How to structure your day like a professional freelancer
For every productive day we power through, there are dozens plagued with unnecessary meetings and hours lost to scrolling through timelines. VA Bootcamp’s Jason Dulay shares three tips for breaking the cycle and supercharging your productivity.
1. Plan out your days.
Most of our hours spiral into “busywork”, or work that keeps you busy but has little actual value. This could be “research” that’s really just pointless web-surfing, or an innocent chat message that morphs into a two-hour feed scroll fest.
The solution to eliminating busywork? Planning.
“[It’s] seemingly so simple, but planning makes the difference between pointless days and intentional days, where you work with purpose,” said Dulay.
Before you start doing anything, take ten minutes to list down and organize your tasks. From this list, aim to accomplish at least one major task. And make sure to use a tool that suits you, whether it’s a classic bullet journal or one of the countless productivity apps on the market.
2. Maximize your ultimates and cooldowns.
If you’re a gamer, you might be familiar with “ultimates” and “cooldowns”. The former is a skill or time period of max power, while the latter is a recovery period before the player can use their ultimate again.
We, too, have our ultimates and cooldowns for work– it’s just a matter of determining proper mechanics. Some people, for example, have sworn by the Pomodoro Technique, which breaks down the workday into multiple 25-minute work and 5-minute rest periods.
Do note, however, that different things can work for different people. Experiment with several time increments to see which ones you’re most comfortable with.
“Find the right balance so that you can use your ultimate powers more often in the day,” said Dulay.
3. Use your power-ups.
At some point during the day, you may start feeling the tell-tale signs of burnout. This is a good time to enjoy a “power-up”, an item or activity that makes you feel happy and energized.
By rewarding yourself with power-ups, you can do a lot for your contentment and self-command.
The trick now is to identify what uniquely gives you a boost–whether it’s listening to music, a little exercise, or something as mundane as organizing your desk–so that you can truly feel recharged and ready to take on the rest of the day.
If you’re a gamer, you might be familiar with “ultimates” and “cooldowns”. The former is a skill or time period of max power, while the latter is a recovery period before the player can use their ultimate again.
We, too, have our ultimates and cooldowns for work– it’s just a matter of determining proper mechanics. Some people, for example, have sworn by the Pomodoro Technique, which breaks down the workday into multiple 25-minute work and 5-minute rest periods.
Do note, however, that different things can work for different people. Experiment with several time increments to see which ones you’re most comfortable with.
“Find the right balance so that you can use your ultimate powers more often in the day,” said Dulay.
3. Use your power-ups.
At some point during the day, you may start feeling the tell-tale signs of burnout. This is a good time to enjoy a “power-up”, an item or activity that makes you feel happy and energized.
By rewarding yourself with power-ups, you can do a lot for your contentment and self-command.
The trick now is to identify what uniquely gives you a boost–whether it’s listening to music, a little exercise, or something as mundane as organizing your desk–so that you can truly feel recharged and ready to take on the rest of the day.
SSS: Ursula-stricken members, pensioners may now avail of Calamity Assistance Package
The state-run Social Security System (SSS) on Friday said members and pensioners who were affected by Typhoon Ursula last December 2019 may now avail of the Calamity Assistance Package (CAP) which has a fund allocation of nearly P260 million.
SSS President and Chief Executive Officer Aurora C. Ignacio said more than 398,000 paying members and pensioners who were devastated by the onslaught of Typhoon Ursula in Visayas and MIMAROPA regions on Christmas Eve last year will benefit from the relief assistance package.
“It was devastating for our kababayans in the Visayas as they were hardly-hit by Typhoon Ursula during the holiday season. Hopefully, the CAP that we are currently offering will help them with their immediate financial needs,” Ignacio said.
Qualified SSS pensioners who are residing in calamity-stricken areas that are declared under the state of calamity by the National Disaster Risk Reduction and Management Council (NDRRMC) may avail the advance three-month pension while regular-paying SSS members may avail the calamity loan assistance, and Direct House Repair and Improvement Loan.
The areas declared by NDRRMC as under state of calamity were the provinces of Eastern Samar and Leyte as well as the municipalities of San Jose in Occidental Mindoro, Kalibo and Malay in Aklan, Libertad and Pandan in Antique, Sigma in Capiz, Carles and Concepcion in Iloilo, Madridejos in Cebu and Daram in Samar.
“Members and pensioners residing in other areas that may be declared by NDRRMC as under state of calamity within the prescribed application period may also avail of the CAP,” Ignacio said.
The CAP includes a loan program, which is different from the regular salary loan, where members are allowed to borrow up to P20,000 depending on their monthly salary credit as well as financial assistance to pensioners wherein they can advance three months of their monthly pension.
