PSEi closes flat as investors await inflation data

July 3, 2019 | 9:00 pm

By Arra B. Francia, Senior Reporter

THE MAIN INDEX ended mostly unchanged on Wednesday as investors stayed on the sidelines ahead of the inflation report at the end of the week.

The bellwether Philippine Stock Exchange index (PSEi) slipped 0.01% or 0.92 point to close at 8,092.68, suffering losses despite strong gains in the morning session. The broader all-shares index likewise went down 0.04% or 2.08 points to 4,939.63.

“Our index ended flat today after the trade truce between US and China bolstered market sentiments for two days. Investors are probably anticipating the inflation data that is due on July 5,” Timson Securities, Inc. Equity Trader Jervin S. de Celis said in a text message on Wednesday.

The Philippine Statistics Authority will release official June inflation data this Friday.

“Market could continue in this sideways movement as the index waits on June’s inflation figure to be released on Friday,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an e-mail.

A BusinessWorld poll of 12 economists yielded a 2.9% median estimate for June inflation. This is toward the higher end of the Bangko Sentral ng Pilipinas’ (BSP) own estimate range of 2.2-3%. If realized, this would be slower than May’s actual inflation of 3.2% and June 2018’s 5.2%.

“The inflation report might determine whether the BSP will opt to be more lenient in their policy in the next meeting,” Mr. De Celis added.

Four sectoral indices ended in negative territory, led by mining and oil which plunged 1.6% or 123.54 points to 7,566.59. Services fell 0.92% or 15.86 points to 1,698.67; financials dropped 0.38% or 6.7 points to 1,721.11; while holding firms declined 0.04% or 3.3 points to 7,814.47.

In contrast, industrials climbed 0.66% or 79.09 points to 11,921.16, while property firmed up 0.21% or 9.53 points to 4,352.

Turnover climbed to P7.62 billion after some 1.31 billion issues switched hands, versus the previous session’s P5.93 billion.

Decliners trumped advancers, 98 to 90, while 63 names were unchanged. Foreign investors turned net buyers at P273.71 million, snapping a six-day net selling streak that ended with Tuesday’s P145.25 million.

Overseas, markets had different sentiments about the truce between the United States and China. The Dow Jones Industrial Average rose 0.26% or 69.25 points to 26,786.68. The S&P 500 index edged higher by 0.29% or 8.68 points to 2,973.01, while the Nasdaq Composite index was up 0.22% or 17.93 points to 8,019.09.

It was a different story for Asian indices, where investors worried about the lack of details on the supposed truce between the two nations. Japan’s Nikkei 225 slumped 0.53% or 116.11 points to 21,638.16. The Hang Seng index went down 0.25% or 71.99 points to 28,803.57, while the Shanghai Composite lost 0.94% or 28.68 points to 3,015.26.

Peso weakens further

July 3, 2019 | 9:00 pm

THE PESO weakened further against the dollar on Wednesday as market participants await economic data to be released later this week.

The local currency closed Wednesday’s session at P51.16 versus the greenback, five centavos weaker than its P51.11-per-dollar finish on Tuesday.

The peso opened the session at P51.20 per dollar. It dropped to as low as P51.25, while its best showing stood at P51.12 against the greenback.

Trading volume declined slightly to $924.2 million from the $931.4 million that changed hands the previous day.

“We closed slightly weaker, but for the dollar-peso, it’s still choppy since the market is still awaiting key data later in the week,” a trader said in a phone interview.

US non-farm payrolls data, which will be released by the US Bureau of Labor Statistics on Friday, is expected to have climbed to 160,000 in June, coming from a meager 75,000 jobs in May.

On the local front, inflation data for the month of June will be reported by the Philippine Statistics Authority on Friday. A BusinessWorld poll of 12 economists yielded a 2.9% estimate median, which if realized would be slower than May’s 3.2% print.

The Bangko Sentral ng Pilipinas Department of Economic Research said June headline inflation likely landed within 2.2-3%.

“On some currencies, we saw a weaker dollar, but against Asian currencies, the dollar was stronger mainly on risk-off move. However, the low dollar bond yield capped any gains for the dollar-peso,” the trader said.

Meanwhile, another trader said the peso depreciated on “wavering trade optimism” following news of the US planning to impose tariffs on European goods.

