Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 9620

Bria Homes bets big on Laguna

Bria Homes has six projects in Laguna.

MASS HOUSING developer Bria Homes is bullish on Laguna, where it sees demand for “superior quality but affordable homes.”

The Bria Homes has six property developments in the province, one each in Calauan, Sta. Cruz, San Pablo, and Alaminos, and two in Calamba.

“Laguna, one of the most progressive provinces south of the metro, has long been considered a prime residential location, thanks to its proximity to Metro Manila,” the company said, adding the province’s growing business and employment opportunities is a big draw.

Bria Homes Calamba, located in Brgy. Bañadero, offers 2,556 units on a 33-hectare property. Bria Homes Calamba Executive, located in Brgy. Majada Out, will have 1,269 units on 17 hectares of land.

In Calauan, Bria Homes has a 12-hectare property in Brgy. Mabacan that offers 1,401 units. “Its strategic location along the Calauan-San Pablo Highway makes it a nice investment for future homeowners,” the company said.

Bria Homes Sta. Cruz features 1,359 units on an 11-hectare land along the Calumpang-Sta. Cruz road in Brgy. San Jose.

The property developer also launched a 19-hectare project in San Pablo which offers 2,503 units. In Alaminos, Bria Homes unveiled a 10-hectare project with 1,191 residential units.

Bria Homes has affordable housing options, ranging from rowhouses, townhouses, and single firewalls. Prices start from P500,000 for a rowhouse to P1.5 million for a single firewall house.

Each subdivision has a covered basketball court, landscaped gardens, parks, and playgrounds.

Bria Homes is a subsidiary of Golden Bria Holdings, Inc., a listed real estate company. In the first quarter of this year, Golden Bria reported its net profit climbed 68% to P402.2 million, driven by a 52% increase in revenues to P1.79 billion.

First quarter real estate sales went up 53% to P1.75 billion, which was attributed to a “significant” jump in residential unit sales for Bria Homes, and rising sales of memorial lots for Golden Haven.

Madonna takes on frightening world with new album Madame X

LONDON — Gun control, poverty and the marginalized, Madonna’s new album Madame X sees the Queen of Pop wanting to “fight back” in what she sees as a frightening modern world.

In an interview with Reuters, Madonna also said she was horrified by moves to restrict LGBTQ and women’s rights, namely in her native United States.

“If you’re talking about the far right and the rights that are being taken away from, say the LGBTQ community or women’s rights … obviously I am traumatized and horrified,” Madonna said.

A longtime campaigner for the LGTBQ community and known for her charity work in Malawi, Madonna, 60, said she would keep fighting for those causes.

“There’s still an enormous amount of poverty in Malawi and the rate of HIV has gone down considerably but it’s not disappeared,” she said. “(There are) all the problems that are recurring in America because of new legislation so I am going to have to keep fighting for the same things.”

On her 14th studio album, Madonna addresses US gun control laws and uses a snippet of a speech by school shooting survivor Emma Gonzalez in the rousing single “I Rise,” a song she says aims to give a voice to marginalized people.

“Dark Ballet,” a piano ballad infused with electronic pop, was inspired by Joan of Arc and references a world “up in flames,” while in “Killers Who Are Partying” she sings about the poor, exploited children as well as a woman raped.

“It’s pretty frightening, yes, it’s pretty scary… There is stuff going on everywhere in the world,” she said when asked how she felt about the state of the world.

“When you think about the amount of people who have died, been killed, have been wounded, whose lives have been changed irrevocably because of the lack of gun control in America, it’s such a huge, huge problem.

“I care deeply about it so I couldn’t not write about it,” she said.

She also said she took issue with some US states restricting abortion rights.

“These are crazy times because we fought really hard for a lot of these freedoms and now it seems like they are all systematically being taken away… It doesn’t make me feel hopeless. It just makes me want to fight back.”

CHAMELEON
Influenced by living in Lisbon, where Madonna joined local musicians in so-called living room sessions, the Latin-infused Madame X also takes listeners to street parties and the club with a spate of catchy tracks.

Madonna also sings in Spanish and Portuguese on the 15-track album, released on Friday.

She described Madame X as a “chameleon.”