Ignacio said the pension fund allocated more than P259.48 million for the CAP which can be broken down into P234.3 million for the loan assistance while some P25.14 million for the advance three-month pensions.
To qualify for SSS calamity loans, members should have a home address or property in the affected areas and had paid a minimum of 36 monthly contributions wherein six of which have been paid within the 12-month period before the date of application. However, members who availed the SSS Loan Restructuring Program and those with final benefit claims, such as total permanent disability and retirement, are excluded from the program.
“An additional requirement for applicants is that they must register on the My.SSS facility to allow us to generate their billing letters accordingly especially during payments so, it will be automatically be posted under their account,” Ignacio added.
The calamity loan is payable in two years in equal monthly installments with an annual interest rate of 10 percent and one percent monthly penalty for late payments. To eliminate additional expenses on the part of member-borrowers, SSS waived the one percent service fee.
Applicants under the advance three-month pension, meanwhile, whose present address is different from the address in the SSS database should submit a barangay certification to prove that they reside in a declared calamity area.
The SSS Chief, however, clarified that members who still have outstanding loans under the Loan Restructuring Program (LRP) and previous CAPs, as well as those receiving pensions for total permanent disability and retirement, and those who availed of the Pension Loan Program (PLP) are not qualified to avail of the calamity loan.
Aside from the calamity loan, members with damaged homes can also avail of the direct house repair and Improvement loan with six months moratorium in amortization and interest payments. Members can borrow up to a maximum of P1 million under this program.
To qualify for direct house repair and improvement loan, the applicant must not be more than 60 years old and with at least 24 monthly contributions, of which three contributions were remitted within the last 12-month period prior to the month of filing the loan.
Members and pensioners may start to file their CAP applications today until 14 April 2020 except for the Direct House Repair and Improvement Loan which will run up to one year.
For more information, members and pensioners can visit the nearest SSS branch, contact the SSS Call Center hotline at 1455, or send an email to member_relations@sss.gov.ph. Application forms are downloadable from the SSS website at www.sss.gov.ph.
Residents near volcano allowed to save belongings
PHILIPPINE authorities allowed residents near Taal Volcano, whose eruption since Sunday forced thousands of people to evacuate, to return home to save their livestock and belongings.
Batangas Police Director Colonel Edwin Quilates said people in 16 towns that lie within the 14-kilometer danger zone were given two hours to save whatever they can.
Residents, whose names were recorded at security checkpoints, would be escorted out of the zone if they stay beyond the limit, Mr. Quilates said.
He said he had ordered police to observe maximum tolerance because the people have suffered enough.
“I advised our policemen to keep calm because we know how stressful the situation is in affected areas,” Mr. Quilates said.
Thousands of residents near the volcano were forced to leave their homes on Sunday after the volcano spewed a thick column of ash 14 kilometers into the sky. The ash fall reached as far as cities near the capital, forcing the nation’s financial markets to suspend trading and the Manila airport to close on Monday.
The Philippines lies in the so-called Pacific “Ring of Fire,” a belt of volcanoes around the Pacific Ocean where most of the world’s earthquakes strike.
Taal Volcano continued to spew short-lived dark gray ash plumes, the Philippine Institute of Volcanology and Seismology (Phivolcs) said in its 8 a.m. report on Thursday. Alert level 4 remained in place, which means forced evacuation within the 14-km danger zone.
The agency has recorded 566 volcanic earthquakes in the Taal region since January 12, 172 of which were felt with intensities ranging from 1 to 5, it said.
These earthquakes signified “continuous magmatic intrusion beneath the Taal edifice” that could lead to further eruptions, it said.
The Interior and Local Government department on Wednesday ordered the evacuation of residents in the towns of Agoncillo, Alitagtag, Balete, Cuenca, Laurel, Lemery, Malvar, Mataas na Kahoy, San Nicolas, Sta. Teresita, Taal and Talisay and the cities of Lipa and Tanauan.
Looting had not been reported since Taal Volcano erupted on Sunday, he said.
Policemen have rescued almost a hundred horses trapped on Taal Volcano Island in the past two days, police Directorate for Community Relations chief Major General Benigno Durana Jr. said.
Their owners had attempted to rescue them but were earlier blocked by policemen from entering the island, which President Rodrigo R. Duterte has declared a ‘no man’s land.”
Mr. Quilates said at least 400 cops in Batangas province were directly affected by the calamity. To ease their burden, Batangas police have opened their provincial office in Batangas City as an evacuation center for the families of affected police officers.
Mr. Quilates said 90% of the more than 2,000 policemen assigned in Batangas province live there.
CALAMITY FUND
Meanwhile, lawmakers in both Houses of Congress may pass a supplemental budget to increase calamity funds for victims of Taal Volcano.
