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Duterte asks CoA to allow P5M Marawi fund used for Hajj pilgrimage

PRESIDENT RODRIGO R. Duterte has asked the Commission on Audit (CoA) to “reconsider” its decision questioning the use of Marawi rehabilitation funds by the Housing and Urban Development Coordinating Council (HUDCC) to sponsor the Hajj trip of some displaced residents of the war-torn city.

In his speech during the 2019 Eid’l Fitr Celebration in Davao City on Thursday night, Mr. Duterte said: “So I am asking CoA to reconsider. Ano ba naman ‘yang (What is) 5 million [pesos]? Actually that P5 million is worth billions in terms of your kind, I said generosity, to finance the poor people na (who are) Muslim para makapag-Hajj.”

He added that he himself does not have that amount should the CoA ask for a reimbursement and he would just have to go to jail.

“Over the years, it’s not a financing of a religious journey. Do not take it in that sense, that there is a separation of Church and State. Take it as a pacification campaign for, after all, natives man tayo dito (we are all natives here) and we were subjugated,” Mr. Duterte said.

In a statement on Friday, HUDCC Chairman Eduardo D. del Rosario said: “I am very grateful for the President’s expression of full support to TFBM’s (Task Force Bangon Marawi) sponsorship of 27 IDPs (internally displaced persons) to Hajj pilgrimage in Saudi Arabia. This bespeaks well of the President’s deep understanding of the Islamic culture and its implications.”

“The President’s sterling leadership truly inspires and drives us to bring about more positive changes in public service,” he also said.

Mr. Duterte, in his speech, also vowed to “preserve the fragile peace” in Mindanao.

“Allow me to take this moment to assure you that this administration will endeavor to preserve the fragile peace that we have built in this region that I call home,” said the country’s first President to come from the southern islands.

“Allow me to take this moment to assure you that through the National Commission on Muslim Filipinos, we will consistently uphold the rights and welfare of all Muslim Filipinos and, for that matter, for all Filipinos.” – Arjay L. Balinbin

6 Chinese arrested for kidnapping, bribery

THE NATIONAL Bureau of Investigation (NBI) reported on Friday that they nabbed six Chinese nationals for kidnapping fellow Chinese and bribing local agents.

The NBI-Cybercrime Division (CCD) reported that they “arrested three Chinese nationals on May 31, 2019 for Kidnapping and violation of Access Device Law.”

The suspects were identified as Junrong Jia, Xuejian Li, and Quijin Tian, who detained fellow Chinese nationals who were unable to pay debt incurred from gambling.

“These guys were apprehended by our Cybercrime Division based on the complaint of the relatives of the victims whom they abducted,” said NBI Deputy Director for Investigation Vicente A. De Guzman III in a press briefing.

“The ransom was ongoing when this was reported to our agents. Acting with dispatch, the agents proceeded to the casino and they coordinated with the officers. True enough, they saw in one of the rooms the victims,” said NBI Spokesman and Deputy Director Ferdinand M. Lavin.

In relation to the arrest, NBI said three other Chinese nationals tried to bribe the NBI-CCD agents for the release of the three kidnapping suspects.

“(W)hen the arrest process was being documented, the (other) three surfaced and tried to facilitate the release of the three others and bribed our agents for P1 million and our agents immediately hatched another operation to retract the givers,” said Mr. De Guzman.

The NBI arrested on June 1 Peter Lim Santos, Wang Liping, and Au Pang Liang on charges of Bribery and Corruption of Public Officials inside the NBI headquarters in Manila.

The NBI said the six will face the criminal charges here and will not be subject for deportation. — Gillian M. Cortez

Policies needed to boost ASEAN’s digital economy

DESPITE high participation in digitally-enhanced services trade among members of the Association of Southeast Asian Nations (ASEAN) between 2010 and 2016, policies to improve broadband penetration are needed to boost economic growth, especially in the Philippines and Indonesia, according to the World Bank.

The World Bank’s “The Digital Economy in Southeast Asia — Strengthening the Foundations for Future Growth” report released on late Thursday said the Philippines was the one of the largest participants in digitally-enhanced services trade in the ASEAN in 2010-2016.

“Of the region’s larger middle-income countries, the Philippines grew to become the largest participant in this type of services trade, growing by 149% to overtake Malaysia, whose total trade grew by a more modest 36%,” it said.