“Every song is a reflection of Madame X. Sometimes she’s a freedom fighter, sometimes she’s a cha-cha instructor, sometimes she’s longing for love, sometimes she’s feeling nostalgic,” Madonna said.

“Sometimes she’s thinking about all the people in the world who are suffering, who don’t have a voice and who need a voice and feels a sense of responsibility for those people.”

Madonna, who shot to fame in the early 1980s with hits likes “Holiday” and “Like a Virgin,” has sold more than 300 million records worldwide, making her the best-selling female recording artist, according to Guinness World Records.

Known for pushing boundaries and sometimes provocative imagery, her work has influenced scores of artists.

Asked how she felt about her career, she said: “I’m incredibly grateful… to have been able to be successful for so long and to be able to be in a position that I am, to continue to create, to have the freedom to speak my mind and to feel inspired and creative.

“I’ll keep speaking my mind, hopefully in an as artistic a way as possible because I do like to be political but I like to do it in a poetic way.”

Her new Madame X alter ego is a reflection of the singer, who is known for repeatedly reinventing herself.

Madonna describes herself as “a curious person, constantly searching for answers, for wisdom, for knowledge to understand what life is all about.”

“All of my work is informed by the things that I learn, so that’s what provokes the reinvention.”

Asked about the #MeToo movement that has shaken Hollywood by uncovering sexual misconduct and its relevance for the music sector, Madonna said: “Of course it’s long overdue, women are treated very differently than men are in the music business.”

“But I don’t know exactly how that’s going to happen. I can’t speak up any more than I already am.” — Reuters

Draghi shines spotlight on risks to Europe’s financial technology hub

Mario Draghi
REUTERS

IT’S FIRMLY on the map as a go-to European destination for financial-technology hopefuls. Now Lithuania must make sure the buzzing startup hub it’s nurtured doesn’t fall foul of the law.

The Baltic nation’s fintech transformation won plaudits this month from Mario Draghi. But his praise came with a warning: the boom carries risks as well as rewards.

With nearby Latvia and Estonia mired in a string of money-laundering scandals, Lithuania will face added scrutiny. There are already warning signs. UK regulators are looking into why London-based Revolut Ltd, which is starting a bank in Lithuania, last summer temporarily turned off a system designed to automatically block suspicious transactions.

“It’s a remarkable reality,” said Draghi, in Vilnius for the once-annual European Central Bank policy meeting held outside Frankfurt. “It’s a major source of future growth for Lithuania and, of course, future concern and future attention in terms of supervision.”

The European Union and eurozone member of 2.8 million people was second only to the UK in issuing fintech licenses last year, successfully luring fledgling companies with super-fast approvals for paperwork and English-language services.

FINTECH PULL
Success stories include Earthport Plc, which helps banks and other financial firms transmit cross-border payments for their own clients as an alternative to the Swift system, and Singapore startup InstaRem, which provides international payment services in more than 55 countries. About 700 fintech jobs were created last year alone in Lithuania.

The next phase is policing what the country has built in the past three years. While Lithuania mostly shunned the offshore-banking services that landed Estonia and Latvia in strife, it must now be vigilant to safeguard against money laundering and terrorist financing.

“They’re very much aware of the risks,” Tao Zhang, a deputy managing director at the International Monetary Fund, told reporters this month at a fintech conference in Vilnius. Lithuania is trying “to match with the necessary conditions so the sector can be developed on a more solid base. In that regard, compared to its peers, the country is moving ahead of the curve, taking a lead in the EU.”

The central bank, which is also responsible for supervision, has warned on several occasions that the fintech project carries risks. And problems can appear suddenly. Until tens of billions of illicit transfers were unearthed around Danske Bank A/S’s unit in Tallinn, Estonia was considered a role model for transparency in post-communist Europe.

‘HEAVY HAND’
Lithuania, for its part, is levying more fines for violations of anti-money laundering (AML) procedures and processing illicit transactions. The central bank in February established a separate AML unit to deal with the growing flow of new financial-market participants and has signed an accord with the financial-investigation unit, the tax authority and other institutions to boost cooperation and exchange of information.