Senator Sherwin T. Gatchalian told reporters the government only has P27 billion in calamity funds, not enough for the estimated P35 billion in damages caused by Taal’s eruption.
The supplemental budget should be at least P10 billion, the senator said, adding that the P35 billion calamity fund is only or infrastructure.
Senate President Vicente C. Sotto III said he would support the move, noting that he was the principal author of the Calamity Fund law.
The House of Representatives is looking at a similar measure for the rehabilitation of areas affected by the eruptions, Albay Rep. Jose Maria Clemente S. Salceda said at a separate briefing.
He said at least P12 billion was needed for rehabilitation, while as much as P100 billion is needed to “build better forward” in Batangas province.
The congressman also said lawmakers should prioritize helping those affected by the calamity over congressional investigations.
“The House must dedicate its time and resources to efforts that meaningfully improve the situation of Filipinos,” he said in an aide memoir to the House Speaker. “It can devote some time to congressional investigations when the situational urgency has receded. We must help first and investigate later.”
Cavite Rep. Elpidio F. Barzaga, Jr. has filed a resolution asking the House of Representatives to investigate if the Phivolcs had given enough warning to residents.
Mr. Gatchalian said Phivolcs had not failed in its mandate to warn the public of volcanic activities, saying there is no technology to predict a volcanic eruption. — Charmaine A. Tadalan, Genshen L. Espedido and Emmanuel Tupas, Philippine Star
BoI investment pledges hit P1.14-T
THE BOARD of Investments (BoI) approved a record P1.14 trillion in investment pledges last year, thanks to the country’s strong fundamentals and steady business and consumer confidence, the Trade department said on Thursday.
The approved investments rose by a quarter from P915 billion a year earlier and were the highest in its 52-year history, it said in a statement.
The investment promotion agency seeks to further increase investment pledges by a tenth this year, Trade Secretary and BoI Chairman Ramon M. Lopez told reporters on Thursday.
“It’s better to hit your target,” he said. “Let’s be conservative, 10% is better than a decline.”
The BoI breached its P1-trillion target for the year as early as October, with Davao-based businessman Dennis A. Uy’s Dito Telecommunity Corp. as that month’s biggest investment.
Dito, a joint venture of Mr. Uy’s Udenna Corp. and Chelsea Logistics Corp. with China Telecommunications Corp., is planning to launch commercial services within the year.
Full-year domestic investments made up the bulk or about 70% of the total.
Local investments slipped by less than a percent to P805 billion last year, according to the Trade department.
Foreign investments, on the other hand, more than tripled to P335.7 billion, it said.
The board added five more recorded projects from 2018 to end the year with 376. Employment generated by investments fell by a tenth from a year earlier to 61,622 jobs, it said.
The agency’s investment growth started as early as January, with that month’s committed investments almost doubling to P97.9 billion.
The biggest investments for 2019 included several telecommunication projects led by Dito’s P210-billion systems, followed by common tower provide ISOC Asia Telecom Towers’ P141.14-billion telecommunication infrastructure.
Investments also included Orion Pacific Prime Energy, Inc.’s P130-billion coal-fired power plant in Quezon province; St Raphael Power Generation Corp.’s P95.7-billion thermal power plant in Batangas; and the second and third phases of Philippine Fiber Optic Cable Network Ltd.’s telecommunication projects worth P49.56 billion and P54.16 billion, respectively.
Other big-ticket projects last year included the P48.4-billion 603-megawatt renewable energy project of Rizal Wind Energy Corp., Metroworks ICT Construction, Inc.’s P33.1-billion broadband infrastructure and Solid Cement Corp.’s P12.5-billion project in Antipolo City.
Other notable projects included Vires Energy Corporation’s P35.24-billion gas-fired floating power plant in Batangas, Pan Pacific Renewable Power Phils. Corp’s P33.44-billion renewable energy development, Petron Corp.’s P10.9-billion solid fuel-fired power plant in Bataan, Barracuda Energy Corp.’s P7.6-billion wind power project in Northern Samar and Cebu Air, Inc’s P1.7-billion Airbus plane project. — Jenina P. Ibañez
‘Hot money’ leaves PHL in 2019
MORE FOREIGN funds left than entered the country last year as global uncertainties took a toll on investor sentiment in the Philippines and other emerging economies.
Foreign portfolio investments (FPIs) — also dubbed as “hot money” due to ease by which these funds enter and leave the economy — saw a net outflow of $1.9 billion last year, according to data from the Bangko Sentral ng Pilipinas (BSP).
This is a turnaround from the $1.204-billion net inflow recorded in 2018 and also missing the BSP’s projection of $8 billion in inflows for the year.
Gross outflows for the year hit $18.502 billion, surpassing the $14.829 billion booked a year ago.
