Ovaltine says choose health and happiness over winning

March 6, 2020 | 11:29 am

The “Bigay Na Bigay” campaign of well-loved brand Ovaltinechallenges the norm. It emboldens parents to encourage and prepare kids to be willing to take on the journey of life and enjoy it, rather than pressuring them to always win. Millennial parents acknowledge that when asked, their wish for their children is for them to be healthy and happy. The fathers of this generation are found to be spending more time with their kids.

The campaign highlights that for a parent and child, the effort and journey of parenting is more important than the end-goal. “It appeals to parents, whose worldviews have been shaped by their generation. They believe in focusing on empathy and that teaching it to their children helps the latter understand the world better.” said Michael Fajardo,Country Managerof Ovaltine.

“We at Ovaltine believe that the Millennial mom isn’t necessarily raising her kid to be a full scholar, or a prodigy, or the next Olympian. The Millennial mom is raising her child to be willing to face life’s challenges, obstacles, and yes, opportunities. She knows that the happiness and health of her child is her priority,” JP Villa-Real, Ovaltine Brand Manager shared.

The material features a young boy who is excited about an upcoming musical performance. His excitement is so obvious to people around him, making audience think that he probably has a lead role. In the end, it shows that attitude matters more than what we as a society was taught to hold important.

Ovaltine All-in-One is a nutrient-fortified malt-chocolate drink that can be enjoyed hot or cold. It contains no artificial sweeteners and is high in 10 vitamins and minerals. 2 tablespoons of Ovaltine All-in-One meet 12-44% percent of the recommended daily intake of 10 vitamins and minerals needed by the body, which helps protect cells and contribute to the normal immune system function.

Globe offers free data access to DOH, PHIVOLCS, NDRRMC websites

March 6, 2020 | 11:25 am

To provide its customers with reliable updates on COVID-19 and Taal volcano status, Globe Telecom is offering free data access to websites of the Department of Health (DOH), Philippine Institute of Volcanology and Seismology (PHIVOLCS) and the National Disaster Risk Reduction and Management Council (NDRRMC).

At present, there are numerous conflicting reports about the origin, effects, and reach of COVID-19 ranging from the absurd to the plausible. Likewise, there are varying information on the status of Taal volcano and the affected cities and barangays. The situation often leaves people confused and sometimes, in panic.

This prompted Globe to act by making data access to the websites of DOH, PHIVOLCS and NDRRMC available for free to its mobile and prepaid home WiFi customers.

“As a public service, we want to direct our customers to the proper sources of information about COVID-19 and Taal volcano status so that they won’t be misled by fake news which may only cause unwarranted fear. Hopefully, this will encourage them to visit the right websites and not rely on data that may not have been validated or recognized as true,” said Yoly Crisanto, Globe SVP for Corporate Communications.

Globe Prepaid/TM customers may access the three websites even if they have no load. The websites, however, will load faster if there is an existing data plan or promo but this will not incur any deduction in mobile data allowance. Globe customers only need to turn on their smartphone’s mobile data and ensure that they are connected to a Globe 4G or LTE network. The same applies to Globe’s Home Prepaid WiFi.

To access the sites for free, customers may type the following on any internet browser: PHIVOLCS – https://www.phivolcs.dost.gov.ph/ ; DOH – https://www.doh.gov.ph/; and NDRRMC – http://www.ndrrmc.gov.ph/

Philippine police probe chopper crash that almost killed their chief

March 6, 2020 | 1:00 am

PHILIPPINE police formed a team that will probe the helicopter crash that almost killed their chief and injured seven other officers in San Pedro, Laguna province on Thursday.

Videos posted on Facebook showed the chopper carrying General Archie Francisco Gamboa was engulfed by dust moments before it took off from the impounding area of the Highway Patrol Group in the village of San Antonio at about 8 a.m.

The two-year-old twin-engine chopper later spun out of control after hitting high-tension power cables. Mr. Gamboa and the others were taken out of the helicopter before it went up in flames.

“It was too dusty,” Major General Benigno Durana, Jr. a police spokesman, said in Filipino.

“I don’t know if that’s one of the factors but like I said, the full-blown investigation is ongoing,” he told reporters at the St. Luke’s Medical Center in Taguig City.