“Levels of economic development partially explain the disparity among the ASEAN economies, but regulatory factors are quite significant. In particular, the broadband penetration level of countries such as Indonesia and the Philippines is below the expected level of countries at their comparable per capita income,” the report said.

The report said 90% of the internet users in the region are from Indonesia, Malaysia and the Philippines.

It said the number of internet users in ASEAN increased to 390 million by end-2017 from 127 million in 2011.

“The Philippines ranks 126 out of the 182 countries measured by the ITU (International Telecommunication Union) with entry-level fixed broadband prices at 7.53% level of GNI (gross national income) per capita. Indonesia ranks even lower at 133rd and its fixed broadband costs nearly 10% of GNI per capita despite offering a low speed of 0.25 mbps,” it said.

The World Bank said cooperation is needed as an integrated regional market will be more competitive than individual economies with overlapping or unclear regulations.

“From a wider perspective, no individual country is large enough to shape the direction of regulation on the digital economy, for example in areas such as taxation or data policy but collective and coordinated action based on a principle of openness would put the region in a much stronger position,” it said. — RJNI

Israeli envoy explores cooperation opportunities in tech, agri during Iloilo visit

ILOILO CITY — Israeli Ambassador to the Philippines Rafael Harpaz visited Iloilo earlier this week to explore cooperation opportunities in line with its goal to strengthen ties with the Philippine through local partnerships in the regions.

In an interview following his meeting with Iloilo City Mayor Jose S. Espinosa III, Mr. Harpaz said they want to “widen their relations with the organizations and cities across the nation”.

“Our purpose is to deepen and widen our relations with Iloilo. We also want to explore and learn first what you have to offer as well as bring more Israelis here and also bring more Filipinos to Israel,” Mr. Harpaz added.

He cited technology, agriculture, and fisheries as the potential sectors for partnerships.

“There are a lot of areas that we can discuss… We can deepen our cooperation in technologies… It’s something that we want to widen and share our experiences with you,” he said.

Mr. Espinosa, for his part, said he wants the barangays to learn from Israel’s kibbutz, a collective community traditionally rooted in agriculture.

“I want the barangays to become self-sustaining. In Israel, they have this area called kibbutz… They have their system to make their villages self-sustaining. Imagine if we can get insights from them. For one, their hydroponics system promote agriculture without using soil. They have perfected it already,” the mayor said.

“Imagine if we can do something similar here in Iloilo City and develop some sort of independence and ingenuity, then barangays don’t need to depend on the city government and their internal revenue allotment (from the national government),” he added.

EMPLOYMENT OPPORTUNITIES
The Israeli envoy also said there are employment opportunities for Filipino caregivers and tourism sector workers in their country.

“We need more caregivers. You have wonderful people or Ilonggos as you call them. We need them to come,” he said, noting that there are already a significant number of Filipinos caregivers in Israel.

“I would also like to thank the Philippines because we have so many caregivers from the Philippines, including from Iloilo, that takes care of our beloved parents and grandparents… We treat them well, they have their restaurants, churches, they get paid well and it’s something very important to us,” Mr. Harpaz said.

In the tourism sector, he said, “We are soon going to open opportunities for Filipinos… We signed a government-to-government agreement after President Rodrigo Duterte went to Israel, but I think it is still in the process of ratification,” he added.

Mr. Duterte went on a four-day state visit to Israel in September 2018.

With a population of just nine million, Mr. Harpaz said Israel needs more people who willhandle tourists in the Holy Land sites.

“We had 4.2 million tourists last year but we have only nine million people so who will take care of the tourists? … Our agreement is still in the process of ratification but I think the first 2,000 Filipinos can work in tourism and they can also visit as tourists,” he said.

On his impression of Iloilo City, the Israeli ambassador said he was impressed by the heritage buildings and wants to come back in January for the Dinagyang, Iloilo’s biggest annual festival.

“When I first came, I saw the architecture. I am inspired to come back here in January to witness your fiesta. The city has an amazing culture and it is something that we want to get more in Israel. It’s also a smoke-free city, which is very important,” he said. — Emme Rose S. Santiagudo

NFA posts highest summer crop procurement

THE National Food Authority (NFA) recorded its highest summer crop procurement in five years at 4.76 million bags.