“Majority (or 97.1%) of these outflows represented capital repatriation while the remaining 2.9 percent pertained to remittance of earnings. The United States (US) received 75.1% of total outflows,” the central bank said.
The BSP said a big chunk of net outflows seen last year were from securities in Philippine Stock Exchange-listed shares ($1.7 billion). The rest were from peso government securities ($228 million) and other portfolio instruments ($22 million).
Meanwhile, gross inflows in 2019 totaled $16.602 billion, inching up 3.5% from the $16.033 billion in 2018.
The central bank said 77.7% of FPIs were securities listed in the PSE mainly involved in investments in “holding firms, property companies, banks, food, beverage, and tobacco firms, and retail companies.”
The balance was invested in peso government securities (22.3%) and other portfolio instruments (less than one percent).
“The United Kingdom, the US, Singapore, Malaysia, and Hong Kong were the top five investor countries during the year, with combined share to total of 74.3%,” the central bank said.
For December alone, FPIs also yielded a net outflow $320.96 million, a reversal of the $278.11-million net inflow seen the same month in 2018 but less than the $354.32 million net outflow seen in November 2019.
The month saw gross outflows of $1.435 billion, higher than the $1.302 billion seen in December 2018.
This beat the gross inflows worth $1.114 billion seen during the same month, which also dropped the $1.58 billion seen in the same month in 2018.
The BSP cited some offshore developments last year which affected hot money flows, including the continued trade tensions between Washington and Beijing, the escalating unrest in Hong Kong, the attack on Saudi Aramco’s oil facilities, and the US House of Representatives’ vote to impeach President Donald J. Trump.
Back home, the year also saw the passage of the rice tariffication law, the midterm elections, easing domestic inflation, the BSP’s move to slash banks’ reserve requirement ratios, and the “strong views” of President Rodrigo R. Duterte about the alleged onerous provisions of the concession agreements of Maynilad Water Services, Inc. and Manila Water Co., Inc., among others.
UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion called 2019 a “tumultuous year” not only for the country but for emerging economies in general.
“Small-open economies, like the Philippines, were highly vulnerable to dramatic market swings and volatility in advanced or developed markets,” Mr. Asuncion said in an e-mail.
“Although the attractiveness of the Philippines as a preferred investment destination is relatively high among emerging economies, market uncertainty and negative perception about global economic growth prospects does influence the inflows and outflows of investments in emerging countries,” he added.
Amid the 18-month long trade war between the world’s two biggest economies, Mr. Asuncion said there is a tendency for investors to prefer “safe-haven investments in advanced economies.”
Meanwhile, Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. said the hot money outflows seen in 2019 may be indicative of investor concerns.
“The decline in net portfolio flows in 2019 after an already lean performance in 2018 seems to suggest that investor concerns about the Philippines have gone way beyond the inflation spike episode in late 2018,” Mr. Neri said in a text message.
For his part, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said some local issues may have offset market optimism from the recent progress in the US-China trade talks.
“[The net outflow was] largely brought about by regulatory uncertainties especially on the country’s biggest water utilities…offsetting the optimism brought about by positive developments on the phase one trade deal between the US and China that led to some improvement in global market risk appetite…,” Mr. Ricafort said in an e-mail.
For 2020, hot money flows may continue to be affected by the progress of the trade talks between US and China, the tensions between the US and Iran, as well as some local developments, according to analysts.
“How the phase one [deal of US and China] pans out and is actually implemented is very crucial to the resulting sentiment toward more investment inflows into emerging markets, specifically the Philippines,” UnionBank’s Mr. Asuncion said.
“Offsetting geopolitical factors include any tensions between the US and Iran…that would lead to some volatility in global crude oil prices, but US-Iran tensions already eased recently with positive signals,” RCBC’s Mr. Ricafort added.
Mr. Ricafort said that among the local factors which could boost hot money inflows are the on-time approval of the country’s 2020 national budget paired with the extension of the validity of part of the 2019 budget, as well as the government’s catch-up spending on infrastructure.
“One offsetting local risk factor is the uncertainties on the timing and extent of the damage brought about by the Taal volcanic eruption,” he added.
The BSP expects a net hot money inflow of $8.2 billion this year, based on projections given last month. — L.W.T. Noble
Property owners count risks as Taal Volcano keeps rumbling
By Norman P. Aquino Special Reports Editor
Arjay L. Balinbin and Denise A. Valdez Reporters
FIVE YEARS AGO, Jack, a 71-year-old retired physician, bought a two-story house worth P11 million in the upland town of Alfonso in Cavite province, 16 kilometers away from one of the world’s smallest and active volcanoes — Taal Volcano.
“The risk is always there,” he said by telephone. “You buy a property that’s close to a volcano, so you always think ‘What if it erupts?’”
