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Basketball journey continues for Cariaso with values-driven programs

By Michael Angelo S. Murillo
Senior Reporter

NEARLY a decade removed from playing in the Philippine Basketball Association, the hoops journey continues for Jeffrey Cariaso through two values-driven programs which he takes much pride in to be part of.

The director of the Alaska Basketball Power Camp and one of the proponents of the Jr. NBA Philippines program, Mr. Cariaso, also assistant coach with the Aces in the PBA, shared that while he did not envision his post-playing path to chart such a direction, he nonetheless is not complaining, especially since it affords him the opportunity to inspire and make a difference in other people’s lives in a different capacity.

“To be honest, I didn’t envision this or predicted it. There was always a part of me that enjoyed — in high school and college — being with kids; guiding, teaching, whether as mentor, counselor or coach, but this is something I did not dream of,” Mr. Cariaso said in an interview with BusinessWorld.

“But I’m happy that the cards fell the way they did. It really improves me as a coach because, for me, for you to be able to coach at this level (PBA) you have to be able to experience teaching young kids. To be able to set up a program and see their development with an organized blue print is something I am happy and proud of,” he added.

Just finished his fifth year of handling the Alaska Basketball Power Camp, which is Alaska’s basketball summer activity program, Mr. Cariaso said he is very satisfied with how things are evolving for it, guided by their core values of respect, integrity, hard work and determination.

“Through the years the program has gotten more detailed and enhanced. Apart from providing campers with the best basketball clinic possible and teaching them to play on both ends of the court, important for us as well is playing the right way and develop values like respect, integrity, hard work and determination which they could use not only in basketball but outside of it as well,” said Mr. Cariaso, who took over from fellow Alaska legend Jojo Lastimosa as Power Camp head.

Adding, “Nutrition is also important and something we share as well at the camp, like eating the right food and taking care of your body.”

As to their partnership with the National Basketball Association for the Jr. NBA Philippines program, which is running for 10 years now, the seven-time PBA champion said it is a tie-up that is very fitting for the many commonalities in the groups’ vision and mission.

Both Alaska and Jr. NBA champion core values, or in the case of the latter its S.T.A.R (Sportsmanship, Teamwork, positive Attitude and Respect) values, as main motor.

They, too, are also a making a conscious effort to make the partnerships’ dynamic as seamless as possible.

“Our relationship is very fluid. We share our ideas with one another. In the last two years they have trusted us in leading the coaching in the clinics and it means a lot for us in Alaska. The trust that they are showing in our capabilities,” Mr. Cariaso said.

Moving forward, Mr. Cariaso said he is very excited for the continued development of the Alaska Power Camp and the Jr. NBA Philippines program, and, ditto, his own growth at this stage of his basketball journey.

“I’m really excited for the future and being part of the journey of these kids. We are seeing the fruits of what we are doing and we are very happy with that. And yes we are looking forward to continue producing not only outstanding players who can play at the highest levels, but also individuals,” he said.

Le Tour de Filipinas rolls off in Tagaytay

FROM picturesque Taal to majestic Mayon, the Le Tour de Filipinas celebrates “10 Years of Cycling” with an explosive race starting with Stage 1 today of the now five-stage International Cycling Union (UCI) event.

Two of the Philippines’ iconic tourist attractions — Taal Volcano and Mount Mayon — serve as backdrop for the kickoff stage and the coronation ride come Stage 5 on Tuesday in Legazpi City.

“What a way to celebrate a decade of Le Tour de Filipinas — by showcasing the best of the Philippines,” Donna Lina, chairman of the Le Tour de Filipinas, said.

The Le Tour de Filipinas kickoff stage in 2009 was in the very same route for the 2019 edition — the hilly roads in and around Tagaytay City and Batangas.

Irishman David McCann won the inaugurals of the race that has become the forerunner of UCI-calendared Philippine races to date.

Fourteen teams are seeing action in the 10th edition led by the Philippine National Team of defending champion El Joshua Carino, who won last year — the third Filipino champion of the race — with Philippine Navy Standard Insurance.

Marcelo Felipe, winner of a previous UCI race in Subic, powers 7-Eleven Cliqq-Air21 By Roadbike Philippines while Best Young Rider in 2018, Daniel Ven Carino, banners Go For Gold.