The police’s six remaining helicopters had been grounded pending the investigation, Mr. Durana said.

“All of them are now being attended to by doctors and we are hoping, as we are praying, for their swift recovery,” presidential spokesman Salvador S. Panelo said in a statement.

“We ask the public to refrain from making speculations relative to the circumstances as we wait for the official results of the probe,” he added.

Mr. Gamboa and five of the officers, including the pilot and his co-pilot, were being confined at Taguig hospital and were out of danger, Mr. Durana said. Two other military officers confined at different hospitals in Laguna, were in critical condition he added. — Gillian M. Cortez and Emmanuel Tupas, PhilStar

Inflation slows down in February

March 6, 2020 | 12:33 am

THE GENERAL INCREASE in the prices of widely used goods and services eased in February due to slower price adjustments in the heavily weighted food and non-alcoholic beverages and select nonfood commodities, the Philippine Statistics Authority (PSA) reported, lending support to the possibility of the central bank to cut policy rates soon.

Preliminary results from the PSA showed February inflation at 2.6%, slower than January’s annual rate of 2.9% and 3.8% in February 2019.

The February reading was slower than the three-percent median estimate in a BusinessWorld poll of 17 economists conducted late last week. It was, however, within the 2.4%-3.2% forecast range given by the Bangko Sentral ng Pilipinas (BSP) Department of Economic Research for the month.

Year to date, inflation settled at 2.8%, still within the BSP’s 2%-4% target band and below the revised three-percent forecast for the entire 2020.

Excluding volatile food and energy prices, core inflation slowed to 3.2% from January’s 3.3%. So far, it averaged 3.2% for the year.

“The downtrend in the inflation was mainly brought about by the slower annual increase in the heavily weighted food and non-alcoholic beverages index at 2.1% during the month [from 2.2% in January],” the PSA said in a statement.

The PSA also noted decelerations in the annual increases in alcoholic beverages (to 18.2% in February from 19.2% in January); housing, water, electricity, gas, and other fuels (1.7% from 2.5%); and transport (1.8% from 3%).

On the other hand, the index of furnishing, household equipment and routine home maintenance saw an uptick of 3.5% in February from 3.1% a month ago.

Other indices were steady during the month, namely: clothing and footwear (2.7%); health (2.9%); communication (0.4%); recreation and culture (1.5%); education (4.7%); and restaurant and miscellaneous goods and services (2.6%).

The food-alone index also remained steady at 2.1% from the previous month, albeit slower than the 4.2% posted a year ago.

In an e-mail to BusinessWorld, Colegio de San Juan de Letran Graduate School Dean Emmanuel J. Lopez said the easing inflation in February was due to the coronavirus disease 2019 (COVID-19), which led to a slowdown in business activity.

In a report, ANZ Research economists Mustafa Arif and Sanjay Mathur said the February inflation result was a “downside surprise.”

“Inflationary pressures will likely remain modest amid lower global crude prices. The COVID-19 outbreak and its attendant impact on economic activity should also suppress price pressures, although in the near term it may enhance volatility across the components of the inflation basket,” they said.

“As such, the BSP has sufficient room to cut its policy rate further. Our current call is for the BSP to cut its policy rate by 25 bps (basis points) at the [May 21] meeting, although the continued spread of COVID-19 has increased the odds of a cut [on March 19]. A deeper rate cutting cycle is also feasible,” they added.

In a separate report, JPMorgan Chase Bank NA Singapore Branch Economist Nur Raisah Rasid said the Philippines’ inflation trajectory “looks to remain benign” as headline inflation is expected to remain at the lower end of the BSP’s 2%-4% target range this year.

Ms. Rasid added the broadening spread of COVID-19 beyond Asia last week “may pose downside risk” to its Philippine economic growth forecast of 6.2%, which was already below the government’s growth target of 6.5%-7.5%.

“Amid a well-behaved inflation trajectory, and with the [US Federal Reserve] projected to reduce the [federal funds rate] further… We recently added a 25-bp cut in the benchmark RRP (reverse repurchase rate)… in addition to our forecast for a 25-bp reduction in [the second quarter of 2020]…,” Ms. Rasid added.