Philippine authorities forced thousands of residents near the volcano in Batangas province to evacuate on Sunday after it spewed a thick column of ash 14 kilometers into the sky. The ashfall reached as far as cities near the capital, forcing the nation’s financial markets to suspend trading and the Manila airport to close.
A “hazardous explosive eruption is possible within hours to days,” according to the Philippine Institute of Volcanology and Seismology.
“We expect interest from potential locators and investors in the heavily affected areas to weaken in the short term,” Janlo de los Reyes, research head at property consultant JLL Philippines, said in an e-mailed reply to questions.
“But we do anticipate a gradual recovery within the year and slightly longer before demand and appetite return to the same level,” he said.
Some businesses near Taal Volcano might close or relocate because of safety concerns, but most shops were likely to slowly resume operations once things have normalized, Mr. De los Reyes said.
Some analysts this week said the continued eruption of Taal Volcano risks the country’s utilities, agriculture, transport and tourism sectors, not to mention overall economic growth. Consumer prices could also spike due to temporary supply constraints, they said.
The government was making “quick estimates” on the economic costs of the volcano’s eruptions, Finance Secretary Carlos G. Dominguez III said on Monday.
The eruption is likely to affect hotel occupancy and retail sales in the area, and could damp demand for so-called condotels that use Taal Volcano and its surrounding lake as major attractions, said Joey Roi H. Bondoc, a senior manager at the Philippine office of Colliers International.
“Once the situation has stabilized, the Taal area and its vicinity could attract more tourists and this completes the cycle of recovery and appreciation of property prices,” he said in an e-mail.
One such tourist is Caleb-Josh L. Fonacier, a 35-year-old actuarial manager at Manulife Business Processing Services in Quezon City.
Mr. Fonacier’s scheduled garden wedding at a farm overlooking Taal Volcano and Taal Lake on Jan. 30 hangs in the balance after the eruption.
“I’m still hopeful the wedding will proceed as planned,” he said in an interview. “Of course I worry about it. I’m not sure if I can in good conscience allow my guests to risk their lives for my wedding, knowing that the volcano could still erupt any time soon.”
Batangas province contributed a third or about 2.079 million of the 7.05 million overnight travelers in the Calabarzon Region — made up of the provinces of Cavite, Laguna, Batangas, Rizal and Quezon — in 2018, according to data from the Tourism department.
More than 595,000 travelers stayed in the town of Talisay, the jump-off point to Taal Volcano’s main crater lake.
CONDO SALES
Mr. Bondoc said the Cavite-Laguna-Batangas corridor — the country’s primary industrial hub — might experience a dip in economic output due to temporary logistical issues. “But it is likely to continue to fuel the region’s economic growth.”
The Calabarzon Region is also one of the major sources of Filipinos working overseas, and “we see household consumption sustaining its contribution to the region’s growth,” Mr. Bondoc said.
“Understandably, we may see some property owners decide to sell their property and relocate elsewhere until things have settled,” JLL’s Mr. De los Reyes said. “We still expect majority of residents to keep their homes despite the situation unless policies are enacted that will require them otherwise.”
Condominium sales in Tagaytay City — a popular holiday town south of Manila that sits on a ridge above Taal Volcano Island and Taal Lake — have been falling since 2018 due to slower launches by developers amid stricter building rules, Mr. Bondoc said.
Sales of condominiums, which cost P83,000 to P160,000 a square meter in Tagaytay, were expected to have fallen to P1.2 billion last year from P1.62 billion a year earlier, according to the property consultant. Compare this with sales of P2.2 billion in 2016 and P2.74 billion in the following year.
“Some individual owners are likely to let go of their properties,” Mr. Bondoc said. “But some opportunistic buyers are expected to take advantage of the decline in property prices in the near term,” he added.
Jack, mentioned at the outset, does not plan to sell his 300-square-meter house near the volcano soon. “We are pretty much happy here. We don’t have any major issues. Of course, I don’t expect the volcano to erupt throughout the entire year, but that’s something that I have to live with.”
Taal eruption’s impact on inflation to be minimal — DoF
THE Department of Finance (DoF) assured that the inflationary impact of Taal Volcano’s eruption will be minimal and manageable, its top official said Thursday.
“Although Batangas produces some of the food for Metro Manila, I think the damage, although it looks very bad now, I think that will be overcome by the production of food in other areas. I don’t think it will affect the inflation rate very very much. I think there will be some effect but not that much,” Finance Secretary Carlos G. Dominguez III told reporters on the sidelines of an event in Makati City when asked if Taal’s eruption would impact inflation.
On Wednesday, Philippine National Bank (PNB) economist Jun Trinidad said that recent natural disasters such as December’s typhoon and the Taal eruption, may cause inflation to spike to three percent year on year.
