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21 firms show interest in Malolos-Clark railway contract

THE GOVERNMENT said 21 companies expressed interest in its auction for the contract to build the Malolos-Clark segment of the North-South Commuter Railway (NSCR) project, also called the Philippine National Railways (PNR) Clark Phase 2.
In a statement on Sunday, the Department of Transportation (DoTr) said 21 companies from seven member countries of the Asian Development Bank (ADB) attended the project’s pre-bid conference in Pasig City last Thursday, Mar. 7.
“Attended by 21 companies from 7 ADB-member countries and representatives from 4 embassies, the Pre-Bid Conference provided a venue for interested bidders to seek clarifications on the bidding documents launched last Jan. 30,” it said.
The 53-kilometer Malolos-Clark segment of the NSCR project is funded by a $2.75-billion loan from ADB, hence the need to follow its procurement policy which requires bidders to come from ADB member countries. It aims to connect Manila to the Clark International Airport in less than an hour.
The contract for auction consists of three packages, covering the engineering works for approximately 44.8 kilometers of railway viaduct, bridges and a total of five elevated stations.
The DoTr said it is also bidding out more railway contracts soon, two of which are funded by the ADB and one by the Japan International Cooperation Agency.
“Two more ADB-financed Civil Works Contract Packages will be launched by 2nd Quarter 2019, while the Japan International Cooperation Agency (JICA)-financed Electromechanical Systems and Rolling Stock (trains) Contract Packages will be launched soon after,” it said.
The Malolos-Clark railway is part of the P777.55-billion NSCR project. The other segments are the 56-kilometer line from Calamba, Laguna to Tutuban, Manila; and the 38-kilometer portion from Tutuban to Malolos, or PNR Phase 1.
Japanese firm Sumitomo Mitsui Construction Co., Ltd. won the contract for the Tutuban-Malolos line last year, which broke ground last month. — Denise A. Valdez

Power dressing


THE EPISTOLARY novel Les Liaisons Dangereuses, published in the 18th century, bore this warning from one of its main characters, the Marquise de Merteuil: “Older ladies must never be crossed: in their hands lie the reputations of the young ones.” In context, the Marquise was in the middle of plotting the downfall of a younger, naive rival.
Criselda Lontok’s fashion shows always start and end early. Her most recent show at Rustan’s Makati last week ended at least an hour before sunset. Some kids, of course, are used to evening fashion shows which turn into all-nighter raves, but we suppose Ms. Lontok’s fans, grandes dames, have more important things to do than pass out drunk in a cubicle somewhere. After all, their empires (or their husbands’) won’t build themselves.
Ms. Lontok’s Spring/Summer collection for Rustan’s present a lightness that tempers the gravitas of the woman who usually wears Criselda Lontok. The line is also current, as reflected in voluminous tops that have been seen on the Paris runways recently. Socialites Linda Ley, Yoli Ayson, Lilibeth Campos, Suzette Hahn-Lopez, Ruth Rodriguez, and Gina Mohnani all walked the runway at Rustan’s. Bell sleeves, ruffles, and textured fabrics are all the rage in Ms. Lontok’s collection; as are bold — very bold — colors and prints: think hot pink tops, coupled with white pants printed with large pink roses. The overall effect is of a woman announcing her arrival without a word, but with a single look.
Ms. Lontok began designing for Rustan’s in 1983, but first began climbing that corporate ladder even earlier. Seeing that she’s been in the business for a long time, she keeps her mind fresh and her eye young.
“I always surf the Net, and I look at different magazines.” Of course, she says, “I don’t take [the fashions] as [they are]. I always adjust it to my clients, so they won’t be fashion victims.”
Designers don’t just sell garments. What designers really sell is a dream: how would you live your life in these clothes? Ms. Lontok says about the dream she sells: “Elegance all the way.” She does have a reputation of dressing some of Manila’s most powerful older women, who have, despite the constraints of well-bred tradition, been able to work and play. “I want them to look pretty and elegant at all times.”
These women, of course, have managed to build their families as well, and all around the nation, a young woman is now looking at her lola or her mother, building the dream that if she plays her cards right, she too, can become a Criselda Lontok woman when she grows up.
Speaking about what the young think of her clothes, she said, “At first they think that it’s only for the lolas and the mommies. But now, they’re thinking, ‘I can wear it.’ At least, they’re not looking to adapting to the lola fashions. They have their own, and they can find it here.”
At her age (it’s hard to ascertain; Ms. Lontok is as well-maintained as her clients), it’s surprising to find out that she has even expanded her line: Ms. Lontok now makes bags and shoes, the shoes with a decidedly polite but powerful stance, with expressive heels and buckles.
“It’s still going crazy,” she said. Asked about why she has lasted so long in the business, she said, “I’m a very practical person. I come out with styles that are not really out-of-this-world.”
Asked if she ever plans to retire, she said, “No — as long as I’m alive, as long as I’m strong.” — Joseph L. Garcia