The BSP’s Monetary Board will meet on March 19 to discuss policy, just hours after the US Fed’s Federal Open Market Committee is scheduled to release the decision on its monetary policy.

The rates on the BSP’s reverse repurchase, overnight lending and deposit facilities currently stand at 3.75%, 4.25%, and 3.25%, respectively.

In a statement, the BSP said risks to the inflation outlook “are expected to be weighted to the upside for 2020, but are… tilted toward the downside in 2021.”

“Adjustments in utility rates, petitions for transport fare hikes, and the impact of African Swine Fever (ASF) on meat prices are the main upside risks to inflation. The ongoing spread of COVID-19 could have an adverse impact on domestic economic activity and financial market sentiment in the coming months,” the BSP said.

In a separate statement, the National Economic and Development Authority (NEDA) underscored the need for the government to “remain vigilant and well-positioned against possible risks to inflation in the country.”

“While inflation is expected to remain well within the target for this year, government must not be complacent and ensure that strategies are well-positioned against risks brought by continuous spread of [ASF], tighter rice supply from Thailand, and the ongoing outbreak of [COVID-2019],” NEDA quoted Socioeconomic Planning Secretary Ernesto M. Pernia as saying in a statement. — Jobo E. Hernandez

January finds better quality of jobs although unemployed ranks grow

March 6, 2020 | 12:32 am

LATEST official labor data showed the ranks of Filipinos wanting more work to augment income declined in January, although those that were left without jobs increased, data from the government’s statistical agency showed.

At the same time, the period saw a rise in the number of employed Filipinos even as the ranks of the unemployed went up. This can be explained by the increase in the participation rate, which indicates more Filipinos have entered the labor force.

Preliminary results of the January 2020 round of the Labor Force Survey (LFS) conducted by the Philippine Statistics Authority (PSA) put the country’s unemployment rate unchanged at 5.3% from the same period last year.

A closer look at the data, however, showed the number of jobless Filipinos went up by 106,651 to 2.39 million in January from 2.28 million in the same LFS round last year.

Meanwhile, the underemployment rate — the proportion of those already working, but still looking for more work or longer working hours — improved to 14.8% from 15.4%.

This is equivalent to 6.32 million Filipinos, down by 8,785 from 6.33 million previously.

The latest unemployment and underemployment rates were the lowest among the January rounds of the LFS since the government adopted new definitions in 2005.

The size of the labor force was approximately 45.04 million out of the 73 million Filipinos aged at least 15 years old, yielding a labor force participation rate (LFPR) of 61.7%. This was higher than last year’s 60.3%.

The employment rate, which is the proportion of the employed to the total labor force, remained steady at 94.7% in January compared to the previous year.

In absolute terms, the country posted a net employment gain of 1.62 million to 42.65 million during the period from 41.03 million.

For ING Bank N.V.-Manila Senior Economist Nicholas Antonio T. Mapa, the latest labor data results reflected more job opportunities becoming available as the economy grows.

“In general, an improvement in the (LFPR) signals improved labor market prospects as more and more job applicants return to the job market to look for work. We can say the number of discouraged workers decreases, which is usually because overall, the economic climate appears to be improving,” he said.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion pointed to the country’s sustained economic growth as one of the reasons for the increase in employment. “If and when the economy continues to grow, expect more improvements in employment,” he said.

Asked on the increasing number of unemployed, Mr. Asuncion surmised that this may have something to do with the weakness in the industry sector.

“I suspect [this weakness came] from the manufacturing sector that has been slumping since the beginning of 2019, not to mention that this has been a global phenomenon,” Mr. Asuncion said.

Industry accounted for 18.8% of employed Filipinos in January, down from last year’s 19.9%.

Meanwhile, the employment share in services inched up to 58.6% from 58.5%.

Agriculture employed 22.7% of the workers, up from 21.6%.

Wage and salary workers accounted for 65.2% of the work force in January from 66.1% in the same period last year. Self-employed individuals without any paid employees consisted of 26.2% (from 26%), unpaid family workers at 6.2% (from 4.6%), and employees in their own family-operated farm or business at 2.4% (from 3.3%).

Meanwhile, working hours averaged 41.3 per week in January, less than the average of 43.3 hours a year earlier.