Central bank board member Marius Jurgilas insists Lithuania will be tough when called for.

“Being a good regulator, doesn’t mean being nice all the time,” he told the recent fintech event in Vilnius. “If you misbehave, you talk to the other hand, the heavy hand of the Bank of Lithuania. We’re naming and shaming and introducing the right incentives to behave cooperatively.” — Bloomberg

Restaurant operator revives IPO plan

THE operator of restaurant chains Gweilo’s Bar and Mario’s Kitchen has renewed its plan to debut on the Philippine Stock Exchange (PSE) as it looks to raise P218 million in fresh capital.

GC Quality Restaurant Group, Inc., formerly called Gweilo Corp., said in a notice published on national dailies yesterday that it looks to register 665.455 million common shares with a par value of P1 each.

Of this, up to 218 million common shares will be offered and sold to the public through an initial public offering (IPO) priced at up to P1 each. The other 447.455 million common shares will not be included in the issuance.

At the same time, the restaurant owner and operator will also be increasing its authorized capital stock to P700 million consisting of 700 million common shares with a par value of P1 apiece. This is double its current authorized capital stock of P350 million.

This marks the fourth time the company has amended its registration statement initially filed with the Securities and Exchange Commission (SEC) in May 2015. At the time, the company had planned to raise up to P95 million from the issuance of 95 million common shares.

The SEC already approved the company’s application in that year, but the IPO did not materialize.

GC Quality Restaurant Group was planning to list its shares on the small, medium, and emerging board of the PSE. The funds raised were intended to finance its expansion plans, including the establishment of more Mario’s Kitchen and Stackers Burger café outlets.

The company also wanted to allocate funds for the implementation of a catering service, the rollout a unified management information system, research and development, as well as for working capital. — Arra B. Francia

How Nestlé is getting Valenzuela residents to collect used sachets, beverage cartons

IN LINE with its vision to reduce waste that end up in landfills, the Nestlé Philippines last week launched its first city-specific waste sachets and used beverage carton recovery program called May Balik! Sa Plastik! in Valenzuela City.

“It is a partnership where both parties found each other and we are very privileged to be a partner of the city of Valenzuela and we are confident that this will also be a project that could be an example for many other cities in the future,” Kais Marzouki, chairman and chief executive officer (CEO) of Nestle Philippines, told reporters.

Valenzuela City is a first-class highly urbanized city in Metro Manila. It has 33 barangays, and a total land area of 4,459 hectares. Of the waste collected in the city, 38% are residuals, of which 20% are sachets, while about 38% of the total waste are recyclables, which include cartons, plastics bottles.

This program aims to decrease the amount of waste laminates and used beverage cartons in the city landfill, and transfer station by sorting and collecting them for recycling or upcycling, or co-processing in cement kilns.

Nestlé partnered with Green Antz Builders, Inc. to use the waste materials in the production of eco-bricks, and with Republic Cement to co-process post-consumer waste in the latter’s cement kilns.

“Kami po sa Green Antz ang gagawin namin itong mga sachet at iba pang residual waste na makukuha natin galing sa programa ay gagawin po nating Green Antz eco-bricks na pwedeng gawing bahay, eskwelahan at iba pang istraktura [We at Green Antz, we will use the sachets and other residual waste that will be collected from the program to make eco-bricks that can be used to build houses, schools, and other structures],” Rommel B. Benig, founder and CEO of Green Antz, said during the launch.

Lourdes G. Ng, information education campaign (IEC) supervisor for solid waste management division of Valenzuela City, told BusinessWorld that the program will reduce the city’s waste by as much as 40%.

Mr. Marzouki said that the company will first focus on the program’s implementation in Valenzuela City before expanding to other cities in the Philippines.

“The City of Valenzuela is the first city we are partnering with. At this stage, we would like to focus only on this program as we take the learning and improve the program and fine tune it. Once we think it is ready to be rolled out, then we can identify other cities we would want to partner with,” he said.

For the collection program, there are two types of incentives. For public school students who will be able to bring 30 pieces of sachets or five pieces of used beverage cartons, they will be eligible to receive one raffle coupon for a weekly raffle to be held in all public schools, where winners will be receiving gift certificates. For street sweepers, they will receive Nestlé products.