Mark John Lexer Galedo, the 2014 winner, will be riding for Celeste Cycle, while Michael Angelo Ochoa will spearhead Bike X Philippines.

The foreign field in the race — which is expected to be flagged off for Stage 1 by Tagaytay City Rep. Abraham “Bambol” Tolentino and Mayor Agnes Tolentino — was reduced to nine following the last-minute withdrawal of the Hongkong National Team.

Out to challenge the Filipino teams are Nex Cycling Team (Singapore), PGN Road Cycling Team (Indonesia), Oliver’s Real Food Racing (Australia), Terrenganu Cycling Team (Malaysia), Taiyuan Moigee Cycling Team (China), Team Nero Bianchi (Australia), Team Ukyo (Japan), Team Sapura Cycling and Thailand National Team.

To mark a decade of racing, organizer Ube Media Inc., headed by Ms. Lina, has modified the colors of the jerseys for the various categories.

From the traditional yellow, the general classification jersey is now the Air21 Purple Jersey, the polka dot has become the NMM Blue Jersey for the King of the Mountain, the green is now the Cargohaus Orange Jersey for Points Classification, the white jersey is now the Ufreight Red Jersey for the Best Young Rider and the then purple is now the SPL Pink Jersey for the Best Filipino Rider.

Friday’s kickoff Stage 1 is a short and demanding 129.50-km Stage 1 on an out-and-back course in Tagaytay City, followed by the 194.90-km Stage Two on Saturday, June 15, from Pagbilao in Quezon to Daet in Camarines, Norte.

Stage Three on Sunday will be 183.70 kms from Daet to Legazpi City and Stage Four will cover 176.00 kms from Legazpi City via Sorsogon and Gubat and back to the Albay capital.

Stage Five on Tuesday will also be out-and-back in Legazpi City but this time it will be via Donsol in Sorsogon for a total of 145.80 kms — a crucial final leg where the cyclists will have to endure pedalling over rolling hills and strong winds.

Second chance

When the Raptors go for the jugular today, their will be determined to move past the literal and figurative near misses they had in Game Five of the Finals. They were up by six points with three minutes and change to go, prompting behind-the-scenes preparations for their coronation as the finest of the finest of the National Basketball Association. Instead of firming up their date with living legend and Larry O’Brien Trophy presenter Bill Russell, however, they found themselves snatching defeat from the jaws of victory. They called back-to-back timeouts that stunted their momentum. They missed five of their last six shots, including a wide-open three point attempt, and committed a costly turnover that helped the defending champion Warriors complete a comeback for the ages.

To be sure, the Raptors have ample reason to remain supremely confident of their chances to claim the championship. It isn’t just because they have the superior roster vis-a-vis that of the depleted Warriors. And despite being on the wrong end of a spate of developments in crunch time of their immediate past match, they know well enough to withstand pressure and preform to expectations. If nothing else, they have Kawhi Leonard, the series’ most transcendent player by far, to lean on, and, for motivation, a pristine 3-0 slate at the Oracle Arena through their 2018-19 campaign and heading into today’s set-to.

In other words, the Raptors are ready. In acknowledging that closeout contests are the hardest to take, they’ve steeled themselves for the worst possible eventualities. And, in this regard, it helps that they possess some leeway; they’re using the second of three chances to forge their desired outcome, with the first having imparted critical lessons and the last serving as a release valve that eases the pressure of performing under the gun. They know they’re favored to win, why they’re favored to win, and how they need only be themselves to win.

Parenthetically, the Toronto Raptors cannot but assume to encounter the Golden State Warriors’ best today, and in hostile territory to boot. The last thing they want is to underestimate the capacity of the hosts to rise to the moment and overachieve. Rather, they would do well to be mindful of the task at hand. Respect of their competition is critical to attaining respect from all and sundry. Opportunity beckons, and the extent of their answer will determine their place in history.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

RedDoorz boosts occupancy rate of partner accommodation providers

It is a longstanding issue for local boutique hotels, inns, apartels, condoles, and other privately-owned accommodations to increase occupancy rate on weekdays and off seasons. They need to juggle a variety of tasks, from marketing the business to creating exclusive packages and deals.