Full-time workers — those who worked for at least 40 hours in a week — went down to 67.6% from 72.1%. Part-time workers accounted for 31.6% of employed persons from 27.3%.

YOUTH LABOR DATA
More youth entered the labor force in January as its LFPR increased to 37.4% from 35.9% in the same LFS round last year.

The employment rate among the youth — defined as those aged 15-24 years old, was 86.4% in January — up from 85.8% in January last year. This corresponds to an additional 354,000 youth population that were employed during the latest survey period, bringing the total to 6.42 million.

The unemployment and underemployment rates among this segment improved to 13.6% (from 14.2%) and 12.5% (from 14.6%), respectively. In absolute terms, however, the number of unemployed and underemployed youth went up to 1.014 million (from 1.006 million), and 803,760 (from 884,250).

Similarly, the proportion of youth not in employment, education and training (NEET) declined to 16.9% from the previous 19.5%, but saw its ranks increase to 990,252 from 984,808.

For UnionBank’s Mr. Asuncion, the impact of the COVID-19 (coronavirus disease 2019) and its repercussions on tourism and trade “will be felt” in the next survey round.

“There may be an uptick in unemployment as tourism-related firms and particularly export-related industries are challenged by the health care scare,” he said.

For ING’s Mr. Mapa, the employment trend is expected to continue “as the economy is able to provide more labor opportunities” despite the COVID-19 outbreak.

“Robust consumption and the government’s stimulus pledges should come in handy to battle the impending economic slowdown due to COVID-19,” Mr. Mapa said. — Lourdes O. Pilar

No off-cycle rate cut, says Diokno

March 6, 2020 | 12:31 am

BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno said they will not go for an off-cycle rate cut following the US Federal Reserve’s surprise move to ease as part of efforts to boost the economy amid risks of a slowdown due to the coronavirus disease 2019 (COVID-19) outbreak.

“The emergency half-point cut by the Fed matters. The fast-spreading COVID-19 and its likelihood of slowing global growth matters,” Mr. Diokno said in a text message on Wednesday night.

“One thing is certain: there will be no off-cycle MB (Monetary Board) move to cut policy rates,” he added.

The Fed on Tuesday cut rates by 50 basis points (bps) to a target range of 1% to 1.25% in an unscheduled meeting as the spread of the virus led to a change in the US central bank’s growth outlook, even as Fed Chair Jerome Powell said the economy remains strong.

The Fed last implemented a 50-bp cut in 2008.

Meanwhile, the BSP Monetary Board on Feb. 6 — its first meeting for the year — already cut rates by 25 bps as a “preemptive move” as COVID-19 caused fears of a possible economic slowdown in financial markets. This followed the 75 bps worth of cuts done in 2019.

The rates on the BSP’s reverse repurchase, overnight lending and deposit facilities now stand at 3.75%, 4.25%, and 3.25%, respectively.

Mr. Diokno said earlier this week another 25-bp cut is still on the table for the year, adding that they will assess anew the impact of the virus on the economy during the Monetary Board’s next policy-setting meeting on March 19. He also said last week that the central bank is not ruling out reductions worth 50 to 75 bps.

“The February inflation matters and so with the inflation prospects for the year. All these and more will serve as inputs to the MB’s decision on March 19,” Mr. Diokno said yesterday.

The Philippine Statistics Authority reported on Thursday that headline inflation slowed to 2.6% in February from 2.9% the prior month on the back of easing food, transport, and utility prices.

This result is closer to the lower end of the 2.4-3.2% estimate range given by the BSP Department of Economic Research on Friday last week.

This also compares to the three percent inflation estimate from a BusinessWorld poll of 17 economists held last week, which matches the central bank’s forecast average for the year.

The BSP wants inflation to settle within 2-4% this year.

Socioeconomic Planning Secretary Ernesto M. Pernia has said the virus could shave as much as one percentage point off full-year gross domestic product (GDP) growth if the outbreak continues until the end of the year.

The government targets GDP growth of 6.5-7.5% this year. — L.W.T. Noble

House OK’s lower capital requirement for foreign retailers

March 6, 2020 | 12:30 am

By Genshen L. Espedido

A PRIORITY MEASURE that aims to further open up the retail sector to foreign companies was approved on second reading at the House of Representatives on Wednesday.