Gov’t debt yields decline on BSP policy easing bets

By Marissa Mae M. Ramos
Researcher
YIELDS ON government securities (GS) fell amid a risk-off tone in the market following lower inflation expectations and speculations that the central bank will cut its benchmark rates and banks’ reserve requirement ratio soon.
On average, prices of debt papers rose as its yields dropped by 13.03 basis points (bp) from week-ago levels, according to PHP Bloomberg Valuation Service Reference Rates as of March 8 published on the Philippine Dealing System’s website.
“Most local benchmark interest rates (PHP BVAL yields) declined by 0.15-0.20 basis point week-on-week, after the lower-than-expected [February] inflation…,” said Rizal Commercial and Banking Corp. (RCBC) economist Michael L. Ricafort.
“Local interest rate benchmarks also declined after hints of possible local monetary policy easing amid the declining inflation trend and earlier hints about plans to cut large banks’ reserve requirement ratio (RRR)…” he added.
A bond trader interviewed had the same assessment, saying speculations on lowering the RRR sooner than expected has “emboldened players to take more risk.”
The trader added that the market rallied “as players cheered the appointment of new Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.”
Mr. Diokno was chosen by President Rodrigo R. Duterte to replace the late BSP Governor Nestor A. Espenilla, Jr., who died of cancer last Feb. 23. He will serve as the BSP governor for the remaining four years of Mr. Espenilla’s term, which is until July 2023.
Last week, Mr. Diokno said he wants to “expedite” the process of cutting the RRR. However, he clarified the decision still rests upon the Monetary Board and will be based on data provided by the central bank’s technical staff.
The former Budget chief also said he sees room for monetary easing after inflation slowdowns. To recall, the spike in inflation last year had prompted a cumulative 175 bps increase in policy rates last year.
Last year, the BSP cut the RRR twice from 20% to 18%. It was in line with Mr. Espenilla’s goal to reduce the ratio to single digits by 2023.
Data released earlier last week by the Philippine Statistics Authority showed headline inflation moderating to 3.8% in February from the 4.4% recorded in January, marking the slowest reading since the 3.8% logged in the same month last year.
It also marked the fourth straight month of deceleration from the nine-year 6.7% peak recorded in September and October last year.
At the secondary market last Friday, GS yields declined across the board with the exception of the 364-day Treasury bills (T-bill) that gained 2 bps week-on-week to fetch 6.08%. The 91- and 182-day T-bills lost 13.60 bps and 1 bps, respectively, yielding 5.434% and 5.878%.
At the belly of the curve, the two-, three-, four-, five- and seven-year debt papers finished at 5.972%, 5.982%, 5.997%, 6.017%, and 6.056%, respectively, decreasing by 9.1 bps, 10.7 bps, 12.5 bps, 14.3 bps, and 18.6 bps from a week ago.
Rates of longer tenors likewise dipped, with the 10-, 20-, and 25-year Treasury bonds declining by 21.5 bps (6.101%), 27.2 bps (6.364%), and 16.8 bps (6.565%), respectively.
Both market observers expect the yield movements seen last week to continue in the coming weeks.
“[L]ocal benchmark interest rates could still continue their declining trend amid expectations that local inflation could further ease in the coming months, possible local monetary easing and/or cut in large banks’ RRR…, [and] recent signals of slower global economic growth that fundamentally supports lower global inflation and interest rates as well,” said RCBC’s Mr. Ricafort.
The bond trader shared the same view: “We expect the GS market to sustain strong buying momentum amid slower inflation expectations ahead, coupled with bond-friendly signals from the new BSP Governor Diokno,” the bond trader said.
The trader added that “bond-friendly signals” such as the cutting of the RRR and policy rates could happen as early as the second quarter.