While it is getting challenging for these businesses to meet the changing demands and preferences of the customers, new innovations in the hospitality industry have helped them reach and attract possible guests.

Taking the path of other tech-enabled service platforms, Singapore-based RedDoorz is bringing a significant change in the local affordable hotel market by working with different property owners to standardize their accommodation offerings.

EMPOWERING SMALL PROPERTY OWNERS

Property owners who partner with RedDoorz not only benefit from the company’s growing brand but also to its creative marketing strategies, online booking platform and top-class hotel management professionals, which help them increase potential for growth.

With its combined expertise in hospitality and e-commerce, RedDoorz prides itself in having the capacity to boost its partners’ occupancy rate to up to 70% in just two months.

Vicente Rodriguez, RedDoorz owner along Aurora Street in Pasay City, said that his business has performed well since he partnered with RedDoorz, registering a full occupancy on weekends and at least 60% occupancy on weekdays.

RedDoorz, according to Mr. Rodriguez, was able to boost the occupancy of his hotel with large margin compared to the days he operated the business on his own. This has left Mr. Rodriguez in surprise, knowing that his property is located in a secluded section of the city.

“Now, it’s better with RedDoorz,” Mr. Rodriguez said. “We save money because we don’t need to have our marketing cost. And of course, we get our target revenue all the time. No hassle.”Same is the case with Marlon Cunanan, RedDoorz owner on Samat Street in Mandaluyong City. He said that it is now easier to manage his accommodation business with RedDoorz.

“I don’t look for marketing anymore, they do the marketing for us,” Mr. Cunanan shared.

On weekdays, Mr. Cunanan’s RedDoorz-branded rooms have at least 80% occupancy rate. On weekends, on the other hand, these rooms are always fully booked, and sometimes overbooked.

“If you check it every day, it is almost fully booked. Then, it’s a good business,” Mr. Cunanan said. “I have a good partnership with them; it’s a right decision.”

As part of RedDoorz’s online booking platform, partners were able to increase their property visibility not only in the country but all over the world. This has paved the way for RedDoorz partners to accommodate guests in a broader market.

Mr. Rodriguez and Mr. Cunanan observed that they have guests from different countries now, unlike before when they only cater to local clients. This seems to be an advantage, according to Mr. Cunanan, since foreigners tend to stay for weeks because of the affordable and competitive rate that RedDoorz offers.

A RELATIONSHIP BEYOND BUSINESS

Before RedDoorz came in, Mr. Cunanan said that they operated traditionally, relying on walk-in guests alone. Its partnership with RedDoorz has addressed such dilemma and opened doors for property owners like him to be more accommodating to the new age millennial market.

Moreover, Mr. Rodriguez shared that RedDoorz is very hands on in terms of addressing the concerns of its partners. “They are attentive to attend to what your problem is. It’s easy to deal with them because the staff and people are very nice,” Mr. Rodriguez said.

RedDoorz not only ensures a long-term positive relationship with its partners but also with their staff through its several engagement initiatives.

“Here at RedDoorz, we promise not only growth for the partner property owners themselves but for their staff as well. By providing them with further training to help them provide excellent service to our guests, we are also enabling them to achieve more in their career,” Rishabh Singhi, RedDoorz chief operating officer, said.

RedDoorz also facilitates English courses to increase staff’s morale, boost their performance, and sharpen their communication skills. To create a sense of belonging and community, it also gives free lunch on Fridays and organizes several contests, among others.

As an affirmation to RedDoorz’s unparalleled partnership, Mr. Rodriguez and Mr. Cunanan were encouraged to expand their RedDoorz room portfolio.

In addition to 26 rooms, Mr. Rodriguez targets to lease another four rooms under his contract with RedDoorz. “We’re happy [with the partnership with RedDoorz], that’s why we’re expanding a little bit,” he said.

In the case of Mr. Cunanan, the overbooking they have experienced on weekends from time to time has pushed him to increase his RedDoorz rooms to 40 by the end of the year.

“There is a demand. If I don’t see the figures, I won’t,” Mr. Cunanan explained. “Kaya malakas ang loobko because I know RedDoorz is there.”

Reforms eyed to boost FDI inflows

By Janina C. Lim
Reporter

FOREIGN direct investments (FDI) inflows to the Philippines dropped in 2018 even as most Southeast Asian countries saw gains that pushed the region’s overall haul for the year to an all-time high.