In a statement, NFA said as of May 31, it has procured 238,427 metric tons (MT), which is 6,576% more than the 3,571 MT procured in the same period last year.

“We are happy that the more we buy, the more farmers gain higher incomes as farmgate prices continue to dip. Our procurement operations are done on a year-round basis, and we are ready to buy as long as farmers have palay to sell to us,” Tomas R. Escarez, officer-in-charge administrator of NFA, said in a statement.

The NFA’s buying price was increased starting October 2018 to P20.40 per kilogram (/kg) for individual farmers and P20.70/kg for members of farmer cooperatives or organizations from P17.40/kg and P17.70/kg previously.

It has also added a P3.00/kg buffer stocking incentive on top of the P0.20/kg drying, P0.20/kg delivery, and P0.30/kg Cooperative Development Incentive Fee.

“At the rate we are buying palay, we are optimistic the NFA will be able to effectively meet its buffer stocking requirements of rice supply good for 15-30 days or 15 to 30 million bags,” Mr. Escarez said.

The Rice Liberalization Law or RA 1120 shifted the focus of the NFA to buffer stocking for calamities and emergencies sourced mainly from local farmers.

The agency is preparing for the coming of the lean months from July to September when there is limited harvest and when natural calamities hit the country. Mr. Escarez said NFA field offices were already instructed to start their milling operations to make sure there will be enough supply for relief operations of the government.

The average farmgate price of palay or unmilled rice fell 0.5% week on week during the third week of May to P18.26/kg, the Philippine Statistics Authority said. — V.M.P. Galang

Italpinas to raise up to P650M from preferred share issuance

ITALPINAS Development Corp. (IDC) looks to raise up to P650 million from the issuance of preferred shares.

In a disclosure to the stock exchange on Friday, the listed property developer said it has filed a registration statement with the Securities and Exchange Commission (SEC) for the issuance of 33,333,334 preferred shares to the public at up to P15 each.

The company has also set aside 10 million preferred shares for an over-allotment option.

The preferred shares will be non-voting, cumulative, non-participating, redeemable, convertible, and peso-denominated.

IDC earlier said that it will be spending P2-3 billion to expand its projects this year, financed through the preferred share issuance as well as bank loans.

The company is currently expanding Primavera City in Cagayan de Oro with the launch of two new residential towers with a mix of office spaces. The project will have a total of seven towers with about 1,400 residential units once fully developed.

It is also expanding its Miramonti project in Sto. Tomas, Batangas, which will house around 1,100 units across three towers on a 55,000-square meter property.

The company identified Lipa, Batangas; Subic, Zambales; and Dumaguete, Negros Oriental as potential locations for upcoming projects.

IDC’s net income attributable to the parent jumped 120% to P9.26 million in the first quarter of 2019, thanks to a 47% uptick in gross revenues to P107.55 million.

Incorporated in 2009, the company’s primary purpose is to engage in real estate development using knowledge in architectural design, market and demographic strategy, project development, and sales. Its projects mostly feature green and sustainable designs.

It also has a 25% equity stake in Constellation Energy Corp., which develops renewable energy facilities to provide clean energy to the Philippine grid.

Shares in IDC climbed 5.74% or 27 centavos to close at P4.97 each at the stock exchange on Friday. — Arra B. Francia

Melco PHL seeks SEC nod for equity restructuring

City of Dreams Manila

MELCO Resorts and Entertainment (Philippines) Corp. (MRP) has applied for equity restructuring at the Securities and Exchange Commission (SEC), in an effort to wipe out its deficit.

In a disclosure to the stock exchange on Friday, MRP said the company and its subsidiaries MPHIL Holdings No. 1 Corp., MPHIL Holdings No. 2 Corp., and Melco Resorts Leisure Corp. have each filed the application with the SEC.

The equity restructuring will remove each of their accumulated deficit by applying its existing additional paid-in capital (APIC).

MRP earlier disclosed that it has an accumulated deficit worth P134.57 million at the company level. Including its subsidiaries, the firm’s accumulated deficit stands at P16.46 billion, according to its 2018 Annual Report.

The company will use its APIC of P22.26 billion to wipe out the deficit.