The US proposed to slap on the European Union levies worth $4 billion covering 89 products such as cheese, meat, coffee, pasta and whiskey.

For today, the first trader expects the peso to trade between P51 and P51.30, while the other gave a P51.10-P51.40 range.

Most emerging Asian currencies on Wednesday were also shackled by underlying doubts about whether the United States and China could iron out their differences and strike a lasting deal to end their year-long trade war. — K.A.N. Vidal with Reuters

Another Davao City rep floated for speakership

July 3, 2019 | 8:44 pm

By Vince Angelo C. Ferreras, Reporter

HUGPONG NG Pagbabago (HNP), a regional party led by Davao City Mayor Sara Duterte-Carpio, endorsed another Davao City congressman, 3^rd District Rep. Isidro T. Ungab, for the House speaker race.

The party made the announcement after Davao City 1^st District Rep. Paolo Z. Duterte, brother of Ms. Carpio, announced that he is considering making a bid for the top post in the House.

“We understand if President Duterte, because of delicadeza, will not accept the intent of our brother from Hugpong sa Tawong Lungsod (the President’s local party), Congressman Paolo Duterte, to resolve the conflict among candidates,” the group said in a statement on Wednesday.

“Therefore, we are endorsing the bid of Congressman Isidro Ungab for Speaker.”

HNP cited that Mr. Ungab, who was a banker before joining politics, is an experienced lawmaker and the only one to hold the chairmanships of the ways and means, and appropriations committees.

Mr. Ungab, in a separate statement, said he is “honored” by the endorsement and that he is “a good soldier under the command of every Filipino.”

He also committed “to support the Legislative Agenda of President Rodrigo Duterte, ensure further economic growth, lower poverty incidence and to help create more opportunities for all Filipinos.”

HNP further suggested that the other candidates for speakership can take other crucial House positions.

“We suggest that Cong. Alan Peter Cayetano take the Majority Leader position, Cong. Lord Alan Velasco to take the Appropriations Committee, and Cong. Martin Romualdez to head the Accounts Committee,” said the party.

“We earnestly hope that everyone can see the light in this option and move forward with urgency in serving our country,” it added.

Marinduque Rep. Lord Allan Jay Q. Velasco, a member of and has been endorsed by the ruling Partido Demokratiko Pilipino-Lakas ng Bayan (PDP-Laban) party, was previously the apparent HNP bet for speakership given his presence during the regional group’s nationwide campaign.

In at least one HNP campaign sortie, Ms. Carpio raised the hand of Mr. Velasco and introduced him as the next House speaker.

Ms. Carpio was tagged as an influential hand in the leadership shake-up in the House during her father’s third State of the Nation Address last year.

Meanwhile, another speakership hopeful, Bayan Muna Rep. Carlos T. Zarate, said the endorsement of Mr. Ungab will not solve the conflict among the other aspirants who are also allied with the administration.

“Proposing Congressman Ungab as a common candidate will not solve anything. Because how will the big parties take it now, that they are being dictated by a regional party like Hugpong ng Pagbabago?” Mr. Zarate told reporters on Wednesday.

‘SERIOUS’
Meanwhile, Cabinet Secretary Karlo Alexei B. Nograles on Wednesday said President Rodrigo R. Duterte is “serious” with his statement that he will resign once his son, Rep. Duterte, joins the speakership race.

In a media interview at the Palace, Mr. Nograles said Senator Christopher Lawrence T. Go, the President’s former special assistant who now serves as his “consultant,” has already spoken on the matter.

“I think Senator Bong Go spoke about it already. If you go by the words of Senator Bong Go, him knowing the President the most, siguro (maybe), we could see that the statement of Senator Bong Go is that the President is serious,” said Mr. Nograles, who served as Davao City 1^st District congressman from 2010 to 2018 before he joined the President’s Cabinet.

Mr. Nograles further said that while the President already declared that he is leaving the matter to the members of the House of Representatives as he does not want to “hurt” his friends, he might still make a choice.

“Until the President gives his final decision on the matter, everything is still up in the air, which is what is happening,” Mr. Nograles said.

“PDP-Laban is the ruling party, because it has the most number…of representatives. Because it’s a ruling party, people tend to ask, ano ba ang desisyon ng (what is the decision of the) ruling party? I think that’s where the question is really. That’s why everybody is asking the President to say what his preference is,” he explained. — with Arjay L. Balinbin

Angara seeks probe on PhilHealth to protect UHC funds

July 3, 2019 | 8:42 pm

A SENATE investigation on the “ghost dialysis” claims involving the Philippine Health Insurance Corporation (PhilHealth), among other concerns, has been formally sought in a resolution filed by Senator Juan Edgardo M. Angara.