Palay farmgate rice falls 0.41% in late Feb.

THE FARMGATE price of palay, or unmilled rice, fell 0.41% week-on-week to P19.63 per kilogram (kg) in the fourth week of February, the Philippine Statistics Authority (PSA) said.
The average wholesale price of well-milled rice fell 0.15% week-on-week to P41.13 per kg while the average retail price dropped 0.07% to P44.58 per kg.
The average wholesale price of regular-milled rice fell 0.34% to P37.61 per kg, while the average retail price fell 0.12% to P40.65 per kg.
PSA said the yellow corn grain average farmgate price fell 0.36% to P13.85 per kg.
The average wholesale price for yellow corn grain rose 1.41% week-on-week to P18.66 per kg, while the retail rose 0.04% to P24.09 per kg.
The average farmgate price of white corn grain rose 0.27% week-on-week to P14.75 per kg.
At wholesale level, the average price was P21.20 per kg, up 0.24% from a week earlier. The retail price was unchanged week-on-week at P28.32. — Reicelene Joy N. Ignacio

Vuitton tops off fashion season with a museum mash-up


PARIS — Louis Vuitton brought Paris Fashion Week to a close with a novel catwalk gimmick last week, building a replica of the pipes and scaffolding exterior of the Pompidou modern art center within the heart of the Louvre.
Vuitton, originally a luggage maker now famed for its handbags, is one in a stable of LVMH-owned brands that put on lavish shows in recent days.
Others include Givenchy and Celine, a label which the luxury goods conglomerate is investing in heavily as it expands into menswear too under new designer Hedi Slimane.
Vuitton’s womanswear designer Nicolas Ghesquiere has stamped a futuristic slant on the brand’s look since the start of his tenure in 2014.
His latest collection carried on that trend, with an urban, punk vibe in parts and flashbacks to the 1980s, with bold shoulders and jarring colors.
Highlights over Paris fashion week — which closes a month of shows that ran through New York, London and Milan — included the catwalk extravaganzas at Kering’s Saint Laurent, which showcased disco-worthy glow-in-the-dark dresses on a runway under the Eiffel Tower.
International fashion houses were also on show in Paris, including MiuMiu, an offshoot of Italy’s Prada.
Its latest range featured dark, gothic-styled outfits with the occasional pop of color in the form of a floral pattern or a brightly colored accessory.
As the show went on, furs and khaki design were introduced, to the sound of a cover of Led Zeppelin’s “Stairway to Heaven.”
CHANEL BIDS FAREWELL TO LAGERFELD IN LAST GLITZY SHOW
Karl Lagerfeld’s last collection for Chanel opened with a minute’s silence for the late designer last Tuesday, as friends, collaborators and fans turned out in Paris to remember his 35 years as the creative force behind the French couture house.
Conceived before his death at 85 in late February, the extravaganza transformed the catwalk into a typically over-the-top winter wonderland, complete with wooden chalets and smoking chimneys, sealing Lagerfeld’s reputation at the pinnacle of fashion showmanship.
Actress Penelope Cruz, one of the faces of the brand, took to the snowy runway in a white, feathery puffball dress, followed by 17-year-old teen supermodel Kaia Gerber, who collaborated with Lagerfeld on designs for his eponymous brand.
Cara Delevingne, who has credited Lagerfeld for “changing her life,” took a last lap of the catwalk along with other teary-eyed models after opening the show.
Guests also heard from “Kaiser Karl” himself, with an account of how he first took the job at Chanel in 1983 played over the speakers inside the Grand Palais exhibition hall.
“When I was asked a second time, I accepted, because everyone told me don’t do it, it won’t work,” the German designer said, speaking in French.
“It’s the first time that a brand managed to become fashionable again, to turn itself into something desirable,” Lagerfeld added.
Lagerfeld, who also designed collections for Italy’s Fendi, helped transform Chanel into a luxury industry titan with $10 billion in annual sales during his tenure, and injected fresh life into Coco Chanel’s once eminent but fading couture house.
“It was a moment of communion for everyone who was here,” Caroline Lebar, who runs communications for Lagerfeld’s namesake brand, said after the show. “He was not just a fashion creator, he was a photographer, an editor, he made films, designed Coca Cola bottles, car interiors.. He leaves a real void.”
THE BEAT GOES ON
Included with show notes was a sketch by Lagerfeld — one of an increasingly rare group of designers who drew his own designs by hand — featuring himself and Coco Chanel, with the words “the beat goes on.”
