region with a capacity of up to 150,000 units a year, “given that almost all of the region is primed to do the same.” He noted that we must work to have a competitive edge, evolve business models, and apply digital technologies across the value chain to achieve success in the beckoning realm of EVs.

Still, Sec. Lopez maintained that the disruption of EVs will only be realized if common pain points are addressed. EVs need to charge fast, travel far enough, and have an adequate charging infrastructure in place. Government’s promise, averred the government official, is that it will provide “an enabling environment” for concerns such as establishing the aforementioned charging/battery swapping stations. “We need to have a holistic approach to develop an ecosystem,” he said.

I certainly agree that the private sector, despite the laudable work and significant resources already put in by members of the EVAP and their allies, can only do so much without having the government on board.

KIA STONIC MEDIA PREVIEW
As we go to press, Kia Philippines has just wound up its media preview of the Kia Stonic SUV, set for launch on Oct. 15. Marketed as a 2021 model, the subcompact crossover (and 11th model of Kia here) is expected to move at least 300 units before the end of 2020.

Kia Philippines President Manny Aligada expressed confidence that the Philippine automotive industry can still hit an annual sales of 275,000 by yearend, while acknowledging that a trajectory of recovery was beaten back by the implementation of a two-week modified enhanced community quarantine last August.

Positioned for millennials and a younger set, the Stonic is described by the company as “suitable for first-time buyers and trendy car owners who want to showcase their exquisite taste in their vehicle,” and the pricing indeed lends credence to this aspiration. The Stonic is currently being offered at pre-launch prices of P675,000 for the entry-level variant (LX MT), P785,000 for the middle trim (LX AT) and P875,000 for the top variant.

Now, I’m sure that got your attention. Isn’t it an admittedly excellent price point for anything other than a subcompact sedan? However, I also pointed out to the executive that, of course, financing plays an important part in helping realize Kia’s sales vision. We’ve previously discussed in this column that up to 80% of car purchases are enabled by financial instruments, and that banks aren’t really all that enthused about handing out car loans amid an obviously difficult economic climate. From a high 50%-60% approval rate, only 10%-20% of COVID-19-era applications are now being okayed, revealed a source. “Sometimes it’s even single digit,” noted Mr. Aligada.

To adjust to this new business normal, Kia is evolving its mode of attack appropriately. He narrated, “We’re trying to work directly with segments which stand a better chance of approval.” For instance, there are “natural markets within the Ayala Group” and its suppliers who can be tapped as a ready, credit-friendly target buyers. There are those who are “not Ayala-related but mimic the Ayala environment.”

Mr. Aligada said it’s also about training sales frontliners to do efficient vetting or targeting as well, “so that they don’t waste the time of the banks.” He maintained, “even if approval rates are thin. It’s about funneling a pipe that goes through that.”

For more information on the Kia Stonic, visit www.kia.com.ph.

Yields on gov’t debt mixed

YIELDS ON government securities ended mixed last week after the Bureau of the Treasury rejected all the bids for the reissued 10-year bonds.

Bond yields, which move opposite to prices, inched down by an average of 0.3 basis point (bp) week on week, according to the PHP Bloomberg Valuation Service Reference Rates as of Sept. 25 published on the Philippine Dealing System’s website.

“Upward pressure on yields seen in the previous weeks have tapered off as some players repositioned mostly on the belly of the curve” after the Bureau of the Treasury (BTr) rejected all the bids for the reissued 10-year papers, First Metro Asset Management, Inc. (FAMI) said in an e-mail.

“With the 10-year bids rejected, players turned to the market to deploy funds which were supposedly for the said paper. Interest was not solely in the 10-year papers but in the whole belly to 10-year bucket,” it said.

The Treasury on Tuesday did not award any 10-year papers even as tenders reached P44.507 billion. This, as investors sought higher yields as they expect the central bank to keep its current policy settings unchanged in the near term. The bonds fetched an average rate of 3.329% during the auction, 60.5 bps higher from the 2.724% quoted for the tenor on Aug. 12.

“The strong traction on the 10-year bond is an indication of safe-haven demand for longer-term notes from investors as local economic prospects largely remain uncertain in the near term,” a bond trader said separately in an e-mail.

“Sentiment also improved on BSP’s (Bangko Sentral ng Pilipinas) guidance that rates will remain low amid the fight against pandemic — in line with the recent dovish commentary from the Federal Reserve,” FAMI said.

After its two-day policy meeting this month, the Federal Reserve signaled that US interest rates should be kept at near-zero until 2023.

BSP Governor Benjamin E. Diokno said in an interview with ANC News Channel last Monday that the central bank may maintain the low interest rate environment in the next two years to support the economy amid the coronavirus pandemic.

Benchmark interest rates are at record lows of 2.25%, 2.75%, and 1.75%, respectively, for overnight reverse repurchase, lending, and deposit facilities. The central bank has trimmed rates by a total of 175 bps this year.