Mr. Angara, who co-authored the Universal Health Care (UHC) Act contained in Republic Act No. 11223, made the proposal to ensure funding for the new law will be used for its intended purpose.

“We want to get to the bottom of all these reported scams, identify the personalities behind them, and come up with policies to prevent similar cases from taking place in the future,” Mr. Angara said in a statement on Wednesday.

“Managot ang dapat managot. Hindi natin hahayaan ang patuloy na pagwawaldas ng pera habang ang dami natin mga kababayan na namamatay dahil sa walang pera para magpagamot (Those responsible should be made liable. We will not allow the continued squandering of money while so many of our countrymen are dying due to lack of money for medical services),” he added.

Mr. Angara sponsored the passage of the tobacco excise tax increase before the 17^th Congress adjourned, to ensure that the funding gap for the implementation of the UHC Law is plugged.

Senator Richard J. Gordon, who is expected to remain the blue ribbon committee chair, last week said he is already conducting a preliminary investigation on PhilHealth, including an alleged “mafia” within the agency.

The issue stemmed from private service provider WellMed Dialysis & Laboratory Center Corp.’s alleged fraudulent medical claims from PhilHealth for deceased patients as well as patients who did not receive their full weekly treatments.

This surfaced after former WellMed employee Edwin Roberto revealed that the company was able to exploit the claims because PhilHealth is simply reliant on the service provider’s reports.

The Department of Justice already indicted Mr. Roberto, fellow whistle-blower Liezel Aileen Santos-De Leon as well as WellMed owner and Vice-President Bryan Christopher W. Sy. — Charmaine A. Tadalan

SC dismisses petition of Rhema Foundation

July 3, 2019 | 8:41 pm

THE SUPREME Court (SC) has dismissed the petition of a foundation that donated to the controversial Kapa-Community Ministry International, Inc., which is currently under probe for allegedly running an investment scam.

SC Public Information Chief Brian Keith F. Hosaka on Tuesday confirmed in a text message that the court, in its en banc session, junked the June 21 petition of Rhema Int’l Livelihood Foundation, Inc., which also goes by the name of its project Cirfund.

Rhema was asking to be removed from the list of unregistered investment entities as issued by the Securities and Exchange Commission (SEC) and P3 billion in compensatory damages.

The petitioner also asked the SC to allow Kapa to resume its operations and for President Rodrigo R. Duterte and SEC Chariman Emilio B. Aquino to pay the compensatory damages.

It also asked that the President be subjected to impeachment proceedings for violation of Article II Section 6 (separation of church and state) and Article III (Bill of Rights) of the Constitution.

Cirfund, described as a project of Rhema, said that “it is in fear of being treated like the KAPA Ministry.” The petitioner also claimed that the President committed grave abuse of discretion by circumventing the judiciary’s power and “took lightly” of citizens’ rights under the Constitution.

Rhema also said the SEC committed grave abuse of discretion “amounting to lack or excess of jurisdiction and enjoyment of a right of office” with its issuance of the unregistered investment entities list.

The SEC issued a cease and desist order against Kapa last February and revoked its certificate of registration in April. It also secured a freeze order from the Court of Appeals on Kapa’s several accounts and assets last month.

Davao City Regional Trial Court Branch 16 on Monday issued a precautionary hold departure order against eight members of Kapa while the preliminary investigation over their complaint is ongoing. — Vann Marlo M. Villegas