Lagerfeld was instantly recognizable, thanks to the white, pony-tailed hair, black suits and round-the-clock sunglasses he favored in his later years.
His twists on the brand’s famed tweed suits, season after season, earned him a faithful following. Tuesday’s collection included bubblegum pink looks, fuzzy, woolen skirts to cozy up in and furry snow boots.
Lagerfeld’s second-in-command Virginie Viard, named to take over the creative direction of the brand, worked on the collection alongside him, Chanel said.
Several sources have told Reuters that the appointment was transitional and that another successor could yet be announced. Former Celine designer Phoebe Philo has been cited as a potential candidate, though Chanel has previously dismissed this.
Second-hand luxury platforms have reported a spike in sales of items associated with the designer since his death, with US-based ThredUp saying purchases of Karl Lagerfeld-branded wares surged almost 60% on the day he died.
‘UPCYCLED’ AT STELLA MCCARTNEY
British designer Stella McCartney showcased multi-colored “upcycled” dresses made of vintage T-shirts at her Parisian catwalk show last Monday, where US media mogul Oprah Winfrey put in a rare appearance on the front row.
The TV talk show star, who has repeatedly quashed speculation she could run for president, is supporting McCartney’s campaign to protect trees in the endangered Leuser Ecosystem, a forest in Indonesia.
Her appearance at the runway show, held in Paris’ sumptuous Opera Garnier, left even the British designer starstruck. “Oprah Winfrey is just mindblowing, she gives me goose bumps … A couple of days ago, she texted me to say she was in Paris and coming to the show. My blood drained from my body,” McCartney told Reuters after the show.
The designer — who is buying back full control of her eponymous brand from French luxury group Kering — is well-known as a pioneer in using recycled or sustainable fabrics and in shunning animal fur in an industry that is increasingly following that lead.
The autumn/winter 2019-2020 collection, described in show notes “as a contrast of strength and softness,” featured dresses made of old T-shirts that were stripped and knotted together.
Coats in autumn colors came with oversized shoulders, while models also flaunted flowing dresses in bottle-green, pink or yellow hues.
Others wore burgundy-brown faux-fur coats and were tattooed for the occasion with statements such as “There is no planet B” and “Earth day every day.”
McCartney’s style also privileges comfort and practical looks, such as a khaki jumpsuit cynched at the waist and worn by teen supermodel Kaia Gerber. Others sported clunky, reliable rain shoes.
ISSEY MIYAKE’S KALEIDOSCOPE
Issey Miyake turned a school gymnasium into a catwalk for Paris Fashion Week presenting women’s winter wardrobes in a kaleidoscope of colors.
Designer Yoshiyuki Miyamae sent out models in a mainly dark palette of gray and black coats, jackets and dresses, at times printed, before apple green, purple, yellow and aquamarine creations burst onto the runway.
The brand is known for its pleats as well as use of technology and Miyamae played with volumes and textures in the Autumn/Winter 2019 line, making tops, skirts and coats seem multi-dimensional.
Show notes said the creations were made with a new resin printed “Blink” fabric, meant to resemble a kaleidoscope-like pattern of colors.
“One of the characteristics of this new fabric… is that it starts from something two-dimensional but then when someone wears it, something 3D-like goes into the clothes,” Miyamae said backstage. “So it starts to move and change shape according to someone’s movement or body shapes.”
Prints came in abstract patterns with geometric shapes and swirls, which Miyamae said were inspired by everyday sensations.
A moldable “Dough” fabric, which can be styled and shaped by the wearer, came as a softer, wool-like version in the collection.
Colorful printed coats as well as long-sleeved tops had large or high loose collars. Trousers were loose, legging-like or cropped above the ankle.
“I wanted to achieve this mixture of color, that you sometimes get by chance. For instance, this morning, it was raining quite heavily, but later it became really sunny, so the quality and color of light keeps changing,” Miyamae said.
“I wanted to get this particular instance of lighting, in creating color layers and express what is almost like serendipity, that I get this amazing color like a montage.”
Paris Fashion Week, the last leg of the month-long catwalk season which began in New York before moving to London and Milan, ended on March 5. — Reuters