Yields on the 91- and 182-day Treasury bills dropped by 6.1 bps and 1.2 bps from the previous week, respectively, to 1.149% and 1.513%. Meanwhile, the 364-day papers inched up by 0.9 bp to 1.841%.

Rates of the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) declined by 5.4 bps (to 2.147%), 4.1 bps (2.397%), 3 bps (2.598%), 2.7 bps (2.749%), and 1.2 bps (2.91%).

At the long end, the 10-, 20-, and 25-year T-bonds increased by 2.5 bps, 10.6 bps, and 6.2 bps, respectively, to fetch 3.021%, 3.928%, and 3.916%.

“Yields might increase [this] week amid broad market expectations that the BSP will keep its monetary settings unchanged in its policy meeting [on Oct. 1],” the bond trader said.

Aside from the upcoming policy meeting, FAMI said market players might also stay on the sidelines as they await the Treasury’s October borrowing plan and September inflation data.

“If central bank’s tone will remain dovish and inflation surprises on the downside, yields will likely continue on its downward trend towards year-to-date lows,” FAMI said.

Inflation eased to a three-month low of 2.4% in August, bringing the year-to-date average to 2.5% — within the BSP’s 2-4% target range albeit slower than the 2.6% forecast this year.

The Philippine Statistics Authority will release the September inflation report on Oct. 6. — Jobo E. Hernandez

From fresh grad to top rookie financial advisor: How insurance turned a man’s life around

Ermel Abonales, a recent graduate from Davao City, didn’t allow his personal challenges to stop him from going after his dreams.

The coronavirus pandemic continues to impact our country’s unemployment rate with many struggling to make ends meet everyday. As if OFWs flying home without a promise of a better life and workers laid off from their jobs weren’t bad enough, millions of fresh graduates who thought their next chapter in life was going to be the start of their work life were left wondering if they would be hired at all.

The future might seem uncertain but Ermel Abonales, a recent graduate from Davao City, didn’t allow the pandemic to stop him from going after his dreams. The 22-year-old took matters into his own hands and began a new journey to a promising future by becoming an insurance entrepreneur as a financial advisor of AIA Philam Life, which gave him the opportunity to have a better life for his family.

However, the path to success wasn’t easy. “My family is from the Bagobo tribe and I have nine siblings. My grandfather didn’t want me to continue my schooling because he needed me to help till our rice field,” he recalls. “But because of my desire to finish college, I got multiple jobs to pay for my education. I even became a houseboy and a call center agent at some point.” Through sheer hardwork and determination, he landed a scholarship that supported his college education, while at the same time taking on leadership roles in university. “It wasn’t easy but I learned how to manage my time. There were many instances I was on the verge of losing hope but it was too early for me to give up,” he added.

The decision to become a financial advisor came at a turning point in his life when his grandfather died from a long-term illness. Coming from a poor family, they didn’t have much except for a rice field which they had to mortgage to buy medicine and pay their debts. The episode frustrated Ermel, and driven by his helplessness, he resolved to be a part of a financial institution so he can do his share in addressing financial illiteracy in every Filipino household.

The Road to Success

After graduating from college, Ermel attended a business opportunity program hosted by AIA Philam Life. “I realized that being in the insurance industry is a noble profession which can make a big impact on a person’s life, where one truly feels they can make a remarkable difference,” he said. Becoming an insurance entrepreneur of AIA Philam Life is not just having a job nor a career but building a business partnership with the Company. “As a Financial Advisor of AIA Philam Life, I was able to embark on a meaningful entrepreneurial journey,” Ermel shares.

As a fresh graduate without the benefit of a strong network, he relied on an ambush approach to build his clientele. “For example, I will go to the public market then buy something from a business owner. I ask how business is doing and lead to inquiring about how they will protect their business from life’s uncertainties. That’s the time I pull up my income protection concept which shows how protecting yourself also protects your business.” This drove him to be one of the top rookies of AIA Philam Life.

But more than hitting his business targets, Ermel sees this as an opportunity to advocate protection and save lives. “By being insured, you have the ability to prepare for anything that may happen in the future—be it illness, hospitalization, retirement, or even death. You can think of it as fool-proof protection for you and your loved ones, much like how a body armor protects a soldier during the most threatening situations. It can also help support housing payments and current living expenses,and help fund the college education of your children or grandchildren. Life insurance provides cash when it’s needed the most.”

A Rewarding Business

In less than a year, Ermel was able to build a house for his family and own his first car. He continues to be inspired by AIA Philam Life’s mission to race against risk and protect every Filipino family. He hopes to become a lifetime member of the Million Dollar Round Table (MDRT), the internationally recognized standard of excellence in the life insurance and financial services business, and one of the top agency leaders in the country, managing his own team of insurance entrepreneurs. “I am confident in the direction that the brand is taking.And guided by our purpose and mission, I know that it will help me achieve my dreams and goals in life.” He is grateful that he found a business which is both financially rewarding and emotionally fulfilling,driven by a sense of purpose, all while making his dreams come true.