“If the restructuring is approved by the SEC, the resulting value of each company’s accumulated deficit will be reduced to P0.00. There will be no charges in the amount of each company’s total stockholders’ equity as a result of the restructuring,” MRP said.

MRP is set to be delisted from the Philippine Stock Exchange on June 11, following its failure to comply with the minimum public ownership rule.

Trading of the company’s shares have been suspended since December 10, 2018 after its public float fell to 2.06%, much lower than the 10% limit set by the exchange. This came after the tender offer of its largest shareholder, MCO (Philippines) Investments Limited, which wanted to consolidate its shareholdings in the firm.

MRP initially applied for voluntary delisting last year, citing its inability to raise funds through the bourse despite efforts to maintain its listed status.

MRP operates the City of Dreams Manila, one of three integrated resort and casinos currently operating in the state-run Entertainment City.

The company’s net income attributable to the parent dropped 46% to P286.77 million in the first quarter of 2019, even as gross revenues improved by two percent to P7.51 billion. — Arra B. Francia

Angry K-pop fans spur probe into Tencent-backed Shopee

THE Philippines has begun an investigation into Sea Ltd. online mall Shopee after fans of K-pop girl group BlackPink complained it mishandled promotions around a meet-and-greet event.

The trade and industry ministry is considering sanctions against Shopee or ordering a refund for affected customers, Trade Secretary Ramon Lopez said.

“We need to protect consumers who participated. We need to know who’s at fault,” Mr. Lopez said in an interview with CNN Philippines.

BlackPink fans, who describe themselves as “Blinks,” took to social media to express frustration over an online contest that awarded top spenders time with the highest-charting K-pop girl group, complete with autographs. They accused Shopee of changing contest conditions such as cut-off dates, and arbitrarily withdrawing tickets. The hash tag #ShopeeScam was one of Twitter’s top trending topics on Thursday night.

On Friday, Shopee Philippines posted an apology on Twitter, saying that the event “fell short of the high standards” it was expected of. The company, which is backed by Chinese social media titan Tencent Holdings Ltd., said they were reaching out to all affected and taking steps to ensure a slip-up doesn’t happen again. — Bloomberg

Peso weakens on foreign selling at stock market

THE PESO weakened versus the dollar on Friday to go back to the P52-per-dollar level after some net foreign selling at the stock market.

The local currency closed at P52.04 against the greenback on Friday, 30 centavos weaker than Thursday’s P51.74 versus the dollar.

The peso opened the session stronger at P51.68 against the dollar. It hit a high of P51.66 but closed at its intraday low.

Trading volume increased to $983.99 from the $714.4 million that switched hands in the previous session.

A trader said the peso’s decline was a healthy correction.

“The peso closed weaker today…but still among the strongest in a month and also still among the strongest in nearly 13 months, after some net foreign selling at the local stock market,” the trader send in a text message on Friday.

Shares continued to move higher on Friday despite thin trading as investors waited for new catalysts that could boost the stock market.

The bellwether Philippine Stock Exchange index (PSEi) firmed up 0.3% or 24.12 points to close at 7,983.98 on Friday. The broader all shares index also increased 0.12% or 5.92 points to 4,890.79.

Foreign investors were net sellers for the third straight session on Friday at P573.32 million, higher than Thursday’s P425.29 million.

The trader US jobs data scheduled for release Friday night could affect peso trading next week. Washington’s continued trade tensions with China and Mexico may also affect market sentiment, the trader said. — K.E.S. Franco

Local shares rise despite lack of fresh leads

By Arra B. Francia, Senior Reporter

SHARES continued to move higher on Friday albeit on thin trading, as investors waited for new catalysts that could boost the stock market.

The bellweather Philippine Stock Exchange index (PSEi) firmed up 0.3% or 24.12 points to close at 7,983.98 yesterday, managing to end with gains despite sluggish trading for most of the day.

The broader all shares index also increased 0.12% or 5.92 points to 4,890.79.

“It was a dull day for the PSEi as the index ended flat on a lack of catalysts. The PSEi closed 24.12 points up at 7,983.98, but only following a sharp recovery late in the afternoon,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an email.

Meanwhile, Regina Capital Development Corp. Head of Sales Luis A. Limlingan cited lingering concerns on the US-China trade war.

“With Hong Kong and China closed for holiday, and the trade wars are still a lingering concern, local shares traded slightly above to end the first trading week of June,” Mr. Limlingan said in a mobile phone message.