Peso to move within slim range on US data, dim global outlook

THE PESO is expected to move sideways against the dollar this week as weaker-than-expected labor data may offset negative sentiment due to increasing signs of slowing global growth.
The local currency weakened versus the greenback on Friday to end the week at a two-week low of P52.25 as it reeled from negative market sentiment brought by a dimmer global outlook from the European Central Bank (ECB).
Week on week, the peso also declined sharply from its P51.70-per-dollar finish last March 1.
“Weaker US jobs data could partly lead to weaker US dollar. However, this is offset by increasing signs of slowing global economic growth and outlook recently that also weighed on some emerging market equities and currencies,” Rizal Commercial Banking Corp. economist Michael L. Ricafort said in a text message yesterday.
The US economy created only 20,000 jobs in February, way below the market consensus of 173,000 and the 150,000 non-farm payrolls considered by the US Federal Reserve as strong.
A market analyst said the dollar may initially depreciate on Monday as the “soft” labor report could reinforce views of steady policy rates in the US this year.
“[W]hile the dollar is expected to decline, it might not fall abruptly due to safe haven buying amid weak economic reports that solidify views of slowing global growth,” the analyst added, citing China’s decline in exports and Eurozone’s slower economic growth forecast.
The ECB last week revised its gross domestic product growth forecast for the European economy to 1.1% from 1.7%, as ECB President Mario Draghi said the bloc is in a “period of continued weakness and pervasive uncertainty.”
Towards the end of the week, the analyst said the greenback may move sideways with an upward bias, supported by safe-haven demand and likely firm US economic reports on retail sales and inflation.
“Investors might prefer the safer greenback amid likely soft Philippine trade data and mixed Chinese [economic] reports… Along with these soft readings, the Bank of Japan during its meeting this week might also echo concerns on slowing growth,” the market watcher noted.
On the local front, Mr. Ricafort said the peso may weaken due to recent hints from the Bangko Sentral ng Pilipinas (BSP) about possible monetary policy easing and cuts in banks’ reserve requirement ratio (RRR).
Newly appointed BSP Governor Benjamin E. Diokno said the central bank may start considering cuts in policy rates given the decelerating inflation in the country, noting that timing remains an issue.
He also said that he wanted to “expedite” the process of cutting the 18% RRR for banks, although he clarified that the BSP’s policy’s will be “determined by analyses, evidence-based.”
For this week, the market analyst said the peso could trade between P51.80 and P52.50 versus the dollar, while Mr. Ricafort expects the local currency to move from P51.90-P52.20. — Karl Angelo N. Vidal