While admitting that challenges to the Philippines’ investment environment persist, Trade Secretary Ramon M. Lopez said the government is pushing reforms to make the country more attractive to foreign investors.

The United Nations Conference on Trade and Development’s (UNCTAD) 2019 World Investment Report on special economic zones showed FDI flows to Southeast Asia last year went up 3% annually to a record $149 billion, hiking the subregion’s share in global inflows to 11% in 2018 from 10% in 2017.

“The growth in FDI was mostly driven by an increase in investment in Singapore, Indonesia, Vietnam and Thailand. Manufacturing and services, particularly finance, retail and wholesale trade, including the digital economy, continued to underpin rising inflows to this subregion. Strong intra-ASEAN (Association of Southeast Asian Nations) investments and robust investment from other Asian economies also contributed to the trend,” the report said.

“However, inflows to some countries (Malaysia and the Philippines) declined,” it added.

FDI inflows to the Philippines slid by 25.75% to $6.46 billion from $8.70 billion in 2017, the UNCTAD report showed.

Mr. Lopez admitted “there are still challenges [to investments] we have to continuously work on.”

The Trade chief cited the need to revise the Public Service Act and the Retail Trade law and the Foreign Investment Negative List (FINL) to open up to more foreign investors, further improvement in infrastructure; digital connectivity; power and logistics; ease of doing business reforms down to the local government units; special eco zones with access to more skilled resources; better infrastructure links; data connectivity; relevant technologies; and environmental and sustainability systems.

“We are now working on modernization of incentives to make it performance-based and timebound,” Mr. Lopez said in a mobile message yesterday.

“We need to attract more quality investments, bringing in higher value operations, more R&D and innovation-oriented industries, in industries with comparative advantages, provide greater facilitation in government permits and services,” Mr. Lopez added.

UNLOCKED POTENTIAL
American Chamber of Commerce of the Philippines, Inc. Senior Adviser John D. Forbes meanwhile said the fact that FDI flows to the country continue linger around the $10-billion threshold already marks an improvement.

Data from the Bangko Sentral ng Pilipinas showed that FDIs settled at $9.802 billion last year, sliding 4.4% from 2017’s $10.256 billion.

However, the Philippines’ continued failure to remove barriers in some areas, coupled with uncertainties that hounded the local investment environment last year, prevented the economy from capturing potentially bigger gains, he said.

“It has more potential, but the potential is not being unlocked. Mining has not been issued any new license since 2012…while agribusiness is still a difficult area for foreign investment. Also, in the last year, we had TRAIN (Tax Reform for Acceleration and Inclusion) 2 and also security of tenure, so those measures created uncertainty on what the rules would be going forward,” Mr. Forbes said in a phone interview on Wednesday.

“Companies that are here are still expanding but at a slower rate…and there are the companies that did not choose to come here,” Mr. Forbes added.

The UNCTAD report further noted that Chinese investments in ASEAN members continued to increase in 2018 “partly due to several large M&A deals in the services sectors in Singapore, Indonesia and the Philippines.”

Meanwhile, FDI outflows from Southeast Asia were steady at $70 billion last year, accounting for 7% of global outward flows in 2018.

Nevertheless, the outlook for the subregion remains “promising, as countries in the subregion continue to introduce measures to improve the investment environment,” according to the UNCTAD report which cited, among other developments, the Philippines’ move to ease some investment restrictions through an updated FINL that took effect in November last year.

Strong economic fundamentals, low-cost and resource-rich environments, the digital economy, and commitments to develop and upgrade information and communication technology, transport and power facilities will remain attractive to investors.

“A doubling of announced greenfield investment projects in the subregion to $139 billion in 2018 corroborates this promising outlook,” the report added.

Ranking seventh in the 10 biggest greenfield projects intended for least-developed countries announced last year is Aboitiz Equity Ventures, Inc.’s $1.15-million fossil fuel electric power project in Myanmar, the report showed. The project was the lone initiative from an ASEAN firm in the list.

Global FDI flows in 2018 fell by 13% to $1.3 trillion, marking the third straight year that FDIs moved downward.