House Bill (HB) No. 59 amends Republic Act (RA) No. 8762 or the Retail Trade Liberalization Act of 2000 by lowering the required minimum paid-up capital for foreign retail investors to $200,000 (around P10 million). Under the present law, enterprises with a minimum capital of $2.5 million or more may be fully owned by foreigners.

HB 59 also reduced the required locally manufactured products of foreign retailers to 10% of the aggregate cost of their stock inventory, from the current 30%.

“This bill is a priority measure of Malacañang and has the support of both the DTI (Department of Trade and Industry) and the DOF (Department of Finance). We are of the assumption that it will be passed on 3^rdreading by next (week),” Valenzuela Rep. Weslie T. Gatchalian, chairman of the House Committee on Trade and Industry, said in a text message to BusinessWorld.

Mr. Gatchalian in a separate statement said the Retail Trade Liberalization Act had to be amended since it had “failed to meet its objective.”

“Over the course of its 19-year life, only 43 foreign retail investments have been recorded by the DTI (Department of Trade and Industry) creating only 22,000 jobs. Despite opening retail to foreign establishments, the prohibitive minimum capital requirement of $2.5 million prevented foreign retailers from investing in the Philippines. Thus, the expected job generation did not materialize and local goods and services did not become globally competitive because there was a lack of competition,” Mr. Gatchalian said in a statement.

Mr. Gatchalian also defended the lowering of the minimum paid-up capital to $200,000, saying “this amount puts foreign retailers beyond the scope of micro businesses which, according to the DTI, are valued only up to P3 million.”

The approved measure also removes the requirements under RA 8762 for foreign investors to acquire shares of stock of local retailers and for a public stock offering to be conducted by foreign-owned retail companies.

HB 59 also eased qualifications for foreign retailers to enter the Philippines. It removed the current law’s required net worth, number of retailing branches and five-year retailing track record conditions for foreign firms to enter the country’s retail industry.

At the same time, the bill allows only nationals “from/or judicial entities formed or incorporated in countries which allow the entry of Filipino retailers, to engage in retail trade in the Philippines.”

“These amendments would open up the Philippine retail industry which would result in greater variety of products, more competitive players, inflow of new technology, and more importantly, more jobs for Filipinos,” Tarlac Rep. Victor A. Yap, HB 59’s author, said in the bill’s explanatory note.

The measure is among the bills pushed by the Cabinet economic cluster for approval in the first regular session of the 18^th Congress, which closes on June 5.

Counterpart measures in the Senate are still pending at the committee level.

Headline inflation rates in the Philippines

March 6, 2020 | 12:30 am

First Gen seeks DoE nod to build LNG import terminal

March 6, 2020 | 12:09 am

FIRST GEN Corp. said its subsidiary had applied for regulatory permit to start constructing an offshore terminal for liquefied natural gas (LNG) within its energy complex in Batangas City.

The Lopez-led company said the application of its unit FGEN LNG Corp. consists of the “construction works necessary to (i) modify First Gen’s existing liquid fuel jetty that will enable it to become multiple-use (allowing the receipt of large and small-scale LNG vessels as well as liquid fuel vessels, and (ii) build an adjunct onshore gas receiving facility.”

It said the unit applied to the Department of Energy (DoE) for a permit to construct, expand, rehabilitate and modify (PCERM) on the same day it disclosed the information to the stock exchange in a letter dated March 4, 2020.

Once completed, the project will allow First Gen to bring in a floating storage and regasification unit (FSRU) on an “interim basis” and hasten the introduction by FGEN LNG of the imported fuel to the Philippines.

“This innovation can readily serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN LNG affiliates, and bring the country closer to its goals of energy security, expanded energy access and low-carbon future,” the listed energy company said.

It said the goals are among the stated objectives under the Philippine Energy Plan 2017-2040, which is crafted by the DoE.

“An FSRU is an LNG storage ship that has an onboard regasification plant capable of returning LNG back into a gaseous state,” it said.

First Gen said its unit anticipates that, if the PCERM is granted by the DoE, it will be able to start constructing the project as early as May this year, allowing it to receive imported LNG as early as the third quarter of 2022.