How to find the best business franchise while working overseas

By Vincent Mariel P. Galang
Reporter
AN alternative source of income is now made easy for overseas Filipino workers (OFW).
“When I flew to Dubai, we saw that there were so many OFWs there who wanted to be able to invest in the Philippines. They are OFWs, white collar workers. They are earning a lot of money, but they don’t know where to put them. They don’t know where to invest their money over here. They need a retirement plan when they come back here,” Rene A. Ledesma, Jr., co-founder of Easy Franchise said during its launch on March 5.
Easy Franchise is a platform developed by Mr. Ledesma together with two other well-known names in the field of franchising and technology. It provides a connection for franchisors and franchisees, making it easy for franchisees to look for the right business for them, and for franchisors to tap potential partners and even advertise their business.
Through the technology implemented by Anton Ojeda for ZomatoPH and BeepbeepPH, Filipinos, especially the OFWs, who would want to invest in something that will make the most out of their money, will be matched with the franchise and the location of their choice.
“Everything we want to do is to help businesses and to help people invest their money correctly. What would technology do to fix this? Make everything transparent. Put all the information there as it is. Put it all in a level playing field. Nobody has an advantage there. All the information is there,”Mr. Ojeda said.
“We can have specific focus areas where they need people to support and the OFW franchise investors can bring in those franchises which are good for specific areas to grow the economy in an area and to put up services which are required to grow that area,” Mr. Ledesma said.
The platform will not only provide the necessary information needed by interested franchisees like the requirements and the amount needed to franchise, they will also be able to rate the franchisor and let others know of their experience with that specific partner.
“At the end of the day they have more information, they have more power, they can make better decisions … they run a business better, everybody benefits from that. You don’t waste your money,” Mr. Ojeda said.
Since the company mainly targets OFWs, it can provide them with other services like accounting and management, given that they cannot really oversee their business while they are overseas.
By end of 2019, the company is targeting to list 2,000 businesses from across different industries and be able to match 1,000 franchisees. Also, it is aiming to aid the local industry achieve its target of hitting the P1.3-trillion revenue mark by 2020.
“There is a huge opportunity for technology to be used to grow the franchise industry. Several other sectors such as transport and energy have seen huge growth and development by introducing disruption through technology. Through Easy Franchise, we hope to support the whole industry in reaching its goal of moving past the P1.3-trillion mark in 2020,” Jose P. Magsaysay, Jr., co-founder of Easy Franchise said in a statement. He is also the president and chief executive officer of the well-known French fries franchisor Potato Corner.

Suits and ties now optional, Goldman Sachs hedges dress code

NEW YORK — Goldman Sachs Group, Inc said last week that it is relaxing the dress code for all its employees, a move once considered unimaginable for the Wall Street firm’s leagues of monk-shoed partners and bankers in bespoke suits.
The new “firm wide flexible dress code” was announced in an internal memo, which said the shift was due to “the changing nature of workplaces generally in favor of a more casual environment.”
The memo sent to the bank’s some 36,000 employees was penned by Chief Executive Officer David Solomon, a former investment banker who took the role in October, along with Chief Financial Officer Stephen Scherr and Chief Operating Officer John Waldron.
Historically known as a white-shoe investment bank, Goldman Sachs traditionally required formal business attire. But since 2017, the bank began relaxing its dress code for employees in the technology division and other new digital businesses. This created a divide in the work force as clear as denim versus pinstripes.
Like other Wall Street banks, Goldman has been competing to secure the best employees. Large technology firms and hedge funds often have more relaxed offices and perks.
Tuesday’s announcement was also meant to bring the bank’s traditional policies up to date for its younger work force. More than 75% of Goldman employees are members of the Millennial or Gen Z generations — people born after 1981.
The memo did not specify which clothes are or are not appropriate.
“All of us know what is and is not appropriate for the workplace,” the memo reads.
The memo also reminded employees to dress “in a manner that is consistent” with clients’ expectations. “Of course, casual dress is not appropriate every day and for every interaction and we trust you will consistently exercise good judgment in this regard.” — Reuters
A man in a suit walks on Wall Street in New York City, US, Aug. 23, 2018. — REUTERS