The UNCTAD report attributed this mainly to large-scale repatriations of accumulated foreign earnings by United States multinational enterprises in the first two quarters of 2018, following tax reforms introduced in that country at the end of 2017.

Foreign funds to continue fleeing PHL stock market

By Arra B. Francia
Senior Reporter

BPI SECURITIES, Inc. sees up to $600 million worth of foreign funds exiting the local stock market this year as more investors place their funds in China, following its greater weighting on the MSCI index.

BPI Securities President and Chief Executive Officer Hermenegildo Z. Narvaez explained that about $1.9 trillion worth of funds track the MSCI Emerging Market index, influencing their decisions on where to park their funds.

“The MSCI emerging market index, which a lot of fund managers track, has decided to increase the weighting of China, and as a result smaller emerging markets like the Philippines will be impacted,” Mr. Narvaez told BusinessWorld in a recent interview.

“So expect a lot of outflows. Our expectation is we’re looking at about anywhere between $400-600 million of outflows on the back of this,” he added.

The MSCI during its May 2019 semi-annual index review decided to increase the weight of China stocks in three steps until November. China’s position in the MSCI Emerging Market index could then increase to 42% of its market cap, including Hong Kong-listed shares.

“We account for about 1.1% of that Emerging Market index…Even though we’re only 1% of the Emerging Market index, it’s still a significant figure — $400-600 million accounts for more than a month’s worth of trading in the index,” Mr. Narvaez said.

BPI Securities’ top executive added that regional peers such as Indonesia and Thailand will also be affected by the rebalancing.

Sought for comment, Philippine Stock Exchange, Inc. President and Chief Executive Officer Ramon S. Monzon noted that the MSCI review is a regular event expected by the market.

“(W)hile its results may spark buying or selling, this action happens within a specific time frame. After that, foreign investors factor in developments that may impact their investment strategy. Foreigners are still net buyers of our market as of today,” Mr. Monzon said in an e-mail last week.

To date, the PSEi has a net foreign yield of P28.24 billion, according to online stock market platform Investagrams.

He added that the Philippine market is still attractive to foreign investors given upbeat prospects on the country’s economy.

“Sentiment on the Philippines continues to be positive particularly with recent developments including the upgraded credit rating by S&P, the affirmed credit rating by Fitch Ratings and the improvement of the country’s competitive ranking based on the International Institute for Management Development’s report.”

Taking into account the MSCI rebalancing, BPI Securities is projecting the PSEi to finish at the 8,650 level by the end of 2019. This is 2.8% lower than its earlier forecast of 8,900 disclosed last year.

The market could further be affected by negative sentiment on the US-China trade war, as two of the world’s largest economies continue to impose tariff increases without much progress on a much awaited trade deal.

Mr. Narvaez said that while the Philippines will not be heavily affected by the trade war, general sentiment will affect investor’s appetite.

“The problem is the stock market is not just a function of fundamentals but sentiment, and how asset prices behave and the risk appetite of investors. Because of this trade war, there’s a general aversion to risk,” Mr. Narvaez explained.

There will then be a tendency for investors to start investing in what is perceived as safer assets.

“In the near term, probably more money is going to be taken away. Some movements in safer assets such as the yen, the dollar, short term US Treasuries, and even gold for example.”

Asked what sectors seem more attractive for investors, Mr. Narvaez listed down banking stocks, which he noted will benefit from the recent reserve requirement ratio cut. He also added property and some consumer stocks.

SEC targets to release ICO rules later this year

THE Securities and Exchange Commission (SEC) is optimistic it can come out with the guidelines for initial coin offerings (ICO) this year as it hopes to regulate the number of businesses using this method to raise money.

SEC Chairperson Emilio B. Aquino earlier said they will release the approved rules and regulations for ICOs within the second quarter, but noted they encountered other problems that caused the delay.

“We want that out already because these are additional products. But at the same time ang concern namin (our concern is), some of the scams here are saying they are into crypto and all that. They’re just adding additional problems,” Mr. Aquino told reporters in a recent media event.

Mr. Aquino added that the commission was unable to focus on the draft as it resolved to go after Kapa Community Ministry International, Inc., one of the country’s largest investment scams that has raked in at least P50 billion in investments from the public.