“While income and food price shocks arising from natural disaster events do not last given import channels and return to normal business/production in the affected regions, the recent natural disaster effects bolster a 2020 inflation trajectory that’s likely to breakout of the 2-2.5% range and perch at 3% year on year if not more, to kick start 2020,” he said in a note sent to journalists.
There are worries that food prices, particularly of chicken and pork, may rise as the Calabarzon Region — made up of Cavite, Laguna, Batangas, Rizal, and Quezon — is one of the major sources of livestock in the country. Taal Volcano is located in Batangas.
The government has set an inflation target range of 2-4% this year until 2022.
Data from the Philippine Statistics Authority (PSA) showed headline inflation stood at 2.5% in December 2019, the fastest pace since June’s 2.7%, although slower than the 5.1% in December 2018. Full-year inflation came in at 2.5%, within the central bank’s 2-4% target range and its full-year forecast of 2.4%.
While Calabarzon is known as a “big area for industrial development,” Mr. Dominguez said most of the products produced in the region are for exports.
“The importance there is it’s a big area for industrial development but most of those items are really exported, they are… mostly for exports,” the Finance chief said.
Mr. Dominguez said “the real problem” is how the eruption affected the lives and health of people, especially those in the devastated areas.
Since Sunday’s eruption began, over 82,000 people have been evacuated, and a 14-kilometer exclusion zone around Taal remains in place.
Socioeconomic Planning Secretary Ernesto M. Pernia earlier said the eruption and tremors is projected to record P7.63 billion worth of economic losses in Batangas alone as of Monday, which translates to 0.3% of Calabarzon’s total regional economic growth.
Initial estimates by the National Economic and Development Authority (NEDA) showed the services sector may suffer the most in terms of economic losses at around P4.32 billion due to Taal’s eruption, followed by the possible losses on agriculture, forestry and fishery sector at P3.28 billion and the industry sector which could lose around P27.16 million.
The Calabarzon Region had the second-largest contribution to the country’s gross domestic product (GDP) with a 17% share in 2018, next to the National Capital Region’s 36% share. — Beatrice M. Laforga
Antitrust body to ease rules for unsolicited PPP joint ventures
By Arjay L. Balinbin, Reporter
THE Philippine Competition Commission (PCC) has drafted a circular that exempts from compulsory notification the joint ventures (JVs) of private entities formed for an unsolicited public-private partnership (PPP) project.
The antitrust body said in a statement on Thursday that the draft circular “aims to establish and institute a framework to exempt joint ventures of private entities formed for an unsolicited PPP project, consistent with the mandate of the PCC and the objectives of the Build-Operate-and-Transfer (BOT) Law.”
The PCC also invited stakeholders on Thursday, including government agencies and business, legal, academic, and trade groups to submit their comments on the draft circular to the Mergers and Acquisitions Office on or before Jan. 31.
In a phone message, Public-Private Partnership (PPP) Center Executive Director Ferdinand A. Pecson declined to comment on the matter as “the draft for unsolicited [PPP projects] is still under review.”
But he noted that the PPP Center supported the PCC circular on “solicited proposals,” which has been released, “as the exemption could minimize delays in the implementation of projects that could arise if the PCC review is done after the contract has been signed.”
As for the coverage, Section 2 of the draft circular on “process for exemption from compulsory notification” in unsolicited PPP projects states that it will apply “solely to unsolicited projects undertaken by agencies and instrumentalities of the national government, pursuant to the BOT Law and its implementing rules and regulations (IRR).”
Citing Republic Act No. 7718 or the BOT Law, the PCC noted in the draft circular that the government is mandated to provide the “most appropriate incentives to mobilize private resources in the financing of infrastructure projects.”
It added that such incentives should “include providing a climate of minimum government regulations and procedures.”
The PCC said further that Executive Order No. 8, series of 2010, “identifies PPP projects as the cornerstone strategy to accelerate infrastructure development and recognizes the need to fast-track the implementation of PPP projects.”
Under the IRR of the Philippine Competition Act (PPA), the joint ventures between public or private entities are subject to the compulsory notification requirement if the relevant thresholds under the IRR are met.
The IRR, as cited in the draft circular, also states that “if the winning bidder/s in unsolicited projects form a joint venture, a notification to the PCC is mandatory once notification thresholds are breached.”
The antitrust body had approved in 2018 its final guidelines for notification requirements covering future joint ventures.
Under the said guidelines, parties forming joint ventures are required to notify the PCC when the revenue or assets of one of the parties to the JV exceeds P5 billion.
Mandatory notification is also required if the value of the assets to be combined in the JV exceeds P2 billion.
JV partners are required to notify the PCC 30 days after they agree to transfer assets.