Moreover, the top three schools with the most collections will receive emergency lifeline kits and a chance to have a structure to be built using eco-bricks. — Vincent Mariel P. Galang

Holds up well at age 7

Sniper Elite V2 Remastered
Nintendo Switch

CONSIDERING the significant interest generated by Sniper Elite V2 on the Nintendo Wii U and the lack of tactical shooters on the console’s successor, it was no surprise to find Rebellion Developments bringing the game’s remastered iteration to the Switch. Perhaps it would have done so regardless of circumstance; after all, the reboot-cum-sequel of 2005’s Sniper Elite remains the most popular title in the series. Announced in 2011, it was slated for release only on the Microsoft Xbox 360 and the Sony PlayStation 3. However, clamor from quarters seemingly left out by the limited offering led the developer to look beyond its partnership with 505 Games and publish by itself a version for the personal computer soon after.

In any case, Sniper Elite V2 Remastered is a welcome addition to the Switch library. The plot stays the same: Gamers experience events from the vantage point of Karl Fairburne, an agent of the United States Office of Strategic Services posing as a sniper for Nazi Germany at the close of World War II. Tasked with tracking down and aiming to turn scientists involved in the making of the Vergeltungswaffe 2 rocket, his situation requires no small measure of stealth. That said, he invariably runs into, and afoul of, Axis soldiers, during which time his skills as a marksman are put to the test.

Parenthetically, Sniper Elite V2 Remastered provides outstanding gameplay within the parameters set for Fairburne. He ventures to avoid direct confrontation with the enemy and, in the process, uses all means necessary to move from installation to installation and claim high ground. Through his missions, he has a variety of munitions at his disposal, submachine guns, pistols, grenades, and land mines included. Needless to say, though, the sniper is his most frequently used weapon, and, to its credit, the game makes a not inconsiderable effort to inject realism in this regard.

Certainly, the mechanics employed by Sniper Elite V2 Remastered are an ideal fit for the Switch. The way the controls are mapped takes some getting used to, but it does contribute heavily to the game’s simulation predilections. It’s far from a point-and-shoot affair. To the contrary, it takes ballistics into consideration; the posture and position of Fairburne as he pulls the trigger, the caliber and characteristics of the bullet once fired, and the manner in which wind velocity and direction provide resistance or assistance are all crucial to success or failure in the moment.

In terms of presentation, Sniper Elite V2 Remastered likewise pulls out all the stops. For a dated game, it looks excellent on the Switch. In particular, its “X-Ray Kill Cam” feature — which boasts of a slow-motion perspective of the bullet’s trajectory as it hits its target and the ensuing damage caused to body parts — retains its graphical capacity to shock and awe. Never mind that the port on the hybrid console lacks support for high-dynamic-range imaging support and runs at lower frame rates vis-a-vis the Xbox One and PlayStation 4 counterparts. Even when enjoyed undocked, it doesn’t suffer from visual hiccups or stuttering.

To be sure, Sniper Elite V2 Remastered does have its demerits. Its soundtrack is serviceable at best, and bugs will occasionally pop up and require reboots. Nonetheless, the pros far outweigh the cons; those fortunate enough to have played it on a previous-generation platform will most definitely appreciate the vast visual improvements. And while the need to go through frequent bouts of long-range sniping gives rise to the notion that screen size matters, the first-rate interface makes for outstanding on-the-go gaming. Among other things, the zoom option takes care of the theoretical problem of gamers zeroing in on a target while focused on the Switch’s 6.2-inch display.

In sum, Sniper Elite V2 Remastered sets gamers up for at least 10 hours’ worth of single-player campaign goodness. The operative phase is “at least,” what with the inclusion of all downloadable content and the challenge of completing collectibles raising the replay value. Moreover, its online multiplayer support underscores cooperative play through a handful of game modes. Simply put, it holds up extremely well even at seven years old, and serves to justify its $39.99 price tag.