Nationwide round-up

July 3, 2019 | 8:40 pm

No coup plot brewing, security forces assure

THE ARMED Forces of the Philippines (AFP) and the Philippine National Police (PNP) on Wednesday assured that state security forces do not have any plan of staging a coup d’ etat soon. AFP Spokesperson BGen. Edgard A. Arevalo said the President’s statement on Tuesday before a Philippine Air Force (PAF) event on Tuesday evening was just a random remark. “We have, time and again assured him, as we reassure him today, that we in the AFP shall constantly and will remain loyal to the flag, to the constitution, and to the Filipino people whom we swore to protect with our lives,” said Mr. Arevalo in a statement. For his part, PNP chief Gen. Oscar D. Albayalde said: “I can assure the President, I can assure the public na wala pong planong ganyan ang PNP (PNP does not have any plan like that).” President Rodrigo R. Duterte, during his speech at the PAF 72^nd anniversary celebration, called on the AFP and the PNP to refrain from staging a coup d’etat during his term. Meanwhile, exiled communist leader Jose Maria C. Sison reacted that Mr. Duterte is now afraid that security forces would turn their backs on him anytime. “Duterte is having coup jitters. He is feeling the heat and is getting wet in his pants. He anticipates that the people can rise in gigantic mass actions against his traitorous, tyrannical, brutal and corrupt regime and the military and police can turn against him as they did against Marcos and Estrada,” said Mr. Sison in a statement. — Vince Angelo C. Ferreras

CoA questions Army on funds for soldiers who served in Marawi siege

THE COMMISSION on Audit (CoA) has flagged the Philippine Army for P47.64 million worth of unused cash donations intended as financial assistance to 1,465 wounded-in-action (WIA) personnel during the Marawi siege in 2017. “Review of accounting records and other pertinent documents showed that the cash donations received by the Headquarters Philippine Army from GHQ (General Headquarters) and various private donors totaled P235,027,155.32. The status of these donations as of 31 December 2018 disclosed unutilized amount for WIA PA (Philippine Army) personnel of P47,643,153.00 or 20 percent of the total,” said the CoA report. Moreover, CoA noted that the Philippine Army exceeded by P9.98 million the financial assistance distributed to 118 killed-in-action beneficiaries. “Audit of the disbursement vouchers and documents supporting this utilization showed that the PA exceeded by P9,980,000.00 the financial assistance granted to 118 certified KIA beneficiaries,” said the state auditors. CoA recommended that the Army formulate specific guidelines for the receipt, utilization, and liquidation of the donated Marawi funds to justify the overpayment to KIA beneficiaries.—Vince Angelo C. Ferreras

CoA takes PCOO to task on P10M budget for federalism campaign

THE COMMISSION on Audit (CoA) has called out the Presidential Communications Operations Office (PCOO) for its non-submission of monthly progress reports to the Department of Interior and Local Government (DILG), particularly on projects relating to the federalism campaign. “The DILG was tasked as the lead agency to undertake a nationwide information campaign on federalism. On September 10, 2018, a total of P10,000,000.00 was transferred to the PCOO to be used for the development and production of multi-media materials covered by a MOA (Memorandum of Agreement) dated August 23, 2018,” said the report. However, no monthly reports were submitted by PCOO “to show the progress of work projects undertaken… The bulk of the activities should have been completed as early as first quarter-end of 2019 considering that the effectivity of the MOA will be until May 31, 2019,” said CoA. The DILG, in it’s comment in the report, said it already sent a letter to PCOO on January 16 requesting the submission of their monthly progress reports. The state auditors said another demand letter was sent by DILG to PCOO last April 30. — Vince Angelo C. Ferreras

Citizen’s Complaint Hotline 8888 to have TV version

MALACAÑANG announced on Wednesday that President Rodrigo R. Duterte’s Citizen’s Complaint Hotline 8888 will have its own TV program to be dubbed as the “Digong 8888 Hotline” on PTV and its affiliate provincial stations every Thursday. In a phone message to BusinessWorld, Presidential Spokesperson Salvador S. Panelo said he has “heard” that he will be hosting the program. In a statement he said: “As the government seeks to bring its services closer to Filipinos, the Palace is pleased to announce that a new TV program which focuses on the works of the Citizens’ Complaint Hotline 8888 and the Presidential Complaint Center (PCC) is set to be launched this month.” He added, “Dubbed as the ‘Digong 8888 Hotline,’ this one-hour program aims to bridge the gap between government agencies and the people through segments that will directly address the ordinary Filipino’s concerns on various government services.” The program, which will be aired from 2 to 3 p.m. every Thursday, will feature “one government agency per week and shall talk about their daily work from the lens of the viewers,” the President’s spokesman noted. — Arjay L. Balinbin

DENR lifts closure order on Irisan dumpsite, gives Baguio City until Dec 31 for conversion into eco-park