FGEN LNG believes that the project, and the early entry of LNG, will play a critical role in ensuring the energy security of the Luzon grid, the parent firm said, since the indigenous Malampaya gas resource “is expected to be less reliable in producing and providing sufficient fuel supply for the country’s existing gas-fired power plants, and even less so for additional gas-fired power plants.”

“The entry of LNG will encourage new gas-fired power plant developments, as well as industrial and transport industries to consider it as a replacement to more costly and polluting fuels,” it added.

First Gen said the project represents the initial phase of the FGEN Batangas LNG terminal, which was previously declared by the Energy Investment Coordinating Council through the DoE as an “Energy Project of National Significance” (EPNS) under Executive Order No. 30. Projects declared as nationally significant enjoy faster permitting from government agencies.

First Gen, the country’s leading gas power generation company, has around 2,000 megawatts (MW) in operating gas facilities comprising of four gas-fired power plants, namely: the 1,000-MW Santa Rita power plant, the 500-MW San Lorenzo, the 414-MW San Gabriel, and the 97-MW Avion power plant.

First Gen earlier said that its project could also potentially supply natural gas to the 1,200 MW Ilijan power plant. — Victor V. Saulon

James Bond movie release pushed back amidst virus fears

March 6, 2020 | 12:08 am

LONDON — The global release of the new James Bond film No Time to Die was postponed on Wednesday by seven months amid the coronavirus disruption that has closed movie theaters in China and caused widespread headaches for other Hollywood productions.

The release of Daniel Craig’s last outing as agent 007, being distributed internationally by Universal Pictures, will be postponed from the start of April until November, producers said.

“After careful consideration and thorough evaluation of the global theatrical marketplace, the release of No Time To Die will be postponed until November 2020,” a posting on the official James Bond Twitter account said.

The posting made no specific reference to coronavirus but follows reports in entertainment trade media last week of the cancellation of plans for the film’s red carpet premiere in China, Hollywood’s biggest overseas market.

Movie theaters have been closed in China since January and other nations, including Japan, South Korea and parts of Italy, are also closing theaters in a bid to stem the spread of the virus.

The Bond franchise is one of the movie world’s most lucrative, with 2015’s Spectre raking in $880 million at the box office worldwide, while Skyfall in 2012 grossed more than $1 billion globally.

No Time to Die cost an estimated $200 million to produce and was due to open in movie theaters from April 2 after a world premiere in London on March 31.

The James Bond postponement followed coronavirus disruptions to filming new movies and TV shows and delays in releasing US movies in China.

A planned three-week shoot in Venice, Italy, for Tom Cruise’s new Mission: Impossible film was postponed last week due to the outbreak, and producers of the CBS television global competition show The Amazing Race said last week they had temporarily suspended filming of a new season.

James Bond fan sites had also written to the studios behind the film this week, urging for a delay.

“With the Coronavirus reaching pandemic status, it is time to put public health above marketing release schedules and the cost of canceling publicity events,” fan website MI6-HQ.com wrote in an open letter.

“We have all waited over four years for this film. Another few months will not damage the quality of the film and only help the box-office for Daniel Craig’s final hurrah,” the letter added.

Wednesday’s post said the film will now be released in the United Kingdom on Nov. 12 and in the United States on Nov. 25.

DISNEY+ LAUNCH CANCELED
Meanwhile, Walt Disney has canceled some events planned to promote the European launch of its channel Disney+, a competitor to Netflix and Amazon Prime which will show The Mandalorian, the latest in the Star Wars movie and TV franchise.

Celebrities and executives were due to take to the red carpet in London on Thursday to promote the streaming channel, which becomes available to subscribers in Britain, France, Germany, Italy, and Spain on March 24.

The London Book Fair, a trade show for publishers that attracts 25,000 attendees from over 100 countries and was due to take place on March 10-12 has also been called off, organizers Reed Exhibitions said on Wednesday.

Both Disney and Reed cited concerns about international travel due to the coronavirus outbreak. — Reuters

PLDT allots P83-B budget this year

March 6, 2020 | 12:08 am

By Arjay L. Balinbin
Reporter

PLDT, Inc. is allocating P83 billion for capital expenditures (capex) this year, 36.1% higher than last year’s figure, to serve better the “fast-growing” data usage of its customers, the company’s top official said on Thursday.