The PSEi mirrored the positive close of international markets, which mostly gained due to reports the US President Donald J. Trump may postpone tariff hikes in China until after the G20 meeting in Osaka on June 28 to 30.

The Dow Jones Industrial Average advanced 0.71% or 181.09 points to 25,720.66. The S&P 500 index was up 0.61% or 17.34 points to 2,843.49, while the Nasdaq Composite index increased 0.53% or 40.08 points to 7,615.56.

Sectoral indices were equally split between advancers and decliners locally. Those on positive territory included financials, which jumped 0.82% or 14.09 points to 1,736.83. Services rose 0.37% or 6.21 points to 1,670.68, while holding firms added 0.25% or 19.37 points to 7,645.15.

Meanwhile, mining and oil fell 0.55% or 40.48 points to 7,296.45. Industrial dropped 0.12% or 13.96 points to 11,554.03, while property slipped 0.05% or 2.34 points to 4,333.66.

Some 801.2 million issues changed hands valued at P4.24 billion, much lower than the previous session’s P7.34 billion.

Gainers trumped losers, 103 to 86, while 48 names were unchanged.

Foreign investors were net sellers for the third straight session at P573.32 million, higher than Thursday’s P425.29 million.

The list of 20 most actively traded stocks showed 11 gainers, including SSI Group, Inc. (3.85%), BDO Unibank, Inc. (up 1.3%), JG Summit Holdings, Inc. (up 1.2%), International Container Terminal Services, Inc. (up 1.1%), and Filinvest Land, Inc. (up 1.12%).

The eight losers included Manila Water Company, Inc. (down 3.91%), Globe Telecom Inc. (down 1.5%), and Megaworld Corp. (down 1.3%).

One stock, PLDT, Inc., was unchanged in the same list.

Concocting an appreciation of wine among Filipinos: Q and A with Novellino Founder Nonoy Quimbo

Novellino Wines celebrates its 20 years as a leading brand of wine in the Philippines that has formed an appreciation of wine among Filipinos. It all started with Nonoy Quimbo, Novellino’s founder, who envisioned a wine drinking culture in the country by introducing a wine that suits people’s taste, wallet, and appeal.

As Novellino became a wine brand that Filipinos have grown to love, a 1.3-hectare state-of-the-art winery was built in Calamba, Laguna to address a growing demand for wine. Recently, Mr. Quimbo, together with his son and Novellino’s newly-appointed President Chris Quimbo, took members of the media to a tour inside Novellino’s plant equipped with the latest winemaking technology from Italy.

BusinessWorld had an interview with Mr. Quimbo during Novellino’s celebration of its two decades of trailblazing the local wine industry.

Novellino Wines Founder and CEO Nonoy Quimbo

BW: How do you describe Novellino’s journey to becoming one of the country’s most successful wine brands today?

Mr. Quimbo: Our journey had its own struggles. First, there was the uncertainty of what might happen. Before, we wondered if the business will be fruitful. I consulted some friends; none of them told me it would work. But we took a leap of faith as we carried the vision of getting Filipinos to appreciate wine.

Second, we had to cope with the demand. After we took that leap of faith, in the first two years, the Classico Rosso became profitable. The problem came in the following years: we lacked capacity. And that’s the point at which we built this plant.

BW: What were the considerations in choosing Calamba, Laguna as the location for Novellino’s flagship plant?

Mr. Quimbo: It was a matter of value proposition, of how the place can serve our needs. We compared this area with the other facilities we saw, and we saw that this is more appropriate for us.

We also chose whether we should buy an existing facility and just put our equipment there or we should build the plant ourselves. We did a study, and it turned out that it’s better for us to build from scratch in a location that works well.

“Our plant employs a sophisticated technology that is unparalleled in the country. We are even considered by foreign wineries as a thought leader in wine production, given the intricacies of producing sweet wine,” Nonoy said

BW: How is the maintenance of the facility being addressed?

Mr. Quimbo: From an equipment standpoint, maintenance is a big challenge.

In Italy or France, for example, when the equipment malfunctions one has just to call up the supplier for repair.

In our case, however, we have to carry a big load of spare parts. And if what we’re looking for is not in our inventory, we have to import from the manufacturer, and so stop the plant from operating for the meantime.