China’s biggest lender starts local operations

THE INDUSTRIAL and Commercial Bank of China (ICBC) Ltd. has started operations in the Philippines, two months after it secured its license from the central bank.
The Bangko Sentral ng Pilipinas (BSP) said it has given ICBC a certificate of authority to put up a branch here and operate as a commercial bank.
Circular Letter 2019-017 signed by BSP Deputy Governor Chuchi G. Fonacier stated that ICBC started its operations in Manila on Feb. 14. This comes after the China-based lender registered with the Securities and Exchange Commission in August last year and secured a banking license from the central bank in November.
ICBC is the biggest lender in China in terms of total assets. It is listed at the Shanghai Stock Exchange and the Stock Exchange of Hong Kong Ltd.
The bank’s foray into the local market comes at a time of warmer trade ties between China and the Philippines, which came after President Rodrigo R. Duterte’s announcement of a “pivot” towards the East Asian country during his visit to Beijing in October 2016.
ICBC is the 12th foreign lender to secure the BSP’s nod to start operations in the country, following the passage of a 2014 law allowing more global banks to offer their services here. It is also the first Chinese bank to set up shop in recent years after Bank of China’s entry in 2002.
Republic Act 10641 signed by then-President Benigno S.C. Aquino III removed the limit that only 10 foreign-owned banks can operate in the country at any given time. Prior to this, a new foreign bank can set up a branch here only if one of the previously accredited foreign lenders pulls out.
Malaysia’s CIMB Bank is the latest lender to secure the BSP’s approval to set up a Manila branch.
Five Taiwanese banks have opened branches in the Philippines over the last three years: Cathay United Bank, Yuanta Commercial Bank Co. Ltd., First Commercial Bank, Hua Nan Commercial Bank Ltd., and the Chang Hwa Commercial Bank, Ltd.
The South Korean lenders Industrial Bank of Korea, Shinhan Bank, and Woori Bank also started their businesses here, as well as the Japan-based Sumitomo Mitsui Banking Corp. and the Singapore-based United Overseas Bank Ltd. — Melissa Luz T. Lopez

What 51Talk can offer local English teachers, and what is required

By Vincent Mariel P. Galang
Reporter
51Talk’s newly appointed country head is aiming to professionalize English as a Foreign Language (EFL) industry in the Philippines.
“In the Philippines 51Talk is looking for a lot of teachers, but most of the graduates now still see the traditional kind of opportunities. I’m not saying these opportunities are not good, but EFL is going to be there as another consideration for our graduates, even teachers,” Jennifer Que, country head of 51Talk told BusinessWorld in an interview on Feb. 22.
“They can consider teaching English online from home,” she said.
The Beijing-based company is an online English school catering to the Chinese community. It utilizes technology as a means to teach the language to the Chinese people of any age, who are very much particular in learning the language since they consider this as a way to be more competitive. This would help them to be able to grow more in terms of getting education overseas, or being employed by an international company, which requires learning the language to be able to communicate. Through a webcam and a stable internet connection, one can already teach, which can serve as an alternate source of income, or even a career for some.
With this, Ms. Que said that professionalizing the EFL industry will give anyone, especially the Filipinos, the chance to have a source of income within the comforts of their homes.
She said teachers should consider teaching English online as a career even after graduation.
All they need is a high-speed internet, a computer or a laptop with at least 4 gigabyte of random-access memory (RAM), i3 and above CPU central processing unit (CPU), a headset, and a quiet corner. They can teach in the evening and weekends.
They can register online through 51talk.ph and if they pass all the English communication screening, technical check and demo, then an opportunity is opened to them to earn and gain a livelihood by teaching English online from home, Ms. Que said.
What sets EFL from English as a Second Language (ESL) is it requires the teacher to be fully hands-on with the student or to the “learners” without the need for physical interaction. ESL requires students to go to an English-speaking country to learn the language.
“The difference being is that in the ESL industry, the students go to a country where English is spoken widely, so outside of the classroom they can practice speaking English, while in the EFL industry, such as 51Talk, the students are at home with limited opportunity to practice speaking English outside of the online classroom,” Ms. Que explained.
“The work of teaching English in the EFL industry is much more difficult because the student only practices with you as a teacher during that lesson,” she said.
Thus, the job requires patience for the learners, which she said is a very much observed trait of the Filipinos.
“Why Filipinos? Number one, Filipinos are naturally happy, who want to sing and dance, and the accent is neutral. Filipinos are nurturing. They are very friendly and patient, so our Chinese51Talk students really love their Filipino teachers,” Ms. Que said.
“Filipinos also learned English as a second language, so they can naturally teach it. And another one is the cultural compatibility, [for] example Filipinos eat Chinese food at home, so they can naturally relate to the Chinese culture,” she said..
Of its approximately 20,000 teachers, about 18,000 are Filipinos, while the remaining number is composed of those from other English-speaking countries like the Americans and South Africans.
“The opportunity for home-based [work] is welcomed now because the traffic situation is getting worse. There are limited livelihood opportunities in some areas, some cannot leave their homes due to child care or want to earn extra in the evenings and weekends. The technical infrastructure and connectivity are also ready,” she said.
Just like how a Grab driver should drive more to earn more, a teacher will be able to earn more as he becomes more active in the platform. Ms. Que noted that one teacher who has been in the platform for about five to six years is able to earn about P80,000 per month.
“Earnings depend on how active, how popular and how often a teacher is booked,” she said.
“It’s like an online store. If you open your store, people will walk in. If you don’t no one walks in, and if you don’t do a good job, people will not come back. If you do a good job, people will come back and they will refer you, so then you will have more and more students,” she added.
The online English education platform based in Beijing announced late last year that it was aiming to recruit about 100,000 online Filipino teachers in the next five years as demand for online English teachers in China continues to grow. Every month, the company needs 1,000 to 2,000 new teachers.
“In my three decades with the corporate industry, the nature of work has evolved from sending people abroad to work then outsourcing, and now the opportunity or the livelihood is done at home. In 51Talk, this is another stage for Filipinos to be able to showcase their talent in online English teaching and be productive and be empowered from home,” she noted.
51Talk was established in 2011 and was launched in the Philippines in 2012. It is the first Chinese online education company listed in the New York Stock Exchange. It caters to markets in Shanghai, Wuhan, Guangzhou, Jinan, and Suzhou in China, and currently has more than 250,000 active users ranging from kids to adults who would want to learn the language.