It also reported a 19% growth in attributable net income to P22.52 billion in 2019, from the previous year’s P18.92 billion, driven by higher revenues from its data and broadband services.

PLDT Chairman, President and Chief Executive Officer Manuel V. Pangilinan said in a briefing in Makati City on Thursday that the company is “hoping for a double-digit growth in its revenues” this year despite the ongoing coronavirus outbreak and the Taal Volcano eruption in January.

He said the coronavirus outbreak has not affected any of PLDT’s business as “the numbers were looking good in the first two months.”

“We are quite optimistic that 2020 will be a better year for us than 2019,” he added.

As for his assessment of PLDT’s performance in 2019, he said: “We used to be riding on the back of a donkey, now it’s probably a race horse.”

On this year’s capex, Mr. Pangilinan said: “To raise even further our service quality standards and attain unmatched customer experience (CX), PLDT has allocated a larger capex budget of P83 billion for 2020.”

He said P64.6 billion of the amount will be used for the company’s network and IT projects.

“In addition, P18.5 billion, inclusive of P5.5 billion carried over from 2019, are to be spent for broadband installations, which are projected to grow strongly in 2020,” he added.

For 2019, PLDT said had spent P72.9 billion of the P78.4 billion capex it had set for the year. Of the amount, P61 billion went to its network and IT expansion and transformation programs while P11.9 billion was used for the installation of broadband connections.

PLDT likewise reported that its telco core income, which excludes the impact of asset sales and Voyager Innovations, grew 13% to P27.08 billion from 2018’s P24.05 billion.

Service revenues grew 8% to P157.7 billion. The bulk or 67% of this came from data services.

Revenues from domestic voice fell 5% to P39.7 billion, while short message service (SMS) revenues plunged 16% to P8.6 billion. Revenues from international voice also went down 32% to P4.3 billion.

PLDT’s enterprise group contributed P39.2 billion, up by 5% from the previous year.

PLDT Home added P37.2 billion or 3% more from 2018, and wireless segment P72.1 billion or 20% higher.

“Despite continuing challenges, 2019 was a productive year, with revenues reaching record levels on the back of robust growth of our consumer wireless business. This was achieved in large part by making the needed investments in our data and IT networks. Moving forward, we shall continue pursuing a focused investment program to further improve our services, and consequently raise the level of customer experience,” Mr. Pangilinan said.

Massive Miami electronic-music fest up in air on virus concerns

March 6, 2020 | 12:07 am

PLANS FOR the Ultra Music Festival, one of the world’s biggest electronic-music events, were in flux Wednesday after Miami Mayor Francis Suarez met with the organizers over mounting coronavirus concerns.

Speaking after the meeting, Suarez promised an announcement on Friday.

“I would say there’s resolution, but there’s some loose ends that need to be tightened,” Suarez told reporters in Miami.

The three-day event, set to begin on March 20, drew 170,000 attendees from 105 countries last year. Founded in 1999, it’s scheduled to be held at Miami’s downtown Bayfront Park with a lineup that includes Flume, Martin Garrix, and Zedd.

Carlos Gimenez, the mayor of Miami-Dade County — which includes the city of Miami — tweeted Wednesday after Suarez’s remarks that nothing had changed thus far.

The multibillion-dollar concert business is already feeling the impact of the coronavirus. Acts such as BTS, Avril Lavigne, and the National have all canceled shows, but few of the summer’s biggest festivals have announced changes to their schedules. Coachella, one of the largest music festivals in North America, is still scheduled for two weekends in April.

The fallout will be temporary, according to Michael Rapino, chief executive officer of concert promoter Live Nation Entertainment Inc. “The show is not going away,” he said on an investor call on Feb. 27, speaking of concerts in general.

Some users on Twitter wondered what they’d do with their hotel reservations and tickets if the Ultra Music Festival ends up being canceled.

“Cancel all you want,” goes one Tweet by joel massey (@joeldmassey). “Thousands will be there in Miami unless Miami plans to refund our flight and hotel. Instead of being in bay park I’ll now get to explore all Miami has to offer. See you all in 16 days.” — Bloomberg

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