That’s the challenge from an equipment standpoint, because all our equipment is specific to winemaking, and we don’t have a specific winemaking industry in the Philippines.

BW: Was there any upgrading of equipment recently?

Mr. Quimbo: There was quite a bit of upgrading. The centrifuge filter is a new one. We bought this new technology once we heard about it.

Since we bottle our wine cold, before, we had to let them dry before putting the label or the bottle will condense. But now, we put a machine that would bring the temperature from 0 to 25 degrees almost in a few minutes, since that is the temperature you need to put the label. As a result, we don’t have to dry the bottles anymore. The labeling is now uninterrupted.

The packing also became faster through the automatic case packer. Before, these bottles were packed by hand. Now, they are automatically gathered into the box.

BW: How do you make sure that the quality of Novellino Wines is guaranteed?

Mr. Quimbo: Everything is quality controlled, from the purchase of raw materials all the way to the finished product.

When the grape juice comes in, it undergoes quality control first before our laboratory personnel approve them for use.

Since fermentation is a natural process, we look at it closely until it reaches the alcohol level where the process must be halted. All that has certain controls in order to make sure that everything falls within the specification.

At the very end, we check the microbiological aspects of the product to make sure there are no yeast or molds that can cause health issues. After that, we even quarantine before release to ensure the wine is safe for consumption.

Built on a 1.3-hectare land, the winemaking plant is equipped with the latest Italian winemaking technology, which is responsible for the fermentation, centrifugation, clarification, filtration, chilling, bottling of quality Novellino wines

BW: What are Novellino’s plans in the future to maintain its leadership in the market?

Mr. Quimbo: We want to be consistent in everything we do. We’ve seen what works and what has not worked. While we continue to work on what we’ve seen has worked, we will continue to innovate.

One of those innovations is the Wines on Tap, which appeals more to restaurants. We’re hardly in restaurants right now. So we think with this, we can enter that market in a more effective way.

As the journey continues, whatever opportunities come along our way, and when we see developments in other markets as well that we can follow, we’ll follow.

As my son Chris said, “A comfort zone is a danger zone”. Once you’re comfortable, that’s dangerous. We’re never comfortable. We’re always challenging ourselves on how we can improve.

The award-winning Novellino Wines offers 15 unique wine products that specifically cater to the Filipino taste. Learn more about Novellino’s story and its offerings as well as its sophisticated winemaking process by visiting http://novellinowines.com.

Novellino Wines on Tap essentially brings the masterful art of wine tasting closer to Filipino consumers, as they now have a chance to try Novellino Wines without buying a whole bottle at a much affordable price.

Injap Sia: the young visionary

Edgar ‘Injap’ Sia II, the Philippines’ youngest billionaire, shares a glimpse of his life, entrepreneurial insights, and dreams for the Filipinos

Edgar J. Sia II, who also goes by the moniker Injap (a portmanteau of “Intsik” and “Japanese” since his father is half-Chinese while his mother is half-Japanese), made waves in the local fast food industry in the mid-to-late 2000s with his brainchild, Mang Inasal, which he started in 2003 in Iloilo City. The restaurant gained popularity for its tender and tasty barbecued chicken paired with “unlimited” servings of rice, a combination made more irresistible by its wallet-friendly price. Several years later, Mang Inasal branches were cropping up in Visayas and Mindanao. Soon, Luzon caught the chicken-and-unli-rice bug. By the decade’s end, there were already more than a hundred Mang Inasal branches nationwide.

The homegrown fast food giant Jollibee Foods Corp. bought a 70% stake in the owner and operator of Mang Inasal for P3 billion in late 2010. The following year, Mr. Sia landed on Forbes magazine’s 2011 list of the 40 richest persons in the Philippines. At 34, he was the youngest billionaire in the country.

Mr. Sia, who once dreamed of becoming an architect but dropped out of college to pursue entrepreneurship, is now making a name for himself in another industry, real estate, through a company he co-chairs, DoubleDragon Properties Corp. Since going public in 2014, the firm has been aggressively putting up different properties: community shopping centers called CityMall, commercial and office towers, hotels under the Hotel101 and JinJiang Inn Philippines brands, Merrymart grocery stores, and CentralHub industrial warehouses, among others. DoubleDragon aims to build a total of 1.2 million square meters of commercial and office spaces by 2020.