Malaysia says palm oil curbs by EU lack scientific proof, breach WTO rules

BRUSSELS — A European Union proposal to limit the use of palm oil lacks comprehensive scientific evidence and breaches global trade rules, Malaysia’s marketing agency for the edible oil said on Friday.
Malaysia, the world’s second largest palm oil-producing country, which accounts for two-fifths of global production, has along with world number one Indonesia and other producing countries challenged the EU move announced in January last year.
The European Commission wants to phase out the use of palm oil in motor fuel because it says its cultivation leads to deforestation. The move is part of the EU’s bid to achieve its climate goals. Interested parties were allowed to provide feedback starting from Friday. The EU executive wants to finalize the Act on March 14, after which the European Parliament will have two months to review and potentially object to the plan.
The Commission failed to do an impact assessment of the curbs in the EU and on trade, and used selectively chosen or assumed data, according to a document submitted by the Malaysian Palm Oil Council (MPOC) to the EU and seen by Reuters.
The proposal “is not based on sound, accurate and comprehensive scientific evidence… thereby jeopardizing the methodological approach and the conclusions reached,” the paper said.
The document also criticized the 2008-2016 reference period the EU used to conduct its scientific modeling, saying it had been intentionally selected to show disproportionate growth in palm oil compared to other crops like wheat, maize and soybeans.
It said total acreage of palm oil production worldwide is much smaller than that for these three crops.
The EU curbs violate the World Trade Organization’s non-discrimination obligations, while some elements go against the General Agreement on Tariffs and Trade (GATT), the paper said. — Reuters

Skechers’ ‘pam-porma’ sneakers

THE NEW Skechers Sport Gym to Street line isn’t really focused on one’s workout needs.
According to Ritz Bernardo, Marketing Manager for Skechers Philippines, the shoes can be used for light workouts, cardio, dancing, and, as she terms it, “porma” (style).
The line is aimed at the young, with Ms. Bernardo giving a very specific situation: kids in schools and universities who don’t want to bring spare shoes to physical education classes, and want to go straight from the gym to the streets.
For anything more intense, like heavy lifting and running, one must be pointed to the Skechers Performance line.
The Skechers Sport Gym to Street line was launched in a light workout session at BGC’s Celebrity Fitness gym last Friday.
The new line has Skechers’ air-cooled memory foam, which conforms to any type of foot, and air pockets at the bottom which provide much needed ventilation and comfort. The midsoles, meanwhile, are made of a material composed of both plastic and rubber for both lightness and durability. The uppers are made of either mesh or light knits, which provide again, more breathability and comfort for the foot.
The workout also served as the launch for celebrity Sanya Lopez as a brand ambassador. Her workouts while wearing the shoes can be seen at Skechers PH’s Facebook page, Facebook.com/SkechersPhilippines. — JLG