“But we are there, we want it out soonest. It has to be this year,” Mr. Aquino said.

The move to regulate ICOs is part of the SEC’s efforts to protect investors who may otherwise be taken advantage of by investment scams disguised as start-ups offering tokens.

So far, the commission has already subjected the proposed ICO guidelines to two rounds of consultations, in November 2018 and last January.

The SEC defines ICOs as a “distributed ledger technology fund-raising operations involving the issuance of tokens in return for cash, other cryptocurrencies, or other assets.”

Through ICOs, companies issue coins or tokens to the general public for the purpose of raising money. Tokenholders may then collect gains through profits or an increase in the value of tokens if the start-up is successful. They may also be given voting or governance rights and usage rights, among others.

The proposed guidelines state that companies must file an initial assessment request with the commission before conducting an ICO to let the SEC determine whether the tokens to be issued are securities or not.

If deemed as a security, the company will then have to submit a white paper containing “relevant, complete, and timely information regarding the ICO project which are understandable to users with reasonable knowledge on blockchain technology.”

These details include the use of funds to be generated from the sale of the ICO tokens, a description of the currency, cryptocurrency, or other assets that will be received as payment for the tokens, and the risks in investing, among others.

The SEC earlier said it will issue the ICO rules alongside the release of guidelines for virtual currency exchanges (VCEs), or companies that exchange virtual currency to fiat currency, and vice versa.

Draft rules on VCEs however have yet to be released.

“We’re also getting updates from most jurisdictions. Sa Australia may code of conduct. Mas mahigpit pa sila (They are stricter) compared to the government, so we’d like to adopt their model,” Mr. Aquino said. — Arra B. Francia

PLDT to redevelop Makati offices, sell Smart Tower

PLDT, Inc. said it is pushing through with its plan to redevelop two offices and sell Smart Tower in Makati City, and to replace them with a new office building.

Manuel V. Pangilinan, chairman, president and chief executive officer of the telecommunications giant, told reporters Tuesday the company is still in talks with Japan’s NTT Realty group but the project will carry on.

“They’re very keen to redevelop. We’re proceeding with the redevelopment plans for the two buildings, and then we said we would like to sell Smart Tower. Unless they want to redevelop it themselves,” he said, referring to PLDT’s assets in Makati City: the Ramon Cojuangco Building, MGO Building and Smart Tower.

Once PLDT proceeds with the redevelopment of the buildings with NTT Realty, Mr. Pangilinan said the Japanese firm will provide the capital and their redevelopment experience for the project. But he noted the company would need one or two local partners that have experience in the Philippines.

“We’re talking. Siguro [Probably] NTT Realty and one or two local partners… I have talked to several. Dami naman dito di ba [There’s plenty in here],” he said.

PLDT Chief Finance Officer Anabelle L. Chua revealed plans to raise capital from selling company assets during its financial results briefing last month. She said the sale of the properties “could fetch somewhere from P3-5 billion.”

The amount to be generated will be used to finance PLDT’s P78.4-billion capital expenditures this year.

However, the plans to transfer PLDT’s headquarters to the southern part of Manila still hangs, as Mr. Pangilinan said the idea is a “big debate” internally.

“Hindi ako maka-decide syempre [I can’t decide], because it’s a very important…important not so much because it is a large amount, but because it affects all people, all the employees and staff and suppliers and vendors. Because if you move to the south or the north, medyo malayo [it’s quite far],” he said.

The transfer of the company’s headquarters was a revival of an earlier plan in 2017 that didn’t push through due to complaints from employees.

“We need a taller building. We need to be housed in one location,” Mr. Pangilinan added.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

Empire East to develop condo complex in Pasig-Cainta area

EMPIRE EAST Land Holdings, Inc. (ELI) will unveil over 3,000 residential condominium units this year within a recently launched township in the Pasig-Cainta area.

In a statement issued Tuesday, the listed property developer said it will build a 38-tower, high-rise residential complex in Empire East Highland City. This is the company’s 24-hectare township being jointly developed with parent Megaworld Corp.

Located along Felix Avenue at the boundary of Pasig City and Cainta, Rizal, Empire East Highland City will feature an elevated city concept in order to adjust to its uphill location.

The development will have an elevated green park that will lead residents to the Highland Mall and to ELI’s residential complex project.