July 3, 2019 | 8:36 pm

THE DEPARTMENT of Environment and Natural Resources (DENR) has lifted the June 26 cease and desist (CDO) order against the Irisan dumpsite in Baguio City, with several conditions, including a Dec. 31 deadline for the conversion of the site into an ecological park. In a letter dated July 1, a copy of which was posted by the Baguio City government on its Facebook page, DENR Regional Executive Director Ralph C. Pablo said the local government’s “explanation” for its failure to comply with the 2012 permanent closure order on the dumpsite was “reasonably implementable.” Three of the four conditions set by DENR Cordillera Administrative Region office with a July 31 deadline are: Clear out all mixed waste (raw compost and plastics) from the site; install and operationalize all equipment identified in the city government’s conversion plan; and collect only biodegradable waste and no storage of any residual waste outside the Environmental Recycling System. The 4^th condition is the conversion of the Irisan dumpsite into an “Environmental-Friendly Eco-Park” not later than Dec. 31 this year. The 5.2-hectare dumpsite, which was already ordered closed by the National Solid Waste Management Commission in 2012, was issued a CDO following a visit to the site last week by DENR Undersecretary Benny D. Antiporda.

No increase in MWSS water allocation yet despite Angat level improvement

July 3, 2019 | 8:34 pm

THE NATIONAL Water Resources Board (NWRB) on Wednesday said it will maintain its water allocation to Metropolitan Waterworks and Sewerage (MWSS) at 36 cubic meters per second (CMS) to help in first improving the water level in Angat Dam.

“Ang (The) technical working group ay nag-meeting ngayong araw (had a meeting today) and reviewing ‘yung (the) current situation for the past weeks, including the PAGASA projection… walang masyadong pag-ulan ang darating (there will be not much rain coming) starting today until next week, so we decided to maintain the allocation of 36 cubic meter per second,” NWRB Executive Director Sevillo D. David, Jr. said in a briefing after the TWG meeting.

The NWRB reduced water allocation during this month from 46 CMS to 40 CMS, and further to 36 CMS as the Angat Dam water level dropped below the 160-meter critical level.

As of 6 a.m. Wednesday, the water level in Angat Dam was at 161.08 meters, based on the monitoring of the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA).

Angat’s minimum operating water level is 180 meters.

Based on PAGASA’s forecast, up to three typhoons are expected towards the end of July.

MWSS Administrator Reynaldo V. Velsaco, for his part, said water interruptions will continue.

He also said that water supply at the La Mesa dam will not be used since Angat is still able to supply the 36 CMS.

“Gusto namin ang (We want that) La Mesa Dam will just be a reserve… paakyat na eh so hindi na natin kailangang galawin ‘yan (It’s [water level is] already going up so we do not need to use it anymore). In fact, we wanted make La Mesa to go as high as about 78 (meters) para malaking suporta ‘yan (so it will be a big support),” he explained.

Data from PAGASA show La Mesa dam’s water level was at 72.35 meters as of 6 a.m. on Wednesday. — Vincent Mariel P. Galang

Caguio asks: How do we prosecute past Chinese vessel intrusions?

July 3, 2019 | 8:33 pm

“AREN’T YOU asking for the impossible?” This was the question posed by Associate Justice Alfredo Benjami S. Caguioa to the petitioners for Writ of Kalikasan for the protection of the Philippine territory in the exclusive economic zone and filing of criminal complaints against Chinese fishermen found poaching in the area. Mr. Caguio said during Tuesday’s oral arguments on the case: “2012, 2013, 2015, for these vessels that may no longer be there and you cannot even certify as a fact that they are still there. Aren’t you asking for the impossible?” He asked this to Andre S. Palacios, legal counsel of the petitioner fisherfolk, given their request for the government to imprison the Chinese fishermen in the vessel on the incidents during those years, which were also cited in the 2016 Arbitral Award won by the Philippines before an international tribunal. Mr. Palacios said they want criminal complaints be filed against the fishermen in the Chinese vessels and there may be an opportunity that the country may acquire jurisdiction over them. A group of fisherfolk from Palawan and Zambales filed the petition asking the Supreme Court to compel the government to enforce environmental laws protecting the environment, citing that it has refused to take legal action against those who commit violations, specifically the Chinese. — Vann Marlo M. Villegas