Ermel encourages fresh graduates like him to build a fulfilling business with AIA Philam Life and educate more Filipinos in protecting themselves, managing their finances, and in the end, helping them live healthier, longer, and better lives. “They need someone to talk to who can make them understand the importance of getting insured. I think it’s time to educate people and promote understanding about protecting themselves from life’s many uncertainties. What will happen in the future is unpredictable. An insurance entrepreneur may make a positive difference in a client’s life without noticing that he himself is also changing and improving his standard of living while achieving his personal goals and desires. Take it from me.”

AIA Philam Life continues to welcome passionate individuals with its new program focused on driving entrepreneurial mindset for future financial advisors. Interested individuals can become part of AIA Philam Life, the country’s premier life insurance company, whose Hong Kong-based parent company is AIA Group Ltd, the largest independent publicly listed Pan-Asian life insurance group.

Aside from enjoying a performance-based development plan and receiving rewards such as unlimited income potential, travel incentives, awards, and more, AIA Philam Life Financial Advisors are enabled with state-of-the-art digital platforms that allow them to provide seamless service to their clients anytime and anywhere.

Know more about becoming an AIA Philam Life insurance entrepreneur by logging on to website and joining the Business Opportunity Program. For more information on AIA Philam Life, check out the Facebook page, email philamlife@aia.com or call (02)8528-2000.

MerryMart shares rise after tie-up with FoodPanda on ‘dark grocery’

A PLAN between MerryMart Consumer Corp. and FoodPanda Philippines to launch a purely online grocery service in the country has driven the former’s stock activity last week.

A total of 276.7 million MerryMart shares worth P864.84 million were traded from Sept. 21 to 25, data from the Philippine Stock Exchange showed.

MerryMart finished at P3.05 apiece last Friday, up 0.3% from its Sept. 18 close. Shares in the company went up by 103.3% from its closing price of P1.50 on June 15, when it first debuted in the bourse.

Philstocks Financial, Inc. Client Engagement Officer and Research Associate Piper Chaucer E. Tan attributed the deal between MerryMart and FoodPanda as the “main driver” for the stock’s movement last week.

“Notice when the news came out [on the deal], the activity of the stock went up,” Mr. Tan said in a phone interview, adding that this is a strategic move for both parties, especially for MerryMart given that its business is still small.

“MerryMart’s share price went up since people saw the company is adapting to the new normal,” Mr. Tan said, noting that having FoodPanda as a partner will benefit MerryMart’s logistics.

In an e-mail, Regina Capital Development Corp. Equity Analyst Anna Corenne M. Agravio noted that while investors bought up the stock on the same day the news came out, it was followed by quick profit-taking with share prices starting to consolidate after reaching an intra-day high of P3.34 last Thursday.

In a statement last Wednesday, MerryMart, through its subsidiary MerryMart Grocery Center, Inc. is teaming up with FoodPanda for “PandaMart,” the latter’s instant grocery delivery service in the country. The first two branches are set to open in the cities of Makati and Manila next month. 

MerryMart will open its “dark grocery” service wherein customers do groceries from home and get their products delivered within 15 minutes. The exact locations of these groceries will be hidden and cater exclusively to online customers, hence the “dark” label.

In a statement, MerryMart Chairman Edgar “Injap” J. Sia II said these services will complement MerryMart’s brick-and-mortar MerryMart branches.

On the day of the official announcement, 58.51 million MerryMart shares were being traded compared with 34.53 million the day before, bringing the stock’s price to an intraday high of P3.18 per share before closing at P3.14 per share. The next day saw volume turnover reach 121.98 million shares with the stock’s price going up to as high as P3.34 before bringing the closing price down to P3.13 as traders took profits.   

MerryMart is rolling out an aggressive store expansion plan, with a target of hitting 25 branches by end-2020 and 100 branches by end-2021. It currently has 11 operational stores.

The company targets to have 1,200 MerryMart stores nationwide by 2030, which would generate P120 billion in systemwide revenues.

MerryMart’s gross revenues stood at P847.16 million in the second quarter, 31.2% more than the P645.47 million in the same period last year. However, its attributable net income dipped by three percent to P5.32 million from P5.48 million.

For the first half, the grocery operator’s gross revenues increased by 35.3% to P1.64 billion, while its attributable net income grew by 23.9% to P13.67 million.

Regina Capital’s Ms. Agravio expects “stable earnings” for MerryMart moving forward “barring the negative pandemic woes.”

“MerryMart has a bullish store network expansion program that is set to capitalize on today’s shifting trends. While it is not a market leader, its small store network will for now ensure large marginal returns in the near- and long-term,” Ms. Agravio said.

“[MerryMart] established a new support at P2.97. The next few trading sessions may see a few challenges to this level. Nevertheless, the resistance at P3.34 will likely hold,” she added.

For Philstocks’ Mr. Tan, primary and secondary support levels are pegged at P3 and P2.80, respectively, while primary and secondary resistance levels are placed at P3.20 and P3.40. — Ana Olivia A. Tirona

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