In this pilot issue of Executive Life, BusinessWorld’s new monthly section about the lives of the luminaries of the Philippine business community, we get to know Mr. Sia better — his motivations, passions, and aspirations. Here is the lightly edited version of BusinessWorld’s e-mail interview with him.

What is your typical day like?

I normally sleep at 10 p.m. My day typically starts at 6 a.m. and generally begins with quiet reflections and planning.

Please share with us your passions and how you find ways to do what you love to do.

I believe at this point, I have already found my passion both on the personal and business sides. On the personal side, I derive happiness from being a good son, a good husband, a good sibling, a good friend, and a good citizen.

On the business side, I derive happiness from my entrepreneurial journey — from trying to spot a business gap or opportunity, to the steps in creating and putting together the nuts and bolts of a business model, to bringing to life a brand, to the delicate process of nurturing the business from infancy to maturity.

I am happy to eventually see the business becoming a responsible and strong locomotive that creates positive impact on our economy, provides decent jobs, and continues to be relevant for many decades, while never forgetting the important old-fashioned values of fairness and sincerity in all its business dealings.

How do you feel about being the country’s youngest billionaire? Can you give us some tips on how to be wealthy and how to effectively manage wealth?

I believe keeping your feet always on the ground is the best way to navigate life.

What are the values and principles that are important to you?

For me, it’s very important to do business fair and square. And money should not be the primary reason but rather just the natural result if you do business right. I believe being in business has to be for a deeper mission.

What are the most unforgettable challenges you experienced, how did you overcome them, and what did you learn from them?

To start small from scratch and penetrate and disrupt a mature and highly competitive traditional industry dominated by large established players is very challenging and you start with so much disadvantage. But if you and your team are intensely determined and you plan really carefully and execute passionately, it is still possible to succeed. I think the most difficult and worst part in business is to have a wrong business partner.

What are your most memorable “successful moments” and how did they make an impact on you?

For me, having supportive family members and business partners are my successful moments. Family and partners that have real and sincere intentions to help you grow and succeed. On the personal side, I am blessed to have very supportive family members: my parents Boy and Paz; wife Shella; kids Jappy, John Henry, and Es; brother Ferdinand; and sister Mariz.

On the business side, I am blessed to have very supportive business mentors: Tony Tan Caktiong, Amb. Benedicto V. Yujuico, Carlos Chan, and Antonio L. Go.

Can you tell us something about your relationship with your father? What is his role in your success in life?

My father has been a great father to us and a great husband to our mother. He has guided me to become a responsible and compassionate person. One important thing that he taught us by example is to be very kind, grateful, sincere, polite, loyal, fair, and gentle, but at the same time to know how to fight for the right reasons and not be a pushover. I also learned from my parents the importance of setting your personal contentment low, but continuing to work on your passion for greater reasons beyond yourself.

Can you share with us the significant lessons you have learned as a businessman and as a person?

I hope to eventually be able to inspire other probinsyano entrepreneurs that it won’t be a walk in the park. But if you plan well and work hard, it is not impossible to start small then compete fairly and succeed even in this competitive modern age. And also that one small player can still succeed and become big even if you keep your values and principles intact.

What is your advice to those aspiring to be like you?

My advice to other aspiring entrepreneurs is it’s all right to start small. Before you make your first step in starting a new business, give a lot of importance to studying deeply the industry that you want to penetrate, then carefully prepare your business plan. Once you are ready, be prepared to execute passionately and have laser focus on growing your new business especially during its start-up stage. Also very important before one decides to begin a new business is to make sure the business segment you choose will remain relevant in the next decades and has the capacity to have deep natural roots as having durable natural barrier to entry walls is important.

Start small but think harder and work harder than the rest so that once you successfully disrupt the industry, and your brand penetrates the market, its roots will become deep enough that your competitors and you yourself can no longer create another competitor in the same segment.

What is your vision for the Philippines and your dream for the Filipinos?

When I pass by some informal settlers in the country, I feel more energized to work harder and try my best to make sustainable and lasting positive impact on the lives of other people through the work that I do. I dream that in my lifetime, our country will become a first world country where most of its people are prosperous. So far, I think our country is progressing toward that direction.

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