Zamboanga City gov’t devolves garbage collection task to barangays

July 3, 2019 | 8:32 pm

PREPARATIONS ARE underway for barangays to take responsibility of garbage collection in Zamboanga City as provided under a local solid waste management ordinance passed in 2016. Rodrigo S. Pagotaisidro, public service officer of the Office of the City Environment and Natural Resources (OCENR), said barangays are expected to set up a solid waste management committee and enforcers, color-coded segregation bins, composting facilities, and a collection schedule for biodegradable and non-biodegradable wastes, among others. Barangays are also authorized to collect a monthly P50 garbage collection fee per family. The city government, for its part, is distributing garbage trucks and compactors to the barangays starting this week. “Upon the distribution of the garbage trucks, garbage collection covering the barangays handled by the OCENR will gradually be pulled out,” Mr. Pagotaisidro is quoted in a statement from the city government. Under Ordinance 2016-176, OCENR will continue to handle garbage collection at the central business district, schools, hotels and restaurants, government offices, places of worship, and public spaces. Meanwhile, the OCENR and barangay leaders have also finalized the criteria for the barangay cleanliness competition set to be launched this month. Barangays will be rated based on the following: environmental organization; information, education, and communication (IEC); engineering; enforcement; and equity and entrepreneurship.

Nation at a Glance — (07/04/19)

July 3, 2019 | 8:32 pm

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

PHL firms’ confidence eases, still highest

July 3, 2019 | 12:33 am

BUSINESSMEN in the Philippines have turned out to be the most bullish globally, according to a press statement released on Tuesday by P&A Grant Thornton that summarized findings of Grant Thornton’s International Business Report (IBR) for the first half, even as net optimism was down one and nine points from 2018’s first and second semesters, respectively.

Data attached to the press release showed the Philippines with a net 73% of respondents optimistic about the outlook of the economy in the next 12 months, topping 34 other countries and besting Southeast Asia’s net 45%, Asia Pacific’s net 26% and a global net 32% that was a three-year low.

Launched in 1992, the IBR reflects views and expectations of 4,928 respondents in 35 countries in the first half — drawn from online and telephone interviews conducted in November last year with chief executive officers, managing directors, chairmen and other senior executives — of whom 642 were in Southeast Asia and 105 were in the Philippines.

Saying that “[t]he market’s expectations for the Philippine economy are very encouraging,” Maria Victoria C. Españo, chairperson and chief executive officer of P&A Grant Thornton, noted that the country “is one of the fastest-growing” emerging markets that is expected to post a compound annual growth rate of 5.35% — “higher than the growth rate for Southeast Asia as a whole” — to $434 billion by 2023 from $331 billion in 2018.

The past 12 months saw 49% of Philippine respondents grow revenue by more than five percent, 37% increase staff by more than five percent and 18% increase exports by more than five percent.

At the same time, 37% of Philippine respondents said economic uncertainty constrains businesses’ ability to expand, 37% cited labor costs, 35% cited shortage of orders, 34% cited regulations and red tape, 33% cited shortage of finance, 29% cited quality of transport infrastructure, while 26% cited availability of skilled workers.

In terms of specific business expectations, the Philippines posted its best reading — third behind Nigeria (89%) and Vietnam (80%) — in projecting profitability to increase over the next 12 months with a net 77%.

Among others, the Philippines was also:

• fourth with a net 70% — behind Nigeria (84%), India (75%) and Indonesia (74%) — in terms of expecting information technology investment to increase in the next 12 months;

• sixth with a net 66% — behind Nigeria (90%), Indonesia (79%), Vietnam (76%), South Africa 73% and India (67%) — in expecting revenue to increase;

• second with a net 62% — behind Nigeria (72%) and Vietnam (64%) — in terms of expecting investment in plants and machinery to rise;

• fourth with a net 62% — behind Vietnam (70%), Nigeria (69%) and India (64%) — in expecting to hire more workers;

• fourth with a net 61% — behind Nigeria (89%), South Africa (67%), as well as Vietnam and India (each with 66%) — in terms of investing more to improve staff skills;

• fifth with a net 61% — behind Nigeria (77%), South Africa (70%), as well as Vietnam and India (each with 67%) — in terms of expecting to step up research and development;

• second with a net 57% — in a tie with South Africa and behind Indonesia (69%) — in expecting selling prices to increase;

• and fourth with 50% — behind Nigeria (62%), Vietnam (57%) and India (56%) — in terms of expecting investment in new buildings to rise. — Katrina T. Mina

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