“Our property offerings have made the residents’ comfort and convenience a true priority, upgrading their experiences in a way that contributes directly to their happiness and well-being,” ELI President and Chief Executive Officer Anthony Charlemagne C. Yu said in a statement.

Megaworld earlier said it will spend P20 billion over the next 10 years to develop Empire East Highland City with ELI. The first phase of the township will involve the Highland Mall, which will have a gross floor area of 58,000 square meters (sq.m.) and is scheduled to open by the end of 2020.

The township will also include mixed-use towers, retail areas, an 8,000-sq.m. green and open park, and a 500-seating capacity church.

Megaworld earlier said that it is banking on the large population in Cainta to boost the demand for the residential units to be launched in the township.

In 2018, ELI said it sold projects covering almost 184,000 sq.m. of floor area. At the same time, the company completed the construction of about 95,000 sq.m. of living space and turned over more than 2,700 condominium units across nine residential towers.

Since its establishment in 1994, the company said it has completed 110 towers with about 17,000 condominium units. This is in addition to 7,700 residential lots at its horizontal developments.

The listed firm’s net income attributable to the parent grew eight percent to P215.76 million in the first quarter of 2019, on the back of a five percent increase in gross revenues to P1.23 billion.

ELI is part of the property business of tycoon Andrew L. Tan. His holding firm Alliance Global Group, Inc. also has core investments in liquor through Emperador, Inc., gaming through Travellers International Hotels Group, Inc., quick-service restaurant through Golden Arches Development Corp., and infrastructure through Infracorp Development, Inc.

Shares in ELI stood at 47 centavos each on Tuesday, 1.05% lower compared to the previous session. — Arra B. Francia

Facebook’s Stories feature seen to boost growth of businesses

SOCIAL MEDIA giant Facebook urged businesses to use its Stories feature to boost their growth.

“There’s this new format which everyone is using…and they’re using it a lot. And the younger you are, the more you actually use it. And that if they’re (businesses) not getting on that bandwagon, they’re going to be missing out,” Facebook Philippines Country Head John Rubio told reporters on Friday in a briefing.

“This is where people are now and this is where people are sharing stories,” Mr. Rubio said.

Stories, which are photos and videos viewable within 24 hours, are used daily by 500 million accounts on Instagram and 300 million more on Facebook and Messenger.

According to a Facebook-commissioned Ipsos survey conducted in 12 countries, 62% of the people who use Stories became more interested in a product after viewing it via the feature, while 31% said they are more likely to use the Stories platform in the future to connect with brands.

In the Philippines, 76% of users surveyed found the use of Stories in advertising as great, with 61% saying that they were purchasing more online due to the feature. On the other hand, 58% said they are more interested in seeing Stories from brands that “feel real.”

“People love it because it’s full screen, very immersive. It’s ephemeral, so I’m not afraid to post something… It’s very playful, interactive,” Mr. Rubio said.

As of the first quarter, around three million advertisers were using Stories to advertise in Facebook’s family of applications (Facebook, Instagram and Whatsapp).

Mr. Rubio said both small and large businesses can benefit from the use of platforms like Stories.

“Stories give people the power to make the most out of mobile to drive business result,” he said.

The official also urged businesses to be more playful and “try to fit in with how people are using” Stories when creating ads.

“The more creative it is, the more people will want to interact and move forward,” Mr. Rubio added.

Facebook, Instagram and Whatsapp have already placed Stories at the forefront of their apps due to the growing number of content people put up and the increase in people using the feature.

“The Stories format may be fleeting, but its impact is not… There’s opportunity for brands to spark interest and prompt more consumers to take immediate action on their online finds,” Mr. Rubio said. — Katrina T. Mina

Price of hotdogs may jump in July — Frabelle

By Janina C. Lim, Reporter

HTTP://FRABELLE.COM/

THE Frabelle Group of Companies said the price of hotdogs may jump by 20% next month if the government fails to retain the 5% import tariff for mechanically deboned meat (MDM) for chicken which meat processors have enjoyed for nearly a decade.

The government recently ordered the reversal of the low tariff to the 40% tariff, the original rate in 2012 before the country offered MDM, among other agriculture products, as a concession to allow the Philippines to continue placing a quantitative restriction on rice imports.