The guidelines define a JV as “a business arrangement whereby an entity or group of entities contribute capital, services, assets, or a combination of any or all of the foregoing, to undertake an investment activity or a specific project, where each entity shall have the right to direct and govern the policies in connection therewith, with the intention to share both profits and risks and losses subject to Agreement by the entities.”
The PCC’s standard for determining whether a deal constitutes a JV is a finding of joint control, defined as the ability of the partners to substantially influence or direct the actions or decisions of the joint venture, whether by contract, agency or otherwise.
“Forms of joint control may be seen in the equality of voting rights or appointment to decision-making bodies, veto rights, joint exercise of voting rights, or in similar or analogous cases,” the guidelines said.
Cavite, Laguna, Batangas seen to grow further
By Denise A. Valdez, Reporter
INDUSTRIAL activities in the areas of Cavite, Laguna and Batangas are seen to rise in the next two years, driven by improved connectivity and the growing commercial landscape in the south, real estate services firm Colliers Philippines said.
In the report “Property Upside Down South: Industrial and infrastructure investments to boost Southern Luzon residential property” by the local office of Colliers International, it said the “CALABA” (Cavite-Laguna-Batangas) corridor is likely to strengthen its position as the primary industrial hub with support from the government’s infrastructure plan.
“Colliers believes that robust industrial activities in the corridor are likely to continue over the next 12 to 24 months. With improving infrastructure connectivity and growth of commercial activities, we see the region also becoming a hotbed for township developments that feature residential projects,” it said.
“The region’s competitiveness as an industrial hub should further be enhanced by the infrastructure projects lined up by the government. These factors have also been enticing developers to build integrated communities and standalone residential projects to cater to rising demand in the region,” it added.
While the report was prepared before the Taal volcano erupted on Sunday, eventually leading to thousands evacuated from nearby areas, Colliers Research Manager Joey Roi H. Bondoc said he believes it is business as usual for many of the industrial facilities in the region.
“Of course in the nearby (areas), (those) closest to Taal, there’ll be concerns. But outside of that area, especially where the industrial operations are located, it will still be business as usual and there will still be a complementing demand for industrial parks, warehouses and houses,” Mr. Bondoc said in a phone call on Thursday.
He added while it is expected that prices will go down in the near term due to “knee-jerk reactions” of unit owners, he believes it is a “cyclical business where we will see a decline but we will also see a recovery.”
“While some unit owners are selling, there are opportunistic buyers waiting,” Mr. Bondoc said. “We cannot comment how long will the jitters in the market be, and the decline in prices and by how much, and how long recovery (will take) in terms of prices. But I think in the near term, ‘Will there be a decline?’ Yes.”
In its report, Colliers encouraged developers at the CALABA corridor to make way for industrial parks, align their expansion plans with the government’s infrastructure program, invest in modernizing warehouses, come up with strategic landbanking plans, expand township projects further, find ways to differentiate integrated communities and complement industrial parks with residential projects.
While the report was optimistic about the potential growth of the region, Mr. Bondoc said he expects delays in the completion of some new projects, thus impacting supply and posing as the biggest threat for CALABA’s prospects.
Meanwhile, the Philippine Economic Zone Authority (PEZA) issued a statement yesterday guaranteeing ecozone locators are locating away from “disaster-prone areas.”
“PEZA management and concerned zone managers in Luzon are coordinating accordingly with locator companies about the condition of affected workers who reside in affected areas of the Taal volcanic activities,” Director General Charito B. Plaza said in the statement.
She specifically mentioned the Lima Technology Center and the First Philippine Industrial Park in Batangas, which were not damaged by the Taal volcano eruption but were told to “craft their business continuity plans that should outline how they plan to do business in the face of the volcano’s ongoing activity.”
Colliers’ Mr. Bondoc said it is only apt for businesses to take precautionary measures if they are immediately affected by the natural calamity, but he noted there are plenty of industrial parks that are operating normally which will drive growth for the CALABA corridor.
“For those industrial parks where it’s business as usual, we still see a robust demand or robust industrial activities,” he said.
China’s blockbuster lineup signals tough year for Hollywood
CHINA’S biggest week of the year for movie-goers is packed with at least 12 new releases — all in the local language — a sign that Hollywood studios are headed for another challenging year in their No. 1 overseas market.
The lineup of potential Lunar New Year blockbusters Jan. 24-30 is drawing even more attention than usual because China is set to overtake the US as the world’s largest movie market this year. The milestone is important as well for US filmmakers that have come to rely on revenue from China to backstop big-budget “tentpoles,” films made to be big earners to offset the financial riskiness of a studio’s other titles.