THE GOOD:

• Unique gameplay features

• Graphically improved vis-a-vis previous iterations

• Lends well to gaming on the go

• All downloadable content included

• Fair number of multiplayer options

THE BAD:

• Occasional glitches require reboots

• Focus on tactics and stealth can turn off the impatient

• Soundtrack is serviceable at best

RATING: 8/10

POSTSCRIPT: Square Enix didn’t wait until E3 2019 to announce what longtime gamers have been anticipating for a while: Final Fantasy VII, one of the most beloved titles in the franchise, will be remade and released on the PS4 early next year. The new iteration will be a reimagining of the narrative and interface that redefined the role-playing game genre. In the city of Midgar, a group dedicated to fighting the injustices of the Shinra Electric Power Company as it controls the world’s life force decides to firm up its resistance. In the process, it draws the support of Cloud Strife, a former member of Shinra’s elite military arm turned rebel for hire. March 2020 can’t come soon enough.

How PSEi member stocks performed — June 17, 2019

Here’s a quick glance at how PSEi stocks fared on Monday, June 17, 2019.

 

EO retains 5% tariff on deboned poultry meat to keep prices low

PRESIDENT Rodrigo R. Duterte has signed an executive order retaining the 5% import tariff on mechanically deboned meat (MDM) from poultry until 2020 to mitigate the possible impact on prices.

The President signed on June 13 Executive Order no. 82: “Modifying the Nomenclature and Rates of Import Duty on Certain Agricultural Products Under Section 1611 of Republic Act No. 10863, Otherwise Known as the Customs Modernization and Tariff Act.” The Palace released copies of the EO on Monday morning.

The EO states that the “present economic condition warrants the continued application of the reduced rate of duties on certain agricultural products to mitigate the impact of high prices of goods.”

The issuance of the EO was on the recommendation of the National Economic and Development Authority (NEDA) Board, which backed the “maintenance of the tariff rates under EO No. 23 for mechanically deboned meat of chicken and turkey, and turkey meat and offal.”

Meat processors have been awaiting the EO to reverse the recent imposition of a 40% MDM tariff at the borders, which is a return to the 2012 rate. The industry has been operating under the 5% rate for nearly a decade.

The 40% duty was the rate for MDM before the Philippines offered concessions in connection with a second extension on quantitative restrictions on rice imports.

Under the concession, the MDM of trading partners will enjoy entry into the country at a 5% tariff but will revert to the 2012 rate once a law lifting import limits on rice is in place.

The rice tariffication law took effect on March 5.

The EO was in response to the decision of the interagency Committee on Tariff and Related Matters which, on the request for an evaluation by meat processors, decided to retain the 5% tariff on MDM chicken, seeing no direct competition with the domestic poultry industry.

The Philippine Association of Meat Processors, Inc. (PAMPI) said in a statement emailed to reporters on Monday afternoon that the President’s signing of the EO reflects his administration’s “determined efforts to spur the growth of the local manufacturing industry.”

The group added that Mr. Duterte’s action “sends a strong signal to local and foreign investors that the investment climate in the Philippines is fair, attractive and competitive.”

PAMPI Spokesperson Rex E. Agarrado told BusinessWorld via phone that this EO will have no impact on the price of poultry MDM.

“When [they] raised the duty from 5% to 40%, we did not raise our prices. Therefore, because we did not raise our prices from 5% to 40%, sana (I hope) you would understand (if prices do not move)… kasi noong tinaas ‘yon ‘di nga kami nag-adjust (because when the tariffs rose we did not adjust prices)…”

“I think what you should focus on is why the price of chicken and the price of pork today are so high?,” he added. “‘Yun ang question eh (that is the question)… Alam mo ba ang (do you know the price of) pork and chicken today? They are so high. Highest ever,” he said.

He added: “Please don’t expect us to drop prices because when you asked us to pay P400,000 per container, additional, we did not raise our prices, so tama lang siguro na i-stay namin (so it’s only fair to hold prices steady).”

Also asked to comment, Meat Importers and Traders Association, Inc. (MITA) President Jesus C. Cham said in by phone: “It’s a welcome albeit much delayed order which will help keep food inflation in check. However, we would have preferred that reduction be made permanent.”