Under the concession, the MDM import duty will revert back to the higher rate after a law lifting import limits on rice is implemented.

The rice tariffication law took effect on March 5, so the 40% tariff on MDM is currently being implemented at the borders.

“We are going to feel the effects maybe starting next month on our production because we still have stocks of the old tariffs,” Frabelle Group President Francisco Tiu Laurel, Jr. told reporters on Monday in Makati City.

Mr. Tiu Laurel said the company has not felt the impact of the new regulation since it still has stocks of MDM imported at the low tariff level.

“The consumers have not felt it. If the government will not put it back to the 5%, we will expect that the consumers all over the country will expect a price hike of at least 20% on the midpriced to the economically priced hotdogs,” Mr. Tiu Laurel said.

The company may see a 35% hike in its production cost once its starts importing MDM at the 40% duty.

“But I believe the government is looking into our association’s request to maintain the 5% chicken MDM only. We hope the government will soon sign the retroactive incentive to lower it back to 5% to benefit the Filipino consumer,” Mr. Tiu Laurel added.

The interagency Committee on Tariff and Related Matters has decided to retain the 5% tariff on MDM chicken despite appeals from the poultry sector which argued that such low tariff opens an avenue for importers to misdeclare goods so as to escape higher tariff rates imposed on premium meat products, the entry of which can pose an unfair competition on the local poultry sector.

SAUSAGES
Meanwhile, Wisconsin-based Johnsonville LLC which the Frabelle Group recently tied up with through its subsidiary, Frabelle Fishing Corp., said the low tariff on MDM does not present incentives for them to manufacture here as they do not utilize MDM so much, but the 40% tariff on importing sausages from the US is a factor to consider.

“It is a 40% tariff coming in today for US sausages. If we can produce here, we can offer much more economical solution to the sausage category on the high end,” Michael Stayer-Suprick, president of the company’s international division, said during the media briefing.

Johnsonville CEO Nick Meriggioli said the firm is looking at locally manufacturing Johnsonville’s premium sausages here “as one of the options” for the firm to gain a wider reach and be more affordable in the local setting.

The joint venture between the two firms will be called Frabelle Corp., which will house the Bossing Pinoy, Yummy, Cheezydog, and Premium meat brands of Frabelle Fishing and manage Johnsonville’s business in the Philippines.

The joint venture will focus on the production, distribution and sales of chilled and frozen meats, primarily: sausages, tocinos, burgers, tapas, longganisa and hotdogs in the Philippines.

Frabelle’s current brands will continue to be made in Manila and sold through its current sales network, while Johnsonville-brand sausages will now be sold exclusively through Frabelle’s sales and marketing network.

The Frabelle Corp. manufacturing operations will be fully integrated into the Johnsonville supply chain network.

The Frabelle Group is engaged in diverse business lines, primarily in fishing, seafood processing, meat products, shipbuilding, energy and real estate.

Alibaba’s smart speaker to feature in Audi, Renault, Honda cars

SHANGHAI — China’s Alibaba Group Holding Ltd/ on Tuesday said its voice-controlled assistant will feature in local vehicles from Audi AG, Renault SA and Honda Motor Co. Ltd., as the tech giant expands in artificial intelligence (AI).

The Tmall Genie Auto smart speaker will allow drivers to use voice commands to, for instance, place orders on Alibaba’s online retail platform and buy movie tickets, Alibaba said at the CES Asia 2019 technology trade show in Shanghai.

In the near future, the speaker will also allow drivers to monitor and control smart devices at houses equipped with a Tmall Genie-compatible device, Alibaba said in a joint statement with the three automakers, without specifying vehicle models.

“We are thrilled to partner with global, distinguished auto brands such as Audi, Renault and Honda,” said Miffy Chen, general manager at Alibaba AI Labs. “Together, we can greatly enhance our in-car services and make driving experiences more intelligent and interconnected.”

The Tmall Genie is akin to Amazon.com Inc’s Echo. Alibaba launched the device in 2017 and released an auto version in April last year. Other automakers that have said they will install the device in their vehicles include BMW and Volvo Cars.

Amazon also has a vehicle version of its Echo, dubbed the Echo Auto, which it announced in September. — Reuters

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