“Chinese and American audiences are tired of these tentpole movies,” said Beijing-born Jean Su, a producer and co-founder of Broadvision Pictures, a Los Angeles-based independent film and TV studio that focuses on movies for global audiences including North America and China. She said some recent tentpoles haven’t done well in the US and may not get the box-office they expected in China, either.
The rising dominance of Chinese blockbusters is in line with a broader shift toward local goods as a trade war with the US stokes nationalism. Older American franchise films like Fast & Furious and Transformers, that used to offset mediocre box-office sales in the US with big China receipts, have seen their share of China’s estimated $29 billion movie market dwindle.
At the same time, some of China’s franchises are seen as on the rise.
Detective Chinatown 3 and Lost in Russia, installments of two of China’s most commercially successful comedies, are among the films forecast to do well over the holiday. Leap, based on the true story of the Chinese women’s volleyball team, is another potential blockbuster amid rising interest in nationalistic themes.
While China’s filmgoers are becoming choosier, especially when it comes to Hollywood movies, there’s still a big Chinese audience for great work from the US, said Gary Michael Walters, chief executive officer of Los Angeles-based Bold Films, which produced films such as Whiplash and Nightcrawler.
Overall box-office sales increased by 4.1% in China last year, while the slice accounted for by Hollywood titles fell to about 36%, the lowest since at least 2011, according to data from Maoyan Entertainment.
Even if Hollywood’s market share in China drops for another year, US films will probably show a net gain in revenue from the country, given broader growth in the market, predicts Walters.
There were some successes last year among US films in China.
Disney’s Marvel franchise Avengers: End Game had $614 million in gross box-office last year in China, enough to make it the year’s third-biggest film there, according to IMDB.com.
A gain this year in China would have to come without the likes of an Avengers: End Game, which did especially well as a popular franchise that tied up themes built up over years.
The first likely 2020 hit in China from Hollywood may be Mulan. Walt Disney Co.’s $150-million live-action feature starring Yifei Liu, Donnie Yen, and Jet Li is scheduled for a March 27 China release, according to website IMDB.com.
Some film studio shares have benefitted from the second-half surge in China’s box-office last year. Beijing Enlight Media Co., Ltd., the film company behind 2019’s highest grossing movie in China, Ne Zha, gained 55% in 2019, the biggest annual surge since 2015. The stock rose as much as 1.7% in early Shenzhen trading Wednesday.
On the schedule for Lunar New Year 2020: The Rescue, a maritime disaster thriller directed by one of China’s most successful action movie directors Dante Lam and shot by Oscar-winning cinematographer Peter Pau. Such action themes have been popular in China, with the Lam-directed Operation Red Sea, as the top-grossing film in 2018 and Wolf Warrior 2, reaching the all-time No. 1 box-office ranking.
Jiang Ziya: Legend of Deification, an animation based on an ancient Chinese legend, is ranked as the second-most anticipated film on the holiday schedule in a poll conducted by Maoyan. The most was Detective Chinatown 3.
“In the past, people wondered what would be the all-time highest sales if all of the top grossers were released during the same season,” said Liu Zhenfei, data analyst at China’s largest online ticketing platform Maoyan Entertainment. “This year, the Lunar New Year season is that kind of matchup, with what will probably be the best-of-the-best-selling films in one week.” — Bloomberg
Arthaland fined for not updating website
ARTHALAND Corp. said it has paid the Securities and Exchange Commission (SEC) P130,000 for failing to comply with its website template guidelines.
In a disclosure to the stock exchange Thursday, the listed niche property developer said it had been alerted by the corporate regulator on Tuesday about failing to update its website in accordance with its guidelines.
“In its letter dated 10 January 2020 (copy received on 14 January 2020), the (SEC) found the corporation not having updated its website within the deadline prescribed in compliance with the SEC Prescribed Website Template (SEC Memorandum Circular No. 11, Series of 2014) and directed it to pay a penalty of P130,000 within 10 days from receipt of said letter,” it said.
The penalty was paid by Arthaland on Thursday.
SEC Memorandum Circular No. 11, Series of 2014 requires publicly listed companies to provide a list of items in their respective websites such as company backgrounds, corporate governance manuals, board committees, company disclosures, press materials and investor relations programs.
The SEC said the template for websites is part of its initiatives to “promote a better corporate governance environment for publicly listed companies.”
The required information uploaded on websites must stay for five years. The circular said this is a minimum requirement for the websites and “any item/s could be added or removed therefrom any time the need arises.”
Shares in Arthaland at the stock exchange inched up 1.15% to close at P0.88 each on Thursday.
The company is currently on a five-year plan to expand its portfolio by five times to a gross floor area of a little over 500,000 square meters by 2024. Its earnings in the first nine months of 2019 jumped to P647.36 million from P75.64 million in the year prior. — Denise A. Valdez