He also said, “Should the processors now petition TC (Tariff Commission) to maintain 5% duty for 2021-2025? Or should producers petition otherwise? I hear that NEDA will review next year (on a) trajectory to bring (the tariff) back to 40% gradually unless there are new petitions. So it is a short-lived victory for processors and consumers. That’s not good.”

“We still have an outstanding problem about the Bureau of Customs (BoC) collecting 35% retroactively from March 5 until June 13. We hope NEDA will grant our appeal for BoC not to do so,” he continued. — Arjay L. Balinbin with Vincent Mariel P. Galang

Davao Investment Conference to focus on creating new economic zones

DAVAO CITY — The city will focus on forming special economic zones during the two-day Davao Investment Conference here starting Thursday.

Arturo M. Milan, president of the organizing Davao City Chamber of Commerce, said that prospective investors, particularly foreigners, have been asking for more such zones.

“We need more special economic zones that are ready to become locations of new investments especially in manufacturing,” Mr. Milan told BusinessWorld.

Christian D. Cambaya, the head of the Davao City Investment Promotion Center’s Investor Assistance and Servicing Unit, has said his office has received proposals for the establishments of special economic zones.

“However, the proponents have not yet pursued their plans,” Mr. Cambaya said, noting that they “may have been waiting both for the right time as well as investors that are going to locate in their areas.”

During the event, Ricardo F. Lagdameo, Damosa Land Inc. (DLI) vice-president, will present opportunities for foreign companies to locate in economic zones in Mindanao, including the company’s Anflo Industrial Estate (AIE).

AIE has attracted locators from Japan, the US, China and the Netherlands after promoting its special economic zone and the rest of Mindanao to domestic and foreign investors.

At the same event two years ago, Mr. Lagdameo also made a similar pitch which highlighted Philippine Economic Zone Authority-accredited special economic zones in Mindanao, including the AIE.

The company said the presentation indicates the company’s commitment to promote Mindanao so investors will realize its potential.

Expected to attend the event are a 40-member Japanese delegation hosted by the Japanese Chamber of Commerce of Mindanao.

A Japanese company, Packwell Inc., which makes paper containers, said it plans to join the event. The company has also signed an agreement with DLI to locate at AIE.

The organizers also said that a Chinese delegation will participate, including executives from the Alibaba Group. Also expected to participate are diplomats and investors from South Korea, Singapore, Malaysia, Austria, the Netherlands and Sweden.

The event is held every two years. This year, it will focus on investment opportunities in the Halal trade, tourism, infrastructure, real estate, and information technology and business process management. — Carmelito Q. Francisco

SSS rules for OFWs meeting stiff resistance

GROUPS representing Overseas Filipino Workers (OFWs) are seeking a suspension of premium hikes recently charged by the Social Security System (SSS) on overseas workers.

Blas F. Ople Policy Center and Training Institute (BOPC) President Susan Ople said the center considers the hike an additional burden on OFWs, who stand to be denied a key exit document, the Overseas Employment Certificate (OEC) if they do not pay their SSS premiums with the Philippines Overseas Employment Administration (POEA).

The hike was authorized by the Implementing Rules and Regulations (IRR) of Republic Act No. (RA) 11199 or the “Social Security Act of 2018.” Under RA 11199, SSS coverage will be compulsory for OFWs.

“Any imposition of additional financial burdens would push our workers away from existing legal deployment channels and make them less competitive against their rivals,” said Ms. Ople in a statement on Monday.

The BOPC also opposes the IRR provision requiring OFWs who return for short stays to pay a minimum of three months’ SSS premiums, which are estimated to cost a minimum of P2,880.

The Philippine Association of Service Exporters Inc (PASEI) also expressed fears about the level of contribution imposed on OFWs, which will increase annually by 1.5% in the next five years.

PASEI said that payment of premiums should be voluntary “and not tied up to the issuance of the OEC because that in itself violates their rights.”

Maritime and manning agencies said the new SSS law will make manning agencies the employers of sea-based OFWs.

In a statement, the Joint Manning Group (JMG) on Monday said, “The law treats manning agencies as ‘employers’ of OFW seafarers when they are not. The real employers of the seafarers, following the law’s own definition, are the foreign shipowners.”

JMG added that it plans to elevate the issue before the Supreme Court. — Gillian M. Cortez

Finance department disputes IMD competitiveness study’s methodology

THE Department of Finance once more disputed the results of the International Institute of Management Development’s (IMD) world competitiveness rankings even as the Philippines’ score improved this year, saying that the study appears to have focused on “backward-looking” indicators.

The Philippines rose four places in the 2019 World Competitive Ranking conducted by the Swiss business school, placing 46th out of 63 countries surveyed, from last year’s 50th spot.

However, the country remained a laggard in the region, placing 13th of 14 economies surveyed in the Asia-Pacific, unchanged from its performance in 2018.

“The greater sin of this series of reports, however, is that methodologically it is backward-looking, much like trying to figure out which way to go next by looking at the rear view mirror,” the Finance department said in a statement on Monday, quoting its Chief Economist Gil S. Beltran.

He added the over 340 criteria used in the index to measure “different facets of competitiveness” are “at best indicators of past performance and may not be indicative of future performance.”

He cited IMD’s use of 2018 gross domestic product growth to measure their competitiveness this year.

“Thus, even if a country’s growth prospects are negative 8% for 2019 but if it was actually 8% in 2018, IMD would assign this country in question a high score for the 2019 report,” he said.

Mr. Beltran also noted the study penalizes countries with fiscal deficits, such as the Philippines, which is pursuing a program of infrastructure development to boost its competitiveness.

“IMD equates surpluses with competitiveness, so that the Philippines, because of its Build, Build, Build Program, is expected to incur deficits and, thus, be artificially rated as one which is losing in competitiveness,” Mr. Beltran said. “Ironically, infrastructure is intended to improve competitiveness.”

The government is pushing for comprehensive tax reform to simplify the tax regime and generate more revenue to support its infrastructure program and expand social services. It embarked on the “Build, Build, Build” program in an effort to boost economic growth to 7-8% until 2022.

Based on the 2019 study, the country’s ranking improved based on economic performance (38th), government efficiency (41st), business efficiency (32nd) and infrastructure (59th).

In an earlier email to BusinessWorld, IMD World Competitive Center Senior Economist Jose Caballero said the country needs to “strengthen all aspects of infrastructure,” particularly in the sub-sector of education. He also noted the development of human capital and risk of political instability remain as challenges.

The Finance department also disputed the same study in 2018, saying the findings were not backed by actual data.

“[T]he ratings methodology employed by IMD mechanically ranks cold numbers without understanding the dynamics of the economy. The result is that rankings tend to be volatile. Neither does it use benchmarks with which to gauge relative performance,” Mr. Beltran said in a May 2018 economic bulletin. — Karl Angelo N. Vidal

ASEAN urged fund health care to minimize out-of-pocket spending

THE EU-ASEAN Business Council (EU-ABC) recommended that ASEAN countries address the issue of funding health care, as the healthcare protection gap remains an issue in the region.

In its “Driving Comprehensive Healthcare Policy in ASEAN” report, EU-ABC said on Monday, “While households face a health protection gap, the rising costs in healthcare provision poses a material threat to the sustainability of the healthcare system for governments. As reflected in the large healthcare protection gap, healthcare is underfunded in ASEAN.”

The health protection gap refers to the healthcare costs paid out of pocket instead of health insurance.

Citing a study by Swiss Re Institute, a unit of the reinsurance group, the health protection gap is about 10% of the average household income in Southeast Asia. For the Philippines, the gap is 32%.

EU-ABC said that the price of healthcare has been rising, putting financial strain on the government. EU-ABC recommends that finance departments look into creating tax incentives which will encourage the growth of private health insurance.

“We also recommend ASEAN member states collaborate with the private sector to develop a robust, sustainable health funding system that workers for patients and other stakeholders,” EU-ABC added.

The council also noted the importance of collaboration in ensuring access to universal healthcare in the region.

The EU-ABC said governments in the region should “develop a region-wide set of regulations regarding Public-Private Partnerships for social infrastructure, especially related to the healthcare industry and to engage with the private sector in developing public-private health initiatives in order to deliver better health services to patients.” — Gillian M. Cortez

1...9,6199,6209,621...12,998Page 9,620 of 12,998
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube